Document:

Exhibit 10.3

 

Execution Version

 

ASSIGNMENT AND ASSUMPTION
AGREEMENT

 

This ASSIGNMENT
AND ASSUMPTION AGREEMENT, dated as of May 31, 2019 (this “Assignment”), by and between Sunoco,
LLC, a Delaware limited liability company (“Assignor”) and Attis Ethanol Fulton, LLC, a Georgia limited
liability company (“Assignee”).

 

W I T N E S S E T H:

 

WHEREAS,
certain affiliates of Assignor are parties to the Purchased Contracts (as defined in the Agreement) (collectively, the “Sunoco
Affiliate Parties” and each, a “Sunoco Affiliate Party”);

 

WHEREAS,
Assignor, directly or indirectly, owns 100% of the limited liability company interests of the Sunoco Affiliate Parties; and

 

WHEREAS,
in accordance with the terms of that certain Second Amended and Restated Asset Purchase Agreement, dated as of May 31, 2019 (as
amended, amended and restated and supplemented to date, the “Agreement”), providing for, among other
things, the purchase and sale of the Purchased Assets, including the Purchased Contracts and the Assumed Liabilities, Assignor,
on behalf of each of the Sunoco Affiliate Parties, and Assignee have agreed to enter into this Assignment, providing for (a) the
assignment from the applicable Sunoco Affiliate Party, to Assignee of all of such Sunoco Affiliate Party’s right, title and
interest in, under and to the Purchased Contracts from and after the Closing, on and subject to the terms of the Agreement and
this Assignment, and (b) the acceptance by Assignee of such assignment and the assumption by Assignee of (i) all obligations to
be performed by the applicable Sunoco Affiliate Party, under the Purchased Contracts on and after the Closing Date and (ii) the
other Assumed Liabilities.

 

NOW,
THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

 

1. Assignment.
In accordance with and subject to the terms of the Agreement, Assignor, on behalf of each of the Sunoco Affiliate Parties, hereby
sells, assigns, transfers and conveys to Assignee, to the extent that such are legally assignable and any necessary consents to
assignment have been obtained, all of the applicable Sunoco Affiliate Party’s right, title and interest in, under and to
the Purchased Contracts from and after the Closing.

 

2. Acceptance and
Assumption. In accordance with and subject to the terms of the Agreement, Assignee hereby (a) purchases and accepts the assignment,
transfer and conveyance, to the extent that such are legally assignable and necessary consents to assignment have been obtained,
of each Sunoco Affiliate Party’s right, title and interests in, under and to the Purchased Contracts; (b) unconditionally
and irrevocably assumes, undertakes and agrees, subject to valid claims and defenses, to pay, satisfy, perform and discharge in
full, as and when due, and release and discharge Assignor, each applicable Sunoco Affiliate Party and their respective successors
and assigns completely and forever from, all obligations and liabilities of any kind arising out of, or required to be performed
under, such assigned Purchased Contracts from and after the Closing and (c) unconditionally and irrevocably assumes, undertakes
and agrees to pay, satisfy, perform and discharge in full, as and when due, and release and discharge Assignor, each applicable
Sunoco Affiliate Party and their respective successors and assigns completely and forever from, all of the Assumed Liabilities
and all obligations and liabilities of any kind arising out of Assignee’s assumption of the Assumed Liabilities.

 

     

     

    

 

3. Conflict.
In the event of any conflict or inconsistency between the terms of the Agreement and the terms hereof, the Agreement shall govern.

 

4. Parties in Interest.
This Assignment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted
assigns.

 

5. Counterparts.
This Assignment may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall
be an original, and all of which together shall constitute one and the same instrument.

 

6. Governing Law.
This Assignment and the rights and obligations of the parties hereunder shall be governed by, and construed in accordance with,
the laws of the State of Texas as applied to contracts made and performed entirely in such state.

 

7. Definitions.
Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Agreement.

 

[Signature Pages Follow]

 

    -2-

     

    

 

IN WITNESS WHEREOF,
the parties hereto have duly executed and delivered this Assignment as of the date first written above.

 

	
        

         
	ASSIGNOR:
	 	 
	 	SUNOCO, LLC
	 	 
	 	By:	/s/ Karl Fails
	 	Name: 	Karl Fails
	 	Title:	President

 

Signature
Page to

Assignment
and Assumption Agreement

 

     

     

    

 

	 	ASSIGNEE:
	 	 	 
	 	ATTIS ETHANOL FULTON, LLC
	 	 
	 	By:	/s/ Jeffrey S. Cosman
	 	Name: 	Jeffrey S. Cosman
	 	Title:	Manager

 

Signature
Page to

Assignment
and Assumption AgreementExhibit 10.4

 

SUBORDINATION
AGREEMENT

 

THIS
AGREEMENT is made as of May 29, 2019 by the County of Oswego Industrial Development Agency, a public benefit corporation
of the State of New York with an address of 44 West Bridge Street, Oswego, New York 13216 (“Agency”)
in favor of Highscore Capital LLC, with an address of 2233 Nostrand Avenue, 3rd Floor, Brooklyn, New York 11210
(“Lender”).

