Document:

Development Agreement, by and between the Company and ICM, Inc.

 Exhibit 10.3 

*** Text Omitted and Filed Separately 

Confidential Treatment Requested 

Under 17 C.F.R. §§ 200.80(b)(4) 

and 203.406 

DEVELOPMENT AGREEMENT 

This Development Agreement (this “Agreement”) is effective as of October 16, 2008 (the “Effective Date”) by and between ICM,
Inc., a Kansas corporation with its principal place of business at 310 N. First Street, Colwich, KS 67030 (“ICM”) and Gevo, Inc., a Delaware corporation with offices at 345 Inverness Drive South, Building C, Suite 310, Englewood, CO 80112
(“Gevo”) (Gevo and ICM are collectively referred to as the “Parties” and each individually as a “Party”). As used in this Agreement, the term “Affiliates” means and refers to any entity that controls, or is
controlled by, or is under common control with, that entity. 
 WHEREAS, Gevo owns or has rights to certain technology, which allows for the
development and production of butanol, propanol, pentanol and their respective isomers (the “Process”); 
 WHEREAS, ICM has pilot
plant facilities for ethanol production and the capability to modify the pilot plant to perform commercial-scale isobutanol production trials in those facilities; and 

WHEREAS, the Parties desire to set forth certain parameters of a commercial relationship between them beyond the plant trial; and 

WHEREAS, Gevo and ICM desire to enter into an agreement for such isobutanol plant trial and such commercial relationship as further described below.

 NOW, THEREFORE, for and in consideration of the foregoing and the mutual promises and covenants set forth herein, the Parties hereto agree as
follows: 
 1. Plant Trial Project. The Parties agree to perform the work described in the Plant Trial Protocol attached as
Appendix I intending to meet the stated objectives outlined in the Plant Trial Protocol (the “Project”). The Parties agree to conduct the Project using competent and trained personnel, proper equipment, safe procedures and conditions at
all times in the conduct of such work. Gevo will provide ICM with process technology and suitable quantities of microorganisms (the “Test Materials”) as described in Appendix I. ICM will use the Test Materials solely for the Project and
will not provide the Test Materials to any third party without the prior written consent of Gevo. Because the Test Materials have not received the appropriate regulatory approval, ICM agrees that the Test Materials, and any residues, by-products or
co-products from the Test Materials (including, but not limited to distiller’s dried grains with solubles), will not be commercially sold or used by ICM but will be disposed of as directed by Gevo at Gevo’s cost, pursuant to Section 7
hereof. The Project will be conducted at ICM’s St. Joseph, Missouri, pilot plant facility (the “Plant”). During the Project Term (as defined in Section 9), (i) ICM shall provide Gevo with reasonable access to areas of
the Plant where the Project is being performed, subject, however, to ICM’s site security and safety procedures; and (ii) ICM will not allow any third parties access to the area of the Plant where the Project is being conducted unless they
are necessary to perform the Project or unless ICM receives the Gevo Project Leader’s consent. ICM will conceal or cover the Equipment (as defined in Section 23.2), using a mutually agreeable method, at all times when the Project is not
being conducted. 
  

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 2. Data. ICM shall provide Gevo with all data generated in connection with this Project including,
but not limited to, process data and analytical results for this Project and as further described in the Plant Trial Protocol (“Data”). Data will be provided to Gevo when it is recorded and will be deemed at all times to be the sole
property of Gevo, subject to ICM’s rights as described in Sections 10.2 and 11. Nothing in this Agreement shall prevent ICM from maintaining the Data as part of its historical database, provided that ICM complies with the provisions of this
Agreement, including but not limited to Section 10 hereof. 
 3. Scheduling. The Parties shall perform the Project in accordance
with the scheduling described in the Plant Trial Protocol. The schedule can be modified as needed by mutual written agreement of the Parties. 

4. Dispute Resolution. Except for any payment obligations hereunder, if an unresolved dispute arises out of or relates to this Agreement, or
breach thereof, either Party may refer such dispute to the Chief Executive Officer of ICM and Gevo’s Chief Executive Officer or their nominees for good faith negotiation toward a resolution. If such dispute is not resolved within forty-five
(45) days after such referral, then either Party may thereafter pursue other remedies. 
 5. Project Leader. Each Party will appoint
a project leader (“Project Leader”) to coordinate its part of the Project. The Project Leaders will be the primary contacts between the Parties with respect to the pilot plant modifications and the subsequent research conducted under the
Project. Either Party may change its Project Leader upon written notice to the other Party. It is anticipated that a certain amount of training and technical transfer may be required to facilitate the effectuation of the Project. The Project Leaders
will facilitate this training and technical transfer. The Project Leader for Gevo will be [...***...] and the Project Leader for ICM will be [...***...]. 

6. Excusable Delays. Except for any payment obligations hereunder, neither Party shall be liable to the other for any delay or failure in
performance on its part if and to the extent such failure or delay is due to circumstances beyond such party’s reasonable control, including but not limited to, acts of God, strikes, slow-downs, errors in manufacture of materials, fire,
shortage of materials, shortage of labor, government orders, or changes to the Project or its protocols hereunder which are not approved in advance by such Party, and such Party shall not be liable in any event for consequential or special damages
on account of any such delay or failure in performance. ICM shall be excused from continued performance of the Project for the duration of any such delay, and the period of performance shall be extended as may be necessary to enable ICM to perform
after the cause of the delay has been removed. 
 7. Ownership and Disposal of Test Materials. All Test Materials are the sole property
of Gevo, and any unused Test Materials shall be returned to Gevo or destroyed (at Gevo’s cost and election and as communicated to ICM in writing by Gevo) upon the conclusion of the Project. Gevo shall own all isobutanol process streams,
distiller’s dried grains with solubles, and waste materials. In performing the Project, ICM shall comply with all applicable local, state, and federal rules and regulations, including but not limited to those required by the USDA and FDA.

