Document:

Development Agreement

 Exhibit 10.5 
 DEVELOPMENT AGREEMENT 
 THIS AGREEMENT is made effective as of May 27,
2008 (the “Effective Date”), by and among Fulcrum Technology Company, LLC (“Fulcrum”), a Delaware limited liability company having its principal place of business at 4900 Hopyard Road, Suite 220, Pleasanton, California
94588, and Nipawin Biomass Ethanol New Generation Co-operative Ltd. (“Nipawin”), a new generation co-operative pursuant to the Laws of the Province of Saskatchewan, Canada, having its principal place of business at Post Office Box
2134, Nipawin, Saskatchewan, Canada S0E 1E0, and Saskatchewan Research Council (“SRC”), a Treasury Board Crown Corporation of the Government of Saskatchewan having its principal place of business at 125 – 15 Innovation
Boulevard, Saskatoon, Saskatchewan, Canada S7N 2X8, with reference to the following: 
 A. Nipawin and SRC have developed a
proprietary catalyst and related operating conditions for converting synthesis gas into alcohols. 
 B. Fulcrum and its
Affiliates are engaged in the business of developing, financing, building and/or owning and operating plants based on the gasification of organic materials and hydrocarbon rich waste materials and subsequent conversion of the resulting synthesis gas
to mixed alcohols with high volumetric ratios of ethanol (“Alcohol Synthesis Plants”). 
 C. Nipawin and SRC
believe that their technology is now ready for commercialization and wish to demonstrate such capability to Fulcrum through a joint project (the “PDU Project”) for the design and fabrication of a process demonstration unit (a
“PDU”) that will allow for certain pilot findings to be validated and a feasibility study conducted regarding the development of a design for an alcohol synthesis process that will use and incorporate the Nipawin/SRC Catalyst (as
defined below). 
 D. Nipawin, SRC and Fulcrum wish to provide for the design, financing, construction and use of the PDU to
test the Nipawin/SRC Technology (as defined below), to assess the feasibility of commercializing it, and the licensing of their respective technology to each other and to third parties as part of that commercialization, on the terms and conditions
set forth in this Agreement. 
 NOW, THEREFORE, the parties hereby agree as follows: 

 

	1.	DEFINITIONS. 

 As used in
this Agreement: 
  

	1.1	“Nipawin/SRC Catalyst” means a [***]-based catalyst (together with other materials) [***]. The catalyst converts synthesis gas, generally composed of carbon
monoxide, hydrogen, and carbon dioxide, to mixed alcohols. Alcohols other than ethanol are reformed back to synthesis gas and, together with the unconverted synthesis gas, recycled to exhaustion through the synthesis reactor. It is estimated that a
process utilizing the Nipawin/SRC Catalyst could produce at least [***] (~[***]) of ethanol for every metric ton of organic material gasified. 

  

	1.2	 “Nipawin/SRC Technology” or “N/S Technology” means Technology developed jointly by Nipawin and SRC or either of them in relation to
the Nipawin/SRC Catalyst for converting synthesis gas to alcohols as described in SRC Publication No. P-110-795-C-07, “Nipawin Biomass Ethanol Technology Development,” as well as all Intellectual Property related to the Nipawin/SRC
Catalyst that is developed through the operation of the PDU. The N/S Technology may include, but is not limited to, the following: patents; research data; laboratory, pilot plant, and PDU results; calculations; simulations; designs, drawings;
specifications; descriptions; catalyst formulations; manufacturing methods; reactor operating conditions (fresh synthesis gas composition, combined 

  

	[***]	Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential
treatment. 

	 	
synthesis gas composition, temperature, pressure, synthesis gas recycle rate, gas hourly space velocity); materials specifications and other engineering and scientific data that will enable the
N/S Technology to be incorporated into an overall alcohol synthesis plant. 

  

	1.3	“Alcohol Synthesis (AS) Process Design Technology” or “ASPD Technology” means the detailed process design, heat and material balance, process
simulations, equipment specifications, scale-up parameters, other engineering and scientific data which allows the preparation of commercial designs for a process which incorporates the Nipawin/SRC Catalyst and makes use of the N/S Technology as the
basis for the design, including without limitation the Intellectual Property in or developed as a result of the pre-FEED and FEED. 

  

	1.4	“Nipawin/SRC IP License” or “N/S IP License” means a license granted under each of Nipawin’s and SRC’s Intellectual Property in the N/S
Technology, and in all Derived Technology owned by both Nipawin and SRC hereunder, that permits the licensee to utilize the N/S Technology in an alcohol synthesis process to produce and have produced alcohol(s) as described and defined in the N/S
Technology. The license will convey rights and obligations of the parties to support the use of the technology and will specify fees that accompany such rights, as provided in Section 2.2. 

 

	1.5	“Alcohol Synthesis (AS) Process Design IP License” or “ASPD IP License” means a license granted under Fulcrum’s Intellectual Property in the
ASPD Technology, and in all Derived Technology owned by Fulcrum hereunder, that permits the licensee to prepare designs and construct and operate Alcohol Synthesis Plants based on the N/S Technology. The license will convey rights and obligations of
the parties to support the use of the technology and will specify fees that accompany such rights, as provided in Section 3.7. 

  

	1.6	“Front-End Engineering and Design (FEED)” means an assembly of technical documents that conveys the design parameters and requirements of the ASPD Technology
to third-party engineers who would in-turn prepare engineering designs that would enable procurement and construction of equipment and complete Alcohol Synthesis Plants. 

 

	1.7	“Pre-FEED” means a preliminary set of design documents that allows various engineering, cost estimating, economic, and permitting activities to progress prior
to the development of a full FEED package. 

  

	1.8	“IP Licenses” means, collectively, N/S IP Licenses and ASPD IP Licenses. 

 

	1.9	“Nipawin/SRC Project Licensee” means the owner, sponsor, or manager of an Alcohol Synthesis Plant project (a) that is managed by either or both of
Nipawin and SRC or an Affiliate of either Nipawin or SRC, or (b) the majority of whose ownership is held by either or both of Nipawin and SRC or an Affiliate of either Nipawin or SRC. 

 

	1.10	“Fulcrum Project Licensee” means the owner, sponsor, or manager of an Alcohol Synthesis Plant project (a) that is managed by Fulcrum or a Fulcrum
Affiliate, or (b) the majority of whose ownership is held by Fulcrum or a Fulcrum Affiliate. 

  

	1.11	“Affiliate” means a legal entity that a party controls, that controls a party, or with which a party is under common control, where “control” means
the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of an entity, whether through ownership of voting securities, via contract or otherwise. 

 

	1.12	“Technology” means technical information, designs, inventions, computer programs, algorithms, discoveries, concepts or methods, and works of authorship fixed
in any medium of expression. 

	1.13	“Derived Technology” means any Technology that is created with the use of either the N/S Technology or the ASPD Technology, as applicable.

  

	1.14	“Intellectual Property” means all copyright rights, industrial design rights, patent rights (including rights under all patent applications, patents, letters
patent, supplementary patent certificates, inventor’s certificates, continued prosecution applications, requests for continued examination, and other similar filings or stages thereof), proprietary rights (including know-how and trade secrets)
and moral rights (including the rights of authorship and attribution and subsequent modification) throughout the world whether under the laws of the United States, any of its several states, Canada or any foreign jurisdiction.

  

	2.	RIGHTS AND OBLIGATIONS OF NIPAWIN AND SRC 

  

	2.1	N/S Technology. Both Nipawin and SRC own and will defend, maintain and support the N/S Technology. Nipawin and SRC will offer potential third-party users
an N/S IP License at a competitive fee and on commercial terms, in accordance with Section 2.2. 

  

	2.2	N/S IP Licenses. Within 30 days after written request from Fulcrum, from time to time and any number of times, both Nipawin and SRC shall execute
non-exclusive N/S IP Licenses, for an unlimited number of deployments. The form of N/S IP License to Fulcrum and Fulcrum Project Licensees is attached hereto as Schedule 1. Fulcrum will identify, in each request for an N/S IP License, (a) the
project, (b) the intended licensee, (c) whether the licensee is a Fulcrum Project Licensee or a third party and, if a Fulcrum Project Licensee, the basis therefor, (d) whether the intended licensee has or will have an ASPD IP License
for the same project, and (e) any other information regarding the license reasonably requested by either Nipawin or SRC. Notwithstanding the foregoing, Nipawin and SRC are not obligated to offer N/S IP Licenses to third parties other than
Fulcrum or Fulcrum Project Licensees until the parties hereto have mutually agreed to engage in licensing to such third parties. Pricing and other terms for N/S IP Licenses will be as follows: 

 

	 	a.	Fulcrum and Fulcrum Project Licensees have no duty to pay any fee to either Nipawin or SRC on account of Gross Revenue (as defined in Exhibit C of Schedule 1 attached
hereto) from the sale of the first two billion (2,000,000,000) litres of alcohols produced by Fulcrum or Fulcrum Project Licensees under N/S IP Licenses, aggregated among all such N/S IP Licenses. Fulcrum will report to both Nipawin and SRC the
volume of alcohols so produced and sold on a periodic basis. When the aggregate volume of alcohols sold under all such N/S IP Licenses exceeds two billion litres, then commencing with Gross Revenue from alcohol productions under N/S IP Licenses to
Fulcrum and Fulcrum Project Licensees thereafter, and in consideration of Fulcrum’s investment and risk in the demonstration and development of the N/S Technology and the ASPD Technology, Nipawin and SRC collectively will charge Fulcrum and
Fulcrum Project Licensees as a fee the lesser of: (1) 50% of the lowest amount charged by Nipawin and SRC collectively or either of them, at any time during the term of the license, to any third party in a substantially similar license, or
(2) [***]% of annual Gross Revenue resulting from the production and sale of alcohols under the license. 

  

	 	b.	 For all N/S IP Licenses to third parties other than Fulcrum or Fulcrum Project Licensees, Nipawin and SRC may determine the fees and other terms in its
commercially reasonable discretion and may revise Schedule 1 accordingly. Nipawin and SRC may decline in a particular case to offer an N/S IP License to a third party (but not to Fulcrum or a Fulcrum Project Licensee) if the intended licensee fails
to satisfy commercially reasonable standards of creditworthiness and reputation, if it determines in its commercially reasonable judgment that the 

  

	[***]	Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential
treatment. 

	 	
project is not viable, and/or if the intended licensee is not also licensed to use the ASPD Technology for the same project. 

 

	2.3	PDU Operation. Fulcrum will, at its cost, conduct the testing of the N/S Technology at the PDU as contemplated herein. Nipawin will, at its cost, conduct
additional pilot testing as may be required to support the PDU effort. Either Nipawin or SRC shall formulate and prepare sufficient quantities of the Nipawin/SRC Catalyst, to support the needs of the PDU testing program including the longer term
catalyst life tests. In addition, either Nipawin or SRC shall prepare testing protocols and instructions and provide overall guidance and supervision of the PDU testing process and shall provide assessment of the results. 

 

	3.	RIGHTS AND OBLIGATIONS OF FULCRUM 

  

	3.1	PDU Design. Based on a PDU testing program prepared by either or both of Nipawin and SRC, Fulcrum will engage and pay Jacobs Engineering Group, Inc. or
another qualified engineering firm, to design a PDU that will meet Nipawin’s and SRC’s collective testing requirements. 

  

	3.2	PDU Operation. Fulcrum has identified, and both Nipawin and SRC have approved, an existing facility owned by Southern Research Institute
(“SRI”). Fulcrum will engage SRI to permit use and modification of this facility to meet Nipawin’s and SRC’s collective requirements and to perform the PDU testing. Fulcrum will engage a qualified fabricator to fabricate the PDU
facility for purposes of this Agreement, at Fulcrum’s cost. Fulcrum will be solely responsible for the payment of all expenses reasonably required for the fabrication and ongoing operation and modification of the PDU. Upon completion of the PDU
testing and each of Nipawin’s and SRC’s decision to proceed with the ASPD Technology development as contemplated in Section 3.5, either Nipawin or SRC (the “Electing Party”) may elect by written notice to take possession and
ownership of the central process module (which includes the reactor and recirculation loop equipment) of the PDU (the “Core Module”). In such event, Fulcrum will transfer title to the Core Module to the Electing Party without charge, in an
“as is” condition, and without warranty of any kind. The Electing Party will be responsible for and will bear the cost of any packaging, shipment, insurance and reinstallation of the Core Module, and any taxes and other governmental fees
associated with such transfer. Instead of transferring the Core Module from the PDU, Fulcrum may elect at its option to have a duplicate Core Module fabricated and offered to the Electing Party on the above terms. 

 

	3.3	Pre-FEED. Once the primary results are obtained from the PDU, Fulcrum will retain and pay a qualified engineering firm to prepare a pre-FEED package and
capital cost estimate to define the fundamental designs and confirm the heat and material balances, process configuration, capital cost and economics of the ASPD Technology. 

 

	3.4	Feasibility Determination. Nipawin, SRC and Fulcrum will collectively evaluate the pre-FEED results and reasonably determine the feasibility of the ASPD
Technology based on the N/S Technology. 

  

	3.5	 FEED. Once the pre-FEED results are evaluated and if the parties decide to proceed with the ASPD Technology development, Fulcrum will
retain and pay a qualified engineering company to prepare a FEED package along with all process design criteria and simulation information which will allow the ASPD Technology to be licensed to either or both of Nipawin and SRC and third-parties in
the ASPD IP License. If the parties do not agree to proceed with the ASPD Technology development within 30 days after Fulcrum’s delivery of the Pre-FEED despite their best commercial efforts, then any party may elect to terminate this Agreement
on written notice; provided however, that if one of Nipawin or SRC elects not to proceed (the “Nonproceeding Party”) but the other (the “Proceeding Party”) does elect to proceed, then the Proceeding Party may proceed with the
ASPD Technology development with Fulcrum if the Nonproceeding Party has so consented in writing and has enabled the Proceeding Party with all necessary rights to do 

	 	
so, and in such event the Proceeding Party will have and be responsible for all rights and obligations of the Nipawin and SRC parties accruing thereafter under this Agreement.

  

	3.6	Fulcrum Ownership. Fulcrum will own and will defend, maintain and support the ASPD Technology. Fulcrum will offer potential third party users an ASPD IP
License at a competitive license fee and on commercial terms, in accordance with Section 3.7. 

  

	3.7	Fulcrum IP Licenses. Within 30 days after written request from either Nipawin or SRC, from time to time and any number of times, Fulcrum shall execute
non-exclusive ASPD IP Licenses, for an unlimited number of deployments. The form of ASPD IP License for both of Nipawin and SRC and Nipawin/SRC Project Licensees is attached hereto as Schedule 2. Either Nipawin or SRC will identify, in each request
for an ASPD IP License, (a) the project, (b) the intended licensee, (c) whether the licensee is a Nipawin/SRC Project Licensee or a third party and, if a Nipawin/SRC Project Licensee, the basis therefor, (d) whether the intended
licensee has or will have an N/S IP License for the same project, and (e) any other information regarding the license reasonably requested by Fulcrum. Notwithstanding the foregoing, Fulcrum is not obligated to offer ASPD IP Licenses to third
parties other than Nipawin, SRC or Nipawin/SRC Project Licensees until the parties hereto have mutually agreed to engage in licensing to such third parties. Pricing and other terms for ASPD IP Licenses will be, as follows: 

 

	 	a.	For all ASPD IP Licenses to Nipawin, SRC and Nipawin/SRC Project Licensees, and in consideration of both Nipawin’s and SRC’s investment and risk in the
demonstration and development of the N/S Technology and the ASPD Technology, Fulcrum will charge: zero licensing fees. In particular, this will include but is not limited to the Alcohol Synthesis Plant to be constructed by or on behalf of either or
both of Nipawin and SRC within close proximity to the town of Nipawin, SK. The only fee payable to Fulcrum for this license will be the engineering costs associated with preparation of a site, feedstock, and capacity-specific FEED package, which
will be provided to either Nipawin or SRC on a cost reimbursable basis. 

  

	 	b.	For all ASPD IP Licenses to third parties other than Nipawin, SRC or Nipawin/SRC Project Licensees, Fulcrum may determine the fees and other terms in its commercially
reasonable discretion and may revise Schedule 2 accordingly. Fulcrum may decline in a particular case to offer an ASPD IP License to a third party (but not to Nipawin, SRC or a Nipawin/SRC Project Licensee) if the intended licensee fails to satisfy
commercially reasonable standards of creditworthiness and reputation, if it determines in its commercially reasonable judgment that the project is not viable, and/or if the intended licensee is not also licensed to use the N/S Technology for the
same project. 

  

	3.8	Licensing Commitments. The parties expect that their respective Technologies will be dependent on each other, and therefore acknowledge that the future
grants of IP Licenses by each party to the other parties or to its Project Licensees pursuant to Sections 2.2 and 3.7 are of fundamental importance to the long-term business plans of each party. No party may refrain from granting its IP Licenses as
promised hereunder to the other parties or to their Project Licensees for any reason for so long as this Agreement remains in effect, including without limitation for any alleged non-performance or other breach by the other parties.

  

	4.	TERM AND TERMINATION 

  

	4.1	Term. The term of this Agreement will continue indefinitely unless and until it is terminated in accordance with Section 4.2. The expiration or
termination of this Agreement will not terminate or otherwise affect the effectiveness of any IP License, and no termination or expiration of any IP License, or any alleged breach or other wrongdoing by any party thereunder, will constitute a breach
of or otherwise terminate this Agreement. 

	4.2	Termination. This Agreement will terminate upon any of the following grounds: 

 

	 	a.	Any party may terminate this Agreement on written notice if the parties fail to agree to proceed with the ASPD Technology development, as provided in Section 3.5.

  

	 	b.	Any party may terminate this Agreement if another party fails to cure a material breach of an obligation hereunder owed to the terminating party within 30 calendar days
after notice specifying the breach and demanding a cure. 

  

	 	c.	Commencing 15 years after the Effective Date, any party may terminate this Agreement for convenience on 6 months prior written notice to the other parties.

  

	4.3	Effects. Immediately upon expiration or termination of this Agreement (or earlier if requested) each party will return all copies and embodiments of the
Confidential Information of the other parties then in its possession or under its reasonable control and certify in writing that such delivery is a complete delivery. Notwithstanding the foregoing, each party shall be entitled to retain one copy of
the Confidential Information of the other parties in order to monitor their obligations hereunder. IP Licenses, if any, will terminate or expire pursuant to their own terms. Provisions which by their nature or express terms survive termination will
continue thereafter until fully performed, including without limitation the following Sections: 4.3, 5.2 – 5.6, 5.8, 5.9, 7, 8, and 10. 

  

	5.	PROPRIETARY RIGHTS 

  

	5.1	Notice. Each party will notify the other parties of any Derived Technology that it develops or has developed or reduced to practice, whether using its own
or another party’s Technology, during the term of this Agreement, and will deliver to the other parties, promptly after development or reduction to practice, tangible materials, documentation, or digital media that discloses the Derived
Technology, in confidence. 

  

	5.2	N/S Derived Technology. All right, title and interest in and to any Derived Technology that uses N/S Technology and is made, created, developed, written,
conceived or first reduced to practice by the employees, personnel, or associates (collectively “Personnel”) of any party hereto, or jointly with the Personnel of another party, in the course of, arising out of, or as a result of work done
under this Agreement, shall belong to and be the exclusive property of both Nipawin and SRC. Fulcrum hereby assigns to both Nipawin and SRC ownership of all this Derived Technology that it develops. 

