Document:

Term Loan Agreement

 Exhibit 10.1 
  
  
  
 TERM LOAN AGREEMENT 
 dated as of May 15, 2009 
 among 
 ALLIANCE DATA SYSTEMS CORPORATION, 
 as Borrower, 
 THE GUARANTORS PARTY HERETO, 
 THE BANKS PARTY HERETO, 
 and 
 BANK OF MONTREAL, 
 as Administrative Agent 
  
  
  
 BMO CAPITAL MARKETS 
 and 
 SUNTRUST ROBINSON HUMPHREY, INC., 
 as Co-Lead Arrangers 
 and 
 Co-Book Runners, 
 SUNTRUST BANK, 
 as Syndication Agent 
 JPMORGAN CHASE BANK, N.A., 
 BANK OF AMERICA, N.A., 
 and 
 BARCLAYS BANK PLC 
 as Co-Documentation Agents 
 and 
 COMPASS BANK, 
 as Managing Agent 

 TABLE OF CONTENTS 
  

					
	 SECTION
	  	 HEADING
	  	PAGE
	ARTICLE 1    DEFINITIONS	  	1
			
	 Section 1.1
	  	Definitions	  	1
	 Section 1.2.
	  	Accounting Terms and Determinations	  	15
	 Section 1.3.
	  	Types of Borrowings	  	15
		
	ARTICLE 2    THE CREDITS	  	16
			
	 Section 2.1.
	  	Commitments to Lend	  	16
	 Section 2.2.
	  	Notice of Borrowing	  	16
	 Section 2.3.
	  	Notice to Banks Funding of Loans	  	16
	 Section 2.4.
	  	Evidence of Indebtedness	  	17
	 Section 2.5.
	  	Maturity of Loans	  	17
	 Section 2.6.
	  	Interest Rates	  	18
	 Section 2.7.
	  	[Intentionally Omitted]	  	18
	 Section 2.8.
	  	[Intentionally Omitted]	  	18
	 Section 2.9.
	  	Method of Electing Interest Rates for Loans	  	19
	 Section 2.10.
	  	Optional Prepayments	  	19
	 Section 2.11.
	  	[Intentionally Omitted]	  	20
	 Section 2.12.
	  	General Provisions as to Payments	  	20
	 Section 2.13.
	  	Funding Losses	  	21
	 Section 2.14.
	  	Computation of Interest	  	21
	 Section 2.15.
	  	Regulation D Compensation	  	21
	 Section 2.16.
	  	Increase in Loans	  	22
		
	ARTICLE 3    CONDITIONS	  	22
			
	 Section 3.1.
	  	Initial Borrowing	  	22
	 Section 3.2.
	  	Each Borrowing	  	23
		
	ARTICLE 4    REPRESENTATIONS AND WARRANTIES	  	24
			
	 Section 4.1.
	  	Existence and Power	  	24
	 Section 4.2.
	  	Corporate and Governmental Authorization; No Contravention	  	24
	 Section 4.3.
	  	Binding Effect	  	24
	 Section 4.4.
	  	Financial Information	  	24
	 Section 4.5.
	  	Litigation	  	25
	 Section 4.6.
	  	Compliance with ERISA	  	25
	 Section 4.7.
	  	Environmental Matters	  	26
	 Section 4.8.
	  	Taxes	  	26
	 Section 4.9.
	  	Subsidiaries	  	26
	 Section 4.10.
	  	Investment Company	  	27
	 Section 4.11.
	  	Full Disclosure	  	27

  

 -i- 

					
	ARTICLE 5    COVENANTS	  	27
			
	 Section 5.1.
	  	Information	  	27
	 Section 5.2.
	  	Payment of Obligations	  	30
	 Section 5.3.
	  	Maintenance of Property; Insurance	  	30
	 Section 5.4.
	  	Conduct of Business and Maintenance of Existence	  	30
	 Section 5.5.
	  	Compliance with Laws	  	30
	 Section 5.6.
	  	Inspection of Property, Books and Records	  	31
	 Section 5.7.
	  	Mergers and Sales of Assets	  	31
	 Section 5.8.
	  	Use of Proceeds	  	31
	 Section 5.9.
	  	Negative Pledge	  	31
	 Section 5.10.
	  	End of Fiscal Years and Fiscal Quarters	  	33
	 Section 5.11.
	  	Total Leverage Ratio	  	33
	 Section 5.12.
	  	Senior Leverage Ratio	  	33
	 Section 5.13.
	  	Interest Coverage Ratio	  	33
	 Section 5.14.
	  	Delinquency Ratio	  	33
	 Section 5.15.
	  	Debt Limitation	  	33
	 Section 5.16
	  	Capitalization of Insured Subsidiaries	  	34
	 Section 5.17.
	  	Restricted Payments; Required Dividends	  	34
	 Section 5.18.
	  	Equity Ownership, Limitation On Creation Of Subsidiaries	  	34
	 Section 5.19.
	  	Change Of Business	  	34
	 Section 5.20.
	  	Limitation On Issuance Of Capital Stock	  	35
	 Section 5.21.
	  	Investments; Restricted Acquisition	  	35
	 Section 5.22.
	  	No Restrictions	  	36
	 Section 5.23.
	  	Guarantors	  	37
		
	ARTICLE 6    DEFAULTS	  	38
			
	 Section 6.1.
	  	Events of Default	  	38
	 Section 6.2.
	  	Notice of Default	  	40
		
	ARTICLE 7    THE AGENT	  	40
			
	 Section 7.1.
	  	Appointment and Authorization	  	40
	 Section 7.2.
	  	Administrative Agent and Affiliates	  	41
	 Section 7.3.
	  	Action By Administrative Agent	  	41
	 Section 7.4.
	  	Consultation with Experts	  	41
	 Section 7.5.
	  	Liability of Administrative Agent	  	41
	 Section 7.6.
	  	Indemnification	  	41
	 Section 7.7.
	  	Credit Decision	  	42
	 Section 7.8.
	  	Successor Administrative Agent	  	42
		
	ARTICLE 8    CHANGE IN CIRCUMSTANCES	  	42
			
	 Section 8.1.
	  	Basis for Determining Interest Rate Inaccurate or Unfair	  	42
	 Section 8.2.
	  	Illegality	  	43
	 Section 8.3.
	  	Increased Cost and Reduced Return	  	43
	 Section 8.4.
	  	Taxes	  	44

  

 -ii- 

					
	 Section 8.5.
	  	Base Rate Loans Substituted for Affected Fixed Rate Loans	  	46
	 Section 8.6.
	  	Limitations on Reimbursement	  	46
		
	ARTICLE 9    PERFORMANCE AND PAYMENT GUARANTY	  	47
			
	 Section 9.1.
	  	Unconditional and Irrevocable Guaranty	  	47
	 Section 9.2.
	  	Enforcement	  	48
	 Section 9.3.
	  	Obligations Absolute	  	48
	 Section 9.4.
	  	Waiver	  	49
	 Section 9.5.
	  	Subrogation	  	49
	 Section 9.6.
	  	Survival	  	50
	 Section 9.7.
	  	Guarantors’ Consent to Assigns	  	50
	 Section 9.8.
	  	Continuing Agreement	  	50
	 Section 9.9.
	  	Entire Agreement	  	50
	 Section 9.10.
	  	Application	  	50
		
	ARTICLE 10    MISCELLANEOUS	  	50
			
	 Section 10.1.
	  	Notices	  	50
	 Section 10.2.
	  	No Waivers	  	51
	 Section 10.3.
	  	Expenses; Indemnification	  	51
	 Section 10.4.
	  	Sharing of Set-Offs	  	51
	 Section 10.5.
	  	Amendment or Waiver, etc	  	52
	 Section 10.6.
	  	Successors and Assigns	  	52
	 Section 10.7.
	  	Collateral	  	54
	 Section 10.8.
	  	Governing Law; Submission to Jurisdiction	  	55
	 Section 10.9.
	  	Counterparts; Integration; Effectiveness	  	55
	 Section 10.10.
	  	Waiver of Jury Trial	  	55
	 Section 10.11.
	  	Limitation on Interest	  	55
	 Section 10.13.
	  	USA Patriot Act	  	56
	 Section 10.14.
	  	Confidentiality	  	56

  

					
	SCHEDULE I	 	—	  	Commitments
	SCHEDULE II	 	—	  	Investment Plan
	SCHEDULE 5.9	 	—	  	Existing Liens
	SCHEDULE 5.21	 	—	  	Intercompany Investment Commitments
			
	APPENDIX I	 	—	  	Pricing Schedule
			
	EXHIBIT A	 	—	  	Form of Assignment and Assumption Agreement
	 EXHIBIT B
	 	—	  	Form of Note
	EXHIBIT C	 	—	  	Form of Guarantor Supplement
	EXHIBIT D	 	—	  	Form of Loan Increase Request

  

 -iii- 

 This TERM LOAN AGREEMENT, dated as of May 15, 2009, is
entered into by and among ALLIANCE DATA SYSTEMS CORPORATION, a Delaware corporation (the “Borrower”), the GUARANTORS from time to time party hereto, the
BANKS from time to time party hereto, and BANK OF MONTREAL, as Administrative Agent. 
 WHEREAS, the Borrower has requested that the Banks provide a credit facility to the Borrower on the terms and conditions set forth in this Agreement; 
 NOW, THEREFORE, the parties hereto agree as follows: 
 ARTICLE 1 
 DEFINITIONS 
 Section 1.1 Definitions. The following terms, as used herein, have the following meanings: 
 “Act” has the meaning set forth in Section 10.13. 
 “Administrative Agent” means Bank of Montreal in its capacity as agent for the Banks hereunder, and its successors in such capacity. 
 “Administrative Questionnaire” means an administrative questionnaire in a form supplied by the Administrative Agent. 
 “ADSI” means ADS Alliance Data Systems, Inc., a Delaware corporation. 
 “Affected Loans” has the meaning set forth in Section 2.10(c). 
 “Affiliate” means (i) any Person that directly, or indirectly through one or more intermediaries, controls the Borrower (a
“Controlling Person”) or (ii) any Person (other than the Borrower or a Subsidiary thereof) which is controlled by or is under common control with a Controlling Person. As used herein, the term “control” means
possession, directly or indirectly, of the power to vote 10% or more of any class of voting securities of a Person or to direct or cause the direction of the management or policies of a Person, whether through the ownership of voting securities, by
contract or otherwise. The Affiliates of a Person shall include any officer or director of such Person. 
 “Agreement” means
this Term Loan Agreement, as modified, supplemented, amended, restated (including any amendment and restatement hereof), extended, renewed or refinanced from time to time. 
 “Applicable Lending Office” means, with respect to any Bank, (i) in the case of its Base Rate Loans, its Domestic Lending Office
and (ii) in the case of its Euro-Dollar Loans, its Euro-Dollar Lending Office. 

 “Assignment and Assumption Agreement” means an appropriately completed Assignment and
Assumption Agreement in substantially the form of Exhibit A hereto. 
 “Bank” means each bank or other lender listed on
the signature pages hereof, each assignee which becomes a Bank pursuant to Section 10.6(c), and their respective successors. 
 “Bankruptcy Code” has the meaning set forth in Section 9.3. 
 “Base Rate” means, for any
day, a rate per annum equal to the highest of (i) the Prime Rate for such day, (ii) the sum of 1/2 of 1% plus the Federal Funds Rate for such day and (iii) the LIBOR Quoted Rate for such day plus 1.00%. As used herein,
the term “LIBOR Quoted Rate” means, for any day, the rate per annum (rounded upwards, if necessary, to the next higher 1/100th of 1%) for deposits in Dollars for a one-month interest period which appears on the LIBOR01 Page as of
11:00 a.m. (London, England time) on such day (or, if such day is not a Business Day, on the immediately preceding Business Day). 
 “Base Rate Loan” means a Loan which bears interest at the Base Rate pursuant to the provisions of Articles 2 or 8 hereof. 
 “Base Rate Margin” means a percentage per annum equal to the applicable percentage specified in the pricing schedule attached hereto as Appendix I. 
 “Beneficiaries” has the meaning set forth in Section 9.1. 
 “Benefit Arrangement” means at any time an employee benefit plan within the meaning of Section 3(3) of ERISA which is not a Plan or
a Multiemployer Plan and which is maintained or otherwise contributed to by any member of the ERISA Group. 
 “Borrower” has
the meaning provided in the first paragraph of this Agreement. 
 “Borrowing” has the meaning set forth in Section 1.3.

 “Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in Chicago, Illinois are
authorized by law to close and, if the applicable Business Day relates to an advance or continuation of, or conversion into, or payment of, a Euro-Dollar Loan or a Base Rate Loan for which the Base Rate is determined by clause (iii) of the
definition thereof, on which commercial banks are open for international business (including dealing in U.S. Dollar deposits) in London, England. 
 “Canadian Dollars” and “Cdn$” each mean the lawful currency of Canada. 
 “Canadian Scheme License” means the Amended and Restated License to Use and Exploit the Air Miles Scheme in Canada, made as of July 24, 1998, between Air Miles International Trading B.V. and Loyalty Management, as such
may be amended from time to time. 
  

 -2- 

 “Canadian Trademark License” means the Amended and Restated License to Use the Air Miles
Trade Marks in Canada, dated July 24, 1998, between Air Miles International Holdings N.V. and Loyalty Management, as such may be amended from time to time. 
 “Capital Lease” means, at any time, a lease with respect to which the lessee is required concurrently to recognize the acquisition of an asset and the incurrence of a liability in accordance with
GAAP. 
 “Capital Stock” means (a) in the case of a corporation, capital stock, (b) in the case of a partnership,
partnership interests (whether general or limited), (c) in the case of a limited liability company, membership interests and (d) any other interest or participation in a Person that confers on the holder the right to receive a share of the
profits and losses of, or distributions of assets of, such Person. 
 “Change of Control” means the acquisition by any
“person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) at any time of beneficial ownership of 30% or more of the outstanding Voting Stock of
the Borrower on a fully-diluted basis, other than acquisitions of such interests by the Welsh, Carson, Anderson & Stowe Partnerships or The Limited; provided, that common stock owned by employees (either individually or through
employee stock ownership or other stock based benefit plans) of the Borrower and its Subsidiaries shall not be included in the calculation of ownership interests for purposes of this definition or any “change of control.” 
 “Code” means the U.S. Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated and rulings issued
thereunder. Section references to the Code are to the Code, as in effect on the Effective Date and any subsequent provisions of the Code, amendatory thereof, supplemental thereto or substituted therefor. 
 “Commitment” means, with respect to each Bank listed on the signature pages hereof, the amount set forth opposite its name on
Schedule I hereto under the heading “Commitment”. 
 “Consolidated Capital Expenditures” of any Person
means, for any period, the additions to property, plant and equipment and other capital expenditures of such Person and its Consolidated Subsidiaries for such period, as the same are or would be set forth in a consolidated statement of cash flows of
such Person and its Consolidated Subsidiaries for such period. 
 “Consolidated Debt” of any Person means, at any date, the
Debt of such Person and its Consolidated Subsidiaries, determined on a consolidated basis as of such date. 
 “Consolidated
EBIT” means, for any period, the sum of Consolidated Net Income for such period, plus, to the extent deducted in determining such Consolidated Net Income, (i) Consolidated Interest Expense and (ii) federal, state, local and
foreign income, value added and similar taxes. If, during the period for which Consolidated EBIT is being calculated, the Borrower or any Subsidiary has (i) acquired sufficient Capital Stock of a Person to cause such Person to become a
Subsidiary; (ii) acquired all or substantially all of the assets or operations, division or line of business of a Person; (iii) disposed of sufficient Capital Stock of a Subsidiary 

  

 -3- 

 
to cause such Subsidiary to cease to be a Subsidiary; or (iv) disposed of all or substantially all of the assets or operations of a Subsidiary,
Consolidated EBIT shall be calculated after giving pro forma effect thereto as if such acquisition or disposition had occurred on the first day of such period. 
 “Consolidated Interest Expense” means, for any period, the total interest expense paid on Debt of the Borrower and its Subsidiaries (including the interest component of Capital Leases) for such
period, determined on a consolidated basis in accordance with GAAP. 
 “Consolidated Net Income” of any Person means, for
any fiscal period, the net income of such Person and its Consolidated Subsidiaries, determined on a consolidated basis for such period, exclusive of the effect of any extraordinary or other nonrecurring gain and loss and excluding all non-cash
adjustments; provided that any cash payment made (or received) with respect to any such non-cash charge, expense or loss shall be subtracted (added) in computing Consolidated Net Income during the period in which such cash payment is made (or
received). 
 “Consolidated Operating EBITDA” means, for any period, the sum of Consolidated EBIT for such period,
plus, to the extent deducted in determining Consolidated Net Income, (i) depreciation and amortization expense, including amortization of goodwill and other intangible assets and (ii) the amount of any change in the Deferred Revenue
Account from the beginning of such period to the last day of such period, less (iii) the amount of any change in the Restricted Cash Account from the beginning of such period to the last day of such period. If, during the period for
which Consolidated Operating EBITDA is being calculated, the Borrower or any Subsidiary has (i) acquired sufficient Capital Stock of a Person to cause such Person to become a Subsidiary; (ii) acquired all or substantially all of the assets
or operations, division or line of business of a Person; (iii) disposed of sufficient Capital Stock of a Subsidiary to cause such Subsidiary to cease to be a Subsidiary; or (iv) disposed or all or substantially all of the assets or
operations of a Subsidiary, Consolidated Operating EBITDA shall be calculated after giving pro forma effect thereto as if such acquisition or disposition had occurred on the first day of such period. 
 “Consolidated Subsidiary” of any Person means, at any date, any Subsidiary or other entity the accounts of which would be consolidated
with those of such Person in its consolidated financial statements if such statements were prepared as of such date. 
 “Consolidated
Total Assets” of any Person means total assets of such Person and its Subsidiaries, determined on a consolidated basis in accordance with GAAP less any amount of assets reflected therein to the extent that they have been sold or pledged
pursuant to a Qualified Securitization Transaction that are or may be reflected as Debt on a balance sheet of such Person. 
 “Convertible Debt” means Debt issued by the Borrower which by its terms may be converted into or exchanged for equity securities of the Borrower at the option of the Borrower or the holder of such Debt, including without
limitation, Debt with respect to which the performance due by the Borrower may be measured in whole or in part by reference to the value of an equity security of the Borrower but may be satisfied in whole or in part in cash. 
  

 -4- 

 “Credit Document” means this Agreement, the Notes and each other document (including any
additional guarantees) executed or delivered in connection herewith or therewith. 
 “Credit Party” shall mean the Borrower
and each Guarantor. 
 “Debt” of any Person means at any date, without duplication (i) all obligations of
such Person for borrowed money, (ii) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (iii) all obligations of such Person to pay the deferred purchase price of property or services, except
trade accounts payable arising in the ordinary course of business, (iv) all obligations of such Person as lessee which are capitalized in accordance with GAAP, (v) all non-contingent obligations (and, for purposes of Section 5.9,
Section 5.15 and the definitions of “Material Debt” and “Material Financial Obligations,” all contingent obligations) of such Person to reimburse any bank or other Person in respect
of amounts paid under a letter of credit or similar instrument, (vi) all Debt secured by a Lien on any asset of such Person, whether or not such Debt is otherwise an obligation of such Person, (vii) all Debt of others Guaranteed by such
Person and (viii) Redeemable Stock of the Borrower or any of its Subsidiaries, valued at the amount of all obligations with respect to the redemption or repurchase thereof or the applicable liquidation preference. Notwithstanding the foregoing,
there shall be excluded from Debt of any Person any obligations of such Person under a Qualified Securitization Transaction that are or may be reflected as Debt on a balance sheet of such Person, and any obligations of such Person in respect of
Qualifying Deposits. 
 “Default” means any condition or event which constitutes an Event of Default or which with
the giving of notice or lapse of time or both would, unless cured or waived, become an Event of Default. 
 “Deferred Revenue
Account” means the account on the consolidating balance sheet of the Borrower associated solely with the change in revenue recognition by Loyalty Management as required by the Securities and Exchange Commission of the United States of
America. 
 “Delinquency Ratio” means, for any calendar month, the percentage equivalent of a fraction (a) the
numerator of which is the aggregate amount of all Managed Receivables the minimum payments on which are more than 90 days contractually overdue and (b) the denominator of which is all Managed Receivables, in each case determined as of the last
day of such calendar month. 
 “Derivatives Obligations” of any Person means all obligations of such Person in respect of
any rate swap transaction, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor
transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option or any other similar transaction (including any option with respect to any of the foregoing transactions), any transaction whose value
is derived from another asset or security, or any combination of the foregoing transactions. 
  

 -5- 

 “Dollars” and “$” means freely transferable lawful money of the United
States of America. 
 “Domestic Lending Office” means, as to each Bank, its office identified as such on its Administrative
Questionnaire or such other office as such Bank may hereafter designate as its Domestic Lending Office by notice to the Borrower and the Administrative Agent, which office shall be located in the United States. 
 “Domestic Subsidiary” means any Subsidiary of the Borrower incorporated or organized in the United States or any state or territory
thereof. 
 “Effective Date” means May 15, 2009. 
 “Eligible Transferee” means and includes a commercial bank, insurance company, financial institution, fund or other Person (other than a
natural person) which regularly purchases interests in loans or extensions of credit of the types made pursuant to this Agreement, any other Person (other than a natural person) which would constitute a “qualified institutional buyer”
within the meaning of Rule 144A under the Securities Act of 1933, as amended as in effect on the Effective Date or other “accredited investor” (other than a natural person) (as defined in Regulation D of the Securities Act of
1933, as amended). 
 “Environmental Laws” means any and all federal, state, provincial, local and foreign statutes, laws,
judicial decisions, regulations, ordinances, rules, judgments, orders, decrees, plans, injunctions, permits, concessions, grants, franchises, licenses, agreements and other governmental restrictions relating to the environment, the effect of the
environment on human health or to emissions, discharges or releases of pollutants, contaminants, Hazardous Substances or wastes into the environment including, without limitation, ambient air, surface water, ground water, or land, or otherwise
relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of pollutants, contaminants, Hazardous Substances or wastes or the cleanup or other remediation thereof. 
 “ERISA” means the U.S. Employee Retirement Income Security Act of 1974, as amended, or any successor statute. 
 “ERISA Group” of any Person means such Person, any Subsidiary and all members of a controlled group of corporations and all trades or
businesses (whether or not incorporated) under common control which, together with the Borrower or any Subsidiary, are treated as a single employer under Section 414 of the Code. 
 “Euro-Dollar Lending Office” means, as to each Bank, its office, branch or affiliate identified as such on the signature pages hereto or
such other office, branch or affiliate of such Bank as it may hereafter designate as its Euro-Dollar Lending Office by notice to the Borrower and the Administrative Agent. 
 “Euro-Dollar Loan” means (i) a Loan which bears interest at a Euro-Dollar Rate or (ii) an overdue amount which was a
Euro-Dollar Loan immediately before it became overdue. 
  

 -6- 

 “Euro-Dollar Margin” means a percentage per annum equal to the applicable percentage
specified in the pricing schedule attached hereto as Appendix I. 
 “Euro-Dollar Rate” means a rate of interest
determined pursuant to Section 2.6(b) on the basis of the London Interbank Offered Rate. 
 “Event of Default” has the
meaning set forth in Section 6.1. 
 “Federal Funds Rate” means, for any day, the rate per annum (rounded upward, if
necessary, to the nearest 1/100th of 1%) equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve
Bank of New York on the Business Day next succeeding such day; provided, that (i) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so
published on the next succeeding Business Day, and (ii) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate quoted to the Administrative Agent on such day on such
transactions as determined by the Administrative Agent. 
 “Foreign Pension Plan” means any plan, fund (including, without
limitation, any superannuation fund) or other similar program established or maintained outside the United States of America by the Borrower or any one or more of its Subsidiaries primarily for the benefit of employees of the Borrower or such
Subsidiaries residing outside the United States of America, which plan, fund or other similar program provides, or results in, retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of
employment, and which plan is not subject to ERISA or the Code. 
 “Foreign Subsidiary” means each Subsidiary of the
Borrower other than a Domestic Subsidiary. 
 “GAAP” has the meaning set forth in Section 1.2. 
 “Granting Bank” has the meaning set forth in Section 10.6(e). 
 “Guaranteed Obligations” has the meaning set forth in Section 9.1. 
 “Guarantor” means each Material Domestic Subsidiary of the Borrower that is listed as a Guarantor on the signature pages hereof or that
becomes a Guarantor from time to time after the Effective Date pursuant to Section 5.23, in each case unless and until released pursuant to Section 5.23. 
 “Guarantor Supplement” means an appropriately completed Guarantor Supplement substantially in the form of Exhibit C hereto. 
 “Guaranty” by any Person means any obligation, contingent or otherwise, of such Person directly or indirectly guaranteeing any Debt of
any other Person and, without limiting the 

  

 -7- 

 
generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person (i) to purchase or pay (or advance or supply
funds for the purchase or payment of) such Debt (whether arising by virtue of partnership arrangements, by agreement to keep-well, to purchase assets, goods, securities or services, to take-or-pay, or to maintain financial statement conditions or
otherwise) or (ii) entered into for the purpose of assuring in any other manner the holder of such Debt of the payment thereof to protect such holder against loss in respect thereof (in whole or in part), provided, that the term Guaranty
shall not include endorsements for collection or deposit in the ordinary course of business. The term “Guarantee” used as a verb has a corresponding meaning. 
 “Hazardous Substances” means any toxic, radioactive, caustic or otherwise hazardous substance, including petroleum, its derivatives, by-products and other hydrocarbons, or any substance having any
constituent elements displaying any of the foregoing characteristics. 
 “Hostile Acquisition” means the acquisition of the
capital stock or other equity interests of a Person through a tender offer or similar solicitation of the owners of such capital stock or other equity interests which has not been approved (prior to such acquisition) by resolutions of the board of
directors of such Person or by similar action if such Person is not a corporation, and as to which such approval has not been withdrawn. 
 “Indemnitee” has the meaning set forth in Section 10.3(b). 
 “Insured Subsidiary” means a
Subsidiary of the Borrower which is an “insured depository institution” under and as defined in the U.S. Federal Deposit Insurance Act (12 U.S.C. 1813(c)(2)) or any successor statute or which has an analogous status under
the laws of Canada or any political subdivision thereof. 
 “Intercompany Note” means a promissory note made by the Borrower
or any Subsidiary payable to the order of the Borrower or any of its Subsidiaries. 
 “Interest Coverage Ratio” of any
Person means, for any period, the ratio of Consolidated Operating EBITDA of such Person for such period to Consolidated Interest Expense of such Person for such period. 
 “Interest Period” means with respect to each Euro-Dollar Loan, the period commencing on the date of borrowing specified in the applicable Notice of Borrowing or on the date specified in the applicable
Notice of Interest Period Election and ending one, two, three or six months thereafter, as the Borrower may elect in the applicable notice; provided that: 
 (i) any Interest Period which would otherwise end on a day which is not a Business Day shall be extended to the next succeeding Business
Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day; 
 (ii) any Interest Period which begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall,
subject to clause (iii) below, end on the last Business Day of a calendar month; and 
  

 -8- 

 (iii) any Interest Period which would otherwise end after the Maturity Date shall end on
the Maturity Date (unless such date is not a Business Day, in which case such Interest Period shall end on the latest Business Day to occur prior to the Maturity Date). 
 “Investment” means any investment in any Person, whether by means of share purchase, capital contribution, loan, Guaranty, time deposit or otherwise (but not including any demand deposit). 

“License Agreements” means the Canadian Trademark License and the Canadian Scheme License. 
 “LIBOR01 Page” means the display designated as “LIBOR01 Page” on the Reuters Service (or such other page as may replace
the LIBOR01 Page on that service or such other service as may be nominated by the British Bankers’ Association as the information vendor for the purpose of displaying British Bankers’ Association Interest Settlement Rates for Dollar
deposits). 
 “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, hypothec, security interest or
encumbrance of any kind, or any other type of preferential arrangement that has the practical effect of creating a security interest, in respect of such asset. For the purposes of this Agreement, the Borrower or any Subsidiary shall be deemed to own
subject to a Lien any asset which it has acquired or holds subject to the interest of a vendor or lessor under any conditional sale agreement, capital lease or other title retention agreement relating to such asset. 
 “Loan” has the meaning set forth in Section 2.1; provided, that if any such Loan or Loans (or portions thereof) are combined
or subdivided pursuant to a Notice of Interest Period Election, the term “Loan” shall refer to the combined principal amount resulting from such combination or to each of the separate principal amounts resulting from such
subdivision, as the case may be. 
 “Loan Increase” has the meaning set forth in Section 2.16. 
 “Loan Increase Request” means a Loan Increase Request in the form of Exhibit D. 
 “London Interbank Offered Rate” means, for any Interest Period, with respect to any Euro-Dollar Loan, either (i) the rate per annum
(rounded upward, if necessary, to the next higher 1/100th of 1%) for deposits in Dollars for a period equal to such Interest Period, which appears on LIBOR01 Page as of 11:00 a.m. (London, England time) on the day two Business Days before the
commencement of such Interest Period or (ii) if the rate in clause (i) of this definition is not shown for any particular day, the rate per annum (rounded upward, if necessary, to the next higher 1/100th of 1%) at which deposits in U.S.
Dollars are offered to the Administrative Agent in the London interbank market at approximately 11:00 a.m. (London, England time) two 

  

 -9- 

 
Business Days before the first day of such Interest Period in an amount approximately equal to the principal amount of the Euro-Dollar Loans of the
Administrative Agent to which such Interest Period is to apply and for a period of time comparable to such Interest Period for which such rate will apply as of approximately 11:00 a.m. (London, England time) two Business Days prior to the first
day of such Interest Period. 
 “Loyalty Management” means LoyaltyOne, Inc., an Ontario corporation. 
 “Managed Receivables” of any Person means for any date all credit card receivables originated by such Person as of such date regardless
of whether such credit card receivables are determined, with respect to such Person’s financial statements, to be “on-balance sheet” or “off-balance sheet.” 
 “Material Adverse Effect” means (a) a material adverse change in, or material adverse effect upon, the business, financial
condition or operations of the Borrower and its Consolidated Subsidiaries taken as a whole, (b) a material impairment of the ability of the Borrower and the Guarantors to perform their material obligations under the Credit Documents or
(c) a material adverse effect upon the legality, validity, binding effect or enforceability against the Credit Parties of the Credit Documents or the material rights and remedies of the Administrative Agent and the Banks thereunder. 

“Material Asset” means an asset or assets having a fair market value in excess of $25,000,000. 
 “Material Debt” means Debt (other than the Loans hereunder) (i) of a Person and/or one or more of its Subsidiaries, arising in one
or more related or unrelated transactions, in an aggregate principal or face amount exceeding U.S. $25,000,000, (ii) under the Revolving Credit Agreement and (iii) under the Note Purchase Agreement. 
 “Material Domestic Subsidiary” means each Domestic Subsidiary that is a Material Subsidiary. 
 “Material Financial Obligations” of any Person means a principal or face amount of Debt and/or payment or collateralization obligations
in respect of Derivatives Obligations of such Person and/or one or more of its Subsidiaries, arising in one or more related or unrelated transactions, exceeding in the aggregate U.S. $25,000,000. 
 “Material Plan” means at any time a Plan or Plans having aggregate Unfunded Liabilities in excess of U.S. $25,000,000. 
 “Material Subsidiary” means each direct or indirect Subsidiary which (i) owned as of the end of the most recently completed fiscal
quarter (or, in the case of an acquired Subsidiary, on a pro forma basis would have owned) assets that represent in excess of 10% of the Consolidated Total Assets of the Borrower as of the end of such fiscal quarter or (ii) generated
(or, in the case of an acquired Subsidiary, on a pro forma basis would have generated) annual revenues in excess of 10% of the consolidated total revenues for the Borrower and its Consolidated Subsidiaries for the most recently completed
fiscal year. 
  

 -10- 

 “Maturity Date” means March 30, 2012. 
 “Multiemployer Plan” means at any time an employee pension benefit plan within the meaning of Section 4001(a)(3) of ERISA to which
any member of the ERISA Group is then making or accruing an obligation to make contributions or has within the preceding five plan years made contributions, including for these purposes any Person which ceased to be a member of the ERISA Group
during such five year period. 
 “Note” has the meaning set forth in Section 2.4(d). 
 “Note Purchase Agreement” means the Note Purchase Agreement dated as of May 1, 2006 among the Borrower and the Purchasers from time
to time party thereto relating to the sale by the Borrower of its $250,000,000 6.00% Senior Notes, Series A, due May 16, 2009 and its $250,000,000 6.14% Senior Notes, Series B, due May 16, 2011, as the same may be amended,
modified, supplemented, replaced or refinanced from time to time. 
 “Notice of Borrowing” has the meaning set forth in
Section 2.2. 
 “Notice of Interest Period Election” has the meaning set forth in Section 2.9. 
 “Obligations” means (i) all amounts owing to the Administrative Agent or any Bank pursuant to the terms of this Agreement or any
other Credit Document and (ii) so long as there are amounts owing under clause (i), Derivatives Obligations from time to time owed to a Person that, at the time of incurrence thereof, was a Bank or an Affiliate of a Bank. 
 “Other Taxes” has the meaning set forth in Section 8.4(a). 
 “Parent” means, with respect to any Bank, any Person controlling such Bank. 
 “Participant” has the meaning set forth in Section 10.6(b). 
 “Payment Office” means the office of the Administrative Agent located at 115 South LaSalle Street, Chicago, Illinois 60603, or such
other office as the Administrative Agent may hereafter designate in writing as such to the other parties hereto. 
 “PBGC”
means the Pension Benefit Guaranty Corporation or any entity succeeding to any or all of its functions under ERISA. 
 “Percentage” means at any time for each Bank with a Commitment, the percentage obtained by dividing such Bank’s Commitment by the Total Commitment, provided that if the Total Commitment has been terminated, the
Percentage of each Bank shall be determined by dividing the percentage held by such Bank of the aggregate principal amount of all Loans. 
  

 -11- 

 “Person” means an individual, a corporation, a limited liability company, a partnership,
an association, a trust or any other entity or organization, including a government or political subdivision or an agency or instrumentality thereof. 
 “Plan” means at any time an employee pension benefit plan (other than a Multiemployer Plan) which is covered by Title IV of ERISA or subject to the minimum funding standards under
Section 412 of the Code and either (i) is maintained, or contributed to, by any member of the ERISA Group for employees of any member of the ERISA Group or (ii) has at any time within the preceding five years been maintained, or
contributed to, by any Person which was at such time a member of the ERISA Group for employees of any Person which was at such time a member of the ERISA Group. 
 “Prime Rate” means the rate of interest announced or otherwise established by the Administrative Agent from time to time as its prime commercial rate. 
 “Qualified Securitization Subsidiary” means a Subsidiary that is a special purpose entity used in connection with a Qualified
Securitization Transaction. 
 “Qualified Securitization Transaction” means a securitization or other sale or financing of
credit card receivables. 
 “Qualifying Deposits” means deposits that are (i) insured by the U.S. Federal Deposit
Insurance Corporation (or, in the case of an Insured Subsidiary organized under the laws of Canada or any political subdivision thereof, the Canada Deposit Insurance Corporation) or any successor entity and (ii) do not exceed the difference
between (A) the amount of seller’s interest and credit card receivables minus (B) the allowance for doubtful accounts related to seller’s interest and credit card receivables, in each case as shown on the consolidated
balance sheet of the Borrower and its Subsidiaries. 
 “Quarterly Dates” has the meaning set forth in Section 2.6(a).

 “Redeemable Stock” means Capital Stock of the Borrower or any of its Subsidiaries that is redeemable at the option of the
holder thereof or that constitutes preferred stock. 
 “Regulation U” means Regulation U of the Board of Governors of
the U.S. Federal Reserve System, as in effect from time to time. 
 “Required Banks” means two or more Banks the sum of
whose outstanding Commitments (or after the termination thereof, outstanding Loans) represent an amount greater than 50% of the sum of the Total Commitment (or after the termination thereof, the sum of the total outstanding Loans at such time).

 “Reserve Percentage” means for any day that percentage (expressed as a decimal) which is in effect on such day, as
prescribed by the Board of Governors of the Federal Reserve System (or any successor) for determining the maximum reserve requirement for a member bank of the Federal Reserve System in New York City with deposits exceeding five billion dollars in
respect 

  

 -12- 

 
of “Eurocurrency Liabilities” (or in respect of any other category of liabilities which includes deposits by reference to which the interest rate
on Euro-Dollar Loans is determined or any category of extensions of credit or other assets which includes loans by a non-United States office of any Bank to United States residents). 
 “Restricted Acquisition” means any acquisition, whether in a single transaction or series of related transactions, by the Borrower or
any one or more of its Subsidiaries, or any combination thereof, of (i) all or a substantial part of the assets, or all or any substantial part of a going business or division, of any Person, whether through purchase of assets or securities, by
merger or otherwise, (ii) control of securities of an existing corporation or other Person having ordinary voting power (apart from rights accruing under special circumstances) to elect a majority of the board of directors (or other persons
performing similar functions) of such corporation or other Person or (iii) control of a greater than 50% ownership interest in any existing partnership, joint venture or other Person. 
 “Restricted Cash Account” means the account on the consolidating balance sheet of the Borrower related solely to redemption settlement
assets of Loyalty Management’s “Air Miles Program.” 
 “Restricted Payment” means (i) any dividend or
other distribution on any shares of a Person’s (including any Credit Party’s) capital stock (except dividends or distributions payable solely in shares of its capital stock and except dividends and distributions payable to the Borrower or
any of its Subsidiaries) or (ii) any payment on account of the purchase, redemption, retirement or acquisition of (a) any shares of a Person’s (including any Credit Party’s) capital stock or (b) any option, warrant or other
right to acquire shares of a Person’s capital stock (but not including (1) payments of principal, premium (if any) or interest made pursuant to the terms of Convertible Debt prior to or in connection with conversion, (2) payments made
to the Borrower or any of its Subsidiaries, and (3) payments made solely in shares of (or solely out of the net proceeds of a substantially concurrent issuance of) such Person’s (including any Credit Party’s) capital stock or options,
warrants or other rights to acquire shares of such Persons’ (including any Credit Party’s) capital stock). 
 “Revolving
Credit Agreement” means that certain Credit Agreement dated as of September 29, 2006, by and among the Borrower, the guarantors from time to time party thereto, the financial institutions from time to time party thereto, Bank of
Montreal as Letter of Credit Issuer, and Bank of Montreal as Administrative Agent, as amended, supplemented or otherwise modified from time to time. 
 “Senior Leverage Ratio” means, at any time, the ratio of (x) all principal amounts owing by the Borrower and its Subsidiaries pursuant to the terms of (i) this Agreement, any other Credit
Document, the Revolving Credit Agreement and the Note Purchase Agreement and all extensions, renewals, refinancings, refundings and replacements of any of the foregoing, in whole or in part (in each case other than Subordinated Debt and Convertible
Debt), and (ii) any credit agreement, note purchase agreement, indenture or other credit facility relating to Debt (in each case other than Subordinated Debt and Convertible Debt) permitted by Section 5.15(viii) to (y) Consolidated
Operating EBITDA of the Borrower and its Subsidiaries for the four full fiscal quarters then most recently ended. 
  

 -13- 

 “SPC” has the meaning set forth in Section 10.6(e). 
 “Subordinated Debt” means subordinated Debt of the Borrower or any Guarantor, provided that (i) such Debt shall be expressly
subordinated in right of payment to the Obligations in a manner reasonably acceptable to the Administrative Agent and (ii) such Debt shall be unsecured and unguaranteed other than guarantees issued by Guarantors which are subordinated in right
of payment to the obligations of such Guarantors hereunder pursuant to subordination terms reasonably acceptable to the Administrative Agent. 
 “Subsidiary” means, as to any Person, any corporation or other entity of which securities or other ownership interests having ordinary voting power to elect a majority of the board of directors or other persons performing
similar functions are at the time directly or indirectly owned by such Person; unless otherwise specified, “Subsidiary” means a Subsidiary of the Borrower. 
 “Taxes” is defined in Section 8.4(a). 
 “The Community Reinvestment
Act” means The Community Reinvestment Act of 1977 (12 U.S.C. 2901 et seq.) as amended. 
 “The Limited”
means Limited Commerce Corp., a Delaware corporation and its successors and assigns. 
 “Total Commitment” means the
aggregate amount of the Commitments of each of the Banks. 
 “Total Leverage Ratio” means, at any time, the
ratio of (x) Consolidated Debt of the Borrower and its Subsidiaries to (y) Consolidated Operating EBITDA of the Borrower and its Subsidiaries for the four full fiscal quarters then most recently ended. 
 “Type” means the type of Loan determined according to the interest option applicable thereto; i.e., whether a Base Rate Loan or a
Euro-Dollar Loan. 
 “Unfunded Liabilities” means, with respect to any Plan at any time, the amount (if any) by which
(i) the value of all benefit liabilities under such Plan, determined on a plan termination basis using the assumptions prescribed by the PBGC for purposes of Section 4044 of ERISA, exceeds (ii) the fair market value of all Plan assets
allocable to such liabilities under Title IV of ERISA (excluding any accrued but unpaid contributions), all determined as of the then most recent valuation date for such Plan, but only to the extent that such excess represents a potential
liability of a member of the ERISA Group to the PBGC or any other Person under Title IV of ERISA. 
 “United States”
means the United States of America, including the States and the District of Columbia, but excluding its territories and possessions. 
  

 -14- 

 “U.S. Dollars” and “U.S. $” shall mean freely transferable
lawful money of the United States of America. 
 “Voting Stock” of any Person means the equity interests of such Person that
are, under ordinary circumstances, entitled to vote in the election of the board of directors or other persons performing similar functions of such Person. 
 “Welsh, Carson, Anderson & Stowe Partnerships” means each Welsh, Carson, Anderson & Stowe limited partnership, as constituted on the Effective Date, as may be constituted in the
future and any partner, partnership or Affiliate of any of them and their respective successors and assigns. 
 “WFNNB”
means World Financial Network National Bank, a limited purpose national banking association wholly owned by the Borrower. 
 “Wholly-Owned Subsidiary” means, as to any Person, any corporation or other entity 100% of whose Voting Stock (other than director’s qualifying shares) is at the time owned by such Person and/or one or more
Wholly-Owned Subsidiaries of such Person. 
 Section 1.2. Accounting Terms and Determinations. Unless otherwise specified herein,
all accounting terms used herein shall be interpreted, all accounting determinations hereunder shall be made, and all financial statements required to be delivered hereunder shall be prepared in accordance with generally accepted accounting
principles in the United States as in effect from time to time, applied on a basis consistent (except for changes concurred in by the Borrower’s independent public accountants) with the most recent audited consolidated financial statements of
the Borrower and its Consolidated Subsidiaries delivered to the Banks (“GAAP”); provided that, (i) all calculations of financial covenants and corresponding accounting terms shall include for all periods covered thereby
pro forma adjustments for the (x) actual historical financial performance of and (y) identifiable cost savings associated with providing data processing services to any entities or assets acquired as permitted under
Section 5.21(b) and (ii) if the Borrower notifies the Administrative Agent that the Borrower wishes to amend any covenant in Article 5 to eliminate the effect of any change in generally accepted accounting principles on the operation
of such covenant (or if the Administrative Agent notifies the Borrower that the Required Banks wish to amend Article 5 for such purpose), then the Borrower’s compliance with such covenant shall be determined on the basis of generally
accepted accounting principles in effect immediately before the relevant change in generally accepted accounting principles became effective, until either such notice is withdrawn or such covenant is amended in a manner satisfactory to the Borrower
and the Required Banks. 
 Section 1.3. Types of Borrowings. The term “Borrowing” denotes the aggregation of
Loans of one or more Banks to be made to the Borrower pursuant to Article 2 on the same date, all of which Loans are of the same Type (subject to Article 8) and, except in the case of Base Rate Loans, have the same initial Interest Period.

