Document:

ex_120806.htm

Exhibit 10.6

 

GEVO, INC.

AMENDED AND RESTATED 2010 STOCK INCENTIVE PLAN

____________________________

 

Stock Option Award Agreement

____________________________

 

 

You are hereby awarded this stock option (the “Option”) to purchase Shares of Gevo, Inc. (the “Company”), subject to the terms and conditions set forth in this Stock Option Award Agreement (the “Award Agreement” or the “Award”) and in the Gevo, Inc. Amended and Restated 2010 Stock Incentive Plan (as amended from time to time, the “Plan”). A copy of the Plan is attached as Exhibit A. Capitalized terms are defined in the Plan or in this Award Agreement.

 

This Award is conditioned on your execution of this Award Agreement within twenty (20) days after the Grant Date specified in Section 1 below. By executing this Award Agreement, you will be irrevocably agreeing that all of your rights under this Award will be determined solely and exclusively by reference to the terms and conditions of the Plan, subject to the provisions set forth below. As a result, you should not execute this Award Agreement until you have carefully considered the terms and conditions of the Plan and this Award, plus the information disclosed within the attached Plan prospectus, and (ii) consulted with your personal legal and tax advisors about all of these documents.

 

In addition, you recognize and agree that all determinations, interpretations, or other actions respecting the Plan and this Award Agreement will be made by the Board of Directors (the “Board”) of the Company or any Committee appointed by the Board to administer the Plan, and shall (in the absence of manifest bad faith or fraud) be final, conclusive and binding on all parties, including you and your successors in interest.

 

1.     Specific Terms. Your Option has the following terms:

 

	
			Name of Participant:

				 
	
			Type of Option:

				 
	
			Grant Date:

				 
	
			Expiration Date:

				 
	
			Exercise Price:

				 
	
			Number of Shares subject to this Award:

				 
	
			Dividend Equivalent Rights:

				 
	
			Vesting Schedule:

				 
	
			Accelerated Vesting:

				
			You will become 100% vested in this Award if your Continuous Service ends due to your Involuntary Termination on or within 12 months after a Change in Control (subject to the terms of any employment or other agreement between you and the Company and/or any Affiliate).

			
	
			Recapture and Recoupment:

				
			Section 14 of the Plan shall apply regarding Termination, Rescission, and Recapture of this Award.

			 

			Section 15 of the Plan shall apply regarding Recoupment of this Award; provided that the three-year limitation therein shall not apply to the extent a longer period is required by applicable law, rule, regulation or listing standard.

			

 

 

 

Stock Option Award Agreement

Gevo. Inc.

Amended and Restated 2010 Stock Incentive Plan

 

2.     Manner of Exercise. Subject to the provisions of Section 7 below, the vested portion of the Option shall be exercised in the manner set forth in the Plan, by using the exercise form attached hereto as Exhibit B and delivering the full exercise price for the Shares being purchased to the Company using the method(s) of payment set forth on Exhibit B. The amount of Shares for which this Option may be exercised is cumulative; that is, if you do not exercise this Option for all of the Shares vested under this Option during any period set forth above, then any Shares subject hereto that are not exercised during such period may be exercised during any subsequent period, until the expiration or termination of this Option pursuant to Section 1 or Section 4 of this Award Agreement or the terms of the Plan. Fractional Shares may not be purchased.

 

3.     Non-ISO. This Option shall be treated as a Non-ISO.

 

4.     Termination of Continuous Service. Subject to the terms of any employment agreement between you and the Company (and/or any Affiliate) that is in effect when your Continuous Service terminates, this Award shall be canceled and become automatically null and void immediately after termination of your Continuous Service for any reason, but only to the extent the Award is not vested, pursuant to the terms of Section 1 above, on or before the date your Continuous Service ends. Any vested portion of this Award will remain exercisable until expiration of the applicable time period set forth in the Plan, or, if earlier, the Expiration Date for the Option.

 

5.     Designation of Beneficiary. Notwithstanding anything to the contrary contained herein or in the Plan, following the execution of this Award Agreement, you may expressly designate a death beneficiary (the “Beneficiary”) to your interest, if any, in this Award and any underlying Shares. You shall designate the Beneficiary by completing and executing a designation of beneficiary agreement substantially in the form attached hereto as Exhibit C (the “Designation of Death Beneficiary”) and delivering an executed copy of the Designation of Death Beneficiary to the Company. To the extent you do not duly designate a Beneficiary who survives you, your estate will automatically be your Beneficiary.

