Document:

Escrow Agreement

 EXHIBIT 10.2 
  
 ESCROW AGREEMENT 
  
 ESCROW AGREEMENT (“Agreement”), dated as of 30th day of September, 2004, by and among Illinova Corporation, an Illinois corporation ( “Illinova”), Ameren Corporation, a Missouri corporation (“Ameren”), and JPMorgan
Chase Bank, a New York State Bank with an office in Houston, Harris County, Texas, as escrow agent (the “Escrow Agent”). 
  
 W I T N E S S E T H 
  
 WHEREAS, Illinova and Ameren, among other parties, have entered into a Stock Purchase Agreement dated as of February 2,
2004, as amended (the “Purchase Agreement”), pursuant to which Ameren will purchase from Illinova, and Illinova will sell to Ameren, all of the outstanding common stock of Illinois Power Company, an Illinois corporation
(“IPC”), subject to the terms and conditions set forth in the Purchase Agreement; and 
  
 WHEREAS, under the terms of the Purchase Agreement, the Escrow Funds (as such term is defined below) are to be delivered to the Escrow Agent and deposited
into the escrow account established hereunder to secure payment of the indemnification obligations of Illinova and its Affiliates pursuant to the Purchase Agreement as they relate to (i) the Baldwin Litigation and (ii) any plant included within the
Generation Assets (excluding the Baldwin plant) (the “Other Plants”); 
  
 NOW, THEREFORE, in consideration of the mutual promises herein contained and for other good and valuable consideration, and intending to be legally bound, the parties hereto agree as follows: 
  
 1. Definitions. Capitalized terms used but not otherwise defined
herein shall have the meanings ascribed to such terms in the Purchase Agreement. As used in this Agreement the following terms shall have the meanings set forth below: 
  
 “Baldwin Litigation” shall mean the Action listed at item 1 of Schedule 3.11 to the Purchase Agreement.

  
 “Other Claim” shall mean a lawsuit by any
state or federal agency having authority to enforce the Clean Air Act (a) against IPC, (b) with respect to any Other Plant, (c) which lawsuit is based on claims that are substantially the same as the claims pending under the Baldwin Litigation on
February 2, 2004 and (d) which lawsuit is filed prior to October 1, 2004. 
  
 2. Appointment of Escrow Agent. Illinova and Ameren hereby appoint the Escrow Agent to act as escrow agent hereunder and the Escrow Agent hereby accepts such appointment for the purpose of receiving and
disbursing the Escrow Funds in accordance with the terms and conditions set forth herein. 

 3. Deposit of Escrow Funds. At the Closing, Ameren will deliver to the Escrow Agent, by wire
transfer of same day funds, for deposit in an escrow account (the “Escrow Account”), the sum of $100,000,000 (such sum, the “Escrow Funds”). 
  
 4. Investment of Escrow Funds. Promptly after the deposit of the Escrow Funds pursuant to Section 3 hereof and until
such time as all payments of principal and interest are made pursuant to Section 5 hereof, the Escrow Agent shall invest the Escrow Funds in and continue to invest the Escrow Funds in a JPMorgan Money Market Account holding Cash Equivalents (as such
term is defined below) unless otherwise instructed in writing by Illinova to invest in Cash Equivalents. For the purposes of this Agreement, “Cash Equivalents” shall mean (a) securities with maturities of 360 days or less from the
date of determination, issued or fully guaranteed or insured by the United States government or any agency thereof, (b) commercial paper (in an aggregate amount of no more than $10,000,000 per issuer) of an issuer organized under the laws of any
State of the United States rated at least A-l by Standard & Poor’s Corporation or P-l by Moody’s Investors Service, Inc., and (c) interest-bearing demand deposits, insured certificates of deposit, time deposits, and bankers’
acceptances of any commercial bank organized under the laws of the United States of America or any State thereof and is a member of the Federal Reserve System which issues commercial paper rated as described in the preceding clause (b) and has
combined capital and surplus of at least $1,000,000,000 having maturities of 180 days or less from the date of determination, and (d) money market mutual funds consisting of one or more of the investments specified in clause (a), (b) or (c) above.

  
 Receipt, investment and reinvestment of the Escrow Funds shall
be confirmed by the Escrow Agent as soon as practicable by account statement. 
  
 5. Escrow Payments. The Escrow Agent shall make a payment of all or part of the Escrow Funds in respect of payments authorized by paragraphs (a) or (b) or (c) below following receipt of joint instructions from
Illinova and Ameren that such payment is authorized. 
  
 (a) Payment to
Illinova in Full. The Escrow Funds and any accumulated income thereon shall be paid to Illinova following the earliest to occur of: 
  
 (i) Dynegy Holdings Inc.’s senior unsecured indebtedness obtaining a rating of BBB- or higher from Standard & Poor’s or Baa3 or higher from
Moody’s Investor Services, Inc., and Dynegy Holdings Inc. shall not have reorganized under the federal bankruptcy law after the date of this Agreement; or 
  

(ii) Potential Liability (as defined below) is less than $20,000,000. 
  
 (b) Payment to Illinova in Part. Until the occurrence of any of the events set forth in paragraph (a) of this Section 5, at the end
of each calendar quarter following the Closing Date, if the amount of Escrow Funds exceeds the Potential Liability, such excess will be paid by the Escrow Agent to Illinova following the end of such calendar quarter. 
  
 (c) Payment to Ameren. To the extent that Ameren or any of its Affiliates is required
to pay an amount with respect to the Baldwin Litigation or any Other Claim, and such payment would be an Indemnifiable Loss pursuant to Article IX of the Purchase Agreement, the Escrow Agent will 
  

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 pay to Ameren from the Escrow Funds the lesser of (x) such amount and (y) the full amount of the Escrow Funds. To the
extent of such payment, the Seller Indemnitors’ indemnity obligation will be deemed discharged. 
  
 (d) Distributions of Income. On the last day of each March, June, September and December, the Escrow Agent will pay to Illinova an amount equal to the net income and gain earned on the Escrow Funds. 

 
 (e) Payment at Expiration Date. On the Expiration Date (as such term is defined
below), the Escrow Agent shall pay all amounts remaining in the Escrow Account to Illinova; provided, however, that if, on the Expiration Date, a dispute is pending between Ameren and Illinova with respect to Ameren’s entitlement
to receive a payment pursuant to paragraph (c) of this Section 5, the Escrow Agent shall pay all amounts remaining in the Escrow Account to Illinova except for any amount that is subject to such dispute (the “Disputed Amount”). The Escrow
Agent shall continue to hold the Disputed Amount pursuant to this Agreement until such dispute is resolved. After the payment of any portion of the Disputed Amount, if any, required to be made to Ameren pursuant to the resolution of such dispute,
the balance, if any, of the Disputed Amount shall be paid to Illinova. For purposes of this Agreement, the term “Expiration Date” shall mean December 31, 2010. 
  
