Document:

Exclusive Supply Agreement

 Exhibit 10.32 
 EXCLUSIVE SUPPLY AGREEMENT 
 Entered into effective as of this 14th day of
January, 2011 
 Between: 

LANXESS Inc. (“LANXESS”), a company organized under the laws of Canada and having its principal place of business at 1265 Vidal Street
South, Sarnia, Ontario N7T 7M2 and, solely for purposes of Article II hereof, LANXESS Corporation (“LXS Corporation”), a Delaware corporation, 
 - AND - 
 GEVO, Inc. (“GEVO”), a company organized under the laws of Delaware and
having its principal place of business at 345 Inverness Drive South, Building C, Suite 130, Englewood, Colorado 80112 
 (each a
“Party” and collectively the “Parties”). 
 Recitals: 

A. GEVO is in the business of developing, manufacturing and selling Bio-based Isobutanol (as defined below). 

B. GEVO and LANXESS have a mutual interest in the successful commercial development of GEVO’s Bio-based Isobutanol business and in the development
of certain uses and markets for GEVO’s Bio-based Isobutanol; and to that end, LANXESS has been investing in related research and is contemplating significant capital investments and a long-term supply agreement with GEVO. In furtherance and
recognition of its efforts in this regard, LANXESS has an interest in acquiring certain exclusivity rights with respect to the purchase and use of Bio-based Isobutanol produced by GEVO. 
 C. LXS Corporation, currently holds 584,113 shares of GEVO’s Series D-1 Preferred Stock, par value $0.01 per share, and, subject to the terms of this AGREEMENT LXS Corporation is prepared to make a
further equity investment in GEVO. 
 D. GEVO and LANXESS have a mutual interest in: (1) exploring the potential for a possible business
collaboration in connection with the development of a commercial cellulosic butene facility in Southeast Asia; and (2) developing a technically and economically viable pathway for production of butadiene from Bio-based Isobutanol. 

 NOW THEREFORE, in consideration of the mutual covenants and agreements herein contained, the Parties
agree as follows: 
 Article I.    Definitions 
 1. For purposes of this AGREEMENT: 
 “Affiliate” of an entity means any other
entity directly or indirectly controlling, controlled by, or under direct or indirect common control with, such entity. An entity shall be deemed to control another entity if such entity possesses, directly or indirectly, the power to direct or
cause the direction of the management and policies of such other entity whether through the ownership of voting securities, by contract, or otherwise. 
 “AGREEMENT” means this Exclusive Supply Agreement as amended or varied in accordance with its terms. 
 “Bio-based Isobutanol” means any isobutanol that is produced from bio-mass and is not made from petroleum products. 
 “Butenes” means a mixture of C4 hydrocarbons comprised of one or more of all possible butene isomers: isobutylene, 1-butene, cis-2-butene, and trans-2-butene in an aggregate concentration
of not less than fifty percent (50%); provided, however, that for purposes of this AGREEMENT the term Butenes shall not include Butenes which are produced as a by-product of jet fuel, diesel, gasoline, MTBE for fuel, ETBE for fuel or other fuel
production. 
 “Butyl Rubber” means any elastomer, including but not limited to any such halogenated product, primarily
produced by polymerizing greater than 50% isobutylene with one or more co-monomers, including but not limited to any elastomers resulting from any use of the polymer in blends and/or converted forms. 

“Cellulosic Butene Facility JDA” has the meaning ascribed to that term in Article V, section 1. 

“Chemicals Field” means the use of isobutylene and other Butenes in chemical applications which are not encompassed by the
Polybutadiene and Butyl Exclusivity and / or the Polyisobutylene Exclusivity, and does not include the use of isobutylene or other Butenes in connection with jet fuel, diesel, gasoline, MTBE for fuel, ETBE for fuel and all other fuel applications.
 
 “Chemical Supply” means the supply of isobutylene or other Butenes to a customer for the customer’s purpose of
internally using such isobutylene or other Butenes for final use in the Chemicals Field, or for the customer’s purpose of selling or transferring such isobutylene or other Butenes to a third party for final use in the Chemicals Field.

 “Dehydration Facility” means a commercial scale facility to convert isobutanol, n-butanols, or a mixture of these, to
isobutene, n-butenes, butadiene, or mixed butanes, respectively. 
 “Exclusivity Rights” means the Exclusive First Right to
Supply, the Polybutadiene and Butyl Exclusivity, and the Polyisobutylene Exclusivity collectively. 

  
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 “Election Notice” has the meaning ascribed to that term in Article III, section 1(D)(ii) of
this AGREEMENT. 
 “Election Period” has the meaning ascribed to that term in Article III, section 1(D)(ii) of this AGREEMENT.

 “Excluded Supply” has the meaning ascribed to that term in Article III, section 1(D)(ii) of this AGREEMENT. 

“Exclusive First Right to Supply” has the meaning ascribed to that term in Article III, section 1(A) of this AGREEMENT. 

“Force Majeure” means any act, event or circumstance or combination of acts, events or circumstances which are beyond the affected
Party’s reasonable control and which could not have been prevented by the affected Party acting as a reasonable and prudent operator and which prevent, impede or delay the performance by the affected Party of its obligations under the
AGREEMENT. 
 “GEVO Bio-based Isobutanol” means Bio-based Isobutanol produced by or for GEVO or its Affiliates. 

“GEVO Competitor” means any entity, or Affiliate of an entity, that is directly or indirectly involved in the research, development,
production, sales or marketing of butanol or its isomers in any manner that would cause such an entity or Affiliate to be in competition with GEVO. 
 “GEVO’s Exclusive First Right to Supply” means such exclusive first right to supply as is granted to GEVO in accordance with Article IV, section 2. 

“LANXESS Ability to Supply Date” means the date when LANXESS provides written notice to GEVO that LANXESS has both: 

 

	 	(1)	the ability to acquire under the Off-take Agreement such quantity of GEVO Bio-based Isobutanol; and 

 

	 	(2)	the available capacity to produce and supply such quantity of isobutylene and / or butenes; 

 as is required for LANXESS to reasonably exercise the Exclusive First Right to Supply. 

“Notification” has the meaning ascribed to that term in Article III, section 1(D)(i) of this AGREEMENT. 

“Off-take Agreement” means a definitive agreement entered into between the Parties for the supply of GEVO Bio-based Isobutanol to
LANXESS, the terms of which at the date of this AGREEMENT remain to be negotiated and settled between the Parties in accordance with Article IV hereof. 
 “Polybutadiene” means in liquid as well as in solid form:
  

	 	a.	any elastomer primarily produced by polymerization of greater than 50% butadiene including but not limited to any elastomers resulting from any use of the polymer in
blends and/or converted forms; or 

  
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	 	b.	any elastomer primarily produced by co-polymerization of greater than 50% of styrene and butadiene including but not limited to any elastomers resulting from any use of
the polymer in blends and/or converted forms. 

 “Polybutadiene and Butyl Exclusivity” has the meaning ascribed
to that term in Article III, section 2(A) of this AGREEMENT. 
 “Polyisobutylene” means any polymer, including highly
reactive polyisobutylene and regular polyisobutylene, primarily produced by polymerization of at least 50% isobutylene and having an average molecular weight of at least 400, including but not limited to any product resulting from any use of the
polymer in blends and/or converted forms. 
 “Polyisobutylene Arrangements” has the meaning ascribed to that term in
Article III, section 3(B)(i) of this AGREEMENT. 
 “Polyisobutylene Exclusivity” has the meaning ascribed to that term in
Article III, section 3(A) of this AGREEMENT. 
 “Polyisobutylene Notification” has the meaning ascribed to that term in Article
III, section 3(B)(i) of this AGREEMENT. 
 “Supply Agreement” means an agreement between LANXESS and a customer for the supply
of isobutylene or other Butenes produced from GEVO’s Bio-based Isobutanol for use in the Chemicals Field. 
 “Term of
Exclusivity” means with respect to each of: (i) the Exclusive First Right to Supply; (ii) the Polybutadiene and Butyl Exclusivity; and (iii) the Polyisobutylene Exclusivity; a period commencing on the above effective date of
this AGREEMENT and terminating on the tenth anniversary of the effective date of the Off-take Agreement, which period shall be extended by the duration of any renewal terms that may be in force pursuant to the terms of Article III, section 5, and
subject to early termination pursuant to the terms set forth in Article III, section 4. 
 “Termination Events” has the meaning
ascribed to that term in Article III, section 4 of this AGREEMENT. 
 Article II.    Equity Investment by LXS Corporation

  

	1.	 Notwithstanding anything to the contrary contained in that certain Term Sheet for the Private Placement of Series D-2 Preferred Stock of GEVO, by and
among GEVO and the investors named therein (the “D-2 Term Sheet”), LXS Corporation hereby acknowledges and agrees that (a) LXS Corporation’s obligation to invest in GEVO’s Series D-2 Preferred Stock (the “D-2
Preferred”) on the terms and subject to the conditions contained in the D-2 Term Sheet shall, upon the execution and delivery of the D-2 Term Sheet by LXS Corporation and GEVO, be binding and enforceable against LXS Corporation and that
such obligation shall not be conditioned upon the execution of the Series D-2 Term Sheet by Goldman Sachs Group, Inc., (b) GEVO may, in its sole and absolute discretion, chose to consummate the First Closing and any Additional Closings (each as
defined in the D-2 Term Sheet) of sales of the D-2 Preferred without withdrawing its registration statement on Form S-1, currently on file with the U.S. Securities and Exchange Commission (the

  
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“Current S-1”), and LXS Corporation’s obligation to invest in the D-2 Preferred at any such closings shall not be conditioned upon, or effected in any way by GEVO’s
decision with respect to the Current S-1 and (c) the commercial rights to be granted to LXS Corporation in connection with the D-2 Preferred financing, as described in the D-2 Term Sheet under the Heading “Commercial Rights
(LANXESS),” shall be granted to LANXESS on the terms and subject to the conditions set forth in this AGREEMENT. 

