Document:

Exhibit 10.23
Certain confidential information contained in this exhibit, marked by brackets, has been redacted in accordance with Regulation S-K Item 601(b) because the information (i) is not material and (ii) would be competitively harmful if disclosed.
Term Sheet for 1/1 Unit
LanzaTech, Inc., a corporation duly organized and existing under the laws of the State of Delaware and having its principal office at 8045 Lamon Ave, Suite 400, Skokie, IL 60077, USA (“LanzaTech”) and Sekisui Chemical Co., Ltd., a corporation duly organized and existing under the laws of Japan and having its principal office at 2-4-4, Nishitemma, Kita-ku, Osaka, Japan (“Sekisui”) (collectively, “Parties”) are willing to summarize certain essential terms, for a full scale commercial unit designed for the production of ethanol from syngas generated from municipal solid waste, industrial solid waste and other waste materials as agreed by the Parties (“1/1 Unit”), concerning (i) the provision of engineering service by LanzaTech to Sekisui or other entity operating the 1/1 Unit (“Unit Operating Entity”), and (ii) the granting of a license by LanzaTech to Sekisui for the Licensed Subject Matter (defined below).
The Parties hereby agree to use their best efforts to incorporate the terms in this term sheet (“Term Sheet”) in definitive agreements (License Agreement, Supply Agreement and Engineering Agreement) for the future 1/1 Units.
This Term Sheet will govern, as basic principle, not only Sekisui’s first 1/1 Unit in Japan, but also later 1/1 Units in Japan under the “Memorandum of Understanding” between the Parties effective as of June 20, 2018 (“MOU”), provided that the terms herein may be changed accordingly on a case-by-case basis through good faith discussions between the Parties.
In the case of any other potential commercial unit anywhere in the world outside of Japan notified under Article 2 and/or Article 3 of the MOU, the notifying Party shall continue to lead project development efforts with respect to such project and the relevant client, and engage in good faith discussions to determine whether the Parties may work together for their mutual benefit and for the benefit of the new client, in accordance with the MOU. Provided that the first 1/1 Unit has been commissioned, or is progressing toward commissioning as envisaged by this Term Sheet, the Parties agree to use their reasonable efforts to respect the terms herein with respect to such project anywhere in the world outside of Japan, provided that the terms herein may be changed accordingly on a case-by-case basis through good faith discussions between the Parties based on all the circumstances of the project including degree of involvement in the project of each Party, and the Parties acknowledge that certain terms herein including, but not limited to, terms relating to Sekisui’s equipment selection and licensing fee will not apply to such project.
The intended, non-binding, timeline for the first 1/1 Unit in Japan is: kick-off basic engineering between [***] and [***]; commissioning between [***] and [***].
	Performance Targets and Performance Guarantees of the Fermentation Block under Engineering Agreement
	1.Performance and restart target

(1)

Subject to Sekisui’s compliance with gas specification for [***] (“Microbes”) agreed by the Parties, equipment deployed at a fermentation block in the 1/1 Unit being agreed by the Parties, LanzaTech shall make its reasonable commercial efforts to reach the following with respect to the fermentation block (“1/1 Unit Performance Target”):

●
[***]

●
[***]

●
[***]

●
[***]

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(2)

In addition, subject to the 1/1 Unit being provided with on-spec feedgas, equipment deployed at the fermentation block in the 1/1 Unit being agreed by the Parties, all sections of the 1/1 Unit other than the fermentation block performing as specified, and all operations of the 1/1 Unit being carried out as specified or agreed with LanzaTech continuously for the duration of the restart test, LanzaTech shall make its reasonable commercial efforts to reach the following (“1/1 Unit Restart Target”):

●
[***]

●
[***]

In addition to the above, [***] for 1/1 Unit will be set by the Parties on the following basis:

(3)

The elements of LanzaTech’s licensed process that LanzaTech will guarantee will be determined (in part) by what mutually acceptable guarantees are required for the first Ministry Certification (as defined below). The sections in the 1/1 Unit Performance Targets and the 1/1 Unit Restart Target shall not have any influence or precedent value in determining the performance guarantee and restart guarantee for 1/1 Unit; and

(4)

Each value guaranteed will be determined in part by reference to the performance of the 1/10 Unit and shall include mutually acceptable market norm tolerances (if any) to the relevant design values.

