Document:

First Amendment to Purchase and Sale Agreement dated as of October 26, 2009

 Exhibit 10.64 
 FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT 
 THIS FIRST
AMENDMENT TO PURCHASE AND SALE AGREEMENT (this “Amendment”), is effective as of this 26th day of August, 2009 (the “Effective Date”), and is by and among ADA-ES, Inc., a Colorado corporation
(“ADA”), NexGen Refined Coal, LLC, a Wyoming limited liability company (“NexGen”) and Clean Coal Solutions, LLC, a Colorado limited liability company (formerly known as “ADA-NexCoal, LLC”) (the
“Company”). ADA, NexGen and the Company are sometimes herein collectively referred to as the “parties” and each individually as a “party.” 
 RECITALS 
 A. ADA, NexGen and the Company are parties
to that certain Purchase and Sale Agreement, dated as of November 3, 2006 (the “Agreement”). 
 B. The
parties wish to amend the Agreement to amend the timing and the manner of payment of the Additional Cash Consideration as provided in the Agreement. 
 C. Capitalized terms not otherwise defined herein shall have the meanings ascribed to such terms in the Agreement. 
 AGREEMENT 
 NOW, THEREFORE, in consideration of the premises and of the
mutual covenants hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which the parties hereby acknowledge, the parties do hereby agree as follows: 
 1. Amendment. 
 a. Article I (Definitions) shall be amended to provide for the following new defined terms to be inserted within Article I in their appropriate alphabetical order: 
 ““Calendar Quarter” shall mean, in any given calendar year, each of the periods (i) beginning on January 1
through March 31, (ii) April 1 through June 30, (iii) July 1 through September 30, and (iv) October 1 through December 31, or relevant fiscal quarters as may be determined by an Investor through its
agreements.” 
 ““Distributed Cash” shall mean any cash distribution due and owed (and properly paid
to ADA in accordance with Section 2.2(f) below) and/or received by NexGen in any Qualifying Quarter pursuant to Section 4.3(a) of the Operating Agreement attributable to the net profit arising from the operation of a Section 45
Business by the Company or any subsidiary of the Company excepting any Tax Distribution (as defined in the Operating Agreement) or any other amounts allocable to a Member’s income tax liability.” 
  

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 ““Facility” shall mean any facility initially owned by the Company or
an affiliate of the Company and subsequently used at a Generating Station or otherwise to produce Refined Coal.” 
 ““Generating Station” shall mean a coal fueled electric power generating station.” 
 ““Investor” shall mean a third-party (other than a Utility or an affiliate of a Utility) that, directly or indirectly, purchases or otherwise obtains an ownership interest in a Facility or in the owner of a
Facility.” 
 ““Monetization” shall mean the document closing of the sale to an Investor of all or a
portion of the direct or indirect ownership interests in a Facility or in the owner of a Facility that are owned by the Company or an affiliate of the Company.” 
 ““Projected Annual Tons” shall mean, with respect to each Generating Station or other Facility for any Utility, the average number of tons of Refined Coal projected to be sold
annually to the Utility in respect of the Generating Station or other Facility as determined from the relevant agreement for the sale of Refined Coal entered into by the Utility.” 
 ““Qualifying Quarter” shall mean each Calendar Quarter, commencing with the Calendar Quarter during which the
Company’s or any subsidiary of the Company’s Business becomes a Section 45 Business, in which NexGen receives or is due and owed (and properly paid to ADA in accordance with Section 2.2(f) below) Distributed Cash.”