  

	2.	GEVO hereby acknowledges and agrees that, so long as LXS Corporation participates in the First Closing in accordance with the terms set forth in the D-2 Term Sheet,
effective upon the First Closing and until such time as GEVO shall complete an IPO or a Merger (each as defined in the D-2 Term Sheet), in the event of an offer to buy GEVO, or in the event the Board of Directors of GEVO decides to seek a buyer for
GEVO, GEVO will promptly inform LXS Corporation in writing of such offer or decision and will not enter into any agreement or understanding (except in the form of a customary confidentiality agreement), or enter into exclusive negotiations, with
respect to any sale transaction for at least 20 business days following such notice. During this period, GEVO will negotiate in good faith (but non-exclusively) with LXS Corporation or a designated Affiliate of LXS Corporation for a sale transaction
to the extent reasonably requested by LXS Corporation or such designated Affiliate, and the Board of Directors of GEVO will consider any proposal made by LXS Corporation or such designated Affiliate in a manner consistent with the Board of
Director’s exercise of its fiduciary duties. 

 Article III.    Exclusivity Arrangements

  

	1.	Exclusive First Right to Supply 

  

	 	(A)	Subject to the terms and conditions of this AGREEMENT, including the Termination Events and the conditions set out in paragraphs (B), (C), (D), (E) and
(F) below, for the applicable Term of Exclusivity, GEVO hereby grants to LANXESS, on a worldwide basis, an exclusive (except with respect to Excluded Supply), non-transferable, non-sublicensable right to acquire and use GEVO Bio-based
Isobutanol to produce isobutylene and / or other Butenes for Chemical Supply (the “Exclusive First Right to Supply”). 

  

	 	(B)	For the avoidance of doubt and subject to the provisions set forth in paragraph (F) below, GEVO agrees that, except as otherwise expressly permitted under this
Article III, section 1, for the period of the Exclusive First Right to Supply neither GEVO nor any Affiliate of GEVO shall: (1) use Bio-based Isobutanol for the purpose of producing isobutylene or other Butenes for Chemical Supply (other than
for Excluded Supply); or (2) supply Bio-based Isobutanol to any party other than LANXESS (other than for Excluded Supply) to the extent that GEVO or such Affiliate of GEVO knows or reasonably ought to know, after due inquiry, that such party
intends to (a) use such Bio-based Isobutanol for the purpose of producing isobutylene or other Butenes for use in the Chemicals Field or (b) resell or transfer such Bio-based Isobutanol to a third party for the purpose of producing
isobutylene or other Butenes for use in the Chemicals Field. 

  

	 	(C)	 LANXESS shall notify GEVO of the LANXESS Ability to Supply Date promptly after LANXESS reasonably knows or reasonably ought to know that both
conditions in the 

  
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definition of the LANXESS Ability to Supply Date have been satisfied. The Parties recognize that LANXESS will not be in a position to fully exercise the Exclusive First Right to Supply until the
LANXESS Ability to Supply Date. Therefore, until the LANXESS Ability to Supply Date, GEVO and LANXESS shall reasonably cooperate in marketing isobutylene and butenes produced using GEVO Bio-based Isobutanol to customers in the Chemicals Field and in
developing tolling capacity to meet near term demand for such isobutylene and Butenes in the Chemicals Field. Without limiting the generality of the foregoing, this cooperation shall be subject to the following arrangements:

  

	 	(i)	Until the LANXESS Ability to Supply Date, GEVO shall have the right to: 

  

	 	(1)	develop toll production of isobutylene and butenes using GEVO Bio-based Isobutanol for the purposes of supplying such isobutylene and Butenes to customers in the
Chemicals Field; and 

  

	 	(2)	supply such isobutylene and / or Butenes to customers in the Chemicals Field. 

 

	 	(ii)	GEVO shall obtain LANXESS’ prior approval to all such tolling and supply arrangements, such approval not to be unreasonably withheld or delayed. If LANXESS’
fails to approve or disapprove of a tolling or supply arrangement within fifteen (15) business days of receiving notice thereof, approval shall be deemed to have been granted. 

 

	 	(iii)	Upon written request from LANXESS (effective on or after the LANXESS Ability to Supply Date), GEVO agrees to promptly transfer all of its isobutylene and / or butenes
customers in the Chemicals Field to LANXESS, subject to transfer and assignment from GEVO to LANXESS of all related contractual rights and obligations (other than any liabilities, contractual or otherwise, arising from GEVO’s negligence, breach
or non-performance of such obligations). 

  

	 	(iv)	Upon written request from LANXESS (effective on or after the LANXESS Ability to Supply Date), GEVO agrees to promptly transfer any such tolling arrangements to LANXESS,
subject to transfer and assignment from GEVO to LANXESS of all related contractual rights and obligations (other than any liabilities, contractual or otherwise, arising from GEVO’s negligence, breach or non-performance of such obligations).

  

	 	(D)	The Parties shall follow the following referral process with respect to the Exclusive First Right to Supply: 

 

	 	(i)	 From and after the LANXESS Ability to Supply Date, in the event a customer approaches GEVO or an Affiliate of GEVO for the supply of isobutylene or
other Butenes for final use in the Chemicals Field or for Chemical Supply during the Term of Exclusivity, GEVO shall promptly provide written notice to LANXESS of such customer (the “Notification”). The date of such Notification
shall be the date GEVO provided such Notification to LANXESS. In the event a customer approaches LANXESS directly for the supply of isobutylene or other Butenes for final use in the Chemicals Field or for Chemical Supply during the Term of
Exclusivity, LANXESS shall promptly provide written notice to GEVO of such 

  
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customer, and the date of the Notification shall be the date such customer approached LANXESS. 

  

	 	(ii)	LANXESS shall have sixty (60) calendar days from the date of the Notification (the “Election Period”) to provide written notice to GEVO of its
intent to exercise the Exclusive First Right to Supply with respect to such customer (the “Election Notice”). If LANXESS delivers an Election Notice to GEVO within the Election Period indicating its intent to exercise its Exclusive
First Right to Supply with respect to such customer, then LANXESS shall have a period of nine (9) months from the date of the Notification to enter into a mutually acceptable Supply Agreement with such customer. If: (1) an Election Notice
is not received by GEVO within the Election Period; (2) LANXESS notifies GEVO at any time following the relevant Notification that it does not wish to exercise its Exclusive First Right to Supply with respect to such customer; (3) the
customer notifies LANXESS at any time following the relevant Notification that it does not wish to enter into a Supply Agreement with LANXESS; or (4) LANXESS and the customer do not enter into a Supply Agreement within said nine (9) month
period; then GEVO will have the unrestricted right, in its sole discretion, to supply such customer with such quantity of isobutylene or other Butenes as the customer is seeking at that time for its use in the Chemicals Field or for Chemical Supply,
and LANXESS shall have no further rights with respect to the supply of such quantity of isobutylene or other Butenes to such customer (each such supply an “Excluded Supply”). Notwithstanding the foregoing, nothing contained
in this Article III, Section 1(D)(ii) shall be construed in a manner that would entitle GEVO to enter into an Excluded Supply arrangement to the extent a customer elects to purchase Bio-based Isobutanol for conversion to (a) Polybutadiene
or Butyl Rubber or (b) Polyisobutylene, and LANXESS shall have the exclusive right to convert GEVO Bio-based Isobutanol to such chemical intermediates and to distribute such GEVO Bio-based Isobutanol into such applications pursuant to Article
III, Sections 2 and 3 hereof. 