  

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 8. Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of
the State of Colorado, without reference to its conflict of laws principles. 
 9. Project Term. With respect to the Project, this
Agreement is effective as of the Effective Date set forth above and will terminate on December 31, 2010 (the “Project Term”), unless otherwise agreed by the Parties in writing. Gevo may terminate the Project without cause at any time,
with termination effective thirty (30) days after Gevo’s delivery to ICM of written notice of termination. Gevo or ICM also may terminate the Project immediately upon the other party’s material breach of Article 10
(“Confidentiality”) or Article 11 (“Intellectual Property”) or any time prior to the start of the Project. If Gevo terminates this Agreement prior to the start of the Project, or at any time during the Project Term, it will
remain responsible to pay to ICM all amounts owed pursuant to Section 23 as of the effective date of such termination, including but, not limited to, all costs incurred by ICM for construction and modification of the Plant for purposes of the
Project. 
 10. Confidentiality. 

10.1 General. The confidentiality provisions set forth on Appendix III shall govern the transfer of information between the Parties with respect to
the transactions contemplated by this Agreement. 
 10.2 License Agreement. Gevo hereby grants a perpetual, non-exclusive and fully paid
up license to ICM to use and disclose any data that ICM uses, maintains, and/or records on a regular or routine basis to manage, operate, supervise and or modify ICM’s Plant related to [...***...], that would otherwise be deemed
“Confidential Information” of Gevo, provided that (a) Gevo has consented in writing to any such specific disclosure (which consent will not be unreasonably withheld) and (b) any third party to whom ICM desires to disclose such
information after the termination of this Agreement has, prior to such disclosure, consented in writing to be bound by the specific confidentiality provisions of this Section 10, in each instance to the benefit of the Parties hereto.

 11. Intellectual Property Developed During Project. Right, title and interest to any intellectual property, including intellectual
property rights to Test Materials, Data, any invention, know-how, data and information developed by ICM in connection with the Process at the Plant during the Project Term and while performing the Project shall accrue to the benefit of Gevo (the
“Gevo IP”). Gevo will control, in its sole discretion, the preparation, filing, prosecution, maintenance and enforcement of all intellectual property rights in the Gevo IP. 

The Parties agree that intellectual property jointly developed during the Project Term, beyond the scope of the Project, will be jointly owned (the
“Project Joint IP”). To the extent that joint inventorship or joint ownership of Project Joint IP does not automatically vest jointly in both Parties by operation of law, each Party does hereby assign to the other Party joint rights in all
Project Joint IP. Each Party shall disclose promptly in writing to the other any Project Joint IP of which it becomes aware. 
  

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 In the event that a Party desires to seek a patent or other governmental registration for any of the Project
Joint IP, the Parties shall promptly meet to discuss and determine whether to seek any such registration. If the Parties decide to seek such registration(s), then Gevo shall have the primary obligation to prepare, file, prosecute, and maintain any
applications and registrations in such jurisdictions and using counsel selected by Gevo and agreed to by ICM, such agreement not to be unreasonably withheld, or conditioned. Gevo shall consult with and give ICM a reasonable opportunity to review and
comment on the text of any application for registration before filing, shall reasonably consider and address any such comments as ICM may supply, and shall supply ICM with a copy of each such application as filed, together with notice of its filing
date and application number. Gevo shall keep ICM advised of the status of the actual and prospective filings with respect to any applications or registrations (including, without limitation, administrative office actions, comment, and requirements,
the filing of interferences or other third-party proceedings, and the grant of any patents or other registrations), shall consult with and provide ICM with a reasonable opportunity to comment on all correspondence received from and all proposed
submissions to be made to any government patent office or authority related to the filing, prosecution, and maintenance of such patent filings, and shall reasonably consider and address any such comments, all to be conducted and accomplished using
Gevo’s reasonable commercial efforts. 
 ICM shall reimburse Gevo for [...***...] incurred by Gevo in connection with preparing,
filing, prosecuting, and maintaining such applications and registrations (other than out-of-pocket expenses for inventorship and ownership determinations and disputes as between the Parties), which reimbursement will be made within thirty
(30) days of receiving invoices, such invoices to be submitted by Gevo no more often than once per calendar quarter. Upon request, Gevo shall provide ICM with supporting documentation demonstrating and detailing the expenses so incurred.

 If Gevo elects not to file an application for registration for any such Project Joint IP, or to cease the prosecution and/or maintenance of
any such applications or registrations (except for abandonment of a patent application in favor of a patent application subsequently filed for purposes of continuing the prosecution of patent rights claiming the inventions included in the abandoned
patent application), Gevo shall provide ICM with written notice immediately upon the decision to not file or continue the prosecution or maintenance of such applications or registrations. In such event, Gevo shall permit ICM, at ICM’s sole
discretion, to file and/or continue prosecution and/or maintenance of such applications and/or registrations at ICM’s own expense. If ICM elects to continue such prosecution or maintenance, Gevo shall do such things that are reasonably
necessary to enable ICM to continue such prosecution or maintenance. 
 12. Representations and Warranties. While performing their
respective obligations under the Project, ICM and Gevo represent and warrant that they will comply with all applicable state and governmental regulatory requirements, the Plant Trial Protocol, any written standard operating procedures mutually
agreed upon by the Parties, and the terms of this Agreement. Each Party represents and warrants to the other Party that it has the legal power, authority and right to enter into this Agreement and to perform its respective obligations set forth
herein. Each Party represents and warrants that as of the Effective Date neither it nor any of its Affiliates is a 
  

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party to any agreement or arrangement with any third party or under any obligation or restriction, including pursuant to its organizational documents which in any way limits or conflicts with its
ability to fulfill any of its obligations under this Agreement, and that none of them shall enter into any such agreement, or so modify any existing agreement, during the term of this Agreement which would conflict with its ability to fulfill any of
its obligations under this Agreement. 
 13. Press Release. Neither Party shall issue any press release or public announcement relating
to the subject matter of this Agreement prior to obtaining the written consent of the other Party as to the content and making of such release. Such consent shall not be unreasonably withheld. 

