Document:

Exhibit 10.1

    Exhibit
      10.1

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    THE
      MAJESTIC STAR CASINO, LLC

    

    DEFERRED
      COMPENSATION PLAN

    

    

    

    

    

    
      
        
          Effective June
            1, 2007

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          
TABLE
            OF CONTENTS

        

      

    

     

    
      
        
          	 	 	
                  Page

                	 
	 	 	 	 
	 	
                  ARTICLE
                    I— PURPOSE AND EFFECTIVE DATE

                	
                  1 
                    

                	 
	 	 	 	 
	 	
                  ARTICLE
                    II—DEFINITIONS

                	
                  1 

                	 
	 	 	 	 	 
	 	
                  2.1

                	
                  Account

                	1 	 
	 	
                  2.2

                	
                  Administrative
                    Committee

                	1 	 
	 	
                  2.3

                	
                  Beneficiary

                	1 	 
	 	
                  2.4

                	
                  Board

                	1 	 
	 	
                  2.5

                	
                  Bonus

                	2 	 
	 	
                  2.6

                	
                  Change
                    in Control

                	2 	 
	 	
                  2.7

                	
                  Code

                	2 	 
	 	
                  2.8

                	
                  Company

                	2 	 
	 	
                  2.9

                	
                  Compensation

                	2 	 
	 	
                  2.10

                	
                  Deferral
                    Commitment

                	2 	 
	 	
                  2.11

                	
                  Deferral
                    Period

                	3 	 
	 	
                  2.12

                	
                  Determination
                    Date

                	3 	 
	 	
                  2.13

                	
                  Director
                    Fees

                	3 	 
	 	
                  2.14

                	
                  Disability

                	3 	 
	 	
                  2.15

                	
                  Earnings
                    Index

                	3 	 
	 	
                  2.16

                	
                  Elective
                    Deferred Compensation

                	3 	 
	 	
                  2.17

                	
                  Employer

                	3 	 
	 	
                  2.18

                	
                  Participant

                	4 	 
	 	
                  2.19

                	
                  Participation
                    Agreement

                	4 	 
	 	
                  2.20

                	
                  Plan

                	4 	 
	 	
                  2.21

                	
                  Rate
                    of Return

                	4 	 
	 	
                  2.22

                	
                  Salary

                	4 	 
	 	
                  2.23

                	
                  Separation
                    from Service

                	4 	 
	 	
                  2.24

                	
                  Unforeseeable
                    Emergency

                	4 	 
	 	 	 	 
	 	
                  ARTICLE
                    III—PARTICIPATION AND DEFERRAL COMMITMENTS

                	
                  5 
                    

                	 
	 	 	 	 	 
	 	
                  3.1

                	
                  Eligibility
                    and Participation

                	5 	 
	 	
                  3.2

                	
                  Form
                    of Deferral

                	5 	 
	 	
                  3.3

                	
                  Limitations
                    on Deferral Commitments

                	5 	 
	 	
                  3.4

                	
                  Commitment
                    Limited by Separation from Service

                	6 	 
	 	
                  3.5

                	
                  Modification
                    of Deferral Commitment

                	6 	 
	 	
                  3.6

                	
                  Change
                    in Employment Status

                	6 	 

        

      

    

    
      
         

        
        

      

      
        (i)

        
          

        

      

      
        
        

        TABLE
          OF
          CONTENTS

         

      

    

     

    
      
        	 	 	
                Page

              	 
	 	 	 	 
	 	
                ARTICLE
                  IV—DEFERRED COMPENSATION ACCOUNTS

              	
                6 

              	 
	 	 	 	 	 
	 	
                4.1

              	
                Accounts

              	
                6 

              	 
	 	
                4.2

              	
                Elective
                  Deferred Compensation

              	
                6 

              	 
	 	
                4.3

              	
                Matching
                  Contribution

              	
                6 

              	 
	 	
                4.4

              	
                Employer
                  Discretionary Contribution

              	
                6 

              	 
	 	
                4.5

              	
                Allocation
                  of Elective Deferred Compensation

              	
                7 

              	 
	 	
                4.6

              	
                Determination
                  of Accounts

              	
                7 

              	 
	 	
                4.7

              	
                Vesting
                  of Accounts

              	
                7 

              	 
	 	
                4.8

              	
                Statement
                  of Accounts

              	
                
                  8 

                

              	 
	 	 	 	 	 
	 	
                ARTICLE
                  V—PLAN BENEFITS

              	
                8 

              	 
	 	 	 	
                 

              	 
	 	
                5.1

              	
                Distributions
                  Prior to Separation from Service

              	
                8 

              	 
	 	
                5.2

              	
                Distributions
                  Following Separation of Service

              	
                8 

              	 
	 	
                5.3

              	
                Distribution
                  Upon Change in Control

              	
                9 

              	 
	 	
                5.4

              	
                Deferred
                  Payment of Benefit

              	
                
                  9 

                

              	 
	 	
                5.5

              	
                Withholding
                  for Taxes

              	
                9 

              	 
	 	
                5.6

              	
                Valuation
                  and Settlement

              	
                9 

              	 
	 	
                5.7

              	
                Payment
                  to Guardian

              	
                9 

              	 
	 	 	 	 	 
	 	
                ARTICLE
                  VI—BENEFICIARY DESIGNATION

              	
                
                  10 

                

              	 
	 	 	 	 	 
	 	
                6.1

              	
                Beneficiary
                  Designation

              	
                10 

              	 
	 	
                6.2

              	
                Changing
                  Beneficiary

              	
                10 

              	 
	 	
                6.3

              	
                No
                  Beneficiary Designation

              	
                10 

              	 
	 	
                6.4

              	
                Effect
                  of Payment

              	
                10 

              	 
	 	 	 	 	 
	 	
                ARTICLE
                  VII—ADMINISTRATION

              	
                10 

              	 
	 	 	 	 	 
	 	
                7.1

              	
                Committee;
                  Duties

              	
                10 

              	 
	 	
                7.2

              	
                Agents

              	
                11 

              	 
	 	
                7.3

              	
                Binding
                  Effect of Decisions

              	
                11 

              	 
	 	
                7.4

              	
                Indemnity
                  of Committee

              	
                11 

              	 
	 	 	 	 	 
	 	
                ARTICLE
                  VIII—CLAIMS PROCEDURE

              	
                11 

              	 
	 	 	 	
                 

              	 
	 	
                8.1

              	
                Claim

              	
                11 

              	 
	 	
                8.2

              	
                Denial
                  of Claim

              	
                11 

              	 
	 	
                8.3

              	
                Review
                  of Claim

              	
                11 

              	 
	 	
                8.4

              	
                Final
                  Decision

              	
                12 

              	 

      

    

    
 

    

      
        
           

          
          

        

        
          (ii)

          
            

          

        

        
          
          

          TABLE
            OF
            CONTENTS

           

        

      

    

    

      
        	 	 	
                Page

              	 
	 	 	 	 
	 	
                ARTICLE
                  IX—AMENDMENT AND TERMINATION OF PLAN

              	
                
                  12 

                

              	 
	 	 	 	 	 
	 	
                9.1

              	
                Amendment

              	
                12 

              	 
	 	
                9.2

              	
                Employer’s
                  Right to Terminate

              	
                13 

              	 
	 	 	 	 	 
	 	
                ARTICLE
                  X—MISCELLANEOUS

              	
                14 

              	 
	 	 	 	 	 
	 	
                10.1

              	
                Unfunded
                  Plan

              	14 	 
	 	
                10.2

              	
                Unsecured
                  General Creditor

              	14 	 
	 	
                10.3

              	
                Trust
                  Fund

              	14 	 
	 	
                10.4

              	
                Nonassignability

              	15 	 
	 	
                10.5

              	
                Not
                  a Contract of Employment

              	15 	 
	 	
                10.6

              	
                Protective
                  Provisions

              	15 	 
	 	
                10.7

              	
                Governing
                  Law

              	15 	 
	 	
                10.8

              	
                Validity

              	15 	 
	 	
                10.9

              	
                Notice

              	15 	 
	 	
                10.10

              	
                Successors

              	16 	 

      

    

     

    
      
        
           

        

        
        

      

      
        
          (iii)

        

        
          

        

      

      
        
        

        
           

        

      

    

    THE
      MAJESTIC STAR CASINO, LLC

    

    DEFERRED
      COMPENSATION PLAN

    

    

    

    ARTICLE
      I—PURPOSE AND EFFECTIVE
      DATE

    

    The
      purpose of this Deferred Compensation Plan is to provide current tax planning
      opportunities as well as supplemental funds upon the retirement or death of
      certain employees and Board members of Employer. It is intended that the Plan
      will aid in attracting and retaining employees of exceptional ability by
      providing them with these benefits. It is the intention of The Majestic Star
      Casino, LLC and it is the understanding of those employees covered under the
      Plan, that the Plan constitutes a nonqualified deferred compensation plan for
      a
      select group of The Majestic Star Casino, LLC employees, and as such, it is
      unfunded for tax purposes and for purposes of Title I of the Employee Retirement
      Income Security Act of 1974, as amended (“ERISA”). It is also the understanding
      of employees covered under the Plan that the Plan is subject to the requirements
      of Section 409A of the Code, and that it will be administered in accordance
      with
      the requirements of Section 409A. The Plan shall be effective as of June 1,
      2007.

    

    

    ARTICLE
      II—DEFINITIONS

    

    For
      the
      purposes of this Plan, the following terms shall have the meanings indicated,
      unless the context clearly indicates otherwise:

    

    2.1     Account

    

    “Account”
      means the device used by Employer to measure and determine the amounts to be
      paid to a Participant under the Plan. Separate subaccounts may be maintained
      to
      properly reflect the Participant’s balance and earnings thereon. A Participant’s
      Account shall not constitute or be treated as a trust fund of any
      kind.

    

    2.2     Administrative
      Committee

    

    “Administrative
      Committee” means the committee appointed to administer the Plan pursuant to
      Article VII.

    

    2.3     Beneficiary

    

    “Beneficiary”
      means the person, persons or entity entitled under Article VI to receive any
      Plan benefits payable after a Participant’s death.

    

    2.4      
      Board

    

    “Board”
      means the Board of Directors of the Company.

    

    
      
         

        
        

      

      
        PAGE
          1 -
          DEFERRED COMPENSATION PLAN

        
          

        

      

      
        
        

      

    

    2.5     Bonus

    

    “Bonus”
      means any incentive compensation that is payable to a Participant in addition
      to
      the Participant’s Salary.

     

    2.6     Change
      in
      Control

    

    “Change
      in Control” means: 

    

    (a) A
      sale,
      exchange or transfer of more than fifty percent (50%) of the total gross fair
      market value of the assets of the Company on a consolidated basis or more than
      fifty percent (50%) of the total fair market value or total voting power of
      its
      stock; 

    

    (b) A
      merger
      or consolidation of the Company (excluding merger or consolidation where the
      voting securities of the Company prior to the merger or consolidation continue
      to represent fifty percent (50%) or more of the combined voting power of the
      surviving entity after the merger or consolidation); 

    

    (c) Any
      reorganization, reverse stock split or recapitalization that would result in
      a
      Change in Control as defined in paragraphs (a) or (b); or

    

    (d) Any
      transactions or series of related transactions having the same effect as a
      Change in Control as defined in paragraphs (a) or (b).

    

    This
      definition of Change in Control is intended to comply, and be interpreted in
      accordance, with the definition of Change in Control under Code Section 409A
      and
      any and all regulations promulgated thereunder.

    

    2.7     Code

    

    “Code”
      shall mean the Internal Revenue Code of 1986, as amended from time to time,
      together with all regulations promulgated thereunder. Reference to a section
      of
      the Code shall include such section and any comparable section or sections
      of
      any future legislation that amends, supplements, or supersedes such
      section.

    

    2.8     Company

    

    “Company”
      means The Majestic Star Casino, LLC, a corporation, or any successor to the
      business thereof.

    

    2.9     Compensation

    

    “Compensation”
      means the Salary, Bonus or Director Fee the Participant earns for services
      rendered to the Company.

    

    2.10     Deferral
      Commitment

    

    “Deferral
      Commitment” means an election to defer Compensation made by a Participant
      pursuant to Article III and for which a separate Participation Agreement has
      been submitted by the Participant to the Administrative
      Committee.

    
      
         

        
        

      

      
        PAGE
          2 -
          DEFERRED COMPENSATION PLAN

        
          

        

      

      
        
        

      

    

    2.11     Deferral
      Period

    

    “Deferral
      Period” means a calendar year.

    

    2.12     Determination
      Date

    

    “Determination
      Date” means the last day of each calendar month.

    

    2.13     Director
      Fees

    

    “Director
      Fees” means all Board and committee meeting fees payable to a Participant
      (before reduction for amounts deferred under the Plan). Director Fees do not
      include expenses, reimbursements, or any form of noncash compensation or
      benefits.

    

    2.14     Disability

    

    “Disability”
      means a physical or mental condition in which the Participant:

    

    (a) is
      unable
      to engage in any substantial gainful activity by reason of any medically
      determinable physical or mental impairment which can be expected to result
      in
      death or can be expected to last for a continuous period of not less than twelve
      (12) months, or

    

    (b) is,
      by
      reason of any medically determinable physical or mental impairment which can
      be
      expected to result in death or can be expected to last for a continuous period
      of not less than twelve (12) months, receiving income replacement benefits
      for a
      period of not less than three (3) months under an accident and health plan
      covering employees of the Participant’s employer, or

    

    (c) is
      determined to be totally disabled by the Social Security Administration or
      the
      Railroad Retirement Board.

    

    The
      Administrative Committee’s decision as to Disability will be based upon medical
      reports and/or other evidence satisfactory to the Administrative
      Committee.

    

    2.15     Earnings
      Index

    

    “Earnings
      Index” means a portfolio or fund selected by the Administrative Committee from
      time to time to be used as an index in calculating Rate of Return.

    

    2.16     Elective
      Deferred Compensation

    

    “Elective
      Deferred Compensation” means the amount of Compensation that a Participant
      elects to defer pursuant to a Deferral Commitment.

    

    2.17     Employer

    

    “Employer”
      means the Company or any successor to the business thereof, and any affiliated
      or subsidiary corporations designated by the Administrative
      Committee.

    

     

    
      
         

        
        

      

      
        PAGE
          3 -
          DEFERRED COMPENSATION PLAN

        
          

        

      

      
        
        

      

    

    2.18     Participant

     

      
      “Participant” means any eligible individual who has elected to defer
      Compensation under this Plan.

    

    2.19     Participation
      Agreement

    

    “Participation
      Agreement” means the agreement submitted by a Participant to the Administrative
      Committee prior to the beginning of the Deferral Period, with respect to a
      Deferral Commitment made for such Deferral Period. Such form may be electronic
      via the online enrollment system.

    

    2.20     Plan

    

    “Plan”
      means The Majestic Star Casino, LLC Deferred Compensation Plan, as amended
      from
      time to time.

    

    2.21     Rate
      of
      Return

    

    “Rate
      of
      Return” means the rate used to determine the amount credited monthly to a
      Participant’s Account under Article IV. Such rate shall be determined by
      the Administrative Committee based upon the net performance of the Earnings
      Indices selected by the Participant.

    

    2.22     Salary

    

    “Salary”
      means the Employee’s base salary for the Plan Year. Salary excludes any other
      form of compensation such as restricted stock, proceeds from stock options
      or
      stock appreciation rights, severance payments, moving expenses, car or other
      special allowance, or any other amounts included in an Eligible Employee’s
      taxable income that is not compensation for services. Deferral elections shall
      be computed before taking into account any reduction in taxable income by Salary
      reduction under Code Sections 125 or 401(k), or under this Plan.

    

    2.23     Separation
      from Service

    

    “Separation
      from Service” means termination of employment or service on the Board with The
      Majestic Star Casino, LLC as defined by the Treasury pursuant to Code
      409A.

    

    2.24     Unforeseeable
      Emergency

    

    “Unforeseeable
      Emergency” means a severe financial hardship to the Participant resulting from a
      sudden and unexpected illness or accident of the Participant or of a dependent
      (as defined in Section 152(a) of the Internal Revenue Code) of the
      Participant, loss of the Participant’s property due to casualty, or other
      similar extraordinary and unforeseeable circumstances arising as a result of
      events beyond the control of the Participant as determined by the committee
      in
      accordance with Section 409A(a)(2)(B)(ii)(I) of the code and the Treasury
      Regulation or other guidance thereunder.

    

    
      
         

        
        

      

      
        PAGE
          4 -
          DEFERRED COMPENSATION PLAN

        
          

        

      

      
        
        

      

    

    ARTICLE
      III—PARTICIPATION AND DEFERRAL COMMITMENTS

    

    3.1     Eligibility
      and Participation

    

    (a) Eligibility.
      Eligibility
      to participate in the Plan is limited to Board members and executives who are
      Directors and above, or as selected by the Administrative Committee.

    

    (b) Participation.
      Eligible
      employees and Board members may elect to participate in the Plan with respect
      to
      any Deferral Period by submitting a Participation Agreement to the
      Administrative Committee by December 31 of the calendar year immediately
      preceding the Deferral Period. Bonus deferral elections must be made at least
      six (6) months before the end of the bonus earning period.

    

    (c) Part-Year
      Participation. When
      an
      employee first becomes eligible to defer Compensation during a Deferral Period,
      a Participation Agreement must be submitted to the Administrative Committee
      no
      later than thirty (30) days following notification to the employee of
      eligibility to defer, and such Participation Agreement shall be effective only
      with regard to Compensation earned or payable following the submission of the
      Participation Agreement to the Administrative Committee.

    

    3.2     Form
      of
      Deferral

    

    A
      Participant may elect Deferral Commitments in the Participation Agreement as
      follows:

    

    (a) Salary
      Deferral Commitment. A
      Salary
      Deferral Commitment shall be related to the Salary payable by Employer to a
      Participant during the Deferral Period. The amount to be deferred shall be
      stated as a flat percentage.

    

    (b) Bonus
      Deferral Commitment. A
      Bonus
      Deferral Commitment shall be related to any Bonus payable to the Participant
      during the Deferral Period. The amount to be deferred shall be stated as a
      flat
      percentage.

    

    (c) Director
      Fees Deferral Commitment.
      A
      Director Fees Commitment shall relate to the Director Fees payable by the
      Company to a Participant during the Deferral Period. The amount to be deferred
      shall be stated as a flat percentage.

     

    3.3     Limitations
      on Deferral Commitments

    

    The
      following limitations shall apply to Deferral Commitments:

    

    (a) Minimum.
      The
      minimum deferral amount shall be two thousand four hundred dollars ($2,400)
      per
      year.

    

    (b) Maximum.
      The
      maximum deferral amount shall be ninety percent (90%) of Salary and one hundred
      percent (100%) of Bonus or Director Fees.

    

    (c) Changes
      in Minimum or Maximum. The
      Administrative Committee may change the minimum or maximum deferral amounts
      from
      time to time by giving written notice to all Participants. No such change may
      affect a Deferral Commitment made prior to the Administrative Committee’s
      action.

    
      
         

        
        

      

      
        PAGE
          5 -
          DEFERRED COMPENSATION PLAN

        
          

        

      

      
        
        

      

    

    3.4     Commitment
      Limited by Separation
      from
      Service

    

    If
      a
      Participant separates from service with the Employer prior to the end of the
      Deferral Period, the Deferral Period and the Deferral Commitment shall end
      at
      the date of termination.

    

    3.5     Modification
      of Deferral Commitment

    

    A
      Deferral Commitment shall be irrevocable with respect to any Deferral Period
      except that the Committee may permit a Participant to reduce the amount to
      be
      deferred, or waive the remainder of the Deferral Commitment upon a finding
      that
      the Participant has suffered a severe unforeseeable financial hardship as
      determined under Section 5.1b, subject to the requirements of Code
      Section 409A and regulations issued thereunder.

    

    3.6     Change
      in
      Employment Status

    

    If
      the
      Board determines that a Participant’s employment performance is no longer at a
      level that deserves reward through participation in this Plan, but does not
      terminate the Participant’s employment, no Deferral Commitments may be made by
      such Participant after the end of the Deferral Period within which such Board
      decision is reached.

    

    

    ARTICLE
      IV—DEFERRED COMPENSATION ACCOUNTS

    

    4.1     Accounts

    

    For
      record keeping purposes only, an Account shall be maintained for each
      Participant. Separate subaccounts shall be maintained to the extent necessary
      to
      properly reflect the Participant’s election of Earnings Indices, distributing
      format and total vested or nonvested Account balances. The Account shall be
      a
      bookkeeping device utilized for the sole purpose of determining the benefits
      payable under the Plan and shall not constitute a separate fund of
      assets.

    

    4.2     Elective
      Deferred Compensation

    

    A
      Participant’s Elective Deferred Compensation shall be credited to the
      Participant’s Account at the same time the corresponding nondeferred portion of
      the Compensation becomes or would have become payable. Any withholding of taxes
      or other amounts with respect to deferred Compensation which is required by
      state, federal or local law shall be withheld from the Participant’s nondeferred
      Compensation to the maximum extent possible with any excess reducing the amount
      to be credited to the Participant’s Account.

    

    4.3     Matching
      Contribution

    

    The
      Employer shall credit a matching contribution to the Participant’s Account equal
      to any matching contribution which would have been credited to the Participant’s
      401(k) Savings Plan but for the Participant’s participation in this
      Plan.

    

    4.4     Employer
      Discretionary Contribution

     

              
Employer
      may make Discretionary Contributions to Participants’ Accounts. Discretionary
      Contributions shall be credited at such times and in such amounts as the Board
      in its sole discretion shall determine. The amount of the Discretionary
      Contributions shall be evidenced in a special Participation Agreement approved
      by the Board.

    
      
         

        
        

      

      
        PAGE
          6 -
          DEFERRED COMPENSATION PLAN

        
          

        

      

      
        
        

      

    

     

    

    4.5     Allocation
      of Elective Deferred Compensation

    

    (a) At
      the
      time a Participant completes a Deferral Commitment for a Deferral Period, the
      Participant shall also select the Investment Index or Indices in which the
      Participant wishes to have the deferrals deemed invested. The Participant may
      select any combination of Investment Indices as long as at least one percent
      (1%), in whole percentages, is credited to each of the Investment Indices
      selected.

    

    (b) A
      Participant may change the amounts allocated to the Investment Indices on the
      first day of each month, provided that the Participant submitted notice of
      the
      change before the first day of the month. The change may apply to prospective
      deferrals only or may include current account balances.

    

    (c) Changes
      in Notice and Frequency.
      The
      Administrative Committee may change the notice requirement and frequency by
      which Participants can reallocate their accounts from time to time by giving
      written notice to all Participants.

    

    4.6     Determination
      of Accounts

    

    Each
      Participant’s Account as of each Determination Date shall consist of the balance
      of the Participant’s Account as of the immediately preceding Determination Date,
      plus the Participant’s Elective Deferred Compensation credited during the
      period, plus earnings, minus the amount of any distributions or forfeitures
      made
      since the immediately preceding Determination Date.

