Document:

EX-10.16

 Exhibit 10.16 

 
  

 
 FIRST SUPPLEMENTAL TRUST INDENTURE

 AMENDED AND RESTATED TRUST INDENTURE BY AND BETWEEN GALLATIN 

COUNTY, MONTANA and U.S. BANK NATIONAL ASSOCIATION, as Trustee, Relating 

to: Not to exceed $160,000,000 

Gallatin County, Montana 

Industrial Development Revenue Bonds 

(Bridger Aerospace Group Project) 

By and between 
 GALLATIN
COUNTY, MONTANA 
 and 

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, 

as Trustee 
 Dated as of
August 1, 2022 
 Relating to: 

$25,000,000 
 Gallatin County,
Montana 
 Industrial Development Revenue Bonds 

(Bridger Aerospace Group Project) 

Series 2022B (Taxable) (Sustainability Bonds) 
  

 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	Section 1.	 	Definitions	  	 	3	 
			
	Section 2.	 	Authorization of Series 2022B Bonds	  	 	4	 
			
	Section 3.	 	Delivery of Series 2022B Bonds	  	 	4	 
			
	Section 4.	 	Redemption provisions of Series 2022B Bonds	  	 	5	 
			
	Section 5.	 	Funds and Accounts; Deposit and Uses of Proceeds	  	 	7	 
			
	Section 6.	 	Majority of Bondholders and Holders of Additional Parity Indebtedness May Control Proceeds; Rights and Remedies of Bondholders and Holders of Additional Parity Indebtedness	  	 	7	 
			
	Section 7.	 	Amendment to Section 2.5 of Indenture	  	 	7	 
			
	Section 8.	 	Severability	  	 	7	 
			
	EXHIBIT A	 	Form of Bond	  	 	A-l	 
			
	EXHIBIT B	 	Terms of the Series 2022B Bonds	  	 	B-l	 
			
	EXHIBIT C	 	Form of Investor Letter	  	 	C-1	 

  

 THIS FIRST SUPPLEMENTAL TRUST INDENTURE (this “First Supplement”) dated as
of August 1, 2022, by and between GALLATIN COUNTY, MONTANA (together with any successor to its rights, duties and obligations hereunder, the “County”), a county and political subdivision of the State of Montana (the
“State”) and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association duly organized and existing under the laws of the United States of America, successor in interest to U.S. Bank National Association, as
trustee (in such capacity, together with any successor in such capacity, the “Trustee”); 
 WITNESSETH: 

WHEREAS, the County is a legally and regularly created, established, organized and existing county and political subdivision of the State;

 WHEREAS, the County is authorized by Title 90, Chapter 5, Part 1, Montana Code Annotated, as amended (the “Act”), to carry out
the public purposes described in the Act by financing or refinancing one or more “projects” (as defined in MCA 90-5-101(10)) (which includes any land, building
or other improvement and all real or personal property, whether or not in existence suitable for use for commercial, manufacturing, agricultural or industrial enterprises (as contemplated by the Act), by issuing its revenue bonds to carry out such
financing or refinancing and by pledging revenues from such projects as security for the payment of the principal of, premium, if any, and interest on any such revenue bonds and by entering into any agreements made in connection therewith, for the
benefit of the inhabitants of the County; 
 WHEREAS, in order to further the purposes of the Act, the County has previously authorized the
issuance from time to time of its $160,000,000 in maximum principal amount Industrial Development Revenue Bonds (Bridger Aerospace Group Project), in one or more series (the “Bonds”) pursuant to the Trust Indenture dated as of
February 1, 2021 (the “Original Indenture”) between the County and the Trustee, the proceeds of which shall be loaned to Bridger Aerospace Group, LLC, a Delaware limited liability company; Bridger Air Tanker 3, LLC, a Montana limited
liability company; Bridger Air Tanker 4, LLC, a Montana limited liability company; Bridger Air Tanker 5, LLC, a Montana limited liability company; Bridger Solutions International 1, LLC, a Montana limited liability company; and Bridger Aviation
Services, LLC, a Delaware limited liability company (individually and collectively the “Original Borrower Group”) in order to assist the Original Borrower Group with the financing of the costs of: (a) constructing and equipping two
airplane hangars to be located at Gallatin Field in the County; (b) acquiring five firefighting aircraft to be stored, maintained and serviced at such hangars; (c) refinancing certain loans in connection with two firefighting aircraft
owned and operated by the Original Borrower Group or its subsidiaries; (d) acquiring additional capital improvements to further the Original Borrower Group’s provision of aerial wildfire solutions; (e) funding a debt service reserve;
(f) funding capitalized interest for a period not exceeding six months after completion of construction of such new hangars; and (g) certain issuance costs in connection with the Bonds; 

WHEREAS, the County previously issued the initial series of the Bonds in the original principal amount of $7,330,000, designated as the
County’s Industrial Development Revenue Bonds (Bridger Aerospace Group Project), Series 2021 (Federally Taxable) (the “Series 2021 Bonds”), pursuant to and secured by the Original Indenture, and loaned the proceeds of the Series 

 
2021 Bonds to the Original Borrower Group in order to assist the Original Borrower Group with (a) the financing of the construction and equipping an airplane hangar (“Hangar 3”) to
be located at Gallatin Field (Bozeman Yellowstone International Airport (BZN)) in Belgrade, Montana; (b) funding a debt service reserve; and (c) paying certain issuance costs in connection with the Series 2021 Bonds; 

WHEREAS, the Original Indenture was amended and restated pursuant to a First Supplemental Trust Indenture, dated as of July 1, 2022,
between the County and the Trustee, and consented to by the owners of all of the Series 2021 Bonds then Outstanding (as so amended and restated, and together with all amendments or supplements thereto, including this First Supplement, the
“Indenture”); 
 WHEREAS, the County previously issued the second series of the Bonds in the original principal amount of
$135,000,000, designated as the County’s Industrial Development Revenue and Revenue Refunding Bonds (Bridger Aerospace Group Project), Series 2022 (Taxable) (Sustainability Bonds) (the “Series 2022 Bonds”), pursuant to and secured by
the Indenture, and loaned the proceeds of the Series 2022 Bonds to Bridger Aerospace Group, LLC, a Delaware limited liability company; Bridger Air Tanker, LLC, a Montana limited liability company; Bridger Air Tanker 3, LLC, a Montana limited
liability company; Bridger Air Tanker 4, LLC, a Montana limited liability company; Bridger Air Tanker 5, LLC, a Montana limited liability company; Bridger Air Tanker 6, LLC, a Montana limited liability company; Bridger Air Tanker 7, LLC, a Montana
limited liability company; Bridger Air Tanker 8, LLC, a Montana limited liability company; Bridger Solutions International 1, LLC, a Montana limited liability company; and Bridger Solutions International 2, LLC, a Montana limited liability company,
(collectively, the Borrowers”) in order to (a) redeem the 2021 Bonds in whole at a redemption price equal to 103% of the principal amount of each Series 2021 Bond redeemed and accrued interest to the redemption date; (b) assist the
Borrowers with financing and refinancing the costs of: (1) constructing and equipping Hangar 3 and a new airplane hangar (“Hangar 4”) to be located at Gallatin Field (Bozeman Yellowstone International Airport (BZN), in Belgrade,
Montana, in the County; (2) the acquisition price and finance deposits for new Superscooper firefighting aircraft; (3) financing assets and related working capital previously acquired with equity; (4) refinancing of collateralized
financings to facilitate the capital expenditures referenced in (1) through (3); and (5) acquiring additional capital improvements to further the Borrowers’ provision of aerial wildfire solutions (the improvements listed in (b)(1)
through (5) being collectively the “Taxable Series 2022 Improvements” and the property and facilities in (b)(1) through (5) being collectively the “Financed Property”); (c) fund a debt service reserve; and (d) pay
certain issuance costs in connection with the Series 2022 Bonds (the “Taxable Series 2022 Project”); 
 WHEREAS,
Section 10.01 of the Indenture permits the County and the Trustee, without the consent of, or notice to, the Bondholders, to enter into such indentures supplemental to the Indenture to provide for the issuance of an additional series of the
Bonds; 
 WHEREAS, the County has authorized the issuance of a third series of the Bonds, designated as the County’s Industrial
Development Revenue Bonds (Bridger Aerospace Group Project), Series 2022B (Taxable) (Sustainability Bonds) (the “Series 2022B Bonds”), which will be issued in the original principal amount of $25,000,000, pursuant to and secured by the
Indenture, and will loan the proceeds of the Series 2022B Bonds to the Borrowers in order to (a) assist the Borrowers with financing and refinancing the costs of the Taxable Series 2022 Improvements; (b) fund a debt service reserve; and
(c) pay certain issuance costs in connection with the Series 2022B Bonds (the “Taxable Series 2022B Project”); 

  
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 WHEREAS, all acts and things necessary to constitute this First Supplement a valid agreement
according to its terms have been done and performed, and the County has duly authorized the execution and delivery hereof and of the Series 2022B Bonds to be issued hereunder; 

NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the County covenants and agrees with the Trustee, for the benefit of the holders from time to time of the Bonds, as follows: 

SECTION 1. Definitions; Amendments to Indenture Defined Terms. 

(a) All capitalized terms used but not defined herein shall have the meanings assigned to them in the Indenture, (b) In addition to the
terms defined elsewhere herein, the following defined terms in Section 1.1 of the Indenture are amended and restated as follows: 

“Date of Issuance” the date on which the applicable series of Bonds is delivered to the purchaser thereof upon
original issuance, and for the Series 2022 Bonds means July 21, 2022, and for the Series 2022B Bonds means August 10, 2022. 

“Debt Service Reserve Requirement” means (a) for the Series 2022 Bonds (i) on the Date of Issuance, an
amount equal to $7,762,500, and (ii) upon delivery to the Trustee of a Certificate of the Borrower Representative certifying that the Borrowers have maintained a Debt Service Coverage Ratio not less than 2.00 to 1.00 as of the last day of the
most recently ended fiscal quarter for the period consisting of the four consecutive quarters ending on such day, based on the audited or unaudited consolidated financial statements of the Borrowers and BAG Holdings (whichever is most recently
available), an amount equal to $0; and (b) means for the Series 2022B Bonds, (i) on the Date of Issuance, an amount equal to $1,437,500.00, and (ii) upon delivery to the Trustee of a Certificate of the Borrower Representative
certifying that the Borrowers have maintained a Debt Service Coverage Ratio not less than 2.00 to 1.00 as of the last day of the most recently ended fiscal quarter for the period consisting of the four consecutive quarters ending on such day, based
on the audited or unaudited consolidated financial statements of the Borrowers and BAG Holdings (whichever is most recently available), an amount equal to $0. 

“Interest Payment Date” means each March 1 and September 1, commencing for the Series 2022 Bonds and the
Series 2022B Bonds on September 1, 2022. 
 “Purchase Contract” means for any series of the Bonds other than
the Series 2022 Bonds or the Series 2022B Bonds, a bond purchase agreement, by and among the County, the Borrowers and D.A. Davidson & Co., as representative; and for the Series 2022 Bonds, means the Bond Purchase Agreement, dated
July 19, 2022, by and among the County, the Borrowers and D.A. Davidson & Co., as representative; and for the Series 2022B Bonds, means the Bond Purchase Agreement, dated August 5, 2022, by and among the County, the Borrowers and
D.A. Davidson & Co., as representative. 

  
 -3- 

 (c) In addition to the terms defined elsewhere herein, the following term shall have the
following meaning: 
 “Series 2022B Bonds” means the third series of the Bonds in the original principal amount of
$25,000,000, designated as the County’s Industrial Development Revenue Bonds (Bridger Aerospace Group Project), Series 2022B (Taxable) (Sustainability Bonds). 

