Document:

EXHIBIT 10.3

 

FORBEARANCE AGREEMENT

 

THIS FORBEARANCE AGREEMENT
(the “Agreement”) is made as of this 2nd day
of July, 2010 (the “Effective Date”),
between HERON LAKE BIOENERGY, LLC, a Minnesota limited liability company (“Borrower”) and AGSTAR FINANCIAL SERVICES, PCA, a United
States instrumentality (“Lender”).

 

RECITALS

 

A.                                    The Borrower is indebted to Lender under the following promissory notes
(collectively, the “Notes”):

 

(i)                                     A Term Note dated October 1, 2007 in the original principal amount of $59,583,000.00 (“Note One”);

 

(ii)                                  A Term Revolving Note dated October 1, 2009 in the original principal
amount of $5,000,000.00 (“Note Two”).

 

(iii)                               A Second Amended and Restated Revolving Line of Credit Note of even date
herewith in the original principal amount of $6,750,000.00 (“Note Three”).

 

B.                                    The Borrower’s obligations
to the Lender are further evidenced by an Fourth Amended and Restated Master
Loan Agreement dated as of October 1, 2007 (the “MLA”);
a Third Supplement to the Master Loan Agreement (Term Loan) dated as of October
1, 2007 (the “Third Supplement”); an Fourth
Supplement to the Master Loan Agreement (Term Revolving Loan) dated as of
October 1, 2007 (the “Fourth Supplement”);
and an Amended and Restated Fifth Supplement to the Master Loan Agreement (Revolving
Line of Credit Loan) of even date herewith (the “Fifth
Supplement”) between Borrower and Lender (collectively, the “Loan Agreement”).

 

C.                                    The loans evidenced by the
Notes and the Loan Agreement (the “Loans”) were
made by Lender to Borrower for the purpose of constructing and operating an
ethanol production facility in or near Heron Lake, Minnesota (the “Project”).

 

D.                                    As collateral
for the Notes, the Borrower has granted to Lender (among other things):

 

(i)                                     a Mortgage,
Security Agreement and Assignment of Rents and Leases dated September 29, 2005
and recorded in the Office of the County Recorder of Jackson County on
September 30, 2005, as Instrument No. 244879 and as amended and restated by
that certain Amended and Restated Mortgage, Security Agreement and Assignment
of Rents and Leases dated November 20, 2006 and recorded in the Office of the
County Recorder of Jackson County on December 6, 2006 as Instrument No. 248498;
Second Amended and Restated Mortgage, Security Agreement and Assignment of Rents
and 

 

 

Leases dated December 27,
2006 and recorded in the Office of the County Recorder of Jackson County on
December 27, 2006 as Instrument No. 248658 and Third Amended and Restated
Mortgage, Security Agreement and Assignment of Rents and Leases dated May 18,
2007 and recorded in the Office of the County Recorder of Jackson County on
June 4, 2007 as Instrument No. A 250019 
collectively, the “Mortgage”)
under which Lender has a lien in certain real property in Jackson County,
Minnesota, as further described in the Mortgage (the “Real
Property”);

 

(ii)                                  security
interests in all of the assets of the Borrower, including without limitation,
inventory, chattel paper, accounts, equipment, general intangibles, deposit
accounts, and commodity accounts, (collectively, the “Collateral”)
pursuant to the provisions of a Security Agreement dated September 29, 2005
(the “Security Agreement”); and

 

(iii)                               collateral
assignments of all material contracts related to the Project, including,
without limitation, construction agreements, ethanol and distillers grains
marketing agreements, grain procurement contracts and coal supply and transport
agreement (collectively, the “Assignments”).

 

E.                                      The Loan Agreement, the Notes, the Mortgage, the Security Agreement, the
Assignments and all other documents evidencing the obligations of the Borrower
under the Loans are referred to in this Agreement as the “Loan Documents.”  All capitalized terms not otherwise defined
in this Forbearance Agreement shall have the meaning attributed to such terms
in the Loan Documents.

 

F.                                      The Borrower has failed to maintain the financial covenants of Section
5.01(d), (e) and (g) of the MLA. As a result of the Borrower’s financial
covenant defaults, Lender has the option to declare the Notes fully and immediately
due and payable without defense or right of setoff.

