Document:

Exhibit
10.9

 

Execution
Version

 

AMENDMENT
NO. 1 TO Delayed Draw Term Loan

and
Guaranty Agreement and waiver

 

This
AMENDMENT NO. 1 TO DELAYED DRAW TERM LOAN AND GUARANTY AGREEMENT AND WAIVER (this “Amendment”), dated as of February
1, 2022, is entered into by and among OPAL FUELS INTERMEDIATE HOLDCO LLC, a Delaware limited
liability company (the “Borrower”),
certain subsidiaries of the Borrower party hereto as guarantors (the “Guarantors” and collectively with the Borrower,
the “Obligors”), each Lender (defined below) under the DDTL Agreement (defined below) that is a party hereto, and
BANK OF AMERICA, N.A., as administrative agent (in such capacity, the “Administrative Agent”).

 

RECITALS

 

WHEREAS,
the Borrower, the Guarantors, the Administrative Agent and certain banks and other financial institutions (the “Lenders”)
are parties to that certain Delayed Draw Term Loan and Guaranty Agreement, dated as of October 22, 2021 (as amended, restated, extended,
supplemented or otherwise modified from time to time, the “DDTL Agreement” and the DDTL Agreement prior to giving
effect to this Amendment being referred to as the “Existing DDTL Agreement”), pursuant to which the Lenders have extended
a term loan facility to the Borrower;

 

WHEREAS,
on January 1, 2022 the $15,000,000 of Term A-1 Commitments that had not been drawn as of December 31, 2021 were terminated in accordance
with Section 2.14(b)(i) of the Existing DDTL Agreement (the “Undrawn Term A-1 Commitments”);

 

WHEREAS,
the Borrower has informed the Administrative Agent that the Borrower desires that the Lenders (a) renew the Undrawn Term A-1 Commitments
in the amount of $15,000,000 and (b) extend the deadline set forth in clause (a) of the definition of “Term A-1 Commitment Period
Termination Date” with respect to the Undrawn Term A-1 Commitments from December 31, 2021 to the date hereof (such renewal of the
Undrawn Term A-1 Commitments and extension of the Term A-1 Commitment Period Termination Date with respect thereto, the “Undrawn
Term A-1 Commitment Extension”);

 

WHEREAS,
the Borrower has also requested that the Lenders waive any Default or Event of Default resulting from the Borrower’s failure to
maintain Liquidity as required pursuant to Section 6.25 of the DDTL Agreement from January 1, 2022 through and including (but
not after) the Amendment Effective Date (defined below) (the “Liquidity Default”, and the waiver of the Liquidity
Default together with the Extended Commitments, the “Transactions”);

 

WHEREAS,
applicable parties under the Existing DDTL Agreement have determined in accordance with the Existing DDTL Agreement that LIBOR and the
Eurodollar Rate should be replaced with a successor rate in accordance with the Existing DDTL Agreement and, in connection therewith,
the Administrative Agent has determined that certain conforming changes are necessary or advisable, and the parties hereto are willing,
subject to the terms and conditions set forth herein, to amend the Existing DDTL Agreement in connection therewith;

 

NOW,
THEREFORE, for valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto hereby agree
as follows:

 

1.
Defined Terms. Unless otherwise defined herein, capitalized terms used herein shall have the meanings assigned to such terms in
the Existing DDTL Agreement.

 

     

     

    

 

2.
Renewal of Undrawn Term A-1 Commitments. The Undrawn Term A-1 Commitments are hereby renewed and provided by the Lenders as of
the date hereof (but prior to the RBC Assignment (as defined below)), in the amounts set forth on Annex I hereto (the “Renewed
Term A-1 Commitments”). In connection therewith, as of the Amendment Effective Date (but prior to the RBC Assignment), the
Applicable Percentage of each Lender with respect to the Term A-1 Facility will include the Renewed Term A-1 Commitments, and the Term
A-1 Commitment of each Lender under the DDTL Agreement will reflect the Renewed Term A-1 Commitments.

 

3.
Amendments to Existing DDTL Agreement. The Existing DDTL Agreement is amended (a) to make the changes set forth in the attached
Annex II, consisting of changed pages to the Existing DDTL Agreement with deletions displayed as red
strike through deletions and insertions displayed as blue
double-underlined insertions) and (b) to replace Exhibit B in the Existing DDTL Agreement with a new Exhibit B in the form
set forth in the attached Annex III. For the avoidance of doubt, the Renewed Term A-1 Commitments will be available to the Borrower
in a single drawing on the Amendment Effective Date, immediately after the effectiveness of this Amendment and the RBC Assignment.

 

4.
Waiver. Effective as of the date hereof and subject to the terms and conditions set forth herein and in reliance upon the representations
and warranties set forth herein, the Administrative Agent and the Lenders hereby waive the Liquidity Default to the extent occurring
at any time from and including January 1, 2022 through and including (but not after) the date hereof. The waiver set forth in the preceding
sentence is limited to the extent specifically set forth in such sentence and shall in no way serve to waive future compliance with any
other terms, covenants or provisions of the DDTL Agreement or any other Loan Document, or any obligations of the Borrower or any other
Obligor, other than as expressly set forth above.

 

5.
Representations and Warranties. The Borrower and each of the other Obligors, by its execution of this Amendment, hereby represents
and warrants to the Administrative Agent and the Lenders as follows:

 

(a)
the execution, delivery and performance by each such Obligor of this Amendment, (i) has been duly authorized by all requisite corporate,
limited liability company, partnership or other applicable organizational action of the Parent or the relevant Obligor, (b) does not
require the consent or approval of any stockholders, members, partners or other holders of any Capital Stock of the Parent or any Obligor
or, if so, such consent or approval has been obtained and (c) will not (i) violate any Requirement of Law applicable to it, (ii) violate
or constitute (with due notice or lapse of time or both) a breach of or a default under any Contractual Obligation under any Material
Contract of the Parent or any Obligor or which would otherwise reasonably be expected to result in a Material Adverse Effect, (iii) result
in the creation or imposition of any Lien of any nature whatsoever upon any properties or assets of the Parent or any Obligor (other
than Permitted Liens), or (iv) require any authorization, consent, approval, license, ruling, permit, tariff, rate, certification, exemption,
or filing or registration by or with any Governmental Authority or any consent or approval of any other Person, except such filings related
to the perfection of Liens granted pursuant to the Security Documents;

 

(b)
this Amendment has been duly executed and delivered by such Obligor, and constitutes a legal, valid and binding obligation of such Obligor,
enforceable against such Obligor in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting enforceability of creditors’ rights generally at the time in effect
and except as specific performance and rights of acceleration may be subject to equitable principles of general applicability; and

 

    1

     

    

 

(c)
the representations and warranties of each Obligor contained in Article 4 of the DDTL Agreement and in each other Loan Document
are true and correct in all material respects (unless such representation and warranty is qualified by materiality, in which event such
representation and warranty shall be true and correct in all respects) on and as of the date hereof, after giving effect to the Transactions
and this Amendment (including the waiver of the Liquidity Default in Section 4 hereof), with the same force and effect as if made
on and as of such date, except to the extent that such representations and warranties expressly relate solely to an earlier date (in
which case such representations and warranties shall have been true and correct in all material respects (unless such representation
and warranty is qualified by materiality, in which event such representation and warranty shall have been true and correct in all respects)
on and as of such earlier date) and except for changes in factual circumstances permitted under the Loan Documents.

 

6.
Effectiveness; Conditions Precedent. The effectiveness of this Amendment is subject to the satisfaction of the following conditions
precedent (the date of such satisfaction, the “Amendment Effective Date”):

 

(a)
the Administrative Agent shall have received, in form and substance reasonably acceptable to the Administrative Agent, each of the following
documents or instruments:

 

(i)
counterparts of this Amendment, duly executed by each Obligor, the Administrative Agent and each Lender;

 

(ii)
customary secretary’s certificates for each Obligor, certifying to and attaching (A) copies of the organizational documents, certified
(to the extent applicable) as of a recent date by the appropriate Governmental Authority (or certification that such organizational documents
have not been altered, amended, revoked or otherwise modified since the last delivery thereof to the Administrative Agent and the Lenders),
(B) copies of resolutions approving the amendments provided herein and the other Transactions and authorizing the execution, delivery
and performance of this Amendment, (C) copies of certificates of good standing, existence or the like as of a recent date from the appropriate
Governmental Authority of its jurisdiction of formation or organization and (D) incumbency certificates, in each case, for each of the
Obligors and certified by a Responsible Officer of each such Obligor in form and substance reasonably satisfactory to the Administrative
Agent;

 

(iii)
a certificate of a Responsible Officer of the Borrower stating that: (A) all of the representations and warranties in the Loan Documents
(after giving effect to this Amendment) are true and correct in all material respects (or, to the extent any such representation and
warranty is modified by a materiality or Material Adverse Effect standard, in all respects) as of the Amendment Effective Date (except
to the extent such representations and warranties relate to any earlier date, in which case such representations and warranties shall
have been true and correct in all material respects (or, to the extent any such representation and warranty is modified by a materiality
or Material Adverse Effect standard, in all respects) as of such earlier date) and (B) no default or event of default under the Loan
Documents shall have occurred and be continuing, or would result from this Amendment or the related extensions of credit; and

 

(iv)
a Notice of Borrowing with respect to the Advance of the Renewed Term A-1 Commitments to be funded as Term A-1 Loans on the Amendment
Effective Date as provided below, which such Notice of Borrowing shall be for a Base Rate Loan;

 

(b)
each of the representations and warranties set forth in Section 5 above is true and correct in all material respects (or, with
respect to any such representation or warranty qualified by a materiality or Material Adverse Effect standard, in all respects (taking
into account such materiality or Material Adverse Effect standard));

 

    2

     

    

 

(c)
since December 31, 2020, (i) there has been no material adverse change in the financial condition, operations or business of any Obligor
or any other Subsidiary from that set forth in the financial statements referenced in Section 4.5(a) of the Existing DDTL Agreement
as at each applicable date and (ii) there has been no development or event which has had or could reasonably be expected to have a Material
Adverse Effect;

 

(d)
after giving effect to this Amendment, as of the Amendment Effective Date, no Default or Event of Default shall have occurred and be
continuing;

 

(e)
the Administrative Agent shall have received confirmation that all fees payable under this Amendment and under the DDTL Agreement, and
all reasonable out-of-pocket fees and expenses required to be paid on or before the Amendment Effective Date, have been, or will be,
paid on the Amendment Effective Date, including the reasonable out-of-pocket fees and expenses of counsel for the Administrative Agent;

 

(f)
substantially simultaneously with the Amendment Effective Date, each of the Lenders shall make an assignment of its ratable share of
the Term A-1 Facility (including both Term A-1 Loans and undrawn Term A-1 Commitments (as increased by the Renewed Term A-1 Commitments))
in the aggregate amount of $15,000,000 to Royal Bank of Canada, and the Assignment and Assumption (such assignment and the related Assignment
and Assumption, the “RBC Assignment”) and any other necessary documentation for such assignment shall have been executed
and delivered by all applicable parties prior to, and as a condition precedent to the occurrence of, the Amendment Effective Date; provided
that such assignment shall be deemed to be, and shall become, effective immediately after the Amendment Effective Date and immediately
prior to the funding of the Renewed Term A-1 Commitments as set forth in the succeeding clause (g); and

 

(g)
substantially simultaneously with the Amendment Effective Date, and immediately after the effectiveness of this Amendment and the assignment
provided in the preceding clause (f), each of the Lenders shall fund its Applicable Percentage of the Renewed Term A-1 Commitments pursuant
to the Notice of Borrowing delivered in connection therewith.

 

The
RBC Assignment and the funding of the assignments therein, the funding of the Renewed Term A-1 Commitments on the Amendment Effective
Date immediately after the RBC Assignment, and the payment of fees to Royal Bank of Canada in connection with the RBC Assignment as separately
agreed among the Administrative Agent and the Lenders, shall all be effectuated in a manner and pursuant to instructions (including a
funds flow, if applicable) provided by the Administrative Agent to the Borrower and the Lenders prior to the Amendment Effective Date
so that, after giving effect thereto, the Lenders (including Royal Bank of Canada) hold the Term A-1 Loans ratably in accordance with
their Applicable Percentages of the Term A-1 Facility after giving effect to this Amendment, the RBC Assignment and such funding. On
the Amendment Effective Date, all outstanding Term A-1 Loans will be automatically converted (and this Amendment shall be deemed to be
the Borrower’s request therefor in lieu of any Notice of Borrowing with respect to such conversion) to Base Rate Loans, without
breakage or any other additional amounts required pursuant to Section 3.3 of the Existing DDTL Agreement (and which such Loans
may subsequently be converted to Term SOFR Loans in accordance with the DDTL Agreement).

 

For
purposes of determining compliance with the conditions specified in this ‎Section 6, each Lender that has signed this Amendment
shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder
to be consented to or approved by or acceptable or satisfactory to such Lender, as applicable, unless the Administrative Agent shall
have received notice from such Lender prior to the Amendment Effective Date specifying its objection thereto.

 

    3

     

    

 

7.
Consent and Confirmation of the Guarantors. Each of the Guarantors party hereto hereby consents, acknowledges and agrees to the
amendments and waivers set forth herein, and hereby confirms and ratifies in all respects the DDTL Agreement, the Security Documents
and each other Loan Document to which such Guarantors are a party (including without limitation the continuation of each such Obligor’s
payment and performance obligations thereunder upon and after the effectiveness of this Amendment and the amendments and waivers contemplated
hereby) and the enforceability of such Security Documents and other Loan Documents against each such Guarantor in accordance with their
respective terms and the inclusion of all principal, interest and fees in respect of each of the Facilities (including with respect to
the Renewed Term A-1 Commitments and any Term A-1 Loans made as an Advance thereof) as “Obligations” under the DDTL Agreement.

 

8.
Miscellaneous.

 

(a)
Except as herein expressly amended, all terms, covenants and provisions of the DDTL Agreement and each other Loan Document are and shall
remain in full force and effect. All references in any Loan Document to the “DDTL Agreement” or “this Agreement”
(or similar terms intended to reference the DDTL Agreement) shall henceforth refer to the DDTL Agreement as amended by this Amendment.
This Amendment shall constitute a “Loan Document” under and as defined in the DDTL Agreement and shall be deemed incorporated
into, and a part of, the DDTL Agreement.

 

(b)
This Amendment shall be binding upon and inure to the benefit of the Borrower, the Guarantors, the Administrative Agent, the Lenders
and each of their respective successors, legal representatives, and assignees to the extent such assignees are permitted assignees as
provided in Section 10.7 of the DDTL Agreement.

 

(c)
This AMENDMENT and any claims, controversy, dispute or cause of action (whether in contract or
tort or otherwise) based upon, arising out of or relating to this AMENDMENT and the transactions contemplated hereby shall be governed
by, and construed in accordance with, the law of the State of NEW YORK and shall be further SUBJECT TO THE PROVISIONS OF SECTIONS
10.9, 10.10 AND 10.11 OF THE DDTL AGREEMENT RELATING TO GOVERNING LAW, JUDICIAL PROCEEDINGS AND WAIVER OF JURY TRIAL,
THE PROVISIONS OF WHICH ARE BY THIS REFERENCE INCORPORATED HEREIN IN FULL.

 

(d)
This Amendment may be executed in counterparts which, taken together, shall constitute an original. Delivery of an executed counterpart
of this Amendment by telecopier or facsimile or other electronic imaging means (e.g., “pdf” or “tif”) shall be
effective as delivery of a manually executed counterpart thereof. This Amendment may be in the form of an Electronic Record and may be
executed using Electronic Signatures (including, without limitation, facsimile and .pdf) and shall be considered an original for all
purposes, and shall have the same legal effect, validity and enforceability as a paper record. For the avoidance of doubt, the authorization
under this paragraph may include, without limitation, use or acceptance of a manually signed paper communication which has been converted
into electronic form (such as scanned into .pdf format), or an electronically signed communication converted into another format, for
transmission, delivery and/or retention. Notwithstanding anything contained herein to the contrary, the Administrative Agent is not under
any obligation to accept an Electronic Signature in any form or in any format unless expressly agreed to by such Person pursuant to procedures
approved by it; provided, further, without limiting the foregoing, (a) to the extent the Administrative Agent has agreed to accept
such Electronic Signature, the Administrative Agent and each of the Lenders shall be entitled to rely on any such Electronic Signature
purportedly given by or on behalf of any Obligor and/or any Lender without further verification and (b) upon the request of the Administrative
Agent or any Lender, any Electronic Signature shall be promptly followed by such manually executed counterpart.

 

    4

     

    

 

(e)
This Amendment, together with all the Loan Documents and the letters executed in connection with this Amendment (collectively, the “Relevant
Documents”), sets forth the entire understanding and agreement of the parties hereto in relation to the subject matter hereof
and supersedes any prior negotiations and agreements among the parties relating to such subject matter. No promise, condition, representation
or warranty, express or implied, not set forth in the Relevant Documents shall bind any party hereto, and no such party has relied on
any such promise, condition, representation or warranty. Each of the parties hereto acknowledges that, except as otherwise expressly
stated in the Relevant Documents, no representations, warranties or commitments, express or implied, have been made by any party to the
other in relation to the subject matter hereof or thereof. None of the terms or conditions of this Amendment may be changed, modified,
waived or canceled orally or otherwise, except in writing and in accordance with Section 10.3 of the DDTL Agreement. This Amendment
shall become effective upon satisfaction of the conditions set forth in Section 6 hereof.

