Document:

EX-10.2

 EXECUTION COPY 
 Exhibit 10.2 
 AMENDED AND RESTATED 

JOINT VENTURE AND OPERATING AGREEMENT 
 OF 
 RENTECH GRAANUL, LLC 

a Delaware Limited Liability Company 
 Dated as of April 30, 2013 
 MEMBERSHIP INTERESTS IN RENTECH GRAANUL, LLC, A DELAWARE LIMITED
LIABILITY COMPANY, HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE SECURITIES LAWS AND HAVE NOT OTHERWISE BEEN REGISTERED WITH OR
QUALIFIED BY THE SECURITIES AND EXCHANGE COMMISSION OR ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR ANY OTHER JURISDICTION. THE MEMBERSHIP INTERESTS ARE BEING SOLD IN RELIANCE UPON EXEMPTIONS FROM SUCH REGISTRATION OR QUALIFICATION
REQUIREMENTS. THE MEMBERSHIP INTERESTS MUST BE ACQUIRED FOR INVESTMENT ONLY AND CANNOT BE SOLD, PLEDGED, HYPOTHECATED, TRANSFERRED, ASSIGNED OR OTHERWISE DISPOSED OF AT ANY TIME EXCEPT IN COMPLIANCE WITH (i) THE RESTRICTIONS ON TRANSFERABILITY
CONTAINED IN THIS AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF RENTECH GRAANUL, LLC, AND (ii) APPLICABLE FEDERAL, STATE AND OTHER SECURITIES LAWS. THEREFORE, PURCHASERS OF THE MEMBERSHIP INTERESTS WILL BE REQUIRED TO BEAR THE
RISK OF THEIR INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. 

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
	ARTICLE 1 ORGANIZATIONAL MATTERS	  	 	2	  
		 	 Section 1.1
	  	Continuation	  	 	2	  
		 	 Section 1.2
	  	Name	  	 	2	  
		 	 Section 1.3
	  	Principal Office; Other Places of Business	  	 	2	  
		 	 Section 1.4
	  	Business Purpose	  	 	2	  
		 	 Section 1.5
	  	Certificate of Formation; Filings	  	 	2	  
		 	 Section 1.6
	  	Designated Agent for Service of Process	  	 	3	  
		 	 Section 1.7
	  	Term	  	 	3	  
		 	 Section 1.8
	  	Partnership Status for Income Tax Purposes	  	 	3	  
		
	ARTICLE 2 DEFINITIONS	  	 	3	  
		 	 Section 2.1
	  	Definitions	  	 	3	  
		
	ARTICLE 3 CAPITAL; CAPITAL ACCOUNTS AND MEMBERS	  	 	15	  
		 	 Section 3.1
	  	Generally	  	 	15	  
		 	 Section 3.2
	  	Capital Contributions	  	 	15	  
		 	 Section 3.3
	  	Capital Accounts	  	 	16	  
		 	 Section 3.4
	  	Additional Members	  	 	16	  
		 	 Section 3.5
	  	Member Capital	  	 	16	  
		 	 Section 3.6
	  	Bankruptcy of a Member	  	 	16	  
		 	 Section 3.7
	  	Member Loans	  	 	16	  
		 	 Section 3.8
	  	Rentech Guarantees	  	 	16	  
		 	 Section 3.9
	  	Liability of Members	  	 	17	  
		 	 Section 3.10
	  	Initial Tranche B Loans	  	 	17	  
		
	ARTICLE 4 DISTRIBUTIONS	  	 	17	  
		 	 Section 4.1
	  	Distributions of Cash Available for Distribution	  	 	17	  
		 	 Section 4.2
	  	Distributions Upon Liquidation	  	 	17	  
		 	 Section 4.3
	  	Tax Distributions	  	 	18	  
		 	 Section 4.4
	  	Withholding	  	 	18	  
		 	 Section 4.5
	  	Distributions in Kind	  	 	18	  
		 	 Section 4.6
	  	Limitations on Distributions	  	 	19	  
		
	ARTICLE 5 ALLOCATIONS OF NET PROFITS AND NET LOSSES	  	 	19	  
		 	 Section 5.1
	  	General Allocation of Net Profits and Losses	  	 	19	  
		 	 Section 5.2
	  	Regulatory Allocations	  	 	19	  
		 	 Section 5.3
	  	Tax Allocations	  	 	21	  
		 	 Section 5.4
	  	Other Tax Provisions	  	 	21	  

  
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	ARTICLE 6 OPERATIONS	  	 	22	  
		 	 Section 6.1
	  	Board of Managers	  	 	22	  
		 	 Section 6.2
	  	Approvals	  	 	24	  
		 	 Section 6.3
	  	Remuneration and Reimbursement	  	 	25	  
		 	 Section 6.4
	  	Appointment of Officers	  	 	25	  
		 	 Section 6.5
	  	Reliance by Third Parties	  	 	25	  
		 	 Section 6.6
	  	New Mill Projects	  	 	26	  
		 	 Section 6.7
	  	Existing Mills	  	 	35	  
		 	 Section 6.8
	  	Records, Reports and Bank Accounts	  	 	36	  
		 	 Section 6.9
	  	Indemnification by Company	  	 	37	  
		 	 Section 6.10
	  	Non-Competition and Non-Solicitation	  	 	40	  
		 	 Section 6.11
	  	Other Activities	  	 	40	  
		 	 Section 6.12
	  	No Duty	  	 	41	  
		
	ARTICLE 7 INTERESTS AND TRANSFERS OF INTERESTS	  	 	42	  
		 	 Section 7.1
	  	Transfers	  	 	42	  
		 	 Section 7.2
	  	Further Restrictions	  	 	43	  
		 	 Section 7.3
	  	Rights of Assignees	  	 	44	  
		 	 Section 7.4
	  	Admissions, Withdrawals and Removals	  	 	44	  
		 	 Section 7.5
	  	Admission of Assignees as Substitute Members	  	 	45	  
		 	 Section 7.6
	  	Withdrawal of Members	  	 	45	  
		 	 Section 7.7
	  	Take-Along Rights	  	 	46	  
		 	 Section 7.8
	  	Right of First Refusal	  	 	47	  
		 	 Section 7.9
	  	Co-Sale Rights	  	 	48	  
		
	ARTICLE 8 DISSOLUTION, LIQUIDATION, AND TERMINATION OF THE COMPANY	  	 	48	  
		 	 Section 8.1
	  	Limitations	  	 	48	  
		 	 Section 8.2
	  	Exclusive Causes	  	 	49	  
		 	 Section 8.3
	  	Effect of Dissolution	  	 	49	  
		 	 Section 8.4
	  	No Capital Contribution Upon Dissolution	  	 	49	  
		 	 Section 8.5
	  	Liquidation	  	 	49	  
		
	ARTICLE 9 MISCELLANEOUS	  	 	50	  
		 	 Section 9.1
	  	Amendments	  	 	50	  
		 	 Section 9.2
	  	Member Representations and Warranties	  	 	50	  
		 	 Section 9.3
	  	Accounting and Fiscal Year	  	 	53	  
		 	 Section 9.4
	  	Entire Agreement	  	 	53	  
		 	 Section 9.5
	  	Further Assurances	  	 	53	  
		 	 Section 9.6
	  	Notices	  	 	53	  

  
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		 	Section 9.7	  	Tax Matters	  	 	54	  
		 	 Section 9.8
	  	Governing Law	  	 	54	  
		 	 Section 9.9
	  	Binding Effect	  	 	54	  
		 	 Section 9.10
	  	Severability	  	 	54	  
		 	 Section 9.11
	  	Confidentiality	  	 	54	  
		 	 Section 9.12
	  	Interpretation	  	 	55	  
		 	 Section 9.13
	  	No Third Party Beneficiaries	  	 	55	  
		 	 Section 9.14
	  	Counterparts	  	 	56	  
		 	 Section 9.15
	  	Waiver	  	 	56	  
		 	 Section 9.16
	  	Limitation on Liability	  	 	56	  
		 	 Section 9.17
	  	Consents	  	 	56	  
		 	 Section 9.18
	  	Company Name	  	 	56	  
		 	 Section 9.19
	  	Ownership of Company Property	  	 	57	  
		 	 Section 9.20
	  	Force Majeure	  	 	57	  
		 	 Section 9.21
	  	Tax Advice	  	 	57	  
		 	 Section 9.22
	  	Headings	  	 	57	  
		 	 Section 9.23
	  	Survival	  	 	57	  
		 	 Section 9.24
	  	Non-Disparagement	  	 	57	  
		 	 Section 9.25
	  	Parent Guarantees	  	 	58	  
		 	 Section 9.26
	  	Effectiveness	  	 	59	  

  

			
	 Exhibit A
	  	Initial Members, Initial Capital Contributions, Initial Capital Account Balances, Initial Units and Initial Percentage Interests
		
	 Exhibit B
	  	Initial Managers
		
	 Exhibit C
	  	Approved Projects and Proposed New Mill Projects as of the Effective Date
		
	 Exhibit D
	  	Loan Terms
		
	 Exhibit E
	  	Form of Public Entity Warrant
		
	 Exhibit F
	  	Guarantee Facility Agreement Terms

  
 iii

 AMENDED AND RESTATED 

JOINT VENTURE AND OPERATING AGREEMENT 
 OF 
 RENTECH GRAANUL, LLC 

This AMENDED AND RESTATED JOINT VENTURE AND OPERATING AGREEMENT (the “Agreement”) of RENTECH GRAANUL, LLC, a Delaware
limited liability company (the “Company”), is made and entered into as of April 30, 2013 (the “Effective Date”), by and among (a) Rentech WP U.S. INC., a Delaware corporation (“Rentech”),
and Graanul Invest AS, an Estonian corporation (“Graanul”), each as a Member, (b) each Additional Member and Substitute Member from time to time admitted in accordance with this Agreement, in each case for so long as such party
remains a Member of the Company, and (c) solely for the purposes of Section 3.8, Section 6.6, Section 6.7, Section 6.10, Article 7, Section 9.25.1, Rentech, Inc., a Colorado
corporation (“Rentech Parent”). The Company is organized under the Delaware Limited Liability Company Act, 6 Del.C. § 18-101, et seq. (as amended from time to time, the “Act”). 

RECITALS 

WHEREAS, the Company was formed by Fulghum Fibres, Inc., a Georgia corporation (“Fulghum”), and Graanul (together with
Fulghum, the “Original Members”) as a Georgia limited liability company pursuant to a Certificate of Formation filed with the Secretary of State of the State of Georgia on September 29, 2008 (as amended or amended and restated
from time to time, including in connection with the conversion of the Company from a Georgia limited liability company to a Delaware limited liability company, the “Certificate”) in accordance with the Georgia Limited Liability
Company Act; 
 WHEREAS, the Original Members entered into that Joint Venture and Operating Agreement of the Company dated as of
September 29, 2008 (the “Original Agreement”), which from the date of the formation of the Company to the date hereof has governed the affairs of the Company as set forth therein; 

WHEREAS, immediately prior to the Closing Date, (a) Fulghum shall transfer all of its Interest to Rentech, (b) Rentech shall be
admitted as a Member and (c) Fulghum shall withdraw as a Member, pursuant to that certain Transfer and Termination Agreement to be entered into among Fulghum, Rentech and Graanul; 

WHEREAS, on the Closing Date, the Company shall convert from a Georgia limited liability company to a Delaware limited liability company
pursuant to and in accordance with the Act and the Georgia Limited Liability Company Act and is changing its name from “Fulghum Graanul, LLC” to “Rentech Graanul, LLC”; and 

WHEREAS, the parties hereto desire to continue the Company as a limited liability company in accordance with the Act and to amend and
restate the Original Agreement in its entirety as set forth in this Agreement. 

 NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein and
for other good and valuable consideration the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE 1 
 ORGANIZATIONAL MATTERS 

Section 1.1 Continuation. The Members hereby continue the Company under the Act for the purposes and upon the terms and
conditions hereinafter set forth. The rights and liabilities of the Members of the Company shall be as provided in the Act, except as otherwise expressly provided herein. In the event of any inconsistency between any terms and conditions contained
in this Agreement and any non-mandatory provisions of the Act, the terms and conditions contained in this Agreement shall govern. Upon the Closing Date, each of Rentech and Graanul hereby continues as a Member of the Company. 

Section 1.2 Name. The name of the Company shall be Rentech Graanul, LLC. The Company may also conduct business at the same
time under one or more fictitious names, as determined by the Board. The Board may change the name of the Company, from time to time, in accordance with applicable law. 
 Section 1.3 Principal Office; Other Places of Business. The principal office of the Company shall be located at 10877 Wilshire Blvd., Suite 600, Los Angeles, CA 90024, United States, or at
such other place as the Requisite Managers may from time to time designate in accordance with Section 6.2.1. The Company may maintain offices and places of business at such other place or places within or outside the State of Delaware as
the Requisite Managers may from time to time designate in accordance with Section 6.2.1. 
 Section 1.4
Business Purpose. The primary purpose of the Company is to construct, develop, own, operate, lease and sell Wood Pellet Mills in the United States and Canada. The Company may also (a) engage in any other lawful acts or activities as the
Board deems necessary, convenient, desirable or incidental to the foregoing purpose and (b) carry on any other lawful business, purpose or activity permitted to be carried on by limited liability companies under the Act as may be agreed upon
from time to time by all the Requisite Members. 
 Section 1.5 Certificate of Formation; Filings. The Certificate
was previously filed with the Secretary of State of the State of Georgia as required by the Georgia Limited Liability Company Act, and upon conversion of the Company from a Georgia limited liability company to a Delaware limited liability company
the Certificate was filed with the Secretary of State of the State of Delaware as required by the Act. Subject to Section 6.2.2, the Board may cause to be executed and filed any amendments to the Certificate from time to time as the
Board shall deem necessary or advisable. The Board may also cause to be made, on behalf of the Company, such additional filings and recordings as the Board shall deem necessary or advisable. 

  
 2 

 Section 1.6 Designated Agent for Service of Process. The Company shall
continuously maintain a registered office and a designated and duly qualified registered agent for service of process on the Company in the State of Delaware. As of the Closing Date: (a) the address of the registered office of the Company in
the State of Delaware is c/o The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, in the City of Wilmington, County of New Castle, Delaware 19801; and (b) the Company’s registered agent for service of process at
such address is c/o The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, in the City of Wilmington, County of New Castle, Delaware 19801. Such office and agent may be changed from time to time by the Board. 

Section 1.7 Term. The term of the Company commenced on the date that the Certificate was filed with the Secretary of State of
the State of Georgia, and shall continue until the Company is dissolved in accordance with this Agreement. Notwithstanding the dissolution of the Company, the existence of the Company shall continue until termination pursuant to this Agreement.

 Section 1.8 Partnership Status for Income Tax Purposes. It is the intent of the Members that the Company shall be
characterized as a “partnership” for federal, state and, if applicable, local income tax purposes, and the Members shall take all actions necessary to cause the Company to be treated as such. Neither the Company nor any Member shall make
any election or take any action inconsistent with such intent. Such characterization solely for such tax purposes does not create or imply a general partnership among the Members for state law or any other purpose. 

ARTICLE 2 
 DEFINITIONS 
 Section 2.1 Definitions. Capitalized words
and phrases used and not otherwise defined in this Agreement shall have the following meanings: 
 “Acceptance
Notice” is defined in Section 6.6.1(c). 
 “Acquired Entity” is defined in
Section 6.7.1. 
 “Acquiring Member” is defined in Section 6.7.1. 

“Acquisition Notice” is defined in Section 6.7.1. 

“Act” is defined in the Preamble. 
 “Actions” is defined in Section 6.9.1. 

“Additional Members” is defined in Section 3.4. 

“Adjusted Capital Account” means, with respect to any Member, the balance in such Member’s Capital Account as of
the end of the relevant Fiscal Year or other period, after giving effect to the following adjustments: 
 (a) Add
to such Capital Account the following items: 
 (i) The amount, if any, that such Member is obligated to
contribute to the Company upon liquidation of such Member’s Interest; and 

  
 3 

 (ii) The amount that such Member is obligated to restore or is deemed to be
obligated to restore pursuant to Regulations Section 1.704-1(b)(2)(ii)(c) or the penultimate sentence of each of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5); and 

(b) Subtract from such Capital Account such Member’s share of the items described in Regulations Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6). 
 The foregoing definition of Adjusted
Capital Account is intended to comply with the provisions of Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 

“Adjusted Capital Account Deficit” means, with respect to any Member, the negative balance, if any, in such
Member’s Adjusted Capital Account. 
 “Affected Member” is defined in Section 3.6.2.

 “Affiliate” means, with reference to a specified Person, a Person that directly, or indirectly through one
or more intermediaries, Controls, is Controlled by, or is under common Control with, the specified Person. The Company and its Subsidiaries shall not be considered Affiliates of the Members or of the Members’ Affiliates for purposes of this
Agreement. 
 “Agreement” is defined in the Preamble. 

“Annual Business Plan” is defined in Section 6.2.3(c). 

“Applicable Price per Unit” means, as of any date of determination, (a) the then current Total Capital of the
Company, divided by (b) the number of Units then issued and outstanding. 
 “Appraised Price” is defined
in Section 6.6.6(b). 
 “Approved Project” is defined in Section 6.6.1(c). 

“Assignee” means any Person: (a) to whom a Member (or Assignee thereof) Transfers all or any part of its Interest
in accordance with the terms of this Agreement, and (b) who has not been admitted to the Company as a Substitute Member pursuant to Section 7.5 of this Agreement. 

“Board” is defined in Section 6.1.1. 

  
 4 

 “Capital Account” means the capital account maintained for each Member on
the Company’s books and records in accordance with the following provisions: 
 (a) To each Member’s
Capital Account there shall be added (i) such Member’s Capital Contributions, (ii) such Member’s allocable share of Net Profits and any items in the nature of income or gain that are specially allocated to such Member pursuant to
Article 5 or other provisions of this Agreement, and (iii) the amount of any Company liabilities assumed by such Member or which are secured by any property distributed to such Member. 

(b) From each Member’s Capital Account there shall be subtracted (i) the amount of (A) cash and
(B) the Gross Asset Value of any Company Assets (other than cash) distributed to such Member pursuant to any provision of this Agreement, (ii) such Member’s allocable share of Net Losses and any other items in the nature of expenses
or losses that are specially allocated to such Member pursuant to Article 5 or other provisions of this Agreement, and (iii) liabilities of such Member assumed by the Company or which are secured by any property contributed by such
Member to the Company. 
 (c) In the event any Interest is Transferred in accordance with the terms of this
Agreement, the transferee shall succeed to the Capital Account of the transferor to the extent it relates to the Transferred Interest. 
 (d) In determining the amount of any liability for purposes of subparagraphs (a) and (b) above, there shall be taken into account Code Section 752(c) and any other applicable
provisions of the Code and Regulations. 
 (e) The foregoing provisions and the other provisions of this
Agreement relating to the maintenance of Capital Accounts are intended to comply with Regulations Sections 1.704-1(b) and 1.704-2 and shall be interpreted and applied in a manner consistent with such Regulations. In the event that the Board shall
determine that it is prudent to modify the manner in which the Capital Accounts, or any additions thereto or subtractions therefrom, are computed in order to comply with such Regulations, the Board may make such modification. 

“Capital Contributions” means: (a) with respect to any Member and any Units, the total amount of cash and the
initial Gross Asset Value of property (other than cash) contributed to the capital of the Company by such Member in respect of such Units, whether as an initial Capital Contribution or as an additional Capital Contribution, net of liabilities of
such Member assumed by the Company in connection with the contribution or to which the contributed property is subject at the time of the contribution; or (b) where the context requires, any particular such contribution individually. For the
avoidance of doubt, “Capital Contributions” shall exclude any loans (whether subordinated or not) (including Tranche B Loans and Tranche A Loans) made available by Members to the Company or its Subsidiaries (unless and until the Requisite
Members have jointly decided to convert such Members’ loans or relevant part of them into the capital as Capital Contributions). 
 “Capital Shortfall” is defined in Section 6.6.2(f). 

  
 5 

 “Cash Available for Distribution” means, as of a specified date and subject
to the requirements of any material agreements of the Company or its Subsidiaries and after full repayment of the principal and interest under any and all outstanding Tranche B Loans, all unrestricted Company cash and cash equivalents then on hand
less (a) current payments required to be made in connection with any loan to the Company or any other loan secured by a Lien on any Company Assets, including any and all outstanding Tranche B Loans made to the Company, (b) payments
required in connection with all other liabilities of the Company, and (c) any other amounts set aside for the restoration, increase or creation of reserves, all as determined in good faith by the Requisite Managers. 

“Certificate” is defined in the Recitals. 

“Claim” is defined in Section 6.9.10. 

“Closing Date” is defined in Section 9.26. 

“Co-Sale Interest” is defined in Section 7.9.1. 

“Co-Sale Notice” is defined in Section 7.9.1. 

“Co-Sale Offeree” is defined in Section 7.9.1. 

“Co-Sale Participation Percentage” is defined in Section 7.9.1. 

“Code” means the United States Internal Revenue Code of 1986, as amended from time to time (or any corresponding
provisions of succeeding law). 
 “Company” is defined in the Preamble. 

“Company Assets” means all direct and indirect interests in real and personal property owned by the Company from time to
time, and shall include both tangible and intangible property (including cash). 
 “Company Minimum Gain” has
the meaning set forth in Regulations Sections 1.704-2(b)(2) and 1.704-2(d)(1) for the phrase “partnership minimum gain.” 
 “Competitor” means any Person that is directly or indirectly (or whose Affiliates are directly or indirectly) engaged in the business of manufacturing or selling Wood Pellets within the
Restricted Area or any portion thereof. For the avoidance of doubt, the Company and each Subsidiary of the Company shall not be deemed a Competitor. 
 “Control” (including as used in the terms “Controlling,” “Controlled by” and “under common Control with”) means possession, directly or indirectly, of
(a) more than 50% of the securities or other ownership interests in a Person or the voting power of a Person or (b) the power to direct or cause the direction of management or policies of a Person (whether through ownership of voting
securities, by agreement or otherwise). 

  
 6 

 “CPI” means the Consumer Price Index for All Urban Consumers: U.S. city
average, all items (base year 1982-1984=100), published by the United States Department of Labor, Bureau of Labor Statistics. 

“Debt Purchase Right” is defined in Section 6.6.2(i). 

“Depreciation” means, for each Fiscal Year or other period, an amount equal to the depreciation, amortization or other
cost recovery deduction allowable for federal income tax purposes with respect to an asset for such Fiscal Year or other period, except that if the Gross Asset Value of an asset differs from its adjusted basis for federal income tax purposes at the
beginning of such Fiscal Year or other period, Depreciation shall be an amount that bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization or other cost recovery deduction for such Fiscal Year
or other period bears to such beginning adjusted tax basis; provided, however, that if the federal income tax depreciation, amortization or other cost recovery deduction for such Fiscal Year or other period is zero, Depreciation shall be
determined with reference to such beginning Gross Asset Value using any method selected by the Board and provided, further, that if the remedial allocation method of Regulations Section 1.704-3(d) is used, Depreciation shall be
determined under Regulations Section 1.704-3(d)(2). 
 “Discount Factor” means, with respect to any
funding by a non-defaulting Member to the Company in respect of an Approved Project following a Capital Shortfall or a Loan Shortfall, a fraction expressed as a percentage, (a) the numerator of which is the aggregate amount of Capital
Contributions or loan advances that such defaulting Member would contribute to the Company in respect of such Approved Project as set forth in the most recent estimated budget for such Approved Project approved by the Board, less the sum of any such
Capital Shortfall and any such Loan Shortfall, and (b) the denominator of which is the aggregate amount of Capital Contributions and loan advances that such Member would contribute to the Company in respect of such Approved Project as set forth
in the most recent estimated budget for such Approved Project approved by the Board. 
 “Effective Date” is
defined in the Preamble. 
 “Enforcement Notice” is defined in Section 6.6.2(i). 

“Enforcement Response” is defined in Section 6.6.2(i). 

“EPC Services” means open book engineering, procurement and construction services through commissioning of the
applicable Wood Pellet Mill. 
 “Equity Interests” means: (a) in the case of a corporation, corporate
stock; (b) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock; (c) in the case of a partnership or limited liability company,
partnership interests (whether general or limited) or membership interests; and (d) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the
issuing Person. 

  
 7 

 “Exclusivity Period” means the period commencing on the Closing Date and
ending on the earliest of (a) the five-year anniversary of the Closing Date, (b) the date on which either Rentech or Graanul (together with its respective Affiliates) ceases to hold at least 20% of the total Interests in the Company, and
(c) the date on which the Company and/or its Subsidiaries have completed New Mill Projects that are in operation and have an aggregate annual nameplate capacity of 1,250,000 metric tons of Wood Pellets. 

“Existing Mill” means a Wood Pellet Mill in operation in the Restricted Area, or that was previously in operation in the
Restricted Area and for which the necessary commercial agreements and permits to be put into operation in the Restricted Area have been obtained, prior to the time Rentech, Graanul or their respective Affiliates acquire either such Wood Pellet Mill
or an Equity Interest in the Person that directly or indirectly owns such Wood Pellet Mill. 
 “Fiscal Year” is
defined in Section 9.3. 
 “Fulghum” is defined in the Recitals. 

“Funding Party(ies)” is defined in Section 6.6.2(a). 

“Graanul” is defined in the Preamble. 
 “Graanul Managers” is defined in Section 6.1.2. 

“Graanul Obligations” is defined in Section 9.25.2. 

“Gross Asset Value” means, with respect to any asset, the asset’s adjusted basis for federal income tax purposes,
except as follows: 
 (a) The initial Gross Asset Value of any asset contributed by a Member to the Company shall
be the gross fair market value of such asset, as determined by the Board. 
 (b) The Gross Asset Values of all
Company Assets immediately prior to the occurrence of any event described in subparagraphs (i) through (v) below shall be adjusted to equal their respective gross fair market values, as determined by the Board, as of the
following times: 
 (i) the acquisition of an Interest in the Company by a new Member or the acquisition of an
additional Interest in the Company by an existing Member, in either case, in exchange for more than a de minimis Capital Contribution, if the Board determines that such adjustment is necessary or appropriate to reflect the relative Interests of the
Members in the Company; 
 (ii) the distribution by the Company to a Member of more than a de minimis amount of
Company Assets as consideration for an Interest in the Company, if the Board determines that such adjustment is necessary or appropriate to reflect the relative Interests of the Members in the Company; 

  
 8 

 (iii) the liquidation or dissolution of the Company within the meaning of
Regulations Section 1.704-1(b)(2)(ii)(g); 
 (iv) the grant of an Interest in the Company (other than a de
minimis interest) as consideration for the provision of services to or for the benefit of the Company by an existing Member acting in a member capacity, or by a new Member acting in a member capacity or in anticipation of becoming a Member of the
Company, if the Board determines that such adjustment is necessary or appropriate to reflect the relative Interests of the Members in the Company; and 
 (v) at such other times as the Board shall determine necessary or advisable in order to comply with Regulations Sections 1.704-1(b) and 1.704-2. 

(c) The Gross Asset Value of any Company Asset distributed to a Member shall be the gross fair market value of such asset
on the date of distribution as determined by the Board. 
 (d) The Gross Asset Values of Company Assets shall be
increased (or decreased) to reflect any adjustments to the adjusted basis of such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account in determining Capital
Accounts pursuant to Regulations Section 1.704-1(b)(2)(iv)(m); provided, however, that Gross Asset Values shall not be adjusted pursuant to this subparagraph (d) to the extent that an adjustment pursuant to subparagraph
(b) above is made in connection with a transaction that would otherwise result in an adjustment pursuant to this subparagraph (d). 
 “Gross-Up Factor” means, with respect to any loans made by a non-defaulting Member or Funding Party to the Company or a Project Entity in respect of an Approved Project following a
Tranche A Loan Shortfall or a Capital Shortfall, a fraction expressed as a percentage, (a) the numerator of which is (i) in case of a Tranche A Loan Shortfall, the aggregate amount of funding under the Tranche A Loan that the defaulting
Member or Funding Party would contribute to the Project Entity in respect of such Approved Project as set forth in the most recent estimated budget for such Approved Project approved by the Board, or (ii) in case of a Capital Shortfall, the
aggregate amount of funding that the defaulting Member or Funding Party would contribute to the Company in respect of such Approved Project in the form of Capital Contributions or Tranche B Loans as set forth in the most recent estimated budget for
such Approved Project approved by the Board, and (b) the denominator of which is (i) in case of a Tranche A Loan Shortfall, the aggregate amount of funding under the Tranche A Loan that such defaulting Member or Funding Party would make to
the Project Entity in respect of such Approved Project as set forth in the most recent estimated budget for such Approved Project approved by the Board, less the sum of such Tranche A Loan Shortfall, or (ii) in case of a Capital Shortfall, the
aggregate amount of funding that the defaulting Member or Funding Party would contribute to the Company in respect of such Approved Project in the form of Capital Contributions or Tranche B Loans as set forth in the most recent estimated budget for
such Approved Project approved by the Board, less the sum of Capital Shortfall. 

  
 9 

 “Guarantee Facility Agreement” is defined in Section 3.8.

 “Indemnitee” is defined in Section 6.9.1. 

“Initial Public Offering” is defined in Section 6.6.6(a). 

“Interest” means the entire equity ownership interest of a Member in the Company at any particular time, including any
and all rights to vote and otherwise participate in the Company’s affairs, and the rights to any and all benefits to which a Member may be entitled as provided in this Agreement, together with the obligations of such Member to comply with all
of the terms and provisions of this Agreement. 
 “Intermediate Subsidiary” is defined in Section
7.1.2(a). 
 “Liabilities” is defined in Section 6.9.1. 

“Lien” means any direct or indirect mortgage, pledge, lien, hypothecation, charge, security interest or other
encumbrance. 
 “Liquidator” is defined in Section 8.5.1. 

“Loan Shortfall” is defined in Section 6.6.2(f). 

“Manager” is defined in Section 6.1.1. 

“Member Minimum Gain” means an amount, with respect to each Member Nonrecourse Debt, equal to the Company Minimum Gain
that would result if such Member Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Regulations Section 1.704-2(i) with respect to “partner nonrecourse debt minimum gain.” 

“Member Nonrecourse Debt” has the meaning set forth in Regulations
Section 1.704-2(b)(4) for the phrase “partner nonrecourse debt.” 

“Member Nonrecourse Deductions” has the meaning set forth in Regulations
Section 1.704-2(i) for the phrase “partner nonrecourse deductions.” 

“Members” means the Persons from time to time owning Interests, including any Substitute Members and any Additional
Members, in each case for so long as such Person continues to own an Interest. Each Member is referred to individually as a “Member.” For purposes of the Act, the Members of the Company shall constitute a single class or group of
members. 
 “Net Profits” or “Net Losses” means, for each Fiscal Year or other period, an
amount equal to the Company’s taxable income or loss for such Fiscal Year or period determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss, deduction or credit required to be stated separately
pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), with the following adjustments: 
 (a) Any income of the Company that is exempt from federal income tax and not otherwise taken into account in computing Net Profits or Net Losses pursuant to this definition of Net Profits and Net Losses
shall increase the amount of such income and/or decrease the amount of such loss; 

  
 10 

 (b) Any expenditure of the Company described in Code
Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures pursuant to Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Net Profits or Net Losses pursuant to this definition of
Net Profits and Net Losses, shall decrease the amount of such income and/or increase the amount of such loss; 

(c) Gain or loss resulting from any disposition of Company Assets where such gain or loss is recognized for federal income
tax purposes shall be computed by reference to the Gross Asset Value of the Company Assets disposed of, notwithstanding that the adjusted tax basis of such Company Assets differs from its Gross Asset Value; 

(d) In lieu of the depreciation, amortization and other cost recovery deductions taken into account in computing such
income or loss, there shall be taken into account Depreciation for such Fiscal Year or other period; 
 (e) To
the extent an adjustment to the adjusted tax basis of any asset included in Company Assets pursuant to Code Section 734(b) or Code Section 743(b) is required pursuant to Regulations Section 1.704-1(b)(2)(iv)(m) to be taken into
account in determining Capital Accounts as a result of a distribution other than in liquidation of a Member’s Interest, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or
loss (if the adjustment decreases the basis of the asset) from the disposition of the asset and shall be taken into account for the purposes of computing Net Profits and Net Losses; 

(f) If the Gross Asset Value of any Company Asset is adjusted in accordance with subparagraph (b) or
subparagraph (c) of the definition of “Gross Asset Value” above, the amount of such adjustment shall be taken into account in the taxable year of such adjustment as gain or loss from the disposition of such asset for purposes
of computing Net Profits or Net Losses; and 
 (g) Notwithstanding any other provision of this definition of Net
Profits and Net Losses, any items that are specially allocated pursuant to Sections 5.2 and 5.4.2 hereof shall not be taken into account in computing Net Profits or Net Losses. The amounts of the items of Company income, gain, loss or
deduction available to be specially allocated pursuant to Sections 5.2 and 5.4.2 hereof shall be determined by applying rules analogous to those set forth in this definition of Net Profits and Net Losses. 

“New Mill Notice” is defined in Section 6.6.1(a). 

“New Mill Project” means a project to construct a new Wood Pellet Mill in the Restricted Area. Exhibit C hereto
sets forth proposed New Mill Projects as of the Closing Date under the heading “Proposed New Mill Projects”. Notwithstanding the foregoing, and for the avoidance of doubt, a “New Mill Project” does not include an Existing Mill.

  
 11 

 “Nonrecourse Deductions” has the meaning set forth in Regulations Sections
1.704-2(b)(1) and 1.704-2(c). 
 “Nonrecourse Liability” has the meaning set forth in Regulations Sections 1.704-2(b)(3) and 1.752-1(a)(2). 
 “Non-Proposing Member” is defined in
Section 6.6.1(a). 
 “Officer” is defined in Section 6.4. 

“Offtake Agreement” means an agreement between one or more of the Company or its Subsidiaries (including, in the case of
an Existing Mill, any such Subsidiary acquired by Rentech or Graanul) and a third party for the sale and purchase of Wood Pellets. 
 “Original Agreement” is defined in the Recitals. 

“Original Members” is defined in the Recitals. 

“Participants” is defined in Section 6.12.1. 

“Percentage Interest” means, with respect to a Member as of any date of determination, the fraction expressed as a
percentage, the numerator of which is the number of Units held by such Member and the denominator of which is the total number of Units held by all Members, as set forth opposite such Member’s name on Exhibit A hereto, as such Exhibit
A may be amended from time to time in accordance with this Agreement. In the event Exhibit A is not so amended in connection with the issuance of new or additional Interests or Units, such Member’s Percentage Interest shall be the
percentage set forth as such in the books and records of the Company. 
 “Permitted Transferee” means
(a) with respect to Rentech, any wholly owned Subsidiary of Rentech Parent, and (b) with respect to Graanul, any wholly owned Subsidiary of Graanul. 
 “Person” means an individual, a corporation, a partnership, a limited liability company, an association, a trust, an unincorporated organization, a government or any department, agency or
authority thereof, or any other entity or organization. 
 “Primary Indemnitors” is defined in Section
6.9.11. 
 “Project Entity” is defined in Section 6.6.1(c). 

“Proposed Business Plan” is defined in Section 6.2.3(a). 

“Proposing Member” is defined in Section 6.6.1(a). 

  
 12 

 “Project Budget” is defined in Section 6.6.2(a). 

“Public Entity” is defined in Section 6.6.6(a). 

“Public Entity Warrants” is defined in Section 6.6.6(b). 

“Purchase Agreement” is defined in Section 9.26. 

“Purchase Notice” is defined in Section 6.7.1. 

“Regulation D” is defined in Section 9.2.2(e). 

“Regulations” means proposed, temporary and final Treasury Regulations promulgated under the Code, as such regulations
may be amended from time to time (including corresponding provisions of succeeding Treasury Regulations). 

“Rentech” is defined in the Preamble. 
 “Rentech Managers” is defined in Section 6.1.2. 

“Rentech Obligations” is defined in Section 9.25.1. 

“Rentech Parent” is defined in the Preamble. 

“Requisite Managers” means at least four Managers; provided that (a) for so long as Graanul, together with
its Affiliates, owns at least 20% of the total Interests in the Company, at least one of such Managers must be a Graanul Manager and (b) for so long as Rentech, together with its Affiliates, owns at least 20% of the total Interests in the
Company, one of such Managers must be a Rentech Manager. For the avoidance of doubt, if under this Agreement any approval shall be obtained from, or any decision or action shall be made by, the “Requisite Managers” then it shall be
required that all Requisite Managers give their approval and/or vote in favour of such decision or action. 
 “Requisite
Members” means, as of any date of determination, each Member that, together with its Affiliates, holds at least 20% of the total Interests in the Company as of such date of determination. 

“Restricted Area” means the United States and Canada. 

“Restricted Period” is defined in Section 6.10.1. 

“ROFR Election Period” is defined in Section 7.8. 

“ROFR Offer Notice” is defined in Section 7.8. 

“ROFR Offeree” is defined in Section 7.8. 

  
 13 

 “Securities Act” is defined in the Section 9.2.2. 

“Selling Member(s)” is defined in Section 7.7.1. 

“Subordinated Project Loans” is defined in Section 6.6.2(c). 

“Subsidiary” means, with respect to any specified Person: (a) any corporation, association or other business entity
of which more than 50% of the total voting power of the Equity Interests entitled to vote in the election of directors, managers or trustees of the corporation, association or other business entity is at the time owned or controlled, directly or
indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); or (b) any partnership (i) the sole general partner or the managing general partner of which is such Person or a Subsidiary of
such Person or (ii) the only general partners of which are that Person or one or more Subsidiaries of that Person (or any combination thereof). 
 “Substitute Member” means any Person (a) to whom a Member (or assignee thereof) Transfers all or any part of its Interest, and (b) who has been admitted to the Company as a
Substitute Member pursuant to Section 7.5 of this Agreement. 
 “Take-Along Member” is defined in
Section 7.7.1. 
 “Tax Matters Partner” is defined in Section 9.7.1. 

