Document:

EX-10.54

 Exhibit 10.54 
 THIRD AMENDMENT TO 2011 LOAN AND SECURITY AGREEMENT 
 (Clean Coal
Solutions, LLC) 
 THIS THIRD AMENDMENT TO 2011 LOAN AND SECURITY AGREEMENT (this “Amendment”) is made and
dated as of November 30, 2012 (the “Effective Date”) by and between CLEAN COAL SOLUTIONS, LLC, a Colorado limited liability company (“Borrower”), and COBIZ BANK, a Colorado corporation dba Colorado Business
Bank (“Bank”). For certain limited purposes, as set forth herein, ADA-ES, INC., a Colorado corporation, and MF REFINED COAL, LLC, a Wyoming limited liability company, are parties hereto. 

RECITALS 

A. Borrower and Bank are parties to that certain Credit Agreement dated as of March 30, 2011, as amended by the First Amendment to
2011 Loan and Security Agreement dated as of March 7, 2012, as further amended by the Second Amendment to the 2012 Loan and Security Agreement dated as of May 21, 2012 (as amended, restated, modified, extended, renewed, replaced, and
supplemented from time to time, the “Credit Agreement”). 
 B. In accordance with Section 12.5 of
the Credit Agreement, Borrower and Bank have agreed to enter into this Amendment to amend and supplement certain terms and conditions contained in the Credit Agreement and the Increased Commitment Note. 

C. Other than as defined in this Amendment, all capitalized terms used in this Amendment without definition shall have the meanings given
to such terms in the Credit Agreement. 
 NOW THEREFORE, in consideration of the premises and of the mutual covenants contained
in this Amendment, the parties hereto agree as follows: 
 1. Term of Increased Commitment. The Increased Commitment must
be paid back to the Bank not later than June 1, 2013. 
 2. Increased Commitment Note. The Increased Commitment Note
is hereby amended to substitute “June 1, 2013” for “December 1, 2012” in the fourth line of the first paragraph of the Increased Commitment Note. 
 3. Delivery of Certificate. Borrower will execute and deliver to Lender a certificate in the form attached hereto as Exhibit A. 

4. Delivery of Consents. Each of ADA-ES, Inc. and MF Refined Coal, LLC hereby consents to this Amendment. 

5. Fees. Borrower will pay Bank a fee of Five Thousand and no/100 dollars ($5,000.00) upon Borrower’s execution of this
Amendment. 
 6. Section 5.2. Borrower reaffirms that Borrower is in compliance with Sections 5.2(b) and 5.2(c) of
the Credit Agreement. 

 7. Costs. Borrower will pay Bank’s attorneys fees for preparation of this
Amendment. 
 8. Miscellaneous. 
  

	 	(a)	The paragraph headings used herein are intended for reference purposes only and shall not be considered in the interpretation of the terms and conditions hereof.

  

	 	(b)	The terms and conditions of this Amendment shall be binding upon and shall inure to the benefit of the parties hereto, their successors and permitted assigns.

  

	 	(c)	This Amendment may be executed in any number of counterparts, and by Bank and Borrower on separate counterparts, each of which, when so executed and delivered, shall be
an original, but all of which shall together constitute one and the same Amendment. 

  

	 	(d)	Except as expressly modified by this Amendment, the Credit Agreement and the Increased Commitment Note remain in full force and effect and shall be enforceable in
accordance with their terms. 

  

	 	(e)	This Amendment, the Credit Agreement, and the other Loan Documents constitute the entire agreement and understanding between the parties hereto with respect to the
subject matter hereof and supersede all prior negotiations, understandings, and agreements between such parties with respect to such subject matter. 

  

	 	(f)	This Amendment, and the transactions evidenced hereby, shall be governed by, and construed under; the internal laws of the State of Colorado, without regard to
principles of conflicts of law, as the same may from time to time be in effect, including, without limitation, the Uniform Commercial Code as in effect in the State of Colorado. 

9. IN WITNESS WHEREOF, the parties hereto have executed and delivered this Amendment as of the date first above set forth. 