  

 -15- 

 ARTICLE 2 
 THE CREDITS 
 Section 2.1. Commitments to
Lend. Each Bank with a Commitment severally agrees, on the terms and conditions set forth in this Agreement, to make loans (each a “Loan” and, collectively, the “Loans”) to the Borrower pursuant to this Section
in U.S. Dollars in an amount equal to its Commitment. The Borrowing under this Section shall be made in a single Borrowing on the Effective Date from the several Banks ratably in proportion to their respective Commitments, at which time the
Commitments shall expire. Loans shall either be Base Rate Loans or Euro-Dollar Loans. No amount repaid or prepaid on any Loan may be borrowed again. 
 Section 2.2. Notice of Borrowing. The Borrower shall give the Administrative Agent notice (a “Notice of Borrowing”) in respect of the Borrowing of Loans not later than 11:00 a.m.
(Chicago, Illinois time) on (x) the Business Day of the Borrowing if such Borrowing is to be a Base Rate Borrowing and (y) the third Business Day immediately preceding the date of the Borrowing if such Borrowing is to be a Euro-Dollar
Borrowing, specifying: 
 (i) the date of such Borrowing, which shall be a Business Day; 
 (ii) what Type of Loans are to be borrowed; 
 (iii) in the case of a Euro-Dollar Borrowing, the duration of the initial Interest Period applicable thereto, subject to the provisions of the definition of Interest Period and in the case of a Base Rate Borrowing,
the date, if any, on which such Loan will be converted to a Euro-Dollar Loan; and 
 (iv) the aggregate amount of such
Borrowing. 
 Section 2.3. Notice to Banks Funding of Loans. (a) Upon receipt of a Notice of Borrowing, the Administrative
Agent shall promptly notify each Bank of the contents thereof and of such Bank’s share of such Borrowing and such Notice of Borrowing shall not thereafter be revocable by the Borrower. 
 (b) Not later than 1:30 p.m. (Chicago, Illinois time) on the date of each Borrowing, each Bank shall make available its share of such Borrowing, in
Federal or other funds immediately available, to the Administrative Agent at its Payment Office. Unless the Administrative Agent determines that any applicable condition specified in Article 3 has not been satisfied, the Administrative Agent
will make the funds so received from the Banks available to the Borrower at the Payment Office. 
 (c) Unless the Administrative Agent shall
have received notice from a Bank prior to the date of any Borrowing that such Bank will not make available to the Administrative Agent such Bank’s share of such Borrowing, the Administrative Agent may assume that such Bank has made such share
available to the Administrative Agent on the date of such Borrowing in accordance with subsection (b) of this Section and the Administrative Agent may, in reliance upon such 

  

 -16- 

 
assumption, make available to the Borrower on such date a corresponding amount. If and to the extent that such Bank shall not have so made such share
available to the Administrative Agent, such Bank and the Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made
available to the Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of the Borrower, a rate per annum equal to the higher of the Federal Funds Rate and the interest rate applicable thereto pursuant to
Section 2.6 and (ii) in the case of such Bank, the Federal Funds Rate. If such Bank shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Bank’s Loan included in such Borrowing
for purposes of this Agreement. 
 Section 2.4. Evidence of Indebtedness. (a) Each Bank shall maintain in accordance with
its usual practice an account or accounts evidencing the indebtedness of the Borrower to such Bank resulting from each Loan made by such Bank from time to time, including the amounts of principal and interest payable and paid to such Bank from time
to time hereunder. 
 (b) The Administrative Agent shall also maintain accounts in which it will record (i) the amount of each Loan made
hereunder, the type thereof and the Interest Period with respect thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Bank hereunder and (iii) the amount of any sum
received by the Administrative Agent hereunder from the Borrower and each Bank’s share thereof. 
 (c) The entries maintained in the
accounts maintained pursuant to paragraphs (a) and (b) above shall be prima facie evidence of the existence and amounts of the Obligations therein recorded; provided, however, that the failure of the Administrative Agent or
any Bank to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Obligations in accordance with their terms. 
 (d) Any Bank may request that its Loans be evidenced by a promissory note or notes in substantially the form of Exhibit B (collectively, the
“Notes” and individually, as a “Note”). In such event, the Borrower shall prepare, execute and deliver to such Bank a Note payable to the order of such Bank. Thereafter, the Loans evidenced by such Note or Notes and
interest thereon shall at all times (including after any assignment pursuant to Section 10.6) be represented by one or more Notes payable to the order of the payee named therein or any assignee pursuant to Section 10.6, except to the
extent that any such Bank or assignee subsequently returns any such Note for cancellation and requests that such Loans once again be evidenced as described in subsections (a) and (b) above. 
 Section 2.5. Maturity of Loans. The Borrower shall make principal payments on the Loans in installments on the last day of each
March, June, September, and December in each year, commencing on June 30, 2010, with the amount of each such principal installment to equal 5% of the aggregate principal amount of the Loans outstanding at the close of business on July 14,
2009, it being agreed that a final payment comprised of all principal and interest not sooner paid on the Loans shall be due and payable in full on the Maturity Date.  
  

 -17- 

 Section 2.6. Interest Rates. (a) Each Base Rate Loan shall bear interest on the
outstanding principal amount thereof, for each day from the date such Loan is made (or converted pursuant to Article 8) until it becomes due, at a rate per annum equal to the Base Rate plus the Base Rate Margin for such day. Such
interest shall be payable quarterly in arrears on the last day of each March, June, September, and December in each year (each, a “Quarterly Date”) and, with respect to the principal amount of any Base Rate Loan converted to a
Euro-Dollar Loan, on each date a Base Rate Loan is so converted. Any overdue principal of or interest on any Base Rate Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the
rate otherwise applicable to Base Rate Loans for such day. 
 (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal
amount thereof, for each day during each Interest Period applicable thereto, at a rate per annum equal to the sum of the Euro-Dollar Margin for such day plus the London Interbank Offered Rate applicable to such Interest Period. Such interest
shall be payable for each Interest Period on the last day thereof and, in the case of an Interest Period of six months, the date occurring three months after the first day of such Interest Period. 
 (c) Any overdue principal of, or interest on, any Euro-Dollar Loan shall bear interest, payable on demand, for each day until paid at a rate per annum
equal to the higher of (i) the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upward, if necessary, to the next higher 1/100 of it) by dividing (x) the average rate per annum (rounded
upward, if necessary, to the next higher 1/100 of 1%) of the respective rates per annum at which one day (or, if such amount due remains unpaid more than three Business Days, then for such other period of time not longer than three months as the
Administrative Agent may select) deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent is offered to the Administrative Agent in the London interbank market for the applicable period determined
as provided above by (y) one minus the Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.1 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to
Base Rate Loans for such day) and (ii) the sum of 2% plus the Euro-Dollar Margin for such day plus the London Interbank Offered Rate applicable to such Loan at the date such payment was due. 
 (d) The Administrative Agent shall determine each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to
the Borrower and the participating Banks of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error. 
 (e) The Administrative Agent agrees to use its best efforts to furnish quotations as contemplated by this Section. If the Administrative Agent is unable to provide a quotation, the provisions of Section 8.1 shall
apply. 
 Section 2.7. [Intentionally Omitted.] 
 Section 2.8. [Intentionally Omitted.] 
  

 -18- 

 Section 2.9. Method of Electing Interest Rates for Loans. (a) The Loans initially shall
be the Type of Loan specified by the Borrower in the Notice of Borrowing given pursuant to Section 2.2. Thereafter, the Borrower shall deliver a notice (a “Notice of Interest Period Election”) to the Administrative Agent not
later than 11:00 a.m. (Chicago, Illinois, time) on the third Business Day prior to (i) if such Borrowing was initially a Base Rate Borrowing, the commencement of the first Interest Period with respect to the conversion of such Base Rate
Loan into a Euro-Dollar Loan specifying the duration of such Interest Period, or (ii) at any other time, the last day of the current Interest Period specifying the duration of the additional Interest Period which is to commence. Each Interest
Period specified in a Notice of Interest Period Election shall comply with the provisions of the definition of “Interest Period.” Notwithstanding the foregoing, the Borrower may not elect to convert any Loan into, or continue any Loan as,
a Euro-Dollar Loan pursuant to any Notice of Interest Period Election if at the time such notice is delivered an Event of Default shall have occurred and be continuing. 
 (b) Each Notice of Interest Period Election shall specify: 
 (i) the Borrowing of Loans (or
portion thereof) to which such notice applies; 
 (ii) the date on which the conversion or continuation selected in such
notice is to be effective, which shall comply with the applicable clause of subsection (a) above; 
 (iii) if the Loans
comprising such Borrowing are to be converted, the new Type of Loans and, if the Loans being converted are to be Euro-Dollar Loans, the duration of the next succeeding Interest Period applicable thereto; and 
 (iv) if such Loans are to be continued as Euro-Dollar Loans for an additional Interest Period, the duration of such additional Interest
Period. 
 (c) Upon receipt of a Notice of Interest Period Election from the Borrower pursuant to subsection (a) above, the
Administrative Agent shall promptly notify each Bank of the contents thereof and such notice shall not thereafter be revocable by the Borrower. If no Notice of Interest Period Election is timely received prior to the end of an Interest Period, the
Borrower shall be deemed to have elected that such Loan be continued as a Base Rate Loan. 
 (d) An election by the Borrower to change or
continue the rate of interest applicable to any Borrowing of Loans pursuant to this Section shall not constitute a “Borrowing” subject to the provisions of Section 3.2. 
 Section 2.10. Optional Prepayments. (a) Subject, in the case of Euro-Dollar Loans, to Section 2.13, the Borrower may, upon same day
written notice to the Administrative Agent, prepay any Base Rate Loans or, upon at least three Business Days’ notice to the Administrative Agent, prepay any Euro-Dollar Loans, in each case in whole at any time, or from time to time in part,
without premium or penalty, in amounts aggregating $5,000,000 or any larger multiple of $1,000,000, by paying the principal amount to be prepaid together with accrued interest thereon to the date of prepayment. Each such optional prepayment shall be
(i) applied (A) first, to the next two scheduled amortization payments on the Loans and (B) thereafter, to the remaining 

  

 -19- 

 
amortization payments on the Loans on a ratable basis among all such remaining amortization payments based on the principal amounts thereof and
(ii) applied to prepay ratably the Loans of the several Banks. 
 (b) Upon receipt of a notice of prepayment pursuant to this Section,
the Administrative Agent shall promptly notify each Bank with Loans outstanding of the contents thereof and of such Bank’s ratable share (if any) of such prepayment and such notice shall not thereafter be revocable by the Borrower. 

(c) Cash Collateral to Avoid Breakage. If at any time a voluntary prepayment of Loans pursuant to Section 2.10(a) above would result in
the Borrower incurring breakage costs as a result of Euro-Dollar Loans being prepaid other than on the last day of an Interest Period applicable thereto (the “Affected Loans”), then the Borrower may in its sole discretion
initially deposit a portion (up to 100%) of the amounts that otherwise would have been paid in respect of the Affected Loans with the Administrative Agent (which deposit must be equal in amount to the amount of the Affected Loans not immediately
prepaid) to be held as security for the obligations of the Borrower hereunder pursuant to a cash collateral arrangement reasonably satisfactory to the Administrative Agent and shall provide for investments reasonably satisfactory to the
Administrative Agent, with such cash collateral to be directly applied upon the first occurrence (or occurrences) thereafter of the last day of an Interest Period applicable to the relevant Loans (or such earlier date or dates as shall be requested
by the Borrower), to repay an aggregate principal amount of such Loans equal to the Affected Loans not initially prepaid pursuant to this sentence. Notwithstanding anything to the contrary contained in the immediately preceding sentence, all amounts
deposited as cash collateral pursuant to the immediately preceding sentence shall be held for the sole benefit of the Banks whose Loans would otherwise have been immediately prepaid with the amounts deposited and upon the taking of any action by the
Administrative Agent or the Banks pursuant to the remedial provisions of Article 6, any amounts held as cash collateral pursuant to this Section 2.10(c) shall, subject to the requirements of applicable law, be immediately applied to repay
such Loans. 
 Section 2.11. [Intentionally Omitted.] 
 Section 2.12. General Provisions as to Payments. (a) The Borrower shall make each payment of principal of, and interest on, the Loans
(i) not later than 12:00 Noon (Chicago, Illinois time) on the date when due, in Federal or other funds immediately available to the Administrative Agent at its Payment Office, and (ii) without any right to set-off, deduction or
counterclaim by the Borrower. All payments made hereunder shall be made in U.S. Dollars in immediately available funds at the place of payment. The Administrative Agent will promptly distribute to each Bank its ratable share of each such payment
received by the Administrative Agent for the account of the Banks. Whenever any payment of principal of, or interest on, the Base Rate Loans or of fees shall be due on a day which is not a Business Day, the date for payment thereof shall be extended
to the next succeeding Business Day. Whenever any payment of principal of, or interest on, the Euro-Dollar Loans shall be due on a day which is not a Business Day, the date for payment thereof shall be extended to the next succeeding Business Day
unless such Business Day falls in another calendar month, in which case the date for payment thereof shall be the next preceding Business Day. If the date for any payment of principal is extended by operation of law or otherwise, interest thereon
shall be payable for such extended time. 
  

 -20- 

 (b) Unless the Administrative Agent shall have received notice from the Borrower prior to the date on
which any payment is due to the Banks hereunder that the Borrower will not make such payment in full, the Administrative Agent may assume that the Borrower has made such payment in full to the Administrative Agent on such date and the Administrative
Agent may, in reliance upon such assumption, cause to be distributed to each Bank on such due date an amount equal to the amount then due such Bank. If and to the extent that the Borrower shall not have so made such payment, each Bank shall repay to
the Administrative Agent forthwith on demand such amount distributed to such Bank together with interest thereon, for each day from the date such amount is distributed to such Bank until the date such Bank repays such amount to the Administrative
Agent, at the Federal Funds Rate. 
 Section 2.13. Funding Losses. If the Borrower makes any payment of principal with respect to
any Euro-Dollar Loan or any Euro-Dollar Loan is prepaid, converted or becomes due (pursuant to Article 2, 6, or 8 or otherwise) on any day other than the last day of an Interest Period applicable thereto, or if the Borrower fails to borrow,
prepay or continue any Euro-Dollar Loans after notice has been given to any Bank in accordance with Section 2.2, 2.9, or 2.10, the Borrower shall reimburse each Bank within 15 days after demand for any resulting loss or expense incurred by
it (or by an existing or prospective Participant in the related Loan), including, without limitation, any loss incurred in obtaining, liquidating or employing deposits from third parties, but excluding loss of margin for the period after any such
payment or conversion or failure to borrow, prepay, convert or continue, provided that such Bank shall have delivered to the Borrower a certificate as to the amount of such loss or expense, which certificate shall be conclusive in the absence
of manifest error. 
 Section 2.14. Computation of Interest. Interest based on the Base Rate hereunder shall be computed on the
basis of a year of 365 days (or 366 days in a leap year) and paid for the actual number of days elapsed (including the first day but excluding the last day). All other interest shall be computed on the basis of a year of 360 days and paid
for the actual number of days elapsed (including the first day but excluding the last day if and only if such payment is made in accordance with the provisions of the first sentence of Section 2.12(a)). 
 Section 2.15. Regulation D Compensation. Without duplication of amounts payable under Section 2.6(c)(i), each Bank may require the
Borrower to pay, contemporaneously with each payment of interest on the Euro-Dollar Loans, additional interest on the related Euro-Dollar Loan of such Bank at a rate per annum determined by such Bank up to but not exceeding the excess of
(i) (A) the London Interbank Offered Rate then in effect for such Loan divided by (B) one minus the Reserve Percentage over (ii) such London Interbank Offered Rate. Any Bank wishing to require payment of such additional interest
(x) shall so notify the Borrower and the Administrative Agent, in which case such additional interest on the Euro-Dollar Loan of such Bank shall be payable to such Bank at the place indicated in such notice with respect to each Interest Period
commencing at least three Business Days after the giving of such notice and (y) shall notify the Borrower at least five Business Days prior to each date on which interest is payable on the Euro-Dollar Loans of the amount then due it under this
Section. The Borrower’s obligations under this Section 2.15 are limited as set forth in Section 8.6. 
  

 -21- 

 Section 2.16. Increase in Loans. Provided there exists no Default, the Borrower on behalf
of the Borrower and Guarantors may, from time to time on any Business Day after the date hereof, without the consent of any Bank but with the written consent of the Administrative Agent (which consent shall not be unreasonably withheld or delayed),
request an increase in the aggregate amount of Loans hereunder by delivering a Loan Increase Request at least five (5) Business Days prior to the desired effective date of such increase (the “Loan Increase”). The Loan Increase
Request shall identify one or more additional Banks (each, an “Additional Bank”) and the amount of its Loan and/or any additional principal amount to be added to the outstanding Loan of one or more Banks then party hereto (any such
Bank, an “Increasing Bank”). Notwithstanding anything to the contrary herein provided, any such increase in the aggregate amount of the Loans to an amount in excess of U.S. $250,000,000 shall require the written approval of the
Required Banks. The effective date of each Loan Increase shall be agreed upon by the Borrower, the Administrative Agent and the Increasing Bank and/or Additional Bank, as applicable, but shall be no later than sixty (60) days following the Effective
Date. Upon the effectiveness of a Loan Increase, each Additional Bank (and, if applicable, each Increasing Bank) shall advance funds in the amount identified in the applicable Loan Increase Request with respect to such Bank and any Additional Bank
upon funding such amount shall become a Bank hereunder and its amount advanced shall constitute a Loan hereunder for all purposes hereof, accruing interest from the date of funding. It shall be a condition to such effectiveness that no Euro-Dollar
Loans be outstanding on the date of such effectiveness. The Borrower agrees to pay any out-of-pocket expenses of the Administrative Agent relating to any Loan Increase. Notwithstanding anything herein to the contrary, no Bank shall have any
obligation to agree to provide an additional amount and no Bank’s Loan shall be increased without its written consent thereto, and each Bank may, in its sole discretion, unconditionally and without cause, decline to provide any such additional
amount. 
 ARTICLE 3 
 CONDITIONS 
 Section 3.1. Initial Borrowing. The obligations of the Banks
to make the Loans hereunder are subject to receipt by the Administrative Agent of the following documents and satisfaction of the following conditions: 
 (a) an opinion of counsel for the Credit Parties in a form reasonably acceptable to the Administrative Agent and covering such matters relating to the transactions contemplated hereby as the Administrative Agent or
the Required Banks may reasonably request; 
 (b) all documents the Administrative Agent may reasonably request relating to
the corporate authority of each Credit Party which is a party hereto or any other Credit Document and the validity of this Agreement and each other Credit Document, all in form and substance reasonably satisfactory to the Administrative Agent;

 (c) copies of this Agreement executed by the Borrower, each Guarantor and each of the Banks; and 
 (d) the Administrative Agent shall have received fully executed copies of the License Agreements. 
  

 -22- 

 The Administrative Agent shall promptly notify the Borrower and the Banks of the satisfaction of the
conditions set forth in this Section 3.1, and such notice shall be conclusive and binding on all parties hereto. 
 Section 3.2.
Each Borrowing. The obligation of the Banks to make each Loan hereunder is subject at the time of such Loan to the satisfaction of the following additional conditions: 
 (a) receipt by the Administrative Agent of a Notice of Borrowing as required by Section 2.2; 
 (b) the fact that, immediately before and after such Borrowing, no Default shall have occurred and be continuing; 
 (c) the fact that the representations and warranties of the Credit Parties contained in this Agreement shall be true and correct in all
material respects on and as of the date of such Borrowing (other than representations and warranties that relate to a specific date, which shall be true and correct in all material respects as of such date); and 
 (d) with respect to the transactions contemplated by this Agreement, each Credit Party shall have obtained any necessary consents,
waivers, approvals, authorizations, registrations, filings, licenses and notifications (including, if necessary, qualifying to do business in, and qualifying under the applicable consumer laws of, each jurisdiction where the applicable party is then
doing business, or is in the process of obtaining such qualification in each jurisdiction where the applicable party is expected to be doing business utilizing the proceeds of such Loan) and the same shall be in full force and effect, except where
the failure to obtain such consent, qualification or other item could not reasonably be expected to have a material adverse effect on the Borrower and its Subsidiaries, taken as a whole. 
 Each Borrowing hereunder shall be deemed to be a representation and warranty by the Borrower on the date of such Borrowing as to the facts specified in
clauses (b), (c), and (d) of this Section. 
 No Bank shall have any obligation to make a Loan hereunder at any time unless all
conditions precedent have been satisfied before or at such time. The conditions precedent are included for the exclusive benefit of the Administrative Agent and the Banks. In the event that any one more Banks makes available its Loan at the request
of the Borrower notwithstanding that any one or more of the conditions precedent thereto have not been satisfied in whole or in part, such waiver shall not operate to waive the right of the Administrative Agent and the Banks to require strict
compliance thereafter. 
  

 -23- 

 ARTICLE 4 
 REPRESENTATIONS AND WARRANTIES 
 The Borrower represents and warrants that: 
 Section 4.1. Existence and Power. Each Credit Party is a corporation,
limited liability company, partnership or other organization, duly organized and validly existing and, where applicable, in good standing under the laws of the jurisdiction of its organization, and has all corporate or other powers and all material
governmental licenses, authorizations, consents and approvals required to carry on its business as now conducted except where the failure to do so would not reasonably be expected to have a Material Adverse Effect. 
 Section 4.2. Corporate and Governmental Authorization; No Contravention. The execution, delivery and performance by each Credit Party of the
Credit Documents to which it is a party (i) are within the corporate or other powers of such Credit Party, (ii) have been duly authorized by all necessary corporate or other action, (iii) require no action by or in respect of, or
filing with, any governmental body, agency or officials except where the failure to do so could not reasonably be expected to have a Material Adverse Effect, (iv) do not contravene, or constitute a default under, (a) any provision of
applicable law or regulation or of the articles of association, the organizational certificate, bylaws or other constitutional documents, as applicable, of such Credit Party or (b) any agreement, judgment, injunction, order, decree or other
instrument binding upon the Borrower or any of its Subsidiaries which could reasonably be expected to have a Material Adverse Effect and (v) will not result in the creation or imposition of any Lien on any asset of the Borrower or any of its
Subsidiaries. Neither the Borrower (or any of its directors or officers) nor any Insured Subsidiary (or any of its directors or officers) is a party to, or subject to, any agreement with, or specific directive or order issued by, any federal or
state bank or thrift regulatory authority which restricts the payment of dividends by any Insured Subsidiary to the Borrower; and no action or administrative proceeding is pending or, to the Borrower’s knowledge, threatened against the Borrower
or any Insured Subsidiary or any of their directors or officers which seeks to impose any such restriction, in each case that could reasonably be expected to have a Material Adverse Effect. 
 Section 4.3. Binding Effect. This Agreement and the other Credit Documents constitute valid and binding agreements of the Borrower and each
other Credit Party which is a party thereto, and each Note, when executed and delivered in accordance with this Agreement, will constitute a valid and binding obligation of the Borrower, in each case enforceable in accordance with its terms.

 Section 4.4. Financial Information. (a) The consolidated balance sheet of the Borrower and its Consolidated Subsidiaries
as of December 31, 2008, and the related consolidated statements of income, retained earnings and cash flows for the fiscal year then ended, reported on by Deloitte & Touche LLP, and the unaudited interim consolidated balance
sheet of the Borrower and its Consolidated Subsidiaries as of March 31, 2009 and the related consolidated statements of income, retained earnings and cash flows for the three months then ended, copies of which have been delivered to each of the
Banks, fairly present in all material respects the 

  

 -24- 

 
consolidated financial position of the Borrower and its Consolidated Subsidiaries as of such dates and their consolidated results of operations and cash
flows for the periods then ended, subject, in the case of unaudited financial statements, to the absence of footnotes and to year end adjustments. 
 (b) Since December 31, 2008 there has been no material adverse change in the business, financial position or operations of the Borrower and its Consolidated Subsidiaries, considered as a whole. 
 (c) Except as disclosed in the financial statements delivered pursuant to Section 4.4(a) there were as of the Effective Date no liabilities or
obligations with respect to the Borrower or any of its Subsidiaries of any nature whatsoever (whether absolute, accrued, contingent or otherwise and whether or not due) which, either individually or in aggregate, could reasonably be expected to have
a material and adverse effect on the Borrower or the Borrower and its Subsidiaries taken as a whole. As of the Effective Date, the Borrower knows of no basis for the assertion against it or any of its Subsidiaries of any liability or obligation of
any nature whatsoever that is not disclosed in the financial statements delivered pursuant to Section 4.4(a) which, either individually or in the aggregate, could reasonably be expected to be material to the Borrower or the Borrower and its
Subsidiaries taken as a whole. 
 Section 4.5. Litigation. There is no action, suit or proceeding pending against, or to the
knowledge of the Borrower threatened against or affecting, the Borrower or any of its Subsidiaries before any court or arbitrator or any governmental body, agency or official in which there is a reasonable possibility of an adverse decision which
could materially adversely affect the business, consolidated financial position or consolidated results of operations of the Borrower and its Consolidated Subsidiaries, considered as a whole, or which in any manner draws into question the validity
or enforceability of any Credit Document. 
 Section 4.6. Compliance with ERISA. To the best of the Borrower’s knowledge
after reasonable investigation: (a) Each member of the ERISA Group has fulfilled its obligations under the minimum funding standards of ERISA and the Code with respect to each Plan and is in compliance in all material respects with the
presently applicable provisions of ERISA and the Code with respect to each Plan. No member of the ERISA Group has (i) sought a waiver of the minimum funding standard under Section 412 of the Code in respect of any Plan, (ii) failed to
make any contribution or payment to any Plan or Multiemployer Plan or in respect of any Benefit Arrangement, or made any amendment to any Plan or Benefit Arrangement, which has resulted or could result in the imposition of a Lien or the posting of a
bond or other security under ERISA or the Code or (iii) incurred any liability under Title IV of ERISA other than a liability to the PBGC for premiums under Section 4007 of ERISA. 
 (b) Each Foreign Pension Plan has been maintained in substantial compliance with its terms and with the requirements of any and all applicable laws,
statutes, rules, regulations and orders and has been maintained, where required, in good standing with applicable regulatory authorities. All material contributions required to be made with respect to a Foreign Pension Plan have been timely made.
Neither the Borrower nor any of its Subsidiaries has incurred any material obligation in connection with the termination of or withdrawal from any Foreign 

  

 -25- 

 
Pension Plan. The Borrower and its Subsidiaries do not maintain or contribute to any Foreign Pension Plan the obligations with respect to which could
reasonably be expected to have a material adverse effect on the ability of the Borrower or the Borrower and its Subsidiaries taken as a whole to perform their obligations under the Credit Documents. 
 Section 4.7. Environmental Matters. To the best of the Borrower’s knowledge after reasonable investigation: Each of the Borrower and its
Subsidiaries has obtained all material environmental, health and safety permits, licenses and other authorizations required under all Environmental Laws to carry on its business as now being or as proposed to be conducted except for such permits,
licenses and other authorizations the failure to obtain, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. Each of such permits, licenses and authorizations is in full force and effect and the
Borrower and its Subsidiaries is in material compliance with the terms and conditions thereof, and is also in material compliance with all other limitations, restrictions, conditions, standards, prohibitions, requirements, obligations, schedules and
timetables contained in any applicable Environmental Law or in any regulation, code, plan, order, decree, judgment, injunction, notice or demand letter issued, entered, promulgated or approved thereunder except for such failure to comply,
individually or in the aggregate, as could not reasonably be expected to result in a Material Adverse Effect. In addition, no notice, notification, demand, request for information, citations, summons or order has been issued, no complaint has been
filed, no penalty has been assessed and no investigation or review is pending or threatened by any governmental or other entity with respect to any alleged failure by the Borrower or any of its Subsidiaries to have any environmental, health or
safety permit, license or other authorization required under any Environmental Law in connection with the conduct of the business of the Borrower or any of its Subsidiaries or with respect to any generation, treatment, storage, recycling,
transportation, discharge or disposal, or any release of any Hazardous Substance generated or handled by the Borrower or any of its Subsidiaries except for such matters that, individually or in the aggregate, could not reasonably be expected to
result in a Material Adverse Effect. There have been no environmental investigations, studies, audits, tests, reviews or other analyses conducted by or that are in the possession of the Borrower or any of its Subsidiaries in relation to any site or
facility now or previously owned, operated or leased by the Borrower or any of its Subsidiaries which have not been made available to the Administrative Agent and the Banks except for such matters that, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect. 
 Section 4.8. Taxes. The Borrower and its Subsidiaries have
filed all United States Federal and Canadian income tax returns and all other material tax returns which are required to be filed by them and have paid all taxes due pursuant to such returns or pursuant to any assessment received by the Borrower or
any Subsidiary, except such taxes, if any, as are being contested in good faith and by appropriate proceedings. The charges, accruals and reserves on the books of the Borrower and its Subsidiaries in respect of taxes or other governmental charges
are, in the opinion of the Borrower, adequate. 
 Section 4.9. Subsidiaries. Each of the Borrower’s Subsidiaries, if any, is
duly organized, validly existing and, where applicable, in good standing under the laws of its jurisdiction of organization, and has all corporate or other organizational powers and all material 

  

 -26- 

 
governmental licenses, authorizations, consents and approvals required to carry on its business as now conducted except where the failure to do so could not
reasonably be expected to result in a Material Adverse Effect. 
 Section 4.10. Investment Company. The Borrower is not an
“investment company” within the meaning of the U.S. Investment Company Act of 1940, as amended. 
 Section 4.11. Full
Disclosure. All information heretofore furnished by the Borrower to the Administrative Agent or any Bank for purposes of or in connection with this Agreement or any transaction contemplated hereby is, and all such information hereafter furnished
by the Borrower to the Administrative Agent or any Bank will be, true and accurate in all material respects on the date as of which such information is stated or certified. The Borrower has disclosed to the Banks in writing any and all facts which
materially and adversely affect or may affect (to the extent the Borrower can now reasonably foresee), the business, operations or financial condition of the Borrower and its Consolidated Subsidiaries, taken as a whole, or the ability of the
Borrower to perform its obligations under this Agreement or the other Credit Documents. 
 ARTICLE 5 
 COVENANTS 
 The
Borrower and each Guarantor, as the case may be, agree that, so long as any Bank has any Commitment hereunder or any amount payable hereunder or under any Note remains unpaid: 
 Section 5.1. Information. The Borrower will deliver to each of the Banks: 
 (a) as soon as available and in any event within 90 days after the end of each fiscal year of the Borrower, the consolidated balance sheet
of the Borrower and its Consolidated Subsidiaries as of the end of such fiscal year and the related consolidated statements of income, cash flows, and changes in common stockholders’ equity, each for such fiscal year, setting forth in
comparative form the figures for the previous fiscal year and certified by Deloitte & Touche LLP or another independent public accounting firm of nationally recognized standing; 
 (b) as soon as available and in any event within 45 days after the end of each of the first three fiscal quarters of the Borrower,
the consolidated balance sheet of the Borrower and its Consolidated Subsidiaries as of the end of such quarter and the related consolidated statements of income and cash flows for such quarter and for the portion of the Borrower’s fiscal year
ended at the end of such quarter, setting forth in comparative form the figures for the corresponding quarter and the corresponding portion of the Borrower’s previous fiscal year, all certified (subject to normal year-end adjustments and the
absence of footnotes) to fairly present in all material respects, such financial condition, and as to GAAP and consistency by the treasurer or chief financial officer of the Borrower; 
  

 -27- 

 (c) simultaneously with the delivery of each set of financial statements referred to in
clauses (a) and (b) above, a certificate of the treasurer or chief financial officer of the Borrower, (i) setting forth in reasonable detail the calculations required to establish whether the Borrower was in compliance with the
requirements of Sections 5.11, 5.12, 5.13 and 5.14 and the current outstanding balances of all Intercompany Notes as of the date of such financial statements, and (ii) stating whether any Default exists on the date of such certificate and,
if any Default then exists, setting forth the details thereof and the action which the Borrower is taking or proposes to take with respect thereto; 
 (d) so long as not contrary to the then recommendations of the Financial Accounting Standards Board, simultaneously with the delivery of each set of financial statements referred to in clause (a) above, a
statement of the accounting firm which reported on such statements as to whether anything has come to their attention to cause them to believe that any Default existed on the date of such statements; 
 (e) within 45 days after the beginning of each fiscal year of the Borrower, a budget in form reasonably satisfactory to the Administrative
Agent (including budgeted statements of consolidated income, consolidated cash flows, and consolidated balance sheets) prepared by the Borrower for each of the four quarters of such fiscal year, accompanied by a statement of the treasurer or chief
financial officer of the Borrower to the effect that, to the best of such officer’s knowledge, the budget is a reasonable estimate for the period covered thereby; 
 (f) within five days after any officer of any Credit Party obtains knowledge of any Default, if such Default is then continuing, a
certificate of the treasurer or chief financial officer of the Borrower setting forth the details thereof and the action which the Borrower or such Credit Party is taking or proposes to take with respect thereto; 
 (g) promptly after the mailing thereof to the public shareholders of the Borrower, copies of all financial statements, reports and proxy
statements so mailed; 
 (h) promptly upon the filing thereof, copies of all registration statements (other than the exhibits
thereto and any registration statements on Form S-8 or its equivalent) and reports on Forms 10-K, 10-Q and 8-K (or their equivalents) which the Borrower or any other Credit Party shall have filed with the Securities and Exchange Commission;

 (i) promptly upon discovery of the fact that any member of the ERISA Group (i) gives or is required to give notice to
the PBGC of any “reportable event” (as defined in Section 4043 of ERISA) with respect to any Plan which might constitute grounds for a termination of such Plan under Title IV of ERISA, or knows that the plan administrator of any
Plan has given or is required to give notice of any such reportable event, a copy of the notice of such reportable event given or required to be given to the PBGC; (ii) receives notice of complete or partial withdrawal liability under Title IV
of ERISA or notice that any Multiemployer Plan is in reorganization, is insolvent or has been 

  

 -28- 

 
terminated, a copy of such notice; (iii) receives notice from the PBGC under Title IV of ERISA of an intent to terminate, impose liability (other
than for premiums under Section 4007 of ERISA) in respect of, or appoint a trustee to administer any Plan, a copy of such notice; (iv) applies for a waiver of the minimum funding standard under Section 412 of the Code, a copy of such
application; (v) gives notice of intent to terminate any Plan under Section 4041(c) of ERISA, a copy of such notice and other information filed with the PBGC; (vi) gives notice of withdrawal from any Plan pursuant to Section 4063
of ERISA, a copy of such notice; or (vii) fails to make any payment or contribution to any Plan, Foreign Pension Plan or Multiemployer Plan or in respect of any Benefit Arrangement or makes any amendment to any Plan, Foreign Pension Plan or
Benefit Arrangement which has resulted or could result in the imposition of a Lien or the posting of a bond or other security, a certificate of the treasurer of the Borrower setting forth details as to such occurrence and action, if any, which the
Borrower, the applicable Credit Party or the applicable member of the ERISA Group is required or proposes to take; 
 (j) to
the extent permitted by applicable law, promptly upon the receipt or execution thereof, (i) notice by the Borrower or any Insured Subsidiary that (1) it has received a request or directive from any federal, state or other regulatory agency
which requires it to submit a capital maintenance or restoration plan that restricts the payment of dividends by any Insured Subsidiary to the Borrower or (2) it has submitted a capital maintenance or restoration plan to any federal, state or
other regulatory agency or has entered into a memorandum or agreement with any such agency, in each case which plan, memorandum or agreement restricts the payment of dividends by any Insured Subsidiary to the Borrower, and (ii) copies of any
such plan, memorandum, or agreement, unless disclosure is prohibited by the terms thereof or by law, rule or regulation and, after the Borrower or such Insured Subsidiary has in good faith attempted to obtain the consent of such regulatory agency,
such agency will not consent to the disclosure of such plan, memorandum, or agreement to the Bank; 
 (k) prompt notice if the
Borrower, any Subsidiary or any other Credit Party shall receive any notification from any governmental authority alleging a violation of any applicable law or any inquiry which could reasonably be expected to have a material adverse effect on the
Borrower and the other Credit Parties, taken as a whole; 
 (l) prompt notice of any Person becoming a Material Subsidiary;

 (m) prompt notice of the sale, transfer or other disposition of any Material Asset of the Borrower, any Subsidiary or any
other Credit Party to any Person other than the Borrower, any Subsidiary or any other Credit Party other than a sale, transfer or other disposition made in the ordinary course of business; 
 (n) prompt notice of any change in the senior management of the Borrower and any change in the business assets, liabilities, financial
condition or operations of the Borrower, any Subsidiary or any other Credit Party which has had or could reasonably be expected to have a material adverse effect on the Borrower and the other Credit Parties, taken as a whole; and 
  

 -29- 

 (o) from time to time such additional information regarding the financial position or
business of the Credit Parties and their Subsidiaries (including non-financial information and examination reports and supervisory letters to the extent permitted by applicable regulatory authorities) as the Administrative Agent, at the request of
any Bank, may reasonably request. 
 Section 5.2. Payment of Obligations. Each Credit Party will pay and discharge, and will
cause each Subsidiary to pay and discharge, at or before maturity, all their respective material obligations and liabilities (including, without limitation, tax liabilities and claims of materialmen, warehousemen and the like which if unpaid might
by law give rise to a Lien), except where the same (i) may be contested in good faith by appropriate proceedings, and will maintain, and will cause each Subsidiary to maintain, in accordance with GAAP, appropriate reserves for the accrual of
any of the same or (ii) could not reasonably be expected to result in a Material Adverse Effect. 
 Section 5.3. Maintenance of
Property; Insurance. (a) Each Credit Party will keep, and will cause each Subsidiary to keep, all property useful and necessary in its business in good working order and condition, ordinary wear and tear excepted. 
 (b) Each Credit Party will, and will cause each Subsidiary to, maintain (either in the name of the Borrower or in its own name) with financially sound
and responsible insurance companies, insurance on all their respective properties in at least such amounts, against at least such risks and with such risk retention as are usually maintained, insured against or retained, as the case may be, in the
same general area by companies of established repute engaged in the same or a similar business and will furnish to the Banks, upon request from the Administrative Agent, information presented in reasonable detail as to the insurance so carried.

 Section 5.4. Conduct of Business and Maintenance of Existence. Each Credit Party will continue, and will cause each Subsidiary
to continue, to engage in business of the same general type as now conducted by such Credit Party, and will preserve, renew and keep in full force and effect, and will cause each Subsidiary to preserve, renew and keep in full force and effect their
respective existence and their respective rights, privileges and franchises necessary or desirable in the normal conduct of business; provided, that nothing in this Section 5.4 shall prohibit (i) a merger or consolidation which is
otherwise permitted by Section 5.7 or (ii) the termination of the corporate existence of any Subsidiary if the Borrower in good faith determines that such termination is in the best interest of the Borrower and is not materially
disadvantageous to the Banks. 
 Section 5.5. Compliance with Laws. Each Credit Party will comply, and cause each Subsidiary to
comply, in all respects with all applicable laws, ordinances, rules, regulations, and requirements of governmental authorities (including, without limitation, Environmental Laws and ERISA and the rules and regulations thereunder) except
(i) where the necessity of compliance therewith is contested in good faith by appropriate proceedings or (ii) to the extent that failure to comply therewith could not reasonably be expected to result in a Material Adverse Effect.

  

 -30- 

 Section 5.6. Inspection of Property, Books and Records. The Credit Parties will keep, and
will cause each Subsidiary to keep, proper books of record and account in which full, true and correct entries shall be made of all dealings and transactions in relation to its business and activities; and will permit, and will cause each Subsidiary
to permit, representatives of any Bank, at such Bank’s expense, to visit and inspect any of their respective properties, to examine and make abstracts from any of their respective books and records and to discuss their respective affairs,
finances and accounts with their respective officers and independent public accountants, all at such reasonable times and as often as may reasonably be desired. 
 Section 5.7. Mergers and Sales of Assets. The Credit Parties will not (x) consolidate or merge with or into any other Person or (y) sell, lease or otherwise transfer, directly or indirectly, any
substantial part of the assets of any Credit Party and its Subsidiaries, taken as a whole, to any other Person; except that the following shall be permitted, but in the case of clauses (a), (c) and (d) below, only so long as no
Default shall have occurred and be continuing both before and after giving effect thereto: (a) (i) any Credit Party may merge with or sell or otherwise transfer assets to the Borrower or any Guarantor, (ii) any Person may be merged
with or into any Credit Party pursuant to an acquisition permitted by Section 5.21(b), provided that such Credit Party is the surviving entity of such merger and (iii) any Credit Party (other than the Borrower) may be merged with or
into any Person pursuant to an acquisition permitted by Section 5.21(b), provided that if required by Section 5.23 the surviving entity becomes a Guarantor at the time of such merger pursuant to documentation reasonably acceptable
to the Administrative Agent, (b) the sale or other transfer of credit card receivables and related assets pursuant to Qualified Securitization Transactions, (c) assets sold and leased back in the normal course of the Borrower’s
business, (d) sales, leases and other transfers of assets in an aggregate amount which when combined with all such other transactions under this clause (d) during the then current fiscal year, represents the disposition of assets with an
aggregate book value not greater than 15% of Consolidated Total Assets of the Borrower calculated as of the end of the immediately preceding fiscal year, and (e) transfers constituting Investments permitted under Section 5.21(a).

 Section 5.8. Use of Proceeds. The proceeds of the Loans made under this Agreement will be used by the Borrower to refinance
Debt of the Borrower and its Subsidiaries, whether currently outstanding or recently repaid. None of the proceeds of any Loan made hereunder will be used, directly or indirectly, for the purpose, whether immediate, incidental or ultimate, of buying
or carrying any “margin stock” within the meaning of Regulation U. 
 Section 5.9. Negative Pledge. Neither a
Credit Party nor any Subsidiary will create, assume or suffer to exist any Lien on any asset now owned or hereafter acquired by it, except: 
 (a) Liens existing on the Effective Date and listed on Schedule 5.9 hereto; 
 (b) any Lien
existing on any asset of any Person at the time such Person becomes a Subsidiary and not created in contemplation of such event, so long as such Lien does not attach to any other asset of such Subsidiary; 
  

 -31- 

 (c) any Lien on any asset securing Debt incurred or assumed for the purpose of financing
all or any part of the cost of acquiring such asset, provided that such Lien attaches only to such asset acquired and attaches concurrently with or within 90 days after the acquisition thereof; 
 (d) any Lien on any asset of any Person existing at the time such Person is merged or consolidated with or into a Credit Party or its
Subsidiary and not created in contemplation of such event, so long as such Lien does not attach to any other asset of such Credit Party or its Subsidiaries; 
 (e) any Lien existing on any asset prior to the acquisition thereof by a Credit Party or a Subsidiary and not created in contemplation of
such acquisition; 
 (f) any Lien arising out of the refinancing, extension, renewal or refunding of any Debt secured by any
Lien permitted by any of the foregoing clauses of this Section, provided that the amount of such Debt is not increased and is not secured by any additional assets; 
 (g) Liens arising in the ordinary course of its business which (i) do not secure Debt or Derivatives Obligations, (ii) do not
secure any obligation in an amount exceeding U.S. $5,000,000 and (iii) do not in the aggregate materially detract from the value of the assets secured or materially impair the use thereof in the operation of such Credit Party or
Subsidiary’s business; 
 (h) Liens arising in connection with Qualified Securitization Transactions; 
 (i) Liens securing Debt permitted under Section 5.15(iv) hereof; 
 (j) Liens incurred or deposits or pledges (1) made in the ordinary course of business (i) in connection with workers’
compensation, unemployment insurance and other types of social security, (ii) to secure the payment or performance of tenders, statutory or regulatory obligations, bids, leases, contracts (including contracts to provide customer care services,
billing services, transaction processing services and other services), performance and return of money bonds and other similar obligations, including letters of credit and bank guarantees required or requested by the United States, any State thereof
or any foreign government or any subdivision, department, agency, organization or instrumentality of any of the foregoing in connection with any contract or statute (exclusive of obligations for the payment of borrowed money), or (iii) to cover
anticipated costs of future redemptions of awards under loyalty marketing programs; or (2) required or requested by any regulatory authority having jurisdiction over any Insured Subsidiary in favor of any such regulatory authority or its
nominee or made to comply or maintain compliance with Section 5.16 or any similar provision or agreement; and 
 (k)
Liens not otherwise permitted by the foregoing clauses of this Section 5.9 securing Debt in an aggregate principal or face amount at any date not to exceed $250,000,000. 
  

