Document:

EX-10.4

 Exhibit 10.4 

ACI WORLDWIDE, INC. 

Nonqualified Stock Option Agreement – Employee 

2005 Equity and Performance Incentive Plan 

(Amended by the Stockholders June 14, 2012 and further revised to reflect the 3 for 1 stock 

split effective July 10, 2014) 
 This
Stock Option Agreement (the “Option Agreement”) is made as of the effective date set forth in Schedule A hereto (the “Effective Date”), by and between ACI Worldwide, Inc., a Delaware corporation (the “Corporation”), and
the individual identified in Schedule A hereto, an employee of the Corporation or its Subsidiaries (the “Optionee”). 
 WHEREAS, the Board of
Directors of the Corporation has duly adopted, and the stockholders of the Corporation have approved, the 2005 Equity and Performance Incentive Plan, as amended (the “Plan”), which Plan authorizes the Corporation to grant to eligible
individuals options for the purchase of shares of the Corporation’s Common Stock (the “Stock”); and 
 WHEREAS, the Board of Directors of the
Corporation has determined that it is desirable and in the best interests of the Corporation and its stockholders to grant the Optionee an option to purchase a certain number of shares of Stock, in order to provide the Optionee with an incentive to
advance the interests of the Corporation, all according to the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the mutual
promises and covenants contained herein, the parties hereto do hereby agree as follows: 
  

	1.	GRANT OF NON-QUALIFIED STOCK OPTION 

 Subject to the terms of the Plan, the Corporation hereby grants to
the Optionee the right and option (the “Option”) to purchase from the Corporation, on the terms and subject to the conditions set forth in this Option Agreement, the number of shares of Stock (the “Option Shares”) set forth in
Schedule A. The Date of Grant of this Option is the Effective Date (defined above). This Option shall not constitute an incentive stock option within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the
“Code”). 
  

	2.	TERMS OF PLAN 

 The Option granted pursuant to this Option Agreement is granted subject to the terms and
conditions set forth in the Plan, a copy of which has been delivered to the Optionee. All terms and conditions of the Plan, as may be amended from time to time, are hereby incorporated into this Option Agreement by reference and shall be deemed to
be a part of this Option Agreement, without regard to whether such terms and conditions (including, for example, provisions relating to certain changes in capitalization of the Corporation) are otherwise set forth in this Option Agreement. In the
event that there is any inconsistency between the provisions of this Option Agreement and of the Plan, the provisions of the Plan shall govern. Capitalized terms used herein that are not otherwise defined shall have the meaning ascribed to them in
the Plan. 

	3.	EXERCISE PRICE 

 The exercise price for the shares of Stock subject to the Option granted by this Option
Agreement is the price per share set forth in Schedule A (the “Exercise Price”). 
  

	4.	EXERCISE OF OPTION 

 Subject to the provisions of the Plan and subject to the earlier expiration or
termination of this Option in accordance with its terms, the Option granted pursuant to this Option Agreement shall be exercisable only as follows: 
  

	 	4.1	Time of Exercise of Option 

  

	 	4.1.1	The Option shall become exercisable with respect to the Option Shares only as follows: One-third of the Option Shares shall become exercisable on each of the first three anniversaries of the Date of Grant if the
Optionee shall have remained in the continuous employ of the Corporation or any of its Subsidiaries as of each such date. 

  

	 	4.1.2	Notwithstanding Section 4.1.1 above, in accordance with the provisions of the Plan, if the Optionee ceases to be an employee of the Corporation or a Subsidiary of the Corporation by reason of Disability (as defined
in Section 4.3.2 below), the unexercised portion of any Option held by such Optionee at that time will become immediately vested and will be exercisable until terminated in accordance with Section 4.3 below. 

 

	 	4.1.3	Notwithstanding Section 4.1.1 above, in accordance with the provisions of the Plan, if the Optionee dies while employed by the Corporation or a Subsidiary of the Corporation (or dies within a period of one month
after ceasing to be an employee for any reason other than Disability or within a period of one year after ceasing to be an employee by reason of Disability), the unexercised portion of any Option held by such Optionee at the time of death will
become immediately vested and will be exercisable until terminated in accordance with Section 4.3 below. 

  

	 	4.1.4	Notwithstanding Section 4.1.1 above, in accordance with the provisions of the Plan, the Option granted under this Option Agreement shall become immediately exercisable upon the occurrence, after the Date of Grant,
of a Change in Control (as defined in Section 10 below) if the Optionee is an employee of the Corporation or any Subsidiary on the date of the consummation of such Change in Control. 

 

	 	4.2	Limitations 

 The portion of the Option that has not become exercisable as of the date of the
Optionee’s termination of employment with the Corporation or any of its Subsidiaries for any reason shall automatically terminate as of the date of the Optionee’s termination of employment with the Corporation or its Subsidiaries and shall
not become exercisable after such termination. To the 

 
extent the Option is exercisable, it may be exercised, in whole or in part; provided, that no single exercise of the Option shall be for less than 100 shares, unless at the time of the
exercise, the maximum number of shares available for purchase under this Option is less than 100 shares. In no event shall the Option be exercised for a fractional share. 
  

	 	4.3	Termination of Option 

 This Agreement and the Option granted hereby shall terminate automatically and
without further notice on the earliest of the following dates: 
  

	 	4.3.1	90 calendar days from the date of the Optionee’s termination of employment with the Corporation or a Subsidiary for any reason other than death or Disability (as defined below); 

 

	 	4.3.2	one year after the Optionee’s permanent and total disability as defined in Section 22(e)(3) of the Code (“Disability”); 

 

	 	4.3.3	one year after the Optionee’s death, if such death occurs (i) while the Optionee is employed by the Corporation or a Subsidiary, (ii) within the 90-day period following the Optionee’s termination of
employment for any reason other than Disability; or (iii) within the one-year period following the Optionee’s termination of employment by reason of the Optionee’s Disability; or 

 

	 	4.3.4	ten years from the Date of Grant. 

 The Corporation shall have the authority to determine the date an Optionee
ceases to be an employee by reason of Disability. In the case of death, the Option may be exercised by the executor or administrator of the Optionee’s estate or by any person or persons who shall have acquired the Option directly from the
Optionee by bequest or inheritance. The Optionee shall be deemed to be an employee of the Corporation or any Subsidiary if on a leave of absence approved by the Board of Directors of the Corporation and the continuous employment of the Optionee with
the Corporation or any of its Subsidiaries will not be deemed to have been interrupted, and the Optionee shall not be deemed to have ceased to be an employee of the Corporation or its Subsidiaries, by reason of the transfer of the Optionee’s
employment among the Corporation and its Subsidiaries. 
  

