Document:

exhibit_10-40.htm

Exhibit 10.40

 

RESTRICTED STOCK ISSUANCE AGREEMENT

This RESTRICTED STOCK ISSUANCE AGREEMENT (the “Agreement”) is made and entered into as of  ____________, 2015, by and between Massive Interactive, Inc., a Nevada corporation (the “Company”), and ___________________ (the “Grantee”).

WHEREAS, in connection with Grantee’s employment with the Company, the Company has agreed to issue _________________ (####) shares of Common Stock (the “Shares”) to Grantee, subject to the terms of this Agreement.

NOW, THEREFORE, the Company and the Grantee agree as follows.

1.           Issuance of Stock.  The Company hereby agrees to issue to the Grantee the Shares, which for purposes of this Agreement are valued at $0.13 per share, representing the price of the Company’s stock in the public markets as of 1:00 p.m. EDT on March 19, 2015.  All of the Shares received by the Grantee from the Company pursuant to this Agreement are subject to an option by the Company to repurchase such Shares.

2.           Repurchase Option.

(a)           As used herein, the following terms have the meanings set forth below.

(i)           “Cause” means (A) Grantee’s conviction of fraud, embezzlement or misappropriation with respect to the Company, (B) Grantee’s material breach of any contractual agreement between Grantee and the Company, (C) a good faith finding by the Company of Grantee’s failure to perform his or her duties as an employee of the Company, (D) Grantee’s willful failure or refusal to follow any specific lawful instructions of his or her manager, (E) Grantee’s conviction or plea of nolo contendere in respect of any felony or a misdemeanor involving moral turpitude, (F) Grantee’s violation of the Company’s code of ethics, code of conduct, or other employment policies, or (G) Grantee’s willful or negligent misconduct that has a material adverse effect on the property, business, or reputation of the Company.

(ii)           “Continuous Service” means that the provision of services to the Company or a Related Entity (as defined below) in any capacity of employee, director or consultant is not interrupted or terminated.  A Grantee’s Continuous Service will be deemed to have terminated either upon an actual termination of Continuous Service or upon the entity for which the Grantee provides services ceasing to be a Related Entity.  Continuous Service shall not be considered interrupted in the case of (A) any approved leave of absence, (B) transfers among the Company, any Related Entity, or any successor in any capacity of employee, director or consultant, or (C) any change in status as long as the individual remains in the service of the Company or a Related Entity in any capacity of employee, director or consultant.  An approved leave of absence for purposes of determining Continuous Service will include sick leave, military leave, or any other authorized personal leave, so long as the Company or Related Entity has a reasonable expectation that the Grantee will return to provide services for the Company or Related Entity, and provided further that the leave does not exceed six (6) months, unless the Grantee has a statutory or contractual right to re-employment following a longer leave.

 

 

  

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(iii)           “Related Entity” means any “parent corporation” of the Company, whether now or hereafter existing, within the meaning of Section 424(e) of the Internal Revenue Code of 1986, as amended (the “Code”), and any “subsidiary corporation” of the Company, whether now or hereafter existing, within the meaning of Section 424(f) of the Code.

(iv)           “Triggering Event” means the termination of the Grantee’s Continuous Service with the Company either by Grantee for any reason or by the Company for Cause.

(v)           “Unvested Shares” means those Shares that are not vested under the vesting schedule set forth on Exhibit A hereto.

(b)           In the event that a Triggering Event occurs, the Company shall, from the date of termination (as reasonably fixed and determined by the Company), have an option (the “Repurchase Option”) for a period of 90 days to repurchase any of the Unvested Shares for no additional consideration.  In addition, if the Triggering Event is a termination of Grantee’s Continuous Service by the Company for Cause, then the Repurchase Option will also include an option to purchase any of the Shares that are vested under the vesting schedule set forth on Exhibit A for no additional consideration.  In the event the Company elects to exercise the Repurchase Option, it shall be exercised by the Company by written notice to the Grantee, which notice shall specify the number of Shares and the time (not later than 30 days from the date of the Company’s notice) and place for the closing of the repurchase of the Shares.  Upon delivery of such notice and payment of the purchase price in accordance with the terms herewith, the Company shall become the legal and beneficial owner of the Shares being repurchased and all rights and interests therein or relating thereto, and the Company shall have the right to retain and transfer to its own name the number of Shares being repurchased by the Company.

(c)           Whenever the Company shall have the right to repurchase Shares hereunder, the Board of Directors may designate and assign to one or more assignees the right to exercise all or part of the Company’s repurchase rights under this Agreement to purchase all or a part of such Shares.

