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DocuSign Envelope ID:97710913-1ED64831-8205-FDD02723596A <br /> STATE OF COLORADO <br /> STATE BOARD OF LAND COMMISSIONERS <br /> SAND AND GRAVEL LEASE NO. SM-114623 <br /> THIS LEASE dated 7/15/2022 ("Effective Date"), is made and entered into by and between the State of <br /> Colorado, acting by and through the State Board of Land Commissioners (the "Board"), whose address is <br /> 1127 Sherman Street, suite 300, Denver, CO 80203 and SIETE INC. (the "Lessee"), whose address is: <br /> PO BOX 202 <br /> RYE CO 81069 <br /> (each a "Party" and collectively, the "Parties"). This Lease does hereby grant Lessee the right and <br /> privilege of exploring and prospecting for, developing, and mining and taking of Sand and Gravel, as <br /> defined in Section 2, from the state-owned mineral lands shown in Exhibit A (the "Leased Premises"), <br /> subject to the following terms, conditions and agreements: <br /> 1. CONSIDERATION AND RENT <br /> For and in consideration of this Lease, Lessee shall pay the Board the following amounts on or <br /> before the Effective Date: <br /> (a) Application Fee. An application fee in the amount of Five Hundred Dollars ); <br /> (b) Bonus Payment. A one-time bonus payment of Zero Dollars ($0.00); <br /> (c) First Year's Rent. First year's rent in the amount of Three Thousand Two Hundred Dollars <br /> (d) Annual Rent. Thereafter, Lessee shall pay to the Board Five Dollars per acre <br /> annually as rent on or before the Anniversary Date of this Lease for the balance of the Lease <br /> Term. The "Anniversary Date" shalt mean the date one-year after the Effective Date, and each <br /> subsequent year thereafter during the Lease Term, as defined in Section 6. <br /> The Parties acknowledge that the mutual promises and covenants contained in this Lease and <br /> other good and valuable consideration are sufficient and adequate to support this Lease. <br /> 2. LEASED MINERALS <br /> This Lease grants the Lessee the right to explore for, develop, mine, and/or remove from the <br /> Leased Premises only the following minerals ("Sand and Gravel"): <br /> • Sand <br /> • Gravel and crushed stone <br /> • Clay <br /> The Lessee may also remove the following minerals ("Precious Metals")from the Leased Premises <br /> to the extent they are produced as byproducts of Sand and Gravel production: <br /> i,1I (:i(,"?; ;1�uP 171 __' K�'•'K�r�_I.N.L_Ll;:!'.+71C <br />