Document:

Offer Letter, by and between the Registrant and Bruce Smith

 Exhibit 10.21 

 

			
	

	  	

 June 14, 2010 
 Mr. Bruce Smith 
 345 Inverness Drive South 

Building C, Suite 310 
 Englewood, CO 80112

 Dear Bruce: 
 We are very excited
that you have expressed an interest in joining the Board of Directors (the “Board”) of Gevo, Inc. (“Gevo”). Gevo has experienced tremendous growth and is ready to move to the next phase in its development. As we have discussed,
we believe that your participation, insight and business acumen will be extremely helpful as we execute on our commercialization strategy. We know that you will be an invaluable addition to our team and we want you to be part of the Gevo story.

 You will serve as a member of our Board and as the Chairman of our Audit Committee. We are confident that your appointment will be approved
by the Board and hope that you will join us as soon as possible. 
 The Board generally meets once per quarter but may meet more frequently as
needed. The Board values and places a great deal of importance on director attendance and participation in Board meetings. However, we understand that on occasion scheduling conflicts may prevent a director from attending a particular meeting.

 For your services as a director you will receive an annual retainer of $50,000 per year. For your services as the chair of our audit
committee, you will receive an additional annual retainer of $10,000 per year. As you know, we are in the process of preparing to file for an initial public offering (“IPO”). After joining our Board and before our IPO, Gevo will grant to
you a one-time option to purchase Gevo common stock at market value and for the number of shares equal to $125,000 divided by $10.07 per share (the Gevo common stock price on the date of grant) which equals 12,413 shares that are fully vested. The
option grant will be issued to you upon signing this letter. 
 If and when Gevo completes an IPO, for each year that you serve on the Board you
will receive an annual grant of restricted stock and stock options in equal proportions and valued in the aggregate at $125,000 on the date of grant. This annual grant will be subject to a three-year vesting schedule. 

  
 1 

 Gevo will enter into an indemnification agreement with you in the same form approved for Gevo’s other
directors. Gevo also maintains D&O insurance for your protection. Additional terms related to your directorship are attached hereto on Appendix A. 
 Please indicate that you accept this offer on the terms and conditions set forth herein by signing below. Feel free to call me if you have any questions or would like to discuss the terms of this offer.

 We are excited by the prospects of you joining us and look forward to working with you. 

 

	
	 Sincerely,

	
	 /s/    Patrick Gruber

	 Patrick Gruber
 on behalf of
the Board of Directors of Gevo, Inc.

 Agreed and accepted: 

 

	
	 /s/    Bruce Smith

	Bruce Smith

 Date: June 24, 2010 

 

