Document:

SemGroup Corp Equity Incentive Plan

 Exhibit 10.1 

SemGroup Corporation 
 Equity Incentive Plan 
 RESTRICTED STOCK AWARD AGREEMENT 

THIS RESTRICTED STOCK AWARD AGREEMENT (this “Agreement”) is made effective as of ______________, (the “Date of
Grant”) by and between SemGroup Corporation, a Delaware corporation (with any successor, the “Company”), and _____________ (the “Participant”). 

R E C I T A L S: 
 WHEREAS, the Company has adopted the SemGroup Corporation Equity Incentive Plan (the “Plan”), which Plan, as it may be amended from time to time, is incorporated herein by reference and
made a part of this Agreement. Capitalized terms not otherwise defined herein shall have the same meanings as ascribed to them in the Plan; and 
 WHEREAS, the Committee has determined that it would be in the best interests of the Company and its stockholders to grant the Shares of restricted stock provided for herein to the Participant pursuant to
the Plan and the terms set forth herein. 
 NOW THEREFORE, in consideration of the mutual covenants hereinafter set forth, the
parties agree as follows: 
 1.        Restricted Stock
Award.    Subject to the terms and conditions of the Plan and this Agreement, the Company hereby grants to the Participant _____ Shares (the “Restricted Shares”), which shall vest and become nonforfeitable in
accordance with Section 3 hereof. 

2.        Certificates.    A certificate or
certificates representing the Restricted Shares shall be issued by the Company and shall be registered in the name of the Participant on the stock transfer books of the Company promptly following execution of this Agreement by the Participant, but
shall remain in the physical custody of the Company or its designee at all times prior to the vesting of such Restricted Shares pursuant to Section 3 hereof. As a condition to the receipt of this Agreement, the Participant shall deliver
to the Company a Stock Power in the form attached hereto as Exhibit A, duly endorsed in blank, relating to the Restricted Shares. Each certificate representing the Restricted Shares shall bear the following legend: 

“These shares have been issued and sold in reliance on an exemption from the Securities Act of
1933, as amended, and may not be sold or transferred except in a transaction which is exempt under such act or pursuant to an effective registration statement. The ownership and transferability of this certificate and these shares are subject to the
terms and conditions (including forfeiture) of the SemGroup Corporation Equity Incentive Plan and a Restricted Stock Award Agreement entered into between the registered owner and SemGroup Corporation. Copies of such Plan and Agreement are on file in
the executive offices of SemGroup Corporation.” 

 As soon as administratively practicable, but not later than sixty (60) days, following the vesting of
the Restricted Shares (as described in Section 3), and upon the satisfaction of all other applicable conditions, including but not limited to, if applicable, the payment by the Participant of all withholding taxes, the Company shall
deliver or cause to be delivered to the Participant, or in the case of Participant’s death, Participant’s beneficiary, a certificate or certificates for the applicable Restricted Shares which shall not bear the legend described above, but
may bear such other legends as the Company deems advisable pursuant to Section 6 below. 

3.        Vesting of Restricted Stock. 

(a)         Vesting
Schedule.    Subject to the Participant’s continued Service through the first
(1st) anniversary of the Date of Grant, one hundred
percent (100%) of the Restricted Shares shall vest on such date. 

(b)        Change in Control.    If the
Participant’s Service is terminated after or, as determined by the Committee, in connection with a Change in Control, all of the unvested Restricted Shares shall vest and become nonforfeitable on the date of such termination. 

(c)        Termination of Service.    If the
Participant’s Service is terminated for any reason other than death or as outlined in Section 3(b), the Restricted Shares, to the extent not then-vested, shall be forfeited by the Participant without any consideration. 

4.        No Right to Continued Service.    The
granting of the Restricted Shares evidenced hereby and this Agreement shall impose no obligation on the Company or any Affiliate to continue the Service of the Participant and shall not lessen or affect any right that the Company or any Affiliate
may have to terminate the Service of such Participant. 

