Document:

EX-10.15

 Exhibit 10.15 

MASTER BIOMASS PURCHASE AND SALE AGREEMENT 

Dated as of             , 2015 

by and between 
 ENVIVA, LP

 and 
 ENVIVA
WILMINGTON HOLDINGS, LLC 

 TABLE OF CONTENTS 

 

							
	1.	 	 Definitions
	  	 	1	  
	2.	 	 Term
	  	 	7	  
	3.	 	 Delivery of Biomass
	  	 	7	  
	4.	 	 Transportation; Loading and Unloading
	  	 	8	  
	5.	 	 Quality
	  	 	9	  
	6.	 	 Sampling
	  	 	10	  
	7.	 	 Testing and Analysis
	  	 	10	  
	8.	 	 Weight Determination
	  	 	10	  
	9.	 	 Pricing and Payment
	  	 	11	  
	10.	 	 Rejection
	  	 	13	  
	11.	 	 Damages
	  	 	14	  
	12.	 	 Facility and Terminal; Audit Rights
	  	 	15	  
	13.	 	 Events of Default; Termination
	  	 	16	  
	14.	 	 Indemnification
	  	 	17	  
	15.	 	 Insurance
	  	 	17	  
	16.	 	 Force Majeure
	  	 	17	  
	17.	 	 Compliance with Law
	  	 	19	  
	18.	 	 Duty to Mitigate
	  	 	19	  
	19.	 	 Confidentiality
	  	 	19	  
	20.	 	 Taxes
	  	 	20	  
	21.	 	 Governing Law and Dispute Resolution
	  	 	20	  
	22.	 	 Representations and Warranties
	  	 	21	  
	23.	 	 Miscellaneous
	  	 	22	  

  

			
	Schedule A:	 	 Form of Confirmation

	Schedule B:	 	 Technical Dispute Resolution Procedures

	Schedule C:	 	 Sustainability Criteria

	Schedule D:	 	 DAP Schedule

	Schedule E:	 	 FOB Schedule

  
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 MASTER BIOMASS PURCHASE AND SALE AGREEMENT 

THIS MASTER BIOMASS PURCHASE AND SALE AGREEMENT is made effective as of
            , 2015 (the “Effective Date”), by and between Enviva, LP, a Delaware limited partnership (“ELP”) and Enviva Wilmington
Holdings, LLC, a Delaware limited liability company (“EWH”) (each, individually a “Party”, and collectively, the “Parties”). 

RECITALS: 
 The Parties wish to
enter into this Agreement in order to buy and sell Biomass (as hereinafter defined) on the terms set forth herein pursuant to one or more Confirmations (as hereinafter defined) as the Parties may enter into from time to time. 

AGREEMENT: 
 NOW, THEREFORE,
in consideration of the promises and mutual agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows:

 1. Definitions. In addition to any other defined terms herein, the following terms used in this Agreement shall have the
following meanings: 
 “Actual NCVcp” means NCV of a Shipment at constant pressure as received. 

“Affected Party” has the meaning set forth in Section 16(a). 

“Affiliate” means, with respect to any Person, any other Person that is directly or indirectly controlling, controlled
by or under common control with, such Person; provided that for purposes of this definition, “control” means the power to direct or cause the direction of the management and policies of a Person, directly or indirectly, whether
through the ownership of voting interests, by contract or otherwise, and “controlling”, “controlled by” and “under common control with” have corresponding meanings. 

“Agreement” means this Master Biomass Purchase and Sale Agreement, together with the Schedules hereto and each
Confirmation. 
 “Annual Quantity” means the annual quantity of Biomass expressed in Tonnes to be delivered pursuant
to the relevant Confirmation. 
 “Applicable Law” means any applicable law, statute, rule, regulation, ordinance,
Permit, decision, order, judgment, agreement, directive, grant, concession, policy or other requirement and any form or decision of or determination by or interpretation of any of the foregoing by any Government Entity, now or hereafter in effect.

 “Base NCV” means NCV equal to seventeen (17.0) Gigajoules per Tonne. 

“Base Price” has the meaning set forth in the relevant Confirmation. 

  
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 “Biomass” means wood pellets that conform to the Specifications and the
Sustainability Criteria. 
 “Buyer” has the meaning set forth in the relevant Confirmation. 

“Buyer’s Shortfall” has the meaning set forth in Section 11(b). 

“Charter” means a contract whereby an Owner contracts with Buyer for the transportation of one or more FOB Shipments.

 “CIF” means Cost, Insurance and Freight as per Incoterms. 

“Claims” has the meaning set forth in Section 14. 

“Confidential Information” has the meaning set forth in Section 19(a). 

“Confirmation” means written evidence, substantially in the form of Schedule A, confirming the specific terms
and conditions of a transaction for the purchase, sale, delivery and acceptance of Biomass hereunder. 
 “Contract
Term” has the meaning set forth in the relevant Confirmation. 
 “DAP” means Delivered at Place as per
Incoterms. 
 “DAP Schedule” means Schedule D. 

“DAP Shipment” means a consignment of Biomass shipped on board truck(s) or rail car(s) and delivered by Seller to
Buyer hereunder. 
 “DAP Weight Certificate” has the meaning set forth in Section 8(a). 

“Default Rate” means the lesser of (a) one and one-half percent (1.5%) per month and (b) the maximum
amount permitted by Applicable Law. 
 “Defaulting Party” has the meaning set forth in Section 13(a).

 “Delivery Point” means the truck unloading area (for DAP Shipments by truck) or the rail car unloading area (for
DAP Shipments by rail) at the Terminal. 
 “Effective Date” has the meaning set forth in the introductory paragraph
hereof. 
 “ELP” has the meaning set forth in the introductory paragraph hereof. 

“ETA” means estimated time of arrival. 

“EURAL” means Europese afvalstoffenlijst (a list of waste products assembled by the European Commission with
criteria for hazardous materials). 
 “Event of Default” has the meaning set forth in Section 13(a).

  
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 “EVOA” means Europese Verordening Overbrenging Afvalstoffen
(European rules regarding export and import of waste biomass fuels). 
 “EWH” has the meaning set forth in the
introductory paragraph hereof. 
 “Extraneous Material” has the meaning set forth in Section 5(a)(iv).

 “Facility” has the meaning set forth in the relevant Confirmation. 

“Financing Party” means any Person that provides debt, loans, credit or credit support, acts as counterparty on any
interest rate or currency hedging arrangements, or provides other financing, to a Party. 
 “First Installment” has
the meaning set forth in Section 9(c)(i). 
 “FOB” means Free on Board as per Incoterms. 

“FOB Schedule” means Schedule E. 

“FOB Shipment” means a consignment of Biomass shipped on board Vessel(s) and delivered by Seller to Buyer hereunder.

 “FOB Weight Certificate” has the meaning set forth in Section 8(b). 

“Force Majeure Event” has the meaning set forth in Section 16(a). 

“GGL Certification” means certification in accordance with the “Green Gold Label” quality system, as more
fully described at the websites www.controlunion.com/certification and www.greengoldcertified.org. 
 “Gigajoule” or
“GJ” means one billion (1,000,000,000) Joules. 
 “Government Entity” means any
national, regional, provincial, municipal or local authority, department, body, board, instrumentality, commission, corporation, branch, directorate, agency, ministry, court, tribunal, judicial authority, legislative body, administrative body,
regulatory body, autonomous or quasi-autonomous entity or taxing authority or any political subdivision of any of the foregoing and any Person (whether autonomous or not) exercising executive, legislative, judicial, regulatory or administrative
functions of or pertaining to any of the foregoing entities, having jurisdiction over the Person or matter in question. 

“Holidays” means official national holidays in the United States of America. 

“IMO” means the International Maritime Organization. 

“Incoterms” means International Chamber of Commerce
Incoterms® 2010 or such other version of such terms as the Parties may agree shall apply. 

“Indemnified Party” has the meaning set forth in Section 14. 

  
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 “Indemnifying Party” has the meaning set forth in Section 14.

 “Insolvent” means, with respect to a Party, that: (a) such Party files a voluntary petition in bankruptcy;
(b) such Party is adjudged bankrupt; (c) a court assumes jurisdiction of the assets of such Party under a federal reorganization act; (d) a trustee or receiver is appointed by a court for all or a substantial portion of the assets of
such Party; (e) such Party becomes insolvent or suspends its business; or (f) such Party makes a general assignment of its assets for the benefit of its creditors. 

“Interest Rate” means the lesser of (a) one-half of one percent (0.5%) per month and (b) the maximum amount
permitted by Applicable Law. 
 “ISO” means International Organization for Standardization. 

“Joule” means a joule as defined in ISO 1000:1992 (E). 

“Laycan” has the meaning set forth in the relevant Confirmation. 

“Load Port” means the port to which Seller delivers Biomass comprising FOB Shipments as specified in the relevant
Confirmation. 
 “Load Port Procedures” means the policies and procedures implemented and in effect from time to
time at the Load Port with respect to docking, berthing, loading, unloading and similar matters. 
 “Loading Rate”
has the meaning specified in the relevant Confirmation. 
 “Market Price” means, at the sole option and risk of the
performing Party, either (a) the reasonable and documented price actually paid or received by the performing Party to procure or sell, as the case may be, wood pellets of similar quality and quantity as Biomass over a similar period; or
(b) the forward price curve for the relevant period as determined by averaging the forward price curves from the relevant market indices for wood pellets of similar quality delivered CIF to Antwerp, Belgium, or Rotterdam or Amsterdam,
Netherlands, with equitable adjustments to such indices to conform them to Shipments under the relevant Confirmation, including by eliminating the built-in cost components of such indices inapplicable to Shipments under the relevant Confirmation,
including oceangoing freight costs, loading and storage costs, and truck or rail freight costs, as applicable. 
 An index must exhibit a
minimum liquidity threshold as determined by completion of at least four (4) transactions of at least twenty-five thousand (25,000) MT per week to be used in determining the Market Price. Where there are not at least two (2) relevant
indices for any or all of the applicable term or where wood pellets of similar quality are not available in the market, the curve may be determined or augmented, as the case may be, based upon the price at which the performing Party would be able to
sell or purchase, as the case may be, the quantity of wood pellets in the market acting in a reasonable manner as determined by taking the average of price quotations for wood pellets of similar quality and quantity over a similar period from at
least two (2) and no more than three (3) independent internationally recognized and reputable dealers/brokers or counterparties (such dealers/brokers or 

  
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counterparties to be appointed by the performing Party). Such forward curve shall be expressed on a quarterly basis where a quarter is a three (3) month period over the period in which the
Shipments are not delivered or accepted, as the case may be, and the missed quantity in each quarter, whether by failure to deliver, failure to accept, or termination, shall be associated with the Market Price for such quarter. For the avoidance of
doubt, the performing Party is not obligated to enter into any replacement transaction to determine the Market Price. 

“Master” means the captain of the relevant Vessel. 

“NCV” means net calorific value expressed in Gigajoules per Tonne as per ISO 1928, at constant pressure as received.

 “NCV Adjusted Price” has the meaning set forth in the relevant Confirmation. 

“Non-Affected Party” has the meaning set forth in Section 16(a). 

“Non-Defaulting Party” has the meaning set forth in Section 13(a). 

“NOR” means a notice of readiness tendered by a Master confirming a Vessel’s readiness to load cargo at the Load
Port. 
 “Notifying Party” has the meaning set forth in Section 13(b). 

“Office Hours” means the period between 09:00 and 17:00 hours on a Working Day. 

“Owner” means the owner or operator of the relevant Vessel. 

“Party” and “Parties” have the respective meanings set forth in the introductory paragraph
hereof. 
 “Permit” means any waiver, franchise, exemption, variance, permit, clearance, registration,
authorization, consent, decree, approval, license, filing, privilege, ruling, certification or order from or required to be obtained or maintained by any Government Entity. 

“Person” means any natural person, corporation, company, partnership (general or limited), limited liability company,
business trust, Government Entity or other entity or association. 
 “Purchase Price” means the price payable by
Buyer to Seller for Shipments as specified in the relevant Confirmation. 
 “Quality Analysis Certificate” has the
meaning set forth in the relevant Confirmation. 
 “Rejection Notice” has the meaning set forth in
Section 10(a). 
 “Rules” has the meaning set forth in Section 21(c). 

  
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 “Second Installment” has the meaning set forth in
Section 9(c)(ii). 
 “Seller” has the meaning set forth in the relevant Confirmation. 

“Seller’s Laycan Nomination” means the notification from Seller to Buyer of the Laycan and quantity available to
be loaded for each FOB Shipment as set forth in the relevant Confirmation. 
 “Seller’s Shortfall” has the
meaning set forth in Section 11(a). 
 “Shipment” means a DAP Shipment or an FOB Shipment, as
applicable. 
 “Shipment Schedule” means the schedule for Shipments as specified in the relevant Confirmation. 

“Shipment Size” has the meaning set forth in the relevant Confirmation. 

“Specifications” means the quality specifications for the Biomass delivered pursuant to this Agreement as set forth in
Section 5 and the relevant Confirmation. 
 “SSHINC” means Saturdays, Sundays and Holidays included but
excluding Super Holidays. 
 “Super Holidays” means Easter Sunday, July 4th, Labor Day, Thanksgiving Day,
Christmas Eve and Christmas Day. 
 “Sustainability Criteria” has the meaning set forth in
Section 5(a)(iv). 
 “Technical Dispute” means (a) any dispute which this Agreement expressly
provides will be a Technical Dispute or (b) in the absence of such an express provision, any dispute which the Parties agree, by its nature, must be resolved entirely by either (i) the application of engineering principles or such other
specialized technical knowledge in order to reach resolution thereof or (ii) the application of financial, accounting, or tax standards and principles in order to reach resolution thereof, excluding any dispute that has already been resolved
pursuant to the applicable provisions of this Agreement (including any applicable Confirmation). 
 “Technical
Expert” has the meaning set forth in Schedule B. 
 “Terminal” has the meaning set forth in the
relevant Confirmation. 
 “Termination Payment” means (1) the greater of (a) an amount equal to the total
losses, costs (including legal costs and other third party payments), actual damages and expenses suffered by the Non-Defaulting Party (taking into account any gains or savings by the Non-Defaulting Party and its duty to mitigate its losses) in
connection with the early termination of the relevant Confirmation(s), including (without duplication) any loss or cost incurred as a result of entering into replacement purchase and sale agreement(s) for Biomass on similar terms to the relevant
Confirmation(s) with respect to the remaining portion of the Contract Term of such Confirmations and (b) $0, plus (2) the aggregate sum of all other payments due to the Non-Defaulting Party under this Agreement. 

  
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 “Tonne” or “MT” means a metric tonne or
one thousand (1000) kilograms. 
 “Vessel” means an ocean- or sea-going vessel used by Buyer to load and carry
a Shipment. 
 “Vessel Nomination” means the nomination by Buyer to Seller of the Vessel for carriage of the FOB
Shipment as set forth in the relevant Confirmation. 
 “Vessel Requirements” has the meaning set forth in
Section 4(b) of the FOB Schedule. 
 “Weight Certificate” means a DAP Weight Certificate or an FOB Weight
Certificate, as applicable. 
 “Working Day” means any day other than a Saturday, Sunday or Holiday. 

2. Term. 
 (a)
Term. This Agreement shall be effective as of the Effective Date and shall, unless sooner terminated in accordance herewith, remain in full force and effect until terminated in accordance herewith. 

(b) Termination. Either Party may terminate this Agreement by giving the other Party thirty (30) days’ prior written notice;
provided, that (a) all Confirmations in effect at the time of such termination, including the terms of this Agreement incorporated therein, shall remain in full force and effect notwithstanding any such termination until all rights and
obligations thereunder are fully performed or effected by both Parties or until such Confirmations have been terminated under Section 13 of this Agreement and (b) no Termination Payment shall be payable by either Party in connection
with any such termination of this Agreement. 
 (c) Transaction Terms. This Agreement shall govern all Confirmations between the
Parties from and after the Effective Date, unless otherwise expressly agreed to in writing by the Parties. Each transaction shall be governed by the provisions of this Agreement and the provisions of the applicable Confirmation. For each
transaction, this Agreement and the corresponding Confirmation shall constitute a single integrated agreement governing the Confirmation, and references to this “Agreement” shall encompass each and all of the foregoing. In the event of any
conflict between the terms of this Agreement and the terms of a Confirmation, the terms of the Confirmation shall govern. 
 3.
Delivery of Biomass. 
 (a) Delivery Terms. Except where otherwise inconsistent with the express terms of this
Agreement or the relevant Confirmation, (i) DAP Delivery Point Incoterms shall apply where the relevant Confirmation specifies DAP Shipments and (ii) FOB Load Port 

  
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Incoterms shall apply where the relevant Confirmation specifies FOB Shipments. For the avoidance of doubt, delivery of all Biomass hereunder shall be final and effective upon passage of title to
Buyer at the Delivery Point (for DAP Shipments) or the Load Port (for FOB Shipments). The DAP Schedule shall apply to all DAP Shipments and the FOB Schedule shall apply to all FOB Shipments. 

(b) Quantity and Price. Subject to, and in accordance with, the terms hereof, Seller shall deliver Biomass conforming to the
Specifications in the Annual Quantity and Buyer shall pay for such Biomass at the Purchase Price. 
 (c) Deliveries. Seller shall
deliver DAP Shipments or FOB Shipments, as specified in the relevant Confirmation. Seller shall deliver Biomass at the Delivery Point (for DAP Shipments) or the Load Port (for FOB Shipments), in each case in accordance with the Shipment Schedule.

 (d) Title; Risk of Loss. 

(i) Seller warrants that (A) it is able to fully and lawfully transfer title of each Shipment to Buyer and (B) the Biomass
delivered hereunder shall, upon payment by Buyer therefor, be free from any liens, fees, charges, encumbrances, dues and claims of any kind. Seller shall indemnify, hold harmless and defend Buyer from and against any and all third party losses,
costs, damages, liabilities, injuries, claims, demands, penalties, interest and causes of action (including reasonable attorney’s fees and court and arbitral costs) arising out of or in relation to Seller’s breach of the warranty in this
Section 3(d)(i). 
 (ii) Title to each Shipment shall pass from Seller to Buyer when the Biomass is (1) unloaded at the
Delivery Point (for DAP Shipments) or (2) placed onboard the Vessel at the Load Port (for FOB Shipments). Risk of loss or damage to each Shipment shall pass from Seller to Buyer when the Biomass is (A) unloaded at the Delivery Point in
accordance with DAP Delivery Point Incoterms (for DAP Shipments) or (B) placed onboard the Vessel at the Load Port in accordance with FOB Load Port Incoterms (for FOB Shipments). 

(e) Environmental Rights, Renewable Energy Certificates, and Other Credits. All environmental rights and other credits (e.g., emission
reduction rights, credits, “green certificates”, including renewable energy certificates and renewable obligation certificates, and tax credits) associated with the Biomass or the manufacturing thereof shall at all times be and remain with
Buyer. 
 4. Transportation; Loading and Unloading. 

(a) Transportation and unloading of DAP Shipments shall be governed by the terms of the DAP Schedule. Loading and ocean/sea transportation of
FOB Shipments shall be governed by the terms of the FOB Schedule. 
 (b) If Buyer is for any reason unable to accept a Shipment made within
the time frame specified by Buyer pursuant to the Shipment Schedule, Seller shall, if Buyer so requests, use commercially reasonable efforts to store the Biomass that would have otherwise constituted the Shipment at the Facility (for DAP Shipments)
or the Terminal (for FOB 

  
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Shipments), so that it can be delivered as soon as Buyer is ready to accept such Shipment, until such time that any further attempt to store the Biomass would materially adversely affect the
operation of the Facility (for DAP Shipments) or the Terminal (for FOB Shipments), and, upon request by Buyer if adequate space is not available at the Facility or the Terminal, shall use commercially reasonable efforts to obtain off-site storage,
at Buyer’s cost and expense. Where Buyer makes such request for Seller to store Biomass, Buyer may not cancel the applicable Shipment by reason of its delayed readiness without Seller’s written consent; provided, however,
that Buyer shall reimburse Seller in respect of all reasonable and documented fees, charges, costs or expenses directly incurred by Seller as a result of storing Biomass pursuant to this Section 4(b). Where Seller concludes that any
further delay in delivering such Biomass would materially adversely affect the operation of the Facility (for DAP Shipments) or the Terminal (for FOB Shipments), Seller may cancel the Shipment, in which case the amount of such Shipment shall be
deemed Buyer’s Shortfall and Buyer shall pay Seller therefor pursuant to Sections 11(b) and 11(c). 
 (c) Seller shall keep
Buyer reasonably informed of any circumstances which would reasonably be expected to have a material adverse impact on Seller’s ability to deliver Shipments in accordance with the Shipment Schedule. 

5. Quality. 
 (a)
General Quality Requirements. 
 (i) The quality of Biomass delivered hereunder shall be determined at the Delivery Point (for DAP
Shipments) or the Load Port (for FOB Shipments), in each case in accordance with Sections 6 and 7. 
 (ii) The quality of
Biomass delivered hereunder shall comply with the Specifications and shall be manufactured, produced, stored and handled under a quality certification program that secures product integrity and quality from the production to the final delivery. Only
Biomass certified as conforming to the Specifications shall be delivered to Buyer hereunder. 
 (iii) Seller warrants that each Shipment
shall be of uniform quality; substantially free of Extraneous Material; free flowing; readily able to be unloaded and handled; and fully suited for bulk sea transport, free grab discharge, and inland transport. 

(iv) “Extraneous Material” means material which is not included in the Specifications and not normally a constituent
of Biomass and which is present in a size or quantity that could reasonably be expected to cause damage to handling equipment or the combustion process in a power plant. Examples of Extraneous Material include pieces of metal, stone or foreign
objects or other material foreign to the Biomass. 
 (v) Seller further warrants that all Biomass delivered hereunder shall comply with the
sustainability criteria as provided in Schedule C (the “Sustainability Criteria”). 