14. Liability. Excluding breaches of Article 10 (Confidentiality), in no event shall any Party be liable to any other Party for any loss of
profits, downtime costs, loss of use of equipment or facilities, lost business revenue or for any special incidental, indirect or consequential damages directly or indirectly related to this Agreement, whether such claim for damages is based in
contract, tort (including negligence) or at equity. 
 15. Disclaimer of Warranties. Except for the warranties set forth in
Section 12 of this Agreement, neither Party makes any warranties, written, oral, express or implied, with respect to its performance under this Agreement or the results thereof. EACH PARTY DISCLAIMS ALL OTHER WARRANTIES, EXPRESS OR IMPLIED,
INCLUDING, WITHOUT LIMITATION, THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. 
 16.
Indemnification. ICM shall indemnify, defend and hold Gevo, its employees, contractors and/or agents (together “Gevo’s Agents”) harmless from any claims, demands, liabilities, damages, penalties, costs and expenses, including
reasonable attorney’s fees and costs which may be incurred by Gevo as a result of or related to (a) a breach by ICM of any representation and warranty set forth in Section 12, or (b) the negligence or willful misconduct of ICM,
its employees, contractors and/or agents (together “ICM’s Agents”) related to ICM’s duties under this Agreement; provided, however, that Gevo shall not be entitled to indemnification for any damages incurred to the extent they
result from the negligent acts, willful misconduct or omissions of Gevo or Gevo’s Agents. 
 Gevo shall indemnify, defend and hold ICM, its
employees and ICM’s Agents harmless from any claims, demands, liabilities, damages, penalties, costs and expenses, including reasonable attorney fees and costs, which may be incurred by ICM as a result of or related to (a) a breach by Gevo
of any representation and warranty set forth in Section 12, (b) the negligence or willful misconduct of Gevo or Gevo’s Agents related to Gevo’s duties under this Agreement, or (c) which are based on any claims that the Gevo
technology used in the Process infringes on any third party rights, including patent, trade secret, or other intellectual property rights; provided, however, that ICM shall not be entitled to indemnification for any damages incurred to the extent
they result from the negligent acts, willful misconduct, or omissions of ICM or ICM’s Agents. 
  

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 17. Status of Parties. The Parties acknowledge and agree that the relationship between the Parties is
not that of agent and principal or employer and employee, but rather the Parties are each independent contractors. 
 18. Injunctive
Relief. The obligations under Sections 10, 11, 12 and 24 of this Agreement are of a unique character that gives them particular value; breach of any of such obligations will result in irreparable and continuing damage for which there is no
adequate remedy at law; and, in the event of such breach, the non-breaching Party will be entitled to injunctive relief and/or a decree for specific performance, and such other and further relief as may be proper. 

19. Unenforceability. The invalidity or unenforceability of any particular provision of this Agreement shall not affect its other provisions, and
this Agreement shall be construed in all respects as if such invalid or unenforceable provision were omitted. 
 20. Assignment. This
Agreement may not be assigned by either Party without the expressed prior written consent of the other Party. Such consent shall not be unreasonably withheld. Notwithstanding the foregoing, either Party may assign or otherwise transfer any and all
rights and obligations under this Agreement to any successor in interest of over fifty percent (50%) of its entire business or its Affiliates at such Party’s sole discretion, without the prior consent of the other Party. Any successor in
interest under this Agreement will assume and be bound by the same obligations and responsibilities the assigning Party has assumed herein. Any attempted assignment in violation of this Section 20 shall be null and void. 

21. Entire Agreement. This Agreement constitutes the entire agreement between the Parties with respect to the subject matter of this Agreement and
supersedes all previous negotiations, communications, and other agreements whether written or verbal, between the Parties. This Agreement and the Plant Trial Protocol shall not be modified without the prior written consent of each Party. In the
event that the terms of the Plant Trial Protocol are inconsistent with the terms of this Agreement, this Agreement shall control, unless otherwise explicitly agreed to in writing by the Parties. All appendices are incorporated herein by reference
and made a part of this Agreement. 
 22. Notices. All notices and other communications required or permitted hereunder shall be in
writing and shall be deemed given (a) on receipt, if delivered personally or by facsimile transmission (receipt verified), (b) three days after deposit, if mailed by registered or certified mail (return receipt requested), postage prepaid,
or (b) the next business days, if sent by nationally recognized express courier service, to the Parties at the following addresses (or at such other address for a Party as shall be specified by like notice): 

 

			
	If to Gevo:	  	[...***...]
		  	Gevo, Inc.
		  	345 Inverness Drive South
		  	Building C, Suite 310
		  	Englewood, Colorado 80112
		  	[...***...]

  

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	If to ICM:	  	ICM, Inc.
		  	[...***...]
		  	310 N. First Street
		  	Colwich, KS 67030
		  	Telefacsimile (316) 796-0570

 23. Project Costs.
The Parties agree to share the costs of the Project as follows: 
 23.1 Engineering Fees. ICM agrees to provide the engineering
services necessary for the Project at a rate of [...***...]. A schedule of ICM’s current standard rates is attached hereto as Appendix II. Gevo will pay ICM such engineering fees [...***...]. 

23.2 Equipment. Any additional equipment required for the Project will be ordered and installed in the Plant by ICM (the “Equipment”).
The Equipment will be installed on skids or such other mutually agreeable manner as to facilitate its removal at the conclusion of the Project. Gevo will pay all costs associated with the purchase, shipping and installation of the Equipment and will
own all right, title and interest in the Equipment. Gevo will remove the Equipment at the conclusion of the Project and pay all costs associated with its removal and shipping. 