5.        Rights as a Stockholder.    During the
Restriction Period, the Participant shall have none of the rights of a Stockholder of the Company, except that the Participant shall: (a) be entitled to exercise all of the voting rights of a Stockholder of the Company and (b) have the
right to receive dividends on the Restricted Shares (the “Dividends”) subject to the remainder of this Section 5. The Dividends, if any, shall be held by the Company and shall be subject to forfeiture until such time
that the Restricted Shares on which the Dividends were distributed vest in accordance with Section 3 above. The Dividends shall be released to the Participant, subject to Section 9 hereof, as soon as administratively
practicable, but not later than the time of delivery to the Participant, in accordance with Section 2 above, of certificates representing the Restricted Shares on which the Dividends were distributed. 

6.        Securities Laws; Legend on
Certificates.    The issuance and delivery of Shares shall comply with all applicable requirements of law, including (without limitation) the Securities Act of 1933, as amended, the rules and regulations promulgated
thereunder, state securities laws and regulations, and the regulations of any stock exchange or other securities market on which the Company’s securities may then be traded. If the Company deems it necessary to ensure that the issuance of
Shares under the Plan is not required to be registered under any applicable securities laws, each Participant to whom such Shares would be issued shall deliver to the Company an agreement or certificate containing such representations, warranties
and covenants as the Company may request which satisfies such requirements. The certificates representing the Shares shall be subject to such stop transfer orders and other restrictions as the

 
Committee may deem reasonably advisable, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. 

7.        Transferability. 

(a)        Transferability of Restricted Shares before
Vesting.    During the Restriction Period, the Restricted Shares may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Participant other than by will or by the laws of descent
and distribution, and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company and all Affiliates; provided, that, the designation of a beneficiary
shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance. No such permitted transfer of the Restricted Shares to heirs or legatees of the Participant shall be effective to bind the Company unless the
Committee shall have been furnished with written notice thereof and a copy of such evidence as the Committee may deem necessary to establish the validity of the transfer and the acceptance by the transferee or transferees of the terms and conditions
hereof. 
 (b)        Transferability of Restricted Shares after
Vesting.    The Participant may not transfer, sell, assign or otherwise dispose of Shares delivered to the Participant pursuant to Section 2 above prior to the Participant’s termination of Service;
provided, that, the Participant may sell such Shares in order to satisfy any federal, state or local income tax liability associated with the vesting of the Restricted Shares granted hereunder. 

8.        Adjustment of Restricted
Shares.    Adjustments to the Restricted Shares shall be made in accordance with Article 12 of the Plan. 
 9.        Withholding. 
 (a)    The Participant agrees that (a) he or she will pay to the Company or any applicable subsidiary, as the case may be, or make arrangements satisfactory to the Company or such
subsidiary regarding the payment of any foreign, federal, state, or local taxes of any kind required by law to be withheld by the Company or such subsidiary with respect to the Restricted Shares, and (b) the Company, or such subsidiary, shall,
to the extent permitted by law, have the right to deduct from any payments of any kind otherwise due to the Participant any foreign, federal, state, or local taxes of any kind required by law to be withheld with respect to the Restricted Shares.

 (b)    With respect to withholding required upon the lapse of restrictions or upon any
other taxable event arising as a result of the Restricted Shares awarded, the Participant may elect, subject to the approval of the Committee, to satisfy the withholding requirement, in whole or in part, by having the Company or any applicable
subsidiary withhold Restricted Shares having a Fair Market Value on the date the tax is to be determined equal to the minimum statutory total tax which could be withheld on the transaction. All such elections shall be irrevocable, made in
writing, signed by the Participant, and shall be subject to any restrictions or limitations that the Committee, in its sole discretion, deems appropriate. 

10.        Notices.    Any notification required by the
terms of this Agreement shall be given in writing and shall be deemed effective upon personal delivery or within three (3) days of deposit with the United States Postal Service (or in the case of a non-U.S. Participant, the foreign postal
service of the country in which the Participant resides), by registered or certified mail, with postage and fees prepaid. A notice shall be addressed to the Company, Attention: General Counsel, at its principal executive office and to the
Participant at the address that he or she most recently provided to the Company. 

11.        Entire Agreement.    This Agreement and the
Plan constitute the entire contract between the parties hereto with regard to the subject matter hereof. They supersede any other agreements, representations or understandings (whether oral or written and whether express or implied) which relate to
the subject matter hereof. 