  
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 (b) Non-Compliance with Quality Requirements  

(i) If a Shipment or portion thereof does not comply with Section 5(a) in all material respects, Seller shall reimburse Buyer for
all reasonable and direct costs and expenses associated with conforming such Shipment to the requirements set forth in Section 5(a). If such Shipment or a portion thereof cannot be so conformed within a reasonable time, Buyer may
then reject the Shipment pursuant to Section 10 below upon three (3) Working Days’ prior written notice. 
 (ii) If
Biomass delivered to Buyer hereunder is believed by Buyer upon discharge to contain Extraneous Material, Buyer shall inform Seller thereof and Buyer shall appoint an independent surveyor, at Buyer’s sole cost and expense (subject to the
following sentence), to conduct an inspection of the Biomass. If the independent surveyor verifies that the Biomass contains Extraneous Material, Seller shall reimburse Buyer for the cost of such independent surveyor and shall replace any
defective Biomass at no cost to Buyer within a time period reasonably acceptable to Buyer. The amount of such affected Biomass shall be deemed Seller’s Shortfall and Seller shall pay Buyer therefor pursuant to Sections 11(a) and
(c), unless to the extent replaced as contemplated in this Section 5(b)(i). 
 (c) Right of Representation. Seller
has the right to be represented at its own expense and risk during (i) unloading of DAP Shipments at the Delivery Point, (ii) discharge of Biomass comprising FOB Shipments from the Vessel, as applicable, or (iii) any survey conducted
under Section 5(b). 
 (d) Customs Documentation. Seller shall provide, at its sole cost and expense, all customs
documentation required for export of each Shipment by Vessel, including, upon request by Buyer with reasonable advance notice, a certificate of origin, issued by an independent certification organization recognized by, and acceptable to, the customs
authorities in the applicable country or countries of final destination in respect of such Shipment. 
 6. Sampling. Each
Shipment shall be sampled in accordance with the relevant Confirmation. 
 7. Testing and Analysis. Testing and analysis of
each Shipment shall be conducted in accordance with the relevant Confirmation. 
 8. Weight Determination. 

(a) DAP Shipments. The weight of each DAP Shipment shall be determined at the Delivery Point at Buyer’s expense by the net scaled
weight of truckloads or rail cars, as applicable, delivering the relevant DAP Shipment(s). The weight as so determined shall be final and binding on the Parties except in the case of fraud or manifest error. All scales used in connection with the
weighing of such DAP Shipments shall be professionally certified by an independent inspection company appointed by Buyer, no less than once every six (6) months. Buyer shall, promptly after weighing of each DAP Shipment, provide Seller with a
certificate certifying the weight of such DAP Shipment as determined pursuant to this Section 8(a) (the “DAP Weight Certificate”). 

  
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 (b) FOB Shipments. The weight of each FOB Shipment shall be determined at the Load Port at
Seller’s expense by either a shore scale or, at Buyer’s option, a draft survey of the loaded Vessel. The weight as so determined shall be final and binding on the Parties except in the case of fraud or manifest error. Any equipment used in
connection with the weighing of such FOB Shipments shall be professionally certified by an independent inspection company appointed by Seller, no less than once every six (6) months. Any draft survey shall be conducted by an independent
licensed marine surveyor appointed by Seller with Buyer’s approval, which shall not be unreasonably withheld, conditioned or delayed. Seller shall, promptly after weighing of each FOB Shipment, provide Buyer with a certificate certifying the
weight of such FOB Shipment as determined pursuant to this Section 8(b) (the “FOB Weight Certificate”). 

9. Pricing and Payment. 

(a) Price. Buyer shall pay to Seller the Purchase Price for each Shipment in accordance with this Section 9. 

(b) Payments for DAP Shipments. Seller shall provide Buyer an invoice on or before the fifteenth (15th) day of each month in
respect of all DAP Shipments made in the prior month. Buyer shall pay the Purchase Price for DAP Shipments made in such prior month within five (5) Working Days following receipt from Seller of a properly documented invoice therefor, which
invoice shall be valid when Buyer has received each of the following with respect to such DAP Shipments: 
 (i) the DAP Weight Certificate,
bill of lading, weigh bill or equivalent documentation; 
 (ii) copies of certificates of origin, if requested pursuant to
Section 5(a)(vi); 
 (iii) upon request by Buyer with reasonable advance notice, required documentation to demonstrate
compliance with the GGL Certification or other customary sustainability control standard; and 
 (iv) all Quality Analysis Certificates.

 (c) Payments for FOB Shipments. Buyer shall pay the Purchase Price for each FOB Shipment in two (2) installments. 

(i) First Installment. The first installment of the Purchase Price (the “First Installment”) shall be ninety
percent (90%) of the Purchase Price calculated by reference to the Shipment Size and Base NCV. Buyer shall pay the First Installment within five (5) Working Days following receipt from Seller of a properly documented invoice therefor,
which invoice shall be valid when Buyer has received each of the following with respect to the FOB Shipment that is the subject of the invoice: 

(1) originals of the clean on board bill(s) of lading required pursuant to the FOB Schedule; 

(2) original FOB Weight Certificate; 

  
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 (3) copy of the mate’s receipt(s) duly signed by the officer in charge of loading the
Vessel; 
 (4) Shipper Cargo Information Sheet (SCIS) as issued by Seller from time to time; 

(5) statement of facts and NOR at Load Port signed by Seller (or its representative) and the Master; and 

(6) copies of certificates of origin (using a first in-first out determination), if requested pursuant to Section 5(a)(vi).

 (ii) Second Installment. The second installment of the Purchase Price (the “Second Installment”) shall be
the balance of the Purchase Price, reflecting Actual NCVcp. Buyer shall pay the Second Installment within five (5) Working Days following receipt from Seller of a properly documented invoice therefor, which invoice shall be valid when Buyer has
received each of the following with respect to the FOB Shipment that is the subject of the invoice: 
 (1) all documentation identified in
Section 9(c)(i); 
 (2) upon request by Buyer with reasonable advance notice, required documentation to demonstrate compliance
with the GGL Certification or control standard; and 
 (3) the Quality Analysis Certificate. 

(d) Payment Currency. All payments shall be made in immediately available funds in United States Dollars. 

(e) Obligation of Payment. Any dispute in relation to any payment in respect of any particular Shipment shall not affect any of the
Parties’ obligations in respect of any other Shipment. In the event an invoice or portion thereof is disputed, payment of the undisputed portion of the invoice shall be required to be paid when due, with notice of objection given to the other
Party, stating the basis for the dispute, regarding the remaining portion. The Parties shall cooperate reasonably and in good faith to negotiate and resolve the dispute regarding such disputed amount within thirty (30) days following receipt of
the invoice. The Party liable for payment shall make such payment, with interest thereon at the Interest Rate from the date on which the payment was originally due to the date of payment, within ten (10) Working Days following resolution of
such dispute. 
 (f) Interest. Without prejudice to any other rights and remedies under this Agreement or otherwise, if either Party
fails to make payment of any undisputed amount in full when the same is due and payable under this Agreement, such Party shall pay interest to the other Party on such part of such amount as remains outstanding from time to time at the Default Rate.
Such interest shall accrue until the Party pays the other Party such outstanding amount in full. 

  
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 (g) No Set-off. All payments to be made hereunder shall be made without setoff or
reduction of any kind. 
 10. Rejection. 

(a) Rejection. Buyer may reject any Shipment or partial Shipment if any report or data with respect to such Shipment from any test
conducted in accordance with Sections 6, 7 and 8 indicates that any of the requirements of Section 5 have not been met. If Buyer wishes to reject all or a portion of a Shipment, it shall, within ten (10) Working Days after
receipt of the Shipment deliver to Seller a notice (a “Rejection Notice”) setting forth such circumstance in reasonable detail, accompanied by reasonable documentary support. Unless a later date is specified in the Rejection
Notice, and absent fraud, manifest error or bad faith, the rejection shall take effect immediately upon delivery of the Rejection Notice to Seller. 

(b) Title and Risk Relating to Rejection. Upon a rejection set forth in any Rejection Notice becoming effective, risk and title to all
rejected Biomass shall immediately transfer to Seller, and Buyer shall be discharged from all obligations under this Agreement in relation to the rejected portion of the Biomass. Buyer shall execute all necessary documents and take all other steps
required to give effect to any passage of title pursuant to this Section 10(b). 
 (c) Effect of Rejection. If Buyer
rejects Biomass in accordance with this Section 10, Buyer may, within seven (7) days of such rejection, request that Seller deliver replacement Biomass in a quantity equal to the quantity rejected, in which event Seller shall use
commercially reasonable efforts to comply with Buyer’s request as soon as reasonably practicable. Any such delivery of replacement Biomass shall be on the same terms as the rejected Shipment or partial Shipment or such other terms as the
Parties may agree. If Buyer does not request that Seller deliver replacement Biomass under this Section 10(c), the provisions of Section 11 shall apply to the rejected quantity. 

(d) Reimbursement; Partially-Accepted Biomass. Buyer shall not be liable to pay for the rejected Biomass, and Seller shall on demand
refund within ten (10) Business Days any amount previously paid for the rejected Shipment to Buyer. If Buyer rejects only part of a Shipment, the amount owed by Buyer with respect to such Shipment shall be reduced pro rata according to the
amount of the Shipment accepted. 
 (e) Buyer’s Option to Accept. Buyer shall at all times have the option, in its sole
discretion, to accept any Shipment notwithstanding any failure of such Shipment to conform to the requirements of Section 5. Any acceptance by Buyer of a non-conforming Shipment shall not constitute a waiver of Buyer’s rejection
rights with respect to any other Shipment, and shall not limit Buyer’s right to reject any other non-conforming Shipment. 
 (f)
Liability for Costs. Seller shall be liable for all costs and damages and expenses arising out of or in connection with the rejected Shipment, including carrying charges and the costs of transporting the rejected Shipment to any destination
other than the Delivery Point. Buyer shall be obligated to use commercially reasonable means to mitigate such costs and expenses. 

  
 13 

 (g) Disposal Costs. Seller shall be responsible for and shall pay for all storage,
transport, alternate use, or disposal of any rejected Shipment or partial Shipment; provided, that Buyer shall segregate and safeguard for Seller’s account any rejected Shipment. Seller shall indemnify Buyer and hold Buyer harmless in
respect of all liabilities, losses, costs, and expenses suffered and incurred by Buyer in respect of storage, transport and disposal of any rejected Shipment. 

11. Damages. 
 (a)
Seller’s Shortfall. If (i) Buyer rejects all or any part of a Shipment in accordance with Section 10(a) and replacement Biomass has not been provided pursuant to Section 10(c), (ii) Seller fails to
deliver all or any part of a Shipment in accordance with the requirements of this Agreement, including any failure to deliver Biomass in the Annual Quantity and in accordance with the Shipment Schedule, other than due to a Force Majeure Event or
Buyer’s failure to perform, or (iii) Seller fails to comply with its obligations pursuant to Section 5 (the applicable quantity of Biomass, in any such event, “Seller’s Shortfall”), Seller shall pay
Buyer an amount per Tonne of Seller’s Shortfall equal to the positive difference, if any, between the Market Price and the then-applicable Base Price (each as adjusted based upon the average Actual NCVcp of Shipments delivered to Buyer by
Seller during the previous twelve (12) months under the relevant Confirmation or such shorter period as has elapsed since the effective date of such Confirmation) for such volume plus all losses, costs (including legal costs, transportation
costs, storage costs, handling costs and interest) incurred by Buyer as a result of Seller’s failure pursuant to the immediately preceding clause (i), (ii) or (iii), and actual damages and expenses suffered or incurred by Buyer as a result
of entering into any purchase agreements for Seller’s Shortfall on terms reasonably similar to the relevant Confirmation, after taking into account any gains or savings by Buyer due to mitigating its losses, costs, damages and expenses. 

(b) Buyer’s Shortfall. If (i) Buyer rejects all or part of any Shipment other than in accordance with
Section 10(a) or (ii) Buyer fails to comply with its obligations to accept delivery of all or part of a Shipment other than due to a Force Majeure Event (the applicable quantity of Biomass, in any such event,
“Buyer’s Shortfall”), Buyer shall pay Seller an amount per Tonne of Buyer’s Shortfall equal to the positive difference, if any, between the then-applicable Base Price and the Market Price (each as adjusted based
upon the average Actual NCVcp of Shipments delivered to Buyer by Seller during the previous twelve (12) months under the relevant Confirmation or such shorter period as has elapsed since the effective date of such Confirmation) for such volume
plus all losses, costs (including legal costs, transportation costs, storage costs, handling costs and interest) incurred by Seller as a result of Buyer’s failure pursuant to the immediately preceding clause (i) or (ii), and actual damages
and expenses suffered or incurred by Seller as a result of entering into any sale agreements for Buyer’s Shortfall on terms reasonably similar to the relevant Confirmation, after taking into account any gains or savings by Seller due to
mitigating its losses, costs, damages and expenses. 
 (c) The Party liable for payment pursuant to Section 11(a) or 11(b) shall
pay amounts owed pursuant thereto within ten (10) Working Days following receipt of an invoice therefor, together with reasonable supporting documentation; provided, however, that if a Party disputes the calculation of such
amounts, the Parties shall cooperate reasonably and in good faith to negotiate and resolve any such dispute within thirty (30) days following receipt of the invoice. 

  
 14 

 
The Party liable for payment pursuant to Section 11(a) or 11(b) shall make such payment within ten (10) Working Days following resolution of such dispute. Any amount owed
pursuant to Section 11(a) or 11(b) or other damages owed pursuant to this Agreement shall be paid with interest at the Default Rate in accordance with Section 9(f). 

(d) The Parties confirm that the express remedies and measures of damages provided in this Agreement satisfy the essential purposes hereof. To
the extent any damages required to be paid hereunder are liquidated, the Parties acknowledge and agree that the damages are difficult or impossible to determine, or otherwise obtaining an adequate remedy is inconvenient, and the damages calculated
hereunder constitute a reasonable approximation of the harm or loss. For breach of any provision for which an express remedy or measure of damages is provided, such express remedy or measure of damages shall be the sole and exclusive remedy, the
obligor’s liability shall be limited as set forth in such provision and all other remedies or damages at law or in equity are waived. If no remedy or measure of damages is expressly provided herein, the obligor’s liability shall, except as
otherwise provided in Section 11(e), be limited to direct actual damages only, such direct actual damages shall be the sole and exclusive remedy and all other remedies or damages at law or in equity are waived. It is the intent of
the Parties that the limitations herein imposed on remedies and the measure of damages be without regard to the cause or causes related thereto, including the negligence of any Party, whether such negligence be sole, joint or concurrent, or active
or passive. Without limiting the generality of the foregoing, the Parties agree that it is difficult or impossible to determine with precision the amount of damages that would be incurred by Buyer or Seller resulting from any act or omission, as the
case may be, described in Section 11(a), 11(b) or 13(a); any sums payable under Section 11(a), 11(b) or 13(c) because of such acts or omissions, as the case may be, are damages and not a penalty, and are fair and reasonable
and any such sums represent a reasonable estimate of fair compensation for the losses that may reasonably be anticipated from such acts or omissions, as the case may be. Payment of sums due pursuant to Section 11(a) or 11(b) shall
be the sole and exclusive remedy of the Party entitled to payment of such sums for the acts or omissions giving rise to such payment obligation. 

(e) No Punitive, Consequential or Similar Damages. Neither Party shall be liable for any loss of profit or of revenue or of goodwill,
or business interruption damages, or losses suffered under any other contract, or special, consequential, incidental, punitive, exemplary or indirect damages, whether in contract, indemnity, tort or otherwise, arising out of or in connection with
the performance, failure to perform or termination of this Agreement; provided, however, that notwithstanding the foregoing, in no event will the foregoing limitations of liability be applied to limit the extent of the liability of
either Party to the other for any breach of Section 19 or for or with respect to any third party indemnity claims under Section 14; and provided, further, that in no event will the foregoing limitations of
liability be applied to limit the extent of the liability of either Party under Sections 11(a), 11(b) or 13(c) or the liability of Seller to Buyer under Section 3(d)(i). 

12. Facility and Terminal; Audit Rights. 

(a) Safety. Each Party shall operate and maintain its Facility or Terminal, as applicable, at all times in a safe manner with due
regard to the life and health of people and protection of property, in compliance with Applicable Law and the then-current version of NFPA 664: Standard for the Prevention of Fires and Explosions in Wood Processing and Woodworking Facilities
or any successor publication. 

  
 15 

 (b) Inspection and Audit Rights. 

(i) Each Party shall have the right to inspect the other Party’s Facility or Terminal, as applicable, at any time during the Contract
Term of any Confirmation for health, safety, quality assurance or other similar purposes as Buyer may reasonably determine. Further, each Party shall at all times have the right to take samples of the Biomass at the Facility or Terminal, as
applicable, or at any storage or loading facility used by the other Party, or any other location where the Biomass may be located, and to audit and observe such other Party’s sampling and collection of Biomass at the Facility or Terminal, as
applicable, or elsewhere, upon reasonable notice to such other Party. 
 (ii) During the Contract Term of the relevant Confirmation and for
up to one (1) year thereafter, each Party may, at its own expense, during Office Hours and upon reasonable advance notice so as to not unreasonably interfere with the normal business operations of the other Party or of such other Party’s
Facility or Terminal, as applicable, inspect, copy or audit, to the extent relevant to such other Party’s obligations under such Confirmation, such other Party’s books, records, accounts, ledgers, schedules, correspondence and any other
documents including supplier records in its possession or control or otherwise available to it; provided, however, that neither Party shall have the right to inspect, copy or audit any of the foregoing that relates solely to the other
Party’s pricing of Biomass. Any Party exercising its rights to inspect, copy or audit pursuant to this Section 12(b)(ii) shall reimburse the reasonable and documented out-of-pocket costs and expenses incurred by the other Party in
connection with this Section 12(b)(ii). Such other Party shall reasonably cooperate with any such inspection, copying or audit and shall provide such information as may be reasonably requested by the Party carrying out such inspection,
copying or audit under this Section 12(b)(ii). 
 13. Events of Default; Termination. 

(a) Defaults. Any one or more of the following shall constitute an event of default (an “Event of Default”)
with respect to a Party (the “Defaulting Party”), giving the other Party (the “Non-Defaulting Party”) the right to terminate this Agreement or any or all Confirmations by giving notice in writing to
the Defaulting Party: 
 (i) a Party breaches any payment obligation under this Agreement and fails to cure such breach within fifteen
(15) days after written notice thereof from the other Party; 
 (ii) a Party commits a material breach of any non-payment obligation
under this Agreement (other than as set forth in Section 19) and fails to cure such breach within thirty (30) days after written notice thereof from the other Party; provided, however, that if such default cannot
reasonably be cured within such thirty (30) day period but can reasonably be cured in sixty (60) days, such default shall not constitute an Event of Default so long as the Party in breach commences the cure thereof within such thirty
(30) day period and thereafter diligently pursues such cure to completion within not less than sixty (60) days after such written notice from the other Party; or 

  
 16 

 (iii) a Party becomes Insolvent. 

(b) Rights Pending Cure. A Party who gives the other Party notice of a breach or failure pursuant to this Section 13 (a
“Notifying Party”) may, during any applicable period in which the other Party may cure such breach or failure, and in addition to any other right or remedy available to such Notifying Party, withhold any payments due to the
other Party and suspend performance of such Notifying Party’s obligations hereunder until such breach or failure by the other Party is cured. 

(c) Effect of Termination. Where this Agreement or any Confirmation is terminated by a Party pursuant to Section 13(a), the
Non-Defaulting Party shall, within ten (10) days of the date of termination, calculate the applicable Termination Payment with respect to the aggregate of all Confirmations being terminated and notify the Defaulting Party of the amount so
calculated, and the Defaulting Party shall, within ten (10) days of receiving such notice, pay to the Non-Defaulting Party an amount equal to the Termination Payment. The Non-Defaulting Party shall not be obligated to enter into replacement
agreements or to terminate related trading positions in order to establish the amount of the Termination Payment. 
 14.
Indemnification. Each Party (the “Indemnifying Party”) shall indemnify and hold harmless the other Party (the “Indemnified Party”) from and against any and all losses, liabilities,
costs, expenses, damages, demands, claims, actions and allegations by third parties (“Claims”), including, without limitation, Claims by third parties relating to Extraneous Material contained in any Biomass that is purchased
by Buyer from Seller under this Agreement and subsequently sold by Buyer to such third parties, incurred by the Indemnified Party (including attorney’s fees and litigation costs, including in enforcing such indemnity rights) resulting from,
arising out of, or relating to the Indemnifying Party’s breach of any representation or warranty or covenant of the Indemnifying Party under this Agreement or other contractual breach or from the Indemnifying Party’s willful misconduct,
fraud, negligence or other legal fault. For purposes of this Section 14, the acts or omissions of the Indemnifying Party shall include the acts or omissions of any employees, agents, servants, contractors or subcontractors of the
Indemnifying Party. Notwithstanding any other provision of this Agreement, the Indemnified Party shall notify the Indemnifying Party of any Claim subject to indemnification hereunder as soon as possible from the date of knowledge of such Claim. Any
failure or delay by the Indemnified Party to give notice hereunder shall constitute a waiver of indemnification to the extent such failure or delay materially prejudices the Indemnifying Party’s ability to defend or otherwise resolve the Claim.

 15. Insurance. Each Party shall comply with any applicable insurance requirements specified in the relevant Confirmation.

