Document:

EX-10.9

 Exhibit 10.9 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (the “Agreement”) is made and entered into to be effective as of September 25, 2019,
by and between Montauk Energy Holdings, LLC (the “Company”), and Sean F. McClain (“Employee”). 
 On the
terms and conditions hereinafter set forth, the Company desires to employ the Employee, and the Employee desires to be employed by the Company in connection with the operation of the Company’s business of owning and operating renewable energy
facilities and any related businesses the Board may direct the Company to engage in or acquire (the “Business”). 

NOW, THEREFORE, in consideration of the mutual covenants herein contained, and for other good and valuable consideration, the
receipt and legal sufficiency of which are hereby acknowledged, the Company and the Employee agree as follows: 
 1.
Term. The terms of the Agreement shall commence on the date first above written and shall remain in effect until terminated in accordance with the provisions in Paragraph 8 below. 

2. Duties. During the Term, the Company shall employ the Employee, and the Employee shall serve as the
President and Chief Executive Officer of the Company. The Employee shall have and shall perform the duties commensurate with the position, and shall devote his full business time and attention to the Business; provided the Employee may manage his
personal investments and subject to Employee’s prior disclosure to the Board of Managers of the Company (the “Board”) and approval by the Board, serve on charitable boards and/or for profit boards not engaged in the Business. 

3. Salary. During the Term, the Company shall pay to the Employee a base salary of $260,000.00 per annum
payable in accordance with the standard payroll practices of the Company. The base salary will be reviewed by the Remuneration Committee of the Board of the Company or the Remuneration Committee of the Board of Montauk Holdings Limited, as
applicable, annually for increase on the same basis as the salaries of other executives of the Company and, if increased, shall thereafter be the Employee’s base salary as reflected in the meeting minutes approving such increase. 

4. Incentive Compensation. 

(a) The Employee is currently and shall be entitled to continue to participate in the Company’s existing annual bonus
plan, subject to the terms and conditions of such plan. The Employee’s base target bonus is 50% of Employee’s annual base salary. The final bonus will be based on a combination of individual and Company performance related goals and as may
be approved on an annual basis by the Remuneration Committee of the Board of the Company or the Remuneration Committee of the Board of Montauk Holdings Limited, as applicable. 

(b) Subject to the achievement of certain individual and Company goals, the Employee shall be entitled to receive additional
incentive compensation on a discretionary basis 

 
as approved annually by the Company or the Board for the successful completion of approved acquisitions, development projects or other criteria established by the Remuneration Committee of the
Board of the Company or the Remuneration Committee of the Board of Montauk Holdings Limited, as applicable. 
 (c) The
Employee is also eligible to participate or continue to participate in, as the case may be, any other incentive compensation, equity ownership or similar type plan established by the Company, the Company’s current parent company Montauk
Holdings Limited, or the Company’s then parent company or by the Board after the commencement of this Agreement. 
 (d)
Malus and claw-back. If the Remuneration Committee considers that there is a significant downward restatement of the financial results of the Company or reasonable evidence of gross misconduct or gross negligence by the Employee; the Remuneration
Committee may, in its discretion, at any time prior to the Employee’s incentive compensation being paid, decide that some or all of the Employee’s incentive compensation (which is subject to this malus and claw-back provision) will be
reduced. 
 5. Benefits. During the Term, Employee shall be entitled, to the extent the Employee is
otherwise eligible, to participate fully in all benefits provided by the Company for its executive employees generally, including but not limited to any group life, health, and long-term disability insurance
and retirement plans maintained from time to time by the Company. 
 6. Expense Allowance. Employee is
authorized to incur, or to cause the Company to incur, reasonable and necessary expenses in connection with the performance of his duties hereunder in accordance with the Company’s Expense Reimbursement Policy. 

7. Paid Time Off (PTO). The Employee shall be entitled to six (6) weeks of paid time off (PTO). The
timing of the Employee’s vacation shall be scheduled in a reasonable manner by the Employee so as to ensure no disruption to the Company’s business. 

8. Termination. 

(a) Employee’s employment under this Agreement shall terminate upon the first to occur of the following: 

(i) The Employee’s death. 

(ii) The Employee’s permanent disability. The term “permanent disability” shall mean physical or
mental incapacity of a nature which has prevented or will prevent the Employee, in the sole judgment of the Board taking into consideration any medical reports provided by Employee or treating physicians, from performing on a full-time basis each of
the material duties of the Employee for a period of fifteen (15) consecutive weeks or an aggregate of thirty (30) weeks within any period of twelve (12) consecutive months. 

  
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 (iii) The Employee’s employment being terminated by the
Company for cause. Termination “for cause” shall mean termination because of the Employee’s commission of a willful or grossly negligent act which causes material harm to the Company including embezzlement, dishonesty, fraud,
conviction of a felony or other criminal charge involving moral turpitude, illegal drug addiction or improper communication of material confidential information in violation of Paragraph 13 or 14 of this Agreement.
Termination for cause shall occur upon delivery to the Employee of a written notice of such action by the Company, which written notice shall specify the ground for such termination. 

(iv) The Company (acting through the Board) may terminate the Employee’s employment at any time (the date
of such termination being the “Termination Date”) by a majority vote (excluding the Employee being voted on if the Employee is a member of the Board) of the Board for whatever reason it deems appropriate or without reason (a “Board
Termination”); provided, however, that such termination (A) is not pursuant to Paragraphs 8(a)(i) (death), (ii) (permanent disability), or (iii) (for cause). 

