Document:

<![CDATA[Amended & Restated Bio-Propanol Joint Development Agreement]]>

 Exhibit 10.17 
 [***] INDICATES OMITTED MATERIAL THAT IS THE SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 

THE OMITTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 

 
 Amended and Restated 

Bio-Propanol Joint Development Agreement 
 by and between 
 Coskata Inc. 

and Total Petrochemicals Research Feluy S.A. 

 

 Table of Content 

 

							
	SECTION 1:	 	Purpose of this Agreement	  	 	4	  
	SECTION 2:	 	Term of this Agreement	  	 	5	  
	2.1	 	Term	  	 	5	  
	2.2	 	Early termination	  	 	5	  
	2.3	 	After termination	  	 	7	  
	SECTION 3:	 	Management of this Agreement	  	 	8	  
	3.1	 	Steering Committee	  	 	8	  
	3.2	 	Technical Management Team	  	 	9	  
	SECTION 4:	 	Joint research and development	  	 	10	  
	4.1	 	Initial Joint Development Program	  	 	10	  
	4.2	 	Additional Development Programs	  	 	12	  
	4.3	 	Access to Coskata’s facilities	  	 	13	  
	4.4	 	Independent research	  	 	13	  
	4.5	 	Subcontracting	  	 	15	  
	4.6	 	Dehydration	  	 	15	  
	SECTION 5:	 	Ownership and intellectual property rights	  	 	16	  
	5.1	 	Ownership	  	 	16	  
	5.2	 	Patents	  	 	17	  
	5.3	 	Other	  	 	19	  
	SECTION 6:	 	Conveyance of rights between the Parties	  	 	19	  
	6.1	 	For research purposes	  	 	19	  
	6.2	 	For licensing purposes	  	 	19	  
	6.3	 	For use outside the Field	  	 	20	  
	6.4	 	General	  	 	21	  
	SECTION 7:	 	Licensing to Licensees	  	 	21	  
	7.1	 	Coskata as exclusive licensing agent	  	 	21	  
	7.2	 	Approved Licensing Conditions / Approved Package	  	 	22	  
	7.3	 	Performance guarantees	  	 	22	  
	7.4	 	Promotion	  	 	23	  
	7.5	 	Services to Licensees	  	 	24	  
	7.6	 	Consideration	  	 	25	  
	7.7	 	Exclusivity Periods	  	 	26	  
	7.8	 	Other	  	 	27	  
	SECTION 8:	 	Exchange of information	  	 	28	  
	SECTION 9:	 	Freedom-to-operate	  	 	29	  

  
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	SECTION 10:	 	Enforcement against Licensees and other third parties	  	 	31	  
	SECTION 11:	 	Confidentiality	  	 	33	  
	SECTION 12:	 	Liabilities and warranties	  	 	35	  
	SECTION 13:	 	General provisions	  	 	37	  
	Appendix 1:	 	Definitions	  	 	42	  
	Appendix 2:	 	IJDP	  	 	47	  
	Appendix 3:	 	Milestones of the IJDP	  	 	48	  
	Appendix 4:	 	Readiness for Propanol Fermentation Technology	  	 	50	  
	Appendix 5:	 	Royalty fee sharing	  	 	51	  
	Appendix 6:	 	Consideration for licenses to TPRF, TPRF Affiliates, TPRF Joint-Ventures or Coskata Joint-Ventures	  	 	53	  
	Appendix 7:	 	Exclusivity Periods Payments	  	 	57	  
	Appendix 8:	 	Procedure on the disclosure and receipt of information	  	 	58	  
	Appendix 9:	 	Blank Process Book	  	 	59	  

  
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 This amended and restated agreement and its Appendices (“Agreement”) is made and
entered into as of March 26, 2012, by and between Coskata, Inc. a company having its registered office at 4575 Weaver Pkwy, Ste 100, Warrenville, IL, USA (“Coskata”), and Total Petrochemicals Research Feluy S.A.
(“TPRF”), a company incorporated under Belgian law and having its registered office at Zone Industrielle C, 7181 Feluy, Belgium. Each of Coskata and TPRF shall hereinafter be referred to as a “Party” and
collectively as the “Parties.” 
 Recitals 

Whereas, the Parties entered into an agreement (Original Agreement) on the 20th day of December, 2010 (“Effective Date”) to develop
Propanol Fermentation Technology (PFT). 
 Whereas, the Original Agreement recited that Coskata has preliminary
results on the conversion of synthesis gas into a mixture of ethanol and propanol using a [***] of [***] strain [***] species and is interested in developing technology and licensing technology for the production of Propanol that is complementary to
the use of technology for the dehydration of Propanol to propylene. 
 Whereas, the Original Agreement recited that
TPRF is interested in developing and commercializing of chemical or polymer-grade propylene made from Synthesis Gas, produced by gasification or reforming of carbon sources, including renewable resources. TPRF is already involved in the development
of dehydration technology for alcohols into corresponding olefins with a third party which technology will become available for licensing if and when its development is deemed successful by TPRF and such third party. 

Whereas, the Original Agreement recited that the Parties desire to collaborate with the objective of developing,
industrializing and commercializing a new technology and/or process to convert clean, cool Synthesis Gas by fermentation to a mixture of predominantly Propanol and, to a lesser extent, byproducts, including recovery and purification to provide
dehydration-ready Propanol (“Propanol Fermentation Technology” as further defined in Appendix 1). 

Whereas, Appendix 2 of the Original Agreement defined an Initial Joint Development Agreement (IJDP) to be carried out
hereunder by the Parties, on a collaborative basis for the purpose of developing and achieving the PFT for use in the Field, with the understanding that such program may be expanded and/or modified from time to time by the Steering Committee on the
basis of a proposal made by the TMT. 
 Whereas the Parties have decided to restate and amend the Original
Agreement with this Agreement due to technical issues that have materially delayed the implementation of the IJDP. 

Whereas, the Parties wish to enter into this Agreement to refine the scope of the activities and extend the period of time
relevant to the IJDP, and otherwise amend the Original Agreement as provided herein. 
 NOW, THEREFORE, for and in
consideration of the covenants and agreements herein set forth, the Parties agree as follows: 
 SECTION 1: Purpose of this Agreement

 The Parties wish to enter into this Agreement under which they shall jointly undertake research and development work in
the Field with the primary objective of jointly developing the Propanol Fermentation Technology and, if such development is deemed successful by the Parties, to jointly industrialize and commercialize the same. 

  

	[***] 	Indicates that text has been omitted which is the subject of a confidential treatment request. The text has been separately filed with the Securities and Exchange
Commission. 

  
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 SECTION 2: Term of this Agreement 

 

	2.1	Term. 

 The term of this
Agreement shall begin on the Effective Date of the Original Agreement and shall remain in effect for a minimum period of twenty (20) years from such date. 
  

	2.2	Early termination. 

  

	2.2.1	Notwithstanding Paragraph 2.1 hereof, this Agreement may be terminated at any time by any Party if and when agreed upon by the other Party. 

 

	2.2.2	Notwithstanding Paragraph 2.1 hereof, this Agreement may be terminated by any Party upon expiration of a three (3) year period from the Effective Date if the
Steering Committee has decided that (a) Readiness has not been achieved within such a three (3) year period and decided that (b) there will be no extension of the period wherein Readiness of the IJDP will be achieved. However, if
after such termination, a Party (the “Solving Party”) identifies a solution resolving the problem underlying the non-achievement of Readiness and the Solving Party reconsiders the development of the PFT and requiring the Foreground for its
implementation, then the Solving Party shall have the obligation to notify the other Party (the “Notified Party”) of such solution during a period of (i) two (2) years after the date of such termination if the Solving Party
independently identifies, without relying on third parties, such solution or (ii) six (6) months after the date of such termination if the Solving Party identifies such solution together with a third party and the Notified Party shall have
the right to collaborate, with the Solving Party, on such solution according to terms identical to those of this Agreement or under other terms agreed upon between the Parties, which right the Notified Party must exercise within 90 days of receiving
notice from the Solving Party. 

  

	2.2.3	Notwithstanding Paragraph 2.1 hereof, this Agreement may be terminated by any Party in each case that the Steering Committee decides, prior to or on the due date, that
(a) a given milestone (as specified in Appendix 3) cannot be achieved within the period determined by the Agreement and the Steering Committee decides that (b) there will be no extension of the period wherein the relevant milestone is to
be achieved. However, if after such termination, a Solving Party identifies a solution resolving the problem underlying the non-achievement of said milestone and the Solving Party reconsiders the development of the PFT and requiring the Foreground
for its implementation, the Solving Party shall have the obligation to notify the Notified Party of such solution during a period of (i) two (2) years after the date of such termination if the Solving Party independently identifies,
without relying on third parties, such solution or (ii) six (6) months after the date of such termination if the Solving Party identifies such solution together with a third party and the Notified Party shall have the right to collaborate,
with the Solving Party, on such solution according to terms identical to those of this Agreement or under other terms agreed upon between the Parties, which right the Notified Party must exercise within 90 days of receiving notice from the Solving
Party. 

  
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	2.2.4	Notwithstanding Paragraph 2.1 hereof, this Agreement may be terminated by any Party if no license agreement (including but not limited to a license agreement with TPRF
or a TPRF Affiliate) is signed with a Licensee within three (3) years after Readiness or seven (7) years of the Effective Date, whichever date is the earliest, and which license agreement covers the construction and operation of a Licensed
Unit with a capacity for the production of Propanol (and other (by-)products produced by the plant) of at least [***] thousand metric tons ([***],000 t) per year. These time periods shall be extended by the number of years under which TPRF has
exercised its options for exclusivity according to Section 7.7. 

  

	2.2.5	Notwithstanding Paragraph 2.1 hereof, this Agreement may be terminated by any Party if, no later than twenty-one (21) months after the Effective Date, or a later
date as reasonably agreed by the Steering Committee: (i) TPRF and/or the TPRF Dehydration Partner have expressed disagreement with reasonable and good faith terms and conditions proposed by Coskata and directed to providing Coskata, for the
benefit of Licensees, the ability to access the dehydration technology being jointly developed by TPRF and the TPRF Dehydration Partner, and (ii) no alternative solution regarding the availability of a dehydration technology to Licensees is
agreed upon by the Parties. Both Coskata and TPRF represent and warrant to undertake a good faith effort to have Coskata and the TPRF Dehydration Partner sign such an agreement or agree to such an alternative solution within this twenty-one month
period. Coskata and TPRF also agree to maintain, during the course of negotiating an agreement as provided for in subsection (i) of this paragraph, a list of material issues remaining for resolution. During the undertaking of such good faith
efforts, any such list of material issues remaining for solution shall be shared between Coskata and TPRF, on a monthly basis or otherwise upon request of each Party, in a manner that reasonably enables the Parties to solve such issues. Such
termination in application of this Paragraph 2.2.5 may only be exercised on the date twenty-one months after the Effective Date, or any later date reasonably agreed by the Steering Committee. Such termination shall be the sole and exclusive remedy
any Party may have on account of the other Party. 

  

	2.2.6	Notwithstanding Paragraph 2.1 hereof, this Agreement may be terminated by any Party if at any time, in the opinion of outside antitrust counsel, the exercise of rights
and obligations contained in this Agreement violates any applicable antitrust laws or regulations and the provisions of Section 13.8 do not permit the continued operation of this Agreement. The non-terminating Party shall have available any
legal remedy for damages resulting from any decision by a Party to terminate the Agreement under this Paragraph 2.2.6 without there being any such violation of applicable antitrust laws or regulations, notwithstanding Section 13.3.

  

	2.2.7	In the event a proceeding for bankruptcy, insolvency, dissolution, compulsory winding-up, judicial custodian, compulsory management, or any other event which under the
laws of any jurisdiction has a similar effect, is commenced against Coskata, TPRF may, without waiving any other rights or remedies available to it, apply to any court or authority of competent jurisdiction to prevent any assignment of this
Agreement or any of the rights, title, interests or benefits contemplated therein by operation of law or act of authority or otherwise, to any third party, including any trustee, without the prior written consent of Coskata, and Coskata shall assist
TPRF in this regard in any manner permitted by law. In case of such proceeding being commenced against Coskata, and notwithstanding Paragraph 2.1 hereof, TPRF shall be entitled to terminate this Agreement and/or to withdraw the right granted to
Coskata under this Agreement.

  

	2.2.8	Notwithstanding Paragraph 2.1, this Agreement may be promptly terminated by either Coskata or TPRF, upon notice, in the event that without such Party’s prior
written consent (i) there is an assignment of this Agreement or of all or any part of the Foreground and/or Coskata or TPRF’s Background, for the benefit of creditors and/or (ii) there is a Change of Control of Coskata or TPRF (the
term “Change of Control” shall mean with respect to any Party, an event whereby a third party (other than any TPRF Affiliate or Coskata Affiliate existing as of the Effective Date) acquires more than fifty percent (50 %) of the shares or
equity interests in such Party). 

  

	[***] 	Indicates that text has been omitted which is the subject of a confidential treatment request. The text has been separately filed with the Securities and Exchange
Commission. 

  
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	2.2.9	Any early termination in application of Subparagraphs 2.2.1, 2.2.2, 2.2.3, 2.2.4 or 2.2.10 shall always be subject to the terminating Party giving at least three
(3) months prior written notice to the other Party. Any such notice shall be in addition to, and shall not be exclusive of or prejudicial to, any other rights or remedies, at law or in equity, which a Party may have on account of any default of
another Party. 

  

	2.2.10	Notwithstanding Paragraph 2.1 hereof, this Agreement may be terminated by each Party if the Steering Committee, as contemplated in Subparagraph 4.1.2.2 (i):
(a) does not decide to carry out a first demonstration of any Foreground in Coskata’s “Lighthouse” demonstration within three (3) months as from the date of achievement of Phase 1 of the IJDP, or (b) decides to
discontinue the on-going demonstration of Phase 2 of the IJDP. 

  

	2.2.11	After termination. 

  

	2.2.12	Termination of this Agreement for any reason shall not release any Party hereto from any obligation or liability which, at the time of such termination, has already
accrued to any other Party or which is attributable to a period prior to such termination nor preclude any Party, subject to Paragraph 13.3, from pursuing any rights and remedies it may have hereunder or at law or in equity with respect to any
breach of this Agreement. 

  

	2.2.13	Termination of this Agreement for any reason shall not affect the Parties’ ownership of Background as set forth herein. 

 

	2.2.14	Termination of this Agreement in application of Paragraph 2.1 or Subparagraphs 2.2.1, 2.2.2, 2.2.3, 2.2.4, 2.2.7, or 2.2.8 shall not affect any licenses or other rights
previously granted to a Licensee under an Approved Package in accordance with the Approved Licensing Conditions. 

  

	2.2.15	Termination of this Agreement for any reason shall not affect or alter the obligations, liabilities, rights, benefits and title included in Subparagraphs 2.2.2 and
2.2.3; Paragraph 2.3; Subparagraphs 4.3.4, 4.3.5, and 4.5.3; Section 5; Paragraphs 6.3 and 6.4; Subparagraph 7.8.1 only with respect to safety-related improvements, adaptations or developments; Subparagaphs 7.8.3, 7.8.4, and 7.8.5; Paragraphs
9.5 and 9.6; Sections 10 and 11; Paragraphs 12.1, 12.4, 12.6, 12.7, 12.8, 13.1, 13.2, 13.3, 13.6, 13.8, and 13.9; Paragraphs 13.10 and 13.11 only to the extent they are necessary to effect performance of surviving clauses; Paragraphs 13.12, 13.13,
and 13.14; Appendix 1 only to the extent such definitions are necessary to effect performance of surviving clauses; Appendix 5; and Appendix 6, only to the extent described in Item 9. 

 

	2.2.16	In the event of termination of this Agreement for any reason, each of TPRF and Coskata shall have the right to use, disclose (with any such disclosure subject to the
confidentiality provisions of Section 11) or license any Foreground including all pertaining rights, title and interest (whether or not based on the Background made available hereunder by either Party) without accounting therefore to any other
Party and without any restriction arising from this Agreement, provided that the exercise of any such right shall be in accordance with the terms and conditions expressly specified by this Agreement to survive termination under Paragraph 2.3.4 or
otherwise agreed in accordance with the Paragraph 13.3. 

  
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	2.2.17	In the event of termination of this Agreement for any reason, no Party is allowed to use or to continue to use the other Party’s Background made available
hereunder, except as permitted in this Agreement or otherwise unless a specific license is granted under conditions to be specified. 

  

	2.2.18	In the event of termination of this Agreement for any reason, each Party remains to have the right to use, disclose or license its Background it has made available
hereunder, without accounting therefore to any other Party. 

  

	2.2.19	In the event of termination of this Agreement for any reason, the Parties shall continue to decide jointly with respect to the implementation of those provisions that
(a) are identified in Subparagraph 2.3.4 to survive termination of this Agreement and (b) are subject to a decision of the Steering Committee during the term of this Agreement. Any such joint decision by and between the Parties after
termination of this Agreement shall take place in the same manner as contemplated under Subparagraph 3.1.4, 

 SECTION 3:
Management of this Agreement 
  

	3.1	Steering Committee. 

  

	3.1.1	The Parties shall form a “Steering Committee” or “SC” consisting of two (2) permanent members representing Coskata and two
(2) permanent members representing TPRF. The Parties agree that TPRF shall have the right to elect its representative from within the personnel of its Affiliates. Each member has the right to invite up to two experts in support of the
activities and responsibilities of the SC, provided that: (a) the inviting Party shall provide the other Party with a prior notice of such invitation and (b) the other Party shall have the right to refuse such invitation in case this
expert is not a member of the inviting Party’s personnel and (c) such invited expert shall in no event have the right to vote within the SC and (d) any expert attending a SC meeting who is not a member of any Party’s personnel
shall have agreed in writing to the confidentiality provisions of Section 11. 

  

	3.1.2	Without prejudice to each Party’s responsibilities and liabilities specified herein, the Steering Committee shall be responsible hereunder for those activities
conducted under this Agreement that are attributed to the Steering Committee. Accordingly, the responsibilities of the Steering Committee shall consist of: (a) the evaluation of progress made in relation to the work to be performed by the
Parties under this Agreement, the confirmation of achievement of milestones directed to the implementation of the IJDP and any ADPs and the decision to enter into a given phase of the IJDP and/or ADP; (b) the review, approval and rejection of
proposals relating to the IJDP or an ADPs, including review and approval of the Approved Licensing Conditions and the Approved Package; (c) the discussion and recommendation of any amendments to this Agreement (if any) to be executed by the
Parties; (d) the resolving of intellectual property matters; (e) the management of the preparation of the commercialization (industrialisation and licensing) of the Propanol Fermentation Technology; (f) all major decisions relating to the
joint implementation of this Agreement between the Parties; and (g) any other responsibility as agreed by the Steering Committee. 

  

	3.1.3	The Steering Committee shall meet for the first time to establish an initial path forward for the implementation of the IJDP as described in Appendix 2 at a mutually
agreeable date, but no later than forty-five (45) calendar days after the Effective Date. Details of the form, date, and place of the initial meeting will be as agreed by the Parties within fourteen (14) calendar days of the Effective
Date. During the remainder of the term of this Agreement, the Steering Committee will meet every six (6) months, or as may otherwise be mutually agreed upon by the Parties, at times and places mutually agreed upon by the Parties.

  
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	3.1.4	The Steering Committee shall only take decisions hereunder on the basis of unanimity of the votes issued by all its Parties through its permanent members, meaning that
each Party represented by its permanent member(s) shall have the specific right to withhold consent for or to reject any proposal, resolution or other directive made by or on behalf of any other Party (through its permanent members or otherwise) and
which without such consent, or if so rejected, such proposal, resolution, or directive does not become valid or effective as an act of the Steering Committee. Any such decision taken on the basis of unanimity shall require that all permanent members
are present or otherwise involved in the relevant decision making process. 

  

	3.2	Technical Management Team 

  

	3.2.1	The Parties shall form a “Technical Management Team” or “TMT”, consisting of at least two (2) permanent members representing
Coskata and two (2) permanent members representing TPRF. The Parties agree that TPRF shall have the right to elect its representative from within the personnel of its Affiliates. Each Party has the right to invite one or more experts in support
of the activities and responsibilities of the TMT, provided that: (a) the inviting Party shall provide the other Party with a prior notice of such invitation and (b) the other Party shall have the right to refuse such invitation in case
this expert is not a member of the inviting Party’s personnel and (c) such invited expert shall in no event have the right to vote within the TMT and (d) any expert attending a TMT meeting who is not a member of any Party’s
personnel shall have agreed in writing to the confidentiality provisions of Section 11. 

  

	3.2.2	The Technical Management Team shall be responsible hereunder for those activities conducted under this Agreement that are attributed to the Technical Management Team.
In addition, the Technical Management Team shall (a) review progress of the IJDP and any ADP, (b) agree on the path forward in relation to the IJDP and any Additional Development Program, (c) make periodic written reports, at least
for each Steering Committee meeting, containing sufficient detail to allow the Steering Committee to assess the status of the work performed; the periodic written report must also report the status of work under the IJDP and the Additional
Development Program in order to determine the status of achievement of the Readiness and (d) to prepare the intellectual property matters and other matters to be resolved or handled by the Steering Committee. 

 

	3.2.3	The initial meeting of the Technical Management Team will occur at a mutually agreeable date, but no later than forty-five (45) days after the Effective Date.
Following the initial meeting of the Technical Management Team, further discussions will be conducted on an on-going basis but with progress meetings at least every four (4) months, or as may otherwise be mutually agreed upon by the Parties, at
times and places to be mutually agreed by the Parties. 

  
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 SECTION 4: Joint research and development 

 

	4.1	Initial Joint Development Program 

  

	4.1.1	The Parties shall jointly conduct the IJDP in accordance with the terms and conditions of this Agreement in view of obtaining the PFT suitable for its
commercialization. 

  

	4.1.2	The Parties shall implement the IJDP, and fund such implementation, as follows: 

 

	 	4.1.2.1.	With respect to “Phase 1” of the IJDP (as specified in Appendix 2): 

 

	 	(i)	TPRF agrees to pay Coskata $1,300,000 as a contribution to the funding of the capital expenditures for the materials required for and dedicated to the IJDP, which
materials shall be solely owned by Coskata and be used under terms and conditions to be agreed upon. Such participation in the funding of the capital expenditures by TPRF will be according to the following schedule: 50% due upon receipt of the
invoice issued as from the Effective Date, 25% due upon receipt of the invoice issued as from the Effective Date plus three (3) months, and the remaining 25% due upon receipt of the invoice issued as from the Effective Date plus six
(6) months; and 

  

	 	(ii)	Coskata will be in charge of and responsible for the funding of the capital expenditures related to the expansion of its laboratory as required for the implementation
of the IJDP. 