12.        Waiver.    No waiver of any breach or
condition of this Agreement shall be deemed to be a waiver of any other or subsequent breach or condition whether of like or different nature. 
 13.        Participant Undertaking.    The Participant agrees to take whatever additional action and execute whatever additional
documents the Company may deem necessary or advisable to carry out or effect one or more of the obligations or restrictions imposed on either the Participant or the Restricted Shares pursuant to this Agreement. 

14.        Successors and Assigns.    The provisions
of this Agreement shall inure to the benefit of, and be binding upon, the Company and its successors and assigns and upon the Participant, the Participant’s assigns and the legal representatives, heirs and legatees of the Participant’s
estate, whether or not any such person shall have become a party to this Agreement and agreed in writing to be joined herein and be bound by the terms hereof. 
 15.        Choice of Law; Jurisdiction; Waiver of Jury Trial.    This Agreement shall be governed by the laws of the State of Delaware,
excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of the Plan to the substantive law of another jurisdiction. 

16.        SUBJECT TO THE TERMS OF THIS AGREEMENT, THE PARTIES AGREE THAT ANY AND
ALL ACTIONS ARISING UNDER OR IN RESPECT OF THIS AGREEMENT SHALL BE LITIGATED IN THE FEDERAL OR STATE COURTS IN DELAWARE. BY EXECUTING AND DELIVERING THIS AGREEMENT, EACH PARTY IRREVOCABLY SUBMITS TO THE PERSONAL JURISDICTION OF SUCH COURTS FOR
ITSELF, HIMSELF OR HERSELF AND IN RESPECT OF ITS, HIS OR HER PROPERTY WITH RESPECT TO SUCH ACTION. EACH PARTY AGREES THAT VENUE WOULD BE PROPER IN ANY OF SUCH COURTS, AND HEREBY WAIVES ANY OBJECTION THAT ANY SUCH COURT IS AN IMPROPER OR INCONVENIENT
FORUM FOR THE RESOLUTION OF ANY SUCH ACTION. 
 EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT
TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 

17.        Restricted Shares Subject to Plan.    By
entering into this Agreement the Participant agrees and acknowledges that the Participant has received and read a copy of the Plan. The Restricted Shares are subject to the Plan. In the event of a conflict between any term or provision contained
herein and a term or provision of the Plan, the applicable terms and provisions of the 

 
Plan will govern and prevail. The Participant has had the opportunity to retain counsel, and has read carefully, and understands, the provisions of the Plan and this Agreement. 

18.        Amendment.    The Committee may amend or
alter this Agreement and the Restricted Shares granted hereunder at any time; provided, that, subject to Article 10, Article 11 and Article 12 of the Plan, no such amendment or alteration shall be made without the
consent of the Participant if such action would materially diminish any of the rights of the Participant under this Agreement or with respect to the Restricted Shares. 

19.        Severability.    The provisions of this
Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable. 

20.        Signature in Counterparts.    This
Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 

21.        No Guarantees Regarding Tax
Treatment.    Participants (or their beneficiaries) shall be responsible for all taxes with respect to the Restricted Shares. The Committee and the Company make no guarantees regarding the tax treatment of the Restricted
Shares. Neither the Committee nor the Company has any obligation to take any action to prevent the assessment of any tax under Section 409A of the Code or Section 457A of the Code or otherwise and none of the Company, any Subsidiary or
Affiliate, or any of their employees or representatives shall have any liability to a Participant with respect thereto. 
 22.        Compliance with Section 409A.    The Company intends that the Restricted Shares and right to receive Dividends be
structured in compliance with, or to satisfy an exemption from, Section 409A of the Code and all regulations, guidance, compliance programs and other interpretative authority thereunder (“Section 409A”), such that there are no
adverse tax consequences, interest, or penalties under Section 409A as a result of the Restricted Shares or payment of Dividends. In the event the Restricted Shares or Dividends are subject to Section 409A, the Committee may, in its sole
discretion, take the actions described in Section 11.1 of the Plan. Notwithstanding any contrary provision in the Plan or this Agreement, any payment(s) of nonqualified deferred compensation (within the meaning of Section 409A) that
are otherwise required to be made under this Agreement to a “specified employee” (as defined under Section 409A) as a result of his or her separation from service (other than a payment that is not subject to Section 409A) shall
be delayed for the first six (6) months following such separation from service (or, if earlier, the date of death of the specified employee) and shall instead be paid on the date that immediately follows the end of such six (6) month
period or as soon as administratively practicable thereafter. A termination of Service shall not be deemed to have occurred for purposes of any provision of the Agreement providing for the payment of any amounts or benefits that are considered
nonqualified deferred compensation under Section 409A upon or following a termination of Service, unless such termination is also a “separation from service” within the meaning of Section 409A and the payment thereof prior to a
“separation from service” would violate Section 409A. For purposes of any such provision of this Agreement relating to any such payments or benefits, references to a “termination,” “termination of Service” or like
terms shall mean “separation from service.” 
 [SIGNATURE PAGE FOLLOWS] 