3.           Release of Shares From Repurchase Option/Accelerated Vesting.  In the event the Repurchase Option is triggered pursuant to a Triggering Event and the Company (or its assigns) fails to exercise the Company’s option for the repurchase of any or all of the Shares then, upon the expiration of the 90-day option period, any and all such Shares not repurchased by the Company shall be released from the Repurchase Option.  In the event of any termination of Grantee’s Continuous Service with the Company that does not constitute a Triggering Event, then all Shares shall be immediately released from the Repurchase Option.  Upon the release of the Repurchase Option, any Unvested Shares shall immediately vest.

 

 

 

 

  

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4.           Restriction on Transfer; Ownership.  Except for a transfer to a “Related Party” (as defined below), none of the Unvested Shares or any beneficial interest therein shall be transferred, pledged, hypothecated, encumbered or otherwise disposed of in any way.  For purposes of this Agreement, “Related Party” shall mean a spouse, lineal ancestor or descendant, natural or adopted, and a spouse of a lineal ancestor or descendant, or a trust for the sole benefit of such persons or any of them.

All transferees of Shares or any interest therein (including Related Parties) will receive and hold such Shares or interest subject to the provisions of this Agreement, and shall agree in writing to take such Shares or interest therein subject to all the terms of this Agreement, including restrictions on further transfer. Any sale or transfer of the Company’s Shares shall be void unless the provisions of this Agreement are met.

Grantee, as beneficial owner of the Shares, shall have full voting and dividend rights with respect to the Shares during and after the vesting period.  Dividends, if any, declared and paid on the Shares during the vesting period shall be accrued by the Company during the vesting period and paid to Grantee only if and when the related Shares vest as provided in Sections 2 and 3 hereof.  Any such accrued dividends shall be paid to Grantee no later than 30 days after the applicable vesting date.  If any Shares are repurchased pursuant to the Repurchase Option, then, on the date of such repurchase, Grantee shall no longer have any rights as a stockholder with respect to such repurchased Shares or any interest therein, and Grantee shall not be entitled to receive any accrued dividends previously declared on such repurchased Shares.

5.           Investment Intent; Legends on Certificates.

(a)           Simultaneously with the execution hereof, the Grantee has executed and delivered to the Company a copy of the Investment Representation Statement in the form of Exhibit B hereto concerning the Grantee’s investment intent with respect to the Shares.

(b)           The Grantee acknowledges that the certificates evidencing the Shares shall be endorsed with a legend, in addition to any other legends required by this Agreement or any other agreement to which the Shares are subject, substantially as follows.

 

	THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS.  THESE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO DISTRIBUTION OR RESALE, AND MAY NOT BE SOLD, MORTGAGED, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT FOR SUCH SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND APPLICABLE STATE SECURITIES LAWS, OR THE AVAILABILITY OF EXEMPTIONS FROM SUCH REGISTRATION PROVISIONS.

 

 

 

  

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(c)           The Grantee understands and agrees that neither the Company nor any agent of the Company shall be under any obligation to recognize and transfer any of the Shares if, in the opinion of counsel for the Company, such transfer would result in violation by the Company of any federal or state law with respect to the offering, issuance or sale of securities.

6.           Adjustment for Stock Splits and the Like.  All references to the number of Shares shall be appropriately adjusted to reflect any stock split, stock dividend or other change in the Shares that may be made by the Company after the date of this Agreement.

7.           Tax Consequences.

(a)           The Grantee has reviewed with the Grantee’s own tax advisors the federal, state, local and foreign (if applicable) tax consequences of this investment and the transactions contemplated by this Agreement.  The Grantee is relying solely on such advisors and not on any statements or representations of the Company or any of its agents.  The Grantee (and not the Company) shall be responsible for the Grantee’s own tax liability that may arise as a result of this investment or the transactions contemplated by this Agreement.  The Grantee understands that Section 83 of the Code, taxes as ordinary income the difference between the amount paid for the Shares and the fair market value of the Shares as of the date any restrictions on the Shares lapse.  The Grantee understands that he/she may elect to be taxed at the time the Shares are received rather than when and as the Repurchase Option expires by filing an election under Section 83(b) of the Code with the I.R.S. within 30 days from the date of purchase.

 

(b)           THE GRANTEE ACKNOWLEDGES THAT IT IS THE GRANTEE’S SOLE RESPONSIBILITY AND NOT THE COMPANY’S TO FILE TIMELY THE ELECTION UNDER SECTION 83(b), EVEN IF THE GRANTEE REQUESTS THE COMPANY OR ITS REPRESENTATIVES TO MAKE THIS FILING ON THE GRANTEE’S BEHALF.