 

6.     Restrictions on Transfer of Award. Your rights under this Award Agreement may not be sold, pledged, or otherwise transferred without the prior written consent of the Committee, except as provided herein. During your lifetime only you can exercise the Option.

 

7.     Taxes. By signing this Award Agreement, you acknowledge that you shall be solely responsible for the satisfaction of any taxes, interest and penalties that may arise pursuant to this Award (including taxes arising under Code Sections 409A (regarding deferred compensation) or 4999 (regarding golden parachute excise taxes), and that the Company, its Affiliates, the Administrator Committee and all other persons or entities shall have no obligation whatsoever to pay such taxes, interest or penalties or otherwise indemnify or hold you harmless from any or all of such taxes, interest or penalties. The Committee shall have the sole discretion to interpret the requirements of the Code, including Section 409A, for purposes of the Plan and this Award Agreement. You acknowledge and agree that the Company, its Affiliates, the Committee and all of their employees and representatives have not and will not provide any tax advice to you. The Company’s obligation to issue Shares to you upon exercise of this Award is at all times subject to your prior or coincident satisfaction of all required Withholding Taxes.

 

Page 2 of 10

 

Stock Option Award Agreement

Gevo. Inc.

Amended and Restated 2010 Stock Incentive Plan

 

You may satisfy Withholding Tax obligations by any of the following means or a combination thereof: (i) tendering a cash payment to the Company, (ii) having the Company withhold an amount from any cash amount otherwise due or become due from the Company to you, (iii) having the Company withhold a number of Shares as to which the Option is exercised of an amount equal to the applicable withholding tax or (iv) delivering to the Company already owned Shares of Company Stock (up to the employer's minimum required tax withholding rate ).

 

8.     Not a Contract of Employment. By executing this Award Agreement, you acknowledge and agree that (i) any person who is terminated before full vesting of an award, such as the one granted to you by this Award Agreement, could claim that he or she was terminated to preclude vesting; (ii) nothing in this Award Agreement or the Plan confers on you any right to continue an employment, service or consulting relationship with the Company (or any Affiliate), nor shall it affect in any way your right or the Company’s right (or the right of any Affiliate) to terminate your employment, service, or consulting relationship at any time, with or without Cause; and (iii) the Company would not have granted this Award to you but for these acknowledgements and agreements. You will have no right to bring a claim or to receive damages if you are required to exercise the vested portion of the Option within the applicable time period set forth in the Plan or if any portion of the Option is cancelled or expires unexercised. The loss of existing or potential profit in the Option will not constitute an element of damages in the event of termination of your Continuous Service for any reason even if the termination is in violation of an obligation of the Company or an Affiliate to you.

 

9.     Investment Purposes. By executing this Award Agreement, you represent and warrant that any Shares issued to you pursuant to your Option will be held for investment purposes only for your own account, and not with a view to, for resale in connection with, or with an intent in participating directly or indirectly in, any distribution of such Shares within the meaning of the Securities Act of 1933, as amended (the “Securities Act”).

 

10.    Securities Law Prospectus and Restrictions. By executing this Award Agreement, you acknowledge that you have received a copy of the Prospectus describing the Plan. A copy of the Plan’s Prospectus is attached as Exhibit D. Regardless of whether the offering and sale of this Option or Shares under the Plan have been registered under the Securities Act or have been registered or qualified under the securities laws of any state, the Company, in its sole discretion, may impose restrictions upon the sale, pledge or other transfer of such Shares (including the placement of appropriate legends on stock certificates or the imposition of stop-transfer instructions) if, in the judgment of the Company, such restrictions are necessary or desirable in order to achieve compliance with the Securities Act or the securities laws of any state or any other law or to enforce the intent of this Award. Exercise of the Option must also comply with Applicable Law governing the Option, and you may not exercise the Option if the Company determines that such exercise would not be in material compliance with such Applicable Law.

 

Page 3 of 10

 

Stock Option Award Agreement

Gevo. Inc.

Amended and Restated 2010 Stock Incentive Plan

 

11.     Headings. Section and other headings contained in this Award Agreement are for reference purposes only and are not intended to describe, interpret, define or limit the scope or intent of this Award Agreement or any provision hereof.

 

12.     Severability. Every provision of this Award Agreement and of the Plan is intended to be severable. If any term hereof is illegal or invalid for any reason, such illegality or invalidity shall not affect the validity or legality of the remaining terms of this Award Agreement.

 

13.     Counterparts. This Award Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but both such counterparts shall together constitute one and the same instrument.

