Document:

Exhibit 10.4

 

Execution Version

 

AMENDMENT AGREEMENT

 

This Amendment Agreement (this
“Amendment”) is dated as of this 5th day of August, 2022 (the “Effective Date”), by and
among Global Clean Holdings Inc., a Delaware corporation (the “Company”), Orion Energy Credit Opportunities Fund II,
L.P., Orion Energy Credit Opportunities Fund II PV, L.P., Orion Energy Credit Opportunities Fund II GPFA, L.P., Orion Energy Credit Opportunities
Fund GCE Co-Invest, L.P., Orion Energy Credit Opportunities Fund GCE Co-Invest B, L.P., Orion Energy Credit Opportunities Fund III PV,
L.P., Orion Energy Credit Opportunities Fund III GPFA, L.P., Orion Energy Credit Opportunities Fund III, L.P., Orion Energy Credit Opportunities
Fund III GPFA PV, L.P., LIF AIV 1, L.P., Voya Renewable Energy Infrastructure Originator I LLC and Voya Renewable Energy Infrastructure
Originator L.P. (the “Investors”). The Company and the Investors are each referred to herein as a “Party”
and collectively as the “Parties”.

 

WHEREAS, pursuant to that
certain Securities Purchase Agreement, dated as of February 2, 2022, by and between the Company, ExxonMobil Renewables LLC (“EM”),
and the Investors, on February 23, 2022 the Company (i) issued to certain of the Investors warrants to purchase up to 5,017,008 shares
of its common stock (as amended by the Omnibus Amendment, effective as of February 23, 2022, by and among the Company and the Investors,
the “Investor Warrants”) and (ii) entered into that certain Registration Rights Agreement, dated as of February 23,
2022 (the “RRA”), with certain of the Investors; and

 

WHEREAS, various amendments
and transactions are being entered into on the date hereof by the Company, certain of the Investors and EM, and in connection therewith
the Company and the Investors desire to further amend the Investor Warrants and the RRA in the manner set forth herein, and to admit Orion
Energy Credit Opportunities Fund GCE Co-Invest B, L.P. as a party to the RRA and an “Investor” thereunder.

 

NOW, THEREFORE, for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the Parties agree as follows:

 

1.            Amendments
to Investor Warrants. Effective as of the Effective Date, pursuant to Section 19 of the Investor Warrants, each Party agrees that
the Investor Warrants are hereby amended as follows:

 

		a.	The following definitions are hereby added to Section 1:

 

“Amendment
No. 9 to Credit Agreement” means that certain Amendment No. 9 to the Credit Agreement, dated August 5, 2022, by and among BKRF
OCB, LLC, a Delaware limited liability company, BKRF OCP, LLC, a Delaware limited liability company, Bakersfield Renewable Fuels, LLC,
a Delaware limited liability company, and Orion Energy Partners TP Agent, LLC, as the administrative agent and collateral agent.

 

“Transaction
Agreement” means the Transaction Agreement, dated as of August 5, 2022, by and among ExxonMobil Oil Corporation, ExxonMobil
Renewables LLC and the Company.

 

     

     

    

 

“Underlying
Consideration” has the meaning set forth in Section 4(b).

 

		b.	The following definitions are hereby amended and restated as follows:

 

“Excluded
Issuances” means any issuance or sale by the Company after the Original Issue Date of (a) shares of Common Stock issued upon
the exercise of this Warrant, (b) Common Stock (or Options with respect thereto) issued or issuable to employees or directors of, or consultants
to, the Company or any of its subsidiaries pursuant to a plan, agreement or arrangement approved by the Board of Directors of the Company,
(c) shares of Common Stock issued or issuable pursuant to the terms of securities (including Convertible Securities) issued under the
Purchase Agreement, Amendment No. 9 to Credit Agreement or the Transaction Agreement (as such securities have been amended), (d) securities
issuable upon the exercise, exchange, or conversion of any Convertible Securities that are issued and outstanding on the Original Issue
Date, provided that such securities are not amended after the date hereof to increase the number of shares of Common Stock issuable
thereunder or to lower the exercise or conversion price thereof or (e) Common Stock, Options or Convertible Securities with respect thereto,
issued as acquisition consideration pursuant to the acquisition of another entity by the Company by merger, purchase of substantially
all of the assets or other reorganization or pursuant to a joint venture agreement. In addition, for the avoidance of doubt, “Excluded
Issuances” also include the filing of any registration statement of the Company with the Securities and Exchange Commission registering
securities of the Company, or the filing of any amendments or supplements thereto, provided that the determination of whether any
sale under any such registration statement is an Excluded Issuance will be determined based on the preceding clauses (a) to (e) hereof.

 

“Fair Market
Value” means, as of any particular date: (a) the volume weighted average of the closing sales prices of the Common Stock for
such day on all domestic securities exchanges on which the Common Stock may at the time be listed; (b) if there have been no sales of
the Common Stock on any such exchange on any such day, the average of the highest bid and lowest asked prices for the Common Stock on
all such exchanges at the end of such day; (c) if on any such day the Common Stock is not listed on a domestic securities exchange, the
closing sales price of the Common Stock as quoted on the OTC Bulletin Board, the Pink OTC Markets or similar quotation system or association
for such day; or (d) if there have been no sales of the Common Stock on the OTC Bulletin Board, the Pink OTC Markets or similar quotation
system or association on such day, the average of the highest bid and lowest asked prices for the Common Stock quoted on the OTC Bulletin
Board, the Pink OTC Markets or similar quotation system or association at the end of such day; in each case, averaged over three (3) consecutive
Business Days ending on the Business Day immediately prior to the day as of which “Fair Market Value” is being determined;
provided, that if the Common Stock is listed on any domestic securities exchange, the term “Business Day” as used in
this sentence means Business Days on which such exchange is open for trading. If at any time the Common Stock is not listed on any domestic
securities exchange or quoted on the OTC Bulletin Board, the Pink OTC Markets or similar quotation system or association, the “Fair
Market Value” of the Common Stock shall be the fair market value per share as determined jointly by the Board and the Holder, or,
if that selection cannot be made within ten (10) days, by a nationally recognized and independent investment banking or valuation firm
selected jointly and approved by the Board and the Holder (including the methodologies to be utilized), or if joint selection and approval
is not achieved within ten (10) days, the American Arbitration Association shall select the independent investment banking or valuation
firm in accordance with its rules. The determination of such firm shall be final and conclusive, and the fees and expenses of such firm
shall be borne equally by the Company and the Holder.

