Document:

Warrant to purchase shares of Preferred Stock

 Exhibit 4.10 

THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER EITHER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR
APPLICABLE STATE LAWS, AND ARE SUBJECT TO CERTAIN INVESTMENT REPRESENTATIONS. THESE SECURITIES MAY NOT BE SOLD, OFFERED FOR SALE OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION UNDER THE ACT AND SUCH APPLICABLE BLUE SKY LAWS, OR AN
OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED. 
 Initial Issue Date:
January 18, 2008 
 GEVO, INC.  

1. WARRANT TO PURCHASE PREFERRED STOCK 

Gevo, Inc., a Delaware corporation, hereby certifies that, for value received, Virgin Green Fund I, L.P. or its successors or registered
assigns (the “Holder”) is entitled, subject to the terms set forth below, to purchase from the Company (as defined below) at any time or from time to time before 5:00 p.m., Eastern time, on the Expiration Date (as defined below),
that number of fully paid and nonassessable shares of Qualified Financing Securities (as defined below) as is equal to the Warrant Number (as defined below), at a purchase price equal to the Purchase Price (as defined below). The Warrant Number and
the Purchase Price are subject to adjustment as provided in this Warrant. 
 This Warrant is issued pursuant to the Note and
Warrant Purchase Agreement, dated as of January 3, 2008, by and among the Company and the purchaser signatories thereto, as may be amended from time to time (the “Purchase Agreement”), a copy of which is on file at the
principal office of the Company. Any capitalized term used but not defined herein shall have the meaning ascribed to it in the Purchase Agreement. 

1. Certain Defined Terms. As used herein the following terms, unless the context otherwise requires, have the following respective
meanings: 
 (a) The term “Company” means Gevo, Inc., a Delaware corporation, and any corporation or other
business entity that shall succeed to or assume the obligations of Gevo, Inc. hereunder. 
 (b) The term “Expiration
Date” means the earlier to occur of: (i) the date that is the tenth anniversary of the Initial Issue Date referenced above; or (ii) five years after the consummation of the first firm commitment underwritten public offering of the
Company’s securities. 
 (c) The term “Notes” means the convertible promissory notes issued by the Company
pursuant to the Purchase Agreement. 
 (d) The term “Purchase Price” means the price per share paid by
investors for the Qualified Financing Securities at the time of the closing of the Qualified Financing, subject to adjustment pursuant to Section 8 hereof. 

(e) The term “Qualified Financing” shall have the meaning set forth in the Notes. 

 

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 (f) The term “Qualified Financing Securities” shall have the meaning set
forth in the Notes. 
 (g) The term “Warrant Number” means that number of shares (including, for purposes of
determining such number, any fractional shares) of Qualified Financing Securities as obtained by dividing (1) 157,745 by (ii) the Purchase Price. The Warrant Number shall be subject to adjustment pursuant to Section 8 hereof.

 2. Payment of Purchase Price In Cash, Net Issue Election. 

(a) This Warrant may be exercised in full or in part by the Holder by surrender of this Warrant, with the Subscription Notice (in the form
attached hereto) duly executed by such Holder, to the Company at its principal office, accompanied by payment, in cash or by certified or official bank check payable to the order of the Company, of the aggregate purchase price of the share to be
purchased hereunder. 
 (b) The Holder may elect to receive, without the payment by the Holder of any additional consideration,
shares equal to the value of this Warrant or any portion hereof by the surrender of this Warrant or such portion to the Company, with the Net Issue Election Notice (in the form attached hereto) duly executed, at the principal office of the Company.
Thereupon, the Company, within a reasonable time and subject to any applicable federal or state securities laws, shall issue to the Holder such number of fully paid and nonassessable shares of Qualified Financing Securities being acquired as is
computed using the following formula: 
 X = Y (A-B) 

A 
 where: 

X = the number of shares of Qualified Financing Securities to be issued to the Holder pursuant to this Section 2(b); 

Y = the number of shares of Qualified Financing Securities covered by this Warrant in respect of which the net issue election is made
pursuant to this Section 2(b); 
 A = the fair market value of one share of Qualified Financing Securities as determined in
good faith by the Board of Directors of the Company, as at the time the net issue election is made pursuant to this Section 2(b); and 

B = the Purchase Price in effect under this Warrant at the time the net issue election is made pursuant to this Section 2(b).