 -32- 

 In each case set forth above, notwithstanding any stated limitation on the assets that may be subject to
such Lien, a Lien on a specified asset or group or type of assets may include Liens on all improvements, additions and accessions thereto and all products and proceeds thereof. 
 Section 5.10. End of Fiscal Years and Fiscal Quarters. The Borrower shall cause its fiscal year, and shall cause each of its
Subsidiaries’ fiscal years, to end on December 31 and shall cause its and each of its Subsidiaries’ fiscal quarters to coincide with calendar quarters. 
 Section 5.11. Total Leverage Ratio. The Borrower shall not permit its Total Leverage Ratio at any time to exceed 3.75 to 1.00. 
 Section 5.12. Senior Leverage Ratio. The Borrower shall not permit its Senior Leverage Ratio at any time to exceed 2.75 to 1.00. 
 Section 5.13. Interest Coverage Ratio. The Borrower will not permit its Interest Coverage Ratio for any period of four consecutive fiscal
quarters, as determined for such four quarter period ending on the last day of any fiscal quarter, to be less than 3.50 to 1.00. 
 Section 5.14. Delinquency Ratio. The Borrower shall not permit the average of the Delinquency Ratios for WFNNB for the most recently ended three consecutive calendar months to exceed 4.5%. 
 Section 5.15. Debt Limitation. The Borrower shall not, and shall not permit any of its Subsidiaries, whether now existing or created in the
future, to create or retain any Debt other than (i) any Debt created or retained by the Borrower or such Subsidiary on or before the Effective Date and extensions, renewals, refinancings, refundings and replacements thereof, provided
that, except to the extent otherwise permitted under another clause of this Section 5.15, the amount of such Debt is not increased at the time of such extension, renewal, refinancing, refunding or replacement other than by an amount equal to the sum
of accrued interest on the Debt being extended, renewed, refinanced, refunded or replaced, any prepayment premiums thereon and all fees, costs, expenses and original issue discount associated with such transaction, (ii) any Debt owed to the
Borrower or a Subsidiary by the Borrower or a Subsidiary, provided that (A) all such loans shall be made in compliance with Section 5.21(a), and (B) all such loans from the Borrower to a Subsidiary shall be made pursuant to and
evidenced by an Intercompany Note, (iii) issuances by Insured Subsidiaries of certificates of deposit and other items to the extent no Default results therefrom pursuant to the other covenants contained in this Article 5,
(iv) obligations of the Borrower or its Subsidiaries as lessee in respect of leases of property which are capitalized in accordance with GAAP and shown on the balance sheet of the Borrower and its Subsidiaries, (v) loans from time
to time under this Agreement, (vi) Debt incurred by the Borrower and its Subsidiaries in the nature of a purchase price adjustment in connection with a permitted Restricted Acquisition, (vii) Debt of any Person that is acquired by the
Borrower or any Subsidiary and becomes a Subsidiary or is merged with or into the Borrower or any Subsidiary after the Effective Date and Debt secured by an asset acquired by the Borrower or any Subsidiary after the Effective Date, and, in each
case, refinancings, renewals, extensions, refundings and replacements thereof, if (A) such original Debt was in existence on the date such Person became a Subsidiary or merged with or into the Borrower or any Subsidiary or on the date that such
asset was acquired, as the case may be, (B) such original Debt was not created in contemplation of such Person becoming a Subsidiary or merging with or into the Borrower or any Subsidiary or such asset being acquired, as the case may be, and
(C) immediately after giving effect to the acquisition of such Person or asset by the Borrower or any Subsidiary, as the case may be, no Default or Event of Default shall have occurred and be continuing, including, 

  

 -33- 

 
without limitation, under Section 5.21(b) of this Agreement, and (viii) Debt of the Borrower and its Subsidiaries in an amount such that, after
giving pro forma effect thereto and to the use of proceeds thereof as contemplated by Section 5.21(b)(i), the Borrower shall be in compliance with the covenants set forth in Sections 5.11, 5.12 and 5.13 of this Agreement.

 Section 5.16. Capitalization of Insured Subsidiaries. The Borrower shall, at all times, cause all Insured Subsidiaries to be
“well capitalized” within the meaning of U.S. 12 C.F.R. 208.43(b)(1) or any successor regulation and such Insured Subsidiaries at no time be reclassified by any relevant agency as anything other than “well capitalized.”

 Section 5.17. Restricted Payments; Required Dividends. (a) Other than payments made in accordance with the terms of
subsection (b) below, neither the Borrower nor any of its Subsidiaries will declare or make any Restricted Payments unless, immediately prior to and after giving effect thereto, no Default or Event of Default exists. 
 (b) The Borrower shall cause each Domestic Subsidiary (to the extent permitted under any applicable law, rule or regulation, judgment, injunction, order
or decree of any governmental authority) to take all such necessary corporate actions to declare cash dividends, payable to the shareholder of such Subsidiary, in an aggregate amount, if any, equal to all amounts that are then due and owing and
remain outstanding after the date of payment therefor pursuant to the terms of this Agreement. 
 Notwithstanding the foregoing, if a Default or Event of
Default exists, neither the Borrower nor any of its Subsidiaries shall make any Restricted Payments to any Person other than to the Borrower or any other Credit Party. 
 Section 5.18. Equity Ownership, Limitation on Creation of Subsidiaries. Notwithstanding anything to the contrary contained in this Agreement, the Borrower will not, and will not permit any of its
Subsidiaries to, establish, create or acquire after the Effective Date any Subsidiary; provided that (A) the Borrower and its Wholly-Owned Subsidiaries shall be permitted to establish or create Wholly-Owned Subsidiaries so long as, in
each case, (i) if such new Subsidiary is a Material Subsidiary, written notice of the establishment or creation thereof is given to the Administrative Agent promptly after such establishment or creation as required pursuant to
Section 5.1(l), and (ii) if required by Section 5.23, such new Subsidiary promptly executes a Guarantor Supplement to become a Guarantor pursuant to Article 9 (or similar document satisfactory to the Administrative Agent) and
(B) Subsidiaries may be acquired to the extent such acquisition does not give rise to a Default hereunder so long as the actions specified in preceding clause (A) shall be taken, and, to the extent applicable, the Borrower complies with
Section 5.21(b). In addition, each new Subsidiary that is required to execute any Credit Document shall execute and deliver, or cause to be executed and delivered, all other relevant documentation of the type described in Section 3.1 as
such new Subsidiary would have had to deliver if such new Subsidiary were a Credit Party on the Effective Date. 
 Section 5.19.
Change of Business. The Borrower will not, and will not permit any of its Subsidiaries to, materially alter the character of the business of the Borrower and its Subsidiaries from that conducted on the Effective Date. 
  

 -34- 

 Section 5.20. Limitation on Issuance of Capital Stock. The Borrower will not permit any of
its Subsidiaries to issue any capital stock (including by way of sales of treasury stock) or any options or warrants to purchase, or securities convertible into, capital stock, except (i) for transfers and replacements of then outstanding
shares of capital stock, (ii) for stock splits, stock dividends and issuances which do not decrease the percentage ownership of the Borrower or any of its Subsidiaries in any class of the capital stock of such Subsidiary, (iii) to qualify
directors to the extent required by applicable law, (iv) for issuances by newly created or acquired Subsidiaries in accordance with the terms of this Agreement, and (v) to the Borrower or a Subsidiary of the Borrower. 
 Section 5.21. Investments; Restricted Acquisition. (a) The Borrower shall not, and shall not permit any Subsidiary to hold, make or
acquire any Investment in any Person other than: 
 (i) Investments by the Borrower or its Subsidiaries in the Borrower and
the Guarantors; 
 (ii) Investments by the Borrower or its Subsidiaries in Persons which are Domestic Subsidiaries but not
Guarantors; provided that, immediately after each such Investment is made, the aggregate amount of such Investments then outstanding (the amount of each such Investment being measured at the time such Investment was made) (and without
duplication of amounts subsequently invested by the recipient thereof in another Domestic Subsidiary that is not a Guarantor) shall not exceed $75,000,000 plus the amount invested or committed to be invested on the Effective Date as shown on
Schedule 5.21, and in each case all amendments, restatements, modifications, extensions, renewals, refinancings, refundings and replacements of such Investments; 
 (iii) Investments by the Borrower or its Subsidiaries in Foreign Subsidiaries provided that, immediately after each such Investment
is made, the aggregate amount of such Investments then outstanding (the amount of each such Investment being measured at the time such Investment was made) (and without duplication of amounts subsequently invested by the recipient thereof in another
Foreign Subsidiary) shall not exceed $75,000,000 plus the amount invested or committed to be invested on the Effective Date as shown on Schedule 5.21, and in each case all amendments, restatements, modifications, extensions, renewals,
refinancings, refundings and replacements of such Investments; 
 (iv) Investments consistent with the investment policy
attached hereto as Schedule II, which Schedule II may be revised by the Borrower from time to time with the consent of the Administrative Agent, such consent not to be unreasonably withheld; 
 (v) Investments by Insured Subsidiaries as are necessary to comply with the provisions of The Community Reinvestment Act and other laws,
rules and regulations relating to Insured Subsidiaries or any request or directive from any regulatory authority having jurisdiction over such Insured Subsidiary; 
  

 -35- 

 (vi) Investments consisting of credit card loans made by Insured Subsidiaries pursuant to
the terms of any applicable credit card accounts owned by Insured Subsidiaries; 
 (vii) Restricted Acquisitions permitted
under Section 5.21(b); 
 (viii) Investments in Insured Subsidiaries to the extent necessary in order to maintain
compliance with Section 5.16 and other laws, rules and regulations relating to Insured Subsidiaries or any request or directive from any regulatory authority having jurisdiction over such Insured Subsidiary; 
 (ix) Investments made in connection with Qualified Securitization Transactions; and 
 (x) any Investment not otherwise permitted by the foregoing clauses of this Section if, immediately after such Investment is made or
acquired, the aggregate net book value of all Investments permitted by this clause (x) (measured at the time each such Investment is made) does not exceed $75,000,000, and subsequent Investments by the recipients of such Investments (such
$75,000,000 to be determined without duplication of amounts subsequently invested by the recipients thereof). 
 (b) The Borrower and its
Subsidiaries may make Restricted Acquisitions so long as: 
 (i) the Borrower and its Subsidiaries shall be in compliance with
all provisions of this Agreement, including all financial covenants, both before and after giving effect thereto, with such financial covenants to be calculated on a pro forma basis as if such Restricted Acquisition had been consummated on
the first day of the then most recently ended period of four consecutive fiscal quarters and giving effect to (x) the actual historical financial performance (including Consolidated Operating EBITDA) of such acquired entity or assets and
(y) identifiable cost savings associated with providing data processing services to such acquired entities or assets as reasonably approved by the Administrative Agent; 
 (ii) the total consideration paid (including equity issued and Debt assumed) in connection with any Restricted Acquisition of a Person
which as a result thereof does not become a Wholly-Owned Subsidiary of the Borrower shall not exceed $125,000,000 in the aggregate for all such Restricted Acquisitions in any fiscal year of the Borrower; 
 (iii) such Restricted Acquisition is not a Hostile Acquisition; and 
 (iv) the Borrower complies with Section 5.18. 
 Section 5.22. No Restrictions. Except as provided herein, the Borrower will not, and will not permit any Subsidiary to, directly or indirectly create or otherwise cause or suffer to exist or become
effective any consensual encumbrance or restriction of any kind on the ability of any Insured Subsidiary to: (a) pay dividends or make any other distribution on any Subsidiary’s 

  

 -36- 

 
capital stock or other equity interests owned by the Borrower or any other Subsidiary, (b) pay any indebtedness owed to the Borrower or any other
Subsidiary, (c) make loans or advances to the Borrower or any other Subsidiary or (d) transfer any of its property to the Borrower or any other Subsidiary, except encumbrances and restrictions of the types described below: 
 (1) encumbrances and restrictions contained in this Agreement and the other Credit Documents; 
 (2) customary supermajority voting provisions and other customary provisions with respect to the disposition or distribution of assets,
each contained in corporate charters, bylaws, stockholders’ agreements, limited liability company agreements, partnership agreements, joint venture agreements and other similar agreements; 
 (3) encumbrances and restrictions required by law or by any regulatory authority having jurisdiction over such Insured Subsidiary or any
of their businesses; 
 (4) customary restrictions in agreements governing Liens permitted under Section 5.9 provided
that such restrictions relate solely to the property subject to such Lien; 
 (5) encumbrances and restrictions contained in
any merger agreement or any agreement for the sale or other disposition of an asset, including, without limitation, the capital stock or other equity interest of a Subsidiary, provided, that such restriction is limited to the asset that is
the subject of such agreement for sale or disposition and such disposition is made in compliance with Section 5.7; 
 (6)
encumbrances and restrictions contained in contracts (other than relating to Debt) entered into in the ordinary course of business that do not, in the aggregate, detract from the value of the property or assets of the Borrower or any Subsidiary in
any material manner (including, without limitation, non-assignment provisions in leases and licenses); 
 (7) encumbrances and
restrictions contained in agreements governing Debt permitted under Section 5.15; and 
 (8) encumbrances and
restrictions contained in any agreement or instrument, capital stock or other equity interest that amends, modifies, restates, renews, increases, supplements, refunds, replaces, extends or refinances any agreement, instrument or capital stock or
equity interest described in clauses (1)-(8) of this Section, from time to time, in whole or in part, provided that the encumbrances or restrictions set forth therein are not more restrictive than those contained in the predecessor
agreement, instrument or capital stock or other equity interest. 
 Section 5.23. Guarantors. The Borrower will (a) cause
each Material Domestic Subsidiary to execute this Agreement as a Guarantor (and from and after the Effective Date 

  

 -37- 

 
cause each Material Domestic Subsidiary to execute and deliver to the Administrative Agent, as promptly as possible, but in any event within thirty
(30) days after becoming a Material Domestic Subsidiary of the Borrower, an executed Guarantor Supplement to become a Guarantor hereunder (whereupon such Subsidiary shall become a “Guarantor” under this Agreement)), and
(b) deliver and cause each such Subsidiary to deliver corporate resolutions, opinions of counsel, and such other corporate documentation as the Administrative Agent may reasonably request, all in form and substance reasonably satisfactory to
the Administrative Agent; provided, however, that upon the Borrower’s written request of and certification to the Administrative Agent that a Subsidiary is no longer a Material Domestic Subsidiary, the Administrative Agent shall release
such Subsidiary from its duties and obligations hereunder and under its Guarantor Supplement; provided, further, that if such Subsidiary subsequently qualifies as a Material Domestic Subsidiary, it shall be required to re-execute the
Guarantor Supplement. Notwithstanding the foregoing, the provisions of this Section 5.23 shall not be applicable with respect to Insured Subsidiaries, Qualified Securitization Subsidiaries and Subsidiaries of Foreign Subsidiaries, Insured
Subsidiaries and Qualified Securitization Subsidiaries. 
 ARTICLE 6 
 DEFAULTS 
 Section 6.1. Events of Default. If one or more of the following events (“Events of Default”) shall have occurred and be continuing: 
 (a) the Borrower shall fail to pay when due any principal of any Loan or shall fail to pay within 5 Business Days from the date due any
interest, any fees or any other amount payable hereunder; 
 (b) any Credit Party shall fail to observe or perform any
covenant contained in Article 5 (other than those contained in Sections 5.1 through 5.3 inclusive, Section 5.5, Section 5.6, Section 5.17(b) and Section 5.18); 
 (c) any Credit Party shall fail to observe or perform any covenant or agreement contained in this Agreement (other than those covered by
clause (a) or (b) above) for 30 days after notice thereof has been given to the applicable Credit Party by the Administrative Agent at the request of the Required Banks; 
 (d) any representation, warranty, certification or statement made by any Credit Party in any Credit Document or in any certificate,
financial statement or other document delivered pursuant to this Agreement shall prove to have been incorrect in any material respect when made (or deemed made); 
 (e) any Credit Party or any Subsidiary of any of them shall fail to make any payment in respect of any Material Financial Obligations when
due or within any applicable grace period; 
  

 -38- 

 (f) any event or condition shall occur which results in the acceleration of the maturity
of any Material Debt of any Credit Party or any Subsidiary of a Credit Party or enables (or, with the giving of notice or lapse of time or both, would enable) the holder of such Debt or any Person acting on such holder’s behalf to accelerate
the maturity thereof; 
 (g) any Credit Party, any Domestic Subsidiary or any Material Subsidiary of any of them shall
commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a
trustee, receiver (which for the purposes hereof include a receiver and manager or an interim receiver), liquidator, custodian, examiner or other similar official of it or any substantial part of its property, or shall consent to any such relief or
to the appointment of, or taking possession by any such official in an involuntary case or other proceeding commenced against it, or shall make a general assignment for the benefit of creditors, or shall fail generally to pay its debts as they
become due, or shall take any corporate action to authorize any of the foregoing or any Insured Subsidiary that is a Material Subsidiary shall cease to be a federally insured depositary institution (or the Canadian equivalent thereof), or a cease
and desist order which is material and adverse to the conduct of such Insured Subsidiary’s business or assets shall be issued against the Borrower or any such Insured Subsidiary pursuant to applicable federal, state or other law applicable to
banks or thrifts; 
 (h) an involuntary case or other proceeding shall be commenced against any Credit Party, any Domestic
Subsidiary or any Material Subsidiary of any of them seeking liquidation, reorganization or other relief with respect to it or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a
trustee, receiver, liquidator, custodian, examiner or other similar official of it or any substantial part of its property, and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of 60 days; or an order for
relief shall be entered against any Credit Party, any Domestic Subsidiary or any Material Subsidiary of any of them under the federal bankruptcy laws as now or hereafter in effect; 
 (i) any member of the ERISA Group shall fail to pay when due an amount or amounts aggregating in excess of U.S. $25,000,000 which it shall
have become liable to pay under Title IV of ERISA; or notice of intent to terminate a Material Plan shall be filed under Title IV of ERISA by any member of the ERISA Group, any plan administrator or any combination of the foregoing; or the PBGC
shall institute proceedings under Title IV of ERISA to terminate, to impose liability (other than for premiums under Section 4007 of ERISA) in respect of, or to cause a trustee to be appointed to administer any Material Plan; or a condition
shall exist by reason of which the PBGC would be entitled to obtain a decree adjudicating that any Material Plan must be terminated; or there shall occur a complete or partial withdrawal from, or a default, within the meaning of
Section 4219(c)(5) of ERISA, with respect to, one or more Multiemployer Plans which could cause one or more members of the ERISA Group to incur a current payment obligation in excess of U.S. $25,000,000; 
  

 -39- 

 (j) judgments or orders for the payment of money aggregating in excess of U.S.
$25,000,000 shall be rendered against the Borrower or any of its Subsidiaries and such judgments or orders shall continue unsatisfied and unstayed for a period of 30 days; 
 (k) a Change of Control shall occur; 
 (l) any Guarantor shall revoke its guaranty provided for in Article 9 of this Agreement or assert that its guaranty provided for in Article 9 of this Agreement is unenforceable or otherwise invalid except as
permitted hereunder; or 
 (m) any License Agreement shall terminate or any arbitration or litigation shall be commenced
seeking termination thereof (except that any litigation or arbitration commenced by a Person who is not a party to such License Agreement shall not result in an Event of Default hereunder unless such action is not stayed or dismissed within 60 days
of the commencement thereof), or any party shall assert any termination thereof, or any party to any License Agreement shall default in any of its material obligations thereunder beyond the period of grace (if any) therein provided, except for such
terminations, arbitrations, litigations, assertions or defaults which, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect; 
 then, and in every such event, the Administrative Agent shall (i) if requested by Banks having more than 50% in aggregate amount of the Commitments, by notice to the Borrower terminate the Commitments and they
shall thereupon terminate and (ii) if requested by Banks holding more than 50% of the aggregate principal amount of the Loans, by notice to the Borrower declare the Loans (together with accrued interest thereon) to be, and the Loans shall
thereupon become, immediately due and payable without presentment, demand, notice of acceleration, notice of intent to accelerate, protest or other notice of any kind, all of which are hereby waived by the Borrower; provided, that in the case
of any of the Events of Default specified in clause 6.1(g) or 6.1(h) above with respect to the Borrower, without any notice to the Borrower or any other act by the Administrative Agent or the Banks, the Commitments shall thereupon terminate and the
Loans (together with accrued interest thereon) shall become immediately due and payable without presentment, demand, notice of acceleration, notice of intent to accelerate, protest or other notice of any kind, all of which are hereby waived by the
Borrower. 
 Section 6.2. Notice of Default. (a) The Borrower shall comply with Section 5.1(f). 
 (b) The Administrative Agent shall give notice to the Borrower as provided in Section 6.1(c) promptly upon being requested to do so by the Required
Banks and shall thereupon notify all the Banks thereof. 
 ARTICLE 7 
 THE AGENT 
 Section 7.1. Appointment and Authorization. (a) Each Bank irrevocably appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and the
Notes as are delegated to the Administrative Agent by the terms hereof or thereof, together with all such powers as are reasonably incidental thereto. 
  

 -40- 

 Section 7.2. Administrative Agent and Affiliates. The Administrative Agent shall have the
same rights and powers under this Agreement as any other Bank and may exercise or refrain from exercising the same as though it were not the Administrative Agent, and the Administrative Agent and its affiliates may accept deposits from, lend money
to, and generally engage in any kind of business with the Borrower or any Subsidiary or affiliate of the Borrower as if it were not the Administrative Agent. 
 Section 7.3. Action by Administrative Agent. The obligations of the Administrative Agent hereunder are only those expressly set forth herein. Without limiting the generality of the foregoing, the
Administrative Agent shall not be required to take any action with respect to any Default, except as expressly provided in Article 6. 
 Section 7.4. Consultation with Experts. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower and/or any Guarantor), independent public accountants and other experts selected by it and
shall not be liable for any action taken or omitted to be taken by it in good faith in accordance with the advice of such counsel, accountants or experts. 
 Section 7.5. Liability of Administrative Agent. Neither the Administrative Agent nor any of its affiliates nor any of their respective directors, officers, agents or employees shall be liable for any
action taken or not taken by it in connection herewith (i) with the consent or at the request of the Required Banks (or, when expressly required hereby, such different number of Banks required to consent to or request such action or inaction)
or (ii) in the absence of its own gross negligence or willful misconduct. Neither the Administrative Agent nor any of its affiliates nor any of their respective directors, officers, agents or employees shall be responsible for or have any duty
to ascertain, inquire into or verify (i) any statement, warranty or representation made in connection with this Agreement or any Borrowing hereunder; (ii) the performance or observance of any of the covenants or agreements of the Borrower
or any Guarantor; (iii) the satisfaction of any condition specified in Article 3, except receipt of items required to be delivered to the Administrative Agent; or (iv) the validity, effectiveness or genuineness of this Agreement, the
Notes or any other instrument or writing furnished in connection herewith. The Administrative Agent shall not incur any liability by acting in reliance upon any notice, consent, certificate, statement, or other writing (which may be a bank wire,
facsimile transmission or similar writing) believed by it to be genuine or to be signed by the proper party or parties. Without limiting the generality of the foregoing, the use of the term “agent” in this Agreement with reference to the
Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law. Instead, such term is used merely as a matter of market custom and is intended to create or
reflect only an administrative relationship between independent contracting parties. 
 Section 7.6. Indemnification. Each Bank
shall, ratably in accordance with its Percentage, indemnify the Administrative Agent, its affiliates and their respective directors, officers, agents and employees (to the extent not reimbursed by the Borrower) against any cost, 

  

 -41- 

 
expense (including counsel fees and disbursements), claim, demand, action, loss or liability (except such as result from such indemnitee’s gross
negligence or willful misconduct) that such indemnities may suffer or incur in connection with this Agreement or any action taken or omitted by such indemnitees hereunder. 
 Section 7.7. Credit Decision. Each Bank acknowledges that it has, independently and without reliance upon the Administrative Agent or any
other Bank, and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Bank also acknowledges that it will, independently and without reliance upon the
Administrative Agent or any other Bank, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking any action under this Agreement. 
 Section 7.8. Successor Administrative Agent. The Administrative Agent may resign at any time by giving notice thereof to the Banks and the
Borrower. Upon any such resignation, the Required Banks shall have the right to appoint a successor Administrative Agent, subject to the consent of the Borrower if no Event of Default exists (such consent not to be unreasonably withheld). If no
successor Administrative Agent shall have been so appointed by the Required Banks, and shall have accepted such appointment, within 30 days after the retiring Administrative Agent gives notice of resignation, then the retiring Administrative Agent
may, on behalf of the Banks, appoint a successor Administrative Agent, subject to the consent of the Borrower if no Event of Default exists (such consent not to be unreasonably withheld), which shall be a commercial bank organized under the laws of
Canada or the United States of America or of any State thereof and having a combined capital and surplus of at least $100,000,000. Upon the acceptance of its appointment as Administrative Agent hereunder by a successor Administrative Agent, such
successor Administrative Agent shall thereupon succeed to and become vested with all the rights and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations hereunder.
After any retiring Administrative Agent’s resignation hereunder as Administrative Agent, the provisions of this Article shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent.

 ARTICLE 8 
 CHANGE IN CIRCUMSTANCES 
 Section 8.1. Basis for Determining Interest
Rate Inaccurate or Unfair. If on, or prior to, the first day of any Interest Period for a Euro-Dollar Loan: 
 (a) the
Administrative Agent determines that deposits in U.S. Dollars (in the applicable amounts) are not being offered to the Administrative Agent in the Euro-Dollar market for such Interest Period, or 
 (b) Banks having 50% or more of the aggregate principal amount of the affected Loans advise the Administrative Agent that the London
Interbank Offered Rate, as determined by the Administrative Agent, will not adequately and fairly reflect the cost to such Banks of funding their Euro-Dollar Loans for such Interest Period, 
  

 -42- 

 the Administrative Agent shall forthwith give notice thereof to the Borrower and the Banks, whereupon until the
Administrative Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Banks to make Euro-Dollar Loans or to continue or convert outstanding Loans as or into Euro-Dollar
Loans shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable thereto. Should either of the events set forth in subclause (a) or
(b) above occur, unless the Borrower notifies the Administrative Agent at least two Business Days before the date of any Borrowing of Euro-Dollar Loans for which a Notice of Borrowing has previously been given that it elects not to borrow on
such date, such Borrowing shall instead be made as a Base Rate Borrowing. 
 Section 8.2. Illegality. If, on or after the
Effective Date, the adoption of any applicable law, rule or regulation, or any change in any applicable law, rule or regulation, or any change in the interpretation or administration thereof by any governmental authority, central bank or comparable
agency charged with the interpretation or administration thereof, or compliance by any Bank (or its Euro-Dollar Lending Office) with any request or directive (whether or not having the force of law) of any such authority, central Bank or comparable
agency shall make it unlawful or impossible for any Bank (or its Euro-Dollar Lending Office) to make, maintain or fund its Euro-Dollar Loans and such Bank shall so notify the Administrative Agent, the Administrative Agent shall forthwith give notice
thereof to the other Banks and the Borrower whereupon until such Bank notifies the Borrower and the Administrative Agent that the circumstances giving rise to such suspension no longer exist, the obligation of such Bank to make Euro-Dollar Loans or
to convert outstanding Loans into Euro-Dollar Loans shall be suspended. Before giving any notice to the Administrative Agent pursuant to this Section, such Bank shall designate a different Euro-Dollar Lending Office if such designation will avoid
the need for giving such notice and will not, in the judgment of such Bank, be otherwise disadvantageous to such Bank. If such notice is given, each Euro-Dollar Loan of such Bank then outstanding shall be converted to a Base Rate Loan either
(a) on the last day of the then current Interest Period applicable to such Loan if such Bank may lawfully continue to maintain and fund such Loan to such day or (b) immediately if such Bank shall determine that it may not lawfully continue
to maintain and fund such Loan to such day. 
 Section 8.3. Increased Cost and Reduced Return. (a) If on or after the
Effective Date, the adoption of any applicable law, rule or regulation, or any change in any applicable law, rule or regulation, or any change in the interpretation or administration thereof by any governmental authority, central bank or comparable
agency charged with the interpretation or administration thereof, or compliance by any Bank (or its Applicable Lending Office) with any request or directive (whether or not having the force of law) of any such authority, central bank or comparable
agency shall impose, modify or deem applicable any reserve (including, without limitation, any such requirement imposed by the Board of Governors of the Federal Reserve System, but excluding with respect to any Euro-Dollar Loan any such requirement
with respect to which such Bank is entitled to compensation during the relevant Interest Period under Section 2.15), special deposit, insurance assessment or similar requirement against assets of, deposits 

  

 -43- 

 
with or for the account of, or credit extended by, any Bank (or its Applicable Lending Office) or shall impose on any Bank (or its Applicable Lending Office)
or the London interbank market any other condition affecting its Loans, its Note or its obligation to make Loans and the result of any of the foregoing is to increase the cost to such Bank (or its Applicable Lending Office) of making or maintaining
any Loan, or to reduce the amount of any sum received or receivable by such Bank (or its Applicable Lending Office) under this Agreement or under its Note with respect thereto, by an amount deemed by such Bank to be material, then, within 15 days
after demand by such Bank (with a copy to the Administrative Agent), the Borrower shall pay to such Bank such additional amount or amounts as will compensate such Bank for such increased cost or reduction. 
 (b) If any Bank shall have determined that after the Effective Date, the adoption of any applicable law, rule or regulation regarding capital adequacy,
or any change in any such law, rule or regulation, or any change in the interpretation or administration thereof by any governmental authority, central bank or comparable agency charged with the interpretation or administration thereof, or any
request or directive regarding capital adequacy (whether or not having the force of law) of any such authority, central bank or comparable agency, has or would have the effect of reducing the rate of return on capital of such Bank (or its Parent) as
a consequence of such Bank’s obligations hereunder to a level below that which such Bank (or its Parent) could have achieved but for such adoption, change, request or directive (taking into consideration its policies with respect to capital
adequacy) by an amount deemed by such Bank to be material, then from time to time, within 15 days after demand by such Bank (with a copy to the Administrative Agent), the Borrower shall pay to such Bank such additional amount or amounts as will
compensate such Bank (or its Parent) for such reduction. 
 (c) Each Bank will promptly notify the Borrower and the Administrative Agent of
any event of which it has knowledge, occurring after the Effective Date, which will entitle such Bank to compensation pursuant to this Section and will designate a different Applicable Lending Office if such designation will avoid the need for, or
reduce the amount of, such compensation and will not, in the judgment of such Bank, be otherwise disadvantageous to such Bank. A certificate of any Bank claiming compensation under this Section and setting forth the additional amount or amounts to
be paid to it hereunder shall be conclusive in the absence of manifest error. In determining such amount, such Bank may use any reasonable averaging and attribution methods. 
 Section 8.4. Taxes. (a) For the purposes of this Section 8.4, the following terms have the following meanings: 
 “Taxes” means any and all present or future taxes, duties, levies, imposts, deductions, charges or withholdings with
respect to any payment by the Borrower or the applicable Guarantor, as the case may be, pursuant to this Agreement or under any Note, and all liabilities with respect thereto, excluding (i) in the case of each Bank and the Administrative
Agent, taxes imposed on its income, receipts, capital and franchise or similar taxes imposed on it, by a jurisdiction under the laws of which such Bank or the Administrative Agent (as the case may be) is organized or in which its principal executive
office is located or, in the case of each Bank, in which its Applicable Lending 

  

 -44- 

 
Office is located and (ii) in the case of each Bank, any United States withholding tax imposed on such payments but only to the extent that such Bank is
subject to United States withholding tax at the time such Bank first becomes a party to this Agreement. 
 “Other
Taxes” means any present or future stamp or documentary taxes and any other excise or property taxes, or similar charges or levies, which arise from any payment made pursuant to this Agreement or under any Note or from the execution or
delivery of, or otherwise with respect to, this Agreement or any Note. 
 (b) Any and all payments by the Borrower or the applicable
Guarantor, as the case may be, to or for the account of any Bank or the Administrative Agent hereunder or under any Note shall be made without deduction for any Taxes or Other Taxes; provided, that, if the Borrower or the applicable
Guarantor, as the case may be, shall be required by law to deduct any Taxes or Other Taxes from any such payments (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable
to additional sums payable under this Section) such Bank or the Administrative Agent (as the case may be) receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Borrower or the applicable
Guarantor, as the case may be, shall make such deductions, (iii) the Borrower or the applicable Guarantor, as the case may be, shall pay the full amount deducted to the relevant taxation authority or other authority in accordance with
applicable law and (iv) the Borrower or the applicable Guarantor, as the case may be, shall furnish to the Administrative Agent, at its address referred to in Section 10.1, the original or a certified copy of a receipt evidencing payment
thereof. 
 (c) The Borrower agrees to indemnify each Bank and the Administrative Agent for the full amount of Taxes or Other Taxes
(including, without limitation, any Taxes or Other Taxes imposed or asserted by any jurisdiction on amounts payable under this Section) paid by such Bank or the Administrative Agent (as the case may be) and any liability (including penalties,
interest and expenses) arising therefrom or with respect thereto. This indemnification shall be paid within 15 days after such Bank or the Administrative Agent (as the case may be) makes demand therefor. 
 (d) Each Bank organized under the laws of a jurisdiction outside the United States, on or prior to the date of its execution and delivery of this
Agreement in the case of each Bank listed on the signature pages hereof and on or prior to the date on which it becomes a Bank in the case of each other Bank, and from time to time thereafter if requested in writing by the Borrower (but only so long
as such Bank remains lawfully able to do so), shall provide the Borrower and the Administrative Agent with Internal Revenue Service form W-8 BEN or W-8ECI, as appropriate, or any successor form prescribed by the Internal Revenue Service,
certifying that such Bank is entitled to benefits under an income tax treaty to which the United States is a party which exempts the Bank from United States withholding tax or reduces the rate of withholding tax on payments of interest for the
account of such Bank or certifying that the income receivable pursuant to this Agreement is effectively connected with the conduct of a trade or business in the United States. 
  

 -45- 

 (e) For any period with respect to which a Bank has failed to provide the Borrower or the Administrative
Agent with the appropriate form pursuant to Section 8.4(d) (unless such failure is due to a change in treaty, law or regulation occurring subsequent to the date on which such form originally was required to be provided), such Bank shall not be
entitled to indemnification under Section 8.4(b) or (c) with respect to Taxes imposed by the United States; provided that if a Bank, which is otherwise exempt from or subject to a reduced rate of withholding tax, becomes subject to
Taxes because of its failure to deliver a form required hereunder, the Borrower shall take such steps as such Bank shall reasonably request to assist such Bank to recover such Taxes. 
 (f) If the Borrower is required to pay additional amounts to or for the account of any Bank pursuant to this Section, then such Bank will change the
jurisdiction of its Applicable Lending office if, in the judgment of such Bank, such change (i) will eliminate or reduce any such additional payment which may thereafter accrue and (ii) is not otherwise disadvantageous to such Bank.

 Section 8.5. Base Rate Loans Substituted for Affected Fixed Rate Loans. If (i) the obligation of any Bank to make, or
convert outstanding Loans to, Euro-Dollar Loans has been suspended pursuant to Section 8.2 or (ii) any Bank has demanded compensation under Section 8.3 or 8.4 with respect to its Euro-Dollar Loans and the Borrower shall, by at least
five Business Days’ prior notice to such Bank through the Administrative Agent, have elected that the provisions of this Section shall apply to such Bank, then, unless and until such Bank notifies the Borrower that the circumstances giving rise
to such suspension or demand for compensation no longer exist: 
 (a) all Loans which would otherwise be made by such Bank as
(or continued as or converted into) Euro-Dollar Loans shall instead be Base Rate Loans (on which interest and principal shall be payable contemporaneously with the related Euro-Dollar Loans of the other Banks); and 
 (b) after each of its Euro-Dollar Loans has been repaid (or converted to a Base Rate Loan), all payments of principal which would
otherwise be applied to repay such Euro-Dollar Loans shall be applied to repay its Base Rate Loans instead. 
 If such Bank notifies the Borrower that the
circumstances giving rise to such notice no longer apply, the principal amount of each such Base Rate Loan shall be converted into Euro-Dollar Loans on the first day of the next succeeding Interest Period applicable to the related Euro-Dollar Loans
of the other Banks. 
 Section 8.6. Limitations on Reimbursement. (a) The Borrower shall not be required to pay to any Bank
reimbursement with regard to any costs or expenses under Section 2.15 or Article 8 incurred more than 90 days prior to the date of the relevant Bank’s demand therefore; provided that if the event giving rise to such claim is
retroactive, then the 90-day period referred to above shall be extended to include the period of retroactive effect. 
 (b) None of the Banks
shall be permitted to pass through to the Borrower charges and costs under Section 2.15 or Article 8 on a discriminatory basis (i.e., which are not also passed through by such Bank to other customers of such Bank similarly situated
where such customer is subject to documents providing for such pass through). 
  

 -46- 

 (c) If the obligation of any Bank to make a Euro-Dollar Loan has been suspended under Section 8.2 or
8.5 for more than three consecutive months, or any Bank has requested compensation under Section 2.15 or 8.3, then the Borrower, provided no Default exists, shall have the right, subject to the Administrative Agent’s prior written consent
(such consent not to be unreasonably withheld) and in accordance with Section 10.6(c), to substitute an Eligible Transferee for such Bank. Such substitution shall result in such Eligible Transferee acquiring such Bank’s rights, duties and
obligations hereunder and assuming such Bank’s Loan hereunder in accordance with Section 10.6. 
 ARTICLE 9 

 PERFORMANCE AND PAYMENT GUARANTY 
 Section 9.1. Unconditional and Irrevocable Guaranty. (a) The Guarantors hereby jointly and severally, unconditionally and irrevocably
undertake and agree with and for the benefit of the Administrative Agent and the Banks and each of their respective permitted assignees (collectively, the “Beneficiaries”) to cause the due payment, performance and observance by the
Borrower and its assigns of all of the Obligations, terms, covenants, conditions, agreements and undertakings on the part of the Borrower, to be paid, performed or observed under any Credit Document in accordance with the terms thereof including,
without limitation, any agreement of the Borrower to pay any amounts due with respect to the Loans, under this Agreement or any other amounts due and owing under any Credit Document together with all costs and expenses (including without limitation
reasonable legal fees and disbursements) incurred by the Administrative Agent or any Bank in enforcing its or their rights under this Article 9 (all such Obligations, terms, covenants, conditions, agreements and undertakings on the part of the
Borrower to be paid, performed or observed by the Borrower being collectively called the “Guaranteed Obligations”). In the event that the Borrower shall fail in any manner whatsoever to pay, perform or observe any of the Guaranteed
Obligations when the same shall be required to be paid, performed or observed under such Credit Document (after giving effect to any cure period), then each of the Guarantors will itself jointly and severally duly pay, perform or observe, or cause
to be duly paid, performed or observed, such Guaranteed Obligation, and it shall not be a condition to the accrual of the obligation of any Guarantor hereunder to pay, perform or observe any Guaranteed Obligation (or to cause the same to be paid,
performed or observed) that the Administrative Agent, the Banks or any of their permitted assignees shall have first made any request of or demand upon or given any notice to any Guarantor or to the Borrower or its successors or assigns, or have
instituted any action or proceeding against any Guarantor or the Borrower or its successors or assigns in respect thereof. Notwithstanding anything to the contrary contained in this Section 9.1 the obligations of the respective Guarantors
hereunder in respect of the Borrower are expressly limited to the Guaranteed Obligations. 
  

 -47- 

 (b) Irrevocability. The Guarantors each agree that its obligations under this Agreement shall be
joint and several and irrevocable. In the event that under applicable law (notwithstanding the Guarantors’ agreement regarding the joint and several and irrevocable nature of its obligations hereunder) any Guarantor shall have the right to
revoke its guaranty under this Agreement, this Agreement shall continue in full force and effect as to such Guarantor until a written revocation hereof specifically referring hereto, signed by such Guarantor, is actually received by the
Administrative Agent, delivered as provided in Section 10.1 hereof. Any such revocation shall not affect the right of the Administrative Agent or any other Beneficiary to enforce their respective rights under this Agreement with respect to
(i) any Guaranteed Obligation (including any Guaranteed Obligation that is contingent or unmatured) which arose on or prior to the date the aforementioned revocation was received by the Administrative Agent or (ii) any other Guarantor. If
the Administrative Agent or its permitted assignees takes any action in reliance on this Agreement after any such revocation by a Guarantor but prior to the receipt by the Administrative Agent of said written notice, the rights of the Administrative
Agent, any other Beneficiary or such permitted assignee with respect thereto shall be the same as if such revocation had not occurred. 
 (c)
Limitation on Recovery. Notwithstanding any other provision hereof, the right of recovery against each Guarantor under this Article 9 shall not exceed $1.00 less than the lowest amount which would render such Guarantor’s obligations
under this Article 9 void or voidable under applicable law, including, without limitation, fraudulent conveyance law. 
 Section 9.2.
Enforcement. The Administrative Agent and its permitted assignees may proceed to enforce the obligations of the Guarantors under this Agreement without first pursuing or exhausting any right or remedy which the Administrative Agent or its
permitted assignees may have against the Borrower, any other Person or any collateral under the Credit Documents. 
 Section 9.3.
Obligations Absolute. To the extent permitted by law, the applicable Guarantor will perform its obligations under this Agreement regardless of any law now or hereafter in effect in any jurisdiction affecting any of the terms of this Agreement or
any document delivered in connection with this Agreement or the rights of the Administrative Agent or its permitted assignees with respect thereto. The obligations of each Guarantor under this Agreement shall be absolute and unconditional
irrespective of: 
 (a) any lack of validity or enforceability or the discharge or disaffirmance (by any Person, including a
trustee in bankruptcy) of the Guaranteed Obligations, the Loans, any Credit Document or any collateral or any document, or any other agreement or instrument relating thereto; 
 (b) any exchange, release, discharge or non-perfection of any collateral or any release or amendment or waiver of or consent to departure
from any other guaranty, for all or any of the Guaranteed Obligations; 
 (c) any failure to obtain any authorization or
approval from or other action by, or to notify or file with, any governmental authority or regulatory body required in connection with the performance of such obligations by the Borrower or any Guarantor; or 
 (d) any impossibility or impracticality of performance, illegality, force majeure, any act of any government or any other
circumstance which might constitute a legal or equitable defense available to, or a discharge of, the Borrower or any Guarantor, 

  

 -48- 

 
or any other circumstance, event or happening whatsoever, whether foreseen or unforeseen and whether similar or dissimilar to anything referred to above in
this Section 9.3. 
 Each Guarantor further agrees that its obligations under this Agreement shall not be limited by any valuation or estimation made in
connection with any proceedings involving the Borrower or any Guarantor filed under the U.S. Bankruptcy Code of 1978, as amended (the “Bankruptcy Code”), whether pursuant to Section 502 of the Bankruptcy Code or any other
Section thereof. Each Guarantor further agrees that the Administrative Agent shall be under no obligation to marshal any assets in favor of or against or in payment of any or all of the Guaranteed Obligations. Each Guarantor further agrees that, to
the extent that a payment or payments are made by or on behalf of the Borrower to the Administrative Agent, which payment or payments or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside and/or
required to be repaid to the Borrower, the estate, trustee, receiver or any other party relating to the Borrower, including, without limitation, any Guarantor, under any bankruptcy law, state, or federal law, common law or equitable cause then, to
the extent of such payment or repayment, the Guaranteed Obligations or part thereof which had been paid, reduced or satisfied by such amount shall be reinstated and continued in full force and effect as of the date such initial payment, reduction or
satisfaction occurred. The obligations of any Guarantor under this Agreement shall not be discharged except by performance as provided herein. 
 Section 9.4. Waiver. Each Guarantor hereby waives promptness, diligence, notice of acceleration, notice of intent to accelerate, notice of acceptance and any other notice with respect to any of the Guaranteed Obligations and any
Credit Document and any requirement that the Administrative Agent or its permitted assignees exhaust any right or take any action against the Borrower, any other Person or any collateral under the Credit Documents. 
 Section 9.5. Subrogation. No Guarantor will exercise or assert any rights which it may acquire by way of subrogation under this Agreement
unless and until all of the Guaranteed Obligations shall have been paid and performed in full. If any payment shall be made to any Guarantor on account of any subrogation rights at any time when all of the Guaranteed Obligations shall not have been
paid and performed in full each and every amount so paid will be held in trust for the benefit of the Beneficiaries and forthwith be paid to the appropriate Beneficiary in accordance with this Agreement and the appropriate Credit Document, to be
credited and applied to the Guaranteed Obligations to the extent then unsatisfied, in accordance with the terms of this Agreement or any document delivered in connection with this Agreement, as the case may be. In the event (i) the Guarantors
shall have satisfied any of the Guaranteed Obligations and (ii) all of the Guaranteed Obligations shall have been paid and performed in full, the Administrative Agent will, at the Guarantors’ request and expense, execute and deliver to the
Guarantors appropriate documents, without recourse and without representation or warranty of any kind, necessary to evidence or confirm the transfer by way of subrogation to the Guarantors of the rights of the Beneficiaries or any permitted
assignee, as the case may be, with respect to the Guaranteed Obligations to which the Guarantors shall have become entitled by way of subrogation, and thereafter the Beneficiaries and their respective permitted assignees shall have no responsibility
to the Guarantors or any other Person with respect thereof. 
  

