Document:

Equity Pledge Agreement, dated July 28, 2009

 Exhibit 10.7 
 EQUITY PLEDGE AGREEMENT 
 THIS EQUITY PLEDGE AGREEMENT (this “Agreement”) is entered
into as of July 24, 2009 among LV Administrative Services, Inc., as administrative and collateral agent for the Creditor Parties (as defined below) (the “Pledgee”) and PetroAlgae Inc., a Delaware corporation (the
“Pledgor”). 
 RECITALS 
 WHEREAS, pursuant to that certain (i) Second Amended and Restated Secured Term Note dated as of the date hereof, issued by PA LLC (f/k/a PetroAlgae, LLC), a Delaware limited liability company (the
“Company”) to PetroTech Holdings, Corp. (“PetroTech” and together with the Pledgee, each a “Creditor Party” and collectively, the “Creditor Parties”) (as further amended, restated,
modified and/or supplemented from time to time, the “PetroTech Term Note”) which combines and amends and restates each of (a) that certain Amended and Restated Demand Note issued as of August 25, 2008 (and dated
August 21, 2008) by the Company to PetroTech which further amended and restated that Demand Note dated August 21, 2008 made by the Company in favor of PetroTech (as amended, restated, modified and/or supplemented from time to time),
(b) that certain Demand Note dated as of September 3, 2008 issued by Company to PetroTech (as amended, restated, modified and/or supplemented from time to time), (c) that certain Demand Note dated as of September 18, 2008 issued
by Company to PetroTech (as amended, restated, modified and/or supplemented from time to time) and (d) that certain Demand Note dated as of September 25, 2008 issued by Company to PetroTech (as amended, restated, modified and/or
supplemented from time to time), (ii) Amended and Restated Secured Convertible Note dated as of the date hereof issued by the Company to Petrotech (as further amended, restated, modified and/or supplemented from time to time, the
“PetroTech Convertible Note” and together with the PetroTech Term Note, the “PetroTech Notes”) which combines and amends and restates each of (a) that certain Convertible Demand Note dated as of April 24,
2009 issued by Company to PetroTech (as amended, restated, modified and/or supplemented from time to time), and (b) that certain Secured Convertible Demand Note dated as of May 11, 2009 issued by Company to PetroTech (as amended, restated,
modified and/or supplemented from time to time), (iii) that certain Promissory Note dated June 12, 2008 and effective as of September 22, 2006 issued by the Company in favor of XL Techgroup, Inc., a Delaware corporation
(“XLT”) and assigned in full by XLT to PetroTech (as amended, restated, modified and/or supplemented from time to time, the “Promissory Note”) (iv) Amended and Restated Master Security Agreement dated as of the
date hereof by the Company in favor of Agent (as defined below) (as further amended, restated, modified and/or supplemented from time to time, the “PetroTech Master Security Agreement”) which amends and restates that certain Master
Security Agreement dated as of August 21, 2008 by the Company in favor of the Agent on behalf of PetroTech (as amended, restated, modified and/or supplemented from time to time), (v) that certain Guaranty dated as of the date hereof by
Pledgor in favor of Pledgee (as amended, restated, modified and/or supplemented from time to time, the “Guaranty” and together with the PetroTech Notes, the Promissory Note, the PetroTech Master Security Agreement, all other
guaranties, security agreements, other agreements, instruments and documents executed and/or delivered in connection therewith collectively and as the same may be amended or otherwise modified from time to time, the “Documents” and
each a “Document”), the Pledgee and the other Creditor Parties provide or will provide certain financial accommodations to PA and/or the Pledgor. 

 WHEREAS, in order to induce the Pledgee and the other Creditor Parties to provide or continue to provide
the financial accommodations described in the Documents, the Pledgor has agreed to pledge and grant a security interest in the collateral described herein to the Pledgee on the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of these premises and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows: 
 1. Definitions. Unless otherwise defined herein, capitalized terms used herein
shall have the meanings ascribed to such terms in the Documents. 
 2. Pledge and Grant of Security Interest. To secure the prompt
payment and performance in full when due, whether by lapse of time or otherwise, of the Secured Obligations (as defined below), the Pledgor hereby pledges, assigns and grants to the Pledgee, for the ratable benefit of the Creditor Parties, a first
priority security interest (the “Security Interest”) in any and all right, title and interest of the Pledgor in and to the following, whether now owned or existing or owned, acquired, or arising hereafter (collectively, the
“Collateral”): 
 (a) Equity Interests. One hundred percent of the units, shares of stock and other
equity interests as set forth on Schedule 1 attached hereto together with the certificates (or other agreements or instruments), if any, representing such equity interests, and all options and other rights, contractual or otherwise, with
respect thereto (collectively, together with the units, shares of stock and membership or partnership interests and/or proceeds described in Sections 2(b) and 2(c) below, the “Equity Interests”), including, but not limited to, the
following: 
 (i) all units, shares or securities representing a dividend on any of the Equity Interests, or representing a
distribution or return of capital upon or in respect of the Equity Interests, or resulting from a stock-split, revision, reclassification or other exchange therefor, and any subscriptions, warrants, rights or options issued to the holder of, or
otherwise in respect of, the Equity Interests; and 
 (ii) without affecting the obligations of the Pledgor under any
provision prohibiting such action hereunder or under any Document, in the event of any consolidation or merger involving the issuer of any Equity Interests and in which such issuer is not the surviving entity, all units, shares of each class of the
stock or one hundred percent (100%) of the membership or partnership interests, as applicable, of the successor entity formed by or resulting from such consolidation or merger. 
 (b) Additional Interests. One hundred percent (100%) of the units, each class of the issued and outstanding stock and/or
membership or partnership interests owned by the Pledgor of any Person which hereafter becomes a Subsidiary, including, without limitation, the certificates, if any, representing such units, stock and/or membership or partnership interests.

  

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 (c) Proceeds. All proceeds and products of the foregoing, however and whenever
acquired and in whatever form. 
 Without limiting the generality of the foregoing, it is hereby specifically understood and agreed that the Pledgor may from
time to time hereafter deliver additional units, shares of stock and/or membership or partnership interests, as applicable, to the Pledgee as collateral security for the Secured Obligations. Upon delivery to the Pledgee, for the ratable benefit of
the Creditor Parties, such additional units, shares of stock and/or membership or partnership interests shall be deemed to be part of the Collateral and shall be subject to the terms of this Agreement whether or not Schedule 1 is amended
to refer to such additional units, additional shares of stock or membership or partnership interests. 
 3. Security for Secured
Obligations. The security interest created hereby in the Collateral of the Pledgor constitutes continuing collateral security for (the “Secured Obligations”): (a) the Obligations (as defined in the Master Security
Agreement) and (b) all other obligations and liabilities of the Pledgor and its subsidiaries to the Pledgee and the other Creditor Parties under any Document and otherwise whether now existing or hereafter arising, direct or indirect,
liquidated or unliquidated, absolute or contingent, due or not due and whether under, pursuant to or evidenced by a note, agreement, guaranty, instrument or otherwise (in each case, irrespective of the genuineness, validity, regularity or
enforceability of such Secured Obligations, or of any instrument evidencing any of the Secured Obligations or of any collateral therefor or of the existence or extent of such collateral, and irrespective of the allowability, allowance or
disallowance of any or all of such in any case commenced by or against the Pledgor under Title 11, United States Code, including, without limitation, obligations of the Pledgor for post-petition interest, fees, costs and charges that would have
accrued or been added to the Secured Obligations but for the commencement of such case). 
 4. Delivery of the Collateral. The Pledgor
hereby agrees that: 
 (a) Delivery of Certificates. The Pledgor shall deliver to the Pledgee or its designee
(i) simultaneously with or prior to execution and delivery of this Agreement, all certificates representing the Equity Interests and (ii) promptly upon the receipt thereof by or on behalf of the Pledgor, all other certificates and
instruments constituting the Collateral. Prior to delivery to the Pledgee or its designee, all such certificates and instruments constituting the Collateral shall be held in trust by the Pledgor for the benefit of the Creditor Parties pursuant
hereto. All such certificates shall be delivered in suitable form for transfer by delivery or shall be accompanied by duly executed instruments of transfer or assignment in blank, substantially in the form provided in Exhibit 1 attached
hereto. 
 (b) Additional Securities. If the Pledgor shall receive by virtue of its being or having been the owner of
any Collateral, any (i) unit certificate, stock certificate, membership certificate or other certificate representing units, stock, or a membership or partnership interest, including without limitation, any certificate representing a dividend

  