(v) Employee may terminate his employment for Good Reason. “Good Reason” shall mean: 

(1) Any material breach of this Agreement by the Company of which the Company has been provided written notice
by the Employee and has failed to cure within 90 days after receipt of such notice; 
 (2) The material
reduction in the aggregate compensation to which Employee is otherwise entitled under the terms of Paragraphs 3, 4 or 5 above; 

(3) A relocation of Employee’s office by more than 35 miles from its current location; 

(4) The Employee is no longer serving as the President and Chief Executive Officer of the Company or its U.S.
parent company; or 
 (5) A material reduction in the Employee’s duties, responsibilities or authority,
other than as a result of the hiring of additional management personnel who report directly or indirectly to the Employee. 

(vi) Employee may resign his employment without Good Reason at any time upon ninety (90) days written
notice to the Board. 
 (b) Upon termination of the employment of the Employee with the Company hereunder (for whatsoever
reason), the Employee shall be deemed automatically without further act to have resigned all of his positions as an officer, manager and director of the Company or any affiliate, parent or subsidiary of the Company and as a trustee of any benefit
plan of the Company or any affiliate, parent or subsidiary of the Company. 

  
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 9. Compensation Payable to Employee on Termination. The
rights of the Employee to compensation upon termination of employment are: 
 (a) In the case of voluntary resignation of the
Employee other than for Good Reason or termination for Cause, the Company shall promptly pay to the Employee any salary accrued on the date employment terminates, any accrued and unused vacation and any other amounts as provided for under any
benefits, equity plan, program or policy of the Company. 
 (b) In the case of the death of the Employee, the Company shall
pay to the Employee, Employee’s beneficiary or beneficiaries designated in writing to the Company, or to the Employee’s estate in the absence or lapse of such designation: (i) the salary, as in effect at the date of the
Employee’s death, through the last day of the month in which death occurred, any accrued but unused vacation and any other amounts as provided for under any benefits, equity plan, program or policy of the Company and any accrued but unpaid
bonus for any completed fiscal year of the Company and (ii) the Pro Rata Incentive as defined below. 
 (c) In the case
of the permanent disability of the Employee, the Company shall pay to the Employee: (i) the salary for six (6) additional months after the permanent disability is determined per Section 8(a)(ii) when the same would otherwise have been
paid, any accrued but unused vacation and any other amounts as provided for under any benefits, equity plan, program or policy of the Company and any accrued but unpaid bonus for any completed fiscal year of the Company and (ii) the Pro Rata
Incentive as defined below. 
 (d) In the case of a Board Termination pursuant to
Paragraph 8(a)(iv) or in the event of Employee’s resignation for Good Reason, the Company shall continue to pay to or for the benefit of the Employee the sum of (i) the base salary provided for in
Paragraph 3 (at the annual rate then in effect), (ii) the COBRA premiums for Employee and his family during the Severance Period ((i) and (ii) above collectively the “Severance Pay”) through the
Termination Date and for a period of twelve (12) months following the Termination Date (the “Severance Period”). In addition, as of the Termination Date the Company shall pay the to the Employee (i) any accrued but unused
vacation and any other amounts as provided for under any benefits, equity plan, program or policy of the Company and any accrued but unpaid bonus for any completed fiscal year of the Company and (ii) the Pro Rata Incentive as defined below.

 The Pro-Rata Incentive is defined as the product of (1) a percentage
calculated by dividing the number of months the Employee was employed under this Agreement, including the full month in which the termination of this Agreement occurred, by the total number of months in the Company’s current fiscal year. This
percentage would be applied to the incentive compensation payment that would have been due per Paragraph 4 of this Agreement to the Employee had the Employee been employed for the full fiscal year and shall be computed and
payable within ninety (90) days after the end of the Company’s fiscal year. 
 The Employee shall be entitled to
receive the Severance Pay only if he (i) executes and delivers a release in form and substance reasonably satisfactory to the Company, provided that any release shall except out any amounts owing by the Company to Employee pursuant to this
Agreement, rights of indemnification and directors and officers liability insurance (if then in effect) and shall have no post-employment activity limitations beyond those 

  
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stated in this Agreement, (ii) provides, if requested by the Company from time to time but with due regard for the Employee’s other duties and responsibilities, information to the
Company with regard to matters in which the Employee has knowledge as a result of the Employee’s employment with the Company and reasonable assistance to the Company in defense of any claims that may be made against the Company or in the
prosecution of any claims that may be made by the Company, to the extent that such claims may relate to the period of the Employee’s employment with the Company and (iii) does not violate Paragraph 12 during the
Board Termination Non-Compete Period. In the event of such termination, the rights and benefits of the Employee under the benefit plans, programs and policies of the Company shall be determined in accordance
with the provisions of such plans, programs and policies, and neither the Employee nor the Company shall have any further rights or obligations under this Agreement, except that the Employee’s obligations pursuant to
Paragraphs 11, 12, 13, 14, 15 and 16 shall continue. 
 In no event shall the
Employee be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Employee under any of the provisions of this Agreement, nor shall the amount of any payment hereunder be reduced by any
compensation earned by the Employee as a result of employment by another employer. 
 10. Duties of Employee on
Termination. Upon the termination of this Agreement, the Employee shall immediately return any and all property of the Company in the possession of the Employee, including, without limitation, all documents, contracts, financial information,
customer information, proprietary product information, records, equipment, computers, vehicles, etc. 
 11.
Covenant Not to Compete. The Employee covenants and agrees that the Employee will not, at any time during the Term and for a period of up to twelve (12) months following termination of employment, compete with the Business or
any of its subsidiaries or parent companies (collectively, the “Protected Entities”) by engaging, directly or indirectly, in the Covered Business (as defined below) within the Covered Area (as defined below), without the written consent of
the Company. 
 For purposes of this Agreement: 