 

			
	BORROWER:
	
	CLEAN COAL SOLUTIONS, LLC, a Colorado limited liability company
		
	By:	 	/s/ W. Randall Dietrich
		 	  

	Name (Print)	 	W. Randall Dietrich
		 	  

	Manager	 	

  
 2 

 
			
	CONSENT PARTIES
	
	ADA-ES, INC., a Colorado corporation
		
	By:	 	/s/ Mark H. McKinnies
		 	  

	Name (Print)	 	Mark H. McKinnies
	Title: 	 	CFO
	
	MF REFINED COAL, LLC, a Wyoming limited liability company
		
	By:	 	/s/ Charles S. McNeil
		 	  

	Name (Print)	 	Charles S. McNeil
	Manager	 	

  

			
	
	LENDER:
	
	 COBIZ BANK, a Colorado corporation dba
 Colorado Business Bank

		
	By:	 	/s/ Douglas L. Pogge
		 	  

		 	Douglas L. Pogge, Senior Vice President

  
 3 

 Exhibit A 

Form of Borrower Certification 
 BORROWER CERTIFICATION 
 With Respect to 

THIRD AMENDMENT TO 2011 LOAN AND SECURITY AGREEMENT 
 (Clean Coal Solutions) 
 The undersigned, as a duly authorized manager of Clean
Coal Solutions, LLC, a Colorado limited liability company (“Borrower”), in conjunction with the Third Amendment to 2011 Loan and Security Agreement, hereby certifies to CoBiz Bank, a Colorado corporation, dba Colorado Business Bank
that no “Principal” of Borrower has been convicted of, or pled no contest to, a felony under state or federal law (excluding crimes related to traffic or motor vehicle offenses) or to any other crime that requires identification in any
registry and/or notification program maintained by any federal or state jurisdiction. 
 For the purposes of this Certification,
“Principal” is deemed to include: (i) each Manager of Borrower, (ii) each director of Borrower, (iii) the five (5) most highly compensated executives and officers of Borrower, and (iv) each natural person
who is a direct or indirect holder of more than twenty percent (20%) or more of the ownership stock or stock equivalent of Borrower. 
 The undersigned, for himself and on behalf of Borrower, acknowledges that CoBiz Bank, a Colorado corporation, dba Colorado Business Bank is relying upon the truth of the statements set forth in this
Borrower Certification to make a loan to Borrower. 
 Dated this 30th day of November, 2012 

 

			
	 BORROWER:

	
	 CLEAN COAL SOLUTIONS, LLC,

a Colorado limited liability company

	
	 By: /s/ W. Randall Dietrich

	 Name (Print)

Manager
	 	 W. Randall Dietrich

  
 4EX-10.29

 Exhibit 10.29 
 CUSTOMERS BANCORP, INC 
 CHANGE OF CONTROL AGREEMENT 

THIS CHANGE OF CONTROL AGREEMENT (this “Agreement”), made as of January 30, 2013, is by and among CUSTOMERS BANCORP INC.,
a Pennsylvania Corporation (“Bank”), and an individual (“Executive”). 
 Background 

Bank wishes to secure the future services of Executive by providing Executive the severance payments provided in this Agreement as
additional incentive to induce Executive to devote Executive’s time and attention to the interests and affairs of the Bank (the “Agreement”). 
 NOW THEREFORE, in consideration of the mutual promises and agreements set forth herein, and intending to be legally bound hereby, the parties agree as follows: 