 

(f)
If any provision of this Amendment is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of
the remaining provisions of this Amendment shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith
negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as
close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction
shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

(g)
The Borrower agrees to pay, in accordance with and subject to the limitations in Section 10.2 of the DDTL Agreement, all reasonable
out of pocket expenses incurred by the Administrative Agent and its Affiliates (including the reasonable fees, charges and disbursements
of counsel for the Administrative Agent) in connection with the preparation, execution, delivery, administration of this Amendment and
the other instruments and documents to be delivered hereunder.

 

[Signature
Pages Follow.]

 

    5

     

    

 

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

 

BORROWER:

 

	 	OPAL
    FUELS INTERMEDIATE HOLDCO LLC,
	 	a
    Delaware limited liability company
	 	 	 
	 	By:
    	/s/
    Ann Anthony
	 	Name:	Ann
    Anthony
	 	Title:	Chief
    Financial Officer
	 	 	 
	Guarantors:	OPAL
    FUELS LLC,
	 	a
    Delaware limited liability company
	 	 	 
	 	By:
    	/s/
    Ann Anthony
	 	Name:	Ann
    Anthony
	 	Title:	Chief
    Financial Officer
	 	 	 
	 	TRUSTAR
    ENERGY LLC,
	 	a
    Delaware limited liability company
	 	 	 
	 	By:
    	/s/
    Ann Anthony
	 	Name:	Ann
    Anthony
	 	Title:	Chief
    Financial Officer
	 	 	 
	 	BEACON
    HOLDCO LLC,
	 	a
    Delaware limited liability company
	 	 	 
	 	By:
    	/s/
    Ann Anthony
	 	Name:	Ann
    Anthony
	 	Title:	Chief
    Financial Officer
	 	 	 
	 	OPAL
    ENVIRONMENTAL CREDIT MARKETING LLC,
	 	a
    Delaware limited liability company
	 	 	 
	 	By:
    	/s/
    Ann Anthony
	 	Name:	Ann
    Anthony
	 	Title:	Chief
    Financial Officer

 

Signature
Page

Amendment
No. 1 to Delayed Draw Term Loan and Guaranty Agreement

Opal
Fuels Intermediate Holdco

 

     

     

    

 

	 	OPAL
    FUEL SERVICES LLC,
	 	a
    Delaware limited liability company
	 	 
	 	By:
    	/s/
    Ann Anthony
	 	Name:	Ann
    Anthony
	 	Title:	Chief
    Financial Officer
	 	 	 
	 	BEACON
    RNG LLC,
	 	a
    Delaware limited liability company
	 	 	 
	 	By:
    	/s/
    Ann Anthony
	 	Name:	Ann
    Anthony
	 	Title:	Chief
    Financial Officer
	 	 	 
	 	Beacon
    rng acquisition llc,
	 	a
    Delaware limited liability company
	 	 	 
	 	By:
    	/s/
    Ann Anthony
	 	Name:	Ann
    Anthony
	 	Title:	Chief
    Financial Officer
	 	 	 
	 	BEACON
    LANDFILL GAS HOLDINGS LLC,
	 	a
    Delaware limited liability company
	 	 	 
	 	By:
    	/s/
    Ann Anthony
	 	Name:	Ann
    Anthony
	 	Title:	Chief
    Financial Officer
	 	 	 
	 	GREENTREE
    LANDFILL GAS COMPANY, LLC, a Pennsylvania limited
    liability company
	 	 	 
	 	By:
    	/s/
    Ann Anthony
	 	Name:	Ann
    Anthony
	 	Title:	Chief
    Financial Officer
	 	 	 
	 	IMPERIAL
    LANDFILL GAS COMPANY, LLC,
	 	a
    Pennsylvania limited liability company
	 	 	 
	 	By:
    	/s/
    Ann Anthony
	 	Name: 	Ann
    Anthony
	 	Title:	Chief
    Financial Officer

 

Signature
Page

Amendment
No. 1 to Delayed Draw Term Loan and Guaranty Agreement

Opal
Fuels Intermediate Holdco

 

     

     

    

 

	 	OPAL
    STATION HOLDINGS LLC,
	 	a
    Delaware limited liability company
	 	 	 
	 	By:
    	/s/
    Ann Anthony
	 	Name:	Ann
    Anthony
	 	Title:	Chief
    Financial Officer
	 	 	 
	 	OPAL
    DISPENSING LLC,
	 	a
    Delaware limited liability company
	 	 	 
	 	By:
    	/s/
    Ann Anthony
	 	Name:	Ann
    Anthony
	 	Title:	Chief
    Financial Officer
	 	 	 
	 	OPAL
    STATION SERVICES LLC,
	 	a
    Delaware limited liability company
	 	 	 
	 	By:
    	/s/
    Ann Anthony
	 	Name: 	Ann
    Anthony
	 	Title:	Chief
    Financial Officer

 

Signature
Page

Amendment
No. 1 to Delayed Draw Term Loan and Guaranty Agreement

Opal
Fuels Intermediate Holdco

 

     

     

    

 

	ADMINISTRATIVE
    AGENT:	BANK
    OF AMERICA, N.A., as Administrative Agent
	 	 
	 	By:	/s/
    Teresa Weirath
	 	Name: 	Teresa
    Weirath
	 	Title:
    	Vice
    President

 

Signature
                                            Page

Amendment
No. 1 to Delayed Draw Term Loan and Guaranty Agreement

Opal
Fuels Intermediate Holdco

 

     

     

    

 

	LENDERS:	BANK
    OF AMERICA, N.A.
	 	 	 
	 	By:
    	/s/
    Dee Dee Farkas
	 	Name: 
    	Dee
    Dee Farkas
	 	Title:
    	Managing
    Director
	 	 	 

 

Signature
Page

Amendment
No. 1 to Delayed Draw Term Loan and Guaranty Agreement

Opal
Fuels Intermediate Holdco

 

     

     

    

 

	 	CUSTOMERS
    BANK
	 	 
	 	By:	/s/
    Eugene Kennedy
	 	Name: 
    	Eugene
    Kennedy
	 	Title:	Managing
    Director

 

Signature
                                            Page

Amendment
No. 1 to Delayed Draw Term Loan and Guaranty Agreement

Opal
Fuels Intermediate Holdco

 

     

     

    

 

	 	CITIBANK,
    N.A.
	 	 
	 	By:
    	/s/
    Derrick Lenz
	 	Name: 	Derrick
    Lenz
	 	Title:
    	Vice
    President / Director

 

Signature
Page

Amendment
No. 1 to Delayed Draw Term Loan and Guaranty Agreement

Opal
Fuels Intermediate Holdco

 

     

     

    

 

	 	BARCLAYS
    BANK PLC
	 	 
	 	By:	/s/
    Craig Malloy
	 	Name: 	Craig
    Malloy
	 	Title:	Director

 

Signature
                                            Page

Amendment
No. 1 to Delayed Draw Term Loan and Guaranty Agreement

Opal
Fuels Intermediate Holdco

 

     

     

    

 

	 	CREDIT
    SUISSE AG, CAYMAN ISLANDS BRANCH
	 	 
	 	By:
    	/s/
    Nupur Kumar
	 	Name:
    	Nupur
    Kumar
	 	Title:
    	Authorized
    Signatory
	 	 
	 	By:
    	/s/
    Nawshaer Safi
	 	Name: 
    	Nawshaer
    Safi
	 	Title:	Authorized
    Signatory

 

Signature
Page

Amendment
No. 1 to Delayed Draw Term Loan and Guaranty Agreement

Opal
Fuels Intermediate Holdco

 

     

     

    

 

Annex
I

(to
Amendment No. 1 to Delayed Draw Term Loan and Guaranty Agreement and Waiver)

 

RENEWED
TERM A-1 COMMITMENTS

 

	Lender	 	Term A-1 

Commitment	 	 	Term A-1 

Commitment 

Applicable 

Percentage	 
	Bank of America, N.A.	 	$	3,000,000.00	 	 	 	20.000000000	%
	Customers Bank	 	$	4,200,000.00	 	 	 	28.000000000	%
	Barclays Bank PLC	 	$	3,000,000.00	 	 	 	20.000000000	%
	Citibank, N.A.	 	$	3,000,000.00	 	 	 	20.000000000	%
	Credit Suisse AG, Cayman Islands Branch	 	$	1,800,000.00	 	 	 	12.000000000	%
	Total:	 	$	15,000,000.00	 	 	 	100.000000000	%

 

     

     

    

 

Annex
II

(to
Amendment No. 1 to Delayed Draw Term Loan and Guaranty Agreement and Waiver)

 

[Changed
pages redline of DDTL Agreement attached.]

 

     

     

    

 

EXHIBIT
B

 

Annex
III

(to
Amendment No. 1 to Delayed Draw Term Loan and Guaranty Agreement and Waiver)

 

FORM
OF NOTICE OF BORROWING

 

Date:
___________, _____1

To:
Bank of America, N.A., as Administrative Agent

 

Ladies
and Gentlemen:

 

Reference
is made to that certain Delayed Draw Term Loan and Guaranty Agreement, dated as of October 22, 2021 (as amended, restated, extended,
supplemented or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being
used herein as therein defined), among Opal Fuels Intermediate HoldCo LLC, a Delaware limited liability company (the “Borrower”),
the Guarantors named therein, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent.

 

The
undersigned hereby requests (select one):

 

[Term
A-1 Facility] [Term A-2 Facility]

 

	Indicate:
    Borrowing

    or
    Conversion or Continuation
	Indicate:
    Requested Amount	Indicate:

    Requested
    Borrowing Date (a Business Day)
	Indicate:

    Base
    Rate Loan or Term SOFR Loan
	Indicate
    (for Advance or continuation of, or conversion to, Term SOFR Loan):

    Interest
    Period (e.g. 1, 3 or 6 month interest period)

	●	●	●	●	●
	●	●	●	●	●
	●	●	●	●	●

 

The
Borrowing, if any, requested herein complies with the relevant provisos in Section 2.1 of the Agreement.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

 

 

1
Note to Borrower. All requests submitted under a single Loan Notice must be effective on the same date. If multiple effective
dates are needed, multiple Loan Notices will need to be prepared and signed.

 

    B-1
Form of Notice of Borrowing

     

    

 

	 	OPAL
    FUELS INTERMEDIATE HOLDCO LLC
	 	 	                    
	 	By:	 
	 	Name:  	 
	 	Title:  	 

 

 

B-2

Form
of Notice of BorrowingExhibit 10.10

 

[*] Certain information
in this document has been omitted from this exhibit because it is both (i) not material and (ii) would be competitively harmful if publicly
disclosed.

 

ENVIRONMENTAL ATTRIBUTES PURCHASE AND SALE
AGREEMENT

 

This Environmental Attributes Purchase and Sale
Agreement (this “Agreement”) is entered into as of November 29, 2021 (the “Execution Date”), by
and between, on the one hand, NextEra Energy Marketing, LLC (“NEM”), a Delaware limited liability company with offices
located at 700 Universe Boulevard, Juno Beach, Florida 33408, and, on the other hand, TruStar Energy LLC (“TruStar”)
and Opal Fuels LLC (“Opal Fuels”, and together with TruStar, “Opal”), each a Delaware limited liability
company with offices located at One North Lexington Avenue, White Plains, New York 10601. NEM and Opal may each be referred to herein
as a “Party” and collectively as the “Parties”.

 

RECITALS

 

WHEREAS, NEM is in
the business of purchasing and selling energy products, including Environmental Attributes;

 

WHEREAS, Opal (together
with its Affiliates) is in the business of (1) developing, constructing, operating and maintaining Projects, (2) producing, dispensing
and selling RNG (i) that is generated or produced by such Projects, and (ii) for (or on behalf) of Third Parties, and (3) producing and
generating Environmental Attributes relating to RNG;

 

WHEREAS, the Parties
have agreed that NEM will act as Opal’s exclusive purchaser of all of the Offtake Inventory; and

 

WHEREAS, Opal has agreed
to supply and Transfer to NEM, and NEM has agreed to purchase and receive via Transfer from Opal, the Minimum RIN Volume and the Minimum
LCFS Volume during each Quarter during the Term, all in accordance with the terms and conditions set forth in this Agreement.

 

NOW, THEREFORE,
in consideration of the premises and the respective promises, conditions and agreements contained herein, and other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, NEM and Opal hereby agree as follows:

 

Article
1

DEFINITIONS

 

Except as otherwise expressly
provided herein or unless the context otherwise requires, capitalized terms used in this Agreement (including in the Recitals) have the
following meanings:

 

“Account”
means, as the context requires depending on the relevant Environmental Attribute, a CFP Account, an EMTS Account, a LCFS Account or an
OCFP Account. Any reference in this Agreement to an Opal Account, Opal’s Account, or Opal’s Accounts shall mean each Account
owned, registered to or otherwise controlled by Opal Fuels, TruStar, Opal Environmental Credit Marketing LLC, Opal Construction LLC, or
any Affiliate of Opal Fuels.

 

“Affiliate”
means, in relation to a Person, any Person that (i) directly or indirectly controls such Person, (ii) is directly or indirectly controlled
by such Person, or (iii) is directly or indirectly controlled by a Person that directly or indirectly controls such Person. For this purpose,
“control” of any entity or Person means the possession, directly or indirectly, of the power to direct or cause the direction
of the management and policies of any Person, whether through the ownership of a majority of issued shares or membership interests or
voting power or control in fact of the entity or Person or otherwise. Unless otherwise indicated, any reference in this Agreement to an
Affiliate or Affiliates of Opal shall be limited to direct and indirect subsidiaries held by Opal Fuels (or its successor), including
TruStar.

 

     

     

    

 

“Agreement”
has the meaning specified in the Preamble.

 

“Annual Nominated
Volumes” has the meaning specified in Section 5.6(a).

 

“Annual Nomination”
has the meaning specified in Section 5.6(a).

 

“Applicable Law”
means, with respect to any Governmental Authority, (i) any law, statute, regulation, code, ordinance, order, writ, injunction, decision,
directive, judgment, policy, decree and any judicial or administrative interpretations thereof, (ii) any agreement, concession or arrangement
with any Governmental Authority, and (iii) any license, permit or compliance requirement, in each case as may be applicable to either
Party or either Party’s performance under this Agreement, as any of the foregoing may be amended or modified from time to time.
The term “Applicable Law” includes the RFS, the LCFS, the LCFS Regulations, the OCFP Regulations, and any CFP.

 

“Bankrupt”
means, with respect to a Person, that such Person: (i) is dissolved (other than pursuant to a consolidation, amalgamation or merger);
(ii) becomes insolvent or is unable to pay its debts or fails to pay its debts as they become due; (iii) institutes or has instituted
against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other
similar law affecting creditors’ rights, or a petition is presented for its winding-up or liquidation; (iv) passes a resolution
for its winding-up, official management or liquidation, other than pursuant to a consolidation, amalgamation or merger; (v) files an answer
or other pleading admitting or failing to contest the allegations of a petition filed against it in any proceeding of the foregoing nature;
(vi) causes or is subject to any event which, under Applicable Law, has an analogous effect to any of the events specified in clauses (i)
to (v) (inclusive).

 

“Business Day”
means a day on which banks are open for general commercial business in New York, New York.

 

“CFP” means
any current or future U.S. federal, state, regional or local renewable or clean transportation fuel program, other than the RFS,
the LCFS, and the OCFP.

 

“CFP Account”
means an account of a Person (including a Party) showing the CFP Credits and CFP deficits generated by such Person or transferred, purchased
or acquired by such Person, as established pursuant to the relevant CFP.

 

“CFP Credits”
means credits generated and traded under the relevant CFP.

 

“Claim”
means a dispute, claim or controversy whether based on contract, tort, strict liability, statute or other legal or equitable theory.

 

“Commencement Date”
has the meaning specified in Section 2.1.

 

“Commercial Operations
Team” has the meaning specified in Section 4.1.

 

“Confidential Information”
means the terms and conditions, all negotiations concerning this Agreement, Customer Contracts, and all other information furnished by
either Party related to services and transactions under this Agreement. Confidential Information does not include information (i) the
receiving Party developed independently without using the Confidential Information, (ii) that was in the public domain at the time of
its disclosure, (iii) which passes into the public domain by acts other than the acts of or caused by the Party receiving said Confidential
Information, or (iv) is disclosed to the receiving Party by a Third Party (other than an Opal Partner), provided that the receiving Party
does not know (or has no reasonable basis to know) that the information was received or disclosed unlawfully.

 

    2

     

    

 

“Contracted Inventory”
means those Environmental Attributes that Opal is unable to make subject to this Agreement and the Opal EA Inventory due to restrictions
applicable to Opal and its Affiliates under binding legal agreements but only to the extent that such agreements were not entered into
in violation of the exclusivity provisions contained in Section 3.1 below. A description of the Contracted Inventory existing as
of the Execution Date is included on Exhibit A.

 

“Contract Year”
means a calendar year (being the twelve (12) month period from January 1 to the next following December 31), with the first (1st)
Contract Year hereunder commencing on the Commencement Date.

 

“Customer”
means, as applicable: (i) with respect to any Customer Contract, any Eligible Customer purchasing Environment Attributes from NEM pursuant
to such Customer Contract (to the extent that such Environmental Attributes are attributable to the Environmental Attributes Transferred
from Opal to NEM hereunder); and (ii) with respect to any Opal Trade Contract, any Third Party (other than NEM hereunder) purchasing Environmental
Attributes from Opal pursuant to such Opal Trade Contract.

 

“Customer Contract”
means a purchase and sale contract entered into directly between NEM and a Customer, pursuant to which NEM has agreed to sell and Transfer
certain volumes of Environmental Attributes (attributable to the Environmental Attributes Transferred from Opal to NEM hereunder) to such
Customer on certain Transfer Dates.