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or distribution in connection with any increase or reduction of capital, reclassification, merger, consolidation, sale of assets, combination of shares of
stock, units or membership or equity or partnership interests, stock splits, spin-off or split-off, promissory notes or other instrument; (ii) option or right, whether as an addition to, substitution for, or an exchange for, any Collateral or
otherwise; (iii) dividends payable in securities; or (iv) distributions of securities in connection with a partial or total liquidation, dissolution or reduction of capital, capital surplus or paid-in surplus, then the Pledgor shall
receive such certificate, instrument, option, right, dividend or distribution in trust for the benefit of the Creditor Parties, shall segregate it from the Pledgor’s other property and shall deliver it forthwith to the Pledgee in the exact form
received together with any necessary endorsement and/or appropriate stock power, unit power, membership interest power or partnership interest power, as applicable, duly executed in blank, substantially in the form provided in Exhibit 1,
to be held by the Pledgee as Collateral and as further collateral security for the Secured Obligations. 
 (c) Financing
Statements. The Pledgor authorizes the Pledgee to file such UCC (as defined in Section 5(b) below) or other applicable financing statements as may be reasonably requested by the Pledgee in order to perfect and protect the Security Interest
created hereby in the Collateral. 
 5. Representations and Warranties. The Pledgor hereby represents and warrants to the Pledgee
(which representations and warranties shall be deemed to continue to be made until all of the Secured Obligations have been paid in full in cash and each Document and each agreement and instrument entered into in connection therewith has been
irrevocably terminated) that: 
 (a) Authorization of the Equity Interests. The Equity Interests are duly authorized
and validly issued, are fully paid and nonassessable and are not subject to the preemptive rights of any Person. All other shares of stock, units or membership or partnership interests constituting Collateral will be duly authorized and validly
issued, fully paid and nonassessable and not subject to the preemptive rights of any Person. 
 (b) Title. The Pledgor
has good and indefeasible title to the Collateral and will at all times be the legal and beneficial owner of such Collateral free and clear of any attachments, levies, taxes, liens, security interests and encumbrances of every kind and nature
(“Liens”), except for Permitted Encumbrances. Except with respect to Permitted Encumbrances, there exists no “adverse claim” within the meaning of Section 8-102 of the Uniform Commercial Code as in effect in the State
of New York (the “UCC”) with respect to the Equity Interests. 
 (c) Exercising of Rights. To the best
of the Pledgor’s knowledge, other than as set forth on Schedule 5 hereto, the exercise by the Pledgee of its rights and remedies hereunder will not violate any law or governmental regulation or any material contractual restriction binding on or
affecting the Pledgor or any of its property. 
  

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 (d) Pledgor’s Authority. No authorization, approval or action by, and no
notice or filing with any governmental authority or with the issuer of any Equity Interests is required either (i) for the pledges made by the Pledgor or for the granting of the security interests by the Pledgor pursuant to this Agreement or
(ii) to the best of the Pledgor’s knowledge, for the exercise by the Pledgee of its rights and remedies hereunder (except as may be required by laws affecting the offering and sale of securities). 
 (e) Security Interest/Priority. This Agreement creates a valid first priority security interest in favor of the Pledgee, for the
ratable benefit of the Creditor Parties, in the Collateral. The taking possession by the Pledgee of the certificates, if any, representing the Equity Interests and all other certificates and instruments constituting Collateral and/or the execution
and delivery of a Control Acknowledgment (as defined in Section 6(e) below) with regard to uncertificated Equity Interests consisting of membership or partnership interests will perfect and establish the first priority of the Pledgee’s
security interest, for the ratable benefit of the Creditor Parties, in the Equity Interests and, when properly perfected by filing or registration, in all other Collateral represented by such Equity Interests and instruments securing the Secured
Obligations. Except as set forth in this Section 5(e), no action is necessary to perfect or otherwise protect such security interest. 
 (f) Litigation. There are no pending or, to the best of Pledgor’s knowledge, threatened actions or proceedings before any court, judicial body, administrative agency or arbitrator which may materially
adversely affect the Collateral; 
 (g) Power and Authority. Other than as set forth on Schedule 5 hereto,the Pledgor
has the requisite power and authority to enter into this Agreement and to pledge and assign the Collateral to the Pledgee, for the ratable benefit of the Creditor Parties, in accordance with the terms of this Agreement; 
 (h) Transfer Restrictions. Other than as set forth on Schedule 5 hereto, there are no restrictions on transfer of the Equity
Interests contained in the certificate of incorporation or by-laws (or equivalent organizational documents) of the issuer or otherwise which have not otherwise been enforceably and legally waived by the necessary parties; 
 (i) Securities Laws. None of the Equity Interests has been issued or transferred in violation of the securities registration,
securities disclosure or similar laws of any jurisdiction to which such issuance or transfer may be subject; 
 (j) Grant
of Security Interest. The pledge and assignment of the Collateral and the grant of a security interest under this Agreement vest in the Pledgee, for the ratable benefit of the Creditor Parties, all rights of the Pledgor in the Collateral as
contemplated by this Agreement; and 
 (k) Equity Percentage. The Equity Interests constitute 81.51% of the issued and
outstanding units or membership interests owned by the Pledgor of such issuer as set forth on Schedule I hereto, as applicable. 
  

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 6. Covenants. The Pledgor hereby covenants, that so long as any of the Secured Obligations remain
outstanding or any Document is in effect, the Pledgor, shall: 
 (a) Books and Records. Mark its books and records (and
shall cause each issuer of the Equity Interests of the Pledgor to mark its books and records) to reflect the security interest granted to the Pledgee, for the ratable benefit of the Creditor Parties, pursuant to this Agreement and the other
Documents. 
 (b) Defense of Title. Warrant and defend title to and ownership of the Collateral at its own expense
against the claims and demands of all other parties claiming an interest therein, keep the Collateral free from all Liens, except for Permitted Liens, and not sell, exchange, transfer, convey, assign, lease or otherwise dispose of its rights in or
to the Collateral or any interest therein nor create, incur or permit to exist any Lien whatsoever with respect to any of the Collateral or the proceeds thereof other than that created hereby. 
 (c) Defend Against Claims. The Pledgor will, at its expense, defend the Pledgee’s right, title and security interest in and to
the Collateral against the claims of any other party. 
 (d) Additional Equity Interests. Not consent to or approve the
issuance of (i) any additional shares of any class of capital stock, units or other equity interests of any issuer of such Equity Interests; or (ii) any securities convertible either voluntarily by the holder thereof or automatically upon
the occurrence or nonoccurrence of any event or condition into, or any securities exchangeable for, any such shares or units, unless, in either case, such shares or units are pledged as Collateral pursuant to this Agreement. 
 (e) Further Assurances. Promptly execute and deliver at its expense all further instruments and documents and take all further
action that may be reasonably necessary and desirable or that the Pledgee may reasonably request in order to (i) perfect and protect the security interest created hereby in the Collateral (including, without limitation, any and all action
necessary to satisfy the Pledgee that the Pledgee has obtained a first priority perfected Security Interest in any units, shares of stock and/or membership or partnership interest; (ii) enable the Pledgee to exercise and enforce its rights and
remedies hereunder in respect of the Collateral; and (iii) otherwise effect the purposes of this Agreement, including, without limitation, and if requested by the Pledgee, (A) delivering to the Pledgee irrevocable proxies in respect of the
Collateral, which irrevocable proxies will be strictly and only for the purpose of allowing the Pledgee to perfect and protect the Security Interest granted or purported to be granted hereby or to enable the Pledgee to exercise and enforce its
rights and remedies hereunder with respect to the Collateral and (B) executing and delivering, and causing the issuer of such Equity Interests to execute and deliver, to each issuer that is a limited liability company or a limited partnership a
control acknowledgment (“Control Acknowledgement”) substantially in the form of Exhibit 2 hereto. The Pledgor shall cause each such issuer to acknowledge in writing its receipt and acceptance thereof. Such Control
Acknowledgement shall instruct such issuer to follow instructions from the Pledgee without the Pledgor’s consultation or consent. 
  

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 (f) Amendments. Not make or consent to any amendment or other modification or
waiver with respect to any of the Collateral or enter into any agreement or allow to exist any restriction with respect to any of the Collateral other than pursuant hereto, including, without limitation, any amendment that would (i) impair the
Collateral or adversely affect in any respect the rights, privileges, benefits and security interests provided to or intended to be provided to the Pledgee or (ii) that in any way adversely affects the perfection of the Security Interest of the
Pledgee, for the ratable benefit of the Creditor Parties, in the Collateral, including, without limitation, any amendment electing to no longer treat any membership or partnership interest as a security under Section 8-103 of the UCC, or any
election to turn any previously certificated membership or partnership interest into an uncertificated membership or partnership interest. 
 (g) Compliance with Securities Laws. File all reports and other information now or hereafter required to be filed by the Pledgor with the United States Securities and Exchange Commission and any other state,
federal or foreign agency in connection with the ownership of the Collateral. 
 7. Advances by the Pledgee. Upon the occurrence and
during the continuance of an Event of Default, the Pledgee may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Pledgee may reasonably deem advisable in the performance thereof, including,
without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien (other than a Permitted Lien), expenditures made in defending against any adverse claim (other than a
Permitted Lien) and all other expenditures which the Pledgee may make for the protection of the Collateral hereof or which may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Pledgor promptly
upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the highest interest rate set forth in the PetroTech Notes. No such performance of any
covenant or agreement by the Pledgee on behalf of the Pledgor, and no such advance or expenditure therefor, shall relieve the Pledgor of any default under the terms of this Agreement or the other Documents. The Pledgee may make any payment hereby
authorized in accordance with any bill, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such bill, statement or estimate or into the validity of any tax
assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by the Pledgor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.