 The Board of Directors of the Company shall promptly respond in writing to an inquiry by the Holder as to the fair market value of one share
of Qualified Financing Securities. 
 3. Delivery Upon Exercise. This Warrant shall be deemed to have been exercised
immediately prior to the close of business on the date of its surrender for exercise pursuant to Section 2(a) or Section 2(b) above, and the person or persons entitled to receive the shares of Qualified Financing Securities issuable upon
such exercise shall be treated for all purposes as the holder or holders of record of such share as of the close of business on such date (whether or not the transfer books of the Company are closed on such date). As promptly as practicable after
such date and subject to any applicable federal 
  

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or state securities laws, the Company shall issue and deliver to the person or persons entitled to receive the same a certificate or certificates for the number of full shares of Qualified
Financing Securities issuable upon such exercise, plus with respect to each such person, in lieu of any fractional share to which such person would otherwise be entitled, cash equal to such fraction multiplied by the then fair market value (as
determined in good faith by the Board of Directors) of one full share of Qualified Financing Securities. In the event of any partial exercise of this Warrant, the Holder shall be entitled to receive a new warrant of similar tenor, dated as of the
date of this Warrant, covering the number of shares in respect of which this Warrant was not exercised. 
 4. Reserved
Shares; Valid Issuance. The Company covenants that at all times from and after the closing of the Qualified Financing, it shall reserve and keep available such number of its authorized shares of Qualified Financing Securities, free from all
preemptive or similar rights therein, as will be sufficient to permit the exercise of this Warrant in full. If at any time the number of authorized but unissued shares of Qualified Financing Securities shall not be sufficient to effect the full
exercise of this Warrant, the Company shall forthwith take such corporate action as may be necessary to effect such full exercise. The Company further covenants that all shares of Qualified Financing Securities as may be issued upon exercise of this
Warrant will, upon issuance, be duly and validly issued, fully paid and nonassessable and free from all taxes, liens and charges with respect to the issuance thereof (other than liens created by the holder thereof). 

5. No Stockholder Rights. This Warrant shall not entitle the holder hereof to any voting rights or other rights as a stockholder
of the Company, 
 6. Warrant Register; Transfers, Etc. 

(a) The Company will maintain a register containing the names and addresses of the registered holders of the Warrants. The Holder may
change its address as shown on the warrant register by written notice to the Company requesting such change. Any notice or written communication required or permitted to be given to the Holder may be given by certified mail or delivered to the
Holder at its address as shown on the warrant register. 
 (b) Subject to compliance with applicable federal and state
securities laws, this Warrant may be transferred by the Holder with respect to any or all of the shares purchasable hereunder. Upon surrender of this Warrant to the Company, together with the Assignment substantially in the form annexed hereto
properly endorsed, for transfer of this Warrant as an entirety by the Holder, the Company shall issue a new warrant of the same denomination to the assignee. Upon surrender of this Warrant to the Company, together with the Assignment properly
endorsed, by the Holder for transfer with respect to a portion of the total number of shares of Qualified Financing Securities purchasable hereunder, the Company shall issue a new Warrant to the assignee, in such denomination as shall be requested
by the Holder hereof, and shall issue to such Holder a new Warrant covering the number of shares of Qualified Financing Securities in respect of which this Warrant shall not have been transferred. 

(c) In case this Warrant shall be mutilated, lost, stolen or destroyed, the Company shall issue a new warrant of like tenor and
denomination and deliver the same (i) in exchange and substitution for and upon surrender and cancellation of any mutilated Warrant, or (ii) in lieu of any Warrant lost, stolen or destroyed, upon receipt of evidence reasonably satisfactory
to the Company of the loss, theft or destruction of such Warrant (including a reasonably detailed affidavit with respect to the circumstances of any loss, theft or destruction) and of a written agreement to indemnify the Company against any loss
arising from the issuance of such new Warrant. 
  

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 7. No Impairment. The Company will not, by amendment of its charter or through any
reclassification, capital reorganization, consolidation, merger, sale or conveyance of assets, dissolution, liquidation, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the
terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the Holder. 