 

14.     Electronic Delivery. The Company may, in its sole discretion, decide to deliver any documents related to your current or future participation in the Plan by electronic means or to request your consent to participate in the Plan by electronic means. You hereby consent to receive such documents by electronic delivery and agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.

 

15.     Notices. Any notice or communication required or permitted by any provision of this Award Agreement to be given to you shall be in writing and shall be delivered electronically, personally, or sent by certified mail, return receipt requested, addressed to you at the last address that the Company had for you on its records. Each party may, from time to time, by notice to the other party hereto, specify a new address for delivery of notices relating to this Award Agreement. Any such notice shall be deemed to be given as of the date such notice is personally or electronically delivered or two business days after such notice is properly mailed.

 

16.     Binding Effect. Except as otherwise provided in this Award Agreement or in the Plan, every covenant, term, and provision of this Award Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, legatees, legal representatives, successors, transferees, and assigns.

 

17.    Modifications. This Award Agreement may be modified or amended at any time, in accordance with Section 18 of the Plan and provided that you must consent in writing to any modification that adversely and materially affects any rights or obligations under this Award Agreement (with such an affect being presumed to arise from a modification that would trigger a violation of Section 409A of the Code), unless otherwise provided in this Award Agreement or the Plan and provided that before a Change in Control, the Committee may make such modifications as it determines in good faith are not materially adverse to you.

 

18.     Plan Governs. By signing this Award Agreement, you acknowledge that you have received a copy of the Plan and that your Award Agreement is subject to all the provisions contained in the Plan, the provisions of which are made a part of this Award Agreement and your Award is subject to all interpretations, amendments, rules and regulations which from time to time may be promulgated and adopted pursuant to the Plan. In the event of a conflict between the provisions of this Award Agreement and those of the Plan, the provisions of the Plan shall control.

 

Page 4 of 10

 

Stock Option Award Agreement

Gevo. Inc.

Amended and Restated 2010 Stock Incentive Plan

 

19.     Governing Law. The laws of the State of Delaware shall govern the validity of this Award Agreement, the construction of its terms, and the interpretation of the rights and duties of the parties hereto, without regard to the State’s conflict of laws rules.

 

BY YOUR SIGNATURE BELOW, along with the signature of the Company’s representative, you and the Company agree that this Award is made under and governed by the terms and conditions of this Award Agreement and the Plan.

 

	
			 

				
			GEVO, INC. 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				 	
			 

			
	
			 

				
			 

				Name: 	
			 

			
	
			 

				
			 

				
			Title: 

				
			 

			
	 	 	 	 
	 	
			PARTICIPANT

			 

			The undersigned Participant hereby accepts the terms of this Award Agreement and the Plan.

			
	 	 	 	 
	 	By: 	 	 

 

	 	Name of Participant:	 	 

 

Page 5 of 10

 

 

Exhibit A

 

GEVO, INC.

AMENDED AND RESTATED 2010 STOCK INCENTIVE PLAN

 

____________________________

 

Plan Document

____________________________

 

 

 

Page 6 of 10

 

 

Exhibit B

 

GEVO, INC.

AMENDED AND RESTATED 2010 STOCK INCENTIVE PLAN

__________________________________________

 

Form of Exercise of Stock Option Award

___________________________________________

 

Gevo, Inc.

 

[Company Address]

 

Attention:      _______________________

 

Dear Sir or Madam:

 

The undersigned elects to exercise his/her Option to purchase shares of Common Stock of Gevo, Inc. (the “Company”) as follows:

 

	
			

			Grant Date 

			of Option

				
			

			Total Shares 

			Granted

				
			Exercise 

			Price Per 

			Share

				
			Total Shares

			Being

			Purchased

				
			Total

			Exercise 

			Price

				
			Total Taxes

			Owed to 

			Company

				
			Total

			Due

			Company

			
	 	 	
			$_____

				 	
			$______

				
			$______

				
			$______

			

Form(s) of Payment Provided:

 

	 	$____________	in cash or bank cashier’s or teller’s check
	 	 	 
	 	
			$____________

				
			delivery of ____ shares of Company Stock already owned by the undersigned, valued at $___________ per share (based on the closing sale price on the business day prior to the date of exercise)

			

	 	 	 
	 	
			$____________

				
			____ shares withheld by the Company but otherwise issuable upon exercise of the Option (based on the closing sale price on the business day prior to the date of exercise)’1

			

 

	 	
			$____________

				
			Copy of irrevocable instructions to broker

			
	 	 	 
	 	$                            Total	 

     

	 	 	
			Very truly yours,

			 

			 

				 
	Date	 	Optionee	 

 

______________________________

1 Shares may be delivered or withheld for federal income tax purposes up to the employer’s minimum required federal tax withholding rate.