 

     

     

    

 

		c.	The last sentence of Section 3(d) is hereby amended and restated as follows:

 

“Notwithstanding
anything to the contrary in this Section 3(d), the Warrant Shares may be issued in uncertificated or book-entry form, at the option
of the Holder, with such uncertificated Warrant Shares being evidenced by a book position either on the Company’s share register
or on the books of The Depository Trust Company, at the option of the Holder.”

 

		d.	Section 4(b) is hereby amended and restated in its entirety as follows:

 

“Adjustment
to Exercise Price and Warrant Shares Upon Reorganization, Reclassification, Consolidation or Merger. In the event of any (i) capital
reorganization of the Company, (ii) reclassification of the stock of the Company (other than a change in par value or from par value to
no par value or from no par value to par value or as a result of a stock dividend or subdivision, split-up or combination of shares),
(iii) consolidation or merger of the Company with or into another Person, (iv) sale of all or substantially all of the Company’s
assets to another Person or (v) other similar transaction, in each case which entitles the holders of Common Stock to receive (either
directly or upon subsequent liquidation) stock, securities or assets with respect to or in exchange for Common Stock, each Warrant shall,
immediately after such reorganization, reclassification, consolidation, merger, sale or similar transaction, remain outstanding and shall
thereafter, in lieu of or in addition to (as the case may be) the number of Warrant Shares then exercisable under this Warrant, be exercisable
for the kind and number of shares of stock or other securities or assets of the Company or of the successor Person resulting from such
transaction to which the Holder would have been entitled upon such reorganization, reclassification, consolidation, merger, sale or similar
transaction if the Holder had exercised this Warrant in full immediately prior to the time of such reorganization, reclassification, consolidation,
merger, sale or similar transaction and acquired the applicable number of Warrant Shares then issuable hereunder as a result of such exercise
(without taking into account any limitations or restrictions on the exercisability of this Warrant) (collectively, the “Underlying
Consideration”); and, in such case, appropriate adjustment (in form and substance satisfactory to the Holder) shall be made
with respect to the Holder’s rights under this Warrant to insure that the provisions of this Section 4 shall thereafter be
applicable, as nearly as possible, to this Warrant in relation to any shares of stock, securities or assets thereafter acquirable upon
exercise of this Warrant (including, in the case of any consolidation, merger, sale or similar transaction in which the successor or purchasing
Person is other than the Company, an immediate adjustment in the Exercise Price to the value per share for the Common Stock reflected
by the terms of such consolidation, merger, sale or similar transaction, and a corresponding immediate adjustment to the number of Warrant
Shares acquirable upon exercise of this Warrant without regard to any limitations or restrictions on exercise, if the value so reflected
is less than the Exercise Price in effect immediately prior to such consolidation, merger, sale or similar transaction). If any such reorganization,
reclassification, consolidation, merger, sale or similar transaction entitles the holders of Common Stock to receive more than a single
type of consideration (determined based in part upon any form of stockholder election), then for purposes of this Section 4(b),
such consideration shall be deemed to be the weighted average of the types and amounts of consideration actually received by the holders
of Common Stock in such transaction. If, immediately after giving effect to any such reorganization, reclassification, consolidation,
merger, sale or similar transaction, shares of common stock that are listed on any domestic securities exchange or quoted on the OTC Bulletin
Board, the Pink OTC Markets or any similar quotation system or association account for less than 90% of the aggregate Fair Market Value
of the Underlying Consideration (assuming the Fair Market Value of any cash is the face amount of such cash), then the Exercise Price
and the amount of the Underlying Consideration shall be adjusted as of the effective date of such transaction to compensate the Holder
for lost time value. Such adjustments shall be determined based on a Black-Scholes option pricing model by a nationally recognized and
independent investment banking or valuation firm selected jointly and approved by the Board and the Holder; provided that (x) if
such joint selection and approval is not achieved within ten (10) days, the American Arbitration Association shall select the independent
investment banking or valuation firm in accordance with its rules and (y) the determination of such firm shall be final and conclusive,
and the fees and expenses of such firm shall be borne equally by the Company and the Holder. The provisions of this Section 4(b)
shall similarly apply to successive reorganizations, reclassifications, consolidations, mergers, sales or similar transactions. The Company
shall not effect any such reorganization, reclassification, consolidation, merger, sale or similar transaction unless, prior to the consummation
thereof, the successor Person (if other than the Company) resulting from such reorganization, reclassification, consolidation, merger,
sale or similar transaction, shall assume, by written instrument substantially similar in form and substance to this Warrant and satisfactory
to the Holder, the obligation to deliver to the Holder such shares of stock, securities or assets which, in accordance with the foregoing
provisions, such Holder shall be entitled to receive upon exercise of this Warrant. Notwithstanding anything to the contrary contained
herein, with respect to any corporate event or other transaction contemplated by the provisions of this Section 4(b), the Holder
shall have the right to receive the same consideration as any other holder of Common Stock if the Holder elects prior to the consummation
of such event or transaction to give effect to the exercise rights contained in Section 2 instead of giving effect to the provisions
contained in this Section 4(b) with respect to this Warrant.”

 

     

     

    

 

		e.	Section 4(c) is hereby amended and restated as follows:

 

“Certain
Events. If any event of the type contemplated by the provisions of this Section 4 but not expressly provided for by such provisions
(including, without limitation, a premium self-tender offer, a dividend or distribution upon the Common Stock payable in cash or other
assets or property, or the granting of stock appreciation rights, phantom stock rights or other rights with equity features, other than
with respect to any Excluded Issuance) occurs, then the Board shall make an appropriate adjustment in the Exercise Price and the number
of Warrant Shares issuable upon exercise of this Warrant so as to protect the rights of the Holder in a manner consistent with the provisions
of this Section 4; provided, that no such adjustment pursuant to this Section 4(c) shall increase the Exercise Price
or decrease the number of Warrant Shares issuable as otherwise determined pursuant to this Section 4, and for the avoidance of
doubt, no adjustment pursuant to this Section 4(c) shall be made in connection with any Excluded Issuance.”