 

	5.3	Fulcrum Derived Technology. All right, title and interest in and to any Derived Technology that uses ASPD Technology and is made, created,
developed, written, conceived or first reduced to practice by the Personnel of any party hereto, or jointly with the Personnel of another party, in the course of, arising out of, or as a result of work done under this Agreement, shall belong to and
be the exclusive property of Fulcrum. Nipawin and SRC each hereby assign to Fulcrum ownership of all this Derived Technology that each of them develops. 

  

	5.4	Solely Developed Intellectual Property. To the extent that any Technology is made, created, developed, written, conceived or first reduced to practice
solely by Personnel of one party in the course of, which arises out of or as a result of work done under this Agreement and which is not Derived Technology, such Technology shall belong to and be the exclusive property of such party (“Solely
Developed Intellectual Property”). Except to authorize the parties to perform hereunder pursuant to Section 5.7, no license is implied or granted to any Solely Developed Intellectual Property by virtue of this Agreement.

	5.5	Joint Development. If and to the extent that Technology is made, created, developed, written, conceived or first reduced to practice jointly by Personnel
of any party in the course of, which arises out of or as a result of work done under this Agreement and which is not Derived Technology (“Jointly Developed Technology”), the Intellectual Property rights covering such Jointly Developed
Technology, including any patent rights arising therefrom, shall be owned jointly by the parties creating such Jointly Developed Technology (the “Joint IP”). Each party that is an owner of the Joint IP may exercise rights of joint
ownership in the Joint IP and may grant non-exclusive licenses under the Joint IP without accounting or reporting to the other party or parties and without sharing or contribution of revenues. The parties that own the Joint IP will discuss in good
faith regarding the best means of legally protecting the Intellectual Property in Joint IP and the sharing of related costs. Failing such agreement, any party that is an owner of the Joint IP may seek patent or other protection of the Joint IP in
any jurisdiction, at its sole cost. Each party that is an owner of the Joint IP consents to join or be joined as a necessary party in any action brought by the other party or parties against third party infringers of the Joint IP, upon request of
the other party or parties. If any amounts are recovered in such an action, the parties will first recoup their respective costs in protecting the Joint IP and prosecuting the action, pro rata, and any excess will be shared equally. Each party that
is an owner of the Joint IP hereby authorizes the grant of licenses by the other party or parties to third parties to use the Joint IP, provided such party provides written notice to the other party or parties prior to entering into a license with a
third party to use the Joint IP that indicates the name of the proposed licensee, and agrees not to assert any claim with respect to such Joint IP license by the other party or parties against the licensee thereof for the term of such license.

  

	5.6	Cooperation. Each party agrees that, without charge to the other parties, it will and will have its Personnel sign all documents and do all acts which may
be necessary, desirable or convenient to enable the filing party at its expense to file and prosecute applications for patents on such inventions, discoveries, and improvements, and to maintain patents granted thereon. In addition, each party agrees
to acquire from its Personnel such assignments, rights and covenants to assure the other that it shall receive the rights provided in this Section 5. 

  

	5.7	Performance Licenses. Nipawin and SRC each hereby grant to Fulcrum, and Fulcrum hereby grants to each of Nipawin and SRC, a non-exclusive, royalty-free
license to use the N/S Technology and the ASPD Technology, respectively, and the Derived Technology each owns hereunder, as necessary to perform its obligations and exercise its rights under this Agreement, with right to sublicense as necessary,
during the term. 

  

	5.8	Trademarks. Nothing in this Agreement is intended to grant any rights to use any party’s trademarks, service marks, trade names, and other commercial
symbols. 

  

	5.9	Reservation. Each party reserves all rights in all Intellectual Property owned by it that is not expressly licensed hereunder. 

	6.	REPRESENTATIONS AND WARRANTIES. Each party hereby expressly represents and warrants to the others that: (a) this Agreement constitutes a valid and binding
agreement of such party; and (b) this Agreement does not violate any preexisting agreements to which it is a party or by which it is bound. EXCEPT AS SET FORTH IN THIS SECTION 6, NO PARTY MAKES ANY WARRANTIES OR GUARANTEES, WHETHER EXPRESS,
IMPLIED OR STATUTORY, REGARDING OR RELATING TO THIS AGREEMENT, ANY SERVICES RENDERED HEREUNDER, OR THE SUCCESS OF THE DEVELOPMENT AND DEMONSTRATION EFFORTS HEREUNDER, AND SPECIFICALLY DISCLAIMS ALL IMPLIED WARRANTIES, INCLUDING THE IMPLIED
WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. 

  

	7.	INDEMNITIES 

  

	7.1	Indemnities. Each party (the “Indemnifying Party”) shall, at its own cost and expense, indemnify, defend and hold harmless the other
parties and each of their Affiliates, shareholders, members, officers, directors, managers, employees and representatives (collectively, the “Indemnified Party”) against all actual or threatened third party allegations,
investigations, suits, claims, actions or proceedings (individually and collectively a “Claim”) arising out of or related to injury to person (including death) or damage to real or personal property arising out of the negligence or
willful misconduct of the Indemnifying Party. In addition, Fulcrum shall, at its own cost and expense, indemnify, defend and hold harmless Nipawin, SRC and each of their Affiliates, shareholders, members, officers, directors, managers, employees and
representatives against all Claims alleging that the ASPD Technology (except for any Derived Technology made, created, or developed by either or both of Nipawin and SRC as described in Section 5.3) infringes any third party Intellectual
Property. 

  

	7.2	Procedure. The Indemnified Party will provide the Indemnifying Party with prompt written notice of any Claim; provided, however, that no failure or delay
of notice from the Indemnified Party will relieve the Indemnifying Party from its liability or obligations under this Article unless, and only to the extent, the Indemnifying Party is materially prejudiced by such failure or delay. The Indemnifying
Party will have the reasonable right to control the defense and/or settlement of each Claim using counsel reasonably satisfactory to the Indemnified Party. At the request of the Indemnifying Party, the Indemnified Party will provide reasonable
assistance to the Indemnifying Party at the Indemnifying Party’s cost and expense. 

  

	7.3	Disclaimer. Nipawin and SRC each hereby disclaims any duty to indemnify Fulcrum, and Fulcrum’s Affiliates, shareholders, members, officers,
directors, managers, employees and representatives, against any Claim arising out of or related to the alleged infringement, misappropriation, or other violation of a third party’s Intellectual Property rights. 

 

	8.	CONFIDENTIALITY 

  

	8.1	Disclosure. In the course of performance under this Agreement, each party (the “Disclosing Party”) may intentionally or inadvertently
disclose, deliver or permit access by another party (the “Receiving Party”) to information, data or materials which are, to the Disclosing Party, secret, proprietary and/or confidential. Due to the highly technical and sensitive
nature of the relationship and sharing of information under this Agreement, the parties will treat all information received from another party as that party’s Confidential Information, unless it falls within one of the exceptions set forth in
the next sentence. Confidential Information does not include information which the Receiving Party can demonstrate: (a) was already known to it at the time of its receipt hereunder; (b) is or becomes generally available to the public other
than by means of breach of this Agreement; (c) is independently obtained from a third party whose disclosure to the Receiving Party does not violate a duty of confidentiality; or (d) is independently developed by or on behalf of the
Receiving Party without use of, reference to or reliance on any Confidential Information. 

	8.2	Confidential Information. Without limitation, the term Confidential Information will expressly include the N/S Technology and the ASPD Technology, and all
data, information, materials and subject matter, works of authorship, methods, processes, techniques, systems and know-how containing, recording, expressing or embodying the Disclosing Party’s: (a) products and related documentation,
algorithms, workflows, models, formulae, structures, schematics, designs, drawings, specifications and flow charts containing, comprised by or embodied in such products; and (b) current or prospective business plans, customers, finances,
contracts, contractual arrangements, employees, contractors, partners, investors and suppliers. 

  

	8.3	Non-Disclosure and Non-Use. The Receiving Party will hold all Confidential Information of the other parties in strictest confidence and will not disclose
or provide the Confidential Information to any individual or entity without the express written consent of the Disclosing Party in each instance, except to employees, consultants or agents of a Receiving Party to whom disclosure is necessary for the
performance under this Agreement, who have executed a confidentiality agreement or are otherwise bound in writing to duties of non-disclosure, and restrictions on use of the Confidential Information at least as restrictive as those set in this
Section. The Receiving Party will not make any use of the Confidential Information whatsoever except such limited uses as are required for this Agreement. These use rights do not limit or enlarge the Receiving Party’s rights to those portions
of the Confidential Information contained in the technology or materials to which IP Licenses are granted hereunder. If the Receiving Party is required by a court or other body of competent jurisdiction to disclose the Confidential Information, the
Receiving Party may disclose only so much Confidential Information as is legally required, provided that the Receiving Party has given notice of such compelled disclosure to the Disclosing Party and has given the Disclosing Party a reasonable
opportunity to object to such disclosure and has provided, at the Disclosing Party’s request and expense, reasonable assistance in obtaining and enforcing a protective order or other appropriate means of safeguarding any Confidential
Information so required to be disclosed. 

  

	9.	ASSIGNMENT. No party may assign this Agreement without the prior written consent of the other parties except that any party will have the right to assign this
Agreement without such consent: (a) to any Affiliate; (b) in connection with the sale of all or substantially all of its stock or assets; and/or (c) to the surviving or resulting entity in any merger or consolidation, subject in each
case to the execution by the assignee of a written agreement assuming the obligations of the assignor under this Agreement. Without limitation, each of Nipawin and SRC may assign their interests in this Agreement to an entity that is majority owned
and controlled by either Nipawin or SRC, respectively, that assumes the assignor’s obligations hereunder in writing, and that is granted the rights and is otherwise enabled to perform the assignor’s obligations hereunder. For purposes
hereof, a change in control of a party is an assignment. 

  

	10.	MISCELLANEOUS. 

  

	10.1	Relationship of Nipawin and SRC. Unless otherwise stated herein, the obligations of Nipawin and SRC under this Agreement are several.

  

	10.2	No Exclusivity or Joint Venture. No party is the exclusive business partner of the others and each party has the right, at any time and without any notice
or duty to account to the others to enter into an agreement similar to or identical to this Agreement with any other individual or entity. In performing its obligations each party is acting as an independent contractor of the others.

  

	10.3	Non-Solicitation of Personnel. No party may, during the term and for a period of one (1) year thereafter, in any manner directly or indirectly
solicit, employ, offer to employ, nor engage as a consultant, any employee or independent consultant of another party with whom it had direct contact pursuant to this Agreement during the six (6) month period preceding the termination or
expiration of such person’s employment or contractual engagement with such other party. 

	10.4	Compliance. Each party will be responsible for its own compliance with all local, state, provincial and federal laws and regulations and all international
standards, conventions and treaties known, or which should reasonably be known, to apply to such party’s performance under this Agreement. 

  

	10.5	Governing Law; Venue. This Development Agreement will be governed by and construed in accordance with the laws of the State of California without regard
to principles of conflicts of laws, and all actions will be brought in the appropriate provincial, state or federal courts located in New York, New York, if either Nipawin or SRC is the initiating party, or Regina, Saskatchewan, Canada if Fulcrum is
the initiating party. Notwithstanding the foregoing, any party may seek injunctive and other equitable relief in any court of competent jurisdiction. 

  

	10.6	Notices. All notices, including notices of address changes, given by any party will be sent by certified mail or by reputable overnight commercial
delivery to the addresses in the initial paragraph of this Agreement. Notices will be deemed given upon receipt or upon documented delivery if receipt is refused. 

 

	10.7	Severability; No Waiver. If any provision of this Agreement is held unenforceable, the enforceability of the remaining provisions will not be affected.
Waiver by any party of any breach will not constitute waiver of any other breach. 

  

	10.8	Entire Agreement; Amendment. This Agreement sets forth the entire, final and exclusive agreement among the parties and supersedes all prior and
contemporaneous agreements, understandings, negotiations and discussions, whether oral or written, among the parties as to the subject matter hereof, including the Letter of Understanding effective as of November 28, 2007. This Agreement may be
modified only pursuant to a writing executed by authorized representatives of the parties hereto. The parties may sign this Agreement in counterparts, which together will constitute a single instrument. 

 

							
		
	FULCRUM TECHNOLOGY COMPANY, LLC	  	 NIPAWIN BIOMASS ETHANOL NEW
 GENERATION CO-OPERATIVE LTD

				
	By:	 	 /s/ Stephen H. Lucas
	  	By:	 	 /s/ Lyle L. Larsen

				
	Printed Name:	 	Stephen H. Lucas	  	Printed Name:	 	Lyle L. Larsen
				
	Title:	 	Senior Vice President and Chief Technology Officer	  	Title:	 	President
		
	 NIPAWIN BIOMASS ETHANOL NEW
 GENERATION CO-OPERATIVE LTD
	  	SASKATCHEWAN RESEARCH COUNCIL
				
	By:	 	 /s/ Sherry Michalyca
	  	By:	 	 /s/ L Schramm

				
	Printed Name:	 	Sherry Michalyca	  	Printed Name:  	 	L Schramm
				
	Title:	 	Treasurer	  	Title:	 	President & CEO

 SCHEDULE 1 
 NIPAWIN/SRC IP LICENSE FORM 
 NIPAWIN/SRC LICENSE AGREEMENT

 This Agreement is made effective as of
                    , 20     (the “Effective Date”), between Nipawin Biomass Ethanol New Generation Co-operative Ltd.
(“Nipawin”), a new generation co-operative pursuant to the Laws of the Province of Saskatchewan, Canada, and Saskatchewan Research Council (“SRC”), a Treasury Board Crown Corporation of the Government of Saskatchewan, Canada, and
                     (“Licensee”), a
                    , with reference to the following: 
 A. Nipawin and SRC jointly own certain technology related to a proprietary catalyst and operating conditions for converting synthesis gas into alcohols. 

B. Licensee wishes to procure a license from both Nipawin and SRC to use their technology in the design and operation of an alcohol
synthesis plant at a specific project, and both Nipawin and SRC are willing to grant this license, on the terms and conditions herein. 
 NOW THEREFORE, the parties hereby agree as follows: 
 1. Definitions. As used in this
Agreement: 
 1.1 “Affiliate” means an entity that controls, is controlled by, or is under common control with, a
party, where “control” means the direct or indirect possession of the power to direct or cause the direction of the management and policies of an entity, whether through ownership of voting securities, via contract, or otherwise.

 1.2 “Alcohol Synthesis Plant” means a plant that converts carbon monoxide, hydrogen and carbon dioxide (synthesis
gas or syngas) to mixed alcohols with high volumetric ratios of ethanol. 
 1.3 “Facility” means the Alcohol Synthesis
Plant at the Project, as identified in Exhibit B. 
 1.4 “Improvement” means any modification, enhancement,
customization, adaptation, addition to or change, derivative work, or other improvement of the Licensed Technology, whether or not patentable or patented, that is developed and reduced to practice during the term of this Agreement. A
“Nipawin/SRC Improvement” is an Improvement developed by or for either or both of Nipawin and SRC. A “Licensee Improvement” is an Improvement developed by or for Licensee. 

1.5 “IP Rights” means all intellectual property rights throughout the world, whether existing under statute or at common law or
equity, now or hereafter in force or recognized, including but not limited to: (i) copyrights, trade secrets, know-how, patents, inventions, industrial designs and trade dress, “moral rights,” mask works, publicity rights, privacy
rights and any other intellectual property and proprietary rights; and (ii) any application or right to apply for any of these rights and any and all renewals, extensions and restorations thereof. “IP Rights” does not include
trademarks, service marks, trade names, or other commercial symbols. 

 1.6 “Licensed Documentation” means the specifications, materials and other
documentation describing the Licensed Technology and its adaptation, implementation, use, and/or maintenance, as described in Exhibit A. 
 1.7 “Licensed Technology” means the technology described in Exhibit A, including without limitation the Licensed Documentation, and all Improvements developed by any party during the term.

 1.8 “Performance Targets” means the expected performance specifications and standards of the Facility based on use
of the Licensed Technology, as described in Exhibit E. 
 1.9 “Project” means the Alcohol Synthesis Plant project
described in Exhibit B. 
 2. License. 
 2.1 Grant. Nipawin and SRC each hereby grants to Licensee, and Licensee accepts, a limited, non-exclusive, and non-transferable (except as provided in Section 10.8) license, under each of
Nipawin’s and SRC’s IP Rights in the Licensed Technology, to use the Licensed Technology in order to design, construct, use, operate, repair, maintain, manage, or further develop and expand the Facility, and to make and have made products,
materials, and components incorporating the Licensed Technology but only for use at the Facility and at no other location, and only in accordance with the Licensed Documentation. This license does not include the right to grant sublicenses to third
parties except as necessary or appropriate for contractors to perform for Licensee’s benefit in exercising the foregoing rights. 
 2.2 Specific Rights. Without limiting the generality of the foregoing, the rights granted to Licensee hereunder include the following, on the terms and subject to the confidentiality and other
conditions in this Agreement: (a) the right to use the Licensed Technology in connection with the design, construction, use, operation, repair, maintenance, and further development of the Project; (b) the right to use the Licensed
Technology in connection with the design, manufacture, import, repair, and maintenance of equipment for use at the Project; (c) the right to practice any process included in the Licensed Technology at the Project; (d) the right to
reproduce, modify, and create derivative works of the Licensed Documentation and any other copyrighted works included in the Licensed Technology for use in the design, construction, use, operation, repair, maintenance, and further development of the
Project; and (e) the right to have third party contractors exercise any of the foregoing rights, but only for the benefit of Licensee, only for the Project, and subject to the restrictions herein. 

2.3 Delivery. SRC will deliver the Licensed Technology to Licensee for its use hereunder in the manner described in
Exhibit A. 
 2.4 Reserved Rights. Nipawin and SRC each reserves all rights in the Licensed Technology and the IP
Rights therein that are not expressly granted to Licensee in this Agreement. 
 3. Improvements. 