 

 

Page 7 of 10

 

 

Company Receipt:

 

	
			Exercise Date: ___________________________

			(Date Company receives both the executed Exercise Notice and payment)

				
			By: ______________________________________

			Name: ____________________________________

			
	 	 
	
			Per share FMV as of such date:

			$______________

				
			For: Gevo, Inc.

			

 

 

Page 8 of 10

 

 

Exhibit C

 

GEVO, INC.

AMENDED AND RESTATED 2010 STOCK INCENTIVE PLAN

_________________________________

 

Designation of Death Beneficiary

_________________________________

 

In connection with the Awards designated below that I have received pursuant to the Gevo, Inc. Amended and Restated 2010 Stock Incentive Plan (as amended from time to time, the “Plan”), I hereby designate the person specified below as the beneficiary upon my death of my interest in such Awards. This designation shall remain in effect until revoked in writing by me.

 

	Name of Beneficiary:	 
	 	 
	Address: 	 
	 	 
	Social Security No.:	 

 

This beneficiary designation relates to any and all of my rights under the following Award or Awards:

 

	 	
			☐

				
			any Award that I have received or ever receive under the Plan.

			

 

	 	
			☐

				
			the _________________ Award that I received pursuant to an Award Agreement dated _________ __, ____ between myself and the Company.

			

 

I understand that this designation operates to entitle the above named beneficiary, in the event of my death, to any and all of my rights under the Award(s) designated above from the date this form is delivered to the Company until such date as this designation is revoked in writing by me, including by delivery to the Company of a written designation of beneficiary executed by me on a later date.

 

	
			 

				
			Date:

				 	
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By:

				
			 

				
			 

			
	 	 	Name of Participant	 

 

Sworn to before me this

____day of ____________, 20__

___________________________

Notary Public

County of     _________________

State of     __________________

 

Page 9 of 10

 

 

Exhibit D

 

GEVO, INC.

AMENDED AND RESTATED 2010 STOCK INCENTIVE PLAN

________________________________

 

Prospectus describing the Plan

_________________________________

 

 

 

Page 10 of 10ex_120807.htm

Exhibit 10.7

 

GEVO, INC.

AMENDED AND RESTATED 2010 STOCK INCENTIVE PLAN

____________________________

 

Restricted Shares Award Agreement

__________________________________

 

You are hereby awarded Restricted Shares subject to the terms and conditions set forth in this agreement (the “Award Agreement” or “Award”) and in the Gevo, Inc. Amended and Restated 2010 Stock Incentive Plan (as amended from time to time, the “Plan”). A copy of the Plan is attached as Exhibit A. A summary of the Plan appears in its Prospectus, which is attached as Exhibit B. You should carefully review these documents, and consult with your personal financial and legal advisors, before accepting this Award. Capitalized terms are defined in the Plan or in this Award Agreement.

 

This Award is conditioned on your execution of this Award Agreement within twenty (20) days after the Award Date specified in Section 1 below. By executing this Award Agreement, you agree to be bound by all of the Plan’s terms and conditions as if they had been set out verbatim below as well as this Award Agreement. In addition, you recognize and agree that all determinations, interpretations, or other actions respecting the Plan and this Award Agreement will be made by the Board of Directors (the “Board”) of Gevo, Inc. (the “Company”) or any Committee appointed by the Board to administer the Plan, and shall (in the absence of manifest bad faith or fraud) be final, conclusive and binding on all parties, including you and your successors in interest.

 

	
			1.

				
			Specific Terms. This Award is being granted pursuant to Section 7 of the Plan and has the following terms:

			

 

	
			Name of Participant:

			 

				 
	
			Number of Shares Subject to Award:

			 

				 
	
			Purchase Price per Share (if applicable):

			 

				 
	
			Fair Market Value per Share on Award Date:

			 

				 
	
			Award Date:

			 

				 
	
			Vesting Schedule:

			 

				 
	
			Deferral Elections:

				
			Not allowed.

			 

			
	
			§83(b) Elections:

				
			Allowed pursuant to Section 7(d) of the Plan (a suggested form of Election is attached hereto as Exhibit C).

			 

			
	
			Accelerated Vesting:

				
			You will become 100% vested in this Award if your Continuous Service ends due to your Involuntary Termination on or within 12 months after a Change in Control (subject to the terms of any employment or other agreement between you and the Company and/or any Affiliate).