 2 

 Appendix A 
 You agree to use Confidential Information (as defined below) only in the performance of your duties for Gevo. You will not disclose Confidential Information, directly or indirectly, at any time during or
after your engagement by Gevo except to persons authorized by Gevo to receive this information. You will not use Confidential Information, directly or indirectly, at any time during or after your engagement by Gevo, for your personal benefit, for
the benefit of any other person or entity, or in any manner adverse to the interests of Gevo. You will take all action reasonably necessary to protect Confidential Information from being disclosed to anyone other than persons authorized by Gevo.
When your engagement by Gevo terminates, you will immediately return or destroy all materials (including without limitation, written or printed documents, email and computer disks or tapes, whether machine or user readable, computer memory, and
other information reduced to any recorded format or medium) containing, summarizing, abstracting or in any way relating to Confidential Information. 
 As used in this letter, the term “Confidential Information” means all of the trade secrets, know-how, ideas, business plans, pricing information, the identity of and any information concerning
customers or suppliers, computer programs (whether in source code or object code), procedures, processes, strategies, methods, systems, designs, discoveries, inventions, production methods and sources, marketing and sales information, information
received from others that Gevo is obligated to treat as confidential or proprietary, and any other technical, operating, financial and other business information that has commercial value, relating to Gevo, its business, potential business,
operations or finances, or the business of Gevo’s affiliates or customers that you have previously or may in the future develop or of which you may acquire knowledge during your engagement with Gevo, or from your colleagues during your
engagement with Gevo. 
 You agree that during the period beginning on the initial date of your appointment and ending one (1) year after
termination of your engagement with Gevo for any reason, you will not directly or indirectly, whether as owner, sole proprietor, partner, shareholder, director, member, consultant, agent, founder, co-venture partner or otherwise, (i) do
anything to divert or attempt to divert from Gevo any business related to its fermentation products and corresponding derivatives, including, without limitation, solicit or interfere with any of Gevo’s customers, clients, members, business
partners or suppliers, (ii) solicit, induce, recruit or encourage any person engaged by Gevo to terminate his or her engagement, or (iii) engage, invest or participate in any business that is similar Gevo’s fermentation products and
corresponding derivatives during your engagement with Gevo; provided, however, that you may own, as a passive investor, publicly-traded securities of any corporation that competes with Gevo’s fermentation products and corresponding derivatives
so long as such securities do not, in the aggregate, constitute more than three percent (3%) of any class of outstanding securities of such corporations. 
 You agree that during your tenure on the Board, in the event a conflict of interest arises based upon your employment, engagement or participation with any other firm or entity, you will promptly disclose
such conflict to the Board in writing. You represent that presently no such conflict of interest exists. 
 This letter may not be modified or
amended except by a specific written agreement, signed by you and an authorized signatory of Gevo. This letter supersedes and replaces any prior representations, understandings or agreements, whether oral, written or implied between you and Gevo.

  

 3Ethanol Purchasing and Marketing Agreement

 Exhibit 10.26 
 *** Text Omitted and Filed Separately 
 Confidential Treatment Requested

 Under 17 C.F.R. §§ 200.80(b)(4) 
 and 203.406 
 Ethanol Purchase and 

Marketing Agreement 
 This
Agreement is entered into as of this 1st day of April 2009, by and between Agri-Energy, LP and C&N Ethanol Marketing Corporation. 
  

			
	 Seller:
	  	 Agri-Energy, LP
 502 South
Walnut Avenue
 Luverne, MN 56156

		
	Buyer:	  	 C&N Ethanol Marketing Corporation (“C&N”)
 8011 34th Avenue South, Suite 147
 Bloomington, MN 55425

WITNESSETH: 
 A. Agri-Energy, LP
is a manufacturer of Ethanol and C&N intends to purchase the ethanol from Agri-Energy, LP for the purposes of reselling the ethanol on the open market and under the terms and conditions of this Agreement 

B. In consideration of the mutual covenants contained herein and for other good and valuable consideration, receipt of which is hereby acknowledged, the
parties hereto agree as follows: 
  

			
	Product:	  	Fuel grade ethanol
		
	Quality:	  	Meets ASTM – D4806 specifications for denatured fuel ethanol and as may be more fully described on Exhibit A. During the term of this agreement, Agri-Energy, LP agrees to
collect samples for each shipment and retain them for a three-month period. Each product sample will be labeled to include the customer order number, production date and any other applicable information.
		
	Term:	  	This agreement will begin with the commencement of ethanol production at Agri-Energy, LP for an initial one-year period. The agreement will automatically renew for subsequent
year terms unless either party terminates the agreement 60 days before the end of the term.
		
	Termination:	  	The agreement may be terminated if either party engages in an uncured breach. After receiving written notice, the breaching party will have 30 days to cure the breach. If the
breaching party does not cure the breach in the required time, the agreement will terminate 30 days later.

  
 1 

  

					
	Volume:	  	C&N will market Agri-Energy, LP’s entire ethanol production from Agri-Energy, LP’s ethanol plant located in Luverne, Minnesota. The current production output is
estimated to be 1,820,000 gallons of ethanol per month. Notwithstanding the foregoing, Agri-Energy, LP may blend, produce, and market its own E85 ethanol from the production of the Luverne, Minnesota ethanol plant. Any gallons of ethanol which
Agri-Energy, LP elects, in its discretion, to blend, produce, and market as E85 ethanol shall be deemed excluded from the production of the Luverne, Minnesota ethanol plant for purposes of this Agreement. Agri-Energy, LP will provide C&N with a
forecast of production on or before the 15th day of each month for the future month.	  	
			