  

	 	(iii)	Except if provided otherwise herein, TPRF and Coskata will bear their own costs associated with any of their employees participating and/or performing operations
associated with Phase 1 of the IJDP. 

  

	 	4.1.2.2.	With respect to “Phase 2” of the IJDP (as specified in Appendix 2): 

 

	 	(i)	The decision to carry out a demonstration of any Foreground in Coskata’s “Lighthouse” demonstration plant will be subject to a decision of the Steering
Committee applicable to a limited period of time to be determined by the Steering Committee, which demonstration shall only be made if and when such is justified by (a) an industrial and/or commercial need and priority for the purposes of this
Agreement, and (b) the meeting of all Phase 1 deliverables as specified in Appendix 3. The continued carrying out of such demonstration shall be subject to subsequent monthly decisions of the Steering Committee. 

 

	 	(ii)	In case of a decision by the Steering Committee as contemplated in Subparagraph 4.1.2.2 (i), TPRF will pay in the aggregate a maximum amount of $2,700,000 for the
completion of Phase 2 of the IJDP, provided however that in case that, within a period of less than six (6) months (as from the date of the first day of operation to demonstrate the Foreground in Coskata’s Lighthouse demonstration plant),
(a) the Steering Committee decides that Phase 2 is completed or (b) the Steering Committee decides not to continue such demonstration, TPRF shall only pay a flat fee of $15,000 per day of continuous operation of such demonstration plant
for the IJDP. Such payment will only be made to fund the fixed and variable costs associated with the operation of Lighthouse incurred in relation to Phase 2 of the IJDP. Such fees shall be invoiced by Coskata to TPRF on a monthly basis. The sum of
all such fees paid during this phase is defined as the “Cumulative Period 2 Operating Fees (CP2OF)”. 

  
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	 	(iii)	In the event the Steering Committee decides on equipment modifications to the Lighthouse demonstration plant for the purposes of the IJDP, TPRF will fund all such
modifications, including any third-party engineering and project management (in the event that Coskata does not have the capability to perform such engineering and/or project management), equipment, construction, and installation. Coskata shall
assume any costs of internal personnel incurred in carrying out these modifications. 

  

	 	(iv)	TPRF will fund fifty percent (50 %) of each biomass gasification run performed by AlterNRG at a cost of $35,000 (including feedstock and any fees paid to AlterNRG) as
described in the IJDP and agreed by the Steering Committee, which maximum number of gasification runs will be thirty (30) for a maximum aggregated costs for TPRF of $525,000 for the completion of Phase 2 of the IJDP. Such participation in the
funding of such runs shall be invoiced by Coskata to TPRF on a monthly basis. It is understood that TPRF requests that the Propanol fermentor operate for a minimum of [***] total hours on biomass-based Synthesis Gas after a period of stable
performance of the fermentor on natural gas based Synthesis Gas. 

  

	 	(v)	Except if provided otherwise herein, TPRF and Coskata will bear their own costs associated with any of their employees participating and/or performing Lighthouse
operations associated with Phase 2 of the IJDP. 

  

	 	(vi)	The Parties recognize that Coskata’s operation of its Lighthouse demonstration facility is subject to an agreement between Coskata and Westinghouse Plasma
Corporation (“WPC”), a division of Alter NRG, under which (1) WPC operates its gasifier to provide Synthesis Gas for Coskata’s fermentation and separation equipment and (2) Coskata is given permission to retain and operate
its equipment at WPC’s Plasma Center at the Waltz Mill site in Madison, PA, U.S.A. and Coskata represents to the Parties that it has secured the necessary contractual rights from WPC to operate the Lighthouse demonstration facility through
August 31, 2012 for the purposes of the IJDP. 

 To the extent the implementation of any of the rights,
obligations, information and services contemplated herein, in whole or in part, result from or are subject to arrangements between Coskata and Alter NRG, Coskata represents and warrants that, as from the Effective Date and up to August 31,
2012, Alter NRG has no contractual right or remedy that can be exercised against Coskata in a manner that will negatively impact the proper implementation of this Agreement. 

 

	 	4.1.2.3.	With respect to “Phase 3” of the IJDP (as specified in Appendix 2): 

 The Steering Committee will decide on the involvement and selection of a third party to prepare an engineering and design document envisioning the industrial implementation of the Foreground, whose main
features are determined in Appendix 9 (“Blank Process Book”). Within this frame: 
  

	 	•	 	 Coskata will provide access to its Background (including but not limited to engineering and design work or information for ethanol production via
Synthesis Gas fermentation and alcohol separation) at no cost for the other Party and such third party, in order to prepare the Blank Process Book. 

  

	[***] 	Indicates that text has been omitted which is the subject of a confidential treatment request. The text has been separately filed with the Securities and Exchange
Commission. 

  
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	 	•	 	 Each Party will bear its own costs and expenses associated with their own personnel for the completion of the Blank Process Book. Any other costs to
complete the Blank Process Book by relying on said third party will be borne by TPRF upon acceptance of the same by TPRF. 

 Except if provided otherwise herein, TPRF and Coskata will bear their own costs associated with any of their employees participating and/or performing operations associated with Phase 3 of the IJDP.

  

	 	4.1.3	In addition to the resources and funding specified in Subparagraph 4.1.2, and without any costs, compensation or reimbursement for or from any other Party:

  

	 	1.	Each Party will bear its own costs and expenses in meeting its obligations and responsibilities in relation to the implementation of the IJDP (including but not limited
to its own costs associated with any personnel performing tasks associated with the IJDP) and the other terms and conditions of this Agreement. In particular, after Readiness of the IJDP, each Party shall continue to bear such costs and expenses
(unless otherwise decided upon by the Steering Committee). 

  

	 	2.	Each Party will provide additional financial contributions and/or resources necessary to implement the IJDP (including but not limited to any modification or expansion
thereof as approved by the Steering Committee) and to enable the filing of patent applications regarding Foreground, which contributions and resources are approved by the Steering Committee; 

 

	 	4.1.4	The Steering Committee has the responsibility to prepare annual budgets for all costs to be borne for the implementation of the IJDP (unless otherwise agreed by the
Parties) and the filing of patent applications covering Foreground, which costs are to be documented and charged at cost hereunder to one or more Parties. The Steering Committee also has the responsibility to track these costs against the annual
budget and ensure that spending is consistent with and subject to the achievement of relevant project Milestones (as specified in Appendix 3). 

  

	4.2	Additional Development Programs 

  

	 	4.2.1	Each Party shall have the right to make a proposal for an ADP to the other Party. Any such proposal shall be reviewed and rejected or accepted by the Steering
Committee. With respect to rejected proposals, the Parties shall act in strict accordance with Paragraph 4.4. 

  

	 	4.2.2	The Parties shall jointly conduct Additional Development Programs in accordance with the terms and conditions of this Agreement and/or any other terms and conditions
agreed upon. A specific Addendum to this Agreement shall be signed between the Parties for each such Additional Project, defining the agreed upon scope of work, the related budget and task sharing as well as other terms and conditions.

  
 12 

	4.3	Access to Coskata’s facilities 

  

	 	4.3.1	TPRF shall have the right to make available to Coskata during the term of the Initial Joint Development Program and the Additional Development Programs, and Coskata
shall be obliged to accept such making available, of at least one of TPRF’s or TPRF Affiliates’ technically or scientifically qualified employees for the purposes of implementation of the Initial Joint Development Program and the
Additional Development Programs. 

  

	 	4.3.2	Any such employee contemplated in Paragraph 4.3.1 shall be involved in the implementation of the Initial Joint Development Program and the Additional Development
Programs and, to that end, it shall be granted access to Foreground, the facilities, equipments, products, personnel of Coskata and other Coskata’s Background used for the implementation of the Initial Joint Development Program and/or the
Additional Development Program, but only to the extent such is necessary or useful for such Initial Joint Development Program and/or Additional Development Program. Prior to granting such access to said employee, TPRF and Coskata will inform
TPRF’s employee of the obligations of confidentiality required under this agreement. 

  

	 	4.3.3	Unless decided otherwise by TPRF, any such employee contemplated in Paragraph 4.3.1 will at all times remain and act as an employee of TPRF or the relevant TPRF
Affiliate. 

  

	 	4.3.4	Any such employee contemplated in Subparagraph 4.3.1 will not be involved in activities that are expressly prohibited under Subparagraph 4.3.5.

  

	 	4.3.5	As far as legally permissible and for a period not exceeding five (5) years as from the date of the ending of said employee’s involvement in the Initial Joint
Development Program in Coskata’s facilities, such TPRF or TPRF Affiliate employee will be restricted from performing experimental work on fermentation of Synthesis Gas to ethanol or propanol, while in the employ of TPRF, a TPRF Affiliate, or a
TPRF Joint Venture. Such restriction will not apply (a) during said employee’s performance of experimental work in the form of an Additional Development Program and/or (b) to said employee’s experimental work involving
TPRF’s Background. 

  

	4.4	Independent research 

  

	 	4.4.1	Neither Party shall conduct any independent research within the Field during the term of the Initial Joint Development Program, provided however that nothing herein
prevents either Party from carrying out research and development activities independently or in cooperation with third parties in any domain or field outside or unconnected with the Field. 

 

	 	4.4.2	 After Readiness of the PFT, either Party may proceed to perform research and development work within the Field either independently or in cooperation
with third parties. It is understood by the Parties that the intent is to conduct additional research and development work for improving or extending the PFT within the Field together by means of Additional Development Programs. In case one of the
Parties proposes to perform such work jointly with the other Party as an Additional Development Program and such other Party does not elect to participate in such Additional Development Program after Readiness, the proposing Party (the
“Pursuing Party”) is allowed to proceed with such additional research and development work independently or in cooperation with third parties being understood that (i) the Background of the refusing Party cannot be used by the other
Party without the prior approval of the Party owning such Background 

  
 13 

	 	and (ii) the Identified Foreground (as defined in Subparagraph 6.3.3) relating to the refusing Party’s Background cannot be used by the other Party within the
Field, unless specific terms and conditions for its use within the Field are agreed by the Steering Committee and (iii) notwithstanding anything else specified herein, the Pursuing Party has the right to use the Foreground, including all
applicable rights, title and interest, for any such research and development work conducted independently or with third parties. In the event of an impasse at the Steering Committee, this dispute will be treated as described in Paragraph 13.3.
Nothing in this Paragraph shall be interpreted to provide to a Party the rights to use Identified Foreground without permission to use the related Background.

 

	 	4.4.3	Without prejudice to Paragraphs 4.4.1 and 4.4.2, in case of rejection of a proposal for an Additional Development Program, each Party shall have the right, without
accounting therefore to the other Party, to pursue its own independent research and development efforts relating to such rejected proposal, whether on a stand-alone basis or with third parties as long as they do not use, without permission, any
Background of another Party or Identified Foreground relating to the other Party’s Background. Such independent research and development efforts shall be at the sole expense of the Party conducting it, and any results, information or inventions
generated thereby shall belong solely to that Party. 

  

	 	4.4.4	If and when a Party (or TPRF Affiliates or Coskata Affiliates as the case may be) (the “Performing Party”) is offered, has the right to use, or owns
microorganism(s) that: (a) is/are able to produce predominantly Propanol and can be directed to the production thereof, (b) is/are not part of the Field and (c) for which (i) up to Readiness of the PFT such Party wants to develop
potential applications for the production of Propanol from Synthesis Gas or (ii) after Readiness of the PFT such Party wants to develop potential applications for the production of Propanol by using Foreground (“Other
Microorganism”), the Performing Party commits (but always subject to third party rights and/or its obligations owed to third parties) to propose such Other Microorganism to the other Party (the “Invited Party”) for the
further and joint evaluation of the same by and between the Performing Party and the Invited Party in view of determining their respective interests and willingness into entering into a collaboration with each other (and any relevant third party as
the case may be) directed to such Other Microorganism (“Joint Evaluation”). The Invited Party may elect not to contribute to such Joint Evaluation and shall notify the Performing Party thereof within three (3) months from the
date of proposal by the Performing Party. If the Invited Party elects to collaborate on the Joint Evaluation, then the Joint Evaluation will be considered an accepted ADP, subject to Section 4.2. To run such ADP, a necessary Addendum to this
Agreement, as described in Section 4.2.2, will contain a redefinition of the Field to include the Other Microorganism. Nothing herein shall be construed as a restriction on the Performing Party to work or continue to work on the Other
Microorganism, being understood however that, and except if decided otherwise between the Parties, nothing in this provision shall be interpreted so as to grant to the Performing Party a license covering the Invited Party’s Background or
Identified Foreground. 

  
 14 

 Subject to the Performing Party’s confidentiality obligations owed to third parties,
all relevant information that the Performing Party believes is reasonably necessary for the Invited Party to determine its interests in and willingness to contribute to the Joint Evaluation will have to be disclosed to the Invited Party. Any and all
such information (including the existence of the above-said notification) provided by the Performing Party shall be held confidential in the same manner as Confidential Information under Section 11 hereof (but excluding Paragraphs 11.12 and
11.13) and the Invited Party shall not use any such information, except if expressly authorized otherwise by the Performing Party. Prior to any disclosure of such information, the Performing Party shall summarize or describe in general terms such
information intended to be disclosed to the Invited Party, and the Invited Party shall have the right to refuse receipt of or access to any information or material so described or summarized by identifying for and providing to the Performing Party
the described or summarized information that the Invited Party does not desire to receive. 
  

	4.5	Subcontracting 

  

	 	4.5.1	Should any Party wish to subcontract part of its share of work hereunder to any third party (other than to a TPRF Affiliate), such Party shall request the Steering
Committee’s prior approval. 

  

	 	4.5.2	TPRF shall have the right to cause TPRF Affiliates to perform any action which TPRF is permitted to perform under this Agreement, and when such TPRF Affiliates are
acting on behalf of TPRF in exercising the rights and licenses granted to TPRF under this Agreement, such TPRF Affiliates will be entitled to the same rights and benefits which are granted to TPRF hereunder and they shall have the benefit of the
other Party’s contractual obligations to TPRF, provided, however, that TPRF shall cause such TPRF Affiliates to abide by the terms and conditions of this Agreement, including TPRF’s confidentiality and restricted use obligations.

  

	 	4.5.3	The implementation of Subparagraphs 4.5.1 and 4.5.2 is subject to the condition that the concerned Party shall remain liable for the performance of its obligations
under this Agreement and all property rights on the results of the work including intellectual property rights will be treated in the same way as if the work had been done by such Party itself, notwithstanding such subcontracting or delegation.

  

	4.6	Dehydration 

  

	 	4.6.1	The Propanol produced by the PFT will be made available for the optimization of the dehydration technology that TPRF envisages to develop in collaboration with a third
party (“TPRF Dehydration Partner”). 

  

	 	4.6.2	Even if such optimization of the dehydration technology falls outside the scope of the Field, and always subject to TPRF’s obligations owed to the TPRF Dehydration
Partner: 

  

	 	(a)	TPRF will evaluate the Propanol and provide, subject to appropriate confidentiality and restricted use provisions to be agreed upon, feedback to Coskata on a need to
know basis for the performance of the Agreement, with respect to the technical and commercial suitability, in TPRF’s opinion, of the Propanol for use in relation with such dehydration technology. 

  
 15 

	 	(b)	TPRF will work in good faith to have the TPRF Dehydration Partner enter into discussions with Coskata and TPRF covering at least (i) an access by Licensees to the
dehydration technology and (ii) the opportunity to optimize the fully integrated process, to enable all the Parties with the TPRF Dehydration  ̈Partner to negotiate an appropriate marketing and confidentiality agreement between Coskata, TPRF
and the TPRF Dehydration Partner in order to facilitate communication and promotion of common interest. 

  

	 	(c)	Coskata shall not be responsible for providing any additional resources for the fractionation/purification section to the extent such section is integrated with the
downstream dehydration section. 

 SECTION 5: Ownership and intellectual property rights 

 

	5.1	Ownership. 

  

	 	5.1.1	The Background provided hereunder to the other Parties shall remain at all times the sole ownership of the Party providing the same and, unless if expressly agreed
otherwise herein or decided otherwise by the Steering Committee: (a) nothing herein will prevent such owning Party to continue to use and to benefit therefrom and (b) such Background shall not be transferred or disclosed by the other Party
to any third party. Nothing in this Agreement includes a restriction of a Party’s right, with respect to the Background it owns or possesses, to use, commercialize, and to disclose to, and permit others to use the same without any obligation,
restriction or accounting to the other Party. 

  

	 	5.1.2	Each Party agrees, to the extent it is possible and predictable that an event under Subparagraphs 2.2.6 or 2.2.7 or any other liquidation procedure will occur, to give
prior notice to the other Party of a potential liquidation event and to give the other Party an opportunity to make an offer for the purchase of the Background and Foreground of the Party giving such notice or to be granted with an irrevocable
license to use or license such Background and Foreground. The obligations of this Subparagraph 5.1.2 are limited by any pledge or encumbrance of such Party’s Background. 

 

	 	5.1.3	All rights, title and interest to Foreground, as well as to patents, patent applications and other intellectual property rights filed on or obtained hereunder in
relation to Foreground, but not before the execution of this Agreement, shall be jointly owned by Coskata and TPRF. 

  

	 	5.1.4	It is understood and agreed between the Parties that TPRF is entitled to assign all or part of its rights, title and interest to Foreground to a TPRF Affiliate,
representing the Gas & Power Branch, being a division of the Total Group without prior approval of Coskata, provided, however, that TPRF shall cause such TPRF Affiliate to abide by the terms and conditions of this Agreement with respect to
those rights, title and interest to Foreground that are assigned to such TPRF Affiliate, including TPRF’s confidentiality and restricted use obligations. 

  
 16 

	5.2	Patents. 

  

	 	5.2.1	On the basis of proposal(s) made by the Technical Management Team, the Steering Committee shall decide whether to file a patent application directed towards any
Foreground. Unless decided otherwise by the Steering Committee, the Parties shall make all reasonable efforts to obtain patent coverage for such Foreground by the filing of a patent application within a reasonable period as from the date of
development of such Foreground. 

  

	 	5.2.2	The Parties will work together, with TPRF or Coskata, depending on their expertise taking the lead as decided upon by the Steering Committee, to promptly prepare, file,
and prosecute any such patent application, with title to be put in the name of TPRF and Coskata while respecting the applicable rules of inventorship (without prejudice to the applicable rules, only the inventors who have made an inventive
contribution to the Foreground subject to the patent application will be designated as inventors in such application) and national requirements for inventors that file the first patent application for an invention outside of their country.

  

	 	5.2.3	The Parties shall work together to assure that such patent application(s) cover, to the reasonable knowledge of the Parties, all items of commercial interest and
importance for all the Parties, and, to that end, the Parties will make all reasonable efforts to ascertain that any such patent application containing such Foreground confers the most efficient and strong protection to the Parties.

  

	 	5.2.4	The Parties will split equally all direct third party costs (for examples patent office fees, translation fees, and national attorney fees) between TPRF and Coskata
incurred in connection with such preparation, filing, prosecution, and maintenance of application(s) directed to Foreground. 

  

	 	5.2.5	The Steering Committee may decide for a given Foreground not to file or continue prosecuting or maintaining any patent and/or application; such decision should be duly
justified by particular technical, commercial or industrial reasons directed towards such Foreground. 

  

	 	5.2.6	In the case where there is not agreement within the Steering Committee to make an initial filing of a patent application directed towards Foreground, the Favorable
Party shall be free to file such an application at their own costs and will provide to the other Party a worldwide, non-exclusive, royalty free license under such patent application and the resulting patent(s) to make use of, sell, and license, in
all cases only within the Field, the relevant invention consisting of Foreground in accordance with terms and conditions of the Agreement. The Favorable Party shall own such a patent and then has the right to use it without restriction. If the
Favorable Party makes an election under this Subparagraph 5.2.6, and always subject to the other terms and conditions of this Agreement, the other Party will assign all their ownership rights, title and interests to those particular patents or
patent applications in such countries to the Favorable Party. 

  

	 	5.2.7	 If the Steering Committee cannot decide whether or not to extend rights in a patent application directed to Foreground to additional jurisdictions,
then the Favorable Party shall be free to extend such rights at the Favorable Party’s sole expense. If the Favorable Party makes an election under this Subparagraph 5.2.7, and always subject to the other terms and

  
 17 

	 	conditions of this Agreement, the other Party will assign all their rights, title and interests to those particular patents or patent applications in such countries to
the Favorable Party. The Favorable Party will provide to the other Party a worldwide, non-exclusive, royalty free license under those particular patents or patent applications to make use of, sell, and license the relevant invention consisting of
Foreground in accordance with terms and conditions of the Agreement, provided that the non Favorable Party shall reimburse the Favorable Party 75% of the incurred costs related to the filing of the patent at the time the non Favorable Party chooses
to exercise such license and such non Favorable Party shall continue thereafter to share costs equally in such patent application or patent. 

  

	 	5.2.8	TPRF or Coskata shall not be prevented from or required to abandon any of their rights in patents or patent applications directed to Foreground. Provided however, that
a Party deciding to abandon such rights shall give the other Party at least two (2) months advance notice of its decision and the opportunity to acquire such rights to any such application or patent under reasonable conditions to be agreed upon
in writing. 

 Without prejudice to Subparagraph 5.1.4, if a Party decides to assign its ownership rights in
Foreground to a third party (other than TPRF Affiliates or Coskata Affiliates) other than as provided in Paragraph 13.5, it shall provide written notice to, and obtain the prior written approval of, the other Party before doing so, provided always
that the other Party shall have a right of first offer to acquire such Foreground patents or patent application within three (3) months of such written notice. The other Party’s first offer right shall be forfeited if not exercised within
the foregoing three (3) months period. Failing the first offer right being positively exercised by the other Party, then the assignor Party shall be free to assign its share of the joint property right on the Foreground patent or patent
application to a third party assignee as decided subject to the third party assignee’s acceptance to comply with all the assignor obligations as a condition precedent. The conditions of the assignment shall not be more favorable for the third
party assignee than the conditions proposed to the other Party, it being understood that in no case can such third party assignee be a competitor of the other Party. If according to any such other Party, the acquisition value of such rights and
interest is not a reasonable price considering the current situation of the market or the work performed on such Propanol Fermentation Technology or other Foreground, by the selling Party, a third party expert shall be designated by such Party and
approved by the other Party to estimate such value. 
 The cost of registration of the assignment of the Foreground patent or
patent application at the suitable patent office shall be borne by the third party assignee. This provision shall apply for each country separately. If patent protection is sought in a country whose domestic law does not allow joint ownership of a
Foreground patent, the Foreground patent will be registered in the name of one Party designated by the Steering Committee, subject to the execution of a contract between the Parties. To take into account relevant laws concerning the payment to be
done in favor of inventors employed by the Parties, each holder of a Foreground patent, resulting from the work as aforementioned covered under this Agreement, shall support these above mentioned payments for its own employees. 

