Document:

Plain English Warrant Agreement

 Exhibit 10.7 
 THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AS AMENDED (the “1933 ACT”), OR ANY STATE SECURITIES LAWS. THEY MAY NOT
BE SOLD, OFFERED FOR SALE, PLEDGED, OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO YOU THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE 1933 ACT, OR ANY
APPLICABLE STATE SECURITIES LAWS. 
 PLAIN ENGLISH WARRANT AGREEMENT 

This is a PLAIN ENGLISH WARRANT AGREEMENT dated October 20, 2011 by and between GEVO, INC., a Delaware corporation and TRIPLEPOINT
CAPITAL LLC, a Delaware limited liability company. 
 The words “We”, “Us”, or “Our” refer to the warrant holder,
which is TRIPLEPOINT CAPITAL LLC. The words “You” or “Your” refers to the issuer, which is GEVO, INC., and not to any individual. The words “The Parties” refers to both TRIPLEPOINT CAPITAL LLC and GEVO, INC. This Plain
English Warrant Agreement may be referred to as the “Warrant Agreement”. 
 We have previously entered into a Plain English Growth
Capital Loan and Security Agreement dated as of August 5, 2010 (as amended or modified from time to time, the “Original Agri-Energy Loan Agreement”) with Agri-Energy, LLC, a Minnesota limited liability company (the “Agri-Energy
Borrower”) which was amended and restated pursuant to the Amended and Restated Plain English Growth Capital Loan and Security Agreement dated as of October 20, 2011 (as amended or modified from time to time, the “Amended and Restated
Agri-Energy Loan Agreement”). In consideration of Us agreeing to extend certain loans to the Agri-Energy Borrower pursuant to the Original Agri-Energy Loan Agreement and the Amended and Restated Agri-Energy Loan Agreement, the Parties have also
entered into a Plain English Continuing Guaranty, dated as of August 5, 2010 (as amended or modified from time to time, the “Guaranty”). 
 You are deriving direct and indirect economic benefits from the loans to be extended by Us to the Agri-Energy Borrower under the Amended and Restated Agri-Energy Loan Agreement. 

In consideration of the Amended and Restated Agri-Energy Loan Agreement and the loans being extended by Us to the Agri-Energy Borrower and the direct and
indirect economic benefits to be derived from those loans, the Parties agree to the following mutual agreements and conditions set forth below: 
  

											
	WARRANT INFORMATION
	 Effective
Date
 October 20, 2011
	  	Warrant Number
 0647-W-03
	  	Loan Facility Number
 0647-GC-03

	 Warrant
Coverage    
 Up to $1,500,000    

(10% of $15,000,000)    
 as set forth in    

Section 1.    
	 	 Number of Shares
 Up to 188,442 as set forth in
Section 1    
 and subject to adjustment as set forth    

in this Warrant Agreement.    
	 	 Price Per Share    
 $7.96 (subject to adjustment
per the    
 terms of this Warrant Agreement)    
	 	Type of Stock  

Common Stock  

  
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	OUR CONTACT
 INFORMATION
	 Name
 TriplePoint Capital LLC
	  	 Address For
Notices
 2755 Sand Hill Road, Ste. 150
 Menlo Park, CA 94025
 Tel: (650) 854-2090

Fax: (650) 854-1850
	  	 Contact Person
 Sajal Srivastava, COO
Tel: (650) 233-2102
Fax:
(650) 854-1850
email:
 legal@triplepointcapital.com

	YOUR CONTACT
INFORMATION
	 Customer Name
 Gevo, Inc.
	  	 Address For
Notices
 345 Inverness Dr. South
 Building C, Suite 310
 Engelwood, CO 80112
	  	 Contact Person
 Patrick R. Gruber, CEO

Tel: (720) 267-8614

  

	1.	WHAT YOU AGREE TO GRANT US 

 You grant to
Us and We are entitled, upon the terms and subject to the conditions set forth in this Warrant Agreement, to purchase from You, at a price per share equal to the Exercise Price, that number of fully paid and non-assessable shares of Your Common
Stock equal to Seven Hundred Fifty Thousand Dollars ($750,000), divided by the Exercise Price. 
 In addition, You grant to Us and We are
entitled, upon the terms and subject to the conditions set forth in this Warrant Agreement, to purchase from You, at a price per share equal to the Exercise Price, an additional number of fully paid and non-assessable shares of Your Common Stock
equal to five percent (5.0%) of any amounts advanced under the Part 2 Commitment Amount of the Agri-Energy Loan Agreement (it being understood that the product of 5.0% multiplied by amounts advanced under the Part 2 Commitment Amount shall not
exceed $750,000), divided by the Exercise Price. 
 The number of shares of Common Stock and the Exercise Price of such shares of Common Stock
are subject to adjustment as provided in Section 4 hereof. 
 For purposes of this Warrant Agreement, the following capitalized terms have
the meanings given below: 
 “Exercise Price” means $7.96. 

“Common Stock” means as of any date of determination, Your common stock, par value $0.01 per share, authorized under Your
Certificate of Incorporation as in effect on the Effective Date. 
 The Parties agree that this Warrant Agreement to purchase shares of Your
Common Stock has a fair market value equal to $100 and that $100 of the issue price of the investment will be allocable to the Warrant Agreement and the balance shall be allocable to the Loan Agreement for income tax purposes and the original issue
discount on the Loan Agreement shall be considered to be zero. 
  

	2.	WHEN ARE WE ENTITLED TO PURCHASE YOUR COMMON STOCK. 

 The term of this Warrant Agreement and our right to purchase Common Stock will begin on the Effective Date, and shall be available for seven (7) years from the Effective Date through and including
October 19, 2018. 
  