 

“Customer Default”
has the meaning specified in Section 7.8.

 

“Customer Default
Cure Period” means the period of five (5) Business Days immediately following the Sale Window Date for the Environmental Attributes
that were associated with a Customer Failure to Take.

 

“Customer Failure
to Take” has the meaning specified in Section 7.8.

 

“Customer Price”
means, with respect to each type of Environmental Attribute (e.g., RINs of a particular code or LCFS Credits), the price (per Environmental
Attribute) to be paid to NEM by a Customer (e.g., a fixed price or a price based on an index, and as specified in the relevant Customer
Contract) for the relevant Environmental Attributes to be sold by NEM to such Customer under the relevant Customer Contract, to the extent
that such Environmental Attributes are attributable to the Environmental Attributes Transferred from Opal to NEM hereunder.

 

“Customer Trade Date”
means the date on which a Customer Contract or an Opal Trade Contract is entered into or otherwise executed by the relevant parties thereto.
For sake of clarity, the Customer Trade Date may be different than the Transfer Dates(s) associated with the relevant Customer Contract
or Opal Trade Contract.

 

“Daily Trade Report”
has the meaning specified in Section 4.4.

 

“Defaulting Party”
has the meaning specified in Section 11.1.

 

“Delayed Customer
Sales” means any sales of Environmental Attributes under any Customer Contract that, as of the relevant Customer Trade Date,
contemplates a Transfer Date between NEM and the relevant Customer that is in excess of thirty (30) days beyond the scheduled or actual
Transfer Date between NEM and Opal for the same Environmental Attributes.

 

“Dispensing Services”
means the services rendered or performed or to be rendered or performed (directly or indirectly) by Opal or any of its Affiliates in connection
with Opal’s role (directly or through any of its Affiliates) as the dispenser of RNG for any of the Projects or for any other Person
(including any Third Party).

 

    3

     

    

 

“EA Close-Out Amounts”
has the meaning specified in Section 6.2(a).

 

“EA Sales Strategy”
means the commercially reasonable and non-binding sales strategy established and continuously maintained (and modified from time to time)
by the Parties with respect to the production, generation and sale of the Offtake Inventory, including the related Nominated Volumes,
potential Delayed Customer Sales, Opal Directed Trades, minimum Customer credit requirements, and any targeted Customer Prices.

 

“Eligible Customer”
means a Person (i) with which NEM has entered into a master agreement or stand-alone agreement (including any transaction confirmation)
for the purchase and sale of Environmental Attributes, and (ii) which has satisfied NEM’s internal credit risk policies as
consistently applied to similarly situated counterparties, in each case as determined by NEM in its reasonable discretion.

 

“EMTS”
means the EPA Moderated Transaction System or any replacement or successor system designated by the EPA.

 

“EMTS Account”
means a Person’s (including a Party’s) EMTS account for RINs showing the RINS generated by such Person or transferred, purchased
or acquired by such Person.

 

“Environmental Attributes”
means any and all attributes, credits, benefits, emission reductions, offsets, and allowances, howsoever entitled, attributable to the
characteristics, production, use or combustion of RNG or its displacement or reduction in the use of transportation fuel, but only to
the extent that any of the foregoing is generated, produced and Verified through and in compliance with the RFS, the LCFS, the OCFP, and
any other applicable CFP. For sake of clarity, Environmental Attributes (i) to the extent Verified, includes RINs, LCFS Credits and OCFP
Credits, and (ii) excludes any associated Renewable Energy Credits, any federal or state tax credits, development credits or similar incentives.

 

“EPA” means
the United States Environmental Protection Agency.

 

“Event of Default”
has the meaning specified in Section 11.1.

 

“Excluded Offtake
Inventory” means [*] of the Opal EA Inventory.

 

“Execution Date”
has the meaning specified in the Preamble.

 

“Failure to Transfer”
has the meaning specified in Section 7.7.

 

“Financing Party”
means financial institution (including any trustee or agent on behalf of such institution) providing financing or refinancing to Opal
or any of its Affiliates, or in connection with any Project, whether the financing or refinancing takes the form of private or public
debt or equity, or any other form.

 

“Governmental Authority”
means any foreign or U.S. federal, state, regional, local, or municipal governmental body, agency, instrumentality, authority or entity
established or controlled by a government or subdivision thereof, including any legislative, administrative or judicial body, or any person
purporting to act therefor, having jurisdiction over a Party or any activities contemplated under this Agreement.

 

“Index-Based Purchase”
has the meaning specified in Section 6.5.

 

“Index-Based Purchase
Date” has the meaning specified in Section 6.5.

 

“Index-Based Purchase
Price” has the meaning specified in Section 6.5.

 

    4

     

    

 

“Index Price”
means (i) for D3 RINs, the final daily price for the relevant day as published in the Oil Price Information Service’s (OPIS) Carbon
Market Report in the section “U.S. RINs (cts/RIN)” under the “Mean” column for “D3” (under the column
“Product” of the relevant “Year”), (ii) for D4 RINS, the final daily price for the relevant day as published in
the OPIS Carbon Market Report in the section “U.S. RINs (cts/RIN)” under the “Mean” column for “D4”
(under the column “Product” of the relevant “Year”), (iii) for D5 RINS, the final daily price for the relevant
day as published in the OPIS Carbon Market Report in the section “U.S. RINs (cts/RIN)” under the “Mean” column
for “D5” (under the column “Product” of the relevant “Year”), (iv) for D6 RINS, the final daily price
for the relevant day as published in the OPIS Carbon Market Report in the section “U.S. RINs (cts/RIN)” under the “Mean”
column for “D6” (under the column “Product” of the relevant “Year”), and (v) for LCFS Credits, the
final daily price for the relevant day as published in the OPIS Carbon Market Report in the section “California Low Carbon Fuel
Standard” under the “Mean” column for “Carbon Credit ($/mt)”.

 

“Initial Term”
has the meaning specified in Section 2.1.

 

“Interest Rate”
means the lesser of (i) the prime rate plus [*] per annum and (ii) the maximum rate permitted by Applicable Law.

 

“Invalid”
means, with respect to any Environmental Attribute, that such Environmental Attribute (prior to, at the time of, or after any Transfer
thereof) fails to satisfy the requirements of (and is otherwise non-compliant with or invalid under) the relevant Program, Pathway or
Applicable Law.

 

“LCFS Account”
means the account of a Person (including a Party) showing the LCFS Credits and LCFS deficits generated by such Person or transferred,
purchased or acquired by such Person, as established pursuant to the LCFS Regulations.

 

“LCFS Credits”
means a Credit as defined in the LCFS Regulations.

 

“Low Carbon Fuel
Standard” or “LCFS” means the California Low Carbon Fuel Standard as set forth in Section 95484 of Title
17 of the California Code of Regulations, as amended or supplemented.

 

“LCFS Regulations”
means the regulations, orders, decrees and standards issued by a Governmental Authority implementing or otherwise applicable to the LCFS
as set forth in 17 CCR § 95480 et seq. and each successor regulation.

 

“Low Carbon Fuel”
means any fuel, other than RNG, the characteristics, production, use, combustion, displacement or reduction of which is eligible for the
generation of Environmental Attributes attributable thereto under a Program.

 

“Minimum LCFS Volume”
means [*] LCFS Credits, as such volume may be adjusted as contemplated in Sections 6.3 and 6.4.

 

“Minimum RIN Volume”
means [*] RINs, as such volume may be adjusted as contemplated in Sections 6.3 and 6.4.

 

“Monthly Nomination”
has the meaning specified in Section 5.6(c).

 

“Monthly Nominated
Volumes” has the meaning specified in Section 5.6(c).

 

“Monthly Reconciliation
Payment” has the meaning specified in Section 8.3(b).

 

“Monthly Resell Failure”
means, with respect to all of the Environmental Attributes actually received by NEM into NEM’s Accounts via Transfer from Opal’s
Accounts in any given period during the Term pursuant to this Agreement (“Received Volumes”), NEM’s unexcused
failure to Transfer to Customers (or in combination with such Transfers to Customers or on a standalone basis, to purchase from Opal pursuant
to Index-Based Purchases or Negotiated Purchases) [*] ([*]%) of such Received Volumes on Transfer Dates that are within thirty (30) days
of the Transfer Dates on which such Environmental Attributes were originally Transferred into NEM’s Account from Opal’s Account
(any such thirtieth (30th) day, a “Sale Window Date”). For this purpose, in the context of any Index-Based
Purchase, the “Sale Window Date” shall mean that the Index-Based Purchase Date is within thirty (30) days of the Transfer
Date on which the relevant Environmental Attributes were originally Transferred into NEM’s Account from Opal’s Account.

 

    5

     

    

 

“Monthly Sales Report”
has the meaning specified in Section 7.6.

 

“Monthly Statement”
has the meaning specified in Section 8.3(a).

 

“Negotiated Purchase”
has the meaning specified in Section 6.6.

 

“Negotiated Purchase
Price” has the meaning specified in Section 6.6.

 

“NEM” has
the meaning specified in the Preamble.

 

“NEM Commodity Discount”
means [*] ([*]%), as may be adjusted as expressly contemplated herein.

 

“Nominated Volumes”
means the Annual Nominated Volumes, the Quarterly Nominated Volumes, or the Monthly Nominated Volumes.

 

“Nomination”
means an Annual Nomination, a Quarterly Nomination, or a Monthly Nomination.

 

“OCFP”
and “OCFP Regulations” mean the regulations, orders, decrees and standards issued by a Governmental Authority implementing
or otherwise applicable to the Oregon Clean Fuels Program as set forth in OAR chapter 340, division 253 as defined in OAR 340-253-0060(4)
and each successor regulation.

 

“OCFP Account”
means the account of a Person (including a Party) showing the OCFP Credits and OCFP deficits generated by such Person or transferred,
purchased or acquired by such Person, as established pursuant to the OCFP.

 

“OCFP Credits”
means a credit as defined in the OCFP Regulations.

 

“Opal Directed Trade”
has the meaning specified in Section 7.5.

 

“Offtake Inventory”
means [*] ([*]%) of the Opal EA Inventory. For sake of clarity, the Offtake Inventory shall not include the Excluded Offtake Inventory.

 

“Opal”
has the meaning specified in the Preamble.

 

“Opal EA Inventory”
means any and all Environmental Attributes owned or otherwise controlled directly by Opal or indirectly through its Affiliates in Opal’s
Accounts from and after the Commencement Date, including Environmental Attributes received or otherwise granted (or to be received or
granted) to Opal and its Affiliates in connection with each Project and in connection with Opal’s and its Affiliates’ provision
of Dispensing Services, including to the extent that Opal and its Affiliates receive Environmental Attributes “in-kind” as
compensation for performing Dispensing Services or any other services. For sake of clarity, and except as otherwise contemplated herein,
the Opal EA Inventory shall not include (i) the Contracted Inventory, (ii) any Environmental Attributes that are to be paid “in-kind”
to Third Parties by Opal and its Affiliates in connection with the Dispensing Services; and (iii) any Environmental Attributes that are
to be paid “in-kind” to Third Parties by Opal and its Affiliates pursuant to the operating agreements of joint ventures or
similar partnership/limited liability company structures between such Third Parties and Opal (and its Affiliates) but only to the extent
that (1) such ventures or structures directly relate to one or more Project(s) and (2) the Environmental Attributes to be paid
“in-kind” to such Third Parties by Opal and its Affiliates are generated or otherwise produced from such Project(s). For purposes
of the immediately preceding sentence, “in-kind” means the bona fide transfer of Environmental Attributes in lieu of money.

 

    6

     

    

 

“Opal Partner”
has the meaning specified in the definition of Third Party.

 

“Opal Trade Contract”
means a purchase and sale contract entered into directly between Opal (or any of its Affiliates) and a Customer, pursuant to which Opal
or such Affiliate has agreed to sell and Transfer certain volumes of Environmental Attributes to such Customer on certain Transfer Dates.

 

“Opal Trade Price”
means, with respect to each type of Environmental Attribute (e.g., RINs of a particular code or LCFS Credits), the price (per Environmental
Attribute) to be paid to Opal (or the relevant Opal Affiliate) by a Customer for the relevant Environmental Attributes to be sold by Opal
(or the relevant Opal Affiliate) to such Customer under the relevant Opal Trade Contract. “Opal Trade Price” shall not include
(i) the price for any transaction under an Opal Trade Contract that contemplates a Transfer Date between Opal (or the relevant Opal Affiliate)
and the relevant Customer (or the relevant Opal Partner) that is in excess of thirty (30) days beyond the relevant Customer Trade Date,
or (ii) the price for any transaction under an Opal Trade Contract where Opal’s counterparty thereunder is an Opal Partner (to the
extent that such price is in excess of the relevant Index Price as published at the end of the relevant trading day on which Opal and
the relevant Opal Partner have entered into or otherwise executed such Opal Trade Contract (or as published on the first trading day following
such entry or execution if the date of such entry or execution is a non-trading day)).

 

“Party”
or “Parties” has the meaning specified in the Preamble.

 

“Pathway”
means any fuel pathway or similar pathway approved by a Governmental Authority pursuant to Applicable Law or any Program for RNG as necessary
for the creation and the receipt of Environmental Attributes associated with the use of such RNG.

 

“Payment”
has the meaning specified in Section 8.3(a).

 

“Payment Date”
has the meaning specified in Section 8.3(a).

 

“Performance Failure”
has the meaning specified in Section 7.11(a).

 

“Performing Party”
has the meaning specified in Section 11.2.

 

“Person”
means any individual, sole proprietorship, partnership, joint venture, limited liability company, trust, unincorporated organization,
association, corporation, institution, entity, party, Governmental Authority, court or any other legal entity, whether acting in an individual,
fiduciary or other capacity.

 

“Program”
means any current or future U.S. federal, state, regional or local renewable or clean fuel program. “Program” includes the
RFS, the LCFS, the OCFP, and any CFP Program.

 

“Prohibitive Action”
means (a) an action by a Governmental Authority that renders either or both the RFS and the LCFS illegal, unconstitutional or unenforceable,
or (b) the issuance of an order, legislation, decision or other legally binding action (outside of either Party’s control, and through
no fault or failure of either Party) that makes it impossible for RNG to generate either or both RINs and LCFS Credits.

 

“Project”
means each and every current and future facility or project that produces or otherwise generates RNG (including any expansion or modification
thereof), to the extent that such facility or project is owned, operated or otherwise controlled (in whole or in part) by Opal or any
of its Affiliates.

 

    7

     

    

 

“PTD” means
a product transfer document or similar document evidencing the transfer of title and ownership of the relevant Environmental Attribute
from one Person to another Person in accordance with the relevant Program.

 

“Quarter”
or “Quarterly” means any of the following three (3) month periods during any Contract Year: January 1 through March
31; April 1 through June 30; July 1 through September 30; and October 1 through December 31.

 

“Quarterly Customer
Price” means, with respect to each type of Environmental Attribute, the combined Quarterly volume-weighted average for (i) all
of the Customer Prices for all of the sales of Environmental Attributes by NEM to Customers pursuant to Customer Contracts during such
Quarter (to the extent that such Environmental Attributes are attributable to the Environmental Attributes actually Transferred from Opal
to NEM hereunder), (ii) all of the Index-Based Purchase Prices for all of the Environmental Attributes purchased by NEM from Opal during
such Quarter pursuant to Index-Based Purchases, and (iii) all of the Negotiated Purchase Prices for all of the Environmental Attributes
purchased by NEM from Opal during such Quarter pursuant to Negotiated Purchases, all of which shall be reasonably calculated by NEM, which
calculations shall be subject to review and approval by Opal for accuracy (based on the supporting date used in NEM’s calculations).

 

“Quarterly Index
Price” means, with respect to each type of Environmental Attribute, the volume-weighted average (based on the volume specified
in the relevant Customer Contracts and the volumes subject to any Index-Based Purchases or any Negotiated Purchases, as applicable) of
the Index Prices as published at the end of the relevant trading day for each (i) Customer Trade Date for each Customer Contract entered
into by NEM during such Quarter, (ii) Index-Based Purchase Date during such Quarter, and (iii) each applicable trade date for each Negotiated
Purchase during such Quarter, as reasonably calculated by NEM. By way of example, if (1) NEM executes a total of four (4) Customer
Contracts for a particular type of Environmental Attribute during the first (1st) Quarter of Contract Year 2023 with the following Customer
Trade Dates: January 3, February 7, March 8 and March 15, (2) NEM elects to effectuate two (2) Index-Based Purchases for the same type
of Environmental Attribute during the same Quarter on the following Index-Based Purchase Dates: February 8 and March 22, and (3)
the Parties agree to effectuate two (2) Negotiated Purchases for the same type of Environmental Attribute during the same Quarter on the
following trade dates: February 9 and March 27, then the Quarterly Index Price shall be the volume-weighted average of the Index
Prices as published on January 3, February 7, February 8, February 9, March 15, March 22 and March 27 (as averaged and adjusted in a manner
to account for the volumes of Environmental Attributes subject to each of the four (4) Customer Contracts, and in each of the two (2)
Index-Based Purchases and the two (2) Negotiated Purchases).

 

“Quarterly LCFS Shortfall”
has the meaning specified in Section 6.4(a).

 

“Quarterly Nominated
Volumes” has the meaning specified in Section 5.6(b).

 

“Quarterly Nomination”
has the meaning specified in Section 5.6(b).

 

“Quarterly Opal Trade
Price” means, with respect to each type of Environmental Attribute, the volume-weighted average (based on the volumes in the
relevant Opal Trade Contracts) of the Opal Trade Prices in such Quarter.

 

“Quarterly RIN Shortfall”
has the meaning specified in Section 6.4(a).