    

    4.7     Vesting
      of Accounts

    

    Each
      Participant shall be one hundred percent (100%) vested at all times in the
      Participant’s Elective Deferred Compensation and any earnings thereon. Any
      matching or makeup contributions under Section 4.3 shall vest pursuant to the
      following vesting schedule:

    

    
      	 	
              1

               

              Completed
                Years of Service

               

                

              

            	 	
              2

               

              Percentage
                Vested

               

                

              

            	 
	 	
              Less
                than 1

            	
               

            	
                   0%

            	
               

            
	
               

            	
              1
                but less than 2

            	
               

            	
              10

            	
               

            
	
               

            	
              2
                but less than 3 

            	
               

            	
              25

            	
               

            
	
               

            	
              3
                but less than 4

            	
               

            	
              45

            	
               

            
	
               

            	
              4
                but less than 5

            	
               

            	
              75

            	
               

            
	
               

            	
              5
                or more

            	 	
              100

               

            	 

    

    

    Employer
      Discretionary Contributions and interest thereon shall vest as set forth in
      the
      special Participation Agreement. Upon a Change in Control or death, prior to
      a
      Separation of Service, all balances shall be 100% vested.

    
      
         

        
        

      

      
        PAGE
          7 -
          DEFERRED COMPENSATION PLAN

        
          

        

      

      
        
        

      

    

    4.8     Statement
      of Accounts

    

    The
      Administrative Committee shall give to each Participant a statement setting
      forth the balances in the Participant’s Account on a quarterly basis and at such
      other times as may be determined by the Administrative Committee.

    

    

    ARTICLE
      V—PLAN BENEFITS

    

    5.1     Distributions
      Prior to Separation
      from Service

    

    A
      Participant’s Account may be distributed to the Participant prior to termination
      of employment as follows:

    

    (a) Scheduled
      Early Withdrawals.
      A
      Participant may elect in a Participation Agreement to withdraw all or any
      portion of the amount deferred (and earnings thereon) pursuant to that
      Participation Agreement in two (2) to five (5) annual installments or a single
      lump sum commencing the first January 1 and on each subsequent January 1
      following the date specified in the election. Such date shall not be sooner
      than
      two (2) years after the date the Deferral Period commences.

    

    (b) Hardship
      Withdrawals.
      Upon a
      finding that a Participant has suffered an Unforeseeable Emergency, the
      Administrative Committee may, in its sole discretion, make distributions from
      the Participant’s Account. The amount of such a withdrawal shall be limited to
      the amount the Administrative Committee determines to be reasonably necessary
      to
      meet the Participant’s needs resulting from the Unforeseeable Emergency. Any
      hardship withdrawal distribution shall be payable in a single lump sum within
      thirty (30) days after the Administrative Committee approves such
      payment.

    

    5.2     Distributions
      Following Separation of Service

    

    (a) Termination
      or Disability

    

    (i) Benefit
      Amount. If
      a
      Participant Separates from Service with Employer due to termination or
      Disability, Employer shall pay to the Participant a benefit equal to the balance
      in the Participant’s Account.

    

    (ii) Form
      of Benefit. Subject
      to Section 5.2(a)(iii), benefits under this Section 5.2(a) shall be paid in
      the form selected by the Participant in the Participation Agreement. Optional
      forms of payment include a lump-sum payment or annual installments of the
      Account over a period of up to five (5) years. The initial payment shall be
      within sixty (60) days of termination, or January 1 following Separation from
      Service if so elected, and all subsequent payments, if any, shall be in January.
      As of each January 1, the amount to be distributed in installment payments
      for
      that year shall be determined by dividing the Participant’s Account balance as
      of the preceding December 31 by the remainder of the installment
      periods.

    

    (iii) Small
      Accounts. Notwithstanding
      Section 5.2(a)(ii), if a Participant’s Account aggregated with all other
      deferrals of compensation treated as deferred under a single nonqualified
      deferred compensation plan under Treasury Reg. §1.409A-1(c)(2) is less than
the
      applicable dollar amount under Code Section 402(g)(1)(B), as it may be adjusted
      or amended from time to time, on the separation date, the Administrative
      Committee shall pay the benefit under Section 5.2(a) in a lump
      sum.

    
      
         

        
        

      

      
        PAGE
          8 -
          DEFERRED COMPENSATION PLAN

        
          

        

      

      
        
        

      

    

    

    (b) Death
      Benefit

    

    (i) Preretirement.
      If a
      Participant terminates employment with Employer due to death, Employer shall
      pay
      to the Participant’s Beneficiary a lump-sum benefit equal to the vested balance
      in the Participant’s Account.

    

    (ii) Postretirement.
      If a
      Participant dies following the Participant’s Retirement, Employer shall continue
      to pay any remaining benefit payments to the Participant’s Beneficiary in the
      form previously elected by the Participant for Retirement benefits.

    

    5.3     Distribution
      Upon Change in Control

    

    Notwithstanding
      any other section of this Plan, if there is a Change in Control, all balances
      of
      the Plan shall be paid out in a lump sum within thirty (30) days of the Change
      in Control.

    

    5.4     Deferred
      Payment of Benefit

    

    If
      part
      of a Participant’s compensation is not deductible under IRC Section 162(m), then
The
      Majestic Star Casino, LLC may require the Participant to defer payment of
      benefits under this Article to avoid the limitation set forth in Section 162(m).
      Any deferred benefits under this Section shall be distributed to the Participant
      in the first calendar year such amounts would not exceed the limitation as
      set
      out in IRC Section 162(m).

    

    5.5     Withholding
      for Taxes

    

    To
      the
      extent required by the law in effect at the time payments are made, Employer
      shall withhold from payments made hereunder any taxes required to be withheld
      by
      the federal or any state or local government, including any amounts which the
      Employer determines are reasonably necessary to pay any generation-skipping
      transfer tax which is or may become due. A beneficiary, however, may elect
      not
      to have withholding of federal income tax pursuant to Section 3405 of the
      Internal Revenue Code, or any successor provision thereto.

    

    5.6     Valuation
      and Settlement

    

    The
      amount of a lump-sum payment and the initial installment payment shall be based
      on the value of the Participant’s Account on the Determination Date immediately
      preceding the lump-sum payment or commencement of installment
      payments.

    

    5.7     Payment
      to Guardian

    

    The
      Administrative Committee may direct payment to the duly appointed guardian,
      conservator, or other similar legal representative of a Participant or
      Beneficiary to whom payment is due. In the absence of such a legal
      representative, the Administrative Committee may, in it sole and absolute
      discretion, make payment to a person having the care and custody of a minor,
      incompetent or person incapable of handling the disposition of property upon
      proof satisfactory to the Administrative Committee of incompetency,
      minority, or incapacity. Such distribution shall completely discharge the
      Administrative Committee from all liability with respect to such
      benefit.

    
      
         

        
        

      

      
        PAGE
          9 -
          DEFERRED COMPENSATION PLAN

        
          

        

      

      
        
        

      

    

    

    

    ARTICLE
      VI—BENEFICIARY DESIGNATION

    

    6.1     Beneficiary
      Designation

    

    Each
      Participant shall have the right, at any time, to designate a Beneficiary (both
      primary as well as contingent) to whom benefits under this Plan shall be paid
      if
      a Participant dies prior to complete distribution to the Participant of the
      benefits due under the Plan. Each Beneficiary designation shall be in a written
      form prescribed by the Administrative Committee, and will be effective only
      when
      filed with the Administrative Committee during the Participant’s
      lifetime.

    

    6.2     Changing
      Beneficiary

    

    Any
      Beneficiary designation may be changed by a Participant without the consent
      of
      the previously named Beneficiary by the filing of a new Beneficiary designation
      with the Administrative Committee. The filing of a new Beneficiary designation
      shall cancel all Beneficiary designations previously filed. If a Participant’s
      Compensation is community property, any Beneficiary Designation shall be valid
      or effective only as permitted under applicable law.

    

    6.3     No
      Beneficiary Designation

    

    In
      the
      absence of an effective Beneficiary Designation, or if all designated
      Beneficiaries predecease the Participant or die prior to complete distribution
      of the Participant’s benefits, the Participant’s designated Beneficiary shall be
      deemed to be the Participant’s estate.

    

    6.4     Effect
      of
      Payment

    

    Payment
      to the Beneficiary shall completely discharge Employer’s obligations under this
      Plan.

    

    

    ARTICLE
      VII—ADMINISTRATION

    

    7.1     Committee;
      Duties

    

    The
      Plan
      shall be administered by an Administrative Committee consisting of three (3)
      members as may be appointed from time to time by the Board. The Administrative
      Committee shall have the authority to interpret and enforce all appropriate
      rules and regulations for the administration of the Plan and decide or resolve
      any and all questions, including determination of eligibility and
      interpretations of the Plan, as may arise in such administration. A majority
      vote of the Administrative Committee members in office at the time of the vote
      shall control any decision. The required majority action may be taken either
      by
      a vote at a meeting or without a meeting by a signed memorandum. Meetings may
      be
      conducted by telephone conference call. The Administrative Committee may, by
      majority action, delegate to one or more of its members the authority to execute
      and deliver in the name of the Administrative Committee all communications
      and
      documents which the Administrative Committee is required or authorized to
      provide under this Plan. Any party shall accept and rely upon any document
      executed in the name of the Administrative Committee. Members of the
      Administrative Committee may be Participants under this Plan.

    
      
         

        
        

      

      
        PAGE
          10 -
          DEFERRED COMPENSATION PLAN

        
          

        

      

      
        
        

      

    

    7.2     Agents

    

    The
      Administrative Committee may, from time to time, employ agents and delegate
      to
      them such administrative duties as it sees fit, and may from time to time
      consult with counsel who may be counsel to the Company.

    

    7.3     Binding
      Effect of Decisions

    

    The
      decision or action of the Administrative Committee with respect to any question
      arising out of or in connection with the administration, interpretation and
      application of the Plan and the rules and regulations promulgated hereunder
      shall be final, conclusive and binding upon all persons having any interest
      in
      the Plan.

    

    7.4     Indemnity
      of Committee

    

    The
      Company shall indemnify and hold harmless the members of the Administrative
      Committee against any and all claims, loss, damage, expense or liability arising
      from any action or failure to act with respect to this Plan on account of such
      person’s service on the Administrative Committee, except in the case of gross
      negligence or willful misconduct.

    

    

    ARTICLE
      VIII—CLAIMS PROCEDURE

    

    8.1     Claim

    

    Any
      person claiming a benefit, requesting an interpretation or ruling under the
      Plan, or requesting information under the Plan shall present the request in
      writing to the Administrative Committee which shall respond in writing within
      thirty (30) days.

    

    8.2     Denial
      of
      Claim

    

    If
      the
      claim or request is denied, the written notice of denial shall
      state:

    

    (a) The
      reason for denial, with specific reference to the Plan provisions on which
      the
      denial is based.

    

    (b) A
      description of any additional material or information required and an
      explanation of why it is necessary.

    

    (c) An
      explanation of the Plan’s claim review procedure.

    

    8.3     Review
      of
      Claim

    

    (a) Any
      person whose claim or request is denied or who has not received a response
      within thirty (30) days may request review by notice given in writing to
      the Administrative Committee. The claim or request shall be reviewed by the
      Administrative Committee who may, but shall not be required to, grant the
      claimant a hearing. On review, the claimant may have representation, examine
      pertinent documents, and submit issues and comments in writing.

    
      
         

        
        

      

      
        PAGE
          11-
          DEFERRED COMPENSATION PLAN

        
          

        

      

      
        
        

      

    

    (b) Such
      notice shall be made within the lesser of ninety (90) days of notice of denial
      or one hundred twenty (120) days of the original written claim.

    

    8.4     Final
      Decision

    

    The
      decision on review shall normally be made within sixty (60) days. If an
      extension of time is required for a hearing or other special circumstances,
      the
      claimant shall be notified and the time limit shall be one hundred twenty (120)
      days. The decision shall be in writing and shall state the reason
      and the relevant plan provisions. All decisions on review shall be final and
      bind all parties concerned.

    

    

    ARTICLE
      IX—AMENDMENT AND TERMINATION OF PLAN

    

    9.1     Amendment

    

    (a) The
      Company may amend the Plan at any time and from time to time by written
      instrument. Except as provided in (b) below, the power to amend may be executed
      only by the Board.

    

    (b) The
      Administrative Committee may adopt any technical, clerical, conforming or
      clarifying amendment or other change, provided:

    

    (i) The
      Administrative Committee deems it necessary or advisable to:

    

    (A) Correct
      any defect, supply any omission or reconcile any inconsistency in order to
      carry
      out the intent and purposes of the Plan;

    

    (B) Maintain
      the Plan’s status as a “top-hat” plan for purposes of ERISA; or

    

    (C) Facilitate
      the administration of the Plan;

    

    (ii) The
      amendment or change does not, without the consent of the Board, materially
      increase the cost to the Employer of maintaining the Plan; and

    

    (iii) Any
      amendment adopted by the Administrative Committee shall be in writing, signed
      by
      a member of the Committee and promptly reported to the Board.

    

    (c) To
      the
      extent permitted under subsection (e) below, amendments may have an immediate,
      prospective or retroactive effective date.

    

    (d) Amendments
      do not require the consent of any Participant or Beneficiary.

    

    (e) Amendments
      are subject to the following limitations:

    

    (i) Preservation
      of Account Balance. No
      amendment shall reduce the amount credited or to be credited to any Account
      as
      of the date notice of the amendment is given to Participants.

    
      
         

        
        

      

      
        PAGE
          12 -
          DEFERRED COMPENSATION PLAN

        
          

        

      

      
        
        

      

    

    (ii) Changes
      in Earnings Rate. If
      the
      Plan is amended so that the Earnings Index is not used to calculate the Rate
      of
      Return, the rate of earnings to be credited to the Participant’s Account shall
      not be less than the monthly equivalent of the average nominal annual yield
      on
      three (3) month Treasury bills for the applicable period.

    

    9.2     Employer’s
      Right to Terminate

    

    The
      Board
      may at any time partially or completely terminate the Plan if, in its judgment,
      the tax, accounting or other effects of the continuance of the Plan, or
      potential payments thereunder would not be in the best interests of Employer.
      To
      the extent such termination would provide for an acceleration of the time and
      form of a payment of benefits under the Plan, such termination and acceleration
      must be made in accordance with one of the following provisions:

    

    (a) The
      termination of the Plan is made within twelve (12) months of a corporate
      dissolution taxed under Code section 331, or with the approval of a bankruptcy
      court pursuant to 11 U.S.C. §503(b)(1)(A), and the amounts deferred under the
      Plan are included in the participants’ gross incomes no later than the latest of
      the following years.

    

    (i) 
      The
      calendar year in which the Plan termination occurs.

    

    (ii) The
      first
      calendar year in which the amount is no longer subject to a substantial risk
      of
      forfeiture.

    

    (iii) The
      first
      calendar year in which the payment is administratively practicable.

    

    (b) The
      termination of the Plan is pursuant to irrevocable action taken within the
      thirty (30) days preceding or the twelve (12) months following a Change in
      Control (as defined in Section 2.6). This provision will only apply to a payment
      under the Plan if all other agreements, methods, programs, and other
      arrangements sponsored by the service recipient immediately after the Change
      in
      Control with which deferrals of compensation under this Plan are treated as
      having been deferred under a single plan under Treasury Regulation
§1.409A-1(c)(2) are terminated and liquidated with respect to each Participant
      that experienced the Change in Control, so that under the terms of the
      termination and liquidation all such Participants are required to receive all
      amounts of compensation deferred under the terminated agreements, methods,
      programs, and other arrangements within twelve (12) months of the date the
      Company irrevocably takes all necessary action to terminate and liquidate the
      agreements, methods, programs, and other arrangements. For purposes of this
      provision, where the Change in Control results from an asset purchase
      transaction, the applicable service recipient with the discretion to liquidate
      and terminate the agreements, methods, programs, and other arrangements is
      the
      service recipient that is primarily liable immediately after the transaction
      for
      the payment of the deferred compensation.

    

    (c) The
      termination and liquidation of the Plan, provided that:

    

    (i) The
      termination and liquidation does not occur proximate to a downturn in the
      financial health of the Company;

    

    (ii) The
      Company terminates and liquidates all agreements, methods, programs, and other
      arrangements sponsored by the Company that would be aggregated with the Plan
      under Treasury Reg. §1.409A-1(c) if the same Participant had deferrals of
      compensation under
      all
      of the agreements, methods, programs, and other arrangements that are terminated
      and liquidated;

    
      
         

        
        

      

      
        PAGE
          13 -
          DEFERRED COMPENSATION PLAN

        
          

        

      

      
        
        

      

    

    

    (iii) No
      payments in liquidation of the Plan are made within twelve (12) months of the
      date the Company takes all necessary action to irrevocably terminate the Plan
      other than payments that would be payable under the terms of the Plan if the
      action to terminate the Plan had not occurred;

    

    (iv) All
      payments are made within twenty-four (24) months of the date the Company takes
      all necessary action to irrevocably terminate the Plan; and

    

    (v) The
      Company does not adopt a new plan that would be aggregated with any terminated
      and liquidated plan under §1.409A-1(c) if the same employee participated in both
      plans, at any time within three (3) years following the date the Company takes
      all necessary action to irrevocably terminate the Plan.

    

    (d) Such
      other events and conditions as the Commissioner of the Internal Revenue Service
      may prescribe in generally applicable guidance published in the Internal Revenue
      Bulletin.

    

    

    ARTICLE
      X—MISCELLANEOUS

    

    10.1     Unfunded
      Plan

    

    This
      plan
      is an unfunded plan maintained primarily to provide deferred compensation
      benefits for a select group of “management or highly-compensated employees”
within the meaning of Sections 201, 301 and 401 of the Employee Retirement
      Income Security Act of 1974, as amended (“ERISA”), and therefore is exempt from
      the provisions of Parts 2, 3 and 4 of Title I of ERISA.

    

    10.2     Unsecured
      General Creditor

    

    Participants
      and Beneficiaries shall be unsecured general creditors, with no secured or
      preferential right to any assets of Employer or any other party for payment
      of
      benefits under this Plan. Any life insurance policies, annuity contracts or
      other property purchased by Employer in connection with this Plan shall remain
      its general, unpledged and unrestricted assets. Employer’s obligation under the
      Plan shall be an unfunded and unsecured promise to pay money in the
      future.

    

    10.3     Trust
      Fund

    

    At
      its
      discretion, the Employer may establish one (1) or more trusts, with such
      trustees as the Employer may approve, for the purpose of providing for the
      payment of benefits owed under the Plan. Although such a trust shall be
      irrevocable, its assets shall be held for payment of all the Company’s general
      creditors in the event of insolvency or bankruptcy. To the extent any benefits
      provided under the Plan are paid from any such trust, Employer shall have no
      further obligation to pay them. If not paid from the trust, such benefits shall
      remain the obligation of Employer.

    

     

    
      
         

        
        

      

      
        PAGE
          14 -
          DEFERRED COMPENSATION PLAN

        
          

        

      

      
        
        

      

    

    10.4     Nonassignability

     

    Neither
      a
      Participant nor any other person shall have any right to commute, sell, assign,
      transfer, pledge, anticipate, mortgage or otherwise encumber, transfer,
      hypothecate or convey in advance of actual receipt
      the amounts, if any, payable hereunder, or any part thereof, which are, and
      all
      rights to which are, expressly declared to be unassignable and nontransferable.
      No part of the amounts payable shall, prior to actual payment, be subject to
      seizure or sequestration for the payment of any debts, judgments, alimony or
      separate maintenance owed by a Participant or any other person, nor be
      transferable by operation of law in the event of a Participant’s or any other
      person’s bankruptcy or insolvency.

    

    10.5     Not
      a
      Contract of Employment

    

    This
      Plan
      shall not constitute a contract of employment between Employer and the
      Participant. Nothing in this Plan shall give a Participant the right to be
      retained in the service of Employer or to interfere with the right of Employer
      to discipline or discharge a Participant at any time.

    

    10.6     Protective
      Provisions

    

    A
      Participant will cooperate with Employer by furnishing any and all information
      requested by Employer in order to facilitate the payment of benefits hereunder,
      and by taking such physical examinations as Employer may deem necessary and
      taking such other action as may be requested by Employer.

    

    10.7     Governing
      Law

    

    The
      provisions of this Plan shall be construed and interpreted according to the
      laws
      of the State of Indiana, except as preempted by federal law.

    

    10.8     Validity

    

    In
      case
      any provision of this Plan shall be held illegal or invalid for any reason,
      said
      illegality or invalidity shall not affect the remaining parts hereof, but this
      Plan shall be construed and enforced as if such illegal and invalid provision
      had never been inserted herein.

    

    10.9     Notice

    

    Any
      notice required or permitted under the Plan shall be sufficient if in writing
      and hand delivered or sent by registered or certified mail. Such notice shall
      be
      deemed as given as of the date of delivery or, if delivery is made by mail,
      as
      of the date shown on the postmark on the receipt for registration or
      certification. Mailed notice to the Administrative Committee shall be directed
      to the Company’s address. Mailed notice to a Participant or Beneficiary shall be
      directed to the individual’s last known address in Employer’s
      records.

    

    
      
         

        
        

      

      
        PAGE
          15 -
          DEFERRED COMPENSATION PLAN

        
          

        

      

      
        
        

      

    

    10.10     Successors

    

    The
      provisions of this Plan shall bind
      and inure to the benefit of Employer and its successors and assigns. The term
      successors as used herein shall include any corporate or other business entity
      which shall, whether by merger, consolidation, purchase or otherwise acquire
      all
      or substantially all of the business and assets of Employer, and successors
      of
      any such corporation or other business 

    entity.

    

    
      	 	
              THE
                MAJESTIC STAR CASINO, LLC

            
	 	 
	 	 
	
              By:

            	  /s/
              Kirk Saylor
	 	
              Its
                Executive Vice President and Chief Operating Officer

            
	 	 
	
              Dated:

            	 May
              23, 2007

    

    
 

     

     

     

     

    PAGE
      16 -
      DEFERRED COMPENSATION PLANQuickLinks
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Exhibit 10.25    
    
    EXECUTION COPY    
    

 
  GROUND LEASE    
    

        This GROUND LEASE (this "Lease") is entered into this 3rd day of November 2006, by and among U.S.
BORAX INC., a Delaware corporation ("Lessor"), CLEAN ENERGY LNG, LLC, a California limited liability company
("Lessee"), and CLEAN ENERGY CONSTRUCTION, a California corporation ("CE Construction"). Lessor, Lessee
and CE CONSTRUCTION are sometimes referred to herein individually as a "Party" and collectively as the
"Parties". 

 
 

RECITALS    
    

        A.    Lessor
is the owner of certain real property located near the City of Boron in Kern County, California, upon which Lessor, among other things, operates a borate mine and
conducts related refining and shipping activities (the "Borax Site"). Natural gas is supplied to the Borax Site by way of a 2.5-mile natural
gas pipeline owned by Lessor (the "Lateral NG Pipeline"), which interconnects with an interstate natural gas pipeline owned and operated by Mojave
Pipeline Company (the "Mojave Pipeline") near the City of Boron in Kern County. The Borax Site is served by a railroad line owned by BNSF Railway
Company, through a rail spur owned by Lessor. 