23.3 Plant Modification Costs. ICM shall be responsible for any necessary modifications to the Plant for purposes of the Project. The costs of any
such modifications shall be paid entirely by Gevo, at [...***...]. For purposes of this provision, the Parties agree that the term “cost” shall include, but not be limited to, the following: (i) the actual third party invoices
to ICM for services, labor, equipment, material and suppliers, at the agreed billing rate between ICM and each services provider, subcontractor, and supplier; (ii) the applicable billing rate for ICM labor and expenses; and (iii) the
sales/use tax owed pursuant to applicable law on all materials and equipment incorporated in the Project. 
 23.4 Project Fee. Gevo will
pay to ICM a project fee (“Project Fee”) that will be based on [...***...]. [...***...] At the inception of each plant trial run or experiment, the ICM and Gevo Project Leaders will determine the labor, equipment, and material
resources required for a particular experiment, and agree to an expense plan (“Expense Plan”) to go along with the experimental plan. ICM will invoice Gevo based on the Expense Plan; provided that the Expense Plan shall be modified for
stopping an experiment early, extending an experiment during progress, altering the experimental scope, use of raw materials in different quantities than planned, or for other events that are not specifically contemplated when the Expense Plan was
set. All modifications will be based on the actual resources utilized using the Appendix IV rates. 
 23.5 Payment. Gevo agrees to pay
all Project Costs described in Sections 23.1, 23.2, 23.3 and 23.4 within thirty (30) days after receiving an invoice from ICM. The Project Fee described in 

 

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Section 23.4 will be paid by Gevo to ICM at the beginning of each week with the necessity of ICM providing Gevo with an invoice. If any payment owed by Gevo to ICM is not paid when due, ICM,
at its option, may charge Gevo interest on such past due amount at the rate of [...***...]. 
 24. Headings. Headings are for
convenience only and shall not affect the interpretation of this Agreement. 
 25. Survival. Sections 2, 4, 7, 8, 10-12, 14-16, 18, 22-23
and 25 shall survive the termination or expiration of this Agreement (except in each case to the extent such provisions are self-limiting in duration). 

26. Counterparts. This Agreement may be executed in multiple counterparts, which together shall constitute one agreement. Signatures received by
facsimile shall be considered original signatures. 
 27. Interpretation. The interpretation of this Agreement shall be governed by the
following rules: 
  

	 	(A)	all dollar figures shall mean the lawful currency of the U.S.A., unless expressly stated otherwise; 

 

	 	(B)	words importing the singular include the plural, and vice versa; 

  

	 	(C)	words importing the masculine gender, include the feminine and neuter, and vice versa; 

 

	 	(D)	where a reference is made to a “day”, “week”, “month” or “year”, the reference is to the calendar period;

  

	 	(E)	in the calculation of time, the first day shall be excluded and the last day shall be included; 

 

	 	(F)	a reference in this Agreement to an article or section shall mean an article or section of this Agreement, as the case may be. Article and section headings in this
Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement; and 

  

	 	(G)	the word “including” means without limitation; and the words “herein”, “hereof”, “hereby”, “hereto” and
“hereunder” refer to this Agreement as a whole. 

 28. Drafted Jointly. The Parties have participated jointly in
the negotiations and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, there shall be no presumption or burden of proof which arises favoring or disfavoring any party by virtue of the authorship of
any of the provisions of this Agreement. 
  

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 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed as of the Effective
Date. 
  

									
	ICM, Inc.	 		 	Gevo, Inc.
					
	By:	 	 /s/ [...***...]
	 		 	By:	 	 /s/ [...***...]

 

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 Appendix I: Plant Trial Protocol 

[...***...] 
  

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10 

 Appendix II: ICM Standard Rate Schedule 

[...***...] 
  

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 Appendix IV: Expense Plan Rates 

[...***...] 
  

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12License Agreement, by and between the Company and Cargill Incorporated

 Exhibit 10.4 

*** Text Omitted and Filed Separately 

Confidential Treatment Requested 

Under 17 C.F.R. §§ 200.80(b)(4) 

and 203.406 

LICENSE AGREEMENT 
 This
Agreement, effective the 19th day of February, 2009 (“Effective Date”), by and between Cargill, Inc., a corporation of the state of Delaware, having its principal place of business at 15407 McGinty Road West, Wayzata, MN 55391 (hereinafter
“Cargill”), and Gevo, Inc., a corporation of the state of Delaware, having its principal place of business at 345 Inverness Drive South, Building C, Suite 310, Englewood, CO 80112 (hereinafter “Gevo”). Cargill and Gevo are
collectively referred to herein as “Parties”, in singular or plural usage, as required by context. 
 WHEREAS, Cargill
has developed a yeast biocatalyst [...***...], covered by certain Cargill Patents; 
 WHEREAS, Gevo desires to use and
further develop Cargill’s yeast biocatalyst with the goal of [...***...]; 
 WHEREAS, the Parties desire to grant
each other certain rights to use the yeast biocatalyst as well as other technology that is developed in the course of this work, as set forth in this Agreement; 

NOW, THEREFORE, in consideration of the mutual covenants set forth herein, the Parties agree as follows: 

1. DEFINITIONS 

1.1 “Cargill Field” shall mean all other fields outside of the Gevo Field. 

1.2 “Cargill Biological Materials” shall include yeast strains and tools for modifying such yeast strains for
the Product [...***...] as identified in Appendix C and those elected and paid for in Appendix D. Appendix C shall be updated from time to time by Cargill to include future improvements and new tools. 

