# EDGAR Filing Document

**Accession Number:** 0001309402
**File Stem:** 0001309402-25-000130
**Filing Date:** 2025-8
**Character Count:** 1228363
**Document Hash:** df597d6ddf2bc91233d6177dbd06934d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001309402-25-000130.hdr.sgml**: 20250811

**ACCESSION NUMBER**: 0001309402-25-000130

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 97

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250811

**DATE AS OF CHANGE**: 20250811

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Green Plains Inc.
- **CENTRAL INDEX KEY:** 0001309402
- **STANDARD INDUSTRIAL CLASSIFICATION:** INDUSTRIAL ORGANIC CHEMICALS [2860]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 841652107
- **STATE OF INCORPORATION:** IA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32924
- **FILM NUMBER:** 251202386

**BUSINESS ADDRESS:**
- **STREET 1:** 1811 AKSARBEN DRIVE
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68106
- **BUSINESS PHONE:** 402-884-8700

**MAIL ADDRESS:**
- **STREET 1:** 1811 AKSARBEN DRIVE
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68106

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Green Plains Renewable Energy, Inc.
- **DATE OF NAME CHANGE:** 20100106

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GREEN PLAINS RENEWABLE ENERGY, INC.
- **DATE OF NAME CHANGE:** 20060314

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Green Plains Renewable Energy, Inc.
- **DATE OF NAME CHANGE:** 20041123

?xml version='1.0' encoding='ASCII'? gpre-20250630

<u>[Table of](#i0cf02f497eee4885890a470ddfbcd764_7)[Contents](#i0cf02f497eee4885890a470ddfbcd764_7)</u>

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**_______________________**

**FORM 10-Q**

**(Mark One)**

☒ **Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**For the Quarterly Period Ended June 30, 2025**

**OR**

☐ **Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**For the transition period from ______ to ______** 

**Commission File Number 001-32924**

**GREEN PLAINS INC.** 

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Iowa** | **84-1652107** |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| **1811 Aksarben Drive, Omaha, NE 68106** | **(402) 884-8700** |
| (Address of principal executive offices, including zip code) | (Registrant's telephone number, including area code) |

---

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol | Name of each exchange on which registered |
| Common Stock, par value $0.001 per share | GPRE | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Large accelerated filer | ☒ | | | Accelerated filer | ☐ |
| |  | Non-accelerated filer | ☐ | | |
| Smaller reporting company | ☐ | | | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

☐ Yes ☒ No

The registrant had 65,565,368 common stock outstanding as of August 7, 2025.

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<u>[Table of](#i0cf02f497eee4885890a470ddfbcd764_7)[Contents](#i0cf02f497eee4885890a470ddfbcd764_7)</u>

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| | | **Page** |
| <u>[Commonly Used Defined Terms](#i0cf02f497eee4885890a470ddfbcd764_10)</u> | <u>[Commonly Used Defined Terms](#i0cf02f497eee4885890a470ddfbcd764_10)</u> | [3](#i0cf02f497eee4885890a470ddfbcd764_10) |
| **[PART I – FINANCIAL INFORMATION](#i0cf02f497eee4885890a470ddfbcd764_13)** | **[PART I – FINANCIAL INFORMATION](#i0cf02f497eee4885890a470ddfbcd764_13)** |  |
| [Item 1.](#i0cf02f497eee4885890a470ddfbcd764_16) | <u>[Financial Statements](#i0cf02f497eee4885890a470ddfbcd764_13)</u> | [5](#i0cf02f497eee4885890a470ddfbcd764_16) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Balance Sheets](#i0cf02f497eee4885890a470ddfbcd764_19)</u> | [5](#i0cf02f497eee4885890a470ddfbcd764_19) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Operations](#i0cf02f497eee4885890a470ddfbcd764_22)</u> | [6](#i0cf02f497eee4885890a470ddfbcd764_22) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Comprehensive](#i0cf02f497eee4885890a470ddfbcd764_25)[Loss](#i0cf02f497eee4885890a470ddfbcd764_25)</u> | [7](#i0cf02f497eee4885890a470ddfbcd764_25) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Cash Flows](#i0cf02f497eee4885890a470ddfbcd764_28)</u> | [8](#i0cf02f497eee4885890a470ddfbcd764_28) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Notes to Consolidated Financial Statements](#i0cf02f497eee4885890a470ddfbcd764_31)</u> | [10](#i0cf02f497eee4885890a470ddfbcd764_31) |
| [Item 2.](#i0cf02f497eee4885890a470ddfbcd764_79) | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i0cf02f497eee4885890a470ddfbcd764_79)</u> | [37](#i0cf02f497eee4885890a470ddfbcd764_79) |
| [Item 3.](#i0cf02f497eee4885890a470ddfbcd764_118) | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i0cf02f497eee4885890a470ddfbcd764_118)</u> | [53](#i0cf02f497eee4885890a470ddfbcd764_118) |
| [Item 4.](#i0cf02f497eee4885890a470ddfbcd764_121) | <u>[Controls and Procedures](#i0cf02f497eee4885890a470ddfbcd764_121)</u> | [55](#i0cf02f497eee4885890a470ddfbcd764_121) |
| **[PART II – OTHER INFORMATION](#i0cf02f497eee4885890a470ddfbcd764_124)** | **[PART II – OTHER INFORMATION](#i0cf02f497eee4885890a470ddfbcd764_124)** |  |
| [Item 1.](#i0cf02f497eee4885890a470ddfbcd764_127) | <u>[Legal Proceedings](#i0cf02f497eee4885890a470ddfbcd764_127)</u> | [56](#i0cf02f497eee4885890a470ddfbcd764_127) |
| [Item 1A.](#i0cf02f497eee4885890a470ddfbcd764_130) | <u>[Risk Factors](#i0cf02f497eee4885890a470ddfbcd764_130)</u> | [56](#i0cf02f497eee4885890a470ddfbcd764_130) |
| [Item 2.](#i0cf02f497eee4885890a470ddfbcd764_133) | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i0cf02f497eee4885890a470ddfbcd764_133)</u> | [58](#i0cf02f497eee4885890a470ddfbcd764_133) |
| [Item 3.](#i0cf02f497eee4885890a470ddfbcd764_136) | <u>[Defaults Upon Senior Securities](#i0cf02f497eee4885890a470ddfbcd764_136)</u> | [59](#i0cf02f497eee4885890a470ddfbcd764_136) |
| [Item 4.](#i0cf02f497eee4885890a470ddfbcd764_139) | <u>[Mine Safety Disclosures](#i0cf02f497eee4885890a470ddfbcd764_139)</u> | [59](#i0cf02f497eee4885890a470ddfbcd764_139) |
| [Item 5.](#i0cf02f497eee4885890a470ddfbcd764_142) | <u>[Other Information](#i0cf02f497eee4885890a470ddfbcd764_142)</u> | [59](#i0cf02f497eee4885890a470ddfbcd764_142) |
| [Item 6.](#i0cf02f497eee4885890a470ddfbcd764_145) | <u>[Exhibits](#i0cf02f497eee4885890a470ddfbcd764_145)</u> | [60](#i0cf02f497eee4885890a470ddfbcd764_145) |
| <u>[Signatures](#i0cf02f497eee4885890a470ddfbcd764_148)</u> |  |  |

---

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<u>[Table of](#i0cf02f497eee4885890a470ddfbcd764_7)[Contents](#i0cf02f497eee4885890a470ddfbcd764_7)</u>

**Commonly Used Defined Terms**

*Green Plains Inc. and Subsidiaries:*

---

| | |
|:---|:---|
| Green Plains Inc.; Green Plains; the company | Green Plains Inc. and its subsidiaries |
| FQT | Fluid Quip Technologies, LLC |
| Green Plains Commodity Management | Green Plains Commodity Management LLC |
| Green Plains Finance Company | Green Plains Finance Company LLC |
| Green Plains Grain | Green Plains Grain Company LLC |
| Green Plains Mount Vernon; Mount Vernon | Green Plains Mount Vernon LLC |
| Green Plains Obion; Obion | Green Plains Obion LLC |
| Green Plains Partners; the partnership | Green Plains Partners LP |
| Green Plains Shenandoah; Shenandoah | Green Plains Shenandoah LLC |
| Green Plains Trade | Green Plains Trade Group LLC |
| Green Plains Wood River; Wood River | Green Plains Wood River LLC |

---

*Accounting Defined Terms:*

---

| | |
|:---|:---|
| ASC | Accounting Standards Codification |
| EBITDA | Earnings before interest expense, income taxes, depreciation and amortization |
| EPS | Earnings per share |
| Exchange Act | Securities Exchange Act of 1934, as amended |
| GAAP | U.S. Generally Accepted Accounting Principles |
| SEC | Securities and Exchange Commission |
| SOFR | Secured Overnight Financing Rate |

---

*Industry and Other Defined Terms:*

---

| | |
|:---|:---|
| ATJ | Alcohol-to-Jet |
| BlackRock | Funds and accounts managed by BlackRock |
| the Board; our Board | Board of Directors of Green Plains Inc. |
| CI | Carbon Intensity |
| CST™ | Clean Sugar Technology™ developed by Fluid Quip Technologies, LLC |
| DOE | Department of Energy |
| E10 | Gasoline blended with up to 10% ethanol by volume |
| E15 | Gasoline blended with up to 15% ethanol by volume |
| EIA | U.S. Energy Information Administration |
| EPA | U.S. Environmental Protection Agency |
| EV | Electric Vehicle |
| FFV | Flexible-fuel vehicle |
| GHG | Greenhouse gas |
| GP Turnkey Tharaldson | GP Turnkey Tharaldson LLC |
| GREET | Greenhouse gases, Regulated Emissions, and Energy use in Technologies |
| IRA | Inflation Reduction Act |
| LCFS | Low Carbon Fuel Standard |
| Merger | Merger of GPLP Merger Sub LLC, a Delaware limited liability company and a wholly owned subsidiary of GPLP Holdings Inc., a wholly owned subsidiary of Green Plains ("Holdings"), with and into the partnership, with the partnership surviving such merger |
| Merger Agreement | Certain Agreement and Plan of Merger, dated as of September 16, 2023, by and among Green Plains Inc., Holdings, GPLP Merger Sub LLC, a wholly owned subsidiary of Holdings, Green Plains Partners LP, and Green Plains Holdings LLC, the general partner of the partnership (the "General Partner") |
| MmBtu | Million British Thermal Units |
| Mmg | Million gallons |
| MSC™ | Maximized Stillage Co-products™ technology developed by Fluid Quip Technologies, LLC |
| MTBE | Methyl tertiary-butyl ether |

---

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<u>[Table of](#i0cf02f497eee4885890a470ddfbcd764_7)[Contents](#i0cf02f497eee4885890a470ddfbcd764_7)</u>

---

| | |
|:---|:---|
| OBBB | One Big Beautiful Bill Act |
| RFS | Renewable Fuels Standard |
| RIN | Renewable identification number |
| RVO | Renewable volume obligation |
| SAF | Sustainable Aviation Fuel |
| Sequence™ | A foundational feed ingredient made from a combination of corn and yeast protein, concentrated at 60%. |
| SRE | Small refinery exemption |
| U.S. | United States |
| USDA | U.S. Department of Agriculture |

---

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<u>[Table of](#i0cf02f497eee4885890a470ddfbcd764_7)[Contents](#i0cf02f497eee4885890a470ddfbcd764_7)</u>

**PART 1 – FINANCIAL INFORMATION**

**Item 1. Financial Statements.**

**GREEN PLAINS INC.**

**CONSOLIDATED BALANCE SHEETS**

**(in thousands, except share amounts)**

---

| | | |
|:---|:---|:---|
| | **June 30,<br>2025** | **December 31,<br>2024** |
| | (unaudited) | |
| **ASSETS** | **ASSETS** | **ASSETS** |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $108624 | $173041 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 44096 | 36354 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net of allowances of $80 and $80, respectively  | 78473 | 94901 |
| &nbsp;&nbsp;&nbsp;Inventories | 156411 | 227444 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other | 17233 | 27138 |
| &nbsp;&nbsp;&nbsp;Receivable from sale of equity method investment | 24170 |  |
| &nbsp;&nbsp;&nbsp;Derivative financial instruments | 7199 | 10154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 436206 | 569032 |
| Property and equipment, net of accumulated depreciation and amortization of $789,848 and $749,593, respectively | 1066983 | 1042460 |
| Operating lease right-of-use assets | 63235 | 72161 |
| Other assets | 46092 | 98521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1612516 | $1782174 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** | **LIABILITIES AND STOCKHOLDERS' EQUITY** | **LIABILITIES AND STOCKHOLDERS' EQUITY** |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $98836 | $154817 |
| &nbsp;&nbsp;&nbsp;Accrued and other liabilities | 44412 | 53712 |
| &nbsp;&nbsp;&nbsp;Derivative financial instruments | 11312 | 9500 |
| &nbsp;&nbsp;&nbsp;Operating lease current liabilities | 23101 | 24711 |
| &nbsp;&nbsp;&nbsp;Product financing arrangement | 37146 |  |
| &nbsp;&nbsp;&nbsp;Short-term notes payable and other borrowings | 80064 | 140829 |
| &nbsp;&nbsp;&nbsp;Current maturities of long-term debt | 2125 | 2118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 296996 | 385687 |
| Long-term debt | 426002 | 432460 |
| Operating lease long-term liabilities | 41872 | 49190 |
| Carbon equipment liabilities | 82008 | 17918 |
| Other liabilities | 25206 | 22382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 872084 | 907637 |
| Commitments and contingencies (Note 13) |  |  |
| Stockholders' equity |  |  |
| Common stock, $0.001 par value; 150,000,000 shares authorized; 68,393,288 and 67,512,282 shares issued, and 65,588,229 and 64,707,223 shares outstanding, respectively | 68 | 68 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 1236469 | 1213646 |
| &nbsp;&nbsp;&nbsp;Retained deficit | (463442) | (318298) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | (6741) | 973 |
| &nbsp;&nbsp;&nbsp;Treasury stock, 2,805,059 shares | (31174) | (31174) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Green Plains stockholders' equity | 735180 | 865215 |
| Noncontrolling interests | 5252 | 9322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 740432 | 874537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $1612516 | $1782174 |

---

See accompanying notes to the consolidated financial statements.

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<u>[Table of](#i0cf02f497eee4885890a470ddfbcd764_7)[Contents](#i0cf02f497eee4885890a470ddfbcd764_7)</u>

**GREEN PLAINS INC.**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**(unaudited and in thousands, except per share amounts)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenues | $552829 | $618825 | $1154344 | $1216039 |
| Costs and expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of goods sold (excluding depreciation and amortization expenses reflected below) | 511259 | 581002 | 1109735 | 1169849 |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 27605 | 33950 | 70517 | 65719 |
| &nbsp;&nbsp;&nbsp;Loss on sale of assets | 4044 |  | 4044 |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization expenses | 27560 | 21584 | 49947 | 43071 |
| &nbsp;&nbsp;&nbsp;Impairment of assets held for sale | 10724 |  | 10724 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total costs and expenses | 581192 | 636536 | 1244967 | 1278639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating loss | (28363) | (17711) | (90623) | (62600) |
| Other income (expense) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | 634 | 1490 | 1637 | 4000 |
| &nbsp;&nbsp;&nbsp;Interest expense | (13899) | (7494) | (22812) | (15280) |
| &nbsp;&nbsp;&nbsp;Other, net | (39) | 345 | (1554) | 794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense) | (13304) | (5659) | (22729) | (10486) |
| Loss before income taxes and loss from equity method investees | (41667) | (23370) | (113352) | (73086) |
| Income tax benefit (expense) | (2294) | 273 | (2400) | (56) |
| Loss from equity method investees, net of income taxes | (28266) | (941) | (29116) | (2018) |
| Net loss | (72227) | (24038) | (144868) | (75160) |
| Net income attributable to noncontrolling interests | 11 | 312 | 276 | 602 |
| Net loss attributable to Green Plains | $(72238) | $(24350) | $(145144) | $(75762) |
| Earnings per share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net loss attributable to Green Plains - basic and diluted | $(1.09) | $(0.38) | $(2.22) | $(1.19) |
| Weighted average shares outstanding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted | 66491 | 63933 | 65287 | 63637 |

---

See accompanying notes to the consolidated financial statements.

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<u>[Table of](#i0cf02f497eee4885890a470ddfbcd764_7)[Contents](#i0cf02f497eee4885890a470ddfbcd764_7)</u>

**GREEN PLAINS INC.**

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS**

**(unaudited and in thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net loss | $(72227) | $(24038) | $(144868) | $(75160) |
| Other comprehensive income (loss), net of tax |  |  |  |  |
| Unrealized losses on derivatives arising during the period, net of tax benefit of $2,814, $206, $3,539 and $2,122, respectively | (8191) | (657) | (10498) | (6700) |
| Reclassification of realized losses on derivatives, net of tax benefit of ($927), ($550), ($939) and ($2232), respectively | 2747 | 1748 | 2784 | 7053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other comprehensive income (loss), net of tax | (5444) | 1091 | (7714) | 353 |
| Comprehensive loss | (77671) | (22947) | (152582) | (74807) |
| Comprehensive income attributable to noncontrolling interests | 11 | 312 | 276 | 602 |
| Comprehensive loss attributable to Green Plains | $(77682) | $(23259) | $(152858) | $(75409) |

---

See accompanying notes to the consolidated financial statements.

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<u>[Table of](#i0cf02f497eee4885890a470ddfbcd764_7)[Contents](#i0cf02f497eee4885890a470ddfbcd764_7)</u>

**GREEN PLAINS INC.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(unaudited and in thousands)**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** |
| Cash flows from operating activities |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | $(144868) | $(75160) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash provided by (used in) operating activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 49947 | 43071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs and non-cash interest expense | 6166 | 1113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on sale of assets | 4044 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of assets held for sale | 10724 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory lower of cost or net realizable value adjustment | 2255 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax expense | 2600 | (111) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 11123 | 6591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss from equity method investees, net of income taxes | 29116 | 2018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 64 | 1625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 16428 | (4829) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 69287 | 27827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative financial instruments | (5547) | 8795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 12639 | 2161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | (61235) | (80001) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current income taxes | 685 | 837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 326 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | 3754 | (65717) |
| Cash flows from investing activities |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of property and equipment, net | (27853) | (39484) |
| &nbsp;&nbsp;&nbsp;Proceeds from the sale of assets | 421 |  |
| &nbsp;&nbsp;&nbsp;Investment in equity method investees, net | (4909) | (16023) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (32341) | (55507) |
| Cash flows from financing activities |  |  |
| &nbsp;&nbsp;&nbsp;Payments of principal on long-term debt | (962) | (7849) |
| &nbsp;&nbsp;&nbsp;Proceeds from short-term borrowings | 301841 | 338384 |
| &nbsp;&nbsp;&nbsp;Payments on short-term borrowings | (362803) | (320185) |
| &nbsp;&nbsp;&nbsp;Net proceeds from product financing arrangement | 37146 |  |
| &nbsp;&nbsp;&nbsp;Payments on extinguishment of non-controlling interest |  | (29196) |
| &nbsp;&nbsp;&nbsp;Payments of transaction costs |  | (5951) |
| &nbsp;&nbsp;&nbsp;Payments of loan fees | (81) |  |
| &nbsp;&nbsp;&nbsp;Payments related to tax withholdings for stock-based compensation | (1476) | (4587) |
| &nbsp;&nbsp;&nbsp;Other financing activities | (1753) | (3060) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (28088) | (32444) |
| Net change in cash and cash equivalents, and restricted cash | (56675) | (153668) |
| Cash and cash equivalents, and restricted cash, beginning of period | 209395 | 378762 |
| Cash and cash equivalents, and restricted cash, end of period | $152720 | $225094 |

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**Continued on the following page**

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<u>[Table of](#i0cf02f497eee4885890a470ddfbcd764_7)[Contents](#i0cf02f497eee4885890a470ddfbcd764_7)</u>

**GREEN PLAINS INC.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(unaudited and in thousands)**

**Continued from the previous page** 

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| | | |
|:---|:---|:---|
| | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** |
| Reconciliation of total cash and cash equivalents, and restricted cash |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $108624 | $195554 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 44096 | 29540 |
| Total cash and cash equivalents, and restricted cash | $152720 | $225094 |
| Supplemental disclosures of cash flow |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid for income taxes, net | $497 | $533 |
| &nbsp;&nbsp;&nbsp;Cash paid for interest | $16642 | $14452 |
| &nbsp;&nbsp;&nbsp;Capital expenditures in accounts payable | $2215 | $6292 |
| &nbsp;&nbsp;&nbsp;Capital expenditures in carbon equipment liabilities | $82008 | $— |
| &nbsp;&nbsp;&nbsp;Non-cash asset retirement obligation additions | $4691 | $1037 |
| &nbsp;&nbsp;&nbsp;Issuance of common stock as a result of the Merger | $— | $5 |
| &nbsp;&nbsp;&nbsp;Non-cash extinguishment of non-controlling interest within additional paid-in capital | $— | $133765 |
| &nbsp;&nbsp;&nbsp;Non-cash issuance of warrants | $5656 | $— |
| &nbsp;&nbsp;&nbsp;Non-cash modification of warrants | $7520 | $— |

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See accompanying notes to the consolidated financial statements.

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<u>[Table of](#i0cf02f497eee4885890a470ddfbcd764_7)[Contents](#i0cf02f497eee4885890a470ddfbcd764_7)</u>

**GREEN PLAINS INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**1.&nbsp;&nbsp;&nbsp;&nbsp;BASIS OF PRESENTATION, DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

*References to the Company*

References to "Green Plains" or the "company" in the consolidated financial statements and in these notes to the consolidated financial statements refer to Green Plains Inc., an Iowa corporation, and its subsidiaries.

*Consolidated Financial Statements*

The consolidated financial statements include the company's accounts and all significant intercompany balances and transactions are eliminated. Unconsolidated entities are included in the financial statements on an equity method basis.

On January 9, 2024, the transactions contemplated by the Merger Agreement were completed and the company acquired all of the publicly held common units of the partnership not already owned by the company and its affiliates. Refer to *Note 3 - Merger and Dispositions* included herein for more information.

The company also owns a majority interest in FQT, with their results being consolidated in our consolidated financial statements.

The accompanying consolidated financial statements are prepared in accordance with GAAP for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Because they do not include all of the information and footnotes required by GAAP for complete financial statements, the consolidated financial statements should be read in conjunction with the company's annual report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 7, 2025.

The unaudited financial information reflects adjustments, which are, in the opinion of management, necessary for a fair presentation of results of operations, financial position and cash flows for the periods presented. The adjustments are normal and recurring in nature, unless otherwise noted. Interim period results are not necessarily indicative of the results to be expected for the entire year.

*Reclassifications*

Certain prior year amounts have been reclassified to conform to the current year presentation. These reclassifications did not affect total assets, liabilities or equity, but separately disclose comparable balances of liabilities previously disclosed within other liabilities on the consolidated balance sheets.

*Use of Estimates in the Preparation of Consolidated Financial Statements*

The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. The company bases its estimates on historical experience and assumptions it believes are proper and reasonable under the circumstances and regularly evaluates the appropriateness of its estimates and assumptions. Actual results could differ from those estimates. Certain accounting policies, including but not limited to those relating to derivative financial instruments and accounting for income taxes, are impacted significantly by judgments, assumptions and estimates used in the preparation of the consolidated financial statements.

*Description of Business*

The company operates within two operating segments: (1) ethanol production, which includes the production, storage and transportation of ethanol, distillers grains, Ultra-High Protein and renewable corn oil and (2) agribusiness and energy services, which includes grain handling and storage, commodity marketing and merchant trading for company-produced and third-party ethanol, distillers grains, renewable corn oil, natural gas and other commodities.

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<u>[Table of](#i0cf02f497eee4885890a470ddfbcd764_7)[Contents](#i0cf02f497eee4885890a470ddfbcd764_7)</u>

*Cash and Cash Equivalents*

Cash and cash equivalents includes bank deposits as well as short-term, highly liquid investments with original maturities of three months or less.

*Restricted Cash*

The company has restricted cash, which can only be used for funding surety bonds and letters of credit and for payment towards a credit agreement. Restricted cash also includes cash margins and securities pledged to commodity exchange clearinghouses. To the degree these segregated balances are cash and cash equivalents, they are considered restricted cash on the consolidated balance sheets.

*Revenue Recognition*

The company recognizes revenue when obligations under the terms of a contract with a customer are satisfied. Generally this occurs with the transfer of control of products or services. Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods or providing services. Sales, value add, and other taxes the company collects concurrent with revenue-producing activities are excluded from revenue.

Sales of ethanol, distillers grains, Ultra-High Protein, renewable corn oil, natural gas and other commodities by the company's marketing business are recognized when obligations under the terms of a contract with a customer are satisfied. Generally, this occurs with the transfer of control of products or services. Revenues related to marketing for third parties are presented on a gross basis as the company controls the product prior to the sale to the end customer, takes title of the product and has inventory risk. Unearned revenue is recorded for goods in transit when the company has received payment but control has not yet been transferred to the customer. Revenues for receiving, storing, transferring and transporting ethanol and other fuels are recognized when the product is delivered to the customer.

The company routinely enters into physical-delivery energy commodity purchase and sale agreements. At times, the company settles these transactions by transferring its obligations to other counterparties rather than delivering the physical commodity. Revenues include net gains or losses from derivatives related to products sold while cost of goods sold includes net gains or losses from derivatives related to commodities purchased. Revenues also include realized gains and losses on related derivative financial instruments and reclassifications of realized gains and losses on cash flow hedges from accumulated other comprehensive income or loss.

Sales of products are recognized when control of the product is transferred to the customer, which depends on the agreed upon shipment or delivery terms.

*Shipping and Handling Costs* 

The company accounts for shipping and handling activities related to contracts with customers as costs to fulfill its promise to transfer the associated products. Accordingly, the company records customer payments associated with shipping and handling costs as a component of revenue, and classifies such costs as a component of cost of goods sold.

*Cost of Goods Sold*

Cost of goods sold includes materials, direct labor, shipping, plant overhead and transportation costs. Materials include the cost of corn feedstock, denaturant, and process chemicals. Corn feedstock costs include gains and losses on related derivative financial instruments not designated as cash flow hedges, inbound freight charges, inspection costs and transfer costs, as well as reclassifications of gains and losses on cash flow hedges from accumulated other comprehensive income or loss. Direct labor includes all compensation and related benefits of non-management personnel involved in production. Shipping costs incurred by the company, including railcar costs, are also reflected in cost of goods sold. Plant overhead consists primarily of plant utilities, and repairs and maintenance. Transportation costs include railcar leases, freight and shipping of the company's products, as well as storage costs incurred at destination terminals.

The company uses exchange-traded futures and options contracts and forward purchase and sale contracts to attempt to minimize the effect of price changes on ethanol, renewable corn oil, grain and natural gas. Exchange-traded futures and options contracts are valued at quoted market prices and settled predominantly in cash. The company is exposed to loss when counterparties default on forward purchase and sale contracts. Grain inventories held for sale and forward purchase and sale contracts are valued at market prices when available or other market quotes adjusted for basis differences, primarily in transportation, between the exchange-traded market and local market where the terms of the contract is based.

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Changes in forward purchase contracts and exchange-traded futures and options contracts are recognized as a component of cost of goods sold.

*Derivative Financial Instruments*

The company uses various derivative financial instruments, including exchange-traded futures and exchange-traded and over-the-counter options contracts, to attempt to minimize risk and the effect of commodity price changes including but not limited to, corn, ethanol, natural gas and other agricultural and energy products. The company monitors and manages this exposure as part of its overall risk management policy to reduce the adverse effect market volatility may have on its operating results. The company may hedge these commodities as one way to mitigate risk; however, there may be situations when these hedging activities themselves result in losses.

By using derivatives to hedge exposures to changes in commodity prices, the company is exposed to credit and market risk. The company's exposure to credit risk includes the counterparty's failure to fulfill its performance obligations under the terms of the derivative contract. The company minimizes its credit risk by entering into transactions with high quality counterparties, limiting the amount of financial exposure it has with each counterparty and monitoring their financial condition. Market risk is the risk that the value of the financial instrument might be adversely affected by a change in commodity prices or interest rates. The company manages market risk by incorporating parameters to monitor exposure within its risk management strategy, which limits the types of derivative instruments and strategies the company can use and the degree of market risk it can take using derivative instruments.

Forward contracts are recorded at fair value unless the contracts qualify for, and the company elects, normal purchase or sale exceptions. Changes in fair value are recorded in operating income unless the contracts qualify for, and the company elects, cash flow hedge accounting treatment.

Certain qualifying derivatives related to ethanol production and agribusiness and energy services are designated as cash flow hedges. The company evaluates the derivative instrument to ascertain its effectiveness prior to entering into cash flow hedges. Unrealized gains and losses are reflected in accumulated other comprehensive income or loss until the gain or loss from the underlying hedged transaction is realized and the physical transaction is completed. When it becomes probable a forecasted transaction will not occur, the cash flow hedge treatment is discontinued, which affects earnings. These derivative financial instruments are recognized in current assets or current liabilities at fair value.

At times, the company hedges its exposure to changes in inventory values and designates qualifying derivatives as fair value hedges. The carrying amount of the hedged inventory is adjusted in the current period for changes in fair value. Estimated fair values carried at market are based on exchange-quoted prices, adjusted as appropriate for regional location basis values which represent differences in local markets including transportation as well as quality or grade differences. Basis values are generally determined using inputs from broker quotations or other market transactions. However, a portion of the value may be derived using unobservable inputs. Ineffectiveness of the hedges is recognized in the current period to the extent the change in fair value of the inventory is not offset by the change in fair value of the derivative.

*Assets Held for Sale*

In accordance with ASC 360, *Property, Plant, Equipment*, the company determined the carrying values of certain assets classified as held for sale were not recoverable and exceeded their fair values. The company then measured the impairment losses by comparing the book values with current third-party quoted market prices, resulting in a total impairment of $10.7 million, which is recorded within impairment of assets held for sale in the ethanol production segment on the consolidated statements of operations. After the impairment, we have $5.5 million of assets held for sale as of June 30, 2025, which were recorded in the ethanol production segment within property and equipment, net of accumulated depreciation and amortization on the consolidated balance sheets.

*Investments in Equity Method Investees*

On June 30, 2025, the company disposed of its 50% investment in GP Turnkey Tharaldson, which was accounted for on an equity method basis. Refer to Note 3 - *Merger and Dispositions* for further analysis. As of December 31, 2024, the company's investment in GP Turnkey Tharaldson totaled $51.6 million and is reflected in other assets on the consolidated

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balance sheet. The company did not capitalize any interest related to our equity method investments during the six months ended June 30, 2025. Interest capitalized during the six months ended June 30, 2024 totaled $0.8 million.

*Product Financing Arrangement*

During the second quarter of 2025, the company entered into a product financing arrangement with a financial institution in which it received up front payment for corn oil that the company has an obligation to repurchase in weekly increments through January of 2026. In accordance with ASC 606, *Revenue from Contracts with Customers* ("ASC 606"), this agreement was accounted for as a financing transaction and revenue is precluded. As of June 30, 2025, a liability of $37.1 million was recorded within product financing arrangement on the consolidated balance sheets.

**2.&nbsp;&nbsp;&nbsp;&nbsp;REVENUE**

*Revenue by Source*

The following tables disaggregate revenue by major source (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** |
| | **Ethanol Production** | **Agribusiness & Energy<br>Services** | **Eliminations** | **Total** |
| Revenues |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Revenues from contracts with customers under ASC 606 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ethanol | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distillers grains | 23708 | 2945 |  | 26653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renewable corn oil |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 39057 | 479 |  | 39536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intersegment revenues | 199 | 61 | (260) |  |
| &nbsp;&nbsp;&nbsp;Total revenues from contracts with customers | 62964 | 3485 | (260) | 66189 |
| &nbsp;&nbsp;&nbsp;Revenues from contracts accounted for as derivatives under ASC 815 <sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ethanol | 373039 | 16220 |  | 389259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distillers grains | 53749 | 3232 |  | 56981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renewable corn oil | 37401 |  |  | 37401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other |  | 2999 |  | 2999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intersegment revenues |  | 5595 | (5595) |  |
| &nbsp;&nbsp;&nbsp;Total revenues from contracts accounted for as derivatives | 464189 | 28046 | (5595) | 486640 |
| &nbsp;&nbsp;&nbsp;Total Revenues | $527153 | $31531 | $(5855) | $552829 |

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<u>[Table of](#i0cf02f497eee4885890a470ddfbcd764_7)[Contents](#i0cf02f497eee4885890a470ddfbcd764_7)</u>

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
| | **Ethanol Production** | **Agribusiness & Energy<br>Services** | **Eliminations** | **Total** |
| Revenues |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Revenues from contracts with customers under ASC 606 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ethanol | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distillers grains | 43097 | 6505 |  | 49602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renewable corn oil |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 50301 | 2132 |  | 52433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intersegment revenues | 513 | 129 | (642) |  |
| &nbsp;&nbsp;&nbsp;Total revenues from contracts with customers | 93911 | 8766 | (642) | 102035 |
| &nbsp;&nbsp;&nbsp;Revenues from contracts accounted for as derivatives under ASC 815 <sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ethanol | 751260 | 86322 |  | 837582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distillers grains | 111283 | 9313 |  | 120596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renewable corn oil | 68471 |  |  | 68471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other |  | 25660 |  | 25660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intersegment revenues |  | 11299 | (11299) |  |
| &nbsp;&nbsp;&nbsp;Total revenues from contracts accounted for as derivatives | 931014 | 132594 | (11299) | 1052309 |
| &nbsp;&nbsp;&nbsp;Total Revenues | $1024925 | $141360 | $(11941) | $1154344 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** |
| | **Ethanol Production** | **Agribusiness & Energy<br>Services** | **Eliminations** | **Total** |
| Revenues |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Revenues from contracts with customers under ASC 606 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ethanol | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distillers grains | 23279 | 518 |  | 23797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renewable corn oil |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 15270 | 2056 |  | 17326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intersegment revenues | 1179 | 75 | (1254) |  |
| &nbsp;&nbsp;&nbsp;Total revenues from contracts with customers | 39728 | 2649 | (1254) | 41123 |
| &nbsp;&nbsp;&nbsp;Revenues from contracts accounted for as derivatives under ASC 815 <sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ethanol | 387096 | 86123 |  | 473219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distillers grains | 63845 | 5563 |  | 69408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renewable corn oil | 33405 |  |  | 33405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 1369 | 301 |  | 1670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intersegment revenues |  | 6313 | (6313) |  |
| &nbsp;&nbsp;&nbsp;Total revenues from contracts accounted for as derivatives | 485715 | 98300 | (6313) | 577702 |
| &nbsp;&nbsp;&nbsp;Total Revenues | $525443 | $100949 | $(7567) | $618825 |

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<u>[Table of](#i0cf02f497eee4885890a470ddfbcd764_7)[Contents](#i0cf02f497eee4885890a470ddfbcd764_7)</u>

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
| | **Ethanol Production** | **Agribusiness & Energy<br>Services** | **Eliminations** | **Total** |
| Revenues |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Revenues from contracts with customers under ASC 606 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ethanol | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distillers grains | 48079 | 518 |  | 48597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renewable corn oil |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 29617 | 4468 |  | 34085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intersegment revenues | 2392 | 164 | (2556) |  |
| &nbsp;&nbsp;&nbsp;Total revenues from contracts with customers | 80088 | 5150 | (2556) | 82682 |
| &nbsp;&nbsp;&nbsp;Revenues from contracts accounted for as derivatives under ASC 815 <sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ethanol | 737208 | 159498 |  | 896706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distillers grains | 141768 | 15253 |  | 157021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renewable corn oil | 67565 |  |  | 67565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 4473 | 7592 |  | 12065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intersegment revenues |  | 12452 | (12452) |  |
| &nbsp;&nbsp;&nbsp;Total revenues from contracts accounted for as derivatives | 951014 | 194795 | (12452) | 1133357 |
| &nbsp;&nbsp;&nbsp;Total Revenues | $1031102 | $199945 | $(15008) | $1216039 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Revenues from contracts accounted for as derivatives represent physically settled derivative sales that are outside the scope of ASC 606.

*Major Customers*

Revenues from Customer A represented 45% and 21% of total revenues for the three and six months ended June 30, 2025, respectively, recorded within the ethanol production segment. For the three and six months ended June 30, 2024, Customer B represented 13% and 14% of total revenues, respectively, and revenues from Customer C represented 10% of total revenues for the three months ended June 30, 2024, recorded within the ethanol production segment.

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<u>[Table of](#i0cf02f497eee4885890a470ddfbcd764_7)[Contents](#i0cf02f497eee4885890a470ddfbcd764_7)</u>

**3.&nbsp;&nbsp;&nbsp;&nbsp;MERGER AND DISPOSITIONS**

*Proventus LLC Disposition*

On May 31, 2025, the company completed the sale of its 75% interest in Proventus LLC for net proceeds of $0.4 million. The company recorded a pretax loss on the sale of $4.0 million during the three and six months ended June 30, 2025 within loss on sale of assets on the consolidated statements of operations. Net assets sold at closing, consisting of property and equipment, totaled $9.0 million. As part of the transaction, the company removed $4.5 million of non-controlling interest in Proventus LLC, which was included in the calculation of the pretax loss disclosed above.

*GP Turnkey Tharaldson LLC Disposition*

On June 30, 2025, the company sold its 50% investment in GP Turnkey Tharaldson LLC for $25.0 million. Proceeds receivable from the disposal were $24.2 million as of June 30, 2025, and are recorded within receivable from sale of equity method investment on the consolidated balance sheets. The balance of the equity method investment on the date of the disposal was $51.2 million. A preliminary pretax loss of $27.0 million was recorded during the three and six months ended June 30, 2025 within loss from equity method investees, net of income taxes on the consolidated statements of operations. Proceeds from the sale were received during July 2025.

*Green Plains Partners Merger*

On January 9, 2024, the transactions contemplated by the Merger Agreement were completed and the company issued approximately 4.7 million shares of common stock to acquire all of the publicly held common units of the partnership not already owned by the company prior to the Merger at a fixed exchange ratio of 0.405 shares of the company's common stock, par value $0.001 per share, along with $2.50 of cash consideration for each partnership common unit. The total consideration as a result of the Merger was $143.1 million, which was comprised of $29.2 million in cash and $113.9 million of common stock exchanged. As a result of the Merger, the partnership's common units are no longer publicly traded.

The interests in the partnership owned by the company and its subsidiaries remain outstanding as limited partner interests in the surviving entity. The General Partner of the partnership will continue to own the non-economic general partner interest in the surviving entity.

Since the company controlled the partnership prior to the Merger and continues to control the partnership after the Merger, the company accounted for the change in its ownership interest in the partnership as an equity transaction during the six months ended June 30, 2024, which is reflected as a reduction of non-controlling interest with a corresponding increase to common stock and additional paid-in capital. No gain or loss was recognized in the consolidated statements of operations as a result of the Merger.

Prior to the effective time of the Merger on January 9, 2024, public unitholders owned a 49.2% limited partner interest, the company owned a 48.8% limited partner interest and a 2.0% general partner interest in the partnership. For the six months ended June 30, 2024, the non-controlling interest attributed to the partnership common units held by the public of $133.8 million were recorded as a reduction of non-controlling interest with a corresponding increase to additional paid-in capital.

The company incurred transaction costs of $5.5 million related to the Merger during the six months ended June 30, 2024. These costs were directly related to the Merger consisting primarily of financial advisory services, legal services and other professional fees, and were recorded as an offset to the issuance of common stock within additional paid-in capital.

**4.&nbsp;&nbsp;&nbsp;&nbsp;FAIR VALUE DISCLOSURES** 

The following methods, assumptions and valuation techniques were used in estimating the fair value of the company's financial instruments:

Level 1 – unadjusted quoted prices in active markets for identical assets or liabilities the company can access at the measurement date.

Level 2 – directly or indirectly observable inputs such as quoted prices for similar assets or liabilities in active markets other than quoted prices included within Level 1, quoted prices for identical or similar assets in markets that are not active, and other inputs that are observable or can be substantially corroborated by observable market data through correlation or other means. Fair value hedged inventories in the agribusiness and energy services segment as well as forward commodity

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purchase and sale contracts are valued at nearby futures values, plus or minus nearby basis values, which represent differences in local markets, including transportation or commodity quality or grade differences.

Level 3 – unobservable inputs that are supported by little or no market activity and comprise a significant component of the fair value of the assets or liabilities.

Derivative contracts include exchange-traded commodity futures and options contracts and forward commodity purchase and sale contracts. Exchange-traded futures and options contracts are valued based on unadjusted quoted prices in active markets and are classified in Level 1. The majority of the company's exchange-traded futures and options contracts are cash-settled on a daily basis.&nbsp;&nbsp;&nbsp;&nbsp;

There have been no changes in valuation techniques and inputs used in measuring fair value. The company's assets and liabilities by level are as follows (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value Measurements at June 30, 2025** | **Fair Value Measurements at June 30, 2025** | **Fair Value Measurements at June 30, 2025** | **Fair Value Measurements at June 30, 2025** |
| | **Quoted Prices in <br> Active Markets for <br>Identical Assets<br>(Level 1)** | **Significant Other <br>Observable Inputs<br>(Level 2)** | **Unobservable Inputs<br>(Level 3)** | **Total** |
| Assets |  |  |  |  |
| Cash and cash equivalents | $108624 | $— | $— | $108624 |
| Restricted cash | 44096 |  |  | 44096 |
| Inventories carried at market |  | 18979 |  | 18979 |
| Derivative financial instruments - assets |  | 6079 |  | 6079 |
| Property and equipment, net of accumulated depreciation<br>and amortization <sup>(1)</sup> |  |  | 5500 | 5500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets measured at fair value | $152720 | $25058 | $5500 | $183278 |
| Liabilities |  |  |  |  |
| Accounts payable <sup>(2)</sup> | $— | $18558 | $— | $18558 |
| Derivative financial instruments - liabilities |  | 10399 |  | 10399 |
| Other liabilities <sup>(3)</sup> |  | 1420 |  | 1420 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities measured at fair value | $— | $30377 | $— | $30377 |

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<u>[Table of](#i0cf02f497eee4885890a470ddfbcd764_7)[Contents](#i0cf02f497eee4885890a470ddfbcd764_7)</u>

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value Measurements at December 31, 2024** | **Fair Value Measurements at December 31, 2024** | **Fair Value Measurements at December 31, 2024** | **Fair Value Measurements at December 31, 2024** |
| | **Quoted Prices in <br> Active Markets for <br>Identical Assets<br>(Level 1)** | **Significant Other <br>Observable Inputs<br>(Level 2)** | **Unobservable Inputs<br>(Level 3)** | **Total** |
| Assets |  |  |  |  |
| Cash and cash equivalents | $173041 | $— | $— | $173041 |
| Restricted cash | 36354 |  |  | 36354 |
| Inventories carried at market |  | 48500 |  | 48500 |
| Derivative financial instruments - assets |  | 10154 |  | 10154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets measured at fair value | $209395 | $58654 | $— | $268049 |
| Liabilities |  |  |  |  |
| Accounts payable <sup>(2)</sup> | $— | $23208 | $— | $23208 |
| Accrued and other liabilities <sup>(3)</sup> |  | 2094 |  | 2094 |
| Derivative financial instruments - liabilities |  | 4791 |  | 4791 |
| Other liabilities <sup>(3)</sup> |  | 979 |  | 979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities measured at fair value | $— | $31072 | $— | $31072 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Property and equipment, net of accumulated depreciation and amortization includes $5.5 million of assets held for sale at June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Accounts payable is generally stated at historical amounts with the exception of $18.6 million and $23.2 million at June 30, 2025 and December 31, 2024, respectively, related to certain delivered inventory for which the payable fluctuates based on changes in commodity prices. These payables are hybrid financial instruments for which the company has elected the fair value option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Accrued and other liabilities includes $2.1 million at December 31, 2024, while other liabilities includes $1.4 million and $1.0 million of consideration related to potential earn-out payments recorded at fair value at June 30, 2025 and December 31, 2024, respectively.

As of June 30, 2025, the fair value of the company's debt was approximately $457.8 million compared with a book value of $508.2 million. At December 31, 2024, the fair value of the company's debt was approximately $518.6 million compared with a book value of $575.4 million. The company estimated the fair value of its outstanding debt using Level 2 inputs. The company believes the fair value of its accounts receivable approximated book value, which was $78.5 million and $94.9 million at June 30, 2025 and December 31, 2024, respectively.

The fair values of tangible assets and goodwill acquired represent Level 3 measurements which were derived using a combination of the income approach, market approach and cost approach for the specific assets or liabilities being valued.

**5.&nbsp;&nbsp;&nbsp;&nbsp;SEGMENT INFORMATION**

The company reports the financial and operating performance for the following two operating segments: (1) ethanol production, which includes the production, storage and transportation of ethanol, distillers grains, Ultra-High Protein and renewable corn oil and (2) agribusiness and energy services, which includes grain handling and storage, commodity marketing and merchant trading for company-produced and third-party ethanol, distillers grains, Ultra-High Protein, renewable corn oil, natural gas and other commodities.

Corporate activities include selling, general and administrative expenses, consisting primarily of compensation, professional fees, overhead costs, gain on sale of assets, and restructuring costs not directly related to a specific operating segment.

During the normal course of business, the operating segments conduct business with each other. For example, the agribusiness and energy services segment procures grain and natural gas and sells products, including ethanol, distillers grains, Ultra-High Protein and renewable corn oil for the ethanol production segment. These intersegment activities are treated like third-party transactions with origination, marketing and storage fees charged at estimated market values. Consequently, these transactions affect segment performance; however, they do not impact the company's consolidated results since the revenues and corresponding costs are eliminated.

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<u>[Table of](#i0cf02f497eee4885890a470ddfbcd764_7)[Contents](#i0cf02f497eee4885890a470ddfbcd764_7)</u>

The Chief Operating Decision Maker ("CODM") for the company is the Interim Principal Executive Officer. The CODM utilizes EBITDA to assess segment performance, which is derived from revenue less cost of goods sold and selling, general and administrative expenses. The CODM manages and allocates resources to the operations of the company's two segments. This enables the CODM to assess the company's overall level of available resources and determine how best to deploy these resources for capital expenditure, research and development projects, and other strategic opportunities that are in line with our long-term strategic goals. The CODM is regularly provided with consolidated expense information or forecasted expense information for the applicable reportable segment.

The following tables set forth certain financial data for the company's operating segments (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenues |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ethanol production |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues from external customers | $526954 | $524264 | $1024412 | $1028710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intersegment revenues | 199 | 1179 | 513 | 2392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total segment revenues | 527153 | 525443 | 1024925 | 1031102 |
| &nbsp;&nbsp;&nbsp;Agribusiness and energy services |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues from external customers | 25875 | 94561 | 129932 | 187329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intersegment revenues | 5656 | 6388 | 11428 | 12616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total segment revenues | 31531 | 100949 | 141360 | 199945 |
| &nbsp;&nbsp;&nbsp;Revenues including intersegment activity | 558684 | 626392 | 1166285 | 1231047 |
| &nbsp;&nbsp;&nbsp;Intersegment eliminations | (5855) | (7567) | (11941) | (15008) |
|  | $552829 | $618825 | $1154344 | $1216039 |

---

Refer to *Note 2 - Revenue*, for further disaggregation of revenue by operating segment.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Cost of goods sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ethanol production <sup>(1)</sup> | $493663 | $495053 | $997127 | $1003355 |
| &nbsp;&nbsp;&nbsp;Agribusiness and energy services | 23451 | 93516 | 124549 | 181502 |
| &nbsp;&nbsp;&nbsp;Intersegment eliminations | (5855) | (7567) | (11941) | (15008) |
|  | $511259 | $581002 | $1109735 | $1169849 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Gross margin |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ethanol production <sup>(1) (2)</sup> | $33490 | $30390 | $27798 | $27747 |
| &nbsp;&nbsp;&nbsp;Agribusiness and energy services | 8080 | 7433 | 16811 | 18443 |
|  | $41570 | $37823 | $44609 | $46190 |

---

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<u>[Table of](#i0cf02f497eee4885890a470ddfbcd764_7)[Contents](#i0cf02f497eee4885890a470ddfbcd764_7)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Depreciation and amortization |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ethanol production | $22918 | $20544 | $43953 | $41078 |
| &nbsp;&nbsp;&nbsp;Agribusiness and energy services <sup>(3)</sup> | 3860 | 497 | 4458 | 1002 |
| &nbsp;&nbsp;&nbsp;Corporate activities | 782 | 543 | 1536 | 991 |
|  | $27560 | $21584 | $49947 | $43071 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Operating income (loss) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ethanol production <sup>(1) (2) (4)</sup> | $(12218) | $(2213) | $(51768) | $(35866) |
| &nbsp;&nbsp;&nbsp;Agribusiness and energy services <sup>(3)</sup> | 849 | 2166 | 3282 | 8170 |
| &nbsp;&nbsp;&nbsp;Corporate activities <sup>(5) (6)</sup> | (16994) | (17664) | (42137) | (34904) |
|  | $(28363) | $(17711) | $(90623) | $(62600) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Ethanol production includes an inventory lower of cost or net realizable value adjustment of $2.3 million for the three and six months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Ethanol production includes margins from a one-time sale of accumulated RINs of $22.6 million for the three and six months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Depreciation and amortization for agribusiness and energy services includes impairment of property and equipment of $3.1 million for the three and six months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Ethanol production includes impairment of assets held for sale of $10.7 million for the three and six months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Corporate activities includes $1.7 million and $12.0 million of restructuring costs for the three and six months ended June 30, 2025, respectively, as a result of the company's cost reduction initiative, including severance related to the departure of its former CEO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)Corporate activities include a pretax loss on sale of assets of $4.0 million for the three and six months ended June 30, 2025.

During the three and six months ended June 30, 2025, the company incurred restructuring costs related to severance, stock based compensation and other charges as a result of cost reduction initiatives that were recorded within the following line items in the consolidated statements of operations (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30, 2025** | **Three Months Ended<br>June 30, 2025** | **Three Months Ended<br>June 30, 2025** | **Three Months Ended<br>June 30, 2025** |
| | **Ethanol production** | **Agribusiness and energy services** | **Corporate activities** | **Subtotal** |
| Cost of goods sold | $85 | 138 |  | $223 |
| Selling, general and administrative expenses | 264 | 379 | 1653 | 2296 |
| Other, net |  |  |  |  |
| Total restructuring costs | $349 | 517 | 1653 | $2519 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2025** |
| | **Ethanol production** | **Agribusiness and energy services** | **Corporate activities** | **Subtotal** |
| Cost of goods sold | $2345 | 597 |  | $2942 |
| Selling, general and administrative expenses | 474 | 2037 | 11994 | 14505 |
| Other, net |  | 154 | 1505 | 1659 |
| Total restructuring costs | $2819 | 2788 | 13499 | $19106 |

---

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<u>[Table of](#i0cf02f497eee4885890a470ddfbcd764_7)[Contents](#i0cf02f497eee4885890a470ddfbcd764_7)</u>

The following tables reconcile EBITDA, our segment measure of profit or loss, to net loss (in thousands). EBITDA is defined as earnings before interest expense, income taxes, depreciation and amortization excluding the amortization of right-of-use assets and debt issuance costs.

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30, 2025** | **Three Months Ended<br>June 30, 2025** | **Three Months Ended<br>June 30, 2025** |
| | **Ethanol production** | **Agribusiness and energy services** | **Subtotal** |
| EBITDA | $8992 | $5028 | $14020 |
| Depreciation and amortization | (22918) | (3860) | (26778) |
| Interest expense | (6610) | (1927) | (8537) |
| Subtotal | $(20536) | $(759) | $(21295) |
| Unallocated corporate expenses <sup>(1)</sup> |  |  | (49047) |
| Income tax expense, net of equity method income tax benefit |  |  | (1885) |
| Net loss |  |  | $(72227) |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Six Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2025** |
| | **Ethanol production** | **Agribusiness and energy services** | **Subtotal** |
| EBITDA | $(10424) | $8184 | $(2240) |
| Depreciation and amortization | (43953) | (4458) | (48411) |
| Interest expense | (11430) | (4354) | (15784) |
| Subtotal | $(65807) | $(628) | $(66435) |
| Unallocated corporate expenses <sup>(1)</sup> |  |  | (76713) |
| Income tax expense, net of equity method income tax benefit |  |  | (1720) |
| Net loss |  |  | $(144868) |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30, 2024** | **Three Months Ended<br>June 30, 2024** | **Three Months Ended<br>June 30, 2024** |
| | **Ethanol production** | **Agribusiness and energy services** | **Subtotal** |
| EBITDA | $17952 | $3045 | $20997 |
| Depreciation and amortization | (20544) | (497) | (21041) |
| Interest expense | (4862) | (1021) | (5883) |
| Subtotal | $(7454) | $1527 | $(5927) |
| Unallocated corporate expenses <sup>(1)</sup> |  |  | (18384) |
| Income tax expense, net of equity method income tax benefit |  |  | 273 |
| Net loss |  |  | $(24038) |

---

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<u>[Table of](#i0cf02f497eee4885890a470ddfbcd764_7)[Contents](#i0cf02f497eee4885890a470ddfbcd764_7)</u>

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| | | | |
|:---|:---|:---|:---|
| | **Six Months Ended<br>June 30, 2024** | **Six Months Ended<br>June 30, 2024** | **Six Months Ended<br>June 30, 2024** |
| | **Ethanol production** | **Agribusiness and energy services** | **Subtotal** |
| EBITDA | $4331 | $10101 | $14432 |
| Depreciation and amortization | (41078) | (1002) | (42080) |
| Interest expense | (9923) | (2162) | (12085) |
| Subtotal | $(46670) | $6937 | $(39733) |
| Unallocated corporate expenses <sup>(1)</sup> |  |  | (35371) |
| Income tax expense, net of equity method income tax benefit |  |  | (56) |
| Net loss |  |  | $(75160) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Corporate expenses include selling, general administrative expenses, depreciation and amortization, interest expense, and during 2025 includes restructuring costs related to cost savings initiatives and the departure of our former CEO as well as losses on the sale of assets and equity method investment.

The following table sets forth total assets by operating segment (in thousands):

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| | | |
|:---|:---|:---|
| | **June 30,<br>2025** | **December 31,<br>2024** |
| Total assets <sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Ethanol production | $1211284 | $1234635 |
| &nbsp;&nbsp;&nbsp;Agribusiness and energy services | 287956 | 412006 |
| &nbsp;&nbsp;&nbsp;Corporate assets | 118295 | 143716 |
| &nbsp;&nbsp;&nbsp;Intersegment eliminations | (5019) | (8183) |
|  | $1612516 | $1782174 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Asset balances by segment exclude intercompany balances.

**6.&nbsp;&nbsp;&nbsp;&nbsp;INVENTORIES**

Inventories are carried at the lower of cost or net realizable value, except fair-value hedged inventories. There was a $2.3 million and $2.1 million lower of cost or net realizable value inventory adjustment associated with finished goods in cost of goods sold within the ethanol production segment as of June 30, 2025 and December 31, 2024, respectively.

The components of inventories are as follows (in thousands):

---

| | | |
|:---|:---|:---|
| | **June 30,<br>2025** | **December 31,<br>2024** |
| Finished goods | $33069 | $72863 |
| Commodities held for sale | 18979 | 48500 |
| Raw materials | 32987 | 37334 |
| Work-in-process | 11819 | 13569 |
| Supplies and parts | 59557 | 55178 |
|  | $156411 | $227444 |

---

**7.&nbsp;&nbsp;&nbsp;&nbsp;DERIVATIVE FINANCIAL INSTRUMENTS**

At June 30, 2025, the company's consolidated balance sheet reflected unrealized losses of $6.7 million, net of tax, in accumulated other comprehensive loss. The company expects these items will be reclassified as operating loss over the next 12 months as a result of hedged transactions that are forecasted to occur. The amount realized in operating loss will differ as commodity prices change.

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<u>[Table of](#i0cf02f497eee4885890a470ddfbcd764_7)[Contents](#i0cf02f497eee4885890a470ddfbcd764_7)</u>

*Fair Values of Derivative Instruments*

The fair values of the company's derivative financial instruments and the line items on the consolidated balance sheets where they are reported are as follows (in thousands):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Asset Derivatives'<br>Fair Value** | **Asset Derivatives'<br>Fair Value** | **Asset Derivatives'<br>Fair Value** | **Liability Derivatives'<br>Fair Value** | **Liability Derivatives'<br>Fair Value** | **Liability Derivatives'<br>Fair Value** | |
| | **June 30,<br>2025** | | **December 31,<br>2024** | **June 30,<br>2025** | | **December 31,<br>2024** | |
| Derivative financial instruments - forwards | $6079 | <sup>(1)</sup> | $10154 | $10399 | <sup>(2)</sup> | $4791 | <sup>(3)</sup> |
| Other liabilities |  |  |  | 38 |  | 15 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $6079 |  | $10154 | $10437 |  | $4806 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)At June 30, 2025, derivative financial instruments, as reflected on the balance sheet, includes net unrealized gains on exchange-traded futures and options contracts of $1.1 million and the balance representing economic hedges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)At June 30, 2025, derivative financial instruments, as reflected on the balance sheet, includes net unrealized losses on exchange-traded futures and options contracts of $0.9 million, which included $6.4 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments, $1.5 million of unrealized gains on derivative financial instruments designated as fair value hedging instruments, and the balance representing economic hedges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)At December 31, 2024, derivative financial instruments, as reflected on the balance sheet, includes net unrealized losses on exchange-traded futures and options contracts of $4.7 million, which include $0.5 million of net unrealized gains on derivative financial instruments designated as cash flow hedging instruments, $3.0 million of unrealized losses on derivative financial instruments designated as fair value hedging instruments, and the balance representing economic hedges.

Refer to *Note 4 - Fair Value Disclosures*, which contains fair value information related to derivative financial instruments.

*Effect of Derivative Instruments on Consolidated Balance Sheets, Consolidated Statements of Operations and Consolidated Statements of Comprehensive Loss*

The gains or losses recognized in income and other comprehensive income related to the company's derivative financial instruments and the line items on the consolidated financial statements where they are reported are as follows (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income** | **Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income** | **Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income** | **Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income** |
| **Location of Gain (Loss) Reclassified from Accumulated Other<br>Comprehensive Income into Income** | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| **Location of Gain (Loss) Reclassified from Accumulated Other<br>Comprehensive Income into Income** | **2025** | **2024** | **2025** | **2024** |
| Revenues | $— | $— | $(25) | $3736 |
| Cost of goods sold | (3674) | (2298) | (3698) | (13021) |
| &nbsp;&nbsp;&nbsp;Net loss recognized in loss before income taxes | $(3674) | $(2298) | $(3723) | $(9285) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives** | **Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives** | **Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives** | **Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives** |
| **Gain (Loss) Recognized in Other Comprehensive Income on<br>Derivatives** | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| **Gain (Loss) Recognized in Other Comprehensive Income on<br>Derivatives** | **2025** | **2024** | **2025** | **2024** |
| Commodity contracts | $(11005) | $(863) | $(14037) | $(8822) |

---

A portion of the company's derivative instruments are considered economic hedges and as such are not designated as hedging instruments. The company uses exchange-traded futures and options contracts to manage its net position of product inventories and forward cash purchase and sales contracts to reduce price risk caused by market fluctuations. Derivatives, including exchange traded contracts and forward commodity purchase or sale contracts, and inventories of certain agricultural products, which include amounts acquired under deferred pricing contracts, are stated at fair value. Fair

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<u>[Table of](#i0cf02f497eee4885890a470ddfbcd764_7)[Contents](#i0cf02f497eee4885890a470ddfbcd764_7)</u>

value estimates are based on exchange-quoted prices, adjusted as appropriate for regional location basis value, which represent differences in local markets including transportation as well as quality or grade differences.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Amount of Gain (Loss) <br>Recognized in Income on Derivatives** | **Amount of Gain (Loss) <br>Recognized in Income on Derivatives** | **Amount of Gain (Loss) <br>Recognized in Income on Derivatives** | **Amount of Gain (Loss) <br>Recognized in Income on Derivatives** |
| **Derivatives Not Designated as<br>Hedging Instruments** | **Location of Gain (Loss) Recognized in Income<br> on Derivatives** | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| **Derivatives Not Designated as<br>Hedging Instruments** | **Location of Gain (Loss) Recognized in Income<br> on Derivatives** | **2025** | **2024** | **2025** | **2024** |
| Exchange-traded futures and options | Revenues | $2427 | $(146) | $5319 | $(1219) |
| Forwards | Revenues | (924) | (1715) | 1408 | (4444) |
| Exchange-traded futures and options | Cost of goods sold | 3857 | 8617 | 2484 | 11654 |
| Forwards | Cost of goods sold | (870) | (9559) | (7852) | (6691) |
| Net gain (loss) recognized in loss before income taxes | Net gain (loss) recognized in loss before income taxes | $4490 | $(2803) | $1359 | $(700) |

---

The following amounts were recorded on the consolidated balance sheets related to cumulative basis adjustments for the fair value hedged items (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|<br>**Line Item in the Consolidated Balance Sheet in Which the Hedged Item is Included** | **Carrying Amount of the Hedged Assets** | **Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liabilities** | **Carrying Amount of the Hedged Assets** | **Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liabilities** |
| Inventories | $18979 | $(219) | $48500 | $8166 |

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<u>[Table of](#i0cf02f497eee4885890a470ddfbcd764_7)[Contents](#i0cf02f497eee4885890a470ddfbcd764_7)</u>

*Effect of Cash Flow and Fair Value Hedge Accounting on the Statements of Operations*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships for the Three Months Ended June 30,** | **Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships for the Three Months Ended June 30,** | **Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships for the Three Months Ended June 30,** | **Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships for the Three Months Ended June 30,** |
| | **2025** | **2025** | **2024** | **2024** |
| | **Revenue** | **Cost of<br>Goods Sold** | **Revenue** | **Cost of<br>Goods Sold** |
| Loss on cash flow hedging relationships |  |  |  |  |
| Commodity contracts |  |  |  |  |
| Amount of loss on exchange-traded futures reclassified from accumulated other comprehensive income into income | $— | $(3674) | $— | $(2298) |
| Gain (loss) on fair value hedging relationships |  |  |  |  |
| Commodity contracts |  |  |  |  |
| Fair-value hedged inventories |  | (1249) |  | 1014 |
| Exchange-traded futures designated as hedging instruments |  | 1743 |  | (2858) |
| Total amounts of income and expense line items presented in the statement of operations in which the effects of cash flow or fair value hedges are recorded | $— | $(3180) | $— | $(4142) |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships for the Six Months Ended June 30,** | **Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships for the Six Months Ended June 30,** | **Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships for the Six Months Ended June 30,** | **Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships for the Six Months Ended June 30,** |
| | **2025** | **2025** | **2024** | **2024** |
| | **Revenue** | **Cost of<br>Goods Sold** | **Revenue** | **Cost of<br>Goods Sold** |
| Gain (loss) on cash flow hedging relationships |  |  |  |  |
| Commodity contracts |  |  |  |  |
| Amount of gain (loss) on exchange traded futures reclassified from accumulated other comprehensive income into income | $(25) | $(3698) | $3736 | $(13021) |
| Gain (loss) on fair value hedging relationships |  |  |  |  |
| Commodity contracts |  |  |  |  |
| Fair-value hedged inventories |  | (111) |  | (3347) |
| Exchange-traded futures designated as hedging instruments |  | 1974 |  | 2404 |
| Total amounts of income and expense line items presented in the statement of operations in which the effects of cash flow or fair value hedges are recorded | $(25) | $(1835) | $3736 | $(13964) |

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The notional volume of open commodity derivative positions as of June 30, 2025 are as follows (in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Exchange-Traded** <sup>(1)</sup> | | **Non-Exchange-Traded** <sup>(2)</sup> | **Non-Exchange-Traded** <sup>(2)</sup> | | |
|<br>**Derivative <br>Instruments** | **Net Long & <br>(Short)** | | **Long** | **(Short)** |<br>**Unit of <br>Measure** |<br>**Commodity** |
| Futures | (21820) |  |  |  | Bushels | Corn |
| Futures | 11000 | <sup>(3)</sup> |  |  | Bushels | Corn |
| Futures | (1555) | <sup>(4)</sup> |  |  | Bushels | Corn |
| Futures | (35700) |  |  |  | Gallons | Ethanol |
| Futures | (33390) | <sup>(3)</sup> |  |  | Gallons | Ethanol |
| Futures | (3645) |  |  |  | MmBTU | Natural Gas |
| Futures | 9590 | <sup>(3)</sup> |  |  | MmBTU | Natural Gas |
| Futures | (3828) | <sup>(4)</sup> |  |  | MmBTU | Natural Gas |
| Options | 499 |  |  |  | Bushels | Corn |
| Forwards |  |  | 27363 |  | Bushels | Corn |
| Forwards |  |  | 9135 | (204355) | Gallons | Ethanol |
| Forwards |  |  | 128 | (225) | Tons | Distillers Grains |
| Forwards |  |  |  | (48266) | Pounds | Renewable Corn Oil |
| Forwards |  |  | 9372 | (146) | MmBTU | Natural Gas |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Notional volume of exchange-traded futures and options are presented on a net long and (short) position basis. Options are presented on a delta-adjusted basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Notional volume of non-exchange-traded forward physical contracts are presented on a gross long and (short) position basis, including both fixed-price and basis contracts, for which only the basis portion of the contract price is fixed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Notional volume of exchange-traded futures used for cash flow hedges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Notional volume of exchange-traded futures used for fair value hedges.

Energy trading contracts that do not involve physical delivery are presented net in revenues on the consolidated statements of operations. Included in revenues are net gains of $2.7 million and net gains of $5.3 million for the three and six months ended June 30, 2025, respectively, and net gains of $0.5 million and $2.3 million for the three and six months ended June 30, 2024, respectively, on energy trading contracts.

**8.&nbsp;&nbsp;&nbsp;&nbsp;DEBT**

The components of long-term debt are as follows (in thousands):

---

| | | |
|:---|:---|:---|
| | **June 30,<br>2025** | **December 31,<br>2024** |
| Corporate |  |  |
| &nbsp;&nbsp;&nbsp;2.25% convertible notes due 2027 <sup>(1)</sup> | $230000 | $230000 |
| Green Plains SPE LLC |  |  |
| &nbsp;&nbsp;&nbsp;Junior secured mezzanine notes due 2026 <sup>(2)</sup> | 127500 | 125000 |
| Green Plains Shenandoah |  |  |
| &nbsp;&nbsp;&nbsp;Term loan due 2035 <sup>(3)</sup> | 70875 | 71625 |
| Other | 10811 | 11163 |
| Total book value of long-term debt | 439186 | 437788 |
| Unamortized debt issuance costs | (11059) | (3210) |
| Less: current maturities of long-term debt | (2125) | (2118) |
| Total long-term debt | $426002 | $432460 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The 2.25% notes had $2.1 million and $2.7 million of unamortized debt issuance costs as of June 30, 2025 and December 31, 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The junior notes had $8.7 million and $0.2 million of unamortized debt issuance costs as of June 30, 2025 and December 31, 2024, respectively.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)The loan had $0.2 million and $0.3 million of unamortized debt issuance costs as of June 30, 2025 and December 31, 2024, respectively.

The components of short-term notes payable and other borrowings are as follows (in thousands):

---

| | | |
|:---|:---|:---|
| | **June 30,<br>2025** | **December 31,<br>2024** |
| Green Plains Finance Company, Green Plains Grain and Green Plains Trade |  |  |
| &nbsp;&nbsp;&nbsp;$350.0 million revolver | $75000 | $133500 |
| Green Plains Commodity Management |  |  |
| &nbsp;&nbsp;&nbsp;$20.0 million hedge line | 5064 | 7329 |
|  | $80064 | $140829 |

---

*Corporate Activities*

In March 2021, the company issued an aggregate $230.0 million of 2.25% convertible senior notes due on March 15, 2027. The 2.25% notes bear interest at a rate of 2.25% per year, payable on March 15 and September 15 of each year. The 2.25% notes are senior, unsecured obligations of the company. The 2.25% notes are convertible, at the option of the holders, into consideration consisting of, at the company's election, cash, shares of the company's common stock, or a combination of cash and stock (and cash in lieu of fractional shares). However, before September 15, 2026, the 2.25% notes will not be convertible unless certain conditions are satisfied. The initial conversion rate is 31.6206 shares of the company's common stock per $1,000 principal amount of 2.25% notes (equivalent to an initial conversion price of approximately $31.62 per share of the company's common stock), representing an approximately 37.5% premium over the offering price of the company's common stock. The conversion rate is subject to adjustment upon the occurrence of certain events, including but not limited to; the event of a stock dividend or stock split; the issuance of additional rights, options and warrants; spinoffs; or a tender or exchange offering. In addition, the company may be obligated to increase the conversion rate for any conversion that occurs in connection with certain corporate events, including the company's calling the 2.25% notes for redemption.

On and after March 15, 2024, and prior to the maturity date, the company may redeem, for cash, all, but not less than all, of the 2.25% notes if the last reported sale price of the company's common stock equals or exceeds 140% of the applicable conversion price on (i) at least 20 trading days during a 30 consecutive trading day period ending on the trading day immediately prior to the date the company delivers notice of the redemption; and (ii) the trading day immediately before the date of the redemption notice. The redemption price will equal 100% of the principal amount of the 2.25% notes to be redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date. In addition, upon the occurrence of a "fundamental change" (as defined in the indenture for the 2.25% notes), holders of the 2.25% notes will have the right, at their option, to require the company to repurchase their 2.25% notes for cash at a price equal to 100% of the principal amount of the 2.25% notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date.

On May 7, 2025, the company entered into a secured $30 million revolving credit facility with Ancora Alternatives LLC, that matured on July 30, 2025. The facility bore interest at 10% on borrowings and had a 0.5% fee on the unused balance. Interest and fees were due on the 5th of each month. There was no outstanding balance on the facility as of June 30, 2025. In conjunction with this facility, the company issued 1,504,140 warrants to purchase shares of its common stock at an exercise price of $0.01 per share.

*Ethanol Production Segment*

On February 9, 2021, Green Plains SPE LLC, a wholly-owned special purpose subsidiary and parent of Green Plains Obion and Green Plains Mount Vernon, issued $125.0 million of junior secured mezzanine notes due 2026 (the "Junior Notes") with BlackRock, a holder of a portion of the company's common stock.

The Junior Notes were amended on May 7, 2025, which extended the maturity date from February 9, 2026 to May 15, 2026. A $2.5 million amendment fee was added to the balance of the Junior Notes, increasing the amount outstanding to $127.5 million. The Junior Notes are secured by a pledge of the membership interests in and the real property owned by Green Plains Obion and Green Plains Mount Vernon. Further, warrants previously issued in conjunction with the Junior Notes were revised on May 7, 2025, and $7.5 million, the fair value of the revised warrants, was recorded as debt issuance costs. These costs will be amortized through May 2026. As of July 31, 2025, the Junior Notes also are secured by a pledge of the membership interests in, the assets and the real property owned by Green Plains Madison LLC, Green Plains

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<u>[Table of](#i0cf02f497eee4885890a470ddfbcd764_7)[Contents](#i0cf02f497eee4885890a470ddfbcd764_7)</u>

Superior LLC, Green Plains Fairmont LLC, Green Plains Otter Tail LLC, Green Plains Wood River and Green Plains York LLC, as well as the assets and membership interests of Fluid Quip Mechanical, LLC. The proceeds of the Junior Notes were used to construct high protein processing systems at the Green Plains Obion and Green Plains Mount Vernon facilities. The Junior Notes accrued interest at an annual rate of 11.75% as of June 30, 2025. However, subject to the satisfaction of certain conditions, Green Plains SPE LLC may elect to pay an amount in cash equal to interest accruing at a rate of 6.00% per annum plus an amount equal to interest accruing at a rate of 6.75% per annum to be paid in kind. On August 10, 2025, the Junior Notes were amended to extend the maturity date to September 15, 2026, with an amendment fee of 2.5% to be added to the principal balance of the Junior Notes, payable at the maturity date. The interest rate will increase by 0.5% after the amendment, and by an additional 0.5% each quarter on each scheduled interest payment date, with the next interest payment date being September 15, 2025. In addition to previous assets and equity securities pledged, the Junior Notes are now also secured by the assets and the real property owned by Green Plains Central City, LLC. The amendment adds certain financial covenant requirements, including restrictions on additional debt and certain transfer of assets. Also as part of the amendment, the company executed a subscription agreement with certain funds and accounts under management by BlackRock pursuant to which the company agreed to issue, and certain funds and accounts under management by BlackRock purchased, 3,250,000 stock warrants at a strike price of $0.01 per share with a ten year exercise period. The amendment also includes the right for such funds and accounts to exchange up to 750,000 warrants for a pro rata share of $6 million of outstanding principal of Junior Notes. The subscription agreement obligates the company to register for resale the shares of common stock underlying warrants issued to BlackRock. The entire outstanding principal balance, plus any accrued and unpaid interest is due upon maturity. Green Plains SPE LLC is required to comply with certain financial covenants regarding minimum liquidity at Green Plains and a maximum aggregate loan to value. The Junior Notes can be retired or refinanced after 42 months with no prepayment premium. The Junior Notes have an unsecured parent guarantee from the company and have certain limitations on distributions, dividends or loans to the company unless there will not exist any event of default.

On September 3, 2020, Green Plains Wood River and Green Plains Shenandoah, wholly-owned subsidiaries of the company, entered into a $75.0 million loan agreement with MetLife Real Estate Lending LLC. The loan matures on September 1, 2035 and is secured by substantially all of the assets of the Shenandoah facility, including the MSC™ and CST™ assets installed at that facility. During the second quarter of 2024, the agreement was modified to remove the Wood River facility from the assets considered to be secured under the loan agreement and Green Plains Wood River was removed as a counterparty to the loan agreement. The proceeds from the loan were used to add MSC™ technology at the Wood River and Shenandoah facilities as well as other capital expenditures.

The loan bears interest at a fixed rate of 5.02%, plus an interest rate premium subject to quarterly adjustments from 0.00% to 1.50% based on the leverage ratio of total funded debt to EBITDA of Shenandoah. Principal payments of $1.5 million per year began in October 2022. Prepayments were prohibited until September 2024. Financial covenants of the loan agreement include a minimum loan to value ratio of 50%, a minimum fixed charge coverage ratio of 1.25x, a total debt service reserve of six months of future principal and interest payments and a minimum working capital requirement at Green Plains of not less than $0.10 per gallon of nameplate capacity or $90.3 million. The loan is guaranteed by the company and has certain limitations on distributions, dividends or loans to Green Plains by Shenandoah unless immediately after giving effect to such action, there will not exist any event of default. At June 30, 2025, the interest rate on the loan was 6.52%.

The company also has small equipment financing loans, finance leases on equipment or facilities, and other forms of debt financing.

*Agribusiness and Energy Services Segment*

On March 25, 2022, Green Plains Finance Company, Green Plains Grain and Green Plains Trade (collectively, the "Borrowers"), all wholly owned subsidiaries of the company, together with the company, as guarantor, entered into a five-year, $350.0 million senior secured sustainability-linked revolving Loan and Security Agreement (the "Facility") with a group of financial institutions. This transaction refinanced the separate credit facilities previously held by Green Plains Grain and Green Plains Trade. The Facility matures on March 25, 2027.

The Facility includes revolving commitments totaling $350.0 million and an accordion feature whereby amounts available under the Facility may be increased by up to $100.0 million of new lender commitments subject to certain conditions. Each SOFR rate loan shall bear interest for each day at a rate per annum equal to the Term SOFR rate for the outstanding period plus a Term SOFR adjustment and an applicable margin of 2.25% to 2.50%, which is dependent on undrawn availability under the Facility. Each base rate loan shall bear interest at a rate per annum equal to the base rate plus the applicable margin of 1.25% to 1.50%, which is dependent on undrawn availability under the Facility. The unused

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portion of the Facility is also subject to a commitment fee of 0.275% to 0.375%, dependent on undrawn availability. Additionally, the applicable margin and commitment fee are subject to certain increases or decreases of up to 0.10% and 0.025%, respectively, tied to the company's achievement of certain sustainability criteria, including the reduction of GHG emissions, recordable incident rate reduction, increased renewable corn oil production and the implementation of technology to produce sustainable ingredients.

The Facility contains customary affirmative and negative covenants, as well as the following financial covenants to be calculated as of the last day of any month: the current ratio of the Borrowers shall not be less than 1.00 to 1.00; the collateral coverage ratio of the Borrowers shall not be less than 1.20 to 1.00; and the debt to capitalization ratio of the company shall not be greater than 0.60 to 1.00.

The Facility also includes customary events of default, including without limitation, failure to make required payments of principal or interest, material incorrect representations and warranties, breach of covenants, events of bankruptcy and other certain matters. The Facility is secured by the working capital assets of the Borrowers and is guaranteed by the company. At June 30, 2025, the interest rate on the Facility was 7.92%.

Green Plains Commodity Management has an uncommitted secured revolving credit facility to finance margins related to its hedging programs, which is secured by cash and securities held in its brokerage accounts. On June 18, 2025, the credit facility was amended, reducing the $40.0 million borrowing limit to $20.0 million. During the first quarter of 2023, this revolving credit facility was extended five years to mature on April 30, 2028. Advances are subject to variable interest rates equal to SOFR plus 1.75%. At June 30, 2025, the interest rate on the facility was 6.14%.

Green Plains Grain has a short-term inventory financing agreement with a financial institution. The company has accounted for the agreement as short-term notes, rather than revenues, and has elected the fair value option to offset fluctuations in market prices of the inventory. This agreement is subject to negotiated variable interest rates. The company had no outstanding short-term notes payable related to the inventory financing agreement as of June 30, 2025.

*Covenant Compliance*

The company was in compliance with its debt covenants as of June 30, 2025.

*Restricted Net Assets*

At June 30, 2025, there were approximately $36.2 million of net assets at the company's subsidiaries that could not be transferred to the parent company in the form of dividends, loans or advances due to restrictions contained in the credit facilities of these subsidiaries.

**9.&nbsp;&nbsp;&nbsp;&nbsp;STOCK-BASED COMPENSATION**

The company has an equity incentive plan which reserved a total of 6.9 million shares of common stock for issuance pursuant to the plan, of which 1.3 million shares remain available for issuance. The plan provides for shares, including options to purchase shares of common stock, stock appreciation rights tied to the value of common stock, restricted stock, performance share awards, and restricted and deferred stock unit awards, to be granted to eligible employees, non-employee directors and consultants. The company measures stock-based compensation at fair value on the grant date, with no adjustments for estimated forfeitures. The company records noncash compensation expense related to equity awards in its consolidated financial statements over the requisite period on a straight-line basis.

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<u>[Table of](#i0cf02f497eee4885890a470ddfbcd764_7)[Contents](#i0cf02f497eee4885890a470ddfbcd764_7)</u>

*Restricted Stock Awards and Deferred Stock Units*

The restricted non-vested stock awards and deferred stock units activity for the six months ended June 30, 2025 is as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Non-Vested <br> Shares and <br> Deferred Stock <br>Units** | **Weighted-<br>Average Grant-<br>Date Fair Value** | **Weighted-Average <br> Remaining <br> Vesting Term <br>(in years)** |
| Non-Vested at December 31, 2024 | 735513 | $23.45 |  |
| &nbsp;&nbsp;&nbsp;Granted | 1015626 | 5.37 |  |
| &nbsp;&nbsp;&nbsp;Forfeited | (106094) | 18.80 |  |
| &nbsp;&nbsp;&nbsp;Vested | (443385) | 23.75 |  |
| Non-Vested at June 30, 2025 | 1201660 | $8.46 | 2.1 |

---

*Performance Share Awards*

On March 10, 2025, March 13, 2024, and March 9, 2023, the Compensation Committee of the Board granted performance shares to be awarded in the form of common stock to certain participants of the plan. These performance shares vest based on the level of achievement of certain performance goals, including the incremental value achieved from the company's high-protein and clean sugar initiatives, annual production levels and return on investment (ROI). Performance shares granted in 2025 and 2024 include certain market-based factors requiring a Monte Carlo valuation model to estimate the fair value of the performance shares on the date of the grant. The weighted average assumptions used by the company in applying the Monte Carlo valuation model for performance share grants and related valuation include a risk-free interest rate of 3.87% and 4.44%, dividend yields of 0%, expected volatility of 55.4% and 54.6%, closing stock price on the date of grant of $5.48 and $20.21, resulting in an estimated fair value of $7.08 and $25.23 per share. Performance shares granted in 2023 do not contain market-based factors requiring a Monte Carlo valuation model. The performance shares were granted at a target of 100%, but each performance share can be reduced or increased depending on results for the performance period. If the company achieves the maximum performance goals, the maximum amount of shares available to be issued pursuant to the 2025, 2024 and 2023 awards are 902,514 performance shares which represents 200% of the 451,257 performance shares which remain outstanding, excluding forfeited shares. The actual number of performance shares that will ultimately vest is based on the actual performance targets achieved at the end of the performance period. This excludes an additional 69,959 performance shares granted to the Interim Principal Executive Officer in 2023, 2024 and 2025, which will vest at 100% of target on December 31, 2025.

On March 14, 2022, the Compensation Committee of the Board granted performance shares to be awarded in the form of common stock to certain participants of the plan. The performance shares were granted at a target of 100%, but each performance share was reduced or increased depending on results for the performance period. On March 14, 2025, based on the criteria discussed above, the 2022 performance shares vested at 30%, which resulted in the issuance of 14,259 shares of common stock.

On February 28, 2025, the company announced the departure of Todd Becker as President and Chief Executive Officer, effective March 1, 2025. In accordance with his separation agreement, 221,895 of remaining outstanding performance shares that were granted during 2022, 2023, and 2024 vested immediately at target.

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The non-vested performance share award activity for the six months ended June 30, 2025, is as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Performance<br>Shares** | **Weighted-<br>Average Grant-<br>Date Fair Value** | **Weighted-Average<br>Remaining<br>Vesting Term<br>(in years)** |
| Non-Vested at December 31, 2024 | 538572 | $27.82 |  |
| &nbsp;&nbsp;&nbsp;Granted | 360895 | 6.28 |  |
| &nbsp;&nbsp;&nbsp;Forfeited | (142097) | 25.86 |  |
| &nbsp;&nbsp;&nbsp;Vested | (236154) | 28.18 |  |
| Non-Vested at June 30, 2025 | 521216 | $13.28 | 2.2 |

---

*Stock-Based Compensation Expense*

Compensation costs for the stock-based payment plan were $2.3 million and $11.1 million for the three and six months ended June 30, 2025, respectively, and $3.5 million and $6.6 million for the three and six months ended June 30, 2024, respectively, with the increase primarily driven by accelerated vesting for the company's former CEO. At June 30, 2025, there was $11.6 million of unrecognized compensation costs from stock-based compensation related to non-vested awards. This compensation is expected to be recognized over a weighted-average period of approximately 2.3 years. The potential tax benefit related to stock-based payment is approximately 24.7% of these expenses.

**10.&nbsp;&nbsp;&nbsp;&nbsp;EARNINGS PER SHARE** 

Basic earnings per share, or EPS, is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period.

The company computes diluted EPS by dividing net income on an if-converted basis, adjusted to add back net interest expense related to the convertible debt instruments, by the weighted average number of common shares outstanding during the period, adjusted to include the shares that would be issued if the convertible debt instruments were converted to common shares and the effect of any outstanding dilutive securities.

The basic and diluted EPS are calculated as follows (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net loss attributable to Green Plains | $(72238) | $(24350) | $(145144) | $(75762) |
| Weighted average shares outstanding - basic and diluted | 66491 | 63933 | 65287 | 63637 |
| &nbsp;&nbsp;&nbsp;EPS - basic and diluted | $(1.09) | $(0.38) | $(2.22) | $(1.19) |
| Anti-dilutive weighted-average convertible debt, warrants and stock-based compensation <sup>(1)</sup> | 7938 | 7713 | 7857 | 7674 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The effect related to the company's convertible debt, warrants and certain stock-based compensation awards has been excluded from diluted EPS for the periods presented as the inclusion of these shares would have been antidilutive.

**11.&nbsp;&nbsp;&nbsp;&nbsp;STOCKHOLDERS' EQUITY**

*Warrants*

On May 7, 2025, in connection with a revolving credit facility agreement, the company issued warrants in a private placement to purchase 1,504,140 shares of its common stock at an exercise price of $0.01 per share and expiration date of

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May 7, 2035. The company measured the fair value of the warrants as of the issuance date. Exercisable warrants are equity based and recorded in additional paid-in capital.

During the three months ended March 31, 2021, in connection with certain agreements, the company issued 2,000,000 warrants in a private placement to purchase shares of its common stock. The company entered into an amendment on its Junior Notes on May 7, 2025, and the warrants were repriced from $22.00 to $0.01 and the maturity date extended from April 28, 2026 to December 31, 2029. The warrants were revalued on May 7, 2025, and the increase in fair value was recorded in additional paid-in capital.

The remaining 550,000 warrants have a strike price of $22.00 and expiration dates are December 8, 2025 for 275,000 warrants and February 9, 2026 for 275,000 warrants.

The company has reserved 4,054,140 shares of common stock for the exercise of warrants to non-employees, of which 3,779,140 are exercisable, treated as equity based awards and recorded within additional paid-in capital. The remaining 275,000 warrants, of which 222,222 are exercisable as a result of achieving certain earn-out provisions and 52,778 are contingent upon certain earn-out provisions, are treated as liability based awards, and valued quarterly using the company's stock price. These warrants could potentially dilute basic earnings per share in future periods.

*Green Plains Partners Merger*

As a result of the Merger, for the six months ended June 30, 2024, the company issued approximately 4.7 million shares of common stock and recorded par value $0.001 per share, paid cash consideration of $29.2 million, extinguished the non-controlling interest attributed to the partnership common units held by the public of $133.8 million, and capitalized transaction costs of $7.5 million, within additional paid-in capital. Refer to *Note 3 - Merger and Dispositions* included herein for more information.

Components of stockholders' equity for the three and six months ended June 30, 2025 and 2024 are as follows (in thousands):

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | **Additional<br>Paid-in <br>Capital** | **Retained Deficit** | **Accumulated Other<br>Comprehensive Loss** | **Treasury Stock** | **Treasury Stock** | **Total<br>Green Plains<br>Stockholders'<br>Equity** | **Non-<br>Controlling<br>Interests** | **Total<br>Stockholders'<br>Equity** |
| | **Shares** | **Amount** | **Additional<br>Paid-in <br>Capital** | **Retained Deficit** | **Accumulated Other<br>Comprehensive Loss** | **Shares** | **Amount** | **Total<br>Green Plains<br>Stockholders'<br>Equity** | **Non-<br>Controlling<br>Interests** | **Total<br>Stockholders'<br>Equity** |
| Balance, December 31, 2024 | 67512 | $68 | $1213646 | $(318298) | $973 | 2805 | $(31174) | $865215 | $9322 | $874537 |
| &nbsp;&nbsp;Net loss |  |  |  | (72906) |  |  |  | (72906) | 265 | (72641) |
| &nbsp;&nbsp;Other comprehensive loss before reclassification |  |  |  |  | (2307) |  |  | (2307) |  | (2307) |
| &nbsp;&nbsp;Amounts reclassified from accumulated other comprehensive loss |  |  |  |  | 37 |  |  | 37 |  | 37 |
| &nbsp;&nbsp;Other comprehensive loss, net of tax |  |  |  |  | (2270) |  |  | (2270) |  | (2270) |
| &nbsp;&nbsp;Investment in subsidiaries |  |  |  |  |  |  |  |  | 94 | 94 |
| &nbsp;&nbsp;Stock-based compensation | 688 |  | 7468 |  |  |  |  | 7468 |  | 7468 |
| Balance, March 31, 2025 | 68200 | 68 | 1221114 | (391204) | (1297) | 2805 | (31174) | 797507 | 9681 | 807188 |
| &nbsp;&nbsp;&nbsp;Net loss |  |  |  | (72238) |  |  |  | (72238) | 11 | (72227) |
| &nbsp;&nbsp;&nbsp;Other comprehensive loss before reclassification |  |  |  |  | (8191) |  |  | (8191) |  | (8191) |
| &nbsp;&nbsp;&nbsp;Amounts reclassified from accumulated other comprehensive loss |  |  |  |  | 2747 |  |  | 2747 |  | 2747 |
| &nbsp;&nbsp;&nbsp;Other comprehensive loss, net of tax |  |  |  |  | (5444) |  |  | (5444) |  | (5444) |
| &nbsp;&nbsp;&nbsp;Investment in subsidiaries |  |  |  |  |  |  |  |  | 94 | 94 |
| &nbsp;&nbsp;&nbsp;Proventus disposition |  |  |  |  |  |  |  |  | (4534) | (4534) |
| &nbsp;&nbsp;&nbsp;Issuance of warrants |  |  | 5656 |  |  |  |  | 5656 |  | 5656 |
| &nbsp;&nbsp;&nbsp;Modification of warrants |  |  | 7520 |  |  |  |  | 7520 |  | 7520 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | 193 |  | 2179 |  |  |  |  | 2179 |  | 2179 |
| Balance, June 30, 2025 | 68393 | $68 | $1236469 | $(463442) | $(6741) | 2805 | $(31174) | $735180 | $5252 | $740432 |

---

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---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | **Additional<br>Paid-in<br>Capital** | **Retained Deficit** | **Accumulated Other<br>Comprehensive Loss** | **Treasury Stock** | **Treasury Stock** | **Total<br>Green Plains<br>Stockholders'<br>Equity** | **Non-<br>Controlling<br>Interests** | **Total<br>Stockholders'<br>Equity** |
| | **Shares** | **Amount** | **Additional<br>Paid-in<br>Capital** | **Retained Deficit** | **Accumulated Other<br>Comprehensive Loss** | **Shares** | **Amount** | **Total<br>Green Plains<br>Stockholders'<br>Equity** | **Non-<br>Controlling<br>Interests** | **Total<br>Stockholders'<br>Equity** |
| Balance, December 31, 2023 | 62327 | $62 | $1113806 | $(235801) | $(3160) | 2805 | $(31174) | $843733 | $146323 | $990056 |
| &nbsp;&nbsp;Net loss |  |  |  | (51412) |  |  |  | (51412) | 290 | (51122) |
| &nbsp;&nbsp;Cash dividends and distributions declared |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Other comprehensive loss before reclassification |  |  |  |  | (6043) |  |  | (6043) |  | (6043) |
| &nbsp;&nbsp;Amounts reclassified from accumulated other comprehensive loss |  |  |  |  | 5305 |  |  | 5305 |  | 5305 |
| &nbsp;&nbsp;Other comprehensive loss, net of tax |  |  |  |  | (738) |  |  | (738) |  | (738) |
| &nbsp;&nbsp;Investment in subsidiaries |  |  |  |  |  |  |  |  | 166 | 166 |
| &nbsp;&nbsp;Partnership Merger | 4746 | 5 | 97035 |  |  |  |  | 97040 | (133765) | (36725) |
| &nbsp;&nbsp;Stock-based compensation | 349 |  | (1169) |  |  |  |  | (1169) |  | (1169) |
| Balance, March 31, 2024 | 67422 | 67 | 1209672 | (287213) | (3898) | 2805 | (31174) | 887454 | 13014 | 900468 |
| Net loss |  |  |  | (24350) |  |  |  | (24350) | 312 | (24038) |
| Cash dividends and distributions declared |  |  |  |  |  |  |  |  |  |  |
| Other comprehensive loss before reclassification |  |  |  |  | (657) |  |  | (657) |  | (657) |
| Amounts reclassified from accumulated other comprehensive loss |  |  |  |  | 1748 |  |  | 1748 |  | 1748 |
| Other comprehensive income, net of tax |  |  |  |  | 1091 |  |  | 1091 |  | 1091 |
| Investment in subsidiaries |  |  |  |  |  |  |  |  | 167 | 167 |
| Stock-based compensation | 39 |  | 3173 |  |  |  |  | 3173 |  | 3173 |
| Balance, June 30, 2024 | 67461 | $67 | $1212845 | $(311563) | $(2807) | 2805 | $(31174) | $867368 | $13493 | $880861 |

---

Amounts reclassified from accumulated other comprehensive loss are as follows (in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Statements of <br>Operations<br>Classification** |
| | **2025** | **2024** | **2025** | **2024** | **Statements of <br>Operations<br>Classification** |
| Gains (losses) on cash flow hedges |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commodity derivatives | $— | $— | $(25) | $3736 | <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Commodity derivatives | (3674) | (2298) | (3698) | (13021) | <sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total losses on cash flow hedges | (3674) | (2298) | (3723) | (9285) | <sup>(3)</sup> |
| Income tax benefit | 927 | 550 | 939 | 2232 | <sup>(4)</sup> |
| Amounts reclassified from accumulated other comprehensive loss | $(2747) | $(1748) | $(2784) | $(7053) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Revenues

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Costs of goods sold

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Loss before income taxes and loss from equity method investees, net of income taxes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Income tax benefit (expense)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.&nbsp;&nbsp;&nbsp;&nbsp;INCOME TAXES**

The company records actual income tax expense or benefit during interim periods rather than on an annual effective tax rate method. Certain items are given discrete period treatment and the tax effect of those items are reported in full in the relevant interim period.

The IRA was signed into law on August 16, 2022. The IRA includes significant law changes relating to tax, climate change, energy and health care. The IRA significantly expands clean energy related tax credits and permits more flexibility

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for taxpayers to use the credits with direct-pay and transferable credit options. The company expects to benefit from certain energy related tax credits in future years.

On January 9, 2024, the transactions contemplated by the Merger Agreement were completed as described in more detail in *Note 3 - Merger and Dispositions* included herein. For income tax purposes, the total consideration given by the company in exchange for the remaining interest in the partnership, creates a tax basis in the acquired interest. Because the GAAP basis in the acquired interest is less than the total consideration, a new deferred tax asset was created. The company's valuation allowance on deferred tax assets increased by a corresponding amount, which did not have a material impact on the company's consolidated financial statements.

The OBBB was signed into law on July 4, 2025. The OBBB includes a broad range of tax reform provisions affecting businesses, including extending and modifying certain key provisions of the Tax Cuts & Jobs Act, and expanding certain Inflation Reduction Act incentives while accelerating the phase-out of others. Important business provisions of the OBBB include reinstatement of permanent expensing of research and development costs, higher EBITDA cap on the deduction for interest expense and 100% bonus depreciation. In addition, the OBBB extends the tax credit for Clean Fuel Production under section 45Z to December 31, 2029, and leaves credits generated from carbon capture under section 45Q substantially unchanged. The company expects to benefit from the business provisions of the OBBB and the extension of certain energy credits under the IRA and not be negatively impacted by the phase-out of other energy credits. At this time the company does not have enough information to provide a reasonable estimate of the future tax benefits.

The company recorded income tax expense of $2.3 million for the three months ended June 30, 2025, compared with income tax benefit of $0.3 million for the same period in 2024. The increase in the amount of tax expense recorded for the three months ended June 30, 2025 was primarily due to an increase in the valuation allowance recorded against deferred tax assets related to gains (losses) on derivatives.

The effective tax rate can be affected by variances in the estimates and amounts of taxable income among the various states, entities and activity types, realization of tax credits, adjustments from resolution of tax matters under review, valuation allowances and the company's assessment of its liability for uncertain tax positions.

**13.&nbsp;&nbsp;&nbsp;&nbsp;COMMITMENTS AND CONTINGENCIES**

*Leases*

The company leases certain facilities, parcels of land, and equipment, with remaining terms ranging from less than one year to approximately 12.4 years. The land and facility leases include renewal options. The renewal options are included in the lease term only for those sites or locations in which they are reasonably certain to be renewed. Equipment renewals are not considered reasonably certain to be exercised as they typically renew with significantly different underlying terms.

The components of lease expense are as follows (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Lease expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating lease expense | $7485 | $7110 | $14813 | $14118 |
| &nbsp;&nbsp;&nbsp;Variable lease expense <sup>(1)</sup> | 104 | 350 | 326 | 664 |
| Total lease expense | $7589 | $7460 | $15139 | $14782 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Represents amounts incurred in excess of the minimum payments required for a certain building lease and for the handling and unloading of railcars for a certain land lease, offset by railcar lease abatements provided by the lessor when railcars are out of service during periods of maintenance or upgrade.

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Supplemental cash flow information related to operating leases is as follows (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating cash flows from operating leases | $7623 | $7051 | $14995 | $14039 |
| Right-of-use assets obtained in exchange for lease obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating leases | 4566 | 3955 | 4848 | 11118 |

---

Supplemental balance sheet information related to operating leases is as follows:

---

| | | |
|:---|:---|:---|
| | **June 30,<br>2025** | **December 31,<br>2024** |
| Weighted average remaining lease term | 3.7 years | 4.0 years |
| Weighted average discount rate | 5.45% | 5.36% |

---

Aggregate minimum lease payments under the operating lease agreements for the remainder of 2025 and in future years are as follows (in thousands):

---

| | |
|:---|:---|
| **Year Ending December 31,** | **Amount** |
| 2025 | $14184 |
| 2026 | 22310 |
| 2027 | 17364 |
| 2028 | 8052 |
| 2029 | 4378 |
| Thereafter | 5610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 71898 |
| Less: Present value discount | (6925) |
| Lease liabilities | $64973 |

---

*Other Commitments*

As of June 30, 2025, the company had contracted future purchases of grain, distillers grains and natural gas valued at approximately $178.1 million and future commitments for storage and transportation, valued at approximately $33.9 million.

During the second quarter of 2025, the company entered into a product financing arrangement with a financial institution in which it received up front payment for corn oil that the company has an obligation to repurchase in weekly increments through January of 2026. As of June 30, 2025, a liability of $37.1 million was recorded within product financing arrangement on the consolidated balance sheets.

The company has entered into contracts with Tallgrass High Plains Carbon Storage, LLC and its affiliates, related to the construction, development and operation of carbon capture and sequestration projects at our three Nebraska plants, which are expected to be completed in 2025. Payments associated with these contracts are due monthly over a period of twelve years, commencing after the capture facilities are considered in-service. Amounts due under the contracts are based on the achievement of certain project milestones and are subject to termination of all or portions of the contracts. Certain of the future obligations to Tallgrass High Plains Carbon Storage LLC are secured by a leasehold deed of trust, security agreement and assignment of rents and leases. As of June 30, 2025, the company had incurred $82.0 million of accumulated construction costs in relation to the projects, presented as property, plant and equipment on the consolidated balance sheet, with an equal and offsetting liability presented as carbon equipment liabilities.

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*Legal*

The company is currently involved in litigation that has arisen in the ordinary course of business, but does not believe any pending litigation will have a material adverse effect on its financial position, results of operations or cash flows.

**14.&nbsp;&nbsp;&nbsp;&nbsp;SUBSEQUENT EVENT**

*Junior Notes and Warrant Amendments* 

On August 10, 2025, the company amended and restated the indenture covering the Junior Notes with BlackRock to extend the maturity date to September 15, 2026, with an amendment fee of 2.5% to be added to the principal balance of the Junior Notes, payable at the maturity date. The interest rate will increase by 0.5% after the amendment, and by an additional 0.5% each quarter on each scheduled interest payment date, with the next interest payment date being September 15, 2025. In addition to previous assets and equity securities pledged, the Junior Notes are now also secured by the assets and the real property owned by Green Plains Central City, LLC. The amendment adds certain financial covenant requirements, including restrictions on additional debt and certain transfer of assets. Also as part of the amendment, the company executed a subscription agreement with certain funds and accounts under management by BlackRock pursuant to which the company agreed to issue, and certain funds and accounts under management by BlackRock purchased, 3,250,000 stock warrants at a strike price of $0.01 per share with a ten year exercise period. The amendment also includes the right for such funds and accounts to exchange up to 750,000 warrants for a pro rata share of $6 million of outstanding principal of Junior Notes. The subscription agreement obligates the company to register for resale the shares of common stock underlying warrants issued to BlackRock.

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**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.**

***General***

The following discussion and analysis provides information we believe is relevant to understand our consolidated financial condition and results of operations. This discussion should be read in conjunction with the consolidated financial statements and notes to the consolidated financial statements contained in this report together with our annual report on Form 10-K for the year ended December 31, 2024.

***Cautionary Information Regarding Forward-Looking Statements***

Forward-looking statements are made in accordance with safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations that involve a number of risks and uncertainties and do not relate strictly to historical or current facts, but rather to plans and objectives for future operations. These statements may be identified by words such as "anticipate," "believe," "continue," "estimate," "expect," "intend," "outlook," "plan," "predict," "may," "could," "should," "will" and similar expressions, as well as statements regarding future operating or financial performance or guidance, business strategy, environment, key trends and benefits of actual or planned acquisitions.

Factors that could cause actual results to differ from those expressed or implied in the forward-looking statements include, but are not limited to, those discussed in Part I, Item 1A – Risk Factors of our annual report on Form 10-K for the year ended December 31, 2024 and in Part II, Item 1A, "Risk Factors" in this report, or incorporated by reference. Specifically, we may experience fluctuations in future operating results due to a number of economic conditions and other factors, including: the status, expected timing, and expected outcome of our Board of Directors' ongoing review of strategic alternatives; the failure to realize the anticipated results from the new products being developed; the failure to realize the anticipated costs savings or other benefits of the Merger; local, regional and national economic conditions and the impact they may have on the company and its customers; disruption caused by health epidemics; conditions in the ethanol and biofuels industry, including a sustained decrease in the level of supply or demand for ethanol and biofuels or a sustained decrease in the price of ethanol or biofuels; competition in the ethanol industry and other industries in which we operate; commodity market risks, including those that may result from weather conditions, changes in government policies, and global political or economic issues; the financial condition of the company's customers and counterparties; any non-performance by customers and counterparties of their contractual obligations; changes in customer, employee or supplier relationships resulting from the Merger; changes in safety, health, environmental and other governmental policy and regulation, including changes to tax laws such as the OBBB, tariffs, renewable fuel programs, and low carbon programs; risks related to acquisition and disposition activities and achieving anticipated results; risks associated with merchant trading; risks related to our equity method investees; the results of any reviews, investigations or other proceedings by government authorities; the performance of the company; and other factors detailed in reports filed with the SEC.

We believe our expectations regarding future events are based on reasonable assumptions; however, these assumptions may not be accurate or account for all risks and uncertainties. Consequently, forward-looking statements are not guaranteed. Actual results may vary materially from those expressed or implied in our forward-looking statements. In addition, we are not obligated and do not intend to update our forward-looking statements as a result of new information unless it is required by applicable securities laws. We caution investors not to place undue reliance on forward-looking statements, which represent management's views as of the date of this report or documents incorporated by reference.

***Overview***

Green Plains is an Iowa corporation, founded in June 2004 as a producer of low-carbon fuels and has grown to be a leading biorefining company maximizing the potential of existing resources through fermentation and patented agribusiness technologies. We continue the transition from a commodity-processing business to a value-added agricultural technology company creating lower carbon, high-value ingredients from existing resources. To that end, we have a broad product and technology portfolio to support future product diversification and growth. We are a leader in deploying carbon capture technology to reduce the CI of our biofuels at several of our production facilities.

We group our business activities into the following two operating segments to manage performance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Ethanol Production.* Our ethanol production segment includes the production, storage and transportation of ethanol, distillers grains, Ultra-High Protein and renewable corn oil at ten biorefineries in Illinois, Indiana, Iowa, Minnesota, Nebraska and Tennessee. At capacity, our ten facilities are capable of processing approximately 310

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million bushels of corn per year and producing approximately 903 million gallons of ethanol, 2.2 million tons of distillers grains and Ultra-High Protein, and 310 million pounds of renewable corn oil, a low-carbon feedstock for biodiesel, renewable diesel and SAF. We are one of the largest ethanol producers in North America.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Agribusiness and Energy Services.* Our agribusiness and energy services segment includes grain procurement, with approximately 20.2 million bushels of grain storage capacity, and our commodity marketing business, which markets, sells and distributes the ethanol, distillers grains and renewable corn oil produced at our ethanol plants. We also buy and sell ethanol, distillers grains, renewable corn oil, grain, natural gas and other commodities in various markets.