	3.	HOW WE MAY PURCHASE YOUR COMMON STOCK. 

We may exercise Our purchase or conversion rights (as applicable), in whole or in part, at any time, or from time to time, prior to the expiration of the
term of this Warrant Agreement, by giving You a completed and executed Notice of Exercise in the form attached as Exhibit I. Promptly upon receipt of the Notice of Exercise and in any event no later than twenty-one (21) days after
you have received Our Notice of Exercise and payment of the Exercise Price, as set forth below, for the shares purchased, You will issue to Us a certificate for the number of shares of Common Stock that We have purchased and You will execute the
Acknowledgment of Exercise in the form attached hereto as Exhibit II indicating the number of shares of Common Stock that will be available to Us for future purchases, if any. 

  
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 We may pay for the Common Stock by either (i) cash or check, or (ii) if the current fair market
value of one share of Common Stock is greater than the Exercise Price (at the date of calculation) by the Net Issuance Method as determined below. If We elect the Net Issuance Method, You will issue Common Stock using the following formula:

  

			
	X =	  	Y(A-B)
		  	A

  

					
	Where:	  	X =	  	the number of shares of Common Stock to be issued to Us.
		  	Y =	  	the number of shares of Common Stock We request to be exercised under this Warrant Agreement.
		  	A =	  	the fair market value of one share of Common Stock (at the date of such calculation).
		  	B =	  	the Exercise Price (as adjusted to the date of such calculation).

 For purposes of the above calculation, the current fair market value of Common Stock shall mean with respect to each
share of Common Stock: 
  

	 	•	 	 if Your Common Stock is traded on a U.S. national or regional securities exchange, the fair market value shall be the average of the closing
prices of Your Common Stock, as reported on such exchange over a five (5) day trading period ending three (3) days before the day the current fair market value of the securities is being determined; or 

 

	 	•	 	 if Your Common Stock not traded on a U.S. national or regional securities exchange but is quoted on an established automated over-the-counter
trading market in the U.S, the fair market value shall be the average of the closing bid and asked prices of Your Common Stock, as quoted on such market, over the five (5) day trading period ending three (3) days before the day the current
fair market value of the securities is being determined. 

 During the term of this Warrant Agreement, You will at all times
from and after the Effective Date have authorized and reserved a sufficient number of shares of Your Common Stock to provide for the exercise of our rights to purchase shares of Your Common Stock pursuant to this Warrant Agreement. 

If We elect to exercise part of the Warrant Agreement, You will promptly issue to Us an amended Warrant Agreement stating the remaining number of shares
of Common Stock that are available. All other terms and conditions of that amended Warrant Agreement shall be identical to those contained in this Warrant Agreement. 
 If at the end of the term of this Warrant Agreement, the fair market value of one share of Common Stock (or other security issuable upon the exercise hereof) as determined in accordance herewith is
greater than the Exercise Price in effect on such date, then this Warrant Agreement shall automatically be exercised via Net Issuance Method and deemed on and as of such date to be converted pursuant hereto as to all shares of Common Stock (or such
other securities) for which it shall not previously have been exercised or converted, and You shall promptly deliver a certificate representing the shares of Common Stock (or such other securities) issued upon such conversion to Us. 

 

	4.	WHEN WILL THE NUMBER OF SHARES AND EXERCISE PRICE CHANGE. 

  

	 	•	 	 If You are Acquired. If at any time: (i) there is a reorganization of Your stock (other than a reclassification, exchange or subdivision of
Your stock otherwise provided for in this Warrant Agreement); (ii) You merge or consolidate with or into another entity, whether or not You are the surviving entity; (iii) You sell or convey, or grant an exclusive license with respect to,
all or substantially all of Your assets to any other person; or (iv) there occurs any transaction or series of related transactions that result in the transfer of fifty percent (50%) or more of the outstanding voting power of Your capital
stock (each of the foregoing events are referred to as a “Merger Event”), then, as a part of such Merger Event, lawful provision shall be made so that We shall thereafter be entitled to receive, upon exercise of Our rights under this
Warrant Agreement, the same securities, cash, and/or other property as would have been payable to Us if We had exercised Our rights under this Warrant Agreement immediately prior to the Merger Event and subsequent closing. In any such case,
appropriate adjustment (as determined in good faith by the Your Board of 

  
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Directors) shall be made in the application of the provisions of this Warrant Agreement with respect to Our rights and interest after the Merger Event so that the provisions of this Warrant
Agreement (including adjustments of the Exercise Price and number of shares of Common Stock purchasable) shall be applicable to the greatest extent possible. 

 

	 	•	 	 If You Reclassify Your Stock. If at any time You combine, reclassify, exchange or subdivide Your securities or otherwise, change any of
the securities as to which purchase rights under this Warrant Agreement exist into the same or a different number of securities of any other class or classes, this Warrant Agreement will thereafter represent the right to acquire such number and kind
of securities as would have been issuable as the result of such change with respect to the securities which were subject to the purchase rights under this Warrant Agreement immediately prior to such combination, reclassification, exchange,
subdivision or other change. 

  

	 	•	 	 If You Subdivide or Combine Your Shares. If at any time You combine or subdivide Your Common Stock, the Exercise Price will be
proportionately decreased in the case of a subdivision, or proportionately increased in the case of a combination. 