 8. Events of Default. Each of the following shall constitute an event of default (“Event of Default”) hereunder:

 (a) An “Event of Default” under any Document or any agreement or note related to any Document shall have occurred
and be continuing beyond any applicable cure period; 
 (b) The Pledgor shall default in the performance of any of its
obligations under any Document or any agreement between the Pledgor and the Pledgee, including, without limitation, this Agreement, and such default shall not be cured during any applicable cure period; 
  

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 (c) Any representation or warranty of the Pledgor made herein, in any Document or in any
agreement, statement or certificate given in writing pursuant hereto or thereto or in connection herewith or therewith shall be false or misleading in any material respect; 
 (d) Any portion of the Collateral is subjected to a levy of execution, attachment, distraint or other judicial process or any portion of
the Collateral is the subject of a claim (other than by the Pledgee) of a Lien or other right or interest in or to the Collateral and such levy or claim shall not be cured, disputed or stayed within a period of fifteen (15) business days after
the occurrence thereof; or 
 (e) The Pledgor shall (i) apply for, consent to, or suffer to exist the appointment of, or
the taking of possession by, a receiver, custodian, trustee, liquidator or other fiduciary of itself or of all or a substantial part of its property, (ii) make a general assignment for the benefit of creditors, (iii) commence a voluntary
case under any state or federal bankruptcy laws (as now or hereafter in effect), (iv) be adjudicated a bankrupt or insolvent, (v) file a petition seeking to take advantage of any other law providing for the relief of debtors,
(vi) acquiesce to, or fail to have dismissed, within thirty (30) days, any petition filed against it in any involuntary case under such bankruptcy laws, or (vii) take any action for the purpose of effecting any of the foregoing.

 9. Remedies. 
 (a) General Remedies. Upon the occurrence of an Event of Default and during the continuation thereof, the Pledgee shall have, in respect of the Collateral, in addition to the rights and remedies provided herein, in the Documents or
by law, the rights and remedies of a secured party under the UCC or any other applicable law. In addition, Pledgee may exercise all corporate rights with respect to the Collateral including, without limitation, all rights of conversion, exchange,
subscription or any other rights, privileges or options pertaining to any shares of the Collateral as if it were the absolute owner thereof, including, but without limitation, the right to exchange, at its discretion, any or all of the Collateral
upon the merger, consolidation, reorganization, recapitalization or other readjustment of the issuer thereof, or upon the exercise by the issuer of any right, privilege or option pertaining to any of the Collateral, and, in connection therewith, to
deposit and deliver any and all of the Collateral with any committee, depository, transfer agent, registrar or other designated agent upon such terms and conditions as it may determine, all without liability except to account for property actually
received by it. 
 (b) Transfer and Sale of Collateral. Upon the occurrence of an Event of Default and during the
continuation thereof, without limiting the generality of this Section and without notice, the Pledgee may, in its sole discretion, sell or otherwise dispose of or realize upon the Collateral, or any part thereof, in one or more parcels, at public or
private sale, at any exchange or broker’s board or elsewhere, at such price or 

  

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prices and on such other terms as the Pledgee may deem commercially reasonable, for cash, credit or for future delivery or otherwise in accordance with
applicable law. To the extent permitted by law, the Pledgee may in such event bid for the purchase of such securities. The Pledgor agrees that, to the extent notice of sale shall be required by law and has not been waived by the Pledgor, any
requirement of reasonable notice shall be met if notice, specifying the place of any public sale or the time after which any private sale is to be made, is personally served on or mailed, postage prepaid, to the Pledgor, in accordance with the
notice provisions of Section 11 of the Master Security Agreement at least ten (10) days before the time of such sale. The Pledgee shall not be obligated to make any sale of the Collateral regardless of notice of sale having been given. The
Pledgee may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. The Pledgor hereby waives
and releases any and all right or equity of redemption, whether before or after sale hereunder. At any such sale, unless prohibited by applicable law, the Pledgee may bid for and purchase the whole or any part of the Collateral so sold free from any
such right or equity of redemption. All moneys received by the Pledgee hereunder, whether upon sale of the Collateral or any part thereof or otherwise, shall be held by the Pledgee and applied by it as provided in Sections 9(e) and 14 hereof. No
failure or delay on the part of the Pledgee in exercising any rights hereunder shall operate as a waiver of any such rights nor shall any single or partial exercise of any such rights preclude any other or future exercise thereof or the exercise of
any other rights hereunder. The Pledgee shall have no duty as to the collection or protection of the Collateral or any income thereon nor any duty as to preservation of any rights pertaining thereto, except to apply the funds in accordance with the
requirements of Sections 9(e) and 14 hereof. The Pledgee may exercise its rights with respect to property held hereunder without resort to other security for or sources of reimbursement for the Secured Obligations. In addition to the foregoing,
Pledgee shall have all of the rights, remedies and privileges of a secured party under the UCC regardless of the jurisdiction in which enforcement hereof is sought. 
 (c) Private Sale. The Pledgor recognizes that the Pledgee may be unable to effect (or to do so only after delay which would
adversely affect the value that might be realized from the Collateral) or may deem it impracticable to effect a public sale of all or any part of the Equity Interests or any of the securities constituting the Collateral and that the Pledgee may,
therefore, determine to make one or more private sales of any such securities to a restricted group of purchasers who will be obligated to agree, among other things, to acquire such securities for their own account, for investment and not with a
view to the distribution or resale thereof. The Pledgor acknowledges that any such private sale may be at prices and on terms less favorable to the seller than the prices and other terms which might have been obtained at a public sale and,
notwithstanding the foregoing, agrees that such private sale shall be deemed to have been made in a commercially reasonable manner and that the Pledgee shall have no obligation to delay sale of any such securities for the period of time necessary to
permit the issuer of such securities to register such securities for public sale under the Securities Act of 1933, as amended. The Pledgor further acknowledges and agrees that any offer to sell such securities which has been made privately in the
manner described above shall be deemed to involve a “public sale” under the UCC, notwithstanding that such sale may not constitute a “public offering” under the Securities Act of 1933, as amended, and the Pledgee may, in such
event, bid for the purchase of such securities. 
  

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 (d) Retention of Collateral. In addition to the rights and remedies hereunder,
upon the occurrence and during the continuance of an Event of Default, the Pledgee may, after providing the notices required by Section 9-620 of the UCC or otherwise complying with the requirements of applicable law of the relevant
jurisdiction, retain all or any portion of the Collateral in satisfaction of the Secured Obligations. Unless and until the Pledgee shall have provided such notices, however, the Pledgee shall not be deemed to have retained the Collateral in
satisfaction of any Secured Obligations for any reason. 
 (e) Deficiency. In the event that the proceeds of any sale,
collection or realization are insufficient to pay all amounts to which the Pledgee is legally entitled, the Pledgor shall be liable for the deficiency, together with interest thereon at the highest interest rate set forth in the PetroTech Notes,
together with the costs of collection and the reasonable fees of any attorneys employed by the Pledgee to collect such deficiency. Any surplus remaining after the full payment and satisfaction of the Secured Obligations shall be returned to the
Pledgor, or to whomsoever a court of competent jurisdiction shall determine to be entitled thereto. 
 10. Waiver of Marshaling. The
Pledgor hereby waives any right to compel any marshaling of any of the Collateral. 
 11. No Waiver. Any and all of the Pledgee’s
rights with respect to the Liens granted under this Agreement shall continue unimpaired, and Pledgor shall be and remain obligated in accordance with the terms hereof, notwithstanding (a) the bankruptcy, insolvency or reorganization of the
Pledgor, (b) the release or substitution of any item of the Collateral at any time, or of any rights or interests therein, or (c) any delay, extension of time, renewal, compromise or other indulgence granted by the Pledgee in reference to
any of the Secured Obligations. The Pledgor hereby waives all notice of any such delay, extension, release, substitution, renewal, compromise or other indulgence, and hereby consents to be bound hereby as fully and effectively as if such Pledgor had
expressly agreed thereto in advance. No delay or extension of time by the Pledgee in exercising any power of sale, option or other right or remedy hereunder, and no failure by the Pledgee to give notice or make demand, shall constitute a waiver
thereof, or limit, impair or prejudice the Pledgee’s right to take any action against the Pledgor or to exercise any other power of sale, option or any other right or remedy. 
 12. Expenses. The Collateral shall secure, and the Pledgor shall pay to the Pledgee on demand, from time to time, all reasonable costs and
expenses (including but not limited to, reasonable attorneys’ fees and costs, taxes, and all transfer, recording, filing and other charges) of, or incidental to, the custody, care, transfer, administration of the Collateral or any other
collateral, or in any way relating to the enforcement, protection or preservation of the rights or remedies of the Pledgee under this Agreement or with respect to any of the Secured Obligations. 
  

