Document:

Loan and Security Agreement, by and between the Company and Lighthouse Capital

 Exhibit 10.1 

LOAN AND SECURITY AGREEMENT 

THIS LOAN AND SECURITY AGREEMENT NO. 5441 (this
“Agreement”) is entered into as of December 18, 2006, by and between LIGHTHOUSE CAPITAL PARTNERS V, L.P. (“Lender”) and GEVO,
INC., a Delaware corporation (“Borrower”) and sets forth the terms and conditions upon which Lender will lend and Borrower will repay money. In consideration of the mutual covenants herein contained, the parties
agree as follows: 
 1. DEFINITIONS AND CONSTRUCTION 

1.1 Definitions. Initially capitalized terms used and not otherwise defined herein are defined in the California Uniform Commercial Code
(“UCC”). 
 “ACH” means the Automated Clearing House electronic funds transfer system. 

“Advance” means a Loan advanced by Lender to Borrower hereunder. 

“Basic Rate” means a variable per annum rate of interest equal to the Index plus the Interest Margin which shall be subject to
upward adjustment as provided in the Loan Agreement. On and after the Loan Commencement Date, the Basic Rate shall be fixed and the Index and the Interest Margin shall not be subject to any further adjustments. 

“Borrower’s Books” means all of Borrower’s books and records, including records concerning Collateral, Borrower’s assets,
liabilities, business operations or financial condition, on any media, and the equipment containing such information. 
 “Borrowing
Base” means the Equipment Borrowing Base. 
 “Collateral” means: (i) all property in which Lender now has
or hereafter obtains a security interest or which is listed on any UCC-1 naming Borrower as Debtor in any capacity and Lender or an affiliate of Lender as Secured Party including Exhibit A attached hereto; and (ii) all
products and proceeds of the foregoing, including proceeds of insurance and proceeds of proceeds. 
 “Commitment” means
$750,000. 
 “Commitment Fee” means $5,000. 

“Commitment Termination Date” means the earliest to occur of (i) December 31, 2007; (ii) any Default or
Event of Default, or (iii) in Lender’s sole judgment, any adverse change in the management or composition of Borrower’s Board of Directors after the date hereof. 

“Default” means any event that with the passing of time or the giving of notice or both would become an Event of Default. 

“Default Rate” means the lesser of 18% per annum or the highest rate permitted by applicable law. 

“Disclosure Schedule” means the schedule attached as Schedule 1 hereto. 

“Eligible Equipment” means various new and used office equipment, computers and peripherals, office furniture, analytical and test
equipment, and laboratory equipment and any other equipment approved by Lender in its reasonable discretion, and that comply with all of Borrower’s representations and warranties herein; up to 30% of Eligible Equipment may consist of software,
leasehold improvements, freight, installation, sales tax and other costs approved by Lender. 
 “Equipment Borrowing Base”
means 100% of the purchase price of Eligible Equipment, provided such equipment has been purchased within 120 days of the Funding Date. 

“Event of Default” is defined in Section 8. 

“Funding Date” means any date on which an Advance is made to or on account of Borrower hereunder. 

“Indebtedness” means (i) all indebtedness for borrowed money or the deferred purchase of property or services,
(ii) all obligations evidenced by notes, bonds, debentures or similar instruments, (iii) all capital lease obligations; and (iv) all contingent obligations, including guaranties and obligations of reimbursement or
respecting letters of credit. 
 “Incumbency Certificate” means the document in the form of Exhibit E.

  

  

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 “Index” means the prevailing variable Prime Rate of annual interest as quoted from
time to time in the western edition of the Wall Street Journal. 
 “Interest Margin” means (i) 2.25% per annum
during the Interest Only Period and (ii) 0.5% per annum on and after the Loan Commencement Date. 
 “Interest Only
Period” means the period commencing on the date hereof and continuing until the Loan Commencement Date. 
 “Lender’s
Expenses” means all reasonable costs or expenses (including reasonable attorneys’ fees and expenses) incurred in connection with the preparation, negotiation, modification, administration, or enforcement of the Loan or Loan Documents,
or the exercise or preservation of any rights or remedies by Lender, whether or not suit is brought. Lender will apply deposits received before the date hereof, if any, towards Lender’s Expenses. 

“Lien” means any lien, security interest, pledge, bailment, lease, mortgage, hypothecation, conditional sales and title retention
agreement, charge, claim, or other encumbrance. 
 “Loan” means all of the Advances, however evidenced, and all other amounts
due or to become due hereunder. 
 “Loan Commencement Date” means January 1 2008. 

“Loan Documents” means, collectively, this Agreement, the Warrant, the Notes and all other documents, instruments and agreements entered
into between Borrower and Lender in connection with the Loan, all as amended or extended from time to time. 
 “Note” means a
Secured Promissory Note in the form of Exhibit B. 
 “Notice of Borrowing” means the form attached as
Exhibit D. 
 “Obligations” means all Loans, debt, principal, interest, fees, charges, Lender’s Expenses and
other amounts, obligations, covenants, and duties owing by Borrower to Lender of any kind or description (whether pursuant to the Loan Documents or otherwise (with the exception of the Warrant), and whether or not for the payment of money), whether
direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, and including any of the same obtained by Lender by assignment or otherwise, and all amounts Borrower is required to pay or reimburse by the Loan
Documents, by law, or otherwise. 
 “Permitted Liens” means: (i) Liens in favor of Lender; (ii) Liens
for taxes, fees, assessments or other governmental charges or levies not delinquent or being contested in good faith by appropriate proceedings, that do not jeopardize Lender’s interest in any Collateral; (iii) Liens to secure
payment of worker’s compensation, employment insurance, old age pensions or other social security obligations of Borrower on which Borrower is current and are in the ordinary course of its business; provided none of the same diminish or impair
Lender’s rights and remedies respecting the Collateral; and (iv) statutory Liens of landlords, carriers, warehousemen, mechanics, materialmen and other similar Liens imposed by law, which are incurred in the ordinary course of
business for sums not more than 90 days delinquent or which are being contested in good faith; provided none of the same diminish or impair Lender’s rights and remedies respecting the Collateral. 

“Regulated Substance” means any substance, material or waste the use, generation, handling, storage, treatment or disposal of which is
regulated by any local or state government authority, including any of the same designated by any authority as hazardous, genetic, cloning, fetal, or embryonic. 

“Responsible Officer” means each person as authorized by the board of directors of Borrower as set forth on the Incumbency Certificate.

 “Term” means the period from and after the date hereof until the full, final and indefeasible payment and performance of all
Obligations. 
 “Warrant” means the Warrant in favor of Lender and its affiliates to purchase securities of Borrower
substantially in the form of Exhibit C. 
 1.2 Interpretation. References to “Articles,” “Sections,”
“Exhibits,” and “Schedules” are to articles, sections, exhibits and schedules herein and hereto unless otherwise indicated. “Hereof,” “herein” and “hereunder” refer to this Agreement as a whole.
“Including” is not limiting. All accounting and financial computations shall be computed in accordance with generally accepted accounting principles consistently applied (“GAAP”). “Or” is not necessarily
exclusive. All interest computation shall be based on a 360-day year and actual days elapsed. 
  

  

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 2. THE LOANS 

2.1 Commitment. Subject to the terms hereof, Lender will make Advances to Borrower up to the lesser of (i) the principal amount of the
Commitment or (ii) 100% of Equipment Borrowing Base, on or before the Commitment Termination Date. Notwithstanding anything in the Loan Documents to the contrary, Lender’s obligation to make any Advances or to lend the undisbursed
portion of the Commitment shall terminate on the Commitment Termination Date. Repaid principal of the Advances may not be re-borrowed. 
 2.2
The Advances. A Note setting forth the specific terms of repayment will evidence each Advance. No Advance will be made for less than $100,000, unless less than $100,000 remains available under the Commitment for borrowing. Absence of a Note
evidencing any portion of the Loan shall not impair Borrower’s obligation to repay it to Lender. 
 2.3 Terms of Payment, Repayment.

 (a) Repayment. Borrower shall repay the principal and pay interest on each Advance on the terms set forth in the
applicable Note. Amounts not paid when due hereunder or under the Note shall bear interest at the Default Rate. If a court of competent jurisdiction determines that Lender has received payments that, if interest, would exceed the maximum lawfully
permitted, Lender will instead apply such money to fees and expenses and then to early prepayment of principal. 
 (b)
Payments. All payments due to Lender must be, at Lender’s option, paid to Lender in cash or through ACH. Borrower shall execute and deliver the ACH Authorization Form substantially in the form of Exhibit G. If the ACH payment
arrangement is terminated for any reason, Borrower shall make all payments due to Lender at Lender’s address specified in Section 11. 

(c) Default Rate. While an Event of Default has occurred and is continuing, interest on the Loan shall be increased to the Default
Rate. Lender’s failure to charge or accrue interest at the Default Rate during the existence of a Default shall not be deemed a waiver by Lender of its right or claim thereto. 

(d) Date. Whenever any payment due under the Loan Documents is due on a day other than a business day, such payment shall be made
on the next succeeding business day, and such extension of time shall be included in the computation of interest or fees, as the case may be. 

2.4 Fees. Borrower shall pay to Lender the following: 

(a) Commitment Fee. The Commitment Fee, which has been previously paid by Borrower, and shall be applied by Lender to
Lender’s Expenses and other Obligations; 
 (b) Late Fee. On demand, a late charge on any sums due hereunder that
are not paid when due, in an amount equal to 2% of the past due amount, payable on demand. 
 (c) Lender’s Expenses.
When requested, all Lender’s Expenses within 20 days of request. Lender’s Expenses not paid when due shall bear interest as principal at the Default Rate. 

3. CONDITIONS OF ADVANCES; PROCEDURE FOR
REQUESTING ADVANCES 
 3.1 Conditions Precedent to any and all Advances. The obligation of Lender to
make any Advances is subject to each and every of the following conditions precedent in form and substance satisfactory to Lender in its sole discretion: (i) this Agreement, a Note evidencing the Advance, the Warrant, and all other UCC
financing statements, and other documents required or as specified herein have been duly authorized, executed and delivered; (ii) Lender’s receipt of all vendor invoices, bills of sale, receipts, agreements, proof of payment, and
other documents as Lender shall reasonably request to evidence the ownership by Borrower of, the payment in full of the purchase price of, and the fair market value of, Collateral; (iii) no Default or Event of Default has occurred and is
continuing; (iv) delivery of a Notice of Borrowing with respect to the proposed Advance; (v) Lender’s security interests in the Collateral are valid and first priority, except for Permitted Liens; and
(vi) all such other items as Lender may reasonably deem necessary or appropriate have been delivered or satisfied. The extension of an Advance prior to the receipt by Lender of any of the foregoing shall not constitute a waiver by Lender
of Borrower’s obligation to deliver such item. 
 3.2 Procedure for Making Advances. For any Advance, Borrower shall provide Lender
an irrevocable Notice of Borrowing at least 15 business days prior to the desired Funding Date and Lender shall only be required to make Advances hereunder based upon written requests which comply with the terms and exhibits of this Loan Agreement
(as the same may be amended from time to time), and which are submitted and signed by a Responsible Officer. Borrower shall execute and deliver to Lender a Note and such other 

 

  

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documents and instruments as Lender may reasonably require for each Advance made. With respect to the initial Advance hereunder, Lender agrees to finance equipment delivered to Borrower since
January 1, 2006, provided the Notice of Borrowing for such Advance is delivered to Lender within 30 days from the date of this Agreement. 

4. CREATION OF SECURITY INTEREST 

4.1 Grant of Security Interest. Borrower grants to Lender a valid, first priority, continuing security interest in all present and future
Collateral in order to secure prompt, full, faithful and timely payment and performance of all Obligations. 
 4.2 Inspections. Lender
shall have the right upon reasonable prior notice to inspect Borrower’s Books, including computer files, and to make copies, and to test, inspect and appraise the Collateral, in order to verify any matter relating to Borrower or the Collateral.

 4.3 Authorization to File Financing Statements. Borrower irrevocably authorizes Lender at any time and from time to time to file in
any jurisdiction any financing statements and amendments that: (i) name Collateral as collateral thereunder, regardless of whether any particular Collateral falls within the scope of the UCC; (ii) contain any other
information required by the UCC for sufficiency or filing office acceptance, including organization identification numbers; and (iii) contain such language as Lender determines helpful in protecting or preserving rights against third
parties. Borrower ratifies any such filings made prior to the date hereof. 
 5. REPRESENTATIONS
AND WARRANTIES 
 Borrower represents, warrants and covenants as follows: 

5.1 Due Organization and Qualification. Borrower is a corporation duly formed, existing and in good standing under the laws of its state of
incorporation and qualified and licensed to do business in, and is in good standing in, any state in which the conduct of its business or its ownership of property requires that it be so qualified or in which the Collateral is located. 

5.2 Authority. Borrower has all corporate power and authority, and has taken all actions, and has obtained all third party consents necessary to
execute, deliver, and perform the Loan Documents. 
 5.3 Disclosure Schedule. All information on the Disclosure Schedule is true, correct
and complete. 
 5.4 Authorization; Enforceability. The execution and delivery hereof, the granting of the security interest in the
Collateral, the incurring of the Obligations, the execution and delivery of all Loan Documents and the consummation of the transactions herein and therein contemplated have been duly authorized by all necessary action by Borrower. The Loan Documents
constitute legal, valid and binding obligations of Borrower, enforceable in accordance with their terms, except as enforceability may be limited by bankruptcy or similar laws relating to enforcement of creditors’ rights generally. 

5.5 Name and Location. Borrower has not done business under any name other than that specified on the signature page hereof or as set forth on the
Disclosure Schedule. The chief executive office, principal place of business, and the place where Borrower maintains its records concerning the Collateral is set forth in Section 11. The Collateral is presently located at the address(es)
set forth in Section 11 and on the Disclosure Schedule. 
 5.6 Litigation. To Borrower’s knowledge, all actions or
proceedings pending or threatened by or against Borrower before any court or administrative agency are set forth on the Disclosure Schedule. 