 16. Force Majeure. 

(a) Force Majeure Event. A Party is not responsible or liable for any delay or failure in the performance of its obligations under this
Agreement to the extent such performance is prevented by a Force Majeure Event, provided that such Party complies with Section 16(b). A “Force Majeure Event” is any event or circumstance which prevents a
Party (the “Affected Party” and the other Party being the “Non-Affected Party”) from performing its obligations 

  
 17 

 
under one or more Confirmations, which event or circumstance was not anticipated or reasonably foreseeable by the Affected Party as of the date on which any applicable Confirmation was entered
into, which is not within the reasonable control, or the result of the negligence, of the Affected Party, and which, by the exercise of due diligence, the Affected Party is unable to overcome or avoid or cause to be avoided. A Force Majeure Event
may include the following, to the extent that each satisfies the foregoing requirements: any act of God or the elements, earthquakes, floods, landslides, hurricanes, civil disturbances, sabotage, acts of public enemies, war, blockades,
insurrections, riots, epidemics, fires or explosions. For the avoidance of doubt, a lack of funds, the availability of a more attractive market, changes in law or regulations or inefficiencies in operations shall not constitute a Force Majeure
Event. 
 (b) Notice. The Affected Party shall be entitled to relief pursuant to this Section 16 to the extent that
(a) the Affected Party gives the Non-Affected Party written notice within five (5) Working Days of the occurrence of the event or circumstance giving rise to the claim of a Force Majeure Event, describing the particulars and estimated
duration of the Force Majeure Event and the proposed cure, (b) any suspension of performance is of no greater scope and of no longer duration than is reasonably attributable to the Force Majeure Event, (c) the Affected Party uses
commercially reasonable efforts to remedy its inability to perform its obligations under this Agreement, and (d) the Affected Party promptly notifies the Non-Affected Party when the Affected Party is able to resume performance of its
obligations under this Agreement. 
 (c) Make-up. In addition to the Affected Party’s obligations under
Section 16(b), the Parties may mutually agree to make-up resulting deficiencies due to a Force Majeure Event through an adjustment, as necessary, to the Purchase Price or the Contract Term of the relevant Confirmation. Any resulting
extensions of the Contract Term of the relevant Confirmation shall be no greater than the duration of the Force Majeure Event. 
 (d)
Termination. Notwithstanding any other provision of this Section 16, if a Force Majeure Event lasts for more than one hundred and eighty (180) consecutive days or for more than one hundred eighty (180) days in the
aggregate during any twelve (12) month period, the Non-Affected Party may terminate all affected Confirmations upon written notice to the Affected Party; provided, however, that such one hundred and eighty (180) day period,
in either case, shall be extended by up to an additional ninety (90) days if the Affected Party shall, prior to the expiration of such one hundred and eighty (180) day period, have submitted to the Non-Affected Party a remedial action
plan, reasonably acceptable to the Non-Affected Party, which sets forth a course of repairs, improvements, changes to operations, or other actions that would permit the Affected Party to perform its obligations under such Confirmations as soon as
reasonably practicable and such Party pursues the remedial action plan in a commercially reasonable and diligent manner. Termination of Confirmations by a Party under this Section 16 shall be without liability on the part of either Party
to the other Party, provided that such termination shall not affect any rights or obligations which may have accrued prior to such termination or which expressly or by implication are intended to survive termination, whether resulting from
the event giving rise to the right to terminate or otherwise. 

  
 18 

 17. Compliance with Law. Each Party shall comply in all material respects with all
Applicable Laws in the performance of its obligations under this Agreement, including all applicable environmental, health and safety laws, rules and regulations. 

18. Duty to Mitigate. Without limiting any other provision of this Agreement, each Party shall use commercially reasonable
efforts to mitigate its losses or damages suffered in connection with this Agreement and the transactions contemplated hereby, and shall always act in a commercially reasonable manner in the performance of this Agreement. 

19. Confidentiality. 

(a) The existence and terms of this Agreement and information disclosed by or on behalf of either Party to the other Party or its
representatives in connection with this Agreement (hereinafter referred to as “Confidential Information”) shall, during the term of this Agreement and until the expiration of thirty-six (36) months after this Agreement
and all Confirmations have terminated, be treated as confidential by each Party and shall not be disclosed in whole or part by either Party to any third party without the prior written consent of the other Party. No breach of this
Section 19(a) shall entitle the other Party to terminate this Agreement. 
 (b) Notwithstanding Section 19(a),
neither Party shall be required to obtain the prior written consent of the other Party in respect of disclosure of Confidential Information: 

(i) to Affiliates of such Party, provided that such Party shall require such Affiliates to keep the Confidential Information confidential on
the same terms as are provided in this Section 19; 
 (ii) to Persons professionally engaged by or on behalf of such Party;

 (iii) to any Government Entity having jurisdiction over such Party, but only to the extent that such Party is required by such
Government Entity to make disclosure; 
 (iv) to any lenders or other providers of capital or prospective lenders or providers of capital
in connection with the financing or funding of such Party’s operations; 
 (v) to the extent reasonably required by any Applicable Law
or rule of any relevant stock exchange or to the extent required by any juridical, arbitral or administrative proceeding; or 
 (vi) to the
extent any disclosure is required to be made in the financial statements of either Party or any of its Affiliates or in publicly filed documents to effect the transactions contemplated by this Agreement and any Confirmations; 

provided, that the disclosing Party shall keep the disclosure of the Confidential Information to the minimum necessary for the purpose for which it is
disclosed and shall, as soon as reasonably practicable or permissible, notify the other Party of such disclosure. 

  
 19 

 (c) Notwithstanding anything to the contrary herein, either Party and its Affiliates shall be
permitted to include in documents filed with regulators regarding securities offered or to be offered of an Affiliate of such Party (and in any amendments thereto or related offering documents) any information regarding the Parties, this Agreement
and the transactions contemplated by this Agreement. 
 (d) Neither Party shall issue any press release or make any public announcement
relating to the subject matter of this Agreement without the prior written consent of the other Party. 
 20. Taxes. Seller
shall pay or cause to be paid all taxes imposed on or with respect to the Biomass or a Confirmation arising prior to the point at which title and risk of loss transfer from Seller to Buyer. Buyer shall pay or cause to be paid all taxes imposed on or
with respect to the Biomass or a Confirmation at and from such point. In the event either Party is required by law or regulation to remit or pay taxes that are the other Party’s responsibility hereunder, the latter Party shall promptly
reimburse the former Party for such taxes. Nothing herein shall obligate or cause a Party to pay or be liable to pay any taxes for which it is exempt under the law. Seller acknowledges that Buyer intends to export the Biomass outside of the United
States via the Terminal. Seller warrants the free export of the Biomass from the United States and any export licenses, restrictions and quotas that are required which are introduced in the United States after the Effective Date up to the moment of
delivery. 
 21. Governing Law and Dispute Resolution. 

(a) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO ITS CHOICE OF LAW RULES (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 
 (b) Exclusion. The United
Nations Convention on Contracts for International Sale of Goods shall not apply to this Agreement. 
 (c) Dispute Resolution. Other
than any Technical Dispute, any dispute arising from this Agreement (including a dispute regarding the existence, validity or termination of this Agreement or the consequences of its nullity), shall be referred to and finally resolved by arbitration
under the rules of the American Arbitration Association (the “Rules”), which Rules are deemed to be incorporated by reference into this Section 21(c) except as expressly amended by this Section 21(c).
The tribunal shall consist of three (3) arbitrators, two (2) of whom shall be nominated by the respective Parties and the third of whom shall be jointly selected by the two arbitrators selected by the Parties. The seat of the arbitration
and the venue of all hearings shall be New York, NY and the language of the arbitration shall be English. The arbitral tribunal shall have power to award on a provisional basis any relief that it would have power to grant on a final award. Without
prejudice to the powers of an arbitrator provided by the Rules, by statute or otherwise, the arbitral tribunal shall have power at any time, on the basis of written evidence and the submissions of the Parties alone, to make an award in favor of the
claimant (or the respondent if a counterclaim) in respect of any claims or counterclaims to which there is no reasonably arguable defense (either substantively or as to the amount of any damages or other

  
 20 

 
sums to be awarded). The Parties hereby agree to exclude any rights to refer points of law or to appeal to the courts to the extent that they can validly waive these rights under Applicable Law,
provided, that nothing in this Section 21(c) shall be construed as preventing either Party from seeking conservatory or similar interim relief in any court of competent jurisdiction. 

(d) Technical Disputes. If the Parties are unable to resolve any Technical Dispute in the ordinary course of business, either Party
may, by notice to the other Party, refer the Technical Dispute to a Technical Expert selected in accordance with the procedures set forth in Schedule B. 

22. Representations and Warranties. Each Party represents and warrants to the other as follows as of the Effective Date and the
effective date of each Confirmation: 
 (a) it is duly organized and validly existing under the laws of the jurisdiction of its formation and
has all necessary authorizations required by Applicable Law to perform its obligations under this Agreement (other than those authorizations the failure of which to obtain could not reasonably be expected to have a material adverse effect on its
ability to perform its obligations under this Agreement); 
 (b) it has full power and authority to execute and deliver this Agreement and
to perform its obligations hereunder, and the execution, delivery and performance of this Agreement by it have been duly authorized by all necessary action on the part of such Party; this Agreement has been duly executed and delivered by such Party
and is the legal, valid and binding obligation of such Party enforceable in accordance with its terms; 
 (c) the execution, delivery and
performance of this Agreement by such Party and the consummation of the transactions contemplated hereby do not contravene the constitutive documents of such Party and do not conflict with or result in a breach of or default under any indenture,
mortgage, lease, agreement, instrument, judgment, decree, order or ruling to which such Party is a party or by which it or any of its properties is bound or affected; 

(d) all Permits required in connection with the execution, delivery and performance of this Agreement by such Party have been obtained or, to
the extent not yet required in connection with the performance of this Agreement, will be obtained by the time when they are required in connection with the performance of this Agreement; and 

(e) save for the representations and warranties made in this Section 22, it has not entered into this Agreement in reliance on any
warranty or representation made by the other Party or its employees or agents. 

  
 21 

 23. Miscellaneous. 

(a) Notices. Except as expressly provided herein, any notice, demand, offer, or other communication required or permitted to be given
pursuant hereto shall be in writing signed by the Party giving such notice, demand, offer, or other communication and shall be hand delivered or sent by registered mail, overnight courier or facsimile to the other Party at the following address:

 If to ELP: 
 Enviva, LP

 7200 Wisconsin Avenue 
 Suite
1000 
 Bethesda, MD 20815 

Attention: General Counsel 

Facsimile: (240) 482-3774 

If to EWH: 
 Enviva, LP 

7200 Wisconsin Avenue 
 Suite 1000

 Bethesda, MD 20815 

Attention: General Counsel 

Facsimile: (240) 482-3774 
 Each Party may
change the place to which notice, demand, offer, or other communication shall be sent or delivered by similar notice sent in like manner to the other Party. Unless otherwise provided herein, all notices, requests or other communications hereunder
shall be effective at the end of Office Hours on the day actually received, if received during Office Hours on a Working Day, and otherwise shall be effective at the close of Office Hours on the first Working Day after the day on which received.

 (b) Cooperation with Financing Efforts. Each Party shall cooperate with the other Party’s efforts in obtaining and
maintaining financing on a non-recourse (or other) basis. Without limiting the generality of the foregoing, each Party shall execute such documents (including consents, direct agreements, certificates and legal opinions) as the other Party or such
other Party’s Financing Parties may reasonably request in connection with Buyer’s efforts to obtain and maintain such financing. 

(c) Successors and Assigns. This Agreement shall inure to the benefit of, and be binding upon, the successors and permitted assigns of
the Parties. 
 (d) Amendment. No amendment, supplement or other modification of this Agreement shall be valid unless evidenced in
writing signed by both Parties. 
 (e) No Waiver. Either Party’s waiver of any breach or failure to enforce any of the terms of
this Agreement at any time shall not in any way affect, limit, modify, or waive such Party’s right thereafter to enforce or compel strict compliance with every term hereof, any course of dealing or custom of the trade notwithstanding. 

(f) Survival of Termination. Any provision of this Agreement or the relevant Confirmation that contemplates performance subsequent to
termination of this Agreement or such Confirmation shall survive such termination and continue in full force and effect for the limited purposes set forth therein. 

  
 22 

 (g) Non-Recourse. The Parties’ respective obligations hereunder are intended to be
the obligations of the respective Parties only and no recourse for any obligation of a Party hereunder, or for any claim based thereon or otherwise in respect thereof, shall be had against any incorporator, shareholder, partner, member, officer or
director, or Affiliate, as such, past, present or future of such Party. 
 (h) Severability. If any provision of this Agreement is
found to be void and unenforceable, such provision shall be deemed to be deleted from this Agreement and the remaining provisions of this Agreement shall continue to have full force and effect. The Parties shall, in such event, negotiate in good
faith to agree to a mutually satisfactory valid and enforceable substitute provision implementing to the fullest extent possible the intentions of the Parties at the Effective Date or the time the relevant Confirmation was executed. 

(i) Entire Agreement. This Agreement (for the avoidance of doubt, together with all Confirmations) constitutes the entire agreement of
the Parties with respect to the subject matter hereof and, except as herein stated and in the instruments and documents to be executed and delivered pursuant hereto, contains all of the representations, undertakings and agreements of the Parties in
respect of the subject matter hereof. This Agreement supersedes all prior meetings, correspondence, and negotiations between the Parties. There are no representations, warranties, covenants, agreements or collateral understandings, oral or otherwise
(express or implied) of any kind between the Parties in respect of the subject matter hereof, except as contained herein. 
 (j) Rights
and Remedies Not Exhaustive. Except as otherwise expressly set forth herein, any rights or remedies conferred on either Party under this Agreement shall be in addition to rights and remedies such Party would otherwise have at law or in equity.

 (k) Third Parties. This Agreement and all rights hereunder are intended for the sole benefit of the Parties and, to the extent
expressly provided, for the benefit of the Financing Parties, and shall not imply or create any rights on the part of, or obligations to, any other Person. 

(l) Counterparts; Electronic Signatures. This Agreement may be executed in counterparts, each of which shall be considered an original,
but all of which shall together constitute one and the same instrument. Any executed counterpart may be delivered in portable document format (.pdf) or by other electronic means and, when so delivered, shall be legally enforceable in accordance with
its terms. 
 (m) No Agency. No Party shall be deemed hereunder to be an agent of, or partner or joint venturer with, any other
Party. 
 (n) Assignment. Except as otherwise expressly provided in this clause (n), neither Party may directly or indirectly assign
its rights and obligations under this Agreement (including, for the avoidance of doubt, any Confirmation), in whole or in part, by operation of law or otherwise, without the prior written consent of the other Party (such consent not to be

  
 23 

 
unreasonably withheld, conditioned or delayed), and any purported assignment made other than in accordance with this clause (n) shall be null and void ab initio. Notwithstanding the
foregoing, the following are permitted: 
 (i) collateral assignment by a Party to its Financing Parties, and further
assignment by such Financing Parties following any foreclosure of their security interest in this Agreement, in which case neither such Party nor its Financing Parties shall have any liability with respect to the future performance of this Agreement
(or the relevant Confirmation); and 
 (ii) assignment by a Party to its Affiliate; provided, however, that, in
the case of an assignment by a Party to an Affiliate without consent, the assigning Party shall remain jointly and severally liable for the assigned obligations and shall notify the other Party of the assignment (and identify the name of, and notice
address information for, such Affiliate) unless in the case of an assignment by either Party the assignment is made to: (A) the successor to all or substantially all of the assets of such Party (including by operation of law), (B) in the
case of an assignment by ELP, a direct or indirect wholly-owned subsidiary of ELP so long as the performance of all such subsidiary’s obligations under this Agreement is guaranteed by ELP, (C) any other Affiliate of Buyer or Seller, as
applicable, if the performance of all such Affiliate’s obligations under this Agreement is guaranteed by the assigning Party, in form and substance reasonably acceptable to the non-assigning Party, or (D) any other Person reasonably
satisfactory to the non-assigning Party, as applicable, in which case, in each of the foregoing sub-sections (A) through (D), the assigning Party (except as expressly set forth in sub-sections (B) and (C), as may be applicable, above)
shall have no liability with respect to the future performance of this Agreement. 
 (o) Attorneys’ Fees. The Parties agree that
in the event either of the Parties institutes legal proceedings to enforce any of the terms of this Agreement, all court costs and reasonable attorneys’ fees incurred by the substantially prevailing Party shall be reimbursed by the other Party.

 (p) Interpretation. Except as otherwise set forth herein, or where the context of this Agreement otherwise requires: 

(i) headings and titles are for convenience only and do not affect the interpretation of this Agreement; 

(ii) the gender of all words used herein shall include the masculine, feminine and neuter and the number of all words shall
include the singular and plural; 
 (iii) the terms “hereof”, “herein,” “hereto” and similar
words refer to this entire Agreement and not any particular Section, Schedule or any other subdivision of this Agreement; 

(iv) references to “Section” or “Schedule” are to this Agreement unless specified otherwise; 

  
 24 

 (v) reference to “this Agreement” (including any Schedule hereto) or
any other agreement or document shall be construed as a reference to such agreement or document as the same may be amended, modified, supplemented or restated, and shall include a reference to any agreement or document which amends, modifies,
supplements or restates, or is entered into, made or given pursuant to or in accordance with its terms; 
 (vi) references to
any law, statute, rule, regulation, standard (including for testing and sampling), notification or statutory provision (including Applicable Laws) shall be construed as a reference to the same as it may have been, or may from time to time be,
amended, modified or re-enacted; 
 (vii) references to any Person shall be construed as a reference to such Person’s
successors and permitted assigns; 
 (viii) references to “or” will be deemed to be disjunctive but not necessarily
exclusive (i.e., unless the context dictates otherwise, “or” will be interpreted to mean “and/or” rather than “either/or”); 

(ix) “includes”, “including” and similar phrases mean “including, without limitation”; and 

(x) all Schedules are incorporated herein and made a part of this Agreement for all purposes. 

(q) Inconsistencies. In the event of any inconsistency between the terms of this Agreement (excluding Confirmations) and the terms of a
Confirmation, the terms of such Confirmation shall prevail. 
 [Remainder of page intentionally left blank. Signature page follows.]

  
 25 

 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the Effective Date.

  

			
	ENVIVA, LP
	
	 by Enviva GP, LLC,
 as its sole
general partner

		
	By:	 	 
		 	Name:
		 	Title:

  

			
	ENVIVA WILMINGTON HOLDINGS, LLC
		
	By:	 	 
		 	Name:
		 	Title:

 Signature page to 

Master Biomass Purchase and Sale Agreement 

 Schedule A 

Form of Confirmation 

BIOMASS FUEL SUPPLY CONFIRMATION No. [        ] 

This Biomass Fuel Supply Confirmation No. [    ] (this “Confirmation”) is subject to, and
incorporates the terms of, the Master Biomass Purchase and Sale Agreement, between Enviva, LP (“ELP”) and Enviva Wilmington Holdings, LLC (“EWH”), dated as of
[                    ], 2015, as amended and supplemented from time to time (the “Agreement”). 

All provisions of the Agreement are incorporated within this Confirmation except as modified below. Capitalized terms used herein and not defined herein have
the meanings ascribed to them in the Agreement. 
 This Confirmation constitutes a “Confirmation” as defined in the Agreement. 

 

			
	Buyer:	  	
		
	Seller:	  	
		
	Shipment Type (Check One)	  	 DAP Shipments by truck [        ]

DAP Shipments by rail [        ]

FOB Shipments [        ]

		
	Contract Term:	  	[            ] Contract Years, where each “Contract Year” is equal to
[            ].
		
	Facility:	  	
		
	Terminal:	  	
		
	Annual Quantity:	  	
		
	Purchase Price:	  	 Determined by multiplying (a) the weight of the Shipments delivered in the applicable month in Tonnes by (b) the NCV Adjusted Price (as
defined below).
  
 The “NCV Adjusted Price” for each Shipment
shall be determined in accordance with the following formula:
  

                          
                   Actual NCVcp × Base Price

NCV Adjusted Price = —————————————

                          
                                Base NCV

 
 Where:
  

“Base Price” means a price per Tonne as follows:
  

[First Contract Year: $[            ]]

		
	Shipment Schedule:	  	

  
 A-1 

			
	Insurance Requirements:	  	
		
	Specifications:	  	See Table 1, below
		
	Sampling:	  	
		
	Testing and Analysis:	  	[Needs to include definition for “Quality Analysis Certificate”]
		
	[Other]:	  	
	
	FOB Shipments Only
		
	Shipping Schedule:	  	
		
	Laycan:	  	
		
	Shipment Size:	  	
		
	Load Port:	  	
		
	Loading Rate:	  	
		
	Vessel Nomination:	  	
		
	[Other]:	  	

 Table 1 

Biomass Specifications 
 [Specifications
table to be inserted] 
 [Remainder of Page Intentionally Left Blank] 

  
 A-2 

 IN WITNESS WHEREOF, this Confirmation has been executed by the Parties as of the date first set forth
above. 
  

			
	ENVIVA, LP
	
	 by Enviva GP, LLC,
 as its sole
general partner

		
	By	 	 
		 	Name:
		 	Title:

  

			
	ENVIVA WILMINGTON HOLDINGS, LLC
		
	By	 	 
		 	Name:
		 	Title:

 Signature Page to 

Confirmation 

 Schedule B 

Technical Dispute Resolution Procedures 
  

	1.	Commencement and Selection of Technical Expert 

 (a) As used herein,
“Technical Expert” means any individual selected in accordance with the procedure specified in this Schedule B and who (i) has professional qualifications and practical experience in the subject matter of the
Technical Dispute, (ii) has no interest, financial or otherwise, or duty which conflicts or may conflict with his or her functions as a Technical Expert (such individual being required to fully disclose any such interest or duty prior to his or
her appointment) and (iii) is not currently and has not been (x) during the five years prior to the date of appointment, an employee of any of the Parties or any of their Affiliates and (y) during the three years prior to the date of
appointment, a contractor or consultant of either of the Parties or any of their Affiliates, unless otherwise mutually agreed by the Parties. 

