Document:

Plain English Limited Recourse Continuing Guaranty

 Exhibit 10.3 
 PLAIN ENGLISH LIMITED RECOURSE CONTINUING GUARANTY 
 This is a PLAIN ENGLISH LIMITED
RECOURSE CONTINUING GUARANTY (as the same may be amended, restated, supplemented or otherwise modified from time to time, this “Agreement” or this “Guaranty”), dated as October 20, 2011, made by GEVO
DEVELOPMENT, LLC., a Delaware limited liability company, in favor of TRIPLEPOINT CAPITAL LLC, a Delaware limited liability company. 
 The words
“We,” “Us,” or “Our” refer to TriplePoint Capital LLC. The words “You” or “Your” refer to GEVO DEVELOPMENT, LLC, not to any individual or natural Person. The words
“the Parties” refer to both TriplePoint Capital LLC and GEVO DEVELOPMENT LLC. 
 RECITALS

 A. We have entered into an Amended and Restated Plain English Growth Capital Loan and Security Agreement with AGRI-ENERGY, LLC, a
Minnesota limited liability company, (“Borrower”) and the other borrowers party thereto from time to time, dated October 20, 2011 (including all annexes, exhibits and schedules thereto, and as the same may be amended, restated,
supplemented or otherwise modified from time to time, the “Loan Agreement”), pursuant to which We have agreed to extend certain financial accommodations to or for the benefit of Borrower. 

B. You and Borrower are engaged in an interrelated business enterprise with an identity of interests and have a direct or indirect organizational or
business relationship with each other, such that the financing provided under the Loan Agreement will directly and indirectly benefit You. 
 C.
It is a condition precedent to Our continuing to make any loans or provide any other financial accommodations to Borrower under the Loan Agreement that You execute and deliver to Us a guaranty agreement in substantially the form hereof. 

D. You have advised Us that You desire unconditionally guarantee Borrower’s obligations to Us, as set forth in this Agreement. 

We are willing to continue to extend the financial accommodations as provided in the Loan Agreement, but only upon the condition, among others, that You
execute and deliver this Guaranty. You desire to unconditionally guaranty Borrower’s obligations to Us, as set forth in this Guaranty. To secure Your obligations under this Guaranty, You have executed with Us an Amended and Restated
Limited Recourse Membership Interest Pledge Agreement, dated as of the date hereof (including all annexes, exhibits and schedules thereto, and as the same may be amended, restated, supplemented or otherwise modified from time to time, the
“Pledge Agreement”). 
 AGREEMENT 
 NOW, THEREFORE, in consideration of the premises and the covenants hereinafter contained, and for other good and valuable consideration, the receipt and sufficiency of which are acknowledged, the Parties
agree as follows: 
 1. Defined Terms; Certain Matters of Construction. All capitalized terms used herein without
definitions shall have the respective meanings provided in the Loan Agreement. All terms not defined in the Loan Agreement that are defined in the UCC and used herein shall have the meanings provided in the UCC. Notwithstanding the foregoing,
however, references to “You” and “Your” in terms that are defined in the Loan Agreement, shall mean and refer to You when such defined terms are used in this Guaranty. Any reference herein to the satisfaction, repayment, or
payment in full of the Secured Obligations shall mean the repayment in full in cash or immediately available funds of all of the Secured Obligations (other than contingent indemnifications). Matters of construction established in the Loan Agreement
shall be applied in this Guaranty as established in the Loan Agreement. In addition, the following shall have (unless otherwise provided elsewhere in this Guaranty) the following respective meanings: 

1.1 The term “Borrower Collateral” as used herein, means “Collateral” as that term is defined in the Loan
Agreement . 
  
 PLAIN ENGLISH LIMITED RECOURSE

 CONTINUING GUARANTY 
 (GEVO DEVELOPMENT) 

  
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 1.2 The term “Loan Documents” as used herein, shall have the meaning
ascribed thereto in the Loan Agreement. 
 1.3 The term “Pledged Collateral” as used herein, means
“Pledged Collateral” as that term is defined in the Pledge Agreement. 
 1.4 The term “Secured
Obligations” as used herein, means the “Secured Obligations” as that term is defined in the Loan Agreement. 

1.5 The term “Termination Date” means the date on which the Secured Obligations (other than contingent indemnification
Secured Obligations) have been paid in full in cash and We have no further commitment to provide Advances under the Loan Agreement. 
 2. The Guaranty. 
 2.1 Guaranty of Guaranteed Obligations. You
unconditionally guarantee to Us, and each of Our successors, endorsees, transferees and assigns, the prompt payment (whether at stated maturity, by acceleration or otherwise) and performance of the Secured Obligations of Borrower (such Secured
Obligations of Borrower referred to as the “Guaranteed Obligations”). Notwithstanding any provision herein contained to the contrary, Your liability under this Guaranty shall be limited to an amount not to exceed the amount that
could be claimed by Us without rendering such claim voidable or avoidable under Section 548 of Chapter 11 of the Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute
or common law after taking into account, among other things, any right of contribution or indemnification that You may have. You agree that this Guaranty is a guaranty of payment and performance and not of collection, and that Your obligations under
this Guaranty shall be primary, absolute and unconditional, irrespective of, and, to the fullest extent permitted by applicable law, unaffected by, until the Termination Date: 

(a) the genuineness, validity, regularity, enforceability or any future amendment of or change in this Guaranty, any other Loan Document
or any other agreement, document or Instrument to which either You or Borrower is or may become a party; 
 (b) the absence of
any action to enforce this Guaranty or any other Loan Document or the waiver or consent by Us with respect to any of the provisions thereof; 
 (c) the existence, value or condition of, or the failure to perfect Our Lien against, any Collateral for the Secured Obligations or any action, or the absence of any action, by Us in respect thereof
(including the release of any such Collateral); 
 (d) Your or Borrower’s insolvency; or 

(e) any other action or circumstance that might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor
until the Secured Obligations (other than unasserted contingent indemnification Secured Obligations) are paid in full in Cash; 
 it being
agreed by You that Your obligations under this Guaranty shall not be discharged until the Termination Date. You shall be regarded, and shall be in the same position, as a principal obligor with respect to the Guaranteed Obligations. You expressly
waive any right that You may now or in the future have to require Us to, and We shall have no liability to, first pursue or enforce against Borrower, the Borrower Collateral or any of the other properties or assets of Borrower, the Borrower
Collateral, the Collateral, or any other security, guaranty, or pledge that may now or hereafter be held by Us for the Secured Obligations or for the Guaranteed Obligations, or to apply such security, guaranty, or pledge to the Secured Obligations
or to the Guaranteed Obligations, or to pursue any other remedy in Our power that You may or may not be able to pursue Yourself and that may lighten Your burden, before proceeding against the Pledged Collateral. You agree that any notice or
directive given at any time to Us that is inconsistent with the waiver in the immediately preceding sentence shall be null and void and may be ignored by Us, and, in addition, may not be pleaded or introduced as evidence in any litigation relating
to this Guaranty for the reason that such pleading or introduction would be at variance with the written terms of this Guaranty, unless We have specifically agreed otherwise in writing. Each of the Parties acknowledges and agrees that the foregoing
waivers are of the essence of the transaction contemplated by the Loan Documents and that, but for this Guaranty and such waivers, We would decline to enter into the Loan Agreement and the other Loan Documents. 

 
 PLAIN ENGLISH LIMITED RECOURSE 

CONTINUING GUARANTY 

(GEVO DEVELOPMENT) 

  
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 2.2 Demand by Us. In addition to the terms of this Guaranty set forth in
Section 2.1, and in no manner imposing any limitation on such terms, it is expressly understood and agreed by You that to the extent that, at any time, any of the Guaranteed Obligations become immediately due and payable, then the
Guaranteed Obligations shall be immediately due and payable by You to Us without declaration, notice or demand. Your payments shall be made to Us in immediately available funds in lawful currency of the United States of America to an account
designated by Us or at the address set forth herein for the giving of notice to Us or at any other address that may be specified in writing from time to time by Us, and shall be credited and applied to the Guaranteed Obligations. 