5.7 Financial Statements. All financial statements delivered by Borrower to Lender fairly represent the financial condition of the Borrower. All
statements respecting Collateral that have been or may hereafter be delivered by Borrower to Lender are true, complete and correct in all material respects for the periods indicated. 

5.8 Solvency. Borrower is solvent and able to pay its debts (including trade debts) as they come due. 

5.9 Taxes. Borrower has filed and will file all required tax returns, and has paid and will pay all taxes it owes other than where the failure to
comply would not reasonably be expected to have an adverse effect on Borrower. 
 5.10 Rights; Title to Assets. Borrower possesses and
owns all necessary assets, rights, trademarks, trade names, copyrights, patents, patent rights, franchises and licenses which it needs to conduct of its business as now operated or proposed to be operated. Borrower has good title to the Collateral,
free and clear of any Liens except for Permitted Liens. 
  

  

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 5.11 Full Disclosure. No written representation, warranty or other statement made by Borrower in
any Loan Document, certificate or statement furnished to Lender contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements contained in such certificates or statements not misleading.

 5.12 Regulated Substances. Borrower complies and will comply with all laws respecting Regulated Substances. 

5.13 Reaffirmation. Each Notice of Borrowing will constitute (i) a warranty and representation in favor of Lender that there does not
exist any Default and (ii) a reaffirmation as of the date thereof of all of the representations and warranties contained in this Agreement and the Loan Documents. 

6. AFFIRMATIVE COVENANTS 

Borrower covenants and agrees that it shall do all of the following: 

6.1 Good Standing and Compliance. Borrower shall maintain all governmental licenses, rights and agreements necessary for its operations or
business and comply in all material respects with all statutes, laws, ordinances and government rules and regulations to which it is subject. 

6.2 Financial Statements, Reports, Certificates. Borrower shall deliver to Lender: (i) as soon as prepared, and no later than 30 days
after the end of each calendar month, a balance sheet, income statement and cash flow statement covering Borrower’s operations during such period; (ii) as soon as prepared, but no later than 90 days after the end of the fiscal year,
audited financial statements prepared in accordance with GAAP, together with an opinion that such financial statements fairly present Borrower’s financial condition by an independent public accounting firm reasonably acceptable to Lender;
(iii) immediately upon notice thereof, a report of any legal or administrative action pending or threatened against Borrower which is likely to result in liability to Borrower in excess of $50,000; and (iv) such other
financial information as Lender may reasonably request from time to time. Financial statements delivered pursuant to subsections (i) and (ii) above shall be accompanied by a certificate signed by a Responsible Officer (each
an “Officer’s Certificate”) in the form of Exhibit F. 
 6.3 Notice of Defaults. Upon any Default or
Event of Default, deliver an Officer’s Certificate setting forth the facts relating to or giving rise thereto, and the Borrower’s proposed action with respect thereto. 

6.4 Use; Maintenance. Borrower, at its expense, shall (i) maintain the Collateral in good condition, reasonable wear and tear
excepted, and will comply in all material respects with all laws, rules and regulations regarding use and operation of the Collateral and (ii) repair or replace any lost or damaged Collateral. 

6.5 Insurance. Borrower, at its own expense, shall maintain insurance in amounts and coverages reasonably satisfactory to Lender. Each insurance
policy shall: (i) name Lender loss payee or additional insured, as appropriate, (ii) provide for insurer’s waiver of its right of subrogation against Lender and Borrower, (iii) provide that such insurance
shall not be invalidated by any action of, or breach of warranty by, Borrower and waive set-off, counterclaim or offset against Lender, (iv) be primary without a right of contribution of Lender’s insurance, if any, or any obligation
on the part of Lender to pay premiums of Borrower, and (v) require the insurer to give Lender at least 30 days prior written notice of cancellation. Borrower shall furnish all certificates of insurance required by Lender. 

6.6 Loss Proceeds. So long as no Event of Default has occurred and is continuing, any proceeds of insurance on or condemnation of Collateral
shall, at Borrower’s election and so long as Lender’s security interest in such proceeds remains first priority, be used either to repair or replace such Collateral or otherwise applied to the purchase or acquisition of property useful to
Borrower’s business. 
 6.7 Further Assurances. At any time and from time to time, Borrower shall execute and deliver such further
instruments and take such further action as Lender may reasonably request to effect the intent and purposes hereof, to perfect and continue perfected and of first priority Lender’s security interests in the Collateral, and to effect and
maintain ACH payment arrangements. 
 7. NEGATIVE COVENANTS 

Borrower will not do any of the following: 

7.1 Location of Collateral. Change its chief executive office or principal place of business or remove, except in the ordinary course of
Borrower’s business, the Collateral or Borrower’s Books from the premises listed in Section 11 without giving 30 days prior written notice to Lender. 
  

  

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 7.2 Extraordinary Transactions. Enter into any transaction not in the ordinary course of
Borrower’s business, including the sale, lease, license or other disposition of its assets, other than (i) sales of inventory in the ordinary course of Borrower’s business; (ii) licenses of Borrower’s
intellectual property assets entered into in the ordinary course of business; and (iii) equity financings. 
 7.3 Restructure.
Make any material change in Borrower’s financial structure or business operations (other than through the sale of preferred stock to equity investors which does not result in a change of control of Borrower); or suspend operation of
Borrower’s business. 
 7.4 Liens. Create, incur, assume or suffer to exist any Lien of any kind with respect to any of the
Collateral, whether now owned or hereafter acquired, except for Permitted Liens. 
 7.5 Distributions. Pay any dividends or
distributions, or redeem or purchase, any capital stock, except for repurchases of capital stock from departing employees or directors, under repurchase agreements approved by the Borrower’s Board of Directors. 

7.6 Transactions with Affiliates. Directly or indirectly enter into any transaction with any affiliate which is on terms less favorable to
Borrower than would be obtained in an arm’s length transaction with a non-affiliated entity; provided, any such transaction shall not be a breach of this Section 7.6 if approved by a disinterested majority of the
Borrower’s Board of Directors. 
 7.7 Compliance. (i) Become an “investment company” under the Investment Company Act
of 1940 or extend credit to purchase or carry margin stock; (ii) fail to meet the minimum funding requirements of ERISA; (iii) permit a Reportable Event or Prohibited Transaction, as defined in ERISA, to occur;
(iv) fail to comply with the Federal Fair Labor Standards Act; or (v) violate any other material law or material regulation. 

7.8 UCC Effectiveness. Change its name, jurisdiction of organization, or take any other action that could render Lender’s financing
statements misleading under the UCC, without giving Lender 30 days advance written notice. 
 8. EVENTS
OF DEFAULT 
 Any one or more of the following shall constitute an Event of Default by Borrower hereunder:

 8.1 Payment. Borrower fails to pay when due and payable in accordance with the Loan Documents any portion of the Obligations, or
cancels an ACH payment or transfer Lender has initiated in conformity with the terms hereof provided, however, that an Event of Default shall not occur on account of a failure to pay due solely to an administrative or operational error
if Borrower had the funds to make the payment when due and makes the payment the business day following Borrower’s knowledge of such failure to pay. 

8.2 Certain Covenant Defaults. Borrower fails to perform any obligation under Section 6.5 or 6.6, or violates any of the
covenants contained in Section 7. 
 8.3 Other Covenant Defaults. Borrower fails or neglects to perform, keep, or observe any
other term, provision, condition, covenant, or agreement contained in this Agreement, in any of the other Loan Documents, or in any other present or future agreement between Borrower and Lender and has failed to cure such failure within 30 days
after its occurrence. 
 8.4 Attachment. Any material portion of Borrower’s assets is attached, seized, subjected to a government
levy, lien, writ or distress warrant, or comes into the possession of any trustee or receiver and the same is not returned, removed, waived, stayed, discharged or rescinded within 10 days. 

8.5 Other Agreements. There is a default in any agreement to which Borrower is a party resulting in a right by a third party, whether or not
exercised, to accelerate the maturity of any Indebtedness, in an amount greater than $50,000, unless the third party has timely waived the default. 

8.6 Judgments. One or more judgments for an aggregate of at least $50,000 is rendered against Borrower and remains unsatisfied and unstayed for
more than 30 days. 
 8.7 Injunction. Borrower is enjoined, restrained, or in any way prevented by court order from continuing to conduct
any material part of its business affairs, or if a judgment or other claim becomes a Lien upon any material portion of Borrower’s assets. 
  

  

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 8.8 Misrepresentation. Any representation, statement, or report made to Lender by
Borrower was false or misleading when made in any material respect. 
 8.9 Enforceability. Lender’s ability to enforce its rights
against Borrower or any Collateral is impaired in any material respect, or Borrower asserts that any Loan Document is not a legal, valid and binding obligation of Borrower enforceable in accordance with its terms. 

8.10 Involuntary Bankruptcy. An involuntary bankruptcy case remains undismissed or unstayed for 30 days or, if earlier, an order granting the
relief sought is entered. 
 8.11 Voluntary Bankruptcy or Insolvency. Borrower commences a voluntary case under applicable bankruptcy or
insolvency law, consents to the entry of an order for relief in an involuntary case under any such law, or consents or is subject to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian or other similar
official of Borrower or any substantial part of its property, or makes an assignment for the benefit of creditors, or fails generally or admits in writing to its inability to pay its debts as they become due, or takes any corporate action in
furtherance of any of the foregoing. 
 8.12 Merger, Sale or Change of Control. The occurrence of (i) a merger of Borrower
with another entity (whether or not the Borrower is the “surviving entity”) whereby the shareholders of Borrower immediately prior to such merger own less than 50% of the outstanding voting securities of Borrower immediately after such
merger; (ii) the sale (in one or a series of related transactions) of all or substantially all of Borrower’s assets; or (iii) any transaction (or series of related transactions) other than a transaction that is a bona
fide equity financing with the primary purpose of raising capital for Borrower, whereby the shareholders of Borrower immediately prior to such transaction(s) own less than 50% of the outstanding voting securities of Borrower immediately after such
transaction(s), and such acquirer or resulting entity (including, Borrower, if Borrower is the resulting or surviving entity) fails to either: (a) pay off the Obligations in cash at the closing of the acquisition, merger or sale or
(b) provide an unconditional, unlimited guaranty or reaffirmation of the Obligations in form and substance satisfactory to Lender and is of a credit quality acceptable to Lender 

9. LENDER’S RIGHTS AND REMEDIES 

9.1 Rights and Remedies. Upon the occurrence and continuance of any Event of Default, Lender may, at its election, without notice of election and
without demand, do any one or more of the following, all of which are authorized by Borrower: (i) accelerate and declare the Loan and all Obligations immediately due and payable; (ii) make such payments and do such acts as
Lender considers necessary or reasonable to protect its security interest in the Collateral, with such amounts becoming Obligations bearing interest at the Default Rate; (iii) exercise any and all other rights and remedies available
under the UCC or otherwise; (iv) require Borrower to assemble the Collateral at such places as Lender may designate; (v) enter premises where any Collateral is located, take, maintain possession of, or render unusable the
Collateral or any part of it; (vi) without notice to Borrower, set off and recoup against any portion of the Obligations; (vii) ship, reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for sale,
and sell the Collateral, in connection with which Borrower hereby grants Lender a license to use without charge Borrower’s premises, labels, name, trademarks, and other property necessary to complete, advertise, and sell any Collateral; and
(viii) sell the Collateral at one or more public or private sales. 
 9.2 Power of Attorney in Respect of the Collateral.
Borrower hereby irrevocably appoints Lender (which appointment is coupled with an interest) its true and lawful attorney in fact with full power of substitution, for it and in its name to, upon an Event of Default: (i) ask, demand,
collect, receive, sue for, compound and give acquittance for any and all Collateral with full power to settle, adjust or compromise any claim, (ii) receive payment of and endorse the name of Borrower on any items of Collateral,
(iii) make all demands, consents and waivers, or take any other action with respect to, the Collateral, (iv) file any claim or take any other action, in Lender’s or Borrower’s name, which Lender may reasonably deem
appropriate to protect its rights in the Collateral, or (v) otherwise act with respect to the Collateral as though Lender were its outright owner. 

9.3 Charges. If Borrower fails to pay any amounts required hereunder to be paid by Borrower to any third party, Lender may at its option pay any
part thereof and any amounts so paid including Lender’s Expenses incurred and related thereto shall become Obligations, immediately due and payable, bearing interest at the Default Rate, and secured by the Collateral. Any such payments by
Lender shall not constitute an agreement to make similar payments or a waiver of any Event of Default. 
 9.4 Remedies Cumulative.
Lender’s rights and remedies under the Loan Documents and all other agreements with Borrower shall be cumulative. Lender shall have all other rights and remedies as provided under the UCC, by law, or in equity. No exercise by Lender of one
right or remedy shall be deemed an election, and no waiver by Lender of any Event of Default shall be deemed a continuing waiver. No delay by Lender shall constitute a waiver, election, or acquiescence. 

9.5 Application of Collateral Proceeds. Lender will apply proceeds of sale, to the extent actually received in cash, in the manner and order it
determines in its sole discretion, and as prescribed by applicable law. 
  

  

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 10. WAIVERS; INDEMNIFICATION 

10.1 Waivers. Without limiting the generality of the other waivers made by Borrower herein, to the maximum extent permitted under applicable law,
Borrower hereby irrevocably waives all of the following: (i) any right to assert against Lender as a defense, counterclaim, set-off or crossclaim, any defense (legal or equitable), set-off, counterclaim, crossclaim and/or other
claim (a) which Borrower may now or at any time hereafter have against any party liable to Lender in any way or manner, or (b) arising directly or indirectly from the present or future lack of perfection, sufficiency, validity and/or
enforceability of any Loan Document, or any security interest; (ii) presentment, demand and notice of presentment, dishonor, notice of intent to accelerate, protest, default, nonpayment, maturity, release, compromise, settlement,
extension or renewal of any or all accounts, documents, instruments, chattel paper and guaranties at any time held by Lender on which Borrower may in any way be liable and hereby ratifies and confirms whatever Lender may do in this regard;
(iii) the benefit of all marshalling, valuation, appraisal and exemption laws; (iv) the right, if any, to require Lender to (a) proceed against any person liable for any of the Obligations as a condition to or before
proceeding hereunder; or (b) foreclose upon, sell or otherwise realize upon or collect or apply any other property, real or personal, securing any of the Obligations, as a condition to, or before proceeding hereunder; (v) any demand
for possession before the commencement of any suit or action to recover possession of Collateral; and (vi) any requirement that Lender retain possession and not dispose of Collateral until after trial or final judgment. 