 

(c)           If the Grantee makes any tax election relating to the treatment of the Shares under the Code, at the time of such election the Grantee shall promptly notify the Company of such election.

8.           General Provisions.

(a)           This Agreement shall be construed and enforced in accordance with and governed by the laws of the State of Delaware, without giving effect to the choice of law rules of any jurisdiction.

(b)           In addition to the legend set forth in Section 5 of this Agreement, the certificates representing the Shares shall be endorsed with the following legend.

 

	THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A RESTRICTED STOCK ISSUANCE AGREEMENT AND TO THE RESTRICTIONS CONTAINED THEREIN, INCLUDING RESTRICTIONS UPON TRANSFER.  A COPY OF THE AGREEMENT WILL BE FURNISHED TO ANY INTERESTED PARTY UPON WRITTEN REQUEST, WITHOUT CHARGE.

 

 

 

  

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(c)           Any notice, demand or request required or permitted to be given pursuant to the terms of this Agreement shall be in writing and shall be deemed given when delivered personally or deposited in the U.S. mail, first class, certified or registered, return receipt requested, with postage prepaid, and addressed to the parties at the addresses of the parties set forth at the end of this Agreement or such other address as a party may designate by notifying the other in writing.

(d)           The rights and obligations of the Company and the Grantee hereunder shall be binding upon, inure to the benefit of and be enforceable against their respective successors and assigns, legal representatives and heirs.  In addition, the rights and obligations of the Company under Section 2 of this Agreement shall be transferable to any one or more persons or entities as set forth therein.

(e)           Either party’s failure to enforce any provision or provisions of this Agreement, except for the exercise by the Company of its Repurchase Option, shall not in any way be construed as a waiver of any such provision or provisions, nor prevent the party thereafter from enforcing each and every other provision of this Agreement. The rights granted the parties herein are cumulative and shall not constitute a waiver of any party’s right to assert all other legal remedies available to it under the circumstances.

(f)           The Company and the Grantee agree, upon request, to execute any further documents or instruments necessary or desirable to carry out the purposes or intent of this Agreement.

(g)           THIS AGREEMENT DOES NOT IN ANY MANNER OBLIGATE THE COMPANY TO CONTINUE THE GRANTEE’S RELATIONSHIP WITH THE COMPANY.

(h)           This Agreement expresses the entire understanding with respect to the subject matter hereof and supersedes and terminates any prior oral or written agreements with respect to the subject matter hereof.  This Agreement may only be amended by a writing signed by both the Grantee and the Company.

[Signature Page Follows]

 

 

 

 

 

 

 

 

 

 

  

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IN WITNESS WHEREOF, the parties have duly executed this Restricted Stock Issuance Agreement as of the day and year first set forth above.

 

	 	COMPANY:	 
	 	 	 
	 	Massive Interactive, Inc.	 
	 	 	 
	 	 	 
	 	 	 	 
	
 

	
By: 

	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 	 
	 	Address:	
6th Floor, 10 Lower Thames Street

London EC3R 6AF

United Kingdom

	 

 

	 	GRANTEE:	 
	 	 	 
	 	[NAME]	 
	 	 	 
	 	 	 
	 	 	(SEAL)
	 	 	 	 
	 	Address:	
 

	 
	 	 	 	 
	 	 	 	 

  

 

 

 

 

 

 

  

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EXHIBIT A

 

VESTING SCHEDULE

The Shares are unvested when granted, and will vest as described below, subject to Grantee’s Continuous Service with the Company or a Related Entity.

	
Date

	
Percentage of Shares Vested

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

Except as described in Section 3 with respect to a termination of Continuous Service that is not a Triggering Event, vesting will terminate upon the termination of Grantee’s Continuous Service.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

  

  

 

EXHIBIT B

 

INVESTMENT REPRESENTATION STATEMENT

	
Grantee:

	
_______________

	
Issuer:

	
Massive Interactive, Inc. (the “Company”)

	
Security:

	
Common Stock

	
No. of Shares:

	
_______________

In connection with the receipt of the above securities, the Grantee represents to the Company as follows.

1.           Grantee is aware of the Company’s business affairs and financial condition and has acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the securities.  Grantee is acquiring the securities for investment for Grantee’s own account only and not with a view to, or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act of 1933, as amended (the “Securities Act”).

2.           Grantee understands that the securities have not been registered under the Securities Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of Grantee’s investment intent as expressed herein.