  
 18 

	5.3	Other. 

  

	 	5.3.1	In addition to or as an alternative to the filing of patents pursuant to Paragraph 5.2, any and all Foreground shall, as from its creation and thereafter, be
sufficiently and accurately documented or otherwise formalized by the Parties in order to enable such Parties to benefit, as far as legally possible but always subject to the terms and conditions of this Agreement, from any other intellectual
property protection (such as, for instance, trade secret, copyright and database-right protection) directed towards such Foreground. 

  

	 	5.3.2	To the extent necessary for the implementation of the provisions under Subparagraphs 5.1.2 and 5.1.4 and Paragraphs 5.2 and 5.3, the Parties shall, and shall cause
their employees and contractors to, promptly provide or execute any documents, forms, declarations, oaths, powers of attorney, affidavits, confirmations, and/or assignments of rights, as may be required under the provision of any law, any regulation
or any international treaty, convention, or agreement, in each case as may be reasonably requested in writing by such Party, or by such Party’s successors, assigns or nominees, to vest, register, record or enforce such Party’s rights in
any Foreground, anywhere in the world. 

 SECTION 6: Conveyance of rights between the Parties. 

 

	6.1	For research purposes. 

  

	 	6.1.1	Each Party grants to the other Party a non-exclusive, world-wide, royalty free, non-transferable right to use its Background and the Foreground including all pertaining
rights, title and interest for the sole purposes of conducting the IJDP and/or ADPs. 

  

	 	6.1.2	In case of relevant technical information and associated rights obtained by a Party from or with third parties, and which technical information and associated rights
could qualify as “Background” that are useful or necessary in the sole opinion of such owning or controlling Party for the IJDP and/or the ADP, the Party concerned shall do its reasonable efforts to obtain the right of use for the
other Party for the purposes of the IJDP and/or ADP under conditions to be agreed upon and always subject to such owning or controlling Party’s obligations owed to said third parties. 

 

	6.2	For licensing purposes. 

  

	 	6.2.1	The Parties grant to Coskata a non-exclusive, world-wide, royalty free, non-transferable right within the Field under their respective Background made available
hereunder and Foreground for the sole purposes of implementing the provisions under Paragraph 7.1 during the Agreement. 

  

	 	6.2.2	The Parties grant to Coskata the following non-exclusive, worldwide, royalty free, non-transferable rights within the Field under their respective Background made
available hereunder and Foreground, which rights may only be exercised in conjunction with the implementation of one or more rights granted to Coskata under Paragraph 6.2.1.: 

  
 19 

	 	(a)	the right to use the Foreground and their Background to perform studies, evaluations and services that are directly related to the licensing of the PFT in accordance
with the terms of this Agreement; and 

  

	 	(b)	the right to use the PFT, as well as Background required for the use of the PFT, for the design, engineering, procurement, construction, operation, maintenance, repair,
reconstruction and/or modification of Licensed Units of Licensees. 

  

	 	6.2.3	The Parties grant TPRF a non-exclusive, world-wide, non-transferable right to license Foreground including all pertaining rights, title and interest and the required
Background, as well as the right to use and sell the products and by-products produced thereby, to TPRF Affiliates and TPRF Joint Ventures in accordance with the relevant terms as set forth in Appendix 6. However, at TPRF’s written request,
Coskata shall license, in accordance with the relevant terms of Appendix 6, such Foreground including all pertaining rights, title and interest and the required Background, as well as the right to use and sell the products and by-products produced
thereby, directly to TPRF, TPRF Affiliates and TPRF Joint Ventures under normal and customary terms and conditions (but without prejudice to the other arrangements contained herein). For the avoidance of doubt, (a) any licensing activity
conducted by TPRF shall take place in accordance with the Approved Licensing Conditions, (b) the rights granted to Coskata under Subparagraphs 6.2.1 and 6.2.2 shall be extended to TPRF for such licensing activity as contemplated in this
Subparagraph and (c) Coskata shall provide reasonable assistance in regard of such licensing activity conducted under this Subparagraph 6.2.3 (subject to any applicable laws or regulations), which assistance shall include the services
contemplated in Paragraph 7.5 to be provided under normal and customary terms and conditions. 

  

	6.3	For use outside the Field. 

  

	 	6.3.1	Neither Party shall have the right to use another Party’s Background outside the Field without that other Party’s approval, but subject to the provisions
under Subparagraph 6.3.3. 

  

	 	6.3.2	Each Party has the right to freely use the Foreground including all pertaining rights, title and interest outside the Field without any restriction but subject to
provisions under Subparagraph 6.3.3 and subject to the restriction on the activities of the TPRF employee(s) involved in the IJDP described in Subparagraph 4.3.5. 

 

	 	6.3.3	(a) Either Party may identify, within six (6) months of the moment such identification is reasonably possible, any Foreground that (i) requires or
necessitates the use of a Party’s Background made available hereunder and (ii) cannot be commercialized without using or infringing a Party’s Background made available hereunder (“Identified Foreground”). Such
Identified Foreground is to be reviewed and agreed by the TMT at its next scheduled meeting, and the commercialization of such Identified Foreground is subject to approval by the Steering Committee. Such Identified Foreground cannot be used by
either Party outside the Field, unless specific terms and conditions for its use outside the Field are agreed by the Steering Committee. In the event of an impasse at the Steering Committee, this dispute will be treated as described in Paragraph
13.3. 

  
 20 

 (b) For the purposes of Subparagraph 6.3.3(a), the “use of Identified Foreground”
outside the Field shall mean, but is not limited to, the performance of research and development work based on such Identified Foreground, process development based on such Identified Foreground and implementation of such Identified Foreground in
other technologies. The agreed specific terms and conditions referred to in Subparagraph 6.3.3(a) should include, in the event that direct or indirect use of Identified Foreground outside the Field would lead to commercialization, a non-exclusive
right, granted by the Party owning and controlling the Background covered by the Identified Foreground, to commercialize the Identified Foreground outside the Field under normal and customary terms and conditions. 

 

	6.4	General. 

 Notwithstanding
anything to the contrary in this Agreement, no Foreground including all pertaining rights, title and interest to such Foreground or Background exchanged, disclosed or otherwise made available hereunder to a Party by or on behalf of the other Party
will be subject to any restrictions for any Party arising from or by virtue of such exchange, disclosure or making available and, except if expressly specified in this Agreement (or otherwise decided upon by the Steering Committee), in no event will
any Party have any liabilities or obligations owed to any other Party in respect of such Background. 
 SECTION 7: Licensing to
Licensees. 
  

	7.1	Coskata as exclusive licensing agent. 

  

	 	7.1.1	The Parties designate Coskata as their exclusive agent (which exclusivity means only that the Parties will not rely on a third party to grant licenses directed to
Foreground to other third parties as described in this Paragraph 7.1.1) within the Field: 

  

	 	(a)	to license, with Coskata as the sole contracting party, to Licensees (a) the right to use the PFT and other Foreground, as well as any Background required for such
use, and (b) the right to use and sell the products and by-products produced thereby; and 

  

	 	(b)	to grant, with Coskata as the sole contracting party, sublicensing rights to Licensees to sublicense to others (a) the right to use, the PFT and other Foreground,
as well as any Background required for such use, and (b) to have used and sold by such others products and by-products produced thereby; and 

  

	 	(c)	to use the PFT and other Foreground, as well as any Background required for such use, for the offering to Licensees. 

 

	 	7.1.2	In case there are technical and/or commercial reasons that Coskata cannot or will not fulfill its role as licensing agent under Paragraph 7.1.1, Coskata shall advise
the other Party thereof promptly in writing, and TPRF shall have the right, without incurring any costs, to substitute Coskata on a case-by-case basis in its licensing activities contemplated herein and, in the event TPRF elects in its sole
discretion to proceed with such substitution: (a) Coskata shall provide reasonable assistance to TPRF in this regard, subject to any applicable laws or regulations (which assistance shall include the services contemplated in Paragraph 7.5 to be
provided under normal and customary 

  
 21 

 terms and conditions) and (b) the rights granted to Coskata under Paragraphs 6.2.1 and
6.2.2 shall be extended to TPRF. For the avoidance of doubt, any such licensing activity conducted by TPRF in substitution of Coskata shall take place in accordance with the Approved Licensing Conditions. In such case, and notwithstanding anything
else agreed upon in this Agreement, TPRF shall then be entitled to a fee for this particular license, to be agreed upon by the Parties together with other applicable terms and conditions. 

 

	 	7.1.3	If and when, between the Readiness and the tenth anniversary thereof (whether or not during the term of this Agreement), no more than two (2) licenses directed to the
Propanol Fermentation Technology are granted to Licensees (except if not due to reasons attributable to Coskata), the SC shall identify a solution, without prejudice to subparagraph 2.2.4 and 7.1.2, that might include (i) a change in the agency
attributed to Coskata, and the associated rights thereto, and (ii) the involvement of third parties in the performance of the license agent. 

  

	7.2	Approved Licensing Conditions / Approved Package 

  

	 	7.2.1	Coskata represents and warrants that it shall not exercise any of the rights and benefits included in Subparagraphs 6.2.1, 6.2.2, and 7.1.1 prior to the determination
by the Steering Committee of the protocol set forth in (a) the Approved Licensing Conditions and (b) the Approved Package. 

  

	 	7.2.2	Coskata represents and warrants that, except in case of the Steering Committee deciding otherwise, the exercise and implementation by Coskata of any of the rights and
benefits included in Subparagraphs 6.2.1, 6.2.2, and 7.1.1 shall: (a) only be undertaken with respect to an Approved Package, (b) be compliant with the Approved Licensing Conditions and (c) only be undertaken after the work undertaken
by the Parties pursuant to Paragraph 9.2. Coskata shall request the Steering Committee’s approval in case of any Significant Deviations (as defined in Appendix 1) from the Approved Package or changes to the Approved Licensing Conditions before
accepting them for a particular Licensee; such Steering Committee’s decision should be taken and made known in writing to Coskata within ten (10) working days after the request date. The absence of an answer by the Steering Committee or
any Party regarding this request within this ten-day period shall be deemed to constitute an approval made by the Steering Committee. 

  

	 	7.2.3	For the avoidance of any doubt, in the event a Licensee or Prospective Licensee desires to acquire a license, receive or use one or more rights or parts of Approved
Package, or combinations thereof, any such license, receipt or use shall take place in accordance with the provisions of this Agreement. 

  

	7.3	Performance guarantees. 

  

	 	7.3.1	Coskata may be required, in application of any of the rights and benefits included in Subparagraphs 6.2.1, 6.2.2 and 7.1.1, to provide a Licensee with performance
guarantees in connection with the relevant Licensed Unit (such as those performance guarantees relating to capacity, product quality, product specifications and feedstock and utility consumptions). 

 

  
 22 

	 	7.3.2	By virtue of any such performance guarantee, Coskata may be required to pay the cost of changes, modifications or additions necessary to meet such guarantees, and to
pay liquidated damages, and TPRF agrees to share in such costs and liquidated damages actually paid by Coskata as required by such guarantee commitment, in proportion to the sharing of the royalty fees received by such Parties in relation to the
Approved Package at stake. It is agreed between the Parties that the maximum amount of the performance guarantee costs and liquidated damages shall not exceed the maximum amount of the [***], unless otherwise agreed by the Steering Committee.

  

	 	7.3.3	In those cases where TPRF is obligated to share in the costs of remedial measures taken or payment of liquidated damages to address the failure to meet any performance
guarantee agreement per Subparagraph 7.3.2, Coskata shall promptly notify TPRF in writing of the failure to meet any performance guarantee commitment made to a Licensee and shall keep TPRF informed of the steps taken or to be taken to have such
performance guarantees satisfied. TPRF may participate with Coskata in determining the remedial measures to be taken in connection with any such performance guarantee failure. Coskata shall keep TPRF advised of any proposed remedial measures or
settlement and in the event that TPRF raises prompt and timely objection thereto then the Parties shall discuss the matter in good faith and Coskata shall furnish TPRF with a statement setting forth the costs incurred in connection with any remedial
measures undertaken and payment of any liquidated damages before TPRF is obligated to make any payments related thereto. 

  

	7.4	Promotion. 

  

	 	7.4.1	Following the Effective Date and prior to Readiness, both Coskata and TPRF shall have the right to promote the Propanol Fermentation Technology provided that such
promotion reflects the general characterization of the technology as being in a research and development phase, unless otherwise approved by the Steering Committee. 

 

	 	7.4.2	Following the Effective Date, and always subject to the confidentiality and restricted use obligations included herein, both Coskata and TPRF (and only Coskata and
TPRF) shall have the right to promote the use of the Foreground including all pertaining rights, title and interest (whether or not amalgamated with the other Party’s Background) and/or the Propanol Fermentation Technology to Prospective
Licensees. 

  

	 	7.4.3	No Party shall make any press release, public statement or communication to a third party in relation to this Agreement, the IJDP, Additional Development Programs,
Foreground including all pertaining rights, title and interest and/or Propanol Fermentation Technology without the prior written consent of the other Party, however, the purpose of this Agreement as provided in Section 1 can be communicated to
Licensees, Prospective Licensees, financial advisors and potential investors under terms of confidentiality. 

  

	 	7.4.4	This Agreement, including its contents in full or in part, may be provided to prospective investors subject to confidentiality and applicable laws and prior
notification to TPRF of the identity of the prospective investor. TPRF shall have 10 business days to consider this disclosure and, to the extent TPRF reasonably demonstrates within that timeframe that such disclosure would conflict with applicable
laws, the Parties will undertake all reasonable efforts prior to disclosure to redact the agreement such that the redacted agreement would then be in compliance with the laws in question. 

  

	[***] 	Indicates that text has been omitted which is the subject of a confidential treatment request. The text has been separately filed with the Securities and Exchange
Commission. 

  
 23 

	 	7.4.5	Coskata, and TPRF to the extent TPRF undertakes such activities, shall keep the other Party reasonably advised, subject to confidentiality obligations of Coskata and
TPRF, as to the status of any negotiations with Prospective Licensees, Licensees or other third parties regarding Approved Package and/or Confidential Information. Coskata, and TPRF to the extent TPRF undertakes such activities, shall not initiate
confidentiality terms that would restrict the ability of the prospective licensor to provide the identity of particular Licensees and their non-technical project information to the other Party. 

 

	 	7.4.6	TPRF may notify Coskata of its or a TPRF Affiliate’s general desire to be involved, as shareholder or otherwise, in unspecified projects for which Coskata has been
contacted to grant a license or other rights in relation to Propanol Fermentation Technology to a third party. Coskata agrees in that situation to inform relevant third parties of TPRF’s interest and, in the case of the third party also being
interested in such an involvement by TPRF, provide appropriate third party contact details to TPRF. 

  

	7.5	Services to Licensees 

  

	 	7.5.1	Services before the start-up of the Licensed Unit: 

  

	 	1.	In completion of its licensing activities hereunder, Coskata shall furnish services to the Licensee in the form of and by supplying basic engineering services for
Licensed Units of Licensees under its sole responsibility. Such basic engineering package and its directly related services shall be referred to as a “Technology Access and Engineering Design Package”, which shall be governed by an
agreement between Coskata and the Licensee other than the license agreement. 

 Coskata shall request of any
Licensee deploying the first instance of an Approved Package the approval to disclose to TPRF, for purposes of providing improvement recommendations at TPRF’s discretion, any Technology Access and Engineering Design Package document developed
for that Licensee and any Licensed Unit operation data in Coskata’s possession and relating to the relevant Licensed Unit. If TPRF requests such information and the Licensee has provided its approval, Coskata will then share this information
with TPRF. 
 Coskata shall be responsible for establishing or having established the Technology Access and Engineering Design
Package for each single Licensee, which shall in any event be in strict conformity with the Approved Package. 
  

	 	2.	In completion of its licensing activities hereunder, Coskata shall also be responsible for the provision to all Licensees with all other relevant and normal services
that are requested by the Licensee, such as (i) support from Coskata for starting-up of the Licensed Unit at stake and (ii) any supervisory operating manual and any proprietary equipment and services related thereto, at its sole cost and
benefit. 

  
 24 

	 	7.5.2	Services after the start-up of the Licensed Unit 

  

	 	1.	In completion of its licensing activities hereunder, Coskata shall furnish services to the Licensee in the form of and by supplying the necessary micro-organisms for
Licensed Units of Licensees that intend to use an Approved Package or that are using the same (including the expansion and/or modification of existing plants), under its sole responsibility. Such services shall be supplied by Coskata under an
agreement with the Licensee other than the license agreement. 

  

	 	2.	In completion of its licensing activities hereunder, Coskata may also engage in further operational improvement activities to provide better operation or longer
on-stream operation, such as operator training simulators or advanced process control, at its sole cost and benefit. Coskata will provide assistance to start-up operations and other technical assistance to the Licensed Unit of its Licensee. Such
activities shall be conducted by Coskata under an agreement with the Licensee other than the license agreement. 

  

	7.6	Consideration 

  

	 	7.6.1	Coskata shall ascertain that each Licensee shall pay to Coskata, in consideration of the licenses granted and services provided by Coskata to the Licensee, reasonable
fees that will consist of: 

  

	 	(i)	Service fees incurred in providing the Technology Access and Engineering Design Package, 

 

	 	(ii)	Support fees for other services during the period prior to operation of the Licensed Unit (including during start-up and performance of the “guarantee test
run”) and ongoing microorganism and nutrient supply as well as technical support during the operation of the Licensed Unit, and 

  

	 	(iii)	Royalty fees for access to and the ability to use technology consisting of some combination of upfront fees, lump sum fees, installments or running royalties (such as
running royalties on production volumes totaling ten (10) times the licensed design plant capacity). 

  

	 	7.6.2	The service fees contemplated in Subparagraph 7.6.1(i) shall: (a) not exceed US$[***] as of the Effective Date and adjusted by the Annual Average BLS Index and
(b) not exceed the cumulative negotiated [***]. Upon TPRF’s request and subject to Subparagraph 7.8.4, Coskata shall make all data available to TPRF demonstrating compliance with Subparagraphs 7.6.2 and 7.6.4. 

 

	 	7.6.3	The support fees contemplated in Subparagraph 7.6.1(ii) shall be charged at Coskata’s standard rates including cost plus an appropriate mark-up; being understood
that such mark-up shall be no greater than [***]%. 

 Upon TPRF’s request and subject to Subparagraph 7.8.4,
Coskata shall make all relevant data available to an independent third party expert under a suitable confidentiality agreement, mutually agreeable to Coskata and TPRF, to assess compliance with this Subparagraph 7.6.3. The Parties shall select such
expert within 60 days from the date of TPRF’s request. 
  

	 	7.6.4	For each license regarding an Approved Package granted pursuant to this Agreement, the Parties shall share all royalty fee payments, as contemplated in Subparagraph
7.6.1(iii), as determined in Appendices 5 and 6, except for those amounts paid by TPRF and TPRF Affiliates. 

  

	[***] 	Indicates that text has been omitted which is the subject of a confidential treatment request. The text has been separately filed with the Securities and Exchange
Commission. 

  
 25 

	 	7.6.5	Coskata shall collect all fees from the licensee, including the Parties’ shares due in accordance with Appendix 5 of all payments actually received from each
Licensee. Coskata shall prepare and furnish to TPRF, within sixty (60) days following the end of each January and July, a written report identifying each license agreement, the current paid-up capacity, the design capacity, and amount of
royalties actually collected with respect to such license. TPRF shall then issue an invoice which will be paid by Coskata within thirty (30) days as from the date of its receipt. All payments by Coskata to TPRF hereunder shall be payable in the
currency used in the relevant license agreement (unless otherwise previously agreed in writing) by wire transfer to a bank account designated in writing by TPRF or to such other place as TPRF may hereafter designate with a written notice to Coskata.

  

	 	7.6.6	Coskata shall attempt to ensure that all Licensee royalty fees are paid net of any taxes incurred. In the event that any tax receipt or voucher issued to Coskata in
connection with the payment of foreign income taxes constitutes a withholding against and reduction of the payments actually collected, then Coskata shall request from the Licensee copies of official tax receipts evidencing payment of such taxes and
shall provide TPRF hereto with copies of such receipts along with a statement certifying such TPRF’s proportionate share thereof based on the fact that Coskata is collecting TPRF’s share of license fees for TPRF. 

 

	 	7.6.7	To the extent the Licensee contemplated in Subparagraph 7.5.1 is TPRF, a TPRF Affiliate, a TPRF Joint-Venture or a Coskata Joint-Venture, the license fee to be paid to
Coskata shall be subject to the arrangements specified in Appendix 6 and, in such event, Subparagraph 7.6.4 as well as the sharing provisions of Appendix 5 shall not apply to such Licensee except as provided for in Appendix 6.

  

	 	7.6.8	The provisions of this Agreement providing for sharing of revenues and expenses or liquidated damages shall apply only in connection with licenses relating to any
Approved Package granted after the Effective Date. 

  

	7.7	Exclusivity Periods 

  

	 	7.7.1	As from the date of Readiness of the PFT (which is the last key performance milestones of the IJDP), TPRF shall have the option to enjoy Exclusivity Periods each of one
year in duration in accordance with the incremental periods stipulated in Appendix 7 (“Exclusivity Periods”), subject to financial compensation to be paid by TPRF as specified in Appendix 7. 