“Total Capital” means, as of any date of determination, the sum of (a) the aggregate Capital Accounts of the
Members as of such date (excluding, for the purposes of this definition, any liabilities and obligations assumed by Rentech or any of its Affiliates under the Guarantee Facility Agreement), and (b) the aggregate principal amount of the Tranche
B Loans outstanding as of such date. 
 “Tranche A Lender” is defined in Section 6.6.2(b). 

“Tranche A Loan” is defined in Section 6.6.2(a). 

“Tranche A Loan Shortfall” is defined in Section 6.6.2(g). 

“Tranche B Loan” is defined in Section 6.6.2(a). 

“Transfer” means, with respect to any Interest or portion thereof, any direct or indirect sale, conveyance, exchange,
assignment, gift, bequest, hypothecation, Lien or other transfer or disposition by any other means, whether for value or no value and whether voluntary or involuntary (including by realization upon any Lien, by operation of law or by judgment, levy,
attachment, garnishment, bankruptcy or other legal or equitable proceedings), or an agreement to do any of the foregoing. The terms “Transferred” and “Transferring” shall have correlative meanings. 

  
 14 

 “Units” means, with respect to any Member, the units evidencing the
Interests of the Company as set forth herein, which units are issued to such Member in the numbers set forth opposite such Member’s name on Exhibit A hereto, as such Exhibit A may be amended from time to time in accordance with
this Agreement. In the event Exhibit A is not so amended in connection with the issuance of new or additional Interests, or any transfer of Interests, such Member’s Units shall be as is set forth as such in the books and records of the
Company. 
 “Wood Pellet Mill” means a facility that chips, dries, mills, presses or densifies wood, roundwood,
sawdust, shavings, mill residuals, bark or other woody biomass to produce Wood Pellets for sale in residential or industrial markets. 
 “Wood Pellets” means wood pellets six to 12 millimeters in diameter used as a form of heating fuel. 
 “Wood Processing Services” means receiving, procuring, processing (including chipping and pelleting), drying, debarking, storing, hogging, reclaiming, loading, marketing, distributing,
transporting or selling timber, wood chips, bark or biomass material. 
 ARTICLE 3 

CAPITAL; CAPITAL ACCOUNTS AND MEMBERS 
 Section 3.1 Generally. The names, addresses, initial Capital Contributions, initial Capital Account balances, initial Units and initial Percentage Interests of the initial Members, each as of
the Closing Date, are set forth on Exhibit A hereto. Exhibit A may be amended from time to time by the Board to reflect the admission of Additional Members or Substitute Members pursuant to this Agreement, as well as to reflect any
changes in the Members’ respective Units and Percentage Interests pursuant to the terms of this Agreement, any changes in a Member’s status, and any additional Capital Contributions made from time to time by the Members. In the event
Exhibit A is not so amended, such matters shall be reflected in the books and records of the Company, and the books and records of the Company shall be controlling. 
 Section 3.2 Capital Contributions. 
 3.2.1 No Obligation.
Except as otherwise required by law or as provided in this Section 3.2 or Section 6.6.2, no Member shall be permitted or required to make any Capital Contributions to the Company. 

3.2.2 Initial Capital Contributions. Each Member existing as of the Closing Date shall have made its respective initial Capital
Contribution in respect of its Interest in the amount set forth opposite such Member’s name on Exhibit A hereto in exchange for its initial Capital Account balance, its initial Units and its initial Percentage Interest, each as of the
Closing Date, as set forth on Exhibit A hereto. 
 3.2.3 Subsequent Capital Contributions. No Member shall be
obligated to make any Capital Contributions after the Closing Date without its consent, and no Member or other Person shall be permitted to make any Capital Contributions after the Closing Date without the consent of the Requisite Managers. Upon the
approval of the Requisite Managers, the Company may issue additional Interests to any Person (including any Member, any Affiliate of a Member and/or any third party) in exchange for such Capital Contributions (and otherwise on such terms and
conditions) as the Requisite Managers may determine. 

  
 15 

 Section 3.3 Capital Accounts. A Capital Account shall be established and
maintained for each Member in accordance with the terms of this Agreement. 
 Section 3.4 Additional Members. After
the Closing Date, the Company may issue Interests directly from the Company to any Person (“Additional Members”), and admit Additional Members to the Company in connection therewith, with the consent of the Requisite Managers.

 Section 3.5 Member Capital. Except as otherwise provided in this Agreement: (a) no Member shall
demand or be entitled to receive a return of or interest on its Capital Contributions or Capital Account, and (b) no Member shall withdraw any portion of its Capital Contributions or Capital Account or receive any distributions from the Company
as a return of capital on account of such Capital Contributions. 
 Section 3.6 Bankruptcy of a Member.

 3.6.1 Occurrence of Event. Upon the bankruptcy of any Member, subject to the other provisions of this Agreement, the
Company shall not terminate and the Company’s business shall continue. 
 3.6.2 Continued Liability. Nothing herein
contained shall be construed to relieve or release any bankrupt Member (an “Affected Member”) or its successors, assigns or representatives from any breaches or defaults or obligations of such Member to the Company pursuant to the
provisions of this Agreement incurred as a result of, in connection with or prior to the termination or transfer of, as the case may be, its Interest, and all such breaches, defaults and obligations shall survive such event. 

Section 3.7 Member Loans. In addition to financing contemplated in Sections 3.8 and 6.6.2, to the extent the
Requisite Managers determine necessary or advisable for the business of the Company, one or more Members may, but shall not be obligated to, make loans or otherwise lend funds to, act as surety or endorser for, assume one or more specific
obligations of, provide collateral for, or enter into other credit, guarantee, financing or refinancing arrangements with or for the benefit of, the Company or its Subsidiaries. No loans or other extensions of credit made by any Member to or for the
benefit of the Company or its Affiliates shall have any effect on such Member’s Percentage Interest, such loans or other extensions of credit representing a debt of the Company or its Subsidiaries payable or collectible solely from the assets
of the Company or its Subsidiaries in accordance with the terms and conditions upon which such loans were made. 

Section 3.8 Rentech Guarantees. In the event that Rentech or its Affiliates (including Rentech Parent) provides any guarantee
on behalf of any of the Subsidiaries of the Company, then any advances under such guarantee shall be in the form of a senior secured loan to such Subsidiary that will be governed by the terms and conditions of a guarantee facility agreement (the
“Guarantee Facility Agreement”) with the terms and conditions consistent with those set forth on Exhibit F hereto, and such Subsidiary shall pay to Rentech or its applicable Affiliate the applicable fees set forth in the
Guarantee Facility Agreement. 

  
 16 

 Section 3.9 Liability of Members. Notwithstanding anything to the contrary
contained in this Agreement and except as otherwise required by any non-waivable provision of the Act or other applicable law: (a) no Member in its capacity as such shall be personally liable in any manner whatsoever for any debt, liability or
other obligation of the Company, whether such debt, liability or other obligation arises in contract, tort or otherwise, solely by reason of being a Member of the Company; and (b) no Member in its capacity as such shall in any event have any
liability whatsoever in excess of the following (without duplication), solely by reason of being a Member of the Company: (i) the amount of any unfulfilled unconditional obligation of such Member to make Capital Contributions to the Company,
(ii) its share of any assets and undistributed profits of the Company, and (iii) the amount of any wrongful distribution to such Member, if, and only to the extent, the return of such wrongful distribution is required by this Agreement or
by a non-waivable provision of the Act. Nothing in this Section 3.9 shall be deemed to limit a Member’s liability to the Company or to another Member in respect of any fraud by such Member, any breach by such Member of its
representations and warranties in Section 9.2 or pursuant to any express provision of this Agreement. 

Section 3.10 Initial Tranche B Loans. Prior to the Effective Date, each of Fulghum and Graanul have made loans to the Company
as set forth on the balance sheet of the Company as of April 30, 2013. Within 60 days of the Closing Date, Rentech shall make a loan to the Company in an amount that, together with the loans made by Fulghum to the Company prior to the Effective
Date, shall equal the amount of loans made by Graanul (as set forth on such balance sheet). All of such loans made by Rentech and Graanul shall be treated as Tranche B Loans under this Agreement. As soon as reasonably practicable after Rentech makes
such loan, Rentech and Graanul shall, and shall cause the Company to, prepare and enter into loan documents setting forth the terms and conditions of such Tranche B Loans, which shall be consistent with the applicable terms set forth on Exhibit
D hereto. 
 ARTICLE 4 
 DISTRIBUTIONS 
 Section 4.1 Distributions of Cash Available
for Distribution. 
 4.1.1 Generally. Except as otherwise provided in this Section 4.1,
Section 4.2, Section 4.3 and Article 8, no Member shall be entitled to receive distributions from the Company. 
 4.1.2 Interim Distributions. Except as otherwise provided in Section 4.2, Cash Available for Distribution shall be distributed to the Members (no later than 120 days after the end of
each Fiscal Year or at such other times as determined by the Requisite Managers) in proportion to their respective Percentage Interests. 
 Section 4.2 Distributions Upon Liquidation. Distributions made in conjunction with the final liquidation of the Company shall be applied or distributed as provided in Article 8.

  
 17 

 Section 4.3 Tax Distributions. No later than March 15 of each calendar
year, to the extent that by any such March 15 the Company has not otherwise made sufficient distributions pursuant to Section 4.1.2 to meet the objectives of this Section 4.3 in respect of the applicable calendar year,
the Requisite Managers shall cause a distribution to be made to each Member pursuant to Section 4.1.2 out of Cash Available for Distribution (if any) in such amount as the Requisite Managers in good faith determine (based on a single
formula determined in good faith by the Requisite Managers and to be applied for all Members) is necessary to enable such Member to discharge its United States federal, state and local income tax liabilities arising from allocations made to such
Member pursuant to Article 5 for the immediately prior calendar year. To the extent practicable and provided that the Company has Cash Available for Distribution, each as determined by the Requisite Managers in good faith (but for the
avoidance of doubt, without any obligation of the Requisite Managers to seek Capital Contributions from any Member therefor or to cause the Company to make any borrowing), during each calendar year the Requisite Managers shall (to the extent of such
Cash Available for Distribution, and provided that such Cash Available for Distribution is not otherwise being distributed to the Members at such time) establish reserves in such amount as they believe in good faith will enable the Company to make
the distributions described in this Section 4.3 in respect of each calendar year. The Requisite Managers will not be liable for any inaccuracy in the amount of such reserves, for any inaccuracy in the estimation of any Member’s
actual tax liabilities or for any failure of the reserves to be sufficient to make the full amount of any distribution provided for hereunder or to cover the full amount of a Member’s actual tax liabilities.  

Section 4.4 Withholding. The Company may withhold distributions or portions thereof if it is required to do so by any
applicable rule, regulation, or law, and each Member hereby authorizes the Company to withhold from or pay on behalf of or with respect to such Member any amount of United States federal, state, local or foreign taxes that the Board determines the
Company is required to withhold or pay with respect to any amount distributable or allocable to such Member pursuant to this Agreement. Any amount paid on behalf of or with respect to a Member pursuant to this Section 4.4 shall, at the
option of the Board: (a) be treated as having been distributed to such Member as an advance against the next distributions that would otherwise be made to such Member, and such amount shall be satisfied by offset from such next distributions,
or (b) constitute a recourse loan by the Company to such Member, which recourse loan may be in an amount up to the entire Interest of such Member (provided that recourse is limited to the actual amount of the loan) and which recourse
loan shall be repaid by such Member within 30 days after notice from the Company that such payment must be made. Each Member will furnish the Board with such information as may be requested by the Board from time to time to determine whether
withholding is required, and each Member will promptly notify the Board if such Member determines at any time that it is subject to withholding. 
 Section 4.5 Distributions in Kind. No right is given to any Member to demand or receive property other than cash as provided in this Agreement. The Requisite Managers may cause the Company to
make distributions of Company Assets in kind. Any in-kind distributions shall be valued at their fair market value as of the date of distribution and shall be made in such a fashion as to ensure that either (a) each Member receives its
proportionate share of such in-kind distributions (as determined in accordance with this Article 4) or (b) if one or more Members receives an in-kind distribution of Company Assets (as selected by the Requisite Managers), each other
Member not receiving such Company Assets shall receive its proportionate distribution (as determined in accordance with Section 8.5), in cash or in other Company Assets (as selected by the Requisite Managers). 

  
 18 

 Section 4.6 Limitations on Distributions. Notwithstanding any provision to the
contrary contained in this Agreement, neither the Company nor the Board, on behalf of the Company, shall be required to make a distribution to any Person in violation of the Act or other applicable law. 

ARTICLE 5 
 ALLOCATIONS OF NET PROFITS AND NET LOSSES 
 Section 5.1
General Allocation of Net Profits and Losses. 
 5.1.1 Generally. Net Profits and Net Losses shall be determined and
allocated with respect to each Fiscal Year or other period of the Company, (a) as of the end of such Fiscal Year or other period, (b) at such times as the Gross Asset Value of any Company Asset is adjusted pursuant to the definition
thereof, and (c) at such other times as may be required or, in the Board’s discretion, permitted pursuant to this Agreement or otherwise under the Code. Subject to the other provisions of this Agreement, an allocation to a Member of a
share of Net Profits or Net Losses shall be treated as an allocation of the same share of each item of income, gain, loss or deduction that is taken into account in computing Net Profits or Net Losses. 

5.1.2 Allocations to Capital Accounts. Subject to the other provisions of this Article 5, for purposes of adjusting the
Capital Accounts of the Members, Net Profits and Net Losses of the Company shall be allocated for each Fiscal Year or other period to the Members such that the positive balance of the Adjusted Capital Account of each Member immediately following
such allocation is, as closely as possible, equal (proportionately) to the amount of the distributions that would be made to such Member pursuant to Section 8.5 if the Company were dissolved, its affairs wound up and its assets sold for
cash equal to their Gross Asset Value, all Company liabilities were satisfied (limited with respect to each nonrecourse liability to the Gross Asset Value of the assets securing such liability), and the net assets of the Company were distributed in
accordance with Section 4.1.2 to the Members immediately after making such allocation. 
 Section 5.2
Regulatory Allocations. Notwithstanding the foregoing provisions of this Article 5, the following special allocations shall be made in the following order of priority: 

5.2.1 Minimum Gain Chargeback. If there is a net decrease in Company Minimum Gain during a Company taxable year, then each Member
shall be allocated items of Company income and gain for such taxable year (and, if necessary, for subsequent years) in an amount equal to such Member’s share of the net decrease in Company Minimum Gain, determined in accordance with Regulations
Section 1.704-2(g)(2). This Section 5.2.1 is intended to comply with the minimum gain chargeback requirement of Regulations Section 1.704-2(f) and shall be interpreted consistently therewith. 

  
 19 

 5.2.2 Member Minimum Gain Chargeback. If there is a net decrease in Member Minimum
Gain attributable to a Member Nonrecourse Debt during any Company taxable year, each Member who has a share of the Member Minimum Gain attributable to such Member Nonrecourse Debt, determined in accordance with Regulations
Section 1.704-2(i)(5), shall be specially allocated items of Company income and gain for such taxable year (and, if necessary, subsequent years) in an amount equal to such Member’s share of the net decrease in Member Minimum Gain
attributable to such Member Nonrecourse Debt, determined in a manner consistent with the provisions of Regulations Section 1.704-2(g)(2). This Section 5.2.2 is intended to comply with the partner nonrecourse debt minimum gain
chargeback requirement of Regulations Section 1.704-2(i)(4) and shall be interpreted consistently therewith. 
 5.2.3
Qualified Income Offset. If any Member unexpectedly receives an adjustment, allocation, or distribution of the type contemplated by Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of income and gain shall be allocated
to all such Members (in proportion to the amounts of their respective Adjusted Capital Account Deficits) in an amount and manner sufficient to eliminate the Adjusted Capital Account Deficit of such Member as quickly as possible. It is intended that
this Section 5.2.3 qualify and be construed as a “qualified income offset” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(d). 
 5.2.4 Limitation on Allocation of Net Losses. If the allocation of Net Losses (or items of loss or deduction) to a Member as provided in Section 5.1 hereof would create or increase an
Adjusted Capital Account Deficit, there shall be allocated to such Member only that amount of Net Losses (or items of loss or deduction) as will not create or increase an Adjusted Capital Account Deficit. The Net Losses (or items of loss or
deduction) that would, absent the application of the preceding sentence, otherwise be allocated to such Member shall be allocated to the other Members in accordance with their relative Percentage Interests, subject to the limitations of this
Section 5.2.4. 
 5.2.5 Certain Additional Adjustments. To the extent that an adjustment to the adjusted tax
basis of any Company Asset pursuant to Code Section 734(b) or Code Section 743(b) is required, pursuant to Regulations Section 1.704-1(b)(2)(iv)(m)(2) or Regulations Section 1.704-1(b)(2)(iv)(m)(4), to be taken into account in
determining Capital Accounts as the result of a distribution to a Member in complete liquidation of its Interest, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the
asset) or loss (if the adjustment decreases such basis), and such gain or loss shall be specially allocated to the Members in accordance with their Interests in the Company in the event that Regulations Section 1.704-1(b)(2)(iv)(m)(2) applies,
or to the Members to whom such distribution was made in the event that Regulations Section 1.704-1(b)(2)(iv)(m)(4) applies. 
 5.2.6 Nonrecourse Deductions. The Nonrecourse Deductions for each taxable year of the Company shall be allocated to the Members in proportion to their Percentage Interests. 

5.2.7 Member Nonrecourse Deductions. The Member Nonrecourse Deductions shall be allocated each year to the Member that bears the
economic risk of loss (within the meaning of Regulations Section 1.752-2) for the Member Nonrecourse Debt to which such Member Nonrecourse Deductions are attributable. 

  
 20 

 Section 5.3 Tax Allocations. 

5.3.1 Allocation. Except as provided in Section 5.3.2, for income tax purposes under the Code and the Regulations,
each Company item of taxable income, gain, loss, deduction and credit shall be allocated between the Members as its correlative item of “book” income, gain, loss, deduction or credit is allocated pursuant to this Article 5.

 5.3.2 Contributed Assets. Tax items with respect to Company Assets that are contributed to the Company with a Gross
Asset Value that varies from its basis in the hands of the contributing Member immediately preceding the date of contribution shall be allocated among the Members for income tax purposes pursuant to Regulations promulgated under Code
Section 704(c) so as to take into account such variation. The Company shall account for such variation under any method approved under Code Section 704(c) and the applicable Regulations as chosen by the Board in its discretion. If the
Gross Asset Value of any Company Asset is adjusted pursuant to the definition of “Gross Asset Value” herein, subsequent allocations of income, gain, loss, deduction and credit with respect to such Company Asset shall take account of any
variation between the adjusted basis of such Company Asset for federal income tax purposes and its Gross Asset Value in a manner consistent with Code Section 704(c) and the Regulations promulgated thereunder under any method approved under Code
Section 704(c) and the applicable Regulations as chosen by the Board in its discretion. Allocations pursuant to this Section 5.3.2 are solely for purposes of federal, state and local taxes and shall not affect, or in any way be
taken into account in computing, any Member’s Capital Account or share of Net Profits, Net Losses and any other items or distributions pursuant to any provision of this Agreement. 

Section 5.4 Other Tax Provisions. 
 5.4.1 Apportionment. For any Fiscal Year or other period during which any part of an Interest is Transferred between the Members or by a Member to another Person, the portion of the Net Profits,
Net Losses and other items of income, gain, loss, deduction and credit that are allocable with respect to such part of an Interest shall be apportioned between the transferor and the transferee under any method allowed pursuant to Code
Section 706 and the applicable Regulations as determined by the Board in its discretion. 
 5.4.2 Reliance on Code.
In the event that the Code or any Regulations require allocations of items of income, gain, loss, deduction or credit different from those set forth in this Article 5, the Board is hereby authorized to make new allocations in reliance on the
Code and such Regulations, and no such new allocation shall give rise to any claim or cause of action by any Member. 
 5.4.3
Excess Nonrecourse Liabilities. For purposes of determining a Member’s proportional share of the Company’s “excess nonrecourse liabilities” within the meaning of Regulations Section 1.752-3(a)(3), each Member’s
interests in Net Profits shall be such Member’s Percentage Interest. 
 5.4.4 Acknowledgement. The Members
acknowledge and are aware of the income tax consequences of the allocations made by this Article 5 and hereby agree to be bound by the provisions of this Article 5 in reporting their shares of Net Profits, Net Losses and other items of
income, gain, loss, deduction and credit for United States federal, state and local income tax purposes. 

  
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 5.4.5 Board Discretion. All matters concerning the allocations and other
determinations provided for in this Article 5 and any accounting procedures not expressly provided for in this Agreement shall be determined by the Board in its discretion pursuant to applicable laws and regulations. 

ARTICLE 6 
 OPERATIONS 
 Section 6.1 Board of Managers. 

6.1.1 Generally. The business and affairs of the Company shall be managed by or under the direction of its board of managers (the
“Board” and each member of the Board, a “Manager”). The members of the Board shall be “managers” within the meaning of Section 18-101(10) of the Act. Subject to Sections 6.2.2 and except as
otherwise expressly provided in this Agreement or by non-waivable provisions of the Act, (a) all decisions, determinations, actions, approvals or consents relating to the management and control of the conduct of the business of the Company and
its affairs shall be made by the Board and (b) the Board shall have the sole power and authority to bind the Company, except and to the extent that such power is expressly delegated in writing to any other Person by the Board (including through
the appointment of Officers). Notwithstanding any contrary provision of this Agreement, the Board shall have no authority to knowingly perform any act that would subject any Member (in its capacity as a Member of the Company) to liability for the
debts, liabilities or obligations of the Company. The Members shall instruct the Managers appointed by them to comply and act in accordance with the terms and conditions of this Agreement in order to procure due and timely adoption of required
resolutions and granting of necessary approvals contemplated by this Agreement. Any breach of obligations by a Manager under this Agreement shall be deemed to be a breach of this Agreement by the relevant Member who has appointed the breaching
Manager. 
 6.1.2 Initial Composition of the Board. The Board shall initially consist of five Managers. The number of
Managers comprising the Board shall be increased or decreased in accordance with Section 6.l.3 or as otherwise determined by the Requisite Managers. Initially, three Managers (the “Rentech Managers”) shall be designated
by Rentech, and two Managers (the “Graanul Managers”) shall be designated by Graanul. A list of the Rentech Managers and the Graanul Managers as of the Closing Date is set forth on Exhibit B hereto. Rentech or its designee
shall have the right to remove any of the Rentech Managers from the Board at any time, and to fill any vacancy arising from time to time with respect to any of the Rentech Managers. Graanul or its designee shall have the right to remove any of the
Graanul Managers from the Board at any time, and to fill any vacancy arising from time to time with respect to any of the Graanul Managers. If either Rentech or Graanul fails to designate any of the Managers it has the right to designate, then such
seat on the Board shall be vacant. 

  
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 6.1.3 Changes to Composition of the Board. 

(a) Following the Effective Date, if Rentech or Graanul (together with its respective Affiliates) ceases to hold at least
50%, but continues to hold at least 20%, of the total Interests in the Company, then, at such time, Rentech or Graanul, as applicable (together with its respective Affiliates) shall have the right to designate only one Manager to the Board and
Rentech or Graanul, as applicable, shall within five business days of such time deliver written notice to the Board and the other Member of each other Manager it elects to remove from the Board. If Rentech or Graanul, as applicable, does not timely
deliver such written notice, the other Member shall have the right, by written notice to the Board and the first Member, to determine which Manager(s) shall be removed from the Board so that only one Manager designated by the first Member remains on
the Board. Upon such removal, the number of Managers comprising the Board shall be decreased by the number of Managers that have been so removed. 
 (b) Following the Effective Date, if any Member (together with its Affiliates) ceases to hold at least 20% of the total Interests in the Company, then, at such time, such Member (together with its
Affiliates) shall cease to have any right to designate any Manager to the Board, and any Manager previously designated by such Member automatically without any further action of any Person shall be removed from the Board. Upon such removal, the
number of Managers comprising the Board shall be decreased by the number of Managers that have been so removed. 
 6.1.4
Resignation of Managers. Any Manager may resign at any time by giving written notice to the Company. The resignation of a Manager who is also a Member shall not affect such individual’s rights as a Member and shall not constitute a
resignation or withdrawal of a Member. 
 6.1.5 Non-Participation of Members. Except as otherwise expressly provided in
this Agreement (including pursuant to Section 6.2.2) or as the Board may delegate in writing, the Members (in their capacity as such) shall not participate in the management of the Company, and shall have no right, power or authority to
act for or on behalf of, or otherwise bind, the Company. Except as expressly provided in this Agreement (including pursuant to Section 6.2.2) or required by any non-waivable provisions of applicable law, the Members (in their capacity as
such) shall have no right to vote on or consent to any other matter, act, decision or document involving the Company or its business. No Member shall take any action in the name of or on behalf of the Company, including assuming any obligation or
responsibility on behalf of the Company, unless such action, and the taking thereof by such Member, shall have been expressly authorized by the Board in writing or shall be expressly and specifically authorized by this Agreement. 

  
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 Section 6.2 Approvals. 

6.2.1 Generally. Subject to Sections 6.2.2, and unless otherwise provided in this Agreement and subject to applicable law,
any decision, action, approval or consent required or permitted to be taken (a) by the Board, may be taken by the Board only by (i) the affirmative vote of all of the Requisite Managers, at a meeting of the Board where all of the Requisite
Managers are present in person or (ii) without such meeting, by written consent of all the Requisite Managers setting forth the action so taken, and (b) by the Members, may be taken by the Members only by (i) the affirmative vote of
the Members holding, in the aggregate, 60% of all Interests, at a meeting of the Members where each Member is present in person or (ii) without such meeting, by written consent of the Members holding, in the aggregate, 60% of all Interests,
setting forth the action so taken. For purposes of this Section 6.2.1, a Person shall be deemed to be present in person if such Person is present by means of telephone, video-conferencing or any comparable arrangement. Unless waived by
all the members of the Board, at least 7 days prior notice shall be required for any meeting contemplated by the first sentence of this Section 6.2.1. Upon approval by the all of the Requisite Managers, the matter that has been approved
shall be deemed to have been approved by the Board. Unless otherwise authorized by the Board and subject to applicable law, in addition to any approval required by the governing documents of such Subsidiary, any decision, action, approval or consent
required or permitted to be taken by a Subsidiary of the Company must be approved by the Board of the Company. 
 6.2.2
Requisite Member Consent. Notwithstanding anything in this Agreement to the contrary, the Company shall not, and shall not permit any of its Subsidiaries to, without the affirmative vote or written consent of all the Requisite Members:

 (a) merge or consolidate with any Person; 

(b) wind up, dissolve or liquidate; 

(c) make any material change to the business purpose of the Company or its Subsidiaries as set forth in
Section 1.4; 
 (d) amend the Certificate or this Agreement; or 

(e) commence any action for a voluntary petition in bankruptcy of the Company. 

6.2.3 Annual Business Plan. 
 (a) Within 60 days of the Closing Date, and with respect to the Company’s 2014 Fiscal Year and each Fiscal Year thereafter, at least 45 days prior to the beginning of each Fiscal Year, the
Company’s Officers will submit a proposed annual business plan and operating budget for the Company and its Subsidiaries for the upcoming year (the “Proposed Business Plan”) to the Board for review and revision, and for
approval by the Board. The Board shall review the Proposed Business Plan and provide the Officers with any comments or objections, in reasonably detail, within 20 days after receipt of the Proposed Business Plan. The Board shall then use good faith
efforts to reach an agreement on the Proposed Business Plan prior to January 1. 

  
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 (b) If the Board does not approve the Proposed Business Plan by
January 1, the Board may elect to approve certain portions of such Proposed Business Plan that are not in dispute, in which case the approved portions shall become effective on January 1. The prior Annual Business Plan shall govern with
respect to all other items in dispute pending resolution by the Board of such items, with increases in each line item equal to the increase in the CPI from the first day of the prior Fiscal Year to the first day of the current Fiscal Year (excluding
any non-recurring expenses), and the Board agrees to continue to use good faith efforts to reach agreement with respect to such items.  
 (c) Each Proposed Business Plan approved by the Board is referred to herein as the “Annual Business Plan.” No material amendments or other changes to the Annual Business Plan shall be
made and no material departure from the Annual Business Plan shall be made without the affirmative vote or written consent of the Board. 
 (d) To the extent consented to by each of the Members, each Annual Business Plan shall provide for each of the Member’s funding commitments to the Company (which shall be divided between the Members
pro rata in accordance with their respective Percentage Interests) to cover day-to-day expenses and costs of the Company and its Subsidiaries that are not directly related to any of the Approved Projects of the Company or its Subsidiaries
(e.g. salary costs, accounting costs and other similar costs). 
 Section 6.3 Remuneration and Reimbursement. No
Manager shall be entitled to receive fees or other compensation from the Company for its services as a Manager, unless otherwise determined by the Board. Each Manager shall be entitled to reimbursement from the Company for all reasonable
out-of-pocket costs and expenses incurred by such Manager in connection with discharging any of his duties as a Manager upon submission to the Company of appropriate receipts or other evidence of payment. 

Section 6.4 Appointment of Officers. Subject in each case to prior approval by the Board, Rentech or its designee may
appoint, from time to time, one or more individuals to manage the day-to-day business affairs of the Company (each, an “Officer”) and may assign titles to such Officers as the Board may deem necessary or advisable. Any Officer
appointed pursuant to this Section 6.4 may be removed from office by the Board and shall be removed if so requested by any of the Members (in each case acting reasonably, submitting such request in writing with reasonably detailed
support for such request). Each Member shall procure that the Managers appointed by such Member shall vote in favour of appointing and removing the Officers (as applicable) as requested by the Members. Each Officer shall have such powers, authority
and responsibilities as are delegated in writing by the Board from time to time, subject to any approval required pursuant to Section 6.2. To the extent delegated by the Board, the Officers shall have the authority to act on behalf of,
bind and execute and deliver documents in the name and on behalf of the Company. The Board may designate such other Persons to act as agents of the Company’s business as the Board shall determine in its sole discretion, and the actions of such
other Persons taken in such capacity and in accordance with this Agreement shall bind the Company. 
 Section 6.5
Reliance by Third Parties. Any Person dealing with the Company, the Board or any Officer may rely upon a certificate signed by the Board or any Officer as to: 
 6.5.1 The identity of the Managers, any Member or any Officer; 

  
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 6.5.2 The existence or non-existence of any fact or facts which constitute a condition
precedent to acts by the Board or Officers or in any other manner germane to the affairs of the Company; 
 6.5.3 The Persons who
are authorized to execute and deliver any instrument or document for or on behalf of the Company; or 
 6.5.4 Any act or
failure to act by the Company or as to any other matter whatsoever involving the Company, the Board, any Member or any Officer (in each case in relation to this Agreement or the business of the Company). 

Section 6.6 New Mill Projects. 
 6.6.1 Exclusivity; Notice of New Mill Projects; Termination. 
 (a) During the Exclusivity Period, each of Rentech, Rentech Parent and Graanul shall not, and shall cause its respective Affiliates not to, construct any New Mill Project in the Restricted Area, unless
Rentech, Rentech Parent or Graanul, as applicable, first offers the Company the opportunity to construct and own such New Mill Project in accordance with the terms of this Section 6.6.1. If at any time during the Exclusivity Period
Rentech, Rentech Parent, Graanul or any of their respective Affiliates intends to construct such a New Mill Project in the Restricted Area, Rentech, Rentech Parent or Graanul, as applicable (the “Proposing Member”) shall deliver
written notice of such intent (a “New Mill Notice”) to the Board and the other Member (i.e., Graanul or Rentech) (the “Non-Proposing Member”), which shall describe the New Mill Project in reasonable detail.
The relevant New Mill Notice shall be provided by the Proposing Member as soon as reasonably possible (i.e. in the initial stages of any new Wood Pellet Mill projects) in order to allow the Non-Proposing Member and the Company to be involved in any
potential new project from its beginning. Rentech shall be deemed to have provided a New Mill Notice as of the Effective Date to the Board and the Non-Proposing Member in compliance with this Section 6.6.1 with respect to each New Mill
Project set forth on Exhibit C hereto under the heading “Proposed New Mill Projects”. 
 (b)
Upon delivery of a New Mill Notice, the Proposing Member shall promptly provide the Board and the Non-Proposing Member with information in its possession reasonably requested by the Board and the Non-Proposing Member relating to the New Mill
Project. Provided that the Non-Proposing Member elects to conduct such due diligence, the Members shall cause the Company to facilitate the due diligence of the New Mill Project by the Members, including by retaining reputable third advisors to
assist in such due diligence, which shall include an investigation of the following for the New Mill Project: (i) raw material availability, prices, pricing and long term pricing trends; (ii) logistical solutions and costs of alternatives;
(iii) calculation of greenhouse gas emission savings and an overview of the sustainability of feedstock; and (iv) long-term pricing of the Wood Pellets in the offtake market. With the consent of Rentech and Graanul, such due diligence may
be conducted by the Company. All out-of-pocket costs related to such due diligence shall be paid by the Company (or reimbursed by the Company to the Members after presentation of reasonable supporting documentation). 

  
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 (c) Upon the delivery to the Board and the Non-Proposing Member of a New
Mill Notice and after completion of the due diligence of the New Mill Project by the Company (which, in the case of the proposed New Mill Projects described on Exhibit C hereto, shall not exceed 45 days after the Closing Date), the Company
(acting through a Project Entity) will, for a period of 60 days from the date of completion of such due diligence process, have a right of first refusal, to be exercised by the Non-Proposing Member, to participate in the ownership of such New Mill
Project. A Non-Proposing Member may elect to cause the Company (acting through a Project Entity) to participate in the ownership of the New Mill Project (an “Approved Project”) by delivering written notice (an “Acceptance
Notice”) to the Board and the Proposing Member of such election during such 60-day period. If the Non-Proposing Member timely delivers such Acceptance Notice, the Company shall be deemed to have accepted the Approved Project and the Members
and the Board shall cause one of the Company’s Subsidiaries (as applicable, the “Project Entity”) to construct such New Mill Project as soon as practicable. If the Non-Proposing Member does not on behalf of the Company deliver
an Acceptance Notice within the 60-day period, the Proposing Member shall have the right to construct and own such New Mill Project independently and none of the Company, its Subsidiaries, any other Member or any Affiliate of the foregoing
shall have any interest therein or claim thereto. The New Mill Projects listed under the heading “Approved Projects” in Exhibit C hereto shall be deemed to be Approved Projects as of the Effective Date. 

(d) Upon approval of a New Mill Project by the Non-Proposing Member, the Proposing Member shall be entitled to
reimbursement from the Company for the reasonable and necessary direct and out-of-pocket costs and expenses incurred by such Proposing Member in respect of the New Mill Project prior to the time it becomes an Approved Project in accordance with this
Agreement. In connection with providing a New Mill Notice in accordance with the preceding provisions, the Proposing Member shall provide the Company and the Non-Proposing Member with reasonable documentation in support of the amount of such costs
and expenses. Concurrently with the delivery of an Acceptance Notice, each Member shall make a Tranche B Loan to the Company in an amount equal to one-half of the amount of such costs and expenses, and the Members shall cause the Company or the
Project Entity that takes ownership of the applicable New Mill Project to reimburse the Proposing Member for the full amount of such costs and expenses. If the Non-Proposing Member does not timely make such Tranche B Loan, then the applicable New
Mill Project shall be deemed not to be an Approved Project and the Proposing Member shall have the right to construct and own such New Mill Project independently and none of the Company, its Subsidiaries, any other Member or any Affiliate of the
foregoing shall have any interest therein or claim thereto. 

  
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 (e) The obligations of Rentech, Rentech Parent and Graanul under this
Section 6.6.1 shall terminate upon the expiration of the Exclusivity Period. From and after such time, neither Rentech, Rentech Parent, Graanul nor their respective Affiliates shall have any obligation to offer the Company, its
Subsidiaries, any Member or any Affiliate of the foregoing the opportunity to participate in the construction or ownership of a New Mill Project (other than an Approved Project) and no such Person shall have any interest therein or claim thereto.

 6.6.2 Financing of New Mill Projects. 

(a) After a New Mill Project becomes an Approved Project under Section 6.6.1(c), from time to time and in a
manner that promptly meets the funding requirements of the Approved Project, the Members shall cause the Board to establish one or more budgets and funding schedules with respect to such Approved Project (each, a “Project Budget”),
each of which may address a sequential stage of the development of the Approved Project depending on the information available to the Board and the funding needs for such Approved Project at the time of such approval. Each Project Budget may provide
for funding by each Member (or, at such Member’s election, an Affiliate thereof reasonably acceptable to the other Members) (collectively, the “Funding Parties” and each, a “Funding Party”). If a funding
schedule included in a Project Budget provides for funding by a Funding Party, such funding schedule shall constitute a binding commitment for such Funding Party to contribute capital to the Company (or, in the case of a Tranche A Loan, to the
Project Entity) pursuant to such funding schedule. Each Member shall be responsible for any breach of the foregoing by any Affiliate of such Member that is a Funding Party. The funding schedule included in a Project Budget for each Approved Project
shall require that the amount of funding contemplated by such funding schedule shall be financed (i) 50% by a senior secured loan provided to the Project Entity by Rentech Parent (the “Tranche A Loan”), or at Rentech
Parent’s option, by a senior loan from an independent third-party financial institution (if available) on terms acceptable to the Project Entity as determined by the Board, (ii) 25% by a member loan provided to the Company by Rentech and
(iii) 25% by a member loan provided to the Company by Graanul (financing under items (ii) and (iii), together, the “Tranche B Loan”), provided that any or all of such Tranche B Loans may be replaced by Capital
Contributions if approved by both Members. The Company shall contribute the proceeds from a Tranche B Loan to the applicable Project Entity in the form of equity or subordinated debt in the Project Entity as determined by the Board. Each Tranche A
Loan made by Rentech Parent, and each Tranche B Loan, shall be made available on customary, arms-length market terms and conditions that are, in any event, consistent with the terms and conditions set forth on Exhibit D hereto. As soon as
reasonably practicable following the approval of a Project Budget for an Approved Project, the Members shall, and shall cause the Project Entity or the Company, as applicable, to prepare and enter into the loan documents setting forth the terms and
conditions of the applicable Tranche A Loan and Tranche B Loan. The loan documents governing the Tranche A Loan and Tranche B Loan shall remain in force and effect until all Tranche A Loans and Tranche B Loans have been repaid in full (except as
otherwise provided under such loan documents or with the consent of the lenders under such loans). 