3.           Grantee further understands that the securities must be held indefinitely unless subsequently registered under the Securities Act or unless an exemption from registration is available.  Moreover, Grantee understands that the Company is under no obligation to register the securities.  In addition, Grantee understands that the certificate evidencing the securities will be imprinted with a legend that prohibits the transfer of the securities unless they are registered or such registration is not required in the opinion of counsel for the Company.

 

	Date:           __________, 2015      	GRANTEE:	 
	 	 	 
	 	 	 
	 	 	 
	 	[NAME]EX-4.1

 Exhibit 4.1 

THIRD SUPPLEMENTAL INDENTURE 

This THIRD SUPPLEMENTAL INDENTURE (this “Third Supplemental Indenture”), dated as of May 13, 2015, among Gevo, Inc., a
company duly incorporated and existing under the laws of Delaware, United States of America, and having its principal executive office at 345 Inverness Drive South, Building C, Suite 310, Englewood, CO 80112 as Issuer (the
“Company”), the guarantors listed on the signature page hereof (each, a “Guarantor” and, collectively, the “Guarantors”), Wilmington Savings Fund Society, FSB, as Trustee (in such capacity, the
“Trustee”), Wilmington Savings Fund Society, FSB, as Collateral Trustee (in such capacity, the “Collateral Trustee”), and WB Gevo, Ltd., as the holder of 100% of the aggregate principal amount of the outstanding
Notes and the “Requisite Holder” under the Indenture (as defined below) (solely in its capacity as a Holder that constitutes the Requisite Holders under the Indenture as of the date hereof, the “Requisite Holder” and,
solely in its capacity as the holder of 100% of the aggregate principal amount of the outstanding Notes, the “Sole Holder”). Capitalized terms used herein without definition have the meanings given in the Indenture. 

RECITALS 
 WHEREAS, the Company,
Guarantors, the Trustee, and the Collateral Trustee have heretofore executed and delivered an indenture, dated as of June 6, 2014 (as amended, restated, supplemented or otherwise modified by that certain First Supplemental Indenture dated as of
July 31, 2014 (“First Supplemental Indenture”), that certain Second Supplemental Indenture and First Amendment to Pledge and Security Agreement dated as of January 28, 2015 (“Second Supplemental
Indenture”), and as further amended, restated, supplemented or otherwise modified by this Third Supplemental Indenture, the “Indenture”), providing for the issuance by the Company of 10.0% Convertible Senior Secured Notes
due 2017; 
 WHEREAS, Section 14.02 of the Indenture provides, among other things, that the Company, the Guarantors and the Trustee
may, with the consent of the requisite percentage of Holders set forth therein, enter into an indenture or indentures supplemental thereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of
the Indenture or of modifying in any manner the rights of the Holders under the Indenture; 
 WHEREAS, Section 5.05 of the Indenture
provides, among other things, that the Credit Parties shall furnish to the Collateral Trustee and the Trustee at least thirty (30) days prior to the anniversary of the First Issue Date (the “Deadline”) in each year, a certain
Opinion of Counsel, dated as of such date; 
 WHEREAS, the Company has requested that the Requisite Holder consent to the issuance of the
2015 Additional Warrants (as defined below) and the incurrence of Indebtedness by Company under the 2015 Additional Warrants and that the Sole Holder consent to the Company’s and Guarantors’ entry into this Third Supplemental Indenture,
and the Requisite Holder has agreed to consent to the issuance of the 2015 Additional Warrants (as defined below) and the incurrence of Indebtedness by the Company under the 2015 Additional Warrants (as defined below) and the Sole Holder has agreed
to the Company’s and the Guarantors’ entry into this Third Supplemental Indenture, in each case, subject to the terms and conditions hereof; 

WHEREAS, in order to induce certain holders of warrants issued by the Company (which may include, without limitation, the 2013 Warrants, 2014
Warrants, 2015 Warrants, and/or any other warrants issued by the Company from time to time), to exercise their rights under the warrants, the Company has requested that the Requisite Holder and Sole Holder consent to the payment of the Inducement
Cash Fees (as defined in Section 4(a) below) and Sole Holder have agreed to consent to payment of the Inducement Cash Fees subject to the terms and conditions set forth herein; 

WHEREAS, the Company has requested that the Requisite Holder and the Sole Holder grant an extension of the Deadline to (x) May 12,
2015 with respect to the Opinion of Counsel to be 

 
delivered on behalf of Company and Gevo Development, LLC required pursuant to Section 5.05 and (y) June 8, 2015 with respect to the Opinion of Counsel to be delivered on behalf of
Agri-Energy, LLC required pursuant to Section 5.05 (such dates collectively, the “New Deadlines”) and the Requisite Holder and Sole Holder agree to extend the Deadline (in regards to the first anniversary of the First Issue
Date) to the New Deadlines (as applicable) ; and 
 WHEREAS, the Company has requested that the Trustee and Collateral Trustee enter into
this Third Supplemental Indenture, and with the consent of the Sole Holder, the Trustee and Collateral Trustee have agreed to enter into this Third Supplemental Indenture on the terms set forth below. 