As part of our carbon reduction strategy, we committed our seven biorefineries in Nebraska, Iowa and Minnesota to carbon capture and sequestration projects through carbon pipeline transport, our four Iowa and Minnesota facilities with Summit Carbon Solutions and our three Nebraska biorefineries with Trailblazer CO2 Pipeline LLC, which will lower GHG emissions through the capture of biogenic carbon dioxide at each of these biorefineries, significantly lowering their CI, in some cases by more than half. We have executed agreements for the future purchase, financing and installation of carbon capture equipment at our three Nebraska plants and anticipate total project costs of approximately $130 million. We anticipate completion of these Nebraska biorefinery carbon capture projects early in the fourth quarter of 2025, and Summit Carbon Solutions intends to be operational in 2027, based on publicly available information from Summit Carbon Solutions. There are few ethanol production facilities with carbon capture in place today, and we believe we may be among the first to produce lower-CI ethanol at scale. In addition, we are exploring alternatives for biogenic carbon dioxide utilization where pipeline transport or direct injection may not be feasible. Reducing the CI of our ethanol could allow us to benefit from state, federal and foreign clean fuel programs, including LCFS programs at the state level and federal tax credits under the IRA, including the 45Z Clean Fuel Production Credit, and could position our low-carbon ethanol as a potential feedstock for ATJ pathways to produce SAF.

SAF is a drop-in fuel, chemically identical to petroleum-based jet fuel and can be blended into the fuel supply at varying levels. There is an increasing focus on using this fuel to reduce the carbon footprint of air travel. SAF can be produced from vegetable and waste oil feedstocks, such as our renewable corn oil. Additionally, ATJ technologies are emerging and being commercialized that use low-CI ethanol as a feedstock to produce SAF. In January 2023, Green Plains, United Airlines and Tallgrass formed a joint venture, Blue Blade Energy, to explore development and commercialization of ATJ SAF.

We have installed and are operating FQT MSC™ technology at five of our biorefineries. Through our value-added ingredients initiative, we produce Ultra-High Protein, a feed ingredient with protein concentrations of 50% or greater and yeast concentrations of 25%, increase production of renewable corn oil and produce other higher value products, such as post-MSC™ distillers grains. We successfully commercialized and completed full scale 60% protein production runs using FQT's MSC™ system, which is our specialty feed ingredient branded as Sequence™.

The world's first commercial scale FQT CST™ facility in Shenandoah, Iowa has achieved successful production of dextrose syrups with CST™. The FQT CST™ technology allows for the production of both food and industrial grade low carbon-intensity glucose and dextrose corn syrups to target applications in food production, renewable chemicals and synthetic biology. The facility, when operating, is capable of producing approximately 60 million pounds of product per year. During the first quarter, the company idled its operations at the CST™ facility in Shenandoah, Iowa, as the company focuses on optimizing its product mix to maximize current returns. CST™ has already proven its ability to produce a high-purity dextrose with a lower carbon intensity and the company remains confident in its commercial potential. The decision to temporarily pause operations presents an opportunity to further refine the dextrose production process.

In July 2023, we announced a technology collaboration with Equilon Enterprises LLC, which allows us to use FQT's precision separation and processing technology with Shell Fiber Conversion Technology. The two technologies combine fermentation, mechanical separation and processing, and fiber conversion into one platform. This has the potential to liberate all of the remaining distillers corn oil currently bound in the fiber fraction of the corn kernel, generate cellulosic sugars for production of low-carbon ethanol, and enhance and expand available high protein to produce high-quality ingredients for global pet, livestock and aquaculture diets. Our collaboration completed the construction of a large demonstration facility at Green Plains York and began commissioning during 2024.

Our margins are highly dependent on commodity prices, particularly for ethanol, distillers grains, Ultra-High Protein, renewable corn oil, soybean meal, corn, and natural gas. Since market price fluctuations of these commodities are not always correlated, our operations may be unprofitable at times. We use a variety of risk management tools and hedging strategies to monitor price risk exposure at our ethanol plants and lock in favorable margins or reduce production when

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margins are compressed. Our profitability could be significantly impacted by price movements of the aforementioned commodities.

***Recent Developments***

*Junior Notes and Warrant Amendments* 

On August 10, 2025, the company amended and restated the indenture covering the junior secured mezzanine notes due 2026 (the "Junior Notes") with BlackRock to extend the maturity date to September 15, 2026, with an amendment fee of 2.5% to be added to the principal balance of the Junior Notes, payable at the maturity date. The interest rate will increase by 0.5% after the amendment, and by an additional 0.5% each quarter on each scheduled interest payment date, with the next interest payment date being September 15, 2025. In addition to previous assets and equity securities pledged, the Junior Notes are now also secured by the assets and the real property owned by Green Plains Central City, LLC. The amendment adds certain financial covenant requirements, including restrictions on additional debt and certain transfer of assets. Also as part of the amendment, the company executed a subscription agreement with certain funds and accounts under management by BlackRock pursuant to which the company agreed to issue, and certain funds and accounts under management by BlackRock purchased, 3,250,000 stock warrants at a strike price of $0.01 per share with a ten year exercise period. The amendment also includes the right for such funds and accounts to exchange up to 750,000 warrants for a pro rata share of $6 million of outstanding principal of Junior Notes. The subscription agreement obligates the company to register for resale the shares of common stock underlying warrants issued to BlackRock.

On May 7, 2025, the company amended its $125 million Junior Notes with BlackRock to extend the maturity date to May 15, 2026, with an amendment fee of 2.0% added to the principal balance of the Junior Notes, payable at the maturity date. Further, the strike price of the warrants was revised from $22.00 to $0.01 and the maturity date extended from April 28, 2026 to December 31, 2029.

*GP Turnkey Tharaldson LLC Disposition*

On June 30, 2025, the company sold its 50% investment in GP Turnkey Tharaldson LLC for $25.0 million. Proceeds receivable from the disposal were $24.2 million as of June 30, 2025. A preliminary pretax loss of $27.0 million was recorded during the three and six months ended June 30, 2025. Proceeds from the sale were received during July 2025.

*Product Financing Arrangement*

On June 16, 2025, the company entered into a product financing arrangement with a financial institution in which it received up front payment of $38.4 million for corn oil that the company has an obligation to repurchase in weekly increments through January of 2026. As of June 30, 2025, a liability of $37.1 million was recorded within product financing arrangement on the consolidated balance sheets.

*Ancora Credit Facility and Warrants*

On May 7, 2025, the company entered into a secured $30 million revolving credit facility with Ancora Alternatives LLC, that matured on July 30, 2025. The facility bore interest at 10% on borrowings and had a 0.5% fee on the unused balance. Interest and fees were due on the 5th of each month. Also executed as part of the credit facility, the company has issued 1,504,140 stock warrants at a strike price of $0.01 per share. The warrants have a ten year exercise period.

*Ethanol Marketing Agreement with Eco-Energy, LLC*

On April 16, 2025, the company entered into an ethanol marketing agreement with Eco-Energy, LLC. The marketing agreement is for a term of five years, with certain early termination rights, and requires the company to sell exclusively to the Eco-Energy LLC, and for Eco-Energy LLC to purchase from the company all fuel grade ethanol, or other ethanol specifications as agreed to for a predetermined market-based marketing fee that may be adjusted based on gallons shipped. Eco-Energy, LLC has also agreed to handle certain back office duties related to the ethanol marketing and logistics across the company's platform, providing end-to-end support to optimize value, expand market access and improve supply chain

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efficiency. On April 14, 2025, a conforming amendment was entered into on the $350 million revolver to accommodate concentration risk with Eco-Energy, LLC.

*Cooperation Agreement*

On April 11, 2025, the company entered into a Cooperation Agreement with Ancora Holdings Group, LLC, a long-term shareholder, which outlines certain compositional changes to the Board, and provides for a standstill, voting commitment and other customary provisions.

The changes to the Board resulted in the appointment of three individuals as independent members on April 14, 2025, Steve Furcich, Carl Grassi, and Patrick Sweeney. These individuals were appointed as part of the continuation of the company's refreshment of the Board as they possess additive experience in key areas such as the agriculture and commodities sector, capital allocation, finance, long-term planning, and strategic reviews and transactions. From April 14, 2025, through the Annual Meeting, the appointments resulted in an expansion of the Board to ten members. The Board was reduced to eight members due to Ejnar A. Knudsen III and Alain Treuer not standing for re-election at this year's Annual Meeting.

*Leadership Transition*

On February 28, 2025, the company announced the departure of Todd Becker as President and Chief Executive Officer and member of the Board, effective March 1, 2025. The Board has engaged an executive search firm to identify a new Chief Executive Officer. The Board appointed Michelle Mapes, Chief Legal & Administration Officer, as Interim Principal Executive Officer, and also appointed an executive committee comprised of Ms. Mapes, Jamie Herbert, Chief Human Resource Officer, Chris Osowski, Executive Vice President – Operations and Technology, and Imre Havasi, Senior Vice President – Head of Trading and Commercial Operations to lead the company until Mr. Becker's successor is appointed. The Board designated Ms. Mapes as Interim Principal Executive Officer, effective as of March 1, 2025. As part of the company's corporate reorganization and cost reduction initiative, Michelle Mapes' position as Chief Legal and Administration Officer and Corporate Secretary will be eliminated, effective no later than December 31, 2025, and both Grant Kadavy's position of EVP - Commercial Operations and Leslie van der Meulen's position of EVP - Product Marketing and Innovation were eliminated, effective February 6, 2025.

*Restructuring Costs*

As part of the strategic review process, in early 2025, the company launched a corporate reorganization and cost reduction initiative that will significantly reduce selling, general and administrative expenses on an ongoing basis. As part of this initiative, the company identified approximately $50 million of financial improvement annually, inclusive of savings from idling the Fairmont, Minnesota facility, transitioning to a third party ethanol marketer, and realigning corporate and trade group selling, general and administrative functions to reflect current strategic priorities. The company is continuing to identify additional opportunities. As a result of the reorganization, the company recorded one-time restructuring costs of $2.5 million and $19.1 million for the three and six months ended June 30, 2025, respectively, which includes severance related to the departure of its former CEO.

*Strategic Review*

The company initiated a strategic review process in February 2024 to explore a broad range of opportunities to enhance long-term shareholder value, including, but not limited to, acquisitions, divestitures, a merger or sale, partnerships and financings. The Board of Directors continues to progress the strategic review process, working with its financial advisors, BMO Capital Markets Corp. and Moelis & Company, and legal advisors Vinson & Elkins LLP. There is no deadline or definitive timetable for completion of the strategic review process, and there can be no assurances that the process will result in a transaction or any other outcome. The company does not intend to make any further public comment regarding the review until the Board has approved a specific action or otherwise determines that additional disclosure is appropriate or required.

*Idling of Clean Sugar Technology facility in Shenandoah, Iowa*

During the first quarter, the company idled its operations at the CST™ facility in Shenandoah, Iowa, as the company focuses on optimizing its product mix to maximize current returns. CST™ has already proven its ability to produce a high-

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purity dextrose with a lower carbon intensity and the company remains confident in its commercial potential. The decision to temporarily pause operations presents an opportunity to further refine the dextrose production process.

*Idling of Fairmont, Minnesota Plant*

In January 2025, the company idled its 119 million gallon ethanol plant in Fairmont, Minnesota as a result of persistent margin pressures, and the majority of the staff was terminated. The facility remains on track for carbon capture and sequestration coming online in 2027, which would fundamentally reshape the economics of the facility. The company will continue to monitor the potential margin available to determine any changes to future operations.

***Results of Operations***

During the second quarter of 2025, we maintained an average utilization rate of approximately 86.1% of capacity, or 99.2% excluding Fairmont, resulting in ethanol production of 193.6 mmg, compared with 208.5 mmg, or 92.6% of capacity, for the same quarter last year. Our operating strategy is to transform our company to a value-add agricultural technology company. Depending on the margin environment, we may exercise operational discretion that results in reductions in production volumes. It is possible that throughput volumes could fluctuate in the future, depending on various factors that drive each biorefinery's variable contribution margin, including future driving and gasoline demand for the industry, demand for valuable coproducts we produce, and the supply and pricing of renewable feedstocks needed to operate our biorefineries. We are currently producing Ultra-High Protein at five of our biorefineries.

*U.S. Ethanol Supply and Demand*

According to the EIA, domestic ethanol production averaged 1.05 million barrels per day during the second quarter of 2025, which was 2.9% higher than the 1.02 million barrels per day for the same quarter last year. Refiner and blender input volume was 910 thousand barrels per day for the second quarter of 2025, compared with 915 thousand barrels per day for the same quarter last year. Gasoline demand was consistent with the same quarter last year at 8.9 million barrels per day during the second quarter of 2025. U.S. domestic ethanol ending stocks increased by approximately 0.5 million barrels compared to the prior year, or 2.1%, to 24.1 million barrels as of June 30, 2025.

*Global Ethanol Supply and Demand*

According to the USDA Foreign Agriculture Service, domestic ethanol exports through May 31, 2025, were approximately 890 mmg, up from the 817 mmg for the same period of 2024. Canada was the largest export destination for U.S. ethanol accounting for approximately 32% of domestic ethanol export volume, driven in part by their national clean fuel standard. The Netherlands, United Kingdom and India accounted for approximately 13%, 11% and 11%, respectively, of U.S. ethanol exports. We currently estimate that net ethanol exports will range from 2.0 to 2.2 billion gallons in 2025, based on historical demand from a variety of countries and certain countries that seek to improve their air quality, reduce GHG emissions through low-carbon fuel programs and eliminate MTBE from their own fuel supplies. Fluctuations in currencies relative to the U.S. Dollar could impact the U.S. ethanol competitiveness in the global market.

*Protein and Vegetable Oil Supply and Demand*

Our dried distillers grains and Ultra-High Protein ingredients compete against other ethanol producers domestically and abroad, as well as with soybean meal, canola meal and other protein feed ingredients. Likewise, our distillers corn oil, which is a feedstock for producing biodiesel, renewable diesel and to some extent SAF, competes against other vegetable oils such as soybean oil, canola oil, and to some extent palm oil, as well as against waste oils such as used cooking oils, animal fats and tallow. While global protein demand has continued to grow since the advent of our transformation, so too has the production of vegetable proteins from multiple companies in an effort to capitalize on this trend, most notably in U.S. soy crushing capacity, which has led to an over-supplied domestic market and compressed protein values. Soybean processing capacity in the U.S. has been expanding to meet the rising demand for vegetable oils to produce renewable fuels. According to the National Oilseed Processors Association, for the second quarter of 2025, soybean crush was approximately 569 million bushels, up 44 million bushels from the 525 million bushels crushed during the second quarter of 2024. Soybean oil stocks were 1.4 billion pounds, which was down from the 1.6 billion pounds of stocks as of June 30, 2024. Soybean meal production was 13.5 million short tons for the second quarter of 2025, up from the 12.4 million short tons from the same period in the prior year.

*Legislation and Regulation*

We are sensitive to domestic and foreign government programs and policies that affect the supply and demand for ethanol and other fuels, which in turn may impact the volume of ethanol and other products we handle. Following the

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transition in U.S. presidential administration in early 2025, multiple executive orders signaling a shift in federal energy and environmental policy have been issued. These actions have included prioritization of domestic energy production, including fossil fuel sources, and challenges to state-level climate initiatives. As a result, there remains uncertainty regarding the future of federal support for renewable fuels and low-carbon programs. While we believe that biofuels remain aligned with the broader goals of U.S. energy independence and energy security, we continue to closely monitor evolving federal and state regulatory developments that may affect the supply, demand, or economic incentives for renewable fuels.

On June 13, 2025, the Federal Energy Regulatory Commission ("FERC") issued an order approving a Stipulation and Consent Agreement ("Consent Agreement") between the Office of Enforcement ("OE") and the company. The Consent Agreement resolved the OE's investigation into trading activity conducted by the company which occurred during 2023. As part of the Consent Agreement, the company agreed to pay a civil penalty of $0.9 million, pay $23 thousand in restitution and interest, implement enhancements to its compliance program and be subject to certain trading restrictions.

Over the years, various bills and amendments have been proposed in the House and Senate, which would eliminate the RFS entirely, eliminate the corn based ethanol portion of the mandate, lower the price of RINs and make it more difficult to sell fuel blends with higher levels of ethanol. Bills have also been introduced to require or otherwise incentivize higher levels of octane blending, allow for year-round sales of higher blends of ethanol, require car manufacturers to produce vehicles that can operate on higher ethanol blends and provide incentives for reducing the CI of biofuels including ethanol. In addition, the manner in which the EPA administers the RFS and related regulations can have a significant impact on the actual amount of ethanol and other biofuels blended into the domestic fuel supply.

Federal and foreign mandates and state-level clean fuel standards supporting the use of renewable fuels are a significant driver of ethanol demand in the U.S. Ethanol policies are influenced by concerns for the environment, diversifying the fuel supply, supporting U.S. farmers and reducing the country's dependence on foreign oil. Consumer acceptance of FFVs, availability of higher ethanol blends and increased use of higher ethanol blends in non-FFVs may be necessary before ethanol can achieve further growth in the U.S. light duty surface transportation fleet market share. In addition, expansion of clean fuel standards in other states and countries, or a national LCFS could increase the demand for ethanol, depending on how they are structured. Incentives for automakers to produce FFVs phased out in 2020, and the EPA's proposed Corporate Average Fuel Economy (CAFE) standards further incentivize EV production. Sales of EVs in the U.S. were approximately 311 thousand vehicles during the second quarter of 2025, which represented approximately 7.4% of new vehicles sales, down 6.3% from the approximately 332 thousand in the second quarter of 2024. Transition of the light duty surface transportation fleet from internal combustion engines to EVs could decrease the demand for ethanol. However, the current administration has taken steps to roll back the CAFE standards issued by the prior administration.

The IRA, signed into law on August 16, 2022, created a new Clean Fuel Production Credit, section 45Z of the Internal Revenue Code, of up to $1.00 per gallon for non-SAF fuels and $1.75 per gallon for SAF, depending on the level of GHG reduction below 50 CI for each gallon produced from 2025 to 2027. The IRA also expanded the carbon capture and sequestration credit, section 45Q of the Internal Revenue Code, to $85 for each metric ton of carbon dioxide sequestered, though it cannot be claimed in conjunction with the 45Z Clean Fuel Production Credit. It also increased funding for climate-smart agriculture and working lands conservation programs for farmers by $20 billion and provided credits for the production and purchase of EVs, which could impact the amount of internal combustion engines built and sold longer term, and by extension impact the demand for liquid fuels including ethanol. There are numerous additional clean energy credits included in the IRA, including investment tax credits for construction of clean energy infrastructure, that could impact us and our overall competitiveness.

OBBB, which was signed into law on July 4, 2025, made significant changes to several clean energy tax credits beginning in 2026. The legislation extended the 45Z tax credit to 2029; eliminated the indirect land use change penalty for crop-based feedstocks; restricted eligibility to fuel feedstocks under the United States-Mexico-Canada Agreement; established Foreign Entity of Concern (FEOC) restrictions; clarified that negative emissions rates, with the exception of animal manure, are not allowed; enhanced the language on qualified sales; and reinstated the Small-Agri-biodiesel Producer Credit (section 40A), which was boosted to $0.20 per gallon and can be claimed in addition to any credit received under section 45Z. The legislation also established credit value parity for carbon utilization, including enhanced oil recovery, under the 45Q tax credit, which also includes FEOC restrictions.

Regulatory rulemaking for the administration of these programs is underway, and the final regulations could impact many aspects of our business. On January 10, 2025, the U.S. Department of Treasury issued a notice of intent to propose rulemaking on the 45Z Clean Fuel Production Credit, which it published on February 3, 2025 in Internal Revenue Bulletin 2025-6, and on January 15, 2025 the Department of Energy released an updated 45ZCF-GREET model for calculating CI values of various feedstocks and finished fuels under 45Z. Additionally, on January 15, 2025, the USDA put forth interim

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rules around climate smart agriculture for crops serving as feedstocks for biofuel production, including corn, soybeans and sorghum, though it was not incorporated into Treasury's 45Z proposed rulemaking at this time. While the proposed regulations are subject to change, and the GREET model could continue to be updated such as on May 30, 2025 when the Department of Energy released a new version of the 45ZCF-GREET model, as of this filing the model indicates that CCS could reduce the CI of corn ethanol by approximately 33 points, and that distillers corn oil used to produce biodiesel, renewable diesel or SAF has a lower CI score relative to most other feedstocks. Additionally, the 45Z guidance excluded imported used cooking oil from qualifying for the credit if used as a feedstock to produce on-road fuels, though it still qualifies to produce SAF.

The RFS sets a floor for biofuels use in the United States. In June 2025, the EPA proposed RVOs for 2026 and 2027, setting the implied conventional ethanol levels at 15 billion gallons for 2026 and 2027. The EPA also proposed an increase in biomass-based diesel volumes over the two years, setting the volumes at 5.61 billion gallons for 2026 and 5.86 billion for 2027. The EPA also included a decrease in the 2025, 2026, and 2027 cellulosic volumes despite the fact that throughout 2024 and 2025, the EPA has approved many of the pending corn kernel fiber registrations which have been languishing for years at the agency. Additionally, the EPA completely removed the e-RIN pathway and the definition of renewable electricity from the RFS program and proposed to amend RFS regulations so that foreign biofuels and feedstocks would only generate 50 percent of the RIN value relative to domestic biofuels and feedstocks. The EPA held a public hearing on the RVO proposal on July 8, 2025 and opened a 45-day comment period closing on August 8, 2025.

Under the RFS, RINs impact supply and demand. The EPA assigns individual refiners, blenders, and importers the volume of renewable fuels they are obligated to use in each annual RVO based on their percentage of total production of domestic transportation fuel sales. Obligated parties use RINs to show compliance with the RFS mandated volumes. Ethanol producers assign RINs to each gallon of renewable fuel they produce and the RINs are detached when the renewable fuel is blended with transportation fuel domestically. Market participants can trade the detached RINs in the open market. The market price of detached RINs can affect the price of ethanol in certain markets and can influence purchasing decisions by obligated parties. SREs can reduce or waive entirely the obligation for a refinery, which has the practical effect of reducing the RVO, and by extension the number of RINs that need to be retired, which can impact their values and ultimately blending levels of renewable fuels. There are multiple on-going legal challenges to how the EPA has handled SREs and RFS rulemakings. On October 21, 2024, the U.S. Supreme Court agreed to review the various Circuit Court rulings on SREs to determine the proper venue. On February 6, 2025, the U.S. Supreme Court denied the new administration's request to delay the case and oral arguments took place on March 25, 2025 with a final ruling issued on June 18, 2025. The Supreme Court ruled that the D.C. Circuit Court is the proper venue for legal challenges to SREs.

In 2019, the EPA issued emergency One-Pound Reid Vapor Pressure (RVP) waivers to allow for the continued sale of E15 during the summer months and similar summertime waivers have been issued each year since then, with the 2025 driving season marking the seventh consecutive year that E15 is able to be sold year-round nationwide, with the exception of California which has not approved the fuel. On October 25, 2024, the Governor of California issued a directive to CARB to expedite the ongoing multi-year review process for approving the use of E15 in the State and on June 27, 2025 signed a budget bill that includes additional funding for CARB to complete the review process.

The EPA has also allowed for the elimination of the One-Pound Waiver for E10 in several Midwestern states beginning with the 2025 summer driving season, which would have the practical effect of allowing for E15 to be sold year- round in the following states: Illinois, Iowa, Minnesota, Missouri, Nebraska, Ohio, South Dakota and Wisconsin. On February 21, 2025, the EPA announced it will uphold the April 28, 2025 implementation date and allowed states until February 26, 2025 to submit a request for delayed implementation. The State of Ohio and the State of South Dakota requested delayed implementation until 2026. Ohio's request included the entire state and South Dakota's request was limited to the western portion of their state.

In October 2019, the White House directed the USDA and EPA to move forward with rulemaking to expand access to higher blends of biofuels. This includes funding for infrastructure, labeling changes and allowing E15 to be sold through E10 infrastructure. The USDA rolled out the Higher Blend Infrastructure Incentive Program (HBIIP) in the summer of 2020, providing competitive grants to fuel terminals and retailers for installing equipment capable of dispensing higher blends of ethanol and biodiesel. In December 2021, the USDA announced it would administer another infrastructure grant program. The IRA, signed into law in 2022, provided for an additional $500 million in USDA grants for biofuel infrastructure. On March 31, 2025, the USDA announced it intends to release $537 million in funding under the HBIIP.

More states are expected to join California, Washington, Oregon, and New Mexico in establishing their own LCFS programs. In recent years, several states have made progress on developing such programs by introducing legislation. Hawaii, Illinois, New Jersey, and New York have all introduced or reintroduced LCFS laws in 2025. However, most are at

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very early stages and still in committee. On July 1, 2025, a California LCFS amendment went into effect increasing the state's 2030 CI reduction target from 20% to 30% as well introducing an automatic acceleration mechanism which will further increase CI reduction targets if the credit bank exceeds a certain threshold. This mechanism is expected to have an immediate "step-down" effect in 2025, increasing the reduction target to 9% from 7%. While the amendment does come with some additional compliance requirements, both of the above factors should have the effect of addressing credit oversupply and strengthening prices.

A string of 2024 U.S. Supreme Court decisions, namely Loper Bright Enterprises v. Raimondo, SEC v. Jarkesy and Corner Post, Inc. v. Board of Governors of the Federal Reserve, have redefined the power of federal agencies, as well as overturned the important principle of administrative law called "Chevron deference," based on a landmark case, Chevron U.S.A., Inc. v. Natural Resources Defense Council, Inc. The Chevron deference was a doctrine of judicial deference to administrative interpretations. The general shift in power from agencies to the judicial system resulting from these decisions could impact various regulatory rules affecting our business in ways that could affect our business, prospects and operations, and our financial performance positively or negatively.

*Environmental and Other Regulation*

Our operations are subject to environmental regulations, including those that govern the handling and release of ethanol, crude oil and other liquid hydrocarbon materials. Compliance with existing and anticipated environmental laws and regulations may increase our overall cost of doing business, including capital costs to construct, maintain, operate, and upgrade equipment and facilities, or limit the feasibility of certain capital improvement, expansion, or other projects due to environmental related permitting restrictions. We employ maintenance and operations personnel at each of our facilities, which are regulated by the Occupational Safety and Health Administration.

***Comparability***

There are various events that could affect comparability of our operating results, including fluctuations in our production rates in 2025 compared to 2024, along with the ceasing of a third-party ethanol marketing agreement with Tharaldson Ethanol Plant I LLC, the disposition of our Birmingham, Alabama terminal in September of 2024, the idling of our Fairmont, Minnesota plant in January of 2025 and our corporate restructuring and cost saving initiatives in 2025.

*Segment Results*

We report the financial and operating performance for the following two operating segments: (1) ethanol production, which includes the production, storage, and transportation of ethanol, distillers grains, Ultra-High Protein and renewable corn oil and (2) agribusiness and energy services, which includes grain handling and storage, commodity marketing and merchant trading for company-produced and third-party ethanol, distillers grains, renewable corn oil, natural gas and other commodities.

Corporate activities include selling, general and administrative expenses, consisting primarily of compensation, professional fees and overhead costs not directly related to a specific operating segment.

During the normal course of business, our operating segments do business with each other. For example, our agribusiness and energy services segment procures grain and natural gas and sells products, including ethanol, distillers grains, Ultra-High Protein, and renewable corn oil of our ethanol production segment. These intersegment activities are treated like third-party transactions with origination, marketing and storage fees charged at estimated market values. Consequently, these transactions affect segment performance; however, they do not impact our consolidated results since the revenues and corresponding costs are eliminated.

When we evaluate segment performance, we review the following segment information as well as earnings before interest expense, income taxes, depreciation and amortization, or EBITDA, and adjusted EBITDA.

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The selected operating segment financial information is as follows (in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **%<br>Variance** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **%<br>Variance** |
| | **2025** | **2024** | **%<br>Variance** | **2025** | **2024** | **%<br>Variance** |
| Revenues |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ethanol production |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues from external customers | $526954 | $524264 | 0.5% | $1024412 | $1028710 | (0.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intersegment revenues | 199 | 1179 | (83.1) | 513 | 2392 | (78.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total segment revenues | 527153 | 525443 | 0.3 | 1024925 | 1031102 | (0.6) |
| &nbsp;&nbsp;&nbsp;Agribusiness and energy services |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues from external customers | 25875 | 94561 | (72.6) | 129932 | 187329 | (30.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intersegment revenues | 5656 | 6388 | (11.5) | 11428 | 12616 | (9.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total segment revenues | 31531 | 100949 | (68.8) | 141360 | 199945 | (29.3) |
| &nbsp;&nbsp;&nbsp;Revenues including intersegment activity | 558684 | 626392 | (10.8) | 1166285 | 1231047 | (5.3) |
| &nbsp;&nbsp;&nbsp;Intersegment eliminations | (5855) | (7567) | (22.6) | (11941) | (15008) | (20.4) |
|  | $552829 | $618825 | (10.7)% | $1154344 | $1216039 | (5.1)% |

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|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **%<br>Variance** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **%<br>Variance** |
| | **2025** | **2024** | **%<br>Variance** | **2025** | **2024** | **%<br>Variance** |
| Cost of goods sold |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ethanol production <sup>(1)</sup> | $493663 | $495053 | (0.3)% | $997127 | $1003355 | (0.6)% |
| &nbsp;&nbsp;&nbsp;Agribusiness and energy services | 23451 | 93516 | (74.9) | 124549 | 181502 | (31.4) |
| &nbsp;&nbsp;&nbsp;Intersegment eliminations | (5855) | (7567) | (22.6) | (11941) | (15008) | (20.4) |
|  | $511259 | $581002 | (12.0)% | $1109735 | $1169849 | (5.1)% |

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|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **%<br>Variance** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **%<br>Variance** |
| | **2025** | **2024** | **%<br>Variance** | **2025** | **2024** | **%<br>Variance** |
| Gross margin |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ethanol production <sup>(1) (2)</sup> | $33490 | $30390 | 10.2% | $27798 | $27747 | 0.2% |
| &nbsp;&nbsp;&nbsp;Agribusiness and energy services | 8080 | 7433 | 8.7 | 16811 | 18443 | (8.8) |
|  | $41570 | $37823 | 9.9% | $44609 | $46190 | (3.4)% |

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|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **%<br>Variance** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **%<br>Variance** |
| | **2025** | **2024** | **%<br>Variance** | **2025** | **2024** | **%<br>Variance** |
| Depreciation and amortization |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ethanol production | $22918 | $20544 | 11.6% | $43953 | $41078 | 7.0% |
| &nbsp;&nbsp;&nbsp;Agribusiness and energy services <sup>(3)</sup> | 3860 | 497 | \* | 4458 | 1002 | \* |
| &nbsp;&nbsp;&nbsp;Corporate activities | 782 | 543 | 44.0 | 1536 | 991 | 55.0 |
|  | $27560 | $21584 | 27.7% | $49947 | $43071 | 16.0% |

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|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **%<br>Variance** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **%<br>Variance** |
| | **2025** | **2024** | **%<br>Variance** | **2025** | **2024** | **%<br>Variance** |
| Operating income (loss) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ethanol production <sup>(1) (2) (4)</sup> | $(12218) | $(2213) | \* | $(51768) | $(35866) | 44.3% |
| &nbsp;&nbsp;&nbsp;Agribusiness and energy services <sup>(3)</sup> | 849 | 2166 | (60.8) | 3282 | 8170 | (59.8) |
| &nbsp;&nbsp;&nbsp;Corporate activities <sup>(5) (6)</sup> | (16994) | (17664) | (3.8) | (42137) | (34904) | 20.7 |
|  | $(28363) | $(17711) | 60.1% | $(90623) | $(62600) | 44.8% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Ethanol production includes an inventory lower of cost or net realizable value adjustment of $2.3 million for the three and six months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Ethanol production includes margins from a one-time sale of accumulated RINs of $22.6 million for the three and six months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Depreciation and amortization for agribusiness and energy services includes impairment of property and equipment of $3.1 million for the three and six months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Ethanol production includes impairment of assets held for sale of $10.7 million for the three and six months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Corporate activities includes $1.7 million and $12.0 million of restructuring costs for the three and six months ended June 30, 2025 as a result of the company's cost reduction initiative, including severance related to the departure of its former CEO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)Corporate activities include a pretax loss on sale of assets of $4.0 million for the three and six months ended June 30, 2025.

\* Percentage variances not considered meaningful.

We use EBITDA, adjusted EBITDA, and segment EBITDA as measures of profitability to compare the financial performance of our reportable segments and manage those segments. EBITDA is defined as earnings before interest expense, income taxes, depreciation and amortization excluding the amortization of right-of-use assets and debt issuance costs. Adjusted EBITDA includes adjustments related to restructuring costs, loss on sale of assets and equity method investment, impairment of assets held for sale and our proportional share of EBITDA adjustments of our equity method investees. We believe EBITDA, adjusted EBITDA and segment EBITDA are useful measures to compare our performance against other companies. These measures should not be considered an alternative to, or more meaningful than, net income, which is prepared in accordance with GAAP. EBITDA, adjusted EBITDA, and segment EBITDA calculations may vary from company to company. Accordingly, our computation of EBITDA, adjusted EBITDA, and segment EBITDA may not be comparable with a similarly titled measure of other companies.

The following table reconciles net loss including noncontrolling interest to adjusted EBITDA (in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **%<br>Variance** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **%<br>Variance** |
| | **2025** | **2024** | **%<br>Variance** | **2025** | **2024** | **%<br>Variance** |
| Net loss | $(72227) | $(24038) | 200.5% | $(144868) | $(75160) | 92.7% |
| &nbsp;&nbsp;&nbsp;Interest expense | 13899 | 7494 | 85.5 | 22812 | 15280 | 49.3 |
| &nbsp;&nbsp;&nbsp;Income tax expense (benefit), net of equity method income tax benefit | 1885 | (273) | \* | 1720 | 56 | \* |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization <sup>(1)</sup> | 27560 | 21584 | 27.7 | 49947 | 43071 | 16.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;EBITDA | (28883) | 4767 | \* | (70389) | (16753) | \* |
| &nbsp;&nbsp;&nbsp;Restructuring costs | 2520 |  | \* | 19106 |  | \* |
| &nbsp;&nbsp;&nbsp;Loss on sale of assets | 4044 |  | \* | 4044 |  | \* |
| &nbsp;&nbsp;&nbsp;Impairment of assets held for sale | 10724 |  | \* | 10724 |  | \* |
| &nbsp;&nbsp;&nbsp;Loss on sale of equity method investment | 26987 |  | \* | 26987 |  | \* |
| &nbsp;&nbsp;&nbsp;Proportional share of EBITDA adjustments to equity method investees | 1050 | 271 | \* | 1828 | 316 | \* |
| Adjusted EBITDA | $16442 | $5038 | \* | $(7700) | $(16437) | (53.2)% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Excludes amortization of operating lease right-of-use assets and amortization of debt issuance costs.

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The following table reconciles segment EBITDA to consolidated adjusted EBITDA (in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **%<br>Variance** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **%<br>Variance** |
| | **2025** | **2024** | **%<br>Variance** | **2025** | **2024** | **%<br>Variance** |
| Adjusted EBITDA |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ethanol production <sup>(1)</sup> | $8992 | $17952 | (49.9)% | $(10424) | $4331 | \* |
| &nbsp;&nbsp;&nbsp;Agribusiness and energy services | 5028 | 3045 | 65.1 | 8184 | 10101 | (19.0) |
| &nbsp;&nbsp;&nbsp;Corporate activities <sup>(2) (3)</sup> | (42903) | (16230) | 164.3 | (68149) | (31185) | 118.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;EBITDA | (28883) | 4767 | \* | (70389) | (16753) | \* |
| &nbsp;&nbsp;&nbsp;Restructuring Costs | 2520 |  | \* | 19106 |  | \* |
| &nbsp;&nbsp;&nbsp;Loss on sale of assets | 4044 |  | \* | 4044 |  | \* |
| &nbsp;&nbsp;&nbsp;Impairment of assets held for sale | 10724 |  | \* | 10724 |  | \* |
| &nbsp;&nbsp;&nbsp;Loss on sale of equity method investment | 26987 |  | \* | 26987 |  | \* |
| &nbsp;&nbsp;&nbsp;Proportional share of EBITDA adjustments to equity method investees | 1050 | 271 | \* | 1828 | 316 | \* |
|  | $16442 | $5038 | \* | $(7700) | $(16437) | (53.2)% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Ethanol production includes margins from a one-time sale of accumulated RINs of $22.6 million offset by impairment of assets held for sale of $10.7 million and an inventory lower of cost or net realizable value adjustment of $2.3 million for the three and six months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Corporate activities includes $1.7 million and $12.0 million of restructuring costs recorded within selling, general and administrative expenses for the three and six months ended June 30, 2025, respectively, as a result of the company's cost reduction initiative, including severance related to the departure of its former CEO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Corporate activities include a pretax loss on sale of assets of $4.0 million and a pretax loss on sale of equity method investment of $27.0 million for the three and six months ended June 30, 2025.

\* Percentage variances not considered meaningful.

<u>Three Months Ended June 30, 2025 Compared with the Three Months Ended June 30, 2024</u>

*Consolidated Results*

Consolidated revenues decreased $66.0 million for the three months ended June 30, 2025 compared with the same period in 2024 primarily as a result of the company ceasing a third-party ethanol marketing agreement with Tharaldson Ethanol Plant I LLC.

Net loss increased $48.2 million for the three months ended June 30, 2025 compared with the same period last year primarily due to a loss on equity method investees, net of taxes of $28.3 million, impairment of assets held for sale of $10.7 million and a loss on sale of assets of $4.0 million. Adjusted EBITDA increased $11.4 million for the three months ended June 30, 2025 compared with the same period last year primarily due to a change in operating strategy and margins from a one-time sale of accumulated RINs partially offset by lower margins in our ethanol production segment. Interest expense increased for the three months ended June 30, 2025 compared with the same period in 2024 primarily due to amortization of loan fees related to the issuance and modification of warrants in conjunction with access to a short-term line of credit and an amendment on our Junior Notes as well as decreased capitalized interest. Income tax expense was $2.3 million for the three months ended June 30, 2025 compared with income tax benefit of $0.3 million for the same period in 2024 primarily due to an increase in the valuation allowance recorded against certain deferred tax assets related to gains (losses) on derivatives.

The following discussion provides greater detail about our second quarter segment performance.

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*Ethanol Production Segment*

Key operating data for our ethanol production segment is as follows (in thousands):

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| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | |
| | **2025** | **2024** |<br>**% Variance** |
| Ethanol (gallons) | 193571 | 208483 | (7.2)% |
| Distillers grains (equivalent dried tons) | 413 | 463 | (10.8) |
| Ultra-High Protein (tons) | 66 | 65 | 1.5 |
| Renewable corn oil (pounds) | 65231 | 73630 | (11.4) |
| Corn consumed (bushels) | 65312 | 71819 | (9.1) |

---

Revenues in our ethanol production segment increased $1.7 million for the three months ended June 30, 2025 compared with the same period in 2024, primarily due to a sale of RINs accumulated over time and higher weighted average selling prices on ethanol and renewable corn oil resulting in increased revenues of $22.6 million, $7.3 million and $7.8 million, respectively, partially offset by lower ethanol, distillers grain and renewable corn oil volumes sold resulting in decreased revenues of $27.7 million, $8.2 million and $3.8 million, respectively, in addition to lower terminal revenues of $2.4 million. Revenues also increased as a result of hedging activities by $6.9 million.

Cost of goods sold in our ethanol production segment decreased $1.4 million for the three months ended June 30, 2025 compared with the same period last year primarily due to lower corn volumes processed, ethanol freight costs and repair and maintenance costs resulting in decreases of $30.0 million, $19.9 million and $4.6 million, respectively, partially offset by higher ethanol volumes purchased and weighted average corn prices resulting in increased costs of $41.8 million and $5.4 million, respectively. Costs also increased as a result of hedging activities of $5.7 million.

Operating loss in our ethanol production segment increased $10.0 million for the three months ended June 30, 2025 compared with the same period in 2024 primarily due to impairment of assets held for sale and decreased margins as outlined above partially offset by margins from a one-time sale of accumulated RINs. Depreciation and amortization expense for the ethanol production segment was $22.9 million for the three months ended June 30, 2025, compared with $20.5 million for the same period last year.

*Agribusiness and Energy Services Segment*

Revenues in our agribusiness and energy services segment decreased $69.4 million while operating income decreased $1.3 million for the three months ended June 30, 2025 compared with the same period in 2024. The decrease in revenues was primarily a result of the company ceasing a third-party ethanol marketing agreement with Tharaldson Ethanol Plant I LLC. The decrease in operating income was primarily due to the impairment of property and equipment of $3.1 million.

*Intersegment Eliminations*

Intersegment eliminations of revenues decreased $1.7 million for the three months ended June 30, 2025 compared with the same period in 2024 primarily due to decreased freight revenue associated with the ethanol production segment.

*Corporate Activities*

Operating loss was impacted by a decrease in corporate activities of $0.7 million for the three months ended June 30, 2025 compared to the same period in 2024, primarily due to a $5.0 million decrease in selling, general and administrative expenses as a result of the company's corporate reorganization and cost reduction initiative partially offset by a loss on sale of assets of $4.0 million during the three months ended June 30, 2025.

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<u>Six Months Ended June 30, 2025 Compared with the Six Months Ended June 30, 2024</u>

*Consolidated Results*

Consolidated revenues decreased $61.7 million for the six months ended June 30, 2025 compared with the same period in 2024 primarily as a result of the company ceasing a third-party ethanol marketing agreement with Tharaldson Ethanol Plant I LLC.

Net loss increased $69.7 million for the six months ended June 30, 2025 compared with the same period last year primarily due to a loss on equity method investees, net of taxes of $29.1 million, impairment of assets held for sale of $10.7 million and a loss on sale of assets of $4.0 million in addition to $19.1 million of restructuring costs. Adjusted EBITDA increased $8.7 million for the six months ended June 30, 2025 compared with the same period last year primarily due to margins from a one-time sale of accumulated RINs offset by lower margins in our agribusiness and energy services and ethanol production segments. Interest expense increased $7.5 million for the six months ended June 30, 2025 compared with the same period in 2024 primarily due to amortization of loan fees related to the issuance and modification of warrants in conjunction with access to a short-term line of credit and an amendment on our Junior Notes as well as decreased capitalized interest. Income tax expense was $2.4 million for the six months ended June 30, 2025, compared with income tax expense of $0.1 million for the same period in 2024 primarily due to an increase in the valuation allowance recorded against certain deferred tax assets related to gains (losses) on derivatives.

The following discussion provides greater detail about our year-to-date segment performance.

*Ethanol Production Segment*

Key operating data for our ethanol production segment is as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | |
| | **2025** | **2024** |<br>**% Variance** |
| Ethanol (gallons) | 388899 | 416387 | (6.6)% |
| Distillers grains (equivalent dried tons) | 830 | 932 | (10.9) |
| Ultra-High Protein (tons) | 134 | 125 | 7.2 |
| Renewable corn oil (pounds) | 129494 | 140351 | (7.7) |
| Corn consumed (bushels) | 131576 | 143093 | (8.0) |

---

Revenues in our ethanol production segment decreased $6.2 million for the six months ended June 30, 2025 compared with the same period in 2024, primarily due to lower ethanol, distillers grains, and renewable corn oil volumes sold resulting in decreased revenues of $48.7 million, $16.5 million and $5.2 million, respectively, in addition to lower average selling prices of distillers grains and lower terminal revenues resulting in decreased revenues of $19.6 million and $4.5 million, respectively, partially offset by higher weighted average selling prices of ethanol and renewable corn oil volumes sold resulting in increased revenues of $54.2 million and $6.1 million, respectively, as well as $22.6 million related to a one-time sale of accumulated RINs and a $9.2 million increase as a result of hedging activities.

Cost of goods sold in our ethanol production segment decreased $6.2 million for the six months ended June 30, 2025 compared with the same period last year primarily due to lower corn volumes processed, lower freight costs, lower repair and maintenance costs and hedging activities resulting in decreases of $52.8 million, $15.3 million, $5.6 million and $1.7 million, respectively, offset by higher ethanol volumes purchased and weighted average corn prices resulting in increased costs of $53.0 million and $21.3 million, respectively.

Operating loss increased $15.9 million for the six months ended June 30, 2025 compared with the same period in 2024 due to impairment of assets held for sale of $10.7 million, a $2.9 million increase in depreciation and amortization expense as a result of additional assets being placed in service and non-recurring increased personnel costs as a result of restructuring.

*Agribusiness and Energy Services Segment*

Revenues in our agribusiness and energy services segment decreased $58.6 million while operating income decreased

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$4.9 million for the six months ended June 30, 2025 compared with the same period in 2024. The decrease in revenues was a result of the company ceasing a third-party ethanol marketing agreement with Tharaldson Ethanol Plant I LLC. Operating income decreased primarily as a result of the impairment of property and equipment of $3.1 million as well as non-recurring increased personnel costs as a result of restructuring.

*Intersegment Eliminations*

Intersegment eliminations of revenues decreased by $3.1 million for the six months ended June 30, 2025 compared with the same period in 2024 primarily due to decreased freight revenue associated with the ethanol production segment as well as decreased marketing and corn origination fees paid to the agribusiness and energy services segment as a result of lower volumes processed.

*Corporate Activities*

Operating loss was impacted by an increase in corporate activities of $7.2 million for the six months ended June 30, 2025 compared to the same period in 2024, primarily due to a loss on sale of assets of $4.0 million as well as non-recurring increased personnel costs as a result of restructuring, partially offset by a decrease in selling, general and administrative expenses as a result of the company's corporate reorganization and cost reduction initiative during the six months ended June 30, 2025.

***Liquidity and Capital Resources***

Our principal sources of liquidity include cash generated from operating activities and bank credit facilities. We fund our operating expenses and service debt primarily with operating cash flows. Capital resources for maintenance and growth expenditures are funded by a variety of sources, including cash generated from operating activities or from debt and equity capital markets. Our ability to access capital markets for debt under reasonable terms depends on our financial condition, credit ratings and market conditions. We believe that our ability to obtain financing at reasonable rates based on these factors remains sufficient and provides a solid foundation to meet our future liquidity and capital resource requirements.

On June 30, 2025, we had $108.6 million in cash and cash equivalents and $44.1 million in restricted cash. We also had $258.5 million available under our committed revolving credit agreement, subject to restrictions or other lending conditions based specifically on the availability of sufficient eligible collateral to support additional borrowings, in addition to $30.0 million available under our line of credit with Ancora. Total corporate liquidity consisting of unrestricted cash, distributable cash from subsidiaries and credit facility availability was $93.3 million as of June 30, 2025. Funds at certain subsidiaries are generally required for their ongoing operational needs and restricted from distribution. At June 30, 2025, our subsidiaries had approximately $36.2 million of net assets that were not available to use in the form of dividends, loans or advances due to restrictions contained in their credit facilities.

The company has $130.7 million of debt under the Junior Notes due on September 15, 2026 and $230.0 million of debt under the unsecured 2.25% convertible senior notes due March 15, 2027. On or before the maturation of this debt in 2026 and 2027, respectively, the company will require substantial additional liquidity to satisfy these debt obligations. The company is currently evaluating strategies to refinance or otherwise obtain the needed additional liquidity to satisfy these obligations, including but not limited to, issuing debt and/or other securities, entering into other financing arrangements, selling assets, or other strategic actions. There can be no assurance that the company will be able to execute on these strategies under acceptable terms or at all. If we are not able to refinance or extend the maturity date of the Junior Notes, the Junior Notes will be classified as current debt as of September 15, 2025 and the convertible senior notes will be classified as current debt as of March 15, 2026.

Net cash provided by operating activities was $3.8 million for the six months ended June 30, 2025, compared with net cash used in operating activities of $65.7 million for the same period in 2024. Net cash provided by operating activities compared to the prior year was primarily affected by lower receivable and inventory balances due to a shortened cash conversion cycle resulting from the marketing agreement with Eco-Energy, LLC. This improvement was partially offset by a higher net loss from the same period of the prior year. Net cash used in investing activities was $32.3 million for the six months ended June 30, 2025 compared with net cash used in investing activities of $55.5 million for the same period in 2024. Investing activities compared to the prior year were primarily affected by decreases in capital expenditures and investment in equity method investees. Net cash used in financing activities was $28.1 million for the six months ended June 30, 2025 compared with net cash used in financing activities of $32.4 million for the same period in 2024, primarily due to increased net proceeds from a product financing arrangement and the prior period extinguishment of non-controlling interest, partially offset by higher net payments on short-term borrowing arrangements when compared to the same period in 2024.

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Additionally, Green Plains Finance Company, Green Plains Trade, Green Plains Grain and Green Plains Commodity Management use revolving credit facilities to finance working capital requirements. We frequently draw from and repay these facilities, which results in significant cash movements reflected on a gross basis within financing activities as proceeds from and payments on short-term borrowings.

We incurred net capital expenditures of approximately $27.9 million during the six months ended June 30, 2025, primarily for various other capital projects. Capital spending for the remainder of 2025 is expected to be approximately $10.0 million, which is subject to review prior to the initiation of any project. This estimated capital spending for the remainder of 2025 excludes estimated total costs of approximately $130 million related to our carbon capture and sequestration projects to be funded through project related financing. We currently have property and equipment and carbon equipment liabilities of $80.2 million recorded on our balance sheet as of June 30, 2025. Anticipated total costs of approximately $130.0 million will be placed in service upon completion of the project in the fourth quarter of 2025, at which point we will repay the project related financing monthly over twelve years. The company currently estimates annualized payments of $17.8 million. Original costs were estimated at $110 million, and subsequently increased to $130 million as contracts were finalized with vendors. We have a high degree of certainty surrounding these cost estimates.

Our business is sensitive to the price of commodities, particularly for corn, ethanol, distillers grains, Ultra-High Protein, renewable corn oil and natural gas. We use derivative financial instruments to reduce the market risk associated with fluctuations in commodity prices. Sudden changes in commodity prices may require cash deposits with brokers for margin calls or significant liquidity with little advanced notice to meet margin calls, depending on our open derivative positions. We continuously monitor our exposure to margin calls and believe we will continue to maintain adequate liquidity to cover margin calls from our operating results and borrowings.

In August 2014 and October 2019, our Board authorized a share repurchase program of up to $200.0 million of our common stock. Under the program, we may repurchase shares in open market transactions, privately negotiated transactions, accelerated share buyback programs, tender offers or by other means. The timing and amount of repurchase transactions are determined by our management based on market conditions, share price, legal requirements and other factors. The program may be suspended, modified or discontinued at any time without prior notice. Since inception of the repurchase program, we have repurchased 7.4 million shares of common stock for approximately $92.8 million under the program. We did not repurchase any shares of common stock during the second quarter of 2025.

We believe we have sufficient working capital for our existing operations. A continued sustained period of unprofitable operations, however, may strain our liquidity. We may sell additional assets or equity or borrow capital to improve or preserve our liquidity.

***Debt***

We were in compliance with our debt covenants at June 30, 2025. Based on our forecasts, we anticipate we will maintain compliance at each of our subsidiaries for the next twelve months or have sufficient liquidity available on a consolidated basis to resolve noncompliance. We cannot provide assurance that actual results will approximate our forecasts or that we will inject the necessary capital into a subsidiary to maintain compliance with its respective covenants. In the event a subsidiary is unable to comply with its debt covenants, the subsidiary's lenders may determine that an event of default has occurred, and following notice, the lenders may terminate the commitment and declare the unpaid balance due and payable.

*Corporate Activities*

In March 2021, we issued $230.0 million of unsecured 2.25% convertible senior notes due in 2027, or the 2.25% notes. The 2.25% notes bear interest at a rate of 2.25% per year, payable on March 15 and September 15 of each year. The initial conversion rate is 31.6206 shares of our common stock per $1,000 principal amount of 2.25% notes (equivalent to an initial conversion price of approximately $31.62 per share of our common stock), representing an approximately 37.5% premium over the offering price of our common stock. The conversion rate is subject to adjustment upon the occurrence of certain events, including but not limited to; the event of a stock dividend or stock split; the issuance of additional rights, options and warrants; spinoffs; or a tender or exchange offering. In addition, we may be obligated to increase the conversion rate for any conversion that occurs in connection with certain corporate events, including our calling the 2.25% notes for redemption. We may settle the 2.25% notes in cash, common stock or a combination of cash and common stock. At June 30, 2025, the outstanding principal balance on the 2.25% notes was $230.0 million.

On May 7, 2025, we entered into a secured $30 million revolving credit facility with Ancora Alternatives LLC, that matured on July 30, 2025 and gave us additional flexibility in order to continue the implementation of our strategic plan.

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The facility bore interest at 10% on borrowings and has a 0.5% fee on the unused balance. Interest and fees were due on the 5th of each month. Also executed as part of the credit facility, the company issued 1,504,140 stock warrants at a strike price of $0.01 per share. The warrants have a ten year exercise period.There was no outstanding balance on the facility as of June 30, 2025.

*Ethanol Production Segment*

On February 9, 2021, Green Plains SPE LLC, a wholly-owned special purpose subsidiary and parent of Green Plains Obion and Green Plains Mount Vernon issued $125.0 million of junior secured mezzanine notes due February 2026 with BlackRock. The Junior Notes are secured by a pledge of the membership interests in and the real property owned by Green Plains Obion and Green Plains Mount Vernon. On May 7, 2025 the Junior Notes were amended to give us additional flexibility in order to continue the implementation of our strategic plan, which extended the maturity date from February 9, 2026 to May 15, 2026, with an amendment fee of 2.0% to be added to the principal balance of the Junior Notes, payable at the maturity date. Further, the strike price of warrants previously issued in conjunction with the Junior Notes was revised from $22.00 to $0.01 and the maturity date extended from April 28, 2026 to December 31, 2029. At June 30, 2025, these notes accrued interest at a rate of 11.75%. As of July 31, 2025, the Junior Notes also are secured by a pledge of the membership interests in, the assets and the real property owned by Green Plains Madison LLC, Green Plains Superior LLC, Green Plains Fairmont LLC, Green Plains Otter Tail LLC, Green Plains Wood River and Green Plains York LLC, as well as the assets and membership interests of Fluid Quip Mechanical, LLC.

On August 10, 2025, the company amended and restated the indenture covering the Junior Notes with BlackRock to extend the maturity date to September 15, 2026, with an amendment fee of 2.5% to be added to the principal balance of the Junior Notes, payable at the maturity date. The interest rate will increase by 0.5% after the amendment, and by an additional 0.5% each quarter on each scheduled interest payment date, with the next interest payment date being September 15, 2025. In addition to assets and equity securities pledged, the Junior Notes are now also secured by the assets and the real property owned by Green Plains Central City, LLC. The amendment adds certain financial covenant requirements, including restrictions on additional debt and certain transfer of assets. Also as part of the amendment, the company executed a subscription agreement with certain funds and accounts under management by BlackRock pursuant to which the company agreed to issue, and certain funds and accounts under management by BlackRock purchased, 3,250,000 stock warrants at a strike price of $0.01 per share with a ten year exercise period. The amendment also includes the right for such funds and accounts to exchange up to 750,000 warrants for a pro rata share of $6 million of outstanding principal of Junior Notes. The subscription agreement obligates the company to register for resale the shares of common stock underlying warrants issued to BlackRock.

The company believes that it has adequate access to capital to source appropriate funding to refinance or extinguish the Junior Notes.

Green Plains Shenandoah, a wholly-owned subsidiary, has a $75.0 million secured loan agreement, which matures on September 1, 2035. At June 30, 2025, the outstanding principal balance was $70.9 million on the loan and the interest rate was 6.52%.

We also have small equipment financing loans, finance leases on equipment or facilities, and other forms of debt financing.

*Agribusiness and Energy Services Segment*

Green Plains Finance Company, Green Plains Grain and Green Plains Trade have total senior secured revolving commitments of $350.0 million and an accordion feature whereby amounts available under the facility may be increased by up to $100.0 million of new lender commitments subject to certain conditions. The facility matures in March 2027. Each SOFR rate loan shall bear interest for each day at a rate per annum equal to the Term SOFR rate for the outstanding period plus a Term SOFR adjustment and an applicable margin of 2.25% to 2.50%, which is dependent on undrawn availability under the facility. Each base rate loan shall bear interest at a rate per annum equal to the base rate plus the applicable margin of 1.25% to 1.50%, which is dependent on undrawn availability under the facility. The unused portion of the facility is also subject to a commitment fee of 0.275% to 0.375%, dependent on undrawn availability. At June 30, 2025, the outstanding principal balance was $75.0 million on the facility and the interest rate was 7.92%.

Green Plains Commodity Management has an uncommitted secured revolving credit facility to finance margins related to its hedging programs, which is secured by cash and securities held in its brokerage accounts. On June 18, 2025, the credit facility was amended, reducing the $40.0 million borrowing limit to $20.0 million. During the first quarter of 2023, this revolving credit facility was extended five years to mature on April 30, 2028. Advances are subject to variable interest

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rates equal to SOFR plus 1.75%. At June 30, 2025, the outstanding principal balance was $5.1 million on the facility and the interest rate was 6.14%.

Green Plains Grain has a short-term inventory financing agreement with a financial institution. The company has accounted for the agreement as short-term notes, rather than revenues, and has elected the fair value option to offset fluctuations in market prices of the inventory. This agreement is subject to negotiated variable interest rates. The company had no outstanding short-term notes payable related to the inventory financing agreement as of June 30, 2025.

Refer to *Note 8 - Debt* in the notes to the consolidated financial statements included herein for more information about our debt.

***Effects of Inflation***

We have experienced inflationary impacts on labor costs, wages, components, equipment, other inputs and services across our business and inflation and its impact could escalate in future quarters, many of which are beyond our control. Moreover, we have fixed price arrangements with our customers and are not able to pass those costs along in most instances. As such, inflationary pressures could have a material adverse effect on our performance and financial statements.

***Contractual Obligations and Commitments***

In addition to debt, our material future obligations include certain lease agreements and contractual and purchase commitments related to commodities, storage and transportation. Aggregate minimum lease payments under the operating lease agreements for future fiscal years as of June 30, 2025 totaled $71.9 million. As of June 30, 2025, we had contracted future purchases of grain, distillers grains and natural gas valued at approximately $178.1 million, future commitments for storage and transportation valued at approximately $33.9 million, and accumulated commitments related to the construction of carbon capture and sequestration equipment at our three Nebraska plants of $82.0 million. Refer to *Note 13 – Commitments and Contingencies* included in the notes to the consolidated financial statements for more information.

***Critical Accounting Policies and Estimates***

Critical accounting policies, including those relating to derivative financial instruments and accounting for income taxes, are impacted significantly by judgments, assumptions and estimates used in the preparation of the consolidated financial statements. Information about our critical accounting policies and estimates are included in our annual report on Form 10-K for the year ended December 31, 2024.

***Off-Balance Sheet Arrangements***

We do not have any off-balance sheet arrangements.

**Item 3. Quantitative and Qualitative Disclosures About Market Risk.**

We use various financial instruments to manage and reduce our exposure to various market risks, including changes in commodity prices and interest rates. We conduct the majority of our business in U.S. dollars and are not currently exposed to material foreign currency risk.

***Interest Rate Risk***

We are exposed to interest rate risk through our loans which bear interest at variable rates. Interest rates on our variable-rate debt are based on the market rate for the lender's prime rate or SOFR. At June 30, 2025, we had $519.3 million in debt, $80.1 million of which had variable interest rates. A 10% increase in interest rates would affect our interest cost by approximately $0.8 million per year.

For additional information related to our debt, see *Note 8 – Debt* included herein as part of the notes to the consolidated financial statements and *Note 11 – Debt* included as part of the notes to the consolidated financial statements included in our annual report on Form 10-K for the year ended December 31, 2024.

***Commodity Price Risk***

Our business is sensitive to commodity price risk, particularly for ethanol, corn, distillers grains, Ultra-High Protein, renewable corn oil and natural gas. Ethanol prices are sensitive to world crude oil supply and demand, the price of crude oil, gasoline, corn, the price of substitute fuels, refining capacity and utilization, government regulation and consumer

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demand for alternative fuels. Corn prices are affected by weather conditions, yield, changes in domestic and global supply and demand, and government programs and policies. Distillers grains prices are impacted by livestock numbers on feed, prices for feed alternatives and supply, which is associated with ethanol plant production. Natural gas prices are influenced by severe weather in the summer and winter and hurricanes in the spring, summer and fall. Other factors include North American energy exploration and production, and the amount of natural gas in underground storage during injection and withdrawal seasons.

To reduce the risk associated with fluctuations in the price of ethanol, corn, distillers grains, Ultra-High Protein, renewable corn oil and natural gas, at times we use forward fixed-price physical contracts and derivative financial instruments, such as futures and options executed on the Chicago Board of Trade, the New York Mercantile Exchange and the Chicago Mercantile Exchange. We focus on locking in favorable operating margins, when available, using a model that continually monitors market prices for corn, natural gas and other inputs relative to the price for ethanol and distillers grains at each of our production facilities. We create offsetting positions using a combination of forward fixed-price purchases, sales contracts and derivative financial instruments. As a result, we frequently have gains on derivative financial instruments that are offset by losses on forward fixed-price physical contracts or inventories and vice versa. Our results are impacted by a mismatch of gains or losses associated with the derivative instrument during a reporting period when the physical commodity purchases or sale has not yet occurred. During the three months ended June 30, 2025, revenues included net gains of $1.5 million, while cost of goods sold included net gains of $1.0 million, and during the six months ended June 30, 2025, revenues included net gains of $6.7 million, and cost of goods sold included net losses of $7.1 million, associated with derivative financial instruments.

*Ethanol Production Segment*

In the ethanol production segment, net gains and losses from settled derivative instruments are offset by physical commodity purchases or sales to achieve the intended operating margins. To reduce commodity price risk caused by market fluctuations, we enter into exchange-traded futures and options contracts that serve as economic hedges. Our results are impacted when there is a mismatch of gains or losses associated with the derivative instrument during a reporting period when the physical commodity purchases or sale has not yet occurred.

Our exposure to market risk, which includes the impact of our risk management activities resulting from our fixed-price purchase and sale contracts and derivatives, is based on the estimated net income effect resulting from a hypothetical 10% change in price for the next 12 months starting on June 30, 2025, which is as follows (in thousands):

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| | | | |
|:---|:---|:---|:---|
| **Commodity** | **Estimated Total Volume** <br> **Requirements for the** <br> **Next 12 Months** <sup>(1)</sup> | **Unit of <br>Measure** | **Net Income Effect of <br> Approximate 10% <br>Change in Price** |
| Ethanol | 784000 | Gallons | $93389 |
| Corn | 264800 | Bushels | $84370 |
| Distillers grains <sup>(2)</sup> | 1850 | Tons <sup>(3)</sup> | $19812 |
| Renewable corn oil | 258100 | Pounds | $10803 |
| Natural gas | 22600 | MmBTU | $4574 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Estimated volumes assume production at full capacity, excluding the idled Fairmont, Minnesota plant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Includes Ultra-High Protein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Distillers grains quantities are stated on an equivalent dried ton basis.

*Agribusiness and Energy Services Segment*

In the agribusiness and energy services segment, our inventories, physical purchase and sale contracts and derivatives are marked to market. Our inventories are carried at the lower of cost or net realizable value, except fair-value hedged inventories. To reduce commodity price risk caused by market fluctuations for purchase and sale commitments of grain and grain held in inventory, we enter into exchange-traded futures and options contracts that serve as economic hedges.

The market value of exchange-traded futures and options used for hedging are highly correlated with the underlying market value of grain inventories and related purchase and sale contracts for grain. The less correlated portion of inventory and purchase and sale contract market values, known as basis, is much less volatile than the overall market value of exchange-traded futures and tends to follow historical patterns. We manage this less volatile risk by constantly monitoring our position relative to the price changes in the market. Inventory values are affected by the month-to-month spread in the

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futures markets. These spreads are also less volatile than overall market value of our inventory and tend to follow historical patterns, but cannot be mitigated directly. Our accounting policy for futures and options, as well as the underlying inventory held for sale and purchase and sale contracts, is to reflect their current market values and include gains and losses in the consolidated statement of operations.

**Item 4. Controls and Procedures.**

*Evaluation of Disclosure Controls and Procedures* 

We maintain disclosure controls and procedures designed to ensure the information that must be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to management, as appropriate, to allow timely decisions regarding required financial disclosure. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. Management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

Under the supervision and participation of our principal executive officer and chief financial officer, management carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of June 30, 2025 as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act and concluded that our disclosure controls and procedures were effective.

*Changes in Internal Control over Financial Reporting*

Management is responsible for establishing and maintaining effective internal control over financial reporting to provide reasonable assurance regarding the reliability of our financial reporting and the preparation of our consolidated financial statements for external purposes in accordance with U.S. generally accepted accounting principles. There were no material changes in our internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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**PART II – OTHER INFORMATION**

**Item 1. Legal Proceedings.** 

We are currently involved in litigation that has arisen during the ordinary course of business. We do not believe this litigation will have a material adverse effect on our financial position, results of operations or cash flows.

**Item 1A. Risk Factors.**

Investors should carefully consider the discussion of risks and the other information in our annual report on Form 10-K for the year ended December 31, 2024, in Part I, Item 1A, "Risk Factors," and the discussion of risks and other information in Part I, Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations," under "Cautionary Information Regarding Forward-Looking Statements," of this report. Although we have attempted to discuss key factors, our investors need to be aware that other risks may prove to be important in the future. New risks may emerge at any time and we cannot predict such risks or estimate the extent to which they may affect our financial performance. The following risk factors supplement and/or update risk factors previously disclosed and should be considered in conjunction with the other information included in, or incorporated by reference in, this quarterly report on Form 10-Q.

*We are exposed to credit risk that could result in losses or affect our ability to make payments should a counterparty fail to perform according to the terms of our agreement.*

We are exposed to credit risk from a variety of customers, counterparties, including major integrated oil companies, large independent refiners, petroleum wholesalers, marketing companies and other ethanol plants. We are also exposed to credit risk with major suppliers of petroleum products and agricultural inputs when we make payments for undelivered inventories. Our fixed-price forward contracts are subject to credit risk when prices change significantly prior to delivery. The inability by a third party to pay us for our sales, provide product that was paid for in advance or deliver on a fixed-price contract could result in a loss and adversely impact our liquidity and ability to make our own payments when due.

*If the United States were to withdraw from or materially modify certain international trade agreements, our business, financial condition, liquidity and results of operations could be materially adversely affected.*

Ethanol and other products that we produce are or have been exported to Canada, Mexico, Brazil, China and other countries. Our business may be impacted by government policies, such as tariffs, duties, subsidies, import and export restrictions and outright embargos. In early 2025, the Trump administration announced additional tariffs on various imports from China, Mexico, and Canada, and signaled a willingness to renegotiate or withdraw from existing trade agreements. These actions have prompted actual or threatened retaliatory measures against U.S. exports, including ethanol and agricultural products in some cases. While the current administration's efforts to counter trade barriers in certain countries may ultimately benefit the ethanol industry (such as Brazil, where U.S. ethanol has been subject to tariffs since 2020), the risk of reciprocal tariffs by other countries, including Canada and Mexico, may impede exported volumes. The outcome of trade negotiations or lack thereof, has had and/or may continue to have a material adverse effect on our business, financial condition and results of operations.

*The products we buy and sell are subject to price volatility and uncertainty.*

Our operating results are highly sensitive to commodity prices.

*Corn.* We are generally unable to pass increased corn costs to our customers since ethanol competes with other fuels. We continue to see considerable volatility in corn prices. Ethanol plants, livestock industries and other corn-consuming enterprises put significant price pressure on local corn markets. In addition, local corn supplies and prices could be adversely affected by, but not limited to: prices for alternative crops, increasing pricing for seed corn, fertilizers, crop protection products and other input costs; changes in government policies, including crop insurance, conservation programs, regulation of farmland, and other regulations; shifts in global supply and demand; global political or economic issues, including but not limited to the war in Ukraine including sanctions associated therewith; other global conflicts; and global or regional growing conditions, such as plant disease, pests or adverse weather, including drought.

*Ethanol*. Our revenues are dependent on market prices for ethanol which can be volatile as a result of a number of factors, including but not limited to: the price and availability of competing fuels and oxygenates for fuels; the domestic and global supply and demand for ethanol, gasoline and corn; the price of gasoline, crude oil and corn; global political or economic issues, including but not limited to the war in Ukraine including sanctions associated therewith, other global

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conflicts; and domestic and foreign government policies that impact the supply, demand and pricing of corn, crude oil, gasoline, ethanol and other liquid fuels.

Ethanol is marketed as a fuel additive that reduces vehicle emissions, an economical source of octane and, to a lesser extent, as a gasoline substitute through higher blends such as E15 and E85. Consequently, gasoline supply and demand can affect the price of ethanol. Should gasoline prices or demand change significantly, our results of operations could be materially impacted.

Ethanol imports also affect domestic supply and demand. Imported ethanol is not subject to an import tariff under the United States-Mexico-Canada Agreement (USMCA), provided it satisfies the agreement's rules of origin, which are required for preferential tariff treatment. As of early 2025, denatured ethanol for fuel use imported from Brazil and other countries subject to Most Favored Nation treatment is generally subject to a 1.9% ad valorem tariff, while undenatured ethanol is subject to a 2.5% ad valorem tariff. However, a series of executive orders issued in March and April of 2025 have introduced or proposed significant changes to U.S. trade policy, including a baseline 10% tariff on a broad range of imported goods, unless replaced by higher country-specific rates. Additionally, on July 15, 2025, The Office of the U.S. Trade Representative initiated a Section 301 investigation into Brazil's unfair trading practices. While Brazil's tariffs on U.S. ethanol have fluctuated since 2017, they have been set at 18% since January 1, 2024. These developments have created uncertainty around ethanol import pricing and raised the risk of retaliatory trade measures. We continue to monitor potential adjustments to tariff levels or exemptions as trade negotiations evolve. Under the RFS, sugarcane ethanol from Brazil can be used as a means for obligated parties to meet the advanced biofuel standard in addition to state level low-carbon fuel standards. Brazil is also rapidly expanding corn and corn ethanol production, which can have a lower CI score if it is produced from the second crop or "Safrinha" crop, which could be imported into the U.S. or displace our exports elsewhere globally.

*Distillers Grains*. Distillers grains compete with other protein-based animal feed products. Downward pressure on other commodity prices, such as corn, wheat, soybeans, soybean meal, and other feed ingredients, will generally cause the price of competing animal feed products to decline, resulting in downward pressure on the price of distillers grains. Occasionally, the price of distillers grains will lag behind fluctuations in corn or other feedstock prices, lowering our cost recovery percentage. Additionally, exports of distiller grains could be impacted by the enactment of foreign policy, or expanded production of soybean meal or distillers grains elsewhere.

*Natural Gas.* The price and availability of natural gas are subject to volatile market conditions. These market conditions are often affected by factors beyond our control, such as weather, drilling economics, overall economic conditions and government regulations. Significant disruptions in natural gas supply could impair our ability to produce ethanol. Furthermore, increases in natural gas prices or changes in our cost relative to our competitors cannot be passed on to our customers, which may adversely affect our results of operations and financial position.

*Ultra-High Protein.* Our Ultra-High Protein has unique nutritional advantages and a higher protein concentration than soybean meal and can be included in a variety of feed rations in the pet, dairy, swine, poultry and aquaculture industries. As a value-added feed ingredient, quality control is imperative. Demand for feed products and pricing pressure from competing feed products may result in downward pressure on the price of Ultra-High Protein. Reliable production of Ultra-High Protein from both consistent operations of the biorefinery as well as the MSC™ technology is necessary to produce anticipated volumes. Changes in our customers willingness to accept these ingredients, inconsistency in production volumes, quality or downward pressure on prices could result in adverse impact on our business and profitability.

*Renewable Corn Oil.* Renewable corn oil is marketed as a low-carbon feedstock for biofuel production including renewable diesel, biodiesel and currently to a lesser extent, sustainable aviation fuel. The price of renewable corn oil is largely influenced by demand for these fuels, particularly renewable diesel, as well as broader dynamics within the vegetable oil and feedstock markets. They are also impacted by margin dynamics within the renewable diesel industry and the relative pricing and availability of alternative feedstocks, domestic or imported. Expanded demand from the renewable diesel and biodiesel industry due to RVOs, new tax credits included in the IRA, growing LCFS markets in California, Oregon, Washington state or Canada as well as customer acceptance for such fuels could impact renewable corn oil demand. Recent restrictions imposed on imported feedstocks also provide benefits. In general, renewable corn oil prices follow the prices of heating oil and soybean oil but corn oil trades at a premium for its low CI score. Corn oil prices are well supported as a result of current incentives and import restrictions. If the soy complex would come under pressure due to oversupply of soybeans, corn oil prices would also be pressured. Further, if the EPA issues SREs, it could lead to downward pressure on renewable feedstock prices including corn oil.

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*Risks Related to Carbon Capture and Sequestration Projects, Including Operational, Regulatory, and Market Uncertainties*

We have seven facilities committed to carbon capture and sequestration (CCS) projects, including the ongoing construction of carbon capture equipment at three Nebraska locations. While the Summit projects have not commenced, with respect to the three Nebraska projects, they could face a range of risks that could delay, reduce, or suspend carbon capture operations and/or revenue.

While we strive to comply with all federal tax incentive qualification requirements—including prevailing wage and apprenticeship rules—we cannot provide assurance that we will be in compliance at all times or will not incur material costs or liabilities as a result. Moreover, even if operational and technical goals are achieved, the CI reductions we anticipate may not fully materialize. Regulatory CI modeling frameworks may change in ways that are outside our control and could reduce or eliminate the expected benefits of our CCS projects.

Federal policies, such as those enacted under the IRA, may also change. Future modifications could adversely impact corn-based ethanol from accessing key tax incentives, or otherwise reduce potential benefits. In addition, delays in issuing or finalizing regulations, regulations not consistent with industry expectation or the rescission of clean energy or carbon capture tax credits at the federal, state, or international levels, could negatively affect our CCS initiatives.

We are also exposed to risks related to our ability to monetize tax incentives and voluntary carbon credits at values we currently expect, or at all. Uncertainty in tax credit markets, changes in demand, or regulatory shifts could significantly impact the economic returns from our CCS projects. Similarly, developments in the voluntary carbon credit markets, including fluctuating buyer interest, changes in verification standards, or reduced market confidence, could undermine the value of our credits or make monetization infeasible.

Lastly, while much of our current CCS risk relates to facilities under our control, additional risks exist in connection with factors outside of our control such as the supporting infrastructure, including the carbon pipeline and injection wells. Delays in permitting, construction, or operational issues with these components could impair our ability to capture or permanently sequester CO₂, and thereby limit, reduce, or nullify the benefits of our facility-level investments and adversely affect our business, revenue and/or profitability.

*We may not be successful in refinancing, repaying or extending the maturity of our Junior Notes and any such refinancing may not be obtainable on terms favorable to us. If we are not able to refinance the Junior Notes or extend the maturity date of the Junior Notes, they will become classified as current debt.*

The company has $130.7 million of debt under the Junior Notes due on September 15, 2026 and $230.0 million of debt under the unsecured 2.25% convertible senior notes due on March 15, 2027. On or before the maturation of this debt in 2026 and 2027, the company will require substantial additional liquidity to satisfy this debt obligation. The company is currently evaluating strategies to refinance or otherwise obtain the needed additional liquidity to satisfy this obligation, including but not limited to, issuing debt and/or securities, entering into other financing arrangements, selling assets, or other strategic actions. There can be no assurance that the company will be able to execute on these strategies under acceptable terms or at all. If we are unable to refinance or extend the maturity date of the Junior Notes, the Junior Notes will be classified as current debt as of September 15, 2025, and the convertible senior notes will be classified as current debt as of March 15, 2026. The failure to repay the Junior Notes and convertible senior notes promptly following any such reclassification to current debt could result in a going concern qualification with respect to our financial statements.

**Item 2.&nbsp;&nbsp;&nbsp;&nbsp;Unregistered Sales of Equity Securities and Use of Proceeds.** 

The company withholds shares when restricted stock grants are vested to satisfy statutory minimum required payroll tax withholding obligations. The following table lists the shares that were withheld during the second quarter of 2025:

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| | | |
|:---|:---|:---|
| **Period** | **Total Number of <br>Shares Withheld** | **Average Price <br>Paid per Share** |
| April 1 - April 30 | 16538 | $4.13 |
| May 1 - May 31 | 9687 | 4.10 |
| June 1 - June 30 | 3354 | 4.17 |
| &nbsp;&nbsp;&nbsp;Total | 29579 | $4.13 |

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In August 2014 and October 2019, our board of directors authorized a share repurchase program of up to $200 million of our common stock. Under this program, we may repurchase shares in open market transactions, privately negotiated transactions, accelerated buyback programs, tender offers or by other means. The timing and amount of the transactions are determined by management based on its evaluation of market conditions, share price, legal requirements and other factors. The program may be suspended, modified or discontinued at any time, without prior notice. Since inception of the repurchase program, the company has repurchased approximately 7.4 million shares of common stock for approximately $92.8 million under the program. We did not repurchase any shares during the second quarter of 2025.

**Item 3.&nbsp;&nbsp;&nbsp;&nbsp;Defaults Upon Senior Securities.**

None.

**Item 4. Mine Safety Disclosures.**

Not applicable.

**Item 5. Other Information.**

(A) ***First Supplemental Indenture; Second Amended and Restated Warrant Agreements***

On May 7, 2025, Green Plains SPE LLC, as issuer, entered into that certain First Supplemental Indenture (the "First Supplemental Indenture"), dated May 7, 2025, related to Note Purchase Agreement dated February 9, 2021, by Green Plains SPE LLC, as Issuer, Green Plains Inc., as Guarantor and Wilmington Trust, National Association, as Trustee. The First Supplemental Indenture extended the maturity date of the Junior Notes from February 9, 2026 to May 15, 2026 and increased the principal amount outstanding by $2.5 million.

The foregoing description of the First Supplemental Indenture does not purport to be complete. The description of the First Supplemental Indenture herein is qualified by reference to the copy of the First Supplemental Indenture attached as Exhibit 10.4, which is incorporated by reference into this Current Quarterly Report on Form 10-Q in its entirety.

In connection with the entry into the First Supplemental Indenture, the company amended and restated its outstanding warrant agreements with certain funds and accounts under management by BlackRock. The amended and restated warrant agreements modified the exercise price of the warrants to (i) $22.00 per share if certain conditions were met by July 31, 2025 (ii) $7.00 per share if such conditions were not met by July 31, 2025 and extended the exercise period to December 31, 2029. As a result of the company's issuance of warrants to certain affiliates of Ancora, the exercise price of the warrants is now $0.01.

The foregoing description of the second amended and restated warrant agreements do not purport to be complete. The description of the second amended and restated warrant agreements is qualified by reference to the copy of the second amended and restated warrant agreements attached as Exhibits 10.6(a)-10.6(d), which is incorporated by reference into this Current Quarterly Report on Form 10-Q in its entirety.

***Subscription Agreement; Amended and Restated Indenture***

On August 10, 2025, the company amended and restated the indenture covering the Junior Notes with BlackRock to extend the maturity date to September 15, 2026, with an amendment fee of 2.5% to be added to the principal balance of the Junior Notes, payable at the maturity date (the "Amended and Restated Indenture"). The interest rate will increase by 0.5% after the amendment, and by an additional 0.5% each quarter on each scheduled interest payment date, with the next interest payment date being September 15, 2025. In addition to previous assets and equity securities pledged, the Junior Notes are now also secured by the assets and the real property owned by Green Plains Central City, LLC. The Amended and Restated Indenture adds certain financial covenant requirements, including restrictions on additional debt and certain transfer of assets.

The foregoing description of the Amended and Restated Indenture does not purport to be complete. The description of the Amended and Restated Indenture herein is qualified by reference to the copy of the Amended and Restated Indenture attached as Exhibit 10.11 which is incorporated by reference into this Current Quarterly Report on Form 10-Q in its entirety.

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In connection with the Amended and Restated Indenture, the company executed a subscription agreement with certain funds and accounts under management by BlackRock (the "Subscription Agreement") pursuant to which the company agreed to issue, and certain funds and accounts under management by BlackRock purchased, 3,250,000 stock warrants at a strike price of $0.01 per share with a ten year exercise period. The Subscription Agreement contains customary registration, demand, and piggyback rights. The Subscription Agreement also includes the right for such funds and accounts to exchange up to 750,000 warrants issued pursuant to the second amended and restated warrant agreements to be exchanged pro rata for up to $6 million of outstanding principal of Junior Notes. The Subscription Agreement obligates the company to register for resale the shares of common stock underlying warrants issued to BlackRock.

The foregoing description of the Subscription Agreement does not purport to be complete. The description of the Subscription Agreement herein is qualified by reference to the copy of the Subscription Agreement attached as Exhibit 10.12 which is incorporated by reference into this Current Quarterly Report on Form 10-Q in its entirety.

(B) N/A

(C) During the three months ended June 30, 2025, no director or officer of the company adopted, modified or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

**Item 6. Exhibits.**

**Exhibit Index**

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| | |
|:---|:---|
| **Exhibit No.** | **Description of Exhibit** |
| 10.1 | <u>[Cooperation Agreement, dated April 11, 2025, by and between Green Plains Inc. and Ancora Holdings Group, LLC (incorporated herein by reference to Exhibit 10.1 to the company's Current Report on Form 8-K filed on April 15, 2025)](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000063/exhibit101cooperationagree.htm)</u> |
| 10.2 | <u>[Ethanol Marketing Agreement, dated April 16, 2025, by and between Green Plains Trade Group LLC and Eco-Energy, LLC (incorporated herein by reference to Exhibit 10.1 to the company's Current Report on Form 8-K filed on April 22, 2025) (The exhibits to the Marketing Agreement have been omitted. The Company will furnish such exhibits to the SEC upon request.)\*\*](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000066/exhibit101marketingagreeme.htm)</u> |
| 10.3 | <u>[First Amendment to Loan and Security Agreement, dated April 14, 2025, related to Loan and Security Agreement dated March 25, 2022, by and among Green Plains Inc., as Guarantor, Green Plains Finance Company LLC, Green Plains Grain Company LLC and Green Plains Trade Group LLC as the Borrowers, ING Capital LLC, as Agent and the other financial institutions party thereto (incorporated herein by reference to Exhibit 10.7 to the company's](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit107ingamendment.htm)[Quarterly](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit107ingamendment.htm)[Report on Form](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit107ingamendment.htm)[10](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit107ingamendment.htm)[-Q](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit107ingamendment.htm)[filed on](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit107ingamendment.htm)[May](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit107ingamendment.htm)[8](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit107ingamendment.htm)[, 2025) (The exhibits and schedules to Exhibit A have been omitted. The Company will furnish such schedules to the SEC upon request.)](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit107ingamendment.htm)</u> |
| 10.4 | <u>[First Supplemental Indenture, dated May 7, 2025, related to Note Purchase Agreement dated February 9, 2021, by Green Plains SPE LLC, as Issuer, Green Plains Inc., as Guarantor and Wilmington Trust, National Association, as Trustee](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit108blackrockextensi.htm)[(incorporated herein by reference to Exhibit 10.](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit108blackrockextensi.htm)[8](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit108blackrockextensi.htm)[to the company's Quarterly Report on Form 10-Q filed on May 8, 2025)](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit108blackrockextensi.htm)</u> |
| 10.5 | <u>[Guarantee Agreement, dated as of May 7, 2025, between Green Plains SPE LLC, as Issuer, Green Plains Inc., as Guarantor, each of the entities listed on Exhibit A as Additional Guarantors, and Wilmington Trust, National Association, as Trustee, under the Indenture, dated as of February 9, 2021, as amended by Amendment No. 1 dated May 13, 2022 and as supplemented by the first supplemental indenture, dated May 7, 2025](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit109blackrockguaranty.htm)[(incorporated herein by reference to Exhibit 10.](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit109blackrockguaranty.htm)[9](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit109blackrockguaranty.htm)[to the company's Quarterly Report on Form 10-Q filed on May 8, 2025)](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit109blackrockguaranty.htm)</u> |
| 10.6(a) | <u>[Second Amended and Restated Warrant Agreement to Purchase Common Stock of Green Plains Inc., dated May 7, 2025, by and between Green Plains Inc. and BlackRock Global Allocation Fund, Inc.](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit1010ablackrockwarra.htm)[(incorporated herein by reference to Exhibit 10.](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit1010ablackrockwarra.htm)[10](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit1010ablackrockwarra.htm)[(a)](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit1010ablackrockwarra.htm)[to the company's Quarterly Report on Form 10-Q filed on May 8, 2025)](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit1010ablackrockwarra.htm)</u> |
| 10.6(b) | <u>[Second Amended and Restated Warrant Agreement to Purchase Common Stock of Green Plains Inc., dated May 7, 2025, by and between Green Plains Inc. and BlackRock Global Allocation Collective Fund](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit1010bblackrockwarra.htm)[(incorporated herein by reference to Exhibit 10.](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit1010bblackrockwarra.htm)[10(b)](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit1010bblackrockwarra.htm)[to the company's Quarterly Report on Form 10-Q filed on May 8, 2025)](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit1010bblackrockwarra.htm)</u> |
| 10.6(c) | <u>[Second Amended and Restated Warrant Agreement to Purchase Common Stock of Green Plains Inc., dated May 7, 2025, by and between Green Plains Inc. and BlackRock Total Return Bond Fund](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit1010cblackrockwarra.htm)[(incorporated herein by reference to Exhibit 10.](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit1010cblackrockwarra.htm)[10(c)](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit1010cblackrockwarra.htm)[to the company's Quarterly Report on Form 10-Q filed on May 8, 2025)](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit1010cblackrockwarra.htm)</u> |

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<u>[Table of](#i0cf02f497eee4885890a470ddfbcd764_7)[Contents](#i0cf02f497eee4885890a470ddfbcd764_7)</u>

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| | |
|:---|:---|
| 10.6(d) | <u>[Second Amended and Restated Warrant Agreement to Purchase Common Stock of Green Plains Inc., dated May 7, 2025, by and between Green Plains Inc. and Strategic Income Opportunities Bond Fund](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit1010dblackrockwarra.htm)[(incorporated herein by reference to Exhibit 10.](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit1010dblackrockwarra.htm)[10(d](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit1010dblackrockwarra.htm)[)](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit1010dblackrockwarra.htm)[to the company's Quarterly Report on Form 10-Q filed on May 8, 2025)](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit1010dblackrockwarra.htm)</u> |
| 10.7 | <u>[Secured Line of Credit Agreement, dated May 7, 2025 by Green Plains Inc., as Borrower, Green Plains Central City LLC, as Guarantor and Ancora Alternatives LLC, as Lender](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit1011ancoraloc.htm)[(incorporated herein by reference to Exhibit 10.](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit1011ancoraloc.htm)[11](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit1011ancoraloc.htm)[to the company's Quarterly Report on Form 10-Q filed on May 8, 2025)](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit1011ancoraloc.htm)</u> |
| 10.8(a) | <u>[Warrant Agreement to Purchase Common Stock of Green Plains Inc., dated May 7, 2025, by and between Green Plains Inc. and Ancora Catalyst Institutional, LP](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit1012aancorawarrant-.htm)[(incorporated herein by reference to Exhibit 10.](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit1012aancorawarrant-.htm)[12(a)](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit1012aancorawarrant-.htm)[to the company's Quarterly Report on Form 10-Q filed on May 8, 2025)](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit1012aancorawarrant-.htm)</u> |
| 10.8(b) | <u>[Warrant Agreement to Purchase Common Stock of Green Plains Inc., dated May 7, 2025, by and between Green Plains Inc. and Ancora Catalyst, LP](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit1012bancorawarrant-.htm)[(incorporated herein by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit1012bancorawarrant-.htm)[10.12(b)](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit1012bancorawarrant-.htm)[to the company's Quarterly Report on Form 10-Q filed on May 8, 2025)](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit1012bancorawarrant-.htm)</u> |
| 10.8(c) | <u>[Warrant Agreement to Purchase Common Stock of Green Plains Inc., dated May 7, 2025, by and between Green Plains Inc. and Ancora Merlin Institutional, LP](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit1012cancorawarrant-.htm)[(incorporated herein by reference to Exhibit 10.](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit1012cancorawarrant-.htm)[12(c)](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit1012cancorawarrant-.htm)[to the company's Quarterly Report on Form 10-Q filed on May 8, 2025)](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit1012cancorawarrant-.htm)</u> |
| 10.8(d) | <u>[Warrant Agreement to Purchase Common Stock of Green Plains Inc., dated May 7, 2025, by and between Green Plains Inc. and Ancora Merlin, LP](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit1012dancorawarrant-.htm)[(incorporated herein by reference to Exhibit 10.](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit1012dancorawarrant-.htm)[12(d)](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit1012dancorawarrant-.htm)[to the company's Quarterly Report on Form 10-Q filed on May 8, 2025)](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit1012dancorawarrant-.htm)</u> |
| 10.8(e) | <u>[Warrant Agreement to Purchase Common Stock of Green Plains Inc., dated May 7, 2025, by and between Green Plains Inc. and Ancora Bellator Fund, LP](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit1012eancorawarrant-.htm)[(incorporated herein by reference to Exhibit 10.](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit1012eancorawarrant-.htm)[12(e](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit1012eancorawarrant-.htm)[)](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit1012eancorawarrant-.htm)[to the company's Quarterly Report on Form 10-Q filed on May 8, 2025)](https://www.sec.gov/Archives/edgar/data/1309402/000130940225000089/exhibit1012eancorawarrant-.htm)</u> |
| 10.9 | <u>[Fourth](exhibit109-fourthamendment.htm)[Amendment to Revolving Credit Facility, dated as of](exhibit109-fourthamendment.htm)[June 18, 2025](exhibit109-fourthamendment.htm)[, by and among Green Plains Commodity Management LLC, Macquarie Bank Limited and Macquarie Futures USA LLC](exhibit109-fourthamendment.htm)</u> |
| 10.10 | <u>[Sale, Assignment and Assumption Agreement](exhibit1010-saleassignment.htm)[,](exhibit1010-saleassignment.htm)[dated June 3](exhibit1010-saleassignment.htm)[0, 2025,](exhibit1010-saleassignment.htm)[by and between Green Plains Turnkey I LLC](exhibit1010-saleassignment.htm)[and Tharaldson Ethanol Plant I, LLC](exhibit1010-saleassignment.htm)</u> |
| 10.11 | <u>[Amended and Restated Indenture, dated](exhibit1011-amendedandrest.htm)[August 10](exhibit1011-amendedandrest.htm)[, 2025, related to Note Purchase Agreement dated February 9, 2021, by Green Plains SPE LLC, as Issuer, Green Plains Inc., as Guarantor and Wilmington](exhibit1011-amendedandrest.htm)[Trust, National Association, as Trustee](exhibit1011-amendedandrest.htm)</u> |
| 10.12 | <u>[Subscription Agreement, dated August 10, 2025, by and between Green Plains Inc., BlackRock Global Allocation Fund, Inc., BlackRock Global Allocation Collective Fund, BlackRock Total Return Bond Fund, and Strategic Income Opportunities Bond Fund (The schedules and exhibits have been omitted. The](exhibit1012-subscriptionag.htm)[c](exhibit1012-subscriptionag.htm)[ompany will furnish such schedules to the SEC upon request.)](exhibit1012-subscriptionag.htm)</u> |
| 10.13 | <u>[Pledge and Security Agreement dated](exhibit1013-pledgeandsecur.htm)[August 10, 2025](exhibit1013-pledgeandsecur.htm)[by and among Green Plains](exhibit1013-pledgeandsecur.htm)[Inc. and](exhibit1013-pledgeandsecur.htm)[its subsidiaries](exhibit1013-pledgeandsecur.htm)[,](exhibit1013-pledgeandsecur.htm)[individually and/or collectively](exhibit1013-pledgeandsecur.htm)[as the Pledgor, in favor of Wilmington Trust, National Association, as Trustee](exhibit1013-pledgeandsecur.htm)[(The schedules](exhibit1013-pledgeandsecur.htm)[and exhibits](exhibit1013-pledgeandsecur.htm)[to the Pledge and Security Agreement have been omitted. The](exhibit1013-pledgeandsecur.htm)[c](exhibit1013-pledgeandsecur.htm)[ompany will furnish such schedules](exhibit1013-pledgeandsecur.htm)[exhibits](exhibit1013-pledgeandsecur.htm)[to the SEC upon request.)](exhibit1013-pledgeandsecur.htm)</u> |
| 10.14 | <u>[Am](exhibit1014-amendedpledgea.htm)[ended and](exhibit1014-amendedpledgea.htm)[Restated](exhibit1014-amendedpledgea.htm)[Pledge and Security Agreement dated](exhibit1014-amendedpledgea.htm)[August 10, 2025](exhibit1014-amendedpledgea.htm)[by and among Green Plains SPE LLC, as the Pledgor, in favor of Wilmington Trust, National Association, as Trustee](exhibit1014-amendedpledgea.htm)[(The schedules](exhibit1014-amendedpledgea.htm)[and exhibits](exhibit1014-amendedpledgea.htm)[to the](exhibit1014-amendedpledgea.htm)[Amended and](exhibit1014-amendedpledgea.htm)[Restated](exhibit1014-amendedpledgea.htm)[Pledge and Security Agreement have been omitted. The](exhibit1014-amendedpledgea.htm)[c](exhibit1014-amendedpledgea.htm)[ompany will furnish such schedules](exhibit1014-amendedpledgea.htm)[and exhibits](exhibit1014-amendedpledgea.htm)[to the SEC upon request.)](exhibit1014-amendedpledgea.htm)</u> |
| 10.15 | <u>[Pledge and Security Agreement dated](exhibit1015-capturecopledg.htm)[August 10, 2025](exhibit1015-capturecopledg.htm)[by and among Green Plains](exhibit1015-capturecopledg.htm)[York Capture Company](exhibit1015-capturecopledg.htm)[LLC,](exhibit1015-capturecopledg.htm)[Green Plains](exhibit1015-capturecopledg.htm)[Woo](exhibit1015-capturecopledg.htm)[d River](exhibit1015-capturecopledg.htm)[Capture Company LLC](exhibit1015-capturecopledg.htm)[and](exhibit1015-capturecopledg.htm)[Green Plains](exhibit1015-capturecopledg.htm)[Ce](exhibit1015-capturecopledg.htm)[ntral City](exhibit1015-capturecopledg.htm)[Capture Company LLC](exhibit1015-capturecopledg.htm)[individually and](exhibit1015-capturecopledg.htm)[/or collectively](exhibit1015-capturecopledg.htm)[as the Pledgor, in favor of Wilmington Trust, National Association, as Trustee](exhibit1015-capturecopledg.htm)[(The schedules](exhibit1015-capturecopledg.htm)[and exhibits](exhibit1015-capturecopledg.htm)[to the Pledge and Security Agreement have been omitted. The](exhibit1015-capturecopledg.htm)[c](exhibit1015-capturecopledg.htm)[ompany will furnish such schedules](exhibit1015-capturecopledg.htm)[and exhibits](exhibit1015-capturecopledg.htm)[to the SEC upon request.)](exhibit1015-capturecopledg.htm)</u> |
| 10.16(a) | <u>[Warrant Agreement to Purchase Common Stock of Green Plains Inc., dated August 10, 2025, by and between Green Plains Inc. and BlackRock Global Allocation Fund, Inc. (The exhibits have been omitted. The company will furnish such exhibits to the SEC upon request.)](exhibit1016a-warrantagreem.htm)</u> |
| 10.16(b) | <u>[Warrant Agreement to Purchase Common Stock of Green Plains Inc., dated August 10, 2025, by and between Green Plains Inc. and BlackRock Global Allocation Collective Fund (The exhibits have been omitted. The company will furnish such exhibits to the SEC upon request.)](exhibit1016b-warrantagreem.htm)</u> |
| 10.16(c) | <u>[Warrant Agreement to Purchase Common Stock of Green Plains Inc., dated August 10, 2025, by and between Green Plains Inc. and Strategic Income Opportunities Bond Fund (The exhibits have been omitted. The company will furnish such exhibits to the SEC upon request.)](exhibit1016c-warrantagreem.htm)</u> |
| 10.16(d) | <u>[Warrant Agreement to Purchase Common Stock of Green Plains Inc., dated August 10, 2025, by and between Green Plains Inc. and BlackRock Total Return Bond Fund (The exhibits have been omitted. The company will furnish such exhibits to the SEC upon request.)](exhibit1016d-warantagreeme.htm)</u> |

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<u>[Table of](#i0cf02f497eee4885890a470ddfbcd764_7)[Contents](#i0cf02f497eee4885890a470ddfbcd764_7)</u>

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| | |
|:---|:---|
| 31.1 | <u>[Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and Section 302 of the Sarbanes-Oxley Act of 2002](exhibit311-q22025.htm)</u> |
| 31.2 | <u>[Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and Section 302 of the Sarbanes-Oxley Act of 2002](exhibit312-q22025.htm)</u> |
| 32.1 | <u>[Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](exhibit321-q22025.htm)</u> |
| 32.2 | <u>[Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](exhibit322-q22025.htm)</u> |
| 101 | The following information from Green Plains Inc.'s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Loss, (iv) Consolidated Statements of Cash Flows, and (v) the Notes to Consolidated Financial Statements |
| 104 | The cover page from Green Plains Inc.'s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025, formatted in iXBRL. |
| \*\* | Certain provisions and terms of the exhibit have been redacted in accordance with Item 601(b)(2)(ii) of Regulation S-K because the Company customarily and actually treats that information as private or confidential, and the omitted information is not material. The Company will supplementally provide an unredacted copy of this exhibit to the SEC upon request. |

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<u>[Table of](#i0cf02f497eee4885890a470ddfbcd764_7)[Contents](#i0cf02f497eee4885890a470ddfbcd764_7)</u>

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| | **GREEN PLAINS INC.** | **GREEN PLAINS INC.** |
| | (Registrant) | (Registrant) |
| Date: August 11, 2025 | By: | */s/ Michelle S. Mapes* |
|  |  | Michelle S. Mapes |
|  |  | Interim Principal Executive Officer, Chief Legal and Administration Officer and Corporate Secretary |
|  |  | (Principal Executive Officer) |
| Date: August 11, 2025 | By: | */s/ Philip B. Boggs* |
|  |  | Philip B. Boggs |
|  |  | Chief Financial Officer |
|  |  | (Principal Financial Officer) |

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## Exhibit 10.9

Exhibit 10.9

Green Plains Commodity Management LLC&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; June 18, 2025

Attn: EVP of Risk

1811 Aksarben Dr.

Omaha, NE 68106

Facsimile: (402) 952-4916

<u>Fourth Amendment to Credit Facility</u> 

Dear Sir/Madam,

Macquarie Bank Limited ("<u>MBL</u>"), Macquarie Futures USA LLC ("<u>MFUSA</u>"), and Green Plains Commodity Management LLC ("<u>Borrower</u>") are parties to an agreement dated as of April 30, 2018 and amended as of June 18, 2019, November 24, 2021 and February 20, 2022 (as amended, restated or otherwise modified from time to time, the "<u>Agreement</u>") pursuant to which MBL may, in its sole discretion, from time to time, provide a revolving credit facility to Borrower.

WHEREAS, MBL, MFUSA and Borrower (the "<u>Parties</u>") desire to amend the Agreement to decrease the amount of the Guaranty.

NOW THEREFORE, in consideration of the foregoing premises and the mutual covenants set forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

Section III A. is deleted and replaced with the following:

"A. In any date, the aggregate outstanding principal amount of all Advances made by MBL to Borrower hereunder (together with accrued and unpaid interest thereon) shall not exceed TWENTY MILLION United States Dollars (US$20,000,000.00)".

Borrower represents and warrants that it is in compliance with all representations, warranties, covenants and requirements contained in the Agreement and the Customer Agreement as of the date of this Amendment. Borrower acknowledges and ratifies the existence of the security interest granted by Borrower in favor of MBL pursuant to the Agreement. Except as expressly provided herein, all of the representations, warranties, terms, covenants, conditions and other provisions of the Agreement shall remain in full force and effect in accordance with their terms and are in all respects hereby ratified and confirmed. The amendments set forth herein shall be limited precisely as provided for herein to the provisions expressly amended hereby and shall not be deemed to be an amendment of or modification of any other term or provision of the Agreement or

------

of any transaction. Capitalized terms used in this agreement and not otherwise defined herein will have the meaning given to them in the Agreement.

This Amendment shall be construed in accordance with and governed by the laws of the State of New York without reference to its choice of law doctrine. Each party waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in respect of any suit, action or proceeding relating to this agreement. Each party irrevocably submits to the exclusive jurisdiction of the U.S. Federal and New York State courts located in the Borough of Manhattan in New York City, New York in connection with any action, suit or proceeding arising out of or related to this Amendment, and hereby waives the right to object to the venue of any such action, suit or proceeding in any such courts. This agreement may be executed in a number of counterparts and all those counterparts taken together will constitute one and the same agreement.

Yours sincerely,

**MACQUARIE BANK LIMITED**

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Lizzy Dexter&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;<u>Lizzy Dexter&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Title:&nbsp;&nbsp;&nbsp;&nbsp;<u>Managing Director&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Philippa Rowe&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: <u>Philippa Rowe&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Title:&nbsp;&nbsp;&nbsp;&nbsp;<u>Associate Director&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

ACCEPTED AND AGREED:

**GREEN PLAINS COMMODITY MANAGEMENT LLC**

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Will Joekel&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: <u>Will Joekel&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Title:&nbsp;&nbsp;&nbsp;&nbsp;<u>VP & Treasurer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

[Additional signature page follows]

------

**MACQUARIE FUTURES USA LLC**

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Alasdair McBarnet&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;<u>Alasdair McBarnet&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Title:&nbsp;&nbsp;&nbsp;&nbsp;<u>President&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Phyllis Liebmann&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: <u>Phyllis Liebmann&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Title:&nbsp;&nbsp;&nbsp;&nbsp;<u>Associate Director&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

## Exhibit 10.10

Exhibit 10.10

<u>SALE, ASSIGNMENT AND ASSUMPTION AGREEMENT</u>

This SALE, ASSIGNMENT AND ASSUMPTION AGREEMENT (this "<u>Agreement</u>"), dated as of June 30, 2025 (the "<u>Effective Date</u>"), is executed and delivered by and between Green Plains Turnkey I LLC (the "<u>Assignor</u>") and Tharaldson Ethanol Plant I, LLC (the "<u>Assignee</u>").

WHEREAS, the Assignor and the Assignee entered into that certain Limited Liability Company Agreement, dated as of June 30, 2021 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>LLC Agreement</u>") of GP Turnkey Tharaldson LLC (the "<u>Company</u>") and are the only Members of the Company. Capitalized terms used without definition in this Agreement shall have the meanings given therefor in the LLC Agreement;

WHEREAS, the Assignor desires to sell, assign and transfer 100% of its right, title and interest in and to its membership interest in the Company (collectively, the "<u>Interest</u>") to the Assignee (the "<u>Assignment</u>"); and

WHEREAS, the Assignee wishes to purchase and acquire the Interest and to become the sole Member of the Company.