  

	 	(iii)	For the avoidance of doubt, GEVO’s sole obligations pursuant to this Article I, Section 1 are to: (1) reasonably cooperate with LANXESS prior to the
LANXESS Ability to Supply Date, in accordance with paragraph (C) above; and (2) provide a Notification to LANXESS in accordance with the terms of subparagraph (i) above. In particular, GEVO shall not have any obligation to assist
LANXESS with the negotiation of a Supply Agreement and shall not have any liability in the event that a customer elects not to enter into a Supply Agreement or LANXESS is otherwise unable to enter into a Supply Agreement with a customer, except to
the extent that any such event is caused by any breach of GEVO’s obligations under this AGREEMENT. For the avoidance of doubt, GEVO acknowledges and agrees that neither GEVO nor any Affiliate of GEVO shall provide information to or communicate
with any customer seeking Chemical Supply or other party, or take any other action, in any manner which may reasonably be expected to prejudice, impede or interfere with LANXESS’ efforts to conclude any Supply Agreement with any customer
seeking Chemical Supply. 

  

	 	(E)	 LANXESS shall have the right to exercise the Exclusive First Right to Supply directly or through any agent, Affiliate, contractor or representative, as
determined by LANXESS in its sole discretion provided that such agent, Affiliate, contractor or 

  
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representative is not a GEVO Competitor and so long as, in each such exercise of this right, LANXESS retains all obligations for payment or otherwise hereunder. 

 

	 	(F)	Notwithstanding anything to the contrary contained in this AGREEMENT, GEVO shall, in addition to its other rights under this Article III, have the right to (i) use
Bio-based Isobutanol to produce (internally or through an Affiliate or tolling arrangement) isobutylene or other Butenes solely as an intermediate step in GEVO’s internal production (directly or indirectly through an Affiliate or tolling
arrangement) of any product other than (a) Polybutadiene, Butyl Rubber or Polyisobutylene or (b) any product intended for use as a precursor or raw material for the production of Polybutadiene, Butyl Rubber or Polyisobutylene; and
(ii) sell GEVO Bio-based Isobutanol to any customer which uses such product to produce (internally or through an Affiliate or tolling arrangement) isobutylene or other Butenes solely as an intermediate step in its internal production (directly
or indirectly through an Affiliate of such customer or tolling arrangement) of any product other than (a) Polybutadiene, Butyl Rubber or Polyisobutylene or (b) any product intended for use as a precursor or raw material for the production
of Polybutadiene, Butyl Rubber or Polyisobutylene. 

  

	2.	Polybutadiene & Butyl Rubber Exclusivity 

  

	 	(A)	Subject to the terms and conditions of this AGREEMENT, including the Termination Events and the conditions set out in paragraphs (B) and (C) below, for the
applicable Term of Exclusivity, GEVO hereby grants to LANXESS, on a worldwide basis, an exclusive, non-transferable, non-sublicensable right to acquire and use GEVO Bio-based Isobutanol for the purpose of producing butadiene and isobutylene for use
in the production of Polybutadiene and Butyl Rubber (the “Polybutadiene and Butyl Exclusivity”). 

  

	 	(B)	For the avoidance of doubt, GEVO agrees that for the period of the Polybutadiene and Butyl Exclusivity, neither GEVO nor any Affiliate of GEVO shall: (1) use
Bio-based Isobutanol for the purpose of producing any butadiene or isobutylene for use in the production of Polybutadiene or Butyl Rubber: or (2) supply Bio-based Isobutanol to any party other than LANXESS to the extent that GEVO or such
Affiliate of GEVO knows or reasonably ought to know, after due inquiry, that such party intends to use such product, or to resell or transfer such product to another party, for the purpose of producing any butadiene or isobutylene for use in the
production of Polybutadiene or Butyl Rubber. 

  

	 	(C)	LANXESS shall have the right to exercise the Polybutadiene and Butyl Exclusivity directly or through any agent, Affiliate, contractor or representative, as determined
by LANXESS in its sole discretion provided that such agent, Affiliate, contractor or representative is not a GEVO Competitor and so long as, in each such exercise of this right, LANXESS retains all obligations for payment or otherwise hereunder.

  

	3.	Polyisobutylene Exclusivity 

  

	 	(A)	 Subject to the terms and conditions of this AGREEMENT, including the Termination Events and the conditions set out in paragraphs (B), (C), and
(D) below, for the applicable Term of Exclusivity, GEVO hereby grants to LANXESS, 

  
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on a worldwide basis, an exclusive non-transferable, non-sublicensable right to acquire and use GEVO Bio-based Isobutanol for the purpose of producing isobutylene for use in the production of
Polyisobutylene (the “Polyisobutylene Exclusivity”). 

  

	 	(B)	The Polyisobutylene Exclusivity shall be subject to the following conditions: 

 

	 	(i)	Until such time as LANXESS provides GEVO with written notification that LANXESS has the capability to supply isobutylene to Polyisobutylene Customers (as defined below)
and elects to do so (the “Polyisobutylene Notification”), GEVO shall be permitted to produce, internally or through tolling arrangements, and sell Polyisobutylene and to sell GEVO Bio-based Isobutanol to customers for use in the
production of Polyisobutylene; provided, however, that GEVO shall discuss with LANXESS, in good faith: (1) any arrangements that it intends to enter into for the supply of Bio-based Isobutanol for use in the production of Polyisobutylene; and
(2) any tolling or supply arrangements that it intends to enter into for the production or sale of Polyisobutylene; and shall obtain LANXESS’ prior approval to all such supply and tolling arrangements (“Polyisobutylene
Arrangements”), such approval not to be unreasonably withheld or delayed. 

  

	 	(ii)	Upon written request from LANXESS (effective on or after the date of the Polyisobutylene Notification), GEVO agrees to promptly transfer all of its customers under its
Polyisobutylene Arrangements (the “Polyisobutylene Customers”) to LANXESS, subject to transfer and assignment from GEVO to LANXESS of all related contractual rights and obligations (other than any liabilities, contractual or
otherwise, arising from GEVO’s negligence, breach or non-performance of such obligations). 

  

	 	(iii)	Upon written request from LANXESS (effective on or after the date of the Polyisobutylene Notification), GEVO agrees to promptly transfer any tolling arrangements under
its Polyisobutylene Arrangements to LANXESS, subject to transfer and assignment from GEVO to LANXESS of all related contractual rights and obligations (other than any liabilities, contractual or otherwise, arising from GEVO’s negligence, breach
or non-performance of such obligations). 

  

	 	(C)	For the avoidance of doubt, GEVO agrees that, except as otherwise expressly permitted under this Article III, section 3, for the period of the Polyisobutylene
Exclusivity, neither GEVO nor any Affiliate of GEVO shall: (1) use Bio-based Isobutanol for the purpose of producing any isobutylene for use in the production of Polyisobutylene; or (2) supply Bio-based Isobutanol to any party other than
LANXESS to the extent that GEVO or such Affiliate of GEVO knows or reasonably ought to know, after due inquiry, that such party intends to use, or to resell or transfer such product to another party, for the purpose of producing any isobutylene for
use in the production of Polyisobutylene. 

  

	 	(D)	LANXESS shall have the right to exercise the Polyisobutylene Exclusivity directly or through any agent, Affiliate, contractor or representative, as determined by
LANXESS in its sole discretion provided that such agent, Affiliate, contractor or representative is not a GEVO Competitor and so long as, in each such exercise of this right, LANXESS retains all obligations for payment or otherwise hereunder.

  
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	4.	Termination Events 

 The
Exclusivity Rights shall automatically terminate upon the occurrence of any of the following events (collectively referred to as the “Termination Events”): 

 

	 	(i)	if LANXESS and GEVO do not enter into an Off-take Agreement by December 30, 2011; 

 

	 	(ii)	if the Off-take Agreement is lawfully terminated by either Party; 

  

	 	(iii)	if, by December 30, 2011, LANXESS has either not made or has not notified GEVO of a final investment decision to build a Dehydration Facility;

  

	 	(iv)	if LANXESS notifies GEVO at any time prior to December 30, 2011 that it has made a final decision not to build a Dehydration Facility;

  

	 	(v)	if LANXESS has failed to commence operation of a Dehydration Facility by no later than December 30, 2013, unless such failure is excused by Force Majeure;

  

	 	(vi)	if LANXESS purchases Bio-based Isobutanol from any source other than GEVO in contravention of GEVO’s Exclusive First Right to Supply; 

 

	 	(vii)	if LANXESS fails to cure any material breach of this AGREEMENT or the Off-take Agreement within thirty (30) days after receiving a written notice of the breach
from GEVO or if such breach cannot reasonably be cured within such thirty (30) day period, within such longer period as is reasonably required to cure such breach not to exceed ninety (90) days after receiving such written notice of the
breach; or 

  

	 	(viii)	if LANXESS dissolves, liquidates, ceases to conduct business, or becomes insolvent or seeks protection pursuant to any bankruptcy, receivership, trust deed, creditors
arrangement or comparable proceeding, or such proceeding is instituted against LANXESS and not dismissed within sixty (60) days. 

