Document:

Exclusive License Agreement

 Exhibit 10.5 

*** Text Omitted and Filed Separately 

Confidential Treatment Requested 

Under 17 C.F.R. §§ 200.80(b)(4) 

and 203.406 

EXCLUSIVE LICENSE AGREEMENT 

BETWEEN 
 THE
REGENTS OF THE UNIVERSITY OF CALIFORNIA 
 AND 

GEVO INC. 
 FOR

 UCLA CASE NOS. 

[...***...] 

*    Confidential Treatment Requested 

 EXCLUSIVE LICENSE AGREEMENT 

TABLE OF CONTENTS 
  

					
	 ARTICLE
	  	PAGE NUMBER
	RECITALS	  	2
			
	 1.
	  	DEFINITIONS	  	2
	 2.
	  	GRANT	  	4
	 3.
	  	SUBLICENSES	  	5
	 4.
	  	FEES	  	5
	 5.
	  	ROYALTIES	  	6
	 6.
	  	DILIGENCE	  	8
	 7.
	  	PATENT FILING, PROSECUTION AND MAINTENANCE	  	9
	 8.
	  	PATENT INFRINGEMENT	  	10
	 9.
	  	PROGRESS AND ROYALTY REPORTS	  	12
	 10.
	  	BOOKS AND RECORDS	  	12
	 11.
	  	LIFE OF TEE AGREEMENT	  	12
	 12.
	  	TERMINATION BY THE REGENTS	  	13
	 13.
	  	TERMINATION BY LICENSEE	  	13
	 14.
	  	DISPOSITION OF LICENSED PRODUCTS ON HAND UPON TERMINATION	  	13
	 15.
	  	PATENT MARKING	  	14
	 16.
	  	USE OF NAMES AND TRADEMARKS	  	14
	 17.
	  	LIMITED WARRANTY	  	14
	 18.
	  	INDEMNIFICATION	  	15
	 19.
	  	NOTICES	  	16
	 20.
	  	ASSIGNABILITY	  	16
	 21.
	  	LATE PAYMENTS	  	16
	 22.
	  	WAIVER	  	17
	 23.
	  	FAILURE TO PERFORM	  	17
	 24.
	  	GOVERNING LAW	  	17
	 25.
	  	GOVERNMENT APPROVAL OR REGISTRATION	  	17
	 26.
	  	EXPORT CONTROL LAWS	  	17
	 27.
	  	FORCE MAJEURE	  	17
	 28.
	  	CONFIDENTIALITY	  	18
	 29.
	  	MISCELLANEOUS	  	19
	 APPENDIX A
	  	20
	 APPENDIX B
	  	21
	 APPENDIX C
	  	23

  

 1 

 EXCLUSIVE LICENSE AGREEMENT 

This Agreement is made and is effective this 6th day of September 2007 (the “Effective Date”) between THE REGENTS OF THE UNIVERSITY OF
CALIFORNIA (“The Regents”), a California corporation having its corporate offices located at 1111 Franklin Street, Oakland, California 94607-5200, acting through its offices located at 11000 Kinross Avenue, Suite 200 Los Angeles, CA
90095-7231, and Gevo Inc. (“Licensee”), a Delaware corporation having a principal place of business at 133 N. Altadena Dr. Suite 310, Pasadena, CA, 91107. 

RECITALS 
 WHEREAS, a
certain invention (the “Invention”), generally characterized as [...***...] (UCLA Case No. [...***...]) made in the course of research at the University of California, Los Angeles by [...***...] and claimed in
Regents’ Patent Rights as defined below; 
 WHEREAS, [...***...] are employees or students of The Regents and as such have assigned
their right, title and interest in and to the Invention to The Regents; 
 WHEREAS [...***...], executed the assignment attached hereto as
Appendix B, assigning all of his rights in the Invention to the Regents; 
 WHEREAS, Licensee and The Regents entered into a Secrecy Agreement
effective 12/18/06 and expiring on 12/8/11 to allow Licensee to evaluate its interest in the Invention and, as a result of its evaluation, Licensee wishes to obtain certain rights from The Regents; 

WHEREAS, Licensee is a “small business concern” as defined in 15 U.S.C. §632 and 

WHEREAS, The Regents wishes that Regents’ Patent Rights be developed and utilized to the fullest extent so that the benefits can be enjoyed by the
general public. 
 The parties agree as follows: 

1. DEFINITIONS 
  

	1.1	“Regents’ Patent Rights” means The Regents’ interest in any of the patent applications listed in Appendix A attached to this Agreement and assigned
to The Regents, as such applications may be amended from time to time; any continuing applications thereof including divisions; but excluding continuations-in-part except to the extent of claims entirely supported in the specification and entitled
to the priority date of the parent application; any patents issuing on these applications including reissues and reexaminations; and any corresponding foreign patents or patent applications; all of which will be automatically incorporated in and
added to Appendix A and made a part of this Agreement. 

  

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	1.2	“Licensed Product” means any article, composition, apparatus, substance, chemical, or any other material covered by Regents’ Patent Rights or whose
manufacture, use or sale would constitute an infringement of any claim within Regents’ Patent Rights, or any service, article, composition, apparatus, chemical, substance, or any other material made, used, or sold by or utilizing or practicing
a Licensed Method. This definition of Licensed Product also includes a service either used by Licensee, an Affiliate, or sublicensee or provided by Licensee, an Affiliate or sublicensee to its customers when such service requires the use of Licensed
Product or performance of Licensed Method. Additionally, for the avoidance of doubt, if such product is a component of a larger unit such as a kit, composition of matter or combination, such kit, composition of matter or combination is deemed to be
the Licensed Product for purposes of this definition. 

  

	1.3	“Licensed Method” means any process or method which is covered by Regents’ Patent Rights or whose use or practice would constitute an infringement of any
claim within Regents’ Patent Rights. 

  

	1.4	The “Field of Use” means [...***...]. 

  

	1.5	“Affiliate” means any corporation or other business entity in which Licensee owns or controls, directly or indirectly, at least 50% of the outstanding stock
or other voting rights entitled to elect directors. In any country where the local law does not permit foreign equity participation of at least 50%, then “Affiliate” means any company in which Licensee owns or controls, directly or
indirectly, the maximum percentage of outstanding stock or voting rights that is permitted by local law. 

  

	1.6	“First Commercial Sale” means the first sale of any Licensed Product by Licensee or any Affiliate or Sublicensee, following approval of its marketing by the
appropriate governmental agency for the country in which the sale is to be made. When governmental approval is not required, “First Commercial Sale” means the first sale in that country. 

 

	1.7	“Final Sale” means any sale, transfer, lease, exchange or other disposition or provision of a Licensed Product and/or a Licensed Method to a Customer. A Final
Sale shall be deemed to have occurred upon the earliest to occur of the following (as applicable): (a) the transfer of title to such Licensed Product and/or Licensed Method to a Customer, (b) the shipment of such Licensed Product to a
Customer, (c) the provision of a Licensed Method to a Customer, (d) the provision of an invoice for such Licensed Product or Licensed Method to a Customer, or (e) payment by the Customer for Licensed Products or Licensed Methods.

  

	1.8	“Net Sales” means the total of the gross amount invoiced or otherwise charged (whether consisting of cash or any other forms of consideration) for the Final
Sale of Licensed Products or Licensed Methods by Licensee, or by any Affiliate, Joint Venture or Sublicensee to Customers, less the following deductions (to the extent included in and not already deducted from the gross amount
invoiced or otherwise charged) to the extent reasonable and customary: cash, trade or quantity discounts actually granted to Customers; sales, use, unreimbursed value added taxes, tariff, import/export duties or other excise taxes
imposed on particular sales (excepting reimbursable value added taxes and income taxes); transportation charges, including insurance to the extent actually paid by the Customer; and allowances or credits to Customers because of
rejections or returns. Where Licensee or any Affiliate, Joint Venture or Sublicensee is the Customer, then Net Sales shall be based on the gross amount normally invoiced or otherwise charged to other Customers in an
arms length transaction for such Licensed Products or 

  

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Licensed Methods. For the avoidance of doubt, if Licensee or any Affiliate, Joint Venture or Sublicensee supplies (directly or indirectly) a Product that constitutes a Licensed Product to any
Affiliate, Joint Venture or Sublicensee and such Affiliate, Joint Venture or Sublicensee includes such Product in another Product, then Net Sales shall be based on the total gross amount invoiced or otherwise charged for such other Product in its
entirety. 

  

	1.9	“Sublicensee” means any third party sublicensed by Licensee to make, have made, use, sell, offer for sale or import any Licensed Product or to practice any
Licensed Method. 

  

	1.10	“Sublicensing Income” means income received by Licensee under or on account of Sublicenses. Sublicensing Income includes income received by way of license
issue fees, milestone payments, and the like but specifically excludes royalties on the sale or distribution of Licensed Products or the practice of Licensed Methods. Not included in the definition of Sublicensing Income is income received by
Licensee as payment or reimbursement for research costs conducted by or for Licensee, including costs associated with materials, equipment or clinical testing. 

 

	1.11	“Customer” means any individual or entity that receives Licensed Products or Licensed Methods, provided however, that Licensee or any Affiliate, Joint Venture
or Sublicensee shall be deemed a Customer only if it receives Licensed Products or Licensed Services for its own end-use and not resale. 

2. GRANT 
  

	2.1	Subject to the limitations set forth in this Agreement, The Regents hereby grants to Licensee an exclusive license (the “License”) under Regents’ Patent
Rights, in jurisdictions where Regents’ Patent Rights exist, to make, have made, use, sell, offer for sale and import Licensed Products and to practice Licensed Methods in the Field of Use to the extent permitted by law.

  

	2.2	The License is subject to all the applicable provisions of any license to the United States Government executed by The Regents and is subject to any overriding
obligations to the United States Federal Government under 35 U.S.C. §§200-212 and applicable governmental implementing regulations. 

  

	2.3	The Regents expressly reserves the right to use Regents’ Patent Rights and associated technology for educational and research purposes, including public disclosure
of research results, and allowing other non-profit research institutions to use Regents’ Patent Rights and associated technology for the same purpose. 

 

	2.4	The Agreement will terminate immediately if Licensee files a claim including in any way the assertion that any portion of Regents’ Patent Rights (other than any
portion that has previously been held invalid or unenforceable in a final decision by a court of competent jurisdiction from which no appeal has or can be taken) is invalid or unenforceable where the filing is by the Licensee, a third party on
behalf of the Licensee, or a third party at the written urging of the Licensee. 

  

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 3. SUBLICENSES 

 

	3.1	The Regents also grants to Licensee the right to issue exclusive or nonexclusive sublicenses (“Sublicenses”) to third parties to make, have made, use, sell,
offer for sale or import Licensed Products and to practice Licensed Methods in any jurisdiction in which Licensee has exclusive rights under this Agreement. To the extent applicable, sublicenses must include all of the rights of and obligations due
to The Regents (and, if applicable, the U.S. Government under 35 U.S.C. §§201-212) contained in this Agreement. 

  

	3.2	Licensee must pay to The Regents [...***...]. For clarification, it is noted that Sublicensing Income as defined in Section 1.10 does not include royalties
on the sale or distribution of Licensed Products or the practice of Licensed Methods, and compensation to The Regents for such payments are governed by Section 3.3 but not this Section 3.2 

 

	3.3	On Net Sales of Licensed Products sold or disposed of by a Sublicensee, Licensee must pay to The Regents an earned royalty in accordance with Article 5 (Royalties) as
if these were Licensee’s Net Sales. Any royalties received by Licensee in excess of royalties due to The Regents under this Paragraph 3.3 belong to Licensee. 

 

	3.4	Licensee must provide to The Regents a copy of each Sublicense within 30 days of execution, and a copy of all information submitted to Licensee by Sublicensees relevant
to the computation of the payments due to The Regents under this Article 3. 

  

	3.5	If this Agreement is terminated for any reason, all outstanding Sublicenses, not in default, will be assigned by Licensee to The Regents, at the option of The Regents.
The Sublicenses will remain in full force and effect with The Regents as the licensor or sublicensor instead of Licensee, but the duties of The Regents under the assigned Sublicenses will not be greater than the duties of The Regents under this
Agreement, and the rights of The Regents under the assigned Sublicenses will not be less than the rights of The Regents under this Agreement, including all financial consideration and other rights of The Regents. 

4. FEES 
  

	4.1	In partial consideration for the License, Licensee will pay to The Regents a license issue fee of fifteen thousand dollars ($15,000) within 30 days of the Effective
Date. This fee is nonrefundable and is not an advance against royalties. 