 ““Refined Coal” shall mean “refined coal” the production and sale of which qualifies for
Section 45 Tax Credits.” 
 ““Tonnage Note” shall mean a promissory note made payable to ADA by
NexGen upon, intra alia, the following terms: unpaid principal balance bearing interest at the rate of 5% per annum compounded quarterly (based on a 360 day year); interest only, payable quarterly in arrears; payments being credited
first to accrued interest and then to principal; unrestricted right of prepayment without penalty or premium; secured by an assignment and pledge of NexGen’s ownership interest in the Company, in accordance with the Form of Security and Pledge
Agreement attached hereto as Exhibit A; principal due at maturity on the second anniversary of the date thereof; and during any period in

  

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which an Investor properly withholds payment with respect to and as permitted by a Monetization, such interest shall continue to accrue, but shall not become due until 10 days following the
payment of all money so withheld and such maturity shall be extended by a time equal to the duration of such period.” 
 ““Utility” shall mean an electric power generating company with whom the Company, an affiliate of the Company or the owner of a Facility contracts to sell Refined Coal pursuant to the relevant agreement for the sale of
Refined Coal in respect of one or more Generating Stations.” 
 b. Article I, subsection (i) of the Agreement
referencing the defined terms “Installment Payment” and “Installment Payments” shall be deleted in its entirety and shall be replaced by the notation “[Reserved]”. 
 c. Section 2.2 to the Agreement is hereby amended, restated and replaced in its entirety to read as follows: 
 “2.2 Payments of Additional Cash Consideration. In the event the Company’s or any subsidiary of the
Company’s Business becomes a Section 45 Business, then, provided that NexGen does not make a Non-payment Election (as defined in Section 2.3 herein), the Additional Cash Consideration to be paid to ADA by NexGen in its sole and
absolute discretion in accordance with Section 2.1(c) above shall be paid as follows: 
 (a) with
respect to each Generating Station, an amount equal to $0.26 (twenty-six cents) multiplied by the Projected Annual Tons shall be paid within 10 days after a related Monetization by either (at the option of NexGen) (i) a wire transfer thereof to
an account designated by ADA or (ii) NexGen making and delivering to ADA a Tonnage Note in the principal amount thereof which shall be payable as follows: (A) as and to the extent that NexGen is due and owed (and properly paid to ADA in
accordance with Section 2.2(f) below) and/or receives Distributed Cash allocable to such Monetization, in an amount equal to 35% of such Distributed Cash, (B) accrued interest only quarterly to the extent not paid in accordance with
the foregoing clause (A), and (C) in full upon maturity of the Tonnage Note; and 
 (b) an amount
equal to 25% of Distributed Cash due and owing (and properly paid to ADA in accordance with Section 2.2(f) below) and/or received by NexGen allocable to all Monetizations within 10 days following its receipt thereof by NexGen, until the
Additional Cash Consideration plus any accrued interest thereon has been paid in full. 
  

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 (c) Payments made under Section 2.2(a) on Tonnage Notes shall
first be credited to the payment of any accrued and unpaid interest and then to the payment of the remaining principal amounts thereof. Commencing upon the first Monetization, the unpaid balance of the Additional Cash Consideration (after deducting
the principal amount of each Tonnage Note therefrom) shall bear interest at the rate of 5% per annum compounded quarterly (based on a 360 day year), with all payments thereon being credited first to the payment of accrued interest and then to
the payment of the balance thereof. 
 (d) If any payment is not made when due or the unpaid
balance (principal and accrued interest) of a Tonnage Note is not paid in full within 10 days following its maturity, or if NexGen fails to make a payment in accordance with Section 2.2(b) herein, NexGen shall be deemed to have made a
Non-payment Election in respect of the entire unpaid balance of the Additional Cash Consideration and the entire unpaid principal balance of each Tonnage Note. 
 (e) For the purposes of this Section 2.2 and Section 2.3, if a promissory note or similar instrument
is received and distributed by the Company in accordance with Section 4.3(b) of the Operating Agreement, Distributed Cash will include payments under such promissory notes or similar instruments the same as if they had not been
distributed by the Company. 
 (f) Notwithstanding anything in this Section 2.2 to the contrary, the
Company shall withhold from payments of Distributed Cash due and owing to NexGen the amount of any payments required to be made by NexGen pursuant to Section 2.2(a)(ii)(A) and Section 2.2(b) and shall pay such amounts
directly to ADA to be applied to NexGen’s payment obligations under such sections. Amounts withheld by the Company and paid to ADA pursuant to the preceding sentence shall be treated for tax and accounting purposes as if the withheld amount was
distributed to NexGen pursuant to the Operating Agreement and paid by NexGen to ADA. 
  