(i) The term “Covered Business” means the Business; 

(ii) the phrase “engaging, directly or indirectly” means engaging or having an interest in, directly or indirectly,
as owner, partner, participant of a joint venture, trustee, proprietor, shareholder, member, manager, director, officer, employee, independent contractor, capital investor, consultant, advisor or similar capacity, or by lending his name or
reputation to be used in connection with, or otherwise participating in or making available his skill, knowledge or experience to be used in connection with, the operation, management or control of a division, group, or other portion of a business
or enterprise engaged in any aspect of the Covered Business; provided, however, the foregoing shall not be violated by Employee being involved in the non-competing operations or activities of any Covered
Business or by Employee owning less than one percent (1%) of the equity securities of a publicly traded company, and 

  
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 (iii) the phrase “within the Covered Area” is defined to include
those various States within, and territories of, the United States and in each of the countries where the Protected Entities perform Covered Services on the date hereof, and such additional States, territories and countries where the Protected
Entities are performing the Covered Services as of the date of termination of employment. 
 Any breach of the provisions of
Paragraph 11 of this Agreement shall automatically toll and suspend the period of restraint for the amount of time that the breach continues. 

12. Non-Solicitation. During the
Non-Compete Period as defined above in Paragraph 11, Employee agrees not to (i) induce or attempt to induce any person or entity that is a customer (or affiliate thereof) or
supplier (or affiliate thereof) of the Protected Entities (“Customers or Suppliers”) to refrain from or cease doing business with the Protected Entities, or (ii) interfere with, disrupt or attempt to disrupt the relationship,
contractual or otherwise, between the Protected Entities and any Customers or Suppliers. 
 During the Non-Compete Period as defined above in Paragraph 11, Employee agrees not to (i) induce, encourage or otherwise solicit any employee (other than (A) any employee who is terminated
by the Protected Entities or who voluntarily leaves the employment of, or terminates the relationship with, Protected Entities other than due to being indirectly or directly induced or solicited to leave by Employee or (B) any employee who
voluntarily leaves the employment of, or terminates the relationship with, the Protected Entities in response to a general solicitation for employment distributed through a public medium or general mailing or distribution) of the Protected Entities
to terminate his, her or its employment relationship or contract with the Protected Entities or to accept any other employment or position, or (ii) assist any other entity in hiring any such employee. 

13. Trade Secrets. Except with the express written consent of the Company, the Employee will not, either
during the Term or anytime thereafter, directly or indirectly, use or disclose for the benefit of the Employee or any other person, firm or entity, any of the trade secrets of the Protected Entities, whether or not said information was acquired,
learned, obtained or developed by the Protected Entities alone or in conjunction with others. For purposes of this Agreement, trade secrets shall mean that which is known only to the Protected Entities and those employees or other agents to whom it
has been confided, and is by law the property of the Protected Entities, and shall include all information relating to design and manufacturing procedures, techniques, programs, processes, methods, and marketing studies. It is the intent hereof that
the Employee shall not divulge or use any such information which is unpublished or not otherwise readily available to the public or which is not general information in the business of the Protected Entities; provided, however, that nothing contained
in this Paragraph 13 shall restrict the Employee from complying with any written order of any court or other governmental entity with jurisdiction over the Company and/or the Employee. 

14. Business Information; Intellectual Property. Except with the Protected Entities’ express written
consent or in compliance with any written order of any court or other governmental entity with jurisdiction over the Company and/or the Employee, the Employee agrees that he will not, either during the Term or for a period of five (5) years
thereafter, directly or indirectly, use or disclose for the benefit of the Employee or the benefit of any other person, 

  
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firm or entity, any of the Protected Entities’ confidential or proprietary business information, whether or not said information was acquired, learned, obtained or developed by the Protected
Entities alone or in conjunction with others. For purposes of this Agreement, confidential or proprietary business information shall include, without limitation, any and all information relative to the Protected Entities’ customers, suppliers,
strategies, personnel practices, sales, costs and prices. It is the intent hereof that the Employee shall not divulge or use any such information which is unpublished or not readily available to the general public. 

The Employee also makes the same pledge with regard to any confidential or proprietary business information of the Protected Entities’
past or present customers, contractors or suppliers. The parties agree that as used herein, “confidential or proprietary business information” shall not include the following: 