  

	4.2	For each Licensed Product Licensee must make the following payments to The Regents within 30 days of reaching the milestones indicated below: 

 

	 	  	[...***...] 

  

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	 	  	[...***...] 

  

	4.3	Licensee must pay to The Regents a license maintenance fee of [...***...] dollars ($[...***...]) beginning on the one-year anniversary date of the Effective
Date of this Agreement and continuing annually on each anniversary date until, but not including, the three-year anniversary date of this Agreement. Beginning on the three-year anniversary date of the Effective Date of this Agreement and continuing
annually on each anniversary date of the Effective Date Licensee must pay to The Regents a license maintenance fee of [...***...] dollars ($[...***...]). The maintenance fee will not be due and payable on any anniversary date of the
Effective Date if on that date Licensee is commercially selling a Licensed Product and paying an earned royalty to The Regents on the sales of that Licensed Product. The license maintenance fees are non-refundable and are not an advance against
royalties. 

  

	4.4	As additional consideration for the License, Licensee shall, within 30 days of the Effective Date, and subject to The Regents’ execution and delivery to Licensee
of a Stock Issuance Agreement in substantially the form attached hereto as Appendix C, issue to The Regents ten thousand (10,000) shares of common stock of Gevo Inc. 

5. ROYALTIES 
  

	5.1	Licensee must pay to The Regents for sales by Licensee or its Affiliates an earned royalty on Net Sales of Licensed Products or Licensed Methods as follows:

  

	 	  	[...***...] 

  

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	5.2	If Licensee pays a third party royalties in consideration for patent rights which are necessary in order to practice Regents’ Patent Rights then Licensee or
Sublicensee, as the case may be may deduct [...***...]% from the royalty rate due to The Regents [...***...]. 

  

	5.3	Licensee must pay to The Regents a minimum annual royalty of [...***...] dollars ($[...***...]) for the life of Regents’ Patent Rights, beginning in
the year of the First Commercial Sale of Licensed Product. Licensee must pay the minimum annual royalty to The Regents by February 28 of each year. The minimum annual royalty will be credited against the earned royalty due and owing for the
calendar year in which the minimum payment was made. 

  

	5.4	Paragraphs 1.1, 1.2, 1.3 and 1.4 define Regents’ Patent Rights, Licensed Products, Licensed Methods and the Field of Use so that royalties are payable on products
covered by pending patent applications and issued patents. Royalties accrue for the duration of this Agreement on Net Sales of Licensed Products or Licensed Methods. 

 

	5.5	Licensee must pay royalties owed to The Regents on a quarterly basis. Licensee must pay the royalties within two months of the end of the calendar quarter in which the
royalties accrued. 

  

	5.6	All monies due The Regents must be paid in United States funds. When Licensed Products are sold for monies other than United States dollars, the royalties will first be
determined in the foreign currency of the county in which those Licensed Products were sold and, second, converted into equivalent United States funds. Licensee must use the exchange rate established by the Bank of America in San Francisco,
California on the last day of the calendar quarter. 

  

	5.7	Any tax for the account of The Regents required to be withheld by Licensee under the laws of any foreign country must be promptly paid by Licensee for and on behalf of
The Regents to the appropriate governmental authority. Licensee will use its best efforts to furnish The Regents with proof of payment of any tax. Licensee is responsible for all bank transfer charges. All payments made by Licensee in fulfillment of
The Regents’ tax liability in any particular country will be credited against fees or royalties due The Regents for that country. 

  

	5.8	If at any time legal restrictions prevent the acquisition or prompt remittance of United States Dollars by Licensee with respect to any country where a Licensed Product
is sold, the Licensee shall pay royalties due to The Regents from Licensee’s other sources of United States Dollars. 

  

	5.9	If any patent or any claim included in Regents’ Patent Rights is abandoned or fails to issue due to final rejection by the appropriate patent office from which no
appeal or reconsideration has or can be taken, or is held invalid or unenforceable in a final decision by a court of competent jurisdiction from which no appeal has or can be taken, all obligation to pay royalties based on that patent or
claim or any claim patentably indistinct from it will cease as of the date of that abandonment, final rejection as of when no appeal or reconsideration has or can be taken, or final decision. Licensee will not, however, be relieved from paying
any royalties that accrued before that abandonment, final rejection or decision or that is based on another patent or claim not involved in that abandonment, final rejection or decision. 

 

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 6. DILIGENCE 

 

	6.1	Upon the execution of this Agreement, Licensee must diligently proceed with the development, manufacture and sale (“Commercialization”) of Licensed Products
and must earnestly and diligently endeavor to market them within a reasonable time after execution of this Agreement and in quantities sufficient to meet the market demands for them. 

 

	6.2	Licensee must endeavor to obtain all necessary governmental approvals for the Commercialization of Licensed Products. 

 

	6.3	The Regents has the right and option to either terminate this Agreement or reduce Licensee’s exclusive license to a nonexclusive license if Licensee fails to
perform any of the terms in this Paragraph 6.3. This right, if exercised by The Regents, supersedes the rights granted in Article 2 (Grant). 

  

	 	  	[...***...] 

  

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 [...***...] 

 

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	6.4	Licensee may extend any of the diligence milestones listed in 6.3a-6.3t in six (6) month increments, but not more than once per milestone, by making a
[...***...] Dollar ($[...***...]) payment to The Regents for each milestone extension. In the event of any extension, any later occurring milestones will be similarly extended. For example, if Licensee pays $[...***...] to extend
Milestone 6.3a to February 2009; then pays an additional three times $[...***...] to extend each of Milestones 6.3b through 6.3d, Milestone 6.3e will have been automatically extended from August 2015 to August 2017, as a result of the four
preceding 6-month extensions. At that point, Milestone 6.3e may be extended one additional 6-month period to February 2018 (for a total of a 2.5 year deferral) by payment of an additional $[...***...]. 

 

	6.5	Licensee has the sole discretion for making all decisions as to how to commercialize any Licensed Product. 

7. PATENT FILING, PROSECUTION AND MAINTENANCE 
  

	7.1	As long as Licensee is paying prosecution costs, The Regents will file, prosecute and maintain the patents and applications comprising Regents’ Patent Rights.
These patents will be held in the name of The Regents and will be obtained with counsel of The Regents’ choice (in which choice, however, Licensee’s input will be considered). The Regents must provide Licensee with copies of each patent
application, office action, response to office action, request for terminal disclaimer, and request for reissue or reexamination of any patent or patent application under Regents’ Patent Rights. The Regents will instruct its counsel to provide
such documentation to Licensee at the same time that it is provided to The Regents, so as to afford an opportunity for Licensee and its counsel to have input with respect to the patent prosecution process. The Regents will consider any comments or
suggestions by Licensee. The Regents is entitled to take action to preserve rights (and, unless Licensee is paying costs and requests otherwise, minimize costs) whether or not Licensee has commented. 

 

	7.2	Licensee will bear all costs incurred prior to and during the term of this Agreement in the preparation, filing, prosecution and maintenance of patent applications and
patents in Regents’ Patent Rights. Prosecution includes interferences, oppositions, and any other inter partes matters originating in a patent office. Licensee must send payment to The Regents within 30 days of Licensee’s receipt of an
invoice. 

  

	7.3	 Licensee has the right to request patent prosecution on the Invention in foreign countries if the rights are available. Licensee must notify The
Regents of its decision no later than 

  

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three months prior to the Chapter Two Demand and no later than three (3) months prior to the National Phase filing date indicating which territories they wish to select for prosecution. This
notice must be in writing and must identify the countries desired. With the notice of election the Licensee must pay in advance The Regents patent counsel’s estimated cost of the Chapter Two Demand or the entry into National Phase in the
requested territories. The absence of this notice and advance payment either for Chapter Two or for National Phase from Licensee to The Regents will be considered an election not to secure the foreign rights associated with the specific phase of
patent prosecution. The Regents will instruct their counsel to send copies of notices regarding deadlines to Licensee, and to provide estimates of the related cost. 

 

	7.4	Three (3) months before the Chapter Two Demand and three (3) months before National Phase filing, but not sooner, The Regents will have the right to file
patent applications at its own expense in any country which Licensee has not identified in written notice provided by 7.3. These applications and resulting patents will not be part of Regents Patent Rights and therefore not subject to this
Agreement. 

  

	7.5	Licensee’s obligation to underwrite and to pay all United States and (for territories elected by Licensee pursuant to Section 7.3) foreign patent costs will
continue for as long as this Agreement remains in effect. Licensee may terminate its obligations with respect to any given patent application or patent, either entirely or as to a particular territory, upon three months written notice to The
Regents. The Regents will use its best efforts to curtail patent costs chargeable to Licensee under this Agreement after this notice is received from Licensee. The Regents may continue prosecution or maintenance of these application(s) or patent(s)
at its sole discretion and expense, and Licensee will have no further rights or licenses to them. 

  

	7.6	The Regents will use its best efforts to not allow any Regents’ Patent Rights for which Licensee is licensed and is underwriting the costs of to lapse or become
abandoned without Licensee’s authorization or reasonable notice, except for the filing of continuations, divisionals, or the like which substitute for the lapsed application. 

8. PATENT INFRINGEMENT 
  

	8.1	In the event that The Regents (to the extent of the actual knowledge of the licensing professional responsible for the administration of this Agreement) or the Licensee
learns of infringement of potential commercial significance of any patent licensed under this Agreement, the knowledgeable party will provide the other (i) with written notice of such infringement and (ii) with any evidence of such
infringement available to it (the “Infringement Notice”). During the period in which, and in the jurisdiction where, the Licensee has exclusive rights under this Agreement, neither The Regents nor the Licensee will notify a third party
(including the infringer) of infringement or put such third party on notice of the existence of any Patent Rights without first obtaining consent of the other, such consent not to be unreasonably withheld. If the Licensee puts such infringer on
notice of the existence of any Patent Rights with respect to such infringement without first obtaining the written consent of The Regents and if a declaratory judgment action is filed by such infringer against The Regents, then Licensee’s right
to initiate a suit against such infringer for infringement under Paragraph 8.2 below will terminate immediately without the obligation of The Regents to provide notice to the Licensee. Both The Regents and the Licensee will use their diligent
efforts to cooperate with each other to terminate such infringement without litigation. 

  

 11 

	8.2	If infringing activity of potential commercial significance by the infringer has not been abated within sixty (60) days following the date the Infringement Notice
takes effect, then the Licensee may institute suit for patent infringement against the infringer The Regents may voluntarily join such suit at its own expense, but may not thereafter commence suit against the infringer for the acts of infringement
that are the subject of the Licensee’s suit or any judgment rendered in the suit. The Licensee may not join The Regents in a suit initiated by Licensee without The Regents’ prior written consent. If, in a suit initiated by the Licensee,
The Regents is involuntarily joined other than by the Licensee, then the Licensee will pay any out-of-pocket costs incurred by The Regents arising out of such suit, including but not limited to, legal fees of counsel that The Regents selects and
retains to represent it in the suit. 

  

	8.3	If, within a hundred and twenty (120) days following the date the Infringement Notice takes effect, infringing activity of potential commercial significance by the
infringer has not been abated and if the Licensee has not brought suit against the infringer, then The Regents may institute such suit for patent infringement against the infringer. If The Regents institutes such suit, then the Licensee may not join
such suit without The Regents’ consent and may not thereafter commence suit against the infringer for acts of infringement that are subject to The Regents’ suit or any judgment rendered in that suit. 

 

	8.4	Any recovery or settlement received in connection with any suit will first be shared by The Regents and the Licensee equally to cover any litigation costs each incurred
and next shall be paid to The Regents or the Licensee to cover any litigation costs it incurred in excess of the litigation costs of the other. In any suit initiated by the Licensee, any recovery in excess of litigation costs will be shared between
Licensee and The Regents as follows: (a) for any recovery other than amounts paid for willful infringement: (i) The Regents will receive fifteen percent (15%) of the recovery if The Regents was not a party in the litigation and did
not incur any litigation costs, (ii) The Regents will receive twenty-five percent (25%) if The Regents was party in the litigation, but did not incur any litigation costs, including provisions of Paragraph 8.2 above, and (iii) The
Regents will receive fifty percent (50%) of the recovery if The Regents incurred any litigation costs in connection with the litigation; and (b) for any recovery for willful infringement, The Regents will receive fifty percent
(50%) of the recovery. In any suit initiated by The Regents, any recovery in excess of litigation costs will belong to The Regents. The Regents and the Licensee agree to be bound by all determinations of patent infringement, validity and
enforceability (but no other issue) resolved by any adjudicated judgment in a suit brought in compliance with this Article 8 (Patent Infringement). 