 (f) For purposes of this Agreement, “Potential Liability” shall mean, as of any date, the amount that is the sum of :

  
 (i) with respect to the Baldwin Litigation, the lesser of (A)
$100,000,000 or (B) the remaining cost to IPC of complying with any settlement, consent decree or judgment applicable to IPC in the Baldwin Litigation; and 
  
 (ii) with respect to each Other Plant that is the subject of an Other Claim for which a settlement, consent decree or judgment with respect to such Other
Plant has been entered into by or rendered against IPC, the remaining cost to IPC of complying with such settlement, consent decree or judgment; and 
  
 (iii) with respect to each Other Plant that is the subject of an Other Claim for which a settlement, consent decree or judgment with respect to such Other
Plant has not been entered into or rendered in such litigation or proceeding, $15,000,000. 
  
 In the event that any settlement, consent decree or judgment requires action by IPC other than the payment of money to any Governmental Authority, the cost to IPC of compliance will be determined by applying estimated
costs as determined by an engineering firm mutually acceptable to Ameren and Illinova. The fees of such engineering firm shall be shared equally by Ameren and Illinova. 
  
 (g) Ameren and Illinova agree to (i) jointly instruct the Escrow Agent to make the payments provided for in this Section 5 when the
circumstances that are described therein arise, and (ii) endeavor in good faith to resolve disputed matters. 
  

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 6. Taxation of Income on Escrow Funds. Illinova agrees that it shall include the income on the
Escrow Funds in its gross income for the taxable year of Illinova in which such income is accrued (the “Taxable Year”). 
  
 7. Exculpation and Indemnification of Escrow Agent. It is understood and agreed that the Escrow Agent shall: 
  
 (a) be under no duty to accept information from any person other than Ameren
and Illinova and only to the extent and in the manner provided in this Agreement; 
  
 (b) be protected in acting upon any written notice, opinion, request, certificate, approval, consent or other document believed by it to be genuine and to be signed by the proper party or parties; 
  
 (c) be deemed conclusively to have given and delivered any notice required to
be given or delivered hereunder if the same is in writing, and (i) sent by nationally recognized overnight courier, (ii) sent by facsimile, or (iii) hand delivered: 
  
 addressed to Illinova at: 
  
 Illinova Corporation 
 c/o Dynegy Inc.

 1000 Louisiana St., Suite 5800 
 Houston, Texas 77002 
 Facsimile No.: (713) 507-6808 
 Attention: General Counsel 
  
 with a copy to: 
  
 O’Melveny & Myers LLP

 1625 Eye Street, NW 
 Washington, DC 20006 
 Attention: David G. Pommerening 
 Facsimile No.: (202) 383-5414 
  
 and addressed to
Ameren at: 
  
 Ameren Corporation 
 1901 Chouteau Avenue 
 St. Louis, MO
63166-6149 
 Attention: Steven R. Sullivan 
 Facsimile No.: (314) 554-4014 
  
 with a copy to: 
  
 Wachtell, Lipton, Rosen & Katz

 51 West 52 Street 
 New York,
NY 10019-6150 
  

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 Attention: Elliott V. Stein 
 Facsimile No.: (212) 403-2000 
  
 or, in each
case, to such other address as any party hereto may specify by notice in writing given in the manner described above in this paragraph (c); 
  
 (d) be indemnified and held harmless jointly and severally by the other parties hereto against any claim made against it by reason of its acting or
failing to act in connection with any of the transactions contemplated hereby and against any loss, liability or expense, including the expense of defending itself against any claim of liability it may sustain in carrying out the terms of this
Agreement, except such claims as are occasioned by its bad faith, gross negligence, willful misconduct, fraud or any other breach of fiduciary duty; 
  
 (e) have no liability or duty to inquire into the terms and conditions of any agreements to which the Escrow Agent is not a party, its duties under this
Agreement being understood to be purely ministerial in nature; 
  
 (f) be permitted to consult with counsel of its choice and shall not be liable for any action taken, suffered or omitted by it in good faith in accordance with the written advice of such counsel; provided, however, that
nothing contained in this paragraph (f), nor any action taken by the Escrow Agent, or of any counsel, shall relieve the Escrow Agent from liability for any claims which are occasioned by its bad faith, gross negligence, willful misconduct, fraud or
any other breach of fiduciary duty, all as provided in paragraph (d) above; 
  
 (g) not be bound by any modification, amendment, termination, cancellation, rescission or supersession of this Agreement, unless the same shall be in writing and signed by the parties hereto; 
  
 (h) if and to the extent it is uncertain as to its duties and rights
hereunder, be entitled to refrain from taking any action other than to keep all property held by it in escrow until it shall be directed otherwise in writing by Illinova and Ameren, in accordance with this Agreement, or by a final judgment of a
court of competent jurisdiction; 
  
 (i) have no liability for any
act or omission done pursuant to the instructions contained or expressly provided for herein, or written instructions given by Illinova and Ameren pursuant hereto; 
  
 (j) have the right, at any time, to resign hereunder by giving written notice of its resignation to Illinova and Ameren, at
their addresses set forth above, at least 30 Business Days prior to the date specified for such resignation to take effect; in which case, upon the effective date of such resignation: 
  
 (i) all cash and other payments and all other property then held by the Escrow Agent hereunder shall be delivered by it to
such person as may be designated in writing by Illinova and Ameren, whereupon the Escrow Agent’s obligations hereunder shall cease and terminate; 
  

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 (ii) if no such person has been designated by such date, the Escrow Agent’s sole responsibility
thereafter shall be to keep all property then held by it and to deliver the same to a person designated in writing by Illinova and Ameren, or, if no such person shall have been so designated, in accordance with the directions of a final order or
judgment of a court of competent jurisdiction, and the provisions of paragraphs (f), (j) and (k) of this Section 7 shall remain in effect; 
  
 (k) be reimbursed upon its request for all reasonable expenses, disbursements and advances incurred or made by it in accordance with any provisions of
this Agreement, except any such expenses, disbursements or advances as may be attributable to its gross negligence, willful misconduct, bad faith, fraud or other breach of fiduciary duty. All reimbursements pursuant to this Section 7(k) shall be
made one-half by Illinova and one-half by Ameren; 
  