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged,
the Company, the Guarantors, the Trustee, Collateral Trustee, Requisite Holder and the Sole Holder hereby covenant and agree as follows: 

AGREEMENT 
 1. Consent to
Issuance of the 2015 Additional Warrants. Notwithstanding any term or provision in the Indenture or any other Indenture Document to the contrary, the Requisite Holder hereby consents, effective as of the date hereof, to the offering and issuance
of the 2015 Additional Warrants (as defined below), the execution and delivery of the 2015 Additional Warrant Agreement (as defined below), and the incurrence of the Indebtedness under the 2015 Additional Warrants, provided that (a) the initial
issuance of the 2015 Additional Warrants shall have been consummated on or before June 1, 2015, (b) such 2015 Additional Warrants (as defined below) are on terms and conditions consistent in all material respects with the terms and
conditions specified for the 2015 Additional Warrants on Annex A attached hereto or as modified so long as such modifications are not adverse in any respect to the Trustee and the Holders, and (c) the consents set forth herein shall not
constitute an approval of a transaction under Section 9.01(m) of the Indenture which would enable the Company to make a cash payment (other than payment of the Inducement Cash Fees and cash payments in lieu of the issuance of fractional shares)
on account of the 2013 Warrants, the 2014 Warrants, the 2015 Warrants, the 2015 Additional Warrants or any other warrants (without triggering an Event of Default). 

2. Consent to Cash Payment under the 2013 Warrants, 2014 Warrants, 2015 Warrants, 2015 Additional Warrants, and other Warrants.
Notwithstanding any term or provision in the Indenture, including Sections 4.33 and 9.01(m), or any other Indenture Document to the contrary, the Sole Holder and the Requisite Holder hereby consent, effective as May 7, 2015, to (a) the
payment of Inducement Cash Fees by Company, (b) the cash payment obligations incurred by the Company by agreeing to pay such Inducement Cash Fees (which shall be limited to the obligation to pay such Inducement Cash Fees), and (c) the
offer by the Company to pay such Inducement Cash Fees , provided that (x) such Inducement Cash Fees are paid solely out of the proceeds received by the Company in connection with the exercise of such warrants at their applicable stated exercise
prices and (y) such warrants are permitted to be issued under the Indenture. 
 3. Extension of Deadline. Requisite Holder and
Sole Holder hereby, effective as of May 7, 2015, extend the Deadline to deliver the Opinions of Counsel required pursuant Section 5.05 of the Indenture (in regards to the first anniversary of the First Issue Date) to (x) May 12,
2015 with respect to the Opinion of Counsel on behalf of Company and Gevo Development, LLC and (y) June 8, 2015 with respect to the Opinion of Counsel on behalf of Agri-Energy. 

4. Effectiveness; Amendments to Indenture. This Third Supplemental Indenture shall become effective immediately upon its execution and
delivery by each of the Company, the Guarantors, the Trustee, the Collateral Trustee and the Sole Holder; provided that the amendments to the Indenture contemplated in this Section 4(a) relative to the addition of the new defined terms
“2015 Additional Warrants,” “2015 Additional Warrant Agreement,” and “2015 Additional Warrant 

 
Issuance Date” shall (i) only become operative upon the date on which the first 2015 Additional Warrant is issued (the “First Issuance Date”) and the satisfaction of
the conditions specified in Section 1 of this Third Supplemental Indenture) and (ii) remain effective once in effect for so long as the conditions specified in Section 1 of this Third Supplemental Indenture have been satisfied
regardless of the satisfaction of the conditions in Section 2 of this Third Supplemental Indenture. The Company shall notify the Trustee (i) of the issuance of such first 2015 Additional Warrant promptly following the First Issuance Date
and shall specify the date of such issuance or (ii) promptly after the Company shall determine that such issuance will not occur. 