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 (g) Notwithstanding anything in this Agreement to the contrary,
(i) under no circumstances will NexGen’s obligations under this Section 2.2, under all Tonnage Notes, and otherwise with respect to the Additional Cash Consideration, exceed $4,000,000 in the aggregate plus any interest that
may accrue thereon in accordance with this Agreement and the Tonnage Notes, and (ii) upon ADA receiving payments of Additional Cash Consideration totaling, in the aggregate, $4,000,000, plus any accrued interest thereon (inclusive of any
accrued interest on any Tonnage Notes), all Tonnage Notes (whether or not the principal balance thereof has been paid) shall be cancelled and the obligations of NexGen thereunder extinguished and ADA shall have no further rights in respect
thereof.” 
 d. Section 2.3 to the Agreement is hereby amended, restated and replaced in its entirety to read as
follows: 
 “2.3 Non-Payment Election. In the event the Company’s Business becomes a Section 45 Business
and, simultaneously or subsequently thereto NexGen fails to make any payment of Distributed Cash to ADA as required by Section 2.2 of this Agreement (a “Non-payment Election”) then NexGen shall, without request or any
further action on the part of ADA, transfer, convey and deliver unto ADA, free and clear of all Liens, and without payment of any additional consideration therefor by ADA, that number of Units (including any fractional number of Units) equal to:
(i) the total of the remaining balances of all Tonnage Notes plus the remaining balance of the Additional Cash Consideration divided by (ii) One Hundred Thousand Dollars ($100,000). NexGen shall deliver any certificate representing such
Units to ADA, endorsed as appropriate to effect such transfer, and shall deliver any other documents reasonably requested by ADA to vest title to such Units in ADA. 
 Upon a Non-payment Election in respect of a Tonnage Note, the amount of the Distributed Cash previously allocated to the Monetization giving rise to such Tonnage Note shall be recalculated as of the date
of such Tonnage Note assuming that NexGen owned only the number of Units owned after giving effect to the transfer associated with a Non-payment Election pursuant to this Section 2.3. The difference between the two calculations of Distributed
Cash shall be owing by NexGen to ADA and the unpaid balance thereof shall bear interest at the rate of 5% per annum compounded quarterly (based on a 360 day year) commencing as of the date of such Tonnage Note. Such difference and the accrued
interest thereon shall be paid only out of the Distributed Cash received by NexGen following the Non-payment Election and only to the extent that payments measured with reference thereto are not otherwise required to be made by NexGen in accordance
with Section 2.2 herein. The payment of such difference shall be deemed to be an increase in the Additional Cash Consideration and not a retroactive reallocation of income, gain, loss, deduction and credit of the Company. 
  

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 Except for the obligations of NexGen under this Section 2.3 and
Section 2.2 of this Agreement or any other Section of this Agreement which by its terms continues to be applicable following a Non-payment Election, if and only if NexGen shall affirmatively make a Non-payment Election by a specific
writing signed by NexGen and delivered to ADA (i.e., other than by any nonpayment), NexGen and its Affiliates shall have no further rights or obligations with respect to the Company or ADA hereunder, and all rights of NexGen with respect to its
remaining Units shall be as set forth in the Operating Agreement.” 
 e. Section 7.14 to the Agreement is hereby
amended, restated and replaced in its entirety to read as follows: 
 “7.14 Limitation on Remedies. The parties
acknowledge that under no circumstances is NexGen obligated by the terms hereof or otherwise, to make any payments of Distributed Cash to ADA and that the decision whether or not to make or withhold any such payments shall be in the sole and
absolute discretion of NexGen. In the event NexGen does not elect to make one or any payments of Distributed Cash to ADA, the parties agree and acknowledge that the sole remedy available to ADA for such failure shall be as set forth in
Section 2.2 and Section 2.3 hereof.” 
 2. Entire Agreement. The terms and conditions of
this Amendment shall be incorporated by reference in the Agreement as though set forth in full therein. In the event of any inconsistency between the provisions of this Amendment and any other provision of the Agreement, the terms and provisions of
this Amendment shall govern and control. Except to the extent specifically amended or superseded by the terms of this Amendment, all of the provisions of the Agreement shall remain in full force and effect to the extent in effect on the date hereof.
The Agreement, as modified by this Amendment, constitutes the complete agreement between the parties and supersedes any prior written or oral agreements, writings, communications or understandings of the parties with respect to the subject matter
hereof. 
 3. Miscellaneous. 
 a. Counterparts. This Amendment may be executed in identical counterpart copies, each of which shall be an original, but all of which shall constitute one and the same agreement. Delivery of an
executed counterpart of a signature page to this Amendment by facsimile transmission shall be effective as delivery of a manually executed counterpart thereof. 
 b. Headings. Section headings used herein are for convenience of reference only, are not part of this Amendment, and are not to be taken into consideration in interpreting this Amendment.