(i) Information which at the time of disclosure and through no fault of Employee is in the public domain as evidenced by
printed publications; 
 (ii) Information which, after disclosure permitted under this agreement, becomes part of the public
domain by publication or otherwise through no fault of Employee; 
 (iii) Information which was in Employee’s possession
at the time of disclosure and was not acquired, directly or indirectly, from the Company; and 
 (iv) Information which
corresponds in substance to that furnished to Employee by others as a matter of right without restriction on disclosure. 
 Employee agrees
that he will promptly inform and disclose to the Company all inventions and other intellectual property created or developed during the course of his employment with the Company that relate to the business of the Company (“Work Related
Intellectual Property”). Employee agrees that all Work Related Intellectual Property shall be the exclusive property of the Company unless otherwise agreed by both parties in writing. During his employment and as necessary thereafter, Employee
shall assist the Company to obtain, perfect and maintain all intellectual property rights covering such Work Related Intellectual Property that the Company seeks to protect, and shall execute all documents and do all things necessary to obtain for
Company all such Work Related Intellectual Property rights that would be necessary to secure for the complete benefit of the Company. Employee hereby assigns to Company or its designee all right, title, and interest to all Work Related Intellectual
Property and Work Related Intellectual Property rights covered by the foregoing relating to the business of the Company that Employee may now own or may own at any time during his employment with the Company. Employee acknowledges that all Work
Related Intellectual Property that is copyrightable subject matter and which qualifies as “work made for hire” shall be automatically owned by the Company. Further, Employee hereby assigns to the Company any and all rights which Employee
has or may have in Work Related Intellectual Property which is copyrightable subject matter and which, for any reason, does not qualify as “work made for hire.” 

15. Damages and Specific Performance. The Employee expressly recognizes that any breach of the provisions
of this Agreement is likely to result in irreparable injury to the Protected Entities and that money damages may not adequately compensate the Protected 

  
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Entities for such breach. Therefore, the Employee agrees that the Protected Entities shall be entitled, if it so elects, to institute and prosecute proceedings in any court of competent
jurisdiction not only to obtain damages for any breach of this Agreement, but also to enforce the specific performance of this Agreement by the Employee and to enjoin Employee from activities in violation of this Agreement 

16. Attorney Fees and Other Costs. If any legal action or other proceeding is brought for the enforcement
of this Agreement, or because of an alleged dispute, breach, default or misrepresentation in connection with any provision of this Agreement, the prevailing party shall be entitled to recover reasonable attorney fees as well as court costs and all
expenses not taxable as court costs. This remedy shall include, without limitation, all such fees, costs and expenses incident to appeals. 

17. No Waiver of Breach. The failure of a party to require the performance of a provision of this
Agreement shall not constitute a waiver of a subsequent breach or nullify the effect of such provision. 
 18.
Governing Law. This Agreement shall be construed in accordance with the laws of the Commonwealth of Pennsylvania. 

19. Notices. Any notice required or permitted herein shall be in writing and shall be mailed, postage
prepaid, or sent by overnight courier, properly addressed to the other party at the address set forth below, subject to change by written notice of either party to the other: 

Company: 

Montauk Energy Holdings, LLC 

680 Andersen Drive, Foster Plaza 10 

Pittsburgh, PA 15220 

Attention: General Counsel 

Employee: 

Sean F. McClain 

[***] 

[***] 
 Any
notice shall be considered given three days following the date when deposited in the U.S. Mail or one day following the date delivered to an overnight courier. 

20. Survival of Obligations. All covenants, agreements, representations and warranties made herein or
otherwise made in writing by either party to this Agreement shall survive the execution and delivery of this Agreement and the performance of the services contemplated hereby. 

21. Severability. If any one or more of the provisions contained in this Agreement shall for any reason be
held to be excessively broad as to time, duration, geographical scope, activity or subject, it shall be construed, by limiting and reducing it, so as to be enforceable to the extent compatible with the applicable law as it shall then appear. If,
moreover, any one or more of the provisions contained in this Agreement shall for any reason be held to be invalid, illegal or 

  
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unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement, but this Agreement shall be construed as if such invalid,
illegal or unenforceable provision had never been contained therein. 
 22. Entire and Binding
Agreement. This Agreement constitutes the full and complete understanding and agreement of the parties with respect to the employment of the Employee by the Company and supersedes all prior understandings and agreements regarding the
Employee’s employment. This Agreement may be modified only by a written instrument executed by both parties. 
 23.
Payments to the Employee. Any payments to the Employee, his estate or designated beneficiary pursuant to the terms of this Agreement shall be reduced by such amounts as are required to be withheld under all present and future
federal, state, and local tax and other laws and regulations. 
 24. Representative Capacity. Each
individual executing this Agreement in a representative capacity, represents and warrants that he has the authority of his principal to bind said principal to this Agreement. 

25. Indemnification and Insurance; Legal Expenses. During the Term and for so long thereafter as liability
exists with regard to the Employee’s activities during the Term on behalf of the Company, its affiliates, or as a fiduciary of any benefit plan of any of them, the Company shall indemnify the Employee to the fullest extent permitted by
applicable law (other than in connection with the Employee’s gross negligence or willful misconduct), and shall advance to the Employee reasonable attorneys’ fees and expenses as such fees and expenses are incurred (subject to an
undertaking from the Employee to repay such advances if it shall be finally determined by a judicial decision which is not subject to further appeal that the Employee was not entitled to the reimbursement of such fees and expenses). During the Term
and thereafter while liability exists, the Employee shall be entitled to the protection of any insurance policies the Company shall elect to maintain generally for the benefit of its directors and officers (“Directors and Officers
Insurance”) against all costs, charges and expenses incurred or sustained by the Employee in connection with any action, suit or proceeding to which the Employee may be made a party by reason of the Employee being or having been a director,
officer or employee of the Company or any of its affiliates or his serving or having served any other enterprise or benefit plan as a director, officer, fiduciary or employee at the request of the Company (other than any dispute, claim or
controversy arising under or relating to this Agreement), provided that the Employee shall, in all cases, be entitled to Directors and Officers Insurance coverage no less favorable than that (if any) provided to any other present or former director,
manager or officer of the Company. 