  

	8.5	Any agreement made by the Licensee for purposes of settling litigation or other dispute shall comply with the requirements of Article 3 (Sublicenses) of this Agreement.

  

	8.6	Each party will cooperate with the other in litigation proceedings instituted hereunder but at the expense of the party who initiated the suit (unless such suit is
being jointly prosecuted by the parties). 

  

	8.7	Any litigation proceedings will be controlled by the party bringing the suit, except that The Regents may be represented by counsel of its choice in any suit brought by
the Licensee. 

  

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 9. PROGRESS AND ROYALTY REPORTS 

 

	9.1	Beginning January 31, 2008, Licensee must submit to The Regents semiannual progress reports covering Licensee’s activities related to the development and
testing of all Licensed Products. These progress reports must be made for each Licensed Product until its First Commercial Sale. 

  

	9.2	The progress reports submitted under Paragraph 9.1 must include the following topics: 

 

	 	9.2a	Summary of work completed. 

	 	9.2b	Key scientific discoveries. 

	 	9.2c	Summary of work in progress. 

	 	9.2d	Current schedule of anticipated events or milestones. 

	 	9.2e	Market plans for introduction of Licensed Products. 

	 	9.2f	A summary of resources (dollar value) spent in the reporting period. 

  

	9.3	Licensee must notify The Regents if Licensee or any of its Sublicensees or Affiliates ceases to be a small entity (as defined by the United States Patent and Trademark
Office) under the provisions of 35 U.S.C. §41(h). 

  

	9.4	Licensee must report the date of the First Commercial Sale in the royalty report immediately following that Sale. 

 

	9.5	After the First Commercial Sale of each Licensed Product, Licensee must make quarterly royalty reports to The Regents by
February 28, May 31, August 31 and November 30 of each year (i.e., within two months from the end of each calendar quarter). Each royalty report must cover Licensee’s most recently completed calendar quarter and
must show: 

  

	 	9.5a	Gross sales and Net Sales of any Licensed Product. 

	 	9.5b	Number of each type of Licensed Product sold. 

	 	9.5c	Royalties payable to The Regents. 

  

	9.6	Licensee must state in its royalty report if it had no sales of any Licensed Product. 

10. BOOKS AND RECORDS 
  

	10.1	Licensee must keep accurate books and records of all Licensed Products developed, manufactured, used or sold. Licensee must preserve these books and records for at
least five years from the date of the royalty payment to which they pertain these books and records will be open to examination by representatives or agents of The Regents during regular office hours to determine their accuracy and assess the
Licensee’s compliance with the terms of this Agreement. The Licensee will pay fees and expenses of these inspections if an error favoring Licensee of more than 5% of the total annual royalties is discovered, otherwise The Regents will pay the
fees and expenses of inspections. 

 11. LIFE OF THE AGREEMENT 

 

	11.1	Unless otherwise terminated by operation of law or by acts of the parties in accordance with the terms of this Agreement, this Agreement is in force from the Effective
Date recited on page one and remains in effect for the life of the last-to-expire patent in Regents’ Patent Rights, or until the last patent application licensed under this Agreement is abandoned and no patent in Regents’ Patent Rights
ever issues. 

  

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	11.2	Upon termination of this Agreement (except as a result of expiration of the Regents’ Patent Rights), Licensee will have no further right to make, have made, use or
sell any Licensed Product except as provided in Article 14 (Disposition of Licensed Products on Hand Upon Termination). 

  

	11.3	Any expiration or termination of this Agreement will not affect the rights and obligations set forth in the following Articles: 

 

	 	Article	10     Books and Records. 

	 	Article	14     Disposition of Licensed Products on Hand upon Termination. 

	 	Article	16     Use of Names and Trademarks. 

	 	Article	17     Warranties 

	 	Article	18     Indemnification. 

	 	Article	23     Failure to Perform. 

	 	Article	24     Governing Law 

12. TERMINATION BY THE REGENTS 
  

	12.1	If Licensee violates or fails to perform any material term or covenant of this Agreement, then The Regents may give written notice of the default (“Notice of
Default”) to Licensee. If Licensee does not repair the default within 60 days after the effective date of the Notice of Default, then The Regents has the right to terminate this Agreement and the License by a second written notice (“Notice
of Termination”) to Licensee. If The Regents sends a Notice of Termination to Licensee, then this Agreement automatically terminates on the effective date of this notice. Termination does not relieve Licensee of its obligation to pay any
royalty or fees owing at the time of termination and does not impair any accrued right of The Regents. 

 13.
TERMINATION BY LICENSEE 
  

	13.1	Licensee has the right at any time to terminate this Agreement in whole or with respect to any portion of Regents’ Patent Rights by giving written notice to The
Regents. This notice of termination will be subject to Article 19 (Notices) and will be effective 90 days after the effective date of the notice. 

  

	13.2	Any termination in accordance with Paragraph 13.1 does not relieve Licensee of any obligation or liability accrued prior to termination. Nor does termination rescind
anything done by Licensee or any payments made to The Regents prior to the effective date of termination. Termination does not affect in any manner any rights of The Regents arising under this Agreement prior to termination.

 14. DISPOSITION OF LICENSED PRODUCTS 

ON HAND UPON TERMINATION 
  

	14.1	Upon termination of this Agreement, Licensee will have the right to dispose of all previously made or partially made Licensed Products, but no more, within a period of
six months. But Licensee must submit royalty reports on the sale of these Licensed Products and must pay royalties at the rate and at the time provided in this Agreement. 

 

 14 

 15. PATENT MARKING 

 

	15.1	Licensee must mark all Licensed Products made, used or sold under the terms of this Agreement, or their containers, in accordance with the applicable patent marking
laws. 

 16. USE OF NAMES AND TRADEMARKS 

 

	16.1	Except as expressly provided, neither party is permitted to use any name, trade name, trademark or other designation of the other party or its employees (including
contraction, abbreviation or simulation of any of the foregoing) in advertising, publicity or other promotional activity. Unless required by law, Licensee is expressly prohibited from using the name “The Regents of the University of
California” or the name of any campus of the University of California. Notwithstanding the foregoing, Licensee shall be permitted to state publicly, in advertising, publicity, or other promotional activities, including in its business plan,
that it has licensed certain intellectual property from the University of California. (for so long as that statement continues to be true). 

17. LIMITED WARRANTY 
  

	17.1	The Regents warrants that it has the lawful right to grant this license to Licensee. 

 

	17.2	This License and the associated Invention are provided WITHOUT WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR ANY OTHER WARRANTY, EXPRESS OR
IMPLIED. THE REGENTS MAKE NO REPRESENTATION OR WARRANTY THAT ANY LICENSED PRODUCT WILL NOT INFRINGE ANY PATENT OR OTHER PROPRIETARY RIGHT. 

  

	17.3	IN NO EVENT WILL THE REGENTS BE LIABLE FOR ANY INCIDENTAL, SPECIAL OR CONSEQUENTIAL DAMAGES RESULTING FROM EXERCISE OF THIS LICENSE OR THE USE OF THE INVENTION OR
LICENSED PRODUCTS OR THE USE OR THE PRACTICE OF LICENSED METHODS. 

  

	17.4	Nothing in this Agreement will be construed as: 

  

	 	17.4a	A warranty or representation by The Regents as to the validity or scope of any Regents’ Patent Rights. 

 

	 	17.4b	A warranty or representation that anything made, used, sold or otherwise disposed of under any license granted in this Agreement is or will be free from infringement of
patents of third parties. 

  

	 	17.4c	Obligating The Regents to bring or prosecute actions or suits against third parties for patent infringement except as provided in Article 8 (Patent Infringement).

  

	 	17.4d	Conferring by implication, estoppel or otherwise any license or rights under any patents of The Regents other than Regents’ Patent Rights as defined herein,
regardless of whether such patents are dominant or subordinate to Regents’ Patent Rights. 

  

 15 

	 	17.4e	Obligating The Regents to furnish any know-how not provided in Regents’ Patent Rights. 

18. INDEMNIFICATION 
  

	18.1	Licensee will, and will require its Sublicensees to, indemnify, hold harmless and defend The Regents, its officers, employees, and agents, the sponsors of the research
that led to the invention, the inventors of the patents and patent applications in Regents’ Patent Rights and their respective employers from and against any and all liability, claims, suits, losses, damages, costs, fees and expenses resulting
from or arising out of exercise of this license or any sublicense, except to the extent involving a breach by The Regents of any representation or warranties contained herein, provided that (a) Licensee is notified promptly of any claim for
which indemnification may be sought; (b) Licensee has the sole right to control and defend or settle any litigation within the scope of this indemnity, except that Licensee may not admit liability or wrongdoing on the part of an Indemnitee
without the Regents’ written consent; and (c) all indemnified parties reasonably (taking into account the status of faculty member) cooperate to the extent necessary in the defense of any indemnified claim. Indemnification includes but is
not limited to products liability. If The Regents in its sole discretion believes that there exists a conflict of interest or it will not otherwise be adequately represented by the legal counsel chosen by Licensee to defend The Regents in accordance
with this Paragraph 18.1, then The Regents will give to Licensee in writing the names of three potential firms of legal counsel to represent The Regents. Licensee will, within ten (10) days, select one of the three potential firms of counsel
that The Regents has provided. If Licensee does not make a choice of one of the three firms of counsel by the end of the ten (10) days then The Regents may choose one of these three firms without Licensee’s mutual agreement. Licensee will
bear the reasonable legal fees of the firm of counsel selected for the Regents in such circumstances of conflict of interest. If The Regents believes that there is no conflict of interest with counsel chosen by Licensee to defend The Regents but
that The Regents will not be otherwise adequately represented then The Regents may elect its own counsel at The Regents’ expense. 

  

	18.2	Licensee, at its sole cost and expense, must insure its activities in connection with the work under this Agreement and obtain, keep in force and maintain Comprehensive
or Commercial Form General Liability Insurance (contractual liability included) with limits as follows: 

  

	 	  	[...***...] 

  

	18.3	If the above insurance is written on a claims-made form, it shall continue for [...***...] following termination or expiration of this Agreement. The insurance
shall have a retroactive date of placement prior to or coinciding with the Effective Date of this Agreement. 

  

	18.4	Licensee will obtain, keep in force and maintain Worker’s Compensation Insurance as legally required in the jurisdiction in which Licensee is doing business.

  

	18.5	 Licensee expressly understands, however, that the coverages and limits in Paragraph 18.2 do not in any way limit the Licensee’s liability.
Licensee must furnish The Regents with 

  

 *    Confidential Treatment Requested 

16 

	 	 
certificates of insurance evidencing compliance with all requirements. Licensee must provide 30-day advance written notice to The Regents of any modification to such insurance. Licensee’s
insurance must: 

  

	 	18.5a	Indicate that The Regents of the University of California is endorsed as an Insured under the coverages listed in Paragraph 18.2. 

 

	 	18.5b	Include a provision that the coverages will be primary and will not participate with nor will be excess over any valid and collective insurance or program of
self-insurance carried or maintained by The Regents. 

  

	18.6	The Regents shall notify Licensee in writing of any claim or suit brought against The Regents in respect of which The Regents intends to invoke the provisions of this
Article 18 (Indemnification). Licensee shall keep The Regents informed on a current basis of its defense of any claims under this Article 18 (Indemnification). 

19. NOTICES 
  

	19.1	Any notice or payment required to be given to either party must be sent to the respective address given below and is effective: (a) on the date of delivery if
delivered in person, (b) five days after mailing if mailed by first-class certified mail, postage paid, or (c) on the next business day if sent by overnight delivery. Either party may change its designated address by written notice.

  

			
	 For Licensee:
	    	Gevo Inc.
		    	133 N. Altadena Dr. Suite 310
		    	Pasadena, CA 91107
		
		    	[...***...]
		
	 For The Regents:
	    	 The Regents of the University of California University

of California, Los Angeles

		    	[...***...]

 20. ASSIGNABILITY

  

	20.1	This Agreement is binding upon and inures to the benefit of The Regents, its successors and assigns. But it is personal to Licensee and assignable by Licensee only with
the written consent of The Regents. The consent of The Regents will not be required if the assignment is in conjunction with the transfer of all or substantially all of the business of Licensee to which this license relates.