NOW, THEREFORE, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Assignment of Units</u>. The Assignor hereby sells, assigns and transfers to the Assignee, and the Assignee hereby purchases and accepts from the Assignor, in accordance with the terms of the LLC Agreement and this Agreement and in exchange for a purchase price payable in cash equal to Twenty-Five Million Dollars ($25,000,000) (the "<u>Purchase Price</u>"), 100% of the Assignor's right, title and interest in and to the Interest, free and clear of any claims, pledges, liens or other encumbrances. Assignor shall execute an Assignment Separate from Certificate in the form attached as <u>Exhibit A</u> to reflect such transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Payments</u>. The Purchase Price shall be paid by the Assignee to the Assignor as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Twenty-Three Million Five Hundred Thousand Dollars ($23,500,000) shall be paid by wire transfer in immediately available US dollars to an account of the Assignor designated in writing to the Assignee on or before July 7, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Assignee shall withhold the amount of One Million Five Hundred Thousand Dollars ($1,500,000) (the "<u>Holdback</u>") pending completion of the final work described on <u>Exhibit B</u> (the "<u>Final Work</u>"). The Holdback shall be used by Assignee to pay Assignor's 50% portion of any and all invoices, costs, and other expenses associated with the Final Work. Upon completion of the Final Work to the reasonable satisfaction of Assignee, Assignee shall pay so much of the Holdback as remains to Assignor by wire transfer in immediately available US Dollars to an account of the Assignor designated in writing. In the event that the cost of the Final Work exceeds the Holdback, Assignor shall pay to Assignee the amount of such difference (the "<u>Shortfall Amount</u>") within 5 days of written notice thereof, with supporting documentation of such Shortfall Amount, as

&nbsp;&nbsp;&nbsp;&nbsp;

------

reasonably requested by Assignor and Assignor has the right to audit any Holdback and/or Shortfall Amount, with which Assignee will reasonably cooperate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Assignee shall be entitled to deduct and withhold from the Purchase Price otherwise payable pursuant to this Agreement such amounts as it is required to deduct and withhold with respect to the making of such payment under the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"), or any other applicable state, local or foreign tax law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The parties further agree that the Holdback shall be settled up with the balance paid to Assignor no later than September 30, 2025. The Holdback may only be used for covering the Assignor's 50% share of net June 2025 operating expense after taking into account available cash, and Assignor's 50% share of Final Work. Any other punch list work may only be paid for by the Holdback in the event Assignor agrees in writing, and punch list work that the parties agree to that falls within the scope of project costs and outside the scope of Final Work may be paid directly by Assignor to Fluid Quip Technologies, LLC (FQT), Assignor's affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) FQT shall be responsible to execute on the Final Work whereby FQT (a) shall be obligated to advise if there is a greater than 10% deviation on any particular work on the Final Work list; and (b) shall finish such Final Work no later than September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Effect of Transfer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Upon the execution and delivery of this Agreement to the Company, the Assignor shall be released from any further obligations with respect to the Interest; *provided that* any and all obligations related to Section 12.1 of the LLC Agreement and the confidentiality of the Company's Confidential Information (as defined in the LLC Agreement) shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Assignee hereby agrees that Assignor shall have no liability for any ongoing expenses, payments, or liabilities arising out of or related to the Company from and after the Effective Date, other than its obligation to pay for any Shortfall Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Representations, Warranties and Additional Covenants of the Assignee</u>. The Assignee hereby represents, warrants and covenants the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Assignee is a limited liability company duly organized and validly existing and in good standing under the laws of the State of Delaware. The Assignee has all requisite power and authority to execute and deliver this Agreement, to perform its obligations hereunder and to purchase and acquire the Interest. The Assignment and the execution, delivery and performance of this Agreement have been authorized by all necessary action on the Assignee's behalf. This Agreement and each other document contemplated herein has been duly executed and delivered by the Assignee and is a legal, valid and binding obligation of the Assignee, enforceable against the Assignee in accordance with its terms, subject only to laws relating to insolvency and creditor's right.

&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Assignment and the execution and delivery of this Agreement and each document contemplated herein, the consummation of the transactions contemplated hereby and the performance of the Assignee's obligations hereunder do not and will not conflict with, or result in any violation of or default under, any provision of any certificate of incorporation, memorandum and articles of association, by-laws, trust agreement, partnership agreement or other organizational or governing instrument applicable to the Assignee, any agreement or other instrument to which the Assignee is a party or by which the Assignee or any of its properties are bound, or any permit, franchise, judgment, decree, statute, order, rule or regulation applicable to the Assignee or its business or its properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Assignee is not, nor is any affiliate of the Assignee, a Prohibited Person (as defined below) and to the extent the Assignee is acting as agent or nominee for any person in connection with this Agreement, (i) it has carried out due diligence to establish the identities of such beneficial owners and (ii) based on such due diligence, the Assignee reasonably believes that no such beneficial owners are Prohibited Persons.

"<u>Prohibited Persons</u>" means (i) persons, entities or organizations listed in Executive Order No. 13224 (September 23, 2001, Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit or Support Terrorism) and any related legislation or similar Executive Orders (ii) persons, entities or organizations named on the List of Specially Designated Nationals and Blocked Persons maintained by the Office of Foreign Assets Control ("<u>OFAC</u>"), Department of Treasury, as such list may be amended from time to time, or any similar list maintained or administered by OFAC, (iii) any senior foreign political figure, and member of a senior foreign political figure's immediate family or any close associate of a senior foreign political figure, unless the Company after being specifically notified by the Assignee in writing that it is such a person, entity or organization, conducts further due diligence, and determines that the relationship between such person and the Assignee does not affect the operations of the Company, or (iv) any foreign bank which does not have physical presence in any country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Assignee is a United States person within the meaning of Section 7701 of the Code (i.e., is not any of the following (as defined in the Code): a nonresident alien individual, foreign partnership, foreign corporation, foreign estate, foreign trust, other foreign entity or organization, or grantor trust having a foreign person as an owner) and shall deliver to the Company a duly executed and completed Form W-9 simultaneously with its execution of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Neither the execution of this Agreement nor the consummation of the transactions contemplated hereby is a non-exempt "prohibited transaction" within the meaning of Section 406 of ERISA or Section 4975 of the Code, whether as a result of the application of ERISA Section 408(b)(17) or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Representations and Warranties of the Assignor</u>. The Assignor hereby represents and warrants the following:

&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Assignor is a limited liability company duly organized and validly existing and in good standing under the laws of the State of Delaware. The Assignor has all the requisite power and authority to execute and deliver this Agreement, to perform its obligations hereunder and to transfer the Shares which it owns beneficially and of record. The Assignment and the execution, delivery and performance of this Agreement have been authorized by all necessary action on the Assignor's behalf. This Agreement has been duly executed and delivered by the Assignor, and is a legal, valid and binding obligation of the Assignor, enforceable against the Assignor in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Assignment and the execution and delivery of this Agreement, the consummation of the transactions contemplated hereby and the performance of the Assignor's obligations hereunder do not and will not conflict with, or result in any violation of or default under, any provision of any certificate of incorporation, memorandum and articles of association, by-laws, trust agreement, partnership agreement or other organizational or governing instrument applicable to the Assignor, any agreement or other instrument to which the Assignor is a party or by which the Assignor or any of its properties are bound, or any permit, franchise, judgment, decree, statute, order, rule or regulation applicable to the Assignor or its business or its properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Assignor owns the Interest, and upon the Assignment the Interest will vest in the Assignee, free and clear of any claims, pledges, liens or other encumbrances. The Assignor has complied in full with all of its obligations under the LLC Agreement and is not in default under any provision of the LLC Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Assignor is not, nor is any affiliate of the Assignor, a Prohibited Person and to the extent the Assignor is acting as agent or nominee for any person in connection with this Agreement, (i) it has carried out due diligence to establish the identities of such beneficial owners and (ii) based on such due diligence, the Assignor reasonably believes that no such beneficial owners are Prohibited Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Assignor is a United States person within the meaning of Section 7701 of the Code (i.e., is not any of the following (as defined in the Code): a nonresident alien individual, foreign partnership, foreign corporation, foreign estate, foreign trust, other foreign entity or organization, or grantor trust having a foreign person as an owner) and shall deliver to the Company and the Assignee a duly executed and completed Form W-9 simultaneously with its execution of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Assignor is not aware of any contracts entered into by the Company other than those certain contracts to be terminated that are set forth in Section 6 hereof, and the Assignor has not entered into any other contracts or agreed to any obligation on behalf of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Representations, Warranties and Covenants of the Assignee and the Assignor</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Assignee and the Assignor hereby severally (each with respect to itself and not with respect to each other) and not jointly represents and warrants that the Assignment is a "Permitted Transfer" in accordance with Section 8.3 of the LLC Agreement and the Assignment and admission of the Assignee as a member of the Company with respect to the Interest is being made in accordance with the LLC Agreement and applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Assignee and the Assignor hereby severally (each with respect to itself and not with respect to each other) and not jointly represents and warrants the that neither it, or its respective officers, directors and employees, or anyone for whose acts or defaults it is liable or anyone authorized to act on behalf of any of them, shall make any payments in violation of applicable law in connection with or in any way relating to or affecting this Agreement or the Interest. The Assignee and the Assignor acknowledge that the applicable laws of the United States prohibit any direct or indirect payment of money or anything of value to any Governmental Official, international organization, political party, party official or candidate for political office for the purpose of obtaining, retaining or directing business, or securing an improper advantage. The Assignee and the Assignor severally (each with respect to itself and not with respect to each other) and not jointly represents and warrants to the other that in the performance of its obligations under this Agreement or otherwise in connection with this Agreement it has not made, and agrees that it will not make, any such prohibited payments. The term "Governmental Official" includes any employee, agent or representative of a non-U.S. government (including national, local and municipal government divisions, agencies and departments) or a non-U.S. state-owned or state-controlled enterprise, regardless of rank or position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Assignee and the Assignor hereby severally (each with respect to itself and not with respect to each other) and not jointly represents and warrants each to the other that there are no fees or commissions due to any brokers as the result of such parties' actions by reason of the execution or performance of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Assignor, on the one hand, and the Assignee, on the other hand, shall share equally any filing fees and other reasonable fees and expenses of the Company in connection with the Assignment and the Assignee becoming a member of the Company with respect to the Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Assignor hereby agrees to use commercially reasonable efforts to promptly prepare and file a copy of a partial year U.S. federal income tax return and any applicable state income tax returns for the Company for the period commencing January 1, 2025 and ending on May 31, 2025, copies of which will be promptly provided to the Assignee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Assignor hereby agrees to deliver to the Assignee (i) all accounting records, tax returns, invoices and other books and business records in its possession relating to the Company and (ii) all plans, proposals, surveys and reports in its possession relating to feed mill design, development, construction and operations at the Company property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Effective Date</u>. This Agreement shall become effective as of the close of business on the Effective Date after all of the following shall have occurred:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the execution and delivery of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the signing of that certain Product Offtake Agreement, dated June 30, 2021, Green Plains Trade Group LLC and the Company acknowledging termination of such agreement effective August 31, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the termination of that certain ROFR Agreement, dated June 30, 2021, as amended on June 28, 2022, between Green Plains Inc., Tharaldson Motels II, Inc., as the sole member of Tharaldson Ethanol Plant I, LLC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the termination of that certain Project Management Agreement, dated June 30, 2021, between Green Plains Turnkey I LLC and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Amendments and Waivers</u>. This Agreement may be amended only with the written consent of the Assignor and the Assignee. No provision of this Agreement shall be deemed to have been waived unless such waiver is given in writing, and no such waiver shall be deemed to be a waiver of any other or further obligation or liability of the other party or parties in whose favor such waiver was given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.<u>Governing Law and Venue</u>. THIS AGREEMENT IS GOVERNED BY AND SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE (EXCLUDING ITS CONFLICT OF LAW RULES).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<u>Survival of Representations and Warranties</u>. All representations, warranties and covenants contained herein or made in writing by or on behalf of the Assignor and the Assignee in connection with the transactions contemplated by this Agreement (i) shall survive the execution and delivery of this Agreement and any investigation at any time made by or on behalf of the Company, the Assignor or the Assignee and (ii) are understood to be relied upon by the Company and shall survive indefinitely, and the Assignee agrees to promptly notify the Company in writing if any of the foregoing representations and warranties shall no longer be true and correct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.<u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Assignor shall and hereby does indemnify and hold harmless the Company and Assignee from and against any and all liabilities, costs and damages relating to or arising out of any breach of any representation, warranty or covenant made by the Assignor in this Agreement, except for liabilities, costs and damages relating to or arising out of the bad faith, gross negligence or willful misconduct of the Company. The Assignor hereby further releases and discharges the Assignee and its directors, officers, partners, members, agents, representatives and advisors from any and all claims, demands, suits, causes of action, liabilities, obligations, judgments, orders, debts, liens and causes of action of every kind and nature, whether known or unknown, vested or contingent, in law or equity, existing by statute, common law, contract or otherwise, which have existed, may exist in the future or do exist now (collectively, "<u>Liabilities</u>"), relating to or arising out of the Company. Assignor further agrees to indemnify Assignee and the Company from and against the Shortfall Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Assignee shall and hereby does indemnify and hold harmless Assignor from and against any and all liabilities, costs and damages relating to or arising out of the Assignment or any breach of any representation, warranty or covenant made by the Assignee in this Agreement, except for liabilities, costs and damages relating to or arising out of the bad faith, gross negligence or willful misconduct of the Company. The Assignee hereby further releases and discharges the Assignor and its directors, officers, partners, members, agents, representatives and advisors from any and all Liabilities relating to or arising out of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.<u>Successors and Assigns</u>. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective successors and permitted assigns of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.<u>Third-Party Beneficiary</u>. The Company is an intended third-party beneficiary of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.<u>Notices</u>. Any and all notices, consents, approvals, offers, elections, demands, requests and other communications required or permitted under this Agreement (each a "<u>Notice</u>") shall be deemed adequately given only if in writing and the same shall be delivered either in hand or by mail or FedEx, or similar expedited commercial carrier, addressed to the recipient of the Notice, postpaid and registered or certified with return receipt requested (if by mail), or with all freight charges prepaid (if by FedEx or similar carrier).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All communications to be sent hereunder shall be deemed to have been given for all purposes of this Agreement upon the date of receipt or refusal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)All Notices shall be addressed:

If to the Assignor, to:

Green Plains Turnkey I LLC

Attn: Chief Legal & Administration Officer

1811 Aksarben Drive

Omaha, NE 68106

Email: michelle.mapes@gpreinc.com

If to the Assignee, to:

Tharaldson Ethanol Plant I, LLC

153<sup>rd</sup> Ave SE

Casselton, ND 58012

Email: <u>rcarter@tharaldsonethanol.com</u>

And copy (which will not constitute notice) to:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Fredrikson & Byron P.A.

Attn: Michael S. Raum

51 Broadway, Suite 400

Fargo, ND 58103

<u>mraum@fredlaw.com</u>

&nbsp;&nbsp;&nbsp;&nbsp;

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By giving the other parties Notice thereof, the parties hereto and their respective successors and assigns shall have the right from time to time, and at any time during the term of this Agreement, to change their respective addresses, effective upon receipt by the other parties of such Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.<u>Entire Agreement</u>. This Agreement contains the entire agreement of the parties with respect to the Assignment, and there are no representations, covenants or other agreements except as stated or referred to herein or therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.<u>Counterparts</u>. This Agreement may be executed in one or more counterparts, including portable document format (PDF) and electronic counterparts, each of which shall be deemed an original and all of which taken together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.<u>LLC Agreement.</u> Except to the extent otherwise expressly set forth in this Agreement, the provisions of this Agreement shall not be deemed to modify or amend the provisions of the LLC Agreement, other than with respect to the substitution of the transferred Interest herein. All other terms of the LLC Agreement remain in full force and effect.

*[Remainder of page intentionally left blank]*

&nbsp;&nbsp;&nbsp;&nbsp;

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The parties hereto have caused this Agreement to be duly executed as of the day and year first above set forth.

ASSIGNOR:

GREEN PLAINS TURNKEY I LLC

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Imre Havasi&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;<u>Imre Havasi&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Title:&nbsp;&nbsp;&nbsp;&nbsp;<u>SVP & Head of Trading & Commercial Operations&nbsp;&nbsp;&nbsp;&nbsp;</u>

ASSIGNEE:

THARALDSON ETHANOL PLANT I, LLC

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Ryan Carter&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;<u>Ryan Carter&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Title:&nbsp;&nbsp;&nbsp;&nbsp;<u>COO&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

With respect to Section 2(e) only:

FLUID QUIP TECHNOLOGIES, LLC

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Michelle Mapes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;<u>Michelle Mapes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Title:&nbsp;&nbsp;&nbsp;&nbsp;<u>Chief Legal & Administration Officer&nbsp;&nbsp;&nbsp;&nbsp;</u>

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**<u>ASSIGNMENT SEPARATE FROM CERTIFICATE</u>**

FOR VALUE RECEIVED and effective as of June 30, 2025, Green Plains Turnkey I LLC (the "<u>Assignor</u>") hereby assigns and transfer unto Tharaldson Ethanol Plant I, LLC all of its right, title, and interest and to its membership interest in and to GP Turnkey Tharaldson LLC (the "<u>Company</u>"), standing in its name on the books of the Company, and does hereby irrevocably constitute and appoint any officer of the Company to transfer such interest on the books of the Company.

ASSIGNOR:

GREEN PLAINS TURNKEY I LLC

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Imre Havasi&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;<u>Imre Havasi&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Title:&nbsp;&nbsp;&nbsp;&nbsp;<u>SVP & Head of Trading & Commercial Operations&nbsp;&nbsp;&nbsp;&nbsp;</u>

ASSIGNEE:

THARALDSON ETHANOL PLANT I, LLC

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Ryan Carter&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;<u>Ryan Carter&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Title:&nbsp;&nbsp;&nbsp;&nbsp;<u>COO&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

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**Exhibit B**

Final Work

[to be agreed]

## Exhibit 10.11

Exhibit 10.11

GREEN PLAINS SPE LLC,

as Issuer

and

THE GUARANTORS PARTY HERETO

JUNIOR SECURED MEZZANINE NOTES DUE 2026

————————————————

AMENDED AND RESTATED INDENTURE

DATED AS OF AUGUST 10, 2025

————————————————

WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Trustee

<br> <br> <br>

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**TABLE OF CONTENTS**

**Clause&nbsp;&nbsp;&nbsp;&nbsp;Page**

<u>Article I DEFINITIONS AND INCORPORATION BY REFERENCE</u>&nbsp;&nbsp;&nbsp;&nbsp;2

<u>SECTION 1.1 Definitions</u>&nbsp;&nbsp;&nbsp;&nbsp;2

<u>SECTION 1.2 Other Definitions</u>&nbsp;&nbsp;&nbsp;&nbsp;17

<u>SECTION 1.3 Trust Indenture Act Term</u>&nbsp;&nbsp;&nbsp;&nbsp;19

<u>SECTION 1.4 Rules of Construction</u>&nbsp;&nbsp;&nbsp;&nbsp;19

<u>Article II THE NOTES</u>&nbsp;&nbsp;&nbsp;&nbsp;20

<u>SECTION 2.1 Form and Dating; Terms</u>&nbsp;&nbsp;&nbsp;&nbsp;20

<u>SECTION 2.2 Execution and Authentication</u>&nbsp;&nbsp;&nbsp;&nbsp;21

<u>SECTION 2.3 Registrar; Paying Agent</u>&nbsp;&nbsp;&nbsp;&nbsp;22

<u>SECTION 2.4 Paying Agent to Hold Money in Trust</u>&nbsp;&nbsp;&nbsp;&nbsp;23

<u>SECTION 2.5 Holder Lists</u>&nbsp;&nbsp;&nbsp;&nbsp;23

<u>SECTION 2.6 Book-Entry Provisions for Global Securities</u>&nbsp;&nbsp;&nbsp;&nbsp;23

<u>SECTION 2.7 Replacement Notes</u>&nbsp;&nbsp;&nbsp;&nbsp;25

<u>SECTION 2.8 Outstanding Notes</u>&nbsp;&nbsp;&nbsp;&nbsp;25

<u>SECTION 2.9 Treasury Notes</u>&nbsp;&nbsp;&nbsp;&nbsp;26

<u>SECTION 2.10 Temporary Notes</u>&nbsp;&nbsp;&nbsp;&nbsp;26

<u>SECTION 2.11 Cancellation</u>&nbsp;&nbsp;&nbsp;&nbsp;26

<u>SECTION 2.12 Default Interest</u>&nbsp;&nbsp;&nbsp;&nbsp;27

<u>SECTION 2.13 CUSIP Number</u>&nbsp;&nbsp;&nbsp;&nbsp;27

<u>SECTION 2.14 Special Transfer Provisions</u>&nbsp;&nbsp;&nbsp;&nbsp;27

<u>Article III REDEMPTION AND PREPAYMENT</u>&nbsp;&nbsp;&nbsp;&nbsp;30

<u>SECTION 3.1 Voluntary Redemption</u>&nbsp;&nbsp;&nbsp;&nbsp;30

<u>SECTION 3.2 Mandatory Redemptions</u>&nbsp;&nbsp;&nbsp;&nbsp;31

<u>SECTION 3.3 Notes Redeemed in Part</u>&nbsp;&nbsp;&nbsp;&nbsp;31

<u>Article IV COVENANTS</u>&nbsp;&nbsp;&nbsp;&nbsp;31

<u>SECTION 4.1 Payment of Notes</u>&nbsp;&nbsp;&nbsp;&nbsp;31

<u>SECTION 4.2 Use of Proceeds; Disbursement Account</u>&nbsp;&nbsp;&nbsp;&nbsp;32

<u>SECTION 4.3 Projects</u>&nbsp;&nbsp;&nbsp;&nbsp;32

<u>SECTION 4.4 Limitation on Incurrence of Indebtedness</u>&nbsp;&nbsp;&nbsp;&nbsp;36

<u>SECTION 4.5 [Intentionally Omitted]</u>&nbsp;&nbsp;&nbsp;&nbsp;37

<u>SECTION 4.6 Financial Statements and Reports</u>&nbsp;&nbsp;&nbsp;&nbsp;37

<u>SECTION 4.7 Inspection</u>&nbsp;&nbsp;&nbsp;&nbsp;38

<u>SECTION 4.8 To Pay and Perform Obligations</u>&nbsp;&nbsp;&nbsp;&nbsp;39

<u>SECTION 4.9 [Intentionally Omitted].</u>&nbsp;&nbsp;&nbsp;&nbsp;39

<u>SECTION 4.10 Books and Records</u>&nbsp;&nbsp;&nbsp;&nbsp;39

<br> -i- <br>

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<u>SECTION 4.11 Payment of Taxes; Corporate Existence; Maintenance of Properties</u>&nbsp;&nbsp;&nbsp;&nbsp;39

<u>SECTION 4.12 Compliance with Laws and Property Documents</u>&nbsp;&nbsp;&nbsp;&nbsp;40

<u>SECTION 4.13 Litigation</u>&nbsp;&nbsp;&nbsp;&nbsp;41

<u>SECTION 4.14 Loan to Value</u>&nbsp;&nbsp;&nbsp;&nbsp;41

<u>SECTION 4.15 [Intentionally Omitted]</u>&nbsp;&nbsp;&nbsp;&nbsp;41

<u>SECTION 4.16 [Intentionally Omitted]</u>&nbsp;&nbsp;&nbsp;&nbsp;41

<u>SECTION 4.17 Restricted Payments; Equity Collateral; Pledged Equity Interests</u>&nbsp;&nbsp;&nbsp;&nbsp;41

<u>SECTION 4.18 Transactions with Affiliates</u>&nbsp;&nbsp;&nbsp;&nbsp;42

<u>SECTION 4.19 Change of Control; Encumbrances on and Transfers of Collateral</u>&nbsp;&nbsp;&nbsp;&nbsp;42

<u>SECTION 4.20 Environmental Covenants</u>&nbsp;&nbsp;&nbsp;&nbsp;44

<u>SECTION 4.21 Creation of Subsidiaries</u>&nbsp;&nbsp;&nbsp;&nbsp;46

<u>SECTION 4.22 Warranty of Title</u>&nbsp;&nbsp;&nbsp;&nbsp;46

<u>SECTION 4.23 Special Purpose Entity</u>&nbsp;&nbsp;&nbsp;&nbsp;46

<u>SECTION 4.24 Insurance.</u>&nbsp;&nbsp;&nbsp;&nbsp;46

<u>SECTION 4.25 Restoration.</u>&nbsp;&nbsp;&nbsp;&nbsp;49

<u>SECTION 4.26 Care and Use of the Property.</u>&nbsp;&nbsp;&nbsp;&nbsp;51

<u>SECTION 4.27 Financial Covenant</u>&nbsp;&nbsp;&nbsp;&nbsp;52

<u>SECTION 4.28 Suits and Other Acts to Protect the Property.</u>&nbsp;&nbsp;&nbsp;&nbsp;52

<u>SECTION 4.29 Trustee's Right to Perform Issuer's Obligations</u>&nbsp;&nbsp;&nbsp;&nbsp;52

<u>SECTION 4.30 Liens and Encumbrances</u>&nbsp;&nbsp;&nbsp;&nbsp;52

<u>SECTION 4.31 Stay, Extension and Usury Laws.</u>&nbsp;&nbsp;&nbsp;&nbsp;53

<u>SECTION 4.32 Estoppel Statements.</u>&nbsp;&nbsp;&nbsp;&nbsp;53

<u>SECTION 4.33 Further Assurances</u>&nbsp;&nbsp;&nbsp;&nbsp;53

<u>[SECTION 4.34 Qualifying Appraisal.](#i228850d2615d4bb6b7c5d893ecfe84f6_48)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i228850d2615d4bb6b7c5d893ecfe84f6_48)[54](#i228850d2615d4bb6b7c5d893ecfe84f6_48)

<u>SECTION 4.35 Additional Guarantors.</u>&nbsp;&nbsp;&nbsp;&nbsp;54

<u>SECTION 4.36 Asset Sales.</u>&nbsp;&nbsp;&nbsp;&nbsp;54

<u>Article V PROPERTY RELEASES AND SUBSTITUTIONS</u>&nbsp;&nbsp;&nbsp;&nbsp;55

<u>SECTION 5.1 [Reserved]</u>&nbsp;&nbsp;&nbsp;&nbsp;55

<u>SECTION 5.2 Additional Properties; Release and Substitution of Properties.</u>&nbsp;&nbsp;&nbsp;&nbsp;55

<u>Article VI DEFAULTS AND REMEDIES</u>&nbsp;&nbsp;&nbsp;&nbsp;58

<u>SECTION 6.1 Events of Default</u>&nbsp;&nbsp;&nbsp;&nbsp;58

<u>SECTION 6.2 Acceleration</u>&nbsp;&nbsp;&nbsp;&nbsp;60

<u>SECTION 6.3 Other Remedies</u>&nbsp;&nbsp;&nbsp;&nbsp;60

<u>SECTION 6.4 Control by Majority</u>&nbsp;&nbsp;&nbsp;&nbsp;61

<u>SECTION 6.5 Limitation on Suits</u>&nbsp;&nbsp;&nbsp;&nbsp;61

<u>SECTION 6.6 Rights of Holders of Notes to Receive Payment</u>&nbsp;&nbsp;&nbsp;&nbsp;61

<u>SECTION 6.7 Collection Suit by Trustee</u>&nbsp;&nbsp;&nbsp;&nbsp;62

<u>SECTION 6.8 Trustee May File Proofs of Claim</u>&nbsp;&nbsp;&nbsp;&nbsp;62

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<u>SECTION 6.9 Priorities</u>&nbsp;&nbsp;&nbsp;&nbsp;62

<u>SECTION 6.10 Undertaking for Costs</u>&nbsp;&nbsp;&nbsp;&nbsp;63

<u>Article VII TRUSTEE</u>&nbsp;&nbsp;&nbsp;&nbsp;63

<u>SECTION 7.1 Duties of Trustee</u>&nbsp;&nbsp;&nbsp;&nbsp;63

<u>SECTION 7.2 Rights of Trustee</u>&nbsp;&nbsp;&nbsp;&nbsp;64

<u>SECTION 7.3 Individual Rights of Trustee.</u>&nbsp;&nbsp;&nbsp;&nbsp;66

<u>SECTION 7.4 Trustee's Disclaimer</u>&nbsp;&nbsp;&nbsp;&nbsp;66

<u>SECTION 7.5 Notice of Defaults</u>&nbsp;&nbsp;&nbsp;&nbsp;66

<u>SECTION 7.6 [Intentionally Omitted]</u>&nbsp;&nbsp;&nbsp;&nbsp;67

<u>SECTION 7.7 Compensation and Indemnity</u>&nbsp;&nbsp;&nbsp;&nbsp;67

<u>SECTION 7.8 Replacement of Trustee</u>&nbsp;&nbsp;&nbsp;&nbsp;68

<u>SECTION 7.9 Successor Trustee by Merger, Etc.</u>&nbsp;&nbsp;&nbsp;&nbsp;69

<u>SECTION 7.10 Eligibility; Disqualification</u>&nbsp;&nbsp;&nbsp;&nbsp;69

<u>SECTION 7.11 Preferential Collection of Claims Against the Issuer</u>&nbsp;&nbsp;&nbsp;&nbsp;69

<u>SECTION 7.12 Trustee's Application for Instructions from the Issuer</u>&nbsp;&nbsp;&nbsp;&nbsp;69

<u>SECTION 7.13 Limitation of Liability</u>&nbsp;&nbsp;&nbsp;&nbsp;70

<u>Article VIII CERTAIN INDEMNIFIED MATTERS</u>&nbsp;&nbsp;&nbsp;&nbsp;70

<u>Article IX AMENDMENT, SUPPLEMENT AND WAIVER</u>&nbsp;&nbsp;&nbsp;&nbsp;71

<u>SECTION 9.1 Without the Consent of the Holders.</u>&nbsp;&nbsp;&nbsp;&nbsp;71

<u>SECTION 9.2 With the Consent of the Holders</u>&nbsp;&nbsp;&nbsp;&nbsp;72

<u>SECTION 9.3 Revocation and Effect of Consents</u>&nbsp;&nbsp;&nbsp;&nbsp;73

<u>SECTION 9.4 Notation on or Exchange of Notes</u>&nbsp;&nbsp;&nbsp;&nbsp;74

<u>SECTION 9.5 Payment for Consent</u>&nbsp;&nbsp;&nbsp;&nbsp;74

<u>SECTION 9.6 Trustee to Sign Amendments, Etc.</u>&nbsp;&nbsp;&nbsp;&nbsp;74

<u>Article X COLLATERAL</u>&nbsp;&nbsp;&nbsp;&nbsp;75

<u>SECTION 10.1 Collateral.</u>&nbsp;&nbsp;&nbsp;&nbsp;75

<u>SECTION 10.2 Suits To Protect the Collateral.</u>&nbsp;&nbsp;&nbsp;&nbsp;75

<u>SECTION 10.3 Collateral Account</u>&nbsp;&nbsp;&nbsp;&nbsp;76

<u>SECTION 10.4 Disbursement Account</u>&nbsp;&nbsp;&nbsp;&nbsp;76

<u>SECTION 10.5 Obion Soy Project</u>&nbsp;&nbsp;&nbsp;&nbsp;76

<u>Article XI NOTE GUARANTY</u>&nbsp;&nbsp;&nbsp;&nbsp;78

<u>SECTION 11.1 Note Guaranty</u>&nbsp;&nbsp;&nbsp;&nbsp;78

<u>SECTION 11.2 Execution and Delivery</u>&nbsp;&nbsp;&nbsp;&nbsp;80

<u>SECTION 11.3 Subrogation</u>&nbsp;&nbsp;&nbsp;&nbsp;80

<u>SECTION 11.4 Severability</u>&nbsp;&nbsp;&nbsp;&nbsp;80

<u>SECTION 11.5 Limitation of Guarantor's Liability</u>&nbsp;&nbsp;&nbsp;&nbsp;80

<u>SECTION 11.6 Benefits Acknowledged</u>&nbsp;&nbsp;&nbsp;&nbsp;81

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<u>Article XII MISCELLANEOUS</u>&nbsp;&nbsp;&nbsp;&nbsp;81

<u>SECTION 12.1 Notices</u>&nbsp;&nbsp;&nbsp;&nbsp;81

<u>SECTION 12.2 Certificate and Opinion as to Conditions Precedent</u>&nbsp;&nbsp;&nbsp;&nbsp;82

<u>SECTION 12.3 Statements Required in Certificate or Opinion</u>&nbsp;&nbsp;&nbsp;&nbsp;82

<u>SECTION 12.4 Rules by Trustee and Agents</u>&nbsp;&nbsp;&nbsp;&nbsp;83

<u>SECTION 12.5 No Personal Liability of Directors, Officers, Employees and Stockholders</u>&nbsp;&nbsp;&nbsp;&nbsp;83

<u>SECTION 12.6 Governing Law</u>&nbsp;&nbsp;&nbsp;&nbsp;83

<u>SECTION 12.7 Waiver of Trial by Jury</u>&nbsp;&nbsp;&nbsp;&nbsp;85

<u>SECTION 12.8 No Adverse Interpretation of Other Agreements</u>&nbsp;&nbsp;&nbsp;&nbsp;85

<u>SECTION 12.9 Successors</u>&nbsp;&nbsp;&nbsp;&nbsp;85

<u>SECTION 12.10 Severability</u>&nbsp;&nbsp;&nbsp;&nbsp;85

<u>SECTION 12.11 Counterpart Originals</u>&nbsp;&nbsp;&nbsp;&nbsp;85

<u>SECTION 12.12 **Table of Contents**, Headings, Etc.</u>&nbsp;&nbsp;&nbsp;&nbsp;86

<u>SECTION 12.13 Acts of Holders</u>&nbsp;&nbsp;&nbsp;&nbsp;86

<u>SECTION 12.14 Trustee's Discretion</u>&nbsp;&nbsp;&nbsp;&nbsp;87

<u>SECTION 12.15 USA Patriot Act</u>&nbsp;&nbsp;&nbsp;&nbsp;87

<u>SECTION 12.16 Force Majeure</u>&nbsp;&nbsp;&nbsp;&nbsp;87

<u>SECTION 12.17 Effectiveness of this Indenture</u>&nbsp;&nbsp;&nbsp;&nbsp;88

<u>SECTION 12.18 Representations and Warranties</u>&nbsp;&nbsp;&nbsp;&nbsp;88

<u>SECTION 12.19 Material Real Property</u>&nbsp;&nbsp;&nbsp;&nbsp;88

**EXHIBITS**

Exhibit A&nbsp;&nbsp;&nbsp;&nbsp;FORM OF JUNIOR SECURED MEZZANINE NOTE DUE 2026

Exhibit B&nbsp;&nbsp;&nbsp;&nbsp;FORM OF CERTIFICATE TO BE DELIVERED IN CONNECTION WITH TRANSFERS PURSUANT TO RULE 144A

Exhibit C&nbsp;&nbsp;&nbsp;&nbsp;FORM OF CERTIFICATE TO BE DELIVERED IN CONNECTION WITH TRANSFERS PURSUANT TO REGULATION S

Exhibit D&nbsp;&nbsp;&nbsp;&nbsp;FORM OF CERTIFICATE TO BE DELIVERED IN CONNECTION WITH TRANSFERS TO INSTITUTIONAL ACCREDITED INVESTORS

Exhibit E&nbsp;&nbsp;&nbsp;&nbsp;FORM OF COVENANT COMPLIANCE CERTIFICATE

Exhibit F&nbsp;&nbsp;&nbsp;&nbsp;FORM OF MAJOR TRADE CONTRACTOR CONSENT AND AGREEMENT

**SCHEDULES**

Schedule I&nbsp;&nbsp;&nbsp;&nbsp;ALLOCATED PRINCIPAL AMOUNTS

<br> -iv- <br>

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Schedule II&nbsp;&nbsp;&nbsp;&nbsp;PROJECT DESCRIPTION

Schedule III&nbsp;&nbsp;&nbsp;&nbsp;DISBURSEMENT CONDITIONS

Schedule IV&nbsp;&nbsp;&nbsp;&nbsp;ENVIRONMENTAL INFORMATION

<br> -v- <br>

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This AMENDED AND RESTATED INDENTURE, dated as of August 10, 2025 (the "*Indenture*"), by and among GREEN PLAINS SPE LLC, a Delaware limited liability company, as issuer (the "*Issuer*"), GREEN PLAINS INC., an Iowa corporation (the "*Parent Guarantor*"), each of the other guarantors party hereto (together with the Parent Guarantor, the "*Guarantors*"), and WILMINGTON TRUST, NATIONAL ASSOCIATION, as trustee (in such capacity and not in its individual capacity, and together with its permitted successors and assigns in such capacity, the "*Trustee*"; and, together with the Issuer, each a "*Party*" and, collectively, the "*Parties*").

**WITNESSETH**

WHEREAS, the Issuer, the Parent Guarantor and the Trustee have heretofore executed and delivered that certain indenture, dated as of February 9, 2021, as amended by that certain Amendment No. 1 dated May 13, 2022, and that certain First Supplemental Indenture dated May 7, 2025 (the "*Existing Indenture*"), providing for the issuance of Junior Secured Mezzanine Notes due 2026 in the initial Aggregate Principal Amount of One Hundred Twenty-Five Million Dollars ($125,000,000) (the "*Initial Notes*") and the issuance and the sale to the Holders of any PIK Notes (as defined below) or any additional Notes issued following the Issuance Date in accordance with the terms of this Indenture (together with the Initial Notes, collectively, the "*Notes*");

WHEREAS, the parties to the Existing Indenture desire to amend and restate the Existing Indenture in its entirety in the manner set forth herein;

WHEREAS, <u>Section 9.2</u> of the Existing Indenture provides that, with the consent of the Holders of a majority in Aggregate Outstanding Principal Amount of the Notes (and, with respect to the amendment set forth in the definition of "Scheduled Maturity Date" herein, each Holder of the applicable Notes affected thereby), the Issuer, the Guarantor and the Trustee may amend or supplement the Existing Indenture or the Notes in accordance with such <u>Section 9.2</u>;

WHEREAS, the Issuer has heretofore delivered or is delivering contemporaneously herewith to the Trustee (i) copies of resolutions of the Board of Directors of the Issuer authorizing the execution of this Indenture, (ii) evidence of the written consent of the Holders set forth in the immediately preceding paragraph and (iii) the Officer's Certificate and the Opinion of Counsel described in <u>Sections 12.2</u> and <u>12.3</u> of the Indenture; and

WHEREAS, all other acts and proceedings required by law and the Indenture necessary to authorize the execution and delivery of this Indenture and to make this Indenture a valid and binding agreement for the purposes expressed herein, in accordance with its terms, have been complied with or have been duly done or performed;

NOW, THEREFORE, the Parties agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders of the Notes.

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Article I<br>DEFINITIONS AND INCORPORATION BY REFERENCE

SECTION 1.1 <u>Definitions</u>.

"*Additional Property*" means any Qualified Additional Property that becomes part of the Collateral in accordance with (and subject to) the terms and conditions set forth in <u>Section 5.2</u>.

"*Affiliate*" means, with respect to any Person, any other Person, directly or indirectly, controlling or controlled by or under direct or indirect common control with such Person. For the purposes of this definition, "*control*" means, with respect to any Person, the possession, directly or indirectly, of the power to direct the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise; and the terms "*controlling*" and "*controlled*" have meanings that correspond to the foregoing.

"*Agent*" means any Registrar, co-register, Paying Agent or additional paying agent.

"*Aggregate LTV*" means, as of any date of determination, the ratio (expressed as a percentage) of (a) the sum of (i) the Aggregate Outstanding Principal Amount on such date and (ii) the aggregate outstanding principal balance of any Senior Facility on such date, to (b) the Fair Market Value of the Properties as set forth in the most recent Qualifying Appraisal delivered to the Trustee in accordance with <u>Section 4.34</u>.

"*Aggregate Outstanding Principal Amount*" means, as of any date of determination, the sum of the Outstanding Principal Amounts of all of the Notes.

"*Allocated Principal Amount*" means, for each Property as of the Effective Date, the amount set forth on <u>Schedule I</u>, as such <u>Schedule I</u> may be amended from time to time in connection with any Additional Property Option, Mt. Vernon Release Option and/or Mt. Vernon Substitution Option.

"*Applicable Law*" means, with respect to any Person, any law (statutory, common or otherwise), constitution, treaty, convention, ordinance, code, rule, regulation, order, injunction, judgment, decree, ruling or other similar requirement enacted, adopted, promulgated or applied by a Governmental Authority that is or purports to be binding upon or applicable to such Person, as the same may be amended from time to time unless expressly specified otherwise herein.

"*Applicable Premium*" means, with respect to any Note on any applicable Redemption Date, the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;1.00% of the portion of the Outstanding Principal Amount of such Note that is being redeemed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the excess of:

<br> -2- <br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the sum, as of such Redemption Date, of the respective present values of all then remaining payments of principal and interest under such Note that is being redeemed for the period from and including such Redemption Date through and including August 9, 2024, assuming that (A) all such scheduled payments are timely made and that the remaining Aggregate Outstanding Principal Amount and all accrued interest thereon shall be paid in full on August 9, 2024 and (B) no other redemptions or acceleration of the Notes or Obligations shall be made or occur, determined by discounting each such payment to the present value thereof as of such Redemption Date at the Discount Rate; over

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the portion of the Outstanding Principal amount of such Note that is being redeemed.

"*Approved Project Expenses*" means the Project Expenses that are set forth in any Project Budget.

"*Asset Sale*" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;the sale, lease, conveyance or other disposition of any asset, property or right outside of the ordinary course of business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;the issuance of equity interests by any of the Parent Guarantor's Subsidiaries or the sale of equity interests in any of the Parent Guarantor's Subsidiaries.

Notwithstanding the preceding, none of the following items will be deemed to be an Asset Sale:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any asset sale transaction that, in the aggregate with all other asset sale transactions from the Effective Date, involves assets having a fair market value of less than $6.0 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a transfer of assets between or among any Obligor Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the sale or other disposition of cash or cash equivalents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the sale, exchange or other disposition of obsolete, worn out, uneconomical or surplus assets (other than any real property); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) foreclosures on, or condemnation of, assets and the surrender or waiver of contract rights or the settlement, release or surrender of contract, tort or other claims.

"*Asset Sale Proceeds*" means the aggregate cash proceeds received in respect of any Asset Sale (including, without limitation, any cash received upon the sale or other disposition of any non-cash consideration received in any Asset Sale), net of the direct costs relating to such Asset Sale, less any amounts required to be applied to the repayment of indebtedness secured by a Lien on the assets that were the subject of such Asset Sale and any reserve for adjustment in respect of the sale price of such asset or assets.

<br> -3- <br>

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"*Assignment of Contracts*" means, individually and/or collectively, as the context may require, (a) that certain Assignment of Agreements, Plans, Licenses and Permits by each PropCo in favor of Trustee with respect to the applicable Property, in each case as the same may be amended, modified, restated or supplemented from time to time in accordance with the Note Documents, and (b) any Additional Assignment of Contracts.

"*Bankruptcy Code*" means Title 11 of the United States Code, 11 U.S.C. §§ 101 *et seq.*, as amended and as now and hereafter in effect, or any successor statute.

"*Bankruptcy Law*" means the Bankruptcy Code, or any other United States federal or state bankruptcy, insolvency or similar law, fraudulent transfer or conveyance statute and any related case law.

"*BlackRock Holders*" means Holders that are funds, accounts and other Persons that are managed, or whose assets or funds are managed, by BlackRock Financial Management, Inc., or its Affiliates and its and their respective successors and assigns, pursuant to management contracts, investment advisory contracts or otherwise.

"*Board of Directors*" means: (a) with respect to the Parent Guarantor or any of its direct or indirect Subsidiaries, its board of directors, manager(s) or any duly authorized committee thereof; (b) with respect to a corporation, the board of directors of such corporation or any duly authorized committee thereof; and (c) with respect to any other entity, the board of directors or similar body of the general partner or managers of such entity or any duly authorized committee thereof.

"*Board Resolution*" means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Issuer to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification.

"*Business Day*" means a day other than Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by Applicable Law to close.

"*Capture Company*" means each of Green Plains Central City Capture Company LLC, Green Plains Wood River Capture Company LLC and Green Plains York Capture Company LLC.

"*Cash Pay Rate*" means, with respect to the period beginning on the Effective Date and ending on September 14, 2025 (i.e., the day immediately preceding the first Interest Payment Date after the Effective Date), a rate per annum equal to eleven and three-quarters of one percent (11.75%); with respect to the immediately following Interest Period, a rate per annum equal to twelve and one-quarter of one percent (12.25%); with respect to each succeeding Interest Period, a rate per annum equal to the sum of (i) one-half of one percent (0.50%) and (ii) the rate per annum for the immediately preceding Interest Period.

<br> -4- <br>

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"*Certificated Notes*" means Notes that are in the form of <u>Exhibit A</u> attached hereto, including the applicable legend or legends set forth in <u>Exhibit A</u>.

"*Change of Control*" shall mean (a) with respect to the Issuer, if at any time the Issuer ceases to be wholly owned (directly or indirectly) and controlled by the Parent Guarantor and (b) with respect to either PropCo, if at any time either such PropCo ceases to be (i) wholly owned indirectly and controlled by the Parent Guarantor and (ii) wholly owned directly by the Issuer.

"*Change Order*" means any change in, modification to or deviation from any Project Plans and Specifications or any Material Construction Contract.

"*Code*" means the Internal Revenue Code of 1986, as amended from time to time and the regulations promulgated thereunder.

"*Collateral*" means the "Collateral" specified in each the Pledge Agreements, collectively.

"*Collateral Documents*" means, collectively, (a) the Security Instrument, (b) the Pledge Agreements, (c) the Supplemental Collateral Documents (d) any Additional Property Collateral Documents and (e) any financing statements, fixture filings or other instruments and documents executed and/or delivered pursuant to this Indenture or any of the foregoing (as the same may be amended, modified or supplemented in accordance with this Indenture) pursuant to which any Collateral is pledged, mortgaged, assigned or granted to or on behalf of the Trustee.

"*Corporate Trust Office*" means an office of the Trustee at which at any time its corporate trust business shall be administered, located at 1100 N. Market Street, Wilmington, Delaware 19890, or such other address as the Trustee may designate from time to time by written notice to the Holders and the Issuer, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Holders and the Issuer).

"*Custodian*" means any receiver, interim receiver, receiver and manager, trustee, assignee, liquidator, sequestrator or similar official under any Bankruptcy Law or any other person with like powers.

"*Default*" means any event that, after notice or passage of time, or both, would be, an Event of Default.

"*Default Rate*" means, with respect to any Note, a rate per annum equal to the lesser of (a) the Maximum Legal Rate and (b) three percent (3.00%) plus the Cash Pay Rate on such Note.

"*Depositary*" means, with respect to the Notes issuable or issued in whole or in part in global form, the Person specified in <u>Section 2.3</u> as the Depositary, until a successor shall have been appointed pursuant to <u>Section 2.6(b)</u>, and, thereafter, "Depositary" shall mean or include such successor.

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"*Discount Rate*" means, as of any date, a rate per annum equal to the greater of: (a) two percent (2%) or (b) the Treasury Rate as of such date plus one-quarter of one percent (0.25%).

"*DTC*" means The Depository Trust Company.

"*Effective Date*" means the date of effectiveness of this Amended and Restated Indenture.

"*Environmental Indemnity Agreement*" means (a) that certain Unsecured Indemnity Agreement, dated as of the Issuance Date, by and among PropCos and the Parent Guarantor in favor of Trustee, as the same may be amended, modified, restated or supplemented from time to time in accordance with the Note Documents, and (b) any Additional Environmental Indemnity Agreement.

"*Environmental Laws*" has the meaning set forth in the Environmental Indemnity Agreement.

"*Environmental Permits*" has the meaning set forth in the Environmental Indemnity Agreement.

"*Equity Interests*" means with respect to any Person, all (a) corporate stock or shares, in the case of a corporation; (b) shares, interests, participations, rights or other equivalents (however designated) similar to corporate stock, in the case of an association or other business entity other than a corporation; (c) partnership (whether general or limited) or membership interests, in the case of a partnership or limited liability company; (d) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person; and (e) all warrants, options or other rights to acquire any of the foregoing (other than a debt security that is convertible into, or exchangeable for, any of the foregoing) with respect to any Person.

"*Exchange Act*" means the Securities Exchange Act of 1934, as amended.

"*Excluded Subsidiary*" means each of Green Plains Central City Capture Company LLC, Green Plains Commodity Management LLC, Green Plains Finance Company LLC, Green Plains Grain Company LLC, Green Plains Shenandoah LLC, Green Plains Trade Group LLC, Green Plains Wood River Capture Company LLC, Fluid Quip Technologies LLC ("*FQT*") and Green Plains York Capture Company LLC.

"*Fair Market Value*" means, with respect to any Property, the fair market value of such Property as determined by a Qualifying Appraisal acceptable to the Trustee, at the direction of the Required Holders and at the expense of the Issuer.

"*Fiscal Year*" means each twelve (12) month period commencing on January 1 and ending on December 31 during each year of the term of the Notes.

"*Force Majeure*" means, with respect to the performance by any Person of any Obligations, forces beyond such Person's control, including, without limitation, strikes, work stoppages, accidents, closures and/or shutdowns mandated by applicable Governmental

<br> -6- <br>

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Authorities and other direct effects of any pandemics or epidemics, labor shortages, raw material shortages, weather, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of equipment, utilities, communications or computer (software and hardware) services, and any other similar causes or events not within such Person's control; <u>provided</u>, in no event shall any Person's failure to pay or perform any monetary Obligations constitute Force Majeure.

"*GAAP*" means generally accepted accounting principles in effect in the United States from time to time.

"*Global Note Legend*" means the legend identified as such in <u>Exhibit A</u> hereto.

"*Global Notes*" means the Notes in global form that are in the form of <u>Exhibit A</u> hereto, including the applicable legend or legends set forth in <u>Exhibit A</u>.

"*Governmental Authority*" means any federal, state, territorial, municipal, foreign or other governmental department, agency, commission, board, bureau, court, tribunal, instrumentality, political subdivision, authority, corporation or body, regulatory or self-regulatory organization or other entity or officer exercising executive, legislative, judicial, statutory, regulatory or administrative functions for or pertaining to any government or court (including any supranational bodies such as the European Union), in each case whether the same is or is not associated with the United States or any state, district or territory thereof, or any other foreign entity or government.

*"Guarantor*" means each direct or indirect, wholly owned Subsidiary of the Parent Guarantor that is not an Excluded Subsidiary and Green Plains Investments LLC. As of the date hereof, the "Guarantors" are the Parent Guarantor, Collins BioEnergy Partners, LLC, Fluid Quip Mechanical, LLC, Green Plains Atkinson LLC, Green Plains Central City LLC, Green Plains Fairmont LLC, Green Plains Hereford LLC, Green Plains Hopewell LLC, Green Plains Investments LLC, Green Plains Investments II LLC, Green Plains Madison LLC, Green Plains Mount Vernon LLC, Green Plains Obion LLC, Green Plains Otter Tail LLC, Green Plains Superior LLC, Green Plains Wood River LLC, Green Plains York Innovation LLC and Green Plains York LLC.

"*Guaranty*" means, as applied to any Indebtedness of another Person, to guaranty, directly or indirectly, in any manner, any part or all of such Indebtedness. "*Guaranteed*" and "*Guaranteeing*" shall have meanings that correspond to the foregoing.

"*Hazardous Materials*" has the meaning set forth in the Environmental Indemnity Agreement.

"*Holder*" means a Person in whose name a Note is registered on the Registrar's books.

"*Improvements*" has the meaning set forth in the Security Instrument.

<br> -7- <br>

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"*Incur*" means, with respect to any Indebtedness or other obligation of any Person, to create, issue, incur (by conversion, exchange or otherwise), assume, Guaranty or otherwise become liable in respect of such Indebtedness or other obligation or the recording, as required pursuant to GAAP or otherwise, of any such Indebtedness or other obligation on the balance sheet of such Person. "*Incurrence*" "*Incurred*," "*Incurrable*" and "*Incurring*" shall have meanings that correspond to the foregoing.

"*Indebtedness*" means, with respect to any Person, as of any date of determination, any of the following (without duplication) as of such date of determination, whether recourse with respect to the same is to all or a portion of the assets of such Person or any of its Affiliates, or the same if non-recourse, of: (a) all indebtedness or liability of such Person (including, without limitation, indebtedness in the form of mortgage or mezzanine debt or preferred equity and other amounts for indebtedness); (b) obligations evidenced by bonds, debentures, notes, or other similar instruments, (c) obligations for the deferred purchase price of property or services (including trade obligations); (d) obligations under letters of credit; (e) obligations under acceptance facilities; (f) all guaranties, endorsements (other than for collection or deposit in the ordinary course of business) and other contingent obligations to purchase, to provide funds for payment, to supply funds, to invest in any Person or entity, or otherwise assure a creditor against loss; (g) obligations secured by any Liens (other than the Permitted Encumbrances), whether or not such obligations have been assumed.

"*Indenture*" means this Indenture, as amended or supplemented from time to time.

"*Intercreditor Agreement*" means an intercreditor agreement with the Trustee, which shall be in form and substance reasonably acceptable to Trustee.

"*Interest Payment Date*" means the fifteenth (15<sup>th</sup>) day of each March, June, September and December during the term of this Indenture (or, if such day is not a Business Day, the immediately succeeding Business Day) up to and including the final Interest Payment Date on the Maturity Date.

"*Interest Period*" means, in connection with the calculation of interest accrued on the Notes hereunder with respect to any Interest Payment Date (including the Maturity Date), the period commencing on and including the immediately preceding Interest Payment Date and ending on and including the fourteenth (14<sup>th</sup>) day of the third (3<sup>rd</sup>) succeeding calendar month thereafter. With respect to the calculation of interest amounts payable pursuant to <u>Section 4.1</u>, each Interest Period shall be equal to ninety (90) days.

"*Investment*" means, with respect to any Person, all direct or indirect investments by such Person in other Persons in the form of loans, advances (or other extensions of credit) or capital contributions (by means of any transfer of cash or other property or assets to another Person or any other payments for property or services for the account or use of another Person), including the following: (a) the purchase or acquisition of any Equity Interest or other evidence of beneficial ownership in another Person; and (b) the purchase or acquisition of the obligations of another Person, but shall exclude: (i) any Permitted Debt; (ii) the acquisition of property and assets (including inventory, supplies, materials and equipment or licenses or leases of intellectual

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property); and (iii) prepaid expenses and workers' compensation, utility and similar deposits, in each case, in the ordinary course of business. Except as otherwise provided in this Indenture, the amount of an Investment shall be determined at the time the Investment is made and without giving effect to subsequent changes in value.

"*Issuer*" has the meaning set forth in the preamble hereto, until a successor replaces it in accordance with the applicable provisions of this Indenture and, thereafter, means the successor.

"*Issuance Date*" means February 9, 2021.

"*Leases"* has the meaning set forth in the Security Instrument.

"*Lien*" means any mortgage, deed of trust, deed to secure debt, pledge (including, without limitation, disclosed, undisclosed, possessory and non-possessory), security interest, hypothecation, assignment, statutory trust, deemed trust, privilege, lien, charge, bailment or other similar encumbrance, whether statutory, based on common law, contract or otherwise, and including any option or agreement to give any of the foregoing, any filing of or agreement to give any financing statement under the Uniform Commercial Code (or any equivalent or successor statute) of any jurisdiction to evidence any of the foregoing, any conditional sale or other title retention agreement, any reservation of ownership or any lease in the nature thereof.

"*Liquid Assets*" means, with respect to any Person, any of the following assets owned by such Person, but only to the extent located in the United States (e.g., on deposit in a bank located in the United States): (a) cash, determined in accordance with GAAP (which may include up to a maximum of Twenty Million Dollars ($20,000,000) (the "*Restricted Cash Limitation*") of cash that is treated as "restricted" under GAAP), (b) cash equivalents, (c) certificates of deposit with a term of six (6) months or less issued by a bank or trust company which is organized under the laws of the United States of America or any state whose long-term debt is rated "A-3" or higher, "A–" or higher or "A–" or higher according to Moody's, S&P or Fitch Ratings (or such similar equivalent rating by at least one "nationally recognized statistical rating organization" (as defined in Rule 436 under the Securities Act)), respectively, (d) readily marketable direct full faith and credit obligations of the United States of America with a term of six (6) months or less and (e) any undrawn amounts available under any credit facility so long as no default or failure of any borrowing condition then exists under such credit facility; provided however, amounts in the Disbursement Account shall not be included as Liquid Assets.

"*Major Contractor*" means any General Contractor or Technology Engineer or any other contractor, subcontractor, architect, engineer or other counterparty under a Material Construction Contract.

"*Material Change Order*" means any Change Order that (a) constitutes a material change in the architectural or structural design of any of the Improvements, (b) would result in an increase of construction costs (together with all related costs) in excess of $1,000,000 for any single Change Order (together with any other Change Orders related thereto), (c) adversely affects or is reasonably likely to adversely affect in any material respect a structural element or building system, or materially and adversely affects the overall efficiency of operating systems

<br> -9- <br>

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of the Improvements, (d) is materially inconsistent with the requirements of any Material Construction Contract or would give any counterparty under any such Material Construction Contract the right to terminate, rescind or modify the same or (e) could reasonably be expected to adversely affect the Lien or priority of the Lien of the Security Instrument.

"*Material Construction Contract*" means, with respect to any Project, any contract or agreement with (a) the General Contractor, Architect or Technology Engineer for such Project or (b) any other material contractor, subcontractor, engineer, architect contract or other design professional if (solely with respect to this <u>clause (b)</u>) the aggregate contract price or other amount payable by the Obligor Parties or their Affiliates under such contract or agreement is greater than or equal to Five Million Dollars ($5,000,000).

"*Material Real Estate Asset*" means any "fee-owned" real property located in the United States, and the improvements thereto, that (together with such improvements) has a fair market value (as determined by the Issuer in good faith after taking into account any liabilities with respect thereto that impact such fair market value or, if not then readily determinable, a book value) in excess of $5.0 million, other than real property currently owned by Green Plains Hopewell LLC.

"*Maturity Date*" means the earlier to occur of (a) the Scheduled Maturity Date and (b) any earlier date on which the Obligations may become due upon an acceleration of the Obligations pursuant to this Indenture or otherwise.

"*Maximum Aggregate LTV*" means, as of any date of determination, an Aggregate LTV of not more than fifty-five percent (55%).

"*Maximum Legal Rate*" shall mean, with respect to any Note, the maximum non-usurious interest rate, if any, that at any time or from time to time may be contracted for, taken, reserved, charged or received on the indebtedness evidenced by such Note and as provided for herein or the other Note Documents, under the laws of such state or states whose laws are held by any court of competent jurisdiction to govern the interest rate provisions of such Note.

"*Moody's*" means Moody's Investors Service, Inc. and any successor thereto.

"*Net Proceeds*" means, collectively, (a) Net Insurance Proceeds and (b) Net Condemnation Proceeds.

"*Note Custodian*" means the Trustee when serving as custodian for the Depositary with respect to the Global Notes, or any successor entity thereto.

"*Note Documents*" means this Indenture, the Notes, the Note Guaranty, the Security Instrument, the Pledge Agreements, the Assignment of Contracts and the Environmental Indemnity Agreement.

"*Note Guaranty*" means the Guaranty of the Obligations by each Guarantor pursuant to <u>Article XI</u>.

<br> -10- <br>

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"*Note Proceeds*" means the proceeds of the issuance and sale of the Notes pursuant to the Note Purchase Agreement.

"*Note Purchase Agreement*" means that certain Note Purchase Agreement, dated as of the Issuance Date, by and among the Issuer and the Holders, as the same may be amended, modified, restated or supplemented from time to time.

"*Obligations*" means the obligations of the Issuer and each Guarantor under this Indenture, the Notes, the Note Guaranty and the other Note Documents to (a) pay (i) the Aggregate Principal Amount (including all PIK Amounts), together with the Applicable Premium, as applicable, thereon, (ii) all interest accruing on the Aggregate Principal Amount in accordance with the Note Documents when the same shall be due and payable and (iii) all other amounts due or to become due under or in connection with this Indenture, the Notes, the Note Guaranty and the other Note Documents and (b) perform all other obligations of the Issuer and each Guarantor under this Indenture, the Notes, the Note Guaranty and the other Note Documents, in each case according to the respective terms hereof and thereof.

"*Obligor Parties*" means, collectively, Issuer, the PropCos, each Guarantor, and each current and future, direct and indirect, wholly owned Subsidiaries of each of the foregoing that is not an Excluded Subsidiary.

"*Officer*" means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Chief Accounting Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary, any Assistant Secretary or any Vice-President of such Person.

"*Officer's Certificate*" means a certificate signed by an Officer of the Issuer or Guarantors, as applicable.

"*Opinion of Counsel*" means an opinion from legal counsel who is reasonably acceptable to the Trustee. The counsel may be an employee of or counsel to the Issuer or any Subsidiary of the Issuer.

"*Outstanding Principal Amount*" means, with respect to any Note, as of any date of determination, the then unpaid Principal Amount of such Note (inclusive of any PIK Amount).

"*Participant*" means, with respect to DTC, a Person who has an account with DTC.

"*Paying Agent*" means any Person authorized by the Issuer to pay the principal of, premium, if any, or interest on, or redemption, purchase, retirement, defeasance, covenant defeasance or similar payment with respect to, any Notes on behalf of the Issuer.

"*Permitted Debt*" means (A) the Obligations, (B) Indebtedness (i) incurred in the ordinary course of business, such as equipment leases, (ii) guarantees incurred in the ordinary course of business and (iii) forward sales of commodities pursuant to agreements in place on the Effective Date, (C) Indebtedness in existence on the Effective Date, (D) Indebtedness incurred in

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the ordinary course under that certain Agreement, dated as of April 30, 2018, among Macquarie Bank Limited, Macquarie Futures USA LLC and Green Plains Commodity Management LLC ("*GPCM*"), for the sole purpose of providing a revolving credit facility to GPCM (the "*Macquarie Agreement*"), (E) Indebtedness in the ordinary course under that certain Loan and Security Agreement, dated as of March 25, 2022, among the Parent Guarantor, Green Plains Finance Company LLC, Green Plains Grain Company LLC, and Green Plains Trade Group LLC, as borrowers, ING Capital LLC, as agent, and the lenders party thereto, and (F) solely with respect to the Capture Companies, necessary Indebtedness solely for the construction of their applicable carbon capture equipment and facilities pursuant to the terms of the Tallgrass Facilities.

"*Permitted Investment*" means (i) Investments by any Obligor Party in any other Obligor Party, (ii) Investments from an Obligor Party to an Excluded Subsidiary on an arm's length basis, (iii) transfers of cash to GPCM solely if (a) the transferred funds are utilized solely to cover margin calls under the Macquarie Agreement and (b) both at the time of and immediately following any such transfer, the Parent Guarantor will have cash and cash equivalents in an amount of no less than $10,000,000 in one or more covered accounts pledged to the Trustee and (iv) Investments in Green Plains Shenandoah LLC and/or the Capture Companies up to an aggregate of $10,000,000.

"*Person*" means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, limited partnership, Governmental Authority or other entity.

"*Personal Property*" has the meaning set forth in the Security Instrument.

"*PIK Rate*" means, with respect to the period beginning on the Effective Date and ending on September 14, 2025 (i.e., the day immediately preceding the first Interest Payment Date after the Effective Date), a rate per annum equal to six percent (6.0%); with respect to the immediately following Interest Period, a rate per annum equal to six and one-half of one percent (6.50%); with respect to each succeeding Interest Period, a rate per annum equal to the sum of (i) one-half of one percent (0.50%) and (ii) the rate per annum for the immediately preceding Interest Period.

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"*Pledge Agreements*" means (a) that certain Amended and Restated Pledge and Security Agreement, dated as of the Effective Date, by Issuer in favor of Trustee, as the same may be amended, modified, restated or supplemented from time to time in accordance with the Note Documents, (b) that certain Pledge and Security Agreement, dated as of the Effective Date, by the Obligor Parties party thereto in favor of Trustee, as the same may be amended, modified, restated or supplemented from time to time in accordance with the Note Documents, (c) any other agreement entered into by an Obligor Party creating or perfecting rights in the Collateral of such Obligor Party, and (d) any Additional Pledge Agreement.

"*Pledged Equity Interests*" means (a) the Equity Interests in the PropCos and any other subsidiaries pledged pursuant to the Pledge Agreements and (b) the Equity Interests pledged pursuant to any Additional Pledge Agreement.

"*Project Expenses*" means all costs and expenses of performing a Project and achieving Project Completion with respect thereto.

"*Project Plans and Specifications*" means the plans and specifications for a Project to be prepared by a Project Architect and approved by the Trustee, at the direction of the Required Holders, in accordance with this Indenture, as the same may be modified from time to time in accordance with this Indenture.

"*PropCos*" means, collectively, (a) Green Plains Obion LLC, a Tennessee limited liability company ("*Obion PropCo*"), which owns the fee simple title to that certain real property located at 2098 McDonald Road, Rives, Tennessee 38253 and more particularly described in the Obion Security Instrument (the "*Obion Property*"), (b) Green Plains Mount Vernon LLC, a Delaware limited liability company ("*Mt. Vernon PropCo*"), which owns the fee simple title to that certain real property located at 8999 W. Franklin Road, Mt. Vernon, Indiana 47620 and more particularly described in the Mt. Vernon Security Instrument (the "*Mt. Vernon Property*"); and (c) any Additional Property Owner;

"*Properties*" means, collectively, (a) the Obion Property, (b) the Mt. Vernon Property (until the occurrence of a Mt. Vernon Release/Substitution with respect to the Mt. Vernon Property) and (c) any Additional Property.

"*Property Documents*" means, collectively, all (a) Leases and (b) reciprocal easement, operating and/or development agreements, easements, rights of way, covenants, conditions, restrictions, declarations and similar agreements, and (c) ground leases, in each case, from time to time and whether or not the same may be of record.

"*Qualified Additional Property*" means a parcel (or contiguous parcels) of real property: (a) that satisfies the Additional Property Conditions; (b) as to which the Issuer or PropCo intends, as of the date of the applicable Additional Property Notice and the applicable Additional Property Date, to undertake and complete a Project prior to February 9, 2025; and (c) that otherwise satisfies the then current underwriting criteria of the Holders.

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"*Qualifying Appraisal*" means an appraisal, dated not more than one hundred twenty (120) days prior to the required date of delivery thereof, which shall be prepared by (a) Natwick Appraisals or (b) another nationally or regionally recognized first-class appraisal firm selected or approved by the Trustee, at the direction of the Required Holders, with substantially comparable experience to Natwick Appraisals in appraising properties that are similar in all material respects to the Property being appraised and used as ethanol production or refining facilities.

"*Registrar*" means any Person authorized by the Issuer to maintain the Note Register.

"*Regulation S*" means Regulation S under the Securities Act.

"*Rents"* has the meaning set forth in the Security Instrument.

"*Requirements of Environmental Law*" has the meaning set forth in the Environmental Indemnity Agreement.

"*Required Holders*" means (a) BlackRock Holders holding five percent (5.0%) or more of the Aggregate Outstanding Principal Amount and (b) if BlackRock Holders do not hold five percent (5.0%) or more of the Aggregate Outstanding Principal Amount, then Holders (which can include BlackRock Holders) of fifty and one-tenth of one percent (50.1%) or more of the Aggregate Outstanding Principal Amount.

"*Resale Restriction Termination Date*" has the meaning set forth in the Restricted Notes Legend.

"*Responsible Officer*" means, when used with respect to the Trustee, any officer of the Trustee within the Corporate Trust Office (or any successor unit or department) including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer, or any other officer of the Trustee who customarily performs functions similar to those performed by the persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person's knowledge of and familiarity with the particular subject and who shall have direct responsibility for administration of this Indenture.

"*Restricted Cash Limitation*" has the meaning set forth in the definition of Liquid Assets.

"*Restricted Notes Legend*" means the legend identified as such in <u>Exhibit A</u> hereto.

"*Restricted Payment*" is defined to mean any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;any dividend or other distribution declared and paid on the Equity Interests in the Issuer or any of its Subsidiaries to the direct or indirect holders thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;any payment made by the Issuer or any of its Subsidiaries to purchase, redeem, acquire or retire for value any Equity Interests in the Issuer or any of its Subsidiaries (including any issuance of Indebtedness in exchange for such Equity Interests or the conversion or exchange of such Equity Interests into or for Indebtedness);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;any payment made by the Issuer or any of its Subsidiaries to redeem, purchase, repurchase, defease or otherwise acquire or retire for value, prior to the scheduled final maturity, scheduled repayment or schedule sinking fund payment, any Indebtedness that is contractually or structurally subordinate in right of payment to the Obligations (it being understood that payments of regularly scheduled principal and interest and mandatory prepayments and redemptions shall not constitute "Restricted Payments"); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;any Investment by the Issuer or any of its Subsidiaries in any Person, excluding any Permitted Investments.

"*S&P*" means Standard & Poor's Ratings Group, a division of The McGraw-Hill Companies, and its successors.

"*Scheduled Maturity Date*" means September 15, 2026.

"*SEC*" means the Securities and Exchange Commission and any successor thereto.

"*Securities Act*" means the Securities Act of 1933, as amended.

"*Security Instrument*" means, individually and/or collectively, as the context may require, (a) that certain (i) First Priority Mortgage, Security Agreement, Assignment of Leases and Rents and Fixture Filing by Mt. Vernon PropCo with respect to the Mt. Vernon Property in favor of Trustee and (i) First Priority Deed of Trust, Security Agreement, Assignment of Leases and Rents and Fixture Filing by Obion PropCo with respect to the Obion Property in favor of Trustee, each of which is dated as of the Effective Date and (b) any Additional Security Instrument, in each case, as the same may be amended, modified, restated or supplemented from time to time in accordance with the Note Documents.

"*Senior Facility"* means a senior loan with one or more lending institutions (individually and/or collectively, as the context may require, the "*Senior Facility Lender*") that is secured by a first priority mortgage or deed of trust on such Property.

"*Senior Facility Default"* means any default under a Senior Facility that continues beyond any applicable notice and/or grace periods therein.

"*Senior Facility Documents*" means any document evidencing and securing a Senior Facility.

"*Special Purpose Entity*" shall mean a limited liability company, limited partnership or corporation, the organization documents of which have separateness covenants, restrictions and limitations that such entity shall: (a) own no assets, and shall not engage in any business, other than the assets and transactions specifically contemplated by this Indenture; (b) not incur any Indebtedness or other obligation, secured or unsecured, direct or indirect, absolute or contingent (including guaranteeing any obligation), other than as otherwise permitted under this Indenture; (c) not make any loans or advances to any of its Affiliates or any third party and shall not acquire

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obligations or securities of any of its Affiliates, in each case other than in the ordinary course of business, other than contributions to the PropCos to pay Approved Project Expenses, and other than the Equity Interests in the PropCos; (d) pay its debts and liabilities (including, as applicable, shared personnel and overhead expenses) only from its own assets; (e) comply with the provisions of its governing documents; (f) do all things necessary to observe organizational formalities and to preserve its existence, and not amend, modify, waive provisions of or otherwise change its governing documents; (g) maintain all of its books, records and bank accounts separate from those of its Affiliates; (h) be, and at all times shall hold itself out to the public as, a legal entity separate and distinct from any other entity (including any of its Affiliate), shall correct any known misunderstanding regarding its status as a separate entity, shall conduct business in its own name, and shall not identify itself or any of its Affiliates as a division of the other; (i) maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and character and in light of its contemplated business operations; *provided*, *however*, that the foregoing shall not require its direct or indirect owners to make contributions of equity; (j) not engage in or suffer any Change of Control, dissolution, winding up, liquidation, consolidation or merger in whole or in part or convey or transfer all or substantially all of its properties and assets to any Person (except to the extent permitted under this Indenture); (k) not commingle its funds or other assets with those of any Affiliate or any other Person and shall maintain its properties and assets in such a manner that it would not be costly or difficult to identify, segregate or ascertain its properties and assets from those of others; (l) maintain its properties, assets and accounts separate from those of any Affiliate or any other Person; (m) not hold itself out to be responsible for the debts or obligations of any other Person; (n) not enter into any transaction with any of its Affiliates except on commercially reasonable terms similar to those available to unaffiliated parties in an arm's-length transaction and except as expressly permitted by this Indenture; and (o) not pledge its assets to secure any obligations of any other Person.

"*Subsidiary*" means, with respect to any Person, (a) any corporation, association or other business entity (other than a partnership, joint venture, limited liability company or other similar entity) of which more than 50% of the total voting power of shares of Equity Interests entitled to vote in the election of directors, managers or trustees thereof, as of any applicable time of determination, owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person (if any) or any combination thereof, and (b) any partnership, joint venture, limited liability company or other similar entity of which (i) more than 50% of the capital accounts, distribution rights, total equity and voting interests or general or limited partnership interests, as applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person (if any) or any combination thereof, whether in the form of membership, general, special or limited partnership or otherwise, and (y) such Person or any Subsidiary of such Person is a controlling general partner or otherwise controls such entity.

"*Supplemental Collateral Documents*" means, collectively:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;any supplemental Collateral Documents necessary or advisable to grant, in favor of the Trustee, a perfected security interest in substantially all assets of the Issuer and the

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Guarantors, in form and substance satisfactory to the Trustee (at the direction of the Holders). Such supplemental Collateral Documents shall include (i) customary provisions with respect to pledges of equity interests (substantially similar to those set forth in the Pledge Agreements) and delivery of relevant securities or instruments and (ii) customary documentation and/or control agreements necessary or advisable for perfection in, and control over, deposit accounts and securities accounts, in each case, subject to customary exceptions and limitations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;mortgages, deeds of trust or deeds to secure debt (as applicable) (the "*Supplemental Mortgages*") and grants of security interests on each real property owned by each Guarantor (collectively, the "*Supplemental Properties*"), which shall in each case be (i) executed by the Guarantor that owns the applicable Supplemental Property and (ii) in form acceptable for recording in the applicable jurisdiction and otherwise in form and substance satisfactory to the Trustee (at the direction of the Holders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;to the extent required in such jurisdiction to perfect a security interest in fixtures, a UCC-1 financing statement with respect to the fixtures described in each Supplemental Mortgage in form and substance acceptable for recording in the jurisdiction of the applicable Supplemental Property and sufficient to perfect the Trustee's security interest in such fixtures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;a UCC-1 financing statement in form and substance acceptable for filing in the applicable jurisdiction of organization of the Issuer and each Guarantor and sufficient to perfect the Trustee's security interest in such Issuer's or Guarantor's personal property as described in the applicable Supplemental Mortgage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;a joinder to the Environmental Indemnity Agreement executed by each Issuer and Guarantor that owns a Supplemental Property, in form and substance satisfactory to the Trustee (at the direction of the Holders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;a Title Policy insuring the Trustee's Lien on such Supplemental Property, subject only to Permitted Exceptions and otherwise in form and substance satisfactory to the Trustee (at the direction of the Holders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;&nbsp;such other documentation as the Title Company may require in order to issue the coverage described in the preceding clause (6), which may include, without limitation, an ALTA survey for such Supplemental Property and customary owner's affidavits and indemnities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;&nbsp;&nbsp;&nbsp;date down endorsements to the Trustee's insurance policies with respect to the Mt. Vernon Property and the Obion Property which increase the aggregate coverage thereunder consistent with the increase in the Aggregate Outstanding Principal Amount effected hereby, in each case in form and substance reasonably acceptable to the Trustee (at the direction of the Holders).

"*Tallgrass Facilities*" means collectively, each Amended and Restated Leasehold Deed of Trust, Security Agreement, Fixtures Financing Statement, Financing Statement and Assignment of Rents and Leases, each dated as of July 31, 2024, between each Capture

<br> -17- <br>

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Company, as grantor, and Tallgrass High Plains Carbon Storage, LLC, a Delaware limited liability company, as beneficiary.

"*TIA*" means the Trust Indenture Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb).

"*Title Company*" means the title company insuring the Lien of the Security Instrument.

"*Title Policy*" means the title policy with respect to the applicable Security Instrument or a new Title Policy containing no additional title exceptions (other than those created with the prior written consent of the Trustee, at the direction of the Required Holders, in accordance with this Indenture), in each case, insuring such second-priority Lien of the applicable Security Instrument (such title update or endorsement or such new Title Policy, as applicable, each a "*Title Update*").

"*Transaction*" means, collectively, the transactions contemplated by the Note Purchase Agreement, the Note Documents, the Collateral Documents and the Warrant Documents.

"*Transaction Documents*" means, collectively, the Note Documents, the Collateral Documents and the Warrant Documents.

"*Transfer Restricted Notes*" means Notes that bear or are required to bear the Restricted Notes Legend.

"*Treasury Rate*" means with respect to the Notes, as of any Redemption Date, the yield to maturity as of such Redemption Date of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two (2) Business Days prior to such Redemption Date (or, if such statistical release is no longer published, any successor publication published by the Board of Governors of the Federal Reserve System, or such other publication or statistical guide as the Trustee, at the direction of the Required Holders, may reasonably select)).

"*Trustee*" has the meaning set forth in the preamble to this Indenture until a successor replaces it in accordance with the applicable provisions of this Indenture and, thereafter, means the successor.

"*UCC"* means the Uniform Commercial Code as in effect from time to time in the State of New York or any other applicable jurisdiction.

"*Warrant Documents*" means, collectively, (i) that certain Subscription Agreement, dated as of the date hereof, by and between the Parent Guarantor and each subscriber named therein, providing for the issuance of common stock warrants of the Parent Guarantor to such affiliates of the Holders and (ii) those certain Warrant Agreements, dated as of the date hereof, between the Parent Guarantor and each subscriber named therein.

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SECTION 1.2 <u>Other Definitions</u>**.**

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| | |
|:---|:---|
| **<u>Term</u>** | **<u>Defined in Section</u>** |
| **"AAA"**<br>**"Act"** | **4.3**<br>**12.15** |
| **"Additional Assignment of Contracts"** | **5.2** |
| **"Additional Environmental Indemnity Agreement"** | **5.2** |
| **"Additional Pledge Agreement"** | **5.2** |
| **"Additional Property Collateral Documents"** | **5.2** |
| **"Additional Property Conditions"** | **5.2** |
| **"Additional Property Date"** | **5.2** |
| **"Additional Property Notice"** | **5.2** |
| **"Additional Property Option"** | **5.2** |
| **"Additional Property Owner"** | **5.2** |
| **"Additional Security Instrument"** | **5.2** |
| **"Additional UCC-1 Filing"** | **5.2** |
| **"Adverse Environmental Condition"** | **4.20** |
| **"Agent Members"** | **2.6** |
| **"Aggregate Principal Amount"** | **2.1** |
| **"All Risk"** | **4.24** |
| **"Annual Budget"** | **4.6** |
| **"Architect"** | **4.3** |
| **"ASTM Standard"** | **5.2** |
| **"Authentication Order"** | **2.2** |
| **"Builder's Risks"** | **4.24** |
| **"Cash/PIK Election"** | **4.1** |
| **"Cash/PIK Notice"** | **4.1** |
| **"Cash Pay Interest Amount"** | **4.1** |
| **"Casualty"** | **4.25** |
| **"Collateral Account"** | **10.3** |
| **"Commercial General Liability"** | **4.24** |
| **"Compliance Certificate"** | **4.6** |
| **"Condemnation"** | **4.25** |
| **"Construction Representative"** | **4.3** |
| **"Disbursement Account"**<br>**"Disbursement Conditions"**<br>**"Disbursement Request"** | **10.3**<br>**4.3**<br>**4.3** |
| **"Disclosed Environmental Matters"**<br>**"Environmental Report"** | **4.20**<br>**4.20** |
| **"Event of Default"** | **6.1** |
| **"Excess LTV Event"** | **4.14** |
| **"Excess LTV Notice"** | **4.14** |
| **"Expedited Arbitration Notice"**<br>**"General Contractor"** | **4.3**<br>**4.3** |

---

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---

| | |
|:---|:---|
| **<u>Term</u>** | **<u>Defined in Section</u>** |
| **"IAI Global Note"** | **2.1** |
| **"Indemnified Matters"** | **Art. VIII** |
| **"Initial Notes"** | **Recitals** |
| **"Institutional Accredited Investors"** | **2.1** |
| **"Insurance Proceeds"** | **4.24** |
| **"Lender Representative"** | **4.3** |
| **"Liquidation Event"** | **3.2** |
| **"Losses"** | **Article VIII** |
| **"Material Alterations"** | **4.26** |
| **"Mt. Vernon Release Option"** | **5.2** |
| **"Mt. Vernon Release/Substitution"** | **4.2** |
| **"Mt. Vernon Release/Substitution Conditions"** | **5.2** |
| **"Mt. Vernon Release/Substitution Date"** | **5.2** |
| **"Mt. Vernon Release/Substitution Option Notice"** | **5.2** |
| **"Mt. Vernon Substitution Option"** | **5.2** |
| **"Net Condemnation Proceeds"** | **4.25** |
| **"Net Insurance Proceeds"** | **4.25** |
| **"Note Register"** | **2.3** |
| **"Notes"** | **Recitals** |
| **"Obion Project"** | **4.3** |
| **"Offer"** | **1.1** |
| **"Other Charges"** | **4.11** |
| **"Parent Guarantor Financial Covenant"** | **4.27** |
| **"Party"** | **Preamble** |
| **"Permitted Debt"** | **4.4** |
| **"PIK"** | **4.1** |
| **"PIK Amount"** | **4.1** |
| **"PIK Notes"** | **4.1** |
| **"Policies"** | **4.24** |
| **"Principal Amount"** | **2.1** |
| **"Project"** | **4.3** |
| **"Project Budget"** | **4.6** |
| **"Project Commencement Date"** | **4.3** |
| **"Project Completion"** | **4.3** |
| **"Project Construction Schedule"** | **4.6** |
| **"Property Metrics"** | **4.6** |
| **"Proposed Additional Property"** | **5.2** |
| **"QIB"** | **2.1** |
| **"QIB Global Note"** | **2.1** |
| **"Qualifying Appraisal"** | **5.2** |
| **"Redemption Date"** | **3.1** |
| **"Redemption Notice"** | **3.1** |
| **"Redemption Price"** | **3.1** |

---

<br> -20- <br>

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---

| | |
|:---|:---|
| **<u>Term</u>** | **<u>Defined in Section</u>** |
| **"Regulation S Global Note"** | **2.1** |
| **"Remedial Work"** | **4.20** |
| **"Repair Standards"** | **4.11** |
| **"Restoration"** | **4.25** |
| **"Restoration Conditions"** | **4.25** |
| **"Restricted Period"** | **2.14** |
| **"Rule 144A"** | **2.1** |
| **"Signature Law"** | **12.11** |
| **"Taxes"** | **4.11** |
| **"Technology"** | **4.3** |
| **"Technology Engineers"** | **4.3** |
| **"Temporary Discontinuance"** | **4.11** |
| **"Transfer"** | **4.19** |

---

SECTION 1.3 <u>Trust Indenture Act Term</u>.

The following TIA term used in this Indenture has the following meaning:

"*obligor*" on the Notes and the Note Guaranty means the Issuer and the Guarantor, respectively, and any successor obligor upon the Notes and the Note Guaranty, respectively.

SECTION 1.4 <u>Rules of Construction</u>.

Unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;a term has the meaning assigned to it herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;an accounting term not otherwise defined herein has the meaning assigned to it in accordance with GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;"or" is disjunctive and not necessarily exclusive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;words in the singular include the plural, and in the plural include the singular;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;"including" means including without limitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;unless otherwise specified, any reference to a Section or an Article refers to such Section or Article of this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;&nbsp;references to sections of or rules under the Securities Act, the Exchange Act or the TIA shall be deemed to include substitute, replacement or successor sections or rules adopted by the SEC from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;&nbsp;&nbsp;&nbsp;References to "$" are to U.S. Dollars.

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Article II<br>THE NOTES

SECTION 2.1 <u>Form and Dating; Terms</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Each Note and the Trustee's certificate of authentication thereon shall be substantially in the form of <u>Exhibit A</u> attached hereto and may have such additional notations, legends or endorsements as are required by law, stock exchange rule or usage. Each Note shall be dated as of the date of its authentication. Each Global Note shall (except to the extent that any PIK Amounts are added to the Principal Amount thereof in accordance with <u>Section 4.1(b)</u>) be issued only in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. Each PIK Note and each increase to the Principal Amount of any Global Note in respect of any PIK Amounts shall be in denominations of $1.00 or any integral multiples of $1.00 in excess thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Notes shall be issued in the form of one (1) or more Global Notes substantially in the form attached as <u>Exhibit A</u> and shall be (i) duly executed by the Issuer, (ii) authenticated by the Trustee as hereinafter provided and (iii) deposited on behalf of the Holders with the Trustee as custodian for the Depositary, and registered in the name of the Depositary or a nominee of the Depositary. Each Global Note shall evidence a principal amount (a "*Principal Amount*") that represents a portion of the aggregate principal amount of all of the Notes (the "*Aggregate Principal Amount*"), which Principal Amount and Aggregate Principal Amount may from time to time be decreased or increased to reflect prepayments, exchanges, PIK Amounts, redemptions and transfers of interests, in each case, made in accordance with the terms of this Indenture. Any endorsement of a Global Note to reflect the amount of any such increase or decrease shall be made by the Trustee or the Note Custodian, at the direction of the Trustee, in accordance with written instructions given by the Holder thereof in accordance with <u>Section 2.6</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;On any Interest Payment Date on which the Issuer makes a Cash/PIK Election, the Trustee, at the direction of the Required Holders, shall, as provided in <u>Section 4.1</u>, either: (i) have the applicable PIK Amount added to the Outstanding Principal Amount of any Global Note in accordance with (and subject to) <u>Section 4.1</u>, on a pro rata basis and rounded up to the nearest whole dollar, for the relevant Interest Period of and as of the relevant record date for such Interest Payment Date, to the credit of the Holders of such Global Note on such record date, and the Trustee shall make an adjustment on its books and records to reflect such increase; or (ii) cause the Issuer to issue to each Holder of a Global Note on such record date a PIK Note with respect to such PIK Amount in accordance with (and subject to) <u>Section 4.1</u>, on a pro rata basis and rounded up to the nearest whole dollar, for the relevant Interest Period of and as of the relevant record date for such Interest Payment Date, and the Trustee shall make a notation on its books and records to reflect each such issued PIK Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Initial Notes were issued by the Issuer only to (i) "qualified institutional buyers" (as defined in Rule 144A of the Securities Act ("*Rule 144A*")) ("*QIBs*") and (ii) institutions that are "accredited investors" as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act, who are not also QIBs ("*Institutional Accredited Investors*"). Notes that are

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offered in reliance on Rule 144A shall be issued in the form of one (1) or more permanent Global Notes substantially in the form of <u>Exhibit A</u> (each, a "*QIB Global Note*"), deposited with the Trustee, as Note Custodian, duly executed by the Issuer and authenticated by the Trustee as hereinafter provided. Notes that are resold in offshore transactions in reliance on Regulation S shall be issued in the form of one (1) or more Global Notes substantially in the form set forth in <u>Exhibit A</u> (the "*Regulation S Global Note*") deposited with the Trustee, as Note Custodian, duly executed by the Issuer and authenticated by the Trustee as hereinafter provided. Notes that are offered to an Institutional Accredited Investor, other than in reliance on Rule 144A or Regulation S, shall be issued in the form of one (1) or more permanent Global Notes substantially in the form set forth in <u>Exhibit A</u> (the "*IAI Global Note*") deposited with the Trustee, as Note Custodian, duly executed by the Issuer and authenticated by the Trustee as hereinafter provided. The QIB Global Note, the Regulation S Global Note and the IAI Global Note shall each be issued with separate CUSIP numbers. The aggregate principal amount of each Global Note may from time to time be increased or decreased by adjustments made on the records of the Trustee, as Note Custodian. Transfers of Notes to QIBs, pursuant to Regulation S or to Institutional Accredited Investors shall be represented by appropriate increases and decreases to the respective amounts of the appropriate Global Notes, as more fully provided in <u>Section 2.14</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;With respect to each Global Note, (i) the Issuer shall execute and the Trustee shall, upon receipt of an Authentication Order, in accordance with this <u>Section 2.1(e)</u> and <u>Section 2.2</u>, authenticate and deliver such Global Notes, and (ii) such Global Note shall (A) be registered in the name of the Depositary or the nominee of the Depositary and (B) be delivered by the Trustee to the Depositary or pursuant to the Depositary's instructions or held by the Trustee as Note Custodian for the Depositary. The Trustee shall have no responsibility or obligation to any Holder, any member of (or a Participant in) DTC or any other Person with respect to the accuracy of the records of DTC (or its nominee) or of any Participant or member thereof, with respect to any ownership interest in the Notes or with respect to the delivery of any notice (including any notice of redemption) or the payment of any amount or delivery of any Notes (or other security or property) under or with respect to the Notes. The Trustee may rely (and shall be fully protected in relying) upon information furnished by DTC with respect to its members, Participants and any owners of beneficial interests in the Notes. This <u>Section 2.1(e)</u> shall apply only to Global Notes deposited with or on behalf of the Depositary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Indenture, and the Issuer, the Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent that any provision of any Note conflicts with the express terms and provisions of this Indenture, the terms and provisions of this Indenture shall govern and be controlling.

Except as set forth in <u>Section 2.6</u>, the Global Notes may be transferred, in whole and not in part, only to another nominee of the Depositary or to a successor of the Depositary or its nominee.

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SECTION 2.2 <u>Execution and Authentication</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;An Officer shall execute each Note for the Issuer by manual, PDF or other electronically transmitted signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note shall nevertheless be valid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;A Note shall not be valid or entitled to any benefit under this Indenture until such Note is authenticated pursuant to an authentication in substantially the form of Exhibit A by the manual or electronic signature of a Responsible Officer of the Trustee. Such signature shall be conclusive evidence that the Note has been authenticated under this Indenture. The Trustee shall, upon receipt of a written order of the Issuer executed by an Officer of the Issuer (an "*Authentication Order*"), (a) authenticate and deliver the Notes and, in the event of a Cash/PIK Election in accordance with <u>Section 4.1</u>, any PIK Notes on the date of issuance thereof and (b) in the event of any such Cash/PIK Election, unless the Issuer issues a PIK Note in the amount of the applicable PIK Amounts, increase the Principal Amount of the applicable Global Notes by such PIK Amounts. Each such written order of the Issuer shall specify the Notes to be authenticated, the date on which the original issue of Notes is to be authenticated and, if such authentication relates to any PIK Amounts, whether such authentication shall be made in respect of a PIK Note or an increase in the Principal Amount of any Global Note by any such PIK Amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;At the Trustee's election, it may appoint an authenticating agent reasonably acceptable to the Issuer to authenticate Notes. Unless limited by the terms of such appointment, any such authenticating agent may authenticate Notes to the same extent that the Trustee may do so in accordance with this <u>Section 2.2</u>. Each reference in this Indenture to an authentication by the Trustee shall be deemed to also refer to an authentication by any such authenticating agent, and any such authenticating agent shall have the same rights as an Agent to deal with Holders or the Issuer or an Affiliate of the Issuer.

SECTION 2.3 <u>Registrar; Paying Agent</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall maintain (i) an office or agency (which may be an office of the Trustee or an affiliate of the Trustee) at which Notes may be presented to a Registrar for registration of transfer or for exchange and (ii) an office or agency (which may be an office of the Trustee or an affiliate of the Trustee) at which Notes may be presented to a Paying Agent for payment. The Registrar shall keep a register of the Notes (the "*Note Register*") and of their transfer and exchange. The Issuer may appoint one (1) or more co-registrars and one (1) or more additional paying agents; *provided*, at all times there shall be only one (1) Note Register. The term "Registrar" includes any co-registrar and the term "Paying Agent" includes any additional paying agent. The Issuer or any of its Subsidiaries may act as Paying Agent or Registrar.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall notify the Trustee of the name and address of any Agent not a party to this Indenture. The Issuer shall enter into an appropriate agency agreement with any Agent not a party to this Indenture, which shall incorporate the provisions of Section 317(b) of

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the TIA. The agreement shall implement the provisions of this Indenture that relate to such Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Issuer initially appoints the Trustee to act as the Registrar and Paying Agent and initially designates the Corporate Trust Office of the Trustee as the office or agency of the Issuer for such purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Issuer initially appoints DTC to act as the Depositary with respect to the Global Notes.

SECTION 2.4 <u>Paying Agent to Hold Money in Trust</u>.

The Issuer shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent shall hold in trust for the benefit of the Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium, if any, or interest on the Notes, and shall notify the Trustee of any Default with respect to such payment. While any such Default exists, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Issuer at any time may require a Paying Agent to pay all funds held by it to the Trustee. Upon payment over to the Trustee of any such funds, the Paying Agent (unless it is the Issuer or a Subsidiary thereof) shall have no further liability for such funds. If the Issuer or a Subsidiary thereof acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders all funds held by it as Paying Agent. Notwithstanding anything to the contrary herein, upon the occurrence of any event specified in <u>clause (13)</u> of the first paragraph of <u>Section 6.1</u>, the Trustee shall serve as Paying Agent for the Notes.

SECTION 2.5 <u>Holder Lists</u>.

The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders. If the Trustee is not the Registrar, the Issuer shall furnish to the Trustee at least five (5) Business Days before each Interest Payment Date, and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders, including the aggregate Principal Amount of the Notes held by each such Holder.

SECTION 2.6 <u>Book-Entry Provisions for Global Securities</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Each Global Note shall (i) be registered in the name of the Depositary for such Global Notes or the nominee of such Depositary, (ii) be delivered to the Trustee as custodian for such Depositary and (iii) bear legends as required by <u>Section 2.6(e)</u>.

Members of, or participants in, the Depositary ("*Agent Members*") shall have no rights under this Indenture with respect to any Global Note held on their behalf by the Depositary, or the Trustee as its custodian, or under the Global Note, and the Depositary may be treated by the Issuer, the Trustee and any agent of the Issuer or the Trustee as the absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Trustee or any agent of the Issuer or the Trustee, from giving effect to any

<br> -25- <br>

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written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its Agent Members, the operation of customary practices governing the exercise of the rights of a Holder of any Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Transfers of a Global Note shall be limited to transfers of such Global Note in whole, but not in part, to the Depositary, its successors or their respective nominees. Beneficial interests in a Global Note may be transferred in accordance with <u>Section 2.14</u> and the rules and procedures of the Depositary. In addition, Certificated Notes shall be transferred to all owners of a beneficial interest in exchange for their beneficial interests only if the Depositary notifies the Issuer that it is unwilling or unable to continue as Depositary for the Global Notes or the Depositary ceases to be a "clearing agency" registered under the Exchange Act and a successor depositary is not appointed by the Issuer within ninety (90) days of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;In connection with the transfer of the entire Global Note to owners of beneficial interests pursuant to clause (b) of this <u>Section 2.6</u>, such Global Note shall be deemed to be surrendered to the Trustee for cancellation, and the Issuer shall execute, and the Trustee shall upon receipt of an Authentication Order authenticate and deliver, to each owner of a beneficial interest identified in writing by the Depositary in exchange for its beneficial interest in such Global Note an equal aggregate principal amount of Certificated Notes of authorized denominations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The registered holder of a Global Note may grant proxies and otherwise authorize any Person, including Agent Members and persons that may hold an interest through Agent Members, to take any action which a Holder is entitled to take under this Indenture or any Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Each Global Note shall bear the Global Note Legend on the face thereof. Notes offered and sold in reliance on Regulation S shall be issued initially in the form of one or more temporary Global Notes bearing the Temporary Regulation S Notes Legend.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;At such time as all beneficial interests in Global Notes have been exchanged for Certificated Notes, redeemed, repurchased or cancelled, all Global Notes shall be returned to or retained by the Trustee and cancelled in accordance with <u>Section 2.11</u>. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for Certificated Notes, redeemed, repurchased or cancelled, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note, by the Trustee or the Note Custodian at the direction of the Trustee, to reflect such reduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;General provisions relating to transfers and exchanges, subject to <u>Section 2.14</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;To permit registrations of transfers and exchanges, the Issuer shall execute and the Trustee shall authenticate Global Notes and Certificated Notes at the Registrar's request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;No service charge shall be made to a Holder for any registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any stamp or transfer tax or similar governmental charge payable in connection therewith (other

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than any such stamp or transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to <u>Sections 2.2</u>, <u>2.10</u>, <u>3.6</u>, <u>4.10</u>, <u>4.14</u> and <u>9.4</u> hereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;All Global Notes and Certificated Notes issued upon any registration of transfer or exchange of Global Notes or Certificated Notes shall, upon execution by the Issuer and authentication by the Trustee in accordance with the provisions hereof, be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or Certificated Notes surrendered upon such registration of transfer or exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;The Registrar shall not be required (A) to issue, to register the transfer of or to exchange Notes during a period beginning at the opening of fifteen (15) days before the day of any mailing of a notice of Notes selected for redemption under <u>Section 3.2</u> and ending at the close of business on the day of mailing, (B) to register the transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part, or (C) to register the transfer of or to exchange a Note between a record date and the next succeeding Interest Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Issuer may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Note and for all other purposes, and neither the Trustee, any Agent nor the Issuer shall be affected by notice to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall authenticate Global Notes and Certificated Notes in accordance with the provisions of <u>Section 2.2</u>. Except as provided in <u>Section 2.6(b)</u>, neither the Trustee nor the Registrar shall authenticate or deliver any Certificated Note in exchange for a Global Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;Each Holder agrees to provide indemnity reasonably satisfactory to the Issuer and the Trustee against any liability that may result from the transfer, exchange or assignment of such Holder's Note in violation of any provision of this Indenture and/or applicable United States federal or state securities law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Agent Members or owners of beneficial interests in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by the terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.

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SECTION 2.7 <u>Replacement Notes</u>.

If any mutilated Note is surrendered to the Trustee or the Issuer and the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, the Issuer shall execute and the Trustee, upon receipt of an Authentication Order, shall authenticate a replacement Note if the Trustee's requirements are met.

Each and every such replacement Note shall be an obligation of the Issuer and shall be entitled to all of the benefits of this Indenture equally and proportionately with all other Notes duly issued hereunder.

SECTION 2.8 <u>Outstanding Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Notes outstanding at any time are all the Notes authenticated by the Trustee except for those cancelled by it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described in this <u>Section 2.8</u> as not outstanding. Except to the extent provided in <u>Section 2.9</u>, a Note does not cease to be outstanding because the Issuer or a Subsidiary of the Issuer holds the Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If any Note is replaced pursuant to <u>Section 2.7</u>, such replaced Note shall cease to be outstanding except to the extent otherwise required by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;If all or any portion of the Principal Amount of any Note shall be paid in cash pursuant to <u>Section 4.1(a)</u>, such Principal Amount or applicable portion thereof shall cease to be outstanding and interest shall cease to accrue thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;If the Paying Agent (other than the Issuer or a Subsidiary thereof) holds, on a Redemption Date or on the Maturity Date, funds sufficient to pay any Notes payable on such date, then on and after such date, such Notes shall be deemed to be no longer outstanding and shall cease to accrue interest.

SECTION 2.9 <u>Treasury Notes</u>.

In determining whether the Holders of the required Aggregate Principal Amount have concurred with or given any direction, waiver or consent, Notes owned by the Issuer or by any Affiliate of the Issuer shall be considered as though not outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes shown on the Notes Register as being so owned shall be so disregarded. Notwithstanding the foregoing, Notes that are to be acquired by the Issuer or an Affiliate of the Issuer pursuant to an exchange offer, tender offer or other agreement shall not be deemed to be owned by such entity until legal title to such Notes passes to such entity.

SECTION 2.10 <u>Temporary Notes</u>.

Until Certificated Notes are ready for delivery, the Issuer may prepare and the Trustee shall, upon receipt of an Authentication Order, authenticate temporary Notes. Temporary Notes

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shall be substantially in the form of Certificated Notes but may have variations that the Issuer considers appropriate for temporary Notes. Without unreasonable delay, the Issuer shall execute and the Trustee shall, upon receipt of an Authentication Order, authenticate Certificated Notes in exchange for temporary Notes.

Holders of temporary Notes shall be entitled to all of the benefits of this Indenture.

SECTION 2.11 <u>Cancellation</u>.

The Issuer at any time may deliver to the Trustee for cancellation any Notes previously authenticated and delivered hereunder or which the Issuer may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Trustee upon the receipt of a cancellation request from the Issuer signed by an Officer. All Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation if surrendered to any Person other than the Trustee, shall be delivered to the Trustee. The Trustee and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation. Subject to <u>Section 2.7</u>, the Issuer may not issue new Notes to replace Notes that it has redeemed or paid or that have been delivered to the Trustee for cancellation. All cancelled Notes held by the Trustee shall be cancelled and disposed of in accordance with its customary practice, and certification of their cancellation delivered to the Issuer upon written request.

SECTION 2.12 <u>Default Interest</u>.

If an Event of Default occurs, and for so long as such Event of Default continues to exist, the Issuer shall pay, to the Persons who are Holders of the Notes on the applicable dates, interest on the Notes at the Default Rate and otherwise in accordance with the applicable provisions of the Notes and <u>Section 4.1</u>.

SECTION 2.13 <u>CUSIP Number</u>.

The Issuer in issuing or otherwise dealing with the Notes may use a "CUSIP" and/or ISIN or other similar number, and if it does so, the Issuer may use the CUSIP and/or ISIN or other similar number in notices of redemption or exchange as a convenience to Holders; *provided* that any such notice may state that no representation is made as to the correctness or accuracy of the CUSIP and/or ISIN or other similar number printed in the notice or on the Notes and that reliance may be placed only on the other identification numbers printed on the Notes. The Issuer shall promptly notify the Trustee in writing of any change in the CUSIP and/or ISIN or other similar number.

SECTION 2.14 <u>Special Transfer Provisions</u>.