(b) Within ten Business Days following receipt of a Party’s notice referring a Technical Dispute for resolution in accordance with the
provisions of this Schedule B, the representatives of each of the Parties will confer in an effort to agree upon a Technical Expert to hear the Technical Dispute. If the Parties are unable to agree upon the appointment of a Technical Expert,
then at the end of such ten Business Day period each Party will, within five Business Days, notify the other Party in writing of its designation of three proposed Technical Experts. Each Party will promptly strike two of the proposed Technical
Experts designated by the other Party. The remaining two proposed Technical Experts will, within two Business Days, select one of them to hear the Technical Dispute, provided that if one of the Parties still objects to the Technical Dispute
being heard by such selected Technical Expert, then, within two Business Days, such two proposed Technical Experts will select a third Technical Expert (who may be one of the Technical Experts designated by the Parties or another Technical Expert)
and such third Technical Expert will hear the Technical Dispute. 
  

	2.	Submission to Technical Expert 

 Each Party will be required to put forth and endorse
one proposal as its proposed resolution to the Technical Dispute, based on an agreed statement of the nature of the Technical Dispute and agreed facts surrounding such Technical Dispute. Each Party’s proposal will be delivered to the Technical
Expert and the other parties to such Technical Dispute no later than 45 days after the date of the notice of the Party submitting the Technical Dispute to the Technical Expert. The Technical Expert will be required to select one of the proposals and
will not be able to select any other proposal, except to the extent mutually agreed by the parties to such Technical Dispute. 
  

	3.	Decision of the Technical Expert 

 (a) The Technical Expert will render a decision
resolving the matter within 60 days of the date of the notice of the Party submitting such matter for resolution by the Technical Expert. The Technical Expert will not award to either Party any relief greater than that initially sought by such
Party. The decision of the Technical Expert will be final and binding upon the 

  
 B-1 

 
Parties and not subject to appeal or review, whether through arbitration or otherwise, absent manifest injustice. The Parties will share equally all costs and expenses of the Technical Expert
procedure and the Technical Expert will not have the authority to award costs or attorneys’ fees to either Party. 
 (b) The Technical
Expert will act as an expert and not as an arbitrator and no provisions of any arbitration rules will apply to the Technical Expert or his or her determination or the procedure by which he or she reaches his or her determination. 

  
 B-2 

 Schedule C 

Sustainability Criteria 
 All Biomass
provided by Seller to Buyer under this Agreement shall be certified to comply with the sustainability requirements and standards of the Sustainable Biomass Partnership (SBP), GGL Certification and Laborelec-SGS Solid Biomass Sustainability schemes.
Additionally, all fiber sources and raw materials for Biomass must be harvested responsibly so as to be certified under SFI Fiber Sourcing certification standards. 

Seller is restricted from using materials sourced from land with high biodiversity value or high carbon stock – including primary forest, peatland, and
protected wetlands. In addition, Seller must be able to prove greenhouse gas emissions savings as compared to fossil fuels of at least 70% as of the date of this agreement to March 31, 2020, and 72% from April 1, 2020 to March 31,
2025. 
 Any solid biomass binder that exceeds 2% or any bioliquid binder of any amount must also meet sustainability requirements as outlined in Article 17
– “Sustainability criteria for biofuels and bioliquids”—of the EU Renewable Energy Directive 2009/28/EC dated 23 April 2009 (RED); and with the sustainability criteria for the use of biomass feedstocks under the United
Kingdom Renewables Obligation in accordance with the Department of Energy and Climate Change’s publication dated 22 August 2013 and entitled “Government Response to the consultation on proposals to enhance the sustainability criteria
for the use of biomass feedstocks under the Renewables Obligation” and the “Renewables Obligation (Amendment) Order 2014” published on 10 February 2014 coming into force on 1st April 2014. 

Buyer reserves the right to require additional forest management certifications such as the Sustainable Forestry Initiative (SFI), The Forest Stewardship
Council (FSC), and The Programme for the Endorsement of Forest Certification (PEFC) Chain of Custody certifications or country or customer-specific sustainability requirements as needed. 

Buyer agrees to provide guidance to Seller regarding the above requirements and during the certification process(es) and to serve as a liaison between Seller
and the certification agencies. Seller shall pay all third-party costs associated with all certifications referenced above and all other certifications reasonably requested by Buyer (including all costs of inspections, fees paid to certifying
organizations, testing or auditing costs, or membership costs). Seller shall deliver copies of all certifications and reports to Buyer. 
 Specific terms
and requirements of the GGL Certification is available using the following links: 
 http://www.greengoldcertified.org/ or 

http://certification.controlunion.com/ 
 Information regarding
the Laborelec-SGS Solid Biomass Sustainability scheme is available using the following links: 
 http://www.sgs.com/ or 

http://www.laborelec.be/ 

  
 C-1 

 Schedule D 

DAP Schedule 
 Section references in this
Schedule D refer to Sections of this Schedule D unless otherwise noted in this Schedule D. 
 1. Deliveries by Truck. This
Section 1 shall apply to DAP Shipments specified to be made by truck pursuant to the relevant Confirmation: 
 (a)
Truck Transportation. Seller shall be responsible for making all necessary arrangements for carriage of DAP Shipments by truck to the Delivery Point. Seller shall procure and promptly provide to Buyer a copy of the bills of lading issued by
the applicable trucking contractor(s), consigned to Buyer’s order, and evidencing the DAP Shipment(s) on board the trucks in apparent good order and condition. 

(b) Unloading; Trucking Regulations. Buyer and / or its appointed contractors, servants or agents shall unload the
Biomass at the Delivery Point with all due dispatch and in compliance with Applicable Law, and shall use commercially reasonable efforts to minimize degradation of the Biomass during such unloading process. Seller should have right to inspect such
unloading procedures to determine compliance with such requirements. Seller shall ensure that all trucks used for carriage of DAP Shipments are compatible with Buyer’s truck tipping equipment and unloading facilities, and Buyer shall provide to
Seller specifications as are reasonably necessary to enable Seller to determine such compatibility. Seller shall cause (i) all DAP Shipments to be delivered in compliance with Applicable Law in all material respects and (ii) all trucks
used for carriage of DAP Shipments to be in compliance with Applicable Law in all material respects, including laws relating to weight limits. Notwithstanding anything in Section 8 of the Agreement or otherwise to the contrary, for any
trucks exceeding the allowable gross weight established by Applicable Law, the weight of the applicable DAP Shipment for purposes of determining the Purchase Price shall be reduced by the amount of such exceedance. Seller shall provide written
notice to all parties providing carriage of DAP Shipments that Buyer will not be responsible for any damage to trucks falling from the tipper if the damage is the fault of the truck operator, and that the truck operator shall be responsible and
shall pay for such damage, any damage to Buyer’s facilities (including the Terminal) and the costs of removing any damaged truck. Buyer shall not be liable for, and Seller shall indemnify, hold harmless and defend Buyer from and against, any
and all losses, costs, damages, liabilities, injuries, claims, demands, penalties, interest and causes of action (including reasonable attorney’s fees and court costs) arising out of or in relation to any truck or Seller failing to comply with
this clause (b). 
 (c) Seller shall be responsible for distributing and collecting required documentation, including
insurance verification documents, operating instructions for weighing and tipping facilities, and safety requirements at the Terminal, to and from all truck operators and other parties delivering Biomass pursuant to this Agreement. 

  
 D-1 

 2. Deliveries by Rail. This Section 2 shall apply to DAP Shipments to be made by rail
as specified in the relevant Confirmation: 
 (a) Rail Transportation. Seller shall be responsible for making all
necessary arrangements for carriage of DAP Shipments by rail to the Delivery Point. Seller shall procure and promptly provide to Buyer a copy of the bills of lading issued by the applicable rail freight contractor(s), consigned to Buyer’s
order, and evidencing the DAP Shipment(s) on board the rail cars in apparent good order and condition. 
 (b) Unloading;
Rail Freight Regulations. Buyer and / or its appointed servants or agents shall unload the Biomass at the Delivery Point with all due dispatch and in compliance with Applicable Law, and shall use commercially reasonable efforts to minimize
degradation of the Biomass during such unloading process. Seller should have right to inspect such unloading procedures to determine compliance with such requirements. Seller shall ensure that all rail cars used for carriage of DAP Shipments are
compatible with Buyer’s rail car unloading facilities, and Buyer shall provide to Seller specifications as are reasonably necessary to enable Seller to determine such compatibility. Seller shall cause (i) all DAP Shipments to be delivered
in compliance with Applicable Law in all material respects and (ii) all rail cars used for carriage of DAP Shipments to be in compliance with Applicable Law in all material respects. 

(c) Seller shall be responsible for distributing and collecting required documentation, including insurance verification
documents, operating instructions for rail car unloading facilities, and safety requirements at the Terminal, to and from all rail freight operators and other parties delivering Biomass pursuant to this Agreement. 

  
 D-2 

 Schedule E 

FOB Schedule 
 Section references in this
Schedule E refer to Sections of this Schedule E unless otherwise noted in this Schedule E. 
 1. Ocean / Sea Transportation. Buyer
shall be responsible for making all necessary arrangements for carriage of Shipments from the Load Port, including having Owners execute any documentation necessary for Vessels nominated hereunder to access and load at the Load Port. Seller shall
procure and promptly provide to Buyer a copy of the bills of lading issued by the Master(s) of the Vessel(s) consigned to Buyer’s order, and evidencing the Shipment(s) on board the Vessel(s) of the Biomass in apparent good order and condition.

 2. Loading; Local Port Rules and Regulation. Seller shall load the Biomass into the Vessel(s) to the satisfaction of the Master(s)
with all due dispatch on a spout trimmed or bucket loaded basis at its own expense and at its own risk. Seller and / or its appointed servants or agents shall load, stow and trim the Shipment(s) on board the Vessel(s) in compliance with
the IMO Code of Safe Practice for Solid Bulk Cargoes, 1998 edition and Applicable Law, and in accordance with the Master(s) instructions. Buyer acknowledges that all Vessels shall be required to comply with all applicable Load Port Procedures and
that Seller shall not be liable for any costs, expenses or damages that may arise as a result of any Vessel or Owner failing to comply with such procedures. 

3. Stowage. 

(a) Subject always to the Vessel remaining seaworthy during loading and in anticipation of the intended voyage, a Vessel shall
be determined to be fully loaded when in the Master’s opinion, the holds, after being trimmed, have been filled to the maximum level that will allow the hatches to properly close and fasten. If Buyer or Seller disputes that the Vessel was fully
loaded, a competent surveyor shall be appointed by mutual agreement of the Parties to determine whether the Vessel was fully loaded. The surveyor’s findings shall be made available to both Parties and shall be final and binding on the Parties
except in the case of fraud or manifest error. The prevailing Party shall be liable for the surveyor’s fee and any other costs of the survey, including any demurrage charges or reduction in despatch resulting from the conduct of such survey.

 (b) For a fully loaded Vessel, where the actual stow factor (as determined by the freight master), is less than fifty-five
(55) cubic feet per Tonne, the Parties shall equally share any discounts for such Shipment afforded by the relevant Charter Party, a copy of which Buyer shall provide to Seller upon request. 

(c) For a non-fully loaded Vessel, Seller shall use commercially reasonable efforts to load further Biomass, complying with the
same terms and at the same price as the applicable Shipment, onto the Vessel. If Seller fails to do so, so long as Seller has delivered a quantity of Biomass consistent with the terms hereof, Buyer shall be liable for the cost of deadfreight payable
to Owner; provided, however, that if Seller has not delivered a quantity of Biomass as required by the terms hereof, Seller shall be responsible to Buyer for the cost of deadfreight payable by Buyer to Owner, in addition to any other
amounts that may be owed to Buyer hereunder due to Seller’s failure to deliver a sufficient quantity of Biomass. 

  
 E-1 

 4. Vessel Nomination and Notices. 

(a) Except as otherwise provided herein, in respect of each Shipment, the Laycan, Load Port and Shipment Size shall conform
entirely to the terms of the relevant Confirmation. Buyer shall confirm, via written notice or facsimile, to Seller the Vessel Nomination of each Shipment as soon as reasonably practicable following receipt of Seller’s Laycan Nomination and in
no case later than the period stipulated for such Vessel Nomination in the relevant Confirmation. Such confirmation shall include (i) the Vessel or Vessels for the carriage of that Shipment including the Vessel’s name and IMO number,
(ii) the Laycan, any other laytime provisions and the demurrage rate applicable under the relevant Charter Party, and (iii) the approximate quantity of Biomass to be loaded. 

(b) Each Vessel nominated by Buyer, including each substitute Vessel, shall meet the following requirements (“Vessel
Requirements”): 
 (i) be a single deck self-trimming bulk carrier; 

(ii) be classed Lloyds 100 A1 or equivalent by the applicable classification society; 

(iii) have hatches of the mechanical type and be of such design and construction (including with respect to gears and
stanchions) as not to interfere with, delay or disrupt loading of the Vessel; 
 (iv) comply with all applicable Load Port
Procedures; and 
 (v) have an age no greater than twenty-five (25) years. 

(c) Seller may reject any Vessel Nomination within twenty-four (24) hours after
receiving such nomination if (i) the Vessel nominated does not conform to the Vessel Requirements or (ii) the loading berth cannot accommodate the Vessel due to length, beam, draft, or deadweight tonnage, in either case by notifying Buyer
during Office Hours. Upon Seller’s valid rejection of the Vessel Nomination, Buyer shall nominate a conforming Vessel within forty-eight (48) hours. 

(d) Buyer may substitute a different Vessel for any nominated Vessel; provided, that the substitute Vessel satisfies the
Vessel Requirements and is expected to arrive at the Load Port within the Laycan for the originally nominated Vessel, unless Seller otherwise agrees in advance. Buyer shall notify Seller of any proposed Vessel substitution not fewer than three
(3) Working Days before the expected arrival of the original Vessel. 

  
 E-2 

 (e) Buyer shall keep Seller informed of any significant changes of the
Vessel’s or substitute Vessel’s ETA at the Load Port notified to it by Owners. Buyer shall instruct the Master of the Vessel to notify Seller, and Seller shall in turn notify the Load Port, fourteen (14) days’ (where possible),
five (5) days’, forty-eight (48) hours’ and twenty-four (24) hours’ prior to each Vessel’s ETA at the Load Port and any variation
thereof greater than twelve (12) hours. If the Vessel or the substitute Vessel arrives after the Laycan and, as a result, the berth is occupied by another vessel, laytime shall be postponed without demurrage charges for a period equal to the
lesser of (i) forty-eight (48) hours and (ii) such time as is required to bring the Vessel alongside a suitable loading berth at the Load Port. 

(f) Each Party shall use the IMO number provided pursuant to Section 4(a)(i) on all correspondence, documents (excluding the bill(s) of
lading), analysis and invoices relating to the applicable Shipment. 
 5. NOR; Tendering; Commencement of Laytime. 

(a) Seller is permitted an amount of laytime at the Load Port determined by dividing the bill of lading weight by the Loading
Rate. Buyer shall cause the NOR to be tendered by the Vessel at the Load Port by telex, radio, email or telephone (and if by radio or telephone, subsequently confirmed in writing) to Seller. 

(b) An NOR may be tendered upon arrival at the load berth, when the performing Vessel has arrived and is in all respects ready
to load, anytime day or night, Sundays and holidays included, excluding Super Holidays. The performing Vessel must proceed to the load berth to tender an NOR if it is free and available. In the event that the Load Port is congested or the berth is
occupied, Buyer may tender an NOR from the normal waiting place, or such place as designated by the Charter Party, its agents, or port authority, whether the performing Vessel is in port or not, whether it is in berth or not, whether it is in
customs clearance or not, and whether it is in free pratique or not. Buyer will not tender NOR before 00:01 hours on the first day of the laycan, unless permitted by the Charter Party. If the berth is occupied, Charter Party may direct that the
performing Vessel go to a different berth. 
 (c) Laytime shall commence the earlier of (a) twelve (12) hours after
NOR is tendered and (b) when the Vessel is all fast alongside the loading berth and is in all respects ready to load the Biomass, any time day or night, in free pratique or not and whether customs cleared or not, SSHINC. Laytime shall cease
counting upon completion of loading. 
 6. Demurrage. Buyer shall provide laytime calculations to Seller within four (4) Working
Days after loading is complete. Such calculations shall be final and binding unless disputed by Seller within ten (10) Working Days following delivery thereof by Buyer, with any such dispute to be accompanied by reasonable supporting
documentation and, if not resolved by the Parties within fifteen (15) Working Days, resolved in accordance with Section 21(c) of the Agreement. If the laytime used exceeds the laytime allowed, Seller shall pay demurrage to Buyer for
such exceedance at the rate nominated by Buyer pursuant to Section 4(a)(ii). If the 

  
 E-3 

 
laytime used is less than the laytime allowed, Buyer shall pay despatch to Seller for all laytime saved at the rate nominated by Buyer which shall in any event be consistent with the rate
specified in the relevant Charter. The Party owing demurrage or despatch pursuant to this Section 6 shall pay such owed amounts within thirty (30) days following determination of laytime. 

7. Laytime Exceptions. The following items shall not count as laytime or as time on demurrage: 

(a) Time taken from anchorage/place of waiting to the load berth(s); 

(b) Time taken for discharging ballast unless such discharge is possible while maintaining the stipulated loading rate; 

(c) Time lost due to any cause attributable to the performing Vessel (including, but not limited to, the performing
Vessel’s failure to comply with all applicable laws), her Master, her crew or Buyer, which affects the working or berthing of the performing Vessel; 

(d) Weather related delays affecting the safe loading of the cargo in a dry condition as required; 

(e) Total stoppage of all activities by stevedores due to strike; 

(f) Time taken due to disputes between Master and men occasioning stoppage of stevedores, performing Vessel crew, pilots or
other workmen essential to the movement, working or loading of the performing Vessel; 
 (g) Physical inability by the
performing Vessel to load the cargo, including but not limited to ballasting or deballasting capacity; 
 (h) Obtaining
pratique after berthing, even if NOR has been tendered without pratique; 
 (i) Breakdown or other inadequacy attributable to
the performing Vessel; 
 (j) Force Majeure event (provided that no deduction of time shall be allowed for Force Majeure
unless due notice of same has been given in writing by the Impaired Party). 
 (k) Arrest or detention of the vessel by or on
behalf of a third party not connected with Charterers or the cargo; and 
 (l) Any time lost due to Buyer or any government
authority or port authority preventing, impeding or prohibiting loading. 

  
 E-4 

 8. Stevedores / Government Entities. All costs in connection with loading the Shipment at
the Load Port, including stevedore costs and all cargo dues or charges related to the Biomass at the Load Port shall be for Seller’s account. Seller shall be responsible for all loading arrangements with Government Entities, stevedores,
Owner(s) and other third parties at the Load Port. Seller shall be responsible to Owner(s) for any damages to the Vessel and / or all time used or lost as a result of such damages, and Seller shall settle any such claims with Owner(s)
directly. Seller shall be responsible for repairs of any damages to the Vessel, with any time lost as a result of such repairs to count as laytime. Buyer, if requested by Seller, shall render reasonable assistance to Seller in conjunction with
Seller’s discussions with Owner(s). 
 9. Overtime. Cost for stevedoring overtime at the Load Port called for by Buyer is for
Buyer’s account. Cost for all other overtime at the Load Port is for Seller’s account. 
 10. Safe Berth. Seller guarantees
to Buyer a safe berth for the Vessel at the Load Port that can accommodate Vessels to be provided hereunder and where the Vessel can safely reach and safely leave and always lie safely afloat. 