1.3 “Confidential Information” shall mean all information related to the Agreement in any form disclosed in any manner by or on
behalf of one Party to the other Party during the term of this Agreement. Without limitation, Confidential Information shall include information about products, raw materials, samples, packaging, manufacturing processes, financial information,
research information, tools, business plans, customer lists and supplier lists and the terms and conditions of this Agreement. Notwithstanding the foregoing, the Parties agree that the term “Confidential Information” shall not include any
information which is: 
 a. in the public domain prior to receipt by the receiving Party or subsequent to the
date of receipt without breach of this Agreement by the receiving Party; 
  

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 b. known to the receiving Party prior to disclosure by the disclosing Party,
provided that any source of such information was not known by the receiving Party to be bound by a confidentiality agreement with or other contractual, legal or fiduciary obligation of confidentiality to the disclosing Party or any other party with
respect to such information (for purposes of clarity, such exception does not include information that was received under confidentiality obligations by former employees of Cargill or its affiliate, NatureWorks LLC during their employment at Cargill
or NatureWorks LLC); 
 c. disclosed without restriction to the receiving Party by a third party having a bona
fide right to disclose the same to the receiving Party without breach of this Agreement or any other confidentiality agreement with or other contractual, legal or fiduciary obligation of confidentiality to the disclosing Party or any other party
with respect to such information, or 
 d. independently developed by the receiving Party without use of any
Confidential Information disclosed hereunder by the disclosing Party. 
 1.4 “Due Diligence Milestones” shall mean the
milestones attached hereto as Appendix A. 
 1.5 “Gevo Biocatalyst” shall mean the [...***...] developed by Gevo
for the production of the Product. 
 1.6 “Gevo Field” shall mean [...***...]. 

1.7 “Patent Rights” shall mean those patents and patent applications listed in Appendix B (including any continuation,
continued prosecution, continuation-in-part, reissues, reexaminations, divisions or substitutions thereof), in any country (including countries not listed in Appendix B where applications have issued or will issue), owned by Cargill. 

1.8 “Product” shall mean [...***...] A “valid claim” shall mean any issued, unexpired claim that has not been
held invalid or otherwise unenforceable by a decision of a court or other competent authority which is not under appeal. 
 1.9
“Improvement” shall mean any invention or discovery that directly or indirectly uses the Cargill Biological Materials or Patent Rights and is conceived or reduced to practice during the term of this Agreement either solely by Cargill or
Gevo, or jointly by Cargill and Gevo within the term of this Agreement. 
 1.10 “Net Sale(s)” shall mean the gross
sale or transfer volume of Product measured in US gallons that is made using Cargill Biological Materials or Patent Rights thereof by Gevo, its Affiliates or sublicensees, to any third party less allowed Product returns and Product allowances given
by Gevo, its Affiliates or its sublicensees, all as determined by Gevo’s standard accounting practices. 
  

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 1.11 “Quarter” shall mean a three month time period from January 1 to
March 31, April 1 to June 30, July 1 to September 30, or October 1 to December 31. 
 1.12
“Affiliates” shall mean any person or entity that directly or indirectly controls, is controlled by, or is under common control with such person or entity, and is identified in writing. For purposes of the preceding sentence,
“control” means the right to control, or actual control of, the management of such other entity, whether by ownership of securities, by voting rights, by agreement or otherwise. 

2. DUE DILIGENCE MILESTONES 

2.1 The project managers as identified in Appendix A, or their designees as agreed to by the Parties (“Project Managers”), will
(i) review the status and results of the Due Diligence Milestones, (ii) decide upon any proposed amendments to the Due Diligence Milestones, (iii) make a good faith and reasonable determination of relevant technical information
required to complete the Due Diligence Milestones, (iv) coordinate the disclosure of Confidential Information, (v) decide upon any proposed amendments to the appendices, (vi) determine whether a milestone has been completed; and
(vii) discuss and record any Improvements and potential patent filings, and review in accordance with Section 6 of this Agreement. All decisions by the project managers require unanimous consent and shall be decided without unreasonable
delay. 
 2.2 Each Party agrees to the deadlines for each milestone in the Due Diligence Milestones attached as Appendix A. The
Parties may mutually agree in writing to revise a milestone or target date. If Gevo determines that it cannot meet a milestone or target date, Gevo may request to purchase an extension of time. It is Cargill’s discretion whether to grant such
request; such approval will not be unreasonably withheld. 
 3. CONFIDENTIAL INFORMATION & MATERIAL TRANSFER 

 3.1 Both Parties agree that during the term of this Agreement, they will not disclose any Confidential Information to any
third party without the prior written permission of the disclosing Party such permission will not be unreasonably withheld. Dissemination of Confidential Information shall be limited to parties that are directly involved with discussions
contemplated by this Agreement, and even then only to such extent as is necessary and essential. Notwithstanding the foregoing, Gevo shall be permitted to disclose Confidential Information to its sublicensees or potential sublicensees who are bound
by an executed confidentiality agreement with terms equivalent to those in this Agreement. 
 3.2 Cargill and Gevo shall require
all employees, agents, sublicensees, and representatives, to comply in all respects, with the terms hereof as fully and faithfully as if such persons were signatories. Upon the termination or expiration of this Agreement, all such materials shall be
returned or destroyed upon the request of Cargill however Gevo may retain one copy of all written materials with its legal counsel to insure compliance with its obligations under this Agreement All materials containing Confidential Information and
provided by Gevo 
  

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shall remain the property of Gevo. Upon the termination or expiration of this Agreement, all such materials shall be returned or destroyed upon the request of Gevo however Cargill may retain one
copy of all written materials with its legal counsel to insure compliance with its obligations under this Agreement. All materials containing Confidential Information and provided by Cargill shall remain the property of Cargill. 

3.3 Notwithstanding Sections, 3.1 and 3.2, Gevo may disclose to its investors, potential investors, Gevo board members and Gevo financial
Auditors for use in Gevo’s audit, the fact or nature this Agreement’s existence and whether it has completed the milestones, only in general terms. 

3.4 Cargill will provide Gevo with the Cargill Biological Materials within sixty (60) days after receipt of notification from Gevo
that milestone #1 has been completed, as defined in Appendix A. 
 3.5 The confidentiality obligations imposed by this
Agreement, including but not limited to non-disclosure and non-use, shall endure for [...***...] years after termination of this Agreement or until [...***...], whichever comes first. 