  

	 	•	 	 If You Pay Stock Dividends. If at any time You pay a dividend payable in, or make any other distribution (except any distribution
specifically provided for in the above paragraphs) of Your Common Stock, then the Exercise Price shall be adjusted, from and after the record date of such dividend or distribution, to that price determined by multiplying the Exercise Price in effect
immediately prior to such record date by a fraction (i) the numerator of which shall be the total number of all shares of Your Common Stock outstanding immediately prior to such dividend or distribution, and (ii) the denominator of which
shall be the total number of all shares of Your Common Stock outstanding immediately after such dividend or distribution. We will thereafter be entitled to purchase, at the Exercise Price resulting from such adjustment, the number of shares of
Common Stock (calculated to the nearest whole share) obtained by multiplying the Exercise Price in effect immediately prior to such adjustment by the number of shares of Common Stock issuable upon the exercise hereof immediately prior to such
adjustment and dividing the product thereof by the Exercise Price resulting from such adjustment. 

  

	 	•	 	 No Fractional Shares. No fractional shares shall be issued upon the exercise of this Warrant as a consequence of any adjustment pursuant
hereto. All shares of Common Stock (including fractions) issuable upon exercise of this Warrant may be aggregated for purposes of determining whether the exercise would result in the issuance of any fractional share. If, after aggregation, the
exercise would result in the issuance of a fractional share, You shall, in lieu of issuance of any fractional share, pay Us a sum in cash equal to the product resulting from multiplying the then current fair market value of a share of Common Stock
by such fraction. 

  

	5.	WE CAN TRANSFER THIS PLAIN ENGLISH WARRANT AGREEMENT. 

 Subject to the terms and conditions contained in Section 7 and Our compliance with any applicable Federal and state securities laws, We (or any successor transferee) may transfer in whole or in part
this Warrant Agreement and all its rights. You will record the transfer on Your books when You receive Our Notice of Transfer in the form attached hereto as Exhibit III, and Our payment of all transfer taxes and other governmental charges involved
in such transfer. 
  

	6.	REPRESENTATIONS, WARRANTIES, AND COVENANTS FROM YOU. 

  

	 	•	 	 Reservation of Common Stock. The Common Stock issuable upon exercise of Our rights under this Warrant Agreement will be duly and validly
reserved and when issued in accordance with the provisions of this Warrant Agreement will be validly issued, fully paid and non-assessable, and will be free of any taxes, liens, charges or encumbrances of any nature whatsoever imposed by You;
provided, however, that the Common Stock issuable pursuant to this Warrant Agreement may be subject to restrictions on transfer under state and/or Federal securities laws. Upon Our exercise, You will issue to Us certificates for shares of Common
Stock without charging Us any tax, or other cost incurred by You in connection with such exercise and the related issuance of shares of Common Stock. You will not be required to pay any tax, which may be payable in respect of any transfer involved
and the issuance and delivery of any certificate in a name other than TriplePoint Capital LLC. 

  

	 	•	 	 Due Authority. Your execution and delivery of this Warrant Agreement and the performance of Your obligations hereunder, including the
issuance to Us of the right to acquire the shares of Common Stock, have been duly authorized 

  
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by all necessary corporate action on Your part and this Warrant Agreement is not inconsistent with Your Certificate of Incorporation or Bylaws, does not contravene any law or governmental rule,
regulation or order applicable to it, do not and will not contravene any provision of, or constitute a default under, any indenture, mortgage, contract or other instrument to which You are a party or by which You are bound, and this Warrant
Agreement constitutes a legal, valid and binding agreement, enforceable against You in accordance with its terms, subject to laws of general application relating to bankruptcy, insolvency and the relief of debtors and the rules of law or principles
at equity governing specific performance, injunctive relief and other equitable remedies. 

  

	 	•	 	 Consents and Approvals. No consent or approval of, giving of notice to, registration with, or taking of any other action in respect of
any state, Federal or other governmental authority or agency is required with respect to execution, delivery and Your performance of Your obligations under this Warrant Agreement, except for the filing of any required notices pursuant to Federal and
state securities laws, which filings will be effective by the times required thereby. 

  

	 	•	 	 Issued Securities. All of Your issued and outstanding shares of Common Stock or any other securities have been duly authorized and
validly issued and are fully paid and nonassessable. All outstanding shares of Common Stock were issued in full compliance with all Federal and state securities laws. In addition as of the Effective Date: 

Your authorized capital consists of (A) 100,000,000 shares of Common Stock, of which 25,972,828 shares of Common Stock are issued and outstanding,
and (B) 5,000,000 shares of preferred stock, of which no shares are issued and outstanding. 
 You have reserved 6,939,851 shares of Common
Stock for issuance under Your Stock Incentive Plans, under which 3,403,509 options are outstanding, 242,282 shares of restricted stock are outstanding, 83,919 options have been exercised and 3,210,141 shares are available for future issuance.

 Your stockholders do not have preemptive rights to purchase new issuances of Your capital stock. 

 

	 	•	 	 Other Commitments to Register Securities. Except as set forth in this Warrant Agreement, previous warrant agreements executed in favor of
Us and the Investors’ Rights Agreement, You are not, pursuant to the terms of any other agreement currently in existence, under any obligation to register under the 1933 Act any of Your presently outstanding securities or any of Your securities
which may hereafter be issued. 

  

	 	•	 	 Exempt Transaction. Subject to the accuracy of Our representations in Section 7 hereof, the issuance of the shares of Common Stock
upon exercise of this Warrant Agreement will constitute a transaction exempt from (i) the registration requirements of Section 5 of the 1933 Act, in reliance upon Section 4(2) thereof, and (ii) the qualification requirements of
the applicable state securities laws. 