2.3 Enforcement of Guaranty. We shall have no obligation to proceed against Borrower or any Collateral (although We may, at Our
option, so proceed) before seeking satisfaction from You, and We may proceed, prior or subsequent to, or simultaneously with, the enforcement of Our rights hereunder, to exercise any right or remedy that We may have against any Collateral as a
result of any Lien We may have as security for all or any portion of the Secured Obligations. A separate action or actions may be brought and prosecuted against You whether or not an action is brought against Borrower or Borrower is joined in any
such action or actions. 
 2.4 Waiver. In addition to any other waivers contained herein, to the fullest extent permitted
by applicable law, You waive, and agree that You shall not at any time insist upon, plead or in any other manner claim or take the benefit or advantage of, any appraisal, valuation, stay, extension, marshaling of assets or redemption laws, or
exemption, whether now or at any time hereafter in force, that may delay, prevent or otherwise affect the performance by You of Your obligations under, or the enforcement by Us of, this Guaranty. You waive diligence, presentment and demand (whether
for non payment or protest or of acceptance, maturity, extension of time, change in nature or form of the Secured Obligations, acceptance of further security, release of further security, composition or agreement arrived at as to the amount of, or
the terms of, the Secured Obligations, notice of adverse change in Borrower’s financial condition or any other fact that might increase the risk to You) with respect to any of the Secured Obligations or all other demands whatsoever and waive
the benefit of all provisions of law that are or might be in conflict with the terms of this Guaranty. You represent, warrant and agree that, as of the date of this Guaranty, Your obligations under this Guaranty or the other Loan Documents to which
You are a party, are not subject to any setoffs or defenses against Us or any other Person of any kind. You further agree that Your obligations under this Guaranty and the other Loan Documents to which You are a party, shall not be subject to any
counterclaims, setoffs or defenses against Us or Borrower of any kind that may arise in the future other than the defense that such Secured Obligations (other than unasserted contingent indemnification Secured Obligations) are paid in full in Cash.

 2.5 Benefit of Guaranty. The provisions of this Guaranty are for the benefit of Us and Our successors, transferees,
endorsees and permitted assigns, and nothing herein contained shall impair, as between You or Borrower, on the one hand, and Us, on the other hand, the Guaranteed Obligations of You or the Secured Obligations of Borrower under the Loan Documents.
This Guaranty binds You, and You may not assign, transfer, or endorse this Guaranty except as consented to in writing by Us. In the event all or any part of the Secured Obligations are transferred, indorsed or assigned by Us to any Person or Persons
in accordance with the Loan Agreement and the other Loan Documents, any reference to “We,” “Us,” or “Our” herein shall be deemed to refer equally to such Person or Persons. 

2.6 Modification of Guaranteed Obligations. To the fullest extent permitted by applicable law, You acknowledge and agree that We
may, at any time or from time to time until the Termination Date, with or without the consent of, or notice to, You: 
 (a)
change or extend the manner, place or terms of payment of, or renew or alter all or any portion of, the Secured Obligations; 

(b) take any action under or in respect of the Loan Documents in the exercise of any remedy, power or privilege contained therein or
available to it at law, in equity or otherwise, or waive or refrain from exercising any such remedies, powers or privileges; 

(c) amend or modify, in any manner whatsoever, any of the Loan Documents; 

(d) extend or waive the time for the performance of, or compliance with, any term, covenant or agreement on its part to be performed or
observed under any of the Loan Documents, or waive such performance or compliance or consent to a failure of, or departure from, such performance or compliance; 
  

PLAIN ENGLISH LIMITED RECOURSE 
 CONTINUING GUARANTY 
 (GEVO DEVELOPMENT) 

  
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 (e) take and hold Collateral for the payment of the Secured Obligations guaranteed or sell,
exchange, release, dispose of, or otherwise deal with, any property pledged, mortgaged or conveyed, or in which We have been granted a Lien, to secure any Secured Obligations, in each case as permitted by the Loan Documents; 

(f) release any Person who may be liable in any manner for the payment of any amounts owed by You or Borrower to Us; 

(g) modify or terminate the terms of any intercreditor or subordination agreement pursuant to which claims of other creditors of You or
Borrower are subordinated to Our claims; or 
 (h) apply any sums paid by any Person and realized in any manner to any amounts
owing by You or Borrower to Us in the manner provided in the Loan Agreement; 
 and You acknowledge and agree that We shall not incur any
liability to You as a result of any of the foregoing, and no such action shall, unless expressly provided, impair or release Your Secured Obligations until the Secured Obligations (other than unasserted contingent indemnification Secured
Obligations) are paid in full in Cash. 
 2.7 Reinstatement. This Guaranty shall remain in full force and effect and
continue to be effective should any petition be filed by or against You or Borrower for liquidation or reorganization, should You or Borrower become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be
appointed for all or any significant part of Your or Borrower’s assets, and shall continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Secured Obligations, or any part thereof, is,
pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by Us, whether as a “voidable preference,” “fraudulent transfer,” or otherwise, all as though such payment or performance had
not been made. In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the Secured Obligations and the terms of this Guaranty shall be reinstated and deemed reduced only by such amount paid and not so
rescinded, reduced, restored or returned. 
 2.8 Postponement of Subrogation, Etc. Notwithstanding anything to the
contrary in this Guaranty, or in any other Loan Document, You: 
 (a) expressly and irrevocably postpone, on Your own behalf
and on behalf of Your successors and assigns (including any surety), until the Termination Date, any and all rights at law or in equity to subrogation, to reimbursement, to exoneration, to contribution, to indemnification, to setoff or to any other
rights that could accrue to a surety against a principal, to a guarantor against a principal, to a guarantor against a maker or obligor, to an accommodation party against the party accommodated, to a holder or transferee against a maker, or to the
holder of any claim against any Person and that You may have or hereafter acquire against Borrower in connection with or as a result of Your execution, delivery or performance of this Guaranty, or any other documents to which You are a party or
otherwise; and 
 (b) acknowledge and agree that (i) this postponement is intended to benefit Us and shall not limit or
otherwise affect Your liability hereunder or the enforceability of this Guaranty, and (ii) We and Our successors and permitted assigns are intended third party beneficiaries of the postponements and agreements set forth in this
Section 2.8. 
 2.9 Election of Remedies. If We may, under applicable law, proceed to realize benefits under
any of the Loan Documents giving Us a Lien upon any Borrower Collateral or Pledged Collateral, either by judicial foreclosure or by nonjudicial sale or enforcement, then We may, at Our sole option, determine which of Our remedies or rights We may
pursue without affecting any of such rights and remedies under this Guaranty. If, in the exercise of any of Our rights and remedies, We shall forfeit any of Our rights or remedies, including Our right to enter a deficiency judgment against You or
Borrower, whether because of any applicable laws pertaining to “election of remedies” or the like, You, to the fullest extent permitted by applicable law, consent to such action by Us and waive any claim based upon such action, even if
such action by Us shall result in a full or partial loss of any rights of subrogation that You might otherwise have had but for such action by Us. Any election of remedies that results in the denial or impairment of Our right to seek a deficiency
judgment against You or Borrower shall not impair Your obligation to pay the full amount of the Guaranteed Obligations. In the event We shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan
Documents, We may bid all or less 
  
 PLAIN ENGLISH
LIMITED RECOURSE 
 CONTINUING GUARANTY 
 (GEVO DEVELOPMENT) 

  
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than the amount of the Secured Obligations and the amount of such bid need not be paid by Us but shall be credited against the Guaranteed Obligations. The amount of the successful bid at any such
sale shall be conclusively deemed to be the fair market value of the collateral and the difference between such bid amount and the remaining balance of the Guaranteed Obligations shall be conclusively deemed to be the amount of the Guaranteed
Obligations guaranteed under this Guaranty. 
 2.10 Subordination. 