  

	5.	Exclusivity Rights in Off-take Agreement and Renewal Terms 

 The Parties agree that the Exclusivity Rights shall be incorporated into the Off-take Agreement at the time of its completion and execution, and that, in the event the Off-take Agreement is entered into
between the Parties, after completion of the initial Term of Exclusivity each of the relevant Exclusivity Rights shall continue on the same terms for successive renewal terms of five (5) years, subject to termination at the end of the initial
Term of Exclusivity or any such renewal term by either Party giving the other Party not less than twenty-four (24) months prior written notice of termination. 
  

	6.	Review of List of Products 

LANXESS and GEVO shall mutually review on an annual basis the products included in the scope of the Exclusivity Rights. If, upon such review: (i) the
Parties mutually agree to change any such products, they shall promptly make any required amendments to this AGREEMENT; 

  
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or (ii) the Parties do not mutually agree to change any such products, this AGREEMENT shall continue in force unchanged. 
 Article IV.    Off-take Agreement 
  

	1.	While the Parties intend for July 31, 2011 to be a non-binding target for execution of the Off-take Agreement, they hereby agree that, upon the execution of this
AGREEMENT, they shall, acting in good faith, use reasonable efforts (and provide reasonable resources) to settle the terms of, and execute, a mutually satisfactory Off-take Agreement by no later than December 30, 2011. The Parties agree that
they will utilize the Heads of Agreement that was signed by the Parties effective May 7, 2010 (the “HOA”) as a non-binding starting point for their negotiation of the Off-take Agreement, taking into account that certain of the
provisions in the HOA are no longer up to date with the Parties’ most recent discussions and positions. 

  

	2.	The Parties agree that the Off-take Agreement shall include a provision which stipulates that: 

 

	 	(i)	during the term of the Off-take Agreement, GEVO shall have the exclusive first right to supply LANXESS and its Affiliates with all its requirements for Bio-based
Isobutanol in excess of the minimum quantity and up to the maximum quantity that are agreed in the Off-take Agreement; 

  

	 	(ii)	the exclusive first right to supply set forth in subsection (i) above, shall be exercised in accordance with the pricing and terms of the Off-take Agreement,
provided, however, that if LANXESS obtains a bona fide offer from another supplier for such requirements of Bio-based Isobutanol at pricing and terms which are in the aggregate more advantageous to LANXESS than the pricing and terms of the Off-take
Agreement (taking into account any and all transportation costs, duties, tariffs, taxes, and other items affecting the overall cost), then the exclusive first right to supply set forth in subsection (i) above shall be exercised in accordance
with the pricing and terms of such other offer; and 

  

	 	(iii)	to the extent GEVO for any reason fails or is unable to satisfy all such LANXESS requirements, LANXESS shall have the right to satisfy its requirements from any other
sources, as LANXESS in its sole discretion may determine. 

  

	3.	Each Party shall bear its own costs and expenses whatsoever and howsoever arising or incurred in connection with the Parties’ efforts to settle the terms of, and
execute, an Off-take Agreement. The Parties hereby acknowledge and agree that the failure of the Parties to settle the terms of, or execute, an Off-take Agreement by December 30, 2011 or by any other date shall not be the basis of any
obligation, liability, claim or cause of action against each other. This provision shall not detract from the Parties’ other obligations under this AGREEMENT. 

 Article V.    Cellulosic Butene Facility JDA 
  

	1.	 LANXESS shall have the option to initiate discussion with GEVO of a joint development agreement for the purpose of exploring the potential for a
possible business collaboration 

  
 Page 11 of 15

	 	 
between the Parties in connection with the development of a commercial cellulosic butene facility in Southeast Asia (“Cellulosic Butene Facility JDA”). If LANXESS elects to
exercise this option, it shall provide written notification thereof to GEVO by no later than March 31, 2011. The Parties hereby agree that, upon LANXESS providing such notification, they shall, acting in good faith, use reasonable efforts (and
provide reasonable resources) to: (i) settle the terms of, and execute, a mutually satisfactory Cellulosic Butene Facility JDA by no later than June 30, 2011; and (ii) complete mutually agreed upon milestones (as set forth in such
Cellulosic Butene Facility JDA) by January 31, 2012. GEVO agrees to not pursue discussion or development of such a facility with any third party during the period prior to January 31, 2012, unless LANXESS has not exercised this option by
March 31, 2011 or the Parties have not executed the Cellulosic Butene Facility JDA by June 30, 2011, as applicable. The Parties may extend any one or more of the three dates set forth in this section by mutual agreement.

  

	2.	Each Party shall bear its own costs and expenses whatsoever and howsoever arising or incurred in connection with the Parties’ efforts to settle the terms of, and
execute, a Cellulosic Butene Facility JDA. The Parties hereby acknowledge and agree that the failure of the Parties to settle the terms of, or execute, a Cellulosic Butene Facility JDA by June 30, 2011 or by any other date shall not be the
basis of any obligation, liability, claim or cause of action against each other. This provision shall not detract from the Parties’ other obligations under this AGREEMENT. 

 Article VI.    Bio-butadiene JDA 
  

	1.	The Parties hereby agree that, upon the execution of this AGREEMENT, they shall, acting in good faith, use reasonable efforts (and provide reasonable resources) to
settle the terms of, and execute, a mutually satisfactory joint development agreement for the purpose of developing a technically and economically viable means of producing butadiene from Bio-based Isobutanol (“Bio-Butadiene JDA”)
by no later than June 30, 2011. 

  

	2.	Each Party shall bear its own costs and expenses whatsoever and howsoever arising or incurred in connection with the Parties’ efforts to settle the terms of, and
execute, a Bio-Butadiene JDA. The Parties hereby acknowledge and agree that the failure of the Parties to settle the terms of, or execute, a Bio-Butadiene JDA by June 30, 2011 or by any other date shall not be the basis of any obligation,
liability, claim or cause of action against each other. This provision shall not detract from the Parties’ other obligations under this AGREEMENT. 

 Article VII.    General 
  

	1.	Each Party shall be relieved of its obligations under this AGREEMENT to the extent that its ability to perform such obligations is delayed, prevented or impaired by
Force Majeure. 

  

	2.	This AGREEMENT constitutes the entire and only agreement between the Parties relating to the subject matter hereof, and all prior negotiations, representations,
agreements and understandings are superseded hereby. No agreements altering or supplementing the terms hereof may be made except by written mutual agreement by the Parties. 

  
 Page 12 of 15

  

	3.	Any delay in enforcing a Party’s right under this AGREEMENT or any waiver as to a particular default or other matter will not constitute a waiver of such
party’s rights to the future enforcement of its rights under this AGREEMENT, except only as to an express written and signed waiver to a specific matter for a specific period of time. 

 

	4.	Any notice required by this AGREEMENT will be given by personal delivery (including delivery by reputable messenger services such as Federal Express) or by prepaid,
first class, certified mail, return receipt requested, addressed to: 

 For LANXESS: 

LANXESS Inc. 
 1265 Vidal Street South, 
 Sarnia, Ontario N7T 7M2, 

Canada 
 ATTENTION: President and Managing Director 
 For LXS Corporation:

 LANXESS Corporation 
 111 RIDC Park West Drive 
 Pittsburgh, PA 15275-1112 

USA 
 Attention: General Counsel 
 For GEVO: 

GEVO, Inc. 
 345 Inverness Drive South, 
 Building C, Suite 130, 

Englewood, CO 80112 
 USA 
 Attention: General Counsel 

or at such other addresses as may be given from time to time in accordance with the terms of this notice provision. 

 

	5.	This AGREEMENT is made under and shall be construed, interpreted and controlled by the laws of the State of Delaware, and all claims arising out of or related to the
parties’ relationship created by this AGREEMENT, whether in contract, tort or otherwise, shall be governed and decided pursuant to the laws of the State of Delaware, including Delaware’s statutes of limitations but not including its
conflict of law rules. The Parties agree to submit to the courts of said jurisdiction and that such venue shall be exclusive regarding disputes arising out of this AGREEMENT, except for the enforcement of judgments in which case such venue shall be
non-exclusive. 

  

	6.	All additions or modifications to this AGREEMENT must be made in writing and must be executed by both parties. 

 

	7.	This AGREEMENT may be executed by facsimile or PDF signature in any number of counterparts, all of which taken together shall constitute one in the same instrument.

  
 Page 13 of 15

  

	8.	GEVO and LANXESS are each subject to the provisions of the mutual Disclosure Agreement entered into between the Parties having an Effective Date of September 11,
2009, including the Amendment Number 1 having an Effective Date of September 11, 2010. Said Disclosure Agreement is incorporated by reference as if fully set forth in its entirety herein. To the extent disclosure of this AGREEMENT or any
information relating to this AGREEMENT is required under any applicable law, judicial order or decree, the Party required to make such disclosure shall to the extent practicable, provide the other Party with prior written notice of such disclosure
so that the other Party may seek a protective order or waiver of compliance with such law, judicial order or decree, and the Party required to make such disclosure shall provide reasonable assistance to the other Party in its efforts to obtain such
a protective order or waiver. 