 -49- 

 Section 9.6. Survival. All covenants made by the Guarantors herein shall be considered to
have been relied upon by the Administrative Agent and the Banks and shall survive regardless of any investigation made by the Administrative Agent or any Bank or on the Administrative Agent’s behalf. 
 Section 9.7. Guarantors’ Consent to Assigns. Each Bank may assign or participate out all or any portion of its Commitment or the Loans
in accordance with Section 10.6 of this Agreement, and each Guarantor agrees to recognize any such Assignee or Participant as a successor and assignee of such Bank hereunder, with all rights of such Bank hereunder. 
 Section 9.8. Continuing Agreement. Article 9 under this Agreement is a continuing agreement and shall remain in full force and effect
until all of the Borrower’s Obligations have been satisfied in full. 
 Section 9.9. Entire Agreement. Each Guarantor
acknowledges and agrees that the guarantee delivered by it hereunder is delivered free of any conditions and no representations have been made to any Guarantor affecting the liability of such Guarantor under its guarantee hereunder. Each Guarantor
confirms and agrees that the guarantee contained herein is in addition to and not in substitution for any other guarantee held or which may hereafter be held by the Administrative Agent or any Bank. The rights, remedies and benefits in this
Article 9 are cumulative and not in substitution for or exclusive of any other rights or remedies or benefits which the Administrative Agent or the Banks may otherwise have. 
 Section 9.10. Application. All monies received by the Administrative Agent or the Banks under the guarantee contained in this Article 9
may be applied against such part or parts of the Guaranteed Obligations as the Administrative Agent and the Banks may see fit and they shall at all times and from time to time have the right to change any appropriation of monies received by it or
them and to reapply the same against any other part or parts of the Guaranteed Obligations as it or they may see fit, notwithstanding any previous application howsoever made. 
 ARTICLE 10 
 MISCELLANEOUS 

Section 10.1. Notices. All notices, requests and other communications to any party hereunder shall be in writing (including bank wire,
facsimile transmission or similar writing) and shall be given to such party: (a) in the case of a Credit Party, at its address or facsimile number set forth on the signature pages hereof, (b) in the case of any Bank or the Administrative
Agent, at its address or facsimile number set forth on the applicable Administrative Questionnaire or (c) in the case of any party, such other address or facsimile number as such party may hereafter specify for the purpose by notice to the
Administrative Agent and the Borrower. Each such notice, request or other communication shall be effective (i) if given by facsimile transmission, when transmitted to the facsimile number specified in this Section and confirmation of receipt is
received, (ii) if given by mail, 72 hours after such communication is deposited in the mails with first class postage prepaid, addressed as aforesaid or (iii) if given by any other means, when delivered at the address specified in this
Section; provided that notices to the Administrative Agent under Article 2 or Article 8 shall not be effective until received. 
  

 -50- 

 Section 10.2. No Waivers. No failure or delay by the Administrative Agent or any Bank in
exercising any right, power or privilege hereunder or under any Note shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or
privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law. 
 Section 10.3. Expenses; Indemnification. (a) The Borrower shall pay (i) all reasonable out-of-pocket expenses of the Administrative Agent, including fees and disbursements of counsel for the Administrative Agent, in
connection with the preparation and administration of this Agreement and the other Credit Documents, any waiver or consent hereunder or any amendment hereof or any Default or alleged Default hereunder and (ii) if an Event of Default occurs, all
out-of-pocket expenses incurred by the Administrative Agent and each Bank, including (without duplication) the fees and disbursements of outside counsel and the allocated cost of inside counsel, in connection with such Event of Default and
collection, bankruptcy, insolvency and other enforcement proceedings resulting therefrom. 
 (b) The Borrower agrees to indemnify the
Administrative Agent and each Bank, their respective affiliates and the respective directors, officers, agents and employees of the foregoing (each an “Indemnitee”) and hold each Indemnitee harmless from and against any and all
liabilities, losses, damages, costs and expenses of any kind, including, without limitation, the reasonable fees and disbursements of counsel, which may be incurred by such Indemnitee in connection with any investigative, administrative or judicial
proceeding (whether or not such Indemnitee shall be designated a party thereto) brought or threatened relating to or arising out of this Agreement or any actual or proposed use of proceeds of Loans hereunder; provided, that no Indemnitee
shall have the right to be indemnified hereunder for (i) such Indemnitee’s own gross negligence or willful misconduct as determined by a court of competent jurisdiction or (ii) any loss asserted by another Indemnitee. 
 Section 10.4. Sharing of Set-Offs. Each Bank agrees that if it shall, by exercising any right of set-off or counterclaim or otherwise,
receive payment of a proportion of the aggregate amount of principal and interest due with respect to any Note held by it which is greater than the proportion received by any other Bank in respect of the aggregate amount of principal and interest
due with respect to any Note held by such other Bank, the Bank receiving such proportionately greater payment shall purchase such participations in the Notes held by the other Banks, and such other adjustments shall be made, as may be required so
that all such payments of principal and interest with respect to the Notes held by the Banks shall be shared by the Banks in accordance with their Percentages; provided, that nothing in this Section shall impair the right of any Bank to
exercise any right of set-off or counterclaim it may have and to apply the amount subject to such exercise to the payment of indebtedness of the Borrower other than its indebtedness hereunder. Each Borrower agrees, to the fullest extent it may
effectively do so under applicable law, that any holder of a participation in a Note, whether or not acquired pursuant to the foregoing arrangements, may exercise rights of set-off or counterclaim and other rights with respect to such participation
as fully as if such holder of a participation were a direct creditor of the Borrower in the amount of such participation. 
  

 -51- 

 Section 10.5. Amendment or Waiver, etc. Neither this Agreement nor any other Credit Document
nor any terms hereof or thereof may be changed, waived, discharged or terminated unless such change, waiver, discharge or termination is in writing signed by the respective Credit Parties party thereto and the Required Banks, provided that no
such change, waiver, discharge or termination shall, (i) without the consent of each affected Bank, extend any scheduled maturity of any Loan or Note, or reduce the rate of interest or fees or extend the time of payment of interest or fees, or
reduce the principal amount thereof (except to the extent repaid in cash) (provided that any amendment or modification to the financial definitions in this Agreement or to Section 2.14 shall not constitute a reduction in the rate of
interest or any fees for purposes of this clause (i)) or (ii) without the consent of each Bank, (a) release a Guarantor from its Guaranty of the Obligations of the Borrower (except in connection with the sale of a Subsidiary which is
a Guarantor in accordance with the terms of this Agreement or as otherwise provided in Section 5.23), (b) amend, modify or waive any provision of this Section 10.5, (c) reduce the percentage specified in the definition of
Required Banks, (d) amend or modify any provision of Section 10.6 to add any additional consent requirements necessary to effect any assignment or participation thereunder or (e) consent to the assignment or transfer by the Borrower
of any of its rights and obligations under this Agreement; provided, further, that no such change, waiver, discharge or termination shall (y) increase the Commitment or outstanding Loans of any Bank over the amount thereof then in effect
without the consent of such Bank (it being understood that waivers or modifications of conditions precedent, covenants, or Defaults shall not constitute an increase of the Commitment or outstanding Loans of any Bank), or (z) without the consent
of the Administrative Agent, amend, modify or waive any provision of Article 7 or any other provision as the same relates to the rights or obligations of the Administrative Agent. The Banks and Credit Parties agree that the exercise by the
Borrower of its option to increase the amount of the outstanding Loans pursuant to Section 2.16 is not an amendment or waiver of this Agreement or any other Credit Document. 
 Section 10.6. Successors and Assigns. (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns, except that neither the Borrower nor any Guarantor may assign or otherwise transfer any of their respective rights under this Agreement without the prior written consent of all Banks. 

(b) Any Bank may at any time grant to one or more banks or other institutions (each a “Participant”) participating interests in its
Commitment or any or all of its Loans. In the event of any such grant by a Bank of a participating interest to a Participant, whether or not upon notice to the Borrower and the Administrative Agent, such Bank shall remain responsible for the
performance of its obligations hereunder, and the Borrower and the Administrative Agent shall continue to deal solely and directly with such Bank in connection with such Bank’s rights and obligations under this Agreement. Any agreement pursuant
to which any Bank may grant such a participating interest shall provide that such Bank shall retain the sole right and responsibility to enforce the obligations of the Borrower hereunder, including, without limitation, the right to approve any
amendment, modification or waiver of any provision of this Agreement except to the extent such amendment or waiver would (i) extend the final scheduled maturity of any Loan 

  

 -52- 

 
or Note in which such participant is participating, or reduce the rate or extend the time of payment of interest or fees thereon (except in connection with a
waiver of applicability of any post-default increase in interest rates) or reduce the principal amount thereof, or increase the amount of the participant’s participation over the amount thereof then in effect (it being understood that a waiver
of any Default shall not constitute a change in the terms of such participation, and that an increase in any Commitment or Loan shall be permitted without the consent of any participant if the participant’s participation is not increased as a
result thereof) or (ii) consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement. In the case of any such participation, the participant shall not have any rights under this Agreement or
any of the other Credit Documents (the participant’s rights against such Bank in respect of such participation to be those set forth in the agreement executed by such Bank in favor of the participant relating thereto) and all amounts payable by
the Borrower hereunder shall be determined as if such Bank had not sold such participation. The Borrower agrees that each Participant shall, to the extent provided in its participation agreement, be entitled to the benefits of Article 8 with
respect to its participating interest. An assignment or other transfer which is not permitted by subsection (c) or (d) below shall be given effect for purposes of this Agreement only to the extent of a participating interest granted in
accordance with this subsection (b). 
 (c) Any Bank may (A) assign all or any portion of its outstanding Loans hereunder to
(i) its parent company and/or any affiliate of such Bank which is at least 50% owned by such Bank or its parent company, (ii) to one or more Banks or (iii) in the case of a Bank that is a fund that invests in bank loans, any other
fund that invests in bank loans and is managed or advised by the same investment advisor of such Bank or by an Affiliate of such investment advisor or (B) assign all, or, if less than all, a portion equal to at least U.S. $5,000,000 (or such
lesser amount as may be agreed upon by the Administrative Agent and, so long as no Default or Event of Default exists, the Borrower) of its Loans hereunder to any Eligible Transferee which assignee shall become a party to this Agreement as a Bank by
execution of an Assignment and Assumption Agreement, provided that, (i) upon the surrender of the Note, if any, of the assigning Bank (or, upon such assigning Bank’s indemnifying the Borrower for any lost Note pursuant to a
customary indemnification agreement) new Notes will be issued, at the Borrower’s expense, to such assignee and to the assigning Bank upon the request of such assignee or assigning Bank, such new Notes to be in conformity with the requirements
of Section 2.4 (with appropriate modifications), (ii) the consent of the Administrative Agent shall be required in connection with any assignment to an Eligible Transferee pursuant to clause (B) above (which consent shall not be
unreasonably withheld or delayed), (iii) so long as no Default or Event of Default exists, the consent of the Borrower shall be required in connection with any assignment to an Eligible Transferee pursuant to clause (B) above (which
consent shall not be unreasonably withheld or delayed), (iv) the Administrative Agent shall receive at the time of each such assignment, from the assigning Bank or assignee, the payment of a non-refundable assignment fee of U.S. $3,500, which
fee shall not be subject to reimbursement from the Borrower unless such assignment shall be at the request of the Borrower to replace the assigning Bank, and (v) no such transfer or assignment will be effective until recorded by the
Administrative Agent, which recordation shall be promptly made. To the extent of any assignment pursuant to this Section 10.6(c), the assigning Bank shall be relieved of its obligations hereunder with respect to its assigned Commitments. At the
time of each assignment pursuant to this Section 10.6(c) to a 

  

 -53- 

 
Person which is not already a Bank hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for
Federal income tax purposes, the respective assignee Bank shall, to the extent legally entitled to do so, provide to the Borrower the appropriate Internal Revenue Service forms described in Section 8.4(d). 
 (d) Any Bank may at any time assign all or any portion of its rights under this Agreement and its Note, if any, to a Federal Reserve Bank. No such
assignment shall release the transferor Bank from its obligations hereunder. 
 (e) Notwithstanding anything to the contrary contained
herein, any Bank (a “Granting Bank”) may grant to a special purpose funding vehicle (a “SPC”), identified as such in writing from time to time by the Granting Bank to the Administrative Agent and the Borrower, the
option to provide to the Borrower all or any part of any Loan that such Granting Bank would otherwise be obligated to make to the Borrower pursuant to this Agreement; provided that (i) nothing herein shall constitute a commitment by any
SPC to make any Loan and (ii) if an SPC elects not to exercise such option or otherwise fails to provide all or any part of such Loan, the Granting Bank shall be obligated to make such Loan pursuant to the terms hereof. The making of a Loan by
an SPC hereunder shall utilize the Commitment of the Granting Bank to the same extent, and as if, such Loan were made by such Granting Bank. Each party hereto hereby agrees that no SPC shall be liable for any indemnity or similar payment obligation
under this Agreement (all liability for which shall remain with the Granting Bank). In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is
one year and one day after the payment in full of all outstanding commercial paper or other senior indebtedness of any SPC, it will not institute against, or join any other Person in instituting against, such SPC any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings under the laws of the United States or any State thereof relating to claims, if any, under this Agreement. In addition, notwithstanding anything to the contrary contained in this
subsection (e), any SPC may (i) with notice to, but without the prior written consent of, the Borrower and the Administrative Agent and without paying any processing fee therefor, assign all or a portion of its interests in any Loans to
the Granting Bank or to any financial institutions (consented to by the Borrower and Administrative Agent) providing liquidity and/or credit support to or for the account of such SPC to support the funding or maintenance of Loans and
(ii) disclose on a confidential basis any non-public information relating to its Loans to any rating agency, commercial paper dealer or provider of any surety, guarantee or credit or liquidity enhancement to such SPC. This section may not be
amended without the written consent of the SPC. 
 (f) No assignee, Participant or other transferee of any Bank’s rights shall be
entitled to receive any greater payment under Section 8.3 or 8.4 than such Bank would have been entitled to receive with respect to the rights transferred, unless such transfer is made (i) with the Borrower’s prior written consent or
(ii) by reason of the provisions of Section 8.2, 8.3 or 8.4 requiring such Bank to designate a different Applicable Lending Office under certain circumstances or (iii) at a time when the circumstances giving rise to such greater
payment did not exist. 
 Section 10.7. Collateral. Each of the Banks represents to the Administrative Agent and each of the
other Banks that it in good faith is not relying upon any “margin stock” (as defined in Regulation U) as collateral in the extension or maintenance of the credit provided for in this Agreement. 
  

 -54- 

 Section 10.8. Governing Law; Submission to Jurisdiction. THIS
AGREEMENT AND EACH NOTE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. The Borrower and Guarantors hereby submit to the
nonexclusive jurisdiction of the United States District Court for the Northern District of Illinois and of any Illinois State court sitting in the City of Chicago for purposes of all legal proceedings arising out of or relating to this Agreement or
the transactions contemplated hereby. The Borrower and Guarantors irrevocably waive, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of the venue of any such proceeding brought in such a court
and any claim that any such proceeding brought in such a court has been brought in an inconvenient forum. 
 Section 10.9.
Counterparts; Integration; Effectiveness. This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement
constitutes the entire agreement and understanding among the parties hereto and supersedes any and all prior agreements and understandings, oral or written, relating to the subject matter hereof. This Agreement shall become effective upon receipt by
the Administrative Agent of counterparts hereof signed by each of the parties hereto (or, in the case of any party as to which an executed counterpart shall not have been received, receipt by the Administrative Agent in form satisfactory to it of
telegraphic, facsimile or other written confirmation from such party of execution of a counterpart hereof by such party) and each of the other conditions specified in Section 3.1 have been satisfied. 
 Section 10.10. Waiver of Jury Trial. EACH OF THE BORROWER, THE
AGENT AND THE BANKS HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO
TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING
TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 Section 10.11. Limitation on Interest. It is the intention of the parties hereto to comply with all applicable usury laws, whether now
existing or hereafter enacted. Accordingly, notwithstanding any provision to the contrary in this Agreement, the other Credit Documents or any other document evidencing, securing, guaranteeing or otherwise pertaining to indebtedness of the Borrower
to the Banks, in no contingency or event whatsoever, whether by acceleration of the maturity of indebtedness of the Borrower to the Banks or otherwise, shall the interest contracted for, charged or received by any Bank exceed the maximum amount
permissible under applicable law. If from any circumstances whatsoever fulfillment of any provisions of this Agreement, the other Credit Documents or any other document evidencing, securing, guaranteeing or otherwise pertaining to indebtedness of
the Borrower to the Banks, at the time performance of such provision shall be due, shall involve transcending the limit of validity prescribed by law, then, ipso facto, the obligation to be fulfilled shall be reduced to the limit of such
validity, and if from any such circumstances any Bank shall ever receive anything of value as interest or deemed interest by applicable law under this Agreement, the other Credit Documents or any other document evidencing, securing, guaranteeing or
otherwise pertaining to 

  

 -55- 

 
indebtedness of the Borrower to the Banks or otherwise an amount that would exceed the highest lawful amount, such amount that would be excessive interest
shall be applied to the reduction of the principal amount owing in connection with this Agreement or on account of any other indebtedness of the Borrower to the Banks, and not to the payment of interest, or if such excessive interest exceeds the
unpaid balance of principal owing in connection with this Agreement and such other indebtedness, such excess shall be refunded to the Borrower. In determining whether or not the interest paid or payable with respect to indebtedness of the Borrower
to the Banks, under any specific contingency, exceeds the maximum nonusurious rate permitted under applicable law, the Borrower and the Banks shall, to the maximum extent permitted by applicable law, (a) characterize any non-principal payment
as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof, (c) amortize, prorate, allocate and spread the total amount of interest throughout the full term of such indebtedness so that
the actual rate of interest on account of such indebtedness does not exceed the maximum amount permitted by applicable law, and/or (d) allocate interest between portions of such indebtedness, to the end that no such portion shall bear interest
at a rate greater than that permitted by law. Notwithstanding the foregoing, if for any period of time interest on any of the Borrower’s Obligations is calculated at the maximum rate permissible under applicable law rather than the applicable
rate under this Agreement, and thereafter such applicable rate becomes less than the maximum rate permissible under applicable law, the rate of interest payable on the Borrower’s Obligations shall remain at the maximum rate permissible under
applicable law until the Banks have received the amount of interest which such Banks would have received during such period on the Borrower’s Obligations had the rate of interest not been limited to the maximum rate permissible under applicable
law during such period. The terms and provisions of this paragraph shall control and supersede every other conflicting provision of this Agreement and the other Credit Documents. 
 Section 10.12. [Intentionally Omitted.] 
 Section 10.13. USA Patriot Act. Each Bank that is subject to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”) hereby notifies the Borrower
that pursuant to the requirements of the Act, it is required to obtain, verify, and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Bank to
identify the Borrower in accordance with the Act. 
 Section 10.14. Confidentiality. Each of the Administrative Agent and the
Banks agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and
other advisors to the extent any such Person has a need to know such Information (it being understood that the Persons to whom such disclosure is made will first be informed of the confidential nature of such Information and instructed to keep such
Information confidential), (b) to the extent requested by any regulatory authority (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or
regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Credit Document or any suit, action or proceeding relating to this
Agreement or 

  

 -56- 

 
any other Credit Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same
as those of this Section 10.14 by such disclosing party, to (A) any assignee of or participant in, or any prospective assignee of or participant in, any of its rights or obligations under this Agreement or (B) any actual or
prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower or any Subsidiary and its obligations, (g) with the prior written consent of the Borrower, (h) to the extent such Information
(A) becomes publicly available other than as a result of a breach of this Section 10.14 or (B) becomes available to the Administrative Agent or any Bank on a non-confidential basis from a source other than the Borrower or any
Subsidiary or any of their directors, officers, employees or agents, including accountants, legal counsel and other advisors, (i) to rating agencies if requested or required by such agencies in connection with a rating relating to the Loans or
Commitments hereunder, or (j) to entities which compile and publish information about the syndicated loan market, provided that only basic information about the pricing and structure of the transaction evidenced hereby may be disclosed
pursuant to this subsection (j). For purposes of this Section, “Information” means all information received from the Borrower or any of the Subsidiaries or from any other Person on behalf of the Borrower or any Subsidiary
relating to the Borrower or any Subsidiary or any of their respective businesses including any information obtained pursuant to the inspection rights contained in Section 5.6, other than any such information that is available to the
Administrative Agent or any Bank on a non-confidential basis prior to disclosure by the Borrower or any of its Subsidiaries or from any other Person on behalf of the Borrower or any of the Subsidiaries. 
 [SIGNATURE PAGES TO FOLLOW] 
  

 -57- 

 IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be duly executed by their respective authorized officers or other representatives as of the day and year first above written. 
  

					
	 ALLIANCE DATA SYSTEMS CORPORATION, as Borrower

		
	By	 	 /s/ Michael D. Kubic

		 	Name	 	Michael D. Kubic
		 	Title	 	Senior Vice President, Interim Chief Financial Officer, Corporate Controller and Chief Accounting Officer
		 	Address:	 	3100 Easton Square Place
		 		 	Columbus, OH 43219
		 	Attention:	 	Treasurer
		 	Telephone:	 	(614) 729-4701
		 	Facsimile:	 	(614) 729-4899
	
	With a copy to:
			
		 	Address:	 	17655 Waterview Parkway
		 		 	Dallas, TX 75252
		 	Attention:	 	General Counsel
		 	Telephone:	 	(972) 348-5677
		 	Facsimile:	 	(972) 348-5150
	
	 ADS ALLIANCE DATA SYSTEMS, INC., as a Guarantor

		
	By	 	 /s/ Michael D. Kubic

		 	Name	 	Michael D. Kubic
		 	Title	 	Senior Vice President, Interim Chief Financial Officer, Corporate Controller and Chief Accounting Officer
		 	Address:	 	3100 Easton Square Place
		 		 	Columbus, OH 43219
		 	Attention:	 	Treasurer
		 	Telephone:	 	(614) 729-4701
		 	Facsimile:	 	(614) 729-4899
	
	With a copy to:
			
		 	Address:	 	17655 Waterview Parkway
		 		 	Dallas, TX 75252
		 	Attention:	 	General Counsel
		 	Telephone:	 	(972) 348-5677
		 	Facsimile:	 	(972) 348-5150

					
	 EPSILON MARKETING SERVICES, LLC, as a Guarantor

		
	By	 	 /s/ Alan M. Utay

		 	Name	 	Alan M. Utay
		 	Title	 	Vice President
		 	Address:	 	3100 Easton Square Place
		 		 	Columbus, OH 43219
		 	Attention:	 	Treasurer
		 	Telephone:	 	(614) 729-4701
		 	Facsimile:	 	(614) 729-4899
	
	With a copy to:
			
		 	Address:	 	17655 Waterview Parkway
		 		 	Dallas, TX 75252
		 	Attention:	 	General Counsel
		 	Telephone:	 	(972) 348-5677
		 	Facsimile:	 	(972) 348-5150
	
	 EPSILON DATA MANAGEMENT, LLC, as a Guarantor

		
	By	 	 /s/ Alan M. Utay

		 	Name	 	Alan M. Utay
		 	Title	 	Vice President
		 	Address:	 	3100 Easton Square Place
		 		 	Columbus, OH 43219
		 	Attention:	 	Treasurer
		 	Telephone:	 	(614) 729-4701
		 	Facsimile:	 	(614) 729-4899
	
	With a copy to:
			
		 	Address:	 	17655 Waterview Parkway
		 		 	Dallas, TX 75252
		 	Attention:	 	General Counsel
		 	Telephone:	 	(972) 348-5677
		 	Facsimile:	 	(972) 348-5150

  

 2 

					
	 ALLIANCE DATA FOREIGN HOLDINGS, INC., as a Guarantor

		
	By	 	 /s/ Alan M. Utay

		 	Name	 	Alan M. Utay
		 	Title	 	Vice President
		 	Address:	 	3100 Easton Square Place
		 		 	Columbus, OH 43219
		 	Attention:	 	Treasurer
		 	Telephone:	 	(614) 729-4701
		 	Facsimile:	 	(614) 729-4899
	
	With a copy to:
			
		 	Address:	 	17655 Waterview Parkway
		 		 	Dallas, TX 75252
		 	Attention:	 	General Counsel
		 	Telephone:	 	(972) 348-5677
		 	Facsimile:	 	(972) 348-5150
	
	 ADS FOREIGN HOLDINGS, INC.

		
	By	 	 /s/ Alan M. Utay

		 	Name	 	Alan M. Utay
		 	Title	 	Vice President
		 	Address:	 	3100 Easton Square Place
		 		 	Columbus, OH 43219
		 	Attention:	 	Treasurer
		 	Telephone:	 	(614) 729-4701
		 	Facsimile:	 	(614) 729-4899
	
	With a copy to:
			
		 	Address:	 	17655 Waterview Parkway
		 		 	Dallas, TX 75252
		 	Attention:	 	General Counsel
		 	Telephone:	 	(972) 348-5677
		 	Facsimile:	 	(972) 348-5150

  

 3 

					
	 BANK OF MONTREAL, individually and as Administrative Agent

		
	 By
	 	 /s/ Kathleen Collins

		 	 Name
	 	 Kathleen Collins

		 	 Title
	 	 Managing Director

  

 4 

													
		    		 	 SUNTRUST BANK

					
		 		    		 	 By
	 	 /s/ W. Bradley Hamilton

		 		 		    		 		 	 Name
	 	 W. Bradley Hamilton

		 		 		    		 		 	 Title
	 	 Director

  

 5 

													
		    		 	 BANK OF AMERICA, N.A.

					
		 		    		 	 By
	 	 /s/ Allison W. Connally

		 		 		    		 		 	 Name
	 	 Allison W. Connally

		 		 		    		 		 	 Title
	 	 Vice President

  

 6 

													
		    		 	 JPMORGAN CHASE BANK, N.A.

					
		 		    		 	 By
	 	 /s/ John A. Horst

		 		 		    		 		 	 Name
	 	 John A. Horst

		 		 		    		 		 	 Title
	 	 Vice President

  

 7 

													
		 		 		    		 	 BARCLAYS BANK PLC

						
		 		 		    		 		 	 /s/ David Barton

		 		 		    		 		 	 Name
	 	 David Barton

		 		 		    		 		 	 Title
	 	 Director

  

 8 

													
		    		 	 COMPASS BANK

					
		 		    		 	 By
	 	 /s/ Key Coker

		 		 		    		 		 	 Name
	 	 Key Coker

		 		 		    		 		 	 Title
	 	 Managing Director

  

 9 

													
		    		 	 THE HUNTINGTON NATIONAL BANK

					
		 		    		 	 By
	 	 /s/ Frederick G. Hadley

		 		 		    		 		 	 Name
	 	 Frederick G. Hadley

		 		 		    		 		 	 Title
	 	 Senior Vice President

  

 10 

													
		 		 		    		 	 ROYAL BANK OF CANADA

						
		 		 		    		 	 By
	 	 /s/ Scott Umbs

		 		 		    		 		 	 Name
	 	 Scott Umbs

		 		 		    		 		 	 Title
	 	 Authorized Signatory

  

 11 

 PRICING SCHEDULE 
 “Base Rate Margin” means, (i) for any day during the period from the Effective Date through but excluding the first Start Date (as
defined below) to occur on or about June 30, 2009, 2.00% per annum and (ii) from and after the first day of any fiscal quarter of the Borrower beginning on or about July 1, 2009 (the “Start Date”) to and
including the last day of such fiscal quarter, the applicable percentage per annum set forth below in the appropriate row under the column corresponding to the Borrower’s Senior Leverage Ratio as calculated for the last day of the fiscal
quarter of the Borrower ended immediately prior to such Start Date; provided that at all times during which financial statements have not been delivered when required pursuant to Section 5.1(a) or (b), as the case may be, the Base Rate
Margin shall be as set forth below under the column heading “Level III.” 
 “Euro-Dollar Margin” means,
(i) for any day during the period from the Effective Date through but excluding the first Start Date to occur on or about June 30, 2009, 3.00% per annum and (ii) from and after the Start Date to and including the last day of such
fiscal quarter, the applicable percentage per annum set forth below in the appropriate row under the column corresponding to the Borrower’s Senior Leverage Ratio as calculated for the last day of the fiscal quarter of the Borrower ended
immediately prior to such Start Date; provided that at all times during which financial statements have not been delivered when required pursuant to Section 5.1(a) or (b), as the case may be, the Euro-Dollar Margin shall be as set forth
below under the column heading “Level III.” 
  

										
	 Status
	  	Level I	 	 	Level II	 	 	Level III	 
	 Senior Leverage Ratio
	  	<1.75	 	 	•1.75 and <2.25	 	 	•2.25	 
	 Base Rate Margin
	  	2.00	%	 	2.50	%	 	3.00	%
	 Euro-Dollar Margin
	  	3.00	%	 	3.50	%	 	4.00	%

  

 12Amended and Restated Liability Operating Agreement

 Exhibit 10.2 
 AMENDED AND RESTATED 
 LIMITED LIABILITY COMPANY 
 OPERATING AGREEMENT 
 of

 HIGHLANDS ETHANOL, LLC 
 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED 
 AND FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF
THE 
 SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	 Page

	ARTICLE 1	  	DEFINITIONS; RULES OF CONSTRUCTION	  	2
	 1.1
	  	Definitions	  	2
	 1.2
	  	Rules of Construction	  	2
			
	ARTICLE 2	  	TRANSACTIONS AS OF THE EFFECTIVE DATE	  	3
	 2.1
	  	BP Initial Capital Contribution	  	3
	 2.2
	  	Ownership of Membership Interests	  	3
	 2.3
	  	Matters as of the Effective Date	  	4
	 2.4
	  	Representations of Verenium with Regard to the Company and Beaumont	  	4
	 2.5
	  	Representation of Verenium	  	7
	 2.6
	  	Representations of BP	  	8
			
	ARTICLE 3	  	OFFICES AND BUSINESS	  	9
	 3.1
	  	Registered Office and Statutory Agent	  	9
	 3.2
	  	Principal Executive Office	  	9
	 3.3
	  	Business	  	9
			
	ARTICLE 4	  	MEMBERSHIP INTERESTS; VOTING RIGHTS; MEETINGS OF MEMBERS	  	9
	 4.1
	  	Members	  	9
	 4.2
	  	Member Representatives	  	9
	 4.3
	  	Meetings of Members; Notice of Meetings	  	10
	 4.4
	  	Place of Meetings	  	10
	 4.5
	  	Acts of the Members	  	11
	 4.6
	  	Quorum; Action without a Meeting	  	11
	 4.7
	  	Member Discretion	  	11
	 4.8
	  	Reserved Matters Requiring Member Approval	  	12
	 4.9
	  	Member Consent; Restriction on Company Activity	  	14
	 4.10
	  	Members May Participate in Other Activities; Limitations	  	14
	 4.11
	  	Scope of Members’ Authority	  	14
	 4.12
	  	Conflict of Interest between Members	  	14
	 4.13
	  	Agreements Regarding Wildcat Lease	  	15
			
	ARTICLE 5	  	MANAGEMENT	  	16
	 5.1
	  	Officers	  	16
	 5.2
	  	Members’ Rights of Nomination and Appointment	  	16
	 5.3
	  	Company Policies	  	17
	 5.4
	  	Employees; Secondment	  	17
	 5.5
	  	Transactions with Related Parties	  	18
	 5.6
	  	Policy Regarding Beaumont Project	  	18
	 5.7
	  	Intellectual Property Matters	  	18

  

 -i- 

					
	ARTICLE 6	  	BUSINESS PLAN AND BUDGETS	  	18
	 6.1
	  	Business Plans, Forecasts and Budgets	  	18
	 6.2
	  	Principles Governing Budget	  	19
	 6.3
	  	Consultation and Adoption	  	19
	 6.4
	  	Updating and Amendments to Budgets	  	20
	 6.5
	  	Disputed Budgets	  	21
			
	ARTICLE 7	  	STAGE GATES FOR THE HIGHLANDS PROJECT	  	21
	 7.1
	  	Status	  	21
	 7.2
	  	Member Decisions	  	22
	 7.3
	  	Project Definition	  	22
	 7.4
	  	Project Execution	  	24
	 7.5
	  	Payment of Purchase Price upon Buy-Out	  	25
	 7.6
	  	Project Determinations by the Members	  	26
	 7.7
	  	Financing Method Independence	  	26
	 7.8
	  	Beaumont Investment Decisions	  	26
			
	ARTICLE 8	  	FUNDING AND ADDITIONAL CAPITAL	  	26
	 8.1
	  	Additional Capital Contributions	  	26
	 8.2
	  	Capital Calls	  	26
	 8.3
	  	Adjustment to Capital Accounts	  	27
	 8.4
	  	Withdrawal or Reduction of Capital Contributions	  	27
	 8.5
	  	Interest on Capital Contributions	  	27
	 8.6
	  	Capital Accounts	  	27
	 8.7
	  	Loans by Members to the Company	  	27
	 8.8
	  	Bank Accounts	  	28
			
	ARTICLE 9	  	ALLOCATION OF PROFITS AND LOSSES; DISTRIBUTIONS; TAX AND ACCOUNTING MATTERS	  	28
	 9.1
	  	Allocation of Profits and Losses	  	28
	 9.2
	  	Regulatory Allocations	  	28
	 9.3
	  	Tax Allocations; Code Section 704(c)	  	28
	 9.4
	  	Distributions	  	29
	 9.5
	  	Accounting Matters	  	30
	 9.6
	  	Tax Status and Returns	  	30

  

 -ii- 

					
	 9.7
	  	Tax Elections	  	31
	 9.8
	  	Tax Matters Partner	  	31
	 9.9
	  	Distribution of Membership Interests in Beaumont	  	32
			
	ARTICLE 10	  	RESTRICTIONS ON TRANSFER	  	32
	 10.1
	  	Transfer of Interests	  	32
	 10.2
	  	Consent Necessary to Transfer	  	32
	 10.3
	  	Conditions of Transfer	  	33
	 10.4
	  	Admission of Substitute Member	  	33
	 10.5
	  	Effect of Transfer without Consent	  	34
	 10.6
	  	Liability for Breach	  	34
	 10.7
	  	Transfer Permitted Without Consent	  	34
			
	ARTICLE 11	  	TERMINATION AND DISSOLUTION	  	35
	 11.1
	  	Dissolution	  	35
	 11.2
	  	Liquidation	  	35
	 11.3
	  	Liabilities	  	35
	 11.4
	  	Settling of Accounts	  	35
	 11.5
	  	Distribution of Proceeds	  	36
	 11.6
	  	Certificate of Cancellation	  	36
			
	ARTICLE 12	  	LIMITATION OF LIABILITY/INDEMNIFICATION	  	36
	 12.1
	  	Limited Liability	  	36
	 12.2
	  	Indemnification: Proceeding Other Than by Company	  	37
	 12.3
	  	Indemnification: Proceeding by Company	  	37
	 12.4
	  	Mandatory Advancement of Expenses	  	38
	 12.5
	  	Effect and Continuation	  	38
	 12.6
	  	Insurance and Other Financial Arrangements	  	38
	 12.7
	  	Notice of Indemnification and Advancement	  	39
	 12.8
	  	Repeal or Modification	  	39
	 12.9
	  	General Indemnity	  	39
			
	ARTICLE 13	  	INSPECTION OF COMPANY RECORDS; ANNUAL AND OTHER REPORTS	  	40
	 13.1
	  	Records to be Kept	  	40
	 13.2
	  	Inspection of Company Records	  	40
	 13.3
	  	Quarterly Reports	  	40
	 13.4
	  	Annual Reports and Audit	  	41

  

 -iii- 

					
	 13.5
	  	Audit Rights	  	41
			
	ARTICLE 14	  	DEADLOCK	  	42
	 14.1
	  	Deadlock	  	42
	 14.2
	  	Purpose of Deadlock Resolution Mechanisms	  	42
	 14.3
	  	Deadlock Notice	  	42
	 14.4
	  	Undertakings Following Deadlock Notice	  	42
	 14.5
	  	Forced Liquidation	  	42
			
	ARTICLE 15	  	DEFAULT	  	43
	 15.1
	  	BP Initial Funding Default: Special Forfeiture Remedy	  	43
	 15.2
	  	Capital Contribution Default	  	43
	 15.3
	  	Percentage Interest Adjustment for Penalty Dilution	  	45
	 15.4
	  	Other Defaults	  	46
	 15.5
	  	Limitation on Rights of Defaulting Member	  	46
			
	ARTICLE 16	  	CONFIDENTIALITY	  	46
	 16.1
	  	Confidentiality Obligations	  	46
	 16.2
	  	Exceptions	  	47
	 16.3
	  	Authorized Disclosure	  	47
	 16.4
	  	Injunctive Relief	  	48
			
	ARTICLE 17	  	MISCELLANEOUS	  	48
	 17.1
	  	Regulatory and Legal Requirements	  	48
	 17.2
	  	Dispute Resolution	  	48
	 17.3
	  	No Waiver	  	50
	 17.4
	  	Amendments	  	50
	 17.5
	  	Nature of Membership Interest: Agreement Is Binding Upon Successors	  	50
	 17.6
	  	Assignment	  	50
	 17.7
	  	Entire Agreement	  	50
	 17.8
	  	No Third-Party Beneficiaries	  	50
	 17.9
	  	Governing Law	  	51
	 17.10
	  	Counterparts	  	51
	 17.11
	  	Delaware Limited Liability Company Act Prevails	  	51
	 17.12
	  	Severability	  	51
	 17.13
	  	Costs and Expenses	  	51
	 17.14
	  	Insurance	  	51
	 17.15
	  	Public Announcements	  	51

  

 -iv- 

					
	 17.16
	  	Notices	  	52

 SCHEDULES 
  

			
	1	  	Names and Addresses, Capital Contributions of Members
		
	2.1*	  	BP Payment Schedule
		
	2.4(d)-A*	  	Highlands Assets
		
	2.4(d)-B*	  	Beaumont Assets
		
	2.4(e)-A*	  	Highlands Contracts
		
	2.4(e)-B*	  	Beaumont Contracts
		
	5.1*	  	Organization Chart

 EXHIBITS 
  

			
	A	  	Definitions
		
	B	  	Form of Membership Certificate
		
	C	  	Form of Power of Attorney
		
	D*	  	Health, Safety, Security and Environmental (HSSE) Policy
		
	E*	  	Engineering and Operational Integrity Practices
		
	F*	  	Code of Conduct
		
	G*	  	Principles Regarding Intellectual Property, Technical Services and Biological Materials
		
	H*	  	Initial Budget and Business Plan
		
	I*	  	Agreed Accounting Practices and Policies
		
	J*	  	Capital Value Process

  
  

	*	indicates that the relevant Schedule or Exhibit is attached to the Letter. 

  

 -v- 

 AMENDED AND RESTATED 
 LIMITED LIABILITY COMPANY 
 OPERATING AGREEMENT 
 of 
 HIGHLANDS ETHANOL, LLC 

 THIS AMENDED AND RESTATED OPERATING AGREEMENT (“Agreement”) is made and entered into as of February 18, 2009 (the
“Effective Date”), by and between BP Biofuels North America LLC, a Delaware limited liability company (“BP”), with a principal place of business at 28100 Torch Parkway, Warrenville, IL 60555, Verenium
Biofuels Corporation, a Delaware corporation (“Verenium”), with a principal place of business at 55 Cambridge Parkway, Cambridge MA 02142, and Highlands Ethanol, LLC, a Delaware limited liability company (the
“Company”), with a principal place of business at 55 Cambridge Parkway, Cambridge MA 02142. 
 W I T N E S S E T H:

 WHEREAS, Verenium Corporation, a Delaware corporation and the corporate parent of Verenium, formed the Company on October 22, 2007,
under the name of Verenium Monkey Hammock Ethanol, LLC, as a wholly-owned subsidiary of Verenium Corporation; 
 WHEREAS, on October 31,
2008, Verenium Corporation transferred all of its interest in the Company to Verenium, and the Company and Verenium entered into the original Limited Liability Company Agreement of the Company, with Verenium as the sole member and manager of the
Company, and changed the name of the Company to “Highlands Ethanol, LLC”; 
 WHEREAS, the Company has been engaged in the
development of an energy grasses-to-ethanol project to be located at or near Highlands, Florida (as further defined in Exhibit A, the “Highlands Project”); 
 WHEREAS, Verenium is party to the Lykes Contracts, granting to Verenium certain land options and contracts with regard to the Highlands Project, granting
it the right to develop, construct and operate an energy grasses-to-ethanol project thereon; 
 WHEREAS, in connection with this Agreement
and as of the Effective Date, BP and Verenium are making contributions to the Company as specified herein, as a result of which Verenium and BP will each own fifty percent (50%) of the Membership Interests in the Company; 
 WHEREAS, the parties hereto now desire to adopt and approve an amended and restated operating agreement for the Company to reflect the participation of
BP in the Highlands Project and to more particularly provide for their respective rights, powers, duties and obligations as Members, and the management, operations and activities of the Company; 
  

									
		  		  	1	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 WHEREAS, effective as of August 1, 2008, BP, Verenium and Galaxy Biofuels LLC, a Delaware limited
liability company (“Galaxy”), entered into that certain Operating Agreement of Galaxy (the “Galaxy Operating Agreement”) and that certain Joint Development and License Agreement (the “JDA”); and

 WHEREAS, BP and Verenium have a mutual interest in participating in a 50:50 joint venture to develop, launch and provide for the ownership
and operation of energy grasses-to-ethanol project opportunities in the United States, and the Highlands Project, which is the subject of this Agreement, is the first such project. 
 NOW, THEREFORE, the Members by this Agreement set forth and adopt this amended and restated limited liability company operating agreement as the
operating agreement of the Company under the Delaware Limited Liability Company Act (as amended, the “Act”) upon the following terms and conditions: 
 ARTICLE 1 
 Definitions; Rules of Construction 
 1.1 Definitions. Capitalized terms used in this Agreement shall have the meanings as set forth in Exhibit A, or as defined where they first
appear in the body of this Agreement, indicated in Exhibit A. Unless otherwise defined in this Agreement, terms and expressions used in this Agreement shall have the same meanings as defined in the Act. 
 1.2 Rules of Construction. In this Agreement, save where the context otherwise requires or unless otherwise expressly provided: 
 (a) the singular includes the plural and vice versa and reference to any gender includes a reference to all other genders; 
 (b) headings and the use of bold typeface shall be ignored; 
 (c) words such as “herein,” “hereinafter,” “hereof” “hereto,” “hereby” and “hereunder,” when used with reference to this Agreement, refer to this Agreement
as a whole, unless the context otherwise requires; 
 (d) a reference to a section, subsection, schedule or exhibit is, unless indicated to
the contrary, a reference to a section, subsection, schedule or exhibit of this Agreement; 
  

									
		  		  	2	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 (e) a reference to a person includes a reference to a firm, a body corporate, an unincorporated
association, or other entity or to a person’s executors or administrators; 
 (f) references to acting directly or indirectly include
(without prejudice to the generality of that expression) acting alone or on behalf of any other person or jointly with or through or by means of any other person; 
 (g) if a period of time is specified and dates from a given day or the day of an act or event, it shall be calculated exclusive of that day; 
 (h) if a period of time specified herein ends on a day other than a Business Day, such period shall be deemed to end on the next Business Day;

 (i) the phrase “attached hereto” shall refer to items attached to this Agreement or to the Letter; 
 (j) the words “including”, “shall include” and “includes” shall be construed as including without limitation; and

 (k) references to writing shall include any modes of reproducing words in a legible and non-transitory form. 
 ARTICLE 2 
 Transactions as of the
Effective Date 
 2.1 BP Initial Capital Contribution. As its initial contribution to the capital of the Company, BP agrees to pay
the Company a total of Twenty-Two Million Five Hundred Thousand Dollars ($22,500,000), in installments according to the payment schedule as set forth in Schedule 2.1 (the “BP Initial Capital Contribution”), as a result of
which BP shall be deemed admitted as a Member in the Company in accordance with the Act. 
 2.2 Ownership of Membership Interests.
Verenium agrees to pay on behalf of the Company all costs incurred by the Company during the period from the Effective Date through February 28, 2009. As a result of the contributions to the Company previously made by Verenium and
Verenium’s promise to pay costs in the previous sentence (together, the “Verenium Initial Capital Contribution”) and the BP Initial Capital Contribution, as of the Effective Date each of the Members shall be deemed to have made
Capital Contributions to the Company in the amount of Twenty-Two Million Five Hundred Thousand Dollars ($22,500,000), and each of the Members shall hold Fifty Percent (50%) of the Membership Interests in the Company. 
  