3.6 The Cargill Biological Materials shall not be transferred to any third party without a material transfer agreement or sub-license
agreement in place prior to such transfer. Such agreement shall contain obligations of confidentiality and non-use consistent with those in this Agreement. 

4. GRANTS 

4.1 Cargill hereby grants to Gevo and its Affiliates , an exclusive, worldwide, royalty- bearing license with a limited right to
sublicense, subject to Section 4.2, under Patent Rights and Cargill Biological Materials solely to make, have made, use, sell, offer for sale, or import the Product. 

4.2 Gevo’s license includes the right to grant sublicensees under the Cargill Patent Rights according to the following guidelines:

 a. Gevo will be responsible for reporting on and paying all royalties that are due to Cargill in accordance
with Section 5 of this Agreement for Product sold by any of Gevo’s sublicensees. 
 b. Any sublicenses
granted by Gevo under this Section shall be in writing and subject to the terms and conditions of this Agreement, including but not limited to the obligations concerning confidentiality and material transfer provisions set forth in Section 3.

 c. Gevo shall have the right to sublicense the Cargill Biological Materials and/or Patent Rights on a
worldwide basis in the Gevo Field. For the companies and/or geographical region(s) listed in Appendix E, Cargill shall have sole discretion and authority to approve or not approve each such sublicensee for the Cargill Biological

  

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Materials and/or Patent Rights in the Gevo Field. For any company and/or region not listed in Appendix E, Gevo shall have sole discretion and authority to sublicense the Cargill Biological
Materials and/or Patent Rights in the Gevo Field. For any company and/or geographical region listed in Appendix E, Gevo shall submit to Cargill the name of the sublicensee and the territory of the proposed sublicense agreement for Cargill’s
written approval prior to the execution of any such sublicensing agreement. Cargill will review each submission from Gevo on a case by case basis and notify Gevo in writing of its decision within forty-five (45) days of receipt of such
submission. Approval of any proposed sublicensee under this subsection shall not be unreasonably withheld. 
 d.
Appendix E can be modified from time to time upon mutual agreement of the Parties. 
 e. No sublicensee under
this Agreement may grant any third party rights in or access to the Patent Rights or Cargill Biological Materials for any purpose. 

f. Any breach by a sublicensee shall also be considered to be a breach by Gevo. 

g. Each sublicense shall terminate upon termination of this Agreement. 

4.3 [...***...]. 

4.4 From the Effective Date until five (5) years after the completion date of milestone #5a or #5b or the deadline date, whichever
is sooner, as identified in Appendix A, Cargill grants to Gevo an option, with first right of refusal, to purchase an exclusive license with monetary consideration for the use of Cargill Biological Materials and/or Patent Rights for the production
of [...***...]. For purposes of clarity, Cargill shall be entitled to discuss licensing the Cargill Biological Materials and/or Patents Rights to any third party during the term of this Agreement. In the event Cargill receives a bonafide
written offer from a third party to license the Cargill Biological Materials and/or Patent Rights for the production of [...***...], Cargill shall notify Gevo in writing of such offer and Gevo shall have ninety (90) days from receipt of
such notification to exercise its option upon terms equivalent or better than those offered by such third party. Should Gevo fail to exercise its option during the ninety (90) day time period, notwithstanding anything to the contrary in this
Agreement, Cargill shall be entitled to license the Cargill Biological Materials and/or Patent Rights to such third party pursuant to the terms in such written offer. 

4.5 This Agreement shall serve as the framework for additional license agreements should Gevo exercise its option pursuant to
Section 4.4 above, the terms and conditions of such agreements to be negotiated between the Parties. 
  

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 4.6 Subject to the limitations and obligations of this Agreement, Gevo’s license
includes the right to modify the Cargill Biological Materials in its sole discretion. 
 5. PAYMENTS & ROYALTIES

 5.1 Gevo shall pay a license signing fee to Cargill in the amount of $[...***...] payable thirty (30) days
after the Effective Date of this Agreement. 
 5.2 Upon the completion of each milestone (or upon election to pay a fee in lieu
of completing a milestone no later than the deadline date, as applicable) as defined in Appendix A, Gevo shall pay Cargill as follows: 

a. Completion of milestone 1 - $[...***...]; 

b. Completion of milestone 2 - $[...***...] payable as $[...***...] per month from August to
December 2009 and $[...***...] over three (3) consecutive Quarters beginning January 1, 2010. For purposes of clarity, the payments are due on the first business day of the month; 

c. Completion of milestone 3 - $2,000,000 to be paid in equal amounts of $250,000 per Quarter for eight
(8) consecutive Quarters beginning on the first Quarter after the completion of this milestone or the first Quarter of 2011, whichever is later; 

d. Completion of milestone 4 - $[...***...] 

e. Completion of milestone 5a - $[...***...] or in the alternative 

    Completion of milestone 5b - $[...***...] 

5.3 Gevo shall pay Cargill a royalty based on the Net Sale of the Product during each calendar quarter per the schedule below. This
royalty will include all volumes sold by Gevo sublicensees: 
 Aggregate Amount of Product Sold per
Year                    Royalty Rate 

[...***...] 

5.4 [...***...] 

5.5 On the last day of each Quarter, Gevo shall submit to Cargill quarterly reports and royalty payments for each immediately preceding
Quarter. Each report shall contain the amount 
  

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of Net Sales of Product in the preceding Quarter and the total amount of royalties based on the aggregate amount of Product sold year to date that would be due to Cargill. 

5.6 Gevo and its respective sublicensees shall keep complete, true and accurate books and records for the purpose of determining and
verifying royalty obligations. Gevo agrees to permit its books and records to be examined by an independent auditor not more than once per year, for the purpose of verifying the payments for Cargill. Gevo will ensure that sublicensees books and
records can be examined by an independent auditor on an annual basis on Cargill’s behalf solely to ensure compliance with this Section 5. Cargill will pay all costs associated with any audits for this purpose, however in the event such
audit reveals a discrepancy greater than [...***...] of the total amount of royalties owed to Cargill, Gevo agrees to pay for the cost of such audit (including sublicensees audits). 