(a) Section 1.01 of the Indenture is hereby amended by adding the following definitions in the appropriate alphabetical order:

 “2015 Additional Warrants” means the Warrants issued by the Company from time to time pursuant to the 2015 Common Stock
Unit Series C Warrant Agreement by and between Company and American Stock Transfer & Trust Company, LLC as amended, restated, replaced, extended, refinanced or otherwise modified from time to time, on terms and conditions consistent in all
material respects with the terms and conditions specified on Annex A attached to the Third Supplemental Indenture. 
 “2015
Additional Warrant Agreement” means the 2015 Common Stock Unit Series C Warrant Agreement by and between Company and American Stock Transfer & Trust Company, LLC as amended, restated, replaced, extended, refinanced or otherwise
modified from time to time. 
 “2015 Additional Warrant Issuance Date” means the first date on which a 2015 Additional
Warrant is issued. 
 “Inducement Cash Fee” means the payment of certain inducement fees in the form of cash payments by
Company to holders of the 2013 Warrants, 2014 Warrants, 2015 Warrants, 2015 Additional Warrants, and/or other warrants from time to time issued by the Company, to induce such holders to exercise their rights under such warrants, provided that
(x) such fees are paid solely out of the proceeds received by Company in connection with the exercise of such warrants at their applicable stated exercise prices and (y) the payment of such fees is permitted pursuant to Section 2 of
the Third Supplemental Indenture. 
 “Third Supplemental Indenture” means that certain Third Supplemental Indenture dated as
of May 13, 2015 by and between Collateral Trustee, Trustee, Requisite Holder, Sole Holder, Company and Guarantors. 
 (b) The
definition of “Disqualified Equity Interests” contained in Section 1.01 of the Indenture is hereby amended by amending and restating the last sentence appearing in such definition as follows: 

“The foregoing to the contrary notwithstanding, ‘Disqualified Equity Interests’ shall not include the 2013 Warrants, 2014
Warrants, 2015 Warrants, or 2015 Additional Warrants solely as a result of the Black Scholes Value payments required in connection therewith.” 

(c) Section 4.30(s) of the Indenture is hereby amended by amending and restating such section in its entirety as follows: 

“(s) Indebtedness in respect of the 2013 Warrants, the 2014 Warrants, the 2015 Warrants, and the 2015 Additional Warrants.” 

 (d) Section 4.33 of the Indenture is hereby amended by amending and restating clauses
(vii) and (xii) in their entirety as follows: 
 “(vii) Restricted Payments required in connection with
(a) the exercise of warrants, (b) the conversion of convertible Indebtedness, and (c) any Inducement Cash Fee, in each case, to the extent that such conversion is for Equity Interests of the Company (and does not involve any cash
payments other than in regards to the cash payment of Inducement Cash Fees and cash payments made in lieu of issuing fractional shares or payment obligations required under the terms of the 2013 Warrants, 2014 Warrants, 2015 Warrants, or 2015
Additional Warrants);” 
 “(xii) cash payments payable on account of the 2013 Warrants in effect on the date
hereof, the 2014 Warrants in effect as of the 2014 Warrant Issuance Date, the 2015 Warrants in effect as of the 2015 Warrant Issuance Date, the 2015 Additional Warrants in effect as of the 2015 Additional Warrant Issuance Date, Inducement Cash Fees,
and the cashless exercise of options and warrants in accordance with their terms; 
 (e) Section 9.01(m) of the Indenture is
hereby amended by amending and restating the section in its entirety as follows: 
 “(m) the earlier to occur of (i) the occurrence
of any event, circumstance or transaction that would entitle the holders of the 2013 Warrants, 2014 Warrants, 2015 Warrants, or 2015 Additional Warrants to any cash payment from the Company (or otherwise require the Company to make an offer or make
a cash payment to such holders) under the 2013 Warrants, 2014 Warrants, 2015 Warrants, or 2015 Additional Warrants other than cash payments made in lieu of the issuance of fractional shares and/or cash payments of Inducement Cash Fees or
(ii) the making of a cash payment (or any offer to make such payment) under the 2013 Warrants, 2014 Warrants, 2015 Warrants, or 2015 Additional Warrants (in each case, other than cash payments made in lieu of the issuance of fractional shares
and/or cash payments of Inducement Cash Fees) provided that in each case, no Event of Default will be triggered if the Requisite Holders approve the transaction that triggers the obligation to make a cash payment on account of the 2013 Warrants, the
2014 Warrants, the 2015 Warrants, or the 2015 Additional Warrants (it being understood and agreed that the Requisite Holders have consented to payment of Inducement Cash Fees pursuant to the terms and conditions set forth in the Third Supplemental
Indenture).” 
 5. Indenture Supplemented; Ratification of Indenture. This Third Supplemental Indenture is supplemental to the
Indenture and does and shall be deemed to form a part of, and shall be construed in connection with and as part of, the Indenture for any and all purposes. Except as specifically modified herein, the Indenture, as amended, restated, supplemented or
otherwise modified by the First Supplemental Indenture, the Second Supplemental Indenture and this Third Supplemental Indenture and the Notes, are in all respects ratified and confirmed, and shall remain in full force and effect in accordance with
their terms. 
 6. Consent of Sole Holder. Pursuant to Sections 1.04 and 14.02 of the Indenture, by its signature below, the Sole
Holder hereby consents, effective as of the date hereof, to the entry into this Third Supplemental Indenture by the Company, the Guarantors, the Trustee and the Collateral Trustee and to the amendments to the Indenture set forth in Sections 1, 2, 3
and 4 of this Third Supplemental Indenture. 
 7. Trustee and Collateral Trustee. Except as otherwise expressly provided herein, no
duties, responsibilities or liabilities are assumed, or shall be construed to be assumed, by the Trustee and the Collateral Trustee by reason of this Third Supplemental Indenture. This Third Supplemental

