Document:

Third Amended and Restated Investors' Rights Agreement

 Exhibit 4.2 
 THIRD AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 
 THIS THIRD
AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT (this “Agreement”), is dated as of September 7, 2011, by and among (i) Fulcrum BioEnergy, Inc., a Delaware corporation (the “Company”),
(ii) the holders of the Series A Preferred Stock, par value $0.001 per share, of the Company (the “Series A Preferred Stock”), listed on Schedule A attached hereto, as it may be amended from time to time
in accordance with this Agreement (the “Series A Investors”), (iii) the holders of the Series B-1 Preferred Stock, par value $0.001 per share, of the Company (the “Series B-1 Preferred Stock”),
listed on Schedule B attached hereto, as it may be amended from time to time in accordance with this Agreement (the “Series B-1 Investors”), (iv) the holders of the Series B-2 Preferred Stock, par value
$0.001 per share, of the Company (the “Series B-2 Preferred Stock” and together with the Series B-1 Preferred Stock, the “Series B Preferred Stock”), listed on Schedule C attached hereto, as it may
be amended from time to time in accordance with this Agreement (the “Series B-2 Investors” and together with the Series B-1 Investors, the “Series B Investors”), and (v) the purchasers and anticipated
purchasers of the Series C-1 Preferred Stock, par value $0.001 per share, of the Company (the “Series C-1 Preferred Stock” and together with the Series A Preferred Stock and the Series B Preferred Stock, the
“Preferred Stock”), listed on Schedule D attached hereto, as it may be amended from time to time in accordance with this Agreement (the “Series C-1 Investors” and together with the Series A
Investors and the Series B Investors, the “Investors”). 
 THE PARTIES TO THIS AGREEMENT enter into this
Agreement on the basis of the following facts, intentions and understandings: 
 A. The Company and the Investors are parties to
a Second Amended and Restated Investors’ Rights Agreement dated as of December 30, 2010, as amended on April 15, 2011 (as amended, the “Prior Agreement”). 

B. The Company and the Series C-1 Investors entered into a Series C Preferred Stock Purchase Agreement effective as of
December 31, 2010, as amended by on April 15, 2011, (as amended, the “Purchase Agreement”) pursuant to which the Company agreed to issue and sell, and each Series C-1 Investor party thereto agreed to purchase, shares
of Series C-1 Preferred Stock or Series C-2 Preferred Stock, as applicable, upon satisfaction of the closing conditions set forth in the Purchase Agreement. 
 C. The Company and the Series C-1 Investors desire to amend and restate the terms of the Purchase Agreement and, concurrently with the execution of this Agreement, are entering into an Amended and
Restated Series C Preferred Stock Purchase Agreement of even date herewith (the “Amended and Restated Purchase Agreement”) and, upon the terms and subject to the conditions of the Amended and Restated Purchase Agreement, the Company
has agreed to issue and sell, and each Series C-1 Investor has agreed to purchase, that number of shares of Series C-1 Preferred Stock set forth opposite its name on Exhibit A attached thereto. 

D. As a condition to the execution of the Amended and Restated Purchase Agreement and as an inducement to the Series C-1 Investors
to purchase shares of Series C-1 

 
Preferred Stock pursuant to the Amended and Restated Purchase Agreement, the Company and the Investors hereby agree that this Agreement shall govern the rights of the Investors to cause the
Company to register shares of common stock, $0.001 per share (the “Common Stock) issued or issuable to the Investors, and certain other matters as set forth herein. 

E. The Company, the Series A Investors and the Series B Investors desire to induce the Series C-1 Investors to purchase shares of Series
C-1 Preferred Stock pursuant to the Amended and Restated Purchase Agreement by agreeing to the terms and conditions set forth below. 
 F. The Company and the Investors desire to amend and restate the Prior Agreement in its entirety as set forth herein. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows: 
  

	 	A.	Amendment of Prior Agreement; Waiver of Preemptive Right. 

 Pursuant to Section 7.2 of the Prior Agreement, effective and contingent upon execution of this Agreement by the Company and the holders of eighty percent (80%) of (i) the shares of capital
stock held by the Investors (as defined in the Prior Agreement) and (ii) the shares of Preferred Stock that were to be purchased under the Purchase Agreement, including the approval of the holders of a majority of the Series C-1 Preferred Stock
that was to be purchased under the Purchase Agreement, the Prior Agreement is hereby amended and restated in its entirety to read as set forth in this Agreement, and the Company and the Investors shall be bound by the provisions hereof as the sole
agreement of the Company and the Investors with respect to the subject matter hereof. The Investors that are Major Holders (for purposes of this sentence, as that term is defined in Section 3.1 of the Prior Agreement) hereby waive the
preemptive right, including the notice requirements, set forth in Section 4 of the Prior Agreement with respect to the issuance of the Securities (as defined in the Amended and Restated Purchase Agreement). Notwithstanding anything to the
contrary herein, the New Investors (as defined below) shall have no rights, other than the right to approve amendments to this Agreement in accordance with the terms and subject to conditions set forth in Section 7.2, or obligations under this
Agreement until the initial New Investors Drawdown Funding Date (as defined below). 
  

	 	1.	General. 

 1.1
Certain Definitions. As used in this Agreement, the following terms shall have the meanings set forth below: 
 (a)
“Adverse Party” means any corporation, entity or individual which at the time is a competitor of the Company (other than a Holder (as defined below) and its respective equity holders), or any Affiliate of such competitor (other than
a Holder and its respective equity holders), as conclusively determined in good faith by the Board of Directors. 
 (b) An
“Affiliate” of a Person means another Person who, directly or indirectly, controls, is controlled by or is under common control with such Person, including, 

  
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without limitation, any general partner, managing member, officer or director of such Person or any investment fund now or hereafter existing that is controlled by one or more general partners or
managing members of, or shares the same management company with, such Person. 
 (c) “Board of Directors”
means the Company’s board of directors. 
 (d) “Commission” means the United States Securities and
Exchange Commission or any other federal agency at the time which is administering the Securities Act (as defined below). 

(e) “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder. 
 (f) “Family Members” means the parents, siblings, spouse, and children of an individual.

 (g) The terms “Holder” or “Holders” means any Person or Persons to whom Registrable
Securities were originally issued or qualifying transferees under Section 2.9 hereof who hold Registrable Securities. 
 (h) “Initiating Holders” means any Holder or Holders who, in the aggregate, hold not less than eighty percent (80%) of the Registrable Securities then outstanding. 

(i) “New Investors” shall have the definition set forth in the Amended and Restated Purchase Agreement. 

(j) “New Investors Drawdown Funding Date” shall have the definition set forth in the Amended and Restated Purchase
Agreement. 
 (k) “Person” means an individual, firm, corporation, partnership, association, limited liability
company, trust or any other entity. 
 (l) “Qualified IPO” means the Company’s issuance of securities in
a firmly underwritten initial public offering by a nationally-recognized underwriter pursuant to an effective registration statement filed under the Securities Act (other than a registration statement on Form S-8 or a Rule 145 transaction
promulgated under the Securities Act), where the gross proceeds (prior to underwriter commissions and offering expenses) to the Company are not less than One Hundred Million Dollars ($100,000,000). 

(m) The terms “register,” “registered” and “registration” refer to a registration
effected by preparing and filing a registration statement in compliance with the Securities Act, and the declaration or ordering of the effectiveness of such registration statement. 

(n) The term “Registrable Securities” means (i) shares of Common Stock issued or issuable upon conversion of
shares of Preferred Stock; (ii) the Additional Common Stock (as defined in the Amended and Restated Purchase Agreement); (iii) the Common Stock issued or issuable upon exercise of the Series C-2 Warrants (as defined in the Amended and
Restated Purchase Agreement); and (iv) any and all stock issued with respect to 

  
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(as a dividend or distribution or otherwise) or in any exchange for or in replacement of any of the shares referred to in subsections (i), (ii) or (iii) hereof; provided,
however, that Registrable Securities shall not include any securities of the Company which have been previously registered and sold or which have been sold to the public either pursuant to a registration statement or Rule 144, or which have
been sold in a private transaction in which the transferor’s rights under this Agreement are not assigned in accordance with the terms and conditions of Section 2.9 hereof. 

(o) “Registration Expenses” means all expenses incurred in complying with Sections 2.1, 2.2 and
2.3 hereof, including, without limitation, all registration, qualification and filing fees, printing expenses, escrow fees, fees and disbursements of counsel for the Company, blue sky fees and expenses, and expenses of any regular or special
audits incident to or required by any such registration (but excluding the compensation of regular employees of the Company which shall be paid in any event by the Company). 
 (p) “Right of First Refusal and Co-Sale Agreement” means that certain Second Amended and Restated Right of First Refusal and Co-Sale Agreement dated as of the date hereof, by and among
the Company, the Investors and certain holders of Common Stock and options to acquire Common Stock listed on Schedule A attached thereto. 
 (q) “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 

(r) “Selling Expenses” means all underwriters’ fees, discounts or commissions relating to the Company’s
securities and fees and disbursements of counsel for any Holder, except for the fees and disbursements of a single counsel acting on behalf of all selling Holders borne and paid by the Company as provided in Section 2.4(a)(iv) below.

  

	 	2.	Registration Rights. 

 2.1 Demand Registration. 
 (a) Request for Registration. In the
event that the Company receives a written request from Initiating Holders that the Company effect any firmly underwritten registration, qualification or compliance under the Securities Act of Registrable Securities having an aggregate anticipated
offering price to the public in excess of Twenty Million Dollars ($20,000,000), then the Company will: 
 (i) promptly give
written notice of the proposed registration, qualification or compliance to all other Holders; and 
 (ii) as soon as
practicable, use its best efforts to effect all such registrations, qualifications and compliances (including, without limitation, the preparation of a registration statement and prospectus complying with the requirements of the Securities Act, and
the execution of an undertaking to file post-effective amendments, appropriate qualifications under the applicable blue sky or other state securities laws and appropriate compliance with exemptive regulations issued under the Securities Act and any
other governmental requirements or regulations) as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Initiating Holders’ Registrable Securities as are specified in such

  
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request, together with all or such portion of the Registrable Securities of any Holder or Holders joining in such request as are specified in a written request given within twenty (20) days
after receipt of such written notice from the Company; provided, however, that the Company shall not be obligated to take any action to effect such registration, qualification or compliance pursuant to this Section 2.1:

 (A) at any time prior to the earlier of (i) three (3) years following the date of this Agreement or (ii) six
(6) months following the effective date of the registration statement under the Securities Act for a Qualified IPO; or 

(B) if within ten (10) days after the receipt of the written request from Initiating Holders, the Company provides written notice
to the Holders of the Company’s good faith intention to commence a Qualified IPO within the next ninety (90) days; provided, however, that this subsection (B) shall only be used one (1) time by the Company; or

 (C) after the Company has effected two (2) such registrations pursuant to this Section 2.1 and both such
registrations have been declared or ordered effective and not withdrawn by the Company with the approval of the Initiating Holder; or 
 (D) in any particular jurisdiction in which the Company would be required to execute a general qualification or compliance unless the Company is already subject to service in such jurisdiction and except
as required by the Securities Act. 
 Subject to the foregoing clauses (A) through (D), the Company shall file a
registration statement covering the Registrable Securities so requested to be registered as soon as practical, but in any event within seventy-five (75) days, after receipt of the request or requests of the Initiating Holders; provided,
however, that if the Company shall furnish to such holders a certificate signed by the president of the Company stating that in the good faith judgment of the Board of Directors it would be detrimental to the Company and its stockholders for
such registration statement to be filed at the date filing would be required and it is therefore essential to defer the filing of such registration statement, the Company shall have an additional period of not more than sixty (60) days after
the expiration of the initial 75-day period within which to file such registration statement. Notwithstanding the above, the Company may not exercise its right to defer registration more than once in any 12-month period. 

(b) Underwriting. If the Initiating Holders intend to distribute the Registrable Securities covered by a request made pursuant to
this Section 2.1 by means of an underwriting, they shall so advise the Company as part of their request made pursuant to this Section 2.1. The underwriter(s) shall be selected by a majority-in-interest of the Initiating
Holders, which underwriter(s) are reasonably acceptable to the Company. The right of any Holder to registration pursuant to this Section 2.1 shall be conditioned upon such Holder’s participation in such underwriting and the
inclusion of such Holder’s Registrable Securities in the underwriting (unless otherwise mutually agreed by a majority-in-interest of the Initiating Holders and such Holder) to the extent provided herein. The Company (together with all Holders
proposing to distribute their securities through such underwriting) shall enter into an 

  
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underwriting agreement in customary form with the underwriter or underwriters. Notwithstanding any other provision of this Section 2.1, if the managing underwriter determines that
marketing factors require a limitation of the number of shares to be underwritten and so advises the Initiating Holders in writing and in advance, the Company shall so advise all the other Holders, and the number of shares of Registrable Securities
that may be included in the registration and underwriting shall be allocated among all Holders thereof in proportion, as nearly as practicable, to the respective amounts of Registrable Securities otherwise requested by such Holders to be included
therein; provided, however, that the number of shares of Registrable Securities shall not be so reduced unless all other securities, including all Common Stock held by any other Person, are first entirely excluded from the
underwriting. If any Holder of Registrable Securities disapproves of the terms of the underwriting, such Holder may elect to withdraw therefrom by written notice to the Company, the underwriter and the Initiating Holders. Any Registrable Securities
which are excluded from the underwriting by reason of the underwriter’s marketing limitation or withdrawn from such underwriting shall be deemed withdrawn from such registration. 

(c) Company Shares. If the managing underwriter has not limited the number of Registrable Securities to be underwritten, the
Company may include securities for its own account or for the account of others in such registration if the managing underwriter so agrees and if the number of Registrable Securities which would otherwise have been included in such registration and
underwriting will not thereby be limited by the managing underwriter. 
 2.2 Company Registration. 

(a) Registration. If at any time and from time to time, the Company determines to register any of its securities, either for its
own account or the account of any security holder or holders other than a Holder, other than (x) a registration on Form S-8, or (y) a registration on any form that does not permit secondary sales, then the Company will: 

(i) promptly give to each Holder written notice thereof; and 
 (ii) include in such registration (and compliance), and in any underwriting involved therein, all the Registrable Securities specified in a written request or requests, made within twenty (20) days
after receipt of such written notice from the Company, by any Holder or Holders, except as set forth in Section 2.2(b) below. 
 (b) Underwriting. If the registration of which the Company gives notice is for a registered public offering involving an underwriting, the Company shall so advise the Holders as a part of the
written notice given pursuant to Section 2.2(a)(i) and in such event, the right of any Holder to registration pursuant to Section 2.2 shall be conditioned upon such Holder’s participation in such underwriting and the
inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall (together with the Company and the other stockholders
distributing their securities through such underwriting) enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by the Company. 