									
		  		  	3	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 2.3 Matters as of the Effective Date. As of the Effective Date, 
 (a) the Members authorize and direct the Company to take and the Company does take the following actions, all of which shall be deemed to have occurred
simultaneously: 
 (i) Accept the BP Initial Capital Contribution, confirm the Verenium Initial Capital Contribution, and issue Membership
Certificates, in the form attached to this Agreement as Exhibit B, to each of Verenium and BP reflecting ownership of Fifty Percent (50%) of the Membership Interests in the Company; 
 (ii) Appoint the initial officers of the Company as set forth in the Organization Chart and adopt the delegations of authority, each as set forth in
Schedule 5.1; 
 (iii) Execute counterparts of each of the following agreements: 
 (1) Business Services Agreement with BP; 
 (2) Business Services Agreement with Verenium; 
 (3) Secondment Agreement with BP; 
 (4) Secondment Agreement with Verenium; and 
 (iv) Take such other action necessary or convenient to give effect to the foregoing as the Members may approve, and 
 (b) Each
Member shall provide the Company with an irrevocable power of attorney in the form of that attached as Exhibit C, authorizing and enabling the Company to execute all documents and take all actions necessary, to effect a transfer of the
Member’s Membership Interest (i) upon a Buy-Out under Section 7.5 or (ii) upon a transfer pursuant to Section 15.1(b) or pursuant to Section 15.2(d). 
 2.4 Representations of Verenium with Regard to the Company and Beaumont. In order to induce BP to enter into this Agreement and to make the BP
Initial Capital Contribution to the Company as set forth herein, Verenium hereby makes to BP the following representations as of the Effective Date, intending that BP shall rely on such representations: 
 (a) Ownership. Since the Company’s formation, the entire Membership Interest in the Company has been held by either Verenium Corporation or
Verenium. Other than the Membership Interest held by Verenium immediately prior to the Effective Date, the Company has issued no interests or rights to acquire interests in the Company and has entered into no obligation to do so. Since the
Company’s formation, neither Verenium Corporation nor Verenium has entered into any obligation to transfer to any other Person any interest in the Company or any rights thereto, or to cause the Company to issue any interests to any other Person
or any rights thereto. As of the Effective Date, immediately prior to giving effect to the 

  

									
		  		  	4	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 
BP Initial Capital Contribution and the admission of BP as a Member in the Company, Verenium owns and holds the entire membership interest in the Company
free and clear of any Encumbrances. 
 (b) Subsidiary. As of the Effective Date, the Company is the sole member of Verenium Biofuels
Texas LLC, a Delaware limited liability company (“Beaumont”). Other than the membership interest in Beaumont held by the Company, Beaumont has issued no interests or rights to acquire interests in Beaumont and has entered into no
obligation to do so. Since its formation, neither Beaumont nor the Company nor any prior owner of Beaumont has entered into any obligation to transfer to any other Person any interest in Beaumont or any rights thereto, or to cause Beaumont to issue
any interests to any other Person or any rights thereto. 
 (c) Business of the Company and Beaumont. Since the Company’s
formation, the Company has engaged in no business other than the development of the Highlands Project. Since the formation of Beaumont, Beaumont has engaged in no business other than the development of the Beaumont Project. 
 (d) Assets of the Company and Beaumont. The Company owns all of the assets (including permits, grants or authorizations of any governmental
entity) listed on Schedule 2.4(d)-A (the “Highlands Assets”). Beaumont owns all of the assets (including permits, grants or authorizations of any governmental entity) listed on Schedule 2.4(d)-B (the
“Beaumont Assets”). For the avoidance of doubt, contracts are addressed separately under Section 2.4(e), but are also considered assets hereunder. 
 (e) Contracts of the Company and Beaumont. As of the Effective Date: (i) the Company is party to the Lykes Contracts, entitled to exercise the rights of Verenium (or any Affiliate of Verenium) as stated
therein; (ii) the Company is party to only the Lykes Contracts and those additional contracts listed on Schedule 2.4(e)-A (the “Highlands Contracts”) each of which is related to the Highlands Project; and
(iii) Beaumont is party to only those contracts listed on Schedule 2.4(e)-B (the “Beaumont Contracts”) each of which is related to the Beaumont Project. The Company has performed its obligations under each of the
Highlands Contracts that are to be performed prior to the Effective Date, and is not in default thereunder; and Beaumont has performed its obligations under each of the Beaumont Contracts that are to be performed prior to the Effective Date, and is
not in default thereunder; and neither Verenium nor the Company has knowledge of any current uncured default by any other party thereunder. 
 (f) No Other Assets. As of the Effective Date, (i) neither Verenium nor any of its Affiliates owns or holds any assets (including permits, grants or authorizations of any governmental entity) related to the Highlands Project,
except those that are owned or held by the Company, and (ii) neither Verenium, nor any of its Affiliates, nor the Company, owns or holds any assets (including permits, grants or authorizations of any governmental entity) related to the Beaumont
Project, except those that are owned or held by Beaumont, and (iii) in each case other than assets (including permits, grants or authorizations of any governmental entity) that are (x) not specific to either the Highlands Project or the
Beaumont Project, and (y) are used generally 

  

									
		  		  	5	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 
in the development of projects, and the exclusion of which assets from the Highlands Assets or the Beaumont Assets would not limit or restrict the Highlands
Project or the Beaumont Project, as applicable. 
 (g) No Liens or Claims. As of the Effective Date, each of the Company and Beaumont
own all of their respective assets free and clear of any liens, claims, or encumbrances other than Permitted Encumbrances. 
 (h)
Liabilities and Obligations of the Company and Beaumont. As of the Effective Date, neither the Company nor Beaumont has any material liabilities or obligations of any kind other than (i) to perform their respective obligations under the
Highlands Contracts or the Beaumont Contracts, respectively, and (ii) this Agreement and those agreements listed under Section 2.3(a)(iii). 
 (i) Litigation, Proceedings. Neither the Company nor Beaumont is a party to, or to the knowledge of Verenium, threatened to be made a party to, any action, suit, claim, proceeding, hearing or investigation
before any judicial authority or governmental entity. Neither the Company nor Beaumont is subject to any outstanding injunction, judgment, order, decree, ruling or charge. Verenium has no knowledge of any existing facts or circumstances which may
provide a reasonable basis for any such action, suit, claim, proceeding, hearing or investigation. 
 (j) Compliance with Law. Neither
the Company nor Beaumont is in default or violation of any term, condition or provision of its respective certificate of formation or operating agreement or of any statute, law, rule, regulation, judgment, decree, order, arbitration award,
concession or grant applicable to either of them in any material way. 
 (k) Employees. Neither the Company nor Beaumont has any
employees, and neither has ever employed any employees. 
 (l) Consents and Approvals, No Violation. The execution and delivery by the
Company of this Agreement, and the issuance of the BP Membership Interest on the Effective Date, do not (i) violate any provision of its governing instruments, (ii) result in a violation or breach of, or constitute a default under, or give
rise to any right of termination, cancellation or acceleration under, or result in the creation of any Encumbrance upon any of the Membership Interests under, any agreement, instrument or obligation to which the Company is a party or by which the
Company is bound, (iii) violate any law, order, writ, judgment, injunction, decree, statute, directive, rule or regulation applicable to the Company, (iv) require any filing or registration with, notification to, or authorization, consent
or approval of, any Federal, state or local government or regulatory authority or agency, or (v) require the consent of or the giving of notice to, any Person. 
 (m) Disclosure. Verenium knows of no event that has occurred or fact or circumstance that exists as of the Effective Date that has specific application to the Company or 

  

									
		  		  	6	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 
to the Highlands Project which would be reasonably likely to prevent the Company from accomplishing, or significantly threatens to impair the Company’s
ability to accomplish, the Highlands Project. 
 (n) Disclaimer. EXCEPT AS EXPRESSLY SET FORTH IN THIS SECTION 2.4, VERENIUM EXPRESSLY
DISCLAIMS AND MAKES NO REPRESENTATION OR WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING WARRANTIES OF NON-INFRINGEMENT, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE AND WARRANTIES BASED UPON COURSE OF DEALING OR TRADE USAGE.

 As used above in this Section 2.4, the term “material” means any single item or series of related items of [ * ] dollars ($[ *
]) or more. 
 2.5 Representations of Verenium. Verenium hereby makes to BP the following representations as of the Effective
Date, intending that BP shall rely on such representations: 
 (a) Organization. Verenium is a corporation duly organized, validly
existing and in good standing under the laws of the State of Delaware. 
 (b) Authorization; Validity of Agreement. Verenium has full
corporate power and authority to execute and deliver this Agreement and to perform its obligations hereunder. The execution, delivery and performance by Verenium of this Agreement, and the performance of its obligations hereunder, have been duly
authorized by its Board of Directors and by the Board of Directors of Verenium Corporation, and no other corporate action on the part of Verenium is necessary to authorize the execution and delivery by Verenium of this Agreement and the performance
of its obligations hereunder. This Agreement has been duly executed and delivered by Verenium and, assuming due and valid execution and delivery hereof by BP and the Company, is a valid and binding obligation of Verenium, enforceable against it in
accordance with its terms, except that (a) such enforcement may be subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws, now or hereafter in effect, affecting creditors’ rights generally and
(b) the remedy of specific performance and injunctive and other forms of equitable relief may be subject to equitable defenses and to the discretion of the court before which any proceeding therefor may be brought. 
 (c) Consents and Approvals, No Violation. The execution and delivery by Verenium of this Agreement, the issuance of the BP Membership Interest on
the Effective Date, and the consummation of the transactions contemplated hereby to occur as of the Effective Date, do not and will not (i) violate any provision of its governing instruments, (ii) result in a violation or breach of, or
constitute a default under, or give rise to any right of termination, cancellation or acceleration under, or result in the creation of any Encumbrance upon any of the Membership Interests under, any agreement, instrument or obligation to which
Verenium is a party or by which Verenium is bound, (iii) violate any law, order, writ, judgment, injunction, decree, statute, directive, rule or regulation applicable to Verenium, (iv) require any filing or registration 
 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS
DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED 
 AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24B-2 OF THE 
 SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 
  

									
		  		  	7	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 with, notification to, or authorization, consent or approval of; any Federal, state or local government or regulatory
authority or agency, or (v) require the consent of, or the giving of notice to, any Person. 
 2.6 Representations of BP. BP
hereby makes to Verenium the following representations as of the Effective Date, intending that Verenium shall rely on such representations: 
 (a) Organization. BP is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware. 
 (b) Authorization; Validity of Agreement. BP has full corporate power and authority to execute and deliver this Agreement and to perform its obligations hereunder. The execution, delivery and performance by BP
of this Agreement, and the performance of its obligations hereunder, have been duly authorized by its Board of Directors (including authorization by officers or employee having delegated authority), and no other corporate action on the part of BP is
necessary to authorize the execution and delivery by BP of this Agreement and the performance of its obligations hereunder. This Agreement has been duly executed and delivered by BP and, assuming due and valid execution and delivery hereof by
Verenium and the Company, is a valid and binding obligation .of BP, enforceable against it in accordance with its terms, except that (a) such enforcement may be subject to applicable bankruptcy, insolvency, reorganization, moratorium or other
similar laws, now or hereafter in effect, affecting creditors’ rights generally and (b) the remedy of specific performance and injunctive and other forms of equitable relief may be subject to equitable defenses and to the discretion of the
court before which any proceeding therefor may be brought. 
 (c) Consents and Approvals, No Violation. The execution and delivery by
BP of this Agreement, and the consummation of the transactions contemplated hereby to occur as of the Effective Date, do not and will not (i) violate any provision of its governing instruments, (ii) result in a violation or breach of; or
constitute a default under, or give rise to any right of termination, cancellation or acceleration under, or result in the creation of any Encumbrance upon any of the Membership Interests under, any agreement, instrument or obligation to which BP is
a party or by which BP is bound, (iii) violate any law, order, writ, judgment, injunction, decree, statute, directive, rule or regulation applicable to BP, (iv) require any filing or registration with, notification to, or authorization,
consent or approval of, any Federal, state or local government or regulatory authority or agency, or (v) require the consent of, or the giving of notice to, any Person. 
  

									
		  		  	8	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 ARTICLE 3 
 Offices and Business 
 3.1 Registered Office and Statutory Agent. The registered office and
statutory agent in Delaware required by the Act shall be as set forth in the Certificate until such time as the registered office or statutory agent is changed in accordance with the Act. 
 3.2 Principal Executive Office. The principal executive office for the transaction of the business of the Company may be fixed by the Members at
any place within the United States of America, whether within or without the State of Delaware. As of the Effective Date, the principal executive office of the Company shall be located at the offices of Verenium, 55 Cambridge Parkway, Cambridge MA
02142. The Members agree to direct the management of the Company to recommend to the Members, not later than June 30, 2009, an independent location for the offices of the Company, and to relocate the offices of the Company not later than the
end of 2009 to a location selected by the Members, taking into consideration the recommendation of the Company’s management. 
 3.3
Business. The Company may carry on any lawful business, purpose or activity relating to the Business which is permitted to be carried on by a limited liability company under the Act. The parties hereto agree that the business of the Company
(the “Business”) shall solely consist of the development, execution and operation of the Highlands Project and (through or on behalf of Beaumont) the Beaumont Project, and all things necessary, convenient or desirable in connection
with the foregoing. The Company shall not carry out any other business, nor engage in other activities, without the prior written consent of the Members. 
 ARTICLE 4 
 Membership Interests; Voting Rights; Meetings of Members 
 4.1 Members. The Company shall have only one class of Membership Interest, subject to the effects on the Membership Interests of a Defaulting
Member under Sections 15.2 or 15.5. Each of BP and Verenium shall be a member of the Company, within the meaning of the Act, until they cease to be a member in accordance with the provisions of the Act, the Certificate or this Agreement
(individually, a “Member” and collectively, the “Members”). The Membership Interests shall be reflected in Membership Certificates issued by the Company. As of the Effective Date, the names, addresses, agreed value
of Capital Contributions and Membership Interests of the Members shall be reflected in the books and records of the Company. Any subsequent changes in the Members’ Percentage Interests shall be reflected in updated Membership Certificates.

 4.2 Member Representatives. In order to facilitate communication between the Members, each Member shall designate two
representatives (collectively, the “Representatives”), either of whom shall be authorized to act for the Member, at Member meetings and with regard 

  

									
		  		  	9	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 
to any other vote, consent or action to be taken by the Members. The Representatives may be persons who are also serving in other capacities on behalf of the
appointing Member in relation to the Company. BP hereby designates those two individuals named in the Letter as its initial Representatives. Verenium hereby designates those two individuals named in the Letter as its initial Representatives. A
Member may replace one or both of its Representatives upon Notice to the other Member. 
 4.3 Meetings of Members; Notice of Meetings.
Meetings of the Members may be called by either Member upon written notice to the other Member, not fewer than fifteen (15) nor more than thirty (30) days after delivery of the notice of meeting, unless otherwise agreed in writing by the
Members. Such notice of meeting shall state: the place, date and hour of the meeting; and those matters which, at the time of the mailing of the notice, are intended to be presented for action by the Members. 
 (a) The Members shall meet, acting as Members, at least once every three (3) months, during the last week of January, April, July and October of
each year, or at such other intervals and at such other times as the Members may agree. In the absence of other agreement, a meeting of Members shall be deemed to be duly called upon Notice from either Member to the other, for any meeting to be held
at the principal office of the Company at 10:00 am. local time on the Wednesday of the last week of any of the above months. 
 (b) The
Managing Director and the Chief Financial Officer of the Company may represent the Company in Member meetings and may participate as advisers and observers, at the request of the Members. They shall not, in such capacity, be authorized or required
to make any decision on the part of any Member. 
 (c) The Members intend that Member meetings shall be a forum in which the Officers shall
make their reports to the Members and in which the Members shall have the opportunity to discuss any decision that the Members are required or entitled to make under this Agreement. The Members may discuss and agree upon matters outside of the
Member meetings and shall not be required to convene a meeting of the Member meetings in order to agree upon a matter. 
 (d) The actions of
any meeting of Members, however called and noticed, and wherever held, shall be as valid as if taken at a meeting duly held after notice, if representatives of Members holding the Requisite Percentage to approve the actions taken, are present either
in person or by proxy. 
 4.4 Place of Meetings. All meetings of the Members shall be held at any place within the United States of
America, whether within or without the State of Delaware which may be designated by the written consent of both Members given either before or after the meeting and filed with the Company records. In the event of any inconsistency in the places
designated by the Members as herein provided, or in the absence of any such designation, Members’ meetings shall be held at the principal executive office of the Company. Members may attend any meeting of 

  

									
		  		  	10	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 
the Members in person, or may participate by any electronic means that is acceptable to the Member(s) not physically present at the meeting. 
 4.5 Acts of the Members. The Members shall have the right to vote and act on the matters and affairs of the Company in their capacity’ as
Members, including those matters as are reserved to the Members herein or are required by the Act to be voted upon by the Members. Except as may otherwise be provided by this Agreement or the Act or the Certificate, the affirmative vote of Members
holding a majority of the total Percentage Interests (or, with regard to the matters listed in Section 4.8(b), at least the level of total Percentage Interests specified in Section 4.8(b)) shall be required to approve the matter presented
to them in their capacity as Members (as applicable, the “Requisite Percentage”). 
 4.6 Quorum; Action without a
Meeting. 
 (a) The presence at any meeting in person or by proxy of Members holding the Requisite Percentage required with respect to the
matters to be voted upon shall constitute a quorum for the transaction of business. A Member may grant a proxy constituting presence at a meeting for a limited purpose, but may limit the proxy such that it shall not constitute presence at the
meeting for additional purposes. 
 (b) Any action which may be taken at a meeting of the Members, may be taken without a meeting, if a
consent in writing, setting forth the action so taken, is signed by Members holding the Requisite Percentage, indicating approval acting in their capacity as Members. Any action taken by the Members at a meeting or by consent in lieu of meeting, and
any such action or other item that is required under this Agreement to be (or is to be treated as being) “agreed by the Members” or “approved by the Members” (or similar locution), shall be recorded in a writing, and
authenticated by Members holding the Requisite Percentage to approve the matter presented. A copy of each such consent shall be provided to the Company and to each Member, and the Company shall maintain a record thereof. 
 4.7 Member Discretion. Each Member shall he entitled to exercise its discretion freely regarding any decision that the Members are required or
entitled to make under this Agreement, or under the Act or any other applicable law or regulation. Each Member shall be entitled to act in its own interest and neither will owe any duty to the other or to the Company in connection with the granting
or withholding of any vote, consent or other approval of a Member under this Agreement (except as set forth in Section 4.12). Each Member: 
 (a) agrees that either Member may grant or withhold any vote, consent or approval by or on behalf of such Member under this Agreement in its sole discretion, with or without cause; and 
 (b) hereby waives for itself and on behalf of the Company all waivable fiduciary, agency or other duties to it or to the Company (whether arising under
this Agreement, 

  

									
		  		  	11	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 
the Act or otherwise, express or implied) with respect to any actions of the other Member acting in its capacity as a Member, to the maximum extent allowed
under applicable law. 
 4.8 Reserved Matters Requiring Member Approval. The Company may not take any action, nor may any Officer take
any action for or on behalf of the Company, in relation to any of the matters described in this Section 4.8, except upon the prior authorization of the Members, and except if specifically authorized by another provision of this Agreement.
Unless so authorized, those matters described in Section 4.8(a) shall be approved upon the vote or authorization of Members holding a majority of the total Percentage Interests, and those matters described in Section 4.8(b) shall be
approved only upon the unanimous vote or authorization of the Members. 
 (a) Matters Authorized by Majority Vote. 
 (i) changes or alterations in the scope of the Business or any permanent withdrawal by the Company from any of the activities falling within the
Business; 
 (ii) increase, reduction, repayment or cancellation of the Membership Interests or of any uncalled or unpaid liability of the
Company in respect thereof; the allotment or issuance of Membership Interests or any securities, rights or interests convertible into Membership Interests, the offer of any option to subscribe or call for Membership Interests in the Company, or any
other changes in the capital or ownership structure of the Company; 
 (iii) the redemption or purchase by the Company of any Membership
Interest, other than any such action requiring approval under Section 4.8(b)(iii); 
 (iv) any Additional Capital Contributions
(provided that the approval of any Budget calling for Additional Capital Contributions shall constitute prior and irrevocable approval of those contributions); 
 (v) any distribution, payment or return of capital to Members, or any declaration or payment of any dividend or the making of any distribution, other than any such action requiring approval under
Section 4.8(b)(iii); 
 (vi) incurring any debt for borrowed money; 
 (vii) approval of a Budget or Business Plan, and any amendment to an approved Budget or Business Plan; 
 (viii) the removal of Officers as provided in Section 5.2(c); 
 (ix) establishing the Boundary Conditions for the Highlands Project; 
 (x) the disposition of a material
asset of the Company; 
  

									
		  		  	12	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 (xi) approval of any Related-Party Agreement, other than any such action requiring approval under
Section 4.8(b)(iv); 
 (xii) the creation or permitting the creation of any Encumbrance on the assets of the Company other than liens
arising in the ordinary course of business or any charge arising by the operation or purported operation of title retention clauses in the ordinary course of business; 
 (xiii) the entry by the Company into any hedging, derivative, swap or similar contract, commitment or arrangement; 
 (xiv) the guaranty by the Company of any Third Party obligations; 
 (xv) the grant by the Company of any indemnity against Third
Party claims, other than in connection with contracts in the ordinary course of business; 
 (xvi) the making of any loan by the Company or
the creation, renewal or extension of any borrowings of the Company other than in accordance with the mechanism set out in Article 8; or 
 (xvii) the entry into any contract of the Company with any Person other than Galaxy involving the performance of technical or engineering services or other technology related matters involving the potential for the creation of intellectual
property rights that does not include a complete assignment of ownership or the grant of a license to the Company or its nominee of all intellectual property rights created in connection therewith. 
 (b) Matters Authorized by Unanimous Vote. 
 (i) any apt which would make it impossible to carry on the ordinary business of the Company; 
 (ii) merger or consolidation of the
Company in a transaction where the Company is not the surviving entity, or any other transaction that results in either (1) a new class of Membership Interest, or (2) change in the Capital Accounts of the Members in the Company on a basis
other than pro-rata in accordance with their respective Percentage Interests; 
 (iii) the redemption or purchase by the Company of any
Membership Interest, or any distribution, payment or return of capital to Members, or any declaration or payment of any dividend or the making of any distribution, in each case on a basis other than pro rata among the Members in accordance with
their respective Percentage Interests; 
 (iv) approval of any Related-Party Agreement on terms other than an arm’s length basis for
fair value; 
  

									
		  		  	13	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 (v) taking any action to liquidate, dissolve or wind up or to otherwise reorganize or restructure the
Company, other than pursuant to authority under Article 14, or authorizing any plan to do so; or 
 (vi) taking any action which would
constitute a Bankruptcy Event of the Company; or 
 (vii) the modification of any of the Policies of the Company that have previously been
adopted by the Members pursuant to Section 5.3. 
 4.9 Member Consent; Restriction on Company Activity. Neither the Company nor
any Person acting for or on behalf of the Company shall take action in relation to any matter which is substantially equivalent to the matters listed in Section 4.8, and the Members shall cause their appointees or secondees to the management of
the Company to refrain from taking action on behalf of the Company in relation to any such matter, unless the prior written consent of Members holding the Requisite Percentage has been obtained. 
 4.10 Members May Participate in Other Activities; Limitations. Except as may otherwise be agreed under any written agreement among the Members or
their Affiliates and the Company, each Member, either individually or with others, shall have the right to participate in any other business activities and ventures of every kind and to retain the income and profits therefrom, whether or not such
other business activities and ventures compete with the Company, and no Member, acting in the capacity of a Member, shall be obligated to offer to the Company or to the other Members any opportunity to participate in any such other business activity
or venture. 
 4.11 Scope of Members’ Authority. Except as otherwise expressly provided in this Agreement, no Member shall have
any authority (including when acting as a Member) to bind or act for, or assume any obligation or responsibility on behalf of, the Company or any other Member of the Company. Neither the Company nor any Member shall be responsible or liable for any
indebtedness or obligation of any other Member, and no Member shall be responsible or liable for any indebtedness or obligation relating to the Company’s property or business operations, except as to those responsibilities, liabilities,
indebtedness or obligations expressly incurred by separate agreement or instrument or incurred on or after the Effective Date pursuant to and as limited by the terms of this Agreement. 
 4.12 Conflict of Interest between Members. If any matter to be considered or voted upon by the Members relates to: 
 (a) the Company enforcing rights against a Member or any of its Affiliates in relation to any matter arising under any agreement entered into between the
Company and a Member or any of its Affiliates; or 
  

									
		  		  	14	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 (b) the Company or any of its Affiliates defending itself against any action taken against it by a Member
or any of its Affiliates, 
 then the Member with whom (or with whose Affiliate) the Company is in conflict shall not be entitled to vote in relation to such
matter (but only such matter), and the other Member shall be obligated to exercise its right to vote in relation to such matter in a manner that it reasonably believes to be in the best interest of the Company, without regard to the separate
interest of such other Member.. 
 4.13 Agreements Regarding Wildcat Lease. 
 (a) Exercise of Options under Wildcat Lease; Security Obligations. The Company shall exercise the option to extend the Primary Lease Term pursuant
to Section 2B of the Wildcat Lease, only if the Company shall make the payment to the Landlord required under Section 2B on or before September 30, 2009. The Members hereby approve and authorize the payment in connection with the,
exercise (if any) of the option to extend the Primary Lease Term. The Company shall exercise the option to commence the Secondary Lease Term pursuant to the Wildcat Lease, only if the Company shall also secure its obligations thereunder, including
payment of rental payments, taxes, and indemnification obligations pursuant to the terms of the Wildcat Lease, by posting (i) an irrevocable letter of credit in an amount equal to the subsequent three years of calculated annual rental payments
or (ii) other security satisfactory to Landlord as provided under Section 19A of the Wildcat Lease in order to release Verenium from all of its prospective obligations thereunder. The Company hereby covenants that it shall, from the date
of such exercise and continuing through the expiration of the Secondary Lease Term, maintain such letter of credit or other security, and update such security as contemplated by Paragraph 19C of the Wildcat Lease. The Members hereby approve and
authorize the posting of such security in connection with the exercise (if any) of the option to commence the Secondary Lease Term pursuant to the Wildcat Lease, and hereby direct the Company to do all such things as are necessary or appropriate in
furtherance of the foregoing. The Company’s obligations pursuant to this Section 4.13(a) shall terminate upon the effective date of any novation of or other agreement with respect to the Wildcat Lease which releases Verenium from any
liability to Landlord arising from or related to Verenium’s assignment of the Wildcat Lease to the Company, as determined by Verenium in its sole discretion, acting reasonably. The terms “Landlord,” “Primary Lease Term” and
“Secondary Lease Term” used in this Section 4.13(a) shall have the meanings given to them in the Wildcat Lease. 
 (b)
Indemnification of Verenium by the Company. The Company shall defend, indemnify, and hold Verenium, its Affiliates, directors, officers, employees and agents (the “Verenium Indemnified Parties”) harmless from and against all
claims, losses and liabilities (including litigation costs and reasonable attorney’s fees) asserted against or incurred by the Verenium Indemnified Parties with respect to obligations arising under the Wildcat Lease and arising out of the
Company’s breach of its obligations pursuant to Section 4.13(a). The expenses of the Verenium Indemnified Parties incurred in defending any action, suit or proceeding relating to any claim, loss or liability indemnified pursuant to this
Section 4.13(b) shall be paid 

  

									
		  		  	15	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 
by the Company as they are incurred and in advance of the final disposition of the action, suit or proceeding, upon receipt of an undertaking by or on behalf
of Verenium to repay the amount of such expenses if it is ultimately determined by a court of competent jurisdiction that the Verenium Indemnified Parties are not entitled to be indemnified therefor by the Company. 
 (c) Exclusive Remedy. The indemnification and advancement of expenses authorized in or ordered by a court pursuant to Section 4.13(b) is the
sole and exclusive remedy to which any of the Verenium Indemnified Parties is or may be entitled for any breach of the obligations of the Company pursuant to Section 4.13(a), whether under this Agreement, the Certificate, any limited liability
company agreement, vote of Members, or otherwise at law or in equity, and provisions of Section 17.2 shall not apply to this Section 4.13. 
 (d) No Recourse to Members. The obligations set forth in Section 4.13(a) and Section 4.13(b) shall be solely those of the Company and not of either Member. 
 (e) Continuing Effect. Unless and until released as set forth herein, the provisions of this Section 4.13 shall continue in full force and
effect regardless of whether Verenium is a Member. 
 ARTICLE 5 
 Management 
 5.1 Officers. The day-to-day operations of the Company shall
be managed and conducted by the personnel of the Company referenced in Sections 5.2(a) and 5.2(b) (the “Officers”) holding the offices and having the responsibilities described in Schedule 5.1 attached hereto (the
“Organization Chart”), and the Members have adopted the position descriptions for certain Officers as set forth in Schedule 5.1. 
 5.2 Members’ Rights of Nomination and Appointment. 
 (a) The holder of the BP Membership
Interests shall have the right to nominate the Company’s (i) Managing Director and (ii) Head of Engineering and Construction, in each case such nominees shall be appointed to such positions subject to the approval in writing of the
holder of the Verenium Membership Interests (such approval not to be unreasonably withheld or delayed). BP’s initial nominations for such positions have been made and approved by Verenium, and are reflected on the Organization Chart for such
positions. 
 (b) The holder of the Verenium Membership Interests shall have the right to nominate the Company’s (i) Chief
Financial Officer and (ii) Head of Development, in each case such nominees shall be appointed to such positions subject to the approval in writing of the holder of the BP Membership Interests (such approval not to be unreasonably withheld or

  

									
		  		  	16	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 
delayed). Verenium’s initial nominations have been made and approved by BP, and are reflected on the Organization Chart for such positions. 

(c) The Managing Director shall review the performance of each of the other Officers on an annual basis and provide a report to the Members advising
the Members of the results of such review and of the Managing Director’s recommendations with respect to the continued engagement of such Officers. The Officers nominated and approved in accordance with Sections 5.2(a) or 5.2(b) may be removed
only by action of the Members. 
 (d) When there are open Company job positions, other than Officers, and other than any which are designated
on the Organization Chart as employees of the Company only, then each Member shall have the right to nominate its or its Affiliate’s employees to become seconded employees of the Company to fill such positions, and if qualified, such nominee
shall be accepted by the Company to fill such positions, subject to the approval of the non-appointing Member, such approval shall not be unreasonably withheld or delayed. If the open position to which such secondee is appointed, was to be paid by
the Company under the then-current Budget, then the Company will bear the costs of such secondee up to the budgeted level. 
 (e) In
addition, each Member may, at such Member’s own expense, second additional persons who are employees of such Member without approval of the other Member, to observe, participate in and support the activities of the Company and its personnel.

 5.3 Company Policies. The Members hereby adopt the following policies (the “Policies”) to guide the activities of
the Company: (a) the principles set forth in the health, safety, security and environmental (HSSE) policy attached hereto as Exhibit D; (b) the Engineering and Operational Integrity Practices attached hereto as Exhibit E,
and; (c) the Code of Conduct attached hereto as Exhibit F. The Company will promptly establish a separate Company hotline for purposes of the Code of Conduct, with direct reporting to each Member. The Members hereby direct the
Company and its officers to conduct the activity of the Company in accordance with the foregoing policies. For the avoidance of doubt, the Code of Conduct does not apply to Members in their capacity as Members. The Members and/or Officers of the
Company may from time to time propose additional operating policies and other policies, for the consideration and subject to the approval of the Members. 
 5.4 Employees; Secondment. 
 (a) The Organization Chart sets forth the initial Company job positions
(including Officers), including positions which may be filled by persons seconded to the Company by the Members and/or their Affiliates. For each position on the Organization Chart, the Company will maintain a list of the names of the individuals
nominated by the Members to fill such positions, the existing employer of such individual from which such person will be seconded, the term of the initial secondment, the working location of such position for the Company and initial compensation and
other relevant data related to the position. 
  

									
		  		  	17	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 (b) Each Member shall second personnel to the Company as provided herein and subject to the terms set out
in the Secondment Agreement entered into between the Company and the relevant Member. 
 (c) Notwithstanding the foregoing, the Company shall
be entitled at all times to employ its own staff directly on such terms and conditions as the Members shall approve. 
 5.5 Transactions
with Related Parties. In the event that the Company decides to enter into negotiation of a Related-Party Agreement (subject to approval under Section 4.8(a) or 4.8(b), as appropriate), the Member with no connection to the Related Party
shall have the right, but not the obligation, to appoint an employee or other person to represent the Company in (or to participate in) the negotiation of such Related-Party Agreement. 
 5.6 Policy Regarding Beaumont Project. The Company shall conduct any business or activity with regard to the Beaumont Project only through or on
behalf of Beaumont, such that Beaumont owns all assets and is party to all contracts, permits and other rights regarding the Beaumont Project. 
 5.7 Intellectual Property Matters. The Members agree between themselves that they shall, and agree to cause the Company to act and to enter into agreements in accordance with the Principles Regarding Intellectual Property, Technical
Services and Biological Materials attached hereto as Exhibit G. 
 ARTICLE 6 
 Business Plan and Budgets 
 6.1
Business Plans, Forecasts and Budgets. 
 (a) Initial Business Plan and Budget. The Members and the Company hereby approve and
adopt the Business Plan and Budget in the form attached hereto as Exhibit H as the initial Business Plan and Budget of the Company. 
 (b) Budget and Business Plan at Stage Gates. The Company will prepare and propose a new draft Budget in connection with each of (i) the Define FM under Section 7.3, and (ii) the Execute FM under Section 7.4. Each
such Budget shall be accompanied by a Business Plan regarding implementation of the Budget. References in this Article 6 to a Budget shall include the related Business Plan as appropriate. 
 (c) Other Budgets. For periods following conclusion of the Execute FM Budget, the Company will prepare and propose Budgets on an annual calendar
year basis. For all periods, the Company will update the Budgets as set forth in Section 6.4. In any case, the 

  

									
		  		  	18	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 
Company will prepare and propose a new Budget not later than two (2) months prior to the expiration of the then-current Budget, to be considered by the
Members. 
 (d) Forecasts. In addition to the Budget and related Business Plan, not later than thirty (30) days after the close
of each Quarter, the appropriate Officers shall prepare and submit to the Members a forecast of funding, expenses and activity anticipated for each of the next upcoming four Quarters (“Rolling Four-Quarter Forecast”). Each Rolling
Four-Quarter Forecast is intended to be used for the Members’ internal planning purposes only, and shall not be binding on either Member or the Company. 
 6.2 Principles Governing Budget. Unless the Members otherwise agree, each draft Budget proposed by the Officers and submitted to the Members for approval, and any approved Budget, shall: 
 (a) cover the appropriate period through the next Budget, referred to in Section 6.1; 
 (b) itemize projected expenditures by the Company on a monthly basis, and the contributions expected to be required of the Members; 
 (c) contain all of the following: 
 (i)
projected profit and loss account; 
 (ii) projected balance sheet; 
 (iii) projected cash flow statements and working capital requirements; and 
 (iv) commentary and assumptions; 
 (d) be
prepared in accordance with GAAP and in a manner consistent with the Agreed Accounting Practices and Policies attached hereto as Exhibit I; and 
 (e) make financially prudent provision for contingencies. 
 6.3 Consultation and Adoption.

 (a) Following receipt by the Members of each draft Budget, the Members (at or before the next Member meeting) shall consult with one
another regarding the content of such draft Budget and shall each use reasonable efforts to reach agreement as to the contents of such draft Budget. Any amendments agreed to by each Member shall be incorporated in the draft Budget. 
  

									
		  		  	19	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 (b) If the Members agree on the draft Budget (with such amendments as agreed, if any), they shall inform
the Company and such draft Budget shall be adopted as the Budget for the coming fiscal year (or other relevant period as reflected therein). 
 (c) For any period following the expiration of a current Budget and pending approval of a new Budget by the Members, or in any other instance where a Budget is not in effect, the provisions of Section 6.5 shall apply. 
 6.4 Updating and Amendments to Budgets. 
 (a) At least once per Quarter, the Company shall present a Quarterly Report, that may be combined or merged with the issue of the Monthly Operations Report, no later than seven (7) Business Days after the end of each Quarter,
including: 
 (i) in respect of the period of time since the last Budget update, a comparison of the Company’s actual revenue and
expenditure against that forecast for the corresponding period in the approved Budget and an explanation of any difference between the two; and 
 (ii) an update and forecast in respect of the remaining period of the approved Budget, including any factors or circumstances known to the Company which may lead the Company to consider that the results of the Company for forthcoming months
may differ from the approved Budget, and the Officers shall consider the adequacy of the approved Budget in light of this presentation. 
 (b) The appropriate Officers shall propose a new draft Budget at the times set forth in Section 6.1, for consideration by the Members. During the course of any fiscal year, the appropriate Officers may from time to time request changes
to be made to the approved Budget, and such Officers shall request changes if they determine that the approved Budget is deficient in connection with a Quarterly Report under Section 6.4(a). Any such request shall be made in writing to each of
the Members, and, for the purposes of endeavoring to agree any such change, the request shall be treated as if it formed part of a draft Budget, in accordance with Section 6.3. Pending approval of the draft changes in the approved Budget,
Section 6.5 shall apply. 
 (c) After an Investment Decision has been made in respect of the Highlands Project, the Budget accompanying
the Define FM or the Execute FM, as appropriate, shall be deemed adopted as the Budget for the Company for the relevant period therein. 
  

									
		  		  	20	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 6.5 Disputed Budgets. In the event of any dispute between, or failure to agree by, the Members as
to the form or content of any draft Budget (which shall, for the purposes of this Section 6.5, include any proposed revision pursuant to Section 6.4), the following provisions shall have effect: 
 (a) pending agreement on any proposed Budget, the Company shall continue to operate and to require Member contributions pursuant to Section 8.1 in
accordance with the current approved Budget, and any changes thereto which have been agreed; and 
 (b) the Company shall not be entitled to
carry out activities in respect of which a Budget has not been agreed; and 
 (c) either Member, upon. Notice to the other Member and to the
Company, may unilaterally elect to advance funds as a loan to the Company in such amount as such Member reasonably deems necessary in order to: 
 (i) ensure that the operation of the Highlands Project and the Beaumont Project are in accordance with the Company’s policies regarding (A) health, safety, security and environment as set forth in Exhibit B and
(B) Engineering and Operational Integrity Practices as set forth in Exhibit E; or 
 (ii) cause the Company to comply with
mandatory requirements of any statute, regulation or ordinance applicable to the Company; 
 with the effect that any such funds shall
constitute a loan (a “Performance Loan”) to the Company by such Member, such Performance Loan to bear interest at the lesser of twelve percent (12%) per annum, or the maximum rate permitted by law, calculated on the number of
days elapsed, compounded monthly. For so long as any Performance Loan remains unpaid, all distributions from the Company that otherwise would be made to any Member with respect to the Membership Interests (whether before or after the dissolution of
the Company) instead shall be paid to the lending Member until the Performance Loan and all interest accrued thereon have been paid in full to such Member. Payments in respect of any Performance Loans will be applied in the order that such
Performance Loan was made, and all payments will be applied first to accrued but unpaid interest and then to reduce the outstanding principal amount of such Performance Loan. A Performance Loan shall constitute a general obligation of the Company,
including upon the dissolution of the Company. Any Performance Loan shall be prepayable in whole or in part by the Company at any time without penalty. 
 ARTICLE 7 
 Stage Gates for the Highlands Project 
 7.1 Status. As of the Effective Date, the Highlands Project is in the Select phase under the Capital Value Process. 
  

									
		  		  	21	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 7.2 Member Decisions. Following the submission of documents to the Members as provided for in
Sections 7.3(a) and 7.4(a), each Member may communicate one of the following to the Company: 
 (a) a decision that it considers that the
Highlands Project should move to the next phase (i.e., from Select to Define or from Define to Execute); 
 (b) a decision that it does not
wish to continue with the development of the Highlands Project; 
 (c) a decision that it wishes to continue with the development of the
Highlands Project but that the Highlands Project is not ready to move to the next phase; or 
 (d) a notice that the information contained in
the documents submitted is insufficient for it to make a decision and that additional work should be done. 
 7.3 Project Definition.

 (a) The Company shall develop the Highlands Project through the Select phase pursuant to the Capital Value Process, with the objective
that, as soon as is appropriate, the Company shall prepare a Define FM consistent with the Capital Value Process. When the Define FM in relation to the Highlands Project has been prepared, the Company shall present the Define FM to the Members for
their evaluation and decision, together with a report containing sufficient detail to allow the Members to determine whether the Company should move to the Define phase in relation to the Highlands Project, including a recommendation from the
Company and a proposed Budget encompassing the estimated costs of conducting the Define phase. 
 (b) Within sixty (60) days of the
presentation of the report specified in Section 7.3(a), each of the Members shall inform the Company of their respective decisions, consistent with Section 7.2. 
 (c) If one or both Members provide notice, pursuant to Section 7.2(d), that additional work needs to be carried out by the Company in order to make their decision, the Company shall promptly undertake the work
and resubmit the Define FM (provided that the notice with regard to such item 7.2(d) may be selected only one time in connection with any decision unless otherwise agreed by the Members or unless the Company has not provided the information
specifically requested in such first notice). Within thirty (30) days of such resubmission, each Member shall inform the Company of its decision, consistent with Section 7.2. 
 (d) If, pursuant to Section 7.3(b) or 7.3(c), both Members decide, under Section 7.2(a), that the Highlands Project should move to the Define
phase, the Members shall jointly communicate such decision in a writing to the Company together with (1) approval of a 

  

									
		  		  	22	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 
new Budget and Business Plan for the Define stage, and (2) an agreement among the Members upon the conditions (other than the availability of financing)
relating to the Highlands Project (“Boundary Conditions”) which, if satisfied, would mean that the Highlands Project would be considered ready to move from Define to Execute, and would form the basis upon which the Highlands Project
would be proposed for a further decision of the Members under Section 7.4, and then: 
 (i) the Company will undertake all activities
necessary to prepare an Execute FM in relation to the Highlands Project, including all relevant activities set out in the Capital Value Process relating to the Define phase of the Highlands Project; and 
 (ii) the Company will thereupon commence to operate in accordance with the new Budget approved in connection with such Member decision, under
Section 6.4(c). 
 (e) If, pursuant to Section 7.3(b) or 7.3(c), one or both Member(s) determine(s), under Section 7.2(c), to
continue with the development of the Highlands Project but that the Highlands Project is not ready to move to the Define phase, the Members shall agree upon (or the objecting Member shall state) specific conditions (other than the availability of
financing) that the Highlands Project would need to meet before it will be considered ready to move to the Define phase and communicate these to the Company. When the Company believes that such conditions are met, it shall submit a revised Define FM
in accordance with Section 7.3(a) and the process set out in this Section 7.3 shall be re-started. 
 (f) If, pursuant to
Section 7.3(b) or 7.3(c), a Participating Member determines that it wishes to continue with the development of the Highlands Project, the Participating Member shall have the right to acquire from the Non-Participating Member all of the Non
Participating Member’s Membership Interest in the Company for a purchase price equal to the Buy-Out Price. If the Participating Member elects to exercise such right, the Participating Member shall acquire all of the Membership Interest of the
Non-Participating Member in accordance with Section 7.5. The Participating Member may elect to defer payment of the Buy-Out Price in accordance with Section 7.5. 
 (g) If, pursuant to Section 7.3(b) or 7.3(c), both Members determine, as provided for in Section 7.2(b), that they do not wish to continue with
the development of the Highlands Project: 
 (i) the Company shall not carry out any further work in relation to the Highlands Project; and

 (ii) the Members shall take such actions as they determine to realize the most value from the Highlands Project (provided that the
Company shall not sell distribute or otherwise transfer any assets, rights or other attributes of the Highlands Project to either of the Members, without the consent of the other Member, in its sole and absolute discretion). 
  

									
		  		  	23	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 7.4 Project Execution. 
 (a) If the Members have decided that the Highlands Project should move to the Define phase pursuant to Section 7.3(d), the Company shall develop the
Highlands Project through the Define phase pursuant to the Capital Value Process, with the objective to satisfy the Boundary Conditions established pursuant to Section 7.3(d) and that, as soon as is appropriate, the Company shall prepare an
Execute FM consistent with the Capital Value Process. When the Boundary Conditions have been met, and the Execute FM in relation to the Highlands Project in accordance with the requirements of the Capital Value Process has been completed, the
Company shall present the Execute FM to the Members for their evaluation and decision, together with a report containing sufficient detail to allow the Members to determine whether the Highlands Project should move to the Execute phase, including a
recommendation from the Company and a proposed Budget encompassing the estimated costs of conducting the Execute phase. 
 (b) Within ninety
(90) days of the presentation of the report specified in Section 7.4(a), each of the Members shall inform the Company of their respective decisions, consistent with Section 7.2. 
 (c) If one or both Members provide notice, pursuant to Section 7.2(d), that additional work needs to be carried out by the Company in order to make
their decision, the Company shall promptly undertake the work and resubmit the Execute FM (provided that the notice with regard to such item 7.2(d) may be selected only one time in connection with any decision unless otherwise agreed by the Members
or unless the Company has not provided the information specifically requested in such first notice). Within thirty (30) days of such resubmission each Member shall inform the Company of its decision, consistent with Section 7.2.