 
Indenture is executed and accepted by the Trustee and the Collateral Trustee subject to all the terms and conditions set forth in the Indenture with the same force and effect as if those terms
and conditions were repeated at length herein and made applicable to the Trustee with respect hereto. The Trustee and the Collateral Trustee make no representation or warranty as to the validity or sufficiency of this Third Supplemental Indenture.
Additionally, the Trustee and the Collateral Trustee shall not be responsible in any manner whatsoever for or with respect to any of the recitals or statements contained herein, all of which recitals or statements are made solely by the Company and
the Guarantors, and the Trustee and the Collateral Trustee make no representation with respect to any such matters. 
 8. Guarantors.
Each Guarantor, for value received, hereby expressly acknowledges and agrees to the Company’s execution and delivery of the First Supplemental Indenture, the Second Supplemental Indenture, and this Third Supplemental Indenture to the
performance by the Company of its agreements and obligations hereunder and thereunder and to the consents, amendments and waivers set forth herein and therein. The First Supplemental Indenture, the Second Supplemental Indenture, and this Third
Supplemental Indenture, the performance or consummation of any transaction or matter contemplated under the First Supplemental Indenture, the Second Supplemental Indenture, and this Third Supplemental Indenture and all consents, amendments and
waivers set forth herein and therein, shall not limit, restrict, extinguish or otherwise impair any Guarantor’s liability to the Trustee, the Collateral Trustee or the Holders with respect to the payment and other performance obligations of
such Guarantor pursuant to the Guaranteed Obligations. Each Guarantor hereby ratifies, confirms and approves its Guaranteed Obligations and acknowledges that it is unconditionally liable to the Trustee, the Collateral Trustee and the Holders for the
full and timely payment of the Guaranteed Obligations (on a joint and several basis with the other Guarantors). Each Guarantor hereby acknowledges that it has no defenses, counterclaims or set-offs with respect to the full and timely payment of any
or all Guaranteed Obligations as of the date hereof. 
 9. Costs and Expenses. The Company shall pay the reasonable costs and
expenses actually incurred by the Trustee, the Collateral Trustee, and the Requisite Holder in connection with the preparation, negotiation, and/or review of this Third Supplemental Indenture and the agreements, documents, and/or instruments
executed and/or delivered in connection therewith, including without limitation all of the Trustee’s, the Collateral Trustee’s and the Requisite Holder’s reasonable out-of-pocket legal fees incurred in connection therewith for which
the Company has received an invoice, which invoice shall provide reasonably detailed documentation of such costs and expenses, in each case, within fifteen days after written demand for such payment (accompanied by the invoice in question), which
may be in the form of an email (accompanied by the invoice in question) by the Trustee, the Collateral Trustee, the Requisite Holder or any of their respective counsel, as applicable. 