  

	9.	In case any provision in this AGREEMENT shall be, or at any time shall become invalid, illegal or unenforceable in any respect, such invalidity, illegality or
unenforceability shall not in any way affect or impair any other provision of this AGREEMENT and this AGREEMENT shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein. 

 

	10.	Except as expressly permitted under this section 10, neither Party may assign or transfer any of its rights or obligations under this AGREEMENT to a third party without
the other Party’s prior written consent, such consent not to be unreasonably withheld or delayed. Notwithstanding the foregoing and any other provisions of this AGREEMENT, each of GEVO and LANXESS shall have the right to assign or transfer all
or any part of its rights and obligations to an Affiliate of such Party with prior written notice to the other party, provided that such Affiliate: (i) agrees in writing to be bound by all relevant terms of this AGREEMENT; and
(ii) provides the other Party with all such information as is reasonably required to satisfy the other Party of such Affiliate’s ability to perform all such obligations as are assigned to it. Any attempted assignment or transfer in
violation of this section 10 will be null and void. 

 IN WITNESS WHEREOF, the Parties, through their respective duly authorized
officers, have executed this AGREEMENT on the date first written above. 
 LANXESS Inc. 

1265 Vidal Street South 
 Sarnia ON 

Canada N7T 7M2 
 Authorized Signature:

   /s/    Alexander
Marshall                     
 Printed
Name/Title:      Alexander Marshall / President & Managing Director     

Date of Signature:      January 13, 2011         

  
 Page 14 of 15

 GEVO, Inc. 
 345 Inverness Drive South, 
 Building C, Suite 130, 

Englewood, CO 80112 
 USA 

Authorized Signature: 

  /s/    Patrick
Gruber                     
 Printed
Name/Title:      Patrick Gruber / CEO                     

Date of Signature:      January 14, 2011         

and, solely for purposes of Article II: 

LANXESS Corporation 
 111 RIDC Park West
Drive 
 Pittsburgh, PA 15275-1112 
 USA

 Authorized Signature: 

  /s/    Raymond D. Newhouse       

Printed Name/Title:      Raymond D. Newhouse / VP & CFO     

Date of Signature:      January 14, 2011         

  
 Page 15 of 15Form of Indemnification Agreement

 Exhibit 10.33 
 GEVO, INC. 
 INDEMNIFICATION AGREEMENT 

This Indemnification Agreement (this “Agreement”) is effective as of
                    , 2011 by and between Gevo, Inc., a Delaware corporation (the “Company”), and
                     (the “Indemnitee”). 

RECITALS 
 WHEREAS, the Company recognizes the continued difficulty in obtaining liability insurance for its directors, officers, employees, controlling persons, fiduciaries and
other agents and affiliates, the significant increases in the cost of such insurance and the general reductions in the coverage of such insurance; 
 WHEREAS, the Company further recognizes the substantial increase in corporate litigation in general, subjecting directors, officers, employees, controlling persons,
fiduciaries and other agents and affiliates to expensive litigation risks at the same time as the availability and coverage of liability insurance has been severely limited; 
 WHEREAS, the current protection available to directors, officers, employees, controlling persons, fiduciaries and other agents and affiliates of the Company may not be
adequate under the present circumstances, and directors, officers, employees, controlling persons, fiduciaries and other agents and affiliates of the Company (or persons who may be alleged or deemed to be the same), including the Indemnitee, may not
be willing to continue to serve or be associated with the Company in such capacities without additional protection; 

WHEREAS, the Company (a) desires to attract and retain the involvement of highly qualified
persons, such as the Indemnitee, to serve and be associated with the Company, and (b) accordingly, wishes to provide for the indemnification and advancement of expenses to the Indemnitee to the maximum extent permitted by law; and 

WHEREAS, in view of the considerations set forth above, the Company desires that the Indemnitee
shall be indemnified and advanced expenses by the Company as set forth herein. 
 NOW,
THEREFORE, in consideration of the mutual promises and covenants contained herein, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

AGREEMENT 
 1. CERTAIN DEFINITIONS. 
 (a)
“Change in Control” shall be deemed to have occurred if, on or after the date of this Agreement, (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act
of 1934, as amended (the “Exchange Act”)), other than a trustee or other fiduciary holding securities under an employee benefit plan of the Company acting in such capacity or a corporation owned directly or indirectly by the
stockholders of the Company in substantially the same proportions as their ownership of stock of the Company, becomes the “beneficial owner” (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the
Company representing more than fifty percent (50%) of the total voting power represented by the Company’s then outstanding Voting Securities (as defined below), (ii) during any period

 
of two (2) consecutive years, individuals who at the beginning of such period constitute the Board of Directors of the Company (the “Board”) and any new director
whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors at the beginning of the period or
whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof, or (iii) the stockholders of the Company approve a merger or consolidation of the Company with any other corporation
other than a merger or consolidation which would result in the Voting Securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into Voting Securities of the
surviving entity) at least eighty percent (80%) of the total voting power represented by the Voting Securities of the Company or such surviving entity outstanding immediately after such merger or consolidation, or (iv) the stockholders of
the Company approve a plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company of (in one transaction or a series of related transactions) all or substantially all of the Company’s assets.

 (b) “Claim” shall mean with respect to a Covered Event (as defined below): any
threatened, asserted, pending or completed action, suit, proceeding or alternative dispute resolution mechanism, or any hearing, inquiry or investigation that the Indemnitee in good faith believes might lead to the institution of any such action,
suit, proceeding or alternative dispute resolution mechanism, whether civil, criminal, administrative, investigative or other. 

(c) References to the “Company” shall include, in addition to Gevo, Inc., any constituent corporation
(including any constituent of a constituent) absorbed in a consolidation or merger to which Gevo, Inc. (or any of its wholly owned subsidiaries) is a party, which, if its separate existence had continued, would have had power and authority to
indemnify its directors, officers, employees, agents or fiduciaries, so that if the Indemnitee is or was a director, officer, employee, agent or fiduciary of such constituent corporation, or is or was serving at the request of such constituent
corporation as a director, officer, employee, agent or fiduciary of another corporation, partnership, joint venture, employee benefit plan, trust or other enterprise, the Indemnitee shall stand in the same position under the provisions of this
Agreement with respect to the resulting or surviving corporation as the Indemnitee would have with respect to such constituent corporation if its separate existence had continued. 

(d) “Covered Event” shall mean any event or occurrence related to the fact that the Indemnitee is or was a
director, officer, employee, agent or fiduciary of the Company, or any subsidiary of the Company, or is or was serving at the request of the Company as a director, officer, employee, agent or fiduciary of another corporation, partnership, joint
venture, trust or other enterprise, or by reason of any action or inaction on the part of the Indemnitee while serving in such capacity. 
 (e) “Expense Advance” shall mean a payment to the Indemnitee for Expenses pursuant to Section 3 hereof, in advance of the settlement of or final judgment in any
action, suit, proceeding or alternative dispute resolution mechanism, hearing, inquiry or investigation, which constitutes a Claim. 
 (f) “Expenses” shall mean any and all direct and indirect costs, losses, claims, damages, fees, expenses and liabilities, joint or several (including attorneys’ fees
and all other costs, expenses and obligations incurred in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, to be a witness in or to participate in, any action, suit,
proceeding, alternative dispute resolution mechanism, hearing, 

  
 2 

 
inquiry or investigation), judgments, fines, penalties and amounts paid in settlement (if such settlement is approved in advance by the Company, which approval shall not be unreasonably withheld)
actually and reasonably incurred, of any Claim and any federal, state, local or foreign taxes imposed on the Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement. 

(g) “Independent Legal Counsel” shall mean an attorney or firm of attorneys, selected in accordance with
the provisions of Section 2(d) hereof, who shall not have otherwise performed services for the Company or the Indemnitee within the last three (3) years (other than with respect to matters concerning the rights of the Indemnitee
under this Agreement, or of other indemnitees under similar indemnity agreements). 
 (h) References to
“other enterprises” shall include employee benefit plans; references to “fines” shall include any excise taxes assessed on the Indemnitee with respect to an employee benefit plan; and
references to “serving at the request of the Company” shall include any service as a director, officer, employee, agent or fiduciary of the Company which imposes duties on, or involves services by, such
director, officer, employee, agent or fiduciary with respect to an employee benefit plan, its participants or its beneficiaries; and if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in the interest of
the participants and beneficiaries of an employee benefit plan, the Indemnitee shall be deemed to have acted in a manner “not opposed to the best interests of the Company” as referred to in this Agreement.

 (i) “Reviewing Party” shall mean, subject to the provisions of
Section 2(d), any person or body appointed by the Board in accordance with applicable law to review the Company’s obligations hereunder and under applicable law, which may include a member or members of the Board, Independent Legal
Counsel or any other person or body not a party to the particular Claim for which the Indemnitee is seeking indemnification, exoneration or hold harmless rights. 
 (j) “Section” refers to a section of this Agreement unless otherwise indicated. 
 (k) “Voting Securities” shall mean any securities of the Company that vote generally in the election of directors. 