 (l) Illinova
and Ameren each hereby agree to pay the Escrow Agent for its services hereunder in accordance with the Escrow Agent’s fee schedule as attached as Schedule I hereto as in effect from time to time and to pay all expenses reasonably incurred by
the Escrow Agent in connection with the performance of its duties and enforcement of its rights hereunder and otherwise in connection with the preparation, operation, administration and enforcement of this Agreement, including, without limitation,
attorneys’ fees, brokerage costs and related expenses incurred by the Escrow Agent (the “Escrow Agent’s Fees”). The foregoing notwithstanding, each of Illinova and Ameren will be responsible for one half of the Escrow
Agent’s Fees and shall not be jointly or severally liable for the other’s share of the Escrow Agent’s Fees. In the event that Illinova fails to pay its share of the Escrow Agent’s Fees as and when the same are due, the Escrow
Agent may charge to and set off any or all of such unpaid Escrow Agent’s Fees from interest earned on the Escrow Funds without any further notice; and 
  
 (m) in no event shall the Escrow Agent be liable for special, indirect or consequential loss or damage of any kind whatsoever (including but not limited
to lost profits), even if the Escrow Agent has been advised of the likelihood of such loss or damage and regardless of the form of action and, further, the Escrow Agent shall have no liability for any loss arising from any cause beyond its
control, including, but not limited to, the following: (a) acts of God or force majeure, including, without limitation, war (whether or not declared or existing), revolution, insurrection, riot, civil commotion, accident, fire, explosion, stoppage
of labor, strikes and other differences with employees; (b) any delay, error, omission or default of any mail, courier, telegraph, cable or wireless agency or operator; or (c) the acts or edicts of any government or governmental agency or other
group or entity exercising governmental powers. 
  
 8.
Representations and Warranties of Illinova. Illinova hereby represents and warrants to each other party hereto that: 
  
 (a) this Agreement has been duly authorized, executed and delivered by Illinova and is the legal, valid and binding agreement of Illinova, enforceable
against Illinova in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws relating to or affecting the rights and remedies of creditors generally and to general principles of equity
(regardless of whether in equity or at law); and 
  

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 (b) the execution, delivery and performance of this Agreement and the consummation of the transactions
contemplated hereby will not violate any provision of, or be an event that is or, with the passage of time will result in, a violation of, or result in the acceleration of or entitle any party to accelerate (whether after the giving of notice or
lapse of time or both) any obligation under or pursuant to any mortgage, lien, lease, agreement, instrument, order, arbitration award, judgment or decree to which Illinova is a party or by which it or any of its assets are bound. 
  
 9. Representations and Warranties of Ameren. Ameren hereby represents
and warrants to each other party hereto that: 
  
 (a) this
Agreement has been duly authorized, executed and delivered by Ameren, and is the legal, valid and binding agreement of Ameren, enforceable against Ameren in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization,
moratorium or other laws relating to or affecting the rights and remedies of creditors generally and to general principles of equity (regardless of whether in equity or at law); and 
  
 (b) the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby
will not violate any provision of, or be an event that is or, with the passage of time will result in, a violation of, or result in the acceleration of or entitle any party to accelerate (whether after the giving of notice or lapse of time or both)
any obligation under or pursuant to any mortgage, lien, lease, agreement, instrument, order, arbitration award, judgment or decree to which Ameren is a party or by which it or any of its assets is bound. 
  
 10. Representations and Warranties of the Escrow Agent. The Escrow
Agent hereby represents and warrants to each other party hereto that: 
  
 (a) this Agreement has been duly authorized, executed and delivered by the Escrow Agent, and is the legal, valid and binding agreement of the Escrow Agent, enforceable against the Escrow Agent in accordance with its terms, subject to
applicable bankruptcy, insolvency, reorganization, moratorium or other laws relating to or affecting the rights and remedies of creditors generally and to general principles of equity (regardless of whether in equity or at law); and 
  
 (b) the execution, delivery and performance of this Agreement and the
consummation of the transactions contemplated hereby will not violate any provision of, or be an event that is or, with the passage of time will result in, a violation of, or result in the acceleration of or entitle any party to accelerate (whether
after the giving of notice or lapse of time or both) any obligation under or pursuant to any mortgage, lien, lease, agreement, instrument, order, arbitration award, judgment or decree to which the Escrow Agent is a party or by which it or any of its
assets is bound. 
  
 11. Notices. All requests, notices or
other communications hereunder shall be in writing, shall be deemed to have been given and delivered if the same is in writing, and (i) sent by nationally recognized overnight courier, (ii) sent by facsimile, or (iii) hand delivered to 

 

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 the address of Illinova and Ameren, set forth in Section 7(c), and (ii) to the address of the Escrow Agent as follows:

  
 JPMorgan Chase Bank 
 600 Travis Street, Suite 1150 
 Houston, Texas 77002 
 Attn: May Ng 
  
 Facsimile No. (713) 216-6927 
  
 12. Miscellaneous. 
  
 (a) Illinova represents that the transfers of the Baldwin plant and the
Other Plants contemplated in the Asset Transfer Agreements were completed on October 1, 1999. If the transfers of the Baldwin plant and the Other Plants contemplated in the Asset Transfer Agreements were completed at a later date than October 1,
1999, the parties agree that the reference to October 1, 2004 in this Agreement shall instead refer to the fifth anniversary of the date on which such transfers were completed. 
  
 (b) Nothing in this Agreement is intended to or shall confer upon anyone other than the parties hereto any legal or
equitable right, remedy or claim. This Agreement shall be governed by, and its provisions construed in accordance with, the laws of the State of New York applicable to contracts made and to be wholly performed within such state and may be modified
only in writing signed by each of the parties hereto. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, and all such counterparts shall constitute one and the same instrument.
Section headings contained in this Agreement are solely for convenience of reference and shall not affect the meaning or interpretation of any term or provision hereof. All signatures of the parties to this agreement may be transmitted by facsimile,
and such facsimile will, for all purposes, be deemed to be the original signature of such party whose signature it reproduces, and will be binding upon such party. 
  