	 	4.4	Limitations on Exercise of Option 

 In no event may the Option be exercised, in whole or in part, after
the occurrence of an event which results in termination of the Option, as set forth in Section 4.3 above. The Option shall not be exercisable if and to the extent the Corporation determines such exercise or method of exercise would violate
applicable securities laws, the rules and regulations of any securities exchange or quotation system on which the Stock is listed, or the Corporation’s policies and procedures. 

 

	 	4.5	Method of Exercise of Option 

  

	 	4.5.1	 To the extent then exercisable, the Option may be exercised in whole or in part by written notice to the Corporation stating the number of shares for
which the Option is being exercised and the intended manner of payment. The date of such 

	 	
notice shall be the exercise date. Payment equal to the aggregate Exercise Price of the shares shall be payable (i) in cash in the form of currency or check or other cash equivalent
acceptable to the Corporation, (ii) by actual or constructive transfer to the Corporation of nonforfeitable, outstanding shares of Stock that have been owned by the Optionee for at least six months prior to the date of exercise, (iii) by
any combination of the foregoing methods of payment or (iv) in accordance with such other method or manner as set forth below. 

(A) Cash Exercise (to exercise and retain the Option Shares): Subject to the terms and conditions of this Option
Agreement and the Plan, the Option may be exercised by delivering written notice of exercise to the Corporation, at its principal office, addressed to the attention of Stock Plan Administration, or to the agent/broker designated by the Corporation,
which notice shall specify the number of shares for which the Option is being exercised, and shall be accompanied by payment in full of the Exercise Price of the shares for which the Option is being exercised plus the full amount of all applicable
withholding taxes due on the Option exercise. Payment of the Exercise Price for the shares of Stock purchased pursuant to the exercise of the Option shall be made either in cash or by certified check payable to the order of the Corporation. If the
person exercising the Option is not the Optionee, such person shall also deliver with the notice of exercise appropriate proof of his or her right to exercise the Option, as the Corporation may require in its sole discretion. Promptly after exercise
of the Option as provided for above, the Corporation shall deliver to the person exercising the Option a certificate or certificates for the shares of Stock being purchased. 

(B) Same-Day-Sale Exercise (to exercise and immediately sell all the Option Shares): Subject to the terms and
conditions of this Option Agreement and the Plan, the Option may be exercised by delivering written notice of exercise to the agent/broker designated by the Corporation, which notice shall specify the number of shares for which the Option is being
exercised and irrevocable instructions to promptly (1) sell all of the shares of Stock to be issued upon exercise and (2) remit to the Corporation the portion of the sale proceeds sufficient to pay the Exercise Price for the shares of
Stock purchased pursuant to the exercise of the Option and all applicable taxes due on the Option exercise. The agent/broker shall request issuance of the shares and immediately and concurrently sell the shares on the Optionee’s behalf. Payment
of the Exercise Price for the shares of Stock purchased pursuant to the exercise of the Option, any brokerage fees, transfer fees, and all applicable taxes due on the Option exercise, shall be deducted from the proceeds of the sale of the shares. If
the person exercising the Option is not the Optionee, such person shall also deliver with the notice of exercise appropriate proof of his or her right to exercise the Option, as the Corporation may require in its sole discretion. Promptly after
exercise of the Option as provided for above, the agent/broker shall deliver to the person exercising the Option the net proceeds from the sale of the shares of Stock being exercised and sold. 

 (C) Sell-to-Cover Exercise (to exercise and immediately sell a portion of the
Option Shares): Subject to the terms and conditions of this Option Agreement and the Plan, the Option may be exercised by delivering written notice of exercise to the agent/broker designated by the Corporation, which notice shall specify the
number of shares for which the Option is being exercised and irrevocable instructions to promptly (1) sell the portion (which must be a whole number) of the shares of Stock to be issued upon exercise sufficient to generate proceeds to pay the
Exercise Price for the shares of Stock purchased pursuant to the exercise of the Option, any brokerage or transfer fees, and all applicable taxes due on the Option exercise (collectively the “Exercise Costs”) and (2) remit to the
Corporation a sufficient portion of the sale proceeds to pay the Exercise Price for the shares of Stock purchased pursuant to the exercise of the Option and all applicable taxes due on the Option exercise. The agent/broker shall request issuance of
the shares and immediately and concurrently sell on the Optionee’s behalf only such number of the Shares as is required to generate proceeds sufficient to pay the Exercise Costs. Promptly after exercise of the Option as provided for above, the
Corporation shall deliver to the person exercising the Option a certificate for the shares of Stock issued upon exercise which are not sold to pay the Exercise Costs. Promptly after exercise of the Option as provided for above, the agent/broker
shall deliver to the person exercising the Option any net proceeds from the sale of the Shares in excess of the Exercise Costs. If the person exercising the Option is not the Optionee, such person shall also deliver with the notice of exercise
appropriate proof of his or her right to exercise the Option, as the Corporation may require in its sole discretion. 
  

	 	4.5.2	As soon as practicable upon the Corporation’s receipt of the Optionee’s notice of exercise and payment, the Corporation shall direct the due issuance of the shares so purchased. 

 

	 	4.5.3	As a further condition precedent to the exercise of this Option in whole or in part, the Optionee shall comply with all regulations and the requirements of any regulatory authority having control of, or supervision
over, the issuance of the shares of Stock and in connection therewith shall execute any documents which the Board shall in its sole discretion deem necessary or advisable. 

 

	 	4.6	Forfeiture and Right to Recoupment. 

 Notwithstanding anything contained herein to the contrary, by
accepting this Option, Optionee understands and agrees that if (a) the Corporation is required to restate its consolidated financial statements because of material noncompliance due to irregularities with the federal securities laws, which
restatement is due, in whole or in part, to the misconduct of Optionee, or (b) it is determined that the Optionee has otherwise engaged in misconduct (whether or not such misconduct is discovered by the Corporation prior to the termination of
Optionee’s employment), the Board of Directors or a committee thereof (in each case, the “Board”) may take such action with respect to the Option as the Board, in its sole discretion, deems necessary or appropriate and in the best
interest of the Corporation and its stockholders. Such action may include, without limitation, causing the forfeiture or cancellation of the unvested and/or vested portion of the Option and the recoupment of any proceeds from the exercise or vesting
of the 

 
Option and/or the sale of Option Shares issued pursuant to this Agreement. For purposes of this Section 4.6, “misconduct” shall mean a deliberate act or acts of dishonesty or
misconduct which either (i) were intended to result in substantial personal enrichment to the Optionee at the expense of the Corporation or (ii) have a material adverse effect on the Corporation. Any determination hereunder, including with
respect to Optionee’s misconduct, shall be made by the Board in its sole discretion. Notwithstanding any provisions herein to the contrary, Optionee expressly acknowledges and agrees that the rights of the Board set forth in this
Section 4.6 shall continue after Optionee’s employment with the Corporation is terminated, whether termination is voluntary or involuntary, with or without cause, and shall be in addition to every other right or remedy at law or in equity
that may otherwise be available to the Corporation. 
  