	Engineering Design
	1.Engineering Fee

(1)

[***] for the first 1/1 Unit, valid for kick-off prior to [***].

(2)

If Sekisui kicks-off additional 1/1 Units during the term of the MOU, the engineering fee shall be [***], index-adjusted from 2018 by reference to Bureau of Labor Statics’ Employment Cost Index NAICS (CIU2015400000000A) (“BLS(ECD”), unless agreed otherwise. If the required design is similar or equivalent to an existing 1/1 Unit, the Parties shall discuss in good faith about engineering fee to be paid.

2.Improvement of the design of 1/1 Unit
LanzaTech’s improvements to the design of the fermentation block will be offered to Sekisui for the relevant Unit Operating Entity in accordance with the terms of LanzaTech’s license for the 1/1 Unit and terms governing the provision of the improvement agreed at the time. LanzaTech’s license [***].

	Sale of the Microbes and trace media
	1.Requirement Contract
LanzaTech shall provide, sell or distribute quantities of the Microbes and/or trace media for the operation of 1/1 Unit required by Sekisui from time to time [***].
2.MOU
For any 1/1 Unit in Japan that falls under the MOU, LanzaTech shall not provide, sell or distribute the media or Microbes to the relevant counterparty including the relevant Unit Operating Entity without Sekisui’s consent, in accordance with the terms of the MOU.

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	3.Fee

(1)

Microbes

Current generation Microbes for a fixed fee of [***] per year for [***]; provided that such fixed fee will be index-adjusted from 2018 by reference to the Bureau of Labor Statics’ Producer Price Index (WPU03THRU15) (“BLS(PPI)”), and the fixed fee for future 1/1 Unit may be altered by mutual agreement by the Parties based on [***].

(2)

Trace media

Trace media for current generation Microbes for a fixed fee of [***] per year for [***]; provided that such fixed fee will be index-adjusted from 2018 by reference to the BLS(PPI), and the fixed fee for future 1/1 Unit may be altered by mutual agreement by the Parties based on [***].
4.Warranty

(1)

Microbes

●
LanzaTech warrants that the Microbes supplied by LanzaTech shall conform to the specifications separately agreed by the Parties (“Microbe Specifications”) at the delivery place.

●
The above Microbe Specifications shall include at least the warranty of quality of Microbes including, but not limited to, [***] and the Microbes’ [***].

(2)

Trace Media

LanzaTech warrants that the trace media supplied by LanzaTech shall conform to the Specifications separately agreed by the Parties (“Media Specifications”) at the delivery place.
5.Pre-shipment inspection
Before shipping the Microbes and trace media, LanzaTech shall inspect if those conform to the Microbe Specifications and Media Specifications, or not.
6.Acceptance inspection

(1)

LanzaTech shall provide Sekisui necessary information for its acceptance inspection.

(2)

Sekisui may inspect the Microbes and trace media to determine whether those conform to the above warranty, using a process to be agreed.

(3)

Sekisui will notify LanzaTech in writing of discovery of any breach of warranty in the Microbes or trace media.

(4)

As damages for breach of warranty at the acceptance inspection, LanzaTech shall replace any nonconforming Microbes and trace media as soon as possible after receipt of any notice of nonconformity or defect.

7.Improvements

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(1)

LanzaTech will offer improved Microbes and improved trace media for the same fixed fee until the cut-off date, after which the price for any improved Microbes or improved trace media will revert to their standard price. Sekisui may, at its own discretion, choose whether it purchase the improved Microbes and improved trace media, or the current Microbes and current trace media.

(2)

The Parties shall have a meeting for exchanging information with respect to the progress of improvements of the Microbes and trace media every [***].

8.Stock
LanzaTech shall carry stock of the same microbes as the Microbes sold to Sekisui for at least 1 year from the last delivery to Sekisui.