  

	 	•	 	 Compliance with Rule 144. We may sell the Common Stock issuable hereunder in compliance with Rule 144 promulgated by the Securities and
Exchange Commission. Within ten (10) days of Our request, You agree to furnish Us a written statement confirming Your compliance with the filing requirements of the Securities and Exchange Commission as set forth in such Rule 144, as may be
amended. 

  

	 	•	 	 No Impairment. You agree not to, by amendment of Your Certificate of Incorporation or through a reorganization, transfer of assets,
consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed under this Warrant by You, but shall at all times in
good faith assist in carrying out of all the provisions of this Warrant and in taking all such action as may be necessary or appropriate to protect Our rights under this Warrant against impairment. However, You shall not be deemed to have impaired
Our rights if You amend Your Certificate of Incorporation in a manner that does not (individually or when considered in the context of any other actions being taken in connection with such amendments or waivers) affect Us in a manner different from
the effect that such amendments or waivers have on the rights of other holders of Your Common Stock. 

  
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	7.	OUR REPRESENTATIONS AND COVENANTS TO YOU. 

  

	 	•	 	 Investment Purpose. The right to acquire this Warrant Agreement and the Common Stock issuable upon exercise of Our rights
contained herein will be acquired for investment purposes and not with a view to the sale or distribution of any part thereof, and We have no present intention of selling or engaging in any public distribution of the same in violation of the 1933
Act. 

  

	 	•	 	 Private Issue. We understand (i) that this Warrant Agreement and the Common Stock issuable upon exercise of this Warrant
Agreement are not registered under the 1933 Act or qualified under applicable state securities laws on the ground that the issuance contemplated by this Warrant Agreement will be exempt from the registration and qualifications requirements thereof,
and (ii) that Your reliance on such exemption is predicated on the representations set forth in this Section 7. We further understand that all certificates evidencing the shares to be issued to Us will bear appropriate legends.

  

	 	•	 	 Disposition of Our Rights. In no event will We make a disposition of any of Our rights to acquire Common Stock or Common Stock
issuable upon exercise of such rights unless and until (i) We shall have notified You in writing of the proposed disposition, and (ii) the transferee agrees to be bound in writing to the applicable terms and conditions of this Warrant
Agreement, and (iii) if You request, We shall have furnished You with an opinion of counsel satisfactory to You and Your counsel to the effect that (A) appropriate action necessary for compliance with the 1933 Act has been taken, or
(B) an exemption from the registration requirements of the 1933 Act is available. Notwithstanding the foregoing, the restrictions imposed upon the transferability of any of Our rights to acquire Common Stock or Common Stock issuable on the
exercise of such rights do not apply to transfers from the beneficial owner of any of the aforementioned securities to its nominee or from such nominee to its beneficial owner, and shall terminate as to any particular share of Common Stock when
(1) such security shall have been effectively registered under the 1933 Act and sold by the holder thereof in accordance with such registration or (2) such security shall have been sold without registration in compliance with Rule 144
under the 1933 Act, or (3) a letter shall have been issued to You at Our request by the staff of the Securities and Exchange Commission or a ruling shall have been issued to You at Our request by the Commission stating that no action shall be
recommended by such staff or taken by the Commission, as the case may be, if such security is transferred without registration under the 1933 Act in accordance with the conditions set forth in such letter or ruling and such letter or ruling
specifies that no subsequent restrictions on transfer are required. Whenever the restrictions imposed hereunder shall terminate, as hereinabove provided, the holder of a share of Common Stock then outstanding as to which such restrictions have
terminated shall be entitled to receive from You, without expense to such holder, one or more new certificates for the Warrant or for such shares of Common Stock not bearing any restrictive legend referring to 1933 Act registration or exemption.

  

	 	•	 	 Financial Risk. We have such knowledge and experience in financial and business matters and knowledge of Your business affairs and
financial condition as to be capable of evaluating the merits and risks of Our investment, and have the ability to bear the economic risks of Our investment. 

 

	 	•	 	 Accredited Investor. We are an “accredited investor” within the meaning of the Securities and Exchange Rule 501 of
Regulation D of the 1933 Act, as presently in effect. 

  

	8.	NOTICES YOU AGREE TO PROVIDE US. 

 You
agree to give Us at least ten (10) days prior written notice of the following events: 
  

	 	•	 	 If You Pay a Dividend or distribution declaration upon your stock. 

 

	 	•	 	 If You consummate a Merger Event. 

  

	 	•	 	 If You dissolve or liquidate. 

  

	 	•	 	 If you intend to file a registration statement under the 1933 Act (other than on Form S-4 or Form S-8 promulgated under the 1933 Act or
any successor forms thereto) to register for sale shares of Your Common Stock by You or for resale by Your stockholders. 

  
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 All notices in this Section must set forth details of the event, how the event adjusts either Our number of
shares or Our Exercise Price and the method used for such adjustment. 
 Timely Notice. Your failure to timely provide such notice
required above shall entitle Us to retain the benefit of the applicable notice period notwithstanding anything to the contrary contained in any insufficient notice received by Us. 

 

	9.	DOCUMENTS YOU WILL PROVIDE US. 

Upon signing this Agreement You will provide Us with: 
  

	 	•	 	 Executed originals of this Agreement, and all other documents and instruments that We may reasonably require 

 

	 	•	 	 Secretary’s certificate of incumbency and authority 

 

	 	•	 	 Certified copy of resolutions of Your board of directors approving this Agreement 

 

	 	•	 	 Certified copy of /Certificate of Incorporation and By-Laws as amended through the Effective Date 

 

	 	•	 	 Current Investor’s Rights Agreement 

 So long as this Warrant Agreement is in effect, You shall provide Us with the following: 
  

	 	•	 	 You shall submit to Us any documents and other information that We may reasonably request from time to time and are necessary to implement the
provisions and purposes of this Warrant Agreement. 