(a) You agree that, until the Termination Date, all indebtedness of Borrower to You, including any and all present and future
indebtedness regardless of its nature or manner of origination now or hereafter to become due and owing by Borrower to You (collectively, the “Subordinated Indebtedness”), are subordinated and shall be inferior, in all respects, to
the Secured Obligations. 
 (b) In no circumstance shall any Subordinated Indebtedness be entitled to any collateral security;
provided, that in the event any such collateral security exists, You agree that any now existing or hereafter arising Lien upon any of the assets of Borrower in favor of You, whether created by contract, assignment, subrogation,
reimbursement, indemnity, operation of law, principles of equity or otherwise, shall be junior and inferior to, and is subordinated in priority to any now existing or hereafter arising Liens in favor of Us or in and against the Pledged Collateral,
regardless of the time, manner or order of creation, attachment or perfection of the respective Liens. 
 (c) From and
after the occurrence and during the continuation of an Event of Default, You shall not assert, collect, accept payment on or enforce any of the Subordinated Indebtedness or take collateral or other security to secure payment of the Subordinated
Indebtedness until the Termination Date. From and after the occurrence and during the continuation of an Event of Default, You shall not demand payment of, accelerate the maturity of, or declare a default or event of default under the Subordinated
Indebtedness until the Termination Date. From and after the occurrence and during the continuation of an Event of Default, You shall not cause or permit Borrower to make or give, and You shall not receive or accept, payment in any form (whether
direct or indirect, including by transfer to an Affiliate or Subsidiary of Borrower, to You) on account of the Subordinated Indebtedness, make any transfers in respect of the Subordinated Indebtedness without the express prior written consent of Us
(which consent may be withheld for any reason in Our sole discretion), or give any collateral security for the Subordinated Indebtedness. You agree that any payment, transfer, or collateral security so made or given by Borrower and received or
accepted by You, in violation of this Guaranty, without Our express prior written consent, shall be held in trust by You for Our account, and You shall immediately turn over, in kind, any such payment to Us for application in reduction of, or (in
the case of property other than cash) as security for, Your obligations hereunder. 
 3. Limited Recourse. Anything in
this Agreement or any other Loan Document to the contrary notwithstanding, Our recourse to You hereunder and under each other Loan Document with respect to the Secured Obligations and the Guaranteed Obligations shall be limited to the Pledged
Collateral. Your obligations hereunder and under the other Loan Documents shall be enforced and enforceable solely against the Pledged Collateral. You shall have no claim or other obligation to Us based on or in respect of any of the Secured
Obligations and Guaranteed Obligations except to the extent of the Pledged Collateral and We shall have no recourse against any of Your other assets or properties (other than the Pledged Collateral), whether hereunder or under any other Loan
Document. 
 4. Representations and Warranties. To induce Us to continue to extend the financial accommodations under the
Loan Agreement, You make, on the date hereof, the following representations and warranties to Us, each and all of which shall survive the execution and delivery of this Guaranty Agreement.  

4.1 Organizational Existence. You have the requisite organizational power and authority to execute, deliver and perform this
Guaranty and Your obligations hereunder. 
 4.2 Enforceable Guaranteed Obligations. This Guaranty has been duly executed
and delivered for Your benefit or on Your behalf, and constitutes Your legal, valid and binding obligation, enforceable against You in accordance with its terms. except as may be limited by bankruptcy, insolvency, reorganization, moratorium or
similar laws, or by equitable principles relating to the rights of creditors generally. 
  
 PLAIN ENGLISH LIMITED RECOURSE 
 CONTINUING GUARANTY 

(GEVO DEVELOPMENT) 

  
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 5. Further Assurances. You agree, upon Our written request, to execute and deliver to
Us, from time to time, any additional Instruments or documents reasonably considered necessary by Us to cause this Guaranty to be, become or remain valid and effective in accordance with its terms. 

6. Payments Free and Clear of Taxes. All payments required to be made by You hereunder shall be made to Us free and clear of, and
without deduction for, any and all present or future taxes (other than Excluded Taxes). You agree that if You shall be required by law to deduct any taxes (other than Excluded Taxes) from or in respect of any sum payable hereunder, (a) the sum
payable shall be increased as much as shall be necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section 6) We receive an amount equal to the sum We would have
received had no such deductions been made, (b) You shall make such deductions, and (c) You shall pay the full amount deducted to the relevant taxing or other authority in accordance with applicable law. You agree to pay, and to hold Us
harmless from, any and all liabilities with respect to, or resulting from any delay in paying, any and all Indemnified Taxes that may be payable or determined to be payable with respect to any of the Collateral or in connection with any of the
transactions contemplated by this Guaranty, except for any delays or actions caused by Our gross negligence or willful misconduct. 
 7. Waivers Under Statutes. To the fullest extent permitted by applicable law, You Make the Following Additional Waivers: YOU WAIVE ALL RIGHTS AND DEFENSES THAT YOU MAY HAVE BECAUSE THE GUARANTEED
OBLIGATIONS MAY BECOME SECURED BY REAL PROPERTY. THIS MEANS, AMONG OTHER THINGS, THAT: (a) WE MAY COLLECT FROM YOU WITHOUT FIRST FORECLOSING ON ANY REAL OR PERSONAL PROPERTY COLLATERAL; AND (b) IF WE FORECLOSE ON ANY REAL PROPERTY
COLLATERAL: (i) THE AMOUNT OF THE GUARANTEED OBLIGATIONS MAY BE REDUCED ONLY BY THE PRICE FOR WHICH THAT COLLATERAL IS SOLD AT THE FORECLOSURE SALE, EVEN IF THE COLLATERAL IS WORTH MORE THAN THE SALE PRICE; AND (ii) WE MAY COLLECT FROM YOU
EVEN IF WE, BY FORECLOSING ON THE REAL PROPERTY COLLATERAL, HAVE DESTROYED ANY RIGHT YOU MAY HAVE TO COLLECT FROM BORROWER. THIS IS AN UNCONDITIONAL AND IRREVOCABLE WAIVER OF ANY RIGHTS AND DEFENSES YOU MAY HAVE BECAUSE BORROWER’S SECURED
OBLIGATIONS MAY BECOME SECURED BY REAL PROPERTY. THESE RIGHTS AND DEFENSES INCLUDE, BUT ARE NOT LIMITED TO, ANY RIGHTS OR DEFENSES BASED UPON SECTIONS 580a, 580b, 580d OR 726 OF THE CALIFORNIA CODE OF CIVIL PROCEDURE (“CCP”). IN ADDITION,
YOU WAIVE ALL RIGHTS AND DEFENSES ARISING OUT OF AN ELECTION OF REMEDIES BY US, EVEN THOUGH THAT ELECTION OF REMEDIES, SUCH AS A NONJUDICIAL FORECLOSURE WITH RESPECT TO SECURITY FOR A GUARANTEED OBLIGATION, HAS DESTROYED YOUR RIGHTS OF SUBROGATION
AND REIMBURSEMENT AGAINST THE PRINCIPAL BY THE OPERATION OF SECTION 580d OF THE CCP OR OTHERWISE. 
 8. Additional
Waivers. 
 8.1 To the fullest extent permitted by applicable law, until the Termination Date, You waive any and all rights
of subrogation, reimbursement, indemnification, and contribution and any other rights and defenses that are or may become available to You by reason of California Civil Code Sections 2787 to 2855, inclusive, Sections 2899 and 3433, or other
statutory or decisional law. This means, among other things, that to the fullest extent permitted by applicable law: 
 (a) You
waive and will be unable to raise any defense based upon any statute or rule of law that provides that the obligation of a surety must be neither larger in amount nor in any other respects more burdensome than that of a principal; 

(b) You waive and will be unable to raise any defense based upon any statute or rule of law that provides that a creditor may be
required to pursue the principal obligor or the security for the principal obligation before seeking enforcement against a surety or security pledged by the surety; 
 (c) You waive and will be unable to raise any defense based upon any statute or rule of law that provides that a surety’s obligations may be limited or exonerated by reason of the creditor’s
alteration of the principal obligation or of another surety, or by reason of the impairment or suspension of the creditor’s rights or remedies against the principal, another surety, or any security given for the principal obligation or given
for other sureties; 
  
 PLAIN ENGLISH LIMITED RECOURSE

 CONTINUING GUARANTY 
 (GEVO DEVELOPMENT) 

  
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 (d) You waive and will be unable to claim any right to participate in, or the benefit of,
any security given for the principal obligation now or hereafter held by Us; and 
 (e) subject to Section 2.8, You
waive and will be unable to claim any right of subrogation and any right to enforce any remedy that We may have against Borrower. 
 8.2 You waive any defense based upon any lack of authority of the officers, directors, managers, partners or agents acting or purporting to act on behalf of Borrower or any principal of Borrower or any
legal disability or defect in the formation of Borrower. 
 8.3 You waive any defense based upon the application by Borrower of
the proceeds of any loan provided under the Loan Agreement for purposes other than the purposes represented by Borrower to Us or intended or understood by Us or You. 
 8.4 You waive the benefit of any statute of limitations affecting Your liability hereunder or the enforcement hereof, and You further agree that any act or event that tolls any statute of limitations
applicable to the Secured Obligations of Borrower shall similarly operate to toll the statute of limitations applicable to Your liability hereunder. 
 9. Other Terms. 
 9.1 Entire Agreement. This Guaranty, together with the
other Loan Documents, constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements relating to a guaranty of the loans and advances under the Loan Documents or the Guaranteed
Obligations. 
 9.2 Headings. The headings in this Guaranty are for convenience of reference only and are not part of the
substance of this Guaranty. 
 9.3 Severability. Whenever possible, each provision of this Guaranty shall be interpreted
in such a manner as to be effective and valid under applicable law, but if any provision of this Guaranty shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or
invalidity, without invalidating the remainder of such provision or the remaining provisions of this Guaranty. 
 9.4
Notices. Any notice, request or other communication to any of the Parties by any other, in respect of this Guaranty, the Pledge Agreement or any other Loan Document, will be given in writing and deemed received upon the earliest of
(a) actual receipt, (b) three days after mailing if mailed postage prepaid by regular or airmail to Us or You, at the addresses set out below, or (c) one day after it is sent by courier or overnight delivery: 

 

			
	You:	  	 Gevo Development, LLC
 c/o
Gevo, Inc.
 345 Inverness Drive South

Building C, Suite 310
 Englewood, CO
80112
 Attention: General Counsel
  

with a copy to:
  
 Paul Hastings LLP
 4747 Executive Drive, 12th Floor

San Diego, California 92121
 Attention: Deyan P.
Spiridonov, Esq.