 21. LATE PAYMENTS 
  

	21.1	For each royalty payment or fee not received by The Regents when due, Licensee must pay to The Regents a simple interest charge of [...***...]% per annum to be
calculated from the date payment was due until it was actually received by The Regents. 

  

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17 

 22. WAIVER 

 

	22.1	The waiver of any breach of any term of this Agreement does not waive any other breach of that or any other term. 

23. FAILURE TO PERFORM 
  

	23.1	If either party takes legal action against the other because of a failure of performance due under this Agreement, then the prevailing party is entitled to reasonable
attorney’s fees in addition to costs and necessary disbursements. 

 24. GOVERNING LAW 

 

	24.1	THIS AGREEMENT IS TO BE INTERPRETED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA, but the scope and validity of any patent or patent application
will be governed by the applicable laws of the country of the patent or patent application. 

 25. GOVERNMENT
APPROVAL OR REGISTRATION 
  

	25.1	If this Agreement or any associated transaction is required by the law of any nation to be either approved or registered with any governmental agency, Licensee will
assume all legal obligations to do so. Licensee will notify The Regents if it becomes aware that this Agreement is subject to a United States or foreign government reporting or approval requirement. Licensee will make all necessary filings and pay
all costs including fees, penalties, and all other out-of-pocket costs associated with such reporting or approval process. 

26. EXPORT CONTROL LAWS 
  

	26.1	Licensee must observe all applicable United States and foreign laws with respect to the transfer of Licensed Products and related technical data to foreign countries,
including the International Traffic in Arms Regulations (ITAR) and the Export Administration Regulations. 

 27.
FORCE MAJEURE 
  

	27.1	Except for the Licensee’s obligation to make any payments to The Regents hereunder, the parties shall not be responsible for any failure to perform due to the
occurrence of any events beyond their reasonable control which render their performance impossible or onerous, including, but not limited to; accidents (environment, toxic spill, etc.); acts of God; biological or nuclear incidents; casualties;
earthquakes; fires; floods; governmental acts; orders or restrictions; inability to obtain suitable and sufficient labor, transportation, fuel and materials; local, national or state emergency; power failure and power outages; acts of terrorism;
strike; and war. 

  

	27.2	Either party to this Agreement, however, will have the right to terminate this Agreement upon thirty (30) days’ prior written notice if either party is unable
to fulfill its obligations under this Agreement due to any of the causes specified in Paragraph 27.1 for a period of one (1) year. 

  

 18 

 28. CONFIDENTIALITY 

 

	28.1	If either party discloses confidential information to the other party, the disclosing party will designate this information as confidential by appropriate legend or
instruction, and the receiving party will: 

  

	 	28.1a	Use the same degree of care to maintain the secrecy of the confidential information as it uses to maintain the secrecy of its own information of like kind, but in any
case, not less than reasonable care. 

  

	 	28.1b	Use the confidential information only to accomplish the purposes of this Agreement or for management review or audit. 

 

	28.2	Neither party will disclose confidential information received from the other party except to its employees, customers, distributors and other agents who are bound to it
by similar obligations of confidence and only as required to accomplish the purposes of this Agreement or for management review or audit. 

  

	28.3	Neither party will have any confidentiality obligation with respect to the confidential information belonging to or disclosed by the other party that:

  

	 	28.3a	The receiving party can demonstrate by written records was previously known to it. 

 

	 	28.3b	The receiving party lawfully obtained from sources under no obligation of confidentiality. 

 

	 	28.3c	Is or becomes publicly available other than through an act or omission of the receiving party or any of its employees. 

    A party shall also be permitted to disclose any confidential information of the other party that is required to
be disclosed under the California Public Records Act, governmental audit requirement or other requirement of law, provided that it first gives notice of such requirement to the other party (further provided, however, that Licensee acknowledges that
except in the case of the California Public Records Act there may be limited time between such notice and the required disclosure date), and cooperates in any efforts of the other party to obtain a protective order or otherwise lawfully limit the
scope of the disclosure. 
  

	28.4	The provisions of this Article 28 will continue in effect for five years after expiration or termination of this Agreement. 

 

	28.5	The Regents is free to release to the inventors and senior administrators employed by The Regents the terms and conditions of this Agreement. If such release is made,
then The Regents shall give notice of the confidential nature and shall request that the recipient not disclose such terms and conditions to others. If a third party inquires whether a license to Regents’ Patent Rights is available; then The
Regents may disclose the existence of this Agreement and the extent of the grant in Article 2 (Grant) to such third party, but will not disclose the name of Licensee or any other terms or conditions of this Agreement, except where The Regents is
required to release information under the California Public Records Act, a governmental audit requirement, or other applicable law. 

  

 19 

 29. MISCELLANEOUS 

 

	29.1	The headings of the several sections are inserted for convenience of reference only and are not intended to be a part of, or to affect the meaning or interpretation of,
this Agreement. 

  

	29.2	This Agreement is not binding upon the parties until it has been signed below on behalf of each party, in which event it becomes effective as of the date recited on
page one. 

  

	29.3	No amendment or modification of this Agreement will be valid or binding upon the parties unless made in writing and signed by each party. 

 

	29.4	This Agreement embodies the entire understanding of the parties and supersedes all previous communications, representations or understandings, either oral or written,
between the parties relating to the subject matter hereof, except for the Confidential Disclosure Agreements dated 12/14/2006, 12/18/2006 and 12/21/2007, which continue to the extent it they are not inconsistent with this Agreement.

  

	29.5	If any part of this Agreement is for any reason found to be unenforceable, all other parts nevertheless remain enforceable as long as a party’s rights under this
Agreement are not materially affected. In lieu of the unenforceable provision, the parties will substitute or add as part of this Agreement a provision that will be as similar as possible in economic and business objectives as was intended by the
unenforceable provision. 

 Both The Regents and Licensee have executed this Agreement in duplicate originals by their authorized
officers on the dates written below: 
  

									
	GEVO, INC.	 		 	THE REGENTS OF THE UNIVERSITY OF CALIFORNIA
					
	By:	 	 /s/ [...***...]
	 		 	By:	 	 /s/ [...***...]

	Date:	 	 8/30/2007
	 		 	Date:	 	 9/6/2007

EXCLUSIVE LICENSE AGREEMENT BETWEEN 
 THE
REGENTS OF THE UNIVERSITY OF CALIFORNIA AND 
 GEVO INC. FOR 

UCLACASE NOS. [...***...] 
  

 *    Confidential Treatment Requested 

20 

 APPENDIX A 

[...***...] 
  

 *    Confidential Treatment Requested 

21 

 FIRST AMENDMENT TO EXCLUSIVE LICENSE AGREEMENT 

UC Control No. 2008-04-0131 

THIS FIRST AMENDMENT (the “Amendment”) is effective this 15th day of May 2009 (the “Effective Date”) by and between
THE REGENTS OF THE UNIVERSITY OF CALIFORNIA (“The Regents”), a California corporation having its statewide administrative offices at 1111 Franklin Street, 12th Floor, Oakland, California 94607-5200, acting through
the offices of The University of California, Los Angeles located at 11000 Kinross Avenue, Suite #200, Los Angeles, CA 90095-1406 and GEVO, INC. (“Licensee”) a Delaware corporation having a principal place of
business at 133 N. Altadena Dr. Suite 310, Pasadena, CA, 91107, and amends the Exclusive License Agreement, Control No. 2008-04-0131, dated the 6th of September 2007, between The Regents and Licensee (the
“Agreement”) in accordance with the terms and conditions of this Amendment. 
 RECITALS 

WHEREAS, Licensee desires to add UCLA Case Nos. [...***...] and UCLA Case No. [...***...]; 

WHEREAS, Licensee desires to add [...***...] to the Field of Use; 

WHEREAS, Licensee desires to extend the milestone payment deadline; 

NOW THEREFORE, in consideration of the foregoing premises and the mutual promises, covenants, and agreements hereinafter set
forth, all parties to this First Amendment mutually agree to amend the Agreement as follows: 
  

	1.	Amend the RECITALS of the Agreement as follows: 

Add: UCLA Case No. [...***...] 

Add: UCLA Case No. [...***...] 

Add the following clause after the sixth “WHEREAS” clause: 

“WHEREAS, UCLA Case No. [...***...] was developed with United States Government funds, and The Regents has elected title
thereto and will grant a royalty-free nonexclusive license to the United States Government to the extent required under 35 U.S.C. §200-212;” 
  

	2.	Delete Paragraph 1.4 in its entirely and replace it with the following: 

“1.4 The “Field of Use” means [...***...]” 

 

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A-1 

	3.	Delete “30 days” in the first sentence of Paragraph 4.2 and replace with “one hundred and twenty (120) days”.

  

	4.	Add the following Paragraph to the end of Article 5 (ROYALTIES): 

“5.10 No royalties will be collected or paid on Licensed Products made using the invention [...***...] (UCLA Case No.
[...***...]) and sold to the United States Federal Government or any agency of the United States Government. Licensee and its Sublicensee will reduce the amount charged for such Licensed Products distributed to the United States Government by
the amount of the royalty.” 
  

	5.	Add the following subparagraphs to Paragraph 6.3 in Article 6 (DILIGENCE): 

 

	  	“[...***...]” 

  

	6.	Add the following sentence to the end of Paragraph 6.4 in Article 6 (DILIGENCE): 

“For purposes of clarity, if Licensee fails to accomplish any of the diligence milestones set forth in 6.3u-6.3w, The Regents may not
terminate this Agreement in fields of use other than [...***...].” 
  

	7.	Delete the last sentence of Paragraph 28.3 in its entirety and replace it with the following: 

“A party shall also be permitted to disclose any confidential information of the other party that is required to be disclosed under
the California Public Records Act, governmental audit requirement or other requirement of law, provided that it first gives notice of such requirement to the other party (further provided, however, that Licensee acknowledges that in the case of the
California Public Records Act there may be limited time between such notice and the required disclosure date). Regents shall, in its discretion, cooperate with Licensee to obtain a protective order or otherwise lawfully limit the scope of such
disclosure in instances where The Regents has determined that Licensee is correct in its assertion of a trade secret or other applicable privilege supporting an exemption from disclosure or limiting the scope of disclosure, and such assertion
appears to be consistent with The Regents’ implementation or the required disclosure.” 
  

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	8.	Add the following Paragraph to Article 29 (MISCELLANEOUS): 

“29.6 Because this Agreement grants an exclusive right to a particular use of the Invention, Licensee must manufacture in the United
States any products embodying this Invention or produced through the Invention’s use to the extent required by 35 U.S.C. §§200-212. For purposes of this Paragraph 29.6, Invention means [...***...] (UCLA Case No.
[...***...] ).” 
  

	9.	Delete APPENDIX A (REGENTS’ PATENT RIGHTS) of the Agreement in its entirety and replace it with the APPENDIX A (REGENTS’ PATENT RIGHTS)
attached. 

 In consideration for this First Amendment, Licensee agrees to pay to The Regents [...***...]
Dollars ($[...***...]). If Licensee fails to make such payment within thirty (30) days of the Effective Date, The Regents shall have the right, but not the obligation, to terminate this First Amendment in its entirety by
providing written notice to Licensee. All other terms and conditions of the Agreement remain the same. 
 This Amendment may be
executed in two or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. Facsimile, Portable Document Format (PDF) or photocopied signatures of the Parties will have the
same legal validity as original signatures. 
 IN WITNESS WHEREOF, the parties have executed this First Amendment to the
Agreement by their duly authorized representatives for good and valuable consideration. 
  

									
	GEVO, INC.	 		 	THE REGENTS OF THE UNIVERSITY OF CALIFORNIA
					
	By	 	 /s/ [...***...]
	 		 	By	 	 /s/ [...***...]

	Date	 	 5/18/09
	 		 	Date	 	 May 20, 2009

 

 *    Confidential Treatment Requested 

A-3 

 APPENDIX A 

REGENTS’ PATENT RIGHTS 

[...***...] 
  

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A-4 

 [...***...] 

 

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A-5 

 Second Amendment to the License Agreement 

Between The Regents of the University of California 

and Gevo, Inc. 