 (c) In the event funds transfer instructions are given (other than in writing at the time of execution of the Agreement),
whether in writing, by telefax, or otherwise, the Escrow Agent is authorized to seek confirmation of such instructions by telephone call-back to the person or person designated on Schedule II hereto, and the Escrow Agent may rely upon the
confirmations of anyone purporting to be the person or persons so designated. The persons and telephone numbers for call-backs may be changed only in writing actually received and acknowledged by the Escrow Agent. The parties to this Agreement
acknowledge that such security procedure is commercially reasonable. 
  
 It is understood that the Escrow Agent and the beneficiary’s bank in any funds transfer may rely upon any account numbers or similar identifying numbers provided by either of the other parties hereto (provided that the Escrow Agent has
acted only in accordance with such account numbers or similar identifying numbers without error or omission) to identify (i) the beneficiary, (ii) the beneficiary’s bank, or (iii) an intermediary bank. The Escrow Agent may apply any of the
escrowed funds for any payment order it executes using any such identifying number, even where its use may result in a person other than the beneficiary being paid, or the transfer of funds to a bank other than the beneficiary’s bank or an
intermediary bank, designated. 
  

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 (d) This Agreement shall terminate upon the disbursement, in accordance with Sections 5 or 7(j) hereof,
of the Escrow Funds in full; provided, however, that in the event all fees, expenses, costs and other amounts required to be paid to Escrow Agent hereunder are not fully and finally paid prior to termination, the provisions of Section 7(l)
and 7(d) hereof shall survive the termination. 
  
 (e) This
Agreement shall not be assigned by any party hereto without the prior written consent of the other parties hereto, which consent shall not be unreasonably withheld, delayed, or conditioned. 
  
 13. Severability. If any provision of this Agreement or the
application of any such provision to any person or circumstance shall be held invalid, illegal or unenforceable in any respect by a court of competent jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision
hereof. 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first
above written. 
  
 Tax Certification: Taxpayer ID#:
                             
  
 NOTE: The following certification shall be used by and for a U.S. resident only. Non-residents must use and provide Form W8-BEN

  
 Customer is a (check one): 
  

							
	         Corporation	  	         Municipality	  	         Partnership	  	         Non-profit or Charitable Org
	         Individual	  	         REMIC	  	         Trust	  	         Other
                    

  
 Under the penalties of perjury, the
undersigned certifies that: 
  

	(1)	the entity is organized under the laws of the United States; 

  

	(2)	the number shown above is its correct Taxpayer Identification Number (or it is waiting for a number to be issued to it); and  

  

	(3)	it is not subject to backup withholding because: (a) it is exempt from backup withholding or (b) it has not been notified by the Internal Revenue Service (IRS) that it is subject
to backup withholding as a result of failure to report all interest or dividends, or (c) the IRS has notified it that it is no longer subject to backup withholding. 

  
 (If the entity is subject to backup withholding, cross out the words after the (3) above.) 
  
 Investors who do not supply a tax identification number will be subject to backup
withholding in accordance with IRS regulations. 
  
 Note: The
IRS does not require your consent to any provision of this document other than the certifications required to avoid backup withholding. 
  

			
	ILLINOVA CORPORATION
		
	By:	 	 /s/ R. Blake Young

	Name:	 	R. Blake Young
	Title:	 	Executive Vice President-Administration
	 	 	    and Technology

  

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 Tax Certification: Taxpayer ID#:
                             
  
 NOTE: The following certification shall be used by and for a U.S. resident only. Non-residents must use and provide Form W8-BEN

  
 Customer is a (check one): 
  

							
	         Corporation	  	         Municipality	  	         Partnership	  	         Non-profit or Charitable Org
	         Individual	  	         REMIC	  	         Trust	  	         Other
                    

  
 Under the penalties of perjury, the
undersigned certifies that: 
  

	(4)	the entity is organized under the laws of the United States; 

  

	(5)	the number shown above is its correct Taxpayer Identification Number (or it is waiting for a number to be issued to it); and  

  

	(6)	it is not subject to backup withholding because: (a) it is exempt from backup withholding or (b) it has not been notified by the Internal Revenue Service (IRS) that it is subject
to backup withholding as a result of failure to report all interest or dividends, or (c) the IRS has notified it that it is no longer subject to backup withholding.  

  
 (If the entity is subject to backup withholding, cross out the words after the (3) above.) 
  
 Investors who do not supply a tax identification number will be subject to backup
withholding in accordance with IRS regulations. 
  
 Conforming comments

  
 Note: The IRS does not require your consent to any provision of this document
other than the certifications required to avoid backup withholding. 
  

			
	AMEREN CORPORATION
		
	By	 	 /s/ Steven R. Sullivan

	Name:	 	Steven R. Sullivan
	Title:	 	Senior Vice President
	 	 	Regulatory Policy, General Counsel
	 	 	    and Secretary
	
	JPMORGAN CHASE BANK
		
	By	 	 /s/ May Ng

	Name:	 	May Ng
	Title:	 	Vice President
	 	 	Trust Officer

  

 -11-Heads of Agreement dated as of August 27, 2004

 Exhibit 10.1 
  
 *** indicates material has been omitted pursuant to a Confidential Treatment Request filed with the Securities and Exchange Commission. A
complete copy of this agreement has been filed with the Securities and Exchange Commission. 
  
 HEADS OF AGREEMENT 
  
 This Heads of Agreement is entered into and effective as of the 27th of August 2004 between: 
  

	 	1)	Yinka Folawiyo Petroleum Co Ltd (“YFP”) a company incorporated in Nigeria and having its registered offices at Yinka Folawiyo Plaza, 38, Warehouse Road, Apapa, Lagos,
Nigeria; and 

  

	 	2)	Syntroleum International Holdings Company (“Syntroleum”). an exempted company with limited liability organized in the Cayman Islands with offices at 4322 South
49th West Avenue, Tulsa, Oklahoma 74107; 

  
 herein collectively referred to as the “Parties” and individually
as a “Party”; and 
  

	 	3)	For purposes of Section 14 only, Syntroleum International Corporation, a corporation organized in the State of Delaware, United States of America with offices at 4322 South
49th West Avenue, Tulsa, Oklahoma 74107. 