Section 2. Authorization of Series 2022B Bonds. There is hereby authorized a third series of
the Bonds, in the form attached hereto as Exhibit A, which shall be designated as the County’s “Industrial Development Revenue Bonds (Bridger Aerospace Group Project), Series 2022B (Taxable) (Sustainability Bonds)” (the “Series
2022B Bonds”), which will be issued in the original principal amount of $25,000,000, pursuant to and secured by the Indenture, and the proceeds of the Series 2022B Bonds shall be loaned to the Borrowers in order to (a) assist the Borrowers
with financing and refinancing the costs of the Taxable Series 2022 Improvements; (b) fund a debt service reserve; and (c) pay certain issuance costs in connection with the Series 2022B Bonds (the “Taxable Series 2022B Project”).
The Series 2022B Bonds shall bear interest at the rates per annum, and mature on September 1 in the years and in the principal amounts as set forth in Exhibit B, attached hereto and incorporated herein by reference 

Section 3. Delivery of Series 2022B Bonds. 

Upon the execution and delivery of this First Supplement, the County shall execute and deliver to the Trustee and the Trustee shall
authenticate the Series 2022B Bonds and deliver them to the initial purchaser thereof as directed by the County and as hereinafter in this Section provided. Prior to the delivery by the Trustee of any of the Series 2022 Bonds, there shall have been
filed with or delivered to the Trustee the following: 
 (A) a resolution duly adopted by the County, certified by the County
Clerk and Recorder thereof, authorizing the financing of the cost of the Project and execution and delivery of the Agreement, the Purchase Contract and this First Supplement and the issuance of the Bonds (the “Bond Resolution”); 

(B) a duly executed copy of this First Supplement, the Agreement, the Purchase Contract and the other Financing Documents; 

(C) the written order of the County as to the authentication and delivery of the Series 2022B Bonds, signed by an Authorized
Representative of the County; 
 (D) a copy of an investment letter in the form attached hereto as Exhibit C duly executed by
each initial purchaser of a Series 2022B Bond; 
 (E) an opinion of bond counsel substantially to the effect that the Series
2022B Bonds constitute legal, valid and binding obligations of the County; that this First Supplement complies with the provisions of the Indenture, that it is proper for the Trustee to join in execution of this First Supplement under the provisions
of the Indenture; that the Borrower has satisfied the requirements for the issuance of Additional Indebtedness pursuant to Section 4.1 of the Loan Agreement; and 

(F) evidence that the conditions set forth in Section 4.1 of the Agreement have been met. 

  
 -4- 

 Section 4. Redemption Provisions of Series 2022B Bonds. 

                The Series 2022B Bonds shall be subject
to redemption as provided below. 
 (a) Optional Redemption of the Series 2022B Bonds. The Borrowers have reserved the right and the
option to redeem the Series 2022B Bonds maturing in whole or in part, in Authorized Denominations, on or after the dates set forth below and at the redemption prices (expressed as a percentage of the principal amount of the Series 2022B Bonds to be
redeemed) set forth below, plus accrued interest to the redemption date: 
  

					
	 Optional Redemption Date
	  	Price	 
	 September 1, 2025 through August 31, 2026
	  	 	103	% 
	 September 1, 2026 through August 31, 2027
	  	 	102	% 
	 On or after September 1, 2027
	  	 	100	% 

 (b) Extraordinary Redemption of the Bonds. The Bonds are also redeemable by the County upon the
direction of the Borrowers in whole at any time at a redemption price equal to 100% of the principal amount of each Bond redeemed and accrued interest to the redemption date upon the occurrence of any of the following events: 

(i) all or a substantial portion of the Financed Property shall have been damaged or destroyed and the Borrowers are unable, as
expressed in a certificate of an Authorized Representative of the Borrowers, to carry on the functions of the Financed Property for a period of six consecutive months; 

(ii) title to, or the temporary use of, all or any substantial part of the Financed Property shall have been taken under the
exercise of the power of eminent domain by any governmental authority, or person, firm or corporation acting under governmental authority; or 

(iii) as a result of any changes in the Constitution of the State of Montana or the Constitution of the United States of
America or of legislative or administrative action (whether state or federal) or by final decree, judgment or order of any court or administrative body, whether state or federal, entered after the contest thereof by the Borrowers in good faith, the
Agreement shall have become void or unenforceable or impossible to perform in accordance with the intent and purposes of the parties as expressed in the Agreement, or unreasonable burdens or excessive liabilities shall have been imposed on the
Borrowers in respect to the Financed Property, including, without limitation, federal, state or other ad valorem, property, income or other taxes not being imposed on the date of the Agreement. 

  
 -5- 

 The Series 2022B Bonds are also redeemable, only from Net Proceeds of
insurance, by the County upon the direction of the Trustee if directed by the Majority Bondholder, and from a condemnation award, by the County upon the direction of the Borrower Representative, in part on any Interest Payment Date at a redemption
price equal to 100% of the principal amount of each Series 2022B Bond redeemed plus any then-applicable premium and accrued interest to the redemption date in the manner and upon compliance with the provisions of Section 7.1 or 7.2 of the
Agreement, respectively. 
 Notwithstanding the foregoing, in addition, the Series 2022B Bonds shall be redeemed, on the
first date of which notice can reasonably be given by the Trustee in accordance with Section 5.5 of the Indenture, at a redemption price equal to 100% of the principal amount of each Series 2022B Bond redeemed plus any premium that would be
applicable to an optional redemption of the Series 2022B Bonds on such date pursuant to Section 4(a) of this First Supplement (and if such redemption is prior to September 1,2025, the applicable premium shall be 3%) and accrued interest to
the redemption date, (a) in whole or in part from all proceeds of the sale of any Superscooper firefighting aircraft by any Borrower; (b) in whole or in part, in an amount equal to 50% of Excess Cash Flow, if the Debt Service Coverage
Ratio of the Borrowers on a consolidated basis with BAG Holdings, falls below 2.00 to 1.00 as of the last day of the most recently ended fiscal quarter for the period consisting of the four consecutive quarters ending on such day, if based on
unaudited consolidated financial statements, and as of the last day of the Fiscal Year if based on audited consolidated financial statements; and (c) in whole or in part, in an amount equal to 100% of Excess Cash Flow if the Debt Service
Coverage Ratio of the Borrowers on a consolidated basis with BAG Holdings, is below 1.50 to 1.00 as of the last day of the most recently ended fiscal quarter for the period consisting of the four consecutive quarters ending on such day, if based on
unaudited consolidated financial statements, and as of the last day of the Fiscal Year if based on audited consolidated financial statements; and (d) in whole upon the sale of BAG Holdings to any Person in which a third party obtains a majority
equity stake in BAG Holdings or control of the governing body of BAG Holdings. For purposes of this Section, “Excess Cash Flow” is defined as the revenues from operations of BAG Holdings less the portion thereof used to pay or establish
reserves for all BAG Holdings’ expenses, debt payments, capital improvements, replacements, and contingencies, provided that Excess Cash Flow shall not be reduced by depreciation, amortization, cost recovery deductions, or similar allowances,
but shall be increased by any reductions of reserves previously established. 
 (c) No Sinking Fund Redemption of the Series 2022B
Bonds. The Series 2022B Bonds are not subject to mandatory sinking fund redemption. 

  
 -6- 

 Section 5. Funds and Accounts; Deposit and Uses of Proceeds. 

The proceeds of the Series 2022B Bonds shall be deposited by the Trustee as follows: 

(A) There shall be deposited into the Improvements Fund Series 2022B Bond proceeds in an amount equal to $22,865,804.00. The
Trustee is hereby authorized and directed, immediately after closing of the Series 2022B Bonds, to disburse this $22,865,804.00 from the Improvements Fund to the Borrower Representative pursuant to Section 4.1 of the Agreement, to be used by
the Borrowers to fund the Taxable Series 2022 Improvements; 
 (B) There shall be deposited into the Debt Service Reserve
Fund, pursuant to Section 4.1 of the Agreement, the Debt Service Reserve Requirement for the Series 2022B Bonds; and 

(C) There shall be deposited into the Issuance Expense Fund Series 2022B Bond proceeds in an amount equal to $196,696.00. The
Trustee is hereby authorized and directed, upon the written direction of an Authorized Representative of the Borrowers, to make payments from the Issuance Expense Fund for the payment of issuance expenses for the Series 2022B Bonds as provided in
Section 3.10 of the Indenture. 
 The completion of the Taxable Series 2022 Project and payment or provision made for payment of the
full Costs of the Taxable Series 2022 Project shall be evidenced by the filing with the Trustee and the County of the certificate of the Borrower Representative required by the provisions of Section 4.2 of the Agreement. Any remaining balance
of the proceeds of the Series 2022B Bonds held by the Borrowers on such completion date shall be transferred to the Bond Interest Fund or the Bond Principal Fund, as directed by the Borrowers. 

Section 6. Majority of Bondholders and Holders of Additional Parity Indebtedness May Control Proceedings; Rights and Remedies of
Bondholders and Holders of Additional Parity Indebtedness. 
 Anything to the contrary in the Indenture notwithstanding, so long as
any Series 2022B Bonds or beneficial ownership thereof are held by BAG Holdings, an affiliate thereof, or any entity owned or controlled by an officer or director of BAG Holdings, the beneficial owner of such Series 2022B Bonds may not exercise any
voting and/or control rights of a Bondholder. 
 Section 7. Amendment to Section 2.5 of Indenture.

 The last paragraph of Section 2.5 of the Indenture is amended and restated as follows: 

Each purchaser of a Bond in connection with the initial issuance and sale thereof must be a Qualified Institutional Buyer or, in the case of
the Series 2022 Bonds only, an Institutional Accredited Investor, and is required, as a condition to such purchase, to execute and deliver an investment letter in the form attached to this Indenture as Exhibit C. The Bonds may not be subsequently
transferred or sold to anyone other than a Qualified Institutional Buyer. The Series 2022B Bonds (a) shall not be purchased, traded or put on the balance sheet of D.A. Davidson & Co., any other broker dealer or any banking institution;
(b) shall not be purchased or held by BAG Holdings or any affiliate or subsidiary of BAG Holdings; and (c) shall not be transferred by any holder thereof during the six-month period beginning on the
Date of Issuance of the Series 2022B Bonds. 
 Section 8. Severability. 

If any provision of this First Supplement shall be held invalid by any court of competent jurisdiction, such holding shall not invalidate any
other provision hereof. 

  
 -7- 

 IN WITNESS WHEREOF, the County has caused this First Supplement to be executed on its behalf
by its Chair and the Trustee, to evidence the acceptance of trusts hereunder, has caused this First Supplement to be executed by its duly authorized officer, all as of the day and year first above written. 