2. INDEMNIFICATION. 
 (a) Indemnification of Expenses. Subject to the provisions of Section 2(b) below, the Company shall indemnify, exonerate or hold harmless the Indemnitee for Expenses to the fullest
extent permitted by law if the Indemnitee was or is or becomes a party to or witness or other participant in, or is threatened to be made a party to or witness or other participant in, any Claim (whether by reason of or arising in part out of a
Covered Event), including all interest, assessments and other charges incurred in connection with or in respect of such Expenses. 
 (b) Review of Indemnification Obligations. Notwithstanding the foregoing, in the event any Reviewing Party shall have determined (in a written opinion, in any case in which Independent Legal
Counsel is the Reviewing Party) that the Indemnitee is not entitled to be indemnified, exonerated or held harmless hereunder under applicable law, (i) the Company shall have no further obligation under Section 2(a) to make any
payments to the Indemnitee not made prior to such determination by such Reviewing Party and (ii) the Company 

  
 3 

 
shall be entitled to be reimbursed by the Indemnitee (who hereby agrees to reimburse the Company) for all Expenses theretofore paid in indemnifying, exonerating or holding harmless the Indemnitee
(within thirty (30) days after such determination); provided , however , that if the Indemnitee has commenced or thereafter commences legal proceedings in a court of competent jurisdiction to secure a determination that the
Indemnitee is entitled to be indemnified, exonerated or held harmless hereunder under applicable law, any determination made by any Reviewing Party that the Indemnitee is not entitled to be indemnified hereunder under applicable law shall not be
binding and the Indemnitee shall not be required to reimburse the Company for any Expenses theretofore paid in indemnifying, exonerating or holding harmless the Indemnitee until a final judicial determination is made with respect thereto (as to
which all rights of appeal therefrom have been exhausted or lapsed). The Indemnitee’s obligation to reimburse the Company for any Expenses shall be unsecured and no interest shall be charged thereon. 

(c) Indemnitee Rights on Unfavorable Determination; Binding Effect. If any Reviewing Party determines that the Indemnitee
substantively is not entitled to be indemnified, exonerated or held harmless hereunder in whole or in part under applicable law, the Indemnitee shall have the right to commence litigation seeking an initial determination by the court or challenging
any such determination by such Reviewing Party or any aspect thereof, including the legal or factual bases therefor, and, subject to the provisions of Section 16 hereof, the Company hereby consents to service of process and to appear in
any such proceeding. Absent such litigation, any determination by any Reviewing Party shall be conclusive and binding on the Company and the Indemnitee. 
 (d) Selection of Reviewing Party; Change in Control. If there has not been a Change in Control, any Reviewing Party shall be selected by the Board, and if there has been such a Change in Control
(other than a Change in Control which has been approved by a majority of the Board who were directors immediately prior to such Change in Control), any Reviewing Party with respect to all matters thereafter arising concerning the Indemnitee’s
indemnification, exoneration or hold harmless rights for Expenses under this Agreement or any other agreement or under the Company’s Certificate of Incorporation or bylaws as now or hereafter in effect, or under any other applicable law, if
desired by the Indemnitee, shall be Independent Legal Counsel selected by the Indemnitee and approved by Company (which approval shall not be unreasonably withheld). Such counsel, among other things, shall render its written opinion to the Company
and the Indemnitee as to whether and to what extent the Indemnitee would be entitled to be indemnified, exonerated or held harmless hereunder under applicable law and the Company agrees to abide by such opinion. The Company agrees to pay the
reasonable fees of the Independent Legal Counsel referred to above and to fully indemnify, exonerate and hold harmless such counsel against any and all expenses (including attorneys’ fees), claims, liabilities and damages arising out of or
relating to this Agreement or its engagement pursuant hereto. Notwithstanding any other provision of this Agreement, the Company shall not be required to pay Expenses of more than one Independent Legal Counsel in connection with all matters
concerning a single Indemnitee, and such Independent Legal Counsel shall be the Independent Legal Counsel for any or all other Indemnitees unless (i) the Company otherwise determines or (ii) any Indemnitee shall provide a written statement
setting forth in detail a reasonable objection to such Independent Legal Counsel representing other Indemnitees. 
 (e)
Mandatory Payment of Expenses. Notwithstanding any other provision of this Agreement other than Section 10 hereof, to the extent that the Indemnitee has been successful on the merits or otherwise, including, without limitation, the
dismissal of an action without prejudice, in defense of any Claim, the Indemnitee shall be indemnified, exonerated and held harmless against all Expenses incurred by the Indemnitee in connection therewith. 

  
 4 

 (f) Contribution. If the indemnification, exoneration or hold harmless rights
provided for in this Agreement are for any reason held by a court of competent jurisdiction to be unavailable to an Indemnitee, then in lieu of indemnifying, exonerating or holding harmless the Indemnitee thereunder, the Company shall contribute to
the amount paid or payable by the Indemnitee as a result of such Expenses (i) in such proportion as is appropriate to reflect the relative benefits received by the Company and the Indemnitee or (ii) if the allocation provided by clause
(i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Company and the Indemnitee in connection with
the action or inaction which resulted in such Expenses, as well as any other relevant equitable considerations. In connection with the registration of the Company’s securities, the relative benefits received by the Company and the Indemnitee
shall be deemed to be in the same respective proportions that the net proceeds from the offering (before deducting expenses) received by the Company and the Indemnitee, in each case as set forth in the table on the cover page of the applicable
prospectus, bear to the aggregate public offering price of the securities so offered. The relative fault of the Company and the Indemnitee shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or the Indemnitee and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission. 
 The Company and the Indemnitee agree that it would not be just and equitable if contribution
pursuant to this Section 2(f) were determined by pro rata or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding paragraph. In connection with the
registration of the Company’s securities, in no event shall the Indemnitee be required to contribute any amount under this Section 2(f) in excess of the net proceeds received by the Indemnitee from its sale of securities under such
registration statement. No person found guilty of fraudulent misrepresentation (within the meaning of Section 11(1) of the Securities Act) shall be entitled to contribution from any person who was not found guilty of such fraudulent
misrepresentation. 
 3. EXPENSE ADVANCES. 

(a) Obligation to Make Expense Advances. The Company shall make Expense Advances to the Indemnitee upon receipt of a written
undertaking by or on behalf of the Indemnitee to repay such amounts if it shall ultimately be determined that the Indemnitee is not entitled to be indemnified, exonerated or held harmless therefor by the Company. 

(b) Form of Undertaking. Any written undertaking by the Indemnitee to repay any Expense Advances hereunder shall be
unsecured and no interest shall be charged thereon. 
 4. PROCEDURES FOR
INDEMNIFICATION AND EXPENSE ADVANCES. 
 (a) Timing of
Payments. All payments of Expenses (including without limitation Expense Advances) by the Company to the Indemnitee pursuant to this Agreement shall be made to the fullest extent permitted by law as soon as practicable after written
demand by the Indemnitee therefor is presented to the Company, but in no event later than forty-five (45) days after such written demand by Indemnitee is presented to the Company, except in the case of Expense Advances, which shall be made no
later than twenty (20) days after such written demand by the Indemnitee is presented to the Company. 

  
 5 

 (b) Notice/Cooperation by the Indemnitee. The Indemnitee shall, as a
condition precedent to the Indemnitee’s right to be indemnified, exonerated or held harmless or the Indemnitee’s right to receive Expense Advances under this Agreement, give the Company notice in writing as soon as practicable of any Claim
made against the Indemnitee for which indemnification, exoneration or hold harmless right will or could be sought under this Agreement. Notice to the Company shall be directed to the President or Chief Executive Officer of the Company at the address
shown on the signature page of this Agreement (or such other address as the Company shall designate in writing to the Indemnitee). In addition, the Indemnitee shall give the Company such information and cooperation as it may reasonably require and
as shall be within the Indemnitee’s power. 
 (c) No Presumptions; Burden of Proof. For purposes of this Agreement,
the termination of any Claim by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere, or its equivalent, shall not create a presumption that the Indemnitee did not meet any
particular standard of conduct or have any particular belief or that a court has determined that indemnification, exoneration or hold harmless right is not permitted by this Agreement or applicable law. In addition, neither the failure of any
Reviewing Party to have made a determination as to whether the Indemnitee has met any particular standard of conduct or had any particular belief, nor an actual determination by any Reviewing Party that the Indemnitee has not met such standard of
conduct or did not have such belief, prior to the commencement of legal proceedings by the Indemnitee to secure a judicial determination that the Indemnitee should be indemnified, exonerated or held harmless under this Agreement or applicable law,
shall be a defense to the Indemnitee’s claim or create a presumption that the Indemnitee has not met any particular standard of conduct or did not have any particular belief. In connection with any determination by any Reviewing Party or
otherwise as to whether the Indemnitee is entitled to be indemnified, exonerated or held harmless hereunder, the burden of proof shall be on the Company to establish that the Indemnitee is not so entitled. 