 

WITNESSETH:

 

WHEREAS,
Sunoco, Inc. (R&M), a Pennsylvania corporation (“Sunoco R&M”), was a party to certain documents,
including but not limited to an amended and restated company lease (the “Amended and Restated Company Lease”),
an amended and restated agency lease agreement (the “Amended and Restated Agency Agreement”), an environmental
compliance and indemnification agreement (the “Environmental Compliance and Indemnification Agreement”)
and a second amended and restated payment in lieu of tax agreement (the “Second Amended and Restated PILOT Agreement”
and, together with all other documents executed or assumed by the Company in connection with the Project (as defined herein),
the “Company Documents”) in conjunction with a project undertaken by the Agency (the “Project”)
consisting of: (A) (i) the acquisition of a leasehold interest in approximately 90 acres of improved real property located
at 1850 County Route 57, Fulton, Town of Volney, County of Oswego, and State of New York (aka 376 Owens Road, Fulton, NY)
(the “Original Land”), (ii) the reconstruction of three existing buildings aggregating approximately
300,000 square feet (the “Existing Facility”), and the construction of five additional buildings aggregating
approximately 15,000 square feet (the “Original Facility”), all for use as a corn to ethanol production
facility, and (iii) the acquisition and installation of certain furnishings, fixtures, machinery and equipment (collectively
the “Original Equipment”) in the Existing Facility (the Original Land, the Existing Facility, the New
Facility and the Original Equipment hereinafter collectively referred to as the “Original Project Facility”);
(B) (i) the acquisition or continuation of a leasehold interest in approximately 91-119 acres of improved real property located
at 376 Owen Road in the Town of Volney, New York, Oswego County (the “New Land” and together with the
Original Land, the “Land”); (ii) construction and equipping of an approximate 1,260 square foot scale
house for use in conjunction with the production of ethanol; the renovation, reconstruction, repair, equipping and improvements
of approximately: (a) 10,500 square feet on the first floor and 24,000 square feet on the second floor of building 4 on the Land
to be used in connection with the production of malt barley; (b) 49,000 square feet of building 5 on the Land to be used in connection
with the production of malt barley and other uses; (c) 41,000 square feet in building 14 on the Land to be used for biorefining;
(d) 33,500 square feet in building 25 on the Land for expansion of tank additions; and (e) 7,200 square feet in building 28 on
the Land for future expansion (collectively the “New Facility” and together with the Original Facility,
the “Facility”), (C) the acquisition and installation of machinery and equipment located in the Facility
to be used in the production of ethanol (collectively the “Equipment”) (the Land, Facility and Equipment
are hereinafter collectively referred to as the "Project Facility”); (D) the granting of certain financial
assistance in the form of exemption from sales and use taxation, mortgage recording tax, if any, and real property tax (collectively,
the “Financial Assistance”); and (E) the lease of the Project Facility by the Agency pursuant to a lease
agreement and the lease of the Project Facility back to Sunoco R&M pursuant to a sublease agreement; and

 

WHEREAS, 
in March 2016 Sunoco R&M merged (the “Merger”) with a related company, Sunoco Retail LLC (the
“Company”); and

 

     

     

    

 

WHEREAS,
as part of the Merger, and with the approval of the Agency, Sunoco R&M transferred the Project Facility to the Company and
the Company agreed to accept same (the “Transfer”); and

 

WHEREAS,
as part of the Transfer, and with the approval of the Agency, Sunoco R&M assigned all of the Company Documents to the Company
and the Company assumed all of Sunoco R&M’s obligations thereunder (the “Assignment”); and

 

WHEREAS,
the Company notified the Agency that it intended to sell the Project Facility to Attis Ethanol Fulton, LLC (“Attis”);
and

 

WHEREAS,
the Company requested that the Agency consent to the sale by the Company of the Project Facility to Attis (the “2019
Transfer”) and the assignment by the Company and the assumption by Attis (the “2019 Assignment”)
of the Amended and Restated Company Lease, the Amended and Restated Agency Agreement, the Second Amended and Restated PILOT Agreement,
the Environmental Compliance and Indemnification Agreement and the other Company Documents (collectively, the “Assumed
Documents”); and

 

WHEREAS,
at the request of the Company, by resolution dated February 25, 2019 (the “2019 Approving Resolution”),
the Agency approved the 2019 Transfer and the 2019 Assignment; and

 

WHEREAS,
in connection with the 2019 Transfer and the 2019 Assignment, Lender has made a loan to Attis in the aggregate principal amount
of $15,000,000.00, which loan is secured by [enter names of the mortgage and other security documents] (collectively, the “Mortgage”);
and

 

WHEREAS,
Lender requires that the Amended and Restated Agency Lease and the Amended and Restated Company Lease be subordinated to the Mortgage.

 

NOW,
THEREFORE, in consideration of these premises and other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged that the Agency agrees with the Lender that the Amended and Restated Agency Lease and the Amended and Restated
Company Lease are subject and subordinate to the lien of the Mortgage with the same effect, in law and in equity, as if the Mortgage
were executed, delivered and recorded immediately prior thereto, including all interest accruing and advances made now or hereafter
thereunder and all extensions, renewals or modifications thereof.

 

This
Agreement may not be changed or terminated orally and shall bind and inure to the benefit of the parties hereto and their respective
successors and/or assigns.

 

    2

     

    

 

IN
WITNESS WHEREOF, the Agency has duly executed this agreement the day and year first above written.

 

	 	COUNTY
    OF OSWEGO INDUSTRIAL DEVELOPMENT AGENCY   
	 	 
	 	By:	/s/
     Gary Toth
	 	 	Name:
    Gary Toth
	 	 	Title:   Chairman

 

	STATE
    OF NEW YORK	)
	 	)ss:
	COUNTY
    OF OSWEGO	)

 

On
the 29th day of May, in the year 2019 before me, the undersigned, personally appeared GARY TOTH personally known
to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument
and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individuals
or the person upon behalf if which the individual acted, executed the instrument.

 

	 	 
	 	Notary
    Public

 

 

3

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