Unless and until a Transfer Restricted Note is transferred or exchanged pursuant to an exemption under the Securities Act or under an effective registration statement under the Securities Act the following provisions shall apply:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Transfers to QIBs</u>. The following provisions shall apply with respect to the registration of any proposed transfer of a Transfer Restricted Note to a QIB in accordance with Rule 144A:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The Registrar shall register the transfer of a Transfer Restricted Note by a Holder to a QIB if such transfer is being made by a proposed transferor who has provided the Registrar with (a) an appropriately completed certificate of transfer in the form attached to the Note and (b) a letter substantially in the form set forth in <u>Exhibit B</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;If the proposed transferee is an Agent Member and the Transfer Restricted Note to be transferred consists of an interest in the Regulation S Global Note or the IAI Global Note, upon receipt by the Registrar of (A) the items required by the foregoing <u>clause</u> <u>(i)</u> and (B) instructions given in accordance with the Depositary's and the Registrar's procedures therefor, the Registrar shall reflect on its books and records the date and an increase in the principal amount of the QIB Global Note in an amount equal to the principal amount of the beneficial interest in the Regulation S Global Note or IAI Global Note, as the case may be, to be so transferred, and the Registrar shall reflect on its books and records the date and an appropriate decrease in the principal amount of such Regulation S Global Note or IAI Global Note, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Transfers Pursuant to Regulation S</u>. On or after the termination of the "Restricted Period", as such term is defined in United States Treasury Regulations Section 1.163-5(c)(2)(i)(D)(7) (the "*Restricted Period*"), interests in a Global Note bearing the Temporary Regulation S Notes Legend shall be exchangeable for corresponding interests in a Global Note. Prior to the expiration of the Restricted Period, transfers of beneficial interests in a Global Note bearing the Temporary Regulation S Notes Legend may not be made to a U.S. Person or for the account or benefit of a U.S. Person. Transfers of beneficial interests in a Global Note bearing the Temporary Regulation S Notes Legend only may be transferred upon (A) delivery by a beneficial owner of an interest therein to the Depositary or its nominee (as the case may be) of a written certification in the form of <u>Exhibit C</u>, and (b) delivery by the transferee of such interest to the Depositary or its nominee (as the case may be) of a written certification in the form of <u>Exhibit C</u>. After the expiration of the Restricted Period, the Registrar shall register the transfer of any Regulation S Global Note without requiring any additional certification. The following provisions shall apply with respect to registration of any proposed transfer of a Transfer Restricted Note pursuant to Regulation S:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The Registrar shall register any proposed transfer of a Transfer Restricted Note pursuant to Regulation S by a Holder if such transfer is being made by a proposed transferor who has provided the Registrar with (a) an appropriately completed certificate of transfer in the form attached to the Note and (b) a written certificate in the form of <u>Exhibit C</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;If the proposed transferee is an Agent Member and the Transfer Restricted Note to be transferred consists of an interest in a QIB Global Note or an IAI Global Note, upon receipt by the Registrar of (A) the items required by the foregoing <u>clause (i)</u> and (B) instructions given in accordance with the Depositary's and the Registrar's procedures

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therefor, the Registrar shall reflect on its books and records the date and an increase in the principal amount of the Regulation S Global Note in an amount equal to the principal amount of the beneficial interest in the QIB Global Note or the IAI Global Note, as applicable, to be transferred, and the Registrar shall reflect on its books and records the date and an appropriate decrease in the principal amount of the QIB Global Note or the IAI Global Note, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Transfers to Institutional Accredited Investors</u>. The following provisions shall apply with respect to the registration of any proposed transfer of a Transfer Restricted Note to an Institutional Accredited Investor (other than in reliance on Rule 144A or Regulation S):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The Registrar shall register the transfer of a Transfer Restricted Note by a Holder to an Institutional Accredited Investor if such transfer is being made by a proposed transferor who has provided the Registrar with (a) an appropriately completed certificate of transfer in the form attached to the Note and (b) a letter substantially in the form set forth in <u>Exhibit D</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;If the proposed transferee is an Agent Member and the Transfer Restricted Note to be transferred consists of an interest in the Regulation S Global Note or the QIB Global Note, upon receipt by the Registrar of (x) the items required by paragraph (i) above and (y) instructions given in accordance with the Depositary's and the Registrar's procedures therefor, the Registrar shall reflect on its books and records the date and an increase in the principal amount of the IAI Global Note in an amount equal to the principal amount of the beneficial interest in the Regulation S Global Note or QIB Global Note, as the case may be, to be so transferred, and the Registrar shall reflect on its books and records the date and an appropriate decrease in the principal amount of such Regulation S Global Note or QIB Global Note, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;[Intentionally Omitted].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Restricted Notes Legend</u>. Upon the transfer, exchange or replacement of Notes not bearing the Restricted Notes Legend, the Registrar shall deliver Notes that do not bear the Restricted Notes Legend. Until the Resale Restriction Termination Date, upon the transfer, exchange or replacement of Notes bearing the Restricted Notes Legend, the Registrar shall deliver only Notes that bear the Restricted Notes Legend unless there is delivered to the Registrar an Opinion of Counsel reasonably satisfactory to the Issuer to the effect that neither such legend nor the related restrictions on transfer are required in order to maintain compliance with the provisions of the Securities Act. On and after the Resale Restriction Termination Date, upon the transfer, exchange or replacement of Notes bearing the Restricted Notes Legend, which transfer, exchange or replacement may be initiated by the Issuer, the Registrar shall deliver Notes that do not bear the Restricted Notes Legend. Upon request by any Holder, the Issuer shall cooperate to have the Restricted Notes Legend removed if the Issuer has determined such legend is no longer required. At any time on or after the Resale Restriction Termination Date with respect to a Note, if such Note is represented by one or more Global Notes that are Restricted Notes, the Issuer shall remove the Restricted Notes Legend on such Note by:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;providing written notice to the Trustee and the Registrar that the Resale Restriction Termination Date has occurred and instructing the Trustee to remove the Restricted Notes Legend from such Global Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;providing written notice to each Holder of such Global Notes, which notice will state that the Restricted Notes Legend has been removed from the applicable Global Note and include the unrestricted CUSIP that will thereafter apply to such applicable Global Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;providing written notice to the Trustee and the Depositary that the CUSIP number for each such Global Note will be changed to an unrestricted CUSIP number, which unrestricted CUSIP number will be listed in such notice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;complying with any applicable procedures of DTC for legend removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>General</u>. By its acceptance of any Note bearing the Restricted Notes Legend, each Holder of such a Note acknowledges the applicable restrictions on transfer of such Note set forth in this Indenture and in the Restricted Notes Legend and agrees that it shall transfer such Note only as provided herein and therein.

Article III<br>REDEMPTION AND PREPAYMENT

SECTION 3.1 <u>Voluntary Redemption</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Voluntary Redemption</u>. From time to time on any Business Day (a "*Redemption Date*"), so long as no Event of Default then exists, the Issuer may, at its option, redeem the Notes, in whole or in part, upon not less than five (5), and not more than sixty (60), days' prior written notice to the Trustee and the Holders (a "*Redemption Notice*"), for a redemption price equal to the sum of the following (the "*Redemption Price*"): (i) one hundred percent (100%) of the aggregate Principal Amounts being redeemed, (ii) all unpaid interest accruing on the Notes subject to the applicable redemption up to but not including the Redemption Date and (iii) if the applicable Redemption Date is not an Interest Payment Date, all interest that shall accrue on the applicable Principal Amounts from and after such Redemption Date during the Interest Period in which such Redemption Date occurs. In connection with any redemption of the Notes pursuant to this <u>Section 3.1</u>, the Issuer shall deposit the Redemption Price with the Trustee or the Paying Agent (unless the Paying Agent is the Issuer or an Affiliate thereof) on or before 11:00 a.m. (New York City time) on the applicable Redemption Date. Notwithstanding anything to the contrary herein, the Issuer shall not have the right to partially redeem any Note (A) if such Note has a Principal Amount of $2,000 or less or (B) if such redemption would result in a reduction of the Aggregate Outstanding Principal Amount below $50,000,000.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;In connection with any redemption of any Notes pursuant to <u>Section 3.1(b)</u>, the Issuer shall deliver to the Trustee and the Holders, together with the Redemption Notice, an Officer's Certificate pursuant to which an Officer of the Issuer shall identify the Note (and the Principal Amount thereof) subject to such redemption and shall certify as to the following: (i) that no Event of Default then exists, (ii) the Redemption Date and (iii) the Redemption Price. In addition, each Redemption Notice delivered to a Holder shall also (1) set forth the name, telephone number of the Paying Agent, (2) state, in the case of any Certificated Note that is being redeemed in part, that upon the surrender of such Note, a new Note or Notes on a Principal Amount equal to the unredeemed portion of the Principal Amount of such surrendered Note shall be issued and (3) be delivered in accordance with the applicable procedures of DTC to the extent that the applicable Note of such Holder is held by DTC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;In the event of any partial redemption of the Notes pursuant to this <u>Section 3.1</u>, the Trustee shall select the Notes (or portions thereof) to be redeemed (out of the Notes then outstanding and not previously called for redemption) on a pro rata basis in accordance with each such Note's pro rata share of the Aggregate Outstanding Principal Amount or by such other method as the Trustee shall deem fair and appropriate (subject to any applicable procedures of the Depositary). In connection with any such partial redemption of the Notes, the Trustee may select for redemption portions of the applicable Notes (equal to $2,000 or integral multiples of $1,000 in excess thereof (or, with respect to any PIK Note or increased Principal Amount of a Global Note in respect of any PIK Amounts, in denominations of $1.00 and any integral multiple of $1.00 in excess thereof)); <u>provided</u>, no Note having a Principal Amount of $2,000 or less shall be redeemed in part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Once the Issuer delivers a Redemption Notice in accordance with this <u>Section 3.1</u>, the Notes called for redemption therein shall become irrevocably due and payable on the applicable Redemption Date at the applicable Redemption Price.

SECTION 3.2 <u>Mandatory Redemptions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>General</u>. Except to the extent expressly set forth in this Indenture, the Issuer shall not be required to redeem all or any part of the Notes.

SECTION 3.3 <u>Notes Redeemed in Part</u>.

In the case of any Certificated Notes, upon surrender and cancellation of any such Note that is redeemed in part, the Issuer shall execute and, upon its receipt of an Authentication Order, the Trustee shall authenticate for the Holder at the expense of the Issuer, a new Note equal in Principal Amount to the unredeemed portion of the Note so surrendered and cancelled.

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Article IV<br>COVENANTS

SECTION 4.1 <u>Payment of Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall pay to the Holders on each Payment Date following the Effective Date, unless the Issuer makes a Cash/PIK Election pursuant to <u>Section 4.1(b)</u> with respect to such Interest Payment Date, an amount ("*Cash Pay Interest Amount*") equal to the interest accrued on the Notes for the immediately preceding Interest Period. The Notes shall bear interest (calculated on the basis of a three hundred sixty (360) day year consisting of twelve (12) months of thirty (30) days each) on the Aggregate Outstanding Principal Amount at a rate per annum equal to the Cash Pay Rate. The Issuer shall provide notice to the Trustee of the Cash Pay Rate at least ten (10) Business Days prior to the end of the Interest Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the provisions of <u>Section 4.1(a)</u>, on any Interest Payment Date, so long as (i) no Event of Default then exists, (ii) the Aggregate LTV does not then exceed the Maximum Aggregate LTV and (iii) the Issuer provides the Trustee and the Holders not less than fifteen (15) Business Days' prior written notice of such election (a "*Cash/PIK Notice*"), the Issuer may elect in lieu of the Cash Pay Interest Amount (a "*Cash/PIK Election*") to, and upon such election the Issuer shall on such Interest Payment Date: (A) pay to the Holders on a current basis cash in an amount equal to the interest accruing on the Aggregate Outstanding Principal Amount at a rate per annum equal to the PIK Rate; and (B) irrevocably direct the Trustee to cause an amount (such amount, the "*PIK Amount*") equal to the interest accruing on the Aggregate Outstanding Principal Amount at a rate per annum equal to six and three-quarters percent (6.75%) to be paid in kind ("*PIK*"), in which case (1) such PIK Amount shall, on such Interest Payment Date, be added to the Aggregate Outstanding Principal Amount and thereafter accrue interest at the applicable rate in accordance with the terms of this Indenture, and (2) such PIK Amount shall be due and payable on the Maturity Date together with the other Obligations. In the event that the Issuer makes a Cash/PIK Election, the Cash/PIK Notice shall contain a direction to the Trustee, pursuant to a written order from the Issuer executed by an Officer thereof, to either (I) increase the Principal Amount of the applicable Notes on a pro rata basis by the applicable PIK Amount or (II) issue one or more original Certificated Notes, which shall be executed by the Issuer ("*PIK Notes*") and authenticated by the Trustee on the related Interest Payment Date. If the Issuer timely makes a Cash/PIK Election but the Cash/PIK Notice fails to contain a direction to the Trustee pursuant to the preceding sentence, then the Issuer shall be deemed to have made the election pursuant to clause (I) above. The Issuer shall provide notice to the Trustee of the PIK Rate at least ten (10) Business Days prior to the end of the Interest Period.

SECTION 4.2 <u>Use of Proceeds; Disbursement Account</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall use the Note Proceeds solely (i) to pay costs and expenses incurred in connection with the closing of the Transaction, (ii) to pay Approved Project Expenses incurred by the applicable PropCos or by Issuer in connection with the Obion Project and the Mt. Vernon Project, unless (solely with respect to the Mt. Vernon Project) such Mt. Vernon Property

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is released from the Lien of the Security Instrument and/or substituted for a Qualified Additional Property, in each case, in accordance with (and subject to) <u>Section 5.2</u> (a "*Mt. Vernon Release/Substitution*") and (iii) after the occurrence of Project Completion with respect to the Obion Project and, unless a Mt. Vernon Release/Substitution has occurred, the Mt. Vernon Property, to pay Approved Project Expenses incurred by the applicable PropCos or by Issuer in connection with any Project at an Additional Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Note Proceeds have been deposited in the Disbursement Account established and maintained by the Trustee pursuant to <u>Section 10.4</u>, and such balance of Note Proceeds shall be disbursed to the Issuer from time to time by the Trustee from the Disbursement Account in accordance with the disbursement procedures set forth in <u>Section 4.3(g)</u> for the payment of the Approved Project Expenses described in <u>Section 4.2(a)(ii)</u> and <u>(iii)</u>.

SECTION 4.3 <u>Projects</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Issuer acknowledges and agrees that, following the Issuance Date, the Issuer shall cause the applicable PropCos to undertake the construction and shall use commercially diligent efforts (subject to any delays caused by Force Majeure) to cause the completion of certain capital improvement projects at the Obion Property and one or more other Properties for the purpose of installing FQT's high-protein technology at such Properties (the "*Technology*"), as such projects are (with respect to the Obion Project and the Mt. Vernon Project) more particularly described on <u>Schedule II</u> (each, a "*Project*"). The Issuer shall initially cause the applicable PropCos to undertake Projects at (i) the Obion Property (the "*Obion Project*") and (ii) the Mt. Vernon Property (the "*Mt. Vernon Project*"), unless (solely with respect to this <u>clause (ii)</u>) a Mt. Vernon Release/Substitution has occurred. Following any Additional Property Date, the Issuer may also undertake additional Projects at any applicable Additional Property. At any time, subject to the terms and conditions of this Indenture, the Issuer may commence (or cause to be commenced) the Mt. Vernon Project (unless a Mt. Vernon Release/Substitution has occurred). Each Project shall be subject to the terms and conditions of this <u>Section 4.3</u> and the other applicable provisions of this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Not less than thirty (30) days prior to the Project Commencement Date of any Project, the Issuer shall submit to the Trustee each of the following for its approval, at the direction of the Required Holders (which approval shall, in each case, not be unreasonably withheld, conditioned or delayed and shall be granted or withheld in accordance with the Construction Approval Mechanic and in any event within ten (10) days): (i) the proposed budget setting forth the reasonably anticipated Project Expenses to be incurred by the Obligor Parties in connection with such Project, (ii) the proposed schedule outlining the material milestones for the construction and completion of such Project and (iii) the proposed plans and specifications in summary form which detail the material aspects of such Project (including the proposed location(s) of such Project at the applicable Property) as prepared by the Architect and approved by any applicable Governmental Authority to the extent that such approval is required under Applicable Laws for the applicable phase of the Project.; <u>provided</u>, any such budgets, construction schedules and/or plans and specifications shall only be delivered to the Trustee and the initial Holders of the Notes and their respective Affiliates, employees, representatives,

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advisors and Construction Representatives and shall not be disclosed to any other Person unless such disclosure is required by Applicable Laws, it being understood that with respect to any subsequent Holders of the Notes, such documentation shall only be delivered to the Construction Representatives engaged by such subsequent Holders in accordance with this <u>Section 4.3</u>. The budget, construction schedule and proposed plans and specifications for any Project, once so approved and together with (in each case) any modifications thereto approved by the Trustee, at the direction of the Required Holders (solely to the extent that such approval is expressly required hereunder), shall be referred to herein as the "*Project Budget*", the "*Project Construction Schedule*" and the "*Project Plans and Specifications*", respectively. As used herein, "*Construction Approval Mechanic*" means that, with respect to any request for the Trustee's approval pursuant to this <u>clause (b)</u>, to the extent that the Trustee reasonably requires any additional documentation in relation to any applicable budget, construction schedule or plans and specifications submitted by the Issuer to the Trustee, (A) the Trustee shall make such request in writing not later than four (4) days following such submittal and (B) following such timely request, the Issuer shall deliver the applicable additional documentation not later than three (3) days thereafter. In the event that the Trustee fails to notify the Issuer as to whether or not it approves the applicable budget, construction schedule or plans and specifications (which approval shall in no event be unreasonably withheld or conditioned) within the ten (10) day period provided for under this <u>clause (b)</u>, the Trustee's approval shall be deemed to have been granted with respect to the applicable budget, construction schedule or plans and specifications. In the event that the Trustee does not approve the applicable budget, construction schedule or plans and specifications within the ten (10) day period as set forth above and the Issuer contends that the Trustee unreasonably withheld or conditioned such approval (a "*Consent Dispute*"), then, within five (5) Business Days thereafter, the Issuer may, upon prior written notice to the Trustee (an "*Expedited Arbitration Notice*"), submit such dispute to binding, expedited arbitration in accordance with the provisions of this <u>clause (b)</u>, which arbitration shall be completed and the applicable arbitrator's written decision shall be rendered in not more than twenty (20) days as provided below. Following the delivery of an Expedited Arbitration Notice in accordance with the immediately preceding sentence, the arbitration of such Consent Dispute shall be conducted pursuant to the Expedited Procedures of the Commercial Arbitration Rules of the American Arbitration Association ("*AAA*") in New York, New York, by an arbitrator that is a disinterested party, selected from a current AAA list using a then current AAA-recommended selection method. After the appointment of any such arbitrator, such arbitrator shall hold a conference with the Parties or their respective representatives to define the scope of any discovery and to identify the form of evidence to be presented and, thereafter, shall conduct such hearings as such arbitrator deems necessary and shall make a determination as soon as practicable but in no event later than twenty (20) days following its appointment. The final determination by the applicable arbitrator as to whether the Trustee unreasonably withheld or conditioned its consent in connection with any Consent Dispute shall be final and binding upon the Parties. The Parties shall keep all arbitration proceedings pursuant to this <u>clause (b)</u> strictly confidential, except to the extent that such disclosure is required under Applicable Laws. The non-prevailing Party in any such arbitration shall bear the reasonable costs and expenses incurred by the Parties in connection therewith.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Not less than thirty (30) days prior to the Project Commencement Date of any Project, the Issuer shall submit to the Trustee, for the information of the Trustee and the Holders (but not for their approval or consent) each of the following: (i) the general contractor (the "*General Contractor*") and architect (the "*Architect*") for such Project, which shall be a reputable general contractor and architect selected by the Obligor Parties in their good faith business judgment; and (ii) the engineering firms that shall be principally responsible for the installation of the applicable Technology (the "*Technology Engineers*"), which shall include an Affiliate and any others which shall be reputable engineering firms with substantial experience installing technology similar in all material respects to the Technology at industrial properties that are similar to the Properties and selected by the Obligor Parties in their good faith business judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Plans and Specifications with respect to any Project shall (i) in the case of the Obion Project and (if applicable) the Mt. Vernon Project, be consistent with the description of the applicable work set forth on <u>Schedule II</u> and (ii) comply with all Applicable Laws. The Issuer shall (or shall cause the applicable PropCo to) obtain all approvals of any Governmental Authorities that are required prior to commencing any applicable portion or phase of any Project. The Trustee, any Holder, or any construction consultant, engineer or other similar third party (to the extent that such Trustee, Holder, construction consultant, engineer or other similar third party (as applicable) is not a competitor of Issuer or its Affiliate in any respect whatsoever (including, without limitation, with respect to any related technologies and any derivative products thereof)), engaged by or on behalf of the Trustee or the Required Holders (a "*Construction Representative*") and/or their respective agents, representatives and employees (the Trustee, any Holder, any Construction Representative or any other such Person, a "*Lender Representative*") shall have the right, at their sole expense, and upon twenty-four (24) hours' prior written notice to the Issuer and the applicable PropCo, to enter upon any Property at which a Project is ongoing to conduct a reasonable inspection and monitor the progress of such Project provided that the same does not impede the construction of such Project; <u>provided</u>, neither the approval of any Project Budget, Project Construction Schedule or Project Plans and Specifications by the Trustee, at the direction of the Required Holders, nor any inspection and monitoring of the progress of any Project by the Trustee, any Holder or any Lender Representative shall impose upon the Trustee or any Holder any obligation or liability whatsoever with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Following the Project Commencement Date of any Project, the Issuer shall (or shall cause the applicable PropCo to) (i) diligently pursue the construction and completion of such Project, free and clear of all Liens (other than Permitted Encumbrances), in material compliance with the applicable Project Plans and Specifications, Project Budget and Project Construction Schedule, and in compliance with all Applicable Laws, Property Documents and the terms and conditions of this Indenture, (ii) subject to the provisions of <u>Section 4.3(g)</u>, cause all Project Expenses to be paid in full, (iii) obtain duly executed final and unconditional Lien waivers, in form and substance reasonably satisfactory to the Trustee, at the direction of the Required Holders, from all Persons who performed any work with respect to such Project and all materials supplied in connection therewith and (iv) following the substantial completion of each Project and the satisfaction of the conditions set forth in the foregoing <u>clauses (i)</u> through <u>(iii)</u>, deliver to the Trustee and any Construction Representative (A) an AIA Form G704 (Certificate

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of Substantial Completion) executed by the applicable PropCo in connection with such Project, (B) if applicable, a permanent certificate of occupancy for the Property to which such Project relates and (C) evidence to the satisfaction of the Trustee, at the direction of the Required Holders, that all requisite final inspection approvals have been provided on any building permits issued by any applicable Governmental Authorities (together with any other approvals of Governmental Authorities as may be required) in connection with such Project (the foregoing, collectively, "*Project Completion*").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;In connection with any Project, the Issuer shall not (and shall not permit any PropCo to), in each case, without the prior written consent of the Trustee, at the direction of the Required Holders, which shall not be unreasonably withheld or delayed, and shall otherwise be granted or withheld in accordance with the Modified Construction Approval Mechanic and in any event within seven (7) days from the time of such request from Issuer: (i) (A) materially modify any Project Plans and Specifications or (B) materially modify any Project Construction Schedule to extend any milestones thereunder if such extension (together with any other extensions thereof permitted hereunder without the Trustee's consent, but excluding any extension for Force Majeure) exceeds one hundred twenty (120) days in the aggregate (an "*As of Right Extension*"); <u>provided</u>, the Obligor Parties shall only be allowed one (1) such As of Right Extension for any individual Project, (ii) in furtherance of, but not in limitation of the foregoing <u>clause (i)</u>, enter into, materially modify or terminate any Material Construction Contract or enter into or approve any Material Change Order with respect to any such Material Construction Contract; provided however any Material Construction Contract or Material Change Order within the Project Budget shall not require any such prior written consent. The consent of the Trustee, and the direction given by the Required Holders, shall not be unreasonably withheld with respect to any entry into or modification of a Material Construction Contract requiring such consent, so long as (A) no Event of Default exists and (B) if requested by the Trustee, at the direction of the Required Holders, solely with respect to any Material Construction Contract with a Major Contractor the contract price of which equals or exceeds Five Million Dollars ($5,000,000), the Issuer shall provide (or cause the applicable PropCo to provide) a consent and subordination from such Major Contractor substantially in the form of <u>Exhibit F</u>. Notwithstanding anything to the contrary in the foregoing, provided that no Event of Default exists, the Issuer may permit the applicable PropCo to approve Change Orders that are not Material Change Orders without the consent of the Trustee or any Holder The Issuer shall cause each PropCo to observe and perform in all material respects all of its obligations under any Material Construction Contract, and to enforce the obligations of each Major Contractor under a Material Construction Contract in a commercially reasonable manner. As used herein, "*Modified Construction Approval Mechanic*" means that, with respect to any request for the Trustee's approval pursuant to this <u>clause (f)</u>, to the extent that the Trustee reasonably requires any additional documentation in relation to any applicable action hereunder, (A) the Trustee shall make such request in writing not later than three (3) days following such request for the Trustee's approval and (B) following such timely request, the Issuer shall deliver the applicable additional documentation not later than two (2) days thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;In connection with any Project, so long as no Event of Default exists and the conditions set forth on <u>Schedule III</u> (the "*Disbursement Conditions*") have been satisfied or

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waived by the Trustee at the direction of the Required Holders with respect to such disbursement, the Issuer may from time to time request in writing (a "*Disbursement Request*") that the Trustee disburse (and, subject to this <u>Section 4.3(g)</u>, the Trustee, at the direction of the Required Holders, shall disburse) a portion of the Note Proceeds remaining on deposit in the Disbursement Account for the payment of Approved Project Expenses incurred by the Obligor Parties. The Issuer shall deliver each Disbursement Request to both the Trustee and any Construction Representative designated by the Required Holders from time to time.

SECTION 4.4 <u>Limitation on Incurrence of Indebtedness</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall not, and shall not permit any Obligor Party or any Excluded Subsidiary to, Incur any Indebtedness other than Permitted Debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of determining compliance with any U.S. Dollar-denominated restriction on the Incurrence of Indebtedness, the U.S. Dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was Incurred, in the case of term Indebtedness, or first committed, in the case of revolving credit Indebtedness. Notwithstanding any other provision of this <u>Section 4.4</u>, any increase in the U.S. Dollar equivalent of outstanding Indebtedness of the Issuer or any Obligor Party denominated in a currency other than U.S. Dollars resulting from fluctuations in the exchange values of currencies shall not be considered to be an Incurrence of Indebtedness for purposes of this <u>Section 4.4</u>; <u>provided</u>, the amount of Indebtedness of the Issuer and its Subsidiaries outstanding at any time for purposes of covenant compliance will be the U.S. Dollar equivalent of all such Indebtedness of the Issuer and its Subsidiaries outstanding at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Without limiting the foregoing provisions of this <u>Section 4.4</u>, the Issuer shall not, and shall not permit any Obligor Party to Incur any Indebtedness that pursuant to its terms is subordinate or junior in right of payment to any other Indebtedness of the Issuer or such Obligor Party, unless such Indebtedness is also subordinated or made junior in right of payment (as applicable) to the Obligations, as the case may be, on substantially identical terms.

SECTION 4.5 <u>[Intentionally Omitted]</u>.

SECTION 4.6 <u>Financial Statements and Reports</u>. The Issuer and each Guarantor (as applicable) shall deliver to the Trustee the following information, statements, certification and other documentation on each respective date therefor set forth in this <u>Section 4.6</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;annually, as soon as practicable and in any event within ninety (90) days after the end of each Fiscal Year, the consolidated balance sheet and related consolidated statements of earnings and cash flows, including statements of profit and loss, net operating income, net cash flow, gross income and operating expenses for the Propcos on a combined basis and a per Property basis (collectively, the "*Property Metrics*"), which statements shall set forth in comparative form the corresponding figures of the previous Fiscal Year, all in reasonable detail, and shall be prepared in conformity with GAAP, applied on a basis consistent with the Obligor

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Parties' and the Guarantor's current practices (except as otherwise stated therein or in the notes thereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;annually, as soon as practicable and in any event within ninety (90) days after the end of each Fiscal Year, the consolidated and consolidating balance sheet and related consolidated and consolidating statements of earnings, equity and cash flows of the Parent Guarantor as of the end of and for such Fiscal Year, which statements shall set forth in comparative form the corresponding figures of the previous Fiscal Year, all in reasonable detail, and shall be prepared in conformity with GAAP, applied on a basis consistent with that of previous Fiscal Years (except as otherwise stated therein or in the notes thereto). The Parent Guarantor's financial statements shall be audited by (and accompanied by a report or opinion of) an independent certified public accounting firm approved by the Parent Guarantor's Board of Directors, and such report or opinion shall state that such financial statements present fairly the consolidated (and consolidating) financial condition and results of operations and cash flows of the Parent Guarantor in accordance with GAAP consistently applied (except for any changes with which such accounting firm concurs) and that the examination of such accounting firm in connection with such financial statements has been made in accordance with generally accepted auditing standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;quarterly, as soon as practicable and in any event within forty-five (45) days after the end of each fiscal quarter of the Obligor Parties and Parent Guarantor, the consolidated balance sheet and related consolidated statements of earnings, cash flows and profit and loss of the Obligor Parties and the Parent Guarantor as of the end of and for such fiscal quarter, which statements shall include quarterly and year-to-date operating statements setting forth the Property Metrics for each such period and setting forth, in each case in comparative form, the corresponding figures of the previous Fiscal Year and fiscal quarter, all in reasonable detail, which statements shall be prepared in conformity with GAAP, applied on a basis consistent with that of previous fiscal quarter (except as otherwise stated therein or in the notes thereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;for the partial Fiscal Year commencing on the Issuance Date, and thereafter annually for each subsequent Fiscal Year, as soon as practicable and in any event on the Issuance Date (for such partial Fiscal Year) and prior to the commencement of each such subsequent Fiscal Year, an annual operating budget for the Obligor Parties (which shall be limited to the Properties and shall not be required to cover any other properties or operations of Subsidiaries of Parent Guarantor other than the Obligor Parties) in form and substance reasonably acceptable to Trustee, at the direction of the Required Holders (each, an "*Annual Budget*");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;on each date on which the financial statements required pursuant to the foregoing <u>Sections 4.6(a)</u> through <u>4.6(ee)</u> are required to be delivered, an Officer's Certificate of the Issuer and the Guarantors in the form of <u>Exhibit E</u> (a "*Compliance Certificate*");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;within three (3) Business Days following any Obligor Party or any Officer thereof becoming aware of the existence of a Default or Event of Default or any other default under any documents evidencing and/or securing any Indebtedness of any Obligor Party, a written notice specifying the nature and period of existence of such Default, Event of Default or other default

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(as applicable) and what action the Obligor Parties are taking or propose to take with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;[Intentionally Omitted];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;promptly following any Obligor Party or any Officer thereof becoming aware of the occurrence of (i) any surrender of assets of any Obligor Party in satisfaction of any Indebtedness, (ii) the dissolution of any operating partnership or real estate ownership partnership of any Obligor Party, (iii) the termination or expiration of any Property Document, or (iv) (A) the commencement of any material litigation, including any arbitration or mediation, and of any proceedings before any Governmental Authority with respect to any Property or Guarantor or any Obligor Party or their respective businesses or (B) the passage or implementation of (or the proposed passage or implementation of) any order, ruling, statute or other law or regulation of any Governmental Authority, any of the foregoing which could materially and adversely affect the business, properties, prospects or financial condition of any Obligor Party taken as a whole (including any such action commenced by a counterclaim), written notice specifying the nature thereof and what action the Obligor Parties are taking or propose to take with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;such annual and quarterly reports and such information, documents and other reports as are specified in Sections 13 and 15(d) of the Exchange Act and applicable to a U.S. corporation subject to such Sections, such information, documents and reports to be so provided at the times specified for the filing of such information, documents and reports under such Sections of the parent of the Issuer; and.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;such other information as to the business and properties of the Obligor Parties, including consolidated financial statements of the Obligor Parties and Guarantors, and other financial statements and/or reports filed with any Governmental Authority, as the Trustee or any Holder may from time to time reasonably request.

SECTION 4.7 <u>Inspection</u>. The Trustee, at the direction of the Required Holders, shall have the right from time to time, upon three (3) business days' notice (or, in the event of an emergency that consists of an imminent threat to life or an imminent and material threat to the Property, such advance notice as is reasonable considering the circumstances) to the Issuer, (a) but not more than once per calendar year (so long as no Event of Default exists) to visit and inspect, at the Obligor Parties' expense, any Property or any of the other properties of any Obligor Party, in each case at such times as the Trustee or such Holder may reasonably request; provided, that if an Event of Default exists, there shall be no limit to such right of the Trustee, to visit and inspect the Properties. The foregoing visitation and inspection rights shall extend to any property not owned by an Obligor Party but at which any Collateral may be located and shall include the right to examine, and discuss with the Obligor Parties' respective Officers and certified public accountants in coordination with the Issuer, any of the Obligor Parties' respective affairs, finances and accounts, and (b) to contact such third parties, in coordination with the Issuer, doing business with any Obligor Party, and to engage in such other auditing procedures, as Trustee, at the direction of the Required Holders, deems reasonable to ensure the validity of the Trustee's Liens and security interests on and in the Collateral and/or the accuracy of the

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Obligor Parties' respective representations, warranties and certifications under the Note Documents.

SECTION 4.8 <u>To Pay and Perform Obligations</u>(k)&nbsp;&nbsp;&nbsp;&nbsp;. The Issuer shall punctually pay or cause to be paid the principal (if applicable) and interest, together with any Applicable Premium and shall pay and perform or cause to be paid and performed all other Obligations, in each case, as and when required in accordance with the Note Documents.

SECTION 4.9 <u>[Intentionally Omitted]</u>.

SECTION 4.10 <u>Books and Records</u>. Parent Guarantor, on behalf of the Issuer and the PropCos, shall keep proper books of record and account in accordance with GAAP, including without limitation, maintaining the audited annual consolidated financial statements of Parent Guarantor, the Property Metrics for each Property, the Annual Budget and all other financial statements required to be prepared or maintained in accordance with <u>Section 4.6</u>.

SECTION 4.11 <u>Payment of Taxes; Corporate Existence; Maintenance of Properties</u>(l)&nbsp;&nbsp;&nbsp;&nbsp;. The Issuer shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;pay and discharge (or cause the applicable Obligor Party to pay and discharge) all taxes, assessments and governmental charges or levies imposed upon it, and its income or profits or its properties, including all real estate taxes and assessments and any taxes or assessments imposed or assessed in lieu of or in substitution for any of the foregoing (collectively, "*Taxes*") and (ii) maintenance charges, amounts due under any Property Documents and any other charges arising or accruing with respect to any Property as well as all other lawful claims and liabilities of any kind (including claims and liabilities for labor, materials and supplies) which, if unpaid, might by law or otherwise become or give rise to a Lien upon any Property or any other property of any Obligor Party (including any Property) (collectively "*Other Charges*"), in each case, prior to delinquency. Notwithstanding the foregoing, if the Issuer or any applicable Obligor Party shall in good faith, and by appropriate legal proceedings, contest any Taxes or Other Charges, then at the sole election of the Issuer (i) Issuer may procure a bond in the amount of such disputed tax or (ii) deposit cash with the Trustee (as the Trustee, at the direction of the Required Holders, may direct) as a reserve in an amount equal to the payment thereof together with all estimated fines, interest, penalties and costs which may become due pending the pendency of such contest, in which case the Issuer or such Obligor Party (as applicable) shall not be required to pay the applicable Taxes or Other Charges during the maintenance of such deposit and provided that such contest (A) operates to prevent the enforcement or collection of the applicable Taxes or other Charges against, or the sale or forfeiture of, the applicable Property for the non-payment thereof, (B) is prosecuted with due diligence and continuity, and (C) shall not have been terminated or discontinued adversely to Issuer or such Obligor Party (as applicable). Upon the termination of any such proceeding or contest, the Issuer shall (or shall cause the applicable Obligor Party to) pay the amount of such Taxes or any applicable portion thereof that is, in each case, finally determined in such proceeding or contest to be due and owning; <u>provided</u>, if funds have been deposited with the Trustee in respect of any such contest or proceeding pursued in accordance with this <u>Section</u> 

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<u>4.11</u>, such funds shall (so long as no Event of Default exists) be applied toward the payment of such Taxes and the excess (if any) following such application shall be returned to the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall not be required to pay (or to cause any Obligor Party to pay) any such Taxes or Other Charges to the extent that any Obligor Party is contesting the amount, applicability or validity thereof in good faith and by appropriate proceedings and such Obligor Party has set aside on its books reserves in respect thereof (segregated to the extent required by GAAP) deemed adequate in the reasonable opinion of the Obligor Parties' management personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;subject to <u>Section 4.11(a)</u>, the Issuer shall do (and cause each Obligor Party to do) all things necessary to preserve and keep in full force and effect its legal existence, rights (charter and statutory), franchises licenses and permits as may be necessary or desirable in order to operate each Property, to conduct any business of and/or to comply with any Applicable Laws or Property Documents applicable to any Obligor Party or any Property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;maintain and keep (and cause the applicable Obligor Party to maintain and keep) (i) each Property and (ii) all other property used or useful in the conduct of its business in good condition, repair and working order and supplied with all necessary equipment and make all necessary repairs, renewals, replacements, betterments and improvements thereof (collectively, the "*Repair Standards*"), in each case, to the extent that the same, may be necessary in order for the business carried on by the Obligor Parties in connection therewith to be properly conducted at all times, consistent with established business practices and prior operating history; <u>provided</u>, nothing in this <u>Section 4.11(d)</u> shall limit any Obligor Party's right to effectuate a Temporary Discontinuance so long as, during any such Temporary Discontinuance, the Obligor Parties continue to maintain, repair and replace the Properties in compliance with the Repair Standards. As used herein, "*Temporary Discontinuance*" means the temporary discontinuance of plant operations, in each case, a period expressly for the purpose of (1) maximizing the economic return of such Property, (2) the installation or construction of a Project or any Material Alterations, in each case, in accordance with (and subject to) the terms hereof, (3) adhering to safety and/or environmental requirements, or (4) regular or unscheduled maintenance to maintain or improve plant operations.

SECTION 4.12 <u>Compliance with Laws and Property Documents</u>(e)&nbsp;&nbsp;&nbsp;&nbsp;. The Issuer shall (and shall cause each Obligor Party to) comply in all material respects at all times with all Applicable Laws and Property Documents affecting or relating or pertaining in any way to or binding on any Property and/or the use, operation and/or the maintenance thereof, and shall obtain and continuously maintain any and all material licenses, permits, franchises or other governmental authorizations necessary in connection with the ownership and/or operation of each Property or to the conduct of its business, and shall furnish to the Trustee, on request, proof of such compliance. If any Obligor Party receives a notice or claim from any Governmental Authority that any Property, or any use, activity, operation or maintenance thereof or thereon, is not in compliance with any such law, other governmental standard or Property Document, which could have a material adverse effect, such Obligor Party shall promptly furnish a copy of such notice or claim to the Trustee. The Issuer shall not (and shall not permit any Obligor Party to)

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use or permit the use of any Property, or any part thereof, for any illegal purpose. The Issuer shall not (and shall not permit any Obligor Party to), without the prior written consent of the Trustee, at the direction of the Required Holders, which shall not be unreasonably withheld or delayed, enter into, materially modify or terminate any Property Document to the extent that (a) such Property Document consists of a Lease (including, without limitation, any ground lease), (b) except in the event of any such termination, (i) the counterparty under any such Property Document is an Affiliate of any Guarantor or any Obligor Party, (ii) such Property Document imposes any material monetary obligations on any Obligor Party and is not expressly subordinate to the Lien of the Security Instrument or freely terminable upon thirty (30) days' notice or less without the payment of a fee or penalty or (c) such action affects any zoning classification of such Property or could reasonably be expected to adversely affect access to and from or the marketability or utility of such Property for its current use. The Issuer shall cause each Obligor Party to observe and perform all of its obligations under any Property Document, and to enforce the obligations of each counterparty under a Property Document in a commercially reasonable manner.

SECTION 4.13 <u>Litigation</u>(f)&nbsp;&nbsp;&nbsp;&nbsp;. So long as any Notes remain outstanding, the Issuer shall (and shall cause each Obligor Party to) promptly furnish to Trustee written notice of any material litigation adversely affecting or relating to any Guarantor, any Obligor Party or any Property.

SECTION 4.14 <u>Loan to Value</u>. The Issuer shall at all times cause the Aggregate LTV to not exceed the Maximum Aggregate LTV and, if the Trustee, at the direction of the Required Holders, or any Obligor Party shall determine that the Aggregate LTV exceeds the Maximum Aggregate LTV (an "*Excess LTV Event*"), the Trustee or such Obligor Party shall promptly notify the other Party of such Excess LTV Event (an "*Excess LTV Notice*"). If, within five (5) Business Days following the delivery of an Excess LTV Notice, the Issuer: (a) partially redeems the Notes (without the payment of any Applicable Premium) and/or causes any PropCo to pay down any Senior Facility, in each case, in an amount that causes the Aggregate LTV to no longer exceed the Maximum Aggregate LTV; or (b) (i) delivers an Additional Property Notice with respect to an Additional Property in accordance with (and subject to) <u>Section 5.2</u>, together with a Qualifying Appraisal with respect to the Additional Property and each Property, in each case dated not earlier than twelve (12) months prior to the applicable date, showing an appraised value for such Additional Property which (if added to the aggregate appraised value of the Properties pursuant to such Qualifying Appraisals) would result in an Aggregate LTV that is less than or equal to the Maximum Aggregate LTV, (ii) within sixty (60) days thereafter, satisfies each of the Additional Property Requirements with respect to such Additional Property Notice and (iii) following the addition of such Additional Property to the Collateral, the Aggregate LTV no longer exceeds the Maximum Aggregate LTV, then such Excess LTV Event shall be deemed to have been cured and shall not be an Event of Default. If the Issuer fails to timely satisfy the

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requirements of either <u>clause (a)</u> or <u>clause (b)</u> above, then such failure shall constitute an Event of Default without any further notice or cure.

SECTION 4.15 <u>[Intentionally Omitted]</u>.

SECTION 4.16 <u>[Intentionally Omitted]</u>.

SECTION 4.17 <u>Restricted Payments; Equity Collateral; Pledged Equity Interests</u>. The Issuer shall not, and shall not permit any Obligor Party to, directly or indirectly, make, commit or incur any liability to make, any Restricted Payment, or make any advances or loans to any member or other direct or indirect equity interest holder of the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;All dividends, distributions, purchases, redemptions, retirements, acquisitions and other payments made pursuant to this <u>Section 4.17</u> in property other than cash shall be included at the fair market value thereof (as determined in good faith by the Issuer) at the time of the declaration of such dividend or at the time of the making such dividend, distribution, purchase, redemption, retirement, acquisition or other payment (as the case may be).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the Pledged Equity Interests and all Collateral shall remain free and clear of any and all Liens (other than Permitted Encumbrances) at all times.

SECTION 4.18 <u>Transactions with Affiliates</u>. Except with respect to any arms' length written agreements with Affiliates of the Issuer or Parent Guarantor in effect as of the Issuance Date, the Issuer shall not (and shall not permit any Obligor Party to) engage in any transaction with any of its or their Affiliates on terms that are more favorable to the applicable Affiliate than would have been obtainable by a third party in an arm's length transaction in the ordinary course of such Person's business.

SECTION 4.19 <u>Change of Control; Encumbrances on and Transfers of Collateral</u>. The Issuer acknowledges that, in agreeing to enter into the Transaction, the Holders have examined and relied (and shall continue to rely) on the creditworthiness and experience of Parent Guarantor and the Obligor Parties and the experience, competence and reputation of their respective officers and equity owners with respect to the operation of each Property and Holders shall continue to rely on the Obligor Parties' ownership of the Collateral and on their continuing to have Officers, equity owners and employees of the same experience, competence and capacity as exist as on the Effective Date, as a means of maintaining the value of the Collateral as security for repayment of the Obligations. The Issuer further acknowledges that Holders have a valid interest in maintaining the value of the Collateral to ensure that, should the Issuer default in the payment or performance the Obligations, the Trustee can recover the Obligations for the benefit of Holders by a sale of the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Except for any Permitted Encumbrances, the Issuer shall not (and shall not permit any Obligor Party to) create, incur, assume or permit to exist any Lien on any of the Collateral or any interest therein. Notwithstanding the foregoing, any Obligor Party may sell or otherwise dispose of, free from the lien of the Security Instrument, furniture, furnishings, equipment, tools, appliances, machinery, fixtures, appurtenances and other personal property subject to the lien of

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the Security Instrument, in each case which have become worn out, undesirable or obsolete or are no longer used in the ordinary course of business operations of the applicable Property provided that such disposal shall not reduce the fair market value of such Property or of the Collateral of a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall not (and shall not permit any Obligor Party to), in each case without the prior written consent of the Trustee, at the direction of the Required Holders, sell, convey, alienate, mortgage, encumber, pledge or otherwise Transfer (other than pursuant to any Permitted Encumbrance), whether voluntarily, involuntarily or by operation of law or otherwise (each of the foregoing, a "*Transfer*") the Collateral or any part thereof or interest therein or possession thereof, or suffer or permit the Collateral or any part thereof or interest therein or possession thereof to be Transferred, in each case excluding (i) dispositions of Personal Property at any Property in the ordinary course of business so long as such Personal Property (as applicable) are replaced with property of comparable value and utility, except to the extent that (A) any of the same is no longer necessary in connection with the operation of such Property and (B) the same would not reasonably be expected to result in a reduction of the Fair Market Value of such Property and (ii) sales of inventory and the products of the Obligor Parties' operations at such Property in the ordinary course of business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;A Transfer within the meaning of this <u>Section 4.19</u> shall be deemed to include, without limitation: (i) an installment sales agreement wherein any Obligor Party agrees to sell the Collateral or any part thereof for a price to be paid in installments, (ii) an agreement by any Obligor Party leasing all or a substantial part of the Collateral or any Property, or a Transfer of, or the grant of a security interest in, any Obligor Party's right, title and interest in and to any Leases or Rents related to the Collateral or any further interest, (iii) any assignment, pledge or Transfer, whether voluntarily or involuntarily, by operation of law or otherwise, of or affecting any direct or indirect interest in any Obligor Party, whether through one or more intermediaries and whether at one time or in a series of related transactions; (iv) the change, removal, resignation or addition of a general partner, manager or managing member of an Obligor Party, (v) any consolidation or merger with respect to any Obligor Party or any sale by any Obligor Party of all or substantially all of its assets or properties and (vi) any Transfer or change in ownership or change in control, of any direct or indirect interest in any Obligor Party, whether through one or more intermediaries and whether at one time or in a series of related transactions. Notwithstanding anything to the contrary herein, no Transfers that would otherwise be permitted in accordance with the express provisions hereof shall be permitted if the same would constitute or result in a violation of OFAC, the Trustee's or any Holder's obligations under the Patriot Act, or any similar compliance obligations as might arise or ensue in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Any Transfer made in violation of this <u>Section 4.19</u> shall constitute an Event of Default and, at the option of the Trustee and, at the direction of the Required Holders, such Transfer shall be null and void and of no force and effect. Neither the Trustee nor any Holder shall be required to demonstrate any actual impairment of the security provided by the Collateral Documents or any increased risk of default under the Note Documents in order to establish the existence of an Event of Default arising from any violation of any of the terms and conditions of this <u>Section 4.19</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The consent to any Transfer or any other action described in this <u>Section 4.19</u> granted by the Trustee, at the direction of the Required Holders, shall not be deemed to be a waiver of the right of the Trustee, at the direction of the Required Holders, to require such consent to any future occurrence of a Transfer or other action described in this <u>Section 4.19</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall bear and pay or reimburse the Trustee on demand for all reasonable out-of-pocket costs and expenses (including, without limitation, reasonable attorneys' fees and disbursements of one (1) external counsel, title search costs and title insurance endorsement premiums) incurred by the Trustee or such Holder in connection with the review, approval and documentation of any such Transfer. Any consent to or approval of a Transfer hereunder granted by the Trustee, at the direction of the Required Holders, shall not limit the requirement for the Trustee's consent or approval of or to any future Transfer to the extent that such consent or approval is required hereunder.

SECTION 4.20 <u>Environmental Covenants</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall cause each PropCo to keep its Property free of asbestos and asbestos-containing materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall cause each PropCo and each any other occupant of any Property to use, transport, store, treat, generate, handle, dispose of, or in any other manner deal with any Hazardous Materials on, in, at, about, or from any Property only in compliance with all applicable Requirements of Environmental Law and Environmental Permits; and the Issuer shall not permit any PropCo or any other occupant of any Property to allow any Property to become subject to regulation as a hazardous waste treatment, storage, or disposal facility under any Requirements of Environmental Law or Environmental Permits except in each case in compliance with all applicable Requirements of Environmental Law and Environmental Permits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall comply with, and shall ensure compliance by each PropCo and all other occupants of each Property with, all Requirements of Environmental Law and Environmental Permits, and shall keep each Property free and clear of any liens imposed pursuant to any Requirements of Environmental Law or Environmental Permits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall immediately notify the Trustee if the Issuer or any PropCo receives any notice or advice from any Governmental Authority, or third party, regarding any Environmental Claims or that any Hazardous Materials have been released or discharged in, on, onto, under, from or affecting any Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;promptly upon any Obligor Party's receipt thereof, the Issuer shall (and shall cause each PropCo to) deliver to the Trustee copies of all notices, orders, and other communications regarding (i) any material enforcement action (actual or threatened) by any Governmental Authority with respect to any Environmental Claim or any Hazardous Materials in, on, under, from or affecting any Property, or relating to any Obligor Party's property, activities, or operations generally, (2) any Environmental Claims or claims regarding any Hazardous Materials against any Obligor Party, (3) any requirement of any Obligor Party or another occupant of any Property to obtain an Environmental Permit, or (4) any requirement of

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any Obligor Party or another occupant of any Property to obtain a permit or license with respect to any exploration, mining, extraction, storage, transportation, processing or sale of coal, oil, gas or any other minerals on or under such Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;except as otherwise specifically and previously disclosed to the Trustee in writing, the Issuer shall not (and shall not permit any PropCo to) allow to exist on, under, or about the Land any underground storage tanks. With respect to any underground storage tanks previously disclosed to Lender in writing, all such underground storage tanks shall be operated and maintained in accordance with all Requirements of Environmental Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;other than, in each case, with respect to any items disclosed in the Environmental Reports obtained by, or provided to, the Trustee or the Holders on or about the Effective Date or those items disclosed on Schedule IV (the "*Disclosed Environmental Matters*"), if: (i) the Trustee or any Holder receives any information indicating a reasonable possibility of (A) the presence of Hazardous Materials on, under or at any Property in violation of Requirements of Environmental Law or Environmental Permits, (B) any other material violation of any Environmental Laws or Environmental Permits with respect to any Property, (C) any other condition with respect to any Property that could reasonably be expected to constitute a "recognized environmental condition" pursuant to the then current ASTM Standards (each, an "Adverse Environmental Condition" or (iv) an Event of Default exists, then, in any such case, the Issuer shall (or shall cause the applicable PropCo to) provide at its sole cost and expense, within forty-five (45) days after the written request therefor from the Trustee, at the direction of the Required Holders, a report from a qualified engineering firm or other qualified consultant acceptable to the Trustee, at the direction of the Required Holders, with respect to an investigation and audit of the applicable Property as deemed necessary by such consultant to enable the consultant to report that no such Adverse Environmental Condition exists; and the Issuer shall (or shall cause the applicable PropCo to), if deemed reasonably necessary to further investigate any suspected or likely contamination, provide the Trustee with supplemental reports by acceptable qualified consultants of the analysis which may include surface and subsurface sampling and analysis of soil, sediment, surface water and/or groundwater from the Land, showing that no such Adverse Environmental Condition exists (any such audit and any such supplemental reports, each an "Environmental Report");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;If any investigation, monitoring, containment, cleanup, removal, restoration or other remedial work of any kind ("*Remedial Work*") is required pursuant to any Requirements of Environmental Law, Environmental Permits or with respect to any Environmental Claims, then the Issuer shall (or shall cause the applicable PropCo to), within forty-five (45) days after written demand for performance thereof by the Trustee, at the direction of the Required Holders, or such shorter period as is required under any Applicable Law, order or agreement (including any Property Document), begin and thereafter complete, all such Remedial Work. All Costs related to any such Remedial Work, shall be paid by the Issuer or the applicable PropCo. If the Issuer fails to (or fails to cause the applicable PropCo to) promptly commence and thereafter diligent to prosecute to completion) any Remedial Work, then the Trustee, at the direction of the Required Holders, may, but shall not be obligated to, cause such Remedial Work to be commenced and/or completed (as applicable) and all Costs incurred in connection therewith shall become an

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Environmental Claim hereunder. Notwithstanding the foregoing, in the event of an emergency, the Issuer shall immediately commence (or cause the applicable PropCo to commence) the necessary Remedial Work and thereafter give immediate notice to the Trustee and seek the consent of the Trustee, at the direction of the Required Holders, to the continuation of such Remedial Work; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Upon three (3) days' notice to the Issuer, the Trustee, at the direction of the Required Holders, may in its sole discretion enter upon any Property to perform or cause to be performed investigations of such Property for the purpose of identifying any Adverse Environmental Condition. Any such investigations shall be at the sole cost and expense of the Trustee, unless (i) an Event of Default exists or (ii) the Trustee, at the direction of the Required Holders, had a reasonable basis for believing that at Adverse Environmental Condition may exist at such Property and (ii) such investigation confirms the existence of an Adverse Environmental Condition, in which case the Issuer shall (or shall cause the applicable PropCo to) reimburse the Trustee for the reasonable out-of-pocket costs of such investigation. Any such investigations may include, but shall not be limited to, the conduct of an Environmental Report including any surface or subsurface sampling and analysis of soil, groundwater, sediment and/or surface water. The Issuer covenants and agrees that it shall (and shall cause each PropCo to) cooperate fully with the Trustee, the Holders and the Lender Representatives with respect to any such investigations conducted by or on behalf of the Trustee or the Holders.

SECTION 4.21 <u>Creation of Subsidiaries</u>. The Issuer shall not (and shall not permit any PropCo to) create any Subsidiary without the prior written consent of Trustee, given at the direction of the Required Holders.

SECTION 4.22 <u>Warranty of Title</u>. The Issuer shall cause each PropCo to warrant and forever defend its Property unto Trustee forever from and against all Persons whomsoever claiming the same or any part thereof or interest therein.

SECTION 4.23 <u>Special Purpose Entity</u>. Until the Obligations have been satisfied, the Issuer shall be a Special Purpose Entity.

SECTION 4.24 <u>Insurance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall cause each PropCo, at its sole cost and expense, to at all times, unless otherwise expressly provided herein, obtain, maintain and keep in force:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;property insurance covering the Properties against loss or damage from such causes of loss as are covered by insurance policies of the type now known as "*All Risk*". Such All Risk insurance shall be on a replacement cost basis with an agreed value endorsement waiving co-insurance. The property policies shall have deductibles acceptable to the Trustee (at the direction of the Required Holders); <u>provided</u>, deductibles at or below the levels maintained by the Obligor Parties as of the Effective Date shall be in all cases deemed to comply with the provisions of this <u>Section 4.24(a)</u>. The Trustee (at the direction of the Required Holders) may from time to time designate other insurance to

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cover other risks and hazards affecting the Properties provided such insurance is reasonably necessary and customary for properties comparable to the Properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;flood insurance in an amount equal to the lesser of 100% of the full replacement cost of the Improvements, or the maximum amount of insurance obtainable; provided, however, that such insurance shall be required only when all or any portion of the Land is located within a 100-year flood plain or area designated as subject to flood by the Federal Emergency Management Agency or any other governmental agency, or when required by any federal, state or local law, statute, regulation or ordinance; <u>provided</u>, the foregoing flood coverage may be included in the All Risk policy so long as such coverage does not contain exclusions for Properties located in special flood hazard areas;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;(A) builder's risk insurance shall be procured to insure against loss or damage from such causes of loss as are embraced by insurance policies of the type known as "*Builder's Risks*" property insurance (written on an "all risk" basis) and acceptable to the Trustee (at the direction of the Required Holders). Such insurance shall be provided and shall be required only during any period of construction and (B) commercial general liability and umbrella liability insurance shall be required from those providing services to the Properties such as general contractors, architects and engineers, and their insurance coverage may be reviewed by the Trustee and reasonably approved by the Trustee (at the direction of the Required Holders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;commercial general liability insurance insuring against claims for injury (including, bodily injury or death), property damage liability, contractual liability for insured contracts and such other loss or damage from such causes of loss as are covered by insurance policies of the type known as "*Commercial General Liability*" insurance, all in such amounts as the Trustee may require from time to time. Such insurance coverage shall be issued and maintained on an "occurrence" basis. In addition, at least $50,000,000 (which limit may be adjusted at a later date with the approval of the Trustee (at the direction of the Required Holders)) excess and/or umbrella liability insurance shall be obtained and maintained on terms consistent with the commercial general liability insurance required above, for any and all claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;business interruption insurance covering the loss sustained from all risks required to be covered by the insurance provided for herein, including <u>clauses</u> (<u>i</u>), (<u>ii</u>), (<u>iii</u>), (<u>viii</u>) of this <u>Section 4.24(a)</u> and covering the twelve (12) month period from the date of any Casualty. As appropriate, the amount of such insurance shall be increased from time to time as and when the gross revenues from the Properties increase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;insurance for equipment, machinery, pressure vessels or similar apparatus now or hereafter installed in any of the Improvements (without exclusion for explosions) and insurance against loss of occupancy or use arising from any breakdown, in such amounts as are generally available and are generally required by institutional lenders for properties comparable to the Properties;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;worker's compensation insurance with respect to all employees of the PropCos as and to the extent required by statute and employer's liability coverage with a limit of not less than $1,000,000 bodily injury by accident – each accident, $1,000,000 bodily injury by disease-policy limit, and $1,000,000 bodily injury by disease for each employee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;so long as the Terrorism Risk Insurance Program Reauthorization Act of 2015 ("*TRIPRA*") or a similar or subsequent statute is in effect, terrorism insurance for foreign and domestic acts (as such terms are defined in TRIPRA or similar or subsequent statute) in an amount equal to the full replacement cost of the applicable Property (plus rental loss and/or business interruption insurance coverage);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;auto liability coverage for all owned and non-owned vehicles, including rented and leased vehicles containing not less than $1,000,000 combined single limit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;environmental/pollution legal liability with not less than $5,000,000 per contamination incident; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)&nbsp;&nbsp;&nbsp;&nbsp;such other insurance and in such amounts, as may, from time to time, be reasonably required by Trustee (at the direction of the Required Holders) against other reasonably insurable hazards or risks, commonly insured against, and provided that such insurance is commercially available, in each case, for property similarly situated to the Properties, due regard being given to each applicable type of building, its construction, use and occupancy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Except as herein expressly provided otherwise, all policies of insurance required under this <u>Section 4.24</u> (collectively, the "*Policies*") shall be issued by companies, and be in form, amount, and content and have an expiration date, approved by Trustee, at the direction of the Required Holders and as to the policies of insurance required under subparagraphs <u>(i)</u>, <u>(ii)</u>, <u>(iii)</u>, <u>(v)</u> and <u>(vi)</u> of <u>Section 4.24(a</u>), shall contain a standard non-contributory mortgagee clause or lender's loss payable endorsement, or equivalents thereof, in form, scope and substance satisfactory to Trustee, at the direction of the Required Holders, in favor of Trustee, and as to policies of insurance required under subparagraphs <u>(i)</u>, <u>(ii)</u>, <u>(iii)</u>, <u>(v)</u> and <u>(vi)</u> of <u>Section 4.24(a</u>), shall provide that the proceeds thereof ("*Insurance Proceeds*") shall be payable to Trustee to the extent required under the further provisions of this <u>Article IV</u>. The Issuer hereby authorizes and empowers the Trustee, at the direction of the Required Holders, to settle, adjust or compromise any claims for loss, damage or destruction to the Properties in excess of $5,000,000, regardless of whether there are Insurance Proceeds available or whether any such proceeds are sufficient in amount to fully compensate for such loss, damage or destruction (as applicable), but neither the Trustee nor the Required Holders shall be obligated to so settle, adjust or compromise the same (and the Issuer shall retain its right to settle, adjust and compromise such claims to the extent that the Trustee elects not to exercise its right to do so in accordance with this sentence). The Trustee shall be furnished with a copy of each policy required hereunder, which policy shall provide that it shall not be canceled without thirty (30) days' prior written notice to the Trustee. As soon as practicable, prior to expiration of any policy required hereunder, the Issuer shall furnish (or shall cause the applicable PropCo to furnish) to Trustee appropriate proof of issuance of an insurance

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policy continuing in force on the terms required hereunder the insurance covered by the Policy so expiring. The Issuer shall furnish (or cause the applicable PropCo to furnish) to Trustee receipts for the payment of all premiums on such Policies or other evidence of such payment reasonably satisfactory to Trustee in the event that such premiums have not been paid to Trustee pursuant to <u>Section 4.25</u> hereof. The Issuer shall deliver to Trustee a new policy of insurance with evidence of the payment of all premiums thereon as soon as practicable. If the Issuer does not provide new policy of insurance evidencing payment of all premiums on policy expiration, or within five days after expiration if permitted by Policy provider, the Trustee (at the direction of the Required Holders) may, but shall not be obligated to, procure such insurance and pay all such premiums therefor and any costs and expenses incurred by the Trustee for such premiums shall be reimbursed by the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;All Policies required pursuant to this <u>Section 4.24</u> shall be issued by one or more insurers having a rating of at least "A" by S&P and "A- : IX" by AM Best;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;All Policies required pursuant to this <u>Section 4.24</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;may contain deductibles that, in addition to complying with any other requirements expressly set forth in <u>Section 4.24(a)</u>, are approved by the Trustee, at the direction of the Required Holders (such approval not to be unreasonably withheld, delayed or conditioned);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;shall be maintained throughout the term of this Indenture without cost to the Trustee and shall name the applicable PropCo as the named insured;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;with respect to liability policies, except for workers compensation, employers liability and auto liability, shall name the Trustee and its successors and assigns as their interests may appear as additional insureds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;with respect to property and rental or business interruption insurance policies, shall either be written on a no coinsurance form or contain an endorsement providing that neither Issuer nor Trustee nor any other party shall be a co-insurer under such Policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;shall contain an endorsement or other provision providing that the Trustee shall receive at least 30 days' prior written notice of cancellation thereof (or, in the case of cancellation due to non-payment of premium, 10 days' prior written notice);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;with respect to property and rental or business interruption insurance policies, shall contain an endorsement providing that no act or negligence of the Obligor Parties or any foreclosure or other proceeding or notice of sale relating to the Properties shall affect the validity or enforceability of the insurance insofar as a mortgagee or trustee is concerned;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;shall not contain provisions that would make the Trustee liable for any insurance premiums thereon or subject to any assessments thereunder;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;shall contain a waiver of subrogation against the Trustee, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;may be in the form of a blanket policy, <u>provided</u>, any such blanket policy shall provide the same protection as would a separate Policy as reasonably determined by Trustee (at the direction of the Required Holders), subject to review and approval by the Trustee (at the direction of the Required Holders) based on the schedule of locations and values, if requested by Trustee (at the direction of the Required Holders); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;shall otherwise be reasonably satisfactory in form and substance to Trustee and shall contain such other provisions as the Trustee deems reasonably necessary or desirable to protect its interests.

In the event of foreclosure or other transfer of title to the Collateral in extinguishment in whole or in part of the Indebtedness, all right, title and interest of the Obligor Parties in and to the Policies then in force with respect to the Collateral and all proceeds payable thereunder shall thereupon vest in the Trustee or the other applicable purchaser or transferee in connection therewith.

SECTION 4.25 <u>Restoration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Upon the occurrence any fire or other casualty with respect to any Property (a "*Casualty*"), whether or not such Casualty is required to be insured against under any applicable Policies, the Issuer shall give prompt written notice of such Casualty to Trustee generally describing the nature and cause of such Casualty and the extent of the damage to or destruction of the Property resulting therefrom. Notwithstanding anything contained herein to the contrary, the Issuer shall (or shall cause the applicable PropCo to) take any and all necessary action to preserve and protect the applicable Property immediately subsequent to the occurrence of any such Casualty whether or not such notice has been given to the Trustee or any applicable consent of the Trustee, at the direction of the Required Holders, hereunder has been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Issuer hereby assigns to the Trustee all Insurance Proceeds which the Issuer may be entitled to receive as a result of a Casualty. In the event of any Casualty, provided (i) no Event of Default exists, and (ii) the Trustee, at the direction of the Required Holders, has determined that (A) the Liens and security interests provided by the Collateral Documents have not been impaired, and (B) the repair, restoration and rebuilding of any portion of the Property that has been partially damaged, destroyed or otherwise affected to the same condition, character and general utility as nearly as possible to that existing prior to such event and at least equal value as that existing prior to such Casualty ("*Restoration*") can be accomplished in full compliance with all those certain requirements set forth in <u>Schedule III</u> to the extent that such conditions are applicable to such Restoration (the "*Restoration Conditions*"), then the Trustee, at the direction of the Required Holders, shall make the Insurance Proceeds less the cost, if any, to Trustee or the Holders of recovering such proceeds including, without limitation, attorneys' fees and expenses of one (1) external counsel, adjusters' fees, and fees incurred in Trustee's and the Holders' performance of their respective obligations hereunder ("*Net Insurance Proceeds*") available to the Issuer, which shall contribute such Net Insurance Proceeds to the applicable PropCo for the completion of the applicable Restoration; <u>provided</u>, if the amount of such Net

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Insurance Proceeds exceeds $5,000,000, then Trustee may, but shall not be obligated to, hold and disburse the Net Insurance Proceeds subject to the Issuer's satisfaction of the Restoration Conditions. The Issuer shall cause the applicable PropCo to promptly commence, and thereafter to diligently prosecute to completion, the Restoration following any Casualty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Condemnation</u>. If the Property or any part thereof shall be taken pursuant to any condemnation or similar eminent domain proceeding, or a grant or conveyance in lieu thereof (a "*Condemnation*"), then Trustee shall be entitled to all compensation, awards and other payments or relief therefor, and shall be entitled, at its option, to commence, appear in and prosecute in its own name any action or proceeding or to make any compromise or settlement in connection with such Condemnation. The Issuer hereby irrevocably constitutes and appoints Trustee as its attorney-in-fact, and such appointment is coupled with an interest, to commence, appear in and prosecute any action or proceeding or to make any compromise or settlement in connection with any such Condemnation. The Issuer hereby assigns to Trustee all such compensation, awards, damages, rights of action and proceeds; <u>provided</u>, that (so long as (1) no Event of Default exists and (2) Trustee, at the direction of the Required Holders, shall have determined that the Liens and security interests provided by the Collateral Documents have not been impaired) the Trustee shall make such condemnation proceeds (less the Trustee's and the Holders' reasonable expenses, including attorney's fees of one (1) external counsel, incurred in collecting the same ("*Net Condemnation Proceeds*")) available to the Issuer, which shall contribute the same to the applicable PropCo for the Restoration of the applicable Property; <u>provided</u>, <u>further</u>, <u>however</u>, that if the amount of such Net Condemnation Proceeds exceeds $1,000,000, then Trustee may, but shall not be obligated to, hold and disburse the Net Insurance Proceeds subject to the Issuer's satisfaction of the Restoration Conditions. The Issuer shall cause the applicable PropCo to promptly commence, and thereafter to diligently prosecute to completion, any such Restoration following any Condemnation. After the Trustee, at the direction of the Required Holders, has determined that the Restoration has been completed, Trustee shall have the right to apply the balance of the Net Condemnation Proceeds in accordance with <u>Section 4.25(d)</u>. Nothing contained herein shall prevent the accrual of interest as provided in the Notes on any portion of the Obligations to which the Net Condemnation Proceeds are to be applied until such Net Condemnation Proceeds are actually received by Trustee and so applied to reduce the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;In the event that any Net Insurance Proceeds or Net Condemnation Proceeds are to be used for Restoration and the cost for such Restoration exceeds $1,000,000, the Issuer shall (or shall cause the applicable PropCo to) comply with each of the Restoration Conditions. Upon the Trustee's receipt of a final certificate of occupancy or other evidence of approval of appropriate Governmental Authorities for the use and occupancy of the Improvements and other evidence requested by the Trustee, at the direction of the Required Holders, demonstrating that (i) the Restoration has been completed in accordance with the Restoration Conditions and the other applicable terms of this Indenture, (ii) the costs thereof have been paid in full and (iii) no mechanic's or similar Liens for are outstanding with respect to the applicable Property, so long as no Event of Default then exists, the Trustee shall pay any remaining Net Insurance Proceeds or Net Condemnation Proceeds (as applicable) to the Issuer; <u>provided</u>, if, as of any applicable date, (A) an Event of Default exists, (B) the Aggregate LTV exceeds the Maximum Aggregate

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LTV or (C) the Issuer has failed to diligently prosecute any applicable Restoration in accordance with the Restoration Conditions or any other applicable terms of this Indenture, then, in any such case, the Trustee shall have the right to apply any or all of the remaining Net Proceeds as a redemption of the then outstanding Notes on a pro rata basis in the same manner as is provided in <u>Section 3.1(d)</u>.

SECTION 4.26 <u>Care and Use of the Property</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall cause the PropCos, at their sole cost and expense, to keep the Properties in good order, condition, and repair, and make all necessary repairs thereto, interior and exterior, structural and non-structural, ordinary and extraordinary, and foreseen and unforeseen. The Issuer shall cause the PropCos to abstain from, and to not permit, the commission of waste in or about the Properties and, except as may be specifically permitted under this <u>Section 4.26</u>, shall not remove, demolish, effectuate any Material Alterations or make any Improvements without the prior written consent of Trustee, at the direction of the Required Holders, which shall not be unreasonably withheld or delayed. As used in this Indenture, "*Material Alterations*" means (i) any Alterations that affect the structural integrity of any Property or that adversely affect any material Technology or (ii) any other Alterations at any Property, the aggregate cost of which exceeds $5,000,000) in any calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall cause each PropCo to use, or cause to be used, its Property continuously as and for first-class property of its type and kind as of the Effective Date. The Issuer shall not permit any PropCo to use, or permit the use of, its Property for any other use without the prior written consent of the Trustee, at the direction of the Required Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall not permit any PropCo to initiate or acquiesce in any change in the zoning classification of and/or restrictive covenants affecting its Property or to seek any variance under existing zoning ordinances applicable to such Property or use or permit the use of the such Property in such a manner which would result in such use becoming a non-conforming use under applicable zoning ordinances or other applicable laws, ordinances, rules or regulations or subject such Property to any restrictive covenants without the prior written consent of the Trustee, at the direction of the Required Holders.

SECTION 4.27 <u>Financial Covenant</u>. Until all of the Obligations have been satisfied, Parent Guarantor shall maintain Liquid Assets of not less than One Hundred Fifty Million Dollars ($150,000,000) (the "*Parent Guarantor Financial Covenant*").

SECTION 4.28 <u>Suits and Other Acts to Protect the Property</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Issuer covenants and agrees to (and to cause each applicable Obligor Party to) appear in and defend any action or proceeding purporting to affect any Property, any other security afforded by any of the Collateral Documents and/or any interest of the Trustee or any Holder thereunder. The Issuer shall (and shall cause each applicable Obligor Party to) immediately notify Trustee of the commencement, or receipt of notice, of any such action or proceeding or other matter or claim purporting to, or which could, affect any Property, any other

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security afforded by any of the Collateral Documents and/or the interest of Trustee or any Holder thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Trustee, at the direction of the Required Holders, shall have the right, at the cost and expenses of the Obligor Parties, to institute and maintain such suits and proceedings and to take such other actions as it may deem expedient to preserve or protect any Property, any other security afforded by any of the Note Documents and/or the Trustee's or any Holder's interest therein.

SECTION 4.29 <u>Trustee's Right to Perform Issuer's Obligations</u>. The Issuer agrees that, if the Issuer fails to perform any act or to pay any amounts that the Issuer is required to perform or pay (or to cause any PropCo to perform or pay) under the Note Documents, then the Trustee, (a) at the direction of the Required Holders, (b) at the cost and expense of the Obligor Parties and (c) in its own name or in the name of any Obligor Party, may (but shall not be obligated to) perform or cause to be performed such act or take such action or pay any such amounts.

SECTION 4.31 <u>Stay, Extension and Usury Laws</u>.

The Issuer covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Issuer and each Guarantor (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it shall not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law has been enacted.

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SECTION 4.32 <u>Estoppel Statements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Upon the request of the Trustee at the direction of the Required Holders, the Issuer shall (and shall cause each PropCo to), within ten (10) days, furnish to the Trustee a statement, duly acknowledged and certified, setting forth (i) the Aggregate Outstanding Principal Amount, (ii) then current interest rate on each applicable Note in accordance with <u>Section 4.1</u> and the applicable provisions of such Note, (iii) the date as of which installments of interest and/or principal hereunder were last paid, (iv) any offsets or defenses to the payment of any Obligations claimed by the Issuer, and (v) that the Note, this Indenture, the Security Instrument and the other Note Documents are valid, legal and binding obligations of the applicable Obligor Parties and have not been modified or, if the same have been modified, describing the applicable modifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall deliver to the Trustee promptly following upon the Trustee's request at the direction of the Required Holders, estoppel certificates from any tenants or other counterparties under any material Property Documents with respect to any Properties, which shall be in form and substance reasonably satisfactory to Trustee, at the direction of the Required Holders; <u>provided</u>, so long as no Event of Default exists, the Issuer shall not be required to deliver any such estoppel certificates more frequently than two (2) times per Property in any calendar year.

SECTION 4.33 <u>Further Assurances</u>. The Issuer shall, at Issuer's sole cost and expense:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Furnish (and cause each PropCo to furnish) to the Trustee all instruments, documents, boundary surveys, footing or foundation surveys, certificates, plans and specifications, appraisals, title and other insurance reports and agreements, and each and every other document, certificate, agreement and instrument required to be furnished by the Obligor Parties pursuant to the terms of the Note Documents or which are reasonably requested by Trustee in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;execute and deliver to the Trustee such documents, instruments, certificates, assignments and other writings, and do such other acts necessary or desirable, to evidence, preserve and/or protect the Collateral as Trustee, at the direction of the Required Holders, may reasonably require; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;do and execute all and such further lawful and reasonable acts, conveyances and assurances for the better and more effective carrying out of the intents and purposes of this Indenture and the other Note Documents, in each case as the Trustee, at the direction of the Required Holders, shall reasonably require from time to time.

SECTION 4.34 <u>Qualifying Appraisal</u>.

The Issuer shall deliver to the Trustee a Qualifying Appraisal setting forth the Fair Market Value of the Properties within forty-five (45) days following (i) Project Completion of each Project and (ii) any date on which the Trustee, at the direction of the Required Holders, requests the same if (A) the Trustee, at the direction of the Required Holders, determines that a

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material adverse event has occurred with respect to a Property and notifies the Issuer of such determination in writing or (B) an Event of Default then exists; <u>provided</u>, solely with respect to the foregoing <u>clause (ii)(A)</u>, the Trustee shall not be permitted to make such a request for a Qualifying Appraisal more than three (3) times for any individual Property during the term of the Notes.

SECTION 4.35 <u>Additional Guarantors</u>.

If any Subsidiary of the Parent Guarantor that is not the Issuer, a Guarantor or Green Plains Shenandoah LLC acquires or otherwise comes into possession of any Material Real Estate Asset following the date of this Indenture, then such Subsidiary shall within two business days of such date of acquisition or possession of such Material Real Estate Asset (i) execute and deliver to the Trustee a supplemental indenture and a notation of Note Guaranty in form reasonably satisfactory to the Trustee and the Required Holders, pursuant to which such Subsidiary shall jointly and severally and unconditionally guarantee, on a pari passu basis with all existing Note Guarantees, all of the Issuer's Obligations under the Notes and the Indenture on the terms set forth in the Indenture.

SECTION 4.36 <u>Asset Sales</u>.

The Issuer will not, and will not permit any of the Guarantors to, consummate an Asset Sale unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Issuer or Guarantors, as applicable, receives consideration at the time of the Asset Sale at least equal to the fair market value of the assets sold or otherwise disposed of (determined, for purposes of this clause (1), by the Issuer or, in the case of any asset(s) valued in excess of $10.0 million, by the Board of Directors of the Guarantor); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) at least 75% of the consideration received in the Asset Sale is in the form of cash.

Within 5 days following the receipt of the Asset Sale Proceeds from any Asset Sale, the Issuer shall apply all of such Asset Sale Proceeds to redeem in cash (an "*Asset Sale Redemption*") all or a portion of the Notes at a Redemption Price of 100% of the outstanding principal amount of the Notes (plus accrued and unpaid interest to, but not including, the date of redemption) in accordance with the procedures set forth in <u>Section 3.1(c)</u>, <u>(d)</u> and <u>(e)</u>.

SECTION 4.37 <u>Post-Closing Deliverables</u>. The Issuer and each Guarantor hereby agree to deliver, or cause to be delivered, to the Trustee and the Holders, in form satisfactory to the Trustee and the Holders, (i) each of the Supplemental Mortgages and related UCC-1 filing statements, within three (3) weeks of the date of this Indenture, and (ii) each of the documents, or perform each of the actions, specified in any of the Transaction Documents, on or before the dates specified with respect to such items.

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Article V<br>PROPERTY RELEASES AND SUBSTITUTIONS

SECTION 5.1 <u>[Reserved]</u>.

SECTION 5.2 <u>Additional Properties; Release and Substitution of Properties.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the terms of this <u>Section 5.2(a)</u> and provided that no Event of Default then exists, the Issuer shall have a one-time option to add a Qualified Additional Property to the Collateral (the "*Additional Property Option*"). The Additional Property Option may be exercised (i) in order to cure an Excess LTV Event in accordance with <u>Section 4.14</u> or (ii) otherwise in the Issuer's discretion and, in each case, upon not less than sixty (60) days' prior written notice to the Trustee (an "*Additional Property Notice*"), which Additional Property Notice shall identify the Issuer's proposed date on which the applicable Qualified Additional Property shall be added to the Collateral (the "*Additional Property Date*"). The Issuer's right to exercise the Additional Property Option shall be subject to the following terms and conditions (the "*Additional Property Conditions*"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;The property that the Issuer proposes to add to the Collateral pursuant to this <u>Section 5.2</u> (the "*Proposed Additional Property*") shall be a real property (i) having substantially comparable real estate characteristics to the then existing Properties and (ii) that has been owned in fee simple by a Subsidiary of the Guarantor for not less than twelve (12) months and are used throughout such period as an ethanol production and refining facility in the ordinary course of the Guarantor's business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;Not more than fifteen (15) Business Days prior to the Additional Property Date, the Issuer shall deliver (or cause to be delivered) the following with respect to such Proposed Additional Property:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;a Qualifying Appraisal with respect to such Proposed Additional Property dated not more than one hundred twenty (120) days prior to such date of delivery; <u>provided</u>, if the Issuer is exercising the applicable Additional Property Option in order to cure an Excess LTV Event in accordance with <u>Section 4.14</u>, then the Issuer shall deliver (or cause to be delivered) such Qualifying Appraisal concurrently with the delivery of the applicable Additional Property Notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;a current Phase I environmental site assessment prepared consistent with ASTM Standard E1527 (or any successor thereto promulgated by ASTM International) (the "*ASTM Standard*"), which Phase I environmental site assessment shall be dated within ninety (90) days of such date of delivery and not identify any "recognized environmental conditions" that require further investigation or remediation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;a property condition report evidencing that such Proposed Additional Property and its then current use comply in all material respects with all applicable laws

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and that such Proposed Additional Property is in good condition and repair and free of any damage or waste;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;evidence that the Additional Property Owner maintains each of the Policies for such Proposed Additional Property in accordance with the requirements herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;the Issuer shall deliver (or cause to be delivered) the following with respect to any Proposed Additional Property:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;on the Additional Property Date, (A) a mortgage, deed of trust or deed to secure debt (as applicable) in the form and substance of the Security Instrument, with such changes thereto as may be requested by the Trustee, at the direction of the Required Holders, or its local counsel, granting the Trustee, for the benefit of the Holders, a first-priority perfected Lien on and security interest in such Proposed Additional Property (an "*Additional Security Instrument*"), (B) if required in the applicable jurisdiction in which such Proposed Additional Property is located (1) to perfect a security interest in leases or rents, an assignment of leases and rents, granting to the Trustee, for the benefit of the Holders, a first-priority perfected Lien on and security interest in the leases and rents with respect to such Proposed Additional Property and (2) a UCC-1 fixture filing with respect to any fixtures at such Proposed Additional Property (an "*Additional UCC-1 Filing*"), (C) an environmental indemnity agreement in the form and substance of the Environmental Indemnity Agreement executed by the Parent Guarantor and the Obligor Parties as of the Issuance Date (an "*Additional Environmental Indemnity Agreement*"), (D) a pledge of one hundred percent of the limited liability company interests in the applicable Additional Property Owner, in the form and substance of the Pledge Agreements (an "*Additional Pledge Agreement*"), (E) an assignment of contracts in the form and substance of the Assignment of Contracts executed by the Obligor Parties as of the Issuance Date (an "*Additional Assignment of Contracts*"), (F) a UCC-1 financing statement with respect to the Personal Property owned by the applicable Additional Property Owner, (G) an opinion with respect to the due execution, authorization and delivery of each of the foregoing, the enforceability thereof and the creation and perfection of the applicable Liens and security interests and (H) such additional Collateral Documents as the Trustee or any Holder may reasonably require (collectively, "*Additional Property Collateral Documents*");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;within ten (10) Business Days prior to the Additional Property Date, (A) all organizational documents of the proposed owner of such Additional Property, which shall contain an election by such owner to opt in to Article 8 of the UCC in the same form and substance as the applicable provisions of the limited liability company agreements of the PropCos as of the Issuance Date (an "*Additional Property Owner*") and (B) authorizing resolutions of such Additional Property Owner in form and substance reasonably satisfactory to the Trustee, at the direction of the Required Holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;(A) concurrently with the applicable Additional Property Notice, (1) a preliminary title report issued by the Title Company, (2) an ALTA Survey that is

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sufficient to enable the Title Company to omit the standard survey exception on the Title Policy with respect to such Proposed Additional Property, (3) a zoning report that is sufficient for the Title Company to issue a zoning endorsement on such Title Policy (to the extent that a zoning endorsement is available in the applicable jurisdiction) and stating that such Proposed Additional Property is in compliance with all applicable zoning, subdivision and building laws and (B) on the Additional Property Date, a final Title Policy with no exceptions for any Liens other than Permitted Encumbrances, signed and sealed version of such ALTA survey and final zoning report, in each case, issued to or certified to (as applicable) the Trustee and its successors and assigns and in form and substance satisfactory to the Trustee, at the direction of the Required Holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;annual operating statements, balance sheets and other financial statements setting forth the Property Metrics for such Potential Additional Property, in each case, for the current calendar quarter and year, the most recent calendar year and the immediately preceding three (3) calendar years; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;on the applicable Additional Property Date, the Issuer shall pay all costs and expenses (including, without limitation, reasonable attorneys' fees of one (1) external counsel) of the Trustee and Holders in connection with the applicable Additional Property Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Commencing on the date following the Project Completion of the Obion Project, and continuing thereafter until the occurrence of an Event of Default, and subject to the terms of this <u>Section 5.2(b)</u>, the Issuer shall have a one-time option (solely with respect to the Mt. Vernon Property) to (A) have such Mt. Vernon Property released from the Lien of the Security Instrument (the "*Mt. Vernon Release Option*") or (B) to have such Mt. Vernon Property released from the Lien of the Security Instrument and to simultaneously substitute such Mt. Vernon Property for a Qualified Additional Property (the "*Mt. Vernon Substitution Option*"). The Issuer shall exercise the Mt. Vernon Release Option or the Mt. Vernon Substitution Option upon not less than sixty (60) days' prior written notice to the Trustee (a "*Mt. Vernon Release/Substitution Notice*"), which Mt. Vernon Release/Substitution Notice shall identify the Issuer's proposed date on which the Mt. Vernon Property shall be released from the Lien of the Security and, if applicable, simultaneously substituted with a Qualified Additional Property (the "*Mt. Vernon Release/Substitution Date*"). The Issuer's right to exercise the Mt. Vernon Release Option or the Mt. Vernon Substitution Option shall be subject to the (1) in the case of the Mt. Vernon Substitution Option, the satisfaction of each of the Additional Property Conditions with respect to the applicable Qualified Additional Property and (2) each of the following additional terms and conditions (the "*Mt. Vernon Release/Substitution Conditions*"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;as of the Mt. Vernon Release/Substitution Date (after giving effect to the applicable Mt. Vernon Release Option or Mt. Vernon Substitution Option), the Aggregate LTV shall be less than or equal to the Maximum Aggregate LTV;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;in the case of a Mt. Vernon Substitution Option: (I) the Issuer shall deliver (or cause to be delivered) a Qualifying Appraisal with respect to the Mt. Vernon Property in addition to the Qualifying Appraisal delivered pursuant to <u>Section 5.2(a)</u> with respect

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to the Qualified Additional Property and (II) the appraised value for the applicable Qualified Additional Property shall be equal to or greater than the appraised value for the Mt. Vernon Property, in each case, as set forth in such Qualifying Appraisals; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;in the case of a Mt. Vernon Release Option, the Issuer shall pay (or cause to be paid) to the Trustee, for the benefit of the Holders, by wire transfer of immediately available funds, (I) an amount equal to one hundred twenty percent (120%) of the Allocated Principal Amount of the Mt. Vernon Property and (II) all reasonable out-of-pocket costs and expenses incurred by the Trustee and/or the Holders in connection with the Mt. Vernon Release Option.

Article VI<br>DEFAULTS AND REMEDIES

SECTION 6.1 <u>Events of Default</u>.

Each of the following shall constitute an "*Event of Default*":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;any failure to pay (i) the Principal Amount of any Note (whether on the Maturity Date, upon redemption or otherwise), (ii) any Applicable Premium or (iii) any interest upon any Note within five (5) Business Days after such amount becomes due and payable under this Indenture and/or any Note (except that such grace period shall not apply to the payments due on the Maturity Date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;any failure to pay any Taxes or Other Charges prior to delinquency (to the extent that, with respect to such Other Charges, such failure shall result in the imposition of a Lien on any Property);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;any failure to obtain and maintain (or cause to be obtained and maintained) any Policies in accordance with the terms of this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;any Transfer that occurs without the prior written consent of the Trustee, at the direction of the Required Holders, in violation of the terms of this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;any Guaranty shall be held in a judicial proceeding to be unenforceable or invalid, or any Person acting on behalf of a Guarantor shall deny or disaffirm its obligations under the applicable Guaranty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;any representation or warranty made by any Obligor Party in any Note Document, or in any report, certificate, financial statement or other instrument, agreement or document furnished to Trustee or any Holder shall have been false or misleading in any material respect as of the date such representation or warranty was made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;&nbsp;any breach of a covenant contained in <u>Section 4.23</u>;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;&nbsp;&nbsp;&nbsp;any default by any PropCo or any Affiliate thereof under any Senior Facility Documents occurs that continues beyond any applicable notice and cure periods therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)&nbsp;&nbsp;&nbsp;&nbsp;with respect to any term, covenant or provision set forth herein that specifically contains a notice requirement or grace period, any default by the Issuer or a Guarantor with respect to such term, covenant or condition after the giving of such notice or the expiration of such grace period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)&nbsp;&nbsp;&nbsp;&nbsp;any default shall occur under any of the other Note Documents that continues beyond any notice and/or grace period set forth therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11)&nbsp;&nbsp;&nbsp;&nbsp;any default in the performance, or breach, of (i) any covenant or agreement of the Issuer or any Guarantor in this Indenture (other than (x) a covenant or agreement a default in whose performance or whose breach is specifically enumerated in the foregoing <u>clauses (1) through (10)</u> or <u>clauses 12</u> through <u>15</u> of this <u>Section 6.1</u> or (y) <u>Section 4.3)</u>, and the continuance of such default or breach for a period of thirty (30) days after written notice thereof has been given to the Issuer by the Trustee or to the Issuer and the Trustee by the Holders of at least twenty-five percent (25%) of the Aggregate Principal Amount of the then outstanding Notes or (ii) <u>Section 4.3</u> and the continuance of such default or breach for a period of fifteen (15) days after written notice thereof has been given to the Issuer by the Trustee or to the Issuer and the Trustee by the Holders of at least twenty-five percent (25%) of the Aggregate Principal Amount of the then outstanding Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12)&nbsp;&nbsp;&nbsp;&nbsp;failure by the Issuer or any of its Subsidiaries (including any PropCo) to pay any final and non-appealable judgment in excess of one million dollars ($1,000,000), which judgment is not paid, discharged, vacated or stayed for a period of sixty (60) days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13)&nbsp;&nbsp;&nbsp;&nbsp;the Issuer, any Subsidiary thereof (including any Obligor Party) or any Guarantor pursuant to or under or within the meaning of any Bankruptcy Law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;commences a voluntary case or proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;consents to the entry of an order for relief against it in an involuntary case or proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;consents to the appointment of a Custodian of it or for all or substantially all of its property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;makes a general assignment for the benefit of its creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;admits, in writing, its inability generally to pay its debts as they become due; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;is for relief against the Issuer or any such Subsidiary or any Guarantor, in an involuntary case or proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;appoints a Custodian of the Issuer or any such Subsidiary or any Guarantor or for all or substantially all of the property of the Issuer or any such Subsidiary or any Guarantor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;orders the liquidation of the Issuer or any such Subsidiary or any Guarantor;

and the applicable order or decree remains unstayed and in effect for thirty (30) days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14)&nbsp;&nbsp;&nbsp;&nbsp;Parent Guarantor fails to satisfy the Parent Guarantor Financial Covenant; <u>provided</u>, to the extent that such failure results from Parent Guarantor owning cash that is treated as "restricted" under GAAP in an amount that exceeds the Restricted Cash Limitation, such failure shall not constitute an "Event of Default" if the Parent Guarantor cures such failure within ten (10) Business Days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15)&nbsp;&nbsp;&nbsp;&nbsp;a Senior Facility Default occurs.

SECTION 6.2 <u>Acceleration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default occurs, then the Trustee, at the direction of the Holders of at least twenty-five percent (25%) of the Aggregate Principal Amount of the then outstanding Notes may declare the Aggregate Outstanding Principal Amount, any Applicable Premium and any accrued and unpaid interest on the Notes to be due and payable immediately by a notice in writing to the Issuer (and to the Trustee if such notice is given by Holders as aforesaid); <u>provided</u>, after any such acceleration, but before any judgment or decree based on acceleration is issued, the Holders of a majority in Aggregate Principal Amount of the outstanding Notes may (but shall have no obligation to) rescind and annul such acceleration if (i) all Events of Default, other than the nonpayment of the accelerated Aggregate Principal Amount or applicable portion thereof or interest on such Notes, have been cured or waived as provided in this Indenture and (ii) such rescission or annulment would not conflict with any decree of judgment of a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default specified in <u>clause (13)</u> of <u>Section 6.1</u> occurs, the Aggregate Outstanding Principal Amount, together with any Applicable Premium with respect thereto and any accrued and unpaid interest on the Notes then outstanding shall *ipso facto* become immediately due and payable without the requirement for any declaration or other act on the part of the Trustee or any Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Without limiting the generality of the foregoing, it is understood and agreed that in the event of an acceleration of the Obligations as a result of an Event of Default, the Applicable Premium shall be due and payable as though the Issuer had voluntarily redeemed the Notes on the date of such acceleration and such Applicable Premium shall in such case constitute

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a part of the Obligations in view of the impracticability and difficulty of ascertaining actual damages and by mutual agreement of the parties as to a reasonable calculation of each Holder's lost profits as a result thereof. If the Applicable Premium becomes due and payable, it shall be deemed to be part of the Principal Amount of the applicable Notes, and interest shall accrue on the full Principal Amount of such Notes (including the Applicable Premium) from and after such acceleration date. Any Applicable Premium payable pursuant to this <u>clause (c)</u> shall be presumed to be liquidated damages sustained by each Holder as the result of the acceleration of the Notes and the Issuer agrees that the same is reasonable under the circumstances presently existing.

SECTION 6.3 <u>Other Remedies</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default occurs, the Trustee, at the direction of the Required Holders, may pursue any available remedy at law, in equity or under the Note Documents to collect the payment of the Aggregate Outstanding Principal Amount, any Applicable Premium and/or any accrued and unpaid interest on the Notes and/or to enforce the performance of any term, provision or obligation of or set forth in the Notes, this Indenture or any of the other Note Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Trustee, at the direction of the Required Holders, may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in such proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair such right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies shall be cumulative.

SECTION 6.4 <u>Control by Majority</u>.

The Required Holders may direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on it. However, (a) the Trustee may refuse to follow any direction (i) that conflicts with law, this Indenture or any of the other Note Documents or any Intercreditor Agreement, (ii) that the Trustee determines may be unduly prejudicial to the rights of other Holders or (iii) that may involve the Trustee in personal liability, and (b) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction.

SECTION 6.5 <u>Limitation on Suits</u>.

No Holder of any Note shall have any right to institute any proceeding with respect to this Indenture unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;such Holder has previously given the Trustee written notice of a continuing Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the Holders of at least twenty-five percent (25%) of the Aggregate Principal Amount of the then outstanding Notes shall have in writing requested the Trustee to institute such proceeding;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;such Holders shall have offered the Trustee security or indemnity reasonably satisfactory to the Trustee in respect of any actual losses, costs, expenses or liabilities of the Trustee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;the Trustee shall not have received from the Required Holders a written direction inconsistent with such request and shall have failed to institute such proceeding within sixty (60) days.

A Holder may not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over another Holder.

SECTION 6.6 <u>Rights of Holders of Notes to Receive Payment</u>. Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to receive payment of the Principal Amount, any Applicable Premium and interest on or after the respective due dates expressed in such Note, or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder.

SECTION 6.7 <u>Collection Suit by Trustee</u>. If an Event of Default occurs, without the possession of any of the Notes or the production thereof in any proceeding related thereto, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Issuer for the whole amount of the Aggregate Principal Amount, Applicable Premium and interest remaining unpaid on or with respect to the Notes and interest on overdue principal and such further amount as shall be sufficient to cover all costs and expenses of collection, including the compensation, expenses, disbursements and advances of the Trustee (including without limitation any amounts due to the Trustee pursuant to <u>Section 7.7)</u>, its agents and counsel.

SECTION 6.8 <u>Trustee May File Proofs of Claim</u>. The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings relative to the Issuer (or any other obligor upon the Notes, including any Guarantor), its creditors or its property and shall be entitled and empowered to collect, receive and distribute any money or securities or other property payable or deliverable upon the conversion or exchange of the Notes or on any such claims and any Custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due to the Trustee under <u>Section 7.7</u>. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due to the Trustee under <u>Section 7.7</u> out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to

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authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.

SECTION 6.9 <u>Priorities</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Any money or property collected by the Trustee pursuant to this <u>Article VI</u> and any money or other property distributable in respect of the Issuer's obligations under this Indenture after an Event of Default shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money or property on account of principal (or premium, if any) or interest, if any, upon presentation of the Notes and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>First</u>, to the Trustee or its agents and attorneys for amounts due under <u>Section 7.7</u>, including payment of all reasonable compensation, fees, expenses and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Second</u>, to any Holder or its agents and attorneys for amounts that are expressly reimbursable to such Holder in accordance with an express provision of this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Third</u>, to Holders for amounts due and unpaid on the Notes for principal, premium, if any, and interest ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;<u>Fourth</u>, without duplication, to the Holders for any other Obligations owing to the Holders under this Indenture and the Notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;<u>Fifth</u>, to the Issuer or to such party as a court of competent jurisdiction shall direct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Trustee may fix a record date and payment date for any payment to Holders pursuant to this <u>Section 6.9</u>.

SECTION 6.10 <u>Undertaking for Costs</u>. In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys' fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This <u>Section 6.10</u> does not apply to a suit by the Trustee, a suit by a Holder pursuant to <u>Section 6.7</u>, or

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a suit by Holders of more than 10% of the Aggregate Principal Amount of the then outstanding Notes.

Article VII<br>TRUSTEE

SECTION 7.1 <u>Duties of Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default has occurred and is continuing and is actually known to a Responsible Officer of the Trustee, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person's own affairs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Except during the continuance of an Event of Default:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the duties of the Trustee shall be determined solely by the express provisions of this Indenture and the Trustee need perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, the Trustee shall be under a duty to examine the certificates and opinions specifically required to be furnished to it to determine whether or not they conform on their face to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts or conclusions stated therein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;this paragraph does not limit the effect of <u>clauses (b)</u> or <u>(e)</u> of this <u>Section 7.1</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer of the Trustee, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it in accordance with the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;No provision of this Indenture shall require the Trustee to expend or risk its own funds or incur any liability. The Trustee shall be under no obligation to exercise any of its rights

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and powers under this Indenture at the request of any Holder, unless such Holder shall have offered to the Trustee, as applicable, security and indemnity satisfactory to it against any loss, liability or expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuer. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The Trustee will be permitted to engage in other transactions; *provided*, if it acquires any conflicting interest it must eliminate such conflict within ninety (90) days or resign.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;The Trustee agrees to accept and act upon facsimile or electronic transmission of manually-signed documents (including portable document format) hereunder.

SECTION 7.2 <u>Rights of Trustee</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Trustee may conclusively rely and shall be fully protected in acting or refraining from acting on (i) any document believed by it to be genuine and to have been signed or presented by the proper Person and/or (ii) any direction given by the Required Holders, or the direction of any other Holder having authority to give such direction, under an express provision of this Indenture. The Trustee need not investigate any fact or matter stated in any such document or such direction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Before the Trustee acts or refrains from acting, it may require an Officer's Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer's Certificate or Opinion of Counsel. The Trustee may consult with counsel of the Trustee's own choosing and the Trustee shall be fully protected from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance on the advice or opinion of such counsel or on any Opinion of Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any attorney or agent appointed with due care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within the rights or powers conferred upon it by this Indenture. Any request or direction of the Issuer mentioned herein shall be sufficiently evidenced by an Officer's Certificate and a Board Resolution delivered to the Trustee. Whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of negligence or willful misconduct on its part, conclusively rely upon an Officer's Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Issuer or any Guarantor shall be sufficient if signed by an Officer of the Issuer or Guarantors.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders unless such Holders have authority to give such direction under an express provision of this Indenture and have offered to the Trustee security and indemnity reasonably satisfactory to the Trustee against the costs, expenses and liabilities that might be incurred by it in compliance with such request or direction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or documents, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall have reasonable access after reasonable notice during normal business hours to the books, records and premises of the Issuer or any Guarantor, personally or by agent or attorney and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;The rights, privileges, protections and benefits given to the Trustee, including its rights to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and to each agent, custodian and other Persons employed to act hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The permissive right of the Trustee to take or refrain from taking any actions enumerated in this Indenture shall not be construed as a duty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;In the event that the Trustee (in such capacity or in any other capacity hereunder) is unable to decide between alternative courses of action permitted or required by the terms of this Indenture, or in the event that the Trustee is unsure as to the application of any provision of this Indenture, or believes any such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the event that this Indenture permits any determination by or the exercise of discretion on the part of the Trustee or is silent or is incomplete as to the course of action that the Trustee is required to take with respect to a particular set of facts, the Trustee may give notice (in such form as shall be appropriate under the circumstances) to the Holders requesting instruction as to the course of action to be adopted, and to the extent the Trustee acts in good faith in accordance with any written instructions received from the Required Holders, the Trustee shall not be liable on account of such action to any Person. If the Trustee shall not have received appropriate instruction within ten (10) days of such notice (or such shorter period as reasonably may be specified in such notice or as may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action as it shall deem to be in the interests of the Holders and the Trustee shall have no liability to any Person for such action or inaction.

SECTION 7.3 <u>Individual Rights of Trustee.</u>

The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer or any Affiliate of the Issuer with the same rights it

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would have if it were not Trustee. Any Agent may do the same with like rights and duties. The Trustee is also subject to <u>Sections 7.10</u> and <u>7.11</u>.

SECTION 7.4 <u>Trustee's Disclaimer</u>

The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, shall not be accountable for the Issuer's use of the proceeds from the Notes or any money paid to the Issuer or upon the Issuer's direction under any provision of this Indenture, it shall not be responsible for the use or application of any money received by any Paying Agent other than the Trustee, and it shall not be responsible for any statement or recital herein, any statement in the Notes, or any statement or recital in any document in connection with the sale of the Notes or pursuant to this Indenture other than its certificate of authentication on the Notes. The Trustee shall not be responsible for calculating the Applicable Premium or determining whether such amounts are due.

SECTION 7.5 <u>Notice of Defaults</u>

If a Default or an Event of Default occurs and is continuing and if it is actually known to a Responsible Officer of the Trustee, the Trustee shall mail to Holders a notice of the Default or Event of Default within 90 days after it occurs, or if discovered after such 90 day period, promptly after the Trustee learns of such Default or Event of Default (unless such Default or Event of Default shall have been cured or waived). Except in the case of a Default in payment of principal of, premium, if any, or interest on any Note, the Trustee may withhold the notice if and so long as the Trustee in good faith determines that withholding the notice is in the interests of the Holders.

The Trustee shall not be deemed to have notice or be charged with knowledge of any Default or Event of Default (other than a Default or Event of Default in the payment of interest or premium, if any, on, or the principal of, the Notes) unless a Responsible Officer of the Trustee has actual knowledge thereof or shall have received written notice thereof at its address set forth in <u>Section 12.2</u> from the Issuer, Guarantor or Holders of 25% in aggregate principal amount of the then outstanding Notes specifying the occurrence and nature thereof and stating that such notice is a notice of default.

SECTION 7.6 [<u>Intentionally Omitted</u>]

SECTION 7.7 <u>Compensation and Indemnity</u>

The Issuer shall pay to the Trustee from time to time compensation as shall be agreed to in writing by the Issuer and the Trustee for its acceptance of this Indenture and services hereunder (it being hereby agreed that the compensation set forth in any fee letter between the Issuer and the Trustee shall be deemed to be reasonable). The Trustee's compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuer shall reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for its services. Such expenses

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shall include the reasonable compensation, disbursements, fees and expenses of the Trustee's agents and counsel.

The Issuer and each Guarantor, jointly and severally, shall indemnify the Trustee (which for purposes of this <u>Section 7.7</u> shall include its officers, directors, agents and employees) against any and all claims, damages, losses, liabilities or expenses incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture against the Issuer (including this <u>Section 7.7</u>) and defending itself against any claim (whether asserted by the Issuer or any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent any such loss, claim, damage, liability or expense may be attributable to its negligence or willful misconduct, as determined by a final non-appealable judgment of a court of competent jurisdiction. The Trustee shall notify the Issuer promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Issuer shall not relieve the Issuer of its obligations hereunder. The Issuer shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have separate counsel and the Issuer shall pay the reasonable fees and expenses of one such counsel. The Issuer and each Guarantor need not pay for any settlement made without their consent, which consent shall not be unreasonably withheld.

The obligations of the Issuer and the Guarantors under this <u>Section 7.7</u> shall survive the satisfaction and discharge or termination for any reason of this Indenture, including any termination or rejection hereof under any Bankruptcy Law, or the resignation or removal of the Trustee.

To secure the Issuer's and each Guarantor's obligations in this <u>Section 7.7</u>, the Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal, premium, if any, or interest, if any, on particular Notes. Such Lien shall survive the satisfaction and discharge or termination for any reason of this Indenture and the resignation or removal of the Trustee.

In addition, and without prejudice to the rights provided to the Trustee under any of the provisions of this Indenture, when the Trustee incurs expenses or renders services after an Event of Default specified in <u>clause (8)</u> of the first paragraph of <u>Section 6.1</u> occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law.

"Trustee" for the purposes of this <u>Section 7.7</u> shall include any predecessor Trustee and the Trustee in each of its capacities hereunder and each agent, custodian and other person employed to act hereunder; *provided*, *however*, that the negligence or willful misconduct of any Trustee hereunder shall not affect the rights of any other Trustee hereunder.

The Trustee shall comply with the provisions of TIA § 313(b)(2) to the extent applicable.

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SECTION 7.8 <u>Replacement of Trustee</u>

A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee's acceptance of appointment as provided in this <u>Section 7.8</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the Trustee fails to comply with <u>Section 7.10</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;a Custodian or public officer takes charge of the Trustee or its property; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;the Trustee becomes incapable of acting.

If the Trustee resigns, is removed or becomes incapable of acting, or if a vacancy exists in the office of Trustee for any reason, the Issuer shall promptly appoint a successor Trustee.

If a successor Trustee does not take office within sixty (60) days after the retiring Trustee resigns or is removed, the retiring Trustee (at the Issuer's expense), the Issuer or the Holders of at least 10% in aggregate principal amount of the then outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee.

If the Trustee, after written request by any Holder who has been a Holder for at least six (6) months, fails to comply with <u>Section 7.10</u>, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer. Thereupon, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and the duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to the Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee; *provided* that all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in <u>Section 7.7</u>. Notwithstanding replacement of the Trustee pursuant to this <u>Section 7.8</u>, the Issuer's obligations under and the Lien provided for in <u>Section 7.7</u> shall continue for the benefit of the retiring Trustee.

SECTION 7.9 <u>Successor Trustee by Merger, Etc.</u>

Any entity into which the Trustee or any Agent may be merged or converted or with which the Trustee or any Agent may be consolidated, or any entity resulting from any merger, conversion or consolidation to which the Trustee or any Agent shall be a party, or any entity

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succeeding to all or substantially all of the corporate trust business of the Trustee or any Agent, shall be the successor of the Trustee or any Agent hereunder, as applicable, provided such entity shall be otherwise qualified and eligible under this <u>Article VII</u>, to the extent operative, without the execution or filing of any document or further act on the part of any of the parties hereto. In the case any Notes shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Notes so authenticated with the same effect as if such successor Trustee had itself authenticated such Notes.

SECTION 7.10 <u>Eligibility; Disqualification</u>

There shall at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate trust power and that is subject to supervision or examination by federal or state authorities. The Trustee shall at all times have a combined capital surplus of at least $50.0 million as set forth in its most recent annual report of condition. If at any time the Trustee ceases to be eligible in accordance with the provisions of this <u>Section 7.10</u>, it shall resign immediately in the manner and with the effect specified in this <u>Article VII</u>.

This Indenture shall always have a Trustee who satisfies the requirements of TIA §§ 310(a)(1), (2) and (5). The Trustee is subject to TIA § 310(b) including the provision in § 310(b)(1); *provided* that there shall be excluded from the operation of TIA § 310(b)(1) any indenture or indentures under which other securities, or certificates of interest or participation in other securities, of the Issuer or the Guarantors are outstanding if the requirements for exclusion set forth in TIA § 310(b)(1) are met.

SECTION 7.11 <u>Preferential Collection of Claims Against the Issuer</u>

The Trustee is subject to TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated therein.