	5.	TRANSFERABILITY OF OPTIONS 

 During the lifetime of an Optionee, only such Optionee (or, in the event of
legal incapacity or incompetency, the Optionee’s guardian or legal representative) may exercise the Option. No Option shall be assignable or transferable by the Optionee to whom it is granted, other than by will or the laws of descent and
distribution. 
  

	6.	COMPLIANCE WITH LAW 

 The Corporation shall make reasonable efforts to comply with all applicable
federal and state securities laws; provided, however, that notwithstanding any other provision of this Option Agreement, the Option shall not be exercisable if the exercise thereof would result in a violation of any such law. 

 

	7.	RIGHTS AS STOCKHOLDER 

 Neither the Optionee nor any executor, administrator, distributee or legatee of
the Optionee’s estate shall be, or have any of the rights or privileges of, a stockholder of the Corporation in respect of any shares of Stock issuable hereunder unless and until such shares have been fully paid and certificates representing
such shares have been endorsed, transferred and delivered, and the name of the Optionee (or of such personal representative, administrator, distributee or legatee of the Optionee’s estate) has been entered as the stockholder of record on the
books of the Corporation. 
  

	8.	WITHHOLDING OF TAXES 

 If the Corporation shall be required to withhold any federal, state, local or
foreign tax in connection with exercise of this Option, it shall be a condition to such exercise that the Optionee pay or make provision satisfactory to the Corporation for payment of all such taxes. The Optionee may elect that all or any part of
such withholding requirement be satisfied by retention by the Corporation of a portion of the shares purchased upon exercise of this Option. If such election is made, the shares so retained shall be credited against such withholding requirement at
the fair market value on the date of exercise. 

	9.	DISCLAIMER OF RIGHTS 

 No provision in this Option Agreement shall be construed to confer upon the
Optionee the right to be employed by the Corporation or any Subsidiary, or to interfere in any way with the right and authority of the Corporation or any Subsidiary either to increase or decrease the compensation of the Optionee at any time, or to
terminate any employment or other relationship between the Optionee and the Corporation or any Subsidiary. 
  

	10.	CHANGE IN CONTROL 

 For purposes of this Option Agreement, “Change in Control” means: 

 

	 	(a)	Any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”) becomes
the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of either (1) the then-outstanding shares of common stock of the Corporation (the
“Outstanding Corporation Common Stock”) or (2) the combined voting power of the then-outstanding voting securities of the Corporation entitled to vote generally in the election of directors (the “Outstanding Corporation
Voting Securities”); provided, however, that, for purposes of this definition of Change in Control, the following acquisitions shall not constitute a Change in Control: (a) any acquisition directly from the Corporation,
(b) any acquisition by the Corporation, (c) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Corporation or any company controlled by, controlling or under common control with the Corporation,
(d) any acquisition by any Person pursuant to a transaction that complies with 10(c)(1) below; or (e) any acquisition of beneficial ownership of not more than 25% of the Outstanding Corporation Voting Securities by any Person that is
entitled to and does report such beneficial ownership on Schedule 13G under the Exchange Act (a “13G Filer”), provided, however, that this clause (v) shall cease to apply when a Person who is a Schedule 13G Filer
becomes required to file a Schedule 13D under the Exchange Act with respect to beneficial ownership of 20% or more of the Outstanding Corporation Common Stock or Outstanding Corporation Voting Securities. Notwithstanding any other provision hereof,
if a Business Combination (as defined below) is completed during the Performance Period and the Outstanding Corporation Voting Securities are converted into voting securities of the Combined Corporation (as defined below), but such Business
Combination does not constitute a “Change in Control” under 10(c) below, “Outstanding Corporation Voting Securities” shall thereafter mean voting securities of the Combined Corporation entitled to vote generally in the election
of the members of the Combined Corporation Board. 

  

	 	(b)	 Any time at which individuals who, as of the date hereof, constitute the Board of Directors (the “Incumbent Board”) cease for any
reason to constitute at least a majority of the Board of Directors other than as a result of a Business Combination that does not constitute a “Change in Control” under Sections 10(a) above or 10(c)(1) below; provided,
however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election 

	 	
by the Corporation’s stockholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a
member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other
actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board of Directors (an “Election Contest”); 

  

	 	(c)	Consummation of a reorganization, merger, statutory share exchange or consolidation or similar transaction involving the Corporation or any of its subsidiaries, a sale or other disposition of all or substantially all of
the assets of the Corporation, or the acquisition of assets or stock of another entity by the Corporation or any of its subsidiaries (each, a “Business Combination”), in each case unless, following such Business Combination,
(1) no Person (excluding any corporation resulting from such Business Combination or any employee benefit plan (or related trust) of the Corporation or such corporation resulting from such Business Combination (the “Combined
Corporation”)) beneficially owns, directly or indirectly, such number of the then-Outstanding Corporation Voting Securities as would constitute a “Change in Control” under 10(a) above, and at least one-half of the members of the
board of directors (or, for a non-corporate entity, equivalent governing body) of the entity resulting from such Business Combination (the “Combined Corporation Board”) were members of the Incumbent Board at the time of the
execution of the initial agreement or of the action of the Board of Directors providing for such Business Combination (the “Business Combination Agreement”); or 

 

	 	(d)	Approval by the stockholders of the Corporation of a complete liquidation or dissolution of the Corporation. 

  

	11.	COMPLIANCE WITH SECTION 409A OF THE CODE. 

 To the extent applicable, it is intended that this Option
Agreement and the Plan comply with the provisions of Section 409A of the Code, so that the income inclusion provisions of Section 409A(a)(1) do not apply to Optionee. This Option Agreement and the Plan shall be administered in a manner
consistent with this intent, and any provision that would cause the Option Agreement or the Plan to fail to satisfy Section 409A of the Code shall have no force and effect until amended to comply with Section 409A of the Code (which
amendment may be retroactive to the extent permitted by Section 409A of the Code and may be made by the Corporation without the consent of the Optionee). 
  

