Global Clean Energy Holdings Inc. (GCEH)

[ProfitScout]

GCEH 8K today: Entry Into a Material Agreement.

On January 10, 2023, Bakersfield Renewable Fuels, LLC (“BKRF”), an indirect wholly-owned subsidiary of Global Clean Energy Holdings, Inc. (“we,” “us,” “our” and the “Company”) entered into Amendment No. 2 (the “Amendment”) to that certain Turnkey Agreement with a Guaranteed Maximum Price for the Engineering, Procurement and Construction, dated May 18, 2021 (as amended, the “EPC Agreement”), by and between BKRF and CTCI Americas, Inc. (“CTCI”).

Pursuant to the Amendment, BKRF and CTCI agreed to, among other things: (i) a new Guaranteed Maximum Price of $275 million (subject to adjustment pending final settlement of certain change orders pursuant to the procedures set forth in the Amendment) (the “New GMP”); (ii) a change to the payment dates for costs and fees that are payable to CTCI under the Agreement, which will now be payable after substantial completion of our Bakersfield Renewable Fuels refinery (the “Project”) in 18 monthly installments plus interest, except for amounts pertaining to owner approved change orders in am ounts above $275 million which would be due within 7 days of any such change orders unless agreed by BKRF and CTCI to be included in the deferred payment ; and (iii) provide for liquidated damages commencing on a new substantial completion date of March 31, 2023, which may only be adjusted in accordance with the Agreement. In connection with the Amendment, the Company agreed to provide a payment guarantee in favor of CTCI for amounts that may be owed by BKRF under the EPC Agreement, pursuant to an Owner Parent Guarantee, dated as of January 10, 2023, by and between the Company and CTCI (the “Guarantee”).

The foregoing descriptions of the Amendment and the Guarantee and are qualified in their entirety by reference to those agreements, copies of which are filed hereto as Exhibits 10.1 and 10.2, respectively, and incorporated herein by reference.

https://www.otcmarkets.com/filing/html?id=16318826&guid=Cts-kqiHU8Fudth