	Granting a License for the Licensed Subject Matter
	1.Licensed Subject Matter
All LanzaTech’s information, technology, know-how and intellectual property rights (including improvements up to the cut-off date), which are:

●
Necessary to design, procure, operate and maintain the fermentation block;

●
Necessary to perform the fermentation process at the fermentation block;

●
Necessary to use in carrying out the fermentation process, the Microbes and associated media therefor; and

●
Necessary to use, sell or otherwise transfer ethanol and by-Products produced at the 1/1 Unit.

2.Territory
The location of the relevant 1/1 Unit
3.MOU
Non-exclusive, provided that for any 1/1 Unit in Japan that falls under the MOU, LanzaTech shall not grant a license for the Licensed Subject Matter to the relevant counterparty including the relevant Unit Operating Entity without Sekisui’s consent, in accordance with the terms of the MOU.
4.Sub-license
Sekisui may sublicense the license to the Unit Operating Entity.

	License Fees
	The Unit Operating Entity shall be charged a license fee consisting of a percentage of gross sales of all [***] (“Gross Sales”), [***]. The Parties agree that the detailed treatment of products sold by Sekisui or the Unit Operating Entity back to a waste or feedgas supplier for the purposes of calculating Gross Sales will be agreed in at the time. The actual technology of l an7aTech, Sekisui and other licensors that is licensed to the Unit Operating Entity for the 1/1 Unit shall be agreed by the Parties based on their agreement of the optimal design for the 1/1 Unit, prior to it being proposed to the Unit Operating Entity. Furthermore, the Parties agree to mutually review, provide feedback on and agree on proposed equipment inside the fermentation block, to be used in each 1/1 Unit. The Parties agree to mutually review, provide feedback on and use all reasonable commercial endeavors to agree on 

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	proposed equipment outside the fermentation block, to be used in each 1/1 Unit; provided that if no agreement on proposed equipment is reached, Sekisui may ultimately decide such equipment however LanzaTech shall not be required to provide any guarantee for the resulting 1/1 Unit, unless Sekisui can clearly demonstrate that the equipment selection does not affect the performance, including the restart performance of the 1/1 Unit.
The licensing fee shall be divided between LanzaTech and Sekisui as follows:
[SEKISUI Position
(1)

For 1/1 Unit operated by the Unit Operating Entity which Sekisui owns at least [***] of all shares, between [***] to LanzaTech and [***] to Sekisui, and [***] to LanzaTech and [***] to Sekisui; and

(2)

For all other 1/1 Unit, to be discussed on a case by case basis.

[LT Position:
(1)

For 1/1 Units in Japan in respect of which Sekisui invests at least [***] of the capital required to construct the 1/1 Unit, [***] to LanzaTech and [***] to Sekisui; and

(2)

For all other 1/1 Units in Japan [***] to LanzaTech and [***] to Sekisui.]

PROVIDED THAT
(3)

Notwithstanding the foregoing, for 1/1 Unit operated by the Unit Operating Entity which Sekisui owns at least [***] of all shares, the above split of royalties may be changed accordingly on a case-by-case basis through good faith discussions between the Parties. In the absence of any agreement to change, the above split of royalties will apply.

(4)

Sekisui acknowledges that LanzaTech expects its share of the licensing fee shall not be less than [***] of Gross Sales and agrees that a 1/1 Unit that would deliver less will require LanzaTech’s approval to proceed; and

(5)Sekisui shall not agree a license fee with a Plant Operating Entity that is related to Sekisui, without first agreeing the license fee payable by the Plant Operating Entity and payable to LanzaTech with LanzaTech, which agreement shall not be unreasonably withheld.

	Warranty of the Licensed Subject Matter
	As of the execution date of the license agreement, LanzaTech represents and warrants that the Licensed Subject Matter and/or the use of the Licensed Subject Matter does not in any way infringe, violate or misappropriate any third party’s intellectual property rights, and no third party can or may prevent Sekisui from operating the 1/1 Unit.