  
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 Notwithstanding any other provision of this Section 2.2, if the managing
underwriter determines that marketing factors require a limitation of the number of shares to be underwritten, the managing underwriter may (subject to the limitations set forth below in this Section 2.2), exclude all Registrable
Securities from, or limit the number of Registrable Securities to be included in, the registration and underwriting. In such event, the Company shall so advise all Holders of Registrable Securities which would otherwise be registered and
underwritten pursuant hereto, and the number of shares of Registrable Securities that may be included in the registration and underwriting shall be allocated first, to the Company, second, among Holders requesting registration in proportion, as
nearly as practicable, to the respective amounts of Registrable Securities held by each of such Holders as of the date of the notice pursuant to Section 2.2(a)(i) above and, third, among all other holders. If the registration is a
Qualified IPO wherein all of the Preferred Stock are automatically converted to Common Stock, the managing underwriter may limit the number of Registrable Securities to be included in the registration and underwriting, or may exclude Registrable
Securities entirely from such registration and underwriting; provided that no other securities are registered and sold in a Qualified IPO other than those securities registered and sold for the account of the Company. If the
registration is other than a Qualified IPO, the managing underwriter may limit the amount of securities to be included in the registration and underwriting by the Company’s stockholders; provided, however, that the number of
Registrable Securities to be included in such registration and underwriting shall not be reduced to less than thirty percent (30%) of the aggregate securities included in such registration without the prior consent of at least a majority of the
Holders who have requested their shares to be included in such registration and underwriting; and provided, further, that the number of Registrable Securities to be included in such underwriting shall not be reduced until all other
securities, including the Common Stock held by any other Person, are first entirely excluded from the underwriting. If any Holder disapproves of the terms of the any such underwriting, such Holder may elect to withdraw therefrom by written notice to
the Company and the underwriter. Any Registrable Securities excluded or withdrawn from such underwriting shall be deemed withdrawn from such registration. 
 (c) Registration Rights of Officers, Directors and Employees. Upon any sale by the Company of its securities to the public in a firmly underwritten public offering, the Company may permit the then
officers, directors and employees of the Company to include any of their securities of the Company in any registration by the Company under this Section 2.2; subject to any determination by the managing underwriter that marketing factors
require a limitation on the number of shares included in the registration and underwriting and subject further to full exclusion of such officers, directors and employees in favor of the Holders of Registrable Securities. 

2.3 Form S-3. In addition to the rights and obligations set forth in Section 2.1 above, if any Holder requests that
the Company effect a registration statement on Form S-3 (or any successor to Form S-3) for a public offering of shares of Registrable Securities, the reasonably anticipated gross aggregate price to the public of which (net of underwriting discounts
and commissions) would not be less than Five Million Dollars ($5,000,000) and the Company is then a registrant entitled to use Form S-3 to register the shares for such an offering, then the Company shall (a) promptly give to each Holder written
notice thereof; and (b) use its best efforts to, as soon as practicable but in any event within forty-five (45) days of such request, effect such registration and all such qualifications and compliances as may be so requested and

  
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as would permit or facilitate the sale and distribution of all or a portion of such Holder’s Registrable Securities as are specified in such request, together with all or such portion of the
Registrable Securities of any other Holder joining in such request as are specified in a written request given within twenty (20) days after receipt of such written notice from the Company; provided, however the Company shall not
be required to effect a registration pursuant to this Section 2.3: 
 (i) if Form S-3 (or any successor or similar
form) is not available for such offering by the Holders; or 
 (ii) if the Company has effected a registration and such
registration statement (other than a registration on Form S-8 or relating solely to a transaction described in Rule 145 under the Securities Act) has been declared or ordered effective within 6 months of the request made under this
Section 2.3; or 
 (iii) in any particular jurisdiction in which the Company would be required to execute a general
consent to service of process in effecting such registration, qualification or compliance unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act; or 

(iv) if the Company, within ten (10) days of the receipt of the request of the Holders requesting registration under this
Section 2.3, gives notice of its bona fide intention to effect the filing of a registration statement with the Commission within forty-five (45) days of receipt of such request other than with respect to a registration statement on
Form S-8 or any other registration which relates solely to a transaction under Rule 145 of the Securities Act; or 
 (v) if the
Company shall furnish to such the Holders a certificate signed by the president of the Company stating that in the good faith judgment of the Board of Directors of the Company, it would be detrimental to the Company and its stockholders for such
registration statement to be filed on or before the date filing would be required and it is therefore essential to defer the filing of such registration statement, in which case the Company shall have the right to defer such filing for a period of
not more than sixty (60) days after the furnishing of such a certificate of deferral, provided that the Company may not defer such filing pursuant to this Section 2.3 more than once in any 12 month period. 

If such registration is to be underwritten, the underwriter(s) shall be selected by a majority-in-interest of the Initiating Holders,
which underwriter(s) are reasonably acceptable to the Company. The Company shall give written notice to all Holders of the receipt of a request for registration pursuant to this Section 2.3 and shall provide a reasonable opportunity for
other Holders to participate in the registration; provided, however, that if the registration is for an underwritten offering, the participation terms contained in Section 2.1(b) shall apply, including, without limitation,
the provisions relating to the exclusion of certain securities prior to the exclusion of Registrable Securities. Any registration pursuant to this Section 2.3 shall not be counted against a registration pursuant to
Section 2.1. 

  
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 2.4 Expenses of Registration. 

(a) All Registration Expenses incurred in connection with any registration, qualification or compliance pursuant to
Sections 2.1, 2.2 and 2.3 shall be borne by the Company except as follows: 
 (i) The Company shall
not be required to pay for the expenses of any registration, including the fees or disbursements of a special counsel for Holders, begun pursuant to Sections 2.1 or 2.3, the request for which has been subsequently withdrawn by all
of the applicable Holders, in which such case, such expenses shall be borne by the Holders requesting such withdrawal in proportion to the number of securities for which registration was originally requested; provided, however, that if
the withdrawal is as a result of an adverse change in the condition, business or prospects of the Company, then the Company shall be required to pay such expenses; 
 (ii) the Company shall not be required to pay any Selling Expenses relating to Registrable Securities sold by the selling Holders; and 

(iii) the Company shall not be required to pay for any Registration Expenses in excess of three (3) registrations effected pursuant
to Section 2.3; and 
 (iv) the Company shall not be required to pay fees and/or disbursements of counsel(s) for
the Holders except for the fees up to a maximum of Fifty Thousand Dollars ($50,000) for a single counsel acting on behalf of all selling Holders (and approved by a majority-in-interest of the selling Holders). 

(b) All Selling Expenses related to Registrable Securities sold by the selling Holders and incurred in connection with any registration
under this Section 2 shall be borne ratably by the participating Holders in proportion to the number of securities so sold on behalf of such Holder. 
 2.5 Registration Procedures. In the case of each registration, qualification or compliance effected by the Company pursuant to this Agreement, the Company will keep each Holder participating
therein advised in writing as to the initiation of each registration, qualification and compliance and as to the completion thereof. Except as otherwise provided in this Section 2.5, the Company will, at its expense: 

(a) prepare and file with the Commission a registration statement with respect to such Registrable Securities and use its best efforts
to cause such registration statement to become effective, and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective until the later of (i) 180 days after
such registration statement is declared effective and (ii) the date upon which all shares covered by such registration statement have been distributed or sold; 
 (b) prepare and file with the Commission such amendments, supplements and all statements and other information regarding such registration statement and the prospectus used in connection with such
registration statement as may be necessary to 

  
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comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement; 

(c) furnish to the Holders such numbers of copies of a prospectus, including a preliminary prospectus, in conformity with the
requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them; 
 (d) use its best efforts to register and qualify the securities covered by such registration statement under such other securities or Blue Sky laws of such jurisdictions as shall be reasonably requested
by the Holders, provided, however, that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in any such states or
jurisdictions in which the Company is not already subject to service of process, except as required by the Securities Act; 

(e) provide a transfer agent and registrar for all Registrable Securities registered pursuant hereto and a CUSIP number for all such
Registrable Securities not later than the effective date of such registration; 
 (f) in the event such offering is
underwritten, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing underwriter(s) of such offering; 
 (g) use its best efforts to cause all such Registrable Securities registered pursuant hereto to be listed on each securities exchange (or automated quotation service) on which similar securities issued by
the Company are then listed, or if no such listing exists, use its best efforts to list all Registrable Securities on either the New York Stock Exchange, the NYSE Amex or NASDAQ; 

(h) notify each Holder of Registrable Securities covered by such registration statement at any time when a prospectus relating thereto
is required to be delivered under the Securities Act or the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a
material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing; and 
 (i) furnish, at the request of any Holder requesting registration of Registrable Securities, on the date that such Registrable Securities are delivered to the underwriters for sale in connection with such
registration, if such securities are being sold through underwriters, or, if such securities are not being sold through underwriters, on the date that the registration statement with respect to such securities becomes effective, (i) an opinion,
dated such date, of the counsel representing the Company for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters, if any, and to the
Holders requesting registration of Registrable Securities and (ii) a letter dated such date, from the independent certified public accountants of the Company, in form and substance as is customarily given by independent certified public

  
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accountants to underwriters in an underwritten public offering, addressed to the underwriters, if any, and to the Holders requesting registration of Registrable Securities. 

2.6 Indemnification. In the event that any Registrable Securities are included in a registration statement under
Sections 2.1, 2.2 or 2.3 hereof: 
 (a) The Company will indemnify, defend and hold harmless each
Holder of Registrable Securities and each of its officers, directors and partners, and each Person controlling such Holder, with respect to such registration, qualification or compliance which has been effected pursuant to this Agreement, and each
underwriter, if any, and each Person who controls any underwriter of the Registrable Securities held by or issuable to such Holder, against all claims, losses, expenses, damages and liabilities (or actions in respect thereto) arising out of or based
on (i) any untrue statement (or alleged untrue statement) of a material fact contained in any prospectus, offering circular or other document (including any related registration statement, notification or the like) incident to any such
registration, qualification or compliance, or (ii) any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statement therein not misleading, or (iii) any violation or
alleged violation by the Company of the Securities Act, the Exchange Act or any state securities law applicable to the Company or any rule or regulation promulgated under the Securities Act, the Exchange Act or any such state law and relating to
action or inaction required of the Company in connection with any such registration, qualification or compliance, or (iv) any breach of any misrepresentation or warranty in any underwriting agreement of the Company in connection with any such
registration, qualification or compliance and will reimburse each such Holder, each of its officers, directors and partners, and each Person controlling such Holder, each such underwriter and each Person who controls any such underwriter, within a
reasonable amount of time after incurred for any reasonable legal and any other expenses incurred in connection with investigating, defending or settling any such claim, loss, damage, liability or action; provided, however, that the
indemnity agreement contained in this Section 2.6(a) shall not apply to amounts paid in settlement of any such claim, loss, damage, liability, or action if such settlement is effected without the consent of the Company (which consent
shall not be unreasonably withheld); and provided, further, that the Company will not be liable in any such case to the extent that any such claim, loss, damage or liability arises out of or is based on any untrue statement or omission based upon
written information furnished to the Company expressly for use in connection with such registration by such Holder. 
 (b) Each
Holder will severally, and not jointly, if Registrable Securities held by or issuable to such Holder are included in the securities as to which such registration, qualification or compliance is being effected, indemnify, defend and hold harmless the
Company, each of its directors and officers, each underwriter, if any, of the Company’s securities covered by such a registration statement, each Person who controls the Company within the meaning of the Securities Act, against all claims,
losses, expenses, damages and liabilities (or actions in respect thereof) arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any such registration statement, prospectus, offering circular or
other document, or any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse the Company, such directors, officers, partners,
Persons or underwriters for any reasonable legal or any other expenses incurred in connection with 

  
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investigating, defending or settling any such claim, loss, damage, liability or action, in each case to the extent, but only to the extent, that such untrue statement (or alleged untrue
statement) or omission (or alleged omission) is made in such registration statement, prospectus, offering circular or other document in reliance upon and in conformity with written information furnished to the Company by the Holder expressly for use
in connection with such registration; provided, however, that the indemnity agreement contained in this Section 2.6(b) shall not apply to amounts paid in settlement of any such claim, loss, damage, liability or action if
such settlement is effected without the consent of the Holder, (which consent shall not be unreasonably withheld); and provided, further, that the total amount for which any Holder shall be liable under this Section 2.6(b) shall not in
any event exceed the aggregate net proceeds received by such Holder from the sale of Registrable Securities held by such Holder in such registration. 
 (c) Each party entitled to indemnification under this Section 2.6 (the “Indemnified Party”) shall give notice to the party required to provide indemnification (the
“Indemnifying Party”) promptly after such Indemnified Party has actual knowledge of any claim as to which indemnity may be sought, and shall permit the Indemnifying Party to assume the defense of any such claim or any litigation
resulting therefrom; provided, however, that counsel for the Indemnifying Party, who shall conduct the defense of such claim or litigation, shall be approved by the Indemnified Party (whose approval shall not be unreasonably withheld),
and the Indemnified Party may participate in such defense at such party’s expense; and provided further, that the failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its obligations
hereunder, unless such failure resulted in material, irreparable prejudice to the Indemnifying Party; and provided, further, that an Indemnified Party (together with all other Indemnified Parties which may be represented without
conflict by one counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid by the Indemnifying Party, if representation of such Indemnified Party by the counsel retained by the Indemnifying Party would be
inappropriate due to actual or potential differing interests between such Indemnified Party and any other party represented by such counsel in such proceeding. No Indemnifying Party, in the defense of any such claim or litigation, shall, except with
the consent of each Indemnified Party, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all
liability in respect to such claim or litigation. The obligations of the Company and the Holders under this Section 2.6 shall survive the completion of any offering of Registrable Securities in a registration statement. 

(d) If the indemnification provided for in this Section 2.6 is held by a court of competent jurisdiction to be unavailable
to an Indemnified Party with respect to any losses, claims, damages or liabilities referred to herein, the Indemnifying Party, in lieu of indemnifying such Indemnified Party thereunder, shall to the extent permitted by applicable law contribute to
the amount paid or payable by such Indemnified Party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party on the one hand and of the Indemnified Party on
the other in connection with the violation(s) that resulted in such loss, claim, damage or liability. The relative fault of the Indemnifying Party and of the Indemnified Party shall be determined by a court of law by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the Indemnifying Party or by the Indemnified Party and the parties’ relevant intent,
knowledge, access to 

  
 - 12 -

 
information and opportunity to correct or prevent such statement or omission; provided, however, that in no event shall any contribution by a Holder hereunder exceed the proceeds
from the offering received by such Holder. 
 (e) The obligations of the Company and Holders under this Section 2.6
shall survive completion of any offering of Registrable Securities or Common Shares and the termination of this Agreement. No Indemnifying Party, in the defense of any such claim or litigation, shall, except with the consent of each Indemnified
Party, consent to entry of any judgment or enter into any settlement which does not include as a term thereof the giving by the claimant or plaintiff to such Indemnified Party of an unconditional release from all liability in respect to such claim
or litigation. 
 (f) Notwithstanding the foregoing Section 2.6(d), to the extent that the provisions on
indemnification and contribution contained in an underwriting agreement entered into in connection with an underwritten public offering are in conflict with the foregoing Section 2.6(d), the provisions in such underwriting agreement
shall control. 
 2.7 Information by Holder. Any Holder or Holders of Registrable Securities included in any registration
shall promptly furnish to the Company such information regarding such Holder or Holders and the distribution proposed by such Holder or Holders as the Company may request in writing and as shall be required in connection with any registration,
qualification or compliance referred to herein. 
 2.8 Rule 144 Reporting. With a view to making available to Holders the
benefits of certain rules and regulations of the Commission which may permit the sale of the Registrable Securities to the public without registration, the Company agrees at all times to use its reasonably diligent efforts to: 

(a) make and keep public information available, as those terms are understood and defined in Rule 144, after 90 days after the effective
date of the first registration statement filed by the Company for the offering of its securities to the general public; 
 (b)
file with the Commission in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements); and 

(c) so long as a Holder owns any Registrable Securities, furnish to such Holder forthwith upon request a written statement by the
Company as to its compliance with the reporting requirements of said Rule 144 (at any time after ninety (90) days after the effective date of the first registration statement filed by the Company for an offering of its securities to the general
public), and of the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), a copy of the most recent annual or quarterly report of the Company, and such other reports and documents so filed by
the Company as the Holder may reasonably request in complying with any rule or regulation of the Commission allowing such Holder to sell any such securities without registration. 