3.1 By Nipawin/SRC. Either Nipawin or SRC will notify Licensee of any Nipawin/SRC Improvement that either or both of Nipawin and
SRC deems beneficial to the use of the Licensed Technology and will promptly deliver to Licensee the technical data and any other information disclosing this Nipawin/SRC Improvement for its use under the license granted herein. Nipawin and SRC will
retain ownership of all Nipawin/SRC Improvements. 
 3.2 By Licensee. Licensee will notify both Nipawin and SRC of any
Licensee Improvement and will promptly deliver to both Nipawin and SRC the technical data and other information disclosing the Licensee Improvement, and will provide technical training to either or both of Nipawin and SRC in the Licensee Improvement
upon either Nipawin’s or SRC’s reasonable request. The parties recognize that as a result of the license granted to Licensee under this Agreement, Licensee will gain substantial and 

 
confidential access and understanding of the Licensed Technology and that such access and understanding will enable Licensee’s development of Licensee Improvements. Accordingly, all Licensee
Improvements and all IP Rights therein will be owned exclusively by both Nipawin and SRC. Licensee hereby irrevocably assigns to both Nipawin and SRC all right, title and interest in and to the Licensee Improvements and their IP Rights. Nipawin and
SRC will be solely responsible for maintaining the Licensee Improvements so assigned. 
 3.3 Grant-back License. Without
in any way limiting both Nipawin’s and SRC’s ownership of the Licensee Improvements hereunder, Nipawin and SRC each hereby grants to Licensee a fully paid-up, royalty-free, worldwide, perpetual, non-exclusive, and non-assignable, but
sublicense-able through multiple tiers, license under each of Nipawin’s and SRC’s IP Rights to use the Licensee Improvements at any Alcohol Synthesis Plant for any purpose in the field of bioenergy. Without in any way limiting the
warranties provided by both Nipawin and SRC under this Agreement with respect to the underlying Licensed Technology on which a Licensee Improvement may be based, the license rights granted in the previous sentence are “AS IS” without
warranty of any type, except that Nipawin and SRC each hereby warrants that it has full power and authority to grant the license. 
 3.4 Further Assurances. In the event either or both of Nipawin and SRC decides to file patent applications for a Licensee Improvement or to file registrations for any other IP Rights for the
Improvement, Licensee will cooperate with both Nipawin and SRC in the preparation of any and all such patent applications or other IP Rights applications, and the execution of any and all assignments or other documents, as necessary in connection
with obtaining such patent or other IP Rights protection in the names of both Nipawin and SRC anywhere in the world. 
 4. Services. SRC
will provide services to Licensee in connection with the use of the Licensed Technology as described, and at the rates and on the terms and conditions set forth, in Exhibit D. 
 5. Consideration. 
 5.1 Fee. In consideration of the license granted
to it in this Agreement and the additional benefits hereunder, Licensee will pay to either of Nipawin or SRC the fees described in Exhibit C (“Fees”). 
 5.2 Payment. All Fees are payable in the manner described in Exhibit C in full, without withholding, deduction, or offset of any amounts for any purpose. If Licensee does not pay any amounts within
30 days after they are due, these amounts will be subject to a charge at the rate of 1.5% per month, not to exceed the maximum charge permissible under applicable law, until paid in full. Licensee will reimburse either or both of Nipawin and
SRC, as applicable, for all reasonable costs incurred, including attorneys’ fees, in collecting past due amounts owed by Licensee. 
 5.3 Taxes. Licensee will be responsible for all taxes (including without limitation sales taxes) imposed on Licensee as a result of the transactions herein, excluding only taxes based on the income
of each of Nipawin and SRC. 
 6. Warranties and Performance Target. 

6.1 Warranty. As of the Effective Date, each of Nipawin and SRC represents and warrants that (a) it is authorized to enter
into this Agreement and to grant the rights that are granted to Licensee herein, and (b) it has not entered into any other contract that grants to any other person an exclusive license to the Licensed Technology or otherwise conflicts with this
Agreement. 
 6.2 Performance Targets. Nipawin’s and SRC’s collective Performance Targets are subject in every
case to Licensee’s proper use, adaptation, implementation, operation, testing, and maintenance of the Licensed Technology in accordance with the Licensed Documentation. Licensee will promptly notify both Nipawin and SRC of any failure of the
Facility’s actual performance to meet the applicable Performance Target (a “Failure”), and will provide both Nipawin and SRC with technical data, test results, 

 
and other information necessary for either or both of Nipawin and SRC to fully diagnose and test such Failure. SRC will use commercially reasonable efforts to investigate the Failure and to
correct it by performing the Remedial Services described in Exhibit E. If, notwithstanding such efforts, the Performance Targets are not achieved and both Nipawin and SRC determine that it would not be productive for Nipawin and/or SRC to continue
such efforts, then Nipawin and SRC will collectively pay to Licensee liquidated damages in the total amount as provided in Exhibit E. THE PARTIES ACKNOWLEDGE AND AGREE THAT THE REMEDIES SET FORTH IN THIS SECTION 6.2 ARE LICENSEE’S EXCLUSIVE
REMEDY AND EACH OF NIPAWIN’S AND SRC’S EXCLUSIVE DUTY IN THE EVENT OF ANY FAILURE OF THE FACILITY TO MEET THE PERFORMANCE TARGETS OR OTHERWISE ARISING FROM THE PERFORMANCE OR FUNCTIONALITY OF THE LICENSED TECHNOLOGY, REGARDLESS OF CAUSE.

 6.3 Bankruptcy Status. The parties acknowledge that the Licensed Technology is “intellectual
property” for purposes of Section 365(n) of the U.S. Bankruptcy Code and that Licensee will have the right to exercise all rights provided by Section 365(n) with respect to the Licensed Technology. [TBD – Canadian equivalent]
[The Canadian equivalent is section 65.11(7) of the Bankruptcy and Insolvency Act, which is as follows: 

(7) If the debtor has granted a right to use intellectual property to a party to an agreement, the disclaimer or resiliation does not
affect the party’s right to use the intellectual property — including the party’s right to enforce an exclusive use — during the term of the agreement, including any period for which the party extends the agreement as of right,
as long as the party continues to perform its obligations under the agreement in relation to the use of the intellectual property.] 
 6.4 DISCLAIMER. EXCEPT AS MAY BE PROVIDED IN THIS SECTION 6, NIPAWIN AND SRC EACH DISCLAIMS ANY AND ALL WARRANTIES WITH RESPECT TO THE LICENSED TECHNOLOGY, WHETHER EXPRESS OR IMPLIED, OR ARISING BY
CUSTOM OR TRADE USAGE, INCLUDING WITHOUT LIMITATION ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, AND ANY WARRANTY RESPECTING THE PERFORMANCE OR FUNCTIONALITY OF THE LICENSED TECHNOLOGY. 

7. Confidentiality. 

7.1 Confidential Information. In the course of performance under this Agreement, each party (the “Disclosing Party”) may
intentionally or inadvertently disclose, deliver or permit access by the other parties (the “Receiving Party”) to information, data or materials which are, to the Disclosing Party, secret, proprietary and/or confidential. Due to the highly
technical and sensitive nature of the relationship and sharing of information under this Agreement, the parties will treat all information received from another party as that party’s Confidential Information, unless it falls within one of the
exceptions set forth in the following sentence. Confidential Information does not include information which the Receiving Party can demonstrate: (a) was already known to it at the time of its receipt hereunder; (b) is or becomes generally
available to the public other than by means of breach of this Agreement; (c) is independently obtained from a third party whose disclosure to the Receiving Party does not violate a duty of confidentiality; or (d) is independently developed
by or on behalf of the Receiving Party without use of, reference to or reliance on any Confidential Information. Without limitation, the term “Confidential Information” includes the Licensed Technology and all data, information, materials
and subject matter, works of authorship, methods, processes, techniques, systems and know-how containing, recording, expressing or embodying the Disclosing Party’s: (a) products and related documentation, algorithms, workflows, models,
formulae, structures, schematics, designs, drawings, specifications and flow charts containing, comprised by or embodied in such products; and (b) current or prospective business plans, customers, finances, contracts, contractual arrangements,
employees, contractors, partners, investors and suppliers. 
 7.2 Non-Disclosure and Non-Use. The Receiving Party will
hold all Confidential Information of the other parties in strictest confidence and will not disclose or provide the Confidential Information to any individual or entity without the express written consent of the Disclosing Party in each instance,

 
except to employees, consultants or agents of a Receiving Party to whom disclosure is necessary for the performance under this Agreement, who have executed a confidentiality agreement or are
otherwise bound in writing to duties of non-disclosure, and restrictions on use of the Confidential Information at least as restrictive as those set in this Section. The Receiving Party will not make any use of the Confidential Information
whatsoever except such limited uses as are required for this Agreement. These use rights do not limit or enlarge the Receiving Party’s rights to those portions of the Confidential Information contained in the technology or materials to which
licenses are granted hereunder. If the Receiving Party is required by a court or other body of competent jurisdiction to disclose the Confidential Information, the Receiving Party may disclose only so much Confidential Information as is legally
required, provided that the Receiving Party has given notice of such compelled disclosure to the Disclosing Party and has given the Disclosing Party a reasonable opportunity to object to such disclosure and has provided, at the Disclosing
Party’s request and expense, reasonable assistance in obtaining and enforcing a protective order or other appropriate means of safeguarding any Confidential Information so required to be disclosed. 

7.3 Termination. Upon termination of this Agreement, the Receiving Party will return to the Disclosing Party any Confidential
Information held in tangible form and will irretrievably erase, delete, or destroy any Confidential Information held in intangible form. Notwithstanding the foregoing, the Receiving Party shall be entitled to retain one copy of the Disclosing
Party’s Confidential Information in order to monitor its obligations hereunder. 
 8. Term and Termination. 

8.1 Term. The term of this Agreement will expire upon the date that Licensee permanently discontinues developing, building, or
operating the Project. 
 8.2 Limited Right of Termination. 

(a) Nipawin and SRC each acknowledges that Licensee will materially base its planning, financing, and operation of the Project on the
license granted in this Agreement. Accordingly, the parties agree that either Nipawin or SRC may terminate this Agreement prior to its expiration only if Licensee (1) fails to cure a payment breach within 30 days after either Nipawin’s or
SRC’s written notice to all parties specifying the breach, or (2) fails to cure any other material breach of this Agreement within 45 days after either Nipawin’s or SRC’s written notice to all parties specifying the breach,
provided this other material breach by Licensee was knowing, deliberate, and persistent. 
 (b) Licensee may terminate this
Agreement at any time, for convenience and with or without cause, on 30 days’ prior written notice to both Nipawin and SRC. 
 (c) Except as so provided, the license granted by both Nipawin and SRC in this Agreement is irrevocable and may not be terminated by either Nipawin or SRC, or their respective successors, permitted
assignees, or any entity that acquires an ownership interest, in whole or in part, in the Licensed Technology. In the event of any breach of this Agreement by Licensee, either or both of Nipawin and SRC may seek specific performance, injunctive, and
other equitable relief to compel Licensee’s performance hereunder or otherwise preserve the status quo, or damages to compensate for losses suffered by either Nipawin or SRC, but in no event may Nipawin or SRC terminate this Agreement as a
remedy except as expressly provided in Section 8.2(a). 
 8.3 Effect of Termination. Upon the termination or
expiration of this Agreement for any reason, the licenses granted by both Nipawin and SRC herein will terminate, Licensee will immediately cease all uses of the Licensed Technology, Licensee will return to either Nipawin or SRC all Licensed
Documentation, materials and other tangible items disclosing any of the Licensed Technology, and Licensee will pay to either Nipawin or SRC, within 15 days after the end of the then-current quarter, all Fees accruing during the term hereof. All
provisions of this Agreement that by their express terms or nature survive termination will continue thereafter until fully performed or exercised. 

 9. Liability. 
 9.1 CONSEQUENTIAL DAMAGES. EXCEPT FOR CLAIMS BASED ON WRONGFUL USE OR DISCLOSURE OF CONFIDENTIAL INFORMATION OR LICENSEE’S BREACH OF SECTION 2.1, NO PARTY WILL BE LIABLE TO THE OTHER PARTIES
OR TO ANY THIRD PARTY FOR ANY CONSEQUENTIAL, INDIRECT, SPECIAL, EXEMPLARY, PUNITIVE, OR INCIDENTAL DAMAGES, HOWEVER CAUSED AND WHETHER ARISING IN TORT, CONTRACT, STRICT LIABILITY OR OTHERWISE, INCLUDING WITHOUT LIMITATION, LOSS OF ACTUAL OR
ANTICIPATED PROFITS, REVENUES, PRODUCT, BUSINESS, USE, OR PRODUCTIVITY, LOSS BY REASON OF SHUT DOWN OR NON-OPERATION, INCREASED EXPENSE OF OPERATION, BORROWING, OR FINANCING, AND INCREASED COST OF CAPITAL, EVEN IF A PARTY HAS BEEN ADVISED OF THE
POSSIBILITY OF SUCH DAMAGES. 
 9.2 LIMITATION OF LIABILITY. EXCEPT FOR LIABILITIES ARISING DUE TO WRONGFUL USE OR
DISCLOSURE OF INTELLECTUAL PROPERTY OR CONFIDENTIAL INFORMATION, LICENSEE’S DUTY TO PAY FEES, OR WILLFUL MISCONDUCT, THE LIABILITY OF ANY PARTY, ITS AFFILIATES, DIRECTORS, OFFICERS, EMPLOYEES, AND AGENTS, WHETHER ARISING IN CONTRACT, TORT
(INCLUDING NEGLIGENCE) OR OTHERWISE, IN CONNECTION WITH ANY MATTER HEREUNDER, WILL IN NO EVENT EXCEED THE GREATER OF (A) THE FEES PAID TO EITHER NIPAWIN OR SRC BY LICENSEE HEREUNDER OR (B) US$100,000. 

9.3 RISK ALLOCATION. THE FOREGOING ALLOCATIONS OF RISK ARE REFLECTED IN THE FEES PAYABLE BY LICENSEE TO EITHER NIPAWIN OR SRC
HEREUNDER. 
 10. Miscellaneous. 
 10.1 Audit Right. During normal business hours, either or both of Nipawin and SRC or their authorized representatives may upon reasonable advance notice audit and inspect Licensee’s Project,
use of the Licensed Technology, and books and records in order to verify compliance with the terms of this Agreement, including without limitation the payment of Fees in accordance herewith. If any audit reveals Licensee has underpaid Fees to either
Nipawin or SRC by more than 3% in any payment period, or has otherwise materially breached this Agreement, Licensee will pay such underpaid Fees and will also pay or reimburse either or both of Nipawin’s and SRC’s reasonable costs of
conducting the audit, as applicable. 
 10.2 Notices. All notices which are required or may be given under this Agreement
will be in writing to the address under each party’s signature line and will be deemed effective: (a) upon delivery, if via personal delivery; (b) one business day after sending, if via overnight delivery; (c) five business days
after mailing, if via certified prepaid mail, return receipt requested; (d) upon electronic confirmation, if via fax; or (e) upon acknowledgement, if via email. Any party may change its address to which notices are sent by notice in
compliance with this Section. 
 10.3 Governing Law and Venue. This Agreement will be construed, governed, interpreted,
and applied in accordance with the laws of the jurisdiction in which the Facility is located, without regard to its conflicts of laws principles, except that questions affecting the construction and effect of any patent will be determined by the law
of the country in which the patent was granted. All actions will be brought in the appropriate provincial, state, or federal courts located in the jurisdiction in which the Facility is located. Notwithstanding the foregoing, any party may seek
injunctive and other equitable relief in any court of competent jurisdiction. 
 10.4 Integration. This Agreement
(including its Exhibits) constitutes the entire and only agreement between the parties relating to the subject matter hereof, and all other prior negotiations, representations, agreements, and understandings are superseded hereby. No agreements
altering or supplementing the terms hereof may be made except by means of a written document signed by the duly authorized representatives of the parties. 

 10.5 Waiver. The failure of any party to assert a right under this Agreement or to
insist upon compliance with any term or condition of this Agreement will not constitute a waiver of that right or excuse a similar subsequent failure to perform any such term or condition by another party. 

10.6 Severability. If any provision of this Agreement will be found by a court to be void, invalid or unenforceable, the same will
be reformed to comply with applicable law or stricken if not so conformable, so as not to affect the validity or enforceability of this Agreement. 
 10.7 Force Majeure. The parties will be excused from any performance required hereunder if such performance is rendered impossible or unfeasible due to any catastrophe or other major events beyond
their reasonable control, including but not limited to war, riot, insurrections, laws, proclamations, ordinances, rules or regulations of any governmental entity or body, strikes, lock-outs or other serious work stoppages or labor disputes, and
floods, earthquakes, fires, explosions or other natural disasters. 
 10.8 Assignment. Each of Nipawin and SRC may
assign this Agreement to any party that acquires the right and ability to perform it and assumes Nipawin’s or SRC’s obligations hereunder, as applicable. This Agreement may not otherwise be assigned by any party without the prior written
consent of the other parties, which consent will not be unreasonably withheld or delayed, except that any party may assign this Agreement on written notice to the other parties but without requiring other parties’ prior consent (a) in
connection with the sale of all or substantially all of its stock or assets, or (b) to the surviving or resulting entity in any merger or consolidation, provided that such assignee agrees in writing to be bound by all of the terms and
conditions of this Agreement. 
 10.9 Relationship of Parties. Nothing contained in this Agreement will be
construed as constituting one party as the franchiser, franchisee, partner, broker, joint venturer or agent of the others. Each party is an independent contractor and no party has nor will have any power, right or authorization to bind the others or
to assume or create any obligations or responsibilities, express or implied, on behalf of the others or in the others’ name. 
 10.10 Financing Assistance. Upon receipt by each of Nipawin and SRC of a written request from Licensee, in order to assist in facilitating any Licensee project related financing, each of Nipawin
and SRC will execute and deliver to Licensee reasonable consents to collateral assignment of the rights of Licensee under this Agreement to financing parties on customary market terms, with customary legal opinions with respect to Nipawin or SRC, as
applicable, from counsel to Nipawin or SRC, as applicable, and such estoppel statements certifying among other things that, to the extent they are known to be true in Nipawin’s or SRC’s knowledge, as applicable: (a) this Agreement is
in full force and effect; (b) no modifications have been made to this Agreement except those disclosed; (c) no disputes or defaults exist; (d) no events have occurred that would, with the giving of notice or the passage of time,
constitute a default under this Agreement; and (e) all amounts then due and owing have been paid. Any reasonable, documented third party costs actually incurred by either Nipawin or SRC, as applicable, to comply with the obligations in the
foregoing sentence will be reimbursed by Licensee. 
 10.11 Relationship of Nipawin and SRC. Unless otherwise stated
herein, the obligations of Nipawin and SRC under this Agreement are several. 
 IN WITNESS WHEREOF, the parties have executed
this Agreement as of the Effective Date: 

									
	 NIPAWIN BIOMASS ETHANOL NEW
 GENERATION CO-OPERATIVE LTD.
	 		 	SASKATCHEWAN RESEARCH COUNCIL
					
	By:	 	 	 		 	By:	 	 
					
	Name:	 	 	 		 	Name:	 	 
					
	Title:	 	 	 		 	Title:	 	 
			
	Address:	 		 	Address:
			
	Post Office Box 2134	 		 	 
			
	Nipawin, Saskatchewan,	 		 	 
			
	Canada S0E 1E0	 		 	 
				
	Phone:	 	 	 		 	 
					
	Email:	 	 	 		 	Phone:	 	 
					
		 		 		 	Email:	 	 

  

									
	LICENSEE	 		 	
					
	By:	 	 	 		 		 	
					
	Name:	 	 	 		 		 	
					
	Title:	 	 	 		 		 	
				
	Address:	 		 		 	
				
	 	 		 		 	
				
	 	 		 		 	
				
	 	 		 		 	
				
	 	 		 		 	
					
	Phone:	 	 	 		 		 	
					
	Email:	 	 	 		 		 	

 EXHIBIT A 
 LICENSED TECHNOLOGY 
  

	1.	The Licensed Technology includes all of the following [to be updated at time of license]: 

(a) A [***]-based catalyst (together with other materials) [***], which converts synthesis gas, generally composed of carbon monoxide,
hydrogen, and carbon dioxide, to mixed alcohols, and by which alcohols other than ethanol are reformed back to synthesis gas and, together with the unconverted synthesis gas, recycled to exhaustion through the synthesis reactor (the
“Catalyst”). 
 (b) Technology developed jointly by Nipawin and SRC or either of them in relation to the Catalyst and
conversion of synthesis gas to alcohols as described in SRC Publication No. P-110-795-C-07, “Nipawin Biomass Ethanol Technology Development.” 
 (c) The Licensed Technology may include, but is not limited to, the following: patents; research data; laboratory, pilot plant, and PDU results; calculations; simulations; designs, drawings;
specifications; descriptions; catalyst formulations; manufacturing methods; reactor operating conditions (fresh synthesis gas composition, combined synthesis gas composition, temperature, pressure, synthesis gas recycle rate, gas hourly space
velocity); materials specifications and other engineering and scientific data that will enable the Licensed Technology to be incorporated into an overall Alcohol Synthesis Plant. 