	Treatment of Developed IP
	[***] between the Parties will apply to license agreement for 1/1 Unit between the Parties; including that if according to applicable laws any developed technology is non—assignable for any reason whatsoever (including through the application of Japan’s antimonopoly act) the Parties will discuss the grounds for non-assignability with the aim of perfecting the assignment, and agree on an alternative solution to perfecting the assignability. In the absence of agreeing any such alternative solution, subject to and to the extent permissible under applicable law, Sekisui grants LanzaTech a perpetual, irrevocable, fully paid, exclusive license of such non-assignable rights to LanzaTech, with the right to sublicense. Nothing in this section will require either party to breach any applicable law with respect

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	to the transfer of Developed IP to LanzaTech. [***] will only apply if it is agreed that Broth Separation developed by Sekisui will be applied to the relevant 1/1 Unit.

	No Assignment
	Any right and duty under the license agreement and engineering agreement shall not be assigned or transferred by either Party to any third party including the successors of such Party, without the prior consent in writing of the other Party, any such assignment and transfer without such consent shall be null and void.

	Term
	1.

Engineering Agreement

It shall come into force as of the date of entry by the relevant parties prior to commencement of basic engineering and the basic engineering provisions shall continue until discharge of the guarantee provisions.
2.

Licensed Agreement

It shall come into force as of the date of entry prior to commencement of basic engineering and shall continue in effect as long as the 1/1 Unit is operating, and the supply of media and microbes shall continue in effect as long as the 1/1 Unit is operating.

	Termination
	LanzaTech shall be entitled to terminate the license agreement in the case of material breach that if curable is not cured within cure period, licensee becomes insolvent, change of control or assignment without LanzaTech’s consent.

	Countermeasures Against the Anticipated Business Continuity Risks under License Agreement*
	Schedule 4 of a Supply and Purchase Agreement effective as of [***] between the Parties will apply to a supply and purchase agreement for 1/1 Unit between the Parties.

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*Subject to mutual agreement, the countermeasures may apply mutatis mutandis to the future case Sekisui grants to LanzaTech license to use all Sekisui’s information, technology, know-how and intellectual property rights, which are necessary to perform upstream processes and downstream processes in the Units.
	LanzaTech, Inc.
	    
	Sekisui Chemical Co., Ltd.

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	Name:
	Jennifer Holmgren
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	Name: 
	Futoshi Kamiwaki

	Title:
	CEO
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	Title: 
	Managing Executive Officer

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	Head of New Business Development Department

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	Signature:
	/s/ Jennifer Holmgren
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	Signature:
	/s/ Futoshi Kamiwaki

	Date:
	February 13, 2020
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	Date: 
	February 21, 2020

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Exhibit 10.24
Certain confidential information contained in this exhibit, marked by brackets, has been redacted in accordance with Regulation S-K Item 601(b) because the information (i) is not material and (ii) would be competitively harmful if disclosed.
Date of Signature:  4th day of Dec., 2017
Indian Oil Corporation Limited
Indian Oil Bhawan
1, Sri Aurobindo Marg, Yusuf Sarai
New Delhi, India
and
LanzaTech Inc.
8045 Lamon Avenue, Suite 400
Skokie, Illinois 60077
The USA
Re: Letter of Agreement between LanzaTech, Inc. (“LanzaTech”) and Indian Oil Corporation Limited (“IndianOil”) for deployment of LanzaTech technology
This Letter of Agreement (“Agreement”) is executed by LanzaTech’ and IndianOil. LanzaTech and IndianOil may hereinafter collectively be referred to as “Parties” and individually as “Party”.
This Agreement is executed in consideration of the License Agreement of even date entered into between LanzaTech as ‘Licensor’, and IndianOil as ‘Licensee’ in respect of LanzaTech’s gas fermentation technology (“LanzaTech Process”), specifically to produce ethanol from [***] at the hydrogen plant at IndianOil’s Panipat refinery in Haryana (“Licensed Process”).
LanzaTech and IndianOil agree and acknowledge that the LanzaTech Process has been demonstrated [***] at [***] in Shanghai, China and certain other demonstration facilities, and that the plant intended to be set up by IndianOil to implement the Licensed Process (“First Unit”) will be the first of its kind at that scale.
Accordingly, the successful commissioning of the First Unit holds significant business and commercial interests for LanzaTech and IndianOil.
LanzaTech wishes to record that as of the date of this Agreement the Licensed Process has not been demonstrated at the scale of the First Unit and as a result LanzaTech has offered terms, including royalty and technology cut-off date as set out in this Agreement in recognition of the risks adopted by IndianOil in deploying the Licensed Process at the First Unit on the anticipated timeframe.
LanzaTech and IndianOil agree as below;
	1.
	First Unit and Future Units.