 

			
	GALLATIN COUNTY COMMISSION, Gallatin County, Montana
		
	By:	 	 /s/ Joe P. Skinner

		 	Chairman

  

			
	ATTEST:
		
	By:	 	 /s/ Eric Semerad

		 	Clerk and Recorder

  

			
	 U.S. BANK TRUST COMPANY,
 NATIONAL
ASSOCIATION, as Trustee

		
	By	 	 /s/ Bradon Elzinga

	Name	 	Bradon Elzinga
	Its	 	Vice President

 [Signature Page to First Supplemental Trust Indenture 

Gallatin County, Montana Industrial Development Revenue Bonds (Bridger Aerospace Group 

Project), Series 2022B (Taxable)(Sustainability Bonds)] 

			
	
	CONSENTED TO BY:
	
	BORROWER:
	
	 BRIDGER AEROSPACE/GROUP, LLC

		
	BY:	 	 /s/ James Muchmore

	
	 BRIDGER AIR TANKER LLC

		
	BY:	 	 /s/ James Muchmore

	
	 BRIDGER AIR TANKER 3, LLC

		
	BY:	 	 /s/ James Muchmore

	
	 BRIDGER AIR TANKER 4, LLC

		
	BY:	 	 /s/ James Muchmore

	
	 BRIDGER AIR TANKER 5, LLC

		
	BY:	 	 /s/ James Muchmore

	
	 RIDGER AIR TANKER 6, LLC

		
	BY:	 	 /s/ James Muchmore

	
	 BRIDGER AIR TANKER 7, LLC

		
	BY:	 	 /s/ James Muchmore

 [Consent of Borrowers to First Supplemental Trust Indenture Gallatin County, Montana Industrial Development Revenue
Bonds (Bridger Aerospace Group Project), Series 2022B (Taxable)(Sustainability Bonds)] 

			
	
	BRIDGER AIR TANKER 8, LLC
		
	By:	 	 /s/ James Muchmore

	
	BRIDGER SOLUTIONS INTERNATIONAL 1, LLC
		
	By:	 	 /s/ James Muchmore

	
	BRIDGER SOLUTIONS INTERNATIONAL 2, LLC
		
	By:	 	 /s/ James Muchmore

 [Consent of Borrowers to First Supplemental Trust Indenture Gallatin County, Montana Industrial Development Revenue
Bonds (Bridger Aerospace Group Project), Series 2022B (Taxable) (Sustainability Bonds)] 

 EXHIBIT A 

FORM OF BOND 
 UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE, PAYING AGENT, REGISTRAR OR ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
AND ANY BOND ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

THIS BOND MAY NOT BE TRANSFERRED OR SOLD TO ANYONE OTHER THAN A “QUALIFIED INSTITUTIONAL BUYER”, WITHIN THE MEANING OF RULE 144A
PROMULGATED UNDER THE SECURITIES ACT OF 1933. PURSUANT TO THE INDENTURE, THE SERIES 2022B BONDS SHALL NOT BE TRANSFERRED BY ANY HOLDER THEREOF DURING THE SIX-MONTH PERIOD BEGINNING ON THE DATE OF ISSUANCE OF
THE SERIES 2022B BONDS. 
 GALLATIN COUNTY, MONTANA 

INDUSTRIAL DEVELOPMENT REVENUE BONDS 

(BRIDGER AEROSPACE GROUP PROJECT) 

SERIES 2022B (TAXABLE) (SUSTAINABILITY BONDS) 
  

							
	No. R-l	  	$25,000,000.00
				
	Interest Rate	  	Maturity Date	  	Dated	  	CUSIP
	11.500%	  	 September 1,

2027
	  	 August 10,

2022
	  	363671 BN7

 REGISTERED OWNER: CEDE & CO. 

PRINCIPAL AMOUNT: ***TWENTY FIVE MILLION DOLLARS AND NO CENTS***] 

GALLATIN COUNTY, MONTANA, a duly constituted public entity, agency, county and political subdivision of the State of Montana (the
“County”), for value received, hereby promises to pay, from the sources hereinafter described, the principal amount stated above in lawful money of the United States of America to the registered owner named above, or registered assigns, on
the maturity date stated above (unless this bond shall have been called for prior redemption, in which 

  
 A-1 

 
case on such redemption date), upon the presentation and surrender hereof at the designated corporate trust office of U.S. Bank Trust Company, National Association, in Salt Lake City, Utah, as
trustee, or at the designated corporate trust office of its successor in trust (the “Trustee”), under an Amended and Restated Trust Indenture, dated as of July 1,2022 (as amended and supplemented by a First Supplemental Trust
Indenture dated as of August 1, 2022 (the “First Supplement”), and as further amended, restated, supplemented or otherwise modified from time to time, the “Indenture”), by and between the County and the Trustee, and to pay,
from like sources, to the person who is the registered owner hereof on the fifteenth day of the month next preceding any interest payment date (the “Regular Record Date”) by wire or by check mailed to such registered owner at his or her
address as it last appears on the registration records kept for that purpose at the designated corporate trust office of the Trustee, interest on said sum in like coin or currency from the date hereof at the interest rate set forth above, payable
semiannually on March 1 and September 1 of each year, commencing September 1, 2022, until payment of the principal hereof has been made or provided for. Any such interest not so timely paid shall cease to be payable to the registered
owner hereof at the close of business on the Regular Record Date and shall be payable to the registered owner hereof at the close of business on a Special Record Date (as defined in the Indenture) for the payment of any defaulted interest at the
Late Payment Rate as provided in the Loan Agreement. Such Special Record Date shall be fixed by the Trustee whenever money becomes available for payment of the defaulted interest, and notice of the Special Record Date shall be given to the
registered owners of the Bonds not less than 10 days prior thereto. 
 Any capitalized term used herein that is not defined herein shall
have the same meaning ascribed thereto in the Indenture and the hereinafter defined Agreement. 
 This bond is one of a duly authorized
series of bonds of the County designated as “Gallatin County, Montana Industrial Development Revenue Bonds (Bridger Aerospace Group Project), Series 2022B (Taxable) (Sustainability Bonds),” in the aggregate principal amount of $25,000,000
(the “Series 2022B Bonds” or “Bonds”), issued under and equally and ratably secured by the Indenture. The Bonds have been issued under the County Title 90, Chapter 5, Part 1, Montana Code Annotated, as amended (the
“Act”) to finance for Bridger Aerospace Group, LLC, a Delaware limited liability company (the “Borrower Representative”); Bridger Air Tanker, LLC, a Montana limited liability company; Bridger Air Tanker 1, LLC, a Montana limited
liability company; Bridger Air Tanker 2, LLC, a Montana limited liability company Bridger Air Tanker 3, LLC, a Montana limited liability company; Bridger Air Tanker 4, LLC, a Montana limited liability company; Bridger Air Tanker 5, LLC, a Montana
limited liability company; Bridger Air Tanker 6, LLC, a Montana limited liability company; Bridger Air Tanker 7 LLC, a Montana limited liability company; Bridger Air Tanker 8, LLC, a Montana limited liability company; Bridger Solutions International
1, LLC, a Montana limited liability company; and Bridger Solutions International 2, LLC, a Montana limited liability company (individually and collectively “Borrowers”), which presently own and operate an airplane hangar and firefighting
aircraft, the costs of (a) assisting the Borrowers with financing and refinancing the costs of: (1) constructing and equipping two airplane hangars to be located at Gallatin Field in the County; (2) the acquisition price and finance
deposits for new Superscooper firefighting aircraft; (3) financing assets and related working capital previously acquired with equity; (4) refinancing of collateralized financings to facilitate the capital expenditures referenced in
(1) through (3); and (5) acquiring additional capital improvements to further the Borrowers’ provision of aerial wildfire solutions; (b) funding a debt service reserve; and (c) paying certain issuance costs in connection
with the Series 2022B Bonds (the “Taxable Series 2022B Project”); 

  
 A-2 

 The financing of the Taxable Series 2022B Project has been authorized by a resolution duly
adopted by the County pursuant to the laws of the State of Montana (the “State”). 
 The Bonds are special, limited obligations of
the County payable solely from and secured by: (a) a pledge of certain rights of the County under and pursuant to the Amended and Restated Loan Agreement, dated as of August 1, 2022 (as amended, restated, supplemented or otherwise modified
from time to time, the “Agreement”), by and between the County and the Borrowers; (b) a pledge of the Funds and Revenues, as defined in the Indenture, and all trust accounts created under the Indenture and the Agreement; (c) all
of the County’s rights to receive Loan Payments (as defined in and subject to the Agreement) of the Borrowers and (d) the interests of the Borrowers in and to all Property now or hereafter existing to the extent that a security interest in
the same has been granted to the Trustee under the Deed of Trust, the Security Agreement and the Account Control Agreement (as such terms are defined in the Agreement). 

The Agreement permits the incurrence of Additional Parity Indebtedness, as defined in the Agreement, secured on a parity with the obligations
of the Borrowers under the Agreement and any such Additional Parity Indebtedness as the Borrowers may incur in the future are parity obligations and are equally and ratably secured, except as provided in the Agreement. 

THIS BOND SHALL NEVER CONSTITUTE THE DEBT OR INDEBTEDNESS OF THE COUNTY WITHIN THE MEANING OF ANY PROVISION OR LIMITATION OF THE CONSTITUTION
AND STATUTES OF THE STATE OF MONTANA AND SHALL NOT CONSTITUTE NOR GIVE RISE TO A PECUNIARY LIABILITY OF THE COUNTY OR A CHARGE AGAINST ITS GENERAL CREDIT OR TAXING POWERS. THIS BOND SHALL BE A SPECIAL LIMITED OBLIGATION OF THE COUNTY, PAYABLE OUT OF
THE REVENUES DERIVED PURSUANT TO THE AGREEMENT. 
 Reference is hereby made to the Indenture and the Agreement for a description of the
nature and extent of the security, the rights, duties and obligations of the County, the Trustee and the registered owners of the Bonds and the terms and conditions upon which the Bonds are, and are to be, secured, and a statement of the rights,
duties, immunities and obligations of the County and the Trustee. 
 The Bonds are subject to redemption by the County at the direction of
the Borrowers in whole at any time upon certain events of damage, destruction or condemnation of the Financed Property (as defined in the Agreement) or upon certain changes in law at a redemption price equal to 100% of the principal amount thereof
and accrued interest to the redemption date. 
 The Bonds are subject to redemption by the County at the direction of the Trustee if
directed by the Majority Bondholder in part on any interest payment date, but only from the proceeds of insurance, as provided in the Indenture and the Agreement, at a redemption price equal to 100% of the principal amount of the Bonds redeemed plus
any then-applicable premium and accrued interest to the redemption date. 
 The Bonds are subject to redemption by the County at the
direction of the Borrowers in part on any interest payment date, but only from the proceeds of condemnation awards, as provided in the Indenture and the Agreement, at a redemption price equal to 100% of the principal amount of the Bonds redeemed and
accrued interest to the redemption date. 

  
 A-3 

 The Bonds are subject to mandatory redemption in whole or in part, as applicable, at any
time upon certain events including the sale of any Superscooper firefighting equipment by the Borrowers, from Excess Cash Flow if certain conditions are met, and from the sale and loss of control of BAG Holdings, all at a redemption price equal to
100% of the principal amount thereof plus any premium that would be applicable to an optional redemption of the Series 2022B Bonds on such date pursuant to the First Supplement (and if such redemption is prior to September 1, 2025, the
applicable premium shall be 3%) and accrued interest to the redemption date. 
 The Bonds are subject to optional redemption as set forth in
the Indenture. The Bonds are not subject to mandatory sinking fund redemption. 
 In the event less than all Bonds are to be redeemed they
shall be redeemed from such maturities as the Borrowers may determine (less than all of the Bonds of a single maturity to be selected by lot in such manner as the Trustee may determine). Notice of the call for redemption shall be given by the
Trustee by transmitting a copy of the redemption notice by first-class mail and/or by electronic means, not more than 45 nor less than 20 days prior to the redemption date, to the registered owner of the Bond to be redeemed in whole or in part at
the address last shown on the registration records. Failure to give such notice, or any defect therein, shall not affect the validity of any proceedings for the redemption of such Bonds for which no default or defect occurs. All Series 2022B Bonds
called for redemption will cease to bear interest after the specified redemption date, provided funds for their payment are on deposit at the place of payment at the time. Conditional notices of redemption are permitted by the Indenture. 