SECTION 7.12 <u>Trustee's Application for Instructions from the Issuer</u>

Any application by the Trustee for written instructions from the Issuer may, at the option of the Trustee, set forth in writing any action proposed to be taken or omitted by the Trustee under this Indenture and the date on and/or after which such action shall be taken or such omission shall be effective. The Trustee shall not be liable for any action taken by, or omission of, the Trustee in accordance with a proposal included in such application on or after the date specified in such application (which date shall not be less than twenty (20) Business Days after the date any Officer of the Issuer actually receives such application, unless any such Officer shall have consented in writing to any earlier date) unless prior to taking any such action (or the effective date in the case of an omission), the Trustee shall have received written instructions in response to such application specifying the action to be taken or omitted.

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SECTION 7.13 <u>Limitation of Liability</u>

In no event shall the Trustee, Paying Agent or Registrar or in any other capacity hereunder, be liable under or in connection with this Indenture for indirect, special, incidental, punitive or consequential losses or damages of any kind whatsoever, including but not limited to lost profits, whether or not foreseeable, even if the Trustee, Paying Agent or Registrar or in any other capacity hereunder, has been advised of the possibility thereof and regardless of the form of action in which such damages are sought. The Trustee, the Paying Agent and the Registrar shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fire; flood; terrorism; wars and other military disturbances; sabotage; epidemics; riots; interruptions; loss or malfunctions of utilities, computer (hardware or software) or communication services; accidents; labor disputes; and acts of civil or military authority and governmental action. The provisions of this <u>Section 7.13</u> shall survive satisfaction and discharge or the termination for any reason of this Indenture and the resignation or removal of the Trustee, the Paying Agent or the Registrar.

Article VIII<br>CERTAIN INDEMNIFIED MATTERS

&nbsp;&nbsp;&nbsp;&nbsp;Without limiting any term or provision of <u>Article VI</u>, the Issuer indemnifies, defends and holds harmless the Trustee and each Holder from and against all losses, costs, expenses, damages, claims or other obligations (including, without limitation, reasonable attorneys' fees and court costs) (collectively, "*Losses*") incurred or suffered by the Trustee or any such Holder arising out of or in connection with any of the following (collectively, the "*Indemnified Matters*"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;fraud or intentional misrepresentation by any Obligor Party or Guarantor in connection with the Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the gross negligence or willful misconduct of any Obligor Party or Guarantor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;material physical waste of any Property by any Obligor Party or Guarantor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;the removal or disposal of any portion of any Property after an Event of Default by any Obligor Party or Guarantor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;the misappropriation, misapplication or conversion by any Obligor Party or Guarantor of (A) any Net Proceeds or Asset Sale Proceeds, (C) any Rents following an Event of Default, or (D) any Rents paid more than one month in advance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;failure by any Obligor Party or Guarantor to pay charges for labor or materials or other charges or judgments that can create Liens on any portion of any Property (including, without limitation, in connection with any Project);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;any Adverse Environmental Condition or Disclosed Environmental Matter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;the breach of the representation by any Obligor Party that on the Effective Date, all Improvements at the related Property were in material compliance with applicable laws; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;if any Guarantor, any Obligor Party or any Affiliate of the Guarantors or any Obligor Party contests, impedes, delays or opposes the exercise by the Trustee of any enforcement actions, remedies or other rights it has under or in connection with this Indenture or the other Note Documents; provided that neither the Issuer nor Guarantor shall be liable to the extent of any applicable loss, damage, cost, expense, liability, claim or other obligation arising solely from a defense of an Obligor Party, Guarantor or any Affiliate of an Obligor Party or the Guarantors raised in good faith.

Article IX<br>AMENDMENT, SUPPLEMENT AND WAIVER

SECTION 9.1 <u>Without the Consent of the Holders.</u>

Notwithstanding the provisions of <u>Section 9.2</u>, without the consent of any Holder, the Issuer, the Guarantors and the Trustee may amend or supplement any Note Documents to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;cure any ambiguity, defect, omission, mistake, or inconsistency or to make any modification of a formal, minor or technical nature;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;comply with the covenant relating to consolidations, amalgamations, mergers, conveyances, transfers and leases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;add to the covenants of the Issuer or Guarantors for the benefit of the Holders, or surrender any right or power herein conferred upon the Issuer or Guarantors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;add additional Events of Default or Indemnified Matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;provide for or facilitate the issuance of uncertificated Notes in addition to or in place of any certificated Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;evidence and provide for the acceptance and appointment under this Indenture of a successor Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;&nbsp;add Guarantors with respect to any Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;&nbsp;&nbsp;&nbsp;make any change that would provide any additional rights or benefits to the Holders;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)&nbsp;&nbsp;&nbsp;&nbsp;make any amendment to the provisions of this Indenture relating to the transfer and legending of Notes as permitted by this Indenture, including to facilitate the issuance and administration of the Notes or to comply with the rules of any applicable securities depository; *provided*, *however*, that (i) compliance with this Indenture as so amended would not result in Notes being transferred in violation of the Securities Act or any applicable securities law and (ii) such amendment would not materially and adversely affect the rights of Holders to transfer Notes; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)&nbsp;&nbsp;&nbsp;&nbsp;in the event that PIK Notes are issued in certificated form, to make appropriate amendments to this Indenture to reflect an appropriate minimum denomination of certificated PIK Notes and establish minimum redemption amounts for certificated PIK Notes.

SECTION 9.2 <u>With the Consent of the Holders</u>.

Except as provided in this <u>Section 9.2</u>, the Note Documents may be amended or supplemented with the consent of Issuer and the Holders of at least a majority in Aggregate Outstanding Principal Amount (including consents obtained in connection with a purchase of, or tender offer or exchange offer for, the Notes), and any existing Default or compliance with any provision of the Note Documents may be waived with the consent of the Holders of at least a majority in Aggregate Outstanding Principal Amount (including consents obtained in connection with purchase of, or tender offer or exchange offer for, the Notes); *provided*, without the consent of each Holder of the applicable Notes affected thereby, any such amendment, supplement or waiver may not (with respect to any Notes held by a non-consenting Holder):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;change the Maturity Date or the Principal Amount of, or any installment of interest on, any Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;reduce the Principal Amount of, or interest rate with respect to, or premium payable on, any Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;change the place of payment where, or the currency in which, the Principal Amount of, or interest or premium (if any), on any Note is payable or impair the right to institute suit for the enforcement of any such payment on or after the Maturity Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;change the date on which any Note may be subject to redemption or reduce the applicable Redemption Price ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;reduce the percentage of the Aggregate Outstanding Principal Amount of Notes whose Holders must consent to an amendment, supplement or waiver;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;subordinate, in right of payment, the Notes to any other Indebtedness of any Obligor Party or any of other Person;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;&nbsp;waive a Default or Event of Default in the payment of the Principal Amount of, premium (if any), or interest on the Notes (except a rescission of acceleration of the Notes and the consequences thereof by the Holders of at least a majority in Aggregate Outstanding Principal Amount of Notes and a waiver of the payment default that resulted from such acceleration);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;&nbsp;&nbsp;&nbsp;waive a redemption payment with respect to any Note (other than a payment required by <u>Section 4.10</u> or <u>Section 4.14</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)&nbsp;&nbsp;&nbsp;&nbsp;make any change in the provisions of this Indenture relating to waivers of past Defaults or Events of Default or the rights of holders of Notes to receive payments of the Principal Amount, premium, if any, and interest on the Notes when due and payable; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)&nbsp;&nbsp;&nbsp;&nbsp;make any change in the preceding amendment and waiver provisions.

Notwithstanding anything to the contrary herein, any amendment or supplement to, or waiver of, the provisions of the Note Documents that has the effect of releasing a Guarantor from any of its obligations under the Note Guaranty or any Note Documents to which it is a party, except in accordance with the terms of this Indenture, shall, in each case, require the consent of the Holders of at least 66 2/3% in Aggregate Outstanding Principal Amount.

The consent of the Holders shall not be required under this <u>Section 9.2</u> with respect to any approval by the Trustee of the particular form of any proposed amendment, modification or supplement of or to any Note Document, the Parties hereby agreeing that it shall be sufficient if any such consent approves the substance of the proposed amendment, modification or supplement (as applicable). A consent to any amendment or waiver under this Indenture by any Holder of Notes given in connection with a tender of such Holder's Notes shall not be rendered invalid by such tender.

Neither any amendment to, or deletion of any of the covenants described in <u>Article IV</u> nor any action taken in compliance with the covenants in effect at the time of such action, shall be deemed to impair or affect any rights of any Holder of Notes to receive any payment of any Principal Amount of, or premium, if any, or interest on, the Notes or to institute a suit for the enforcement of any payment on or with respect to such Holder's Notes.

SECTION 9.3 <u>Revocation and Effect of Consents</u>.

Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note constitutes a continuing consent by the Holder and every subsequent Holder of such Note or any portion of such Note that evidences the same debt as the consenting Holder's Note, even if notation of such consent is not made on such Note. However, any such Holder or subsequent Holder may revoke any such consent as to its Note if the Trustee receives written notice of revocation before the date the waiver, supplement or amendment becomes effective. When an amendment, supplement or waiver becomes effective in accordance with its terms, it thereafter binds every Holder.

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The Issuer may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled consent to any amendment, supplement or waiver. If the Issuer fixes any such record date, (i) such record date shall be fixed at (A) the later of thirty (30) days prior to the first solicitation of such consent or the date of the most recent list of Holders furnished for the Trustee prior to such solicitation pursuant to <u>Section 2.5</u> or (B) such other date as the Issuer shall designate and (ii) those Persons who were Holders as of such record date, and only such Persons, shall be entitled to consent to such amendment, supplement or waiver. No such consent shall be valid or effective for more than one hundred twenty (120) days after such record date unless the requisite number of Holders otherwise agrees in writing.

SECTION 9.4 <u>Notation on or Exchange of Notes</u>.

The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Issuer in exchange for all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver.

Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver.

After any amendment, supplement or waiver under this <u>Article IX</u> becomes effective, the Issuer shall mail to the Holders a notice briefly describing such amendment, supplement or waiver; <u>provided</u>, <u>however</u>, that the failure to give such notice shall not affect the validity and effect of such amendment, supplement or waiver (as applicable).

SECTION 9.5 <u>Payment for Consent</u>

No Obligor Party shall, nor shall any Obligor Party permit any of its Subsidiaries to, directly or indirectly, pay or cause to be paid any consideration to or for the benefit of any Holder for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture, the Notes or the other Note Documents unless and until such consideration is offered to all Holders and is paid to all Holders that consent, waive or agree to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or amendment (as applicable); <u>provided</u>, if any such consents, waivers or amendments are sought in connection with an exchange offer where participation in such exchange offer is limited to Holders who are "qualified institutional buyers," within the meaning of Rule 144A, or non-U.S. persons, within the meaning of Regulation S then any such consideration need only be offered to all Holders to whom the exchange offer is made and to be paid to all such Holders that consent, waive or agree to amend in such time frame.

SECTION 9.6 <u>Trustee to Sign Amendments, Etc.</u>

The Trustee shall sign any amended or supplemental indenture authorized pursuant to this Article.

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Article X <br>COLLATERAL

SECTION 10.1 <u>Collateral</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The due and punctual payment and performance of the Obligations when and as the same shall be due and payable, whether on an Interest Payment Date, on the Maturity Date, by acceleration, redemption or otherwise, shall be secured by the Collateral Documents and by first-priority Liens and security interests, subject to Permitted Encumbrances, as provided therein. The Obligor Parties hereby agree that the Trustee shall hold the Collateral in trust for the benefit of all of the Holders, in each case pursuant to the terms of the Collateral Documents and any Intercreditor Agreement, and the Trustee is hereby authorized to execute and deliver the Collateral Documents to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Each Holder, by its acceptance of a Note and the Note Guaranty, (i) consents and agrees to the terms of the Collateral Documents (including, without limitation, any provisions thereof providing for foreclosure), as the same may be in effect or may be amended from time to time in accordance with their respective terms, (ii) authorizes and directs the Collateral Agent to perform its obligations and exercise its rights and remedies under such Collateral Documents in accordance with the terms hereof and (iii) acknowledges that, as more fully set forth in the Collateral Documents, the Collateral as now or hereafter constituted shall be held for the benefit of all of the Holders.

SECTION 10.2 <u>Suits To Protect the Collateral.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the provisions of <u>Article 7</u>, the Collateral Documents and any Intercreditor Agreement, the Trustee, without the consent of the Holders, on behalf of the Holders, may take all actions it determines in order to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;enforce any of the terms of the Collateral Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;collect and receive any and all amounts payable in respect of the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the provisions of the Collateral Documents and any Intercreditor Agreement, the Trustee shall have power to institute and to maintain such suits and proceedings as the Trustee may determine to prevent any impairment of the Collateral by any acts which may be unlawful or in violation of any of the Collateral Documents or the other Note Documents, and such suits and proceedings as the Trustee may determine to preserve or protect its interests and the interests of the Holders in the Collateral; <u>provided</u>, nothing in this <u>Section 10.2</u> shall be considered to impose upon the Trustee any such duty or obligation to take any such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Trustee is authorized to receive for the benefit of the Holders any funds distributed by the Obligor Parties under the Collateral Documents, and to make further distributions of such funds to the Holders according to the provisions of this Indenture.

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SECTION 10.3 <u>Collateral Account</u>. Prior to the Effective Date, the Trustee shall have established one or more segregated trust accounts, which shall at all times hereafter until this Indenture shall have terminated, be maintained with, and under the sole control of, the Trustee and which shall be established and maintained by the Trustee at one of its corporate trust offices (which may include the New York corporate trust office) and all Collateral shall be credited thereto (such accounts, individually and/or collectively, as the context may require, the "*Collateral Account*"). All cash and cash equivalents received by the Trustee from dispositions of Collateral, Liquidation Events, foreclosures on or sales of Collateral following an Event of Default or any other awards or proceeds pursuant to the Collateral Documents, including earnings, revenues, rents, issues, profits and income from the Collateral received pursuant to the Collateral Documents, shall be deposited in the Collateral Account to the extent required by this Indenture, the Collateral Documents or any Intercreditor Agreement, and thereafter shall be held, applied and/or disbursed by the Trustee in accordance with the terms of this Indenture (including, without limitation, <u>Section 3.2</u>, <u>Section 4.25</u> and <u>Section 6.9</u>). In connection with any and all deposits to be made into the Collateral Account under this Indenture, the Trustee shall receive an Officers' Certificate directing the Trustee to make such deposit.

SECTION 10.4 <u>Disbursement Account</u>. Prior to the Effective Date, the Trustee shall have established a segregated trust account, which shall at all times hereafter until this Indenture shall have terminated, be maintained with, and under the sole control of, the Trustee and which shall be established and maintained by the Trustee at one of its corporate trust offices (which may include the New York corporate trust office) for the purpose of holding the balance of the Note Proceeds remaining following the initial payments of Note Proceeds pursuant to <u>Section 4.2(b)(i)</u> (such account, the "*Disbursement Account*"). From and after the Effective Date, the Trustee (a) shall hold all such Note Proceeds in the Disbursement Account and (b) from time to time upon its receipt of a Disbursement Request, shall disburse such Note Proceeds in accordance with (and subject to) <u>Section 4.3(g)</u> and the other applicable terms and conditions set forth in this Indenture.

Pending the distribution of funds in the Disbursement Account in accordance with the provisions hereof and provided that no Event of Default shall exist, the Issuer may direct the Trustee to invest such funds in cash equivalents specified in such direction, such investments to mature by the times such funds are needed hereunder and such direction to certify that such funds constitute cash equivalents and that no Event of Default shall exist. So long as no Event of Default shall exist, the Issuer may direct the Trustee to sell, liquidate or cause the redemption of any such investments and to transmit the proceeds thereof to the Issuer or its designee, in each case, to the extent permitted under this Indenture, such direction to certify that no Event of Default shall exist. Any gain or income on any investment of funds in the Disbursement Account shall be credited to the Disbursement Account. The Trustee shall have no liability for any loss incurred in connection with any investment or any sale, liquidation or redemption thereof made in accordance with the provisions of this <u>Section 10.4</u>.

SECTION 10.5 <u>Obion Soy Project</u>. So long as no Event of Default exists, Obion PropCo shall have the right, subject to the terms and conditions of this <u>Section 10.5</u> (the "*Excess Land Option*") to (i) either (a) sell for fair market value the fee simple title to a portion of the

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vacant, undeveloped land comprising a portion of the Obion Property that is not currently being actively used by Obion PropCo, the precise delineation of which shall be determined following the Effective Date (the "*Excess Land*") or (b) transfer for fair market value such Excess Land to an entity to be owned in joint venture by Obion PropCo or an Affiliate and a third party investor therein (a "*JV*"), in each case for the purpose of constructing a soy processing facility by one or more Persons, which may include Affiliates of Obion PropCo and (ii) enter into agreements for access and utilization of certain of its infrastructure, including, without limitation, rail, scales, roads and similar items for use by the soy processing facility (such agreements, the "*Soy REA Documents*" and the foregoing, collectively, the "*Soy Project*"). Following any such sale or transfer pursuant to the foregoing clauses (a) or (b), the Issuer shall cause Obion PropCo to promptly distribute to the Issuer the cash proceeds of such sale or transfer (which shall be equal to such fair market value of the Excess Land or, in the event that Obion PropCo enters into a JV, its pro rata share thereof in accordance with its percentage equity interest in such JV), and, following such distribution, (A) the Issuer shall deliver the portion of such proceeds that exceeds Five Million Dollars ($5,000,000) (if applicable) to the Trustee, which amount shall be applied as a redemption of the then outstanding Notes on a pro rata basis in the same manner as is provided in Section 3.1(d) and (B) the Issuer shall hold the portion of such proceeds that does not exceed Five Million Dollars ($5,000,000) for the payment of interest on the Notes as the same shall become due and payable hereunder; provided, however that no Applicable Premium shall be due or payable in connection with such redemption. The Excess Land Option shall be subject to the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Excess Land shall not include any land if the inclusion of such land or the development thereof in connection with the Soy Project would (i) block or impede in any material respect ingress to or egress from the Obion Property as the same exist as of the Effective Date; or (ii) cause the Obion Property or any portion thereof to violate any Applicable Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall use commercially reasonable efforts to cause a surveyor to complete a survey of such Excess Land and deliver a copy of such survey to the Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;From and after the date that the applicable Excess Land has been determined by the Issuer, the Issuer shall use diligent efforts to take the following actions with respect to the Obion Property: (i) create a separate tax lot for the Excess Land (it being agreed that the Issuer shall cause such separate tax lot to be created prior to any sale or development of such Excess Land); (ii) enter into the Soy REA Documents and any other easements, reciprocal easements or other agreements reasonably required to establish unilateral or reciprocal ingress, egress, access, utilities, drainage, stormwater, construction and similar easements which may be reasonably required to separate the Excess Land from the remainder of the Obion Property or to provide each of the Excess Land and such remainder of the Obion Property with separate ingress, egress and utilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall present the terms of the Soy Project to the Trustee, in reasonable detail, and at the direction of the Required Holders, Trustee shall not unreasonably withhold or delay consent for any and all action necessary for Obion PropCo or its Affiliates to facilitate the Soy Project consistent with the actions described herein, including, without

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limitation, the release of the Lien of the Obion Security Instrument as to such Excess Land and the approval of any applicable Affiliate agreements, the terms of which shall be commercially reasonable and on an arms'-length basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall pay (or cause the applicable Obion PropCo to pay) all reasonable out-of-pocket costs and expenses incurred by the Trustee (including, without limitation, reasonable fees of one (1) external counsel) in connection with the exercise of any such Excess Land Option; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;No Note Proceeds shall be used by the Obion PropCo or otherwise for the Soy Project (including, in the event that the Obion PropCo enters into a JV, for any payments of any nature due or owing at any time pursuant to the terms of such JV or any amendment thereof or document related thereto).

Article XI<br>NOTE GUARANTY

SECTION 11.1 <u>Note Guaranty</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Each Guarantor hereby jointly and severally, unconditionally and irrevocably guarantees the Notes and obligations of the Issuer hereunder and thereunder, and guarantees to each Holder and to the Trustee on behalf of such Holder, that: (i) the principal of (including all PIK Amounts) and premium, if any, and interest on the Notes (including any interest on any overdue principal of and interest on the Notes at the Default Rate) shall be paid in full when due, whether on the Maturity Date, by acceleration, call for redemption or otherwise (including, without limitation, the amount that would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code), and all other Obligations of the Issuer shall be promptly paid in full and performed, all in accordance with the terms hereof and thereof; and (ii) in case of any extension of time of payment or renewal of any Notes or of any such other obligations, the same shall be paid in full when due or performed in accordance with the terms of the extension or renewal, whether on the Maturity Date, by acceleration or otherwise. The Note Guaranty of each Guarantor shall be a Guaranty of payment and not of collection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Each Guarantor hereby agrees that its obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes, this Indenture, the other Note Documents or any of the Obligations, the absence of any action to enforce the same, any waiver or consent by any Holder with respect to any provisions hereof or thereof, the recovery of any judgment against the Issuer, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Each Guarantor hereby waives the benefits of diligence, presentment, demand for payment, filing of claims with a court in the event of insolvency or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer or any other Person, protest, notice and all demands whatsoever and covenants that the Note Guaranty shall not be discharged as to any

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Note except by the complete payment and performance of the Obligations. Each Guarantor hereby agrees that, in the event of a default in payment of principal or premium, if any, or interest on any Note, whether on the Maturity Date, by acceleration, call for redemption or otherwise, legal proceedings may be instituted by the Trustee, at the direction of the Required Holders, on behalf of, or by, the Holder of such Note, subject to the terms and conditions set forth in this Indenture, directly against such Guarantor to enforce the Note Guaranty without first proceeding against the Issuer or any other Guarantor. Each Guarantor agrees that if, upon the occurrence of an Event of Default, the Trustee or any of the Holders are prevented by applicable law from exercising their respective rights to accelerate any Obligations, to collect interest on any of the Notes, or to enforce or exercise any other right or remedy with respect thereto or to any of the Note Documents, Guarantor shall pay to the Trustee for the account of the Holders, upon demand therefor, the amount that would otherwise have been due and payable had such rights and remedies been permitted to be exercised by the Trustee or any of the Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Each Guarantor also agrees to pay any and all out-of-pocket costs and expenses (including reasonable attorneys' fees) incurred by the Trustee or any Holder in enforcing any rights under this <u>Section 11.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;If any Holder or the Trustee is required by any court or otherwise to return to the Issuer or Guarantors, or any custodian, trustee, liquidator or other similar official acting in relation to the Issuer or Guarantors, any amount paid by any of them to the Trustee or any Holder, the Note or the Guaranty of the Guarantors, to the extent theretofore discharged, shall be reinstated in full force and effect. This <u>clause (e)</u> shall remain effective notwithstanding any contrary action which may be taken by the Trustee or any Holder in reliance upon such amount required to be returned. This <u>clause (e)</u> shall survive the termination of this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Each Guarantor agrees that, as between such Guarantor, on the one hand, and the Holders and the Trustee, on the other hand, (i) the maturity of the Obligations may be accelerated in accordance with <u>Article VI</u> for the purposes of such Guarantor's Note Guaranty, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the Obligations, and (ii) in the event of any acceleration of such Obligations as provided in Article VI, such Obligations (whether or not due and payable) shall forthwith become due and payable by such Guarantor for the purpose of the Note Guaranty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;Each Note Guaranty shall remain in full force and effect and continue to be effective notwithstanding: (i) the filing of any petition by or against the any Obligor Party for liquidation or reorganization, (ii) the insolvency of any Obligor Party, any assignment by any Obligor Party for the benefit of its creditors or the appointment of a receiver or trustee for all or any significant part of any Obligor Party's assets, and each Note Guaranty shall, to the fullest extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Notes are, pursuant to applicable law, rescinded or reduced in amount, or are otherwise required to be restored or returned by any obligee on the Notes or the Note Guaranty, whether as a "voidable preference," "fraudulent transfer" or otherwise, all as though such payment or performance had not been made. In the event that any payment, or any portion thereof, is rescinded, reduced, restored or returned, the Notes shall, to the fullest extent

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permitted by law, be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;Each payment to be made by a Guarantor in respect of the Note Guaranty shall be made without set-off, counterclaim, reduction or diminution of any kind or nature.

SECTION 11.2 <u>Execution and Delivery</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;To evidence the Note Guaranty, each Guarantor hereby agrees that this Indenture shall be executed on behalf of such Guarantor by an Officer or person holding an equivalent title.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Each Guarantor hereby agrees that the Note Guaranty shall remain in full force and effect notwithstanding the absence of the endorsement of any notation of the Note Guaranty on the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;If an Officer of Guarantor whose signature is on this Indenture no longer holds the applicable office at the time the Trustee authenticates the Note, the Note Guaranty shall be valid nevertheless.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Note Guaranty set forth in this Indenture on behalf of Guarantor.

SECTION 11.3 <u>Subrogation</u>.

Each Guarantor shall be subrogated to all rights of Holders against the Issuer in respect of any amounts paid by a Guarantor pursuant to the provisions of <u>Section 11.1</u>; <u>provided</u>, if an Event of Default has occurred and is continuing, a Guarantor shall not be entitled to enforce or receive any payments arising out of, or based upon, such right of subrogation until all amounts then due and payable by the Issuer under this Indenture, the Notes and the other Note Documents shall have been paid in full.

SECTION 11.4 <u>Severability</u>.

In case any provision of the Note Guaranty shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

SECTION 11.5 <u>Limitation of Guarantor's Liability</u>.

Each Guarantor, and by its acceptance hereof each Holder, confirms that it is the intention of all such parties that the Note Guaranty shall not constitute a fraudulent transfer or fraudulent conveyance for purposes of the Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law or similar foreign law for the relief of debtors to the extent applicable to the Note Guaranty. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the Obligations of each Guarantor shall be limited to the maximum amount that will, after giving

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effect to all other contingent and fixed liabilities of such Guarantor that are relevant under any of the aforesaid laws and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the Obligations of such other Guarantor under the Note Guaranty, result in the Obligations of the Guarantor under the Note Guaranty not becoming voidable (or constituting a fraudulent conveyance or fraudulent transfer) under the Bankruptcy Law or other applicable laws relating to fraudulent transfer or fraudulent conveyance.

SECTION 11.6 <u>Benefits Acknowledged</u>.

Each Guarantor acknowledges that it shall receive direct and indirect benefits from the financing arrangements contemplated by this Indenture and the other Note Documents and that the Note Guaranty and all waivers pursuant to its Guaranty are knowingly made in contemplation of such benefits.

Article XII<br>MISCELLANEOUS

SECTION 12.1 <u>Notices</u>.

Any notice or communication by any Party to any other Party hereunder shall be duly given if in writing and delivered in person or mailed by first-class mail (registered or certified, return receipt requested) or sent by electronic transmission (including e- mail) or overnight air courier Guaranteeing next day delivery, to such other Party's address as follows:

If to the Issuer, any PropCo or any Guarantor:

Green Plains Inc. <br>1811 Aksarben Drive<br>Omaha, NE 68106<br>Attention: Michelle Mapes, Interim Principal Executive Officer, Chief Legal & Administration Officer and Corporate Secretary <br>Email: Michelle.Mapes@gpreinc.com

If to the Trustee:

Wilmington Trust, National Association

1100 N. Market Street

Wilmington, DE 19890

Attn: Administrator for Great Plains SPE LLC

Telephone: 302-636-4178

Email: dmorreale@wilmingtontrust.com

Any Party, by notice to the other Parties, may designate additional or different addresses for subsequent notices or communications.

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All notices and communications (other than those sent to the Holders or the Trustee) shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five (5) calendar days after being deposited in the mail, postage prepaid, if mailed by first-class mail; when receipt acknowledged, if delivered by electronic transmission; and the next Business Day after timely delivery to the courier, if sent by overnight air courier promising next Business Day delivery. All notices and communications to the Trustee shall only be deemed to have been duly given upon receipt by a Responsible Officer of the Trustee.

Any notice or communication to a Holder shall be mailed by first-class mail or by overnight air courier promising next Business Day delivery to its address shown on the register kept by the Registrar. Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders.

If a notice or communication is mailed or sent in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it, except in the case of notices or communications given to the Trustee, which shall be effective only upon actual receipt.

If the Issuer sends a notice or communication to Holders, it shall send a copy to the Trustee and each Agent at the same time.

Notwithstanding any other provision of this Indenture or any Note, where this Indenture or any Note provides for notice of any event (including any notice of redemption or purchase) to a Holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to DTC (or its designee), in accordance with the applicable procedures of DTC, if delivered electronically.

SECTION 12.2 <u>Certificate and Opinion as to Conditions Precedent</u>.

Upon any request or application by the Issuer or Guarantors to the Trustee to take any action under this Indenture (other than the initial issuance of the Notes), the Issuer or Guarantors, as the case may be, shall furnish to the Trustee upon request:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;an Officer's Certificate (which shall include the statements set forth in <u>Section 12.3</u>) to the effect that, in the opinion of the signer or signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;an Opinion of Counsel (which shall include the statements set forth in <u>Section 12.3</u>) to the effect that, in the opinion of such counsel, all such conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied.

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SECTION 12.3 <u>Statements Required in Certificate or Opinion</u>.

Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;a statement that the Person making such certificate or opinion has read such covenant or condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;a statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been satisfied; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied;

<u>provided</u>, an issuer of an Opinion of Counsel may rely as to matters of fact on an Officer's Certificate or a certificate of a public official.

SECTION 12.4 <u>Rules by Trustee and Agents</u>.

The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions.

SECTION 12.5 <u>No Personal Liability of Directors, Officers, Employees and Stockholders</u>.

No past, present or future director, officer, employee, general or limited partner, incorporator or stockholder of the Issuer shall have any personal liability for any obligations of the Issuer or Guarantors by reason of his, her or its status as such director, officer, employee, stockholder, general partner, limited partner or incorporator, under the Note Documents or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. Such waiver and release are part of the consideration for the issuance of the Notes. Such waiver may not be effective to waive liabilities under the U.S. federal securities laws or other corporate laws, and it is the view of the SEC that such a waiver is against public policy.

SECTION 12.6 <u>Governing Law</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;**THIS INDENTURE, THE NOTES, THE NOTE GUARANTY AND THE OTHER NOTE DOCUMENTS WERE NEGOTIATED IN, AND SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING** 

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**TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS INDENTURE, THE NOTES, THE NOTE GUARANTY AND THE OTHER NOTE DOCUMENTS AND THE OBLIGATIONS ARISING HEREUNDER AND THEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA, EXCEPT THAT AT ALL TIMES THE PROVISIONS FOR THE CREATION, PERFECTION, AND ENFORCEMENT OF THE LIENS AND SECURITY INTERESTS CREATED PURSUANT HERETO AND PURSUANT TO THE OTHER NOTE DOCUMENTS WITH RESPECT TO THE PROPERTIES SHALL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAW OF THE STATE IN WHICH THE APPLICABLE PROPERTY IS LOCATED, IT BEING UNDERSTOOD THAT, TO THE FULLEST EXTENT PERMITTED BY THE LAW OF SUCH STATE, THE LAW OF THE STATE OF NEW YORK SHALL GOVERN THE CONSTRUCTION, VALIDITY AND ENFORCEABILITY OF THIS INDENTURE, THE NOTES, THE NOTE GUARANTY AND THE OTHER NOTE DOCUMENTS AND ALL OF THE OBLIGATIONS ARISING HEREUNDER OR THEREUNDER. TO THE FULLEST EXTENT PERMITTED BY LAW, THE OBLIGORS HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS INDENTURE, THE NOTES, THE NOTE GUARANTY OR ANY OTHER NOTE DOCUMENTS, AND THIS INDENTURE, THE NOTE, THE NOTE GUARANTY AND THE NOTE LOAN DOCUMENTS SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;**ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST THE TRUSTEE, ANY HOLDER OR ANY OBLIGOR ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES, THE NOTE GUARANTY OR THE OTHER NOTE DOCUMENTS MAY AT THE TRUSTEE'S OPTION BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND THE OBLIGORS WAIVE ANY OBJECTIONS WHICH THEY MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND THE OBLIGORS HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. EACH OF THE ISSUER AND GUARANTOR IRREVOCABLY CONSENTS TO SERVICE OF ANY AND ALL PROCESS IN THE MANNER PROVIDED FOR NOTICES IN <u>SECTION 12.1</u> WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND AGREES THAT SERVICE OF PROCESS AT SAID ADDRESS AND WRITTEN NOTICE OF SAID** 

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**SERVICE MAILED OR DELIVERED TO THE ISSUER OR GUARANTORS (AS APPLICABLE) IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON THE ISSUER OR GUARANTORS (AS APPLICABLE) IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK. EACH OF THE ISSUER AND GUARANTOR (i) SHALL GIVE PROMPT NOTICE TO THE TRUSTEE OF ANY CHANGED ADDRESS HEREUNDER, (ii) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE AN AUTHORIZED AGENT OR A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH AUTHORIZE AGENT OR SUBSTITUTE AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS), AND (iii) SHALL PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR**.

SECTION 12.7 <u>Waiver of Trial by Jury</u>.

EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES, THE NOTE GUARANTY, ANY OF THE OTHER NOTE DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY.

SECTION 12.8 <u>No Adverse Interpretation of Other Agreements</u>.

This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Issuer or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture.

SECTION 12.9 <u>Successors</u>.

All agreements of the Issuer and the Guarantors in this Indenture, the Notes and the Note Guaranty, as applicable, shall (except as provided in <u>Section 12.6</u>) bind their respective successors and assigns. All agreements of the Trustee in this Indenture shall bind its successors and assigns.

SECTION 12.10 <u>Severability</u>.

In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

SECTION 12.11 <u>Counterpart Originals</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. The exchange of

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copies of this Indenture and of signature pages by PDF or other electronic transmission shall constitute effective execution and delivery of this Indenture as to the Parties and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by PDF or other electronic transmission shall be deemed to be their original signatures for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;All notices, approvals, consents, requests and any communications hereunder must be in writing; <u>provided</u>, any communication sent to the Trustee hereunder must be in the form of a document that is signed manually or by way of a digital signature provided by DocuSign (or such other digital signature provider as specified in writing to the Trustee by the authorized representative), in English. This Indenture and any other Notes Document shall be valid, binding, and enforceable against any Party when executed and delivered by an authorized individual on behalf of such Party by means of (i) an original manual signature, (ii) a scanned, or photocopied manual signature or (iii) any other electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including any relevant provisions of the applicable and controlling Uniform Commercial Code (collectively, "*Signature Law*"), in each case to the extent applicable. Each scanned, or photocopied manual signature, or other electronic signature of this Indenture or any other Notes Document shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each Party shall be entitled to conclusively rely upon any scanned, or photocopied manual signature, or other electronic signature, of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. This Indenture may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute one and the same agreement. Notwithstanding the foregoing, original manual signatures shall be used for execution or indorsement of writings when required under the UCC or other Signature Law due to the character or intended character of the writings.

SECTION 12.12 <u>**Table of Contents**, Headings, Etc.</u>

The **Table of Contents**, Cross-Reference Table and Headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture and shall in no way modify or restrict any of the terms or provisions hereof.

SECTION 12.13 <u>Acts of Holders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one (1) or more instruments (including instruments in electronic, digital or other machine-readable form) of substantially similar tenor signed (including signatures in electronic, digital or other machine-readable form) by such Holders in person or by agent duly appointed in writing (including signatures in electronic, digital or other machine-readable form); and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action embodied therein and evidenced thereby)

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are herein sometimes referred to as the "*Acts*" of Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and the Issuer, if made in the manner provided in this <u>Section 12.13</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to such officer the execution thereof. Where such execution is by a signer acting in a capacity other than such signer's individual capacity, such certificate or affidavit shall also constitute sufficient proof of such signer's authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The ownership of Notes shall be proved by the Holder list maintained under <u>Section 2.5</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Note shall bind every future Holder of the same Note and the Holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Issuer in reliance thereon, whether or not notation of such action is made upon such Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;If the Issuer shall solicit from the Holders any request, demand, authorization, direction, notice, consent, waiver or other Act, the Issuer may, at its option, fix in advance a record date for the determination of Holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act, but the Issuer shall have no obligation to do so. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be given before or after such record date, but only the Holders of record at the close of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of outstanding Notes have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the outstanding Notes shall be computed as of such record date; <u>provided</u>, no such request, demand, authorization, direction, notice, consent or waiver by the Holders on such record date shall be deemed effective unless it shall become effective (pursuant to the provisions of this Indenture, to the extent applicable) not later than six (6) months after the record date.

SECTION 12.14 <u>Trustee's Discretion</u>. Whenever pursuant to this Indenture, the Trustee exercises any right given to it to approve or disapprove, or any arrangement or term is to be satisfactory to the Trustee, the decision of the Trustee to approve or disapprove or to decide whether arrangements or terms are satisfactory or not satisfactory shall (except as is otherwise specifically herein provided) be in the sole discretion of the Trustee and shall be final and conclusive. Notwithstanding anything to the contrary herein, with respect to any matter as to which this Indenture requires or provides for the Trustee to be reasonable in granting or

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withholding an approval or consent, while an Event of Default exists, the Trustee may grant or withhold its approval or consent to such matter in its sole discretion.

SECTION 12.15 <u>USA Patriot Act</u>. In order to comply with the laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including, without limitation, those relating to the funding of terrorist activities and money laundering, including Section 326 of the USA PATRIOT Act of the United States ("*Applicable AML Law*"), the Trustee is required to obtain, verify, record and update certain information relating to individuals and entities which maintain a business relationship with the Trustee. Accordingly, each of the Obligor Parties agree to provide the Trustee, upon their request from time to time, such identifying information and documentation as may be available for such party in order to enable the Trustee to comply with Applicable AML Law.

SECTION 12.16 <u>Force Majeure</u>. In no event shall the Trustee, the Registrar and/or the Paying Agent be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, Force Majeure, it being understood that the Trustee, the Registrar and the Paying Agent shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

SECTION 12.17 <u>Effectiveness of this Indenture</u>. This Indenture shall be executed and delivered as of the date first written above, and effective upon satisfaction of the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;the Trustee and the Holders shall have received executed counterparts of the Indenture duly executed by the parties hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the Issuer shall have provided a written order and irrevocably directed the Trustee to cause an amount equal to $3,187,500 (the "*Increased Amount*") to be added to the Aggregate Outstanding Principal Amount (and the Principal Amount of the Global Notes shall be increased by such Increased Amounts and authenticated in accordance with <u>Section 2.2</u> on the first Business Day following effectiveness of this Indenture). On and after the date hereof, (1) the Increased Amount shall accrue interest at the applicable rate in accordance with the terms of the Indenture and (2) such Increased Amount shall be due and payable on the Maturity Date together with the other Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;all costs, fees and expenses (including, without limitation, fees, charges and disbursements of Clifford Chance LLP) payable to the Trustee or the Holders in connection with entry into or enforcement of this Indenture, the Note Documents or otherwise shall have been paid or scheduled to be paid immediately following the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;(i) the Holders shall have received executed counterparts of the Transaction Documents in form and substance acceptable to the Holders, (ii) all representations and warranties made by the Issuer and Guarantors in each of the Transaction Documents are true and correct as of the date hereof and (iii) each Issuer and Guarantor shall have performed, satisfied

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and complied with the covenants, agreements and conditions required by each of the Transaction Documents to be performed, satisfied or complied at or prior to the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;there shall not be in force any order, judgment, injunction, decree, writ, stipulation, determination or award, in each case, entered by or with any governmental authority, statute, rule or regulation enjoining or prohibiting the transactions contemplated by this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;the Holders shall have received a written opinion of Husch Blackwell LLP, counsel for the Issuer, dated the date hereof, in form and substance satisfactory to them; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;at the time of and immediately after giving effect to this Indenture, no Event of Default shall have occurred and be continuing on such date or would immediately result therefrom.

SECTION 12.18 <u>Representations and Warranties</u>. Each of Issuer and each Guarantor, as applicable, hereby represents and warrants, as of the date hereof, that: (a) it has the full power and authority to execute, deliver and perform its respective obligations under the Transaction Documents; (b) all representations made by it in the Transaction Documents are true and correct as of the date of this Indenture; (c) each Transaction Document is in full force and effect; and (d) as of the date of this Indenture, it has no defenses, claims, rights of set-off or counterclaims against Trustee or any Holder under, arising out of, or in connection with, the Transaction Documents or any of the Obligations. The Issuer and Guarantors shall comply with the covenants, agreements and conditions of each of the Transaction Documents.

SECTION 12.19 <u>Material Real Property</u>. Each of the Issuer and each Guarantor, as applicable, hereby represents and warrants, as of the date hereof, that each Subsidiary of the Parent Guarantor (other than the Issuer or an Excluded Subsidiary) that owns Material Real Estate Assets as of the date hereof are party to this Indenture as Guarantors and pursuant to the Pledge Agreements have pledged to the Trustee for the benefit of the Holders all of the Collateral of such Subsidiary.

[Signatures on following pages]

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IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of the date first above written.

**GREEN PLAINS SPE LLC**

By: Green Plains Inc., an Iowa corporation, sole Member

By: <u>/s/ Michelle Mapes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Michelle Mapes

Title: Chief Legal & Administration Officer

<br> *[Signature Page]* <br>

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**GREEN PLAINS INC.**,

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**an Iowa corporation

By: <u>/s/ Michelle Mapes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Michelle Mapes

Title: Chief Legal & Administration Officer

**GREEN PLAINS FAIRMONT LLC**

By: <u>/s/ Michelle Mapes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Michelle Mapes

Title: Chief Legal & Administration Officer

**GREEN PLAINS SUPERIOR LLC**

By: <u>/s/ Michelle Mapes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Michelle Mapes

Title: Chief Legal & Administration Officer

**GREEN PLAINS OTTER TAIL LLC**

By: <u>/s/ Michelle Mapes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Michelle Mapes

Title: Chief Legal & Administration Officer

**GREEN PLAINS MADISON LLC**

By: <u>/s/ Michelle Mapes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Michelle Mapes

Title: Chief Legal & Administration Officer

<br> *[Signature Page]* <br>

------

**GREEN PLAINS WOOD RIVER LLC**

By: <u>/s/ Michelle Mapes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Michelle Mapes

Title: Chief Legal & Administration Officer

**GREEN PLAINS YORK LLC**

By: <u>/s/ Michelle Mapes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Michelle Mapes

Title: Chief Legal & Administration Officer

**GREEN PLAINS OBION LLC**

By: <u>/s/ Michelle Mapes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Michelle Mapes

Title: Chief Legal & Administration Officer

**GREEN PLAINS MOUNT VERNON LLC**

By: <u>/s/ Michelle Mapes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Michelle Mapes

Title: Chief Legal & Administration Officer

**GREEN PLAINS ATKINSON LLC**

By: <u>/s/ Michelle Mapes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Michelle Mapes

Title: Chief Legal & Administration Officer

<br> *[Signature Page]* <br>

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**GREEN PLAINS HEREFORD LLC**

By: <u>/s/ Michelle Mapes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Michelle Mapes

Title: Chief Legal & Administration Officer

**GREEN PLAINS YORK INNOVATION LLC**

By: <u>/s/ Michelle Mapes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Michelle Mapes

Title: Chief Legal & Administration Officer

**GREEN PLAINS HOPEWELL LLC**

By: <u>/s/ Michelle Mapes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Michelle Mapes

Title: Chief Legal & Administration Officer

**COLLINS BIOENERGY PARTNERS LLC**

By: <u>/s/ Michelle Mapes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Michelle Mapes

Title: Chief Legal & Administration Officer

**GREEN PLAINS INVESTMENTS LLC**

By: <u>/s/ Michelle Mapes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Michelle Mapes

Title: Chief Legal & Administration Officer

**GREEN PLAINS INVESTMENTS II LLC**

By: <u>/s/ Michelle Mapes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Michelle Mapes

Title: Chief Legal & Administration Officer

<br> *[Signature Page]* <br>

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**FLUID QUIP MECHANICAL, LLC**

By: <u>/s/ Michelle Mapes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Michelle Mapes

Title: Chief Legal & Administration Officer

**GREEN PLAINS CENTRAL CITY LLC**

By: <u>/s/ Michelle Mapes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Michelle Mapes

Title: Chief Legal & Administration Officer

&nbsp;&nbsp;&nbsp;&nbsp;

<br> *[Signature Page]* <br>

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Wilmington Trust, National Association,

as Trustee

By: <u>/s/ William Marder&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: William Marder

Title: Senior Vice President

<br> *[Signature Page]* <br>

## Exhibit 10.12

Exhibit 10.12

**SUBSCRIPTION AGREEMENT**

This SUBSCRIPTION AGREEMENT (this "**Subscription Agreement**"), dated as of August 10, 2025 is entered into by and among Green Plains Inc., an Iowa corporation (the "**Company**") and each of the undersigned (each, a "**Subscriber**" and, collectively, the "**Subscribers**"). Defined terms used but not otherwise defined herein shall have the respective meanings ascribed thereto in the form of Warrant Agreement attached hereto as <u>Exhibit A</u> (the "**Warrant Agreement**").

WHEREAS, on February 9, 2021, Green Plains SPE LLC, a Delaware limited liability company ("**Issuer**") issued those certain Junior Mezzanine Secured Notes due 2026, pursuant to that certain Indenture, dated as of February 9, 2021, by and among Issuer, as issuer, the Company, as Guarantor and Wilmington Trust, National Association, as trustee (as amended, restated, supplemented, replaced or otherwise modified prior to the date hereof, the "**Existing Indenture**");

WHEREAS, on or about the date hereof, Issuer and the parties thereto amended and restated the Existing Indenture and entered into that certain Amended and Restated Indenture (as amended, restated, supplemented, replaced or otherwise modified from time to time, the "**Indenture**");

WHEREAS, in consideration of each Subscriber's agreement to amend and restate the Existing Indenture each Subscriber will receive from the Company warrants to purchase one share of the Company's common stock, $0.001 par value (the "**Common Stock**") for a price of $0.01 per share (as same may be adjusted pursuant to Section 1 of the Warrant Agreement), on substantially the terms set forth in the Warrant Agreement and in the amount as set forth opposite such Subscriber's name on <u>Schedule I</u> hereto, (collectively, the "**Warrants**" and the shares of Common Stock issuable upon exercise of the Warrants, the "**Warrant Shares**"), and the Company desires to issue to each Subscriber the Warrants on the terms and conditions set forth herein;

NOW, THEREFORE, in consideration of the foregoing and the mutual representations, warranties and covenants, and subject to the conditions, herein contained, and intending to be legally bound hereby, the parties hereto hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Subscription</u>. Subject to the terms and conditions hereof, at the Closing, the Company shall issue to each Subscriber, for no additional consideration, the Warrants in the amount set forth opposite such Subscriber's name on <u>Schedule I</u> hereto (such subscription and issuance, the "**Subscription**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Representations, Warranties and Agreements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Subscriber's Representations, Warranties and Agreements</u>. To induce the Company to issue the Warrants to each Subscriber, each Subscriber, severally (and not jointly),

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hereby represents and warrants (as to itself only) to the Company and acknowledges and agrees with the Company, severally (and not jointly), as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1&nbsp;&nbsp;&nbsp;&nbsp;If the Subscriber is not an individual, the Subscriber has been duly formed or incorporated and is validly existing in good standing under the laws of its jurisdiction of incorporation or formation, with power and authority to enter into, deliver and perform its several (and not joint) obligations under this Subscription Agreement. If such Subscriber is an individual, the Subscriber has the authority to enter into, deliver and perform its obligations under this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2&nbsp;&nbsp;&nbsp;&nbsp;If the Subscriber is not an individual, this Subscription Agreement has been duly authorized, validly executed and delivered by the Subscriber. If the Subscriber is an individual, the signature on this Subscription Agreement is genuine, and the Subscriber has legal competence and capacity to execute the same. Assuming that this Subscription Agreement constitutes the valid and binding agreement of the Company, this Subscription Agreement is the valid and binding obligation of the Subscriber, is enforceable against such Subscriber in accordance with its terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally, and (ii) principles of equity, whether considered at law or equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.3&nbsp;&nbsp;&nbsp;&nbsp;The execution, delivery and performance by Subscriber of this Subscription Agreement do not and will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of Subscriber or any of its subsidiaries pursuant to the terms of any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which Subscriber or any of its subsidiaries is a party or by which Subscriber or any of its subsidiaries is bound or to which any of the property or assets of Subscriber or any of its subsidiaries is subject, which would reasonably be expected to have a material adverse effect on the legal authority of Subscriber to enter into and timely perform its obligations under this Subscription Agreement (a "**Subscriber Material Adverse Effect**"), (ii) if Subscriber is not an individual, result in any violation of the provisions of the organizational documents of Subscriber or any of its subsidiaries or (iii) result in any violation of any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over Subscriber or any of its subsidiaries or any of their respective properties that would reasonably be expected to have a Subscriber Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.4&nbsp;&nbsp;&nbsp;&nbsp;Subscriber (i) is a "qualified institutional buyer" (as defined in Rule 144A ("**Rule 144A**") under the Securities Act of 1933, as amended (the "**Securities Act**")) or an "accredited investor" (within the meaning of Rule 501(a) under the Securities Act) satisfying the applicable requirements set forth on <u>Schedule</u> 

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<u>II</u>, (ii) is acquiring the Warrants only for its own account and not for the account of others, or if Subscriber is subscribing for the Warrants as a fiduciary or agent for one or more investor accounts, each owner of such account is a qualified institutional buyer, and Subscriber has full investment discretion with respect to each such account, and the full power and authority to make the acknowledgements, representations, warranties and agreements herein on behalf of each owner of each such account and (iii) is not acquiring the Warrants with a view to, or for offer or sale in connection with, any distribution thereof in violation of the Securities Act (and shall provide, at the Company's request, the information on <u>Schedule II</u> following the signature page hereto). Subscriber is not an entity formed for the specific purpose of acquiring the Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.5&nbsp;&nbsp;&nbsp;&nbsp;Subscriber understands that the Warrants are being offered in a transaction not involving any public offering within the meaning of the Securities Act and that the Warrants have not been registered under the Securities Act. Subscriber understands that the Warrants may not be resold, transferred, pledged or otherwise disposed of by Subscriber absent an effective registration statement under the Securities Act, except (i) to the Company or a subsidiary thereof, (ii) to non-U.S. persons pursuant to offers and sales that occur solely outside the United States within the meaning of Regulation S under the Securities Act or (iii) pursuant to another applicable exemption from the registration requirements of the Securities Act, and in each of cases (i) and (iii), in accordance with any applicable securities laws of the states and other jurisdictions of the United States, and that any certificates representing the Warrants shall contain a legend to such effect. Subscriber acknowledges that the Warrants will not be eligible for resale pursuant to Rule 144A. Subscriber understands and agrees that the Warrants will be subject to transfer restrictions and, as a result of these transfer restrictions, Subscriber may not be able to readily resell the Warrants and may be required to bear the financial risk of an investment in the Warrants for an indefinite period of time. Subscriber understands that it has been advised to consult legal counsel prior to making any offer, resale, pledge or transfer of any of the Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.6&nbsp;&nbsp;&nbsp;&nbsp;Subscriber understands and agrees that Subscriber is subscribing for the Warrants directly from the Company. Subscriber further acknowledges that there have been no representations, warranties, covenants or agreements made to Subscriber with respect to the Warrants by the Company or any of their respective officers or directors, expressly or by implication, other than those representations, warranties, covenants and agreements expressly set forth in this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.7&nbsp;&nbsp;&nbsp;&nbsp;Each Subscriber represents and warrants (as to itself only) that its acquisition and holding of the Warrants will not constitute or result in a non-exempt prohibited transaction under Section 406 of the Employee Retirement Income Security Act of 1974, as amended ("**ERISA**"), Section 4975 of the Internal Revenue Code of 1986, as amended (the "**Code**"), or any applicable similar law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.8&nbsp;&nbsp;&nbsp;&nbsp;In making its decision to subscribe for the Warrants, each Subscriber represents (as to itself only) that it has relied solely upon independent investigation made by Subscriber. Without limiting the generality of the foregoing, Subscriber has not relied on any statements or other information provided by anyone other than the Company and its representatives concerning the Company or the Warrants or the offer and sale of the Warrants. Subscriber acknowledges and agrees (as to itself only) that Subscriber has received such information as Subscriber deems necessary in order to make an investment decision with respect to the Warrants, including with respect to the Company. Subscriber represents and agrees (as to itself only) that Subscriber and Subscriber's professional advisor(s), if any, have had the full opportunity to ask such questions, receive such answers and obtain such information as Subscriber and such Subscriber's professional advisor(s), if any, have deemed necessary to make an investment decision with respect to the Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.9&nbsp;&nbsp;&nbsp;&nbsp;Subscriber became aware of this offering of the Warrants solely by means of direct contact between Subscriber and the Company or its representative. Subscriber has a pre-existing substantive relationship (as interpreted in guidance from the Securities and Exchange Commission (the "**Commission**") under the Securities Act) with the Company or its representative, and the Warrants were offered to Subscriber solely by direct contact between Subscriber and the Company or its representative. Subscriber did not become aware of this offering of the Warrants, nor were the Warrants offered to Subscriber, by any other means. Subscriber acknowledges that the Company represents and warrants that the Warrants (i) were not offered by any form of general solicitation or general advertising, including methods described in section 502(c) of Regulation D under the Securities Act and (ii) are not being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act, or any state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.10&nbsp;&nbsp;&nbsp;&nbsp;Subscriber acknowledges that it is aware that there are substantial risks incident to the subscription for and ownership of the Warrants. Subscriber has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Warrants, and Subscriber has sought such accounting, legal and tax advice as Subscriber has considered necessary to make an informed investment decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.11&nbsp;&nbsp;&nbsp;&nbsp;Alone, or together with any professional advisor(s), Subscriber represents and acknowledges (as to itself only) that Subscriber has adequately analyzed and fully considered the risks of an investment in the Warrants and determined that the Warrants are a suitable investment for Subscriber and that Subscriber is able at this time and in the foreseeable future to bear the economic risk of a total loss of Subscriber's investment in the Company. Subscriber acknowledges specifically that a possibility of total loss exists.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.12&nbsp;&nbsp;&nbsp;&nbsp;Subscriber understands and agrees that no federal or state agency has passed upon or endorsed the merits of the offering of the Warrants or made any findings or determination as to the fairness of an investment in the Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.13&nbsp;&nbsp;&nbsp;&nbsp;Subscriber represents and warrants (as to itself only) that Subscriber is not (i) a person or entity named on the List of Specially Designated Nationals and Blocked Persons administered by the U.S. Treasury Department's Office of Foreign Assets Control ("**OFAC**") or in any Executive Order issued by the President of the United States and administered by OFAC ("**OFAC List**"), or a person or entity prohibited by any OFAC sanctions program, (ii) a Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515 or (iii) a non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank (collectively, a "**Prohibited Investor**"). Subscriber agrees to provide law enforcement agencies, if requested thereby, such records as required by applicable law, provided that Subscriber is permitted to do so under applicable law. Subscriber represents (as to itself only) that if it is a financial institution subject to the Bank Secrecy Act (31 U.S.C. Section 5311 et seq.) (the "**BSA**"), as amended by the USA PATRIOT Act of 2001 (the "**PATRIOT Act**"), and its implementing regulations (collectively, the "**BSA/PATRIOT Act**"), that Subscriber maintains policies and procedures reasonably designed to comply with applicable obligations under the BSA/PATRIOT Act. Subscriber also represents (as to itself only) that, to the extent required, it maintains policies and procedures reasonably designed for the screening of its investors against the OFAC sanctions programs, including the OFAC List.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.14&nbsp;&nbsp;&nbsp;&nbsp;If Subscriber is an employee benefit plan that is subject to Title I of ERISA, a plan, an individual retirement account or other arrangement that is subject to section 4975 of the Code or an employee benefit plan that is a governmental plan (as defined in section 3(32) of ERISA), a church plan (as defined in section 3(33) of ERISA), a non-U.S. plan (as described in section 4(b)(4) of ERISA) or other plan that is not subject to the foregoing but may be subject to provisions under any other federal, state, local, non-U.S. or other laws or regulations that are similar to such provisions of ERISA or the Code (collectively, "**Similar Laws**"), or an entity whose underlying assets are considered to include "plan assets" of any such plan, account or arrangement (each, a "**Plan**") subject to the fiduciary or prohibited transaction provisions of ERISA or section 4975 of the Code, Subscriber represents and warrants (as to itself only) that neither the Company, nor any of its respective affiliates (the "**Transaction Parties**") has acted as the Plan's fiduciary, or has been relied on for advice, with respect to its decision to acquire and hold the Warrants, and none of the Transaction Parties shall at any time be relied upon as the Plan's fiduciary with respect to any decision to acquire, continue to hold or transfer the Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.15&nbsp;&nbsp;&nbsp;&nbsp;Except as expressly disclosed in a Schedule 13D or Schedule 13G (or amendments thereto) filed by such Subscriber with the Commission with respect to the beneficial ownership of the Company's Common Stock, Subscriber is not currently (and at all times through Closing will refrain from being or becoming)

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a member of a "group" (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), or any successor provision), including any group acting for the purpose of acquiring, holding or disposing of equity securities of the Company (within the meaning of Rule 13d-5(b)(1) under the Exchange Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.16&nbsp;&nbsp;&nbsp;&nbsp;Subscriber will not acquire a substantial interest (as defined in 31 C.F.R. Part 800.244) in the Company as a result of the issuance of the Warrants hereunder such that a declaration to the Committee on Foreign Investment in the United States would be mandatory under 31 C.F.R. Part 800.401, and Subscriber will not have control (as defined in 31 C.F.R. Part 800.208) over the Company from and after the Closing as a result of the issuance of the Warrants hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.17&nbsp;&nbsp;&nbsp;&nbsp;No broker, finder or other financial consultant has acted on behalf of Subscriber in connection with this Subscription Agreement in such a way as to create any liability on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Company's Representations, Warranties and Agreements</u>. To induce each Subscriber to subscribe for the Warrants, the Company hereby represents and warrants to each Subscriber and agrees with each Subscriber as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1&nbsp;&nbsp;&nbsp;&nbsp;The Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the Iowa Business Corporation Act (as amended, the "**IBCA**"), with corporate power and authority to own, lease and operate its properties and conduct its business as presently conducted and to enter into, deliver and perform its obligations under this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2&nbsp;&nbsp;&nbsp;&nbsp;The Warrants have been duly authorized and, when issued and delivered to Subscriber against full payment for the Warrants in accordance with the terms of this Subscription Agreement and registered with the Company's transfer agent, the Warrants will be validly issued, fully paid and non-assessable and will not have been issued in violation of or subject to any preemptive or similar rights created under the Company's second amended and restated articles of incorporation, as amended, or under the IBCA. The Warrant Shares have been reserved for issuance, when issued in accordance with the terms of the Warrants, will be validly issued, fully paid and non-assessable and will not have been issued in violation of or subject to any preemptive or similar rights created under the Company's second amended and restated articles of incorporation, as amended, or under the IBCA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.3&nbsp;&nbsp;&nbsp;&nbsp;This Subscription Agreement has been duly authorized, validly executed and delivered by the Company and, assuming that this Subscription Agreement constitutes the valid and binding obligation of the Subscriber, is the valid and binding obligation of the Company, is enforceable against the Company in accordance with its terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other

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laws relating to or affecting the rights of creditors generally and (ii) principles of equity, whether considered at law or equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.4&nbsp;&nbsp;&nbsp;&nbsp;The Company is classified as a Subchapter C corporation for U.S. federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.5&nbsp;&nbsp;&nbsp;&nbsp;The execution, delivery and performance of this Subscription Agreement (including compliance by the Company with all of the provisions hereof), issuance and sale of the Warrants will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of the Company or any of its subsidiaries pursuant to the terms of any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject, which would reasonably be expected to have a material adverse effect on the legal authority of the Company to enter into and timely perform its obligations under this Subscription Agreement and the applicable Warrant Agreement (a "**Company Material Adverse Effect**"), (ii) result in any violation of the provisions of the organizational documents of the Company or any of its subsidiaries or (iii) result in any violation of any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, or the rules and regulation of the principal market on which the Company's Common Stock trades, having jurisdiction over the Company or any of its subsidiaries or any of their respective properties that would reasonably be expected to have an Company Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.6&nbsp;&nbsp;&nbsp;&nbsp;Neither the Company, nor any person acting on its behalf has, directly or indirectly, made any offers or sales of any Company security or solicited any offers to buy any security under circumstances that would adversely affect reliance by the Company on section 4(a)(2) of the Securities Act for the exemption from registration for the transactions contemplated hereby or would require registration of the issuance of the Warrants under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.7&nbsp;&nbsp;&nbsp;&nbsp;Neither the Company nor any person acting on its behalf has conducted any general solicitation or general advertising, including methods described in section 502(c) of Regulation D under the Securities Act, in connection with the offer or sale of any of the Warrants and neither the Company nor any person acting on its behalf offered any of the Warrants in a manner involving a public offering under, or in a distribution in violation of, the Securities Act or any state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.8&nbsp;&nbsp;&nbsp;&nbsp;As of the date of this Subscription Agreement, the authorized capital stock of the Company consists of 150,000,000 shares of capital stock, comprised of 150,000,000 shares of Common Stock. As of the date hereof, 68,370,427 shares of Common Stock are issued, 65,565,368 shares of Common Stock

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are outstanding and 4,001,362 warrants exercisable for shares of Common Stock on a one-for-basis are issued and outstanding. All issued and outstanding shares of Common Stock have been duly authorized and validly issued, are fully paid and are non-assessable and are not subject to preemptive rights. Except as set forth above, there are no outstanding options, warrants or other rights to subscribe for, purchase or acquire from the Company any shares of Common Stock, or any other equity interests in the Company, or securities convertible into or exchangeable or exercisable for such equity interests. There are no stockholder agreements, voting trusts or other agreements or understandings to which the Company is a party or by which it is bound relating to the voting of any securities of the Company, other than as set forth in the SEC Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.9&nbsp;&nbsp;&nbsp;&nbsp;Assuming the accuracy of Subscriber's representations and warranties set forth in <u>Section 2.1</u> of this Subscription Agreement, (x) no registration under the Securities Act is required for the offer and sale of the Warrants by the Company to Subscriber and (y) no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any federal, state or local Governmental Authority is required on the part of the Company in connection with the consummation of the transactions contemplated by this Subscription Agreement, except for filings pursuant to Regulation D of the Securities Act and applicable state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.10&nbsp;&nbsp;&nbsp;&nbsp;The Company has made available to Subscriber (including via the Commission's EDGAR system) a true, correct and complete copy of each form, report, statement, schedule, prospectus, proxy, registration statement and other documents filed by the Company with the Commission prior to the date of this Subscription Agreement (the "**SEC Documents**"). None of the SEC Documents filed under the Exchange Act, contained, when filed or, if amended prior to the date of this Subscription Agreement, as of the date of such amendment with respect to those disclosures that are amended, any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. The Company has timely filed each report, statement, schedule, prospectus, and registration statement that the Company was required to file with the Commission since its inception and through the date hereof. As of the date hereof, there are no material outstanding or unresolved comments in comment letters from the Commission staff with respect to any of the SEC Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.11&nbsp;&nbsp;&nbsp;&nbsp;As of the date hereof, there are no pending or, to the knowledge of the Company, threatened, Actions, which, if determined adversely, would, individually or in the aggregate, reasonably be expected to have a material adverse effect on the ability of the Company to enter into and perform its obligations under this Subscription Agreement. As of the date hereof, there is no unsatisfied judgment or any open injunction binding upon the Company which would, individually or in the aggregate, reasonably be expected to have a material adverse

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effect on the ability of the Company to enter into and perform its obligations under this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.12&nbsp;&nbsp;&nbsp;&nbsp;No broker, finder or other financial consultant has acted on behalf of Company in connection with this Subscription Agreement in such a way as to create any liability on the Subscriber. The Company agrees to indemnify and hold harmless Subscriber from any claim or demand for commission or other compensation by any broker, finder, financial consultant or similar agent claiming to have been employed by or on behalf of Company and to bear the cost of legal expenses incurred by Subscriber in defending against any such claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.13&nbsp;&nbsp;&nbsp;&nbsp;The execution, delivery and performance of its obligations hereunder by Subscriber are, or are based on, commercial acts for purposes of applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.14&nbsp;&nbsp;&nbsp;&nbsp;The Common Stock of the Company is registered pursuant to section 12(b) of the Exchange Act and listed for trading on The Nasdaq Stock Market LLC ("**Nasdaq**"). There is no suit, action, proceeding or investigation pending or, to the knowledge of the Company, threatened against the Company by Nasdaq or the Commission with respect to any intention by such entity to deregister the Common Stock or prohibit or terminate the listing of the Common Stock on Nasdaq. The Company has taken no action that is designed to terminate the registration of Common Stock under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Settlement Date and Delivery</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Closing</u>. The closing of the issuance of the Warrants to the Subscriber (the "**Closing**") shall take place promptly following the execution of this Subscription Agreement. At the Closing, upon satisfaction (or, if applicable, waiver) of the conditions set forth in this <u>Section 3</u>, the Company shall deliver to Subscriber the Warrants in book entry form, in the name of Subscriber (or its nominee in accordance with its delivery instructions) or to a custodian designated by Subscriber. For purposes of this Subscription Agreement, "**Business Day**" means any day that, in New York, New York, is neither a legal holiday nor a day on which banking institutions are generally authorized or required by law or regulation to close.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Conditions to Closing of the Company</u>.

The Company's obligations to sell and issue the Warrants at the Closing are subject to the fulfillment or (to the extent permitted by applicable law) written waiver by the Company, on or prior to the date on which Closing occurs (the "**Closing Date**"), of each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Warranties Correct</u>. The representations and warranties made by Subscriber in <u>Section 2.1</u> hereof shall be true and correct in all material respects when made (other than representations and warranties that are qualified as to materiality or Subscriber Material Adverse Effect,

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which representations and warranties shall be true and correct in all respects), and shall be true and correct in all material respects on and as of the Closing Date (unless they specifically speak as of another date in which case they shall be true and correct in all material respects as of such date) (other than representations and warranties that are qualified as to materiality or Subscriber Material Adverse Effect, which representations and warranties shall be true in all respects) with the same force and effect as if they had been made on and as of said date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance with Covenants</u>. Subscriber shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required by this Subscription Agreement to be performed, satisfied or complied with by Subscriber at or prior to the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Legality</u>. There shall not be in force any order, judgment, injunction, decree, writ, stipulation, determination or award, in each case, entered by or with any Governmental Authority, statute, rule or regulation enjoining or prohibiting the consummation of the Subscription.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Conditions to Closing</u>.

The Closing is subject to the fulfillment or (to the extent permitted by applicable law) written waiver by such Subscriber, on or prior to the Closing Date, of each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Warranties Correct</u>. The representations and warranties made by the Company in <u>Section 2.2</u> hereof shall be true and correct in all material respects when made (other than representations and warranties that are qualified as to materiality or Company Material Adverse Effect, which representations and warranties shall be true and correct in all respects), and shall be true and correct in all material respects on and as of the Closing Date (unless they specifically speak as of another date in which case they shall be true and correct in all material respects as of such date) (other than representations and warranties that are qualified as to materiality or Company Material Adverse Effect, which representations and warranties shall be true and correct in all respects) with the same force and effect as if they had been made on and as of said date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance with Covenants</u>. The Company shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required by this Subscription Agreement to be performed, satisfied or complied with by the Company at or prior to the Closing, except where the failure of such performance or compliance would not or would not reasonably be expected to prevent, materially delay, or materially impair the ability of the Company to consummate the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Legality</u>. There shall not be in force any order, judgment, injunction, decree, writ, stipulation, determination or award, in each case,

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entered by or with any governmental authority, statute, rule or regulation enjoining or prohibiting the transactions contemplated by this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Delivery of Transaction Documents</u>. The Indenture and each of the Note Documents (as defined therein) shall have been entered into or amended and restated, as applicable, by the parties thereto and become effective in accordance with the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Opinion of Counsel</u>. The Subscribers shall have received a written opinion of Husch Blackwell LLP, counsel for the Company, dated the Closing Date and addressed to the Subscribers, as to the applicable matters set forth in on <u>Exhibit B</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Registration Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1&nbsp;&nbsp;&nbsp;&nbsp;Within three Business Days after the date of this Subscription Agreement (the "**Filing Date**"), the Company will file with the Commission (at the Company's sole cost and expense) a registration statement (the "**Registration Statement**") registering the resale of the Warrant Shares, and the shares of Common Stock issuable upon the exercise of warrants held by any of the Subscribers as of the date hereof (the "**Registrable Securities**"), and the Company shall use its commercially reasonable efforts to have the Registration Statement declared effective as soon as practicable after the filing thereof, but no later than the earlier of (i) the 30th calendar day (or 75th calendar day if the Commission notifies the Company that it will "review" the Registration Statement) following the Closing and (ii) the 2nd Business Day after the date the Company is notified (orally or in writing, whichever is earlier) by the Commission that the Registration Statement will not be "reviewed" or will not be subject to further review (such earlier date, the "**Effectiveness Date**"); <u>provided</u>, the Company's obligations to include the Registrable Securities in the Registration Statement are contingent upon Subscriber furnishing a completed and executed selling shareholders questionnaire in customary form to the Company that contains the information required by Commission rules for a Registration Statement regarding Subscriber, the securities of the Company held by Subscriber and the intended method of disposition of the Registrable Securities to effect the registration of the Registrable Securities, and Subscriber shall execute such documents in connection with such registration as the Company may reasonably request that are customary of a selling stockholder in similar situations, including providing that the Company shall be entitled to postpone and suspend the effectiveness or use of the Registration Statement during any customary blackout or similar period or as permitted hereunder. Any failure by the Company to file the Registration Statement by the Filing Date or to effect such Registration Statement by the Effectiveness Date shall not otherwise relieve the Company of its obligations to file or effect the Registration Statement as set forth above in this <u>Section 4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2&nbsp;&nbsp;&nbsp;&nbsp;In the case of the registration effected by the Company pursuant to this Subscription Agreement, the Company shall, upon reasonable request, inform Subscriber as to the status of such registration. At its expense the Company shall:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.1&nbsp;&nbsp;&nbsp;&nbsp;except for such times as the Company is permitted hereunder to suspend the use of the prospectus forming part of a Registration Statement, use its commercially reasonable efforts to keep such registration, and any qualification, exemption or compliance under state securities laws which the Company determines to obtain, continuously effective with respect to Subscriber, and to keep the applicable Registration Statement or any subsequent shelf registration statement free of any material misstatements or omissions, until the earlier of the following: (i) such Subscriber, together with its affiliates, ceases to hold any Warrants or any of the Company's then outstanding shares of Common Stock and (ii) the date all Registrable Securities held by Subscriber may be sold without restriction under Rule 144, including without limitation, any volume and manner of sale restrictions which may be applicable to affiliates under Rule 144 and without the requirement for the Company to be in compliance with the current public information required under Rule 144(c)(1) (or Rule 144(i)(2), if applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.2&nbsp;&nbsp;&nbsp;&nbsp;advise Subscriber within one (1) Business Day:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;when a Registration Statement or any post-effective amendment thereto has become effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;of the issuance by the Commission of any stop order suspending the effectiveness of any Registration Statement or the initiation of any proceedings for such purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;of the receipt by the Company of any notification with respect to the suspension of the qualification of the Registrable Securities included therein for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;subject to the provisions in this Subscription Agreement, of the occurrence of any event that requires the making of any changes in any Registration Statement or prospectus so that, as of such date, the statements therein are not misleading and do not omit to state a material fact required to be stated therein or necessary to make the statements therein (in the case of a prospectus, in the light of the circumstances under which they were made) not misleading.

Notwithstanding anything to the contrary set forth herein, the Company shall not, when so advising Subscriber of such events, provide Subscriber with any material, nonpublic information regarding the Company other than to the extent that providing notice to Subscriber of the occurrence of the events listed in (a) through (d) above constitutes material, nonpublic information regarding the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.3&nbsp;&nbsp;&nbsp;&nbsp;use its commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of any Registration Statement as soon as reasonably practicable;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.4&nbsp;&nbsp;&nbsp;&nbsp;upon the occurrence of any event contemplated in <u>Section 4.2.2(d)</u>, except for such times as the Company is permitted hereunder to suspend, and has suspended, the use of a prospectus forming part of a Registration Statement, the Company shall use its commercially reasonable efforts to as soon as reasonably practicable prepare a post-effective amendment to such Registration Statement or a supplement to the related prospectus, or file any other required document so that, as thereafter delivered to purchasers of the Registrable Securities included therein, such prospectus will not include any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.5&nbsp;&nbsp;&nbsp;&nbsp;use its commercially reasonable efforts to cause all Warrant Shares to be listed on each securities exchange or market, if any, on which the Company's Common Stock is then listed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary in this Subscription Agreement, the Company shall be entitled to delay or postpone the effectiveness of the Registration Statement, and from time to time to require Subscriber not to sell under the Registration Statement or to suspend the effectiveness thereof, if the filing, effectiveness or continued use of any Registration Statement would require the Company to make any public disclosure of material non-public information, which disclosure, in the good faith determination of the board of directors of the Company, after consultation with counsel to the Company, (a) would be required to be made in any Registration Statement in order for the applicable Registration Statement not to contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein not misleading, (b) would not be required to be made at such time if the Registration Statement were not being filed, and (c) the Company has a *bona fide* business purpose for not making such information public (each such circumstance, a "**Suspension Event**"); <u>provided</u>, the Company may not delay or suspend the Registration Statement on more than two occasions or for more than thirty (30) consecutive calendar days, or more than ninety (90) total calendar days, in each case during any twelve-month period. Upon receipt of any written notice from the Company of the happening of any Suspension Event during the period that the Registration Statement is effective or if as a result of a Suspension Event the Registration Statement or related prospectus contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made (in the case of the prospectus) not misleading, Subscriber agrees that (i) it will immediately discontinue offers and sales of the Registrable Securities under the Registration Statement until Subscriber receives copies of a supplemental or amended prospectus (which the Company agrees to promptly prepare) that corrects the misstatement(s) or omission(s) referred to above and receives notice that any post-effective amendment has become effective or unless otherwise notified by the Company that it may resume such offers and sales, and (ii) it will maintain the confidentiality of any information included in such written notice delivered by the Company except (A) for disclosure to the Subscriber's employees, agents and professional advisers who need to know such information and are obligated to keep it confidential, (B) for disclosures to the extent required in order to comply with reporting obligations to its limited partners who have agreed to

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keep such information confidential and (C) as required by law. If so directed by the Company, Subscriber will deliver to the Company or, in Subscriber's sole discretion destroy, all copies of the prospectus covering Registrable Securities in Subscriber's possession; <u>provided</u>, this obligation to deliver or destroy all copies of the prospectus covering the shares of Common Stock underlying the Warrants shall not apply (i) to the extent Subscriber is required to retain a copy of such prospectus (a) in order to comply with applicable legal, regulatory, self-regulatory or professional requirements or (b) in accordance with a bona fide pre-existing document retention policy or (ii) to copies stored electronically on archival servers as a result of automatic data back-up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Right to Demand an Underwritten Registered Offering.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.1&nbsp;&nbsp;&nbsp;&nbsp;Upon the written demand of Subscriber made at any time (an "**Offering Demand Notice**"), the Company will facilitate in the manner described in this Subscription Agreement an underwritten registered offering (either through filing of a new registration statement or through a take-down from an already existing shelf registration statement) of the Registrable Securities requested by Subscriber to be included in such offering, <u>provided</u>, the Company shall not be obligated to effect more than one such underwritten registered offering demand on behalf of all Subscribers (a "**Demand Offering**"). The Subscriber will be entitled to determine the plan of distribution and select the managing underwriters and any provider of advisory services for such Demand Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.2&nbsp;&nbsp;&nbsp;&nbsp;Any Demand Offering will also include Registrable Securities to be sold by Subscribers that exercise their related piggyback rights pursuant to <u>Section 4.5</u> hereof, to the extent exercising such rights on a timely basis. In order to be valid, the Offering Demand Notice must provide (if applicable): (i) the number of Registrable Securities sought to be registered, (ii) the proposed plan of distribution by such holder of such Registrable Securities, (iii) the ownership of Registrable Securities by such holder and (iv) such information regarding the Subscriber as is required to be included in the registration statement or is otherwise required by FINRA or the SEC in connection with such registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.3&nbsp;&nbsp;&nbsp;&nbsp;Without limiting any other obligations of the Company hereunder, in the event a shelf registration statement covering all of the Registrable Securities covered by such Offering Demand Notice is not effective at the time of the Offering Demand Notice, as soon as reasonably practicable, but in no event later than 30 days after receiving a valid Offering Demand Notice satisfying the criteria set forth in this <u>Section 4.4</u>, the Company shall use its commercially reasonable efforts to file with the SEC a registration statement covering all of the Registrable Securities covered by such Offering Demand Notice as well as any other Registrable Securities as to which registration is properly requested in accordance with <u>Section 4.5</u> hereof (which other Registrable Securities may be included by means of a pre-effective amendment) and any other registrable securities properly requested in accordance with other registration rights agreements with the Company. The Subscribers wishing to engage in the Demand Offering shall, to the extent practicable, use commercially reasonable efforts to work with the Company and any underwriters in order to facilitate preparation of any registration statement, prospectus and other offering documentation related to the Demand Offering.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.4&nbsp;&nbsp;&nbsp;&nbsp;If, in connection with a Demand Offering, the lead managing underwriter(s) advise(s) the Company in writing that, in its opinion, the inclusion of all the securities sought to be included in such Demand Offering by (w) the Company, (x) the Subscribers and (y) any other Person who has sought to have shares of Common Stock included in such Demand Offering pursuant to rights granted by the Company to demand such inclusion (such persons, being "**Other Sellers**"), as the case may be, would materially and adversely affect the success thereof, then the Company shall include in the registration statement applicable to such Demand Offering only such securities as the Company is so advised by such lead managing underwriter(s) can be sold without such an effect, as follows and in the following order of priority: (A) first, Registrable Securities of the Subscribers, pro rata on the basis of the number of Registrable Securities proposed to be sold by such Subscribers, (B) second, shares of Common Stock to be sold by the Company and (C) third, such number of shares of Common Stock (or other securities, as applicable) sought to be registered by each Other Seller pro rata in proportion to the number of securities sought to be registered by all such Other Sellers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Right to Piggyback on a Registered Offering</u>. &nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.1&nbsp;&nbsp;&nbsp;&nbsp;In connection with any registered offering of Common Stock covered by a registration statement (whether pursuant to the exercise of demand rights or at the initiative of the Company), the Subscribers may exercise piggyback rights to have included in such offering Registrable Securities held by them. The Company will facilitate in the manner described in this Subscription Agreement any such registered offering. The Subscribers' exercise of such piggyback rights will not constitute a Demand Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.2&nbsp;&nbsp;&nbsp;&nbsp;If, in connection with a piggyback registration that involves an underwritten offering, the lead managing underwriter(s) advise(s) the Company in writing that, in its opinion, the inclusion of all the securities sought to be included in such piggyback registration by (w) the Company, (x) other persons who have sought to have shares of Common Stock registered in such registration pursuant to rights granted by the Company to demand such registration (such persons, being "**Other Demanding Sellers**"), (y) the Subscribers and (z) any other proposed sellers of shares of Common Stock (such Persons being "**Other Proposed Sellers**"), as the case may be, would materially and adversely affect the success thereof, then the Company shall include in the registration statement applicable to such piggyback registration only such securities as the Company is so advised by such lead managing underwriter(s) can be sold without such an effect, as follows and in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;if the piggyback registration relates to an offering for the Company's own account, then (i) first, such number of shares of Common Stock (or other securities, as applicable) to be sold by the Company as the Company, in its reasonable judgment, shall have determined, (ii) second, a pro rata number of shares of Common Stock to consist of (a) Registrable Securities of Subscribers, pro rata on the basis of the number of Registrable Securities proposed to be sold by such Subscribers, and (y) shares of Common Stock held by Other Demanding Sellers having rights of registration on parity with the Subscribers with respect to such offering (in each case, based on the number of shares of Common Stock properly requested to be included in such offering), (iii) third, shares of Common Stock sought to be

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registered by Other Demanding Sellers not otherwise encompassed by clause (ii) of this <u>Section 4.5.2(a)</u> pro rata on the basis of the number of shares of Common Stock proposed to be sold by such Other Demanding Sellers, and (iv) fourth, other shares of Common Stock proposed to be sold by any Other Proposed Sellers; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;if the Piggyback Registration relates to an offering other than for the Company's own account, then (i) first, such number of shares of Common Stock (or other securities, as applicable) sought to be registered by each Other Demanding Seller pro rata in proportion to the number of securities sought to be registered by all such Other Demanding Sellers, (ii) second, Registrable Securities of Subscribers, pro rata on the basis of the number of Registrable Securities proposed to be sold by such Subscribers, (iii) third, shares of Common Stock to be sold by the Company, and (iv) fourth, other shares of Common Stock proposed to be sold by any Other Proposed Sellers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.3&nbsp;&nbsp;&nbsp;&nbsp;For clarity, in connection with any underwritten offering under this <u>Section 4.5</u> for the Company's account, the Company shall not be required to include the Registrable Securities of a Subscriber in the Underwritten Offering unless such Subscriber accepts the reasonable and customary terms of the underwriting as agreed upon between the Company and the lead managing underwriter(s), which shall be selected by the Company (subject to such lead managing underwriter(s) being reasonably acceptable to the Subscribers, such acceptance not to be unreasonably withheld, delayed or conditioned).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Termination</u>. This Subscription Agreement shall terminate and be void and of no further force and effect, and all rights and obligations of the parties hereunder shall terminate without any further liability on the part of any party in respect thereof, upon the mutual written agreement of each of the parties hereto to terminate this Subscription Agreement; <u>provided</u>, nothing herein will relieve any party from liability for any willful breach hereof prior to the time of termination, and each party will be entitled to any remedies at law or in equity to recover losses, liabilities or damages arising from such breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Further Assurances</u>. At the Closing, the parties hereto shall execute and deliver such additional documents and take such additional actions as the parties reasonably may deem to be practical and necessary in order to consummate the Subscription as contemplated by this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.1&nbsp;&nbsp;&nbsp;&nbsp;Subscriber acknowledges that the Company and others will rely on the acknowledgments, understandings, agreements, representations and warranties made by Subscriber contained in this Subscription Agreement. Prior to the Closing, Subscriber agrees to promptly notify the Company if any of the acknowledgments, understandings, agreements, representations and warranties set forth herein are no longer accurate in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.2&nbsp;&nbsp;&nbsp;&nbsp;The Company is entitled to rely upon this Subscription Agreement and is irrevocably authorized to produce this Subscription Agreement or a

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copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.3&nbsp;&nbsp;&nbsp;&nbsp;The Company may request from Subscriber such additional information as the Company may deem necessary to evaluate the eligibility of Subscriber to acquire the Warrants, and Subscriber shall provide such information as may be reasonably requested, to the extent within Subscriber's possession and control or otherwise readily available to Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.4&nbsp;&nbsp;&nbsp;&nbsp;Each of Subscriber and the Company shall take, or cause to be taken, all actions and do, or cause to be done, all things necessary, proper or advisable to consummate the transactions contemplated by this Subscription Agreement on the terms and conditions described herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.5&nbsp;&nbsp;&nbsp;&nbsp;The Company shall promptly secure the listing of all of the Registrable Securities upon Nasdaq (subject to official notice of issuance) and, for so long as the Company's Common Stock remains listed on the Nasdaq, shall maintain such listing of all Registrable Securities until such time as no Warrants or Registrable Securities are held by any Subscriber. Neither the Company nor any of its subsidiaries shall take any action which would be reasonably expected to result in the delisting or suspension of the Common Stock on the Nasdaq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices</u>. Any notice or communication required or permitted hereunder shall be in writing and either delivered personally, emailed or sent by overnight mail via a reputable overnight carrier, or sent by certified or registered mail, postage prepaid, and shall be deemed to be given and received (i) when so delivered personally, (ii) when sent, with no mail undeliverable or other rejection notice, if sent by email, or (iii) three (3) Business Days after the date of mailing to the address below or to such other address or addresses as such person may hereafter designate by notice given hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;if to Subscriber, to such address or addresses set forth on the signature page hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;if to the Company, to:&nbsp;&nbsp;&nbsp;&nbsp;

Green Plains Inc.<br>1811 Aksarben Drive<br>Omaha, NE 68106<br>Attention: Michelle Mapes, Interim Principal Executive Officer, Chief Legal and Administration Officer and Corporate Secretary

With a copy to:

Husch Blackwell LLP<br>13330 California Street, Suite 200

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<br>Omaha, NE 68154<br>Attention: David Gardels, Esq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement</u>. This Subscription Agreement constitutes the entire agreement, and supersedes all other prior agreements, understandings, representations and warranties, both written and oral, among the parties, with respect to the subject matter hereof, including any commitment letter entered into relating to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Modifications and Amendments</u>. This Subscription Agreement may not be amended, modified, supplemented or waived except by an instrument in writing, signed by the party against whom enforcement of such amendment, modification, supplement or waiver is sought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Assignment</u>. Neither this Subscription Agreement nor any rights, interests or obligations that may accrue to the parties hereunder (including Subscriber's rights to purchase the Warrant Shares) may be transferred or assigned without the prior written consent of each of the other parties hereto (other than the Warrants acquired hereunder, if any, and then only in accordance with this Subscription Agreement); provided that Subscriber's rights and obligations hereunder may be assigned to any fund or account managed by the same investment manager as Subscriber, without the prior consent of the Company, provided that such assignee(s) agrees in writing to be bound by the terms hereof, and upon such assignment by a Subscriber, the assignee(s) shall become Subscriber hereunder and have the rights and obligations and be deemed to make the representations and warrants of Subscriber provided for herein to the extent of such assignment; provided further, no assignment shall relieve the assigning party of any of its obligations hereunder, including any assignment to any fund or account managed by the same investment manager as Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Benefit</u>. Except as otherwise provided herein, this Subscription Agreement shall be binding upon, and inure to the benefit of the parties hereto and their heirs, executors, administrators, successors, legal representatives, and permitted assigns, and the agreements, representations, warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and be binding upon, such heirs, executors, administrators, successors, legal representatives and permitted assigns. This Subscription Agreement shall not confer rights or remedies upon any person other than the parties hereto and their respective successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law; Jurisdiction; Consent to Service of Process.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7.1&nbsp;&nbsp;&nbsp;&nbsp;Each party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Subscription Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New

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York State court or, to the extent permitted by law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7.2&nbsp;&nbsp;&nbsp;&nbsp;Each party hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Subscription Agreement in any court referred to in <u>Section 6.7.1</u>. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7.3&nbsp;&nbsp;&nbsp;&nbsp;Each party to this Subscription Agreement irrevocably consents to service of process in the manner provided for notices in <u>Section 6.2</u>. Nothing in this Subscription Agreement will affect the right of any party to this Subscription Agreement to serve process in any other manner permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver of Jury Trial</u>. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS SUBSCRIPTION AGREEMENT (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS SUBSCRIPTION AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Severability</u>. If any provision of this Subscription Agreement shall be invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions of this Subscription Agreement shall not in any way be affected or impaired thereby and shall continue in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10&nbsp;&nbsp;&nbsp;&nbsp;<u>No Waiver of Rights, Powers and Remedies</u>. No failure or delay by a party hereto in exercising any right, power or remedy under this Subscription Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power or remedy of such party. No single or partial exercise of any right, power or remedy under this Subscription Agreement by a party hereto, nor any abandonment or discontinuance of steps to enforce any such right, power or remedy, shall preclude such party from any other or further exercise thereof or the exercise of any other right, power or remedy hereunder. The election of any remedy by a party hereto shall not constitute a waiver of the right of such party to pursue other available remedies. No notice to or demand on a party not expressly required under this Subscription Agreement shall entitle the party receiving such notice or demand to any other or

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further notice or demand in similar or other circumstances or constitute a waiver of the rights of the party giving such notice or demand to any other or further action in any circumstances without such notice or demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Remedies</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11.1&nbsp;&nbsp;&nbsp;&nbsp;The parties agree that the irreparable damage would occur if this Subscription Agreement was not performed or the Closing is not consummated in accordance with its specific terms or was otherwise breached and that money damages or other legal remedies would not be an adequate remedy for any such damage. It is accordingly agreed that the parties hereto shall be entitled to equitable relief, including in the form of an injunction or injunctions, to prevent breaches or threatened breaches of this Subscription Agreement and to enforce specifically the terms and provisions of this Subscription Agreement in an appropriate court of competent jurisdiction as set forth in <u>Section 6.7.1</u>, this being in addition to any other remedy to which any party is entitled at law or in equity, including money damages. The right to specific enforcement shall include the right of the parties hereto to cause the other parties hereto to cause the transactions contemplated hereby to be consummated on the terms and subject to the conditions and limitations set forth in this Subscription Agreement. The parties hereto further agree (i) to waive any requirement for the security or posting of any bond in connection with any such equitable remedy, (ii) not to assert that a remedy of specific enforcement pursuant to this <u>Section 6.11</u> is unenforceable, invalid, contrary to applicable law or inequitable for any reason and (iii) to waive any defenses in any action for specific performance, including the defense that a remedy at law would be adequate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11.2&nbsp;&nbsp;&nbsp;&nbsp;The parties acknowledge and agree this <u>Section 6.11</u> is an integral part of the transactions contemplated hereby and without that right, the parties hereto would not have entered into this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11.3&nbsp;&nbsp;&nbsp;&nbsp;In any dispute arising out of or related to this Subscription Agreement, or any other agreement, document, instrument or certificate contemplated hereby, the applicable adjudicating body shall award to the prevailing party, if any, the costs and attorneys' fees reasonably incurred by the prevailing party in connection with the dispute and the enforcement of its rights under this Subscription Agreement or any other agreement, document, instrument or certificate contemplated hereby and, if the adjudicating body determines a party to be the prevailing party under circumstances where the prevailing party won on some but not all of the claims and counterclaims, the adjudicating body may award the prevailing party an appropriate percentage of the costs and attorneys' fees reasonably incurred by the prevailing party in connection with the adjudication and the enforcement of its rights under this Subscription Agreement or any other agreement, document, instrument or certificate contemplated hereby or thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12&nbsp;&nbsp;&nbsp;&nbsp;<u>Survival of Representations and Warranties</u>. All representations and warranties made by the parties hereto in this Subscription Agreement shall survive the Closing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13&nbsp;&nbsp;&nbsp;&nbsp;<u>No Broker or Finder</u>. Each of the Company and Subscriber agrees to indemnify and hold the other parties hereto harmless from any claim or demand for commission or other compensation by any broker, finder, financial consultant or similar agent claiming to have been employed by or on behalf of such party and to bear the cost of legal expenses incurred in defending against any such claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14&nbsp;&nbsp;&nbsp;&nbsp;<u>Headings and Captions</u>. The headings and captions of the various subdivisions of this Subscription Agreement are for convenience of reference only and shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>. This Subscription Agreement may be executed in one or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other parties, it being understood that the parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or any other form of electronic delivery, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.16&nbsp;&nbsp;&nbsp;&nbsp;<u>Construction</u>. The words "*include*," "*includes*," and "*including*" will be deemed to be followed by "*without limitation*." Pronouns in masculine, feminine, and neuter genders will be construed to include any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the context otherwise requires. The words "*this Subscription Agreement*," "*herein*," "*hereof*," "*hereby*," "*hereunder*," and words of similar import refer to this Subscription Agreement as a whole and not to any particular subdivision unless expressly so limited. The parties hereto intend that each representation, warranty, and covenant contained herein will have independent significance. If any party hereto has breached any representation, warranty, or covenant contained herein in any respect, the fact that there exists another representation, warranty or covenant relating to the same subject matter (regardless of the relative levels of specificity) which such party hereto has not breached will not detract from or mitigate the fact that such party hereto is in breach of the first representation, warranty, or covenant. All references in this Subscription Agreement to numbers of shares, per share amounts and purchase prices shall be appropriately adjusted to reflect any stock split, stock dividend, stock combination, recapitalization or the like occurring after the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17&nbsp;&nbsp;&nbsp;&nbsp;<u>Mutual Drafting</u>. This Subscription Agreement is the joint product of the parties hereto and each provision hereof has been subject to the mutual consultation, negotiation and agreement of the parties and shall not be construed for or against any party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.18&nbsp;&nbsp;&nbsp;&nbsp;<u>Expenses</u>. The Company shall bear all reasonable and documented costs, fees and expenses (including, without limitation, fees, charges and disbursements of Clifford Chance LLP) in connection with entry into, or enforcement of this Subscription Agreement or the Warrant Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.19&nbsp;&nbsp;&nbsp;&nbsp;<u>Disclosure</u>. Within one Business Day following entry into this Subscription Agreement, the Company shall (A) issue a press release disclosing all material

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terms of the transactions contemplated hereby and (B) file a Current Report on Form 8-K or Quarterly Report on Form 10-Q describing the terms of the transactions contemplated hereby and by the Indenture, and attaching this Subscription Agreement, the form of the Warrants and the Indenture as exhibits to such filing (the "**SEC Filing**"). From and after the earlier of the filing of the SEC Filing or the issuance of the press release, the parties agree that no Subscriber is in possession of any material, non-public information received from the Company, any of its subsidiaries or any of their respective officers, directors, employees, affiliates or agents, that is not disclosed in the SEC Filing. The Company shall not, and shall cause each of its subsidiaries and its and each of their respective officers, directors, employees, affiliates and agents not to, provide any Subscriber with any material, non-public information regarding the Company or any of its subsidiaries from and after the date hereof without the express prior written consent of such Subscriber. If a Subscriber has, or believes it has, received any such material, non-public information regarding the Company or any of its subsidiaries from the Company, any of its subsidiaries or any of their respective officers, directors, employees, affiliates or agents, it may provide the Company with written notice thereof. The Company shall, within three (3) Business Days of receipt of such notice, make public disclosure of such material, non-public information. In the event of a breach of the foregoing covenant by the Company, any of its subsidiaries, or any of its or their respective officers, directors, employees, affiliates and agents, in addition to any other remedy provided herein or in the Note Documents, a Subscriber shall have the right to make a public disclosure, in the form of a press release, public advertisement or otherwise, of such material, non-public information without the prior approval by the Company, its subsidiaries, or any of its or their respective officers, directors, employees, affiliates or agents. No Subscriber shall have any liability to the Company, its subsidiaries, or any of its or their respective officers, directors, employees, affiliates or agents for any such disclosure. To the extent that the Company delivers any material, non-public information to a Subscriber without such Subscriber's consent, the Company hereby covenants and agrees that such Subscriber shall not have any duty of confidentiality to the Company, any of its subsidiaries or any of their respective officers, directors, employees, affiliates or agents with respect to, or a duty to the Company, any of its subsidiaries or any of their respective officers, directors, employees, affiliates or agents not to trade on the basis of, such material, non-public information. Subject to the foregoing, neither the Company, its subsidiaries nor any Subscriber shall issue any press releases or any other public statements with respect to the transactions contemplated hereby; provided, the Company shall be entitled, without the prior approval of any Subscriber, to make any press release or other public disclosure with respect to such transactions (i) in substantial conformity with the 8-K Filing and contemporaneously therewith and (ii) as is required by applicable law and regulations (provided that in the case of clause (i) each Subscriber shall be consulted by the Company in connection with any such press release or other public disclosure prior to its release). Without the prior written consent of any applicable Subscriber, neither the Company nor any of its subsidiaries or affiliates shall disclose the name of such Subscriber in any filing, announcement, release or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20&nbsp;&nbsp;&nbsp;&nbsp;<u>Fundamental Transaction</u>. If, at any time while the Warrants are outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another person (other than for the purpose of changing the Company's name), (ii) the Company, directly or indirectly, effects any

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sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another person) is completed pursuant to which holders of the outstanding equity securities of the Company having voting power are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of outstanding securities representing more than 50% of the aggregate voting power of the issued and outstanding equity securities of the Company, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another person or group of persons whereby such other person or group acquires securities representing more than 50% of the aggregate voting power, including the power to vote on the election of directors of the Company, of the issued and outstanding equity securities of the Company (each a "**Fundamental Transaction**"), then, upon consummation of such Fundamental Transaction, this Warrant shall automatically become exercisable for the kind and amount of securities, cash or other assets which the Subscriber would have owned immediately after the consummation of such Fundamental Transaction if the Subscriber had exercised in full this Warrant immediately before the consummation of such Fundamental Transaction. If holders of Common Stock are given any choice as to the kind or amount of securities, cash or other assets receivable upon the consummation of such Fundamental Transaction, then the Subscriber shall be given the same choice as to such consideration it receives upon any exercise of this Warrant following such Fundamental Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Non-Reliance</u>. Subscriber acknowledges that it is not relying upon, and has not relied upon, any statement, representation or warranty made by any person, firm or corporation, other than the representations and warranties of the Company expressly set forth in this Subscription Agreement, in making its investment or decision to invest in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Rule 144</u>. From and after such time as the benefits of Rule 144 promulgated under the Securities Act or any other similar rule or regulation of the Commission that may allow Subscriber to sell securities of the Company to the public without registration are available to holders of the Company's Common Stock and until such time as any Subscriber holds Warrants or Registrable Securities, the Company agrees to: (i) make and keep public information available, as those terms are understood and defined in Rule 144; (ii) file with the Commission in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act so long as the Company remains subject to such requirements and the filing of such reports and other documents is required for the applicable provisions of Rule 144; and (iii) furnish to Subscriber, promptly upon request, (x) a written statement by the Company, if true, that it has complied with the reporting requirements of Rule 144, the Securities Act and the Exchange Act, (y) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company and (z) such other information as may be

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reasonably requested to permit Subscriber to sell such securities pursuant to Rule 144 without registration.

If the Warrants and/or the Registrable Securities are eligible to be sold without restriction under, and without the Company being in compliance with the current public information requirements of, Rule 144 under the Securities Act, then at Subscriber's request, the Company will cause its transfer agent to remove the legend set forth in <u>Section 2.1.5</u>. In connection therewith, if required by the Company's transfer agent, the Company will promptly cause an opinion of counsel to be delivered to and maintained with its transfer agent, together with any other authorizations, certificates and directions required by the transfer agent that authorize and direct the transfer agent to issue such Warrants and/or Registrable Securities without any such legend; notwithstanding the foregoing, Company will not be required to deliver any such opinion, authorization, certificate or direction if it reasonably believes that removal of the legend could result in or facilitate transfers of securities in violation of applicable law.

[*Signature Page Follows*]

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**IN WITNESS WHEREOF**, the Company and each Subscriber has executed or caused this Subscription Agreement to be executed by its duly authorized representative as of the date set forth below.

**GREEN PLAINS INC.**

By: <u>/s/ Michelle Mapes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Michelle Mapes

Title: Chief Legal & Administration Officer

 [*Signature Page to Subscription Agreement]*

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Accepted and agreed this <u>10th</u> day of August 2025.

**SUBSCRIBER**

**BLACKROCK GLOBAL ALLOCATION FUND, INC.** <br>By: BlackRock Advisors, LLC, in its capacity as adviser<br>By: <u>/s/ Henry Brennan&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Henry Brennan<br>Title: Managing Director<br>

**Notice Address**:

BlackRock Financial Management, Inc.

50 Hudson Yards

New York, New York 10001

Attention: Steven Karpel

Email: Steven.Karpel@blackrock.com; Kathryn.keen@blackrock.com

With a copy to (which shall not constitute notice):

BlackRock, Inc.

Office of the General Counsel

50 Hudson Yards

New York, New York 10001

Attention: Lucy Liu

Email: lucy.liu1@blackrock.com; legaltransactions@blackrock.com

 [*Signature Page to Subscription Agreement]*

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Accepted and agreed this <u>10th</u> day of August 2025.

**SUBSCRIBER**

**BLACKROCK INSTITUTIONAL TRUST COMPANY, NA, NOT IN ITS INDIVIDUAL CAPACITY BUT AS TRUSTEE OF THE BLACKROCK GLOBAL ALLOCATION COLLECTIVE FUND**<br>By: <u>/s/ Henry Brennan&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Henry Brennan<br>Title: Authorized Signatory<br>

**Notice Address**:

BlackRock Financial Management, Inc.

50 Hudson Yards

New York, New York 10001

Attention: Steven Karpel

Email: Steven.Karpel@blackrock.com; Kathryn.keen@blackrock.com

With a copy to (which shall not constitute notice):

BlackRock, Inc.

Office of the General Counsel

50 Hudson Yards

New York, New York 10001

Attention: Lucy Liu

Email: lucy.liu1@blackrock.com; legaltransactions@blackrock.com

 [*Signature Page to Subscription Agreement]*

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Accepted and agreed this <u>10th</u> day of August 2025.

**SUBSCRIBER**

**BLACKROCK INSTITUTIONAL TRUST COMPANY, NA, NOT IN ITS INDIVIDUAL CAPACITY BUT AS TRUSTEE OF THE STRATEGIC INCOME OPPORTUNITIES BOND FUND**<br>By: <u>/s/ Henry Brennan &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Henry Brennan<br>Title: Authorized Signatory<br>

**Notice Address**:

BlackRock Financial Management, Inc.

50 Hudson Yards

New York, New York 10001

Attention: Steven Karpel

Email: Steven.Karpel@blackrock.com; Kathryn.keen@blackrock.com

With a copy to (which shall not constitute notice):

BlackRock, Inc.

Office of the General Counsel

50 Hudson Yards

New York, New York 10001

Attention: Lucy Liu

Email: lucy.liu1@blackrock.com; legaltransactions@blackrock.com

 [*Signature Page to Subscription Agreement]*

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Accepted and agreed this <u>10th</u> day of August 2025.

**SUBSCRIBER**

**BLACKROCK INSTITUTIONAL TRUST COMPANY, NA, NOT IN ITS INDIVIDUAL CAPACITY BUT AS TRUSTEE OF THE BLACKROCK TOTAL RETURN BOND FUND**<br>By: <u>/s/ Henry Brennan&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Henry Brennan<br>Title: Authorized Signatory<br>

**Notice Address**:

BlackRock Financial Management, Inc.

50 Hudson Yards

New York, New York 10001

Attention: Steven Karpel

Email: Steven.Karpel@blackrock.com; Kathryn.keen@blackrock.com

With a copy to (which shall not constitute notice):

BlackRock, Inc.

Office of the General Counsel

50 Hudson Yards

New York, New York 10001

Attention: Lucy Liu

Email: lucy.liu1@blackrock.com; legaltransactions@blackrock.com

 [*Signature Page to Subscription Agreement]*

## Exhibit 10.13

Exhibit 10.13

**PLEDGE AND SECURITY AGREEMENT**

This **PLEDGE AND SECURITY AGREEMENT**, dated as of August 10, 2025 (as amended, restated, replaced, supplemented or otherwise modified from time to time, this "**<u>Agreement</u>**"), is made by GREEN PLAINS INC., an Iowa corporation ("**<u>GPRE</u>**"), GREEN PLAINS FAIRMONT LLC, a Delaware limited liability company ("**<u>Fairmont</u>**"), GREEN PLAINS SUPERIOR LLC, an Iowa limited liability company ("**<u>Superior</u>**"), GREEN PLAINS OTTER TAIL LLC, a Delaware limited liability company ("**<u>Otter Tail</u>**"), GREEN PLAINS MADISON LLC, a Delaware limited liability company ("**<u>Madison</u>**"), GREEN PLAINS WOOD RIVER LLC, a Delaware limited liability company ("**<u>Wood River</u>**"), GREEN PLAINS YORK LLC, a Delaware limited liability company ("**<u>York</u>**"), GREEN PLAINS OBION LLC, a Tennessee limited liability company ("**<u>Obion</u>**"), GREEN PLAINS MOUNT VERNON LLC, a Delaware limited liability company ("**<u>Mt. Vernon</u>**"), GREEN PLAINS ATKINSON LLC, a Delaware limited liability company ("**<u>Atkinson</u>**"), GREEN PLAINS HEREFORD LLC, a Delaware limited liability company ("**<u>Hereford</u>**"), GREEN PLAINS YORK INNOVATION LLC, a Delaware limited liability company ("**<u>York Innovation</u>**"), GREEN PLAINS HOPEWELL LLC, a Delaware limited liability company ("**<u>Hopewell</u>**"), GREEN PLAINS CENTRAL CITY LLC, a Delaware limited liability company ("**<u>Central City</u>**"), COLLINS BIOENERGY PARTNERS LLC, a Texas limited liability company ("**<u>Collins</u>**"), GREEN PLAINS INVESTMENTS LLC, a Delaware limited liability company ("**<u>GP Investments</u>**"), GREEN PLAINS INVESTMENTS II LLC, a Delaware limited liability company ("**<u>GP Investments II</u>**"), and FLUID QUIP MECHANICAL, LLC, an Ohio limited liability company ("**<u>FQM</u>**," and together with GPRE, Fairmont, Superior, Otter Tail, Madison, Wood River, York, Obion, Mt. Vernon, Atkinson, Hereford, York Innovation, Hopewell, Central City, Collins, GP Investments and GP Investments II, individually and/or collectively, as the context may require, the "**<u>Pledgor</u>**"), in favor of WILMINGTON TRUST, NATIONAL ASSOCIATION, as trustee for the Holders (as defined in the Indenture (as defined below)) (in such capacity, together with its successors and assigns, "**<u>Secured Party</u>**").