 IN WITNESS WHEREOF, the parties hereto have executed this Restricted Stock Award Agreement
as of the date first written above. 
  

			
	SemGroup Corporation
		
	By:	 	 
		 	Name:
		 	Title:

  
 Agreed and acknowledged as 

of the date first above written: 
  

	
	
	  
	Participant

  

 EXHIBIT A 
 STOCK POWER 
 FOR VALUE RECEIVED the undersigned
hereby sells, assigns and transfers unto SemGroup Corporation (the “Company”), _________________ (            ) shares of the Class A common stock, par value $0.01 per
share, of the Company standing in his/her/their/its name on the books of the Company represented by Certificate No. ________________ herewith and does hereby irrevocably constitute and appoint ________________________ his/her/their/its
attorney-in-fact, with full power of substitution, to transfer such shares on the books of the Company. 
 Dated: __________________ Signature:
________________________________ 
 Print Name and Mailing Address 
 ________________________________ 
 ________________________________ 

________________________________ 
  

	Instructions:	    Please do not fill in any blanks other than the signature line and printed name 

and mailing address. Please print your name exactly as you would like your 

name to appear on the issued stock certificate. The purpose of this assignment is to 

enable the forfeiture of the shares without requiring additional signatures on your part.EX-10.57

 Exhibit 10.57 
 SECOND AMENDMENT TO 2011 LOAN AND SECURITY AGREEMENT 
 (Clean Coal
Solutions, LLC) 
 THIS SECOND AMENDMENT TO 2011 LOAN AND SECURITY AGREEMENT (this “Amendment”) is made and
dated as of May 21, 2012 (the “Effective Date”) by and between Clean Coal Solutions, LLC, a Colorado limited liability company (“Borrower”), and COBIZ BANK, a Colorado corporation dba Colorado Business Bank
(“Bank”). For certain limited purposes, as set forth herein, ADA-ES, INC., a Colorado corporation, and MF REFINED COAL, LLC, a Wyoming limited liability company are parties hereto. 

RECITALS 

A. Borrower and Bank are parties to that certain Credit Agreement dated as of March 30, 2011, as amended by the First Amendment to
2011 Loan and Security Agreement dated as of March 7, 2012 (as amended, restated, modified, extended, renewed, replaced, and supplemented from time to time, the “Credit Agreement”). 

B. In accordance with Section 12.5 of the Credit Agreement, Borrower and Bank have agreed to enter into this Amendment to
amend and supplement certain terms and conditions contained in the Credit Agreement. 
 C. Other than as defined in this
Amendment, all capitalized terms used in this Amendment without definition shall have the meanings given to such terms in the Credit Agreement. 
 NOW THEREFORE, in consideration of the premises and of the mutual covenants contained in this Amendment, the parties hereto agree as follows: 

1. Increase in Commitment. Bank has agreed to increase the Commitment of Bank outstanding under the Credit Agreement by an amount
of Three Million and No/100 Dollars ($3,000,000.00) (“Increased Commitment”). The Increased Commitment will be a revolving line of credit note. 
 2. Term of Increased Commitment. The Increased Commitment permitted pursuant to this Amendment must be paid back to the Bank not later than December 1, 2012. 