(d) Licensed Documentation:
                    . 
  

	2.	Delivery of Licensed Technology:                     .

  

	[***]	Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential
treatment. 

 EXHIBIT B 
 PROJECT 

 EXHIBIT C 
 FEES 
 1. Fee. Commencing after the production and sale, by Licensee
and by other Affiliates of Licensee or other Affiliates of Fulcrum Technology Company, LLC (“Fulcrum”) under comparable license agreements with either or both of Nipawin and SRC, of two billion (2,000,000,000) collective litres of
alcohols from the Facility and the facilities of such Affiliates under comparable licenses, Licensee will pay a Fee to either Nipawin or SRC equal to the lesser of (a) 50% of the lowest amount charged by Nipawin and SRC collectively, or either
of them, at any time during the term of this Agreement, to any third party in a substantially similar license, or (b) [***]% of Gross Revenue. Upon Licensee’s request from time to time, either Nipawin or SRC will notify Licensee of the
amounts charged by Nipawin and SRC collectively or either of them to any third party in a substantially similar license. For example: 
 (1) If as of the date of this license the lowest amount charged by either or both of Nipawin and SRC to a third party for a license to use the Licensed Technology for an Alcohol Synthesis Plant is [***]%
of Gross Revenue, then the Fee charged to the Licensee will be 50%, or [***]%. If in two years either or both of Nipawin and SRC offers a third party a fee of [***]% of Gross Revenue, then commencing on that date the Fee charged to the Licensee in
this Agreement will decrease to [***]% of Gross Revenue. 
 (2) If the lowest amount charged by either or both of
Nipawin and SRC to a third party is 5% of Gross Revenue, then the Fee charged to the Licensee will be [***]% of Gross Revenue. 

2. Gross Revenue. As used herein, “Gross Revenue” means all amounts actually received by Licensee from customers on
account of the sale of alcohols produced by the Facility using the Licensed Technology, excluding: (a) any national, provincial, state, or local sales or other similar taxes collected from customers and paid by Licensee to a Governmental
authority; and (b) rebates, returns, and charge-backs to customers. 
 3. Payment. By the fifteenth day after the
end of each calendar quarter, Licensee will pay to either Nipawin or SRC all Fees that accrued during that quarter. 
 4.
Reports. With each Fee payment Licensee will deliver to both Nipawin and SRC a report showing the amount of Gross Revenue during the applicable quarter, the calculation of the Fees paid and whether the Fees are paid to Nipawin or SRC.

  

	[***]	Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential
treatment. 

 EXHIBIT D 
 SERVICES 
 1. Initial Services. SRC will provide reasonable support for
Licensee’s implementation and use of the Licensed Technology. Licensee will provide SRC with reasonable and free access to the Facility and all activity logs for the purpose of monitoring and/or inspecting all uses of the Licensed Technology,
throughout the period of construction, installation, commissioning, and start-up. All time and/or costs incurred by SRC in undertaking these activities or in contracting with others to do so will be paid by Licensee. 

2. Support Following Completion. Following completion of the Facility, SRC will provide, and Licensee will allow and pay for, one SRC technical
employee to support commencement of commercial operations and operation of the Facility for      months, at the following rates:
                    . 

 EXHIBIT E 
 PERFORMANCE TARGETS 
 [To be specified:] 

1. Performance Targets 
 2. Remedial Services. SRC will adjust the formulation of the Catalyst (defined in Exhibit A) in an effort to improve performance of the Licensed Technology. 

3. Liquidated Damages 
  

	 	1.	Liquidated damages formula 

  

	 	2.	Capped at the greater of: (a) [***]% of the Fees paid by Licensee to either Nipawin or SRC, or (b) US$[***], to be collectively paid by Nipawin and SRC to
Licensee. 

  

	[***]	Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential
treatment. 

 SCHEDULE 2 
 ALCOHOL SYNTHESIS PROCESS DESIGN IP LICENSE FORM 
 FULCRUM LICENSE
AGREEMENT 
 This Agreement is made effective as of
                    , 20     (the “Effective Date”), between Fulcrum Technology Company, LLC (“Fulcrum”), a
Delaware limited liability company, and                      (“Licensee”), a
                    , with reference to the following: 
 A. Fulcrum owns certain technology related to the process of converting synthesis gas to alcohols. 
 B. Licensee wishes to procure a license from Fulcrum to use its technology in the design and operation of an alcohol synthesis plant at a specific project, and Fulcrum is willing to grant this license, on
the terms and conditions herein. 
 NOW THEREFORE, the parties hereby agree as follows: 

1. Definitions. As used in this Agreement: 
 1.1 “Affiliate” means an entity that controls, is controlled by, or is under common control with, a party, where “control” means the direct or indirect possession of the power to
direct or cause the direction of the management and policies of an entity, whether through ownership of voting securities, via contract, or otherwise. 
 1.2 “Alcohol Synthesis Plant” means a plant that converts carbon monoxide, hydrogen and carbon dioxide (synthesis gas or syngas) to mixed alcohols with high volumetric ratios of ethanol.

 1.3 “Facility” means the Alcohol Synthesis Plant at the Project, as identified in Exhibit B. 

1.4 “Improvement” means any modification, enhancement, customization, adaptation, addition to or change in any process, method
or system, derivative work, or other improvement of the Licensed Technology, whether or not patentable or patented, that is developed and reduced to practice during the term of this Agreement. A “Fulcrum Improvement” is an Improvement
developed by or for Fulcrum. A “Licensee Improvement” is an Improvement developed by or for Licensee. 
 1.5 “IP
Rights” means all intellectual property rights throughout the world, whether existing under statute or at common law or equity, now or hereafter in force or recognized, including but not limited to: (i) copyrights, trade secrets, know-how,
patents, inventions, industrial designs and trade dress, “moral rights,” mask works, publicity rights, privacy rights and any other intellectual property and proprietary rights; and (ii) any application or right to apply for any of
these rights and any and all renewals, extensions and restorations thereof. “IP Rights” does not include trademarks, service marks, trade names, or other commercial symbols. 

1.6 “Licensed Documentation” means the specifications, materials and other documentation describing the Licensed Technology and
its adaptation, implementation, use, and/or maintenance, as described in Exhibit A. 

 1.7 “Licensed Technology” means the technology described in Exhibit A, including
without limitation the Licensed Documentation, and all Improvements developed by either party during the term. 
 1.8
“Performance Targets” means the expected performance specifications and standards of the Facility based on use of the Licensed Technology, as described in Exhibit E. 
 1.9 “Project” means the Alcohol Synthesis Plant project described in Exhibit B. 
 2.
License. 
 2.1 Grant. Fulcrum hereby grants to Licensee, and Licensee accepts, a limited, non-exclusive, and
non-transferable (except as provided in Section 0) license, under Fulcrum’s IP Rights in the Licensed Technology, to use the Licensed Technology in order to design, construct, use, operate, repair, maintain, manage, or further develop and
expand the Facility, and to make and have made products, materials, and components incorporating the Licensed Technology but only for use at the Facility and at no other location, and only in accordance with the Licensed Documentation. This license
does not include the right to grant sublicenses to third parties except as necessary or appropriate for contractors to perform for Licensee’s benefit in exercising the foregoing rights. 

2.2 Specific Rights. Without limiting the generality of the foregoing, the rights granted to Licensee hereunder include the
following, on the terms and subject to the confidentiality and other conditions in this Agreement: (a) the right to use the Licensed Technology in connection with the design, construction, use, operation, repair, maintenance, and further
development of the Project; (b) the right to use the Licensed Technology in connection with the design, manufacture, import, repair, and maintenance of equipment for use at the Project; (c) the right to practice any process included in the
Licensed Technology at the Project; (d) the right to reproduce, modify, and create derivative works of the Licensed Documentation and any other copyrighted works included in the Licensed Technology for use in the design, construction, use,
operation, repair, maintenance, and further development of the Project; and (e) the right to have third party contractors exercise any of the foregoing rights, but only for the benefit of Licensee, only for the Project, and subject to the
restrictions herein. 
 2.3 Delivery. Fulcrum will deliver the Licensed Technology to Licensee for its use hereunder in
the manner described in Exhibit A. 
 2.4 Reserved Rights. Fulcrum reserves all rights in the Licensed Technology and the
IP Rights therein that are not expressly granted to Licensee in this Agreement. 
 3. Improvements. 

3.1 By Fulcrum. Fulcrum will notify Licensee of any Fulcrum Improvement that Fulcrum deems beneficial to the use of the Licensed
Technology and will promptly deliver to Licensee the technical data and any other information disclosing this Fulcrum Improvement for its use under the license granted herein. Fulcrum will retain ownership of all Fulcrum Improvements. 

3.2 By Licensee. Licensee will notify Fulcrum of any Licensee Improvement and will promptly deliver to Fulcrum the technical data
and other information disclosing the Licensee Improvement, and will provide technical training in the Licensee Improvement upon Licensor’s reasonable request. The parties recognize that as a result of the license granted to Licensee under this
Agreement, Licensee will gain substantial and confidential access and understanding of the Licensed Technology and that such access and understanding will enable Licensee’s development of Licensee Improvements. Accordingly, all Licensee
Improvements and all IP Rights therein will be owned exclusively by Fulcrum. Licensee hereby irrevocably assigns to Fulcrum all right, title and interest in and to the Licensee Improvements and their IP Rights. Fulcrum will be solely responsible for
maintaining the Licensee Improvements so assigned. 

 3.3 Grant-back License. Without in any way limiting Fulcrum’s ownership of the
Licensee Improvements hereunder, Fulcrum hereby grants to Licensee a fully paid-up, royalty-free, worldwide, perpetual, non-exclusive, and non-assignable, but sublicense-able through multiple tiers, license under Fulcrum’s IP Rights to use the
Licensee Improvements at any Alcohol Synthesis Plant for any purpose in the field of bioenergy. Without in any way limiting the warranties provided by Fulcrum under this Agreement with respect to the underlying Licensed Technology on which a
Licensee Improvement may be based, the license rights granted in the previous sentence are “AS IS” without warranty of any type, except that Fulcrum hereby warrants that it has full power and authority to grant the license. 

3.4 Further Assurances. In the event Fulcrum decides to file patent applications for a Licensee Improvement or to file
registrations for any other IP Rights for the Improvement, Licensee will cooperate with Fulcrum in the preparation of any and all such patent applications or other IP Rights applications, and the execution of any and all assignments or other
documents, as necessary in connection with obtaining such patent or other IP Rights protection in the name of Fulcrum anywhere in the world. 

4. Services. Fulcrum will provide services to Licensee in connection with the use of the Licensed Technology as described, and at the rates and on
the terms and conditions set forth, in Exhibit D. 
 5. Consideration. 

5.1 Fee. In consideration of the license granted to it in this Agreement and the additional benefits hereunder, Licensee will pay
to Fulcrum the fees described in Exhibit C (“Fees”). 
 5.2 Payment. All Fees are payable in the manner
described in Exhibit C in full, without withholding, deduction, or offset of any amounts for any purpose. If Licensee does not pay any amounts within 30 days after they are due, these amounts will be subject to a charge at the rate of 1.5% per
month, not to exceed the maximum charge permissible under applicable law, until paid in full. Licensee will reimburse Fulcrum for all reasonable costs incurred, including attorneys’ fees, in collecting past due amounts owed by Licensee.

 5.3 Taxes. Licensee will be responsible for all taxes (including without limitation sales taxes) imposed on Licensee
as a result of the transactions herein, excluding only taxes based on the income of Fulcrum. 
 6. Warranties and Performance Targets.

 6.1 Warranty. As of the Effective Date, Fulcrum represents and warrants that (a) it is authorized to enter into
this Agreement and to grant the rights that are granted to Licensee herein, and (b) it has not entered into any other contract that grants to any other person an exclusive license to the Licensed Technology or otherwise conflicts with this
Agreement. 
 6.2 Performance Targets. Fulcrum’s Performance Targets are subject in every case to Licensee’s
proper use, adaptation, implementation, operation, testing, and maintenance of the Licensed Technology in accordance with the Licensed Documentation. Licensee will promptly notify Fulcrum of any failure of the Facility’s actual performance to
meet the applicable Performance Target (a “Failure”), and will provide Fulcrum with technical data, test results, and other information necessary for Fulcrum to fully diagnose and test such Failure. Fulcrum will use commercially reasonable
efforts to investigate the Failure and to correct it by performing the Remedial Services described in Exhibit E. If, notwithstanding such efforts, the Performance Targets are not achieved and Fulcrum determines that it would not be productive for
Fulcrum to continue such efforts, then Fulcrum will pay to Licensee liquidated damages as provided in Exhibit E. THE PARTIES ACKNOWLEDGE AND AGREE THAT THE REMEDIES SET FORTH IN THIS SECTION 6.2 ARE LICENSEE’S EXCLUSIVE REMEDY AND
FULCRUM’S EXCLUSIVE DUTY IN THE EVENT OF ANY FAILURE OF THE FACILITY TO MEET THE 

 
PERFORMANCE TARGETS OR OTHERWISE ARISING FROM THE PERFORMANCE OR FUNCTIONALITY OF THE LICENSED TECHNOLOGY, REGARDLESS OF CAUSE. 

6.3 Bankruptcy Status. The parties acknowledge that the Licensed Technology is “intellectual property” for
purposes of Section 365(n) of the U.S. Bankruptcy Code and that Licensee will have the right to exercise all rights provided by Section 365(n) with respect to the Licensed Technology. [The Canadian equivalent should be included here as
well, which is section 65.11(7) of the Bankruptcy and Insolvency Act, as follows: 
 (7) If the debtor
has granted a right to use intellectual property to a party to an agreement, the disclaimer or resiliation does not affect the party’s right to use the intellectual property — including the party’s right to enforce an exclusive use
— during the term of the agreement, including any period for which the party extends the agreement as of right, as long as the party continues to perform its obligations under the agreement in relation to the use of the intellectual
property.] 
 6.4 DISCLAIMER. EXCEPT AS MAY BE PROVIDED IN THIS SECTION 6, FULCRUM DISCLAIMS ANY AND ALL
WARRANTIES WITH RESPECT TO THE LICENSED TECHNOLOGY, WHETHER EXPRESS OR IMPLIED, OR ARISING BY CUSTOM OR TRADE USAGE, INCLUDING WITHOUT LIMITATION ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, AND ANY WARRANTY RESPECTING THE
PERFORMANCE OR FUNCTIONALITY OF THE LICENSED TECHNOLOGY. 
 7. Confidentiality. 

7.1 Confidential Information. In the course of performance under this Agreement, each party (the “Disclosing Party”) may
intentionally or inadvertently disclose, deliver or permit access by the other party (the “Receiving Party”) to information, data or materials which are, to the Disclosing Party, secret, proprietary and/or confidential. Due to the highly
technical and sensitive nature of the relationship and sharing of information under this Agreement, the parties will treat all information received from the other party as that party’s Confidential Information, unless it falls within one of the
exceptions set forth in the following sentence. Confidential Information does not include information which the Receiving Party can demonstrate: (a) was already known to it at the time of its receipt hereunder; (b) is or becomes generally
available to the public other than by means of breach of this Agreement; (c) is independently obtained from a third party whose disclosure to the Receiving Party does not violate a duty of confidentiality; or (d) is independently developed
by or on behalf of the Receiving Party without use of, reference to or reliance on any Confidential Information. Without limitation, the term “Confidential Information” includes the Licensed Technology and all data, information, materials
and subject matter, works of authorship, methods, processes, techniques, systems and know-how containing, recording, expressing or embodying the Disclosing Party’s: (a) products and related documentation, algorithms, workflows, models,
formulae, structures, schematics, designs, drawings, specifications and flow charts containing, comprised by or embodied in such products; and (b) current or prospective business plans, customers, finances, contracts, contractual arrangements,
employees, contractors, partners, investors and suppliers. 
 7.2 Non-Disclosure and Non-Use. The Receiving Party will
hold all Confidential Information of the other party in strictest confidence and will not disclose or provide the Confidential Information to any individual or entity without the express written consent of the Disclosing Party in each instance,
except to employees, consultants or agents of a Receiving Party to whom disclosure is necessary for the performance under this Agreement, who have executed a confidentiality agreement or are otherwise bound in writing to duties of non-disclosure,
and restrictions on use of the Confidential Information at least as restrictive as those set in this Section. The Receiving Party will not make any use of the Confidential Information whatsoever except such limited uses as are required for this
Agreement. These use rights do not limit or enlarge the Receiving Party’s rights to those portions of the Confidential Information contained in the technology or materials to which licenses are granted hereunder. If the Receiving Party is
required by a court or other body of competent jurisdiction to disclose the Confidential Information, the Receiving Party may disclose only so much Confidential Information as is legally required, provided that the

 
Receiving Party has given notice of such compelled disclosure to the Disclosing Party and has given the Disclosing Party a reasonable opportunity to object to such disclosure and has provided, at
the Disclosing Party’s request and expense, reasonable assistance in obtaining and enforcing a protective order or other appropriate means of safeguarding any Confidential Information so required to be disclosed. 

7.3 Termination. Upon termination of this Agreement, the Receiving Party will return to the Disclosing Party any Confidential
Information held in tangible form and will irretrievably erase, delete, or destroy any Confidential Information held in intangible form. Notwithstanding the foregoing, the Receiving Party shall be entitled to retain one copy of the Disclosing
Party’s Confidential Information in order to monitor its obligations hereunder. 
 8. Indemnification. 

8.1 Infringement. 
 (a) Fulcrum will defend, or at its option settle, any claim, action or proceeding brought against Licensee based on alleged infringement by the Licensed Technology, as provided hereunder, of the
claimant’s IP Rights (a “Claim”) and will indemnify and hold Licensee and its Affiliates and their respective officers, directors, employees and agents harmless from and against all damages and costs awarded against Licensee in a
final, non-appealable decision in any such action or proceeding which results from the Claim. Licensee will promptly notify Fulcrum in writing of the Claim, give it authority, information and assistance to defend the Claim and give it sole control
of the defense of the Claim and all negotiations for the compromise or settlement thereof. Fulcrum will have no liability hereunder for any costs incurred or settlement entered into without its prior written consent. Fulcrum will have no liability
hereunder with respect to any Claim to the extent based upon (a) the combination of the Licensed Technology with other products or processes not furnished by Fulcrum, (b) any Licensee Improvement, or (c) any other addition to or
modification of the Licensed Technology by any person or entity other than Fulcrum. 
 (b) If Licensee is prevented by
injunction or order of a court of competent jurisdiction from using the Licensed Technology provided hereunder, Fulcrum will, at its own cost and expense, use commercially reasonable efforts to procure a license for Licensee to continue using the
allegedly or potentially infringing design of nature and scope the same as or substantially similar to that originally delivered without loss, diminution or degradation of material functionality. If Fulcrum cannot obtain such license after good
faith efforts undertaken for a reasonable period of time, then Fulcrum will, at its own cost and expense, use commercially reasonable efforts to modify the allegedly or potentially infringing design so as to make it non-infringing without loss,
diminution or degradation in material functionality. If Fulcrum cannot make such modification after good faith efforts undertaken for a reasonable period of time, then Fulcrum will, at its own cost and expense, use commercially reasonable efforts to
procure for Licensee a license to a third party design that will serve as a replacement for the allegedly or potentially infringing design without material loss, diminution or degradation in functionality. 