The Bonds shall be issued as fully registered bonds in the denomination of $100,000 or any integral multiple of $5,000 in excess thereof
within a maturity and upon surrender thereof at the designated corporate trust office of the Trustee may, at the option of the registered owner thereof, be exchanged for an equal aggregate principal amount of Bonds of the same maturity of other
authorized denominations in the manner and subject to the conditions provided in the Indenture. 
 This bond is fully transferable by the
registered owner hereof in person or by his or her duly authorized attorney on the registration records kept by the Trustee, upon surrender of this bond together with a duly executed written instrument of transfer satisfactory to the Trustee;
subject, however, to the terms of the Indenture which limit the transfer and exchange of Bonds during certain periods. Upon such transfer, a new fully registered Series 2022B Bond of authorized denomination or denominations for the same aggregate
principal amount and maturity will be issued to the transferee in exchange herefor, all subject to the terms, limitations and conditions set forth in the Indenture. This bond may not be transferred or sold to anyone other than a “Qualified
Institutional Buyer”, within the meaning of Rule 144A promulgated under the Securities Act of 1933. 
 The County and the Trustee may
deem and treat the person in whose name this bond is registered as the absolute owner hereof, whether or not this bond shall be overdue, for the purpose of receiving payment and for all other purposes, except to the extent otherwise provided herein
and in the Indenture with respect to Regular Record Dates and Special Record Dates for the payment of interest, and neither the County nor the Trustee shall be affected by any notice to the contrary. 

  
 A-4 

 To the extent permitted by, and as provided in, the Indenture, modifications or amendments
of the Indenture, or of any indenture supplemental thereto, and of the rights and obligations of the County and of the registered owners of the Series 2022B Bonds may be made with the consent of the County and, in certain circumstances, with the
consent of the owners of not less than two-thirds in aggregate principal amount of the Series 2022B Bonds then outstanding; provided, however, that no such modification or amendment shall be made which will
affect the terms of payment of the principal of, premium, if any, or interest on any of the Series 2022B Bonds, which are unconditional, without the consent of the owners of 100% in aggregate principal amount of the Series 2022B Bonds then
outstanding. Any such consent by the registered owner of this bond shall be conclusive and binding upon such registered owner and upon all future registered owners of this bond and of any bond issued upon the transfer or exchange of this bond
whether or not notation of such consent is made upon this bond. 
 The registered owner of this bond shall have no right to enforce the
provisions of the Indenture or to institute action to enforce the pledge, assignment or covenants made therein or to take any action with respect to an event of default under the Indenture or to institute, appear in, or defend any suit, action or
other proceeding at law or in equity with respect thereto, except as provided in the Indenture. In case an Event of Default under the Indenture shall occur, the principal of all the Bonds at any such time outstanding may be declared or may become
due and payable, upon the conditions and in the manner and with the effect provided in the Indenture. The Indenture provides that such declaration may in certain events be rescinded by the Trustee, the registered owners of a requisite principal
amount of the Bonds then outstanding or, in certain instances, the registered owners of a requisite principal amount of the Bonds and of Additional Parity Indebtedness then outstanding. 

Neither the officers of the County nor any person executing the Bonds shall be liable personally on the Bonds or be subject to any personal
liability or accountability by reason of the issuance thereof. 
 It is hereby certified, recited and declared that all conditions, acts and
things required by the constitution or statutes of the State, the Act or the Indenture to exist, to have happened or to have been performed precedent to or in the issuance of this bond exist, have happened and have been performed. 

This bond shall not be entitled to any benefit under the Indenture or any indenture supplemental thereto, or become valid or obligatory for
any purpose until the Trustee shall have signed the certificate of authentication hereon. 
 IN WITNESS WHEREOF, GALLATIN COUNTY, MONTANA
has caused this bond to be executed by the manual or facsimile signature of its Chair and its official seal to be hereunto impressed or imprinted hereon and attested by the manual or facsimile signature of its County Clerk and Recorder. 

  
 A-5 

 
			
	GALLATIN COUNTY, MONTANA
		
	By	 	
		 	Chair, Board of County Commissioners

  

			
	ATTEST:
		
	          	 	By
		 	      County Clerk and Recorder
		
		 	[SEAL]

  
 A-6 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This Bond is one of the Bonds of the issue described in the within-mentioned Trust Indenture. 

 

			
	         U.S. BANK TRUST COMPANY,

NATIONAL ASSOCIATION, as Trustee

		
		 	By
		
	    	 	[NAME], Vice President

 Date of Authentication: 

[FORM OF ASSIGNMENT] 

ASSIGNMENT 
 FOR VALUE
RECEIVED the undersigned hereby sells, assigns and transfers unto the within bond and all rights thereunder, and hereby irrevocably constitutes and appoints to transfer the within bond on the records kept for registration thereof with full power of
substitution in the premises. 
 Dated: 
  

	
	Signature Guaranteed:
	
	Address of transferee:
	
	Social security or other tax
identification number of
transferee:

  
 A-7 

 NOTICE: The signature to this assignment must correspond with the name as
it appears on the face of the within bond in every particular, without alteration or enlargement or any change whatever. 
 [END OF FORM OF
ASSIGNMENT] 

  
 A-8 

 [FORM OF PREPAYMENT PANEL] 

PREPAYMENT PANEL 
 The
following installments of principal (or portions thereof) of this bond have been prepaid in accordance with the terms of the Trust Indenture. 
  

					
	 Date of

Prepayment
	  	 Principal

Prepaid
	  	 Signature of

Authorized

Representative
 of
DTC

 [END OF FORM OF PREPAYMENT PANEL] 

[END OF FORM OF BOND] 

  
 A-9 

 EXHIBIT B 

TERMS OF THE SERIES 2022B BONDS 

$25,000,000 11.500% Series 2022B Term Bonds due September 1, 2027 

Price of 100.000% to Yield 11.500% 

Series 2022B Bonds Maturing September 1, 2027 
  

					
	Payment Date	  	Principal
Amount	 
	 September 1, 2027*
	  	$	25,000,000	 

  

	*	 Final maturity. 

  
 B-1 

 EXHIBIT C 

FORM OF INVESTOR LETTER 

Gallatin County, Montana 
 311
West Main Street 
 Bozeman, MT 59715 

Gallatin County, Montana 

Industrial Development Revenue Bonds 

(Bridger Aerospace Group Project) 

Series 2022B (Taxable) (Sustainability Bonds) 

Dear Ladies and Gentlemen: 
 In
connection with the purchase of a portion of the above-referenced obligations (the “Series 2022B Bonds”), issued by Gallatin County, Montana (the “County”) pursuant to (i) the terms of an Amended and Restated Trust
Indenture, dated as of July 1, 2022 (as amended and supplemented by a First Supplemental Trust Indenture dated as of August 1, 2022, and as further amended, restated, supplemented or otherwise modified from time to time, the
“Indenture”), between the County and U.S. Bank Trust Company, National Association, Salt Lake City, Utah, as trustee (the “Trustee”), (ii) Title 90, Chapter 5, Part 1, Montana Code Annotated, as amended (the “Act”), and
(iii) a resolution adopted by the governing body of the County on October 14, 2020, as amended by a resolution adopted by the governing body of the County on May 3, 2022 (as so amended, the “Bond Resolution”), the
undersigned purchaser[, on behalf of itself and each of its managed accounts listed on the signature page hereto] (the “Purchaser”), of the Series 2022B Bonds hereby represents the following: 

1. Execution of this letter is a condition to the sale of the Series 2022B Bonds to the Purchaser. 

2. The Purchaser is purchasing the Series 2022B Bonds in authorized denominations of $100,000 or increments of $5,000 in excess thereof (an
“Authorized Denomination”). The Purchaser will only sell or transfer the Series 2022B Bonds in Authorized Denominations. 
 3. The
Purchaser certifies that it is a “Qualified Institutional Buyer” as such term is defined under Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”). 

4. As Purchaser of the Series 2022B Bonds, the Purchaser is purchasing such Series 2022B Bonds with its own funds (or with funds from managed
accounts over which it has investment authority) and not the funds of any other person (other than for a managed account), or for its own account (or for managed accounts over which it has investment authority) and not as nominee or agent for the
account of any other person and not with a view to any distribution thereof, except for a managed account relationship for its accounts for which it reasonably believes are a “Qualified Institutional Buyer” under the Securities Act. The
Purchaser acknowledges and agrees that pursuant to the Indenture, the Series 2022B Bonds shall not be transferred by any holder thereof during the six-month period beginning on the Date of Issuance of the
Series 2022B Bonds. 
 5. The Purchaser acknowledges that the only audited financials are for Bridger Aerospace Group Holdings, LLC
(“BAG Holdings”), as the guarantor of the Series 2022B Bonds. The Purchaser acknowledges that the financial information regarding the Borrowers is unaudited financial information provided by the Borrowers, and Underwriter has not
undertaken and will not undertake steps to ascertain the accuracy or completeness of such unaudited information. 

  
 C-1 

 6. The Purchaser has such knowledge and experience in business and financial matters and
with respect to the purchase and ownership of non-rated conduit revenue bonds, taxable securities and other investment vehicles similar in character to the Series 2022B Bonds so as to enable it to understand
and evaluate the risks of such investments and form an investment decision with respect to the Series 2022B Bonds. The Purchaser (or any managed account for which it is allocating a portion of the Series 2022B Bonds) is able to bear the risk of an
investment in the Series 2022B Bonds. 
 7. The Purchaser has reviewed the Preliminary Limited Offering Memorandum relating to the Series
2022B Bonds, dated July 28, 2022, as supplemented by Addendum to Preliminary Limited Offering Memorandum, dated August 4, 2022, and the Limited Offering Memorandum, dated August 5, 2022 (collectively, the “Limited Offering
Memorandum”), including the information under the heading “BONDHOLDERS’ RISKS” therein and has made the decision to purchase the Series 2022B Bonds based on its own independent investigation regarding the Series 2022B Bonds. 

8. THE PURCHASER UNDERSTANDS THAT THE SERIES 2022B BONDS AND THE INTEREST THEREON SHALL BE SPECIAL, LIMITED OBLIGATIONS OF THE COUNTY, PAYABLE
SOLELY OUT OF REVENUES DERIVED UNDER THE LOAN AGREEMENT, AND SHALL NEVER CONSTITUTE THE DEBT OR INDEBTEDNESS OF THE COUNTY WITHIN THE MEANING OF ANY PROVISION OR LIMITATION OF THE CONSTITUTION OR STATUTES OF THE STATE OF MONTANA OR OF ANY CHARTER OF
ANY POLITICAL SUBDIVISION THEREOF, INCLUDING THE COUNTY, AND SHALL NOT CONSTITUTE NOR GIVE RISE TO A PECUNIARY LIABILITY OR MULTIPLE FISCAL YEAR DIRECT OR INDIRECT DEBT OR OTHER FINANCIAL OBLIGATION WHATSOEVER OF THE COUNTY OR A CHARGE AGAINST ITS
GENERAL CREDIT OR TAXING POWERS. 
 9. The Purchaser has not relied upon the County with regard to the accuracy or completeness of any
information furnished to the Purchaser in connection with the issuance of the Series 2022B Bonds except for (i) the representations and warranties of the County in the Loan Agreement, the Indenture and any other certificate of the County
delivered in connection with the issuance of the Series 2022B Bonds, (ii) the legal opinions delivered on behalf of the County in connection with the issuance of the Series 2022B Bonds, and (iii) those statements relating to the County set
forth under the captions “THE COUNTY” and “ABSENCE OF LITIGATION—The County” in the Preliminary Limited Offering Memorandum. 