2.9 Transfer of Registration Rights. Each Holder’s rights to cause the Company to register their Registrable Securities and
keep information available granted to them 

  
 - 13 -

 
by the Company under Section 2 hereof may not be assigned or transferred, except in connection with a transfer of Registrable Securities that complies with the terms of the Right of
First Refusal and Co-Sale Agreement, and provided, that (i) the Company is given written notice by such Holder at the time of or within a reasonable time of said transfer, stating the name and address of said transferee or
assignee and identifying the securities with respect to which such registration rights are being assigned; (ii) such proposed transferee or assignee shall have executed and delivered an Adoption Agreement substantially in the form attached
hereto as Exhibit A (the “Adoption Agreement”); (iii) such proposed transferee or assignee is not an Adverse Party; and (iv) such transferee or assignee (x) acquires at least Five Hundred Thousand
(500,000) shares of Common Stock on an as converted basis (as adjusted for any stock dividends, combinations, splits, recapitalizations or similar events with respect to such shares) or (y) is an Affiliate of such Holder. 

2.10 “Market Stand-Off” Agreement. 
 (a) Each Holder hereby agrees that, during the period of duration (not to exceed one hundred eighty (180) days) specified by the Company and an underwriter of Common Stock or other securities of the
Company following the effective date of the registration statement for a Qualified IPO, it shall not, to the extent requested by the Company and such underwriter, directly or indirectly sell, offer to sell, contract to sell (including, without
limitation, any short sale), grant any option to purchase, pledge or otherwise transfer or dispose of (other than to donees who agree to be similarly bound) any Registrable Securities of the Company held by it at any time during such period except
common stock included in such registration; provided however that, if during the last 17 days of the restricted period the Company issues an earnings release or material news or a material event relating to the Company occurs, or prior to the
expiration of the restricted period the Company announces that it will release earnings results during the 16-day period beginning on the last day of the restricted period, then, upon the request of the managing underwriter, to the extent required
by any FINRA rules, the restrictions imposed by this subsection (a) shall continue to apply until the end of the third trading day following the expiration of the 15-day period beginning on the issuance of the earnings release or the occurrence
of the material news or material event. In no event will the restricted period extend beyond 216 days after the effective date of the registration statement. 
 (b) The obligations described in Section 2.10(a) shall not be required unless all officers and directors who hold shares of the Company as well as all stockholders of the Company holding more
than one percent (1%) of the outstanding shares of Common Stock (after giving effect to the conversion into Common Stock of all outstanding Preferred Stock) and all other Persons with registration rights (whether or not pursuant to this
Agreement) enter into similar agreements. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to the securities of the Company then held by each Holder (and the shares of securities of every
other Person subject to the foregoing restriction) until the end of such period. To the extent that an early release from the restrictions imposed under this Section 2.10 is to be granted by the Company or the underwriters with respect
to any security holder of the Company, such release shall be made only on a pro rata basis with respect to all such securities holders subject to the restrictions of this Section 2.10 or similar restrictions. 

  
 - 14 -

 2.11 Limitation on Subsequent Registration Rights. Subsequent to the date of this
Agreement, the Company shall not, without the prior written consent of the holders of at least eighty percent (80%) of the Registrable Securities then outstanding, enter into any agreement or arrangement with any holder or prospective holder of
any securities of the Company that would allow such holder or prospective holder (a) to include such securities in any registration filed under Section 2.1 hereof, unless under the terms of such agreement, such holder or prospective
holder may include such securities in any such registration only to the extent that the inclusion of such securities will not reduce the amount of the Registrable Securities of the Holders which is included or (b) to make a demand registration
which could result in such registration statement being declared effective prior to the earlier of either of the dates set forth in Section 2.1(a)(ii)(A) or within 120 days of the effective date of any registration effected pursuant to
Section 2.1. 
 2.12 Termination of Registration Rights. The registration rights contained in this
Section 2 shall terminate and be of no further force and effect with respect to all Holders five (5) years from the closing of the Company’s Qualified IPO. Notwithstanding the above, a particular Holder’s registration
rights under this Section 2 shall expire earlier than the five (5) years from the closing of the Company’s Qualified IPO if all Registrable Securities then held by such Holder may be sold under Rule 144 during any ninety
(90) day period. 
  

	 	3.	Basic Financial Information and Reporting. 

 3.1 Annual Reports. Within one hundred sixty (160) days after the end of each fiscal year, the Company shall provide each Holder who continues to hold at least Five Hundred Thousand
(500,000) shares of Common Stock on an as converted basis (as adjusted for any stock dividends, combinations, splits, recapitalizations or similar events with respect to such shares) (each a “Major Holder”) (i) a balance
sheet as of the end of such year, (ii) statements of income and of cash flows for such fiscal year and (iii) a statement of stockholders’ equity as of the end of such year, prepared in accordance with generally accepted accounting
principles consistently applied and setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and, if requested by the holders of at least eighty percent (80%) of the Registrable
Securities then held by the Holders, certified by independent public accountants of national standing selected by the Company’s Board of Directors. 
 3.2 Quarterly Reports. Within sixty (60) days after the end of the first, second, and third quarterly accounting periods in each fiscal year of the Company, the Company shall provide each
Major Holder (i) a balance sheet as of the end of each such quarterly period and (ii) statements of income and of cash flows for such period and for the current fiscal year to date, prepared in accordance with generally accepted accounting
principles consistently applied and setting forth in comparative form the figures for the corresponding periods of the previous fiscal year, subject to changes resulting from normal year-end audit adjustments, all in reasonable detail and certified
by the principal financial or accounting officer of the Company, except that such financial statements need not contain the notes required by generally accepted accounting principles. 

3.3 Confidentiality. Each Holder shall keep confidential any information furnished to it by the Company in accordance with this
Section 3.3 which the Company identifies 

  
 - 15 -

 
as being confidential or proprietary for so long as such information is not otherwise available in the public domain (through no direct or indirect action of such Holder). Each Holder also agrees
that such confidential information of the Company may be disclosed on a similarly confidential basis by such Holder to its officers, directors, partners, members, advisors, employees, auditors and legal counsel and other Affiliates who have a need
to know such information without the prior express written consent of the Company, so long as such Holder directs such authorized representatives and other Affiliates to keep such information confidential under the same terms as provided herein.
Notwithstanding any other provision in this Section 3.3, (i) in the event that such Holder is advised by legal counsel that disclosure or delivery of information provided by the Company is required by law, legal process, regulation
or judicial or administrative order, such Holder may disclose or deliver such information to such authority and (ii) each Holder may disclose any confidential information of the Company to the minimum extent necessary in connection with the
enforcement of this Agreement or rights under this Agreement. 
 3.4 Termination. All rights of the Holders under this
Section 3 shall not apply to and shall terminate immediately prior to (i) the effectiveness of a registration statement covering the issuance of the Company’s securities in a Qualified IPO; or (ii) such other time as the
Company becomes subject to the reporting provisions of the Exchange Act, as amended. 
  

	 	4.	Preemptive Rights of the Major Holders. 

 4.1 If, at any time and from time to time, the Company proposes to sell and issue any New Securities (as defined in Section 4.6 below), then each Major Holder shall be entitled to purchase at
least its Pro Rata Share (as defined below) of such New Securities, subject to the provisions of this Section 4, at the same price and upon the same terms and conditions that the Company would otherwise offer and sell such New Securities
to other third parties. For purposes of this Section 4, a Major Holder’s Pro Rata Share of New Securities shall be calculated as the ratio of (i) the total number of shares of Common Stock then held by a Major Holder, assuming
for these purposes the exercise and/or conversion of all options, warrants or shares of Preferred Stock then held; to (ii) the sum of the total number of shares of the Company’s Common Stock then outstanding plus the number of shares of
Common Stock issuable upon exercise and/or conversion of any options, warrants or shares of Preferred Stock of the Company then outstanding (“Pro Rata Share”). 

4.2 In the event that the Company proposes to undertake an issuance of New Securities, it shall first give each Major Holder written
notice of its intention, describing the type of New Securities and the price, terms and conditions upon which the Company proposes to issue the same (the “Preemptive Rights Notice”). Each Major Holder shall have fifteen
(15) days from the date of the Company’s notice (the “Preemptive Notice Period”) to agree to purchase up to its Pro Rata Share of such New Securities for the price and upon the terms and conditions specified in the
Preemptive Rights Notice by giving written notice to the Company and stating therein the quantity of New Securities to be purchased up to such Major Holder’s Pro Rata Share. 

4.3 If, at the expiration of the Preemptive Notice Period, any Major Holder has not fully exercised its preemptive right to acquire its
entire Pro Rata Share of such New Securities, then the Company shall, immediately after the expiration of the Preemptive Notice 

  
 - 16 -

 
Period, send written notice to those Major Holders who fully exercised their preemptive rights under Section 4.2 above (the “Exercising Holders”) specifying the
number of New Securities that the Major Holders were entitled to purchase under Section 4.2 above but for which preemptive rights were not exercised. Each Exercising Holder shall have an additional right to purchase all or any part of
the balance of any such remaining unsubscribed New Securities on the terms and conditions specified in the Preemptive Rights Notice. To exercise such right, an Exercising Holder must deliver written notice to the Company that such Exercising Holder
intends to exercise such right within ten (10) days after the expiration of the Preemptive Notice Period. In the event there are two (2) or more such Exercising Investors that choose to exercise such right, the remaining New Securities
available for purchase under this Section 4.3 shall be allocated to such Exercising Holders pro rata based on the number of New Securities such Exercising Holders have elected to purchase pursuant to their preemptive rights under
Section 4.2 above (without giving effect to any New Securities that any such Exercising Holder has elected to purchase pursuant to this Section 4.3). 
 4.4 If a Major Holder properly gives the Company written notice pursuant to Section 4.2 or Section 4.3 above that it desires to purchase any or all of its Pro Rata Share of the New
Securities to be offered by the Company, then such Major Holder shall make payment for such New Securities by check, wire transfer, cancellation of indebtedness, other consideration deemed acceptable by the Company’s Board of Directors, or any
combination thereof, against delivery of the New Securities at the executive offices of the Company within fifteen (15) days after giving the Company such notice or on the closing date for the sale of all such New Securities as specified in the
Company’s notice, if such date is later. The Company shall take all such reasonable actions as may be required by any regulatory authority in connection with the exercise by a Major Holder of the preemptive right to purchase New Securities as
set forth in this Section 4. 
 4.5 With respect to any New Securities for which the foregoing preemptive rights of
the Major Holders were not exercised, the Company shall have sixty (60) days thereafter to sell such New Securities at a price and on terms and conditions which are no more favorable to the purchasers of such New Securities than those specified
in the Preemptive Rights Notice. In the event that the Company has not sold all such New Securities within the specified sixty (60) day period, the Company shall not thereafter issue or sell any remaining New Securities without first offering
such New Securities again to the Major Holders in the same manner provided above in Sections 4.2 and 4.3. 

4.6 For purposes of this Section 4, the term “New Securities” means any shares of the Company’s Common
Stock or Preferred Stock and rights, options or warrants to purchase shares of Common Stock or Preferred Stock, and securities of any type whatsoever that are, or may become, convertible into shares of Common Stock or Preferred Stock;
provided, however, that the term “New Securities” shall not include: 
 (a) shares of Common
Stock issued in connection with any stock dividend, combination, split, recapitalization or similar events applicable to all shares of capital stock of the Company; 

  
 - 17 -

 (b) shares of Common Stock issued upon the conversion of any shares of Preferred Stock;

 (c) up to an aggregate of Nine Million (9,000,000) shares (as adjusted for any stock dividends, combinations, splits,
recapitalizations or similar events with respect to such shares) of Common Stock issued or issuable to employees, officers, directors, advisors, consultants and independent contractors pursuant to any options, warrants, stock purchase plans or other
incentive agreements on terms approved by the Company’s Board of Directors; 
 (d) any Common Stock issued by the Company
pursuant to a registration statement covering the offering of such Common Stock to the general public under the Securities Act; 
 (e) any equity securities issued by the Company for consideration other than cash pursuant to a bona fide merger, consolidation, acquisition or similar business combination approved by the Company’s
Board of Directors; 
 (f) any equity securities of the Company issued pursuant to the exercise of any rights or agreements
entered into or otherwise granted after the date of this Agreement, including options and warrants to purchase shares of the Company’s Common Stock or Preferred Stock, provided, however, that the preemptive right contained in this
Section 4 applied with respect to the initial sale or grant by the Company of such rights or agreements; and 
 (g)
the Securities. 
 4.7 All rights of the Major Holders under this Section 4 shall not apply to and shall terminate
immediately prior to the effectiveness of a registration statement covering the issuance of the Company’s securities in a Qualified IPO. 
 4.8 The preemptive rights set forth in this Section 4 below may not be assigned or transferred, except in connection with a transfer of Preferred Stock and/or Registrable Securities by a Major
Holder that complies with the terms of the Right of First Refusal and Co-Sale Agreement, and provided, that (i) the Company is given written notice by such Major Holder at the time of or within a reasonable time of said transfer,
stating the name and address of said transferee or assignee and identifying the securities with respect to which such rights are being assigned; (ii) such proposed transferee or assignee shall have executed and delivered an Adoption Agreement;
(iii) such proposed transferee or assignee is not an Adverse Party; and (iv) such transferee or assignee (x) acquires at least Five Hundred Thousand (500,000) shares of Common Stock on an as converted basis (as adjusted for any
stock dividends, combinations, splits, recapitalizations or similar events with respect to such shares) or (y) is an Affiliate of such Major Holder. 
  

	 	5.	Reserved. 

  

	 	6.	Legends. 

 6.1 In
addition to any other legends required, each certificate representing shares of Preferred Stock (including Common Stock issued upon the conversion of such 

  
 - 18 -

 
Preferred Stock) held by the Holders which is subject to the restrictions of this Agreement shall be endorsed with the following restrictive legend (the “Legend”): 

“THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS AND CONDITIONS OF AN INVESTORS’ RIGHTS AGREEMENT BY AND
AMONG THE HOLDER, THE CORPORATION AND CERTAIN OTHER HOLDERS OF THE STOCK OF THE CORPORATION. A COPY OF SUCH INVESTORS’ RIGHTS AGREEMENT WILL BE FURNISHED TO THE RECORD HOLDER OF THIS CERTIFICATE WITHOUT CHARGE UPON WRITTEN REQUEST TO THE
CORPORATION AT ITS PRINCIPAL PLACE OF BUSINESS.” 
 6.2 The Company, by its execution of this Agreement, agrees that,
during the term of this Agreement, it will maintain (upon registration of transfer, reissuance or otherwise) the Legend on any such certificate and will place or cause to be placed the Legend on any new certificate issued to represent shares of
Preferred Stock or Registrable Securities previously represented by a certificate carrying the Legend, and will supply, free of charge, a copy of this Agreement to any holder of a certificate evidencing Shares upon written request from such holder
to the Company at its principal office. The parties hereto do hereby agree that the failure by the Company to cause the certificates evidencing such shares to bear the Legend and/or the failure to supply, free of charge, a copy of this Agreement
shall not affect the validity or enforcement of this Agreement. The Legend shall be removed from each such certificate at such time as the shares represented by such certificate are no longer subject to the provisions of this Agreement. 