	1.1.
	IndianOil shall participate in the BEDP for the First Unit, and LanzaTech shall undertake the BEDP, make available propriety process control and propriety microbes and trace media mix further to the License Agreement.

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	1.2.
	LanzaTech shall grant license with respect to the Licensed Process, make available propriety process control and propriety microbes and trace media mix, and IndianOil shall undertake the Basic Engineering and Design Package (“BEDP”) for Future Units (i.e. units that follow the First Unit) (“Future Units”) based on the Licensed Process in respect of which Definitive Agreements are entered during the term of this Agreement.  The Future Units, may be:

		i.
	IndianOil Future Units, i.e. units set up by IndianOil and or its Affiliate (the expression ‘Affiliate’ shall have the same meaning as defined in the License Agreement), using the Licensed Process (“IndianOil Future Units”);

		ii.
	Third Party Future Units, i.e. units set up by persons other than IndianOil and or its Affiliate, using the Licensed Process (“Third Party Future Units”).

	1.3.
	Certain business terms in respect of agreement under Paragraph No. 1.1 and 1.2 above, are set forth in Exhibit A.

	1.4.
	LanzaTech and IndianOil agree that they shall enter into definitive separate agreement with respect to each Future Unit (“Definitive Agreements”), whether for the preparation of BEDP and or license to use the Licensed Process, as the case may be, only at which point any obligation on the Parties relating to the BEDP or license will become legally binding.

	2.
	Confidentiality.  This Agreement, the matters discussed herein and information provided by one Party to the other in connection herewith (collectively, “Information”) are confidential and shall not be disclosed by the receiving Party without the written consent of the other, except to the extent that disclosure.is required by law.  When disclosure is required, the Party making the disclosure shall provide intimation of the intended disclosure to the other Party and shall take all reasonable steps to limit the extent of the disclosure to comply with its legal obligations.

Neither Party shall have any obligation with respect to any Information that is or becomes publicly available without fault of the Party receiving the Information.
The obligations in this Paragraph 2 of this Agreement are in addition to and do not amend the terms of a Confidentiality and Non-Disclosure Agreement between the Parties dated [***] (“NDA”), which continues in full force and effect.
	3.
	Term and Termination.  This Agreement will automatically terminate and be of no further force and effect upon the earlier of (i) mutual agreement of LanzaTech and IndianOil, and (ii) the 10th anniversary of the Date of Signature.

	4.
	Governing Law.  The validity, interpretation and implementation of and all issues related to this Agreement shall be governed by the laws of the Republic of India without regard to its conflict of laws provisions. The dispute resolution clause (Section 10), as contemplated in the License Agreement, is hereby incorporated here by reference.

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	5.
	No Third-Party Beneficiaries.  Nothing herein is intended or shall be construed to confer upon any person or entity other than the Parties any rights or remedies under or by reason of this Agreement.

	6.
	Expenses.  [***] costs, charges, and expenses for the business review, preparation, and negotiation of the Definitive Agreements or incurred in connection with the transactions contemplated by this Agreement, including, but not limited to, [***].

	7.
	Miscellaneous.  Neither this Agreement nor any rights or obligations hereunder may be assigned, delegated or conveyed by either Party without the prior written consent of the other Party. This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one agreement. The headings of the various sections of this Agreement have been inserted for reference only and shall not be deemed to be a part of this Agreement.

IN WITNESS WHEREOF, the LanzaTech and IndianOil have executed this Agreement as of the Date of Signature.
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	LanzaTech, Inc.
	    