1. Employment. Except strictly to such extent (if any) as may be provided in another agreement between Bank and Executive,
Executive shall remain an employee at will of the Bank hereafter. This Agreement is not an employment agreement, but shall only be interpreted as governing the payment of severance, which may be due to Executive upon termination of Executive’s
employment with Bank under the specific circumstances described in this Agreement. No provision of this Agreement shall be interpreted to derogate from the power of Bank or its Board of Directors to terminate the employment of the Executive, subject
nevertheless to the terms of this Agreement. 
 2. Compensation. The compensation to be paid by Bank to Executive
from time to time, including any fringe benefits or other employee benefits, shall not be governed by this Agreement. This Agreement shall not be deemed to affect the terms of any stock options, employee benefits or other agreements between the Bank
and Executive. 
 3. Severance Payments upon Termination of Employment After a “Change in Control.” This
Agreement does not govern any termination of Executive’s employment with Bank which occurs prior to a “Change in Control” as defined in subsection (e) of this Section. No inference shall be drawn from any provision of this
Section concerning the rights and obligations of the parties in connection with a termination of Executive’s employment prior to a Change in Control. 
 (a) Termination by Company for Cause or Not for Cause. If Executive’s employment is terminated by Bank (i) for “Cause” (as defined in subsection (c) of this Section)
at any time, (ii) with or without Cause prior to a Change in Control, or (iii) more than two (2) years after a Change in Control, Executive shall have no right to any severance under this Agreement due to such termination. If
Executive is terminated by Bank within two (2) years after a Change in Control other than for Cause, Executive’s right to a severance payment under this Agreement shall be as set forth in subsection (f) of this Section. 

(b) Termination by Executive for Good Reason or Not for Good Reason. If Executive terminates Executive’s
employment with Bank (i) prior to a Change in Control, (ii) more than two years after a Change in Control, or (iii) without “Good Reason” (as defined in subsection (d) of this Section) at any time, Executive shall have
no right to any severance under this Agreement due to such termination. If Executive terminates Executive’s employment with Bank for Good Reason within two (2) years after a Change in Control, Executive’s right to a severance payment
under this Agreement shall be as set forth in subsection (f) of this Section. 
 (c) Definition of
“Cause.” For the purpose of this Agreement, “Cause” means actions of or failure to act by Executive which would authorize the forfeiture of fringe 

 
benefits or other remuneration under Executive’s written contract of employment with the Bank or, if there is no written contract of employment, (l) the willful material failure to
perform the duties to the Bank required of Executive (other than any such failure resulting from incapacity due to physical or mental illness of Executive or material changes in the direction and policies of the Board of Directors of Bank), if such
failure continues for fifteen (15) days after a written demand for substantial performance is delivered to Executive by the Bank which specifically identifies the manner in which it is believed that Executive has failed to attempt to perform
his or her duties hereunder; (2) the willful engaging by Executive in misconduct materially injurious to the Bank; (3) receipt by the Bank of a notice (which shall not have been appealed by Executive or shall have become final and
non-appealable) of any governmental body or entity having jurisdiction over the Bank requiring termination or removal of Executive from his or her then present position, or receipt of a written directive or order of any governmental body or entity
having jurisdiction over the Bank (which shall not have been appealed by Executive or shall have become final and non-appealable) requiring termination or removal of Executive from his or her then present position; or (4) personal dishonesty,
incompetence, willful misconduct, willful breach of fiduciary duty involving personal profit or conviction of a felony. For purposes of this paragraph, no act, or failure to act, on Executive’s part shall be considered “willful”
unless done or omitted to be done by Executive in bad faith and without reasonable belief that his or her action or omission was in the best interest of Bank. Any act or omission to act by Executive in reliance upon a written opinion of counsel to
Bank shall not be deemed to be willful. 
 (d) Definition of “Good Reason.” For purposes of this
Agreement, “Good Reason” shall mean (i) any material reduction in title or a material adverse change in Executive’s responsibilities or authority which are inconsistent with, or the assignment to Executive of duties materially
inconsistent with, Executive’s position with the Bank immediately prior to such action; or (ii) any material reduction in Executive’s annual base salary as in effect on the date hereof or as the same may be increased from time to
time. 
 (e) Definition of “Change in Control.” For purposes of this Agreement, a “Change in
Control” of the Bank shall mean: 
 (i) there occurs a merger, consolidation or other business combination or
reorganization to which the Bank is a party, whether or not approved in advance by the Board of Directors of the Bank, in which (A) the members of the Board of Directors of the Bank immediately preceding the consummation of such transaction do
not constitute a majority of the members of the Board of Directors of the resulting corporation and of any parent corporation thereof immediately after the consummation of such transaction, and (B) the shareholders of the Bank immediately
before such transaction do not hold more than fifty percent (50%) of the voting power of securities of the resulting corporation; 
 (ii) There occurs a sale, exchange, transfer, or other disposition of substantially all of the assets of the Bank to another entity, whether or not approved in advance by the Board of Directors of the
Bank (for purpose of this Agreement, a sale of more than one-half of the branches of the Bank would constitute a Change in Control, but for purposes of this paragraph, no branches or assets will be deemed to have been sold if they are leased back
contemporaneously with or promptly after their sale); 
 (iii) A plan of liquidation or dissolution is adopted for the Bank; or