	12.	INTERPRETATION OF THIS OPTION AGREEMENT 

 All decisions and interpretations made by the Board or the
Compensation Committee thereof with regard to any question arising under the Plan or this Option Agreement shall be binding and conclusive on the Corporation and the Optionee and any other person entitled to exercise the Option as provided for
herein. 

	13.	GOVERNING LAW 

 This Option Agreement shall be governed by the laws of the State of Delaware (but not
including the choice of law rules thereof). 
  

	14.	BINDING EFFECT 

 Subject to all restrictions provided for in this Option Agreement, the Plan, and by
applicable law relating to assignment and transfer of this Option Agreement and the Option provided for herein, this Option Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, executors,
administrators, successors and assigns. 
  

	15.	NOTICE 

 Any notice hereunder by the Optionee to the Corporation shall be in writing and shall be deemed
duly given (i) if mailed or delivered to the Corporation at its principal office, addressed to the attention of Stock Plan Administration, (ii) if electronically delivered to the e-mail address, if any, for Stock Plan Administration or
(iii) if so mailed, delivered or electronically delivered to such other address or e-mail address as the Corporation may hereafter designate by notice to the Optionee. Any notice hereunder by the Corporation to the Optionee shall be in writing
and shall be deemed duly given (i) if mailed or delivered to the Optionee at Optionee’s address listed in the Corporation’s records, (ii) if electronically delivered to the e-mail address, if any, for Optionee listed in the
Corporation’s records or (iii) if so mailed, delivered or electronically delivered to such other address or e-mail address as the Optionee may hereafter designate by written notice given to the Corporation. 

 

	16.	SEVERABILITY 

 If one or more of the provisions of this Option Agreement is invalidated for any reason
by a court of competent jurisdiction, any provision so invalidated shall be deemed to be separable from the other provisions hereof, and the remaining provisions hereof shall continue to be valid and fully enforceable. 

 

	17.	ELECTRONIC DELIVERY AND ACCEPTANCE 

 The Corporation may, in its sole discretion, decide to deliver any
documents or notices related to current or future participation in the Plan by electronic means. By accepting or exercising this Option, electronically or otherwise, Optionee hereby consents to receive such documents or notices by electronic
delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Corporation or a third party designated by the Corporation, including the use of electronic signatures or click-through
acceptance of terms and conditions or other electronic means such as an e-mail acknowledgement. 
  

	18.	ENTIRE AGREEMENT; ELIGIBILITY 

 This Option Agreement and the Plan together constitute the entire
agreement and supersedes all prior understandings and agreements, written or oral, of the parties hereto with respect to the 

 
subject matter hereof. Except for amendments to the Plan incorporated into this Option Agreement by reference pursuant to Section 2 above, neither this Option Agreement nor any term hereof
may be amended, waived, discharged or terminated except by a written instrument signed by the Corporation and the Optionee; provided, however, that the Corporation unilaterally may waive any provision hereof in writing to the extent
that such waiver does not adversely affect the interests of the Optionee hereunder, but no such waiver shall operate as or be construed to be a subsequent waiver of the same provision or a waiver of any other provision hereof. In the event that it
is determined that the Optionee was not eligible to receive this Option, the Option and this Option Agreement shall be null and void and of no further effect. 

This Option Agreement will be deemed to be signed by the Corporation and Optionee upon Optionee’s acceptance of the Notice of Grant of Stock Options
attached as Schedule A.EX-4.1

 Exhibit 4.1 

SECOND SUPPLEMENTAL INDENTURE 

AND FIRST AMENDMENT TO PLEDGE AND SECURITY AGREEMENT 

This SECOND SUPPLEMENTAL INDENTURE AND FIRST AMENDMENT TO PLEDGE AND SECURITY AGREEMENT (this “Second Supplemental
Indenture”), dated as of January 28, 2015, among Gevo, Inc., a company duly incorporated and existing under the laws of Delaware, United States of America, and having its principal executive office at 345 Inverness Drive South,
Building C, Suite 310, Englewood, CO 80112 as Issuer (the “Company”), the guarantors listed on the signature page hereof (each, a “Guarantor” and, collectively, the “Guarantors”), Wilmington Savings
Fund Society, FSB, as Trustee (in such capacity, the “Trustee”), Wilmington Savings Fund Society, FSB, as Collateral Trustee (in such capacity, the “Collateral Trustee”), and WB Gevo, Ltd., as the holder of 100% of
the aggregate principal amount of the outstanding Notes and the “Requisite Holder” under the Indenture (as defined below) (solely in its capacity as a Holder that constitutes the Requisite Holders under the Indenture as of the date hereof,
the “Requisite Holder” and, solely in its capacity as the holder of 100% of the aggregate principal amount of the outstanding Notes, the “Sole Holder”). Capitalized terms used herein without definition have the
meanings given in the Indenture. 
 RECITALS 

WHEREAS, the Company, Guarantors, the Trustee, and the Collateral Trustee have heretofore executed and delivered an indenture, dated as of
June 6, 2014 (as amended, restated, supplemented or otherwise modified by that certain First Supplemental Indenture dated as of July 31, 2014 (“First Supplemental Indenture”), and as further amended, restated, supplemented
or otherwise modified by this Second Supplemental Indenture, the “Indenture”), providing for the issuance by the Company of 10.0% Convertible Senior Secured Notes due 2017; 

WHEREAS, Section 14.02 of the Indenture provides, among other things, that the Company, the Guarantors and the Trustee may, with the
consent of the requisite percentage of Holders set forth therein, enter into an indenture or indentures supplemental thereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture
or of modifying in any manner the rights of the Holders under the Indenture; 
 WHEREAS, the Company, the Guarantors and the Collateral
Trustee have heretofore executed and delivered a Pledge and Security Agreement dated as of June 6, 2014 (as amended, restated, supplemented and/or modified from time to time, the “Security Agreement”); 

WHEREAS, Section 8.1 of the Security Agreement provides that the Security Agreement may be amended by the Company, the Guarantors and the
Collateral Trustee, at the direction of the Requisite Holders (as defined in the Indenture), and the Requisite Holder has directed the Collateral Trustee to enter into this Second Supplemental Indenture to, among other things, amend the Security
Agreement pursuant to the terms hereof; 
 WHEREAS, the Company has requested that the Requisite Holder consent to the issuance of the 2015
Warrants and the incurrence of Indebtedness by Company under the 2015 Warrants and that the Sole Holder consent to certain revisions to the conversion provisions set forth in the Indenture and the Company’s and Guarantors’ entry into this
Second Supplemental Indenture, and the Requisite Holder has agreed to consent to the issuance of the 2015 Warrants and the incurrence of Indebtedness by the Company under the 2015 Warrants and the Sole Holder has agreed to certain revisions to the
conversion provisions set forth in the Indenture and the Company’s and the Guarantors’ entry into this Second Supplemental Indenture, in each case, subject to the terms and conditions hereof; and 

WHEREAS, the Company has requested that the Trustee and Collateral Trustee enter into this Second Supplement Indenture, and with the consent
of the Sole Holder, the Trustee and Collateral Trustee have agreed to enter into this Second Supplemental Indenture on the terms set forth below. 

 NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration,
the receipt of which is hereby acknowledged, the Company, the Guarantors, the Trustee, Collateral Trustee, Requisite Holder and the Sole Holder hereby covenant and agree as follows: 

AGREEMENT 
 1. Consent
to Issuance of the 2015 Warrants. Notwithstanding any term or provision in the Indenture or any other Indenture Document to the contrary, the Requisite Holder hereby consents, effective as of the date hereof, to the offering and issuance of the
2015 Warrants, the execution and delivery of the 2015 Warrant Agreements (as defined below), and the incurrence of the Indebtedness under the 2015 Warrants provided that (a) the initial issuance of the 2015 Warrants shall have been consummated
on or before February 28, 2015, (b) such 2015 Series A Warrants are on terms and conditions consistent in all material respects with the terms and conditions specified for the 2015 Series A Warrants on Annex A attached hereto or as
modified so long as such modifications are not adverse in any respect to the Trustee and the Holders, (c) such 2015 Series B Warrants are on terms and conditions consistent in all material respects with the terms and conditions specified for
the 2015 Series B Warrants on Annex B attached hereto or as modified so long as such modifications are not adverse in any respect to the Trustee and the Holders and (d) the consent set forth herein shall not constitute an approval of a
transaction under Section 9.01(m) of the Indenture which would enable the Company to make a cash payment on account of the 2013 Warrants, the 2014 Warrants and/or 2015 Warrants (without triggering an Event of Default). 

2. Effectiveness; Amendments to Indenture. This Second Supplemental Indenture shall become effective immediately upon (x) its
execution and delivery by each of the Company, the Guarantors, the Trustee, Collateral Trustee and the Sole Holder and (y) the execution and delivery of that certain company fee letter by and between Company and the Sole Holder; provided that
the amendments to the Indenture contemplated in this Section 2 of the Second Supplemental Indenture shall only (i) become operative upon the date on which the first 2015 Warrant is issued (the “First Issuance Date”) (other
than the amendments set forth in Section 2(a) relative to the addition of the new defined terms “Commencement Date”, “Commencement Notice”, and “Conversion Forbearance Period,” and Sections 2(c), (f), (h) and
(i) hereof, all of which shall become effective immediately upon the execution and delivery of the Second Supplemental Indenture by each of the Company, the Guarantors, the Trustee, the Collateral Trustee and the Sole Holder) and
(ii) other than with respect to the amendments set forth in Section 2(a) relative to the addition of the new defined terms “Commencement Date”, “Commencement Notice”, and “Conversion Forbearance Period” and
Sections 2(c), (f), (h), and (i), which shall remain effective once in effect regardless of the satisfaction of the conditions in Section 1 of this Second Supplemental Indenture, remain operative for so long as the conditions specified in
Section 1 of this Second Supplemental Indenture have been satisfied provided that notwithstanding the foregoing, the amendments set forth in Section 2(a) relative to the addition of the new defined terms “Commencement Date”,
“Commencement Notice”, and “Conversion Forbearance Period” and Sections 2(f) and 2(h) shall be null and void ab initio if a public offering or a private placement of Company Common Stock or of any other security convertible into
or exchangeable for Company Common Stock (not otherwise prohibited under the Indenture), in each case, resulting in the Company receiving at least $1,000,000 of Net Equity Proceeds from such issuance is not closed within sixty (60) days after
the date hereof. The Company shall notify the Trustee (i) of the issuance of such first 2015 Warrant promptly following the First Issuance Date and shall specify the date of such issuance or (ii) promptly after the Company shall determine
that such issuance will not occur. 
 (a) Section 1.01 of the Indenture is hereby amended by adding the following definitions in
the appropriate alphabetical order: 

 “2015 Series A Warrants” means the Warrants issued by the Company from time to
time pursuant to the 2015 Common Stock Unit Series A Warrant Agreement by and between Company and American Stock Transfer & Trust Company, LLC as amended, restated, replaced, extended, refinanced or otherwise modified from time to time, on
terms and conditions consistent in all material respects with the terms and conditions specified on Annex A attached to the Second Supplemental Indenture and First Amendment to Pledge and Security Agreement dated as of January 28, 2015. 

“2015 Series B Warrants” means the Warrants issued by the Company from time to time pursuant to the 2015 Common Stock Unit
Series B Warrant Agreement by and between Company and American Stock Transfer & Trust Company, LLC as amended, restated, replaced, extended, refinanced or otherwise modified from time to time, on terms and conditions consistent in all
material respects with the terms and conditions specified on Annex B attached to the Second Supplemental Indenture and First Amendment to Pledge and Security Agreement dated as of January 28, 2015. 

“2015 Warrant Agreements” means (a) the 2015 Common Stock Unit Series A Warrant Agreement by and between Company and
American Stock Transfer & Trust Company, LLC as amended, restated, replaced, extended, refinanced or otherwise modified from time to time and (b) the 2015 Common Stock Unit Series B Warrant Agreement by and between the Company and
American Stock Transfer & Trust Company, LLC, as amended, restated, replaced, extended, refinanced or otherwise modified from time to time. 

“2015 Warrants” means the warrants issued by the Company from time to time pursuant to the 2015 Warrant Agreements and all
other documents, instruments and agreements evidencing or governing such warrants or providing for any other right in respect thereof, each as amended, modified, supplemented or restated from time to time in accordance with the 2015 Warrant
Agreements. 
 “2015 Warrant Issuance Date” means the first date on which a 2015 Warrant is issued. 

“Commencement Date” means the date specified by the Company as the start of a Conversion Forbearance Period in a Commencement
Notice, which date shall be a date that is no earlier than the date on which such Commencement Notice is delivered to the Trustee. 