8. Stock Splits, Dividends and Combinations. In the event that the Company shall at any time subdivide the outstanding shares of
Qualified Financing Securities (or shall issue additional shares of Qualified Financing Securities by way of a dividend or similar transaction), the number of shares of Qualified Financing Securities issuable upon exercise of this Warrant
immediately prior to such subdivision or dividend (or similar transaction) shall be proportionately increased, and the Purchase Price shall be proportionately decreased, and in the event that the Company shall at any time combine the outstanding
shares of Qualified Financing Securities, the number of shares of Qualified Financing Securities issuable upon exercise of this Warrant immediately prior to such combination shall be proportionately decreased, and the Purchase Price shall be
proportionately increased, in each case effective at the close of business on the date of such subdivision, dividend (or similar transaction) or combination, as the case may be; provided however, that there shall be no decrease in the
Purchase Price pursuant to this Section 8 with respect to Qualified Financing Securities to the extent that such decrease would cause the Purchase Price to be equal to an amount that is less than the par value of the Qualified Financing
Securities. 
 9. Mergers and Reclassifications. If there shall be any reclassification, capital reorganization or change
of the Qualified Financing Securities (other than as a result of a subdivision, combination or stock dividend provided for in Section 8 hereof), or any consolidation of the Company with, or merger of the Company into, another corporation or
other business organization (other than a consolidation or merger in which the Company is the continuing corporation and which does not result in any reclassification of or change in the Qualified Financing Securities), or any sale or conveyance to
another corporation or other business organization of all or substantially all of the assets of the Company, then, as a condition of such reclassification, reorganization, change, consolidation, merger, sale or conveyance, lawful provisions shall be
made, and duly executed documents evidencing the same from the Company or its successor shall be delivered to the Holder, so that the Holder shall thereafter have the right to purchase, at a total price not to exceed that payable upon the exercise
of this Warrant in full, the kind and amount of shares of stock and other securities and property receivable upon such reclassification, reorganization, change, consolidation, merger, sale or conveyance by a holder of the number of shares of
Qualified Financing Securities that might have been purchased by the Holder immediately prior to such reclassification, reorganization, change, consolidation, merger, sale or conveyance, and in any such case appropriate provisions shall be made with
respect to the rights and interest of the Holder to the end that the provisions hereof (including without limitation, provisions for the adjustment of the Purchase Price and the number of shares issuable hereunder) shall thereafter be applicable in
relation to any shares of stock or other securities and property thereafter deliverable upon exercise hereof. 
 10.
Certificate of Adjustment. Whenever the Purchase Price is adjusted, as herein provided, the Company shall promptly deliver to the Holder a certificate from the principal financial officer of the Company setting forth the Purchase Price after
such adjustment and setting forth a brief statement of the facts requiring such adjustment. 
 11. Notices of Record Date,
Etc. In the event of: 
  

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 (a) any taking by the Company of a record of the holders of any class of securities for the
purpose of determining the holders thereof who are entitled to receive any dividend or other distribution, or any right to subscribe for, purchase or otherwise acquire any shares of stock of any class or any other securities or property, or to
receive any other right; or 
 (b) any voluntary or involuntary dissolution, liquidation or winding-up of the Company,

 then and in each such event the Company will mail or cause to be mailed to the Holder a notice specifying (i) the date on which any such
record is to be taken for the purpose of such dividend, distribution or right, and stating the amount and character of such dividend, distribution or right, or (ii) the date on which any such dissolution, liquidation or winding-up is to take
place, and the time, if any is to be fixed, as of which the holders of record in respect of such event are to be determined. Such notice shall be mailed at least ten (10) days prior to the date specified in such notice on which any such action
is to be taken. 
 12. Amendment. No provision of this Warrant may be amended, modified or waived except with the written
consent of the Company and the Holder. 
 13. Miscellaneous. This Warrant shall be binding upon the Company’s
successors and assigns and shall inure to the benefit of the Holder’s successors, legal representatives and permitted assigns. This Warrant shall be governed by and construed in accordance with the laws of the State of Delaware without regard
to its conflict of laws principles. The headings in this Warrant are for purposes of reference only, and shall not limit or otherwise affect any of the terms hereof. This Warrant is being executed as an instrument under seal. The invalidity or
unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision. Executed copies of this Warrant delivered by fax shall have the same force and effect as an original signature copy. 

[Remainder of Page Intentionally Left Blank] 
  

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 IN WITNESS WHEREOF, the undersigned has caused this Warrant to Purchase Preferred Stock to
be executed by its duly authorized officers as of the date first above written. 
  

			
	GEVO, INC.
		
	By:	 	 /s/ Matthew Peters

		 	Matthew Peters, Vice President

  

 6Warrant to purchase shares of Series D Preferred Stock

 Exhibit 4.11 

WARRANT 

THIS WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR ANY APPLICABLE STATE SECURITIES
LAWS, AND MAY NOT BE SOLD OR TRANSFERRED UNLESS SUCH SALE OR TRANSFER IS IN ACCORDANCE WITH THE REGISTRATION REQUIREMENTS OF SUCH ACT AND APPLICABLE LAWS OR SOME OTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND APPLICABLE LAWS IS
AVAILABLE WITH RESPECT THERETO. 
 PREFERRED STOCK PURCHASE WARRANT 

 

			
	Warrant No.             	  	 Number of Shares: up to 55,000 shares of

Series D Preferred Stock

GEVO, INC. 