3. Evidence of Increased Commitment. The Increased Commitment shall be evidenced by a promissory note in the form attached hereto
as Exhibit A (the “Increased Commitment Note”). 
 4. Delivery of Certificate. Borrower will
execute and deliver to Lender a certificate in the form attached hereto as Exhibit B. 
 5. Delivery of Pledge
Agreement. The Increased Commitment will be secured by certain bank accounts owned by ADA-ES, Inc. and MF Clean Coal, LLC, each of which will execute and deliver to Lender a pledge agreement in the form attached hereto as Exhibit C.

 6. Security for Increased Commitment. Borrower agrees to deposit with Bank, for Bank
to hold as security for the Increased Commitment, the sum of Three Million and No/100 Dollars ($3,000,000.00). This deposit will be held by Bank in a money market account, paying interest at Bank’s normal rates. This deposit, and all interest
earned thereon, is subject to all of the terms of the Loan Documents. Provided that the Increased Commitment is repaid to the Bank in accordance with the terms of the Increased Commitment Note, the funds in the money market account, and all interest
earned thereon, shall be delivered to Borrower. 
 7. Delivery of Consents. Each of Borrower, ADA-ES, Inc. and MF Clean
Coal, LLC will deliver to Bank, within thirty (30) days after the Effective Date, consents or other evidence of approval of this transaction in form and substance reasonably acceptable to Bank. 

8. Fees. Borrower will pay Bank a fee of Five Thousand and no/100 dollars ($5,000.00) upon Borrower’s execution of this
Amendment. 
 9. Section 5.2. Borrower reaffirms that Borrower is in compliance with Sections 5.2(b) and 5.2(c).

 10. Costs. Borrower will pay Bank’s attorneys fees, for preparation of this Amendment. 

11. Miscellaneous. 
  

	 	(a)	The paragraph headings used herein are intended for reference purposes only and shall not be considered in the interpretation of the terms and conditions hereof.

  

	 	(b)	The terms and conditions of this Amendment shall be binding upon and shall inure to the benefit of the parties hereto, their successors and permitted assigns.

  

	 	(c)	This Amendment may be executed in any number of counterparts, and by Bank and Borrower on separate counterparts, each of which, when so executed and delivered, shall be
an original, but all of which shall together constitute one and the same Amendment. 

  

	 	(d)	Except as expressly modified by this Amendment, the Credit Agreement shall remain in full force and effect and shall be enforceable in accordance with its terms.

  

	 	(e)	This Amendment, the Credit Agreement, and the other Loan Documents constitute the entire agreement and understanding between the parties hereto with respect to the
subject matter hereof and supersede all prior negotiations, understandings, and agreements between such parties with respect to such subject matter. 

  

	 	(f)	This Amendment, and the transactions evidenced hereby, shall be governed by, and construed under; the internal laws of the State of Colorado, without regard to
principles of conflicts of law, as the same may from time to time be in effect, including, without limitation, the Uniform Commercial Code as in effect in the State of Colorado. 

  
 2 

 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Amendment as of the
date first above set forth. 
  

			
	BORROWER:
	
	 CLEAN COAL SOLUTIONS, LLC,
 a Colorado limited liability company

		
	By:	 	 /s/ W. Randall Dietrich

			
	Name (Print)	 	 W. Randall Dietrich

	Manager	 	
	
	LENDER:
	
	 COBIZ BANK, a Colorado corporation dba
 Colorado Business Bank

 
			
		
	By:	 	  

		 	Douglas L. Pogge, Senior Vice President

  
 3 

 Exhibit A 

Form of 

Increased Commitment Note 
 INCREASED COMMITMENT NOTE 
 Denver, Colorado 

Principal Amount: $3,000,000.00 
 May 21,
2012 
 For value received, the undersigned, CLEAN COAL SOLUTIONS, LLC, a Colorado limited liability company
(“Borrower”), hereby promises to pay to the order of COBIZ BANK, a Colorado corporation dba Colorado Business Bank (“Bank”), the principal amount of Three Million and no/100 Dollars ($3,000,000.00) on or before
December 1, 2012. Borrower also promises to pay on the first business day of each calendar month, interest, accrued in arrears, until all amounts outstanding hereunder are paid in full. Interest shall be calculated on the amount outstanding
hereunder at a rate of three hundred (300) basis points over the interest rate paid by Bank on the accounts which serve as collateral for this Increased Commitment Note. The terms and conditions of the Credit Agreement dated as of
March 30, 2011 between Borrower and Bank (as amended, restated, modified, extended, renewed, replaced, and supplemented from time to time, the “Credit Agreement”), except as modified herein, remain in full force and effect. All
capitalized terms used herein, but not defined herein, shall have the meanings give to such terms in the Credit Agreement. 