 (d) If, pursuant to Section 7.4(b) or 7.4(c), both Members determine, as provided for in Section 7.2(a), that the Highlands
Project should move to the Execute phase, the Members shall jointly communicate such decision in a writing to the Company together with approval of a new Budget and Business Plan for the Execute stage, and then: 
 (i) the Company will undertake all activities necessary to commission the construction and the bringing into operation of the Highlands Project,
including all relevant activities set out in the Capital Value Process relating to the Execute phase of the Highlands Project; and 
 (ii)
the Company will thereupon commence to operate in accordance with the new Budget approved in connection with such Member decision, under Section 6.4(c). 
 (e) If, pursuant to Section 7.4(b) or 7.4(c), a Participating Member determines that it wishes to continue with the development of the Highlands Project, the Participating Member shall have the right to acquire
from the Non-Participating Member all of the Non- 

  

									
		  		  	24	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 
Participating Member’s Membership Interest in the Company for a purchase price equal to the Buy-Out Price. If the Participating Member elects to
exercise such right, the Participating Member shall acquire all of the Membership Interest of the Non-Participating Member in accordance with Section 7.5. The Participating Member may elect to defer payment of the Buy-Out Price in accordance
with Section 7.5. 
 (f) If, pursuant to Section 7.4(b) or 7.4(c), both Members determine, as provided for in Section 7.2(b),
that they do not wish to continue with the development of the Highlands Project: 
 (i) the Company shall not carry out any further work in
relation to the Highlands Project; and 
 (ii) the Members shall take such actions as they determine to realize the most value from the
Highlands Project (provided that the Company shall not sell distribute or otherwise transfer any assets, rights or other attributes of the Highlands Project to either of the Members, without the consent of the other Member, in its sole and absolute
discretion). 
 7.5 Payment of Purchase Price upon Buy-Out. In the event that under the conditions of any of Section 7.3(f), or
Section 7.4(e) the Participating Member is entitled to purchase the Membership Interest of the Non-Participating Member (“Buy-Out”) upon delivery of a Notice of exercise of Buy-Out to the Non-Participating Member, and

 (a) Upon receipt of Notice of election of this remedy and either payment of the Buy-Out Price, or the Buy-Out Note referred to in
Section 7.5(b), the Non-Participating Member shall be deemed to transfer its Membership Interests, and shall promptly (and in no event later than five (5) Business Days after receipt of the Notice of exercise of Buy-Out) execute a transfer
form and deliver such form and its Membership Interest Certificate to the Participating Member. If the Non-Participating Member does not transfer and deliver its Membership Interest and Membership Certificate in accordance with its obligations under
this Section 7.5, the Company shall be deemed authorized and directed to exercise its rights under the relevant Power of Attorney to effect the transfer. 
 (b) the Participating Member may elect to defer payment of the Buy-Out Price, as determined under the applicable clause. The obligation to pay the Buy-Out Price shall be reflected in a promissory note
(“Buy-Out Note”) from the Participating Member to the Non Participating Member, and shall be an obligation of the Participating Member, and not of the Company. The Membership Interest of the Participating Member shall be pledged as
collateral for payment of the Buy-Out Note, but shall not restrict subsequent borrowings by the Company or the investment in the Company by Third Parties. The Buy-Out Note shall bear interest at the lesser of twelve percent (12%) per annum or
the maximum rate permitted by law, calculated on the number of days elapsed, compounded monthly. The full amount of principal and interest under the Buy-Out Note shall be due and payable upon the earliest to occur of any Acceleration Event, and

  

									
		  		  	25	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 (c) In the context of a transfer contemplated in this Section 7.5, each Member hereby 
 (i) agrees that the nature and amount of the Buy-Out Price and the acquisition of Membership Interests for the Buy-Out Price to be paid under this
Section 7.5, is reasonable and appropriate in the circumstances; and 
 (ii) waives and undertakes not to raise by way of defense,
whether in law or equity, that the nature or amount of the Buy-Out Price or the acquisition of Membership Interests pursuant to Section 7.5 is unreasonable, excessive, penal, illegal or unenforceable. 
 7.6 Project Determinations by the Members. For the avoidance of doubt, in making any Investment Decision, each Member is entitled to employ its
sole discretion and, to the extent permitted by law, to act in the best interests of that Member alone without taking into account the interests of the other Member, the Company or any other person. 
 7.7 Financing Method Independence. Decisions of the Members as to the method of financing of the Highlands Project shall not be tied to decisions
under this Article 7 with regard to the progress and development of the Highlands Project. 
 7.8 Beaumont Investment Decisions. While
Beaumont remains a subsidiary of the Company, all Investment Decisions regarding the Beaumont Project, if any, will be made according to the Capital Value Process. 
 ARTICLE 8 
 Funding and Additional Capital 
 8.1 Additional Capital Contributions. The Members anticipate that, in addition to the Initial Capital Contributions under Article 2, further
contributions to the capital of the Company (“Additional Capital Contributions”) may be required for the ordinary operating needs of the Company. When, and to the extent, such operating needs exist, both Members may agree to make
Additional Capital Contributions in such amounts as they may jointly determine. 
 8.2 Capital Calls. 
 (a) If pursuant to an approved Budget additional funding is required by the Company and will be funded by the Members, then at the times as provided in
the relevant budget, the Company shall call upon each Member (each such call a “Capital Call”) to contribute in accordance with their respective Percentage Interests the additional capital requirement stipulated in the relevant
approved Budget. The Members anticipate that Budgets will typically provide for Capital Calls on a quarterly basis. 
  

									
		  		  	26	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 (b) Each Capital Call shall be issued by notice to each of the Members at least twenty (20) Business
Days in advance of the date such Capital Call is due and payable to the Company. 
 (c) Each Member shall pay its respective share of the
Capital Call by the due date specified in the applicable Notice in immediately available funds to the Company’s bank account. 
 (d) The
Members shall each provide funding under this Section 8.2 on the same terms as each other, unless they agree otherwise in writing. 
 (e) If the Members jointly agree to provide the funding as debt, it shall be provided on terms and conditions agreed to in writing by the Members. 
 (f) The obligations of each Member to provide funding under this Section 8.2 shall be several. 
 8.3
Adjustment to Capital Accounts. 
 (a) When Additional Capital Contributions are to be made in property, rather than cash, a value for
such property shall be agreed in writing by both Members. 
 (b) Upon an Additional Capital Contribution by a Member, such Member shall
receive a Capital Account credit for each such Additional Capital Contribution at the time and in the amount that such contribution is made. The Members shall make such Additional Capital Contributions pro rata in accordance with their respective
Percentage Interests. 
 8.4 Withdrawal or Reduction of Capital Contributions. Except as expressly provided in this Agreement, no
Member shall have the right to withdraw from the Company all or any part of its Capital Contribution. A Member, irrespective of the nature of its Capital Contribution, shall only have the right to demand and receive cash in return for its Capital
Contribution, unless the Members have approved such distribution in kind pursuant to Section 4.8. 
 8.5 Interest on Capital
Contributions. No interest shall be payable on or with respect to the Capital Contributions or Capital Accounts of Members. 
 8.6
Capital Accounts. A single capital account (a “Capital Account”) shall be maintained for each Member (regardless of the class of interests owned by such Member and regardless of the time or manner in which such interests were
acquired) in accordance with the capital accounting rules of section 704(b) of the Code, and the regulations thereunder (including section 1.704-1(b)(2)(iv) of the Treasury Regulations). 
 8.7 Loans by Members to the Company. No Member shall be obligated to lend money to the Company. Except for Performance Loans under
Section 6.5, no Member may lend money to the Company without the written consent of both Members. Any loan by a Member to 

  

									
		  		  	27	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 
the Company shall be separately entered on the books of the Company as a loan to the Company and not as a Capital Contribution. 
 8.8 Bank Accounts. Funds of the Company shall be deposited in such banks or other depositories as shall be designated from time to time by the
Company. All withdrawals from any such depository shall be made only as authorized by the Company and shall be made only by check, wire transfer, debit memorandum or other written instruction. All monies in bank accounts shall be retained in cash or
invested in cash equivalent investments. 
 ARTICLE 9 
 Allocation of Profits and Losses; Distributions; Tax and Accounting Matters 
 9.1 Allocation of
Profits and Losses. Except as otherwise provided in Section 9.2, the Company’s profit and loss and items thereof for any accounting period shall be allocated among the Members in such manner that as of the end of such accounting
period, each Member’s Adjusted Capital Account shall be equal to the respective net amounts, positive or negative, which would be distributed to them or for which they would be liable to the Company under this Agreement, determined as if the
Company were to: (a) liquidate all of the assets of the Company for an amount equal to their Book Value; and (b) distribute the proceeds of such liquidation in the manner described in Section 9.4(b). 
 9.2 Regulatory Allocations. Notwithstanding the allocations set forth in Section 9.1, profits and losses and items thereof shall be allocated
to the Members in the manner and to the extent required by the Treasury Regulations under Section 704 of the Code (as determined by the Members), including the provisions thereof dealing with minimum gain chargebacks, partner minimum gain
chargebacks, qualified income offsets, partnership nonrecourse deductions, partner nonrecourse deductions, and the provisions dealing with deficit capital accounts in Sections 1.704-2(g)(1), 1.704-2(i)(5), and 1.704-1(b)(2)(ii)(d). 
 9.3 Tax Allocations; Code Section 704(c). The income, gains, losses, deductions and expenses of the Company shall be allocated, for federal,
state and local income tax purposes, among the Members in accordance with the allocation of such income, gains, losses, deductions and expenses to Capital Accounts, except that if any such allocation is not permitted by the Code or other applicable
law, the Company’s subsequent income, gains, losses, deductions and expenses shall be allocated among the Members for tax purposes to the extent permitted by the Code and other applicable law, so as to reflect as nearly as possible the
allocation set forth herein in computing their Capital Accounts. Notwithstanding the previous sentence, such items shall be allocated among the Members in a different manner to the extent required by Code section 704(c) and the Treasury Regulations
thereunder (dealing with contributed property), and Treasury Regulations sections 1.704-1(b)(2)(iv)(f) (dealing with property having a book value different than its tax basis) and 1.704-1(b)(4)(ii) (dealing with tax credit items). Allocations
pursuant to 

  

									
		  		  	28	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 
this Section 9.3 are solely for purposes of federal, state and local taxes and shall not affect, or in any way be taken into account in computing,
either Member’s Capital Account or share of profits, losses, other items or distributions pursuant to any provisions of this Agreement. The Members agree that gain or loss with respect to any contributed property, or with respect to revalued
property where the Company’s property is revalued pursuant to paragraph (b)(2)(iv)(f) of section 1.704-1 of the Treasury Regulations, shall be allocated to the Members under the remedial method as provided under section 1.704-3(d) of the
Treasury Regulations. 
 9.4 Distributions. 
 (a) It is not intended that the Company will make regular distributions. The Company’s dividend policy shall be agreed upon from time to time by the Members. 
 (b) The Members may cause the Company to make distributions of cash available after expenses and reserves, from time to time, to the Members. Except as
otherwise expressly provided for herein, all such distributions shall be made (i) first to those Members who have made Performance Loans until each such Member has received cumulative distributions pursuant to this Section 9.4(b)(i) equal
to the total amount of principal and accrued interest outstanding under all Performance Loans made by such Member, and (ii) then to those Members who have made Default Loans until each such Member has received cumulative distributions pursuant
to this Section 9.4(b)(ii) equal to the total amount of principal and accrued interest outstanding under all Default Loans made by such Member, and (iii) thereafter in proportion to the Members’ relative Percentage Interests. For the
avoidance of doubt, there shall be no distribution priority in respect of the initial Capital Contributions of the Members described in Sections 2.1 and 2.2. 
 (c) The Members may cause the Company to make distributions of assets of the Company other than cash available after expenses and reserves, from time to time, to the Members, so long as (i) no Performance Loans
have been made by the Members, or in the event they have been made, each Member has previously received cash distributions pursuant to Section 9.4(b)(i) sufficient to retire all Performance Loans; and (ii) no Default Loans have been made
by the Members, or in the event they have been made, each Member has previously received cash distributions pursuant to Section 9.4(b)(ii) sufficient to retire all Default Loans. All distributions of noncash assets permitted pursuant to this
Section 9.4(c) shall be made in proportion to the Members’ relative Percentage Interests. 
 (d) To the extent the Company is
required by law to withhold or to make tax payments on behalf of or with respect to either Member, the Company may withhold such amounts and make such tax payments as so required. For purposes of this Agreement, any such payments or withholdings
shall be treated as a distribution to the Member on behalf of whom the withholding or payment was made. 
  

									
		  		  	29	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 9.5 Accounting Matters. 
 (a) The Company shall cause to be maintained complete books and records accurately reflecting the accounts, business and transactions of the Company on a
calendar-year basis and using the accrual method of accounting as provided in Section 9.5(b); provided, however, that books and records with respect to the Company’s Capital Accounts and allocations of income, gain, loss, deduction or
credit (or item thereof) shall be kept under United States federal income tax accounting principles as applied to partnerships. 
 (b) At all
times during the continuance of the Company, the Company shall maintain, at its principal place of business, books of account for the Company separate from those of its Members and any other Person that shall show a true and accurate record of all
costs and expenses incurred, all charges made, all credits made and received and all income derived in connection with the operation of the Company business in accordance with GAAP and the Agreed Accounting Practices and Principles. Such books of
account, together with a copy of this Agreement and the Certificate, and all other books and records of the Company, shall at all times be maintained at the principal place of business of the Company and shall be open to audit, examination and
copying at reasonable times during the Company’s business hours by each Member and its duly authorized representatives for any purpose reasonably related to such Member’s interest in the Company; provided, however, that any expenses
incurred by the Company, such Member or such Member’s representative with respect to any such audit, examination or copying shall be borne solely by such Member. The Members will cause the Company to engage a reputable international accounting
firm to examine, audit and report on the Company’s financial statements and will give them access to other books and records as may be necessary for purposes of auditing the Company’s financial statements. Subject to any applicable law and
any direction of the Members otherwise, the Company shall issue quarterly financial statements in accordance with GAAP and the Agreed Accounting Practices and Principles for the first three Quarters of each fiscal year, which financial statements
shall be subject to a review by the Company’s independent auditors and made available to the Members in accordance with Section 13.3. Year end financial statements prepared in accordance with GAAP and the Agreed Accounting Practices and
Principles shall be issued by the Company and audited by the Company’s auditors and made available to the Members in accordance with Section 13.4(b). 
 9.6 Tax Status and Returns. 
 (a) Any provision hereof to the contrary notwithstanding, solely for
United States federal income tax purposes, each of the Members hereby recognizes that the Company will be subject to all provisions of Subchapter K of Chapter 1 of Subtitle A of the Code; provided, however, the filing of U.S. Partnership Returns of
Income shall not be construed to extend the purposes of the Company or expand the obligations or liabilities of the Members. 
 (b) The tax
matters partner (as defined in Section 9.8) shall prepare or cause to be prepared all tax returns and statements, if any, that must be filed on behalf of the Company 

  

									
		  		  	30	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 
with any taxing authority, and shall make timely filing thereof, provided that necessary and sufficient information regarding the Company has been timely
received by the tax matters partner. Within forty five (45) days after the end of each calendar year, but not less than thirty (30) days after receipt of necessary and sufficient information regarding the Company during the prior period,
the tax matters partner will prepare or cause to be prepared and delivered to each Member an estimate of the information with respect to the Company during the preceding calendar year reasonably required to enable each Member to prepare estimated
federal, state and local income tax returns. No later than August 15 of each calendar year, provided that the Company has supplied necessary and sufficient information on a timely basis, the tax matters partner shall prepare or cause to be
prepared and delivered to each Member a report setting forth in reasonable detail the information with respect to the Company during the preceding calendar year reasonably required to enable each Member to prepare its federal, state and local income
tax returns in accordance with applicable law then prevailing. In the event that the tax matters partner engages a Third Party to prepare the tax returns, it shall have the right to review drafts of such returns for a period of at least 30 days
prior to their due date(s), including any extensions. 
 9.7 Tax Elections. Except as otherwise expressly set forth in this Agreement,
the Members shall have the authority to make (or decline to make) all tax elections applicable to the Company, including an election under Section 754 of the Code. The Members hereby agree that the Company will elect to amortize organizational
costs over the period specified under Section 709(b) of the Code (or applicable successor provision). 
 9.8 Tax Matters Partner.
BP shall be the Company’s “tax matters partner” for purposes of subchapter C of chapter 63 of subtitle F of the Code (dealing with the tax treatment of partnership items), for so long as it is not the subject of a Bankruptcy Event and
is otherwise entitled to act as the tax matters partner under the Code. The tax matters partner may file a designation of itself as such with the Internal Revenue Service. The tax matters partner shall: 
 (a) furnish to each Member affected by an audit of the Company income tax returns a copy of each such notice or other communication received from the
Internal Revenue Service or applicable state authority; 
 (b) keep such Member informed of any administrative or judicial proceeding, as
required by Section 6223(g) of the Code; 
 (c) allow such Member an opportunity to participate in all such administrative and judicial
proceedings; and 
 (d) take such action as may be reasonably necessary to constitute such Member a “notice partner” within the
meaning of Section 6231 (a)(8) of the Code, provided that such Member provides the tax matters partner with the information necessary to take such action. 
  

									
		  		  	31	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 9.9 Distribution of Membership Interests in Beaumont. 
 (a) The provisions of Section 9.4(c) notwithstanding, either Member may at any time upon Notice to the Company and to the other Member cause the
Company to distribute to the Members in proportion to the Members’ relative Percentage Interests all of the membership interest (and any other ownership interest, however styled) in its subsidiary, Beaumont. 
 (b) Upon the distribution of the membership interest in Beaumont pursuant to Section 9.9(a), the limited liability company operating agreement for
Beaumont will be deemed automatically to be amended and restated such that it will thereupon consist of the terms of this Agreement, modified as follows: (i) the name Highlands shall be changed to the name Beaumont, and all references to the
“Company” shall be deemed to be references to Highlands; (ii) Article 2 and all Schedules under Article 2 shall be deleted; (iii) Section 15.1 shall be deleted; (iv) other provisions of, and Schedules (other than
Schedules under Article 2) and Exhibits to, this Agreement that are specific to Highlands shall be deemed revised to reflect correlative matters with respect to Beaumont; and (v) such other modifications as the Members may agree. 
 (c) At the time of the distribution of the membership interest in Beaumont pursuant to Section 9.9(a), the Budget of Beaumont shall be deemed to
consist of the portions of the then-current Budget of the Company that are identified to Beaumont. The Company will establish a separate bank account of Beaumont and contribute thereto such amounts as are designated to fund the Budget of Beaumont in
the then-current Budget of the Company, to the extent that such funds have not already been expended thereunder. 
 ARTICLE 10

 Restrictions on Transfer 
 10.1 Transfer of Interests. Neither Member may sell, assign, transfer or hypothecate (“Transfer”) all of any part of its Membership Interest in the Company, or any interest therein, except in accordance with the
terms and conditions set forth in this Article 10. 
 10.2 Consent Necessary to Transfer. Except as provided in Section 10.7 or
in Article 11, neither Member may Transfer all or any part of such Member’s Membership Interest, or any interest therein, without the prior written approval of the other Member (“Consent”). In addition, neither Member may
Transfer all or any part of such Member’s Membership Interest, or any interest therein, unless such Transfer will not (and, upon request of both Members, the transferring Member provides an opinion of counsel in form and substance reasonably
satisfactory to both Members that such Transfer will not): 
 (a) violate any applicable federal or state securities laws or regulations;

  

									
		  		  	32	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 (b) subject the Company to registration as an investment company or election as a “business
development company” under the Investment Company Act of 1940, as amended; 
 (c) require either Member or any Affiliate of a Member to
register as an investment adviser under the Investment Advisers Act of 1940, as amended; 
 (d) violate any other federal, state or local
laws; 
 (e) effect a termination of the Company under section 708 of the Code; 
 (f) cause the Company to be treated as an association taxable as a corporation for federal income tax purposes; 
 (g) cause the Company or either Member to be treated as a fiduciary under the Employee Retirement Income Security Act of 1974, as amended; or 

(h) otherwise violate this Agreement. 
 10.3 Conditions of Transfer. In the event that the other Member has granted its Consent to the proposed Transfer and the other requirements of Section 10.1 are met, then such Member shall execute a written consent to such
Transfer. Upon receipt of such written Consent, the transferring Member has a right to Transfer to the proposed transferee the Membership Interest as to which the Consent has been obtained, subject to Section 10.4 and the following conditions:

 (a) That such Transfer is consummated within sixty (60) days after the date of such Consent; and 
 (b) That such Transfer is made strictly in accordance with the terms of the proposed Transfer approved by the other Members. 
 10.4 Admission of Substitute Member. In the event that Consent to the Transfer is obtained and the other requirements of Sections 10.1, 10.2(h)
and this Section 10.4 are met, then the transferee of the Member’s Membership Interest shall be entitled to be admitted to the Company as a substitute Member, and this Agreement (and all exhibits hereto) shall be amended to reflect such
admission, provided that the following conditions are complied with: 
 (a) The transferor and transferee shall have executed and
acknowledged such instruments as both Members may deem necessary or desirable to effect the substitution; 
 (b) The transferee acknowledges
all of the terms and provisions of this Agreement as the same may have been amended and agrees in writing to be bound by the same; 
 (c) The
transferee reimburses the Company for all reasonable expenses connected with such admission including legal fees and costs; 
  

									
		  		  	33	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 (d) The filing with the Company, if required by both Members, of such proof of the investment intent and
financial status of the transferee as both Members may request; and 
 (e) The transfer complies with all applicable federal and state
securities laws. 
 10.5 Effect of Transfer without Consent. Any purported Transfer of all or any part of a Member’s Membership
Interest, or any interest therein, which is not in compliance with this Article 10 shall be void and of no effect. 
 10.6 Liability for
Breach. Notwithstanding anything to the contrary in this Article 10, either Member purporting to Transfer its Membership Interest, or any part thereof; in violation of this Article 10 shall be liable to the Company and the other Member for all
liabilities, obligations, damages, losses, costs and expenses (including reasonable attorneys’ fees and court costs) arising as a direct or consequential result of such non-complying transfer, attempted transfer or purported transfer, including
specifically, any additional cost or taxes created by non-compliance with any of the requirements and conditions provided for in Section 10.1. 
 10.7 Transfer Permitted Without Consent. Notwithstanding anything to the contrary provided for herein, either Member may Transfer all but not less than all of such Member’s Membership Interest without the consent of the other
Member in connection with the transfer or sale to a Third Party of; with respect to Verenium, all or substantially all of the collective U.S. biofuels business of Verenium and Verenium’s Affiliates, or, with respect to BP, all or substantially
all of BP’s assets or all of the equity interests in BP, in either case whether by merger, sale of stock, sale of assets or otherwise. Either Member may Transfer all but not less than all of such Member’s Membership Interest without
consent of the other Member to an Affiliate that is wholly owned, directly or indirectly, by the ultimate parent company of the transferring Member; provided, however, that following such Transfer, the Verenium Holder must at all times
remain an Affiliate of Verenium and the BP Holder must at all times remain an Affiliate of BP. Any permitted transfer under this Section 10.7 must satisfy the conditions set forth in Sections 10.2(a)-(h) and 10.4. The restrictions on
Transfers of Membership Interests by any Affiliate to whom a Membership Interest is transferred under this Section 10.7 shall be the same restrictions as apply to Members under this Article 10. For the avoidance of doubt, a transfer of the
Member’s Membership Interest (i) upon a Buy-Out under Section 7.5 or (ii) upon a transfer pursuant to Section 15.1(b) or pursuant to Section 15.2(d) shall not require Consent hereunder. 
  

									
		  		  	34	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 ARTICLE 11 
 Termination and Dissolution 
 11.1 Dissolution. The Company shall be dissolved upon the
occurrence of either of the following events: (i) the written consent of both Members: (ii) as provided in Section 14.5; or (iii) the entry of a decree of judicial dissolution under the Act. 
 11.2 Liquidation. 
 (a) Upon the
occurrence of an event of dissolution pursuant to the Act or Section 11.1 the Company shall cease to engage in any further business, except to the extent necessary to perform existing obligations, and shall wind up its affairs and liquidate its
assets. 
 (b) The Members shall appoint a liquidator (who may, but need not, be a Member) who shall have sole authority and control over the
winding up and liquidation of the Company’s business and affairs and shall diligently pursue the winding up and liquidation of the Company. As soon as practicable after his appointment, the liquidator shall cause to be filed a statement of
intent to dissolve as required by section 18-203 of the Act. 
 (c) During the course of liquidation, the Members shall continue to share
profits and losses as provided in Section 9.1, but there shall be no cash distributions to the Members until the Distribution Date. 
 11.3 Liabilities. Liquidation shall continue until the Company’s affairs are in such condition that there can be a final accounting, showing that all fixed or liquidated obligations and liabilities of the Company are satisfied
or can be adequately provided for under this Agreement. The assumption or guarantee in good faith by one or more financially responsible persons shall be deemed to be an adequate means of providing for such obligations and liabilities. The
Members’ obligations to any such persons making such assumption or guarantee shall be borne by the Members on a pro rata basis based on the relative Percentage Interests as of the date of determination. When the liquidator has determined that
there can be a final accounting, the liquidator shall establish a date (not to be later than the end of the taxable year of the liquidation, i.e., the time at which the Company ceases to be a going concern as provided in section 1.704-1(b)(2)(ii)(g)
of the Treasury Regulations, or, if later, 90 days after the date of such liquidation) for the distribution of the proceeds of liquidation of the Company (the “Distribution Date”). The net proceeds of liquidation of the Company
shall be distributed to the Members as provided in Section 11.5 not later than the Distribution Date. 
 11.4 Settling of
Accounts. Subject to section 18-804 of the Act, upon the dissolution and liquidation of the Company, the proceeds of liquidation shall be applied as follows: 
 (a) first, to pay all expenses of liquidation and winding up; 
  

									
		  		  	35	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 (b) second, to pay all debts, obligations and liabilities of the Company (including all environmental
liabilities and obligations of the Company such as decommissioning of fixed assets and/or remediation and reclamation of impacted land), in the order of priority as provided by law, other than debts owing to the Members or on account of
Members’ contributions; 
 (c) third, to pay all debts of the Company owing to either Member; and 
 (d) to establish reasonable reserves for any remaining contingent or unforeseen liabilities of the Company not otherwise provided for, which reserves
shall be maintained by the liquidator on behalf of the Company in a regular interest-bearing trust account for a reasonable period of time as determined by the liquidator. 
 If any excess funds remain in such reserves at the end of such reasonable time, then such remaining funds shall be distributed by the Company to the Members pursuant to Section 11.5. 
 11.5 Distribution of Proceeds. Subject to section 18-804 of the Act, upon final liquidation of the Company but not later than the Distribution
Date, except as provided in Section 11.2(a), the net proceeds of liquidation remaining following the settling of accounts in accordance with Section 11.4 shall be distributed to the Members in the manner and priority set forth in
Section 9.4(b), provided that after the distributions described in Section 9.4(b)(i) and (ii), liquidating distributions to the Members shall be made (x) first, until an amount equal to the aggregate Capital Contributions of the
Members has been distributed pursuant to this clause (x), in proportion to their relative Capital Contributions (except if less than all of the BP Initial Capital Contribution has been paid in cash to the Company, then the total Capital
Contributions of BP for this purpose shall consist of only the amount that has been paid to the Company in cash at that time), and (y) thereafter, all remaining assets shall be distributed in proportion to Percentage Interests. 
 11.6 Certificate of Cancellation. Upon dissolution and liquidation of the Company, the liquidator shall cause to be executed and filed with the
Secretary of State of the State of Delaware, a certificate of cancellation in accordance with section 18-203 of the Act. 
 ARTICLE 12 

 Limitation of Liability/Indemnification 
 12.1 Limited Liability. Except as expressly provided herein, neither Member will be liable to the other Member or to the Company hereunder with respect to any breach of its obligations under this Agreement
under any contract, negligence, strict liability or other legal or equitable theory for any special, indirect, incidental, consequential or punitive damages or lost profits, provided however that the foregoing will not limit the Company’s
rights to seek consequential or indirect damages for breach of the confidentiality provisions of Article 16. This 

  

									
		  		  	36	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 
paragraph does not limit either Member’s remedies or liabilities under the terms of any other agreements between them or among them and the Company.

 12.2 Indemnification: Proceeding Other Than by Company. The Company will indemnify any person who was or is a party or is
threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, except an action by or in the right of the Company, by reason of the fact that such person is
or was a Member, officer, employee or agent of the Company, or is or was serving at the request of the Company as a manager, member, director, officer, employee or agent of another limited liability company, corporation, partnership, joint venture,
trust or other enterprise, against expenses, including attorneys’ fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by such Person in connection with the action, suit or proceeding if such Person acted in
good faith and in a manner which such Person reasonably believed to be in or not opposed to the best interests of the Company, and, with respect to any criminal action or proceeding, had no reasonable cause to believe such Person’s conduct was
unlawful, except that such indemnification shall not extend to actions of or claims against a Member on a basis other than solely its status as a Member or the voting of its Membership Interests. The termination of any action, suit or proceeding by
judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, does not, of itself; create a presumption that the Person did not act in good faith and in a manner which such Person reasonably believed to be in or not
opposed to the best interests of the Company, and that, with respect to any criminal action or proceeding, such person had reasonable cause to believe that such Person’s conduct was unlawful. 
 12.3 Indemnification: Proceeding by Company. The Company will indemnify any person who was or is a party or is threatened to be made a party to
any threatened, pending or completed action or suit by or in the right of the Company to procure a judgment in its favor by reason of the fact that such Person is or was an officer, employee or agent of the Company (including secondees of either
Member), or is or was serving at the request of the Company as a manager, member, director, officer, employee or agent of another limited liability company, corporation, partnership, joint venture, trust or other enterprise against expenses,
including amounts paid in settlement and attorneys’ fees actually and reasonably incurred by such Person in connection with the defense or settlement of the action or suit if such Person acted in good faith and in a manner which such Person
reasonably believed to be in or not opposed to the best interests of the Company. Indemnification may not be made for any claim, issue or matter as to which such a person has been adjudged by a court of competent jurisdiction, after exhaustion of
all appeals therefrom, to be liable to the Company or for amounts paid in settlement to the Company, unless and only to the extent that the court in which the action or suit was brought or other court of competent jurisdiction determines upon
application that in view of all the circumstances of the case, the person is fairly and reasonably entitled to indemnity for such expenses as the court deems proper. 
  

									
		  		  	37	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 12.4 Mandatory Advancement of Expenses. The expenses of any Member or officer incurred in
defending a civil or criminal action, suit or proceeding relating to any act or failure to act by such Member or officer for or on behalf of the Company must be paid by the Company as they are incurred, and in advance of the final disposition of the
action, suit or proceeding, upon receipt of an undertaking by or on behalf of the Member or officer to repay the amount of such expenses if it is ultimately determined by a court of competent jurisdiction that such Member or officer is not entitled
to be indemnified therefor by the Company. The provisions of this Section 12.4 do not affect any rights to advancement of expenses to which personnel of the Company other than Members or officers may be entitled under any contract or otherwise.

 12.5 Effect and Continuation. The indemnification and advancement of expenses authorized in or ordered by a court pursuant to
Section 12.2 to Section 12.4, inclusive: 
 (a) does not exclude any other rights to which a person seeking indemnification or
advancement of expenses may be entitled under the Certificate or any limited liability company agreement, vote of Members, or otherwise, for either an action in such Person’s official capacity or an action in another capacity while holding such
Person’s office, except that indemnification, unless ordered by a court pursuant to Section 12.2 or Section 12.3, or for the advancement of expenses made pursuant to Section 12.4, may not be made to or on behalf of any Member or
officer if a final adjudication establishes that such Member’s or officer’s acts or omissions involved intentional misconduct, fraud or a knowing violation of the law and was material to the cause of action. 
 (b) continues for a person who has ceased to be a Member, officer, employee or agent and inures to the benefit of such Member’s, officer’s,
employee’s or agent’s successors, heirs, executors and administrators. 
 12.6 Insurance and Other Financial Arrangements.

 (a) The Company may purchase and maintain insurance or make other financial arrangements on behalf of any person who is or was a Member
(but solely with respect to its status as a Member), officer, employee or agent of the Company, or is or was serving at the request of the Company as a manager, member, director, officer, employee or agent of another limited liability company,
corporation, partnership, joint venture, trust or other enterprise, in each case for any liability asserted against such Person and liability and expenses incurred by such Person in such Person’s capacity as a member, manager, director,
officer, employee or agent, or arising out of such Person’s status as such, whether or not the Company has the authority to indemnify such Person against such liability and expenses. 
 (b) The other financial arrangements made by the Company pursuant to Section 12.6(a) may include: 
 (i) The creation of a trust fund; 
  

									
		  		  	38	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 (ii) The establishment of a program of self-insurance; 
 (iii) The securing of its obligation of indemnification by granting a security interest or other lien on any assets of the Company; or 
 (iv) The establishment of a letter of credit, guaranty or surety. 
 No financial arrangement made pursuant to this Section 12.6(b) may provide protection for a person adjudged by a court of competent jurisdiction, after exhaustion of all appeals therefrom, to be liable for intentional misconduct, fraud
or a knowing violation of law, except with respect to the advancement of expenses or indemnification ordered by a court. 
 (c) In the
absence of fraud: 
 (i) The decision of the Company as to the propriety of the terms and conditions of any insurance or other financial
arrangement made pursuant to this Section 12.6 and the choice of the person to provide the insurance or other financial arrangement is conclusive; and 
 (ii) The insurance or other financial arrangement: 
 (1) Is not void or voidable; and 
 (2) Does not subject any Member approving it to personal liability for such Member’s action, 
 even if an Officer or Member approving the insurance or other financial arrangement is a beneficiary of the insurance or other financial arrangement. 
 12.7 Notice of Indemnification and Advancement. Any indemnification of or advancement of expenses to, a Member or officer in accordance with this
Article 12, if arising out of a proceeding by or on behalf of the Company, shall be reported in writing to the Members with or before the notice of the next Members’ meeting. 
 12.8 Repeal or Modification. Any repeal or modification of this Article 12 by the Members of the Company shall not adversely affect any right of a
Member or officer of the Company existing hereunder at the time of or prior to such repeal or modification. 
 12.9 General Indemnity.
A Member shall, on demand from the other Member, subject to the limitations set forth in Section 12.1, indemnify such other Member against any loss, cost, claim, damage or expense (including reasonable legal fees) suffered or incurred as the
result of a breach of any covenant, obligation or representation under this Agreement by the indemnifying Member. Except as otherwise specifically provided in this Agreement (including remedies upon default pursuant to Article 15 or regarding
confidentiality under Section 16.4), the remedies set 

  

									
		  		  	39	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 
forth in this Section 12.9 shall be the exclusive remedy of either Member against the other with respect to breach of or claims arising with respect to
this Agreement. 
 ARTICLE 13 
 Inspection of Company Records; Annual and Other Reports 
 13.1 Records to be Kept. The Company shall keep at its
principal executive office: 
 (a) A current list of the hill name and last known business, residence or mailing address of each Member
separately identifying the Members in alphabetical order; 
 (b) A copy of the filed Certificate and all amendments thereto, together with
executed copies of any powers of attorney pursuant to which any document has been executed; 
 (c) Copies of this Agreement, and all
amendments hereto; 
 (d) Copies of the Company’s federal income tax returns and reports, if any, for the seven most recent years or
such longer period as may be requested by the tax matters partner appointed under Section 9.7; and 
 (e) Copies of any financial
statements of the Company for the three most recent years; and 
 (f) Minutes of proceedings of Members. 
 13.2 Inspection of Company Records. The accounting books and records, the record of Members, and minutes of proceedings of the Members of the
Company set forth in Section 13.1, and all non-financial records of the Company, shall be open to inspection upon the reasonable request of either Member at any reasonable time during usual business hours, for a purpose reasonably related to
such Member’s interest as a Member. Such inspection by a Member may be made in person or by agent or attorney, and the right of inspection includes the right to copy and make extracts. 
 13.3 Quarterly Reports. 
 (a) The
Company shall use reasonable efforts to deliver to the Members, within twenty (20) days, but in no event later than thirty (30) days, after the end of each Quarter, the quarterly estimated financial statements of the Company prepared in
accordance with GAAP and the Agreed Accounting Practices and Principles, consistently applied (“Quarterly Report”). 
 (b)
The Company shall provide such financial information as is reasonably required by the Members for the purpose of making estimated corporate income tax payments and to enable tax audits to be handled. 
  

									
		  		  	40	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 (c) The Company shall use reasonable efforts to deliver to the Members, within ten (10) days, but in
no event later than twenty (20) days, after the end of each month, a financial progress report, to include a report of actual results as compared to Budgets with commentary on variances, a balance sheet, cash flow and income and expenditure
statements, and otherwise drawn up in accordance with the content requirements and format as directed by the Members (“Monthly Operations Report”). 
 13.4 Annual Reports and Audit. At the end of each financial year, or as soon as reasonably practicable thereafter, the Company shall: 
 (a) Cause an account to be taken of all the assets and liabilities of the Company and of all dealings and transactions of the Company during such
financial year; 
 (b) Promptly, and in any event within forty-five (45) days after the end of each fiscal year, deliver or mail to the
Members, the annual estimated financial statements of the Company, prepared in accordance with GAAP and the Agreed Accounting Practices and Principles (“Annual Report”) consistently applied, to be audited by the Auditors within two
(2) months of the end of each financial year; and 
 (c) Cause the report of the Auditors to be delivered to the Company not later than
two (2) months after the end of the most recently completed fiscal year. 
 13.5 Audit Rights. The income statements and balance
sheets referred to in Sections 13.2 and 13.4 shall be accompanied by the report thereon of any independent accountants engaged by the Company (in the case of Annual Reports) and the certificate of an authorized officer of the Company (in the case of
Quarterly Reports) that such financial statements were prepared without audit from the books and records of the Company. In all cases the Company shall afford each Member and/or its auditors access to the books, accounts and records of the Company
as necessary to audit or verify its accounts. Further, the Company shall afford each Member (and its auditors or other representatives) access to the Company’s properties, assets, facilities, records and information for information, oversight
or other review purposes, including to conduct non-financial audits and assessments. 
  

									
		  		  	41	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 ARTICLE 14 
 Deadlock 
 14.1 Deadlock. A “Deadlock” shall be deemed to have occurred when
the Members are unable to reach a decision or take an action on one or more matters essential to the continued orderly operation of the Company and which renders the Company unable to carry out the Business, after Notice on at least two
(2) occasions from either Member (the second such Notice being given at least five (5) Business Days after the first such Notice) stating that such Member believes a decision or action on such matter(s) is necessary and failing which such
Member believes a Deadlock may result. 
 14.2 Purpose of Deadlock Resolution Mechanisms. The Members intend that the procedures set
forth in this Article 14 shall serve to facilitate amicable solutions to Deadlock, and agree that they shall be the exclusive remedy of the Members for Deadlock. 
 14.3 Deadlock Notice. The Member giving Notice under Section 14.1 may, at least five (5) Business Days but not more than twenty (20) Business Days after the second such Notice, serve a further
Notice on the other Member (“Deadlock Notice”): 
 (a) stating that in its opinion a Deadlock has occurred; and 

(b) identifying the matter giving rise to the Deadlock. 
 14.4 Undertakings Following Deadlock Notice. The Members undertake that after service of the Deadlock Notice they shall: 
 (a) immediately refer the matter giving rise to the Deadlock to the President of BP and the Chief Executive Officer of Verenium for resolution; and 
 (b) use reasonable efforts in good faith to resolve the dispute. 
 14.5 Forced Liquidation. Unless the Members agree otherwise, if the Deadlock has not been resolved by ninety (90) days from the date of the Deadlock Notice, the Members shall be deemed to have consented to
dissolution and liquidation under Article 11 and under the Act. At any time after the expiration of such 90 day period, and unless and until both Members notify the Company in writing that the Deadlock has been resolved or withdrawn, then either
Member acting individually may upon Notice to the Company (copy to the other Member) authorize and direct the Company to commence and pursue dissolution and liquidation proceedings, under Article 11 and under the Act. 
  