**W I T N E S S E T H:** 

**WHEREAS**, as of February 9, 2021, Green Plains SPE LLC, a Delaware limited liability company ("**<u>Issuer</u>**"), issued those certain Junior Mezzanine Secured Notes due 2026 (the "**<u>Initial Notes</u>**" and, together with any PIK Notes, collectively, the "**<u>Notes</u>**"), pursuant to that certain Indenture, dated as of February 9, 2021, by and among Issuer, as issuer, GPRE, as Guarantor, and Secured Party, as trustee (as amended, restated, supplemented, replaced or otherwise modified prior to the date hereof, the "**<u>Existing Indenture</u>**");

**WHEREAS**, on or about the date hereof, Issuer, GPRE and Secured Party, as trustee, amended and restated the Existing Indenture and entered into that certain Amended and Restated Indenture (as amended, restated, supplemented, replaced or otherwise modified from time to time, the "**<u>Indenture</u>**");

**WHEREAS**, GPRE and/or GP Investments II, as applicable, is the sole legal and beneficial owner of all of the issued and outstanding limited liability company interests described on <u>Schedule I</u> attached hereto (collectively, the "**<u>Pledged Interests</u>**"); and

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**WHEREAS**, pursuant to the terms of the Indenture, Pledgor is required to execute and deliver this Agreement to Secured Party.

**NOW, THEREFORE**, in consideration of the premises and to comply with the terms of the Indenture and the other Note Documents, Pledgor hereby represents, warrants, covenants and agrees with Secured Party as follows:

**Section 1.&nbsp;&nbsp;&nbsp;&nbsp;Defined Terms**. As used in this Agreement, the following terms have the meanings set forth in or incorporated by reference below:

"**Account**" has the meaning set forth in the Code.

"**Agreement**" has the meaning set forth in the introductory paragraph hereto.

"**Chattel Paper**" has the meaning set forth in the Code.

"**Code**" or "**UCC**" means the Uniform Commercial Code from time to time in effect in the State of New York; <u>provided</u>, <u>however</u>, that if, by reason of any mandatory provisions of law, the validity or perfection of Secured Party's security interest in the Collateral or any part thereof is governed by the Uniform Commercial Code or other similar law as in effect in a jurisdiction other than New York, the term "Code" shall mean the Uniform Commercial Code or such similar law as in effect in such other jurisdiction for purposes of the provisions hereof relating to such validity or perfection.

"**Collateral**" has the meaning set forth in <u>Section 2</u>.

"**Commercial Tort Claims**" has the meaning set forth in the Code.

"**Copyright Office**" means the United States Copyright Office.

"**Deposit Account**" has the meaning set forth in the Code.

"**Documents**" has the meaning set forth in the Code.

"**Equipment**" has the meaning set forth in the Code.

"**Excluded Collateral**" means (i) all equity interest of GPRE held in Green Plains Shenandoah LLC, a Delaware limited liability company, (ii) GPRE's Account held at Morgan Stanley Smith Barney LLC (Account No. 612-081658-088), (iii) GPRE's Account held at U.S. Bank (Account No. 105701295583), and (iv) GPRE's Account held at PNC Bank (Account No. 8026490454); provided, that, the Pledgor shall undertake commercially reasonable efforts to cause the assets identified in subsections (ii), (iii) and (iv) above to not constitute Excluded Collateral hereunder.

"**Fixtures**" has the meaning set forth in the Code.

"**General Intangibles**" has the meaning set forth in the Code.

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"**Goods**" has the meaning set forth in the Code.

"**Indenture**" has the meaning set forth in the Recitals.

"**Initial Notes**" has the meaning set forth in the Recitals.

"**Instruments**" has the meaning set forth in the Code.

"**Intellectual Property**" means all intellectual and similar property of the Pledgor of every kind and nature, whether now owned or hereafter acquired by the Pledgor, including inventions, designs, patents, patent licenses, trademarks, trademark licenses, copyrights, copyright licenses, trade secrets, confidential or proprietary technical and business information, know-how, show-how or other data or information, software and databases and all embodiments or fixations thereof and related documentation, registrations and franchises, licenses for any of the foregoing and all license rights, and all additions, improvements and accessions to, books and records describing or used in connection with, any of the foregoing and all rights to sue at law or in equity for any infringement or other impairment thereof, including the right to receive all proceeds and damages therefrom.

"**Intellectual Property Security Agreement Supplement**" means a supplement to this Agreement, executed by the Pledgor in favor of the Secured Party, substantially in the form of <u>Exhibit B</u> hereto.

"**Inventory**" has the meaning set forth in the Code.

"**Investment Property**" has the meaning set forth in the Code.

"**Letter-of-Credit Rights**" has the meaning set forth in the Code.

"**Organizational Document**" has the meaning set forth in <u>Section 2(f)</u>.

"**Pledged Entity**" means each subsidiary of the applicable Pledgor listed on <u>Schedule I</u> hereto.

"**Pledged Interests**" means the limited liability company interests owned by the applicable Pledgor in each Pledged Entity, together with all limited liability company certificates, options or rights of any nature whatsoever which may be issued or granted by any Pledged Entity to the applicable Pledgor.

"**Pledgor**" has the meaning set forth in the introductory paragraph hereto, together with its successors and permitted assigns.

"**Proceeds**" means all "proceeds" as such term is defined in Section 9-102(a)(64) of the Code on the date hereof and, in any event, shall include, without limitation, all dividends or other income from the Pledged Interests, collections thereon or distributions with respect thereto.

"**PTO**" means the United States Patent and Trademark Office.

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"**Secured Party**" has the meaning set forth in the introductory paragraph hereto.

"**Securities Account**" has the meaning set forth in the Code.

"**Supporting Obligations**" has the meaning set forth in the Code.

Terms used herein but not otherwise defined herein shall have the respective meanings ascribed thereto in the Indenture. All references to sections, subsections, schedules and exhibits are to sections, subsections, schedules and exhibits in or to this Agreement unless otherwise specified. All uses of the word "including" shall mean "including, without limitation" unless the context shall indicate otherwise. Unless otherwise specified, the words "hereof," "herein" and "hereunder" and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. Unless otherwise specified, all meanings attributed to defined terms herein shall be equally applicable to both the singular and plural forms of the terms so defined.

**Section 2.&nbsp;&nbsp;&nbsp;&nbsp;Pledge; Grant of Security Interest**. Pledgor hereby pledges and grants to Secured Party, as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations, a first priority security interest in all of Pledgor's right, title and interest in, to and under the following properties and assets of the Pledgor, wherever located, whether now owned or hereafter acquired or arising (collectively, the "**<u>Collateral</u>**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;all Pledged Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;all securities, moneys or property representing dividends or interest on any of the Pledged Interests, or representing a distribution in respect of the Pledged Interests, or resulting from a split-up, revision, reclassification or other like change of the Pledged Interests or otherwise received in exchange therefor, and any subscription warrants, rights or options issued to the holders of, or otherwise in respect of, the Pledged Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;all right, title and interest of Pledgor in, to and under any policy of insurance payable by reason of loss or damage to the Pledged Interests and any other Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;all "accounts", "documents", "general intangibles", "instruments" and "investment property" (in each case as defined in the Code) constituting or relating to the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;all rights, privileges, authority and power arising from Pledgor's interest in each Pledged Entity (<u>provided</u>, <u>however</u>, that, so long as no Event of Default exists, Pledgor may exercise such rights, privileges, authority vested in Pledgor)*;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;the capital of Pledgor in each Pledged Entity and any and all profits, losses, distributions and allocations attributable thereto as well as the proceeds of any distribution thereof, whether arising under the terms of any of the following documents, as applicable (each an "**<u>Organizational Document</u>**" and collectively, the "**<u>Organizational Documents</u>**"): articles of incorporation, certificate of formation, certificate of limited partnership, certificate of

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organization, by-laws, limited partnership agreement, limited liability company agreement, stock certificates, certificates of limited partnership interests or general partnership interests (if any), certificates of limited liability company membership interests (if any), and all amendments or modifications of any of the foregoing, and all other agreements, instruments and/or other organizational or governing documents of or relating to each Pledged Entity (<u>provided</u>, <u>however</u>, that, so long as no Event of Default exists, subject to the terms and conditions of the Indenture, Pledgor shall retain all rights with respect to all such profits, losses, distributions, allocations and proceeds);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;all other payments, if any, due or to become due to Pledgor in respect of any of the items listed in this <u>Section 2</u>, under or arising out of any Organizational Document of any Pledged Entity or otherwise, whether as contractual obligations, damages, insurance proceeds, condemnation awards or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;all of Pledgor's claims, rights, powers, privileges, authority, options, security interests, liens and remedies, if any, under or arising out of the ownership of the Pledged Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;all present and future claims, if any, of Pledgor against any Pledged Entity for monies loaned or advanced, for services rendered or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;all of Pledgor's rights pursuant to any Organizational Document of any Pledged Entity or at law or in equity, to exercise and enforce every right, power, remedy, authority, option and privilege of Pledgor relating to the Pledged Interests, including, but not limited to, the right to execute any instruments and to take any and all other action on behalf of and in the name of Pledgor in respect of the Pledged Interests and/or any Pledged Entity, to make determinations, to exercise any election (including, but not limited to, election of remedies) or option or to give or receive any notice, consent, amendment, waiver or approval, together with full power and authority to demand, receive, enforce or collect any of the foregoing or any property of any Pledged Entity, to enforce or execute any checks, or other instruments or orders and to file any claims and to take any actions in connection with any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;all securities and other Investment Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;all equity interests or other property now owned or hereafter acquired by Pledgor as a result of exchange offers, recapitalizations of any type, contributions to capital, options or other rights relating to the Pledged Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;all Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;all personal property and Fixtures of every kind and nature, including, without limitation, all Goods, Equipment, Inventory and any accessions thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;all Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;all Chattel Paper (whether tangible or electronic);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;all Letter-of-Credit Rights (whether or not the letter of credit is evidenced by a writing);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp;all money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;all Commercial Tort Claims, including those identified in <u>Schedule IV</u> attached hereto, as such schedule may be supplemented from time to time in accordance with this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;&nbsp;&nbsp;&nbsp;all Deposit Accounts, including those identified in <u>Schedule III</u> attached hereto, all cash and all other property from time to time deposited therein or otherwise credited thereto and the monies and property in the possession or under the control of Secured Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;all Supporting Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)&nbsp;&nbsp;&nbsp;&nbsp;any other contract rights or rights to the payment of money, insurance claims and proceeds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;all General Intangibles (including, without limitation, all Intellectual Property, insurance policies and payment intangibles);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;&nbsp;&nbsp;&nbsp;all Instruments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)&nbsp;&nbsp;&nbsp;&nbsp;all other property of the Pledgor and all Proceeds (including, without limitation, any proceeds of insurance thereon), products, accessions, rents and profits of any kind and all the foregoing and all collateral security, supporting obligations and guarantees given by any Person with respect to any of the foregoing.

Notwithstanding anything to the contrary contained herein, Collateral shall not include the Excluded Collateral; <u>provided</u>, that "Excluded Collateral" shall not include any proceeds, substitutions or replacements of any Excluded Collateral unless such proceeds, substitutions or replacements would independently constitute Excluded Collateral. Notwithstanding anything to the contrary contained herein, immediately upon the ineffectiveness, lapse or termination of any restriction or condition that prevented the grant of a security interest in any right, interest or other asset that would have, but for such restriction or condition, constituted Collateral, the Collateral shall include, and the relevant Pledgor shall be deemed to have granted a security in, such previously restricted or conditioned rights, interests or other assets, as the case may be, as if such restriction or condition had never been in effect.

**Section 3.&nbsp;&nbsp;&nbsp;&nbsp;Limitation of Liability**. Notwithstanding anything to the contrary herein or in any other Note Document, the maximum liability of the Pledgor under this Agreement and under the other Note Documents shall not exceed an amount equal to the largest amount that would not render the Pledgor's obligations hereunder and under such other Note Documents subject to avoidance under Section 548 of the Bankruptcy Code or any equivalent provision of any other Bankruptcy Law, in all cases before taking into account any liabilities of the Pledgor under any debt, guarantee or security document that is not a Note Document.

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**Section 4.&nbsp;&nbsp;&nbsp;&nbsp;Representations and Warranties**. Pledgor represents and warrants as of the date hereof that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;No authorization, consent of or notice to any other Person (including, without limitation, any member, partner or creditor of Pledgor or any Pledged Entity) that has not been obtained, is required in connection with the execution, delivery, performance, validity or enforceability of this Agreement including, without limitation, the assignment and transfer by Pledgor of any of the Collateral to Secured Party or the subsequent transfer thereof by Secured Party pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;All of the Pledged Interests have been duly and validly issued and are fully paid and non-assessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Pledged Interests listed on <u>Schedule I</u> hereto constitute all the issued and outstanding limited liability company interests in each Pledged Entity owned by the applicable Pledgor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The principal place of business and chief executive office of (i) GPRE, Fairmont, Superior, Otter Tail, Madison, Wood River, York, Obion, Mt. Vernon, Atkinson, Hereford, York Innovation, Hopewell, Central City, Collins, GP Investments and GP Investments II, is, and has been for at least the last five (5) years, located at 1811 Aksarben Drive, Omaha, Nebraska 68106, and (ii) FQM is, and has been since its formation, located at 300 Commercial Drive, Columbus, Wisconsin 53925.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;The exact name of (i) GPRE is Green Plains Inc., (ii) Fairmont is Green Plains Fairmont LLC, (iii) Superior is Green Plains Superior LLC, (iv) Otter Tail is Green Plains Otter Tail LLC, (v) Madison is Green Plains Madison LLC, (vi) Wood River is Green Plains Wood River LLC, (vii) York is Green Plains York LLC, (viii) Obion is Green Plains Obion LLC, (ix) Mt. Vernon is Green Plains Mt. Vernon LLC, (x) Atkinson is Green Plains Atkinson, (xi) Hereford is Green Plains Hereford LLC, (xii) York Innovation is Green Plains York Innovation LLC, (xiii) Hopewell is Green Plains Hopewell LLC, (xiv) Central City is Green Plains Central City LLC, (xx) Collins is Collins Bioenergy Partners LLC, (xxi) GP Investments is Green Plains Investments LLC, (xxii) GP Investments II is Green Plains Investments II LLC, and (xxiii) FQM is Fluid Quip Mechanical, LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;(i) GPRE was duly formed and is validly existing under the laws of the State of Iowa, (ii) Fairmont was duly formed and is validly existing under the laws of the State of Delaware, (iii) Superior was duly formed and is validly existing under the laws of the State of Iowa, (iv) Otter Tail was duly formed and is validly existing under the laws of the State of Delaware, (v) Madison was duly formed and is validly existing under the laws of the State of Delaware, (vi) Wood River was duly formed and is validly existing under the laws of the State of Delaware, (vii) York was duly formed and is validly existing under the laws of the State of Delaware, (viii) Obion was duly formed and is validly existing under the laws of the State of Tennessee, (ix) Mt. Vernon was duly formed and is validly existing under the laws of the State of Delaware, (x) Atkinson was duly formed and is validly existing under the laws of the State of Delaware, (xi) Hereford was duly formed and is validly existing under the laws of the State of Delaware, (xii) York Innovation was duly formed and is validly existing under the laws of the State of Delaware, (xiii) Hopewell was duly formed and is validly existing under the laws of the State of Delaware, (xiv) Central City was duly formed and is validly existing under the laws of the State of Delaware, (xv) Collins was duly formed and is validly existing under the laws of the State of Texas, (xvi) GP Investments was duly formed and is validly existing under the laws of the State of Delaware, (xvii) GP Investments II was duly formed and is validly existing under the laws of the State of Delaware, and (xviii) FQM was duly formed and is validly existing under the laws of the State of Ohio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;There exist no certificates, instruments or writings representing the Pledged Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;The Pledged Interests (i) are not "financial assets" (within the meaning of Section 8-102(a)(9) of the Code), (ii) are not credited to a "securities account" (within the meaning of Section 8-501(a) of the Code), and (iii) the Organizational Documents of each Pledged Entity have not elected to treat the Pledged Interests as "securities" as such term is defined in Article 8 of the UCC, as in effect in the States of Delaware, Iowa, Ohio or Tennessee, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;<u>Schedule II</u> provides a complete and correct list of all Intellectual Property owned by Pledgor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;<u>Schedule III</u> is a complete and accurate list, as of the date of this Agreement, of each Deposit Account of Pledgor (other than any Deposit Account constituting Excluded Collateral as of the date of this Agreement), together with the name and address of each institution at which each such Deposit Account is maintained.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;<u>Schedule IV</u> is a complete and accurate list of all Commercial Tort Claims held by the Pledgor, including a brief description thereof sufficient for purposes of Section 9-108 of the UCC.

**Section 5.&nbsp;&nbsp;&nbsp;&nbsp;Covenants**. Pledgor covenants and agrees that, from and after the date of this Agreement until the satisfaction of the Obligations (other than solely with respect to any contingent indemnification obligations) in full:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Acknowledgements of Parties</u>. If Pledgor shall, as a result of its ownership of the Pledged Interests, become entitled to receive or shall receive any stock certificate or partnership or limited liability company certificate, as applicable (including, without limitation, any certificate representing a dividend or a distribution in connection with any reclassification, increase or reduction of capital or any certificate issued in connection with any reorganization), option or rights, whether in addition to, in substitution of, as a conversion of, or in exchange for any shares of the Pledged Interests, or otherwise in respect thereof, Pledgor shall accept the same as Secured Party's agent, hold the same in trust for Secured Party and deliver the same forthwith to Secured Party in the exact form received, duly endorsed by Pledgor to Secured Party, if required, together with an undated limited liability company transfer power covering such certificate duly executed in blank and with, if Secured Party so requests, signature guaranteed, to be held by Secured Party hereunder as additional security for the Obligations. Any sums paid upon or in respect of the Pledged Interests upon the liquidation or dissolution of any Pledged Entity shall be paid over to Secured Party to be held by it hereunder as additional security for the Obligations, and in case any distribution of capital shall be made on or in respect of the Pledged Interests or any property shall be distributed upon or with respect to the Pledged Interests pursuant to the recapitalization or reclassification of the capital of any Pledged Entity or pursuant to the reorganization thereof, the property so distributed shall be delivered to Secured Party to be held by it, subject to the terms hereof, as additional security for the Obligations. If any sums of money or property so paid or distributed in respect of the Pledged Interests shall be received by Pledgor, Pledgor shall, until such money or property is paid or delivered to Secured Party, hold such money or property in trust for the benefit of Secured Party, segregated from other funds of Pledgor, as additional security for the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Actions of Pledged Entities</u>. Without the prior written consent of Secured Party, Pledgor shall not, directly or indirectly (i) vote to enable, or take any other action to permit, any Pledged Entity to issue any stock, partnership or limited liability company interests, or to issue any other securities convertible into or granting the right to purchase or exchange for any stock, partnership or limited liability company interests, in any Pledged Entity, or (ii) except as expressly permitted by the Indenture, sell, assign, transfer, exchange or otherwise dispose of, or grant any option with respect to, all or any Collateral, or (iii) create, incur, authorize or permit to exist any Lien or option in favor of, or any claim of any Person with respect to, any of the Collateral, or any interest therein, except for the Lien provided for by this Agreement. Pledgor shall defend the right, title and interest of Secured Party in and to the Collateral against the claims and demands of all Persons whomsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Assurances</u>. At any time and from time to time, upon the written request of Secured Party, and at the sole expense of Pledgor, Pledgor shall promptly and duly give, execute, deliver file and/or record such further instruments and documents and take such

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further actions as Secured Party may reasonably request for the purposes of obtaining, creating, perfecting, validating or preserving the full benefits of this Agreement and of the rights and powers herein granted (including, without limitation, filing Uniform Commercial Code financing or continuation statements and amendments to the same), provided that the amount of the Obligations shall not be increased thereby. Pledgor hereby authorizes Secured Party to file any such financing statement or continuation statement without the signature of Pledgor to the extent permitted by law, including, without limitation, financing statements (and amendments of financing statements and continuation statements) that name Pledgor as debtor and Secured Party as secured party and that cover all assets of Pledgor now existing or hereafter acquired or words of similar meaning. Pledgor hereby ratifies the filing of any such financing statements (or amendments of financing statements or continuation statements) that were filed prior to the execution hereof). If any amount payable under or in connection with any of the Collateral shall be or become evidenced by any promissory note, other instrument or chattel paper, such note, instrument or chattel paper shall be promptly delivered to Secured Party, duly endorsed in a manner satisfactory to Secured Party, to be held as Collateral pursuant to this Agreement. Secured Party is hereby appointed, with the right to exercise such appointment, during the continuance of an Event of Default, as Pledgor's attorney-in-fact, which appointment as attorney-in-fact is irrevocable and coupled with an interest, the attorney-in-fact of Pledgor for the sole purpose of perfecting and maintaining its first priority security interest in the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitation on Liens</u>. Pledgor shall not create, incur or permit to exist, shall defend the Collateral against, and shall take all such other action as is necessary to remove, any Lien or claim on or to the Collateral, other than the Liens created hereby, and will defend the right, title and interest of Secured Party in, to and under the Collateral against the claims and demands of all other Persons whomsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Further Identification of Collateral</u>. Pledgor shall furnish to Secured Party from time to time statements and schedules further identifying and describing the Collateral and such other reports in connection with the Collateral as Secured Party may reasonably request, all in reasonable detail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Changes in Location, Name, Etc.</u> Pledgor shall not, unless it shall have given thirty (30) days' prior written notice thereof to Secured Party, (A) change the location of its chief executive office or principal place of business from that specified in <u>Section 4(f)</u>, or (B) change its name, identity or structure, or (C) reorganize or reincorporate under the laws of another jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Hold Harmless; Taxes</u>. Pledgor shall pay, and save Secured Party harmless from, any and all liabilities with respect to, or resulting from any delay in paying, any and all transfer, stamp, excise, sales or other taxes which may be payable or determined to be payable with respect to any of the Collateral or in connection with any of the transactions contemplated by this Agreement (including, without limitation, the enforcement of any of Secured Party's rights or remedies under this Agreement or any of the Note Documents).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>Promissory Notes and Tangible Chattel Paper</u>. If the Pledgor shall at any time hold or acquire any promissory notes or tangible chattel paper, it shall forthwith endorse, assign

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and deliver the same to the Secured Party, accompanied by such instruments of transfer or assignment duly executed in blank as the Secured Party may from time to time specify.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Deposit Accounts</u>. For each Deposit Account that the Pledgor at any time opens or maintains, the Pledgor shall, on the date of this Agreement (in the case of each Deposit account existing on the date of this Agreement) and on the date the Pledgor establishes or acquires an additional deposit account, as applicable, cause the depositary bank to enter into a written agreement or other authenticated record with the Pledgor and the Secured Party, in form and substance satisfactory to the Secured Party, pursuant to which such depositary bank shall agree, among other things, to comply at any time with instructions from the Secured Party to such depositary bank directing the disposition of funds from time to time credited to such Deposit Account, without further consent of the Pledgor. The Secured Party agrees that it shall not give any such instructions or withhold any withdrawal rights from the Pledgor, unless an Event of Default exists, or, after giving effect to any withdrawal not otherwise permitted by the Note Documents, would occur. Notwithstanding the foregoing, for any Deposit account existing on the date of this Agreement for which the Pledgor has used commercially reasonable efforts to enter into such written agreement on the date of this Agreement but has failed to do so, then Pledgor shall satisfy such obligation within five (5) Business Days of the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;<u>Investment Property</u>. If the Pledgor shall at any time hold or acquire any certificated securities, it shall forthwith endorse, assign and deliver the same to the Secured Party, accompanied by such instruments of transfer or assignment duly executed in blank as the Secured Party may from time to time specify. If any securities now owned or hereafter acquired by the Pledgor are uncertificated and are issued to it or its nominee directly by the issuer thereof, the Pledgor shall promptly notify the Secured Party thereof and cause the issuer to either (A) enter into a written agreement or authenticated record with the Secured Party, in form and substance satisfactory to the Secured Party, pursuant to which such issuer shall agree, among other things, to comply with instructions from the Secured Party as to such securities, without further consent of the Pledgor or such nominee, or (B) arrange for the Secured Party to become the registered owner of the securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Accounts</u>. If any securities, whether certificated or uncertificated, or other Investment Property now or hereafter acquired by it are held or acquired by it or its nominee through a securities intermediary or commodities intermediary, it shall promptly notify the Secured Party thereof and (i) either (A) cause such securities intermediary or (as the case may be) commodities intermediary to enter into a written agreement or other authenticated record with the Pledgor and the Secured Party, in form and substance satisfactory to the Secured Party, pursuant to which such securities intermediary or commodities intermediary, as the case may be, shall, among other things, agree to comply with entitlement orders or other instructions from the Secured Party to such securities intermediary as to such securities or other Investment Property, or (as the case may be) to apply any value distributed on account of any commodity contract as directed by the Secured Party to such commodity intermediary, in each case without further consent of the Pledgor or such nominee, or (B) in the case of financial assets or other investment property held through a securities intermediary, arrange for the Secured Party to become the entitlement holder with respect to such investment property, with the Pledgor being permitted, only with the consent of the Secured Party, to exercise rights to withdraw or otherwise deal with such investment property and (ii) cause such securities, financial assets or other

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Investment Property to be held through a securities intermediary that, as of the date of the arrangements contemplated by (A) and (B) above, (x) had a physical office in the United States that effected or monitored entries to securities accounts, (y) administered payments or corporate actions relating to securities held with such intermediary or (z) engaged in a business or other regular activity of maintaining securities accounts, in each case, in accordance with the criteria set forth in Article 4(1)(a) of the Convention on the Law Applicable to Certain Rights in Respect of Securities Held with an Intermediary, July 5, 2006, 46 I.L.M. 649. The Secured Party agrees with the Pledgor that the Security Agent shall not give any such entitlement orders or instructions or directions to any such issuer, securities intermediary or commodity intermediary, and shall not withhold its consent to the exercise of any withdrawal or dealing rights by the Pledgor, unless an Event of Default exists, or, after giving effect to any such investment and withdrawal rights not otherwise permitted by the Note Documents, would occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;<u>Collateral in the Possession of a Bailee</u>. If any goods of the Pledgor are at any time in the possession of a bailee, it shall promptly notify the Secured Party thereof and, if requested by the Secured Party, shall obtain an acknowledgement from such bailee, in form and substance satisfactory to the Secured Party, that such bailee holds such Collateral for the benefit of the Secured Party and shall act upon the instructions of the Secured Party, without the further consent of the Pledgor. The Secured Party agrees with the Pledgor that the Secured Party shall not give any such instructions unless an Event of Default exists or would occur after taking into account any action by the Pledgor with respect to such bailee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;<u>Electronic Chattel Paper and Transferrable Records</u>. If at any time the Pledgor holds or acquires an interest in any electronic chattel paper or any "transferable record", as that term is defined in Section 201 of the Federal Electronic Signatures in Global and National Commerce Act, or in Section 16 of the Uniform Electronic Transactions Act as in effect in any relevant jurisdiction, it shall promptly notify the Secured Party thereof and, at the request of the Secured Party, shall take such action as the Secured Party may reasonably request to vest in the Secured Party control, under Section 9-105 of the UCC, of such electronic chattel paper or control under Section 201 of the Federal Electronic Signatures in Global and National Commerce Act or, as the case may be, Section 16 of the Uniform Electronic Transactions Act, as so in effect in such jurisdiction, of such transferable record. The Secured Party agrees with the Pledgor that the Secured Party shall arrange, pursuant to procedures satisfactory to the Secured Party and so long as such procedures will not result in the Secured Party's loss of control, for the Pledgor to make alterations to the electronic chattel paper or transferable record permitted under Section 9-105 of the UCC or, as the case may be, Section 201 of the Federal Electronic Signatures in Global and National Commerce Act or Section 16 of the Uniform Electronic Transactions Act, unless an Event of Default exists or would reasonably be expected to occur after taking into account any action by the Pledgor with respect to such electronic chattel paper or transferable record.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;<u>Letter of Credit Rights</u>. If the Pledgor is at any time a beneficiary under a letter of credit now or hereafter issued in favor of the Pledgor, it shall promptly notify the Secured Party thereof and, at the request and option of the Secured Party, it shall either (a) arrange, for the issuer and any nominated person with respect to such letter of credit to consent, pursuant to an agreement or other authenticated record with and in form and substance satisfactory to the Secured Party, to an assignment to the Secured Party of the proceeds of any drawing under the

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letter of credit or (b) arrange for the Secured Party to become the transferee beneficiary of the letter of credit, with the Secured Party agreeing, in each case, that the proceeds of any drawing under the letter to credit are to be applied as provided in the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;<u>Commercial Tort Claims</u>. If the Pledgor shall at any time hold or acquire a commercial tort claim, the Pledgor shall promptly, and in any event within thirty (30) days, notify the Secured Party in writing of the details thereof, including a description thereof sufficient for purposes of Section 9-108 of the UCC, and grant to the Secured Party a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance satisfactory to the Secured Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;<u>Intellectual Property</u>. To the extent that the Pledgor owns any interest in copyrights, copyright licenses, patents, patent licenses, trademarks or trademark licenses, the Pledgor shall execute and deliver to the Secured Party for recording in the PTO and/or the Copyright Office, as applicable, an Intellectual Property Security Agreement Supplement concurrently with the Pledgor's execution and delivery of this Agreement (in the case of any such Intellectual Property existing on the date of this Agreement) and on the date the Pledgor establishes or acquires such additional Intellectual Property, as applicable. The provisions of the Intellectual Property Security Agreement Supplement are supplemental to the provisions of this Security Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitation on Modification of Accounts, Chattel Paper, Instruments and Payment Intangibles</u>. The Pledgor shall not, without the Secured Party's prior written consent, grant any extension of the time of payment of any of the Collateral consisting of Accounts, Chattel Paper, Instruments or Payment Intangibles, compromise, compound or settle the same for less than the full amount thereof, release, wholly or partly, any obligor liable for the payment thereof or allow any credit or discount whatsoever thereon, other than extensions, credits, discounts, compromises or settlements granted or made in the ordinary course of business and consistent with its good faith business judgment.

**Section 6.&nbsp;&nbsp;&nbsp;&nbsp;Notification to Account Debtors and Other Persons Obligated on Collateral.** If an Event of Default exists, the Pledgor shall, at the request of the Secured Party, notify its account debtors and other persons obligated on any of the Collateral of the security interest of the Secured Party in any Account, Chattel Paper, General Intangible, Instrument or other Collateral and that payment thereof is to be made directly to the Secured Party or to any financial institution designated by the Secured Party as the Secured Party's agent therefor, and the Secured Party may itself, if an Event of Default exists, without notice to or demand upon the Pledgor, so notify account debtors and other persons obligated on Collateral. After the making of such a request or the giving of any such notification, the Pledgor shall hold any proceeds of collection of Accounts, Chattel Paper, General Intangibles, Instruments and other Collateral received by the Pledgor as trustee for the Secured Party without commingling the same with other funds of the Pledgor and shall turn the same over to the Secured Party in the identical form received, together with any necessary endorsements or assignments. The Secured Party may apply the proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral received by the Secured Party to the Obligations or hold such proceeds as additional Collateral, at the option of the Secured Party.

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**Section 7.&nbsp;&nbsp;&nbsp;&nbsp;Distributions; Voting Rights**. Subject to the provisions of the Indenture and the limitations on distributions set forth therein, and in each case unless an Event of Default shall exist, Pledgor shall be permitted to receive all partnership and/or limited liability company interest distributions or cash dividends paid in the normal course of business of any Pledged Entity and Pledgor shall at all times have the right to exercise all voting and partnership and/or limited liability company or corporate rights with respect to the Pledged Interests, provided that no vote shall be cast or right exercised or other action taken which would impair Secured Party's Lien on the Collateral or which would be inconsistent with or result in any violation of any provision of the Indenture, the Notes, this Agreement or any other Note Documents.

**Section 8.&nbsp;&nbsp;&nbsp;&nbsp;Rights of Secured Party**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default shall occur and be continuing, Secured Party shall have the right to receive any and all income, cash dividends, distributions, proceeds or other property received or paid in respect of the Pledged Interests and make application thereof to the Obligations, in such order as Secured Party, in its sole discretion (exercised at the direction of the Required Holders), may elect, in accordance with the Note Documents. If an Event of Default shall occur and be continuing, then all such Pledged Interests at Secured Party's option, shall be registered in the name of Secured Party or its nominee (if not already so registered), and Secured Party or its nominee may thereafter exercise (i) all voting, and all corporate, limited liability company or partnership, as applicable, and other rights pertaining to the Pledged Interests and (ii) any and all rights of conversion, exchange, and subscription and any other rights, privileges or options pertaining to such Pledged Interests as if it were the absolute owner thereof (including, without limitation, the right to exchange at its discretion any and all of the Pledged Interests upon the merger, consolidation, reorganization, recapitalization or other fundamental change in the organizational structure of any Pledged Entity, or upon the exercise by Pledgor or Secured Party of any right, privilege or option pertaining to such Pledged Interests, and in connection therewith, the right to deposit and deliver any and all of the Pledged Interests with any committee, depositary, transfer agent, registrar or other designated agency upon such terms and conditions as it may determine), all without liability except to account for property actually received by it, but Secured Party shall have no duty to exercise any such right, privilege or option and shall not be responsible for any failure to do so or delay in so doing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The rights of Secured Party under this Agreement shall not be conditioned or contingent upon the pursuit by Secured Party of any right or remedy against Pledgor or against any other Person which may be or become liable in respect of all or any part of the Obligations or against any other security therefor, guarantee thereof or right of offset with respect thereto. No Secured Party shall be liable for any failure to demand, collect or realize upon all or any part of the Collateral or for any delay in doing so, nor shall it be under any obligation to sell or otherwise dispose of any Collateral upon the request of Pledgor or any other Person or to take any other action whatsoever with regard to the Collateral or any part thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Pledgor authorizes Secured Party, at any time and from time to time, to execute, in connection with any sale or other disposition of all or any of the Collateral pursuant to <u>Section 9</u> or <u>Section 10</u>, any endorsements, assignments or other instruments of conveyance or transfer with respect to the Collateral.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The powers conferred upon Secured Party hereunder are solely to protect Secured Party's interest in the Collateral and shall not impose any duty upon Secured Party to exercise any such powers. Secured Party shall be accountable only for amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to Pledgor for any act or failure to act hereunder, except for its or their gross negligence or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;If Pledgor fails to perform or comply with any of its agreements contained herein and Secured Party, as provided for by the terms of this Agreement, shall itself perform or comply, or otherwise cause performance or compliance, with such agreement, then the costs and expenses of Secured Party incurred in connection with such performance or compliance by Secured Party, together with interest at the Default Rate if such expenses are not paid on demand, shall be payable by Pledgor to Secured Party on demand and shall constitute obligations secured hereby.

**Section 9.&nbsp;&nbsp;&nbsp;&nbsp;Remedies**. (a) If an Event of Default shall exist, Secured Party may exercise, in addition to all other rights and remedies granted in this Agreement and in any other instrument or agreement securing, evidencing or relating to the Obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;all rights and remedies of a secured party under the Code (whether or not said Code is in effect in the jurisdiction where the rights and remedies are asserted) and such additional rights and remedies to which a secured party is entitled under the laws in effect in any jurisdiction where any rights and remedies hereunder may be asserted, including, without limitation, the right, to the maximum extent permitted by law, to exercise all voting, consensual and other powers of ownership pertaining to all or any Collateral as if Secured Party were the sole and absolute owner thereof (and Pledgor agrees to take all such action as may be appropriate to give effect to such right);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Secured Party may make any reasonable compromise or settlement deemed desirable with respect to any of the Collateral and may extend the time of payment, arrange for payment in installments, or otherwise modify the terms of, any of the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;in its discretion, Secured Party may, in its name or in the name of Pledgor or otherwise, demand, sue for, collect, direct payment of or receive any money or property at any time payable or receivable on account of or in exchange for any of the Collateral, but shall be under no obligation to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Without limiting the generality of the foregoing, Secured Party, without demand of performance or other demand, presentment, protest, advertisement or notice of any kind (except any notice required by law referred to below or otherwise required hereby) to or upon Pledgor, any Pledged Entity, or any other Person (all and each of which demands, presentments, protests, advertisements and notices, or other defenses, are hereby waived to the extent permitted under Applicable Law), may in such circumstances upon which an Event of Default shall occur and be continuing forthwith collect, receive, appropriate and realize upon the Collateral, or any part thereof, and/or may forthwith sell, assign, give option or options to purchase or otherwise dispose of and deliver the Collateral or any part thereof (or contract to do any of the foregoing),

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in one or more parcels at public or private sale or sales, in the over-the-counter market, at any exchange, broker's board or office of Secured Party or elsewhere upon such terms and conditions as it may deem advisable and at such prices as it may deem best in its sole discretion (exercised at the direction of the Required Holders), for cash or on credit or for future delivery without assumption of any credit risk. Secured Party shall have the right, without notice or publication, to adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for such sale, and any such sale may be made at any time or place to which the same may be adjourned without further notice. Secured Party shall have the right upon any such public sale or sales, and, to the extent permitted by law, upon any such private sale or sales, to purchase all or any portion of the Collateral so sold, free of any right or equity of redemption of Pledgor, which right or equity of redemption is hereby waived or released. Secured Party shall apply any Proceeds from time to time held by it and the net proceeds of any such collection, recovery, receipt, appropriation, realization or sale, after deducting all reasonable costs and expenses of every kind incurred therein or incidental to the care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of Secured Party hereunder, including, without limitation, reasonable attorneys' fees and disbursements, to the payment in whole or in part of the Obligations, in such order as Secured Party may elect, and only after such application and after the payment by Secured Party of any other amount required by any provision of law, including, without limitation, Sections 9-610 and 9-615 of the Code, need Secured Party account for the surplus, if any, to Pledgor. To the extent permitted by Applicable Law, Pledgor waives all claims, damages and demands it may acquire against Secured Party arising out of the exercise by Secured Party of any of its rights hereunder, except for any claims, damages and demands it may have against Secured Party arising from the willful misconduct or gross negligence of Secured Party or its affiliates, or any agents or employees of the foregoing. If any notice of a proposed sale or other disposition of Collateral shall be required by law, such notice shall be deemed reasonable and proper if given at least ten (10) days before such sale or other disposition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;For the purpose of enabling the Secured Party to exercise rights and remedies under this <u>Section 9</u> at such time as the Secured Party shall be lawfully entitled to exercise such rights and remedies, the Pledgor hereby grants to the Secured Party an irrevocable, non-exclusive license (exercisable without payment of royalty or other compensation to the Pledgor) to use, license or sub-license any of the Collateral consisting of Intellectual Property now owned or hereafter acquired by the Pledgor, and wherever the same may be located, and including in such license reasonable access to all media in which any of the licensed items may be recorded or stored and to all computer software and programs used for the compilation or printout thereof. The use of such license by the Secured Party shall be exercised, at the Secured Party's option, while any Event of Default exists; <u>provided</u> that any license, sub-license or other transaction entered into by the Secured Party in accordance herewith shall be binding upon the Pledgor notwithstanding any subsequent cure, waiver or other termination of an Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;In the event of any sale or other disposition of any of the Intellectual Property of the Pledgor, the goodwill of the business connected with and symbolized by any trademarks subject to such sale or other disposition shall be included therein, and the Pledgor shall supply to the Secured Party or its designee the Pledgor's know-how and expertise, and documents and things relating to any Intellectual Property subject to such sale or other disposition, and the

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Pledgor's customer lists and other records and documents relating to such Intellectual Property and to the manufacture, distribution, advertising and sale of products and services of the Pledgor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The rights, powers, privileges and remedies of Secured Party under this Agreement are cumulative and shall be in addition to all rights, powers, privileges and remedies available to Secured Party at law or in equity. All such rights, powers and remedies shall be cumulative and may be exercised successively or concurrently without impairing the rights of Secured Party hereunder.

**Section 10.&nbsp;&nbsp;&nbsp;&nbsp;Private Sales**. (a) Pledgor recognizes that Secured Party may be unable to effect a public sale of any or all of the Pledged Interests, by reason of certain prohibitions contained in the Securities Act of 1933, as amended, and applicable state securities laws or otherwise, and may be compelled to resort to one or more private sales thereof to a restricted group of purchasers which will be obliged to agree, among other things, to acquire such securities for their own account for investment and not with a view to the distribution or resale thereof. Pledgor acknowledges and agrees that any such private sale may result in prices and other terms less favorable to Secured Party than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private sale shall not be deemed to have been made in a commercially unreasonable manner solely by virtue of being a private sale. Secured Party shall be under no obligation to delay a sale of any of the Pledged Interests for the period of time necessary to permit the applicable Pledged Entity or Pledgor to register such securities for public sale under the Securities Act of 1933, as amended, or under applicable state securities laws, even if such Pledged Entity or Pledgor would agree to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Pledgor further shall use commercially reasonable efforts to do or cause to be done all such other acts as may be reasonably necessary to make any sale or sales of all or any portion of the Pledged Interests pursuant to this <u>Section 10</u> valid and binding and in compliance with any and all other requirements of Applicable Law. Pledgor further agrees that a breach of any of the covenants contained in this <u>Section 10</u> will cause irreparable injury to Secured Party, that Secured Party have no adequate remedy at law in respect of such breach and, as a consequence, that each and every covenant contained in this <u>Section 10</u> shall be specifically enforceable against Pledgor, and Pledgor hereby waives and agrees not to assert any defenses against an action for specific performance of such covenants except for a defense that no Event of Default has occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Secured Party shall not incur any liability as a result of the sale of any Collateral, or any part thereof, at any private sale conducted in a commercially reasonable manner, it being agreed that some or all of the Collateral is or may be of one or more types that threaten to decline speedily in value and that are not customarily sold in a recognized market. Pledgor hereby waives any claims against Secured Party arising by reason of the fact that the price at which any of the Collateral may have been sold at such a private sale was less than the price which might have been obtained at a public sale or was less than the Aggregate Outstanding Principal Amount, even if Secured Party accepts the first offer received and does not offer any Collateral to more than one offeree, provided that Secured Party has acted in a commercially reasonable manner in conducting such private sale.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Code states that Secured Party is able to purchase the Pledged Interests only if they are sold at a public sale. Secured Party has advised Pledgor that SEC staff personnel have issued various No-Action Letters describing procedures which, in the view of the SEC staff, permit a foreclosure sale of securities to occur in a manner that is public for purposes of Article 9 of the Code, yet not public for purposes of Section 4(2) of the Securities Act of 1933. The Code permits Pledgor to agree on the standards for determining whether Secured Party has complied with its obligations under Article 9 of the Code. Pursuant to the Code, Pledgor specifically agrees (i) that it shall not raise any objection to Secured Party's purchase of any Pledged Interests (through bidding on the obligations or otherwise) and (ii) that a foreclosure sale conducted in conformity with the principles set forth in the No-Action Letters (A) shall be considered to be a "public" sale for purposes of the Code; (B) will be considered commercially reasonable notwithstanding that Secured Party has not registered or sought to register all or any the Pledged Interests under the Securities Laws, even if Pledgor or any Pledged Entity agrees to pay all costs of the registration process; and (C) shall be considered to be commercially reasonable notwithstanding that Secured Party purchases all or any Pledged Interests at such a sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Pledgor agrees that Secured Party shall not have any general duty or obligation to make any effort to obtain or pay any particular price for any Pledged Interests sold by Secured Party pursuant to this Agreement. Secured Party, may, in its sole discretion (exercised at the direction of the Required Holders), among other things, accept the first offer received, or decide to approach or not to approach any potential purchasers. Without in any way limiting Secured Party's right to conduct a foreclosure sale in any manner which is considered commercially reasonable, Pledgor hereby agrees that any foreclosure sale conducted in accordance with the following provisions shall be considered a commercially reasonable sale and hereby irrevocably waives any right to contest any such sale:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Secured Party conducts the foreclosure sale in the State of New York;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;The foreclosure sale is conducted in accordance with the laws of the State of New York;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Not more than ninety (90) days before, and not less than thirty (30) days in advance of the foreclosure sale, Secured Party notifies Pledgor at the address set forth herein of the time and place of such foreclosure sale, Pledgor hereby specifically agreeing that such notice shall constitute commercially reasonable notice of such sale both with respect to Pledgor and with respect to potential bidders at such sale and other interested third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;The foreclosure sale is conducted by an auctioneer licensed in the State of New York and is conducted in New York City on any Business Day between the hours of 9 a.m. and 5 p.m.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;The notice of the date, time and location of the foreclosure sale is published in the New York Times, the Wall Street Journal (or such other newspaper or periodical widely circulated in New York, New York) not less than twice in any two of

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such newspapers or publications not less than seven (7) days prior to the date of the foreclosure sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;Secured Party sends notification of the foreclosure sale to all secured parties identified as a result of a search of the Uniform Commercial Code financing statements in the filing offices located in the States of Delaware, Iowa, Ohio or Tennessee, as applicable, conducted not later than twenty (20) days and not earlier than sixty (60) days before such notification date.

**Section 11.&nbsp;&nbsp;&nbsp;&nbsp;Limitation on Duties Regarding Collateral**. Secured Party's sole duty with respect to the custody, safekeeping and physical preservation of the Collateral in its possession, under Section 9-207 of the Code or otherwise, shall be to deal with it in the same manner as Secured Party deals with similar securities and property for its own account. Neither Secured Party nor any of its directors, officers, employees or agents shall be liable for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of Pledgor or otherwise.

**Section 12.&nbsp;&nbsp;&nbsp;&nbsp;Financing Statements; Other Documents**. Pledgor hereby authorizes Secured Party to file UCC-1 financing statements with respect to the Collateral. Pledgor agrees to deliver any other document or instrument which Secured Party may reasonably request with respect to the Collateral for the purposes of obtaining or preserving the full benefits of this Agreement and of the rights and powers herein granted.

**Section 13.&nbsp;&nbsp;&nbsp;&nbsp;Attorney-in-Fact**. Without limiting any rights or powers granted by this Agreement to Secured Party, Secured Party is hereby appointed, which appointment as attorney-in-fact is irrevocable and coupled with an interest, the attorney-in-fact of each Pledgor for the purpose of carrying out the provisions of this Agreement and taking any action and executing any instruments which Secured Party may deem necessary or advisable to accomplish the purposes hereof including, without limitation, during the continuance of an Event of Default:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;to ask, demand, collect, sue for, recover, compromise, receive and give acquittance and receipts for moneys due and to become due under or in respect of any of the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;to receive, endorse and collect any drafts or other instruments, documents and chattel paper in connection with the foregoing <u>clause (a)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;to file any claims or take any action or institute any proceedings that Secured Party may deem necessary or desirable for the collection of any of the Collateral or otherwise to enforce the rights of Secured Party, with respect to any of the Collateral; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;to execute, in connection with the sale provided for in <u>Section 9</u> or <u>Section 10</u>, any endorsement, assignments, or other instruments of conveyance or transfer with respect to the Collateral.

If so requested by Secured Party, Pledgor shall ratify and confirm any such sale or transfer by executing and delivering to Secured Party at Pledgor's expense all proper deeds, bills

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of sale, instruments of assignment, conveyance of transfer and releases as may be designated in any such request.

**Section 14.&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Severability</u>. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Headings</u>. The headings used in this Agreement are for convenience of reference only and are not to affect the construction hereof or be taken into consideration in the interpretation hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>No Waiver; Cumulative Remedies</u>. Secured Party shall not by any act (except by a written instrument pursuant to <u>Section 14(d)</u>), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any default or in any breach of any of the terms and conditions hereof. No failure to exercise, nor any delay in exercising, on the part of Secured Party, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege. A waiver by Secured Party of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which Secured Party would otherwise have on any future occasion. The rights, remedies, powers and privileges herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any rights, remedies, powers or privileges provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Waivers and Amendments</u>. None of the terms or provisions of this Agreement may be waived, amended, or otherwise modified except by a written instrument executed by the party against which enforcement of such waiver, amendment, or modification is sought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>No Transfer</u>. Except as otherwise permitted under the Note Documents, Pledgor will not sell, assign, transfer, exchange, or otherwise dispose of, or grant any option with respect to, the Collateral, nor will it create, incur or permit to exist any pledge, lien, mortgage, hypothecation, security interest, charge, option or any other encumbrance with respect to any Collateral, or any interest therein, or any proceeds thereof, except for the security interest provided for by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Successors and Assigns</u>. This Agreement shall be binding upon and shall inure to the benefit of Pledgor and the respective successors and assigns of Pledgor and shall inure to the benefit of Secured Party and its successors and assigns; provided Pledgor shall not have any right to assign its rights hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices</u>. The provisions of <u>Section 12.1</u> of the Indenture are hereby incorporated by reference into this Agreement to the same extent and with the same force as if fully set forth herein.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law; Submission to Jurisdiction</u>. The provisions of <u>Section 12.6</u> of the Indenture are hereby incorporated by reference into this Agreement to the same extent and with the same force as if fully set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Agents</u>. Secured Party may employ agents and attorneys-in-fact in connection herewith and shall not be responsible for their actions except for the gross negligence or willful misconduct of any such agents or attorneys-in-fact.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;<u>Reserved</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;<u>Irrevocable Authorization and Instruction to the Pledged Entity</u>. Pledgor hereby authorizes and instructs each Pledged Entity to comply with any instruction received by it from Secured Party in writing that (i) states that an Event of Default has occurred and (ii) otherwise complies with any applicable terms of this Agreement, without any other or further instructions from Pledgor, and Pledgor agrees that each Pledged Entity shall be fully protected in so complying.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>. This Agreement may be executed in any number of counterparts and all the counterparts taken together shall be deemed to constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver of Jury Trial</u>. The provisions of Section 12.7 of the Indenture are hereby incorporated by reference into this Agreement to the same extent and with the same force as if fully set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;<u>Joint and Several Liability</u>. If Pledgor consists of more than one Person or party, the obligations and liabilities of each such Person or party hereunder shall be joint and several.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;<u>Acknowledgment and Consent</u>. Pledgor shall cause each Pledged Entity to execute and deliver to Secured Party an Acknowledgment and Consent with respect to this Agreement in the form of <u>Exhibit A</u> attached hereto, in connection with the execution and delivery of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;<u>Trustee's Discretion</u>. The provisions of Section 7.2(j) of the Indenture are hereby incorporated by reference into this Agreement to the same extent and with the same force as if fully set forth herein. With respect to any matter relating to this Agreement, Secured Party shall have the same rights as the Trustee has under Section 7.2(j) of the Indenture.

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**IN WITNESS WHEREOF**, the parties have caused this Agreement to be executed by their duly authorized officers as of the date set forth above.

<u>PLEDGOR</u>:

GREEN PLAINS INC.,

an Iowa corporation<br>By:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Michelle Mapes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>Name: Michelle Mapes<br>Title: Chief Legal & Administration Officer

GREEN PLAINS FAIRMONT LLC,

a Delaware limited liability company

By:&nbsp;&nbsp;&nbsp;&nbsp;Green Plains Inc.,

&nbsp;&nbsp;&nbsp;&nbsp;an Iowa corporation

&nbsp;&nbsp;&nbsp;&nbsp;its sole member

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;By: <u>/s/ Michelle Mapes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>Name: Michelle Mapes<br>Title: Chief Legal & Administration Officer

GREEN PLAINS SUPERIOR LLC,

an Iowa limited liability company

By:&nbsp;&nbsp;&nbsp;&nbsp;Green Plains Inc.,

&nbsp;&nbsp;&nbsp;&nbsp;an Iowa corporation

&nbsp;&nbsp;&nbsp;&nbsp;its sole member

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;By: <u>/s/ Michelle Mapes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>Name: Michelle Mapes<br>Title: Chief Legal & Administration Officer

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

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GREEN PLAINS OTTER TAIL LLC,

a Delaware limited liability company

By:&nbsp;&nbsp;&nbsp;&nbsp;Green Plains Inc.,

&nbsp;&nbsp;&nbsp;&nbsp;an Iowa corporation

&nbsp;&nbsp;&nbsp;&nbsp;its sole member

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;By: <u>/s/ Michelle Mapes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>Name: Michelle Mapes<br>Title: Chief Legal & Administration Officer

GREEN PLAINS MADISON LLC,

a Delaware limited liability company

By:&nbsp;&nbsp;&nbsp;&nbsp;Green Plains Inc.,

&nbsp;&nbsp;&nbsp;&nbsp;an Iowa corporation

&nbsp;&nbsp;&nbsp;&nbsp;its sole member

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;By: <u>/s/ Michelle Mapes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>Name: Michelle Mapes<br>Title: Chief Legal & Administration Officer

GREEN PLAINS WOOD RIVER LLC,

a Delaware limited liability company

By:&nbsp;&nbsp;&nbsp;&nbsp;Green Plains Inc.,

&nbsp;&nbsp;&nbsp;&nbsp;an Iowa corporation

&nbsp;&nbsp;&nbsp;&nbsp;its sole member

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;By: <u>/s/ Michelle Mapes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>Name: Michelle Mapes<br>Title: Chief Legal & Administration Officer

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

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GREEN PLAINS YORK LLC,

a Delaware limited liability company

By:&nbsp;&nbsp;&nbsp;&nbsp;Green Plains Inc.,

&nbsp;&nbsp;&nbsp;&nbsp;an Iowa corporation

&nbsp;&nbsp;&nbsp;&nbsp;its sole member

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;By: <u>/s/ Michelle Mapes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>Name: Michelle Mapes<br>Title: Chief Legal & Administration Officer

GREEN PLAINS OBION LLC,

a Tennessee limited liability company

By:&nbsp;&nbsp;&nbsp;&nbsp;Green Plains Inc.,

&nbsp;&nbsp;&nbsp;&nbsp;an Iowa corporation

&nbsp;&nbsp;&nbsp;&nbsp;its sole member

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;By: <u>/s/ Michelle Mapes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>Name: Michelle Mapes<br>Title: Chief Legal & Administration Officer

GREEN PLAINS MOUNT VERNON LLC,

a Delaware limited liability company

By:&nbsp;&nbsp;&nbsp;&nbsp;Green Plains Inc.,

&nbsp;&nbsp;&nbsp;&nbsp;an Iowa corporation

&nbsp;&nbsp;&nbsp;&nbsp;its sole member

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;By: <u>/s/ Michelle Mapes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>Name: Michelle Mapes<br>Title: Chief Legal & Administration Officer

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

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GREEN PLAINS ATKINSON LLC,

a Delaware limited liability company

By:&nbsp;&nbsp;&nbsp;&nbsp;Green Plains Inc.,

&nbsp;&nbsp;&nbsp;&nbsp;an Iowa corporation

&nbsp;&nbsp;&nbsp;&nbsp;its sole member

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;By: <u>/s/ Michelle Mapes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>Name: Michelle Mapes<br>Title: Chief Legal & Administration Officer

GREEN PLAINS HEREFORD LLC,

a Delaware limited liability company

By:&nbsp;&nbsp;&nbsp;&nbsp;Green Plains Inc.,

&nbsp;&nbsp;&nbsp;&nbsp;an Iowa corporation

&nbsp;&nbsp;&nbsp;&nbsp;its sole member

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;By: <u>/s/ Michelle Mapes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>Name: Michelle Mapes<br>Title: Chief Legal & Administration Officer

GREEN PLAINS YORK INNOVATION LLC,

a Delaware limited liability company

By:&nbsp;&nbsp;&nbsp;&nbsp;Green Plains Inc.,

&nbsp;&nbsp;&nbsp;&nbsp;an Iowa corporation

&nbsp;&nbsp;&nbsp;&nbsp;its sole member

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;By: <u>/s/ Michelle Mapes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>Name: Michelle Mapes<br>Title: Chief Legal & Administration Officer

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

------

GREEN PLAINS HOPEWELL LLC,

a Delaware limited liability company

By:&nbsp;&nbsp;&nbsp;&nbsp;Green Plains Inc.,

&nbsp;&nbsp;&nbsp;&nbsp;an Iowa corporation

&nbsp;&nbsp;&nbsp;&nbsp;its sole member

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;By: <u>/s/ Michelle Mapes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>Name: Michelle Mapes<br>Title: Chief Legal & Administration Officer

GREEN PLAINS CENTRAL CITY LLC,

a Delaware limited liability company

By:&nbsp;&nbsp;&nbsp;&nbsp;Green Plains Inc.,

&nbsp;&nbsp;&nbsp;&nbsp;an Iowa corporation

&nbsp;&nbsp;&nbsp;&nbsp;its sole member

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;By: <u>/s/ Michelle Mapes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>Name: Michelle Mapes<br>Title: Chief Legal & Administration Officer

COLLINS BIOENERGY PARTNERS LLC,

a Texas limited liability company

By:&nbsp;&nbsp;&nbsp;&nbsp;Green Plains Inc.,

&nbsp;&nbsp;&nbsp;&nbsp;an Iowa corporation

&nbsp;&nbsp;&nbsp;&nbsp;its sole member

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;By: <u>/s/ Michelle Mapes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>Name: Michelle Mapes<br>Title: Chief Legal & Administration Officer

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

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GREEN PLAINS INVESTMENTS LLC,

a Delaware limited liability company

By:&nbsp;&nbsp;&nbsp;&nbsp;Green Plains Inc.,

&nbsp;&nbsp;&nbsp;&nbsp;an Iowa corporation

&nbsp;&nbsp;&nbsp;&nbsp;its sole member

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;By: <u>/s/ Michelle Mapes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>Name: Michelle Mapes<br>Title: Chief Legal & Administration Officer

GREEN PLAINS INVESTMENTS II LLC,

a Delaware limited liability company

By:&nbsp;&nbsp;&nbsp;&nbsp;Green Plains Inc.,

&nbsp;&nbsp;&nbsp;&nbsp;an Iowa corporation

&nbsp;&nbsp;&nbsp;&nbsp;its sole member

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;By: <u>/s/ Michelle Mapes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>Name: Michelle Mapes<br>Title: Chief Legal & Administration Officer

FLUID QUIP MECHANICAL, LLC,

an Ohio limited liability company

By:&nbsp;&nbsp;&nbsp;&nbsp;Green Plains Inc.,

&nbsp;&nbsp;&nbsp;&nbsp;an Iowa corporation

&nbsp;&nbsp;&nbsp;&nbsp;its sole member

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;By: <u>/s/ Michelle Mapes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>Name: Michelle Mapes<br>Title: Chief Legal & Administration Officer

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

------

<u>SECURED PARTY</u>:

Wilmington Trust, National Association,

as Trustee

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ William Marder</u><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;<u>William Marder</u><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Title:&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signatory

## Exhibit 10.14

Exhibit 10.14

**AMENDED AND RESTATED PLEDGE AND SECURITY AGREEMENT**

This **AMENDED AND RESTATED PLEDGE AND SECURITY AGREEMENT**, dated as of August 10, 2025 (as amended, restated, replaced, supplemented or otherwise modified from time to time, this "**<u>Agreement</u>**"), made by GREEN PLAINS SPE LLC, a Delaware corporation ("**<u>Pledgor</u>**"), in favor of WILMINGTON TRUST, NATIONAL ASSOCIATION, as trustee for the Holders (as defined in the Indenture (as defined below)) (in such capacity, together with its successors and assigns, "**<u>Secured Party</u>**").

**W I T N E S S E T H:** 

**WHEREAS**, as of February 9, 2021, Pledgor issued those certain Junior Mezzanine Secured Notes due 2026 (the "**<u>Initial Notes</u>**" and, together with any PIK Notes, collectively, the "**<u>Notes</u>**"), pursuant to that certain Indenture, dated as of February 9, 2021, by and among Pledgor, as issuer, Green Plains Inc., an Iowa corporation ("**<u>Guarantor</u>**"), as Guarantor, and Secured Party, as trustee (as amended, restated, supplemented, replaced or otherwise modified prior to the date hereof, the "**<u>Existing Indenture</u>**");

**WHEREAS**, on or about the date hereof, Pledgor, Guarantor and Secured Party, as trustee, amended and restated the Existing Indenture and entered into that certain Amended and Restated Indenture (as amended, restated, supplemented, replaced or otherwise modified from time to time, the "**<u>Indenture</u>**");

**WHEREAS**, Pledgor is the sole legal and beneficial owner of all of the issued and outstanding limited liability company interests described on <u>Schedule I</u> attached hereto (collectively, the "**<u>Pledged Interests</u>**");

**WHEREAS**, concurrently with Pledgor's execution and delivery of the Existing Indenture, Pledgor executed that certain Pledge and Security Agreement, dated as of February 9, 2021 (the "**<u>Existing Pledge Agreement</u>**") in favor of Secured Party; and

**WHEREAS**, pursuant to the terms of the Indenture, Pledgor and Secured Party have agreed to enter into this Agreement to amend and restate the terms of the Existing Pledge Agreement.

**NOW, THEREFORE**, in consideration of the premises and to comply with the terms of the Indenture and the other Note Documents, Pledgor hereby represents, warrants, covenants and agrees with Secured Party as follows:

**Section 1.&nbsp;&nbsp;&nbsp;&nbsp;Defined Terms**. As used in this Agreement, the following terms have the meanings set forth in or incorporated by reference below:

"**Account**" has the meaning set forth in the Code.

"**Agreement**" has the meaning set forth in the introductory paragraph hereto.

"**Article 8 Matter**" has the meaning set forth in <u>Section 16(j)</u>.

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"**Chattel Paper**" has the meaning set forth in the Code.

"**Code**" or "**UCC**" means the Uniform Commercial Code from time to time in effect in the State of New York; <u>provided</u>, <u>however</u>, that if, by reason of any mandatory provisions of law, the validity or perfection of Secured Party's security interest in the Collateral or any part thereof is governed by the Uniform Commercial Code or other similar law as in effect in a jurisdiction other than New York, the term "Code" shall mean the Uniform Commercial Code or such similar law as in effect in such other jurisdiction for purposes of the provisions hereof relating to such validity or perfection.

"**Collateral**" has the meaning set forth in <u>Section 2</u>.

"**Commercial Tort Claims**" has the meaning set forth in the Code.

"**Copyright Office**" means the United States Copyright Office.

"**Deposit Account**" has the meaning set forth in the Code.

"**Documents**" has the meaning set forth in the Code.

"**Equipment**" has the meaning set forth in the Code.

"**Fixtures**" has the meaning set forth in the Code.

"**General Intangibles**" has the meaning set forth in the Code.

"**Goods**" has the meaning set forth in the Code.

"**Indenture**" has the meaning set forth in the Recitals.

"**Initial Notes**" has the meaning set forth in the Recitals.

"**Instruments**" has the meaning set forth in the Code.

"**Intellectual Property**" means all intellectual and similar property of Pledgor of every kind and nature, whether now owned or hereafter acquired by Pledgor, including inventions, designs, patents, patent licenses, trademarks, trademark licenses, copyrights, copyright licenses, trade secrets, confidential or proprietary technical and business information, know-how, show-how or other data or information, software and databases and all embodiments or fixations thereof and related documentation, registrations and franchises, licenses for any of the foregoing and all license rights, and all additions, improvements and accessions to, books and records describing or used in connection with, any of the foregoing and all rights to sue at law or in equity for any infringement or other impairment thereof, including the right to receive all proceeds and damages therefrom.

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"**Intellectual Property Security Agreement Supplement**" means a supplement to this Agreement, executed by Pledgor in favor of Secured Party, substantially in the form of <u>Exhibit B</u> hereto.

"**Inventory**" has the meaning set forth in the Code.

"**Investment Property**" has the meaning set forth in the Code.

"**Letter-of-Credit Rights**" has the meaning set forth in the Code.

"**Organizational Document**" has the meaning set forth in <u>Section 2(f)</u>.

"**Pledged Entity**" means each subsidiary of Pledgor listed on <u>Schedule I</u> hereto.

"**Pledged Interests**" means the limited liability company interests owned by Pledgor in each Pledged Entity, together with all limited liability company certificates, options or rights of any nature whatsoever which may be issued or granted by any Pledged Entity to Pledgor.

"**Pledgor**" has the meaning set forth in the introductory paragraph hereto, together with its successors and permitted assigns.

"**Proceeds**" means all "proceeds" as such term is defined in Section 9-102(a)(64) of the Code on the date hereof and, in any event, shall include, without limitation, all dividends or other income from the Pledged Interests, collections thereon or distributions with respect thereto.

"**PTO**" means the United States Patent and Trademark Office.

"**Replacement Certificate**" has the meaning set forth in <u>Section 6</u>.

"**Secured Party**" has the meaning set forth in the introductory paragraph hereto.

"**Securities Account**" has the meaning set forth in the Code.

"**Supporting Obligations**" has the meaning set forth in the Code.

Terms used herein but not otherwise defined herein shall have the respective meanings ascribed thereto in the Indenture. All references to sections, subsections, schedules and exhibits are to sections, subsections, schedules and exhibits in or to this Agreement unless otherwise specified. All uses of the word "including" shall mean "including, without limitation" unless the context shall indicate otherwise. Unless otherwise specified, the words "hereof," "herein" and "hereunder" and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. Unless otherwise specified, all meanings attributed to defined terms herein shall be equally applicable to both the singular and plural forms of the terms so defined.

**Section 2.&nbsp;&nbsp;&nbsp;&nbsp;Pledge; Grant of Security Interest**. Pledgor hereby pledges and grants to Secured Party, as collateral security for the prompt and complete payment and performance

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when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations, a first priority security interest in all of Pledgor's right, title and interest in, to and under the following properties and assets of Pledgor, wherever located, whether now owned or hereafter acquired or arising (collectively, the "**<u>Collateral</u>**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;all Pledged Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;all securities, moneys or property representing dividends or interest on any of the Pledged Interests, or representing a distribution in respect of the Pledged Interests, or resulting from a split-up, revision, reclassification or other like change of the Pledged Interests or otherwise received in exchange therefor, and any subscription warrants, rights or options issued to the holders of, or otherwise in respect of, the Pledged Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;all right, title and interest of Pledgor in, to and under any policy of insurance payable by reason of loss or damage to the Pledged Interests and any other Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;all "accounts", "documents", "general intangibles", "instruments" and "investment property" (in each case as defined in the Code) constituting or relating to the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;all rights, privileges, authority and power arising from Pledgor's interest in each Pledged Entity (<u>provided</u>, <u>however</u>, that, so long as no Event of Default exists, Pledgor may exercise such rights, privileges, authority vested in Pledgor);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;the capital of Pledgor in each Pledged Entity and any and all profits, losses, distributions and allocations attributable thereto as well as the proceeds of any distribution thereof, whether arising under the terms of any of the following documents, as applicable (each an "**<u>Organizational Document</u>**" and collectively, the "**<u>Organizational Documents</u>**"): articles of incorporation, certificate of formation, certificate of limited partnership, certificate of organization, by-laws, limited partnership agreement, limited liability company agreement, stock certificates, certificates of limited partnership interests or general partnership interests (if any), certificates of limited liability company membership interests (if any), and all amendments or modifications of any of the foregoing, and all other agreements, instruments and/or other organizational or governing documents of or relating to each Pledged Entity (<u>provided</u>, <u>however</u>, that, so long as no Event of Default exists, subject to the terms and conditions of the Indenture, Pledgor shall retain all rights with respect to all such profits, losses, distributions, allocations and proceeds);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;all other payments, if any, due or to become due to Pledgor in respect of any of the items listed in this <u>Section 2</u>, under or arising out of any Organizational Document of any Pledged Entity or otherwise, whether as contractual obligations, damages, insurance proceeds, condemnation awards or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;all of Pledgor's claims, rights, powers, privileges, authority, options, security interests, liens and remedies, if any, under or arising out of the ownership of the Pledged Interests;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;all present and future claims, if any, of Pledgor against any Pledged Entity for monies loaned or advanced, for services rendered or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;all of Pledgor's rights pursuant to any Organizational Document of any Pledged Entity or at law or in equity, to exercise and enforce every right, power, remedy, authority, option and privilege of Pledgor relating to the Pledged Interests, including, but not limited to, the right to execute any instruments and to take any and all other action on behalf of and in the name of Pledgor in respect of the Pledged Interests and/or any Pledged Entity, to make determinations, to exercise any election (including, but not limited to, election of remedies) or option or to give or receive any notice, consent, amendment, waiver or approval, together with full power and authority to demand, receive, enforce or collect any of the foregoing or any property of any Pledged Entity, to enforce or execute any checks, or other instruments or orders and to file any claims and to take any actions in connection with any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;all securities and other Investment Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;all equity interests or other property now owned or hereafter acquired by Pledgor as a result of exchange offers, recapitalizations of any type, contributions to capital, options or other rights relating to the Pledged Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;all Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;all personal property and Fixtures of every kind and nature, including, without limitation, all Goods, Equipment, Inventory and any accessions thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;all Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;all Chattel Paper (whether tangible or electronic);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;all Letter-of-Credit Rights (whether or not the letter of credit is evidenced by a writing);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp;all money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;all Commercial Tort Claims, including those identified in <u>Schedule IV</u> attached hereto, as such schedule may be supplemented from time to time in accordance with this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;&nbsp;&nbsp;&nbsp;all Deposit Accounts, including those identified in <u>Schedule III</u> attached hereto, all cash and all other property from time to time deposited therein or otherwise credited thereto and the monies and property in the possession or under the control of Secured Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;all Supporting Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)&nbsp;&nbsp;&nbsp;&nbsp;any other contract rights or rights to the payment of money, insurance claims and proceeds;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;all General Intangibles (including, without limitation, all Intellectual Property, insurance policies and payment intangibles);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;&nbsp;&nbsp;&nbsp;all Instruments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)&nbsp;&nbsp;&nbsp;&nbsp;all other property of Pledgor and all Proceeds (including, without limitation, any proceeds of insurance thereon), products, accessions, rents and profits of any kind and all the foregoing and all collateral security, supporting obligations and guarantees given by any Person with respect to any of the foregoing.

**Section 3.&nbsp;&nbsp;&nbsp;&nbsp;Certificates and Powers**. Concurrently with the execution of the Existing Pledge Agreement, Pledgor delivered to Secured Party the original certificate evidencing the Pledged Interests (which certificates constitute the "security certificates" (as defined in the Code)), together with an undated limited liability company interest transfer power covering each certificate, duly executed in blank.

**Section 4.&nbsp;&nbsp;&nbsp;&nbsp;Limitation of Liability**. Notwithstanding anything to the contrary herein or in any other Note Document, the maximum liability of Pledgor under this Agreement and under the other Note Documents shall not exceed an amount equal to the largest amount that would not render Pledgor's obligations hereunder and under such other Note Documents subject to avoidance under Section 548 of the Bankruptcy Code or any equivalent provision of any other Bankruptcy Law, in all cases before taking into account any liabilities of Pledgor under any debt, guarantee or security document that is not a Note Document.

**Section 5.&nbsp;&nbsp;&nbsp;&nbsp;Representations and Warranties**. Pledgor represents and warrants as of the date hereof that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;No authorization, consent of or notice to any other Person (including, without limitation, any member, partner or creditor of Pledgor or any Pledged Entity) that has not been obtained, is required in connection with the execution, delivery, performance, validity or enforceability of this Agreement including, without limitation, the assignment and transfer by Pledgor of any of the Collateral to Secured Party or the subsequent transfer thereof by Secured Party pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;All of the Pledged Interests have been duly and validly issued and are fully paid and non-assessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Pledged Interests listed on <u>Schedule I</u> hereto constitute all the issued and outstanding limited liability company interests in each Pledged Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Upon the giving of value, the filing of applicable Form UCC-1 financing statement with the Delaware Secretary of State, as applicable, describing the Collateral, the

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Upon delivery to Secured Party of the limited liability company certificates evidencing the Pledged Interests, the Lien granted pursuant to this Agreement will constitute a valid, perfected first priority Lien on the Pledged Interests, enforceable as such against all creditors of Pledgor and any Persons purporting to purchase any Pledged Interests from Pledgor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;The principal place of business and chief executive office of Pledgor is, and has been since its formation, located at 1811 Aksarben Drive, Omaha, Nebraska 68106.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;The exact name of Pledgor is Green Plains SPE LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Pledgor was duly formed and is validly existing under the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;There exist no certificates, instruments or writings representing the Pledged Interests, other than the certificates issued and delivered to Secured Party on the date of the Existing Pledge Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;The Pledged Interests (i) are not "financial assets" (within the meaning of Section 8-102(a)(9) of the Code), and (ii) are not credited to a "securities account" (within the meaning of Section 8-501(a) of the Code). The operating agreement of each Pledged Entity and the certificates evidencing each shall at all times state that the Pledged Interests are "securities" as such term is defined in Article 8 of the Code, as in effect in the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;All of the Pledged Interests has been "certificated", are "securities" governed by Article 8 of the Code and, during the term of this Agreement, the Pledged Interests are and will be deemed securities under Article 8 and Article 9 of the Code, including, without limitation, Section 8-103(c) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;<u>Schedule II</u> provides a complete and correct list of all Intellectual Property owned by Pledgor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;<u>Schedule III</u> is a complete and accurate list, as of the date of this Agreement, of each Deposit Account of Pledgor, together with the name and address of each institution at which each such Deposit Account is maintained.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;<u>Schedule IV</u> is a complete and accurate list of all Commercial Tort Claims held by Pledgor, including a brief description thereof sufficient for purposes of Section 9-108 of the UCC.

**Section 6.&nbsp;&nbsp;&nbsp;&nbsp;Covenants**. Pledgor covenants and agrees that, from and after the date of this Agreement until the satisfaction of the Obligations (other than solely with respect to any contingent indemnification obligations) in full:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Acknowledgements of Parties</u>. If Pledgor shall, as a result of its ownership of the Pledged Interests, become entitled to receive or shall receive any stock certificate or partnership or limited liability company certificate, as applicable (including, without limitation, any certificate representing a dividend or a distribution in connection with any reclassification, increase or reduction of capital or any certificate issued in connection with any reorganization), option or rights, whether in addition to, in substitution of, as a conversion of, or in exchange for any shares of the Pledged Interests, or otherwise in respect thereof, Pledgor shall accept the same as Secured Party's agent, hold the same in trust for Secured Party and deliver the same forthwith to Secured Party in the exact form received, duly endorsed by Pledgor to Secured Party, if required, together with an undated limited liability company transfer power covering such certificate duly executed in blank and with, if Secured Party so requests, signature guaranteed, to be held by Secured Party hereunder as additional security for the Obligations. Any sums paid upon or in respect of the Pledged Interests upon the liquidation or dissolution of any Pledged Entity shall be paid over to Secured Party to be held by it hereunder as additional security for the Obligations, and in case any distribution of capital shall be made on or in respect of the Pledged Interests or any property shall be distributed upon or with respect to the Pledged Interests pursuant to the recapitalization or reclassification of the capital of any Pledged Entity or pursuant to the reorganization thereof, the property so distributed shall be delivered to Secured Party to be held by it, subject to the terms hereof, as additional security for the Obligations. If any sums of money or property so paid or distributed in respect of the Pledged Interests shall be received by Pledgor, Pledgor shall, until such money or property is paid or delivered to Secured Party, hold such money or property in trust for the benefit of Secured Party, segregated from other funds of Pledgor, as additional security for the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Actions of Pledged Entities</u>. Without the prior written consent of Secured Party, Pledgor shall not, directly or indirectly (i) vote to enable, or take any other action to permit, any Pledged Entity to issue any stock, partnership or limited liability company interests, or to issue any other securities convertible into or granting the right to purchase or exchange for any stock, partnership or limited liability company interests, in any Pledged Entity, or (ii) except as expressly permitted by the Indenture, sell, assign, transfer, exchange or otherwise dispose of, or grant any option with respect to, all or any Collateral, or (iii) create, incur, authorize or permit to exist any Lien or option in favor of, or any claim of any Person with respect to, any of the Collateral, or any interest therein, except for the Lien provided for by this Agreement. Pledgor shall defend the right, title and interest of Secured Party in and to the Collateral against the claims and demands of all Persons whomsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Assurances</u>. At any time and from time to time, upon the written request of Secured Party, and at the sole expense of Pledgor, Pledgor shall promptly and duly give, execute, deliver file and/or record such further instruments and documents and take such

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further actions as Secured Party may reasonably request for the purposes of obtaining, creating, perfecting, validating or preserving the full benefits of this Agreement and of the rights and powers herein granted (including, without limitation, filing Uniform Commercial Code financing or continuation statements and amendments to the same), provided that the amount of the Obligations shall not be increased thereby. Pledgor hereby authorizes Secured Party to file any such financing statement or continuation statement without the signature of Pledgor to the extent permitted by law, including, without limitation, financing statements (and amendments of financing statements and continuation statements) that name Pledgor as debtor and Secured Party as secured party and that cover all assets of Pledgor now existing or hereafter acquired or words of similar meaning. Pledgor hereby ratifies the filing of any such financing statements (or amendments of financing statements or continuation statements) that were filed prior to the execution hereof). If any amount payable under or in connection with any of the Collateral shall be or become evidenced by any promissory note, other instrument or chattel paper, such note, instrument or chattel paper shall be promptly delivered to Secured Party, duly endorsed in a manner satisfactory to Secured Party, to be held as Collateral pursuant to this Agreement. Secured Party is hereby appointed, with the right to exercise such appointment, during the continuance of an Event of Default, as Pledgor's attorney-in-fact, which appointment as attorney-in-fact is irrevocable and coupled with an interest, the attorney-in-fact of Pledgor for the sole purpose of perfecting and maintaining its first priority security interest in the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitation on Liens</u>. Pledgor shall not create, incur or permit to exist, shall defend the Collateral against, and shall take all such other action as is necessary to remove, any Lien or claim on or to the Collateral, other than the Liens created hereby, and will defend the right, title and interest of Secured Party in, to and under the Collateral against the claims and demands of all other Persons whomsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Further Identification of Collateral</u>. Pledgor shall furnish to Secured Party from time to time statements and schedules further identifying and describing the Collateral and such other reports in connection with the Collateral as Secured Party may reasonably request, all in reasonable detail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Changes in Location, Name, Etc.</u> Pledgor shall not, unless it shall have given thirty (30) days' prior written notice thereof to Secured Party, (A) change the location of its chief executive office or principal place of business from that specified in <u>Section 5(g)</u>, or (B) change its name, identity or structure, or (C) reorganize or reincorporate under the laws of another jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Hold Harmless; Taxes</u>. Pledgor shall pay, and save Secured Party harmless from, any and all liabilities with respect to, or resulting from any delay in paying, any and all transfer, stamp, excise, sales or other taxes which may be payable or determined to be payable with respect to any of the Collateral or in connection with any of the transactions contemplated by this Agreement (including, without limitation, the enforcement of any of Secured Party's rights or remedies under this Agreement or any of the Note Documents).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>Promissory Notes and Tangible Chattel Paper</u>. If Pledgor shall at any time hold or acquire any promissory notes or tangible chattel paper, it shall forthwith endorse, assign and

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deliver the same to Secured Party, accompanied by such instruments of transfer or assignment duly executed in blank as Secured Party may from time to time specify.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Deposit Accounts</u>. For each Deposit Account that Pledgor at any time opens or maintains, Pledgor shall, on the date of this Agreement (in the case of each Deposit account existing on the date of this Agreement) and on the date Pledgor establishes or acquires an additional deposit account, as applicable, cause the depositary bank to enter into a written agreement or other authenticated record with Pledgor and Secured Party, in form and substance satisfactory to Secured Party, pursuant to which such depositary bank shall agree, among other things, to comply at any time with instructions from Secured Party to such depositary bank directing the disposition of funds from time to time credited to such Deposit Account, without further consent of Pledgor. Secured Party agrees that it shall not give any such instructions or withhold any withdrawal rights from Pledgor, unless an Event of Default exists, or, after giving effect to any withdrawal not otherwise permitted by the Note Documents, would occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;<u>Investment Property</u>. If Pledgor shall at any time hold or acquire any certificated securities, it shall forthwith endorse, assign and deliver the same to Secured Party, accompanied by such instruments of transfer or assignment duly executed in blank as Secured Party may from time to time specify. If any securities now owned or hereafter acquired by Pledgor are uncertificated and are issued to it or its nominee directly by the issuer thereof, Pledgor shall promptly notify Secured Party thereof and cause the issuer to either (A) enter into a written agreement or authenticated record with Secured Party, in form and substance satisfactory to Secured Party, pursuant to which such issuer shall agree, among other things, to comply with instructions from Secured Party as to such securities, without further consent of Pledgor or such nominee, or (B) arrange for Secured Party to become the registered owner of the securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Accounts</u>. If any securities, whether certificated or uncertificated, or other Investment Property now or hereafter acquired by it are held or acquired by it or its nominee through a securities intermediary or commodities intermediary, it shall promptly notify Secured Party thereof and (i) either (A) cause such securities intermediary or (as the case may be) commodities intermediary to enter into a written agreement or other authenticated record with Pledgor and Secured Party, in form and substance satisfactory to Secured Party, pursuant to which such securities intermediary or commodities intermediary, as the case may be, shall, among other things, agree to comply with entitlement orders or other instructions from Secured Party to such securities intermediary as to such securities or other Investment Property, or (as the case may be) to apply any value distributed on account of any commodity contract as directed by Secured Party to such commodity intermediary, in each case without further consent of Pledgor or such nominee, or (B) in the case of financial assets or other investment property held through a securities intermediary, arrange for Secured Party to become the entitlement holder with respect to such investment property, with Pledgor being permitted, only with the consent of Secured Party, to exercise rights to withdraw or otherwise deal with such investment property and (ii) cause such securities, financial assets or other Investment Property to be held through a securities intermediary that, as of the date of the arrangements contemplated by (A) and (B) above, (x) had a physical office in the United States that effected or monitored entries to securities accounts, (y) administered payments or corporate actions relating to securities held with such intermediary or (z) engaged in a business or other regular activity of maintaining securities accounts, in each case, in accordance with the criteria set forth in Article 4(1)(a) of the

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Convention on the Law Applicable to Certain Rights in Respect of Securities Held with an Intermediary, July 5, 2006, 46 I.L.M. 649. Secured Party agrees with Pledgor that the Security Agent shall not give any such entitlement orders or instructions or directions to any such issuer, securities intermediary or commodity intermediary, and shall not withhold its consent to the exercise of any withdrawal or dealing rights by Pledgor, unless an Event of Default exists, or, after giving effect to any such investment and withdrawal rights not otherwise permitted by the Note Documents, would occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;<u>Collateral in the Possession of a Bailee</u>. If any goods of Pledgor are at any time in the possession of a bailee, it shall promptly notify Secured Party thereof and, if requested by Secured Party, shall obtain an acknowledgement from such bailee, in form and substance satisfactory to Secured Party, that such bailee holds such Collateral for the benefit of Secured Party and shall act upon the instructions of Secured Party, without the further consent of Pledgor. Secured Party agrees with Pledgor that Secured Party shall not give any such instructions unless an Event of Default exists or would occur after taking into account any action by Pledgor with respect to such bailee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;<u>Electronic Chattel Paper and Transferrable Records</u>. If at any time Pledgor holds or acquires an interest in any electronic chattel paper or any "transferable record", as that term is defined in Section 201 of the Federal Electronic Signatures in Global and National Commerce Act, or in Section 16 of the Uniform Electronic Transactions Act as in effect in any relevant jurisdiction, it shall promptly notify Secured Party thereof and, at the request of Secured Party, shall take such action as Secured Party may reasonably request to vest in Secured Party control, under Section 9-105 of the UCC, of such electronic chattel paper or control under Section 201 of the Federal Electronic Signatures in Global and National Commerce Act or, as the case may be, Section 16 of the Uniform Electronic Transactions Act, as so in effect in such jurisdiction, of such transferable record. Secured Party agrees with Pledgor that Secured Party shall arrange, pursuant to procedures satisfactory to Secured Party and so long as such procedures will not result in Secured Party's loss of control, for Pledgor to make alterations to the electronic chattel paper or transferable record permitted under Section 9-105 of the UCC or, as the case may be, Section 201 of the Federal Electronic Signatures in Global and National Commerce Act or Section 16 of the Uniform Electronic Transactions Act, unless an Event of Default exists or would reasonably be expected to occur after taking into account any action by Pledgor with respect to such electronic chattel paper or transferable record.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;<u>Letter of Credit Rights</u>. If Pledgor is at any time a beneficiary under a letter of credit now or hereafter issued in favor of Pledgor, it shall promptly notify Secured Party thereof and, at the request and option of Secured Party, it shall either (a) arrange, for the issuer and any nominated person with respect to such letter of credit to consent, pursuant to an agreement or other authenticated record with and in form and substance satisfactory to Secured Party, to an assignment to Secured Party of the proceeds of any drawing under the letter of credit or (b) arrange for Secured Party to become the transferee beneficiary of the letter of credit, with Secured Party agreeing, in each case, that the proceeds of any drawing under the letter to credit are to be applied as provided in the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;<u>Commercial Tort Claims</u>. If Pledgor shall at any time hold or acquire a commercial tort claim, Pledgor shall promptly, and in any event within thirty (30) days, notify

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Secured Party in writing of the details thereof, including a description thereof sufficient for purposes of Section 9-108 of the UCC, and grant to Secured Party a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance satisfactory to Secured Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;<u>Intellectual Property</u>. To the extent that Pledgor owns any interest in copyrights, copyright licenses, patents, patent licenses, trademarks or trademark licenses, Pledgor shall execute and deliver to Secured Party for recording in the PTO and/or the Copyright Office, as applicable, an Intellectual Property Security Agreement Supplement concurrently with Pledgor's execution and delivery of this Agreement (in the case of any such Intellectual Property existing on the date of this Agreement) and on the date Pledgor establishes or acquires such additional Intellectual Property, as applicable. The provisions of the Intellectual Property Security Agreement Supplement are supplemental to the provisions of this Security Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitation on Modification of Accounts, Chattel Paper, Instruments and Payment Intangibles</u>. Pledgor shall not, without Secured Party's prior written consent, grant any extension of the time of payment of any of the Collateral consisting of Accounts, Chattel Paper, Instruments or Payment Intangibles, compromise, compound or settle the same for less than the full amount thereof, release, wholly or partly, any obligor liable for the payment thereof or allow any credit or discount whatsoever thereon, other than extensions, credits, discounts, compromises or settlements granted or made in the ordinary course of business and consistent with its good faith business judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;<u>Uncertificated Interests</u>. If, at any time, any limited liability company membership interest in any Pledged Entity is evidenced by an uncertificated security, Pledgor shall promptly notify Secured Party thereof and shall promptly take all actions required to perfect the security interests of Secured Party therein under Applicable Law. Pledgor further agrees to take such actions as Secured Party deems reasonably necessary or desirable to effect the foregoing and to permit Secured Party to exercise any of its rights and remedies hereunder, and agrees to provide an opinion of counsel satisfactory to Secured Party with respect to any such pledge of uncertificated membership interest promptly upon request of Secured Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp;<u>Lost Certificates</u>. If Secured Party loses any limited liability company certificate evidencing any Pledged Interests issued and delivered to Secured Party, then Pledgor shall cause the applicable Pledged Entity to issue and deliver to Secured Party a new certificate reasonably acceptable to Secured Party (the "**<u>Replacement Certificate</u>**") representing such Pledged Interests. In connection with any Pledged Entity's issuance of a Replacement Certificate, Secured Party shall provide an affidavit representing that such previously issued limited liability company certificate has been lost, stolen or destroyed, as applicable.

**Section 7.&nbsp;&nbsp;&nbsp;&nbsp;Certain Understandings of Parties; Control of Pledged Collateral, Etc.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Pledged Interests are securities governed by Article 8 of the Code, but the Pledged Interests are not, and shall not be, investment company securities within the meaning of Section 8-103 of the Code. The Pledged Interests (i) shall not become "financial assets" (within the meaning of Section 8-102(a)(9) of the UCC) related to a "security entitlement" (within the

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meaning of Sections 8-102(a)(17) and 8-501(a) of the UCC) and (ii) shall not be credited to a "securities account" (within the meaning of Section 8-501(a) of the UCC).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Prior to the date hereof, Pledgor has (i) caused each Pledged Entity to "opt-in" to treatment of the applicable Pledged Interests as securities within the meaning of Section 8-103(c) of the Code, (ii) delivered to Secured Party certificated securities representing all of the Pledged Interests, duly indorsed or subscribed in blank, or accompanied by appropriate stock powers or other instruments of transfer, pledge or assignment, and enter into such other arrangements as may be necessary to give control of any Investment Property to Secured Party within the meaning of Section 8-106 of the Code, (iii) sent written instructions to each Pledged Entity, and has caused each Pledged Entity to deliver to Secured Party a Confirmation Statement and Instruction Agreement pursuant to which such Pledged Entity was required to confirm that it has registered the pledge of the applicable Pledged Interests effected by this Agreement on its books and agrees to comply with the instructions of Secured Party in respect of the Collateral without further consent of Pledgor or any other Person, and (iv) promptly taken all other actions required to perfect the security interests of Secured Party in the Collateral under Applicable Laws. It is the intention of Pledgor and Secured Party that at all times while any Obligations remain outstanding, the Pledged Interests shall constitute Investment Property, and, to that end, Pledgor shall take, and shall cause each Pledged Entity to take, all necessary action to obtain such classification pursuant to the Code.

**Section 8.&nbsp;&nbsp;&nbsp;&nbsp;Notification to Account Debtors and Other Persons Obligated on Collateral.** If an Event of Default exists, Pledgor shall, at the request of Secured Party, notify its account debtors and other persons obligated on any of the Collateral of the security interest of Secured Party in any Account, Chattel Paper, General Intangible, Instrument or other Collateral and that payment thereof is to be made directly to Secured Party or to any financial institution designated by Secured Party as Secured Party's agent therefor, and Secured Party may itself, if an Event of Default exists, without notice to or demand upon Pledgor, so notify account debtors and other persons obligated on Collateral. After the making of such a request or the giving of any such notification, Pledgor shall hold any proceeds of collection of Accounts, Chattel Paper, General Intangibles, Instruments and other Collateral received by Pledgor as trustee for Secured Party without commingling the same with other funds of Pledgor and shall turn the same over to Secured Party in the identical form received, together with any necessary endorsements or assignments. Secured Party may apply the proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral received by Secured Party to the Obligations or hold such proceeds as additional Collateral, at the option of Secured Party.

**Section 9.&nbsp;&nbsp;&nbsp;&nbsp;Distributions; Voting Rights**. Subject to the provisions of the Indenture and the limitations on distributions set forth therein, and in each case unless an Event of Default shall exist, Pledgor shall be permitted to receive all partnership and/or limited liability company interest distributions or cash dividends paid in the normal course of business of any Pledged Entity and Pledgor shall at all times have the right to exercise all voting and partnership and/or limited liability company or corporate rights with respect to the Pledged Interests, provided that no vote shall be cast or right exercised or other action taken which would impair Secured Party's Lien on the Collateral or which would be inconsistent with or result in any violation of any provision of the Indenture, the Notes, this Agreement or any other Note Documents.

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**Section 10.&nbsp;&nbsp;&nbsp;&nbsp;Rights of Secured Party**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default shall occur and be continuing, Secured Party shall have the right to receive any and all income, cash dividends, distributions, proceeds or other property received or paid in respect of the Pledged Interests and make application thereof to the Obligations, in such order as Secured Party, in its sole discretion (exercised at the direction of the Required Holders), may elect, in accordance with the Note Documents. If an Event of Default shall occur and be continuing, then all such Pledged Interests at Secured Party's option, shall be registered in the name of Secured Party or its nominee (if not already so registered), and Secured Party or its nominee may thereafter exercise (i) all voting, and all corporate, limited liability company or partnership, as applicable, and other rights pertaining to the Pledged Interests and (ii) any and all rights of conversion, exchange, and subscription and any other rights, privileges or options pertaining to such Pledged Interests as if it were the absolute owner thereof (including, without limitation, the right to exchange at its discretion any and all of the Pledged Interests upon the merger, consolidation, reorganization, recapitalization or other fundamental change in the organizational structure of any Pledged Entity, or upon the exercise by Pledgor or Secured Party of any right, privilege or option pertaining to such Pledged Interests, and in connection therewith, the right to deposit and deliver any and all of the Pledged Interests with any committee, depositary, transfer agent, registrar or other designated agency upon such terms and conditions as it may determine), all without liability except to account for property actually received by it, but Secured Party shall have no duty to exercise any such right, privilege or option and shall not be responsible for any failure to do so or delay in so doing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The rights of Secured Party under this Agreement shall not be conditioned or contingent upon the pursuit by Secured Party of any right or remedy against Pledgor or against any other Person which may be or become liable in respect of all or any part of the Obligations or against any other security therefor, guarantee thereof or right of offset with respect thereto. No Secured Party shall be liable for any failure to demand, collect or realize upon all or any part of the Collateral or for any delay in doing so, nor shall it be under any obligation to sell or otherwise dispose of any Collateral upon the request of Pledgor or any other Person or to take any other action whatsoever with regard to the Collateral or any part thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Pledgor authorizes Secured Party, at any time and from time to time, to execute, in connection with any sale or other disposition of all or any of the Collateral pursuant to <u>Section 11</u> or <u>Section 12</u>, any endorsements, assignments or other instruments of conveyance or transfer with respect to the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The powers conferred upon Secured Party hereunder are solely to protect Secured Party's interest in the Collateral and shall not impose any duty upon Secured Party to exercise any such powers. Secured Party shall be accountable only for amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to Pledgor for any act or failure to act hereunder, except for its or their gross negligence or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;If Pledgor fails to perform or comply with any of its agreements contained herein and Secured Party, as provided for by the terms of this Agreement, shall itself perform or comply, or otherwise cause performance or compliance, with such agreement, then the costs and

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expenses of Secured Party incurred in connection with such performance or compliance by Secured Party, together with interest at the Default Rate if such expenses are not paid on demand, shall be payable by Pledgor to Secured Party on demand and shall constitute obligations secured hereby.

**Section 11.&nbsp;&nbsp;&nbsp;&nbsp;Remedies**. (a) If an Event of Default shall exist, Secured Party may exercise, in addition to all other rights and remedies granted in this Agreement and in any other instrument or agreement securing, evidencing or relating to the Obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;all rights and remedies of a secured party under the Code (whether or not said Code is in effect in the jurisdiction where the rights and remedies are asserted) and such additional rights and remedies to which a secured party is entitled under the laws in effect in any jurisdiction where any rights and remedies hereunder may be asserted, including, without limitation, the right, to the maximum extent permitted by law, to exercise all voting, consensual and other powers of ownership pertaining to all or any Collateral as if Secured Party were the sole and absolute owner thereof (and Pledgor agrees to take all such action as may be appropriate to give effect to such right);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Secured Party may make any reasonable compromise or settlement deemed desirable with respect to any of the Collateral and may extend the time of payment, arrange for payment in installments, or otherwise modify the terms of, any of the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;in its discretion, Secured Party may, in its name or in the name of Pledgor or otherwise, demand, sue for, collect, direct payment of or receive any money or property at any time payable or receivable on account of or in exchange for any of the Collateral, but shall be under no obligation to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Without limiting the generality of the foregoing, Secured Party, without demand of performance or other demand, presentment, protest, advertisement or notice of any kind (except any notice required by law referred to below or otherwise required hereby) to or upon Pledgor, any Pledged Entity, or any other Person (all and each of which demands, presentments, protests, advertisements and notices, or other defenses, are hereby waived to the extent permitted under Applicable Law), may in such circumstances upon which an Event of Default shall occur and be continuing forthwith collect, receive, appropriate and realize upon the Collateral, or any part thereof, and/or may forthwith sell, assign, give option or options to purchase or otherwise dispose of and deliver the Collateral or any part thereof (or contract to do any of the foregoing), in one or more parcels at public or private sale or sales, in the over-the-counter market, at any exchange, broker's board or office of Secured Party or elsewhere upon such terms and conditions as it may deem advisable and at such prices as it may deem best in its sole discretion (exercised at the direction of the Required Holders), for cash or on credit or for future delivery without assumption of any credit risk. Secured Party shall have the right, without notice or publication, to adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for such sale, and any such sale may be made at any time or place to which the same may be adjourned without further notice. Secured Party shall have the right upon any such public sale or sales, and, to the extent permitted by law, upon any such private sale or sales, to purchase all or any portion of the Collateral so sold, free of any right

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or equity of redemption of Pledgor, which right or equity of redemption is hereby waived or released. Secured Party shall apply any Proceeds from time to time held by it and the net proceeds of any such collection, recovery, receipt, appropriation, realization or sale, after deducting all reasonable costs and expenses of every kind incurred therein or incidental to the care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of Secured Party hereunder, including, without limitation, reasonable attorneys' fees and disbursements, to the payment in whole or in part of the Obligations, in such order as Secured Party may elect, and only after such application and after the payment by Secured Party of any other amount required by any provision of law, including, without limitation, Sections 9-610 and 9-615 of the Code, need Secured Party account for the surplus, if any, to Pledgor. To the extent permitted by Applicable Law, Pledgor waives all claims, damages and demands it may acquire against Secured Party arising out of the exercise by Secured Party of any of its rights hereunder, except for any claims, damages and demands it may have against Secured Party arising from the willful misconduct or gross negligence of Secured Party or its affiliates, or any agents or employees of the foregoing. If any notice of a proposed sale or other disposition of Collateral shall be required by law, such notice shall be deemed reasonable and proper if given at least ten (10) days before such sale or other disposition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;For the purpose of enabling Secured Party to exercise rights and remedies under this <u>Section 11</u> at such time as Secured Party shall be lawfully entitled to exercise such rights and remedies, Pledgor hereby grants to Secured Party an irrevocable, non-exclusive license (exercisable without payment of royalty or other compensation to Pledgor) to use, license or sub-license any of the Collateral consisting of Intellectual Property now owned or hereafter acquired by Pledgor, and wherever the same may be located, and including in such license reasonable access to all media in which any of the licensed items may be recorded or stored and to all computer software and programs used for the compilation or printout thereof. The use of such license by Secured Party shall be exercised, at Secured Party's option, while any Event of Default exists; <u>provided</u> that any license, sub-license or other transaction entered into by Secured Party in accordance herewith shall be binding upon Pledgor notwithstanding any subsequent cure, waiver or other termination of an Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;In the event of any sale or other disposition of any of the Intellectual Property of Pledgor, the goodwill of the business connected with and symbolized by any trademarks subject to such sale or other disposition shall be included therein, and Pledgor shall supply to Secured Party or its designee Pledgor's know-how and expertise, and documents and things relating to any Intellectual Property subject to such sale or other disposition, and Pledgor's customer lists and other records and documents relating to such Intellectual Property and to the manufacture, distribution, advertising and sale of products and services of Pledgor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The rights, powers, privileges and remedies of Secured Party under this Agreement are cumulative and shall be in addition to all rights, powers, privileges and remedies available to Secured Party at law or in equity. All such rights, powers and remedies shall be cumulative and may be exercised successively or concurrently without impairing the rights of Secured Party hereunder.

**Section 12.&nbsp;&nbsp;&nbsp;&nbsp;Private Sales**. (a) Pledgor recognizes that Secured Party may be unable to effect a public sale of any or all of the Pledged Interests, by reason of certain prohibitions

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contained in the Securities Act of 1933, as amended, and applicable state securities laws or otherwise, and may be compelled to resort to one or more private sales thereof to a restricted group of purchasers which will be obliged to agree, among other things, to acquire such securities for their own account for investment and not with a view to the distribution or resale thereof. Pledgor acknowledges and agrees that any such private sale may result in prices and other terms less favorable to Secured Party than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private sale shall not be deemed to have been made in a commercially unreasonable manner solely by virtue of being a private sale. Secured Party shall be under no obligation to delay a sale of any of the Pledged Interests for the period of time necessary to permit the applicable Pledged Entity or Pledgor to register such securities for public sale under the Securities Act of 1933, as amended, or under applicable state securities laws, even if such Pledged Entity or Pledgor would agree to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Pledgor further shall use commercially reasonable efforts to do or cause to be done all such other acts as may be reasonably necessary to make any sale or sales of all or any portion of the Pledged Interests pursuant to this <u>Section 12</u> valid and binding and in compliance with any and all other requirements of Applicable Law. Pledgor further agrees that a breach of any of the covenants contained in this <u>Section 12</u> will cause irreparable injury to Secured Party, that Secured Party have no adequate remedy at law in respect of such breach and, as a consequence, that each and every covenant contained in this <u>Section 12</u> shall be specifically enforceable against Pledgor, and Pledgor hereby waives and agrees not to assert any defenses against an action for specific performance of such covenants except for a defense that no Event of Default has occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Secured Party shall not incur any liability as a result of the sale of any Collateral, or any part thereof, at any private sale conducted in a commercially reasonable manner, it being agreed that some or all of the Collateral is or may be of one or more types that threaten to decline speedily in value and that are not customarily sold in a recognized market. Pledgor hereby waives any claims against Secured Party arising by reason of the fact that the price at which any of the Collateral may have been sold at such a private sale was less than the price which might have been obtained at a public sale or was less than the Aggregate Outstanding Principal Amount, even if Secured Party accepts the first offer received and does not offer any Collateral to more than one offeree, provided that Secured Party has acted in a commercially reasonable manner in conducting such private sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Code states that Secured Party is able to purchase the Pledged Interests only if they are sold at a public sale. Secured Party has advised Pledgor that SEC staff personnel have issued various No-Action Letters describing procedures which, in the view of the SEC staff, permit a foreclosure sale of securities to occur in a manner that is public for purposes of Article 9 of the Code, yet not public for purposes of Section 4(2) of the Securities Act of 1933. The Code permits Pledgor to agree on the standards for determining whether Secured Party has complied with its obligations under Article 9 of the Code. Pursuant to the Code, Pledgor specifically agrees (i) that it shall not raise any objection to Secured Party's purchase of any Pledged Interests (through bidding on the obligations or otherwise) and (ii) that a foreclosure sale conducted in conformity with the principles set forth in the No-Action Letters (A) shall be considered to be a "public" sale for purposes of the Code; (B) will be considered commercially reasonable notwithstanding that Secured Party has not registered or sought to register all or any

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the Pledged Interests under the Securities Laws, even if Pledgor or any Pledged Entity agrees to pay all costs of the registration process; and (C) shall be considered to be commercially reasonable notwithstanding that Secured Party purchases all or any Pledged Interests at such a sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Pledgor agrees that Secured Party shall not have any general duty or obligation to make any effort to obtain or pay any particular price for any Pledged Interests sold by Secured Party pursuant to this Agreement. Secured Party, may, in its sole discretion (exercised at the direction of the Required Holders), among other things, accept the first offer received, or decide to approach or not to approach any potential purchasers. Without in any way limiting Secured Party's right to conduct a foreclosure sale in any manner which is considered commercially reasonable, Pledgor hereby agrees that any foreclosure sale conducted in accordance with the following provisions shall be considered a commercially reasonable sale and hereby irrevocably waives any right to contest any such sale:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Secured Party conducts the foreclosure sale in the State of New York;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;The foreclosure sale is conducted in accordance with the laws of the State of New York;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Not more than ninety (90) days before, and not less than thirty (30) days in advance of the foreclosure sale, Secured Party notifies Pledgor at the address set forth herein of the time and place of such foreclosure sale, Pledgor hereby specifically agreeing that such notice shall constitute commercially reasonable notice of such sale both with respect to Pledgor and with respect to potential bidders at such sale and other interested third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;The foreclosure sale is conducted by an auctioneer licensed in the State of New York and is conducted in New York City on any Business Day between the hours of 9 a.m. and 5 p.m.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;The notice of the date, time and location of the foreclosure sale is published in the New York Times, the Wall Street Journal (or such other newspaper or periodical widely circulated in New York, New York) not less than twice in any two of such newspapers or publications not less than seven (7) days prior to the date of the foreclosure sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;Secured Party sends notification of the foreclosure sale to all secured parties identified as a result of a search of the Uniform Commercial Code financing statements in the filing offices located in the State of Delaware, conducted not later than twenty (20) days and not earlier than sixty (60) days before such notification date.