 

	 	7.7.2	During the Exclusivity Periods there shall be no right by Coskata to grant a license to any third party (other than a TPRF Affiliate or TPRF Joint-Venture) in relation
to the Foreground including all pertaining rights, title and interest; however at all times, Coskata shall be entitled to explore the market or make other marketing efforts regarding Prospective Licensees that are potentially interested in using the
Foreground. During such Exclusivity Periods, Coskata, a Coskata Affiliate, or, only in the case where TPRF, a TPRF Affiliate, or a TPRF Joint Venture have not signed an agreement covering the phase of detailed engineering,
procurement, and construction (“EPC Phase”) for a 

  
 26 

 plant of at least [***] metric tons per year of Propanol (and by-products) capacity, a
Coskata Joint Venture may either (i) build one facility with a capacity of no greater than [***] metric tons per year employing the PFT or (ii) retrofit its Flagship facility to deploy the PFT, subject in either case to providing TPRF (or
TPRF Affiliates) with (a) a right of first offer to participate in ownership of the facility under reasonable terms and conditions, which right TPRF (or TPRF Affiliates) must exercise within 90 days of receiving notice from Coskata, as well as
(b) a right of first offer to purchase the facility’s production (but only to the extent that the third party shareholder in the Coskata Joint Venture has not expressed an interest in the acquisition of such production). Such right of
first offer, described in (a), for TPRF (or TPRF Affiliates) to participate in the Coskata Joint Venture shall imply that Coskata shall provide TPRF with any and all information that is available to Coskata at the notice date as well as necessary
for TPRF to assess the technical and commercial feasibility of such participation. The preceding right to build or retrofit shall continue once Coskata, a Coskata Affiliate or a Coskata Joint Venture has initiated the
exercise of such right by commencing the engineering or entering into an agreement related to such right prior to the commencement of the EPC phase. In the event that a Coskata Joint Venture exercises such right to build or retrofit,
Coskata will refund to TPRF all Exclusivity Period payments made to date. 
  

	7.8	Other. 

  

	 	7.8.1	Save in case of an objection by the other Party, Coskata shall, to the extent it has the right, promptly disclose to such Party any and all improvements, adaptations or
developments acquired, developed, or conceived by a Licensee and which: (a) are derived from or arises out of an Approved Package and (b) are disclosed hereunder by such Licensee to 

Coskata and (c) which have not been previously disclosed to or possessed by such Party. Subject to its obligations owed to any third
party and subject to its arrangements with such Licensee, Coskata hereby grants to the other Party an irrevocable, nonexclusive, worldwide, non-transferable, license, with respect to any such improvements, adaptation or developments. The specific
terms of such license will be approved by the Steering Committee. 
  

	 	7.8.2	Coskata shall prepare and negotiate the agreements to be entered into with the Licensees in relation to Licensed Units and the services under Paragraph 7.5, and TPRF
shall have the right to do the same when implementing the provisions under Subparagraphs 6.2.3 and 7.1.2 (but excluding those agreements to be entered into in application of Paragraph 7.5). 

 

	 	7.8.3	Except if expressly agreed otherwise by the Parties, no right or license is granted to a Party under this Agreement, directly or by implication, to use any trademark or
name of the other Party, TPRF Affiliates, TPRF Joint Ventures, Coskata Affiliates or Coskata Joint Ventures. 

  

	 	7.8.4	Coskata shall keep true records and books of account containing an accurate and complete record of all data necessary for the determination of its obligations relating
to the licensing activities incurred pursuant to this Agreement, including but not limited to its payment obligations hereunder. Coskata shall permit TPRF no more than once any calendar year, at TPRF’s expense, to have such records or books of
account examined at all reasonable times during regular business hours by an independent expert under 

  

  

	[***] 	Indicates that text has been omitted which is the subject of a confidential treatment request. The text has been separately filed with the Securities and Exchange
Commission. 

  
 27 

 suitable confidentiality agreement, selected by TPRF, for the purpose of determining the
accuracy of any of the statements to be rendered or other obligations to be implemented by Coskata relating to licensing activities pursuant to this Agreement. Any such expert shall not be entitled to disclose any information relating to the
business of Coskata except that which is properly contained in any report required by this Agreement. 
  

	 	7.8.5	(a) TPRF has the right to visit any Licensed Unit owned or controlled by a Licensee subject to the license agreement with the Licensee and Coskata will make available
to TPRF any engineering document and unit operation data in its possession, provided the applicable license agreement does not provide any restriction in this regard. 

(b) Coskata has the right to visit any plant of TPRF or a TPRF Affiliate or TPRF Joint Venture and TPRF or such TPRF Affiliate or TPRF
Joint Venture will make available to Coskata any engineering document and unit operation data in its possession, provided, in the case of a TPRF Joint Venture, TPRF has sufficient control to grant access to the relevant Licensed Unit to Coskata.

 (c) TPRF and/or Coskata shall have the right to refuse a visit to the Licensed Units they, TPRF Affiliates, Coskata
Affiliates, TPRF Joint-Ventures or Coskata Joint-Ventures respectively own or control but shall take reasonable efforts to make such facilities available to Licensees. The frequency of any such visits has to remain reasonable and visits are subject
to an appropriate non-disclosure agreement. 
 SECTION 8: Exchange of information. 

 

	8.1	As part of the meetings of the TMT or otherwise agreed by the Parties, the Parties will exchange new Foreground and update for each other any Foreground including all
pertaining rights, title and interest in their possession as well as Background that is newly brought into the project. In addition, during the IJDP and the ADP’s and as required thereafter according to this Agreement or as otherwise decided
upon by the Steering Committee, each Party shall make available to the other Party research and/or development results and other efforts made or undertaken pursuant to the IJDP and the ADP’s. 

 

	8.2	Any such exchange in accordance with Paragraph 8.1 shall be sufficiently complete, accurate and detailed in order to enable each Party and the Steering Committee to
perform its work attributed to it hereunder and to allow each Party to fully benefit from its rights and title conveyed to it hereunder. 

  

	8.3	The Technical Management Team shall coordinate the exchange contemplated in Paragraph 8.1. This coordination shall include, during each TMT meeting, a written update of
the Parties’ Background and Foreground including all pertaining rights, title and interest as required for the execution of the IJDP, to be included in the next Steering Committee’s minutes subject to approval of these minutes by all the
Parties. 

  

	8.4	The Parties agree that they shall act in strict accordance with the provisions of Appendix 8 hereto and, accordingly, they shall only make available or disclose to each
other information in strict accordance with those provisions of Appendix 8. 

  
 28 

	8.5	The exposure of a Party (and/or any of its employees, directors, officers or representatives) by another Party to any Excluded Information, without the former
Party’s prior written consent, shall in no event create any right in Discloser or impose any obligation or liability on the former Party (and/or any of its employees, directors, officers or representatives) in relation to such Excluded
Information. 

 SECTION 9: Freedom-to-operate. 

 

	9.1	Each Party confirms that it has conducted a general freedom-to-operate evaluation of any and all patents, patent applications and other intellectual property rights
(such as but not limited to trade secrets) relating to its Background that will be used for the purposes of this Agreement. Accordingly, each Party represents and warrants that: (i) through any such regular monitoring of patents and patent
applications and such other intellectual property rights related to the conversion of Synthesis Gas to alcohol, it is not aware of any patents, patent applications or such other intellectual property owned by any third party that would jeopardize
the freedom-to-operate of a commercial production facility of Propanol requiring such Background and (ii) any such regular monitoring is conducted in an accurate and non-negligent manner. 

 

	9.2	The Parties will work together and under the advice of legal counsel to identify and examine any patents, patent applications or other intellectual property owned or
filed by any third party (other than TPRF Affiliate or Coskata Affiliate) which may present freedom-to-operate questions for intended licenses or other uses of an Approved Package as permitted by this Agreement or otherwise decided upon by the
Steering Committee. 

  

	9.3	In any event, TPRF and Coskata will undertake or continue to undertake a third party patent survey in the Field as from the Effective Date. 

 

	9.4	If any potential freedom-to-operate question is identified pursuant to Paragraphs 9.1, 9.3 or otherwise, the Parties will obtain a competent legal opinion concerning
such question to be used in conjunction with the advice of legal counsel in any decision making process regarding such intended licenses or other uses of an Approved Package. Except if decided otherwise by the Steering Committee, Coskata shall not
make any Propanol Fermentation Technology, Foreground including all pertaining rights, title and interest, Background and/or Approved Package available to any Licensee prior to appropriate review and decision of the Steering Committee with the other
Party with respect to any potential or identified freedom-to-operate questions. 

  

	9.5	In the event that Coskata, TPRF or a Licensee shall be obligated to respond to a third party under an intellectual property claim or an intellectual property
indemnification commitment, which claims are directed to an Approved Package subject to a license granted to a Licensee in application of any of the rights and benefits included in Subparagraphs 6.2.1, 6.2.2, 6.2.3 and Paragraph 7.1
(“Claim”): 

  

	 	(i)	The Parties shall be fully and accurately notified by each other of such event and the Claim made by such third party; 

  
 29 

	 	(ii)	The Steering Committee shall decide in cooperation with legal counsel upon all relevant modalities of any defense undertaken against any such suit or action or any
settlement in relation to, the relevant patent Claim of the third party; 

  

	 	(iii)	The Steering Committee shall unanimously decide on the settlement or compromise to any such suit or action. In the event of disagreement of the Steering Committee
regarding the same, within a reasonable period, the Party(ies) involved in, and needing to respond to, such action shall unilaterally decide of the settlement or compromise to be entered into by such Party(ies) on behalf of itself/their selves. By
exception of Section 9.5(ii) above, the Parties agree that if TPRF has to respond to a third party under a Claim, TPRF shall decide on the settlement or compromise to any such suit or action without accounting therefore to any other Party; and

  

	 	(iv)	Without prejudice to Paragraph 12.8, any liability or damages (including the cost of litigation); but excluding any liabilities and damages (a) contemplated in
Paragraph 12.7 and/or (b) caused by one Party choosing, without the consent of the other Party, to undertake activities that are known or reasonably believed by the Party undertaking such activities to pose a risk of violating a trade secret or
patent right incurred by TPRF or Coskata and resulting directly from a Claim initiated as from the date of Readiness of the PFT by a third party against TPRF and/or Coskata (hereinafter “Litigation Damages”) shall be shared by and
between TPRF and Coskata as follows: 

  

	 	•	 	 If, at the time of receipt of such Claim, TPRF or TPRF Affiliates have not yet built a plant consisting of a Licensed Unit, Litigation Damages shall be
shared in proportion to the sharing of royalty fees (per Paragraph 7.6) received by Parties in relation to an Approved Package licensed to a Licensee in accordance with the Approved Licensing Conditions; 

 

	 	•	 	 However, if, at the time of receipt of such Claim initiated against TPRF and/or Coskata, TPRF or TPRF Affiliates have built (or have commenced
building) a plant consisting of a Licensed Unit, the Litigation Damages shall be shared [***]% to Coskata and [***]% to TPRF until a cap equal to 

 ([***] x I x J) + ([***] x I x K), 
 with 

I representing the cumulative amount of royalty fees received by Coskata (less those costs and liquated damages incurred by Coskata per
Subparagraph 7.3.2), per gallon of installed capacity, for a license at the most favorable terms to date granted to a third party, over the life of such license 
 J representing the amount, in gallons, of royalty-free licensed capacity Coskata has granted to TPRF or its Affiliates at the time of receipt of such claim, and 

K representing the amount, in gallons, of licensed capacity, with a royalty fee cost of [***]% less than the most favorable terms to date
granted to a third party, Coskata has granted to TPRF or its Affiliates at the time of receipt of such claim. 

  

	[***] 	Indicates that text has been omitted which is the subject of a confidential treatment request. The text has been separately filed with the Securities and Exchange
Commission. 

  
 30 

 Beyond the amount of such a cap, the Litigation Damages shall be shared in proportion to the
sharing of royalty fees (per Paragraph 7.6) received by Parties in relation to an Approved Package licensed in accordance with the Approved Licensing Conditions. For the avoidance of doubt, Litigation Damages, related to different claims, will be
aggregated and shared in the proportions detailed in this section until such cap is reached, and beyond the amount of such a cap, the Litigation Damages will further be shared in proportion to the sharing of royalty fees (per Paragraph 7.6) received
by Parties in relation to an Approved Package licensed in accordance with the Approved Licensing Conditions. 
  

	9.6	Each Party shall inform the other Party in writing of any written complaints or actions made by a third party before or after the Effective Date for misappropriation of
trade secrets, violation of confidentiality or restricted use obligations and/or infringement of rights of any patent, as well as any resolution or settlement thereof, but only to the extent such complaint or action is believed to relate to
information that is made available hereunder and if there is no restriction from disclosing such information to the Recipient. Thereafter, the Parties shall discuss, in good faith and in the presence of legal counsel as appropriate, options to
continue the relevant activities under this Agreement in a manner that maintains their value to each Party. Unless and until the Parties agree on how to address the relevant and potential patent or trade secret issue, each Party shall, in its
discretion, discontinue any relevant activities that are known or reasonably believed by both Parties to violate such trade secret or patent rights. 

 SECTION 10: Enforcement against Licensees and other third parties. 
  

	10.1	Coskata shall fully inform TPRF in writing about any and all enforcement actions it wishes to undertake and has undertaken against a Licensee. 

 

	10.2	In the event that a Licensee does not comply with its contractual obligations in relation to an Approved Package and/or Confidential Information, Coskata shall use all
reasonable efforts to make the Licensee compliant with such obligations, and promptly notify the other Party of such failure to comply with such efforts provided however that Coskata shall only be entitled to enforce the Background of another Party
relating to an Approved Package if and when it has received the prior written authorization of the other Party owning the same. 

 Should a Licensee fail or refuse to make any payments due pursuant to its license agreement or otherwise in relation to an Approved Package and Coskata has elected not to seek legal action against the
Licensee, then Coskata shall: 
  

	 	(i)	elect to provide TPRF with the details of a specific settlement that Coskata has reached with the Licensee in relation to the Licensee’s payment obligation and any
claims that Licensee could have with respect to the construction, commissioning, or performance of the Licensed Unit, with Coskata to have sole control of the terms of such settlement (but without prejudice to the terms of Section 12.8) and
TPRF shall have the right to elect reception of its proportional share of any net payments pursuant to the terms of Appendix 5 (or its corresponding value as agreed upon between the Parties) and its payment of its proportional share of any net
damages pursuant to the terms of Section 12.8; or 

  

	 	(ii)	elect to work with TPRF for Coskata to enter into a settlement agreement with the Licensee, with Coskata and TPRF to have joint control of the terms of such settlement,
and TPRF shall receive its proportional share of any net payments pursuant to the terms of Appendix 5 and pay its payment of its proportional share of any net damages pursuant to the terms of Section 12.8. 

  
 31 

 Otherwise, Coskata shall report to TPRF that Coskata has elected not to seek such payment
from the Licensee for the following reasons: a) issues related to the delivery of the project to the Licensee justify not seeking such payment since it will jeopardize future business opportunities with the Licensee; b) significant issues related to
the construction, commissioning or performance of the Unit justify not seeking such payment in view of the Licensee’s cooperation in resolving such issues and/or the Licensee’s inaction in pursuing any claims for damages related to such
issues. Coskata shall include with such reporting specific details of the issues and potential claims of the Licensee. If TPRF disagrees with the decision of Coskata not to pursue payment under the circumstances as explained, TPRF shall seek
resolution of any claim for their share of payment from such Licensee through the dispute resolution procedure of Section 13.3. 
  

	10.3	Nothing herein shall restrict a Party’s entitlement to enforce its rights in its own Background (whether patented or not) against any third party. For the
avoidance of any doubt, such right to enforce Background shall also extend to Background that has become amalgamated with Foreground including all pertaining rights, title and interest (provided however that, for the avoidance of any doubt, the
enforcement of such Foreground as such shall be subject to other provisions of this Section 10). 

  

	10.4	The Parties shall be jointly responsible for enforcing any Foreground, including their rights and interests therein, against any third party (other than a Licensee) at
a cost to be shared [***] between TPRF and Coskata in which case any damages resulting from a joint enforcement action shall be shared [***] by and between TPRF and Coskata. Any such action related to enforcement of Foreground including all
pertaining rights, title and interest will be notified between the Parties. Provided however that, subject to Subparagraphs 10.4.1 and 10.4.2, any Party shall be entitled to enforce against such third party (other than a Licensee), individually and
at its own costs, its respective rights in the Foreground (whether patented or not) individually under the following conditions: 

  

	 	10.4.1	Before any Party seeks to enforce itself any right to Foreground including all pertaining rights, title and interest, it will notify the other Party of such intention
and the Parties will agree on a procedure, terms and conditions for that particular enforcement action. The notice and subsequent discussions between such Parties will be treated as Confidential Information hereunder and in a manner that preserves
any legal privilege available for such discussions and information. 

  

	 	10.4.2	If the Parties are unable to agree upon an enforcement procedure within sixty (60) days after the notice is provided, such Party seeking to enforce a right on
Foreground property right, as a co-owner of such right, may initiate, in good faith and only in its own name, an enforcement action in its own name and at its own expense, retaining any resulting award, settlement, or damages, provided that such
Party: 

  

	 	1.	Has reasonably demonstrated that it has an industrial and/or commercial interest to initiate such enforcement action; 

 

	 	2.	Has [***] has a reasonable chance of success to safeguard the above-said industrial and/or commercial interest; and 

  

	[***] 	Indicates that text has been omitted which is the subject of a confidential treatment request. The text has been separately filed with the Securities and Exchange
Commission. 

  
 32 

	 	3.	Will defend, indemnify and hold the other owning Party harmless from and against any and all damages, liabilities and/or claims arising from such enforcement action and
any counterclaims resulting from the enforcement action against the other owning Party and will reimburse the other owning Party for any of its costs (including internal personnel time or external representation costs) resulting from the enforcement
action. 

  

	10.5	If any enforcement action is resolved by the granting of a license to such third party, such license shall be granted by Coskata and the license revenue shared under
the terms as set forth in Appendix 5, except that TPRF shall share such licensing revenue equally with Coskata until TPRF has been fully reimbursed for its share of any litigation costs. 

SECTION 11: Confidentiality. 
  

	11.1	From the beginning of the IJDP or the beginning of each ADP and during [***] years after termination of such program, or during [***] years from the signing date of
each license with a Party respecting the use of the PFT, each Party agrees to hold in confidence any and all information consisting of (a) Foreground or (b) Background received by it as from the Effective Date from or on behalf of another
Party pursuant to such IJDP, ADP or license (as applicable). Such information shall herein be referred to as “Confidential Information”. 

  

	11.2	No Party shall use, duplicate or otherwise copy Confidential Information, except if necessary for the performance of its work under this Agreement or to benefit from
the rights, benefits and interests expressly conveyed hereunder to such Party. 

  

	11.3	Neither Party shall disclose any Confidential Information, in whole or in part, to any third party without the authorization of the Steering Committee, provided that
such Party shall also be entitled to proceed with such disclosure if such disclosure is expressly authorized herein or to benefit from the rights, benefits and interests expressly conveyed hereunder to Recipient. 

 

	11.4	Each Party shall have the right unless otherwise agreed between the Parties to subject any Confidential Information received hereunder in the form of materials,
samples, products or any other form, or to allow them to be subjected, to any analysis of optical, physical or chemical properties or any other laboratory or other tests in order to investigate or determine the composition of such materials or
products or their chemical characteristics and/or properties, without the prior written consent of the other Party. In addition, each Party shall have the right to carry out analytical tests regarding such Confidential Information for evaluating the
optical, physical or chemical properties and to take field application trials on its own or with customers, for evaluating the product performance or the performance of derivatives of the products. Subject to the Paragraph 4.6.2, each Party will
provide the other Party with the results of any such tests. Each Party shall treat the results of any such analysis as Confidential Information in accordance with this Agreement. However TPRF may use and disclose the results of any such analysis to
the TPRF Dehydration Partner. 

  

	11.5	Either Party shall treat all Confidential Information received hereunder with at least the same degree of care as it affords to its own confidential information and
each Party represents that it exercises reasonable care to protect its own confidential or proprietary information. 

  

	[***] 	Indicates that text has been omitted which is the subject of a confidential treatment request. The text has been separately filed with the Securities and Exchange
Commission. 

  
 33 

	11.6	The confidentiality and restricted use obligations imposed hereunder shall not apply to any information which (a) is publicly available at the time of its
disclosure hereunder; (b) becomes publicly available after disclosure hereunder and without breach of a Party’s confidentiality obligations owed hereunder to the other Party with respect to such information; (c) is in the possession
of a Party at the time of disclosure hereunder and which such Party, without breach of any of its obligations owed to another Party with respect to such information, is entitled to use or to disclose to others; (d) is provided to a Party, after
disclosure hereunder, by a third party that is not under any confidentiality obligation owed to another Party with respect to such information; or (e) is developed by an employee, director, officer or representative of a Party who did not know
or use Confidential Information therefore. Detailed information is not excluded from the obligations hereunder merely because such information is embraced by more general information excluded under subparts (a), (b), (c), (d), or (e) . Neither
will a combination of features be excluded unless the combination itself and its principles of operation fall within (a), (b), (c), (d), or (e). 

  

	11.7	Nothing in this Agreement will be construed as modifying or amending the Previous Agreement. Accordingly, all information exchanged pursuant to a Previous Agreement
shall, without prejudice to any of the rights of a Party contained herein, continue to be treated pursuant to the terms and conditions of that Previous Agreement only, even if such information is re-disclosed hereunder. 

 

	11.8	Each Party shall limit access to Confidential Information to employees, directors, officers and representatives to the extent they are involved in the implementation of
this Agreement. Each Party shall cause its employees, directors, officers and representatives having access to Confidential Information to abide by the terms and conditions of this Section 11. 

 

	11.9	TPRF shall have the right to disclose to TPRF Affiliates, which are involved in the implementation of this Agreement, all Confidential Information received hereunder
from Coskata. TPRF shall cause any such TPRF Affiliate having access to Confidential Information to abide by the terms and conditions of this Section 11. 

 

	11.10	Coskata shall have the right to disclose to Coskata Affiliates, which are involved in the implementation of this Agreement, all Confidential Information received
hereunder from TPRF. Coskata shall cause any such Coskata Affiliate having access to Confidential Information to abide by the terms and conditions of this Section 11. 

 

	11.11	Neither Party is allowed to disclose any Confidential Information to any external consultant or adviser unless (i) it has first informed in writing the other Party
thereof and (ii) such consultant or adviser has concluded an agreement with the disclosing Party containing substantially the same obligations of confidentiality and restricted-use as those specified herein. 

 

	11.12	The Parties shall have the right to disclose Confidential Information either Party has received hereunder, and to convey limited rights regarding the same, to
Prospective Licensees or Licensees, but, during the term of the Agreement, only as may be necessary or desirable for the exercise of the rights specified in Paragraphs 6.2 and 7.1 with respect to an Approved Package, if and when such third party
shall have executed agreements which are sufficient to protect the Confidential Information disclosed to such third parties. Every reasonable effort shall be made to obtain in such agreements confidentiality and restricted use term of no less than
[***] years as from the date of disclosure to the third party concerned. 

  

	[***] 	Indicates that text has been omitted which is the subject of a confidential treatment request. The text has been separately filed with the Securities and Exchange
Commission. 