5.7 Any payments to be made hereunder that remain due and unpaid after a period of thirty (30) calendar days after the date due
shall accrue interest, commencing as of the date payment was first past due, at the prime interest rate of Citibank, N.A. in effect on the first day of the calendar month in which the payment first becomes overdue. 

5.8 No part of any amount payable to Cargill by Gevo may be reduced due to any counterclaim, set off, adjustment or other right.

 5.9 [...***...]. 

6. INTELLECTUAL PROPERTY 

6.1 Ownership of all Improvements shall be determined as follows: 

[...***...] 

6.2 Upon payment of the fees in Appendix F, Cargill hereby grants to Gevo, the exclusive, royalty-free, worldwide, perpetual license with
a right to sublicense, to Cargill Improvements as identified in Appendix F for use within the Gevo Field and subject to the limitations and obligations of this Agreement. For purposes of clarity, this Section 6.2 shall not relieve Gevo of its
payment obligations under Section 5. 
  

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 6.3 Gevo hereby grants to Cargill, the exclusive, royalty-free, worldwide, perpetual license
with a right to sublicense, to Gevo Improvements for use within the Cargill Field, but for purposes of this Section 6.2, the term “Cargill Field” excludes [...***...]. 

Gevo hereby grants to Cargill, the exclusive, royalty-free, worldwide, perpetual license with a right to sublicense, to Joint
Improvements for use within the Cargill Field. Gevo reserves the right to practice and sublicense Joint Improvements [...***...]. 

6.4 Gevo shall have the first option to prepare, file, prosecute, and maintain patent applications and issued patents on Gevo
Improvements and Joint Improvements, which option may be waived in whole or part. Gevo shall bear all costs incurred in connection with such preparation, filing, prosecution, and maintenance of U.S. and foreign application(s) and issued patents
directed to said Gevo Improvements and Joint Improvements. Gevo shall provide Cargill a copy of any proposed patent application covering said Gevo Improvements and Joint Improvements in advance of the submission of the proposed patent application to
any patent office. Notwithstanding anything to the contrary, Gevo shall be entitled to file provisional patent applications without seeking Cargill’s approval. Cargill shall have sixty (60) days after receipt of such copy to notify Gevo
that the proposed patent application can be drafted broader, such as for example, to cover more than said Gevo Improvements and Joint Improvements, in which case the Parties shall negotiate an acceptable version. If Gevo waives its option, Cargill
shall have the option to prepare, file, prosecute, and maintain patent applications and issued patents on said Gevo Improvements and Joint Improvements. Gevo shall provide, when requested by Cargill, all information in its possession, or true copies
thereof, pertaining to said Gevo Improvements and Joint Improvements which may be necessary or useful in the preparation, filing, and prosecution of patent applications covering the said Gevo Improvements and Joint Improvements. Such information
shall be treated as Confidential Information until it needs to be disclosed in connection with patent filings and at such time it will cease to be treated as Confidential Information. 

6.5 If Gevo waives its option to prepare and prosecute a patent application in accordance with Sections 6.4 and elects not to file such a
patent application or elects to allow any such patent application or patent to become abandoned or lapse, Gevo shall give Cargill notice of such election promptly and at least two (2) months prior to the first date that action much be taken to
avoid such abandonment or lapse. Cargill shall have the right to take over at its sole expense the filing, prosecution or maintenance of any such patent application. All out of pocket expenses of Gevo shall be reimbursed by Cargill. Cargill shall
have no liability to Gevo for Cargill’s acts or failure to act with respect to such patent application or patent. 
 6.6
The Party owning Improvements as provided in Section 6.1 has the sole power to settle suits for infringement of said Improvements; provided, however, for Gevo Improvements not exclusively in the Gevo Field but in the Cargill Field and Joint
Inventions, Gevo shall initiate and prosecute suits for infringement, and if required by law, Gevo will join Cargill in such suits. 
  

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 Cargill shall control any such suits and shall bear all expenses related to any such suits. The Parties
shall provide any assistance reasonably requested in prosecuting and enforcing said Gevo Improvements not exclusively in the Gevo Field and in the Cargill Field and Joint Improvements. In the event Cargill elects not to initiate and prosecute suits
for infringement of Gevo Improvements or Joint Improvements, then with forty-five (45) days prior written notice to Cargill, Gevo shall be entitled to initiate and prosecute such suits. For purposes of clarity, within such forty-five
(45) day period, Cargill shall be entitled to initiate and prosecute such suits. 
 6.7 Cargill has the sole power to
settle suits for infringement of the Patent Rights. Cargill will in good faith consider enforcement requests from Gevo, as an exclusive licensee of the Patent Rights, including the ability for Gevo to be able to initiate and settle suits for
infringement of the Patent Rights in the Gevo Field, but Cargill’s determination to proceed or not is entirely within Cargill’s discretion. 

6.8 In the event the Parties enter into a joint development agreement (“JDA”), and the jointly developed intellectual property
provisions of such JDA conflict with those in this Agreement, the terms of the JDA shall control. 
 7. TERM &
TERMINATION 
 7.1 Except as provided in Section 3.5, the term of this Agreement shall be from the Effective Date and
will continue until no issued Patent Rights remain valid and enforceable, but in no case earlier than December 31, 2025. 

7.2 Either Party may terminate this Agreement at any time for a material breach by the other Party, provided (i) that the Party
alleging the breach provides the other with written notice specifying the breach, and (ii) the breach is not cured within one hundred twenty (120) days. The Parties agree that in the event Milestone #3 is not met, this shall not constitute
a material breach by either Party. 
 7.3 Gevo may terminate this Agreement upon ninety (90) days written notice to
Cargill. 
 7.4 Upon termination of this Agreement by Gevo pursuant to Section 7.3 or upon Cargill’s termination of
this Agreement as a result of Gevo’s breach, the licenses granted in Section 6.3 shall survive such termination. 