Effective as of July 20, 2009 

Void after July 20, 2016 

1. Issuance. This Preferred Stock Purchase Warrant (the “Warrant”) is issued to
LIGHTHOUSE CAPITAL PARTNERS V, L.P. by GEVO, INC., a Delaware corporation (hereinafter with its successors called the
“Company”). 
 2. Purchase Price; Number of Shares. The registered holder of this Warrant (the
“Holder”), commencing on the date hereof until such time as this Warrant is exercised in full or, subject to Section 7, expires, is entitled upon surrender of this Warrant with the subscription form annexed hereto duly
executed, at the principal office of the Company, to purchase from the Company, at a price per share of $7.04 (the “Purchase Price”), 55,000 fully paid and nonassessable shares of the Company’s Series D Preferred Stock, $0.01
par value (the “Preferred Stock”). 
 Until such time as this Warrant is exercised in full or expires, the Purchase Price and
the securities issuable upon exercise of this Warrant are subject to adjustment as hereinafter provided. The person or persons in whose name or names any certificate representing shares of Preferred Stock is issued hereunder shall be deemed to have
become the holder of record of the shares represented thereby as at the close of business on the date this Warrant is exercised with respect to such shares, whether or not the transfer books of the Company shall be closed. 

3. Payment of Purchase Price. The Purchase Price may be paid (i) in cash or by check, (ii) by the surrender by
the Holder to the Company of any promissory notes or other obligations issued by the Company, with all such notes and obligations so surrendered being credited against the Purchase Price in an amount equal to the principal amount thereof plus
accrued interest to the date of surrender, or (iii) by any combination of the foregoing. 
 4. Net Issue
Election. Until such time as this Warrant is exercised in full or, subject to Section 7, expires, the Holder may elect to receive, without the payment by the Holder of any additional consideration, shares of Preferred Stock equal to
the value of this Warrant or any portion hereof (but not for a fraction of a share) by the surrender of this Warrant or such portion to the Company, with the net issue election notice annexed hereto duly executed, at the principal office of the
Company. Thereupon, the Company shall issue to the Holder such number of fully paid and nonassessable shares of Preferred Stock as is computed using the following formula: 

X = Y(A-B) 

A
  

					
	where:	  	X =	 	the number of shares of Preferred Stock to be issued to the Holder pursuant to this Section 4.
			
		  	Y =	 	the number of shares of Preferred Stock covered by this Warrant in respect of which the net issue election is made pursuant to this
Section 4.

 1 
  

					
		  	A =	 	the Fair Market Value (defined below) of one share of Preferred Stock, as determined at the time the net issue election is made pursuant to this
Section 4.
			
		  	B =	 	the Purchase Price in effect under this Warrant at the time the net issue election is made pursuant to this Section 4.

“Fair Market Value” of a share of Preferred Stock (or fully paid and nonassessable shares of the Company’s common
stock, $0.01 par value (the “Common Stock”) if the Preferred Stock has been automatically converted into Common Stock) as of the date that the net issue election is made (the “Determination Date”) shall mean:

 (i) If the net issue election is made in connection with and contingent upon the closing of the sale of the
Company’s Common Stock to the public in a public offering pursuant to a Registration Statement under the 1933 Act (a “Public Offering”), and if the Company’s Registration Statement relating to such Public Offering
(“Registration Statement”) has been declared effective by the Securities and Exchange Commission, then the initial “Price to Public” specified in the final prospectus with respect to such offering multiplied by the number
of shares of Common Stock into which each share of Preferred Stock is then convertible. 
 (ii) If the net issue election
is not made in connection with and contingent upon a Public Offering, then as follows: 
 (a) If traded on a securities
exchange or the Nasdaq National Market, the fair market value of the Common Stock shall be deemed to be the average of the closing or last reported sale prices of the Common Stock on such exchange or market over the five-trading-day period ending
five trading days prior to the Determination Date, and the fair market value of the Preferred Stock shall be deemed to be such fair market value of the Common Stock multiplied by the number of shares of Common Stock into which each share of
Preferred Stock is then convertible; 
 (b) If otherwise traded in an over-the-counter market, the fair market value of
the Common Stock shall be deemed to be the average of the closing bid or sales prices, whichever is applicable, of the Common Stock over the five-trading-day period ending five trading days prior to the Determination Date, and the fair market value
of the Preferred Stock shall be deemed to be such fair market value of the Common Stock multiplied by the number of shares of Common Stock into which each share of Preferred Stock is then convertible; and 

(c) If there is no public market for the Common Stock, then fair market value shall be determined in good faith by the
Company’s Board of Directors. 
 5. Partial Exercise. This Warrant may be exercised in part, and the Holder
shall be entitled to receive a new warrant, which shall be dated as of the date of this Warrant, covering the number of shares in respect of which this Warrant shall not have been exercised. 