10. The Purchaser acknowledges that the Series 2022B Bonds will not be listed on any stock or other securities exchange and will be issued
without registration under the provisions of the Securities Act, or any state securities laws. 
 This letter and the representations and agreements
contained herein are made for your benefit as of this          day of         , 2022 and may also be relied upon by D.A. Davidson & Co. and
Jefferies LLC, as underwriters. 
  

	
	 Very truly yours,
  

                , as Purchaser or Investment Advisor

	
	By:
	Name:

 [Each Managed Account on behalf of which the Purchaser is executing this letter is listed below: 

 

                       
          
  

                       
          

                       
         ] 

  
 C-2EX-10.17

 Exhibit 10.17 

EMPLOYMENT AGREEMENT 

This EMPLOYMENT AGREEMENT (this “Agreement”) dated as of December 6, 2018, by and between ElementCompany Operations, LLC
(the “Company”), and Timothy Sheehy (“Employee”). 

W I T N E S S E T H: 

WHEREAS, BTO Grannus Holdings III – NQ L.L.C., Blackstone Tactical Opportunities Fund – FD L.P., and Blackstone Family Tactical
Opportunities Investment Partnership III – NQ – ESC L.P. (collectively, the “BTO Investor”), and the Company, ElementCompany, Inc., and ElementCompany, LLC, entered into a Securities Purchase Agreement dated as of
December 6, 2018 (the “Securities Purchase Agreement”). 
 WHEREAS, the Company and Employee desire to enter into this
Agreement pursuant to which Employee shall provide services to the Company as described herein, effective upon and subject to the Closing (as defined in the Securities Purchase Agreement) (the “Closing”). 

NOW, THEREFORE, in consideration of the promises and mutual covenants contained herein and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Company and Employee hereby agree as follows: 
 Section 1. Position,
Duties and Responsibilities; Place of Performance. 
 (a) During the Term of Employment (defined below), Employee shall be employed and
serve as the Chief Executive Officer – Bridger Aerospace Group, LLC and shall have such duties and responsibilities that are commensurate with such title and such other duties and responsibilities as may reasonably be assigned in relation to
the Company and its affiliates. The Employee shall report to the Board of the Company (which for the avoidance of doubt shall include a representative appointed by the BTO Investor (the “Board”)) and shall carry out and perform all
orders, directions and policies given to Employee by the Board consistent with his position and title. The Employee’s principal place of employment with the Company shall be in Bozeman, Montana, provided that the Employee may be required to
travel from time to time for business purposes. 
 (b) Employee shall devote his best efforts, energy and time to the performance of his
duties under this Agreement and shall not engage in any other business or occupation during the Term of Employment that materially interferes with Employee’s duties and responsibilities to serve and act in the Company’s best interests.
Notwithstanding the foregoing, nothing herein shall preclude Employee from (i) serving as a member of the boards of directors or advisory boards (or their equivalents in the case of a non-corporate
entity) of non-profit businesses or, with the prior approval of the Company’s board, for business that are not engaged in any Competing Business (as defined below) including any business expressly
identified in Section 4(q)); (ii) engaging in charitable activities and community affairs; and (iii) managing his personal investments and affairs; provided, however, that the activities set out in clauses (i), (ii) and
(iii) shall be limited by Employee so as not to materially interfere, individually or in the aggregate, with the performance of his duties and responsibilities hereunder. 

 (c) The Company agrees to employ Employee, and Employee agrees to serve the Company, on the
terms and conditions set forth herein. The “Term of Employment” shall mean the period commencing on Closing and, unless terminated sooner as provided in Section 4 hereof, continuing until December 31, 2020; provided,
however, that the Term of Employment shall be extended automatically following December 31, 2020 for successive one (1) year terms on the first anniversary of the then current term if neither the Company nor Employee has advised the other
in writing in accordance with Section 10 at least sixty (60) days prior to the end of the then current term that such term will not be extended for an additional one (1) year term. 

Section 2. Compensation. 

(a) Base Salary. During the Term of Employment, Employee shall be paid an annualized base salary (the “Base Salary”),
payable in United States dollars in accordance with the regular payroll practices of the Company. Employee’s current salary will continue until January 1, 2019. As of January 1, 2019, the Base Salary shall be increased to Four Hundred
Fifty Thousand Dollars ($450,000.00), with increases if any, as may be approved in writing by the Board. The Company may withhold applicable taxes and deductions from any amounts payable under this Agreement. 

(b) Annual Bonus. During the Company’s 2019 fiscal year starting January 1, 2019 and ending December 31, 2019 (and
subsequent fiscal years, as applicable), subject to the satisfaction of applicable performance criteria and any other conditions as determined by the Board, the Employee shall be eligible to receive an annual cash bonus award (the
“Annual Bonus”) as determined by the Board in its sole and absolute discretion. 
 Section 3. Employee
Benefits. 
 (a) General. During the Term of Employment, Employee shall be entitled to participate in health insurance, retirement
plans, directors’ and officers’ insurance coverage and other benefits provided to other senior executives of the Company, as in effect from time to time. 

(b) Vacation and Time Off. During each full calendar year of the Term of Employment, Employee shall be eligible for twenty
(20) days paid vacation, as well as sick pay and other paid and unpaid time off in accordance with the policies and practices of the Company, as in effect from time to time. At any time, Employee shall be limited to accruing a maximum amount of
unused paid vacation equal to twenty (20) days (the “Maximum Vacation Accrual”). If Employee does not use all of the paid vacation days in a calendar year, the remaining days shall rollover to the following calendar year,
subject to the Maximum Vacation Accrual. 
 Section 4. Termination. 

(a) General. The Term of Employment shall terminate earlier than as provided in Section 1 if any of the following occur:
(i) Employee’s death; (ii) a termination by reason of a Disability; (iii) a termination by the Company with or without Cause; or (iv) a termination or resignation by Employee with or without Good Reason. 

  
 2 

 (b) Termination Due to Death or Disability. Employee’s employment shall
terminate automatically upon his death. The Company may terminate Employee’s employment immediately upon the occurrence of a Disability. In the event Employee’s employment is terminated due to his death or Disability, Employee or his
estate or his beneficiaries, as the case may be, shall be entitled to: 
 (i) Any accrued Base Salary though the date of
employment termination, payout of all accrued, but unused vacation days (subject to the Maximum Vacation Accrual), and reimbursement for any unreimbursed business expenses incurred through the date of employment termination (collectively, the
“Accrued Obligations”), which amount shall be paid within thirty (30) days from the date of such termination; and 

(ii) Any unpaid Annual Bonus in respect of any completed fiscal year that has ended prior to the date of such termination with
such amount determined based on actual performance during such fiscal year as determined by the Board, which amount shall be paid on the sixtieth (60th) day following the date of such termination,
subject to Section 4(i) of this Agreement; and 
 (iii) Any Annual Bonus that would have been payable based on actual
performance with respect to the year of termination in the absence of the Employee’s death or Disability, pro-rated for the period the Employee worked prior to his death or Disability, and payable at the
same time as the bonus would have been paid in the absence of the Employee’s death or Disability. 
 Following such termination of
Employee’s employment by reason of death or Disability, except as set forth in this Section 4, Employee shall have no further rights to any compensation or any other benefits under this Agreement or otherwise. 

(c) Termination by the Company for Cause. 

(i) The Company may terminate Employee’s employment at any time for Cause; provided, however, that with
respect to any Cause of termination relying on clause (i) or (ii) of the definition of Cause set forth in Section 4(j) hereof, to the extent such act or acts are curable, Employee shall be given not less than fifteen (15) days’
written notice by the Board’s intention to terminate Employee’s employment for Cause, such notice to state in detail the particular act or acts or failure or failures to act that constitute the grounds on which the proposed termination for
Cause is based, and such termination shall be effective at the expiration of such fifteen (15) day notice period, unless Employee has cured, to the Company’s satisfaction, such act or acts or failure or failures to act that give rise to
Cause during such period. 
 (ii) In the event the Company terminates Employee’s employment for Cause, Employee shall be
entitled only to the Accrued Obligations, which amount shall be paid within thirty (30) days from the date of such termination. Following such termination of Employee’s employment for Cause, except as set forth in this
Section 4(c)(ii), Employee shall have no further rights to any compensation or any other benefits under this Agreement or otherwise (including, but not limited to, any payment of any bonus that has not been paid as of the date of
Employee’s termination of employment). 

  
 3 

 (d) Termination by the Company Without Cause. The Company may terminate
Employee’s employment at any time without Cause. In the event Employee’s employment is terminated by the Company without Cause (other than due to death or Disability), Employee shall be entitled to: 

(i) The Accrued Obligations; and 

(ii) Any unpaid Annual Bonus in respect of any completed fiscal year that has ended prior to the date of such termination with
such amount determined based on actual performance during such fiscal year as determined by the Board; and 
 (iii) A lump-sum cash payment equal to (i) twenty-four (24) months of the Employee’s Base Salary in effect at the time of termination plus (ii) an amount equal to the total value of the Annual Bonus
amounts paid during the fiscal year immediately preceding the year of such termination pursuant to Section 2; and 

(iv) A lump sum cash payment equal to eighteen (18) times the “applicable percentage” of the monthly COBRA
premium cost applicable to Employee if Employee (or his dependents) were to elect COBRA coverage, or similar coverage as provided by similar state law, in connection with such termination, (for purposes hereof, the “applicable percentage”
shall be the percentage of Employee’s health care premium costs covered by the Company as of the date of termination). 
 Any amounts
payable to Employee under clause (i), (ii), (iii) or (iv) of this Section 4(d) shall be paid in lump sum on the sixtieth (60th) day following the date of Employee’s termination of
employment (the “Severance Benefits”), subject to Section 4(i) of this Agreement. Following such termination of Employee’s employment by the Company without Cause, except as set forth in this Section 4(d), Employee
shall have no further rights to any compensation or any other benefits under this Agreement or otherwise. 
 (e) Termination by Employee
with Good Reason. Employee may terminate Employee’s employment with Good Reason by providing the Company thirty (30) days’ written notice setting forth in reasonable specificity the event that constitutes Good Reason (which notice
must be given no later than ninety (90) days after the initial occurrence of such event). During such thirty (30) day notice period, the Company shall have a cure right, and if not cured within such period, Employee’s termination will
be effective upon the expiration of such cure period, and Employee shall be entitled to the same payments and benefits as provided in Section 4(d) above for a termination by the Company without Cause, subject to the same conditions on payment
and benefits as described in Section 4(d) above. Following such termination of Employee’s employment by Employee with Good Reason, except as set forth in this Section 4(e), Employee shall have no further rights to any compensation or
any other benefits under this Agreement or otherwise. 