  
 34 

	11.13	Nothing in this Section 11 shall limit or restrict the right of either Party to apply for and obtain patent protection in accordance with Section 5.2.
However, no Confidential Information consisting of Background received hereunder shall be disclosed in any such patent filings without the prior written consent of the Party(ies) having disclosed hereunder such Background. 

 

	11.14	Nothing shall prohibit Parties, its directors, officers, representatives or employees from disclosing Confidential Information for the purposes of judicial, regulatory
or administrative process or in order to comply with a requirement of applicable law. In the event a Party becomes aware that it becomes legally compelled to disclose any of the Confidential Information in a judicial, regulatory or administrative
process or order to comply with applicable law, such Party will provide Discloser with reasonable prior notice thereof and will assist Discloser with obtaining any available confidential treatment of the Confidential Information.

 SECTION 12: Liabilities and warranties 

 

	12.1	Each Party represents and warrants that (i) at the Effective Date, it owns its Background, free and clear of all liens, encumbrances and security interests, and
has full rights to grant the rights granted to the other Party under this Agreement (ii) at the Effective Date, no claim for which there has not been prior disclosure to the other Party has been threatened to the best of its knowledge or
asserted against such Party which challenges the legality, validity, enforceability, use, ownership or inventorship of the Background made available hereunder by such Party and (iii) at the Effective Date, to such Party’s knowledge there
is no unauthorized use, infringement, or misappropriation of the Background by any third party. 

  

	12.2	Each Party represents and warrants that neither the execution and delivery of this Agreement nor any other document to be executed thereunder by such Party, nor the
performance of its obligations and rights contemplated hereunder will conflict with, result in a breach of, or constitute a default under any other contract to which it is a party (whether or not such contract is entered into before the Effective
Date). 

  

	12.3	Each Party represents and warrants that it shall not disclose or cause to be disclosed hereunder to another Party, without such other Party’s prior written
consent, any Excluded Information. Such prior written consent of Recipient (if any) shall always be subject to its receipt with reasonable advance written notice from Discloser sufficiently detailed, in Recipient’s reasonable view, to assess
any and all third party rights and/or obligations applicable to such information, trade secrets or materials. 

  

	12.4	Subject to other provisions of Section 12, the Parties make no representation or warranty, express or implied, regarding any information, rights, products or
technology they have made available to each other hereunder, or regarding their completeness, merchantability, or fitness for a particular use, and each Party disclaims all implied representations and warranties provided by statute or common law. In
addition, any information, technology or products disclosed hereunder between the Parties for the purposes of the IJDP or Additional Development Programs may contain forward-looking statements, estimates and projections that are based on
observations of past performance only, and are subject to a number of risks, uncertainties and assumptions, many of which are beyond the control of the Party disclosing such information, technology or products. The Party receiving such information,
technology or products acknowledges that actual events and results may differ materially from those anticipated, reflected, estimated or projected, including but not limited to in such case that one or more of these risks or uncertainties
materialize, or if underlying assumptions prove incorrect. 

  
 35 

	12.5	As it does not exercise any control or supervision over such matters, neither Party shall be responsible or liable (except if specified otherwise herein) for the
performance or non-performance by any other Party in relation to services performed by any such other Party in accordance with Paragraph 7.5. Except if otherwise expressly agreed upon by and between the Parties, any performance or nonperformance
under this Agreement by either Party shall not alter the relative responsibilities of the other Party. 

  

	12.6	Each Party (“Indemnifying Party”) shall indemnify, defend and hold the other Party harmless from any and all claims, damages and losses incurred by such other
Party relating to this Agreement and resulting directly from: (i) the personal injuries of the employees of the Indemnifying Party ; (ii) damage to the property of the Indemnifying Party; (iii) the breach or inaccuracy by the
Indemnifying Party of any and all representation or warranty expressly included herein; (iv) the services provided by the Indemnifying Party in accordance with Paragraph 7.5; (v) any act or omission attributable to the willful misconduct
of the Indemnifying Party; (vi) any use or acquisition of the materials owned by the Indemnifying Party and contemplated in Subparagraphs 4.1.2.1.(i) and 4.1.2.2.(iii); (vii) the exercise of the rights by the Indemnifying Party specified
in Paragraphs 6.2 and 7.1 related to Foreground, Background and/or Confidential Information that are not consisting of, or are not a part of, an Approved Package; and/or (viii) any use of the PFT by the Indemnifying Party after termination of
the Agreement. 

  

	12.7	Except as expressly specified otherwise in this Agreement, neither Party shall be liable in any action (on the basis of breach of contract, breach of warranty or tort,
including negligence and strict or absolute liability, breach of statutory duty, or otherwise) initiated by or against the other Party or any Coskata Affiliates or TPRF Affiliates for consequential, special or indirect damages resulting from or
arising out of this Agreement. However, such limitation shall not apply to loss of profit or business interruptions caused by acts or omissions constituting willful misconduct or negligence, if directly related to the use of Confidential Information
or any breach of Appendix 8. The maximum liability of either Party for loss of profit or business interruption in any action (on the basis of breach of contract, breach of warranty or tort, including negligence and strict or absolute liability,
breach of statutory duty, or otherwise) initiated by or against the other or any of such Party, TPRF Affiliates or Coskata Affiliates shall be [***] United States dollars (US$[***]). This Subparagraph 12.7 does not limit the remedies expressly
provided for in this Agreement including, in the case of willful misconduct, the loss of the right to use within the Field the Confidential Information to which the unauthorized disclosure was directly related. 

 

	12.8	Without prejudice to the other provisions of this Section 12, in the event that Coskata or TPRF shall be obligated to respond to a Licensee claim, Coskata and TPRF
shall share, in proportion to the license fees the Parties respectively have shared and received, will receive or should receive pursuant to the terms of Paragraph 7.6 and Appendix 5 hereof, any and all damages, liabilities and indemnities resulting
from the licensing by Coskata hereunder of an Approved Package in accordance with Approved Licensing Conditions by, or disclosure or conveyance of the same to, a Licensee. Except if decided otherwise by the Steering Committee, any and all such
damages, liabilities and indemnities shall at all times be capped in the applicable agreement with the Licensee to a maximum percentage of the royalties fee, which shall be an Approved Licensing Condition and in no event exceed [***] percent
([***]%) of such fees unless otherwise agreed by the Steering Committee. 

  

	[***] 	Indicates that text has been omitted which is the subject of a confidential treatment request. The text has been separately filed with the Securities and Exchange
Commission. 

  
 36 

 SECTION 13: General provisions 

 

	13.1	This Agreement shall be construed and interpreted in accordance with the substantive laws of England and Wales, without regard to any conflict of law principle that
directs the application of another jurisdiction’s laws. 

  

	13.2	Any payments contemplated in this Agreement shall be paid via wire transfer within thirty (30) days from the reception date of each invoice. Each such invoice must
include, in addition to the legal notices, the following information: 

  

	 	•	 	 the concerned Party’s corporate identification code if any; 

 

	 	•	 	 the references of the Agreement; 

  

	 	•	 	 the concerned Party’s bank details; 

  

	 	•	 	 the references of the part of the work covered by the invoice. 

Each invoice together with supporting documents shall be established in one single original copy clearly stamped “ORIGINAL” and
shall be addressed by receipt confirmed fax, by commercial courier or by mail to: 
  

			
		  	For TPRF
	 4575 Weaver Pkwy, Ste 100

Warrenville, IL, USA
	  	 Zone Industrielle C
 7181
Feluy, Belgium

	 Attn: Elena Callard
	  	 Attn: Mr. Koenraad Herrebout, Manager
 Troubleshooting Refining/Petrochemicals

	 Fax: +1 (630) 657-5192
	  	Fax:
	 @:AccountsPayable@coskata.com
	  	@: koenraad.herrebout@total.com

 A copy of each invoice shall be sent by courier or by mail to the SC representative of each Party.

 In the event of a challenging by the Party receiving the invoice of one or more items on the invoice, the obligation to pay
the disputed sum shall be suspended. The Client will, prior to the contractual due date of payment, send a memorandum setting out its position. If an agreement on the dispute is reached, the creditor shall then issue a “credit note”
cancelling the disputed invoice and a new invoice for the non-disputed items. 
  

	13.3	In case of disputes or differences by and between TPRF and Coskata under this Agreement, whether or not in relation to the decision making process of the Steering
Committee, (“Dispute”), TPRF and Coskata shall rely on a multi-step dispute resolution mechanism to resolve the Dispute according to the following procedure (“Dispute Procedure”): 

 

	 	13.3.1	The Dispute Procedure shall be the sole and exclusive procedure for the resolution of any Dispute. 

 

	 	13.3.2	TPRF and Coskata shall attempt to resolve any Dispute promptly by negotiation between executives who have authority to settle the Dispute and who are at a higher level
of management than the persons with direct responsibility for administration or performance of this Agreement. 

  

	 	13.3.3	 Any Dispute not resolved through negotiation in accordance with the previous paragraph, within two (2) months as from the date of notification of
TPRF or Coskata of any given Dispute, shall be finally resolved by submitting the Dispute to arbitration in London of the 

  
 37 

	 	
London International Court of Arbitration and all issues of interpretation and construction shall be resolved in accordance with English law. The Parties waive any defense based on sovereignty,
including immunity to arbitration, immunity to judicial proceedings to enforce or to aid any such arbitration, and immunity to enforcement and execution of the award or any judgment entered thereon. Each Party acknowledges that remedies at law may
be inadequate to compensate for a breach of this Agreement. The arbitrator may therefore award both monetary and equitable relief, including injunctive relief and specific performance, and each Party may apply for interim or conservatory relief. The
Parties undertake to keep strictly confidential the contents of the arbitral proceedings. 

  

	13.4	This instrument constitutes the entire agreement between the Parties and can only be amended by a written document signed by all Parties expressly stating that it is an
amendment to this Agreement. 

  

	13.5	None of the Parties shall transfer or assign (any part of) this Agreement to a third party without the prior written consent of the other Party, except that TPRF may
make such transfer or assignment to a TPRF Affiliate and Coskata may make such transfer or assignment to Coskata Affiliates or to the successor in interest to substantially all of Coskata’s business to which this Agreement relates. Coskata
shall promptly deliver to TPRF written notice of such transfer or assignment (which shall include the name of the successor). In the case of such an assignment, either Party shall assign their ownership interests in the Foreground to the assigned
entity. In the event of a transfer or assignment with an entity conducting similar activities in the oil, gas or chemical markets as TPRF or TPRF Affiliates and such entity’s market power is sufficient to conflict with an interest that TPRF or
TPRF Affiliates have in any such markets, then TPRF shall have the right but not the obligation to terminate this Agreement, without any liability, by providing written notice of termination to Coskata. 

 

	13.6	No waiver by Discloser of any default or breach of any obligation under this Agreement shall operate as a waiver of any continuing or future default or breach.

  

	13.7	Except if provided otherwise in this Agreement, none of the Parties shall have any obligation to enter into any further agreement, contract, or other business
relationship or arrangement with any other Party as a result of this Agreement. Further, and except if provided otherwise in this Agreement, this Agreement does not create any agency, joint venture or similar arrangement by or among the Parties
hereto. The Parties will be free to conduct their business and operations as they, in their sole discretion, determine including, without limitation, negotiating with and entering into agreements with any other person, but always subject to the
provisions of this Agreement. 

  

	13.8	If any of the provisions, or portions thereof, of this Agreement are found to be illegal or unenforceable, they are to that extent only to be deemed omitted, and the
remaining provisions of this Agreement shall remain in full force and effect and may be enforced to nonetheless protect and reflect the original intent of the Parties hereunder. 

 

	13.9	The rights and obligations under this Agreement shall be binding on the legal successors of the Parties. 

 

	13.10	 No Party shall be required to perform any obligation under this Agreement whenever performance is prevented, impeded, delayed or made futile by factors
outside the reasonable control of any of the Parties including all events of Force Majeure, including, but not limited to, fires, floods, 

  
 38 

 
earthquakes, riots or civil commotion, lockouts, wars or hostilities, restraint of rulers, price controls, action or inaction of any governmental entity, unavoidable disturbances to operation,
Acts of God, civil commotion, epidemics, embargo, boycott or other occurrences beyond the reasonable control of the Parties. If such shall occur, the Parties shall be excused from fulfilling their contractual obligations under this Agreement for the
duration of the disturbance and to the extent of its consequences. As soon as there are indications that a case of Force Majeure is occurring, or if any Party is prevented or delayed in the performance of its obligations under this Agreement by
circumstances of Force Majeure, the affected Party shall inform the other in writing without delay and discuss with the other the consequences of such circumstances and the measures to be taken. The Parties shall to the best of their ability make
all reasonable efforts to avoid or limit any detrimental effects of any Force Majeure. The Parties shall resume performance as soon as reasonably possible. 
  

	13.11	Any notice, report, statement, request or other communication under this Agreement shall be in writing to the respective address indicated below, or such other address
as the recipient Party may have heretofore designated in writing to the other Party hereto: 

  

			
	If to TPRF:	  	
	Attention:	  	Koenraad Herebout Manager, Manager Troubleshooting Refining/Chemicals
	With a Copy to:	  	Philippe Bruylants, Contracts & Licenses;
		  	Total Petrochemicals Research Feluy S.A.
		  	 Zone Industrielle C

7181 Feluy, Belgium

		
	If to Coskata:	  	
	Attention:	  	 James Fawley, Vice President of Strategic Business Development

	With a Copy to:	  	John Tolomei, Chief Legal Officer & Corporate Secretary
		  	 Coskata, Inc.

		  	 4575 Weaver Parkway, Suite 100

		  	 Warrenville, IL 60555

		  	 U.S.A.

 Such notices may be delivered by hand, by receipt confirmed fax, by commercial courier or by mail. Notice
shall be deemed to have been given when it is received. Any notice requiring prompt attention shall be contemporaneously confirmed by facsimile transmission or receipt confirmed electronic mail. 

 

	13.12	None of the provisions of this Agreement shall be considered waived by any of the Parties except when expressly made in writing. No such waiver shall be, or construed
to be, a waiver of any part or future default, breach or modification of any of the terms, provisions, conditions or covenants of this Agreement except as expressly stated in such waiver. 

 

	13.13	Headings in this Agreement are for convenience only and are not to be used in interpretation of any provision of the Agreement. 

 

	13.14	 The official language of this Agreement is, and shall continue for all purposes to be, the English language. Each Party acknowledges that it has had
adequate opportunity and bargaining strength to review, negotiate, and revise this Agreement. Each Party expressly agrees that the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting Party shall not
be employed in the interpretation of this Agreement. In the event of any conflict between this Agreement and any exhibit or attachment, this Agreement shall control. The use of the terms

  
 39 

	 	
“including” or “include(s)” shall in all cases herein mean “including, without limitation” or “include(s), without limitation,” respectively. No usage of
trade shall be considered in the interpretation or enforcement of this Agreement. The Parties waive any right they may have to introduce evidence of any such course of dealing, course of performance, or usage of trade. 

 

	13.15	None of the provisions of this Agreement shall be construed so as to require the commission of any act contrary to law, and the Parties agree that they will comply with
all applicable laws in conducting activities under this Agreement. In no event shall either TPRF or Coskata exercise its rights granted under this Agreement by re-transferring technology it has obtained from the other if such exercise of rights will
cause either TPRF or Coskata to violate applicable law. Upon written request from TPRF or Coskata to the other, TPRF and Coskata shall consult to determine whether planned disclosure or self-use activities are consistent with this provision. Such
activities may not be undertaken should a Party conclude, based on a reasonable interpretation of the applicable law, that the proposed activities are inconsistent with applicable law. 

 

	13.16	Each Party hereto declares that (i) each of the designated signatories of this Agreement has the legal right and full power and authority to bind it and to execute
this Agreement on its behalf; (ii) it has the legal right and full power and authority to enter into and perform this Agreement, and (iii) its execution of this Agreement is fully compliant with all applicable corporate and legal
formalities, such that its obligations hereunder are valid and legally binding. 

 This Agreement may be executed
in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. It shall not be necessary in making proof of this Agreement to produce or account for more than one such counterpart.
If this Agreement is first executed in counterparts, the Parties shall circulate the original counterparts so that each Party will receive an original executed by all of the Parties. 
 Each Party has signed this Agreement in duplicate original. 

  
 40 

 Coskata Inc. 

 

			
		
	By:	 	/s/ William J. Roe
		
	Name:	 	William J. Roe
		
	Title:	 	President and CEO
		
	Date:	 	March 26, 2012

 Total Petrochemicals Research Feluy S.A. 

 

							
				
	By:	 	/s/ Francois-Xavier Cormerais	 	By:	 	/s/ Francois Fierens
				
	Name:	 	Francois-Xavier Cormerais	 	Name:	 	Francois Fierens
				
	Title:	 	VP Research and Development	 	Title:	 	General IP Manager
				
	Date:	 	March 23, 2012	 	Date:	 	March 26, 2012

  
 41 

 Appendix 1: Definitions 

Terms that are capitalized shall have the meanings as defined within this Appendix 1 or elsewhere in this Agreement. 

 

	 	1.	“Annual Average BLS Index” as applied to any calendar year means the average of the monthly indices for the consecutive twelve month period ending
December 31 of the preceding calendar year, including monthly indices subject to revision, from the Producer Price Index of “Industrial Commodities” as published by the Bureau of Labor Statistics, United States Department of Labor,
using the year 1982 as the base index equal to 100. 

  

	 	2.	“Additional Development Program” or “ADP” means a joint research and development undertaking pursuant to or on the basis of a proposal
approved by the Steering Committee and which is required to fulfill or extend the IJDP before the Readiness, or to improve the Propanol Fermentation Technology after Readiness. Unless decided otherwise by the Steering Committee, such Additional
Development Program shall be governed in the same manner as the IJDP and under the terms and conditions of this Agreement. 

  

	 	3.	“Approved Licensing Conditions” means the following terms to be included in the agreements by and between the Licensing Party and Licensees and to be
determined by the Steering Committee promptly after Readiness: (a) approved ranges for guaranteed performance figures, for a standard case; (b) maximum penalty figures for non attainment of guarantees, for the above standard case;
(c) protocol for liabilities and indemnification obligations with respect to Licensees and having a potential impact on the other Party; (d) the ability of Licensees to employ engineering, procurement and construction companies involved
with competitive Synthesis Gas fermentation technologies; (e) protocol for confidentiality and restricted-use obligations with respect to Licensees; and (f) any other item determined by the Steering Committee. 

 

	 	4.	“Approved Package” consists in the definition of technical, intellectual property and Health Safety Environment specifications related to the
performance of the PFT, which includes all the information related to the process design, microorganism characteristics and means to implement the PFT. The Approved Package includes also within its meaning (i) a blank process book and
(ii) any and all Foreground including all pertaining rights, title and interest and Background necessary to implement the PFT and (iii) any and all products and by-products that are able to be produced with the PFT (and other Foreground),
each having been approved by the Steering Committee for the purposes of the exercise and implementation by Coskata of any of the rights and benefits included in Subparagraphs 6.2.1 and 6.2.2 and Paragraph 7.1. 

 

	 	5.	 “Background” means any and all technical information (including but not limited to information, inventions, discoveries, know-how,
developments, improvements, techniques, formulas, samples, apparatus, experimental results, trade secrets, correlations, models, technical data, design information, kinetic parameters), as well as the rights within the Field associated with such
technical information (such as patents, intellectual property rights or similar proprietary rights), which technical 

  
 42 

	 	
information and associated rights are owned or possessed by a Party before the Effective Date, or after the Effective Date outside or independent from the IJDP or an ADP, and are useful or
necessary according to such owning or possessing Party (a) for conducting the IJDP and/or ADP; and/or for (b) the commercialization of the results of the IJDP and/or ADP, in each case to the extent that, and subject to the conditions
(including the obligation to account to and/or make payments to others) under which, the owning or possessing Party has the right to disclose or license such technical information and associated rights to the other Party hereunder.

  

	 	6.	“Coskata Affiliate” means any company, corporation, association, partnership, venture, or other entity which, directly or indirectly, now or hereafter,
controls Coskata, or is controlled by Coskata. For the purpose of this definition, control is defined as direct or indirect ownership of ninety nine percent (99%) or more of the voting interest or economic interest in a corporation or ninety
nine percent (99%) or more of the equity interests in the case of any other entity. 

  

	 	7.	“Coskata Background” means Background owned or possessed by Coskata and relating, for instance, to microorganism strains able to ferment synthesis gas
into ethanol or propanol, laboratory fermentors, laboratory screening equipment, fermentation reactor technology, waste water treatment and biotechnology related know-how (non-patented technical information) and Synthesis Gas conditioning for
fermentation, fermentation reactor technology, alcohol fractionation and purification, operation of fermentors using Synthesis Gas and isolated microorganism strains and improvements thereto (patented technical information) as well as public
information, the application of which is not generally known. 

  

	 	8.	“Coskata Joint Venture” means any company, corporation, association, partnership, venture, or other entity in which Coskata has direct or indirect
ownership of less than ninety nine percent (99%) but greater than twenty-five percent (25%) of the voting interest or economic interest in a corporation or less than ninety nine percent (99%) but greater than twenty-five percent
(25%) of the equity interests in the case of any other entity. 

  

	 	9.	“Excluded Information” means any information and data, including but not limited to technical, business, financial, developmental, operating,
performance, cost, know-how, samples, process information and/or economic information, that a Party (and/or by such Party’s employees, officers, directors or representatives) does not have a right to provide and such Party (i) knows to
qualify as a trade secret owned by a third party or claimed to be owned by a third party and/or (ii) knows to be subject to a confidentiality or restricted use obligation owed or claimed to be owed to a third party by such Party (and/or by such
Party’s employees, officers, directors or representatives) . 

  

	 	10.	“Initial Joint Development Program” or “IJDP” means the joint development program described in Appendix 2 to this Agreement and to be
carried out hereunder by the Parties, on a collaborative basis for the purpose of developing and achieving the Propanol Fermentation Technology for use in the Field, with the understanding that such program may be expanded and/or modified from time
to time by the Steering Committee on the basis of a proposal made by the TMT. For the avoidance of any doubt, the IJDP shall terminate on the day that Readiness in respect of the Propanol Fermentation Technology is achieved.

  
 43 

	 	11.	“Favorable Party” means TPRF or Coskata, as applicable, who elects to pursue, file or extend a patent application directed toward Foreground pursuant
to Subparagraphs 5.2.6 and 5.2.7. 