			 

			
	
			Recapture and Recoupment:

				
			Section 14 of the Plan shall apply regarding Termination, Rescission, and Recapture of this Award.

			 

			Section 15 of the Plan shall apply regarding Recoupment of this Award; provided that the three-year limitation therein shall not apply to the extent a longer period is required by applicable law, rule, regulation, or listing standard.

			 

			
	
			Lifetime Transfers:

				
			Your rights under this Award Agreement and the Restricted Shares may not be sold, pledged, or otherwise transferred without the prior written consent of the Committee.

			 

			

 

 

 

Restricted Shares Award Agreement

Gevo, Inc. Amended and Restated 2010 Stock Incentive Plan

Page 2

 

 

	
			2.

				
			Termination of Continuous Service. Subject to the terms of any employment agreement between you and the Company (and/or any Affiliate) that is in effect when your Continuous Service terminates, any Restricted Shares that have not vested as of the date your Continuous Service terminates shall be canceled and shall become automatically null and void immediately upon such termination of your Continuous Service for any reason.

			

 

	
			3.

				
			Dividends. When Shares are delivered to you or your duly-authorized transferee pursuant to the vesting of the Shares, you or your duly-authorized transferee shall also be entitled to receive, with respect to each Share delivered, (i) a number of Shares equal to any stock dividends that were declared and paid to the holders of Shares between the Award Date and the date such Share is issued, and (ii) cash or a number of Shares having a Fair Market Value (on the date of each cash dividend payment date) equal to any cash dividends that were paid to the holders of Shares based on a record date between the Award Date and date such Share is delivered. To the extent that your Continuous Service ends, you will forfeit all right to dividends (whether paid in cash or in stock) attributable to all unvested Restricted Shares.

			

 

	
			4.

				
			Investment Purposes. By executing this Award Agreement, you acknowledge that you are receiving and will be holding your Shares for investment purposes only for your own account, and not with a view to, for resale in connection with, or with an intent of participating directly or indirectly in, any distribution of such Shares within the meaning of the Securities Act of 1933, as amended (the “Securities Act”).

			

 

 

 

Restricted Shares Award Agreement

Gevo, Inc. Amended and Restated 2010 Stock Incentive Plan

Page 3

 

 

	
			5.

				
			Issuance of Restricted Shares. Until all vesting restrictions lapse, any certificates that you receive for Restricted Shares will include a legend stating that they are subject to the restrictions set forth in the Plan and this Award Agreement. The certificates evidencing such Restricted Shares that will be issued will bear the following legend that shall remain in place and effective until all other vesting restrictions lapse and new certificates are issued:

			

 

The sale or other transfer of the Stock represented by this certificate, whether voluntary, involuntary, or by operation of law, is subject to certain vesting, forfeiture, termination, rescission, and recapture restrictions on transfer set forth in the Gevo, Inc. Amended and Restated 2010 Stock Incentive Plan, in a related Award Agreement, and in any rules and administrative procedures adopted pursuant to such Plan or related Award Agreement. A copy of the Plan, such Award Agreement, and such rules and procedures may be obtained from the Secretary of Gevo, Inc.

 

In addition, the Company shall make a notation regarding the restrictions on transfer of the Restricted Shares in its stock books, and shares of the Restricted Shares shall be transferred on the books of the Company only if transferred or sold in accordance with the terms of the Plan and this Award Agreement.

 

	
			6.

				
			Unvested Restricted Shares. The Company will hold any Restricted Shares in escrow until vesting occurs. You will be reflected as the owner of record on the Company’s books and records of any Shares issued pursuant to this Award Agreement. The Company will hold any stock certificates for safekeeping until such Restricted Shares have become vested and non-forfeitable. You must deliver to the Company, as soon as practicable after the date any Restricted Shares are issued, a stock power, endorsed in blank, with respect to any such Shares. If you forfeit any Restricted Shares, the stock power will be used to return the certificates for the forfeited Restricted Shares to the transfer agent for cancellation. As the owner of record of any Restricted Shares you qualify to receive pursuant to this Award Agreement, you will be entitled to all rights of a stockholder of the Company, including the right to vote the Shares; subject, however, to the provisions of Section 3 hereof with respect to any cash or stock dividends that are paid between the Award Date and your receipt of Shares pursuant to a vesting event, subject in each case to the treatment of the Award upon cessation of Continuous Service before the particular record date for determining stockholders of record entitled to the payment of the dividend or distribution. To the extent such a dividend is paid in stock or cash, such stock or cash shall be subject to the same vesting restrictions contained in Section 1.