  
 E-5EX-10.16

 Exhibit 10.16 

TERMINAL SERVICES AGREEMENT 

by and between 
 ENVIVA
PORT OF CHESAPEAKE, LLC 
 and 

ENVIVA WILMINGTON HOLDINGS, LLC 

Dated:                     , 2015

 TABLE OF CONTENTS 

 

							
	 Section 1.
	 	Definitions	  	 	1	  
			
	 Section 2.
	 	Term	  	 	6	  
			
	 Section 3.
	 	Terminal Services; Shipment Commitment	  	 	6	  
	 3.1
	 	Terminal Services	  	 	6	  
	 3.2
	 	Shipment Commitment	  	 	6	  
			
	 Section 4.
	 	Fees; Invoices and Payments	  	 	7	  
	 4.1
	 	Terminal Services Fee; Included Services	  	 	7	  
	 4.2
	 	Payment of Terminal Services Fee; Escalation	  	 	7	  
	 4.3
	 	Taxes and Other Charges	  	 	7	  
	 4.4
	 	Monthly Statements and Invoices	  	 	8	  
	 4.5
	 	Payment of Fees	  	 	8	  
	 4.6
	 	Records and Audits	  	 	8	  
	 4.7
	 	Inventory Accounting	  	 	8	  
	 4.8
	 	Shrinkage	  	 	9	  
			
	 Section 5.
	 	Operations; Deliveries; Loading	  	 	9	  
	 5.1
	 	Inbound Truck Deliveries	  	 	9	  
	 5.2
	 	Use of Berth	  	 	9	  
	 5.3
	 	Notification of Arrival of Vessels	  	 	10	  
	 5.4
	 	Vessels	  	 	10	  
	 5.5
	 	Demurrage	  	 	10	  
	 5.6
	 	Compliance	  	 	10	  
	 5.7
	 	Filings, Disclosure and Reports	  	 	10	  
	 5.8
	 	Berth Operating Hours	  	 	10	  
	 5.9
	 	Terminal Maintenance	  	 	11	  
	 5.10
	 	Credentials	  	 	11	  
	 5.11
	 	Minimum Rate of Loading Requirements; Despatch	  	 	11	  
	 5.12
	 	Limitation of Services	  	 	12	  
	 5.13
	 	Required Improvements	  	 	12	  
	 5.14
	 	Ownership of Equipment	  	 	12	  
	 5.15
	 	Title	  	 	12	  
			
	 Section 6.
	 	Biomass Quality Standards; Measurement	  	 	12	  
	 6.1
	 	Quality Requirements	  	 	12	  
	 6.2
	 	Deliveries Not Meeting Quality Requirements	  	 	12	  
	 6.3
	 	Commingling	  	 	13	  
	 6.4
	 	Biomass Loss or Damage	  	 	13	  
	 6.5
	 	Measurement	  	 	13	  
			
	 Section 7.
	 	Consequential Damages Waiver	  	 	13	  
			
	 Section 8.
	 	Force Majeure Event	  	 	14	  
	 8.1
	 	General	  	 	14	  

  
 - i - 

							
	 8.2
	 	Notice	  	 	14	  
	 8.3
	 	Make-up	  	 	14	  
	 8.4
	 	Termination	  	 	14	  
			
	 Section 9.
	 	Inspection of and Access to Terminal	  	 	15	  
	 9.1
	 	Inspections	  	 	15	  
	 9.2
	 	Nature of Access Right	  	 	15	  
			
	 Section 10.
	 	Assignment	  	 	15	  
	 10.1
	 	Assignment Generally	  	 	15	  
	 10.2
	 	Permitted Assignments	  	 	15	  
			
	 Section 11.
	 	Compliance with Law and Safety	  	 	16	  
			
	 Section 12.
	 	Default, Termination and Other Remedies	  	 	16	  
	 12.1
	 	Customer Default	  	 	16	  
	 12.2
	 	Owner Remedies for Customer Default	  	 	16	  
	 12.3
	 	Owner Default	  	 	17	  
	 12.4
	 	Customer Remedies for Owner Default	  	 	17	  
	 12.5
	 	Remedies of Each Party Generally	  	 	17	  
	 12.6
	 	Lien on Biomass	  	 	18	  
			
	 Section 13.
	 	Insurance	  	 	18	  
	 13.1
	 	Customer’s Required Insurance	  	 	18	  
	 13.2
	 	Customer Certificates of Insurance; Notification of Changes or Lapse	  	 	19	  
	 13.3
	 	Owner’s Required Insurance	  	 	19	  
	 13.4
	 	Owner Certificates of Insurance; Notification of Changes or Lapse	  	 	19	  
	 13.5
	 	Reports of Accidents and Injuries	  	 	20	  
	 13.6
	 	Application of Insurance Proceeds	  	 	20	  
			
	 Section 14.
	 	Indemnity and Liability	  	 	20	  
	 14.1
	 	Indemnification of Customer Group	  	 	20	  
	 14.2
	 	Indemnification of Owner Group	  	 	20	  
	 14.3
	 	Notice; Procedure	  	 	20	  
			
	 Section 15.
	 	Other Representations, Warranties and Covenants	  	 	21	  
			
	 Section 16.
	 	Miscellaneous	  	 	22	  
	 16.1
	 	Notices	  	 	22	  
	 16.2
	 	Interpretation	  	 	22	  
	 16.3
	 	Amendment	  	 	23	  
	 16.4
	 	Severability of Provisions	  	 	23	  
	 16.5
	 	Entire Agreement	  	 	23	  
	 16.6
	 	Counterparts; Electronic Signatures	  	 	23	  
	 16.7
	 	Third Parties	  	 	24	  
	 16.8
	 	Non-Recourse	  	 	24	  
	 16.9
	 	Attorneys’ Fees	  	 	24	  
	 16.10
	 	No Waiver	  	 	24	  

  
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	 16.11
	 	No Agency	  	 	24	  
	 16.12
	 	Governing Law	  	 	24	  
	 16.13
	 	Dispute Resolution	  	 	25	  
			
	 Section 17.
	 	Confidentiality	  	 	25	  
	 17.1
	 	Confidentiality	  	 	25	  
	 17.2
	 	Confidentiality Carve-outs	  	 	25	  
	 17.3
	 	Securities Filings	  	 	26	  
	 17.4
	 	Press Releases	  	 	26	  

  

					
	 Exhibit A COMMERCIAL DETAILS
	  	 	A-1	  
		
	 Exhibit B MARINE NOMINATIONS AND SCHEDULING
	  	 	B-1	  
		
	 Exhibit C SPECIFICATIONS
	  	 	C-1	  

  
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 TERMINAL SERVICES AGREEMENT 

This Terminal Services Agreement (this “Agreement”) is made effective this      day of
                    , 2015 (“Effective Date”) by and between Enviva Port of Chesapeake, LLC, a Delaware limited liability
company (“Owner”), and Enviva Wilmington Holdings, LLC, a Delaware limited liability company (“Customer”), sometimes referred to individually as “Party” and collectively as
“Parties.” In consideration of the mutual promises contained in this Agreement, the Parties agree to the following terms and conditions relating to the provision of marine terminal services related to the Biomass (as hereinafter
defined). 
 RECITALS 

A. Owner operates a wood pellet export facility located within the marine terminal under the jurisdiction of the Chesapeake Port Authority
(the “Port Authority”) in Norfolk, Virginia (the “Terminal”) for the receipt, discharge and loading of Biomass for export by ocean-going vessel. 

B. Customer is in the business of processing, purchasing and selling Biomass. 

C. Owner and Customer desire to enter into this Agreement to memorialize the terms and conditions whereby Customer will deliver, or cause to
be delivered, Biomass to the Terminal for the receipt, discharge and loading for export by ocean-going vessels, and Owner will provide such services for Customer, on and subject to the terms and conditions of this Agreement. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally
bound, Owner and Customer agree as follows: 
 AGREEMENT 

Section 1. Definitions. In this Agreement, unless the context requires otherwise, the terms defined in the
preamble have the meanings indicated and the following terms will have the meanings indicated below: 
 “Affected Party”
has the meaning indicated in Section 8.1. 
 “Affiliate” means, with respect to any Person, any other Person
that is directly or indirectly controlling, controlled by or under common control with, such Person; provided, that for purposes of this definition, “control” means the possession, directly or indirectly, of the power to direct or
cause the direction of the management and policies of a Person, whether through the ownership of voting interests, by contract or otherwise, and “controlling”, “controlled by” and “under common control with” have
corresponding meanings. 
 “Agent” means any contractor, agent, employee or other representative accessing the Terminal in
connection with this Agreement on behalf of, at the request of or for the benefit of Customer. 

 “Bankrupt” means with respect to any Person, such Person (a) files a
petition or otherwise commences, authorizes or acquiesces in the commencement of a proceeding or cause of action under any bankruptcy, insolvency, reorganization or similar Law; (b) has any such petition, action or proceeding filed or commenced
against it and such petition, action or proceeding is not stayed or dismissed within sixty (60) Days after filing; (c) makes an assignment or any general arrangement for the benefit of creditors; (d) otherwise becomes insolvent;
(e) has a liquidator, administrator, receiver, trustee, conservator or similar official appointed with respect to it or any substantial portion of its property or assets; or (f) is generally unable to pay its debts as they become due. 

“Base Index” has the meaning indicated in Section 4.2(b). 

“Berth” means the berth owned by Owner and attached to the Terminal. 

“Biomass” means free-flowing wood pellets comprised of wood fiber from pulpwood, timber harvest byproducts, and industrial
residuals. 
 “Business Day” means any Day that is not a Saturday, a Sunday or any other Day on which banks in the State of
New York are permitted to close. 
 “Charter” means a contract whereby an owner or operator of a Vessel contracts with
Customer for the transportation of one or more Shipments. 
 “Claims” means claims, demands, suits, or causes of action,
whether at law or in equity, and whether based on statute, regulation, rule, ordinance, code or standard or on theories of contract, tort, strict liability or otherwise. 

“Collateral” has the meaning indicated in Section 12.6(a). 

“Confidential Information” has the meaning indicated in Section 17.1. 

“Contract Year” means each twelve (12) month period commencing on January 1; provided, that the first
Contract Year shall begin on the Effective Date and end on December 31, 2015. 
 “Current Index” has the meaning
indicated in Section 4.2(b). 
 “Customer Event of Default” has the meaning indicated in
Section 12. 
 “Customer Group” means, collectively, Customer, its parents and Affiliates, its Agents, and its
and their respective managing members, general and limited partners, officers, directors, employees, and other representatives. 

“Customer Notice of Termination” has the meaning indicated in Section 12.4. 

“Days” means the consecutive twenty-four (24) hour period beginning at the start of the hour ending 01:00 Eastern
prevailing time on any calendar day and ending at the completion of the hour ending 24:00 Eastern prevailing time on such calendar day. 

  
 - 2 - 

 “Default Interest Rate” means, for any date, the lesser of (i) a per month
rate of interest equal to one and one-half percent (1.5%) and (ii) the maximum rate permitted by Law. 
 “Delivery
Point” means Owner’s truck scale at the Terminal. 
 “Domes” means each of the concrete structures at the
Terminal used to protect Biomass pending its being loaded onto Vessels for transportation from the Terminal in accordance herewith. 

“Event of Default” means either a Customer Event of Default or an Owner Event of Default, as applicable. 

“Excluded Period” has the meaning indicated in Section 5.11. 

“FIFO” means the First-In-First-Out method for costing inventory, which method assumes that the first Biomass placed in
inventory in a Dome is the first Biomass unloaded from such Dome. 
 “Financing Party” means any and all banks or other
providers of capital to Owner or Customer. 
 “FOB” means “FOB” or “Free on Board” as defined in
Incoterms 2010 as published by the International Chamber of Commerce. 
 “Force Majeure Event” has the meaning set forth in
Section 8.1. 
 “Good Industry Practices” means using the standards, practices, methods and procedures and
exercising the degree of skill, care, diligence, prudence and foresight that would be expected to be observed by a skilled and experienced operator in carrying out activities the same as or similar to the Terminal Services under the same or similar
circumstances as those contemplated by this Agreement. 
 “Governmental Entity” means any national, regional, state,
provincial, municipal or local authority (including the Port Authority), department, body, board, instrumentality, commission, corporation, branch, directorate, agency, ministry, court, tribunal, judicial authority, legislative body, administrative
body, regulatory body, autonomous or quasi-autonomous entity or taxing authority or any political subdivision of any of the foregoing and any Person (whether autonomous or not) exercising executive, legislative, judicial, regulatory or
administrative functions of or pertaining to any of the foregoing entities, having jurisdiction over the Person or matter in question. 

“Indemnified Party” has the meaning indicated in Section 14.3. 

“Indemnifying Party” has the meaning indicated in Section 14.3. 

“Index” has the meaning indicated in Section 4.2(b). 

“Indirect Taxes” has the meaning indicated in Section 4.3. 

  
 - 3 - 

 “Interest Rate” means, for any date, the lesser of (i) the per annum rate
of interest equal to the prime lending rate as may from time to time be published in The Wall Street Journal under “Money Rates” on such Day (or if not published on such Day on the most recent preceding Day on which published), plus one
percent (1%) and (ii) the maximum rate permitted by Law. 
 “Laws” means all statutes, laws, ordinances, rules,
regulations, permits, authorizations, codes, decrees, judgments, proclamations, injunctions, constitutions, decisions, orders and directives of the applicable Governmental Entity, in each case applicable to the relevant Party, the Terminal Services,
the Terminal, the Berth or the location of the performance of the obligations hereunder. 
 “Laycan” means the defined
period during which Customer must tender a Notice of Readiness to Owner that the Vessel has arrived at the anchorage or customary place of waiting and is in all regards ready to commence loading. 

“Losses” means any and all losses, liabilities, fines, penalties, damages, costs and injuries, including the costs of
settlements, litigation, arbitration, judgments and expenses and documented attorneys’ fees (including documented attorneys’ fees and litigation expenses in establishing the right to indemnity hereunder). 

“Market Price” means, for purposes of Section 6.4, at the sole option and risk of Customer, either (a) the
reasonable and documented price actually paid or received by Customer to procure or sell, as the case may be, wood pellets of similar quality and quantity; or (b) the market price for the relevant date as determined by averaging the market
prices from the relevant market indices for wood pellets of similar quality delivered CIF to Antwerp, Belgium, or Rotterdam or Amsterdam, Netherlands, with equitable adjustments to such indices to conform to this Agreement, including by eliminating
the built-in cost components of such indices inapplicable to the relevant Biomass, including oceangoing freight costs, loading and storage costs, and truck or rail freight costs, as applicable. An index must exhibit a minimum liquidity threshold as
determined by completion of at least four (4) transactions of at least twenty-five thousand (25,000) MT per week to be used in determining the Market Price. Where there are not at least two (2) relevant indices for the relevant date
or where wood pellets of similar quality are not available in the market, the market price may be determined or augmented, as the case may be, based upon the price at which Customer would be able to sell or purchase, as the case may be, the quantity
of wood pellets in the market acting in a reasonable manner as determined by taking the average of price quotations for wood pellets of similar quality and quantity as of the relevant date from at least two (2) and no more than three
(3) independent internationally recognized dealers/brokers or counterparties (such dealers/brokers or counterparties to be appointed by Customer). 

“Master” means the captain of the relevant Vessel. 

“Month” means each full calendar month during the Term of this Agreement. 

“Non-Affected Party” has the meaning indicated in Section 8.1. 

  
 - 4 - 

 “Notice of Readiness” or “NOR” means a notice of readiness
tendered by a Master confirming a Vessel’s arrival at the anchorage or customary place of waiting and readiness to load cargo. 

“Office Hours” means the period between 09:00 and 17:00 hours Eastern prevailing time on a Business Day. 

“Owner Event of Default” has the meaning indicated in Section 12. 

“Owner Group” means, collectively, Owner, its parents and Affiliates, and its and their respective managing members, general
and limited partners, officers, directors, employees, agents, and other representatives, including Enviva Management Company, LLC in its capacity as the contract operator of Owner’s assets. 

“Owner Notice of Termination” has the meaning indicated in Section 12.2. 

“Person” means any natural person, trustee, corporation, general partnership, limited partnership, limited liability company,
joint stock company, trust, unincorporated organization, bank, business association, firm, joint venture, Governmental Entity, company or other entity. 

“Port Authority” has the meaning set forth in the recitals. 

“Required Vessel Specifications” has the meaning indicated in Section 5.4. 

“Rules” has the meaning indicated in Section 16.13. 

“Shipment” means a consignment of Biomass loaded onto Vessel(s). 

“Source Plant” means the wood pellet biomass production facility located in Southampton County, Virginia, to the extent such
facility is then owned and operated by Customer or one of its Subsidiaries. 
 “Specifications” has the meaning indicated
in Section 3.1. 
 “Subsidiary” means, with respect to any Person, any Person that is controlled by such
Person. As used in this definition, “control” and its derivatives with respect to any Person mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether
through the ownership of voting interests, by contract or otherwise. 
 “Super Holidays” has the meaning indicated in
Section 5.8. 
 “Term” has the meaning indicated in Section 2. 

“Terminal” has the meaning set forth in the recitals. 

“Terminal Services” has the meaning indicated in Section 3.1. 

“Terminal Services Fee” has the meaning indicated in Section 4.1. 

  
 - 5 - 

 “Vessel” means any bulk carrier or barge (including any attending tug or
towboat), or other watercraft that is capable of receiving Biomass at the Terminal on behalf of, at the request of, or for the benefit of Customer. 

“Weather Working Day” means a day for which vessel operations is normally conducted at a port without the interference of
inclement weather. 
 Section 2. Term. This Agreement is effective from the Effective Date, and shall continue in
full force and effect until the termination of the Agreement for the Sale and Purchase of Biomass CIF Discharge Port dated December 6, 2013 between Drax Power Limited and Customer (the “Term”), unless earlier terminated or
extended in accordance with the express provisions of this Agreement. Customer may, upon written notice to Owner provided no later than twelve (12) months prior to the last date of the Term, extend the Term for one (1) additional period of
five (5) years from the last date of the Term. In addition, the Term shall extend for any period mutually agreed to pursuant to and in accordance with Section 8.3 of this Agreement. This Agreement shall terminate automatically at
such time (if any) at which Customer ceases to own, directly or indirectly, the Source Plant. 
 Section 3. Terminal Services;
Shipment Commitment. 
 3.1 Terminal Services. Owner will make its loading and unloading facilities at the Terminal available
for the receipt and handling of Biomass that conforms to the specifications and sustainability criteria set forth on Exhibit C (collectively, the “Specifications”). Owner may allocate use of the Terminal facilities among its
customers, including Affiliates, at its discretion, which it shall exercise in a reasonable manner. Subject to Owner’s rights to suspend hereunder in accordance with Exhibit B hereto, Owner agrees to perform the following services for
Customer at the Terminal: (i) coordination of inbound Biomass-loaded trucks to, and the coordination of outbound trucks from, the Terminal; (ii) receipt of Biomass by truck at the Delivery Point, (iii) the temporary receipt, storage,
and handling of Biomass at the Terminal in connection with the offloading of trucks and pending the redelivery of same onto Vessels designated by Customer; (iv) the re-delivering and loading of Biomass at the Berth onto Vessels designated by
Customer; (v) such regulatory compliance reporting that Owner is required to perform as the Terminal operator; and (vi) such other services, including those set forth in Exhibit B hereto, expressly set forth herein (collectively,
the “Terminal Services”). All Terminal Services performed hereunder by Owner shall be performed in a commercially reasonable manner consistent with Good Industry Practices and in compliance with Laws. For the avoidance of doubt,
Terminal Services shall not include making arrangements for the transportation of Biomass by Vessel, for which, as between the Parties, Customer shall be solely responsible to make at its own cost. 

3.2 Shipment Commitment. Customer shall cause all Biomass produced from the Source Plant to be delivered into the Terminal,
provided, however, that the terms of this Agreement shall not apply to any Biomass produced from the Source Plant and sold pursuant to that certain Biomass Fuel Supply Confirmation No. 1 dated the Effective Date under the Master
Biomass Purchase and Sale Agreement between Customer (as “Seller”) and Enviva, LP (as “Buyer”). 

  
 - 6 - 

 Section 4. Fees; Invoices and Payments. 

4.1 Terminal Services Fee; Included Services. The fee for Terminal Services shall be invoiced at $14.00 per metric ton of
Customer’s Biomass that is received by Owner at the Delivery Point (such fee, as escalated in accordance with Section 4.2(b), the “Terminal Services Fee”). Each of Owner and Customer hereby acknowledges and agrees
that, except as expressly set forth in this Section 4.1, the Terminal Services Fee constitutes payment for all Terminal Services. Notwithstanding the foregoing, Customer or its Agents, as applicable, shall be obligated to pay all
additional dockage and security fees imposed by the Port Authority in connection with the use of the Terminal or the Berth by any Vessel, as the same are incurred by Customer or its Agents, as applicable. The Terminal and the Berth are within the
jurisdiction of the Port Authority. Customer and its Vessels may be subject to the applicable rules and fees issued by the Port Authority, including any of its tariffs, as same may be amended or revised from time to time. Accordingly, Customer and
its Vessel are subject to any such applicable rules issued and fees required by the Port Authority, independent and apart from, and in addition to, Customer’s obligations to Owner under this Agreement. 

4.2 Payment of Terminal Services Fee; Escalation. 

(a) Customer agrees to utilize, or pay for, the Terminal Services as contemplated by this Agreement as outlined in this
Section 4.2. 
 (b) The Terminal Services Fee will automatically adjust annually, beginning on January 1, 2015, and on
January 1 of each year thereafter, to reflect the rate of increase, if any, in the Chained Consumer Price Index for All Urban Consumers (C-CPI-U), all items, U.S. city average, as published by the Bureau of Labor Statistics (the
“Index”), and the Terminal Services Fee as adjusted shall be effective for the subsequent twelve (12) month period. For purposes of such adjustments, the “Base Index” shall be the Index for the month
immediately preceding the month in which the Effective Date occurs and the “Current Index” shall be the Index for the last month of the prior Contract Year. The percentage change from the Base Index to the Current Index will be
calculated to the third decimal place and applied to the Terminal Services Fee to determine the change to the Terminal Services Fee in accordance with the following formula; provided, that in no event shall the operation of this
Section 4.2(b) result in a reduction in any charges applicable during any period beginning on or after January 1, 2015 as compared with the charges that were applicable at any time prior to such period: 

((Current Index—Base Index)/Base Index) * Terminal Services Fee = Change to Terminal Services Fee 

In the event the Bureau of Labor Statistics no longer keeps or publishes the Index, the Parties agree to establish an alternative method of adjusting the
Terminal Services Fee based on a currently published U.S. Government index that reflects changes in the prices paid by urban consumers for a representative basket of goods and services. 

4.3 Taxes and Other Charges. In consideration of Owner’s agreement to provide Terminal Services to Customer hereunder, in addition
to the other amounts owed to Owner hereunder, Customer shall be responsible for, and shall indemnify, defend and hold harmless 

  
 - 7 - 

 
Owner against, all taxes, assessments and fees, including ad valorem taxes, now or in the future assessed against the Biomass and the provision of Terminal Services, including any sales and use
tax (collectively, “Indirect Taxes”). Customer further agrees to provide proper documentation for all claimed exemptions to Indirect Taxes. 

4.4 Monthly Statements and Invoices. Within ten (10) Days following the end of each Month during the Term of this Agreement, Owner
will submit to Customer a statement recording the volume of Customer’s Biomass received at the Delivery Point during the preceding Month, together with an invoice for the Terminal Services Fee and Indirect Taxes for the preceding Month. This
Monthly statement and invoice will be mailed or sent by facsimile to Customer at the address indicated in Exhibit A. Each such Monthly statement will include, in addition to the identity and volume of Biomass, (i) a consecutive number,
(ii) date of issuance, and (iii) a reference to the rate of Terminal Services Fee included in this Agreement. 
 4.5 Payment of
Fees. The Terminal Services Fee and Indirect Taxes reflected in Owner’s invoices are due and payable within ten (10) Business Days after the date of receipt of Owner’s invoice by Customer. A Party may, in good faith, dispute the
correctness of any invoice or any adjustment to an invoice rendered under this Agreement, or adjust any invoice for any arithmetic or computational error. Neither Party may dispute or adjust any invoice delivered more than twelve (12) months
from the date of delivery of such invoice. In the event an invoice or portion thereof, or any other claim or adjustment arising hereunder, is disputed, payment of the undisputed portion of the invoice shall be required to be made when due. Any
invoice dispute or invoice adjustment shall be in writing and shall state the basis for the dispute or adjustment. Payment of the disputed amount shall not be required until the dispute is resolved. Upon resolution of the dispute, any required
payment shall be made within five (5) Business Days after such resolution along with interest accrued at the Interest Rate from and including the due date to but excluding the date paid. Any overpayments shall, at the option of the Party making
the overpayment, be returned upon request or deducted by the Party receiving such overpayment from subsequent payments, with interest accrued at the Interest Rate from and including the date of such overpayment to but excluding the date repaid or
deducted by the Party receiving such overpayment. Any dispute with respect to an invoice is waived unless the other Party is timely notified of such dispute in accordance with this Section 4.5. Any overdue amount hereunder not disputed
in good faith in accordance with this Section 4.5 shall bear interest at the Default Interest Rate from and including the date due to but excluding the date paid. 