  
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 (b) The Tranche A Loan shall be always made available directly to the
applicable Project Entity and shall be secured by first priority Liens on all of the assets and the Equity Interests of the Project Entity that is the borrower thereunder, whether made by Rentech Parent or by a third party lender (as applicable, the
“Tranche A Lender”). The Tranche A Lender shall have no recourse towards the Company (except in respect of the Equity Interest of the Project Entity). Rentech Parent shall have a binding commitment to make the Tranche A Loan
available to the Project Entity in respect of an Approved Project on the basis of the relevant Project Budget and on terms specified in Exhibit D hereto. All decisions concerning the exercise of rights of the Tranche A Lender in its capacity
as such shall be made solely by the Tranche A Lender (including a declaration of a default, an acceleration of loans or enforcement of rights against collateral), provided that, if Rentech Parent is the Tranche A Lender, then the exercise of
such rights shall be subject to Graanul’s Debt Purchase Right (as provided below). The Members agree that they shall use reasonable efforts to identify opportunities to refinance the Tranche A Loans on market terms and conditions. Should such a
refinancing be available to a Project Entity on more favorable terms than those contemplated in Exhibit D hereto, neither of the Members shall vote against or otherwise unreasonably hinder such refinancing. 

(c) The Tranche B Loan shall be made under a syndicated facilities agreement on terms specified in Exhibit D. Both
lenders under the Tranche B Loan shall have equal rights and obligations under the Tranche B Loan agreement(s) (any repayment of the Tranche B Loans shall be made to Graanul and Rentech on a pro rata basis based on the outstanding principal
amount of Tranche B Loans). Actions taken by the Tranche B Lenders shall require an affirmative vote of holders of two-thirds of the outstanding principal amount of the Tranche B Loans. To the maximum extent feasible under applicable laws and
regulations, capital for the purpose of financing the Company’s investment in any New Mill Projects shall be advanced to the Company in the form of Tranche B Loans (and not in the form of Capital Contributions). The Company will use the
proceeds of Tranche B Loans or other capital to finance the Project Entities in such forms as the Board determines, for example, as subordinated loans under separate intra-group loan agreements (the “Subordinated Project Loans”). If
requested by any of the Members, the Subordinated Project Loans shall be secured by second-priority Liens on the applicable Project Entity’s assets; provided, however, that such Liens do not worsen the security position of the
Tranche A Lender (i.e. the lender under the Subordinated Project Loans shall not be permitted to enforce its rights or require foreclosure on the security and such actions shall be at the direction of the Tranche A Lender). 

(d) In the event that the Tranche A Loans are provided by Rentech Parent or any of its Affiliates, any available cash of a
Project Entity (if any), after satisfaction of all due and payable obligations of the relevant Project Entity (excluding due and payable outstanding obligations for debt service on Tranche A Loans or Tranche B Loans), at the end of each year, shall
be applied, (i) first, to debt service payments on the relevant Tranche A Loan owing at the end of such year, (ii) second, to a debt service reserve so that the debt service reserve equals in total a maximum of six months’ scheduled
debt service on the relevant Tranche A Loan, (iii) third, one-half of the remaining available cash to the repayment of the relevant Tranche A Loan, and (iv) fourth, the other one-half of the remaining available cash to the repayment of any
Subordinated Project Loan or, if all such Subordinated Project Loans have been repaid, to distributions to the Company. 

  
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 (e) In the event that the Tranche A Loans are provided by a third party
(i.e., not a Member or an Affiliate thereof), (i) repayment of the Subordinated Project Loans or distributions in respect of Equity Interests by the Project Entity to the Company (and, thus, repayment of the Tranche B Loans and distributions in
respect of Equity Interests by the Company to the Members) shall be subject to restrictions to be agreed with the third party lender and (ii) any repayment of the Tranche B Loans shall be made to Graanul and Rentech on a pro rata basis
based on the outstanding principal amount of Tranche B Loans held by such Members. If any part of the Subordinated Project Loans remains outstanding after a refinancing, then the Company shall consent to the subordination of the Subordinated Project
Loans to any senior debt provided by a third party (i.e., not a Member or an Affiliate thereof). If requested by the applicable third party lenders, the Company shall execute subordination agreements in form and substance satisfactory to such
lenders to give effect to the foregoing. 
 (f) In the event any Member fails to make a Capital Contribution or
to fund a Tranche B Loan in accordance with a funding schedule in a Project Budget (the amount of such funding failure, the “Capital Shortfall”), the Company promptly shall notify each Member of such failure in writing. Immediately
upon such funding failure, the non-defaulting Member shall be permitted to fund such Capital Shortfall to the Company. However, the defaulting Member shall be entitled to remedy its funding failure by paying within 30 days after occurrence of such
funding failure event (i) to the Company, such Capital Shortfall (and, if the non-defaulting Member has already funded the Capital Shortfall, the Company shall distribute the Capital Shortfall it received from the defaulting Member to the
non-defaulting Member), (ii) to the non-defaulting Member, penalty interest calculated at the rate of 2% per month of such Capital Shortfall funded by the non-defaulting Member since the occurrence of the funding failure, and (iii) to
the non-defaulting Member, the amount of all costs, expenses, fees and taxes incurred by the non-defaulting Member in connection with such failure. If the defaulting Member so remedies its breach, the defaulting Member shall be deemed to have made
the relevant Capital Contribution or Tranche B Loan in accordance with this Agreement. If such failure is not cured as provided above, then the non-defaulting Member shall have the right to fund all future Capital Contributions in respect of such
Approved Project (and the defaulting Member no longer shall have the right to fund any such Capital Contributions), and any and all such Capital Contributions thereafter made by the non-defaulting Member in respect of such Approved Project may be
made, at the option of the non-defaulting Member, in the form of additional Tranche B Loans or Capital Contributions. Such Capital Contributions shall be made for Units at a price per Unit equal to (i) the Applicable Price per Unit multiplied
by (ii) the Discount Factor. If such Tranche B Loans are made, the Company shall be required to repay to the non-defaulting Member an amount equal to (A) the aggregate principal amount of such Tranche B Loan, times (B) the Gross-Up
Factor. 

  
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 (g) In the event that Rentech, Rentech Parent or a Funding Party that is an
Affiliate thereof fails to fund a Tranche A Loan in accordance with a funding schedule in a Project Budget (the amount of such funding failure, the “Tranche A Loan Shortfall”), the Company promptly shall notify the Members of such
failure in writing. If such failure is not cured within 10 days after the funding failure, then Graanul or a Funding Party that is an Affiliate thereof shall have the right to fund all future Tranche A Loans in respect of such Approved Project (and
Rentech, Rentech Parent or their affiliated Funding Parties no longer shall have the right to fund any such loans). If Graanul or its affiliated Funding Parties elect to fund future Tranche A Loans as provided in the preceding sentence, such party
shall fund the aggregate principal amount of such future loans as provided under the applicable funding schedule for the Approved Project. In such case, Rentech Parent shall (or in case its Affiliate acts as a Funding Party, Rentech shall secure
that its Affiliate shall) enter into a security sharing agreement and other related agreements with Graanul (or its relevant Affiliate) in order to procure that the Tranche A Loan Shortfall and any subsequent fundings of Tranche A Loans, as funded
by Graanul or its Affiliate, is duly secured as a senior debt on a pro rata basis with the Tranche A Loans funded by Rentech Parent or its Affiliates. Further, in case of a funding failure in respect of Tranche A Loans, the defaulting Tranche
A Lender shall lose its right to exercise any and all lender’s rights under the Tranche A Loan documentation solely and such rights shall be thereafter exercised jointly with the non-defaulting Member. For each such loan, the Project Entity
that is the borrower under such loans shall be required to repay to the non-defaulting Funding Party an amount equal to (i) the aggregate principal amount of such loans, times (ii) the Gross-Up Factor. 

(h) In the event that the funding for an Approved Project provided under a funding schedule for the applicable Project
Budget is insufficient to complete the development stage of the Approved Project contemplated by such funding schedule, then the Members shall have the right to fund such shortfall on a pro rata basis based on the respective percentage of
aggregate Capital Contributions and Tranche B Loans made by the Members at such time (which funding, at the election of such Member, may be made by a Funding Party that is an Affiliate thereof). The Board shall determine the funding schedule for
such shortfall and whether such shortfall shall be funded through Capital Contributions or Tranche B Loans by the Funding Parties. If a Member desires to make a Capital Contribution to fund such a shortfall, but the other Member does not, then the
funding Member shall be entitled to make such Capital Contribution to the Company at the Applicable Price per Unit at such time (subject to Section 6.6.2(f)), provided that, in no event shall the amount of such funding exceed 25%
of the aggregate amount of funding required to be provided under a funding schedule for the applicable Project Budget unless consented to by each of the Members. If a Funding Party desires to make a Tranche B Loan to fund such a shortfall, but the
other Funding Parties do not, then the Funding Party shall be entitled to make such Tranche B Loan to the Company (subject to Section 6.6.2(g)), provided that, in no event shall the amount of such funding exceed 25% of the
aggregate amount of funding required to be provided under a funding schedule for the applicable Project Budget unless consented to by each of the Members. 

  
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 (i) In the event that Rentech Parent is the Tranche A Lender and intends to
enforce the right to accelerate the Tranche A Loan, terminate the facility agreement governing the Tranche A Loan due to default by the borrower or foreclose on the collateral securing the Tranche A Loan, Rentech Parent shall first provide written
notice of such intent to Graanul (the “Enforcement Notice”), and Graanul shall, within 30 days of receipt of the Enforcement Notice, provide a written response (the “Enforcement Response”) stating that Graanul
(i) consents to such exercise of rights by Rentech Parent, or (ii) irrevocably and unconditionally agrees to purchase all of the Tranche A Loans held by Rentech Parent or an Affiliate thereof with respect to the applicable Approved Project
at a price equal to the aggregate principal amount and accrued and unpaid interest of such Tranche A Loans within 60 days of delivery of the Enforcement Response (the “Debt Purchase Right”). Upon a purchase of the Tranche A Loans
pursuant to the Debt Purchase Right, Graanul shall assume any guarantee obligations of Rentech and/or its Affiliates with respect to such Approved Project as described in Section 3.8 above. Rentech Parent, Rentech, their Affiliates and
Graanul shall execute such documents and other instruments reasonably necessary to give effect to such assumption and transfer of any and all collateral securing the Tranche A Loans. If Graanul does not deliver the Enforcement Response within 30
days of delivery of any Enforcement Notice or fails to purchase all of the Tranche A Loans of Rentech Parent and its Affiliates with respect to such Approved Project pursuant to the Debt Purchase Right within 60 days of delivery of the Enforcement
Response, Graanul shall be deemed to have consented to the enforcement actions described in such Enforcement Notice, and its Debt Purchase Right with respect to such New Mill Project shall cease. 

6.6.3 Wood Processing Services. In the event that a Project Entity engages Rentech or any of its Affiliates to provide Wood
Processing Services with respect to an Approved Project, Rentech or such Affiliate shall provide such Wood Processing Services for a fee equal to the fair market value of such Wood Processing Services as agreed between Rentech and the applicable
Project Entity based on an arms-length negotiation, and on terms no less favorable to the Project Entity than to any other similarly situated customer of Rentech or such Affiliate from time to time. 

6.6.4 EPC Services. In the event that a Project Entity proceeds with an Approved Project, Graanul shall provide EPC Services for
the Approved Project for compensation limited to its direct costs, both internal and external (but without allocation of overhead or a profit component), incurred in providing such services and acquiring the necessary equipment for such
construction. 
 6.6.5 Wood Pellet Production. 

(a) All Wood Pellets produced by an Approved Project shall be sold and marketed through the Project Entity for such
Approved Project. However, in the event that an Approved Project is unable to produce sufficient Wood Pellets to meet the requirements of any applicable Offtake Agreement on a timely basis, Graanul shall support or cause its applicable Affiliates to
support such Approved Project, subject to available free resources of Graanul and its Affiliates, and use its reasonable efforts to sell Wood Pellets meeting the requirements of the applicable Offtake Agreement to the applicable Project Entity at
market rates in the amount of such shortfall (provided that such quantities are available and it is practicable to sell and deliver such quantities to the Project Entity). If Graanul or its Affiliates are required to apply their reasonable efforts
to support the sales of a Project Entity in accordance with the preceding sentence, Graanul and its Affiliates shall allocate such Wood Pellets to the Project Entity in quantities and at prices that are no less favorable to the Project Entity than
to other similar overseas customers of Graanul and its Affiliates. 

  
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 (b) In the event that an Approved Project produces more Wood Pellets than
reasonably needed to meet the foreseeable requirements of any applicable Offtake Agreement, Graanul, on behalf of the applicable Project Entity shall sell, or cause its Affiliates to sell, such excess Wood Pellets at the market rate then available,
and Graanul shall promptly remit to the Project Entity all revenues from the sale of such Wood Pellets net of its reasonable, documented direct costs to handle and sell such Wood Pellets. If Graanul or its Affiliates are required to sell Wood
Pellets on behalf of the Project Entity in accordance with the preceding sentence, Graanul and its Affiliates shall sell such Wood Pellets to third parties in quantities and at prices that are no less favorable to the Project Entity than to Graanul
and its Affiliates for other sales of their own Wood Pellets. 
 6.6.6 Initial Public Offering. 

(a) In the event that Rentech Parent intends to commence a firm commitment, initial public offering on a registration
statement on Form S-1 or its equivalent under the Securities Act (an “Initial Public Offering”) by a Subsidiary of Rentech Parent that owns or, that upon consummation of a sale pursuant to this Section 6.6.6 will own, a
Wood Pellet Mill (the “Public Entity”), Rentech shall provide written notice thereof to Graanul at least 30 days prior to the filing of such registration statement with the Securities and Exchange Commission. Rentech shall not be
required to include any information in such written notice if it determines in good faith that inclusion of such information would violate applicable law or the rules and regulations of the Securities and Exchange Commission. 

(b) Upon delivery of such written notice, Rentech and Graanul, acting jointly, may (but shall not be obligated to) cause
any Project Entity, without the consent of the Board or any other Member, to offer for sale or contribution its or their Equity Interests in the Project Entity that owns an Approved Project to such Public Entity (either before or after the
consummation of the Initial Public Offering) for such consideration and on such terms as shall be determined by the Board. Until the end of the Exclusivity Period, if the Board cannot agree on the consideration to be received from the Public Entity
for the offered Equity Interests, such consideration shall equal the Appraised Price plus warrants exercisable for common units representing limited partner interests (or an equivalent class of Equity Interests) of the Public Entity (the
“Public Entity Warrants”). The “Appraised Price” means the average of the fair market values of the Equity Interests in the applicable Project Entity as determined by (i) a good faith appraisal made by an
appraiser selected by Rentech and (ii) a good faith appraisal made by an appraiser selected by Graanul, provided that if the difference between the respective fair market values determined by such appraisals is more than 15%, a third
appraisal shall be performed in good faith by an appraiser mutually agreed between Rentech and Graanul and the offering price shall be determined by excluding the appraisal with the largest difference in fair market value from the average fair
market value of the three appraisals and then averaging the two remaining appraisals. 

  
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 (c) The Public Entity Warrants shall have the following terms
(i) (A) if the closing of the Initial Public Offering has not occurred at the time of the applicable sale or contribution of Equity Interests to the Public Entity, an expiration date of six months following the closing date of the Initial
Public Offering or (B) if the closing of the Initial Public Offering has occurred at such time, an expiration date of six months following the date of such sale or contribution of Equity Interests to the Public Entity, (ii) an exercise
price per common unit equal to (A) if the closing of the Initial Public Offering has not occurred at the time of the applicable sale or contribution of Equity Interests to the Public Entity, the price per common unit of the Public Entity to the
public in the Initial Public Offering or (B) if the closing of the Initial Public Offering has occurred at such time, the trailing 15 day volume weighted average price of a common unit of the Public Entity on the stock exchange on which such
common units are traded (which public exchange is expected but is not required to be the New York Stock Exchange or the NASDAQ Stock Market), and (iii) the aggregate exercise price of the Public Entity Warrants shall be equal to the Appraised
Price at which such Equity Interests were sold or contributed to such Public Entity. The Public Entity Warrants shall contain such other terms and conditions as are contained in the form thereof attached hereto as Exhibit E hereto. Any such
Public Entity Warrants shall be distributed to the Members on a pro rata basis based upon their respective Percentage Interests so that each Member may decide for itself when and how to exercise such Public Entity Warrants. Notwithstanding
the foregoing, in the event legal and/or tax counsel to the Company or the Members advise the Members that a warrant is not the optimal security to utilize in order to maximize value, limit adverse tax impacts and generally comply with the
partnership requirements of, or take into account federal income tax considerations related to, a typical master limited partnership, then the Members shall in good faith negotiate an alternative structure that provides for a substantially similar
outcome to the Members. In addition, the parties hereto contemplate that in connection with the exercise of any Public Entity Warrants, the Members shall take into account Regulations Sections 1.704-1(b), 1.721-2 and 1.761-3 relating to a
“noncompensatory option” as defined in Regulations Section 1.721-2. 
 (d) For the avoidance of
doubt, the parties hereto acknowledge and agree that the Public Entity shall not be obligated to accept for purchase any Equity Interests offered for sale or contribution in accordance with this Section 6.6.6. Such determination shall be
made by the Public Entity through the board of directors or the conflicts committee of the general partner of the Public Entity, or other appropriate body of the Public Entity, in its discretion. 

(e) Each of Graanul and Rentech shall be permitted to sell the Equity Interests it holds in a Person that owns a Wood
Pellet Mill or other assets that generate “qualifying income” under Section 7704(d) of the Code (other than a Project Entity, but including an Acquired Entity) in exchange for Equity Interests in the Public Entity or cash,
provided that a sale price for such Equity Interests (and the form of consideration) and other terms of the sale can be agreed between the Public Entity and Graanul or Rentech, respectively. 

  
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 Section 6.7 Existing Mills. 

6.7.1 Acquisition Notice. In the event that Rentech, Rentech Parent, Graanul or any Affiliate thereof desires to acquire directly
or indirectly any Existing Mill in the Restricted Area, Rentech (or Rentech Parent, if applicable) or Graanul, as applicable (the “Acquiring Member”) shall deliver written notice (an “Acquisition Notice”) to the
other Member offering the other Member the opportunity to acquire 50% (but not less than 50%) of the Equity Interests of the Person that owns, or upon such acquisition will own, such Existing Mill (an “Acquired Entity”) on the
same terms and conditions as the Acquiring Member or its Affiliate. An Acquisition Notice shall set forth all terms and conditions of the contemplated transaction and information concerning the Existing Mill and the Acquired Entity; the Acquiring
Member also shall deliver or make available to the other Member all due diligence results and other material information available to the Acquiring Member relating to the Existing Mill. The Acquiring Member shall provide notice as soon as reasonably
possible (i.e. in the early stages of the proposed acquisition of an Acquired Entity) in order to allow the other Member to be involved in the analysis and diligence of such an acquisition from its early stages; provided that all such notice
requirements apply only during the Restricted Period, and are subject to the provisions of Section 6.10. Upon receipt of such Acquisition Notice from the Acquiring Member, the other Member may accept the offer by delivering written
notice (a “Purchase Notice”) to the Acquiring Member of such acceptance, provided that the Purchase Notice must be delivered at the earlier of (i) 30 days after completion of satisfactory due diligence in respect of the
relevant Existing Mill (including commercial due diligence covering aspects specified in Section 6.6.1(b), and environmental, technical and legal due diligence) (which due diligence period shall not exceed 90 days after the delivery of
the Acquisition Notice) and (ii) 10 business days before the end of any exclusivity period agreed to by the Acquiring Member and the owner of the Existing Mill. Upon delivery of the Purchase Notice to the Acquiring Member, the other Member
irrevocably shall be committed to complete the acquisition of the offered Equity Interests within 60 days as of delivery of the Purchase Notice as set forth in Section 6.7.2 (subject only to the conditions set forth in the Acquisition
Notice and the terms of the following sentence). In the event that the terms and conditions of the acquisition of such Existing Mill changes materially from those set forth in the Acquisition Notice, the Acquiring Member promptly shall deliver a new
Acquisition Notice to the other Member, and the other Member shall have the right to elect to deliver a new Purchase Notice in accordance with the preceding provisions. 
 6.7.2 Obligations of Acquiring Member. If the other Member timely delivers a Purchase Notice to the Acquiring Member in accordance with Section 6.7.1, (a) the other Member shall
acquire the offered Equity Interests on the same terms and conditions as the Acquiring Member; (b) the other Member shall execute all documents reasonably required to effectuate such acquisition, as determined by the Acquiring Member;
(c) the other Member shall be obligated to provide the same representations, warranties, covenants, agreements, indemnities (on a pro rata basis (but not a joint and several basis), provided that no indemnification obligation of
the other Member shall exceed the consideration paid by the other Member for the purchase of such Equity Interests) and other obligations that the Acquiring Member agrees to provide in connection with such acquisition; and (d) the other Member
shall take all other actions reasonably necessary or desirable, as determined by the Acquiring Member, to cause the consummation of such acquisition on the terms proposed by the Acquiring Member. 

  
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 6.7.3 Governance Provisions. If the other Member acquires 50% of the Equity Interests
in an Acquired Entity in accordance with this Section 6.7, upon the consummation of such acquisition Rentech (or Rentech Parent, if applicable) and Graanul shall enter into a limited liability company agreement, stockholders agreement or
similar agreement governing the Acquired Entity with, to the extent reasonably practicable, requirements and restrictions that are the same as those that govern the Company hereunder. 

6.7.4 Marketing Efforts. If the other Member acquires 50% of the Equity Interests in an Acquired Entity in accordance with this
Section 6.7, the Members shall cause the Company or its Subsidiaries to use commercially reasonable efforts to market and sell to third parties the Wood Pellets produced by such Existing Mill (a) that are in excess of volumes
contemplated by Offtake Agreements entered into with respect to such Existing Mill from time to time or (b) that Rentech and Graanul jointly determine to sell in Europe. The Company or its Subsidiaries shall market and sell such Wood Pellets,
on behalf of the Acquired Entity, to third parties at the best market rates then-available, and the Company or its Subsidiaries, as applicable, shall promptly remit to the Acquired Entity all revenues from the sale of such Wood Pellets. Rentech and
Graanul shall reimburse the Company and its Subsidiaries, pro rata in accordance with their percentage ownership of the Equity Interests in the applicable Acquired Entity, for the Company’s and its Subsidiaries’ direct costs, both
internal and external (but without allocation of overhead), incurred in providing such services. If the Company or its Subsidiaries are required to market and sell Wood Pellets to third parties in accordance with the preceding sentences, the Members
shall cause the Company and its Subsidiaries to allocate such Wood Pellets to third parties in quantities and at prices that are no less favorable to the Acquired Entity than to other customers of the Company and its Subsidiaries. 

Section 6.8 Records, Reports and Bank Accounts. 
 6.8.1 Obligation to Keep Records. The Board shall cause to be kept, at the principal place of business of the Company or at such other location as the Board shall deem appropriate, full and proper
ledgers, other books of account, and records of all receipts and disbursements, other financial activities, and the internal affairs of the Company for at least the current and past four Fiscal Years. All Managers shall have full and unrestricted
access at reasonable times and places, and with reasonable notice to the relevant Officers, to all documentation and information concerning the Company and its Subsidiaries. Each Officer shall have an obligation to make any and all information
concerning the Company and Subsidiaries (including information related to financial statements, bookkeeping, projects and other affairs) available to the relevant requesting Manager as soon as practicable following the first demand and shall provide
answers to the relevant Manager’s question upon receipt of relevant request (such information shall be provided and made available promptly and as soon as practicable after receipt of relevant request). Any Officer who is willfully in breach of
its obligations under this Section 6.8.1 shall be removed from office by action of the Board following a request from any Manager in writing, and accompanied by reasonably detailed support for such request. 

  
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 6.8.2 Annual and Quarterly Reports. The Board shall also cause to be sent to each
Member of the Company, the following: 
 (a) within 75 days following the end of each Fiscal Year of the Company
or as soon as reasonably practicable thereafter, a report that shall include: 
 (i) all necessary information
required by the Members for preparation of their United States federal, state and local income or franchise tax or information returns, including each Member’s pro rata share of Net Profits, Net Losses and any other items of income,
gain, loss and deduction for such Fiscal Year; and 
 (ii) audited consolidated financial statements of the
Company and its Subsidiaries including a balance sheet and the related statements of income and retained earnings and changes in financial position; and 
 (b) within a reasonable period following the end of each fiscal quarter, a copy of the Company’s quarterly financial statements. 

6.8.3 Monthly Reports. The Officers shall, unless otherwise agreed with Members, prepare monthly unaudited financial statements,
which if prepared shall be furnished to each Member. 
 6.8.4 Right to Examine and Copy. Members (personally or through
an authorized representative) may, for purposes reasonably related to their Interests, examine and copy (at their own cost and expense) the books and records of the Company at all reasonable business hours. 

6.8.5 Deposits of Funds. The funds of the Company and its Subsidiaries shall be deposited in an account or accounts in one or more
banks or savings and loan associations as are appropriate in the judgment of the Board. 
 Section 6.9 Indemnification
by Company. 
 6.9.1 Indemnification. The Company shall indemnify and hold harmless each current and former Member
(solely in its capacity as such), Manager, Tax Matters Partner, Officer and employee and agent of the Company (each, an “Indemnitee”) to the fullest extent permitted by law from and against any and all losses, claims, demands,
costs, damages, liabilities, expenses of any nature (including reasonable attorneys’ fees and disbursements and other costs of litigation, whether pending or threatened), judgments, fines, settlements and other amounts, of any nature
whatsoever, known or unknown, liquid or illiquid (collectively, “Liabilities”) arising from any and all claims, demands, actions, suits or proceedings, whether civil, criminal, administrative or investigative (collectively,
“Actions”), in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising out of or incident to the business of the Company, if (a) the Indemnitee acted in good faith and in a manner
such Person reasonably believed to be within the scope of such Indemnitee’s authority, and (b) the Indemnitee’s conduct did not constitute fraud, gross negligence or intentional misconduct. The termination of an Action by judgment,
order, settlement, or upon a plea of nolo contendere or its equivalent, shall not, in and of itself, create a presumption that the Indemnitee acted in a manner contrary to that specified in clause (a) or (b) above.
Notwithstanding anything to the contrary herein, the indemnity provided in this Section 6.9.1 shall not extend to any Liabilities arising from a Member’s breach of its representations, warranties, covenants or acknowledgements in
Section 9.2.  

  
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 6.9.2 Expenses. Expenses incurred by an Indemnitee in defending any Action subject to
this Section 6.9 shall be advanced by the Company (to the extent of available cash as determined by the Board) prior to the final disposition of such Action upon receipt by the Company of a satisfactory written commitment by or on behalf
of the Indemnitee to repay such amount if it shall be determined that such Indemnitee is not entitled to be indemnified as authorized in this Section 6.9. 
 6.9.3 Other Sources of Recovery. Each Indemnitee shall use its commercially reasonable efforts to pursue any insurance or indemnity claims it may have against third parties with respect to any
Liabilities relating to any Action, provided that no obligation under this Section 6.9.3 shall delay the availability of the advances otherwise available pursuant to Section 6.9.2. 

6.9.4 Non-Exclusive Rights. The indemnification provided by this Section 6.9 shall be in addition to any other rights
to which an Indemnitee may be entitled under any agreement, as a matter of law or equity or otherwise, and shall inure to the benefit of the heirs, successors, assigns and administrators of the Indemnitee. 

6.9.5 Company Assets. Any indemnification provided in this Section 6.9 hereunder shall be satisfied solely out of the
Company Assets. No Member or its Affiliates shall be subject to personal liability by reason of the indemnification provisions in this Section 6.9. 
 6.9.6 Interest in Transaction. No Indemnitee shall be denied indemnification in whole or in part under this Section 6.9 by reason of the fact that the Indemnitee had an interest in the
transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement. 
 6.9.7 Limitation on Rights. Except as set forth in Section 6.9.4, the provisions of this Section 6.9 are for the benefit of the Indemnitees only and shall not be deemed to
create any rights for the benefit of any other Person. In no event shall any Indemnitee be entitled to double recovery for any liability indemnified by the Company pursuant to this Section 6.9. 

6.9.8 Exculpation. No current or former Member (solely in its capacity as such), Manager or Tax Matters Partner, or any Affiliate
of any of the foregoing, shall be liable to the Company or to any other Member for any losses sustained or liabilities incurred as a result of any act or omission of such Person if (a) such Person acted in good faith and in a manner such Person
reasonably believed to be within the scope of such Person’s authority, and (b) such Person’s conduct did not constitute fraud, gross negligence or intentional misconduct. 

  
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 6.9.9 Insurance. The Board, on behalf of the Company, may cause the Company to
purchase and maintain insurance, at the expense of the Company and to the extent available, for the protection of Indemnitees against any liability incurred by such Persons in any such capacity or arising out of any such Person’s status as
such, whether or not the Company has the power to indemnify such Persons against such liability. 
 6.9.10 Notice. If any
Indemnitee believes that it has a claim for indemnification under this Section 6.9 (a “Claim”), such Indemnitee shall so notify the Company, promptly in writing describing such Claim, the amount thereof, if known, and
the method of computation of such Claim, all with reasonable particularity and containing a reference to the provisions of this Agreement in respect of which such Claim shall have arisen. 

6.9.11 Primary Indemnitors. Notwithstanding anything to the contrary in this Section 6.9, to the maximum extent
permitted by applicable law, to the extent any Indemnitee is also entitled to be indemnified by, or receive advancement of expenses from, any source other than the Company or its Affiliates (such other sources being referred to collectively as the
“Primary Indemnitors”), with regard to any Liabilities, it is intended that (a) the Primary Indemnitors shall be the indemnitor of first resort (i.e., their obligations to such Indemnitee are primary and any obligation
of the Company or its Affiliates to provide indemnification or advancement for the same Liabilities (including all interest, assessments and other charges paid or payable in connection with or in respect of such Liabilities) incurred by such
Indemnitee are secondary); (b) the Company’s obligation, if any, to indemnify or advance expenses to such Indemnitee shall be reduced by any amount that such Indemnitee collects as indemnification or advancement from the Primary
Indemnitors; and (c) if the Company or any Affiliate thereof pays or causes to be paid, for any reason, any amounts that should have been paid by the Primary Indemnitors, then (i) the Company or such Affiliates thereof, as applicable,
shall be fully subrogated to all rights of the relevant Indemnitee with respect to such payment, and (ii) each relevant Indemnitee shall assign to the Company or such Affiliate thereof all of the Indemnitee’s rights to advancement or
indemnification with respect to such payment from or with respect to the Primary Indemnitors. As between the Company and its direct and indirect subsidiaries, any indemnification obligations of such subsidiaries in respect of Liabilities shall be
primary over the obligations of the Company. 
 6.9.12 Certain Actions. Notwithstanding anything to the contrary in this
Section 6.9, unless otherwise determined by the Board, this Section 6.9 does not apply to any Action by the Company, the Managers or their respective Affiliates against any Officer or employee of the Company or its
Affiliates, including any Action to enforce any rights under any employment or similar agreement. 

  
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 Section 6.10 Non-Competition and Non-Solicitation. 

6.10.1 Non-Competition. Each of Rentech Parent and Graanul hereby covenants and agrees, as a material inducement to each other
Member’s entering into this Agreement, and for other good and valid consideration, the receipt and sufficiency of which are hereby acknowledged, that such party will not (and shall procure that none of its Affiliates will), during the
Exclusivity Period or, if earlier, until the dissolution of Company in accordance with Section 8.2 (the “Restricted Period”), directly or indirectly, become a Competitor, or own any interest in or extend credit to any
Competitor, or, in the Restricted Area, or any portion thereof, otherwise be employed or retained by (e.g., as a contractor or consultant to, for or with) any Competitor; provided that the foregoing restrictions shall not apply with
respect to (a) any activities conducted by or through the Company or its Subsidiaries in accordance with this Agreement, (b) any New Mill Project offered to the Company that has not yet become or does not become an Approved Project in
accordance with Section 6.6.1, or (c) any Existing Mill in which Graanul is offered the opportunity to invest in accordance with Section 6.7.1, and in which Graanul chooses not to invest. The provisions of this
Section 6.10.1 shall not be deemed or construed to prohibit any Member from purchasing on the open market (and continuing to own) up to 5% of the issued shares of any company whose common stock is listed for trading on any national
securities exchange. 
 6.10.2 Non-Solicitation. Each of Rentech Parent, Rentech and Graanul further agrees that, during
the Restricted Period, it will not (and shall procure that none of its Affiliates shall), directly or indirectly, solicit, induce or encourage any executive or management-level employee of any other Member, its Affiliates, the Company or its
Subsidiaries to curtail or terminate such person’s employment with such Member, its Affiliates, the Company or its Subsidiaries; provided, however, that any Member may engage in general solicitations for employees in the ordinary
course of business. 
 6.10.3 Acknowledgement. The Members specifically acknowledge that the covenants set forth in this
Section 6.10 are reasonable, necessary and enforceable to protect the legitimate interests of the Company and the Members, and that the Members would not have entered into this Agreement in the absence of such covenants. 

Section 6.11 Other Activities. Subject in each case to Sections 6.6.1, 6.7.1 and 6.10.1: (a) each
Member and its Affiliates may engage or invest in, and devote its and their time to, any other business venture or activity of any nature and description, whether or not such activities are considered competitive with the Company or its
Subsidiaries, and (i) neither the Company, its Subsidiaries nor any Member shall have any right by virtue of this Agreement or the relationship created hereby in or to such other venture or activity of any Member or its Affiliates (or to the
income or proceeds derived therefrom), (ii) the pursuit of such other venture or activity shall not be deemed wrongful or improper and (iii) no Member or Affiliate thereof shall be required to provide any notice to, or receive any approval
from, or effect any sharing with, any of the other Members or the Company or its Subsidiaries; (b) the legal doctrines of “corporate opportunity,” “business opportunity” and similar doctrines shall not be applied to any such
competitive venture or activity of a Member or its Affiliates, and no such Person shall have any obligation to the Company, its Subsidiaries or its Members with respect to any opportunity; and (c) none of the Members or their respective
Affiliates shall (to the fullest extent permitted by law) be deemed to have breached their fiduciary duties, if any, to the Company by reason of engaging in any such activity. 

  
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 Section 6.12 No Duty. 

6.12.1 No Fiduciary Duties. This Agreement is not intended to, and does not, create or impose any fiduciary duty on the Members,
the Managers or any of their respective Affiliates, or to the extent determined by the Board in its sole discretion, any Officer of the Company (collectively, the “Participants”). Further, each Member hereby waives any and all
fiduciary duties owed to the Company or to such Member by any Participant (including those fiduciary duties that, absent such waiver, may be implied by law), and in doing so, each Member recognizes, acknowledges and agrees that the duties and
obligations of the Participants to the Company and each other Member are only as expressly set forth in this Agreement. To the maximum extent permitted by law, no Participant shall owe any duty (including any fiduciary duty) to the Company or to any
Member other than a duty to act in accordance with the implied contractual covenant of good faith and fair dealing. The parties hereto acknowledge and agree that any Participant acting in accordance with this Agreement shall (a) be deemed to be
acting in compliance with such implied contractual covenant, and (b) not be liable to the Company, to any Member or to any other Person that is a party to or is otherwise bound by (or is a beneficiary of) this Agreement for its reliance on the
provisions of this Agreement. The provisions of this Agreement, to the extent that they restrict or eliminate the duties and liabilities of a Participant otherwise existing at law or in equity in respect of the Company or this Agreement, are agreed
by all parties hereto to replace fully and completely such other duties and liabilities. 
 6.12.2 Applicable Standards.
Subject to Section 6.9.1 but notwithstanding any other provision of this Agreement or otherwise applicable provision of law or equity, (a) whenever in this Agreement a Participant is permitted or required to make a decision or take
an action (i) in its “sole discretion” or “discretion” or under a similar grant of authority or latitude, in making such decisions, the Participant shall be entitled to take into account only such interests and factors as it
desires (including its own interests) or (ii) in its “good faith” or under another expressed standard, the Participant shall act under such express standard and shall not be subject to any other or different standards, and
(b) whenever in this Agreement the Board or any Manager is permitted or required to make a decision or take an action (i) in its “sole discretion” or “discretion” or under a similar grant of authority or latitude, in
making such decisions, each Manager shall be entitled to take into account only such interests and factors as it desires (including its own interests) or (ii) in its “good faith” or under another expressed standard, each Manager shall
act under such express standard and shall not be subject to any other or different standards. 
 6.12.3 Reliance. A
Participant may consult with legal counsel and accountants (and other similar experts) and any act or omission suffered or taken by a Participant on its own behalf or, to the extent consistent with its authority granted in this Agreement, on behalf
of the Company, in good faith in reliance upon and in accordance with the advice of such counsel or accountants (or other similar experts) will be full justification for any such act or omission, and such Participant will be fully protected (and
shall not be liable to the Company, any Member, or any other Person that is a party to or is otherwise bound by (or is a beneficiary of) this Agreement) in so acting or omitting to act, so long as such counsel or accountants (or other similar
experts) were selected with reasonable care. 