10.2 Lender’s Liability for Collateral. Lender shall not in any way or manner be liable or responsible for: (i) the safekeeping
of any Collateral; (ii) any loss or damage thereto occurring or arising in any manner or fashion from any cause; (iii) any diminution in the value thereof; or (iv) any act or default of any carrier, warehouseman,
bailee, forwarding agency, or other person or entity whomsoever. All risk of loss, damage or destruction of the Collateral shall be borne by Borrower. Lender will have no responsibility for taking any steps to preserve rights against any parties
respecting any Collateral. Lender’s powers hereunder are conferred solely to protect its interest in the Collateral and do not impose any duty to exercise any such powers. None of Lender or any of its officers, directors, employees, agents or
counsel will be liable for any action lawfully taken or omitted to be taken hereunder or in connection herewith (excepting gross negligence or willful misconduct), nor under any circumstances have any liability to Borrower for lost profits or other
special, indirect, punitive, or consequential damages. Lender retains any documents delivered by Borrower only for its purposes and for such period as Lender, at its sole discretion, may determine necessary, after which time Lender may destroy such
records without notice to or consent from Borrower. 
 10.3 Indemnification. Borrower shall, on an after tax basis, defend, indemnify,
and hold Lender and each of its officers, directors, employees, counsel, partners, agents and attorneys-in-fact (each, an “Indemnified Person”) harmless from and against any and all liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, charges, expenses or disbursements (including Lender’s Expenses and reasonable attorney’s fees and the allocated cost of in-house counsel) of any kind or nature whatsoever with respect to the
execution, delivery, enforcement, performance and administration of this Agreement and any other Loan Documents, or the transactions contemplated hereby and thereby, with respect to noncompliance with laws or regulations respecting Regulated
Substances, government secrecy or technology export, or any Lien not created by Lender or right of another against any Collateral, even if the Collateral is foreclosed upon or sold pursuant hereto, and with respect to any investigation, litigation
or proceeding before any agency, court or other governmental authority relating to this Agreement or the Advances or the use of the proceeds thereof, whether or not any Indemnified Person is a party thereto (all the foregoing, collectively, the
“Indemnified Liabilities”); provided, that Borrower shall have no obligation hereunder to any Indemnified Person with respect to Indemnified Liabilities arising from the gross negligence or willful misconduct of such
Indemnified Person. The obligations in this Section shall survive the Term. At the election of any Indemnified Person, Borrower shall defend such Indemnified Person using legal counsel satisfactory to such Indemnified Person, at the sole cost and
expense of Borrower. All amounts owing under this Section shall be paid within 30 days after written demand. 
 11.
NOTICES 
 All notices shall be in writing and personally delivered or sent by certified mail, postage prepaid, return
receipt requested, or by confirmed facsimile, at the respective addresses set forth below: 
  

			
	If to Borrower:	 	If to Lender:
		
	 Gevo, Inc.
 133 N. Altadena
Drive, Suite 310
 Pasadena, California 91107

Attention: Chief Financial Officer
 FAX: (626)
796-8855
	 	 Lighthouse Capital Partners V, LP

500 Drake’s Landing Road
 Greenbrae,
California 94904
 Attention: Contract Administrator

FAX: (415) 925-3387

  

  

 8 

 12. GENERAL PROVISIONS 

12.1 Successors and Assigns. This Agreement shall bind and inure to the benefit of the parties’ respective successors and permitted assigns.
Borrower may not assign any rights hereunder without Lender’s prior written consent, which consent may be granted or withheld in Lender’s sole discretion. Lender shall have the right without the consent of or notice to Borrower to sell,
transfer, negotiate, or grant participations in all or any part of any Loan Document. 
 12.2 Time of Essence. Time is of the essence for
the performance of all Obligations. 
 12.3 Severability of Provisions. Each provision hereof shall be severable from every other
provision in determining its legal enforceability. 
 12.4 Entire Agreement. This Agreement and each of the other Loan Documents dated as
of the date hereof, taken together, constitute and contain the entire agreement between Borrower and Lender with respect to their subject matter and supersede any and all prior agreements, negotiations, correspondence, understandings and
communications between the parties, whether written or oral. This Agreement is the result of negotiations between and has been reviewed by the Borrower and Lender as of the date hereof and their respective counsel; accordingly, this Agreement
shall be deemed to be the product of the parties hereto, and no ambiguity shall be construed in favor of or against Borrower or Lender. This Agreement may only be modified with the written consent of Lender. Any waiver or consent with respect to any
provision of the Loan Documents shall be effective only in the specific instance and for the specific purpose for which it was given. No notice to or demand on Borrower in any one case shall entitle Borrower to any other or further notice or demand
in similar or other circumstances. 
 12.5 Reliance by Lender. All covenants, agreements, representations and warranties made herein by
Borrower shall, notwithstanding any investigation by Lender, be deemed to be material to and to have been relied upon by Lender. 
 12.6 No
Set-Offs by Borrower. All sums payable by Borrower pursuant to this Agreement or any of the other Loan Documents shall be payable without notice or demand and shall be payable in United States Dollars without set-off or reduction of any manner
whatsoever. 
 12.7 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an
original, and all of which, when taken together, shall constitute one and the same original instrument. 
 12.8 Survival. All covenants,
representations and warranties made in this Agreement shall continue in full force and effect so long as any Obligations remain outstanding. Notwithstanding the foregoing and anything to the contrary in this Agreement, the provisions of
Section 12.12 shall survive the termination of this Agreement and payment of the Obligations. 
 12.9 No Original Issue Discount.
Borrower and Lender acknowledge and agree that the Warrant is part of an investment unit within the meaning of Section 1273(c)(2) of the Internal Revenue Code, which includes the Loan. Borrower and Lender further agree as between them, that
the fair market value of the Warrant is $100 and that, pursuant to Treas. Reg. § 1.1273-2(h), $100 of the issue price of the investment unit will be allocable to the Warrant and the balance shall be allocable to the Loans. Borrower and Lender
agree to prepare their federal income tax returns in a manner consistent with the foregoing and, pursuant to Treas. Reg. § 1.1273, the original issue discount on the Loan shall be considered to be zero. 

12.10 Relationship of Parties. The relationship between Borrower and Lender is, and at all times shall remain, solely that of a borrower and
lender. Lender is not a partner or joint venturer of Borrower; nor shall Lender under any circumstances be deemed to be in a relationship of confidence or trust or have a fiduciary relationship with Borrower or any of its affiliates, or to owe any
fiduciary duty to Borrower or any of its affiliates. Lender does not undertake or assume any responsibility or duty to Borrower or any of its affiliates to select, review, inspect, supervise, pass judgment upon or otherwise inform any of them of any
matter in connection with its or their property, the Loans, any Collateral or the operations of Borrower or any of its affiliates. Borrower and each of its affiliates shall rely entirely on their own judgment with respect to such matters, and any
review, inspection, supervision, exercise of judgment or supply of information undertaken or assumed by Lender in connection with such matters is solely for the protection of Lender and neither Borrower nor any affiliate is entitled to rely thereon.

 12.11 Choice of Law and Venue; Jury Trial Waiver. THIS AGREEMENT SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF
THE STATE OF CALIFORNIA, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF
LAW. EACH OF BORROWER AND LENDER HEREBY SUBMITS TO THE EXCLUSIVE
JURISDICTION AND VENUE OF THE STATE AND FEDERAL COURTS LOCATED IN THE
CITY AND COUNTY OF SAN FRANCISCO, STATE OF CALIFORNIA. BORROWER AND
LENDER HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY
CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF ANY
OF THE LOAN DOCUMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREIN,
INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF 

 

  

 9 

 DUTY CLAIMS, AND ALL
OTHER COMMON LAW OR STATUTORY CLAIMS. EACH PARTY FURTHER WAIVES ANY
RIGHT TO CONSOLIDATE ANY ACTION IN WHICH A JURY TRIAL HAS BEEN WAIVED
WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS
NOT BEEN WAIVED. 
 12.12 Confidentiality. In handling any confidential non-public
information concerning Borrower, Lender will maintain the confidentiality of such information, but disclosure of information may be made (a) to Lender’s subsidiaries or affiliates in connection with their business with Borrower,
provided they are bound by this confidentiality provision, (b) to prospective transferees or purchasers of any interest in the Loans, provided they are bound by this confidentiality provision, (c) as required by law,
regulation, subpoena or other order, (d) as required in connection with Lender’s examination or audit, provided that any person receiving confidential or non-public information is bound by this confidentiality provision or similar
regulations, and (e) as Lender considers appropriate in exercising remedies hereunder. Confidential information does not include information that is (i) after disclosure to Lender, in the public domain or becomes part of the
public domain from a source other than, directly or indirectly, Lender or (ii) disclosed to Lender by a third party, if Lender does not have actual knowledge that the third party is prohibited from disclosing the information. 

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

							
	GEVO, INC.	 	LIGHTHOUSE CAPITAL PARTNERS V, L.P.
				
		 		 	By:	 	 LIGHTHOUSE MANAGEMENT PARTNERS V, L.L.C.,

its general partner

				
	 By: 
	 	 /s/ Matthew W. Peters
	 	By:	 	 /s/ Thomas Conneely

	 Name:
	 	Matthew W. Peters	 	Name:	 	Thomas Conneely
	 Title:
	 	President	 	Title:	 	Vice President

  

			
	Exhibit A	  	Collateral Description
		
	Exhibit B	  	Form of Note
		
	Exhibit C	  	Form of Preferred Stock Warrant
		
	Exhibit D	  	Form of Notice of Borrowing
		
	Exhibit E	  	Form of Incumbency Certificate
		
	Exhibit F	  	Form of Officers Certificate
		
	Exhibit G	  	ACH Authorization

  

			
	Schedule 1	  	Disclosure Schedule

  

  

 10 

 EXHIBIT A 

 

			
	 DEBTOR/BORROWER:
	  	GEVO, INC.
		
	 SECURED PARTY/LENDER:
	  	LIGHTHOUSE CAPITAL PARTNERS V, L.P.

COLLATERAL 

The Collateral shall consist of all right, title and interest of Debtor in and to all the following: 

All right, title, interest, claims and demands of Debtor in and to each and every item of equipment, fixtures or personal property that
is financed pursuant to one or more Loan and Security Agreements by and between Debtor and Secured Party, including without limitation, the equipment, fixtures and personal property whether now owned or hereafter acquired, wherever located, together
with all substitutions, renewals or replacements of and additions, improvements, accessions and accumulations to any and all of such equipment, fixtures or personal property together with all the rents, issues, income, profits and avails therefrom
and all of the products and proceeds thereof, including without limitation, insurance, proceeds of insurance, proceeds of proceeds, condemnation, requisition or similar payments, and all proceeds from sales, renewals, releases or other dispositions
thereof. 
  

  

 1 

 AMENDMENT NO. 01 

Dated April 30, 2007 

THIS AMENDMENT NO. 01 (“Amendment 01”) to that certain
Loan and Security Agreement No. 5441 dated as of December 18, 2006, as amended (the “Agreement”) is entered into as of April 30, 2007, by and between LIGHTHOUSE CAPITAL
PARTNERS V, L.P. (“Lender”) and GEVO, INC., a Delaware corporation (“Borrower”). 

WHEREAS, Borrower and Lender have previously entered into the Agreement; and 

WHEREAS, Borrower has requested Lender provide additional financing in the amount of $1,000,000; and 

WHEREAS, Lender has agreed to do so under the Agreement, subject to all of the terms and conditions hereof and of the Agreement;

 NOW, THEREFORE, in consideration of the foregoing and the mutual covenants herein contained, the parties hereby agree to
modify the Agreement and to perform such other covenants and conditions as follows: 
 (All capitalized terms not otherwise defined herein shall
have the meanings given to such terms in the Agreement.) 
 I. Section 1.1, the following definitions shall be added to the
Agreement: 
 “Commitment One” means $750,000. 

“Commitment Two” means $1,000,000, available upon Borrower raising its Next Round Financing, provided Borrower provides Lender
with copies of the executed version of such documentation and evidence reasonably acceptable to Lender of the initial closing of at least $2,000,000 thereunder. 

“New Warrant” means the Warrant in favor of Lender to purchase securities of Borrower, substantially in the form of
Exhibit C-1 attached to this Amendment 01 and issued in conjunction with Commitment Two. 
 “Next Round
Financing” means the Series A-4 preferred stock equity financing of the Borrower. 
 II. Section 1.1, the following
definitions of the Agreement shall be deleted in their entirety and replaced with the following: 
 “Commitment” means
collectively, Commitment One and Commitment Two. 
 “Incumbency Certificate” means the document in the form of
Exhibit E of the Agreement and in the form of Exhibit E-1 attached to this Amendment 01. 

“Lender’s Expenses” means all reasonable costs or expenses (including reasonable attorneys’ fees and expenses) incurred
in connection with the preparation, negotiation, modification, administration, or enforcement of the Loan or Loan Documents, or the exercise or preservation of any rights or remedies by Lender, whether or not suit is brought, provided
however, that Lender’s Expenses for the preparation and negotiation of Amendment 01 shall not exceed $2,500. Lender will apply deposits received before the date hereof, if any, towards Lender’s Expenses. 