  
 WHEREAS, YFP is the sole holder of Oil Mining Lease 113 (the area of which was formerly comprised in Oil Prospecting License
309) offshore the Federal Republic of Nigeria (“OML 113 Lease”); and 
  
 WHEREAS, Syntroleum and its parent companies own a proprietary natural gas to liquids (“GTL”) conversion process (“the Syntroleum GTL Process”) which it expects will be applicable to the
development of the OML 113 Lease and has relationships in the international oil and gas industry necessary to attract a proficient and reputable international operator of offshore projects; and 
  
 WHEREAS, Syntroleum wishes to acquire, and YFP wishes to transfer to
Syntroleum, an undivided forty per cent (40%) participating interest in and to the OML 113 Lease subject to the terms of this Heads of Agreement and other documents identified herein to be executed by the Parties; 
  
 NOW THEREFORE, the Parties hereby agree as follows: 
  

	1.	Subject to Syntroleum’s obligation to include a proficient and reputable international operator of offshore oil and gas projects (the “International Operator”) in the
OML 113 Project, YFP hereby provides an irrevocable undertaking and agreement to assign to an affiliate of Syntroleum incorporated in Nigeria and designated by Syntroleum with full title guarantee, an undivided forty per cent (40%) interest in and
to the OML 113 Lease and all rights and appurtenances thereto, including the right to produce hydrocarbons from the area of the OML 113 Lease. YFP or its assignees have previously incurred costs in exploring and operating the OML 113 Lease,
including but not limited to, the costs in drilling the Aje #1 and Aje #2 wells and the OML 113 2-D and 3-D 

 seismic volumes (the “Prior Costs”). Subject to the provisions of Section 5.8, YFP shall
allocate, to the extent permitted by Nigerian law, ***% of the Prior Costs to Syntroleum. 
  

	2.	As soon as practicable after the execution of this Heads of Agreement, Syntroleum and YFP will execute a Joint Venture Agreement, a Deed of Assignment, a Technical Assistance
Agreement, and a Joint Operating Agreement incorporating the terms and conditions included in this Heads of Agreement (herein collectively referred to as the “Agreements”). 

  

	3.	Within five days of the execution of the Agreements, or an assignment of an interest in the Agreements, by all of YFP, Syntroleum, and International Operator (such International
Operator to be approved by both YFP and Syntroleum, such approval not to be unreasonably withheld), YFP, Syntroleum and the International Operator of Syntroleum will submit the Joint Operating Agreement, Deed of Assignment and requisite submissions
to the appropriate governmental authorities of the Federal Republic of Nigeria and such other governmental authorities as are required for approval of the Deed of Assignment (the “Approval Authorities”). YFP will immediately notify
Syntroleum if the Approval Authorities require any additional documentation or information in connection with the granting or withholding of such approval and Syntroleum will provide such additional documentation or information reasonably requested.
YFP will use its reasonable commercial efforts to obtain the approval of the Deed of Assignment from the Approval Authorities. The date upon which the Approval Authorities grant approval of Deed of Assignment to Syntroleum and any assignees of
Syntroleum will be deemed the “Approval Date”. 

  

	4.	Well Commitments 

  

	 	4.1	Within twelve (12) months of the Approval Date, Syntroleum will commence or cause the commencement of the drilling of a well within the area of the Aje Field in OML 113 as
identified by Syntroleum on the seismic interpretation recently prepared by Syntroleum (the “Initial Well”). The twelve month period may be extended by reasons of Force Majeure (as defined in Section 9), non-availability of a suitable
drilling rig, or by reason of any delay caused by the relevant authorities failing to grant timely approval of the environmental impact assessment or any permits required in connection with the Initial Well. 

  

	 	4.2	Within thirty days of the Approval Date, Syntroleum will provide to YFP a letter of credit from a bank mutually acceptable to both Parties in the amount of ten million United States
dollars ($10,000,000.00). In the event that Syntroleum does not commence or cause the commencement of the Initial Well as provided in Section 4.1, YFP will have the right to draw ten million United States dollars ($10,000,000.00) from such letter of
credit as liquidated damages following ten days written notice to Syntroleum. In the event that YFP draws upon such letter of credit as provided for in this 

  

 2 

 Section 4.2, Syntroleum will reassign any participating rights they may hold in the OML 113 Lease to YFP.
Except as otherwise provided in this Section 4.2, Syntroleum will have no further liability to YFP for its failure to drill the Initial Well. Syntroleum will have the right to draw against the letter of credit to pay for the costs of drilling the
Initial Well. Upon the plugging and abandonment or temporary abandonment of the Initial Well, the letter of credit will be cancelled. 
  

	 	4.3	Upon the plugging and abandonment or temporary abandonment of the Initial Well, Syntroleum may at its sole election terminate its rights under the Agreements and then reassign any
participating rights it may hold in the OML 113 Lease to YFP. 

  

	 	4.4	In the event Syntroleum does not terminate its rights as provided for in Section 4.3, Syntroleum will commence or cause the commencement of a second well within the area covered by
the OML 113 Lease (the “Second Well”) within twelve months of the plugging and abandonment or temporary abandonment of the Initial Well. The twelve month period may be extended by reasons of Force Majeure (as defined in Section 9),
non-availability of a suitable drilling rig, or by reason of any delay caused by the relevant authorities failing to grant timely approval of the environmental impact assessment or any permits required in connection with the Second Well. As soon as
practicable after the drilling of the Initial Well or, at Syntroleum’s sole discretion, the Second Well, Syntroleum will provide YFP with a written declaration that in its judgement the Aje Field is a commercially viable project warranting the
submission of a plan of development to the appropriate governmental authorities of the Federal Republic of Nigeria (“Declaration of Commerciality”). If Syntroleum does not make the Declaration of Commerciality after the Initial Well, the
location of the Second Well may be at any location chosen by Syntroleum on the OML 113 Lease. If Syntroleum provides YFP with a Declaration of Commerciality after the Initial Well, the location of the Second Well will be outside the then known
limits of the Aje Field at a location to be chosen by Syntroleum to test a separate structure other than the Aje Field on the OML 113 Lease. If Syntroleum does not commence the drilling of the Second Well within said twelve (12) months period (as
such period may be extended pursuant to the terms hereof), Syntroleum will, with effect from expiry of such period, cease to have any rights and obligations in respect of the OML 113 Lease. Within six months of the plugging and abandonment or
temporary abandonment of the Second Well, Syntroleum may at its sole election either (a) terminate its rights under the Agreements and then reassign any participating rights it may hold in the OML 113 Lease to YFP; or (b) provide a written
declaration to YFP that the OML 113 Lease is provisionally commercial, pay to YFP upon such notice the Aje Commercial Bonus, and agree to drill up to three (3) additional wells on OML 113 (“Additional Wells”) with the spudding of each such
Additional 

  

 3 

 Well occurring within twelve months of the plugging and abandonment or temporary abandonment of the
previous well. Within six months of the plugging and abandonment or temporary abandonment of each of the Additional Wells, Syntroleum shall either (1) terminate its rights under the Agreements and then reassign any participating rights it may hold
in the OML 113 Lease to YFP, or (2) provide the Declaration of Commerciality to YPF, or (3) if all three Additional Wells have not been drilled, elect to drill an Additional Well. 
  