 

“Received Volumes”
has the meaning specified in the definition of Monthly Resell Failure.

 

“Renewable Fuel Standard”
or “RFS” means the renewable fuel program and policies established section 211(o) of the Clean Air Act (42 U.S.C. §
7545(o)) as implemented by the EPA under Subpart M of Title 40 of the Code of Federal Regulations.

 

    8

     

    

 

“Renewal Term”
has the meaning specified in Section 2.1.

 

“RIN” means
a Renewable Identification Number as defined in the RFS Program.

 

“RNG” means
renewable natural gas, also known as pipeline quality natural gas derived from the decomposition of organic matter that meets the RFS
eligibility requirements as either an Advanced Biofuel or Cellulosic Biofuel.

 

“ROFO Terms”
has the meaning specified in Section 5.2(a).

 

“Sale Window Date”
has the meaning specified in the definition of Monthly Resell Failure.

 

“Taxes”
means any present or future tax, levy, impost, duty, charge, assessment or fee of any nature (including any interest, penalties or additions
thereto) that is imposed by any Governmental Authority or other taxing authority, including income taxes, ad valorem taxes, severance
taxes, excise taxes, sales and use taxes, and gross receipts taxes.

 

“Team Member”
means, as of any day, each current member of the Commercial Operations Team.

 

“Term”
has the meaning specified in Section 2.1.

 

“Termination Payment”
has the meaning specified in Section 11.3(a).

 

“Third Party”
means any Person other than a Party or an Affiliate of a Party. For the avoidance of doubt, as to the relationship between Opal and any
Person (other than an Independent Expert or as otherwise provided herein), the term “Third Party” shall include Persons such
as joint ventures, partnerships and similar structures between such Persons and Opal (any such Person, an “Opal Partner”).

 

“Transaction Costs”
means (i) the actual costs, expenses, fees and direct damages reasonably incurred or paid by NEM in order to fulfill (or attempt to fulfill)
its obligations under any Customer Contracts or otherwise administer any such Customer Contracts (including any cover damages, liquidated
damages or penalties paid by NEM to Customers, any costs incurred by NEM to replace undelivered, Invalid or deficient Environmental Attributes,
and any termination damages paid by NEM under any such Customer Contracts), and (ii) any actual losses, costs, direct damages and expenses
incurred by NEM in obtaining, maintaining, replacing, liquidating or settling hedges or related trading positions (including any related
brokerage fees and commissions), but only to the extent that any of the foregoing in clauses (i) or (ii) results from Opal’s breach
of its obligations under this Agreement or any other fault or default by Opal (or its Affiliates) (including Opal’s failure to timely
Transfer all or some of the Nominated Volumes to NEM as contemplated in the relevant Nomination, any Failure to Transfer, or any breach
of the representations and warranties set forth in Section 9.2).

 

“Transfer”
or “Transferred” means, on the relevant Transfer Date, the transfer of title and ownership to any Environmental Attribute
from one Person’s Account into a different Person’s Account in accordance with the procedures of the relevant Program and
as evidenced by the applicable PTD.

 

“Transfer Date”
means the effective date of any Transfer from one Person’s Account into a different Person’s Account as specified in the relevant
PTD.

 

“Verified”
or “Verification” means a written determination by a Third Party (other than an Opal Partner) verifier or auditor that
the relevant Environmental Attributes satisfy the requirements of the relevant Program and Applicable Law.

 

    9

     

    

 

Article
2

TERM

 

2.1 Term.
This Agreement shall become effective on the Execution Date. Notwithstanding the occurrence of the Execution Date, and subject to the
remainder of this Article 2 and any other early termination right expressly contemplated herein, the Parties’ respective
obligations under Article 3, Article 5, Article 6 and Article 7 (and any other related provisions) with respect
to the purchase and sale of the Offtake Inventory (and the Minimum RIN Volume and the Minimum LCFS Volume) shall only begin on January
1, 2022 (the “Commencement Date”). The initial term of this Agreement (the “Initial Term”) shall
commence on the Execution Date and shall continue until fifth (5th) annual anniversary of the Commencement Date, following
which this Agreement shall automatically be extended for renewal periods of twelve (12) months each (each a “Renewal Term”),
unless and until terminated by either Party with written notice of termination delivered to the other Party at least ninety (90) days
prior to the last day of the Initial Term or the then-current Renewal Term (as applicable). For the avoidance of doubt, either Party
may give notice of termination pursuant to the preceding sentence on any date during the Initial Term or any Renewal Term so long as
such date occurs prior to the date that is at least 90 days before the last day of the Initial Term or the relevant Renewal Term (as
applicable), which termination shall become effective as of the last day of the Initial Term or the relevant Renewal Term (as applicable).
The Initial Term together with any and all Renewal Terms shall be referred to as the “Term” of this Agreement.

 

Article
3

EXCLUSIVITY AND RELATED MATTERS

 

3.1 Exclusivity.
In accordance with the other terms of this Agreement, Opal hereby agrees and covenants that, starting on the Commencement Date and throughout
the Term, (i) NEM shall be Opal’s exclusive purchaser of the Offtake Inventory, and (ii) Opal shall not (without NEM’s advance
written approval), directly or indirectly (including through any Affiliate of Opal, or through any reorganization of Opal), sell, deliver
or Transfer (or otherwise commit or contract to sell, deliver or Transfer), including through any sales or agency arrangement, the Opal
EA Inventory to any Person other than NEM, except for such portion of the Opal EA Inventory that constitutes the Excluded Offtake
Inventory (which portion, for the avoidance of doubt, shall not be subject to the foregoing exclusivity obligations). From and after
the Execution Date and until the Commencement Date, Opal hereby agrees to refrain from taking any out of ordinary course actions or commitments
relating to the Opal EA Inventory that would materially frustrate the purpose of this Agreement.

 

3.2 Excluded Offtake Inventory.
Opal shall have the right to undertake the sale or sales of the Excluded Offtake Inventory without the assistance of NEM, and any such
undertaking by Opal shall not constitute a breach of Opal’s exclusivity obligations hereunder as to the Excluded Offtake Inventory
(or any portion thereof).  For the avoidance of doubt, in the event that Opal is successful in selling the Excluded Offtake Inventory
(or any portion thereof), then NEM shall not be entitled to any compensation in connection therewith. Notwithstanding the foregoing,
Opal shall have the right (from time to time) to request that NEM undertake the purchase and sales of the Excluded Offtake Inventory
(or any portion thereof) in a manner generally consistent with this Agreement, in which event NEM shall notify Opal in writing whether
NEM is willing (in NEM’s sole discretion) to undertake such purchase and sales obligations with the respect to the relevant Excluded
Offtake Inventory (or the portion thereof).

 

Article
4

Commercial operations team; ea sales strategy

 

4.1 Commercial Operations
Team. In order to facilitate the activities described in this Agreement, the Parties will establish
a team (the “Commercial Operations Team”) comprised of Team Members selected by each Party and from their respective
operations, trading and scheduling departments (as applicable). Upon written notice to the other Party, a Party may change its Team Members
at any time.

 

    10

     

    

 

4.2 Scope of Commercial
Operations Team Activities. The Commercial Operations Team will meet periodically (whether by
telephone or video conference) or otherwise coordinate via e-mail or other electronic communication, but as of the Commencement Date
at least on a weekly basis (and thereafter as the Parties may agree as reasonably needed), and will be responsible for (among other things):

 

(a) Developing
procedures for the exchange of information between NEM and Opal (and its Affiliates) throughout the Term in order to maximize transparency
and the commercial benefit to be obtained from pursuing opportunities in relation to NEM’s sales of the Offtake Inventory, including
exchanging information as necessary to coordinate Opal’s production of Environmental Attributes
(and timing thereof) and NEM’s purchase of the Offtake Inventory and NEM’s subsequent sales thereof to Customers;

 

(b) Reviewing
current maintenance activities, delivery and production programs and related operational issues with respect to each Project and the generation
of Environmental Attributes associated therewith;

 

(c) Calculating
and determining the Opal EA Inventory, the Offtake Inventory and the Excluded Offtake Inventory;

 

(d) Performing
market analysis and developing and reviewing relevant Environmental Attribute sales prospects and transaction status, associated Environmental
Attributes prices (including current and potential Customer Prices and Opal Trade Prices) and other relevant information;

 

(e) Reviewing
and considering potential Delayed Customer Sales and Opal Directed Trades;

 

(f) Reviewing
the current and potential volumes of Environmental Attributes to be transferred or otherwise given “in-kind” by Opal or any
of its Affiliates to Third Parties in connection with the Dispensing Services;

 

(g) Reviewing
and discussing any potential increase in the Contracted Inventory beyond the scope and volumes contemplated on Exhibit A and the
contractual obligations requiring any such increase;

 

(h) Discussing
any potential Negotiated Purchases; and

 

(i) Performing
such other activities as the Parties may agree in writing from time to time.

 

4.3 EA Sales Strategy.
Throughout the Term, NEM and Opal shall coordinate to develop and maintain the non-binding EA Sales Strategy, which shall be utilized
by the Parties for the purposes described herein. Notwithstanding the foregoing, individual components of the EA Sales Strategy shall
always be subject to NEM’s reasonable concurrence that the proposed EA Sales Strategy is commercially viable with respect to the
implementation thereof given the then-current market conditions for Environmental Attributes and the market outlook thereof; provided
that if NEM implements a particular sales strategy that is materially different than the relevant corresponding component of the then-current
EA Sales Strategy, then NEM shall notify Opal of such implementation and, upon written request of Opal, the Parties shall meet to review
NEM’s relevant actions, consider whether such actions require a revision to the EA Sales Strategy, and amend the EA Sales Strategy
if necessary to address NEM’s implementation of its relevant sales strategy. The Parties acknowledge and agree that the EA Sales
Strategy is a tool to be utilized by the Parties in order to effectuate the commercial intent and objectives of the Parties as contemplated
in this Agreement, and that a Party’s failure to strictly adhere or comply with the then-current EA Sales Strategy shall not, by
itself, constitute an Event of Default hereunder.

 

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4.4 Daily
Trade Reports. In order to facilitate the market analysis referenced above, during the Term of this Agreement (beginning on the Commencement
Date), with respect to Environmental Attributes from the Offtake Inventory to be Transferred (or already Transferred) from Opal to NEM,
NEM shall transmit to Opal a daily file via electronic mail (each a “Daily Trade Report”) summarizing (with respect
to such Environmental Attributes to the extent traded by NEM during that day with respect to Customer Contracts, Index-Based Purchases
and/or Negotiated Purchases), the following information with respect to each underlying trade: (i) volume, (ii) price, (iii) time of trade,
and (iv) settlement date. For sake of clarity, NEM shall not be required to provide the Daily Trade Report on days where no such trades
are executed.

 

Article
5

opal ea inventory; VOLUME NOMINATIONS

 

5.1 Opal Covenants.
Opal hereby agrees and covenants throughout the Term to undertake (and cause its Affiliates, including TruStar, Opal Environmental Credit
Marketing LLC, and Opal Construction LLC, to undertake) all actions that are reasonably necessary to cause the prompt generation, issuance,
Transfer and delivery of the Opal EA Inventory into Opal’s Accounts for subsequent Transfer of the Offtake Inventory into NEM’s
Accounts as contemplated herein. As of the Commencement Date and throughout the Term, Opal represents and warrants to NEM that Opal (directly
or through its Affiliates, including TruStar, Opal Environmental Credit Marketing LLC, and Opal Construction LLC) (i) is the exclusive
provider of Dispensing Services of RNG relating to the Projects that have been commissioned prior to the Execution Date, (ii) is expected
to be the exclusive provider of Dispensing Services of RNG relating to the Projects to be commissioned after the Execution Date, and
(iii) except for the Contracted Inventory, all of the Environmental Attributes generated, Transferred, issued, produced and received
(or that can be generated, Transferred, issued, produced and received) by Opal (or its Affiliates) as a result of the activities contemplated
in clauses (i) and (ii) (as well as activities undertaken by Opal or its Affiliates for or on behalf of Third Parties) shall be promptly
committed to the Opal EA Inventory.

 

Promptly (but no later than
five (5) Business Days) following the date of each Transfer or delivery of Environmental Attributes into any of Opal’s Accounts,
Opal shall notify NEM thereof in writing with reasonable supporting documentation evidencing the type and volume of Environmental Attributes
so Transferred or delivered. Additionally (and not in lieu of the foregoing sentence), as and when requested by NEM (and at least on a
monthly basis), Opal shall provide to NEM such additional documentation, data and reports of Opal and its Affiliates as necessary to evidence
and demonstrate the Contracted Inventory, the Opal EA Inventory, the Excluded Offtake Inventory, and the Offtake Inventory.

 

5.2 Non-Transportation
Sales.

 

(a) Without
limiting Opal’s obligations with respect to the Minimum RIN Volumes and Minimum LCFS Volumes throughout the Term and always subject
to NEM’s Right of First Opportunity as contemplated in this Section 5.2, nothing contained in Section 5.1 or elsewhere
in this Agreement shall prohibit or otherwise restrict Opal and its Affiliates from directing sales of RNG relating to the Projects to
sectors outside of transportation fuels (each a “Non-Transportation Sale”). If Opal or any of its Affiliates intends
to pursue a Non-Transportation Sale(s), then NEM will have a right of first opportunity (“Right of First Opportunity”)
(in accordance with the procedures set forth in Section 5.2(a) below) to undertake the Non-Transportation Sale(s) in a manner generally
consistent with this Agreement.

 

(b) If
Opal or any of its Affiliates desires or intends to effectuate a Non-Transportation Sale(s), then, prior to engaging in such activities
on its own or through an Affiliate or any Person other than NEM, Opal shall notify NEM thereof in writing and first offer the opportunity
to NEM. Opal’s notice to NEM shall include such information as would be reasonably sufficient and necessary to enable NEM to make
an informed decision as to whether to undertake the relevant Non-Transportation Sale(s), including the price, volume and attributes of
such Non-Transportation Sale(s) (“ROFO Terms”). NEM shall have five (5) days from receipt of such notice from Opal
to notify Opal that NEM has elected to exercise the Right of First Opportunity (“Exercise Notice”). If NEM exercises
the Right of First Opportunity, then the Parties shall execute the transaction in accordance with the ROFO Terms within five (5) days
of issuance of the Exercise Notice.

 

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If, however, (i) NEM notifies
Opal in writing that it declines to exercise the Right of First Opportunity, or (ii) NEM fails to respond to Opal’s notice within
the foregoing 5-day period (in which case NEM shall be deemed to have declined to exercise the Right of First Opportunity), then Opal
will be free to offer or negotiate with, or solicit offers from, any Person (including any Third Party), with respect to the Non-Transportation
Sale(s) that NEM has declined or has been deemed to decline.

 

If, however, NEM provides
an alternative offer to purchase such Non-Transportation Sale(s) within the (5) five days of the issuance of the Exercise Notice (“NEM
Alternate Offer”), then Opal may, in its sole discretion, either accept or reject the NEM Alternative Offer by providing written
notice to NEM within five (5) days of its issuance (“Alternate Offer Exercise Notice”). If Opal elects to accept the
NEM Alternate Offer, the Parties shall execute the transaction in accordance with the terms of the NEM Alternate Offer within five (5)
days of Alternate Offer Exercise Notice. In the case where NEM has provided a NEM Alternate Offer that Opal declined, if Opal elects to
undertake such Non-Transportation Sale(s) with any Person other than Opal itself or an Affiliate of Opal, then such Non-Transportation
Sale(s) shall be on economic terms (including pricing) more favorable to Opal than those that were contemplated or referenced in the NEM
Alternate Offer.

 

5.3 Registration and Reporting
Requirements. Throughout the Term, Opal (directly or through its Affiliates) shall be responsible
(at its sole cost and expense) for:

 

(a) Applying,
obtaining and maintaining any and all applications, permits, registrations (including with respect to Pathways under the relevant Programs
with respect to the underlying RNG) and other approvals or authorizations that are necessary for the generation, production, validation,
Verification and issuance of all Environmental Attributes (including with respect to each Project) as required and in compliance with
the relevant Program and Applicable Law with respect to all of the Environmental Attributes to be purchased and sold between the Parties
hereunder;

 

(b) Undertaking
all Third Party validation and Verification services relating to the generation, production and issuance of all Environmental Attributes
(including with respect to each Project) as required and in compliance with the relevant Program and Applicable Law with respect to all
of the Environmental Attributes to be purchased and sold between the Parties hereunder;

 

(c) Undertaking
all ongoing reporting requirements associated with integrity and compliance of the Pathways under the relevant Programs with respect to
the underlying RNG, including costs associated with any quality assurance plan or similar verification plan associated with Environmental
Attributes (including any costs to paid to any independent auditor or verifier); and

 

(d) Undertaking
any and all other actions (including any actions required under any Program or any Applicable Law) to ensure that all Environmental Attributes
to be sold and purchased between the Parties hereunder are generated, produced, validated, Verified and issued in compliance with the
relevant Program and Applicable prior to the transfer of title thereof from Opal to NEM.

 

    13

     

    

 

5.4 Opal’s Representations
and Warranties. In addition to the other representations and warranties contained herein, Opal
(for itself and its Affiliates) represents and warrants to NEM throughout the Term that:

 

(a) Opal
and its Affiliates have not (directly or indirectly) sold, traded, encumbered, remarketed, given away, claimed, Transferred or otherwise
sold separately, and will not (directly or indirectly) sell, trade, remarket, give away, Transfer or otherwise sell separately, the Environmental
Attributes to be sold and Transferred to NEM hereunder (or any rights, title or interest relating thereto) to any Person other than NEM;

 

(b) All
of the RNG associated with each Project will be used in a manner that complies with the relevant Program, all Applicable Law and any relevant
Pathway as necessary for the creation and the receipt of Environmental Attributes; and

 

(c) Opal
(and its relevant Affiliates) and each Project meets the eligibility standards for registration under the relevant Program, and each Project
meets the eligibility standards for the generation of Environmental Attributes under the relevant Program and Applicable Law.