									
		  		  	42	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 ARTICLE 15 
 Default 
 15.1 BP Initial Funding Default: Special Forfeiture Remedy. 
 (a) Forfeiture. If there is a failure to make any scheduled payment of the BP Initial Capital Contribution when due, and such failure remains
uncured for a period of 15 days after Notice of non-payment, such failure shall be a “BP Initial Funding Default”. At all times that a BP Initial Funding Default exists and remains uncured, the Verenium Holder may elect by further
Notice to the BP Holder and the Company to treat the default as a forfeiture of a portion of the BP Membership Interest, and cause the Percentage Interests of the Parties to be automatically adjusted, effective as of the date of such Notice, as set
forth in paragraph (b) of this Section 15.1. Election of this remedy by the Verenium Holder cures the BP Initial Funding Default, and terminates any further obligation to make payment of the BP Initial Capital Contribution; provided that
the remedy set forth under Section 15.2(d)(i) shall remain available as set forth therein. Unless and until a remedy is elected that otherwise cures a BP Initial Funding Default, such default may be cured by payment to the Company of the amount
of the BP Initial Funding Default, plus interest at the lesser of twelve percent (12%) per annum, or the maximum rate permitted by law (such lesser rate being the “Default Rate”), calculated on the number of days elapsed from
the date payment was due, compounded monthly. 
 (b) Adjustment of Percentage Interests upon a Forfeiture. The Percentage Interest of
the Verenium Holder will be increased such that, after the adjustment, it shall equal the percentage obtained by dividing (i) the total Capital Contributions of the Verenium Holder at such time, by (ii) the sum of (A) the total
Capital Contributions of the Verenium Holder at such time, plus (B) the total Capital Contributions of the BP Holder that have been paid to the Company in cash at such time). The Percentage Interest of the BP Holder will be reduced by the
amount of the increase in the Percentage Interest of the Verenium Holder, such that the aggregate of all Percentage Interests after the adjustment shall equal 100%. At the time of such adjustment, the Company will issue a new Membership Certificate
to each Member in accordance with Section 4.1. 
 15.2 Capital Contribution Default. If (i) any Member (the
“Defaulting Member”) fails to make all or any portion of any Additional Capital Contribution when required pursuant to a Capital Call or as otherwise required by this Agreement (each a “Payment Default”), and such
failure remains uncured 30 days after Notice of such Payment Default from the other Member (the “Non-Defaulting Member”), or (ii) there is a continuing BP Initial Funding Default (where the Verenium Holder is the Non-Defaulting
Member and the BP Holder is the Defaulting Member), then in either case the Non-Defaulting Member may, at any time such default remains uncured, elect by delivery of Notice to the Defaulting Member any of the following remedies: 
 (a) Legal action to require payment of the defaulted amount. The Non-Defaulting Member may take, or cause the Company to take, such action,
including legal 

  

									
		  		  	43	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 
proceedings, as it may deem appropriate to obtain payment by the Defaulting Member of the Defaulting Member’s Capital Contribution that is in default,
together with interest thereon at the Default Rate from the date that the defaulted amount was due until the date that payment is made, all at the cost and expense of the Defaulting Member, and full payment by the Defaulting Member of such amount
shall cure the default; and 
 (b) Default Loan. The Non-Defaulting Member may advance funds to the Company in an amount equal to the
Capital Contribution that is in default, with the effect that such advance shall constitute a loan (a “Default Loan”) to the Defaulting Member by the Non- Defaulting Member, any such Default Loan to bear interest at the Default
Rate, calculated on the number of days elapsed, compounded monthly, in addition to any other remedies hereunder. For so long as any Default Loan remains unpaid, all distributions from the Company that otherwise would be made to the Defaulting Member
(whether before or after the Dissolution of the Company) instead shall be paid to the Non-Defaulting Member until the Default Loan and all interest accrued thereon have been paid in hill to the Non-Defaulting Member. Payments in respect of any
Default Loan will be applied in the order that such Default Loan was made, and all payments will be applied first to accrued but unpaid interest and then to reduce the outstanding principal amount of such Default Loan. A Default Loan shall become
automatically immediately due and payable by the Defaulting Member, and shall constitute a general obligation of the Defaulting Member upon the Dissolution of the Company. Any Default Loan shall be prepayable in whole or in part by the Defaulting
Member at any time without penalty, and full payment of the Default Loan shall cure the default; and 
 (c) Penalty Dilution. The
Non-Defaulting Member may advance to the Company an amount equal to the Capital Contribution of the Defaulting Member that is in default, as a dilutive Additional Capital Contribution of the Non-Defaulting Member and cause the Percentage Interests
to be recalculated in accordance with Section 15.3 of this Agreement, which conversion and dilution will be deemed to cure the relevant default. Until such time as a Default Loan is fully repaid, the Non-Defaulting Member may elect, upon Notice
to the Company and to the Defaulting Member, to convert the entire amount of the Default Loan (including any accrued but unpaid interest thereon) then outstanding to dilutive capital in accordance with this Section 15.2(c) and
Section 15.3; and 
 (d) Buyout of Membership Interest. 
 (i) The Non-Defaulting Member may require the Defaulting Member to transfer its Membership Interests to the Non-Defaulting Member at an acquisition price
(the “Default Consideration”) equal to fifty percent (50%) of the amount of the total Capital Contributions of the Defaulting Member (except if the BP Holder is the Defaulting Member at a time when less than all of the BP
Initial Capital Contribution has been paid to the Company, then the total Capital Contributions of the BP Holder for this purpose shall consist of only the amount that has been paid in cash at such time, and the exercise of the remedy under this
Section shall terminate any further obligation to make payment of the BP Initial Capital Contribution). Upon receipt of Notice of election of this remedy (“Default Transfer Notice”) and the Default 

  

									
		  		  	44	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 
Consideration, the Defaulting Member shall be deemed to transfer its Membership Interests, and shall promptly (and in no event later than five
(5) Business Days after receipt of a Default Transfer Notice) execute a transfer form and deliver such form and its Membership Interest Certificate to the Non-Defaulting Member. If the Defaulting Member does not transfer and deliver its
Membership Interest and Membership Certificate in accordance with its obligations under this Section 15.2(d), the Company shall be empowered to take action under Section 15.6 to effect the transfer. Any purchase of a Membership Interest
under this Section 15.2(d) will be deemed to cure the relevant default. Further, this remedy may be elected by the Verenium Holder for a period of thirty (30) days after the time that a BP Initial Funding Default is cured by election of
the forfeiture remedy set forth in Section 15.1(a). 
 (ii) The Non-Defaulting Member may elect to defer payment of the Default
Consideration. The obligation to pay the Default Consideration shall be reflected in a promissory note (“Promissory Note”) from the Non-Defaulting Member to the Defaulting Member, and shall be an obligation of the Non-Defaulting
Member, not of the Company. The Promissory Note shall be secured by the Membership Interest of the Non-Defaulting Member, shall bear interest at the Default Rate, and be due and payable in full at the earlier of (A) ninety (90) days after
it is issued, or (B) the occurrence of an Acceleration Event. 
 (iii) In the context of the transfers contemplated in this
Section 15.2(d), each Member hereby 
 (1) agrees that the nature and amount of the Default Consideration and the acquisition of
Membership Interests for the Default Consideration set forth in Section 15.2(d), is in each case reasonable and appropriate in the circumstances; and 
 (2) waives and undertakes not to raise by way of defense, whether in law or equity, that the nature or amount of the Default Consideration or the acquisition of Membership Interests pursuant to Section 15.2(d) is
unreasonable, excessive, penal, illegal or unenforceable. 
 15.3 Percentage Interest Adjustment for Penalty Dilution. If a
Non-Defaulting Member properly elects the remedy set forth in Section 15.2(c) and takes the actions required therein, then, as of the date of the Notice of election of such remedy, the interest of the Non-Defaulting Member will be increased
such that the Percentage Interest of the Non-Defaulting Member equals the percentage obtained by dividing (i) the sum of (x) the aggregate Additional Capital Contribution (including two (2) times the amount of the contribution paid in
respect of the amount due from the Defaulting Member) made by the Non-Defaulting Member, plus (y) the product of the pre-dilution aggregate Capital Contributions of all Members in the Company and the Percentage Interest of the Non-Defaulting
Member (prior to adjustments under this sentence), by (ii) the sum of (x) the aggregate Additional Capital Contribution paid by the Non-Defaulting Member, including one (1) times the contribution paid in respect of the amount due from
the Defaulting Member, plus (y) the pre-dilution aggregate Capital Contributions of all Members in the Company. The Percentage Interest of the Defaulting Member will be reduced by the amount 

  

									
		  		  	45	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 
of the increase in the Percentage Interest of the Non-Defaulting Member. In such case, the Company will issue a new Membership Certificates to each Member
reflecting such adjusted Percentage Interest in accordance with Section 4.1. 
 15.4 Other Defaults. If (i) a Bankruptcy
Event has occurred with respect to a Member or (ii) a Member transfers any of its Membership Interests to any person other than in accordance with the terms of this Agreement, then such Member will be deemed to have suffered a nonmonetary
default and will be a Defaulting Member hereunder. The rights of the Defaulting Member shall be limited as set forth in Section 15.5. The other Member shall be a Non- Defaulting Member hereunder and shall, following a period of five
(5) days after Notice of Default from the Non-Defaulting Member and until such default is cured, be entitled to exercise the buyout remedy under Section 15.2(d). 
 15.5 Limitation on Rights of Defaulting Member. During the period when a Member is a Defaulting Member and until cured, 
 (a) the right of the Defaulting Member to vote at Member meetings or by written notice shall be limited to those requiring supermajority approval, as set
forth in Section 4.8, and 
 (b) the Defaulting Member shall not be entitled to receive any distributions by the Company, except with
regard to payments (for the benefit of the Defaulting Member, but paid to the Non-Defaulting Member) under a Default Loan, provided that if the Company makes cash distributions to the other Members, any distributions that otherwise would be paid to
the Defaulting Member shall be retained by the Company and recorded as a debt obligation of the Company to the Defaulting Member, to be paid without interest upon the occurrence of an Acceleration Event. 
 ARTICLE 16 
 Confidentiality 

 16.1 Confidentiality Obligations. For so long as a Member is a Member in the Company and for ten (10) years thereafter, each
Member or the Company (each, in such a capacity, a “Receiving Party”) that receives Confidential Information of another party to this Agreement (each, in such a capacity, a “Disclosing Party”) shall keep
confidential and shall not publish or otherwise disclose Confidential Information to a third party or use Confidential Information for any purpose other than in connection with its activities as a Member in the Company, or in the case of the
Company, in the course of conducting Company’s Business or as otherwise authorized in Section 16.3 below. The Receiving Party will use at least the same standard of care as it uses to protect proprietary or confidential information of its
own (but no less than reasonable care) to ensure that its employees, agents, consultants, secondees and other representatives do not disclose or make any unauthorized use of the Confidential Information of the Disclosing Party. 
  

									
		  		  	46	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 16.2 Exceptions. The obligations set forth in Section 16.1 shall not apply to any portion of
Confidential Information which the Receiving Party can prove by competent evidence: 
 (a) is now, or hereafter becomes, through no act or
failure to act on the part of the Receiving Party in breach of this Agreement, generally known or available; 
 (b) is known by the Receiving
Party at the time of receiving such information as evidenced by documentation pre-dating disclosure to the Receiving Party by the Disclosing Party; 
 (c) is hereafter furnished to the Receiving Party by a Third Party, as a matter of right and without restriction on disclosure; or 
 (d) was independently developed by the Receiving Party without reference to information provided by the Disclosing Party, as evidenced by clear documentation. 
 Confidential Information will not be deemed to fall within any of the foregoing exceptions merely because such information is embraced by more general information which has been made publicly available, or because
portions thereof have been made publicly available. 
 16.3 Authorized Disclosure. The Receiving Party may disclose Confidential
Information of the Disclosing Party as expressly permitted by this Agreement or if and to the extent such disclosure is reasonably necessary in the following instances: 
 (a) exercising the rights and performing the obligations of the Receiving Party under this Agreement or pursuant to any other agreement between the Receiving Party and another party to this Agreement; 
 (b) prosecuting or defending litigation as permitted by this Agreement; 
 (c) complying with applicable laws and regulations or the rules of any exchange on which securities of the Receiving Party or any of its Affiliates are listed or traded; 
 (d) disclosure to its Affiliates and its and their employees, agents, contractors and consultants only on a need-to-know basis and solely as necessary in
connection with the performance of any agreement entered into in the course of conducting the Business of the Company, provided that each disclosee that receives Confidential Information is bound by similar obligations of confidentiality and
non-use at least as restrictive as those set forth in this Article 16 prior to any such disclosure; or 
 (e) disclosure to any bona fide
potential investor, investment banker, acquirer, merger partner, or other potential financial partner; provided that each such disclosee must execute a written confidentiality agreement with the Receiving Party which provides that it is bound
by obligations of confidentiality and non-use at least as restrictive as those set forth in 

  

									
		  		  	47	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 
this Article 16, prior to any such disclosure. A copy of each such written agreement shall be provided to the Company. 
 Notwithstanding the foregoing, in the event that the Receiving Party is required to make a disclosure of the Disclosing Party’s Confidential Information pursuant to
Section 16.3(b) or 16.3(c), the Receiving Party will, except where impracticable, give reasonable advance notice to the Disclosing Party of such disclosure and use efforts to secure confidential treatment of such information at least as
diligent as the Receiving Party would use to protect its own confidential information, but in no event less than reasonable efforts. In any event, the Receiving Party agrees to take all reasonable action to avoid disclosure of confidential
Information. 
 16.4 Injunctive Relief. Given the nature of the Confidential Information and the competitive damage that would result
to the Disclosing Party upon unauthorized disclosure, use or transfer of its Confidential Information to any Third Party, the parties agree that monetary damages may not be a sufficient remedy for any breach of this Article 16. In addition to all
other remedies, the Disclosing Party shall be entitled to seek specific performance and injunctive and other equitable relief as a remedy for any breach or threatened breach of this Article 16. 
 ARTICLE 17 
 Miscellaneous

 17.1 Regulatory and Legal Requirements. The Company agrees to comply with all material, applicable regulatory, statutory and
treaty requirements in any jurisdiction in which the Company operates. The Company shall comply with all applicable laws of the United States of America to which it is or may become subject, including the United States Export Control Regulations and
the Foreign Corrupt Practices Act. 
 17.2 Dispute Resolution. 
 (a) The parties recognize that disputes as to certain matters may from time to time arise under this Agreement which relate to the rights or obligations
of BP, Verenium and/or the Company under this Agreement. It is the objective of the parties to establish procedures to facilitate the resolution of disputes arising under this Agreement in an expedient manner by mutual cooperation and without resort
to litigation. To accomplish this objective, the parties agree to follow the procedures set forth in this Section 17.1 to resolve any controversy or claim arising out of, relating to or in connection with any provision of this Agreement (other
than a dispute constituting a deadlock referred to in Article 14, which shall be resolved as set forth therein), if and when a dispute arises under this Agreement. 
 (b) If there is an unresolved dispute relating to the terms of this Agreement, or the performance thereof BP or Verenium may commence the dispute resolution process by giving the other party formal written notice of
the dispute, including a description for the dispute 

  

									
		  		  	48	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 
in reasonably detail including the facts underlying the dispute, and the provision of the Agreement under which the dispute has arisen. 
 (c) If the dispute remains unresolved for 30 days after the dispute notice has been delivered, BP or Verenium may refer such dispute to the President of
BP and the Chief Executive Officer of Verenium, who shall meet in person or by telephone within 30 days after such referral to attempt in good faith to resolve such dispute. If such matter cannot be resolved by discussion of such officers within
such 30-day period (as may be extended by mutual written agreement), such dispute shall be resolved in accordance with Section 17.2(d). 
 (d) Any dispute that is not resolved as provided in Section 17.2(c) may be referred to arbitration in accordance with this Section 17.2(d), by BP or Verenium. Such arbitration shall be conducted in New York, New York, or any other
place selected by mutual agreement of BP and Verenium, in accordance with the Commercial Arbitration Rules of the AAA. Such arbitration shall be conducted by a single arbitrator with knowledge of and experience with the alternative energy industry
appointed by mutual consent of BP and Verenium or appointed by the AAA if the parties are unable to select an arbitrator within 30 days. The arbitrator shall apply the governing law set forth in Section 17.8. The arbitrator shall determine what
discovery shall be permitted, consistent with the goal of limiting the cost and time which the parties must expend for discovery; provided the arbitrators shall permit such discovery as they deem necessary to permit an equitable resolution of the
dispute. Any written evidence originally in a language other than English shall be submitted in English translation accompanied by the original or a true copy thereof The decision of the arbitrator shall be final and binding and conclusive on the
parties, and the judgment thereon may be entered into any court having jurisdiction over the parties and the subject matter thereof. The costs and expenses of the arbitration, but not the costs and expenses of the parties, will be shared equally by
BP and Verenium; provided that if the arbitrator determines that one party prevailed in the proceeding, then the other party will bear the entire cost and expense of the arbitration. If a party fails to proceed with arbitration, unsuccessfully
challenges the arbitration award, or fails to comply with the arbitration award, the other party is entitled to costs, including reasonable attorneys’ fees, for having 10 compel arbitration or defend or enforce the award. Except as otherwise
required by law, the parties and the arbitrator will maintain as confidential all information or documents obtained during the arbitration process, including the resolution of the dispute. 
 (e) The arbitrator shall, within 15 days after the conclusion of the arbitration hearing pursuant to Section 17.2(d), issue a written award and
statement of decision describing the essential findings and conclusions on which the award is based, including the calculation of any damages awarded. The arbitrator shall be authorized to award compensatory damages, but shall NOT be authorized
(i) to award non-economic damages, such as for emotional distress, pain and suffering or loss of consortium, (ii) to award punitive damages, or (iii) to reform, modify or materially change this Agreement; provided, however, that the
damage limitations described in clauses (i) and (ii) of this sentence will not apply if such damages are statutorily imposed. 
  

									
		  		  	49	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 (f) Notwithstanding the foregoing, (i) any party shall be permitted to seek a preliminary injunction
or other equitable remedy in the courts to preserve rights, which may otherwise be lost or encumbered in the absence of injunctive relief or to preserve the status quo, including preserving the confidentiality of Confidential Information, and
(ii) any dispute, controversy or claim relating to the scope, validity, enforceability or infringement of any Patent Rights or other intellectual property rights that are the subject of any Agreement shall be submitted to a court of competent
jurisdiction in which such Patent Rights or other intellectual property rights were granted or arose. 
 17.3 No Waiver. No consent or
waiver, express or implied, by either Member to or of any breach or default by the other Member in the performance by such other Member of its obligations under this Agreement shall constitute a consent to or waiver of any similar breach or default
by any other Member. Failure by either Member to complain of any act or omission to act by the other Member, or to declare such other Member in default, irrespective of how long such failure continues, shall not constitute a waiver by such Member of
its rights under this Agreement. The foregoing notwithstanding, the time periods set forth in Article 15 shall govern any Events of Default. 
 17.4 Amendments. Subject to any contrary provisions of the Act, this Agreement may be amended only by the affirmative vote of both Members. Any such amendment shall be in writing, duly executed by both Members. Subject to any
contrary provisions of the Act, the Certificate may only be amended by the affirmative vote of both Members. Any such amendment shall be in writing, and shall be executed and filed in accordance with section 18-202 of the Act. 
 17.5 Nature of Membership Interest: Agreement Is Binding Upon Successors. The interests of the Members in the Company constitute their personal
estate. In the event of the death or legal disability of other Member, the executor, trustee or administrator of such Member shall be bound by the provisions of this Agreement, including Sections 10.1 and 11.1. In the case of a Member which is not a
natural person, the successor of such Member shall be bound by the provisions of this Agreement, including Sections 10.1 and 11.1. 
 17.6
Assignment. Neither Member can assign this Agreement or the rights and obligations thereunder to another party without the prior written consent of the other Member, except as provided in Section 10.6. 
 17.7 Entire Agreement. This Agreement, together with all exhibits attached hereto which are hereby incorporated by reference, constitutes and
contains the entire understanding and agreement of the parties respecting the subject matter hereof and cancels and supersedes any and all prior and contemporaneous negotiations, correspondence, understandings, and agreements between the parties,
whether oral or written, regarding the subject matter hereof. 
 17.8 No Third-Party Beneficiaries. This Agreement is neither
expressly or impliedly made for the benefit of any party other than the parties. 
  

									
		  		  	50	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 17.9 Governing Law. This Agreement shall be governed by and construed under the substantive laws
of the State of Delaware, without regard to Delaware choice of law provisions or principles. 
 17.10 Counterparts. This Agreement may
be executed simultaneously in counterparts, including by transmission of facsimile or PDF copies of signature pages to the parties or their representative legal counsel, any one of which need not contain the signature of more than one party but both
such counterparts taken together will constitute one and the same agreement. 
 17.11 Delaware Limited Liability Company Act Prevails.
Unless the context otherwise requires, the general provisions, rules of construction and definitions contained in the Act and the Delaware General Corporation Law shall govern the construction of this Agreement; provided, however, that in the event
of any inconsistency between such laws; the provisions of the Act shall prevail. 
 17.12 Severability. When possible, each provision
of this Agreement will be interpreted in such manner as to be effective and valid under applicable laws and regulations, but, if any provision of this Agreement is held to be prohibited by or invalid under applicable laws and regulations, such
provision will be ineffective but only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or of this Agreement. The parties will make a good faith effort to replace the invalid or unenforceable
provision with a valid one which in its economic effect is most consistent with the invalid or unenforceable provision. 
 17.13 Costs and
Expenses. The Members agree to be responsible for their own costs and expenses related to the formation of the Company and the preparation and execution of this Agreement. 
 17.14 Insurance. The Members may direct the Company from time to time to purchase adequate, reasonable and customary personal, property and
product liability insurance. 
 17.15 Public Announcements. Verenium and/or BP may, by mutual written agreement, issue a press release
announcing the execution of this Agreement, which shall be substantially in a form approved by the parties prior to execution of this Agreement. Except with respect to such initial release or as otherwise required by applicable laws or regulations
or the rules of any exchange on which the securities of a party are listed for trading, no party shall issue an additional press release or public announcement relating to this Agreement without the prior written approval of BP and Verenium, which
shall not be withheld unreasonably. In connection with any filing of either this Agreement if required to comply with the disclosure requirements of the Securities and Exchange Commission or comparable regulatory agency or any stock exchange upon
which securities of a party are listed, Verenium and BP shall consult with one another concerning which terms of this Agreement shall be requested to be redacted in any public disclosure of this Agreement by the applicable regulatory agency. In the
event that any party wishes to refer to any other party or the transactions under this Agreement in promotional or other communications with prospective customers and investors, such party shall first provide 

  

									
		  		  	51	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 
the other party with advance notice of such proposed disclosure and the form, substance and intended use of such proposed disclosure and obtain the prior
written approval of the other party to the form, substance and intended use of such proposed disclosure. Notwithstanding anything to the contrary in this Section 16.4, a party may reference information that is already in the public domain in a
communication that does not use the other party’s logo or imply an endorsement by the other party, without complying with advance notice and approval requirements, and after a party has obtained the other party’s written approval of the
form, substance and intended use of a particular reference, no further approval of the other party will be required for inclusion of the same reference in future communications that are intended for the same use. 
 17.16 Notices. Any notice to be given under this Agreement must be in writing and delivered either in person, by any method of mail (postage
prepaid) requiring return receipt, or by overnight courier or facsimile confirmed thereafter by any of the foregoing, to the party to be notified at its address(es) given below, or at any other address such party has previously designated by prior
written notice to the other. Notice shall be deemed sufficiently given for all purposes upon the earlier of: (a) the date of actual receipt; (b) if mailed, three (3) Business Days after the date of postmark; or (c) if delivered
by overnight courier, the next Business Day that the overnight courier regularly makes deliveries. 
  

							
	If to Verenium:	 	If to BP:	  	
			
	Verenium Biofuels Corporation	 	BP Biofuels North America LLC	  	
	55 Cambridge Parkway	 	28100 Torch Parkway	  	
	Cambridge, MA 02142	 	Warrenville, IL 60555	  	
	Attention:	  	Chief Legal Officer and Chief	 	Attention: Director of Business Development
		  	Financial Officer	 	Fax: (630) 836-5855	  	
	Fax: (617) 674-5301	 		  	
			
	If to the Company:	 		  	
			
	Highlands Ethanol, LLC	 		  	
	55 Cambridge Parkway	 		  	
	Cambridge, MA 02142	 		  	
	Attention: Managing Director	 		  	
	Attention: Chief Financial Officer	 		  	
	Fax: (617) 674-5301	 		  	

 [Signature page follows.] 
  

									
		  		  	52	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective duly
authorized officers, and have duly delivered and executed this Agreement as of February 18, 2009. 
  

			
	BP Biofuels North America LLC
		
	By:	 	 /s/    Susan A. Ellerbusch

	Name:	 	Susan A. Ellerbusch
	Title:	 	President
	
	Verenium Biofuels Corporation
		
	By:	 	 /s/    Carlos A. Riva

	Name:	 	Carlos A. Riva
	Title:	 	President and CEO
	
	Highlands Ethanol, LLC
		
	By:	 	 /s/    Carlos A. Riva

	Name:	 	Carlos A. Riva
	Title:	 	President and CEO

  

									
		  		  	1	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 SCHEDULE 1 
 NAMES AND ADDRESSES, CAPITAL CONTRIBUTIONS AND 
 PERCENTAGE INTERESTS OF MEMBERS 
  

									
	 Name and Address of Members
	  	Date of
Contribution	  	Amount of All
Capital
Contributions	  	Percentage
Interest	 
	 Verenium Biofuels
 55 Cambridge Parkway
 Cambridge MA 02142
	  	2/18/09	  	$	22,500,000	  	50.0	%.
				
	 BP Biofuels North America LLC
 28100 Torch Parkway
 Warrenville, IL 60555
	  	2/18/09	  	$	22,500,000	  	50.0	%
				
	 Totals
	  		  	$	45,000,000	  	100.0	%

  

									
		  		  	1	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	 Verenium

 EXHIBIT A 
 DEFINITIONS 
 “AAA” means the American Arbitration Association. 
 “Acceleration Event” means any of (i) commencement of the Execute phase under the Capital Value Process, (ii) the closing of construction
funding for the Highlands Project, (iii) sale of all or substantially of the assets of the Company, (iv) sale of Membership Interests to any Third Party, or (v) liquidation of the Company. 
 “Act” has the meaning set forth in the recitals to this Agreement. 
 “Additional Capital Contributions” has the meaning set forth in Section 8.1. 
 “Adjusted Capital Account”
means each Member’s Capital Account, increased by the amount of such Member’s unconditional obligation to contribute capital to the Company and such Member’s share of “minimum gain” and “partner nonrecourse debt minimum
gain” as such terms are defined in Treasury Regulation section 1.704-2. 
 “Affiliate” means with respect to either party, any Person
that, directly or indirectly, is controlled by, controls or is under common control with such party. For purposes of this Agreement, “control” (including, with correlative meanings, the terms “controlled by” and “under
common control with”) means, with respect to any Person, the direct or indirect ownership of 50% or more of the voting or income interest in such Person or the possession otherwise, directly or indirectly, of the power to direct the management
or policies of such Person. The Company shall not be considered an Affiliate of BP or Verenium for the purposes of this Agreement. 
 “Agreed
Accounting Practices and Policies” means the accounting practices and policies set out in Exhibit I. 
 “Agreement” means
this Amended and Restated Limited Liability Company Operating Agreement, as amended in accordance with its terms. 
 “Annual Report” has the
meaning set forth in Section 13.4(b). 
 “Appraise” has the meaning set forth in the Capital Value Process. 
 “Bankruptcy Event” means, with respect to any Person, such Person: (i) making an assignment for the benefit of creditors; (ii) filing a
voluntary petition for bankruptcy; (iii) being adjudged bankrupt or insolvent, or having an order for relief entered against such Person, in any bankruptcy or insolvency proceeding; (iv) filing a petition or answer seeking for such Person
any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law or regulation; (v) filing an answer or other pleading admitting or failing to contest the material allegations of a
petition filed against such Person in proceedings of the 

  

									
		  		  	1	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 
foregoing nature; (vi) seeking, consenting to, or acquiescing in the appointment of a trustee, receiver or liquidator of such Person or of all or any
substantial portion of the assets of such Person. 
 “Beaumont” has the meaning set forth in Section 2.4(b). 
 “Beaumont Assets” has the meaning set forth in Section 2.4(d). 
 “Beaumont Contracts” has the meaning set forth in Section 2.4(e). 
 “Beaumont
Project” means the energy grasses-to-ethanol project to be located at or near Beaumont, Texas. 
 “Book Value” means, (i) with
respect to property contributed by either Member, the fair market value of such property at the time of contribution (it being agreed that each of the Verenium Initial Capital Contribution and the BP Initial Capital Contribution has a fair market
value at the Effective Date of $22,500,000), or (ii) with respect to property purchased or otherwise acquired by the Company, the Company’s initial basis for federal income tax purposes, decreased in either case by book depreciation
allocable thereto and increased or decreased in either case from time to time to reflect the adjustments required or permitted by Treasury Regulation Section 1.704-1(b)(2)(iv)(f)). 
 “Boundary Conditions” has the meaning set forth in Section 7.3(d). 
 “BP” has the
meaning set forth in the preamble to this Agreement. 
 “BP Holder” means the holder of the BP Membership Interests. 
 “BP Initial Capital Contribution” has the meaning set forth in Section 2.1. 
 “BP Initial Funding Default” has the meaning set forth in Section 15.1(a). 
 “BP Membership
Interests” means the Membership Interests initially issued by the Company to BP. 
 “Budget” means a statement setting forth the
estimated receipts and expenditures (capital, operating and other) of the Company for the period covered by such statement, prepared in accordance with a format approved by both Members and approved by both Members in the manner provided for herein.

 “Business” has the meaning set forth in Section 3.3. 
 “Business Day” means a day, other than a Saturday or Sunday, during which banks and similar financial institutions in New York, New York are generally open for business. 
  

									
		  		  	2	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 “Business Plan” means any business plan and related budget for the development of the Business approved
in accordance with Section 6.1. 
 “Business Services Agreement” means the agreed form agreement between BP or Verenium, as the case
may be, and the Company for the provision of business support services from such party and its Affiliates to the Company. 
 “Buy-Out” has
the meaning set forth in Section 7.5. 
 “Buy-Out Note” has the meaning set forth in Section 7.5(b). 
 “Buy-Out Price” means a purchase price for purposes of either Section 7.3(f) or 7.4(e), as applicable, equal to the total Capital Contributions of
the Non-Participating Member at the time of the Buy-Out; provided, however that if the BP Holder is the Non-Participating Member at a time when less than all of the BP Initial Capital Contribution has been paid to the Company, then
(i) the total Capital Contributions of the BP Holder for this purpose shall consist of only the amount that has been paid, and (ii) any remaining obligation of BP with respect thereto shall be deemed released. 
 “Capital Account” has the meaning set forth in Section 8.6. 
 “Capital Call” has the meaning set forth in Section 8.2. 
 “Capital Contributions” means the BP Initial
Capital Contribution and the Verenium Initial Capital Contribution and any Additional Capital Contributions, and, in the case of each Member, the aggregate of all such capital contributions made by such Member. 
 “Capital Value Process” means the process described in Exhibit J. 
 “Certificate” means the certificate of formation of the Company filed with the Delaware Secretary of State on October 22, 2007, as amended from time to time. 
 “Code” means the United States Internal Revenue Code of 1986, as amended, or any corresponding provision or provisions of any succeeding law.

 “Company” has the meaning set forth in the preamble to this Agreement. 
 “Confidential Information” means all information of a proprietary and confidential nature, whether tangible or intangible, furnished or made available by a Person in connection with the transactions
contemplated by this Agreement or any agreement contemplated hereunder, whether in written, electronic or any other form, which such Person. For the sake of clarity, the terms of this Agreement shall be the Confidential Information of each Member
and the Company. 
 “Consent” has the meaning set forth in Section 10.2. 
  

									
		  		  	3	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 “Deadlock” has the meaning set forth in Section 14.1. 
 “Deadlock Notice” has the meaning set forth in Section 14.3. 
 “Default Consideration” has the meaning set forth in Section 15.2(d). 
 “Default Loan” has the meaning set
forth in Section 15.2(b). 
 “Default Rate” has the meaning set forth in Section 15.1(a). 
 “Default Transfer Notice” has the meaning set forth in Section 15.2(d). 
 “Defaulting Member” has the meaning set forth in Section 15.4. 
 “Define” has the
meaning set forth in the Capital Value Process. 
 “Define FM” has the meaning set forth in the Capital Value Process. 
 “Disclosing Party” has the meaning means set forth in Section 16.1. 
 “Distribution Date” has the meaning set forth in Section 11.3. 
 “Effective Date” has
the meaning set forth in the preamble to this Agreement. 
 “Encumbrance” means any mortgage, pledge, lien, charge, assignment,
hypothecation, or other agreement or arrangement which has the same or a similar effect to the granting of security. 
 “Execute” has the
meaning set forth in the Capital Value Process. 
 “Execute FM” has the meaning set forth in the Capital Value Process. 
 “GAAP” means generally accepted accounting principles in the United States consistently applied and shall mean IFRS consistently applied at such time as
IFRS becomes the generally accepted accounting standard in the United States and applicable laws require United States public companies to use IFRS. 
 “Galaxy” has the meaning set forth in the preamble to this Agreement. 
 “Galaxy Operating Agreement” has the
meaning set forth in the recitals to this Agreement. 
 “Highlands Assets” has the meaning set forth in Section 2.4(d). 
 “Highlands Contracts” has the meaning set forth in Section 2.4(e). 
 “Highlands Project” means the energy grasses-to-ethanol project to be locate at or near Highlands, Florida. 
  

									
		  		  	4	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 “IFRS” means International Financial Reporting Standards. 
 “Interests” has the meaning set forth on the front cover page of this Agreement. 
 “Investment Decision” means any decision to be made by a Member pursuant to the terms of Article 7, including any decision to move the Highlands Project from the Select phase to the Define phase under
Section 7.3, or from the Define Phase to the Execute Phase under Section 7.4. 
 “JDA” has the meaning set forth in the recitals
to this Agreement. 
 “Letter” means the letter delivered by Verenium to BP in connection with this Agreement, containing confidential or
business-sensitive information. 
 “Lykes Contracts” means, collectively, any agreements entered into by Verenium (or any Affiliate of
Verenium) and Lykes Bros. Inc., a Florida corporation, including those set forth on Schedule 2.4(e)-A. 
 “Losses” means all losses,
damages, liabilities, expenses and costs, including reasonable legal expense and attorneys’ fees. 
 “Member” has the meaning set forth
in Section 4.1. 
 “Membership Certificates” shall mean certificates issued by the Company to its Members from time to time evidencing
such Members’ Membership Interests. 
 “Membership Interest” means the ownership interest of a Member in the Company, including a
Member’s right to share in the Company’s items of income, gain, loss, deduction, credits and similar items, and the right to receive distributions from the Company, as well as a Member’s rights to vote and otherwise participate in the
operation or affairs of the Company as provided for herein and under the Act. 
 “Monthly Operations Report” has the meaning set forth in
Section 13.3(c). 
 “Non-Defaulting Member” has the meaning set forth in Section 15.4. 
 “Non-Participating Member” means the Member that determines that it does not wish to proceed with the development of the Highlands Project pursuant to
either Section 7.3(1) or 7.4(e), as applicable, where only one Member so determines. 
 “Notice” means a notice delivered in accordance
with Section 17.16. 
 “Officer” has the meaning set forth in Section 5.1. 
 “Organization Chart” has the meaning set forth in Section 5.1. 
  

									
		  		  	5	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 “Participating Member” means the Member that determines that it wishes to proceed with the development
of the Highlands Project pursuant to either Section 7.3(f) or 7.4(e), as applicable, where only one Member so determines. 
 “Payment
Default” has the meaning set forth in Section 15.2. 
 “Percentage Interest” means, for each Member, the percentage of
Membership Interests set forth opposite its name in Schedule 1 attached hereto, as such percentage may be adjusted from time to time. 
 “Performance Loan” has the meaning set forth in Section 6.5(c). 
 “Permitted Encumbrances” means shall mean
as of any given time: (i) non-filed liens and charges for property taxes or assessments not then due and payable; and (ii) non-filed vendors’ or materialmen’s liens arising in the ordinary course for services rendered or goods
delivered with regard to payments not yet due. 
 “Person” means any individual, corporation, association, partnership (general or limited),
joint venture, trust, estate, limited liability company, limited liability partnership, unincorporated organization, government (or any agency or political subdivision thereof) or other legal entity or organization. 
 “Policies” has the meaning set forth in Section 5.3. 
 “Promissory Note” has the meaning set forth in Section 15.2(d)(ii). 
 “Quarter” means a period of any three
(3) consecutive months beginning with January, April, July or October, as applicable. 
 “Quarterly Report” has the meaning set forth
in Section 13.3(a). 
 “Receiving Party” has the meaning means set forth in Section 16.1. 
 “Related-Party Agreement” means any agreement between the Company, on the one hand, and a Member or any of its Affiliates, on the other hand.

 “Representative” has the meaning set forth in Section 4.2. 
 “Requisite Percentage” has the meaning set forth in Section 4.5. 
 “Secondment
Agreement” has the meaning set forth in 5.4(b). 
 “Securities Act” has the meaning set forth on the front cover page of this
Agreement. 
 “Select” has the meaning set forth in the Capital Value Process. 
  

									
		  		  	6	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 “Third Party” means any Person that is not a party to this Agreement, or an Affiliate of any party to
this Agreement. 
 “Transfer” has the meaning set forth in Section 10.1. 
 “Treasury Regulations” means the final and temporary regulations promulgated under the Code, as amended from time to time. 
 “Verenium” has the meaning set forth in the preamble to this Agreement. 
 “Verenium
Holder” means the holder of the Verenium Membership Interests. 
 “Verenium Initial Capital Contribution” has the meaning set forth
in Section 2.2. 
 “Verenium Membership Interests” means the Membership Interests initially issued by the Company to Verenium.

 “Wildcat Lease” means that certain Wildcat Farming Lease dated as of June 6, 2008 entered into by Verenium and Lykes Bros. Inc., a
Florida corporation, in connection with the Highlands Project and assigned by Verenium to the Company prior to the Effective Date, as amended by the First Amendment dated December 3, 2008 and as the same may be further amended from time to
time. 
  

									
		  		  	7	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 EXHIBIT B 
 FORM OF 
 MEMBERSHIP CERTIFICATE FOR 
 HIGHLANDS ETHANOL, LLC 
 ANY TRANSFER OF THIS MEMBERSHIP CERTIFICATE OR ANY MEMBERSHIP INTERESTS
REPRESENTED HEREBY IS SUBJECT TO THE TERMS AND CONDITIONS OF THE LIMITED LIABILITY COMPANY AGREEMENT (AS DEFINED BELOW). 
  

			
	 Certificate Number    
	  	     % Percentage Interest

 Highlands Ethanol, LLC, a Delaware limited liability company (the “Company”),
hereby certifies that
                                        
(the “Holder”), for good and valuable consideration received or to be received in accordance with the Amended and Restated Limited Liability Company Agreement of the Company dated as of February 18, 2009, as the same may be
amended or restated from time to time (the “Limited Liability Company Agreement”), is the registered owner of: 
 Fifty
percent (50%) of the membership interests in the Company (the “Membership Interests”). 
 The rights, powers,
preferences, restrictions and limitations of the Membership Interests are set forth in, and this Membership Certificate and the Membership Interests represented hereby are issued and shall in all respects be subject to the terms and provisions of
the Limited Liability Company Agreement. By acceptance of this Membership Certificate, and as a condition to being entitled to any rights and/or benefits with respect to the Membership Interests evidenced hereby, the Holder is deemed to have agreed
to comply with and be bound by all the terms and conditions of the Limited Liability Company Agreement. The Company will furnish a copy of the Limited Liability Company Agreement to the Holder without charge upon written request to the Company at
its principal place of business. 
 This Membership Certificate may be executed in one or more counterparts, each of which when taken
together shall constitute a single instrument. 
 This Membership Certificate shall be governed by and construed in accordance with the laws
of the State of Delaware without regard to principles of conflicts of laws. 
  

									
		  		  	1	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 IN WITNESS WHEREOF, the Company has caused this Certificate to be executed as of the date
set forth below. 
 Dated             , 2009 
  

			
	HIGHLAND ETHANOL, LLC
	
	BY ITS MEMBERS:
	
	  

	  

		
	By:	 	  

	Its:	 	  

			
		
	Address:	 	  

		 	  

		 	  

			
	
	  

	  

		
	By:	 	  

	Its:	 	  

			
		
	Address:	 	  

		 	  

		 	  

  

									
		  		  	2	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 EXHIBIT C 
 FORM OF 
 POWER OF ATTORNEY 
 This Power of Attorney is executed and delivered by
[                                        
], a Delaware [limited liability company/corporation] (“Grantor”) to Highlands Ethanol, LLC, a Delaware limited liability company (the “Company”), under the Amended and Restated Limited Liability Company
Operating Agreement of Highlands Ethanol, LLC dated as of February 18, 2009 (as amended, restated, supplemented or otherwise modified from time to time, the “Operating Agreement;” all capitalized terms used but not otherwise
defined herein shall have the respective meanings ascribed to such terms in the Operating Agreement). No Person to whom this Power of Attorney is presented, as authority for the Company to take any action or actions contemplated hereby, shall be
required to inquire into or seek confirmation from Grantor as to the authority of the Company to take any action described below, or as to the existence of or fulfillment of any condition to this Power of Attorney, which is intended to grant to the
Company unconditionally the authority to take and perform the actions contemplated herein, and Grantor irrevocably waives any right to commence any suit or action, at law or in equity, against any Person which acts in reliance upon or acknowledges
the authority granted under this Power of Attorney. The power of attorney granted hereby is coupled with an interest, and may not be revoked or canceled by Grantor without the Company’s written consent. 
 Grantor hereby irrevocably constitutes and appoints the Company (and all officers, employees or agents designated by the Company), with full power of substitution, as
Grantor’s true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of Grantor and in the name of Grantor or in its own name, from time to time in the Company’s discretion, to take any and all
appropriate action and to execute and deliver any and all documents and instruments (including Membership Certificates) which may be necessary or desirable to effect a transfer of Grantor’s Membership Interest (i) upon a Buy-Out pursuant
to Section 7.5 of the Operating Agreement or (ii) upon a transfer pursuant to Section 15.1(b) or Section 15.2(d) of the Operating Agreement. Grantor hereby ratifies, to the extent permitted by law, all that the Company shall
lawfully do or cause to be done by virtue hereof. 
 [signature appears on the following page] 
  

									
		  		  	1	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 IN WITNESS WHEREOF, Grantor has caused this Power of Attorney to be executed and delivered by its duly authorized
representative as of February     , 2009. 
  

			
	[GRANTOR]
		
	By:	 	  

	Name:	 	
	Title:	 	

 NOTARY PUBLIC CERTIFICATE 
 On this      day of February, 2009,
                                    , who is personally known
to me appeared before me in his capacity as the
                                        
of                              (“Grantor”), and executed on behalf of Grantor the
Power of Attorney in favor of Highlands Ethanol, LLC to which this Certificate is attached. 
  

	
	  
 Notary
Public

	
	 [Notarial Seal]

  

									
		  		  	2	  	 /s/    SAE
	  	BP
		  		  		  	 /s/    CAR
	  	Verenium

 February 18, 2009 
 Susan A. Ellerbusch 
 President 
 BP Biofuels North
America LLC 
 28100 Torch Parkway 
 Warrenville, IL 60555

  

	Re:	Amended and Restated Limited Liability Company Operating Agreement of Highlands Ethanol, LLC, effective as of February 18, 2009 (the “Operating Agreement”) 

 Ladies and Gentlemen: 
 This letter (the “Letter”) will confirm the understanding of Verenium and BP regarding certain matters relating to the Operating Agreement and the schedules and exhibits attached hereto are legally binding on
Verenium, BP and Highlands. Capitalized terms used but not otherwise defined in this Letter shall have the meanings provided in the Operating Agreement. 
  

	1.	Schedule 2.1 to the Operating Agreement shall be as set forth in Schedule 2.1 to this Letter. 

  

	2.	Schedule 2.4(d)-A to the Operating Agreement shall be as set forth in Schedule 2.4(d)-A to this Letter. 

  

	3.	Schedule 2.4(d)-B to the Operating Agreement shall be as set forth in Schedule 2.4(d)-B to this Letter. 

  

	4.	Schedule 2.4(e)-A to the Operating Agreement shall be as set forth in Schedule 2.4(e)-A to this Letter. 

  

	5.	Schedule 2.4(e)-B to the Operating Agreement shall be as set forth in Schedule 2.4(e)-B to this Letter. 

  

	6.	Schedule 5.1 to the Operating Agreement shall be as set forth in Schedule 5.1 to this Letter. 

  

	7.	Exhibit D to the Operating Agreement shall be as set forth in Exhibit D to this Letter. 

  

	8.	Exhibit E to the Operating Agreement shall be as set forth in Exhibit E to this Letter. 

  

	9.	Exhibit F to the Operating Agreement shall be as set forth in Exhibit F to this Letter. 

  

	10.	Exhibit G to the Operating Agreement shall be as set forth in Exhibit G to this Letter. 

  

	11.	Exhibit H to the Operating Agreement shall be as set forth in Exhibit H to this Letter. 

  

	12.	Exhibit I to the Operating Agreement shall be as set forth in Exhibit I to this Letter. 

  

	13.	Exhibit J to the Operating Agreement shall be as set forth in Exhibit J to this Letter. 

	14.	The initial Representatives appointed by BP under Section 4.2 of the Operating Agreement shall be as specified below: 

 Susan A. Ellerbusch 
 B. Peter Matrai

  

	15.	The initial Representatives appointed by Verenium under Section 4.2 of the Operating Agreement shall be as specified below: 

 Carlos A. Riva 
 Gerald M. Haines II

 The parties hereby agree that this Letter, together with the schedules and exhibits attached hereto, shall be subject to the terms and
conditions of the Operating Agreement. 
 This Letter may be executed (including, without limitation, by facsimile signature) in
counterparts, each of which shall be deemed an original, but both of which together shall constitute one and the same instrument. 
  