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 13. Rights of the Pledgee. 
 (a) Power of Attorney. In addition to other powers of attorney contained herein, the Pledgor hereby designates and appoints the
Pledgee, and each of its designees or agents as attorney-in-fact of the Pledgor, irrevocably and with power of substitution, with authority to take any or all of the following actions upon the occurrence and during the continuance of an Event of
Default: 
 (i) to demand, collect, settle, compromise, adjust and give discharges and releases concerning the Collateral, all
as the Pledgee may reasonably determine; 
 (ii) to commence and prosecute any actions at any court for the purposes of
collecting any of the Collateral and enforcing any other right in respect thereof; 
 (iii) to defend, settle or compromise
any action brought and, in connection therewith, give such discharge or release as the Pledgee may deem reasonably appropriate; 
 (iv) to pay or discharge taxes, liens, security interests, or other encumbrances levied or placed on or threatened against the Collateral; 
 (v) to direct any parties liable for any payment under any of the Collateral to make payment of any and all monies due and to become due thereunder directly to the Pledgee or as the Pledgee shall direct; 

(vi) to receive payment of and receipt for any and all monies, claims, and other amounts due and to become due at any time in respect
of or arising out of any Collateral; 
 (vii) to sign and endorse any drafts, assignments, proxies, unit powers stock powers,
membership interest powers, partnership interest powers, verifications, notices and other documents relating to the Collateral; 
 (viii) to settle, compromise or adjust any suit, action or proceeding described above and, in connection therewith, to give such discharges or releases as the Pledgee may deem reasonably appropriate; 
 (ix) to execute and deliver all assignments, conveyances, statements, financing statements, renewal financing statements, pledge
agreements, affidavits, notices and other agreements, instruments and documents that the Pledgee may determine necessary in order to perfect and maintain the security interests and liens granted in this Agreement and in order to fully consummate all
of the transactions contemplated therein; 
 (x) to exchange any of the Collateral or other property upon any merger,
consolidation, reorganization, recapitalization or other readjustment of the issuer thereof and, in connection therewith, deposit any of the Collateral with any committee, depository, transfer agent, registrar or other designated agency upon such
terms as the Pledgee may determine; 
  

 11 

 (xi) to vote for a shareholder, partner or member resolution, or to sign an instrument in
writing, sanctioning the transfer of any or all of the Equity Interests into the name of the Pledgee or into the name of any transferee to whom the Equity Interests or any part thereof may be sold pursuant to Section 9 hereof; and 

(xii) to do and perform all such other acts and things as the Pledgee may reasonably deem to be necessary, proper or convenient in
connection with the Collateral. 
 This power of attorney is a power coupled with an interest and shall be irrevocable for so long as any of
the Secured Obligations remain outstanding and any Document is in effect. The Pledgee shall be under no duty to exercise or withhold the exercise of any of the rights, powers, privileges and options expressly or implicitly granted to the Pledgee in
this Agreement, and shall not be liable for any failure to do so or any delay in doing so. The Pledgee shall not be liable for any act or omission or for any error of judgment or any mistake of fact or law in its individual capacity or its capacity
as attorney-in-fact except acts or omissions resulting from its gross negligence or willful misconduct. This power of attorney is conferred on the Pledgee solely to protect, preserve and realize upon its security interest, for the ratable benefit of
the Creditor Parties, in Collateral. 
 (b) Performance by the Pledgee of the Pledgor’s Obligations. If the
Pledgor fails to perform any agreement or obligation contained herein, the Pledgee itself may perform, or cause performance of, such agreement or obligation, and the expenses of the Pledgee incurred in connection therewith shall be payable by the
Pledgor pursuant to Section 7 hereof. 
 (c) Assignment by the Pledgee. The Pledgee may from time to time assign
the Secured Obligations and any portion thereof and/or the Collateral and any portion thereof, and the assignee shall be entitled to all of the rights and remedies of the Pledgee under this Agreement in relation thereto. 
 (d) The Pledgee’s Duty of Care. Other than the exercise of reasonable care to assure the safe custody of the Collateral while
being held by the Pledgee hereunder, the Pledgee shall have no duty or liability to preserve rights pertaining thereto, it being understood and agreed that the Pledgor shall be responsible for preservation of all rights in the Collateral, and the
Pledgee shall be relieved of all responsibility for the Collateral upon surrendering it or tendering the surrender of it to the Pledgor. The Pledgee shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral
in its possession if such Collateral is accorded treatment substantially equal to that which the Pledgee accords its own property, which shall be no less than the treatment employed by a reasonable and prudent Person in the industry, it being
understood that the Pledgee shall not have responsibility for (i) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relating to any Collateral, whether or not the Pledgee has or is
deemed to have knowledge of such matters; or (ii) taking any necessary steps to preserve rights against any parties with respect to any Collateral. 
  

 12 

 (e) Voting Rights in Respect of the Collateral. 
 (i) So long as no Event of Default shall have occurred and be continuing, to the extent permitted by law, the Pledgor may exercise any and
all voting and other consensual rights pertaining to the Collateral or any part thereof for any purpose not inconsistent with the terms of this Agreement or any Document; and 
 (ii) Upon the occurrence and during the continuance of an Event of Default, all rights of the Pledgor to exercise the voting and other
consensual rights which they would otherwise be entitled to exercise pursuant to clause (i) of this subsection (e) shall cease and all such rights shall thereupon become vested in the Pledgee which shall then have the sole right to
exercise such voting and other consensual rights. 
 (f) Dividend Rights in Respect of the Collateral. 
 (i) So long as no Event of Default shall have occurred and be continuing and subject to Section 4(b) hereof, the Pledgor may receive
and retain any and all dividends and other distributions (other than dividends and other distributions constituting Collateral which are addressed hereinabove) or interest paid in respect of the Collateral to the extent they are allowed under the
Documents. 
 (ii) Upon the occurrence and during the continuance of an Event of Default: 
 (A) all rights of the Pledgor to receive the dividends, other distributions and interest payments which it would otherwise be authorized
to receive and retain pursuant to paragraph (i) of this subsection shall cease and all such rights shall thereupon be vested in the Pledgee which shall then have the sole right to receive and hold such dividends, other distributions and
interest payments as Collateral; and 
 (B) all dividends and interest payments which are received by the Pledgor contrary to
the provisions of paragraph (A) of this clause shall be received in trust for the benefit of the Creditor Parties, shall be segregated from other property or funds of the Pledgor and shall be forthwith paid over to the Pledgee as Collateral in
the exact form received, to be held by the Pledgee as Collateral and as further collateral security for the Secured Obligations. 
  

 13 

 (g) Release of Collateral. The Pledgee may release any of the Collateral from this
Agreement or may substitute any of the Collateral for other Collateral without altering, varying or diminishing in any way the force, effect, lien, pledge or security interest of this Agreement as to any Collateral not expressly released or
substituted, and this Agreement shall continue as a first priority lien on all Collateral not expressly released or substituted. 
 14.
Application of Proceeds. Upon the occurrence of and during the continuance of an Event of Default, any payments in respect of the Secured Obligations and any proceeds of any Collateral, when received by the Pledgee in cash or its equivalent,
will be applied as follows: first, to all reasonable costs and expenses of the Pledgee (including, without limitation, reasonable attorneys’ fees and expenses) incurred in connection with the implementation and/or enforcement of this
Agreement and/or any of the other Documents; second, to the principal amount of the Secured Obligations; third, to such of the Secured Obligations consisting of accrued but unpaid interest and fees; fourth, to all other amounts
payable with respect to the Secured Obligations; and fifth, to the payment of the surplus, if any, to whoever may be lawfully entitled to receive such surplus. The Pledgor shall remain liable to the Pledgee for any deficiency. 
 15. Costs of Counsel. If at any time hereafter, whether upon the occurrence of an Event of Default or not, the Pledgee employs counsel to prepare
or consider amendments, waivers or consents with respect to this Agreement, or to take action or make a response in or with respect to any legal or arbitral proceeding relating to this Agreement or relating to the Collateral, or to protect the
Collateral or exercise any rights or remedies under this Agreement or with respect to the Collateral, then the Pledgor agrees to promptly pay upon demand any and all such reasonable documented costs and expenses incurred by the Pledgee, all of which
costs and expenses shall constitute Secured Obligations hereunder. 
 16. Continuing Agreement. 
 (a) This Agreement shall be a continuing agreement in every respect and shall remain in full force and effect so long as any Document is
in effect or any amounts payable thereunder shall remain outstanding. 
 (b) This Agreement shall continue to be effective or
be automatically reinstated, as the case may be, if at any time payment, in whole or in part, of any of the Secured Obligations is rescinded or must otherwise be restored or returned by the Pledgee as a preference, fraudulent conveyance or otherwise
under any bankruptcy, insolvency or similar law, all as though such payment had not been made; provided that in the event payment of all or any part of the Secured Obligations is rescinded or must be restored or returned, all reasonable costs
and expenses (including, without limitation, any reasonable legal fees and disbursements) incurred by the Pledgee in defending and enforcing such reinstatement shall be deemed to be included as a part of the Secured Obligations. 
 17. Amendments; Waivers; Modifications. This Agreement and the provisions hereof may not be amended, waived, modified, changed, discharged or
terminated except in accordance with the terms of the Documents. 
  