4.6 Records and Audits. During the Term and for up to one (1) year after the end of the Term, Customer may, at its own expense,
during Office Hours and upon reasonable advance notice so as to not unreasonably interfere with the Terminal’s or Owner’s normal business operations, inspect, copy and audit, to the extent each of the following is relevant to Owner’s
obligations hereunder, Owner’s books, records, accounts, ledgers, schedules, correspondence and any other documents. Customer shall reimburse reasonable and documented out-of-pocket costs incurred by Owner in connection with this
Section 4.6. Owner shall reasonably cooperate with Customer and shall provide such information as may be reasonably requested by Customer under this Section 4.6. 

4.7 Inventory Accounting. The Parties agree to follow Owner’s inventory accounting policies on a per Dome basis with respect to
FOB deliveries of Biomass terminaled hereunder to any customers of Customer, which may vary by Dome and shall be FIFO unless Customer is notified otherwise. 

  
 - 8 - 

 4.8 Shrinkage. Given the nature of terminal operations and the varying temperatures,
Vessel configurations and other factors affecting the volume and other attributes of Biomass as it is offloaded from trucks, handled through the Terminal, and subsequently loaded onto Vessels, Customer agrees that the Biomass will be subject to
shrinkage. Following Customer’s request for such calculation to the extent commercially reasonable and in any event at least once per Contract Year, Owner shall calculate the total rate of shrinkage of all Biomass in storage since the last such
measurement was taken for purposes of this Agreement. Such calculation shall be made by dividing the tonnage loaded onto Vessels since the last such measurement was taken for purposes of this Agreement by the weight of all deliveries of Biomass by
truck to the Delivery Point during the same period as measured upon arrival of such trucks. Customer shall bear its pro rata portion of any shrinkage based upon the weight of its Shipments during each such calculation period; provided, that
Owner shall bear the risk of any shrinkage in excess of one percent (1.0%) of the weight of all deliveries of Biomass to the Delivery Point. 

Section 5. Operations; Deliveries; Loading. 

5.1 Inbound Truck Deliveries. 

(a) Customer understands and agrees that Owner has no control over the performance of any trucking company delivering Biomass to the Terminal
and that Owner shall not be responsible for the same. 
 (b) Owner guarantees to Customer a minimum truck unloading rate at the Terminal of
300 metric tons per hour, Weather Working Day, Saturdays, Sundays, Holidays included (WWDSSHINC), excluding Super Holidays and subject to Force Majeure Events. 

(c) Owner will be under no obligation to make any arrangements with, or pay any fees to, any trucking company or otherwise with respect to the
transportation of trucks to or from the Terminal. Customer will be solely responsible for making arrangements with, entering into any necessary agreement with, and the payment for any services due to trucking companies with respect to the
transportation of trucks to and from the Terminal. Owner shall provide a safe weighing and unloading area and use commercially reasonable efforts to maintain an efficient traffic flow at the Delivery Point. 

(d) Owner shall ensure that its truck weighing scales at the Delivery Point have been certified no less frequently than once every twelve
(12) months in accordance with applicable Laws and that any operators of Owner’s scales are bonded weight masters. 
 5.2 Use
of Berth. Customer shall have non-exclusive use of the Berth from and after the Effective Date throughout the Term. Owner shall use due diligence to make the Berth safe and capable of accommodating Vessels with mean draft, maximum length
overall and maximum beam consistent with the Berth’s dimensions and depths; provided, however, that in the event of severe weather conditions, Owner’s obligation to make the Berth available to Customer shall be
limited in accordance with Good Industry Practice and applicable Laws. 

  
 - 9 - 

 5.3 Notification of Arrival of Vessels. Customer must provide Owner with and maintain
updated forecasts of scheduled arrivals of its Vessels at the Terminal, which forecasts must include details as to the quantity of Biomass to be loaded aboard such Vessels. Customer must notify Owner of tentative Biomass Vessel loading dates
reasonably in advance of anticipated Vessel loadings and of any revision of those dates as soon as practicable. 
 5.4 Vessels.
Customer shall nominate Vessels to load Biomass only if they fully comply with (or hold necessary waivers from) all applicable requirements of Law and comply with the requirements set forth in Exhibit A (the “Required Vessel
Specifications”). Each Vessel scheduled to load Biomass at the Berth must satisfy the requirements of the Required Vessel Specifications; provided, that Owner shall accept or reject any Vessel within one (1) Business Day of
receiving such nomination and any other information required by the Required Vessel Specifications; and provided further, that Owner’s acceptance of such Vessel shall not be unreasonably withheld. In addition, Owner may screen any Vessel
scheduled for loading at the Berth to ensure such Vessel is in compliance with the Required Vessel Specifications. Customer shall indemnify Owner in accordance with Section 14.2 for any loss, cost or damage resulting from failure to
comply with any of the Required Vessel Specifications. Owner shall have the right to refuse to berth any Vessel or to order any Vessel to vacate the Berth if the presence or condition of any such Vessel, its cargo or its crew shall in Owner’s
reasonable opinion threaten the safety of, or pose a hazard to, the Terminal, the Berth or the area surrounding the same or any Person or property thereon; provided, that Owner shall provide Customer written notice of any such refusal. 

5.5 Demurrage. In the event that demurrage is payable to the applicable owner or operator of any Vessel, pursuant to the applicable
Charter, and such demurrage is attributable solely to delay caused by Owner’s breach of its obligations pursuant to Section 5.11 of this Agreement, then Owner shall reimburse Customer for the amount of such demurrage paid to the
applicable owner or operator with respect to the delayed Vessel; provided, that the cost of demurrage shall not exceed $15,000 per day. In all other cases, Customer shall be responsible for and shall pay demurrage to the applicable owner or
operator of any Vessel in connection with this Agreement. 
 5.6 Compliance. Customer will provide Owner with any information,
documentation, or other materials as required by Law for the unloading or loading of Biomass. 
 5.7 Filings, Disclosure and Reports.
Each Party acknowledges that the other Party may have an obligation under Law to disclose information regarding Biomass to Governmental Authorities, parties handling Biomass, parties exposed to Biomass, and to the general public, and each Party will
promptly upon the request of any such obligated Party provide such Party with any information required by Law for such disclosures. Each Party will prepare, file and maintain copies of all reports required by Law to be filed with any federal, state
or local Governmental Entity concerning such Party’s activities under this Agreement and each Party will promptly provide a copy of any such reports to the other Party upon request. 

5.8 Berth Operating Hours. The Berth shall be in operation for the loading of Biomass twenty-four (24) hours a Day, seven
(7) Days a week, and every Day during the applicable year, except on Christmas Day, Thanksgiving Day, Labor Day, Independence Day, 

  
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and New Year’s Day (collectively, “Super Holidays”). Subject to the terms and conditions of Section 5.9, Owner may take the Berth, or any portion or part
thereof, out of service during the Term in order to perform routine dredging, restoration, inspections, maintenance or repairs. 
 5.9
Terminal Maintenance. Owner may take any facility or equipment at the Terminal, or any portion or part thereof, out of service during the Term in order to perform inspections, maintenance, or repairs. Except for any emergency in which
providing advance notice is not practicable, Owner will provide Customer with at least thirty-five (35) days prior written notice of any such scheduled maintenance that may impact any Terminal Services hereunder. On or before December 1st
of each year during the remaining term following the Effective Date, Owner will provide Customer a non-binding schedule reflecting planned maintenance for the upcoming calendar year and shall provide Customer updates from time to time based on any
changes to such schedule. 
 5.10 Credentials. Owner will require each of Customer’s carriers and contractors to execute an
access agreement and, if applicable, require each employee or invitee of any such carrier or contractor to produce a valid Transportation Worker Identification Credential (TWIC) card to the extent required under Law prior to entering the Terminal
and unloading or loading Biomass. 
 5.11 Minimum Rate of Loading Requirements; Despatch. Owner will provide equipment and facilities
reasonably necessary for the loading of Biomass at the minimum rate of 18,000 metric tons per Weather Working Day, Saturdays, Sundays, Holidays included (WWDSSHINC), excluding Super Holidays (or such other loading rate as may be otherwise agreed to
in writing by the Parties), subject to any Vessel limitations, and, in addition, excluding the following periods: the time taken from anchorage to the discharge berth(s), the time taken for ballasting or deballasting unless discharge is possible
while maintaining the stipulated minimum rate, the time lost due to any cause attributable to the Vessel, her master, her crew or owners, that affects the working or berthing of the Vessel, the period of delay caused by any Force Majeure Event(s),
any weather related delay affecting the safe loading of the Biomass in a dry condition as required, the period of stoppage of loading activities by stevedores due to strike, time taken due to disputes between master and men occasioning a stoppage of
stevedores, Vessel crew, pilots or other workmen essential to the movement, working or unloading of the Vessel or the period of physical inability by the Vessel to load the cargo, including but not limited to ballasting or deballasting capacity, and
each period during which such minimum rate cannot be maintained due to (i) Customer’s Biomass failing to meet the Specifications, (ii) Customer’s failure to deliver sufficient volumes of Biomass, or (iii) any action or
omission of Customer or any third party not within Owner’s control (each such excluded period, including Super Holidays, an “Excluded Period”). If Owner’s actual loading rate is less than such applicable minimum rate
during any Excluded Period or as a result of Vessel limitations, then, in such event, Owner will have no liability for demurrage. Customer shall be liable to pay Owner for despatch at a per diem rate (or pro-rated portion thereof) equal to fifty
percent (50%) of the demurrage rate applicable to the applicable Vessel in the event that Owner loads (or causes the loading of) Biomass onto a Vessel at a rate greater than 18,000 metric tons per Weather Working Day, Saturdays, Sundays,
Holidays included (WWDSSHINC), excluding Super Holidays (or such other loading rate as may be otherwise agreed to in writing by the Parties), subject to any Vessel limitations and excluding Excluded Periods. For the avoidance of doubt, such despatch
payment obligations shall accrue to the extent such minimum rate is exceeded even if the related loading occurs (at Owner’s sole discretion) during any Excluded Period. 

  
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 5.12 Limitation of Services. The Terminal Services hereunder are being provided to
Customer only with respect to the Biomass and no other products. 
 5.13 Required Improvements. Owner shall perform routine
maintenance and repair of the Terminal in accordance with Good Industry Practices, but will not be required to make any improvements, alterations or additions to the Terminal. 

5.14 Ownership of Equipment. All fixtures, equipment and appurtenances attached to the Terminal are and shall remain the property of
Owner or the Port Authority, as applicable. 
 5.15 Title. Subject to Section 12.6, title to the Biomass handled
hereunder shall always remain with Customer. Notwithstanding anything to the contrary herein, title to the Biomass shall in no event pass to Owner at any time under or pursuant to this Agreement. Owner shall be deemed to have custody of the Biomass
from the time it passes from the delivery facilities of the trucks into Owner’s receiving facilities and until it passes from the delivery facilities of Owner into the receiving facilities of a Vessel. 

Section 6. Biomass Quality Standards; Measurement. 

6.1 Quality Requirements. Customer represents and warrants to Owner that all Biomass tendered by or for the account of Customer for
Terminal Services will conform to the Specifications. Owner will not be obligated to load or unload Biomass that fails to meet the Specifications at the time tendered by Customer, but, to the extent that Owner loads or unloads Biomass that fails to
meet the Specifications, in no event will Owner have any liability whatsoever for loading or unloading such Biomass. Owner may, upon prior written notice to Customer, impose other limitations on the Biomass delivered to the Terminal in order to
(a) comply with applicable Laws, (b) protect health and safety, and (c) protect the premises, equipment or facilities at the Terminal. 

6.2 Deliveries Not Meeting Quality Requirements. Owner may rely upon the representations of Customer set forth below as to Biomass
quality. In the event that Customer knows, or has reason to believe, that any Biomass tendered to Owner does not conform with the Specifications when tendered, it shall be the responsibility of Customer to notify Owner to such effect as soon as
reasonably possible, whereupon Owner may elect to refuse tender, or, if Owner has already received such Biomass into the Terminal, cause Customer to take redelivery or otherwise dispose of the nonconforming Biomass, at Customer’s expense. Owner
shall also have the right, without prejudice to any other remedy available to Owner, to reject and return to Customer any quantities of Biomass that fail to meet the Specifications, even after receipt by Owner. Notwithstanding anything in this
Agreement to the contrary, Customer shall be responsible for, and shall indemnify and hold harmless the Owner Group from and against, any Claims, including damage to the biomass of others and all documented costs resulting from any Biomass received
at the Terminal for Customer’s account that does not conform to the Specifications. 

  
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 6.3 Commingling. Customer acknowledges and agrees that, in connection with the Terminal
Services, its Biomass may be commingled or intermixed with other, similar biomass at the Terminal within the Specifications. Owner is not obligated to redeliver the identical Biomass (or Biomass matching any identical specifications) delivered by
Customer into the Terminal. 
 6.4 Biomass Loss or Damage. Subject to Section 4.8, Owner will not be liable to
Customer for any contamination, damage, degradation, misdelivery or loss of Biomass, unless and only to the extent such contamination, damage, degradation, misdelivery or loss results from Owner’s negligence. If Customer desires to protect any
Biomass against insurable losses relating to contamination, damage, degradation, misdelivery or loss other than as may be attributable to Owner’s gross negligence, Customer may secure insurance at its own cost and expense. Customer must make
any claims against Owner for such contamination, damage, degradation, misdelivery or loss of Biomass by notice to Owner within ninety (90) Days after the date that Customer becomes aware of such contamination, damage, degradation, misdelivery
or loss, and Customer irrevocably waives any claim for which the required notice is not provided within such required time. NOTWITHSTANDING ANY PROVISION IN THIS AGREEMENT TO THE CONTRARY, OWNER’S LIABILITY ARISING OUT OF CONTAMINATION,
DAMAGE, DEGRADATION, MISDELIVERY OR LOSS OF BIOMASS SHALL NEVER IN ANY EVENT EXCEED AN AMOUNT EQUAL TO (i) THE MARKET PRICE OF THE CONTAMINATED, DAMAGED, DEGRADED, MISDELIVERED OR LOST BIOMASS, LESS (ii) THE SALVAGE VALUE, IF ANY, OF THE
CONTAMINATED, DAMAGED, DEGRADED, MISDELIVERED OR LOST BIOMASS, AND OWNER SHALL NOT IN ANY EVENT BE RESPONSIBLE OR LIABLE FOR ANY CONSEQUENTIAL DAMAGES, INCLUDING BUT NOT LIMITED TO, LOSS OF REVENUES OR LOSS OF BUSINESS, NOR FOR PUNITIVE OR EXEMPLARY
DAMAGES, NO MATTER HOW SUCH CONTAMINATION, DAMAGE, DEGRADATION, MISDELIVERY OR LOSS OF BIOMASS SHALL HAVE OCCURRED OR BEEN CAUSED. 

6.5 Measurement. 
 (a)
The weight of each delivery of Biomass shall be determined upon arrival at the Delivery Point using scales maintained and operated in accordance with procedures reasonably acceptable to Owner and Customer and professionally certified at intervals of
no less than six (6) months to be in conformity with the most current, industry accepted standard. 
 (b) The weight of each Shipment
shall be determined upon completion of loading. Customer shall appoint an independent marine surveyor, at its own expense but on behalf of both Parties jointly, to conduct a draft survey and to issue a certificate to both Parties certifying the
weight of the Shipment. Shipments shall be in cargo lots of 30,000 metric tons +/-10%, at Customer’s option, or such larger vessel sizes as the Parties may mutually agree in writing. 

Section 7. Consequential Damages Waiver. EXCEPT AS OTHERWISE PROVIDED IN THIS AGREEMENT, IN NO EVENT WILL EITHER
PARTY BE LIABLE UNDER ANY CIRCUMSTANCES TO THE OTHER PARTY FOR SPECIAL, INDIRECT, PUNITIVE, INCIDENTAL, EXEMPLARY OR CONSEQUENTIAL 

  
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DAMAGES OR LOSSES, INCLUDING LOST PROFITS, LOSS OF BUSINESS OPPORTUNITY OR OTHER SIMILAR DAMAGES RESULTING FROM OR ARISING OUT OF THIS AGREEMENT, BY STATUTE, IN TORT OR CONTRACT, UNDER ANY
INDEMNITY PROVISION OR OTHERWISE (EXCEPT WITH RESPECT TO INDEMNITY OBLIGATIONS FOR THIRD-PARTY CLAIMS AND LOSSES). 
 Section 8.
Force Majeure Event. 
 8.1 General. A Party is not responsible or liable for any delay or failure in the performance of
its obligations under this Agreement to the extent such performance is prevented by a Force Majeure Event. A “Force Majeure Event” is any event or circumstance that is beyond the control of, and occurs without the fault or
negligence of, the Party claiming force majeure (the “Affected Party”, and the other Party being the “Non-Affected Party”), that could not reasonably have been avoided or overcome, and was not reasonably
foreseeable. A Force Majeure Event may include the following, to the extent that each satisfies the foregoing requirements: any act of God or the elements, earthquakes, floods, landslides, hurricanes, civil disturbances, sabotage, acts of public
enemies, terrorism, war, blockades, insurrections, riots, epidemics, fires or explosions. For the avoidance of doubt, a lack of funds, changes in market conditions, loss of markets, changes in market pricing, changes in Laws, or the availability of
subsidies or inefficiencies in operations shall not constitute a Force Majeure Event. 
 8.2 Notice. The Affected Party shall give
the Non-Affected Party written notice within five (5) Days of the date on which the Affected Party becomes aware of the occurrence of a Force Majeure Event, describing the particulars and estimated duration of the Force Majeure Event and the
proposed cure; provided, however, that failure to timely provide such notice shall not preclude the Affected Party from obtaining the relief contemplated in Section 8.1 as a result of a Force Majeure Event except to the
extent that the Non-Affected Party would be materially and adversely affected as a result of the Affected Party’s failure to timely deliver such notice. Any suspension of performance as a result of a Force Majeure Event shall be of no greater
scope and of no longer duration than is reasonably attributable to the Force Majeure Event; further, the Affected Party shall use commercially reasonable efforts to remedy its inability to perform its obligations under this Agreement, and shall
promptly notify the Non-Affected Party when the Affected Party is able to resume performance of its obligations under this Agreement. 
 8.3
Make-up. In addition to the Affected Party’s obligations under Section 8.2, the Parties may mutually agree to make-up resulting delays or deficiencies due to a Force Majeure Event through an adjustment, as necessary, to the
Terminal Services Fee or the Term. Any resulting extension of the Term shall be no greater than the duration of the Force Majeure Event. 

8.4 Termination. Notwithstanding any other provision of this Section 8, if a Force Majeure Event lasts for more than one
hundred eighty (180) consecutive Days or for more than hundred eighty (180) Days in the aggregate during any twelve (12) month period, the Non-Affected Party may terminate this Agreement upon written notice to the Affected Party;
provided, however, that such one hundred eighty (180) Day period, in either case, shall be extended by an additional ninety (90) Days if the Affected Party shall, prior to the expiration of such ninety (90) Day period,
have submitted to the Non-Affected Party a remedial action plan that sets forth a reasonably feasible course of repairs, improvements, changes to operations, or 

  
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other actions that would permit the Affected Party to perform its obligations under this Agreement as soon as reasonably practicable and such Party pursues the remedial action plan in a
commercially reasonable and diligent manner. Termination of this Agreement by a Party under this Section 8 shall be without liability to such Party; provided that such termination shall not affect any rights or obligations that
may have accrued prior to such termination or that expressly or by implication are intended to survive termination, whether resulting from the event giving rise to the right to terminate or otherwise. 

Section 9. Inspection of and Access to Terminal. 

9.1 Inspections. Subject to Customer meeting Owner’s safety requirements and its other reasonable rules and regulations concerning
activities in and around the Terminal, Owner grants to Customer and its inspectors and other Agents the right to enter the Terminal (a) for purposes of observing and verifying Owner’s performance hereunder, and (b) during normal
business hours and upon reasonable prior notice, for purposes of examination, testing and audit of any scale or other equipment, Terminal records pertaining to the loading of Biomass and Owner’s operational procedures and practices from time to
time, which rights under both clauses (a) and (b) will be exercised in a way that will not interfere with or diminish Owner’s control over or its operation of the Terminal or the Berth and will be subject to reasonable rules and
regulations from time to time promulgated by Owner. 
 9.2 Nature of Access Right. Customer acknowledges that any grant of the right
of access to the Terminal or the Berth under this Agreement or under any document related to this Agreement is a grant of merely a license and conveys no interest in or to the Terminal or any part thereof. 

Section 10. Assignment. 