  

	10.	REGISTRATION RIGHTS UNDER THE 1933 ACT. 

Except as otherwise specifically set forth in this Warrant Agreement, We shall have piggyback registration rights with respect to the shares of Common
Stock issuable upon exercise of this Warrant Agreement, on the terms and subject to the conditions set forth in Section 2.3 of the Fifth Amended and Restated Investors’ Rights Agreement, dated as of March 26, 2010 (as amended, the
“Investors’ Rights Agreement”); provided, however, that We may include Our shares of Common Stock in a registration pursuant to the exercise of such piggyback registration rights only to the extent that the inclusion of such
securities will not reduce the amount of Registrable Securities (as defined in the Investors’ Rights Agreement) of the Holders (as defined in the Investors’ Rights Agreement) which are included in such registration. 

 

	11.	OTHER LEGAL PROVISIONS THE PARTIES WILL ABIDE BY. 

 Effective Date. This Warrant Agreement shall be construed and shall be given effect in all respects as if it had been executed and delivered by the Parties on the date hereof. This Warrant
Agreement shall be binding upon any of the successors or assigns of the Parties. 
 Attorney’s Fees. In any litigation, arbitration
or court proceeding between the Parties relating to this Warrant Agreement, the prevailing party shall be entitled to attorneys’ fees and expenses and all costs of proceedings incurred in enforcing this Warrant Agreement. 

Governing Law. This Warrant Agreement shall be governed by and construed for all purposes under and in accordance with the laws of the State of
California without giving effect to that body of law pertaining to conflicts of laws. 
 Consent to Jurisdiction and Venue. All judicial
proceedings arising in or under or related to this Warrant Agreement 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 

  
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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 Plain English Warrant Agreement. Service of process on any party hereto in any action arising out of
or relating to this agreement 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 either party to bring proceedings in the courts of any other jurisdiction. 
 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. 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 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 Warrant Agreement. 
 Counterparts. This Warrant Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 Notices. Any notice required or permitted under this Warrant Agreement shall be given in writing and shall be deemed effectively given
upon the earlier of (1) actual receipt or 3 days after mailing if mailed postage prepaid by regular or airmail to Us or You or (2) one day after it is sent by overnight mail via nationally recognized courier or (3) on the same day as
sent via confirmed facsimile transmission, if during normal business hours, or the next business day, if sent after normal business hours, provided that the original is sent by personal delivery or mail by the sending party. 

Remedies. In the event of any default hereunder, the non-defaulting party may proceed to protect and enforce its rights either by suit in equity
and/or by action at law, including but not limited to an action for damages as a result of any such default, and/or an action for specific performance for any default where such party will not have an adequate remedy at law and where damages will
not be readily ascertainable. Each party expressly acknowledges and agrees that there is no adequate remedy at law for any breach of this Warrant Agreement and that in the event of any breach of this Agreement, the injured party shall be entitled to
specific performance of any or all provisions hereof or an injunction prohibiting the other party from continuing to commit any such breach of this Agreement. 
 Survival. The representations, warranties, covenants, and conditions of the Parties contained herein or made pursuant to this Warrant Agreement shall survive the execution and delivery of this
Warrant Agreement. 
 Severability. In the event any one or more of the provisions of this Warrant Agreement shall for any reason be held
invalid, illegal or unenforceable, the remaining provisions of this Warrant Agreement shall be unimpaired, and the invalid, illegal or unenforceable provision shall be replaced by a mutually acceptable valid, legal and enforceable provision, which
comes closest to the intention of the parties underlying the invalid, illegal or unenforceable provision. 

  
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 Entire Agreement. This Warrant Agreement constitutes the entire agreement between the Parties
pertaining to the subject matter contained in it and supersedes all prior and contemporaneous agreements, representations and undertakings of the Parties, whether oral or written, with respect to such subject matter. 

Amendments. Any provision of this Warrant Agreement may only be amended by a written instrument signed by the Parties. 

Lost Warrants or Stock Certificates. You covenant to Us that, upon receipt of evidence reasonably satisfactory to Us of the loss, theft,
destruction or mutilation of this Warrant Agreement or any stock certificate and, in the case of any such loss, theft or destruction, upon receipt of an indemnity reasonably satisfactory to You, or in the case of any such mutilation upon surrender
and cancellation of such Warrant Agreement or stock certificate, You will make and deliver a new Warrant Agreement or stock certificate, of like tenor, in lieu of the lost, stolen, destroyed or mutilated Warrant Agreement or stock certificate.

 Rights as Stockholders. We shall not, as a party to this Warrant Agreement, be entitled to vote or receive dividends or be deemed the
holder of shares of Common Stock or any of Your other securities which may at any time be issuable upon the exercise hereof for any purpose, nor shall anything contained herein be construed to confer upon Us any of the rights of one of Your
stockholders or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to receive dividends or subscription rights or otherwise until this Warrant Agreement is exercised and the shares
purchasable upon the exercise hereof shall have become deliverable, as provided herein. 
 Facsimile Signatures. This Warrant Agreement
may be executed and delivered by facsimile and upon such delivery the facsimile signature will be deemed to have the same effect as if the original signature had been delivered to the other party. 

(Signature Page to Follow) 

  
 9 

 IN WITNESS WHEREOF, each of the Parties have caused this Warrant Agreement to be executed by its
officers who are duly authorized as of the Effective Date. 
  

			
		
	You:	 	GEVO, INC.
		