“Commencement Notice” means a written notice that is delivered by the Company to the Trustee and states that it is the
Commencement Notice and specifies the Commencement Date of the Conversion Forbearance Period. 
 “Conversion Forbearance
Period” means the period commencing upon the Commencement Date specified in a Commencement Notice to the Trustee and continuing until the first date after such Commencement Date on which the Company has delivered written notice to the
Trustee that the Conversion Forbearance Period has terminated as a result of the Company having sufficient authorized and unissued shares, which have been duly authorized and reserved, free from preemptive rights, out of its authorized but unissued
shares or shares held in treasury, to provide for the conversion of all of the outstanding Notes. 

 (b) The definition of “Disqualified Equity Interests” contained in
Section 1.01 of the Indenture is hereby amended by amending and restating the last sentence appearing in such definition as follows: 

“The foregoing to the contrary notwithstanding, ‘Disqualified Equity Interests’ shall not include the 2013 Warrants, 2014
Warrants, or 2015 Warrants solely as a result of the Black Scholes Value payments required in connection therewith.” 
 (c)
Section 4.30(i) of the Indenture is hereby amended and restated in its entirety as follows: 
 “(i) Permitted Subordinated
Debt in aggregate amount outstanding at any time not to exceed $30,000,000 (not including the Indebtedness permitted under Section 4.30(g) hereof).” 

(d) Section 4.30(s) of the Indenture is hereby amended by amending and restating such section in its entirety as follows: 

“(s) Indebtedness in respect of the 2013 Warrants, the 2014 Warrants, and the 2015 Warrants.” 

(e) Section 4.33 of the Indenture is hereby amended by amending and restating clauses (vii) and (xii) in their entirety
as follows: 
 “(vii) Restricted Payments required in connection with the exercise of warrants or the conversion of convertible
Indebtedness are permitted to the extent that such conversion is for Equity Interests of the Company (and does not involve any cash payments other than in regards to cash payments made in lieu of issuing fractional shares or payment obligations
required under the terms of the 2013 Warrants, 2014 Warrants or 2015 Warrants);” 
 “(xii) cash payments payable on account of the
2013 Warrants in effect on the date hereof, the 2014 Warrants in effect as of the 2014 Warrant Issuance Date, the 2015 Warrants in effect as of the 2015 Warrant Issuance Date, and the cashless exercise of options and warrants in accordance with
their terms;” 
 (f) The following Section 7.14 shall be added as a new Section to the Indenture in proper numerical order: 

7.14 Conversion Forbearance Period. Anything contained in this Indenture to the contrary notwithstanding, (x) neither the
Company nor any Holder shall have the right to convert the Principal Amount (or any portion thereof) of any Notes into shares of Common Stock during the continuation of a Conversion Forbearance Period and (y) during the continuation of a
Conversion Forbearance Period the Company shall not be required to comply with Section 7.09(b) of this Indenture. During the Conversion Forbearance Period, Company shall notify the Trustee and each Holder in writing promptly upon having
sufficient authorized and unissued shares, which have been duly authorized and reserved, free from preemptive rights, out of its authorized but unissued shares or shares held in treasury, to provide for the conversion of all of the outstanding
Notes, thereby terminating the Conversion Forbearance Period. 
 (g) Section 9.01(m) of the Indenture is hereby amended by
amending and restating the section in its entirety as follows: 
 “(m) the earlier to occur of (i) the occurrence of any event,
circumstance or transaction that would entitle the holders of the 2013 Warrants, 2014 Warrants, or 

 
2015 Warrants to any cash payment from the Company (or otherwise require the Company to make an offer or make a cash payment to such holders) under the 2013 Warrants, 2014 Warrants or 2015
Warrants other than in lieu of the issuance of fractional shares or (ii) the making of a cash payment (or any offer to make such payment) under the 2013 Warrants, 2014 Warrants, or 2015 Warrants (in each case, other than in lieu of the issuance
of fractional shares ) provided that in each case, no Event of Default will be triggered if the Requisite Holders approve the transaction that triggers the obligation to make a cash payment on account of the 2013 Warrants, the 2014 Warrants, or 2015
Warrants.” 
 (h) Section 9.01(e) of the Indenture is hereby amended to delete “Reserved” therefrom and substitute the
following in lieu thereof: 
 (e) “If, a Conversion Forbearance Period has commenced and by the earlier of (x) the end of the
Conversion Forbearance Period (if any) or (y) June 27, 2015 if a Conversion Forbearance Period is in effect on such date, the Company has failed to reserve, free from preemptive rights, out of its authorized but unissued shares or shares
held in treasury, sufficient shares of Common Stock to provide for the conversion of all of the outstanding Notes (without notice or cure);” 

(i) The parties hereto acknowledge and agree that the Intercreditor Agreement and Credit Agreement were terminated pursuant to that certain
Termination Agreement dated as of January 15, 2015 by and between the Credit Parties, Administrative Agent and Collateral Trustee (other than in regards to the provisions thereof that expressly survive), and as such, the Intercreditor Agreement
and Credit Agreement shall have no further force or effect under the Indenture or the Indenture Documents (other than in regards to the provisions thereof that expressly survive) including without limitation, (i) all references in the Indenture
and the other Indenture Documents that provide that the Indenture and/or Indenture Documents shall be subject to the Intercreditor Agreement, (ii) all provisions in the Indenture and the other Indenture Documents that require that certain
actions be taken in accordance with the Intercreditor Agreement, and (iii) all references to the “Intercreditor Agreement” in Section 5.01(a) of the Indenture. 

3. Effectiveness; Amendments to Security Agreement. The amendments to the Security Agreement contemplated in this Section 3 of the Second
Supplemental Indenture shall become effective immediately upon the execution and delivery of the Second Supplemental Indenture by each of the Company, the Guarantors, the Trustee, Collateral Trustee and the Requisite Holder. 

(a) Section 3.9 of the Security Agreement is hereby amended by deleting the following clause therefrom: 

“[WB Gevo, Ltd. or its successors and assigns, in its capacity as administrative agent for certain secured parties]”. 

(b) Section 4.5(a) of the Security Agreement is hereby amended by deleting the following clause therefrom: 

“(or the Administrative Agent, as applicable)”. 

(c) Section 4.12 of the Security Agreement is hereby amended and restated in its entirety as follows: 

“4.12 Motor Vehicles. Grantors shall promptly notify the Collateral Trustee of any goods constituting Collateral covered by a
certificate of title and owned by Grantors with an aggregate value in excess $250,000 (and Collateral Trustee shall 

 
notify the Holders of such promptly upon being so notified) and promptly (and in any event within 30 days) after request by Requisite Holders or Collateral Trustee (at the direction of the
Requisite Holders), with respect to such goods covered by a certificate of title owned by any Grantor(s), such Grantor(s) shall deliver to Collateral Trustee or Collateral Trustee’s designee the certificates of title for all such goods and, if
requested by Requisite Holders or Collateral Trustee (at the direction of the Requisite Holders), (x) take all actions necessary to cause such certificates to be filed (with the Collateral Trustee’s Lien noted thereon) in the appropriate
state motor vehicle filing office and/or (y) cause Collateral Trustee’s Liens to be notated on such certificates of title.” 