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

			
	 MONTAUK ENERGY HOLDINGS, LLC

		
	 By:
	 	 /s/ John Copelyn

	 Name: John Copelyn

	 Title: Chairman

	
	 EMPLOYEE:

	
	 /s/ Sean F. McClain

	 Sean F. McClain

  
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 Exhibit 10.41 

AMENDED AND RESTATED LOAN AGREEMENT 

AND SECURED PROMISSORY NOTE 

MONTAUK HOLDINGS LIMITED, a South African company (the “Borrower”), hereby promises to pay to MONTAUK RENEWABLES,
INC., a Delaware corporation (the “Lender”), an amount equal to SEVEN MILLION U.S. DOLLARS (U.S. $7,000,000), together with accrued interest thereon, on the terms and conditions set forth herein. 

This Amended and Restated Loan Agreement and Secured Promissory Note (this “Amended and Restated Loan Agreement and Note”) is
subject to the Borrower obtaining the required prior exchange control approval from the Financial Surveillance Department of the South African Reserve Bank. 

1. Payments of Principal and Interest. For value received, the Borrower promises to pay to the order of the Lender the aggregate
principal amount outstanding under this Amended and Restated Loan Agreement and Note, including any increases of such amount due to the addition of PIK Interest (as defined below) (the “Outstanding Loan Amount”), together with all
accrued and unpaid interest hereunder on or before December 31, 2022. Interest on the Outstanding Loan Amount shall accrue at the rate of 0.4% per annum and shall be payable annually in arrears on each anniversary of the effective date of this
Amended and Restated Loan Agreement and Note (each such date, an “Interest Payment Date”). Interest shall accrue on the Outstanding Loan Amount beginning on the day on which such amount becomes outstanding or increases either by the
advance of the original principal amount of the loan made thereunder by the Lender or by the addition of PIK Interest, and continuing until such amount is paid in full, whether at maturity, upon acceleration, by prepayment or otherwise. The Borrower
shall pay all accrued and unpaid interest on this Amended and Restated Loan Agreement and Note, at the election of the Borrower on each Interest Payment Date (a) by increasing the outstanding principal amount of this Note (“PIK
Interest”), (b) in cash to the Lender (“Cash Interest”) or (c) by any combination of (a) and (b). Any interest due on an Interest Payment Date that is not paid by the Borrower as Cash Interest on such Interest
Payment Date shall be deemed paid as PIK Interest with no further action required on the part of the Borrower. Following an increase in the Outstanding Loan Amount, either by the advance of the original principal amount of the loan made thereunder
by the Lender or by as a result of PIK Interest, this Amended and Restated Loan Agreement and Note shall bear interest on such increased Outstanding Loan Amount from and after such date until such amount is paid in full, whether at maturity, upon
acceleration, by prepayment or otherwise. The amount of interest payable hereunder shall be calculated by reference to the actual number of days elapsed on the basis of a 365-day year. Any payment of interest
due and payable on an Interest Payment Date that is not a business day shall be due and payable on the first business day occurring after such Interest Payment Date and interest shall continue to accrue on the principal amount of this Amended and
Restated Loan Agreement and Note until, and shall be due and payable on, such business day. 
 All cash payments of principal and interest
hereunder shall be made in the lawful money of the United States and in immediately available funds. Any and all payments made hereunder shall be first applied to any accrued and unpaid interest and the balance shall be applied to the

  
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Outstanding Loan Amount. The Outstanding Loan Amount may be prepaid at any time in whole or in part without premium or penalty provided that all accrued and unpaid interest hereunder is paid in
full. 
 2. Security. 
  

	 	(a)	 Pledge. As collateral security for the full payment and performance of all obligations of the Borrower
to the Lender under this Amended and Restated Loan Agreement and Note, the Borrower hereby grants the Lender a first priority lien on and security interest in, all of its right, title and interest in EIGHT HUNDRED THOUSAND (800,000) issued and
outstanding shares of the Lender that are owned by the Borrower as of the date hereof (the “MRI Minority Shares”) and all dividends or other income from the MRI Minority Shares, collections thereon or distributions with respect
thereto. 

  

	 	(b)	 Perfection of Pledge. The Borrower shall, from time to time, as may be required by the Lender with
respect to the MRI Minority Shares, promptly take all actions as may be requested by the Lender to perfect the security interest of the Lender in the MRI Minority Shares, so that control of such MRI Minority Shares is obtained and at all times held
by the Lender. All of the foregoing shall be at the sole cost and expense of the Borrower. The Borrower hereby irrevocably authorizes the Lender at any time and from time to time to file in any relevant jurisdiction any financing statements and
amendments thereto that contain the information required by the applicable law of each such jurisdiction for the filing of any financing statement or amendment relating to the MRI Minority Shares, without the signature of the Borrower where
permitted by law. The Borrower agrees to provide all information required by the Lender pursuant to this Section 2(b) promptly to the Lender upon request. 

 

	 	(c)	 Dividends and Voting Rights. The Lender agrees that unless an Event of Default shall have occurred and
be continuing, the Borrower may, to the extent the Borrower has such right as a holder of the MRI Minority Shares, vote and give consents, ratifications and waivers with respect thereto, except to the extent that, in the Lender’s reasonable
judgment, any such vote, consent, ratification or waiver could detract from the value thereof as collateral for this Amended and Restated Loan Agreement and Note or which could be inconsistent with or result in any violation of any provision of this
Amended and Restated Loan Agreement and Note. The Lender agrees that the Borrower may, unless an Event of Default shall have occurred and be continuing, receive and retain all dividends and other distributions with respect to the MRI Minority
Shares. 