        B.    Clean
Energy Fuels Corp., a Delaware corporation ("Parent"), and its affiliates, including Lessee, are involved in the
business of manufacturing and supplying liquefied natural gas and compressed natural gas for use in vehicles and for other purposes. 

        C.    Lessee
has requested that Lessor lease, and pursuant to the terms and conditions of this Lease, Lessor has agreed to lease, a portion of the Borax Site to Lessee for the
purpose of operating a natural gas liquefaction facility to be constructed by CE Construction. 

        D.    Lessee
has also requested that Lessor provide, and pursuant to the terms and conditions of this Lease, Lessor has agreed to provide, certain services, including the
supply of electricity and process water, to the Premises (as defined below). 

        E.    Parent,
which owns all of the membership interests in Lessee, is willing to guarantee Lessee's obligations to Lessor under this Lease. 

        NOW,
THEREFORE, and in reference to the foregoing recitals (collectively, the "Recitals"), Lessor and Lessee, in consideration of the
various obligations set forth in this Lease, agree as follows: 

 
 

ARTICLE 1.
  DEFINITIONS    
    

        In addition to other definitions of terms set forth elsewhere in this Lease, the following words and phrases shall have the indicated meanings wherever used in
this Lease: 

        1.1   "Access Road" means the main access road to the Premises, which is located, in part, on the Premises as more fully shown
on the Survey. 

        1.2   "Abandonment" means the failure of the LNG Facility to produce a minimum of [***] gallons of LNG
during the first 12 months following the In-Service Date; [***] gallons of LNG during the 12 months following the second anniversary of the
In-Service Date and [***] gallons of LNG during any 12 consecutive month period occurring after the third anniversary of the In-Service Date. 

	[***]
	Confidential
portions of this document have been redacted and filed separately with the Commission. 

1

 

        1.3   "Affiliate" means, in respect of any Person, any individual, partnership, corporation, trust or other entity or
association, directly or indirectly, through one or more intermediaries, controlling, controlled by, or under common control with, such Person. The term
"control," and its correlative terms, as used in the immediately preceding sentence, means, with respect to a corporation or limited liability company
the right to exercise, directly or indirectly, more than fifty percent (50%) of the outstanding voting rights attributable to the controlled corporation or limited liability company, and, with respect
to any individual, partnership, trust, other entity or association, the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of the
controlled entity. 

        1.4   "Award" means the amount of any award made, compensation paid, or damages ordered as a result of a Taking. 

        1.5   "Bankruptcy Code" means Title 11 of the United States Code, as the same may be amended from time to time. 

        1.6   "Business Day" means any day except a Saturday or a Sunday or a day when commercial banks are authorized or required by
Governmental Authority to be closed in Los Angeles, California. 

        1.7   "Claims" means any and all claims, liens, suits, actions, debts, damages, costs, losses, liabilities, obligations,
judgments, expenses (including, without limitation, court costs, expert and consultant fees, attorneys' fees, including, without limitation, those incurred on appeal), fines and penalties arising from
or relating to, in any way whatsoever, this Lease or the transactions contemplated hereby and the LNG Facility, including, without limitation, any alleged or actual breach of this Lease by and/or
tortious action or inaction of, the Lessor Parties (including, without limitation, any act or omission which is negligent, grossly negligent, reckless or the result of willful misconduct). 

        1.8   "Cogeneration Facility" means the 45 megawatt cogeneration facility located on the Borax Site and owned, operated
and maintained by Lessor.

 

        1.9   "Commercially Reasonable Efforts" means those efforts which a prudent business Person would exert using sound business
judgment in like circumstances. 

        1.10 "Construction Commencement" means the commencement of substantial site grading of the Premises for the LNG Facility by
CE Construction. 

        1.11 "Contract" means any agreement, contract, obligation, promise or undertaking (whether written or oral and whether
express or implied) that is legally binding. 

        1.12 "Core Service" means any one or more of the following services to be provided by Lessor hereunder:
[***] 

        1.13 "Core Service Default" means (i) a knowing and intentional breach by Lessor of its obligation to provide one or
more Core Services or (ii) the failure of Lessor to use Commercially Reasonable Efforts to resume the delivery of one or more Core Services following a Core Service Disruption, which, in either
case, continues following notice of such breach. A termination by Lessor of any service, including, without limitation, a Core Service, in accordance with Section 12.4 or Section 19.20,
shall not constitute a Core Service Default. 

        1.14 "Core Service Default Claims" means all Claims arising from or relating to one or more Core Service Defaults. 

        1.15 "Core Services Disruption" means a disruption in the supply of a Core Service which Lessor is obligated to remedy
pursuant to this Lease. 

        1.16 "Date of Taking" means the date upon which title to the Premises, an interest therein, or a portion thereof passes to
and vests in the condemnor, or the date damage related to the exercise of the power of condemnation is suffered, or the effective date of any order for possession if that order is issued prior to the
date title vests in the condemnor. 

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2

 

        1.17 "Demised Land" means the land described and depicted on Exhibit "A". 

        1.18 "Easements" means the non-exclusive easements on, over, across, under and/or through (as applicable) the
Borax Site described on Exhibit "B" for the purposes set forth on said Exhibit "B". The locations of the
Easements are also more fully described on Exhibit "A" and depicted on the Survey. 

        1.19 "Environmental Laws" means all present and future laws, statutes, ordinances, rules, regulations, Orders or Permits of
any Governmental Authority relating to the environment or to any hazardous materials or substances, including, without limitation, the Comprehensive Environmental Response, Compensation, and Liability
Act of 1980 (42 U.S.C. §9601 et seq.), the applicable provisions of the California Health and Safety Code and the California Water Code, the Resource Conservation and Recovery Act of 1976
(42 U.S.C. §6901 et seq.), the Hazardous Materials Transportation Act (49 U.S.C. §1801 et seq.), the Federal Water Pollution Control Act (33 U.S.C. §1251 et seq.),
the Clean Air Act (42 U.S.C. §741 et seq.), the Clean Water Act (33 U.S.C. §7401 et seq.), the Toxic Substances Control Act (15 U.S.C.
§§2601-2629), the Safe Drinking Water Act (42 U.S.C. §§300f-300j), and all amendments to any of the foregoing, as well as all
rules, regulations, orders and decrees now or hereafter promulgated thereunder. 

        1.20 "Exchange Act" means the Securities Exchange Act of 1934, as amended, or any successor law, and the rules and
regulations issued pursuant to that act or any successor law. 

        1.21 "Hazardous Substance" means, at any time, (i) any "hazardous substance" as deemed in §101(14) of the
Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (42 U.S.C. §9601(14)) or in subdivision (f) of §25281 or §25316 or
§25501(L) of the California Health and Safety Code at such time; (ii) any "hazardous waste," "infectious waste" or "hazardous material" as deemed in §§25117,
25023.2 or 25501(K) of the California Health and Safety Code at such time; (iii) any "waste" as deemed in subdivision (d) of §13050 of the California Water Code;
(iv) any additional substances or materials which at such time are classified or considered to be hazardous or toxic under any Environmental Laws; (v) asbestos and asbestos-containing
materials; and (vi) petroleum and petroleum products, including, without limitation, crude oil or any fraction thereof, natural gas, natural gas liquids, liquefied natural gas, or synthetic gas
usable for fuel, or any mixture thereof. The term "Hazardous Substances" shall include building materials and building components including, without limitation, asbestos contained in or comprising
building materials or building components. 

        1.22 "Governmental Authority" means: (i) any nation, state, county, city, town, village, district or other
jurisdiction of any nature; (ii) any federal, state, local, municipal, foreign or other government; (iii) any governmental or quasi-governmental authority of any nature (including,
without limitation, any governmental agency, branch, department, official or entity and any court or other tribunal); (iv) any multi-national organization or body; or (v) any body
exercising, or entitled to exercise, any administrative, executive, judicial, legislative, police, regulatory or taxing authority or power of any nature. 

        1.23 "Improvements" means all paving, landscaping, utility lines, pipes, fences, walls, buildings, and other structures
located on the Demised Land, whether presently in existence or hereafter erected or placed upon the Demised Land, including, without limitation, all alterations and additions thereto, without regard
to whether ownership thereof is in Lessor or Lessee. The Improvements shall be made by CE Construction and shall include, without limitation, the Lessee Controlled Roadways. 

        1.24 "In-Service Date" means the first day on which the LNG Facility has been constructed and become fully
operational in accordance with this Lease and all Legal Requirements and Permits and LNG is being shipped from the LNG Facility to Lessee's customers. 

	[***]
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3

 

        1.25 "Interconnection Plans" means the detailed plans and specifications for the interconnections between the LNG Facility
and any facilities or improvements owned by Lessor, including, without limitation, the Cogeneration Facility, Lessor's water and fire protection systems, the Lateral NG Pipeline and the Rail Spur. 

        1.26 "Legal Requirements" means any and all now or hereafter existing laws, rules, statutes, ordinances, regulations, Orders
or Permits of any Governmental Authority, including, without limitation, Environmental Laws, in any way applicable to Lessor, Lessee or the Premises, including, without limitation, all of the
foregoing relating to the ownership, division, use, occupancy, possession, operation, maintenance, alteration, repair or reconstruction of the Premises. 

        1.27 "Lessee Controlled Roadways" means those roadways, other than the Access Road, located within the boundaries of the
Demised Land. 

        1.28 "Lessor Controlled Roadways" means the Access Road and all roadways located outside the boundaries of the Demised Land. 

        1.29 "Lessee's Improvements" means all of those Improvements that are constructed by CE Construction and/or Lessee, and owned
by Lessee, including, without limitation, the LNG Facility, as now existing or as hereafter constructed, installed, erected, or placed on the Demised Land or the Easements by CE Construction and/or
Lessee pursuant to any right of Lessee hereunder to so construct, erect, install, or place any Improvement on the Demised Land or any Easement. 

        1.30 "Lessor Parties" means Lessor, its shareholders, directors, officers and employees. 

        1.31 "Lessor's Improvements" means, to the extent not relocated pursuant to Section 8.4 below, the electric power line
and the underground water line owned by Lessor and located on the Premises as shown on the Survey. 

        1.32 "LNG" means liquefied natural gas produced at the LNG Facility. 

        1.33 "LNG Facility" means the LNG Facility described on Exhibit "C". The LNG
Fueling Station, if constructed by CE Construction and/or Lessee, shall be deemed to be a part of the LNG Facility. 

        1.34 "Official Records" means the official records of Kern County, California. 

        1.35 "Operational" means, with respect to a Train, that such Train has been constructed in accordance with this Lease and is
otherwise capable of normal operation, except to the extent that such operation is impaired by the failure of Lessor to provide a Core Service in accordance with the provisions of this Lease. 

        1.36 "Order" means any award, decision, injunction, judgment, order, ruling, subpoena or verdict entered, issued, made or
rendered by any court, administrative agency or other Governmental Authority or by any arbitrator against a Person. 

        1.37 "Organizational Documents" means (i) the articles or certificate of incorporation and the bylaws of a
corporation, (ii) the partnership agreement and any statement of partnership of a general partnership, (iii) the limited partnership agreement and the certificate of limited partnership
of a limited partnership, (iv) the certificate of formation and operating agreement of a limited liability company, (v) any charter or similar document adopted or filed in connection
with the creation, formation or organization of a Person, and (vi) any amendment to any of the foregoing. 

        1.38 "Partial Taking" means any Taking of the Premises, one or more Easements and/or any Improvements on the Premises that is
not a Total Taking or a Substantial Taking. 

        1.39 "Permits" means any and all approvals, inspections, entitlements, consents, licenses, permits,
rights-of-way, concessions, grants, franchises, waivers or other authorizations or agreements issued, granted, given or otherwise provided by or under the authority of any
Governmental Authority or pursuant to any applicable Legal Requirement, as the same may be applicable to the Premises. 

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4

 

        1.40 "Person" means any individual, corporation (including, without limitation, any non-profit corporation),
general or limited partnership, limited liability company, joint venture, estate, trust, association, organization, labor union or other entity or Governmental Authority. 

        1.41 "Personal Property" means all equipment, inventory, fixtures, and other personal property owned by Lessee or by any
other person or entity holding an interest under Lessee in the Demised Land or any portion thereof and located, from time to time, on or about the Demised Land and not included in the definition of
Improvements set forth above. 

        1.42 "Plans and Specifications" means, collectively, the Interconnection Plans and the Plant Layout Plans, as the same have
been approved by Lessor in accordance with this Lease. 

        1.43 "Plant Layout Plans" means plans and specifications for the LNG Facility showing, among other things, the production
capacity of the LNG Facility and the location on the Demised Land of all improvements associated with the LNG Facility, including, without limitation, the size, land coverage, shape, height, location,
material and elevation of the LNG Facility, all ingress and egress to streets and roads, and all grading and earthmoving required to complete the LNG Facility. 

        1.44 "Premises" means, collectively, the Demised Land and all of Lessee's Improvements. 

        1.45 "Proceeding" means any action, arbitration, audit, hearing, investigation, litigation or suit (whether civil, criminal,
administrative, investigative or informal) commenced, brought, conducted or heard by or before, or otherwise involving, any Governmental Authority or arbitrator. 

        1.46 "Prohibited Person" means any Person: (i) listed in the Annex to, or otherwise subject to the provisions of, the
Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001, and relating to Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to
Commit, or Support Terrorism (the "Executive Order"); (ii) that is owned or controlled by, or acting for or on behalf of, any person or entity
that is listed to the Annex to, or is otherwise subject to the provisions of, the Executive Order; or (iii) with whom Lessor or Lessee is prohibited from dealing or otherwise engaging in any
transaction by any terrorism or money laundering law, including the Executive Order. 

        1.47 "Project Agreements" means this Lease and the Parent Guaranty. 

        1.48 "Property Taxes" means and includes all taxes, assessments, and other governmental charges of every kind and nature
whatsoever, whether general or special, ordinary or extraordinary, including, without limitation, assessments for public improvements or benefits and bonds, including, but not limited to
Mello-Roos bonds, issued to finance such improvements or benefits, that have been heretofore or shall be during the term of this Lease (i) assessed, levied, or imposed upon, or
become due and payable and a lien upon, the Premises or any part thereof; or (ii) assessed, levied, or imposed by reason of the use or occupancy or change in ownership of the Premises or any
part thereof; or (iii) assessed, levied, or imposed upon this Lease or Lessee's rental obligations or Lessor's right to receive Rent or other sums under this Lease; or (iv) assessed,
levied, or imposed by reason of Lessor's ownership or interest in all or any part of the Premises, this Lease, or Rent or other sums accruing under this Lease, including, without limitation, a tax or
excise on Rent; or (v) assessed, levied, or imposed in lieu of any of the foregoing taxes, assessments, or other governmental charges; or (vi) assessed by reason of any Improvements made
for or on behalf of Lessee. 

        1.49 "Release" is defined in Section 101(22) of CERCLA. 

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5

 

        1.50 "Substantial Taking" means the Taking of so much of the Premises, the Easements and/or Improvements on the Premises,
that, in Lessee's reasonable judgment, the conduct of Lessee's operation of the LNG Facility would be substantially prevented or impaired. 

        1.51 "Survey" means the survey of the Demised Premises and portions of the Borax Site attached hereto as  Exhibit "A". 

        1.52 "Taking" means a taking or damaging (including severance damages), by eminent domain, inverse condemnation or otherwise,
by or for any public or quasi-public use under any statute now or hereafter in effect. The transfer of title may be either a transfer resulting from the recording of a final order or judgment of
condemnation or a voluntary transfer or conveyance to the condemning authority under threat of condemnation, in avoidance of an exercise of eminent domain, or while condemnation proceedings are
pending. The Taking shall be considered to take place as of the later of (i) the date actual physical possession is taken by the condemning authority, or (ii) the date upon which the
right to compensation and damages accrues under the law applicable to the Premises and/or any Easement(s). 

        1.53 "Total Taking" means the Taking of the Premises, all of the Easements and/or all of Lessee's Improvements on the
Premises. 

        1.54 "Train" means the production equipment necessary to produce approximately [***] gallons of LNG
in a 24-hour period. 

 
 

ARTICLE 2.
  DEMISING PROVISIONS    
    

        2.1   Demised
Land. Subject to the terms and conditions of this Lease, from and after the Term Commencement Date and for the Term, Lessor hereby
leases the Demised Land to Lessee, and Lessee hereby leases the Demised Land from Lessor, subject to all of the following title and use exceptions (collectively, the
"Encumbrances"): 

        (a)   Easements,
covenants, conditions, restrictions, assessments, bonds, Property Taxes, deeds of trust, and other liens, encumbrances, and other matters affecting title to
the Demised Land or any part thereof, as of the Term Commencement Date, that are disclosed in or by this Lease or the Official Records; 

        (b)   All
Legal Requirements; 

        (c)   Subject
to the provisions of this Lease, and in particular Lessee's Access Rights, the right and power of Lessor, which is hereby reserved by and to Lessor, for the
benefit of the entire Borax Site, to continue to use, maintain, alter and/or replace the Access Road, including, without limitation, those portions of the Access Road located within the Premises which
are depicted on the Survey (the "Reserved Roadway Rights"); 

        (d)   Subject
to the provisions of this Lease, and in particular Lessee's Access Rights, the right and power of Lessor, which is hereby reserved by and to Lessor, to use,
sell, maintain, alter, demolish, and/or replace any and all of Lessor's Improvements located on the Demised Land (the "Reserved Uses"); and 

        (e)   The
right and power of Lessor, which is hereby reserved by and to Lessor, to have access across all or any portion of the Demised Land as expressly set forth herein,
including, without limitation, in Section 4.5 hereof. 

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6

 

        2.2   Lessee's
Access Rights. Lessor hereby agrees to provide to Lessee, at all times during the Term, reasonable and sufficient ingress to, and
egress from, the Premises to and from public roadways over the Access Road or such other roadways as may be designated by Lessor for such purpose from time to time (the
"Lessee's Access Rights"). Lessee's Access Rights shall be deemed to be an easement appurtenant to Lessee's interests in the Premises that Lessor shall
have no right to terminate during the Term, subject to the following provisions: 

        (a)   Lessee's
Access Rights are non-exclusive and shall be exercised only upon Access Road or such other Lessor Controlled Roadways as may be designated from time
to time by Lessor; 

        (b)   Subject
to the terms and conditions of Lessee's Access Rights as set forth in this Lease, and subject to the rights, if any, to use Lessor Controlled Roadways granted by
Lessor to others from time to time, whether before or after the execution of this Lease, Lessor shall have control over the Lessor Controlled Roadways, including, without limitation, the exclusive
right and power: 

        (i)    To
adopt from time to time and to enforce reasonable rules and regulations respecting use of the Lessor Controlled Roadways by Lessee and others applied on a
non-discriminatory basis; 

        (ii)   To
adopt reasonable security measures designed to prevent or discourage use of the Lessor Controlled Roadways by unauthorized people and to comply with Legal
Requirements, including, without limitation, fencing and locked gates and imposition of background and identity checking and other procedures for all or some persons entering upon the Borax Site or
through the Borax Site to the Demised Land, all of which shall be applied on a non-discriminatory basis; 

        (iii)  To
close or restrict temporarily use of the Lessor Controlled Roadways or any portion thereof as may be necessary in the event of any emergency or to make improvements
to, or to repair, the Lessor Controlled Roadways, or for security or other legitimate purposes (including, without limitation, in the event of labor action by employees of Lessor or any of its
contractors), provided, however, that in any such event, Lessor shall use Commercially Reasonable Efforts to provide Lessee with reasonably suitable alternative means of maintaining Lessee's Access
Rights; 

        (iv)  Provided
that Lessor shall always and continuously during the Term provide reasonable means for Lessee's exercise of Lessee's Access Rights, to close, relocate,
realign, replace, regrade, repave, improve, abandon, or demolish, from time to time, all or any part of the Lessor Controlled Roadways, in which event any new or different roads that Lessor may, in
the future, build upon the Borax Site outside the boundaries of the Demised Land shall be deemed part of the "Lessor Controlled Roadways" as that term
in used in this Lease; 

        (v)   To
offer all or any part of the Roadways or other portions of the Borax Site located outside the boundaries of the Demised Land for dedication to public use or to any
Governmental Authority, and with respect to any such offer, Lessee agrees fully and promptly to cooperate with Lessor and to execute, acknowledge (when needed), and deliver all appropriate instruments
and documents; and 

        (vi)  To
grant easements over, and licenses to use, the Lessor Controlled Roadways or any portion thereof to third parties chosen by Lessor. 

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        (c)   With
respect to any portion of the Lessor Controlled Roadways over which Lessee exercises Lessee's Access Rights, Lessee agrees that, when, if ever, that portion, or
some other area as a substitute or alternative for that portion, becomes a public roadway, whether through acceptance of an offer of dedication made by Lessor or otherwise, then Lessee's Access Rights
shall cease as to that portion or other area, with Lessee relying upon the public nature of that portion or other area to assure access to the Premises. When, if ever, and to the extent that,
dedicated public roadways over any portion of the Borax Site offer reasonable access to the Demised Land, Lessee's Access Rights shall cease and no longer be a part of this Lease. 

        (d)   Lessor
shall maintain the Access Road in substantially the same repair and condition as it is maintained as of the Term Commencement Date. The costs and expenses
incurred by Lessor for repair, maintenance, and improvement of the Access Road shall be shared by Lessor and Lessee as follows: [***] 

provided,
however, that if one Party's use of the Access Road is determined in good faith by Lessor to be contributing to the need for materially greater maintenance and repair of the Access Road (as
compared with Lessor's current use of the Access Road), a greater share of the costs and expenses incurred for repair, maintenance, and improvement of the Access Road may reasonably be allocated to
such Party. If Lessee is determined to be the Party causing such need, Lessee shall pay its share of the costs and expenses incurred by Lessor for such additional repair, maintenance, and improvement
of the Access Road within thirty (30) days of request therefore from Lessor, which request shall be accompanied by a statement setting forth in reasonable detail the nature and amount of such
costs and expenses. 

        (e)   Lessee
shall be solely responsible for the repair, maintenance and improvement of the Lessee Controlled Roadways, and Lessee shall pay all costs and expenses for such
repair, maintenance, and improvement. Lessor shall have no obligation to contribute or reimburse Lessee for any portion of such costs and expenses. 

        2.3   Easements.
Subject to the terms and conditions set forth on Exhibit "B" and the other
provisions of this Lease, Lessor hereby grants to Lessee, from and after the Term Commencement Date and for the Term, the Easements. 

        2.4   Lessor's
Services. 

        (a)   [***]

        (b)   Lessee
acknowledges and agrees that Lessor has made no representation as to the availability from third parties to the LNG Facility of any of the services to be provided
by Lessor pursuant to this Lease in the event that Lessor ceases to provide such services. Without limiting Lessor's obligations as expressly set forth in this Lease or Lessee's rights and remedies
hereunder upon a Lessor Default, including, without limitation, an adjustment in Rent as provided in Section 19.20 and Exhibit "J", Lessee
acknowledges that it shall be solely responsible for procuring such services in the event that they are no longer provided by Lessor. 