  

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 c. Effect. Upon the effectiveness of this Amendment, from and after the date hereof,
each reference in the Agreement to “this Agreement,” “hereunder,” “hereof,” or words of like import shall mean and be a reference to the Agreement as amended hereby, and each reference in any other document to the
Agreement, “thereunder,” “thereof,” or words of like import shall mean and be a reference to the Agreement as amended hereby. 
 d. No Novation. Except as and to the extent provided for or specifically resulting from the execution, delivery and effectiveness of this Amendment, this Amendment shall not (i) limit, impair,
constitute a waiver of, or otherwise affect any right, power, or remedy of any party under the Agreement, (ii) constitute a waiver of any provision in the Agreement, or (iii) alter, modify, amend or in any way affect any of the terms,
conditions, obligations, covenants, or agreements contained in the Agreement, all of which are ratified and affirmed in all respects and shall continue in full force and effect as amended by this Agreement. 
 [Remainder of Page Intentionally Left Blank] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of
the Effective Date. 
  

			
	CLEAN COAL SOLUTIONS, LLC
		
	By:	 	 /s/ Brian C. Humphrey

	Name:	 	Brian C. Humphrey
	Title:	 	Manager
	
	ADA-ES, INC.
		
	By:	 	 /s/ Mark H. McKinnies

	Name:	 	Mark H. McKinnies
	Title:	 	SVP & CFO
	
	NEXGEN REFINED COAL, LLC
		
	By:	 	 /s/ Charles S. McNeil

	Name:	 	Charles S. McNeil
	Title:	 	President

  

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 Exhibit A 
 Form of Pledge and Security Agreement 
  

 9Loan Commitment Agreement dated as of October 26, 2009

 Exhibit 10.65 
 CONFIDENTIAL 
 LOAN COMMITMENT AGREEMENT 
 THIS LOAN COMMITMENT AGREEMENT (this “Agreement”), is dated as of October 26, 2009, by and among NexGen Refined Coal
Holdings, LLC, a Wyoming limited liability company (“NexGen”), ADA-ES, Inc., a Colorado corporation (“ADA”) and Clean Coal Solutions, LLC, a Colorado limited liability company (“CCS”). ADA, NexGen
and CCS are sometimes individually referred to herein as a “party” and collectively as the “parties.” 
 RECITALS 
 A. The parties are currently parties to that certain Amended and Restated Operating Agreement of CCS
(formerly known as “ADA-NexCoal, LLC”), dated as of November 3, 2006 (the “Operating Agreement”), pursuant to which ADA and NexGen, as the sole Members of CCS, have made certain contributions of capital and property
to CCS. 
 B. ADA and NexGen anticipate that CCS will require additional contributions of capital to fund its ongoing business
and operations, and NexGen, ADA, and CCS have agreed that, in accordance with this Agreement, up to $1,000,000 of the capital requirements of CCS will be funded by one or more loans from NexGen to CCS in lieu of ADA and NexGen contributing
additional capital in that amount. 
 C. Capitalized terms not otherwise defined or referenced herein shall have the meanings
ascribed to such terms in the Operating Agreement. 
 AGREEMENT 
 NOW, THEREFORE, in consideration of the premises and of the mutual covenants hereinafter set forth and for other good and valuable
consideration, the receipt and sufficiency of which the parties hereby acknowledge, the parties do hereby agree as follows: 
 1. Loan Commitment. 
  