UC Agreement Control No. 2008-04-0131 

This second amendment (“Second Amendment”), dated December 1, 2009 (the “Effective Date”), is made by and between The Regents of
the University of California (“The Regents”) and Gevo, Inc. (“Licensee”). 
 RECITALS 

WHEREAS, The Regents entered into an Exclusive License Agreement with Licensee dated September 6th 2007, relating to various inventions
described in UC Cases [...***...] (the “Original License Agreement”) as amended by that first amendment dated May 15, 2009 (UC Agreement Control No. 2008-04-0131) (such first amendment and the Original License Agreement
collectively the “License Agreement”); 
 WHEREAS, Licensee desires to amend and clarify the License Agreement with The
Regents; 
 NOW THEREFORE, in consideration of the foregoing premises and the mutual promises, covenants, and agreements hereinafter set
forth, all parties to this Second Amendment mutually agree to amend the License Agreement as follows: 
  

	1.	Replace the first paragraph of PARAGRAPH 6.3 in its entirety with the following: 

 

	 	6.3	The Regents has the right and option, at The Regents’ sole discretion, to either (i) reduce Licensee’s exclusive license to a nonexclusive license with
respect to any chemical listed in the Field of Use (e.g. [...***...]) for which Licensee fails to perform any of the terms in this Paragraph 6.3 or (ii) terminate Licensee’s rights under this Agreement with respect to any
chemical in the Field of Use for which Licensee fails to perform any of the terms in this Paragraph 6.3. Any such reduction to a non-exclusive license or termination of Licensee’s rights with respect to a given chemical in the Field of Use
shall not apply to any other chemical(s) in the Field of Use for which Licensee has performed. This right, if exercised by The Regents, supersedes the rights granted in Article 2 (Grant). By way of example, and without limiting the foregoing,
should Licensee fail to achieve a [...***...] as required under 6.3e below for the [...***...] chemical in the Field of Use but Licensee is continuing to meet the diligence obligations set forth below for the other chemicals in the Field
of Use, The Regents will have the right, at The Regents’ sole discretion, to either (x) reduce Licensee’s exclusive license with respect to the [...***...] chemical in the Field of Use (but no other chemicals in the Field
of Use) to a non-exclusive license or (y) terminate Licensee’s’ rights with respect to the [...***...] chemical in the Field of Use (but no other chemicals in the Field of Use). 

For purposes of clarity, and without limiting the foregoing, if Licensee fails to meet its diligence obligations as set forth in this
Paragraph 6.3 for all of [...***...], then The Regents has the right and option, at The Regents’ sole discretion, to either (i) reduce Licensee’s exclusive license to a nonexclusive license with respect to any or all chemicals
listed in the Field of Use (e.g. [...***...]), (ii) terminate Licensee’s rights under this Agreement with respect to any or all chemicals in the Field of Use or (iii) terminate this Agreement in its entirety. This right, if
exercised by The Regents, supersedes the rights granted in Article 2 (Grant). 
  

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A-6 

	2.	All other terms and conditions of the License Agreement remain the same. 

This Second Amendment may be executed in two or more counterparts, each of which shall be deemed an original but all of which together
shall constitute one and the same instrument. Facsimile, Portable Document Format (PDF) or photocopied signatures of the Parties will have the same legal validity as original signatures. 

IN WITNESS WHEREOF, the parties have executed this Second Amendment to the License Agreement by their duly authorized
representatives for good and valuable consideration. 
  

									
	GEVO, INC.	 		 	THE REGENTS OF THE UNIVERSITY OF CALIFORNIA
					
	By	 	 /s/ [...***...]
	 		 	By	 	 /s/ [...***...]

					
	Date	 	 February 4, 2010
	 		 	Date	 	 2-4-2010

 

 *    Confidential Treatment Requested 

A-7License Agreement by and between the Company and the California Institute of Tec

 Exhibit 10.6 

*** Text Omitted and Filed Separately 

Confidential Treatment Requested 

Under 17 C.F.R. §§ 200.80(b)(4) 

and 203.406 

LICENSE AGREEMENT 

THIS AGREEMENT is effective as of the 12th day of July, 2005 (the “Effective
Date”), between CALIFORNIA INSTITUTE OF TECHNOLOGY, 1200 East California Boulevard, Pasadena, CA 91125 (“Caltech”) and Methanotech, Inc.
(“Licensee”), a Delaware corporation having a place of business at Pasadena, California. 
 Whereas, the
research group of Professor Frances H. Arnold has been engaged for several years in directed evolution of [...***...]; 

WHEREAS, Licensee is desirous of obtaining, and Caltech wishes to grant to Licensee, an exclusive
license to certain Exclusively Licensed Patent Rights and to the Improvement Patent Rights, and a nonexclusive license under the Technology, all relating to the aforementioned research and as further defined below; 

NOW, THEREFORE, the parties agree as follows: 

ARTICLE 1 

DEFINITIONS 

1.1 “Affiliate” means any corporation, limited liability company or other legal entity which directly or indirectly
controls, is controlled by, or is under common control with Licensee. For the purpose of this Agreement, “control” shall mean the direct or indirect ownership of greater than 50 percent (>50%) of the outstanding shares on a fully
diluted basis or other voting rights of the subject entity to elect directors, or if not meeting the preceding, any entity owned or controlled by or owning or controlling at the maximum control or ownership right permitted in the country where such
entity exists. In addition, a party’s status as an Affiliate of License shall terminate if and when such control ceases to exist. 

1.2 “Exclusively Licensed Patent Rights” means all patent rights under: (a) all patents and patent applications
listed in Exhibit A attached hereto; (b) any patents issuing therefrom; and (c) any patents or patent applications claiming a right of priority thereto (including reissues, reexaminations, renewals, extensions, divisionals, continuations,
continued prosecution applications, continuations-in-part and foreign counterparts of any of the foregoing). 
  

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 1.3 “Technology” means any technology existing as of the Effective Date,
including all proprietary information, know-how, procedures, methods, prototypes, and designs, which is (a) specifically listed in Exhibit B, or (b) disclosed in the patent applications and patents listed in Exhibit A, or (c) retained
in the unaided memory of any person who becomes employed by Licensee after prior affiliation with Caltech. Such Technology does not include rights to any patent application or patent owned or controlled by Caltech, other than those listed on Exhibit
A. Technology may also include other items of non-patented proprietary information developed within three years from the Effective Date in the laboratory of Prof. Frances Arnold, but only if Caltech and Prof. Arnold consent to the addition of such
items, in which case those items shall be set forth in an updated Exhibit B which will be initialed by the parties. This clause shall not be construed to give Licensee a right to review laboratory notebooks or other materials produced in Prof.
Arnold’s laboratory after the Effective Date, without her consent, which may be withheld in her discretion. 
 1.4
“Caltech Technology” means the Exclusively Licensed Patent Rights, Improvement Patent Rights, and the Technology. 

1.5 Reserved. 

1.6 “Effective Date” has the meaning set forth in the preamble. 

1.7 “Field” means [...***...]. 

1.8 “Improvement Patent Rights” means Caltech’s rights under: (a) all patents and patent applications with
claims directed to Improvements which have been elected on in writing by Licensee after timely disclosure by Caltech of such Improvements; (b) any patents issuing therefrom; and (c) any patents or patent applications claiming a right of
priority thereto (including reissues, reexaminations, renewals, extensions, divisionals, continuations, continued prosecution applications, continuations-in-part and foreign counterparts of any of the foregoing). 

 

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 1.9 “Improvements” means any future invention conceived and reduced to
practice or otherwise developed solely in the laboratory of Prof. Frances Arnold at Caltech, either solely or jointly with Licensee in the Field for a period of three (3) years from the Effective Date, and which are dominated by a Valid Claim
under Exclusively Licensed Patent Rights. 
 1.10 “Licensed Product” means any product, device, system, article
of manufacture, composition of matter, or process or service in the Field that is covered by, or is made by a process covered by, any Valid Claim or that utilizes Technology in material part. 

1.11 “Subsidiary” means any corporation, limited liability company or other legal entity of which the direct or indirect
ownership of greater than 50 percent (>50%) of the outstanding shares on a fully diluted basis or other voting rights of the subject entity to elect directors or managers, are owned by Licensee (whether existing as of the date hereof or in the
future). 
 1.12 “Valid Claim” means: 

(a) a claim of an issued patent within the Exclusively Licensed Patent Rights or Improvement Patent Rights that has not: 

(i) expired or been canceled, 

(ii) been finally adjudicated to be invalid or unenforceable by a decision of a court or other appropriate body of
competent jurisdiction (and from which no appeal is or can be taken), 
 (iii) been admitted to be invalid or
unenforceable through reissue, disclaimer or otherwise, or 
 (iv) been abandoned in accordance with or as
permitted by the terms of this Agreement or by mutual written agreement; or 
 (b) a claim included in a pending patent
application within the Exclusively Licensed Patent Rights or Improvement Patent Rights, which claim is being actively prosecuted in accordance with this Agreement and which has not been: 

(i) canceled, 

(ii) withdrawn from consideration, 

(iii) finally determined to be unallowable by the applicable governmental authority (and from which no appeal is or can be
taken), or 
  

 -3- 

 (iv) abandoned in accordance with or as permitted by the terms of this
Agreement or by mutual written agreement. 
 ARTICLE 2 

LICENSE GRANT 

2.1 Grant of Rights. Caltech hereby grants to Licensee and any Subsidiary of Licensee the following licenses: 

(a) an exclusive, paid-up license under the Exclusively Licensed Patent Rights and the Improvement Patent Rights to make, have made,
import, use, sell, and offer for sale Licensed Products in the Field throughout the world; and 
 (b) a nonexclusive, paid up
license under the Technology to make, have made, import, use, sell, offer for sale, reproduce, distribute, display, perform, create derivative works of, and otherwise exploit Licensed Products in the Field throughout the world. 

These licenses are personal to and nontransferable by Licensee, except as provided in Section 14.9. In connection with exercise of
its rights under this Agreement, Methanotech shall be permitted to transfer the materials listed in Exhibit B from the laboratory of Professor Frances H. Arnold to Methanotech. 

Rights not explicitly granted herein are reserved by Licensor. 

2.2 Reservation of Rights; Government Rights. These licenses are subject to: (a) the reservation of Caltech’s
right to make, have made, import, use, sell and offer for sale Licensed Products for noncommercial educational and research purposes, but not for commercial sale or other commercial distribution to third parties; and (b) any existing right of
the U.S. Government under Title 35, United States Code, Section 200 et seq. and under 37 Code of Federal Regulations, Section 401 et seq., including but not limited to the grant to the U.S. Government of a nonexclusive,
nontransferable, irrevocable, paid-up license to practice or have practiced any invention conceived or first actually reduced to practice in the performance of work for or on behalf of the U.S. Government throughout the world. 

 

 -4- 

 Caltech has disclosed to Licensee the possibility that Licensed Products may be required to
be substantially manufactured in the United States under 35 U.S.C. Section 204. If requested by Licensee, Caltech will make or cooperate in a request to any Federal agency under whose funding agreement any invention subject to this Agreement
was made, for a waiver of that requirement. Licensee shall have an option to convert the licenses established under this Agreement from exclusive to non-exclusive, and shall be entitled to exercise such right selectively on a patent-by-patent basis
upon written notice to Caltech. The parties agree that Licensee’s failure to substantially manufacture Licensed Products in the United States in accordance with 35 U.S.C. Section 204 is not a breach of this Agreement. 

2.3 Sublicensing. Licensee has the right hereunder to grant sublicenses to third parties, but sublicensees shall not have
the right to grant further sublicenses without the express written consent of Caltech (such consent not to be unreasonably withheld), and the sublicenses may be of no greater scope than the licenses under Sections 2.1. 

2.4 No Other Rights Granted. The parties agree that neither this Agreement, nor any action of the parties related hereto,
may be interpreted as conferring by implication, estoppel or otherwise, any license or rights under any intellectual property rights of Caltech other than as expressly and specifically set forth in this Agreement, regardless of whether such other
intellectual property rights are dominant or subordinate to the Exclusively Licensed Patent Rights. 
 2.5 [...***...]

 ARTICLE 3 

DISCLOSURE AND DELIVERY 

3.1 Exclusively Licensed Patent Rights. Within one month of the Effective Date, Caltech shall disclose and deliver to
Licensee copies of all patent applications and issued patents within the Exclusively Licensed Patent Rights. 
  