 14 

 18. Successors in Interest. This Agreement shall create a continuing security interest in the
Collateral and shall be binding upon the Pledgor, its successors and assigns and shall inure, together with the rights and remedies of the Pledgee hereunder, to the Pledgee for the ratable benefit of the Creditor Parties and their successors and
permitted assigns; provided, however, that the Pledgor may not assign its rights or delegate its duties hereunder without the prior written consent of the Pledgee. To the fullest extent permitted by law, the Pledgor hereby releases the
Pledgee, and its successors and permitted assigns, from any liability for any act or omission relating to this Agreement or the Collateral. 
 19. Notices. All notices required or permitted to be given under this Agreement shall be in conformance with Section 11 of the Master Security Agreement. 
 20. Counterparts. This Agreement may be executed in any number of counterparts, each of which where so executed and delivered shall be an
original, but all of which shall constitute one and the same instrument. It shall not be necessary in making proof of this Agreement to produce or account for more than one such counterpart. 
 21. Headings. The headings of the sections and subsections hereof are provided for convenience only and shall not in any way affect the meaning or
construction of any provision of this Agreement. 
 22. Governing Law; Consent to Jurisdiction and Service of Process; Waiver of Jury
Trial; Joinder. 
 (a) THIS AGREEMENT AND THE OTHER DOCUMENTS SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. 
 (b) THE PLEDGOR HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED IN THE COUNTY OF NEW YORK, STATE OF NEW YORK SHALL
HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN THE PLEDGOR, ON THE ONE HAND, AND THE PLEDGEE AND/OR ANY OTHER CREDITOR PARTY, ON THE OTHER HAND, PERTAINING TO THIS AGREEMENT OR ANY OF THE OTHER DOCUMENTS OR TO ANY
MATTER ARISING OUT OF OR RELATED TO THIS AGREEMENT OR ANY OF THE OTHER DOCUMENTS, PROVIDED, THAT THE PLEDGOR ACKNOWLEDGES THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF THE COUNTY OF NEW YORK, STATE OF NEW
YORK; AND FURTHER PROVIDED, THAT NOTHING IN THIS AGREEMENT SHALL BE DEEMED OR OPERATE TO PRECLUDE THE PLEDGEE OR ANY OTHER CREDITOR PARTY FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO COLLECT THE INDEBTEDNESS, TO
REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY FOR THE INDEBTEDNESS, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER 

  

 15 

 
IN FAVOR OF THE PLEDGEE. THE PLEDGOR EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND
THE PLEDGOR HEREBY WAIVES ANY OBJECTION WHICH IT MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS. THE PLEDGOR HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH
ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH SUMMONS, COMPLAINT AND OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO SUCH PLEDGOR AT THE ADDRESS SET FORTH IN THE MASTER SECURITY AGREEMENT AND THAT SERVICE SO MADE SHALL BE
DEEMED COMPLETED UPON THE EARLIER OF SUCH PLEDGOR’S ACTUAL RECEIPT THEREOF OR THREE (3) DAYS AFTER DEPOSIT IN THE U.S. MAILS, PROPER POSTAGE PREPAID. 
 (c) THE PARTIES HERETO DESIRE THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST
COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION, THE PARTIES HERETO WAIVE ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE, WHETHER ARISING IN CONTRACT, TORT, OR OTHERWISE BETWEEN
THE PLEDGEE AND/OR ANY OTHER CREDITOR PARTY, AND/OR THE PLEDGOR ARISING OUT OF, CONNECTED WITH, RELATED OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED BETWEEN THEN IN CONNECTION WITH THIS AGREEMENT, ANY OTHER DOCUMENT OR THE TRANSACTIONS RELATED
HERETO OR THERETO. 
 (d) It is understood and agreed that any person or entity that desires to become a Pledgor hereunder, or
is required to execute a counterpart of this Agreement after the date hereof pursuant to the requirements of any Document, shall become a Pledgor hereunder by (i) executing a Joinder Agreement in form and substance satisfactory to the Pledgee,
(ii) delivering supplements to such exhibits and annexes to such Documents as the Pledgee shall reasonably request and/or set forth in such joinder agreement and (iii) taking all actions as specified in this Agreement as would have been
taken by such Pledgor had it been an original party to this Agreement, in each case with all documents required above to be delivered to the Pledgee and with all documents and actions required above to be taken to the reasonable satisfaction of the
Pledgee. 
 23. Severability. If any provision of this Agreement is determined to be illegal, invalid or unenforceable, such provision
shall be fully severable and the remaining provisions shall remain in full force and effect and shall be construed without giving effect to the illegal, invalid or unenforceable provisions. 
 24. Entirety. This Agreement and the other Documents represent the entire agreement of the parties hereto and thereto, and supersede all prior
agreements and understandings, oral or written, if any, including any commitment letters or correspondence relating to the Documents or the transactions contemplated herein and therein. 
  

 16 

 25. Survival. All representations and warranties of the Pledgor hereunder shall survive the
execution and delivery of this Agreement and the other Documents. 
 26. Other Security. To the extent that any of the Secured
Obligations are now or hereafter secured by property other than the Collateral (including, without limitation, real and other personal property owned by the Pledgor), or by a guarantee, endorsement or property of any other Person, then the Pledgee
shall have the right to proceed against such other property, guarantee or endorsement upon the occurrence and during the continuance of any Event of Default, and the Pledgee has the right, in its sole discretion, to determine which rights, security,
liens, security interests or remedies the Pledgee, for the ratable benefit of the Creditor Parties, shall at any time pursue, relinquish, subordinate, modify or take with respect thereto, without in any way modifying or affecting any of them or any
of the Pledgee’s rights or the Secured Obligations under this Agreement or under any other of the Documents. 
 [Remainder of page
intentionally left blank.] 
  

 17 

 IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the day and year first written
above. 
  

			
	PETROALGAE INC.
		
	By:	 	/s/ David P. Szostak
		 	Name: David P. Szostak
		 	Title:   President
	
	 LV ADMINISTRATIVE SERVICES, INC.,
 as Agent

		
	By:	 	/s/ Patrick Regan
		 	Name: Patrick Regan
		 	Title:   Authorized Signatory

 SCHEDULE 1 
 Equity Interests Owned by Pledgor 
  

										
	 Pledgor
	  	Issuer	  	Certificate
Number	  	Equity Interests	  	% of outstanding
Equity Interests	 
					
	 PetroAlgae Inc.
	  	PA LLC	  	2	  	19,000,000 Units	  	81.51	% 

  

 19 

 SCHEDULE 5 
 The Amended and Restated Limited Liability Company Agreement of the Company dated February 16, 2007, as in effect on July __, 2009, sets forth certain restrictions on the transfer of membership units of the
Company. In respect of transfers of membership units by any Laurus/Valens Lender (as defined in the Consent referred to below), such restrictions have been waived (the “Waiver”) to the extent transfer is made to a Laurus/Valens
Permitted Transferee (as defined in the Consent referred to below). The conditions of the Waiver are more fully described in that certain Consent Agreement, dated as of August 14, 2008 by and among Arizona Sciences and Technology Enterprises,
LLC, the Company, the Agent and PetroTech (as amended, modified or supplemented, the “Consent”). 
  

 20 

 Exhibit 1 
 Form of Irrevocable [Unit][Stock][Membership/Partnership Interest] Power 
 FOR VALUE RECEIVED, the
undersigned hereby sells, assigns and transfers to the following [shares of stock][units][percentage of membership/partnership interests] of
                            , a
                                : 
  

			
	 [No. of Shares of Stock/Units]
 [Percentage of Membership/Partnership Interests]
	  	Certificate No.
		  	

 and irrevocably appoints
                                 its agent and attorney-in-fact to transfer all or
any part of such [shares of stock][units][percentage of membership/partnership interests] and to take all necessary and appropriate action to effect any such transfer. The agent and attorney-in-fact may substitute and appoint one or more persons to
act for him. The effectiveness of a transfer pursuant to this irrevocable [stock][unit][membership/partnership interest] power shall be subject to any and all transfer restrictions referenced on the face of the certificates, if any, evidencing such
interest or in the [certificate of incorporation][articles of organization] or [bylaws][operating agreement] of the subject [corporation/limited liability company/limited partnership], to the extent they may from time to time exist. 
  

			
	PETROALGAE INC.
		
	By:	 	 
		 	Name:
		 	Title:

 EXHIBIT 2 
 FORM OF CONTROL ACKNOWLEDGMENT 
 Reference is hereby made to that certain Equity Pledge Agreement,
dated as of July 24, 2009 (as amended, restated, modified and/or supplemented from time to time, the “Pledge Agreement”), between PETROALGAE INC. (the “Pledgor”), the sole member of
                         (the “Issuer”), and LV Administrative Services Inc., as administrative and
collateral agent for the Creditor Parties (as defined therein) (the “Agent”). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed thereto in the Pledge Agreement. 
 The Issuer is hereby instructed by the Pledgor that all of the Pledgor’s right, title and interest in and to all of the Pledgor’s rights in
connection with any membership interests in the Issuer now and hereafter owned by the Pledgor are subject to a pledge and security interest in favor of the Agent, for the ratable benefit of the Creditor Parties. The Pledgor hereby instructs the
Issuer to act upon any instruction delivered to it by the Agent with respect to the Collateral without seeking further instruction from the Pledgor, and, by its execution hereof, the Issuer hereby agrees to do so. 
 The Issuer, by its written acknowledgment and acceptance hereof, hereby acknowledges receipt of a copy of the Pledge Agreement and agrees promptly to
note on its books the security interests granted under the Pledge Agreement. The Issuer also waives any rights or requirements at any time hereafter to receive a copy of the Pledge Agreement in connection with the registration of any Collateral in
the name of the Agent or its designee or the exercise of voting rights by the Agent or its designee. 
 [Remainder of this page intentionally
left blank] 

 IN WITNESS WHEREOF, the Pledgor has caused this Control Acknowledgment to be duly signed and delivered by
its officer duly authorized as of this 24th day of July, 2009. 
  