		
	Us:	  	 TriplePoint Capital LLC
 2755
Sand Hill Road, Suite 150
 Menlo Park, CA 94025
 Telephone:(650) 854-2090
 Facsimile: (650) 854-1850

Attention: Sajal Srivastava, COO
 Email:
legal@triplepointcapital.com

  
 PLAIN ENGLISH LIMITED RECOURSE

 CONTINUING GUARANTY 
 (GEVO DEVELOPMENT) 

  
 7 

 We may change Our address for notices by notice to You, and You may change Your address for
notices by giving notice to Us, in each case given in accordance with this Section 9.4. 
 9.5 Successors and Assigns.
You agree that this Guaranty and all Your obligations hereunder shall be binding upon Your successors and assigns (including a trustee or debtor-in-possession on Your behalf) and shall, together with Our rights and remedies hereunder, inure to Our
benefit, all future permitted holders of any Instrument evidencing any of the Secured Obligations and their respective successors and assigns permitted under the Loan Agreement. Except as otherwise permitted under the Loan Agreement and the other
Loan Documents, no sales of participations, other sales, assignments, transfers or other dispositions of any agreement governing or Instrument evidencing the Secured Obligations or any portion thereof or interest therein shall in any manner
materially affect Our rights hereunder. You may not assign, sell, hypothecate or otherwise transfer any interest in or obligation under this Guaranty. 
 9.6 No Waiver; Cumulative Remedies; Amendments. We shall not by any act, delay, omission or otherwise be deemed to have waived any of Our rights or remedies hereunder, and no waiver shall be valid
unless in a writing signed by Us and then only to the extent therein set forth. A waiver by Us of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy that We would otherwise have had on any future
occasion. No failure to exercise nor any delay in exercising on Our part any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege hereunder preclude any
other or future exercise thereof or the exercise of any other right, power or privilege. The rights and remedies hereunder provided are cumulative and may be exercised singly or concurrently, and are not exclusive of any rights and remedies provided
by law. None of the terms or provisions of this Guaranty may be waived, altered, modified, supplemented or amended except by an instrument in writing duly executed by Us and You. 

9.7 Termination. This Guaranty is a continuing guaranty and shall remain in full force and effect until the Termination Date, and
on such date, shall automatically terminate. On the Termination Date, We shall execute and deliver to You such documents and instruments as You may reasonably request to evidence such termination. 

9.8 Counterparts. This Guaranty may be executed in any number of counterparts, each of which shall collectively and separately
constitute one and the same agreement. This Guaranty may be executed and delivered by facsimile or transmitted electronically in either Tagged Image Format Files (“TIFF”) or Portable Document Format (“PDF”) and,
upon such delivery, the facsimile, TIFF or PDF signature, as applicable, will be deemed to have the same effect as if the original signature had been delivered to the other party. 

9.9 Consent To Jurisdiction And Venue. All judicial proceedings arising in or under or related to this Guaranty, the Pledge
Agreement or any of the other Loan Documents may be brought in any state or federal court of competent jurisdiction located in the State of California. By execution and delivery of this Agreement, each party hereto generally and unconditionally:
(a) consents to personal jurisdiction in San Mateo County, State of California; (b) waives any objection as to jurisdiction or venue in San Mateo County, State of California; (c) agrees not to assert any defense based on lack of
jurisdiction or venue in the aforesaid courts; and (d) irrevocably agrees to be bound by any judgment rendered thereby in connection with this Guaranty, the Pledge Agreement or the other Loan Documents. Service of process on any party hereto in
any action arising out of or relating to this Guaranty shall be effective if given in accordance with the requirements for notice set forth in this Section, and shall be deemed effective and received as set forth therein. Nothing herein shall affect
the right to serve process in any other manner permitted by law or shall limit the right of any party to bring proceedings in the courts of any other jurisdiction. 

 
 PLAIN ENGLISH LIMITED RECOURSE 

CONTINUING GUARANTY 

(GEVO DEVELOPMENT) 

  
 8 

 9.10 Mutual Waiver Of Jury Trial; Judicial Reference. Because disputes arising in
connection with complex financial transactions are most quickly and economically resolved by an experienced and expert person and the Parties wish applicable state and federal laws to apply (rather than arbitration rules), the Parties desire that
their disputes be resolved by a judge applying such applicable laws. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES SPECIFICALLY WAIVES ANY RIGHT THEY MAY HAVE TO TRIAL BY JURY OF ANY CAUSE OF ACTION, CLAIM, CROSS-CLAIM,
COUNTERCLAIM, THIRD PARTY CLAIM OR ANY OTHER CLAIM (COLLECTIVELY, “CLAIMS”) ASSERTED BY YOU AGAINST US OR OUR ASSIGNEE OR BY US OR OUR ASSIGNEE AGAINST YOU. IN THE EVENT THAT THE FOREGOING JURY TRIAL WAIVER IS NOT ENFORCEABLE, ALL
CLAIMS, INCLUDING ANY AND ALL QUESTIONS OF LAW OR FACT RELATING THERETO, SHALL, AT THE WRITTEN REQUEST OF ANY PARTY, BE DETERMINED BY JUDICIAL REFERENCE PURSUANT TO THE CALIFORNIA CODE OF CIVIL PROCEDURE (“REFERENCE”). THE PARTIES SHALL
SELECT A SINGLE NEUTRAL REFEREE, WHO SHALL BE A RETIRED STATE OR FEDERAL JUDGE. IN THE EVENT THAT THE PARTIES CANNOT AGREE UPON A REFEREE, THE REFEREE SHALL BE APPOINTED BY THE COURT. THE REFEREE SHALL REPORT A STATEMENT OF DECISION TO THE COURT.
NOTHING IN THIS SECTION SHALL LIMIT THE RIGHT OF ANY PARTY AT ANY TIME TO EXERCISE LAWFUL SELF-HELP REMEDIES, FORECLOSE AGAINST COLLATERAL OR OBTAIN PROVISIONAL REMEDIES. THE PARTIES SHALL BEAR THE FEES AND EXPENSES OF THE REFEREE EQUALLY UNLESS THE
REFEREE ORDERS OTHERWISE. THE REFEREE SHALL ALSO DETERMINE ALL ISSUES RELATING TO THE APPLICABILITY, INTERPRETATION, AND ENFORCEABILITY OF THIS SECTION. THE PARTIES ACKNOWLEDGE THAT THE CLAIMS WILL NOT BE ADJUDICATED BY A JURY. THIS WAIVER EXTENDS
TO ALL SUCH CLAIMS, INCLUDING CLAIMS THAT INVOLVE PERSONS OTHER THAN ANY OF YOU AND US; CLAIMS THAT ARISE OUT OF OR ARE IN ANY WAY CONNECTED TO THE RELATIONSHIP BETWEEN YOU AND US; AND ANY CLAIMS FOR DAMAGES, BREACH OF CONTRACT, SPECIFIC
PERFORMANCE, OR ANY EQUITABLE OR LEGAL RELIEF OF ANY KIND, ARISING OUT OF THIS GUARANTY OR ANY OTHER LOAN DOCUMENT. 
 [Remainder
of Page Intentionally Left Blank] 
  
 PLAIN ENGLISH
LIMITED RECOURSE 
 CONTINUING GUARANTY 
 (GEVO DEVELOPMENT) 

  
 9 

 IN WITNESS WHEREOF, the Parties have executed and delivered this Guaranty as of the date first above
written. 
  

			
	“You”
	
	GEVO DEVELOPMENT, LLC.
		