 

		f.	The legend set forth on the face of the Investor Warrants and in Section 10(a) is hereby amended and restated
as follows:

 

“THIS WARRANT
AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR QUALIFIED UNDER ANY STATE OR FOREIGN SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED
OR ASSIGNED UNLESS (I) A REGISTRATION STATEMENT COVERING THIS WARRANT OR SUCH SECURITIES, AS THE CASE MAY BE, IS EFFECTIVE UNDER THE ACT
AND IS QUALIFIED UNDER APPLICABLE STATE AND FOREIGN LAW OR (II) THE TRANSACTION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY
REQUIREMENTS UNDER THE ACT AND THE QUALIFICATION REQUIREMENTS UNDER APPLICABLE STATE AND FOREIGN LAW AND, IF THE CORPORATION REQUESTS,
AN OPINION SATISFACTORY TO THE CORPORATION TO SUCH EFFECT HAS BEEN RENDERED BY COUNSEL.”

 

     

     

    

 

2.            Amendments
to RRA. Pursuant to Section 10 of the RRA, each Party agrees that the RRA is hereby amended as follows:

 

		a.	Section 1. Certain Definitions of the RRA is hereby amended to renumber such section as “1a. Certain
Definitions”

 

		b.	The following definitions are hereby added to Section 1a.:

 

“Amendment
No. 9 to Credit Agreement” means that certain Amendment No. 9 to the Credit Agreement, dated August 5, 2022, by and among BKRF
OCB, LLC, a Delaware limited liability company, BKRF OCP, LLC, a Delaware limited liability company, Bakersfield Renewable Fuels, LLC,
a Delaware limited liability company, and Orion Energy Partners TP Agent, LLC, as the administrative agent and collateral agent.

 

“EM Registrable
Securities” means “Registrable Securities” as defined in the EM Registration Rights Agreement.

 

“EM Registration
Rights Agreement” means that certain Registration Rights Agreement dated August 5, 2022, by and among the Company and ExxonMobil
Renewables LLC.

 

		c.	The definition of “Warrants” is hereby amended and restated as follows:

 

“Warrants”
means those warrants issued by the Company to the Investors to purchase Common Stock pursuant to the Purchase Agreement (including those
warrants represented by Warrant Certificate Nos. GCEH-002, GCEH-003, GCEH-004, GCEH-006, GCEH-007, GCEH-008, GCEH-009, GCEH-010, GCEH-011,
GCEH-012, GCEH-013 GCEH-014), and the warrants issued by the Company to the Investors pursuant to Amendment No. 9 to Credit Agreement.

 

		d.	For purposes of Section 1 of the RRA, the Parties agree that the deadline for the filing of the Shelf
Registration Statement with respect to the warrants issued pursuant to Amendment No. 9 to Credit Agreement shall be September 30, 2022.

 

     

     

    

 

		e.	Section 2(b) of the RRA is hereby amended and restated as follows:

 

“If the managing
underwriter of such offering referred to in this Section 2 determines in good faith that the number of securities sought to be
offered should be limited due to market conditions, then the number of securities to be included in such underwritten public offering
shall be reduced to a number deemed satisfactory by such managing underwriter; provided, that the shares to be excluded shall be
determined in the following order of priority: (i) persons not having any contractual or other right to include such securities in the
registration statement, (ii) securities held by any other Persons (other than the holders of Registrable Securities or the EM Registrable
Securities) having a contractual, incidental “piggy back” right to include such securities in the registration statement,
(iii) securities to be registered by the Company pursuant to such registration statement, (iv) Registrable Securities of Investors and
holders of EM Registrable Securities who did not make the original request for registration and, if necessary, (v) Registrable Securities
of Investors who requested such registration pursuant to Section 2(a). If there is a reduction of the number of Registrable Securities
and EM Registrable Securities pursuant to clause (iv), such reduction shall be made on a pro rata basis (based upon the aggregate number
of Registrable Securities and EM Registrable Securities held by such holders). If there is a reduction of the number of Registrable Securities
pursuant to clause (v), such reduction shall be made on a pro rata basis (based upon the aggregate number of Registrable Securities held
by such holders).”

 

		f.	The proviso at the end of Section 3(b) is hereby amended and restated as follows:

 

“provided
further, that any shares to be excluded shall be determined in the following order of priority: (i) securities held by any Persons
not having any such contractual, incidental registration rights, (ii) securities held by any Persons having contractual, incidental registration
rights pursuant to an agreement which is not this Agreement other than the EM Registration Rights Agreement, and (iii) the Registrable
Securities and the EM Registrable Securities sought to be included by the holders thereof as determined on a pro rata basis (based upon
the aggregate number of Registrable Securities and EM Registrable Securities held by such holders).”

 

		g.	Section 4. Registration Procedures is hereby amended by adding as a new subclause (o) the following language,
and renumbering the current subclause (o) as subclause (p):

 

“(o) use its
reasonable best efforts to make available its senior management, employees and personnel for participation in “road shows”
and other marketing efforts and otherwise provide reasonable assistance to the underwriters (taking into account the needs of the Company’s
businesses and the requirements of the marketing process) in marketing the Registrable Securities in any underwritten offering; and”

 

     

     

    

 

		h.	Section 14(b) is hereby amended and restated as follows:

 

“(b) other than
pursuant to the EM Registration Rights Agreement, grant any other registration rights other than any incidental or so called piggyback
registration rights to any third parties that are not inconsistent with the terms of this Agreement.”

 

		i.	Schedule A is hereby amended in order to add Orion Energy Credit Opportunities Fund GCE Co-Invest B, L.P.
as a “Principal Investor”.