	 	4.5	Within ten (10) days of Syntroleum’s Declaration of Commerciality, Syntroleum will pay to YFP *** United States dollars *** (the “Aje Commercial Bonus”). Both Parties
agree that production shall not commence from the OML 113 Lease (except for well testing) until a Declaration of Commerciality has been provided. 

  

	 	4.6	Syntroleum will provide YFP with oil industry training to fulfil its obligations under applicable law. The cost of such training will not exceed seventy-five thousand United States
dollars per year before commencement of commercial production and one hundred and fifty thousand United States dollars per year after commencement of commercial production. 

  

	 	4.7	YFP acknowledges that the services to be provided by Syntroleum under this Heads of Agreement relating to the OML 113 Lease will require Syntroleum to maintain an office of its own.
Prior to the commencement of commercial production from OML 113 Lease, YFP, at no cost to Syntroleum or its assignees, will provide Syntroleum and its assignees office space in its offices in Yinka Folawiyo Plaza and shall provide logistical and
other office support for employees of Syntroleum or its assignees working on the OML 113 Project. Syntroleum also acknowledges that the services to be provided by YFP under this Agreement relating to the OML 113 Lease will require YFP to maintain an
office of its own for the OML 113 Project. Effective upon execution of the Agreements by YFP and Syntroleum, Syntroleum will pay YFP *** United States dollars per month for the costs of the office to be maintained by YFP for the OML 113 Project.
Upon the approval of the Deed of Assignment by the Approval Authorities, said sum of *** United States dollars per month shall be increased to *** United States dollars per month. Upon the commencement of commercial production from the OML 113
Lease, all payments to YFP pursuant to this Section 4.7 shall cease and YFP’s obligation to provide office space to Syntroleum and its assignees at no cost shall also cease. 

  

	5.	Commercial Structure 

  

	 	5.1	Prior to Project Payout (as defined in Section 5.2), proceeds from the sale of hydrocarbon production and any associated hydrocarbon products 

  

 4 

 derived from such production will be divided into a Cost Recovery Account and a Profit Account for the
benefit of the OML 113 participating interest holders. The Cost Recovery Account will receive *** of the net proceeds from the sale of hydrocarbon production and associated hydrocarbon products after deduction of the government’s royalty share.
The Profit Account will receive *** of the net proceeds from the sale of hydrocarbon production and any associated hydrocarbon products derived from such production after deduction of the government’s royalty share. 
  

	 	5.2	“Project Payout” is defined as the date or dates upon which Syntroleum’s cumulative revenue from the Cost Recovery Account for the OML 113 Project exceeds Prior Costs
and Syntroleum’s cumulative Capital Costs and Operating Costs for the OML 113 Project. For further clarity, it is the date or dates on which Syntroleum achieves the full recovery of all capital, operating and production marketing costs
(“Capital Costs” and “Operating Costs” as such will be defined in the accounting procedure attached to the Joint Operating Agreement) incurred by Syntroleum prior to Project Payout including, but not limited to, all costs for the
delineation, drilling, producing, operating, processing (including, but not limited to, costs involving the processing of the natural gas produced using the Syntroleum GTL Process), and marketing of production from the Aje Field plus the share of
the Prior Costs finally allocated to Syntroleum pursuant to this Heads of Agreement. Before Project Payout occurs, the recovery of the Capital and Operating Costs and Syntroleum’s share of the Prior Costs will be from Syntroleum’s share of
revenues in the Cost Recovery Account. 

  

	 	5.3	Prior to Project Payout and until YFP recovers its final allocated share of the Prior Costs from its share of the revenues from the Cost Recovery Account, Syntroleum will receive
*** of the revenues attributable to the Cost Recovery Account and YFP will receive *** of the revenues attributable to the Cost Recovery Account. Prior to Project Payout and after YFP has recovered its final allocated share of the Prior Costs from
its share of the revenues from the Cost Recovery Account, Syntroleum will receive *** of the revenues attributable to the Cost Recovery Account. All revenues attributable to the Profit Account will be shared by YFP and Syntroleum in the proportion
of YFP *** and Syntroleum ***. 

  

	 	5.4	After Project Payout all of the net revenue from the sale of hydrocarbon production and associated products after deduction of governmental royalties and OML 113 operating costs
will be shared by YPF and Syntroleum in the proportion of YFP *** and Syntroleum ***. 

  

	 	5.5	Before Project Payout, Syntroleum will pay *** the Capital and Operating Costs. ***. For clarity purposes the revenue and cost paying interests before and after Project Payout are
summarized in the following tables: 

  
 Before Project Payout 
  
 *** 
  

 5 

 After Project Payout 
  
 *** 
  

	 	5.6	As to the portion of the area of OML 113 outside the Aje Field in water depths less than 100 meters, YFP will have a one-time casing point election in the first exploration well
drilled in such area to assume its *** paying and revenue interest share. If YFP elects not to assume its *** paying and revenue interest, the terms described in Sections 5.1 through 5.5 shall apply to the entire area of OML 113 for the entire term
of the OML 113 Lease. 

  

 6 

	 	5.7	As to the development of any discovered fields outside the Aje Field in water depths equal to or greater than 100 meters, the terms described in Sections 5.1 through 5.5 will apply
to the development of such discovered fields. 

  

	 	5.8	As provided in Section 7, it is the contemplation of the Parties that Syntroleum will identify and make a party to the Agreements an International Operator. After Syntroleum
recovers *** United States dollars from any cash signature bonus paid at closing and received by it for an assignment of an interest in the OML 113 Lease (“Signature Bonus”), Syntroleum will pay to YPF *** of any remaining Signature Bonus
it receives from International Operator or other oil and gas company as consideration for the assignment of an interest in OML 113 Lease. The payment to YFP of such *** share of the remaining Signature Bonus after Syntroleum recovers *** United
States dollars will be within ten days of the receipt of the remaining Signature Bonus by Syntroleum. Any such Signature Bonus paid to Syntroleum and YFP hereunder by a third party shall not be included in the costs to be included in Project Payout
by any party. If YFP does not recover *** United States dollars from its share of the Signature Bonus pursuant to this Section 5.8, Syntroleum and YFP agree to allocate additional Prior Costs to YFP under Section 1 on the basis of *** United States
dollars of additional Prior Costs allocated to YFP for each *** United States dollar that YFP does not receive below *** United States dollars. 