6. Fractional Shares. In no event shall any fractional share of Preferred Stock be issued upon any exercise of this
Warrant. If, upon exercise of this Warrant in its entirety, the Holder would, except as provided in this Section 6, be entitled to receive a fractional share of Preferred Stock, then the Company shall pay to the Holder an amount in cash
equal to such fraction multiplied by the Purchase Price in effect under this Warrant. 
 7. Expiration Date; Automatic
Exercise. This Warrant shall expire at the earliest to occur of (the “Expiration Date”) (i) at 5:00 p.m. (Mountain time) on July 20, 2016; (ii) three years after the closing of the initial Public Offering of the
Company on the NASDAQ or other stock exchange in the United States, and shall be void thereafter. 
 Notwithstanding the term of
this Warrant fixed pursuant to this Section 7, and provided Holder has received advance written notice of at least twenty (20) business days and this Warrant has not earlier expired or been exercised in full, and provided this
Warrant has not been assumed by the successor entity (or parent thereof), immediately prior to the consummation of a Merger (as defined below), this Warrant shall automatically be exercised pursuant to Section 4 hereof, without any
action by Holder. “Merger” means: (i) a sale of all or substantially all of the Company’s assets to an Unaffiliated Entity (as defined below), or (ii) the merger, consolidation or acquisition of the Company with, into
or by an Unaffiliated Entity (other than a merger or consolidation for the principle purpose of changing the domicile of the Company 
  

  

 
or a transaction or series of transactions principally for bona fide equity financing purposes), that results in the transfer of fifty percent (50%) or more of the outstanding voting power
of the Company. “Unaffiliated Entity” means any entity that is owned or controlled by parties who own less than twenty percent (20%) of the combined voting power of the outstanding voting securities of the Company immediately
prior to such merger, consolidation or acquisition. Notwithstanding the foregoing, in the event that any outstanding warrants to purchase equity securities of the Company are assumed by the successor entity of a Merger (or parent thereof), this
Warrant shall also be similarly assumed. The Company agrees to promptly give the Holder written notice of any proposed Merger and written notice of termination of any proposed Merger. Notwithstanding anything to the contrary in this Warrant, the
Holder may rescind any exercise of its purchase rights after a notice of termination of the proposed Merger if the exercise of this Warrant occurred after the Company notified the Holder that the Merger was proposed or if the exercise was otherwise
precipitated by such proposed Merger, provided, however that such rescission right must be exercised within thirty (30) days of receipt of such written notice of termination of the proposed Merger. In the event of such rescission, this Warrant
will continue to be exercisable on the same terms and conditions. 
 8. Reserved Shares; Valid Issuance. The
Company covenants that it will at all times from and after the date hereof reserve and keep available such number of its authorized shares of Preferred Stock and Common Stock free from all preemptive or similar rights therein, as will be sufficient
to permit, respectively, the exercise of this Warrant in full and the conversion into shares of Common Stock of all shares of Preferred Stock receivable upon such exercise. The Company further covenants that such shares as may be issued pursuant to
such exercise and/or conversion will, upon issuance, be duly and validly issued, fully paid and nonassessable and free from all taxes, liens and charges with respect to the issuance thereof. 

9. Stock Splits and Dividends. If after the date hereof the Company shall subdivide the Preferred Stock, by split-up or
otherwise, or combine the Preferred Stock, or issue additional shares of Preferred Stock in payment of a stock dividend on the Preferred Stock, the number of shares of Preferred Stock issuable on the exercise of this Warrant shall forthwith be
proportionately increased in the case of a subdivision or stock dividend, or proportionately decreased in the case of a combination, and the Purchase Price shall forthwith be proportionately decreased in the case of a subdivision or stock dividend,
or proportionately increased in the case of a combination. 
 10. Adjustments for Diluting Issuances. The other
antidilution rights applicable to the Preferred Stock and the Common Stock of the Company are set forth in the Amended and Restated Certificate of Incorporation, as amended from time to time (the “Articles”), a true and complete
copy in its current form which is attached hereto as Exhibit A. Such rights shall not be restated, amended or modified in any manner which affects the Holder differently than the holders of Preferred Stock without such Holder’s
prior written consent. The Company shall promptly provide the Holder hereof with any restatement, amendment or modification to the Articles promptly after the same has been made. 