(c) Licensee will defend, or at its option settle, any claim, action or proceeding brought against Fulcrum based on alleged infringement
by any Licensee Improvement of the claimant’s IP Rights (a “Claim”) and will indemnify and hold Fulcrum and its Affiliates and their respective officers, directors, employees and agents harmless from and against all damages and costs
awarded against Fulcrum in a final, non-appealable decision in any such action or proceeding which results from the Claim. Fulcrum will promptly notify Licensee in writing of the Claim, give it authority, information and assistance to defend the
Claim and give it sole control of the defense of the Claim and all negotiations for the compromise or settlement thereof. Licensee will have no liability hereunder for any costs incurred or settlement entered into without its prior written consent.
Licensee will have no liability hereunder with respect to any Claim to the extent based upon (a) the combination of the Licensee Improvement with other products or processes not furnished by Licensee, or (b) any other addition to or
modification of the Licensee Improvement by any person or entity other than Licensee. 

 (d) THE PROVISIONS OF THIS SECTION STATE THE EXCLUSIVE LIABILITY OF THE INDEMNIFYING PARTY
AND THE EXCLUSIVE REMEDY OF THE INDEMNIFIED PARTY WITH RESPECT TO ANY CLAIM OF INFRINGEMENT BY THE LICENSED TECHNOLOGY OR A LICENSEE IMPROVEMENT, AS APPLICABLE, OR CLAIM THAT FULCRUM LACKS THE RIGHT TO GRANT THE LICENSES GRANTED HEREIN, AND ARE IN
LIEU OF ALL OTHER WARRANTIES, EXPRESS OR IMPLIED, AND INDEMNITIES WITH RESPECT THERETO. 
 8.2 Use by Licensee. Licensee
will defend and indemnify Fulcrum and its Affiliates, and their respective directors, officers, and employees (collectively “Fulcrum Indemnitees”), against any claims, liability, damages, or expenses arising out of third party claims
resulting from Licensee’s use of the Licensed Technology as permitted hereunder, except for any third party claim for which Fulcrum is required to indemnify Licensee under Section 8.1(a), and will reimburse the Fulcrum Indemnitees for
attorneys’ fees reasonably incurred in connection therewith. Fulcrum will promptly notify Licensee in writing of any such claim, give it authority, information, and assistance to defend such claim, and give it sole control of the defense of
such claim and all negotiations for the compromise thereof. 
 9. Term and Termination. 

9.1 Term. The term of this Agreement will expire upon the date that Licensee permanently discontinues developing, building, or
operating the Project. 
 9.2 Limited Right of Termination. 

(a) Fulcrum acknowledges that Licensee will materially base its planning, financing, and operation of the Project on the license granted
in this Agreement. Accordingly, the parties agree that Fulcrum may terminate this Agreement prior to its expiration only if Licensee (1) fails to cure a payment breach within 30 days after Fulcrum’s written notice specifying the breach, or
(2) fails to cure any other material breach of this Agreement within 45 days after Fulcrum’s written notice specifying the breach, provided this other material breach by Licensee was knowing, deliberate, and persistent. 

(b) Licensee may terminate this Agreement at any time, for convenience and with or without cause, on 30 days’ prior written notice
to Fulcrum. 
 (c) Except as so provided, the license granted by Fulcrum in this Agreement is irrevocable and may not be
terminated by Fulcrum, its successors, permitted assignees, or any entity that acquires an ownership interest, in whole or in part, in the Licensed Technology. In the event of any breach of this Agreement by Licensee, Fulcrum may seek specific
performance, injunctive, and other equitable relief to compel Licensee’s performance hereunder or otherwise preserve the status quo, or damages to compensate for losses suffered by Fulcrum, but in no event may Fulcrum terminate this Agreement
as a remedy except as expressly provided in Section 9.2(a). 
 9.3 Effect of Termination. Upon the termination or
expiration of this Agreement for any reason, the licenses granted by Fulcrum herein will terminate, Licensee will immediately cease all uses of the Licensed Technology and Licensee will return to Fulcrum all Licensed Documentation, materials and
other tangible items disclosing any of the Licensed Technology. All provisions of this Agreement that by their express terms or nature survive termination will continue thereafter until fully performed or exercised. 

10. Liability. 
 10.1
CONSEQUENTIAL DAMAGES. EXCEPT FOR CLAIMS BASED ON WRONGFUL USE OR DISCLOSURE OF CONFIDENTIAL INFORMATION OR LICENSEE’S BREACH OF SECTION 2.1, NEITHER PARTY WILL BE LIABLE TO THE OTHER PARTY OR TO ANY THIRD PARTY FOR ANY CONSEQUENTIAL,
INDIRECT, SPECIAL, EXEMPLARY, PUNITIVE, OR INCIDENTAL DAMAGES, HOWEVER CAUSED AND WHETHER ARISING IN TORT, CONTRACT, STRICT LIABILITY OR 

 
OTHERWISE, INCLUDING WITHOUT LIMITATION, LOSS OF ACTUAL OR ANTICIPATED PROFITS, REVENUES, PRODUCT, BUSINESS, USE, OR PRODUCTIVITY, LOSS BY REASON OF SHUT DOWN OR NON-OPERATION, INCREASED EXPENSE
OF OPERATION, BORROWING, OR FINANCING, AND INCREASED COST OF CAPITAL, EVEN IF A PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. 
 10.2 Limitation of Liability. Except for liabilities arising under duties of indemnification as set forth IN THIS AGREEMENT, WRONGFUL USE OR DISCLOSURE OF intellectual PROPERTY OR CONFIDENTIAL
INFORMATION, LICENSEE’S DUTY TO PAY FEES, or willful misconduct, the liability of either party, its affiliates, DIRECTORS, OFFICERS, employees, AND agents, whether arising in contract, tort (including negligence) or otherwise, in connection
with any MATTER HEREUNDER, will in no event exceed THE GREATER OF (A) the fees paid to FULCRUM BY LICENSEE HEREUNDER OR (B) US$100,000. 
 10.3 RISK ALLOCATION. THE FOREGOING ALLOCATIONS OF RISK ARE REFLECTED IN THE FEES PAYABLE BY LICENSEE TO FULCRUM HEREUNDER. 
 11. Miscellaneous. 
 11.1 Audit Right. During normal business hours,
Fulcrum or its authorized representatives may upon reasonable advance notice audit and inspect Licensee’s Project, use of the Licensed Technology, and books and records in order to verify compliance with the terms of this Agreement, including
without limitation the payment of Fees in accordance herewith. If any audit reveals Licensee has underpaid Fees to Fulcrum by more than 3% in any payment period, or has otherwise materially breached this Agreement, Licensee will pay such underpaid
Fees and will also pay or reimburse Fulcrum’s reasonable costs of conducting the audit. 
 11.2 Notices. All notices
which are required or may be given under this Agreement will be in writing to the address under each party’s signature line and will be deemed effective: (a) upon delivery, if via personal delivery; (b) one business day after sending,
if via overnight delivery; (c) five business days after mailing, if via certified prepaid mail, return receipt requested; (d) upon electronic confirmation, if via fax; or (e) upon acknowledgement, if via email. Either party may change
its address to which notices are sent by notice in compliance with this Section. 
 11.3 Governing Law and Venue. This
Agreement will be construed, governed, interpreted, and applied in accordance with the laws of the jurisdiction in which the Facility is located, without regard to its conflicts of laws principles, except that questions affecting the construction
and effect of any patent will be determined by the law of the country in which the patent was granted. All actions will be brought in the appropriate provincial, state, or federal courts located in the jurisdiction in which the Facility is located.
Notwithstanding the foregoing, either party may seek injunctive and other equitable relief in any court of competent jurisdiction. 
 11.4 Integration. This Agreement (including its Exhibits) constitutes the entire and only agreement between the parties relating to the subject matter hereof, and all other prior negotiations,
representations, agreements, and understandings are superseded hereby. No agreements altering or supplementing the terms hereof may be made except by means of a written document signed by the duly authorized representatives of the parties.

 11.5 Waiver. The failure of either party to assert a right under this Agreement or to insist upon compliance with any
term or condition of this Agreement will not constitute a waiver of that right or excuse a similar subsequent failure to perform any such term or condition by the other party. 
 11.6 Severability. If any provision of this Agreement will be found by a court to be void, invalid or unenforceable, the same will be reformed to comply with applicable law or stricken if not so
conformable, so as not to affect the validity or enforceability of this Agreement. 

 11.7 Force Majeure. The parties will be excused from any performance required
hereunder if such performance is rendered impossible or unfeasible due to any catastrophe or other major events beyond their reasonable control, including but not limited to war, riot, insurrections, laws, proclamations, ordinances, rules or
regulations of any governmental entity or body, strikes, lock-outs or other serious work stoppages or labor disputes, and floods, earthquakes, fires, explosions or other natural disasters. 

11.8 Assignment. Fulcrum may assign this Agreement to any party that acquires the right and ability to perform it and assumes
Fulcrum’s obligations hereunder. This Agreement may not otherwise be assigned by either party without the prior written consent of the other party, which consent will not be unreasonably withheld or delayed, except that either party may assign
this Agreement on written notice to the other party but without requiring other party’s prior consent (a) in connection with the sale of all or substantially all of its stock or assets, or (b) to the surviving or resulting entity in
any merger or consolidation, provided that such assignee agrees in writing to be bound by all of the terms and conditions of this Agreement. 
 11.9 Relationship of Parties. Nothing contained in this Agreement will be construed as constituting one party as the franchiser, franchisee, partner, broker, joint venturer or agent of the other.
Each party is an independent contractor and neither has nor will have any power, right or authorization to bind the other or to assume or create any obligations or responsibilities, express or implied, on behalf of the other or in the other’s
name. 
 11.10 Financing Assistance. Upon receipt of a written request from Licensee, in order to assist in facilitating
any Licensee project related financing, Fulcrum will execute and deliver to Licensee reasonable consents to collateral assignment of the rights of Licensee under this Agreement to financing parties on customary market terms, with customary legal
opinions with respect to Fulcrum from counsel to Fulcrum, and such estoppel statements certifying among other things that, to the extent they are known to be true in Fulcrum’s knowledge: (a) this Agreement is in full force and effect;
(b) no modifications have been made [to this Agreement or to the Licensed Technology?] except those disclosed; (c) no disputes or defaults exist; (d) no events have occurred that would, with the giving of notice or the passage of
time, constitute a default under this Agreement; and (e) all amounts then due and owing have been paid. Any reasonable, documented third party costs actually incurred by Fulcrum to comply with the obligations in the foregoing sentence will be
reimbursed by Licensee. 
 IN WITNESS WHEREOF, the parties have executed this Agreement as of the Effective Date: 

 

							
	FULCRUM TECHNOLOGY	  		 	
	COMPANY, LLC	  	  

				
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	Address:	  	Address:
		
	  
	  	  

		
	  
	  	  

		
	  
	  	  

		
	  
	  	  

							
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 EXHIBIT A 
 LICENSED TECHNOLOGY 
  

	1.	The Licensed Technology includes all of the following [to be updated at time of license]: 

(a) As used herein, “Nipawin/SRC Catalyst” means a [***]-based catalyst (together with other materials) [***], which converts
synthesis gas, generally composed of carbon monoxide, hydrogen, and carbon dioxide, to mixed alcohols, and by which alcohols other than ethanol are reformed back to synthesis gas and, together with the unconverted synthesis gas, recycled to
exhaustion through the synthesis reactor. 
 (b) The detailed process design, heat and material balance, process simulations,
equipment specifications, scale-up parameters, other engineering and scientific data which allows the preparation of commercial designs for a process which incorporates the Nipawin/SRC Catalyst and makes use of the Nipawin/SRC Catalyst as the basis
for the design. 
 (c) Licensed Documentation:
                    . 
  

	2.	Delivery of Licensed Technology:                     .

  

	[***]	Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential
treatment. 

 EXHIBIT B 
 PROJECT 
  

 EXHIBIT C 
 FEES 
 Zero fees 

 EXHIBIT D 
 SERVICES 
 1. Initial Services. Fulcrum will provide a front-end engineering and
design package (the “FEED Package”) consisting of an assembly of technical documents that convey the design parameters and requirements of the Licensed Technology to engineers who will prepare engineering designs that enable procurement
and construction of equipment and complete Alcohol Synthesis Plants. Fulcrum will provide other reasonable support for Licensee’s implementation and use of the Licensed Technology. Licensee will provide Fulcrum with reasonable and free access
to the Facility and all activity logs for the purpose of monitoring and/or inspecting all uses of the Licensed Technology, throughout the period of construction, installation, commissioning, and start-up. All time and/or costs incurred by Fulcrum in
undertaking these activities or in contracting with others to do so will be paid by Licensee. 
 2. Support Following Completion.
Following completion of the Facility, Fulcrum will provide, and Licensee will allow and pay for, one Fulcrum technical employee to support commencement of commercial operations and operation of the Facility for      months, at
the following rates:                     . 

 EXHIBIT E 
 PERFORMANCE TARGETS 
 [To be specified:] 

1. Performance Targets 
 2. Remedial Services: Fulcrum will adjust the parameters and requirements in the FEED Package (defined in Exhibit D) and re-deliver it to Licensee in an effort to improve performance of the Licensed
Technology. 
 3. Liquidated Damages 
  

	 	•	 	 Liquidated damages formula 

  

	 	•	 	 Capped at the greater of [***]% of fees paid or US$[***] 

  

	[***]	Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential
treatment.Master Project Development Agreement

 Exhibit 10.7 
 Execution Version 
  

 
 MASTER PROJECT DEVELOPMENT
AGREEMENT 
 between 
 Fulcrum BioEnergy, Inc. 
 and 

Waste Connections, Inc. 
 Dated as of December 19, 2008 
  

 

 TABLE OF CONTENTS 

 

							
	 ARTICLE 1
	  	 DEFINITIONS AND GENERAL PROVISIONS
	  	 	1	  
			
	 Section 1.1
	  	 Definitions
	  	 	1	  
	 Section 1.2
	  	 Rules of Interpretation
	  	 	4	  
			
	ARTICLE 2	  	PROJECT DEVELOPMENT	  	 	5	  
			
	 Section 2.1
	  	 Agreement to Develop Projects
	  	 	5	  
	 Section 2.2
	  	 General Project Contract Terms
	  	 	5	  
	 Section 2.3
	  	 Overall Project Development Responsibility
	  	 	7	  
	 Section 2.4
	  	 Project Companies; Project Contracts
	  	 	7	  
	 Section 2.5
	  	 Financing Provisions
	  	 	7	  
	 Section 2.6
	  	 Additional Exclusive Waste Sheds
	  	 	8	  
	 Section 2.7
	  	 Exclusivity and Termination of Exclusive Waste Sheds
	  	 	8	  
	 Section 2.8
	  	 [***]
	  	 	9	  
	 Section 2.9
	  	 WCN Proposals
	  	 	10	  
	 Section 2.10
	  	 Effect of Default
	  	 	10	  
			
	ARTICLE 3	  	REPRESENTATIONS AND WARRANTIES	  	 	10	  
			
	 Section 3.1
	  	 Representations and Warranties
	  	 	10	  
			
	ARTICLE 4	  	ADDITIONAL COVENANTS	  	 	11	  
			
	 Section 4.1
	  	 Compliance with Laws
	  	 	11	  
	 Section 4.2
	  	 Expenses
	  	 	11	  
	 Section 4.3
	  	 Confidentiality
	  	 	11	  
			
	ARTICLE 5	  	INDEMNIFICATION	  	 	11	  
			
	ARTICLE 6	  	TERM AND TERMINATION	  	 	12	  
			
	 Section 6.1
	  	 Term
	  	 	12	  
	 Section 6.2
	  	 Termination for Lapse in Development Activities
	  	 	12	  
	 Section 6.3
	  	 Consequences of Termination
	  	 	12	  
			
	ARTICLE 7	  	DEFAULT AND REMEDIES	  	 	12	  
			
	 Section 7.1
	  	 Default
	  	 	12	  
	 Section 7.2
	  	 Termination
	  	 	13	  
	 Section 7.3
	  	 Other Remedies Generally
	  	 	13	  
			
	ARTICLE 8	  	DISPUTE RESOLUTION	  	 	13	  
			
	 Section 8.1
	  	 General
	  	 	13	  
	 Section 8.2
	  	 Mediation
	  	 	14	  
	 Section 8.3
	  	 Litigation
	  	 	14	  
	 Section 8.4
	  	 Governing Law
	  	 	14	  

  
 i 

 

	[***]	Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential
treatment. 

 Table of Contents 

(continued) 
  

							
	 Section 8.5
	  	 Statute of Limitations
	  	 	14	  
	 Section 8.6
	  	 Attorneys’ Fees
	  	 	14	  
			
	 ARTICLE 9
	  	NOTICES	  	 	15	  
			
	 Section 9.1
	  	 Writing
	  	 	15	  
	 Section 9.2
	  	 Timing of Receipt
	  	 	15	  
			
	 ARTICLE 10
	  	MISCELLANEOUS	  	 	16	  
			
	 Section 10.1
	  	 Relationship of the Parties
	  	 	16	  
	 Section 10.2
	  	 Entire Agreement; Amendment
	  	 	16	  
	 Section 10.3
	  	 Joint Effort
	  	 	16	  
	 Section 10.4
	  	 Captions
	  	 	16	  
	 Section 10.5
	  	 Severability
	  	 	16	  
	 Section 10.6
	  	 No Waiver
	  	 	16	  
	 Section 10.7
	  	 Counterparts
	  	 	16	  
	 Section 10.8
	  	 Survival
	  	 	16	  
	 Section 10.9
	  	 Further Assurances
	  	 	16	  
	 Section 10.10
	  	 Third Parties
	  	 	17	  
	 Section 10.11
	  	 Assignment
	  	 	17	  
	 Section 10.12
	  	 Time Is of the Essence
	  	 	17	  

 EXHIBITS 

Exhibit A – Exclusive Waste Sheds 

Exhibit B – Terms of Supply Agreements 

Exhibit C – Terms of WCNX Site Arrangements 

  
 A-ii

 MASTER PROJECT DEVELOPMENT AGREEMENT 

This Master Project Development Agreement (“Agreement”) is entered into as of December 19, 2008 (“Effective
Date”), between Waste Connections, Inc., a Delaware corporation (“WCNX”), and Fulcrum BioEnergy, Inc., a Delaware corporation (“Fulcrum”). Fulcrum and WCNX are sometimes hereinafter referred to individually
as a “Party” and collectively as the “Parties”. 
 RECITALS 

A. WCNX is a leading waste management company that provides collection, recycling and disposal services to residential, commercial and
industrial customers in the United States. 
 B. Fulcrum is in the business of building, owning and operating advanced resource
conversion facilities that convert municipal solid waste and other carbonaceous material collected by companies like WCNX into ethanol and other renewable transportation fuels (“Energy Products”) utilizing Fulcrum’s proprietary
thermochemical conversion technologies. 
 C. The Parties wish to enter into this Agreement pursuant to which the Parties will
cooperate in the Exclusive Waste Sheds (as defined below) to develop Projects (as defined below) and enter into long-term arrangements for WCNX’s supply of solid waste and other carbonaceous materials collected or controlled by WCNX in the
Exclusive Waste Sheds to Fulcrum’s facilities. 
 NOW, THEREFORE, in consideration of the foregoing recitals and the
agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto, intending to be legally bound, do hereby agree as follows: 

ARTICLE 1 

DEFINITIONS AND GENERAL PROVISIONS 
 Section 1.1 Definitions. The initially capitalized terms used in this Agreement, including the foregoing recitals, and not otherwise defined herein, shall have the respective meanings set
forth below: 
 “Affiliate” or “affiliate” of any specified Person means any other Person
that, directly or indirectly, controls, is controlled by or is under common control with such Person. For purposes of this definition, “control” when used with respect to any particular Person means the power to direct, or cause the
direction of, the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, and the terms “controlling”, “controlled” and “under common
control” have meanings correlative to the foregoing. 
 “Agreement” has the meaning set forth in the
preamble. 