Bank agrees to make available to Borrower a line of credit in the maximum aggregate principal amount of this Increased Commitment Note.
Borrower shall be permitted to borrow and reborrow as Borrower desires so long as no Event of Default has occurred and is continuing hereunder or under the Credit Agreement. Borrower shall request advances hereunder in accordance with
Section 2.2(a) of the Credit Agreement. Each such request for an advance hereunder shall be irrevocable and shall be deemed a representation by Borrower it has satisfied or caused to be satisfied the applicable conditions set forth in
Section 5.1 and 5.2 of the Credit Agreement. 
 Both principal and interest are payable in lawful money of the United
States of America and in immediately available funds to Bank at Bank’s address as provided in the Credit Agreement. The amounts due hereunder may be prepaid, without premium or penalty, in whole or in part, at any time. 

This Increased Commitment Note is one of the Notes referred to in and is entitled to the benefits of the Credit Agreement. All
capitalized terms used herein, but not defined herein are used as defined in the Credit Agreement. 
 This Increased Commitment
Note is secured by cash collateral accounts in the total amount of Three Million and no/100 Dollars ($3,000,000.00) which are held by Bank. 

  
 4 

 If this Increased Commitment Note in not paid when due, Borrower agrees to pay, in addition
to principal and interest, all costs of collection, including reasonable attorneys’ fees and legal expenses, whether or not legal proceedings are commenced. Bank shall be entitled to all the rights and remedies set forth in the Credit Agreement
and the other Loan Documents. 
 Presentment or other demand for payment, notice of dishonor and protest are expressly waived.

 THIS INCREASED COMMITMENT NOTE HAS BEEN DELIVERED AND ACCEPTED AT, AND SHALL BE DEEMED TO HAVE BEEN MADE AT, DENVER,
COLORADO. THIS INCREASED COMMITMENT NOTE SHALL BE DEEMED TO BE GOVERNED BY THE INTERNAL LAWS OF THE STATE OF COLORADO (WITHOUT REFERENCE TO THE COLORADO CONFLICTS OF LAW PRINCIPLES). BORROWER CONSENTS TO THE JURISDICTION AND VENUE OF THE DISTRICT
COURT FOR THE DISTRICT OF COLORADO AND THE DISTRICT COURT FOR THE CITY AND COUNTY OF DENVER, COLORADO, IN THE EVENT OF ANY LITIGATION PERTAINING TO THE NEGOTIATION, EXECUTION, AND DELIVERY OF THIS INCREASED COMMITMENT NOTE, THE ENFORCEMENT OF ANY
INDEBTEDNESS, LIABILITY, OBLIGATION, RIGHT OR REMEDY DESCRIBED HEREIN OR ANY CLAIM, DEFENSE, SETOFF OR COUNTERCLAIM IN CONNECTION HEREWITH. 
 AS A SPECIFICALLY BARGAINED INDUCEMENT FOR BANK TO MAKE THE LOAN EVIDENCED BY THIS INCREASED COMMITMENT NOTE TO BORROWER, BORROWER HEREBY WAIVES ITS RIGHTS TO DEMAND A JURY TRIAL IN THE EVENT OF ANY
LITIGATION PERTAINING TO THE NEGOTIATION, EXECUTION, AND DELIVERY OF THIS INCREASED COMMITMENT NOTE, THE ENFORCEMENT OF ANY OBLIGATION, RIGHT OR REMEDY DESCRIBED HEREIN, OR ANY CLAIM, DEFENSE, SETOFF OR COUNTERCLAIM IN CONNECTION HEREWITH

  

			
	BORROWER:
	
	 CLEAN COAL SOLUTIONS, LLC,
 a Colorado limited liability company

		
	By:	 	  

			
	Name (Print)	 	  