“Loan Documents” means, collectively, the Agreement, as amended, the Warrants, the Notes and all other documents, instruments and
agreements entered into between Borrower and Lender in connection with the Loan, all as amended or extended from time to time. 
  

  

 “Warrants” means (i) a Warrant in favor of Lender to purchase securities
of Borrower substantially in the form of Exhibit C, and (ii) the New Warrant. 
 III. Section 3,
Conditions of Advances; Procedure for requesting Advances 
 Section 3, Conditions of Advances the following new
Section 3.3 shall be added: 
 3.3 Conditions Precedent to Initial Advance under Commitment Two: 

(a) This Amendment 01 duly executed by Borrower. 

(b) The New Warrant to be issued to Lender duly executed by Borrower. 

(c) An executed Incumbency Certificate of Borrower with copies of the following documents attached:
(i) the certificate of incorporation and by-laws of Borrower certified by Borrower as being in full force and effect as of the date of Amendment 01, (ii) incumbency and representative signatures, and
(iii) resolutions authorizing the execution and delivery of Amendment 01 and each of the other Loan Documents. 

(e) A good standing certificate from Borrower’s state of incorporation and the state in which Borrower’s
principal place of business is located, together with certificates of the applicable governmental authorities stating that Borrower is in compliance with the franchise tax laws of each such state, each dated as of a recent date. 

(f) All necessary consents of stockholders and other third parties with respect to the execution, delivery and
performance of this Agreement, Amendment 01, the New Warrant, and the other Loan Documents. 
 (g)
Borrower shall have satisfied all the conditions set forth in Section 3.1 and 3.2 of the Agreement. 

(h) Borrower reaffirms the representations and warranties made to Lender in the Agreement as of the date hereof as
though fully set forth herein. 
 Except as amended hereby, the Agreement remains unmodified and unchanged. 

 

									
	 BORROWER:
	 		 	LENDER:
			
	 GEVO, INC.
	 		 	LIGHTHOUSE CAPITAL PARTNERS V, L.P.
		 		 		 	
		 		 		 	 LIGHTHOUSE MANAGEMENT PARTNERS V.
L.L.C.,
 its general partner

		 		 		 		 	
	 By:
	 	 /s/ Matthew W. Peters
	 		 	By:	 	 /s/ Thomas Conneely

	 Name
	 	Matthew W. Peters	 		 	Name	 	Thomas Conneely
	 Title:
	 	President	 		 	Title:	 	Vice President

  

  

 2 

 AMENDMENT NO. 02 

Dated December 18, 2007 

TO 
 that certain
Loan and Security Agreement No. 5441 
 dated as of December 18, 2006, as amended (“Agreement”), by and
between  
 LIGHTHOUSE CAPITAL PARTNERS V, L.P.
(“Lender”) and  
 GEVO, INC. (“Borrower”).

 (All capitalized terms not otherwise defined herein shall have the meanings given to such terms in the Agreement.) 

Without limiting or amending any other provisions of the Agreement, Lender and Borrower agree to the following: 

Section 1.1 of the Agreement, the following definitions shall be deleted in their entirety and replaced with the following: 

“Commitment Termination Date” means the earliest to occur of (i) March 31, 2008; (ii) any Default or Event
of Default, or (iii) in Lender’s sole judgment, any adverse change in the management or composition of Borrower’s Board of Directors after the date hereof. 

“Loan Commencement Date” means (i) January 1, 2008 for Advances prior to January 1, 2008 and (ii) the
first day of the calendar month following the Funding Date for Advances after January 1, 2008. 
 Except as amended hereby, the Agreement
remains unmodified and unchanged. 
  

									
	 BORROWER:
	 		 	LENDER:
			
	 GEVO, INC.
	 		 	LIGHTHOUSE CAPITAL PARTNERS V, L.P.
				
		 		 		 	 LIGHTHOUSE MANAGEMENT PARTNERS V.
L.L.C.,
 its general partner

		 		 		 		 	
	 By:
	 	 /s/ Matthew Peters
	 		 	By:	 	 /s/ Thomas Conneely

	 Name
	 	Matthew Peters	 		 	Name	 	Thomas Conneely
	 Title:
	 	President	 		 	Title:	 	Vice President

  

  

 AMENDMENT NO. 03 

Dated April 5, 2008 

THIS AMENDMENT NO. 03 (“Amendment 03”) to that
certain Loan and Security Agreement No. 5441 dated as of December 18, 2006, as amended (the “Agreement”) is entered into as of April 5, 2008, by and between LIGHTHOUSE CAPITAL
PARTNERS V, L.P. (“Lender”) and GEVO, INC., a Delaware corporation (“Borrower”). 

WHEREAS, Borrower and Lender have previously entered into the Agreement; and 

WHEREAS, Borrower has requested Lender provide additional financing in the amount of $3,000,000; and 

WHEREAS, Lender has agreed to do so under the Agreement, subject to all of the terms and conditions hereof and of the Agreement;

 NOW, THEREFORE, in consideration of the foregoing and the mutual covenants herein contained, the parties hereby agree to
modify the Agreement and to perform such other covenants and conditions as follows: 
 (All capitalized terms not otherwise
defined herein shall have the meanings given to such terms in the Agreement.) 
 I. Section 1.1, the following definitions
shall be added to the Agreement: 
 “Commitment Three” means $3,000,000. 

“Commitment Three Warrant” means the Warrant in favor of Lender to purchase securities of Borrower, substantially in the form of
Exhibit C-2 attached to this Amendment 03 and issued in conjunction with Commitment Three. 
 “Intercreditor
Lien” means a Lien in favor of a third party lender for the purposes of financing Borrower’s equipment, in an amount not to exceed $1,000,000 provided to Borrower on commercially reasonable terms, but only to the extent such Liens are
subject to an intercreditor agreement with such entity reasonably acceptable to Lender. 
 II. Section 1.1, the following
definitions of the Agreement shall be deleted in their entirety and replaced with the following: 
 “Basic Rate” shall be
defined in the Notes. 
 “Commitment” means collectively, Commitment One, Commitment Two and Commitment Three. 

“Commitment Termination Date” means the earliest to occur of (i) for Commitment One and Two, March 31, 2008;
(ii) for Commitment Three, March 31, 2009; (ii) any Default or Event of Default, or (iii) in Lender’s sole judgment, any adverse change in the management or composition of Borrower’s Board of
Directors after the date hereof. 
 “Incumbency Certificate” means the document in the form of Exhibit E of the
Agreement and in the form of Exhibit E-2 attached to Amendment 03. 
 “Index” shall be
defined in the Notes. 
 “Loan Commencement Date” shall be defined in the Notes. 

“Note” means (i) in connection with Advances under Commitment One and Commitment Two, Secured Promissory Notes in the form of
Exhibit B to the Agreement, and (ii) in connection with Advances under Commitment Three, in the form of Exhibit B-2 and Exhibit B-3 to Amendment 03. 

“Notice of Borrowing” means (i) in connection with Advances under Commitment One and Commitment Two, the form attached as
Exhibit D to the Agreement, and (ii) in connection with Advances under Commitment Three in the form of Exhibit D-2 attached to Amendment 03. 

 

  

 1 

 “Permitted Indebtedness” means: (i) the Loan; (ii) unsecured
trade debt incurred in the ordinary course of Borrower’s business; and (iii) Indebtedness secured by clause (v) of Permitted Liens. 

“Permitted Liens” means: (i) Liens in favor of Lender; (ii) Liens for taxes, fees, assessments or other
governmental charges or levies not delinquent or being contested in good faith by appropriate proceedings, that do not jeopardize Lender’s interest in any Collateral; (iii) Liens to secure payment of worker’s compensation,
employment insurance, old age pensions or other social security obligations of Borrower on which Borrower is current and are in the ordinary course of its business; provided none of the same diminish or impair Lender’s rights and remedies
respecting the Collateral; (iv) statutory Liens of landlords, carriers, warehousemen, mechanics, materialmen and other similar Liens imposed by law, which are incurred in the ordinary course of business for sums not more than
90 days delinquent or which are being contested in good faith; provided none of the same diminish or impair Lender’s rights and remedies respecting the Collateral; and (v) Intercreditor Liens. 

“Warrants” means (i) a Warrant in favor of Lender to purchase securities of Borrower substantially in the form of
Exhibit C, (ii) the New Warrant and (iii) the Commitment Three Warrant. 

III. Additional Amendments 
 The
following new Section 2.2 shall be added (and current Section 2.2 of the Agreement shall be renumbered as Section 2.3): 

2.2 Commitment Three. Subject to the terms hereof, Lender will make Advances to Borrower up to the principal amount of Commitment Three.
Lender’s obligation to make any Advance of Commitment Three or to lend the undisbursed portion of Commitment Three shall terminate on the Commitment Termination Date for Commitment Three. 

The following new Section 2.4 shall be added: 

2.4 Up to 30% of the Commitment may be used to pay the costs of software, leasehold improvements, engineering expenses, installation, freight,
sales tax, and any other costs approved by Lender. 
 The following new Sections 3.4 and 3.5 shall be added: 

3.4 Conditions Precedent to Initial Advance under Commitment Three: 

(a) This Amendment 03 duly executed by Borrower. 

(b) The Commitment Three Warrant to be issued to Lender duly executed by Borrower. 

(c) An executed Incumbency Certificate of Borrower with copies of the following documents attached:
(i) the certificate of incorporation and by-laws of Borrower certified by Borrower as being in full force and effect as of the date of Amendment 03, (ii) incumbency and representative signatures, and
(iii) resolutions authorizing the execution and delivery of Amendment 03 and each of the other Loan Documents. 

(e) A good standing certificate from Borrower’s state of incorporation and the state in which Borrower’s
principal place of business is located, together with, where available, certificates of the applicable governmental authorities stating that Borrower is in compliance with the franchise tax laws of each such state, each dated as of a recent date.

 (f) All necessary consents of stockholders and other third parties with respect to the execution,
delivery and performance of this Agreement, Amendment 03, the Commitment Three Warrant, and the other Loan Documents. 

(g) Borrower shall have satisfied all the conditions set forth in Section 3.1 and 3.2 of the
Agreement. 
 (h) Borrower reaffirms the representations and warranties made to Lender in the Agreement as
of the date hereof as though fully set forth herein. 
 3.5 Reaffirmation. Borrower reaffirms the representations and warranties made to
Lender in the Agreement as of the date of Amendment 03 as though fully set forth herein. 
  

  

 2 

 Section 7.4 – Liens – the following section of the Agreement
shall be deleted in its entirety and replaced with the following 
 7.4 Liens and Indebtedness. Create, incur, assume or suffer to exist
any Lien of any kind with respect to any of the Collateral, whether now owned or hereafter acquired, except for Permitted Liens, or to create, incur, assume or suffer to exist any Indebtedness, other than Permitted Indebtedness. 

Section 11 – Notices – the following section of the Agreement shall be deleted in its entirety and replaced with the following:

 11. Notices. All notices shall be in writing and personally delivered or sent by certified mail, postage prepaid, return receipt
requested, or by confirmed facsimile, at the respective addresses set forth below: 
  

			
	If to Borrower:	  	If to Lender:
		
	 Gevo, Inc.

345 Inverness Drive South, Bld. C, Suite 310

Englewood, CO 80112
 Attention: General Counsel

 FAX: (303) 858-8431
	  	 Lighthouse Capital Partners V, LP

500 Drake’s Landing Road
 Greenbrae,
California 94904
 Attention: Contract Administrator

FAX: (415) 925-3387

 IV.
Further Terms and Conditions of this Amendment 03. 
 1. Expenses: All expenses incurred in connection with the preparation and
negotiation of this Amendment 03 are for Borrower’s account. 
 2. Representations and Warranties of Borrower. Borrower warrants and
represents, as a significant material inducement to Lender to enter hereinto, that: (i) no Events of Default have occurred and are continuing that have not been disclosed to Lender by Borrower in writing; (ii) it is not and has no reason
to believe it may be named as a party to any judicial or administrative proceeding, litigation or arbitration, and has not received any communication from any person or entity (whether private or governmental) threatening or indicating the same; and
(iii) it is in full compliance with the Loan Documents. 
 3. No Control. Borrower warrants and represents, as a significant
material inducement to Lender to enter hereinto, that none of Lender nor any affiliate, officer, director, employee, agent, or attorney of Lender, have at any time, from Borrower’s date of formation through to the date hereof,
(i) exercised management or other control over the Borrower, (ii) exercised undue influence over Borrower or any of its officers, employees or directors, (iii) made any representation or warranty, express or implied, to any party on
behalf of Borrower, (iv) entered into any joint venture, agency relationship, employment relationship, or partnership with Borrower, (v) directed or instructed Borrower on the manner, method, amount, or identity of payee of any payment
made to any creditor of Borrower, and further, Borrower warrants and represents that by entering hereinto with Lender has not, are not and will not have engaged in any of the foregoing. 

4. Integration Clause. This Amendment 03, along with the Agreement, Amendment 02 and Amendment 01, represents and documents the
entirety of the agreement and understanding of the parties hereto with respect to its subject matter. All prior understandings, whether oral or written, other than the Loan Documents, are hereby merged hereinto. NEITHER THE AGREEMENT NOR THIS
AGREEMENT MAY BE MODIFIED EXCEPT BY A WRITING SIGNED BY LENDER AND BORROWER. Each provision hereof shall be severable from every other provision when determining its legal enforceability such that Lender’s rights and remedies under this
Amendment 03 and the Loan Documents may be enforced to the maximum extent permitted under applicable law. This Amendment 03 shall be binding upon, and inure to the benefit of, each party’s respective permitted successors and assigns.
This Amendment 03 may be executed in counterpart originals, all of which, when taken together, shall constitute one and the same original document. No provision of any other document between Lender and Borrower shall limit the effectiveness
hereof or the rights and remedies of Lender against Borrower. In the event of any contradiction or inconsistency among the terms and conditions of this Amendment 03 or any Loan Document, the interpretation most favorable to the interests of
Lender shall prevail. 
  