  
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 ARTICLE 7 

INTERESTS AND TRANSFERS OF INTERESTS 
 Section 7.1 Transfers. 
 7.1.1 Transfer Restriction, Lock-in
Period. No Member or Assignee may Transfer all or any portion of its Interest (or beneficial interest therein) without the prior written consent of each of the Members, except that such consent shall not be required in connection with any
Transfer of all or any portion of a Member’s Interest (or beneficial interest therein) (a) to any Permitted Transferee or (b) in accordance with Section 7.7, 7.8 or 7.9. Furthermore, each of Graanul and
Rentech Parent have agreed that for a period ending on the earlier of (i) three years after the date of this Agreement and (ii) the end of the Exclusivity Period, neither of them or their Affiliates may Transfer all or any portion of their
Interest (or beneficial interest therein), whether held directly or indirectly, without the prior written consent of all Members, not to be unreasonably withheld (except for a Transfer to any Permitted Transferee, as permitted by this Agreement).

 7.1.2 Indirect Transfers. 
 (a) If Rentech Parent or Graanul Transfers the Equity Interests of a Subsidiary of such Person that indirectly holds Interests (an “Intermediate Subsidiary”), then for purposes of this
Article 7, the Interests indirectly held by Rentech Parent or Graanul, as applicable, shall deemed to be Transferred by virtue of the Transfer of the Equity Interests of the Intermediate Subsidiary. Any direct or indirect Transfer of an
Interest by Graanul or Rentech Parent through the direct or indirect Transfer of Equity Interests in any Intermediate Subsidiary shall be subject to the same restrictions and limitations as applied under this Agreement to Transfers of an Interest in
the Company. Graanul and Rentech Parent shall all times procure that no such Transfers shall occur contrary to the requirements of this Agreement. 
 (b) Consistent with the intentions of this Article 7, each Member, Graanul and Rentech Parent agrees that it shall not, without the prior written consent of each other Member: (i) dissolve;
(ii) liquidate; (iii) merge; (iv) issue or permit the direct or indirect Transfer of any of its own Equity Interests if such dissolution, liquidation, merger, issuance or Transfer would result in (A) with respect to Rentech and
Rentech Parent, such Equity Interests not being Controlled, directly or indirectly, by Rentech Parent, or (B) with respect to a Permitted Transferee of Graanul (if applicable), such Equity Interests not being Controlled, directly or indirectly,
by Graanul; provided, however, that such consent shall not be required in connection with any Transfer of all or a portion of a Member’s Equity Interests (1) to any Permitted Transferee (provided that all Member’s Equity
Interests are directly or indirectly held by one or several wholly owned Subsidiaries of Rentech Parent or Graanul) or (2) subject to the second sentence of Section 7.1.1, in accordance with Section 7.7, 7.8 or
7.9. In case Rentech Parent or Graanul, as applicable, holds its Equity Interest in the Company through several Subsidiaries then, for the purposes of this Agreement, (A) all such Subsidiaries of Rentech Parent shall be deemed to be
acting jointly as one Member (jointly referred to as Rentech) under this Agreement and shall exercise their rights and perform their obligations jointly as one party (all such legal entities to be jointly and severally liable to the other Member(s)
for performance of their obligations hereunder), and (B) all such Subsidiaries of Graanul shall be deemed to acting jointly as one Member (jointly referred to as Graanul) under this Agreement and shall exercise their rights and perform their
obligations jointly as one party (all such legal entities to be jointly and severally liable to the other Member(s) for performance of their obligations hereunder). 

  
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 7.1.3 Parent Transfers. Notwithstanding anything to the contrary contained in this
Agreement, a Transfer of the Equity Interests of Rentech Parent or Graanul (including by merger, consolidation or similar transaction) shall not breach this Agreement or require the consent of the Board, the Members or any other Person under this
Agreement. 
 7.1.4 Void Transfers. To the fullest extent permitted by law, any purported Transfer which is not in
accordance with, or subsequently violates, this Agreement shall be null and void. 
 Section 7.2 Further
Restrictions. Notwithstanding any contrary provision in this Agreement, and to the fullest extent permitted by law, any otherwise permitted Transfer shall be null and void (unless waived by the Board) if: 

(a) such Transfer may cause the Company to cease to be classified as a partnership for federal or state income tax
purposes; 
 (b) such Transfer may require the registration of such Transferred Interest or other Interests
pursuant to any applicable federal or state securities laws; 
 (c) such Transfer may cause the Company to become
a “publicly traded partnership,” as such term is defined in Code Sections 469(k)(2) or 7704(b); 
 (d)
such Transfer may involve Interests being traded on an “established securities market” or a “secondary market or the substantial equivalent thereof” as those terms are defined in Regulations Section 1.7704-1 (in addition,
such Transfers shall not be “recognized” (as that term is defined in Regulations Section 1.7704-1(d)(2)) by the Company); 
 (e) such Transfer may cause the Company to fail to meet the “private placement” safe harbor or any other safe harbor from treatment as a “publicly traded partnership” selected by the
Board, as described in Regulations Section 1.7704-1; 
 (f) such Transfer may subject the Company to
regulation under the Investment Company Act of 1940, the Investment Advisers Act of 1940 or the Employee Retirement Income Security Act of 1974, each as amended; 

(g) such Transfer may result in a violation of applicable laws, regulations or administrative orders; 

(h) such Transfer is made to any Person who may lack the legal right, power or capacity to own such Interest; 

(i) the Company does not receive written instruments (including, copies of any instruments of Transfer and such
Assignee’s consent to be bound by this Agreement as an Assignee) that are in a form satisfactory to the Requisite Members; 
 (j) such Transfer is made to a Competitor or any Affiliate thereof; 

  
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 (k) (other than Transfers to a Permitted Transferee) such Transfer is not
made to a bona fide third party solely for cash consideration payable upon the consummation of the Transfer; 

(l) (other than Transfers to a Permitted Transferee) such Transfer is made in violation of the second sentence of
Section 7.1.1; 
 (m) (other than Transfers to a Permitted Transferee) such Transfer does not include
the transfer of all of the relevant Member’ Interests and member loans together to the transferee; or 
 (n)
such Transfer does not include the transfer of all other rights and obligations of the relevant Member under this Agreement to the transferee. 
 Section 7.3 Rights of Assignees. Until such time, if any, as a transferee of any Transfer permitted pursuant to this Article 7 is admitted to the Company as a Substitute Member pursuant
to Section 7.5: (a) such transferee shall be an Assignee only, and only shall receive from the Company, to the extent Transferred, the distributions and allocations of income, gain, loss, deduction, credit, or similar items to which
the Member which Transferred its Interest would be entitled, (b) such Assignee shall not have any right or interest greater than that of the Interest from which its interest is derived, (c) such Assignee shall be subject to all of the
obligations of, and restrictions applicable to, the Interest (or portion thereof) from which its interest is derived (including any Capital Contribution obligations) (provided that the transferring Member shall not be released from its
obligations to make Capital Contributions should the Assignee fail to meet such obligations in a timely manner, nor shall the transferring Member otherwise be relieved of any of the obligations or restrictions applicable to it hereunder),
(d) such Assignee shall have a separate Capital Account, which Capital Account shall be maintained in a manner consistent with this Agreement, and (e) such Assignee shall not be entitled or enabled to exercise any other rights or powers of
a Member (including any rights to vote or participate in the management of the Company or any right to information concerning the business and affairs of the Company), such other rights relating to, or in connection with, such Interest, remaining
with the Transferring Member. In such a case, the Transferring Member shall remain a Member even if it has Transferred its entire Interest to one or more Assignees until such time as each Assignee is admitted to the Company as a Substitute Member
pursuant to Section 7.5. In the event any Assignee desires to make a further assignment of any Interest, such Assignee shall be subject to all of the provisions of this Agreement to the same extent and in the same manner as any Member
desiring to make such an assignment. 
 Section 7.4 Admissions, Withdrawals and Removals. No Person shall be
admitted to the Company as a Member except in accordance with Section 3.4, Section 7.5, Section 7.7, Section 7.8 or Section 7.9. No Member shall be entitled to retire or withdraw from being
a Member of the Company, nor shall any Member be removed or redeemed from the Company, except (a) in accordance with Section 7.6, or (b) at the direction or with the consent of the Board (which consent may be given or withheld
in the Board’s discretion). No admission, withdrawal, removal or redemption of a Member shall cause the dissolution of the Company. Any purported admission, withdrawal, removal or redemption which is not in accordance with this Agreement shall
be null and void. If any Member is removed pursuant to this Section 7.4, such Member shall receive consideration for its Interest equal to the fair market value of such Interest as determined by the Board in good faith. 

  
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 Section 7.5 Admission of Assignees as Substitute Members. 

7.5.1 Conditions. An Assignee shall become a Substitute Member only if and when each of the following conditions is satisfied:

 (a) The Assignee sends written notice to the Board requesting the admission of the Assignee as a Substitute
Member and setting forth the name and address of the Assignee, the Interest transferred, and the effective date of the Transfer; 
 (b) The Board receives from the Assignee (i) such information concerning the Assignee’s financial capacities and investment experience as the Requisite Managers may request, and
(ii) written instruments (including copies of any instruments of Transfer, such Assignee’s consent to be bound by this Agreement as a Substitute Member and confirmation that such Assignee is able to and does make each of the
representations set forth in Section 9.2) that are in a form satisfactory to the Requisite Managers; and 
 (c) The Requisite Managers consent in writing to such admission, which consent may be given or withheld in the Requisite Managers’ sole discretion. 

7.5.2 Books and Records. Upon the admission of any Substitute Member, the books and records of the Company shall be amended by the
Board to reflect the name, address and initial Capital Account, Units and Percentage Interest of such Substitute Member and to eliminate or adjust, if necessary, the name, address and then-current Capital Account, Units and Percentage Interest of
the predecessor of such Substitute Member. 
 Section 7.6 Withdrawal of Members. If a Member has transferred all of
its Interest to one or more Assignees, then such Member shall withdraw from the Company if and when all such Assignees have been admitted as Substitute Members in accordance with this Agreement. 

  
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 Section 7.7 Take-Along Rights. 

7.7.1 Election to Sell. Subject to the second sentence of Section 7.1.1, if any Member or Members elect to sell 50% or
more of the total Interests (or Rentech Parent or Graanul elects to sell all of the Equity Interests of one or more Intermediate Subsidiaries that collectively indirectly hold 50% or more of the total Interests), then the Member(s) that are selling
the Interests (or, in the case of a sale of Equity Interests of the Intermediate Subsidiaries, Rentech Parent or Graanul, as applicable) (the “Selling Member(s)”) shall notify each other Member holding less than 20% of the total
Interests (each, a “Take-Along Member”) in writing at least 30 days prior to the consummation of such transaction. If the Selling Member(s) delivers such notice: (a) each Take-Along Member shall be deemed to approve the
proposed transaction; (b) to the extent any vote or consent to such transaction is required, each Take-Along Member shall vote for and consent to such transaction (including on behalf of all of its Interests and on behalf of all Interests with
respect to which such Take-Along Member has the power to direct the voting) and shall waive any dissenter’s rights, appraisal rights or similar rights which such Take-Along Member may have in connection therewith; (c) no Take-Along Member
shall raise any objections to the proposed transaction, (d) each Take-Along Member shall agree to sell up to all of its Interests (as determined by the Selling Member(s)) on the same terms and conditions as the Selling Member(s) (provided
that proceeds will be shared among the Members as described in Section 7.7.2); (e) each Take-Along Member shall execute all documents reasonably required to effectuate such transaction, as determined by the selling Member(s);
(f) each Take-Along Member shall be obligated to provide the same representations, warranties, covenants, agreements, indemnities (on a pro rata basis (but not a joint and several basis), provided that no indemnification
obligation of any Take-Along Member shall exceed the consideration received by such Take-Along Member for the sale of its Interests) and other obligations that the Selling Member(s) agrees to provide in connection with such transaction (other than
any such obligations that relate specifically to a particular holder of Interests, such as indemnification with respect to representations and warranties given by such holder regarding such holder’s title to and ownership of such Person’s
Interests); and (g) each Take-Along Member shall take all other actions reasonably necessary or desirable, as determined by the Selling Member(s), to cause the consummation of such transaction on the terms proposed by the Selling Member(s). If
the consummation of a proposed sale would result in the Transfer of 100% of the Interests of the Company, then the Selling Member(s) may in their sole discretion elect to cause the Company to structure such sale as a merger or consolidation or as a
sale of the Company’s assets; provided that such structure would not have a material disproportionate adverse effect on the after-tax amount of consideration the Take-Along Members (as compared to the Selling Member(s)) would receive as
a result of such sale. 
 7.7.2 Conditions. The obligations of each Take-Along Member with respect to the proposed sale
are subject to the condition that upon the consummation of the transaction, such Take-Along Member shall receive the same form of consideration as the Selling Member(s), and the net proceeds of such sale shall be paid to the Selling Member(s) and
each Take-Along Member in the relative proportions that each such Member would receive if the Interests sold in such transaction constituted all of the Interests of the Company and the net proceeds of such sale were distributed to the Members
participating in such transaction (and solely in respect of the Interests participating in such transaction) pursuant to Section 4.1.2. 
 7.7.3 Costs. If a proposed sale is consummated, then to the extent reasonably practicable the Company shall bear all costs of sale of the Interests pursuant to such transaction, provided that
if for any reason the Company does not bear all such costs, each Take-Along Member shall bear a pro rata share (based upon the relative aggregate amounts of consideration received by such Take-Along Member as compared to the aggregate
amounts received by the Selling Member(s) and all other Take-Along Members) of all costs of sale of the Interests pursuant to such transaction to the extent such costs are not otherwise paid by the Company or the acquiring party. Costs incurred
directly by any Take-Along Member in connection with the transaction shall not be considered costs of the transaction hereunder. 

  
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 Section 7.8 Right of First Refusal. Subject to the second sentence of
Section 7.1.1, prior to any Transfer of Interests by Rentech or Graanul (or the Transfer of Equity Interests in an Intermediate Subsidiary by Rentech Parent or Graanul) (other than any Transfer pursuant to Section 7.7,
Section 7.9 or to any Permitted Transferee), the Member Transferring such Interests (or, if applicable, Rentech Parent or Graanul, in case of Transfer of Equity Interests in any Intermediate Subsidiary by Rentech Parent or Graanul) shall
deliver a written notice (a “ROFR Offer Notice”) to Graanul or Rentech, respectively (the “ROFR Offeree”). The ROFR Offer Notice shall disclose in reasonable detail the portion of such Member’s Interest to be
Transferred (directly or indirectly), the proposed terms and conditions of the Transfer (including the type and amount of consideration therefor), the identity of the prospective transferee(s) and such Member’s willingness to consummate the
Transfer. The ROFR Offeree shall have a period of 30 days from receipt of the ROFR Offer Notice (the “ROFR Election Period”) during which it may elect to purchase all but not less than all of the Interest specified in the ROFR Offer
Notice at the price and on the terms specified therein by delivering written notice of such election to such Member (or, if applicable, to Rentech Parent or Graanul, in case of Transfer of Equity Interests in any Intermediate Subsidiary by Rentech
Parent or Graanul). If the ROFR Offeree has elected to purchase the Interest from such offering Member, the Transfer of such Interest shall be consummated as soon as practical after the delivery of the election notice contemplated by this
Section 7.8 to such Member, but in any event within 90 days after the expiration of the ROFR Election Period. If the ROFR Offeree has elected not to purchase the Interest being offered, such Member may, within 30 days after the
expiration of the ROFR Election Period, and subject to the other provisions of this Article 7, Transfer such Interest specified in the ROFR Offer Notice to one or more third parties at a price no less than the price specified in the ROFR
Offer Notice and on other terms no more favorable to the transferees thereof than those that were offered to the ROFR Offeree in the ROFR Offer Notice. If such Interest is not sold within such 30-day period, no part of such Interest shall thereafter
be Transferred without first complying with the provisions of this Section 7.8. The purchase price specified in any ROFR Offer Notice shall be payable by the ROFR Offeree solely in cash at the closing of the transaction or, if agreed to
by the offering Member, in installments over time and/or using consideration other than cash, provided that if the consideration for the proposed Transfer identified in the ROFR Offer Notice is of a form other than cash, the ROFR Offeree
shall have the option to pay the purchase price in cash or using substantially the same form of non-cash consideration as that contemplated by the proposed Transfer identified in the ROFR Offer Notice. 

  
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 Section 7.9 Co-Sale Rights. 

7.9.1 Proposed Transfer. Subject to the second sentence of Section 7.1.1, in the event Rentech Parent, Rentech or
Graanul proposes to Transfer all or any portion of its Interest (or Rentech Parent or Graanul proposes to Transfer all or any portion of the Equity Interests of one or more Intermediate Subsidiaries that indirectly hold Interests) (for purposes of
this Section 7.9, the “Co-Sale Interest”) other than to any Permitted Transferee or pursuant to Section 7.7, the Member Transferring such Interests (or, if applicable, Rentech Parent or Graanul, in case of
Transfer of Equity Interests in an Intermediate Subsidiary) shall deliver a written notice (the “Co-Sale Notice”) to Graanul or Rentech, as applicable (the “Co-Sale Offeree”), at least 30 days prior to making such
Transfer, specifying the identity of the prospective transferee(s) (to the extent then known), the portion of such Member’s Interest to be Transferred (directly or indirectly) (the “Co-Sale Participation Percentage”), and a
brief summary of the material terms and conditions of the Transfer. The Co-Sale Offeree may elect to participate in the contemplated Transfer at the same price (determined on a pro rata basis) and on the same terms and conditions by
delivering written notice to the Transferring Member as soon as practical, but in any event within 15 days after delivery of the Co-Sale Notice, which notice shall specify the percentage of its Interest that the Co-Sale Offeree desires to include in
such proposed Transfer, provided that such percentage shall not exceed the Co-Sale Participation Percentage. If the Co-Sale Offeree elects to participate in the Transfer the Co-Sale Offeree shall receive the same form of consideration as the
Transferring Member, and the net proceeds of such sale shall be paid to the Transferring Member and the Co-Sale Offeree in the relative proportions that each such Member would receive if the Interests sold in such transaction constituted all of the
Interests of the Company and the net proceeds of such sale were distributed to the Members participating in such transaction (and solely in respect of the Interests participating in such transaction) pursuant to Section 4.1.2. If the
Co-Sale Offeree does not give notice of its election to participate prior to the expiration of the 15-day period for giving such notice, then the Transferring Member may Transfer the Co-Sale Interests to one or more third parties at a price no less
than the price specified in the Co-Sale Notice and on other terms no more favorable to the Transferring Member than those that were offered to the Co-Sale Offeree in the Co-Sale Notice at any time within 30 days after expiration of such 15-day
period for giving notice (provided, that if any governmental or other third party approval is required with respect to such Transfer, then such period shall be extended until a reasonable time after such approvals are obtained). Any Co-Sale
Interest not Transferred by the Transferring Member during such 30-day period (as such period may be extended pursuant to the immediately preceding sentence) shall again be subject to the provisions of this Section 7.9 prior to any
subsequent Transfer. 
 7.9.2 Terms and Conditions. No Co-Sale Interests shall be Transferred to any prospective
transferee if such prospective transferee declines to purchase Interests from the Co-Sale Offeree, unless the Transferring Member acquires from the Co-Sale Offeree the percentage of its Interest that such Co-Sale Offeree requested to Transfer to
such transferee on the same price, terms and conditions as would be applicable in a direct sale of such Interest to the proposed transferee. The Transferring Member will endeavor to facilitate the purchase by any prospective transferee of Interests
held by the Co-Sale Offeree which are not eligible for co-sale pursuant to this Section 7.9 if and to the extent the Co-Sale Offeree wishes to include such interests in the Transfer, but neither the Transferring Member nor any other
Person shall be liable if the prospective transferee declines to do so. 
 7.9.3 Costs and Expenses. Each Member shall
pay its own costs of any sale and a pro rata share (based on the relative consideration to be received by such Member in respect of the Interests to be sold) of the expenses incurred by the Company in connection with such Transfer to the
extent such costs are not otherwise paid by the acquiring party. 
 ARTICLE 8 

DISSOLUTION, LIQUIDATION, AND TERMINATION OF THE COMPANY 

Section 8.1 Limitations. The Company may be dissolved, liquidated and terminated only pursuant to the provisions of this
Article 8, and the parties hereto do hereby irrevocably waive any and all other rights they may have to cause a dissolution of the Company or a sale or partition of any or all of the Company Assets. 

  
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 Section 8.2 Exclusive Causes. Notwithstanding the Act, the following (and only
the following) events shall cause the Company to be dissolved, liquidated and terminated: 
 (a) by written
election of the Requisite Members; or 
 (b) at any time that there are no Members, unless the business of the
Company is continued in accordance with the Act. 
 To the fullest extent permitted by law, any dissolution of the Company
other than as provided in this Section 8.2 shall be a dissolution in contravention of this Agreement. 

Section 8.3 Effect of Dissolution. The dissolution of the Company shall be effective on the day on which the event occurs
giving rise to the dissolution, but the Company shall not terminate until it has been wound up and its assets have been distributed as provided in Section 8.5 and its Certificate has been cancelled by the filing of a certificate of
cancellation with the office of the Delaware Secretary of State. Notwithstanding the dissolution of the Company, prior to the termination of the Company, the business of the Company and the affairs of the Members, as such, shall continue to be
governed by this Agreement. 
 Section 8.4 No Capital Contribution Upon Dissolution. Each Member shall look solely
to the assets of the Company for all distributions with respect to the Company, its Capital Contributions thereto, its Capital Account and its share of Net Profits or Net Losses, and shall have no recourse therefor (upon dissolution or otherwise)
against any other Member. Accordingly, if any Member has a deficit balance in its Capital Account (after giving effect to all contributions, distributions and allocations for all taxable years, including the year during which the liquidation
occurs), then such Member shall have no obligation to make any Capital Contribution with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever. 

Section 8.5 Liquidation. 
 8.5.1 Liquidator. Upon dissolution of the Company, the Company shall thereafter engage in no further business other than that which is necessary to wind up the business, and the Board (or such
other Person as the Board may determine) shall act as the “Liquidator” of the Company. A reasonable time shall be allowed for the winding up of the affairs of the Company in order to minimize any losses attendant upon such a winding
up. In the event the Liquidator reasonably believes that it is prudent to do so, cash or other assets held in reserve may be placed in a liquidating trust or other escrow immediately prior to the termination of the Company in order to ensure that
any and all obligations of the Company are satisfied. After allocating (pursuant to Article 5 of this Agreement) all income, gain, loss and deductions resulting from the liquidation of the Company Assets, the Liquidator shall apply and
distribute the cash proceeds thereof as follows: 
 (a) First, to the creditors of the Company (including to
Members who are creditors to the extent permitted by law) in satisfaction of liabilities of the Company, and to the setting up of any reserves for contingencies which the Liquidator may consider necessary or appropriate; and 

  
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 (b) Thereafter, to the Members in accordance with Section 4.1.2.

 8.5.2 Undue Loss. Notwithstanding Section 8.5.1, in the event that the Liquidator determines that an
immediate sale of all or any portion of the Company Assets would cause undue loss to the Members, the Liquidator, in order to avoid such loss and to the extent not then prohibited by the Act, may either (a) defer liquidation of and withhold
from distribution for a reasonable time any Company Assets except those necessary to satisfy, including the provision of reasonable reserves for, the Company’s debts and obligations, or (b) distribute the Company Assets to the Members in
kind in a manner otherwise in accordance with the distribution procedure of Section 8.5.1. 
 ARTICLE 9

 MISCELLANEOUS 
 Section 9.1 Amendments. 
 9.1.1 Additional Members. Each
Additional Member and Substitute Member shall become a signatory hereto by signing a counterpart signature page to this Agreement, and such other instruments, in such manner, as the Board shall determine. By so signing, each Additional Member and
Substitute Member, as the case may be, shall be deemed to have adopted and to have agreed to be bound by all of the provisions of this Agreement. 
 9.1.2 Amendments. No amendment may be made to this Agreement without the consent of the Requisite Members. Notwithstanding the foregoing, the Board may amend Exhibit A hereto from time to
time as contemplated by Section 3.1. 
 Section 9.2 Member Representations and Warranties. Each Member
(solely on behalf of itself and not with respect to any other Member) hereby represents, warrants, covenants and acknowledges as follows: 
 9.2.1 Generally. As of the Effective Date: 
 (a) Such Member
is duly incorporated, organized or formed, validly existing and in good standing under the laws of its state or country of incorporation, organization or formation (as the case may be). Such Member has the requisite power and authority to own its
property and to carry on its business as now conducted, to the extent material to its rights and obligations under this Agreement. 

  
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 (b) Such Member has the requisite power and authority to execute and deliver
this Agreement and to carry out its obligations hereunder in accordance with the terms and provisions hereof. The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby have been duly
authorized by all requisite action, corporate or otherwise, on the part of such Member. This Agreement has been duly executed and delivered by such Member and constitutes the legally valid and binding obligation of such Member, enforceable against
it in accordance with its terms, except as enforceability may be affected by (i) the effect of bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting the rights of creditors; (ii) the effect of
general principles of equity and the limitation of certain remedies by certain equitable principles of general applicability; and (iii) the fact that the rights to indemnification hereunder may be limited by United States federal or state
securities laws. 
 (c) The execution, delivery and performance by such Member of this Agreement and the
transactions contemplated hereby will not constitute a breach of any term or provision of, or a default under (i) any outstanding indenture, mortgage, loan agreement or other similar contract or agreement to which such Member or any of its
Affiliates is a party or by which it or any of its Affiliates or its or their property is bound; (ii) its certificate or articles of incorporation or bylaws or other governing documents; (iii) any applicable law, rule or regulation; or
(iv) any order, writ, judgment or decree applicable to it, except (in case of each of the foregoing clauses (i), (iii) and (iv)) as would not, individually or in the aggregate, be reasonably expected to have a material
adverse effect on such Member, the Company or the transactions contemplated hereby. 
 (d) All material consents,
licenses, approvals and authorizations, if any, and all material filings and registrations, required from any governmental body, authority, bureau or agency for or on the part of such Member or any of its Affiliates in connection with its execution
and delivery of this Agreement and its contributions to the capital of the Company have been obtained on or prior to the Effective Date. 
 9.2.2 Investment Representations. 
 (a) Such Member is
acquiring its Interest for its own account and not for the account of any other Person. Such Member is acquiring its Interest solely for investment and not with a view to, or for resale in connection with, the distribution or other disposition
thereof either currently or after the passage of a fixed or determinable period of time or upon the occurrence or non-occurrence of any predetermined event or circumstance in violation of the U.S. Securities Act of 1933, as amended (the
“Securities Act”). Such Member understands that the sale and issuance of the Interests has not been registered under the Securities Act, applicable state securities laws or the securities or similar laws of any other jurisdiction
whatsoever, and, therefore, the Interests cannot be sold, resold, pledged, assigned or otherwise disposed of unless they are subsequently registered under the securities and similar laws of each applicable jurisdiction, or unless exemptions from
such registration requirements are available. Such Member understands that dispositions of its Interest can be made only (i) as explicitly permitted or contemplated under the terms of this Agreement and (ii) in compliance with the
Securities Act and the rules and regulations of the Securities and Exchange Commission promulgated thereunder and all applicable state securities and “blue sky” laws; and such Member understands that the Company is under no obligation to
register the offer or sale of any Interests in any jurisdiction whatsoever or to assist Members in complying with any exemption from registration under the securities or similar laws of any jurisdiction whatsoever. 

  
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 (b) Such Member understands that it may bear the economic risk of an
investment in an Interest for an indefinite period of time, and such Member’s financial situation is such that it can afford to bear the economic risk of holding its Interest for an indefinite period of time and suffer a complete loss of its
investment in the Company. 
 (c) Such Member further acknowledges that there are substantial risks in making an
investment in the Company (including loss of the entire amount of such investment), that such Member is capable of evaluating the merits and risks of the investment in the Company and such Member has evaluated such risks and determined that the
Interest is a suitable investment for such Member. Such Member has such knowledge and experience in business, financial and tax matters, including experience in investing in non-listed and non-registered securities, and is a sophisticated investor
capable of utilizing the information made available to it in connection with its investment in the Interest to evaluate the merits and risks of its investment in the Company, to make an informed investment decision with respect thereto and to
protect its interests in connection with such investment. 
 (d) Such Member has consulted and been advised by
its own legal counsel and tax advisor in connection with, and acknowledges that no representations as to potential profit, tax consequences of any sort (including the tax consequences resulting from forming or operating the Company, conducting the
business of the Company, executing this Agreement, consummating the transactions provided for herein, making Capital Contributions, being admitted to the Company, receiving or not receiving distributions from the Company, or being allocated Net
Profits and Net Losses), cash flows or funds from operations have been made by the Company, any Member or any Affiliate of any Member or any employee or representative thereof, and that projections and any other financial information and
documentation that may have been in any manner submitted to such Member from any source shall not constitute any representation or warranty of any kind or nature, express or implied and such Member is not relying on any representations or warranties
of any other Person in connection therewith, including the Company or any other Member. 
 (e) Unless otherwise
indicated by such Member to the Company in writing prior to the date of such Member’s admission to the Company, such Member, or each beneficial owner (within the meaning of Rule 501 of Regulation D promulgated under the Securities Act
(“Regulation D”)) of such Member, (i) is an “accredited investor” as such term is defined in Rule 501 of Regulation D and (ii) is a partnership, corporation, limited liability company, trust or estate with total
assets in excess of $5,000,000 and has not been formed for the specific purpose of acquiring the Interest unless each beneficial owner of such entity is qualified as an accredited investor within the meaning of Rule 501 of Regulation D. Unless
otherwise indicated by such Member to the Company in writing prior to the date of such Member’s admission to the Company, such Member, or each beneficial owner of such Member, is a “qualified purchaser” as such term is defined in the
U.S. Investment Company Act of 1940, as amended. 

  
 52 

 9.2.3 Survival. Notwithstanding anything to the contrary in this Agreement, the
provisions of this Section 9.2 shall survive the expiration or sooner termination of this Agreement. 

Section 9.3 Accounting and Fiscal Year. Subject to Code Section 448, the books of the Company shall be kept on the
accrual method of accounting for tax and financial reporting purposes. The fiscal year of the Company for tax and accounting purposes (the “Fiscal Year”) shall be the calendar year or on such other date as permitted or required
under the Code as the Board shall determine. 
 Section 9.4 Entire Agreement. This Agreement, together with any
Exhibits hereto and any joinder documents entered into after the Effective Date, sets forth the entire agreement among the parties hereto relating to the subject matter hereof and fully supersedes any and all prior or contemporaneous agreements or
understandings among the parties hereto pertaining to the subject matter hereof. No party shall have any liability for any matter not expressly contained in this Agreement, any Exhibits hereto, or any joinder documents, in each case other than for
fraud (including fraudulent misrepresentation). 
 Section 9.5 Further Assurances. Each of the parties hereto does
hereby covenant and agree on behalf of itself, its successors, and its assigns, without further consideration, to prepare, execute, acknowledge, file, record, publish, and deliver such other instruments, documents and statements, and to take such
other action as may be required by law or reasonably necessary to effectively carry out the purposes of this Agreement. Each Member hereby undertakes to take any action necessary or convenient to implement any matter approved in accordance with this
Agreement. 
 Section 9.6 Notices. Any notice, consent, payment, demand, or communication required or permitted to
be given by any provision of this Agreement shall be in writing and shall be (a) delivered personally to the Person or to an officer of the Person to whom the same is directed, (b) sent by electronic mail, or (c) sent by facsimile or
registered or certified mail, return receipt requested, postage prepaid, addressed as follows: (i) if to the Company, to the Company c/o Rentech, 10877 Wilshire Blvd., Suite 600, Los Angeles, CA 90024, United States, Attention: Sean Ebnet, or
to such other address as the Company may from time to time specify by notice to the Members; and (ii) if to a Member, to such Member at the address set forth on Exhibit A hereto, or to such other address as such Member may from time to
time specify by notice to the Company. Any such notice shall be deemed to be delivered, given and received for all purposes as of: (A) the date so delivered, if delivered personally, (B) the date of electronic, written or oral confirmation
of receipt, if sent by electronic mail, (C) the date of confirmed receipt, if sent by facsimile, or (D) the date of receipt or refusal indicated on the return receipt, if sent by registered or certified mail, return receipt requested,
postage and charges prepaid and properly addressed. 

  
 53 

 Section 9.7 Tax Matters. 

9.7.1 Tax Matters Partner. Rentech shall be designated as and shall serve as the initial “Tax Matters Partner”
(as defined in Code Section 6231), to oversee or handle matters relating to the taxation of the Company, and as the Tax Matters Partner, Rentech shall have the right and obligation to take all actions authorized and required, respectively, by
the Code for the Tax Matters Partner. Successor Tax Matters Partners may be designated with the written consent of the Board. 

9.7.2 Elections. The Tax Matters Partner may make any elections with respect to the Company for federal income and all other tax
purposes as it deems appropriate, in its sole discretion. Notwithstanding the foregoing, in the event of a transfer of all or any portion of an Affected Member’s Interest, the Tax Matters Partner shall adjust the basis of the Company’s
property pursuant to Code Section 754. 
 9.7.3 Income Tax Returns. Income tax returns of the Company may be
prepared by such certified public accountant(s) as the Tax Matters Partner may retain at the expense of the Company. 

Section 9.8 Governing Law. This Agreement, including its existence, validity, construction and operating effect, and the
rights of each of the parties hereto, shall be governed by and construed and enforced in accordance with the laws of the State of Delaware applicable to agreements made and to be performed wholly within that jurisdiction. 

Section 9.9 Binding Effect. Except as otherwise expressly provided herein, this Agreement will be binding upon and will inure
to the benefit of the Members, their respective heirs, executors, administrators, successors and all other Persons hereafter holding, having or receiving an Interest, whether as Assignees, Substitute Members, Members or otherwise. 

Section 9.10 Severability. If any provision of this Agreement as applied to any party or any circumstances is determined by
an arbitrator or any court having jurisdiction to be void, unenforceable or inoperative as a matter of law, then the Members agree that such provision shall be modified to the greatest extent legally possible so that the intent of this Agreement may
be legally carried out. If any one or more of the provisions contained herein, or the application thereof in any circumstances, is held void, unenforceable or inoperative as a matter of law in any respect or for any reason, then the validity,
enforceability and operation of any such provision in every other respect and of the remaining provisions hereof shall not be in any way impaired or affected, it being intended that all of the Members’ rights and privileges shall be enforceable
to the fullest extent permitted by law. 
 Section 9.11 Confidentiality. Each party hereto agrees that the
provisions of this Agreement, all understandings, agreements and other arrangements between and among the parties, and all other non-public information received from or otherwise relating to, the Company shall be confidential, and shall not be
disclosed or otherwise released to any other Person (other than another party hereto), without the written consent of the Board. The obligations of the parties hereunder shall not apply to the extent that the disclosure of information otherwise
determined to be confidential is required by applicable law, provided that: (a) prior to disclosing such confidential information, a party shall notify the Board thereof, which notice shall include the basis upon which such party
believes the information is required to be disclosed; and (b) such party shall, if requested by the Board, provide reasonable cooperation with the Board to protect the continued confidentiality thereof. The provisions of this
Section 9.11 shall survive: (i) a Member’s ceasing to be a member of the Company for any reason, and (ii) the termination of the Company. 

  
 54 

 Section 9.12 Interpretation. 

9.12.1 Interpretation. All references in this Agreement to Articles, Sections, clauses, subparagraphs and Exhibits shall be deemed
to be references to Articles, Sections, clauses and subparagraphs of, and Exhibits to, this Agreement unless the context shall otherwise require. The Exhibits attached hereto are incorporated herein by reference and shall be considered part of this
Agreement (and, for purposes of clarification, references to this “Agreement” shall include all Exhibits attached hereto). Words in the singular include the plural, and words in the plural include the singular. Any pronoun used in this
Agreement shall include the corresponding masculine, feminine or neuter forms. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The term
“or” is not exclusive. The word “extent” in the phrase “to the extent” shall mean the degree to which a subject or other thing extends, and such phrase shall not mean simply “if.” The words “hereof,”
“hereby,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. Unless otherwise expressly
provided herein, any agreement, instrument or statute defined or referred to herein or in any agreement or instrument that is referred to herein means such agreement, instrument or statute as from time to time amended, modified, supplemented or
restated, including (in the case of agreements or instruments) by waiver or consent and (in the case of statutes) by succession of comparable successor statutes and references to all attachments thereto and instruments incorporated therein. All
references to a “party” or “parties” mean a party or parties to this Agreement unless the context requires otherwise, and all references to any party shall mean and include such party, its successors and permitted assigns unless
the context otherwise requires. Where specific language is used to clarify or illustrate by example a general statement contained herein, such specific language shall be deemed to modify, limit or restrict the construction of the general statement
which is being clarified or illustrated. 
 9.12.2 No Presumption. This Agreement shall be construed without regard to
any presumption or rule requiring construction or interpretation against the party drafting or causing any agreement, instrument or document to be drafted. 
 9.12.3 Dollars. Any and all payments under this Agreement shall be paid in United States Dollars. All references to “$” herein mean United States Dollars. 

Section 9.13 No Third Party Beneficiaries. None of the provisions of this Agreement shall be for the benefit of, or be
enforceable by, any creditor of the Company or any creditor of any Member. This Agreement is not intended to confer any rights or remedies hereunder upon, and shall not be enforceable by, any Person other than the parties hereto. 

  
 55 

 Section 9.14 Counterparts. To facilitate execution, this Agreement may be
executed in as many counterparts as may be required. It shall not be necessary that the signatures of, or on behalf of, each party, or that the signatures of all Persons required to bind any party, appear on each counterpart; but it shall be
sufficient that the signature of, or on behalf of, each party, or that the signatures of the Persons required to bind any party, appear on one or more of the counterparts. All counterparts together shall collectively constitute a single agreement.
It shall not be necessary in making proof of this Agreement to produce or account for more than a number of counterparts containing the respective signatures of, or on behalf of, all of the parties hereto. This Agreement may be executed through
delivery of duly executed signature pages by facsimile or electronic mail. 
 Section 9.15 Waiver. 