 

3.       Joinder.
Orion Energy Credit Opportunities Fund GCE Co-Invest B, L.P., by executing this Amendment, hereby joins and is made a party to the RRA
(as amended by this Amendment) and shall constitute an “Investor” for all purposes thereunder.

 

4.       Effectiveness
of Amendment. This Amendment is entered into, adopted and effective as of the Effective Date.

 

5.       Entire
Agreement. This Amendment, together with the RRA and the Investor Warrants constitute the entire agreement among the Company and the
Investors with respect to the subject matter hereof and thereof and supersedes any prior understandings, negotiations, agreements, statements
or representations among the Investors and Company or any of their respective Affiliates of any nature, whether written or oral, to the
extent they relate in any way to the subject matter hereof or thereof.

 

6.       No
Other Amendments. Except as expressly amended by this Amendment, the terms of the RRA and the Investor Warrants shall remain in full
force and effect.

 

7.       Miscellaneous
Terms. The provisions of Sections 10 (Amendments) and 16 (Miscellaneous) of the RRA, and the provisions of Sections 18 (Headings),
19 (Amendment and Modification; Waiver), 20 (Severability), 21 (Governing Law), 22 (Submission to Jurisdiction), 23 (Waiver of Jury Trial),
24 (Counterparts) and 25 (No Strict Construction) of the Investor Warrants, shall apply mutatis mutandis to this Amendment.

 

[Signature page follows]

 

     

     

    

 

IN WITNESS WHEREOF, each Party has executed this
Amendment effective as of the Effective Date.

 

	 	GLOBAL CLEAN ENERGY HOLDINGS, INC.
	 	 
	 	By:	 
	 	 	Name: Richard Palmer
	 	 	Title: Chief Executive Officer

 

     

     

    

 

	 	ORION ENERGY CREDIT OPPORTUNITIES FUND II, L.P.
	 	 
	 	By:  	 
	 	 	Name: Gerrit Nicholas
	 	 	Title:   Managing Partner
	 	 
	 	ORION ENERGY CREDIT OPPORTUNITIES FUND II PV, L.P.
	 	 
	 	By:  	 
	 	 	Name: Gerrit Nicholas
	 	 	Title:   Managing Partner
	 	 
	 	ORION ENERGY CREDIT OPPORTUNITIES FUND II GPFA, L.P.
	 	 
	 	By:  	 
	 	 	Name: Gerrit Nicholas
	 	 	Title:   Managing Partner
	 	 
	 	ORION ENERGY CREDIT OPPORTUNITIES GCE CO-INVEST, L.P.
	 	 
	 	By:  	 
	 	 	Name: Gerrit Nicholas
	 	 	Title:   Managing Partner
	 	 
	 	ORION ENERGY CREDIT OPPORTUNITIES GCE CO-INVEST B, L.P.
	 	 
	 	By:  	 
	 	 	Name: Gerrit Nicholas
	 	 	Title:   Managing Partner

 

     

     

    

 

	 	ORION ENERGY CREDIT OPPORTUNITIES FUND III, L.P.
	 	 
	 	By:  	 
	 	 	Name: Gerrit Nicholas
	 	 	Title:   Managing Partner
	 	 
	 	ORION ENERGY CREDIT OPPORTUNITIES FUND III PV, L.P.
	 	 
	 	By:  	 
	 	 	Name: Gerrit Nicholas
	 	 	Title:   Managing Partner
	 	 
	 	ORION ENERGY CREDIT OPPORTUNITIES FUND III GPFA, L.P.
	 	 
	 	By:  	 
	 	 	Name: Gerrit Nicholas
	 	 	Title:   Managing Partner
	 	 
	 	ORION ENERGY CREDIT OPPORTUNITIES FUND III GPFA PV, L.P.
	 	 
	 	By:  	 
	 	 	Name: Gerrit Nicholas
	 	 	Title:   Managing Partner

 

     

     

    

 

	 	VOYA RENEWABLE ENERGY
	 	INFRASTRUCTURE ORIGINATOR I LLC
	 	 
	 	By:  	Voya Alternative Asset Management LLC, as Agent
	 	 
	 	By:  	 
	 	 	Name: 	Edward Levin
	 	 	Title:   	Senior Vice President
	 	 
	 	VOYA RENEWABLE ENERGY
	 	INFRASTRUCTURE ORIGINATOR L.P.
	 	 
	 	By:  	Voya Alternative Asset Management LLC, as Agent
	 	 
	 	By:  	 
	 	 	Name: 	Edward Levin
	 	 	Title:   	Senior Vice President

 

     

     

    

 

	 	LIF AIV 1, L.P
	 	 
	 	By:  GCM Investments GP, LLC, its General Partner
	 	 
	 	By:  	 
	 	 	Name: 	Todd Henigan
	 	 	Title:   	Authorized SignatoryExhibit 10.5 

 

EXECUTION VERSION

 

TRANSACTION
AGREEMENT

 

dated as of August 5, 2022

 

by and among

 

GLOBAL CLEAN
ENERGY HOLDINGS, INC., 

 

EXXONMOBIL OIL
CORPORATION,

 

and

 

EXXONMOBIL RENEWABLES
LLC

 

    	 		 

     

    

 

TABLE
OF CONTENTS

 

	 	 	Page
	 	 	 
	Article I
	DEFINITIONS
	 	 	 
	Section 1.1.	Defined Terms	1
	 	 	 
	Article II
	ACTIONS AND DELIVERABLES AT CLOSING
	 	 	 
	Section 2.1.	The Closing	3
	Section 2.2.	Actions and Deliverables	3
	 	 	 
	Article III
	REPRESENTATIONS AND WARRANTIES OF THE COMPANY
	 	 	 
	Section 3.1.	Capacity and Authority	3
	Section 3.2.	Corporate Authorization; Enforceability	4
	Section 3.3.	No Violations	4
	 	 	 
	Article IV
	REPRESENTATIONS OF EMOC AND EM RENEWABLES
	 	 	 
	Section 4.1.	Capacity and Authority	4
	Section 4.2.	Corporate Authorization; Enforceability	5
	Section 4.3.	No Violations	5
	Section 4.4	Purchase for Own Account; Restricted Securities	5
	 	 	 