	By:	 	/s/ Patrick Gruber
	Name:	 	 Patrick Gruber

	Title:	 	 Executive Chairman

  

			
	“We”
	
	TRIPLEPOINT CAPITAL LLC
		
	By:	 	/s/ Sajal Srivastava
	Name:	 	 Sajal Srivastava

	Title:	 	 Chief Operating Officer

  
 PLAIN ENGLISH LIMITED
RECOURSE 
 CONTINUING GUARANTY 
 (GEVO DEVELOPMENT) 

  
 10Amended and Restated Limited Recourse Membership Interest Pledge Agreement

 Exhibit 10.4 
 

 
 AMENDED AND RESTATED LIMITED
RECOURSE MEMBERSHIP INTEREST 
 PLEDGE AGREEMENT

 This AMENDED AND RESTATED LIMITED RECOURSE MEMBERSHIP INTEREST PLEDGE AGREEMENT dated as of October 20, 2011 (as the same may
be amended, restated, supplemented or otherwise modified from time to time, this “Agreement”), is made by GEVO DEVELOPMENT, LLC, a Delaware limited liability company (“Pledgor”), in favor of TRIPLEPOINT CAPITAL LLC,
a Delaware limited liability company (“Lender”). 
 RECITALS 

A. On September 22, 2010, Pledgor and Lender entered into that certain Limited Recourse Membership Interest Pledge Agreement (the
“Original Pledge Agreement”) pursuant to which Pledgor pledged the Pledged Collateral to Lender in connection with the that certain Plain English Growth Capital Loan and Security Agreement (as the same may be amended, restated,
supplemented or otherwise modified from time to time, the “Original Loan Agreement”), dated as of August 5, 2010 by and among Lender, Pledgor and the other borrowers party thereto from time to time, pursuant to which Lender
agreed to make certain financial accommodations available to or for the direct or indirect benefit of Pledgor. 
 B. On
October 20, 2011, Lender and Agri-Energy, LLC, a Minnesota limited liability company and wholly-owned subsidiary of Pledgor (the “Borrower”), entered into that certain Amended and Restated Plain English Growth Capital Loan and
Security Agreement (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”), 
 C. On October 20, 2011, Lender and Pledgor entered into that certain Plain English Continuing Guaranty and Security Agreement (the “Guaranty”) pursuant to which Pledgor agreed to
provide a limited recourse guaranty of the Secured Obligations of the Borrower under the Loan Agreement. 
 D. As of the date
hereof, Pledgor is the record and beneficial owner of the limited liability company interests listed in Schedule I hereto (the “Pledged Interests”). 
 E. In order to induce Lender to continue to make the financial accommodations available pursuant to the Loan Agreement, Pledgor has agreed to pledge the Pledged Collateral (as defined below) to Lender in
accordance herewith. These recitals shall be construed as part of this Agreement. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the promises and the covenants hereinafter contained and to induce Lender to make financial
accommodations available pursuant to the Loan Agreement, it is agreed as follows: 
 1. Definitions. All capitalized
terms used herein without definitions shall have the respective meanings provided in the Loan Agreement. All terms not defined in the Loan Agreement that are defined in the UCC and used herein shall have the meanings provided in the UCC.
Notwithstanding the foregoing, however, references to “You” and “Your” in terms that are defined in the Loan Agreement, shall mean and refer to Pledgor and Pledgor’s, respectively, when such defined terms are used in this
Agreement. Any reference herein to the satisfaction, repayment, or payment in full of the Secured Obligations shall mean the repayment in full in cash or immediately available funds of all of the Secured Obligations (other than contingent
indemnifications). Matters of construction established in the Loan Agreement shall be applied in this Agreement as established in the Loan Agreement. In addition, the following shall have (unless otherwise provided elsewhere in this Agreement) the
following respective meanings: 
 1.1 “Bankruptcy Code” means title 11, United States Code, as amended from
time to time, and any successor statute thereto. 

 1.2 “Loan Documents” has the meaning specified therefor in the Loan
Agreement. 
 1.3 “Operating Agreements” means those limited liability company agreements and/or operating
agreements listed in Schedule I hereto, in each case, as amended, restated, supplemented or otherwise modified from time to time. 
 1.4 “Pledged Collateral” has the meaning assigned to such term in Section 2. 
 1.5 “Pledged Entity” means Agri-Energy, LLC, a Minnesota limited liability company. 
 1.6 “Secured Obligations” means all indebtedness, obligations and liabilities of Pledgor to Lender, individually or collectively, whether direct or indirect, joint or several, absolute or
contingent, due or to become due, now existing or hereafter arising, and including such amounts as may accrue or be incurred before or after default or workout or the commencement of any liquidation, dissolution, bankruptcy, receivership or
reorganization by or against Pledgor, under this Agreement, the Guaranty or any of the other Loan Documents, as the same may from time to time be amended, modified, supplemented or restated, whether or not such obligations are secured. 

1.7 “Securities Act” means the provisions of the Securities Act of 1933, 15 U.S.C. Sections 77a et seq., as amended
from time to time, and any successor statute thereto. 
 1.8 “Termination Date” means the date on which the
Secured Obligations have been fully repaid in immediately available funds, including any interest, fees or other amounts then due thereon and Lender no longer has any obligation to lend or extend credit under the Loan Agreement or any other Loan
Document. 
 All references in this Agreement or in the Schedules to this Agreement to sections and schedules shall refer to the
corresponding sections and schedules of or to this Agreement. 
 2. Restatement of Obligations. Pledgor and Lender hereby
acknowledge and agree that: 
 2.1 This Agreement shall amend, restate and supersede in its entirety the Original Pledge
Agrement; 
 2.2 This Agreement does not constitute an accord and satisifaction or a novation of the obligations of Pledgor
under the Original Pledge Agreement. 
 3. Pledge. Pledgor hereby pledges, assigns and grants to Lender, to secure the
Secured Obligations a continuing first-priority security interest (subject only to Permitted Liens) and Lien in, all of Pledgor’s right title and interest in the following whether presently existing or hereafter acquired or created, and
wherever located (collectively, the “Pledged Collateral”): 
 3.1 the Pledged Interests, together with
(a) all of Pledgor’s rights, powers and remedies under the Operating Agreements and (b) all distributions, cash, instruments and other property or proceeds from time to time received, receivable or otherwise distributed in respect of
or in exchange for any or all of such interests after the date hereof; 
 3.2 any additional limited liability company interests
or other equity interests in the Pledged Entity from time to time acquired by Pledgor in any manner (which interests shall be deemed to be part of the Pledged Interests) (collectively, the “Additional Interests”), and all
distributions, cash, instruments and other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such interests; 
  
 AMENDED AND RESTATED LIMITED RECOURSE MEMBERSHIP INTEREST PLEDGE AGREEMENT 

  
 2 

 3.3 any and all and all rights and remedies relating to, or arising out of, any and all of
the foregoing; and 
 3.4 to the extent not otherwise included, all cash and non-cash Proceeds, substitutions and products of
any and all of the foregoing. 
 4. Security for Secured Obligations. This Agreement secures, and the Pledged Collateral
is security for, the prompt payment and performance in full when due, whether at stated maturity, by acceleration or otherwise of all Secured Obligations. 
 5. Rights of Lender; Limitations on Lender’s Obligations. Lender shall not have any obligation or liability by reason of or arising out of this Agreement or the receipt by Lender of any
payment relating to any Pledged Collateral pursuant hereto (other than to return all or a portion of such payment if either Lender or Pledgor would be required by law to do so), nor shall Lender be obligated in any manner (a) to perform any of
the duties or obligations of Pledgor under or pursuant to the Operating Agreements, (b) to make any payment or to make any inquiry as to the nature or the sufficiency of any payment received by Lender or as to the sufficiency of any performance
by any party under the Operating Agreements or (c) to present or file any claim, to take any action to enforce any performance or to collect the payment of any amounts which may have been assigned to Lender or to which it may be entitled at any
time or times, pursuant to this Agreement or the Operating Agreements. 
 6. Representations and Warranties. Pledgor
represents and warrants to Lender that as of the date hereof and on each Advance Date: 
 6.1 Pledgor is, and at the time of
delivery of the Pledged Interests to Lender will be, the sole holder of record and the sole beneficial owner of the Pledged Interests free and clear of any Lien thereon or affecting the title thereto, except for the Lien created by this Agreement
and other Permitted Liens; 
 6.2 All of the Pledged Interests of the Pledged Entity, at the time of issuance, were duly and
validly created pursuant to the Minnesota Limited Liability Company Act; 
 6.3 Pledgor has the right and requisite authority to
pledge, assign, grant a security interest in, transfer, deliver, deposit and set over the Pledged Collateral to Lender as provided herein; 
 6.4 None of the Pledged 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; 
 6.5 None of the Pledged Interests are evidenced by any certificate or instrument and none of the Operating
Agreements makes any provision for the issuance of any such certificates or instruments; 
 6.6 A true and correct copy of each
Operating Agreement, including all amendments, supplements and other modifications thereto, has been previously delivered to Lender; 
 6.7 Each Operating Agreement is a legal, valid and binding agreement, enforceable by and against Pledgor in accordance with its terms, except to the extent that the enforceability may be limited by
bankruptcy, insolvency, reorganization, moratorium or similar laws, or by equitable principles relating to the rights of creditors generally; 
 6.8 Except as set forth in the Operating Agreements, no additional contributions are required to be made by Pledgor in respect of the Pledged Interests and Pledgor has no liabilities or obligations,
monetary or otherwise, to any Pledged Entity that are prohibited under the Loan Agreement; 
 6.9 There are no existing options,
warrants, calls or commitments of any character whatsoever relating to the Pledged Interests other than (a) those arising under this Agreement, the other Loan 