9.15.1 No Implied Waiver. No delay, failure or omission on the part of any party hereto in exercising any right, power, remedy or
privilege under this Agreement or under any other documents furnished in connection with or pursuant to this Agreement or otherwise available to any party under applicable law shall impair any such right, power, remedy or privilege, or affect the
right of such party thereafter to exercise the same, or be construed as a waiver of any default or any acquiescence therein. No single or partial exercise of any such right, power, remedy or privilege shall preclude the further exercise of such
right, power, remedy or privilege, or the exercise of any other right, power, remedy or privilege. Any extension of time or other indulgence granted to any party hereunder will not otherwise alter or affect any power, remedy or right of any other
parties, or the obligations of the party to whom such extension or indulgence is granted. The failure at any time of any party to require performance by any other parties of any responsibility or obligation provided for in this Agreement shall in no
way affect the full right to require such performance at any time thereafter, nor shall the waiver by any party of a breach of any provision of this Agreement by the other parties constitute a waiver of any succeeding breach of the same or any other
obligation itself. 
 9.15.2 Requirements for Waiver. No waiver shall be valid against any party hereto unless made in
writing and signed by the party against whom enforcement of such waiver is sought and then only to the extent expressly specified therein. 
 Section 9.16 Limitation on Liability. Except as otherwise expressly provided herein, no Member and no Affiliate of any Member (in its capacity as such) shall be obligated personally for any
debt, obligation or liability of the Company solely by reason of being a (a) Member of the Company or (b) an Affiliate of such Member. 
 Section 9.17 Consents. Except as otherwise expressly provided herein, any consent or approval to any act or matter required under this Agreement must be in writing and shall apply only with
respect to the particular act or matter to which such consent or approval is given, and shall not relieve any Member from the obligation to obtain the consent or approval, as applicable, wherever required under this Agreement to any other act or
matter. 
 Section 9.18 Company Name. If, at any time, the Company name shall include the name of, or any trade name
used by, a Member or any of its Affiliates, neither the Company nor any other Member shall acquire any right, title or interest in or to such name or trade name. 

  
 56 

 Section 9.19 Ownership of Company Property. The interest of each Member in the
Company shall be personal property for all purposes. All real and other property owned by the Company shall be deemed owned by the Company as Company Assets. No Member, individually, shall have any direct ownership of such property and title to such
property shall be held in the name of the Company. 
 Section 9.20 Force Majeure. The parties to this Agreement
shall be excused from performance of their obligations under this Agreement where they are prevented from so performing by revolutions, terrorism or similar disorders, wars, acts of enemies, strikes, fires, floods, acts of God, or, without limiting
the foregoing, by any cause not within the control of the party whose performance is interfered with, and which, by the exercise of reasonable diligence, the party is unable to prevent. All parties shall perform such parts or aspects of their
obligations as are not interfered with by these causes. 
 Section 9.21 Tax Advice. Each party hereto acknowledges
and agrees that it has not received and is not relying upon tax advice from any other party hereto, and that it has and will continue to consult its own tax advisors. 
 Section 9.22 Headings. The headings of all Articles and Sections contained in this Agreement are for convenience of reference only and do not form a part of this Agreement and shall not in any
way affect the interpretation hereof. 
 Section 9.23 Survival. Notwithstanding anything to the contrary contained
herein, the provisions of Article 2 (Definitions), Section 3.9 (Liability of Members), Section 6.9 (Indemnification by Company), Section 9.2 (Member Representations and Warranties), Section 9.5
(Further Assurances), Section 9.6 (Notices), Section 9.8 (Governing Law) and Section 9.11 (Confidentiality) (and any other provision herein necessary for the effectiveness of the foregoing sections) shall survive
any (a) termination of this Agreement, (b) any Transfer by a Member and (c) the dissolution or termination of the Company. 
 Section 9.24 Non-Disparagement. 
 9.24.1 No Non-Disparagement.
Each Member agrees that it and its Affiliates shall not, directly or indirectly, engage in any conduct or make any statement (orally or in writing) or release any information that damages the reputation of, or otherwise disparages, defames or
criticizes the Company, the Members or any of their respective Affiliates or successors. 
 9.24.2 Exceptions. This
Section 9.24 shall not prohibit or restrict any Person from taking any action requested or required by applicable law or regulation or engaging in any conversation subject to any attorney-client, spousal or other similar privileged
status (provided that any Person making any such disclosures subject to attorney-client privilege shall not waive such privilege). Furthermore, this Section 9.24 shall not prohibit or restrict any Person from enforcing this
Agreement as a party in any proceeding instituted for such purpose; provided that any party seeking to enforce this sentence shall take all reasonably available steps to preserve the confidentiality of the same, including to the extent
permitted by applicable law, filing it under seal and seeking (or cooperating in seeking) a protective order. 

  
 57 

 Section 9.25 Parent Guarantees. 

9.25.1 Rentech Parent Guarantee. To induce Graanul to enter into this Agreement, Rentech Parent absolutely, unconditionally and
irrevocably guarantees to Graanul (and its successors and assignees) the due and punctual payment and performance of any and all obligations of Rentech and any other Affiliate of Rentech Parent that becomes a Member under this Agreement (and their
successors and transferees), provided that such obligations are subject to any limitations and conditions thereon set forth in this Agreement (“Rentech Obligations”). A separate action or actions may be brought and prosecuted
against Rentech Parent to enforce this Section 9.25.1, but only from and after such time as Rentech, such Affiliates (or any of their successors or transferees) has breached or failed to perform their applicable Rentech Obligations.
Rentech Parent reserves the right to assert any and all defenses which Rentech, such Affiliates (or any of their successors or transferees) may have to payment or performance of any Rentech Obligations. For the avoidance of doubt, Rentech
Parent’s guarantee undertaking under this Section 9.25.1 shall be in addition to Rentech Parent’s other separate and independent obligations and liabilities to Graanul (and its successors and transferees) under
Section 3.8, Section 6.6, Section 6.7, Section 6.10 and Article 7. For the avoidance of doubt, Rentech Parent’s guarantee undertaking and other undertakings under this Agreement shall
remain valid and binding (a) in respect of Graanul and any and all of its Affiliates who will become Members of the Company as a result of any Transfer after the date hereof in accordance with this Agreement; and (b) shall secure the due
and punctual payment and performance of any and all obligations of Rentech’s successors and transferees who will become Members after the date hereof (to the extent such obligations are Rentech Obligations). Rentech Parent’s guarantee
undertaking under this Section 9.25.1 shall terminate upon the Transfer of all of Rentech’s direct or indirect Interest in the Company to a third Person but only provided that Rentech Parent ceases to be a direct or indirect holder
of any Interest in the Company and such Transfer has been made (i) in accordance with the second sentence of Section 7.1.1 and (ii) in accordance with the other terms and conditions of this Agreement. 

9.25.2 Graanul Guarantee. To induce Rentech to enter into this Agreement, Graanul absolutely, unconditionally and irrevocably
guarantees to Rentech (and its successors and assigns) the due and punctual payment and performance of any and all obligations of any Affiliate of Graanul that becomes a Member under this Agreement (and their successors and transferees),
provided that such obligations are subject to any limitations and conditions thereon set forth in this Agreement (“Graanul Obligations”). Graanul’s guarantee undertaking under this Section 9.25.2, shall
become into force only as of the moment Graanul Transfers its Interest in the Company to a Permitted Transferee of Graanul. A separate action or actions may be brought and prosecuted against Graanul to enforce this Section 9.25.2, but
only from and after such time as such Affiliate of Graanul (or any of their successors or transferees) has breached or failed to perform its applicable Graanul Obligations. Graanul reserves the right to assert any and all defenses which such
Affiliate of Graanul (or any of their successors or transferees) may have to payment or performance of any Graanul Obligations. Upon Transfer of Graanul’s Interest in the Company to a Permitted Transferee of Graanul, Section 6.6,
Section 6.7, Section 6.10 and Article 7 shall remain valid and binding upon Graanul as its separate and independent obligations and liabilities to Rentech (and its successors and transferees). For the avoidance of
doubt, Graanul’s guarantee undertaking and other undertakings under this Agreement shall remain valid and binding (a) in respect of Rentech and any and all of its Affiliates who will become Members of the Company as a result of any
Transfer after the date hereof in accordance with this Agreement; and (b) shall secure the due and punctual payment and performance of any and all obligations of Graanul’s successors and transferees who will become Members after the date
hereof (to the extent such obligations are Graanul Obligations). Graanul’s guarantee undertaking under this Section 9.25.2 shall terminate upon the Transfer of all of Graanul’s direct or indirect Interest in the Company to a
third Person but only provided that Graanul ceases to be a direct or indirect holder of any Interest in the Company and such Transfer has been made (i) in accordance with the second sentence of Section 7.1.1 and (ii) in
accordance with the other terms and conditions of this Agreement. 

  
 58 

 Section 9.26 Effectiveness. This Agreement shall become a binding obligation of
the parties hereto upon the execution and delivery of this Agreement by each such party. Notwithstanding the foregoing, the provisions of this Agreement shall become effective with respect to the parties hereto only on the closing date (the
“Closing Date”) of the transactions under the Stock Purchase Agreement (the “Purchase Agreement”) among Rentech Parent, Rentech, the shareholders of Fulghum and Anthony M. Hauff. In the event that the Closing Date
does not occur by May 6, 2013, then on such date this Agreement automatically shall terminate and be of no further force or effect. 

  
 59 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the Effective
Date. 
  

			
	THE MEMBERS:
	
	RENTECH WP U.S. INC.
		
	By:	 	/s/ Dan J. Cohrs
	Name:	 	Dan J. Cohrs
	Title:	 	 Executive Vice President and

Chief Financial Officer

  

			
	GRAANUL INVEST AS
		
	By:	 	/s/ Raul Kirjanen
	Name:	 	Raul Kirjanen
	Title:	 	CEO

  

			
	OTHER PARTIES:
	
	RENTECH, INC.
		
	 By:
	 	/s/ Dan J. Cohrs
	Name:	 	Dan J. Cohrs
	Title:	 	 Executive Vice President and

Chief Financial Officer

  

			
	COMPANY:
	
	RENTECH GRAANUL, LLC
		
	 By:
	 	 /s/ Dan J. Cohrs

	Name:	 	 Dan J. Cohrs

	Title:	 	Authorized Signatory

 Signature Page to Amended and Restated Joint Venture and Operating Agreement of Rentech Graanul,
LLC 

 EXHIBIT A 
 INITIAL MEMBERS, INITIAL CAPITAL CONTRIBUTIONS, INITIAL CAPITAL 
 ACCOUNT
BALANCES 
 AND INITIAL PERCENTAGE INTERESTS 
 As of the Effective Date 
  

				                 				                 				                 				                 	
	 Names and Addresses of Initial
Members
	  	Initial Capital
Contributions 
(Cash or Gross
Asset Value
of
Non-Cash
Contributions)	 	  	Initial Capital
Account Balance	 	  	Initial
Units	 	  	Initial
Percentage
Interest	 
	 Rentech WP U.S. INC.

10877 Wilshire Blvd., Suite 600

Los Angeles, CA 90024

United States

Attention : Sean Ebnet

Email: sebnet@rentk.com
	  	$	6,000	  	  	$	6,000	  	  	 	600	  	  	 	50.00	% 
	 Graanul Invest AS

Humala 2

 10617 Tallinn

 Estonia

Attention: Raul Kirjanen

Email:raul.kirjanen@graanulinvest.com

	  	$	6,000	  	  	$	6,000	  	  	 	600	  	  	 	50.00	% 

  
 F-1EX-10.3

 Exhibit 10.3 
 Execution Version 
 Date: April 30, 2013 

Agreement for the Sale and Purchase of Biomass 
 FOB Loading Port 
 between 

Drax Power Limited 
 and 
 RTK WP Canada, ULC 

  

			
		 	Page 1 of 58
	Version 5

 Execution Version 
 Agreement for the Sale and Purchase of Biomass FOB Loading Port 
 Date:
April 30, 2013 
  

			
	Buyer:	  	Seller:
		
	 Contact details for the purposes of notices:
  

Drax Power Limited
  

Drax Power Station
 Selby
 North Yorkshire

YO8 8PH
  

(Company number 04883589)
  

Attn:       Louise Neve
 Tel:         44 (0)1757 612954
 Fax:
        44 (0)1757 612258

Email:     backoffice@draxpower.com
	  	 Contact details for the purposes of notices:
  

RTK WP Canada, ULC
  

10877 Wilshire Blvd
 Suite 600
 Los Angeles

CA 90024

United States
  

(Company number BC0962401)
  

Attn: Sean Ebnet
 Telephone: 310-571-9800
 Fax: 310-208-7165

Email: sebnet@rentk.com
 copy to: cmorris@rentk.com

	
	In respect of any notices served pursuant to clause 20 (Termination), a copy shall also be sent to:
		
	 Attn:      The Company Secretary

Drax Power Limited
 Drax Power Station
 Selby

North Yorkshire
 YO8 8PH
  

Fax:        44 (0)1757 612258
	  	 Attn:      General Counsel

Rentech Inc.
 10877 Wilshire Blvd
 Suite 600

Los Angeles
 CA 90024
  

Fax: 310-208-7165

		
	 (each a Party and together the Parties)
	  	

 The Seller agrees to sell and the Buyer agrees to buy the Biomass of the quantity, quality, at the price and on the basis
of the terms set out in the Schedules hereto (together, this “Agreement”). 
  

									
					
	Signed:	 	/s/ Deborah Keedy	 		 	Signed:	 	/s/ Dan J. Cohrs
			
	 Duly authorised representative of
 Drax Power Limited:
	 		 	 Duly authorised representative of
 RTK WP Canada, ULC:

					
	Name:	 	Deborah Keedy	 		 	Name:	 	Dan J. Cohrs
					
	 Title:
	 	Head of Biomass Procurement	 		 	 Title:
	 	 Chief Financial Officer and

Executive Vice President

  

			
		 	Page 2 of 58
	Version 5 November 2012

 Schedule 1 

Commercial Terms 
  

			
	 1       Biomass:
	  	Wood pellet biomass as per the Fuel Specification (“Biomass”).
		
	 2       Seller Plant(s):
	  	 The Seller may supply the Biomass from either of the following plant(s) (each a “Seller Plant”) at the Seller’s
discretion:
  
 Wawa, Ontario, Canada (the “Wawa Plant”);
and
  
 Atikokan, Ontario, Canada (the “Atikokan
Plant”)
  
 The Seller may, subject to (i) provision by the Seller
of Quality Data and Sustainability Data Returns for such plant(s); and (ii) approval from the Buyer of such plant(s) (not to be unreasonably withheld or delayed), add further plants to the Seller Plant(s). For the purposes of this section it shall
always be reasonable for the Buyer to withhold its approval on the grounds of non-compliance with the Sustainability Requirements or the Fuel Specification.

		
	 3       Term:
	  	 This Agreement shall have effect from the date of execution of this Agreement (“Agreement Date”) and continue in
full force and effect until the expiry of the later of:
  

(a) ten (10) years from the Delivery Year 1 Start Date (such period being the “Initial Term”); or

 
 (b) any period of extension agreed in accordance with
section 4,
  
 unless terminated early in accordance with the Terms and
Conditions.

		
	 4       Extension:
	  	 No later than one (1) year prior to the end of the Initial Term, the Seller shall make a binding offer (an “Offer”)
to the Buyer to extend this Agreement beyond the expiry of the Initial Term for one (1) or more twelve (12) month periods (an “Extension”), provided that the Buyer shall not be entitled to extend the Term beyond a total period
(including the Initial Term) of fifteen (15) Delivery Years. The Offer shall be for the supply of 400,000 Tonnes of Biomass per annum.
  

The Buyer shall give binding notice either accepting or declining the Offer within thirty (30) Business Days of receipt of such Offer (the “Offer
Period”).
  
 In the event that the Buyer declines such Offer or
does not respond within the Offer Period then the Seller shall be free to sell the relevant Biomass to a third party in respect of the period commencing upon the expiry of the Initial Term, provided that the Seller may only sell such Biomass to a
third party on terms taken as a whole (as is reasonably determined by the Seller) that are no more favourable to that third party than those offered to the Buyer. The Seller shall act in good faith in making the Offer to the Buyer and offering terms
to such third party. The Seller’s obligation to disclose such terms of a third party offer to the Buyer shall only remain until six (6) months prior to the expiration of the Initial Term. For the avoidance of doubt, the Seller may begin
negotiations with a third party immediately after rejection of the Offer by the Buyer or the expiration of the Offer Period (as applicable), and the Seller may not sell Biomass to any third party unless the Buyer has already rejected the terms of
the sale offered to the third party within the Offer Period.
  
 In the event
that the Buyer accepts an Offer from the Seller for an Extension then the terms and conditions of this Agreement shall apply from the acceptance of such Offer (except in relation to the Price, which shall be as agreed in the Offer and acceptance,
and unless otherwise agreed in writing by the Parties) and any additional provisions required, including, but not limited to a Delivery Schedule for such Extension, shall be agreed between the Parties.

  
 3 

			
	 5       Not used
	  	Not used.
		
	 6       Quality Data:
	  	 The Seller has provided Quality Data prior to execution of this Agreement.

 
 The Seller has confirmed that the typical species mix expected in the Biomass is
[*]% Birch and [*]% Poplar.
  
 If the Seller intends to change the mix of
species which would result in the blend being used in pellet production exceeding the parameters below, then the Seller shall be obliged to comply with clause 11.4(a):

  

			
	 Species
	  	 % approved to use in

pellet mix without a
 re-test
of DSEAR or new
 pellet sample

		
	 Spruce
	  	<=100%
		
	 Pine
	  	<=100%
		
	 Fir
	  	<=100%
		
	 Birch
	  	<=100%
		
	 Aspen
	  	<=100%
		
	 Maple
	  	<=100%
		
	 Other species
	  	<= Max 10% in total of other species included in the mix of the pellet

  

			
		  	The Seller shall be obliged at all times to notify the Buyer of any material changes in the process of producing the Biomass in accordance with clause 11.4 (b).
		
	 7       Sustainability Data:
	  	The Seller has provided the Sustainability Data Return prior to execution of this Agreement.
		
	 8       Seller Plant Development Schedule:
	  	 The Seller Plant Development Schedule for the Wawa Plant and associated infrastructure at the Loading Port (and any subsequent
updates) shall include the following key milestones (the “Seller Key Milestones”):
  

(a)    site acquisition for the Wawa Plant by 1 June 2013;

 
 (b)    air permit
received for the Wawa Plant by [*];
  

(c)    completion of site preparation and civil works at the Wawa Plant by [*];

 
 (d)    completion of
site preparation and civil works (including piling) at the Loading Port by [*];
  
 (e)    pelletising equipment delivered on site by [*];
  

(f)     completion of steelwork and major structures at the Wawa Plant by
[*];

  
 4 

			
		  	 (g)    completion of construction and commissioning of the Wawa Plant and
sign off and hand over by the equipment providers by [*]; and
  
 (h)    completion of construction and commissioning of storage, conveying and loading facilities at the Loading Port by [*].

		
	 9       Price:
	  	 [*]

		
	 10     Benchmark CV NAR:
	  	[*] Gigajoules per Tonne measured on the basis of constant pressure.
		
	 11     Delivery Year 1 Start Date:
	  	 1 October 2014
  

If either the Seller or the Buyer fails to deliver or accept (as the case may be) Shipments in accordance with the applicable Delivery Schedule after the
Delivery Year 1 Start Date, clause 6.1 (in respect of the Seller) and clause 6.2 (in respect of the Buyer) shall apply.

		
	 12     Annual Quantity
	  	 Delivery Year 1 (Quarter 4 2014): [*] Tonnes of Biomass
 Delivery Year 2 (2015):

  

			
	
Quarter                    

	  	Tonnes of Biomass
	 Quarter One

Quarter Two
 Quarter Three
 Quarter Four
	  	[*]
 [*]

[*]

[*]

  

			
		  	 Delivery Years 3-10 (2016 - 2023): 400,000 Tonnes of Biomass

 
 Delivery Year 11 (Quarters 1, 2 and 3 2024): 300,000 Tonnes of Biomass

 
 All Tonnages referred to in this section 12 can be increased or decreased by up to
5% at the Buyer’s option.

		
	 13     Delivery Schedule:
	  	For Delivery Year 1, the Parties shall determine the Delivery Schedule [*]. If the Parties fail to agree the Delivery Schedule clause 5.2.3 shall apply.
		
		  	The Delivery Schedule for Delivery Years 1 and 2 shall reflect the tonnage-per-Quarter set out in section 12 above, and be based on a shipment volume of between [*] to [*] Tonnes at
the Buyer’s sole option (+/- 10% per shipment at Buyer’s option), provided that the variance in each shipment will not affect the permitted variance in the overall Annual Quantity for Delivery Years
1 and 2.
		
		  	Each subsequent Delivery Schedule shall be based on a fairly evenly phased delivery schedule over the duration of each Delivery Year based on a shipment volume of between [*] to [*]
Tonnes at the Buyer’s sole option (+/- 10% per shipment at Buyer’s option), provided that the variance in each shipment will not affect the permitted variance in the overall Annual
Quantity.

  
 5 

			
		  	Each Delivery Schedule shall comprise the number of Shipments, the tonnage intake for each Shipment and the proposed fourteen (14) day Loading Port Laycans for each
Shipment.
		
		  	If the Parties have failed to agree a Delivery Schedule in accordance with this section 13 or clause 5.2.2 (as relevant), pending resolution of any dispute by the Expert, the
Delivery Schedule shall be deemed to be based on (Delivery Years 1 and 2) an evenly phased schedule over each Quarter reflecting the tonnage-per-Quarter set out in section 12 commencing on the Delivery Year 1 Start Date, or (for subsequent Delivery
Years) an evenly phased schedule over the relevant Delivery Year by reference to the Annual Quantity.
		
	 14     Applicable Incoterm:
	  	FOB Loading Port, Incoterms 2010. Carriage shall be arranged by the Buyer (and not by the Seller) in accordance with this Agreement.
		
	 15     Loading Port:
	  	Wolfs Cove Terminal, Quebec City, unless otherwise notified or agreed in accordance with clause 5.2.4.
		
	 16     Loading Rate:
	  	 [*] Tonnes per Weather Working Day SSHINC for SupraMax and Panamax size Vessels with net loaded volume exceeding 40,000 Tonnes of
Biomass. Where Shipments are less than 40,000 tonnes, the following Loading Rates shall apply:
  

(i)     less than 20,000 tonnes, minimum loading rate to be negotiated

 
 (ii)    greater than
20,000 tonnes to 25,000 tonnes, minimum loading rate of [*] tonnes per Weather Working Day, SSHINC
  

(iii)  greater than 25,000 tonnes to 30,000 tonnes, minimum loading rate of [*] tonnes per Weather
Working Day, SSHINC
  

(iv)   greater than 30,000 tonnes to 35,000 tonnes, minimum loading rate of [*] tonnes per Weather
Working Day, SSHINC
  

(v)    greater than 35,000 tonnes to 40,000 tonnes, minimum loading rate of [*] tonnes per
Weather Working Day, SSHINC

		
	 17     Storage Facilities:
	  	The Seller shall secure at the Loading Port from the Delivery Year 1 Start Date storage facilities of [*] Tonnes.
		
	 18     Law and Jurisdiction:
	  	English law and all disputes shall be settled by international arbitration in New York under the Rules of Arbitration of the International Chamber of Commerce.
		
	 19     Seller’s Bank Account Details:
	  	 Bank of Montreal
  

Account name: RTK WP Canada, UC
  

Account number: [*]
  
 SWIFT Code: [*]

		
	 20     Agent for service of process:
	  	 The Seller irrevocably appoints:
  

Trident Company Services (UK) Limited, 7 Welbeck Street, London W1G 9YE
 as its agent for service of process in relation to any arbitration proceedings or proceedings before the English courts in connection with this Agreement. The Seller agrees that failure by a process agent
to notify the Seller of the process will not invalidate the proceedings concerned.

		
	 21     Buyer Rights at Loading Port
	  	The Buyer shall have the following rights in relation to the Seller’s Port Facilities:

  
 6 

			
		  	 (a)    If during any Quarter, any volume of biomass or any other product
flows through the Seller’s Port Facilities (other than the Biomass to which this Agreement relates):
  

(i) the Seller shall notify the Buyer and shall provide to the Buyer details of the amount of such additional volume that the Seller
anticipates will flow through the Seller’s Port Facilities in the relevant Quarter; and
  
 (ii) in respect of that Quarter, the Seller shall, within 10 Business Days following the end of the Quarter, pay the Buyer [*] in a lump sum equal to [*]% of [*] of [*] years at a rate of [*]% per
annum).
  
 The example below is included for the purposes
of illustration only. It assumes 20,000 tonnes of additional volume is handled through the port by the Seller in a Quarter, and that the total [*] costs incurred by the Seller are CAD$[*], resulting in [*] payable by the Seller of
CAD$[*].
  
 [*]

 
 This paragraph (a) shall apply to additional volumes regardless
of whether they have been procured by the Buyer or the Seller, but it shall not apply to any volumes to which paragraph (b) below applies.
  

The Seller shall provide to the Buyer any documentation reasonably requested by the Buyer to demonstrate the volume of materials
passing through the Seller’s Port Facilities in any Quarter.

		
		  	 (b)    The Seller grants to the Buyer the option for the Buyer to bring
additional volume of up to [*] Tonnes of biomass per annum through the Seller’s Port Facilities. The Buyer may exercise this right at any time from [*] and through the remainder of the Term by providing the Seller with written notice setting
out the relevant additional volume and the period for which the Buyer intends to bring the additional volume through the Seller’s Port Facilities, subject always to the Parties agreeing any logistical or other issues that arise. The Buyer may
exercise this option more than once during the Term.
  

If the Buyer exercises this option it shall pay to the Seller the additional costs incurred by the Seller as a result of the
throughput of the additional volume, at cost with no margin added by the Seller, such costs being evidenced by the Seller on an open book basis. Such costs shall exclude any capital contribution made by the Seller in respect of the Seller’s
Port Facilities, but will include any costs attributed to loading, unloading and storage services.

		
		  	 (c)    Pursuant to the Master Services Agreement entered into between the
Seller and Quebec Stevedore Company Limited (“QSL”) on or about the date of this Agreement (“Port Agreement”), QSL has agreed to grant to the Seller an option to expand the storage capacity connected to the existing
port infrastructure onto Adjacent Land (“Option”). The Port Agreement provides that this option may be assigned by the Seller to the Buyer. Accordingly:
  

(i) the Seller shall notify the Buyer as soon as reasonably practicable if the Seller receives a notice from QSL pursuant to the Port
Agreement stating that (1) QSL is considering granting use rights to any Adjacent Land to any third party, (2) QSL is considering developing such lands for its own use, or (3) QSL has received a bona fide offer from a third party to use the Adjacent
Land that it is willing to accept;

  
 7 

			
		
		  	 (ii) following receipt of such notice, the Buyer shall notify the Seller within the period provided for under the
Port Agreement whether the Buyer wishes to exercise the Option. In the event that the Buyer wishes to exercise the Option, the Seller shall notify QSL and shall assign the Option to the Buyer as soon as reasonably possible;

 
 (iii) where the Buyer is not able to exercise the Option, QSL,
pursuant to the Port Agreement, grants to the Seller (with a right for the Seller to assign to the Buyer) a further option to secure the Adjacent Land for a further period of three years on terms to be agreed. Where the Buyer wishes to exercise this
option, the Seller shall notify QSL as soon as reasonably practicable after the Seller has received confirmation from the Buyer.;
  

(iv) without prejudice to paragraph (b), if the Buyer wishes to bring additional volume of biomass through the Loading Port in excess
of the capacity of the Seller’s Port Facilities, the Buyer shall notify the Seller and the Parties shall use reasonable commercial efforts to reach an agreement on the commercial terms of a port throughput arrangement to accommodate the
Buyer’s requirements. ;If the Parties are unable to agree on such commercial terms within 30 days of the Buyer’s notification, the Buyer may work directly with Quebec Stevedore Company Limited to agree the terms on which to expand the
storage capacity connected to the existing infrastructure onto Adjacent Land and the Seller shall, upon the request of the Buyer, assign the Option to the Buyer.
  

For the purposes of this paragraph (c), “Adjacent Land” shall be any vacant land adjacent to the port terminal that is
controlled or leased by QSL and of a size sufficient to build approximately [*] tonnes of product storage and have the potential to be connected to the shiploader which is part of the infrastructure equipment. Where the Buyer has reach an agreement
with QSL on terms to expand the storage then the Seller will use commercially reasonable efforts to work with the Buyer to allow the Buyer use of the ship loading facility and to allow the Buyer access to the berth as appropriate.

 
 The Seller shall use reasonable endeavours to exercise its rights
under the Port Agreement in order to ensure the Buyer has the full benefit of the rights set out in this paragraph (c).

		
		  	 (d)    In addition to a), b) and c) above, the Seller will use reasonable commercial efforts to accommodate
any additional volumes that the Buyer wishes to export through the Seller’s existing rail and port infrastructure throughout the Term. The Buyer shall reimburse to the Seller any costs that result from such additional volume, with such costs
being payable on pass-through terms with no margin added by the Seller, and evidenced by the Seller on an open book basis.

		
		  	 If the Buyer and Seller execute a separate agreement for new volume to be exported through the Loading Port, the Buyer’s rights
referred to in paragraphs (a) and (b) above shall no longer apply.
  
 The Seller agrees to use commercially reasonable efforts to work with the Buyer to lobby the port, port authority, and relevant government departments to increase the potential ship size where possible
within the constraints of the port/channel.

  
 8 

 Schedule 2 

Fuel Specification 

 Schedule 3 

Terms and Conditions 
  

							
	Clause	 	 	  	Page	 
	 1
	 	Definitions	  	 	11	  
	 2
	 	Priority of Terms	  	 	19	  
	 4
	 	Purchase and Sale of Biomass	  	 	20	  
	 5
	 	Delivery Schedule	  	 	22	  
	 6
	 	Failure to Deliver or Take Delivery	  	 	23	  
	 7
	 	Risk, Title and Liens	  	 	24	  
	 8
	 	Insurance	  	 	25	  
	 9
	 	Price and Payment	  	 	25	  
	 10
	 	Quantity and Weighing	  	 	28	  
	 11
	 	Pre Shipment Testing and Changes in Biomass Production	  	 	29	  
	 12
	 	Quality	  	 	30	  
	 13
	 	Contamination and Handleability	  	 	32	  
	 14
	 	Rejection and Suspension	  	 	33	  
	 15
	 	Shipping conditions	  	 	34	  
	 16
	 	Sustainability	  	 	38	  
	 17
	 	Representations and Warranties	  	 	40	  
	 18
	 	Change of Law	  	 	42	  
	 19
	 	Confidentiality	  	 	42	  
	 20
	 	Termination	  	 	43	  
	 21
	 	Effects of Termination	  	 	44	  
	 22
	 	Expert Determination	  	 	45	  
	 23
	 	Not used.	  	 	45	  
	 24
	 	Novation and Assignment	  	 	45	  
	 25
	 	No Partnership, Agency or Employment	  	 	46	  
	 26
	 	Set Off	  	 	46	  
	 27
	 	Variation	  	 	46	  
	 28
	 	Waiver	  	 	46	  
	 29
	 	Cumulative Rights	  	 	47	  
	 30
	 	Force Majeure	  	 	47	  
	 31
	 	Limitation of liability	  	 	48	  
	 32
	 	Entire Agreement	  	 	48	  
	 33
	 	Severance	  	 	48	  
	 34
	 	Notices	  	 	49	  
	 35
	 	Dispute Resolution	  	 	49	  
	 36
	 	Governing Law and Jurisdiction	  	 	50	  
	 37
	 	Service of Process	  	 	51	  
	 38
	 	Rights of Third Parties	  	 	51	  
	 39
	 	Counterparts	  	 	51	  

  
 10 

	1	Definitions 

  

	1.1	In this Agreement capitalised terms in the first column of the Commercial Terms have the meaning given in that Schedule, unless otherwise defined in this Clause 1.1,
and the following expressions have the following meanings: 

 Actual Fibre Costs has the meaning given in
clause 4.5.2; 
 Affiliate means any holding company or subsidiary company of a Party or any company which is a
subsidiary company of the holding company of a Party and the expression “holding company” and “subsidiary” shall have the meanings respectively ascribed to them in section 1159 of the Companies Act 2006; 

Agreement means the agreement constituted by the Commercial Terms, these Terms and Conditions and all other Schedules;

 Agreement Date has the meaning given in section 3; 

Analysed Characteristics has the meaning given in clause 12.4.5;  

Annual Quantity means the quantity of Biomass specified in section 12 to be delivered by the Seller to the Buyer in each
Delivery Year; 
 Approved Species means Aspen (Poplar), Birch (White and Yellow), Maple (Red/Sugar), Ash
(Black/White), Spruce (Black/White), Pine (Jack, Red, White), Fir (Balsam), Tamarack (Larch) and Cedar; 
 Bill of
Lading means the receipt for the Biomass loaded on board a Vessel signed by the master or agent of the Vessel and which is also the document of title to the Biomass;  

Biomass Handleability Requirements has the meaning given in clause 13.1; 

Business Day means a day (other than a Saturday or Sunday or statutory holiday in the UK) on which banks are open for general
business in London, the United Kingdom; 
 Buyer’s Analysis Certificate has the meaning given in
clause 12.4.14;  
 Buyer’s Inspector means a mutually acceptable suitably qualified inspector appointed
by the Buyer for and on behalf of the Buyer and the Seller jointly in accordance with clause 12.4.12; 
 Buyer’s
Laboratory means a mutually acceptable internationally recognised independent commercial sampling and analytical laboratory accredited to ISO 17020/ISO 17025 as a minimum appointed by the Buyer for and on behalf of the Buyer and the Seller
jointly in accordance with clause 12.4.12; 
 Buyer’s Sample has the meaning given in
clause 12.4.1; 
 Buyer’s Shortfall Quantity has the meaning given in clause 6.2.2;

 Buyer’s Transport Charges means any reasonable, properly incurred and documented additional costs or charges
incurred by the Buyer as a direct result of the Seller’s failure to deliver a Shipment, including (a) any and all costs of deviating the Vessel to an alternative loading port to load replacement biomass on to the Vessel (to the extent not
included within the Buyer’s Replacement Costs); (b) any deadfreight charges; and (c) any costs incurred by the Buyer as a direct result of the Vessel attending the Loading Port in circumstances where the Seller failed to deliver the
Biomass at the Loading Port in accordance with this Agreement (including any Demurrage incurred by the Buyer at the Loading Port for each day or pro rata part thereof that the Biomass was not delivered); 

  
 11 

 CAD$ means Canadian Dollars; 

Calorific Value Net As Received or CV NAR means the quantity of heat liberated by the complete combustion of one kilogram of
Biomass when the water produced is assumed to remain as a vapour and the heat of vaporisation is not recovered, expressed in GJ per Tonne, and always measured at constant pressure; 

CEN Standard means the standards set by the European Committee for Standardization which are applicable to the analysis and
sampling of Biomass, as may be amended or replaced from time to time; 
 Change of Law means any of the following
events occurring after the date of this Agreement:  
  

	 	a)	a change in or repeal of an existing Law or any interpretation thereof; 

  

	 	b)	an enactment or making of a new Law or any interpretation thereof; or 

  

	 	c)	a cancellation or non-renewal of, or change in, the conditions applicable to any legal approval, permit or licence held by a
Party otherwise than as a result of any act, omission or other default of such Party; 

 Claiming Party has
the meaning given in clause 30.2; 
 Commercial Terms means the Commercial Terms set out in Schedule 1;

 Competent Authority means any court or tribunal and any local, national or
supra-national agency, authority, department, inspectorate, minister, ministry, official, or public or statutory Person (whether autonomous or not) of, or of the government of, the United Kingdom or of the
European Union or Canada, any of which has jurisdiction over either or both of the Parties (including Ofgem); 

Compliance Statement means the Compliance Statement at Schedule 7; 

Confidential Information has the meaning given in clause 19; 

CSR Policy Statement means the Corporate Social Responsibility Policy Statement at Schedule 8; 

Data Return Confirmation has the meaning given in clause 16.3.2; 

Defaulting Party means the Party as specified in clause 20.1; 

Delivery Schedule means the schedules of Shipments to be made under and in accordance with this Agreement as more fully referred to
in section 13; 
 Delivery Year means: 

 

	 	•	 	 a period of twelve (12) months beginning on the 1 January 2015 or any twelve (12) month anniversary of it except the last Delivery Year
which shall end on the expiry or termination of this Agreement; or 

  

	 	•	 	 Delivery Year 1; 

 Delivery Year 1 means the period from the Delivery Year 1 Start Date to 31 December 2014; 
 Demurrage means the financial compensation payable if time used in completing loading is greater than laytime and payable for all such excess time at a rate notified to the Seller under
clause 15 which must be a genuine pre-estimate of the damages incurred; 

  
 12 

 Despatch means the amount payable, if any, for laytime saved and being a rate equal
to [*] per cent ([*]%) of the Demurrage rate per day or pro-rata part thereof; 

Direct Losses means [*];  
 Discharge Port means the port(s) used by the Buyer to unload the Biomass from the Vessel;  
 Early Termination Date has the meaning given in clause 20.1; 

Economic Sanctions means any economic sanction or trade restriction imposed by any rule, regulation or statute of the United
Kingdom, the European Union, the United Nations or the United States of America, and any other applicable laws imposing economic sanctions or trade restrictions; 
 Environment means all, or any of, the following media: the air (including, without limitation, the air within buildings and the air within other natural or man-made structures above or below
ground), water (including, without limitation, ground and surface water) and land (including, without limitation, surface and sub-surface soil); 
 Environmental Approval means any authorisation and the filing of any notification, report or assessment required under any Environmental Law for the operation of the business of the Seller
conducted on or from properties owned or used by the Seller; 
 Environmental Law means any applicable law or
regulation which relates to: 
 (A) the pollution or protection of the Environment; 