10.1 Assignment Generally. Except as otherwise expressly provided in this Section 10, neither Party may directly or
indirectly assign its rights and obligations under this Agreement, in whole or in part, by operation of law or otherwise, without the prior written consent of the other Party (such consent not to be unreasonably withheld, conditioned or delayed),
and any purported assignment made other than in accordance with this Section 10 shall be null and void ab initio. 
 10.2
Permitted Assignments. Notwithstanding Section 10.1, the following are permitted, subject to the following terms and conditions: 

(a) collateral assignment by a Party to its Financing Parties, and further assignment by such Financing Parties following any foreclosure of
their security interest in this Agreement, in which case neither such Party nor, following any post-foreclosure assignments, its Financing Parties shall have any liability with respect to the future performance of this Agreement; 

(b) assignment by a Party to an Affiliate of such Party; provided, however, that, in the case of any assignment by a Party to an
Affiliate without the express consent of the other Party to such specific assignment, the assigning Party shall remain jointly and severally liable for the assigned obligations and shall notify the other Party of the assignment (and identify

  
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the name of, and notice address information for, such Affiliate), unless (i) in the case of an assignment by either Party, the assignment is made to the successor to all or substantially all
of the assets of Owner or Customer, or (ii) in the case of an assignment by Customer, the assignment is made to a direct or indirect wholly-owned Subsidiary of Customer (or such successor), so long as the performance of all such
Subsidiary’s obligations under this Agreement is guaranteed by Customer (or such successor) under a guaranty that is in form and substance reasonably satisfactory to Owner; and 

(c) subcontracting and the assignment of rights and delegation of obligations by Owner (without relieving Owner of its obligations to Customer
hereunder), including to Enviva Management Company, LLC from time to time consistent with any Management Services Agreement between Enviva Management Company, LLC and Owner (or an Affiliate of Owner) under which Owner is a “Service
Recipient”. 
 Section 11. Compliance with Law and Safety. Customer warrants that the Biomass tendered by it is
produced and transported, and Owner warrants that the Terminal and the Terminal Services provided by it under this Agreement are, in material compliance with all applicable Laws and the then-current version of NFPA 664: Standard for the
Prevention of Fires and Explosions in Wood Processing and Woodworking Facilities or any successor publication. Each Party also warrants that it may lawfully receive and handle the Biomass, and it will furnish to the other Party any
evidence required to provide compliance with such Laws, and will file with governmental agencies any required reports evidencing such compliance with those Laws. 

Section 12. Default, Termination and Other Remedies. 

12.1 Customer Default. Each of the following shall be deemed an event of default by Customer hereunder (each, a “Customer Event
of Default”): 
 (a) Customer fails to perform any of its material obligations under this Agreement (not otherwise provided for as
a separate Customer Event of Default under this Agreement), for a period of thirty (30) Days after Customer’s receipt of written notice thereof; provided, that such period shall be extended for an additional reasonable period if
such failure is capable of being cured but a cure cannot be reasonably effected within thirty (30) Days, corrective action is instituted by Customer within the thirty (30) Day period and such action is diligently pursued until such default
is corrected; provided further, that the cure period shall in no event exceed ninety (90) Days from Customer’s receipt of the written notice of the performance failure; 

(b) Except for disputed fees or charges under this Agreement, if Customer fails to pay any amounts due hereunder, which failure continues for
a period of ten (10) Days after the date on which written notice of a failure to pay is received by Customer; or 
 (c) Customer
becomes Bankrupt. 
 12.2 Owner Remedies for Customer Default. Upon the occurrence and during the continuation of a Customer Event of
Default, and at any time following the expiration of the respective periods referred to in Section 12.1, in addition to any other rights set forth elsewhere in this Agreement or provided by Law, Owner may serve a written notice upon
Customer (an 

  
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“Owner Notice of Termination”) that Owner elects to terminate this Agreement upon a specified date which shall be no earlier than one (1) Day and no later than twenty
(20) Days after the date of serving such Owner Notice of Termination, and this Agreement shall then expire on the date so specified as if that date had been originally fixed as the expiration date of the term herein granted, without waiving any
other remedies that Owner may have. No Customer Event of Default shall be deemed waived unless in writing and signed by Owner. 
 12.3
Owner Default. Each of the following shall be deemed an event of default by Owner hereunder (each, an “Owner Event of Default”): 

(a) Owner fails to perform any of its material obligations under this Agreement (not otherwise provided for as a separate Owner Event of
Default under this Agreement) for a period of thirty (30) Days after Owner’s receipt of written notice thereof; provided, that such period shall be extended for an additional reasonable period if a cure cannot be reasonably effected
within thirty (30) Days, corrective action is instituted by Owner within the thirty (30) Day period and such action is diligently pursued until such default is corrected; provided further, that the cure period shall in no
event exceed ninety (90) Days from Owner’s receipt of the written notice of the performance failure; 
 (b) Except for disputed
fees or charges under this Agreement, if Owner fails to pay any amounts due hereunder, which failure continues for a period of ten (10) Days after the date on which written notice of a failure to pay is received by Owner; or 

(c) Owner becomes Bankrupt. 

12.4 Customer Remedies for Owner Default. Upon the occurrence and during the continuation of an Owner Event of Default, and at any time
following the expiration of the respective periods referred to in Section 12.3, in addition to any other rights set forth elsewhere in this Agreement or provided by Law, Customer may serve a written notice upon Owner that Customer elects
to terminate this Agreement upon a specified date (a “Customer Notice of Termination”) which shall be no earlier than one (1) Day and no later than twenty (20) Days after the date of serving such Customer Notice of
Termination. This Agreement shall expire on the date specified in such Customer Notice of Termination as if that date had been originally fixed as the expiration date of the term herein granted, without waiving any other remedies that Customer may
have. No Owner Event of Default shall be deemed waived unless in writing and signed by Customer. 
 12.5 Remedies of Each Party
Generally. Without limiting its rights under this Agreement, after an Event of Default, the non-defaulting Party may set off any or all amounts due and owing to it by the defaulting Party against any or all amounts due and owing by it or any of
its wholly-owned Affiliates to the defaulting Party (whether under this Agreement or otherwise and whether or not then due). Nothing in this Section 12.5 is intended in any way to limit or prejudice any other rights or remedies the
non-defaulting Party may have under this Agreement or at law. The remedies of the non-defaulting Party provided in this Agreement are not exclusive and, except as otherwise expressly limited by this Agreement, are in addition to all other remedies
of the non-defaulting Party at law or in equity. 

  
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 12.6 Lien on Biomass. 

(a) Owner, as operator of the Terminal and bailee of Customer’s Biomass, is hereby granted a first and preferred lien on: (i) the
Biomass from the time of receipt until delivery to Customer; and (ii) any property of Customer located at the Terminal or any other terminal facility owned or operated by Owner or its Affiliates or otherwise in the custody of Owner or its
affiliates to secure the payment of all sums due from Customer under this Agreement (the “Collateral”). Customer hereby authorizes Owner to file one or more financing or continuation statements, and amendments thereto, relative to
all or any part of the Collateral without the signature of Customer, in each case where permitted by law, and to take any and all other actions necessary to secure its interest in the Collateral. In addition, Customer agrees that from time to time
it will promptly execute and deliver all instruments and documents, and take all further action, that Owner may reasonably request as being necessary or desirable in order to perfect and protect any security interest granted or purported to be
granted hereby or to enable Owner to exercise and enforce its rights and remedies hereunder with respect to any Collateral. Without limiting the generality of the foregoing, Customer will execute and file such financing or continuation statements,
or amendments thereto, and such other instruments or notices, as Owner may request as being necessary or desirable in order to perfect and preserve the security interests granted or purported to be granted hereby. 

(b) In the event Customer should fail to pay sums owed by it to Owner, after notice in accordance with Section 12.1(b), Owner may
proceed in law to enforce its lien to satisfy all contractual and statutory obligations of Customer, including all costs, attorneys’ fees, and expense incurred by Owner in the enforcement of its lien and the recovery of monies owed to it by
Customer. Customer hereby agrees that in the event of any such default, in addition to other remedies set forth herein and as may be available under law, Owner may sell, on commercially reasonable terms, any such Collateral upon which Owner has a
lien to satisfy any debt owed by Customer to Owner out of the proceeds thereof. Customer hereby waives any right to notice or otherwise associated with any such sale to which it may be entitled under this Agreement or at law or in equity. 

Section 13. Insurance. 

13.1 Customer’s Required Insurance. Customer, at Customer’s sole cost and expense, shall carry and maintain the following
insurance with companies authorized to do business in the applicable jurisdictions and possessing a minimum A.M. Best rating of A-VIII: 

(a) Commercial General Liability insurance with minimum limits of $1,000,000 per occurrence, $2,000,000 aggregate, covering bodily injury
liability, personal injury liability and property damage liability, and including contractual liability, products and completed operations coverage; 

(b) Statutory Worker’s Compensation insurance; 

(c) Employer’s Liability insurance with a minimum limit of $1,000,000 each accident; and 

  
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 (d) Automobile Liability insurance with a minimum limit of $1,000,000 each accident; and 

(e) Umbrella policy with a minimum limit of $5,000,000, scheduling General Liability, Automobile Liability and Employers Liability coverages.

 13.2 Customer Certificates of Insurance; Notification of Changes or Lapse. Customer shall submit certificates of all insurance
required under Section 13.1 to Owner. All policies shall contain a waiver of subrogation against Owner. All such general liability policies with the exception of Workers Compensation and the required certificates relating thereto shall
name Owner (including its officers and directors), Owner’s consultants, lenders, and the agents and employees of any of them, as additional insured. The additional insured clause shall be ISO Additional Insured Endorsement CG 20 10 11 85 or a
substitute providing equivalent coverage under the general liability and umbrella program. All policies shall provide that the insurance carrier will give Owner thirty (30) Days prior written notice of the expiration or any cancellation or
change in coverage of such policies. 
 13.3 Owner’s Required Insurance. Owner, at Owner’s sole cost and expense, shall
carry and maintain the following insurance with companies authorized to do business in the applicable jurisdictions and possessing a minimum A.M. Best rating of A-VIII: 

(a) Commercial General Liability insurance with minimum limits of $5,000,000 per occurrence, $10,000,000 aggregate, covering bodily injury
liability, personal injury liability and property damage liability, and including contractual liability, products and completed operations coverage; 

(b) Statutory Worker’s Compensation insurance; 

(c) Employer’s Liability insurance with a minimum limit of $5,000,000 each accident; and 

(d) Automobile Liability insurance with a minimum limit of $5,000,000 each accident; 

(e) Umbrella policy, with a minimum limit of $5,000,000, scheduling General Liability, Automobile Liability and Employers Liability coverages;
and 
 (f) so called “All Risk” physical damage insurance, including flood and earthquake, covering loss or damage to the
Terminal, including with respect to any trade fixtures, machinery, equipment, and other personal property located in or about the Terminal in an amount not less than one hundred percent (100%) of the full replacement cost thereof from time to
time. 
 13.4 Owner Certificates of Insurance; Notification of Changes or Lapse. Owner shall submit certificates of insurance
required under Section 13.3 to Customer. All policies shall contain a waiver of subrogation against Customer. All such general liability policies with the exception of Workers Compensation and the required certificates relating thereto
shall name Customer (including its officers and directors), Customer’s consultants, lenders, and the agents 

  
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and employees of any of them, as additional insured. The additional insured clause shall be ISO Additional Insured Endorsement CG 20 10 11 85 or a substitute providing equivalent coverage under
the general liability and umbrella program. All policies shall provide that the insurance carrier will give Customer thirty (30) Days prior written notice of the expiration or any cancellation or change in coverage of such policies. 

13.5 Reports of Accidents and Injuries. Owner and Customer will provide prompt written notice to each other of all accidents or
occurrences resulting in injuries to employees or third parties, or damage to property arising out of or during the course of the performance under this Agreement and, as soon as practical, will furnish each other with a copy of all reports made by
any insurance underwriter or non-privileged reports to others of such accidents or occurrences. 
 13.6 Application of Insurance
Proceeds. Owner shall apply any insurance proceeds directly to the replacement or repair of damaged assets to which such insurance proceeds relate. 

Section 14. Indemnity and Liability. 

14.1 Indemnification of Customer Group. To the fullest extent permitted by law, and except as otherwise provided herein this Agreement
(including Section 6.4), Owner hereby agrees to release, protect, defend, indemnify, and hold harmless the Customer Group from and against any and all Claims and Losses (inclusive of Claims made by or Losses of, directly or indirectly, a
Third Party) resulting from injury to or death of individuals or loss or destruction of or damage to tangible property (including Vessel damage), to the extent such Claims and Losses arise as a result of or in connection with the negligence or
willful misconduct of Owner in connection with or related to the Terminal Services or this Agreement; provided, however, that Owner shall not be required to defend, indemnify or hold harmless any member of the Customer Group for any
Claims and Losses to the extent such Claims and Losses are due to the negligence or willful misconduct of Customer. 
 14.2
Indemnification of Owner Group. To the fullest extent permitted by law, and except as otherwise provided herein this Agreement, Customer hereby agrees to release, protect, defend, indemnify, and hold harmless the Owner Group from and against any
and all Claims and Losses (inclusive of Claims made by or Losses of, directly or indirectly, a Third Party) resulting from injury to or death of individuals or loss or destruction of or damage to tangible property (including damage to Terminal
equipment and facilities), to the extent such Claims and Losses arise as a result of or in connection with the negligence or willful misconduct of Customer in connection with or related to the Terminal Services or this Agreement; provided,
however, that Customer shall not be required to defend, indemnify or hold harmless any member of the Owner Group for any Claims and Losses to the extent such Claims and Losses are due to the negligence or willful misconduct of Owner. 

14.3 Notice; Procedure. Not later than fifteen (15) Days after receipt of written notice from either Party of any Claim or Losses
related to any Claim for which such Party or a member of such Party’s Owner Group or Customer Group, as applicable, is seeking indemnification under this Agreement (such Party or member of such Party’s Owner Group or Customer Group seeking
indemnification, collectively, the “Indemnified Party”), the Party receiving such notice 

  
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(the “Indemnifying Party”) shall, to the extent that such Claim or Losses are indemnifiable by the Indemnifying Party hereunder, affirm in writing by notice to the Indemnified
Party that the Indemnifying Party will indemnify, defend and hold harmless the Indemnified Party in accordance with this Agreement and will, at its own cost and expense, assume on behalf of the Indemnified Party and conduct with due diligence and in
good faith the defense thereof with counsel selected by the Indemnifying Party that is reasonably satisfactory to the Indemnified Party; provided, however, that the Indemnified Party shall have the right to be represented therein by
counsel of its own selection at its own expense or, in the event that the Indemnifying Party breaches any of its obligations hereunder to timely and diligently assume and conduct the defense of such Claim, at the expense of the Indemnified Party.
The Indemnifying Party shall not, without the prior written consent of the Indemnified Party, settle or compromise or permit a default judgment or a consent to entry of any judgment with respect to any Claim for which it has indemnification
obligations hereunder unless such settlement or compromise or judgment is solely for the payment of money and includes a complete and unconditional release of the Indemnified Party with respect to all liability related to such Claim and Losses
related to such Claim upon the making of such payment. 
 Section 15. Other Representations, Warranties and Covenants.

 15.1 Representations and Warranties. As a material inducement to entering into this Agreement, each Party, with respect to
itself, represents and warrants to the other Party as of the Effective Date of this Agreement as follows: 
 (a) it is duly organized,
validly existing and in good standing under the Laws of the jurisdiction of its formation and is qualified to conduct its business in those jurisdictions necessary to perform its obligations hereunder, other than those jurisdictions as to which the
failure to be so qualified or in good standing could not, individually or in the aggregate, reasonably be expected to materially adversely affect its ability to perform this Agreement; 

(b) the execution, delivery and performance of this Agreement are within its powers, have been duly authorized by all necessary action and do
not conflict with or violate any of the terms or conditions in its governing documents or any agreement to which it is a party, or any law, rule, regulation, order, writ, judgment, decree or other legal or regulatory determination applicable to such
Party; 
 (c) this Agreement constitutes a legal, valid and binding obligation of such Party, enforceable against it in accordance with its
terms, except as limited by bankruptcy, insolvency, reorganization and other Laws affecting creditor’s rights generally, or by the exercise of judicial discretion in accordance with general principles of equity; 

(d) to such Party’s knowledge, there are no actions, proceedings, judgments, rulings or orders, issued by or pending before any court or
arbitral body that would materially adversely affect its ability to perform its obligations under this Agreement; and 
 (e) no consent,
approval or authorization of, or registration, filing or declaration with, any Governmental Entity or any other Person required as of the date hereof, which has not been received, waived or satisfied as of the Effective Date, is required for the
valid execution and delivery of this Agreement. 

  
 - 21 - 

 Section 16. Miscellaneous. 

16.1 Notices. Except as expressly provided in this Agreement, any notice, demand, offer, or other communication required or permitted
to be given pursuant hereto shall be in writing signed by the Party giving such notice, demand, offer, or other communication and shall be hand delivered or sent by registered mail, overnight courier or facsimile to the other Party at its address
set forth below. Each Party may change its address by providing notice under this Section 16.1 to the other Party. Unless otherwise provided herein, all notices, requests or other communications hereunder shall be effective at the end of
Office Hours on the Day actually received, if received during Office Hours, and otherwise shall be effective at the close of Office Hours on the first Business Day after the Day on which received. 

 

			
	If to Owner:	  	 Enviva Port of Chesapeake, LLC
 7200 Wisconsin
Avenue
 Suite 1000
 Bethesda, MD 20815

Attention: General Counsel

Facsimile: (240) 482-3774

		
	If to Customer:	  	 Enviva Wilmington Holdings, LLC
 c/o Enviva
Development Holdings, LLC (as Managing Member)
 7200 Wisconsin Avenue

Suite 1000 Bethesda, MD 20815
 Attention: General
Counsel
 Facsimile: (240) 482-3774

 16.2 Interpretation. Except as otherwise set forth herein, or where the context of this Agreement
otherwise requires: 
 (a) headings and titles are for convenience only and do not affect the interpretation of this Agreement; 

(b) the gender of all words used herein shall include the masculine, feminine and neuter and the number of all words shall include the
singular and plural; 
 (c) the terms “hereof”, “herein,” “hereto” and similar words refer to this entire
Agreement and not any particular Section, Exhibit or any other subdivision of this Agreement; 
 (d) references to “Section” or
“Exhibit” are to this Agreement unless specified otherwise; 

  
 - 22 - 

 (e) reference to “this Agreement” (including any Exhibit hereto) or any other agreement
or document shall be construed as a reference to such agreement or document as the same may be amended, modified, supplemented or restated, and shall include a reference to any agreement or document that amends, modifies, supplements or restates, or
is entered into, made or given pursuant to or in accordance with its terms; 
 (f) references to any law, statute, rule, regulation,
standard (including for testing and sampling), notification or statutory provision shall be construed as a reference to the same as it may have been, or may from time to time be, amended, modified or
re-enacted; 
 (g) references to any Person shall be construed as a reference to such Person’s
successors and permitted assigns; 
 (h) “includes”, “including” and similar phrases mean “including, without
limitation”; 
 (i) all Exhibits are incorporated herein and made a part of this Agreement for all purposes; and 

(j) references to “or” will be deemed to be disjunctive but not necessarily exclusive (i.e., unless the context dictates otherwise,
“or” will be interpreted to mean “and/or” rather than “either/or”). 
 16.3 Amendment. No amendment,
supplement or other modification of this Agreement shall be valid unless evidenced in writing and signed by both Parties. 
 16.4
Severability of Provisions. If any provision of this Agreement is found to be void and unenforceable, such provision shall be deemed to be deleted from this Agreement and the remaining provisions of this Agreement shall continue to have full
force and effect. The Parties shall, in such event, negotiate in good faith to agree to a mutually satisfactory valid and enforceable substitute provision implementing to the fullest extent possible the intentions of the Parties at the Effective
Date. 
 16.5 Entire Agreement. This Agreement constitutes the entire agreement of the Parties with respect to the subject matter
hereof and, except as herein stated and in the instruments and documents to be executed and delivered pursuant hereto, contains all of the representations, undertakings and agreements of the Parties in respect of the subject matter hereof. This
Agreement supersedes all prior meetings, correspondence, and negotiations between the Parties. There are no representations, warranties, covenants, agreements or collateral understandings, oral or otherwise (express or implied) of any kind between
the Parties in respect of the subject matter hereof, except as contained herein. 
 16.6 Counterparts; Electronic Signatures. This
Agreement may be executed in counterparts, each of which shall be considered an original, but all of which shall together constitute one and the same instrument. Any executed counterpart may be delivered in portable document format (.pdf) or by
other electronic means and, when so delivered, shall be legally enforceable in accordance with its terms. 

  
 - 23 - 

 16.7 Third Parties. This Agreement and all rights hereunder are intended for the sole
benefit of the Parties and shall not imply or create any rights on the part of, or obligations to, any other Person (other than to members of the Customer Group and Owner Group pursuant to and in accordance with Section 6.2 and
Section 14). 
 16.8 Non-Recourse. The Parties’ respective obligations hereunder are intended to be the obligations
of the respective Parties only and no recourse for any obligation of a Party hereunder, or for any claim based thereon or otherwise in respect thereof, shall be had against any incorporator, shareholder, partner, member, officer or director, or
Affiliate, as such, past, present or future of such Party. 
 16.9 Attorneys’ Fees. The Parties agree that in the event either
of the Parties institutes legal proceedings to enforce any of the terms of this Agreement, all court costs and reasonable attorneys’ fees incurred by the substantially prevailing Party shall be reimbursed by the other Party. 

16.10 No Waiver. Either Party’s waiver of any breach or failure to enforce any of the terms of this Agreement at any time shall
not in any way affect, limit, modify, or waive such Party’s right thereafter to enforce or compel strict compliance with every term hereof, notwithstanding such waiver or failure or any course of dealing or custom of the trade. 

16.11 No Agency. No Party shall be deemed hereunder to be an agent of, or partner or joint venturer with, any other Party. 

16.12 Governing Law. 

(a) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE SUBSTANTIVE LAWS OF THE STATE OF NEW YORK AND, WHERE
APPLICABLE, THE GENERAL MARITIME LAW OF THE UNITED STATES, WITHOUT REFERENCE TO ANY CHOICE OF LAW PRINCIPLE THAT WOULD RESULT IN THE APPLICATION OF ANY OTHER LAW. 

(b) The United Nations Convention on Contracts for International Sale of Goods shall not apply to this Agreement. 