  

	 	12.	“Field” means the field of isolating [***] microorganisms capable of, individually or via syntropy, fermenting Synthesis Gas into predominantly
Propanol and further developing and optimizing these microorganisms, their progeny, and any genetic characteristics thereof, as well as the development of the technology of fermenting Synthesis Gas into a mixture of alcohols with predominantly
Propanol using such microorganisms, (including recovery and purification of the alcohols to provide dehydration-ready alcohols). The term “Field” excludes within its meaning the dehydration of any alcohol into the corresponding olefin
having the same number of carbons. 

  

	 	13.	“Foreground” means any and all information including but not limited to inventions (patentable or unpatentable), discoveries, know-how, developments,
improvements, techniques, formulas, samples, apparatus, experimental results, trade secrets, correlations, models, technical data, design information, kinetic parameters, which information is developed: (a) by either Party during the term of
this Agreement pursuant to the IJDP and/or ADP and/or (b) for and/or by a Licensee based on an Approved Package to the extent such Licensee has granted the necessary rights to such information. 

 

	 	14.	“Licensee” means any legal entity (including but not limited to TPRF, TPRF Affiliates, TPRF Joint-Ventures, Coskata, Coskata Affiliates and Coskata
Joint-Ventures) who has executed an agreement respecting the use of an Approved Package for the construction and operation of a Licensed Unit. It is understood that such term: (a) also includes within its meaning a license to use an Approved
Package that has been granted with sublicensing rights and (b) excludes within its meaning third parties that are interested in using an Approved Package for purposes other than for the construction and operation of a Licensed Unit.

  

	 	15.	“Licensed Unit” means a plant or unit implementing the Propanol Fermentation Technology licensed to a Licensee for the production of Propanol.

  

	 	16.	“Previous Agreement” means (i) a Non-Disclosure Agreement, effective April, 1, 2009, entered into by and between Coskata and Total Energy Ventures
International, (ii) a Subscription Agreement (and other related agreements), effective April, 27, entered into by and between Coskata and Total Energy Ventures International (“TEVI”) whereby TEVI has become a shareholder of Coskata
and/or (iii) a Non-Disclosure Agreement, effective March, 25, 2010, entered into by and between Coskata, Total Gas & Power Ventures, and TPRF. 

 

	 	17.	“Propanol” means n-propanol or iso-propanol. 

  

	 	18.	“Propanol Fermentation Technology” or “PFT” means, in completion of its definition contained in the recitals of this Agreement,
Foreground (i) whether or not based upon or containing Background made available hereunder and (ii) that by decision of the Steering Committee has achieved Readiness in accordance with Appendix 4 hereof. 

  

	[***] 	Indicates that text has been omitted which is the subject of a confidential treatment request. The text has been separately filed with the Securities and Exchange
Commission. 

  
 44 

	 	19.	“Prospective Licensee” means any third party who has expressed an interest in, or which one or more Parties hereto consider a prospect for, a license
to use an Approved Package. It is understood that such term: (a) also includes within its meaning third parties interested in acquiring such a license and/or third parties interested in acquiring the right to grant a sublicense to another third
party for the use by such other third party of the same subject matter and (b) excludes within its meaning third parties that are interested in using an Approved Package for purposes other than for the construction of a Licensed Unit.

  

	 	20.	“Readiness” means: 

 i. With respect to the IJDP: 
 The achievement, as decided upon by the
Steering Committee, of applicable criteria specified in Appendix 4 for the successful completion of each objective and task under Phases 1, 2 and 3 of the IJDP contained in Appendix 2 to this Agreement. 

ii. With respect to an Additional Development Program: 
 The achievement, as decided upon by the Steering Committee, of the applicable criteria for successful completion of each objective or task under such project, which criteria are in each case to be
determined by the Steering Committee. 
  

	 	21.	“Significant Deviation” shall mean: 

  

	 	(i)	any specification that either falls outside the Approved Package or that cannot be defined because the Approved Package lacks the required information, and whose
extrapolation cannot be made, in a straightforward fashion, by means of Foreground or Background. Significant Deviation consists, among others, in : 

  

	 	•	 	 Changes in microorganism 

  

	 	•	 	 Changes in nutrient agent(s) that changes the microorganism performance by at least [***]% 

 

	 	•	 	 Change in reactor concept and/or technology 

  

	 	•	 	 Change in volumetric productivity of the reactor by at least [***]% 

 

	 	•	 	 Changes in distillation technology (packing vs trays, operating conditions that require other levels of utilities, etc) 

 

	 	•	 	 Changes in Propanol specification 

  

	 	•	 	 Changes in safety philosophy 

 Significant Deviation does not include minor changes that are linked to (a) overall performance optimization as a result of the integration of the PFT in existing facilities, (b) lay-out or
(c) plot plan considerations. 
  

	 	(ii)	any and all deviation from HSE matters covered by the Approved Package; 

  

	[***] 	Indicates that text has been omitted which is the subject of a confidential treatment request. The text has been separately filed with the Securities and Exchange
Commission. 

  
 45 

	 	(iii)	any and all freedom to operate matters not identified pursuant to Paragraphs 9.1 and 9.2. 

 

	 	22.	“Synthesis Gas” means (on a dry basis) a mixture of mainly the following components: hydrogen, carbon monoxide and carbon dioxide in any proportions
but at least containing two of the reported components. 

  

	 	23.	“TPRF Affiliate” means any company, corporation, association, partnership, venture, or other entity which, directly or indirectly, now or hereafter,
controls TPRF, or is controlled by TPRF, or is under common control with TPRF. For the purpose of this definition, control is defined as direct or indirect ownership of ninety nine percent (99%) or more of the voting interest or economic
interest in a corporation or ninety nine percent (99 %) or more of the equity interests in the case of any other entity. 

  

	 	24.	“TPRF Background” means Background owned or possessed by TPRF and relating, for instance, to research and development pilot plants, purification
techniques, fouling mitigation & corrosion mitigation, waste water treatment, biotechnology related know-how and gasification related know-how (non-patented technical information) and alcohol pre-treatment/purification techniques and
integration of propanol production to propanol dehydration technology and dehydration process and sensitivity to poisons (patented technical information), as well as public information, the application of which is not generally known.

  

	 	25.	“TPRF Joint Venture” means any company, corporation, association, partnership, venture, or other entity in which TPRF or a TPRF Affiliate has direct or
indirect ownership of less than ninety nine percent (99%) but greater than twenty-five percent (25%) of the voting interest or economic interest in a corporation or less than ninety nine percent (99%) but greater than twenty-five
percent (25%) of the equity interests in the case of any other entity. 

  
 46 

 Appendix 2: IJDP 
 The primary objective of the IJDP work is to develop bacteria for the fermentation of Synthesis Gas into Propanol and ethanol and to design an industrial process for such fermentation. More precisely, the
IJDP will have as its objective the development of Foreground consisting of the Propanol Fermentation Technology, such in accordance with the Milestones (as specified in Appendix 3) and up to the level of Readiness (as specified in
Appendix 4). 
 The IJDP shall be undertaken in accordance with the following three (3) main phases: 

 

			
		
	Phase 1:	  	Strain or [***], characterization and optimization:
		
		  	 •      In a first task, the initial work consists of [***]
that can be [***] to produce Propanol from synthesis gas and/or [***] that produce Propanol from synthesis gas. This work will also investigate [***] that have the ability to produce Propanol.

 
 •      In
a second task, the [***] will be optimized using a [***] based strategy to optimize [***], and [***] Propanol [***].
  

•      In a third task, [***] will be optimized based on [***]. [***] and
[***] studies will be used to optimize these parameters. This step will be validated by [***] (as further specified in Appendix 3 below).

 Phase 2:             Scale up at
Coskata’s demonstration plant (“Lighthouse”); Synthesis Gas optimization, Seed Train Validation / Optimization, BCBR Scale-Up and Steady-State Operation. 
 Phase 3:             Process development / conceptual engineering, potentially involving a third party engineering firm

 During Phases 1, 2, and 3, the best available strain will be further optimized [***] by Coskata’s [***]
and/or by [***] that could be provided by TPRF. 

  

	[***] 	Indicates that text has been omitted which is the subject of a confidential treatment request. The text has been separately filed with the Securities and Exchange
Commission. 

  
 47 

 Appendix 3: Milestones of the IJDP 

At the latest, at each Steering Committee Review Date following Milestone dates, the Steering Committee will decide whether or not the relevant Milestone
is achieved at that time, taking into account TMT’s opinion with respect to such achievement as notified to the Steering Committee prior to such date. 
 The Milestones, and their anticipated completion dates, are the following: 
  

					
	 Phases:
	  	 Target Completion Date
	  	 Steering Committee Review Date

			
	 1.Phase 1: Strain or [***], characterization and optimization:
	  		  	
			
	 Priority Approach [***]
	  		  	
			
	 •    [***] from [***]
	  	 March 31, 2012
	  	April 15, 2012
			
	 •    [***] in fermenters
	  	 May 31, 2012
	  	June 15, 2012
			
	 •    [***] optimization for [***]
	  	 July 31, 2012
	  	August 15, 2012
			
	 •    Optimization of [***] and [***] for[***] using [***] and [***]
	  	 September 30, 2012
	  	October 15, 2012
			
	 •    [***] optimization
	  	 October 31, 2012
	  	November 15, 2012
			
	 Backup Approach – [***]
	  		  	
			
	 •    Isolation of [***] producing [***]
	  	 June 30, 2012
	  	July 15, 2012
			
	 •    [***] optimization of [***]
	  	 February 28, 2013
	  	March 15, 2013
			
	 1. Phase 2: Scale-up at Lighthouse
	  		  	
			
	 •    Prepare Lighthouse for demonstration of Propanol production using [***] strain, including any
equipment modifications
	  	October 31, 2012	  	November 15, 2012
			
	 •    Complete steady-state Propanol production run ([***] hours)
	  	April 30, 2013	  	May 15, 2013
			
	 2. Phase 3: Process development
	  		  	
			
	 •    Complete “Blank Process Book”
	  	April 30, 2013	  	May 15, 2013

  

	[***] 	Indicates that text has been omitted which is the subject of a confidential treatment request. The text has been separately filed with the Securities and Exchange
Commission. 

  
 48 

 Phase 1 Success Metrics: Lead strains developed possessing the following characteristics. 

 

	 	1.	[***] Productivity – [***] of Propanol. 

  

	 	2.	 Syngas (CO and
H2) Conversion – [***] % to [***], Propanol, [***] and
[***]. 

  

	 	3.	Strain Tolerance – greater than [***] g/l of Propanol / [***] g/L total solvent ethanol + Propanol. 

 

	 	4.	Culture Preservation – demonstrated performance of [***] 

  

	 	5.	Dehydration Ready – the fermentation broth can be shown, [***], to fit the specifications necessary to further dehydrate to propylene 

 

	 	6.	Syngas Mapping – Determine the target range of Synthesis Gas composition (CO:H2, contaminants, etc.) for the [***]strain. Confirm the feasibility of reaching such
target range for up to [***] high probability feedstocks through candidate gasifier designs using [***] technology [***]. 

  

	 	7.	Economic Viability — The cost of production of Propanol with the [***] strain, on a $/gallon basis, will be estimated at oil price assumptions of $[***] and $[***]
per barrel of crude oil. For the purposes of calculating this cost per gallon, it will be assumed that the total output of the plant is [***]% Propanol. The key assumptions employed in this estimation are: 

 

	 	•	 	 Feedstock cost sensitivities at (i) Wood pricing, estimated by Project Flagship assumptions as provided by Coskata, (ii) Generic biomass
pricing, estimated at $[***] per bone dry ton, and (iii) Municipal Solid Waste (MSW) pricing, estimated as $[***] per bone dry ton, 

  

	 	•	 	 Total will provide oxygen, electricity, and natural gas assumptions based on the United States Gulf Coast for each oil price assumption, for review by
Coskata 

  

	 	•	 	 Coskata will provide Project Flagship assumptions for all other operating costs (labor, maintenance, capital, other), for review by TPRF

  

	 	•	 	 A capital charge of [***]% of $ of hard capital per gallon of installed capacity will be added to the cost of production, and

  

	 	•	 	 Propanol break-even costs will be provided by TPRF for each oil price assumption, on the basis of break-even costs for the Propanol dehydration
process, for review by Coskata subject to Section 4.6. 

 Economic Viability will be achieved if the
estimated cost of production is: (a) below the break-even target at the $[***]/bbl oil price assumption for at least one of the feedstock cases, and (b) below the break-even target at the $[***]/bbl oil price assumption for at least one of
the [***] feedstock cases. 
 Phase 2 Success Metrics: 
  

	 	1.	A strain has been developed and run at Project Lighthouse possessing characteristics 1 through 4 as described in the Phase 1 Success Metrics. 

 

	 	2.	Demonstration that the co-produced [***] can be recycled back to the [***] and converted into additional [***]. 

 

	 	3.	Steady-state operation of the BCBR (including recycling of the intermediates) for at least [***] hours, including at least [***] hours of operation on biomass-derived
syngas. 

 Phase 3 Success Metrics: Delivery of a Blank Process Book (as described in Appendix 9) for, as well as a cost
estimate of, a commercial production facility as further described in Appendix 4. 

  

	[***] 	Indicates that text has been omitted which is the subject of a confidential treatment request. The text has been separately filed with the Securities and Exchange
Commission. 

  
 49 

 Appendix 4: Readiness for Propanol Fermentation Technology 

 

	 	•	 	 Bacteria selection and optimization and performance validation (Phase 1 & 2), by achieving the Phase 1 and Phase 2 Success Metrics as described in
Appendix 3. 

  

	 	•	 	 Upscaling to commercial scale, by delivering of the following documents (Phase 3): 

 

	 	•	 	 Blank Process Book (eventually by 3rd party); this Blank Process Book (see Appendix 9) is a simplified Basic Engineering Package, [***], that will lay out
the basic process flow scheme based on balanced mass and energy throughout the syngas conversion process in the Field. By definition it will include the biofermentation and alcohol separation areas as “Inside Battery Limits”, but will
exclude Synthesis Gas generation, cleaning, and energy recovery. This Blank Process Book will allow Coskata as licensing agent to prepare and provide commercial proposals and PDP’s (Process Design Packages) for potential licensees with the
intention to start the execution of a TAEDP (Technology Access and Engineering Design package). 

  

	 	•	 	 Cost estimate, factored from the current Coskata ethanol plant capital estimate (Coskata or 3rd party & TPRF) 

 

	 	•	 	 It is envisioned that Readiness of the Propanol Fermentation Technology is reached no later than two years after the Effective Date of the Agreement.

  

	[***] 	Indicates that text has been omitted which is the subject of a confidential treatment request. The text has been separately filed with the Securities and Exchange
Commission. 

  
 50 

 Appendix 5: Royalty fee sharing 

Depending upon a decision of TPRF or a TPRF Affiliate, having signed a detailed engineering, procurement and construction agreement to build a full scale
commercial unit using the Foreground and the required Background to be exploited by TPRF, TPRF Affiliates or TPRF Joint Ventures (“EPC Contract”), the following royalty fee sharing will be applied, using the following definitions:

	 	•	 	 TJDAE ($) = TPRF’s JDA Expenditures: including all expenditures as described in section 4.1.2 and inflated on an annual basis via the
mechanism described below, paid to Coskata for the purpose of the IJDP or ADP, but excluding: 

  

	 	•	 	 TPRF’s internal expenditures related to employees of TPRF, involved in the conduction of the IJDP or ADP; 

 

	 	•	 	 Any payments for biomass gasification runs made by TPRF; and 

 

	 	•	 	 Any exclusivity payments made by TPRF as described in Section 7.7 and Appendix 7. 

 

	 	•	 	 ALFPT ($) = Aggregate License Fee Payments to TPRF: is the sum of the net royalty fee sharing to TPRF, inflated on an annual basis via the
mechanism described below. 

 TJDAE will be inflated on an annual basis via the use of the Average Annual BLS Index according
to the following calculation: 
  

			
	                TJDAE (as of end of Year X) =	 	Incremental TJDAE incurred during Year X + {TJDAE (as of end of Year X-1) * [Average Annual BLS Index Year X/Average Annual BLS Index Year X-1]}

 ALFPT will also be inflated on an annual basis in the same manner as TJDAE. 

 

  
 51 

					
	License Fees	  	Royalty Fee Sharing
	 	  	Coskata	  	TPRF
	 TPRF, TPRF Affiliates or TPRF Joint Ventures have not
 yet signed an EPC Contract for a plant having a capacity of at least [***] thousand metric tons per year ([***] kta) of production of Propanol (and other (by-)products produced by the plant) and ALFPT
< TJDAE
	  	[***]%	  	[***]%
			
	TPRF, TPRF Affiliates or TPRF Joint Ventures have not yet signed an EPC Contract for a plant having a capacity of at least [***] kta of production of Propanol (and other
(by-)products produced by the plant) and ALFPT > TJDAE	  	[***]%	  	[***]%
			
	TPRF, TPRF Affiliates or TPRF Joint Ventures has signed an EPC Contract for a plant having a capacity of at least [***] kta of production of Propanol (and other (by-)products
produced by the plant) and allows visit to their facility	  	[***]%	  	[***]%
			
	TPRF, TPRF Affiliates or TPRF Joint Ventures has a plant ready to accept feed and having a capacity of at least [***] kta of production of Propanol (and other (by-)products produced
by the plant) and allows visit to their facility	  	[***]%	  	[***]%

 For the avoidance of doubt, once ALFPT becomes greater than TJDAE and irrespective of the inflation mechanism described
above, royalty fee sharing will remain at [***]% Coskata [***]% TPRF until such time as TPRF, a TPRF Affiliate or a TPRF Joint Ventures has signed an EPC Contract for a plant having a capacity of at least [***] kta of production of Propanol (and
other (by-)products produced the plant) and allows visits to their facility. 

  

	[***] 	Indicates that text has been omitted which is the subject of a confidential treatment request. The text has been separately filed with the Securities and Exchange
Commission. 

  
 52 

 Appendix 6: Consideration for licenses to TPRF, TPRF Affiliates, TPRF Joint-Ventures or

 Coskata Joint-Ventures 
  

	1.	Coskata agrees to provide, and Subparagraph 6.2.3 includes the right for TPRF to provide, TPRF or TPRF Affiliates with a worldwide license to deploy and use the
PFT consisting of Foreground including all pertaining rights, title and interest and any required Background of Coskata (such as organism or strain patents) that are assigned to Coskata for one (1) semi-commercial demonstration plant with
capacity less than [***] kta ([***]thousand metric tons per year) of production of Propanol (and other (by-)products produced the plant) and for the first two (2) commercial plants each having a capacity of at least [***] kta of Propanol
production (and other (by-)products produced the plant). The related implementation of Subparagraph 6.2.3 shall include royalty payment to Coskata for these facilities as follows: 

 

	 	•	 	 Royalty-free for the semi-commercial plant 

  

	 	•	 	 Royalty-free for: 

	 	•	 	 the first [***]kta ([***] thousand metric tons per year) of design capacity of Propanol (and other (by-)products produced the plant) for the two
commercial plants if they are wholly-owned by TPRF or TPRF Affiliates 

  

	 	•	 	 the first [***]kta ([***] thousand metric tons per year) of design capacity of Propanol (and other (by-)products produced the plant) for the two
commercial plants if any of the commercial plants are a TPRF Joint Venture 

  

	 	•	 	 [***]% less than the most favorable terms to date granted to a third party to deploy and use the PFT, to be paid for that part of the design capacity
of Propanol (and other (by-)products produced the plant) above [***]kta or [***]kta, as the limit applies per the above, for TPRF, TPRF Affiliates, or TPRF Joint Ventures. 

Such plants licensed by Coskata will be constructed and operated according to a license agreement with Coskata, specifying terms and
conditions on capacity and potential improvements demonstrated on such plants (being understood that any such terms and conditions shall not limit or avoid the exercise of the rights, title and benefits of TPRF and TPRF Affiliates granted under this
JDA). 
  

	2.	For subsequent commercial plants after the first two commercial plants specified above, Coskata agrees to provide, and Subparagraph 6.2.3. includes the right for
TPRF to provide, TPRF and TPRF Affiliates with a worldwide license having a royalty payment to Coskata of [***]% less than the most favorable terms to date granted to a third party to deploy and use the PFT consisting of Foreground including all
pertaining rights, title and interest, and any required Background of Coskata (such as organism or strain patents) that are assigned to Coskata. 

  

	3.	For plants, built and operated by TPRF or TPRF Affiliates for which a beneficial license agreement (royalty-free or royalty cost of [***]% less) is obtained, and
for which an extension of production capacity beyond the initial licensed capacity as the result of additional capital investment is envisaged, Coskata will grant an extension of licensed capacity at a royalty cost of [***]% less than the most
favorable terms to date granted to a third party to deploy and use 

  

	[***] 	Indicates that text has been omitted which is the subject of a confidential treatment request. The text has been separately filed with the Securities and Exchange
Commission. 

  
 53 

 
the PFT consisting of Foreground, including any required Background of Coskata (such as, for instance, organism or strain patents) that are assigned to Coskata. It is understood that
“additional capital investment” are those directed to new main equipment, replacement of main equipment or modification of main equipment in order to augment the respective capacity of such plants. It is understood that capacity creep as
the result of optimized or improved plant operation or as the result of modifications implemented on behalf of the owner up to [***]% of the initial licensed capacity are [***], provided such capacity creep does not require such additional capital
investment. 
  

	4.	The benefits and other favorable terms specified here above will be extended to the right for TPRF and TPRF Affiliates to use and sell any products and
by-products produced by the PFT in the relevant plants. In addition, the benefits and other terms specified here above will apply regardless of whether TPRF or the TPRF Affiliates at stake owns or controls a TPRF Joint Venture, in which case the
TPRF Joint Venture will pay the full license fee to the licensing Party for the use of the PFT consisting of Foreground by the TPRF Joint Venture, including any required Background of Coskata (such as organism or strain patents) that are assigned to
Coskata, and the licensing Party shall promptly reimburse the non-licensing Party, in accordance with the benefits and other terms specified here above. For the avoidance of doubt, the partners within the TPRF Joint Venture other than TPRF or a TPRF
Affiliate are treated as third parties and the portion of the royalties linked to the third parties is that portion of ownership used under the definition of TPRF Joint Venture and is shared in accordance with Appendix 5. 

 

	5.	The benefits and other terms specified here above will apply regardless of whether Coskata owns or controls a Coskata Joint Venture, in which case the Coskata
Joint Venture will pay the full license fee to Coskata for the use of the PFT consisting of Foreground including all pertaining rights, title and interest, by the Coskata Joint Venture. For the avoidance of doubt, the partner within the Coskata
Joint Venture other than Coskata or a Coskata Affiliate is treated as a third party and the portion of the royalties linked to the third parties is that portion of ownership used under the definition of Coskata Joint Venture and is shared in
accordance with Appendix 5. 