        2.5   Term
and Termination. 

        (a)   The
term of this Lease shall commence on the Term Commencement Date and, unless terminated earlier in accordance with the provisions hereof, shall continue until the
date that is thirty (30) years to the date following the In-Service Date (the "Initial Term"); provided, however, that unless either
Lessor or Lessee provides written notice to the other Party on or before the date that is six (6) months prior to the expiration of the Initial Term of such Party's intent to terminate this
Lease at the end of the Initial Term, the term of this Lease shall automatically be extended beyond the initial term for successive periods of three years each (each, an
"Extension Term") unless, not less than six months prior to the end of any Extension Term, Lessor or Lessee delivers written notice to the other Party
hereto of its intent to terminate this Lease, in which case this Lease shall terminate at the end of such Extension Term. The Initial Term, as the same may be extended in accordance with this
Section 2.5(a) or earlier terminated in accordance with the provisions of this Lease, is referred to herein as the "Term." 

	[***]
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        (b)   Provided
that no Default by Lessee has occurred and is continuing at the time such Termination Notice is delivered, Lessee shall have the right to terminate this Lease
at any time after January 1, 2009, upon the delivery to Lessor of written notice (a "Termination Notice") of Lessor's intent to terminate this
Lease. The Termination Notice shall be delivered not less than six (6) months prior to the date upon which Lessee desires such termination to be effective and, provided that no Default has
occurred and is then continuing on such date, this Lease shall terminate on such date. 

        (c)   This
Lease shall be effective upon execution; however, the Term and Lessee's right to occupy the Premises and utilize the Easements pursuant to this Lease shall not
commence until the date (the "Term Commencement Date") on which each of the following conditions has been satisfied (which conditions are for the sole
benefit of Lessor and may be waived by Lessor in writing): 

        (i)    Lessee
shall have executed and delivered each of the Project Agreements, and Parent shall have executed and delivered a guaranty of this Lease in the form of  Exhibit "G" (the "Parent
Guaranty"); 

        (ii)   Lessor
shall have received from Lessee (A) a certificate of the Secretary of Lessee, attesting to the incumbency of the officers executing this Lease and the
other Project Agreements on its behalf, (B) resolutions of the Boards of Directors of Lessee authorizing the execution, delivery and performance of this Lease, certified by the Secretary of
Lessee, and (C) such other evidence of Lessee's authority to enter into and perform this Lease and the Project Agreements as Lessee may reasonably require;1 

	1
	Upon
execution of this Lease, Lessor agrees to deliver to Lessee similar evidence of Lessor's authorization to enter into and perform this Lease. 

        (iii)  Lessor
shall have received from Parent (A) a certificate of the Secretary of Parent, attesting to the incumbency of the officers executing the Parent Guaranty
on its behalf, (B) resolutions of the Boards of Directors of Parent authorizing the execution, delivery and performance of the Parent Guaranty, certified by the Secretary of Parent, and
(C) such other evidence of Parent's authority to enter into and perform the Parent Guaranty as Lessee may reasonably require; 

        (iv)  The
Premises constitutes a legal parcel under applicable Legal Requirements (including, without limitation, the California Subdivision Map Act, Cal. Gov. Code Sections
66410 - 66499.58); 

        (v)   Lessor
shall have received evidence reasonably satisfactory to it that each of the Permits listed in Part A of Exhibit
"H" and any other Permits required for the commencement of construction of the LNG Facility have been obtained by CE Construction upon terms and conditions satisfactory to
Lessor in its sole and absolute discretion to the extent that such Permits would impose any obligations or restrictions on Lessor or the Borax Site (other than the Premises) or, if such obligations or
restrictions would survive the termination of this Lease, and all time periods during which any challenge to or appeal of the issuance of such Permits shall have expired without any such challenge or
appeal having been commenced (or, if commenced, such
challenges or appeals having been finally determined or otherwise resolved on terms and conditions satisfactory to Lessor in its sole and absolute discretion); 

        (vi)  Lessor
shall have approved the Plant Layout Plans and the Interconnection Plans in accordance with Section 8.1 hereof; 

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9

 

        (vii) There
shall (A) be no material default or breach on the part of Lessee hereunder or under the other Project Agreements, and (B) have been no change in
the condition (financial or otherwise) of Lessee or Parent which would have a material adverse impact (financial or otherwise) on Lessee's or Parent's ability to perform under this Lease, the other
Project Agreements or the Parent Guaranty, as applicable; 

        (viii) There
shall be no pending Proceeding (A) that has been commenced against the LNG Facility, or (B) that challenges, or that may have the effect of
preventing, delaying, making illegal or otherwise interfering with or materially adversely affecting, the construction and operation of the LNG Facility; 

        (ix)  Lessor
and Lessee shall have executed and delivered a confirmation of the Term Commencement Date in the form of Exhibit
"I", it being agreed that neither Party shall have any obligation to deliver such confirmation until such time as all of the other conditions set forth in this
Section 2.5(c) shall have been satisfied; and 

        (x)   All
other requirements of Governmental Authorities having jurisdiction shall have been satisfied and, without limitation of the foregoing, Lessor shall, after using
Commercially Reasonable Efforts, have obtained all Permits which Lessor is required to obtain under applicable Legal Requirements in order for Lessor to perform its obligations hereunder. In the event
that delays occur in Lessor's obtaining such Permits, and such delays impact the In-Service Deadline, the In-Service Deadline shall be extended accordingly. 

        (d)   In
addition to any other rights that it may have to terminate this Lease, Lessor shall have the right, upon written notice to Lessee, to terminate this Lease in the
event that CE Construction fails to: 

        (i)    cause
Construction Commencement to occur on or before the date that is thirty (30) days following the Term Commencement Date; or 

        (ii)   cause
the In-Service Date to occur on or before the date that is two years following the date that is the earlier of (1) the date on which Lessee has
obtained all of the Permits listed on Exhibit "H" have been obtained by Lessee and (2) December 31, 2007 (the
"In-Service Deadline"). 

        (e)   In
addition to any other rights that it may have to terminate this Lease, Lessee shall have the right, prior to the occurrence of the Term Commencement Date and upon not
less than thirty (30) days' written notice to Lessor, to terminate this Lease and the Guaranty in the event that: 

        (i)    CE
Construction or Lessee shall have been unable to obtain all of the Permits listed on Exhibit "H" upon terms and
conditions reasonably satisfactory to Lessee; 

        (ii)   Lessor
shall have failed to approve the Plant Layout Plans and the Interconnection Plans in accordance with Section 8.1 hereof; or 

        (iii)  a
Proceeding shall have been commenced that challenges, or that may have the effect of preventing, delaying, making illegal or otherwise interfering with or materially
adversely affecting, the construction and operation of the LNG Facility. 

        (f)    Upon
termination of this Lease, the rights and obligations of the Parties hereunder shall terminate, except for those obligations which, by their express terms, survive
the termination of this Lease. 

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        2.6   Quiet
Enjoyment. Provided that Lessee fully performs all the terms of this Lease on Lessee's part to be performed, including, without
limitation, payment by Lessee of all Rent, Lessee shall peaceably and quietly have, hold and enjoy the Premises from and after the Term Commencement Date and during the Term without hindrance,
disturbance or molestation from or by Lessor, or any other Party claiming through Lessor, subject to the Encumbrances. 

 
 

ARTICLE 3.
  RENT    
    

        3.1   Base
Rent. In addition to any and all other amounts payable from Lessee to Lessor pursuant to this Lease, Lessee agrees to pay to Lessor,
and Lessor agrees to accept from Lessee, as rent for the use and occupancy of the Demised Land, during the Term, the amounts described on Exhibit "J"
(the "Base Rent"). 

        3.2   Payment
of Base Rent. The Base Rent shall be paid, in lawful money of the United States of America, at such place or places as Lessor shall
designate from time to time. The Base Rent shall be paid at the times and in accordance with the procedures set forth on Exhibit "J". 

        3.3   Base
Rent Adjustments. The components of Base Rent shall be subject to adjustment from time to time as and to the extent set forth on  Exhibit "J". 

        3.4   Additional
Rent. 

        (a)   Except
as otherwise expressly set forth herein, Lessee agrees to pay, in addition to Base Rent, as additional rent, all other payments, costs, expenses, charges, and
other obligations of every kind whatsoever directly arising from or related to the Premises and the operation thereof, including, without limitation, all services and utilities provided by third
parties, insurance premiums on insurance policies required under this Lease, Property Taxes, as they become due and payable during the Term and all amounts required to be paid by Lessee to Lessor
pursuant to Exhibits "D", "E" and "F" or any other
provision of this Lease (collectively, "Additional Rent"); and 

        (b)   Lessee
shall make all payments required to be made to a third party in order to fulfill an obligation of Lessee set forth in this Lease at whatever time is necessary to
prevent delinquency or penalty for late payment, unless Lessee has duly contested said payments in the manner permitted and prescribed in this Lease. Lessee shall make all payments required by this
Lease to be made to Lessor, including, without limitation, all amounts required to be paid by Lessee to Lessor pursuant to Exhibits "D",  "E" and
"F", to Lessor in the manner and within the time periods set forth in this Lease. 

Base
Rent and Additional Rent are described herein collectively as "Rent." 

	[***]
	Confidential
portions of this document have been redacted and filed separately with the Commission. 

11

  

        3.5   No Offset. This Lease is intended to be net to Lessor, and Lessee shall pay to Lessor, net throughout the Term, the Rent free of any offset,
abatement or other deduction, except as may be expressly set forth herein. Lessor shall not be required to make any payment of any kind with respect to the Premises, except as may be expressly set
forth elsewhere in this Lease. The foregoing shall not be construed as limiting the express provisions of this Lease which shall provide for certain reductions to the Additional Rent in accordance
with the provisions of Exhibit "J" in the event that Lessor ceases to deliver Core Services. 

        3.6   Interest
on Arrearages. Lessee agrees to pay to Lessor interest on any Rent not paid when due and upon all other amounts becoming due to
Lessor under this Lease, whether or not such amounts constitute Rent, as follows: 

        (a)   Said
interest shall accrue from the date the Rent becomes due and continue until the Rent is paid in full; 

        (b)   Said
interest shall become due and payable daily as it accrues, without necessity of demand for payment, and shall be calculated at a rate equal to
[***]; and 

        (c)   Lessor
may apply all payments received under this Lease first to interest accrued, and second to delinquent Rent and other monetary obligations. 

 
 

ARTICLE 4.
  USE OF PREMISES    
    

        4.1   Permitted
Uses. Subject to the provisions of Sections 4.7 and 4.8 and Exhibit "K" hereof,
Lessee shall use the Premises solely for the purposes of constructing (through CE Construction), operating, maintaining, repairing and replacing the LNG Facility and the LNG Fueling Station (as such
term is defined on Exhibit "K") on the Premises, and producing, storing and transporting LNG, and for purposes reasonably related to the foregoing, and
for no other purpose without the prior written consent of Lessor, which consent may be granted or withheld in Lessor's sole and absolute discretion. Storage of equipment related to the conduct of
Lessee's business shall be a permitted use; provided, however, that all storage areas must be screened from public view. 

        4.2   Compliance
with Legal Requirements; Nuisance. 

        (a)   Lessee
shall not use the Premises or the Easements or permit anything to be done in or about the Premises or the Easements that will in any way conflict with any Legal
Requirements or the Permits. 

        (b)   Lessee
shall, at its own cost and expense, promptly and properly observe and comply with all Legal Requirements relating to or arising from the use or occupancy,
condition or maintenance, improvement or operation of the Premises or any part thereof that is from time to time permitted to it under this Lease, and shall do all things required to comply with all
Legal Requirements and to maintain all Permits necessary and appropriate for the operation of the Premises or Lessee's business. Lessee acknowledges that prior to entering into this Lease, Lessee has
had an ample opportunity to review all existing Permits that are part of the public record and to make inquiry with respect to any Permits in possession of Lessor that are not part of the public
record, including Permits held in the name of Lessor and relating to the greater Borax Site and that Lessee has satisfied itself that its construction, use, occupancy, maintenance, improvement and
operation of the Premises will comply with such permits. 

        (c)   The
judgment of any court of competent jurisdiction or the admission of Lessee in any action against Lessee that Lessee has violated any Legal Requirements shall be
conclusive of the fact as between Lessor and Lessee. 

	[***]
	Confidential
portions of this document have been redacted and filed separately with the Commission. 

12

 

        (d)   Lessee
agrees not to do or permit anything to be done on or about the Premises and agrees not to bring or keep anything thereon that would create an unsafe condition at
the Premises or the Borax Site, constitute a nuisance or constitute waste to the Premises, provided, that the foregoing shall not be construed as prohibiting Lessee from operating the LNG Facility in
a commercially reasonable manner and in accordance with normal and customary practices in the liquefied natural gas industry. Lessee shall install all necessary and appropriate signage and warning
devices to alert persons to any dangers or hazards present at the LNG Facility. 

        (e)   Lessee
shall implement such measures as are necessary to ensure that the Premises are a drug and alcohol-free environment. 

        (f)    Lessee
agrees not to do or permit anything to be done on or about the Premises which would interfere with the operations of Lessor or Lessor's other tenants, including
Mojave Cogeneration Company. 

        4.3   Hazardous
Substances. 

        (a)   Without
limiting the generality of the foregoing provisions of this Article 4, Lessee's use and occupancy of the Premises and the Easements or any portion thereof
shall at all times be in strict compliance with any and all Legal Requirements relating in any way to the protection of the environment, including, without limitation, Environmental Laws. 

        (b)   In
the event Lessee shall, on, at or about the Borax Site, use, store, or generate or permit or suffer the use, storage, or generation of any Hazardous Substance, then
Lessee, at its sole cost and expense, shall comply with all applicable Environmental Laws. Lessee shall not engage in operations that involve the Release of any Hazardous Substance on or about the
Borax Site. Lessee shall be solely responsible for obtaining, at its own cost and expense, all Permits required under Environmental Laws for its activities under this Lease or on the Borax Site. 

        (c)   In
the event of any Release that occurs in connection with Lessee's activities or the activities of any of its employees, agents, representatives, lessees, sublessees,
licensees, contractors or invitees on the Borax Site, or in the event of any threat of a Release occurring in connection with Lessee's activities or the activities of any of its employees, agents,
representatives, lessees, sublessees, licensees, contractors or invitees on or about the Borax Site, Lessee shall immediately (and in no event later than within twenty-four
(24) hours) notify the Lessor orally and in writing thereof. In the event of such a Release or threat of Release of any Hazardous Substance, Lessee shall take such steps as are required by
Legal Requirements and Lessor to mitigate and remediate such Release. To the extent such steps can lawfully be taken by Lessor, rather than Lessee, Lessee shall defer to Lessor's election, if any, to
assume the lead in taking such steps, provided, however, that Lessor shall have no obligation to Lessee to take such steps. Any election by Lessor to take such steps shall not constitute a waiver or
irreversible election of any rights or remedies. Regardless whether Lessor or Lessee is required to, or does, undertake such action, the provisions of Section 4.3(d) below shall apply. In the
event of any Release affecting the Premises which occurs in connection with Lessor's activities or the activities of any of its employees, agents, representatives, lessees, sublessees, licensees or
contractors on the Premises, or in the event of any threat of a Release occurring in connection with Lessor's activities or the activities of any of its employees, agents, representatives, lessees,
sublessees, licensees, contractors or invitees on or about the Premises, Lessor shall immediately (and in no event later than within twenty-four (24) hours) notify Lessee orally and
in writing thereof. In the event of such a Release or a threat of Release of any Hazardous Substance, Lessor shall take such steps as are required by Legal Requirements to mitigate and remediate such
Release. 

	[***]
	Confidential
portions of this document have been redacted and filed separately with the Commission. 

13

 

        (d)   Lessee
shall, at all times, indemnify, defend, protect, and hold harmless the Lessor Parties and any lender of Lessor, including, with respect to Lessor, any mortgage
holder, against and from any and all claims, liens, suits, actions, debts, damages, costs, losses, liabilities, obligations, judgments, and expenses (including, without limitation, court costs, expert
and consultant fees, attorneys' fees, including, without limitation, those incurred on appeal), fines, penalties, and damage to, or loss suffered by the Lessor Parties or the Borax Site or any portion
thereof, of any nature whatsoever, arising from or relating to (i) Lessee's failure to perform the obligations required under this Section 4.3; (ii) a Release of any Hazardous
Substance that occurs in connection with Lessee's activities or the activities of any of its employees, agents, representatives, lessees, sublessees, licensees, contractors or invitees on or about the
Premises or on or about the Borax Site, including, without limitation, the Roadways; or (iii) the threat of a Release of any Hazardous Substance occurring in connection with Lessee's activities
or the activities of any of its employees, agents, representatives, lessees, sublessees, licensees or contractors on or about the Premises or on or about the Borax Site, including, without limitation,
the Roadways. Lessee's obligations under this Lease shall arise whether or not any Governmental Authority or individual has taken or threatened any action in connection with the presence of any
Hazardous Substance. This entire Section 4.3 shall survive termination or the expiration of this Lease. 

        (e)   Lessee
shall provide all relevant information regarding any Hazardous Substances used, stored or generated on the Borax Site, including, without limitation, its Material
Safety Data Sheets (MSDS), to (i) Lessor, and (ii) emergency personnel such as firemen and hazardous materials teams immediately upon the occurrence of a Release, fire, casualty or other
occurrence in, on or about the Borax Site. 

        (f)    Upon
the expiration or termination of this Lease, Lessee agrees to pay, indemnify, defend, protect, and hold harmless the Lessor Parties from and against all costs,
expenses, and liabilities associated with the investigation, reconnaissance, remediation, removal, and disposal of any and all Hazardous Substances from the Premises which are not the result of
Lessor's activities or the activities of any employee, agents, representatives, lessees, licensees, contractors or invitees of Lessor, in order to return the Premises to the condition existing as of
the Term Commencement Date and to save Lessor harmless therefrom. 

        (g)   Nothing
in this Lease shall be deemed to prohibit the use, storage or transportation of natural gas or the production, use, storage or transportation of LNG on or at the
Premises in accordance with the provisions of the Project Agreements and all Legal Requirements. 

        (h)   Notwithstanding
the foregoing, Lessee shall not be responsible for or have any obligations pertaining to any environmental conditions existing on the Demised Land prior
to the Term Commencement Date. 

        4.4   Utilities.
Without limiting Lessor's obligations to provide the services required to be provided by Lessor to Lessee pursuant to the express
provisions of this Lease, Lessee shall be solely responsible for procuring, at its sole cost and expenses, all utilities and services that Lessee uses at or about the Demised Land during the Term,
including, without limitation, all water, natural gas, electricity, telephone, and other utilities and services supplied to the Premises, together with any and all taxes thereon, and for any and all
hook up charges and costs of installation of utility lines and meters (including, without limitation, the costs of bringing such utilities to the Demised Land, if any). 

	[***]
	Confidential
portions of this document have been redacted and filed separately with the Commission. 

14

 

        4.5   Entry
by Lessor; Suspension of Activities. 

        (a)   In
addition to any and all other rights of entry granted or reserved to Lessor by this Lease, including, without limitation, the Reserved Roadway Rights and the Reserved
Uses, Lessee agrees to permit Lessor, its agents, representatives, contractors, and licensees to enter the Premises at all reasonable times upon reasonable advance written notice (with accommodations
as may be necessary to enable Lessee to have a representative accompany Lessor) (i) as reasonably necessary to permit Lessor to perform its obligations hereunder (including the provision of any
services to the Premises contemplated hereunder); (ii) to inspect the Premises for purposes of verifying Lessee's compliance with the provisions of this Lease (including, without limitation,
Lessee's compliance with Section 4.3), including obtaining samples and performing tests of soil, surface water, groundwater or other media, and (iii) and in case of emergency (in which
case Lessor may enter upon the Premises at any time without advance notice). 

        (b)   Without
limiting Lessor's other rights and remedies hereunder, in the event that Lessor determines in good faith that Lessee's (i) failure to comply with the
requirements of this Lease or (ii) operation of the LNG Facility, presents an unsafe condition, upon written request of Lessor, Lessee shall promptly remedy such failure or condition and, if
Lessee fails to remedy such failure or condition within a reasonable time (as determined in good faith by Lessor) following delivery of such written notice, Lessee shall, at the direction of Lessor,
suspend operation of the LNG Facility until such failure or condition is remedied. In the event Lessee fails to suspend operations of the LNG Facility and/or remedy such failure or condition, Lessor
shall have the right, upon thirty (30) days prior written notice to Lessee, or such shorter notice period as may be reasonable due to the circumstances, to enter upon the Premises for the
purpose of remedying such failure or condition. 

        4.6   Additional
Reservations and Restrictions. 

        (a)   Lessee
shall not have any possessory or other right to any oil, gas or other hydrocarbons or minerals and accompanying fluids, including, without limitation, any
geothermal resources, in, on or below the Demised Land or at the Borax Site. 

        (b)   Lessor
reserves all water rights, including, without limitation, any riparian and groundwater rights, associated with the Demised Premises, and Lessee shall not have any
possessory or other right to any surface or groundwater at the Demised Land or at the Borax Site. Without limiting the foregoing, Lessee shall not have any right to access, extract, use or produce
surface or groundwater from the Demised Land or the Borax Site, and Lessee shall not (i) drill any extraction or injection wells; (ii) extract any groundwater or inject any fluids into
any existing wells; or (iii) construct any unlined ponds. The foregoing shall not be construed as prohibiting the installation by Lessee of storm water control systems with Lessor's approval,
in accordance with the Plans and Specifications and all Legal Requirements. 

        4.7   Rail
Spur. Lessee shall have the right to construct the Rail Interconnection and Rail Spur (as such terms are defined on  Exhibit "B") in accordance with Exhibit "B". 

        4.8   On-Site
Fueling Station. Lessee may, subject to the terms and conditions set forth on Exhibit
"K", cause CE Construction to construct an LNG Fueling Station (as such term is defined on Exhibit "K") on the Premises. 

        4.9   Protocol
for Emergencies. Prior to the In-Service Date, Lessor and Lessee shall agree upon a reasonable protocol for handling
emergencies at the Premises and elsewhere on the Borax Site. Lessee shall reasonably cooperate with Lessor in scheduling maintenance and other outages at the LNG Facility to coincide with maintenance
and other outages at the facilities providing Core Services. Without limiting Lessee's obligation under the preceding sentence, prior to the In-Service Date, Lessor and Lessee shall agree
upon a reasonable protocol for such coordination. 

	[***]
	Confidential
portions of this document have been redacted and filed separately with the Commission. 

15

 

        4.10 Mine
Safety Regulation. Lessee acknowledges that the Borax Site constitutes mine property subject to the jurisdiction of the Mine Safety
and Health Administration of the United States Department of Labor ("MSHA") and the California Occupational Safety and Health Administration
("CalOSHA"). Lessor makes no representation or warranty as to whether the LNG Facility or any of Lessee's activities with respect thereto will be
subject to regulation by MSHA and/or CalOSHA. To the extent that the LNG Facilities or any of Lessee's activities are subject to regulation by MSHA or CalOSHA, without limiting Lessee's other
obligations hereunder, Lessee shall comply with all rules, regulations, decisions, rulings or directives of MSHA and CalOSHA and shall obtain any all Permits required to be obtained from MSHA and
CalOSHA under applicable Legal Requirements. Lessor will provide reasonable assistance to Lessee in regard to Lessee's efforts to obtain an exemption from MSHA regulation or, if an exemption is not
available, to help Lessee to comply with such regulation, if applicable. Lessee shall reimburse Lessor for all reasonable costs and expenses incurred in providing such assistance. 