	Signature:	 	/s/ Patrick Gruber
		
	Print Name:	 	Patrick Gruber
		
	Title:	 	Chief Executive Officer

			
		
	Us:	 	TRIPLEPOINT CAPITAL LLC
		
	Signature:	 	/s/ Sajal Srivastava
		
	Print Name:	 	Sajal Srivastava
		
	Title:	 	Chief Operating Officer

 [SIGNATURE PAGE TO WARRANT AGREEMENT 0647-W-03]Form of 2011 Long-Term Incentive Plan Phantom Unit Agreement

 Exhibit 10.34 

 
 FORM OF RENTECH NITROGEN PARTNERS, L.P. 

2011 LONG-TERM INCENTIVE PLAN 
 PHANTOM UNIT AGREEMENT 
  
 Pursuant to this Phantom Unit Agreement, dated as of                     ,
20         (this “Agreement”), Rentech Nitrogen GP, LLC (the “Company”), as the general partner of Rentech Nitrogen Partners, L.P. (the “Partnership”), hereby
grants to                      (the “Participant”) the following award of Phantom Units (“Phantom Units”), pursuant
and subject to the terms and conditions of this Agreement and the Rentech Nitrogen Partners, L.P. 2011 Long-Term Incentive Plan (the “Plan”), the terms and conditions of which are hereby incorporated into this Agreement by
reference. 
  
 Each Phantom Unit shall constitute a
Phantom Unit under the terms of the Plan and is hereby granted in tandem with a corresponding DER, as further detailed in Section 3 below. Except as otherwise expressly provided herein, all capitalized terms used in this Agreement, but
not defined, shall have the meanings provided in the Plan. 
  
 GRANT NOTICE 
  
 Subject to the terms and conditions of this Agreement, the principal features of this Award are as follows: 
  

Number of Phantom Units:              Phantom Units 

 
 Grant Date:
                    , 20         

 
 Vesting of Phantom Units:
One-third ( 1/3) of the Phantom Units (rounded down
to the next whole number of units, except in the case of the final vesting date) shall vest on each of the first
(1st), second (2nd) and third (3rd) anniversaries of the Grant Date (as specified above), subject
to the Participant’s continued Service through the applicable vesting date. In addition, the Phantom Units shall be subject to accelerated vesting as set forth in Section 4(b) below. 

 
 Termination of Phantom Units: In the event of a
termination of the Participant’s Service for any reason, all Phantom Units that have not vested prior to or in connection with such termination of Service shall thereupon automatically be forfeited by the Participant without further action and
without payment of consideration therefor. 
  

Payment of Phantom Units: Vested Phantom Units shall be paid to the Participant in the form of Units as set forth in
Section 5 below. 
  
 DERs: Each
Phantom Unit granted under this Agreement shall be issued in tandem with a corresponding DER, which shall entitle the Participant to receive payments in an amount equal to Partnership distributions in accordance with Section 3 below.

 TERMS AND CONDITIONS OF PHANTOM UNITS 

 
 1. Grant. The Company hereby grants to the
Participant, as of the Grant Date, an award of                      Phantom Units, subject to all of the terms and conditions contained in this
Agreement and the Plan. 
  
 2. Phantom Units.
Subject to Section 4 below, each Phantom Unit that vests shall represent the right to receive payment, in accordance with Section 5 below, in the form of one (1) Unit. Unless and until a Phantom Unit vests, the
Participant will have no right to payment in respect of such Phantom Unit. Prior to actual payment in respect of any vested Phantom Unit, such Phantom Unit will represent an unsecured obligation of the Partnership, payable (if at all) only from the
general assets of the Partnership. 
  
 3. Grant of
Tandem DER. Each Phantom Unit granted hereunder is hereby granted in tandem with a corresponding DER, which DER shall remain outstanding from the Grant Date until the earlier of the payment or forfeiture of the Phantom Unit to which it corresponds.
Each DER shall entitle the Participant to receive payments, subject to and in accordance with this Agreement, in an amount equal to any distributions made by the Partnership in respect of the Unit underlying the Phantom Unit to which such DER
relates, payable as and when such distributions are paid generally to the Partnership’s Unit holders (and without regard to the vested status of the Phantom Unit underlying such DER). Upon the forfeiture of a Phantom Unit, the DER with respect
to such forfeited Phantom Unit shall also be forfeited. DERs shall not entitle the Participant to any payments relating to distributions occurring after the earlier to occur of the applicable Phantom Unit payment date or the forfeiture of the
Phantom Unit underlying such DER. The DERs and any amounts that may become distributable in respect thereof shall be treated separately from the Phantom Units and the rights arising in connection therewith for purposes of Section 409A of the
Code (including for purposes of the designation of the time and form of payments required by Section 409A of the Code). 
  

4. Vesting and Termination. 
  

(a) Vesting. Subject to Section 4(b) and Section 4(c) below, the Phantom Units shall vest
in such amounts and at such times as are set forth in the Grant Notice above. 
  
 (b) Accelerated Vesting. Notwithstanding anything herein to the contrary, but subject to Section 4(c) below, in the event that the Participant’s service is terminated by the
Company without Cause, [for Good Reason, as defined in the applicable employment agreement between the Company and                     , dated
                    ], or due to the Participant’s death or Disability, in any case, then, to the extent not previously vested in accordance
herewith, all Phantom Units granted under this Agreement shall vest in full immediately prior to such termination. 
  