	Article V
	OTHER AGREEMENTS
	 	 	 
	Section 5.1.	Board Observer Rights	6
	Section 5.2.	Anti-Dilution	6
	Article VI
	MISCELLANEOUS
	 	 	 
	Section 6.1.	Survival of Representations, Warranties and Agreements	6
	Section 6.2.	Headings; References; Interpretation	7
	Section 6.3.	Successors and Assigns	7
	Section 6.4.	No Third-Party Rights	7
	Section 6.5.	Counterparts	7
	Section 6.6.	Applicable Law; Forum, Venue and Jurisdiction	7
	Section 6.7.	Severability	8

 

    	 	-1-	 

     

    

 

TABLE
OF CONTENTS

(continued)

 

	 	 	Page
	 	 	 
	Section 6.8.	Amendment or Modification	8
	Section 6.9.	Integration	8
	Section 6.10.	Specific Performance	8
	Section 6.11.	Notice	8

 

Exhibit A – Amendment No. 9 to the Credit Agreement

Exhibit B – Amendment No. 3 to the Product Off-Take Agreement

Exhibit C – Amendment No. 2 to the Term Purchase Agreement

Exhibit D – Omnibus Warrant Amendment

Exhibit E – New EM Renewables Warrant Agreement

Exhibit F – Registration Rights Agreement

Exhibit G – New Lenders Warrant Agreement

 

    	 	-2-	 

     

    

 

TRANSACTION AGREEMENT

 

This Transaction Agreement (this
“Agreement”), dated as of August 5, 2022 (the “Effective Date”), is by and among Global Clean Energy
Holdings, Inc., a Delaware corporation (the “Company”), ExxonMobil Oil Corporation, a New York corporation (“EMOC”)
and ExxonMobil Renewables LLC, a Delaware limited liability company (“EM Renewables”). The above-named entities are
sometimes referred to in this Agreement individually as a “Party” and, collectively, as the “Parties.”
Each of EMOC and EM Renewables is referred to as an “EM Party”.

 

RECITALS

 

WHEREAS, the Company and
its subsidiaries are, as applicable, entering into certain amendments to its senior credit arrangements with certain institutional lenders
on the terms set forth in Amendment No. 9 to the Credit Agreement, dated August 5, 2022, by and among BKRF OCB, LLC, a Delaware limited
liability company, BKRF OCP, LLC, a Delaware limited liability company, Bakersfield Renewable Fuels, LLC, a Delaware limited liability
company, and Orion Energy Partners TP Agent, LLC, as the administrative agent and collateral agent for the senior lenders referred to
therein (“Amendment No. 9 to the Credit Agreement”, which is attached hereto as Exhibit A); and

 

WHEREAS, (a) EMOC is entering
into (i) Amendment No. 3 to the Product Off-Take Agreement in the form of Exhibit B attached hereto and (ii) Amendment No. 2 to
the Term Purchase Agreement in the form of Exhibit C attached hereto, and (b) in connection therewith the Company is agreeing to
(i) amend the Warrant Agreements pursuant to an omnibus warrant amendment in the form of Exhibit D attached hereto (“Omnibus
Warrant Amendment”), (ii) issue to EM Renewables additional warrants pursuant to the warrant agreement as set forth in ‎Section
2.2(d) below and the form of warrant agreement attached as Exhibit E hereto, (iii) EM Renewables having the right to designate
a Board Observer as set forth in ‎Section 5.1 below, and (iv) enter into the Registration Rights Agreement with the EM Parties
in the form of Exhibit F attached hereto.

 

NOW, THEREFORE, in consideration
of the mutual covenants, representations, warranties and agreements herein contained, the Parties agree as follows:

 

Article I

DEFINITIONS

 

Section
I.1.      Defined Terms.

 

Capitalized terms used herein
have the respective meanings ascribed to such terms below:

 

“Affiliate”
of any particular Person means any other person or entity controlling, controlled by or under common control with such particular Person.
For the purposes of this definition, “control” means the possession, directly or indirectly, of the power to direct the management
and policies of a Person whether through the ownership of fifty percent (50%) or more of the voting securities, contract or otherwise.

 

    	 		 

     

    

 

“Agreement”
is defined in the Preamble.

 

“Amendment No. 2 to the
Term Purchase Agreement” means the agreement the form of which is in in Exhibit C.

 

“Amendment No. 3 to the
Product Off-Take Agreement” means the agreement the form of which is in Exhibit B.

 

“Board” means
the Board of Directors of the Company.

 

“Closing” is
defined in ‎Section 2.1.

 

“Contract”
means any binding written or oral contract or agreement.

 

“Effective Date”
is defined in the Preamble.

 

“EM Party”
is defined in the Preamble.

 

“GCEH Warrant Agreement”
means that certain warrant represented by Warrant Certificate No. GCEH-001 by and between the Company and EM Renewables, dated as of February
23, 2022.

 

“GCEH Tranche II Warrant
Agreement” means that certain warrant represented by Warrant Certificate No. GCEH II-001 by and between the Company and EM Renewables,
dated as of February 23, 2022.

 

“Governmental Authority”
means any foreign, federal, state, provincial or local governmental or regulatory commission, board, bureau, agency, court, or regulatory
or administrative body.

 

“Law” means
any federal, state, local, municipal, foreign, order, constitution, law ordinance, rule, regulation, statute or treaty.

 

“New EM Renewables Warrant
Agreement” means the agreement the form of which is in Exhibit E.

 

“Party” and
“Parties” are defined in the Preamble.

 

“Person” means
an individual, partnership, corporation, limited liability company business trust, joint stock corporation, estate, trust, unincorporated
association, joint venture, Governmental Authority or other entity, of whatever nature.

 

“Registration Rights
Agreement” means the agreement the form of which is in Exhibit F.

 

“Securities Act”
means the Securities Act of 1933, as amended.

 

“Series C Preferred Stock”
means shares of the Company’s preferred stock, par value $0.001 per share, designated as “Series C Preferred Stock”.