	Indian Oil Corporation Limited

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	By:
	/s/ Jennifer Holmgren
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	By:
	/s/ S. S. V. Ramakumar

	Name:
	Jennifer Holmgren
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	Name: 
	Dr. S. S. V. Ramakumar

	Title:
	Chief Executive Officer
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	Title: 
	Director (R&D)

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	Witness:
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	Witness:
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	By:
	/s/ Mark Burton
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	By:
	/s/ Alok Sharma

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	Name:
	Mark Burton
	​
	Name:
	Alok Sharma

	Title:
	General Counsel
	​
	Title:
	General Manager

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EXHIBIT A
BUSINESS TERMS
In view of IndianOil being the first mover in India for deployment of Licensed Process, LanzaTech will offer the following preferential business terms to IndianOil on the basis that the First Unit is kicked-off no later than [***] and IndianOil using its [***] to mechanically complete and start-up the First Unit expediently and in any case by the Agreed Date.  ‘Agreed Date’ shall mean the date [***].
In the event that the First Unit is not mechanically completed and start-up is not achieved by the Agreed Date, the Parties in consideration of prevailing circumstances shall [***].
It is agreed that notwithstanding the business terms set forth in this Exhibit A, LanzaTech agrees that as long as IndianOil remains the first to implement the Licensed Process (i.e., start up of the plant) in oil refinery, then from and after the Date of start-up till the validity of this Agreement, none of the provisions offered to any other person or entity for commercial deployment of the Licensed Process, together with all its advancements and improvements is or will be more favourable to such person or entity than those offered to IndianOil for its units, and if they are or become more favourable to any other person or entity during the term of this Agreement or any continuation or extension thereof, LanzaTech shall give written notice thereof to IndianOil, and IndianOil shall have the option to amend the relevant agreement(s) to include any such more favourable terms. If such option is exercised, IndianOil and LanzaTech shall execute appropriate written amendment(s) to the relevant agreement(s).  This most favored status provision shall not apply to terms offered to any person or entity related to LanzaTech through ownership, or terms offered to persons or entities in exchange for developments or services provided as part of a co-development project in cooperation with LanzaTech, or terms offered for a commercial unit started-up before the start-up of the First Unit.
	1.
	License Fees, Royalty

	1.1.
	First Unit

Running royalty only as set forth under the License Agreement.
Cut-off date for automatic inclusion of improved LanzaTech technology in the Licensed Process without further charge, shall be [***], which shall include the Microbes, as defined in the License Agreement.
	1.2.
	IndianOil Future Units

For all IndianOil Future Units the Parties agreed to mutually agree payment terms being based on either lump sum or running royalties.
In accordance with the foregoing, Parties agree that lump sum licensing charges by LanzaTech for IndianOil Future Units is [***].
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As the First Unit will be the first of its kind at that scale, the Definitive Agreements for IndianOil Future Units may contain additional provisions compared to the License Agreement, as mutually agreed by the Parties, including (without limitation) relating to [***].
	2.
	Basic Engineering and Design Packages

	2.1.
	First Unit

LanzaTech to deliver a BEDP to IndianOil for design and installation of the Fermentation Block (as defined in the License Agreement) that includes:
		a)
	[***].

		b)
	LanzaTech will work with IndianOil design group and provide necessary assistance for [***].

in each case in accordance with an engineering agreement relating to the First Unit, which will govern the terms of these deliverables.
Further, Parties agree that:
		a)
	IndianOil shall undertake entire Basic Design of [***].

		b)
	LanzaTech shall check and support IndianOil during preparation of the Basic Design of [***].

		c)
	Basic Design of [***].

	2.2.
	IndianOil Future Units

		a)
	LanzaTech will provide a process package comprising of PFDs, heat and material balances, bioreactor specifications, utility estimates and duty specs for packaged equipment.

		b)
	IndianOil will then undertake BEDP for the entire unit based on LanzaTech’s process package and Blue Book of Fermentation Block.

		c)
	LanzaTech’s fee for BEDP for such approach [***].