  

	 	5.9	YFP, Syntroleum and the International Operator approved by YPF and Syntroleum will form an Area of Mutual Interest covering the open acreage blocks surrounding OML 113 and will
undertake any bidding and subsequent exploration and/or development activities within the Area of Mutual Interest jointly on terms to be agreed. 

  

	6.	YFP warrants that it owns an undivided one-hundred percent Participating Interest in the OML 113 Lease, and that said OML 113 Lease is free of all liens and encumbrances as of the
date of execution of this Heads of Agreement. YFP warrants that it will not enter into any other agreements in respect of the OML 113 Lease or allow the filing of any liens or encumbrances against the OML 113 Lease without the prior written approval
of Syntroleum. Syntroleum warrants that it owns one-hundred percent of the Syntroleum GTL Process and that such Syntroleum GTL Process will produce GTL diesel and naptha.  

  

	7.	This Heads of Agreement and all of the provisions hereof is binding upon and inures to the benefit of the Parties and their respective successors and permitted assigns. It is the
contemplation of the Parties that Syntroleum will identify and make a party to the Agreements a qualified international operator of offshore oil and gas projects. 

  

 7 

	8.	Syntroleum will have no liability at any time to YFP, and YFP will indemnify and hold harmless Syntroleum from and against any liability arising at any time to any third party, in
relation to the abandonment or decommissioning of, or otherwise in connection with the Aje #1 and Aje #2 wells, except in the case where these wells are used in a joint operation under the Joint Operating Agreement referred to in Section 2 of this
Heads of Agreement. Notwithstanding any other provision of this Agreement, the rights and obligations of the Parties under this Section 8 will survive the termination or cessation of any other rights or obligations of either Party under this Heads
of Agreement. 

  

	9.	If, as a result of Force Majeure, any Party is rendered unable, wholly or in part, to carry out its obligations under this Agreement, other than any obligation to pay any amount
due, to indemnify or to furnish security, then the obligations of such Party will, so far as and to the extent that the obligations are affected by such Force Majeure, be suspended during the continuance of any inability so caused and for such
reasonable period thereafter as may be necessary for such Party to put itself in the same position that it occupied prior to the Force Majeure, but for no longer period. The Party claiming Force Majeure will notify the other Parties of the Force
Majeure within a reasonable time after the occurrence of the facts relied on and will keep all Parties informed of all significant developments. Such notice will give reasonably full particulars of the Force Majeure, and also estimate the period of
time which the Party reasonably determines it is likely to require to remedy the Force Majeure. The affected Party will use all reasonable diligence to remedy, remove or overcome the Force Majeure situation as quickly as possible in an economic
manner, but will not be obligated to settle any labor dispute except on terms acceptable to it and all such disputes will be handled within the sole discretion of the affected Party. For the purposes of this Heads of Agreement, “Force
Majeure” will mean any act, event or circumstance, whether of the kind described herein or otherwise, which is beyond the reasonable control of the Party concerned and will include, but not be limited to, fire, flood, storm, hurricane, tornado,
earthquake or other natural disaster, acts of war (whether declared or undeclared), invasion, sabotage, terrorism or threat of terrorism, riot, civil war, blockade, insurrection, acts of public enemies, non-availability of equipment or personnel,
civil disturbances, and strikes, lockouts and other industrial disturbances even if they were not beyond the reasonable control of the Party. 

  

	10.	This Heads of Agreement will be governed by and construed in accordance with the laws of the Federal Republic of Nigeria, excluding any choice of law rules which would require the
application of the laws of another jurisdiction. 

  

	11.	Any dispute, controversy or claim arising out of or in relation to or in connection with this Heads of Agreement or the operations carried out under this Heads of Agreement,
including without limitation any dispute as to the construction, validity, interpretation, enforceability or breach of this Heads of Agreement, will 

  

 8 

 be exclusively and finally settled by arbitration in accordance with this Section 11. Any Party may
submit such a dispute, controversy or claim to arbitration by notice to the other Parties. 
  

	 	11.1	The arbitration will be heard and determined by three (3) arbitrators or, if the Parties so agree, by one (1) arbitrator. Each side will appoint an arbitrator of its choice within
thirty (30) days of the submission of a notice of arbitration. The Party-appointed arbitrators will in turn appoint a presiding arbitrator of the tribunal within thirty (30) days following the appointment of both Party-appointed arbitrators. If the
Party-appointed arbitrators cannot reach agreement on a presiding arbitrator of the tribunal and/or one Party refuses to appoint its Party-appointed arbitrator within said thirty (30) day period, the appointing authority for the implementation of
such procedure will be the chairman of the UNCITRAL who will appoint an independent arbitrator who does not have any financial interest in the dispute, controversy or claim. All decisions and awards by the arbitration tribunal will be made by
majority vote. 

  

	 	11.2	Unless otherwise expressly agreed in writing by the Parties to the arbitration proceeding: 

  

	 	(a)	the arbitration proceedings will be held in London, England; 

  

	 	(b)	the arbitration proceedings will be conducted in the English language and the arbitrator(s) must be fluent in the English language; 

  

	 	(c)	the arbitrator(s) will be and remain at all times wholly independent and impartial; 

  

	 	(d)	the arbitration proceedings will be conducted under the UNCITRAL rules as amended from time to time; 

  

	 	(e)	any procedural issues not determined under the arbitral rules selected pursuant to Section 11.2 (d) will be determined by the Arbitration Act 1996 and any other applicable laws of
England; 

  

	 	(f)	the costs of the arbitration proceedings (including attorneys’ fees and costs) will be borne in the manner determined by the arbitrator; 

  

	 	(g)	the decision of the sole arbitrator or a majority of the arbitrators, as the case may be, will be reduced to writing; final and binding without the right of appeal; the sole and
exclusive remedy regarding any claims, counterclaims, issues or accountings presented to the arbitrator; made and promptly paid in Dollars free of any deduction or offset; and any costs or fees incident to enforcing the award, will to the maximum
extent permitted by law be charged against the Party resisting such enforcement; 

  

	 	(h)	consequential, punitive or other similar damages will not be allowed except those payable to third parties for whom liability is allocated among the Parties by the arbitral award;