  
 4 

 (f) Termination by Employee Without Good Reason. Employee may terminate
Employee’s employment without Good Reason by providing the Company sixty (60) days’ written notice of such termination. In the event of a termination of employment by Employee under this Section 4(f), Employee shall be entitled
only to the Accrued Obligations. In the event of termination of Employee’s employment under this Section 4(f), the Company may, in its sole and absolute discretion, by written notice accelerate such date of termination without changing the
characterization of such termination as a termination by Employee without Good Reason. If the Company chooses to accelerate the termination date, it shall pay Employee for the remainder of the notice period, subject Employee’s execution and non-revocation of a release as provided in Section 4(i). Following such termination of Employee’s employment by Employee without Good Reason, except as set forth in this Section 4(f), Employee shall
have no further rights to any compensation or any other benefits under this Agreement or otherwise. 
 (g)
Non-Extension of the Term of Employment. Employee’s employment hereunder shall terminate upon the close of business of the last day of the then current term if either the Company or Employee gives
timely notice of its or his intention not to extend the then current term of employment, as provided in Section 1. If the Company’s decision not to extend is without Cause, or if Employee’s decision not to extend is with Good Reason,
then Employee shall be entitled to only the payments and benefits as provided in Sections 4(d) (i), (ii), and (iv) above, subject to the same conditions on payment and benefits as described therein. Otherwise, upon the termination of the Term
of Employment by reason of the parties’ non-extension for any other reason, Employee shall be entitled to only the Accrued Obligations, which amount shall be paid within thirty (30) days of such date
of termination. Following such termination of Employee’s employment, except as set forth in this Section 4(g), Employee shall have no further rights to any compensation or any other benefits under this Agreement or otherwise. 

(h) Termination Following Change of Control. If, following a Change of Control of the Company, Employee becomes eligible for any
Severance Benefits pursuant to the terms of this Agreement, and such Severance Benefits implicate Section 280G of the Internal Revenue Code (the “I.R.C.”), then Employee and Company shall work collaboratively to modify such
payments in order to limit the application of I.R.C. Section 280G to the Company and I.R.C. Section 4999 to Employee. 
 (i)
Release. Notwithstanding any provision herein to the contrary, and as a condition precedent to payment of any amount or provision of any benefit pursuant to subsections 4(b), (d), (e), (f), (g) and (h) (other than payment of any Accrued
Obligations), Employee or Employee’s estate, as applicable, shall execute and shall not rescind, a release in favor of the Company in a form satisfactory to the Company, and any revocation period applicable to such release must have expired as
of the forty-fifth (45th) day following Employee’s termination of employment. If Employee fails to execute the release in such a timely manner so as to permit any revocation period to expire prior to the end of such forty-five (45) day period,
or timely revokes his acceptance of such release following its execution, Employee shall not be entitled to any of the Severance Benefits. Further, to the extent that (i) such termination of employment occurs within sixty (60) days of the
end of any calendar year, and (ii) any of the Severance Benefits constitutes “nonqualified deferred compensation” for purposes of Section 409A, any payment of any amount or provision of any benefit otherwise scheduled to occur
prior to the sixtieth (60th) day following the date of Employee’s termination of employment hereunder, but for the condition on executing the release as set forth herein, shall not be made
prior to the first day of the second calendar year, after which any remaining Severance Benefits shall thereafter be provided to Employee according to the applicable schedule set forth herein. 

  
 5 

 (j) For purposes of this Agreement, “Cause” shall be defined as (i) a
material breach of this Agreement or any other Agreement between the Employee and the Company or its affiliates, or a material violation of any code of conduct, code of ethics, compliance manual or other written policy applicable to Employee;
(ii) Employee’s act(s) of willful misconduct or gross negligence in the course of Employee’s employment hereunder, (iii) willful failure or refusal by Employee to perform in any material respect Employee’s duties,
responsibilities or lawful directives of the Board; (iv) the Employee’s performance of any act of theft, embezzlement fraud, dishonesty or misappropriation of the Company’s or its affiliate’s property; (v) Employee’s
indictment for, conviction of or pleading nolo contendre to a felony under state or federal law for any crime involving intentional dishonesty or moral turpitude; or (vi) the Employee’s breach of any fiduciary duty owed to the
Company or its affiliates (including, without limitation, the duty of care and the duty of loyalty). 
 (k) For purposes of this Agreement,
“Good Reason” shall mean, without Employee’s consent, a material breach of this Agreement due to (i) a diminution in Employee’s title or Base Salary, or (ii) the failure of the Company to pay any compensation
hereunder when due. 
 (l) For purposes of this Agreement, “Change of Control” shall mean the first to occur of any of the
following: (i) “change of control event” with respect to the Company, within the meaning of Treas. Reg. 1.409A-3(i)(5); or (ii) during any period of two years, individuals who at the beginning
of such period constitute the Board (and any new Director whose election by the Company’s shareholders was approved by a vote of at least a majority of the Directors then still in office who either were Directors at the beginning of the period
or whose election or nomination for election was so approved) cease for any reason to constitute a majority thereof; or (iii) a merger, consolidation or non-bankruptcy reorganization of the Company with
or involving any other entity, other than a merger, consolidation or non-bankruptcy reorganization that would result in the voting securities of the Company outstanding immediately prior thereto continuing to
represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least 50% of the combined voting power of the securities of the Company (or such surviving entity) outstanding immediately after such
merger, consolidation or non-bankruptcy reorganization. 
 (m) For purposes of this Agreement,
“Disability” shall mean any physical or mental disability or infirmity of the Employee that has prevented the performance of Employee’s duties for a period of (i) ninety (90) consecutive days or (ii) one hundred
twenty (120) non-consecutive days during any six (6) month period. Any question as to the existence, extent or potentiality of Employee’s Disability upon which Employee and the Company cannot
agree shall be determined by a qualified, independent physician reasonably selected by the Company. The determination of any such physician shall be final and conclusive for all purposes of this Agreement. 

(n) Both during the Term of Employment and at all times thereafter, regardless of the reason for termination, the Employee agrees not to make
negative comments or otherwise disparage the Company or its affiliates or any of their respective officers, directors, employees, shareholders, members, agents or products other than in the good faith performance of the Employee’s duties to the
Company while the Employee is employed by the Company. 

  
 6 

 The foregoing shall not be violated by truthful statements in response to legal process, required
governmental testimony or filings, or administrative or arbitral proceedings (including, without limitation, depositions in connection with such proceedings). 

(o) Employee covenants, warrants and agrees until the later of (i) the five (5)-year anniversary of the Closing and (ii) during the
Term of Employment and until the twenty-four (24)-month anniversary of the date of termination of Employee’s employment for any reason (“Termination Date”), which later period shall be the “Restricted Period”,
Employee shall not, either directly or indirectly, actually or attempt to, hire, solicit, recruit, attempt to employ or engage, induce or divert, any employee, officer, director, agent, consultant or independent contractor of the Company or its
affiliates to leave such employment or retention or to accept employment with or render services to or with any other person, firm, corporation or other entity. Employee acknowledges and agrees that Employee’s failure to honor this non-solicitation provision shall result in the Company suffering irreparable harm. This Section 4(o) shall survive the termination of this Agreement. 

(p) Employee further covenants, warrants and agrees that during the Restricted Period, Employee shall not, either directly or indirectly,
actually or attempt to call upon, solicit, divert, take-away, deliver to, sell, service or otherwise deal in any manner whatsoever with the Company’s customers or clients upon whom Employee called, or with whom Employee has a business
relationship, past or present, or with who Employee or Company or its affiliates had any contact or influence at any time during the course of Employee’s employment with the Company for purposes of causing such persons to terminate any business
relationship with the Company or its affiliates or causing such persons to purchase goods or services then sold by the Company or any of its affiliates from another person, firm, corporation or other entity; and Employee shall not assist any other
person, firm, corporation or business, in any capacity, to do so; provided, however, nothing in this Section 4(p) shall be deemed to prohibit or otherwise restrict any form of contact between Employee and any other person, which contact is made
for non-competitive purposes (e.g. social gatherings, conventions, trade shows, etc.). Employee acknowledges and agrees that Employee’s failure to honor this
non-solicitation provision shall result in the Company suffering irreparable harm. This Section 4(p) shall survive the termination of this Agreement. 

(q) Employee hereby covenants, represents and warrants to the Company that during the Restricted Period, Employee shall not, in North America
or any other areas in which the Company operated or had plans or strategies to operate during the Term of Employment, (i) advise or participate in the management of any Competing Business (as defined below); (ii) act as a partner, member, or
employee of any Competing Business; (iii) act as a manager, advisor, contractor or consultant to any Competing Business; (iv) engage in, establish, or organize any Competing Business; or (v) be associated in any way with any Competing
Business. As used herein, “Competing Business” means (A) any business that engages in aviation, fire suppression and/or intelligence reconnaissance or surveillance, including in support of any government contract at any
international, national, state or local level or (B) any other business which directly competes with the business of the Company at the time of the Termination Date, provided that for the avoidance of doubt, Employee’s work during
or after the Term of Employment for Ascent Vision Technologies, LLC (“AVT”) shall not be deemed work for a Competing Business; provided that it does not materially interfere with Employee’s responsibilities under this
Agreement; and provided further that the scope of AVT’s business in the future which could fall under prong (A) of the definition of Competing Business does not increase beyond the scope of AVT’s business as of the date of this
Agreement. 

  
 7 

 (r) Employee acknowledges that (i) Employee will continue to perform services of a
unique nature for the Company that are irreplaceable, and that the Employee’s performance of such services to a competing business will result in irreparable harm to the Company and its affiliates, (ii) Employee has had and will have
access to Confidential Information (as defined below) which, if disclosed, would unfairly and inappropriately assist in competition against the Company or any of its affiliates, (iii) Employee has generated and will generate goodwill for the
Company and its affiliates in the course of the Employee’s employment, (iv) Employee is an indirect seller under the Securities Purchase Agreement, (v) the Purchaser (as defined in the Securities Purchase Agreement) is purchasing,
among other things, client relationships and substantial goodwill, (vi) the Employee’s obligations to execute this Agreement and the restrictive covenants contained herein serve to prevent improper appropriation of the business, client
relationship and goodwill purchased by the Purchaser, (vii) Employee’s obligations under this Agreement are a material inducement for the Purchaser to enter into the Securities Purchase Agreement, and (viii) it would not be reasonable
for the Purchaser to enter into the Securities Purchase Agreement without such protections. 
 (s) (i) Except as authorized or directed by
the Company in connection with the proper performance of Employee’s duties and obligations, or as provided below, Employee shall not, at any time during Employee’s employment with the Company or after Employee’s employment ends
(regardless of the reason for such termination), directly or indirectly, use, disclose, exploit, remove, copy, or make available to any other person or entity any Confidential Information (as defined below), including for Employee’s own
personal use or advantage or the use or advantage of any person or entity other than the Company Entities (as defined below). As used herein, “Confidential Information” means any and all nonpublic information, confidential
information, proprietary information, trade secrets, or other sensitive information (whether in oral, written, electronic, or any other form) concerning any of the Protected Parties (as defined below), including any and all information relating to
the business, assets, operations, strategies, policies, procedures, organization, processes, personal information (including personal information about any current or former employees, members, partners, principals, owners, officers, agents,
business associates, or representatives of any of the Protected Parties, or the family members of any of the foregoing), business developments, investment or business arrangements, negotiations, prospective or existing commercial agreements, costs,
revenues, research, profiles, valuations, valuation models or analyses, profits, tax or financial structure, financial or trading positions or products, financial models, financial results or analyses, other financial affairs, actual or proposed
opportunities, transactions or investments, assets, current or prospective clients, investors, marketers, advertisers, vendors, current or prospective client or investor lists (including the identity of current or prospective clients or investors,
addresses, contact persons, and/or the clients’ or investors’ business or investment status, preferences, strategies, or needs), internal controls, diligence or vetting process, security procedures, contingencies, marketing plans,
databases, pricing, philosophies, techniques, risk management, credit files, Work Product (as defined below), methods of operation, market consultants, computer programs, passwords, algorithms, patent applications, information technology
infrastructure, products, services, systems, designs, inventions, or any other information, 

  
 8 

 
documents, or materials that may be identified as confidential or proprietary, or which would otherwise appear to a reasonable person to be confidential or proprietary, or which is under a third
party confidentiality obligation. Confidential Information shall not include any information that is generally known to the public or is publicly available other than as a result of Employee’s breach of this covenant. 