	Manager	 	

  
 5 

 Exhibit B 

Form of Borrower Certification 
 BORROWER CERTIFICATION 
 With Respect to 

SECOND AMENDMENT TO 2011 LOAN AND SECURITY AGREEMENT 
 (Clean Coal Solutions) 
 The undersigned, as a duly authorized manager of Clean
Coal Solutions, LLC, a Colorado limited liability company (“Borrower”), in conjunction with the Second Amendment to 2011 Loan and Security Agreement, hereby certifies to CoBiz Bank, a Colorado corporation, dba Colorado Business Bank
that no “Principal” of Borrower has been convicted of, or pled no contest to, a felony under state or federal law (excluding crimes related to traffic or motor vehicle offenses) or to any other crime that requires identification in any
registry and/or notification program maintained by any federal or state jurisdiction. 
 For the purposes of this Certification,
“Principal” is deemed to include: (i) each Manager of Borrower, (ii) each director of Borrower, (iii) the five (5) most highly compensated executives and officers of Borrower, and (iv) each natural person
who is a direct or indirect holder of more than twenty percent (20%) or more of the ownership stock or stock equivalent of Borrower. 
 The undersigned, for himself and on behalf of Borrower, acknowledges that CoBiz Bank, a Colorado corporation, dba Colorado Business Bank is relying upon the truth of the statements set forth in this
Borrower Certification to make a loan to Borrower. 
 Dated this 21st day of May, 2012 

 

			
	BORROWER:
	
	 CLEAN COAL SOLUTIONS, LLC,
 a Colorado limited liability company

		
	By:	 	  

			
	Name (Print)	 	  

	Manager	 	

  
 6 

 Exhibit C 

Form of Pledge Agreement 
 PLEDGE AGREEMENT 
 THIS PLEDGE AGREEMENT, dated as of May 21, 2012, is
by and between ADA-ES, INC., a Colorado corporation, and MF REFINED COAL, LLC, a Wyoming limited liability company (together the “Pledgors” and individually a “Pledgor”) and COBIZ BANK, A COLORADO CORPORATION DBA
COLORADO BUSINESS BANK (the “Bank”). 
 RECITALS 

Pledgors acknowledge the following: 
 A. Clean Coal Solutions, LLC, a Colorado limited liability company (“Borrower”), and Bank are parties to that certain Credit Agreement dated as of March 30, 2011, as amended by the
First Amendment to 2011 Loan and Security Agreement dated as of March 7, 2012 (as amended, restated, modified, extended, renewed, replaced, and supplemented from time to time, the “Credit Agreement”). Borrower’s
obligations to Bank are evidenced pursuant to the Credit Agreement; 
 B. Borrower and Bank are entering into a Second Amendment
to 2011 Loan and Security Agreement (“Second Amendment”), and, as a condition of the Second Amendment, Bank is requiring Pledgors grant to Bank a security interest in certain bank deposits held by Bank which are in the name of a
Pledgor; 
 C. ADA-ES, Inc. is an owner of an interest in Borrower. MF Refined Coal. LLC is an owner of a majority interest in
NexGen Refined Coal, LLC, which is an owner of an interest in Borrower. 
 B. As a condition precedent to execution of the
Second Amendment, Bank requires, among other things, that Pledgors grant to Bank a security interest in certain bank accounts as provided in this Pledge Agreement as security for the prompt and complete payment and performance when due of all
obligations of Borrower set forth in the Credit Agreement and the other Loan Documents and in any other instrument now or hereafter given to evidence, secure or guaranty Pledgers’ obligations to Bank (the “Obligations”).

 AGREEMENTS 
 In consideration of the Recitals and to induce Bank to enter into the Reimbursement and to issue the Letter of Credit, Pledgors hereby agrees as follows for the benefit of Bank: 

1. Defined Terms. Capitalized terms not otherwise defined herein shall have the meanings assigned in the Credit Agreement.