 “Applicable Laws” means all applicable laws (including common law), rules,
regulations, statutes, treaties, codes and ordinances (including zoning and land use regulations) of any Governmental Authority, and applicable judgments, decrees, injunctions, writs, orders or like action of any court, arbitration board,
administrative, judicial or quasi-judicial tribunal or agency of competent jurisdiction. 
 “Bankruptcy Event”
shall be deemed to occur, with respect to any Person, if that Person shall institute a voluntary case seeking liquidation or reorganization under Title 11, United States Code, or any other state or federal insolvency, reorganization, moratorium or
similar law for the relief of debtors, or any successor statute, or shall consent to the institution of an involuntary case thereunder against it; or such Person shall file a petition or consent or shall otherwise institute any similar proceeding
under any other applicable federal or state law, or shall consent thereto; or such Person shall apply for, or consent or acquiesce to, the appointment of, a receiver, administrator, administrative receiver, liquidator, sequestrator, trustee or other
officer with similar powers for itself or any substantial part of its assets; or such Person shall make a general assignment for the benefit of its creditors; or such Person shall admit in writing its inability to pay its debts generally as they
become due; or if an involuntary case shall be commenced seeking liquidation or reorganization of such Person under applicable bankruptcy laws or any similar proceedings shall be commenced against such Person under any other applicable federal or
state law and (a) the petition commencing the involuntary case is not timely disputed, (b) the petition commencing the involuntary case is not dismissed within sixty (60) days of its filing, (c) an interim trustee is appointed to
take possession of all or a portion of the property, and/or to operate all or any part of the business of such Person and such appointment is not vacated within sixty (60) days or (d) an order for relief has been issued or entered therein;
or a decree or order of a court having jurisdiction in the premises for the appointment of a receiver, administrator, administrative receiver, liquidator, sequestrator, trustee or other officer having similar powers, over such Person or all or a
part of its property has been entered; or any other similar relief shall be granted against such Person under Title 11, United States Code, and any other state or federal insolvency, reorganization, moratorium or similar law for the relief of
debtors, or any successor statute. 
 “Business Day” means any day which is neither a Saturday nor Sunday nor a
legal holiday on which commercial banking institutions are authorized or required by law, regulation or executive order to be closed in New York, New York, or San Francisco, California. 

“Conversion Facility” means a facility owned by Fulcrum that transforms Feedstock into Energy Products. 

“Day” or “day” means a calendar day unless “Business Day” is expressly specified.

 “Defaulting Party” has the meaning set forth in Section 7.1. 

“Effective Date” has the meaning set forth in the preamble. 

“Energy Products” has the meaning set forth in the recitals. 

“Event of Default” has the meaning set forth in Section 7.1. 

  
 2 

 “Exclusive Waste Sheds” means the general geographic areas listed on
Exhibit A attached hereto (as updated from time to time in accordance with this Agreement). 

“Feedstock” means Processable Materials that have been sorted and sized by a Processing Facility in accordance with
specifications provided in the Supply Agreements prior to use in a Conversion Facility. 
 “Fulcrum” has the
meaning set forth in the preamble. 
 “Fulcrum Sites” has the meaning set forth in
Section 2.2(a)(ii). 
 “Governmental Authority” means the federal government of the United States,
and any state, county, municipal or local government or regulatory department, body, political subdivision, commission, agency, instrumentality, ministry, court, judicial or administrative body, taxing authority, or other authority thereof
(including any corporation or other entity owned or controlled by any of the foregoing). 
 “Indemnified
Parties” means with respect to WCNX or Fulcrum, as applicable, all of the current and former Affiliates of such Party, along with such Party’s and each of its Affiliate’s respective officers, directors, partners, managers,
members, agents, employees, successors, and assigns. 
 “Losses” means all costs, liabilities, penalties,
fines, forfeitures, demands, claims, causes of action, suits, and costs and expenses incidental thereto (including costs of defense, settlement, and reasonable attorney’s fees). 

“Party” has the meaning set forth in the preamble. 

“Person” means any natural person, corporation, cooperative, partnership, limited liability company, joint venture,
joint-stock company, firm, association, trust, unincorporated organization, government or political subdivision thereof, governmental agency or any other entity, whether acting in an individual, fiduciary or other capacity. 

“Processable Materials” means municipal solid waste, construction and demolition waste and other carbonaceous waste
materials collected in the ordinary course of WCNX’s business. 
 “Processing Facility” means
Fulcrum’s front-end processing facility that does final sorting, sizing and shredding of Processable Materials into Feedstock. 
 “Project” means collectively, a Processing Facility and a Conversion Facility located in an Exclusive Waste Shed. 
 “Project Company” has the meaning set forth in Section 2.4. 
 “Project Contracts” has the meaning set forth in Section 2.1(a). 
 “Supply Agreements” has the meaning set forth in Section 2.2(b). 

  
 3 

 “WCNX Party” has the meaning set forth in Section 2.4.

 “WCNX Site Arrangements” has the meaning set forth in Section 2.2(a)(i). 

“WCNX Sites” has the meaning set forth in Section 2.2(a)(i). 

Section 1.2 Rules of Interpretation. In this Section 1.2 and this Agreement, unless otherwise provided herein or
the context otherwise requires: 
 (a) the terms set forth in Section 1.1 shall have the meanings therein provided;

 (b) any term defined in Section 1.1 by reference to another document, instrument or agreement shall continue to
have the meaning ascribed thereto whether or not such other document, instrument or agreement is in effect; 
 (c) words in the
singular include the plural and vice versa; 
 (d) words referring to a gender include any gender; 

(e) a reference to a part, clause, section, paragraph, article, Party, annex, appendix, exhibit, schedule or other attachment is a
reference to a part, clause, section, paragraph, or article of, or a Party, annex, appendix, exhibit, schedule or other attachment to, this Agreement; 
 (f) a reference to any statute, regulation, proclamation, ordinance or law includes all statutes, regulations, proclamations, ordinances or laws varying, consolidating or replacing the same from time to
time, and a reference to a statute includes all regulations, policies, protocols, codes, proclamations and ordinances issued or otherwise applicable under that statute unless, in any such ease, otherwise expressly provided in any such statute or in
this Agreement; 
 (g) a definition of or reference to any document, instrument or agreement includes each amendment or
supplement to, or restatement, replacement, substitution, successor, modification or novation of, any such document, instrument or agreement unless otherwise specified in such definition or in the context in which such reference is used; 

(h) a reference to a particular section, paragraph or other part of a particular statute shall be deemed to be a reference to any other
section, paragraph or other part substituted therefor from time to time unless otherwise specified; 
 (i) a reference to any
Person (as above defined) includes such Person’s successors and permitted assigns; 
 (j) words such as
“hereunder,” “hereto,” “hereof” and “herein” and other words of similar import shall, unless the context requires otherwise, refer to the whole of the applicable document and not to any particular article,
section, subsection, paragraph or clause thereof; and 

  
 4 

 (k) a reference to “include”, “includes”, “including” or other
variations thereof means including without limiting the generality of any description preceding such term. 
 ARTICLE 2

 PROJECT DEVELOPMENT 
 Section 2.1 Agreement to Develop Projects. 
 (a) General
Agreement. Subject to the terms and conditions hereof, the Parties agree to cooperate in good faith using commercially reasonable efforts in connection with the development of Projects in each of the Exclusive Waste Sheds as contemplated herein
over the period of time contemplated herein. As further described herein, the principal commercial arrangements between the Parties for each Project, consisting of the Supply Agreements and the WCNX Site Arrangements, if applicable, will be set
forth in separate definitive Project-specific contracts (for each Project, the “Project Contracts”) to be mutually agreed by the Parties in accordance with the provisions hereof. The Parties shall establish procedures and a schedule
for finalizing and executing Project Contracts. 
 (b) Nature of Projects. Each Project shall, at a minimum, have the
following components: (i) a Processing Facility owned and operated by Fulcrum, (ii) a Supply Agreement pursuant to which WCNX shall agree to deliver to Fulcrum and Fulcrum shall agree to accept Processable Materials, and (iii) a
Conversion Facility owned and operated by Fulcrum. 
 Section 2.2 General Project Contract Terms. The Parties shall
cooperate to develop Projects, and negotiate, execute and deliver Project Contracts, on terms consistent with the following: 

(a) Location of Projects. In each Exclusive Waste Shed, the Parties shall evaluate the area to determine the optimum location for
the Processing Facility and the Conversion Facility based on the principles described in this Section 2.2(a). Each Project location shall be proposed by Fulcrum. 
 (i) WCNX Sites. The Parties acknowledge that in some of the Exclusive Waste Sheds, WCNX currently owns, leases or has other rights to use existing landfills, material recycling facilities, transfer
stations or other similar real property sites (“WCNX Sites”). To the extent there is available space, the requisite consents, permits and approvals are attainable and it is otherwise reasonably practical, each new Project within
each Exclusive Waste Shed is intended to be located at a WCNX Site. In such circumstances, WCNX will provide to Fulcrum the site and related real estate rights on which to develop the Project through a lease, sublease or other mutually agreed
arrangements on substantially the terms described in Exhibit C (the “WCNX Site Arrangements”). 
 (ii)
Fulcrum Sites. In circumstances where WCNX Sites within an Exclusive Waste Shed are not suitable for Projects (including for reasons of transportation cost, labor costs, lack of available space or lack of appropriate real estate rights), any
Project in such an Exclusive Waste Shed will be located in the vicinity of WCNX Sites, but on real estate to be acquired or leased directly by Fulcrum (“Fulcrum Sites”) under other suitable arrangements between Fulcrum and third
parties, and no WCNX Site Arrangements shall be necessary. 

  
 5 

 (b) Supply Agreements. For each Project, the Parties shall enter into an agreement
for the long term supply and delivery of Processable Materials by WCNX to Fulcrum (“Supply Agreements”). The Supply Agreements shall substantially have the terms described in Exhibit B. 

(c) Ownership of Projects. Subject to Section 2.4, Fulcrum shall always be the owner of the Projects. 

(d) Forms of Project Contracts. The Parties acknowledge and agree that the terms of the Supply Agreements and WCNX Site
Arrangements may be modified for each Project to reflect the particular agreements between the Parties related to the Project and to conform to Applicable Laws. 
 Section 2.3 Overall Project Development Responsibility. Fulcrum shall be responsible to site, finance, develop, permit, engineer, design, construct and operate each Project, subject to the
limitations set forth herein and in the Project Contracts for each Project. Fulcrum and WCNX will jointly be responsible for the establishment of community outreach plans for each Project, which will be implemented by Fulcrum under WCNX’s
reasonable direction. 
 Section 2.4 Project Companies; Project Contracts. The Parties acknowledge and agree that:
(i) this Agreement is between Fulcrum and WCNX, (ii) to facilitate the successful financing of each Project, each Project will be owned by a special purpose project company organized and controlled by Fulcrum (a “Project
Company”), (iii) the Project Contracts for each Project will be entered into by a Project Company, on the one hand, and WCNX (or WCNX’s Affiliate-designee) (the “WCNX Party”) on the other, (iv) each Party
shall advise the other Party in advance as to its designated parties under the Project Contracts, and (v) the Project Contracts shall be consistent with the terms and intent of this Agreement. Once executed and delivered, the Project Contracts
for each Project shall be separate and independent contracts from this Agreement and from the Project Contracts for each other Project. Neither Party shall be obligated to agree to or enter into any Project Contract, including any Project Contract
that is inconsistent with this Agreement in any material respect. 
 Section 2.5 Financing Provisions. It is
contemplated that each Project Company shall obtain non-recourse construction and/or term project financing, and each of the Project Contracts shall be collaterally assignable by the Project Company to lenders and other financing providers and shall
contain customary provisions reasonably acceptable to the Parties in order to facilitate such financing. Such customary provisions include, but are not limited to the making of customary estoppel statements, the granting of certain additional lender
rights relating to notice and cure periods and the acknowledgment of certain lender rights following foreclosure. 

Section 2.6 Additional Exclusive Waste Sheds. If, following the Effective Date, WCNX or any of its Affiliates acquires an
ownership interest in or otherwise obtains an interest in any landfill, transfer station or materials recovery facility (or any combination of the foregoing) in a geographic area (a) in which WCNX has direction and control over sufficient
Processable Materials to provide Fulcrum with at least [***] tons per day (approximately [***] tons per year) (or less if agreed by Fulcrum) of Feedstock for use in Fulcrum’s Conversion 

  
 6 

 

	[***]	Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential
treatment. 

 
Facilities, (b) in which WCNX has a significant or dominant share of the waste collection, recycling and disposal service market, and (c) which is not then designated as an Exclusive
Waste Shed hereunder, then WCNX shall notify Fulcrum of such acquisition and the geographic area in which such acquisition is located shall, without further action by either Party, become an Exclusive Waste Shed for all purposes under this
Agreement, unless Fulcrum notifies WCNX within thirty days following WCNX’s notice that it does not wish to designate such geographic area as an Exclusive Waste Shed. In addition to the foregoing, at any time and from time to time under this
Agreement, WCNX may notify Fulcrum of any interest acquired by WCNX or its Affiliates in any landfill, transfer station or materials recovery facility that otherwise does not meet the requirements in clauses (a) and (b) above, and Fulcrum
shall have sixty days, at its option in its discretion, to designate by written notice to WCNX the geographic area containing such landfill, transfer station or materials recovery facility as an Exclusive Waste Shed hereunder. Exhibit A shall
be deemed to be automatically updated with any additional Exclusive Waste Shed that becomes subject to this Agreement after the Effective Date. 
 Section 2.7 Exclusivity and Termination of Exclusive Waste Sheds. 

(a) Exclusivity. Except as expressly permitted by any Project Contracts, for so long as this Agreement is in effect, each Party
agrees that it shall not, and it shall not permit its Affiliates to, directly or indirectly engage or participate in any transactions (including negotiation to enter into transactions) within the Exclusive Waste Sheds which are the same or
substantially similar to the transactions contemplated by this Agreement with any Person who is not a Party or an Affiliate of a Party. For the avoidance of doubt, nothing in this Agreement shall prohibit WCNX or its Affiliates from transferring
Feedstock to third parties for traditional recycling, composting or other similar uses, but in any event, not related to alternative or renewable energy systems. 
 (b) Termination of Exclusive Waste Sheds. If, prior to the execution and delivery of Project Contracts for a specific Exclusive Waste Shed: 

(i) (1) Fulcrum determines in its good faith that WCNX does not have long-term certainty with respect to any of the requirements of an
Exclusive Waste Shed as set forth in clauses (a) or (b) of Section 2.6 reasonably necessary to support financing of the Project in such Exclusive Waste Shed or (2) Fulcrum otherwise determines in its good faith that
co-developing a Project with WCNX in such Exclusive Waste Shed in the manner contemplated herein is not reasonably feasible for other reasons, then in either case, Fulcrum may notify WCNX of its intent to terminate such Exclusive Waste Shed as an
Exclusive Waste Shed hereunder and the Parties shall negotiate in good faith for a period of sixty days regarding solutions to address Fulcrum’s concerns. If the Parties do not resolve Fulcrum’s concerns to their mutual satisfaction, then
at any time after the sixty day period, Fulcrum may notify WCNX of its termination of such Exclusive Waste Shed as an Exclusive Waste Shed hereunder, and as of the date of such notice, such Exclusive Waste Shed shall cease being an Exclusive Waste
Shed for all purposes under this Agreement and WCNX may enter into the same or substantially similar transactions with any third party. 

  
 7 

 (ii) the Parties mutually agree in writing to terminate any Exclusive Waste Shed as and
Exclusive Waste Shed hereunder, then upon such agreement, such Exclusive Waste Shed shall cease being an Exclusive Waste Shed for all purposes under this Agreement. 
 (iii) WCNX or its Affiliates cease to conduct business in any Exclusive Waste Shed, or in Fulcrum’s good faith judgment, the volume of waste collected or controlled by WCNX is reduced to a level
incapable of supporting a Project in such Exclusive Waste Shed, then such Exclusive Waste Shed shall cease being an Exclusive Waste Shed for all purposes under this Agreement as of the date the business ceases or the date on which Fulcrum notifies
WCNX of its determination hereunder, as applicable. 
 If any Exclusive Waste Shed is terminated under this Section 2.7(b), or under
Section 2.8 below, Exhibit A shall be deemed to be automatically updated to remove such Exclusive Waste Shed as an Exclusive Waste Shed hereunder. For the avoidance of doubt, all Exclusive Waste Sheds for which Project Contracts
have not been executed and delivered shall terminate upon the termination of this Agreement in accordance with Article 6. 
 Section 2.8 [***] 

  
 8 

 

	[***]	Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential
treatment. 