11. Mergers and Reclassifications. If after the date hereof the Company shall enter into any Reorganization (as hereinafter
defined), then, as a condition of such Reorganization, lawful provisions shall be made, and duly executed documents evidencing the same from the Company or its successor shall be delivered to the Holder, so that the Holder shall thereafter have the
right to purchase, at a total price not to exceed that payable upon the exercise of this Warrant in full, the kind and amount of shares of stock and other securities and property receivable upon such Reorganization by a holder of the number of
shares of Preferred Stock which might have been purchased by the Holder upon the exercise of this Warrant immediately prior to such Reorganization, and in any such case appropriate provisions shall be made with respect to the rights and interest of
the Holder to the end that the provisions hereof (including without limitation, provisions for the adjustment of the Purchase Price and the number of shares issuable hereunder and the provisions relating to the net issue election) shall thereafter
be applicable in relation to any shares of stock or other securities and property thereafter deliverable upon exercise hereof. For the purposes of this Section 11, the term “Reorganization” shall include without
limitation any reclassification, capital reorganization or change of the Preferred Stock (other than as a result of a subdivision, combination or stock dividend provided for in Section 9 hereof), or any consolidation of the Company with,
or merger of the Company into, another corporation or other business organization (other than a Merger provided for in Section 7 hereof). 

12. Certificate of Adjustment. Whenever the Purchase Price is adjusted, as herein provided, the Company shall promptly
deliver to the Holder a certificate of the Company’s chief financial officer setting forth the Purchase Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment. 

 

  

 13. Notices of Record Date, Etc. In the event of: 

(a) any taking by the Company of a record of the holders of any class of securities for the purpose of determining the holders
thereof who are entitled to receive any dividend or other distribution, or any right to subscribe for, purchase, sell or otherwise acquire or dispose of any shares of stock of any class or any other securities or property; 

(b) any reclassification of the capital stock of the Company, capital reorganization of the Company, consolidation or merger of
the Company with another entity, or sale or conveyance of all or substantially all of its assets; or 
 (c) any voluntary
or involuntary dissolution, liquidation or winding-up of the Company; then in each such event the Company will provide or cause to be provided to the Holder a written notice thereof. Such notice shall be provided at least twenty (20) business
days prior to the date specified in such notice on which any such action is to be taken. 
 14. Representations,
Warranties and Covenants. This Warrant is issued and delivered by the Company and accepted by each Holder on the basis of the following representations, warranties and covenants made by the Company: 

(a) The Company has all necessary corporate authority to issue, execute and deliver this Warrant and to perform its obligations
hereunder. This Warrant has been duly authorized, issued, executed and delivered by the Company and is the valid and binding obligation of the Company, enforceable against the Company in accordance with its terms. 

(b) The shares of Preferred Stock issuable upon the exercise of this Warrant have been duly authorized and reserved for issuance
by the Company and, when issued in accordance with the terms hereof, will be validly issued, fully paid and nonassessable. 

(c) Subject in part to the truth and accuracy of Holder’s representations and covenants set forth in Section 17,
the issuance, execution and delivery of this Warrant do not, and the issuance of the shares of Preferred Stock upon the exercise of this Warrant in accordance with the terms hereof will not, (i) violate or contravene the Company’s Articles
or by-laws, or any law, statute, regulation, rule, judgment or order applicable to the Company or (ii) violate, contravene or result in a breach or default under any contract, agreement or instrument to which the Company is a party or by which
the Company or any of its assets are bound. 
 (d) Until the earlier of the expiration or exercise in full of this
Warrant, the Company will provide to the Holder the financial and other information described in the Loan Agreement. 

(e) So long as this Warrant has not terminated, Holder shall be entitled to receive such financial and other information as the
Holder would be entitled to receive under the Stock Purchase Agreement applicable to the Preferred Stock if Holder were a holder of that number of shares issuable upon full exercise of this Warrant. 