	 	a.	Subject to the terms and conditions hereof, NexGen hereby commits to make one or more guaranteed and secured loans (a “Loan” or
“Loans”) to CCS, from time to time, in the amounts of such capital requirements of CCS not exceeding, in the aggregate, $1,000,000; provided, that, notwithstanding the foregoing, in no event shall NexGen be committed or otherwise
obligated to make any Loan or series of Loans to CCS hereunder in an aggregate amount greater than twice the amount that ADA is legally permitted to guarantee, in accordance with the Guaranty (as defined below), based upon any restrictions or
limitations under the SPA (as defined below), or otherwise. Interest on the principal amount of each Loan (together with the principle amount, the “Indebtedness”) shall accrue at a rate of 5% per annum, compounded quarterly,
based upon a 360 day year. 

  

	 	b.	Prior to making any Loan, ADA, CCS, and NexGen shall enter into mutually acceptable definitive documentation in respect of the Loans, including, without limitation, a
promissory note given by CCS in substantially the form attached hereto as Exhibit A-1 (the “Note”), a guaranty by ADA in substantially the form attached hereto as Exhibit A-2 (the “Guaranty”), and
a security and pledge agreement in substantially the form attached hereto as Exhibit A-3, and associated financing statements, documents and instruments (collectively, the “Loan Documents”). 

	 	c.	In connection with any Loan, CCS shall provide NexGen with no less than 10 business days’ prior written notice of its desire to borrow funds from NexGen in
connection with the foregoing commitment, and the amount of the requested Loan. NexGen shall have no obligation to make any Loan hereunder if an Event of Default has been declared or is continuing under any Loan. 

 2. Amendment to Purchase and Sale Agreement; First Amendment to Supply Agreement. In consideration of NexGen’s commitment to
make the Loans in accordance with the terms hereof, (i) ADA, NexGen and CCS hereby amend that certain Purchase and Sale Agreement, dated as of November 3, 2006, by and among ADA, NexGen and CCS (formerly known as “ADA-NexCoal,
LLC”) in the form attached hereto as Exhibit B-1 (the “Purchase and Sale Agreement”), and (ii) ADA and CCS hereby amend that certain Chemicals, Equipment, and Technical Engineering Services Supply Agreement, dated
as of November 3, 2006, by and between ADA and CCS (formerly known as “ADA-NexCoal, LLC”) in the form attached hereto as Exhibit B-2. 
 3. Loan Repayment by Additional Capital Contributions. On the Maturity Date, each of ADA and NexGen shall make capital contributions to CCS proportionate to their Sharing Ratios in amounts
sufficient to pay and for the purpose of paying in full all Indebtedness and other obligations to NexGen under the Loan Documents. NexGen may make such contribution of capital by it by forgiving obligations under the Loans in the amount thereof.

 4. Conditions Precedent to Loans. Prior to any Loans being made by NexGen hereunder, from and after July 1, 2009
ADA and NexGen shall each fund no less than $250,000 (inclusive of the $100,000 capital paid by each of ADA and NexGen into CCS on or about July 8, 2009) toward its proportionate share of the capital needs of CCS determined in accordance with
the Operating Agreement. 
 5. Use of Proceeds. All proceeds of the Loans shall be used solely to fund expenditures by
CCS determined in accordance with the Operating Agreement, it being understood and acknowledged by ADA and NexGen that, from and after September 1, 2009, only 50% of billings associated with any “reimbursable duties” (as such term is
defined and understood by the terms of the Operating Agreement) of ADA and NexGen shall be billed currently to CCS for reimbursement in accordance with CCS’ ordinary payment practices, and the balance of such billings shall be carried by the
party incurring the same and shall be billed to, and payable by, CCS upon the earlier of (a) a Monetization (as such term is defined in the Purchase and Sale Agreement) or (b) June 30, 2010. 
 6. Representations and Warranties of ADA. ADA represents and warrants to the other parties as of the date hereof as follows:

  

	 	a.	ADA is duly organized and validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation and is duly licensed or qualified
to do business and in good standing in every state in which the nature of its business or ownership of its property requires such licensing or qualification. 