(d) Notice to Insurers. If, at the time of the receipt by the Company of a notice of a Claim pursuant to Section 4(b)
hereof, the Company has liability insurance in effect which may cover such Claim, the Company shall give prompt notice of the commencement of such Claim to the insurers in accordance with the procedures set forth in the respective policies. The
Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such Claim in accordance with the terms of such policies. 

(e) Selection of Counsel. In the event the Company shall be obligated hereunder to provide indemnification, exoneration or hold
harmless rights for or make any Expense Advances with respect to the Expenses of any Claim, the Company, if appropriate, shall be entitled to assume the defense of such Claim with counsel approved by the Indemnitee (which approval shall not be
unreasonably withheld) upon the delivery to the Indemnitee of written notice of the Company’s election to do so. After delivery of such notice, approval of such counsel by the Indemnitee and the retention of such counsel by the Company, the
Company will not be liable to the Indemnitee under this Agreement for any fees or expenses of separate counsel subsequently employed by or on behalf of the Indemnitee with respect to the same Claim; provided, however, that (i) the
Indemnitee shall have the right to employ the Indemnitee’s separate counsel in any such Claim at the Indemnitee’s expense and (ii) if (A) the employment of separate counsel by the Indemnitee has been previously authorized by the
Company, (B) the Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Company and the Indemnitee in the conduct of any such defense, or (C) the Company shall not continue to retain such counsel to
defend such Claim, then the fees and expenses of the 

  
 6 

 
Indemnitee’s separate counsel shall be Expenses for which the Indemnitee may receive indemnification, exoneration or hold harmless rights or Expense Advances hereunder. The Company shall
have the right to conduct such defense as it sees fit in its sole discretion, including the right to settle any claim, action or proceeding against the Indemnitee without the consent of the Indemnitee, provided that the terms of such settlement
include either: (i) a full release of the Indemnitee by the claimant from all liabilities or potential liabilities under such claim; or (ii) in the event such full release is not obtained, the terms of such settlement do not limit any
indemnification, exoneration or hold harmless right the Indemnitee may now, or hereafter, be entitled to under this Agreement, the Company’s Certificate of Incorporation, bylaws, any agreement, any vote of stockholders or disinterested
directors, the General Corporation Law of the State of Delaware (the “DGCL”) or otherwise. 
 5.
ADDITIONAL INDEMNIFICATION RIGHTS; NONEXCLUSIVITY. 
 (a)
Scope. The Company hereby agrees to indemnify, exonerate and hold harmless the Indemnitee to the fullest extent permitted by law, notwithstanding that such indemnification, exoneration or hold harmless right is not specifically authorized
by the other provisions of this Agreement, the Company’s Certificate of Incorporation, the Company’s bylaws or by statute. In the event of any change after the date of this Agreement in any applicable law, statute or rule which expands the
right of a Delaware corporation to indemnify, exonerate or hold harmless a member of its board of directors or an officer, employee, agent or fiduciary, it is the intent of the parties hereto that the Indemnitee shall enjoy by this Agreement the
greater benefits afforded by such change. In the event of any change in any applicable law, statute or rule which narrows the right of a Delaware corporation to indemnify, exonerate or hold harmless a member of its board of directors or an officer,
employee, agent or fiduciary, such change, to the extent not otherwise required by such law, statute or rule to be applied to this Agreement, shall have no effect on this Agreement or the parties’ rights and obligations hereunder except as set
forth in Section 10(a) hereof. 
 (b) Nonexclusivity. The indemnification, exoneration or hold
harmless rights and the payment of Expense Advances provided by this Agreement shall be in addition to any rights to which the Indemnitee may be entitled under the Company’s Certificate of Incorporation, its bylaws, any other agreement, any
vote of stockholders or disinterested directors, the DGCL, or otherwise. The indemnification, exoneration or hold harmless rights and the payment of Expense Advances provided under this Agreement shall continue as to the Indemnitee for any action
taken or not taken while serving in an indemnified, exonerated or held harmless capacity even though subsequent thereto the Indemnitee may have ceased to serve in such capacity. 

6. NO DUPLICATION OF PAYMENTS. The Company shall not be liable under
this Agreement to make any payment in connection with any Claim made against the Indemnitee to the extent the Indemnitee has otherwise actually received payment (under any insurance policy, provision of the Company’s Certificate of
Incorporation, bylaws or otherwise) of the amounts otherwise payable hereunder, except as provided in Section 19 below. 
 7. PARTIAL INDEMNIFICATION. If the Indemnitee is entitled under any provision of this Agreement to indemnification, exoneration or hold harmless rights by the Company
for some or a portion of Expenses incurred in connection with any Claim, but not, however, for the total amount thereof, the Company shall nevertheless indemnify, exonerate or hold harmless the Indemnitee for the portion of such Expenses to which
the Indemnitee is entitled. 

  
 7 

 8. MUTUAL ACKNOWLEDGMENT. Both the Company and the
Indemnitee acknowledge that in certain instances, federal law or applicable public policy may prohibit the Company from indemnifying, exonerating or holding harmless its directors, officers, employees, agents or fiduciaries under this Agreement or
otherwise. The Indemnitee understands and acknowledges that the Company may be required in the future to undertake with the Securities and Exchange Commission to submit the question of indemnification, exoneration or hold harmless rights to a court
in certain circumstances for a determination of the Company’s right under public policy to indemnify, exonerate or hold harmless the Indemnitee. 
 9. LIABILITY INSURANCE. To the extent the Company maintains liability insurance applicable to directors, officers, employees, agents or fiduciaries, Indemnitee shall
be covered by such policies in such a manner as to provide Indemnitee the same rights and benefits as are provided to the most favorably insured of the Company’s directors, if Indemnitee is a director; or of the Company’s officers, if
Indemnitee is not a director of the Company but is an officer; or of the Company’s key employees, agents or fiduciaries, if Indemnitee is not an officer or director but is a key employee, agent or fiduciary. 

10. EXCEPTIONS. Notwithstanding any other provision of this Agreement, the Company shall not be obligated pursuant
to the terms of this Agreement: 
 (a) Excluded Action or Omissions. To indemnify, exonerate or hold harmless the
Indemnitee for Expenses resulting from acts, omissions or transactions for which the Indemnitee is prohibited from receiving indemnification, exoneration or hold harmless rights under this Agreement or applicable law; provided,
however, that notwithstanding any limitation set forth in this Section 10(a) regarding the Company’s obligation to provide indemnification, exoneration or hold harmless rights to the Indemnitee, the Indemnitee shall be entitled
under Section 3 to receive Expense Advances hereunder with respect to any such Claim unless and until a court having jurisdiction over the Claim shall have made a final judicial determination (as to which all rights of appeal therefrom
have been exhausted or lapsed) that the Indemnitee has engaged in acts, omissions or transactions for which the Indemnitee is prohibited from receiving indemnification under this Agreement or applicable law. 

(b) Claims Initiated by the Indemnitee. To indemnify, exonerate or hold harmless or make Expense Advances to the Indemnitee with
respect to Claims initiated or brought voluntarily by the Indemnitee and not by way of defense, counterclaim or cross claim, except (i) with respect to actions or proceedings brought to establish or enforce an indemnification, exoneration or
hold harmless right under this Agreement or any other agreement or insurance policy or under the Company’s Certificate of Incorporation or bylaws now or hereafter in effect relating to Claims for Covered Events, (ii) in specific cases if
the Board has approved the initiation or bringing of such Claim, or (iii) as otherwise required under Section 145 of the DGCL, regardless of whether the Indemnitee ultimately is determined to be entitled to such indemnification,
exoneration, hold harmless right, Expense Advances or insurance recovery, as the case may be. 
 (c) Lack of Good Faith.
To indemnify, exonerate or hold harmless the Indemnitee for any Expenses incurred by the Indemnitee with respect to any action instituted (i) by the Indemnitee to enforce or interpret this Agreement, if a court having jurisdiction over such
action determines as provided in Section 14 hereof that each of the material assertions made by the Indemnitee as a basis for such action was not made in good faith or was frivolous, or (ii) by or in the name of the Company to
enforce or interpret this Agreement, if a court having jurisdiction over such action determines as provided in Section 14 hereof that each of the material defenses asserted by the Indemnitee in such action was made in bad faith or was
frivolous. 