 

    	 	2	 

     

    

 

“SusOils Warrant Agreement”
means that certain warrant represented by Warrant Certificate No. SUSO-001 by and between Sustainable Oils, Inc., a Delaware corporation
and wholly-owned subsidiary of the Company, and EM Renewables, dated as of February 23, 2022.

 

“Transaction Documents”
means this Agreement, the Omnibus Warrant Amendment, the New EM Renewables Warrant Agreement, the Registration Rights Agreement, the Amendment
No. 3 to the Product Off-Take Agreement, and the Amendment No. 2 to the Term Purchase Agreement.

 

“Warrant Agreements”
means, collectively, the GCEH Warrant Agreement, GCEH Tranche II Warrant Agreement and SusOils Warrant Agreement.

 

Article II

ACTIONS AND
DELIVERABLES AT CLOSING

 

Section
II.1.    The Closing. The closing of the transaction completed hereby (the “Closing”) shall take
place simultaneously and remotely by electronic exchange of executed documents, on the Effective Date.

 

Section
II.2.     Actions and Deliverables. At the Closing, the following shall occur:

 

(a)      (i) Amendment No. 9 to the Credit
Agreement shall be entered into by the parties thereto and (ii) the Company will issue to the lenders thereunder the warrants to purchase
7,451,282 shares of the Company’s common stock pursuant to the warrant agreement in the form of Exhibit G hereto.

 

(b)      The Company and EMOC shall enter
into Amendment No. 3 to the Product Off-Take Agreement and Amendment No. 2 to the Term Purchase Agreement.

 

(c)      The Company and EM Renewables
will enter into the Omnibus Warrant Amendment.

 

(d)      The Company will issue to EM Renewables the warrants
to purchase 2,489,643 shares of the Company’s common stock pursuant to the New EM Renewables Warrant Agreement in the form of Exhibit
E hereto.

 

(e)      The Company and EM Renewables
shall enter into the Registration Rights Agreement.

 

Article III 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

 

The Company hereby represents
and warrants to EMOC and EM Renewables as follows:

 

Section
III.1. Capacity and Authority. The Company is a corporation duly incorporated, validly existing and in good
standing under the laws of the State of Delaware and has all corporate power and authority required to carry on its businesses as
now conducted. Where applicable, it is duly qualified to do business as a foreign corporation or other entity and is in good
standing in each jurisdiction where the nature of its business, activities or properties makes such qualification necessary to carry
on its business as now conducted, except where the failure to be so qualified or in good standing would not reasonably be expected
to prevent, hinder or materially delay performance by it of any of its obligations under this Agreement.

 

    	 	3	 

     

    

 

Section
III.2. Corporate Authorization; Enforceability. The execution, delivery and performance by the Company of this Agreement
and the other Transaction Documents and the consummation of the transactions contemplated by this Agreement and the other Transaction
Documents are within the Company’s corporate or other organizational powers and have been duly and validly authorized and approved
by all necessary corporate or other organizational action by it, and no other corporate action on the part of the Company is necessary
to authorize the execution, delivery and performance by it of this Agreement and the other Transaction Documents to which it is a party.
This Agreement and each of the other Transaction Documents to which it is a party constitutes the legal, valid and binding agreement or
obligation of the Company, enforceable against it in accordance with its terms (i) except as enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect relating to or affecting creditors’
rights generally, including the effect of statutory and other laws regarding fraudulent conveyances and preferential transfers and (ii)
subject to the limitations imposed by general equitable principles regardless of whether such enforceability is considered in a proceeding
at law or in equity.

 

Section
III.3. No Violations. The execution and delivery of this Agreement by the Company and the other Transaction Documents
to which it is a party does not, and the consummation by the Company of the transactions contemplated by this Agreement and the other
Transaction Documents to which it is a party, and performance by the Company of its obligations thereunder will not (a) result in
the violation of any provision of the organizational documents of the Company, (b) result in the violation of any Law, permit, authorization,
registration, filing or qualification of or with, or require any consent or approval of, or notice to or filing with, any court or Governmental
Authority applicable to, binding upon or enforceable against the Company or its properties or assets or (c) result in any breach
of, or constitute a default (or an event that would, with the passage of time or the giving of notice or both, constitute a default) under,
or give rise to a right of acceleration or termination, or require any notice, consent or waiver under, any Contract to which such Company
is a party or bound (other than notices, consents or waivers that have been given or obtained on or prior to the Effective Date), except
in the case of clauses (b) and (c) as would not, individually or in the aggregate, materially impair, condition or delay the ability of
the Company to consummate the transactions contemplated by this Agreement or the Transaction Documents or to perform its obligations thereunder.

 

Article IV 

REPRESENTATIONS OF EMOC AND EM RENEWABLES

 

EMOC and EM Renewables, jointly
and severally, hereby represent and warrant to the Company as follows:

 

Section
IV.1. Capacity and Authority. Each EM Party is a legal entity duly incorporated, validly existing and in good
standing under the laws of the state or jurisdiction of their incorporation or formation and has all corporate power and authority
required to carry on its businesses as now conducted. Where applicable, each is duly qualified to do business as a foreign
corporation or other entity and is in good standing in each jurisdiction where the nature of its business, activities or properties
makes such qualification necessary to carry on its business as now conducted, except where the failure to be so qualified or in good
standing would not reasonably be expected to prevent, hinder or materially delay performance by it of any of its obligations under
this Agreement or any Transaction Document to which it is a party.

 

    	 	4	 

     

    

 

Section
IV.2. Corporate Authorization; Enforceability. The execution, delivery and performance by each EM Party of this Agreement
and the other Transaction Documents to which it is a party and the consummation of the transactions contemplated by this Agreement and
the other Transaction Documents are within its corporate or other organizational powers and have been duly and validly authorized and
approved by all necessary corporate or other organizational action by each, and no other corporate action on the part of either EM Party
is necessary to authorize the execution, delivery and performance by each of this Agreement and the other Transaction Documents to which
it is a party. This Agreement constitutes and each of the other Transaction Documents to which an EM Party is a party constitutes or shall
constitute when executed and delivered by it a legal, valid and binding agreement of it, enforceable against it in accordance with its
terms (i) except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws
now or hereafter in effect relating to or affecting creditors’ rights generally, including the effect of statutory and other laws
regarding fraudulent conveyances and preferential transfers and (ii) subject to the limitations imposed by general equitable principles
regardless of whether such enforceability is considered in a proceeding at law or in equity.