 

5.5 Production and Sale
of RNG. Subject to Opal’s compliance with the terms and conditions contained in this Article
5 and elsewhere in this Agreement, NEM hereby acknowledges and agrees that Opal shall have full and sole discretion with respect
to the manner in which the RNG associated with the Opal EA Inventory is produced, marketed and sold.

 

5.6 Volume Nominations.
On a rolling monthly basis throughout the Term (starting on the Commencement Date, and thereafter no later than ten (10) days prior to
the end of each month during the Term), Opal shall provide to NEM each of the following three (3) nominations:

 

(a) A
non-binding written nomination (the “Annual Nomination”) of all of the Environmental Attributes by type of Environmental
Attribute (e.g., RINs of a particular code or LCFS Credits) that Opal (i) expects to be transferred (or otherwise issued or generated)
into Opal’s Accounts, and (ii) expects to Transfer into NEM’s Accounts from Opal’s Accounts (the “Annual Nominated
Volumes”), in each case with respect to each of the next twelve (12) consecutive months. By way of example, on or before December
22, 2021, Opal shall provide to NEM the data required in this Section 5.6(a) for the twelve (12) consecutive months of January
2022 through December 2022; and on or before January 22, 2022, Opal shall provide to NEM the data required in this Section 5.6(a)
for the twelve (12) consecutive months of February 2022 through January 2023.

 

(b) A
binding written nomination (the “Quarterly Nomination”) of all of the Environmental Attributes by type of Environmental
Attribute (e.g., RINs of a particular code or LCFS Credits) that Opal (i) expects to be transferred (or otherwise issued or generated)
into Opal’s Accounts, and (ii) expects to Transfer into NEM’s Accounts from Opal’s Accounts (the “Quarterly
Nominated Volumes”), in each case with respect with respect to each of the next three (3) consecutive months. By way of example,
on or before December 22, 2021, Opal shall provide to NEM the data required in this Section 5.6(b) for the months of January 2022,
February 2022 and March 2022; and on or before January 22, 2022, Opal shall provide to NEM the data required in this Section 5.6(b)
for the months of February 2022, March 2022, and April 2022.

 

(c) A
binding written nomination (the “Monthly Nomination”) of all of the Environmental Attributes by type of Environmental
Attribute (e.g., RINs of a particular code or LCFS Credits) that (i) Opal expects to be transferred (or otherwise issued or generated)
into Opal’s Accounts, and (ii) Opal will Transfer into NEM’s Accounts from Opal’s accounts (the “Monthly Nominated
Volumes”), in each case with respect to the immediately following month. By way of example, on or before December 22, 2021,
Opal shall provide to NEM the data required in this Section 5.6(c) for the month of January 2022; and on or before January 22,
2022, Opal shall provide to NEM the data required in this Section 5.6(c) for the month of February 2022. To the extent that a Monthly
Nomination conflicts with the previous Quarterly Nomination associated with such Monthly Nomination, the updated Monthly Nomination shall
take precedence except to the extent that NEM has already entered into Customer Contracts in reliance on the Quarterly Nomination, in
which event the contents of the Quarterly Nomination shall govern.

 

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Opal hereby acknowledges and
agrees that (i) NEM will use (and rely upon) the information contained in each Quarterly and Monthly Nomination (including the Nominated
Volumes specified therein) to negotiate and execute Customer Contracts (subject to the provisions in Sections 7.3 and 7.5),
and (ii) NEM’s decision to enter into Customer Contracts (subject to the provisions in Sections 7.3 and 7.5) and to
commit to Transfer to certain volumes of Environmental Attributes as specified such Customer Contracts shall, in part, be based on NEM’s
reliance upon (and the accuracy of) the information contained in each Quarterly and Monthly Nomination (including the Nominated Volumes
specified therein). Additionally, Opal shall be responsible for any and all Transaction Costs associated with or resulting from any decrease
in the Nominated Volumes for any particular month as specified in any subsequent Nomination. For the avoidance of doubt, NEM’s right
to rely on the Nominations is limited by Opal’s right to issue Opal Directed Trades in accordance with Section 7.5 of this
Agreement, provided that such reliance right shall not be so limited to the extent that NEM has already entered into Customer Contracts
in reliance on such Quarterly and Monthly Nominations prior to the issuance of any such Opal Directed Trade.

 

Article
6

supply of offtake INVENTORY 

 

6.1 Generally.
From and after the Commencement Date and throughout the Term, (1) Opal hereby agrees to sell and Transfer to NEM (i) the Offtake Inventory,
and (ii) (without duplication of the Offtake Inventory delivered by Opal to NEM) the Minimum RIN Volume and the Minimum LCFS Volume
during each Quarter during the Term, and (2) NEM hereby agrees to (i) purchase and receive the Offtake Inventory from Opal and (ii) market
the Environmental Attributes comprising the Offtake Inventory (except, with respect to marketing, for such Environmental Attributes subject
to Index-Based Purchases and Negotiated Purchases), all in accordance with the terms and conditions of this Agreement.

 

6.2 Sale and Purchase
of Offtake Inventory.

 

(a) Throughout
the Term, as soon as practicable following the date on which any and all Environmental Attributes comprising the Offtake Inventory are
issued, Transferred or otherwise generated into Opal’s relevant Account (but in no event later than ninety (90) days following such
date), Opal shall initiate a Transfer of such Environmental Attributes from Opal’s relevant Account into NEM’s relevant Account.
Opal shall endeavor to provide NEM reasonable advance notice of each Transfer Date, but (unless otherwise agreed to in advance by NEM)
such Transfer Date shall occur during the month specified in the Nominations. Upon each such Transfer and NEM’s acceptance of the
relevant Environmental Attributes into NEM’s relevant Account, all rights, title and interest in and to each Environmental Attribute
shall transfer from Opal to NEM on the relevant Transfer Date as set out in the PTD. Upon any termination of this Agreement as a result
of an Event of Default by NEM, all rights, title and interest in and to Environmental Attributes in NEM’s Accounts shall automatically
revert to Opal, except that such reversion shall not apply (including upon an Event of Default by NEM) and NEM shall continue to
retain title to all Environmental Attributes in NEM’s Accounts that (i) NEM has already sold (or committed to sell) to Customers
pursuant to Customer Contracts, or (ii) NEM has already paid for in full via a Payment to Opal or its Affiliates (including pursuant to
Index-Based Purchases and Negotiated Purchases). Upon any termination of this Agreement as a result of an Event of Default by Opal, with
respect to all Environmental Attributes in NEM’s Accounts that NEM has not already paid for in full via a Payment to Opal or its
Affiliates, NEM shall have the right (at its sole election and in addition to any other remedies specified in Article 11) (1) with
respect to such Environmental Attributes that NEM has already sold (or committed to sell) to Customers pursuant to Customer Contracts,
to pay Opal for all (or, at NEM’s election, any portion of) such Environmental Attributes at the relevant Customer Prices specified
in such Customer Contracts (with such payment to be made by NEM at the time of termination as contemplated in Article 11, rather
than based on the relevant Transfer Dates), and (2) with respect to any other Environmental Attributes other than those described in preceding
clause (2), to pay Opal for all (but not less than all) such Environmental Attributes pursuant to Index-Based Purchases at the Index-Based
Purchase Price effective on the date of termination of this Agreement (any such amounts payable by NEM pursuant to preceding clauses (1)
and (2), “EA Close-Out Amounts”).

 

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(b) Source
of Offtake Inventory. As of the Commencement Date, Opal expects that substantially all of the Transfers contemplated herein from Opal’s
Accounts to NEM’s Accounts will originate from Accounts owned or controlled by TruStar (as it may be renamed following the Commencement
Date as contemplated in Section 18.1 below). Notwithstanding the foregoing, the Parties acknowledge and agree that such Transfers
may subsequently originate from Accounts owned or controlled by Opal Affiliate(s) other than TruStar, which may result in “Opal
Environmental Credit Marketing LLC” being the entity that takes delivery of substantially all of the Opal EA Inventory into its
Accounts for subsequent Transfer of the Offtake Inventory to NEM as contemplated herein. Any such entity change shall not require the
prior consent or approval of NEM provided that (from and after any such change) “Opal Environmental Credit Marketing LLC”
or such other entity is and remains an Affiliate of Opal Fuels throughout the Term. Opal Fuels shall promptly notify NEM upon the occurrence
of any such entity change. None of the foregoing shall lessen, alter or otherwise impact (i) NEM’s rights, interests, obligations
and liabilities under this Agreement nor (ii) the obligations of Opal and its Affiliates under this Agreement, including with respect
to Opal’s sale and Transfer of Environmental Attributes to NEM as contemplated herein. If requested by NEM, the Parties (and any
other relevant Person) shall execute an amendment to (or assignment of) this Agreement to reflect the foregoing.

 

6.3 Minimum RIN Volume
Obligation and Minimum LCFS Volume Obligation. During each Quarter during the Term, Opal shall
be obligated to deliver and Transfer to NEM both the Minimum RIN Volume and the Minimum LCFS Volume. Without limiting the exclusivity
provisions contained herein, Opal may satisfy its obligations under this Section 6.3 through any supply source of Environmental
Attributes. For sake of clarity each RIN and LCFS Credit Transferred by Opal to NEM during any Quarter pursuant to Section 6.2
shall be applied to the Minimum RIN Volume and the Minimum LCFS Volume. By way of examples if, in a Quarter: (1) Opal Transfers [*] RINs
and [*] LCFS Credits to NEM in such Quarter, then the Minimum RIN Volume obligation and the Minimum LCFS Volume obligation for such Quarter
shall each be satisfied; (2) Opal Transfers [*] RINs and [*] LCFS Credits to NEM in such Contract Year, then the Minimum RIN Volume obligation
shall be satisfied for such Quarter but the Minimum LCFS Volume obligation shall not be satisfied for such Quarter by [*] LCFS Credits;
and (3) Opal Transfers [*] RINs and [*] LCFS Credits to NEM in such Quarter, then neither the Minimum RIN Volume obligation nor the Minimum
LCFS Volume obligation shall be satisfied by [*] RINs and [*] LCFS Credits, respectively, for such Contract Year.

 

6.4 Volume Shortfall or
Excess.

 

(a) If,
for any reason, Opal fails to Transfer the Minimum RIN Volume in any Quarter or the Minimum LCFS Volume to NEM in any Quarter, then the
difference between (1) the then-current Minimum RIN Volume minus the volume of RINs actually Transferred into NEM’s Account
from Opal’s Account during such Quarter pursuant to this Agreement shall be referred to as the “Quarterly RIN Shortfall”,
and (2) the then-current Minimum LCFS Volume minus the volume of LCFS Credits actually Transferred into NEM’s Account from
Opal’s Account during such Quarter pursuant to this Agreement shall be referred to as the “Quarterly LCFS Shortfall.”
In the event of any such shortfall, the Minimum RIN Volume or the Minimum LCFS Volume (as applicable) for the immediately following Quarter
shall be automatically adjusted and increased by the Quarterly RIN Shortfall or the Quarterly LCFS Shortfall (as applicable), on a cumulative
basis. Conversely, if during any of the first three (3) Quarters of a Contract Year Opal Transfers into NEM’s Accounts a volume
of RINs in excess of the Minimum RIN Volume (such volume above the Minimum RIN Volume, a “Quarterly RIN Excess”) or
a volume LCFS Credits in excess of the Minimum LCFS Volume (such volume above the Minimum LCFS Volume, a “Quarterly LCFS Excess”),
the Minimum RIN Volumes or the Minimum LCFS Volume (as applicable) for the immediately following Quarter shall be reduced by the Quarterly
RIN Excess or the Quarterly LCFS Excess (as applicable). Notwithstanding the preceding sentence, and for sake of clarity, if in the fourth
(4th) Quarter of any Contract Year Opal Transfers into NEM’s Accounts an excess volume of RINs or LCFS Credits that would
otherwise create a Quarterly RIN Excess or a Quarterly LCFS Excess, or if there otherwise exists any remaining Quarterly RIN Excess or
Quarterly LCFS Excess at the end of any such fourth (4th) Quarter, no such excess shall be carried over or otherwise applied
to the immediately following Quarter or Contract Year (i.e., the immediately following Contract Year and the first (1st) Quarter
of such Contract Year).

 

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(i) By
way of illustration only, if Opal Transfers [*] RINs and [*] LCFS Credits to NEM in a Quarter (Quarter 1 of Contract Year 1), then
the Minimum RIN Volume and the Minimum LCFS Volume for the immediately following Quarter (Quarter 2 of Contract Year 1) shall be
adjusted and increased to [*] RINs and [*] LCFS Credits, respectively; and, if Opal Transfers [*] RINs and [*] LCFS Credits to NEM in
Quarter 2 of Contract Year 1, then the Minimum RIN Volume and the Minimum LCFS Volume for the immediately following Quarter (Quarter
3 of Contract Year 1) shall be adjusted and increased to [*] RINs and [*] LCFS Credits, respectively; and if Opal Transfers [*] RINs
and [*] LCFS Credits to NEM in Quarter 3 of Contract Year 1, then the Minimum RIN Volume and the Minimum LCFS Volume for the immediately
following Quarter (Quarter 4 of Contract Year 1) Year shall be reduced to [*] RINs and to [*]LCFS Credits, respectively; and if
Opal Transfers [*] RINs and [*] LCFS Credits to NEM in Quarter 4 of Contract Year 1, then the Minimum RIN Volume and the Minimum
LCFS Volume for the immediately following Quarter (Quarter 1 of Contract Year 2) Year shall be reset to [*] RINs and to [*] LCFS
Credits, respectively.

 

(b) If
at the end of the Term or upon any early termination of this Agreement, there remains any uncured Quarterly RIN Shortfall or Quarterly
LCFS Shortfall (the volume of RINs or LCFS Credits associated with such shortfall, as applicable, each a “Remaining Shortfall”)
after all adjustments provided in Section 6.4(a) above, Opal shall pay to NEM an amount (each a “Shortfall Payment”)
reasonably calculated by NEM as the sum of (i) the then-current Index Price per RIN or LCFS Credit (as applicable) multiplied by
the applicable Remaining Shortfall multiplied by the NEM Commodity Discount plus (ii) $[*] per RIN or LCFS Credit (as applicable).
Without limiting the foregoing, if this Agreement terminates due to the normal expiration of the Term as contemplated in Section 2.1,
then NEM (at its sole election and in lieu of the foregoing payment by Opal) may elect to extend the Term of this Agreement for a period
of time as necessary and as designated by NEM to permit Opal to Transfer RINs and LCFS Credits to NEM in a volume equal to the Remaining
Shortfall. Unless the Shortfall Payments are included in the Termination Payment contemplated in Section 11.3, Opal shall make
the Shortfall Payments within five (5) Business Days of Opal’s receipt of NEM’s written calculation and determination of such
Shortfall Payments.

 

6.5 Index-Based Purchases.
From and after the Commencement Date and throughout the Term, NEM shall have the right (in its sole discretion) to elect to pay for up
to [*] percent ([*]%) of the then current Received Volumes on the basis of the relevant Index-Based Purchase Price (each an “Index-Based
Purchase”). “Index-Based Purchase Price” means, with respect to each type of Environmental Attribute purchased
by NEM from Opal pursuant to an Index-Based Purchase, the Index Price as published at the end of the relevant trading day on which NEM
has elected to effectuate the Index-Based Purchase (or as published on the first trading day following such election if the date of such
election is a non-trading day) (any such trading day, the “Index-Based Purchase Date”), as such price is reasonably
calculated by NEM. If NEM desires to effectuate an Index-Based Purchase, then NEM shall provide Opal written notice thereof (e-mail acceptable)
at least two (2) days prior to the intended Index-Based Purchase Date. If Opal fails to issue an Opal Directed Trade (with respect to
the Environmental Attributes subject to such Index-Based Purchase) within two (2) days of receipt of such notice from NEM, then NEM’s
election with respect to the relevant Index-Based Purchase shall be valid and binding for all purposes of this Agreement (and such Index-Based
Purchase shall not be further subject to any Opal Directed Trade as contemplated in Section 7.5 or any other limitation). For
the avoidance of doubt, any volumes of Environmental Attributes relating to an Index-Based Purchase shall count toward Opal’s obligations
herein with respect to the Offtake Inventory (and the Minimum RIN Volume and the Minimum LCFS Volume).

 

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6.6 Negotiated
Purchases. Notwithstanding anything to the contrary contained herein and always subject to NEM’s rights in Section 6.5
and in Section 7.3, from and after the Commencement Date and throughout the Term, the Parties may agree (in writing) that NEM will
pay for a portion of the Offtake Inventory and certain Received Volumes (with such relevant volumes to also be documented in writing between
the Parties) on the basis of the relevant Negotiated Purchase Price (each a “Negotiated Purchase”). “Negotiated
Purchase Price” means, with respect to each type of Environmental Attribute purchased by NEM from Opal pursuant to a Negotiated
Purchase, the relevant price agreed to in writing between the Parties. For the avoidance of doubt, any volumes of Environmental Attributes
relating to a Negotiated Purchase shall count toward Opal’s obligations herein with respect to the Offtake Inventory (and the Minimum
RIN Volume and the Minimum LCFS Volume).