  

	 	(d)	 Transfers. The Lender acknowledges and agrees that, notwithstanding the pledge in favor of the Lender in
Section 2(a), the Borrower shall be entitled to sell or offer to sell, dispose of, convey, assign or otherwise transfer the MRI Minority Shares or any interest therein provided that 100% of the net proceeds from such
sale(s) are used to prepay the Outstanding Loan Amount, together with any accrued but unpaid interest thereon, pursuant to Section 3. 

  
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	 	(e)	 Lender Appointed
Attorney-in-Fact. The Borrower hereby appoints the Lender as the Borrower’s
attorney-in-fact, with full authority in the place and stead of the Borrower and in the name of the Borrower or otherwise, from time to time during the continuance of an
Event of Default in the Lender’s discretion to take any action and to execute any instrument which the Lender may deem necessary or advisable to accomplish the purposes of this Agreement, including, without limitation, to receive, endorse and
collect all instruments made payable to the Borrower representing any dividend, interest payment or other distribution in respect of the MRI Minority Shares or any part thereof and to give full discharge for the same (but the Lender shall not be
obligated to and shall have no liability to the Borrower or any third party for failure to do so or take action). Such appointment, being coupled with an interest, shall be irrevocable. The Borrower hereby ratifies all that said attorneys shall
lawfully do or cause to be done by virtue hereof. 

  

	 	(f)	 Release of Pledge. The security interest granted hereunder shall terminate automatically (i) upon
payment in full of the obligations of the Borrower hereunder and (ii) with respect to any MRI Minority Shares that are disposed of in a sale transaction for cash (which cash will be used to repay Borrower’s obligations under this Amended
and Restated Loan Agreement and Note pursuant to Section 3 hereof). 

  

	 	(g)	 SECURITY INTEREST ABSOLUTE. The Borrower hereby waives demand, notice, protest, notice of acceptance of
this Amended and Restated Loan Agreement and Note, notice of loans made, credit extended, collateral received or delivered or other action taken in reliance hereon and all other demands and notices of any description. All rights of the Lender and
liens and security interests hereunder, and all obligations of the Borrower hereunder, shall be absolute and unconditional irrespective of: 

  

	 	i.	 any illegality or lack of validity or enforceability of any obligation or Borrower hereunder or any related
agreement or instrument; 

  

	 	ii.	 any change in the time, place or manner of payment of, or in any other term of, the obligations of Borrower
hereunder, or any rescission, waiver, amendment or other modification of this Amended and Restated Loan Agreement and Note or any other agreement, including any increase in the obligations of Borrower hereunder resulting from any extension of
additional credit or otherwise; 

  

	 	iii.	 any taking, exchange, substitution, release, impairment or
non-perfection of any collateral, or any taking, release, impairment, amendment, waiver or other modification of any guaranty, for all or any of the obligations of the Borrower hereunder;

  

	 	iv.	 any manner of sale, disposition or application of proceeds of any collateral or any other collateral or other
assets to all or part of the obligations of the Borrower hereunder; 

  
 -3- 

	 	v.	 any default, failure or delay, willful or otherwise, in the performance of the obligations of the Borrower
hereunder; 

  

	 	vi.	 any defense, set-off or counterclaim (other than a defense of payment
or performance) that may at any time be available to, or be asserted by, the Borrower against the Lender; or 

  

	 	vii.	 any other circumstance (including, without limitation, any statute of limitations) or manner of administering
the loans granted hereunder or any existence of or reliance on any representation by the Lender that might vary the risk of the Borrower or otherwise operate as a defense available to, or a legal or equitable discharge of, the Borrower or any other
grantor, guarantor or surety. 

 3. Mandatory Prepayments. No later than the fifth business day following the
receipt of any net proceeds in respect of any sale or disposition of MRI Minority Shares by the Borrower, the Borrower shall apply an amount equal to 100% of such net proceeds to prepay the Outstanding Loan Amount, together with any accrued but
unpaid interest thereon. 
 4. Representations and Warranties. The Borrower represents and warrants that: 

 

	 	(a)	 it is a corporation, duly incorporated and validly existing under the law of its jurisdiction of incorporation
and it has the power to own its assets and carry on the activities it conducts; 

  

	 	(b)	 the obligations expressed to be assumed by it in this Amended and Restated Loan Agreement and Note are, subject
to any general principles of law limiting its obligations, legal, valid, binding and enforceable obligations; 

  

	 	(c)	 the entry into and performance by it of, and the transactions contemplated by, this Amended and Restated Loan
Agreement and Note do not and will not conflict with: (i) any law or regulation applicable to it; (ii) its constitutional documents; or (iii) any agreement or instrument binding upon it or any of its assets; 

 

	 	(d)	 it has the power to enter into, perform and deliver, and has taken all necessary action to authorize its entry
into, performance and delivery of, this Amended and Restated Loan Agreement and Note and the transactions contemplated hereby; 

  

	 	(e)	 all authorizations, consents, approvals, registrations and filings (“Authorization”) required
or desirable: (i) to enable it lawfully to enter into, exercise its rights and comply with its obligations in Amended and Restated Loan Agreement and Note; and (ii) to make this Amended and Restated Loan Agreement and Note admissible in
evidence in its jurisdiction of incorporation, have been obtained or effected and are in full force and effect; and 

  

	 	(f)	 the choice of Delaware law as the governing law of this Amended and Restated Loan Agreement and Note will be
recognized and enforced in its jurisdiction of incorporation. Any judgment obtained in Delaware in relation to this Amended and Restated Loan Agreement and Note will be recognized and enforced in its jurisdiction of incorporation.

