On March 15, 2023, Gevo, Inc. (Gevo) entered into an Amended and Restated Fuel Supply Agreement with Kolmar Americas, Inc. that amends and restates in its entirety that certain Fuel Supply Agreement, dated December 2, 2021, that Gevo previously entered into with Kolmar. The Parties entered into the Amended Agreement primarily to reflect certain changes in the hydrocarbon products expected to be produced from the production facility contemplated in the Amended Agreement. Specifically, the Amended Agreement now contemplates that the following three products will be produced by Gevo and supplied to Kolmar: renewable alcohol to jet synthetic paraffinic kerosene derived from ethanol (sustainable aviation fuel); renewable Naphtha; and renewable diesel (collectively, Renewable Hydrocarbons).

Under the Amended Agreement, Gevo expects to deliver to Kolmar Renewable Hydrocarbons from a new production facility that is currently in development referred to as 'Net-Zero 2'. Kolmar will pay Gevo through an allocation of profit from the resale of the Renewable Hydrocarbons. The amount of Renewable Hydrocarbons to be supplied to Kolmar has increased from approximately 45 million gallons per year to approximately 53 million gallons per year under the Amended Agreement.

The Amended Agreement became effective on March 15, 2023 and will continue in full force and effect until the eighth anniversary of the commercial operations date of the Facility (unless earlier terminated pursuant to its terms). The Parties may extend the Amended Agreement's term for successive three-year terms by mutual agreement. The Parties may terminate the Amended Agreement in the event that certain conditions precedent related to the financing and development of the Facility are not met, or if certain customary events of default or other circumstances occur and are not cured within a certain time period.

Upon the termination of the Amended Agreement due to an event of default, the defaulting Party may be required to make a Termination Payment (as defined and calculated pursuant to the Amended Agreement) to the non-defaulting Party. While the company cannot estimate the amount of any Termination Payment at this time, such amount could be significant. The Amended Agreement extended the date of the financial closing condition precedent with respect to the Facility from December 31, 2023, to December 31, 2024.

If this condition precedent is not satisfied by Gevo by December 31, 2024, each of Gevo and Kolmar may terminate the Amended Agreement with no liability accruing to either Party. The Amended Agreement contains certain customary representations, warranties, covenants and confidentiality provisions, and also contains mutual indemnification obligations. All Renewable Hydrocarbons delivered by Gevo shall meet the quality specifications established in the Amended Agreement.