 
 AMENDED AND RESTATED LIMITED RECOURSE MEMBERSHIP INTEREST PLEDGE AGREEMENT

  
 3 

 
Documents or the Operating Agreements and (b) Permitted Liens. Pledgor is not subject to any member agreement, voting agreement or any other agreement in respect of the rights of the Pledged
Entity, other than the Operating Agreements; 
 6.10 No consent, approval, authorization or other order or other action by, and
no notice to or filing with, any governmental authority or any other Person is required (i) for the pledge by Pledgor of the Pledged Collateral pursuant to this Agreement or for the execution, delivery or performance of this Agreement by
Pledgor, or (ii) for the exercise by Lender of the voting and other rights provided for in this Agreement or the remedies in respect of the Pledged Collateral pursuant to this Agreement, except (A) as may be required in connection with
such disposition by laws affecting the offering and sale of securities generally, (B) consents and approvals already obtained as of the date hereof, and (C) the filing of financing statements and other filings necessary to perfect the Lien
granted hereby; 
 6.11 The pledge, assignment and, if applicable, delivery of the Pledged Collateral pursuant to this
Agreement, together with the filing of a UCC financing statement describing the Pledged Collateral with the Delaware Secretary of State, will create and perfect a valid first priority Lien (subject only to Permitted Liens) in favor of Lender in the
Pledged Collateral, securing the payment of the Secured Obligations; 
 6.12 This Agreement has been duly authorized, executed
and delivered by Pledgor and constitutes a legal, valid and binding obligation of Pledgor enforceable against Pledgor in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws, or by
equitable principles relating to the rights of creditors generally; and 
 6.13 Other than the Operating Agreements and the
Acquisition Documents (as defined in the Original Loan Agreement), Pledgor is not a party to any contract or agreement relating to the Pledged Collateral. 
 7. Covenants. Pledgor covenants and agrees that until the Termination Date: 

7.1 Without the prior written consent of Lender, Pledgor will not sell, assign, transfer, pledge, or otherwise encumber any of its rights
in or to the Pledged Collateral, or any unpaid dividends, interest or other distributions or payments with respect to the Pledged Collateral or grant a Lien (other than Permitted Liens) in the Pledged Collateral, unless expressly permitted by the
Loan Agreement. 
 7.2 Pledgor will, at its expense, promptly execute, acknowledge and deliver all such instruments and take all
such actions as Lender from time to time may reasonably request in order to ensure to Lender the benefits of the Liens in and to the Pledged Collateral intended to be created by this Agreement, including the filing of any necessary financing
statements, which may be filed by Lender with or (to the extent permitted by law) without the signature of Pledgor, and will cooperate with Lender, at Pledgor’s expense, in obtaining all necessary approvals and making all necessary filings
under federal, state, local or foreign law in connection with such Liens or any sale or transfer of the Pledged Collateral. 

7.3 Pledgor will take or cause to be taken all actions reasonably necessary to protect and defend the title to the Pledged Collateral and
to perfect and protect the Liens of Lender in the Pledged Collateral. 
 7.4 Pledgor will, upon obtaining ownership of any
Additional Interests, promptly (and in any event within ten Business Days after it acquires any such Additional Interests) deliver to Lender a Pledge Amendment, duly executed by Pledgor, in substantially the form of Schedule II hereto (each,
a “Pledge Amendment”), in respect of any such Additional Interests, pursuant to which Pledgor shall pledge to Lender all of such Additional Interests. Pledgor hereby authorizes Lender to attach each such Pledge Amendment to this
Agreement and agrees that all Pledged Interests listed in any such Pledge Amendment delivered to Lender shall for all purposes hereunder be considered Pledged Collateral. 

 
 AMENDED AND RESTATED LIMITED RECOURSE MEMBERSHIP INTEREST PLEDGE AGREEMENT

  
 4 

 7.5 Pledgor shall comply in all material respects with the terms and conditions of each
Operating Agreement and the Acquisition Agreement, none of which may be amended, supplemented or otherwise modified by Pledgor without the prior written consent of Lender if such amendment, supplement or other modification would materially adversely
affect either the rights of Lender pursuant to the Loan Documents or the value of the Pledged Interests. 
 7.6 In no event,
shall Pledgor withdraw from or cause a dissolution of any Pledged Entity. 
 8. Pledgor’s Rights. As long as no
Event of Default shall have occurred and be continuing and until written notice shall be given to Pledgor in accordance with Section 8.1: 
 8.1 Pledgor shall have the right, from time to time, to vote and give consents with respect to the Pledged Collateral, or any part thereof for all purposes not inconsistent with the provisions of this
Agreement, the Loan Agreement or any other Loan Document; provided, that no vote shall be cast, and no consent shall be given or action taken, which would (i) have the effect of adversely impairing in any material respect the position or
interest of Lender in respect of the Pledged Collateral, the Lien of Lender in the Pledged Collateral, or (ii) authorize, effect or consent to (unless and to the extent expressly permitted by the Loan Agreement): 

(a) the dissolution or liquidation, in whole or in part, of a Pledged Entity; 

(b) the consolidation or merger of a Pledged Entity with any other Person; 

(c) the sale, disposition or encumbrance of all or substantially all of the assets of a Pledged Entity, except for Liens in favor of
Lender and Permitted Dispositions and Permitted Liens; 
 (d) any change in the authorized number of shares or interests,
stated capital or the authorized share capital of a Pledged Entity or the issuance of any additional limited liability company interests by such Pledged Entity; or 
 (e) the alteration of the voting rights with respect to the Pledged Interests. 

8.2 Pledgor shall be entitled, from time to time, to collect and receive for its own use all cash dividends, distributions and interest
paid in respect of the Pledged Interests to the extent not in violation of the Loan Agreement; provided, however (a) that until actually paid all rights to such distributions shall remain subject to the Liens created by this
Agreement and the other Loan Documents, and (b) that any and all (i) dividends and interest paid or payable after the occurrence and during the continuance of an Event of Default, other than in cash in respect of any Pledged Collateral,
and Instruments and other property received, receivable or otherwise distributed in respect of, or in exchange for, any Pledged Collateral, (ii) dividends and other distributions paid or payable after the occurrence and during the continuance
of an Event of Default, in cash in respect of any Pledged Interests in connection with a partial or total liquidation or dissolution or in connection with a reduction of capital, capital surplus or paid in capital of a Pledged Entity, and
(iii) cash paid, payable or otherwise distributed after the occurrence and during the continuance of an Event of Default, in respect of principal of, or in redemption of, or in exchange for, any Pledged Collateral, shall be delivered to Lender
to hold as Pledged Collateral and shall, if received by Pledgor, be received in trust for the benefit of Lender, be segregated from the other property or funds of Pledgor, and be forthwith delivered to Lender as Pledged Collateral in the same form
as so received (with any necessary endorsement). 
 9. Defaults and Remedies. 