(ii) In accordance with the Defend Trade Secrets Act, 18 U.S.C. § 1833(b), and other applicable law, nothing in this Agreement or any
other agreement or policy shall prevent Employee from, or expose Employee to criminal or civil liability under federal or state trade secret law for, (A) directly or indirectly sharing any Company Entity trade secrets or other Confidential
Information (except information protected by any of the Company Entities’ attorney-client or work product privilege) with an attorney or with any federal, state, or local government agencies, regulators, or officials, for the purpose of
investigating or reporting a suspected violation of law, whether in response to a subpoena or otherwise, without notice to the Company Entities, or (B) disclosing trade secrets in a complaint or other document filed in connection with a legal
claim, provided that the filing is made under seal. Further, nothing herein shall prevent Employee from discussing or disclosing information related to Employee’s general job duties or responsibilities and/or to employee compensation. Employee
also may disclose Confidential Information as required in response to a subpoena or other legal process. 
 (iii) For purposes of this
Agreement, (A) “Company Entities” means, collectively, the Company and each and all of its respective affiliates, each and all of the companies, funds, entities, partnerships, or businesses controlled by, controlling, or under
common control with each of the foregoing and any successor or any permitted transferee thereof; (B) “Company Parties” means, collectively, each and all of the Company Entities and each and all of their respective shareholders,
interest holders, unit holders, portfolio companies, investment vehicles, funds, accounts, advisors, managers, officers, directors, partners, principals, members, employees, consultants, contractors, investors, fiduciaries, representatives, and
agents; and (C) “Protected Parties” means, collectively, each and all of the Company Entities and the Company Parties. 

(t) Except as provided in Section 4(s), above, Employee agrees that in the event he is served with a subpoena, document request,
interrogatory, or any other legal process that will or may require Employee to disclose any Confidential Information, whether during his employment or thereafter (regardless of whether Employee resigns or his employment is terminated or the reason
for such resignation or termination), Employee will immediately notify an officer of the Company of such fact, in writing, and provide a copy of such subpoena, document request, interrogatory, or other legal process, unless such subpoena, document
request, interrogatory or other legal process (i) is from a court or governmental agency, and (ii) explicitly prohibits Employee from doing so. 

(u) Employee agrees that during his employment with the Company and thereafter (regardless of whether he resigns or his employment is
terminated by the Company or the reason for such resignation or termination), Employee shall provide reasonable and timely cooperation in connection with (i) any actual or threatened litigation, inquiry, review, investigation, process, or other
matter, action or proceeding (whether conducted by or before any court, regulatory, or governmental entity, or by or on behalf of any Protected Party, or 

  
 9 

 
otherwise), that relates to events occurring during Employee’s employment by the Company or about which the Company otherwise believes Employee may have relevant information; (i) the
transitioning of Employee’s role and responsibilities to other personnel; and (iii) the provision of information in response to the Company’s requests and inquiries in connection with Employee’s separation. Employee’s
cooperation shall include being available to (A) meet with and provide information to the Protected Parties and their counsel or other agents in connection with fact-finding, investigatory, discovery, and/or
pre-litigation or other proceeding issues, and (B) provide truthful testimony (including via affidavit, deposition, at trial, or otherwise) in connection with any such matter, all without the requirement
of being subpoenaed. Employee understands that if Employee’s cooperation is requested in accordance with this provision after the Termination Date, Employee will be reimbursed solely for reasonable travel expenses approved by the Company in
advance of being incurred, upon Employee’s submission of receipts, and shall receive no other payments, provided that in the event the Company requires cooperation after the Termination Date in excess of fifty (50) hours, Employee
shall be compensated at an hourly rate equal to Employee’s annual Base Salary at the Termination Date divided by 2,000, less applicable deductions and withholdings. 

(v) Employee acknowledges and agrees that all property, proprietary materials, Confidential Information, documents, records, files, memorandum,
email, computer media, software, equipment (including laptops, smartphones, and other devices), system and software login information, passwords, access codes, authorization codes (to the extent such codes relate in whole or in part to the Protected
Parties’ respective businesses, data rooms, systems, sites, or information), telephone numbers, email addresses, messaging contact information, identification cards, keys, and any other materials in any form (whether paper, electronic or
otherwise and all copies thereof) relating or belonging to any of the Protected Parties or any of their respective clients, counterparties, investments or investors (or potential clients, counterparties, investments or investors) (collectively
“Protected Property”), created by Employee or coming into Employee’s possession, custody, or control during the course of Employee’s employment with the Company or affiliation with any of the Company Parties (including as
an employee, officer, director, manager, adviser, consultant, contractor, representative, agent or otherwise), are the sole property of the Protected Parties. Upon the termination of Employee’s employment with the Company for any reason, or
upon the request of the Company at any time, Employee agrees to promptly deliver all Protected Property to the Company. At no time will Employee remove or copy or cause to be removed from the premises of the Company any original or copy of any
Protected Property except in furtherance of Employee’s proper duties to the Company and in accordance with the terms of this Agreement and all applicable policies and procedures. 

(w) Employee agrees that any and all improvements, inventions, discoveries, developments, creations, formulae, algorithms, processes, systems,
interfaces, protocols, concepts, programs, products, investment strategies, valuation models, risk management tools, methods, designs, and works of authorship, and any and all documents, information (including Confidential Information), or things
relating thereto, whether patentable or not, within the scope of or pertinent to any field of business or research or investment in which the Company or any other the Company Entity is engaged or (if such is known to or ascertainable by Employee)
considering engaging, which Employee may conceive, make, author, create, invent, develop, or reduce to practice, or which Employee previously has conceived, made, authored, created, 

  
 10 

 
invented, developed, or reduced to practice, in whole or in part, during Employee’s employment with the Company or affiliation with any of the Company Parties (including as an employee,
officer, director, manager, adviser, consultant, contractor, representative, agent or otherwise), whether alone or working with others, whether during or outside of normal working hours, whether inside or outside of the Company’s offices, and
whether with or without the use of the Company’s computers, systems, materials, equipment, or other property, shall be and remain the sole and exclusive property of the Company (the foregoing, individually and collectively, “Work
Product”). To the maximum extent allowable by law, any Work Product subject to copyright protection shall be considered “works made for hire” for the Company under U.S. copyright law. To the extent that any Work Product
that is subject to copyright protection is not considered a work made for hire, or to the extent that Employee otherwise has or retains any ownership or other rights in any Work Product (or any intellectual property rights therein) anywhere in the
world, Employee hereby assign and transfer to the Company all such rights, including the intellectual property rights therein, effective automatically as and when such Work Product is conceived, made, authored, created, invented, developed, or
reduced to practice. The Company shall have the full worldwide right to use, assign, license and/or transfer all rights in, with, to, or relating to Work Product (and all intellectual property rights therein). Employee shall, whenever requested to
do so by the Company (whether during Employee’s employment or thereafter), execute any and all applications, assignments and/or other instruments, and do all other things (including cooperating in any matter or giving testimony in any legal
proceeding) which the Company may deem necessary or appropriate in order to (i) apply for, obtain, maintain, enforce or defend patent, trademark, copyright, or similar registrations of the United States or any other country for any Work
Product; (ii) assign, transfer, convey or otherwise make available to the Company any right, title, or interest which Employee might otherwise have in any Work Product; and/or (iii) confirm the Company’s right, title, and interest in
any Work Product. Employee shall promptly communicate and disclose all Work Product to the Company and, upon request, report upon and deliver all such Work Product to the Company. Employee shall not use or permit any Work Product to be used for any
purpose other than on behalf of the Company Entities, whether during Employee’s employment or thereafter. 
 (x) The Company
acknowledges that Employee has provided services to AVT and may continue to provide such services in accordance with the terms of this Agreement. Employee represents and warrants that Employee has not given AVT or any of its respective affiliates
any rights relating to intellectual property, service commitment levels, or restrictive covenants that would directly interfere with the rights that Employee is providing to the Company under this terms of this Agreement or that would interfere with
Employee’s performance of Employee’s obligations under this Agreement. Without limiting the foregoing, Employee represents and warrants that Employee’s performance of Employee’s obligations under this Agreement, do not conflict
with or violate the terms of (i) any agreement by which Employee is bound, including any post-employment covenants or obligations to any other employer, entity or person; or (ii) any order, rule, law, regulation, or other legal requirement
or obligation applicable to Employee. Employee has provided BTO Investor with a copy of any agreement by which Employee is bound that restricts in any way Employee’s ability to perform services for the Company Entities. Should Employee become
aware of any reason that Employee cannot join or remain employed by a Company Entity or fully execute Employee’s responsibilities for the Company Entities, or should another employer or any other person or entity allege that Employee is in
violation of any obligation to such person or entity, or if 

  
 11 

 
Employee believes any violation of law exists relating to any Company Entity, Employee will immediately so notify the Board in writing. Employee also represents and warrants that Employee will
abide by all contractual obligations that Employee may have to all prior employers or other persons or entities, and that Employee will not retain, review, or utilize any other person’s or entity’s confidential or proprietary information
or trade secrets in connection with Employee’s work for the Company Entities or share or disclose any such information with or to any other Company Entity. Employee will immediately notify the Board in writing if any representation in this
Paragraph is or becomes untrue or inaccurate at any time. 
 Section 5. Reimbursement of Business Expenses. Employee is
authorized to incur reasonable business expenses in carrying out his duties and responsibilities under this Agreement, and the Company shall promptly reimburse Employee for all such reasonable business expenses, subject to documentation in
accordance with written Company policy, as in effect from time to time. 
 Section 6.
Key-Man Insurance. At any time during the Term of Employment, the Company shall have the right to insure the life of Employee for the sole benefit of the Company, in such amounts, and with such terms,
as it may determine. All premiums payable thereon shall be the obligation of the Company. Employee shall have no interest in any such policy, but agrees to cooperate with the Company in procuring such insurance by submitting to physical
examinations, supplying all information required by the insurance company, and executing all necessary documents, provided that no financial obligation is imposed on Employee by any such documents. Upon the termination of his employment for any
reason, Company will allow Employee to convert the insurance policy to a permanent personal life insurance policy at Employee’s sole cost. 

Section 7. Waiver and Amendments. Any waiver, alteration, amendment or modification of any of the terms of this Agreement shall be
valid only if made in writing and signed by each of the parties hereto. No waiver by either of the parties hereto of their rights hereunder shall be deemed to constitute a waiver with respect to any subsequent occurrences or transactions hereunder
unless such waiver specifically states that it is to be construed as a continuing waiver. 
 Section 8.
Severability/Modification. If any covenants or such other provisions of this Agreement are found to be invalid or unenforceable by an arbitrator or reviewing court of appropriate jurisdiction, (a) the remaining terms and provisions
hereof shall be unimpaired, and (b) the invalid or unenforceable term or provision hereof shall be replaced by a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term
or provision hereof. 
 Section 9. Binding Arbitration. Law. 

(a) Employee agrees that Employee’s breach or threatened breach of any of the restrictions set forth in this Agreement will result in
irreparable and continuing damage to the Protected Parties for which there is no adequate remedy at law. Thus, in addition to the Company’s right to arbitrate disputes hereunder, the Protected Parties shall be entitled to obtain emergency
equitable relief, including a temporary restraining order and/or preliminary 

  
 12 

 
injunction, in aid of arbitration, from any state or federal court of competent jurisdiction, without first posting a bond, to restrain any such breach or threatened breach. Such relief shall be
in addition to any and all other remedies, including the recovery of monetary damages, attorneys’ fees and costs, available to the Protected Parties against Employee for such breaches or threatened breaches. Upon the issuance (or denial) of an
injunction, the underlying merits of any dispute will be resolved in accordance with the arbitration provisions of Section 9(b) of this Agreement. 