			

 

	7.	
			Section 83(b) Election Notice. If you make an election under Section 83(b) of the Internal Revenue Code of 1986, as amended, with respect to the Restricted Shares subject to the Award (a “Section 83(b) election”), you agree to provide a copy of such election to the Company within 10 days after filing that election with the Internal Revenue Service. Exhibit C contains a suggested form of Section 83(b) election.

			

 

	
			8.

				
			Designation of Beneficiary. Notwithstanding anything to the contrary contained herein or in the Plan, following the execution of this Award Agreement, you may expressly designate a beneficiary (the “Beneficiary”) to your interest, if any, in this Award and any underling Shares. In order to designate a Beneficiary you must complete and execute a designation of beneficiary agreement substantially in the form attached hereto as Exhibit D (the “Designation of Beneficiary”) and deliver an executed copy of the Designation of Beneficiary to the Company.

			

 

	
			9.

				
			Restrictions on Transfer of Award. If, while Shares are Restricted Shares, you attempt to assign, pledge, transfer, or otherwise dispose of such Restricted Shares, voluntarily or involuntarily, all rights with respect to such Restricted Shares shall irrevocably terminate and all such Restricted Shares shall promptly be surrendered to the Company. Your rights under this Award Agreement may not be sold, pledged, or otherwise transferred without the prior written consent of the Committee, except as provided herein.

			

 

 

 

Restricted Shares Award Agreement

Gevo, Inc. Amended and Restated 2010 Stock Incentive Plan

Page 4

 

 

	
			10.

				
			Conditions on Issuance of Shares; Transfer Restrictions. Notwithstanding any other provision of the Plan or of this Award Agreement, the Committee may condition your receipt of Shares on your execution of a shareholder agreement imposing terms generally applicable to other similarly-situated employee-shareholders. In addition, the Company at its discretion may impose restrictions upon the sale, pledge or other transfer of Shares received pursuant to this Award Agreement (including the placement of appropriate legends on stock certificates or the imposition of stop-transfer instructions) if, in the judgment of the Company, such restrictions are necessary or desirable in order to achieve compliance with the Securities Act or the securities laws of any state or any other law or to enforce the intent of this Award.

			

 

	
			11.

				
			Taxes. By signing this Award Agreement, you acknowledge that you shall be solely responsible for the satisfaction of any taxes, interest and penalties that may arise pursuant to this Award (including taxes arising under Sections 409A or 4999 of the Code), and that the Company, its Affiliates, the Committee and all other persons or entities shall have no obligation whatsoever to pay such taxes, interest or penalties or otherwise indemnify or hold you harmless from any or all of such taxes, interest or penalties. The Committee shall have the sole discretion to interpret the requirements of the Code, including Section 409A, for purposes of the Plan and this Award Agreement. You acknowledge and agree that the Company, its Affiliates, the Committee and all of their employees and representatives have not and will not provide any tax advice to you. The Company’s obligation to issue Shares to you upon vesting is at all times subject to your prior or coincident satisfaction of all required Withholding Taxes.

			

			You may satisfy Withholding Tax obligations by any of the following means or a combination thereof: (i) tendering a cash payment to the Company, (ii) having the Company withhold an amount from any cash amount otherwise due or become due from the Company to you, (iii) having the Company withhold a number of Shares that would otherwise become vested under this Award Agreement (up to the employer's minimum tax withholding rate) or (iv) delivering to the Company already owned Shares of Company Stock (up to the employer's minimum required tax withholding rate).

			

 

	
			12.

				
			Electronic Delivery. The Company may, in its sole discretion, decide to deliver any documents related to your current or future participation in the Plan by electronic means or to request your consent to participate in the Plan by electronic means. You hereby consent to receive such documents by electronic delivery and agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.

			

 

	
			13.

				
			Notices. Any notice or communication required or permitted by any provision of this Award Agreement to be given to you shall be in writing and shall be delivered electronically, personally, or sent by certified mail, return receipt requested, addressed to you at the last address that the Company had for you on its records. Each party may, from time to time, by notice to the other party hereto, specify a new address for delivery of notices relating to this Award Agreement. Any such notice shall be deemed to be given as of the date such notice is personally delivered or two business days after the date such notice is properly mailed.

			

 

 

 

Restricted Shares Award Agreement

Gevo, Inc. Amended and Restated 2010 Stock Incentive Plan

Page 5

 

 

	
			14.