  

 3 

 Except as amended hereby, the Agreement remains unmodified and unchanged. 

 

									
	 BORROWER:
	 		 	LENDER:
			
	 GEVO, INC.
	 		 	LIGHTHOUSE CAPITAL PARTNERS V, L.P.
				
		 		 		 	 LIGHTHOUSE MANAGEMENT
PARTNERS V. L.L.C.,
 its general partner

		 		 		 		 	
	 By:
	 	 /s/ Patrick Gruber
	 		 	By:	 	 /s/ Thomas Conneely

	 Name
	 	Patrick R. Gruber	 		 	Name	 	Thomas Conneely
	Title:	 	CEO	 		 	Title:	 	Vice President

  

  

 4 

 AMENDMENT NO. 04 

Dated August 12, 2008 

THIS AMENDMENT NO. 04 (“Amendment 04”) to that certain Loan and
Security Agreement No. 5441 dated as of December 18, 2006, as amended (the “Agreement”) is entered into as of August 12, 2008, by and between LIGHTHOUSE CAPITAL
PARTNERS V, L.P. (“Lender”) and GEVO, INC., a Delaware corporation (“Borrower”). 

WHEREAS, Borrower and Lender have previously entered into the Agreement; and 

WHEREAS, Borrower has requested Lender provide additional working capital financing in the amount of $5,000,000; and 

WHEREAS, Lender has agreed to do so under the Agreement, subject to all of the terms and conditions hereof and of the Agreement;

 NOW, THEREFORE, in consideration of the foregoing and the mutual covenants herein contained, the parties hereby agree to
modify the Agreement and to perform such other covenants and conditions as follows: 
 (All capitalized terms not otherwise
defined herein shall have the meanings given to such terms in the Agreement.) 
 I. Section 1.1, the following definitions shall be
added to the Agreement: 
 “Commitment Four” means $5,000,000, such amount to be used for general corporate purposes.

 “Commitment Four Warrant” means the Warrant in favor of Lender to purchase securities of Borrower, substantially in the form
of Exhibit C-3 attached to this Amendment 04 and issued in conjunction with Commitment Four. 
 “Control
Agreement” means the document in the form of Exhibit G attached to Amendment 04. 
 “Negative Pledge
Agreement” means the document in the form of Exhibit F attached to Amendment 04. 
 II. Section 1.1, the
following definitions of the Agreement shall be deleted in their entirety and replaced with the following: 
 “Collateral”
means: (i) all property in which Lender now has or hereafter obtains a security interest or which is listed on any UCC-1 naming Borrower as Debtor in any capacity and Lender or an affiliate of Lender as Secured Party including
Exhibit A for Commitment One, Commitment Two and Commitment Three and Exhibit A-2 for Commitment Four attached hereto; and (ii) all products and proceeds of the foregoing, including proceeds of insurance and
proceeds of proceeds. 
 “Commitment” means collectively, Commitment One, Commitment Two, Commitment Three and Commitment Four.

 “Commitment Termination Date” means the earliest to occur of (i) for Commitment One and Two, March 31, 2008;
(ii) for Commitment Three, March 31, 2009; (iii) for Commitment Four, December 31, 2009; and (iv) for any portion of the Commitment, (a) any Default or Event of Default, or (b) in Lender’s sole judgment, any
adverse change in the management or composition of Borrower’s Board of Directors after the date hereof. 
 “Incumbency
Certificate” means the document in the form of Exhibit E of the Agreement, in the form of Exhibit E-2 attached to Amendment 03, and in the form of Exhibit E-3 attached to Amendment 04.

 “Note” means (i) in connection with Advances under Commitment One and Commitment Two, Secured Promissory Notes in the
form of Exhibit B to the Agreement, and (ii) in connection with Advances under Commitment Three, in the form of Exhibit B-2 and Exhibit B-3 to Amendment 03; and (iii) in connection with Advances
under Commitment Four, in the form of Exhibit B-4, B-5 or B-6 to Amendment 04. 

“Notice of Borrowing” means (i) in connection with Advances under Commitment One and Commitment Two, the form attached as
Exhibit D to the Agreement, (ii) in connection with Advances under Commitment Three in the form of 
  

  

 1 

 Exhibit D-2 attached to Amendment 03 and (ii) in connection with Advances under
Commitment Four in the form of  
 Exhibit D-3 attached to Amendment 04. 

“Warrants” means (i) a Warrant in favor of Lender to purchase securities of Borrower substantially in the form of
Exhibit C, (ii) the New Warrant; (iii) the Commitment Three Warrant and (iv) the Commitment Four Warrant. 

III. Additional Amendments 

Section 2.1 and 2.2 shall be modified as follows: 

2.1 Commitment. Subject to the terms hereof, Lender will make Advances to Borrower up to the lesser of (i) the principal amount of
the Commitment or (ii) in the case of Commitment One, Commitment Two and Commitment Three, 100% of Equipment Borrowing Base, on or before the Commitment Termination Date. Notwithstanding anything in the Loan Documents to the contrary,
Lender’s obligation to make any Advances or to lend the undisbursed portion of the Commitment shall terminate on the Commitment Termination Date for that portion of the Commitment. Repaid principal of the Advances may not be re-borrowed.

 2.2 The Advances. A Note setting forth the specific terms of repayment will evidence each Advance. No Advance will be made for less
than $100,000 under any portion of the Commitment, or $500,000 in the case of Commitment Four, unless less than such amount remains available under that portion of the Commitment for borrowing. 

The following new Sections 3.2.1, 3.6 and 3.7 shall be added: 

3.2.1 Procedure for Making Advances under Commitment Four. For any Advance under Commitment Four, Borrower shall provide Lender an irrevocable
Notice of Borrowing at least 10 business days prior to the desired Funding Date and Lender shall only be required to make Advances hereunder based upon written requests which comply with the terms and exhibits of this Loan Agreement (as the same may
be amended from time to time), and which are submitted and signed by a Responsible Officer. Borrower shall execute and deliver to Lender a Note and such other documents and instruments as Lender may reasonably require for each Advance made.

  

	3.6	Conditions Precedent to Initial Advance under Commitment Four: 

(a) This Amendment 04 duly executed by Borrower. 

(b) The Commitment Four Warrant to be issued to Lender duly executed by Borrower. 

(c) The Negative Pledge Agreement to be issued to Lender duly executed by Borrower. 

(d) Control Agreements to be issued to Lender duly executed by Borrower with respect to each depository and securities account of
Borrower. 
 (e) An executed Incumbency Certificate of Borrower with copies of the following documents attached:
(i) the certificate of incorporation and by-laws of Borrower certified by Borrower as being in full force and effect as of the date of Amendment 04, (ii) incumbency and representative signatures, and
(iii) resolutions authorizing the execution and delivery of Amendment 04 and each of the other Loan Documents. 

(f) A good standing certificate from Borrower’s state of incorporation and the state in which Borrower’s principal
place of business is located, together with, where available, certificates of the applicable governmental authorities stating that Borrower is in compliance with the franchise tax laws of each such state, each dated as of a recent date. 

(g) All necessary consents of stockholders and other third parties with respect to the execution, delivery and performance of
this Agreement, Amendment 04, the Commitment Four Warrant, and the other Loan Documents. 
 (h) Borrower shall have
satisfied all the conditions set forth in Section 3.1 and 3.2 of the Agreement. 
  

  

 2 

 3.7 Reaffirmation Borrower reaffirms the representations and warranties made to Lender in the
Agreement as of the date of Amendment 04 as though fully set forth herein. 
 IV. Further Terms and Conditions of this Amendment 04. 

  

	1.	Equity Contingency: In the event Borrower closes a private equity financing yielding net proceeds of at least $20 million at a price per share of at least $6.85
(the “Qualifying Private Equity Financing”), Borrower shall have the option to amend the Notes under Commitment Four such that the Loan Commencement Date (as that term is defined in the Note) for all Advances under Commitment
Four is January 1, 2010. In the event the Qualifying Private Equity Financing does not occur prior to December 31, 2008, then the Notes may not be so amended and any Advance occurring after June 30, 2009 shall have a Loan Commencement
Date equal to the first day of the calendar month next following such Advance. 

  

	2.	Expenses: All expenses incurred in connection with the preparation and negotiation of this Amendment 04 are for Borrower’s account. A Commitment Fee in the
amount of $5,000 has been received in conjunction with this Amendment 04 and shall be applied to expenses and every subsequent monthly payment until fully applied. 

 

	3.	Representations and Warranties of Borrower. Borrower warrants and represents, as a significant material inducement to Lender to enter hereinto, that: (i) no
Events of Default have occurred and are continuing that have not been disclosed to Lender by Borrower in writing; (ii) it is not and has no reason to believe it may be named as a party to any judicial or administrative proceeding, litigation or
arbitration, and has not received any communication from any person or entity (whether private or governmental) threatening or indicating the same; and (iii) it is in full compliance with the Loan Documents. 

 

	4.	No Control. Borrower warrants and represents, as a significant material inducement to Lender to enter herein-to, that none of Lender nor any affiliate, officer,
director, employee, agent, or attorney of Lender, have at any time, from Borrower’s date of formation through to the date hereof, (i) exercised management or other control over the Borrower, (ii) exercised undue influence over
Borrower or any of its officers, employees or directors, (iii) made any representation or warranty, express or implied, to any party on behalf of Borrower, (iv) entered into any joint venture, agency relationship, employment relationship,
or partnership with Borrower, (v) directed or instructed Borrower on the manner, method, amount, or identity of payee of any payment made to any creditor of Borrower, and further, Borrower warrants and represents that by entering hereinto with
Lender has not, are not and will not have engaged in any of the foregoing. 

  

	5.	Integration Clause. This Amendment 04, along with the Agreement, and Amendments 01, 02 and 03, represents and documents the entirety of the agreement and
understanding of the parties hereto with respect to its subject matter. All prior understandings, whether oral or written, other than the Loan Documents, are hereby merged hereinto. NEITHER THE AGREEMENT NOR THIS AGREEMENT MAY BE MODIFIED
EXCEPT BY A WRITING SIGNED BY LENDER AND BORROWER. Each provision hereof shall be severable from every other provision when determining its legal enforceability such that Lender’s rights and remedies under this Amendment 04 and the Loan
Documents may be enforced to the maximum extent permitted under applicable law. This Amendment 04 shall be binding upon, and inure to the benefit of, each party’s respective permitted successors and assigns. This Amendment 04 may be
executed in counterpart originals, all of which, when taken together, shall constitute one and the same original document. No provision of any other document between Lender and Borrower shall limit the effectiveness hereof or the rights
and remedies of Lender against Borrower. In the event of any contradiction or inconsistency among the terms and conditions of this Amendment 04 or any Loan Document, the interpretation most favorable to the interests of Lender shall
prevail. 

  

  

 3 

 Except as amended hereby, the Agreement remains unmodified and unchanged. 

 

									
	BORROWER:	 		 	LENDER:
			
	GEVO, INC. 	 		 	LIGHTHOUSE CAPITAL PARTNERS V, L.P. 
					
		 		 		 	By: 	 	 LIGHTHOUSE MANAGEMENT

PARTNERS V, L.L.C., ITS GENERAL PARTNER

					
	 By:
	 	 /s/ Patrick Gruber 
	 		 	By:	 	 /s/ Thomas Conneely

	 Name:
	 	Patrick Gruber	 		 	Name:	 	Thomas Conneely
	Title:	 	CEO	 		 	Title:	 	Vice President

 Attachments: 

EXHIBIT A-2 COLLATERAL 

EXHIBIT B-4 SECURED PROMISSORY NOTE (FOR FUNDINGS
PRIOR TO JUNE 30, 2009) 
 EXHIBIT B-5 SECURED
PROMISSORY NOTE (NO EXTENSION OPTION – FOR FUNDINGS AFTER JUNE 30, 2009 IF
THERE HAS BEEN NO QUALIFYING PRIVATE EQUITY FINANCING) 

EXHIBIT B-6 SECURED PROMISSORY NOTE (FOR FUNDINGS
AFTER JUNE 1, 2009 IF THERE HAS BEEN A QUALIFYING PRIVATE EQUITY FINANCING
AND BORROWER SELECTS THE LATER LOAN COMMENCEMENT DATE) 

EXHIBIT C-3 WARRANT 

EXHIBIT D-3 NOTICE OF BORROWING 

EXHIBIT E-3 INCUMBENCY CERTIFICATE 

EXHIBIT F NEGATIVE PLEDGE AGREEMENT 

EXHIBIT G CONTROL AGREEMENT 

SCHEDULE 1 DISCLOSURE SCHEDULE 
  

  

 4 

 Exhibit A-2 

COLLATERAL 

This FINANCING STATEMENT and SECURITY AGREEMENT covers all of Debtor’s interests in all of the following types or items of property, wherever
located and whether now owned or hereafter acquired, and Debtor hereby grants Secured Party a security interest therein as collateral for the payment and performance of all present and future indebtedness, liabilities, guarantees and obligations of
Debtor to Secured Party, howsoever arising. Debtor agrees that said security interest may be enforced by Secured Party in accordance with the terms of all security and other agreements between Secured Party and Debtor, the California Uniform
Commercial Code, or both, and that this document shall be fully effective as a security agreement, even if there is no other security or other agreement between Secured Party or Debtor: 

All assets of the Debtor; all personal property of Debtor; 

All “accounts”, “general intangibles”, “chattel paper”, “contract rights”, “documents”,
“instruments”, “deposit accounts”, “inventory”, “farm products”, “fixtures” and “equipment”, as such terms are defined in Division 9 of the California Uniform Commercial Code in effect on
the date hereof; 
 All general intangibles of every kind, including without limitation, federal, state and local tax refunds and claims of all
kinds; all rights as a licensee or any kind; all customer lists, telephone numbers, and purchase orders, and all rights to purchase, lease sell, or otherwise acquire or deal with real or personal property and all rights relating thereto; 