 

	 	7.	General. 

 7.1
Governing Law. This Agreement shall be governed in all respects by the laws of the State of Delaware without regard to the conflict of laws provisions. The parties hereto agree to submit to the exclusive jurisdiction of the federal and state
courts of the State of Delaware with respect to the interpretation of this Agreement or for the purposes of any action arising out of or relating to this Agreement. 
 7.2 Amendments and Waivers. 
 (a) Except as otherwise provided in
Section 7.2(c) below, any provision of this Agreement may be amended, and the observance of any provision may be waived, with the written consent of the Company and the holders of at least eighty percent (80%) of (i) the
Registrable Securities then held by the Holders and (ii) the shares of Preferred Stock remaining to be purchased from time to time under the Amended and Restated Purchase Agreement, which approval shall include a majority of the Registrable
Securities purchased or to be purchased by the New Investors unless the initial New Investors Drawdown Funding Date has not occurred by December 31, 2012, in which case the rights and obligations of the New Investors hereunder shall terminate;
provided that, the Company may amend Schedule A, Schedule B, Schedule C, and/or Schedule D attached hereto from time to time to add information regarding additional Investors that have executed and delivered
Adoption Agreements without the consent of the other parties hereto. Any amendment or waiver effected in accordance with 

  
 - 19 -

 
this Section 7.2(a) shall be binding upon each Holder and the Company. Upon the effectuation of any such amendment or waiver, the Company shall promptly give written notice thereof to
the other Holders who have not previously consented thereto in writing. 
 (b) Except to the extent provided in
Section 7.2(a) above, this Agreement or any provision hereof may be amended, changed, waived, discharged or terminated only by a statement in writing signed by the party against which enforcement of such amendment, change, waiver,
discharge or termination is sought. 
 (c) In addition to any other requirements for the amendment of this Agreement, the
rights provided to the Major Holders pursuant to Section 4 of this Agreement may be amended, changed or waived only with the prior written consent of at least eighty percent (80%) of the Registrable Securities then held by such
Major Holders. 
 7.3 Termination. In addition to any other termination provisions of this Agreement, the rights of any
particular Holder hereunder shall terminate as to such Holder at such time as such Holder ceases to own any shares of Preferred Stock or shares of Common Stock issuable upon conversion thereof. Notwithstanding anything to the contrary,
Section 2.10 shall survive termination of this Agreement. 
 7.4 Successors and Assigns. The terms and
conditions of this Agreement shall inure to the benefit of, and be binding upon, the successors, heirs, executors and administrators of the parties hereto. 
 7.5 Entire Agreement. This Agreement, including the exhibits, schedules and the other documents delivered pursuant hereto, constitute the full and entire understanding and agreement between the
parties with regard to the subject matter hereof, and this Agreement shall supersede and cancel all prior agreements between the parties hereto with respect to the subject matter hereof. 

7.6 Notices. All notices and other communications required or permitted hereunder shall be in writing and shall be mailed by
registered or certified mail, postage prepaid, or otherwise delivered by hand or by messenger, addressed (a) if to an Investor, at such Investor’s respective address set forth on Schedule A, Schedule B, Schedule
C, or Schedule D attached hereto, as applicable, or at such other address as such Investor shall have properly furnished in writing to the Company or (b) if to the Company, at 4900 Hopyard Road, Suite 220, Pleasanton, CA 94588, Fax:
(925) 730-0157, Attn: Corporate Secretary, or at such other address as the Company shall have properly furnished to the Investors in writing. Such notices shall be deemed effective upon (i) personal delivery to the party to be notified;
(ii) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient; if not, then on the next business day; (iii) one (1) business day after deposit with a nationally recognized overnight
carrier, specifying next day delivery; or (iv) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid. 
 7.7 Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, the parties agree to renegotiate such provision in good faith. In the event that the
parties cannot reach a mutually agreeable and enforceable replacement for 

  
 - 20 -

 
such provision, then (a) such provision shall be excluded from this Agreement, (b) the balance of this Agreement shall be interpreted as if such provision were so excluded and
(c) the balance of this Agreement shall be enforceable in accordance with its terms. 
 7.8 Rules of Construction.
The parties hereto agree that they have been adequately represented by counsel during the negotiation and execution of this Agreement and, therefore, waive the application of any law, regulation, holding or rule of construction providing that
ambiguities in an agreement or other document will be construed against the party drafting such agreement or document. 
 7.9
Titles and Subtitles. The titles and subtitles of the sections and Sections of this Agreement are for convenience of reference only and are not to be considered in construing or interpreting this Agreement. 

7.10 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an original and all of
which together shall constitute one instrument. 
 7.11 Aggregation of Stock. All Shares held or acquired by an Investor
and/or its Affiliates shall be aggregated together for the purpose of determining the availability of any rights under this Agreement, and such Affiliates may apportion such rights as among themselves in any manner they deem appropriate. 

[Remainder of this Page Intentionally Left Blank] 

  
 - 21 -

 IN WITNESS WHEREOF, the undersigned have caused this Third Amended and Restated
Investors’ Rights Agreement to be duly executed and delivered as of the date first set forth above. 
  

			
	“COMPANY”
	
	 FULCRUM BIOENERGY, INC.,
 a Delaware corporation

		
	By:	 	 /s/ E. James Macias

		 	E. James Macias
		 	President and Chief Executive Officer
	
	“SERIES A INVESTORS”
	
	USRG HOLDCO III, LLC
		
	By:	 	USRG Management Company, LLC,
	its Manager
		
	By:	 	 /s/ James A.C. McDermott

			
	Name: James A.C. McDermott
	Title: Managing Director

 [signatures continue on following page] 

[SIGNATURE PAGE TO THIRD AMENDED AND RESTATED 
 INVESTORS’ RIGHTS AGREEMENT] 

  
 S-1

 
			
	“SERIES B INVESTORS”
	
	USRG HOLDCO III, LLC
	
	By: USRG Management Company, LLC,
	its Manager
		
	By:	 	 /s/ James A.C. McDermott

	Name: James A.C. McDermott
	Title: Managing Director
	
	RUSTIC CANYON VENTURES SBIC, LP
	
	By: Rustic Canyon SBIC Partners, LLC,
	its General Partner
		
	By:	 	 /s/ Nate Redmond

	Name: Nate Redmond
	Title: Member
	
	RUSTIC CANYON VENTURES III, L.P.
	
	By: Rustic Canyon GP III, LLC,
	its General Partner
		
	By:	 	 /s/ Nate Redmond

	Name: Nate Redmond
	Title: Member
	
	SAINTS CAPITAL FALCON, L.P.
		
	By:	 	  

		
	By:	 	  

			
	Name:	 	  

			
	Title:	 	  

 [signatures continue on following page] 

[SIGNATURE PAGE TO THIRD AMENDED AND RESTATED 
 INVESTORS’ RIGHTS AGREEMENT] 

  
 S-2

 
			
	“SERIES C-1 INVESTORS”
	
	USRG HOLDCO 3D, LLC
		
	By:	 	 /s/ Jonathan Koch

	Name: Jonathan Koch
	Title: President
	
	USRG HOLDCO III, LLC
	
	By: USRG Management Company, LLC,
	its Manager
		
	By:	 	 /s/ James A.C. McDermott

	Name: James A.C. McDermott
	Title: Managing Director
	
	RUSTIC CANYON VENTURES III, L.P.
	
	By: Rustic Canyon GP III, LLC,
	its General Partner
		
	By:	 	 /s/ Nate Redmond

	Name: Nate Redmond
	Title: Member
	
	RUSHEEN CAPITAL PARTNERS, LLC
		
	By:	 	 /s/ James A.C. McDermott

	Name: James A.C. McDermott
	Title: Managing Member

 [SIGNATURE PAGE TO THIRD AMENDED AND RESTATED 

INVESTORS’ RIGHTS AGREEMENT] 

  
 S-3

 SCHEDULE A 

SERIES A INVESTORS 
  

	
	Name and Address
	  
 USRG HOLDCO III, LLC

2425 Olympic Boulevard, Suite 4050 West
 Santa
Monica, California 90404
 Attention: James A.C. McDermott
 Facsimile: (310) 943-1993

  
 Schedule A

 SCHEDULE B 

SERIES B-1 INVESTORS 
  

	
	Name and Address
	  
 Rustic Canyon Ventures SBIC, LP

2425 Olympic Boulevard, Suite 6050 West
 Santa
Monica, California 90404
 Attention: Tom Unterman
 Facsimile: (310) 998-8001

	  
 Rustic Canyon Ventures III, L.P.

2425 Olympic Boulevard, Suite 6050 West
 Santa
Monica, California 90404
 Attention: Tom Unterman
 Facsimile: (310) 998-8001

	  
 USRG HOLDCO III, LLC

2425 Olympic Boulevard, Suite 4050 West
 Santa
Monica, California 90404
 Attention: James A.C. McDermott
 Facsimile: (310) 943-1993

	  
 Saints Capital Falcon, L.P.

475 Sansome Street, Suite 1850
 San Francisco, CA
94111
 Attention: David Quinlivan

Facsimile: (415) 835-5970

  
 Schedule B

 SCHEDULE C 

SERIES B-2 INVESTORS 
  

	
	Name and Address
	  
 Rustic Canyon Ventures III, L.P.

2425 Olympic Boulevard, Suite 6050 West
 Santa
Monica, California 90404
 Attention: Tom Unterman
 Facsimile: (310) 998-8001

	  
 USRG HOLDCO III, LLC

2425 Olympic Boulevard, Suite 4050 West
 Santa
Monica, California 90404
 Attention: James A.C. McDermott
 Facsimile: (310) 943-1993

  
 Schedule C

 SCHEDULE D 

SERIES C-1 INVESTORS 
  

	
	Name and Address
	  
 USRG Holdco 3D, LLC

10 Bank Street
 White Plains, NY 10606

United States
 Attention: Jonathan
Koch
 Fax: (914) 390-9611

	  
 USRG HOLDCO III, LLC

2425 Olympic Boulevard, Suite 4050 West
 Santa
Monica, California 90404
 Attention: James A.C. McDermott
 Facsimile: (310) 943-1993

	  
 Rustic Canyon Ventures III, L.P.

2425 Olympic Boulevard, Suite 6050 West
 Santa
Monica, California 90404
 Attention: Tom Unterman
 Facsimile: (310) 998-8001

	  
 Rusheen Capital Partners, LLC

2332 Mandeville Canyon Road
 Los Angeles,
California 90049
 Attention: James A.C. McDermott
 Facsimile: (310) 861-5556

  
 Schedule D

 EXHIBIT A 

ADOPTION AGREEMENT 
 THIS ADOPTION AGREEMENT (this “Adoption Agreement”) is executed by the undersigned (the “New Investor”) pursuant to the terms of that certain Third Amended and
Restated Investors’ Rights Agreement dated as of September 7, 2011 (the “Agreement”), by and among the Company, the Series A Investors listed on Schedule A attached thereto, the Series B-1 Investors
listed on Schedule B, the Series B-2 Investors listed on Schedule C attached thereto and the Series C-1 Investors listed on Schedule D. Capitalized terms used but not defined herein shall have the
respective meanings ascribed to such terms in the Agreement. By the execution of this Adoption Agreement, the New Investor agrees as follows: 
 1.1 Acknowledgement. New Investor acknowledges that New Investor is acquiring certain shares of Preferred Stock and/or Registrable Securities from a party in such party’s capacity as an
“Investor” bound by the Agreement, and after such transfer, New Investor shall be considered an “Investor” for all purposes of the Agreement. 
 1.2 Agreement. New Investor hereby (a) agrees that the shares of Preferred Stock and/or Registrable Securities and any other securities required by the Agreement to be bound thereby, shall be
bound by and subject to the terms of the Agreement and (b) adopts the Agreement with the same force and effect as if New Investor were originally a party thereto. 
 1.3 Notice. Notice required or permitted by the Agreement shall be given to New Investor at the address, facsimile number or email listed below New Investor’s signature hereto. 

 

			
	NEW INVESTOR:
	  

		
	By:	 	  

			
	Name/Title:	 	  

			
	Address:	 	  

	  

			
	Facsimile:	 	  

			
	Email:	 	  

			
	ACCEPTED AND AGREED:
	
	
	FULCRUM BIOENERGY, INC.
		
	By:	 	  

			
	Name:	 	  

			
	Title:	 	  

 

  
 Exhibit APurchase Agreement

 Exhibit 10.1 
 Execution Version 
 PURCHASE AGREEMENT 

dated as of April 1, 2008 
 by and among 
 FULCRUM SIERRA BIOFUELS, LLC, 

as Purchaser 
 IMS NEVADA LLC, 
 as Seller 

and 

INTEGRATED ENVIRONMENTAL TECHNOLOGIES LLC, 
 as IET 

 TABLE OF CONTENTS 

 

							
	 ARTICLE I. SALE OF REAL PROPERTY; CLOSING; TRANSFER OF PERMITS and REAL PROPERTY PURCHASE AGREEMENT; EXECUTION AND
DELIVERY OF THE LLC AGREEMENT
	  	 	1	  
	 1.1
	  	 Assets
	  	 	1	  
	 1.2
	  	 Purchase Price
	  	 	2	  
	 1.3
	  	 Allocation
	  	 	2	  
	 1.4
	  	 Closing; Escrow
	  	 	2	  
	 1.5
	  	 Prorations
	  	 	3	  
	 1.6
	  	 Transfer of the Special Use Permit
	  	 	3	  
	 1.7
	  	 Transfer of the Air Permit
	  	 	3	  
	 1.8
	  	 Development of the Project
	  	 	4	  
	 1.9
	  	 Medical Waste Processing Agreement
	  	 	4	  
		
	 ARTICLE II. REPRESENTATIONS AND WARRANTIES OF SELLER
	  	 	5	  
	 2.1
	  	 Organization Each
	  	 	5	  
	 2.2
	  	 Authority
	  	 	5	  
	 2.3
	  	 No Conflicts
	  	 	6	  
	 2.4
	  	 Governmental Approvals and Filings
	  	 	6	  
	 2.5
	  	 Legal Proceedings
	  	 	6	  
	 2.6
	  	 Compliance With Laws and Orders
	  	 	7	  
	 2.7
	  	 Title
	  	 	7	  
	 2.8
	  	 Environmental Matters
	  	 	7	  
	 2.9
	  	 Permits
	  	 	7	  
	 2.10
	  	 Real Property Purchase Agreement
	  	 	8	  
	 2.11
	  	 Brokers
	  	 	8	  
	 2.12
	  	 Intellectual Property
	  	 	8	  
		
	 ARTICLE III. REPRESENTATIONS AND WARRANTIES OF PURCHASER
	  	 	8	  
	 3.1
	  	 Organization
	  	 	9	  
	 3.2
	  	 Authority
	  	 	9	  
	 3.3
	  	 No Conflicts
	  	 	9	  
	 3.4
	  	 Governmental Approvals and Filings
	  	 	9	  
	 3.5
	  	 Real Property Purchase Agreement and Environmental Permits
	  	 	10	  
	 3.6
	  	 Brokers
	  	 	10	  
		
	 ARTICLE IV. INDEMNIFICATION
	  	 	10	  
	 4.1
	  	 Indemnification by Seller
	  	 	10	  
	 4.2
	  	 Indemnification by Purchaser
	  	 	10	  
	 4.3
	  	 Survival
	  	 	10	  
	 4.4
	  	 Limitations
	  	 	10	  
	 4.5
	  	 Exclusive Remedy
	  	 	11	  
	 4.6
	  	 Notice of Claims
	  	 	11	  
	 4.7
	  	 Access to Information
	  	 	11	  

							
		
	 ARTICLE V. ABSOLUTE CAP ON DAMAGES
	  	 	12	  
		
	 ARTICLE VI. DEFINITIONS
	  	 	12	  
	 6.1
	  	 Definitions
	  	 	12	  
	 6.2
	  	 Construction of Certain Terms and Phrases
	  	 	16	  
		