  

	 	b.	The execution, delivery, and performance of this Agreement and the transactions contemplated hereby are within ADA’s corporate or other organizational powers. The
execution, delivery, and performance of this Agreement and the transactions contemplated hereby have been duly authorized by all necessary and appropriate corporate or other organizational action. The execution, delivery, and performance of this
Agreement and the transactions contemplated hereby are not in contravention of any law or the terms of ADA’s articles of incorporation, bylaws or other organizational documents or any amendment thereto, or of any material indenture, obligation,
document, instrument, contract or understanding (whether written or oral) to which ADA is a party or by which ADA or any of ADA’s material property is bound or affected; provided, however, that prior to the guarantee being given by ADA
hereunder exceeding an amount of $500,000 in the aggregate, ADA shall have obtained the consent of Energy Capital Partners, I, LP and its affiliated entities (collectively “ECP”) pursuant to that certain Securities Purchase
Agreement dated as of October 1, 2008 (the “SPA”). 

  

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	 	c.	This Agreement constitutes the legal, valid, and binding obligation of ADA enforceable in accordance with the terms hereof, except as enforceability may be limited by
applicable bankruptcy and insolvency laws, laws affecting creditors’ rights generally or general principles of equity. 

  

	 	d.	No consent, license, approval, or authorization of, or registration, declaration, or filing with, any court, governmental body or authority, or other person or entity,
is required in connection with the valid execution, delivery, or performance of this Agreement by ADA; provided, however, that prior to the guarantee being given by ADA hereunder exceeding an amount of $500,000 in the aggregate, ADA shall have
obtained the consent of ECP pursuant to the SPA. 

 7. Representations and Warranties of NexGen. NexGen
represents and warrants to the other parties as of the date hereof as follows: 
  

	 	a.	NexGen is duly organized and validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation and is duly licensed or
qualified to do business and in good standing in every state in which the nature of its business or ownership of its property requires such licensing or qualification. 

  

	 	b.	The execution, delivery, and performance of this Agreement and the transactions contemplated hereby are within NexGen’s corporate or other organizational powers.
The execution, delivery, and performance of this Agreement and the transactions contemplated hereby have been duly authorized by all necessary and appropriate corporate or other organizational action. The execution, delivery, and performance of this
Agreement and the transactions contemplated hereby are not in contravention of any law or the terms of NexGen’s operating agreement or other organizational documents or any amendment thereto, or of any material indenture, obligation, document,
instrument, contract or understanding (whether written or oral) to which NexGen is a party or by which NexGen or any of NexGen’s material property is bound or affected. 

  

	 	c.	This Agreement constitutes the legal, valid, and binding obligation of NexGen enforceable in accordance with the terms hereof, except as enforceability may be limited
by applicable bankruptcy and insolvency laws, laws affecting creditors’ rights generally or general principles of equity. 

  

	 	d.	No consent, license, approval, or authorization of, or registration, declaration, or filing with, any court, governmental body or authority, or other person or entity,
is required in connection with the valid execution, delivery, or performance of this Agreement by NexGen. 

 8.
Representations and Warranties of CCS. CCS represents and warrants to the other parties as of the date hereof as follows: 
  

	 	a.	CCS is duly organized and validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation and is duly licensed or qualified
to do business and in good standing in every state in which the nature of its business or ownership of its property requires such licensing or qualification. 

  

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	 	b.	The execution, delivery, and performance of this Agreement and the transactions contemplated hereby are within CCS’s corporate or other organizational powers. The
execution, delivery, and performance of this Agreement and the transactions contemplated hereby have been duly authorized by all necessary and appropriate corporate or other organizational action. The execution, delivery, and performance of this
Agreement and the transactions contemplated hereby are not in contravention of any law or the terms of CCS’s operating agreement or other organizational documents or any amendment thereto, or of any material indenture, obligation, document,
instrument, contract or understanding (whether written or oral) to which CCS is a party or by which CCS or any of CCS’s material property is bound or affected. 