All returned and repossessed goods and all rights as a seller of goods; all collateral securing any of the foregoing; all deposit accounts, special and
general, whether on deposit with Secured Party or others; 
 All life and other insurance policies, claims in contract, tort or otherwise, and
all judgments now or hereafter arising therefrom; 
 All right, title and interest of Debtor, and all of Debtor’s rights, remedies,
security and liens, in, to and in respect of all accounts and other collateral, including, without limitation, rights of stoppage in transit, replevin, repossession and reclamation and other rights and remedies of an unpaid vendor, lienor or secured
party, and all guarantees and other contracts of suretyship with respect to any accounts and other collateral, and all deposits and other security for any accounts and other collateral, and all credit and other insurance; 

All notes, drafts, letters of credit, contract rights, and things in action; all drawings, specifications, blueprints and catalogs; and all raw
materials, work in process, materials used or consumed in Debtor’s business, goods, finished goods, returned goods and all other goods and inventory of whatsoever kind or nature, any and all wrapping, packaging, advertising and shipping
materials, and all documents relating thereto, and all labels and other devices, names and marks affixed or to be affixed thereto for purposes of selling or identifying the same or the seller or manufacturer thereof; 

All inventory, raw materials and work in progress wherever located; all present and future claims against any supplier of any of the foregoing, including
claims for defective goods or overpayments to or undershipments by suppliers; all proceeds arising from the lease or rental of any of the foregoing; INVENTORY RETURNED BY DEBTOR TO ITS SUPPLIERS SHALL REMAIN SUBJECT TO SECURED PARTY’S SECURITY
INTEREST; 
 All equipment and fixtures, NONE OF WHICH THE DEBTOR IS AUTHORIZED TO SELL, LEASE OR OTHERWISE DISPOSE OF WITHOUT THE WRITTEN
CONSENT OF SECURED PARTY, including without limitation all machinery, machine tools, motors, controls, parts, vehicles, workstations, tools, dies, jigs, furniture, furnishings and fixtures; and all attachments, accessories, accessions and property
now or hereafter affixed to or used in connection with any of the foregoing, and all substitutions and replacements for any of the foregoing; all warranty and other claims against any vendor or lessor of any of the foregoing; 

All investment property; 
 All books, records,
ledger cards, computer data and programs and other property and general intangibles at any time evidencing or relating to any or all of the foregoing; and 

All cash and non-cash products and proceeds of any of the foregoing, in whatever form, including proceeds in the form of inventory, equipment or any
other form of personal property, including proceeds of proceeds and proceeds of insurance, and all claims by Debtor against third parties for loss or damage to, or destruction of, or otherwise relating to, any or all of the foregoing. 

 

  

 1 

 NOTICE - PURSUANT TO AN AGREEMENT BETWEEN DEBTOR AND SECURED PARTY, DEBTOR HAS AGREED NOT TO FURTHER
ENCUMBER THE COLLATERAL DESCRIBED HEREIN, THE FURTHER ENCUMBERING OF WHICH MAY CONSTITUTE THE TORTIOUS INTERFERENCE WITH SECURED PARTY’S RIGHTS BY SUCH ENCUMBRANCER. IN THE EVENT THAT ANY ENTITY IS GRANTED A SECURITY INTEREST IN DEBTOR’S
ACCOUNTS, CHATTEL PAPER, GENERAL INTANGIBLES OR OTHER ASSETS CONTRARY TO THE ABOVE, THE SECURED PARTY ASSERTS A CLAIM TO ANY PROCEEDS THEREOF RECEIVED BY SUCH ENTITY. 

Notwithstanding the foregoing, this Financing Statement and Security Agreement does not cover any of Debtor’s interests in, and the Collateral shall
not under any circumstance include, and no security interest is granted in, Debtor’s Intellectual Property, including, without limitation, any and all property of the Debtor that is subject to, listed in or otherwise described in the Negative
Pledge Agreement dated August 12, 2008 between the Secured Party and the Debtor. “Intellectual Property” means, collectively, all rights, priorities and privileges of the Debtor relating to intellectual property, in any medium,
of any kind or nature whatsoever, now or hereafter owned or acquired or received by Debtor, or in which Debtor now holds or hereafter acquires or receives any right or interest, whether arising under United States, multinational or foreign laws or
otherwise, and shall include, in any event, all copyrights, copyright licenses, patents, patent licenses, trademarks, trademark licenses, trade secrets, internet domain names (including any right related to the registration thereof), proprietary or
confidential information, mask works, sources object or other programming codes, inventions (whether or not patented or patentable), technical information, procedures, designs, knowledge, know-how, software, data base, data, skill, expertise,
recipe, experience, process, models, drawings, materials or records. Notwithstanding the foregoing, Intellectual Property as defined above does not include accounts, accounts receivable, royalties, licensing fees, contract rights, proceeds, or other
revenue obtained or owed from or on account of the licensing or other exploitation of Intellectual Property, none of which are excluded, and all of which are included as collateral in the security interest granted by Debtor to Secured Party.

  

									
	“Debtor”	 		 	“Secured Party”
			
	 GEVO, INC.

a Delaware corporation
	 		 	LIGHTHOUSE CAPITAL PARTNERS V, L.P.
				
		 		 		 	 By: LIGHTHOUSE MANAGEMENT PARTNERS V, L.L.C.,

  its general partner

	By:	 	 /s/ Patrick Gruber
	 		 	  
 By:
	 	  
 /s/ Thomas
Conneely

	Name:	 	Patrick Gruber	 		 	Name:	 	Thomas Conneely
	Title:	 	CEO	 		 	Title:	 	Vice President

  

  

 2 

 NEGATIVE PLEDGE AGREEMENT 

THIS NEGATIVE PLEDGE AGREEMENT is made as of August 12,
2008, by and between GEVO, INC. (“Borrower”) and LIGHTHOUSE CAPITAL PARTNERS V, L.P. (“Lender”). 

In consideration of the Loan and Security Agreement between the parties of proximate date herewith (the “Loan Agreement”),
Borrower agrees as follows: 
 Except as otherwise permitted in the Loan Agreement, Borrower shall not sell, transfer, assign, mortgage,
pledge, lease, grant a security interest in, or encumber any of Borrower’s intellectual property, including, without limitation, the following: 

(a) Any and all copyright rights, copyright applications, copyright registration and like protection in each work or authorship and derivative
work thereof, whether published or unpublished and whether or not the same also constitutes a trade secret, now or hereafter existing, created, acquired or held (collectively, the “Copyrights”); 

(b) Any and all trade secrets, and any and all intellectual property rights in computer software and computer software products now or hereafter
existing, created, acquired or held; 
 (c) Any and all design rights which may be available to Borrower now or hereafter existing,
created, acquired or held; 
 (d) All patents, patent applications and like protections, including, without limitation, improvements,
divisions, continuations, renewals, reissues, extensions and continuations-in-part of the same (collectively, the “Patents”); 

(e) Any trademark and service mark rights, whether registered or not, applications to register and registrations of the same and like protections,
and the entire goodwill of the business of Borrower connected with and symbolized by such trademarks (collectively, the “Trademarks”); 

(f) Any and all claims for damages by way of past, present and future infringements of any of the rights included above, with the right, but not
the obligation, to sue for and collect such damages for said use or infringement of the intellectual property rights identified above; 

(g) Any and all licenses or other rights to use any of the Copyrights, Patents or Trademarks and all license fees and royalties arising from such
use to the extent permitted by such license or rights 
 (h) Any and all amendments, extensions, renewals and extensions of any of the
Copyrights, Patents or Trademarks; and 
 (i) Any and all proceeds and products of the foregoing, including, without limitation, all
payments under insurance or any indemnity or warranty payable in respect of any of the foregoing. 
 It shall be an Event of Default under the
Loan Agreement if there is a breach of any term of this Negative Pledge Agreement. Borrower agrees to properly execute all documents reasonably required by Lender in order to fulfill the intent and purposes hereof. 

 

									
	GEVO, INC.	 		 	LIGHTHOUSE CAPITAL PARTNERS V, L.P.
					
		 		 		 	By:	 	LIGHTHOUSE MANAGEMENT PARTNERS V, LLC,
		 		 		 		 	its general partner
	By:	 	 /s/ Patrick Gruber
	 		 	  
 By:
	 	  
 /s/ Thomas
Conneely

	Name:	 	Patrick Gruber	 		 	Name:	 	Thomas Conneely
	Title:	 	CEO	 		 	Title:	 	Vice President

  

			
	

  

 AMENDMENT NO. 05 

Dated July 20, 2009 

THIS AMENDMENT NO. 05 (“Amendment 05”) to that certain Loan and Security
Agreement No. 5441 dated as of December 18, 2006, as amended (the “Agreement”), by and between LIGHTHOUSE CAPITAL PARTNERS V, L.P. (“Lender”) and
GEVO, INC., a Delaware corporation (“Borrower”). 
 WHEREAS, Borrower and
Lender have previously entered into the Agreement; and 
 WHEREAS, Advances in the amount of $9,077,787.99 have been made
pursuant to twelve Secured Promissory Notes dated February 1, 2007, July 16, 2007 (2 notes), October 18, 2007, November 19, 2007, March 31, 2008, May 15, 2008, June 30, 2008, August 29, 2008,
November 3, 2008, November 28, 2008, and March 31, 2009, respectively (collectively the “Original Notes”); and 

WHEREAS, Borrower and Lender each confirm (i) that the outstanding principal balance of the Original Notes, as of June 30,
2009, is $7,934,573.93, exclusive of Final Payments (as defined in the Original Notes), and (ii) that the Commitment Termination Date has occurred and therefore there are no further Advances available under the Commitments; and 

WHEREAS, Borrower has requested Lender modify the Loan and Security Agreement and the payment terms of the Original Notes; and

 WHEREAS, Lender has agreed to do so under the Agreement, subject to all of the terms and conditions hereof and of the
Agreement; 
 NOW, THEREFORE, in consideration of the foregoing and the mutual covenants herein contained, the parties hereby
agree to modify the Loan and Security Agreement and the Original Notes and to perform such other covenants and conditions as follows: 
 (All
capitalized terms not otherwise defined herein shall have the meanings given to such terms in the Agreement.) 
 I.
Section 1.1, the following definitions shall be added to the Agreement: 
 “Restructure Note” means
the Amended and Restated Secured Promissory Note in the form of Exhibit B-7 attached to Amendment No. 05. 

“Restructure Warrant” means the Warrant in favor of Lender to purchase securities of Borrower, substantially in the form
of Exhibit C-4 attached to Amendment No. 05. 
 II. Section 1.1 of the Agreement, the following
definitions shall be deleted in their entirety and replaced with the following: 
 “Loan Documents” means,
collectively, the Agreement, the Warrants, the Notes, Amendments 01 through 05, and all other documents, instruments and agreements entered into between Borrower and Lender in connection with the Loan, all as amended or extended from time
to time. 
 “Note” means (i) in connection with Advances under Commitment One and Commitment Two, Secured
Promissory Notes in the form of Exhibit B to the Agreement, and (ii) in connection with Advances under Commitment Three, in the form of Exhibit B-2 and Exhibit B-3 to Amendment 03;
(iii) in connection with Advances under Commitment Four, in the form of Exhibit B-4, B-5 or B-6 to Amendment 04 and (iv) the Restructure Note. 

“Warrants” means (i) a Warrant in favor of Lender to purchase securities of Borrower substantially in the
form of Exhibit C to the Agreement, (ii) the New Warrant; (iii) the Commitment Three Warrant; (iv) the Commitment Four Warrant and (v) the Restructure Warrant. 

 

  

 1 

 III. Additional Amendments. 

The following new Section 4.4 shall be added: 

4.4 Release of Security Interest. Notwithstanding anything to the contrary contained in Section 4.1 or
Exhibit A, at such time as Borrower shall have repaid to Lender an aggregate of $5,000,000 of the outstanding principal balance under the Restructure Note pursuant to the terms thereof, the security interest granted to Lender pursuant to
Section 4.1 shall automatically terminate with respect to all Collateral, other than that certain equipment and those certain fixtures that were financed with Advances under Commitment One, Commitment Two or Commitment Three, including,
without limitation, that certain equipment and those certain fixtures identified on Exhibit A-3, together with all substitutions, renewals or replacements of and additions, improvements, accessions and accumulations to any and all of
such equipment and fixtures and all of the proceeds thereof, including, without limitation, insurance, proceeds of insurance, proceeds of proceeds, condemnation, requisition or similar payments, and all proceeds from sales, renewals, releases or
other dispositions thereof (the “Released Collateral”), and Lender shall promptly execute and deliver to Borrower such releases or other evidence of such termination as may be reasonably requested by Borrower, including, without
limitation, evidence of termination of UCC-1 20082803433 and 20082803656 and those certain Deposit Account Control Agreements by and among Borrower, Lender and the financial institutions named therein. From and after the date of such termination,
the Released Collateral shall not constitute Collateral for purposes of this Agreement or any of the other Loan Documents. Upon payment in full of the Obligations in accordance with the provisions of this Agreement and the other Loan Documents, the
security interest in Collateral that is not Released Collateral (the “Remaining Collateral”) shall terminate and, at such time, Borrower is authorized to file the appropriate termination statements to evidence such termination.

 IV. Amendment, Restatement and Replacement of Original Notes. 

All of the Original Notes are amended, restated and replaced by the Restructure Note in the form of Exhibit B-7
hereof. Lender shall return each originally executed Original Note to Borrower for cancellation. 
 V. Conditions Precedent to the
effectiveness of Amendment 05: 
 (a) This Amendment 05 duly executed by Borrower.

 (b) The Restructure Note duly executed by Borrower. 

(c) The Restructure Warrant has been issued to Lender duly executed by Borrower. 

(d) An executed Incumbency Certificate of Borrower with copies of the following documents attached:
(i) the certificate of incorporation and by-laws of Borrower certified by Borrower as being in full force and effect as of the date of Amendment 05, (ii) incumbency and representative signatures, and
(iii) resolutions authorizing the execution and delivery of Amendment 05 and each of the other Loan Documents. 