	2.3.
	Third Party Future Units:

For all Third Party Future Units for which BEDP kick-off meetings are held after successful commissioning of the First Unit, LanzaTech will exclusively engage IndianOil as its engineering partner for BEDP activity globally on the following terms:
		a)
	Exclusivity is subject to [***].

		b)
	LanzaTech will negotiate, agree and enter into its usual technology transfer agreements with the relevant third party customer.

		c)
	The basic engineering fee will be negotiated and agreed with the third party customer by LanzaTech in consultation with IndianOil.

		d)
	LanzaTech will offer IndianOil the opportunity to undertake the BEDP for these projects for LanzaTech pursuant to the division of responsibility described above

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under Paragraph 2.2 of this Exhibit A for “IndianOil Future Units — Points (a) & (b)”
		e)
	If IndianOil does undertake the BEDP, LanzaTech shall [***], and IndianOil shall be responsible to LanzaTech and the third party customer for the content of the BEDP carried out by IndianOil.

		f)
	If a customer has reservations about LanzaTech using IndianOil as its engineering partner for confidentiality reasons, LanzaTech shall notify IndianOil and IndianOil will implement a firewall or information barrier between i) the engineering team designated to work on the relevant customer’s project and ii) the remainder of IndianOil’s engineering team and the broader IndianOil organization, as a measure to reassure the relevant customer.

		g)
	If, despite implementing the firewall or information barrier, the relevant customer continues to have reservations, or if the relevant customer has reservations for reasons other than confidentiality, LanzaTech will notify IndianOil accordingly and will be permitted to deal with the relevant customer directly on mutually reasonably agreed solution.

		h)
	If IndianOil has resource constraints such that it is unable, to undertake all projects offered, both LanzaTech and IndianOil will discuss and mutually agree on the appropriate solution’:

		i)
	This exclusive arrangement will be valid for [***]. For the avoidance of doubt after the exclusive period expires and in absence of any mutual agreement, LanzaTech may carry out such opportunities itself or offer such opportunities to other parties without restriction.

	3.
	Proprietary Process Control

LanzaTech will provide the following proprietary software to IndianOil on the following preferential terms pursuant to a Supply Agreement to be executed between IndianOil and LanzaTech for the First Unit.
		a)
	LanzaTech’s standard process control offering, [***].

		b)
	This LanzaTech software is a mandatory requirement to enable [***].

		c)
	LanzaTech’s price for this software offering will be [***] for the First Unit. LanzaTech’s price for all Future Units is [***].

		d)
	LanzaTech will not [***].

		e)
	The software license for LanzaTech software along with its installation, maintenance and upgrades will be valid for [***].

		f)
	Party shall agree on [***].

	4.
	Proprietary microbes & trace media mix

LanzaTech will supply its proprietary microbe and trace media mix for the Licensed Process to IndianOil at preferential terms relative to LanzaTech’s standard pricing, pursuant to Supply Agreements executed between IndianOil and LanzaTech First Unit and for each IndianOil Future Units on the following terms:
Microbes:
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Microbial costs for the current specification microbe for the First Unit and relevant IndianOil Future Units will be as follows:
		a)
	LanzaTech will provide required microbe quantity [***].

Thereafter, IndianOil and LanzaTech [***].
		b)
	IndianOil may, [***] at its option elect to change the formulation of microbes and procure the same from third party and or use its own formulation of microbes. Once IndianOil elects to change the formulations as aforesaid, then [***].

		c)
	Microbes will be supplied [***].

		d)
	For IndianOil Future Units, LanzaTech will charge [***].

Trace Media Mix:
Trace media mix (a mix of proprietary vitamins) costs for the First Unit and IndianOil Future Units will be as follows:
		a)
	Trace media mix (a mix of proprietary vitamins) will be [***].

		b)
	For the First Unit, LanzaTech will charge [***].

		c)
	IndianOil may, [***] at its option elect to change the formulation of the trace media mix and or procure the same from third party and or use its own formulation

		d)
	Prices are [***].

		e)
	For IndianOil Future Units, LanzaTech will [***].

		f)
	If LanzaTech’s vendors reduce their pricing, [***].

Included developments
More efficient proprietary trace media mixes and improved media formulations developed for Licensed Process prior to technology cut-off date in the license agreement for each IndianOil Future Unit, will be delivered [***].
Security of Supply
For each of the microbes and proprietary trace media mix supplies to be delivered to IndianOil by LanzaTech, LanzaTech will [***].

7

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