(f) As of the date hereof, the authorized capital stock of the Company consists of (i) 25,000,000 shares of Common Stock, of
which 1,164,312 shares are issued and outstanding 13,922,337 shares are reserved for issuance upon conversion of the Preferred Stock, and up to 2,287,493 shares of which have been reserved for issuance under the Company’s 2006 Omnibus
Securities and Incentive Plan; and (ii) 13,922,337 shares of Preferred Stock, consisting of 1,000,000 shares designated as Series A-1 Preferred Stock, all of which are issued and outstanding; 1,084,000 shares designated as Series A-2 Preferred
Stock, all of which are issued and outstanding; 930,000 shares designated as Series A-3 Preferred Stock, of which 915,000 shares are issued and outstanding and 15,000 shares have been reserved for issuance upon the exercise of warrants; 873,390
shares designated as Series A-4 Preferred Stock, of which 858,369 shares are issued and outstanding and 15,021 shares have been reserved for issuance upon the exercise of a warrants; 1,027,397 shares designated as Series B Preferred Stock, all of
which are issued and outstanding, 3,325,731 shares designated as Series C Preferred Stock, 3,102,190 of which are issued and outstanding, and up to 223,541 shares of which have been reserved for issuance upon the exercise of warrants, and 5,681,819
shares designated as Series D Preferred Stock, of which 3,480,116 shares are issued and outstanding and 55,000 shares have been reserved for issuance upon the exercise of this Warrant. Attached hereto as Exhibit B is a capitalization table
summarizing the capitalization of the Company. From the date hereof 
  

  

 
until the earlier of the expiration or exercise in full of this Warrant, once per calendar quarter, the Company will provide Holder with a current capitalization table indicating changes, if any,
to the number of outstanding shares of common stock and preferred stock. 
 15. Registration Rights. The Company
grants to the Holder all the rights of a “Holder” and an “Investor” under the Company’s Fourth Amended and Restated Investors’ Rights Agreement dated as of April 24, 2009 (the “Rights Agreement”),
including, without limitation, the registration rights contained therein, and agrees, if necessary, to use its commercially reasonable efforts to amend the Rights Agreement so that (i) the shares of Common Stock issuable upon conversion of the
shares of Preferred Stock issuable upon exercise of this Warrant shall be “Registrable Securities,” and (ii) the Holder shall be a “Holder” and an “Investor” for all purposes of such Rights Agreement.

 16. Amendment. The terms of this Warrant may be amended, modified or waived only with the written consent of
the Holder and the Company. 
 17. Representations and Covenants of the Holder. This Warrant has been entered into
by the Company in reliance upon the following representations and covenants of the Holder, which by its execution hereof the Holder hereby confirms: 

(a) Investment Purpose. The right to acquire Preferred Stock or the Preferred Stock issuable upon exercise of the
Holder’s rights contained herein will be acquired for investment and not with a view to the sale or distribution of any part thereof, and the Holder has no present intention of selling or engaging in any public distribution of the same except
pursuant to a registration or exemption. 
 (b) Accredited Investor. Holder is an “accredited investor”
within the meaning of the Securities and Exchange Rule 501 of Regulation D, as presently in effect. 
 (c) Private
Issue. The Holder understands (i) that the Preferred Stock issuable upon exercise of the Holder’s rights contained herein is not registered under the 1933 Act or qualified under applicable state securities laws on the ground that the
issuance contemplated by this Warrant will be exempt from the registration and qualifications requirements thereof, and (ii) that the Company’s reliance on such exemption is predicated on the representations set forth in this
Section 17. 
 (d) Financial Risk. The Holder has such knowledge and experience in financial and
business matters as to be capable of evaluating the merits and risks of its investment and has the ability to bear the economic risks of its investment. 

(e) Rule 144. The Holder acknowledges that this Warrant, the Preferred Stock issuable upon exercise of this Warrant and the
Common Stock issuable upon conversion of such Preferred Stock must be held indefinitely unless they are subsequently registered under the 1933 Act or an exemption from such registration is available. The Holder has been advised or is aware of the
provisions of Rule 144 promulgated under the 1933 Act. 
 (f) Access to Data. The Holder has had an opportunity to
discuss the Company’s business, management and financial affairs with the Company’s management and has had the opportunity to inspect the Company’s facilities. 