(e) All necessary consents of shareholders, members, and other third parties with respect to the execution,
delivery and performance of this Amendment 05, the Restructure Note, the Restructure Warrant, and the other Loan Documents. 
 VI.
Further Terms and Conditions of this Amendment 05. 
 1. Representations and Warranties of Borrower. Borrower
warrants and represents, as a significant material inducement to Lender to enter hereinto, that: (i) no Events of Default have occurred and are continuing that have not been disclosed to Lender by Borrower in writing; (ii) it is not and
has no reason to believe it may be named as a party to any judicial or administrative proceeding, litigation or arbitration, and has not received any communication from any person or entity (whether private or governmental) threatening or indicating
the same; and (iii) it is in full compliance with the Loan Documents. 
  

  

 2 

 2. No Control. Borrower warrants and represents, as a significant material
inducement to Lender to enter hereinto, that none of Lender nor any affiliate, officer, director, employee, agent, or attorney of Lender, have at any time, from Borrower’s date of formation through to the date hereof, (i) exercised
management or other control over the Borrower, (ii) exercised undue influence over Borrower or any of its officers, employees or directors, (iii) made any representation or warranty, express or implied, to any party on behalf of Borrower,
(iv) entered into any joint venture, agency relationship, employment relationship, or partnership with Borrower, (v) directed or instructed Borrower on the manner, method, amount, or identity of payee of any payment made to any creditor of
Borrower, and further, Borrower warrants and represents that by entering hereinto with Lender has not, are not and will not have engaged in any of the foregoing. 

3. Integration Clause. This Amendment 05, along with the Agreement, and Amendments 01, 02, 03 and 04, represents
and documents the entirety of the agreement and understanding of the parties hereto with respect to its subject matter. All prior understandings, whether oral or written, other than the Loan Documents, are hereby merged hereinto. NEITHER THE
AGREEMENT NOR THIS AGREEMENT MAY BE MODIFIED EXCEPT BY A WRITING SIGNED BY LENDER AND BORROWER. Each provision hereof shall be severable from every other provision when determining its legal enforceability such that Lender’s rights and
remedies under this Amendment 05 and the Loan Documents may be enforced to the maximum extent permitted under applicable law. This Amendment 05 shall be binding upon, and inure to the benefit of, each party’s respective permitted
successors and assigns. This Amendment 05 may be executed in counterpart originals, all of which, when taken together, shall constitute one and the same original document. No provision of any other document between Lender and Borrower shall
limit the effectiveness hereof or the rights and remedies of Lender against Borrower. In the event of any contradiction or inconsistency among the terms and conditions of this Amendment 05 or any Loan Document, the interpretation most favorable
to the interests of Lender shall prevail. 
  

  

 3 

 Except as amended hereby, the Agreement remains unmodified and unchanged. 

 

									
	BORROWER:	  		  	LENDER:
			
	GEVO, INC.	  		  	LIGHTHOUSE CAPITAL PARTNERS V, L.P.
					
		 		  		  	By:	 	LIGHTHOUSE MANAGEMENT PARTNERS, V, L.L.C.,
		 		  		  		 	its general partner
	By:	 	 /S/ Mark Smith
	  		  	  
 By:
	 	  
 /s/ Thomas
Conneely

	Name:	 	Mark Smith	  		  	Name:	 	Thomas Conneely
	Title:	 	Chief Financial Officer	  		  	Title:	 	Vice President

 Attachments: 

EXHIBIT A-3 Remaining Collateral 

EXHIBIT B-7 Amended and Restated Secured Promissory Note 

EXHIBIT C-4 Warrant 
  

  

 4 

 AMENDED AND RESTATED
SECURED PROMISSORY NOTE 
 (Notes originally issued in the amount of
$9,077,787.99) 
 $2,934,573.93 

This AMENDED AND RESTATED SECURED PROMISSORY NOTE (this
“Note”) is made August 6, 2010, by GEVO, INC., (“Borrower”) in favor of LIGHTHOUSE CAPITAL
PARTNERS V, L.P. (collectively with its assigns, “Lender”), and its assigns (collectively, “Holder”) and amends, restates and replaces, but is not a novation of that certain
Amended and Restated Secured Promissory Note dated July 1, 2009, pursuant to that certain Loan and Security Agreement No. 5441 between Borrower and Lender dated December 18, 2006, as amended (the “Loan Agreement”) with reference to
the following: 
 FOR VALUE RECEIVED, Borrower promises to pay in lawful money of the United
States, to the order of Lender, at 500 Drake’s Landing Road, Greenbrae, California 94904, or such other place as Lender may from time to time designate (“Lender’s Office”), the principal sum of $2,934,573.93, (the
“Advance”), including interest on the unpaid balance of the Advance at the Basic Rate, and all other amounts due or to become due hereunder according to the terms hereof. Capitalized terms used and not otherwise defined herein are
defined in the Loan Agreement. 
 “Basic Rate” means a per annum fixed rate of interest equal to 12%. 

“Final Payment” means $203,889.40. 

“Loan Commencement Date” for this Note means January 1, 2011. 

“Maturity Date” means the last day of the Repayment Period, or if earlier, the date of prepayment under the Note. 

“Payment Date” means the first day of each calendar month. 

“Repayment Period” means the period beginning on the Loan Commencement Date and continuing for 18 calendar months. 

1. Repayment. Borrower shall pay principal and interest due hereunder from the date of this Note, until this Note is paid in full, on each Payment
Date pursuant to the terms of the Loan Agreement and this Note. Prior to the Loan Commencement Date, Borrower shall pay to Lender, monthly in advance on each Payment Date, interest on the unpaid balance of the Advance calculated using the Basic
Rate. Beginning on the Loan Commencement Date and on each Payment Date thereafter during the Repayment Period, Borrower shall pay to Lender, in advance, equal monthly installments of principal and interest on the unpaid balance of the Advance,
calculated using the Basic Rate. On the Maturity Date, Borrower shall pay, in addition to all unpaid principal and accrued interest outstanding hereunder, the Final Payment. 

2. Interest. Interest not paid when due will, to the maximum extent permitted under applicable law, become part of principal, at Lender’s
option, and thereafter bear like interest as principal. All interest computations shall be based on a 360-day year and actual days elapsed. All Obligations not paid when due shall bear interest at the Default Rate unless waived in writing by Lender.
All amounts paid hereunder will be applied to the Obligations in Lender’s discretion and as provided in the Loan Agreement. 
 3.
Voluntary Prepayment. Borrower may prepay the Note if and only if Borrower pays to Lender (i) the outstanding principal amount of this Note and any unpaid accrued interest; (ii) the Final Payment; and (iii) all other sums, if any, that shall
have become due and payable hereunder with respect to this Note. 
  

  

 1 

 4. Collateral. This Note is secured by the Collateral. 

5. Waivers. Borrower, and all guarantors and endorsers of this Note, regardless of the time, order or place of signing, hereby waive notice,
demand, presentment, protest, and notices of every kind, presentment for the purpose of accelerating maturity, or diligence in collection, as a defense to any action on this Note. 

6. Choice of Law; Venue. THIS NOTE SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE
OF CALIFORNIA, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. EACH
OF BORROWER AND LENDER HEREBY SUBMITS TO THE EXCLUSIVE JURISDICTION AND
VENUE OF THE STATE AND FEDERAL COURTS LOCATED IN THE CITY AND
COUNTY OF SAN FRANCISCO, STATE OF CALIFORNIA. BORROWER AND LENDER EACH
HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM
OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS NOTE.
EACH PARTY FURTHER WAIVES ANY RIGHT TO CONSOLIDATE ANY ACTION IN
WHICH A JURY TRIAL HAS BEEN WAIVED WITH ANY OTHER ACTION IN
WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED. 

7. Miscellaneous. THIS NOTE MAY BE MODIFIED ONLY
BY A WRITING SIGNED BY BORROWER AND LENDER. Each provision hereof is severable from every other provision hereof and of the Loan
Agreement when determining its legal enforceability. Sections and subsections are titled for convenience, and not for construction. “Hereof,” “herein,” “hereunder,” and similar words refer to this Note in its entirety.
“Or” is not necessarily exclusive. “Including” is not limiting. The terms and conditions hereof inure to the benefit of and are binding upon the parties’ respective permitted successors and assigns. This Note is subject to
all the terms and conditions of the Loan Agreement. 
 IN WITNESS WHEREOF, Borrower has caused this Note to be executed by a
duly authorized officer as of the day and year first above written. 
  

			
	GEVO, INC.
		
	By:	 	/s/ Patrick Gruber
	 Name:
	 	Patrick Gruber
	 Title:
	 	CEO

  

  

 2Commercialization Agreement, by and between the Company and ICM, Inc.

 Exhibit 10.2 

***    Text Omitted and Filed Separately 

Confidential Treatment Requested 

Under 17 C.F.R. §§ 200.80(b)(4) 

and 203.406 

COMMERCIALIZATION AGREEMENT 

This Commercialization 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 [...***...]; 
 WHEREAS, ICM has expertise in engineering and building facilities for
ethanol production; 
 WHEREAS, the Parties are concurrently entering into that certain Development Agreement effective as of the date of this
Agreement whereby the Process will be demonstrated in ICM’s St. Joseph, MO pilot plant; 
 WHEREAS, Gevo desires to utilize ICM as its
exclusive provider (subject to certain limitations) for engineering and construction services for Commercial Plants [...***...] that are commissioned by Gevo, its Affiliates or in Gevo’s discretion its licensees; 

WHEREAS, ICM and its Affiliates desire to work exclusively with Gevo in the field of [...***...]; 

WHEREAS, Gevo anticipates ICM will identify and bring to Gevo certain commercial opportunities for Gevo to commercialize the Process; 

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

WHEREAS, Gevo and ICM desire to enter into an agreement for 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:

 Definitions: 
 “ICM
Process Technology” shall mean [...***...] 
  

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1 

 “Process” shall mean Gevo’s technology to produce [...***...]. 

1. Commercialization. The Parties will jointly develop as needed (a) one or more fully engineered and fully-integrated Commercial Plant
designs that will utilize Gevo’s Process on a commercial scale for new Commercial Plants, and (b) one or more fully engineered designs to retrofit an existing [...***...] facility. Any such new or retrofit ICM designed plant
[...***...] the Process in [...***...] shall be considered a “Commercial Plant” and collectively, “Commercial Plants.” Further, ICM will be the exclusive engineering services provider for the Commercial Plants for
Gevo or, at Gevo’s discretion, for Gevo’s licensees. During the term of this Agreement, ICM agrees to work exclusively with Gevo in the field of [...***...]. 

 

	1.1	Engineering Services. 

  

	 	(A)	Subject to Section 1.1(D) below and other relevant provisions of this Agreement, Gevo hereby engages and appoints ICM as an independent contractor to exclusively
provide engineering services for all of Gevo’s Commercial Plants. The engineering services referenced in this Agreement include design engineering, process engineering, mechanical engineering and electrical and automation engineering, but
excludes civil and structural engineering which shall be considered part of the scope of work for the construction services described below in Section 1.2. 

 

	 	(B)	 During the term of this Agreement, the Parties agree to work in good faith to develop a scope of work and schedule necessary to permit ICM to fully
engineer and design the first Commercial Plant. ICM’s scope of work shall include, without limitation, providing process flow, plant site layout, equipment lists, energy balance, cost estimates, project schedules, and design, process,
mechanical, electrical engineering, including services sufficient to create process and instrumentation diagrams (P&IDs), for the first Commercial Plant. ICM shall also be responsible to create appropriate automation controls and software to
operate the Commercial Plant. It is intended, but not required, that Gevo will identify a specific project for the first Commercial Plant prior to ICM performing its services. If a specific project has been identified, the Parties will enter into a
design-build agreement, in a mutually agreeable form, which will cover engineering, procurement and construction services to be rendered by ICM. If no 

 

 *    Confidential Treatment Requested 

2 

	 	 
specific project has been identified and if requested by Gevo, the Parties will enter into a professional services agreement that will detail the exact scope of work required to be performed by
ICM. The professional services agreement will be negotiated in good faith and will contain industry standard terms and conditions. 

  

	 	(C)	Gevo agrees to provide professional services from its engineers and technical representatives as reasonably requested by ICM to assure completion of Commercial Plants
as required under the terms of the professional services agreement and the design-build agreements. To the extent that any intellectual property rights owned or licensed by Gevo are required for ICM to perform its services, Gevo shall be solely
responsible for licensing ICM or obtaining licenses for ICM to permit ICM to fulfill its obligations hereunder and under the professional services agreements and design-build agreements. 

 

	 	(D)	Fees for the engineering services and licenses shall be determined as follows: 

 

	 	(i)	With respect to Commercial Plants that ICM is the construction services provider, the fee for the engineering services will be [...***...] For purposes of
clarity, ICM’s engineering and design services employees will be billed at their then current standard rates for such employees as set forth on ICM Standard Rate Schedule (defined below) as amended from time to time during the engineering phase
of each such project and outside contrators billed at the actual cost. ICM’s current standard rate schedule is attached hereto and incorporated herein as Appendix I (“ICM Standard Rate Schedule”). ICM will provide Gevo with
updates to Appendix I as ICM’s standard rates change. 

  

	 	(ii)	With respect to new or retrofitted Commercial Plants that ICM is not the construction services provider, but ICM provides the engineering services for such plant, Gevo
will pay ICM a fee equal to [...***...]. 

  

	 	(iii)	With respect to Commercial Plants subject to a retrofit that ICM is not the construction services provider and is not the engineering services provider for a reason
other than breach of this Agreement by ICM, then Gevo will pay to ICM a fee equal to (a) $[...***...] 