  
 -4- 

 5. Covenants. The Borrower undertakes that: 

 

	 	(a)	 it shall promptly: obtain, comply with and do all that is necessary to maintain in full force and effect any
Authorization required under any law or regulation of its jurisdiction of incorporation to enable it to perform its obligations under this Amended and Restated Loan Agreement and Note and to ensure its legality, validity, enforceability or
admissibility in evidence in its jurisdiction of incorporation; 

  

	 	(b)	 it shall comply in all respects with all laws to which it may be subject, if failure so to comply would
materially impair its ability to perform its obligations under this Amended and Restated Loan Agreement and Note; 

  

	 	(c)	 it shall not permit or suffer to exist any liens on the MRI Minority Shares (except under this Note and
Agreement); and 

  

	 	(d)	 it shall endeavor to dispose of the MRI Minority Shares in one or more sale transactions for cash (which cash
will be used to repay its obligations under this Amended and Restated Loan Agreement and Note pursuant to Section 3 hereof). 

6. Events of Default. The occurrence of any of the following events shall constitute an event of default (“Event of
Default”): 
  

	 	(a)	 the Borrower fails to pay the principal of or interest accrued with respect to this Amended and Restated Loan
Agreement and Note, when and as the same shall become due and payable, and such non-payment continues for a period of more than five business days after receiving a written demand for such payment from the
Lender; 

  

	 	(b)	 the Borrower does not comply with any provision of this Amended and Restated Loan Agreement and Note and such
default continues for a period of thirty days after notice requiring the same to be remedied shall have been given by the Lender to the Borrower; 

  

	 	(c)	 any representation or statement made or deemed to be made by the Borrower in this Amended and Restated Loan
Agreement and Note is or proves to have been incorrect or misleading in any material respect when made or deemed to be made; 

  

	 	(d)	 the Borrower (i) is unable or admits inability to pay its debts as they become due; (ii) suspends
making payments on any of its debts; or (iii) by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors with a view to rescheduling any of its indebtedness or a moratorium is declared in
respect of any indebtedness of the Borrower; or 

  
 -5- 

	 	(e)	 a corporate action is filed legally dissolving the Borrower, whether by way of a voluntary liquidation or
otherwise. 

 7. Remedies Upon Event of Default. Upon the occurrence of an Event of Default, so long as the same
may be continuing: 
  

	 	(a)	 Notwithstanding the interest rate specified in the second paragraph of this Amended and Restated Loan Agreement
and Note and other than with respect to an Event of Default described in Sections 6(d) or 6(e), all amounts due and unpaid shall bear interest at a rate equal to the prevailing United States prime rate plus 3.0% per annum.

  

	 	(b)	 The Borrower agrees to pay on demand all costs and expenses, if any (including fees and expenses of counsel),
in connection with the enforcement (whether through negotiations, legal proceedings or otherwise) of this Amended and Restated Loan Agreement and Note, including, without limitation, reasonable counsel fees and expenses in connection with the
enforcement of rights under this provision. 

  

	 	(c)	 The Lender may by notice in writing to the Borrower (except in the case of Events of Default described in the
foregoing paragraphs (d) or (e), in which case the following shall be automatic) declare all amounts owing hereunder to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other
notice of any kind, all of which are hereby expressly waived by the Borrower. 

  

	 	(d)	 Borrower agrees to take any and all appropriate action and to execute any and all documents and instruments
that may be necessary or advisable to perfect and to maintain the perfection and priority of the Lender’s security interest in the MRI Minority Shares. 

  

	 	(e)	 The Lender may, without any other notice to or demand upon the Borrower, assert all rights and remedies of a
Lender under applicable law, including, without limitation, the right to take possession of, hold, collect, sell, lease, deliver, grant options to purchase or otherwise retain, liquidate or dispose of all or any portion of the MRI Minority Shares.
If notice prior to disposition of the MRI Minority Shares or any portion thereof is necessary under applicable law, written notice mailed to the Borrower 10 days prior to the date of such disposition shall constitute reasonable notice, but notice
given in any other reasonable manner shall be sufficient. So long as the sale of the MRI Minority Shares is made in a commercially reasonable manner, the Lender may sell such number of the MRI Minority Shares on such terms and to such purchaser(s)
as the Lender in its absolute discretion may choose, without assuming any credit risk and without any obligation to advertise or give notice of any kind other than that necessary under applicable