 
 

ARTICLE 5.
  PROPERTY TAXES    
    

        5.1   Real
Property Taxes. 

        (a)   Lessee
agrees to pay to Lessor, prior to delinquency, as rent additional to all other Rent reserved in this Lease, all Taxes on Real Property  ("Real Property Taxes") for each fiscal tax year or
portion thereof that is within the Term, prorated between Lessor and Lessee for each fiscal tax year that is not entirely within the Term in the same ratio as the number of days of such fiscal tax
year that are within the Term bears to the number of such days that are outside the Term. Lessor and Lessee shall use its Commercially Reasonable Efforts to cause the LNG Facility and the Premises to
be separately assessed from other property owned by Lessor. In the event the Premises are separately assessed, Lessee shall pay Real Property Taxes thereon directly to the Governmental Authority
collecting the Real Property Taxes. 

        (b)   With
respect to Real Property Taxes that may, under applicable Legal Requirements then in force, be paid in installments, Lessee shall be required to pay hereunder only
such installments, prorated between Lessor and Lessee for partial fiscal tax years as above provided. 

        (c)   In
the event that Lessee fails to pay any Real Property Taxes prior to delinquency, Lessor shall have the right and option, but no obligation, to pay such Real Property
Taxes or any portion thereof before or after the delinquency date and any and all fines, penalties, and interest thereon, and Lessee agrees to reimburse Lessor immediately for the total amount so paid
by Lessor, as Additional Rent. 

        (d)   In
the event that Lessor has paid, before the Term Commencement Date, any Real Property Taxes or installment thereof for a fiscal tax year or portion thereof that is in
part within the Term, Lessee agrees to pay to Lessor, on the Term Commencement Date, Lessee's pro rata portion thereof. 

        5.2   Personal
Property Taxes. 

        (a)   Lessee
agrees to pay, or cause to be paid, directly to the taxing authority or authorities before delinquency, any and all taxes, assessments and other governmental
charges of every kind and nature that are levied or assessed upon Personal Property ("Personal Property
Taxes"). 

        (b)   If
any Personal Property Taxes are assessed, levied, or imposed upon Lessor or upon all or any part of the Premises or of Lessor's interest in the Premises or this
Lease, or if Personal Property Taxes become a lien upon or may be enforced against Lessor or all or any part of the Premises or against Lessor's interest in the Premises or in this Lease, Lessor shall
have the right and option, but no obligation, to pay Personal Property Taxes or any portion thereof before or after the delinquency date, and Lessee agrees to reimburse Lessor immediately therefor,
including, without limitation, any and all late payment penalties or fines and interest paid by Lessor, as Additional Rent. 

	[***]
	Confidential
portions of this document have been redacted and filed separately with the Commission. 

16

 

        5.3   Contests.
Nothing herein shall prevent Lessee from contesting, and Lessee may contest and institute all proceedings reasonably necessary to
contest, in good faith, the validity or amount of any Property Taxes, including, without limitation, any applicable or potentially applicable exemptions from Property Taxes, provided Lessee protects
the Premises and the interests of Lessor by payment by Lessee of the Property Taxes under protest prior to delinquency, and provided, further, that Lessee shall indemnify, defend, protect, and hold
harmless Lessor from and against any liability for the payment of said Property Taxes. 

        5.4   Apportionment.
If, at any time during the Term, any portion of the Premises is jointly assessed, for Property Tax purposes, with other real
property that is not a part of the Premises, then Lessor and Lessee, together, shall agree upon a reasonable allocation of the taxes, assessments, or other governmental charges that are assessed,
levied, or imposed thereon, and only the portion thereof reasonably attributable to the Premises shall be deemed Property Taxes payable by Lessee, which allocation may be based upon any and all
records, memoranda, and notes available at the Assessor's Office, calculations of respective square footage, evaluation of respective permanent improvements and uses, and other relevant evidence
available to Lessor and Lessee. 

 
 

ARTICLE 6.
  INDEMNITY AND INSURANCE    
    

        6.1   Lessee's
Indemnity. Except to the extent that liabilities arise from Lessor's or its employees', agents', contractors' or subcontractors'
gross negligence or willful misconduct, Lessee agrees to indemnify, defend, protect and hold harmless the Lessor Parties from and against and hold the Lessor Parties harmless and free from any and all
Claims, including, without limitation, any and all liability for injury to or death of, or damage to or loss of the use of the property of, Lessee or any of Lessee's employees, agents, invitees,
contractors, or licensees. The obligations of Lessee pursuant to this Section 6.1 with respect to Claims arising while this Lease is in effect shall survive the termination of this Lease for a
period of thirty-six (36) months. The obligations of Lessee pursuant to this Section 6.1 are in addition to, and not in limitation or substitution of, Lessee's obligations
under Section 4.3. 

        6.2   Liability
Insurance. 

        (a)   At
all times during the Term, Lessee shall maintain in full force and effect: 

        (i)    Commercial
General Liability (including Broad Form Property Damage, Premises/Operations, Personal Injury, and Contractual Liability coverage applicable to this Lease)
relating to Lessee's construction, ownership, use, operation and maintenance of the Premises with limits of liability of not less than [***] combined single limit per
occurrence and in an annual aggregate for bodily injury and property damage; 

        (ii)   Workers'
Compensation Insurance covering Lessee's employees as required by Law and Employers' Liability Insurance with a limit of [***]; 

        (iii)  Automobile
Liability (covering owned, hired and non-owned vehicles) with limits of liability of not less than [***] combined single
limit for bodily injury and property damage per occurrence; and 

        (iv)  Excess
Liability insurance providing [***] in insurance coverage in excess of the limits of insurance provided in (i) and
(iii) above. 

        (b)   Lessee
shall require any contractors engaged in work at the Premises to maintain insurance coverage of the types and in the amounts at least equal to the insurance
coverage which Lessee is required to maintain in accordance with Section 6.2(a), except that limits of Excess Liability shall not be less than [***]. 

	[***]
	Confidential
portions of this document have been redacted and filed separately with the Commission. 

17

 

        (c)   The
policies required to be maintained by Lessee pursuant to Section 6.2(a)(i), Section 6.2(a)(iii) and Section 6.2(a)(iv) above
shall: (i) provide the coverage is primary and that any coverage that Lessor may maintain shall be in excess thereof; (ii) name Lessor as an additional insured; (iii) provide that
the policy cannot be canceled or modified without thirty (30) days' prior written notice to Lessor; and (iv) include a cross-liability or
severability-of-interests endorsement in the event that the basic policy obtained by Lessee does not contain such a provision, which cross-liability or
severability-of-interests endorsement shall apply to all additional insureds, and shall be referenced in the additional insured endorsement. Neither the maintenance nor the
amount of any Commercial General Liability insurance shall be construed to limit in any way Lessee's obligations under any indemnity, defense, or hold harmless agreements set forth in this Lease. Any
self-insured retention respecting said liability insurance shall not exceed [***]. 

        6.3   Casualty
Insurance. Lessee shall maintain at all times during the Term, an All-Risk Property Policy covering Lessee's
Improvements and all Personal Property. Such policy shall be written on an All-Risk basis with fair market value or on an agreed value basis sufficient to insure Lessee's Improvements and
the Personal Property, as well as an amount to insure exposures that are prudent and deemed to be standard operating procedure for a risk of the size and scope as the LNG Facility. Such policy shall
cover any property at the Premises commencing from the date hereof and applying continuously thereafter throughout the Term. The value of all policies based upon the value of the Premises shall be
modified and upgraded, at least annually, to reflect the then-current fair market value or current agreed value of Lessee's Improvements and the Personal Property. 

        6.4   General.
Each insurance policy required by this Lease to be procured and maintained by Lessee shall be issued by a company authorized to do
insurance business in the State of California having a rating in Best's Key Rating Guild of not less than A-IX. Lessee agrees to deliver to Lessor (a) on or before the Term
Commencement Date and from time to time thereafter upon request, a copy of each such policy and all endorsements, or binder therefor, and a certificate certifying that it contains the provisions
required by this Lease, and (b) not later than ten (10) days after renewal of any policies, a renewal binder therefor. 

        6.5   Driver
Certification. Lessee shall ensure that all drivers of LNG transport vehicles are certified by the U.S. Department of Transportation
and all other Legal Requirements. 

 
 

ARTICLE 7.
  OPERATION, MAINTENANCE AND REPAIR OF THE LNG FACILITY    
    

        7.1   Lessor's
Obligations. Except for the work to be performed by the Lessor pursuant to Section 8.11 and Lessor's obligation to maintain
the Access Road as set forth in Section 2.2(d), and as provided in Exhibit "B", Lessor shall not be obligated to make or bear the cost of any
repairs, replacements, rebuilding, or renewals of any kind, nature, or description whatsoever related to the Premises or any portion thereof or Lessee's Improvements. 

        7.2   Lessee's
Obligations. 

        (a)   Except
to the extent that the demolition of Improvements by Lessee is permitted under Article 8, and subject to other provisions of this Lease that govern the
maintenance and repair of utility lines and the Access Road, Lessee shall, at its own cost, and without expense to Lessor, keep and maintain the Premises in good, sanitary and neat order, condition,
and repair, in compliance with all Legal Requirements and Permits, and free from hazards. 

        (b)   Lessee
hereby waives the benefit of any Legal Requirements that would otherwise accord Lessee the right to make repairs at Lessor's expense or to terminate this Lease
because of Lessor's failure to keep the Premises or any portion thereof in good order, condition, or repair. 

	[***]
	Confidential
portions of this document have been redacted and filed separately with the Commission. 

18

 

        7.3   Surrender
of the Premises. Upon the expiration or termination of the Term, Lessee shall complete the removal and remediation obligations set
forth on Exhibit "L" (the "Removal and Remediation Obligations"). Further, upon the
expiration or termination of the Term, Lessee shall execute, acknowledge, and deliver to Lessor a quitclaim deed and such other instruments and documents as Lessor shall reasonably request in order to
assure and show in the Official Records Lessor's fee title to the Premises free of any interest or claim of Lessee. Lessee's obligations under this Section 7.3 shall survive the expiration or
termination of this Lease. 

 
 

ARTICLE 8.
  CONSTRUCTION ACTIVITIES AND ALTERATIONS    
    

        8.1   Plans
and Specifications. Lessee shall submit to Lessor for its approval a complete set of the Plant Layout Plans and the Interconnection
Plans, respectively. The Plant Layout Plans and the Interconnection Plans shall be consistent in all material respects with the description of the LNG Facility contained on  Exhibit "C". Provided that
the Plant Layout Plans and the Interconnection Plans are in all material respects consistent with said description, the other
provisions of this Lease and all Legal Requirements, Lessor shall not unreasonably withhold its consent to such plans. Lessor shall either approve or disapprove each submittal pursuant to this
Section 8.1 as soon as is reasonably practical after receipt of a complete submittal, but in any event within [***] after receipt thereof (and if such submittal is a
request for an approval of a modification to a previously-approved submittal, within [***] after receipt thereof). Lessor's failure to respond within such
[***] period (or such [***] period, as applicable) shall be deemed as its approval of the submittal (or modification, as applicable). If Lessor
disapproves of the submittal, it shall so notify Lessee in writing within said [***] period, (or [***] period as applicable) and, at the same time,
provide Lessee with a reasonably detailed statement of the reasons why such submittal was disapproved. In such latter event, Lessor and Lessee agree to cooperate reasonably with each other in
resolving any objections of the other to the submittal or requested revisions. Once the Plant Layout Plans and Interconnection Plans have been approved by Lessor, such approval shall be binding on
Lessor (absent a misrepresentation by Lessee) and no further approval by Lessor of such plans or Permits shall be required unless such plans are subsequently modified in any material respect, in which
case such modifications shall be subject to Lessor's approval in accordance with this Section 8.1. Lessor shall not be deemed to have incurred or assumed any obligation or responsibility in
connection with any aspect of the Plant Layout Plans or the Interconnection Plans, and nothing in the Project Agreements, nor any act or failure to act on the part of Lessor, shall be construed as a
warranty or representation as to the adequacy or fitness of the LNG Facility or any aspect thereof or a waiver of a claim by Lessor relating to the LNG Facility. Once the Plant Layout Plans and the
Interconnection Plans have been approved by Lessor, Lessor and Lessee shall enter into an amendment to this Lease which supplements Exhibit "C" with
references to title and date all such approved Plant Layout Plans and Interconnection Plans. 

        8.2   Construction
of LNG Facility. Lessee shall construct the LNG Facility upon the Demised Land in accordance with the following requirements: 

        (a)   The
LNG Facility and all demolitions, alterations, and additions made in connection therewith or thereto shall be designed and constructed in a good and workmanlike
manner and in accordance with this Lease and the Plans and Specifications; 

        (b)   The
design and construction of the LNG Facility and all such demolitions, alterations, and additions shall comply with all Legal Requirements and Permits, and, without
limiting the generality of the foregoing, Lessee, at Lessee's sole cost and expense, shall procure all necessary Permits as may be necessary or appropriate for the construction of the LNG Facility;
and 

        (c)   Except
for the work to be performed by Lessor pursuant to Section 8.11 hereof, the entire cost of construction of the LNG Facility, including, without limitation,
any off site work, plans and specifications, and all Permits and fees therefor, shall be paid by Lessee. 

	[***]
	Confidential
portions of this document have been redacted and filed separately with the Commission. 

19

 

        8.3   Insurance
Covering Lessee's Work. Lessee shall not commence any construction activity, allow the construction or installation of the LNG
Facility, or perform or allow the performance of any other work to or on the Premises, unless prior to the commencement of such work, Lessee shall obtain or cause to be obtained by its contractor (and
during the performance of such work keep or cause to be kept in force) commercial general liability (and/or contractor's liability) insurance, with completed operations coverage, and worker's
compensation insurance to cover every contractor and each employee of every contractor to be employed, in accordance with Section 6.2(b). 

        8.4   Relocation
of Utilities. Lessee shall be responsible, at Lessee's sole cost and expense, for obtaining all agreements and Permits that may
be required to relocate any utility improvement that may be necessary or appropriate in connection with the construction, operation or maintenance of the LNG Facility. Additionally, to the extent such
relocation is necessary to complete the LNG Project in accordance with the Plans and Specifications, Lessee shall be responsible for relocating to a location and in a manner reasonably acceptable to
Lessor, and at Lessee's sole cost and expense, Lessor's Improvements. 

        8.5   Personal
Property. Personal Property may be removed from the Premises by Lessee at any time during the Term and all Personal Property shall
be removed from the Premises by Lessee upon the expiration or termination of the Term. 

        8.6   Liens
and Notices of Violation Prohibited. Lessee shall not permit the Premises or any part thereof to become subject to any lien, charge,
or encumbrance. Lessee shall maintain the Premises and every part thereof free from all orders, notices and violations filed or entered by any Governmental Authority. Nothing in the foregoing
provisions of this Section 8.6 shall limit Lessee's right, and Lessor agrees that Lessee shall have the right, to contest or challenge the validity or amount of any such lien, charge,
encumbrance and any such orders, notices, and violations by appropriate and timely administrative or judicial proceedings; provided that, by first posting a bond, making payment under protest, or
other lawful and effective procedure, the interests of Lessor, any mortgagee of Lessor, Lessor's title to, and any mortgage holder's lien upon, the Premises and every part thereof are protected
against any risk of loss, diminution, or impairment. Notwithstanding the foregoing, Lessee shall be permitted to encumber the LNG Facility and Lessee's interest in this Lease (but not any right, title
or interest of Lessor in and to the Premises) in connection with a bona fide debt financing by Lessee or any Affiliate of Lessee in connection with any future financing by Lessee or by an Affiliate of
Lessee. 

        8.7   Mechanics'
Liens. Lessee agrees: 

        (a)   to
pay for all labor and services performed for, and for all materials used by or furnished to, Lessee or any contractor employed by Lessee with respect to the Premises
or any part thereof, whether or not such labor, services, or materials were related to equipment, fixtures or other works of improvement; 

        (b)   to
indemnify, defend, and protect Lessor and the Premises from and against, and to hold Lessor and the Premises free and harmless from, any and all liabilities, claims,
liens, encumbrances, and judgments created or suffered in connection with such labor, services, or materials; and 

        (c)   to
permit Lessor to post and maintain notices of nonresponsibility on the Premises in accordance with California Civil Code Section 3094 or other similar statute
hereafter enacted; provided that nothing herein shall prevent Lessee from contesting in good faith the validity or amount of any lien, claim, encumbrance, or judgment, in accordance with the
provisions of Section 8.6. 

	[***]
	Confidential
portions of this document have been redacted and filed separately with the Commission. 

20

  

        8.8   Lessor's Right to Discharge. Should a judgment on any lien, charge, encumbrance, order, notice or violation be rendered against the
Premises, and should Lessee fail to discharge such judgment or take action to protest such judgment within [***] after such rendering (or within such shorter period as may be
necessary to avoid any enforcement of or realization upon such judgment), Lessor shall have the right, but not the obligation, to discharge said judgment. If Lessor exercises that option, any amount
paid by Lessor shall be due from Lessee as Additional Rent. Such Additional Rent shall be due and payable on the next date after the expense is incurred that Base Rent is due together with interest at
a rate equal to [***]. 

        8.9   Permits. 

        (a)   CE
Construction and/or Lessee shall be solely responsible for obtaining all Permits necessary for the siting, construction, development, operation and maintenance of the
LNG Facility, and CE Construction shall use Commercially Reasonable Efforts to obtain all such Permits as soon as possible. Notwithstanding the foregoing, neither Lessee nor CE Construction shall make
or present any submission, presentation or other substantive written communication to any Governmental Authority in connection with the LNG Facility without first obtaining Lessor's approval of such
submission, presentation or other substantive communication, which approval shall not be unreasonably withheld. Lessor shall be given reasonable advance notice of any meetings (whether held in person
or telephonically) between Lessee and/or CE Construction and any Governmental Authority relating to any Permit, and Lessee, CE Construction and Lessor shall reasonably cooperate in scheduling such
meetings at such times and in such locations as are reasonably convenient for all Parties, so as to enable Lessor, CE Construction and Lessee to each participate in the same. Subject to the foregoing,
Lessor, CE Construction and Lessee shall each make their representative(s) available for all such meetings, either in person or by telephone. In no event shall Lessee or CE Construction allow any
Permit to be binding upon the Premises without Lessor's approval, which shall not be unreasonably withheld to the extent the Permits apply solely to the Premises, the Easements and/or the Exclusion
Zone; provided, however, that if any Permit affects any other part of the Borax Site or would survive the termination of this Lease, Lessor may withhold its approval of such Permit in Lessor's sole
and absolute discretion. 

        (b)   Lessor
agrees to join with CE Construction, at its request, in seeking the Permits and other approvals of Governmental Authorities related to construction of the LNG
Facility which are approved by Lessor in accordance with this Lease. Lessee shall reimburse Lessor for all of Lessor's reasonable out-of-pocket costs incurred in evaluating and
processing such Permits and other approvals of Government Authorities. Lessee agrees to indemnify and hold Lessor harmless from and against any and all liabilities and obligations arising from such
joinder by Lessor with Lessee in connection with such Permits. 

        8.10 Sharing
of Information. Lessee will (a) afford Lessor's representatives reasonable access during normal business hours to the
personnel designated by Lessee who possess information relating to Lessee's permitting, design and construction of the LNG Facility; and (b) furnish Lessor's representatives with copies of all
such plans, specifications, contracts, books and records and other documents and data regarding the permitting, design and construction of the LNG Facility on a confidential basis as Lessor's
representatives may reasonably request from time to time. 

        8.11 Lessor's
Additional Improvements. In connection with construction of the LNG Facility, Lessor shall make certain improvements to the Borax
Site as more fully described on Exhibit "M" ("Lessor's Improvements"). Lessor shall use Commercially
Reasonable Efforts to complete Lessor's Improvements 1 and 2 on or before the date that is [***] following the date that each of the Permits listed in Part A and the air
permits listed in Part B of Exhibit "H" has been obtained by CE Construction. Lessor will undertake Commercially Reasonable Efforts to complete
Lessor's Improvements 3, 4, 5, and 6 on or before the date that is [***] following the date of this Lease. Additionally, Lessor shall cause to be removed prior to Construction
Commencement all personal property of Lessor located on the Premises (other than Lessor's Improvements). 

	[***]
	Confidential
portions of this document have been redacted and filed separately with the Commission. 

21

 

In
the event Lessor's Improvements 1 and 2 are not completed by Lessor on or before the date that is [***] following the date that each of the Permits listed in Part A
of Exhibit "H" has been obtained by CE Construction, the In-Service Date shall be extended by one day for each day of delay beyond the date
that is [***] following the date that each of the Permits listed in Part A and the air permits listed in Part B of Exhibit
"H" has been obtained by CE Construction in completing Lessor's Improvements 1 and 2. 

In
the event Lessor's Improvements 3, 4, 5, and 6 are not completed by Lessor on or before the date that is 180 days following the date of this Lease, the In-Service Date shall be
extended by one day for each day of delay beyond the date that is 180 days following the date of this Lease in completing Lessor's Improvements 3, 4, 5, and 6. 

        8.12 Future
Alterations. Except for routine maintenance, repair and replacement of the LNG Facility, Lessee shall not materially alter or modify
the LNG Facility without first obtaining the prior written consent of Lessor, which consent shall not be unreasonably withheld; provided, however, that in no event shall Lessee increase the production
capacity of the LNG Facility above three Trains, as described in Exhibit "C". Lessee may, however, increase the production capacity of the LNG Facility
to three Trains, as described in Exhibit "C", provided the construction of the Trains is in all material respects consistent with the provisions of this
Lease, the Plant Layout Plans and Interconnection Plans and any modifications thereto approved by Lessor in accordance with Article 8. Except as provided in the preceding sentence, Lessee not
alter or modify the LNG Facility in any manner which would result in an increase in the amount of water, electricity or other services required to be provided by Lessor hereunder (including, without
limitation, any increase in the amount of Return Gas delivered to Lessor) beyond the amounts specified in this Lease and the Exhibits hereto, in either case without first obtaining Lessor's prior
written consent, which may be withheld in Lessor's sole and absolute discretion. 