 

Article
7

SALES OF offtake INVENTORY

 

7.1 Sales Activity by
NEM. From and after the Commencement Date and during the Term, based on the Nominations (and
the Nominated Volumes specified therein) and other information made available to NEM by Opal and subject to NEM’s right to effectuate
Index-Based Purchases and the Parties’ right to effectuate Negotiated Purchases, NEM shall (i) actively pursue the execution of
Customer Contracts with existing and potential Eligible Customers giving primary consideration to obtaining the most favorable price
and efficient execution reasonably available to NEM under the circumstances (always subject to Section 9.6 and the other terms
of this Agreement), and (ii) arrange for and cause the sale and Transfer of Environmental Attributes (to the extent that such Environmental
Attributes are attributable to the Environmental Attributes Transferred from Opal to NEM hereunder) to Customers pursuant to all Customer
Contracts. From time to time following the Commencement Date, NEM will enter into new Customer Contracts with Customers for the sale
and purchase of Environmental Attributes (or amend, renew or extend existing Customer Contracts). Opal hereby acknowledges and agrees
that NEM shall have full and sole discretion with respect to the identification and selection of potential Eligible Customers, and, in
the absence of applicable Opal Directed Trades, the negotiation and execution of any and all Customer Contracts (as well as any and all
term sheets or letters of intent regarding same). Opal shall provide reasonable assistance and support to NEM as reasonably necessary
to facilitate NEM’s negotiation and execution of, and performance under, Customer Contracts.

 

7.2 Timing of Customer
Contracts and Index-Based Purchases. Except as otherwise contemplated herein (including with respect
to Opal Directed Trades) NEM shall monetize [*] percent ([*]%) of Received Volumes within thirty (30) days of the actual
Transfer Date of the relevant Environmental Attributes from Opal to NEM, with such monetization to be effectuated (at NEM’s discretion
but subject to Section 9.6) via (i) NEM’s execution of Customer Contracts that contain Transfer Dates between NEM and such Customers
that are within thirty (30) days of the Transfer Dates on which the relevant Environmental Attributes comprising the Received Volumes
were originally Transferred into NEM’s Account from Opal’s Account, or (ii) Index-Based Purchases with Index-Based Purchase
Dates that are within thirty (30) days of the Transfer Dates on which the relevant Environmental Attributes comprising the Received Volumes
were originally Transferred into NEM’s Account from Opal’s Account.

 

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7.3 NEM’s Right
to Execute Forward Sales. Unless Opal Directed Trades have been previously issued with contrary
written instructions from Opal to NEM, upon NEM’s receipt of each Quarterly Nomination (including the Nominated Volumes specified
therein), NEM shall be permitted (but not obligated to) without Opal’s consent or approval, to freely enter into Customer Contracts
for the Transfer to Customers of up to [*] percent ([*]%) of the Nominated Volumes specified in the relevant Quarterly Nomination, with
such Transfers to Customers and corresponding Transfer Dates to occur during the months contemplated in such Quarterly Nomination. For
the avoidance of doubt, NEM’s right to enter into forward sales with respect to any Quarterly Nomination shall always be subject
to Opal’s right to issue Opal Directed Trades, in which event the volumes associated with such Opal Directed Trades shall be excluded
from NEM’s performance standard under Section 7.8 (including as contemplated in Section 7.8(b)).

 

7.4 Delayed Customer Sales.
NEM shall not enter into any Delayed Customer Sales without (i) Opal’s prior written approval, or (ii) instructions from an Opal
Directed Trade. If the Parties agree to any Delayed Customer Sales, then the Parties shall work collectively to determine appropriate
transaction terms for such Delayed Customer Sales, which may be different than the terms contained herein.

 

7.5 Opal Directed Trades.
In connection with volumes of Environmental Attributes (including any Nominated Volumes) that are not already subject to existing Customer
Contracts, not already subject to existing Negotiated Purchases, or that are not already subject to binding Index-Based Purchases (as
contemplated in Section 6.5), Opal may (at its sole but reasonable discretion) include additional written instructions with respect
to potential Customer Contracts to be entered into by NEM with respect to such Environmental Attributes, including (i) restrictions on
forward sales by NEM, (ii) minimum Customer Prices to be achieved, and (iii) monetization over a longer period than the 30-day window
contemplated in Section 7.2 (each an “Opal Directed Trade”). For sake of clarity, the Parties’ agreement
to effectuate Opal Directed Trades shall not delay or otherwise impact the Transfer of Environmental Attributes from Opal to NEM as contemplated
in Article 6.

 

7.6 Monthly Sales Report.
No later than ten (10) days after the end of each month during the Term, NEM shall transmit to Opal a file via electronic mail (the “Monthly
Sales Report”). The Monthly Sales Report shall summarize, with respect to Environmental Attributes Transferred from Opal to
NEM hereunder or that are the subject of Monthly Nominated Volumes or Quarterly Nominated Volumes, the following: (i) the volume of Environmental
Attributes actually Transferred by NEM to Customers pursuant to Customer Contracts with Transfer Dates that occurred during the prior
month and the relevant Customer Prices associated therewith, and (ii) the volume of Environmental Attributes associated with Customer
Contracts with Customer Trade Dates that occurred during the prior month, together with the scheduled Transfer Dates and the relevant
Customer Prices (if then-known or determined) associated therewith. From time to time during the Term, and for informational purposes
only, NEM shall also provide reports to Opal (i) comparing Customer Prices to pricing of like-kind products as published by the Oil Price
Information Service (OPIS) for the relevant week, and (ii) (subject to any confidentiality obligations applicable to NEM, and without
limiting the applicability of Section 9.4) showing a summary of the average pricing and volumes achieved by NEM for the same period
for NEM sales of Environmental Attributes that are unrelated to the volumes of Environmental Attributes Transferred from Opal to NEM
hereunder.

 

7.7 Failure to Transfer.
If, for any reason (including due to force majeure or any other event impacting one or more Projects or the Dispensing Services), Opal
fails or is unable (or anticipates that it will fail or be unable) to timely Transfer any volume of Environmental Attributes comprising
the Offtake Inventory to NEM (including all or some of any Monthly Nominated Volumes or Quarterly Nominated Volumes as contemplated in
any current or prior Nomination) (each a “Failure to Transfer”), then Opal shall promptly notify NEM thereof. 
Opal hereby agrees that it shall be responsible for the payment and reimbursement to NEM of any direct costs or damages (including any
cover damages or liquidated damages) paid or otherwise actually incurred by NEM under the relevant Customer Contract as a result of any
Failure to Transfer (including when NEM has effectuated Index-Based Purchases), with such payment to be made by Opal through the calculation
and application of the Transaction Costs in connection with relevant Monthly Reconciliation Payment. The Parties agree to cooperate in
good faith in order to mitigate any damages to be paid or otherwise incurred by NEM under any Customer Contract as a result of a Failure
to Transfer.

 

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7.8 Customer Default under
Customer Contract. The Parties hereby acknowledge and agree that if a Customer defaults under a Customer
Contract (a “Customer Default”) (including an unexcused failure by such Customer to take delivery of any volume of
Environmental Attributes from NEM), Opal shall not be responsible for any costs, expenses, fees, and damages incurred or paid by NEM
associated with any such Customer Default. If NEM elects not to Transfer Environmental Attributes to a Customer due to a Customer Default
or there occurs an unexcused failure by a Customer to take delivery of any volume of Environmental Attributes from NEM under a Customer
Contract (each a “Customer Failure to Take”), then such Customer Failure to Take shall not be taken into account for
the purposes of determining whether a Monthly Resell Failure has occurred so long as NEM has made the relevant Payment to Opal for such
Environmental Attributes as contemplated in Section 8.1(c) on or before the applicable Payment Date as contemplated in Section
8.3.

 

(a) Unless
waived in writing by Opal, a “Performance Failure” shall be deemed to occur with respect to NEM upon the occurrence
(if at all) of either of (i) or (ii) below:

 

(i) Subject
to the remainder of this Article 7, there occurs three (3) Monthly Resell Failures over three (3) consecutive months during
the Term, or there occurs a total of six (6) Monthly Resell Failures during the Term; or

 

(ii) Subject
to the remainder of this Article 7, during either two (2) consecutive Quarters during the Term or a total of any four (4)
Quarters during the Term, the Quarterly Customer Price for such Quarter is more than [*] percent ([*]%) below both (a) the applicable
Quarterly Index Price for such Quarter, and (b) the applicable Quarterly Opal Trade Price (each a “Quarterly Pricing Failure”).

 

(b) With
respect to Section 7.8(a)(i) and the determination of any Monthly Resell Failure, the Received Volumes shall be reduced to the
extent that Environmental Attributes comprising the Received Volumes are not sold or Transferred to Customers by NEM under Customer Contracts
as a result of Opal’s breach or non-performance of its obligations under this Agreement (including any Event of Default by Opal
or Opal’s Transfer of any Environmental Attributes that are Invalid). Additionally, for purposes of the determination of any Monthly
Resell Failure, the relevant Received Volumes shall be reduced to the extent of (1) the volumes of Environmental Attributes associated
with any Opal Directed Trades; (2) the volumes of Environmental Attributes associated with any Delayed Customer Sales that were not entered
into in compliance with Section 7.4; and (3) the volumes of Environmental Attributes associated with a Negotiated Purchase if Opal
has agreed to receive payment outside of the applicable Sale Window Date in connection with such Negotiated Purchase.

 

(c) In
the event that Opal asserts that either a Monthly Resell Failure has occurred with respect to any month as contemplated in Section
7.8(a)(i) or that NEM has failed to meet the performance standard in Section 7.8(a)(ii) with respect to any Quarter, then (in
each such case), Opal shall be required to provide NEM with written notice thereof, which notice shall include reasonable detail and support
for Opal’s assertion, and the Parties shall promptly confer regarding same.  If, following NEM’s receipt of such notice,
it is reasonably determined (the “Determination”) by both Parties that NEM has in fact failed to meet the relevant
performance standard, then such failure shall count for purposes of Section 7.8(a)(i) and Section 7.8(a)(ii), as applicable.
NEM shall have the right to contest any assertion by Opal that a Monthly Resell Failure has occurred with respect to any month as contemplated
in Section 7.8(a)(i) or that NEM has failed to meet the performance standard in Section 7.8(a)(ii) with respect to any Quarter,
provided, however, if such contested assertion is not resolved within thirty (30) days from the date of the Determination, it shall be
presumed to be a Monthly Resell Failure or a Quarterly Pricing Failure, as applicable.

 

(d) If
a Performance Failure has occurred as contemplated in Section 7.8(a)(i) or Section 7.8(a)(ii), then, subject to the requirements
of Section 7.8(c), from and after the date on which such Performance Failure has occurred, Opal shall have the right to terminate
this Agreement upon thirty (30) days’ prior written notice to NEM, provided that such termination right shall expire on the
date is one hundred eighty (180) days following the date on which such Performance Failure occurred. In the event of any such termination,
neither Party shall have any further liability or obligation to the other Party (other than for any amounts owed as of the termination
date).

 

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Article
8

PAYMENTS AND INVOICING

 

8.1 Pricing for Sales
from Opal to NEM. The purchase price for all of the sales and Transfers of Environmental Attributes
by Opal to NEM hereunder during each Quarter shall be as set forth in this Section 8.1, depending on the type of Environmental
Attribute purchased, sold and Transferred. For sake of clarity, a Customer Price shall not be used to calculate a Payment hereunder if
NEM has instead elected an Index-Based Purchase as contemplated herein or the Parties have agreed to a Negotiated Purchase, in which
event the relevant Index-Based Purchase Price or the relevant Negotiated Purchase Price (as applicable) shall instead be used to calculate
the relevant Payment by NEM to Opal for the relevant Environmental Attributes previously Transferred by Opal to NEM.

 

(a)  RINS.
The purchase price for RINs Transferred by Opal to NEM hereunder shall be as follows:

 

(i)  For
each of the first [*] ([*]) RINs Transferred by Opal to NEM in each Quarter, the purchase price will be the sum of (i) the relevant Customer
Price, the relevant Index-Based Purchase Price (if NEM has elected an Index-Based Purchase), or the relevant Negotiated Purchase Price
(if the Parties have agreed to a Negotiated Purchase) (as applicable) multiplied by (ii) 1 minus the NEM Commodity
Discount minus (iii) $[*] per RIN; and

 

(ii)  For
each additional RIN above and beyond the first [*] ([*]) RINs Transferred by Opal to NEM in each Quarter, the purchase price will be the
sum of (i) the relevant Customer Price, the relevant Index-Based Purchase Price (if NEM has elected an Index-Based Purchase), or the relevant
Negotiated Purchase Price (if the Parties have agreed to a Negotiated Purchase) (as applicable) multiplied by (ii) 1 minus
the NEM Commodity Discount.

 

(b)  LCFS
Credits. The purchase price for LCFS Credits Transferred by Opal to NEM hereunder shall be as follows:

 

(i)  For
each of the first [*] ([*]) LCFS Credits Transferred by Opal to NEM in each Quarter, the purchase price will be the sum of (i) the relevant
Customer Price, the relevant Index-Based Purchase Price (if NEM has elected an Index-Based Purchase), or the relevant Negotiated Purchase
Price (if the Parties have agreed to a Negotiated Purchase) (as applicable) multiplied by (ii) 1 minus the
NEM Commodity Discount minus (iii) $[*] per LCFS Credit; and

 

(ii)  For
each additional LCFS Credit above and beyond the first [*] ([*]) LCFS Credits Transferred by Opal to NEM in each Quarter, the purchase
price will be the sum of (i) the relevant Customer Price, the relevant Index-Based Purchase Price (if NEM has elected an Index-Based Purchase),
or the relevant Negotiated Purchase Price (if the Parties have agreed to a Negotiated Purchase) (as applicable) multiplied by
(ii) 1 minus the NEM Commodity Discount.

 

(c)  Pricing
for Customer Failure to Take. As used in Section 8.1(a) and Section 8.1(b), in the context of any Customer Failure to
Take, the “relevant Customer Price” to be paid by NEM to Opal means the original Customer Price (i) specified under the Customer
Contract to which such Customer Failure to Take relates and (ii) that NEM would have received from the relevant defaulting Customer but
for the occurrence of the relevant Customer Failure to Take, unless the Parties have agreed to a Negotiated Purchase, in which
event the relevant Negotiated Purchase Price shall be payable by NEM to Opal (in lieu of such original Customer Price).

 

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(d)  Other
Environmental Attributes. With respect to the purchase price to be paid by NEM to Opal for Environmental Attributes other than RINs
or LCFS Credits, the Parties will agree in writing as to such purchase price, provided, however the Commodity Discount for such purchase
price shall not exceed [*] ([*]%).

 

8.2 NEM Commodity Discount.
For any Quarter, if the Quarterly Customer Price for a particular type of Environmental Attribute is both more than (i) [*] ([*]%)
below the relevant Quarterly Index Price for the same type of Environmental Attribute for such Quarter and (ii) below the Quarterly Opal
Trade Price for the same type of Environmental Attribute for such Quarter, then the NEM Commodity Discount shall be reduced to [*] percent
([*]%) for such Quarter with respect to such type Environmental Attribute only and shall remain at [*]percent ([*]%) until NEM achieves
average pricing in a subsequent Quarter for such type of Environmental Attribute that is [*] percent ([*]%) (or less) below either
(i) the Quarterly Index Price for such type of Environmental Attribute for such Quarter or (ii) the Quarterly Opal Trade Price for
such type of Environmental Attribute for such Quarter, in which event the NEM Commodity Discount shall be reset to [*] percent ([*]%).

 

8.3 Payment. 

 

(a)  NEM
shall remit payment (each a “Payment”) to Opal for the relevant Environmental Attributes previously Transferred by
Opal to NEM, in accordance with the pricing described in Section 8.1, on the following dates (as applicable) (each a “Payment
Date”): (i) within three (3) Business Days of the Transfer Date on which NEM Transfers Environmental Attributes to Customers
pursuant to a Customer Contract, (ii) with respect to any Customer Failure to Take, prior to the last day of the relevant Customer Default
Cure Period, (iii) with respect to any Index-Based Purchase, within three (3) Business Days of the relevant Index-Based Purchase Date,
or (iv) with respect to any Negotiated Purchase, within three (3) Business Days of the relevant trade date for such Negotiated Purchase
(or such other payment date mutually agreed upon between the Parties).

 

(b)  Within
ten (10) Business Days after the last day of each month during the Term, NEM will calculate and provide to Opal a statement (the “Monthly
Statement”) and appropriate supporting documentation reconciling all payments with respect to such month (the “Monthly
Reconciliation Payment”), which Monthly Reconciliation Payment may be owed by NEM or Opal (as applicable).

 

(c)  The
Monthly Reconciliation Payment will equal the net of the following amounts:

 

(i)  Any
remaining amounts owed by NEM for Environmental Attributes sold and Transferred to NEM by Opal under this Agreement during the relevant
month, in accordance with Section 8.3(a);

 

(ii)  Any
and all Transaction Costs payable by Opal to NEM associated with the relevant month; and

 

(iii)  Any
other amounts, adjustments or corrections to amounts payable by one Party to the other Party under this Agreement associated with the
relevant month.

 

(d)  The
owing Party shall pay the Monthly Reconciliation Payment to the other Party within five (5) Business Days from the date on which the relevant
Monthly Statement is issued by NEM. Subject to Section 8.4(e), the owing Party shall remit payment without offset, counterclaim
or deduction of any kind via wire transfer of immediately available (same day) federal funds in U.S. dollars to such bank account as directed
in writing by the other Party. Interest shall accrue on late payments hereunder at the Interest Rate from the date that payment is due
until the date that payment is actually received by the Party to whom it is owed.