				
			Binding Effect. Except as otherwise provided in this Award Agreement or in the Plan, every covenant, term, and provision of this Award Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, legatees, legal representatives, successors, transferees, and assigns.

			

 

	
			15.

				
			Modifications. This Award Agreement may be modified or amended at any time, in accordance with the Plan (including, but not limited to, Section 18 of the Plan) and provided that you must consent in writing to any modification that adversely and materially affects any rights or obligations under this Award Agreement (with such an affect being presumed to arise from a modification that would trigger a violation of Section 409A of the Code), unless otherwise provided in this Award Agreement or the Plan and provided that before a Change in Control, the Committee may make such modifications as it determines in good faith are not materially adverse to you.

			

 

	
			16.

				
			Headings. Section and other headings contained in this Award Agreement are for reference purposes only and are not intended to describe, interpret, define or limit the scope or intent of this Award Agreement or any provision hereof.

			

 

	
			17.

				
			Severability. Every provision of this Award Agreement and of the Plan is intended to be severable. If any term hereof is illegal or invalid for any reason, such illegality or invalidity shall not affect the validity or legality of the remaining terms of this Award Agreement.

			

 

	
			18.

				
			Counterparts. This Award Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but both such counterparts shall together constitute one and the same instrument.

			

 

	
			19.

				
			Plan Governs. By signing this Award Agreement, you acknowledge that you have received a copy of the Plan and that your Award Agreement is subject to all the provisions contained in the Plan, the provisions of which are made a part of this Award Agreement and your Award is subject to all interpretations, amendments, rules and regulations which from time to time may be promulgated and adopted pursuant to the Plan. In the event of a conflict between the provisions of this Award Agreement and those of the Plan, the provisions of the Plan shall control.

			

 

	
			20.

				
			Not a Contract of Employment. By executing this Award Agreement, you acknowledge and agree that (i) any person who is terminated before full vesting of an award, such as the one granted to you by this Award, could claim that he or she was terminated to preclude vesting; (ii) you promise never to make such a claim; (iii) in any event, you have no right to pro-rated vesting with respect to the Award if your Continuous Service is terminated before any applicable Vesting Date (regardless of the portion of the vesting period you actually were in Continuous Service), (iv) nothing in this Award Agreement or the Plan confers on you any right to continue an employment, service or consulting relationship with the Company or any Affiliate, nor shall it affect in any way your right or the Company’s right or the right of any Affiliate to terminate your employment, service, or consulting relationship at any time, with or without Cause; and (v) the Company would not have granted this Award to you but for these acknowledgements and agreements.

			

 

 

 

Restricted Shares Award Agreement

Gevo, Inc. Amended and Restated 2010 Stock Incentive Plan

Page 6

 

 

	
			21.

				
			Governing Law. The laws of the State of Delaware shall govern the validity of this Award Agreement, the construction of its terms, and the interpretation of the rights and duties of the parties hereto, without regard to the State’s conflict of laws rules.

			

 

BY YOUR SIGNATURE BELOW, along with the signature of the Company’s representative, you and the Company agree that the Restricted Shares are awarded under and governed by the terms and conditions of this Award Agreement and the Plan.

 

	
			 

				Gevo, Inc.	
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				 	
			 

			
	
			 

				
			 

				Name:	
			 

			
	
			 

				
			 

				Title:	
			 

			
	 	 	 	 
	 	
			PARTICIPANT

			 

			The undersigned Participant hereby accepts the terms of this Award Agreement and the Plan.

			
	 	 	 	 
	 	By:	 	 

 

	 	Name of Participant: 	 	 

 

 

 

 

EXHIBIT A

GEVO, INC.

AMENDED AND RESTATED 2010 STOCK INCENTIVE PLAN

_______________________________

 

Plan Document

______________________________

 

 

 

 

EXHIBIT B

GEVO, INC.

AMENDED AND RESTATED 2010 STOCK INCENTIVE PLAN

_______________________________

 

Plan Prospectus

______________________________

 

 

 

 

EXHIBIT C

GEVO, INC.