 
 

ARTICLE 9.
  DESTRUCTION    
    

        9.1   Obligation
to Rebuild. In the event that Lessee's Improvements or any of them are damaged or destroyed in whole or in part by any casualty,
whether or not covered by insurance, Lessee may, in its sole and absolute discretion, elect to rebuild or restore Lessee's Improvements in accordance with the Plans and Specifications and otherwise
subject to compliance with Article 8 (as if the provisions of such Article 8 which apply to the initial construction of Lessee's Improvements were also expressly applicable to such
rebuilding and restoration). In the event Lessee elects not to rebuild or restore such Lessee's Improvements, Lessee shall have the option to terminate this Lease, which option may be exercised only
by the delivery to Lessor, not later than [***] from the date such damage or destruction occurs, of a written notice of termination. Such notice shall specify a date of
termination of this Lease, which date shall not be less than [***] from the date such notice is delivered to Lessor. In the event that Lessee so elects to terminate this Lease,
Lessee shall cause to be completed on or before the end of said [***] all of the Removal and Remediation Obligations, which obligations shall survive the termination of this
Lease; provided, however, that if Lessor elects to have Lessee remove the subsurface Improvements as provided in Exhibit "L", Lessee
shall have an additional [***] in which to complete its Removal and Remediation Obligations. Lessor and Lessee shall have no further obligations to each other after said
effective date of termination respecting the Premises, except those obligations that, by the terms of this Lease or provisions of Legal Requirements, shall survive the termination of this Lease. 

	[***]
	Confidential
portions of this document have been redacted and filed separately with the Commission. 

22

 

        9.2   No
Abatement of Rent. Unless this Lease is terminated by Lessee as provided in Section 9.1, there shall be no abatement of Rent by
reason of damage to or destruction of the Premises in whole or in part. In the event Lessee elects to terminate this Lease as provided in Section 9.1, Lessee shall continue to be obligated to
pay Rent and to comply with all of the provisions of this Lease until such time as Lessee has vacated the Premises and paid and performed all of its obligations hereunder which are required to be paid
and performed prior to the expiration or earlier terminate of this Lease. Lessee hereby waives the provision of Section 1932, Subdivision 2, and Section 1933, Subdivision 4, of the
California Civil Code, and all present and future amendments thereto, and all other Legal Requirements that would permit or cause termination of a lease or abatement of rental obligations upon damage
to or destruction of the property subject thereto. 

 
 

ARTICLE 10.
  CONDEMNATION    
    

        10.1 Rights.
Lessor and Lessee agree that, in the event of a Taking, all rights between them and in and to an Award shall be as set forth
herein, and Lessee shall have no right to any Award except as set forth herein. In no event shall any portion of the Award that is attributable to Lessee's leasehold interest in the Demised Land be
paid to Lessee, and Lessee hereby assigns to Lessor the portion, if any, of the Award that is attributable to Lessee's leasehold interest in the Demised Land. Lessee shall be entitled to such portion
of the Award allocable to Lessee's Improvements, and Lessor shall have no right or interest therein or thereto. 

        10.2 Total
Taking. Subject to Section 10.5, in the event of a Total Taking, Lessee's interest in the leasehold created by this Lease
shall continue until the Taking is completed by deed, contract, final order or judgment of condemnation or otherwise, at which time such leasehold shall terminate. Subject to Section 10.4,
Lessee shall continue to be obligated to pay all Rent and shall otherwise be bound by the provisions of this Lease. 

        10.3 Substantial
Taking. In the event of a Substantial Taking, Lessee may, by written notice to Lessor given not later than the earlier of
(a) [***] after receipt by Lessee of notice of any intended Taking or (b) the date upon which such Taking shall be completed, elect to treat the Taking as a Total
Taking. If Lessee does not deliver such notice within such time period, the Taking shall be treated as a Partial Taking. A Substantial Taking shall be treated in the same manner as a Total Taking. 

        10.4 Possession
Following Notice of Taking. Lessee may continue to occupy the Premises and Improvements and use the Easement(s) until the
condemning authority takes physical possession of the Premises, Easement(s) and Improvements. However, at any time following any notice of any intended Total Taking or Substantial Taking, Lessee may
elect to deliver possession of the Premises to Lessor before the actual taking of possession by the condemning authority. Such election shall be made by Lessee by written notice declaring the election
and agreeing to pay all Rent and performing all other obligations required under this Lease through the date of Taking. Lessee's right to apportionment of or compensation from the Award shall accrue
as of the date that Lessee delivers possession to Lessor. 

        10.5 Apportionment
for Award of Total Taking. Upon a Total Taking or upon a Substantial Taking, Lessee shall receive from the Award those
portions of the Award that are attributable to Lessee's ownership interest in the Lessee's Improvements and Personal Property located on or about the Premises and any amounts awarded for:
(a) restoration of the Lessee's Improvements and Personal Property of Lessee on the Premises (and/or Easement(s)); (b) removal, relocation or loss of any Lessee's Improvements or
Personal Property from the Premises (and/or Easement(s)); (c) anticipated or lost profits or damages because of detriment to or interruption of the business of Lessee or any special damages of
Lessee (provided that if no portion of the damages contained in this clause are included in the Award for the Taking, Lessee shall have the absolute right to prosecute Lessee's own claim for damages
as permitted by law and to receive and keep all proceeds of any such claim free from any claim of Lessor); and (d) any severance damage to the Lessee's Improvements and Personal Property of
Lessee on the Premises (and/or Easement(s)). 

	[***]
	Confidential
portions of this document have been redacted and filed separately with the Commission. 

23

 

        10.6 Partial
Taking. This Lease shall remain in full force and effect following a Partial Taking, and shall cover the remaining portion of the
Premises. Lessee shall receive from the Award those portions of the Award that are attributable to Lessee's ownership interest in the Lessee's Improvements, fixtures, equipment and personal property
located on or about the Premises and any amounts awarded for: (a) restoration of the Lessee's Improvements and Personal Property of Lessee on the Premises (and/or Easement(s));
(b) removal, relocation or loss of any Lessee's Improvements or Personal Property from the Premises (and/or Easement(s)); (c) anticipated or lost profits or damages because of detriment
to or interruption of the business of Lessee or any special damages of Lessee (provided that if no portion of the damages contained in this clause are included in the Award for the Taking, Lessee
shall have the absolute right to prosecute Lessee's own claim for damages as permitted by law and to receive and keep all proceeds of any such claim free from any claim of Lessor); and (d) any
severance damage to the Lessee's Improvements and Personal Property of Lessee on the Premises (and/or Easement(s)). 

        10.7 Taking
for Temporary Use. In the event of any Taking of the temporary use of all or any portion of or interest or estate in the Premises,
Easement(s) and/or Lessee's Improvements, for a period ending on or before the expiration or earlier termination of this Lease, neither the Term nor the Rent under this Lease shall be reduced or
affected in any way, and Lessee shall be entitled to the entire Award for the use or estate taken. If any such Taking of the temporary use of all or any portion of or interest or estate in the
Premises, Easement(s) and/or Improvements is for a period extending beyond the expiration or earlier termination of this Lease, such Taking shall be treated under the foregoing provisions of this
Article 10. 

        10.8 Remediation
Obligations. Nothing in this Article 10 shall relieve Lessee of its obligations under Section 7.3 hereof,
provided; however, that in the event of a Taking, Lessee's remediation obligations with regard to the portion of the Demised Land subject to the Taking shall be limited to that required by the
condemning authority. 

        10.9 Sole
and Exclusive Remedies. This Article 10 sets forth Lessee's sole and exclusive remedies in the event of a Taking. Each Party
hereby waives the provisions of Sections 1265.120 and 1265.130 of the California Code of Civil Procedure and the provisions of any successor or other law of like import. 

 
 

ARTICLE 11.
  LESSEE'S DEFAULT    
    

        11.1 Lessee's
Default Defined. For the purposes of this Lease, the terms "Default by Lessee" and
"Lessee's Default" both mean the occurrence of any one or more of the following events: 

        (a)   failure
of Lessee to pay any Rent within [***] after written notice to Lessee following the date such Rent becomes due; 

        (b)   any
assignment, encumbrance, transfer, delegation, subleasing or other occupancy of all or any portion of Lessee's interest in this Lease or all or any portion of the
Demised Land in violation of Article 14; 

        (c)   any
failure by Lessee to maintain the insurance policies and coverages required to be maintained by Lessee pursuant to Article 6; 

        (d)   any
material breach by Lessee of any of its representations and warranties hereunder; 

        (e)   any
failure by Lessee to pay prior to delinquency any Property Taxes; 

	[***]
	Confidential
portions of this document have been redacted and filed separately with the Commission. 

24

 

        (f)    Lessee
shall cease doing business as a going concern, make an assignment for the benefit of creditors, generally not pay its debts as they become due or admit in writing
its inability to pay its debts as they become due, file a petition commencing a voluntary case under any chapter of the Bankruptcy Code, be adjudicated an insolvent, file a petition
seeking for itself any reorganization, composition, readjustment, liquidation, dissolution or similar arrangement under the Bankruptcy Code or any other present or future similar statute, law, rule or
regulation, or file an answer admitting the material allegations of a petition filed against it in any such proceeding, consent to the filing of such a petition or acquiesce in the appointment of a
trustee, receiver, custodian or other similar official for it or of all or any substantial part of its assets or properties, or take any action looking to its dissolution or liquidation; 

        (g)   any
case, proceeding or other action shall be instituted against either Lessee or Parent seeking the entry of an order for relief against Lessee as debtor, to adjudicate
Lessee or any general partner thereof as a bankrupt or insolvent, or seeking reorganization, arrangement, readjustment, liquidation, dissolution or similar relief against either Lessee or Parent
thereof under the Bankruptcy Code or any other present or future similar statute, law, rule or regulation, which case, proceeding or other action either results in such entry, adjudication or issuance
or entry of any other order or judgment having a similar effect, or remains undismissed for a period of [***], or within [***] after the appointment
(without Lessee's or Parent's, as applicable, consent) of any trustee, receiver, custodian or other similar official for it or such general partner, or of all or any substantial part of its assets and
properties, such appointment shall not be vacated; 

        (h)   Abandonment,
which continues for a period of [***] after Lessee's receipt from Lessor of written notice thereof (any such notice being in lieu
of, and not in addition to, any notice required under Section 1161 et seq., of the California Code of Civil Procedure); 

        (i)    execution
by either Lessee or Parent of an assignment for the benefit of creditors of all or substantially all of its assets that are available by law for the
satisfaction of claims of judgment creditors of Lessee or Parent, as applicable; or 

        (j)    breach
by Lessee or CE Construction of any material provision of this Lease, except those mentioned in subparts (a) through (i) of this
Section 11.1, not cured within [***] after Lessor gives Lessee written notice of the breach (any such notice being in lieu of, and not in addition to, any notice
required under Section 1161 et seq., of the California Code of Civil Procedure), or, in the case of breaches which cannot be cured solely by the payment of money and which reasonably require
more than [***] to cure, not cured within a reasonable time after the giving of such notice, provided that Lessee commences curing such breach within said
[***] after the giving of such notice and thereafter diligently prosecutes to completion such cure, provided further that, in all events, Lessee shall have fully cured such
breach within [***] after the giving of such notice. 

        11.2 Lessor's
Right to Terminate. In the event of a Default by Lessee, Lessor shall have, in addition to any other remedies now or later
available to Lessor hereunder or at law or equity, the right to terminate this Lease and Lessee's right to possession of the Premises by giving written notice of termination to Lessee, and Lessee
shall in such event: 

        (a)   pay
to Lessor any accrued and unpaid Rent earned to the date of termination; 

        (b)   pay
to Lessor an amount equal to [***]; and 

        (c)   undertake
and complete within not more than [***] following such termination the Removal and Remediation Obligations. 

	[***]
	Confidential
portions of this document have been redacted and filed separately with the Commission. 

25

 

        11.3 Lessor's
Right Not To Terminate. Unless and until Lessor elects to terminate this Lease and Lessee's right to possession as provided in
Section 11.2, this Lease shall continue in full force and effect after Default by Lessee, and Lessor may enforce all of its rights and remedies under this Lease, including, without limitation,
the right to recover or enforce payment of Rent as it becomes due under this Lease. 

        11.4 Cessation
of Services. Upon the occurrence of a Default by Lessee hereunder, in addition to any other remedies now or later available to
Lessor hereunder or at law or equity, Lessor may cease delivery of any of the Core Services without an adjustment in Rent. 

        11.5 General.
Efforts by Lessor to mitigate damages caused by any Default by Lessee shall not constitute a waiver by Lessor of any of Lessor's
rights or remedies under this Lease, and nothing contained in this Lease shall affect any rights of Lessor under this Lease to indemnification arising prior to termination of this Lease. Neither
reasonable acts of repair, alteration, maintenance, reletting, or preservation of the Premises, nor the appointment of a receiver or trustee, whether in bankruptcy proceedings or otherwise, upon
initiative of Lessor to protect Lessor's interests under this Lease, shall constitute an election by Lessor to terminate this Lease or Lessee's right to possession of the Premises. If Lessor permits
this Lease to continue in full force and effect after a Default by Lessee, Lessor may, nevertheless, at any time thereafter elect to terminate this Lease and Lessee's right to possession of the
Premises under the provisions of Section 11.2, for such previous Default by Lessee, provided the Default by Lessee has not then been cured. The rights and remedies of Lessor under this
Article 11 shall be additional to all other rights and remedies provided to Lessor in this Lease or by law or in equity, whether now in force or hereafter enacted, including, without
limitation, injunctions and other equitable relief. In no event shall Lessor assert, or bring any action against any of Lessee's employees, agents, or representatives alleging, personal liability of
any of them for any such breach by Lessee. 

        11.6 Right
of Lessor to Perform. Following not less than [***] written notice (except in cases of emergency, when no
notice shall be required), Lessor may, but shall not be obligated, to make any payment required of Lessee under this Lease that Lessee fails timely to pay. No such payment by Lessor shall constitute a
waiver of, or release Lessee from, Lessee's said obligation or any other obligation of Lessee under this Lease, nor shall such payment by Lessor diminish or affect in any way other rights and remedies
of Lessor set forth elsewhere in this Lease that may be applicable by reason of Lessee's failure to make a payment. 

 
 

ARTICLE 12.
  LESSOR'S DEFAULT    
    

        12.1 Lessor's
Default Defined. For the purposes of this Lease, the terms "Default by Lessor" and
"Lessor's Default" both mean a breach by Lessor of any material provision of this Lease which is not cured within [***] after
Lessee gives Lessor written notice of the breach, or, in the case of breaches which cannot be cured solely by the payment of money and which reasonably require more than [***]
to cure, not cured within a reasonable time after the giving of such notice, provided that Lessor commences curing such breach within said [***] after the giving of such notice
and thereafter diligently prosecutes to completion such cure, provided further that, in all events, Lessor shall have fully cured such breach within [***] after the giving of
such notice. Notwithstanding the foregoing, the [***] cure period referred to above shall not be applicable to a breach by Lessor of its obligation to deliver a Core Service.
The failure of Lessor to deliver a Core Service, caused by circumstances other than a voluntary decision or act by Lessor to cease or reduce a Core Service, shall not constitute a Default by Lessor
provided Lessor uses commercially reasonably efforts to fully restore the Core Service. 

	[***]
	Confidential
portions of this document have been redacted and filed separately with the Commission. 

26

 

        12.2 Lessee's
Remedies. Upon the occurrence of a Default by Lessor, Lessee shall have the right to terminate this Lease upon not less than
[***] written notice to Lessor. Such right shall be in addition to any other rights and remedies that Lessee may have under applicable law, subject to the limitations on
Lessor's liability contained herein. 

        12.3 Limitations
on Lessor's Liability. Notwithstanding any other provision of this Lease to the contrary, in no event shall any Lessor Party be
liable to Lessee or its Affiliates (the "Lessee Parties") on account of any Claims, except to the extent expressly set forth in this
section 12.3. 

        (a)   In
no event shall the Lessor Parties have any liability for any indirect, special, consequential (including, without limitation, loss of business opportunity or business
goodwill), punitive, exemplary or other damages. Furthermore, the liability of the Lessor Parties on account of all Claims shall be subject to the following limitations: 

        (i)    [***]

        (ii)   The
aggregate liability of the Lessor Parties' with respect to all Claims arising out of facts or circumstances occurring during the Term other than Core Service
Default Claims shall not exceed [***]. 

        (iii)  [***] 

        (b)   Lessee
agrees not to assert, or bring any action against, any of Lessor's shareholders, officers, directors, employees, agents, or representatives alleging any personal
liability of any of them for any Claims. 

        (c)   Lessee,
on behalf of itself and its successors and assigns, does hereby irrevocably release and forever discharge, and covenant not to sue, the Lessor Parties with
respect to any Claims (whether known or unknown, contingent or fixed, suspected or unsuspected, liquidated or unliquidated, concealed or hidden) to the extent such Claims exceed the limitations set
forth in this Section 12.3. Lessee further agrees, represents and warrants that the matters released herein are not limited to matters which are known or disclosed, and Lessee hereby waives any
and all rights and benefits which it now has, or in the future may have, conferred upon it by virtue of the provisions of Section 1542 of the Civil Code of the State of California which
provides as follows: 

A
GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE
RELEASE, WHICH IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR. 

Lessee
hereby agrees, represents and warrants that it has read and understood this Section 12.3, and Lessee realizes and acknowledges that factual matters now unknown to it may have given or
may hereafter give rise to causes of action, claims, demands, debts, controversies, damages, costs, losses and expenses which are presently unknown, unanticipated and unsuspected, and Lessee further
agrees, represents and warrants that this Section 12.3 has been negotiated and agreed upon in light of that realization and that Lessee nevertheless hereby intends to release, discharge and
acquit the Lessor Parties as set forth hereinabove from any such unknown causes of action, claims, demands, debts, controversies, damages, costs, losses and expenses. 

        (d)   Lessee
acknowledges and agrees that the limitations on the liability of the Lessor Parties set forth in this Section 12.3 are a material inducement to Lessor to
enter into this Lease and that in the absence of such limitations, Lessor would not enter into the transactions contemplated by this Lease. Lessee represents and warrants that it has had advice of
counsel of its own choosing in negotiations for and the preparation of this Lease and the provisions of this Section 12.3 (including the release set forth in Section 12.3(c)). 

        (e)   Nothing
in this Section 12.3 shall be deemed to limit the provisions of Article 16 of this Lease. 

	[***]
	Confidential
portions of this document have been redacted and filed separately with the Commission. 

27

 

        12.4 Termination
of Services by Lessor(a) Lessor shall have the right, to be exercised in its sole and absolute discretion subject to and in
accordance with the provisions of this Section 12.4, to terminate its obligation to deliver any of the services required to be delivered by Lessor pursuant to Section 2.4 (including any
of the Core Services). 

        (b)   In
the event that Lessor elects to terminate its obligation to deliver any of the services set forth in Section 2.4(a), Lessor shall provide Lessee with prior
written notice of such election (an "Election Notice"). Each Election Notice shall specify a date (the "Termination
Date") upon which the applicable service(s) shall be terminated, which Termination Date shall not be less than [***] from the date of the Election
Notice. In the case of Process Water, Lessor may terminate this service upon not less than [***] from the date of the Election Notice, if Lessee is permitted to use the
Alternate Process Water Line interconnected with the AVEK Water Line. If Lessor does not allow Lessee to interconnect the Alternate Process Water Line with the AVEK Water Line in order to obtain its
full quantity of Process Water as provided in Exhibit "E-2", Lessor will provide [***] prior written notice to
Lessee of its election to cease providing Process Water to Lessee. If Lessor permits Lessee to interconnect the Alternate Process Water Line with the AVEK Water Line, Lessor and Lessee will arrange
for reasonable mutually acceptable metering of and invoicing for the water consumed by Lessee from the AVEK Water Line. The cost of all water from the AVEK Water Line consumed by Lessee shall be paid
by Lessee. Termination of a service provided to Lessee in accordance with this Section 12.4(b) will not constitute a Default by Lessor. 

        (c)   During
the period following the delivery of an Election Notice and prior to the Termination Date set for the service(s) covered thereby, Lessor shall use Commercially
Reasonable Efforts to assist Lessee, at no material out-of-pocket expense to Lessee, in obtaining an alternative source of the service(s) to be discontinued, including
supporting the obtaining of Permits and the procurement of access and Easements necessary to effect the changeover to the new source. 

        (d)   Upon
the Termination Date set forth in the Election Notice, (i) Lessor's obligation to deliver the service(s) described therein shall terminate and Lessor shall
have no further obligation to deliver such service(s), and (ii) the Rent shall be reduced in accordance with Exhibit "J". 

        (e)   The
provisions of this Section 12.4 shall not apply to an election by Lessor to terminate its obligation to deliver Energy, which election shall be governed by
the provisions of Section 8 of Exhibit "D" or to termination of services pursuant to Section 19.20. 

        (f)    Notwithstanding
any other provision of this Lease, except as expressly set forth in Exhibit "D" with respect to Lessee's
right to procure Energy from Southern California Edison Company or its successor utility, in no event shall Lessee have the right to procure any of the services to be provided by Lessor to Lessee
hereunder, including the services described in Section 2.4, unless Lessor terminates its right to provide such services in accordance with this Section 12.4 or fails to provide such
services in default of its obligations to do so hereunder. 

        (g)   Notwithstanding
the foregoing, Lessor shall not be obligated to accept (i) Return Gas or (ii) Process Waste Water from Lessee if Lessee is failing to meet
the respective quality standards with respect thereto set forth in Exhibits "F-2" and  "E-2", respectively. 

        (h)   In
the event of a temporary cessation or termination of the provision of a Core Service by Lessor to Lessee, for any reason other than a failure by Lessee to deliver
Return Gas or Process Waste Water meeting the standards set forth in Exhibits "F-2" and  "E-2", respectively, or other Default by Lessee, there shall be a
corresponding adjustment to Long-Term Variable Rent as and to
the extent provided in Exhibit "J". 

	[***]
	Confidential
portions of this document have been redacted and filed separately with the Commission. 

28

 
 
 

ARTICLE 13.
  ESTOPPEL CERTIFICATES AND SALE BY LESSOR    
    

        13.1 Estoppel
Certificates, etc. Each Party agrees to execute and deliver to the other Party (and its lender, if applicable), within
[***] following request, an estoppel certificate and such other instruments and documents as the requesting Party may reasonably request evidencing the status of this Lease.
Such estoppel certificate shall include, among other things, (i) a certification that this Lease is unmodified and in full force and effect, or, if modified, stating the nature of such
modification and certifying that this Lease, as so modified, is in full force and effect, and certifying the date to which the Rent and any other charges are paid in advance, if any, and
(ii) acknowledging that there are not, to the responding Party's knowledge, any uncured defaults on the part of either Party hereunder, or specifying such defaults if they are claimed. Such
estoppel certificate shall permit reliance thereon by any auditor, creditor, commercial banker, and investment banker of the responding Party and, in the case of an estoppel certificate delivered by
Lessee, by any prospective purchaser or encumbrancer of all or any part of the Borax Site or of all or any part of Lessor's interests under this Lease. 

        13.2 Failure
to Deliver Estoppel Certificates. If either Party shall fail to execute and deliver, within the time required by
Section 13.1, any such estoppel certificate, then, in addition to constituting a default by such Party hereunder: 

        (a)   Such
failure shall constitute acknowledgment by the Party failing to deliver the estoppel to any third party, such as, but not limited to, a person or entity purchasing
assets or lending money, that this Lease is unmodified and in full force and effect (except as may be represented by the Party requesting the estoppel) and that all Rent has been duly and fully paid
to and including the respective due dates immediately preceding the date of the notice of request (except as may be represented by the Party requesting the estoppel) and shall constitute a waiver,
with respect to all such third persons, of any defaults that may exist before the date of the notice and shall be a default under this Lease; and 

        (b)   The
Party failing to deliver the estoppel shall be estopped to assert or claim anything respecting the status of this Lease that is contrary to the representations made
by the Party requesting the estoppel, and such third person may rely upon such estoppel. 