 *    Confidential Treatment Requested 

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 ARTICLE 4 

PROSECUTION OF PATENT APPLICATIONS AND 

PAYMENT OF PATENT COSTS 

4.1 Prosecution by Caltech. Caltech shall use reasonable efforts, consistent with its normal practices, to:
(a) prosecute any and all patent application(s) in connection with the Exclusively Licensed Patent Rights; and (b) file and prosecute Improvement Patent Rights licensed hereunder for which Caltech or Licensee deems it beneficial to obtain
additional coverage. Licensee may recommend patent counsel for this purpose. Caltech shall permit Licensee to review all patent applications and claims made therein, and Caltech shall make reasonable efforts to implement modifications thereto as may
be requested by Licensee prior to filing. Caltech shall promptly disclose Improvements to Licensee and Licensee shall elect within thirty (30) days whether such Improvements shall be included within the Improvement Patent Rights, at its
expense. Caltech will have no obligation to prosecute patent applications that may constitute Improvements that are not elected by Licensee. Upon written election by Licensee, the parties will amend Exhibit A hereto to include inventions within the
Exclusively Licensed Patent Rights, in a timely manner. 
 4.2 Prosecution by Licensee. If Caltech declines to
file, prosecute or maintain. Exclusively Licensed Patent Rights or Improvement Patent Rights, then Licensee may elect to assume responsibility for such filing, prosecution or maintenance at its expense in Caltech’s name. Caltech agrees to fully
cooperate with Licensee in filing, prosecuting, and maintaining any such patent applications and patents, and Caltech agrees to execute any documents as shall be necessary for such purpose, and not to impair in any way the patentability of any of
the foregoing. 
 4.3 Patent Costs. Except as specified in the next paragraph, Licensee shall reimburse Caltech
for all reasonable past and future expenses (including attorneys’ fees) incurred by Caltech for the filing, prosecution and maintenance, interference or reexamination proceedings, of Exclusively Licensed Patent Rights and Improvement Patent
Rights. All amounts owed by Licensee for the reimbursement of past patent expenses shall be due within twenty-four (24) months of the Effective Date of this Agreement. The amounts of past patent expenses for which Caltech has received invoices
through June 20, 2004 are shown on Exhibit C. All other patent expenses owed are due within thirty (30) days following receipt by Licensee from Caltech of an invoice covering such fees. 

 

 -6- 

 Licensee may elect not to pay the foregoing patent costs and fees with respect to a
particular patent application or patent. In the event that Licensee elects not to pay any of the forgoing costs and fees with respect to a particular application or patent, Caltech, may, at its option, continue such prosecution or maintenance,
although any patent or patent application resulting from such prosecution or maintenance will thereafter no longer be subject to the licenses granted in Section 2.1 hereunder. 

ARTICLE 5 

ROYALTIES 

Caltech’s compensation for the licenses granted under this Agreement consist exclusively of the equity interests provided under
Article 6, and no cash royalty shall apply. 
 ARTICLE 6 

LICENSEE EQUITY INTEREST 

6.1 Common Stock Grant. Licensee agrees to irrevocably issue to Caltech, in consideration of Licensee’s receipt of the
licenses granted under this Agreement, that number of shares of common stock, representing [...***...] percent ([...***...]%) of the outstanding common and preferred shares on a fully diluted basis, of Licensee pursuant to an agreed upon
Stock Issuance and Stockholder’s Rights Agreement between Licensee and Caltech. The Stock Issuance and Stockholder’s Rights Agreement will contain provisions protecting Caltech against dilution of its equity interest in the event the
valuation of the post-money Series A-3 round is less than eight million seven hundred fifty thousand dollars ($8,750,000.00), and it will also contain a provision for the piggy-back registration of common shares with any other class of stock in the
first public offering of Licensee in which other Licensee stockholders sell shares. [...***...] In the event of any inconsistency between this Agreement and the Stock Issuance and Stockholder’s Rights Agreement with respect to such equity
interest, the Stock Issuance and Stockholder’s Rights Agreement will control. 
  

 *    Confidential Treatment Requested 

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 6.2 Transfer Restrictions. Caltech agrees that, if this Section 6.2 is
invoked by action of the Board of Directors of Licensee in the event of any underwritten or public offering of securities of Licensee or an Affiliate, Caltech shall, during a period of time specified by Licensee but not to exceed 180 days following
the effective date of a registration statement filed under the Securities Act of 1933, not directly or indirectly, sell, offer to sell, contract to sell, grant any option to purchase or otherwise transfer any securities of Licensee held by Caltech,
other than securities, if any, that are included in such registration, nor short sell or enter into derivative transactions that are economically equivalent to a sale of such securities. If requested to do so by Licensee, Caltech will execute a
letter agreement directly with the managing underwriter of a public offering restating the foregoing commitment. Other than the foregoing, and the generally applicable right of first refusal set forth in Section 5 of Licensee’s bylaws,
Caltech shall not be restricted from transferring its equity interest to any entity in any manner not prohibited by law. 

ARTICLE 7 

DUE DILIGENCE 

7.1 Commercialization. Licensee agrees to use its best efforts to commercially introduce its first Licensed Product in the
Field as soon as practicable. Licensee shall be deemed to have satisfied its obligations under this Section 7.1 if Licensee has an ongoing and active research, development or marketing program, directed primarily toward commercial production
and use of its first Licensed Product. Any efforts of Licensee’s Affiliates or sublicensees shall be considered efforts of Licensee for the sole purpose of determining Licensee’s compliance with its obligation under this Section 7.1.

 7.2 Reporting. On each yearly anniversary of the Effective Date, Licensee shall issue to Caltech a detailed
written report on its progress in introducing commercial Licensed Product(s); such obligation shall terminate following the report that discloses introduction of Licensee’s first commercial Licensed Product. Such reports shall be considered
confidential information of Licensee subject to Article 11. 
 7.3 Failure to Commercialize. If Licensee is not
fulfilling its obligations under Section 7.1 with respect to the Field in any country, and Caltech so notifies Licensee in writing, Caltech and Licensee shall negotiate in good faith any additional efforts to be taken by Licensee. If the
parties do not reach agreement within thirty (30) days of Caltech’s written notice, the parties shall submit the issue to arbitration as provided in Article 12. 
  

 -8- 

 ARTICLE 8 

LITIGATION 

8.1 Enforcement. Both Caltech and Licensee agree to promptly notify the other in writing should either party become aware
of possible infringement by a third party of the Exclusively Licensed Patent Rights or Improvement Patent Rights. If Licensee has supplied Caltech with evidence of infringement of Exclusively Licensed Patent Rights or Improvement Patent Rights,
Licensee may by notice request Caltech to take steps to enforce the Exclusively Licensed Patent Rights or Improvement Patent Rights. If Caltech does not, within sixty (60) days of the receipt of such notice, initiate an action against the
alleged infringer in the Field, Licensee may upon notice to Caltech initiate such an action at Licensee’s expense, either in Licensee’s name or in Caltech’s name if so required by law. Licensee shall be entitled to control any such
action initiated by it. 
 8.2 Other Defensive Litigation. If a declaratory judgment action alleging invalidity,
unenforceability or noninfringement of any of the Exclusively Licensed Patent Rights or Improvement Patent Rights is brought against Licensee and/or Caltech, Licensee may elect to control the defense of such action, and if Licensee so elects it
shall bear all the costs of the action. If mutually agreed between the parties, Licensee may also undertake the defense of any interference, opposition or similar procedure with respect to the Exclusively Licensed Patent Rights or Improvement Patent
Rights, providing that Licensee bears all the costs thereof. 
 8.3 Cooperation. In the event either party takes
control of a legal action or defense pursuant to Sections 8.1 or 8.2, (thus becoming the Controlling Party) the other party shall fully cooperate with and supply all assistance reasonably requested by the Controlling Party, including by:
(a) using commercially reasonable efforts to have its employees consult and testify when requested; (b) making available relevant records, papers, information, samples, specimens, and the like; and (c) joining any such action in which
it is an indispensable party. The Controlling Party shall bear the reasonable expenses (including salary and travel costs) incurred by the other party in providing such assistance and cooperation. Each party shall keep the other party

  

 -9- 

 
reasonably informed of the progress of the action or defense, and the other party shall be entitled to participate in such action or defense at its own expense and using counsel of its choice. As
a condition of controlling any action or defense involving the Exclusively Licensed Patent Rights pursuant to Sections 8.1 or 8.2, Licensee shall use its best efforts to preserve the validity and enforceability thereof. 

8.4 Settlement. If Licensee controls any action or defense under Section 8.1 or 8.2, then Licensee shall have the
right to settle any claims thereunder, but only upon terms and conditions that are reasonably acceptable to Caltech. Should Licensee elect to abandon such an action or defense other than pursuant to a settlement with the alleged infringer that is
reasonably acceptable to Caltech, Licensee shall give timely advance notice to Caltech who, if it so desires, may continue the action or defense. 

8.5 Recoveries. Any amounts paid to Licensee or Caltech by third parties as the result of an action or defense pursuant to
Sections 8.1 or 8.2 (including in satisfaction of a judgment or pursuant to a settlement) shall first be applied to reimbursement of the unreimbursed expenses (including attorneys’ fees and expert fees) incurred by each party. Any remainder
shall be payable to Licensee. 
 8.6 Reserved. 

8.7 Marking. Licensee agrees to mark the Licensed Products with the numbers of applicable issued patents within the
Exclusively Licensed Patent Rights, unless such marking is commercially infeasible in accordance with normal commercial practices in the Field, in which case the parties shall cooperate to devise a commercially reasonable alternative to such
marking. 
 8.8 Expiration or Abandonment. In a case where one or more patents or particular claims thereof within
the Licensed Patent Rights expire, or are abandoned, or are declared invalid or unenforceable by a court of last resort or by a lower court from whose decree no appeal is taken, or certiorari is not granted within the period allowed therefore, then
the effect thereof hereunder shall be: 
 (a) that such patents or particular claims shall, as of the date of expiration or
abandonment or final decision as the case may be, cease to be included within the Licensed Patent Rights for the purpose of this Agreement; and 
  

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 (b) that such construction so placed upon the Licensed Patent Rights by the court shall be
followed from and after the date of entry of the decision. 
 ARTICLE 9 

REPRESENTATIONS AND WARRANTIES; INDEMNIFICATION 

9.1 Representations and Warranties of Caltech. Caltech hereby represents and warrants to Licensee that as of the Effective
Date: 
 (a) Caltech is the sole and exclusive owner of all right, title and interest in and to the Exclusively Licensed Patent
Rights; 
 (b) there are no outstanding licenses, options or agreements of any kind relating to the Exclusively Licensed Patent
Rights, other than pursuant to this Agreement herein; and 
 (c) Caltech has the power to grant the rights, licenses and
privileges granted herein and can perform as set forth in this Agreement without violating the terms of any agreement that Caltech has with any third party. 

9.2 Exclusions. The parties agree that nothing in this Agreement shall be construed as, and CALTECH HEREBY DISCLAIMS, ANY
EXPRESS OR IMPLIED REPRESENTATION, WARRANTY, COVENANT, OR OTHER OBLIGATION: 
 (a) THAT ANY PRACTICE BY OR ON BEHALF OF LICENSEE
OF ANY INTELLECTUAL PROPERTY LICENSED HEREUNDER IS OR WILL BE FREE FROM INFRINGEMENT OF RIGHTS OF THIRD PARTIES; 
 (b) AS TO
WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NONINFRINGEMENT OF THIRD PARTY RIGHTS, WITH RESPECT TO ANY TECHNOLOGY PROVIDED BY CALTECH TO LICENSEE HEREUNDER. 

 

 -11- 

 9.3 Indemnification by Caltech. Caltech shall indemnify, defend and hold
harmless Licensee from and against any and all losses, damages, costs and expenses (including attorneys’ fees) arising out of a material breach by Caltech of its representations and warranties (“Indemnification Claims”), except
to the extent involving or relating to a material breach by Licensee of its representations and warranties, provided that: (a) Caltech is notified promptly of any Indemnification Claims; (b) Caltech has the sole right to control and defend
or settle any litigation within the scope of this indemnity; and (c) all indemnified parties cooperate to the extent necessary in the defense of any Indemnification Claims. 

9.4 Indemnification by Licensee. Licensee shall indemnify, defend and hold harmless Caltech, its trustees, officers, agents
and employees from and against any and all losses, damages, costs and expenses (including reasonable attorneys’ fees) arising out of third party claims brought against Caltech relating to the manufacture, sale, licensing, distribution or use of
Licensed Products by or on behalf of Licensee or its Affiliates, except to the extent involving or relating to a material breach by Caltech of its representations and warranties; provided that: (a) Licensee is notified promptly of any
Indemnification Claims; (b) Licensee has the sole right to control and defend or settle any litigation within the scope of this indemnity; and (c) all indemnified parties cooperate to the extent necessary in the defense of any
Indemnification Claims. 
 9.5 Certain Damages. NEITHER PARTY SHALL BE LIABLE TO THE OTHER FOR ANY SPECIAL,
CONSEQUENTIAL, INCIDENTAL, OR INDIRECT DAMAGES ARISING OUT OF THIS AGREEMENT, HOWEVER CAUSED, UNDER ANY THEORY OF LIABILITY. 