(B) the harm to or the protection of human health; 
 (C) the conditions of the workplace; or 
 (D) any emission or substance capable of
causing harm to any living organism or the Environment; 
 Event of Default means any of the events specified in
clause 20.2; 
 Expert has the meaning given in clause 22.1; 

Extension has the meaning given in section 4; 
 Final Commercial Invoice has the meaning given in clause 9.7.1; 

Final Weight Certificate has the meaning given in clause 10.5; 

FOB means free on board, Incoterms 2010 as amended by this Agreement; 

Force Majeure means, in relation to either Party, any event or circumstance beyond the reasonable control of that Party, including
but not limited to: 
  

	 	a)	acts of God, fire, explosion, radioactive or other contamination (including contaminative precipitation or contamination to the water table), lightning, earthquake,
flood, storm, drought or other extreme weather conditions; 

  

	 	b)	acts of warfare whether declared or otherwise, act of public enemy, act or threat of terrorism, revolution, riot or other civil insurrection, public demonstration,
sabotage or act of vandalism; 

  

	 	c)	breakdown, damage to, closure or other failure of all or a significant proportion of transportation routes or harbour, ports, berth or other facilities by which the
Seller intends or intended to make delivery or the Buyer intends or intended to take delivery; 

  
 13 

	 	d)	epidemics; 

  

	 	e)	any circumstances arising out of piracy, or the consequences thereof; 

  

	 	f)	any government or Competent Authority requisition, control, intervention, requirement or interference (other than any Change of Law covered by clause 16 or clause
18); 

  

	 	g)	strikes, lockouts or other work stoppages or slow-downs or other industrial disputes, disturbance or action except those
specifically directed at either Party and/or any of their Affiliates or occurring at a facility of any of the foregoing, provided that the foregoing exception shall not apply to any general strike, 

provided that: (i) the event could not have been prevented or overcome by the Party acting as a Reasonable and Prudent Operator, and
(ii) a lack of funds or a failure to pay shall not constitute Force Majeure. For the avoidance of doubt, Force Majeure events shall not include any event or circumstance that is caused by or arises from a mechanical or equipment breakdown of
plant, machinery or facilities attributable to normal wear and tear; 
 Force Majeure Cure Period has the meaning given in
clause 30.6; 
 Force Majeure Notice has the meaning given in clause 30.2.1; 

Forest Resource Processing Licence means a license issued by Province of Ontario allowing the Seller Plant to consume forest
product; 
 Free Pratique means the permission granted by the authorities at a port, being satisfied as to the
state of health of those on board a Vessel on arrival, for them to make physical contact with the shore and the Vessel to berth; 
 Fuel Specification means the specification for the Biomass set out in Schedule 2 (Fuel Specification);  
 GJ means gigajoules; 
 Holiday means any public holiday which
is specified in the Port Requirements in respect of the relevant Loading Port, but does not include Super Holidays; 
 HSE
Conditions means the conditions contained in Schedule 9; 
 IMO Code of Safe Practice means the International Maritime
Organization Code of Safe Practice for Solid Bulk Cargoes, 2004, as amended or replaced from time to time; 
 Ice
Clause means the regulation in the Bill of Lading, charter-party or other relevant arrangement, which, having regard to customary practice, inter alia, allows the Vessel: not to force ice but follow ice-breakers, not to enter or remain in any
icebound port or area nor any port or area where ice conditions may, at master’s discretion, cause damage to the Vessel and instead sail to the nearest ice-free and safe place; 

Incoterms means International Chamber of Commerce Incoterms 2010 or such revised or updated version of such terms as the Parties
may agree shall apply for the purpose of this Agreement; 
 Independent Inspector means a mutually acceptable
suitably qualified inspector appointed by the Seller for and on behalf of the Seller and the Buyer jointly in accordance with clause 12.4.1; 
 Independent Laboratory means a mutually acceptable internationally recognised independent commercial sampling and analytical laboratory accredited to ISO 17020/ISO 17025 as a minimum appointed by
the Seller for and on behalf of the Seller and the Buyer jointly, in accordance with clause 12.4.1; 

  
 14 

 Initial Term has the meaning given in section 3; 

Interim Commercial Invoice has the meaning given in clause 9.6.1; 

ISO Standard means the standards set by the International Organization for Standardisation which are applicable to the analysis of
the Biomass, as may be amended or replaced from time to time; 
 Law means any law, regulation, ordinance, order,
statutory instrument, directive, notification, rule, instruction, by-law, guideline, code or standard which; 
  

	 	a)	is legally binding in the United Kingdom (or any part of it) from time to time; or 

 

	 	b)	has any jurisdiction with regard to the Seller or the sale and supply of the Biomass; 

Laycan means the period during which the Vessel must arrive at the Loading Port for the commencement of loading; 

LIBOR means the London Interbank Offered Rate British Bankers Association interest settlement rate for the relevant currency and
term; 
 Loading Port Weight Certificate has the meaning given in clause 10.1; 

Market Price means the price from time to time of Biomass as indicated (i) by the available relevant market indices for
industrial wood pellets pricing based on wood pellets settlement prices (including, if reasonably applicable, the relevant freight adjustment) or (ii) the price at which the relevant Party would be able to sell or purchase the quantity of under-delivered or under-accepted quantity in the market acting in a reasonable manner, which prices will be determined by taking the average of the price quotations for the
Product of similar quality and Loading Port for a similar period obtained from at least two and no more than four independent internationally recognised dealers/brokers or counterparties (such brokers to be appointed by the non-defaulting Party). When assessing Market Price, the non-defaulting Party may elect to either use (i) or (ii) above in its complete discretion. For the
avoidance of doubt the non-defaulting Party is not obliged to enter into a replacement transaction;  
 Ministry Recognition of Crown Fibre means the recognition of fibre supplies that the Seller Plants have access to from Ontario Crown lands; 

Non-Claiming Party has the meaning given in clause 30.2.1; 

Non-Defaulting Party means the Party as specified in clause 20.1; 

Notice of Readiness or NOR means the notice tendered by the master of the Vessel or his representative in accordance with
clause 15.3.1; 
 Ofgem means the Office of Gas and Electricity Markets, regulating the gas and electricity
industries in the UK; 
 Ontario Ministry of Natural Resources Accepted Business Plan means the business plan of
this name resulting in the recognition of fibre and fibre supplies as well as the MROL and fibre processing licensing issues, and the formal removal of the relevant volume from the fibre that the Province of Ontario deem to be available for other
users; 
 Ontario Ministry Recognised Operating Level (MROL) means the recognition of the level of fibre that the
Seller Plants consume within the regions identified in the Ontario Ministry of Natural Resources Accepted Business Plan; 

Person means an individual, a partnership, a corporation, a limited liability company, a fund, a joint stock company, a joint
venture, a Competent Authority, a financial institution or any other entity having legal or natural status; 

  
 15 

 Port Requirements means the requirements of the Loading Port to apply to all
collections effected under this Agreement, as attached at Schedule 4; 
 Price means the price of Biomass, as
specified in section 9, delivered on FOB terms in accordance with this Agreement; 
 Quality Data has the
meaning given in clause 11.1; 
 Quarter means a period of three (3) consecutive
months commencing respectively on 1st January,
1st April, 1st July and 1st October in any year (provided that the first Quarter and last
Quarter falling during the Term shall be reduced as necessary); 
 Reasonable and Prudent Operator means a Person
seeking to perform its contractual obligations under this Agreement in good faith and, in so doing and in the general conduct of its undertaking, exercising that degree of skill, diligence, prudence and foresight which would reasonably and
ordinarily be expected from a skilled and experienced operator in substantial compliance with all applicable Laws engaged in the same type of undertaking in the same locality and under the same or similar circumstances and conditions, and any
reference to the standard of a Reasonable and Prudent Operator in this Agreement shall be a reference to such degree of skill, diligence, prudence and foresight;  
 Reasonable Endeavours means a requirement to do all that can reasonably be done without incurring material cost or risking exposure to material loss or other liability (and any judicial
interpretation imposing a lesser or greater standard shall not apply); 
 Reject Biomass has the meaning given in
clauses 11.5, 12.2, 12.4.11, 13.3 and 16.5.2; 
 Rejection Notice means a notice notifying the Seller that the
Buyer is rejecting the Biomass; 
 Renewables Obligation Order or ROO means the Renewables Obligation Order
2009 establishing a scheme for the issuance of ROCs by the authority (as that term is defined in the ROO) as amended and as may be further amended, replaced, supplemented, superseded or re-adopted from time to
time (whether with or without modifications); 
 Replacement Price means: 

 

	 	a)	in relation to the Buyer, (i) where the Buyer procures replacement Biomass, the documented price at which the Buyer, taking reasonable steps to mitigate its
losses, purchases substitute Biomass in a quantity, quality and energy value and on a reasonably similar delivery basis as that to be delivered under this Agreement (either plus any incremental costs or less any incremental savings, including
transport charges or savings associated with delivery occurring at the relevant loading port for the replacement purchase), or (ii) absent a purchase, the Market Price for such quantity, quality and energy value of Biomass and on reasonably
similar delivery terms, as calculated by the Buyer in a commercially reasonable manner. The Buyer shall not be required to enter into a replacement transaction in order to determine the Replacement Price; or 

 

	 	b)	in relation to the Seller the documented price at which the Seller, taking reasonable steps to mitigate its losses, sells the Biomass in an amount and quality and on a
reasonably similar delivery basis as that to be sold under this Agreement (either plus any incremental costs or less any incremental savings, including transport charges or savings associated with delivery occurring at the relevant loading port for
the replacement sale), or absent a sale, the Market Price for such quantity, quality and energy value of Biomass and on reasonably similar delivery terms, as calculated by the Seller in a commercially reasonable manner. The Seller shall not be
required to enter into a replacement transaction in order to determine the Replacement Price, 

 provided that
where it is not possible for the relevant party to secure a sale or purchase (as appropriate) or to establish the Market Price on a FOB basis, the relevant party may establish the Replacement Price on a CIF basis (as defined in Incoterms 2010),
adjusted to take account of freight costs at the current market rate; 

  
 16 

 Reproducibility Limits means the relevant Testing Standard tolerance guidelines
governing the comparison of two biomass analysis results from the same biomass sample; 
 Required Authorisations
means all governmental and other licences, authorisations, permits, consents, contracts and other approvals (if any) that are required to enable a Party to fulfil any of its obligations under this Agreement; 

Sampling has the meaning given in clause 12.4.1; 

Sampling Standard means the CEN 14778:2011 standard set by the European Committee for Standardization, as may be amended or
replaced from time to time; 
 Seller Key Milestone has the meaning given in section 8; 

Seller Parent means Rentech, Inc. of 10877 Wilshire Blvd, Suite 600, Los Angeles, California 90024 (IRS Employer Identification No.
84-0957421); 
 Seller Plant has the meaning given in section 2;

 Seller Plant Development Schedule means the schedule attached to this Agreement at Schedule 6; 

Seller’s Analysis Certificate means the certificate issued by the Independent Laboratory under clause 12.4.6 recording
the level of compliance with all the parameters of the Fuel Specification at the Loading Port; 
 Seller’s Charges
means any reasonable, properly incurred and documented additional costs or charges incurred by the Seller (including, but not limited to, additional port storage or logistics costs) directly arising from the Buyer’s failure to take delivery
of a Shipment in circumstances where the Seller delivered the Biomass at the Loading Port but the Buyer failed to accept the Biomass at the Loading Port in accordance with this Agreement, other than by reason of Force Majeure or
reasons attributable to the Seller;
 Seller’s Port Facilities means the infrastructure contracted by the Seller at
the Loading Port for the purposes of compliance with its obligations under this Agreement, including a rail receiving facility, storage facilities of at least [*] Tonnes and a ship loading facility; 

Seller’s Shortfall Quantity has the meaning given in clause 6.1.3; 

Shipment means each shipment of Biomass delivered or proposed to be delivered at the Loading Port as specified in the relevant
Delivery Schedule; 
 Shipment Sample has the meaning given in clause 12.4.1; 

Standard & Poor’s means Standard & Poor’s Rating Group (a division of
McGraw-Hill Inc.); 
 Super Holiday means any public holiday during which
all loading operations at the Loading Port are suspended and shall include the public holidays specified in the Port Requirements in respect of the relevant Loading Port; 

Surveyor means an independent marine surveyor (Master Mariner or similarly qualified to carry out marine inspections and draught
surveys) appointed by the Buyer or Seller as the case may be for and on behalf of the Seller and the Buyer jointly in accordance with clause 10; 
 Suspension Notice means a notice notifying the Seller that the Buyer is suspending any further delivery of the Biomass in accordance with clause 14.5; 

  
 17 

 Sustainability Data Return means the sustainability data return to be provided in
accordance with clause 16.3.1 and in the form at Schedule 5 (Sustainability) of this Agreement or in such form as may be required by the Buyer to reflect changes to the Sustainability Policy notified to the Seller in accordance with this
Agreement; 
 Sustainability Policy means the Buyer’s sustainability policy (available at
http://www.draxpower.com/biomass/sustainability_policy) at the Agreement Date and as amended in accordance with clause 16; 
 Sustainability Requirements means the Sustainability Policy and the following: 
  

	 	a)	the Renewables Obligation Order (ROO) 2009; 

  

	 	b)	the requirements and recommendations set out in the Ofgem’s Sustainability Criteria for Solid and Gaseous Biomass for Generators (greater than 50kW) (dated
19 December 2011); 

  

	 	c)	the requirements set out in the “Government response to the consultation on proposals for the levels of banded support under the Renewables Obligation for the
period 2013-2017 and the Renewables Obligations Order 2012” dated July 2012; 

 in each case to the extent applicable as at the Agreement Date in respect of the use of Biomass in [*] (as those terms are referred to in the above Sustainability Requirements) and as amended in
accordance with clause 16.2.2; 
 Tax means any form of taxation, levy, duty, charge, contribution, withholding or
impost of whatever nature (including any related fine, penalty, surcharge or interest) imposed, collected or assessed by, or payable to, a Tax Authority; 
 Tax Authority means any government, state, municipality or any local, state, federal or other fiscal, revenue, customs or excise authority, body or official anywhere in the world including HM
Revenue & Customs;  
 Terms and Conditions means the terms and conditions set out in this Schedule 3
(Terms and Conditions); 
 Testing Standard means the combination of ISO or CEN Standards, as specified in the Fuel
Specification, as may be amended or replaced from time to time;  
 Tonne means one metric tonne, this being 1,000
kilograms; 
 Umpire Certificate has the meaning given in clause 12.4.9; 

Umpire Laboratory means a mutually acceptable internationally recognised independent commercial sampling and analytical laboratory
accredited to ISO 17020/ISO 17025 as a minimum appointed by the electing Party for and on behalf of the Seller and the Buyer jointly in accordance with clause 12.4.7; 
 Umpire Sample has the meaning given in clause 12.4.1; 

Umpire Tests has the meaning given in clause 12.4.8; 

VAT means Value Added Tax as defined in the Value Added Tax Act 1994; 

Vessel means a vessel on which the Biomass is loaded in accordance with this Agreement; 

Vessel Interests means the owner and/or the demise charterer of the Vessel and their insurers; 

Vessel Requirements means a Vessel that: 
  

	 	(a)	complies in all respects with any and all rules and regulations of the Loading Port, including the Port Requirements; 

  
 18 

	 	(b)	complies in all respects with all applicable Laws, including Canadian Law; 

 

	 	(c)	has not been blacklisted by the Loading Port, Transport Canada or by the Canadian Coast Guard; 

 

	 	(d)	is suitable for transportation of the Biomass; 

  

	 	(e)	has valid ISM (International Safety Management) and ISPS (International Ship and Port Facility Security) Certificates; 

 

	 	(f)	is no older than 20 years old; and 

  

	 	(g)	has hatches of the mechanical type of such design and construction as not to impede the operation of the shiploaders; and 

Weather Working Day means any period of twenty-four (24) consecutive hours including
Saturdays, Sundays and Holidays but not including Super Holidays during which weather permits Vessel loading operations. 
  

	1.2	In this Agreement: 

  

	1.2.1	the singular includes the plural and vice versa; 

  

	1.2.2	references to clauses are to clauses of these Terms and Conditions; 

 

	1.2.3	references to sections are to sections of the Commercial Terms; 

  

	1.2.4	references to Schedules are to schedules to this Agreement; 

  

	1.2.5	the Schedules form part of this Agreement and the expression “this Agreement” includes all the Schedules; 

 

	1.2.6	the headings in this Agreement are for convenience only and shall not affect the interpretation of this Agreement; 

 

	1.2.7	references to a “day” means a calendar day, “month” means a calendar month and “year” means a calendar year (“calendar” meaning
the Gregorian calendar); 

  

	1.2.8	any express reference to an enactment includes references to (i) that enactment as amended, consolidated or re-enacted from
time to time by or under any other enactment before or after the date of signing this Agreement; (ii) any enactment which that enactment re-enacts (with or without modification); and (iii) any
subordinate legislation (including orders and regulations) made (before or after the date of signing this Agreement) under that enactment, as amended, consolidated or re-enacted as described at (i) or
(ii) above; and 

  

	1.2.9	general words shall not be given a restrictive interpretation by reason of their being preceded or followed by words indicating a particular class of acts, matters or
things and references to “including” shall be deemed to mean “including, without limitation”, unless the context expressly requires. 

  

	2	Priority of Terms 

  

	2.1	In the event of a conflict or ambiguity between any part of this Agreement, the following order of precedence shall apply: 

 

	2.1.1	Schedule 1 (Commercial Terms); 

  
 19 

	2.1.2	Schedule 2 (Fuel Specification); 

  

	2.1.3	Schedule 3 (Terms and Conditions); and 

  

	2.1.4	all other Schedules. 

  

	3	Seller Key Milestones 

  

	3.1	The Seller shall progress with the development, construction, completion and commissioning of the Wawa Plant and associated infrastructure at the Loading Port in an
efficient and timely manner in accordance with the Seller Plant Development Schedule and the Seller shall keep the Buyer reasonably informed (on at least a Quarterly basis) and provide such evidence as the Buyer may reasonably request as to the
progress toward completion of the Wawa Plant and associated infrastructure at the Loading Port. 

  

	3.2	The Seller shall notify the Buyer if it determines or becomes aware that it will not achieve any Seller Key Milestones by the date specified in the Seller Plant
Development Schedule. 

  

	3.3	If, the Seller fails to achieve any Seller Key Milestone, or notifies the Buyer pursuant to clause 3.2 that it will not achieve any Seller Key Milestone by the
date specified in the Seller Plant Development Schedule, it shall produce within twenty (20) Business Days a revised Seller Plant Development Schedule and supporting evidence to demonstrate that the Seller is reasonably likely to be able to:

  

	 	(a)	 produce Biomass from the Seller Plants in sufficient quantities so that the first (1st) day of the first fourteen (14) day Laycan is capable of commencing on the Delivery Year 1 Start Date; and

  

	 	(b)	supply the Annual Quantity for Delivery Year 1 in accordance with the terms of this Agreement. 

 

	3.4	Once the Buyer has received the revised Seller Plant Development Schedule in accordance with clause 3.3, the Parties will try to agree within fifteen (15) Business
Days that the conditions in 3.3(a) and 3.3(b)above are met by the revised Seller Plant Development Schedule to the Buyer’s reasonable satisfaction. If the Parties do not agree within the fifteen (15) Business Day period, the Seller shall
provide evidence satisfactory to the Buyer within a further twenty (20) Business Days which demonstrates that it: 

  

	 	(a)	 has sourced alternative replacement Biomass such that the first (1st) day of the first fourteen (14) day Laycan is capable of commencing on the Delivery Year 1 Start Date; and

  

	 	(b)	is able to supply the Annual Quantity for Delivery Year 1 in accordance with the terms of this Agreement. 

 

	3.5	If the Seller fails to provide the evidence required under clause 3.4, this shall be a deemed Event of Default for the purposes of clause 20.2.4, the Buyer shall
be entitled to terminate this Agreement at any time after such failure (or after the determination of such failure pursuant to clause 22) upon ten (10) Business Days’ written notice to the Seller, and a Termination Payment calculated in
accordance with clause 21 shall become payable by the Seller. 

  

	3.6	In the event of a dispute under this clause 3, either Party may refer the matter to an Expert in accordance with clause 22. 

 

	4	Purchase and Sale of Biomass 

  

	4.1	Sale and purchase of Biomass following the Delivery Year 1 Start Date 

 

	4.1.1	With effect from the Delivery Year 1 Start Date, the Seller shall sell and deliver and the Buyer shall purchase and accept delivery from the Seller of Biomass on the
terms set out in this Agreement. 

  
 20 

	4.1.2	The Delivery Year in which a Shipment is deemed delivered shall be determined by the Bill of Lading date, and the volume of Biomass deemed delivered in a Delivery Year
shall be determined by aggregating all Final Weight Certificates for Shipments delivered in that Delivery Year. In the event that a nomination by the Seller under clause 15.1.2 or the Buyer under clause 15.1.3 results in the Bill of Lading
date for a Shipment moving into a subsequent Delivery Year (or, in respect of Delivery Year 2, a subsequent Quarter), the Shipment shall nevertheless be deemed to have been delivered in the previous Delivery Year (or Quarter, if relevant).

  

	4.1.3	Subject to the terms of this Agreement, the Biomass shall be delivered in bulk on FOB terms at the Loading Port. 

 

	4.2	Start-Up Volume 

  

	4.2.1	Without prejudice to clause 4.1, both Parties acknowledge that prior to the Delivery Year 1 Start Date the Seller may produce a quantity of Biomass (“Start-Up Volume”). 

  

	4.2.2	The Seller shall notify the Buyer before marketing it to any third party, whether it has any Start-Up Volume available for
purchase and shall offer the Buyer right of first refusal to purchase such Start-Up Volume at a specific price. 

  

	4.2.3	The Buyer shall, within ten (10) Business Days of receiving the notice in clause 4.2.2, give notice to the Seller either accepting or declining such offer to
purchase any or all of the Start-Up Volume subject to the terms of this Agreement. 

  

	4.2.4	For the avoidance of doubt, the Seller shall be under no obligation to produce and the Buyer shall be under no obligation to buy any
Start-Up Volume. 

  

	4.3	Not used 

  

	4.4	Not used 

  

	4.5	Feedstock Supply and Costs 

  

	4.5.1	The Seller shall ensure that at all times from the Delivery Year 1 Start Date it has received and kept in good standing: 

 

	 	(a)	an Ontario Ministry of Natural Resources Accepted Business Plan, through which the Ontario Ministry of Natural Resources provides firm support for the available wood
supply as detailed in Table 1 of the letter dated 2 April 2013 from David Orazietti, Minister of Natural Resources, Ontario to Sean Ebnet, Senior Vice-President, Rentech Inc.; 

 

	 	(b)	a Forest Resource Processing Licence and Ontario Ministry Recognised Operating Level (MROL) of [*]/year; and 

 

	 	(c)	all necessary agreements and arrangements to fulfil the required fibre consumption of the Seller Plants (including shareholder status on some sustainable forest
licences (“SFLs”), overlapping licences on some SFLs and long term agreements with the new Local Forest Management Corporation), 

 that the Seller will require for a period of ten (10) years to meet its obligations under this Agreement. 
  

	4.5.2	The Seller shall ensure that an independent third party auditor with no conflict of interest who is reasonably acceptable to the Buyer (“Seller’s
Auditor”) is appointed by it from time to time throughout the Term. Such Seller’s Auditor shall be appointed to audit the [*] costs that may be incurred by the Seller within any Quarter (the “[*] Costs”). The Quarterly
[*] Costs as determined by the Seller’s Auditor shall be final and binding on the Parties for the purposes of the [*] cost adjustment set out in section 9, unless either Party refers the matter to arbitration pursuant to clause 35 in which
case the [*] Costs determined by the Seller’s Auditor shall bind the Parties until such time as the matter is determined pursuant to such arbitration. 

  
 21 

	4.5.3	The Seller shall, on the reasonable request of the Buyer, give the Buyer access to the management system that records the [*] Costs for the Seller Plants.

  

	4.6	Compliance with Law 

  

	4.6.1	The Buyer and Seller shall each comply with all applicable Laws. If a Party cannot or does not rectify any material breach of this clause 4.6 (or, where such
breach is not reasonably capable of remedy within such period, does not propose a plan to rectify the breach within a period satisfactory to the other Party) within twenty (20) Business Days of the earlier of (i) the affected Party
becoming aware of the breach, or (ii) notice from the non-affected Party to the other Party identifying the alleged breach, this shall be a deemed Event of Default for the purposes of clause 20.2.4. 

 

	4.7	Reasonable and Prudent Operator 

  

	4.7.1	The Seller and the Buyer shall at all times act as Reasonable and Prudent Operators in relation to this Agreement. 

 

	5	Delivery Schedule 

  

	5.1	Delivery Schedule for Start-Up Volume 

 

	5.1.1	The Seller shall propose a Delivery Schedule in respect of the Start-Up Volume in its notice served under clause 4.2.2 and
the Buyer will indicate its acceptance of this proposed Delivery Schedule, or propose an alternative Delivery Schedule, in its notice served under clause 4.2.3. 

 

	5.1.2	If the Parties fail to agree the Delivery Schedule in accordance with clause 5.1.1 within a reasonable time period the Seller shall not be obliged to sell and
deliver the Start-Up Volume to the Buyer pursuant to this Agreement. 

  

	5.2	Delivery Scheduling following the Delivery Year 1 Start Date 

  

	5.2.1	Deliveries of Biomass following the Delivery Year 1 Start Date shall be made in accordance with the Delivery Schedules agreed or determined pursuant to section 13 and
this clause 5. 

  

	5.2.2	The Parties shall agree at least three (3) months and no more than six (6) months prior to the end of each Delivery Year the Delivery Schedule for the
following Delivery Year (other than in respect of Delivery Year 1, to which section 13 shall apply). 

  

	5.2.3	If the Parties fail to agree the Delivery Schedule in accordance with clause 5.2.2 or section 13, the matter shall be referred to the Expert for
determination. When determining a suitable Delivery Schedule, the Expert shall take into consideration the requirement for deliveries to be evenly phased, the Seller’s storage and delivery arrangements and the Buyer’s offtake, freight,
transport, port throughput and plant operation arrangements (including planned maintenance). 

  

	5.2.4	Either Party may request the other’s consent to alter the Loading Port to an alternative port (such consent not to be unreasonably withheld or delayed). If a Party
accepts the alteration to the Loading Port the nominated loading port shall be deemed the Loading Port for the purposes of this Agreement and the Parties shall use Reasonable Endeavours to agree any amendments to this Agreement, including an
increase or decrease in the payments by the Buyer to the Seller, as may be required by either Party to reflect the adjustment of costs directly attributable to delivery to that new Loading Port (including, in respect of any request by the Buyer to
alter the Loading Port, on-going charges for which the Seller is liable under its arrangement with the original Loading Port). 

  
 22 

	5.3	Operation of an Ice Clause 

If the voyage of any Vessel is delayed or cancelled by the operation of an Ice Clause, the Buyer shall notify the Seller as soon as
reasonably practicable upon becoming aware of such circumstance and shall provide the Seller with documentary evidence of the operation of the relevant Ice Clause. Provided the Buyer has complied with these requirements, its obligations in respect
of taking delivery of the affected Shipment shall be temporarily suspended from the date of issue of such notice. The Parties shall thereafter use commercially reasonable efforts to agree within five (5) Business Days amendments to the
applicable Delivery Schedule so as to re-schedule the affected delivery to take place as soon as possible, but in any event within thirty (30) calendar days. If the Parties are unable to reach agreement within five (5) Business Days of the
Seller’s receipt of the Buyer’s notice then either Party may refer the matter to the Expert for determination. 
  

	6	Failure to Deliver or Take Delivery 

  

	6.1	Failure to Deliver 

  

	6.1.1	The Seller shall notify the Buyer immediately if it knows that it is, or reasonably expects that it will be, unable to deliver (in whole or in part) a Shipment in
accordance with the Delivery Schedule. 

  

	6.1.2	The Seller shall ensure that where it is unable to meet the entirety of its delivery commitments to the Buyer under this Agreement (whether as a result of Force Majeure
or otherwise), then (without prejudice to its delivery failure obligations set out below) it will reserve for the benefit of the Buyer a percentage of the total supplies of biomass from the Seller Plant(s) being no less than the percentage which the
Annual Quantity represents of the total production of biomass from the Seller Plant(s) immediately prior to such inability to deliver occurring, and, where such supplies are insufficient to meet the delivery requirements of the Buyer under this
Agreement the provisions detailed at 6.1.3 to 6.1.7 shall apply. 

  

	6.1.3	If the Seller fails to deliver (in whole or in part) a Shipment in accordance with the Delivery Schedule (“Seller’s Shortfall Quantity”), the
Seller shall be liable to pay to the Buyer in respect of such Shipment but without double counting, in accordance with clause 6.1.5: 

  

	 	(a)	an amount for each Tonne of Seller’s Shortfall Quantity equal to the positive difference, if any, obtained by subtracting the Price from the Replacement Price; and

  

	 	(b)	the actual Buyer’s Transport Charges (if any) reasonably and properly incurred by the Buyer as a result of the Seller’s failure to deliver the Seller’s
Shortfall Quantity. 

  

	6.1.4	The relevant Annual Quantity shall be reduced by a volume equal to the Seller’s Shortfall Quantity. 

 

	6.1.5	The Buyer shall issue to the Seller an invoice for payment pursuant to clause 6.1.3 such invoice to be supported by documentary evidence reasonably required by the
Seller. Payment shall be made by the Seller within ten (10) Business Days of receipt of the Buyer’s invoice. 

  

	6.1.6	Any dispute concerning the amount of the Replacement Price or any costs incurred by the Buyer in accordance with this clause 6.1, that cannot be resolved by the
Parties within ten (10) Business Days may be referred by either Party to an Expert for determination in accordance with clause 22. 

  

	6.1.7	The provisions of clause 6.1.3 shall not apply to the extent that the failure by the Seller to make delivery of Biomass is a result of either:

  

	 	(a)	a Force Majeure event, provided that the Seller has complied with its obligations set out in clause 30; or 

 

	 	(b)	a failure by the Buyer to perform its obligations under this Agreement. 

  
 23 

	6.2	Failure to Take Delivery 

  

	6.2.1	The Buyer shall notify the Seller immediately if it knows that it is, or reasonably expects that it will be, unable to take delivery (in whole or in part) of a Shipment
in accordance with the Delivery Schedule. 

  

	6.2.2	If the Buyer fails to take delivery of all or part of a Shipment in accordance with the Delivery Schedule (“Buyer’s Shortfall Quantity”), the
Buyer shall be liable to pay to the Seller in respect of such Shipment but without double counting, in accordance with clause 6.2.5; 

  

	 	(a)	an amount for each Tonne of the Buyer’s Shortfall Quantity equal to the positive difference, if any, obtained by subtracting the Replacement Price from the Price;
and 

  

	 	(b)	the actual Seller’s Charges (if any) reasonably and properly incurred by the Seller as a result of the Buyer’s failure to accept the Buyer’s Shortfall
Quantity. 

  

	6.2.3	The relevant Annual Quantity shall be reduced by a volume equal to the Buyer’s Shortfall Quantity. 

 

	6.2.4	The Seller shall issue an invoice to the Buyer for payment pursuant to clause 6.2.2, such invoice to be supported by documentary evidence reasonably required by
the Buyer. Payment shall be made by the Buyer within ten (10) Business Days of receipt of the Seller’s invoice. 

  

	6.2.5	Any dispute concerning the amount of the Replacement Price or any costs incurred by the Seller in accordance with this clause 6.2 that cannot be resolved by the
Parties within ten (10) Business Days may be referred by either Party to an Expert for determination in accordance with clause 22. 

  

	6.2.6	The provisions of clause 6.2.2 shall not apply to the extent that the failure by the Buyer to take delivery of Biomass is a result of: 

 

	 	(a)	a Force Majeure event, provided that the Buyer has complied with its obligations set out in clause 30; or 

 

	 	(b)	a failure by the Seller to perform its obligations under this Agreement. 

  

	6.3	Limitations of Failures to Deliver or Take Delivery 

 Without prejudice to clause 21.2 neither Party shall have a right to receive payment for any Buyer’s Shortfall Quantity or Seller’s Shortfall Quantity, as applicable, in respect of any
unfulfilled Shipments under the Delivery Schedule due to occur after the date of termination of this Agreement for any reason. 
  

	7	Risk, Title and Liens 

  

	7.1	The Seller represents and warrants that at the point of delivery it shall have full title to all Biomass to be sold pursuant to this Agreement, free of all liens,
charges, security interests and encumbrances whatsoever, and that the Seller transfers all Biomass with full title guarantee. The Seller shall indemnify the Buyer in respect of all liabilities, losses, damages, costs, claims, expenses (including
legal expenses), demands or proceedings incurred by the Buyer resulting from or attributable to any liens, charges, security interests or encumbrances over the Biomass sold to the Buyer pursuant to this Agreement. The Seller shall pay, on or before
the expiry of ten (10) Business Days following the Buyer’s written request for payment, any reasonably documented amounts due pursuant to the foregoing indemnity. 

 

	7.2	Risk and title to the Biomass shall pass to the Buyer as the Biomass is deposited in the Vessel’s hold. 

 

	7.3	The Seller hereby undertakes that where title to any Biomass supplied under this Agreement (“Purchased Biomass”) has passed to the Buyer:

  
 24 

	7.3.1	it will not impose or seek to impose and unconditionally, irrevocably and absolutely waives any right to impose a lien whether general or specific; or grant, allow to
subsist or permit, any pledge, charge (by way of security or otherwise) or encumbrance, on or over any Purchased Biomass, in respect of any claims or for any outstanding sums (whether actual or contingent) which it believes are or will become due to
it under this Agreement or any other agreement between the Parties; and 

  

	7.3.2	it will procure that any third parties which from time to time may have possession, custody or control of the Purchased Biomass prior to the Biomass being placed in the
Vessel at the Loading Port will not impose or seek to impose a lien whether general or specific; or grant, allow to subsist or permit, any pledge, charge (by way of security or otherwise) or encumbrance, on or over any Purchased Biomass, in respect
of any claims or for any outstanding sums (whether actual or contingent), howsoever arising. 

  

	8	Insurance 

  

	8.1	The Seller undertakes throughout the Term to maintain in force at its own cost such policies of insurance as are required under applicable Law and such other policies
of insurance over its operations and assets relevant to this Agreement, acting as a Reasonable and Prudent Operator. The Seller shall upon the reasonable written request of the Buyer from time to time provide the Buyer with copies of the
Seller’s insurance policies covering the Seller’s Plant(s) and any insurance policies applicable to its activities at the Loading Port for review. 

 

	9	Price and Payment 

  

	9.1	The Price of the Biomass shall be as specified in the Commercial Terms and all payments hereunder shall be made by wire transfer of the Buyer to the bank account
designated by the Seller in section 19 (“Seller’s Nominated Account”). 

  

	9.2	Interest shall accrue on any amounts payable by one Party to the other under this Agreement that are not paid when due at a rate of 3% per annum above LIBOR in
each case from the date such amount was payable in accordance with this Agreement until the date payment is received by the Party entitled thereto. 

  

	9.3	If a Party disputes any sum shown in any invoice as being payable by that Party, it shall make payment of any undisputed amount on or before the date such payment is
due and shall give notice as soon as reasonably practicable (and in any event by the date such payment is due) to the other Party of the amount in dispute and the reasons for any failure to pay (except that, in the case of a manifest error in
computation, the Party receiving the invoice shall pay the correct result as agreed by the Parties after disregarding such error). Any sum that is the subject of a bona fide dispute shall be paid no more than five (5) Business Days after the
date on which the dispute is resolved (either by mutual agreement or pursuant to clause 35). If any disputed sum is determined to have been due under the original invoice, interest on that sum shall be payable pursuant to clause 9.2 from the
date that payment was due in relation to the original invoice to the date payment is actually made. 

  

	9.4	Where the Seller wants to change the Seller’s Nominated Account, it shall give notice in writing to the Buyer giving the new account details, including the account
holder, and (if applicable) their relationship to the Seller. The Buyer shall promptly consider the request and shall not unreasonably withhold or delay its processing of the change; provided that it shall be reasonable for the Buyer to withhold or
delay where: 

  

	9.4.1	the request is not given in sufficient time for the Buyer to consider and process the changes in time for the next payment date; or 

 

	9.4.2	the proposed account or account holder does not satisfy the Buyer’s risk and compliance policies; in which case the Buyer will make payment to the original
Seller’s Nominated Account. 

  
 25 

	9.5	The Seller understands and agrees that it is the Buyer’s policy not to effect third party payments and, accordingly, the Buyer shall only be required to make
payment to an account of which the Seller is the beneficial owner. 

  

	9.6	Interim Commercial Invoice 

  

	9.6.1	Upon receipt of the full set of clean on board Bills of Lading for a Shipment, the Seller shall issue a signed commercial invoice (the “Interim Commercial
Invoice”) for the amount payable for the Shipment showing the basis on which the amount payable for the Shipment has been calculated. The amount of the Interim Commercial Invoice shall be calculated as follows: 

 

			
	
	ICI = Price x (Loading Port CV NAR/Benchmark CV NAR) x Shipment Tonnage
		
	Where:	  	
		
	ICI	  	means the amount of the Interim Commercial Invoice;
		
	Price	  	means the applicable Price of the Biomass per Tonne as specified in the Commercial Terms;
		
	Loading Port CV NAR	  	means the CV NAR of the Shipment determined by the Seller’s Analysis Certificate;
		
	Benchmark CV NAR	  	means the value specified in the Commercial Terms; and
		
	Shipment Tonnage	  	means the quantity of Biomass delivered within the relevant Shipment as specified in the Loading Port Weight Certificate.