        13.3 Liability
Upon Transfer. 

        (a)   In
the event that Lessor shall sell or otherwise transfer its title to the Premises, after the effective date of such sale or transfer, and upon assumption of all of
Lessor's obligations hereunder by the buyer or transferee of the Premises, whether expressly or by operation of law, Lessor shall have no further liability under this Lease to Lessee, except as to
matters of liability which have accrued before, and are unsatisfied as of, the date of sale or transfer, and Lessee shall thereafter seek performance solely from Lessor's successor. 

        (b)   In
the event that Lessee shall assign its interest in this Lease in accordance with the provisions of Article 14, after the effective date of such assignment, and
upon assumption of all of Lessee's obligations hereunder, whether expressly or by operation of law, Lessee shall have no further liability under this Lease to Lessor, and in the event of a Transfer
described in Sections 14.2(a) or (b), the Parents' Guaranty shall terminate, except as to matters of liability which have accrued before, and are unsatisfied as of, the date of Transfer, and Lessor
shall thereafter seek performance solely from Lessee's successor. 

	[***]
	Confidential
portions of this document have been redacted and filed separately with the Commission. 

29

 
 
 

ARTICLE 14.
  ASSIGNMENT AND SUBLETTING    
    

        14.1 Generally
Forbidden. Except as permitted under Section 14.2, Lessee shall not sell, assign, delegate, encumber, or otherwise
transfer this Lease or any of Lessee's rights or obligations hereunder, nor shall Lessee sublet or permit or suffer any Person (other than Lessor) to occupy or use all or any portion of the Premises
(any such action, a "Transfer"), and any attempt to effect a Transfer shall be null and void, shall constitute a Default by Lessee, and, at Lessor's
option, shall terminate this Lease. The foregoing prohibition against Transfers shall apply fully to an assignment by operation of law. Sales, assignments, encumbrances or other transfers, whether in
one transaction or a series of transactions, of a controlling equity interest in Lessee shall constitute an attempted Transfer of this Lease and shall be prohibited by this Section 14.1;
provided, however, that a transfer of equity interests in Lessee from a Person who holds such interests as of the date of this Lease to another wholly-owned subsidiary of Parent shall not constitute a
Transfer for purposes of this Section 14.1 so long as Lessee provides notice of such transfer to Lessor within thirty (30) days following the effectiveness of such Transfer. 

        14.2 Permitted
Transactions. Notwithstanding the provisions of Section 14.1, with the prior written consent of Lessor, which consent
shall not be unreasonably withheld, Lessee shall have the right and power to assign its interests under this Lease (a) to any Person that is concurrently acquiring substantially all of the
business assets of Parent, including Parent's ownership interest in Lessee, whether structured as a "assets" sale or a sale of equity interests in Parent; (b) to a Person that acquires the LNG
Facility from Lessee; and (c) to any business entity that controls, is controlled by, or is under common control with Lessee. 

        14.3 Transfer
Procedures. If Lessee desires to Transfer this Lease (other than to secure a debt financing to the extent permitted in
Section 8.6) or any interest herein, then at least thirty (30) days (but no more than one hundred eighty (180) days) prior to the effective date of the proposed Transfer, Lessee
shall submit to Lessor a written request (a "Transfer Notice") for Lessor's consent, which notice shall include: 

        (a)   A
statement containing (i) the name and address of the proposed transferee (the "Transferee"); (ii) current
financial statements of the proposed Transferee certified by an officer, partner or owner thereof, and any other reasonable information and materials (including without limitation, credit reports and
bank and character references) required by Lessor to assist Lessor in reviewing the financial responsibility, character, and reputation of the proposed Transferee (provided, that if Lessor requests
such additional information or materials, the Transfer Notice shall not be deemed to have been received until Lessor receives such additional materials); (iii) the nature of such Transferee's
business; (iv) the proposed effective date of the Transfer; and (v) all of the principal terms of the proposed Transfer, including the consideration to be paid to Lessee in connection
therewith. At the request of the proposed Transferee, Lessor will sign a reasonable and customary form of confidentiality
agreement covering the information provided to Lessor. Without limitation as to other reasonable grounds for withholding consent, it shall be reasonable under this Lease and under any applicable law
for Lessor to withhold consent to any proposed Transfer where one or more of the following apply: (1) the Transferee intends to use the Premises other than for operation of the LNG Facility in
accordance with this Lease; (2) the Transferee is a governmental agency or instrumentality thereof; (3) the Transferee is not a party of reasonable financial worth and/or financial
stability in light of the obligations of the Lessee under this Lease; and (4) the Transferee is a Person who is, or in the thirty-six months prior to the Transfer Notice has been,
adverse to Lessor in any arbitration, litigation, mediation or other similar proceeding. 

        (b)   After
Lessor's consent to the Transfer and promptly after execution, Lessee shall deliver to Lessor four (4) originals of the proposed assignment or sublease or
other evidence of the Transfer on a form approved by Lessor and four (4) originals of the of Lessor's consent to such Transfer executed by Lessee and the proposed Transferee. 

        (c)   If
Lessee modifies any of the terms and conditions relevant to a proposed Transfer specified in the Transfer Notice such that Lessor would be entitled to withhold its
consent to such Transfer under Article 14, Lessee shall re-submit such Transfer Notice to Lessor for its consent pursuant to all of the terms and conditions of this
Article 14. 

	[***]
	Confidential
portions of this document have been redacted and filed separately with the Commission. 

30

 

        (d)   With
respect to each Transfer proposed to be consummated by Lessee, whether or not Lessor shall grant consent, Lessee shall pay all of Lessor's
out-of-pocket expenses, fees, and costs, as well as any professional, attorneys', accountants', engineers' or other consultants' fees reasonably incurred by Lessor relating to
such proposed Transfer within thirty (30) days after written request by Lessor. 

        14.4 Prohibited
Persons. Notwithstanding any other provision of this Lease to the contrary, in no event shall Lessee effect a Transfer of any
portion of its interest in this Lease or the Premises to a Prohibited Person. 

        14.5 Miscellaneous
Provisions. Without limiting the foregoing provisions of this Article 14, the acceptance of Rent by Lessor from any
other person shall not be deemed to be a waiver of Lessor of any provision of this Article 14. 

 
 

ARTICLE 15.
  RIGHT OF FIRST REFUSAL    
    

        15.1 ROFR
Notice. Without limiting the provisions of Article 14, in the event that Lessee seeks to Transfer all or a majority of its
interest in the LNG Facility, whether such Transfer is structured as an asset sale or a sale of a controlling equity interest in Lessee (whether such sale occurs in a single sale or in a series of
Transfers), Lessee shall include with the Transfer Notice delivered in accordance with Article 14 a written right of first refusal notice (a "ROFR
Notice"). Each ROFR Notice shall set forth the proposed Transferee's name and shall include a summary of the terms of the proposed Transfer, including without limitation, the
purchase price and method of payment, and shall have attached to it a copy of any offer or counteroffer executed or to be executed by Lessee and the Transferee. If the proposed Transfer is to be made
in exchange for property of the Transferee, the ROFR Notice shall also include the dollar value placed on the Transferee's property by Lessee. Lessee represents and warrants that the purchase price,
terms and conditions referred to in the ROFR Notice shall have been arrived at through arm's length negotiations. 

        15.2 Response
to ROFR Notice. If Lessor, within [***] after receipt of a ROFR Notice, indicates in writing to Lessee its
agreement to purchase the LNG Facility to be Transferred on the terms stated in such ROFR Notice, Lessee shall sell and convey such property to Lessor on the same terms and conditions as set forth in
such ROFR Notice, except that in the event of a proposed exchange of property Lessor shall pay the aforesaid dollar value placed on the property in full in cash rather than exchange property. If
Lessor does not notify Lessee of its intent to exercise its right of first refusal within such [***] period, or if Lessor gives Lessee written notification that it does not
elect to exercise such right of first refusal, then Lessee may Transfer the LNG Facility free of this right of first refusal on the same terms and conditions offered to Lessor as set forth in the ROFR
Notice, subject to the provisions of Section 14.3 hereof. 

	[***]
	Confidential
portions of this document have been redacted and filed separately with the Commission. 

31

  

        15.3 Timing of Transfer; Change of Terms. If Lessee does not complete the Transfer of the LNG Facility described within the ROFR Notice within
[***] of (i) the expiration of the aforementioned [***] period or (ii) such earlier date on which Lessor notifies Lessee that it does not
wish to exercise its right of first refusal, or if Lessee intends to Transfer the LNG Facility on terms and conditions which are changed or modified from those stated in the ROFR Notice, then the
transaction or any further transaction shall be deemed a new determination by Lessee to Transfer the LNG Facility and the provisions of this Article 15 shall again be applicable to any proposed
Transfer. 

        15.4 Termination
of Right. Lessor's right of first refusal as provided herein shall be extinguished if and only if Lessor fails to exercise its
right to purchase the LNG Facility within the [***] period provided above and Lessee thereafter Transfers the LNG Facility to the Transferee and on the terms set forth in the
ROFR Notice within the [***] period provided above, and provided the offer from the Transferee presented to Lessor in the ROFR Notice was a valid, bona fide and binding third
party offer. Failure by Lessor to respond to any other offer shall in no way extinguish the right granted to Lessor hereunder which shall in such case continue to burden the LNG Facility. 

        15.5 Valuation.
In the event Lessee elects to exchange its interest in the LNG Facility rather than to sell it, if Lessor objects to the dollar
value placed by Lessee on the exchange property as stated in the ROFR Notice, Lessor shall notify Lessee of its objection and the dollar value shall be the first market value of such property as
established by an appraiser appointed by Lessor, who shall be a member of the American Institute of Real Estate Appraisers. The [***] period provided in Section 15.2 for
Lessor to deliver notice of exercise of its right to purchase the LNG Facility shall be extended for so long as it takes to complete such appraisal. All costs and expenses incurred by the appraiser
shall be shared equally by Lessee and Lessor. 

        15.6 Transfer
Defined. As used in this Article 15, the term "Transfer" shall be defined
to mean any transfer, sale, lease, or other conveyance, whether by agreement for sale or in any other manner. 

        15.7 Right
of First Refusal Exercised. Within [***] of Lessee's receipt of Lessor's notice of exercise, an escrow shall
be opened at an escrow company selected by Lessor, which escrow shall have a time limit of [***]. Lessee shall transfer its interest in the LNG Facility through said escrow to
Lessor or Lessor's nominee subject only to real property taxes for the then-current fiscal year and customary permitted encumbrances, including, without limitation, all encumbrances of
record, and all other encumbrances and defects in title and conditions which the proposed Transferee was willing to accept. Lessee and Lessor, or Lessor's nominee, shall each pay
[***]; Lessee shall pay for any documentary tax stamps; and Lessor or its nominee shall pay the recording fee for any instruments which are recorded through such escrow. 

        15.8 No
Waiver of Assignment Restrictions. Nothing in this Article 15 shall be construed as limiting or waiving the provisions of
Article 14 hereof. 

	[***]
	Confidential
portions of this document have been redacted and filed separately with the Commission. 

32

 
 
 

ARTICLE 16.
  FORCE MAJEURE    
    

        16.1 Effect
of Force Majeure Events. Except as otherwise provided herein, either Party shall be excused from performance and shall not be
construed to be in default in respect of any obligation hereunder for so long as failure to perform such obligation shall be caused by or arise out of a Force Majeure Event.
"Force Majeure Event" means any event or occurrence beyond the reasonable control of a Party which causes such Party to be unable to perform its
obligations hereunder (other than obligations to pay money), but only if and to the extent that (i) such circumstance or event or combination of events or circumstances, despite the exercise of
reasonable diligence and care, cannot be or be caused to be prevented, avoided or removed by such Party; (ii) such circumstance or event is not the result of the failure of such Party to
perform any of its obligations under this Lease; and (iii) such Party has given the other Party prompt notice of such circumstance or event in accordance with Section 16.3. Such events
or occurrences may include, but are not limited to: explosions, fires, earthquakes, storms, lightning, wind, tornadoes, or other natural calamities and acts of God; acts of war or the public enemy and
acts of terrorism, whether war be declared or not; public disorders, insurrection, rebellion, sabotage, riots or violent demonstrations; strikes, lockouts or other industrial action by workers or
employees of a Party or such Party's contractors; sudden actions of the elements; actions or inactions by Governmental Authorities. 

        16.2 Certain
Delays not Excused. Notwithstanding that a Force Majeure Event otherwise exists, the provisions of this Article 16 shall not
excuse the obligation to pay money in a timely manner, except to the extent that the Force Majeure Event directly affects the ability to remit such payments in a timely manner, nor shall a Force
Majeure Event extend the In-Service Deadline beyond [***]. 

        16.3 Notice
of Force Majeure Events. As soon as possible following the date of commencement of any Force Majeure Event and in no event later
than [***] after the date the Party whose performance is affected by the Force Majeure Event knows of the occurrence of such an event, the affected Party shall advise the other
Party in writing of the commencement, the nature and expected duration of such Force Majeure Event. If means of providing notice to the other Party are interrupted, such notice shall be provided
within [***] after the resumption of means of providing notice to the other Party. As soon as possible and in no event later than [***] following the
termination of a Force Majeure Event, the Party having invoked such Force Majeure Event as a cause of suspension and/or delay of performance shall notify the other Party that it is able to resume
performance. 

        16.4 Period
of Suspension or Delay and Mitigation. The suspension or delay of performance due to a Force Majeure Event shall be of no greater
scope and no longer duration than is required by the Force Majeure Event. The affected Party shall: (a) undertake all Commercially Reasonable Efforts to prevent and reduce to a minimum and
mitigate the effect of any delay occasioned by any Force Majeure Event; and (b) undertake Commercially Reasonable Efforts to ensure resumption of normal performance of this Lease after the
termination of any Force Majeure Event and shall perform its obligations to the maximum extent practicable. 

 
 

ARTICLE 17.
  REPRESENTATIONS AND WARRANTIES    
    

        17.1 Representations
and Warranties of Lessee. Lessee represents and warrants to Lessor as follows, as of the execution date of this Lease: 

        (a)   Lessee
is duly organized, validly existing and in good standing under the laws of the state of its organization, with full power and authority to conduct its business as
it is now being conducted, to own or use the properties and assets that it purports to own or use and to perform all of its obligations under this Lease. 

	[***]
	Confidential
portions of this document have been redacted and filed separately with the Commission. 

33

 

        (b)   This
Lease constitutes the legal, valid and binding obligation of Lessee, enforceable against Lessee in accordance with its terms. Lessee has the absolute and
unrestricted right, power, authority and capacity to execute and deliver this Lease and to perform its obligations hereunder. 

        (c)   The
execution, delivery or performance of the Project Agreements by Lessee will not directly or indirectly (with or without notice or lapse of time):
(i) contravene, conflict with or result in a violation of any provision of the Organizational Documents of Lessee, or any resolution adopted by the stockholders, members, board of directors, or
the general partner (as the case may be) of Lessee currently in effect; (ii) contravene, conflict with or result in a violation of, or give any Governmental Authority or other Person the right
to exercise any remedy or obtain any relief under, any Legal Requirement or any Order to which Lessee, or any of the assets owned or used by Lessee, may be subject; (iii) contravene, conflict
with or result in a violation of any of the terms or requirements of, or give any Governmental Authority the right to revoke, withdraw, suspend, cancel, terminate or modify
any Permit that is held by Lessee or Lessor for the mining operation, or that otherwise relates to the business of, or any of the assets owned or used by, Lessee; or (iv) contravene, conflict
with or result in a violation or breach of any provision of, or give any Person the right to declare a default or exercise any remedy under, or to accelerate the maturity or performance of, or to
cancel, terminate or modify any Contract which it has entered into and is currently enforceable against it. 

        (d)   To
the best of Lessee's knowledge, there is no pending Proceeding that has been commenced that challenges, or that may have the effect of preventing, delaying, making
illegal or otherwise interfering with, the performance by Lessee of any of its obligations hereunder. 

        (e)   To
the best of Lessee's knowledge, the Permits listed on Exhibit "H" are all of the Permits which are necessary in order
to allow Lessee to construct and operate the LNG Facility. 

        (f)    Neither
Lessee nor Parent is a Prohibited Person. 

        17.2 Representations
and Warranties of Lessor. Lessor represents and warrants to Lessee as follows, as of the effective date of this Lease: 

        (a)   Lessor
is duly organized, validly existing and in good standing under the laws of the state of its organization, with full power and authority to conduct its business as
it is now being conducted, to own or use the properties and assets that it purports to own or use and to perform all its obligations under this Lease. 

        (b)   This
Lease constitutes the legal, valid and binding obligation of Lessor, enforceable against Lessor in accordance with its terms. Lessor has the absolute and
unrestricted right, power, authority and capacity to execute and deliver this Lease and to perform its obligations hereunder. 

        (c)   The
execution, delivery and performance of this Lease by Lessor will not directly or indirectly (with or without notice or lapse of time): (i) contravene,
conflict with or result in a violation of any provision of the Organizational Documents of Lessor, or any resolution adopted by the stockholders, members, board of directors, or the general partner
(as the case may be) of Lessor currently in effect; or (ii) contravene, conflict with or result in a violation or breach of any provision of, or give any Person the right to declare a default
or exercise any remedy under, or to accelerate the maturity or performance of, or to cancel, terminate or modify any Contract which it has entered into and is currently enforceable against it. 

        (d)   To
Lessor's knowledge, there is no pending Proceeding that has been commenced that challenges, or that may have the effect of preventing, delaying, making illegal or
otherwise interfering with, the performance by Lessor of its obligations hereunder. 

        (e)   Lessor
is not a Prohibited Person. 

	[***]
	Confidential
portions of this document have been redacted and filed separately with the Commission. 

34

 

        17.3 Acknowledgment.
Each of Lessor and Lessee acknowledges that the representations and warranties set forth in this Article 17 and
elsewhere in this Lease constitute the sole and exclusive representations and warranties of the Parties in connection with the transactions contemplated hereby. There are no representations,
warranties, covenants, understandings or agreements among the Parties regarding the Premises or the LNG Facility other than those contained in this Lease. Without limiting the generality of the
foregoing, Lessor acknowledges that in entering into this Lease, Lessor is not relying upon any projections as to the production or revenue generating capacity of the LNG Facility which may have been
provided to Lessor by Lessee, and Lessee acknowledges that neither Lessor nor any agent of Lessor has made any representation or warranty with respect to the Premises or their condition, including,
without limitation, with respect to the presence or absence of Hazardous Substances, the geophysical condition of the Demised Land, or the availability of adequate utilities (except to the extent that
Lessor has agreed to provide the same hereunder). Lessee agrees that the Premises shall be leased and delivered to Lessee in its "AS-IS/WITH ALL FAULTS" condition. 

 
 

ARTICLE 18.
  JOINDER    
    

        18.1 Joinder
of CE Construction CE construction joins in this Lease as a party solely at the request of Lessee for purposes of allowing Lessee
to cause the construction of the LNG Facility and any other Improvements permitted to be made by Lessee under the Lease to be completed in accordance with applicable contractor licensing requirements.
CE Construction represents and warrants to Lessor that CE Construction holds all of the licenses necessary to construct the LNG Facility and such other Improvements. CE Construction shall not have any
rights to enforce this Lease against Lessor and all such enforcement rights shall be vested in Lessee. Nothing in this Lease is intended to provide CE Construction with any rights of possession or
occupancy of the Demised Land, including, without limitation, any rights as a tenant, subtenant or licensee of Lessor or Lessee, and CE Construction's right to enter upon the Demised Land shall be
solely those of a guest or invitee of Lessee. Any breach of or default under any of the provisions of this Lease by CE Construction shall be deemed to be a breach of or default by Lessee under this
Lease and shall entitle Lessor to exercise any or all of its rights and remedies under this Lease or at law or in equity. Any notices required to be provided under this Lease, including notices with
respect to any default by Lessee, shall be deemed to have been provided to both Lessee and CE Construction upon the delivery of such notice to Lessee in accordance with the provisions of this
Agreement. 

 
 

ARTICLE 19.
  MISCELLANEOUS PROVISIONS    
    

        19.1 Headings.
The article and section headings used in this Lease are for purposes of convenience only. They shall not be construed to limit or
to extend the meaning of any part of this Lease. 

        19.2 Exhibits.
Each and every exhibit or schedule to this Lease to which reference is made in this Lease or the Exhibits hereto is incorporated,
by that reference, into this Lease and made a part hereof. 

        19.3 Recitals.
Lessor and Lessee each represent and warrant to the other that it has no knowledge or notice of any facts or circumstances
indicating that any of the Recitals is false, incomplete, or misleading as written. The Recitals are, by this reference, incorporated into, and made a part of, this Lease. 

        19.4 Waiver.
Waiver by Lessor of any breach of any provision of Lease shall not be deemed to be a waiver of such provision or of any subsequent
breach of the same or of any other provision of this Lease. 

	[***]
	Confidential
portions of this document have been redacted and filed separately with the Commission. 

35

 

        19.5 Notices
Any notice, demand, approval, consent, or other communication required or desired to be given under this Lease in writing shall be
personally served or given by overnight express carrier or by mail, and if mailed, shall be deemed to have been given when three (3) business days have elapsed from the date of deposit in the
United States Mail, certified and postage prepaid, addressed to the Party to be served at the last address as has then been given by that Party to the other Party by written notice done in compliance
with the provisions of this Section 19.5. For purposes of this Section 19.5, acknowledged or proven receipt of any notice, demand, approval, consent, or other communication done by
facsimile transmission or by e-mail to a Party's regular business facsimile telephone number shall be deemed personal service thereof effective upon such acknowledgement of proven receipt.
At the date of execution of this Lease, the respective mailing addresses of Lessor and Lessee are as follows:  

	Lessor:	 
	

 	

U.S. Borax Inc.

Boron Operations

14486 Borax Road

Boron, California 93516-2000

Attention: General Manager

Facsimile: (760) 762-7542

	with a copy to:	 
	

 	

U.S. Borax Inc.

26877 Tourney Road

Valencia, California 91355

Attention: Legal Department

Facsimile: (661) 287-5566
	

Lessee and CE Construction:
	

 	

Clean Energy LNG, LLC

3020 Old Ranch Parkway, Suite 200

Seal Beach, California 90740

Facsimile: (562) 546-0097

Attention: Mitchell Pratt

Facsimile: (562) 546-0097
	

with a copy to:
	

 	

Sheppard Mullin Richter & Hampton, LLP

Four Embarcadero Center

17th Floor

San Francisco, California 94111-4106

Attention: James J. Slaby

Facsimile: (415) 434-3947

        19.6 Attorneys'
Fees. In the event that legal proceedings are commenced to enforce or interpret any of the terms or conditions of this Lease,
for breach of any such terms or conditions, or to terminate the leasehold interest or right to possession of Lessee granted by this Lease, the prevailing Party in any such proceedings shall receive
from the losing Party such reasonable sum for attorneys' fees and costs incurred, not limited to taxable costs, as may be fixed by the court, whether incurred at the trial court level or on any
appeal, in addition to all other relief to which prevailing Party may be entitled. 