	 ARTICLE VII. MISCELLANEOUS
	  	 	16	  
	 7.1
	  	 Notices
	  	 	16	  
	 7.2
	  	 Entire Agreement
	  	 	17	  
	 7.3
	  	 Expenses
	  	 	17	  
	 7.4
	  	 Waiver
	  	 	17	  
	 7.5
	  	 Amendment
	  	 	18	  
	 7.6
	  	 No Third Party Beneficiary
	  	 	18	  
	 7.7
	  	 No Assignment; Binding Effect
	  	 	18	  
	 7.8
	  	 Invalid Provisions
	  	 	18	  
	 7.9
	  	 Governing Law; Waiver of Jury Trial
	  	 	18	  
	 7.10
	  	 Counterparts
	  	 	19	  
	 7.11
	  	 Further Assurances
	  	 	19	  
	 7.12
	  	 Dispute Resolution
	  	 	19	  
	 7.13
	  	 Confidentiality
	  	 	20	  
	 7.14
	  	 Press Release
	  	 	20	  
	 7.15
	  	 Headings
	  	 	20	  

					
	
	EXHIBITS
			
	 Exhibit A
	  	 Legal Description of the Real Property
	  	
	 Exhibit B
	  	 Form of Escrow Agreement
	  	

  
 - ii -

 PURCHASE AGREEMENT 

This PURCHASE AGREEMENT dated as of April 1, 2008 (the “Closing Date”) is made and entered into by and among
Fulcrum Sierra BioFuels, LLC, a Delaware limited liability company (“Purchaser”), IMS Nevada LLC, a Delaware limited liability company (“Seller”), and Integrated Environmental Technologies LLC, a New York limited
liability company (“IET”). Capitalized terms not otherwise defined herein have the meanings set forth in Section 6.1. 
 RECITALS 
 WHEREAS, Seller (i) owns an approximately 11.38 acre parcel
of land in Storey County, Nevada located at 3501 Peru Drive and more particularly described on Exhibit A attached hereto (the “Real Property”); (ii) has obtained a Special Use Permit related to the Real Property, issued
on June 27, 2007 by the Planning Commission of Storey County, Nevada (the “Special Use Permit”); (iii) has obtained a Class II Operating Permit issued on February 6, 2008 by the Bureau of Air Pollution Control of the
Nevada Department of Environmental Protection (the “Air Permit”); and (iv) is a party to that certain Purchase and Sale Agreement executed June 6, 2007, with Tahoe-Reno Industrial Center, LLC related to Seller’s
purchase of the Real Property (the “Real Property Purchase Agreement”). 
 WHEREAS, Seller desires to sell and
Purchaser desires to purchase the Real Property, and in conjunction with such sale and purchase, the parties desire Seller to transfer to Purchaser all rights and obligations under the Special Use Permit, the Air Permit, and the Real Property
Purchase Agreement. 
 WHEREAS, Purchaser intends to build and operate a biorefinery facility on the Real Property (the
“Project”) and Fulcrum Sierra Holdings, LLC, an Affiliate of Purchaser, and Seller desire to enter into an Amended and Restated Operating Agreement related to Purchaser’s ownership and operation of the Project (the “LLC
Agreement”) that will be executed concurrently with this Purchase Agreement. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth in this Agreement, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE
I. SALE OF REAL PROPERTY; CLOSING; TRANSFER OF PERMITS 
 AND REAL PROPERTY PURCHASE AGREEMENT; EXECUTION AND DELIVERY

 OF THE LLC AGREEMENT 
 1.1 Assets. On the terms and subject to the conditions set forth in this Agreement, Seller shall sell transfer, convey, assign and deliver to Purchaser, and Purchaser shall purchase and pay for, at
the Closing, all of Seller’s right, title and interest in and to (a) the Real Property, free and clear of all Liens, other than Permitted Liens, which transfer shall include all rights, privileges, easements, and appurtenances to the Real
Property, including without limitation any air, development, water, hydrocarbon, mineral or other rights held by Seller, all licenses, 

 
easements, rights-of-way, claims, rights or benefits, covenants, conditions and servitudes and other appurtenances used or connected with the beneficial use or enjoyment of the Real Property, (b)
the Special Use Permit, (c) the Air Permit, and (d) the Real Property Purchase Agreement. 
 1.2 Purchase
Price. The aggregate purchase price for the Real Property and the transfer of the Special Use Permit, Air Permit, and Real Property Purchase Agreement is $1,792,105 (the “Purchase Price”), payable in immediately available United
States funds at the Closing in the manner provided in Section 1.4(c)(iii). 
 1.3 Allocation. Purchaser shall
determine the allocation of the consideration paid by Purchaser under this Agreement, provided that the amount allocated to the Real Property shall not be less than Seller’s tax basis for such Real Property. Each party hereto agrees
(a) that any such allocation shall be consistent with the requirements of Section 1060 of the Code and the regulations thereunder, (b) to complete jointly and to file separately Form 8594 with its Federal income tax return consistent
with such allocation for the tax year in which the Closing Date occurs, and (c) that no party shall take a position on any income, transfer or gains tax return, before any Governmental or Regulatory Authority charged with the collection of any
such Tax or in any judicial proceeding, that is in any manner inconsistent with the terms of any such allocation without the consent of the other party. 
 1.4 Closing; Escrow. 
 (a) Escrow. An escrow for the purchase and
sale contemplated by this Agreement has been opened by Seller and Purchaser with First American Title Insurance Company (the “Escrow Agent”). 
 (b) Closing Actions. Prior to or on the Closing Date, in accordance with the escrow instruction letter in the form attached hereto as Exhibit B (the “Escrow Instructions”),
each of the parties shall take or cause to be taken the following actions: 
 (i) Transfer and Sale of the Real
Property. Seller shall assign and transfer to Purchaser all of its right, title and interest in and to the Real Property, free and clear of all Liens other than Permitted Liens, by delivery of a general warranty deed in proper statutory form for
recording and otherwise in form and substance reasonably satisfactory to Purchaser conveying title to the Real Property. 

(ii) Assignment and Assumption of Special Use Permit, Air Permit and Real Property Purchase Agreement. Seller shall assign and
Purchaser shall assume all of Purchaser’s right, title and interest in, to and under and assume all liabilities and obligations under the Special Use Permit, the Air Permit and the Real Property Purchase Agreement by signing an Assignment and
Assumption Agreement in a form mutually acceptable to both parties. 
 (iii) Payment of Purchase Price. Purchaser shall
pay the Purchase Price by wire transfer of immediately available funds to the Escrow Agent. 

  
 - 2 -

 (iv) LLC Agreement. Purchaser shall cause its parent company to, and Seller shall,
enter into the LLC Agreement in a form mutually acceptable to both parties reflecting the issuance to Seller by Purchaser of the Initial Percentage Interest (as defined in the LLC Agreement), and Purchaser shall issue to Seller the Initial
Percentage Interest. 
 (v) Issuance of Title Insurance. Purchaser shall cause Escrow Agent to issue an A.L.T.A.
standard coverage owners policy of title insurance with respect to the Real Property to Purchaser with only those exceptions approved by Purchaser. 
 (vi) Lien Release. Seller shall provide Escrow Agent with pay-off instructions and an executed lien release as required to release the Deed of Trust issued by Seller in favor of the Paskenta Band
of Nomlaki Indians and shall authorize Escrow Agent to disburse such portion of the Purchase Price as is described in such instructions in order to effect the lien release. 
 1.5 Prorations. All real estate taxes, charges and assessments affecting the Real Property (including charges for utilities serving the Real Property, if any) shall be prorated on a per diem basis
as of the Closing Date, with Seller liable to the extent such items relate to any time period prior to the Closing Date and Purchaser liable to the extent such items relate to periods beginning with and subsequent to the Closing Date. All recording
charges incident to recording the general warranty deed, all premiums for Purchaser’s title insurance policy (including endorsements), all fees and expenses of the Escrow Agent, and all assessed documentary transfer taxes shall be paid by the
parties in such manner as is customary in Storey County, Nevada. Except as otherwise agreed by the parties, the net amount of all such prorations shall be settled and paid on the Closing Date. If the Closing shall occur before a real estate tax rate
is fixed, the apportionment of real estate taxes shall be based upon the tax rate for the preceding year applied to the latest assessed valuation. 
 1.6 Transfer of the Special Use Permit. Within fifteen (15) days after the Closing Date, Seller shall provide notice of the transfer to Storey County as described in paragraph 8 of the Special
Use Permit. Upon transfer of the Real Property, Seller shall have no further obligations under, arising from, or related to the Special Use Permit, and Purchaser shall be responsible for all obligations under, arising from, or related to the Special
Use Permit. 
 1.7 Transfer of the Air Permit. The parties acknowledge that transfer, modification, or reissuance, as the
case may be, of the Air Permit from Seller to Purchaser requires approval of the Nevada Department of Environmental Protection. After the Closing Date, at Seller’s sole cost and expense, Seller shall use commercially reasonable efforts to cause
the transfer, modification or reissuance, as the case may be, of the Air Permit to Purchaser as soon after Closing as is reasonably practicable. Upon such transfer, Seller shall have no further obligations under, arising from, or related to the Air
Permit, and Purchaser shall be responsible for all obligations under, arising from, or related to the Air Permit. 
 1.8
Development of the Project. The parties acknowledge that after the Closing Date, Purchaser shall be solely responsible for all development of the Project, including but not limited 

  
 - 3 -

 
to obtaining any additional or amended permits and for compliance with all Laws related the Project and its development. 
 1.9 Medical Waste Processing Agreement. 
 Within thirty days following the Closing Date,
Purchaser shall have the option to accept assignment of the Medical Waste Processing Agreement from IET’s subsidiary, InEnTec Medical Services California, LLC (“InEnTec”), to be exercised by delivery of written notice to IET
(the “Election Notice”). Upon IET’s receipt from Purchaser of the Election Notice indicating Purchaser’s intent to accept assignment of the Medical Waste Processing Agreement and to comply with the terms of the Medical
Waste Processing Agreement (except to the extent such compliance is outside of Purchaser’s control), then (1) in accordance with Section 1(e) of the Master Purchase and License Agreement, the Master Purchase and License Agreement
shall automatically, and without further action by the parties thereunder, be amended to include Medical Waste as a licensed material in all purchase orders issued in connection with or related to the Master Purchase and Licensing Agreement, and
(2) IET shall cause its subsidiary, InEnTec to use its commercially reasonable efforts to obtain (i) the consent of Enserv West, LLC to assign the Medical Waste Processing Agreement to Purchaser (the “MWPA Consent”) and
(ii) the written acknowledgement and agreement of Enserv West, LLC that assignment of the Medical Waste Processing Agreement to Purchaser will be deemed to trigger vesting pursuant to the terms of that certain Vesting Promissory Note in the
principal amount of $3,500,000 dated February 28, 2007 (the “MWPA Acknowledgement”). For the avoidance of doubt, neither Purchaser nor its Affiliates have any knowledge of the terms or conditions of, and neither the Purchaser
nor its Affiliates shall have any liability or obligation of any type under or in connection with, the Vesting Promissory Note. Upon InEnTec successfully obtaining both the MWPA Consent and MWPA Acknowledgement, InEnTec shall assign to Purchaser,
and Purchaser shall assume from InEnTec, all of InEnTec’s right, title and interest in, to and under the Medical Waste Processing Agreement, free and clear of all Liens, for no additional consideration pursuant to an assignment and assumption
agreement in a form mutually acceptable to the parties. The assignment and assumption agreement shall contain customary representations from the parties regarding their corporate power and authority to enter into such agreement, and InEnTec shall
also give Purchaser a representation and warranty that (x) its interest in the Medical Waste Processing Agreement is free and clear of all Liens, (y) that the Medical Waste Processing Agreement is in full force and effect and (z) no
party under such agreement is in any material respect in breach of or in default under, and no event has occurred that would constitute a material default, under the Medical Waste Processing Agreement. 

(a) In the event InEnTec is unable, for whatever reason, to obtain both the MWPA Consent and MWPA Acknowledgement within sixty
(60) days after IET’s receipt of the Election Notice, neither IET nor InEnTec shall have any obligation to assign or transfer the Medical Waste Processing Agreement to Purchaser, and Purchaser shall have no further obligation to accept
such assignment (as set forth in the Election Notice) and shall not have any right or liabilities under the Medical Waste Processing Agreement. 
 (b) PURCHASER HEREBY AGREES THAT IT WILL NOT, FOR ANY REASON, ENTER INTO ANY AGREEMENT, UNDERSTANDING, CONTRACT, OR 

  
 - 4 -

 
OTHER RELATIONSHIP WHEREBY PURCHASER WILL PROCESS OR OTHERWISE TREAT ANY MEDICAL WASTE PROVIDED, SUPPLIED, OR OTHERWISE PREVIOUSLY IN THE POSSESSION OF ENSERV WEST, LLC OR ANY OF ITS SUBSIDIARIES
OR AFFILIATES UNTIL THE EARLIEST TO OCCUR OF: (1) IET, INENTEC OR ITS SUBSIDIARIES SUCCESSFULLY OBTAIN BOTH THE MWPA CONSENT AND MWPA ACKNOWLEDGEMENT, (2) MARCH 1, 2010, OR (3) UPON PURCHASER SEEKING AND OBTAINING THE PRIOR WRITTEN
CONSENT OF IET. 
 ARTICLE II. REPRESENTATIONS AND WARRANTIES OF SELLER 

Seller and IET (each a “Seller Party,” and collectively, the “Seller Parties”) hereby jointly and
severally represent and warrant to Purchaser as of the Closing Date as follows: 
 2.1 Organization. Each Seller Party is
a limited liability company duly formed, validly existing and in good standing under the Laws of the state of its formation, and has full limited liability company power and authority to conduct its business as and to the extent now conducted.

 2.2 Authority. Each Seller Party has full limited liability company power and authority to execute and deliver this
Agreement and the Operative Agreements to which it is a party, to perform its obligations hereunder and thereunder and to consummate the transactions contemplated hereby and thereby. The execution and delivery by each Seller Party of this Agreement
and the Operative Agreements to which it is a party, and the performance by each Seller Party of its obligations hereunder and thereunder, have been duly and validly authorized by its members to the extent required under the terms of its
organizational documents, no other limited liability company action on the part of either Seller Party or its members being necessary. This Agreement has been duly and validly executed and delivered by each Seller Party and constitutes, and upon the
execution and delivery by each Seller Party of the Operative Agreements to which it is a party, such Operative Agreements will constitute, legal, valid and binding obligations of each Seller Party enforceable against such Seller Party in accordance
with their terms. 
 2.3 No Conflicts. The execution and delivery by each Seller Party of this Agreement does not, and
the execution and delivery by each Seller Party of the Operative Agreements to which it is a party, the performance by each Seller Party of its obligations under this Agreement and such Operative Agreements and the consummation of the transactions
contemplated hereby and thereby (a) will not conflict with or result in a violation or breach of (i) any of the terms, conditions or provisions of the organizational documents of such Seller Party or (ii) any term or provision of any
Law or Order applicable to such Seller Party or any of its assets and properties (including the Real Property, the Air Permit, the Special Use Permit and the Real Property Purchase Agreement), and (b) do not and will not (i) conflict with
or result in a violation or breach of, (ii) constitute (with or without notice or lapse of time or both) a default under, (iii) except as described elsewhere in this Agreement, require such Seller Party to obtain any consent, approval or
action of, make any filing with or give any notice to any Person as a result or under the terms of, or (iv) result in or give to any Person any right of termination, 

  
 - 5 -

 
cancellation, acceleration or modification in or with respect to, (v) result in or give to any Person any additional rights or entitlement to increased, additional, accelerated or guaranteed
payments under, or (vi) result in the creation or imposition of any Lien upon such Seller Party or any of its assets and properties under, in each case under clauses (i) through (vi) hereof, any contract or license
(including the Real Property Purchase Agreement) to which such Seller Party is a party or by which any of its assets and properties (including the Real Property, the Air Permit, the Special Use Permit and the Real Property Purchase Agreement) is
bound. 
 2.4 Governmental Approvals and Filings. Except as specifically set forth in this Agreement or any of the
Operative Agreements, no consent, approval or action of, filing with or notice to any Governmental or Regulatory Authority on the part of either Seller Party is required in connection with the execution, delivery and performance of this Agreement or
any of the Operative Agreements to which it is a party or the consummation of the transactions contemplated hereby or thereby. 