			
	PETROALGAE INC.
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	 Acknowledged and accepted this
 24th day of
July, 2009.

	
	PA LLC
		
	By:	 	 
		 	Name:
		 	Title:PetroAlgae Inc. Guaranty, dated July 28, 2009

 Exhibit 10.8 
 PETROALGAE INC. GUARANTY 
  

			
	New York, New York	  	July 24, 2009

 FOR VALUE RECEIVED, and in consideration of note purchases from, loans made or to be made or
credit otherwise extended or to be extended by PetroTech Holdings, Corp. (“PetroTech”) to or for the account of PA LLC (f/k/a PetroAlgae, LLC), a Delaware limited liability company (the “Company”), from time to time and at
any time and for other good and valuable consideration and to induce PetroTech, in its discretion, to purchase such notes, make such loans or other extensions of credit and to make or grant such renewals, extensions, releases of collateral or
relinquishments of legal rights as the Creditor Parties (as defined below) may deem advisable, PetroAlgae Inc. (“Guarantor” or “the undersigned”) unconditionally guaranties to the Creditor Parties, their successors,
endorsees and assigns the prompt payment when due (whether by acceleration or otherwise) of all present and future obligations and liabilities of any and all kinds of the Company to the Creditor Parties and of all instruments of any nature
evidencing or relating to any such obligations and liabilities upon which the Company or one or more parties and the Company is or may become liable to the Creditor Parties, whether incurred by the Company as maker, endorser, drawer, acceptor,
guarantor, accommodation party or otherwise, and whether due or to become due, secured or unsecured, absolute or contingent, joint or several, and however or whenever acquired by the Creditor Parties, whether arising under, out of, or in connection
with that certain (i) Second Amended and Restated Secured Term Note dated as of the date hereof, issued by the Company to PetroTech (as further amended, restated, modified and/or supplemented from time to time, the “PetroTech Term
Note”) which amends and restates and combines that certain (a) Amended and Restated Demand Note issued as of August 25, 2008 (and dated August 21, 2008) by the Company to PetroTech which further amended and restated that
Demand Note dates August 21, 2008 made by the Company in favor of PetroTech (as amended, restated, modified and/or supplemented from time to time) (b) Demand Note dated as of September 3, 2008 issued by Company to PetroTech (as
amended, restated, modified and/or supplemented from time to time), (c) Demand Note dated as of September 18, 2008 issued by the Company to PetroTech (as amended, restated, modified and/or supplemented from time to time), (d) Demand
Note dated as of September 25, 2008 issued by the Company to PetroTech (as amended, restated, modified and/or supplemented from time to time), (ii) Amended and Restated Secured Convertible Note dated as of the date hereof issued by the
Company to PetroTech (as further amended, restated, modified and/or supplemented from time to time, the “PetroTech Convertible Note” and together with the PetroTech Term Note, the “PetroTech Notes”) which amends and
restates and combines that certain (a) Convertible Demand Note dated as of April 24, 2009 issued by the Company to PetroTech (as amended, restated, modified and/or supplemented from time to time) and (b) Secured Convertible Demand
Note dated as of May 11, 2009 issued by the Company to PetroTech (as amended, restated, modified and/or supplemented from time to time), (iii) that certain Promissory Note dated June 12, 2008 and effective as of September 22,
2006 issued by Company in favor of XL Techgroup, Inc., a Delaware corporation (“XLT”) and assigned in full by XLT to PetroTech (as amended, restated, modified and/or supplemented from time to time, the “Promissory
Note”) (iv) that certain Amended and Restated Master Security Agreement dated as of the date hereof by the Company in favor of Agent (as defined below) (as further amended, restated, modified and/or supplemented from time to time, the
“PetroTech Master Security Agreement”) which amends 

 
and restates that certain Master Security Agreement dated as of August 21, 2008 by the Company in favor of the Agent on behalf of PetroTech (as amended,
restated, modified and/or supplemented from time to time) and together with the PetroTech Notes, the Promissory Note and all other guarantees, security agreements, other agreements, instruments and documents executed and/or delivered in connection
therewith, collectively and as the same may be amended or otherwise modified from time to time, the “Documents”) between Company and LV Administrative Services, Inc., as administrative and collateral agent to the PetroTech (the
“Agent” and together with PetroTech and its assigns, the “Creditor Parties”; and each a “Creditor Party”) and any documents, instruments or agreements relating to or executed in connection with the
Documents or any documents, instruments or agreements referred to therein or otherwise, or any other indebtedness, obligations or liabilities of the Company to the Creditor Parties, whether now existing or hereafter arising, direct or indirect,
liquidated or unliquidated, absolute or contingent, due or not due and whether under, pursuant to or evidenced by a note, agreement, guaranty, instrument or otherwise (all of which are herein collectively referred to as the
“Obligations”), and irrespective of the genuineness, validity, regularity or enforceability of such Obligations, or of any instrument evidencing any of the Obligations or of any collateral therefor or of the existence or extent of
such collateral, and irrespective of the allowability, allowance or disallowance of any or all of the Obligations in any case commenced by or against the Company under Title 11, United States Code, including, without limitation, obligations or
indebtedness of the Company for post-petition interest, fees, costs and charges that would have accrued or been added to the Obligations but for the commencement of such case. Terms not otherwise defined herein shall have the meaning assigned such
terms in the Documents, as applicable. In furtherance of the foregoing, the undersigned hereby agrees as follows: 
 1. No Impairment.
The Creditor Parties may at any time and from time to time, either before or after the maturity thereof, without notice to or further consent of the undersigned, extend the time of payment of, exchange or surrender any collateral for, renew or
extend any of the Obligations or increase or decrease the interest rate thereon, or any other agreement with the Company or with any other party to or person liable on any of the Obligations, or interested therein, for the extension, renewal,
payment, compromise, discharge or release thereof, in whole or in part, or for any modification of the terms thereof or of any agreement between any Creditor Party and the Company or any such other party or person, or make any election of rights the
Creditor Parties may deem desirable under the United States Bankruptcy Code, as amended, or any other federal or state bankruptcy, reorganization, moratorium or insolvency law relating to or affecting the enforcement of creditors’ rights
generally (any of the foregoing, an “Insolvency Law”) without in any way impairing or affecting this Guaranty. This Guaranty shall be effective regardless of the subsequent incorporation, merger or consolidation of the Company, or
any change in the composition, nature, personnel or location of the Company and shall extend to any successor entity to the Company, including a debtor in possession or the like under any Insolvency Law. 
 2. Guaranty Absolute. Subject to Section 5(c) hereof, each of the undersigned guarantees that the Obligations will be paid strictly in
accordance with the terms of the Documents and/or any other document, instrument or agreement creating or evidencing the Obligations, regardless of any law, regulation or order now or hereafter in effect in any jurisdiction affecting any of such
terms or the rights of the Company with respect thereto. Guarantor hereby knowingly accepts the full range of risk encompassed within a contract of 

  