9.1 Upon the occurrence and during the continuance of an Event of Default, Lender (personally or through an agent) is hereby authorized
and empowered to transfer and register in its name or in the name of its nominee the whole or any part of the Pledged Collateral, to exchange certificates or instruments representing or evidencing Pledged Collateral for certificates or instruments
of smaller or larger 
  
 AMENDED AND RESTATED LIMITED RECOURSE
MEMBERSHIP INTEREST PLEDGE AGREEMENT 

  
 5 

 
denominations, to exercise the voting and all other rights as a holder with respect thereto, to collect and receive all cash dividends, interest and principal and other distributions made
thereon, to sell in one or more sales after ten days’ notice of the time and place of any public sale or of the time at which a private sale is to take place (which notice Pledgor agrees is commercially reasonable) the whole or any part of the
Pledged Collateral and to otherwise act with respect to the Pledged Collateral as though Lender were the outright owner thereof. Pledgor hereby irrevocably constitutes and appoints Lender as the proxy and attorney-in-fact of Pledgor at all times
during the existence of an Event of Default with respect to the Pledged Collateral, including the right to vote the Pledged Interests, with full power of substitution to do so. The appointment of Lender as proxy and attorney-in-fact during all times
that an Event of Default is existing is coupled with an interest and shall be irrevocable until the Termination Date. In addition to the right to vote the Pledged Collateral, the appointment of Lender as proxy and attorney-in-fact shall include the
right to exercise all other rights, powers, privileges and remedies to which a holder of the Pledged Collateral would be entitled during the existence of an Event of Default. Such proxy shall be effective, automatically and without the necessity of
any action (including any transfer of any Pledged Interests on the record books of the issuer thereof) by any person (including the issuer of the Pledged Interests or any officer or agent thereof), upon the occurrence of an Event of Default and
shall remain effective only during the continuance of such Event of Default. Notwithstanding the foregoing, Lender shall not have any duty to exercise any such right or to preserve the same and shall not be liable for any failure to do so or for any
delay in doing so. Any sale shall be made at a public or private sale at Lender’s place of business, or at any place to be named in the notice of sale, either for cash or upon credit or for future delivery at such price as Lender may deem fair,
and Lender may be the purchaser of the whole or any part of the Pledged Collateral so sold and hold the same thereafter in its own right free from any claim of Pledgor or any right of redemption (any such right being hereby waived or released). Each
sale shall be made to the highest bidder, but Lender reserves the right to reject any and all bids at such sale which, in its discretion, it shall deem inadequate. Demands of performance, except as otherwise herein specifically provided for, notices
of sale, advertisements and the presence of property at sale are hereby waived and any sale hereunder may be conducted by an auctioneer or any officer or agent of Lender. 
 9.2 If, at the original time or times appointed for the sale of the whole or any part of the Pledged Collateral, the highest bid, if there be but one sale, shall be inadequate to discharge in full all the
Secured Obligations, or if the Pledged Collateral be offered for sale in lots, if at any of such sales, the highest bid for the lot offered for sale would indicate to Lender, in its discretion, that the proceeds of the sales of the whole of the
Pledged Collateral would be unlikely to be sufficient to discharge all the Secured Obligations, Lender may, on one or more occasions and in its discretion, postpone any of said sales by public announcement at the time of sale or the time of previous
postponement of sale, and no other notice of such postponement or postponements of sale need be given, any other notice being hereby waived; provided, that any sale or sales made after such postponement shall be after ten days’ notice to
Pledgor. 
 9.3 If, at any time when Lender shall determine to exercise its right to sell the whole or any part of the Pledged
Collateral hereunder, such Pledged Collateral or the part thereof to be sold shall not, for any reason whatsoever, be effectively registered under the Securities Act, Lender may, in its discretion (subject only to applicable requirements of law),
sell such Pledged Collateral or part thereof by private sale in such manner and under such circumstances as Lender may deem necessary or advisable, but subject to the other requirements of this Section 8, and shall not be required to
effect such registration or to cause the same to be effected. Without limiting the generality of the foregoing, in any such event, Lender in its discretion (x) may, in accordance with applicable securities laws, proceed to make such private
sale notwithstanding that a registration statement for the purpose of registering such Pledged Collateral or part thereof could be or shall have been filed under the Securities Act (or similar statute), (y) may approach and negotiate with a
single possible purchaser to effect such sale, and (z) may restrict such sale to a purchaser who is an accredited investor under the Securities Act and who will represent and agree that such purchaser is purchasing for its own account, for
investment and not with a view to the distribution or sale of such Pledged Collateral or any part thereof. In addition to a private sale as provided above in this Section 8, if any of the Pledged Collateral shall not be freely
distributable to the public without registration under the Securities Act (or similar statute) at the time of any proposed sale pursuant to this Section 8, then Lender shall not be required to effect such registration or cause the same
to be effected but, in its discretion (subject only to applicable requirements of law), may require that any sale hereunder (including a sale at auction) be conducted subject to restrictions: 
  
 AMENDED AND RESTATED LIMITED RECOURSE MEMBERSHIP INTEREST PLEDGE AGREEMENT 

  
 6 

 (a) as to the financial sophistication and ability of any Person permitted to bid or
purchase at any such sale; 
 (b) as to the content of legends to be placed upon any certificates representing the Pledged
Collateral sold in such sale, including restrictions on future transfer thereof; 
 (c) as to the representations required to
be made by each Person bidding or purchasing at such sale relating to that Person’s access to financial information about Pledgor and such Person’s intentions as to the holding of the Pledged Collateral so sold for investment for its own
account and not with a view to the distribution thereof; and 
 (d) as to such other matters as Lender may, in its discretion,
deem necessary or appropriate in order that such sale (notwithstanding any failure so to register) may be effected in compliance with the Bankruptcy Code and other laws affecting the enforcement of creditors’ rights and the Securities Act and
all applicable state securities laws. 
 9.4 Pledgor recognizes that Lender may be unable to effect a public sale of any or all
the Pledged Collateral and may be compelled to resort to one or more private sales thereof in accordance with Section 8.3 above. Pledgor also acknowledges that any such private sale may result in prices and other terms less favorable to
the seller than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private sale shall not be deemed to have been made in a commercially unreasonable manner solely by virtue of such sale being private.
Lender shall be under no obligation to delay a sale of any of the Pledged Collateral for the period of time necessary to permit the Pledged Entity to register such securities for public sale under the Securities Act, or under applicable state
securities laws, even if Pledgor and the Pledged Entity would agree to do so. 
 9.5 Pledgor agrees to the maximum extent
permitted by applicable law that following the occurrence and during the continuance of an Event of Default it will not at any time plead, claim or take the benefit of any appraisal, valuation, stay, extension, moratorium or redemption law now or
hereafter in force in order to prevent or delay the enforcement of this Agreement, or the absolute sale of the whole or any part of the Pledged Collateral or the possession thereof by any purchaser at any sale hereunder, and Pledgor waives the
benefit of all such laws to the extent it lawfully may do so. Pledgor agrees that it will not interfere with any right, power and remedy of Lender provided for in this Agreement or now or hereafter existing at law or in equity or by statute or
otherwise, or the exercise or beginning of the exercise by Lender of any one or more of such rights, powers or remedies. No failure or delay on the part of Lender to exercise any such right, power or remedy and no notice or demand which may be given
to or made upon Pledgor by Lender with respect to any such remedies shall operate as a waiver thereof, or limit or impair Lender’s right to take any action or to exercise any power or remedy hereunder, without notice or demand, or prejudice its
rights as against Pledgor in any respect. 
 9.6 Pledgor further agrees that a breach of any of the covenants contained in this
Section 8 will cause irreparable injury to Lender, that Lender shall have no adequate remedy at law in respect of such breach and, as a consequence, agrees that each and every covenant contained in this Section 8 shall be
specifically enforceable against Pledgor, and Pledgor hereby waives and agrees not to assert any defenses against an action for specific performance of such covenants except for a defense that no Event of Default is existing under the Loan
Agreement. 
 9.7 Lender’s rights and remedies with respect to the security interest granted hereby are in addition to
those set forth in the Loan Agreement and the other Loan Documents, and those which are now or hereafter available to Lender as a matter of law or equity. Each of Lender’s rights, powers and remedies provided for herein, in the Loan Agreement
or in the other Loan Documents, or now or hereafter existing at law or in equity shall be cumulative and concurrent and shall be in addition to every right, power or remedy provided for herein and the exercise by Lender of any one or more of the
rights, powers or remedies provided for in this Agreement, the Loan Agreement or any of the other Loan Documents, or now or hereafter existing at law or in equity, shall not preclude the simultaneous or later exercise by any Person, including
Lender, of any or all other rights, powers or remedies. 
  
 AMENDED
AND RESTATED LIMITED RECOURSE MEMBERSHIP INTEREST PLEDGE AGREEMENT 

  
 7 

 10. Irrevocable Authorization and Instruction to Each Pledged Entity. Pledgor hereby
authorizes and instructs each Pledged Entity to comply with any instruction received by such Pledged Entity from Lender in writing that (a) states that an Event of Default has occurred and is continuing and (b) is otherwise in accordance
with the terms of this Agreement, without any other or further instructions from Pledgor, and Pledgor agrees that such Pledged Entity shall be fully protected in so complying. Lender shall deliver a copy of any such notice to Pledgor simultaneously
with its delivery to the Pledged Entity. 
 11. Waiver. No delay on Lender’s part in exercising any power of sale,
Lien, option or other right hereunder, and no notice or demand which may be given to or made upon Pledgor by Lender with respect to any power of sale, Lien, option or other right hereunder, shall constitute a waiver thereof, or limit or impair
Lender’s right to take any action or to exercise any power of sale, Lien, option, or any other right hereunder, without notice or demand, or prejudice Lender’s rights as against Pledgor in any respect. 