  

	 	c.	This Agreement constitutes the legal, valid, and binding obligation of CCS enforceable in accordance with the terms hereof, except as enforceability may be limited by
applicable bankruptcy and insolvency laws, laws affecting creditors’ rights generally or general principles of equity. 

  

	 	d.	No consent, license, approval, or authorization of, or registration, declaration, or filing with, any court, governmental body or authority, or other person or entity,
is required in connection with the valid execution, delivery, or performance of this Agreement by NexGen. 

 9.
Fees and Expenses. ADA and NexGen shall each be responsible for paying their own fees and expenses (including attorneys’ fees and expenses) in connection with the drafting, negotiation and consummation of this Agreement and the
transactions contemplated hereby. 
 10. Indemnification. Each of the parties hereto (an “Indemnifying
Party”) shall indemnify, defend and hold harmless each of the other parties, and their respective directors, officers, shareholders, managers, members, partners, agents, representatives and employees (each an “Indemnified
Party”) from and against any and all suits, claims, costs, liabilities, damages, penalties, expenditures, losses, charges, fees or expenses (including reasonable attorneys’ or experts’ fees and expenses) and any other
disbursements of any kind or nature whatsoever, which are incurred by, or awarded or assessed against, or imposed on any Indemnified Party arising out of, or resulting from: (i) any representation or warranty of an Indemnifying Party contained
herein which shall have been false or incorrect in any material respect on and as of the date made, or (ii) any breach of or default under any term, agreement, covenant or obligation of an Indemnifying Party hereunder or otherwise in connection
with any of the transactions contemplated herein. 
 11. Governing Law; Consent to Jurisdiction. This Agreement shall be
governed in all respects by the laws of the State of Colorado, without regard to the conflict of laws provisions thereof. The parties agree that any action or proceeding to enforce, or arising out of, this Agreement may be commenced in any state or
federal court of competent jurisdiction in the State of Colorado, and the parties waive personal service of process and agree that a summons and complaint commencing an action or proceeding in any such court shall be properly served and shall confer
personal jurisdiction if served by registered or certified mail to ADA, CCS or NexGen, as appropriate, or as otherwise provided by the laws of the State of Colorado or the United States. 
 12. Further Assurances. The parties agree to enter into, execute and deliver to one another or to appropriate third parties, from
time to time, any and all agreements, undertakings, instruments, consents or the like, that are or may become necessary or desirable to carry out the agreement and intent of the parties to the transactions contemplated by this Agreement and the
Exhibits hereto. 
 13. Modification; Waiver; Cumulative Remedies. No modification or amendment of any provision of this
Agreement shall be made, except by a written agreement signed by ADA, CCS and NexGen. No party shall be deemed to have waived any rights under this Agreement unless such waiver is

  