  

	6.	For each commercial project, envisioned by TPRF or TPRF Affiliates, the upfront fees and costs associated with Technology Access and Engineering Design Package,
prepared by or on behalf of Coskata, will be paid at commercial terms by TPRF or its TPRF Affiliates. For each operating facility, TPRF or TPRF Affiliates still pays Coskata for the microorganisms, proprietary nutrient packages, and technical
service at a cost including markup which is transparent to TPRF. 

  

	7.	If and when after Readiness and provided TPRF or TPRF Affiliates has built a Licensed Unit, and improvement(s) of the PFT are developed as the result of an ADP,
such improvement(s) can be implemented in Licensed Units of TPRF or TPRF Affiliates at the same conditions as the license conditions of such Licensed Unit, but subject to all restrictions of this paragraph. Furthermore, at the date of Readiness of
such ADP, TPRF may make a written request to exclusively deploy the ADP covering such improvements for up to three years (“Extension Request”). The Parties shall negotiate amounts payable by TPRF to Coskata in consideration of the
requested exclusivity period. This consideration shall take into account (a) the relative contribution by the Parties, as determined by the Steering Committee prior to 

  

	[***] 	Indicates that text has been omitted which is the subject of a confidential treatment request. The text has been separately filed with the Securities and Exchange
Commission. 

  
 54 

 
the commencement of the ADP, to the conception or development of the ADP, (b) the costs incurred for the applicable ADP and (c) the added value of the improvements at stake. In the
event that, as determined by the Steering Committee, the ADP is conceived or developed principally by means of the Background of Coskata (or Coskata Affiliates), such consideration to Coskata shall consist of the costs incurred for the applicable
ADP plus the added value of the improvements at stake. In the event that, as determined by the Steering Committee, the ADP is conceived or developed principally by means of the Background of TPRF (or TPRF Affiliates), such consideration to Coskata
shall be limited to the reimbursement of the costs Coskata has incurred for the applicable ADP. Coskata will also have the ability to explore the market or make other marketing efforts regarding Prospective Licensees as well as the ability to deploy
the ADP in accordance with the terms of Section 7.7.2, but subject to all restrictions of this paragraph. Until the Parties have reached agreement on such consideration, there will be no use of any kind by any Party of such improvements. The
Parties will use best efforts to reach agreement within six (6) months of such Extension Request, past which either Party may have the dispute resolved according to the Dispute Procedure. 

 

	8.	If and when after Readiness and provided TPRF or TPRF Affiliates has built a Licensed Unit, improvement(s) of the PFT that are developed by TPRF or TPRF
Affiliates as the results of optimized or improved plant operation at such Licensed Unit or as the result of modifications implemented on behalf of the owner of such Licensed Unit, such improvement(s) shall be disclosed to Coskata and can be
implemented in Licensed Units of TPRF or TPRF Affiliates free of any additional royalty fees and only by TPRF or TPRF Affiliates during a period of five (5) years after the time that the Steering Committee has identified such improvement(s).
After such period of five (5) years such improvement(s) can be licensed to third parties according to the Approved Licensing Conditions. 

  

	9.	In the case of this Agreement being terminated early per Section 2.2 by Coskata, this entire Appendix 6 shall survive. In the case of this Agreement being
terminated early per Section 2.2 by TPRF, TPRF and TPRF Affiliates shall continue to hold the following benefits only with respect to this Appendix 6: 

 

	 	•	 	 If termination occurs during Phase 1, none of this Appendix 6 shall survive. 

 

	 	•	 	 If termination occurs during Phase 2, Coskata agrees to provide TPRF or TPRF Affiliates with [***] worldwide royalty-free license to deploy and use the
PFT consisting of Foreground including all pertaining rights, title and interest and any required Background of Coskata for a plant with up to [***]kta ([***] thousand metric tons per year) of design capacity of Propanol (and other (by-) products
produced in the plant), subject to TPRF agreeing to provide, during a reasonable period of time, Coskata with the right to visit this plant and any engineering document or unit operation data in its possession, subject to (i) obligations owed
to third parties for process areas outside of the PFT and (ii) confidentiality obligations set forth in Section 11 regarding information not already covered by such Section. Such reasonable period of time shall reflect the amount of
Coskata’s contribution to the propanol fermentation technology used in such plants, Coskata’s contribution to the engineering and design of the plants, and the right of Coskata to garner benefit from these plants by leveraging them in
Coskata’s licensing of propanol fermentation technology to third parties. Such reasonable period shall last a maximum of 1 (one) year from the date the plant is released to operations when and if Coskata has not contributed to the Technology
Access and Engineering Design Package, as contemplated in section 7.5.1, of the plant. 

  

	[***] 	Indicates that text has been omitted which is the subject of a confidential treatment request. The text has been separately filed with the Securities and Exchange
Commission. 

  
 55 

	 	•	 	 If termination occurs after Readiness, Coskata agrees to provide TPRF or TPRF Affiliates with [***]worldwide royalty-free licenses to deploy and use
the PFT consisting of Foreground including all pertaining rights, title and interest and any required Background of Coskata for plants with up to a cumulative [***]kta ([***] thousand metric tons per year) of design capacity of Propanol (and other
(by-) products produced in the plant), subject to TPRF agreeing to provide, during a reasonable period of time, Coskata with the right to visit these plants and any engineering document or unit operation data in its possession, subject to
(i) obligations owed to third parties for process areas outside of the PFT and (ii) confidentiality obligations set forth in Section 11 regarding information not already covered by such Section. Such reasonable period of time shall
reflect the amount of Coskata’s contribution to the propanol fermentation technology used in such plants, Coskata’s contribution to the engineering and design of the plants, and the right of Coskata to garner benefit from these plants by
leveraging them in Coskata’s licensing of propanol fermentation technology to third parties. Such reasonable period shall last a maximum of 1 (one) year from the date the plant is released to operations when and if Coskata has not contributed
to the Technology Access and Engineering Design Package, as contemplated in section 7.5.1, of the plant. For the avoidance of doubt, these license grants by Coskata are net of any existing licenses TPRF may already have executed.

  

	[***] 	Indicates that text has been omitted which is the subject of a confidential treatment request. The text has been separately filed with the Securities and Exchange
Commission. 

  
 56 

 Appendix 7: Exclusivity Periods Payments 

 

					
	 Exclusivity Periods
	  	 Exclusivity Period Term
	  	 Amounts payable by TPRF to Coskata

	First Exclusivity Period	  	 starts at the date of Readiness
 + 1 day and lasts one year
	  	US $ 7 million - CP2OF , to be paid within the month following the date of exercise of the Option
			
	Second Exclusivity Period	  	 starts at the date of Readiness
 + 1 year and lasts one year
	  	US $ 10.5 million, to be paid within the month following the date of exercise of the Option
			
	Third Exclusivity Period	  	 starts at the date of Readiness
 + 2 years and lasts one year
	  	US $ 14 million, to be paid within the month following the date of exercise of the Option

 The Option of the Exclusivity Period has to be exercised before the start of such Period. 

  
 57 

 Appendix 8: Procedure on the disclosure and receipt of information 

Subject to the terms and conditions of this Agreement: 
  

	 	A.	Disclosure for the purposes of this Agreement only. Save if expressly provided herein, this Agreement shall not impose any obligation on either Party to disclose
any information, software, or document, whether or not such information or document would constitute Confidential Information, provided however that either Party shall only disclose hereunder information or material that is necessary for the
purposes of this Agreement. 

  

	 	B.	Prior description or summary. It is understood by the Parties that the identification of Background will only take place via the TMT and be confirmed by the SC.
Each Party will receive an agenda prior to the TMT meeting summarizing the topics to be discussed. Each Party shall then have the right to refuse receipt of or access to any information or material so described or summarized by identifying for the
disclosing Party the described or summarized information and/or material that the other Party does not desire to receive. This right of refusal only applies to any information or material which the receiving Party reasonably deems not to be useful
or necessary to the IJDP. The disclosing Party shall not provide such identified information and/or materials to other Party(ies). 

  

	 	C.	Adherence by employees. The Parties to this Agreement shall procure that each of its directors, officers, representatives or employees involved, directly or
indirectly, in the implementation of this Agreement is made aware of its terms (and those of this Appendix 8). In addition, each Party shall procure that such directors, officers, representatives and employees will adhere to such terms as if they
were the Party. 

  
 58 

 Appendix 9: Blank Process Book 

 

	1.	Process Flow Diagram(s) (PFD) – Identifies all major equipment, process piping and process control loops in the Unit for normal
operation. Heat & Material Balance will be included on the PFD with all major process stream properties identified. 

  

	2.	Utility Flow Diagram/Estimated Utility Summary – Depicts all major utility inputs and plant discharges, volumetric flows and estimated stream compositions.

  

	3.	Material Selection Diagram – Identifies primary materials of construction for sections of the plant – based on the PFD format.

  

	4.	Typical Plot Plan (or Preliminary Site Plan) – Typical arrangement of equipment based on greenfield site. Can be adapted to site-specific constraints if
site information is available. 

  

	5.	Numbered Equipment List—List of major process equipment required for the plant, with summary of major design parameters, performance requirements, materials
of construction, required area classification, applicable design and fabrication codes. Proprietary equipment, where critical to the design of the overall plant, will be identified by vendor and model number. 

 

	6.	Process Control System Architecture & Design—DCS System architecture drawing and appropriate operating strategy narrative to depict process control
system design philosophy. 

  

	7.	Preliminary Building Sizes & Type of Construction – Description of primary buildings and associated function to be included in the plant.

  
 59Form of Certificate of Designation

 Exhibit 4.1 
 CARROLS RESTAURANT GROUP, INC. 
 FORM OF CERTIFICATE OF DESIGNATION

 OF 
 SERIES A CONVERTIBLE PREFERRED STOCK 
 Pursuant to Section 151 of
the 
 General Corporation Law of the State of Delaware 

Carrols Restaurant Group, Inc., a Delaware corporation (the “Company”), hereby certifies that: 

A. The Restated Certificate of Incorporation of the Company (the “Certificate of Incorporation”) fixes the total number
of shares of capital stock that the Company shall have the authority to issue at 100,000,000 shares of common stock, par value $0.01 per share, and 20,000,000 shares of preferred stock, par value $0.01 per share (the “Preferred
Stock”). 
 B. The Certificate of Incorporation expressly vests the Board of Directors of the Company with authority
from time to time to provide for the issuance of shares of one or more series of the undesignated Preferred Stock and in connection therewith to fix by resolution or resolutions providing for the issue of any such series, the number of shares to be
included therein, the voting powers thereof, and such of the designations, preferences and relative participating, optional or other special rights and qualifications, limitations and restrictions of each such series, including, without limitation,
dividend rights, voting rights, rights of redemption, conversion rights, and liquidation preferences. 
 C. Pursuant to the
authority vested in the Board of Directors by the Certificate of Incorporation, the Board of Directors, by action duly taken on [—], 2012, adopted resolutions establishing a series of Preferred Stock
and fixing the designation, powers, preferences and rights of the shares of this series of Preferred Stock and the qualifications, limitations or restrictions thereof as follows: 

Section 1. Designation; Number of Shares; Restrictions. 

(a) Designation; Number of Shares. The designation of the series of Preferred Stock shall be “Series A Convertible Preferred
Stock” (the “Series A Convertible Preferred Stock”). The number of authorized shares of Series A Convertible Preferred Stock shall be 100. 
 (b) Legend. During the Holding Period, each certificate representing Series A Convertible Preferred Stock and Conversion Shares shall include the following legend: 

“THE DIRECT OR INDIRECT SALE, ASSIGNMENT, TRANSFER, PLEDGE, OFFER, EXCHANGE, DISPOSITION, ENCUMBRANCE, ALIENATION OR OTHER
DISPOSITION (“TRANSFER”), WHETHER BY OPERATION OF LAW 

 
OR OTHERWISE, OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE AND THE ENTERING INTO OF ANY CONTRACT, OPTION OR OTHER AGREEMENT WITH RESPECT TO, OR THE CONSENT TO, A TRANSFER OF THE SECURITIES
REPRESENTED BY THIS CERTIFICATE OR THE HOLDER’S VOTING OR ECONOMIC INTEREST THEREIN, BY THE HOLDER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS STRICTLY PROHIBITED IN ACCORDANCE WITH THE CERTIFICATE OF DESIGNATION OF THE SERIES A
CONVERTIBLE PREFERRED STOCK OF THE ISSUER, AND ANY TRANSFER MADE, OR CONTRACT, OPTION OR OTHER AGREEMENT ENTERED INTO, IN VIOLATION OF THIS PROHIBITION WILL NOT BE BINDING UPON OR RECOGNIZED BY THE ISSUER.” 

(c) Transfer Restriction. Investor shall not engage in a Prohibited Transfer during the Holding Period. In the event of a
Prohibited Transfer during the Holding Period by the Investor and in addition to any other remedies as may be available at law, in equity or under this Certificate of Designation, the Company shall not be required (i) to transfer on its books
any Series A Convertible Preferred Stock or any Conversion Shares which shall have been transferred in violation of any of the provisions set forth in this Certificate of Designation; or (ii) to treat as owner of such Series A Convertible
Preferred Stock or Conversion Shares or to accord the right to vote as such owner or to pay dividends to any transferee to whom of any Series A Convertible Preferred Stock or any Conversion Shares shall have been transferred in violation of any of
the provisions set forth in this Certificate of Designation. 
 Section 2. Definitions. 

Unless the context otherwise requires, each of the terms defined in this Section 2 shall have, for all purposes of this Certificate
of Designation, the meaning herein specified (with terms defined in the singular having comparable meanings when used in the plural): 
 “Affiliate” as applied to any Person, means any other Person directly or indirectly controlling, controlled by, or under direct or indirect common control with, such Person. For purposes
of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and “under common control with”), as applied to any Person, means the possession, directly or
indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise, and, in addition to the foregoing, a Person shall be deemed to
control another Person if the controlling Person owns 20% or more of any class of voting securities (or other ownership interest) of the controlled Person. 
 “Board of Directors” means the Board of Directors of the Company. 

“Business Day” means a day other than a Saturday, Sunday or other day on which commercial banks in New York, New York
are authorized or required by law to close. 
 “By-Laws” means the Company’s Amended and Restated By-Laws,
as amended, as in effect on the date of this Certificate of Designation. 

  
 2 

 “Capital Stock” means any and all shares, interests, participations or
other equivalents in the equity interest (however designated) in the Company. 
 “Certificate of Incorporation”
means the Company’s Restated Certificate of Incorporation, as in effect on the date of this Certificate of Designation. 

“Class A Director” means each individual elected by the Investor to serve as a member of the Board of Directors pursuant
to the terms and subject to the conditions of Section 8 hereof. 
 “Common Share Equivalents” means
securities, options, warrants, derivatives, debt instruments or other rights convertible into, or exercisable or exchangeable for, or entitling the holder thereof to receive directly or indirectly, Common Stock. 

“Common Stock” means the common stock, $0.01 par value per share, of the Company or any other Capital Stock into which
such shares of common stock shall be reclassified or changed. 
 “Common Stock Transfer Agent” has the meaning
set forth in Section 6(c) hereof. 
 “Company” means Carrols Restaurant Group, Inc., a Delaware
corporation, and its successors and assigns. 
 “Company’s Organizational Documents” means the Certificate
of Incorporation, this Certificate of Designations, any other certificate of designations issued pursuant to the Certificate of Incorporation, and the By-Laws. 
 “Conversion Number” has the meaning set forth in Section 6(a) hereof. 
 “Conversion Shares” has the meaning set forth in Section 6(b) hereof. 
 “Converted Shares” has the meaning set forth in Section 6(c). 
 “Converting Shares” has the meaning set forth in Section 6(c). 
 “DGCL” means the General Corporation Law of the State of Delaware. 
 “Director Cessation Date” means the earlier of the (a) first date following the Issue Date on which the number of shares of Common Stock into which the outstanding shares of Series A
Convertible Preferred Stock held by the Investor are then convertible constitute less than 10% of the total number of outstanding shares of Common Stock or (b) date on which there is any Prohibited Transfer or attempted Prohibited Transfer
during the Holding Period of any Series A Convertible Preferred Stock or any Conversion Shares. 
 “Director Step-Down
Date” means the first date following the Issue Date on which the number of shares of Common Stock into which the outstanding shares of Series A Convertible Preferred Stock held by the Investor are then convertible constitute less than 14.5%
of the total number of outstanding shares of Common Stock. 

  
 3 

 “Holders” means the record holders of the shares of Series A Convertible
Preferred Stock, as shown on the books and records of the Company. 
 “Holding Period” means a three
(3) year period commencing on the Issue Date and ending on the third anniversary of the Issue Date. 

“Investor” means Burger King Corporation, a Florida corporation. 

“Issue Date” means [—], 2012. 

“Junior Stock” has the meaning set forth in Section 3 hereof. 

“Liquidation Event” means (i) any voluntary or involuntary liquidation, dissolution or winding-up of the Company,
(ii) the consummation of a merger or consolidation in which the stockholders of the Company prior to such transaction own less than a majority of the voting securities of the entity surviving such transaction, or (iii) the sale,
distribution or other disposition of all or substantially all of the Company’s assets. 
 “Liquidation
Preference” has the meaning set forth in Section 5(a) hereof. 
 “Market Price” means the last
reported sale price of the Common Stock on the primary U.S. national securities exchange, automated quotation system or inter-dealer quotation system upon which the Common Stock is then traded or quoted. 

“Maximum Number” means [—]1 (subject to appropriate adjustment in the event of any stock
dividend, stock split, combination or other similar recapitalizations affecting the Common Stock). 
 “Operating
Agreement” means the Operating Agreement, dated as of             , 2012, among Investor and Carrols LLC. 
 “Parity Stock” has the meaning set forth in Section 3 hereof. 
 “Person” includes all natural persons, corporations, business trusts, limited liability companies, associations, companies, partnerships, joint ventures and other entities, as well as
governments and their respective agencies and political subdivisions. 
 “Prohibited Transfer” means
(a) any Transfer, whether by operation of law or otherwise, of any Series A Convertible Preferred Stock or any Conversion Shares; and (b) the entering into of any contract, option or other agreement with respect to, or consent to, a
Transfer of the Series A Convertible Preferred Stock or any Conversion Shares or Investor’s voting or economic interest therein. 
 “Remodel Plan” has the meaning set forth in the Operating Agreement. 
 “SEC” means the United States Securities and Exchange Commission. 

 

	1 	19.9% of the outstanding shares of Common Stock as of the Issue Date. 

  
 4 

 “Senior Stock” has the meaning set forth in Section 3 hereof.

 “Series A Convertible Preferred Stock” has the meaning set forth in Section 1 hereof. 

“Stated Value” means $0.01 per share of Series A Convertible Preferred Stock, as may be adjusted for any stock split,
dividend or similar event relating to the Series A Convertible Preferred Stock. 
 “Stockholder Approval” has
the meaning set forth in Section 6(b) hereof. 
 “Transfer” means the direct or indirect sale, assignment,
transfer, pledge, offer, exchange, disposition, encumbrance, alienation or other disposition. 
 “Transfer
Agent” means the entity designated from time to time by the Company to act as the registrar and transfer agent for the Series A Convertible Preferred Stock or, if no entity has been so designated to act in such capacity, the Company.

 Section 3. Ranking. 
 The Series A Convertible Preferred Stock shall, with respect to rights on the liquidation, winding-up and dissolution of the Company (as provided in Section 5 below), rank (a) senior to all
classes of Common Stock and to each other class of Capital Stock or series of Preferred Stock established hereafter by the Board of Directors the terms of which expressly provide that such class ranks junior to the Series A Convertible Preferred
Stock as to rights on the liquidation, winding-up and dissolution of the Company (collectively referred to as the “Junior Stock”), (b) on a parity with each other class of Capital Stock or series of Preferred Stock established
hereafter by the Board of Directors with the written consent of the Holders of at least a majority of the outstanding shares of Series A Convertible Preferred Stock, the terms of which expressly provide that such class or series ranks on a parity
with the Series A Convertible Preferred Stock as to rights on the liquidation, winding-up and dissolution of the Company (collectively referred to as the “Parity Stock”) and (c) junior to any future class of Preferred Stock
established hereafter by the Board of Directors, the terms of which expressly provide that such class ranks senior to the Series A Convertible Preferred Stock as to rights on the liquidation, winding-up and dissolution of the Company (collectively
referred to as the “Senior Stock”). 
 The Series A Convertible Preferred Stock shall, with respect to rights
to dividends (as provided in Section 4 below), rank on a parity with each class of Common Stock. 
 Section 4.
Dividends. 
 The Company shall not declare, pay or set aside any dividends on shares of Common Stock (other than dividends
on shares of Common Stock payable solely in shares of Common Stock) unless (in addition to the obtaining of any consents required elsewhere in the Company’s Organizational Documents) the Holders simultaneously receive a dividend on each
outstanding share of Series A Convertible Preferred Stock in an amount equal to that dividend per share of Series A Convertible Preferred Stock as would equal the product of the dividend payable on each share of Common Stock and the number of shares
of Common Stock then issuable upon conversion of one share of Series A Convertible Preferred Stock, in each case calculated on the record date for determination of holders entitled to receive such dividend and without regard to any limitation on
conversion set forth in Section 6(b) hereof. 

  
 5 

 Section 5. Liquidation Preference. 

(a) Except as otherwise provided in Section 6(h), upon any Liquidation Event, each Holder shall be entitled to be paid out of the
assets of the Company available for distribution to its stockholders, on account of each share of Series A Convertible Preferred Stock held by such Holder, (i) prior to the holders of any class or series of Common Stock and Junior Stock,
(ii) pro rata with the holders of any Parity Stock and (iii) after the holders of any Senior Stock, an amount (such amount, the “Liquidation Preference”) equal to the Stated Value. 

(b) Except as otherwise provided in Section 6(h), upon any Liquidation Event, after the payment of the Liquidation Preference the
remaining assets of the Company available for distribution to its stockholders shall be distributed among the Holders and the holders of the shares of Capital Stock, pro rata, based on the number of shares held by each such holder, treating for this
purpose all such securities as if they had been converted to Common Stock pursuant to the terms of this Certificate of Designation (or any other applicable certificate of designation) immediately prior to such Liquidation Event without regard to any
limitation on conversion set forth in Section 6(b) hereof. 
 Section 6. Conversion. 