  

	9.6.2	Subject to the provisions of clause 9.6.1, payment for each Shipment will be made against presentation of the following documents in accordance with
clause 9.6.3: 

  

	 	(a)	original Seller’s signed Interim Commercial Invoice; 

  

	 	(b)	a full set of clean non-negotiable Bills of Lading (three originals and three copies, freight paid or freight payable as per
charterparty, signed by the master of the Vessel or the agent provided that if signed by the agent, a letter of authority from the master of the Vessel shall also be provided, and specifying the charterparty date, place and relevant dispute
resolution clause (to be subject to English law and LMAA arbitration)); 

  

	 	(c)	copy Loading Port Weight Certificate; 

  

	 	(d)	original Seller’s Analysis Certificate, electronic version sent directly to the Buyer; 

 

	 	(e)	Not used; 

  

	 	(f)	Not used; 

  

	 	(g)	copy certificate of hold inspection issued by the Surveyor; 

  

	 	(h)	Not used; and 

  

	 	(i)	original certificate of origin. 

  

	9.6.3	The Seller shall:- 

  

	 	(a)	send to the Buyer scanned copies of all the original documents detailed at clause 9.6.2 (other than the Seller’s Analysis Certificate which shall be provided
directly from the Independent Laboratory in accordance with clause 12.4.6) to the email address set out on the front page of this Agreement or to such other email address(es) as may from time to time be specified by the Buyer; and

  
 26 

	 	(b)	deliver to the Buyer’s agent at the Loading Port the original of the documents listed at clauses 9.6.2(a), 9.6.2(b) and 9.6.2(i). 

 

	9.6.4	If the requirements of clause 9.6.3 have been met and unless the Buyer has rejected the Shipment in accordance with the terms of this Agreement, the Buyer shall
make payment of [*] per cent ([*]%) of the Interim Commercial Invoice amount to the Seller’s Nominated Account on or before the [*] Business Day following receipt by the Buyer of all such documents listed in clause 9.6.2.

  

	9.6.5	The Buyer’s agent at the Loading Port shall procure and hold the original document listed at clause 9.6.2(g) and shall courier this, along with the original
documents delivered by the Seller in accordance with clause 9.6.3(b), directly to the Buyer promptly after they become available. 

  

	9.6.6	If, due to the Seller’s act or omission, the Bills of Lading are not expected to be available at the Discharge Port in advance of the arrival of the Vessel, the
Seller shall arrange, at its expense, for discharge of the Biomass to take place without delay without production of the original Bills of Lading to the master of the Vessel at the Discharge Port. 

 

	9.7	Final Commercial Invoice 

  

	9.7.1	Upon receipt of the Buyer’s Analysis Certificate and Final Weight Certificate and (if an Umpire Certificate has been issued and is final and binding on the Parties
in accordance with clause 12.4.10) the Umpire Certificate, the Seller shall issue a further signed commercial invoice (the “Final Commercial Invoice”), the amount of which shall be calculated as follows:

  

			
	
	FCI = Price x ((CV NAR / Benchmark CV NAR) x Shipment Tonnage) – ICI Amount Paid
		
	Where:	  	
		
	FCI	  	means the amount of the Final Commercial Invoice;
		
	Price	  	means the applicable Price of the Biomass per Tonne as specified in the Commercial Terms;
		
	CV NAR	  	means the CV NAR of the relevant Shipment as determined in accordance with clause 12.4.15;
		
	Benchmark CV NAR	  	means the value specified in the Commercial Terms;
		
	Shipment Tonnage	  	means the quantity of Biomass delivered within the relevant Shipment as determined in the Final Weight Certificate; and
		
	ICI Amount Paid	  	means the amount paid by the Buyer in respect of the Interim Commercial Invoice.

  

	9.7.2	Where the amount of the Final Commercial Invoice is positive, such amount shall be paid by the Buyer to the Seller on or before the [*] Business Day following receipt
by the Buyer of the Final Commercial Invoice. 

  

	9.7.3	Where the amount of the Final Commercial Invoice is negative, such amount shall be paid by the Seller to the Buyer on or before the [*] Business Day following receipt
by the Buyer of the Final Commercial Invoice. 

  

	9.7.4	Where the Interim Commercial Invoice has not been issued as at the date of the Final Commercial Invoice, the Seller shall not issue such Interim Commercial Invoice.
Where the Interim Commercial Invoice has been issued but no amount has been paid by the Buyer in respect thereof as at the date of the Final Commercial Invoice, the Seller shall issue a credit note to the Buyer in respect of the total value of the
Interim Commercial Invoice. 

  
 27 

	9.8	Taxes 

  

	9.8.1	VAT 

 The price of the Biomass
shall be the Price which the Buyer shall pay the Seller excluding any and all taxes levied by any Competent Authority to which the Buyer is subject. 
  

	9.8.2	Other Taxes 

  

	 	(a)	All Taxes (excluding VAT or any tax charged on or by reference to any Person’s income, profit or gain) which are due on the severance, harvesting, collection,
production and storage of Biomass prior to the transfer of risk and title in the Biomass to the Buyer, as well as due on clearing the Biomass for export, shall be the responsibility of and for the account of the Seller. 

 

	 	(b)	All Taxes (excluding VAT or any tax charged on or by reference to any Person’s income, profit or gain) which are levied after the transfer of risk and title to the
Biomass on or by reference to or payable in respect of the Biomass, including import and customs duties shall be the responsibility of and for the account of the Buyer. 

 

	 	(c)	In the event that the Buyer’s purchase of the Biomass will qualify for exemption from any Tax which is levied in the country of loading or on the use, burning or
consumption of Biomass, the Parties shall cooperate in providing any necessary documentation to each other and/or to the Tax Authorities with respect to any such exemption. 

 

	10	Quantity and Weighing 

  

	10.1	At the Seller’s sole cost prior to the Vessel’s departure from the Loading Port the weight of that Shipment shall be determined by (at the Seller’s
option): 

  

	10.1.1	a draught survey performed by a Surveyor appointed by the Seller, subject to the Buyer’s agreement, for and on behalf of the Seller and the Buyer jointly; or

  

	10.1.2	using a certified, calibrated weighbridge maintained and operated in accordance with good industry practice and any applicable national standards or Laws; or

  

	10.1.3	using a certified, calibrated belt weighing system maintained and operated in accordance with good industry practice and any applicable national standards or Laws,

 and in each case the Seller shall, or shall procure, the issue to the Buyer and the Seller, of a certificate
certifying the weight of the Shipment (the “Loading Port Weight Certificate”). 
  

	10.2	The Seller shall, upon the Buyer’s request, provide details and copies of relevant certification relating to the weighing device used, and the qualifications of
the Surveyor. 

  

	10.3	At the Buyer’s sole cost, following the Vessel’s arrival at the Discharge Port the weight of that Shipment shall be determined by (at the Buyer’s
option): 

  

	10.3.1	a draught survey performed by a Surveyor appointed by the Buyer, subject to the Seller’s agreement, for and on behalf of the Seller and the Buyer jointly; or

  

	10.3.2	using a certified, calibrated weighbridge maintained and operated in accordance with good industry practice and any applicable national standards or Laws; or

  

	10.3.3	using a certified, calibrated belt weighing system maintained and operated in accordance with good industry practice and any applicable national standards or Laws, and
in each case the Buyer shall, or shall procure, the issue to the Buyer and Seller a certificate certifying the weight of the Shipment (the “Discharge Port Weight Certificate”). 

  
 28 

	10.4	The Buyer shall, upon the Seller’s request, provide details and copies of relevant certification relating to the weighing device used, and the qualifications of
the Surveyor. 

  

	10.5	If there is a discrepancy of 0.5% or less between the Loading Port Weight Certificate and Discharge Port Weight Certificate the Loading Port Weight Certificate shall be
used as the “Final Weight Certificate”. 

  

	10.6	If there is a discrepancy of more than 0.5% between the Loading Port Weight Certificate and Discharge Port Weight Certificate: 

 

	10.6.1	the arithmetical average of the two shall be used as the Final Weight Certificate (save in the case of fraud or manifest error); and 

 

	10.6.2	the Parties shall, each acting reasonably, investigate the cause of the discrepancy. 

 

	10.7	In the case of fraud or manifest error, the Parties shall, each acting reasonably, attempt to agree the weight amongst themselves. Where the matter cannot be resolved
by the Parties within ten (10) Business Days of receipt of the Discharge Port Weight Certificate, the matter may be referred by either Party (upon notice to the other Party) to an Expert who shall determine in accordance with clause 22 the
weight that shall be final and binding on the Parties. 

  

	11	Pre Shipment Testing and Changes in Biomass Production 

  

	11.1	The Seller has, prior to execution of this Agreement, and in relation to each Seller Plant provided to the Buyer: 

 

	 	(a)	a Material Safety Data Sheet (“MSDS”) in respect of the Biomass confirming its compliance with the requirements of the Control of Substances Hazardous
to Health Regulations 2002; 

  

	 	(b)	a report confirming compliance of the Biomass with the requirements of the Dangerous Substances and Explosive Atmospheres Regulations 2002 (“DSEAR”) as
referred to in the Fuel Specification, including being classified as no greater than ST1; and 

  

	 	(c)	a representative sample of the Biomass which complies with the Fuel Specification, 

((a)(b) and (c) together being the Quality Data). 
  

	11.2	On at least a Quarterly basis during the period from the Commencement Date through until the Delivery Year 1 Start Date, the Seller shall use Reasonable Endeavours to
cooperate with the Buyer regarding the Seller’s sourcing of feedstock that may be used to supply Biomass under this Agreement (including providing samples and such other quality related information as the Buyer may reasonably request). During
this period the Buyer may require the Seller to prepare updated Quality Data where the Buyer reasonably considers the feedstock or samples are materially different to that tested under the earlier provision of Quality Data, and the Seller shall do
so within fifteen (15) Business Days. 

  

	11.3	The Seller and Buyer agree that during production of Biomass, the Seller will implement a regular schedule (the timing of which is to be agreed by the Parties from time
to time) for the taking of samples of Biomass and testing of such samples to confirm that the Biomass is in compliance with the Fuel Specification (“Pre-Shipment Samples”). Upon request by the Buyer, the Seller shall send its test
results on Pre-Shipment Samples to the Buyer. The Seller will notify the Buyer in the event that any Pre-Shipment Samples do not meet the Fuel Specification or Biomass Handleability Requirements. In the event of any such issue or a notified
non-compliance arising from any Pre-Shipment Sample, the Parties will try to determine if such Biomass is suitable for the Buyer’s use (without Buyer waiving any of its rights to rejection or suspension under clause 14 herein) despite its
failure to meet the Fuel Specification or Biomass Handleability Requirements, by referring the matter to an Initial Meeting in accordance with clause 35.2 and 35.4. If the matter is not resolved at the Initial Meeting, it shall be referred to a
Manager Meeting in accordance with clause 35.3 and 35.4. 

  
 29 

	11.4	Throughout the Term, the Seller shall promptly notify the Buyer before implementing any: 

 

	 	(a)	material changes in the feedstock used to produce the Biomass, and for the avoidance of doubt any change which would result in the blend used in pellet production to
fall outside of the parameters shown in the table in section 6 of the Commercial Terms will be considered material; and/or 

  

	 	(b)	material changes in the process of producing the Biomass, 

 and shall as soon as reasonably possible and in any event within fifteen (15) Business Days provide to the Buyer the Quality Data in respect of the Biomass that has been subject of a change.

  

	11.5	If the Seller cannot or does not update the Quality Data in accordance with clause 11.2 or 11.4, such that it continues to comply with clause 11.1, the Buyer shall
have the right to reject any Shipments containing Biomass that has been subject of such a material change that does not have updated Quality Data on written notice to the Seller, and the Biomass contained within the Shipment shall be “Reject
Biomass” and the rights, obligations and remedies detailed in clause 14 shall apply. 

  

	12	Quality 

  

	12.1	The Seller shall ensure that each Shipment complies with the Fuel Specification at the time of delivery onto the Vessel. 

 

	12.2	If the Seller cannot or does not rectify any non-compliance with the Fuel Specification within five (5) Business Days of
the Buyer notifying the Seller of any non-compliances with the Fuel Specification, then the Biomass contained within such Shipment shall be deemed to be “Reject Biomass” and clause 14 shall apply. 

 

	12.3	The Seller shall indemnify the Buyer in respect of all Direct Losses incurred by the Buyer resulting from the Shipment not complying with the Fuel Specification,
including any costs incurred by the Buyer to repair any damage caused to plant and/or equipment at the Loading Port, Discharge Port or to the Vessel during the loading, discharge and handling of the Shipment. The Seller shall pay, on or before the
expiry of ten (10) Business Days following the Buyer’s written request for payment, any amounts due pursuant to the foregoing indemnity. 

  

	12.4	Sampling and Analysis 

Determination of quality of Biomass: Sampling 

 

	12.4.1	At the Seller’s sole cost the Seller shall (in agreement with the Buyer): 

 

	 	(a)	select an Independent Inspector, and procure that such Independent Inspector shall (wherever reasonably practicable using a mechanical sampler) take a representative
sample of the Shipment at the Loading Port during loading (the “Sampling”) in accordance with the Sampling Standard. This sample shall be divided into three (3) equal parts as follows: 

 

	 	(i)	the “Shipment Sample”; 

  

	 	(ii)	the “Umpire Sample”; and 

  

	 	(iii)	the “Buyer’s Sample”; and 

  

	 	(b)	within two (2) days of loading being completed (and in any event prior to the Vessel’s departure from the Loading Port) select an Independent Laboratory to
analyse the Biomass to assess compliance with the Fuel Specification using the Testing Standards. 

  
 30 

	12.4.2	Each of the Shipment Sample, the Umpire Sample and the Buyer’s Sample shall be clearly labelled with their respective names and weights and sealed in airtight
containers, and the Parties shall procure that the Umpire Sample and the Buyer’s Sample shall be retained by the Independent Laboratory (subject to this Agreement) until the expiry of a period of ninety (90) days after the completion of
discharge of the Shipment at the Discharge Port. 

  

	12.4.3	The Seller shall procure that: 

  

	 	(a)	the Shipment Sample is sent by the Independent Inspector to the Independent Laboratory as soon as reasonably practicable following completion of Sampling;

  

	 	(b)	the Buyer’s Sample is sent by the Independent Inspector to the Buyer’s nominated laboratory immediately if called for by the Buyer; and

  

	 	(c)	the Umpire Sample is sent by the Independent Inspector to the Umpire Laboratory immediately if called for by either Party. 

 

	12.4.4	The Buyer shall have the right to: 

  

	 	(a)	be represented at its expense at the Loading Port during loading and Sampling; and 

 

	 	(b)	take its own samples from the Shipment for the purposes of private analysis only. 

 Determination of quality of Biomass: Testing 
  

	12.4.5	The Seller shall procure that the Independent Laboratory performs (as soon as reasonably practicable after completion of Sampling) an analysis against each of the
parameters within the Fuel Specification (the “Analysed Characteristics”) in respect of the Shipment Sample in accordance with the Fuel Specification. All percentages referred to in the Fuel Specification refer to percentages by
weight. 

  

	12.4.6	The Seller shall procure that the Independent Laboratory shall issue to each of the Parties a certificate (the “Seller’s Analysis Certificate”)
certifying the results of its analysis of the Analysed Characteristics in respect of the Shipment Sample within five (5) days of Sampling being complete. The Seller’s Analysis Certificate shall be final and binding on the Parties for all
purposes save as provided in clauses 12.4.10, 12.4.12, 12.4.15 and in relation to contamination and handleability as set out in clause 13 or in the case of fraud or manifest error. 

 

	12.4.7	Upon receipt of the Seller’s Analysis Certificate either Party may, within twenty five (25) days and at both Parties’ joint and equal cost, call for the
Umpire Sample to be submitted to the Umpire Laboratory. 

  

	12.4.8	The electing Party shall procure that, as soon as reasonably practicable, the Umpire Laboratory shall perform an analysis of the Analysed Characteristics to assess
compliance with the Fuel Specification (the “Umpire Tests”) on the Umpire Sample. 

  

	12.4.9	On completion of the Umpire Tests, the electing Party shall procure that, as soon as reasonably practicable, the Umpire Laboratory shall issue to each of the Parties a
certificate (the “Umpire Certificate”) certifying the results of the Umpire Tests. 

  

	12.4.10	If the results of the Umpire Tests set forth in the Umpire Certificate fall outside the Reproducibility Limits of the original analysis as certified in the
Seller’s Analysis Certificate, the Umpire Certificate shall be final and binding on the Parties save as provided in clauses 12.4.12, 12.4.15 and in relation to contamination and handleability as set out in clause 13.

  
 31 

	12.4.11	In the event that the Seller’s Analysis Certificate (or where relevant the Umpire Certificate) confirms that the values for any of the Analysed Characteristics
fall outside the permitted minimum to maximum range for such value as specified in the Fuel Specification, such a Shipment shall be known as being “out of specification” and the Biomass within such Shipment shall be deemed to be
“Reject Biomass” and clause 14 shall apply. 

  

	12.4.12	For the purpose of calculating the amount of the Final Commercial Invoice in accordance with clause 9.7 or in relation to determining compliance with the Biomass
Handleability Requirements, and notwithstanding clauses 12.4.7 to 12.4.11, the Buyer shall appoint, at its own cost, (in agreement with the Seller), the Buyer’s Inspector to carry out sampling, and the Buyer’s Laboratory to carry out
analysis of the Shipment at the Discharge Port using the Sampling Standard and Testing Standards. 

  

	12.4.13	The Seller shall have the right to: 

  

	 	(a)	be represented at its expense at the Discharge Port during unloading and Sampling; and 

 

	 	(b)	take its own samples from the Shipment for the purposes of private analysis only. 

 

	12.4.14	The Buyer shall procure that the Buyer’s Laboratory performs an analysis of the CV NAR in respect of the sample taken under clause 12.4.12 and issues to each
of the Parties a certificate (the “Buyer’s Analysis Certificate”) certifying the results of such analysis within ten (10) Business Days of the samples being taken. 

 

	12.4.15	For the purpose of determining the CV NAR to be used in the calculation of the Final Commercial Invoice, if there is a discrepancy of 0.5% or less between the Loading
Port CV NAR and Discharge Port CV NAR then the Loading Port CV NAR shall be used for preparing the Final Commercial Invoice. In the event of a discrepancy of more than 0.5%, the arithmetical average of the two shall be used for preparing the Final
Commercial Invoice, save for cases of fraud or manifest error in which case the Parties shall investigate and agree actions to be taken. 

  

	13	Contamination and Handleability 

  

	13.1	The Seller shall ensure that all Shipments shall, when unloaded at the Discharge Port: 

 

	13.1.1	be suitable for free grab discharge, and capable of being unloaded, loaded and transported successfully in bulk (whether by road, rail and/or sea);

  

	13.1.2	be substantially free from contamination and extraneous material; and 

  

	13.1.3	have a fines level of [*] per cent ([*]%) or less (notwithstanding the Fuel Specification), 

together the “Biomass Handleability Requirements”. 

 

	13.2	In the event that the Buyer, acting as a Reasonable and Prudent Operator, determines that any Shipment does not meet the Biomass Handleability Requirements then,
subject to clause 13.3 and 13.5, the Buyer shall, at the Seller’s cost, use its Reasonable Endeavours to make good or remediate the Biomass contained in such Shipment (as the case may be) in order that it shall comply with the Biomass
Handleability Requirements. 

  

	13.3	In the event that the Buyer, despite using its Reasonable Endeavours, determines that it is not possible or economically viable to make good or remediate the Biomass,
then the Biomass contained within such Shipment shall be deemed to be “Reject Biomass” and clause 14 shall apply. 

  

	13.4	The Seller shall not be responsible for or liable under this clause 13 where Biomass does not meet the Biomass Handleability Requirements at the Discharge Port due
to the action or inaction of the Vessel’s master or other third parties having control over the Vessel’s cargo or the condition of the Vessel, including contamination of any kind of the Vessel after inspection at the Loading Port and
moisture or water contamination due to failure of Vessel equipment or operator error. 

  
 32 

	13.5	The Seller shall indemnify the Buyer in respect of all Direct Losses incurred by the Buyer resulting from the Shipment not complying with the Biomass Handleability
Requirements, including, but not limited to, any costs incurred by the Buyer in accordance with clause 13.2 and any costs incurred by the Buyer to repair any damage caused to plant and/or equipment at the Loading Port, Discharge Port or to the
Vessel during the loading, transport, discharge and handling of the Shipment. The Seller shall pay, on or before the expiry of ten (10) Business Days following the Buyer’s written request for payment, any amounts due pursuant to the
foregoing indemnity. 

  

	14	Rejection and Suspension 

  

	14.1	The Buyer may reject any Shipment if it contains Reject Biomass. 

  

	14.2	If the Buyer is permitted to reject any Shipment pursuant to clause 14.1 it shall deliver a Rejection Notice to the Seller to that effect no later than five
(5) Business Days after the Buyer becomes aware of the grounds giving rise to the entitlement to reject the relevant Biomass under this Agreement (such grounds not to include the results of any
Pre-Shipment Samples described in clause 11.3) and shall set these grounds out in the Rejection Notice. Unless otherwise agreed the Rejection Notice shall take effect immediately upon delivery to the Seller.

  

	14.3	Upon a Rejection Notice becoming effective then (without prejudice to the Buyer’s right to reject a Shipment) the Buyer shall enter into good faith negotiations
with the Seller in respect of the same, including regarding on what terms (if any) the Buyer is prepared to retrospectively withdraw the Rejection Notice and acting as a Reasonable and Prudent Operator make a concession in respect of the Reject
Biomass (including, if applicable, an appropriate reduction in the price of the Reject Biomass). The Buyer shall not be obliged to agree to any concession and any concession granted by the Buyer shall only apply to the Reject Biomass and shall not
be construed as an amendment to the Fuel Specification or Biomass Handleability Requirements or a waiver by the Buyer of any of its rights under this Agreement in respect of any other supply of Biomass that does not meet the Fuel Specification or
Biomass Handleability Requirements. References in this Agreement to “Fuel Specification” or “Biomass Handleability Requirements” in respect of any Reject Biomass that has been accepted by the Buyer under this clause 14.3
shall be deemed to be a reference to the actual specification of the Reject Biomass so accepted. 

  

	14.4	Where the Rejection Notice has become effective, and where the Buyer has not withdrawn the Rejection Notice in accordance with clause 14.3:

  

	14.4.1	risk and/or title to all Reject Biomass, if already passed to Buyer, shall revert to the Seller irrespective of the location of the Reject Biomass;

  

	14.4.2	where necessary removal and/or disposal of Reject Biomass, and any reasonably and properly incurred associated shipping or transportation costs shall be for the
Seller’s account, save where the Seller notifies the Buyer that it will collect the Reject Biomass, in which case the Seller shall do so within fifteen (15) days of the effective date of the Rejection Notice; 

 

	14.4.3	no invoice shall be raised by the Seller for such Reject Biomass or any invoice raised prior to such rejection shall be cancelled and to the extent any payment has
already been paid, such payment shall be refunded; 

  

	14.4.4	the Seller shall reimburse the Buyer for any throughput, unloading, handling, storage, removal, disposal, shipping or transportation costs for the Reject Biomass, until
the Biomass is removed or disposed of; 

  

	14.4.5	the Buyer may in its entire discretion notify the Seller that: 

  

	 	(a)	clause 6.1 shall apply save that references to Seller’s Shortfall Quantity shall be deemed to refer to the Reject Biomass; or 

 

	 	(b)	it requires the rejected Shipment to be made up, in which case the Seller shall within a reasonable time period agreed upon by the Parties deliver a volume of Biomass
equivalent to the Reject Biomass to the Loading Port (or such other point of delivery as may be agreed). 

  
 33 

	14.5	Where the Buyer is entitled to issue a Rejection Notice, the Buyer may suspend any further delivery of the Biomass by serving a Suspension Notice on the Seller to that
effect no later than five (5) Business Days after the Buyer becomes aware of the grounds giving rise to the entitlement to reject the relevant Biomass under this Agreement. The Suspension Notice shall take effect immediately upon delivery to
the Seller and continue until such time as the Seller has provided the Buyer (acting reasonably) with satisfactory evidence of its capacity to resume deliveries of Biomass that meet the requirements of this Agreement at which time such suspension of
delivery will end and the obligations of the Parties under Section 12 will resume. If the Seller is not able to provide such evidence and resume deliveries within [*] months of the Suspension Notice being served this shall be a deemed Event of
Default for the purposes of clause 20.2.4. For the avoidance of doubt, in the event the Buyer issues a Suspension Notice then the Seller is entitled to sell the volume of Biomass that is not delivered due to the suspension to any third party.

  

	14.6	Notwithstanding anything to the contrary in this Agreement, if the Buyer has issued a Suspension Notice, the Buyer may in its entire discretion notify the Seller that:

  

	14.6.1	clause 6.1 shall apply save that references to Seller’s Shortfall Quantity shall be deemed to refer to the tonnage that was due to be delivered but for the
suspension and the Annual Quantity will be reduced accordingly; or 

  

	14.6.2	it requires the tonnage that was due to be delivered but for the suspension to be delivered once the performance of the Parties’ obligations has resumed, in which
case the Seller shall deliver a volume of Biomass equivalent to that not delivered due to the suspension within a reasonable time period agreed upon by the Parties; 

and the Seller is required to perform any other obligations not performed during the suspension. 

 

	14.7	Without prejudice to any other provisions of this Agreement, if the Buyer issues a valid Suspension Notice on more than [*] occasions during the Term, the Seller shall
be deemed to have committed an unremedied Event of Default for the purposes of clause 20.2.4. 

  

	14.8	Any dispute between the Parties in relation to Buyer’s rejection or suspension of a Shipment that cannot be resolved by the Parties within ten (10) Business
Days may be referred by either Party to an Expert for determination in accordance with clause 22. 

  

	15	Shipping conditions 

  

	15.1	Nominations 

  

	15.1.1	Not less than six (6) months prior to the anticipated arrival of each Vessel at the Loading Port, the Seller shall notify the Buyer of: 

 

	 	(a)	any changes to the Port Requirements, such changes to be subject to the agreement of the Buyer, such agreement not to be unreasonably withheld; and

  

	 	(b)	any changes to the Loading Port restrictions and maximum dimensions of vessels permitted to load Biomass at the Loading Port, including maximum length, beam, draught
and air draught limits. 

  

	15.1.2	Not less than thirty (30) days prior to the start of the original Laycan specified in the Delivery Schedule for the Biomass to be loaded at the Loading Port the
Seller shall confirm to the Buyer [*] when the Biomass will be available at the Loading Port in order to allow the Buyer to fix an appropriate Vessel to lift the Biomass. [*]. 

  
 34 

	15.1.3	Not less than [*] days prior to the start of the Laycan [*] the Buyer shall notify the Seller of the following details in writing and shall confirm a [*] day arrival
Laycan, to start within the Laycan [*]: 

  

	 	(a)	the name (or designation number) of the Vessel (such Vessel to meet the Vessel Requirements) that the Buyer nominates to use for a Shipment and the age, flag, class,
dimensional characteristics including deadweight tonnage, beam, length overall, number and size of cargo holds and hatches, if part cargo, spaces available for loading Biomass, anticipated cargo lift +/- 10%
and draught of such Vessel provided that the maximum dimensions of the Vessel shall not exceed the maximum vessel dimensions set out in the Port Requirements; 

 

	 	(b)	the estimated time and date of arrival of the Vessel at the Loading Port; and 

 

	 	(c)	the Demurrage and Despatch rates of the Vessel. 

  

	15.1.4	The Buyer may substitute the Vessel notified under clause 15.1.3 with another Vessel provided: 

 

	 	(a)	it notifies the Seller in writing not less than three (3) days prior to the arrival of the Vessel at the Loading Port of the details set out in clause 15.1.3
in relation to the substitute Vessel; and 

  

	 	(b)	the estimated time and date of arrival of the substitute Vessel at the Loading Port falls within the Laycan notified under clause 15.1.3 and is no earlier than the
estimated time and date of arrival of the original Vessel; and 

  

	 	(c)	the Vessel complies with the Vessel Requirements. 

  

	15.1.5	The Buyer shall notify the Seller of the estimated time and date of arrival of the Vessel at the Loading Port not later than at the following intervals prior to the
expected time of arrival of the Vessel: 

  

	 	(a)	seventy-two (72) hours; 

  

	 	(b)	forty eight (48) hours; and 

  

	 	(c)	twenty four (24) hours. 

  

	15.1.6	The Buyer undertakes that beginning on the Delivery Year 1 Start Date until the expiration of the Term to ensure that the Vessel maintains insurance as is required
under applicable Law and pursuant to the Port Requirements. The Buyer shall, upon the reasonable written request of the Seller from time to time, provide the Seller with copies of the Buyer’s insurance policies covering the Vessels for review.

  

	15.2	Loading 

  

	15.2.1	All costs and risk incurred in connection with loading a Shipment at the Loading Port shall be for the account of the Seller, including but not limited to any taxes or
dues imposed on the Biomass. The Buyer shall bear all costs customarily incurred by the Vessel at the Loading Port, including but not limited to any taxes or dues imposed on the Vessel. 

 

	15.2.2	The Seller shall secure at the Loading Port on or before the Vessel’s arrival: 

 

	 	(a)	one safe port, one safe berth, always afloat, always accessible; and 

  

	 	(b)	storage facilities as set out in the Commercial Terms. 

  

	15.2.3	The Seller shall load the Vessel at the Loading Port in compliance with the IMO Code of Safe Practice and all applicable Laws from time to time issued and amended by
any relevant governmental or other statutory body or authority. 

  
 35 

	15.2.4	The Seller shall procure that any agent, inspector or cargo surveyor appointed by the Buyer to act on behalf of the Buyer at the Loading Port shall be granted such
reasonable access to facilities, information and documentation as they may request, subject to complying with any applicable safety restrictions and not delaying or hindering loading operations in any way. 

 

	15.2.5	The Seller shall ensure that all loading and trimming operations are carried out and completed to the master of the Vessel’s satisfaction in accordance with spout
trimming methods. 

  

	15.2.6	The Seller shall ensure that any and all claims for property or other damage, loss or costs incurred by the stevedores or the Loading Port authorities in connection
with loading a Shipment at the Loading Port and caused by the master or crew of the Vessel shall be brought by the Seller and/or the stevedores and/or such Loading Port authorities directly against the Vessel Interests and no claims in this regard
shall be brought against the Buyer by any party. The Seller will ensure that such claims are notified to the master of the Vessel, if any, in writing within a reasonable time, and at the latest before departure from the Loading Port. The Buyer
agrees to provide reasonable assistance to ensure an equitable and timely settlement to any such dispute is reached. 

  

	15.2.7	All claims for damages to the Vessel occurring during loading or through improper or negligent stowage of the Biomass shall be settled directly between the Seller
and/or stevedores and/or such Loading Port authorities and Vessel Interests, without recourse against the Buyer or its agents. The Buyer will ensure that the master of the Vessel notifies the Loading Port authorities of damage, if any, in writing
within a reasonable time, and at the latest before departure from the Loading Port. The Buyer agrees to provide reasonable assistance to ensure an equitable and timely settlement to any such dispute is reached. In the event that the damage affects
the seaworthiness of the Vessel, laytime and time, if any, on Demurrage, will continue to count 

  

	15.2.8	All claims or additional costs associated with delays to loading caused by the condition of the Vessel at arrival at the Loading Port shall be for the account of the
Buyer. 

  

	15.3	Laytime 

  

	15.3.1	Upon arrival at the Loading Port, the Buyer shall cause the Notice of Readiness (“NOR”) to be tendered by the master of the Vessel any time day or night
(Saturdays, Sundays and Holidays included, excluding Super Holidays) at the berth. With time to count from the next Labour Period, being one of 07:00 am, 14:00 pm or 24:00 pm, or if earlier, from the actual commencement of loading at the
Loading Port, in which case actual time shall be used to count. In the event that the berth is occupied, the NOR can be tendered at the customary anchorage whether the Vessel is i) in berth or not, ii) in the port or not iii) in Free Pratique or not
or iv) customs cleared or not, provided the Vessel is ready in all respects to commence loading. Time will count from the next Labour Period and shifting from anchorage to berth will not count with Laytime. For the avoidance of doubt if the Vessel
is then found to not be clean after NOR tendered, following the hold inspection or the Vessel does not clear customs, free patique or is not otherwise ready in all respects to commence loading, then time shall not count until such time that the
Vessel is ready in all respects to commence loading. 

  

	15.3.2	Intentionally Omitted. 

  

	15.3.3	Laytime and/or Demurrage shall cease on completion of loading of the Shipment to the master of the Vessel’s satisfaction. 

 

	15.3.4	Laytime allowed for loading shall be the Shipment weight as determined in accordance with clause 10.1 divided by the Loading Rate set out in section 16 or (in
the absence of such rate) as specified in the Port Requirements for the relevant Loading Port. 

  

	15.3.5	The following shifting time, stoppages and/or interruptions to loading shall not count as laytime unless the Vessel is already on Demurrage in which case time will
count: 

  

	 	(a)	any time lost due to the breakdown, inefficiency, repairs or any other inability of, or cause attributable to the Vessel, her master, her crew or owners which affects
the berthing and loading of the Vessel; 

  
 36 

	 	(b)	any time lost due to the Buyer (or the owner or operator or charterer of the Vessel) preventing, impeding or prohibiting loading; 

 

	 	(c)	any governmental authority or port authority preventing, impeding or prohibiting loading; 

 

	 	(d)	any time lost due to any labour dispute, strike, go slow, work to rule, lock out, stoppage or restraint of labour involving the master, officers or crew of the Vessel;

  

	 	(e)	any time lost due to non-compliance with statutory and class requirements for the Vessel; 

 

	 	(f)	for delays in loading the Biomass due to the Vessel not complying with stevedoring regulations (provided the Buyer has been notified of such regulation in advance)
relevant to the operation of the Loading Port; 

  

	 	(g)	in the event of weather conditions which, in the reasonable opinion of either the Loading Port or the master, make loading unsafe and where the Loading Port has to
cease loading, whether the Vessel is in berth or not or in port or not; 

  

	 	(h)	any time lost if loading is interrupted by the Vessel in order to conduct business on behalf of the owner (such as taking draught surveys); 

 

	 	(i)	during Super Holidays; 

  

	 	(j)	any time lost due to Force Majeure; 

  

	 	(k)	where the Seller’s hold inspection finds that the hold is not clean, the time between completion of the Seller’s hold inspection and the hold being made
clean; and 

  

	 	(l)	where the NOR has been tendered other than at the berth in accordance with Schedule 4, any time lost due to the transit of the Vessel from the customary anchorage
to the berth at the Discharge Port. 

  

	15.3.6	If the Seller fails (in whole or in part) to deliver a Shipment, or delivers a Shipment that the Independent Inspector, Buyer’s agent or master reasonably
determines is likely to not comply with the Fuel Specification such that loading has to be stopped, the laytime exceptions at clause 15.3.5 above will not apply at the Loading Port at any time during the loading of the Shipment to inhibit
laytime running and any consequent liability of the Seller to pay Demurrage. 

  

	15.3.7	Where the Vessel is alongside the Loading Port berth and is ready to load the Shipment the Seller shall be liable for any costs or expenses incurred by the Buyer as a
result of any delays due to: 

  

	 	(a)	the unavailability of the Biomass; 

  

	 	(b)	the Independent Inspector, Buyer’s agent or master reasonably determining that the Biomass is likely to not comply with the Fuel Specification or unsafe to handle
such that loading has to be stopped; or 

  

	 	(c)	breakdown and/or inefficiency of the Loading Port, including but not limited to, the operation of the Loading Port, Loading Port cranes, stevedores or other loading
equipment, which delays the loading of the Shipment; 

 and in such event laytime will continue to run, and
Demurrage will accrue, provided that this clause shall not operate to provide a double recovery for the Buyer in addition to its rights elsewhere in this Agreement. 

 

	15.3.8	The Seller shall pay Demurrage to the Buyer for all excess time at the rate per day pro rata notified in accordance with clause 15.1.3(c), provided that the Buyer
gives notice of its claim in writing to the Seller, with such relevant supporting documentation as is available, within thirty (30) days after completion of loading. The Seller shall pay any undisputed Demurrage no later than five
(5) Business Days following the Seller’s receipt of such notice. 

  
 37 

	15.3.9	The Buyer shall pay Despatch to the Seller for all time saved at the rate per day notified in accordance with paragraph 15.1.3(c), provided that the Seller gives notice
of its claim in writing to the Buyer, with such relevant supporting documentation as is available, within sixty (60) days after completion of loading of a Shipment. The Buyer shall pay any undisputed Despatch no later than five
(5) Business Days following the Buyer’s receipt of such notice. 

  

	15.3.10	The Seller shall pay to the Buyer any detention charges validly and properly incurred by the Buyer under its charterparty in relation to any failure to load or delay in
loading the Vessel (and time shall continue to count until such time as the Seller has loaded and spout trimmed the Vessel to the master’s satisfaction and removed all loading equipment such that the Vessel is free to sail), provided that the
Buyer gives notice of its claim in writing to the Seller, with such relevant supporting documentation as is available, within thirty (30) Business Days after completion of loading. The Seller shall pay any undisputed detention no later than
five (5) Business Days following the Seller’s receipt of such notice. 

  

	16	Sustainability 

  

	16.1	Seller’s Acknowledgments 

  

	16.1.1	The Seller acknowledges and agrees that it has read and fully understood the Sustainability Policy and undertakes throughout the Term of this Agreement that it shall
conduct its production, procurement and/or processing (as applicable) of Biomass to be sold under this Agreement in compliance with the Sustainability Requirements. 