36

 

        19.7 Successors.
Without limiting or otherwise affecting any restrictions on assignments of this Lease or rights or duties under this Lease,
this Lease and all of its terms and conditions shall run with the Demised Land and the Easements and shall be binding upon and inure to the benefit of the successors and assigns of Lessor and Lessee. 

        19.8 Surrender
of Lease Not Merger. Neither the voluntary or other surrender of this Lease by Lessee nor a mutual cancellation hereof shall
cause a merger of the titles of Lessor and Lessee, but such surrender or cancellation shall operate as an assignment to Lessor of any or all such subleases that have been approved in writing by Lessor
or are otherwise acceptable to Lessor. 

        19.9 Entire
Agreement. The Project Agreements set forth the entire agreement between Lessor and Lessee for the lease of the Premises and
supersede all prior negotiations and agreements, written or oral, concerning or relating to the subject matter of this Lease, and may not be modified except by a writing executed by both Parties. 

	[***]
	Confidential
portions of this document have been redacted and filed separately with the Commission. 

37

 

        19.10 Severability.
If any provision of this Lease or the application thereof to any person or circumstances shall to any extent be held in any
proceeding to be invalid or unenforceable, the remainder of this Lease shall be valid and enforceable to the fullest extent permitted by law, but only, if and to the extent such enforcement would not
materially and adversely frustrate the Parties essential objectives as expressed herein. 

        19.11 Construction.
No provision of this Lease shall be construed against or interpreted to the disadvantage of either Lessor or Lessee by any
court or other governmental or judicial authority by reason of such Party's having or being deemed to have structured, written, drafted or dictated such provisions. 

        19.12 Governing
Law. This Lease and all of the rights and obligations of Lessor and Lessee under this Lease or related to the Demised Land, or
any part thereof, shall be governed by the laws of the State of California, not including choice of law rules and principles. 

        19.13 Time
is of Essence. Time is of the essence of this Lease. 

        19.14 No
Joint Venture. Nothing in this Lease shall be construed to render or constitute Lessor in any way or for any purpose a partner, joint
venturer or associate in any relationship with Lessee other than that as landlord and tenant, nor shall this Lease be construed to authorize either Party to act as agent for the other Party except as
expressly provided to the contrary in this Lease. 

        19.15 Counterparts.
This Lease may be executed in any number of counterparts, all of which together shall be deemed one and the same instrument,
and each of which counterparts shall be deemed an original of this Lease for all purposes notwithstanding that less than all of the signatures may appear on any one counterpart. 

        19.16 Recordation.
Lessor and Lessee agree that this Lease shall not be recorded in the Official Records. Upon the Term Commencement Date, the
Parties shall, within [***], mutually execute, acknowledge before a notary, and record in the Official Records, a memorandum of this Lease in customary form. The costs of such
recordation shall be shared equally by Lessee and Lessor. 

        19.17 No
Sharing of Grants. Except as otherwise expressly provided herein, any grants or credits obtained by a Party hereto shall be retained by
that Party and such Party shall not be required to share such grants or credits with the other Party hereto. 

        19.18 Public
Announcements; Community Interaction. 

        (a)   Other
than those incidental to filings required to comply with Legal Requirements or in connection with any public hearing, legal proceedings or dispute resolution
procedure, any public announcement or similar publicity with respect to this Lease will be issued, if at all, at such time and in such manner as the Parties mutually determine. The Parties shall
cooperate in good faith to agree upon the content of any public announcement incidental to filings required to comply with Legal Requirements or in connection with any public hearing. Notwithstanding
the foregoing, in the event that either Party or its counsel (i) determines that, as a result of the Parties entering into this Lease, or the commencement of the transactions contemplated
herein or therein, a filing on Form 8-K (or any similar or successor form) is required under applicable securities laws, including the Securities Exchange Act of 1934, as amended,
or (ii) either Party is intending to file a registration statement under the Securities Act of 1933, as amended, covering certain of its securities, and such Party or its counsel
believes that a copy of this Lease, or a description of the transaction contemplated herein or therein, is necessary to
complete such registration statement or otherwise comply with applicable Securities and Exchange Commission ("SEC") requirements, such Party shall be entitled to make such filing. In the event this
Lease is filed pursuant to the applicable SEC requirements, the Party filing this Lease will use Commercially Reasonable Efforts (which shall not include the obligation to commence any legal
proceeding or to incur any substantial out-of-pocket costs or expenses) to obtain confidential treatment of this Lease by the SEC. 

	[***]
	Confidential
portions of this document have been redacted and filed separately with the Commission. 

38

 

        (b)   Lessor
and Lessee shall reasonably cooperate so as to develop and maintain (and, in the case of Lessor, preserve) a positive working relationship with the local
community surrounding the Borax Site. Neither party shall not take any actions which could reasonably be expected to have a material adverse effect upon the other Party's relationship with the
community in which the Borax Site is located, including relationships with municipal and county governments, the State of California, and community organizations located in and around the Borax Site. 

        19.19 Confidentiality.
Except for disclosures permitted under Section 19.18, during the Term, and for a period of two (2) years
after the termination or expiration of this Lease, the Parties will maintain in confidence all non public information and documents, including this Lease, provided or to be provided by and to one
another with pursuant to or in connection with this Lease, except that information and documents may be disclosed (a) by a Party to its and its Affiliates' directors, officers, employees and
agents, including accountants, legal counsel and other advisors, and to its and its Affiliates' actual or prospective equity investors, lenders and underwriters, (b) to the extent requested by
any Governmental Authority or reasonably deemed appropriate to disclose by Lessee in connection with its application for the Permits and other approvals by Government Authorities contemplated hereby
(including, without limitation, disclosures to community groups or other potential stakeholders in the permitting process), (c) to the extent required by Legal Requirements or by any subpoena
or similar legal process, (d) in connection with the exercise of any remedies under this Lease or any Proceeding relating to this Lease or the enforcement of rights hereunder,
(e) subject to an agreement containing provisions substantially the same as those of this Section 19.19, to any permitted assignee or successor or prospective assignee or successor of a
Party in and to any of the rights of such Party under this Lease, and (f) to the extent such information (i) becomes publicly available other than as a result of a breach of this
Section 19.19 or (ii) becomes available to a Party on a non-confidential basis from a source other than the other Party. 

        19.20 Non
Dedication. The Parties acknowledge and agree that neither Party intends to perform its obligations hereunder as an electrical
corporation, a gas corporation, a water corporation or as a public utility on a regulated or other basis. Each Party agrees that the delivery and acceptance of any services to be provided by one Party
to the other Party under this Lease is solely on the terms set forth herein. Neither Party dedicates to the public any part of the services provided by such Party under this Lease. Neither Party shall
assert in any proceeding before any Governmental Authority or otherwise that it or the other Party is an electrical corporation, a gas corporation, a water corporation or a public utility, nor shall
either Party assert that the other Party has dedicated any services provided by such Party under this Lease to the public. In the event that any [***], Lessor shall have the
right to cease providing such service upon [***] prior written notice to Lessee. Upon the cessation of any service to be provided by Lessor to Lessee under this Lease as a
result of the foregoing action by a Governmental Authority, the Rent shall be adjusted pursuant to Exhibit "J". In the event service is so discontinued,
the Parties shall reasonably cooperate to restructure, if possible, the manner in which such service is provided to Lessee so as to make such service not subject to regulation as a public utility
under applicable Legal Requirements. 

        19.21 No
Solicitation of Employees.[***] 

	[***]
	Confidential
portions of this document have been redacted and filed separately with the Commission. 

39

 

        19.22 Dispute
Resolution Procedures. In the event a dispute arises between the Parties related to this Lease, the following process shall be
followed: 

        (a)   Each
Party will designate a senior executive ("Designated Representative") to represent it in connection with any dispute
that may arise between the Parties (a "Party Dispute"). The designations will be communicated by each Party to the other Party not later than
[***] following the date of execution of this Lease in the manner provided in Section 19.5. Subsequent changes in a Party's Designated Representative shall be
communicated in the same manner. 

        (b)   In
the event that a Party Dispute should arise, the Designated Representatives will meet, with their attorneys, if they so agree, within [***]
after written request by any Party to any other Party (the "Dispute Notice") in an effort to resolve the Party Dispute. 

        (c)   If
the Designated Representatives are unable to resolve the Party Dispute within [***] following their first meeting, the Party Dispute will be
submitted to non-binding mediation in Los Angeles, California before a mediator made available to the Parties through JAMS. 

        (d)   In
the event that the mediation process fails to result in a resolution of the Party Dispute within [***] following receipt of the Dispute
Notice, the Parties may take any action they may deem necessary to protect their interests. 

        (e)   The
foregoing provisions of this Section 19.22 shall not be construed to prohibit any Party from commencing, at any time prior to the completion of the process
described above, any action or proceeding which such Party determines is necessary to protect or preserve any rights or remedies it may have in law or in equity. 

        19.23 Work
of Improvement. To the extent that this Lease contemplates the construction of a work of improvement or any related activity for
which a license from the California Contractor's State License Board is required, all such work will be performed by CE Construction as general contractor. 

        [Next Page Is Signature Page]

	[***]
	Confidential
portions of this document have been redacted and filed separately with the Commission. 

40

 

        IN
WITNESS WHEREOF, Lessor and Lessee have executed this Lease on the dates set forth opposite their signatures below. 

	 	 	LESSOR:
	

 
	
 	

U.S. BORAX INC., a Delaware corporation

	

 	
 	

By:	

 
	 	 	 	/s/ Gary Goldberg

	

 	
 	

Its:	

 
	 	 	 	President and Chief Executive

	

 	
 	

LESSEE:
	

 	
 	

CLEAN ENERGY LNG, LLC,

a California limited liability company
	

 	
 	

By:	

 
	 	 	 	/s/ Andrew J. Littlefair

	

 	
 	

Its:	

 
	 	 	 	President and CEO

	

 	
 	
CE CONSTRUCTION:
	

 	
 	

CLEAN ENERGY CONSTRUCTION,

a California corporation
	

 	
 	

By:	

 
	 	 	 	/s/ Andrew J. Littlefair

	

 	
 	

Its:	

 
	 	 	 	President and CEO

	[***]
	Confidential
portions of this document have been redacted and filed separately with the Commission. 

41

  

 
 

TABLE OF CONTENTS  
    

	 
	 	 
	 	Page

	ARTICLE 1. DEFINITIONS	 	1
	1.1	 	"Access Road"	 	1
	1.2	 	"Abandonment"	 	1
	1.3	 	"Affiliate"	 	1
	1.4	 	"Award"	 	2
	1.5	 	"Bankruptcy Code"	 	2
	1.6	 	"Business Day"	 	2
	1.7	 	"Claims"	 	2
	1.8	 	"Cogeneration Facility"	 	2
	1.9	 	"Commercially Reasonable Efforts"	 	2
	1.10	 	"Construction Commencement"	 	2
	1.11	 	"Contract"	 	2
	1.12	 	"Core Service"	 	2
	1.13	 	"Core Service Default"	 	2
	1.14	 	"Core Service Default Claims"	 	2
	1.15	 	"Core Services Disruption"	 	2
	1.16	 	"Date of Taking"	 	3
	1.17	 	"Demised Land"	 	3
	1.18	 	"Easements"	 	3
	1.19	 	"Environmental Laws"	 	3
	1.20	 	"Exchange Act"	 	3
	1.21	 	"Hazardous Substance"	 	3
	1.22	 	"Governmental Authority"	 	3
	1.23	 	"Improvements"	 	3
	1.24	 	"In-Service Date"	 	4
	1.25	 	"Interconnection Plans"	 	4
	1.26	 	"Legal Requirements"	 	4
	1.27	 	"Lessee Controlled Roadways"	 	4
	1.28	 	"Lessor Controlled Roadways"	 	4
	1.29	 	"Lessee's Improvements"	 	4
	1.30	 	"Lessor Parties"	 	4
	1.31	 	"Lessor's Improvements"	 	4
	1.32	 	"LNG"	 	4
	1.33	 	"LNG Facility"	 	4
	1.34	 	"Official Records"	 	4
	1.35	 	"Operational"	 	4
	1.36	 	"Order"	 	4
	1.37	 	"Organizational Documents"	 	4
	1.38	 	"Partial Taking"	 	4
	1.39	 	"Permits"	 	5
	1.40	 	"Person"	 	5
	1.41	 	"Personal Property"	 	5
	1.42	 	"Plans and Specifications"	 	5
	1.43	 	"Plant Layout Plans"	 	5
	1.44	 	"Premises"	 	5
	1.45	 	"Proceeding"	 	5

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	 	Page

	1.46	 	"Prohibited Person"	 	5
	1.47	 	"Project Agreements"	 	5
	1.48	 	"Property Taxes"	 	5
	1.49	 	"Release"	 	5
	1.50	 	"Substantial Taking"	 	6
	1.51	 	"Survey"	 	6
	1.52	 	"Taking"	 	6
	1.53	 	"Total Taking"	 	6
	1.54	 	"Train"	 	6
	

ARTICLE 2. DEMISING PROVISIONS	
 	

6
	2.1	 	Demised Land	 	6
	2.2	 	Lessee's Access Rights	 	6
	2.3	 	Easements	 	8
	2.4	 	Lessor's Services	 	8
	2.5	 	Term and Termination	 	9
	2.6	 	Quiet Enjoyment	 	11
	

ARTICLE 3. RENT	
 	

11
	3.1	 	Base Rent	 	11
	3.2	 	Payment of Base Rent	 	11
	3.3	 	Base Rent Adjustments	 	11
	3.4	 	Additional Rent	 	11
	3.5	 	No Offset	 	12
	3.6	 	Interest on Arrearages	 	12
	

ARTICLE 4. USE OF PREMISES	
 	

12
	4.1	 	Permitted Uses	 	12
	4.2	 	Compliance with Legal Requirements; Nuisance	 	12
	4.3	 	Hazardous Substances	 	13
	4.4	 	Utilities	 	14
	4.5	 	Entry by Lessor; Suspension of Activities	 	14
	4.6	 	Additional Reservations and Restrictions	 	15
	4.7	 	Rail Spur	 	15
	4.8	 	On-Site Fueling Station	 	15
	4.9	 	Protocol for Emergencies	 	15
	4.10	 	Mine Safety Regulation	 	15
	

ARTICLE 5. PROPERTY TAXES	
 	

16
	5.1	 	Real Property Taxes	 	16
	5.2	 	Personal Property Taxes	 	16
	5.3	 	Contests	 	17
	5.4	 	Apportionment	 	17
	

ARTICLE 6. INDEMNITY AND INSURANCE	
 	

17
	6.1	 	Lessee's Indemnity	 	17
	6.2	 	Liability Insurance	 	17
	6.3	 	Casualty Insurance	 	18
	6.4	 	General	 	18
	6.5	 	Driver Certification	 	18
	

ARTICLE 7. OPERATION, MAINTENANCE AND REPAIR OF THE LNG FACILITY	
 	

18
	7.1	 	Lessor's Obligations	 	18
	7.2	 	Lessee's Obligations	 	18

	[***]
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	7.3	 	Surrender of the Premises	 	19
	

ARTICLE 8. CONSTRUCTION ACTIVITIES AND ALTERATIONS	
 	

19
	8.1	 	Plans and Specifications	 	19
	8.2	 	Construction of LNG Facility	 	19
	8.3	 	Insurance Covering Lessee's Work	 	20
	8.4	 	Relocation of Utilities	 	20
	8.5	 	Personal Property	 	20
	8.6	 	Liens and Notices of Violation Prohibited	 	20
	8.7	 	Mechanics' Liens	 	20
	8.8	 	Lessor's Right to Discharge	 	21
	8.9	 	Permits	 	21
	8.10	 	Sharing of Information	 	21
	8.11	 	Lessor's Additional Improvements	 	21
	8.12	 	Future Alterations	 	22
	

ARTICLE 9. DESTRUCTION	
 	

22
	9.1	 	Obligation to Rebuild	 	22
	9.2	 	No Abatement of Rent	 	23
	

ARTICLE 10. CONDEMNATION	
 	

23
	10.1	 	Rights	 	23
	10.2	 	Total Taking	 	23
	10.3	 	Substantial Taking	 	23
	10.4	 	Possession Following Notice of Taking	 	23
	10.5	 	Apportionment for Award of Total Taking	 	23
	10.6	 	Partial Taking	 	24
	10.7	 	Taking for Temporary Use	 	24
	10.8	 	Remediation Obligations	 	24
	10.9	 	Sole and Exclusive Remedies	 	24
	

ARTICLE 11. LESSEE'S DEFAULT	
 	

24
	11.1	 	Lessee's Default Defined	 	24
	11.2	 	Lessor's Right to Terminate	 	25
	11.3	 	Lessor's Right Not To Terminate	 	26
	11.4	 	Cessation of Services	 	26
	11.5	 	General	 	26
	11.6	 	Right of Lessor to Perform	 	26
	

ARTICLE 12. LESSOR'S DEFAULT	
 	

26
	12.1	 	Lessor's Default Defined	 	26
	12.2	 	Lessee's Remedies	 	26
	12.3	 	Limitations on Lessor's Liability	 	27
	12.4	 	Termination of Services by Lessor	 	28
	

ARTICLE 13. ESTOPPEL CERTIFICATES AND SALE BY LESSOR	
 	

29
	13.1	 	Estoppel Certificates, etc.	 	29
	13.2	 	Failure to Deliver Estoppel Certificates	 	29
	13.3	 	Liability Upon Transfer	 	29
	

ARTICLE 14. ASSIGNMENT AND SUBLETTING	
 	

30
	14.1	 	Generally Forbidden	 	30

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	 	Page

	14.2	 	Permitted Transactions	 	30
	14.3	 	Transfer Procedures	 	30
	14.4	 	Prohibited Persons	 	31
	14.5	 	Miscellaneous Provisions	 	31
	

ARTICLE 15. RIGHT OF FIRST REFUSAL	
 	

31
	15.1	 	ROFR Notice	 	31
	15.2	 	Response to ROFR Notice	 	31
	15.3	 	Timing of Transfer; Change of Terms	 	32
	15.4	 	Termination of Right	 	32
	15.5	 	Valuation	 	32
	15.6	 	Transfer Defined	 	32
	15.7	 	Right of First Refusal Exercised	 	32
	15.8	 	No Waiver of Assignment Restrictions	 	32
	

ARTICLE 16. FORCE MAJEURE	
 	

32
	16.1	 	Effect of Force Majeure Events	 	32
	16.2	 	Certain Delays not Excused	 	33
	16.3	 	Notice of Force Majeure Events	 	33
	16.4	 	Period of Suspension or Delay and Mitigation	 	33
	

ARTICLE 17. REPRESENTATIONS AND WARRANTIES	
 	

33
	17.1	 	Representations and Warranties of Lessee	 	33
	17.2	 	Representations and Warranties of Lessor	 	34
	17.3	 	Acknowledgment	 	34
	

ARTICLE 18. JOINDER	
 	

35
	18.1	 	Joinder of CE Construction	 	35
	

ARTICLE 19. MISCELLANEOUS PROVISIONS	
 	

35
	19.1	 	Headings	 	35
	19.2	 	Exhibits	 	35
	19.3	 	Recitals	 	35
	19.4	 	Waiver	 	35
	19.5	 	Notices	 	35
	19.6	 	Attorneys' Fees	 	36
	19.7	 	Successors	 	36
	19.8	 	Surrender of Lease Not Merger	 	36
	19.9	 	Entire Agreement	 	37
	19.10	 	Severability	 	37
	19.11	 	Construction	 	37
	19.12	 	Governing Law	 	37
	19.13	 	Time is of Essence	 	37
	19.14	 	No Joint Venture	 	37
	19.15	 	Counterparts	 	37
	19.16	 	Recordation	 	37
	19.17	 	No Sharing of Grants	 	37
	19.18	 	Public Announcements; Community Interaction	 	37
	19.19	 	Confidentiality	 	38
	19.20	 	Non Dedication	 	38
	19.21	 	No Solicitation of Employees	 	38
	19.22	 	Dispute Resolution Procedures	 	39
	19.23	 	Work of Improvement	 	39

	[***]
	Confidential
portions of this document have been redacted and filed separately with the Commission. 

iv

 

	Exhibits
 
	 	 

	Exhibit "A"	 	Survey of the Premises
	Exhibit "B"	 	Easements and Exclusion Zone Easements
	Exhibit "C"	 	LNG Facility
	Exhibit "C-1"	 	LNG Facility Site Plan
	Exhibit "D"	 	Electric Power Sales
	Exhibit "D-1"	 	Energy Price
	Exhibit "E"	 	Water Supply Services
	Exhibit "E-1"	 	Payment Schedule for Water Services
	Exhibit "E-2"	 	Quantity and Quality Specifications
	Exhibit "F"	 	Other Lessor Services
	Exhibit "F-1"	 	Payment Schedule for Other Lessor Services
	Exhibit "F-2"	 	Blended Gas Quality Standards
	Exhibit "F-3"	 	Gas Metering
	Exhibit "F-3A"	 	Gas Pipeline Diagram
	Exhibit "G"	 	Form of Parent Guaranty
	Exhibit "H"	 	Required Permits
	Exhibit "I"	 	Form of Term Commencement Date Letter
	Exhibit "J"	 	Base Rent
	Exhibit "J-1"	 	Calculation of LNG Discount
	Exhibit "K"	 	Terms and Conditions for On-Site Fueling Station
	Exhibit "L"	 	Removal and Remediation Obligations
	Exhibit "M"	 	Lessor's Improvement Obligations
	Exhibit "N"	 	Exceptions to Lessor's Representations

	[***]
	Confidential
portions of this document have been redacted and filed separately with the Commission. 

v

QuickLinks

Exhibit 10.25 EXECUTION COPY

GROUND LEASE

RECITALS

ARTICLE 1. DEFINITIONS

ARTICLE 2. DEMISING PROVISIONS

ARTICLE 3. RENT

ARTICLE 4. USE OF PREMISES

ARTICLE 5. PROPERTY TAXES

ARTICLE 6. INDEMNITY AND INSURANCE

ARTICLE 7. OPERATION, MAINTENANCE AND REPAIR OF THE LNG FACILITY

ARTICLE 8. CONSTRUCTION ACTIVITIES AND ALTERATIONS

ARTICLE 9. DESTRUCTION

ARTICLE 10. CONDEMNATION

ARTICLE 11. LESSEE'S DEFAULT

ARTICLE 12. LESSOR'S DEFAULT

ARTICLE 13. ESTOPPEL CERTIFICATES AND SALE BY LESSOR

ARTICLE 14. ASSIGNMENT AND SUBLETTING

ARTICLE 15. RIGHT OF FIRST REFUSAL

ARTICLE 16. FORCE MAJEURE

ARTICLE 17. REPRESENTATIONS AND WARRANTIES

ARTICLE 18. JOINDER

ARTICLE 19. MISCELLANEOUS PROVISIONS

TABLE OF CONTENTS

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