(b) Any disagreement between the parties must be resolved by binding arbitration, by an arbitrator selected by the parties. If the parties are
unable to agree on an arbitrator after making a reasonable attempt to do so, then an arbitration shall be selected in accordance with the Employment Rules of the American Arbitration Association (the “AAA”). Except as modified by
this Section, the arbitration proceeding will be conducted in accordance with the Employment Rules of the AAA and the Expedited Procedures thereunder then in force. Any arbitration proceedings must be conducted in Denver, Colorado. Consistent with
the expedited nature of arbitration, each party will, upon the written request of the other party, promptly provide the other with copies of documents on which the producing party may rely in support of or in opposition to any claim or defense. Any
dispute regarding discovery, or the relevance or scope thereof, will be resolved by the arbitrator, whose determination is conclusive. All discovery must be completed within thirty (30) days following the appointment of the arbitrator. At the
request of a party, but only on the showing of good cause and necessity, the arbitrator may order examination by deposition of up to two witnesses per party. The arbitration shall be conducted on a strictly confidential basis, and Employee shall not
disclose the existence or nature of any claim, defense, or argument; any documents, correspondence, pleadings, briefing, exhibits, arguments, testimony, evidence, or information exchanged or presented in connection with any claim, defense, or
argument; or any rulings, decisions, or results of any claim, defense, or argument (collectively, “Arbitration Materials”) to any third party, with the sole exception of Employee’s legal counsel, who Employee shall ensure
complies with these confidentiality terms. The arbitrator may not award punitive or any other damages prohibited by this Agreement. The prevailing party will receive its costs and fees, which includes all reasonable
pre-award expenses of arbitration, including the arbitrator fees, administrative fees, out-of-pocket expenses such as copying and
telephone, and attorney’s fees. In the event of any dispute under this Agreement, or relating or arising under the employment relationship, this Agreement shall be governed by the laws of the State of Delaware. In agreeing to arbitrate
Employee’s claims hereunder, Employee hereby recognize and agree that he is waiving his right to a trial in court and/or by a jury. 

(c) Except as set forth in Section 9(a) of this Agreement, the arbitrator, and not any federal, state, or local court or adjudicatory
authority, shall have exclusive authority to resolve any dispute relating to the interpretation, applicability, enforceability, and/or formation of this Agreement, including but not limited to any dispute as to whether (i) a particular claim is
subject to arbitration hereunder and/or (ii) any part of this Section 9 is void or voidable. To the extent a question arises as to the arbitrability of a dispute under any applicable statute, ordinance, or regulation, Employee and the
Company agree that at either party’s election, such party may file for an expedited arbitral hearing under the AAA “Optional Rules for Emergency Measures of Protection” in connection with employment disputes (AAA Rule O-1 et seq.), as modified herein (the “Optional Rules”). The arbitrator for any such emergency proceeding shall selected in 

  
 13 

 
accordance with the Optional Rules. Employee will comply with all of the terms and conditions of this Agreement in connection with such a proceeding, (though, for the avoidance of doubt, nothing
herein shall limit Employee’s right to present evidence, documents, arguments, or testimony to the arbitrator). The Company will pay all of the arbitrator’s fees and costs, and the 

AAA forum costs, in connection with an application for emergency relief under this Section 9(c). If the emergency arbitrator finds the relevant dispute to
be subject to arbitration, the parties shall proceed to arbitration in accordance with Section 9(b) hereof (rather than proceeding in accordance with Optional Rule 5 or in any court), with an arbitrator appointed in accordance with
Section 9(b). 
 (d) In the event of any court proceeding to challenge or enforce an arbitrator’s award, the parties hereby consent
to the exclusive jurisdiction of the state and federal courts sitting in Denver, Colorado; agree to exclusive venue in that jurisdiction; and waive any claim that such jurisdiction is an inconvenient or inappropriate forum. There shall be no
interlocutory appeals to any court of any order issued in accordance with Section 9(b) or 9(c), or any motions in any court to vacate any arbitral order except (i) a final award on the merits issued in accordance with AAA Rule 39, or
(ii) a final Interim Award issued in accordance with Optional Rule 4 which (a) concludes that the AAA lacks jurisdiction over the dispute and (b) dismisses the matter in its entirety. Employee agrees to take all steps necessary to
protect the confidentiality of the Arbitration Materials in connection with any court proceeding, agree to use his best efforts to file any court proceeding permitted herein and all Confidential Information (and all documents containing Confidential
Information) under seal, and agree to the entry of an appropriate protective order encompassing the confidentiality terms of this Agreement. 

Section 10. Notices. 

(a) Every notice or other communication relating to this Agreement shall be in writing, and shall be mailed to or delivered to the party for
whom or which it is intended at such address as may from time to time be designated by it in a notice mailed or delivered to the other party as herein provided; provided, that unless and until some other address be so designated, all notices
and communications by Employee to the Company shall be mailed or delivered to the Company at its principal executive office at 90 Madison Street, Suite 500, Denver, Colorado 80206, and all notices and communications by the Company to Employee may be
given to Employee personally or may be mailed to Employee at Employee’s last known address, as reflected in the Company’s records. 

(b) Any notice so addressed shall be deemed to be given (i) if delivered by hand, on the date of such delivery, (ii) if mailed by
courier or by overnight mail, on the first business day following the date of such mailing, and (iii) if mailed by registered or certified mail, on the third business day after the date of such mailing. 

Section 11. Section Headings; Mutual Drafting. 

(a) The headings of the sections and subsections of this Agreement are inserted for convenience only and shall not be deemed to constitute a
part thereof or affect the meaning or interpretation of this Agreement or of any term or provision hereof. 

  
 14 

 (b) The parties are sophisticated and have been represented (or have had the opportunity to
be represented) by their separate attorneys throughout the transactions contemplated by this Agreement in connection with the negotiation and drafting of this Agreement and any agreements and instruments executed in connection herewith. As a
consequence, the parties do not intend that the presumptions of laws or rules relating to the interpretation of contracts against the drafter of any particular clause should be applied to this Agreement or any document or instrument executed in
connection herewith, and therefore waive their effects. 
 Section 12. Entire Agreement. This Agreement, together with any
exhibits attached hereto, constitutes the entire understanding and agreement of the parties hereto regarding the employment of Employee during the Term of Employment. This Agreement supersedes all prior negotiations, discussions, correspondence,
communications, understandings and agreements between the parties relating to the employment of Employee. 
 Section 13. Dodd-Frank
Act and Other Applicable Law Requirements. Employee agrees (i) to abide by any compensation recovery, recoupment, anti-hedging or other policy applicable to executives of the Company and its Affiliates, as may be in effect from time to
time, as approved by the Board or a duly authorized committee thereof or as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank Act”) or other applicable law, and (ii) that the terms
and conditions of this Agreement shall be deemed automatically amended as may be necessary from time to time to ensure compliance by Employee and this Agreement with such policies, the Dodd-Frank Act, or other applicable law. 

Section 14. Survival of Operative Sections. Upon any termination of Employee’s employment, the provisions of this Agreement
(together with any related definitions set forth in herein) shall survive to the extent necessary to give effect to the provisions thereof. 

Section 15. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an
original, but all of which together shall constitute one and the same instrument. The execution of this Agreement may be by actual or facsimile signature. Electronic copies of this Agreement shall have the same force and effect as the original. 

Section 16. Headings. The headings in this Agreement are included for convenience of reference only and shall not affect the
interpretation of this Agreement. 
 Section 17. Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of Delaware without regard to any principles of conflicts of law. 
 Section 18. Miscellaneous. This
Agreement shall be interpreted strictly in accordance with its terms, to the maximum extent permissible under governing law, and shall not be construed against or in favor of any party, regardless of which party drafted this Agreement or any
provision hereof. For purposes of this Agreement, the connectives “and,” “or,” and “and/or” shall be construed either disjunctively or conjunctively as necessary to bring within the scope of a sentence or clause all
subject matter that might otherwise be construed to be outside of its scope and “including” shall be construed as “including without limitation.” The definitions for all defined terms in this Agreement shall apply equally to both
the singular and plural forms of such terms. 

  
 15 

 Section 19. Third Party Beneficiaries. Each and all of the Protected Parties are
intended to be, and are, third party beneficiaries of this Agreement and shall be entitled to enforce this Agreement in accordance with its terms. 

Section 20. Assignment. This Agreement may be assigned by the Company. Upon such assignment, the rights and obligations of the
Company hereunder shall become the rights and obligations of such assigned party. Employee may not assign Employee’s rights and obligations under this Agreement. 

Section 21. Board Approval. Where the approval of the Board is contemplated or required under this Agreement, such approval shall
require the specific written approval of a Board representative appointed by BTO Investor. 
 Section 22. Section 409(a)
Compliance. 
 (a) It is the intent of the parties that any payment to which Employee is entitled under this Agreement be exempt from
I.R.C. Section 409A, to the maximum extent permitted under I.R.C. Section 409A. However, if any such amounts are considered to be “nonqualified deferred compensation” subject to I.R.C. Section 409A, such amounts shall be
paid and provided in a manner, and at such time and form, as complies with the applicable requirements of I.R.C. Section 409A to avoid the unfavorable tax consequences provided therein for non-compliance.
Neither Employee nor the Company shall intentionally take any action to accelerate or delay the payment of any amounts in any manner which would not be in compliance with I.R.C. Section 409A without the consent of the other party. For purposes
of this Agreement, all rights to payments in installments shall be treated as rights to receive a series of separate payments to the fullest extent allowed by I.R.C. Section 409A. To the extent that some portion of the payments under this
Agreement may be bifurcated and treated as exempt from I.R.C. Section 409A under the “short-term deferral” or “separation pay” exemptions, then such amounts may be so treated as exempt from I.R.C. Section 409A. None of
the Company Parties shall be directly or indirectly liable for any failure of such payments to comply with, or be exempt from, I.R.C. Section 409A. Employee is hereby advised to consult Employee’s personal tax advisors with respect to
amounts payable hereunder. 
 (b) Notwithstanding any other provision hereof, if Employee is a “specified employee,” within the
meaning of I.R.C. Section 409A, at the date of his termination of employment, then such portion of the payments that would result in a tax under I.R.C. Section 409A if paid during the first six months after termination of employment shall
be withheld and paid to Employee during the seventh month following the date of his termination of employment. 
 (c) All references to
termination of employment or similar terms in this Agreement shall mean a “separation from service” as defined in Treas. Reg. § 1.409A-1(h). 

[Remainder of Page Intentionally Left Blank] 

  
 16 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above
written. 
  

							
	COMPANY;
	
	ELEMENTCOMPANY OPERATIONS, LLC
		
	By:	 	ELBMENTCOMPANY, LLC, its sole member
			
		 	By:	 	ELEMENTCOMPANY, INC,, its sole member
				
		 		 	By:	 	 /s/ Matthew Sheehy

		 		 	Name: Matthew Sheehy
		 		 	Title: Chief Executive Officer

  

			
	EMPLOYEE:
		
	By:	 	 /s/ Timothy P. Sheehy

	Name:	 	Timothy P. Sheehy
	Date:	 	

  

  
 Signature Page to
Employment Agreement

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