10. Release. In consideration of the benefits provided to each of the Credit Parties under this Third Supplemental Indenture, each of
the Credit Parties hereby agrees as follows: 
 (a) The Credit Parties, for themselves and on behalf of their respective successors and
assigns, do hereby release, acquit and forever discharge the Trustee, the Collateral Trustee, and the Requisite Holder, and the respective past or present officers, directors, attorneys, affiliates, employees and agents of the Trustee, the
Collateral Trustee, and the Requisite Holder, and each of their respective successors and assigns, from any and all claims, demands, obligations, liabilities, causes of action, offsets, damages, costs or expenses, of every type, kind or nature,
whether known or unknown, suspected or unsuspected, liquidated or unliquidated, including any claims that the Credit Parties and their respective successors, counsel and advisors may in the future discover they would have now had if they had known
facts not now known to them, whether founded in contract, in tort or pursuant to any other theory of liability, that each of the Credit Parties now has or may acquire against any one or more of them, arising out of events or transactions which
occurred on or before the date hereof (each a “Released Claim” and collectively, the “Released Claims”), including without limitation, those Released Claims arising out of or connected with the transactions arising
under or related to any of the Indenture Documents. 

 (b) The provisions, waivers and releases set forth in this Section are binding upon the Credit
Parties and their respective assigns and successors in interest. The provisions, waivers and releases of this Section shall inure to the benefit of the Trustee, the Collateral Trustee, and the Requisite Holder and each of their respective agents,
employees, officers, directors, assigns and successors in interest. The Credit Parties warrant and represent that they are the sole and lawful owner of all right, title and interest in and to all of the claims released hereby and they have not
heretofore voluntarily, by operation of law or otherwise, assigned or transferred or purported to assign or transfer to any person any such claim or any portion thereof. Each of the Credit Parties shall indemnify and hold harmless the Trustee, the
Collateral Trustee, and the Requisite Holder from and against any claim, demand, damage, debt and liability (including payment of attorneys’ fees and costs actually incurred whether or not litigation is commenced) based on or arising out of any
such assignment or transfer. The provisions of this Section shall survive the date hereof. Nothing herein is or should be construed to be a release of claims against the Credit Parties or a satisfaction of any Indebtedness. 

11. Governing Law. THIS THIRD SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK (OR, TO THE EXTENT REQUIRED, THE LAW OF THE JURISDICTION IN WHICH THE COLLATERAL IS LOCATED), WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THEREOF. 

12. Multiple Originals. The parties may sign any number of copies of this Third Supplemental Indenture. Each signed copy shall be an
original, but all of them together represent the same agreement. One signed copy is enough to prove this Third Supplemental Indenture. Delivery of an executed counterpart by facsimile or PDF shall be as effective as delivery of a manually executed
counterpart thereof. 
 13. Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS THIRD SUPPLEMENTAL INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED THEREBY. 

14. Consent to Jurisdiction. Each of the Parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to
the nonexclusive jurisdiction of any competent New York State court or federal court of the United States sitting in the State and City of New York, County of New York and Borough of Manhattan, and any appellate court from any thereof, in any action
or proceeding arising out of or relating to this Third Supplemental Indenture or the Notes, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of
any such action or proceeding may be heard and determined in such state court sitting in the State and City of New York, County of New York and Borough of Manhattan or, to the extent permitted by law, in such federal court sitting in the State and
City of New York, County of New York and Borough of Manhattan. 
 Each of the Parties hereto hereby irrevocably and unconditionally waives, to the fullest
extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action proceeding arising out of or relating to this Third Supplemental Indenture or the Notes in any such New York
State or federal court. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

[Remainder of the page intentionally left blank] 

 IN WITNESS WHEREOF, the undersigned has caused this Third Supplemental Indenture to be executed
and delivered as of the date first above written. 
  

			
	COMPANY:
	
	GEVO, INC.
		
	By:		 /s/ Mike Willis

	Name:		 Mike Willis

	Title:		 Chief Financial Officer

	
	GUARANTORS:
	
	AGRI-ENERGY, LLC
		
	By:		 /s/ Mike Willis

	Name:  		 Mike Willis

	Title:		 Chief Financial Officer

	
	GEVO DEVELOPMENT, LLC
		
	By:		 /s/ Mike Willis

	Name:		 Mike Willis

	Title:		 Chief Financial Officer

 
			
	REQUISITE HOLDER AND SOLE HOLDER:
	
	WB GEVO, LTD.
		
	By:  		 /s/ Mark Strefling

	Name: Mark Strefling
	Title:   Director

 
			
	TRUSTEE:
	
	 WILMINGTON SAVINGS FUND SOCIETY, FSB

as Trustee

		
	By:  		 /s/ Jason B. Hill

	Name: Jason B. Hill
	Title:   Assistant Vice President
	
	COLLATERAL TRUSTEE:
	
	 WILMINGTON SAVINGS FUND SOCIETY, FSB

as Collateral Trustee

		
	By:		 /s/ Jason B. Hill

	Name: Jason B. Hill
	Title:   Assistant Vice President

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