 

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(e)  If
Opal is the owing Party and it disputes in good faith the accuracy of the Monthly Reconciliation Payment (or any portion thereof) as set
forth in the Monthly Statement, then Opal shall pay such amount as it in good faith believes to be correct (in accordance with Section
8.4(c)) and provide prompt written notice to NEM stating the reasons why the remaining disputed amount is incorrect, along with supporting
documentation acceptable in industry practice. In the event that the Parties are unable to resolve such dispute, either Party may pursue
any remedy available at law or in equity to enforce its rights under this Agreement. In the event that it is determined or agreed that
Opal must or will pay the disputed amount, Opal shall pay interest from and including the original payment due date until, but excluding,
the date the disputed amount is received by NEM, at the Interest Rate.

 

(f)  Unless
otherwise indicated in writing by Opal Fuels, all payments to be made by NEM hereunder shall be made to a bank account designated in writing
by Opal Fuels. Opal Fuels shall, at its sole discretion, elect to allocate (if at all) such payments amongst its Affiliates. Without limiting
Opal’s right to dispute amounts paid or to be paid by NEM hereunder as contemplated herein, (1) each of Opal Fuels and TruStar hereby
acknowledge and agree (for themselves and for each of their Affiliates) that a payment made by NEM hereunder to Opal Fuels (or such other
Person designated by Opal Fuels) shall fully satisfy NEM’s obligations with respect to that payment, even if such payment is made
to an account solely controlled by Opal Fuels (or such other Person designated by Opal Fuels), and (2) each of Opal Fuels and TruStar
(for themselves and for each of their Affiliates) hereby waives any claims against NEM based on a theory that NEM failed to make a payment
to Opal or any Affiliate of Opal hereunder by making such payment into the account designated by Opal Fuels (including if such account
is solely controlled by Opal Fuels or such other Person designated by Opal Fuels).

 

(g)  Opal
Fuels shall be jointly and severally liable for any payments required to be made by Opal or any of its Affiliates to NEM as contemplated
in this Agreement, including any Monthly Reconciliation Payments and any Termination Payment.

 

8.4 Payment Instructions.
Until and unless otherwise indicated in writing by a Party, payments due by a Party hereunder shall be made to the other Party as follows:

 

(a)  Payments
to Opal.

 

Pay: JPMorgan
Chase Bank NA

For the Account
of: TruStar Energy LLC

Account No./CHIPS
UID: 170268860

Fed. ABA No.: 021000021

 

(b)  Payments
to NEM.

 

Wire Transfer:

Pay: Bank of America

For the Account
of: NextEra Energy Marketing, LLC

Account No./CHIPS
UID: 3751227650

Fed. ABA No.: 026-00-9593

 

ACH Transfer:

Pay: Bank of America

For the Account
of: NextEra Energy Marketing, LLC

Account No.: 3751227650

Fed. ABA No.: 111-00-0012

 

    23

     

    

 

Article
9

REPRESENTATIONS AND WARRANTIES; ACKNOWLEDGMENTS

 

9.1 Representations and
Warranties. In addition to the other representations and warranties set forth elsewhere in this Agreement,
each Party hereby represents and warrants to the other Party as of the Execution Date and (with the exception of Section 9.1(d),
which shall only be made as of the Execution Date) throughout the Term that:

 

(a)  It
is duly organized, validly existing and in good standing under the laws of Delaware.

 

(b)  It
has the requisite power and authority to enter into this Agreement and each transaction hereunder, to perform its obligations hereunder
and thereunder, and to consummate the transactions contemplated hereby and thereby.

 

(c)  This
Agreement has been duly executed and delivered by such Party and constitutes the valid and binding obligations of such Party, enforceable
against it in accordance with its terms.

 

(d)  As
of the Execution Date, no litigation, action, investigation, event, or proceeding is pending or, to its knowledge is threatened, by any
Person or Governmental Authority against such Party that could reasonably be expected to prevent or hinder such Party from performing
its obligations hereunder.

 

(e)  No
bankruptcy-related proceedings have been commenced or are continuing with respect to it.

 

(f)  It
is not relying upon any representations of any other Party other than those expressly set forth in this Agreement.

 

(g)  It
is capable of assessing the merits of and understanding (on its own behalf or through independent professional advice) this Agreement
and any transaction, understands and accepts the terms, conditions and risks of this Agreement and each transaction entered into by the
Parties hereunder.

 

(h)  The
other Party (i) is acting solely in the capacity of an arm’s-length contractual counterparty with respect to this Agreement, and
(ii) is not acting as a financial advisor or fiduciary or in any similar capacity with respect to this Agreement.

 

(i)  As
to Opal Fuels only, Opal Fuels has all of the power and authority (including corporate authority) necessary to require and cause its Affiliates
(including TruStar, Opal Environmental Credit Marketing LLC, and Opal Construction LLC) to undertake and timely perform all of the obligations,
covenants, and other actions contemplated herein to the extent applicable to Opal and its Affiliates.

 

(j)  As
to NEM only, NEM shall maintain sufficient trading capacity, credit capacity and personnel on a general basis to execute and perform the
transactions contemplated by this Agreement and to otherwise perform its obligations under this Agreement.

 

9.2 Additional Opal Representations
and Warranties. In addition to the other representations and warranties set forth elsewhere in this
Agreement, Opal represents and warrants to NEM on each Transfer Date between NEM and Opal that:

 

(a)  Opal
conveys good title to each and every Environmental Attribute that it sells and Transfers to NEM hereunder, free and clear of any liens,
security interests, and encumbrances or any interest in or to any such Environmental Attribute by any Person (other than NEM).

 

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(b)  Each
Environmental Attribute sold and Transferred to NEM hereunder is valid under (and otherwise compliant with) the relevant Program and other
Applicable Law.

 

(c)  Opal
shall refrain (and shall cause its Affiliates to refrain) from engaging in any conduct that would result in any Environmental Attribute
to become Invalid or otherwise result in a violation of the relevant Program.

 

(d)  With
respect to RINs, each RIN sold and Transferred to NEM hereunder is of the code and generation year specified in the relevant PTD and has
not been retired.

 

(e)  Neither
Opal, nor any of its Affiliates or their respective customers or the Person that owns the project(s) (including any Project) producing
the RNG that is the basis for the generation of the Environmental Attributes to be sold and Transferred to NEM hereunder, has claimed
(or will be entitled to claim) directly or indirectly, including on any voluntary or mandatory greenhouse gas registry program, any such
Environmental Attributes as anything other than sold and Transferred to NEM hereunder.

 

9.3 WARRANTY
DISCLAIMER. EXCEPT FOR THE EXPRESS WARRANTIES SPECIFICALLY SET FORTH IN THIS AGREEMENT (INCLUDING
IN SECTIONS 5.1, 5.4, 9.1 AND 9.2), OPAL DOES NOT MAKE, AND HEREBY DISCLAIMS, ANY AND ALL OTHER EXPRESS
OR IMPLIED WARRANTIES, INCLUDING WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT AND TITLE, AND
ANY WARRANTIES ARISING FROM A COURSE OF DEALING, USAGE, OR TRADE PRACTICE.

 

9.4 Notification of Certain
Events. Each Party shall give prompt notice to the other Party if any of the following occurs: (i)
there has been a material failure of a Party to comply with or satisfy any covenant, condition or agreement to be complied with or satisfied
by it under this Agreement; (ii) receipt by a Party of any material notice or other communication from any Governmental Authority in
connection with this Agreement; (iii) the occurrence of any Event of Default as to such Party; or (iv) the commencement or threat, in
writing, of any material action or material proceeding against such Party (or any of its Affiliates) in connection with such Party’s
(or such Affiliate’s) business or operations that is reasonably likely to have a material adverse effect on such Party’s
ability to perform its obligations under this Agreement. Additionally, Opal shall give prompt notice to NEM (i) upon receipt by Opal
or any of its Affiliates of any material notice or other communication from any Governmental Authority in connection with a Project or
the Dispensing Services that could be reasonably expected to impact (or potentially impact) Opal’s obligations hereunder or (ii)
any event that could reasonably be expected to impact Opal’s supply of Environmental Attributes to NEM under this Agreement.

 

9.5 Opal Acknowledgment.
Without limiting the obligations of NEM under this Agreement (including pursuant to Section 7.1), Opal hereby acknowledges and
agrees that:

 

(a)  NEM
may, from time to time, deal with prospective Environmental Attributes suppliers or purchasers or pursue trading or hedging strategies
in connection with aspects of NEM’s business (including with respect to Environmental Attributes) that are unrelated to this Agreement,
and that such transactions and trading or hedging strategies may be different from or opposite to those being pursued by Opal or as otherwise
contemplated in this Agreement;

 

(b)  Nothing
in this Agreement is to be construed to prevent NEM or any of its Affiliates in any way from the purchase, sale or dealing in Environmental
Attributes, RNG, Low Carbon Fuel, or any other commodity or energy product, or from the development, ownership or operation of any RNG
or Low Carbon Fuel project or facility, in each case for its or their own account or for the account of Third Parties, whether prior to,
simultaneously with, or subsequent to any transaction under this Agreement; and

 

    25

     

    

 

(c)  Opal
is entering into this Agreement and each transaction hereunder as principal and that NEM is not acting as an agent or fiduciary of, or
financial, regulatory or business advisor to, Opal.

 

(d)  Additionally,
Opal acknowledges the existence of potential conflicts of interest between NEM and Opal that may arise due to NEM’s other market
activities. Opal has entered into this Agreement with a full understanding of the material terms and risks associated therewith; and Opal
has made its decisions based upon its own judgment and having consulted with and in reliance on its own advisors.

 

9.6 NEM Acknowledgement.
Subject to NEM’s right to elect to effectuate Index-Based Purchases as provided herein, NEM hereby represents and acknowledges
that it will actively pursue the execution of Customer Contracts with existing and potential Eligible Customers giving primary consideration
to obtaining the most favorable price and efficient execution reasonably available under the circumstances. NEM hereby agrees to perform
its obligations hereunder in a manner that is generally consistent with how NEM regularly performs similar obligations with similarly
situated Third Parties in similar situations and under similar agreements.

 

Article
10

[reserved]

 

Article
11

EVENTS OF DEFAULT; RIGHTS AND REMEDIES

 

11.1 Events of Default.
The occurrence of any one or more of the following events shall constitute an “Event of Default” with respect to a
Party (such Party being the “Defaulting Party”):

 

(a)  Failure
to Pay. A Party fails to pay any undisputed amount hereunder on the date such amount is due and such failure continues for a period
of five (5) Business Days following receipt by the non-paying Party of written notice from the other Party of such failure. For this purpose,
as to Opal, the foregoing includes any failure by Opal Fuels to cause any Affiliate of Opal to pay any undisputed amounts owed by such
Affiliate to NEM hereunder.

 

(b)  Obligation
and Covenant Breaches. A Party fails to perform in all material respects, keep or observe in all material respects, or otherwise materially
breaches its obligations or any covenant hereunder (including, as to Opal, it’s covenants and obligations relating to exclusivity
under Section 3.1) and such breach continues for a period of fifteen (15) Business Days from the occurrence thereof. For this purpose,
as to Opal, the foregoing includes any failure by Opal Fuels to cause any of its Affiliates to perform in all material respect or keep
or observe in all material respects any obligation or covenant applicable to Opal hereunder, or the material breach by any Affiliate of
Opal Fuels of any obligation or covenant applicable to Opal hereunder.

 

(c)  Misrepresentations.
A Party breaches any representation or warranty made or repeated or deemed to have been made or repeated by such Party in any material
respect, and, if such breach is curable, such breach is not cured to the reasonable satisfaction of the other Party within fifteen (15)
Business Days from the date that the breaching Party receives written notice from the other Party of such breach.

 

(d)  Bankruptcy.
A Party becomes or is Bankrupt. For this purpose, “Party” as to Opal means Opal Fuels, TruStar, Opal Environmental Credit
Marketing LLC, Opal Construction LLC, or the ultimate parent of Opal Fuels.

 

    26

     

    

 

For purposes of this Section
11.1, Opal hereby waives any defense (and hereby agrees to not assert any defense) against any claim by NEM that an Event of Default
has occurred with respect to Opal hereunder to the extent that such defense is based on a theory that an Affiliate of Opal (and not Opal
Fuels or TruStar) caused such Event of Default or otherwise took (or failed to take) certain actions that gave rise to such Event of Default.

 

11.2 Termination and Remedies.
Upon the occurrence of an Event of Default, the other Party (the “Performing Party”) may in its sole discretion do
any or all of the following: (i) immediately terminate this Agreement and declare that the remaining transactions hereunder are
also terminated, (ii) pursue any and all rights and remedies available to the Performing Party hereunder, at law or in equity, (iii)
suspend the performance of its obligations until the Event of Default has been cured to the Performing Party’s reasonable satisfaction;
or (iv) if NEM is the Performing Party, exercise its rights and remedies as set forth in Section 11.3.

 

11.3 NEM Remedies.

 

(a)  Termination
Payment. If NEM elects to terminate this Agreement due to an Event of Default by Opal, then NEM shall have the right to calculate
a payment (the “Termination Payment”) as set forth below, which shall become payable by Opal within two (2) Business
Days of the effective date of termination of this Agreement. NEM shall calculate the Termination Payment by (i) determining the Accelerated
Payment (as defined below) payable by Opal; (ii) determining any Shortfall Payments payable by Opal (without duplicating any amounts in
the Accelerated Payment); and (iii) aggregating the foregoing amounts in clauses (i) and (ii) to a single liquidated amount payable by
Opal. NEM shall promptly notify Opal of the Termination Payment due from Opal. At its discretion, NEM shall be entitled to net or set
off any amounts due from NEM to Opal hereunder (including, if applicable, any EA Close-Out Amounts) against the Termination Payment (and
any other amounts) due from Opal; and if such netting or set off results in a netted amount owed by NEM to Opal, then NEM shall pay such
netted amount to Opal within five (5) Business Days of the effective date of termination of this Agreement.

 

(b)  Accelerated
Payment. If NEM elects to terminate this Agreement due to an Event of Default by Opal, then NEM shall calculate (without duplication)
(i) the remaining portion (if any) of the Minimum RIN Volume and the Minimum LCFS Volume for the relevant Quarter in which such termination
occurs that Opal has not Transferred to NEM as of the effective date of termination, (ii) if such termination occurs within ninety (90)
days of the end of the Initial Term or the then-current Renewal Term and neither Party had previously elected to not renew this Agreement
as contemplated in Section 2.1, the Minimum RIN Volume and the Minimum LCFS Volume for each of the four (4) Quarters in the immediately
following Renewal Term, and (iii) if such termination occurs during the Initial Term, the Minimum RIN Volumes and the Minimum LCFS Volumes
for all of the remaining Quarters in the Initial Term (together, the “Remaining Contract Volume”). NEM shall calculate
the amount of the payment to be made by Opal to NEM (the “Accelerated Payment”) as the sum of: (i) the then-current
Index Price per RIN or LCFS Credit (as applicable) multiplied by the Remaining Contract Volume (by type of Environmental Attribute)
multiplied by the NEM Commodity Discount plus (ii) $[*] per RIN or LCFS Credit (as applicable).

 

Article
12

LIMITATIONS ON LIABILTY

 

12.1 Limitations on Liability.
Except for the Parties’ indemnification obligations with respect to claims of Third Parties and any Invalid EA Claim, the Parties’
liability for damages hereunder is limited to direct, actual damages only and neither Party shall be liable to the other party for specific
performance, lost profits or other business interruption damages, or special, consequential, punitive, exemplary or indirect damages,
in tort, contract or otherwise, of any kind, arising out of or in any way connected with the performance, the suspension of performance,
the failure to perform or the termination of this Agreement. Each Party acknowledges its duty to mitigate damages hereunder.

 

    27

     

    

 

Article
13

change in applicable law; TAXES

 

13.1 Change in Applicable
Law. In the event that, from and after the Execution Date, a Governmental Authority materially changes or updates any Applicable
Law that results in an adverse impact (A) in respect of the costs or benefits of this Agreement to either Party or (B) to either Party’s
ability to comply with any Applicable Law, then, promptly upon written request by the affected Party, the Parties shall promptly enter
into good faith negotiations to amend this Agreement to maintain the original intent and economic position of each Party hereunder. If,
after sixty (60) days of the initiation of such negotiations, the Parties cannot resolve to their mutual satisfaction a mutually agreeable
solution to the relevant change in Applicable Law, then either Party may terminate this Agreement with ten (10) Business Days’
written notice to the other Party, following which neither Party shall have any further liability or obligation to the other Party (other
than for any amounts owed as of the date of such termination). Additionally, upon the occurrence of any Prohibitive Action, either Party
shall have the right to terminate this Agreement with ten (10) Business Days’ written notice to the other Party, following which
neither Party shall have any further liability or obligation to the other Party (other than for any amounts owed as of the date of such
termination).

 

13.2 Taxes.
Each Party shall bear its own Taxes payable in connection with this Agreement and the transactions
contemplated hereunder (including each Transfer of Environmental Attributes from Opal to NEM). If a Party is required to remit
or pay Taxes that are the other Party’s responsibility to remit or pay under Applicable Law, the Party responsible to remit or
pay such Taxes under Applicable Law shall promptly indemnify the other Party for such Taxes and promptly reimburse the other Party for
such amounts. The Parties agree to cooperate in order to minimize any tax liability to the extent legally permissible.