	Measurement:	  	Net gallons temperature compensated to 60 degrees Fahrenheit	  	
			
	Title:	  	Title transfers from seller to buyer at inlet flange of receiving tank	  	
			
	Price:	  	C&N will pay Agri-Energy, LP the gross sales price to the customer less expenses and a [...***...] marketing fee after expenses. Expenses may include, but are not limited to:
truck, rail and terminal fees.	  	
			
	Payment Terms:	  	C&N will provide Agri-Energy, LP with a remittance by Wednesday of every week for shipments the previous week. Agri-Energy, LP will receive an electronic transfer of funds
for the remittance the following Wednesday.	  	
			
	Audit of Records:	  	During the term of this agreement, Agri-Energy, LP may request a spot invoice audit or a complete audit. Agri-Energy, LP will be responsible for any fees incurred during such
audits.	  	
			
	Indemnity:	  	Each party shall indemnify and hold the other harmless from any and all loss, damage, or expense (including reasonable attorneys’ fees) which the other party may incur or
suffer as a result of any claim arising out of any breach of the indemnifying party’s representations, warranties, or covenants in this Agreement, or arising out of any other acts or omissions of such party in the course of performance of this
Agreement. Notwithstanding the foregoing, in no event shall either party be liable to the other for any incidental or consequential damages of any kind, including, without limitation, any loss of business, profit, or revenues, or punitive
damages.	  	
			
	Amendment/Waiver:	  	  
  
 This Agreement may not be modified, amended or waived in any manner except by an instrument in writing signed by both parties hereto. The waiver by either party of compliance with any provision of this
Agreement by the other party shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by such party of a provision of this Agreement.
	  	

 *Confidential Treatment Requested 

  
 2 

  

			
	Supersedes Previous Agreements:
		
		  	This Agreement supersedes all prior or contemporaneous negotiations, commitments, agreements (written or oral) and writing between the parties with respect to the subject matter
hereof. All such other negotiations, commitments, agreements and writings will have no further force or effect, and the parties to any such other negotiation, commitment, agreement or writing will have no further rights or obligations
thereunder.
	
	Governing Law/Compliance:
		
		  	All matters affecting this Agreement, including the validity thereof, are to be governed by, interpreted and construed in accordance with the laws of the United States and the
State of Minnesota.
		
	Disputes:	  	Any disputes that arise between the parties with respect to the performance of this Agreement shall be submitted to binding arbitration by the American Arbitration Association,
to be determined and resolved by said Association under its rules and procedures in effect at the time of submission and the parties hereby agree to share equally in the costs of said arbitration.
		
	Notices:	  	Any notice hereunder by either party to the other shall be given in writing by personal delivery, by telecopy (with confirmation of transmission) or by certified mail, return
receipt requested. A notice shall be deemed given, if by personal delivery or by telecopy, on the date of such delivery or, if by certified mail, on the date shown on the applicable return receipt.
		
	Headings:	  	The headings of Sections and paragraphs herein are included solely for convenience of reference and shall not control the meaning or interpretation of any of the provisions of
this Agreement.
		
	Other:	  	Notwithstanding any other provision of the agreement, where not in conflict with the foregoing, all other terms and conditions shall be in accordance with standard industry
practice.

 In witness whereof, the parties hereto have executed this Agreement on the date indicated below.

  
 3 

  

									
	 Agri-Energy, LP
 by
its General Partner
 CORN-er Stone Ethanol Management, Inc.
	 		 	C&N
					
	By	 	     /s/ Norman Smeenk
	 		 	By	 	     /s/ John Bjornstad

		 	Norm Smeenk, President	 		 		 	John Bjornstad, President
			
	Date:         3-30            , 2009	 		 	Date:         4-1            , 2009
			
	Agri-Energy, LP	 		 	C&N Ethanol Marketing Corporation

  
 4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00180-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00180-of-00352.parquet"}]]