**Section 13.&nbsp;&nbsp;&nbsp;&nbsp;Limitation on Duties Regarding Collateral**. Secured Party's sole duty with respect to the custody, safekeeping and physical preservation of the Collateral in its possession, under Section 9-207 of the Code or otherwise, shall be to deal with it in the same manner as Secured Party deals with similar securities and property for its own account. Neither

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Secured Party nor any of its directors, officers, employees or agents shall be liable for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of Pledgor or otherwise.

**Section 14.&nbsp;&nbsp;&nbsp;&nbsp;Financing Statements; Other Documents**. Pledgor hereby authorizes Secured Party to file UCC-1 financing statements with respect to the Collateral. Pledgor agrees to deliver any other document or instrument which Secured Party may reasonably request with respect to the Collateral for the purposes of obtaining or preserving the full benefits of this Agreement and of the rights and powers herein granted.

**Section 15.&nbsp;&nbsp;&nbsp;&nbsp;Attorney-in-Fact**. Without limiting any rights or powers granted by this Agreement to Secured Party, Secured Party is hereby appointed, which appointment as attorney-in-fact is irrevocable and coupled with an interest, the attorney-in-fact of each Pledgor for the purpose of carrying out the provisions of this Agreement and taking any action and executing any instruments which Secured Party may deem necessary or advisable to accomplish the purposes hereof including, without limitation, during the continuance of an Event of Default:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;to ask, demand, collect, sue for, recover, compromise, receive and give acquittance and receipts for moneys due and to become due under or in respect of any of the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;to receive, endorse and collect any drafts or other instruments, documents and chattel paper in connection with the foregoing <u>clause (a)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;to file any claims or take any action or institute any proceedings that Secured Party may deem necessary or desirable for the collection of any of the Collateral or otherwise to enforce the rights of Secured Party, with respect to any of the Collateral; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;to execute, in connection with the sale provided for in <u>Section 11</u> or <u>Section 12</u>, any endorsement, assignments, or other instruments of conveyance or transfer with respect to the Collateral.

If so requested by Secured Party, Pledgor shall ratify and confirm any such sale or transfer by executing and delivering to Secured Party at Pledgor's expense all proper deeds, bills of sale, instruments of assignment, conveyance of transfer and releases as may be designated in any such request.

**Section 16.&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Severability</u>. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Headings</u>. The headings used in this Agreement are for convenience of reference only and are not to affect the construction hereof or be taken into consideration in the interpretation hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>No Waiver; Cumulative Remedies</u>. Secured Party shall not by any act (except by a written instrument pursuant to <u>Section 16(d)</u>), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any default or in any breach of any of the terms and conditions hereof. No failure to exercise, nor any delay in exercising, on the part of Secured Party, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege. A waiver by Secured Party of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which Secured Party would otherwise have on any future occasion. The rights, remedies, powers and privileges herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any rights, remedies, powers or privileges provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Waivers and Amendments</u>. None of the terms or provisions of this Agreement may be waived, amended, or otherwise modified except by a written instrument executed by the party against which enforcement of such waiver, amendment, or modification is sought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>No Transfer</u>. Except as otherwise permitted under the Note Documents, Pledgor will not sell, assign, transfer, exchange, or otherwise dispose of, or grant any option with respect to, the Collateral, nor will it create, incur or permit to exist any pledge, lien, mortgage, hypothecation, security interest, charge, option or any other encumbrance with respect to any Collateral, or any interest therein, or any proceeds thereof, except for the security interest provided for by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Successors and Assigns</u>. This Agreement shall be binding upon and shall inure to the benefit of Pledgor and the respective successors and assigns of Pledgor and shall inure to the benefit of Secured Party and its successors and assigns; provided Pledgor shall not have any right to assign its rights hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices</u>. The provisions of <u>Section 12.1</u> of the Indenture are hereby incorporated by reference into this Agreement to the same extent and with the same force as if fully set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law; Submission to Jurisdiction</u>. The provisions of <u>Section 12.6</u> of the Indenture are hereby incorporated by reference into this Agreement to the same extent and with the same force as if fully set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Agents</u>. Secured Party may employ agents and attorneys-in-fact in connection herewith and shall not be responsible for their actions except for the gross negligence or willful misconduct of any such agents or attorneys-in-fact.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;<u>Irrevocable Proxy</u>. With respect to Article 8 Matters (as defined below), Pledgor hereby irrevocably grants and appoints Secured Party, from the date of this Agreement until the termination of this Agreement in accordance with its terms, as Pledgor's true and lawful proxy,

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for and in Pledgor's name, place and stead to vote the Pledged Interests, whether directly or indirectly, beneficially or of record, now owned or hereafter acquired, with respect to such Article 8 Matters. The proxy granted and appointed in this <u>Section 16(j)</u> shall include the right to sign Pledgor's name (as a member of the applicable Pledged Entity) to any consent, certificate or other document relating to an Article 8 Matter and/or any Pledged Interests that Applicable Law may permit or require, to cause such Pledged Interests to be voted in accordance with the preceding sentence. Pledgor hereby represents and warrants that there are no other proxies and powers of attorney with respect to an Article 8 Matter that Pledgor may have granted or appointed. Pledgor shall not give a subsequent proxy or power of attorney or enter into any other voting agreement with respect to any Pledged Interests with respect to any Article 8 Matter and any attempt to do so with respect to an Article 8 Matter shall be void and of no effect. The proxies and powers granted by Pledgor pursuant to this Agreement are coupled with an interest and are given to secure the performance of Pledgor's obligations. As used herein, "**<u>Article 8 Matter</u>**" means any action, decision, determination or election by either Pledged Entity or its member(s) that its membership interests or other equity interests, or any of them, be, or cease to be, a "security" as defined in and governed by Article 8 of the Uniform Commercial Code in effect in the State of Delaware and any other applicable jurisdiction, and all other matters related to any such action, decision, determination or election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;<u>Irrevocable Authorization and Instruction to the Pledged Entity</u>. Pledgor hereby authorizes and instructs each Pledged Entity to comply with any instruction received by it from Secured Party in writing that (i) states that an Event of Default has occurred and (ii) otherwise complies with any applicable terms of this Agreement, without any other or further instructions from Pledgor, and Pledgor agrees that each Pledged Entity shall be fully protected in so complying.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>. This Agreement may be executed in any number of counterparts and all the counterparts taken together shall be deemed to constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver of Jury Trial</u>. The provisions of Section 12.7 of the Indenture are hereby incorporated by reference into this Agreement to the same extent and with the same force as if fully set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;<u>Joint and Several Liability</u>. If Pledgor consists of more than one Person or party, the obligations and liabilities of each such Person or party hereunder shall be joint and several.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;<u>Acknowledgment and Consent</u>. Pledgor shall cause each Pledged Entity to execute and deliver to Secured Party an Acknowledgment and Consent with respect to this Agreement in the form of <u>Exhibit A</u> attached hereto, in connection with the execution and delivery of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;<u>Trustee's Discretion</u>. The provisions of Section 7.2(j) of the Indenture are hereby incorporated by reference into this Agreement to the same extent and with the same force as if fully set forth herein. With respect to any matter relating to this Agreement, Trustee shall have the same rights as the Trustee has under Section 7.2(j) of the Indenture.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendment and Restatement</u>. For the avoidance of doubt, this Agreement consolidates, amends and restates in its entirety the Existing Pledge Agreement. Pledgor agrees that, upon execution of this Agreement, the terms and provisions of the Existing Pledge Agreement shall be and hereby are consolidated, amended, superseded and restated in their entirety by the terms of the provisions of this Agreement, effective as of the date hereof. This Agreement is not intended to and shall not constitute a novation.

[NO FURTHER TEXT ON THIS PAGE]

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**IN WITNESS WHEREOF**, the parties have caused this Agreement to be executed by their duly authorized officers as of the date set forth above.

<u>PLEDGOR</u>:

GREEN PLAINS SPE, LLC,

a Delaware limited liability company

By:&nbsp;&nbsp;&nbsp;&nbsp;Green Plains Inc.,

&nbsp;&nbsp;&nbsp;&nbsp;an Iowa corporation

&nbsp;&nbsp;&nbsp;&nbsp;its sole member

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;By: <u>/s/ Michelle Mapes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>Name: Michelle Mapes<br>Title: Chief Legal & Administration Officer

[SIGNATURE CONTINUE ON FOLLOWING PAGE]

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<u>SECURED PARTY</u>:

Wilmington Trust, National Association,

as Trustee

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ William Marder</u><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;<u>William Marder</u><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Title:&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signatory

## Exhibit 10.15

Exhibit 10.15

**CAPTURE COMPANY PLEDGE AND SECURITY AGREEMENT**

This **CAPTURE COMPANY PLEDGE AND SECURITY AGREEMENT**, dated as of August 10, 2025 (as amended, restated, replaced, supplemented or otherwise modified from time to time, this "**<u>Agreement</u>**"), is made by GREEN PLAINS YORK CAPTURE COMPANY LLC, a Delaware limited liability company ("**<u>York Capture</u>**"), GREEN PLAINS WOOD RIVER CAPTURE COMPANY LLC, a Delaware limited liability company ("**<u>Wood River Capture</u>**"), and GREEN PLAINS CENTRAL CITY CAPTURE COMPANY LLC, a Delaware limited liability company ("**<u>Central City Capture</u>**," and together with York Capture and Wood River Capture, individually and/or collectively, as the context may require, the "**<u>Pledgor</u>**"), in favor of WILMINGTON TRUST, NATIONAL ASSOCIATION, as trustee for the Holders (as defined in the Indenture (as defined below)) (in such capacity, together with its successors and assigns, "**<u>Secured Party</u>**").

**W I T N E S S E T H:** 

**WHEREAS**, as of February 9, 2021, Green Plains SPE LLC, a Delaware limited liability company ("**<u>Issuer</u>**"), issued those certain Junior Mezzanine Secured Notes due 2026 (the "**<u>Initial Notes</u>**" and, together with any PIK Notes, collectively, the "**<u>Notes</u>**"), pursuant to that certain Indenture, dated as of February 9, 2021, by and among Issuer, as issuer, Green Plains Inc., an Iowa corporation ("**<u>GPRE</u>**"), as Guarantor, and Secured Party, as trustee (as amended, restated, supplemented, replaced or otherwise modified prior to the date hereof, the "**<u>Existing Indenture</u>**");

**WHEREAS**, on or about the date hereof, Issuer, GPRE and Secured Party, as trustee, amended and restated the Existing Indenture and entered into that certain Amended and Restated Indenture (as amended, restated, supplemented, replaced or otherwise modified from time to time, the "**<u>Indenture</u>**");

**WHEREAS**, each Pledgor is party to the Indenture as an Obligor Party;

**WHEREAS**, Pledgor is the sole legal and beneficial owner of all of the issued and outstanding limited liability company interests described on <u>Schedule I</u> attached hereto (collectively, the "**<u>Pledged Interests</u>**"); and

**WHEREAS**, pursuant to the terms of the Indenture, Pledgor is required to execute and deliver this Agreement to Secured Party.

**NOW, THEREFORE**, in consideration of the premises and to comply with the terms of the Indenture and the other Note Documents, Pledgor hereby represents, warrants, covenants and agrees with Secured Party as follows:

**Section 1.&nbsp;&nbsp;&nbsp;&nbsp;Defined Terms**. As used in this Agreement, the following terms have the meanings set forth in or incorporated by reference below:

"**Account**" has the meaning set forth in the Code.

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"**Agreement**" has the meaning set forth in the introductory paragraph hereto.

"**Chattel Paper**" has the meaning set forth in the Code.

"**Code**" or "**UCC**" means the Uniform Commercial Code from time to time in effect in the State of New York; <u>provided</u>, <u>however</u>, that if, by reason of any mandatory provisions of law, the validity or perfection of Secured Party's security interest in the Collateral or any part thereof is governed by the Uniform Commercial Code or other similar law as in effect in a jurisdiction other than New York, the term "Code" shall mean the Uniform Commercial Code or such similar law as in effect in such other jurisdiction for purposes of the provisions hereof relating to such validity or perfection.

"**Collateral**" has the meaning set forth in <u>Section 2</u>.

"**Commercial Tort Claims**" has the meaning set forth in the Code.

"**Copyright Office**" means the United States Copyright Office.

"**Deposit Account**" has the meaning set forth in the Code.

"**Documents**" has the meaning set forth in the Code.

"**Equipment**" has the meaning set forth in the Code.

"**First Lien Party**" means Tallgrass High Plains Carbon Storage, LLC, a Delaware limited liability company.

"**First Lien Party Security Agreement**" means, collectively, (i) that certain Amended and Restated Leasehold Deed of Trust, Security Agreement, Fixtures Financing Statement, Financing Statement and Assignment of Rents and Leases entered into as of July 31, 2024, by York Capture in favor of First Lien Party, (ii) that certain Amended and Restated Leasehold Deed of Trust, Security Agreement, Fixtures Financing Statement, Financing Statement and Assignment of Rents and Leases entered into as of July 31, 2024, by Wood River Capture in favor of First Lien Party, and (iii) that certain Amended and Restated Leasehold Deed of Trust, Security Agreement, Fixtures Financing Statement, Financing Statement and Assignment of Rents and Leases entered into as of July 31, 2024, by Central City Capture in favor of First Lien

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Party, in each case as amended, restated, supplemented, replaced or otherwise modified from time to time.

"**Fixtures**" has the meaning set forth in the Code.

"**General Intangibles**" has the meaning set forth in the Code.

"**Goods**" has the meaning set forth in the Code.

"**Indenture**" has the meaning set forth in the Recitals.

"**Initial Notes**" has the meaning set forth in the Recitals.

"**Instruments**" has the meaning set forth in the Code.

"**Intellectual Property**" means all intellectual and similar property of the Pledgor of every kind and nature, whether now owned or hereafter acquired by the Pledgor, including inventions, designs, patents, patent licenses, trademarks, trademark licenses, copyrights, copyright licenses, trade secrets, confidential or proprietary technical and business information, know-how, show-how or other data or information, software and databases and all embodiments or fixations thereof and related documentation, registrations and franchises, licenses for any of the foregoing and all license rights, and all additions, improvements and accessions to, books and records describing or used in connection with, any of the foregoing and all rights to sue at law or in equity for any infringement or other impairment thereof, including the right to receive all proceeds and damages therefrom.

"**Intellectual Property Security Agreement Supplement**" means a supplement to this Agreement, executed by the Pledgor in favor of the Secured Party, substantially in the form of <u>Exhibit B</u> hereto.

"**Intercreditor Agreement**" means an intercreditor agreement to be dated on or about the date of this Agreement, by and between First Lien Party and Secured Party, in form and substance satisfactory to the Secured Party, as amended, restated, supplemented, replaced or otherwise modified from time to time.

"**Inventory**" has the meaning set forth in the Code.

"**Investment Property**" has the meaning set forth in the Code.

"**Letter-of-Credit Rights**" has the meaning set forth in the Code.

"**Organizational Document**" has the meaning set forth in <u>Section 2(f)</u>.

"**Pledged Entity**" means each subsidiary of the applicable Pledgor listed on <u>Schedule I</u> hereto.

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"**Pledged Interests**" means the limited liability company interests owned by the applicable Pledgor in each Pledged Entity, together with all limited liability company certificates, options or rights of any nature whatsoever which may be issued or granted by any Pledged Entity to the applicable Pledgor.

"**Pledgor**" has the meaning set forth in the introductory paragraph hereto, together with its successors and permitted assigns.

"**Proceeds**" means all "proceeds" as such term is defined in Section 9-102(a)(64) of the Code on the date hereof and, in any event, shall include, without limitation, all dividends or other income from the Pledged Interests, collections thereon or distributions with respect thereto.

"**PTO**" means the United States Patent and Trademark Office.

"**Secured Party**" has the meaning set forth in the introductory paragraph hereto.

"**Securities Account**" has the meaning set forth in the Code.

"**Shared Collateral**" means any Collateral in which Pledgor has also granted a security interest and lien in favor of First Lien Party pursuant to the First Lien Party Security Agreement.

"**Supporting Obligations**" has the meaning set forth in the Code.

Terms used herein but not otherwise defined herein shall have the respective meanings ascribed thereto in the Indenture. All references to sections, subsections, schedules and exhibits are to sections, subsections, schedules and exhibits in or to this Agreement unless otherwise specified. All uses of the word "including" shall mean "including, without limitation" unless the context shall indicate otherwise. Unless otherwise specified, the words "hereof," "herein" and "hereunder" and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. Unless otherwise specified, all meanings attributed to defined terms herein shall be equally applicable to both the singular and plural forms of the terms so defined.

**Section 2.&nbsp;&nbsp;&nbsp;&nbsp;Pledge; Grant of Security Interest**. Pledgor hereby pledges and grants to Secured Party, as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations, a security interest in all of Pledgor's right, title and interest in, to and under the following properties and assets of the Pledgor, wherever located, whether now owned or hereafter acquired or arising (collectively, the "**<u>Collateral</u>**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;all Pledged Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;all securities, moneys or property representing dividends or interest on any of the Pledged Interests, or representing a distribution in respect of the Pledged Interests, or resulting from a split-up, revision, reclassification or other like change of the Pledged Interests or otherwise received in exchange therefor, and any subscription warrants, rights or options issued to the holders of, or otherwise in respect of, the Pledged Interests;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;all right, title and interest of Pledgor in, to and under any policy of insurance payable by reason of loss or damage to the Pledged Interests and any other Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;all "accounts", "documents", "general intangibles", "instruments" and "investment property" (in each case as defined in the Code) constituting or relating to the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;all rights, privileges, authority and power arising from Pledgor's interest in each Pledged Entity (<u>provided</u>, <u>however</u>, that, so long as no Event of Default exists, Pledgor may exercise such rights, privileges, authority vested in Pledgor)*;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;the capital of Pledgor in each Pledged Entity and any and all profits, losses, distributions and allocations attributable thereto as well as the proceeds of any distribution thereof, whether arising under the terms of any of the following documents, as applicable (each an "**<u>Organizational Document</u>**" and collectively, the "**<u>Organizational Documents</u>**"): articles of incorporation, certificate of formation, certificate of limited partnership, certificate of organization, by-laws, limited partnership agreement, limited liability company agreement, stock certificates, certificates of limited partnership interests or general partnership interests (if any), certificates of limited liability company membership interests (if any), and all amendments or modifications of any of the foregoing, and all other agreements, instruments and/or other organizational or governing documents of or relating to each Pledged Entity (<u>provided</u>, <u>however</u>, that, so long as no Event of Default exists, subject to the terms and conditions of the Indenture, Pledgor shall retain all rights with respect to all such profits, losses, distributions, allocations and proceeds);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;all other payments, if any, due or to become due to Pledgor in respect of any of the items listed in this <u>Section 2</u>, under or arising out of any Organizational Document of any Pledged Entity or otherwise, whether as contractual obligations, damages, insurance proceeds, condemnation awards or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;all of Pledgor's claims, rights, powers, privileges, authority, options, security interests, liens and remedies, if any, under or arising out of the ownership of the Pledged Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;all present and future claims, if any, of Pledgor against any Pledged Entity for monies loaned or advanced, for services rendered or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;all of Pledgor's rights pursuant to any Organizational Document of any Pledged Entity or at law or in equity, to exercise and enforce every right, power, remedy, authority, option and privilege of Pledgor relating to the Pledged Interests, including, but not limited to, the right to execute any instruments and to take any and all other action on behalf of and in the name of Pledgor in respect of the Pledged Interests and/or any Pledged Entity, to make determinations, to exercise any election (including, but not limited to, election of remedies) or option or to give or receive any notice, consent, amendment, waiver or approval, together with full power and authority to demand, receive, enforce or collect any of the foregoing or any property of any Pledged Entity, to enforce or execute any checks, or other instruments or orders and to file any claims and to take any actions in connection with any of the foregoing;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;all securities and other Investment Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;all equity interests or other property now owned or hereafter acquired by Pledgor as a result of exchange offers, recapitalizations of any type, contributions to capital, options or other rights relating to the Pledged Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;all Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;all personal property and Fixtures of every kind and nature, including, without limitation, all Goods, Equipment, Inventory and any accessions thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;all Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;all Chattel Paper (whether tangible or electronic);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;all Letter-of-Credit Rights (whether or not the letter of credit is evidenced by a writing);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp;all money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;all Commercial Tort Claims, including those identified in <u>Schedule IV</u> attached hereto, as such schedule may be supplemented from time to time in accordance with this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;&nbsp;&nbsp;&nbsp;all Deposit Accounts, including those identified in <u>Schedule III</u> attached hereto, all cash and all other property from time to time deposited therein or otherwise credited thereto and the monies and property in the possession or under the control of Secured Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;all Supporting Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)&nbsp;&nbsp;&nbsp;&nbsp;any other contract rights or rights to the payment of money, insurance claims and proceeds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;all General Intangibles (including, without limitation, all Intellectual Property, insurance policies and payment intangibles);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;&nbsp;&nbsp;&nbsp;all Instruments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)&nbsp;&nbsp;&nbsp;&nbsp;all other property of the Pledgor and all Proceeds (including, without limitation, any proceeds of insurance thereon), products, accessions, rents and profits of any kind and all the foregoing and all collateral security, supporting obligations and guarantees given by any Person with respect to any of the foregoing.

Notwithstanding anything to the contrary contained herein, Collateral shall not include the Excluded Collateral; <u>provided</u>, that "Excluded Collateral" shall not include any proceeds, substitutions or replacements of any Excluded Collateral unless such proceeds, substitutions or replacements would independently constitute Excluded Collateral. Notwithstanding anything to

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the contrary contained herein, immediately upon the ineffectiveness, lapse or termination of any restriction or condition that prevented the grant of a security interest in any right, interest or other asset that would have, but for such restriction or condition, constituted Collateral, the Collateral shall include, and the relevant Pledgor shall be deemed to have granted a security in, such previously restricted or conditioned rights, interests or other assets, as the case may be, as if such restriction or condition had never been in effect.

**Section 3.&nbsp;&nbsp;&nbsp;&nbsp;Second Priority Nature of Liens**. Notwithstanding anything herein to the contrary, the lien and security interest granted to the Secured Party pursuant to this Agreement shall be subject to the provisions of the Intercreditor Agreement. In the event of any conflict between the terms of the Intercreditor Agreement and this Agreement, the terms of the Intercreditor Agreement shall govern and control. The rights of the Secured Party hereunder are subject in all respects to the Intercreditor Agreement. Notwithstanding anything herein to the contrary, prior to the satisfaction and discharge of the Secured Obligations (as defined in the First Lien Party Security Agreement), (i) the requirements of this Agreement to endorse, assign or deliver Shared Collateral and any certificates, instruments or agreements in relation thereto to the Secured Party shall be deemed satisfied by endorsement, assignment or delivery of such Shared Collateral and such certificates, instruments or agreements in relation thereto to the First Lien Party as provided in the Intercreditor Agreement, (ii) any endorsement, assignment or delivery with respect to Shared Collateral to the First Lien Party shall be deemed an endorsement, assignment or delivery with respect to such Shared Collateral to the Secured Party for all purposes hereunder, and (iii) the requirements of this Agreement to perfect by control the Secured Party's security interest in any Shared Collateral shall be deemed satisfied by the First Lien Party's obtaining control of such Shared Collateral as provided in the Intercreditor Agreement.

**Section 4.&nbsp;&nbsp;&nbsp;&nbsp;Limitation of Liability**. Notwithstanding anything to the contrary herein or in any other Note Document, the maximum liability of the Pledgor under this Agreement and under the other Note Documents shall not exceed an amount equal to the largest amount that would not render the Pledgor's obligations hereunder and under such other Note Documents subject to avoidance under Section 548 of the Bankruptcy Code or any equivalent provision of any other Bankruptcy Law, in all cases before taking into account any liabilities of the Pledgor under any debt, guarantee or security document that is not a Note Document.

**Section 5.&nbsp;&nbsp;&nbsp;&nbsp;Representations and Warranties**. Pledgor represents and warrants as of the date hereof that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;No authorization, consent of or notice to any other Person (including, without limitation, any member, partner or creditor of Pledgor or any Pledged Entity) that has not been obtained, is required in connection with the execution, delivery, performance, validity or enforceability of this Agreement including, without limitation, the assignment and transfer by Pledgor of any of the Collateral to Secured Party or the subsequent transfer thereof by Secured Party pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;All of the Pledged Interests have been duly and validly issued and are fully paid and non-assessable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Pledged Interests listed on <u>Schedule I</u> hereto constitute all the issued and outstanding limited liability company interests in each Pledged Entity owned by the applicable Pledgor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The principal place of business and chief executive office of (i) York Capture, is, and has been since its formation, located at 1811 Aksarben Drive, Omaha, Nebraska 68106, (ii) Wood River Capture is, and has been since its formation, located at 1811 Aksarben Drive, Omaha, Nebraska 68106, and (iii) Central City Capture is, and has been since its formation, located at 1811 Aksarben Drive, Omaha, Nebraska 68106.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;The exact name of (i) York Capture is Green Plains York Capture Company LLC, (ii) Wood River Capture is Green Plains Wood River Capture LLC, and (iii) Central City Capture is Green Plains Central City Capture LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;(i) York Capture was duly formed and is validly existing under the laws of the State of Delaware, (ii) Wood River Capture was duly formed and is validly existing under the laws of the State of Delaware, and (iii) Central City Capture was duly formed and is validly existing under the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;There exist no certificates, instruments or writings representing the Pledged Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;The Pledged Interests (i) are not "financial assets" (within the meaning of Section 8-102(a)(9) of the Code), (ii) are not credited to a "securities account" (within the meaning of Section 8-501(a) of the Code), and (iii) the Organizational Documents of each Pledged Entity

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have not elected to treat the Pledged Interests as "securities" as such term is defined in Article 8 of the UCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;<u>Schedule II</u> provides a complete and correct list of all Intellectual Property owned by Pledgor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;<u>Schedule III</u> is a complete and accurate list, as of the date of this Agreement, of each Deposit Account of Pledgor (other than any Deposit Account constituting Excluded Collateral as of the date of this Agreement), together with the name and address of each institution at which each such Deposit Account is maintained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;<u>Schedule IV</u> is a complete and accurate list of all Commercial Tort Claims held by the Pledgor, including a brief description thereof sufficient for purposes of Section 9-108 of the UCC.

**Section 6.&nbsp;&nbsp;&nbsp;&nbsp;Covenants**. Pledgor covenants and agrees that, from and after the date of this Agreement until the satisfaction of the Obligations (other than solely with respect to any contingent indemnification obligations) in full:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Acknowledgements of Parties</u>. If Pledgor shall, as a result of its ownership of the Pledged Interests, become entitled to receive or shall receive any stock certificate or partnership or limited liability company certificate, as applicable (including, without limitation, any certificate representing a dividend or a distribution in connection with any reclassification, increase or reduction of capital or any certificate issued in connection with any reorganization), option or rights, whether in addition to, in substitution of, as a conversion of, or in exchange for any shares of the Pledged Interests, or otherwise in respect thereof, Pledgor shall accept the same as Secured Party's agent, hold the same in trust for Secured Party and deliver the same forthwith to Secured Party in the exact form received, duly endorsed by Pledgor to Secured Party, if required, together with an undated limited liability company transfer power covering such certificate duly executed in blank and with, if Secured Party so requests, signature guaranteed, to be held by Secured Party hereunder as additional security for the Obligations. Any sums paid upon or in respect of the Pledged Interests upon the liquidation or dissolution of any Pledged Entity shall be paid over to Secured Party to be held by it hereunder as additional security for the Obligations, and in case any distribution of capital shall be made on or in respect of the Pledged Interests or any property shall be distributed upon or with respect to the Pledged Interests pursuant to the recapitalization or reclassification of the capital of any Pledged Entity or pursuant to the reorganization thereof, the property so distributed shall be delivered to Secured Party to be held by it, subject to the terms hereof, as additional security for the Obligations. If any sums of money or property so paid or distributed in respect of the Pledged Interests shall be received by Pledgor, Pledgor shall, until such money or property is paid or delivered to Secured Party, hold such money or property in trust for the benefit of Secured Party, segregated from other funds of Pledgor, as additional security for the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Actions of Pledged Entities</u>. Without the prior written consent of Secured Party, Pledgor shall not, directly or indirectly (i) vote to enable, or take any other action to permit, any Pledged Entity to issue any stock, partnership or limited liability company interests, or to issue any other securities convertible into or granting the right to purchase or exchange for any stock,

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partnership or limited liability company interests, in any Pledged Entity, or (ii) except as expressly permitted by the Indenture, sell, assign, transfer, exchange or otherwise dispose of, or grant any option with respect to, all or any Collateral, or (iii) create, incur, authorize or permit to exist any Lien or option in favor of, or any claim of any Person with respect to, any of the Collateral, or any interest therein, except for the Lien provided for by this Agreement. Pledgor shall defend the right, title and interest of Secured Party in and to the Collateral against the claims and demands of all Persons whomsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Assurances</u>. At any time and from time to time, upon the written request of Secured Party, and at the sole expense of Pledgor, Pledgor shall promptly and duly give, execute, deliver file and/or record such further instruments and documents and take such further actions as Secured Party may reasonably request for the purposes of obtaining, creating, perfecting, validating or preserving the full benefits of this Agreement and of the rights and powers herein granted (including, without limitation, filing Uniform Commercial Code financing or continuation statements and amendments to the same), provided that the amount of the Obligations shall not be increased thereby. Pledgor hereby authorizes Secured Party to file any such financing statement or continuation statement without the signature of Pledgor to the extent permitted by law, including, without limitation, financing statements (and amendments of financing statements and continuation statements) that name Pledgor as debtor and Secured Party as secured party and that cover all assets of Pledgor now existing or hereafter acquired or words of similar meaning. Pledgor hereby ratifies the filing of any such financing statements (or amendments of financing statements or continuation statements) that were filed prior to the execution hereof. If any amount payable under or in connection with any of the Collateral shall be or become evidenced by any promissory note, other instrument or chattel paper, such note, instrument or chattel paper shall be promptly delivered to Secured Party, duly endorsed in a manner satisfactory to Secured Party, to be held as Collateral pursuant to this Agreement. Secured Party is hereby appointed, with the right to exercise such appointment, during the continuance of an Event of Default, as Pledgor's attorney-in-fact, which appointment as attorney-in-fact is irrevocable and coupled with an interest, the attorney-in-fact of Pledgor for the sole purpose of perfecting and maintaining its security interest in the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitation on Liens</u>. Pledgor shall not create, incur or permit to exist, shall defend the Collateral against, and shall take all such other action as is necessary to remove, any Lien or claim on or to the Collateral, other than the Liens created hereby and the Liens in favor of the First Lien Party, and will defend the right, title and interest of Secured Party in, to and under the Collateral against the claims and demands of all other Persons whomsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Further Identification of Collateral</u>. Pledgor shall furnish to Secured Party from time to time statements and schedules further identifying and describing the Collateral and such other reports in connection with the Collateral as Secured Party may reasonably request, all in reasonable detail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Changes in Location, Name, Etc.</u> Pledgor shall not, unless it shall have given thirty (30) days' prior written notice thereof to Secured Party, (A) change the location of its chief executive office or principal place of business from that specified in <u>Section 5(f)</u>, or (B) change its name, identity or structure, or (C) reorganize or reincorporate under the laws of another jurisdiction.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Hold Harmless; Taxes</u>. Pledgor shall pay, and save Secured Party harmless from, any and all liabilities with respect to, or resulting from any delay in paying, any and all transfer, stamp, excise, sales or other taxes which may be payable or determined to be payable with respect to any of the Collateral or in connection with any of the transactions contemplated by this Agreement (including, without limitation, the enforcement of any of Secured Party's rights or remedies under this Agreement or any of the Note Documents).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>Promissory Notes and Tangible Chattel Paper</u>. If the Pledgor shall at any time hold or acquire any promissory notes or tangible chattel paper, it shall forthwith endorse, assign and deliver the same to the Secured Party, accompanied by such instruments of transfer or assignment duly executed in blank as the Secured Party may from time to time specify.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Deposit Accounts</u>. For each Deposit Account that the Pledgor at any time opens or maintains, the Pledgor shall, on the date of this Agreement (in the case of each Deposit account existing on the date of this Agreement) and on the date the Pledgor establishes or acquires an additional deposit account, as applicable, cause the depositary bank to enter into a written agreement or other authenticated record with the Pledgor and the Secured Party, in form and substance satisfactory to the Secured Party, pursuant to which such depositary bank shall agree, among other things, to comply at any time with instructions from the Secured Party to such depositary bank directing the disposition of funds from time to time credited to such Deposit Account, without further consent of the Pledgor. The Secured Party agrees that it shall not give any such instructions or withhold any withdrawal rights from the Pledgor, unless an Event of Default exists, or, after giving effect to any withdrawal not otherwise permitted by the Note Documents, would occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;<u>Investment Property</u>. If the Pledgor shall at any time hold or acquire any certificated securities, it shall forthwith endorse, assign and deliver the same to the Secured Party, accompanied by such instruments of transfer or assignment duly executed in blank as the Secured Party may from time to time specify. If any securities now owned or hereafter acquired by the Pledgor are uncertificated and are issued to it or its nominee directly by the issuer thereof, the Pledgor shall promptly notify the Secured Party thereof and cause the issuer to either (A) enter into a written agreement or authenticated record with the Secured Party, in form and substance satisfactory to the Secured Party, pursuant to which such issuer shall agree, among other things, to comply with instructions from the Secured Party as to such securities, without further consent of the Pledgor or such nominee, or (B) arrange for the Secured Party to become the registered owner of the securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Accounts</u>. If any securities, whether certificated or uncertificated, or other Investment Property now or hereafter acquired by it are held or acquired by it or its nominee through a securities intermediary or commodities intermediary, it shall promptly notify the Secured Party thereof and (i) either (A) cause such securities intermediary or (as the case may be) commodities intermediary to enter into a written agreement or other authenticated record with the Pledgor and the Secured Party, in form and substance satisfactory to the Secured Party, pursuant to which such securities intermediary or commodities intermediary, as the case may be, shall, among other things, agree to comply with entitlement orders or other instructions from the Secured Party to such securities intermediary as to such securities or other Investment Property, or (as the case may be) to apply any value distributed on account of any commodity

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contract as directed by the Secured Party to such commodity intermediary, in each case without further consent of the Pledgor or such nominee, or (B) in the case of financial assets or other investment property held through a securities intermediary, arrange for the Secured Party to become the entitlement holder with respect to such investment property, with the Pledgor being permitted, only with the consent of the Secured Party, to exercise rights to withdraw or otherwise deal with such investment property and (ii) cause such securities, financial assets or other Investment Property to be held through a securities intermediary that, as of the date of the arrangements contemplated by (A) and (B) above, (x) had a physical office in the United States that effected or monitored entries to securities accounts, (y) administered payments or corporate actions relating to securities held with such intermediary or (z) engaged in a business or other regular activity of maintaining securities accounts, in each case, in accordance with the criteria set forth in Article 4(1)(a) of the Convention on the Law Applicable to Certain Rights in Respect of Securities Held with an Intermediary, July 5, 2006, 46 I.L.M. 649. The Secured Party agrees with the Pledgor that the Security Agent shall not give any such entitlement orders or instructions or directions to any such issuer, securities intermediary or commodity intermediary, and shall not withhold its consent to the exercise of any withdrawal or dealing rights by the Pledgor, unless an Event of Default exists, or, after giving effect to any such investment and withdrawal rights not otherwise permitted by the Note Documents, would occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;<u>Collateral in the Possession of a Bailee</u>. If any goods of the Pledgor are at any time in the possession of a bailee, it shall promptly notify the Secured Party thereof and, if requested by the Secured Party, shall obtain an acknowledgement from such bailee, in form and substance satisfactory to the Secured Party, that such bailee holds such Collateral for the benefit of the Secured Party and shall act upon the instructions of the Secured Party, without the further consent of the Pledgor. The Secured Party agrees with the Pledgor that the Secured Party shall not give any such instructions unless an Event of Default exists or would occur after taking into account any action by the Pledgor with respect to such bailee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;<u>Electronic Chattel Paper and Transferrable Records</u>. If at any time the Pledgor holds or acquires an interest in any electronic chattel paper or any "transferable record", as that term is defined in Section 201 of the Federal Electronic Signatures in Global and National Commerce Act, or in Section 16 of the Uniform Electronic Transactions Act as in effect in any relevant jurisdiction, it shall promptly notify the Secured Party thereof and, at the request of the Secured Party, shall take such action as the Secured Party may reasonably request to vest in the Secured Party control, under Section 9-105 of the UCC, of such electronic chattel paper or control under Section 201 of the Federal Electronic Signatures in Global and National Commerce Act or, as the case may be, Section 16 of the Uniform Electronic Transactions Act, as so in effect in such jurisdiction, of such transferable record. The Secured Party agrees with the Pledgor that the Secured Party shall arrange, pursuant to procedures satisfactory to the Secured Party and so long as such procedures will not result in the Secured Party's loss of control, for the Pledgor to make alterations to the electronic chattel paper or transferable record permitted under Section 9-105 of the UCC or, as the case may be, Section 201 of the Federal Electronic Signatures in Global and National Commerce Act or Section 16 of the Uniform Electronic Transactions Act, unless an Event of Default exists or would reasonably be expected to occur after taking into account any action by the Pledgor with respect to such electronic chattel paper or transferable record.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;<u>Letter of Credit Rights</u>. If the Pledgor is at any time a beneficiary under a letter of credit now or hereafter issued in favor of the Pledgor, it shall promptly notify the Secured Party thereof and, at the request and option of the Secured Party, it shall either (a) arrange, for the issuer and any nominated person with respect to such letter of credit to consent, pursuant to an agreement or other authenticated record with and in form and substance satisfactory to the Secured Party, to an assignment to the Secured Party of the proceeds of any drawing under the letter of credit or (b) arrange for the Secured Party to become the transferee beneficiary of the letter of credit, with the Secured Party agreeing, in each case, that the proceeds of any drawing under the letter to credit are to be applied as provided in the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;<u>Commercial Tort Claims</u>. If the Pledgor shall at any time hold or acquire a commercial tort claim, the Pledgor shall promptly, and in any event within thirty (30) days, notify the Secured Party in writing of the details thereof, including a description thereof sufficient for purposes of Section 9-108 of the UCC, and grant to the Secured Party a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance satisfactory to the Secured Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;<u>Intellectual Property</u>. To the extent that the Pledgor owns any interest in copyrights, copyright licenses, patents, patent licenses, trademarks or trademark licenses, the Pledgor shall execute and deliver to the Secured Party for recording in the PTO and/or the Copyright Office, as applicable, an Intellectual Property Security Agreement Supplement concurrently with the Pledgor's execution and delivery of this Agreement (in the case of any such Intellectual Property existing on the date of this Agreement) and on the date the Pledgor establishes or acquires such additional Intellectual Property, as applicable. The provisions of the Intellectual Property Security Agreement Supplement are supplemental to the provisions of this Security Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitation on Modification of Accounts, Chattel Paper, Instruments and Payment Intangibles</u>. The Pledgor shall not, without the Secured Party's prior written consent, grant any extension of the time of payment of any of the Collateral consisting of Accounts, Chattel Paper, Instruments or Payment Intangibles, compromise, compound or settle the same for less than the full amount thereof, release, wholly or partly, any obligor liable for the payment thereof or allow any credit or discount whatsoever thereon, other than extensions, credits, discounts, compromises or settlements granted or made in the ordinary course of business and consistent with its good faith business judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;<u>Intercreditor Agreement</u>. The Pledgor shall use its best efforts to ensure that the First Lien Party shall work with Pledgor and the Secured Party to execute and deliver to the Secured Party the Intercreditor Agreement promptly and in any event within seven (7) Business Days after the date of this Agreement in form and substance satisfactory to the Secured Party.

**Section 7.&nbsp;&nbsp;&nbsp;&nbsp;Notification to Account Debtors and Other Persons Obligated on Collateral.** If an Event of Default exists, the Pledgor shall, at the request of the Secured Party, notify its account debtors and other persons obligated on any of the Collateral of the security interest of the Secured Party in any Account, Chattel Paper, General Intangible, Instrument or other Collateral and that payment thereof is to be made directly to the Secured Party or to any financial institution designated by the Secured Party as the Secured Party's agent therefor, and

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the Secured Party may itself, if an Event of Default exists, without notice to or demand upon the Pledgor, so notify account debtors and other persons obligated on Collateral. After the making of such a request or the giving of any such notification, the Pledgor shall hold any proceeds of collection of Accounts, Chattel Paper, General Intangibles, Instruments and other Collateral received by the Pledgor as trustee for the Secured Party without commingling the same with other funds of the Pledgor and shall turn the same over to the Secured Party in the identical form received, together with any necessary endorsements or assignments. The Secured Party may apply the proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral received by the Secured Party to the Obligations or hold such proceeds as additional Collateral, at the option of the Secured Party.

**Section 8.&nbsp;&nbsp;&nbsp;&nbsp;Distributions; Voting Rights**. Subject to the provisions of the Indenture and the limitations on distributions set forth therein, and in each case unless an Event of Default shall exist, Pledgor shall be permitted to receive all partnership and/or limited liability company interest distributions or cash dividends paid in the normal course of business of any Pledged Entity and Pledgor shall at all times have the right to exercise all voting and partnership and/or limited liability company or corporate rights with respect to the Pledged Interests, provided that no vote shall be cast or right exercised or other action taken which would impair Secured Party's Lien on the Collateral or which would be inconsistent with or result in any violation of any provision of the Indenture, the Notes, this Agreement or any other Note Documents.

**Section 9.&nbsp;&nbsp;&nbsp;&nbsp;Rights of Secured Party**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default shall occur and be continuing, Secured Party shall have the right to receive any and all income, cash dividends, distributions, proceeds or other property received or paid in respect of the Pledged Interests and make application thereof to the Obligations, in such order as Secured Party, in its sole discretion (exercised at the direction of the Required Holders), may elect, in accordance with the Note Documents. If an Event of Default shall occur and be continuing, then all such Pledged Interests at Secured Party's option, shall be registered in the name of Secured Party or its nominee (if not already so registered), and Secured Party or its nominee may thereafter exercise (i) all voting, and all corporate, limited liability company or partnership, as applicable, and other rights pertaining to the Pledged Interests and (ii) any and all rights of conversion, exchange, and subscription and any other rights, privileges or options pertaining to such Pledged Interests as if it were the absolute owner thereof (including, without limitation, the right to exchange at its discretion any and all of the Pledged Interests upon the merger, consolidation, reorganization, recapitalization or other fundamental change in the organizational structure of any Pledged Entity, or upon the exercise by Pledgor or Secured Party of any right, privilege or option pertaining to such Pledged Interests, and in connection therewith, the right to deposit and deliver any and all of the Pledged Interests with any committee, depositary, transfer agent, registrar or other designated agency upon such terms and conditions as it may determine), all without liability except to account for property actually received by it, but Secured Party shall have no duty to exercise any such right, privilege or option and shall not be responsible for any failure to do so or delay in so doing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The rights of Secured Party under this Agreement shall not be conditioned or contingent upon the pursuit by Secured Party of any right or remedy against Pledgor or against any other Person which may be or become liable in respect of all or any part of the Obligations

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or against any other security therefor, guarantee thereof or right of offset with respect thereto. No Secured Party shall be liable for any failure to demand, collect or realize upon all or any part of the Collateral or for any delay in doing so, nor shall it be under any obligation to sell or otherwise dispose of any Collateral upon the request of Pledgor or any other Person or to take any other action whatsoever with regard to the Collateral or any part thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Pledgor authorizes Secured Party, at any time and from time to time, to execute, in connection with any sale or other disposition of all or any of the Collateral pursuant to <u>Section 10</u> or <u>Section 11</u>, any endorsements, assignments or other instruments of conveyance or transfer with respect to the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The powers conferred upon Secured Party hereunder are solely to protect Secured Party's interest in the Collateral and shall not impose any duty upon Secured Party to exercise any such powers. Secured Party shall be accountable only for amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to Pledgor for any act or failure to act hereunder, except for its or their gross negligence or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;If Pledgor fails to perform or comply with any of its agreements contained herein and Secured Party, as provided for by the terms of this Agreement, shall itself perform or comply, or otherwise cause performance or compliance, with such agreement, then the costs and expenses of Secured Party incurred in connection with such performance or compliance by Secured Party, together with interest at the Default Rate if such expenses are not paid on demand, shall be payable by Pledgor to Secured Party on demand and shall constitute obligations secured hereby.

**Section 10.&nbsp;&nbsp;&nbsp;&nbsp;Remedies**. (a) If an Event of Default shall exist, Secured Party may exercise, in addition to all other rights and remedies granted in this Agreement and in any other instrument or agreement securing, evidencing or relating to the Obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;all rights and remedies of a secured party under the Code (whether or not said Code is in effect in the jurisdiction where the rights and remedies are asserted) and such additional rights and remedies to which a secured party is entitled under the laws in effect in any jurisdiction where any rights and remedies hereunder may be asserted, including, without limitation, the right, to the maximum extent permitted by law, to exercise all voting, consensual and other powers of ownership pertaining to all or any Collateral as if Secured Party were the sole and absolute owner thereof (and Pledgor agrees to take all such action as may be appropriate to give effect to such right);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Secured Party may make any reasonable compromise or settlement deemed desirable with respect to any of the Collateral and may extend the time of payment, arrange for payment in installments, or otherwise modify the terms of, any of the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;in its discretion, Secured Party may, in its name or in the name of Pledgor or otherwise, demand, sue for, collect, direct payment of or receive any money or property at any time payable or receivable on account of or in exchange for any of the Collateral, but shall be under no obligation to do so.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Without limiting the generality of the foregoing, Secured Party, without demand of performance or other demand, presentment, protest, advertisement or notice of any kind (except any notice required by law referred to below or otherwise required hereby) to or upon Pledgor, any Pledged Entity, or any other Person (all and each of which demands, presentments, protests, advertisements and notices, or other defenses, are hereby waived to the extent permitted under Applicable Law), may in such circumstances upon which an Event of Default shall occur and be continuing forthwith collect, receive, appropriate and realize upon the Collateral, or any part thereof, and/or may forthwith sell, assign, give option or options to purchase or otherwise dispose of and deliver the Collateral or any part thereof (or contract to do any of the foregoing), in one or more parcels at public or private sale or sales, in the over-the-counter market, at any exchange, broker's board or office of Secured Party or elsewhere upon such terms and conditions as it may deem advisable and at such prices as it may deem best in its sole discretion (exercised at the direction of the Required Holders), for cash or on credit or for future delivery without assumption of any credit risk. Secured Party shall have the right, without notice or publication, to adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for such sale, and any such sale may be made at any time or place to which the same may be adjourned without further notice. Secured Party shall have the right upon any such public sale or sales, and, to the extent permitted by law, upon any such private sale or sales, to purchase all or any portion of the Collateral so sold, free of any right or equity of redemption of Pledgor, which right or equity of redemption is hereby waived or released. Secured Party shall apply any Proceeds from time to time held by it and the net proceeds of any such collection, recovery, receipt, appropriation, realization or sale, after deducting all reasonable costs and expenses of every kind incurred therein or incidental to the care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of Secured Party hereunder, including, without limitation, reasonable attorneys' fees and disbursements, to the payment in whole or in part of the Obligations, in such order as Secured Party may elect, and only after such application and after the payment by Secured Party of any other amount required by any provision of law, including, without limitation, Sections 9-610 and 9-615 of the Code, need Secured Party account for the surplus, if any, to Pledgor. To the extent permitted by Applicable Law, Pledgor waives all claims, damages and demands it may acquire against Secured Party arising out of the exercise by Secured Party of any of its rights hereunder, except for any claims, damages and demands it may have against Secured Party arising from the willful misconduct or gross negligence of Secured Party or its affiliates, or any agents or employees of the foregoing. If any notice of a proposed sale or other disposition of Collateral shall be required by law, such notice shall be deemed reasonable and proper if given at least ten (10) days before such sale or other disposition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;For the purpose of enabling the Secured Party to exercise rights and remedies under this <u>Section 10</u> at such time as the Secured Party shall be lawfully entitled to exercise such rights and remedies, the Pledgor hereby grants to the Secured Party an irrevocable, non-exclusive license (exercisable without payment of royalty or other compensation to the Pledgor) to use, license or sub-license any of the Collateral consisting of Intellectual Property now owned or hereafter acquired by the Pledgor, and wherever the same may be located, and including in such license reasonable access to all media in which any of the licensed items may be recorded or stored and to all computer software and programs used for the compilation or printout thereof. The use of such license by the Secured Party shall be exercised, at the Secured Party's option, while any Event of Default exists; <u>provided</u> that any license, sub-license or other transaction

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entered into by the Secured Party in accordance herewith shall be binding upon the Pledgor notwithstanding any subsequent cure, waiver or other termination of an Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;In the event of any sale or other disposition of any of the Intellectual Property of the Pledgor, the goodwill of the business connected with and symbolized by any trademarks subject to such sale or other disposition shall be included therein, and the Pledgor shall supply to the Secured Party or its designee the Pledgor's know-how and expertise, and documents and things relating to any Intellectual Property subject to such sale or other disposition, and the Pledgor's customer lists and other records and documents relating to such Intellectual Property and to the manufacture, distribution, advertising and sale of products and services of the Pledgor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The rights, powers, privileges and remedies of Secured Party under this Agreement are cumulative and shall be in addition to all rights, powers, privileges and remedies available to Secured Party at law or in equity. All such rights, powers and remedies shall be cumulative and may be exercised successively or concurrently without impairing the rights of Secured Party hereunder.

**Section 11.&nbsp;&nbsp;&nbsp;&nbsp;Private Sales**. (a) Pledgor recognizes that Secured Party may be unable to effect a public sale of any or all of the Pledged Interests, by reason of certain prohibitions contained in the Securities Act of 1933, as amended, and applicable state securities laws or otherwise, and may be compelled to resort to one or more private sales thereof to a restricted group of purchasers which will be obliged to agree, among other things, to acquire such securities for their own account for investment and not with a view to the distribution or resale thereof. Pledgor acknowledges and agrees that any such private sale may result in prices and other terms less favorable to Secured Party than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private sale shall not be deemed to have been made in a commercially unreasonable manner solely by virtue of being a private sale. Secured Party shall be under no obligation to delay a sale of any of the Pledged Interests for the period of time necessary to permit the applicable Pledged Entity or Pledgor to register such securities for public sale under the Securities Act of 1933, as amended, or under applicable state securities laws, even if such Pledged Entity or Pledgor would agree to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Pledgor further shall use commercially reasonable efforts to do or cause to be done all such other acts as may be reasonably necessary to make any sale or sales of all or any portion of the Pledged Interests pursuant to this <u>Section 11</u> valid and binding and in compliance with any and all other requirements of Applicable Law. Pledgor further agrees that a breach of any of the covenants contained in this <u>Section 11</u> will cause irreparable injury to Secured Party, that Secured Party have no adequate remedy at law in respect of such breach and, as a consequence, that each and every covenant contained in this <u>Section 11</u> shall be specifically enforceable against Pledgor, and Pledgor hereby waives and agrees not to assert any defenses against an action for specific performance of such covenants except for a defense that no Event of Default has occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Secured Party shall not incur any liability as a result of the sale of any Collateral, or any part thereof, at any private sale conducted in a commercially reasonable manner, it being agreed that some or all of the Collateral is or may be of one or more types that threaten to decline speedily in value and that are not customarily sold in a recognized market. Pledgor hereby

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waives any claims against Secured Party arising by reason of the fact that the price at which any of the Collateral may have been sold at such a private sale was less than the price which might have been obtained at a public sale or was less than the Aggregate Outstanding Principal Amount, even if Secured Party accepts the first offer received and does not offer any Collateral to more than one offeree, provided that Secured Party has acted in a commercially reasonable manner in conducting such private sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Code states that Secured Party is able to purchase the Pledged Interests only if they are sold at a public sale. Secured Party has advised Pledgor that SEC staff personnel have issued various No-Action Letters describing procedures which, in the view of the SEC staff, permit a foreclosure sale of securities to occur in a manner that is public for purposes of Article 9 of the Code, yet not public for purposes of Section 4(2) of the Securities Act of 1933. The Code permits Pledgor to agree on the standards for determining whether Secured Party has complied with its obligations under Article 9 of the Code. Pursuant to the Code, Pledgor specifically agrees (i) that it shall not raise any objection to Secured Party's purchase of any Pledged Interests (through bidding on the obligations or otherwise) and (ii) that a foreclosure sale conducted in conformity with the principles set forth in the No-Action Letters (A) shall be considered to be a "public" sale for purposes of the Code; (B) will be considered commercially reasonable notwithstanding that Secured Party has not registered or sought to register all or any the Pledged Interests under the Securities Laws, even if Pledgor or any Pledged Entity agrees to pay all costs of the registration process; and (C) shall be considered to be commercially reasonable notwithstanding that Secured Party purchases all or any Pledged Interests at such a sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Pledgor agrees that Secured Party shall not have any general duty or obligation to make any effort to obtain or pay any particular price for any Pledged Interests sold by Secured Party pursuant to this Agreement. Secured Party, may, in its sole discretion (exercised at the direction of the Required Holders), among other things, accept the first offer received, or decide to approach or not to approach any potential purchasers. Without in any way limiting Secured Party's right to conduct a foreclosure sale in any manner which is considered commercially reasonable, Pledgor hereby agrees that any foreclosure sale conducted in accordance with the following provisions shall be considered a commercially reasonable sale and hereby irrevocably waives any right to contest any such sale:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Secured Party conducts the foreclosure sale in the State of New York;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;The foreclosure sale is conducted in accordance with the laws of the State of New York;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Not more than ninety (90) days before, and not less than thirty (30) days in advance of the foreclosure sale, Secured Party notifies Pledgor at the address set forth herein of the time and place of such foreclosure sale, Pledgor hereby specifically agreeing that such notice shall constitute commercially reasonable notice of such sale both with respect to Pledgor and with respect to potential bidders at such sale and other interested third parties;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;The foreclosure sale is conducted by an auctioneer licensed in the State of New York and is conducted in New York City on any Business Day between the hours of 9 a.m. and 5 p.m.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;The notice of the date, time and location of the foreclosure sale is published in the New York Times, the Wall Street Journal (or such other newspaper or periodical widely circulated in New York, New York) not less than twice in any two of such newspapers or publications not less than seven (7) days prior to the date of the foreclosure sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;Secured Party sends notification of the foreclosure sale to all secured parties identified as a result of a search of the Uniform Commercial Code financing statements in the filing offices located in the State of Delaware, conducted not later than twenty (20) days and not earlier than sixty (60) days before such notification date.

**Section 12.&nbsp;&nbsp;&nbsp;&nbsp;Limitation on Duties Regarding Collateral**. Secured Party's sole duty with respect to the custody, safekeeping and physical preservation of the Collateral in its possession, under Section 9-207 of the Code or otherwise, shall be to deal with it in the same manner as Secured Party deals with similar securities and property for its own account. Neither Secured Party nor any of its directors, officers, employees or agents shall be liable for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of Pledgor or otherwise.

**Section 13.&nbsp;&nbsp;&nbsp;&nbsp;Financing Statements; Other Documents**. Pledgor hereby authorizes Secured Party to file UCC-1 financing statements with respect to the Collateral. Pledgor agrees to deliver any other document or instrument which Secured Party may reasonably request with respect to the Collateral for the purposes of obtaining or preserving the full benefits of this Agreement and of the rights and powers herein granted.

**Section 14.&nbsp;&nbsp;&nbsp;&nbsp;Attorney-in-Fact**. Without limiting any rights or powers granted by this Agreement to Secured Party, Secured Party is hereby appointed, which appointment as attorney-in-fact is irrevocable and coupled with an interest, the attorney-in-fact of each Pledgor for the purpose of carrying out the provisions of this Agreement and taking any action and executing any instruments which Secured Party may deem necessary or advisable to accomplish the purposes hereof including, without limitation, during the continuance of an Event of Default:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;to ask, demand, collect, sue for, recover, compromise, receive and give acquittance and receipts for moneys due and to become due under or in respect of any of the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;to receive, endorse and collect any drafts or other instruments, documents and chattel paper in connection with the foregoing <u>clause (a)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;to file any claims or take any action or institute any proceedings that Secured Party may deem necessary or desirable for the collection of any of the Collateral or otherwise to enforce the rights of Secured Party, with respect to any of the Collateral; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;to execute, in connection with the sale provided for in <u>Section 10</u> or <u>Section 11</u>, any endorsement, assignments, or other instruments of conveyance or transfer with respect to the Collateral.

If so requested by Secured Party, Pledgor shall ratify and confirm any such sale or transfer by executing and delivering to Secured Party at Pledgor's expense all proper deeds, bills of sale, instruments of assignment, conveyance of transfer and releases as may be designated in any such request.

**Section 15.&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Severability</u>. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Headings</u>. The headings used in this Agreement are for convenience of reference only and are not to affect the construction hereof or be taken into consideration in the interpretation hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>No Waiver; Cumulative Remedies</u>. Secured Party shall not by any act (except by a written instrument pursuant to <u>Section 15(d)</u>), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any default or in any breach of any of the terms and conditions hereof. No failure to exercise, nor any delay in exercising, on the part of Secured Party, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege. A waiver by Secured Party of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which Secured Party would otherwise have on any future occasion. The rights, remedies, powers and privileges herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any rights, remedies, powers or privileges provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Waivers and Amendments</u>. None of the terms or provisions of this Agreement may be waived, amended, or otherwise modified except by a written instrument executed by the party against which enforcement of such waiver, amendment, or modification is sought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>No Transfer</u>. Except as otherwise permitted under the Note Documents, Pledgor will not sell, assign, transfer, exchange, or otherwise dispose of, or grant any option with respect to, the Collateral, nor will it create, incur or permit to exist any pledge, lien, mortgage, hypothecation, security interest, charge, option or any other encumbrance with respect to any Collateral, or any interest therein, or any proceeds thereof, except for the security interest provided for by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Successors and Assigns</u>. This Agreement shall be binding upon and shall inure to the benefit of Pledgor and the respective successors and assigns of Pledgor and shall inure to the

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benefit of Secured Party and its successors and assigns; provided Pledgor shall not have any right to assign its rights hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices</u>. The provisions of <u>Section 12.1</u> of the Indenture are hereby incorporated by reference into this Agreement to the same extent and with the same force as if fully set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law; Submission to Jurisdiction</u>. The provisions of <u>Section 12.6</u> of the Indenture are hereby incorporated by reference into this Agreement to the same extent and with the same force as if fully set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Agents</u>. Secured Party may employ agents and attorneys-in-fact in connection herewith and shall not be responsible for their actions except for the gross negligence or willful misconduct of any such agents or attorneys-in-fact.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;<u>Reserved</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;<u>Irrevocable Authorization and Instruction to the Pledged Entity</u>. Pledgor hereby authorizes and instructs each Pledged Entity to comply with any instruction received by it from Secured Party in writing that (i) states that an Event of Default has occurred and (ii) otherwise complies with any applicable terms of this Agreement, without any other or further instructions from Pledgor, and Pledgor agrees that each Pledged Entity shall be fully protected in so complying.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>. This Agreement may be executed in any number of counterparts and all the counterparts taken together shall be deemed to constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver of Jury Trial</u>. The provisions of Section 12.7 of the Indenture are hereby incorporated by reference into this Agreement to the same extent and with the same force as if fully set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;<u>Joint and Several Liability</u>. If Pledgor consists of more than one Person or party, the obligations and liabilities of each such Person or party hereunder shall be joint and several.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;<u>Acknowledgment and Consent</u>. Pledgor shall cause each Pledged Entity to execute and deliver to Secured Party an Acknowledgment and Consent with respect to this Agreement in the form of <u>Exhibit A</u> attached hereto, in connection with the execution and delivery of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;<u>Trustee's Discretion</u>. The provisions of Section 7.2(j) of the Indenture are hereby incorporated by reference into this Agreement to the same extent and with the same force as if fully set forth herein. With respect to any matter relating to this Agreement, Secured Party shall have the same rights as the Trustee has under Section 7.2(j) of the Indenture.

[NO FURTHER TEXT ON THIS PAGE]

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**IN WITNESS WHEREOF**, the parties have caused this Agreement to be executed by their duly authorized officers as of the date set forth above.

<u>PLEDGOR</u>:

GREEN PLAINS YORK CAPTURE COMPANY

LLC, a Delaware limited liability company

By:&nbsp;&nbsp;&nbsp;&nbsp;Green Plains Inc.,

&nbsp;&nbsp;&nbsp;&nbsp;an Iowa corporation

&nbsp;&nbsp;&nbsp;&nbsp;its sole member

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;By: <u>/s/ Michelle Mapes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>Name: Michelle Mapes<br>Title: Chief Legal & Administration Officer

GREEN PLAINS WOOD RIVER CAPTURE

COMPANY LLC, a Delaware limited liability

company

By:&nbsp;&nbsp;&nbsp;&nbsp;Green Plains Inc.,

&nbsp;&nbsp;&nbsp;&nbsp;an Iowa corporation

&nbsp;&nbsp;&nbsp;&nbsp;its sole member

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;By: <u>/s/ Michelle Mapes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>Name: Michelle Mapes<br>Title: Chief Legal & Administration Officer

GREEN PLAINS CENTRAL CITY CAPTURE

COMPANY LLC, a Delaware limited liability

company

By:&nbsp;&nbsp;&nbsp;&nbsp;Green Plains Inc.,

&nbsp;&nbsp;&nbsp;&nbsp;an Iowa corporation

&nbsp;&nbsp;&nbsp;&nbsp;its sole member

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;By: <u>/s/ Michelle Mapes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>Name: Michelle Mapes<br>Title: Chief Legal & Administration Officer

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

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<u>SECURED PARTY</u>:

Wilmington Trust, National Association,

as Trustee

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ William Marder</u><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;<u>William Marder</u><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Title:&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signatory

## Exhibit 10.16

Exhibit 10.16(a)

**WARRANT AGREEMENT TO PURCHASE**

**COMMON STOCK OF GREEN PLAINS INC.**

NEITHER THIS WARRANT NOR THE SHARES ISSUABLE HEREUNDER HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "**ACT**"), OR UNDER THE SECURITIES LAWS OF ANY STATE, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. AS A RESULT, NEITHER THIS WARRANT NOR THE SHARES ISSUABLE HEREUNDER MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL THIS WARRANT OR SUCH SHARES ARE REGISTERED UNDER THE ACT AND ALL APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY IS OBTAINED TO THE EFFECT THAT SUCH REGISTRATION IS NOT REQUIRED.

Warrant No. <u>1</u> &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of Warrants: <u>2,380,586</u> &nbsp;&nbsp;&nbsp;&nbsp; <u>August 10, 2025</u>

For value received, Green Plains Inc., an Iowa corporation (the "**Company**"), hereby grants to BlackRock Global Allocation Fund, Inc. (together with its successors and assigns as set forth on the books of the Company, each a "**Registered Holder**") the number of warrants set forth above (such warrants, the "**Warrants**", and this Warrant Agreement to Purchase Common Stock of Green Plains Inc., this "**Warrant**"), each of the Warrants entitling the Registered Holder to purchase from the Company, until the Expiration Date (as defined in Section 2.01), upon the terms of this Warrant, one fully paid and non-assessable share (as same may be adjusted pursuant to Section 1, each a "**Warrant Share**" and together the "**Warrant Shares**") of the Company's common stock, $.001 par value (the "**Common Stock**") for a price of $0.01 per share (as same may be adjusted pursuant to Section 1, the "**Per Share Exercise Price**"), subject to all adjustments set forth herein. The total price to be paid by the Registered Holder upon purchase of all of the Warrant Shares is the Per Share Exercise Price multiplied by the number of Warrants evidenced by this certificate ("**Total Exercise Price**").

**1.<u>Adjustments</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01&nbsp;&nbsp;&nbsp;&nbsp;**<u>Adjustments for Certain Events</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Stock Dividends, Subdivisions and Combinations</u>**. If at any time, or from time-to-time, after the date hereof, the Company (i) declares a dividend on the Common Stock that is payable with shares of Common Stock, (ii) subdivides the outstanding shares of Common Stock into a greater number of shares of Common Stock by a stock split, reclassification or other method, or (iii) combines or consolidates the outstanding shares of Common Stock into a lesser number of shares of Common Stock by a reverse stock split, reclassification or other method, then the number of Warrant Shares issuable upon exercise of this Warrant shall be decreased or increased, as appropriate, by multiplying the number of Warrant Shares issuable upon exercise of this Warrant immediately before such event by a fraction, the numerator of which is the number of issued and outstanding shares of Common Stock immediately after such event and the denominator of which is the number of issued and outstanding shares of Common Stock immediately before such event. The events set forth above are deemed to occur on the date the Company's Board of Directors (the "**Board**") declares the dividend or authorizes the subdivision or combination of shares of Common Stock unless, for any reason, the dividend is not subsequently paid or the subdivision or combination is not subsequently completed. After any adjustment to the number of Warrant Shares under this Section 1.01(a) the Per Share Exercise Price shall be adjusted to that number

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determined by dividing the Total Exercise Price by the number of Warrant Shares issuable upon exercise of this Warrant after such adjustments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Reclassification, Etc</u>**. In case of any reclassification (other than a reclassification governed by Section 1.01(a)) or change of the outstanding securities of the Company or of any reorganization, sale or conveyance to another entity of the property of the Company as an entirety or substantially as an entirety, or in the case of any statutory exchange of securities with another entity or merger of the Company (or any other corporation the stock or securities of which are at the time receivable upon the exercise of this Warrant) on or after the date hereof, then and in each such case the Registered Holder upon the exercise hereof at any time after the consummation of such reclassification, change, reorganization, sale or conveyance, exchange of securities or merger shall be entitled to receive, in lieu of the stock or other securities and property receivable upon the exercise hereof prior to such consummation, only the stock or other securities or cash or property to which such Registered Holder would have been entitled upon such consummation if such Registered Holder had exercised this Warrant immediately prior thereto. Any such change in the Per Share Exercise Price, the number of Warrant Shares or the kind and amount of stock or other securities or property into which this Warrant shall be exercisable shall be effective as of the closing of the transaction that precipitated such adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Adjustment Upon Issuance of Shares of Common Stock.</u>** If and whenever on or after the first date any of the Warrants are issued, the Company grants, issues or sells (or enters into any agreement to grant, issue or sell), or in accordance with this Section 1.01(c) is deemed to have granted, issued or sold, any shares of Common Stock (including the grant, issuance or sale of shares of Common Stock owned or held by or for the account of the Company, but excluding any Excluded Securities granted, issued or sold or deemed to have been granted, issued or sold) for a consideration per share (the "**New Issuance Price**") less than a price equal to the Per Share Exercise Price in effect immediately prior to such grant, issuance or sale or deemed grant, issuance or sale (such Per Share Exercise Price then in effect is referred to herein as the "**Applicable Price**") (the foregoing a "**Dilutive Issuance**"), then immediately after such Dilutive Issuance, the Per Share Exercise Price then in effect shall be reduced to an amount equal to the New Issuance Price. For all purposes of the foregoing (including, without limitation, determining the adjusted Per Share Exercise Price and the New Issuance Price under this Section 1.01(c)), the following shall be applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Issuance of Options. If the Company in any manner grants, issues or sells (or enters into any agreement to grant, issue or sell) any rights, warrants or options to subscribe for or purchase shares of Common Stock or Convertible Securities (as defined below) ("**Options**") and the lowest price per share for which one share of Common Stock is at any time issuable upon the exercise of any such Option or upon conversion, exercise or exchange of any Convertible Securities issuable upon exercise of any such Option or otherwise pursuant to the terms thereof is less than the Per Share Exercise Price that is then in effect, then such share of Common Stock shall be deemed to be outstanding and to have been issued and sold by the Company at the time of the granting, issuance or sale (or the time of execution of such agreement to grant, issue or sell, as applicable) of such Option for such price per share. For purposes of this Section 1.01(c)(i), the "lowest price per share for which one share of Common Stock is at any time issuable upon the exercise of any such Options or upon conversion, exercise or exchange of any Convertible Securities issuable upon exercise of any such Option or otherwise pursuant to the terms thereof" shall be equal to (1) the lower of (x) the sum of the lowest amounts of consideration (if any) received or receivable by the Company with respect to any one share of Common Stock upon the granting, issuance or sale (or pursuant to the agreement to grant, issue or sell, as applicable) of such Option, upon exercise of such Option and upon conversion, exercise or exchange of any Convertible Security issuable upon exercise of such Option or otherwise pursuant to the terms thereof and (y) the

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lowest exercise price set forth in such Option for which one share of Common Stock is issuable (or may become issuable assuming all possible market conditions) upon the exercise of any such Options or upon conversion, exercise or exchange of any Convertible Securities issuable upon exercise of any such Option or otherwise pursuant to the terms thereof minus (2) the sum of all amounts paid or payable to the holder of such Option (or any other Person) upon the granting , issuance or sale (or the agreement to grant, issue or sell, as applicable) of such Option, upon exercise of such Option and upon conversion, exercise or exchange of any Convertible Security issuable upon exercise of such Option or otherwise pursuant to the terms thereof plus the value of any other consideration received or receivable by, or benefit conferred on, the holder of such Option (or any other Person). Except as contemplated below, no further adjustment of the Per Share Exercise Price shall be made upon the actual issuance of such shares of Common Stock or of such Convertible Securities upon the exercise of such Options or otherwise pursuant to the terms of or upon the actual issuance of such shares of Common Stock upon conversion, exercise or exchange of such Convertible Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Issuance of Convertible Securities. If the Company in any manner issues or sells (or enters into any agreement to issue or sell) any stock or other security (other than Options) that is at any time and under any circumstances, directly or indirectly, convertible into, exercisable or exchangeable for, or which otherwise entitles the holder thereof to acquire, any shares of Common Stock ("**Convertible Securities**") and the lowest price per share for which one share of Common Stock is at any time issuable upon the conversion, exercise or exchange thereof or otherwise pursuant to the terms thereof is less than the Applicable Price, then such share of Common Stock shall be deemed to be outstanding and to have been issued and sold by the Company at the time of the issuance or sale (or the time of execution of such agreement to issue or sell, as applicable) of such Convertible Securities for such price per share. For the purposes of this Section 1.01(c)(ii), the "lowest price per share for which one share of Common Stock is at any time issuable upon the conversion, exercise or exchange thereof or otherwise pursuant to the terms thereof" shall be equal to (1) the lower of (x) the sum of the lowest amounts of consideration (if any) received or receivable by the Company with respect to one share of Common Stock upon the issuance or sale (or pursuant to the agreement to issue or sell, as applicable) of the Convertible Security and upon conversion, exercise or exchange of such Convertible Security or otherwise pursuant to the terms thereof and (y) the lowest conversion price set forth in such Convertible Security for which one share of Common Stock is issuable (or may become issuable assuming all possible market conditions) upon conversion, exercise or exchange thereof or otherwise pursuant to the terms thereof minus (2) the sum of all amounts paid or payable to the holder of such Convertible Security (or any other Person) upon the issuance or sale (or the agreement to issue or sell, as applicable) of such Convertible Security plus the value of any other consideration received or receivable by, or benefit conferred on, the holder of such Convertible Security (or any other Person). Except as contemplated below, no further adjustment of the Per Share Exercise Price shall be made upon the actual issuance of such shares of Common Stock upon conversion, exercise or exchange of such Convertible Securities or otherwise pursuant to the terms thereof, and if any such issuance or sale of such Convertible Securities is made upon exercise of any Options for which adjustment of this Warrant has been or is to be made pursuant to other provisions of this Section 1.01(c), except as contemplated below, no further adjustment of the Per Share Exercise Price shall be made by reason of such issuance or sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Intentionally Omitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;Calculation of Consideration Received. If any Option and/or Convertible Security and/or adjustment right is issued in connection with the issuance or sale or deemed issuance or sale of any other securities of the Company (as determined by the Company's board of directors in good faith, the "**Primary Security**", and such Option and/or Convertible Security and/or adjustment right, the

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"**Secondary Securities**" and together with the Primary Security, each a "**Unit**"), together comprising one integrated transaction, the aggregate consideration per share of Common Stock with respect to such Primary Security shall be deemed to be the lower of (x) the purchase price of such Unit, (y) if such Primary Security is an Option and/or Convertible Security, the lowest price per share for which one share of Common Stock is at any time issuable upon the exercise or conversion of the Primary Security in accordance with Section 1.01(c)(i) or 1.01(c)(ii) above and (z) the lowest VWAP of the shares of Common Stock on any day trading during the period commencing on the date of the public announcement of such Dilutive Issuance through, and including, the fourth (4th) Trading Day immediately following the closing of such Dilutive Issuance (the "**Adjustment Period**") (for the avoidance of doubt, if this Warrant is exercised on any given Exercise Date during any such Adjustment Period, solely with respect to such portion of this Warrant exercised on such applicable Exercise Date, such applicable Adjustment Period shall be deemed to have ended on, and included, the Trading Day immediately prior to such Exercise Date). If any shares of Common Stock, Options or Convertible Securities are issued or sold or deemed to have been issued or sold for cash, the consideration received therefor will be deemed to be the net amount of consideration received by the Company therefor. If any shares of Common Stock, Options or Convertible Securities are issued or sold for a consideration other than cash, the amount of such consideration received by the Company will be the fair value of such consideration, except where such consideration consists of publicly traded securities, in which case the amount of consideration received by the Company for such securities will be the arithmetic average of the VWAPs of such security for each of the five (5) Trading Days immediately preceding the date of receipt. If any shares of Common Stock, Options or Convertible Securities are issued to the owners of the non-surviving entity in connection with any merger in which the Company is the surviving entity, the amount of consideration therefor will be deemed to be the fair value of such portion of the net assets and business of the non-surviving entity as is attributable to such shares of Common Stock, Options or Convertible Securities (as the case may be). The fair value of any consideration other than cash or publicly traded securities will be determined by the Company's board of directors in good faith. For purposes of this Section 1.01(c), "Excluded Securities" shall mean (i) shares of Common Stock, restricted stock units or options to purchase Common Stock issued to directors, officers or employees of the Company for services rendered to the Company in their capacity as such, provided that (A) all such issuances (taking into account the shares of Common Stock issuable upon exercise of such options and restricted stock units) after the Subscription Date pursuant to this clause (i) do not, in the aggregate, exceed more than 20% of the Common Stock issued and outstanding immediately prior to the first date any of the Warrants are issued and (B) the exercise price of any such options is not lowered, none of such options are amended to increase the number of shares issuable thereunder and none of the terms or conditions of any such options are otherwise materially changed in any manner that adversely affects the Registered Holder; and (ii) shares of Common Stock issued upon the conversion or exercise of Convertible Securities (other than options to purchase Common Stock that are covered by the preceding clause (i)) issued prior to the date any of the Warrants are first issued, provided that the conversion price of any such Convertible Securities (other than restricted stock units and options to purchase Common Stock that are covered by the preceding clause (i)) is not lowered, none of such Convertible Securities (other than restricted stock units and options to purchase Common Stock that are covered by the preceding clause (i)) are amended to increase the number of shares issuable thereunder and none of the terms or conditions of any such Convertible Securities (other than restricted stock units and options to purchase Common Stock that are covered by the preceding clause (i)) are otherwise materially changed in any manner that adversely affects the Registered Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;Record Date. If the Company takes a record of the holders of shares of Common Stock for the purpose of entitling them (A) to receive a dividend or other distribution payable in shares of Common Stock, Options or in Convertible Securities or (B) to subscribe for or purchase shares of Common Stock, Options or Convertible Securities, then such record date will be deemed to be the date of the issuance or

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sale of the shares of Common Stock deemed to have been issued or sold upon the declaration of such dividend or the making of such other distribution or the date of the granting of such right of subscription or purchase (as the case may be).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Certain Events. If any event of the type contemplated by the provisions of this Section 1.01(c) but not expressly provided for by such provisions (including, without limitation, the granting of stock appreciation rights, phantom stock rights or other rights with equity features) occurs, then the Board shall make an appropriate adjustment in the Per Share Exercise Price and the number of Warrant Shares issuable upon exercise of this Warrant so as to protect the rights of the Registered Holder in a manner consistent with the provisions of this Section 1.01(c); provided, that no such adjustment pursuant to this Section 1.01(c) shall increase the Per Share Exercise Price or decrease the number of Warrant Shares issuable as otherwise determined pursuant to this Section 1.01(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Adjustment for Extraordinary, Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or make a distribution in cash, securities or other assets to the holders of the shares of Common Stock on account of such shares of Common Stock, other than (a) as described in subsection 1.01(a), (b) or (c) above, or (b) in connection with any distribution of its assets upon its liquidation (any such non-excluded event being referred to herein as an "**Extraordinary Dividend**"), then the Per Share Exercise Price shall be decreased, effective immediately after the effective date of such Extraordinary Dividend, by the amount of cash and/or the fair market value (as determined by the Board, in good faith) of any securities or other assets paid on each share of Common Stock in respect of such Extraordinary Dividend.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02&nbsp;&nbsp;&nbsp;&nbsp;**<u>General Adjustment Provisions</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Notice of Adjustments</u>**. Upon each event that causes an adjustment of the Per Share Exercise Price, the number of Warrant Shares or the kind and amount of stock or other securities or property into which this Warrant shall be exercisable, the Company, at its expense, shall promptly compute such adjustments in accordance with the terms hereof, reflect such adjustment on its books and prepare and furnish the Registered Holder a certificate setting forth such adjustment and showing in detail the facts upon which such adjustment is based. The Company's Chief Financial Officer shall attest to the accuracy of the certificate. Upon the Registered Holder's written request at any time, but no more often than quarterly, the Company shall furnish to the Registered Holder a certificate setting forth (i) all prior adjustments to the Per Share Exercise Price, the number of Warrant Shares or the kind and amount of stock or other securities or property into which this Warrant shall be exercisable, (ii) the Per Share Exercise Price currently in effect and (iii) the number of Warrant Shares and the amount, if any, of other property, that the Registered Holder would receive upon exercise of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Miscellaneous</u>**. Unless specifically provided herein to the contrary, all of the adjustments set forth in this Section 1 are cumulative. No adjustment of the Per Share Exercise Price or the number of Warrant Shares shall be made hereunder with respect to any shares of Common Stock that have been issued to the Registered Holder upon exercise of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;**<u>No Increase Per Share Exercise Price</u>**. In no event shall any such adjustment have the effect of increasing the Per Share Exercise Price as otherwise determined pursuant to this Section 1 except as contemplated by Section 1.01(a)(iii), and then in no event to an amount larger than the Per Share Exercise Price as adjusted pursuant to such Section.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Disputes</u>**. In the event that there is any dispute as to the computation of the Per Share Exercise Price or the number of Warrant Shares required to be issued upon exercise of this Warrant, the Registered Holders and the Company will retain a mutually acceptable independent and nationally recognized accounting firm to re-compute the Per Share Exercise Price and number of Warrant Shares required to be issued upon exercise of this Warrant pursuant to the terms hereof, which firm may review the financial statements or other information upon which such computations were based. The determination of such firm shall, in the absence of manifest error, be binding upon the Registered Holders of this Warrant and the Company. If there shall be a dispute as to the selection of such nationally recognized accounting firm, such firm shall be appointed by the American Institute of Certified Public Accountants if willing, otherwise by the American Arbitration Association in New York City, upon application by the Company and Registered Holders of at least 25 percent of the then outstanding Warrants, with notice to the other Registered Holders. The cost for the retention of such firm shall be borne by the Company if the Company's original computation was incorrect, and otherwise by the Registered Holders.

2.**<u>Exercise</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01&nbsp;&nbsp;&nbsp;&nbsp;**<u>Exercise Period</u>**. The Registered Holder may exercise this Warrant for all or less than all of the Warrant Shares at any time and from time to time before 5:00 P.M. local time in Omaha, Nebraska on August 10, 2035 (the "**Expiration Date**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02&nbsp;&nbsp;&nbsp;&nbsp;**<u>Manner</u>**. The Registered Holder shall exercise this Warrant by delivering to the Secretary of the Company at its principal office (a) this original Warrant, (b) a notice of exercise in the form attached hereto as **Exhibit A** ("**Exercise Notice**") and (c) (x) full payment in the amount of the Per Share Exercise Price multiplied by the number of Warrant Shares that Registered Holder is purchasing hereunder (the "**Purchase Price**") or (y) notice of a Cashless Exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03&nbsp;&nbsp;&nbsp;&nbsp;**<u>Form of Payment</u>**. Registered Holder shall pay the Purchase Price (a) in cash, (b) by bank cashier's check, (c) by Federal Reserve System wire transfer of immediately available funds, or (d) by any combination of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04&nbsp;&nbsp;&nbsp;&nbsp;**<u>Cashless Exercise</u>**. The Registered Holder may, in its sole discretion, exercise this Warrant in whole or in part and, in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the Per Share Exercise Price, elect instead to receive upon such exercise the "Net Number" of Warrant Shares determined according to the following formula (a "**Cashless Exercise**"):

Net Number = &nbsp;&nbsp;&nbsp;&nbsp;<u>(A x B) – (A x C</u>)&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; D

For purposes of the foregoing formula:

A = the total number of shares with respect to which this Warrant is then being exercised.

B = the quotient of (x) the sum of the VWAP of the Common Stock of each of the five (5) Trading Days ending at the close of business on the Principal Market immediately prior to the time of exercise as set forth in the applicable Exercise Notice, divided by (y) five (5) (the "**Cashless Measuring Period**").

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C = the Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise.

D = as applicable: (i) the Closing Sale Price of the Common Stock on the Trading Day immediately preceding the date of the applicable Exercise Notice if such Exercise Notice is (1) both executed and delivered pursuant to Section 1(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 1(a) hereof on a Trading Day prior to the opening of "regular trading hours" (as defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) the bid price of the Common Stock as of the time of the Registered Holder's execution of the applicable Exercise Notice if such Exercise Notice is executed during "regular trading hours" on a Trading Day and is delivered within two (2) hours thereafter pursuant to Section 1(a) hereof, or (iii) the Closing Sale Price of the Common Stock on the date of the applicable Exercise Notice if the date of such Exercise Notice is a Trading Day and such Exercise Notice is both executed and delivered pursuant to Section 2.02 hereof after the close of "regular trading hours" on such Trading Day.

For purposes of Rule 144(d), it is intended that the Warrant Shares issued in a Cashless Exercise shall be deemed to have been acquired by the Registered Holder, and the holding period for the Warrant Shares shall be deemed to have commenced, on the date this Warrant was originally issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05&nbsp;&nbsp;&nbsp;&nbsp; **<u>Delivery to Registered Holder</u>**. As soon as practicable after the exercise of this Warrant in whole or in part, and in any event within ten (10) business days thereafter, the Company at its expense will cause to be issued in the name of, and delivered to, the Registered Holder, or as such Registered Holder (upon payment by such Registered Holder of any applicable transfer taxes) may direct:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a certificate or certificates for the number of Warrant Shares to which such Registered Holder shall be entitled; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in case such exercise is in part only, a new Warrant of like tenor for the number of Warrants (without giving effect to any adjustment therein) called for on the face of this Warrant minus the number of Warrants exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06&nbsp;&nbsp;&nbsp;&nbsp;**<u>Holder's Exercise Limitations</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Limitation on Exercise</u>**. No Registered Holder shall have the right to exercise any portion of this Warrant, pursuant to this Section 2 or otherwise, and no such exercise shall be effective, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Exercise Notice, the Registered Holder (together with the Registered Holder's affiliates, any other Person who would be a "beneficial owner" (within the meaning of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**")) of shares included in such issuance, and any other Person whose beneficial ownership of shares of Common Stock would be aggregated with the Registered Holder's for purposes of Section 13(d) of the Exchange Act and the applicable rules and regulations of the Securities and Exchange Commission, including any "group" (within the meaning of the Exchange Act) of which the Registered Holder or any such other Person is a member (such Persons, "**Attribution Parties**")), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below), provided that a Registered Holder may waive the application of the limitations in this Section 2.06(a) to such Registered Holder upon sixty-five (65) calendar days prior written notice to the Company by such Registered Holder.

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For the avoidance of doubt, the Registered Holder shall be permitted to exercise this Warrant, at any time, in part or in whole (but not as to fractional shares), in amounts sufficient for the Registered Holder and Attribution Parties to maintain in the aggregate beneficial ownership of shares of Common Stock in an amount equal to or less than the then-applicable Beneficial Ownership Limitation, including if and to the extent that (A) any other warrants by the Company are exercised, transferred, exchanged, redeemed or otherwise cease to be in the ownership or control of the parties that received such warrants subsequent to the date hereof or (B) the Company issues additional shares of Common Stock for any reason (including, for the avoidance of doubt, any exercise, exchange or conversion of warrants, options or convertible securities or other securities into shares of Common Stock).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Calculation of Limitation</u>**. Except where the Registered Holder has waived the application of the limitations in this Section 2.06 pursuant to Section 2.06(a), the submission of an Exercise Notice shall be deemed to be the Registered Holder's representation that such proposed exercise of this Warrant is not in excess of the limitation contained in this Section 2.06, and the Company shall have no liability for any non-compliance by the Registered Holder with the limitation set forth herein. For purposes of this Section 2.06, in determining the number of outstanding shares of Common Stock, a Registered Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company's most recent periodic or annual report filed with the Securities and Exchange Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company setting forth the number of shares of Common Stock outstanding; provided, that¸ in the case of clause (B) and (C), the Registered Holder may rely only on the most recent such announcement or notice. In each case, the number of outstanding shares of Common Stock shall be determined by the Registered Holder after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Registered Holder or otherwise included in the Registered Holder's beneficial ownership since the date as of which such number of outstanding shares of Common Stock was reported.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Beneficial Ownership Limitation Percentage</u>**. The "Beneficial Ownership Limitation" shall be 19.8% of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant and in respect of which an Exercise Notice has been issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07&nbsp;&nbsp;&nbsp;&nbsp;**<u>Fundamental Transaction.</u>** If, at any time while the Warrants are outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another person (other than for the purpose of changing the Company's name), (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another person) is completed pursuant to which holders of the outstanding equity securities of the Company having voting power are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of outstanding securities representing more than 50% of the aggregate voting power of the issued and outstanding equity securities of the Company, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another person or group of persons whereby such other person or group acquires securities representing more than 50% of the aggregate

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voting power, including the power to vote on the election of directors of the Company, of the issued and outstanding equity securities of the Company (each a "**Fundamental Transaction**"), then, upon consummation of such Fundamental Transaction, this Warrant shall automatically become exercisable for the kind and amount of securities, cash or other assets which the Registered Holder would have owned immediately after the consummation of such Fundamental Transaction if the Registered Holder had exercised in full this Warrant immediately before the consummation of such Fundamental Transaction. If holders of Common Stock are given any choice as to the kind or amount of securities, cash or other assets receivable upon the consummation of such Fundamental Transaction, then the Registered Holder shall be given the same choice as to such consideration it receives upon any exercise of this Warrant following such Fundamental Transaction.

3.**<u>Notice of Certain Events</u>**. If the Company proposes at any time (a) to declare any dividend or distribution upon its Common Stock, or (b) to offer to the holders of any class or series of its capital stock any additional shares of stock of any class or series or other rights, the Company shall deliver written notice thereof to Registered Holder. Such notice shall be given at least twenty (20) calendar days before (i) the record date for such dividend, distribution or offering and (ii) the earlier of any vote to approve or the closing of such transaction. The notice shall generally describe the event expected to occur, the anticipated date thereof and the name and telephone number of the Company's representative whom the Registered Holder may contact to obtain additional information concerning the anticipated event.

4.**<u>Reservation of Common Stock; Valid Issuance</u>**. During the period in which this Warrant may be exercised, the Company will at all times have authorized, and in reserve, shares of Common Stock equal to the maximum amount of the shares of Common Stock that can be issued upon exercise of all of this Warrant and such other securities and properties as from time to time shall be deliverable to the Registered Holder upon the exercise of this Warrant, free and clear of all restrictions on sale or transfer (except such as may be imposed under applicable federal and state securities laws). The Company further covenants that such shares of Common Stock as may be issued pursuant to such exercise will, upon issuance, be duly and validly issued, fully paid and nonassessable and free from all taxes, liens and charges with respect to the issuance thereof.

5.**<u>Issue or Transfer Taxes</u>**. The Company shall pay all issue and other non-income based taxes that may be payable in respect of the issuance or delivery of the Warrant Shares on exercise of the Warrant. The Registered Holder shall pay all transfer taxes due upon any transfer requested by Registered Holder in connection with any such exercise.

6.**<u>Transfers</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Unregistered Security</u>**. Each holder of this Warrant acknowledges that this Warrant and the Warrant Shares have not been registered under the Securities Act of 1933, as amended (the "**Securities Act**"), and agrees not to sell, pledge, distribute, offer for sale, transfer or otherwise dispose of this Warrant or any Warrant Shares issued upon its exercise in the absence of (i) an effective registration statement under the Securities Act as to this Warrant or such Warrant Shares and registration or qualification of this Warrant or such Warrant Shares under any applicable federal or state securities law then in effect or (ii) an opinion of counsel, satisfactory to the Company, that such registration and qualification are not required. Each certificate or other instrument for Warrant Shares issued upon the exercise of this Warrant shall bear a legend substantially to the foregoing effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Transferability</u>**. Subject to the provisions of Section 6(a) hereof, this Warrant and all rights hereunder are transferable, in whole or in part, by the Registered Holder without charge to the Registered Holder, upon surrender of this Warrant to the Company at its then principal executive offices with a properly completed and duly executed assignment in the form attached hereto as **Exhibit B**. Upon such compliance, surrender and delivery, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees and in the denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant, if any, not so assigned and this Warrant shall promptly be cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Warrant Register</u>**. The Company will maintain a register containing the names and addresses of the Registered Holders of this Warrant. Until any transfer of this Warrant is made in the warrant register (which the Company shall effect promptly following submission of this Warrant to it) the Company may treat the Registered Holder of this Warrant as the absolute owner hereof for all purposes; <u>provided, however</u>, that if this Warrant is properly assigned in blank, the Company may (but shall not be required to) treat the bearer hereof as the absolute owner hereof for all purposes, notwithstanding any notice to the contrary. Any Registered Holder may change such Registered Holder's address as shown on the warrant register by written notice to the Company requesting such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Deliveries Upon Transfer</u>**. As soon as practicable after a transfer of this Warrant in whole or in part, and in any event within ten (10) business days thereafter, the Company at its expense will cause to be issued in the name of, and delivered to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;to the transferee a certificate or certificates registered in the name of the transferee for the number of Warrants transferred to such transferee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;in case such transfer is in part only, to the Registered Holder a new Warrant of like tenor for the number of Warrants (without giving effect to any adjustment therein) called for on the face of this Warrant minus the number of Warrants transferred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Loss, Etc. of Warrant</u>**. Upon receipt of evidence satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant, and of indemnity reasonably satisfactory to the Company, if lost, stolen or destroyed, and upon surrender and cancellation of this Warrant, if mutilated, and upon reimbursement of the Company's reasonable incidental expenses, the Company shall execute and deliver to the Registered Holder a new Warrant of like date, tenor and denomination.

7.**<u>Fractional Shares</u>**. No fractional share of Common Stock shall be issued upon the exercise of this Warrant. All of the Warrant Shares issuable upon any exercise of this Warrant shall be aggregated for purposes of determining whether the exercise would result in the issuance of any fractional share. If, after such aggregation, the exercise would result in the issuance of a fractional share, the Company shall in lieu thereof pay the Registered Holder a cash amount equal to the fair market value of such fractional share on the date of exercise. The Board, acting in good faith, shall determine the fair market value of the fractional share.

8.**<u>Closing of Transfer Books</u>**. The right to exercise this Warrant shall not be suspended during any period while the stock transfer book of the Company for its Common Stock is closed. Notwithstanding the foregoing, the Company shall not be required to deliver certificates of its Common Stock upon

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exercise of this Warrant while its stock transfer book is duly closed and may postpone the delivery of the certificates for its Common Stock until the opening of such books.

9.**<u>Certain Definitions</u>**. For purposes of this Warrant, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;"**Closing Sale Price**" means, for any security as of any date, the last closing trade price for such security on the Principal Market, as reported by Bloomberg, or, if the Principal Market begins to operate on an extended hours basis and does not designate the closing trade price, then the last trade price of such security prior to 4:00:00 p.m., New York time, as reported by Bloomberg, or, if the Principal Market is not the principal securities exchange or trading market for such security, the last trade price of such security on the principal securities exchange or trading market where such security is listed or traded as reported by Bloomberg, or if the foregoing does not apply, the last trade price of such security in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg, or, if no last trade price is reported for such security by Bloomberg, the average of the ask prices of any market makers for such security as reported in the "pink sheets" by OTC Markets Group Inc. (formerly Pink Sheets LLC). If the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Sale Price of such security on such date shall be the fair market value as mutually determined by the Company and the Registered Holder. All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;"**Principal Market**" means the Nasdaq Capital Market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;"**Trading Day**" means, as applicable, (x) with respect to all price or trading volume determinations relating to the Common Stock, any day on which the Common Stock is traded on the Principal Market, or, if the Principal Market is not the principal trading market for the Common Stock, then on the principal securities exchange or securities market on which the Common Stock is then traded, provided that "Trading Day" shall not include any day on which the Common Stock is scheduled to trade on such exchange or market for less than 4.5 hours or any day that the Common Stock is suspended from trading during the final hour of trading on such exchange or market (or if such exchange or market does not designate in advance the closing time of trading on such exchange or market, then during the hour ending at 4:00:00 p.m., New York time) unless such day is otherwise designated as a Trading Day in writing by the Registered Holder or (y) with respect to all determinations other than price or trading volume determinations relating to the Common Stock, any day on which The New York Stock Exchange (or any successor thereto) is open for trading of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;"**VWAP**" means, for any security as of any date, the dollar volume-weighted average price for such security on the Principal Market (or, if the Principal Market is not the principal trading market for such security, then on the principal securities exchange or securities market on which such security is then traded) during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time, as reported by Bloomberg through its "HP" function (set to weighted average) or, if the foregoing does not apply, the dollar volume-weighted average price of such security in the over-the-counter market on the electronic bulletin board for such security during the period

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beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time, as reported by Bloomberg, or, if no dollar volume-weighted average price is reported for such security by Bloomberg for such hours, the average of the highest closing bid price and the lowest closing ask price of any of the market makers for such security as reported in the "pink sheets" by OTC Markets Group Inc. (formerly Pink Sheets LLC). If the VWAP cannot be calculated for such security on such date on any of the foregoing bases, the VWAP of such security on such date shall be the fair market value as mutually determined by the Company and the Registered Holder. All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination, recapitalization or other similar transaction during such period.

10.**<u>Notices</u>**. Any notice given hereunder shall be deemed given (a) when delivery is tendered if personally delivered, (b) three (3) days after the postmark if mailed certified mail, return receipt requested, (c) on the first business day after delivery to a nationally recognized company regularly providing overnight delivery services if sent by next business day service and (d) on the day receipt is confirmed, either by the recipient or electronically, if sent by telecopy. If a party sends a notice by any other method, it shall be deemed given when the addressee or addressee's authorized agent actually receives the notice. In each case, notices shall be addressed to the Company at 1811 Aksarben Drive, Omaha NE 68106, and to the Registered Holder at BlackRock Financial Management, Inc., 50 Hudson Yards, New York, New York, 10001, Attention: Steven Karpel and Kathryn Keen, Email: steven.karpel@blackrock.com , Kathryn.Keen@blackrock.com , With a copy to (which shall not constitute notice): BlackRock, Inc., Office of the General Counsel, 50 Hudson Yards, New York, New York 10001, Attention: Kathryn A. Keen , Email: <u>Kathryn.Keen@blackrock.com</u>, <u>legaltransactions@blackrock.com</u>, or such address of the Registered Holder reflected after the date hereof (including as to any transfers as reflected on an Assignment Form) in the warrant register maintained pursuant to Section 6(c), or such other address as such party may indicate by a notice to the other party.

11.**<u>Registered Holder Not Stockholder</u>**. This Warrant does not confer upon Registered Holder any rights or liabilities as a stockholder of the Company, including, but not limited to, any right to vote or to consent or to receive notice as a stockholder of the Company until the first business day following the Registered Holder's exercise of this Warrant and the Company's receipt of the documentation required to be delivered to it by the Registered Holder pursuant to Section 2.02, 2.03 and/or 2.04.

12.**<u>No Impairment</u>**. The Company shall not, by amendment of its certificate of incorporation, bylaws or other governing documents, or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed by it hereunder, but shall at all times in good faith assist in the carrying out of all the provisions of this Warrant and in the taking of all such action as may reasonably be requested by the Registered Holder in order to protect the exercise rights of the Registered Holder against dilution or other impairment, consistent with the tenor and purpose of this Warrant.

13.**<u>Amendment</u>**. The provisions of this Warrant may only be amended or modified in writing by the Company and the Registered Holder.

14.**<u>Governing Law</u>**. This Warrant shall be governed by the laws of the State of New York without regard to the choice of law provisions thereof that would defer to the substantive laws of another jurisdiction.

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15.**<u>Headings</u>**. The headings of this Warrant have been inserted as a matter of convenience and shall not affect the construction thereof.

16.**<u>Severability</u>**. Wherever possible, each provision hereof shall be interpreted in such manner as to be effective and valid under applicable law, but in case any one or more of the provisions contained herein shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such provision shall be ineffective to the extent, but only to the extent, of such invalidity, illegality or unenforceability without invalidating the remainder of such provision or provisions or any other provisions hereof.

[Signature page follows]

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IN WITNESS WHEREOF, the Company has executed this Warrant as of the date first above written.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**GREEN PLAINS INC.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

By: <u>/s/ Michelle Mapes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>&nbsp;&nbsp;&nbsp;&nbsp;Name: Michelle Mapes<br>&nbsp;&nbsp;&nbsp;&nbsp;Title: Chief Legal & Administration Officer

## Exhibit 10.16

Exhibit 10.16(b)

**WARRANT AGREEMENT TO PURCHASE**

**COMMON STOCK OF GREEN PLAINS INC.**

NEITHER THIS WARRANT NOR THE SHARES ISSUABLE HEREUNDER HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "**ACT**"), OR UNDER THE SECURITIES LAWS OF ANY STATE, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. AS A RESULT, NEITHER THIS WARRANT NOR THE SHARES ISSUABLE HEREUNDER MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL THIS WARRANT OR SUCH SHARES ARE REGISTERED UNDER THE ACT AND ALL APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY IS OBTAINED TO THE EFFECT THAT SUCH REGISTRATION IS NOT REQUIRED.

Warrant No. <u>2</u> &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of Warrants: <u>241,306</u> &nbsp;&nbsp;&nbsp;&nbsp; <u>August 10, 2025</u>

For value received, Green Plains Inc., an Iowa corporation (the "**Company**"), hereby grants to BlackRock Global Allocation Collective Fund (together with its successors and assigns as set forth on the books of the Company, each a "**Registered Holder**") the number of warrants set forth above (such warrants, the "**Warrants**", and this Warrant Agreement to Purchase Common Stock of Green Plains Inc., this "**Warrant**"), each of the Warrants entitling the Registered Holder to purchase from the Company, until the Expiration Date (as defined in Section 2.01), upon the terms of this Warrant, one fully paid and non-assessable share (as same may be adjusted pursuant to Section 1, each a "**Warrant Share**" and together the "**Warrant Shares**") of the Company's common stock, $.001 par value (the "**Common Stock**") for a price of $0.01 per share (as same may be adjusted pursuant to Section 1, the "**Per Share Exercise Price**"), subject to all adjustments set forth herein. The total price to be paid by the Registered Holder upon purchase of all of the Warrant Shares is the Per Share Exercise Price multiplied by the number of Warrants evidenced by this certificate ("**Total Exercise Price**").