(d) Section 7.1(vii) of the Security Agreement is hereby amended and restated in its entirety as follows: 

“TO ACT AS ITS PROXY AND ATTORNEY-IN-FACT (AS SET FORTH IN SECTION 7.1 ABOVE) WITH RESPECT TO ITS INVESTMENT PROPERTY, INCLUDING, SUBJECT
TO SECTION 6.3 HEREOF, THE RIGHT TO VOTE SUCH INVESTMENT PROPERTY, WITH FULL POWER OF SUBSTITUTION TO DO SO. IN ADDITION TO THE RIGHT TO VOTE ANY SUCH INVESTMENT PROPERTY, THE APPOINTMENT OF THE COLLATERAL TRUSTEE AS PROXY AND ATTORNEY-IN-FACT SHALL
INCLUDE, SUBJECT TO SECTION 6.3 HEREOF, THE RIGHT TO EXERCISE ALL OTHER RIGHTS, POWERS, PRIVILEGES AND REMEDIES TO WHICH A HOLDER OF SUCH INVESTMENT PROPERTY, WOULD BE ENTITLED (INCLUDING GIVING OR WITHHOLDING WRITTEN CONSENTS OF SHAREHOLDERS,
CALLING SPECIAL MEETINGS OF SHAREHOLDERS AND VOTING AT SUCH MEETINGS). SUCH PROXY SHALL BE EFFECTIVE, AUTOMATICALLY AND WITHOUT THE NECESSITY OF ANY ACTION (INCLUDING ANY TRANSFER OF ANY SUCH INVESTMENT PROPERTY ON THE RECORD BOOKS OF THE ISSUER
THEREOF) BY ANY PERSON (INCLUDING THE ISSUER OF SUCH INVESTMENT PROPERTY OR ANY OFFICER OR AGENT THEREOF).” 
 (e) The Security
Agreement is hereby amended by deleting the following clause in every instance that it may appear therein: 
 “(or Administrative Agent
for the benefit of the Secured Parties and/or the Secured Lender Parties and/or certain other secured parties)”. 
 (f) The Security
Agreement is hereby amended by deleting the following clause in every instance that it may appear therein: 
 “(or Administrative Agent
on behalf of the Secured Parties and/or the Secured Lender Parties and/or certain other secured parties)”. 
 (g) The Security
Agreement is hereby amended by deleting the following clause in every instance that it may appear therein: 
 “(or the Administrative
Agent on behalf of the Secured Parties and/or the Secured Lender Parties and/or certain other secured parties)”. 
 (h) The Security
Agreement is hereby amended by deleting the following clause in every instance that it may appear therein: 

 “(or as the Administrative Agent on behalf of the Secured Parties and/or the Secured Lender
Parties and/or certain other secured parties may determine)”. 
 4. Indenture and Security Agreement Supplemented; Ratification of
Indenture and Security Agreement. This Second Supplemental Indenture is supplemental to the Indenture and does and shall be deemed to form a part of, and shall be construed in connection with and as part of, the Indenture for any and all
purposes. The amendments to the Security Agreement set forth in this Second Supplemental Indenture are supplemental to the Security Agreement and do and shall be deemed to form a part of, and shall be construed in connection with and as part of, the
Security Agreement for any and all purposes. Except as specifically modified herein, the Indenture, as amended, restated, supplemented or otherwise modified by the First Supplemental Indenture and this Second Supplemental Indenture and the Notes,
are in all respects ratified and confirmed, and shall remain in full force and effect in accordance with their terms. Except as specifically modified herein, the Security Agreement, as amended, restated, supplemented or otherwise modified by this
Second Supplemental Indenture, is in all respects ratified and confirmed, and shall remain in full force and effect in accordance with its terms. 

5. Consent of Sole Holder and Requisite Holder. Pursuant to Sections 1.04 and 14.02 of the Indenture, by its signature below, the Sole
Holder hereby consents, effective as of the date hereof, to the entry into this Second Supplemental Indenture by the Company, the Guarantors, the Trustee and the Collateral Trustee and to the amendments to the Indenture set forth in Section 2
of this Second Supplemental Indenture (it being understood that other than the amendments set forth in Section 2(a) relative to the addition of the new defined terms “Commencement Date”, “Commencement Notice”, and
“Conversion Forbearance Period,” and Sections 2(f) and 2(h), the amendments set forth in Section 2 above only require the consent of the Requisite Holders). Pursuant to Section 8.1 of the Security Agreement, by its signature
below, the Requisite Holder hereby directs the Collateral Trustee to enter into this Second Supplemental Indenture and consents to the amendments to the Security Agreement set forth in Section 3 of this Second Supplemental Indenture. 

6. Trustee and Collateral Trustee. Except as otherwise expressly provided herein, no duties, responsibilities or liabilities are
assumed, or shall be construed to be assumed, by the Trustee and the Collateral Trustee by reason of this Second Supplemental Indenture. This Second Supplemental Indenture is executed and accepted by the Trustee and the Collateral Trustee subject to
all the terms and conditions set forth in the Indenture with the same force and effect as if those terms and conditions were repeated at length herein and made applicable to the Trustee with respect hereto. The Trustee and the Collateral Trustee
make no representation or warranty as to the validity or sufficiency of this Second Supplemental Indenture. Additionally, the Trustee and the Collateral Trustee shall not be responsible in any manner whatsoever for or with respect to any of the
recitals or statements contained herein, all of which recitals or statements are made solely by the Company and the Guarantors, and the Trustee and the Collateral Trustee make no representation with respect to any such matters. 

7. Guarantors. Each Guarantor, for value received, hereby expressly acknowledges and agrees to the Company’s execution and
delivery of the First Supplemental Indenture and this Second Supplemental Indenture, to the performance by the Company of its agreements and obligations hereunder and thereunder and to the consents, amendments and waivers set forth herein and
therein. The First Supplemental Indenture and this Second Supplemental Indenture, the performance or consummation of any transaction or matter contemplated under the First Supplemental Indenture and this Second Supplemental Indenture and all
consents, amendments and waivers set forth herein and therein, shall not limit, restrict, extinguish or otherwise impair any Guarantor’s liability to the Trustee, the Collateral Trustee or the Holders with respect to the payment and other
performance obligations of such Guarantor pursuant to the Guaranteed Obligations. Each Guarantor hereby ratifies, confirms and approves its Guaranteed Obligations and acknowledges that it is unconditionally liable to the Trustee, Collateral Trustee
and the Holders for the full and timely payment of the Guaranteed Obligations (on a joint and several basis with the other Guarantors). Each Guarantor hereby acknowledges that it has no defenses, counterclaims or set-offs with respect to the full
and timely payment of any or all Guaranteed Obligations as of the date hereof. 