 Section 2.9 Effect of Default. If Fulcrum is in default of any of its
obligations under Project Contracts (including WCNX Site Arrangements and Supply Agreements) and has failed to cure such default within the applicable cure period, WCNX shall have no obligation to negotiate any additional Project Contracts for any
new Exclusive Waste Shed until such time as the applicable defaulted Project Contract has been terminated in accordance with the terms thereof or the default has been cured. 
 Section 2.10 Termination of Exclusive Waste Sheds after Execution and Delivery of Project Contracts. For the avoidance of doubt, the Parties acknowledge and agree that from and after execution
and delivery of Project Contracts for any particular Exclusive Waste Shed, such Project Contracts shall address and shall govern the rights and obligations of the parties thereto with respect to termination of such Exclusive Waste Shed as an
Exclusive Waste Shed hereunder. 
 ARTICLE 3 
 REPRESENTATIONS AND WARRANTIES 
 Section 3.1 Representations and
Warranties. Each Party hereby represents and warrants to the other Party, as of the Effective Date, that: 
 (a)
Standing. Such Party is a corporation duly organized, validly existing and in good standing under the laws of its State of organization and is qualified to do business in all other jurisdictions in which the nature of the business conducted
by it makes such qualification necessary and where failure to qualify would have a material adverse effect on its financial condition, operations, prospects or business. 
 (b) Authority, Etc. Such Party has all necessary power and authority to execute, deliver and perform its obligations under this Agreement; the execution, delivery and performance by it of this
Agreement have been duly authorized by all necessary action on its part; and this Agreement has been duly and validly executed and delivered by it and constitutes the legal, valid and binding obligation of such Party enforceable against it in
accordance with the terms hereof, except as such enforceability may be limited by bankruptcy, insolvency, reorganization or moratorium or other similar laws relating to the enforcement of creditors’ rights generally and by general equitable
principles. 
 (c) No Governmental Consents. No authorization, consent or approval of, notice to or filing with, any
Governmental Authority is required for the execution, delivery and performance by such Party of this Agreement, subject to customary authorizations, consents or approvals, pursuant to permits or otherwise, applicable to the performance of this
Agreement. 
 (d) No Breach. None of the execution and delivery of this Agreement, the consummation of the transactions
herein contemplated or compliance with the terms and provisions hereof will conflict with or result in a breach of, or require any consent under, 

  
 9 

 
organizational documents of such Party, or any Applicable Law or regulation, or any order, writ, injunction or decree of any court, or any agreement or instrument to which such Party is a party
or by which it is bound or to which it or its property is subject, or constitute a default under any such agreement or instrument, subject in each case to customary authorizations, consents or approvals, pursuant to permits or otherwise, applicable
to the performance of this Agreement. 
 (e) No Violation or Litigation. Such Party is not in violation of any Applicable
Law which, individually or in the aggregate, would affect its performance of any obligations under this Agreement. There are no legal or arbitration proceedings or any proceeding by or before any Governmental Authority, now pending or (to the best
knowledge of such Party) threatened against it which, if adversely determined, could reasonably be expected to have a material adverse effect on its financial condition, operations, prospects or business, as a whole, or its ability to perform under
this Agreement. 
 ARTICLE 4 
 ADDITIONAL COVENANTS 
 Section 4.1 Compliance with Laws. Each Party
shall, and shall cause its Affiliates to, comply with all Applicable Laws in its or their performance of activities hereunder and otherwise in connection with or relating to the Project. 

Section 4.2 Expenses. Except as otherwise provided in this Agreement, all internal and external costs and expenses incurred
in connection with this Agreement and the Project Contracts contemplated hereby shall be paid by the Party incurring such expenses. 
 Section 4.3 Confidentiality. The Parties acknowledge that this Agreement, the information provided in connection herewith and the transactions contemplated hereby are all subject to the terms
and conditions of that certain Confidentiality Agreement between the Parties dated as of September 12, 2008. 
 ARTICLE 5

 INDEMNIFICATION 
 Each Party shall indemnify and hold harmless the other, and all of its Indemnified Parties, from and against any and all Losses, which any or all of them may hereafter suffer, incur, be responsible for or
pay as a result of bodily injuries (including death) to any Person, or damage (including loss of use) to any property, in any case to the extent arising out of breach by the first Party of this Agreement, or any negligent act or omission or willful
misconduct, or any violation or alleged violation of Applicable Laws, by such first Party or its Affiliates, employees, agents or subcontractors. 
 ARTICLE 6 
 TERM AND TERMINATION 

Section 6.1 Term. This Agreement shall commence on the Effective Date and shall continue in full force and effect until the
first to occur of the following: 

  
 10 

 (a) the date on which all Project Contracts for each of the Exclusive Waste Sheds listed on
Exhibit A (as amended pursuant to the terms hereof) have been fully executed and delivered; 
 (b) the date of
termination of this Agreement by either Party as a result of an Event of Default under Section 7.1; 
 (c) the date
of a written notice from either Party in accordance with Section 6.2; 
 (d) the date of a written notice from one
Party to the other if, after the notice and cure periods set forth therein, the other Party (or its Affiliate) is in default under any material term of a Project Contract; 
 (e) the date of a written notice from one Party to the other if, as of the first anniversary of the Effective Date, all of the principal Project Contracts (e.g., the Supply Agreement and the WCNX Site
Arrangements, if necessary) for the first Project have not been executed by the Parties; 
 (f) the date that is ten years from
the Effective Date; and 
 (g) a Bankruptcy Event occurs with respect to either Party. 

Section 6.2 Termination for Lapse in Development Activities. Either Party may terminate this Agreement by written notice to
the other Party, if (a) the Parties have not executed principal Project Contracts for one Project within two years following the effective date of the principal Project Contracts for the immediately preceding Project or (b) no Exclusive
Waste Sheds remain on Exhibit A for which Project Contracts have not been executed, or (c) Fulcrum, through no fault of WCNX, has not completed the construction of three Projects within eight years of the Effective Date. 

Section 6.3 Consequences of Termination. Subject to Article 7 in the event of a termination of this Agreement
upon an Event of Default, upon any termination of this Agreement in accordance with this Article 6, all of the Parties’ rights, obligations and liabilities arising under this Agreement shall automatically terminate and cease to be
effective, except as set forth in Section 10.8. 
 ARTICLE 7 

DEFAULT AND REMEDIES 
 Section 7.1 Default. Each of the following events shall constitute an “Event of Default” with respect to a Party (a “Defaulting Party”): 

(a) any representation or warranty made by the Defaulting Party herein shall prove to have been incorrect as of the date made in any
material respect and shall continue to be material and the circumstances giving rise to such incorrect representation or warranty and the material effect thereof are unremedied for a period of thirty (30) days after the Defaulting Party
receives notice thereof from the other Party, or within such longer period of time up to ninety 

  
 11 

 
(90) days total as is reasonably necessary to accomplish such remedy if such remedy cannot be reasonably accomplished within such thirty (30) day period and the Defaulting Party diligently
commences and continues to pursue such remedy; or 
 (b) the Defaulting Party shall be in default under, or shall disaffirm or
repudiate in writing, any of its material obligations under this Agreement, and such default, disaffirmation or repudiation shall continue unremedied for a period of thirty (30) days after the Defaulting Party receives notice thereof from the
other Party, or within such longer period of time up to ninety (90) days total as is reasonably necessary to accomplish such remedy if such remedy cannot be reasonably accomplished within such thirty (30) Day period and the Defaulting
Party diligently commences and continues to pursue such remedy. 
 Section 7.2 Termination. Upon the occurrence and
during the continuation of an Event of Default with respect to a Defaulting Party, the other Party may terminate this Agreement by notice to the Defaulting Party, any such termination to be effective upon the date of receipt of such notice.

 Section 7.3 Other Remedies Generally. In addition to a termination right under Section 7.2, upon the
occurrence and during the continuation of an Event of Default, the non-defaulting Party may, subject to Article 8, pursue any other recourse, right or remedy available to such Party under this Agreement or under Applicable Laws or equity, all
of which shall be cumulative. 
 ARTICLE 8 
 DISPUTE RESOLUTION 
 Section 8.1 General. The Parties agree that any
disputes arising out of or related in any way to this Agreement, including a breach of this Agreement, shall, subject to the mediation provision set forth below, be filed exclusively in the state or federal courts in Sacramento, California. By
execution and delivery of this Agreement, with respect to any dispute, each of the Parties knowingly, voluntarily and irrevocably: (a) consents, for itself and in respect of its property, to the exclusive jurisdiction of these courts;
(b) waives any immunity or objection, including any objection to personal jurisdiction or the laying of venue or based on the grounds of forum non conveniens, which it may have from or to the bringing of the dispute in such jurisdiction;
(c) waives any personal service of any summons, complaint or other process that may be made by any other means permitted by the State of California; (d) waives any right to trial by jury; (e) agrees that any such dispute will be
decided by court trial without a jury; (f) understands that it is giving up valuable legal rights under this provision, including the right to trial by jury, and that it voluntarily and knowingly waives those rights; and (g) agrees that
any Party to this Agreement may file an original counterpart or a copy of this Section 8.1 with any court as written evidence of the consents, waivers and agreements of the parties set forth in this Section 8.1. 

Section 8.2 Mediation. If a dispute arises out of or relates to this Agreement, the relationships that result from this
Agreement, the breach of this Agreement or the validity or application of any of the provisions of this Article 8, and, if the dispute cannot be settled through negotiation, the Parties agree to submit the dispute to non-binding mediation
prior to 

  
 12 

 
commencing litigation. The Parties will attempt in good faith to agree on a neutral mediator to resolve the dispute. The mediation will follow the procedures set forth in the American Arbitration
Association Commercial Mediation Rules. If the Parties cannot agree on a mediator within 20 days after mediation has been demanded, they will submit the dispute for mediation to be administered by the American Arbitration Association under the
Commercial Mediation Rules before resorting to litigation. Neither Party may commence or pursue litigation until this non-binding mediation has been conducted and concluded. The Parties agree that, upon initiating mediation, they will agree with the
mediator on a time at least five days before the mediation to submit and exchange with one another detailed position papers. The position papers shall include a factual recitation of the dispute, each Party’s position on the facts and the law,
the Party’s assessment of the likely outcome and its position on settlement. Each Party will bear its own expenses incurred (including attorneys’ fees) in connection with the mediation, and will equally share the mediator’s fees and
expenses. 
 Section 8.3 Litigation. If the Parties are unable to resolve their dispute by mediation, after the
unsuccessful conclusion of any such mediation, either Party may pursue the remedies available to it at law or equity; provided, that any such proceeding shall be subject to all of the terms of this Article 8, including jurisdiction,
choice-of-law, venue and waiver of jury trial. 
 Section 8.4 Governing Law. This Agreement shall be governed by and
construed in accordance with the internal laws of the State of California, without giving effect to any choice or conflict of law provision or rule (whether of the State of California or any other jurisdiction) that would cause the application of
the laws of any jurisdiction other than the State of California. 
 Section 8.5 Statute of Limitations. The statute
of limitations governing any claim between the Parties that would otherwise expire during any mediation commenced under Section 8.2 shall be tolled until the conclusion of such mediation and any litigation filed within thirty days
thereof, including any appeals therefrom. 
 Section 8.6 Attorneys’ Fees. Should any litigation be commenced
under this Agreement, the successful party in such litigation shall be entitled to recover, in addition to such other relief as the court may award, its reasonable attorneys’ fees, expert witness fees, litigation related expenses, and court or
other costs incurred in such litigation or proceeding. For purposes of this clause, the term “successful party” means the net winner of the dispute, taking into account the claims pursued, the claims on which the pursuing party was
successful, the amount of money sought, the amount of money awarded, and offsets or counterclaims pursued (successfully or unsuccessfully) by the other party. If a written settlement offer is rejected and the judgment or award finally obtained is
equal to or more favorable to the offeror than an offer made in writing to settle, the offeror is deemed to be the successful party from the date of the offer forward. 

  
 13 

 ARTICLE 9 
 NOTICES 
 Section 9.1 Writing. Any notice, invoice, demand, offer or
other instrument or communication required or permitted to be given pursuant to this Agreement shall be in writing signed by the Party giving such notice and shall, to the extent reasonably practicable, be sent by telefax, and if not reasonably
practicable to send by telefax, then by hand delivery, overnight courier, or registered mail, to the other Party at the address set forth below: 
  

			
	 Notices to Fulcrum:
  

Fulcrum Sierra BioFuels, LLC
 c/o Fulcrum BioEnergy, Inc.
 4900 Hopyard Road, Suite 220

Pleasanton, CA 94588
 Attn: Richard D. Barraza
 Tel: (925) 224-8244

Fax: (925) 730-0157
 E-mail: rbarraza@fulcrum-bioenergy.com
	  	 Notices to WCNX:
  

Waste Connections, Inc.
 35 Iron Point Circle,
Suite 200
 Folsom, CA 95630
 Attn:
Corporate Secretary
 Telephone: (916) 608-8200

 Each Party shall have the right to change the place to which notice shall be sent or delivered or to specify one
additional address to which copies of notices may be sent, in either case by similar notice sent or delivered in like manner to the other Party. 
 Section 9.2 Timing of Receipt. Without limiting any other means by which a Party may be able to prove that a notice has been received by the other Party, a notice shall be deemed to be duly
received: 
 (a) If delivered by hand or overnight courier, the date when received at the address of the recipient; 

(b) If sent by registered mail, the date of the return receipt; or 

(c) If sent by telefax, upon receipt by the sender of an acknowledgment or transmission report generated by the machine from which the
telefax was sent indicating that the telefax was sent in its entirety to the recipient’s telefax number. 
 In any case hereunder in which
a Party is required or permitted to respond to a notice from the other Party within a specified period, such period shall run from the date on which the notice was deemed received as above provided, and the response shall be considered to be timely
given if given as above provided by the last day of such period. 

  
 14 

 ARTICLE 10 
 MISCELLANEOUS 
 Section 10.1 Relationship of the Parties. The Parties
agree and understand that this Agreement shall not constitute or create a joint venture, partnership or legal entity of any kind or any other similar arrangement between the Parties. Each of the Parties shall act hereunder only as independent
contractors to one another, on an individual and several basis, and shall not be authorized to act as agent or representative of the other Party, nor have the power or authority to bind the other Party for any purpose. No Party shall so bind the
other Party, or represent to anyone that it has the authority to bind such other Party, or make any other representation about or on behalf of such other Party. 
 Section 10.2 Entire Agreement; Amendment. This Agreement constitutes the entire agreement between the Parties as of the Effective Date with respect to the subject matter hereof and supersedes
any and all prior negotiations, agreements, understandings and representations relating thereto, except for the Confidentiality Agreement referenced in Section 4.3. This Agreement may not be amended, modified or changed except as
mutually agreed in a writing executed by all Parties intended to be an amendment to this Agreement. 
 Section 10.3
Joint Effort. Preparation of this Agreement has been a joint effort of the Parties and the resulting document shall not be construed more severely against one of the Parties than against the other. 

Section 10.4 Captions. The captions contained in this Agreement are for convenience and reference only and in no way define,
describe, extend or limit the scope or intent of this Agreement or the intent of any provision contained herein. 

Section 10.5 Severability. The invalidity of one or more phrases, sentences, clauses, Sections or Articles contained in this
Agreement shall not affect the validity of the remaining portions of this Agreement so long as the material purposes of this Agreement can be determined and effectuated. 
 Section 10.6 No Waiver. Any failure of either Party to enforce any of the provisions of this Agreement or to require compliance with any of its terms at any time during the term of this
Agreement shall in no way affect the validity of this Agreement, or any part hereof, and shall not be deemed a waiver of the right of such Party thereafter to enforce any and each of such provisions. 

Section 10.7 Counterparts. This Agreement may be signed in any number of counterparts and each counterpart shall represent a
fully executed original as if signed by all Parties. 
 Section 10.8 Survival. The provisions of
Sections 4.2 and 4.3, and Articles 5 through 10, inclusive, shall survive the expiration or earlier termination of this Agreement. 
 Section 10.9 Further Assurances. Each Party agrees to execute and deliver all further instruments and documents, and take all further action not inconsistent with the

  
 15 

 
provisions of this Agreement that may be reasonably necessary to complete performance of the Parties’ obligations hereunder and to effectuate the purposes and intent of this Agreement.

 Section 10.10 Third Parties. Except as provided in this Agreement with respect to indemnified persons and
Affiliates or as otherwise expressly provided herein, nothing in this Agreement shall be construed to create any duty to, standard of care with respect to, or any liability to any Person who is not a Party to this Agreement. 

Section 10.11 Assignment. Neither Party may sell, assign or otherwise transfer, voluntarily or by operation of law, all or
any part of its rights under this Agreement, except that Fulcrum may, without the prior written consent of WCNX, assign and delegate this Agreement to any lenders and other financing providers of Fulcrum or to any Affiliate. If either Party sells or
otherwise transfers all or substantially all of its assets to any Person, such Party shall cause such Person to assume all of such Party’s obligations under this Agreement. 

Section 10.12 Time is of the Essence. Time is of the essence of this Agreement. 

[SIGNATURE PAGE FOLLOWS] 

  
 16 

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

									
	FULCRUM BIOENERGY, INC.	 		 	WASTE CONNECTIONS, INC.
					
	By:	 	 /s/ Ted M. Kniesche
	 		 	By:	 	 /s/ James M. Little

	Name: Ted M. Kniesche	 		 	Name: James M. Little
	Title: VP Business Development	 		 	Title: Vice President

 Exhibit A 
 EXCLUSIVE WASTE SHEDS 
 Exclusive Waste Sheds 

 

			
	 General Geographic Area
	  	 Included Municipalities

	 Colorado, USA

[***]
	  	 [***]

		
	 [***] CO, USA

[***]
	  	 [***]

		
	 Iowa, USA

[***]
	  	 [***]

		
	[***] IA, USA	  	 [***]

		
	[***] KS, USA	  	 [***]

		
	 Kentucky, USA

[***]
	  	 [***]

  
 A-1

  

	[***]	Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential
treatment. 

 Exclusive Waste Sheds 

 

			
	 General Geographic Area
	  	 Included Municipalities

		  	
		
	[***] NE, USA	  	 [***]

		
	[***] OR, USA	  	 [***]

		
	[***] SD, USA	  	 [***]

		
	[***] TN, USA	  	 [***]

		
	[***] TN, USA	  	 [***]

  
 2 

 

	[***]	Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential
treatment. 

 Exclusive Waste Sheds 

 

			
	 General Geographic Area
	  	 Included Municipalities

		  	
		
	 Washington, USA

[***]
	  	 [***]

		
	[***] TX, USA	  	 [***]

		
	 Oklahoma, USA

[***]
	  	 [***]

		
	[***] CA, USA	  	 [***]

  
 3 

 

	[***]	Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential
treatment. 

 Exhibit B 
 FORM OF SUPPLY AGREEMENT 
 This Exhibit B summarizes the principal
terms of the Supply Agreements contemplated by Section 2.2(b) of the Agreement. Initially capitalized terms used in this Exhibit B but not defined herein have the meanings set forth in the Agreement. 

 

			
	1. Parties	  	 a. WCNX Party (“Supplier”).
  

b. Project Company (“Project Company”)

		
	2. Certain Defined Terms	  	 “Agreement” For each Supply Agreement, Fulcrum and WCNX will confirm with local tax and regulatory/permitting counsel
to identify the optimal “name” of the Agreement and the Feedstock to be delivered (e.g., “Feedstock Supply Agreement,” “Waste Diversion Agreement”, etc.), and then modify other provisions as appropriate.

 
 “Maximum Deliverable Quantity” means a quantity of Feedstock as
specified in the Supply Agreement.