			
	VERENIUM BIOFUELS CORPORATION
		
	By:	 	 /s/    Carlos A. Riva

	Name:	 	Carlos A. Riva
	Title:	 	President and CEO

  

			
	Acknowledged and Agreed:
	
	BP BIOFUELS NORTH AMERICA LLC
		
	By:	 	 /s/    Susan A. Ellerbusch

	Name:	 	Susan A. Ellerbusch
	Title:	 	President

 SCHEDULE 2.1 
 BP PAYMENT SCHEDULE 
  

			
	 April 1, 2009
	  	$[ * ]
		
	 July 1, 2009
	  	$[ * ]
		
	 October 1, 2009
	  	$[ * ]
		
	 January 4, 2010
	  	$[ * ]

 CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED 
 AND FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE 
 SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 SCHEDULE 2.4(d)-A 
 HIGHLANDS ASSETS 
  

	1.	See Schedule 2.4(e)-A 

  

	2.	Special Use Permit issued to the Company on December 23, 2008 

 SCHEDULE 2.4(d)-B 
 BEAUMONT ASSETS 
  

	1.	See Schedule 2.4(e)-B 

 SCHEDULE 2.4(e)-A 
 HIGHLANDS CONTRACTS 
 1. Option and Purchase and Sale Agreement between Lykes
Bros. Inc. and Verenium Biofuels Corp. dated June 6, 2008; Amendment Number One dated August 29, 2008; Assignment to Highlands Ethanol, LLC 
 2. Notice of Option dated June 6, 2008 between Lykes Bros. Inc. and Verenium Biofuels Corp. dated June 6, 2008 
 3. Title
Commitment and Supporting documents dated July 3, 2008 
 4. Wildcat Farming Lease by and between Lykes Bros. Inc. and Verenium Biofuels Corp,
dated June 6, 2008; First Amendment dated December 3, 2008; Assignment to Highlands Ethanol, LLC 
 5. Agreement between Royal Consulting
Services, Inc. and Highlands Ethanol, LLC for Engineer Services dated December 24, 2008 governing the preliminary plan and conceptual plan for the farm design 
 6. Monkey Hammock Growing Services Agreement between Lykes Bros. Inc. and Verenium Biofuels Corporation dated October 31, 2007; Assignment to Highlands Ethanol, LLC 
 7. Monkey Hammock Farming Lease between Lykes Bros. Inc. and Verenium Biofuels Corporation dated November 1, 2007; Assignment to Highlands Ethanol, LLC 
 8. Farm to Fuels Grant Agreement and Award Letter and Florida Farm to Fuel Grants Agreement between Department of Agriculture and Consumer Services and Highlands
Ethanol, LLC dated January 6, 2009 
 9. Certificate of Formation and Amendment Highlands Ethanol, LLC 
 10. Limited Liability Company Agreement for Highlands Ethanol, LLC 
 11. Wildcat Farm Growing Services Agreement between Highlands Ethanol, LLC and Lykes Bros. Inc. - Term Sheet being negotiated 

 SCHEDULE 2.4(e)-B 
 BEAUMONT CONTRACTS 
 1. Option and Purchase and Sale Agreement between
Doguet’s Rice Milling Company and East Texas Biofuels, LLC* dated April 27, 2007; Amendment thereto dated June 20, 2007; Second Amendment thereto dated September 19, 2007; Letter to Doguet dated June 24, 2008 extending
option to September 30, 2008; Letter to Doguet dated September 26, 2008 extending option to December 31, 2008; Letter to Doguet dated December 23, 2008 extending option to March 31, 2009 
 2. Memorandum of Option and Purchase and Sale Agreement between Doguet’s Rice Milling Company and East Texas Biofuels, LLC* dated September 19, 2007

 3. First American Texas Commitment for Title Insurance Effective January 16, 2009 
 4. Cane Growing Services Agreement between Doguet’s Rice Milling Company and Verenium Biofuels Corporation dated October 31, 2007 
 5. Amended and Restated Land Access Agreement among Mike Doguet, Doguet’s Rice Milling Company and Verenium Biofuels Texas LLC dated December 15, 2008

 6. Consulting Services Agreement between Verenium Biofuels Texas LLC and Michael Doguet dated October 1, 2007; Amendment dated
December 22, 2008 
 7. Consulting Services Agreement between Verenium Biofuels Texas LLC and William Dishman dated October 1, 2007;
Amendment dated December 20, 2008 
 8. Consulting Services Agreement between Verenium Biofuels Corporation and Kelby R. Boldt dated
November 13, 2008; Assignment Agreement by and between Verenium Biofuels Corporation, as assignor and Verenium Biofuels Texas LLC, as assignee, dated February 10, 2009 
 9. Growing Services Agreement Term Sheet for Verenium Biofuels Texas LLC signed by Jack Bauer dated January 29, 2009 for 2,023.83 acres 
 10. Growing Services Agreement Term Sheet with Verenium Biofuels Texas LLC signed by Jack Bauer, dated January 29, 2009 for 455.13 acres 
 11. Growing Services Agreement Term Sheets with Verenium Biofuels Texas LLC signed by Jack Bauer dated January 29, 2009 for 344.48 acres 
 12. Growing Services Agreement Term Sheets with Verenium Biofuels Texas LLC and signed by Jack Bauer dated January 29, 2009 for 1,224.22 acres 
 13. Certificate of Formation and Certificate of Amendment for Verenium Biofuels Texas LLC 
 14. Limited
Liability Company Agreement for Verenium Biofuels Texas LLC 
  
  

	*	Now Verenium Biofuels Texas LLC 

 SCHEDULE 5.1 
 ORGANIZATION CHART 
 [ * ] 
 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS
DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED 
 AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24B-2 OF THE 
 SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 Preliminary Select Organization 
 Summary Of Job Roles 
 Managing Director 
 The Managing Director (MD) is accountable for the delivery of the CP1 project including responsibility for land acquisition, feedstock, facilities, commercial and first
year operations and will have responsibility for the development and implementation of the Highlands LLC rolling business plan. The MD is accountable and with his leadership team will develop the strategic direction of the business, establish and
utilize the resources necessary to deliver the plan and be accountable for the financial performance of the business relative to plan. 
 In so doing he will
ensure that at all times the level of business risk is minimized through embedding appropriate risk management strategies and minimizing risk and cost exposure to Members. 
 Head of Commercial Development 
 Lead all development activities in support of Highlands LLC and other agreed upon
projects. Manage project developers to optimize plant locations, lowering operating costs while accelerating commercial operations. Responsibilities include: design and execute multi feedstock strategies; resourcing, evaluating, executing and
administering grant and loan applications; develop, cultivate and optimize local, state and federal relationships; coordinate with Government Relations to insure effective industry relationships; identify key resources and develop same in areas of
land and feedstock issues; manage use of outside resources including SME’s for biomass and permitting; negotiate and obtain land options and other arrangements; negotiate growing services agreements; identify, manage and control all insurance,
legal and regulatory matters associated with development; and develop, promote and execute partnerships for equity project development. 
 As a member of the
senior management team he/she will participate in the development of the Company’s strategy, organization and culture. 
 Head of
Engineering & Construction 
 The Head of Engineering & Construction reports to the Managing Director, and is responsible for managing
the overall delivery of the CPI project for the JV from Select to operation. The holder of this role has responsibility to manage the safe delivery of the project, lead and manage the performance of the project team, oversee the construction and
commissioning of systems and facilities, and be responsible for safety and environmental compliance. 
 As a member of the senior management team he/she will
participate in the development of the Company’s strategy, organization and culture 
 Head of Finance & Controls 
 The Head of Finance & Controls is responsible for all statutory financial obligations of the business, including but not exclusively; financial procedures and
controls, financial reporting, risk management, customs and excise, regulatory returns and developing the accounting function in line with best practice standards. 
 As a member of the senior management team he/she will participate in the development of the Company’s strategy, organization and culture. 
 Team Administrative Assistant 
 The Team Administrative Assistant (TAA) will provide general administrative support to the Managing Director,
and his extended team. Some of the responsibilities will include handling general correspondence processing, management of diaries and appointments, processing expenses and invoices, booking general travel arrangements, organizing internal /
external meetings and conferences, coordinating and organizing office equipment. 
 Commercial Developers 
 Establish strategies for project development, including feedstock; systemically canvass commercial sites; identify opportunities; conduct due diligence and feasibility
studies; develop and negotiate project agreements and contracts; participate in project financing activities to financial close; coordinate local, state, regional 

 
government activities; pursue grant and loan opportunities; prepare detailed and regular reporting on projects(s); prepare detailed project management
reports with scheduled deliverables. 
 Project Manager 
 The Project Manager reports to the Head of Engineering & Construction. He/she provides project direction in accordance to strategy as determined by executive management and helps the Head of Engineering and Construction manage the
project in accordance with the CVP process, and ensures that stage gate conditions are met for each stage. He/she drives and coordinates the project design, schedule and budgets, and provides regular progress reports to management noting any
deviations to design, schedule, budget and scope with recommended corrective actions. 
 Engineering Manager 
 The Engineering Manager reports to Head of Engineering & Construction for all engineering aspects of the project and will be the project Engineering Authority
(EA). Responsible for day-to-day management of any engineering specialists assigned to the project. He/she provides an essential assurance link to the Managing Director for technical integrity and conformance with all applicable engineering codes,
standards and practices. 
 Project Engineers 
 Project
Engineers include all engineers below Project Manager working in a cross-discipline role as opposed to single disciplines. The Project Engineer will support the Engineering Manager and/or Project Manager in his/her accountabilities when appropriate.

 Process Engineers 
 The Process Engineer reports to the
Engineering Manager or Project Manager. This role includes separation, distillation, thermodynamics and heat transfer, hydraulics and piping systems, oil treatment, gas treatment and liquid recovery, gas to liquids and liquefied natural gas,
wastewater treatment, process biology and process simulation. At senior levels, this encompasses integrity, reliability, and system design of the process flow sheet and piping & instrumentation diagrams. 
 The role will involve working closely with the appointed EPCm Contractor to fully define the JV requirements then subsequently ensure compliance to these requirements
which will include the timely review and ‘sign-off’ of key documentation. During the construction and commissioning phases of the project the Process Engineer will ensure critical process elements are constructed to the defined
requirements and provide commissioning support. 
 Project Controls Specialist, Cost/Schedule 
 The Project Controls Specialist reports to the Project Services Manager (not a Dayl position). The Project Controls Specialist develops internal conceptual and/or
detailed estimates using industry or in-house approved tools and techniques. The Cost Specialist develops the estimate basis for estimates for use by BP or contractor led estimates, and reviews contractor developed estimates. The Schedule Specialist
develops appropriate schedules/budgets and monitors schedules/costs within a project stage and for entire project until completion/close-out. He/she develops cost forecasts for specific areas, coordinates the change control system, and prepares the
schedule risk analysis. He/she also ensures appropriate progress measurement within a project stage and for the entire project. 
 Contract Manager 

 The Contract Manager reports to the Project Services Manager (not a Dayl position). He/she provides input to and/or develops contracting strategies
including compensation, leveraging owner and Joint Venture JV market positions and frame agreements. He/she prepares contract documents and supervises bidding and evaluation processes, provides claims and contracting advice as work proceeds and
interfaces with the legal department. He/she develops the contract conformance program to ensure that contractual commitments with counterparties are met. 

 EXHIBIT D 
 HEALTH, SAFETY, SECURITY AND ENVIRONMENTAL (HSSE) POLICY 
 The partners from Verenium and BP have all agreed to the following actions and the estimated timelines. 
 The Company shall: 
  

	 	•	 	 collaborate to develop a Code of Conduct in line with the respective standards of both partners and implement same on Day 1. 

  

	 	•	 	 establish a Reporting System for HSSE matters detailing how any accidents or incidents shall be addressed and ensuring the reporting and identification of all
accidents, near misses and injuries by Day 1. 

  

	 	•	 	 ensure HSSE & Sustainability representation at the leadership team level and agree to the primary importance of the HSSE agenda in our ongoing operations.

  

	 	•	 	 choose a HSSE Management system (i.e. ISO 14001) within the first 90 days and implement such system within the first 2-3 years. 

 

	 	•	 	 specify requirements for an environmental management system. 

  

	 	•	 	 evaluate and report HSSE performance (including management system) to the Members on a quarterly basis as a minimum. Such performance shall be periodically audited.
In addition the Company agrees to measure its HSSE progress against continually improving targets and share such with Members on a monthly basis. 

  

	 	•	 	 collaborate to develop written standards that will address the security of people and the safe operation of assets which incorporates a risk based approach
(including HAZOP reviews) to assessing such risks within the first 180 days. 

  

	 	•	 	 collaborate to develop written standards addressing HSSE issues arising out of the construction and operation of plant/equipment constricted or operated by the
Company within the first 180 days. 

  

	 	•	 	 collaborate to develop a HSSE training program for employees, contractors and visitors within the first 180 days. 

  

	 	•	 	 collaborate to develop an environmental/sustainability policy and sourcing criteria standard within the first 180 days that will include land use, water use, soil
management, physical and economic displacement of people, labor practices, GHG, emissions, etc. This report shall incorporate resource requirements to implement these standards. 

  

	 	•	 	 collaborate to develop an accurate and compliant GHG measurement tool/reporting system to ensure compliance with all regulations and standards and which allows us
to measure our GHG savings and carbon footprint on an ongoing basis. 

	 	•	 	 establish an Emergency Response and Business Continuity Plan within the first 365 days. 

  

	 	•	 	 collaborate to create policies and procedures to address corporate and social responsibility matters and will report to the Members on an annual basis. To include
programs to reasonably mitigate the disruption of local communities arising from construction and operation of plant and equipment by the Company. 

  

	 	•	 	 provide focused support that we are completely compliant with all environmental requirements, permit and industry best practices and will openly share that
information with all interested parties. 

  

	 	•	 	 continuously build a safety culture throughout the organization, provide necessary training on all facets of HSSE, admitting mistakes, and implementing lessons
learned from all incidents and accidents. 

 EXHIBIT E 
 ENGINEERING AND OPERATIONAL INTEGRITY PRACTICES 
 The partners from Verenium and BP have agreed to the following actions to be developed and implemented by the Company in a timely manner in relation to all projects, facilities, sites and operations owned and/or
operated by the Company: 
 Ensure clear single points of accountability for engineering and operational integrity and performance. This will
include the appointment of an engineering authority(ies) for projects and operations who will ensure that engineering risks are identified and managed, appropriate technical practices are developed and maintained and competent experts are available
to address technical requirements. 
 Ensure a process is developed which ensures staff associated with projects and operations (including
contractors) have clearly defined roles and responsibilities and that there is a formal program for assessing competency levels and where appropriate closing any competency gaps. 
 Develop formal procedures to ensure all integrity and process safety hazards for both normal and abnormal operations are systematically identified and
that risk assessments are conducted and systems developed to manage these hazards. 
 Ensure new assets or modifications to existing assets
shall be designed, procured, constructed, operated, inspected, tested and maintained in accordance with suitable engineering and technical practices and operating procedures, or equivalent practices and procedures approved by the Engineering
Authority. The Company has agreed that the following minimum engineering practices supplied by BP are to be included within this framework: 
  

	 	•	 	 HSSE review of projects (GP48-01) 

  

	 	•	 	 Hazard and Operability Study (HAZOP) (GP48-02) 

  

	 	•	 	 Layer of Protection Analysis (GP48-03) 

  

	 	•	 	 Inherently safer design (GP48-04) 

  

	 	•	 	 Major Accident Risk process (GP 48-50) 

  

	 	•	 	 Inspection and Testing of Equipment in Service (GP32-30) 

  

	 	•	 	 Pipeline Integrity Management Systems - PIMS (GP43-49) 

 Ensure protective systems to safeguard individuals, facilities and the environment are based on hazard evaluations and risk assessments and shall be designed, procured, constructed, operated, inspected and maintained
in accordance with suitable engineering and technical practices and operating procedures, or equivalent practices and procedures approved by the Engineering Authority. 

 Ensure that practices and procedures for the full lifecycle of any facilities and equipment are
up-to-date, accurate, documented and approved by the accountable person(s) suitably identified within the Company’s integrity management process. Such practices and procedures will be readily accessible and followed by both Company staff and
contractors. 
 Ensure a Management of Change (MOC) process is in place to ensure asset integrity and safe operation for temporary and
permanent changes — as a minimum to the following activities and areas: technology, design and engineering, construction, equipment, practices, procedures, operations and organization. 
 Develop and maintain crisis management and emergency response plans on identified hazards and risks. 
 Develop processes for investigating integrity and process-safety related incidents which includes use of competent individuals capable of root-cause
analysis and which ensures proper documentation and action plans to prevent re-occurrence. 
 Establish an integrity management performance
management system with Key Performance Indicators and other appropriate metrics for both self- and external assessments. 
 Develop a process
around operational excellence which addresses the following key aspirations and requirements: 
  

	 	•	 	 Compliance with applicable local laws and regulations, and conformance to the Company’s policies and standards 

  

	 	•	 	 A commitment to continuous risk reduction and discipline at all levels to challenge and eliminate unsafe acts and conditions 

  

	 	•	 	 An appropriately resourced organization to implement operating site priorities and systematically improve and optimize operating processes, costs and activities

  

	 	•	 	 A commitment to continuous reduction of all forms of waste and to fulfilling or exceeding customer expectations 

 EXHIBIT F 
 CODE OF CONDUCT 

 Code of Business Conduct & Ethics 
 We are committed to maintaining the highest standards of business conduct and ethics. This Code of Business Conduct and Ethics reflects the business practices and
principles of behavior that support this commitment. We expect every employee, officer and director to read and understand the Code and its application to the performance of his or her business responsibilities. References in the Code to employees
are intended to cover officers and, as applicable, directors. 
 Officers, managers and other supervisors are expected to develop in employees a sense of
commitment to the spirit, as well as the letter, of the Code. Supervisors are also expected to ensure that all agents and contractors conform to Code standards when working for or on behalf of Highlands Ethanol LLC. In addition, any employee who
makes an exemplary effort to implement and uphold our legal and ethical standards will be recognized for that effort in his or her performance review. Nothing in the Code alters the employment at-will policy of Highlands Ethanol LLC. 
 The Code cannot possibly describe every practice or principle related to honest and ethical conduct. The Code addresses conduct that is particularly important to proper
dealings with the people and entities with whom we interact, but reflects only a part of our commitment. 
 Action by members of your immediate family,
significant others or other persons who live in your household also may potentially result in ethical issues to the extent that they involve Highlands Ethanol LLC business, information or securities. For example, acceptance of inappropriate gifts by
a family member from one of our suppliers could create a conflict of interest and result in a Code violation attributable to you. Consequently, in complying with the Code, you should consider not only your own conduct, but also that of your
immediate family members, significant others and other persons who live in your household. 
 The integrity and reputation of Highlands Ethanol depends on
the honesty, fairness and integrity brought to the job by each person associated with us. It is the responsibility of each employee to apply common sense, together with his or her own highest personal ethical standards, in making business decisions
where there is no stated guideline in the Code. Unyielding personal integrity is the foundation of corporate integrity. 
 YOU SHOULD NOT HESITATE TO ASK
QUESTIONS ABOUT WHETHER ANY CONDUCT MAY VIOLATE THE CODE, VOICE CONCERNS OR CLARIFY GRAY AREAS. SECTION 14 BELOW DETAILS THE COMPLIANCE RESOURCES AVAILABLE TO YOU. IN ADDITION, YOU SHOULD BE ALERT TO POSSIBLE VIOLATIONS OF THE CODE BY OTHERS AND
REPORT SUSPECTED VIOLATIONS, WITHOUT FEAR OF ANY FORM OF RETALIATION, AS FURTHER DESCRIBED IN SECTION 14. 
 Violations of the Code will not be tolerated.
Any employee who violates the standards in the Code may be subject to disciplinary action, up to and including termination of employment and, in appropriate cases, civil legal action or referral for criminal prosecution. 
 1. LEGAL COMPLIANCE 
 Obeying the law, both in letter
and in spirit, is the foundation of this Code. Our success depends upon each employee’s operating within legal guidelines and cooperating with local, national and international authorities. It is therefore essential that you understand the
legal and regulatory requirements applicable to your business unit and area of responsibility. We hold periodic training sessions to ensure that all employees comply with the relevant laws, rules and regulations associated with their employment,
including laws prohibiting insider trading (which are discussed in further detail in Section 2 below). 
 While we do not expect you to memorize every
detail of these laws, rules and regulations, we want you to be able to determine when to seek advice from others. If you do have a question in the area of legal 

 
compliance, it is important that you not hesitate to seek answers from your supervisor or the Compliance Officer. 
 Disregard of the law will not be tolerated. Violation of domestic or foreign laws, rules and regulations may subject an individual, as well as Highlands Ethanol LLC, to
civil and/or criminal penalties. You should be aware that conduct and records, including emails, are subject to internal and external audits, and to discovery by third parties in the event of a government investigation or civil litigation. It is in
everyone’s best interests to know and comply with our legal and ethical obligations. 
 Misuse of Company Computer Equipment 
 You may not, while acting on behalf of Highlands Ethanol LLC or while using our computing or communications equipment or facilities, either: 
  

	 	•	 	 access the internal computer system (also known as “hacking”) or other resource of another entity without express written authorization from the entity
responsible for operating that resource; or 

  

	 	•	 	 commit any unlawful or illegal act, including harassment, libel, fraud, sending of unsolicited bulk email (also known as “spam”) in violation of
applicable law, trafficking in contraband of any kind, or espionage. 

 If you receive authorization to access another entity’s
internal computer system or other resource, you must make a permanent record of that authorization so that it may be retrieved for future reference, and you may not exceed the scope of that authorization. 
 Unsolicited bulk email is regulated by law in a number of jurisdictions. If you intend to send unsolicited bulk email to persons outside of Highlands Ethanol LLC, either
while acting on our behalf or using our computing or communications equipment or facilities, you should contact your supervisor or the Compliance Officer for approval. 
 All data residing on or transmitted through our computing and communications facilities, including email and word processing documents, is the property of Highlands Ethanol LLC and subject to inspection, retention and
review by Highlands Ethanol LLC in accordance with applicable law. 
 Environment Compliance 
 Federal law imposes criminal liability on any person or company that contaminates the environment with any hazardous substance that could cause injury to the community or
environment. Violation of environmental laws can be a criminal offense and can involve monetary fines and imprisonment. We expect employees to comply with all applicable environmental laws. 
 It is our policy to conduct our business in an environmentally responsible way that minimizes adverse environmental impacts. We are committed to minimizing and, if
possible, eliminating the use of any substance or material that may cause environmental damage, reducing waste generation and disposing of all waste through safe and responsible methods, minimizing environmental risks by employing safe technologies
and operating procedures, and being prepared to respond appropriately to accidents and emergencies. 
 2. INSIDER TRADING 

Employees who have access to confidential (or “inside”) information are not permitted to use or share that information for stock trading purposes or for any
other purpose except to conduct our business. All non-public information about Highlands Ethanol LLC, Verenium Corporation, BP or any of their respective subsidiaries and affiliates or about companies with which we do business is considered
confidential information. To use material non-public information in connection with buying or selling securities, including “tipping” others who might make an investment decision on the basis of this information, is not only unethical, it
is illegal. Employees must exercise the utmost care when handling material inside 

 
information. We have adopted a separate Insider Trading Policy to which you are bound as a condition of your employment here. You should consult the Insider
Trading Policy for more specific information on the definition of “material inside information” and on buying and selling our securities or securities of companies with which we do business. 
 3. INTERNATIONAL BUSINESS LAW 
 Our employees are
expected to comply with the applicable laws in all countries to which they travel, in which they operate and where we otherwise do business, including laws prohibiting bribery, corruption or the conduct of business with specified individuals,
companies or countries. The fact that in some countries certain laws are not enforced or that violation of those laws is not subject to public criticism will not be accepted as an excuse for noncompliance. In addition, we expect employees to comply
with U.S. laws, rules and regulations governing the conduct of business by its citizens and corporations outside the U.S. These U.S. laws, rules and regulations, which extend to all our activities outside the U.S., include: 
  

	 	•	 	 The Foreign Corrupt Practices Act, which prohibits directly or indirectly giving anything of value to a government official to obtain or retain business or
favorable treatment, and requires the maintenance of accurate books of account, with all company transactions being properly recorded; 

  

	 	•	 	 U.S. Embargoes, which restrict or, in some cases, prohibit companies, their subsidiaries and their employees from doing business with certain other countries
identified on a list that changes periodically (including, for example, Angola (partial), Burma (partial), Cuba, Iran, Iraq, Libya, North Korea, Sudan and Syria) or specific companies or individuals; 

  

	 	•	 	 Export Controls, which restrict travel to designated countries or prohibit or restrict the export of goods, services and technology to designated countries, denied
persons or denied entities from the U.S., or the re-export of U.S. origin goods from the country of original destination to such designated countries, denied companies or denied entities; and 

  

	 	•	 	 Antiboycott Compliance, which prohibits U.S. companies from taking any action that has the effect of furthering or supporting a restrictive trade practice or
boycott that is fostered or imposed by a foreign country against a country friendly to the U.S. or against any U.S. person. 

 If you have
a question as to whether an activity is restricted or prohibited, seek assistance before taking any action, including giving any verbal assurances that might be regulated by international laws. 
 Employment by (including consulting for) or service on the board of a competitor, customer or supplier or other service provider. 
 Activity that enhances or supports the position of a competitor to the detriment of Highlands Ethanol LLC is prohibited, including employment by or service on the board
of a competitor. Employment by or service on the board of a customer or supplier or other service provider is generally discouraged and you must seek authorization in advance if you plan to take such action. 
 4. CONFLICTS OF INTEREST 
 A “conflict of
interest” occurs when an individual’s personal interest may interfere in any way with the performance of his or her duties or the best interests of Highlands Ethanol LLC, A conflicting personal interest could result from an expectation of
personal gain now or in the future or from a need to satisfy a prior or concurrent personal obligation. We expect our employees to be free from influences that conflict with the best interests of Highlands Ethanol LLC. Even the appearance of a
conflict of interest where none actually exists can be damaging and should be avoided. Whether or not a conflict of interest exists or will exist can be unclear. Conflicts of interest are prohibited unless specifically authorized as described below.

 If you have any questions about a potential conflict or if you become aware of an actual or potential conflict, and you are not an officer or director of
Highlands Ethanol LLC, you should discuss the matter with your supervisor or the Compliance Officer (as further described in Section 14). Supervisors may not 

 
authorize conflict of interest matters without first obtaining the approval of the Compliance Officer and filing with the Compliance Officer a written
description of the activity. If the supervisor is involved in the potential or actual conflict, you should discuss the matter directly with the Compliance Officer. Officers and directors may seek authorization from the Members. Factors that may be
considered in evaluating a potential conflict of interest are, among others: 
  

	 	•	 	 whether it may interfere with the employee’s job performance, responsibilities or morale; 

  

	 	•	 	 whether the employee has access to confidential information; 

  

	 	•	 	 whether it may interfere with the job performance, responsibilities or morale of others within the organization; 

  

	 	•	 	 any potential adverse or beneficial impact on our business; 

  

	 	•	 	 any potential adverse or beneficial impact on our relationships with our customers or suppliers or other service providers; 

  

	 	•	 	 whether it would enhance or support a competitor’s position; 

  

	 	•	 	 the extent to which it would result in financial or other benefit (direct or indirect) to the employee; 

  

	 	•	 	 the extent to which it would result in financial or other benefit (direct or indirect) to one of our customers, suppliers or other service providers; and

  

	 	•	 	 the extent to which it would appear improper to an outside observer 

 The following are examples of situations that may, depending on the facts and circumstances, involve conflicts of interests: 
 Employment by (including consulting far) or service on the board of a competitor, customer or supplier or other service provider. Activity that enhances or supports the position of a competitor to the detriment of Highlands Ethanol
LLC is prohibited, including employment by or service on the board of a competitor. Employment by or service on the board of a customer or supplier or other service provider is generally discouraged and you must seek written authorization in advance
if you plan to take such action. 
 Owning, directly or indirectly, a significant financial interest in any entity that does business, seeks to do
business or competes with us. In addition to the factors described above, persons evaluating ownership for conflicts of interest will consider the size and nature of the investment; the nature of the relationship between the other entity and
Highlands Ethanol LLC; the employee’s access to confidential information and the employee’s ability to influence Highlands Ethanol LLC decisions. If you would like to acquire a financial interest of that kind, you must seek approval in
advance. 
 Soliciting or accepting gifts, favors, loans or preferential treatment from any person or entity that does business or seeks to do business
with us. See Section 8 for Further discussion of the issues involved in this type of conflict. 
 Soliciting contributions to any charity or for
any political candidate from any person or entity that does business or seeks to do business with us. 
 Taking personal advantage of corporate
opportunities. See Section 5 for further discussion of the issues involved in this type of conflict. 
 Moonlighting without permission. 

 Conducting our business transactions with your family member, significant other or person who shares your household or a business in which you have a
significant financial interest. Material related-party transactions approved by the Audit Committee and involving any executive officer or director will be publicly disclosed as required by applicable laws and regulations. 

 Exercising supervisory or other authority on behalf of Highlands Ethanol LLC over a co-worker who is also a Family
Member. The employee’s supervisor and/or the Compliance Officer will consult with the Human Resources department to assess the advisability of reassignment. 
 Loans to, or guarantees of obligations of, employees or their Family Members by Highlands Ethanol LLC could constitute an improper personal benefit to the recipients of these loans or guarantees, depending on the
facts and circumstances. Some loans are expressly prohibited by law and applicable law requires that our Members approve all loans and guarantees to employees. As a result, all loans and guarantees by Highlands Ethanol LLC must be approved in
advance by the Members. 
 5. CORPORATE OPPORTUNITIES 
 You may not take personal advantage of opportunities that are presented to you or discovered by you as a result of your position with us or through your use of corporate property or information, unless authorized by
your supervisor, the Compliance Officer or the Members, as described in Section 4. Even opportunities that are acquired privately by you may be questionable if they are related to our existing or proposed lines of business. Participation in an
investment or outside business opportunity that is related to our existing or proposed lines of business must be pre-approved. You cannot use your position with us or corporate property or information for improper personal gain. 
 6. MAINTENANCE OF CORPORATE BOOKS, RECORDS, DOCUMENTS AND ACCOUNTS; FINANCIAL INTEGRITY; PUBLIC REPORTING 
 The integrity of our records and public disclosure depends on the validity, accuracy and completeness of the information supporting the entries to our books of account.
Therefore, our corporate and business records should be completed accurately, honestly and on a timely basis. The making of false or misleading entries, whether by commission or by omission and whether they relate to financial results or test
results, is strictly prohibited. Our records serve as a basis for managing our business and are important in meeting our obligations to customers, suppliers, creditors, employees and others with whom we do business. As a result, it is important that
our books, records and accounts accurately and fairly reflect, in reasonable detail, our assets, liabilities, revenues, costs and expenses, as well as all transactions and changes in assets and liabilities. We require that: 
  

	 	•	 	 no entry be made in, or omitted from, our books and records that intentionally hides or disguises the nature of any transaction or of any of our liabilities, or
misclassifies any transactions as to accounts or accounting periods; 

  

	 	•	 	 transactions be supported by appropriate documentation; 

  

	 	•	 	 the terms of sales and other commercial transactions be reflected accurately in the documentation for those transactions and all such documentation be reflected
accurately in our books and records; 

  

	 	•	 	 employees comply with our system of internal controls; and 

  

	 	•	 	 no cash or other assets be maintained for any purpose in any unrecorded or “off-the- books” fund 

 Our accounting records are also relied upon to produce reports for our management, stockholders and creditors, as well as for governmental agencies. In particular, our
Members rely upon our accounting and other business and corporate records in preparing their periodic and current reports that they file with the SEC. These reports must provide full, fair, accurate, timely and understandable disclosure and fairly
present our financial condition and results of operations. Employees who collect, provide or analyze information for or otherwise contribute in any way in preparing or verifying these reports should strive to ensure that our financial disclosure is
accurate and transparent and that our reports contain all of the information about Highlands Ethanol LLC that would be important to enable stockholders and potential investors in our ultimate parent entities to assess the soundness and risks of our
business and finances and the quality and integrity of our accounting and disclosures. In addition: 

	 	•	 	 No employee may take or authorize any action that would cause our financial records or financial disclosure to fail to comply with generally accepted accounting
principles, the rules and regulations of the SEC or any other applicable laws, rules and regulations; all employees must cooperate fully with our Accountants, as well as our independent public accountants and counsel, respond to their questions with
candor and provide them with complete and accurate information to help ensure that our books and records, as well as our reports filed with the SEC; and no employee should knowingly make (or use or encourage any other person to make) any false or
misleading statement to our independent auditors or in any of our reports filed with the SEC or knowingly omit (or cause or encourage any other person to omit) any information necessary to make the disclosure in any of our reports accurate in all
material respects. 

  

	 	•	 	 Any employee who becomes aware of any departure from the standards has an obligation and a responsibility to report his or her knowledge promptly to a supervisor,
the Compliance Officer or one of the other compliance resources described in Section 14. 

 7. FAIR DEALING 

 We strive to outperform our competition fairly and honestly. Advantages over our competitors are to be obtained through superior performance of our
products and services, not through unethical or illegal business practices. Acquiring proprietary information from others through improper means, possessing trade secret information that was improperly obtained, or inducing improper disclosure of
confidential information from past or present employees of other companies is prohibited, even if motivated by an intention to advance our interests. If information is obtained by mistake that may constitute a trade secret or other confidential
information of another business, or if you have any questions about the legality of proposed information gathering, you must consult your supervisor or the Compliance Officer, as further described in Section 14. 
 You are expected to deal fairly with our customers, suppliers, employees and anyone else with whom you have contact in the course of performing your job. No employee may
take unfair advantage of anyone through misuse of confidential information, misrepresentation of material facts or any other unfair dealing practice. 
 Employees involved in procurement have a special responsibility to adhere to principles of fair competition in the purchase of products and services by selecting suppliers based exclusively on normal commercial considerations, such as
quality, cost, availability, service and reputation, and not on the receipt of special favors. 
 8. GIFTS AND ENTERTAINMENT

 Business entertainment and gifts are meant to create goodwill and sound working relationships and not to gain improper advantage with customers or
facilitate approvals from government officials. Unless express permission is received from a supervisor, the Compliance Officer or the Corporate Governance Committee, entertainment and gifts cannot be offered, provided or accepted by any employee
unless consistent with customary business practices and not (a) excessive in value, (b) in cash, (c) susceptible of being construed as a bribe or kickback or (d) in violation of any laws. This principle applies to our
transactions everywhere in the world, even where the practice is widely considered “a way of doing business.” Under some statutes, such as the U.S. Foreign Corrupt practices Act (further described in Section 3), giving anything of
value to a government official to obtain or retain business or favorable treatment is a criminal act subject to prosecution and conviction. Discuss with your supervisor or the Compliance Officer any proposed entertainment or gifts if you are
uncertain about their appropriateness. 

 9. ANTITRUST 
 Antitrust laws are designed to protect the competitive process. These laws generally prohibit: 
  

	 	•	 	 Agreements, formal or informal, with competitors that harm competition or customers, including price fixing and allocations of customers, territories or contracts;

  

	 	•	 	 Agreements, formal or informal, that establish or fix the price at which a customer may resell a product; and 

  

	 	•	 	 The acquisition or maintenance of a monopoly or attempted monopoly through anticornpetitive conduct. 

 Certain kinds of information, such as pricing, production and inventory, should not be exchanged with competitors, regardless of how innocent or casual the exchange may
be and regardless of the setting, whether business or social. 
 Understanding the requirements of antitrust and unfair competition laws of the various
jurisdictions where we do business can be difficult, and you are urged to seek assistance from your supervisor or the Compliance Officer whenever you have a question relating to these laws. 
 10. PROTECTION AND PROPER USE OF COMPANY ASSETS 
 All
employees are expected to protect our assets and ensure their efficient use. Theft, carelessness and waste have a direct impact on our profitability. Our property, such as lab equipment, lab supplies, office supplies, computer equipment, buildings,
and products, are expected to be used only for legitimate business purposes, although incidental personal use may be permitted. Employees should be mindful of the fact that we retain the right to access, review, monitor and disclose any items and
information transmitted, received or stored using our electronic equipment or in company facilities, with or without an employee’s or third party’s knowledge, consent or approval. Any misuse or suspected misuse of our assets must be
immediately reported to your supervisor or the Compliance Officer. 
 11. CONFIDENTIALITY 
 One of our most important assets is our confidential information. Employees who have received or have access to confidential information should take care to keep this
information confidential. Confidential information may include business, technical, marketing, and service plans, financial information, product specifications or architecture, source codes, engineering, and manufacturing ideas, designs, databases,
customer lists, pricing strategies, personnel data, personally identifiable information pertaining to our employees, customers or other individuals (including, for example, names, addresses, telephone numbers and social security numbers), and
similar types of information provided to us by our customers, suppliers and partners. This information may be protected by patent, trademark, copyright and trade secret laws. 
 Except when disclosure is authorized or legally mandated, you must not share our or our suppliers’ or customers’ confidential information with third parties or others within Highlands Ethanol LLC who have no
legitimate business purpose for receiving that information. Doing so would constitute a violation of the Invention Assignment and Non-Disclosure Agreement that you signed upon joining us. Unauthorized use or distribution of this information could
also be illegal and result in civil liability and/or criminal penalties. 

 You should also take care not to inadvertently disclose confidential information. Materials that contain confidential
information, such as memos, notebooks, computer disks and laptop computers should be stored securely. Unauthorized posting or discussion of any information concerning our business, information or prospects on the Internet is prohibited. You may not
discuss our business, information or prospects in any “chat room,” regardless of whether you use your own name or a pseudonym. Be cautious when discussing sensitive information in public places like elevators, airports, restaurants and
“quasi-public” areas within Highlands Ethanol LLC, such as cafeterias. All Highlands Ethanol LLC emails, voicemails and other communications are presumed confidential and should not be forwarded or otherwise disseminated outside of
Highlands Ethanol LLC, except where required for legitimate business purposes. 
 In addition to the above responsibilities, if you are handling information
protected by any privacy policy published by us, such as our website privacy policy, then you must handle that information solely in accordance with the applicable policy. 
 12. MEDIA/PUBLIC DISCUSSIONS 
 All inquiries or calls
from the press and financial analysts must not be responded to and shall be promptly referred to the Managing Director, who shall then promptly inform the Members and be governed by relevant provisions of the LLC Operating Agreement. 
 13. WAIVERS 
 Any waiver of this Code for executive
officers (including, where required by applicable laws, our principal executive officer, principal financial officer, principal accounting officer or controller (or persons performing similar functions)) or directors may be authorized only by our
Members and will be disclosed as required by applicable laws, rules and regulations. 
 14. COMPLIANCE STANDARDS AND PROCEDURES

 Compliance Resources 
 To facilitate compliance with
this Code, we have implemented a program of Code awareness, training and review. We have established the position of Compliance Officer to oversee this program. The Compliance Officer is a person to whom you can address any questions or concerns.
The Compliance Officer is Charles Grawey, the Managing Director of Highlands Ethanol LLC, can be reached at 1-973-902-3074. In addition to fielding questions or concerns with respect to potential violations of this Code, the Compliance Officer is
responsible for: 
  

	 	•	 	 Investigating possible violations of the Code; 

  

	 	•	 	 Ensuring training new employees in Code policies; 

  

	 	•	 	 Ensuring annual training sessions are conducted to refresh employees’ familiarity with the Code; 

  

	 	•	 	 Ensuring copies of the Code are distributed annually via email or other means to each employee with a reminder that each employee is responsible for reading,
understanding and complying with the Code; 

  

	 	•	 	 Ensuring the Code is updated as needed and alerting employees to any updates, with appropriate approval of the Audit Committee of the Board of Directors, to reflect
changes in the law, Highlands Ethanol LLC operations and in recognized best practices, and to reflect Highlands Ethanol LLC experience; and 

  

	 	•	 	 Otherwise promoting an atmosphere of responsible and ethical conduct. 

  

	 	•	 	 Reporting any potential or reported violations to the Members as soon as they arise. 

 Your most immediate resource for any matter related to the Code is your supervisor. He or she may have the information you need, or may be able to refer the question to
another appropriate source. There may, however, be times when you prefer not to go to your supervisor. In these instances, you should feel free to discuss your concern with the Compliance Officer. 
 The Compliance Hotline, a toll-free help line at 1-800-826-6762, is also available to those who wish to seek guidance on specific situations or report violations of the
Code. You may call the toll-free number anonymously if you prefer as it is not equipped with caller identification, although it will not be possible to obtain follow-up details from you that may be necessary to investigate the matter. Whether you
identify yourself or remain anonymous, your 

 
telephonic contact with the Compliance Hotline will be kept strictly confidential to the extent reasonably possible within the objectives of the Code.

 Clarifying Questions and Concerns; Reporting Possible Violations 
 If you encounter a situation or are considering a course of action and its appropriateness is unclear, discuss the matter promptly with your supervisor or the Compliance Officer; even the appearance of impropriety can
be very damaging and should be avoided. 
 If you are aware of a suspected or actual violation of Code standards by others, you have a responsibility and
obligation to report it. You are expected to promptly provide a compliance resource with a specific description of the violation that you believe has occurred, including any information you have about the persons involved and the time of the
violation. Whether you choose to speak with your supervisor or the Compliance Officer, you should do so without fear of any form of retaliation. We will take prompt disciplinary action against any employee who retaliates against you, up to and
including termination of employment. 
 Supervisors must promptly report any complaints or observations of Code violations to the Compliance Officer. The
Compliance Officer and/or a designee of any Member will investigate all reported possible Code violations promptly and with the highest degree of confidentiality that is possible under the specific circumstances. Your cooperation in the
investigation will be expected. As needed, the Compliance Officer will consult with other officers or the Members. Each Member shall have the right to investigate any potential violations of the Code to its satisfaction. 
 If the investigation indicates that a violation of the Code has probably occurred, we will take such action as we believe to be appropriate under the circumstances. If
we determine that an employee is responsible for a Code violation, he or she will be subject to disciplinary action up to, and including, termination of employment and, in appropriate cases, civil action or referral for criminal prosecution.
Appropriate action may also be taken to deter any future Code violations. 

 EXHIBIT G 
 PRINCIPLES REGARDING INTELLECTUAL PROPERTY, TECHNICAL SERVICES AND BIOLOGICAL
MATERIALS 
 A. All intellectual property and technical work product already developed by or on behalf of the Company, including any work
already performed by Verenium and BP (including through contract with third parties) for the purpose of advancing the objectives of the Business of the Company or the Highlands Project, will be owned by Galaxy Biofuels LLC (“Galaxy”) and
BP and Verenium each agree to assign or cause to be assigned all such intellectual property and work product to Galaxy. Nothing in this document conveys to Galaxy any ownership rights in any BP Background Technology or Verenium Background
Technology, as defined in the Joint Development and Licensing Agreement, dated August 1, 2008, between BP, Verenium and Galaxy, as may be amended from time to time (“JDLA”). 
 B. All intellectual property and technical work product developed by or on behalf (including through contract with Verenium, BP, Galaxy or third parties) of the Company
or Beaumont will continue to reside in Galaxy. 
 C. All rights and licenses under Galaxy intellectual property, BP Background Intellectual Property or
Verenium Background Technology that are required or otherwise used by the Company or Beaumont for the design, engineering, construction, start-up, operation and maintenance of one or more Plants (as defined in the JDLA) will be provided by and
through Galaxy. 
 D. No technical services and assistance will be provided to the Company or Beaumont by BP, Verenium, Galaxy or third party relating to the
design, engineering, procurement, construction and start-up of one or more Plants intended to employ the SPE Technology Package until a definitive license agreements) for such SPE Technology Package is entered into by and between Galaxy and the
Company or Galaxy and Beaumont, as the case may be, granting Company or Beaumont rights under the SPE Technology Package to perform such technical services and assistance. 
 E. No rights or licenses under any intellectual property or technical work product in the SPE Technology Package will transfer to the Company or Beaumont until a definitive license agreements) for such SPE Technology
Package is entered into by and between Galaxy and the Company or Galaxy and Beaumont, as the case may be. To the extent certain rights and licenses may be required by the Company or Beaumont (e.g. government regulatory approvals) prior to execution
of such definitive license agreement(s), Galaxy will provide an interim limited license to Highlands or Beaumont, as the case may be, upon mutual agreement by BP and Verenium. 
 F. The Company’s and Beaumont’s rights and licenses from Galaxy will include all intellectual property covering the SPE Technology Package as of the effective date of the definitive license agreement(s) and
any intellectual property developed or acquired by Galaxy and made part of the SPE Technology Package for a period of time not less than five (5) years following the effective dates of the Company’s and Beaumont’s respective
definitive license agreement with Galaxy. 

 G. To the extent required, used, leased or purchased by the Company or Beaumont, Biological Materials (as defined in the
JDLA) that are part of the SPE Technology Package will be licensed and supplied to the Company and Beaumont by and through Galaxy. Upon request by Galaxy, Verenium will supply to Galaxy all required Biological Materials at cost (i.e. the profit
margin for such supply will reside with Galaxy) which are: (1) part of the SPE Technology Package; and (2) owned, controlled or otherwise possessed by Verenium, 
 H. The Company and Beaumont will assign to Galaxy all intellectual property rights relating to any developments, improvements and modifications to the SPE Technology Package, including all developments, improvements
and modifications to the design, construction, operation and maintenance of the Plant(s). 
 I. The Company and Beaumont will use reasonable commercial
efforts to cause its third party contractors to assign to the Company, all intellectual property rights relating to any developments, improvements and modifications to the SPE Technology Package and the Plant(s). In the case of any engineering,
construction or other services contract (“EPC” contract) entered into by the Company or Beaumont with a third party contractor, Galaxy will: (1) grant the license directly to the contractor to perform the EPC services; (2) have
the right to enforce obligations of confidentiality in favor of Galaxy under such contracts; and (3) use reasonable commercial efforts to ensure that it receives assignment of any and all intellectual property and work product developed under
the EPC contract. 

 EXHIBIT H 
 INITIAL BUDGET AND BUSINESS PLAN 
 [ * ] 
 CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED 
 AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 24B-2 OF THE 
 SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 EXHIBIT I 
 AGREED ACCOUNTING PRACTICES AND POLICIES 
 * Accounts should be audited and prepared annually using the year end of December 31. 
 * Accounts
should comply with GAAP and comprise a balance sheet, income statement, cash flow statement together with notes to accounts for the current and prior financial year. 
 * Accounting policies should be approved by the Members. 
 * Internal control policies and procedures should
be sufficient to ensure financial integrity of the accounts and approved by the Members. 

 EXHIBIT J 
 CAPITAL VALUE PROCESS 
 [ * ] 
 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS
DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED 
 AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24B-2 OF THE 
 SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00159-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00159-of-00352.parquet"}]]