 2 

 
“continuing guaranty” which risk includes the possibility that the Company will contract additional indebtedness, obligations and liabilities for
which Guarantor may be liable hereunder after the Company’s financial condition or ability to pay its lawful debts when they fall due has deteriorated, whether or not the Company has properly authorized incurring such additional indebtedness,
obligations and liabilities. The undersigned acknowledge that (i) no oral representations, including any representations to extend credit or provide other financial accommodations to the Company, have been made by any Creditor Party to induce
the undersigned to enter into this Guaranty and (ii) any extension of credit to the Company shall be governed solely by the provisions of the Documents. The liability of the undersigned under this Guaranty shall be absolute and unconditional,
in accordance with its terms, and shall remain in full force and effect without regard to, and shall not be released, suspended, discharged, terminated or otherwise affected by, any circumstance or occurrence whatsoever, including, without
limitation: (a) any waiver, indulgence, renewal, extension, amendment or modification of or addition, consent or supplement to or deletion from or any other action or inaction under or in respect of the Documents or any other instruments or
agreements relating to the Obligations or any assignment or transfer of any thereof, (b) any lack of validity or enforceability of any Document or other documents, instruments or agreements relating to the Obligations or any assignment or
transfer of any thereof, (c) any furnishing of any additional security to the Creditor Parties or their assignees or any acceptance thereof or any release of any security by the Creditor Parties or their assignees, (d) any limitation on
any party’s liability or obligation under the Documents or any other documents, instruments or agreements relating to the Obligations or any assignment or transfer of any thereof or any invalidity or unenforceability, in whole or in part, of
any such document, instrument or agreement or any term thereof, (e) any bankruptcy, insolvency, reorganization, composition, adjustment, dissolution, liquidation or other like proceeding relating to the Company, or any action taken with respect
to this Guaranty by any trustee or receiver, or by any court, in any such proceeding, whether or not the undersigned shall have notice or knowledge of any of the foregoing, (f) any exchange, release or nonperfection of any collateral, or any
release, or amendment or waiver of or consent to departure from any guaranty or security, for all or any of the Obligations or (g) any other circumstance which might otherwise constitute a defense available to, or a discharge of, the
undersigned. Any amounts due from the undersigned to the Creditor Parties shall bear interest until such amounts are paid in full at the highest rate then applicable to the Obligations. Obligations include post-petition interest whether or not
allowed or allowable. 
 3. Waivers. 
 (a) This Guaranty is a guaranty of payment and not of collection. The Creditor Parties shall be under no obligation to institute suit, exercise rights or remedies or take any other action against the Company or any
other person or entity liable with respect to any of the Obligations or resort to any collateral security held by it to secure any of the Obligations as a condition precedent to the undersigned being obligated to perform as agreed herein and the
Guarantor hereby waives any and all rights which it may have by statute or otherwise which would require the Creditor Parties to do any of the foregoing. The Guarantor further consents and agrees that the Creditor Parties shall be under no
obligation to marshal any assets in favor of Guarantor, or against or in payment of any or all of the Obligations. The undersigned hereby waives all suretyship defenses and any rights to interpose any defense, counterclaim or offset of any nature
and 

  

 3 

 
description which the undersigned may have or which may exist between and among any Creditor Party, the Company and/or the undersigned with respect to the
undersigned’s obligations under this Guaranty, or which the Company may assert on the underlying debt, including but not limited to failure of consideration, breach of warranty, fraud, payment (other than cash payment in full of the
Obligations), statute of frauds, bankruptcy, infancy, statute of limitations, accord and satisfaction, and usury. 
 (b) The
undersigned further waives (i) notice of the acceptance of this Guaranty, of the making of any such loans or extensions of credit, and of all notices and demands of any kind to which the undersigned may be entitled, including, without
limitation, notice of adverse change in the Company’s financial condition or of any other fact which might materially increase the risk of the undersigned and (ii) presentment to or demand of payment from anyone whomsoever liable upon any
of the Obligations, protest, notices of presentment, non-payment or protest and notice of any sale of collateral security or any default of any sort. 
 (c) Notwithstanding any payment or payments made by the undersigned hereunder, or any setoff or application of funds of the undersigned by any Creditor Party, the undersigned shall not be entitled to be subrogated to
any of the rights of such Creditor Party against the Company or against any collateral or guarantee or right of offset held by such Creditor Party for the payment of the Obligations, nor shall the undersigned seek or be entitled to seek any
contribution or reimbursement from the Company in respect of payments made by the undersigned hereunder, until all amounts owing to the Creditor Parties by the Company on account of the Obligations are indefeasibly paid in full and the
PetroTechs’ obligation to extend credit pursuant to the Documents has been irrevocably terminated. If, notwithstanding the foregoing, any amount shall be paid to the undersigned on account of such subrogation rights at any time when all of the
Obligations shall not have been paid in full and the PetroTech’s obligation to extend credit pursuant to the Documents shall not have been terminated, such amount shall be held by the undersigned in trust for the Creditor Parties, segregated
from other funds of the undersigned, and shall forthwith upon, and in any event within two (2) business days of, receipt by the undersigned, be turned over to the Agent in the exact form received by the undersigned (duly endorsed by the
undersigned to the Agent, if required), to be applied against the Obligations, whether matured or unmatured, in such order as the Agent may determine, subject to the provisions of the Documents. Any and all present and future debts, obligations and
liabilities of the Company to any of the undersigned are hereby waived and postponed in favor of, and subordinated to the full payment and performance of, all present and future debts and Obligations of the Company to the Creditor Parties.

 4. Security. All sums at any time to the credit of the undersigned and any property of the undersigned in any Creditor Party’s
possession or in the possession of any bank, financial institution or other entity that directly or indirectly, through one or more intermediaries, controls or is controlled by, or is under common control with, such Creditor Party (each such entity,
an “Affiliate”) shall be deemed held by such Creditor Party or such Affiliate, as the case may be, as security for any and all of the undersigned’s obligations and liabilities to the Creditor Parties and to any Affiliate of the
Creditor Parties, no matter how or when arising and whether under this or any other instrument, agreement or otherwise. 
  

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 5. Representations and Warranties. The undersigned hereby represents and warrants (all of which
representations and warranties shall survive until all Obligations are indefeasibly satisfied in full and the Documents have been irrevocably terminated), that: 
 (a) Corporate Status. It is a corporation, partnership or limited liability company, as the case may be, duly formed, validly
existing and in good standing under the laws of its jurisdiction of formation indicated on the signature page hereof and has full power, authority and legal right to own its property and assets and to transact the business in which it is engaged.

 (b) Authority and Execution. It has full power, authority and legal right to execute and deliver, and to perform its
obligations under, this Guaranty and has taken all necessary corporate, partnership or limited liability company, as the case may be, action to authorize the execution, delivery and performance of this Guaranty. 
 (c) Legal, Valid and Binding Character. This Guaranty constitutes its legal, valid and binding obligation enforceable in accordance
with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws of general application affecting the enforcement of creditor’s rights and general principles of equity that
restrict the availability of equitable or legal remedies. 
 (d) Violations. The execution, delivery and performance of
this Guaranty will not violate any requirement of law applicable to it or any contract, agreement or instrument to which it is a party or by which it or any of its property is bound or result in the creation or imposition of any mortgage, lien or
other encumbrance other than in favor of the Agent, for the ratable benefit of the Creditor Parties, on any of its property or assets pursuant to the provisions of any of the foregoing, which, in any of the foregoing cases, could reasonably be
expected to have, either individually or in the aggregate, a Material Adverse Effect. 
 (e) Consents or Approvals. No
consent of any other person or entity (including, without limitation, any creditor of the undersigned) and no consent, license, permit, approval or authorization of, exemption by, notice or report to, or registration, filing or declaration with, any
governmental authority is required in connection with the execution, delivery, performance, validity or enforceability of this Guaranty by it, except to the extent that the failure to obtain any of the foregoing could not reasonably be expected to
have, either individually or in the aggregate, a Material Adverse Effect. 
 (f) Litigation. No litigation,
arbitration, investigation or administrative proceeding of or before any court, arbitrator or governmental authority, bureau or agency is currently pending or, to the best of its knowledge, threatened (i) with respect to this Guaranty or any of
the transactions contemplated by this Guaranty or (ii) against or affecting it, or any of its property or assets, which, in each of the foregoing cases, if adversely determined, could reasonably be expected to have a Material Adverse Effect.

  

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 (g) Financial Benefit. It has derived or expects to derive a financial or other
advantage from each and every loan, advance or extension of credit made under the Documents or other Obligation incurred by the Company to the Creditor Parties. 
 (h) Solvency. As of the date of this Guaranty, (a) the fair saleable value of its assets exceeds its liabilities and
(b) it is meeting its current liabilities as they mature. 
 6. Acceleration. 
 (a) If any breach of any covenant or condition or other event of default shall occur and be continuing under any agreement made by the
Company or the undersigned to any Creditor Party, or either the Company or the undersigned should at any time become insolvent, or make a general assignment, or if a proceeding in or under any Insolvency Law shall be filed or commenced by, or in
respect of, the undersigned, or if a notice of any lien, levy, or assessment is filed of record with respect to any assets of any of the undersigned by the United States of America or any department, agency, or instrumentality thereof, or if any
taxes or debts owing at any time or times hereafter to any one of them becomes a lien or encumbrance upon any assets of the undersigned in any Creditor Party’s possession, or otherwise, any and all Obligations shall for purposes hereof, at the
Creditor Parties’ option, be deemed due and payable without notice notwithstanding that any such Obligation is not then due and payable by the Company. 
 (b) The undersigned will promptly notify the Agent of any default by such undersigned in its respective performance or observance of any
term or condition of any agreement to which the undersigned is a party if the effect of such default is to cause, or permit the holder of any obligation under such agreement to cause, such obligation to become due prior to its stated maturity and,
if such an event occurs, the Creditor Parties shall have the right to accelerate such undersigned’s obligations hereunder. 
 7.
Payments from Guarantors. The Creditor Parties, in their sole and absolute discretion, with or without notice to the undersigned, may apply on account of the Obligations any payment from the undersigned or any other guarantors, or amounts
realized from any security for the Obligations, or may deposit any and all such amounts realized in a non-interest bearing cash collateral deposit account to be maintained as security for the Obligations. 
 8. Costs. The undersigned shall pay on demand, all costs, fees and expenses (including expenses for legal services of every kind) relating or
incidental to the enforcement or protection of the rights of the Creditor Parties hereunder or under any of the Obligations. 
 9. No
Termination. This is a continuing irrevocable guaranty and shall remain in full force and effect and be binding upon the undersigned, and the undersigned’s successors and assigns, until all of the Obligations have been indefeasibly paid in
full and the PetroTech’s obligation to extend credit pursuant to the Documents has been irrevocably terminated. If any of the present or future Obligations are guarantied by persons, partnerships, corporations or other entities in addition to
the undersigned, the death, release or discharge in whole or in part or the bankruptcy, merger, consolidation, incorporation, liquidation or dissolution of one or more of them shall not discharge or affect the liabilities of the undersigned under
this Guaranty. 
  