(c) The Parties acknowledge and agree that: (i) this Agreement is for the purpose of providing terminalling services, which shall not
include storage services except as may be incidental to providing such terminalling services, (ii) each of the Domes used in connection with the provision of the Terminal Services is not intended to provide storage or constitute a warehouse but
rather is intended to protect the Biomass from the elements for a very limited amount of time prior to its being loaded onto a Vessel for overseas or other transport, (iii) any incidental storage services provided by Owner during any time in
which Biomass occupies a space in the Terminal are free of charge, and (iv) the Parties waive to the maximum extent permitted by applicable Laws any application of the terms of the Uniform Commercial Code of the State of North Carolina in
respect of warehouses. 

  
 - 24 - 

 16.13 Dispute Resolution. Any dispute arising from this Agreement (including a dispute
regarding the existence, validity or termination of this Agreement or the consequences of its nullity), shall be referred to and finally resolved by arbitration under the rules of the American Arbitration Association (the “Rules”),
which Rules are deemed to be incorporated by reference into this Section 16.13 except as expressly amended by this Section 16.13. The tribunal shall consist of three (3) arbitrators, two (2) of whom shall be
nominated by the respective Parties and the third of whom shall be jointly selected by the two arbitrators selected by the Parties. The seat of the arbitration and the venue of all hearings shall be New York, NY and the language of the arbitration
shall be English. The arbitral tribunal shall have power to award on a provisional basis any relief that it would have power to grant on a final award. Without prejudice to the powers of an arbitrator provided by the Rules, by statute or otherwise,
the arbitral tribunal shall have power at any time, on the basis of written evidence and the submissions of the Parties alone, to make an award in favor of the claimant (or the respondent if a counterclaim) in respect of any claims or counterclaims
to which there is no reasonably arguable defense (either substantively or as to the amount of any damages or other sums to be awarded). To the extent permitted by applicable Law, the Parties hereby agree to waive any rights to refer points of law,
or to appeal, to the courts; provided, that nothing in this Section 16.13 shall be construed as preventing either Party from seeking conservatory or similar interim relief in any court of competent jurisdiction. 

Section 17. Confidentiality. 

17.1 Confidentiality. The existence and terms of this Agreement and information disclosed by or on behalf of either Party to the other
Party or its representatives in connection with this Agreement (hereinafter referred to as “Confidential Information”) shall, during the Term and until the expiration of twelve (12) months after this Agreement has terminated,
be treated as confidential by each Party and shall not be disclosed in whole or part by either Party to any third party without the prior written consent of the other Party. No breach of this Section 17.1 shall entitle the other Party to
terminate this Agreement. 
 17.2 Confidentiality Carve-outs. Notwithstanding Section 17.1, neither Party shall be
required to obtain the prior written consent of the other Party in respect of disclosure of Confidential Information: 
 (a) to Affiliates of
such Party; provided, that such Party shall require such Affiliates to keep the Confidential Information confidential on the same terms as are provided in this Section 17; 

(b) to Persons professionally engaged by or on behalf of such Party; 

(c) to any Government Entity having jurisdiction over such Party, but only to the extent that such Party is required by such Government Entity
to make disclosure; 
 (d) to any investors or potential investors in such Party or any affiliate thereof; provided, that such Party
shall require such investor or potential investor to keep the Confidential Information confidential on the same terms as are provided in this Section 17; 

(e) to any lenders or prospective lenders in connection with the financing of such Party’s operations; 

  
 - 25 - 

 (f) to the extent reasonably required by any Laws or rule of any relevant stock exchange or to
the extent required by any juridical, arbitral or administrative proceeding; or 
 (g) to the extent any disclosure is required to be made
in the financial statements of either Party or any of its Affiliates or in publicly filed documents to effect the transactions contemplated by this Agreement; 

provided, that the disclosing Party shall keep the disclosure of the Confidential Information to the minimum necessary for the purpose for which it is
disclosed. 
 17.3 Securities Filings. Notwithstanding anything to the contrary herein, either Party and its Affiliates shall be
permitted to include in documents filed with regulators regarding securities offered or to be offered of such Party or an Affiliate of such Party (and in any amendments thereto or related offering documents) any information regarding the Parties,
this Agreement and the transactions contemplated by this Agreement. 
 17.4 Press Releases. Neither Party shall issue any press
release or make any public announcement relating to the subject matter of this Agreement without the prior written consent of the other Party. 

(Signature page follows) 

  
 - 26 - 

 This Agreement has been executed by the authorized representatives of each Party as indicated below effective as
of the Effective Date. 
  

											
	Enviva Port of Chesapeake, LLC	 		 	Enviva Wilmington Holdings, LLC
					
	By:	 	 	 		 	By:	 	 Enviva Development Holdings, LLC, as

its Managing Member

						
	Name:	 	 	 		 		 	By:	 	 
						
	Title:	 	 	 		 		 	Name:	 	 
						
		 		 		 		 	Title:	 	 

  
 27 

 EXHIBIT A 

COMMERCIAL DETAILS 
  

	1.	Customer Addresses 

[                         
   ] 
 With a copy to: 
 Attention:
General Counsel 
 Email:
[                    ] 
  

	2.	Owner Addresses 

[                         
   ] 
  

	3.	Estimated Shipments: 

  

			
	Calendar Year	  	Average Shipment Quantity
(in metric tons)
	 2015
	  	[        ]
	 2016
	  	[        ]
	 2017
	  	[        ]
	 2018 and thereafter
	  	[        ]

  

	4.	Requirements of Owner’s Vetting Process. 

  

	 	(a)	Vessel Requirements. Performing Vessel to be/have: 

  

	 	(i)	Singledeck Bulkcarrier engines./bridge aft BoxShaped or Self trimming supramax or smaller; 

  

	 	(ii)	Maximum Vessel age of 20 years; 

  

	 	(iii)	Geared with 20 metric ton cranes for use at load as required for load operations by Owner; 

  

	 	(iv)	Fully suitable for all load/discharge berths/ports/facilities including but not limited to LOA/Beam/Draft/WLTHC; 

  

	 	(v)	Classed highest Lloyds or equivalent for the duration of the voyage by a member of the IACS; 

  

	 	(vi)	CO2 fitted as required by the trade (mandatory); 

  

	 	(vii)	Entered with a first class P & I Club with full coverage and to remain so for duration of voyage; 

  

	 	(viii)	ITF or ITF Equivalent; 

  
 A-1 

	 	(ix)	stanchions, if any, to be fully collapsible except in front of Vessel’s crane houses and in no way interfere with the loading operations; and 

 

	 	(x)	Rightship approval as per receiver vetting requirements 

  

	 	(b)	With Vessel nomination, Customer to provide Owner the following: 

  

	 	(i)	Full description of Vessel; 

  

	 	(ii)	Present position, intended itinerary prior arrival loading port and ETA loading port; 

  

	 	(iii)	Last 3 cargoes and last 3 load/discharge ports; 

  

	 	(iv)	Copies of valid class/ISPS/Gear/P+I/ISM/DOC/SMC certificates by email attachment; 

  

	 	(v)	Ownership chain; 

  

	 	(vi)	Pictures of Vessel holds when available, and Owner requires Customer’s efforts on this for each vessel nomination; and 

  

	 	(vii)	Declared cargo quantity and intended stow plan for that shipment. 

  
 A-2 

 EXHIBIT B 

MARINE NOMINATIONS AND SCHEDULING 

1. Interpretation. In the event of any inconsistency between this Exhibit B and Section 5 of the Agreement, the
terms and conditions of Section 5 shall prevail. 
 2. Laycan and Vessel Nominations. 

(a) Shipping Schedule. By the first Business Day of each month from and after the Effective Date, Customer shall provide Owner a
non-binding, indicative schedule of the Shipment size and 15 day windows of each Shipment to be delivered to Customer over the following 3-month period. 

(b) Laycan Nominations. At least 30 days prior to the start of the applicable Laycan, Customer shall nominate to Owner a 10-day window
for such Laycan, which Customer shall narrow to a 7-day Laycan at least 21 days prior to the start of such Laycan. For the avoidance of doubt, the final 7-day Laycan must be within the foregoing 10-day window. 

(c) Vessel Nominations. Customer shall nominate the final performing Vessel for Shipments to be loaded by Owner at least 10 days before
the first day of the applicable Laycan. Owner shall have one (1) Business Day to accept or reject such nominated Vessel, in writing to Customer. Upon any such rejection, Customer shall have the right to nominate a different Vessel within 2
Business Days of its receipt of such rejection in accordance with, and conforming to, the requirements of this Agreement. In the event that Customer does not nominate a Vessel when required hereunder and such failure continues for 5 days following
Customer’s receipt of notice thereof from Owner, Owner shall have the right, upon two (2) Business Days’ written notice to Customer, to suspend Terminal Services until such failure has been cured or remedied to Owner’s reasonable
satisfaction. 
 3. Estimated Time of Arrival. Customer or its designee will notify Owner of the estimated date and time of arrival
at the Terminal of each Vessel with an approved nomination notice as soon as this information is available, but no later than forty-eight (48) hours in advance of the estimated time of arrival. The Vessel will be required to send Owner answers
to pre-berthing questions at least forty-eight (48) hours prior to the estimated time of arrival. Owner will provide pre-berthing questions to the Vessel early enough to allow it a reasonable time to respond. 

4. Notice of Readiness. After a Vessel has arrived at the customary anchorage or place of waiting, received all required clearances
from Governmental Entities and is otherwise in all respects ready to proceed to berth and commence loading a Shipment, it will tender a Notice of Readiness to Owner in writing or via other available means acceptable to Owner. The Notice of Readiness
will state the estimated time the Vessel will arrive at the Terminal wharf given any tidal or other constraints. 
 5. Vessel Berth.
Owner shall use due diligence to designate a safe berth for the Vessel at which it can remain safely afloat and conduct cargo operations; provided, however, that Owner is not responsible or liable for maintaining the depth of the
channel leading to the berth. Customer shall ensure all Vessels will be dimensionally acceptable and meet all requirements of the Terminal’s wharf facilities and governmental agencies. 

  
 B-1 

 6. Berthing Order. Vessels arriving and issuing valid Notices of Readiness within the
Laycan confirmed by Owner will be berthed at the Berth in the order of their tendering of valid notices of readiness, on a “first come, first served” basis. A Vessel shall be deemed to have arrived at such time as it has given a valid
Notice of Readiness to Owner. 
 7. Berth Shifting & Vacating. Owner may require any Vessel to shift from one berth to
another at the Terminal at any time. Owner may require any Vessel to vacate its berth if such action is reasonably required for the safe operation of the Terminal. If the Vessel is required to so vacate its berth, the Vessel, after tendering Notice
of Readiness to recommence loading or discharging, will be re-berthed in the next open time slot on the Terminal dock schedule. If any Vessel fails to vacate its berth at the Terminal upon completion of loading Customer’s Shipment, then
Customer shall be responsible for the costs incurred by other vessels that otherwise would be occupying the Berth but for the failure of Customer’s Vessel to vacate same. 

8. Pollution, Prevention and Responsibility. Customer or its Agent will require all Vessels promptly and diligently to prevent,
mitigate and remediate all pollution emanating from said Vessels. Customer or its Agent will require all Vessels to comply with Law and to carry all liability and pollution insurance required by Law. In the event of any Biomass spills or other
environmentally polluting discharge caused by the fault of Customer’s Vessel, Owner shall immediately notify Customer, and, subject to Customer’s consent, is authorized to commence containment or cleanup operations as deemed appropriate or
necessary by Owner (and consented to by Customer). All reasonable costs of containment or cleanup for such spill or discharge shall be borne by Customer, except that, in the event a spill or discharge is the result of joint negligence or misconduct
of both Owner and Customer’s Vessel, costs of containment or cleanup shall be borne jointly by Owner and Customer in proportion to each Party’s or its Vessel’s negligence or misconduct. 

9. International Ship and Port Facility Security Code Compliance. Customer shall ensure that any Vessel receiving Customer’s
Biomass under this Agreement is in compliance with the International Ship and Port Facility Security Code and any relevant amendments to Chapter XI of SOLAS (“ISPS code”) or the Maritime Transportation Security Act (“MTSA”) of
2002, as applicable, and similar laws and regulations pertaining to the security of ports, facilities, or terminals. The Terminal will operate in compliance with all applicable Laws for the activities as contemplated herein this Agreement. 

  
 B-2 

 EXHIBIT C 

SPECIFICATIONS 
  

													
	 PARAMETER
	  	UNITS	  	LIMIT	  	TOLERANCE	  	METHOD	  	PERFORMED
BY
	 Composition
	  		  		  		  		  		  	
	 Origin and Source
	  	Only Forest, plantation, and other virgin (chemically untreated) wood	  	EN 14961-1	  	Seller Decl.
	 Bark
	  	% wt, arb	  	<	  	8%	  	none	  		  	Seller Decl.
	 Additives or Binders1
	  	% wt, arb	  	<	  	3%	  	none	  		  	Seller Decl.
	 Extraneous Materials
	  		  		  	none	  	none	  		  	Insp
	 Burned or Charred Pellets
	  		  		  	none	  	none	  		  	Insp
	 Water Damage
	  		  		  	none	  	none	  		  	Insp
	 Sampling & Sample Prep
	  		  		  		  		  	EN 14778, EN
14780	  	Insp & Lab
	 Bulk Physical Parameters
	  		  		  		  		  		  	
	 Temperature 2
	  	deg C	  	<	  	60	  	1 deg C	  	EN15234	  	Insp
	 Fines <3.15 mm (round-hole)
	  	%wt, atb	  	<	  	3.0	  	none	  	EN 15149	  	Insp
	 Diameter
	  	mm	  		  	6 to 10	  	none	  	EN 16127	  	Lab
	 Average Length
	  	mm	  		  	10-40	  	none	  	EN 16127	  	Lab
	 Pellets < 40mm in Length
	  	%wt, atb	  	>	  	99.0	  	none	  	EN 16127	  	Lab
	 Pellets < 50mm in Length
	  	%wt, atb	  	>	  	99.9	  		  		  	
	 Bulk Density
	  	kg/m3	  	>	  	645-750	  	2% of limit	  	EN 15103	  	Lab
	 Durability
	  	%wt, atb	  		  	97.5-99	  	0.5% absolute	  	EN 15210-1	  	Lab
	 DSEAR Information
	  		  		  		  		  		  	
	 Cloud Ignition Temp
	  	deg C	  	>	  	400	  	none	  		  	Lab**
	 5mm Layer Ignition Temp
	  	deg C	  	>	  	210	  	none	  	EN 13821	  	Lab**
	 Ignition Energy (capacitive) 3
	  	mJ	  	>	  	30	  	none	  	or	  	Lab**
	 Explosion Pressure
	  	bar	  	<	  	10.5	  	none	  	ASTM E2019	  	Lab**
	 Specific Dust Constant, KSt
	  	bar x m/s	  	<	  	200	  	none	  		  	Lab**
	 Explosive Ratio, ST
	  	ST	  		  	ST-1	  	none	  		  	Lab**
	 Proximate Analysis
	  		  		  		  		  		  	
	 Volatiles
	  	% wt, arb	  		  	70 - 82	  	4% of mean	  	EN 15148	  	Lab
	 Total Moisture
	  	% wt, arb	  		  	4 - 10	  	0.5% absolute	  	EN 14774-1	  	Lab
	 Ash
	  	% wt, db	  	<	  	1.5	  	0.1% absolute	  	EN 14775	  	Lab
	 NCV (at const. pressure)
	  	GJ/mt, arb	  	>	  	16.5	  	0.3 GJ/mt	  	EN 14918	  	Lab
	 Ultimate Analysis
	  		  		  		  		  		  	
	 Oxygen
	  	%wt, arb	  		  	28 to 42	  	1.5% absolute	  	EN 15296	  	Lab
	 Nitrogen
	  	%wt, db	  	<	  	0.4	  	0.05% absolute	  	EN 15104	  	Lab
	 Sulfur (any ship)
	  	%wt, db	  	<	  	0.05	  	0.01% absolute	  	EN 15289	  	Lab
	 Sulfur (annual avg)
	  	%wt, db	  	<	  	0.02	  	0.01% absolute	  	EN 15289	  	Lab

  
 C-1 

																	
	 Chlorine (any ship)
	  	%wt, db	  	 	<	  	  	 	0.02	  	 	0.01% absolute	  	EN 15289	  	Lab
	 Chlorine (annual avg)
	  	%wt, db	  	 	<	  	  	 	0.018	  	 	0.01% absolute	  	EN 15289	  	Lab
	 Flourine
	  	mg/kg, db	  	 	<	  	  	 	70	  	 	none	  	EN 15289	  	Lab*
	 Ash Fusion
	  		  				  				 		  		  	
	 DT (Oxidizing)
	  	deg C	  	 	>	  	  	 	1200	  	 	50	  	CEN/TS 15370-1	  	Lab*
	 DT (Reducing)
	  	deg C	  	 	>	  	  	 	1150	  	 	50	  	CEN/TS 15370-1	  	Lab*
	 Major and Minor Metals
	  		  				  				 		  		  	
	 As,Co,Cr,Cu,Mn,Ni,Pb,Sb,V
	  	mg/kg, db	  	 	<	  	  	 	800	  	 	none	  	EN 15297	  	Lab*
	 As
	  	mg/kg, db	  	 	<	  	  	 	1.3	  	 	0.064 absolute	  	EN 15297	  	Lab*
	 Al
	  	mg/kg, db	  	 	<	  	  	 	800	  	 	n/a	  	EN 15290	  	Lab*
	 Ca
	  	mg/kg, db	  	 	<	  	  	 	5250	  	 	n/a	  	EN 15290	  	Lab*
	 Cd
	  	mg/kg, db	  	 	<	  	  	 	0.3	  	 	0.06	  	EN 15297	  	Lab*
	 Cr
	  	mg/kg, db	  	 	<	  	  	 	15.0	  	 	0.032 absolute	  	EN 15297	  	Lab*
	 Cu
	  	mg/kg, db	  	 	<	  	  	 	16.0	  	 	0.043 absolute	  	EN 15297	  	Lab*
	 Fe
	  	mg/kg, db	  	 	<	  	  	 	700	  	 	n/a	  	EN 15290	  	Lab*
	 Pb
	  	mg/kg, db	  	 	<	  	  	 	10.0	  	 	0.033 absolute	  	EN 15297	  	Lab*
	 Mg
	  	mg/kg, db	  	 	<	  	  	 	750	  	 	n/a	  	EN 15290	  	Lab*
	 Hg
	  	mg/kg, db	  	 	<	  	  	 	0.1	  	 	0.0046 absol.	  	EN 15297	  	Lab*
	 Ni
	  	mg/kg, db	  	 	<	  	  	 	10.0	  	 	n/a	  	EN 15297	  	Lab*
	 K
	  	mg/kg, db	  	 	<	  	  	 	2100	  	 	n/a	  	EN 15290	  	Lab*
	 P
	  	mg/kg, db	  	 	<	  	  	 	300	  	 	14	  	EN 15290	  	Lab*
	 Si
	  	mg/kg, db	  	 	<	  	  	 	3400	  	 	n/a	  	EN 15290	  	Lab*
	 Na
	  	mg/kg, db	  	 	<	  	  	 	590	  	 	n/a	  	EN 15290	  	Lab*
	 Sn
	  	mg/kg, db	  	 	<	  	  	 	1.0	  	 	n/a	  	EN 15297	  	Lab*
	 Ti
	  	mg/kg, db	  	 	<	  	  	 	100	  	 	n/a	  	EN 15290	  	Lab*
	 V
	  	mg/kg, db	  	 	<	  	  	 	4.0	  	 	n/a	  	EN 15297	  	Lab*
	 Zn
	  	mg/kg, db	  	 	<	  	  	 	20	  	 	5.43 absolute	  	EN 15297	  	Lab*
	 Halogenated Organics
	  		  				  				 		  		  	
	 Benzo-a-pyrene
	  	mg/kg, db	  	 	<	  	  	 	0.5	  	 	None	  	GCMS	  	Lab*
	 Pentachlorphenol
	  	mg/kg, db	  	 	<	  	  	 	3.0	  	 	None	  	ECD	  	Lab*
	 Particle Size Distribution in Pellets
	  		  				  				 		  		  	
	 % < 4.0mm
	  	% wt, atb	  	 	>	  	  	 	99.5	4 	 	0.5% absolute	  	EN 16126	  	Lab
	 % < 3.15mm
	  	% wt, atb	  	 	>	  	  	 	98.0	  	 	0.5% absolute	  	EN 16126	  	Lab
	 % < 2.0mm
	  	% wt, atb	  	 	>	  	  	 	92.5	  	 	1% absolute	  	EN 16126	  	Lab
	 % < 1.0mm
	  	% wt, atb	  	 	>	  	  	 	50.0	  	 	5% absolute	  	EN 16126	  	Lab
	 % < 0.1mm
	  	% wt, atb	  	 	<	  	  	 	7.0	  	 	2% absolute	  	EN 16126	  	Lab
	 Mean Particle Size 4
	  	microns	  	 	>	  	  	 	420	  	 	none	  	see note	  	Lab

 atb = as-tested basis; arb = as-received basis; db = dry basis 

Tolerances are expressed in the same units as the limits, except where noted otherwise. Where tolerances are not currently declared in the referenced EN
method (as indicated by n/a in the table above), at such a time as said tolerances are officially declared by the relevant governing body, those tolerances will be adopted in the table above. 

  
 C-2 

 1 – Additives or binders shall be of vegetal origin only and shall meet all sustainability requirements
applicable to the Biomass 
 2 – Maximum bulk temperature shall be checked at the delivery point. 

3 – Particles having at least one dimension less than 600 microns shall be deemed acceptable. 

4 – The MIE shall be carried out on a sample seived to an average particle size of 75 micron and dried to a moisture content of 4%. 

* – Once each quarter, or as requested by Buyer 

** – Once before first shipment, or as requested by Buyer 

“Lab” analysis shall be performed by an independent laboratory and “Insp” test shall be performed by an independent inspector.
“Insp & Lab” shall mean that a field test shall be performed by the independent inspector and a lab value shall be analyzed by the independent laboratory. 

  
 C-3

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