 8. Costs and Expenses. The Company shall pay the reasonable costs and expenses actually
incurred by the Trustee, the Collateral Trustee, and the Requisite Holder in connection with the preparation, negotiation, and/or review of this Second Supplemental Indenture and the agreements, documents, and/or instruments executed and/or
delivered in connection therewith, including without limitation all of the Trustee’s, the Collateral Trustee’s and the Requisite Holder’s reasonable out-of-pocket legal fees incurred in connection therewith (subject, in the case of
the Requisite Holder, to that certain Fee Letter dated as of January 16, 2015 by and among the Company, Requisite Holder and Brown Rudnick LLP) for which the Company has received an invoice, which invoice shall provide reasonably detailed
documentation of such costs and expenses, in each case, within fifteen days after written demand for such payment (accompanied by the invoice in question), which may be in the form of an email (accompanied by the invoice in question) by the Trustee,
the Collateral Trustee, the Requisite Holder or any of their respective counsel, as applicable. 
 9. Release. In consideration of
the benefits provided to each of the Credit Parties under this Second Supplemental Indenture, each of the Credit Parties hereby agrees as follows: 

(a) The Credit Parties, for themselves and on behalf of their respective successors and assigns, do hereby release, acquit and forever
discharge the Trustee, the Collateral Trustee, and the Requisite Holder, and the respective past or present officers, directors, attorneys, affiliates, employees and agents of the Trustee, the Collateral Trustee, and the Requisite Holder, and each
of their respective successors and assigns, from any and all claims, demands, obligations, liabilities, causes of action, offsets, damages, costs or expenses, of every type, kind or nature, whether known or unknown, suspected or unsuspected,
liquidated or unliquidated, including any claims that the Credit Parties and their respective successors, counsel and advisors may in the future discover they would have now had if they had known facts not now known to them, whether founded in
contract, in tort or pursuant to any other theory of liability, that each of the Credit Parties now has or may acquire against any one or more of them, arising out of events or transactions which occurred on or before the date hereof (each a
“Released Claim” and collectively, the “Released Claims”), including without limitation, those Released Claims arising out of or connected with the transactions arising under or related to any of the Indenture
Documents. 
 (b) The provisions, waivers and releases set forth in this Section are binding upon the Credit Parties and
their respective assigns and successors in interest. The provisions, waivers and releases of this Section shall inure to the benefit of the Trustee, the Collateral Trustee, and the Requisite Holder and each of their respective agents, employees,
officers, directors, assigns and successors in interest. The Credit Parties warrant and represent that they are the sole and lawful owner of all right, title and interest in and to all of the claims released hereby and they have not heretofore
voluntarily, by operation of law or otherwise, assigned or transferred or purported to assign or transfer to any person any such claim or any portion thereof. Each of the Credit Parties shall indemnify and hold harmless the Trustee, the Collateral
Trustee, and the Requisite Holder from and against any claim, demand, damage, debt and liability (including payment of attorneys’ fees and costs actually incurred whether or not litigation is commenced) based on or arising out of any such
assignment or transfer. The provisions of this Section shall survive the date hereof. Nothing herein is or should be construed to be a release of claims against the Credit Parties or a satisfaction of any Indebtedness. 

10. Governing Law. THIS SECOND SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK (OR, TO THE EXTENT REQUIRED, THE LAW OF THE JURISDICTION IN WHICH THE COLLATERAL IS LOCATED), WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THEREOF. 

 11. Multiple Originals. The parties may sign any number of copies of this Second
Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. One signed copy is enough to prove this Second Supplemental Indenture. Delivery of an executed counterpart by facsimile or PDF
shall be as effective as delivery of a manually executed counterpart thereof. 
 12. Waiver of Jury Trial. EACH OF THE PARTIES HERETO
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SECOND SUPPLEMENTAL INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED
THEREBY. 
 13. Consent to Jurisdiction. Each of the Parties hereto hereby irrevocably and unconditionally submits, for itself and
its property, to the nonexclusive jurisdiction of any competent New York State court or federal court of the United States sitting in the State and City of New York, County of New York and Borough of Manhattan, and any appellate court from any
thereof, in any action or proceeding arising out of or relating to this Second Supplemental Indenture or the Notes, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that
all claims in respect of any such action or proceeding may be heard and determined in such state court sitting in the State and City of New York, County of New York and Borough of Manhattan or, to the extent permitted by law, in such federal court
sitting in the State and City of New York, County of New York and Borough of Manhattan. 
 Each of the Parties hereto hereby irrevocably and unconditionally
waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action proceeding arising out of or relating to this Second Supplemental Indenture or the Notes
in any such New York State or federal court. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

[Remainder of the page intentionally left blank] 

 IN WITNESS WHEREOF, the undersigned has caused this Second Supplemental Indenture to be executed
and delivered as of the date first above written. 
  

			
	COMPANY:
	
	GEVO, INC.
		
	By:		 /s/ Mike Willis

	Name:		Mike Willis
	Title:		Chief Financial Officer
	
	GUARANTORS:
	
	AGRI-ENERGY, LLC
		
	By:		 /s/ Mike Willis

	Name:		Mike Willis
	Title:		Chief Financial Officer
	
	GEVO DEVELOPMENT, LLC
		
	By:		 /s/ Mike Willis

	Name:		Mike Willis
	Title:		Chief Financial Officer

 
			
	REQUISITE HOLDER AND SOLE HOLDER:
	
	WB GEVO, LTD.
		
	By:		 /s/ Mark Strefling

	Name:		Mark Strefling
	Title:		Director

 
			
	TRUSTEE:
	
	WILMINGTON SAVINGS FUND SOCIETY, FSB as Trustee
		
	By:		 /s/ Jason B. Hill

	Name:		Jason B. Hill
	Title:		Assistant Vice President
	
	COLLATERAL TRUSTEE:
	
	WILMINGTON SAVINGS FUND SOCIETY, FSB as Collateral Trustee
		
	By:		 /s/ Jason B. Hill

	Name:		Jason B. Hill
	Title:		Assistant Vice President

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