12. Termination. Immediately following the Termination Date, at Pledgor’s cost, Lender shall deliver to Pledgor the Pledged
Collateral subject to this Agreement and all instruments of assignment executed in connection therewith, if any, free and clear of the Liens hereof and, except as otherwise expressly provided herein, on the Termination Date all of Pledgor’s
obligations (including, without limitation, the Secured Obligations) hereunder shall at such time automatically terminate. On and after the Termination Date, at Pledgor’s cost, Lender will promptly execute a release or other documents and
Lender will file or authorize the filing of appropriate termination statements or other documents to terminate and reasonably evidence termination of such Lien, including UCC termination statements and other documents, agreements and instruments as
may be reasonably necessary to release Lender’s Lien in the Pledged Collateral or as Pledgor may reasonably request. 
 13.
Lien Absolute. All rights of Lender hereunder, and all obligations of Pledgor hereunder, shall be absolute and unconditional irrespective of: 
 13.1 any lack of validity or enforceability of the Loan Agreement or any other Loan Document governing or evidencing any Secured Obligations (other than due to the payment in full in Cash of the Secured
Obligations (except for unasserted contingent indemnification Secured Obligations)); 
 13.2 any change in the time, manner or
place of payment of, or in any other term of, all or any part of the Secured Obligations, or any other amendment or waiver of or any consent to any departure from the Loan Agreement or any other Loan Document; 

13.3 any exchange, release or non-perfection of any other Collateral, or any release or amendment or waiver of or consent to departure
from any guaranty, for all or any of the Secured Obligations; 
 13.4 the insolvency of Pledgor or any Pledged Entity; or

 13.5 any other circumstance which might otherwise constitute a defense available to, or a discharge of, Pledgor. 

14. Release. Pledgor consents and agrees that Lender may at any time, or from time to time, prior to the Termination Date, in its
discretion: 
 14.1 renew, extend or change the time of payment, and/or the manner, place or terms of payment of all or any part
of the Secured Obligations; and 
 14.2 exchange, release and/or surrender all or any of the Pledged Collateral, or any part
thereof, by whomsoever deposited, which is now or may hereafter be held by or on behalf of Lender in connection with all or any of the Secured Obligations; all in such manner and upon such terms as Lender may deem proper, and with prompt notice to
Pledgor, it being hereby agreed that Pledgor shall be and remain bound upon this Agreement, irrespective of the value or condition of any of the Pledged Collateral, and notwithstanding any such change, exchange, settlement, compromise, surrender,
release, renewal or extension, and notwithstanding also that the Secured Obligations may, at any time, exceed the aggregate principal amount thereof 
  

AMENDED AND RESTATED LIMITED RECOURSE MEMBERSHIP INTEREST PLEDGE AGREEMENT 

  
 8 

 
set forth in the Loan Agreement, or any other Loan Document governing any Secured Obligations. To the extent permitted by applicable law, Pledgor hereby waives notice of acceptance of this
Agreement, and also presentment, demand, protest and notice of dishonor of any and all of the Secured Obligations, and promptness in commencing suit against any party hereto or liable hereon, and in giving any notice to or of making any claim or
demand hereunder upon Pledgor. No act or omission of any kind on the Lender’s part shall in any event affect or impair this Agreement. 
 15. Reinstatement. This Agreement shall remain in full force and effect and continue to be effective should any petition be filed by or against Pledgor or any Pledged Entity for liquidation or
reorganization under the Bankruptcy Code, should Pledgor or any Pledged Entity become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed for all or any significant part of Pledgor’s or a
Pledged Entity’s assets, and shall continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Secured Obligations, or any part thereof, is, pursuant to applicable law, rescinded or reduced in
amount, or must otherwise be restored or returned by any obligee of the Secured Obligations, whether as a “voidable preference”, “fraudulent conveyance”, or otherwise, all as though such payment or performance had not been made.
In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the Secured Obligations shall be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned. 

16. Miscellaneous. 
 16.1 Lender may execute any of its duties hereunder by or through agents or employees and shall be entitled to advice of counsel concerning all matters pertaining to its duties hereunder. 

16.2 Pledgor agrees to promptly reimburse Lender for reasonable out-of-pocket expenses, including, without limitation, reasonable counsel
fees, incurred by Lender in connection with the administration and enforcement of this Agreement. 
 16.3 Neither Lender, nor
any of its officers, directors, employees, agents or counsel shall be liable for any action lawfully taken or omitted to be taken by it or them hereunder or in connection herewith, except for its or their own gross negligence or willful misconduct
as finally determined by a court of competent jurisdiction. 
 16.4 This Agreement will have been made, executed and delivered
in the State of California and will be governed and construed for all purposes in accordance with the laws of the State of California, excluding conflict of laws principles that would cause the application of laws of any other jurisdiction. THIS
AGREEMENT SHALL BE SUBJECT TO THE PROVISIONS REGARDING CONSENT TO JURISDICTION AND VENUE, MUTUAL WAIVER OF JURY TRIAL, AND JUDICIAL REFERENCE APPLICABLE TO THE LOAN AGREEMENT. 
 16.5 The provisions of this Agreement and the other Loan Documents shall inure to the benefit of and be binding on each of Pledgor and Lender their respective permitted assigns (if any). Pledgor may not
assign its obligations under this Agreement without Lender’s express prior written consent, and any such attempted assignment shall be void and of no effect. Lender may assign, endorse or transfer this Agreement and any other instrument
evidencing all or any part of the Secured Obligations as provided in, and in accordance with, the Loan Agreement, and the holder of such instrument shall be entitled to the benefits of this Agreement. 

16.6 The representations and warranties set forth in this Agreement shall survive the execution and delivery of this Agreement and the
other Loan Documents. 
 17. LIMITED RECOURSE OBLIGATION. Anything contained in this Agreement or any other Loan Document
to the contrary notwithstanding, Lender’s recourse to Pledgor hereunder and under each other Loan Document with respect to the Secured Obligations shall be limited to the Pledged Collateral, Pledgor’s obligations hereunder and under the
other Loan Documents shall be enforced and enforceable solely against the Pledged Collateral, Pledgor shall have no claim or other obligation to Lender based on or in respect of any of the 
  
 AMENDED AND RESTATED LIMITED RECOURSE MEMBERSHIP INTEREST PLEDGE AGREEMENT 

  
 9 

 
Secured Obligations of Pledgor except to the extent of the Pledged Collateral pledged hereunder, and Lender shall have no recourse against any other assets or properties of Pledgor (other than
the Pledged Collateral), whether hereunder or under any other Loan Document. 
 18. Severability. If for any reason any
provision or provisions hereof are determined to be invalid and contrary to any existing or future law, such invalidity shall not impair the operation of or effect those portions of this Agreement which are valid. 

19. Notices. Notices, requests or other communications hereunder shall be made in accordance with the provisions relating to
notice set forth in the Loan Agreement. 
 20. Section Titles. The section headings used in this Agreement are for
convenience of reference only and are not to affect the construction hereof or be taken into consideration in the interpretation hereof. 
 21. Counterparts. This Agreement may be executed in any number of separate counterparts by one or more of the parties hereto and all of said counterparts taken together shall constitute one and the
same instrument. This Agreement may be executed and delivered by facsimile or transmitted electronically in either Tagged Image Format Files (“TIFF”) or Portable Document Format (“PDF”) and, upon such delivery, the
facsimile, TIFF or PDF signature, as applicable, will be deemed to have the same effect as if the original signature had been delivered to the other party. 
 [Remainder of page intentionally blank] 
  
 AMENDED AND RESTATED LIMITED RECOURSE MEMBERSHIP INTEREST PLEDGE AGREEMENT 

  
 10 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of
the date first written above. 
  

			
	“Pledgor”
	
	GEVO DEVELOPMENT, LLC
		
	By:	 	/s/ Patrick Gruber
	Name:	 	 Patrick Gruber

	Title:	 	 Executive Chairman

  

			
	“Lender”
	
	TRIPLEPOINT CAPITAL LLC
		
	By:	 	/s/ Sajal Srivastava
	Name:	 	 Sajal Srivastava

	Title:	 	 Chief Operating Officer

  
 AMENDED AND RESTATED LIMITED RECOURSE
MEMBERSHIP INTEREST PLEDGE AGREEMENT 

  
 11 

 

 
 SCHEDULE I 
 PLEDGED INTERESTS 
  

							
	 Name of Pledged Entity
	 	 Class of Interests
	 	 Percentage of Class

Owned
	 	 Operating

Agreement

	 Agri-Energy, LLC
	 	 Membership
 Interests
	 	100%	 	 Third Amended and
 Restated Operating
 Agreement

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