7.5 Upon termination of this Agreement by Gevo as a result of Cargill’s material breach pursuant to Section 7.2, the licenses
granted in Section 4 and Section 6.2 shall survive such termination. 
 7.6 Expiration or termination of this
Agreement shall not: (a) relieve Gevo, its Affiliates, or its sublicensees of their obligation to make payments or fulfill any obligations to Cargill incurred prior to expiration or termination including quarterly payments for a completed
Milestone, or (b) relieve Cargill of its obligations to Gevo incurred prior to expiration or termination. 
  

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 7.7 The failure of Gevo to complete a milestone, purchase an extension of time pursuant to
Section 2.2, or pay any amounts due under Section 5 shall be a material breach of this Agreement. 
 7.8 Expiration or
termination of this Agreement, however effectuated, shall not release the Parties from their rights and obligations incurred prior to the expiration or termination of this Agreement under Sections 3.0 (Confidential Information & Material
Transfer), 5.0 (Payments & Royalties), 6.0 (Intellectual Property), and 8.0 (Disclaimer of Warranty, Limitation of Liability). 

8. DISCLAIMER OF WARRANTY, LIMITATION OF LIABILITY 

8.1 CARGILL EXPRESSLY DISCLAIMS ALL REPRESENTATIONS AND WARRANTIES, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION, WARRANTIES OF
MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE. 
 8.2 BOTH PARTIES EXPRESSLY DISCLAIM ALL REPRESENTATIONS AND WARRANTIES,
EXPRESSED OR IMPLIED, OF NONINFRINGEMENT OF THIRD PARTY INTELLECTUAL PROPERTY RIGHTS OR OTHER CONFIDENTIAL INFORMATION. 
 8.3
IN NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER PARTY, OR TO THE OTHER PARTY’S OFFICERS, EMPLOYEES OR REPRESENTATIVES, OR TO ANY THIRD PARTY, FOR ANY INDIRECT, CONSEQUENTIAL, INCIDENTAL, SPECIAL, PUNITIVE OR EXEMPLARY DAMAGES OF ANY KIND
(INCLUDING, BUT NOT LIMITED TO, LOST BUSINESS, LOST PROFITS, DAMAGE TO GOODWILL OR REPUTATION AND/OR DEGRADATION IN VALUE OF BRANDS, TRADEMARKS, TRADENAMES, SERVICE NAMES OR SERVICE MARKS) WHETHER ARISING OUT OF BREACH OF CONTRACT, WARRANTY, TORT
(INCLUDING NEGLIGENCE, FAILURE TO WARN OR STRICT LIABILITY) OR OTHERWISE. 
 9. MISCELLANEOUS 

9.1 This Agreement shall not be assigned by either Party without the prior written consent of the other Party, such consent not to be
unreasonably withheld. This Agreement shall be binding upon and shall inure to the benefit of the Parties and their permitted successors and assigns. 

9.2 All notices and reports shall be sent via facsimile, mail, or electronically to the appropriate address of the Party as given below.
If either Party wishes to change its address for notification, it shall promptly notify the other Party in writing of such change of address. 
  

			
	If to Cargill:	 	[...***...]

  

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	with a copy to:	  	Cargill Incorporated
		  	[...***...]
		
	If to Gevo:	  	[...***...]
		  	Gevo, Inc.
		  	345 Inverness Drive South,
		  	Building C, Suite 310
		  	Englewood, CO 80112
		  	Phone: 303-858-8358
		  	[...***...]
		
	with a copy to:	  	[...***...]
		  	Gevo, Inc.
		  	345 Inverness Drive South,
		  	Building C, Suite 310
		  	Englewood, CO 80112
		  	Phone: 303-858-8358
		  	[...***...]

 9.3 Nothing contained herein
shall limit the right of any Party to seek specific performance, injunctive relief or other non-monetary remedies in any court of competent jurisdiction. 

9.4 If any provision or covenant, or any part thereof, of this Agreement should be held by any court of competent jurisdiction to be
invalid, illegal or unenforceable, either in whole or in part, such invalidity, illegality or unenforceability shall not affect the validity, legality or enforceability of the remaining provisions or covenants, or any part thereof, of this
Agreement, all of which shall remain in full force and effect. 
 9.5 This Agreement shall be governed, interpreted, and
construed in accordance with the laws of Minnesota without regard to the principles of conflicts of laws. 
 9.6 In the event
Gevo decides to declare bankruptcy and prior to filing for bankruptcy, Gevo shall irrevocably assign its rights and interest in and to any and all Improvements to Cargill. Cargill shall grant to Gevo an exclusive, royalty-free, worldwide, perpetual
license with a right to sublicense to the: a) Gevo Improvements for use solely within the Gevo Field[...***...]; b) Joint Improvements for use solely within the Gevo Field[...***...] with reservation for Cargill. 

 

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 9.7 This Agreement constitutes the entire agreement between the Parties with respect to the
subject matter hereto, and no other representations, guarantees, covenants, or agreements shall be binding or affect any provisions hereof. This Agreement may be modified only in a written amendment signed by both Parties hereto. 

IN WITNESS WHEREOF, the Parties hereto have executed this Agreement the day, month, and year first above written. 

 

									
	Cargill, Inc.	 		 	Gevo, Inc
					
	By:	 	 /s/ [...***...]
	 		 	By:	 	 /s/ [...***...]

					
	Date:	 	 2/19/09
	 		 	Date:	 	 2/19/09

 

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 Appendix A 

Due Diligence Milestones 

[...***...] 
  

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 Appendix B 

Cargill Patents and Patent Applications 

[...***...] 
  

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 Appendix D 

Biological Materials and Options Related to Milestone 2 

[...***...] 
  

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 Appendix E 

List of Companies and Geographical Region That Require Cargill Authorization Prior to Executing Sublicensing Agreements 

[...***...] 
  

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 Appendix F 

[...***...] 
  

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