**1.<u>Adjustments</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01&nbsp;&nbsp;&nbsp;&nbsp;**<u>Adjustments for Certain Events</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Stock Dividends, Subdivisions and Combinations</u>**. If at any time, or from time-to-time, after the date hereof, the Company (i) declares a dividend on the Common Stock that is payable with shares of Common Stock, (ii) subdivides the outstanding shares of Common Stock into a greater number of shares of Common Stock by a stock split, reclassification or other method, or (iii) combines or consolidates the outstanding shares of Common Stock into a lesser number of shares of Common Stock by a reverse stock split, reclassification or other method, then the number of Warrant Shares issuable upon exercise of this Warrant shall be decreased or increased, as appropriate, by multiplying the number of Warrant Shares issuable upon exercise of this Warrant immediately before such event by a fraction, the numerator of which is the number of issued and outstanding shares of Common Stock immediately after such event and the denominator of which is the number of issued and outstanding shares of Common Stock immediately before such event. The events set forth above are deemed to occur on the date the Company's Board of Directors (the "**Board**") declares the dividend or authorizes the subdivision or combination of shares of Common Stock unless, for any reason, the dividend is not subsequently paid or the subdivision or combination is not subsequently completed. After any adjustment to the number of Warrant Shares under this Section 1.01(a) the Per Share Exercise Price shall be adjusted to that number

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determined by dividing the Total Exercise Price by the number of Warrant Shares issuable upon exercise of this Warrant after such adjustments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Reclassification, Etc</u>**. In case of any reclassification (other than a reclassification governed by Section 1.01(a)) or change of the outstanding securities of the Company or of any reorganization, sale or conveyance to another entity of the property of the Company as an entirety or substantially as an entirety, or in the case of any statutory exchange of securities with another entity or merger of the Company (or any other corporation the stock or securities of which are at the time receivable upon the exercise of this Warrant) on or after the date hereof, then and in each such case the Registered Holder upon the exercise hereof at any time after the consummation of such reclassification, change, reorganization, sale or conveyance, exchange of securities or merger shall be entitled to receive, in lieu of the stock or other securities and property receivable upon the exercise hereof prior to such consummation, only the stock or other securities or cash or property to which such Registered Holder would have been entitled upon such consummation if such Registered Holder had exercised this Warrant immediately prior thereto. Any such change in the Per Share Exercise Price, the number of Warrant Shares or the kind and amount of stock or other securities or property into which this Warrant shall be exercisable shall be effective as of the closing of the transaction that precipitated such adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Adjustment Upon Issuance of Shares of Common Stock.</u>** If and whenever on or after the first date any of the Warrants are issued, the Company grants, issues or sells (or enters into any agreement to grant, issue or sell), or in accordance with this Section 1.01(c) is deemed to have granted, issued or sold, any shares of Common Stock (including the grant, issuance or sale of shares of Common Stock owned or held by or for the account of the Company, but excluding any Excluded Securities granted, issued or sold or deemed to have been granted, issued or sold) for a consideration per share (the "**New Issuance Price**") less than a price equal to the Per Share Exercise Price in effect immediately prior to such grant, issuance or sale or deemed grant, issuance or sale (such Per Share Exercise Price then in effect is referred to herein as the "**Applicable Price**") (the foregoing a "**Dilutive Issuance**"), then immediately after such Dilutive Issuance, the Per Share Exercise Price then in effect shall be reduced to an amount equal to the New Issuance Price. For all purposes of the foregoing (including, without limitation, determining the adjusted Per Share Exercise Price and the New Issuance Price under this Section 1.01(c)), the following shall be applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Issuance of Options. If the Company in any manner grants, issues or sells (or enters into any agreement to grant, issue or sell) any rights, warrants or options to subscribe for or purchase shares of Common Stock or Convertible Securities (as defined below) ("**Options**") and the lowest price per share for which one share of Common Stock is at any time issuable upon the exercise of any such Option or upon conversion, exercise or exchange of any Convertible Securities issuable upon exercise of any such Option or otherwise pursuant to the terms thereof is less than the Per Share Exercise Price that is then in effect, then such share of Common Stock shall be deemed to be outstanding and to have been issued and sold by the Company at the time of the granting, issuance or sale (or the time of execution of such agreement to grant, issue or sell, as applicable) of such Option for such price per share. For purposes of this Section 1.01(c)(i), the "lowest price per share for which one share of Common Stock is at any time issuable upon the exercise of any such Options or upon conversion, exercise or exchange of any Convertible Securities issuable upon exercise of any such Option or otherwise pursuant to the terms thereof" shall be equal to (1) the lower of (x) the sum of the lowest amounts of consideration (if any) received or receivable by the Company with respect to any one share of Common Stock upon the granting, issuance or sale (or pursuant to the agreement to grant, issue or sell, as applicable) of such Option, upon exercise of such Option and upon conversion, exercise or exchange of any Convertible Security issuable upon exercise of such Option or otherwise pursuant to the terms thereof and (y) the

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lowest exercise price set forth in such Option for which one share of Common Stock is issuable (or may become issuable assuming all possible market conditions) upon the exercise of any such Options or upon conversion, exercise or exchange of any Convertible Securities issuable upon exercise of any such Option or otherwise pursuant to the terms thereof minus (2) the sum of all amounts paid or payable to the holder of such Option (or any other Person) upon the granting , issuance or sale (or the agreement to grant, issue or sell, as applicable) of such Option, upon exercise of such Option and upon conversion, exercise or exchange of any Convertible Security issuable upon exercise of such Option or otherwise pursuant to the terms thereof plus the value of any other consideration received or receivable by, or benefit conferred on, the holder of such Option (or any other Person). Except as contemplated below, no further adjustment of the Per Share Exercise Price shall be made upon the actual issuance of such shares of Common Stock or of such Convertible Securities upon the exercise of such Options or otherwise pursuant to the terms of or upon the actual issuance of such shares of Common Stock upon conversion, exercise or exchange of such Convertible Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Issuance of Convertible Securities. If the Company in any manner issues or sells (or enters into any agreement to issue or sell) any stock or other security (other than Options) that is at any time and under any circumstances, directly or indirectly, convertible into, exercisable or exchangeable for, or which otherwise entitles the holder thereof to acquire, any shares of Common Stock ("**Convertible Securities**") and the lowest price per share for which one share of Common Stock is at any time issuable upon the conversion, exercise or exchange thereof or otherwise pursuant to the terms thereof is less than the Applicable Price, then such share of Common Stock shall be deemed to be outstanding and to have been issued and sold by the Company at the time of the issuance or sale (or the time of execution of such agreement to issue or sell, as applicable) of such Convertible Securities for such price per share. For the purposes of this Section 1.01(c)(ii), the "lowest price per share for which one share of Common Stock is at any time issuable upon the conversion, exercise or exchange thereof or otherwise pursuant to the terms thereof" shall be equal to (1) the lower of (x) the sum of the lowest amounts of consideration (if any) received or receivable by the Company with respect to one share of Common Stock upon the issuance or sale (or pursuant to the agreement to issue or sell, as applicable) of the Convertible Security and upon conversion, exercise or exchange of such Convertible Security or otherwise pursuant to the terms thereof and (y) the lowest conversion price set forth in such Convertible Security for which one share of Common Stock is issuable (or may become issuable assuming all possible market conditions) upon conversion, exercise or exchange thereof or otherwise pursuant to the terms thereof minus (2) the sum of all amounts paid or payable to the holder of such Convertible Security (or any other Person) upon the issuance or sale (or the agreement to issue or sell, as applicable) of such Convertible Security plus the value of any other consideration received or receivable by, or benefit conferred on, the holder of such Convertible Security (or any other Person). Except as contemplated below, no further adjustment of the Per Share Exercise Price shall be made upon the actual issuance of such shares of Common Stock upon conversion, exercise or exchange of such Convertible Securities or otherwise pursuant to the terms thereof, and if any such issuance or sale of such Convertible Securities is made upon exercise of any Options for which adjustment of this Warrant has been or is to be made pursuant to other provisions of this Section 1.01(c), except as contemplated below, no further adjustment of the Per Share Exercise Price shall be made by reason of such issuance or sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Intentionally Omitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;Calculation of Consideration Received. If any Option and/or Convertible Security and/or adjustment right is issued in connection with the issuance or sale or deemed issuance or sale of any other securities of the Company (as determined by the Company's board of directors in good faith, the "**Primary Security**", and such Option and/or Convertible Security and/or adjustment right, the

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"**Secondary Securities**" and together with the Primary Security, each a "**Unit**"), together comprising one integrated transaction, the aggregate consideration per share of Common Stock with respect to such Primary Security shall be deemed to be the lower of (x) the purchase price of such Unit, (y) if such Primary Security is an Option and/or Convertible Security, the lowest price per share for which one share of Common Stock is at any time issuable upon the exercise or conversion of the Primary Security in accordance with Section 1.01(c)(i) or 1.01(c)(ii) above and (z) the lowest VWAP of the shares of Common Stock on any day trading during the period commencing on the date of the public announcement of such Dilutive Issuance through, and including, the fourth (4th) Trading Day immediately following the closing of such Dilutive Issuance (the "**Adjustment Period**") (for the avoidance of doubt, if this Warrant is exercised on any given Exercise Date during any such Adjustment Period, solely with respect to such portion of this Warrant exercised on such applicable Exercise Date, such applicable Adjustment Period shall be deemed to have ended on, and included, the Trading Day immediately prior to such Exercise Date). If any shares of Common Stock, Options or Convertible Securities are issued or sold or deemed to have been issued or sold for cash, the consideration received therefor will be deemed to be the net amount of consideration received by the Company therefor. If any shares of Common Stock, Options or Convertible Securities are issued or sold for a consideration other than cash, the amount of such consideration received by the Company will be the fair value of such consideration, except where such consideration consists of publicly traded securities, in which case the amount of consideration received by the Company for such securities will be the arithmetic average of the VWAPs of such security for each of the five (5) Trading Days immediately preceding the date of receipt. If any shares of Common Stock, Options or Convertible Securities are issued to the owners of the non-surviving entity in connection with any merger in which the Company is the surviving entity, the amount of consideration therefor will be deemed to be the fair value of such portion of the net assets and business of the non-surviving entity as is attributable to such shares of Common Stock, Options or Convertible Securities (as the case may be). The fair value of any consideration other than cash or publicly traded securities will be determined by the Company's board of directors in good faith. For purposes of this Section 1.01(c), "Excluded Securities" shall mean (i) shares of Common Stock, restricted stock units or options to purchase Common Stock issued to directors, officers or employees of the Company for services rendered to the Company in their capacity as such, provided that (A) all such issuances (taking into account the shares of Common Stock issuable upon exercise of such options and restricted stock units) after the Subscription Date pursuant to this clause (i) do not, in the aggregate, exceed more than 20% of the Common Stock issued and outstanding immediately prior to the first date any of the Warrants are issued and (B) the exercise price of any such options is not lowered, none of such options are amended to increase the number of shares issuable thereunder and none of the terms or conditions of any such options are otherwise materially changed in any manner that adversely affects the Registered Holder; and (ii) shares of Common Stock issued upon the conversion or exercise of Convertible Securities (other than options to purchase Common Stock that are covered by the preceding clause (i)) issued prior to the date any of the Warrants are first issued, provided that the conversion price of any such Convertible Securities (other than restricted stock units and options to purchase Common Stock that are covered by the preceding clause (i)) is not lowered, none of such Convertible Securities (other than restricted stock units and options to purchase Common Stock that are covered by the preceding clause (i)) are amended to increase the number of shares issuable thereunder and none of the terms or conditions of any such Convertible Securities (other than restricted stock units and options to purchase Common Stock that are covered by the preceding clause (i)) are otherwise materially changed in any manner that adversely affects the Registered Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;Record Date. If the Company takes a record of the holders of shares of Common Stock for the purpose of entitling them (A) to receive a dividend or other distribution payable in shares of Common Stock, Options or in Convertible Securities or (B) to subscribe for or purchase shares of Common Stock, Options or Convertible Securities, then such record date will be deemed to be the date of the issuance or

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sale of the shares of Common Stock deemed to have been issued or sold upon the declaration of such dividend or the making of such other distribution or the date of the granting of such right of subscription or purchase (as the case may be).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Certain Events. If any event of the type contemplated by the provisions of this Section 1.01(c) but not expressly provided for by such provisions (including, without limitation, the granting of stock appreciation rights, phantom stock rights or other rights with equity features) occurs, then the Board shall make an appropriate adjustment in the Per Share Exercise Price and the number of Warrant Shares issuable upon exercise of this Warrant so as to protect the rights of the Registered Holder in a manner consistent with the provisions of this Section 1.01(c); provided, that no such adjustment pursuant to this Section 1.01(c) shall increase the Per Share Exercise Price or decrease the number of Warrant Shares issuable as otherwise determined pursuant to this Section 1.01(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Adjustment for Extraordinary, Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or make a distribution in cash, securities or other assets to the holders of the shares of Common Stock on account of such shares of Common Stock, other than (a) as described in subsection 1.01(a), (b) or (c) above, or (b) in connection with any distribution of its assets upon its liquidation (any such non-excluded event being referred to herein as an "**Extraordinary Dividend**"), then the Per Share Exercise Price shall be decreased, effective immediately after the effective date of such Extraordinary Dividend, by the amount of cash and/or the fair market value (as determined by the Board, in good faith) of any securities or other assets paid on each share of Common Stock in respect of such Extraordinary Dividend.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02&nbsp;&nbsp;&nbsp;&nbsp;**<u>General Adjustment Provisions</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Notice of Adjustments</u>**. Upon each event that causes an adjustment of the Per Share Exercise Price, the number of Warrant Shares or the kind and amount of stock or other securities or property into which this Warrant shall be exercisable, the Company, at its expense, shall promptly compute such adjustments in accordance with the terms hereof, reflect such adjustment on its books and prepare and furnish the Registered Holder a certificate setting forth such adjustment and showing in detail the facts upon which such adjustment is based. The Company's Chief Financial Officer shall attest to the accuracy of the certificate. Upon the Registered Holder's written request at any time, but no more often than quarterly, the Company shall furnish to the Registered Holder a certificate setting forth (i) all prior adjustments to the Per Share Exercise Price, the number of Warrant Shares or the kind and amount of stock or other securities or property into which this Warrant shall be exercisable, (ii) the Per Share Exercise Price currently in effect and (iii) the number of Warrant Shares and the amount, if any, of other property, that the Registered Holder would receive upon exercise of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Miscellaneous</u>**. Unless specifically provided herein to the contrary, all of the adjustments set forth in this Section 1 are cumulative. No adjustment of the Per Share Exercise Price or the number of Warrant Shares shall be made hereunder with respect to any shares of Common Stock that have been issued to the Registered Holder upon exercise of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;**<u>No Increase Per Share Exercise Price</u>**. In no event shall any such adjustment have the effect of increasing the Per Share Exercise Price as otherwise determined pursuant to this Section 1 except as contemplated by Section 1.01(a)(iii), and then in no event to an amount larger than the Per Share Exercise Price as adjusted pursuant to such Section.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Disputes</u>**. In the event that there is any dispute as to the computation of the Per Share Exercise Price or the number of Warrant Shares required to be issued upon exercise of this Warrant, the Registered Holders and the Company will retain a mutually acceptable independent and nationally recognized accounting firm to re-compute the Per Share Exercise Price and number of Warrant Shares required to be issued upon exercise of this Warrant pursuant to the terms hereof, which firm may review the financial statements or other information upon which such computations were based. The determination of such firm shall, in the absence of manifest error, be binding upon the Registered Holders of this Warrant and the Company. If there shall be a dispute as to the selection of such nationally recognized accounting firm, such firm shall be appointed by the American Institute of Certified Public Accountants if willing, otherwise by the American Arbitration Association in New York City, upon application by the Company and Registered Holders of at least 25 percent of the then outstanding Warrants, with notice to the other Registered Holders. The cost for the retention of such firm shall be borne by the Company if the Company's original computation was incorrect, and otherwise by the Registered Holders.

2.**<u>Exercise</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01&nbsp;&nbsp;&nbsp;&nbsp;**<u>Exercise Period</u>**. The Registered Holder may exercise this Warrant for all or less than all of the Warrant Shares at any time and from time to time before 5:00 P.M. local time in Omaha, Nebraska on August 10, 2035 (the "**Expiration Date**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02&nbsp;&nbsp;&nbsp;&nbsp;**<u>Manner</u>**. The Registered Holder shall exercise this Warrant by delivering to the Secretary of the Company at its principal office (a) this original Warrant, (b) a notice of exercise in the form attached hereto as **Exhibit A** ("**Exercise Notice**") and (c) (x) full payment in the amount of the Per Share Exercise Price multiplied by the number of Warrant Shares that Registered Holder is purchasing hereunder (the "**Purchase Price**") or (y) notice of a Cashless Exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03&nbsp;&nbsp;&nbsp;&nbsp;**<u>Form of Payment</u>**. Registered Holder shall pay the Purchase Price (a) in cash, (b) by bank cashier's check, (c) by Federal Reserve System wire transfer of immediately available funds, or (d) by any combination of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04&nbsp;&nbsp;&nbsp;&nbsp;**<u>Cashless Exercise</u>**. The Registered Holder may, in its sole discretion, exercise this Warrant in whole or in part and, in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the Per Share Exercise Price, elect instead to receive upon such exercise the "Net Number" of Warrant Shares determined according to the following formula (a "**Cashless Exercise**"):

Net Number = &nbsp;&nbsp;&nbsp;&nbsp;<u>(A x B) – (A x C</u>)&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; D

For purposes of the foregoing formula:

A = the total number of shares with respect to which this Warrant is then being exercised.

B = the quotient of (x) the sum of the VWAP of the Common Stock of each of the five (5) Trading Days ending at the close of business on the Principal Market immediately prior to the time of exercise as set forth in the applicable Exercise Notice, divided by (y) five (5) (the "**Cashless Measuring Period**").

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C = the Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise.

D = as applicable: (i) the Closing Sale Price of the Common Stock on the Trading Day immediately preceding the date of the applicable Exercise Notice if such Exercise Notice is (1) both executed and delivered pursuant to Section 1(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 1(a) hereof on a Trading Day prior to the opening of "regular trading hours" (as defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) the bid price of the Common Stock as of the time of the Registered Holder's execution of the applicable Exercise Notice if such Exercise Notice is executed during "regular trading hours" on a Trading Day and is delivered within two (2) hours thereafter pursuant to Section 1(a) hereof, or (iii) the Closing Sale Price of the Common Stock on the date of the applicable Exercise Notice if the date of such Exercise Notice is a Trading Day and such Exercise Notice is both executed and delivered pursuant to Section 2.02 hereof after the close of "regular trading hours" on such Trading Day.

For purposes of Rule 144(d), it is intended that the Warrant Shares issued in a Cashless Exercise shall be deemed to have been acquired by the Registered Holder, and the holding period for the Warrant Shares shall be deemed to have commenced, on the date this Warrant was originally issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05&nbsp;&nbsp;&nbsp;&nbsp; **<u>Delivery to Registered Holder</u>**. As soon as practicable after the exercise of this Warrant in whole or in part, and in any event within ten (10) business days thereafter, the Company at its expense will cause to be issued in the name of, and delivered to, the Registered Holder, or as such Registered Holder (upon payment by such Registered Holder of any applicable transfer taxes) may direct:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a certificate or certificates for the number of Warrant Shares to which such Registered Holder shall be entitled; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in case such exercise is in part only, a new Warrant of like tenor for the number of Warrants (without giving effect to any adjustment therein) called for on the face of this Warrant minus the number of Warrants exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06&nbsp;&nbsp;&nbsp;&nbsp;**<u>Holder's Exercise Limitations</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Limitation on Exercise</u>**. No Registered Holder shall have the right to exercise any portion of this Warrant, pursuant to this Section 2 or otherwise, and no such exercise shall be effective, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Exercise Notice, the Registered Holder (together with the Registered Holder's affiliates, any other Person who would be a "beneficial owner" (within the meaning of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**")) of shares included in such issuance, and any other Person whose beneficial ownership of shares of Common Stock would be aggregated with the Registered Holder's for purposes of Section 13(d) of the Exchange Act and the applicable rules and regulations of the Securities and Exchange Commission, including any "group" (within the meaning of the Exchange Act) of which the Registered Holder or any such other Person is a member (such Persons, "**Attribution Parties**")), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below), provided that a Registered Holder may waive the application of the limitations in this Section 2.06(a) to such Registered Holder upon sixty-five (65) calendar days prior written notice to the Company by such Registered Holder.

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For the avoidance of doubt, the Registered Holder shall be permitted to exercise this Warrant, at any time, in part or in whole (but not as to fractional shares), in amounts sufficient for the Registered Holder and Attribution Parties to maintain in the aggregate beneficial ownership of shares of Common Stock in an amount equal to or less than the then-applicable Beneficial Ownership Limitation, including if and to the extent that (A) any other warrants by the Company are exercised, transferred, exchanged, redeemed or otherwise cease to be in the ownership or control of the parties that received such warrants subsequent to the date hereof or (B) the Company issues additional shares of Common Stock for any reason (including, for the avoidance of doubt, any exercise, exchange or conversion of warrants, options or convertible securities or other securities into shares of Common Stock).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Calculation of Limitation</u>**. Except where the Registered Holder has waived the application of the limitations in this Section 2.06 pursuant to Section 2.06(a), the submission of an Exercise Notice shall be deemed to be the Registered Holder's representation that such proposed exercise of this Warrant is not in excess of the limitation contained in this Section 2.06, and the Company shall have no liability for any non-compliance by the Registered Holder with the limitation set forth herein. For purposes of this Section 2.06, in determining the number of outstanding shares of Common Stock, a Registered Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company's most recent periodic or annual report filed with the Securities and Exchange Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company setting forth the number of shares of Common Stock outstanding; provided, that¸ in the case of clause (B) and (C), the Registered Holder may rely only on the most recent such announcement or notice. In each case, the number of outstanding shares of Common Stock shall be determined by the Registered Holder after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Registered Holder or otherwise included in the Registered Holder's beneficial ownership since the date as of which such number of outstanding shares of Common Stock was reported.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Beneficial Ownership Limitation Percentage</u>**. The "Beneficial Ownership Limitation" shall be 19.8% of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant and in respect of which an Exercise Notice has been issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07&nbsp;&nbsp;&nbsp;&nbsp;**<u>Fundamental Transaction.</u>** If, at any time while the Warrants are outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another person (other than for the purpose of changing the Company's name), (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another person) is completed pursuant to which holders of the outstanding equity securities of the Company having voting power are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of outstanding securities representing more than 50% of the aggregate voting power of the issued and outstanding equity securities of the Company, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another person or group of persons whereby such other person or group acquires securities representing more than 50% of the aggregate

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voting power, including the power to vote on the election of directors of the Company, of the issued and outstanding equity securities of the Company (each a "**Fundamental Transaction**"), then, upon consummation of such Fundamental Transaction, this Warrant shall automatically become exercisable for the kind and amount of securities, cash or other assets which the Registered Holder would have owned immediately after the consummation of such Fundamental Transaction if the Registered Holder had exercised in full this Warrant immediately before the consummation of such Fundamental Transaction. If holders of Common Stock are given any choice as to the kind or amount of securities, cash or other assets receivable upon the consummation of such Fundamental Transaction, then the Registered Holder shall be given the same choice as to such consideration it receives upon any exercise of this Warrant following such Fundamental Transaction.

3.**<u>Notice of Certain Events</u>**. If the Company proposes at any time (a) to declare any dividend or distribution upon its Common Stock, or (b) to offer to the holders of any class or series of its capital stock any additional shares of stock of any class or series or other rights, the Company shall deliver written notice thereof to Registered Holder. Such notice shall be given at least twenty (20) calendar days before (i) the record date for such dividend, distribution or offering and (ii) the earlier of any vote to approve or the closing of such transaction. The notice shall generally describe the event expected to occur, the anticipated date thereof and the name and telephone number of the Company's representative whom the Registered Holder may contact to obtain additional information concerning the anticipated event.

4.**<u>Reservation of Common Stock; Valid Issuance</u>**. During the period in which this Warrant may be exercised, the Company will at all times have authorized, and in reserve, shares of Common Stock equal to the maximum amount of the shares of Common Stock that can be issued upon exercise of all of this Warrant and such other securities and properties as from time to time shall be deliverable to the Registered Holder upon the exercise of this Warrant, free and clear of all restrictions on sale or transfer (except such as may be imposed under applicable federal and state securities laws). The Company further covenants that such shares of Common Stock as may be issued pursuant to such exercise will, upon issuance, be duly and validly issued, fully paid and nonassessable and free from all taxes, liens and charges with respect to the issuance thereof.

5.**<u>Issue or Transfer Taxes</u>**. The Company shall pay all issue and other non-income based taxes that may be payable in respect of the issuance or delivery of the Warrant Shares on exercise of the Warrant. The Registered Holder shall pay all transfer taxes due upon any transfer requested by Registered Holder in connection with any such exercise.

6.**<u>Transfers</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Unregistered Security</u>**. Each holder of this Warrant acknowledges that this Warrant and the Warrant Shares have not been registered under the Securities Act of 1933, as amended (the "**Securities Act**"), and agrees not to sell, pledge, distribute, offer for sale, transfer or otherwise dispose of this Warrant or any Warrant Shares issued upon its exercise in the absence of (i) an effective registration statement under the Securities Act as to this Warrant or such Warrant Shares and registration or qualification of this Warrant or such Warrant Shares under any applicable federal or state securities law then in effect or (ii) an opinion of counsel, satisfactory to the Company, that such registration and qualification are not required. Each certificate or other instrument for Warrant Shares issued upon the exercise of this Warrant shall bear a legend substantially to the foregoing effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Transferability</u>**. Subject to the provisions of Section 6(a) hereof, this Warrant and all rights hereunder are transferable, in whole or in part, by the Registered Holder without charge to the Registered Holder, upon surrender of this Warrant to the Company at its then principal executive offices with a properly completed and duly executed assignment in the form attached hereto as **Exhibit B**. Upon such compliance, surrender and delivery, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees and in the denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant, if any, not so assigned and this Warrant shall promptly be cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Warrant Register</u>**. The Company will maintain a register containing the names and addresses of the Registered Holders of this Warrant. Until any transfer of this Warrant is made in the warrant register (which the Company shall effect promptly following submission of this Warrant to it) the Company may treat the Registered Holder of this Warrant as the absolute owner hereof for all purposes; <u>provided, however</u>, that if this Warrant is properly assigned in blank, the Company may (but shall not be required to) treat the bearer hereof as the absolute owner hereof for all purposes, notwithstanding any notice to the contrary. Any Registered Holder may change such Registered Holder's address as shown on the warrant register by written notice to the Company requesting such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Deliveries Upon Transfer</u>**. As soon as practicable after a transfer of this Warrant in whole or in part, and in any event within ten (10) business days thereafter, the Company at its expense will cause to be issued in the name of, and delivered to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;to the transferee a certificate or certificates registered in the name of the transferee for the number of Warrants transferred to such transferee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;in case such transfer is in part only, to the Registered Holder a new Warrant of like tenor for the number of Warrants (without giving effect to any adjustment therein) called for on the face of this Warrant minus the number of Warrants transferred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Loss, Etc. of Warrant</u>**. Upon receipt of evidence satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant, and of indemnity reasonably satisfactory to the Company, if lost, stolen or destroyed, and upon surrender and cancellation of this Warrant, if mutilated, and upon reimbursement of the Company's reasonable incidental expenses, the Company shall execute and deliver to the Registered Holder a new Warrant of like date, tenor and denomination.

7.**<u>Fractional Shares</u>**. No fractional share of Common Stock shall be issued upon the exercise of this Warrant. All of the Warrant Shares issuable upon any exercise of this Warrant shall be aggregated for purposes of determining whether the exercise would result in the issuance of any fractional share. If, after such aggregation, the exercise would result in the issuance of a fractional share, the Company shall in lieu thereof pay the Registered Holder a cash amount equal to the fair market value of such fractional share on the date of exercise. The Board, acting in good faith, shall determine the fair market value of the fractional share.

8.**<u>Closing of Transfer Books</u>**. The right to exercise this Warrant shall not be suspended during any period while the stock transfer book of the Company for its Common Stock is closed. Notwithstanding the foregoing, the Company shall not be required to deliver certificates of its Common Stock upon

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exercise of this Warrant while its stock transfer book is duly closed and may postpone the delivery of the certificates for its Common Stock until the opening of such books.

9.**<u>Certain Definitions</u>**. For purposes of this Warrant, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;"**Closing Sale Price**" means, for any security as of any date, the last closing trade price for such security on the Principal Market, as reported by Bloomberg, or, if the Principal Market begins to operate on an extended hours basis and does not designate the closing trade price, then the last trade price of such security prior to 4:00:00 p.m., New York time, as reported by Bloomberg, or, if the Principal Market is not the principal securities exchange or trading market for such security, the last trade price of such security on the principal securities exchange or trading market where such security is listed or traded as reported by Bloomberg, or if the foregoing does not apply, the last trade price of such security in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg, or, if no last trade price is reported for such security by Bloomberg, the average of the ask prices of any market makers for such security as reported in the "pink sheets" by OTC Markets Group Inc. (formerly Pink Sheets LLC). If the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Sale Price of such security on such date shall be the fair market value as mutually determined by the Company and the Registered Holder. All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;"**Principal Market**" means the Nasdaq Capital Market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;"**Trading Day**" means, as applicable, (x) with respect to all price or trading volume determinations relating to the Common Stock, any day on which the Common Stock is traded on the Principal Market, or, if the Principal Market is not the principal trading market for the Common Stock, then on the principal securities exchange or securities market on which the Common Stock is then traded, provided that "Trading Day" shall not include any day on which the Common Stock is scheduled to trade on such exchange or market for less than 4.5 hours or any day that the Common Stock is suspended from trading during the final hour of trading on such exchange or market (or if such exchange or market does not designate in advance the closing time of trading on such exchange or market, then during the hour ending at 4:00:00 p.m., New York time) unless such day is otherwise designated as a Trading Day in writing by the Registered Holder or (y) with respect to all determinations other than price or trading volume determinations relating to the Common Stock, any day on which The New York Stock Exchange (or any successor thereto) is open for trading of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;"**VWAP**" means, for any security as of any date, the dollar volume-weighted average price for such security on the Principal Market (or, if the Principal Market is not the principal trading market for such security, then on the principal securities exchange or securities market on which such security is then traded) during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time, as reported by Bloomberg through its "HP" function (set to weighted average) or, if the foregoing does not apply, the dollar volume-weighted average price of such security in the over-the-counter market on the electronic bulletin board for such security during the period

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beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time, as reported by Bloomberg, or, if no dollar volume-weighted average price is reported for such security by Bloomberg for such hours, the average of the highest closing bid price and the lowest closing ask price of any of the market makers for such security as reported in the "pink sheets" by OTC Markets Group Inc. (formerly Pink Sheets LLC). If the VWAP cannot be calculated for such security on such date on any of the foregoing bases, the VWAP of such security on such date shall be the fair market value as mutually determined by the Company and the Registered Holder. All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination, recapitalization or other similar transaction during such period.

10.**<u>Notices</u>**. Any notice given hereunder shall be deemed given (a) when delivery is tendered if personally delivered, (b) three (3) days after the postmark if mailed certified mail, return receipt requested, (c) on the first business day after delivery to a nationally recognized company regularly providing overnight delivery services if sent by next business day service and (d) on the day receipt is confirmed, either by the recipient or electronically, if sent by telecopy. If a party sends a notice by any other method, it shall be deemed given when the addressee or addressee's authorized agent actually receives the notice. In each case, notices shall be addressed to the Company at 1811 Aksarben Drive, Omaha NE 68106, and to the Registered Holder at BlackRock Financial Management, Inc., 50 Hudson Yards, New York, New York, 10001, Attention: Steven Karpel and Kathryn Keen, Email: steven.karpel@blackrock.com , Kathryn.Keen@blackrock.com , With a copy to (which shall not constitute notice): BlackRock, Inc., Office of the General Counsel, 50 Hudson Yards, New York, New York 10001, Attention: Kathryn A. Keen , Email: <u>Kathryn.Keen@blackrock.com</u>, <u>legaltransactions@blackrock.com</u>, or such address of the Registered Holder reflected after the date hereof (including as to any transfers as reflected on an Assignment Form) in the warrant register maintained pursuant to Section 6(c), or such other address as such party may indicate by a notice to the other party.

11.**<u>Registered Holder Not Stockholder</u>**. This Warrant does not confer upon Registered Holder any rights or liabilities as a stockholder of the Company, including, but not limited to, any right to vote or to consent or to receive notice as a stockholder of the Company until the first business day following the Registered Holder's exercise of this Warrant and the Company's receipt of the documentation required to be delivered to it by the Registered Holder pursuant to Section 2.02, 2.03 and/or 2.04.

12.**<u>No Impairment</u>**. The Company shall not, by amendment of its certificate of incorporation, bylaws or other governing documents, or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed by it hereunder, but shall at all times in good faith assist in the carrying out of all the provisions of this Warrant and in the taking of all such action as may reasonably be requested by the Registered Holder in order to protect the exercise rights of the Registered Holder against dilution or other impairment, consistent with the tenor and purpose of this Warrant.

13.**<u>Amendment</u>**. The provisions of this Warrant may only be amended or modified in writing by the Company and the Registered Holder.

14.**<u>Governing Law</u>**. This Warrant shall be governed by the laws of the State of New York without regard to the choice of law provisions thereof that would defer to the substantive laws of another jurisdiction.

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15.**<u>Headings</u>**. The headings of this Warrant have been inserted as a matter of convenience and shall not affect the construction thereof.

16.**<u>Severability</u>**. Wherever possible, each provision hereof shall be interpreted in such manner as to be effective and valid under applicable law, but in case any one or more of the provisions contained herein shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such provision shall be ineffective to the extent, but only to the extent, of such invalidity, illegality or unenforceability without invalidating the remainder of such provision or provisions or any other provisions hereof.

[Signature page follows]

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IN WITNESS WHEREOF, the Company has executed this Warrant as of the date first above written.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**GREEN PLAINS INC.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: <u>/s/ Michelle Mapes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Michelle Mapes<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Chief Legal & Administration Officer

## Exhibit 10.16

Exhibit 10.16(c)

**WARRANT AGREEMENT TO PURCHASE**

**COMMON STOCK OF GREEN PLAINS INC.**

NEITHER THIS WARRANT NOR THE SHARES ISSUABLE HEREUNDER HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "**ACT**"), OR UNDER THE SECURITIES LAWS OF ANY STATE, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. AS A RESULT, NEITHER THIS WARRANT NOR THE SHARES ISSUABLE HEREUNDER MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL THIS WARRANT OR SUCH SHARES ARE REGISTERED UNDER THE ACT AND ALL APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY IS OBTAINED TO THE EFFECT THAT SUCH REGISTRATION IS NOT REQUIRED.

Warrant No. <u>3</u> &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of Warrants: <u>67,314</u> &nbsp;&nbsp;&nbsp;&nbsp; <u>August 10, 2025</u>

For value received, Green Plains Inc., an Iowa corporation (the "**Company**"), hereby grants to Strategic Income Opportunities Bond Fund (together with its successors and assigns as set forth on the books of the Company, each a "**Registered Holder**") the number of warrants set forth above (such warrants, the "**Warrants**", and this Warrant Agreement to Purchase Common Stock of Green Plains Inc., this "**Warrant**"), each of the Warrants entitling the Registered Holder to purchase from the Company, until the Expiration Date (as defined in Section 2.01), upon the terms of this Warrant, one fully paid and non-assessable share (as same may be adjusted pursuant to Section 1, each a "**Warrant Share**" and together the "**Warrant Shares**") of the Company's common stock, $.001 par value (the "**Common Stock**") for a price of $0.01 per share (as same may be adjusted pursuant to Section 1, the "**Per Share Exercise Price**"), subject to all adjustments set forth herein. The total price to be paid by the Registered Holder upon purchase of all of the Warrant Shares is the Per Share Exercise Price multiplied by the number of Warrants evidenced by this certificate ("**Total Exercise Price**").

**1.<u>Adjustments</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01&nbsp;&nbsp;&nbsp;&nbsp;**<u>Adjustments for Certain Events</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Stock Dividends, Subdivisions and Combinations</u>**. If at any time, or from time-to-time, after the date hereof, the Company (i) declares a dividend on the Common Stock that is payable with shares of Common Stock, (ii) subdivides the outstanding shares of Common Stock into a greater number of shares of Common Stock by a stock split, reclassification or other method, or (iii) combines or consolidates the outstanding shares of Common Stock into a lesser number of shares of Common Stock by a reverse stock split, reclassification or other method, then the number of Warrant Shares issuable upon exercise of this Warrant shall be decreased or increased, as appropriate, by multiplying the number of Warrant Shares issuable upon exercise of this Warrant immediately before such event by a fraction, the numerator of which is the number of issued and outstanding shares of Common Stock immediately after such event and the denominator of which is the number of issued and outstanding shares of Common Stock immediately before such event. The events set forth above are deemed to occur on the date the Company's Board of Directors (the "**Board**") declares the dividend or authorizes the subdivision or combination of shares of Common Stock unless, for any reason, the dividend is not subsequently paid or the subdivision or combination is not subsequently completed. After any adjustment to the number of Warrant Shares under this Section 1.01(a) the Per Share Exercise Price shall be adjusted to that number

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determined by dividing the Total Exercise Price by the number of Warrant Shares issuable upon exercise of this Warrant after such adjustments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Reclassification, Etc</u>**. In case of any reclassification (other than a reclassification governed by Section 1.01(a)) or change of the outstanding securities of the Company or of any reorganization, sale or conveyance to another entity of the property of the Company as an entirety or substantially as an entirety, or in the case of any statutory exchange of securities with another entity or merger of the Company (or any other corporation the stock or securities of which are at the time receivable upon the exercise of this Warrant) on or after the date hereof, then and in each such case the Registered Holder upon the exercise hereof at any time after the consummation of such reclassification, change, reorganization, sale or conveyance, exchange of securities or merger shall be entitled to receive, in lieu of the stock or other securities and property receivable upon the exercise hereof prior to such consummation, only the stock or other securities or cash or property to which such Registered Holder would have been entitled upon such consummation if such Registered Holder had exercised this Warrant immediately prior thereto. Any such change in the Per Share Exercise Price, the number of Warrant Shares or the kind and amount of stock or other securities or property into which this Warrant shall be exercisable shall be effective as of the closing of the transaction that precipitated such adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Adjustment Upon Issuance of Shares of Common Stock.</u>** If and whenever on or after the first date any of the Warrants are issued, the Company grants, issues or sells (or enters into any agreement to grant, issue or sell), or in accordance with this Section 1.01(c) is deemed to have granted, issued or sold, any shares of Common Stock (including the grant, issuance or sale of shares of Common Stock owned or held by or for the account of the Company, but excluding any Excluded Securities granted, issued or sold or deemed to have been granted, issued or sold) for a consideration per share (the "**New Issuance Price**") less than a price equal to the Per Share Exercise Price in effect immediately prior to such grant, issuance or sale or deemed grant, issuance or sale (such Per Share Exercise Price then in effect is referred to herein as the "**Applicable Price**") (the foregoing a "**Dilutive Issuance**"), then immediately after such Dilutive Issuance, the Per Share Exercise Price then in effect shall be reduced to an amount equal to the New Issuance Price. For all purposes of the foregoing (including, without limitation, determining the adjusted Per Share Exercise Price and the New Issuance Price under this Section 1.01(c)), the following shall be applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Issuance of Options. If the Company in any manner grants, issues or sells (or enters into any agreement to grant, issue or sell) any rights, warrants or options to subscribe for or purchase shares of Common Stock or Convertible Securities (as defined below) ("**Options**") and the lowest price per share for which one share of Common Stock is at any time issuable upon the exercise of any such Option or upon conversion, exercise or exchange of any Convertible Securities issuable upon exercise of any such Option or otherwise pursuant to the terms thereof is less than the Per Share Exercise Price that is then in effect, then such share of Common Stock shall be deemed to be outstanding and to have been issued and sold by the Company at the time of the granting, issuance or sale (or the time of execution of such agreement to grant, issue or sell, as applicable) of such Option for such price per share. For purposes of this Section 1.01(c)(i), the "lowest price per share for which one share of Common Stock is at any time issuable upon the exercise of any such Options or upon conversion, exercise or exchange of any Convertible Securities issuable upon exercise of any such Option or otherwise pursuant to the terms thereof" shall be equal to (1) the lower of (x) the sum of the lowest amounts of consideration (if any) received or receivable by the Company with respect to any one share of Common Stock upon the granting, issuance or sale (or pursuant to the agreement to grant, issue or sell, as applicable) of such Option, upon exercise of such Option and upon conversion, exercise or exchange of any Convertible Security issuable upon exercise of such Option or otherwise pursuant to the terms thereof and (y) the

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lowest exercise price set forth in such Option for which one share of Common Stock is issuable (or may become issuable assuming all possible market conditions) upon the exercise of any such Options or upon conversion, exercise or exchange of any Convertible Securities issuable upon exercise of any such Option or otherwise pursuant to the terms thereof minus (2) the sum of all amounts paid or payable to the holder of such Option (or any other Person) upon the granting , issuance or sale (or the agreement to grant, issue or sell, as applicable) of such Option, upon exercise of such Option and upon conversion, exercise or exchange of any Convertible Security issuable upon exercise of such Option or otherwise pursuant to the terms thereof plus the value of any other consideration received or receivable by, or benefit conferred on, the holder of such Option (or any other Person). Except as contemplated below, no further adjustment of the Per Share Exercise Price shall be made upon the actual issuance of such shares of Common Stock or of such Convertible Securities upon the exercise of such Options or otherwise pursuant to the terms of or upon the actual issuance of such shares of Common Stock upon conversion, exercise or exchange of such Convertible Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Issuance of Convertible Securities. If the Company in any manner issues or sells (or enters into any agreement to issue or sell) any stock or other security (other than Options) that is at any time and under any circumstances, directly or indirectly, convertible into, exercisable or exchangeable for, or which otherwise entitles the holder thereof to acquire, any shares of Common Stock ("**Convertible Securities**") and the lowest price per share for which one share of Common Stock is at any time issuable upon the conversion, exercise or exchange thereof or otherwise pursuant to the terms thereof is less than the Applicable Price, then such share of Common Stock shall be deemed to be outstanding and to have been issued and sold by the Company at the time of the issuance or sale (or the time of execution of such agreement to issue or sell, as applicable) of such Convertible Securities for such price per share. For the purposes of this Section 1.01(c)(ii), the "lowest price per share for which one share of Common Stock is at any time issuable upon the conversion, exercise or exchange thereof or otherwise pursuant to the terms thereof" shall be equal to (1) the lower of (x) the sum of the lowest amounts of consideration (if any) received or receivable by the Company with respect to one share of Common Stock upon the issuance or sale (or pursuant to the agreement to issue or sell, as applicable) of the Convertible Security and upon conversion, exercise or exchange of such Convertible Security or otherwise pursuant to the terms thereof and (y) the lowest conversion price set forth in such Convertible Security for which one share of Common Stock is issuable (or may become issuable assuming all possible market conditions) upon conversion, exercise or exchange thereof or otherwise pursuant to the terms thereof minus (2) the sum of all amounts paid or payable to the holder of such Convertible Security (or any other Person) upon the issuance or sale (or the agreement to issue or sell, as applicable) of such Convertible Security plus the value of any other consideration received or receivable by, or benefit conferred on, the holder of such Convertible Security (or any other Person). Except as contemplated below, no further adjustment of the Per Share Exercise Price shall be made upon the actual issuance of such shares of Common Stock upon conversion, exercise or exchange of such Convertible Securities or otherwise pursuant to the terms thereof, and if any such issuance or sale of such Convertible Securities is made upon exercise of any Options for which adjustment of this Warrant has been or is to be made pursuant to other provisions of this Section 1.01(c), except as contemplated below, no further adjustment of the Per Share Exercise Price shall be made by reason of such issuance or sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Intentionally Omitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;Calculation of Consideration Received. If any Option and/or Convertible Security and/or adjustment right is issued in connection with the issuance or sale or deemed issuance or sale of any other securities of the Company (as determined by the Company's board of directors in good faith, the "**Primary Security**", and such Option and/or Convertible Security and/or adjustment right, the

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"**Secondary Securities**" and together with the Primary Security, each a "**Unit**"), together comprising one integrated transaction, the aggregate consideration per share of Common Stock with respect to such Primary Security shall be deemed to be the lower of (x) the purchase price of such Unit, (y) if such Primary Security is an Option and/or Convertible Security, the lowest price per share for which one share of Common Stock is at any time issuable upon the exercise or conversion of the Primary Security in accordance with Section 1.01(c)(i) or 1.01(c)(ii) above and (z) the lowest VWAP of the shares of Common Stock on any day trading during the period commencing on the date of the public announcement of such Dilutive Issuance through, and including, the fourth (4th) Trading Day immediately following the closing of such Dilutive Issuance (the "**Adjustment Period**") (for the avoidance of doubt, if this Warrant is exercised on any given Exercise Date during any such Adjustment Period, solely with respect to such portion of this Warrant exercised on such applicable Exercise Date, such applicable Adjustment Period shall be deemed to have ended on, and included, the Trading Day immediately prior to such Exercise Date). If any shares of Common Stock, Options or Convertible Securities are issued or sold or deemed to have been issued or sold for cash, the consideration received therefor will be deemed to be the net amount of consideration received by the Company therefor. If any shares of Common Stock, Options or Convertible Securities are issued or sold for a consideration other than cash, the amount of such consideration received by the Company will be the fair value of such consideration, except where such consideration consists of publicly traded securities, in which case the amount of consideration received by the Company for such securities will be the arithmetic average of the VWAPs of such security for each of the five (5) Trading Days immediately preceding the date of receipt. If any shares of Common Stock, Options or Convertible Securities are issued to the owners of the non-surviving entity in connection with any merger in which the Company is the surviving entity, the amount of consideration therefor will be deemed to be the fair value of such portion of the net assets and business of the non-surviving entity as is attributable to such shares of Common Stock, Options or Convertible Securities (as the case may be). The fair value of any consideration other than cash or publicly traded securities will be determined by the Company's board of directors in good faith. For purposes of this Section 1.01(c), "Excluded Securities" shall mean (i) shares of Common Stock, restricted stock units or options to purchase Common Stock issued to directors, officers or employees of the Company for services rendered to the Company in their capacity as such, provided that (A) all such issuances (taking into account the shares of Common Stock issuable upon exercise of such options and restricted stock units) after the Subscription Date pursuant to this clause (i) do not, in the aggregate, exceed more than 20% of the Common Stock issued and outstanding immediately prior to the first date any of the Warrants are issued and (B) the exercise price of any such options is not lowered, none of such options are amended to increase the number of shares issuable thereunder and none of the terms or conditions of any such options are otherwise materially changed in any manner that adversely affects the Registered Holder; and (ii) shares of Common Stock issued upon the conversion or exercise of Convertible Securities (other than options to purchase Common Stock that are covered by the preceding clause (i)) issued prior to the date any of the Warrants are first issued, provided that the conversion price of any such Convertible Securities (other than restricted stock units and options to purchase Common Stock that are covered by the preceding clause (i)) is not lowered, none of such Convertible Securities (other than restricted stock units and options to purchase Common Stock that are covered by the preceding clause (i)) are amended to increase the number of shares issuable thereunder and none of the terms or conditions of any such Convertible Securities (other than restricted stock units and options to purchase Common Stock that are covered by the preceding clause (i)) are otherwise materially changed in any manner that adversely affects the Registered Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;Record Date. If the Company takes a record of the holders of shares of Common Stock for the purpose of entitling them (A) to receive a dividend or other distribution payable in shares of Common Stock, Options or in Convertible Securities or (B) to subscribe for or purchase shares of Common Stock, Options or Convertible Securities, then such record date will be deemed to be the date of the issuance or

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sale of the shares of Common Stock deemed to have been issued or sold upon the declaration of such dividend or the making of such other distribution or the date of the granting of such right of subscription or purchase (as the case may be).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Certain Events. If any event of the type contemplated by the provisions of this Section 1.01(c) but not expressly provided for by such provisions (including, without limitation, the granting of stock appreciation rights, phantom stock rights or other rights with equity features) occurs, then the Board shall make an appropriate adjustment in the Per Share Exercise Price and the number of Warrant Shares issuable upon exercise of this Warrant so as to protect the rights of the Registered Holder in a manner consistent with the provisions of this Section 1.01(c); provided, that no such adjustment pursuant to this Section 1.01(c) shall increase the Per Share Exercise Price or decrease the number of Warrant Shares issuable as otherwise determined pursuant to this Section 1.01(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Adjustment for Extraordinary, Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or make a distribution in cash, securities or other assets to the holders of the shares of Common Stock on account of such shares of Common Stock, other than (a) as described in subsection 1.01(a), (b) or (c) above, or (b) in connection with any distribution of its assets upon its liquidation (any such non-excluded event being referred to herein as an "**Extraordinary Dividend**"), then the Per Share Exercise Price shall be decreased, effective immediately after the effective date of such Extraordinary Dividend, by the amount of cash and/or the fair market value (as determined by the Board, in good faith) of any securities or other assets paid on each share of Common Stock in respect of such Extraordinary Dividend.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02&nbsp;&nbsp;&nbsp;&nbsp;**<u>General Adjustment Provisions</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Notice of Adjustments</u>**. Upon each event that causes an adjustment of the Per Share Exercise Price, the number of Warrant Shares or the kind and amount of stock or other securities or property into which this Warrant shall be exercisable, the Company, at its expense, shall promptly compute such adjustments in accordance with the terms hereof, reflect such adjustment on its books and prepare and furnish the Registered Holder a certificate setting forth such adjustment and showing in detail the facts upon which such adjustment is based. The Company's Chief Financial Officer shall attest to the accuracy of the certificate. Upon the Registered Holder's written request at any time, but no more often than quarterly, the Company shall furnish to the Registered Holder a certificate setting forth (i) all prior adjustments to the Per Share Exercise Price, the number of Warrant Shares or the kind and amount of stock or other securities or property into which this Warrant shall be exercisable, (ii) the Per Share Exercise Price currently in effect and (iii) the number of Warrant Shares and the amount, if any, of other property, that the Registered Holder would receive upon exercise of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Miscellaneous</u>**. Unless specifically provided herein to the contrary, all of the adjustments set forth in this Section 1 are cumulative. No adjustment of the Per Share Exercise Price or the number of Warrant Shares shall be made hereunder with respect to any shares of Common Stock that have been issued to the Registered Holder upon exercise of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;**<u>No Increase Per Share Exercise Price</u>**. In no event shall any such adjustment have the effect of increasing the Per Share Exercise Price as otherwise determined pursuant to this Section 1 except as contemplated by Section 1.01(a)(iii), and then in no event to an amount larger than the Per Share Exercise Price as adjusted pursuant to such Section.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Disputes</u>**. In the event that there is any dispute as to the computation of the Per Share Exercise Price or the number of Warrant Shares required to be issued upon exercise of this Warrant, the Registered Holders and the Company will retain a mutually acceptable independent and nationally recognized accounting firm to re-compute the Per Share Exercise Price and number of Warrant Shares required to be issued upon exercise of this Warrant pursuant to the terms hereof, which firm may review the financial statements or other information upon which such computations were based. The determination of such firm shall, in the absence of manifest error, be binding upon the Registered Holders of this Warrant and the Company. If there shall be a dispute as to the selection of such nationally recognized accounting firm, such firm shall be appointed by the American Institute of Certified Public Accountants if willing, otherwise by the American Arbitration Association in New York City, upon application by the Company and Registered Holders of at least 25 percent of the then outstanding Warrants, with notice to the other Registered Holders. The cost for the retention of such firm shall be borne by the Company if the Company's original computation was incorrect, and otherwise by the Registered Holders.

2.**<u>Exercise</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01&nbsp;&nbsp;&nbsp;&nbsp;**<u>Exercise Period</u>**. The Registered Holder may exercise this Warrant for all or less than all of the Warrant Shares at any time and from time to time before 5:00 P.M. local time in Omaha, Nebraska on August 10, 2035 (the "**Expiration Date**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02&nbsp;&nbsp;&nbsp;&nbsp;**<u>Manner</u>**. The Registered Holder shall exercise this Warrant by delivering to the Secretary of the Company at its principal office (a) this original Warrant, (b) a notice of exercise in the form attached hereto as **Exhibit A** ("**Exercise Notice**") and (c) (x) full payment in the amount of the Per Share Exercise Price multiplied by the number of Warrant Shares that Registered Holder is purchasing hereunder (the "**Purchase Price**") or (y) notice of a Cashless Exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03&nbsp;&nbsp;&nbsp;&nbsp;**<u>Form of Payment</u>**. Registered Holder shall pay the Purchase Price (a) in cash, (b) by bank cashier's check, (c) by Federal Reserve System wire transfer of immediately available funds, or (d) by any combination of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04&nbsp;&nbsp;&nbsp;&nbsp;**<u>Cashless Exercise</u>**. The Registered Holder may, in its sole discretion, exercise this Warrant in whole or in part and, in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the Per Share Exercise Price, elect instead to receive upon such exercise the "Net Number" of Warrant Shares determined according to the following formula (a "**Cashless Exercise**"):

Net Number = &nbsp;&nbsp;&nbsp;&nbsp;<u>(A x B) – (A x C</u>)&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; D

For purposes of the foregoing formula:

A = the total number of shares with respect to which this Warrant is then being exercised.

B = the quotient of (x) the sum of the VWAP of the Common Stock of each of the five (5) Trading Days ending at the close of business on the Principal Market immediately prior to the time of exercise as set forth in the applicable Exercise Notice, divided by (y) five (5) (the "**Cashless Measuring Period**").

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C = the Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise.

D = as applicable: (i) the Closing Sale Price of the Common Stock on the Trading Day immediately preceding the date of the applicable Exercise Notice if such Exercise Notice is (1) both executed and delivered pursuant to Section 1(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 1(a) hereof on a Trading Day prior to the opening of "regular trading hours" (as defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) the bid price of the Common Stock as of the time of the Registered Holder's execution of the applicable Exercise Notice if such Exercise Notice is executed during "regular trading hours" on a Trading Day and is delivered within two (2) hours thereafter pursuant to Section 1(a) hereof, or (iii) the Closing Sale Price of the Common Stock on the date of the applicable Exercise Notice if the date of such Exercise Notice is a Trading Day and such Exercise Notice is both executed and delivered pursuant to Section 2.02 hereof after the close of "regular trading hours" on such Trading Day.

For purposes of Rule 144(d), it is intended that the Warrant Shares issued in a Cashless Exercise shall be deemed to have been acquired by the Registered Holder, and the holding period for the Warrant Shares shall be deemed to have commenced, on the date this Warrant was originally issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05&nbsp;&nbsp;&nbsp;&nbsp; **<u>Delivery to Registered Holder</u>**. As soon as practicable after the exercise of this Warrant in whole or in part, and in any event within ten (10) business days thereafter, the Company at its expense will cause to be issued in the name of, and delivered to, the Registered Holder, or as such Registered Holder (upon payment by such Registered Holder of any applicable transfer taxes) may direct:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a certificate or certificates for the number of Warrant Shares to which such Registered Holder shall be entitled; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in case such exercise is in part only, a new Warrant of like tenor for the number of Warrants (without giving effect to any adjustment therein) called for on the face of this Warrant minus the number of Warrants exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06&nbsp;&nbsp;&nbsp;&nbsp;**<u>Holder's Exercise Limitations</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Limitation on Exercise</u>**. No Registered Holder shall have the right to exercise any portion of this Warrant, pursuant to this Section 2 or otherwise, and no such exercise shall be effective, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Exercise Notice, the Registered Holder (together with the Registered Holder's affiliates, any other Person who would be a "beneficial owner" (within the meaning of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**")) of shares included in such issuance, and any other Person whose beneficial ownership of shares of Common Stock would be aggregated with the Registered Holder's for purposes of Section 13(d) of the Exchange Act and the applicable rules and regulations of the Securities and Exchange Commission, including any "group" (within the meaning of the Exchange Act) of which the Registered Holder or any such other Person is a member (such Persons, "**Attribution Parties**")), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below), provided that a Registered Holder may waive the application of the limitations in this Section 2.06(a) to such Registered Holder upon sixty-five (65) calendar days prior written notice to the Company by such Registered Holder.

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For the avoidance of doubt, the Registered Holder shall be permitted to exercise this Warrant, at any time, in part or in whole (but not as to fractional shares), in amounts sufficient for the Registered Holder and Attribution Parties to maintain in the aggregate beneficial ownership of shares of Common Stock in an amount equal to or less than the then-applicable Beneficial Ownership Limitation, including if and to the extent that (A) any other warrants by the Company are exercised, transferred, exchanged, redeemed or otherwise cease to be in the ownership or control of the parties that received such warrants subsequent to the date hereof or (B) the Company issues additional shares of Common Stock for any reason (including, for the avoidance of doubt, any exercise, exchange or conversion of warrants, options or convertible securities or other securities into shares of Common Stock).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Calculation of Limitation</u>**. Except where the Registered Holder has waived the application of the limitations in this Section 2.06 pursuant to Section 2.06(a), the submission of an Exercise Notice shall be deemed to be the Registered Holder's representation that such proposed exercise of this Warrant is not in excess of the limitation contained in this Section 2.06, and the Company shall have no liability for any non-compliance by the Registered Holder with the limitation set forth herein. For purposes of this Section 2.06, in determining the number of outstanding shares of Common Stock, a Registered Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company's most recent periodic or annual report filed with the Securities and Exchange Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company setting forth the number of shares of Common Stock outstanding; provided, that¸ in the case of clause (B) and (C), the Registered Holder may rely only on the most recent such announcement or notice. In each case, the number of outstanding shares of Common Stock shall be determined by the Registered Holder after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Registered Holder or otherwise included in the Registered Holder's beneficial ownership since the date as of which such number of outstanding shares of Common Stock was reported.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Beneficial Ownership Limitation Percentage</u>**. The "Beneficial Ownership Limitation" shall be 19.8% of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant and in respect of which an Exercise Notice has been issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07&nbsp;&nbsp;&nbsp;&nbsp;**<u>Fundamental Transaction.</u>** If, at any time while the Warrants are outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another person (other than for the purpose of changing the Company's name), (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another person) is completed pursuant to which holders of the outstanding equity securities of the Company having voting power are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of outstanding securities representing more than 50% of the aggregate voting power of the issued and outstanding equity securities of the Company, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another person or group of persons whereby such other person or group acquires securities representing more than 50% of the aggregate

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voting power, including the power to vote on the election of directors of the Company, of the issued and outstanding equity securities of the Company (each a "**Fundamental Transaction**"), then, upon consummation of such Fundamental Transaction, this Warrant shall automatically become exercisable for the kind and amount of securities, cash or other assets which the Registered Holder would have owned immediately after the consummation of such Fundamental Transaction if the Registered Holder had exercised in full this Warrant immediately before the consummation of such Fundamental Transaction. If holders of Common Stock are given any choice as to the kind or amount of securities, cash or other assets receivable upon the consummation of such Fundamental Transaction, then the Registered Holder shall be given the same choice as to such consideration it receives upon any exercise of this Warrant following such Fundamental Transaction.

3.**<u>Notice of Certain Events</u>**. If the Company proposes at any time (a) to declare any dividend or distribution upon its Common Stock, or (b) to offer to the holders of any class or series of its capital stock any additional shares of stock of any class or series or other rights, the Company shall deliver written notice thereof to Registered Holder. Such notice shall be given at least twenty (20) calendar days before (i) the record date for such dividend, distribution or offering and (ii) the earlier of any vote to approve or the closing of such transaction. The notice shall generally describe the event expected to occur, the anticipated date thereof and the name and telephone number of the Company's representative whom the Registered Holder may contact to obtain additional information concerning the anticipated event.

4.**<u>Reservation of Common Stock; Valid Issuance</u>**. During the period in which this Warrant may be exercised, the Company will at all times have authorized, and in reserve, shares of Common Stock equal to the maximum amount of the shares of Common Stock that can be issued upon exercise of all of this Warrant and such other securities and properties as from time to time shall be deliverable to the Registered Holder upon the exercise of this Warrant, free and clear of all restrictions on sale or transfer (except such as may be imposed under applicable federal and state securities laws). The Company further covenants that such shares of Common Stock as may be issued pursuant to such exercise will, upon issuance, be duly and validly issued, fully paid and nonassessable and free from all taxes, liens and charges with respect to the issuance thereof.

5.**<u>Issue or Transfer Taxes</u>**. The Company shall pay all issue and other non-income based taxes that may be payable in respect of the issuance or delivery of the Warrant Shares on exercise of the Warrant. The Registered Holder shall pay all transfer taxes due upon any transfer requested by Registered Holder in connection with any such exercise.

6.**<u>Transfers</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Unregistered Security</u>**. Each holder of this Warrant acknowledges that this Warrant and the Warrant Shares have not been registered under the Securities Act of 1933, as amended (the "**Securities Act**"), and agrees not to sell, pledge, distribute, offer for sale, transfer or otherwise dispose of this Warrant or any Warrant Shares issued upon its exercise in the absence of (i) an effective registration statement under the Securities Act as to this Warrant or such Warrant Shares and registration or qualification of this Warrant or such Warrant Shares under any applicable federal or state securities law then in effect or (ii) an opinion of counsel, satisfactory to the Company, that such registration and qualification are not required. Each certificate or other instrument for Warrant Shares issued upon the exercise of this Warrant shall bear a legend substantially to the foregoing effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Transferability</u>**. Subject to the provisions of Section 6(a) hereof, this Warrant and all rights hereunder are transferable, in whole or in part, by the Registered Holder without charge to the Registered Holder, upon surrender of this Warrant to the Company at its then principal executive offices with a properly completed and duly executed assignment in the form attached hereto as **Exhibit B**. Upon such compliance, surrender and delivery, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees and in the denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant, if any, not so assigned and this Warrant shall promptly be cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Warrant Register</u>**. The Company will maintain a register containing the names and addresses of the Registered Holders of this Warrant. Until any transfer of this Warrant is made in the warrant register (which the Company shall effect promptly following submission of this Warrant to it) the Company may treat the Registered Holder of this Warrant as the absolute owner hereof for all purposes; <u>provided, however</u>, that if this Warrant is properly assigned in blank, the Company may (but shall not be required to) treat the bearer hereof as the absolute owner hereof for all purposes, notwithstanding any notice to the contrary. Any Registered Holder may change such Registered Holder's address as shown on the warrant register by written notice to the Company requesting such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Deliveries Upon Transfer</u>**. As soon as practicable after a transfer of this Warrant in whole or in part, and in any event within ten (10) business days thereafter, the Company at its expense will cause to be issued in the name of, and delivered to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;to the transferee a certificate or certificates registered in the name of the transferee for the number of Warrants transferred to such transferee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;in case such transfer is in part only, to the Registered Holder a new Warrant of like tenor for the number of Warrants (without giving effect to any adjustment therein) called for on the face of this Warrant minus the number of Warrants transferred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Loss, Etc. of Warrant</u>**. Upon receipt of evidence satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant, and of indemnity reasonably satisfactory to the Company, if lost, stolen or destroyed, and upon surrender and cancellation of this Warrant, if mutilated, and upon reimbursement of the Company's reasonable incidental expenses, the Company shall execute and deliver to the Registered Holder a new Warrant of like date, tenor and denomination.

7.**<u>Fractional Shares</u>**. No fractional share of Common Stock shall be issued upon the exercise of this Warrant. All of the Warrant Shares issuable upon any exercise of this Warrant shall be aggregated for purposes of determining whether the exercise would result in the issuance of any fractional share. If, after such aggregation, the exercise would result in the issuance of a fractional share, the Company shall in lieu thereof pay the Registered Holder a cash amount equal to the fair market value of such fractional share on the date of exercise. The Board, acting in good faith, shall determine the fair market value of the fractional share.

8.**<u>Closing of Transfer Books</u>**. The right to exercise this Warrant shall not be suspended during any period while the stock transfer book of the Company for its Common Stock is closed. Notwithstanding the foregoing, the Company shall not be required to deliver certificates of its Common Stock upon

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exercise of this Warrant while its stock transfer book is duly closed and may postpone the delivery of the certificates for its Common Stock until the opening of such books.

9.**<u>Certain Definitions</u>**. For purposes of this Warrant, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;"**Closing Sale Price**" means, for any security as of any date, the last closing trade price for such security on the Principal Market, as reported by Bloomberg, or, if the Principal Market begins to operate on an extended hours basis and does not designate the closing trade price, then the last trade price of such security prior to 4:00:00 p.m., New York time, as reported by Bloomberg, or, if the Principal Market is not the principal securities exchange or trading market for such security, the last trade price of such security on the principal securities exchange or trading market where such security is listed or traded as reported by Bloomberg, or if the foregoing does not apply, the last trade price of such security in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg, or, if no last trade price is reported for such security by Bloomberg, the average of the ask prices of any market makers for such security as reported in the "pink sheets" by OTC Markets Group Inc. (formerly Pink Sheets LLC). If the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Sale Price of such security on such date shall be the fair market value as mutually determined by the Company and the Registered Holder. All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;"**Principal Market**" means the Nasdaq Capital Market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;"**Trading Day**" means, as applicable, (x) with respect to all price or trading volume determinations relating to the Common Stock, any day on which the Common Stock is traded on the Principal Market, or, if the Principal Market is not the principal trading market for the Common Stock, then on the principal securities exchange or securities market on which the Common Stock is then traded, provided that "Trading Day" shall not include any day on which the Common Stock is scheduled to trade on such exchange or market for less than 4.5 hours or any day that the Common Stock is suspended from trading during the final hour of trading on such exchange or market (or if such exchange or market does not designate in advance the closing time of trading on such exchange or market, then during the hour ending at 4:00:00 p.m., New York time) unless such day is otherwise designated as a Trading Day in writing by the Registered Holder or (y) with respect to all determinations other than price or trading volume determinations relating to the Common Stock, any day on which The New York Stock Exchange (or any successor thereto) is open for trading of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;"**VWAP**" means, for any security as of any date, the dollar volume-weighted average price for such security on the Principal Market (or, if the Principal Market is not the principal trading market for such security, then on the principal securities exchange or securities market on which such security is then traded) during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time, as reported by Bloomberg through its "HP" function (set to weighted average) or, if the foregoing does not apply, the dollar volume-weighted average price of such security in the over-the-counter market on the electronic bulletin board for such security during the period

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beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time, as reported by Bloomberg, or, if no dollar volume-weighted average price is reported for such security by Bloomberg for such hours, the average of the highest closing bid price and the lowest closing ask price of any of the market makers for such security as reported in the "pink sheets" by OTC Markets Group Inc. (formerly Pink Sheets LLC). If the VWAP cannot be calculated for such security on such date on any of the foregoing bases, the VWAP of such security on such date shall be the fair market value as mutually determined by the Company and the Registered Holder. All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination, recapitalization or other similar transaction during such period.

10.**<u>Notices</u>**. Any notice given hereunder shall be deemed given (a) when delivery is tendered if personally delivered, (b) three (3) days after the postmark if mailed certified mail, return receipt requested, (c) on the first business day after delivery to a nationally recognized company regularly providing overnight delivery services if sent by next business day service and (d) on the day receipt is confirmed, either by the recipient or electronically, if sent by telecopy. If a party sends a notice by any other method, it shall be deemed given when the addressee or addressee's authorized agent actually receives the notice. In each case, notices shall be addressed to the Company at 1811 Aksarben Drive, Omaha NE 68106, and to the Registered Holder at BlackRock Financial Management, Inc., 50 Hudson Yards, New York, New York, 10001, Attention: Steven Karpel and Kathryn Keen, Email: steven.karpel@blackrock.com , Kathryn.Keen@blackrock.com , With a copy to (which shall not constitute notice): BlackRock, Inc., Office of the General Counsel, 50 Hudson Yards, New York, New York 10001, Attention: Kathryn A. Keen , Email: <u>Kathryn.Keen@blackrock.com</u>, <u>legaltransactions@blackrock.com</u>, or such address of the Registered Holder reflected after the date hereof (including as to any transfers as reflected on an Assignment Form) in the warrant register maintained pursuant to Section 6(c), or such other address as such party may indicate by a notice to the other party.

11.**<u>Registered Holder Not Stockholder</u>**. This Warrant does not confer upon Registered Holder any rights or liabilities as a stockholder of the Company, including, but not limited to, any right to vote or to consent or to receive notice as a stockholder of the Company until the first business day following the Registered Holder's exercise of this Warrant and the Company's receipt of the documentation required to be delivered to it by the Registered Holder pursuant to Section 2.02, 2.03 and/or 2.04.

12.**<u>No Impairment</u>**. The Company shall not, by amendment of its certificate of incorporation, bylaws or other governing documents, or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed by it hereunder, but shall at all times in good faith assist in the carrying out of all the provisions of this Warrant and in the taking of all such action as may reasonably be requested by the Registered Holder in order to protect the exercise rights of the Registered Holder against dilution or other impairment, consistent with the tenor and purpose of this Warrant.

13.**<u>Amendment</u>**. The provisions of this Warrant may only be amended or modified in writing by the Company and the Registered Holder.

14.**<u>Governing Law</u>**. This Warrant shall be governed by the laws of the State of New York without regard to the choice of law provisions thereof that would defer to the substantive laws of another jurisdiction.

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15.**<u>Headings</u>**. The headings of this Warrant have been inserted as a matter of convenience and shall not affect the construction thereof.

16.**<u>Severability</u>**. Wherever possible, each provision hereof shall be interpreted in such manner as to be effective and valid under applicable law, but in case any one or more of the provisions contained herein shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such provision shall be ineffective to the extent, but only to the extent, of such invalidity, illegality or unenforceability without invalidating the remainder of such provision or provisions or any other provisions hereof.

[Signature page follows]

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IN WITNESS WHEREOF, the Company has executed this Warrant as of the date first above written.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**GREEN PLAINS INC.**

By: <u>/s/ Michelle Mapes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>&nbsp;&nbsp;&nbsp;&nbsp;Name: Michelle Mapes<br>&nbsp;&nbsp;&nbsp;&nbsp;Title: Chief Legal & Administration Officer

## Exhibit 10.16

Exhibit 10.16(d)

**WARRANT AGREEMENT TO PURCHASE**

**COMMON STOCK OF GREEN PLAINS INC.**

NEITHER THIS WARRANT NOR THE SHARES ISSUABLE HEREUNDER HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "**ACT**"), OR UNDER THE SECURITIES LAWS OF ANY STATE, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. AS A RESULT, NEITHER THIS WARRANT NOR THE SHARES ISSUABLE HEREUNDER MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL THIS WARRANT OR SUCH SHARES ARE REGISTERED UNDER THE ACT AND ALL APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY IS OBTAINED TO THE EFFECT THAT SUCH REGISTRATION IS NOT REQUIRED.

Warrant No. <u>4</u> &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of Warrants: <u>560,794</u> &nbsp;&nbsp;&nbsp;&nbsp; <u>August 10, 2025</u>

For value received, Green Plains Inc., an Iowa corporation (the "**Company**"), hereby grants to BlackRock Total Return Bond Fund (together with its successors and assigns as set forth on the books of the Company, each a "**Registered Holder**") the number of warrants set forth above (such warrants, the "**Warrants**", and this Warrant Agreement to Purchase Common Stock of Green Plains Inc., this "**Warrant**"), each of the Warrants entitling the Registered Holder to purchase from the Company, until the Expiration Date (as defined in Section 2.01), upon the terms of this Warrant, one fully paid and non-assessable share (as same may be adjusted pursuant to Section 1, each a "**Warrant Share**" and together the "**Warrant Shares**") of the Company's common stock, $.001 par value (the "**Common Stock**") for a price of $0.01 per share (as same may be adjusted pursuant to Section 1, the "**Per Share Exercise Price**"), subject to all adjustments set forth herein. The total price to be paid by the Registered Holder upon purchase of all of the Warrant Shares is the Per Share Exercise Price multiplied by the number of Warrants evidenced by this certificate ("**Total Exercise Price**").

**1.<u>Adjustments</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01&nbsp;&nbsp;&nbsp;&nbsp;**<u>Adjustments for Certain Events</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Stock Dividends, Subdivisions and Combinations</u>**. If at any time, or from time-to-time, after the date hereof, the Company (i) declares a dividend on the Common Stock that is payable with shares of Common Stock, (ii) subdivides the outstanding shares of Common Stock into a greater number of shares of Common Stock by a stock split, reclassification or other method, or (iii) combines or consolidates the outstanding shares of Common Stock into a lesser number of shares of Common Stock by a reverse stock split, reclassification or other method, then the number of Warrant Shares issuable upon exercise of this Warrant shall be decreased or increased, as appropriate, by multiplying the number of Warrant Shares issuable upon exercise of this Warrant immediately before such event by a fraction, the numerator of which is the number of issued and outstanding shares of Common Stock immediately after such event and the denominator of which is the number of issued and outstanding shares of Common Stock immediately before such event. The events set forth above are deemed to occur on the date the Company's Board of Directors (the "**Board**") declares the dividend or authorizes the subdivision or combination of shares of Common Stock unless, for any reason, the dividend is not subsequently paid or the subdivision or combination is not subsequently completed. After any adjustment to the number of Warrant Shares under this Section 1.01(a) the Per Share Exercise Price shall be adjusted to that number

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determined by dividing the Total Exercise Price by the number of Warrant Shares issuable upon exercise of this Warrant after such adjustments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Reclassification, Etc</u>**. In case of any reclassification (other than a reclassification governed by Section 1.01(a)) or change of the outstanding securities of the Company or of any reorganization, sale or conveyance to another entity of the property of the Company as an entirety or substantially as an entirety, or in the case of any statutory exchange of securities with another entity or merger of the Company (or any other corporation the stock or securities of which are at the time receivable upon the exercise of this Warrant) on or after the date hereof, then and in each such case the Registered Holder upon the exercise hereof at any time after the consummation of such reclassification, change, reorganization, sale or conveyance, exchange of securities or merger shall be entitled to receive, in lieu of the stock or other securities and property receivable upon the exercise hereof prior to such consummation, only the stock or other securities or cash or property to which such Registered Holder would have been entitled upon such consummation if such Registered Holder had exercised this Warrant immediately prior thereto. Any such change in the Per Share Exercise Price, the number of Warrant Shares or the kind and amount of stock or other securities or property into which this Warrant shall be exercisable shall be effective as of the closing of the transaction that precipitated such adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Adjustment Upon Issuance of Shares of Common Stock.</u>** If and whenever on or after the first date any of the Warrants are issued, the Company grants, issues or sells (or enters into any agreement to grant, issue or sell), or in accordance with this Section 1.01(c) is deemed to have granted, issued or sold, any shares of Common Stock (including the grant, issuance or sale of shares of Common Stock owned or held by or for the account of the Company, but excluding any Excluded Securities granted, issued or sold or deemed to have been granted, issued or sold) for a consideration per share (the "**New Issuance Price**") less than a price equal to the Per Share Exercise Price in effect immediately prior to such grant, issuance or sale or deemed grant, issuance or sale (such Per Share Exercise Price then in effect is referred to herein as the "**Applicable Price**") (the foregoing a "**Dilutive Issuance**"), then immediately after such Dilutive Issuance, the Per Share Exercise Price then in effect shall be reduced to an amount equal to the New Issuance Price. For all purposes of the foregoing (including, without limitation, determining the adjusted Per Share Exercise Price and the New Issuance Price under this Section 1.01(c)), the following shall be applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Issuance of Options. If the Company in any manner grants, issues or sells (or enters into any agreement to grant, issue or sell) any rights, warrants or options to subscribe for or purchase shares of Common Stock or Convertible Securities (as defined below) ("**Options**") and the lowest price per share for which one share of Common Stock is at any time issuable upon the exercise of any such Option or upon conversion, exercise or exchange of any Convertible Securities issuable upon exercise of any such Option or otherwise pursuant to the terms thereof is less than the Per Share Exercise Price that is then in effect, then such share of Common Stock shall be deemed to be outstanding and to have been issued and sold by the Company at the time of the granting, issuance or sale (or the time of execution of such agreement to grant, issue or sell, as applicable) of such Option for such price per share. For purposes of this Section 1.01(c)(i), the "lowest price per share for which one share of Common Stock is at any time issuable upon the exercise of any such Options or upon conversion, exercise or exchange of any Convertible Securities issuable upon exercise of any such Option or otherwise pursuant to the terms thereof" shall be equal to (1) the lower of (x) the sum of the lowest amounts of consideration (if any) received or receivable by the Company with respect to any one share of Common Stock upon the granting, issuance or sale (or pursuant to the agreement to grant, issue or sell, as applicable) of such Option, upon exercise of such Option and upon conversion, exercise or exchange of any Convertible Security issuable upon exercise of such Option or otherwise pursuant to the terms thereof and (y) the

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lowest exercise price set forth in such Option for which one share of Common Stock is issuable (or may become issuable assuming all possible market conditions) upon the exercise of any such Options or upon conversion, exercise or exchange of any Convertible Securities issuable upon exercise of any such Option or otherwise pursuant to the terms thereof minus (2) the sum of all amounts paid or payable to the holder of such Option (or any other Person) upon the granting , issuance or sale (or the agreement to grant, issue or sell, as applicable) of such Option, upon exercise of such Option and upon conversion, exercise or exchange of any Convertible Security issuable upon exercise of such Option or otherwise pursuant to the terms thereof plus the value of any other consideration received or receivable by, or benefit conferred on, the holder of such Option (or any other Person). Except as contemplated below, no further adjustment of the Per Share Exercise Price shall be made upon the actual issuance of such shares of Common Stock or of such Convertible Securities upon the exercise of such Options or otherwise pursuant to the terms of or upon the actual issuance of such shares of Common Stock upon conversion, exercise or exchange of such Convertible Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Issuance of Convertible Securities. If the Company in any manner issues or sells (or enters into any agreement to issue or sell) any stock or other security (other than Options) that is at any time and under any circumstances, directly or indirectly, convertible into, exercisable or exchangeable for, or which otherwise entitles the holder thereof to acquire, any shares of Common Stock ("**Convertible Securities**") and the lowest price per share for which one share of Common Stock is at any time issuable upon the conversion, exercise or exchange thereof or otherwise pursuant to the terms thereof is less than the Applicable Price, then such share of Common Stock shall be deemed to be outstanding and to have been issued and sold by the Company at the time of the issuance or sale (or the time of execution of such agreement to issue or sell, as applicable) of such Convertible Securities for such price per share. For the purposes of this Section 1.01(c)(ii), the "lowest price per share for which one share of Common Stock is at any time issuable upon the conversion, exercise or exchange thereof or otherwise pursuant to the terms thereof" shall be equal to (1) the lower of (x) the sum of the lowest amounts of consideration (if any) received or receivable by the Company with respect to one share of Common Stock upon the issuance or sale (or pursuant to the agreement to issue or sell, as applicable) of the Convertible Security and upon conversion, exercise or exchange of such Convertible Security or otherwise pursuant to the terms thereof and (y) the lowest conversion price set forth in such Convertible Security for which one share of Common Stock is issuable (or may become issuable assuming all possible market conditions) upon conversion, exercise or exchange thereof or otherwise pursuant to the terms thereof minus (2) the sum of all amounts paid or payable to the holder of such Convertible Security (or any other Person) upon the issuance or sale (or the agreement to issue or sell, as applicable) of such Convertible Security plus the value of any other consideration received or receivable by, or benefit conferred on, the holder of such Convertible Security (or any other Person). Except as contemplated below, no further adjustment of the Per Share Exercise Price shall be made upon the actual issuance of such shares of Common Stock upon conversion, exercise or exchange of such Convertible Securities or otherwise pursuant to the terms thereof, and if any such issuance or sale of such Convertible Securities is made upon exercise of any Options for which adjustment of this Warrant has been or is to be made pursuant to other provisions of this Section 1.01(c), except as contemplated below, no further adjustment of the Per Share Exercise Price shall be made by reason of such issuance or sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Intentionally Omitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;Calculation of Consideration Received. If any Option and/or Convertible Security and/or adjustment right is issued in connection with the issuance or sale or deemed issuance or sale of any other securities of the Company (as determined by the Company's board of directors in good faith, the "**Primary Security**", and such Option and/or Convertible Security and/or adjustment right, the

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"**Secondary Securities**" and together with the Primary Security, each a "**Unit**"), together comprising one integrated transaction, the aggregate consideration per share of Common Stock with respect to such Primary Security shall be deemed to be the lower of (x) the purchase price of such Unit, (y) if such Primary Security is an Option and/or Convertible Security, the lowest price per share for which one share of Common Stock is at any time issuable upon the exercise or conversion of the Primary Security in accordance with Section 1.01(c)(i) or 1.01(c)(ii) above and (z) the lowest VWAP of the shares of Common Stock on any day trading during the period commencing on the date of the public announcement of such Dilutive Issuance through, and including, the fourth (4th) Trading Day immediately following the closing of such Dilutive Issuance (the "**Adjustment Period**") (for the avoidance of doubt, if this Warrant is exercised on any given Exercise Date during any such Adjustment Period, solely with respect to such portion of this Warrant exercised on such applicable Exercise Date, such applicable Adjustment Period shall be deemed to have ended on, and included, the Trading Day immediately prior to such Exercise Date). If any shares of Common Stock, Options or Convertible Securities are issued or sold or deemed to have been issued or sold for cash, the consideration received therefor will be deemed to be the net amount of consideration received by the Company therefor. If any shares of Common Stock, Options or Convertible Securities are issued or sold for a consideration other than cash, the amount of such consideration received by the Company will be the fair value of such consideration, except where such consideration consists of publicly traded securities, in which case the amount of consideration received by the Company for such securities will be the arithmetic average of the VWAPs of such security for each of the five (5) Trading Days immediately preceding the date of receipt. If any shares of Common Stock, Options or Convertible Securities are issued to the owners of the non-surviving entity in connection with any merger in which the Company is the surviving entity, the amount of consideration therefor will be deemed to be the fair value of such portion of the net assets and business of the non-surviving entity as is attributable to such shares of Common Stock, Options or Convertible Securities (as the case may be). The fair value of any consideration other than cash or publicly traded securities will be determined by the Company's board of directors in good faith. For purposes of this Section 1.01(c), "Excluded Securities" shall mean (i) shares of Common Stock, restricted stock units or options to purchase Common Stock issued to directors, officers or employees of the Company for services rendered to the Company in their capacity as such, provided that (A) all such issuances (taking into account the shares of Common Stock issuable upon exercise of such options and restricted stock units) after the Subscription Date pursuant to this clause (i) do not, in the aggregate, exceed more than 20% of the Common Stock issued and outstanding immediately prior to the first date any of the Warrants are issued and (B) the exercise price of any such options is not lowered, none of such options are amended to increase the number of shares issuable thereunder and none of the terms or conditions of any such options are otherwise materially changed in any manner that adversely affects the Registered Holder; and (ii) shares of Common Stock issued upon the conversion or exercise of Convertible Securities (other than options to purchase Common Stock that are covered by the preceding clause (i)) issued prior to the date any of the Warrants are first issued, provided that the conversion price of any such Convertible Securities (other than restricted stock units and options to purchase Common Stock that are covered by the preceding clause (i)) is not lowered, none of such Convertible Securities (other than restricted stock units and options to purchase Common Stock that are covered by the preceding clause (i)) are amended to increase the number of shares issuable thereunder and none of the terms or conditions of any such Convertible Securities (other than restricted stock units and options to purchase Common Stock that are covered by the preceding clause (i)) are otherwise materially changed in any manner that adversely affects the Registered Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;Record Date. If the Company takes a record of the holders of shares of Common Stock for the purpose of entitling them (A) to receive a dividend or other distribution payable in shares of Common Stock, Options or in Convertible Securities or (B) to subscribe for or purchase shares of Common Stock, Options or Convertible Securities, then such record date will be deemed to be the date of the issuance or

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sale of the shares of Common Stock deemed to have been issued or sold upon the declaration of such dividend or the making of such other distribution or the date of the granting of such right of subscription or purchase (as the case may be).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Certain Events. If any event of the type contemplated by the provisions of this Section 1.01(c) but not expressly provided for by such provisions (including, without limitation, the granting of stock appreciation rights, phantom stock rights or other rights with equity features) occurs, then the Board shall make an appropriate adjustment in the Per Share Exercise Price and the number of Warrant Shares issuable upon exercise of this Warrant so as to protect the rights of the Registered Holder in a manner consistent with the provisions of this Section 1.01(c); provided, that no such adjustment pursuant to this Section 1.01(c) shall increase the Per Share Exercise Price or decrease the number of Warrant Shares issuable as otherwise determined pursuant to this Section 1.01(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Adjustment for Extraordinary, Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or make a distribution in cash, securities or other assets to the holders of the shares of Common Stock on account of such shares of Common Stock, other than (a) as described in subsection 1.01(a), (b) or (c) above, or (b) in connection with any distribution of its assets upon its liquidation (any such non-excluded event being referred to herein as an "**Extraordinary Dividend**"), then the Per Share Exercise Price shall be decreased, effective immediately after the effective date of such Extraordinary Dividend, by the amount of cash and/or the fair market value (as determined by the Board, in good faith) of any securities or other assets paid on each share of Common Stock in respect of such Extraordinary Dividend.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02&nbsp;&nbsp;&nbsp;&nbsp;**<u>General Adjustment Provisions</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Notice of Adjustments</u>**. Upon each event that causes an adjustment of the Per Share Exercise Price, the number of Warrant Shares or the kind and amount of stock or other securities or property into which this Warrant shall be exercisable, the Company, at its expense, shall promptly compute such adjustments in accordance with the terms hereof, reflect such adjustment on its books and prepare and furnish the Registered Holder a certificate setting forth such adjustment and showing in detail the facts upon which such adjustment is based. The Company's Chief Financial Officer shall attest to the accuracy of the certificate. Upon the Registered Holder's written request at any time, but no more often than quarterly, the Company shall furnish to the Registered Holder a certificate setting forth (i) all prior adjustments to the Per Share Exercise Price, the number of Warrant Shares or the kind and amount of stock or other securities or property into which this Warrant shall be exercisable, (ii) the Per Share Exercise Price currently in effect and (iii) the number of Warrant Shares and the amount, if any, of other property, that the Registered Holder would receive upon exercise of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Miscellaneous</u>**. Unless specifically provided herein to the contrary, all of the adjustments set forth in this Section 1 are cumulative. No adjustment of the Per Share Exercise Price or the number of Warrant Shares shall be made hereunder with respect to any shares of Common Stock that have been issued to the Registered Holder upon exercise of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;**<u>No Increase Per Share Exercise Price</u>**. In no event shall any such adjustment have the effect of increasing the Per Share Exercise Price as otherwise determined pursuant to this Section 1 except as contemplated by Section 1.01(a)(iii), and then in no event to an amount larger than the Per Share Exercise Price as adjusted pursuant to such Section.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Disputes</u>**. In the event that there is any dispute as to the computation of the Per Share Exercise Price or the number of Warrant Shares required to be issued upon exercise of this Warrant, the Registered Holders and the Company will retain a mutually acceptable independent and nationally recognized accounting firm to re-compute the Per Share Exercise Price and number of Warrant Shares required to be issued upon exercise of this Warrant pursuant to the terms hereof, which firm may review the financial statements or other information upon which such computations were based. The determination of such firm shall, in the absence of manifest error, be binding upon the Registered Holders of this Warrant and the Company. If there shall be a dispute as to the selection of such nationally recognized accounting firm, such firm shall be appointed by the American Institute of Certified Public Accountants if willing, otherwise by the American Arbitration Association in New York City, upon application by the Company and Registered Holders of at least 25 percent of the then outstanding Warrants, with notice to the other Registered Holders. The cost for the retention of such firm shall be borne by the Company if the Company's original computation was incorrect, and otherwise by the Registered Holders.

2.**<u>Exercise</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01&nbsp;&nbsp;&nbsp;&nbsp;**<u>Exercise Period</u>**. The Registered Holder may exercise this Warrant for all or less than all of the Warrant Shares at any time and from time to time before 5:00 P.M. local time in Omaha, Nebraska on August 10, 2035 (the "**Expiration Date**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02&nbsp;&nbsp;&nbsp;&nbsp;**<u>Manner</u>**. The Registered Holder shall exercise this Warrant by delivering to the Secretary of the Company at its principal office (a) this original Warrant, (b) a notice of exercise in the form attached hereto as **Exhibit A** ("**Exercise Notice**") and (c) (x) full payment in the amount of the Per Share Exercise Price multiplied by the number of Warrant Shares that Registered Holder is purchasing hereunder (the "**Purchase Price**") or (y) notice of a Cashless Exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03&nbsp;&nbsp;&nbsp;&nbsp;**<u>Form of Payment</u>**. Registered Holder shall pay the Purchase Price (a) in cash, (b) by bank cashier's check, (c) by Federal Reserve System wire transfer of immediately available funds, or (d) by any combination of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04&nbsp;&nbsp;&nbsp;&nbsp;**<u>Cashless Exercise</u>**. The Registered Holder may, in its sole discretion, exercise this Warrant in whole or in part and, in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the Per Share Exercise Price, elect instead to receive upon such exercise the "Net Number" of Warrant Shares determined according to the following formula (a "**Cashless Exercise**"):

Net Number = &nbsp;&nbsp;&nbsp;&nbsp;<u>(A x B) – (A x C</u>)&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; D

For purposes of the foregoing formula:

A = the total number of shares with respect to which this Warrant is then being exercised.

B = the quotient of (x) the sum of the VWAP of the Common Stock of each of the five (5) Trading Days ending at the close of business on the Principal Market immediately prior to the time of exercise as set forth in the applicable Exercise Notice, divided by (y) five (5) (the "**Cashless Measuring Period**").

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C = the Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise.

D = as applicable: (i) the Closing Sale Price of the Common Stock on the Trading Day immediately preceding the date of the applicable Exercise Notice if such Exercise Notice is (1) both executed and delivered pursuant to Section 1(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 1(a) hereof on a Trading Day prior to the opening of "regular trading hours" (as defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) the bid price of the Common Stock as of the time of the Registered Holder's execution of the applicable Exercise Notice if such Exercise Notice is executed during "regular trading hours" on a Trading Day and is delivered within two (2) hours thereafter pursuant to Section 1(a) hereof, or (iii) the Closing Sale Price of the Common Stock on the date of the applicable Exercise Notice if the date of such Exercise Notice is a Trading Day and such Exercise Notice is both executed and delivered pursuant to Section 2.02 hereof after the close of "regular trading hours" on such Trading Day.

For purposes of Rule 144(d), it is intended that the Warrant Shares issued in a Cashless Exercise shall be deemed to have been acquired by the Registered Holder, and the holding period for the Warrant Shares shall be deemed to have commenced, on the date this Warrant was originally issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05&nbsp;&nbsp;&nbsp;&nbsp; **<u>Delivery to Registered Holder</u>**. As soon as practicable after the exercise of this Warrant in whole or in part, and in any event within ten (10) business days thereafter, the Company at its expense will cause to be issued in the name of, and delivered to, the Registered Holder, or as such Registered Holder (upon payment by such Registered Holder of any applicable transfer taxes) may direct:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a certificate or certificates for the number of Warrant Shares to which such Registered Holder shall be entitled; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in case such exercise is in part only, a new Warrant of like tenor for the number of Warrants (without giving effect to any adjustment therein) called for on the face of this Warrant minus the number of Warrants exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06&nbsp;&nbsp;&nbsp;&nbsp;**<u>Holder's Exercise Limitations</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Limitation on Exercise</u>**. No Registered Holder shall have the right to exercise any portion of this Warrant, pursuant to this Section 2 or otherwise, and no such exercise shall be effective, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Exercise Notice, the Registered Holder (together with the Registered Holder's affiliates, any other Person who would be a "beneficial owner" (within the meaning of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**")) of shares included in such issuance, and any other Person whose beneficial ownership of shares of Common Stock would be aggregated with the Registered Holder's for purposes of Section 13(d) of the Exchange Act and the applicable rules and regulations of the Securities and Exchange Commission, including any "group" (within the meaning of the Exchange Act) of which the Registered Holder or any such other Person is a member (such Persons, "**Attribution Parties**")), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below), provided that a Registered Holder may waive the application of the limitations in this Section 2.06(a) to such Registered Holder upon sixty-five (65) calendar days prior written notice to the Company by such Registered Holder.

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For the avoidance of doubt, the Registered Holder shall be permitted to exercise this Warrant, at any time, in part or in whole (but not as to fractional shares), in amounts sufficient for the Registered Holder and Attribution Parties to maintain in the aggregate beneficial ownership of shares of Common Stock in an amount equal to or less than the then-applicable Beneficial Ownership Limitation, including if and to the extent that (A) any other warrants by the Company are exercised, transferred, exchanged, redeemed or otherwise cease to be in the ownership or control of the parties that received such warrants subsequent to the date hereof or (B) the Company issues additional shares of Common Stock for any reason (including, for the avoidance of doubt, any exercise, exchange or conversion of warrants, options or convertible securities or other securities into shares of Common Stock).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Calculation of Limitation</u>**. Except where the Registered Holder has waived the application of the limitations in this Section 2.06 pursuant to Section 2.06(a), the submission of an Exercise Notice shall be deemed to be the Registered Holder's representation that such proposed exercise of this Warrant is not in excess of the limitation contained in this Section 2.06, and the Company shall have no liability for any non-compliance by the Registered Holder with the limitation set forth herein. For purposes of this Section 2.06, in determining the number of outstanding shares of Common Stock, a Registered Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company's most recent periodic or annual report filed with the Securities and Exchange Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company setting forth the number of shares of Common Stock outstanding; provided, that¸ in the case of clause (B) and (C), the Registered Holder may rely only on the most recent such announcement or notice. In each case, the number of outstanding shares of Common Stock shall be determined by the Registered Holder after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Registered Holder or otherwise included in the Registered Holder's beneficial ownership since the date as of which such number of outstanding shares of Common Stock was reported.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Beneficial Ownership Limitation Percentage</u>**. The "Beneficial Ownership Limitation" shall be 19.8% of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant and in respect of which an Exercise Notice has been issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07&nbsp;&nbsp;&nbsp;&nbsp;**<u>Fundamental Transaction.</u>** If, at any time while the Warrants are outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another person (other than for the purpose of changing the Company's name), (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another person) is completed pursuant to which holders of the outstanding equity securities of the Company having voting power are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of outstanding securities representing more than 50% of the aggregate voting power of the issued and outstanding equity securities of the Company, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another person or group of persons whereby such other person or group acquires securities representing more than 50% of the aggregate

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voting power, including the power to vote on the election of directors of the Company, of the issued and outstanding equity securities of the Company (each a "**Fundamental Transaction**"), then, upon consummation of such Fundamental Transaction, this Warrant shall automatically become exercisable for the kind and amount of securities, cash or other assets which the Registered Holder would have owned immediately after the consummation of such Fundamental Transaction if the Registered Holder had exercised in full this Warrant immediately before the consummation of such Fundamental Transaction. If holders of Common Stock are given any choice as to the kind or amount of securities, cash or other assets receivable upon the consummation of such Fundamental Transaction, then the Registered Holder shall be given the same choice as to such consideration it receives upon any exercise of this Warrant following such Fundamental Transaction.

3.**<u>Notice of Certain Events</u>**. If the Company proposes at any time (a) to declare any dividend or distribution upon its Common Stock, or (b) to offer to the holders of any class or series of its capital stock any additional shares of stock of any class or series or other rights, the Company shall deliver written notice thereof to Registered Holder. Such notice shall be given at least twenty (20) calendar days before (i) the record date for such dividend, distribution or offering and (ii) the earlier of any vote to approve or the closing of such transaction. The notice shall generally describe the event expected to occur, the anticipated date thereof and the name and telephone number of the Company's representative whom the Registered Holder may contact to obtain additional information concerning the anticipated event.

4.**<u>Reservation of Common Stock; Valid Issuance</u>**. During the period in which this Warrant may be exercised, the Company will at all times have authorized, and in reserve, shares of Common Stock equal to the maximum amount of the shares of Common Stock that can be issued upon exercise of all of this Warrant and such other securities and properties as from time to time shall be deliverable to the Registered Holder upon the exercise of this Warrant, free and clear of all restrictions on sale or transfer (except such as may be imposed under applicable federal and state securities laws). The Company further covenants that such shares of Common Stock as may be issued pursuant to such exercise will, upon issuance, be duly and validly issued, fully paid and nonassessable and free from all taxes, liens and charges with respect to the issuance thereof.

5.**<u>Issue or Transfer Taxes</u>**. The Company shall pay all issue and other non-income based taxes that may be payable in respect of the issuance or delivery of the Warrant Shares on exercise of the Warrant. The Registered Holder shall pay all transfer taxes due upon any transfer requested by Registered Holder in connection with any such exercise.

6.**<u>Transfers</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Unregistered Security</u>**. Each holder of this Warrant acknowledges that this Warrant and the Warrant Shares have not been registered under the Securities Act of 1933, as amended (the "**Securities Act**"), and agrees not to sell, pledge, distribute, offer for sale, transfer or otherwise dispose of this Warrant or any Warrant Shares issued upon its exercise in the absence of (i) an effective registration statement under the Securities Act as to this Warrant or such Warrant Shares and registration or qualification of this Warrant or such Warrant Shares under any applicable federal or state securities law then in effect or (ii) an opinion of counsel, satisfactory to the Company, that such registration and qualification are not required. Each certificate or other instrument for Warrant Shares issued upon the exercise of this Warrant shall bear a legend substantially to the foregoing effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Transferability</u>**. Subject to the provisions of Section 6(a) hereof, this Warrant and all rights hereunder are transferable, in whole or in part, by the Registered Holder without charge to the Registered Holder, upon surrender of this Warrant to the Company at its then principal executive offices with a properly completed and duly executed assignment in the form attached hereto as **Exhibit B**. Upon such compliance, surrender and delivery, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees and in the denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant, if any, not so assigned and this Warrant shall promptly be cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Warrant Register</u>**. The Company will maintain a register containing the names and addresses of the Registered Holders of this Warrant. Until any transfer of this Warrant is made in the warrant register (which the Company shall effect promptly following submission of this Warrant to it) the Company may treat the Registered Holder of this Warrant as the absolute owner hereof for all purposes; <u>provided, however</u>, that if this Warrant is properly assigned in blank, the Company may (but shall not be required to) treat the bearer hereof as the absolute owner hereof for all purposes, notwithstanding any notice to the contrary. Any Registered Holder may change such Registered Holder's address as shown on the warrant register by written notice to the Company requesting such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Deliveries Upon Transfer</u>**. As soon as practicable after a transfer of this Warrant in whole or in part, and in any event within ten (10) business days thereafter, the Company at its expense will cause to be issued in the name of, and delivered to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;to the transferee a certificate or certificates registered in the name of the transferee for the number of Warrants transferred to such transferee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;in case such transfer is in part only, to the Registered Holder a new Warrant of like tenor for the number of Warrants (without giving effect to any adjustment therein) called for on the face of this Warrant minus the number of Warrants transferred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Loss, Etc. of Warrant</u>**. Upon receipt of evidence satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant, and of indemnity reasonably satisfactory to the Company, if lost, stolen or destroyed, and upon surrender and cancellation of this Warrant, if mutilated, and upon reimbursement of the Company's reasonable incidental expenses, the Company shall execute and deliver to the Registered Holder a new Warrant of like date, tenor and denomination.

7.**<u>Fractional Shares</u>**. No fractional share of Common Stock shall be issued upon the exercise of this Warrant. All of the Warrant Shares issuable upon any exercise of this Warrant shall be aggregated for purposes of determining whether the exercise would result in the issuance of any fractional share. If, after such aggregation, the exercise would result in the issuance of a fractional share, the Company shall in lieu thereof pay the Registered Holder a cash amount equal to the fair market value of such fractional share on the date of exercise. The Board, acting in good faith, shall determine the fair market value of the fractional share.

8.**<u>Closing of Transfer Books</u>**. The right to exercise this Warrant shall not be suspended during any period while the stock transfer book of the Company for its Common Stock is closed. Notwithstanding the foregoing, the Company shall not be required to deliver certificates of its Common Stock upon

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exercise of this Warrant while its stock transfer book is duly closed and may postpone the delivery of the certificates for its Common Stock until the opening of such books.

9.**<u>Certain Definitions</u>**. For purposes of this Warrant, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;"**Closing Sale Price**" means, for any security as of any date, the last closing trade price for such security on the Principal Market, as reported by Bloomberg, or, if the Principal Market begins to operate on an extended hours basis and does not designate the closing trade price, then the last trade price of such security prior to 4:00:00 p.m., New York time, as reported by Bloomberg, or, if the Principal Market is not the principal securities exchange or trading market for such security, the last trade price of such security on the principal securities exchange or trading market where such security is listed or traded as reported by Bloomberg, or if the foregoing does not apply, the last trade price of such security in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg, or, if no last trade price is reported for such security by Bloomberg, the average of the ask prices of any market makers for such security as reported in the "pink sheets" by OTC Markets Group Inc. (formerly Pink Sheets LLC). If the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Sale Price of such security on such date shall be the fair market value as mutually determined by the Company and the Registered Holder. All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;"**Principal Market**" means the Nasdaq Capital Market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;"**Trading Day**" means, as applicable, (x) with respect to all price or trading volume determinations relating to the Common Stock, any day on which the Common Stock is traded on the Principal Market, or, if the Principal Market is not the principal trading market for the Common Stock, then on the principal securities exchange or securities market on which the Common Stock is then traded, provided that "Trading Day" shall not include any day on which the Common Stock is scheduled to trade on such exchange or market for less than 4.5 hours or any day that the Common Stock is suspended from trading during the final hour of trading on such exchange or market (or if such exchange or market does not designate in advance the closing time of trading on such exchange or market, then during the hour ending at 4:00:00 p.m., New York time) unless such day is otherwise designated as a Trading Day in writing by the Registered Holder or (y) with respect to all determinations other than price or trading volume determinations relating to the Common Stock, any day on which The New York Stock Exchange (or any successor thereto) is open for trading of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;"**VWAP**" means, for any security as of any date, the dollar volume-weighted average price for such security on the Principal Market (or, if the Principal Market is not the principal trading market for such security, then on the principal securities exchange or securities market on which such security is then traded) during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time, as reported by Bloomberg through its "HP" function (set to weighted average) or, if the foregoing does not apply, the dollar volume-weighted average price of such security in the over-the-counter market on the electronic bulletin board for such security during the period

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beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time, as reported by Bloomberg, or, if no dollar volume-weighted average price is reported for such security by Bloomberg for such hours, the average of the highest closing bid price and the lowest closing ask price of any of the market makers for such security as reported in the "pink sheets" by OTC Markets Group Inc. (formerly Pink Sheets LLC). If the VWAP cannot be calculated for such security on such date on any of the foregoing bases, the VWAP of such security on such date shall be the fair market value as mutually determined by the Company and the Registered Holder. All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination, recapitalization or other similar transaction during such period.

10.**<u>Notices</u>**. Any notice given hereunder shall be deemed given (a) when delivery is tendered if personally delivered, (b) three (3) days after the postmark if mailed certified mail, return receipt requested, (c) on the first business day after delivery to a nationally recognized company regularly providing overnight delivery services if sent by next business day service and (d) on the day receipt is confirmed, either by the recipient or electronically, if sent by telecopy. If a party sends a notice by any other method, it shall be deemed given when the addressee or addressee's authorized agent actually receives the notice. In each case, notices shall be addressed to the Company at 1811 Aksarben Drive, Omaha NE 68106, and to the Registered Holder at BlackRock Financial Management, Inc., 50 Hudson Yards, New York, New York, 10001, Attention: Steven Karpel and Kathryn Keen, Email: steven.karpel@blackrock.com , Kathryn.Keen@blackrock.com , With a copy to (which shall not constitute notice): BlackRock, Inc., Office of the General Counsel, 50 Hudson Yards, New York, New York 10001, Attention: Kathryn A. Keen , Email: <u>Kathryn.Keen@blackrock.com</u>, <u>legaltransactions@blackrock.com</u>, or such address of the Registered Holder reflected after the date hereof (including as to any transfers as reflected on an Assignment Form) in the warrant register maintained pursuant to Section 6(c), or such other address as such party may indicate by a notice to the other party.

11.**<u>Registered Holder Not Stockholder</u>**. This Warrant does not confer upon Registered Holder any rights or liabilities as a stockholder of the Company, including, but not limited to, any right to vote or to consent or to receive notice as a stockholder of the Company until the first business day following the Registered Holder's exercise of this Warrant and the Company's receipt of the documentation required to be delivered to it by the Registered Holder pursuant to Section 2.02, 2.03 and/or 2.04.

12.**<u>No Impairment</u>**. The Company shall not, by amendment of its certificate of incorporation, bylaws or other governing documents, or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed by it hereunder, but shall at all times in good faith assist in the carrying out of all the provisions of this Warrant and in the taking of all such action as may reasonably be requested by the Registered Holder in order to protect the exercise rights of the Registered Holder against dilution or other impairment, consistent with the tenor and purpose of this Warrant.

13.**<u>Amendment</u>**. The provisions of this Warrant may only be amended or modified in writing by the Company and the Registered Holder.

14.**<u>Governing Law</u>**. This Warrant shall be governed by the laws of the State of New York without regard to the choice of law provisions thereof that would defer to the substantive laws of another jurisdiction.

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15.**<u>Headings</u>**. The headings of this Warrant have been inserted as a matter of convenience and shall not affect the construction thereof.

16.**<u>Severability</u>**. Wherever possible, each provision hereof shall be interpreted in such manner as to be effective and valid under applicable law, but in case any one or more of the provisions contained herein shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such provision shall be ineffective to the extent, but only to the extent, of such invalidity, illegality or unenforceability without invalidating the remainder of such provision or provisions or any other provisions hereof.

[Signature page follows]

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IN WITNESS WHEREOF, the Company has executed this Warrant as of the date first above written.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**GREEN PLAINS INC.**

By: <u>/s/ Michelle Mapes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>&nbsp;&nbsp;&nbsp;&nbsp;Name: Michelle Mapes<br>&nbsp;&nbsp;&nbsp;&nbsp;Title: Chief Legal & Administration Officer

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER**

**PURSUANT TO RULE 13a-14(a) AND SECTION 302 OF THE SARBANES OXLEY ACT OF 2002**

I, Michelle S. Mapes, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Green Plains Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: August 11, 2025 | */s/ Michelle S. Mapes* |
| | Michelle S. Mapes |
| | *Interim Principal Executive Officer, Chief Legal and Administration Officer and Corporate Secretary (Principal Executive Officer)* |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER**

**PURSUANT TO RULE 13a-14(a) AND SECTION 302 OF THE SARBANES OXLEY ACT OF 2002**

I, Philip B. Boggs, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Green Plains Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: August 11, 2025 | */s/ Philip B. Boggs* |
| | Philip B. Boggs |
| | *Chief Financial Officer<br>(Principal Financial Officer)* |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Green Plains Inc. (the "company") on Form 10-Q for the fiscal quarter ended June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Michelle S. Mapes, Chief Legal and Administration Officer, Corporate Secretary and Interim Principal Executive Officer of the company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

1)The Report fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the company.

---

| | |
|:---|:---|
| Date: August 11, 2025 | */s/ Michelle S. Mapes* |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michelle S. Mapes |
| | *Interim Principal Executive Officer, Chief Legal and Administration Officer and Corporate Secretary (Principal Executive Officer)* |

---

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Green Plains Inc. (the "company") on Form 10-Q for the fiscal quarter ended June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Philip B. Boggs, Chief Financial Officer of the company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

1)The Report fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the company.

---

| | |
|:---|:---|
| Date: August 11, 2025 | */s/ Philip B. Boggs* |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philip B. Boggs |
| | *Chief Financial Officer* |

---

<br>