(c) Forfeiture. Notwithstanding the foregoing, in the event of a termination of the Participant’s Service for
any reason, all Phantom Units that have not vested prior to or in connection with such termination of Service shall thereupon automatically be forfeited by the Participant without further action and without payment of consideration therefor. No
portion of the Phantom Units which has not become vested at the date of the Participant’s termination of Service shall thereafter become vested. 

  
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 (d) Payment. Vested Phantom Units shall be subject to the payment
provisions set forth in Section 5 below. 
  
 5. Payment of Phantom Units. 
  
 (a) Phantom Units. Unpaid, vested Phantom Units shall be paid to the Participant in the form of Units in a lump-sum as soon as reasonably practical, but not later than forty-five (45) days,
following the date on which such Phantom Units vest. Payments of any Phantom Units that vest in accordance herewith shall be made to the Participant (or in the event of the Participant’s death, to the Participant’s estate) in whole Units
in accordance with this Section 5. 
  
 (b) Potential Six-Month Delay. Notwithstanding anything to the contrary in this Agreement, no amounts payable under this Agreement shall be paid to the Participant prior to the expiration of the
six (6)-month period following his “separation from service” (within the meaning of Section 409A of the Code) (a “Separation from Service”) to the extent that the Company determines that paying such amounts prior to
the expiration of such six (6)-month period would result in a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code. If the payment of any such amounts is delayed as a result of the previous sentence, then on the first business day
following the end of the applicable six (6)-month period (or such earlier date upon which such amounts can be paid under Section 409A of the Code without resulting in a prohibited distribution, including as a result of the Participant’s
death), such amounts shall be paid to the Participant. 
  
 6. Tax Withholding. The Company and/or its Affiliates shall have the authority and the right to deduct or withhold, or to require the Participant to remit to the Company and/or its Affiliates, an
amount sufficient to satisfy all applicable federal, state and local taxes (including the Participant’s employment tax obligations) required by law to be withheld with respect to any taxable event arising in connection with the Phantom Units
and/or the DERs. In satisfaction of the foregoing requirement, unless otherwise determined by the Committee, the Company and/or its Affiliates shall withhold Units otherwise issuable in respect of such Phantom Units having a Fair Market Value equal
to the sums required to be withheld. In the event that Units that would otherwise be issued in payment of the Phantom Units are used to satisfy such withholding obligations, the number of Units which shall be so withheld shall be limited to the
number of Units which have a Fair Market Value (which, in the case of a broker-assisted transaction, shall be determined by the Committee, consistent with applicable provisions of the Code) on the date of withholding equal to the aggregate amount of
such liabilities based on the minimum statutory withholding rates for federal, state, local and foreign income tax and payroll tax purposes that are applicable to such supplemental taxable income. 

 
 7. Rights as Unitholder. Neither the Participant nor
any person claiming under or through the Participant shall have any of the rights or privileges of a unitholder with respect to any Units that may become deliverable hereunder unless and until certificates representing such Units shall have been
issued or recorded in book entry form on the records of the Partnership or its transfer agents or registrars, and delivered in certificate or book entry form to the Participant or any person claiming under or through the Participant. 

 
 8. Non-Transferability. Neither the Phantom Units nor
any right of the Participant under the Phantom Units may be assigned, alienated, pledged, attached, sold or 

  
 3 

 
otherwise transferred or encumbered by the Participant (or any permitted transferee) other than by will or the laws of descent and distribution and any such purported assignment, alienation,
pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company, the Partnership and any of their Affiliates. 
  

9. Distribution of Units. Unless otherwise determined by the Committee or required by any applicable law, rule or regulation,
neither the Company nor the Partnership shall deliver to the Participant certificates evidencing Units issued pursuant to this Agreement and instead such Units shall be recorded in the books of the Partnership (or, as applicable, its transfer agent
or equity plan administrator). All certificates for Units issued pursuant to this Agreement and all Units issued pursuant to book entry procedures hereunder shall be subject to such stop-transfer orders and other restrictions as the Company may deem
advisable under the Plan or the rules, regulations, and other requirements of the Securities Exchange Commission, any stock exchange upon which such Units are then listed, and any applicable federal or state laws, and the Company may cause a legend
or legends to be inscribed on any such certificates or book entry to make appropriate reference to such restrictions. In addition to the terms and conditions provided herein, the Company may require that the Participant make such covenants,
agreements, and representations as the Company, in its sole discretion, deems advisable in order to comply with any such laws, regulations, or requirements. No fractional Units shall be issued or delivered pursuant to the Phantom Units and the
Committee shall determine whether cash, other securities, or other property shall be paid or transferred in lieu of fractional Units or whether such fractional Units or any rights thereto shall be canceled, terminated, or otherwise eliminated.

  
 10. Partnership Agreement. Units issued
upon payment of the Phantom Units shall be subject to the terms of the Plan and the Partnership Agreement. Upon the issuance of Units to the Participant, the Participant shall, automatically and without further action on his or her part, (i) be
admitted to the Partnership as a Limited Partner (as defined in the Partnership Agreement) with respect to the Units, and (ii) become bound, and be deemed to have agreed to be bound, by the terms of the Partnership Agreement. 

 
 11. No Effect on Service. Nothing in this Agreement or
in the Plan shall be construed as giving the Participant the right to continue his or her Service (in any capacity) with the Company or any Affiliate thereof. Furthermore, the Company and its Affiliates may at any time terminate the
Participant’s Service free from any liability or any claim under the Plan or this Agreement, unless otherwise expressly provided in the Plan, this Agreement or any other written agreement between the Participant and the Company, the Partnership
or an Affiliate thereof. 
  