 

	16.2	Amendments to the Sustainability Policy 

  

	16.2.1	If, after the Agreement Date the Buyer wishes to update the Sustainability Policy, other than to the extent required by any Law relating to the sustainability of the
supply of Biomass, the Parties shall consult regarding any changes that may be required to the Seller’s production, procurement and/or processing of Biomass in order to agree upon such changes and resulting costs. The Seller shall, where it is
agreed that such changes are reasonably required, alter its production, procurement and/or processing of Biomass as agreed, and shall, acting as a Reasonable and Prudent Operator, mitigate any costs associated with this. The Buyer shall pay any
reasonable and demonstrable costs incurred by the Seller in order to comply with the agreed changes. Any dispute concerning the costs to be incurred by the Seller in accordance with this clause 16.2.1 may be referred by either Party to an
Expert for determination in accordance with clause 22. 

  

	16.2.2	If, after the Agreement Date a Change of Law requires a change to the Sustainability Requirements so that the Buyer can continue to be eligible for support for
electricity generation from biomass at [*] under the Renewables Obligation Order or become eligible for support under any replacement or new incentive scheme for the support of electricity generation from renewable energy sources including biomass:

  

	 	(a)	the Buyer shall promptly notify the Seller of the relevant change to the Sustainability Requirements; 

 

	 	(b)	the Parties shall collaborate to minimize the impact of potential new legislation; 

  
 38 

	 	(c)	the Seller shall use Reasonable Endeavours to alter its production, procurement and/or processing of Biomass as required by such Change of Law, and the Buyer and the
Seller shall equally share any demonstrated additional costs incurred by the Seller under this sub-clause (which shall be assessed on a per Tonne basis by comparing such demonstrated additional costs to
the remaining volume of Biomass to be delivered under this Agreement) up to a combined cap of five Canadian Dollars (CAD$5) per Tonne (ie two Canadian Dollars and fifty cents (CAD$2.50) borne by each Party) of Biomass which remains to be delivered
under this Agreement on the date of such Change of Law. Where such additional costs are in excess of five Canadian Dollars (CAD$5) per Tonne of biomass, either Party may elect to either: 

 

	 	(i)	pay solely itself any additional costs in excess of five Canadian Dollars (CAD$5) per Tonne in order to ensure continuation of this Agreement and the contribution of
the non-electing Party shall be no greater than two Canadian Dollars and fifty cents (CAD$2.50) per Tonne; or 

  

	 	(ii)	terminate this Agreement at any time thereafter with immediate effect by written notice to the other Party, at which point the Parties shall have no further obligations
between them save those previously accrued or expressed in this Agreement to survive termination and no Termination Payment shall be payable. For the avoidance of doubt, a Party shall not be entitled to terminate under this clause where the
other Party has elected to pay all of the additional costs of the Seller in excess of five Canadian Dollar (CAD$5) per Tonne under clause 16.2.2(c)(i); and 

 

	 	(d)	for the avoidance of doubt, the costs sharing referred to in this clause shall be exclusive of and in addition to any adjustments pursuant to section 9.

  

	16.2.3	The Parties agree that any [*] shall have no effect on this Agreement. 

  

	16.2.4	The Parties acknowledge and agree that, for the avoidance of doubt: 

  

	 	(a)	[*]; and 

  

	 	(b)	if any such [*] results in increased costs for the Seller, clause 16.2.2 shall apply to such increased costs. 

 

	16.3	Data Returns 

  

	16.3.1	The Seller confirms that, prior to the Agreement Date, the Seller has completed and returned to the Buyer a Sustainability Data Return in respect of the Biomass.

  

	16.3.2	The Seller shall provide written confirmation at the beginning of each twelve (12) month anniversary of the Agreement Date that the information provided in
accordance with clause 16.3.1 continues to be true, accurate and complete (“Data Return Confirmation”). 

  

	16.3.3	The submission by the Seller of information required pursuant to clauses 16.3.1, 16.3.2 or 16.3.4 shall be deemed to be a representation and warranty to the Buyer
on each occasion that such submission is made, and in relation to every delivery of Biomass, that the information provided by the Seller pursuant to clauses 16.3.1, 16.3.2 or 16.3.4 is true, accurate and complete. 

 

	16.3.4	The Seller shall notify the Buyer as soon as reasonably possible if any information provided by it pursuant to clauses 16.3.1 or 16.3.2 will change, or has
changed, together with details of any such change and submission of such notification shall on each occasion be deemed to be a representation and warranty to the Buyer that all information in respect of any such change is true, accurate and
complete. As soon as practicable thereafter, the Seller shall duly complete and return to the Buyer a revised Sustainability Data Return reflecting those changes. 

 

	16.4	Sustainability Audit 

  

	16.4.1	The Seller shall, at the Buyer’s request (on at least fifteen (15) Business Days written notice to the Seller) provide a report, to be in a format provided by
the Buyer, which will provide greater details about the Seller’s processes and land-use, to enable the Buyer to review and verify the Seller’s compliance with the Sustainability Policy, provided that
the Buyer shall not be entitled to request such a report more than once every six (6) months. 

  
 39 

	16.4.2	Upon at least fifteen (15) Business Days’ notice in writing to the Seller, the Buyer shall have the right to audit the information (including the sources of
such information) provided by the Seller under this clause 16. The Seller shall provide the Buyer or its authorised representative with reasonable access to the Seller’s records relevant to such information, including it requested by the
Buyer using Reasonable Endeavours to provide the Buyer or its authorised representative with such access to the records of third parties. The costs of such audit shall be borne by the Buyer. The Buyer may only exercise its rights under this clause
16.4.2 once in each year of this contract, or more frequently if the Buyer identifies a specific concern over sustainability compliance. 

  

	16.5	Compliance 

  

	16.5.1	The Seller shall, as soon as reasonably possible, notify the Buyer if it determines that it has breached or may breach any of the provisions of this clause 16. The
Buyer may also notify the Seller if it determines there has been such a breach by the Seller. The Seller shall have thirty (30) days to remedy any notified breach of this clause 16 or such other period that may be approved by the Buyer.

  

	16.5.2	Following receipt from the Seller or issuance by the Buyer of a notice of non-compliance in accordance with clause 16.5.1
above in respect of a breach of clause 16.1, 16.2.1, 16.2.2, 16.3 or 16.4, and provided that such breach is not remedied within the period specified in clause 16.5.1, the Buyer shall be entitled within five (5) Business Days of such
notice to suspend any further deliveries of the Biomass by delivery of a Suspension Notice to the Seller. The Suspension Notice shall take effect immediately upon delivery to the Seller and continue until such time as the Seller has provided the
Buyer with satisfactory evidence of its capacity to resume deliveries of Biomass that comply with the provisions of this clause 16. Notwithstanding anything to the contrary in this Agreement, if the Buyer has issued a Suspension Notice, the
Buyer may at its option request either that (i) the tonnage that was due to be delivered but for the suspension be delivered once the performance of the Parties’ obligations has resumed, or (ii) all suspended deliveries be treated as
failed deliveries, in which case the provisions of clause 6.1.3 will apply save that any reference to Seller’s Shortfall Quantity shall be deemed to refer to the suspended deliveries. For the avoidance of doubt, the Buyer shall be entitled
to reject any Shipment that has been delivered to the Loading Port where such supply would, in the reasonable opinion of the Buyer, have been made in breach of the Seller’s obligations under this clause 16 (“Reject
Biomass”). If the Buyer wishes to reject any Shipment in accordance with this clause, it shall deliver a Rejection Notice to the Seller no later than five (5) Business Days of receiving notice from the Seller or issuing notice to the
Seller of a breach in accordance with clause 16.5.1. The provisions of clause 14 shall apply mutatis mutandis to such rejected Shipments. 

  

	16.5.3	The Seller shall indemnify the Buyer in respect of all liabilities, losses, damages, costs, claims, expenses (including legal expenses), demands or proceedings incurred
by the Buyer due to a breach of the Seller’s representations and warranties under this clause 16, including, but not limited to, any [*], as a result of the Seller’s breach of representation or warranty. The Seller shall pay, on or
before the expiry of ten (10) Business Days following the Buyer’s written request for payment, any amounts due pursuant to the foregoing indemnity. 

 

	16.5.4	If a notified breach is not remedied within the relevant cure period specified in clause 16.5.1, such failure shall be deemed an Event of Default for the purposes
of clause 20.2.4. 

  

	17	Representations and Warranties 

  

	17.1	Each Party represents and warrants to the other Party (which representations and warranties are deemed to be repeated by each Party on each occasion that Biomass is
delivered and accepted under this Agreement) that: 

  

	17.1.1	it has the power (a) to execute this Agreement and any other documentation to which it is a Party, (b) to deliver this Agreement and any other documentation
relating to this Agreement that it is required by this Agreement to deliver, and (c) to perform its obligations under this Agreement, and has taken all necessary action to authorise that execution, delivery and performance;

  

	17.1.2	all Required Authorisations have been or will be obtained by the time required and, once so obtained, will be maintained in full force and effect and all conditions of
any such Required Authorisations will be complied with; 

  
 40 

	17.1.3	it is not relying upon any representations of the other Party other than those expressly set out in this Agreement; 

 

	17.1.4	it has negotiated, entered into and executed this Agreement as principal (and not as agent or in any other capacity, fiduciary or otherwise); 

 

	17.1.5	it has entered into this Agreement with a full understanding of the material terms and risks of this Agreement and it is capable of assuming those risks;

  

	17.1.6	the other Party is not acting as a fiduciary or an advisor for it; 

  

	17.1.7	all applicable information that is furnished in writing, if any, by or on behalf of it to the other Party and is identified for the purpose of this clause 17 is,
as of the date it is furnished to the other Party, true, accurate and complete in every material respect; and 

  

	17.1.8	it has, and its employees and sub-contractors have, and will comply with any
anti-terrorism, anti-corruption, anti-bribery or anti-money laundering legislation in
connection with its performance of, or in connection with services or goods procured for the purposes of this Agreement. 

  

	17.2	The Seller represents, warrants and covenants to the Buyer that: 

  

	17.2.1	no Shipment shall originate from any country subject to Economic Sanctions for so long as such country is the target of Economic Sanctions; 

 

	17.2.2	all information supplied to the Buyer by the Seller in connection with the source from which the Biomass is to be delivered, the quality of the Biomass and the volumes
of the Biomass to be delivered is true, accurate and complete in all material respects; 

  

	17.2.3	the CSR Policy Statement has been and will be complied with by the Seller, and the Seller shall use Reasonable Endeavours to procure that all persons from whom the
Seller has directly or indirectly acquired the Biomass comply with the same; 

  

	17.2.4	the Compliance Statement has been and will be complied with by the Seller, and the Seller shall use Reasonable Endeavours to procure that all persons from whom the
Seller has directly or indirectly acquired the Biomass comply with the same; 

  

	17.2.5	the HSE Conditions have been and will be complied with by the Seller, and as far as the Seller is or should be reasonably aware, all persons from whom the Seller has
directly or indirectly acquired the Biomass; 

  

	17.2.6	the EU Timber Regulations (995/2010) have been and will be complied with by the Seller, and as far as the Seller is or should be reasonably aware, all persons from
whom the Seller has directly or indirectly acquired the Biomass; 

  

	17.2.7	the Seller will achieve at its Seller Plants a chain of custody certification that allows the Seller to pass on any FSC, SFI and CSA forest management certification
that it has to the Buyer; and 

  

	17.2.8	no Biomass will contain a species that is not an Approved Species. 

  

	17.3	Save for any warranties expressly provided for in this Agreement, all other warranties, conditions or other terms implied by statute, common law, trade usage or
otherwise are excluded to the fullest extent permitted by Law. 

  
 41 

	18	Change of Law 

  

	18.1	Save as provided for under clause 16.2, if there is, or either Party becomes aware that there will be, a Change of Law on or after the Agreement Date which has or
would render this Agreement impossible or unlawful to perform, then upon the written request of either Party, the Parties shall promptly meet to discuss and, acting in good faith, agree upon any amendments that may be required to the terms of this
Agreement in order to maintain, so far as is practicable, the overall balance of risks, rights, rewards and obligations between the Parties that existed prior to such change. The Parties expressly agree that the purpose of any such amendments is
solely to enable the mechanics of this Agreement to be changed so that they effectively integrate with any such change. Any new costs, expenses or risks that arise owing to such change and not of a type provided for in this Agreement are not
intended to be allocated from one Party to the other by virtue of this clause. 

  

	18.2	If the Parties are unable to reach an agreement on any such necessary amendments within sixty (60) days of the initial request, then the non-affected Party may terminate this Agreement upon one (1) month’s written notice to the other Party and no payment shall be due on termination. 

 

	18.3	Without prejudice to clauses 18.1 and 18.2, neither Party shall be liable to the other Party for a failure to perform any obligation under this Agreement which
becomes prohibited or impossible to perform by reason of a Change of Law. 

  

	19	Confidentiality 

  

	19.1	The Parties shall treat the terms of this Agreement and all information provided under or in connection with this Agreement (“Confidential
Information”) as confidential, and shall safeguard the other’s Confidential Information accordingly and shall not disclose Confidential Information without the prior written consent of the other Party, save that consent will not be
required for disclosure: 

  

	 	(a)	to the extent that the Confidential Information is in or lawfully comes into the public domain other than by breach of this clause 19; 

 

	 	(b)	to the extent that the Confidential Information is independently developed without access to the other Party’s Confidential Information; 

 

	 	(c)	to the extent required by any: applicable Laws; judicial process; Competent Authority; or rules and regulations governing any exchange, clearing house, rating agency or
issue of securities; 

  

	 	(d)	to Affiliates or to directors, employees or Persons professionally engaged by a Party or its Affiliates; 

 

	 	(e)	to any insurance broker, proposed or actual insurer or loss adjuster, in connection with any insurance taken out or to be taken out by the disclosing Party or any of
its Affiliates; or 

  

	 	(f)	to any intended assignee of the rights and interests of a Party under this Agreement or to a Person intending to acquire an interest in a Party or its Affiliate or
their professional advisers; 

 provided that, in the cases of sub-clauses
(c), (d), (e) and (f) above, the disclosing Party shall: 
  

	 	(a)	if possible provide the other Party with prompt prior written notice of such disclosure or otherwise with notice immediately after such disclosure, setting out the
disclosing Party’s reasons for disclosing the Confidential Information; 

  

	 	(b)	disclose only that portion of the Confidential Information which is legally required to be disclosed and take all measures as may be reasonable to minimise the scope of
the Confidential Information to be disclosed; and 

  

	 	(c)	ensure the relevant party receiving the Confidential Information is required by the disclosing Party to treat the Confidential Information as confidential on terms
substantially the same as those set out in this clause 19. 

  
 42 

	19.2	Neither Party shall issue a press release that includes wording discussing this Agreement or the relationship between the Parties without obtaining the approval of the
other Party to the wording used, such approval not to be unreasonably withheld or delayed. 

  

	20	Termination 

  

	20.1	If, at any time, an Event of Default has occurred with respect to a Party (the “Defaulting Party”), the other Party (the “Non-Defaulting
Party”) may terminate this Agreement by written notice to the Defaulting Party on or at any time after the occurrence of such Event of Default (such date being the “Early Termination Date”). 

 

	20.2	“Event of Default” means the occurrence at any time with respect to the Defaulting Party of any of the following events: 

 

	20.2.1	any representation or warranty made in this Agreement, or expressly stated in this Agreement as being deemed to have been made by the Party proves to have been
materially false or misleading at the time it was made or was deemed to have been made and, in respect of those representations and warranties where cure periods are provided for, has not been remedied in the relevant cure period;

  

	20.2.2	the Party fails to pay any amount or amounts in aggregate in excess of the sum of [*] Canadian Dollars (CAD $[*]) when due under this Agreement, and that failure is not
remedied on or before the fifteenth (15th) Business Day after the Non-Defaulting Party gives the Party notice of that failure; 

 

	20.2.3	the Party: 

  

	 	(a)	fails to perform a material obligation under this Agreement (other than an obligation referred to at clause 20.2.2) at any time and such failure is not remedied
within fifteen (15) Business Days of the Non-Defaulting Party giving the Defaulting Party notice of that failure; or 

 

	 	(b)	persistently and/or repeatedly fails to perform any obligation under this Agreement which is not a material obligation, provided that (i) the non-defaulting Party has notified the defaulting Party of such breaches, (ii) the matter has been referred to an Initial Meeting in accordance with clause 35.2 and 35.4, (iii) if the matter was not
resolved at the Initial Meeting, it has been referred to a Manager Meeting in accordance with clause 35.3. and 35.4, and (iv) the matter has not been resolved at the Manager Meeting; 

 

	20.2.4	any event that is expressly stated to be an Event of Default for the purposes of this clause. There shall be no additional cure period for any such event;

  

	20.2.5	the Party: 

  

	 	(a)	is dissolved (other than pursuant to a consolidation, amalgamation or merger); 

 

	 	(b)	becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due; 

 

	 	(c)	makes a general assignment, arrangement or composition with or for the benefit of its creditors; 

 

	 	(d)	institutes or has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other
similar law affecting creditors’ rights, or a petition is presented for its winding-up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, that
proceeding or petition (i) results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation or (ii) is not withdrawn,
dismissed, discharged, stayed or restrained in each case within thirty (30) days of the institution or presentation of that proceeding or petition; 

  
 43 

	 	(e)	has a resolution passed for its winding-up, official management or liquidation (other than pursuant to a consolidation,
amalgamation or merger); 

  

	 	(f)	seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or
for all or substantially all its assets; 

  

	 	(g)	has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied,
enforced or sued on or against all or substantially all its assets and that secured party maintains possession, or that process is not withdrawn, dismissed, discharged, stayed or restrained, in each case within thirty (30) days of that event;

  

	 	(h)	causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in sub-clauses (a) to (g) (inclusive); or 

  

	 	(i)	takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts referred to in this clause 20.2.5.

  

	20.3	From the effective date of a termination notice given in accordance with clause 20.1 (or any other provision of this Agreement), this Agreement shall terminate and
the Parties shall have no further obligations between them. Termination under this Agreement shall not affect any rights or obligations which may have accrued prior to termination, including any rights or obligations in respect of antecedent
breaches. The rights and obligations of each Party under clauses 8, 16, 17, 19, 20, 21, 22, 31, 35 and 36 shall continue in full force and effect notwithstanding termination of this Agreement. 

 

	21	Effects of Termination 

  

	21.1	The Parties acknowledge that termination of this Agreement is without prejudice to any pre-existing rights and/or claims that a
Party may have under this Agreement as well as any rights and/or claims which arise subsequently but which relate to this Agreement and in particular, but without limitation, termination remains subject inter alia to any mechanisms within this
Agreement which operate to recover losses. 

  

	21.2	Without prejudice to any other obligations in this Agreement, in the event that the Non-Defaulting Party elects to terminate
this Agreement pursuant to clause 20.1, the Defaulting Party shall [*] the Non-Defaulting Party an amount equal to: 

 

	21.2.1	all liabilities, losses, damages, costs, claims, expenses (including legal expenses), demands or proceedings incurred by the
Non-Defaulting Party in relation to any agreements to which the Non-Defaulting Party is a party directly related to the performance of this Agreement (including but not
limited to, any shipping arrangements, any take or pay obligations under port or haulage agreements and storage costs); 

  

	21.2.2	an amount for each Tonne of Biomass which remains to be delivered under this Agreement until the expiry of the Term (the “Remaining Tonnage”) equal to
the positive difference where the Non-Defaulting Party is the Buyer and negative difference where the Non Defaulting Party is the Seller, if any, obtained by subtracting the Price for the Remaining Tonnage
from the Replacement Price; and 

  

	21.2.3	the Non-Defaulting Party’s reasonable legal fees and
out-of-pocket expenses incurred with respect to the termination of this Agreement, 

 and the amount due shall in total, be the “Termination Payment”. 
  

	21.3	A Party shall not be required to enter into replacement transactions in order to determine the Termination Payment. 

  
 44 

	21.4	The Defaulting Party shall pay, on or before the expiry of ten (10) Business Days following the Non-Defaulting Party’s
written request for payment, the Termination Payment 

  

	22	Expert Determination 

  

	22.1	If any matter is referred to an independent expert (the “Expert”) in accordance with this Agreement, the Expert shall be appointed by agreement between the
Parties. If the Parties fail to agree upon that appointment within ten (10) Business Days of a Party notifying the other Party of its decision to refer the matter to an Expert, the President of the Law Society of England and Wales may appoint
the Expert on the application of either Party, provided that such person is experienced and familiar with the type of international commercial transactions contemplated under this Agreement or any invoice disputes that may arise under this
Agreement. 

  

	22.2	The Expert shall act as an expert and not as an arbitrator and shall give his or her determination in writing. 

 

	22.3	In respect of matters referred to the Expert pursuant to clauses 3, 5.2, 5.3, 6.1.6, 6.2.5 and 10.7, in the absence of fraud or manifest error, the determination of the
Expert shall be final, conclusive and binding upon the Parties. 

  

	22.4	In respect of matters referred to the Expert pursuant to clauses 14.8 or 16.2.1, if either party is dissatisfied with the Expert’s determination it may refer the
matter to arbitration pursuant to clause 35. The determination of the Expert shall bind the Parties until such time as the matter is determined pursuant to such arbitration. 

 

	22.5	The Expert shall determine the procedure to be followed by the Expert for the purpose of making a determination provided that the Parties shall use their respective
Reasonable Endeavours to ensure that he or she makes his or her determination within twenty (20) Business Days of being appointed. 

  

	22.6	Each of the Parties shall bear one half of the costs of the Expert unless the Expert determines otherwise. 

 

	22.7	Pending the determination of any dispute in accordance with the terms of this Agreement, the Parties shall continue to the extent possible to perform their obligations
under this Agreement. 

  

	23	Not used. 

  

	24	Novation and Assignment 

  

	24.1	Neither Party may novate, assign, transfer, subcontract or otherwise dispose of any rights or obligations under this Agreement to any person without the prior written
consent of the other Party (the “Remaining Party”), such consent not to be unreasonably withheld or delayed. No purported assignment without consent shall be effective as against the Remaining Party. It shall be reasonable for the
Remaining Party to withhold its consent to a proposed novation or assignment where: 

  

	 	(a)	the novation or assignment would (i) render any right of the Remaining Party under this Agreement unenforceable; or (ii) render the performance of any
obligation by either Party under this Agreement illegal; or (iii) cause any tax representation made by the original Parties to each other to be or become untrue or incorrect; or 

 

	 	(b)	the proposed transferee or assignee (as the case may be) would not satisfy the compliance and/or credit policies of the Remaining Party in effect as at the date of the
proposed novation or assignment. 

  

	24.2	Upon termination of this Agreement by reason of default, the non-defaulting Party may assign all or any part of its interest in
any Termination Payment due and payable to it from the defaulting Party without any requirement to obtain the consent of the defaulting Party. 

  
 45 

	24.3	Notwithstanding the foregoing: 

  

	24.3.1	either Party may upon written notice to the other Party grant security over, or assign by way of security, any or all of its rights under this Agreement for the
purposes of, or in connection with, the financing (whether in whole or in part) of any of its business; and 

  

	24.3.2	the Seller may, subject to obtaining the written consent of the Buyer, in the period prior to Delivery Year 1 Start Date novate, assign or transfer this Agreement to a
separate entity that is an Affiliate of the Seller Parent, provided that the Buyer may only withhold its consent if: 

  

	 	(a)	the Seller Parent does not guarantee to the Buyer the obligations of the new entity on the same terms as it has guaranteed the obligations of the Seller in respect of
this Agreement; 

  

	 	(b)	the novation, transfer or assignment would (i) render any right of the Remaining Party under this Agreement unenforceable; or (ii) render the performance of
any obligation by either Party under this Agreement illegal; or (iii) cause any tax representation made by the original Parties to each other to be or become untrue or incorrect; or 

 

	 	(c)	the proposed transferee or assignee (as the case may be) does not satisfy the compliance and/or credit policies of the Buyer in effect as at the date of the proposed
novation or assignment. 

  

	25	No Partnership, Agency or Employment 

 Nothing in this Agreement shall be deemed to constitute either Party acting as the agent or partner of the other Party. No Party shall have any authority to make any commitments on the other Party’s
behalf. 
  

	26	Set Off 

 Either Party
(the “Relevant Party”) may at any time, without notice to the other Party (the “Other Party”), set off, withhold or deduct any liability of the Other Party to the Relevant Party against any liability of the Relevant
Party to the Other Party, whether any such liability is present or future, liquidated or unliquidated, under this Agreement and/or any other agreements entered into between the Parties, irrespective of the currency of its denomination. If the
liabilities to be set off are expressed in different currencies, the Relevant Party may, acting in a reasonable manner, convert either liability at a market rate of exchange for the purpose of set-off. Any
exercise by the Relevant Party of its rights under this clause shall be without prejudice to any other rights or remedies available to it under this Agreement or otherwise. 

 

	27	Variation 

 No amendment
or variation of the terms of this Agreement or any documents entered into or delivered in accordance with its provisions shall be effective unless made or confirmed in writing and signed by the Buyer and the Seller. 

 

	28	Waiver 

  

	28.1	Neither failure to exercise nor any delay in exercising any right or remedy under this Agreement shall operate as a waiver of it or of any other right or remedy under
it. No single or partial exercise of any such right or remedy shall prevent any further or other exercise of it or the exercise of any other right or remedy. 

 

	28.2	Any waiver given by a Party must be in writing and expressly stated by an authorised employee of that Party to be a waiver. Such a waiver will only apply to the
specific events to which it is stated to relate and not to any other events, whether past or future. 

  
 46 

	29	Cumulative Rights 

  

	29.1	The rights and remedies provided by this Agreement are cumulative and (unless otherwise provided in this Agreement) are not exclusive of any rights or remedies provided
by Law or in this Agreement. 

  

	30	Force Majeure 

  

	30.1	Subject to clause 30.2 and other than in respect of the obligation to make any payment as required by this Agreement and any obligations which have accrued prior
to the Force Majeure, a Party shall not be in breach of this Agreement and shall not be liable to the other for any failure to perform an obligation under this Agreement to the extent that, and as long as, the performance of such obligation has been
interfered with, hindered, delayed or prevented by Force Majeure. 

  

	30.2	The provisions of clause 30.1 shall not apply unless the Party wishing to be relieved from liability under this Agreement (the “Claiming Party”)
has: 

  

	30.2.1	promptly after becoming aware of the occurrence of the event or circumstance giving rise to the Force Majeure claim notified the other Party (the “Non-Claiming Party”) in writing of the Claiming Party’s intention to claim relief, providing details of the Force Majeure, estimation of its expected duration and the probable impact on the performance
of its obligations under this Agreement together with all evidence reasonably required to support the existence of the Force Majeure (the “Force Majeure Notice”); 

 

	30.2.2	used without delay Reasonable Endeavours and continues to use Reasonable Endeavours to rectify the event or circumstance giving rise to the Force Majeure claim (to the
extent it is able to do so) or otherwise to mitigate the effects of the same, and resume full performance of its obligations under this Agreement; 

  

	30.2.3	given and continues to give regular reports to the Non-Claiming Party on the status of the Force Majeure (including the effects
thereof) and progress in its efforts to overcome the same; and 

  

	30.2.4	as soon as reasonably possible after the end of the Force Majeure, notified the Non-Claiming Party in writing that the Force
Majeure has ended. 

  

	30.3	If the Force Majeure experienced by the Claiming Party continues for six (6) months commencing on the date of the Force Majeure Notice, the Non-Claiming Party may, at its option, at any time during the continuance of such Force Majeure terminate this Agreement and the Parties shall have no further obligations between them save those previously accrued
or expressed in this Agreement to survive termination and no Termination Payment shall be payable. If the Parties have agreed a remedial plan under which the Claiming Party will resolve the Force Majeure event the
Non-Claiming Party shall not terminate this Agreement during such period as the Claiming Party is actively and diligently complying with such plan. 

 

	30.4	As soon as reasonably possible after provision of the notice in clause 30.2.4 the Claiming Party shall notify the
Non-Claiming Party whether it is able to deliver/take (as applicable) any or part of the Biomass affected by the Force Majeure. 

 

	30.5	Following receipt of a notice under clause 30.4, the Non-Claiming Party shall notify the Claiming Party whether:

  

	30.5.1	it requires the Claiming Party to increase the volumes of Biomass to be delivered for the remainder of the Delivery Year to the extent such Biomass is available in
accordance with clause 30.4; or 

  

	30.5.2	it requires the Claiming Party to reduce the Annual Quantity to be delivered by an amount not exceeding the affected quantity of Biomass; or 

 

	30.5.3	it, acting reasonably, requires the Claiming Party to perform any other obligations under this Agreement which were not performed during the Force Majeure.

  
 47 

	30.6	The Claiming Party shall have a reasonably agreed period from the date of the notice served in accordance with clause 30.5 to perform any obligations which were
not performed during the Force Majeure (the “Force Majeure Cure Period”) in accordance with clause 30.5. 

  

	31	Limitation of liability 

  

	31.1	Subject to clause 31.3, neither Party shall have any liability for any of the following whatsoever or howsoever caused or arising: 

 

	31.1.1	loss of profit, loss of use, loss of goodwill or business interruption; or 

 

	31.1.2	indirect, consequential or special loss or damage. 

  

	31.2	Neither Party excludes or limits liability to the other Party for death or personal injury, for fraud or fraudulent misrepresentation nor where liability cannot be
excluded or limited as a matter of Law. 

  

	31.3	Nothing in clause 31.1 shall prevent, restrict or limit: 

  

	31.3.1	the amount payable under any express indemnity in this Agreement (save as provided for in the definition of Direct Losses); 

 

	31.3.2	either Party’s liability to make a payment of liquidated damages specified in this Agreement; or 

 

	31.3.3	either Party’s right to enforce any other obligation (including suing for a debt) owed to it under or pursuant to this Agreement. 

 

	32	Entire Agreement 

  

	32.1	This Agreement and the documents referred to in it, set forth the entire agreement and understanding of the Parties’ obligations and liabilities and supersede any
previous agreement between the Parties relating to the subject matter of this Agreement. There are no conditions, warranties, representations or terms, express or implied, in this regard that are binding on either party except as specifically stated
in this Agreement. 

  

	32.2	Each of the Parties acknowledges and agrees that: 

  

	32.2.1	in entering into this Agreement and the documents referred to in it, it does not rely on, and shall have no remedy in respect of, any statement, representation,
warranty or understanding (whether negligently or innocently made) of any Person (whether Party to this Agreement or not) other than as expressly set out in this Agreement; and 

 

	32.2.2	its only remedy in respect of statements, representations, warranties or understandings made or repeated in this Agreement or in relation to this Agreement shall be for
breach of contract. 

  

	32.3	For the avoidance of doubt, the Quality Data and Sustainability Data Return provided prior to execution of this Agreement shall be deemed to have been provided under
this Agreement for the purposes of this clause 32. 

  

	33	Severance 

  

	33.1	If any provision of this Agreement shall be found by any court or body or authority of competent jurisdiction to be invalid or unenforceable, such provision shall be
severed from the remainder of this Agreement which shall remain in full force and effect to the extent permitted by Law. 

  

	33.2	If any provision of this Agreement is so found to be invalid or unenforceable but would be valid or enforceable if some part of the provision were deleted or modified,
the provision in question shall apply with such modification as may be necessary to make it valid. 

  
 48 

	34	Notices 

  

	34.1	Any notice required to be given under this Agreement shall be in writing in the English language and delivered personally or sent by facsimile transmission or recorded,
special delivery or first class post to the address or facsimile number of the Party who is to receive such notice as set out on the front page of this Agreement or to such other address or facsimile number as may from time to time be specified in
writing by the relevant Party as its address for the purpose of this clause 34. The Parties agree that email may be used for day-to-day communications.

  

	34.2	A notice shall be deemed to have been received: 

  

	34.2.1	if delivered personally, at the time of delivery; 

  

	34.2.2	if sent by prepaid recorded, special delivery or first class post, on the second (2nd) Business Day after the date of posting; and 

 

	34.2.3	if sent by facsimile on the date of completed transmission. 

  

	34.3	In proving service of notice: 

  

	34.3.1	by personal delivery, it shall be necessary only to produce a receipt for the notice signed by or on behalf of the Party due to receive it; 

 

	34.3.2	by post, it shall be necessary only to prove that the notice was contained in an envelope which was duly addressed and posted in accordance with this clause 34;
and 

  

	34.3.3	by facsimile, it shall be necessary only to produce a transmission report from the machine from which the facsimile was sent indicating that the facsimile was sent in
its entirety to the facsimile number of the recipient. 

  

	34.4	A notice received or deemed to be received in accordance with this clause 34 on a day which is not a Business Day or after 5.00 pm on any Business Day shall be
deemed to be received at 9.00 am on the next Business Day. 

  

	34.5	Each Party undertakes to notify the other Party in accordance with this clause 34 if the address or facsimile number specified on the front page of this Agreement
is no longer an appropriate address for the service of notices. 

  

	35	Dispute Resolution 

  

	35.1	Any dispute between the Parties in connection with this Agreement (other than a dispute referable to an Expert in accordance with clause 22) shall be referred in
the first instance to the dispute resolution procedure as provided in this clause 35, and thereafter may be settled by international arbitration in New York under the Rules of Arbitration of the International Chamber of Commerce.

  

	35.2	In the first instance the respective contract manager for each of the Parties shall arrange to meet as soon as reasonably practicable solely in order to resolve the
matter in dispute. Such meeting(s) shall be minuted and shall be chaired by the Party calling for the meeting (the “Initial Meeting”). 

  

	35.3	If the Initial Meeting does not resolve the matter in question within five (5) Business Days of the date of that meeting being called, each of the Parties will
escalate the matter to their respective senior managers, who shall arrange to meet as soon as reasonably practicable solely in order to resolve the matter in dispute. Such meeting(s) shall be minuted and shall be chaired by the Party calling for the
meeting (the “Manager Meeting”). 

  

	35.4	The Initial Meeting and the Manager Meeting(s) shall be conducted in such manner and at such venue (including a meeting conducted over the telephone) as to promote a
consensual resolution of the dispute in question to the mutual satisfaction of the Parties. 

  
 49 

	35.5	Subject to clause 35.6, neither Party may commence proceedings (or the equivalent by initiating International Arbitration in New York) prior to the later to occur
of: 

  

	35.5.1	the completion of the procedures referred to in clauses 35.2 and 35.3; and 

 

	35.5.2	the expiry of four (4) weeks from the date of the first contact referred to in clause 35.2 above. 

 

	35.6	This clause 35 is without prejudice to either Party’s right to seek interim relief against the other Party (such as an injunction) through the English courts
to protect its rights and interests, or to enforce the obligations of the other Party. 

  

	35.7	During any dispute, including a dispute as to the validity of any aspect of this Agreement, it is agreed between the Parties that they shall continue to comply with and
perform the provisions of this Agreement. 

  

	36	Governing Law and Jurisdiction 

  

	36.1	This Agreement and any non-contractual obligations arising out of or in connection with it are governed by and shall be
construed in accordance with the laws of England. 

  

	36.2	In relation to any proceedings (save in respect of proceedings relating to interim relief), each Party irrevocably agrees that all disputes and claims shall be settled
by international arbitration in New York. 

  

	36.3	Any dispute arising out of or in connection with this Agreement, including any question regarding its existence, validity or termination, shall be referred to and
finally resolved by arbitration under the Rules of Arbitration of the International Chamber of Commerce, which Rules are deemed to be incorporated by reference into this clause: 

 

	36.3.1	the number of arbitrators shall be three in the case of any dispute with a value greater than CAD$10,000,000 and shall be one in the case of all other disputes;

  

	36.3.2	the Parties agree that where there are to be three arbitrators, one shall be appointed by the Buyer, one shall be appointed by the Seller and one shall be appointed by
the International Court of Arbitration of the International Chamber of Commerce, and the Parties agree that where there is to be one arbitrator he shall be appointed by the International Court of Arbitration of the International Chamber of Commerce;

  

	36.3.3	the arbitrators shall be qualified as a barrister, judge or retired judge and therefore have the requisite knowledge of English law; 

 

	36.3.4	the seat, or legal place, of arbitration shall be New York; 

  

	36.3.5	the language to be used in the arbitral proceedings shall be English; 

  

	36.3.6	the Parties undertake to keep confidential all awards in any arbitration, together with all materials in the proceedings created for the purpose of the arbitration and
all other documents produced by another party in the proceedings not otherwise in the public domain - save and to the extent that disclosure may be required of a Party by legal duty, to protect or pursue a
legal right or to enforce or challenge an award in bona fide legal proceedings before a state court or other judicial authority; and 

  

	36.3.7	by agreeing to arbitration in accordance with this clause, the Parties do not intend to deprive any competent court of its jurisdiction to issue a pre-arbitral injunction, pre-arbitral attachment or other order in aid of the arbitration proceedings or the enforcement of any award. Any interim or provisional relief
ordered by any competent court may subsequently be vacated, continued or modified by the arbitral tribunal on the application of either Party. 

  
 50 

	37	Service of Process 

  

	37.1	In respect of any proceedings for interim relief only in accordance with clause 35.6, the Seller irrevocably appoints the agent specified in section 20 as its
agent for service of process in relation to any proceedings before the English courts in connection with this Agreement. 

  

	37.2	The Seller agrees that failure by a process agent to notify the Seller of the process will not invalidate the interim relief proceedings concerned.

  

	38	Rights of Third Parties 

This Agreement does not create, confer or purport to confer any benefit or right enforceable by any Person not a Party to it and all third
party rights implied by Law are, to the extent permissible by Law, excluded from this Agreement except that a Person who is a permitted successor to or assignee of the rights of a Party to this Agreement is deemed to be a Party to this Agreement.

  

	39	Counterparts 

 This
Agreement may be executed in any number of counterparts all of which taken together shall constitute one and the same document and any Party may execute this Agreement by signing any one or more of such counterparts. 

  
 51 

 Schedule 4 

Loading Port Specifications and Requirements 

 Schedule 5 

Sustainability Data Return 

 Schedule 6 

Seller Plant Development Schedule 

 

 Schedule 7 

Compliance Statement 

 Schedule 8 

CSR Policy Statement 

 Schedule 9 

HSE Conditions 

 Schedule 10 

Sample Price Calculation

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