 

Section
IV.3. No Violations. The execution and delivery of this Agreement and the other Transaction Documents by each EM Party
does not, and the consummation by each EM Party of the transactions contemplated by this Agreement and the other Transaction Documents
to which it is a party will not (a) result in the violation of any provision of the organizational documents of either EM Party,
(b) result in the violation of any Law, permit, authorization, registration, filing or qualification of or with, or require any consent
or approval of, or notice to or filing with, any court or Governmental Authority applicable to, binding upon or enforceable against either
EM Party or its properties or assets or (c) result in any breach of, or constitute a default (or an event that would, with the passage
of time or the giving of notice or both, constitute a default) under, or give rise to a right of acceleration or termination, or require
any notice, consent or waiver under, any Contract to which either EM Party is a party or bound, except in the case of clauses (b) and
(c) as would not, individually or in the aggregate, materially impair, condition or delay the ability of either EM Party to consummate
the transactions contemplated by this Agreement and the other Transaction Documents to which it is a party or perform its obligations
thereunder.

 

Section
IV.4. Purchase for Own Account; Restricted Securities. The warrants to be acquired by EM Renewables pursuant to this
Agreement will be acquired for investment purposes for EM Renewable’s own account, not as a nominee or agent, and not with a view
to the resale or distribution of any part thereof, and that EM Renewables has no present intention of selling, granting any participation
in, or otherwise distributing the same. EM Renewables understands that such warrants have not been registered under the Securities Act
by reason of a specific exemption from the registration provisions of the Securities Act. EM Renewables understands that such warrants
are “restricted securities” within the meaning of applicable U.S. federal and state securities Laws that, pursuant to these
Laws, EM Renewables must hold such warrants indefinitely until they are registered with the Securities and Exchange Commission and qualified
by state authorities, or an exemption from such registration and qualification requirements is available.

 

    	 	5	 

     

    

 

Article V 

OTHER AGREEMENTS

 

Section
V.1. Board Observer Rights. For so long as any EM Party (or any Affiliate thereof) has the right to appoint a member
to the Board pursuant to the Certificate of Designations of the Series C Preferred Stock, EM Renewables shall be entitled, in addition
to its rights under the Certificate of Designations, to designate one board observer (the “Board Observer”) to the
Company’s Board that is reasonably acceptable to the Company. EM Renewables shall be entitled
to change the Board Observer with another designee of its choice at any time upon prior written notice to the Company. The Board
Observer shall be entitled to attend and participate in meetings of the Board, and, in this respect, shall be given copies of all notices,
minutes, consents, and other materials that the Company provides to its directors at the same time and in the same manner as provided
to such directors, but the Board Observer shall not be entitled to vote on any matter and shall not be considered for purposes of establishing
the presence of a quorum; provided that the Company may exclude the Board Observer from access to any material, notices, minutes
or consents or meeting or portion thereof if the Board determines in good faith that such exclusion is reasonably necessary to preserve
the attorney-client privilege, to prevent disclosure of any trade secret, or in circumstances in which a director designated by an EM
Party has been recused from a Board meeting. Any Board Observer designated pursuant to this Section 5.1 shall enter into a confidentiality
agreement on terms reasonably acceptable to the Company. For the avoidance of doubt, nothing in this Section 5.1 shall prohibit
the Board or any committee of the Board from taking any action proposed to be taken at any meeting of the Board or committee or by written
consent in lieu of a formal meeting.

 

Section
V.2. Anti-Dilution. EM Renewables confirms that the issuance of warrants to it as contemplated in ‎Section
2.2(d) hereof satisfies the anti-dilution right which was granted to EM Renewables in connection with the transactions contemplated
by that certain Securities Purchase Agreement, dated February 23, 2022 between the Company, EM Renewables, and the other investors party
thereto for purposes of the issuance of warrants to the lenders as contemplated in ‎Section 2.2(a) hereof.

 

Article VI 

MISCELLANEOUS

 

Section
VI.1. Survival of Representations, Warranties and Agreements. The representations, warranties, covenants and agreements
in this Agreement and any certificate delivered pursuant hereto by any Party shall survive through the date that is sixty (60) days following
the expiration of the applicable statute of limitations (including any waiver or extension thereof).

 

    	 	6	 

     

    

 

Section
VI.2. Headings; References; Interpretation. All Article and Section headings in this Agreement are for convenience only
and shall not be deemed to control or affect the meaning or construction of any of the provisions hereof. The words “hereof,”
“herein” and “hereunder” and words of similar import, when used in this Agreement, shall refer to this Agreement
as a whole, including all Schedules and Exhibits attached hereto, and not to any particular provision of this Agreement. All references
herein to Articles, Sections, Schedules and Exhibits shall, unless the context requires a different construction, be deemed to be references
to the Articles and Sections of this Agreement and the Schedules and Exhibits attached hereto, and all such Schedules and Exhibits attached
hereto are hereby incorporated herein and made a part hereof for all purposes. All personal pronouns used in this Agreement, whether used
in the masculine, feminine or neuter gender, shall include all other genders, and the singular shall include the plural and vice versa.
The word “including” or any variation thereof means “including, without limitation” and shall not be construed
to limit any general statement that it follows to the specific or similar items or matters immediately following it. References to any
“statute” or “regulation” are to the statute or regulation as amended, modified, supplemented or replaced from
time to time (and, in the case of statutes, include any rules and regulations promulgated under the statute) and to any “section”
of any statute or regulation include any successor to the section.

 

Section
VI.3. Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the Parties and their
respective successors and assigns.