2.5 Legal Proceedings. There are no Actions or Proceedings pending or threatened against, relating to or affecting either Seller
Party which (a) could reasonably be expected to result in the issuance of an Order restraining, enjoining or otherwise prohibiting or making illegal the consummation of any of the transactions contemplated by this Agreement or any of the
Operative Agreements or otherwise result in a material diminution of the benefits contemplated by this Agreement or any of the Operative Agreements to Purchaser or Fulcrum, or (b) if determined adversely to either Seller Party, as applicable,
could reasonably be expected to result in (x) any injunction or other equitable relief that would interfere in any respect with the Real Property, the Special Use Permit, the Air Permit or the Real Property Purchase Agreement or (y) Losses
by such Seller Party. To the Knowledge of Seller, there are no facts or circumstances that could reasonably be expected to give rise to any Action or Proceeding that would be required to be disclosed pursuant to the immediately preceding sentence.
There are no Orders outstanding against Seller with respect to the Real Property, the Special Use Permit, the Air Permit or the Real Property Purchase Agreement. 
 2.6 Compliance With Laws and Orders. To Seller’s Knowledge, Seller is not, nor has it at any time within the last five years been, nor has it received any notice that it is or has at any time
within the last five years been, in violation of or in default under, in any material respect, any Law or Order applicable to the Real Property, the Special Use Permit, the Air Permit or the Real Property Purchase Agreement. 

2.7 Title. Seller has good and marketable fee simple title to the Real Property. Seller is in possession of the Real Property.
Seller has taken no action to effect a transfer of the Special Use Permit or the Air Permit, and Seller has not transferred any of its interest in the Real Property Purchase Agreement, except in either case, in accordance with this Agreement.
Seller’s right, title and interest in such Real Property Purchase Agreement is free and clear of all Liens. Seller has adequate rights of ingress and egress with respect to the Real Property. 

2.8 Environmental Matters. Seller has not treated, stored, disposed of, arranged for or permitted the disposal of, transported,
handled, or released Hazardous Materials at, onto, from or under the Real Property and to Seller’s Knowledge, no environmental conditions exist thereon 

  
 - 6 -

 
for which remedial action is required by any Environmental Law. To Seller’s Knowledge, the Real Property is currently in compliance with the requirements of Environmental Laws, and Seller
has not received any Environmental Claim or other written or oral notice, report or other information regarding any actual or alleged violation of Environmental Laws or any Liability or potential Liability arising under any Environmental Law
relating to Real Property. There are no pending or threatened environmental Actions or Proceedings against Seller with respect to its ownership and operation of the Real Property, and to Seller’s Knowledge no facts or circumstances that would
form the basis of any environmental Action or Proceeding against Seller with respect to the Real Property. Seller is not liable for the costs of cleaning up, remedying or responding to a release of any Hazardous Materials arising from the Real
Property. To Seller’s Knowledge, as of the date of this Agreement, none of the following exists at the Real Property: (a) underground storage tanks; (b) asbestos containing material in any form or condition; (c) materials or
equipment containing polychlorinated biphenyls; or (d) landfills, surface impoundments, or other disposal areas. 
 2.9
Permits. Accurate and complete copies of the Special Use Permit and the Air Permit have been delivered to Purchaser. The Special Use Permit and Air Permit are in full force and effect, and neither Seller nor to Seller’s Knowledge any
other Person is, in any material respect, in breach of or in default under, and to Seller’s Knowledge no event has occurred that would constitute a default by Seller or any other Person under, the Special Use Permit or the Air Permit. No
proceedings are pending or threatened that would result in the revocation, termination, modification or failure to renew of the Special Use Permit or Air Permit. To Seller’s Knowledge, the Special Use Permit runs with the land and all rights
and obligation of the Special Use Permit shall automatically transfer from Seller to Purchaser concurrent with transfer of the Real Property, and Seller does not have Knowledge of any fact, condition or reason that the Nevada Department of
Environmental Protection or any other Governmental or Regulatory Authority would not consent or would delay its consent to the transfer or reissuance of the Air Permit from Seller to Purchaser. 

2.10 Real Property Purchase Agreement. An accurate and complete copy of the Real Property Purchase Agreement has been delivered to
Purchaser. The Real Property Purchase Agreement is in full force and effect and neither Seller nor, to Seller’s Knowledge, any other Person is in any material respect in breach of or in default under, and no event has occurred that would
constitute a material default by Seller or, to Seller’s Knowledge, any other Person under the Real Property Purchase Agreement. As of the Closing Date, Seller has no material obligations or liabilities, which obligations or liabilities either
(a) are unperformed and were to have been performed as of such date or (b) have accrued and are unpaid under the Real Property Purchase Agreement as of such date. Seller’s rights under Real Property Purchase Agreement constitute all
contractual rights owned or possessed by Seller or any of its Affiliates related to the Real Property. 
 2.11 Brokers.
All negotiations relative to this Agreement and the transactions contemplated hereby have been carried out by the Seller Parties directly with Purchaser without the intervention of any Person on behalf of the Seller Parties in such manner as to give
rise to any valid claim by any Person against Purchaser for a finder’s fee, brokerage commission or similar payment. 

  
 - 7 -

 2.12 Intellectual Property. Seller and its Affiliates have a valid right, title and
interest in, or valid and binding rights to use all of the Intellectual Property licensed by IET subject to the Master Purchase and Licensing Agreement and the purchase orders to be entered into in connection therewith. There is no pending, or to
Seller’s Knowledge, threatened Action or Proceeding against Seller or any of its Affiliates contesting Seller’s or its Affiliates’ ownership or right to use the Intellectual Property licensed by IET subject to the Master Purchase and
Licensing Agreement and the purchase orders to be entered into in connection therewith. 
 ARTICLE III. REPRESENTATIONS AND
WARRANTIES OF PURCHASER 
 Purchaser hereby represents and warrants to the Seller Parties as of the Closing Date as follows:

 3.1 Organization. Purchaser is a limited liability company duly formed, validly existing and in good standing under
the Laws of the State of Delaware. Purchaser has full limited liability company power and authority to enter into this Agreement and the Operative Agreements to which it is a party, to perform its obligations hereunder and thereunder and to
consummate the transactions contemplated hereby and thereby. 
 3.2 Authority. The execution and delivery by Purchaser of
this Agreement and the Operative Agreements to which it is a party, and the performance by Purchaser of its obligations hereunder and thereunder, have been duly and validly authorized in accordance with its organizational documents, no other limited
liability company action on the part of Purchaser or its manager or members being necessary. This Agreement has been duly and validly executed and delivered by Purchaser and constitutes, and upon the execution and delivery by Purchaser of the
Operative Agreements to which it is a party, such Operative Agreements shall constitute, legal, valid and binding obligations of Purchaser enforceable against Purchaser in accordance with their terms. 

3.3 No Conflicts. The execution and delivery by Purchaser of this Agreement do not, and the execution and delivery by Purchaser of
the Operative Agreements to which it is a party, the performance by Purchaser of its obligations under this Agreement and such Operative Agreements and the consummation of the transactions contemplated hereby and thereby (a) will not conflict
with or result in a violation or breach of (i) any of the terms, conditions or provisions of the organizational documents of Purchaser or (ii) any term or provision of any Law or Order applicable to Purchaser or any of its assets and
properties, and (b) do not and will not (i) conflict with or result in a violation or breach of, (ii) constitute (with or without notice or lapse of time or both) a default under, (iii) require Purchaser to obtain any consent,
approval or action of, make any filing with or give any notice to any Person as a result or under the terms of, or (iv) result in or give to any Person any right of termination, cancellation, acceleration or modification in or with respect to,
(v) result in or give to any Person any additional rights or entitlement to increased, additional, accelerated or guaranteed payments under, or (vi) result in the creation or imposition of any Lien upon Purchaser or any of its assets and
properties under, in each case under clauses (i) through (vi) hereof, any contract or license to which Purchaser is a party or by which any of its assets and properties is bound. 

  
 - 8 -

 3.4 Governmental Approvals and Filings. Except as specifically set forth in this
Agreement or any of the Operative Agreements, no consent, approval or action of, filing with or notice to any Governmental or Regulatory Authority on the part of Purchaser is required in connection with the execution, delivery and performance of
this Agreement or any of the Operative Agreements to which it is a party or the consummation of the transactions contemplated hereby or thereby. 
 3.5 Real Property Purchase Agreement and Environmental Permits. Seller has been provided with copies of the Real Property Purchase Agreement, the Special Use Permit, and the Air Permit and is aware
of all provisions in each of those documents. 
 3.6 Brokers. All negotiations relative to this Agreement and the
transactions contemplated hereby have been carried out by Purchaser directly with Seller without the intervention of any Person on behalf of Purchaser in such manner as to give rise to any valid claim by any Person against Seller for a finder’s
fee, brokerage commission or similar payment. 
 ARTICLE IV. INDEMNIFICATION 

4.1 Indemnification by Seller. Each Seller Party shall indemnify Purchaser Indemnified Parties in respect of, and hold each of
them harmless from and against, any and all Losses suffered, incurred or sustained by any of them or to which any of them becomes subject, resulting from, arising out of or relating to any breach of representation or warranty or nonfulfillment of or
failure to perform any covenant or agreement on the part of the Seller Parties contained in this Agreement. 
 4.2
Indemnification by Purchaser. Purchaser shall indemnify Seller Indemnified Parties in respect of, and hold each of them harmless from and against, any and all Losses suffered, incurred or sustained by any of them or to which any of them
becomes subject, resulting from, arising out of or relating to any breach of representation or warranty or nonfulfillment of or failure to perform any covenant or agreement on the part of Purchaser contained in this Agreement. 

4.3 Survival. All statements, representations and warranties made by the parties herein or in any assignment and assumption
agreement executed in connection herewith shall survive the Closing and the recording of the general warranty deed. All covenants and agreements made by the parties herein or in any assignment and assumption agreements executed in connection
herewith shall survive the Closing until such covenant or agreement shall have been discharged in accordance with this Agreement or the relevant assignment and assumption agreement, as applicable. Notwithstanding the foregoing, no Indemnified Party
shall be entitled to make any claim for indemnification as provided in Section 4.1 or Section 4.2 unless such claim shall have been made in writing no later than the eighteenth (18th) month anniversary of the Closing
Date. 

  
 - 9 -

 4.4 Limitations. No Indemnified Party shall be entitled to make any claim for
indemnification under this Article IV, in respect of a breach of a representation or warranty, unless and until the aggregate amount of all such claims made in good faith for indemnification exceeds Twenty Five Thousand Dollars (the
“Deductible”), but then such Indemnified Party shall be entitled to make a claim for indemnification for all such claims exceeding the Deductible. 
 4.5 Exclusive Remedy. The indemnification provisions of Article IV shall be the sole and exclusive remedy of each party (including Indemnified Parties) for any breach of any party’s
representations or warranties contained in Section 2 or Section 3 of this Agreement, other than for claims by any party that may arise for remedies at law or in equity for the fraud, fraudulent misrepresentations, willful
misconduct or gross negligence of any other party. 
 4.6 Notice of Claims. Each party shall promptly notify the other
party in writing of all third party claims which may give rise to the right of indemnification for breaches of representations and warranties, it being understood that if, through the fault of the party seeking indemnification, the indemnifying
party does not receive notice of any such matter in time to contest the determination of any liability which is susceptible to being contested, the indemnifying party shall not be obligated to indemnify the other party with respect thereto. Each
such notice shall specifically describe the matter which may give rise to indemnification and shall indicate the particular representation or warranty which is alleged to have been breached. The Indemnifying Party shall be entitled to participate in
and, to the extent that it wishes, to assume, the defense of any such matter with counsel reasonably acceptable to the Indemnified Party; provided, that the Indemnified Party may participate with counsel of its choice (at the Indemnifying
Party’s expense) if the Indemnifying Party does not pursue such defense with reasonable diligence, the claim involves potential criminal liability upon the Indemnified Party or a potential or actual conflict of interest exists among the
parties. Except as set forth in the immediately preceding sentence, after notice of the election of the Indemnifying Party that it will assume the defense thereof, the Indemnifying Party shall not be liable to the Indemnified Party for its legal or
other expenses incurred thereafter in connection with the defense thereof. The Indemnifying Party shall have the authority to settle any third party claim to which indemnification under this Agreement relates, without the consent of the Indemnified
Party only if: (1) the settlement does not exceed the limitation set forth in Article 5, (2) the settlement provides only for a monetary payment, and (3) the settlement includes as an unconditional term thereof the giving of a release
from all liability with respect to such claim by each claimant to each Indemnified Party that is or may be subject to such third party claim. Except with the prior consent of the Indemnifying Party, the Indemnified Party shall not pay or voluntarily
permit the determination of any liability under any third party claim to which indemnification under this Agreement relates. 

4.7 Access to Information. If any claim is made by a third party against an Indemnified Party, the Indemnified Party shall use
commercially reasonable efforts to make available to the Indemnifying Party those partners, members, officers and employees whose assistance, testimony or presence is necessary to assist the Indemnifying Party in evaluating and in defending such
claims; provided, that any such access shall be conducted in such a manner as not to interfere unreasonably with the operations of the business of the Indemnified Party, and 

  
 - 10 -

 
any reasonable out of pocket expenses incurred by any Indemnified Party in connection therewith shall be included in such Indemnified Party’s Losses. 

ARTICLE V. ABSOLUTE CAP ON DAMAGES 
 Notwithstanding anything to the contrary, the aggregate liability of any party to this Agreement shall be limited to a maximum amount equal to One Million Two Hundred Fifty Thousand Dollars ($1,250,000)
for any Losses arising out of or in connection with this Agreement, its terms and conditions, or the enforcement thereof, other than for claims for the fraud, fraudulent misrepresentations, willful misconduct or gross negligence of any party. All
claims for damages in respect of breaches of representations and warranties hereunder shall be subject to the Deductible at Section 4.4. 
 ARTICLE VI. DEFINITIONS 
 6.1 Definitions. As used in this
Agreement, the following defined terms have the meanings indicated below: 
 “AAA” the meaning ascribed to it
in Section 7.12(b). 
 “Actions or Proceedings” means any action, suit, proceeding, arbitration or
Governmental or Regulatory Authority investigation or audit. 
 “Affiliate” means any Person that directly, or
indirectly through one of more intermediaries, controls or is controlled by or is under common control with the Person specified. For purposes of this definition, control of a Person means the power, direct or indirect, to direct or cause the
direction of the management and policies of such Person whether by contract or otherwise and, in any event and without limitation of the previous sentence, any Person owning ten percent (10%) or more of the voting securities of another Person
shall be deemed to control that Person. 
 “Agreement” means this Purchase Agreement and the Exhibits hereto.

 “Air Permit” meaning ascribed to it in the Recitals. 

“Closing” means the closing of the transactions contemplated by Section 1.4. 

“Closing Date” the meaning ascribed to it in the forepart of this Agreement. 

“Code” means the Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated thereunder.

 “Deductible” the meaning ascribed to it in Section 4.4. 

“Election Notice” the meaning ascribed to it in Section 1.9(a). 