(a) Right to Convert. Subject to the provisions of Section 6(b) hereof, each Holder shall have the right, upon the delivery
of a written notice to the Company, to convert any share of Series A Convertible Preferred Stock held by it into that number of fully paid and nonassessable shares of Common Stock equal to the Conversion Number at the time in effect. Any Holder may
convert all or less than all of the shares of Series A Convertible Preferred Stock held by it at any time. Any Holder’s conversion of shares of Series A Preferred Stock under this Section 6(a) shall not be effective unless such Holder has
also complied with the provisions set forth in Section 6(c) hereof at the time of delivery of its aforesaid written notice to the Company. The initial “Conversion Number” per share of Series A Convertible Preferred Stock shall
be [—]2;
provided, however, that the Conversion Number in effect from time to time shall be subject to adjustment as provided hereinafter. 
 (b) Limitation on Conversion. Notwithstanding anything herein to the contrary, the Company shall not issue to any Holder, and the Holders shall not have the right to the issuance of any shares of
Common Stock issuable upon conversion of Series A Convertible Preferred Stock (“Conversion Shares”), to the extent that such shares, after giving effect to such issuance after conversion and when added to the number of shares of
Common Stock previously issued upon the conversion of any shares of Series A Convertible Preferred Stock, would exceed the Maximum Number, unless and until the Company obtains stockholder approval permitting such issuances in accordance with
applicable NASDAQ Stock Market Rules (“Stockholder Approval”). If on any attempted conversion of Series A Convertible Preferred Stock, the 

 

	2 	Amount equal to (i) the aggregate number of shares of common stock of the Company on a fully diluted basis outstanding immediately prior to the issuance of Series
A Preferred Stock (“Outstanding Shares”) divided by 71.1%, minus (ii) the Outstanding Shares, multiplied by (iii) .01. 

  
 6 

 
issuance of Conversion Shares, together with all previously issued Conversion Shares, would exceed the Maximum Number, and the Company shall not have previously obtained Stockholder Approval at
the time of such conversion, then the Company shall issue to the Holder requesting conversion such number of Conversion Shares as may be issued so that all outstanding Conversion Shares do not exceed the Maximum Number, and the remainder of the
aggregate number of Conversion Shares underlying such Series A Convertible Preferred Stock shall not be issuable until and unless Stockholder Approval has been obtained and shall remain issued and outstanding. Notwithstanding anything herein to the
contrary, in no event shall the Company issue or the Holders have the right to the issuance of shares of Common Stock in the aggregate which exceeds the Maximum Number prior to the date and time on which Stockholder Approval has been obtained.

 (c) Conversion Procedures. Each conversion of shares of Series A Convertible Preferred Stock into shares of Common
Stock shall be effected by the surrender of the certificate(s) evidencing the shares of Series A Convertible Preferred Stock to be converted (the “Converting Shares”) at the principal office of the Company (or such other office or
agency of the Company as the Company may designate by notice in writing to the Holders of the Series A Convertible Preferred Stock) at any time during its usual business hours, together with written notice by the holder of such Converting Shares,
(i) stating that the Holder desires to convert the Converting Shares, or a specified number of such Converting Shares, evidenced by such certificate(s) into shares of Common Stock (the “Converted Shares”), and (ii) giving
the name(s) (with addresses) and denominations in which the Converted Shares should either be registered with the Company’s transfer agent and registrar for the Common Stock (the “Common Stock Transfer Agent”) on its records in
book-entry form under The Direct Registration System or certificated, and, in either case, instructions for the delivery of a statement evidencing book-entry ownership of the Converted Shares or the certificates evidencing the Converted Shares. Upon
receipt of the notice described in the first sentence of this Section 6(c), together with the certificate(s) evidencing the Converting Shares, the Company shall be obligated to, and shall, cause to be issued and delivered in accordance with
such instructions, as applicable, either (x) a statement from the Common Stock Transfer Agent evidencing ownership of the Converted Shares, registered in the name of the Holder or its designee on the Common Stock Transfer Agent’s records
in book-entry form under The Direct Registration System or (y) certificate(s) evidencing the Converted Shares and, if applicable, a certificate (which shall contain such applicable legends, if any, as were set forth on the surrendered
certificate(s)) representing any shares which were represented by the certificate(s) surrendered to the Company in connection with such conversion but which were not Converting Shares and, therefore, were not converted. All or some Converted Shares
so issued whether in book-entry form under the Direct Registration System or in certificated form may be subject to restrictions on transfer as required by applicable federal and state securities laws. Any such Converted Shares subject to
restrictions on transfer under applicable federal and state securities laws shall be encumbered by stop transfer orders and restrictive legends (or equivalent encumbrances). Such conversion, to the extent permitted by law, shall be deemed to have
been effected as of the close of business on the date on which such certificate(s) shall have been surrendered and such written notice shall have been received by the Company unless a later date has been specified by such Holder, and at such time
the rights of the Holder of such Converting Shares as such Holder shall cease, and the Person(s) in whose name or names the Converted Shares are to be issued either in book-entry form or certificated form, as applicable, upon such conversion shall
be deemed to have become the holder(s) of record of the Converted Shares. 

  
 7 

 (d) Effect of Conversion. Upon the issuance of the Converted Shares in accordance
with Section 6, such shares shall be deemed to be duly authorized, validly issued, fully paid and non-assessable. 
 (e)
Adjustments for Common Stock Dividends and Distributions. If the Company at any time or from time to time makes, or fixes a record date for the determination of holders of Common Stock entitled to receive, a dividend or other distribution
payable in additional shares of Common Stock, in each such event the Conversion Number then in effect shall be increased as of the time of such issuance or, in the event such record date is fixed, as of the close of business on such record date, by
multiplying the Conversion Number then in effect by a fraction (i) the numerator of which is the total number of shares of Common Stock issued and outstanding immediately prior to the time of such issuance or the close of business on such
record date plus the number of shares of Common Stock issuable in payment of such dividend or distribution and (ii) the denominator of which is the total number of shares of Common Stock issued and outstanding immediately prior to the time of
such issuance or the close of business on such record date. To the extent an adjustment is made in respect of the foregoing pursuant to Section 6(f) or the Holder actually receives the dividend to which any such adjustment relates, an
adjustment shall not be made pursuant to this Section 6(e). 
 (f) Conversion Number Adjustments for Subdivisions,
Combinations or Consolidations of Common Stock. 
 (i) In the event the Company should at any time or from time to time fix
a record date for the effectuation of a split or subdivision of the outstanding shares of Common Stock or the determination of holders of shares of Common Stock entitled to receive a dividend or other distribution payable in additional Common Share
Equivalents, without payment of any consideration by such holder for additional Common Share Equivalents (including the additional Common Stock issuable upon conversion, exchange or exercise thereof), then, as of such record date (or the date of
such dividend, distribution, split or subdivision if no record date is fixed), the Conversion Number then in effect shall be appropriately increased so that the number of shares of Common Stock issuable on conversion of each such share of such
Series A Convertible Preferred Stock shall be increased in proportion to such increase of outstanding shares of Common Stock and shares issuable with respect to Common Share Equivalents. 

(ii) If the number of shares of Common Stock outstanding at any time is decreased by a combination, consolidation, reclassification or
reverse stock split of the outstanding shares of Common Stock or other similar event, then, following the record date of such combination, the Conversion Number then in effect shall be appropriately decreased so that the number of shares of Common
Stock issuable on conversion of each such share of such Series A Convertible Preferred Stock shall be decreased in proportion to such decrease in outstanding shares of Common Stock. 

(g) Recapitalizations. If at any time or from time to time there shall be a recapitalization of the Common Stock (other than a
subdivision, combination, merger or sale of 

  
 8 

 
assets transaction provided for elsewhere in this Section 6), provision shall be made so that the Holders shall thereafter be entitled to receive upon conversion of the Series A Convertible
Preferred Stock the number of shares of Capital Stock or other securities or property of the Company to which a holder of Common Stock would have been entitled on recapitalization. In any such case, appropriate adjustment shall be made in the
application of the provisions of this Section 6 with respect to the rights of the Holders after the recapitalization to the end that the provisions of this Section 6 (including adjustment of the Conversion Number then in effect and the
number of shares issuable upon conversion of the Series A Convertible Preferred Stock) shall be applicable after that event as nearly equivalent as may be practicable. 
 (h) Mergers and Other Reorganizations. If at any time or from time to time there shall be a reclassification of the Common Stock (other than a subdivision, combination, reclassification or exchange
of shares provided for elsewhere in this Section 6) or a merger or consolidation of the Company with or into another entity or the sale of all or substantially all of the Company’s properties and assets to any other Person, then, as a part
of and as a condition to the effectiveness of such reclassification, merger, consolidation or sale, lawful and adequate provision shall be made so that the Holders shall thereafter be entitled to receive upon conversion of the Series A Convertible
Preferred Stock the number of shares of Capital Stock or other securities or property, if any, of the Company or of the successor entity resulting from such reclassification, merger or consolidation or sale, to which a holder of Common Stock
deliverable upon conversion would have been entitled in connection with such reclassification, merger, consolidation or sale. In any such case, appropriate provision shall be made with respect to the rights of the Holders after the reclassification,
merger, consolidation or sale to the end that the provisions of this Section 6 (including, without limitation, provisions for adjustment of the Conversion Number and the number of shares purchasable upon conversion of the Series A Convertible
Preferred Stock) shall thereafter be applicable, as nearly as may be, with respect to any shares of Capital Stock, securities or property to be deliverable thereafter upon the conversion of the Series A Convertible Preferred Stock. 

Each Holder, upon the occurrence of a reclassification, merger or consolidation of the Company or the sale of all or substantially all
its assets and properties, as such events are more fully set forth in the first paragraph of this Section 6(h), shall have the option of electing treatment of its shares of Series A Convertible Preferred Stock under either this
Section 6(h) or Section 5 hereof, notice of which election shall be submitted in writing to the Company at its principal offices no later than ten (10) days before the effective date of such event, provided that any such notice of
election shall be effective if given not later than fifteen (15) days after the date of the Company’s notice pursuant to Section 6(i) hereof with respect to such event, and, provided, further, that if any Holder fails to give the
Company such notice of election, the provisions of this Section 6(h) shall govern the treatment of such Holder’s shares of Series A Convertible Preferred Stock upon the occurrence of such event. 

(i) Notices of Record Date. In the event (i) the Company fixes a record date to determine the holders of Common Stock who are
entitled to receive any dividend or other distribution, or (ii) there occurs any capital reorganization of the Company, any reclassification or recapitalization of the Common Stock of the Company, any merger or consolidation of the Company, or
any voluntary or involuntary dissolution, liquidation or winding up of the Company, the Company shall mail to each Holder at least ten (10) days prior to the record date 

  
 9 

 
specified therein, a notice specifying (a) the date of such record date for the purpose of such dividend or distribution and a description of such dividend or distribution, (b) the date
on which any such reorganization, reclassification, consolidation, merger, dissolution, liquidation or winding up is expected to become effective, and (c) the time, if any, that is to be fixed, as to when the holders of record of Common Stock
(or other securities) shall be entitled to exchange their shares of Common Stock or other securities) for securities or other property deliverable upon such reorganization, reclassification, consolidation, merger, dissolution, liquidation or winding
up. 
 (j) No Impairment. The Company will not, by amendment of its Certificate of Incorporation or through any
reorganization, recapitalization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed
hereunder by the Company, but will at all times in good faith assist in the carrying out of all the provisions of this Section 6 and in the taking of all such actions as may be necessary or appropriate in order to protect the conversion rights
of the Holders against impairment. 
 (k) Fractional Shares and Certificate as to Adjustments. In lieu of any fractional
shares to which a Holder would otherwise be entitled upon conversion, the Company shall pay cash equal to such fraction multiplied by the Market Price of one share of Common Stock, as determined in good faith by the Board of Directors. Whether or
not fractional shares are issuable upon such conversion shall be determined on the basis of the total number of shares of Series A Convertible Preferred Stock of each Holder at the time converting into Common Stock and the number of shares of Common
Stock issuable upon such aggregate conversion. 
 Upon the occurrence of each adjustment or readjustment of the Conversion
Number of any share of Series A Convertible Preferred Stock pursuant to this Section 6, the Company, at its expense, shall promptly compute such adjustment or readjustment in accordance with the terms hereof and prepare and furnish to each
Holder a certificate setting forth such adjustment or readjustment and showing in detail the facts upon which such adjustment or readjustment is based. The Company shall, upon the written request at any time of any Holder, furnish or cause to be
furnished to such Holder a like certificate setting forth (A) such adjustment and readjustment, (B) the Conversion Number at the time in effect, and (C) the number of shares of Common Stock and the amount, if any, of other property
which at the time would be received upon the conversion of such Holder’s shares of Series A Convertible Preferred Stock. The provisions of Section 6(e), (f), (g) and (h) shall apply to any transaction and successively to any
series of transactions that would require any adjustment pursuant thereto. 
 (l) Reservation of Stock Issuable Upon
Conversion. The Company shall at all times reserve and keep available out of its authorized but unissued Common Stock, solely for the purpose of effecting the conversion of the shares of the Series A Convertible Preferred Stock (taking into
account the adjustments required by this Section 6), such number of its shares of Common Stock as shall from time to time be sufficient to effect the conversion of all outstanding shares of the Series A Convertible Preferred Stock; and if at
any time the number of authorized but unissued shares of Common Stock shall not be sufficient to effect the conversion of all then outstanding shares of the Series A Convertible Preferred Stock, in addition to such other remedies as shall be
available to the Holders, the Company will, as soon as is reasonably 

  
 10 

 
practicable, take all such action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued shares of Common Stock to such number of shares as shall be
sufficient for such purposes. 
 Section 7. Voting Rights. 

(a) General. Each Holder, except as otherwise required under the DGCL or as set forth herein (including, without limitation, in
Sections 7(b), 7(c) and 8 below), shall be entitled or permitted to vote on all matters required or permitted to be voted on by the holders of Common Stock of the Company and shall be entitled to that number of votes equal to the largest number of
whole shares of Common Stock into which such Holder’s shares of the Series A Convertible Preferred Stock could then be converted, pursuant to the provisions of Section 6 hereof, at the record date for the determination of stockholders
entitled to vote on such matter or, if no such record date is established, at the date such vote is taken or any written consent of stockholders is solicited. Except as otherwise expressly provided herein or as otherwise required by law, the Series
A Convertible Preferred Stock and the Common Stock shall vote together (or render written consents in lieu of a vote) as a single class on all matters upon which the Common Stock is entitled to vote. 

(b) Limitation on Voting. Notwithstanding anything herein to the contrary, unless and until such time as the Stockholder Approval
is obtained, the Company shall not give effect to any voting rights of the Series A Convertible Preferred Stock (or any previously issued Converted Shares) pursuant to Section 7(a) hereof, and any Holder shall not have the right to exercise
voting rights with respect to any Series A Convertible Preferred Stock pursuant to Section 7(a) hereof, to the extent that giving effect to such voting rights would result in the Holders (together with any Holders of previously issued Converted
Shares) having the right to vote in the aggregate shares in excess of the Maximum Number, and in any such case the aggregate voting rights of all such Holders shall be proportionately reduced such that they are entitled to vote, in the aggregate,
that number of shares equal to the Maximum Number. 
 (c) Voting by Investor With Respect to Certain Matters. In addition
to any other rights provided by law or set forth herein, during the period commencing on the Issue Date and ending on the Director Cessation Date, the Company shall not without first obtaining the approval (by vote or written consent, as provided by
law) of the Investor: 
 (i) approve the Company’s annual budget for each of the first two full fiscal years immediately
following the Issue Date; 
 (ii) modify the Remodel Plan; 

(iii) alter, amend or repeal the Company’s Organizational Documents; 

(iv) amend the size of the Board of Directors (other than pursuant to Section 8 hereof); 

(v) authorize or consummate any Liquidation Event , except as permitted pursuant to the Operating Agreement; 

  
 11 

 (vi) engage in any business other than the ownership, operation, development and
acquisition of Burger King restaurants and matters incidental thereto; provided that this clause (vi) shall not apply from and after the occurrence of any bankruptcy filing or reorganization or insolvency proceeding by or against Burger
King Holdings, Inc. or Burger King Corporation or their respective successors or assigns, which filing shall not have been dismissed within 60 days; 
 (vii) issue, in any single transaction or series of related transactions, shares of Common Stock in an amount exceeding 35% of the total number of shares of Common Stock issued and outstanding immediately
prior to the time of such issuance; 
 (viii) declare or pay any special cash dividend; 

(ix) except for management fees or transactions entered into or contemplated on or prior to the Issue Date and included in the
Company’s public filings with the SEC (including, without limitation, pursuant to any agreements entered into in connection with the spin-off of Fiesta Restaurant Group, Inc. by the Company), approve or pay any management fee or enter into any
other transaction with Affiliates of the Company or its subsidiaries, or permit subsidiaries of the Company to enter into any transaction with Affiliates of the Company or its subsidiaries; or 

(x) initiate or settle any lawsuit (other than with respect to any Holder) in which the damages (or claimed damages, as applicable)
would exceed U.S. $10 million. 
 Section 8. Board Representation. 

(a) On the Issue Date, the Board of Directors shall set the size of the Board of Directors at seven and shall cause two of the director
positions to be filled by two Class A Directors upon the receipt of written notice from the Investor. The Class A Directors shall be a separate class of directors on the Board of Directors from the Class I, Class II and Class III directors
of the Board of Directors. Class A Directors shall be elected by the Investor for terms expiring at the next annual meeting of stockholders. 
 (b) From the Issue Date until the Director Step-Down Date, the Investor, voting as a separate class, shall have the right to elect two Class A Directors to the Board of Directors at each annual
meeting of stockholders or pursuant to each consent of the Company’s stockholders for the election of directors, and to remove from office any such Class A Director and to fill any vacancy caused by the resignation, death or removal of any
such Class A Director. Each share of Series A Convertible Preferred Stock shall be entitled to one vote and any election or removal of the Class A Director shall be subject to the affirmative vote of the Investor. On the Director Step-Down
Date, the Investor shall cause one Class A Director to submit his or her resignation as a Class A Director to the Board of Directors; provided that if such Class A Director does not resign as a Class A Director on the Director
Step-Down Date, the Board of Directors may vote to remove such Class A Director without cause at any time following the Director Step-Down Date. 
 (c) From the Director Step-Down Date until the Director Cessation Date, the Investor, voting as a separate class, shall have the right to elect one Class A Director to the Board of Directors at each
annual meeting of stockholders or pursuant to each consent of the 

  
 12 

 
Company’s stockholders for the election of directors, and to remove from office such Class A Director and to fill any vacancy caused by the resignation, death or removal of such
Class A Director. Each share of Series A Convertible Preferred Stock shall be entitled to one vote and any election or removal of the Class A Director shall be subject to the affirmative vote of the Investor. On the Director Cessation
Date, the Investor shall cause all Class A Directors to submit his or her resignation as Class A Directors to the Board of Directors; provided that if such Class A Director(s) does or do not resign as a Class A Director or as
Class A Directors, as the case may be, on the Director Cessation Date, the Board of Directors may vote to remove such Class A Director(s) without cause at any time following the Director Cessation Date. 

(d) Each Class A Director, in his capacity as a member of the Board of Directors, shall be afforded the same rights and privileges
as the other members of the Board of Directors, including, without limitation, rights to indemnification, insurance, notice, information and the reimbursement of expenses. Nothing in this paragraph (d) is intended to limit any such Class A
Director’s rights to indemnification, and the rights set forth herein are in addition to any and all other rights to indemnification. 
 Section 9. Reissuance of Shares of Series A Convertible Preferred Stock. 
 Shares of Series A Convertible Preferred Stock that have been issued and reacquired in any manner, including shares purchased, redeemed, converted or exchanged, shall (upon compliance with any applicable
provisions of the DGCL) be permanently retired or cancelled and shall not under any circumstances be reissued. The Company shall from time to time take such appropriate action as may be required by applicable law to reduce the authorized number of
shares of Series A Convertible Preferred Stock by the number of shares that have been so reacquired. 
 Section 10.
Notices. 
 Any and all notices, consents, approval or other communications or deliveries required or permitted to be
provided under this Certificate of Designation shall be in writing and shall be deemed given and effective on the earliest of (a) the date of receipt, if such notice, consent, approval or other communication is delivered by hand (with written
confirmation of receipt) or via facsimile to the Company or the Holders, as applicable, at the facsimile number specified in the register of Holders of Series A Convertible Preferred Stock maintained by the Transfer Agent prior to 5:00 p.m. (New
York City time) on a Business Day, (b) the next Business Day after the date of receipt, if such notice, consent, approval or other communication is delivered via facsimile to the Company or the Holder, as applicable, at the facsimile number
specified in the register of Holders of Series A Convertible Preferred Stock maintained by the Transfer Agent on a day that is not a Business Day or later than 5:00 p.m. (New York City time) on any Business Day, or (c) the third Business Day
following the date of deposit with a nationally recognized overnight courier service for next Business Day delivery and addressed to the Company or the Holder, as applicable, at the address specified in the register of Holders of Series A
Convertible Preferred Stock maintained by the Transfer Agent. 

  
 13 

 Section 11. Headings. 

The headings of the various sections and subsections hereof are for convenience of reference only and shall not affect the interpretation
of any of the provisions hereof. 
 Section 12. Severability of Provisions. 

If any powers, preferences and relative, participating, optional and other special rights of the Series A Convertible Preferred Stock and
the qualifications, limitations and restrictions thereof set forth in this Certificate of Designation (as it may be amended from time to time) is invalid, unlawful or incapable of being enforced by reason of any rule or law or public policy, all
other powers, preferences and relative, participating, optional and other special rights of the Series A Convertible Preferred Stock and the qualifications, limitations and restrictions thereof set forth in this Certificate of Designation (as so
amended) which can be given effect without the invalid, unlawful or unenforceable powers, preferences and relative, participating, optional and other special rights of the Series A Convertible Preferred Stock and the qualifications, limitations and
restrictions thereof shall, nevertheless, remain in full force and effect, and no powers, preferences and relative, participating, optional or other special rights of the Series A Convertible Preferred Stock and the qualifications, limitations and
restrictions thereof herein set forth shall be deemed dependent upon any other such powers, preferences and relative, participating, optional or other special rights of Preferred Stock and qualifications, limitations and restrictions thereof unless
so expressed herein. 
 [Intentionally Left Blank; Signature Page Follows] 

  
 14 

 IN WITNESS WHEREOF, this Certificate of Designation has been executed on behalf of
the Company by its                      this      day of
            , 2012. 
  

			
	CARROLS RESTAURANT GROUP, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 15

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