 

Section
VI.4. No Third-Party Rights. The provisions of this Agreement are intended to bind the Parties as to each other and
are not intended to and do not create rights in any other person or confer upon any other person any benefits, rights or remedies, and
no person is or is intended to be a third-party beneficiary of any of the provisions of this Agreement.

 

Section
VI.5. Counterparts. This Agreement may be executed in any number of counterparts (including facsimile or .pdf copies)
with the same effect as if all Parties had signed the same document. All counterparts shall be construed together and shall constitute
one and the same instrument.

 

Section
VI.6. Applicable Law; Forum, Venue and Jurisdiction.

 

(a)        Delaware Law (without regard
to any jurisdiction’s conflict-of-laws principles) exclusively governs all matters based upon, arising out of or relating in any
way to this Agreement and the Transaction Documents, including all disputes, claims or causes of action arising out of or relating to
this Agreement or any of the Transaction Documents as well as the interpretation, construction, performance and enforcement of this Agreement
or any of the Transaction Documents.

 

(b)        The Parties hereby
irrevocably and unconditionally consent to submit to the exclusive jurisdiction of Delaware Court of Chancery and any state
appellate court therefrom within the State of Delaware for any actions, suits or proceedings arising out of or relating to this
Agreement and the transactions contemplated hereby. Each party to this Agreement hereby irrevocably waives any defense in any such
action, suit or proceeding that it is not personally subject to the jurisdiction of the above named courts and to the fullest extent
permitted by applicable Law, that the action, suit or proceeding in any such court is brought in an inconvenient forum or that the
venue of such suit, action or proceeding is improper.

 

    	 	7	 

     

    

 

(c)      EACH OF THE PARTIES HERETO HEREBY
ACKNOWLEDGES AND AGREES THAT ANY DISPUTE IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT KNOWINGLY, VOLUNTARILY,
INTENTIONALLY, IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED
TO THIS AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY.

 

Section
VI.7. Severability. If any of the provisions of this Agreement are held by any court of competent jurisdiction to contravene,
or to be invalid under, the Laws of any political body having jurisdiction over the subject matter hereof, such contravention or invalidity
shall not invalidate the entire Agreement. Instead, this Agreement shall be construed as if it did not contain the particular provision
or provisions held to be invalid and an equitable adjustment shall be made and necessary provision added so as to give effect to the intention
of the Parties as expressed in this Agreement at the time of execution of this Agreement.

 

Section
VI.8. Amendment or Modification. This Agreement may be amended or modified from time to time only by the written agreement
of all the Parties. Each such instrument shall be reduced to writing and shall be designated on its face as an amendment to this Agreement.

 

Section
VI.9. Integration. This Agreement, together with the Exhibits referenced herein, and the other Transaction Documents
constitute the entire agreement among the Parties pertaining to the subject matter hereof and supersede all prior agreements and understandings
of the Parties in connection therewith.

 

Section
VI.10. Specific Performance. The Parties agree that money damages will not be a sufficient remedy for any breach of
this Agreement and that in addition to any other remedy available at law or equity, the Parties shall be entitled to specific performance
(if approved by the applicable court) and injunctive or other equitable relief as a remedy for any Party’s breach of this Agreement.
The Parties agree that no bond shall be required for any injunctive relief in connection with a breach of this Agreement.

 

Section
VI.11. Notice. All notices or requests or consents provided for by, or permitted to be given pursuant to, this Agreement
must be in writing and must be given by depositing same in the United States mail, addressed to the person to be notified, postpaid, and
registered or certified with return receipt requested or by delivering such notice in person or by e-mail to such Party. Notice given
by personal delivery or mail shall be effective upon actual receipt. Notice given by e-mail shall be effective upon actual receipt if
received during the recipient’s normal business hours or at the beginning of the recipient’s next business day after receipt
if not received during the recipient’s normal business hours. All notices to be sent to a Party pursuant to this Agreement shall
be sent to or made at the address set forth below or at such other address as such Party may stipulate to the other Parties in the manner
provided in this ‎Section 6.11.

 

    	 	8	 

     

    

 

If to Company:

 

Global Clean Energy Holdings, Inc.

2790 Skypark Drive, Suite 105

Torrance, CA 90505

Attention:

Fax:

Email:

 

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

 

King & Spalding LLP

Attention:

1100 Louisiana

Suite 4100

Houston, TX 77002

Email:

 

If to EMOC or EM Renewables:

 

ExxonMobil Renewables LLC 

22777 Springwoods Village Parkway

Spring, Texas 77389

Attention:

Email:

 

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

 

Davis Polk & Wardwell LLP

450 Lexington Avenue

New York, NY 10017

Attention:

Email:

 

or to such other address or to such other person as
either Party will have last designated by notice to the other Party.

 

[Signature Pages Follow.]

 

    	 	9	 

     

    

 

IN WITNESS WHEREOF, the Parties to this Agreement have
executed or caused it to be duly executed effective as of the Effective Date.

 

	 	GLOBAL CLEAN ENERGY HOLDINGS, INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:  

 

Signature Page to Transaction Agreement

 

    	 		 

     

    

 

	 	EXXONMOBIL OIL CORPORATION
	 	 	 
	 	By:	 
	 		Name:
	 		Title:  

 

Signature Page to Transaction Agreement

 

    	 		 

     

    

 

	 	EXXONMOBIL RENEWABLES LLC
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:  

 

Signature Page to Transaction Agreement

 

    	 		 

     

    

 

EXHIBIT A

 

Amendment No. 9 to the Credit Agreement

 

    	 		 

     

    

 

EXHIBIT B

 

Amendment No. 3 to the Product Off-Take Agreement

 

    	 		 

     

    

 

EXHIBIT C

 

Amendment No. 2 to Term Purchase Agreement

 

    	 		 

     

    

 

EXHIBIT D

 

Omnibus Warrant Amendment

    	 		 

     

    

 

EXHIBIT E

 

New EM Renewables Warrant Agreement 

 

    	 		 

     

    

 

EXHIBIT F

 

Registration Rights Agreement 

 

    	 		 

     

    

 

EXHIBIT G

 

New Lenders Warrant Agreement

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