  
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 “Environmental Claim” means, with respect to any Person, any written or
oral notice, claim, demand or other communication by any other Person alleging or asserting such Person’s liability for investigatory costs, cleanup costs, Governmental or Regulatory Authority response costs, damages to natural resources or
other property, personal injuries, fines or penalties arising out of, based on or resulting from (a) the presence, or Release into the environment, of any Hazardous Material at any location, whether or not owned by such Person, or
(b) circumstances forming the basis of any violation, or alleged violation, of any Environmental Law. The term “Environmental Claim” shall include, without limitation, any claim by any Governmental or Regulatory Authority for
enforcement, cleanup, removal, response, remedial or other actions or damages pursuant to any applicable Environmental Law, and any claim by any third party seeking damages, contribution, indemnification, cost recovery, compensation or injunctive
relief resulting from the presence of Hazardous Materials or arising from alleged injury or threat of injury to health, safety or the environment. 
 “Environmental Law” means any Law or Order relating to the regulation or protection of public health and safety, worker health and safety, pollution or protection of natural resources or
the environment, including any of the foregoing relating to the presence, use, production, generation, handling, transportation, treatment, storage, disposal, arrangement for transportation or disposal, distribution, labeling, testing, processing,
discharge, release, threatened release, control, or cleanup of any hazardous, dangerous or toxic materials, substances or wastes, as each of the foregoing are amended, enacted or in effect, prior to, on, or after the Closing Date. 

“Escrow Agent” the meaning ascribed to it in Section 1.4(a). 

“Escrow Instructions” the meaning ascribed to it in Section 1.4(b). 

“Fulcrum” means Fulcrum BioEnergy, Inc., a Delaware corporation. 

“GAAP” means generally accepted accounting principles, consistently applied throughout the specified period and in the
immediately prior comparable period. 
 “Governmental or Regulatory Authority” means any court, tribunal,
arbitrator, authority, agency, commission, official or other instrumentality of the United States, any foreign country or any domestic or foreign state, county, city or other political subdivision. 

“Hazardous Material” means (i) any petroleum. petroleum products, or byproducts, radioactive materials, asbestos in
any form or condition, , polychlorinated biphenyls (PCBs), noise or odors; (ii) any chemicals or other materials or substances which are now or hereafter become defined as or included in the definition of “hazardous substances,”
“hazardous wastes,” “hazardous materials,” “extremely hazardous wastes,” “restricted hazardous wastes,” “toxic substances,” “toxic pollutants” or words of similar import under any
Environmental Law; and (iii) any other chemical or other material or substance, exposure to which is now or hereafter prohibited, limited or regulated by any Governmental or Regulatory Authority, or with respect to which liability or standards
of conduct are imposed under, any Environmental Law. 

  
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 “Impasse Notice” the meaning ascribed to it in Section 7.12(a).

 “Indemnified Party” means any Person entitled to indemnification pursuant to Article IV. 

“Indemnifying Party” means a Person having an obligation to indemnify, defend and hold harmless an Indemnified Party
pursuant to Article IV. 
 “InEnTec” the meaning ascribed to it in Section 1.9(a).

 “Intellectual Property” means all patents and patent rights, trademarks and trademark rights, trade names
and trade name rights, service marks and service mark rights, service names and service name rights, brand names, inventions, processes, formulae, copyrights and copyright rights, trade dress, business and product names, logos, slogans, trade
secrets, industrial models, processes, designs, methodologies, computer programs (including all source codes) and related documentation, technical information, manufacturing, engineering and technical drawings, know-how and all pending applications
for and registrations of patents, trademarks, service marks and copyrights. 
 “Knowledge,” with respect to any
stated entity, means the actual knowledge of any officer, director or employee (or any officer, director or employees of an Affiliate of such entity generally responsible for the subject matter to which knowledge is pertinent as of the date the
representation or warranty is made) of such entity after due inquiry. 
 “Laws” means all laws, statutes,
rules, regulations, ordinances and other pronouncements having the effect of law of the United States, any foreign country or any domestic or foreign state, county, city or other political subdivision or of any Governmental or Regulatory Authority,
including all common law. 
 “Liabilities” means all indebtedness, obligations and other liabilities of a
Person (whether absolute, accrued, contingent, fixed or otherwise, or whether due or to become due). 
 “Liens”
means any mortgage, pledge, assessment, security interest, lease, lien, adverse claim, levy, charge or other encumbrance of any kind, or any conditional sale contract, title retention contract or other contract or agreement to give any of the
foregoing. 
 “LLC Agreement” the meaning ascribed to it in the Recitals. 

“Loss” means any and all damages, fines, fees, penalties, deficiencies, losses and expenses (including interest, court
costs, fees of attorneys, accountants and other experts or other expenses of litigation or other proceedings or of any claim, default or assessment). 
 “Management Representative” the meaning ascribed to it in Section 7.12(a). 
 “Master Purchase and License Agreement” means the Master Purchase and Licensing Agreement to be entered into on the Closing Date between Fulcrum and IET. 

  
 - 13 -

 “Medical Waste” the meaning ascribed to it in the Master Purchase and
License Agreement. 
 “Medical Waste Processing Agreement” means that certain Waste Processing Agreement, dated
as of February 28, 2007, by and between InEnTec Medical Services California, LLC, a Delaware limited liability company, and Enserv West, LLC, a Delaware limited liability company. 

“MWPA Acknowledgment” the meaning ascribed to it in Section 1.9(a). 

“MWPA Consent” the meaning ascribed to it in Section 1.9(a). 

“Negotiation Period” the meaning ascribed to it in Section 7.12(a). 

“Operative Agreements” means, collectively, the Escrow Instructions, the LLC Agreement, and the Assignment and
Assumption Agreement described in Section 1.4(b)(ii), and the Master Purchase and License Agreement. 

“Order” means any writ, judgment, decree, injunction or similar order of any Governmental or Regulatory Authority (in
each such case whether preliminary or final). 
 “Permitted Lien” means (i) any Lien for Taxes not yet due
or delinquent or being contested in good faith by appropriate proceedings for which adequate reserves have been established in accordance with GAAP, (ii) any statutory Lien arising in the ordinary course of business by operation of Law with
respect to a Liability that is not yet due or delinquent and (iii) any minor imperfection of title or similar Lien which individually or in the aggregate with other such Liens does not materially impair the value of the property subject to such
Lien. 
 “Person” means any natural person, corporation, limited liability company, general partnership,
limited partnership, proprietorship, other business organization, trust, union, association or Governmental or Regulatory Authority. 
 “Project” the meaning ascribed to it in the Recitals. 

“Purchase Price” the meaning ascribed to it in Section 1.2. 

“Purchaser” the meaning ascribed to it in the forepart of this Agreement. 

“Purchaser Indemnified Parties” means Purchaser and its officers, directors, employees, agents and Affiliates.

 “Real Property” the meaning ascribed to it in the Recitals. 

“Real Property Purchase Agreement” the meaning ascribed to it in the Recitals. 

“Release” means any release, spill, emission, leaking, pumping, injection, deposit, disposal, discharge, dispersal,
leaching or migration into the indoor or outdoor 

  
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environment, including the movement of Hazardous Materials through ambient air, soil, surface water, ground water, wetlands, land or subsurface strata. 

“Representatives” means with respect to any party, such party’s officers, directors, employees, agents, counsel,
accountants, financial advisors, consultants and other representatives. 
 “Seller” the meaning ascribed to it
in the forepart of this Agreement. 
 “Seller Indemnified Parties” means Seller and its officers, directors,
employees, agents and Affiliates. 
 “Seller Party” and “Seller Parties” the meaning ascribed
to it in Article II. 
 “Special Use Permit” the meaning ascribed to it in the Recitals. 

“Taxes” means any federal, state, local, or foreign income, gross receipts, license, payroll, employment, excise,
severance, stamp, occupation, premium, windfall profits, environmental (including taxes under Code §59A), customs duties, capital stock, franchise, profits, withholding, social security (or similar), unemployment, disability, real property,
personal property, sales, use, transfer, registration, value added, alternative or add-on minimum, estimated, or other tax of any kind whatsoever, including any interest, penalty, or addition thereto, whether disputed or not and any expenses
incurred in connection with the determination, settlement or litigation of any Tax liability. 
 6.2 Construction of Certain
Terms and Phrases. Unless the context of this Agreement otherwise requires, (i) words of any gender include each other gender; (ii) words using the singular or plural number also include the plural or singular number, respectively;
(iii) the terms “hereof,” “herein,” “hereby” and derivative or similar words refer to this entire Agreement; (iv) the terms “Article” or “Section” refer to the specified Article or Section
of this Agreement; and (v) the word “including” shall mean “including without limitation.” All accounting terms used herein and not expressly defined herein shall have the meanings given to them under GAAP. 

ARTICLE VII. MISCELLANEOUS 
 7.1 Notices. All notices, requests and other communications hereunder must be in writing and shall be deemed to have been duly given only if delivered personally or by confirmed facsimile transmission or
mailed, registered or certified mail, return receipt requested postage prepaid to the parties at the following addresses or facsimile numbers: 
  

			
	If to Purchaser, to:	 	If to Seller, to:

  
 - 15 -

			
	Fulcrum Sierra BioFuels, LLC	  	IMS Nevada LLC
	c/o Fulcrum BioEnergy, Inc.	  	c/o Integrated Environmental Technologies LLC
	4900 Hopyard Road, Suite 220	  	595 S.W. Bluff Drive, Suite B
	Pleasanton, CA 94588	  	Bend, OR 97702
	Facsimile No.: (925) 730-0157	  	Facsimile No.: (866) 393-0231
	Attn: Richard D. Barraza, Vice President of Administration	  	Attn: J. Michael Rockett, General Counsel
		
	with a copy to:	  	with a copy to:
		
	Thelen Reid Brown Raysman & Steiner LLP	  	Impact Law Group PLLC
	101 Second Street, Suite 1800	  	719 Second Avenue, Suite 850
	San Francisco, CA 94105	  	Seattle, WA 98104
	Facsimile No.: (415) 369-8724	  	Facsimile No.: (415) 984-0796
	Attn: Leslie E. Sherman	  	Attn: Ryan R. Montecucco

 All such notices, requests and other communications shall (a) if delivered personally to the address as provided in
this Section, be deemed given upon delivery, (b) if delivered by confirmed facsimile transmission to the facsimile number as provided in this Section, be deemed given upon receipt, and (c) if delivered by mail in the manner described above
to the address as provided in this Section, be deemed given upon receipt (in each case regardless of whether such notice, request or other communication is received by any other Person to whom a copy of such notice, request or other communication is
to be delivered pursuant to this Section). Any party from time to time may change its address, facsimile number or other information for the purpose of notices to that party by giving notice specifying such change to the other party hereto.

 7.2 Entire Agreement. This Agreement and the Operative Agreements supersede all prior discussions and agreements
between the parties with respect to the subject matter hereof and thereof, and contain the sole and entire agreement between the parties hereto with respect to the subject matter hereof and thereof. 

7.3 Expenses. Except as otherwise expressly provided in this Agreement and the Operative Agreements, whether or not the
transactions contemplated hereby are consummated, each party shall pay its own costs and expenses incurred in connection with the negotiation, execution and closing of this Agreement and the Operative Agreements and the transactions contemplated
hereby and thereby. 
 7.4 Waiver. Any term or condition of this Agreement may be waived at any time by the party that is
entitled to the benefit thereof, but no such waiver shall be effective unless set forth in a written instrument duly executed by or on behalf of the party waiving such term or condition. No waiver by any party of any term or condition of this
Agreement, in any one or more instances, shall be deemed to be or construed as a waiver of the same or any other term or condition of this Agreement on any future occasion. All remedies, either under this Agreement or by Law or otherwise afforded,
shall be cumulative and not alternative. 

  
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 7.5 Amendment. This Agreement may be amended, supplemented or modified only by a
written instrument duly executed by or on behalf of each party hereto. 
 7.6 No Third Party Beneficiary. The terms and
provisions of this Agreement are intended solely for the benefit of each party hereto and their respective successors or permitted assigns, and it is not the intention of the parties to confer third-party beneficiary rights upon any other Person
other than any Person entitled to indemnity under Article V. 
 7.7 No Assignment; Binding Effect. Neither this
Agreement nor any right, interest or obligation hereunder may be assigned by any party hereto without the prior written consent of the other parties hereto and any attempt to do so shall be void, except (a) for assignments and transfers by
operation of Law and (b) that either party may (i) assign any or all of its rights, interests and obligations hereunder to a wholly-owned subsidiary, provided that any such subsidiary agrees in writing to be bound by all of the terms,
conditions and provisions contained herein, and (ii) collaterally assign any or all of its rights, interests and obligations hereunder to a Person or Persons providing financing to either party. Subject to the preceding sentence, this Agreement
is binding upon, inures to the benefit of and is enforceable by the parties hereto and their respective successors and assigns. 

7.8 Invalid Provisions. If any provision of this Agreement is held to be illegal, invalid or unenforceable under any present or
future Law, and if the rights or obligations of any party hereto under this Agreement shall not be materially and adversely affected thereby, (a) such provision shall be fully severable, and automatically deemed modified to the extent necessary
to achieve the original intent of the parties, (b) this Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part hereof and (c) the remaining provisions of this Agreement
shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance herefrom. 
 7.9 Governing Law; Waiver of Jury Trial. This Agreement shall be governed by and construed in accordance with the Laws of the State of New York applicable to a contract executed and performed in
such State, without giving effect to the conflicts of laws principles thereof. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT OF TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTER-CLAIM, ARISING OUT
OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY MATTER ARISING HEREUNDER. 
 7.10 Counterparts. This Agreement may be
executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 7.11 Further Assurances. Each party hereby covenants and agrees that, at any time and from time to time it shall, upon the commercially reasonable request of the other, do, execute, acknowledge and
deliver or cause to be done, executed, acknowledged and delivered all such further acts, deeds, assignments, transfers, conveyances and assurances as may be commercially reasonably required for the carrying out of all the terms of this Agreement.
Following the Closing, each Seller Party shall afford Purchaser and its Representatives, during normal business 

  
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hours, reasonable access to the non-privileged books, records and other data relating to the Real Property, the Air Permit, the Special Use Permit and the Real Property Purchase Agreement in its
possession, with the right to make copies and extracts therefrom, to the extent such access may be reasonably requested for proper purposes by Purchaser. 
 7.12 Dispute Resolution. The following process is the exclusive process for resolving disputes related to the Agreement: 
 (a) Negotiation. The disputing parties shall first attempt in good faith to resolve any dispute arising out of or in connection with this Agreement, or its performance including the existence and
validity of the Agreement promptly by negotiation between executives who have authority to settle the controversy and who are at a higher level of management than the persons with direct responsibility for the administration of this Agreement (a
“Management Representative”). Within seven calendar days after determining to invoke dispute resolution, a party shall provide the other relevant parties with a written notice of the dispute, a proposed means for resolving the same,
and the support for such position. The receiving party shall respond with the same types of information within seven calendar days of receiving the first party’s notice. Thereafter, Management Representatives of the disputing parties shall meet
to discuss the matter and attempt in good faith to reach a negotiated resolution of the dispute. If the disputing parties have not agreed upon a resolution of the dispute within 45 calendar days after the date of the original notice provided under
this Section 7.12(a), or such other time period as the disputing parties may agree in writing to allow for discussions (“Negotiation Period”), then at any time after the end of the Negotiation Period, a party may provide
written notice to the other declaring an impasse (“Impasse Notice”) and initiating binding arbitration in accordance with the further provisions of Section 7.12(b). 