  

 9 

	 	(i)	the award will include interest from the date of any breach or violation of this Agreement, as determined by the arbitral award, and from the date of the award until paid in full,
at an interest rate to be set forth in the Joint Operating Agreement; 

  

	 	(j)	judgment upon the award may be entered in any court having jurisdiction over the person or the assets of the Party owing the judgment or application may be made to such court for a
judicial acceptance of the award and an order of enforcement, as the case may be; 

  

	 	(k)	whenever the Parties are of more than one nationality, the single arbitrator or the presiding arbitrator, as the case may be, will not be of the same nationality as any of the
Parties or their ultimate parent entities; 

  

	 	(l)	for purposes of allowing the arbitration provided in this Section 10, the enforcement and execution of any arbitration decision and award, and the issuance of any attachment or
other interim remedy, any governmental body or agency, which becomes a Party to this Agreement agrees to waive all sovereign immunity by whatever name or title with respect to disputes, controversies or claims arising out of or in relation to or in
connection with this Agreement or the operations carried out under this Agreement; 

  

	 	(m)	the arbitration will proceed in the absence of a Party who, after due notice, fails to answer or appear. An award will not be made solely on the default of a Party, but the
arbitrator will require the Party who is present to submit such evidence as the arbitrator may determine is reasonably required to make an award; 

  

	 	(n)	if an arbitrator should die, withdraw or otherwise become incapable of serving, or refuse to serve, a successor arbitrator will be selected and appointed in the same manner as the
original arbitrator. 

  

	12.	No third party is a beneficiary of this Agreement. Should any part or provision of this Heads of Agreement be held unenforceable or in conflict with the law of any state or of the
Federal republic of Nigeria, the validity of the remaining parts or provisions shall not be affected by such holding and the Parties shall continue to work in good faith to pursue their agreed aims. 

  

	13.	Each Party will, on reasonable request by the other Party, (i) execute, and deliver such instruments, agreements, and other documents and (ii) do such other acts as are reasonably
necessary or desirable to effect or to evidence the transactions contemplated by this Agreement. 

  

	14.	Syntroleum International Corporation hereby guarantees the obligations of Syntroleum pursuant to this Heads of Agreement and the obligations that Syntroleum will have pursuant to
the Agreements. Such guarantee of Syntroleum International Corporation will be replaced and superseded by a guarantee from the International Operator at such time that International Operator becomes a party to this Heads of Agreement and the
Agreements. 

  

 10 

	15.	No Party (or any Affiliate of a Party) will, without the prior written consent of the other, issue or make any public announcement or statement other than in the audited accounts of
either Party or the company group of which such Party forms part regarding this Agreement or any matter the subject of this Agreement, unless it is necessary for that Party (or its Affiliates) to make such public announcement or statement in order
to comply in the United States, Canada or Nigeria or elsewhere with a statutory obligation, or with the requirement of a competent government agency or other regulatory body, a court of competent jurisdiction, or a recognized stock exchange or other
regulatory body, or a recognized stock exchange on which such Party (or such Party’s Affiliate) has its shares listed or an unlisted securities market in which its shares are dealt, in which event a copy of the same will be furnished to the
other Party as soon as practicable prior to publication. 

  

	16.	All notices authorized or required between the Parties by any of the provisions of this Agreement, must be in writing, in English and delivered in person or by courier service or by
any electronic means of transmitting written communications which provides written confirmation of complete transmission, and addressed to such Parties as designated below. Oral communication does not constitute notice for purposes of this
Agreement, and telephone numbers for the Parties are listed below as a matter of convenience only. The originating notice given under any provision of this Agreement will be deemed delivered only when received by the Party to whom such notice is
directed, and the time for such Party to deliver any notice in response to such originating notice will run from the date the originating notice is received. The second or any responsive notice will be deemed delivered when received.
“Received” for purposes of this Section 16 will mean actual delivery of the notice to the address of the Party to be notified specified in accordance with this Section 16. Each Party will have the right to change its address at any time
and/or designate that copies of all such notices be directed to another person at another address, by giving written notice thereof to all other Parties. 

  

			
	YFP	  	Yinka Folawiyo Petroleum Company Limited
	 	  	Yinka Folawiyo Plaza
	 	  	38 Yinka Folawiyo Avenue
	 	  	PO Box 2288
	 	  	Apapa, Lagos
	 	  	Nigeria
	 	  	Attention: Managing Director
	 	  	Telephone: (234 1) 545 0287
	 	  	Facsimile: (234 1) 545 0204
		
	Syntroleum	  	Syntroleum International Holdings Company
	 	  	4322 South 49th West Avenue
	 	  	Tulsa, Oklahoma
	 	  	United States 74107
	 	  	Attention: President
	 	  	Telephone: 01 918 592 7900
	 	  	Facsimile: 01 918 592 7979

  

 11 

	17.	The rights, duties, obligations, and liabilities of the Parties will be individual, not joint or collective. It is not the intention of the Parties to create, nor will this Heads of
Agreement be deemed or construed to create a mining or other partnership, joint venture, association or trust. This Heads of Agreement will not be deemed or construed to authorize any Party to act as agent, servant, or employee for any other Party
for any purpose whatsoever except as explicitly set forth in this Heads of Agreement. In their relations with each other under this Agreement, neither Party will be considered a fiduciary of the other except as expressly provided in this Heads of
Agreement. 

  

	18.	This Heads of Agreement together with the Joint Venture Agreement, Deed of Assignment, the Joint Operating Agreement and the Technical Assistance Agreement constitute the entire
agreement of the Parties with respect to the subject matter hereof. There are no understandings or agreements relative to this Agreement that are not fully expressed herein and therein. Reference to the singular includes a reference to the plural
and vice versa. Reference to any gender includes a reference to all other genders. 

  

			
	 EXECUTED this 27th day of August 2004

	
	 YINKA FOLAWIYO PETROLEUM COMPANY LIMITED

		
	 By:
	 	 /s/ T. B. Folawiyo

	 Title:
	 	Managing Director
	
	 SYNTROLEUM INTERNATIONAL HOLDINGS COMPANY

		
	 By:
	 	 /s/ John B. Holmes, Jr.

	 Title:
	 	President and Chief Operating Officer
	
	 For purposes of Section 14 only.

	 SYNTROLEUM INTERNATIONAL CORPORATION

		
	 By:
	 	 /s/ John B. Holmes, Jr.

	 Title:
	 	President and Chief Operating Officer

  

 12

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