  
 -6- 

	 	
law. Without precluding any other methods of sale, the sale of the MRI Minority Shares or any portion thereof shall have been made in a commercially reasonable manner if conducted in conformity
with reasonable commercial practices of creditors disposing of similar property. At any sale of the MRI Minority Shares, if permitted by applicable law, the Lender may be the purchaser, licensee, assignee or recipient of the MRI Minority Shares and
shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the MRI Minority Shares sold, assigned or licensed at such sale, to use and apply any of the obligations of the Borrower
hereunder as a credit on account of the purchase price of the MRI Minority Shares or any part thereof payable at such sale. The Borrower hereby waives and releases to the fullest extent permitted by law any right or equity of redemption with respect
to the MRI Minority Shares, whether before or after sale hereunder, and all rights, if any, of marshalling the MRI Minority Shares and any other security for the obligations of the Borrower hereunder or otherwise. At any such sale, unless prohibited
by applicable law, the Lender or any custodian may bid for and purchase all or any part of the MRI Minority Shares so sold free from any such right or equity of redemption. Neither the Lender nor any custodian shall be liable for failure to collect
or realize upon any or all of the MRI Minority Shares or for any delay in so doing, nor shall it be under any obligation to take any action whatsoever with regard thereto. The Borrower agrees that it would not be commercially unreasonable for the
Lender to dispose of all or any portion of the MRI Minority Shares by utilizing internet sites that provide for the auction of assets of the type included in the MRI Minority Shares or that have the reasonable capability of doing so, or that match
buyers and sellers of assets. The Lender shall not be obligated to clean-up or otherwise prepare the MRI Minority Shares for sale. 

 

	 	(f)	 All rights of the Borrower to (i) exercise the voting and other consensual rights it would otherwise be
entitled to exercise pursuant to Section 2(c) and (ii) receive the dividends and other distributions which it would otherwise be entitled to receive and retain pursuant to Section 2(c), shall
immediately cease, and all such rights shall thereupon become vested in the Lender, which shall have the sole right to exercise such voting and other consensual rights and receive and hold such dividends and other distributions as collateral.

  

	 	(g)	 To the extent permitted by applicable law, the Borrower waives all claims, damages and demands it may acquire
against the Lender arising out of the exercise by it of any rights hereunder. 

 8. Costs and Expenses. The
Borrower agrees to reimburse the Lender for all reasonable costs and expenses (including reasonable attorney’s fees and expenses) incurred in connection with any legal action to enforce this Amended and Restated Loan Agreement and Note or to
protect the rights of the Lender to receive payment hereunder. 
 9. Governing Law. This Amended and Restated Loan Agreement and Note
shall be governed by, and construed in accordance with, the laws of Delaware without regard to conflicts of law principles. 

  
 -7- 

 10. Continuing Security Interest; Further Actions. This Amended and Restated Loan
Agreement and Note shall create a continuing first priority lien and security interest in the MRI Minority Shares and shall (a) subject to Section 2(f) and Section 3, remain in full force and
effect until payment and performance in full of the obligations of the Borrower hereunder, (b) be binding upon the Borrower, its successors and assigns, and (c) inure to the benefit of the Lender and its successors, transferees and
assigns; provided that the Borrower may not assign or otherwise transfer any of its rights or obligations under this Amended and Restated Loan Agreement and Note without the prior written consent of the Lender. 

11. Counterparts. This Amended and Restated Loan Agreement and Note and any amendments, waivers, consents or supplements hereto may be
executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page to
this Amended and Restated Loan Agreement and Note by facsimile or in electronic (i.e., “pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart of this Agreement. This Amended and Restated Loan
Agreement and Note constitute the entire contract among the parties with respect to the subject matter hereof and supersede all previous agreements and understandings, oral or written, with respect thereto. 

12. Electronic Records and Signature. It is agreed by the parties hereto that, notwithstanding the use herein of the words
“writing,” “execution,” “signed,” “signature,” or other words of similar import, the parties hereto intend that the use of electronic signatures and the keeping of records in electronic form be granted the
same legal effect, validity or enforceability as a signature affixed by hand or the use of a paper-based record keeping system (as the case might be) to the extent and as provided for in any applicable law including the Federal Electronic Signatures
in Global and National Commerce Act or any similar state laws based on the Uniform Electronic Transactions Act. 
 13. No Novation.
This Amended and Restated Loan Agreement and Note amends and restates that certain Loan Agreement and Secured Promissory Note, dated January 26, 2021, made by the Borrower to the Lender in the principal amount equal to Five Million and 00/100
U.S. Dollars (U.S. $5,000,000.00) (the “Prior Loan Agreement and Note”). This Amended and Restated Loan Agreement and Note is issued in substitution for (and not in discharge of) the indebtedness evidenced by the Prior Loan
Agreement and Note. Notwithstanding the amendment and restatement of the Prior Loan Agreement and Note by this Amended and Restated Loan Agreement and Note, the obligations of the Borrower outstanding under the Prior Loan Agreement and Note as
of the date of this Amended and Restated Loan Agreement and Note shall remain outstanding and shall constitute continuing obligations without novation and shall not be deemed to evidence or result in a novation or repayment and reborrowing of such
obligations. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]  

  
 -8- 

 IN WITNESS WHEREOF, the Lender and the Borrower have caused this Amended and Restated Loan Agreement
and Note to be duly executed as of the date set forth below. 
 LENDER: 

MONTAUK RENEWABLES, INC. 
  

					
	 By
	 	 /s/ Kevin A. Van Asdalan

		 	 Name
	 	 Kevin A. Van Asdalan

		 	 Title
	 	 Chief Financial Officer and Treasurer

 BORROWER: 
 MONTAUK
HOLDINGS LIMITED 
  

					
	 By
	 	 /s/ Sean F. McClain

		 	 Name
	 	 Sean F. McClain

		 	 Title
	 	 President and Chief Executive Officer

 Dated: February 22, 2021 

  
 [Signature Page to
Amended and Restated Loan Agreement and Secured Promissory Note]

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