(b) Binding Arbitration. Any dispute for which an Impasse Notice shall have been delivered under Section 7.12(a) shall
be settled by arbitration administered by the American Arbitration Association (“AAA”) under its Commercial Arbitration Rules, and judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction
thereof. Arbitration shall take place in San Francisco, California if initiated by any Seller Party, and in Bend, Oregon if initiated by Purchaser. Application of the Commercial Arbitration Rules shall be subject to the following: There shall be a
single neutral arbitrator selected as follows: Within 20 calendar days after the AAA serves the confirmation of notice of filing of the arbitration demand, the parties shall agree on the appointment of a single neutral arbitrator and so notify the
AAA. If the parties fail to agree on the appointment of a single neutral arbitrator within that time period, and have not otherwise mutually agreed to extend that time period, then the AAA shall make the appointment. 

7.13 Confidentiality. Each Party agrees that, except with the prior written consent of the other Party, it shall at all times keep
confidential and not divulge, furnish or make accessible to anyone any confidential information, knowledge or data concerning or relating to the business or financial affairs of the other Parties to which such Party has been or shall become privy by
reason of this Agreement, discussions or negotiations relating to this Agreement or the relationship of the Parties contemplated hereby; provided, however, that confidential information may be disclosed to a party's directors, partners, officers,
employees, advisors, financing sources 

  
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or representatives (provided that (1) such directors, partners, officers, employees, advisors, financing sources or representatives of any Party will be informed by such Party of the
confidential nature of such information and shall be directed by such Party to keep such information confidential in accordance with the contents of this Agreement and (2) each party will be liable for any breaches of this
Section 7.13 by any of its directors, partners, officers, employees, advisors, financing sources or representatives). The confidentiality obligations of this Section 7.13 do not apply to any information, knowledge or data
(i) which is publicly available or becomes publicly available through no act or omission of the party wishing to disclose the information, knowledge or data; or (ii) to the extent that it is required to be disclosed by any applicable law,
regulation or legal process or by the rules of any stock exchange, regulatory body or governmental authority, including in connection with the resolution of any dispute hereunder. The provisions of this Section 7.13 shall survive
termination of this Agreement. 
 7.14 Press Release. No Party shall be permitted to make any public disclosure
(including any press release) either in writing or orally with respect to this Agreement or the transactions contemplated hereby without the consent of the other Party, which consent shall not be unreasonably withheld, denied or delayed. 

7.15 Headings. The headings used in this Agreement have been inserted for convenience of reference only and do not define or limit
the provisions hereof. 
 [Remainder of the page intentionally left blank; signature page follows.] 

  
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 IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the duly
authorized officer of each party as of the date first above written. 
  

			
	FULCRUM SIERRA BIOFUELS, LLC
		
	By:	 	 /s/    E. James
Macias        

	Name:	 	E. James Macias
	Title:	 	President
	
	IMS NEVADA LLC

			
		
	By:	 	 /s/    David B.
Allworth        

			
	Name:	 	David B. Allworth
	Title:	 	Manager
	
	INTEGRATED ENVIRONMENTAL TECHNOLOGIES LLC

			
		
	By:	 	 /s/ Jeffrey E.
Surma

			
	Name: Jeffrey E. Surma
	Title: President and CEO

  
 [Signature
Page to Purchase Agreement] 

 Exhibit A 
 Legal Description of Real Property 
 [See attached.] 

 the real property situate in the County of Storey, State of Nevada, described as follows: 

Parcel 1: 
 Parcel 2007-30 of Record
of Survey Map No. 106718, filed in the office of the County Recorder of Storey County, State of Nevada on May 21, 2007, as File No. 106718, of Official Records, more particularly described as follows: 

All that certain parcel situate within a portion of the West 1/2 of Section Eleven (11), Township Nineteen (19) North, Range Twenty-Two
(22) East, Mount Diablo Meridian, Storey County, Nevada, being a portion of Parcel 2006-69 as shown on Record of Survey Map, File No. 105611 in the Official Records of Storey County, Nevada, and being more particularly described as
follows: 
 Commencing at the South 1/4 corner of said Section 11: 
 Thence North 35°43’08” West, 2860.63 feet to the Point of Beginning, said point being on the Westerly line of said Parcel 2006-69; 

Thence leaving said Westerly line, North 60°19’42” East, 698.26 feet to the Westerly line of Parcel 2006-68 as shown on Record of Survey
Map, File No. 105611; 
 Thence along said Westerly line, South 29°40’18” East, 775.18 feet to the Southwest corner of
said Parcel 2006-68, also being the Southeast corner of said Parcel 2006-69; 
 Thence along the Southerly line of said Parcel 2006-69,
South 62°18’55” West, 555.26 feet to the beginning of a tangent curve to the right; 
 Thence continuing along said
Southerly line, 149.18 feet along the arc of a 524.70 foot radius curve, through a central angle of 16° 17’24” to the Southwest corner of said Parcel 2006-69; 
 Thence along the Westerly line of said Parcel 2006-69, North 10°38’47” West 96.15 feet to the beginning of a tangent curve to the left; 

Thence continuing along said Westerly line, 654.85 feet along the arc of a 870.00 foot radius curve, through a central angle of
43°07’35” to the Point of Beginning. 
 The above metes and bounds description appeared previously in that certain document
recorded May 21, 2007 in Book 236, page 349, as Document No. 106719 of Official Records. 
 Parcel 2: 

An easement for access and utility purposes over Peru Drive as set forth in the document recorded January 3, 2007, in Book 229, Page 940, as
Document No. 105666 of Official Records, and shown as Parcel 2006-58 on Record of Survey Map No. 105607, filed in the office of the County Recorder of Storey County, State of Nevada on January 3, 2007, as File No. 105607, of
Official Records. 
 TOGETHER with all tenements, hereditaments and appurtenances, including easements and water rights, if any,
thereto belonging or appertaining, and any reversions, remainders, rents, issues or profits thereof. 
 Date: 02/12/2008 

 Exhibit B 
 Form of Escrow Instructions 
 [See attached.] 

 April 1, 2008 
 VIA ELECTRONIC TRANSMISSION 
 First American Title Insurance Company 

5310 Kietzke Lane, #100 
 Reno, NV 89511

					
	Attention:	  	Cindy Dillon, Escrow Officer
		  	Ron Breazeale, Title Officer
			
		  	Re:	  	Title Insurance Commitment issued under Order/Escrow No. 121-
		  		  	2348621 (the “Commitment”)

 Dear Ms. Dillon and Mr. Breazeale: 
 Please refer to that certain Purchase Agreement, dated as of April 1, 2008 by and among Fulcrum Sierra BioFuels, LLC, a Delaware limited liability company (“Buyer”), IMS Nevada LLC, a
Delaware limited liability company (“Seller”) and Integrated Environmental Technologies, LLC, a Delaware limited liability company. This letter constitutes the joint escrow and closing instructions of Buyer and Seller. You are to act as
escrow agent for this transaction, in accordance with the instructions set forth in this letter (the “Escrow Instructions”). The purchase of the property described in Schedule “A” of the Commitment (the “Property”) is
currently scheduled to close on April 1, 2008 (the “Closing Date”). 
 A. Deposits Into Escrow 

1. Deliveries on behalf of Seller: On or before the Closing Date, you will receive from or on behalf of Seller, the following
documents and funds: 
 a. One original Grant, Bargain, and Sale Deed executed by Seller and properly notarized, conveying fee
title of the Property to Buyer (the “Deed”); 
 b. One counter-signature of Declaration of Value executed by Seller;

 c. One counter-signature of Seller’s Certification Under Foreign Investment In Real Property Tax Act executed by
Seller; 
 d. Other necessary documents required to close the transaction and for you to issue the Owner’s Policy (as
defined below) on the Closing Date with the endorsements described in Paragraph B(2) and in the form of the marked Commitment attached hereto as Exhibit A (“Proforma”); and 

 First American Title Insurance Company 
 April 1, 2008 
 Page 2 

 

 e. Immediately available funds in the amount shown as due from Seller on the Closing
Statement (as defined below), including, without limitation, funds in an amount sufficient to pay Seller’s share of closing costs. 
 2. Deliveries from Buyer: On or before the Closing Date, Buyer will deposit into escrow one counter-signature of Declaration of Value executed by Buyer, one counter signature of Certification Under
Foreign Investment In Real Property Tax Act executed by Buyer, and immediately available funds in the amount shown as due from Buyer on the Closing Statement (as defined below), including, without limitation, funds in an amount sufficient to pay
Buyer’s share of closing costs, prorations and the net purchase price due Seller. 
 Please confirm that you have received
each of the foregoing documents, and that the form of each of such documents deposited with you is in exactly the form prescribed by these Escrow Instructions. You are directed to hold all such documents in this escrow until you are expressly
authorized to record them or deliver them or you are required to return them, in each case in accordance with these Escrow Instructions. Such authorization may be given by (a) on behalf of Seller, Jeff Surma, David Farmer or Ryan Montecucco
(“Seller Authorized Person”), and on behalf of Buyer, Les Sherman, Jill Van Dalen or Takako Morita or any other attorney from Thelen Reid Brown Raysman & Steiner LLP (“Buyer Authorized Person”). Seller Authorized Person
and Buyer Authorized Person are collectively referred to as the “Authorized Person.” 
 B. Close of Escrow. You
are authorized and directed to close escrow for this transaction on the Closing Date when and only when: 
 1. you have received
all of the above-described funds and documents and you have confirmed that each of the documents delivered is in the prescribed form, and you have dated any undated documents as of the Closing Date, and attached any missing legal descriptions in the
form set forth in the Proforma, and attached any other missing exhibits or schedules which have been separately provided to you by an Authorized Person; 
 2. you have confirmed that First American Title Insurance Company is prepared and irrevocably committed to issue to Buyer its ALTA Standard Owner’s Policy of Title Insurance (“Owner’s
Policy”), effective as of the Closing Date with the following endorsements attached: 110.1 (deleting any bankruptcy, insolvency or creditors’ rights exclusions (contained in paragraph 4 of the exclusions from coverage)); 100
(comprehensive, modified for an Owner’s Policy); 101.4 (mechanic’s lien); 103.3 (easement); 103.4 (easement access); 116.7 (subdivision); and 110.9 (environmental). The liability of the described Owner’s Policy shall be $1,792,105,
insuring that Buyer has good and marketable title to the Property, subject only to Exceptions 1 through 10 of the Proforma as marked on the attached Proforma. 
 3. you have acknowledged your receipt of this letter and your agreement to comply with all of the instructions set forth in this letter by signing a copy of this letter where indicated below and
telecopying the same to both the Buyer Authorized Person and Seller Authorized Person; 

 First American Title Insurance Company 
 April 1, 2008 
 Page 3 

 

 4. you have prepared and delivered the proposed closing statement by telecopy to the
Buyer and Seller and (i) the Buyer or Buyer Authorized Person and (ii) the Seller or Seller Authorized Person have signified their approval thereof by initialing such Closing Statement and faxing it back to you (the “Closing
Statement”); 
 5. you have received authorization to close from Buyer and Seller or their respective Authorized Person.

 6. you have confirmed that your escrow is then irrevocably committed to close; and 

7. you are otherwise in a position to comply with these Escrow Instructions. 

C. Closing. You are to close escrow by doing the following: 

1. distributing the funds in accordance with the Closing Statement and recording the Deed in the Official Records of Storey County,
Nevada in such a manner which will enable you to issue the Owner’s Policy; and 
 2. delivering to Buyer Authorized Person
and Seller Authorized Person, by messenger or overnight courier in care of the undersigned, (a) a fully executed original (or copy if no original is available) of each of the documents described in Section A above (certified and conformed, in
the case of recorded documents, to show applicable recording information) and all other documents or instruments deposited into this escrow, and the final Closing Statement (which shall be identical in the form to the Closing Statement approved, as
provided above) 
 D. Closing Costs. Closing costs and prorations are to be allocated in accordance with the Closing
Statement approved in writing, as provided above. 
 E. General Instructions. During the period in which you hold any
funds, you are hereby authorized and instructed to invest such funds in a federally insured money market account. In connection with such investment, Buyer and Seller shall, upon your written request, execute a Form W-9 Request for Taxpayer
Identification Number and Certification and deliver the same to you for your information. We anticipate that closing shall occur no later than 10:00 a.m. California time on April 1, 2008. If there are any questions concerning the above, please
call the Authorized Person immediately. These Escrow Instructions may be amended only by written amendment signed by the Buyer and Seller. 
 F. Contact Information  
  

			
	 If to Purchaser, to:
	  	If to Seller, to:

 First American Title Insurance Company 
 April 1, 2008 
 Page 4 

 

			
	Fulcrum Sierra BioFuels, LLC	  	IMS Nevada LLC
	c/o Fulcrum BioEnergy, Inc.	  	c/o Integrated Environmental Technologies LLC
	4900 Hopyard Road, Suite 220	  	595 S.W. Bluff Drive, Suite B
	Pleasanton, CA 94588	  	Bend, OR 97702
	Facsimile No.: (866) 393-0231	  	Facsimile No.: (866) 393-0231
	Attn: Richard D. Barraza	  	Attn: J. Michael Rockett, General Counsel
		
	with a copy to:	  	with a copy to:
		
	Thelen Reid Brown Raysman & Steiner LLP	  	Impact Law Group PLLC
	101 Second Street, Suite 1800	  	719 Second Avenue, Suite 850
	San Francisco, CA 94105	  	Seattle, WA 98104
	Facsimile No.: 415-369-8936	  	Facsimile No.: (415) 984-0796
	Attn: Dirk Mueller	  	Attn: Ryan R. Montecucco

 G. Cancellation of Instructions. Notwithstanding anything to the contrary herein, if the
conditions specified in these Escrow Instructions are not satisfied on or before April 3, 2008 (the “Cancellation Date”), then, if you receive written instructions to cancel this escrow from Buyer and Seller, the instructions set
forth above shall be deemed canceled, you shall immediately notify the other party of your receipt of same and you shall immediately release any Buyer and Seller funds to the party delivering the same to you pursuant to federal funds wire transfer.

 IT IS UNDERSTOOD THAT NOTWITHSTANDING THE FAILURE TO RECEIVE A COUNTERSIGNED COPY OF THIS LETTER FROM YOU, THE RECORDATION OF THE DEED IN
THE OFFICIAL RECORDS SHALL CONSTITUTE EVIDENCE OF YOUR AGREEMENT TO COMPLY WITH ALL OF THE INSTRUCTIONS SET FORTH IN THIS LETTER. YOU ARE TO TAKE NO ACTIONS PURSUANT TO SEPARATE INSTRUCTIONS ISSUED BY FIRST AMERICAN TITLE COMPANY, DATED FEBRUARY 13,
2008, AS AMENDED, FOR ESCROW 121-2348621 THAT WOULD CONFLICT WITH THESE INSTRUCTIONS. Please call each of Jill Van Dalen and Ryan Montecucco immediately if you cannot comply with any requirements of the Instructions. 

While your recordation of the Deed shall constitute your acceptance of and agreement to act in strict accordance with these Escrow
Instructions, please, confirm your receipt of this letter and your willingness to comply with the instructions contained herein by signing a copy of this letter in the space provided below and returning the countersigned copy to the Authorized
Person. 
 [Signature to Follow] 

 
			
	FULCRUM SIERRA BIOFUELS, LLC
		
	By:	 	  

	    Name:
	    Title:
	
	IMS NEVADA LLC
		
	By:	 	  

	    Name:
	    Title:

 First American Title Insurance Company acknowledges receipt of the within instructions and agrees
to comply with such instructions. 
 Dated: April     , 2008 

 

			
	FIRST AMERICAN TITLE INSURANCE COMPANY

			
		
	By:	 	  

		
	Name:	 	  

		
	Its:	 	  

 Exhibit A 

PRO FORMA 

[See attached]

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