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given in writing. No delay or omission on the part of any party hereto in exercising any right shall operate as a waiver of such right or any other right. A waiver by any party of any provision
of this Agreement shall not prejudice or constitute a waiver of such party’s rights otherwise to demand strict compliance with that provision or any other provision of this Agreement. No prior waiver by a party, nor any course of dealing
between the parties shall constitute a waiver of any of any party’s rights or of any obligations of another party as to any future transactions. Whenever the consent of any party is required under this Agreement, the granting of such consent by
such party in any instance shall not constitute continuing consent in subsequent instances where such consent is required, and in all cases such consent may be granted or withheld in the sole discretion of the party granting the consent in the first
instance. The rights and remedies hereunder provided are cumulative and may be exercised singly or concurrently, and are in addition to any rights and remedies provided by law. 
 14. Counterparts. This Agreement may be executed in any number of counterparts, each of which, whether an original or a copy of such
original, when so executed and delivered, shall be deemed an original by all parties hereto, but all of which shall together constitute one and the same Agreement. Transmission by facsimile or other form of electronic transmission of an executed
counterpart of this Agreement shall be deemed to constitute due and sufficient delivery of such counterpart. Failure by any party hereto to deliver an hard copy, original, executed counterpart of this Agreement shall not affect the validity,
enforceability and binding effect of this Agreement. 
 15. Headings. The subject headings used in this Agreement are for
convenience only and shall not affect the construction or interpretation of this Agreement. 
 16. Severability. The
provisions of this Agreement are independent of, and separable from, each other, and no such provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other such provision may be invalid or
unenforceable in whole or in part. If any provision of this Agreement is prohibited or unenforceable in any jurisdiction, such provision shall be ineffective in such jurisdiction only to the extent of such prohibition or unenforceability, and such
prohibition or unenforceability shall not invalidate the balance of such provision to the extent it is not prohibited or unenforceable nor render prohibited or unenforceable such provision in any other jurisdiction. 
 17. Entire Agreement. This Agreement and the Exhibits attached hereto and incorporated herein by this reference, constitute the
entire agreement and understanding between the parties hereto with respect to the transactions contemplated hereby and supersede all prior negotiations, understandings, and agreements between such parties, whether written or oral, with respect to
such transactions. Upon the parties entering into definitive documentation in respect of a Loan, such definitive documentation shall govern all of the terms and conditions of such Loan and shall supersede and replace any directly conflicting terms
and conditions of this Agreement in respect thereof. 
 18. No Oral Agreements. Oral agreements or commitments to loan
money, extend credit or to forbear from enforcing repayment of a debt, including promises to extend or renew such debt, are not enforceable. To protect ADA and NexGen from misunderstanding or disappointment, any agreements covering such matters
shall be contained in the Loan Documents, which shall be the complete and exclusive statement of the agreement between the parties, except as the parties may later agree in writing. 
 19. Successors and Assigns. The rights and obligations of the parties hereto shall be binding upon and inure to the benefit of, the
respective successors and assigns of the parties. 
 20. No Subrogation. The parties agree and acknowledge that, to the
extent ADA is required by the terms of the Guaranty to make any payments under the Guaranty to NexGen, ADA shall have no right of subrogation, reimbursement or indemnity whatsoever from or to CCS with respect thereof, except as to the rights set
forth in Paragraph 21 hereof. 
  

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 21. Capital Contributions for Repayment. On the Maturity Date (as such term is
defined in the Note), each of ADA and NexGen shall make capital contributions to CCS proportionate to their Sharing Ratios in amounts sufficient to pay, and for the purpose of paying in full, all Indebtedness and other obligations to NexGen under
the Note and the other Loan Documents. NexGen may make such contribution of capital by it by forgiving obligations under the Loans in the amount thereof. 
 [SIGNATURE PAGE FOLLOWS] 
  

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

									
	ADA-ES, INC.	 		 	CLEAN COAL SOLUTIONS, LLC
					
	Signature:	 	 /s/ Mark H. McKinnies
	 		 	Signature:	 	 /s/ Brian C. Humphrey

	Print Name:	 	Mark H. McKinnies	 		 	Print Name:	 	Brian C. Humphrey
	Title:	 	SVP & CFO	 		 	Title:	 	Manager
				
	NEXGEN REFINED COAL HOLDINGS, LLC	 		 		 	
					
	Signature:	 	 /s/ Charles S. McNeil
	 		 		 	
	Print Name:	 	Charles S. McNeil	 		 		 	
	Title:	 	President	 		 		 	

  

 7 

 Exhibit A-1 
 Form of Promissory Note 
  

 8 

 Exhibit A-2 
 Form of Guaranty 
  

 9 

 Exhibit A-3 
 Form of Security and Pledge Agreement 
  

 10 

 Exhibit A-4 
 Form of Registration Rights Agreement 
  

 11 

 Exhibit B-1 
 First Amendment to Purchase and Sale Agreement 
  

 12 

 Exhibit B-2 
 First Amendment to Chemicals, Equipment, and Technical Engineering Services Supply Agreement 
  

 13

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