		
	3. Supply and Acceptance Commitment	  	 a. Generally. Subject to the terms and conditions of the Supply Agreement, during the term (i) Project Company shall schedule
delivery of Feedstock with Supplier and accept delivery from Supplier (or haulers directed by Supplier) for 100% of Project Company’s requirements of Feedstock for the Conversion Facility up to the Maximum Deliverable Quantity, it being
acknowledged that Project Company does not guarantee any specific level of Conversion Facility requirements, but only that Project Company shall schedule and accept delivery from Supplier (or haulers directed by Supplier) for all of Project
Company’s actual requirements up to the Maximum Deliverable Quantity, and (ii) Supplier shall supply or direct the supply of Feedstock, and shall provide Project Company with first priority to all Feedstock controlled by Supplier or its
Affiliates (or haulers directed by Supplier), up to the Maximum Deliverable Quantity, it being acknowledged that Supplier does not guarantee the availability of Feedstock, but only that Supplier shall provide Project Company with first priority to
all such Feedstock actually available up to the Maximum Deliverable Quantity.
  
 b. Feedstock Shortfalls. The Supply Agreement will include provisions under which (i) Project Company shall have the right to enter into short- and long-term agreements with third parties for
supply of Feedstock from other third party suppliers in the event that Supplier fails for any reason to deliver requested quantities of Feedstock, (ii) Project Company shall
retain

  
 B-1

			
		  	all tipping and related fees charged to such third parties under such permitted agreements and (iii) with respect to any third-party supplied Feedstock, Supplier shall accept
Non-processable materials and by-products for disposal in accordance with its permits and Applicable Laws at most favored customer rates.
		
	4. Supply and Delivery Terms	  	The Supply Agreement will contain detailed terms and provisions with respect to scheduling, handling, delivery, acceptance and related matters involving the mechanical and
day-to-day aspects of the supply and acceptance of Feedstock, including provisions to minimize delivery to the Project Company of Non-processable materials.
		
	5. Financial and Payment Provisions	  	 a. Tipping Fees. [***]
  

b. Disposal. [***]
  

c. Payment Procedures; Records and Audits. The Supply Agreement will have mutually agreed terms regarding the timing and procedures for invoicing
and making payments. Each party thereto will maintain full and accurate records with respect to all amounts to be paid to the other party under the Supply Agreement, and each party will have the right to examine the records of the other party upon
reasonable notice and during normal business hours.
  
 d. Taxes and other
Costs. Supplier will pay all taxes, costs, expenses, fees and other amounts associated with its solid waste handling, hauling, transfer, and MRF and disposal operations or relating to the delivered Feedstock, and/or associated with collection
and disposal of all Non-processable materials or By-products that may be legally disposed of at any WCNX Site.

		
	6. Term and Termination	  	a. Term. The Supply Agreement shall have a term of 20 years from the Conversion Facility’s commercial operation date. The Supply Agreement will contain mutually agreed
provisions relating to either party’s right to

  
 B-2

  

	[***]	Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential
treatment. 

			
		  	 extend the term of the Supply Agreement.
  

b. Termination. The Supply Agreement shall be terminable, for among other reasons, upon the following:

 
 (1) [***]

 
 (2) Additional. If WCNX Site Arrangements are applicable,
the termination provisions will be consistent with any termination rights in the WCNX Site Arrangements.

		
	7. Events of Default, Indemnification and Force Majeure	  	 a. Default. The Supply Agreement will contain customary provisions describing events of default for either party, including
defaults for non-performance and bankruptcy of a party.
  
 b.
Indemnification. Subject to customary exceptions, each party will indemnify the other for any losses arising out of (a) bodily injury (including death) to any person, (b) damage (including loss of use) to any property, or (c) contamination or
adverse effects on the environment or natural resources to the extent caused by a breach by the first party of the Supply Agreement or the first party’s negligent acts or omissions or willful misconduct.

 
 c. Insurance. The Supply Agreement will contain customary insurance provisions
consistent and the indemnification provisions hereof, and if applicable, with the WCNX Site Arrangements.
  
 d. Force Majeure. The Supply Agreement will contain customary provisions regarding force majeure events and will also contain provisions describing the rights and obligations of each party in the
event of a major casualty to either party’s facilities.

		
	8. Miscellaneous	  	a. Assignment. Neither party will be allowed to assign or delegate its rights or obligations under the Supply Agreement without the consent of the other, except that Project
Company may assign and delegate its rights or obligations to (i) any party to whom the WCNX Site Arrangements are assigned, (ii) a lender or other party providing financing to the Conversion Facility. In the event that either party sells or
otherwise transfers all or substantially all of its assets (including the assets of such party relevant to this Supply Agreement) to any third party, such party will cause the third

  
 B-3

  

	[***]	Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential
treatment. 

			
		  	 party to assume all of such party’s obligations under this Supply Agreement as a condition of such sale or transfer.

 
 b. Financing Assistance. Supplier will agree to reasonably cooperate with
Project Company’s financing of the Conversion Facility. Such cooperation will include entering into an agreement with the lenders or other financing parties that contains customary and reasonable provisions, pursuant to which Supplier consents
to the assignment of the Supply Agreement to the lenders or financing parties. Supplier will also agree to furnish the lenders or financing parties with such other documents as may be reasonably requested.

 
 c. Environmental Attributes. Except as set forth in the following sentence,
Project Company shall be entitled to any and all credits (including carbon and green-house gas related credits), benefits, emissions reductions, offsets, and other similar environmental attributes, however entitled, attributable to the Project, the
creation or use of Feedstock or the transactions under the Supply Agreement. As between Project Company and the WCNX Party, the WCNX Party shall be entitled to any and all diversion credits arising out of the diversion of Feedstock from
landfills.
  
 d. Representations and Warranties. The Supply Agreement
will include customary representations and warranties of the parties including, without limitation, representations as to due organization, authority, no conflict, permits, insurance and other relevant matters.

 
 e. Confidentiality. Each party will agree to maintain the confidentiality of
the other party’s proprietary information.
  
 f. No Consequential
Damages. Neither party will be liable to the other party for consequential, incidental, punitive, exemplary or indirect damages.
  

g. Governing Law. The Supply Agreement will be governed by and construed in accordance with the laws of the State of California.

 
 h. Additional. The Supply Agreement shall contain such other additional
provisions as the parties mutually agree.

  
 B-4

 Exhibit C 
 TERMS OF WCNX SITE ARRANGEMENTS 
 This Exhibit C summarizes the
principal terms of the WCNX Site Arrangements contemplated by Section 2.2(a) of the Agreement. As noted in Section 2.2(a)(i) of the Agreement, these WCNX Site Arrangements only apply where the Conversion Facility will be located on
a WCNX Site. Typically, these arrangements will be in the form of a lease (the “Lease”), but if a lease is not appropriate, the Parties will incorporate and conform the following terms, as applicable, into the appropriate site
arrangements. Initially capitalized terms used in this Exhibit C but not defined herein have the meanings set forth in the Agreement. 
  

			
	1. Parties	  	 a. WCNX Party, as the owner of the Premises (“Landlord”).

 
 b. Project Company (“Tenant”) organized for the purpose of
owning and operating the Conversion Facility, and if applicable, the Processing Facility. The facilities subject to the Lease are referred to in this Exhibit C individually, and collectively, as the
“Facility”.

		
	2. Lease of Premises and Grant of Easements	  	a. Generally. In consideration of the rents and covenants set forth in the Lease and subject to the terms and condition of the Lease, Landlord shall (i) lease to Tenant all
of the parcel(s) of land to be described in an exhibit to the Lease, and (ii) grant to Tenant each of the easements for utilities, drainage, ingress, egress, and other purposes, either on an exclusive or non-exclusive basis, all as more fully
described in an exhibit to the Lease (such parcel(s), together with the benefit of such easements, the “Premises”). The Premises shall include all real property necessary for Tenant to construct the Facility.
		
	3. Term and Termination	  	 a. Initial Term. The initial term of the Lease shall commence on delivery of possession of the Premises from Landlord to Tenant
under Section 3(c) below (the “Term Commencement Date”), and shall expire twenty years following the commercial operation date of the Facility.
  

b. Options to Extend Term. For each WCNX Site Arrangement, Fulcrum and WCNX shall negotiate provisions relating to Tenant’s right to extend
the term.
  
 c. Delivery of Possession and Commencement of Term.
Landlord will deliver possession of the Premises to Tenant within 10 days after Tenant delivers notice of its intent to commence construction activities on the Facility. Landlord will permit Tenant access to the Premises prior to the date Landlord
delivers possession of the Premises for

  
 C-1

			
		  	 purposes of conducting site assessments and pre-construction activities, subject to the terms and conditions of the Lease, except
payment of rent.
  
 d. Early Termination. The Lease shall contain
terms relating to each party’s right to terminate the Lease prior to the expiration of the term on the terms and conditions specified therein.

		
	4. Rent	  	 a. Base Rent. $[***] per year, payable annually. All Base Rent may be prepaid at any time by Tenant.

 
 b. Net Lease. The Lease will be a net lease and, as such, Tenant will be
responsible for all costs and expenses incurred in the operation of the Facility, including all utility and operating costs, and all business and personal property taxes related to the Facility.

 
 c. Taxes. If the Premises are taxed as a separate legal parcel, Tenant will
pay all real property taxes associated therewith. If the Premises are not taxed as a separate legal parcel, the real property taxes assessed shall be apportioned based upon the number of acres included in the Premises in proportion to the total
acres included in the WCNX Site, excluding the value of any improvements located on the Premises or the WCNX Site which may have been included in the assessment. In such case, Landlord will pay all real property taxes, and Tenant will reimburse
Landlord for Tenant’s portion of such taxes within 30 days after receipt from Landlord of a tax bill and proof of payment by Landlord. The parties shall cooperate in order to obtain any available tax holidays and/or other tax abatements or
related tax benefits attributable to the “green” nature of the Facility, and such benefits shall be for the account of Tenant.

		
	5. Construction of Facility and Use of Premises	  	 a. Generally. The Lease shall contain detailed provisions setting forth the terms and conditions under which:

 
 (1) Tenant shall have the right and obligation to use the
Premises for the construction, operation, maintenance, repair and replacement of the Facility owned by Tenant using Tenant’s proprietary thermochemical conversion technologies;

 
 (2) Tenant will have the right to make all necessary improvements
on the Premises and may demolish, remove, replace, alter, relocate, reconstruct or add to any of its improvements (including the Facility) on the Premises and modify or change the contour and/or grade of the Premises.

 
 (3) Tenant’s operations shall not interfere with
the

  
 C-2

  

	[***]	Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential
treatment. 

			
		  	 operation of Landlord’s ordinary course business at the site or otherwise interfere with Landlord’s ability to comply with
Landlord’s permits or Applicable Laws related to the site or either party’s operations thereon.
  
 b. Ownership of the Facility and other Leasehold Improvements. The Facility and all other improvements to the Premises (including any equipment owned by Tenant and located on the Premises) will be
considered personal property of Tenant and, even though attached to or affixed to or installed upon the Premises, shall not be considered to be fixtures or part of the WCNX Site. Landlord will agree to subordinate any lien upon or any other interest
in its site to the lien of any lender or financing party as described in greater detail below.
  
 c. Hazardous Materials. Tenant will be entitled to bring, keep, sell or use on or about the Premises such materials, supplies, equipment and machinery as are appropriate and customary in carrying
on the permitted uses under the Lease. Except in compliance with Applicable Law, Tenant will not be permitted to use or store at the Premises any hazardous materials. Tenant will indemnify, defend and hold Landlord harmless for losses to Landlord
arising out of Tenant’s use, discharge or other release of hazardous materials at or from the Premises. Landlord will indemnify, defend and hold Tenant harmless for losses to Tenant arising out of the presence of hazardous materials at the
Landfill to the extent not caused by Tenant’s use, discharge or other release of hazardous materials at the Premises. The Lease shall also include provisions relating to Landlord’s obligation to deal with hazardous materials contained in
the Feedstock delivered by Landlord under the applicable Supply Agreement.
  

d. Notices. Tenant will provide Landlord with copies of all notices relating to Tenant’s occupancy of the WCNX Site that it receives from (i)
governmental agencies, (ii) lenders and debt holders of the Tenant, and (iii) insurance carriers. Tenant shall provide Landlord with copies of all responses to such notices.

 
 e. Utilities. Tenant will have the obligation to provide and pay for utilities
at the Facility; provided, that Landlord will cooperate with Tenant’s request for assistance in obtaining utility service for the Facility.
  

e. Maintenance. Tenant, at its sole expense, will maintain and repair the Facility and will keep the Facility in safe order and
condition.
  
 f. Permits and Compliance with Laws. Tenant will comply
with all Applicable Laws relating to the use of the Premises.

  
 C-3

			
		  	 g. Tenant’s Right to Quiet Enjoyment. Subject to Tenant’s compliance with the terms of the Lease, Landlord will
covenant that Tenant shall have quiet enjoyment of the Premises.
  
 h.
Surrender of Premises at End of Term. The Lease shall contain customary provisions relating to Tenant’s obligation to remove the Facility (i.e., Landlord shall have the option of requiring Tenant, at Tenant’s sole cost and expense, to
remove the Facility), as well as mutually agreed alternatives to such removal, including abandonment rights and purchase options.

		
	6. Indemnification, Insurance and Defaults	  	 a. General Indemnification. Subject to customary exceptions, each Party will indemnify the other for any losses arising out of
(a) bodily injury (including death) to any person, (b) damage (including loss of use) to any property to the extent caused by the first Party’s negligent acts or omissions or willful misconduct, and (c) consistent with the indemnity obligations
under Section 5(c) of this Exhibit C, damage to the environment arising out of or in any way related to Tenant’s operations on the Premises.
  

b. Insurance. The Lease shall contain normal and customary provisions regarding each Party’s obligation to carry insurance, name persons or
parties as additional insureds, provide proof of insurance, and waive subrogation rights. The insurance provisions will be consistent with insurance provisions in the Supply Agreement for the Project and include an obligation by Tenant to use
commercially reasonable efforts to obtain Pollution Liability Insurance on commercially reasonable terms.
  
 c. Default. The Lease shall contain customary provisions describing events of default for either Party, including defaults for non-performance and bankruptcy of a Party.

		
	7. Casualty and Condemnation	  	 a. Casualty. The Lease shall contain detailed provisions under which Tenant shall have the option to terminate the Lease in
certain circumstances if the Facility suffers a major casualty event or similar occurrence.
  
 b. Condemnation. If at any time the Premises or any portion thereof is condemned or transferred in lieu of condemnation, the net proceeds of such condemnation or transfer shall be divided between
Landlord and Tenant in proportion to the fair value of Landlord’s and Tenant’s respective interests. Any determination of Tenant’s interest in the Premises or the Facility will not be limited to the rent paid or received hereunder,
but will include the value of lost sales of Energy Products

  
 C-4

			
		  	from the Facility.
		
	8. Assignment, Subletting, Mortgages	  	 a. Tenant’s Right to Assign or Sublet. Tenant shall not be permitted to assign or sublet the Premises without the consent of
Landlord, except that the Lease shall set forth more detailed terms and conditions under which Tenant may (i) collaterally assign and transfer the Lease to financing parties as described in Section 8(b) below, (b) Tenant may assign the Lease to
specified Affiliates which also receive an assignment of the Supply Agreement and (c) Tenant may transfer the Lease to third parties meeting specified requirements (including being adequately capitalized) and that succeed to all or substantially all
of the business and assets of Tenant, including an assignment of the Supply Agreement. Landlord may require the conditional guarantee of Tenant as a condition of consenting to any assignment.

 
 b. Tenant’s Right to Grant WCNX Site Leasehold Mortgages. Tenant will
have the right to assign its interest in the Premises, and to grant a first priority real property lien on, the Premises to any lender or financing party to Tenant or the Facility. Landlord will agree to cooperate with any such financing, and such
cooperation will include entering into an agreement with the lenders or other financing parties that contains customary and reasonable provisions, pursuant to which Landlord consents to the assignment of the Lease to the lenders or financing parties
and the placing of a lien on Tenant’s interest in the Premises. Supplier will also agree to furnish the lenders or financing parties with such other documents as may be reasonably requested, including without limitation, estoppel certificates,
subordination and non-attornment agreements. Landlord acknowledges that in connection with such financing, Tenant may be required to deliver surveys and title insurance polices with respect to the Premises, and Landlord agrees to cooperate with
Tenant’s reasonable requests in connection therewith. Landlord will cooperate with Tenant and its lenders and financing sources to obtain subordination and non-disturbance agreements as appropriate from any of Landlord’s lenders having
security interest in the Premises.

		
	9. Representations and Warranties	  	The Lease will contain normal and customary representations and warranties of each of the parties, some limited to the knowledge of the parties as appropriate, including both
general corporate and enforceability type representations and certain representations specific to the Premises or the Facility.
		
	10. Additional	  	The Lease will contain such other additional provisions as the parties mutually agree, including but not limited to provisions for surrender of the Premises, holding-over,
broker’s commissions, time is of the essence, recordation of a memorandum of lease, limitations on 

  
 C-5

			
		  	consequential damages, etc.

  
 C-6

 

 
  

	
	February 23, 2010

 Waste Connections, Inc. 
 25 Iron Point Circle. Suite 200 
 Folsom, CA 95630 

Attention: James M. Little 
  

	 	RE:	Amendment to Master Project Development Agreement 

 Dear James: 
 This letter confirms our agreement to amend Section 6.1(e) of
the Master Project Development Agreement (the “Agreement”), dated as of December 19, 2008, by and between Fulcrum BioEnergy, Inc. and Waste Connections, Inc. Upon execution of this letter agreement by both parties.
Section 6.1(e) of the Agreement is hereby amended by replacing the phrase “as of the first anniversary of the Effective Date” with “as of the second anniversary of the Effective Date”. 

Please acknowledge your agreement to the foregoing by signing this letter in the space provided below and returning a copy to me.

  

			
	Regards,
	
	Fulcrum BioEnergy, Inc.
		
	By:	 	 /s/ Ted M. Kniesche

		 	Name: Ted M. Kniesche
		 	Title: VP Business Development

  

			
	As acknowledged and agreed on February     , 2010
	
	Waste Connections, Inc.
		
	By:	 	 /s/ James M. Little

		 	Name: James M. Little
		 	Title: Vice President

 

 

 

 
 May 24, 2011 
 Waste Connections, Inc. 
 25 Iron Point Circle, Suite 200 

Folsom, CA 95630 
 Attention: James M. Little

  

	 	RE:	Master Project Development Agreement 

Dear Jim: 
 Reference is hereby
made to (i) that certain Master Project Development Agreement dated as of December 19, 2008 by and between Fulcrum BioEnergy, Inc. and Waste Connections, Inc. (the “Master Agreement”) and (ii) that certain Resource
Recovery Supply Agreement dated as of May 24, 2011 by and between Fulcrum [***] BioFuels, LLC and Waste Connections of [***], Inc. (the “[***] Feedstock Supply Agreement”). This letter agreement is being
executed concurrently with the [***] Feedstock Supply Agreement. 
 By execution of this letter agreement, each of
Fulcrum BioEnergy, Inc. and Waste Connections, Inc. hereby agrees to waive their respective right to terminate the Master Agreement pursuant to Section 6.2(a) of the Master Agreement, effective as of the full execution and delivery of the
[***] Feedstock Supply Agreement. 
 Please acknowledge your agreement to the foregoing by signing this letter in the
space provided below and returning a copy to me. 
  

					
	Regards,
	
	Fulcrum Bionergy, Inc.
		
	By:	 	 /s/ Richard D. Barraza

		 	Name:	 	Richard D. Barraza
		 	Title:	 	Vice President

  

					
	As acknowledged and agreed on May     , 2011
	
	Waste Connections, Inc.
		
	By:	 	 /s/ James M. Little

		 	Name:	 	James M. Little
		 	Title:	 	Senior Vice President

 

 
  

	[***]	Indicates portions of this exhibit that have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential
treatment.

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