 6 

 10. Recapture. Anything in this Guaranty to the contrary notwithstanding, if any Creditor Party
receives any payment or payments on account of the liabilities guaranteed hereby, 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 a
trustee, receiver, or any other party under any Insolvency Law, common law or equitable doctrine, then to the extent of any sum not finally retained by the Creditor Parties, the undersigned’s obligations to the Creditor Parties shall be
reinstated and this Guaranty shall remain in full force and effect (or be reinstated) until payment shall have been made to the Creditor Parties, which payment shall be due on demand. 
 11. Books and Records. The books and records of the Agent showing the account between the Creditor Parties and the Company shall be admissible in
evidence in any action or proceeding, shall be binding upon the undersigned for the purpose of establishing the items therein set forth and shall constitute prima facie proof thereof. 
 12. No Waiver. No failure on the part of any Creditor Party to exercise, and no delay in exercising, any right, remedy or power hereunder shall
operate as a waiver thereof, nor shall any single or partial exercise by any Creditor Party of any right, remedy or power hereunder preclude any other or future exercise of any other legal right, remedy or power. Each and every right, remedy and
power hereby granted to the Creditor Parties or allowed it by law or other agreement shall be cumulative and not exclusive of any other, and may be exercised by the Creditor Parties at any time and from time to time. 
 13. WAIVER OF JURY TRIAL. THE UNDERSIGNED DESIRES THAT ITS DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE
THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION, THE UNDERSIGNED HERETO WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE, WHETHER ARISING IN CONTRACT, TORT, OR
OTHERWISE BETWEEN ANY CREDITOR PARTY, AND/OR THE UNDERSIGNED ARISING OUT OF, CONNECTED WITH, RELATED OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED BETWEEN THEM IN CONNECTION WITH THIS GUARANTY, ANY DOCUMENT OR THE TRANSACTIONS RELATED HERETO OR
THERETO. 
 14. GOVERNING LAW; JURISDICTION. THIS GUARANTY CANNOT BE CHANGED OR TERMINATED ORALLY, AND SHALL BE GOVERNED BY AND
CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS. THE UNDERSIGNED HEREBY CONSENTS AND AGREES THAT THE STATE OR
FEDERAL COURTS LOCATED IN THE COUNTY OF NEW YORK, STATE OF NEW YORK SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN THE UNDERSIGNED, ON THE ONE HAND, AND ANY 

  

 7 

 
CREDITOR PARTY, ON THE OTHER HAND, PERTAINING TO THIS GUARANTY OR ANY OF THE DOCUMENTS OR TO ANY MATTER ARISING OUT OF OR RELATED TO THIS GUARANTY OR ANY OF
THE DOCUMENTS; PROVIDED, THAT THE UNDERSIGNED ACKNOWLEDGES THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF THE COUNTY OF NEW YORK, STATE OF NEW YORK; AND FURTHER PROVIDED, THAT NOTHING IN
THIS GUARANTY SHALL BE DEEMED OR OPERATE TO PRECLUDE THE CREDITOR PARTIES FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO COLLECT THE OBLIGATIONS, TO REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY FOR THE OBLIGATIONS,
OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF ANY CREDITOR PARTY. THE UNDERSIGNED EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND THE UNDERSIGNED HEREBY WAIVES ANY
OBJECTION WHICH IT MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS. THE UNDERSIGNED HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND
AGREES THAT SERVICE OF SUCH SUMMONS, COMPLAINT AND OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO SUCH UNDERSIGNED AT THE ADDRESS BELOW THE UNDERSIGNED’S SIGNATURE HERETO AND THAT SERVICE SO MADE SHALL BE DEEMED
COMPLETED UPON THE EARLIER OF SUCH UNDERSIGNED’S ACTUAL RECEIPT THEREOF OR THREE (3) DAYS AFTER DEPOSIT IN THE U.S. MAILS, PROPER POSTAGE PREPAID. 
 15. Understanding With Respect to Waivers and Consents. The Guarantor warrants and agrees that each of the waivers and consents set forth in this Guaranty is made voluntarily and unconditionally after
consultation with outside legal counsel and with full knowledge of its significance and consequences, with the understanding that events giving rise to any defense or right waived may diminish, destroy or otherwise adversely affect rights which the
Guarantor otherwise may have against the Company, any Creditor Party or any other person or entity or against any collateral. If, notwithstanding the intent of the parties that the terms of this Guaranty shall control in any and all circumstances,
any such waivers or consents are determined to be unenforceable under applicable law, such waivers and consents shall be effective to the maximum extent permitted by law. 
 16. Severability. To the extent permitted by applicable law, any provision of this Guaranty which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent
of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 17. Amendments, Waivers. No amendment or waiver of any provision of this Guaranty nor consent to any departure by the undersigned
therefrom shall in any event be effective unless the same shall be in writing executed by the undersigned directly affected by such amendment and/or waiver and the Agent. 
  

 8 

 18. Notice. All notices, requests and demands to or upon the undersigned, shall be in writing and
shall be deemed to have been duly given or made (a) when delivered, if by hand, (b) three (3) days after being sent, postage prepaid, if by registered or certified mail, (c) when confirmed electronically, if by facsimile, or
(d) when delivered, if by a recognized overnight delivery service in each event, to the numbers and/or address set forth beneath the signature of the undersigned. 
 19. Successors. Each Creditor Party may, from time to time, without notice to the undersigned, sell, assign, transfer or otherwise dispose of all or any part of the Obligations and/or rights under this
Guaranty. Without limiting the generality of the foregoing, each Creditor Party may assign, or grant participations to, one or more banks, financial institutions or other entities all or any part of any of the Obligations. In each such event, the
Creditor Parties, their Affiliates and each and every immediate and successive purchaser, assignee, transferee or holder of all or any part of the Obligations shall have the right to enforce this Guaranty, by legal action or otherwise, for its own
benefit as fully as if such purchaser, assignee, transferee or holder were herein by name specifically given such right. The Creditor Parties shall have an unimpaired right to enforce this Guaranty for its benefit with respect to that portion of the
Obligations which the Creditor Parties have not disposed of, sold, assigned, or otherwise transferred. 
 20. Joinder. It is
understood and agreed that any person or entity that desires to become a Guarantor hereunder, or is required to execute a counterpart of this Guaranty after the date hereof pursuant to the requirements of any Document, shall become a Guarantor
hereunder by (x) executing a joinder agreement in form and substance satisfactory to the Agent, (y) delivering supplements to such exhibits and annexes to such Documents as the Agent shall reasonably request and/or as may be required by
such joinder agreement and (z) taking all actions as specified in this Guaranty as would have been taken by such Guarantor had it been an original party to this Guaranty, in each case with all documents required above to be delivered to the
Agent and with all documents and actions required above to be taken to the reasonable satisfaction of the Agent. 
 21. Release.
Nothing except indefeasible payment in full of the Obligations shall release the undersigned from liability under this Guaranty. 
 22.
Remedies Not Exclusive. The remedies conferred upon the Creditor Parties in this Guaranty are intended to be in addition to, and not in limitation of any other remedy or remedies available to the Creditor Parties. 
 23. Limitation of Obligations under this Guaranty. The Guarantor and each Creditor Party (by its acceptance of the benefits of this Guaranty)
hereby confirms that it is its intention that this Guaranty not constitute a fraudulent transfer or conveyance for purposes of the Bankruptcy Code, the Uniform Fraudulent Conveyance Act of any similar Federal or state law. To effectuate the
foregoing intention, the Guarantor and each Creditor Party (by its acceptance of the benefits of this Guaranty) hereby irrevocably agrees that the Obligations guaranteed by such Guarantor shall be limited to such amount as will, after giving effect
to such maximum amount and all other (contingent or otherwise) liabilities of such Guarantor that are relevant under such laws and after giving effect to any rights to contribution pursuant to any agreement providing for an equitable contribution
among such Guarantor and any other guarantors (including this Guaranty), result in the Obligations of such Guarantor under this Guaranty in respect of such maximum amount not constituting a fraudulent transfer or conveyance. 
 [REMAINDER OF THIS PAGE IS BLANK. 
 SIGNATURE PAGE IMMEDIATELY FOLLOWS] 
  

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 IN WITNESS WHEREOF, this Guaranty has been executed by the undersigned as of the date and year here above
written. 
  

			
	PETROALGAE INC.
		
	By:	 	/s/ David P. Szostak
		 	Name: David P. Szostak
		 	Title:   President

 SIGNATURE PAGE TO 
 SUBSIDIARY GUARANTY

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