  
 7 

 2. Pledge. Pledgors hereby pledge, assign, hypothecate and grant to Bank as a first
lien on, and security interest in, all of Pledgors’ right, title and interest in and to Account No. 7316119 in the name of ADA ES, Inc. and Account No. 7316100 held by MF Refined Coal, LLC (the “Accounts”), all
interest accruing thereon and all proceeds thereof, including all sums deposited in the Accounts, and in any other depository or investment account or accounts that contain the proceeds of the Accounts (the “Collateral”), as
security for the prompt and complete payment and performance when due of all of the Obligations. 
 3. Bank’s Rights and
Obligations Regarding Accounts. Upon the occurrence, and during the continuation, of an Event of Default, any amounts held in the Accounts shall be held and used in accordance with the terms of the Credit Agreement and further, Bank is and shall
be entitled to all of the rights, powers and remedies concerning the Collateral afforded a secured party by the Uniform Commercial Code of Colorado, to the extent such law is applicable, and all other remedies available under applicable law,
including the right of setoff against the Collateral. 
 4. Representations, Warranties and Covenants of Pledgors.
Pledgors represent and warrant that: (a) no person or persons other than Pledgors will have any right, title or interest in and to the Accounts; (b) each Pledgor will obtain a substantial benefit for its own purposes from the execution,
delivery and performance of the Second Amendment; (c) each Pledgor has, full corporate power, authority and legal right to deliver and pledge all of its right, title and interest in and to the Accounts pursuant to this Pledge Agreement; and
(d) neither Pledgor has previously pledged any right, title or interest of Pledgors in or to the Accounts, or the proceeds thereof, to any other person or entity. Pledgors covenant and agree that they will defend Bank’s right, title and
security interest in and to the Collateral against the claims and demands of all persons whomsoever. 
 5. Further
Assurances. Pledgors agree that, at any time and from time to time upon the written request of Bank, Pledgors will execute and deliver such further documents and do such further acts and things as Bank may reasonably request in order to effect
the purposes of this Pledge Agreement. 
 6. Severability. Any provision of this Pledge Agreement which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 7. No Waiver;
Cumulative Remedies. Bank shall not, by any act, delay, omission or otherwise be deemed to have waived any of its rights or remedies hereunder and no waiver shall be valid unless in writing, signed by Bank, and then only to the extent therein
set forth. A waiver by Bank of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which Bank would otherwise have on any further occasion. No failure to exercise nor any delay in exercising on
the part of Bank, any right, power or privilege hereunder, shall operate as a waiver thereof, or shall any single or partial exercise of any right, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any
other right, power or privilege. The rights and remedies herein provided are cumulative and may be exercised singly or concurrently, and are not exclusive of any rights or remedies provided by law. 

  
 8 

 8. Expenses Secured. Borrower agrees to pay on demand all reasonable costs and
expenses, if any (including reasonable counsel, consultant and appraiser fees and expenses), in connection with the exercise and enforcement (whether through negotiations, legal proceedings or otherwise) of Bank’s rights and remedies provided
by this Pledge Agreement, the Credit Agreement or any other loan document, or which by law shall be payable by Borrower, expressly including all such costs and expenses incurred by Bank in connection with or during the pendency of any bankruptcy or
insolvency proceedings involving Borrower. All such expenses shall be part of the Obligations, and shall be secured by the Accounts. 
 9. Release. This Pledge Agreement, and Bank’s interest in and to any of the Accounts, shall terminate and expire as such time as the Obligations have been paid and performed in full. Upon such
termination of this Pledge Agreement, Bank agrees to take any and all actions as Pledgors may reasonably request to evidence such termination. 
 10. Binding Effect. This Pledge Agreement and all obligations of Pledgors hereunder shall be binding upon the successors and assigns of Pledgors, and shall, together with the rights and remedies of
Bank hereunder, inure to the benefit of Bank and its successors and assigns. This Pledge Agreement shall be governed by, and construed and interpreted in accordance with, the laws of the State of Colorado. 

 

			
	PLEDGORS:
	
	 MF REFINED COAL, LLC,
 A Wyoming limited liability company

		
	By:	 	  

			
	Name (Print)	 	  

	Manager	 	
	
	ADA-ES, Inc., a Colorado corporation

 
			
		
	By:	 	  

			
	Name (Print)	 	  

	Title (Print)	 	  

	
	LENDER:
	
	 COBIZ BANK, a Colorado corporation dba
 Colorado Business Bank

 
			
		
	By:	 	  

		 	Douglas L. Pogge, Senior Vice President

  
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