 (iv) Any “person” or any group of “persons” (as such term is defined in Sections 13(d) and 14(d) of the
Exchange Act), as if such provisions were applicable to the Bank, other than the holders of shares of the Bank’s common stock in existence on the date of the Opening for Business, is or shall become the “beneficial owner” (as defined
in Rule 13d-3 under the Exchange Act), as if such rule were applicable to the Bank, directly or indirectly, of securities of the Bank representing 50% or more of the combined voting power of the Bank’s then outstanding securities. 

  
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 (f) Severance. If Executive is entitled to severance under subsection
(a) or (b) of this Section, Bank shall pay as severance to Executive the sum of the following amounts in a single lump sum within 60 days following the date of his termination of employment, subject to all tax withholding obligations of
the Bank: 
 (i) 200% of the highest rate of base annual salary that was payable to or for the benefit of Executive at any time
during the 12-month period ending on the date of Executive’s termination of employment; and 
 (ii) 200% of the average of
the aggregate annual cash bonuses that have been earned by the Executive for performance by the Executive during each of the three (3) most recent fiscal years of the Bank ended with or prior to the date of Executive’s termination of
employment. If Executive shall not have been employed by the Bank for three (3) full fiscal years prior to the time the Executive becomes entitled to severance payments under this Section, the average used shall be determined based on the
number of full and partial fiscal years of the Bank in which the Executive was so employed and that have ended with or prior to the date of Executive’s termination of employment. 

(g) Any termination of Executive’s employment by Bank or by Executive shall be communicated by a dated, written notice, signed by
the party giving the notice, which shall (i) indicate the specific termination provision in this Agreement relied upon; (ii) set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of
Executive’s employment under the provision so indicated; and (iii) specify the effective date of termination. In addition, Executive shall not be considered to have terminated his employment for Good Reason unless he provides such written
notice to the Bank within 90 days following the initial existence of a condition creating Good Reason, and upon notice of which the Bank must be provided a period of at least 30 days during which it may remedy the condition and not be required to
pay the severance payment. 
 (h) Notwithstanding any provision of this Agreement to the contrary, if, as a result of a payment
provided for under or pursuant to this Agreement, together with all other payments in the nature of compensation provided to or for the benefit of the Executive under any other plans or agreements in connection with a Change in Control, the
Executive becomes subject to excise taxes under Section 4999 of the Code, then the amount of severance to be paid pursuant to this Agreement shall be reduced to the maximum amount allowable without causing Executive to become subject to such
excise taxes. Such maximum amount shall be determined by a registered public accounting firm selected by the Compensation Committee of the Board of Directors of the Bank, whose determination, absent manifest error, shall be treated as conclusive and
binding. 
 (i) It is understood by Executive and Bank that Bank may elect to participate in the Troubled Assets Relief Program
(“TARP”) established under the Emergency Economic Stabilization Act of 2008 (“EESA”), as amended by the American Recovery and Reinvestment Act of 2009 (“ARRA”) and any subsequent legislation whether heretofore or
hereafter enacted (“Subsequent Legislation”) and as implemented by present and future regulations of applicable federal government agencies (“Implementing Regulations”) (the requirements of EESA, ARRA, Subsequent Legislation and
Implementing Regulations that may be applicable to the Bank or Executive or the compensation or benefits provided to Executive under this Agreement or otherwise as a result of the Bank’s participation in TARP are sometimes referred to herein as
the “TARP Provisions”). In that event, if the severance to be provided to Executive pursuant to this Agreement must be reduced, delayed or otherwise modified in order for the Bank to comply with any of the TARP Provisions, as interpreted
and implemented by regulations of the U. S. Department of the Treasury and the terms of any contract between Bank or Executive and said Department or any other agency of the federal government (“TARP Requirements”), this Agreement and all
such other compensation, benefits and perquisites and 