 

Article
14

NOTICES

 

14.1 Notices in Writing.
Any notice, demand or document that a Party is required or may desire to give hereunder, except to the extent specifically provided otherwise
herein, must be (i) in writing and (ii) given by personal delivery, overnight courier, or U.S. mail registered or certified mail,
return receipt requested, with the postage prepaid and properly addressed or communicated to such Party at its address set forth below,
or at such other address as either Party may have furnished to the other by notice given in accordance with this Section 14.1.
Other than notices relating to an Event of Default, termination of this Agreement, indemnification, assignment and disputes, notice may
also be given by electronic mail at such e-mail address as is typically used for such type of matter in the conduct of the recipient’s
business. Any notice delivered or made by personal delivery, overnight courier, facsimile, or U.S. mail will be deemed to be given on
the date of actual delivery as shown by the receipt for personal delivery or overnight courier delivery, the addresser’s machine
confirmation for facsimile delivery, or the registry or certification receipt for registered or certified mail.

 

If to NEM: 

 

NextEra Energy Marketing,
LLC

700 Universe Boulevard

Juno Beach, FL 33408

Attention: [·]

Email Address: [·]

 

    28

     

    

 

With a copy to:

 

NextEra Energy Marketing, LLC

700 Universe Boulevard

Juno Beach, FL 33408

Attention: Legal Department

 

If to Opal:

 

Opal Fuels LLC

One North Lexington Avenue

White Plains, New York
10601

E-Mail: noticeofficer@opalfuels.com

Attention: General Counsel

 

Article
15

INDEMNIFICATION

 

15.1 Indemnification Obligations.
Each Party (“Indemnifying Party”) shall indemnify the other Party and each of its assignees, officers, directors,
employees, representatives, attorneys and agents from and hold each of them harmless against any and all liabilities, obligations, losses,
damages, penalties, Claims (including any Claim made by a Third Party or a Governmental Authority), actions, judgments, suits, costs,
expenses and disbursements incurred by any of them to the extent caused by or arising out of (i) any Event of Default by the Indemnifying
Party; (ii) the Indemnifying Party’s failure to comply with Applicable Law; (iii) the Indemnifying Party’s negligence or
willful misconduct; or (iv) any Invalid EA Claim or Opal’s Transfer to NEM of any Invalid or deficient Environmental Attributes,
in which either case Opal shall be the Indemnifying Party.

 

15.2 Invalid EA Claims.
The Parties shall consult with each other and coordinate how to handle and resolve any Claims made by a Customer against NEM under any
Customer Contract for any Environmental Attributes that are Invalid (an “Invalid EA Claim”). NEM shall reasonably
consider in good faith any proposals timely offered by Opal for resolving Invalid EA Claim, considering the facts and circumstances involved;
provided, however, that NEM shall retain the sole discretion to resolve or compromise any such Invalid EA Claim. Opal’s
right to offer proposals and suggestions regarding the potential settlement of any Invalid EA Claim (if applicable) shall not relieve
or alter Opal’s liability and obligation to indemnify and fully reimburse NEM for such Invalid EA Claim.

 

Article
16

NATURE OF THE TRANSACTION AND RELATIONSHIP OF PARTIES

 

16.1 Relationship of the
Parties. This Agreement shall not be construed as creating a partnership, or joint venture
between the Parties. It is understood that NEM is an independent contractor with complete charge of its employees and agents in the performance
of its duties hereunder, and nothing herein shall be construed to make NEM, or any employee or agent of NEM, an agent or employee of
Opal.

 

16.2 No Authority.
Except as expressly provided herein, neither Party shall have the right or authority to negotiate, conclude or execute any contract or
legal document with any third person; to assume, create, or incur any liability of any kind, express or implied, against or in the name
of the other; or to otherwise act as the representative of the other Party, unless expressly authorized in writing by the other Party.

 

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Article
17

GOVERNING LAW AND JURISDICTION

 

17.1 Choice of Law.
This Agreement and the rights and duties of the Parties will be governed by, construed in accordance with and enforced under the laws
of the State of New York without giving effect to its conflicts of laws principles (other than Sections 5-1401 and 5-1402 of the
New York General Obligations Law).

 

17.2 Jurisdiction.
With respect to any litigation or other dispute (based hereon, or arising out of, under or in connection with this Agreement),
each Party hereby irrevocably submits to the exclusive jurisdiction of any federal court of competent jurisdiction situated in
New York, New York, or, if any federal court declines to exercise or does not have jurisdiction, in any New York state court in New York,
New York, and to service of process by certified mail, delivered to the Party at the address indicated herein. Each Party hereby irrevocably
waives, to the fullest extent permitted by law, any objection to personal jurisdiction, whether on grounds of venue, residence or domicile.

 

17.3 Waiver of Jury Trial.
Each Party hereby knowingly, voluntarily and intentionally waives the right either of them may have to a trial by jury in respect of
any litigation based hereon, or arising out of, under or in connection with this Agreement.

 

Article
18

MISCELLANEOUS

 

18.1 Assignment.

 

(a)  Neither
this Agreement nor any of the rights, interests or obligations hereunder may be assigned or otherwise transferred by either Party without
the prior written consent of the other Party (such consent not to be unreasonably withheld, conditioned or delayed). Any purported assignment
in contraventions of this Section 18.1 shall be null and void and the non-assigning Party shall not be obligated to recognize the
purported assignment of this Agreement. Unless otherwise agreed in advance by the non-assigning Party, all assignees shall be required
to agree in writing to be bound by the terms and conditions of this Agreement. This Agreement will be binding on, and inure to the benefit
of any permitted assign or successor of the assigning Party.

 

(b)  Notwithstanding
Section 18.1(a), without the consent of NEM, but with prior written notice to NEM, Opal may collaterally assign its rights and
benefits under this Agreement (for security purposes or as collateral) to a Financing Party from which Opal obtains financing. In connection
with any such permitted collateral assignment, and if requested by the Financing Parties, NEM shall reasonably consider (and hereby agrees
to not unreasonably withhold) the execution by NEM of a collateral assignment consent agreement to be entered into by Opal, NEM and Opal’s
Financing Parties to the extent that such agreement is limited to NEM recognizing and consenting to (i) Opal’s collateral assignment
of its rights and benefits under this Agreement as contemplated in the preceding sentencing and (ii) the relevant Financing Parties’
rights to be notified of, and allowed to cure, any breach or Event of Default under this Agreement by Opal. Opal shall reimburse NEM for
its reasonable, out-of-pocket third-party legal expenses incurred in connection with reviewing any such agreement or any such due diligence
efforts. In no case shall any such rights and terms of a collateral assignment consent agreement described in this Section 18.1(b)
materially adversely affect any of NEM’s commercial rights or obligations under this Agreement.

 

(c)  The
Parties acknowledge and agree that, following the Execution Date, TruStar may change its name to “Opal Construction LLC” or
such other name selected by TruStar or Opal Fuels, and such name change shall not require the prior consent or approval of NEM provided
that (from and after any such name change) the renamed entity is and remains an Affiliate of Opal Fuels throughout the Term. TruStar and
Opal Fuels shall promptly notify NEM of any such name change. Upon such name change becoming effective, all references in this Agreement
to “TruStar” shall refer to “Opal Construction LLC” or such other name selected by TruStar or Opal Fuels. None
of the foregoing shall lessen, alter or otherwise impact (i) NEM’s rights and interests under this Agreement nor (ii) the obligations
of Opal and its Affiliates under this Agreement, including with respect to Opal’s sale and Transfer of Environmental Attributes
to NEM as contemplated herein. If requested by NEM, the Parties (and any other relevant Person) shall execute an amendment to this Agreement
to reflect the foregoing name change. The transactions contemplated by this Section 18.1(c) shall not be an assignment or transfer
of this Agreement subject to the consent requirements of Section 18.1(a).

 

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18.2 Forward Contract.
The Parties intend that (i) each purchase and sale of Environmental Attributes hereunder shall constitute a “forward contract”
under section 101(25) and a “swap agreement” under section 101(53B) of the U.S. Bankruptcy Code protected by, inter alia,
section 556 and section 560 of the Bankruptcy Code, (ii) each transaction hereunder and this Agreement constitutes a “master netting
agreement” under section 101(38A) of the U.S. Bankruptcy Code and that each Party constitutes a “master netting agreement
participant” under section 101(38B) of the Bankruptcy Code, and (iii) the rights in Article 11 of this Agreement include
the rights referred to in section 561(a) of the U.S. Bankruptcy Code.

 

18.3 Alternate Index.
If an index used to calculate a price hereunder (“Original Index”) ceases to be published or is not published for
any period applicable to calculation of such price, the Parties shall in good faith meet and promptly agree on a replacement index within
ten (10) Business Days after the date the Original Index ceases to be published. Such replacement index will be as comparable as possible
to the Original Index specified in this Agreement.

 

18.4 Survival.
Termination or expiration of this Agreement will not affect any rights or obligations that may have accrued prior to termination. The
obligations of each Party that expressly survive termination, are required to take effect on or give effect to termination or the consequences
of termination or which by their very nature must survive termination, will continue in full force and effect notwithstanding termination
of this Agreement.

 

18.5 Entire Agreement;
Amendments. This Agreement, the Exhibit(s) and each transaction hereunder constitute the
entire agreement of the Parties regarding the matters contemplated herein and therein and supersede all prior oral or written agreements
and understandings between the Parties with respect to the subject matter hereof and thereof, and there are neither understandings nor
commitments not expressly set forth herein or therein. This Agreement may not be altered, amended, modified or otherwise changed in any
respect except in writing duly executed by an authorized representative of each Party.

 

18.6 Severability.
If at any time any court of competent jurisdiction declares that any provision of this Agreement is illegal, invalid or unenforceable
in any respect under any Applicable Law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions
nor the legality, validity or enforceability of such provision under the Applicable Law of any other jurisdiction will, in any way, be
affected or impaired. The Parties will negotiate in good faith with a view to reform this Agreement in order to give effect to the original
intention of the Parties and produce as nearly as is practicable in all the circumstances the appropriate balance of the commercial interests
of the Parties. The failure to agree upon such provisions for any reason or no reason will not be considered a breach of this Agreement.

 

18.7 Waiver and Cumulative
Remedies. No failure to exercise, nor any delay in exercising, any right, power or remedy
under this Agreement or provided by Applicable Law is to operate as a waiver, nor will any single or partial exercise of any right or
remedy prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in this Agreement
are cumulative and not exclusive of any rights or remedies (provided by Applicable Law or otherwise). Any waiver of any breach of this
Agreement will not be deemed to be a waiver of any subsequent breach.

 

    31

     

    

 

18.8 No Third-Party Beneficiaries.
There are no third party beneficiaries to this Agreement and the provisions of this Agreement will not impart any legal or equitable
right, remedy or Claim enforceable by any Person, firm or organization, other than the Parties.

 

18.9 Compliance with Law.
Each Party undertakes and covenants to the other Party that it will comply in all material respects with all Applicable Laws to which
it may be subject in connection with the performance of any obligation or exercise of any rights under this Agreement. Each Party shall
maintain all records required to be maintained in order to comply with Applicable Law.

 

18.10 Audit Rights.
Subject to Section 18.11, NEM agrees that Opal shall have the right to review (upon reasonable advance notice to NEM) the
following Customer-related records and documentation in NEM’s possession for the purpose of verifying NEM’s calculation of
the Monthly Reconciliation Payment: (1) invoices sent by NEM to Customers pursuant to Customer Contracts, and (2) copies of Customer
Contracts (each of the foregoing subject to the confidentiality provisions contained in the relevant Customer Contract(s)). If any such
examination reveals any material inaccuracy in any invoice, the necessary adjustments in such invoice and the payments will be promptly
made together with interest at the Interest Rate, if applicable, from the original date of payment. No adjustment for any invoice or
payment will be made unless objection to its accuracy was made prior to the lapse of two (2) years from the date that the disputed invoice
was delivered.

 

18.11 Confidentiality;
Announcements. (a) Subject to the remaining provisions of this Section 18.11, each
Party agrees, for itself, its Affiliates, and its Representatives (defined below), to not disclose Confidential Information to Third
Parties or use the Confidential Information for any purpose not contemplated by this Agreement except when (i) required to be disclosed
to effect the performance under the Agreement (provided that the disclosing Party shall (i) notify the other Party in advance of any
such disclosure specifying the reasons for such disclosure, and (ii) redact, to the maximum extent permitted under the circumstances,
the terms of this Agreement prior to any such disclosure and submit to the other Party the proposed redacted version of this Agreement
prior to any such disclosure), (ii) necessary to enforce a Party’s rights under the Agreement, (iii) required to be disclosed by
a Party to lenders, underwriters, financial institutions, or insurers in connection with any financing, (iv) required by regulations
to be reported or filed, or (v) required to be disclosed to auditors, provided that the Party disclosing such Confidential Information
shall seek such confidentiality provisions as may reasonably be obtained from such Third Parties to safeguard against further disclosures.
This confidentiality obligation will expire two (2) years past the expiration or termination of this Agreement. “Representatives”
means the principals, directors, members, officers, employees, attorneys, consultants and advisors of the receiving Party or its Affiliates,
to whom disclosure is reasonably necessary in connection with this Agreement.

 

(b)  The
receiving Party, its Affiliates, and its Representatives shall not disclose any Confidential Information to any Third Party without the
prior written consent of the disclosing Party unless requested or required by a governmental authority or self-regulatory organization
or as permitted in accordance hereof, except that a Party may disclose Confidential Information to any Affiliate, Representative, current
or future financing sources, or potential purchaser of the Party and its parent or affiliated entities without such prior written consent,
provided that the receiving Party (i) must require any of the foregoing Person(s) to agree to treat the Confidential Information in accordance
with this Agreement, and (ii) shall be liable to the disclosing Party for any breach of confidentiality by any of the foregoing Person(s)
with respect to Confidential Information.

 

(c)  In
the event any Party is requested or required to disclose such Confidential Information by law or by a court, agency, or other governing
body having or purporting to have jurisdiction over the Party, to the extent permitted by law such Party must notify the other Party prior
to any disclosure so as to allow the other Party to resist such disclosure before the governing body or to seek appropriate protection
from further disclosure.

 

    32

     

    

 

(d)  Always
subject to Section 12.1, the Parties agree that disclosure of Confidential Information in breach of the confidentiality provisions
of this Agreement constitutes an irreparable injury and that injunctive relief is an appropriate remedy to prevent the unwarranted disclosure
of any Confidential Information.

 

18.12 Further Assurances.
Subject to the provisions of this Agreement, the Parties will, from time to time, do all acts and things and execute and deliver all
such further documents and instruments, as the other Party may reasonably require to effectively carry-out the full intent and meaning
of this Agreement.

 

18.13 Exhibits.
The following Exhibits are attached to this Agreement and are incorporated into this Agreement by reference and made a part of this Agreement
for all purposes:

 

Exhibits:

 

Exhibit A Description of Contracted
Inventory

 

18.14 Drafting.
The Parties acknowledge that each Party and its counsel has reviewed and revised this Agreement, and any rule of construction to the
effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation, application or
enforcement of this Agreement.

 

18.15 Interpretation.
Unless the context otherwise requires or except where specifically stated otherwise, in this Agreement: (i) words using the singular
or plural number also include the plural or singular number, respectively; (ii) references to a provision of Applicable Law or Applicable
Laws generally are references to that provision or Applicable Laws generally, as may be amended, extended or re-enacted from time to
time; (iii) references to “days,” “months” and “years” mean calendar days, months and years, respectively,
and a “day” consists of the 24-hour period commencing at 12:00:00 a.m. EPT and ending on 11:59:59 p.m. EPT on that day; (iv)
references to “dollars” or “$” mean U.S. dollars; (iv) references to “Article”, “Sections”,
and “Exhibits” in this Agreement, or to a provision contained therein, are to be construed as references to the entirety
of the enumerated Article, Section and Exhibit of this Agreement, as may be amended, modified or supplemented from time to time in accordance
with the terms hereof; (v) the words “include” or “including” are deemed to be followed by “without limitation”
or “but not limited to” whether or not they are followed by such phrases or words of like import; (vi) unless the context
expressly contemplates otherwise, the word “or” shall be interpreted in the inclusive sense (i.e., “and/or”);
and (vii) Section headings of this Agreement are for convenience of reference only, and do not form a part of this Agreement, and do
not in any manner modify, interpret, or construe the intent or agreement of the Parties.

 

18.16 Counterparts.
This Agreement may be executed by the Parties in separate counterparts and all such counterparts will together constitute one and the
same instrument. In the event that any signature is delivered by via electronic transmission in .pdf format, such signature will create
a valid and binding obligation of the executing Party executing (or on whose behalf the signature is executed) with the same force and
effect as if such.pdf signature page were an original thereof.

 

[sIGNATURE
PAGE FOLLOWS]

 

    33

     

    

 

This Agreement has been executed as of the Execution
Date by the authorized representatives of each Party as indicated below.

 

	nem:	 
	 	 
	NextEra Energy marketing, LLC	 
	 	 
	By:	/s/ Mark Maisto	 
	Name:	 Mark Maisto	 
	Title: 	President	 
	 	 
	Date: 11/23/21	 
	 	 
	opal:	 
	 	 
	opal fuels LLC	 
	 	 
	By: 	/s/ Jonathan Maurer	 
	Name: 	Jonathan Maurer	 
	Title: 	Co-CEO	 
	 	 
	Date: November 29, 2021	 
	 	 
	trustar energy LLC	 
	 	 
	By: 	/s/ Jonathan Maurer	 
	Name: 	Jonathan Maurer	 
	Title: 	Co-CEO	 
	 	 
	Date: November 29, 2021	 

 

[Signature Page to Environmental Attributes
Purchase and Sale Agreement]

 

     

     

    

 

EXHIBIT A

 

Description of Contracted Inventory

 

 

 

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