  

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3 

 If, however, the exclusivity of ICM has terminated as set forth in Section 1.1(E),
then no fee shall be payable for Commercial Plants that use process technology other than ICM Process Technology for contracts arising after the date on which the exclusivity terminates. For purposes of clarity, following the termination of the
exclusivity of ICM, the $[...***...] fee shall still be payable for the retrofit of Commercial Plants that use ICM Process Technology. This provision shall not apply to a new Commercial Plant due to the fact that ICM will not license a third
party to engineer or construct ICM Process Technology. The payments described in this Section are intended to pay for the licenses set forth in Section 1.1(G) below. Further, fees payable for Commercial Plants prior to the termination of
exclusivity shall remain unaffected by the termination of the exclusivity. 
  

	 	(iv)	In the event that this Agreement is terminated by Gevo following any applicable cure period as a result of a breach of this Agreement by ICM, then with respect to
Commercial Plants subject to a retrofit that ICM is not the construction services provider and is not the engineering services provider, Gevo will pay to ICM a fee equal to [...***...]. The payment is intended to pay for the license described
in Section 1.1(G)(iii). The obligation to pay fees described in this subsection following termination of this Agreement shall survive the termination of this Agreement. 

 

	 	(v)	With respect to any services provided under the professional services agreement described in the last sentence of Section 1.1(B), ICM will be paid
[...***...] for its professional services at ICM’s then current standard rate schedule as set forth on the ICM Standard Rate Schedule as amended from time to time. 

Payment of fees described in Section 1.1(D)(i) shall be payable per the applicable desgn-build agreement. Payment of the fees
described in Sections 1.1(D)(ii) and 1.1(D)(v) shall be on a schedule mutually agreeable between the parties at the time the services are requested. Payment of the fees described in Sections 1.1(D)(iii) and 1.1(D)(iv) shall be paid in
advance. 
  

	 	(E)	Due to the fact that certain of ICM Process Technology will be included in the plant designs and engineering of the Commercial Plant, the Parties intend that ICM will
be the exclusive engineering services provider for the Commercial Plants. However, in the event that ICM fails to meet Gevo’s commercially reasonable timeline for the engineering of Commercial Plants and such failure fails to be cured in
thirty (30) days time following notice of the same, all of 

  

 *    Confidential Treatment Requested 

4 

 Gevo’s exclusivity obligations to ICM in this Agreement shall terminate. Upon
termination of the exclusivity or upon termination of this Agreement by reason of a breach by ICM, if Gevo desires that ICM transfer the engineering and drawings with respect to the Process described in Section 1.5(C)(i) to Gevo or a third
party, then Gevo will pay to ICM a [...***...] technology transfer fee in the amount of $[...***...] to compensate ICM for the time and materials necessary to transfer the engineering and drawings with respect to the Process to Gevo or
Gevo’s designee. Also, In such event, ICM will grant the applicable licenses set forth in Section 1.1(G). 
  

	 	(F)	Notwithstanding anything to the contrary in this Agreement, in the event Gevo’s partner in a Commercial Plant refuses to allow ICM to perform engineering or
construction services, then, subject to the payments described in Sections 1.1(D)(ii) or 1.1(D)(iii) (as applicable), Gevo shall be entitled to engage another engineering or construction services provider to perform applicable services with
respect to the Commercial Plant. In such event, ICM will grant the applicable licenses set forth in Section 1.1(G). 

  

	 	(G)	ICM agrees to grant the licenses described below: 

  

	 	(i)	In the event that ICM is the construction services provider under Section 1.1(D)(i) or in the event ICM is not the construction services provider under
Section 1.1(D)(ii) above, then ICM will grant to the owner or operator of the Commercial Plant a fully paid up commercial license to modify the ICM Process Technology to incorporate the Process and a license to operate the Commercial Plant so
using the modified ICM Process Technology. 

  

	 	(ii)	In the event that ICM is not the construction services provider or the engineering services provider for a Commercial Plant under Section 1.1(D)(iii) above, then,
subject to the receipt of the payment of the license fees described in said section, ICM will grant to Gevo (or its desginee) a fully paid up commercial license to use the designs and documents described in Section 1.5(C)(i) for the purpose of
obtaining third party engineering services for the specific Commercial Plant, and, if the Commercial Plant uses ICM Process Technology, ICM will grant to the owner or operator of the Commercial Plant to modify the ICM Process Technology to
incorporate the Process and a license to operate the Commercial Plant so using the modified ICM Process Technology. 

  

	 	(iii)	 In the event this Agreement is terminated by Gevo under Section 1.1(D)(iv) above, ICM will grant to Gevo (or its desginee) a fully paid up
commercial license to use the designs and documents described in Section 1.5(C)(i) for all purposes, and, if a Commercial Plant is retrofited to utilize the Process and the Commercial Plant also uses ICM Process Technology,

  

 *    Confidential Treatment Requested 

5 

	 	 
then subject to the payment described in Section 1.1(D)(iv), ICM will grant to the owner or operator of the Commercial Plant to modify the ICM Process Technology to incorporate the Process
and a license to operate the Commercial Plant so using the modified ICM Process Technology. 

  

	1.2	Construction Services. 

  

	 	(A)	Subject to Section 1.2(C) below, Gevo hereby engages and appoints ICM as its exclusive independent contractor to provide construction services for all Commercial
Plants. ICM hereby accepts such engagement under the terms and conditions hereof. 

  

	 	(B)	For each Commercial Plant, the Parties will enter into a design-build agreement to be negotiated in good faith that will contain industry standard terms and conditions.
With respect to [...***...], the construction services under the applicable design-build agreement will be provided [...***...]; provided, however, if such construction services are appropriately completed according to schedule and cost
(pursuant to a mutually agreeable schedule and cost target as set forth in the design-build agreement), then the profit percentage payable to ICM shall be increased by [...***...]. For purposes of this provision, the parties agree that the
term “cost” shall be fully defined within the design-build agreement to be executed by the parties, but at minimum shall include 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 per the ICM Standard Rate Schedule; and (iii) the sales/use tax owed
pursuant to applicable law on all materials and equipment incorporated in the Commercial Plant. [...***...]. However, the Parties failure to reach agreement on an alternate fee structure shall not be cause for the revocation of ICM’s
exclusive appointment for construction services. 

  

	 	(C)	The exclusivity obligations of Gevo in this Agreement may be terminated by Gevo under the following circumstances: 

 

	 	(i)	The Parties mutually agree that the exclusivity shall terminate; 

  

	 	(ii)	ICM materially defaults under any design-build agreement and fails to cure such default during any applicable cure period; 

 

 *    Confidential Treatment Requested 

6 

	 	(iii)	ICM and its subcontractors are unable to construct the Commercial Plants to meet Gevo’s reasonable demand and timelines for such plants; or

  

	 	(iv)	ICM’s contract price for construction services for Commercial Plants fails to be commercially reasonable (the parties acknowledge that with respect to
[...***...], as the case may be, shall be deemed to be commerically reasonable); provided that ICM shall have the right to address and cure any alleged commercial unreasonableness; or 

 

	 	(v)	ICM becomes insolvent, enters or is forced into receivership or bankruptcy. 

 

	 	(vi)	Additionally, ICM may waive its right to exclusivity on any particular Commercial Plant, but such waiver shall apply only to that specific project, and then only if
construction on such project is commenced within twenty-four (24) months of ICM’s waiver. 

  

	1.3	Subcontractors. Gevo understands and agrees that ICM may carry out its obligations and responsibilities (or any of them) under any professional services
agreement and design-build agreement through third party subcontractors, provided, however, that ICM shall enter into agreements that bind each subcontractor to terms and conditions materially consistent with the confidentiality and non-disclosure
terms and conditions of the professional services agreement and design-build agreements, including, without limitation, protection of Gevo’s Confidential Information. Nothing herein shall limit the business terms and conditions on which ICM
shall contract for services, labor, materials and equipment with its subcontractors and suppliers. ICM shall be responsible for the performance or non-performance of its subcontractors and supplier under ICM’s agreements with such third
parties. ICM shall remove all leins entered by its subcontractors within thirty (30) days of notification of such lein. 

  

	1.4	Start-up, Training and Pre-Market and After-Market Services. 

  

	 	(A)	If requested by Gevo, ICM will agree to provide start-up commissioning services and initial training to Commercial Plants [...***...]. 

 

	 	(B)	ICM offers goods and services to fuel ethanol plants on an pre-market and after-market basis. If requested by Gevo, ICM will agree to provide such services to Gevo and
to Commercial Plants at ICM’s normal rates and compensation. Such goods and services include environmental consulting, insurance products, spare parts support, maintenance programs, specialty equipment packages, DCS support, after-market
training, labroatory analysis, and specialty products not otherwise necessary for plant operations. 

  

 *    Confidential Treatment Requested 

7 

	1.5	Intellectual Property. 

  

	 	(A)	Gevo Ownership. The Parties agree that, as between each other, Gevo is the sole and exclusive owner of the Process to the extent incorporated in the Commercial
Plants and any improvements thereon. 

  

	 	(B)	ICM Ownership. The Parties agree that, as between each other, ICM is the sole and exclusive owner of the ICM Process Technology. It is specifically contemplated
that certain portions of any new Commercial Plants will be identical or substantially similar to ICM’s Process Technology. To the extent that the engineering and design for Commercial Plants incorporate ICM’s Process Technology, ICM will
retain ownership to the intellectual property rights associated with such designs. Notwithstanding anything contained herein to the contrary, in no event shall ICM be required to license Gevo to make, use or sell ICM’s intellectual property and
proprietary designs described in this Section 1.5(B), including the ICM Process Technology that do not include the Process, unless Gevo pays ICM the applicable fees described in this Agreement. In no event shall ICM be required to license to
ICM Process Technology to Gevo or any third party following to termination of ICM’s exclusive rights set forth in Sections 1.1(E) or 1.2(C) for any new greenfield Commercial Plant. Additionally, there are no restrictions whatsoever with
respect to ICM’s ability to make, use and sell such intellectual property and proprietary processes described in this Section 1.5(B) outside of the production of [...***...]. 

 

	 	(C)	Additionally, the Parties agree that, as between each other: 

  

	 	(i)	[...***...] 

  

	 	(ii)	ICM shall be sole and exclusive owner of the distributed control system (DCS) and software developed by ICM or its subcontractors for use in the operation of the
Commercial Plants, provided that ICM shall be required to sell certain equipment and provide a software licenses to use the DCS in connection with its use in Commercial Plants not engineered or constructed by ICM at rates equivilent to the sale
price and license fees of such items at Commercial Plants engineered or constructed by ICM. 

  

 *    Confidential Treatment Requested 

8 

	 	(D)	Newly Developed Intellectual Property. The Parties agree that all intellectual property rights that are first invented, discovered, reduced to practice, created,
or developed by a Party (singularly or jointly) that results from or arises out of the Project (the “Commercial Joint IP”), are and shall be jointly owned by the Parties. To the extent that joint inventorship or joint ownership of
Commercial 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 Commercial Joint IP. Each Party shall disclose promptly in writing to the other any
Commercial Joint IP of which it becomes aware. In the event that a Party desires to seek a patent or other governmental registration for any of the Commercial Joint IP, the Parties shall promptly meet to discuss and determine whether to seek any
such registration. ICM shall be entitled to use the Commercial Joint IP solely in the field of [...***...]. Gevo shall be entitled to use the Commercial Joint IP solely in the field of [...***...]. Either Party shall be entitled to use
the Commercial Joint IP in any other field. 

  

	1.6	Confidentiality. The confidentiality provisions set forth on Appendix II shall govern the transfer of information between the Parties with respect to the
transactions contemplated by this Agreement. 

 2. 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 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 [...***...]. 
 3. 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 his or her nominee 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. 

4. 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. 
 5. Term. This Agreement is effective as of the Effective Date set forth above and will terminate
ten (10) years after the Effective Date (the “Term”), unless otherwise agreed by the Parties in writing. Gevo or ICM may terminate the Project immediately upon the other party’s material breach of Article 1.6
(“Confidentiality”) or Article 1.5 (“Intellectual Property”). Gevo may terminate this Agreement immediately upon a change of control of ICM, unless Gevo has 

 

 *    Confidential Treatment Requested 

9 

 
consented in writing to such change of control. Either Party may terminate this Agreement with thirty (30) days notice in the event the other Party ceases regular operations, enters or is
forced in bankruptcy or receivership, liquidates its assets or breaches this Agreement. In the event this Agreement is terminated, Gevo will be granted the licenses described in Section 1.1(G)(iii) and such licenses shall survive the
termination of this Agreement. 
 6. 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. 

7. 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. 
 8. 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. 

9. 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 9 shall be null and void. 
 10. 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 shall not be modified without the prior written consent of each Party. 
 11. 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
 [...***...]

  

 *    Confidential Treatment Requested 

10 

			
	With a copy to:    	    	 Gevo, Inc.

[...***...]
 345 Inverness Drive South

Building C, Suite 310
 Englewood,
Colorado 80112
 [...***...]

		
	If to ICM:	    	 ICM, Inc.

[...***...]
 310 N. First Street

Colwich, KS 67030
 Telefacsimile:
(316) 796-0570

		
	With a copy to:	    	 ICM, Inc.

[...***...]
 310 N. First
Street

		    	Colwich, KS 67030
		    	Telefacsimile: (316) 796-0570

  

	12.	Headings. Headings are for convenience only and shall not affect the interpretation of this Agreement. 

 

	13.	Survival. Sections 1.5, 1.6, 4, 7 and 10-16 shall survive the termination or expiration of this Agreement (except in each case to the extent such provisions
are self-limiting in duration). Fees payable under Section 1.1(D) of this Agreement shall remain unaffected by the termination of this Agreement and the obligation to pay such fees shall survive the termination of this Agreement.

  

	14.	Counterparts. This Agreement may be executed in multiple counterparts, which together shall constitute one agreement. Signatures received by facsimile shall be
considered original signatures. 

  

	15.	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;

  

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11 

	 	(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. 

  

	16.	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. 

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/ [...***...]

 

 *    Confidential Treatment Requested 

12 

 Appendix I: ICM Standard Rate Schedule 

[...***...] 
  

 *    Confidential Treatment Requested 

13

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