ARTICLE 10 

TERM AND TERMINATION 

10.1 Term. This Agreement and the rights and licenses hereunder shall take effect on the Effective Date and continue until
the expiration, revocation, invalidation, or unenforceability of the Exclusively Licensed Patent Rights and Improvement Patent Rights licensed to Licensee hereunder, unless earlier terminated pursuant to the terms of this Agreement. 

 

 -12- 

 10.2 Termination for Monetary Breach. Caltech shall have the right to
terminate this Agreement and the rights and licenses hereunder if Licensee fails to make any payment due such as patent expenses hereunder and Licensee continues to fail to make the payment, (either to Caltech directly or by placing any disputed
amount into an interest-bearing escrow account to be released when the dispute is resolved) for a period of thirty (30) days after receiving written notice from Caltech specifying Licensee’s failure. Upon any such termination,
(a) Licensee shall have six (6) months to complete the manufacture of any Licensed Products that are then works in progress for sale and to sell its inventory of Licensed Products, and (b) any sublicenses shall survive termination in
accordance with Section 2.3. 
 10.3 Non-Monetary Termination for Breach. If Section 7.3 of this
Agreement is materially breached by either party, the non-breaching party may elect to give the breaching party written notice describing the alleged breach. If the breaching party has not cured such breach within thirty (30) days after receipt
of such notice, the notifying party will be entitled, in addition to any other rights it may have under this Agreement, to terminate this Agreement and the rights and licenses hereunder. 

10.4 Reserved. 

10.5 Accrued Liabilities. Termination of this Agreement for any reason shall not release any party hereto from any
liability which, at the time of such termination, has already accrued to the other party or which is attributable to a period prior to such termination, nor preclude either party from pursuing any rights and remedies it may have hereunder or at law
or in equity which accrued or are based upon any event occurring prior to such termination. 
 10.6 Survival. The
following shall survive any expiration or termination (in whole or in pat) of this Agreement: (a) any provision plainly indicating that it should survive; and (b) Sections or Articles 6.2, 9.2, 9.3, 9.4, 9.5, 10.4, 11, 12, 13.1 &
14. 
 ARTICLE 11 

CONFIDENTIALITY 

11.1 Nondisclosure and Nonuse. Confidential Information is defined as the

  

 -13- 

 
Technology, the specification of any unpublished patent application, except to the extent (if at all) the foregoing is inherently disclosed in the normal course of use of a Licensed Product, and
the terms of this Agreement or any reports due thereunder. During the term of this Agreement, Caltech agrees not to disclose any confidential information of Licensee to any third party without the prior written consent of Licensee, or to use any
such confidential information for any purpose other than as contemplated by this Agreement. Notwithstanding anything to the contrary, confidential information of Licensee shall not include any information which: (a) is independently developed,
without access to that party’s confidential information, by Caltech; (b) is acquired by Caltech from a third party who has the right to disclose such information; or (c) is or becomes part of the public domain (e.g., by publication of
a patent or by any other means) except via an unauthorized act or omission by Caltech. 
 11.2 Permitted
Disclosures. Notwithstanding the foregoing, Caltech may disclose: (a) confidential information as required by applicable laws or pursuant to governmental proceedings, provided that Caltech gives advance written notice to Licensee and
reasonably cooperates therewith in limiting the disclosure to only those third parties having a need to know; and (b) the fact that Licensee has been granted a license under the Exclusively Licensed Patent Rights and Improvement Patent Rights.

 ARTICLE 12 

DISPUTE RESOLUTION 

12.1 No issue of the validity of any of the Licensed Patents, enforceability of any of the Licensed Patents, infringement of any of the
Licensed Patents, the scope of any of the claims of the Licensed Patents and/or any dispute that includes any such issue, shall be subject to arbitration under this Agreement unless otherwise agreed by the Parties in writing. 

12.2 Except for those issues and/or disputes described in Section 12.2, any dispute between the Parties concerning the
interpretation, construction or application of any terms, covenants or conditions of this Agreement shall be resolved by arbitration. 

12.3 Arbitration shall be in accordance with the CPR Institute For Dispute Resolution (CPR) Rules for Non-Administered Arbitration of
Patent and Trade Secret Disputes or Rules for Non-Administered Arbitration, as appropriate, in effect on the Effective Date by a sole Arbitrator who shall be appointed in accordance with the applicable CPR rules. Any other choice of law clause to
the contrary in this Agreement notwithstanding, the arbitration shall be governed by the United States Arbitration Act, 9 U.S.C. Section 1-16. 
  

 -14- 

 12.4 Any award made (i) shall be a bare award limited to a holding for or against a
party and affording such remedy as is within the scope of the Agreement; (ii) shall be accompanied by a brief statement (not to exceed ten (10) pages) of the reasoning on which the award rests; (iii) shall be made within four
(4) months of the appointment of the Arbitrator; (iv) may be entered in any court of competent jurisdiction; and (v) any award pertaining to a patent which is subsequently determined to be invalid or unenforceable or otherwise
precluded from being enforced, in a judgment rendered by a court of competent jurisdiction from which no appeal can or has been taken, may be modified as it relates to such patent by any court of competent jurisdiction upon application by any party
to the arbitration, however, under no circumstances shall Caltech be required to refund any monies paid, or forego any amounts accrued, under the terms of this Agreement. 

12.5 The requirement for arbitration shall not be deemed a waiver of any right of termination under this Agreement and the Arbitrator is
not empowered to act or make any award other than based solely on the rights and obligations of the Parties prior to any such termination. 

12.6 Each party shall bear its own expenses incurred in connection with any attempt to resolve disputes hereunder, but the compensation
and expenses of the Arbitrator shall be borne equally. 
 12.7 The Arbitrator shall not have authority to award punitive or
other damages in excess of compensatory damages, and each party irrevocably waives any claim thereto. 
 ARTICLE 13

 PRODUCT LIABILITY 

13.1 Indemnification. Licensee agrees that Caltech (including its trustees, officers, faculty and employees) shall have no
liability to Licensee, its Affiliates, their customers or any third party, for any claims, demands, losses, costs, or other damages which may result from personal injury, death, or property damage related to the Licensed Products (“Product
Liability Claims”). Licensee agrees to defend, indemnify, and hold harmless Caltech, its trustees, officers, 

 

 -15- 

 
faculty and employees from any such Product Liability Claims, provided that: (a) Licensee is notified promptly of any Product Liability Claims; (b) Licensee has the sole right to
control and defend or settle any litigation within the scope of this indemnity; and (c) all indemnified parties cooperate to the extent necessary in the defense of any Claims. 

13.2 Insurance. Prior to such time as Licensee begins to manufacture, sell, license, distribute or use Licensed Products,
Licensee shall at its sole expense, procure and maintain policies of comprehensive general liability insurance in amounts not less than [...***...], and naming those indemnified under Section 13.1 as additional insureds. Such
comprehensive general liability insurance shall provide: (a) product liability coverage; and (b) broad form contractual liability coverage for Licensee’s indemnification of Caltech under Section 13.1. In the event the aforesaid
product liability coverage does not provide for occurrence liability, Licensee shall maintain such comprehensive general liability insurance for a reasonable period [...***...]. Licensee shall provide Caltech with written evidence of such
insurance upon request of Caltech. 
 13.3 Loss of Coverage. Licensee shall provide Caltech with notice at least
fifteen (15) days prior to any cancellation, non-renewal or material change in such insurance, to the extent Licensee receives advance notice of such matters from its insurer. If Licensee does not obtain replacement insurance providing
comparable coverage within sixty (60) days following the date of such cancellation, non-renewal or material change, Caltech shall have the right to terminate this Agreement effective at the end of such sixty (60) day period without any
additional waiting period; provided that if Licensee provides credible written evidence that is has used reasonable efforts, but is unable, to obtain the required insurance, Caltech shall not have the right to terminate this Agreement, and Caltech
instead shall cooperate with Licensee to either (at Caltech’s discretion) grant a limited waiver of Licensee’s obligations under this Article or assist Licensee in identifying a carrier to provide such insurance or in developing a program
for self- insurance or other alternative measures. 
 ARTICLE 14 

MISCELLANEOUS 
  

 *    Confidential Treatment Requested 

-16- 

 14.1 Notices. All notice, requests, demands and other communications hereunder
shall be in English and shall be given in writing and shall be: (a) personally delivered; (b) sent by telecopier, facsimile transmission or other electronic means of transmitting written documents with confirmation of receipt; or
(c) sent to the parties at their respective addresses indicated herein by registered or certified mail, return receipt requested and postage prepaid, or by private overnight mail courier services with confirmation of receipt. The respective
addresses to be used for all such notices, demands or requests are as follows: 
  

	 	(a)	If to CALTECH, to: 

 California
Institute of Technology 
 1200 East California Boulevard 

Mail Code 210-85 

Pasadena, CA 91125 

[...***...] 

Or to such other person or address as Caltech shall furnish to Licensee in writing. 

 

	 	(b)	If to LICENSEE, to: 

Methanotech, Inc. 

[...***...] 

If personally delivered, such communication shall be deemed delivered upon actual receipt by the “attention” addressee or a
person authorized to accept for such addressee; if transmitted by facsimile pursuant to this paragraph, such communication shall be deemed delivered the next business day after transmission, provided that sender has a transmission confirmation sheet
indicating successful receipt at the receiving facsimile machine; if sent by overnight courier pursuant to this paragraph, such communication shall be deemed delivered upon receipt by the “attention” addressee or a person authorized to
accept for such addressee; and if sent by mail pursuant to this paragraph, such communication shall be deemed delivered as of the date of delivery indicated on the receipt issued by the relevant postal service, or, if the addressee fails or refuses
to accept delivery, as of the date of such failure or refusal. Any party to this Agreement may change its address for the purposes of this Agreement by giving notice thereof in accordance with this Section 14.1. 

 

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 14.2 Entire Agreement. This Agreement sets forth the complete agreement of the
parties concerning the subject matter hereof. No claimed oral agreement in respect thereto shall be considered as any part hereof. No amendment or change in any of the terms hereof subsequent to the execution hereof shall have any force or effect
unless agreed to in writing by duly authorized representatives of the parties. 
 14.3 Waiver. No waiver of any
provision, of this Agreement shall be effective unless in writing. No waiver shall be deemed to be, or shall constitute, a waiver of a breach of any other provision of this Agreement, whether or not similar, nor shall such waiver constitute a
continuing waiver of such breach unless otherwise expressly provided in such waiver. 
 14.4 Severability. Each
provision contained in this Agreement is declared to constitute a separate and distinct covenant and provision and to be severable from all other separate, distinct covenants and provisions. It is agreed that should any clause, condition or term, or
any part thereof, contained in this Agreement be unenforceable or prohibited by law or by any present or future legislation then: (a) such clause, condition, term or part thereof, shall be amended, and is hereby amended, so as to be in
compliance therewith the legislation or law; but (b) if such clause, condition or term, or part thereof, cannot be amended so as to be in compliance with the legislation or law, then such clause, condition, term or part thereof shall be severed
from this Agreement all the rest of the clauses, terms and conditions or parts thereof contained in this Agreement shall remain unimpaired. 

14.5 Construction. The headings in this Agreement are inserted for convenience only and shall not constitute a part hereof.
Unless expressly noted, the term “include” (including all variations thereof) shall be construed as merely exemplary rather than as a term of limitation. 

14.6 Counterparts/Facsimiles. This Agreement may be executed in one or more counterparts, all of which taken together shall
be deemed one original. Facsimile signatures shall be deemed original. 
 14.7 Governing Law. This Agreement, the
legal relations between the parties and any action, whether contractual or non-contractual, instituted by any party with respect to matters arising under or growing out of or in connection with or in respect of this Agreement shall be governed by
and construed in accordance with the internal laws of the State of California, excluding any conflict of law or choice of law rules that may direct the application of the laws of another jurisdiction. 

 

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 14.8 No Endorsement. Licensee agrees that it shall not make any form of
representation or statement which would constitute an express or implied endorsement by Caltech of any Licensed Product, and that it shall not authorize others to do so, without first having obtained written approval from Caltech, except as may be
required by governmental law, rule or regulation. 
 14.9 Transferability. 