18. Notices, Transfers, Etc. 

(a) Any notice or written communication required or permitted to be given to the Holder may be given by certified mail or delivered
to the Holder at the address most recently provided by the Holder to the Company. 
 (b) Subject to compliance with
applicable federal and state securities laws, this Warrant may be transferred by the Holder with respect to any or all of the shares purchasable hereunder. Upon surrender of this Warrant to the Company, together with the assignment notice annexed
hereto duly executed, for transfer of this Warrant as an entirety by the Holder, the Company shall issue a new warrant of the same denomination to the assignee, subject to the restrictions on transfer set forth in this
Section 18(b) and the representations and covenants contained in Section 17. Upon surrender of 
  

  

 
this Warrant to the Company, together with the assignment hereof properly endorsed, by the Holder for transfer with respect to a portion of the shares of Preferred Stock purchasable hereunder,
the Company shall issue a new warrant to the assignee, in such denomination as shall be requested by the Holder hereof, and shall issue to such Holder a new warrant covering the number of shares in respect of which this Warrant shall not have been
transferred. 
 (c) Each certificate representing (i) the Preferred Stock issuable upon exercise of this Warrant,
(ii) the shares of Common Stock issued upon conversion of such Preferred Stock or (iii) any other securities issued in respect to such Preferred Stock or Common Stock upon any stock split, stock dividend, recapitalization, merger,
consolidation or similar event, shall (unless such securities have been registered under the 1933 Act or sold under Rule 144) be stamped or otherwise imprinted with a legend substantially in the following form (in addition to any legend required
under applicable state securities laws): 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND
NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE AND DISTRIBUTION THEREOF, AND HAVE NOT BEEN REGISTERED UNDER THE 1933 ACT OR ANY STATE SECURITIES LAWS. SUCH SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN
OPINION OF COUNSEL IN A FORM REASONABLY ACCEPTABLE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED DUE TO AN EXEMPTION THEREFROM UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 

(d) In case this Warrant shall be mutilated, lost, stolen or destroyed, the Company shall issue a new warrant of like tenor and
denomination and deliver the same (i) in exchange and substitution for and upon surrender and cancellation of any mutilated Warrant, or (ii) in lieu of any Warrant lost, stolen or destroyed, upon receipt of an affidavit of the Holder or
other evidence reasonably satisfactory to the Company of the loss, theft or destruction of such Warrant 
 19. No
Impairment. The Company will not, by amendment of its Articles or through any reclassification, capital reorganization, consolidation, merger, sale or conveyance of assets, dissolution, liquidation, issue or sale of securities or any other
voluntary action, avoid or seek to avoid the observance of performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such action as may be necessary or
appropriate in order to protect the rights of the Holder. 
 20. No Voting or Dividend Rights. Nothing contained
in this Warrant shall be construed as conferring upon Holder hereof the right to vote or to consent as a stockholder in respect of meetings of stockholders for the election of directors of the Company or any other matters or any rights whatsoever as
a stockholder of Company. No dividends or interest shall be payable or accrued in respect of this Warrant or the interest represented hereby or the shares purchasable hereunder until, and only to the extent that, this Warrant shall have been
exercised. 
 21. Governing Law. The provisions and terms of this Warrant shall be governed by and construed in
accordance with the internal laws of the State of California without giving effect to its principles regarding conflicts of laws. 

22. Successors and Assigns. This Warrant shall be binding upon the Company’s successors and assigns and shall inure to
the benefit of the Holder’s successors, legal representatives and permitted assigns. 
 23. Business Days. If
the last or appointed day for the taking of any action required or the expiration of any rights granted herein shall be a Saturday or Sunday or a legal holiday in California, then such action may be taken or right may be exercised on the next
succeeding day which is not a Saturday or Sunday or such a legal holiday. 
 24. Qualifying Public Offering. If
the Company shall effect a firm commitment underwritten public offering of shares of Common Stock which results in the conversion of the Preferred Stock into Common Stock pursuant to the Company’s Articles in effect immediately prior to such
offering, then, effective upon such conversion, this Warrant shall change from the right to purchase shares of Preferred Stock to the right to purchase shares of Common Stock, and the Holder shall thereupon have the right to purchase, at a total
price equal to that payable upon the exercise of this Warrant in full, the number of shares of Common Stock which would have been receivable by the Holder upon the exercise of this Warrant for shares of Preferred Stock immediately prior to such
conversion of such shares of Preferred Stock into shares of 
  

  

 
Common Stock, and in such event appropriate provisions shall be made with respect to the rights and interest of the Holder to the end that the provisions hereof (including, without limitation,
the provisions for the adjustment of the Purchase Price and of the number of shares purchasable upon exercise of this Warrant and the provisions relating to the net issue election) shall thereafter be applicable to any shares of Common Stock
deliverable upon the exercise hereof. 
 25. Value. The Company and the Holder agree that the value of this
Warrant on the date of grant is $100. 
  

			
	Gevo, Inc.
		
	By: 	 	 /s/ Mark Smith

	Name:	 	Mark Smith
	Title:	 	Chief Financial Officer

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