AMENDED AND RESTATED 2010 STOCK INCENTIVE PLAN

_______________________________

 

Section 83(b) Election Form

______________________________

 

Attached is an Internal Revenue Code Section 83(b) Election Form. IF YOU WISH TO MAKE A SECTION 83(B) ELECTION, YOU MUST DO SO WITHIN 30 DAYS AFTER THE DATE THE RESTRICTED SHARES COVERED BY THE ELECTION WERE TRANSFERRED (WITHIN THE MEANING OF SECTION 83(B)) TO YOU. In order to make the election, you must completely fill out the attached form (or an acceptable substitute substantially identical to the attached form) and file one copy with the Internal Revenue Service office where you file your tax return. You also must submit a copy of the election form to the Company within 10 days after filing that election with the Internal Revenue Service. A Section 83(b) election normally cannot be revoked.

 

 

 

 

GEVO, INC.

AMENDED AND RESTATED 2010 STOCK INCENTIVE PLAN

 

 

________________________________________________________

 

Election to Include Value of Restricted Shares in Gross Income

in Year of Transfer Under Internal Revenue Code Section 83(b)

_________________________________________________________

 

Pursuant to Section 83(b) of the Internal Revenue Code, I hereby elect within 30 days after receiving the property described herein to be taxed immediately on its value specified in item 5 below.

 

	
			1.

				
			My General Information:

			

 

	 	Name: 	 	 
	 	Address:	 	 
	 	 	 	 
	 	S.S.N.or T.I.N.:	 	 

 

	
			2.

				
			Description of the property with respect to which I am making this election:

			

 

____________________ shares of ___________ stock of Gevo, Inc. (the “Restricted Shares”).

 

	
			3.

				
			The Restricted Shares were transferred to me on ______________ ___, 20__. This election relates to the 20____ calendar taxable year.

			

 

	
			4.

				
			The Restricted Shares are subject to the following restrictions:

			

 

The Restricted Shares are forfeitable until they are earned in accordance with Section 1 of the Gevo, Inc. Amended and Restated 2010 Stock Incentive Plan (“Plan”) Restricted Share Award Agreement (“Award Agreement”) or other Award Agreement or Plan provisions. The Restricted Shares generally are not transferable until my interest becomes vested and nonforfeitable, pursuant to the Award Agreement and the Plan.

 

	
			5.

				
			Fair market value:

			

 

The fair market value at the time of transfer (determined without regard to any restrictions other than restrictions which by their terms never will lapse) of the Restricted Shares with respect to which I am making this election is $_____ per share.

 

	
			6.

				
			Amount paid for Restricted Shares:

			

 

The amount I paid for the Restricted Shares is $____ per share.

 

 

 

 

	
			7.

				
			Furnishing statement to employer:

			

 

A copy of this statement has been furnished to my employer, ______________. If the transferor of the Restricted Shares is not my employer, that entity also has been furnished with a copy of this statement.

 

	
			8.

				
			Award Agreement or Plan not affected:

			

 

Nothing contained herein shall be held to change any of the terms or conditions of the Award Agreement or the Plan.

 

 

Dated: ____________ __, 20__.

 

	 	
			_________________________________________

			Taxpayer

			

 

 

 

 

EXHIBIT D

 

GEVO, INC.

AMENDED AND RESTATED 2010 STOCK INCENTIVE PLAN

_________________________________

 

Designation of Beneficiary

_________________________________

 

In connection with the Awards designated below that I have received pursuant to the Gevo, Inc. Amended and Restated 2010 Stock Incentive Plan (as amended from time to time, the “Plan”), I hereby designate the person specified below as the beneficiary upon my death of my interest in such Awards. This designation shall remain in effect until revoked in writing by me.

 

	Name of Beneficiary:	 
	 	 
	Address:	 
	 	 
	 	 
	 	 
	 	 
	 	 
	Social Security No.: 	 

 

This beneficiary designation relates to any and all of my rights under the following Award or Awards:

 

	 	
			☐

				
			any Award that I have received or ever receive under the Plan.

			

 

	 	
			☐

				
			any Restricted Shares that I have received or ever receive under the Plan.

			

 

	 	
			☐

				
			the _________________ Award of __________________ that I received pursuant to an Award Agreement dated _________ __, ____ between myself and the Company.

			

 

I understand that this designation operates to entitle the above named beneficiary, in the event of my death, to any and all of my rights under the Award(s) designated above from the date this form is delivered to the Company until such date as this designation is revoked in writing by me, including by delivery to the Company of a written designation of beneficiary executed by me on a later date.

 

	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			Date:

				
			 

				
			 

			
	
			 

				
			By: 

				 	
			 

			
	
			 

				
			 

				
			Name of Participant

				
			 

			
	
			 

				
			 

				
			 

				
			 

			

 

Sworn to before me this

____day of ____________, 20__

___________________________

Notary Public

County of     _________________

State of     __________________

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