  
 8 

 (d) Claims Under Section 16(b). To indemnify, exonerate or hold harmless the
Indemnitee for expenses and the payment of profits arising from the purchase and sale by the Indemnitee of securities in violation of Section 16(b) of the Exchange Act, or any similar successor statute; provided, however, that
notwithstanding any limitation set forth in this Section 10(d) regarding the Company’s obligation to provide indemnification or exoneration or hold harmless, the Indemnitee shall be entitled under Section 3 hereof to
receive Expense Advances hereunder with respect to any such Claim unless and until a court having jurisdiction over the Claim shall have made a final judicial determination (as to which all rights of appeal therefrom have been exhausted or lapsed)
that the Indemnitee has violated said statute. 
 11. SERVICES TO THE
COMPANY. The Indemnitee agrees to serve as a director or officer of the Company or, at the request of the Company, as a director, officer, employee, agent or fiduciary of another corporation, partnership, joint venture, employee
benefit plan, trust or other enterprise, for so long as the Indemnitee is duly elected or appointed or until the Indemnitee tenders his or her resignation or is removed from such position. The Indemnitee may at any time and for any reason resign
from such position (subject to any other contractual obligation or any obligation imposed by operation of law), in which event the Company shall have no obligation under this Agreement to continue the Indemnitee in such position. This Agreement
shall not be deemed an employment contract between the Company (or any of its subsidiaries or any other enterprise) and the Indemnitee. The Indemnitee specifically acknowledges that any employment with the Company (or any of its subsidiaries or any
other enterprise) is at will, and the Indemnitee may be discharged at any time for any reason, with or without cause, with or without notice, except as may be otherwise expressly provided in any executed, written employment contract between the
Indemnitee and the Company (or any of its subsidiaries or any other enterprise), any existing formal severance policies adopted by the Board or, with respect to service as a director or officer of the Company, the Company’s certificate of
incorporation or bylaws or the DGCL. No such document shall be subject to any oral modification thereof. 
 12.
COUNTERPARTS. This Agreement may be executed in counterparts and by facsimile or electronic transmission, each of which shall constitute an original and all of which, together, shall constitute one instrument. 

13. BINDING EFFECT; SUCCESSORS AND
ASSIGNS. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors, assigns, including any direct or indirect successor by purchase, merger,
consolidation or otherwise to all or substantially all of the business and/or assets of the Company, spouses, heirs, and personal and legal representatives. The Company shall require and cause any successor (whether direct or indirect by purchase,
merger, consolidation or otherwise) to all, substantially all, or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to the Indemnitee, expressly to assume and agree to perform
this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. This Agreement shall continue in effect regardless of whether the Indemnitee continues to serve as a
director, officer, employee, agent or fiduciary (as applicable) of the Company or of any other enterprise at the Company’s request. [The Company and the Indemnitee agree that the Fund Indemnitors are express third party beneficiaries of
this Agreement.]1 

 

	1	Use if applicable. 

  
 9 

 14. EXPENSES INCURRED IN
ACTION RELATING TO ENFORCEMENT OR INTERPRETATION. In the event that any action is instituted by the Indemnitee under this Agreement or under any liability
insurance policies maintained by the Company to enforce or interpret any of the terms hereof or thereof, the Indemnitee shall be entitled to be indemnified for all Expenses incurred by the Indemnitee with respect to such action (including without
limitation attorneys’ fees), regardless of whether the Indemnitee is ultimately successful in such action, unless as a part of such action a court having jurisdiction over such action makes a final judicial determination (as to which all rights
of appeal therefrom have been exhausted or lapsed) that each of the material assertions made by the Indemnitee as a basis for such action was not made in good faith or was frivolous; provided, however, that until such final judicial
determination is made, the Indemnitee shall be entitled under Section 3 hereof to receive payment of Expense Advances hereunder with respect to such action. In the event of an action instituted by or in the name of the Company under this
Agreement to enforce or interpret any of the terms of this Agreement, the Indemnitee shall be entitled to be indemnified, exonerated or held harmless for all Expenses incurred by the Indemnitee in defense of such action (including without limitation
costs and expenses incurred with respect to the Indemnitee’s counterclaims and cross-claims made in such action), unless as a part of such action a court having jurisdiction over such action makes a final judicial determination (as to which all
rights of appeal therefrom have been exhausted or lapsed) that each of the material defenses asserted by the Indemnitee in such action was made in bad faith or was frivolous; provided, however, that until such final judicial determination is
made, the Indemnitee shall be entitled under Section 3 hereof to receive payment of Expense Advances hereunder with respect to such action. 
 15. NOTICES. All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed duly given (a) if delivered by hand and signed
for by the party addressed, on the date of such delivery, or (b) if mailed by domestic certified or registered mail with postage prepaid, on the third business day after the date postmarked. Addresses for notice to either party are as shown on
the signature page of this Agreement or as subsequently modified by written notice. 
 16. CONSENT
TO JURISDICTION. The Company and the Indemnitee each hereby irrevocably consent to the jurisdiction of the courts of the State of Delaware for all purposes in connection with any action or proceeding which arises
out of or relates to this Agreement and agree that any action instituted under this Agreement shall be commenced, prosecuted and continued only in the Court of Chancery of the State of Delaware in and for Kent County, which shall be the exclusive
and only proper forum for adjudicating such a claim. 
 17. SEVERABILITY. The provisions of this Agreement
shall be severable in the event that any of the provisions hereof (including any provision within a single section, paragraph or sentence) are held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable, and the
remaining provisions shall remain enforceable to the fullest extent permitted by law. Furthermore, to the fullest extent possible, the provisions of this Agreement (including without limitation each portion of this Agreement containing any provision
held to be invalid, void or otherwise unenforceable, that is not itself invalid, void or unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable. 

  
 10 

 18. CHOICE OF LAW. This Agreement, and
all rights, remedies, liabilities, powers and duties of the parties to this Agreement, shall be governed by and construed in accordance with the laws of the State of Delaware without regard to principles of conflicts of laws. 

19. [FUND INDEMNITORS; SUBROGATION. 

(a) The Company hereby acknowledges that the Indemnitee has certain indemnification, exoneration, hold harmless
or Expense advancement rights and/or insurance provided by [NAME OF FUND] and certain of its affiliates (collectively, the “Fund Indemnitors”). The Company hereby agrees (i) that it is the indemnitor of
first resort (i.e., its obligations to the Indemnitee are primary and any obligation of the Fund Indemnitors to advance Expenses or to provide indemnification, exoneration or hold harmless rights for the same Expenses incurred by the Indemnitee are
secondary), (ii) that it shall be required to advance the full amount of Expenses incurred by the Indemnitee and shall be liable for the full amount of all Expenses, to the extent legally permitted and as required by the Certificate of
Incorporation or bylaws of the Company (or any agreement between the Company and the Indemnitee), without regard to any rights the Indemnitee may have against the Fund Indemnitors, and (iii) that it irrevocably waives, relinquishes and releases
the Fund Indemnitors from any and all claims against the Fund Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the Fund Indemnitors on behalf
of the Indemnitee with respect to any Claim for which the Indemnitee has sought indemnification, exoneration or hold harmless rights from the Company shall affect the foregoing and the Fund Indemnitors shall have a right to receive from the Company,
contribution and/or be subrogated, to the extent of such advancement or payment to all of the rights of recovery of the Indemnitee against the Company.]2  
 (b)
[Except as provided in Section 19(a) above, i][I]n the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee (other than
against Fund Indemnitors) from any insurance policy purchased by the Company, who shall execute all documents required and shall do all acts that may be necessary to secure such rights and to enable the Company effectively to bring suit to enforce
such rights. In no event, however, shall the Company or any other person have any right of recovery, through subrogation or otherwise, against (i) the Indemnitee, (ii) any Fund Indemnitor or (iii) any insurance policy purchased or
maintained by the Indemnitee or any Fund Indemnitor. 
 20. AMENDMENT AND
TERMINATION. No amendment, modification, termination or cancellation of this Agreement shall be effective unless it is in writing signed by both the parties hereto. No waiver of any of the provisions of this Agreement shall be
deemed to be or shall constitute a waiver of any other provisions hereof (whether or not similar), nor shall such waiver constitute a continuing waiver. 
 21. INTEGRATION AND ENTIRE AGREEMENT. This Agreement sets forth the entire understanding between the parties hereto and supersedes and
merges all previous written and oral negotiations, commitments, understandings and agreements relating to the subject matter hereof between the parties hereto. 

 

	2	Use if applicable. 

  
 11 

 22. NO CONSTRUCTION AS
EMPLOYMENT AGREEMENT. Nothing contained in this Agreement shall be construed as giving the Indemnitee any right to employment by the Company or any of its subsidiaries or affiliated entities. 

23. ADDITIONAL ACTS. If for the validation of any of the provisions in this Agreement any act,
resolution, approval or other procedure is required, the Company undertakes to cause such act, resolution, approval or other procedure to be affected or adopted in a manner that will enable the Company to fulfill its obligations under this
Agreement. 
 [The remainder of this page is intentionally left blank.] 

  
 12 

 IN WITNESS WHEREOF, the parties hereto have executed this Indemnification Agreement
as of the date first above written. 
  

			
	 GEVO, INC.

		
	 By:
	 	  

		 	     Patrick R. Gruber 
     Chief Executive Officer

	
	 Address:

	345 Inverness Drive South, Building C, Suite 310 Englewood, CO 80112

AGREED TO AND ACCEPTED BY: 

INDEMNITEE: 

			
		
	 By:
	 	  

	
	 Date:
                    , 2011

	
	 Address:

  
 13

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