(a) This Agreement shall be binding upon and inure to the benefit of any successor or assignee of Caltech. 

(b) Licensee may assign this Agreement without the consent of Caltech as part of a sale, regardless of whether such a sale occurs through
an asset sale, stock sale, merger or other combination, or any other transfer of: (i) substantially all of Licensee’s business; or (ii) that part of Licensee’s business that exercises all rights granted under this Agreement;
provided, however, that (x) Licensee gives Caltech written notice of the assignment, 30 days’ prior to the assignment if practicable and otherwise as promptly as reasonably practicable, including the assignee’s contact information,
(y) the assignee agrees in writing to be bound by this Agreement, and (z) Caltech has received an assignment fee equal to [...***...]. If requested by Licensee, Caltech will enter into good faith negotiations regarding Caltech’s
potential waiver of the $[...***...] transfer fee in exchange for [...***...], such waiver to be in Caltech’s discretion and to take the form of a written amendment to this Agreement providing also for the agreed cash royalty. If
Caltech has once received $[...***...] for its equity holdings or as a payment under this Section 14.9, the fee provided under this paragraph shall not apply to any subsequent assignment. 

(c) Licensee may assign the Agreement to any Subsidiary, without paying the 

 

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-19- 

 
fee or complying with the other requirements provided for in clause (b) immediately above, provided that it gives reasonably prompt written notice to Caltech before or after the assignment,
including the assignee’s contact information, and the Subsidiary agrees in writing to become bound by this Agreement as if it were the original Licensee. 

(d) Any attempt by Licensee to assign this Agreement, without the consent of Caltech, except as expressly permitted under
Section 14.9(b) or 14.9(c) is prohibited, null and void. 
 (e) Upon a permitted assignment of this Agreement pursuant to
this Section, Licensee will be released of liability under this Agreement and the term “Licensee” in this Agreement will mean the assignee. Any permitted transferee of Licensee shall succeed to all of the rights and obligations of Licensee
under this Agreement. 
 14.10 Export Regulations. This Agreement is subject in all respects to the laws and
regulations of the United States of America, including the Export Administration Act of 1979, as amended, and any regulations thereunder. Licensee or its sublicensees will not in any form export, re-export, resell, ship, divert, or cause to be
exported, re-exported, resold, shipped, or diverted, directly or indirectly, any product or technical data or software of the other party, or the direct product of such technical data or software, to any country for which the United States
Government or any agency thereof requires an export license or other governmental approval without first obtaining such license or approval 

14.11 Force Majeure. Neither party shall lose any rights hereunder or be liable to the other party for damages or losses
(except for payment obligations) on account of failure of performance by the defaulting party if the failure is occasioned by war, strike, fire, Act of God, earthquake, flood, lockout, embargo, governmental acts or orders or restrictions, failure of
suppliers, or any other reason where failure to perform is beyond the reasonable control and not caused by the negligence or intentional conduct or misconduct of the nonperforming party, and such party has exerted all reasonable efforts to avoid or
remedy such force majeure; provided, however, that in no event shall a party be required to settle any labor dispute or disturbance. 
  

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 IN WITNESS WHEREOF, the
parties have caused this Agreement to be executed: 
  

	
	CALIFORNIA INSTITUTE OF
	TECHNOLOGY (Caltech)

  

					
	Date: July 12, 2005	 	By:	 	 /s/ [...***...]

		
	Date: July 12, 2005	 	Methanotech, Inc.
			
		 	By:	 	 /s/ [...***...]

 

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 Exhibit A 

Exclusively Licensed Patent Rights 

[...***...] 
  

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 Exhibit B 

Technology 

[...***...] 
  

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 Exhibit C 

Accrued Patent Expenses 

Estimated to be less than $[...***...] for all patents in Exhibit A. 

 

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 AMENDMENT #1 

TO 

EXCLUSIVE LICENSE AGREEMENT 

This Amendment #1 (this “Amendment”), is entered into this
6th day of June, 2007 (“Amendment Date”), by and
between California Institute of Technology, an educational institution located at 1200 E. California Boulevard, Pasadena, California 91125 (“Caltech”), and Gevo, Inc. (“Licensee”), a Delaware Corporation having a place of
business at Pasadena, California. 
 WHEREAS, Caltech and Licensee entered into that certain Exclusive License Agreement (as
amended herein, the “Agreement”) dated as of July 12, 2005 (“Agreement Date”) pursuant to which Licensee obtained an exclusive license under certain Licensed Patent Rights and Technology (as defined in the Agreement);

 WHEREAS, Caltech and the Licensee desire to make certain amendments to the Agreement as set forth herein. 

NOW THEREFORE, for an in consideration of the covenants, conditions, and undertakings hereinafter set forth, it is agreed by and between
the Parties as follows: 
 1. General 

This Amendment shall be effective as of the Amendment date. 

2. Definitions 

2.1 Article I, paragraph 1.7, Field, add “and including [...***...]”. 

2.2 Article I, paragraph 1.8, Improvement Patent Rights shall be redefined as follows: 

“Improvement Patent Rights” means Caltech’s rights under: (a) all patent and patent applications to Improvements
which have been elected in writing by Licensee after timely disclosure by Caltech of such Improvements; (b) any patents issuing from the applications described in Section 1.8(a); and (c) any patents or patent applications claiming a
right of priority thereto (including reissues, reexaminations, renewals). 
  

	 	2.3	Article I, paragraph 1.7, Improvements shall be redefined as follows: 

“Improvements” means any future invention in the Field conceived and reduced to practice or otherwise developed solely
in the laboratory of Prof. Arnold at Caltech, for a period of four (4) years from the Effective Date. 
 3.
Consideration 
 3.1 In consideration for extending the term for Improvements an additional one (1) year and for
other valuable considerations, Gevo grants to Caltech twelve thousand (12,000) shares of Gevo common stock, to be issued within ninety (90) days of the Amendment Date. 

 

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 3.2 Gevo shall make a gift payable to Caltech of one hundred thousand U.S. dollars
($100,000.00) payable upon execution of this Amendment. Payment to Caltech should be sent to Corporate Relations, [...***...], 1200 E. California Blvd., [...***...], Pasadena, CA 91125 (“for use by the Arnold lab in the
field of bio fuels”). 
 4. Agreement Otherwise in Effect. Except as set forth in this Amendment, all other
provisions of the original Agreement remain unchanged. In the event of any conflict between the terms of this Amendment and the Agreement, the terms of this Amendment shall prevail. 

5. Counterparts. This Amendment may be executed in counterparts, each of which shall be deemed an original, but both of which
together shall constitute one and the same instrument. 
 IN WITHNESS WHEREOF, the Parties have caused this Amendment #1 to be duly executed and
delivered in duplicate originals as of the Amendment Date. 
  

									
	 CALIFORNIA INSTITUTE OF

TECHNOLOGY (“CALTECH”)
	 		 	 GEVO, INC.

(LICENSEE)

					
	By:	 	 /s/ [...***...]
	 		 	By:	 	 /s/ [...***...]

 

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 AMENDMENT #2 

TO 

EXCLUSIVE LICENSE AGREEMENT 

This Amendment #2 (this “Amendment”), is entered into this 9th day of January 2009 (“Amendment Date”), by and between
California Institute of Technology, an educational institution located at 1200 E. California Boulevard, Pasadena, California 91125 (“Caltech”), and Gevo, Inc. (“Licensee”), a Delaware Corporation having a place of business at
Englewood, Colorado. 
 WHEREAS, Caltech and Licensee entered into that certain Exclusive License Agreement (as amended herein,
the “Agreement”) dated as of July 12, 2005 (“Agreement Date”) pursuant to which Licensee obtained an exclusive license under certain Licensed Patent Rights and Technology (as defined in the Agreement): 

WHEREAS, Caltech and the Licensee desire to make certain amendments to the Agreement as set forth herein. 

NOW THEREFORE, for an in consideration of the covenants, conditions, and undertakings hereinafter set forth. it is agreed by and between
the Parties as follows: 
 1. General 

This Amendment shall be effective as of the Amendment date. 

2. Definitions 

2.1 Article I, paragraph 1.7, Field, shall be redefined as follows: 

“Field” means [...***...]. 

3. Agreement Otherwise in Effect. Except as set forth in this Amendment, all other provisions of the original Agreement remain
unchanged. In the event of any conflict between the terms of this Amendment and the Agreement, the terms of this Amendment shall prevail. 

4.Counterparts. This Amendment may be executed in counterparts, each of which shall be deemed an original, but both of which
together shall constitute one and the same instrument. 
  

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 IN WITHNESS WHEREOF. the Parties have caused this Amendment #1 to be duly executed and delivered in
duplicate originals as of the Amendment Date. 
  

									
	 CALIFORNIA INSTITUTE OF

TECHNOLOGY (“CALTECH”)
	 		 	 GEVO, INC.

(LICENSEE)

					
	By:	 	 /s/ [...***...]
	 		 	By:	 	 /s/ [...***...]

 

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 AMENDMENT #3 

TO 

EXCLUSIVE LICENSE AGREEMENT 

This Amendment #3 (this “Amendment”), is entered into this 27th day of May 2009 (“Amendment Date”), by and
between California Institute of Technology, an educational institution located at 1200 E. California Boulevard, Pasadena, California 91125 (“Caltech”), and Gevo. Inc. (“Licensee”), a Delaware Corporation having a place of
business at Englewood, Colorado. 
 WHEREAS, Caltech and Licensee entered into that certain Exclusive License Agreement (as
previously amended June 6, 2007 and January 9, 2009 and as amended herein, the “Agreement”) dated as of July 12, 2005 (“Agreement Date”) pursuant to which Licensee obtained an exclusive license under certain
Licensed Patent Rights and Technology (as defined in the Agreement); 
 WHEREAS, Caltech and the Licensee desire to make certain
amendments to the Agreement as set forth herein. 
 NOW THEREFORE, for an in consideration of the covenants, conditions, and
undertakings hereinafter set forth, it is agreed by and between the Parties as follows: 
 1. General 

This Amendment shall be effective as of the Amendment date. 

2. Definitions 

2.1 Article I, paragraph 1.7, Field, shall be redefined as follows: 

“Field” means [...***...]. 

2.2 Article I, paragraph 1.7, Improvements shall be redefined as follows: 

“Improvements” means any future invention in the Field conceived and reduced to practice or otherwise developed solely
in the laboratory of Prof. Frances Arnold at Caltech, for a period of six (6) years from the Agreement Date. 
 3.
Consideration 
 Gevo shall make a gift payable to Caltech in the amount of twenty thousand dollars ($20,000.00), payable
upon execution of this Amendment, to support research in the area of biofuels in Frances Arnold’s laboratory, including support of students and staff, supplies, and related research expenses. Specifically, the gift will support
[...***...]. 
  

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 4. Agreement Otherwise In Effect. Except as set forth in this Amendment, all other
provisions of the original Agreement remain unchanged. In the event of any conflict between the terms of this Amendment and the Agreement, the terms of this Amendment shall prevail. 

5. Counterparts. This Amendment may be executed in counterparts, each of which shall be deemed an original, but both of which
together shall constitute one and the same instrument. 
  

 -30- 

 IN WITHNESS WHEREOF, the Parties have caused this Amendment #3 to be duly executed and
delivered in duplicate originals as of the Amendment Date. 
  

									
	CALIFORNIA INSTITUTE OF TECHNOLOGY (“CALTECH”)	 		 	 GEVO, INC.

(LICENSEE)

					
	By:	 	 /s/ [...***...]
	 		 	By:	 	 /s/ [...***...]

 

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	  	[...***...]

  

 
 August 27, 2007 

California Institute of Technology 
 1200 East
California Boulevard 
 Mail Code 210-85 

Pasadena, CA 91125 
 [...***...]

 Dear [...***...], 
 Gevo has
decided to no longer pursue prosecution of the patent applications listed in attached document. According to Section 4.3. of the License Agreement with Caltech dated July 12, 2005, Gevo elects to no longer pay the foregoing patent costs
and fees with respect to these patent applications and acknowledges that these patent applications are no longer subject to the licenses granted in Section 2.1. 

Notwithstanding, the remainder of the license, including improvement rights to inventions in the field in Prof. Arnold’s laboratory remains in full
effect. 
  

	
	With Best Regards,
	
	 /s/ [...***...]

 

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	  	[...***...]

  

 
 [...***...] 

 

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