 12.
Severablility. If any provision of this Agreement is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction, such provision shall be construed or deemed amended to conform to the applicable law or, if it cannot
be construed or deemed amended without, in the determination of the Committee, materially altering the intent of this Agreement, such provision shall be stricken as to such jurisdiction, and the remainder of this Agreement shall remain in full force
and effect. 
  
 13. Tax Consultation. None of
the Board, the Committee, the Company nor the Partnership has made any warranty or representation to Participant with respect to the tax consequences of the issuance of the Phantom Units, the DERs, the Units or the transactions contemplated by this
Agreement, and the Participant represents that he or she is in no manner relying on such entities or their representatives for tax advice or an assessment of 

  
 4 

 
such tax consequences. The Participant understands that the Participant may suffer adverse tax consequences in connection with the Phantom Units and DERs granted pursuant to this Agreement. The
Participant represents that the Participant has consulted with any tax consultants that the Participant deems advisable in connection with the Phantom Units and DERs. 

 
 14. Amendments, Suspension and Termination. To the
extent permitted by the Plan, this Agreement may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Board or the Committee. Except as provided in the preceding sentence, this
Agreement cannot be modified, altered or amended, except by an agreement, in writing, signed by both the Partnership and the Participant. 
  

15. Cash Settlement. Notwithstanding anything contained herein to the contrary, the Committee may, in its sole discretion, settle
one or more Phantom Units in cash. 
  
 16. Lock-Up
Agreement. Without limiting the generality of any other provision hereof, the Participant hereby expressly acknowledges that Section 8(f) (“Lock-Up Agreement”) of the Plan is expressly incorporated into this Agreement and
is applicable to the Units acquired by the Participant pursuant to this Agreement. 
  
 17. Conformity to Securities Laws. The Participant acknowledges that the Plan and this Agreement are intended to conform to the extent necessary with all provisions of the Securities Act and the
Exchange Act, any and all regulations and rules promulgated by the Securities and Exchange Commission thereunder, and all applicable state securities laws and regulations. Notwithstanding anything herein to the contrary, the Plan shall be
administered, and the Phantom Units and DERs are granted, only in such a manner as to conform to such laws, rules and regulations. To the extent permitted by applicable law, the Plan and this Agreement shall be deemed amended to the extent necessary
to conform to such laws, rules and regulations. 
  

18. Code Section 409A. None of the Phantom Units, the DERs or any amounts paid pursuant to this Agreement are intended to
constitute or provide for a deferral of compensation that is subject to Section 409A of the Code. Nevertheless, to the extent that the Committee determines that the Phantom Units or DERs may not be exempt from (or compliant with)
Section 409A of the Code, the Committee may (but shall not be required to) amend this Agreement in a manner intended to comply with the requirements of Section 409A of the Code or an exemption therefrom (including amendments with
retroactive effect), or take any other actions as it deems necessary or appropriate to (a) exempt the Phantom Units and/or DERs from Section 409A of the Code and/or preserve the intended tax treatment of the benefits provided with respect
to the Phantom Units and/or DERs, or (b) comply with the requirements of Section 409A of the Code. To the extent applicable, this Agreement shall be interpreted in accordance with the provisions of Section 409A of the Code.
Notwithstanding anything in this Agreement to the contrary, to the extent that any payment or benefit hereunder constitutes non-exempt “nonqualified deferred compensation” for purposes of Section 409A of the Code, and such payment or
benefit would otherwise be payable or distributable hereunder by reason of the Participant’s termination of Service, all references to the Participant’s termination of Service shall be construed to mean a Separation from Service, and the
Participant shall not be considered to have a termination of Service unless such termination constitutes a Separation from Service with respect to the Participant. 

 
 19. Adjustments; Clawback. The Participant
acknowledges that the Phantom 

  
 5 

 
Units are subject to modification and termination in certain events as provided in this Agreement and Section 7 of the Plan. The Participant further acknowledges that the Phantom Units, DERs
and Units issuable hereunder are subject to clawback as provided in Section 8(o) of the Plan. 
  
 20. Successors and Assigns. The Company or the Partnership may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the
successors and assigns of the Company and the Partnership. Subject to the restrictions on transfer contained herein, this Agreement shall be binding upon the Participant and his or her heirs, executors, administrators, successors and assigns.

  
 21. Governing Law. The validity,
construction, and effect of this Agreement and any rules and regulations relating to this Agreement shall be determined in accordance with the laws of the State of Delaware without regard to its conflicts of laws principles. 

 
 22. Headings. Headings are given to the sections and
subsections of this Agreement solely as a convenience to facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of this Agreement or any provision hereof. 

 
 [Signature page follows] 

  
 6 

 The Participant’s signature below indicates the Participant’s agreement with and
understanding that this award is subject to all of the terms and conditions contained in the Plan and in this Agreement, and that, in the event that there are any inconsistencies between the terms of the Plan and the terms of this Agreement, the
terms of the Plan shall control. The Participant further acknowledges that the Participant has read and understands the Plan and this Agreement, which contains the specific terms and conditions of this grant of Phantom Units. The Participant hereby
agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions arising under the Plan or this Agreement. 

 

			
	 RENTECH NITROGEN GP, LLC,

a Delaware limited liability company

		
	 By:
	 	 
	 Its:  
	 	 
		
	 By:
	 	 
	 Name:  
	 	
	 Title:  
	 	
	
	 RENTECH NITROGEN PARTNERS, L.P.,

a Delaware limited partnership

		
	 By:
	 	Rentech Nitrogen GP, LLC
	 Its:  
	 	 General Partner

		
	 By:
	 	 
		 	Name:
		 	Title:
	
	“PARTICIPANT”
	
	 
	[Name]

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