  
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agreements relating to any of the foregoing shall automatically be deemed amended to cause the Bank to be in compliance at all times with the TARP Requirements. Executive and Bank shall negotiate
in good faith to document, by amendment or amendments to this Agreement, the modifications so required, but the parties’ failure to reach final agreement shall not negate the provisions of this Section. In consideration for the benefits
Executive will receive under this Agreement and potentially as a result of Bank’s participation in TARP, Executive hereby voluntarily waives any claim against the Bank for any changes to Executive’s compensation or benefits that are
required for Bank to comply with TARP Requirements. This waiver includes all claims Executive may have under the laws of the United States or any state related to the requirements imposed by any of the TARP Requirements, including without limitation
a claim for any compensation or other payments Executive would otherwise receive, any challenge to the process by which any of the TARP Requirements were adopted and any tort or constitutional claim about the effect of any of the TARP Requirements
on Executive’s employment relationship with Bank. Executive agrees to execute such waivers and other agreements as may be requires by the U.S. Treasury Department in connection with Bank’s participation in TARP. 

(j) All obligations under this Agreement are subject to termination by any bank regulatory agency having jurisdiction over Bank in
accordance with any applicable provisions of law or regulations granting such authority, but rights of the Executive to compensation earned as of the date of termination shall not be affected. 

(k) Executive shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment or
otherwise. The severance payment provided for in this Agreement shall not be reduced by any compensation or other payments received by Executive after the date of termination of Executive’s employment from any source. 

4. Payment Obligations Absolute. Provided that the preconditions for payment set forth in this Agreement are fully satisfied,
Bank’s obligation to pay Executive the severance payment provided herein shall be absolute and unconditional and shall not be affected by any circumstances, including, without limitation, any set-off counter claim, recoupment, defense or other
right which Bank may have against Executive. All amounts payable by Bank hereunder shall be paid without notice or demand. 

5. Executive’s Covenants. As further consideration for the Bank’s willingness to enter into this Agreement and to
provide the potential benefits set forth herein, Executive agrees to the restrictions set forth in this Section. 
 (a)
Executive covenants and agrees that Executive will not at any time, either during his or her employment with the Bank or thereafter, use, disclose or make accessible to any other person, firm, partnership, corporation or any other entity any
Confidential and Proprietary Information (as defined herein), other than to (i) Executive’s attorney or spouse in confidence, (ii) while employed by the Bank, in the business and for the benefit of the Bank, or (iii) when
required to do so by a court of competent jurisdiction, any government agency having supervisory authority over the business of the Executive or the Bank or any administrative body or legislative body, including a committee thereof, with
jurisdiction. 
 For purposes of this Agreement, “Confidential and Proprietary Information” shall mean non-public,
confidential, and proprietary information provided to the Executive concerning, without limitation, the Bank’s financial condition and/or results of operations, statistical data, products, ideas and concepts, strategic business plans, lists of
customers or customer information, information relating to marketing plans, management development reviews, including information regarding the capabilities and experience of the Bank’s employees, compensation, recruiting and training, and
human resource policies and procedures, policy and procedure manuals, together with all materials and documents in any form or medium (including oral, written, tangible, intangible, or electronic) concerning any of the above, and other non-public,

  
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proprietary and confidential information of the Bank; provided, however, that Confidential and Proprietary Information shall not include any information that is known generally to the public or
within the industry other than as a result of unauthorized disclosure by the Executive. It is specifically understood and agreed by the Executive that any non-public information received by the Executive during Executive’s employment by the
Bank is deemed Confidential and Proprietary Information for purposes of this Agreement. In the event the Executive’s employment is terminated for any reason, the Executive shall immediately return to the Bank upon request all Confidential and
Proprietary Information in Executive’s possession or control. 
 (b) Executive agrees that during his or her employment
with the Bank and for a period of twelve (12) months thereafter, unless the Executive obtains the Bank’s prior written permission, which may be granted or denied at the Bank’s sole and absolute discretion, the Executive shall not:

 (i) solicit or divert to any competitor of the Bank or, upon termination of the Executive’s employment with the Bank,
accept any business from any individual or entity that is a customer or a prospective customer of the Bank, to the extent that such prospective customer was identifiable as such prior to the date of the Executive’s termination, except that this
covenant of non-solicitation shall not apply with respect to anyone who, while having previously been a customer or prospect of the Bank, is no longer a customer or prospect of the Bank at the time of the solicitation; or 

(ii) induce or encourage any officer and/or employee of the Bank to leave the employ of the Bank, hire any individual who was an
employee of the Bank as of the date of the termination of the Executive’s, or induce or encourage any customer, vendor, participant, agent or other business relation of the Bank to cease or reduce doing business with the Bank or in any way
interfere with the relationship between any such customer, vendor, participant, agent or other business relation and the Bank. 

(c) For a period of twelve (12) months after any resignation or termination of Executive’s employment for any reason, Executive
shall not, directly or indirectly, within 25 miles of any office of the Bank, enter into or engage directly or indirectly in competition with the Bank or any subsidiary or other company under common control with the Bank, in any financial services
business conducted by the Bank or any such subsidiary at the time of such resignation or termination, either as an individual on his own or as a partner or joint venturer, or as a director, officer, shareholder, employee, agent, independent
contractor, nor shall Executive assist any other person or entity in engaging directly or indirectly in such competition. 

6. Amendments. No amendments to this Agreement shall be binding unless in a writing, signed by both parties, which states
expressly that it amends this Agreement. 
 7. Notices. Notices under this Agreement shall be deemed sufficient and
effective if (i) in writing and (ii) either (A) when delivered in person or by facsimile, telecopier, telegraph or other electronic means capable of being embodied in written form or (B) forty-eight (48) hours after deposit
thereof in the U.S. mails by certified or registered mail, return receipt requested, postage prepaid, addressed to each party at such party’s address first set forth above and, in the case of Bank, to the attention of the Chairman of the Board,
or to such other notice address as the party to be notified may have designated by written notice to the sending party. 

8. Prior Agreements. There are no other agreements between Bank and Executive regarding Executive’s employment. This
Agreement is the entire agreement of the parties with respect to its subject matter and supersedes any and all prior or contemporaneous discussions, representations, understandings or agreements regarding its subject matter. 

9. Assigns and Successors. The rights and obligations of Bank under this Agreement shall inure to the benefit of and shall be
binding upon the successors and assigns of 

  
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Bank and Executive, provided, however, that Executive shall not assign or anticipate any of his rights hereunder, whether by operation of law or otherwise. For purposes of this Agreement,
“Bank” shall also refer to any successor to Bank, whether such succession occurs by merger, consolidation, purchase and assumption, sale of assets or otherwise. 
 10. Executive’s Acknowledgment of Terms. Executive acknowledges that he or she has read this Agreement fully and carefully, understands its terms and that it has been entered into by
Executive voluntarily. Executive acknowledges that any payments to be made hereunder will constitute additional compensation to Executive. 
 IN WITNESS WHEREOF, the parties hereto have caused the due execution of this Agreement as of the date first set forth above. 

 

							
	Attest:	 		 	 Bank:
 CUSTOMERS
BANCORP INC.

				
	 /s/ Glenn Yeager
	 		 	By:	 	 /s/ Richard A. Ehst

	Print Name: Glenn Yeager	 		 	Print Name: Richard A. Ehst
	Title: Corporate Secretary	 		 	Title: President
			
	Witness:	 		 	Executive:
			
	 /s/ J. Christopher Black
	 		 	 /s/ Glenn A. Hedde

	Print Name: J. Christopher Black	 		 	Glenn A. Hedde

  
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