 

G.                                    As a result of
these financial covenant defaults,
the Borrower has requested that the Lender forbear from i) declaring the Notes
fully and immediately due and payable, and ii) from exercising its enforcement
and collection rights.

 

H.                                    In consideration of the
facts set forth in these Recitals, which the parties agree are true and
correct, and in consideration for entering into this Agreement, the Lender is
willing to grant such forbearance upon the terms and conditions set forth in
this Agreement.

 

NOW, THEREFORE, in
consideration of the mutual covenants and agreements set forth in this
Agreement, the parties hereto agree as follows:

 

1.                                      Acknowledgment
of Default.  The
Borrower acknowledges due execution and delivery of the Loan Agreement, Notes,
Mortgage and Security Agreement and acknowledges that the same are valid and
enforceable by the Lender against the Borrower in accordance with their
terms.  The Borrower acknowledges that it
is in default under the Loan Documents. 
The 

 

2

 

Lender acknowledges that the
Borrower has paid all installments of principal and interest, fees, expenses,
charges and other amounts payable under the Loan Documents when due, except for
the default interest covered by this Agreement.

 

2.                                      Acknowledgment
of Debt.  The
Borrower acknowledges that, as a result of the defaults of the Borrower, Lender
has the option to declare that the indebtedness evidenced by the Notes is,
absent the provision of this Agreement, due and payable without any claims,
defenses, counterclaims, offsets, and/or cross-complaints, or demands of any
kind or nature whatsoever.  The Borrower
further acknowledges that the principal balance, accrued and unpaid interest,
and late charges owed on each of the Notes as of the Effective Date, is as
follows:

 

	
  Note

  	
   

  	
  Outstanding

  Principal Balance

  as of June 30, 2010

  	
   

  	
  Accrued
  Interest

  as of June 30, 2010

  	
   

  	
  Late
  Charges as

  of June 30, 2010

  	
   

  	
  Total

  Principal,

  Interest, and

  Late Charges

  as of June 30,

  2010

  	
   

  
	
  Term
  Fixed

  	
   

  	
  $

  	
  38,572,555.92

  	
   

  	
  $

  	
  201,655.22

  	
   

  	
  0

  	
   

  	
  $

  	
  38,774,211.14

  	
   

  
	
  Term
  Note Libor

  	
   

  	
  $

  	
  12,005,668.44

  	
   

  	
  $

  	
  34,328.05

  	
   

  	
  0

  	
   

  	
  $

  	
  12,039,996.49

  	
   

  
	
  Term
  Revolving Note

  	
   

  	
  $

  	
  1,155,872.24

  	
   

  	
  $

  	
  3,305.02

  	
   

  	
  0

  	
   

  	
  $

  	
  1,159,177.26

  	
   

  
	
  Revolving
  Line of Credit Note

  	
   

  	
  $

  	
  6,750,000.00

  	
   

  	
  $

  	
  32,178.08

  	
   

  	
  0

  	
   

  	
  $

  	
  6,782,178.08

  	
   

  
	
  TOTAL

  	
   

  	
  $

  	
  58,484,096.60

  	
   

  	
  $

  	
  271,466.37

  	
   

  	
  0

  	
   

  	
  $

  	
  58,755,562.97

  	
   

  

 

In addition to said
principal and interest balances, the Lender has incurred, and will continue to
incur, costs and legal expenses as a result of the Borrower’s defaults under
the Loan Documents which amounts are, in accordance with the terms of the Loan
Documents, due and payable by the Borrower.

 

3.                                      Forbearance Period.  Provided that the Conditions
Precedent set forth below have first been satisfied and Borrower complies with
the terms of this Agreement, the Lender agrees (i) it will not declare a
default under the Loan Documents or enforce any remedies available to it under
the Loan Documents or applicable law on account of the Borrower’s defaults beginning on the Effective Date, and
ending on the earlier of an Event of Default (as defined below) or December 31,
2010 (the “Forbearance Period”); (ii) it
approves the warranty settlement by and between Fagen, Inc. and the Borrower,
dated as of July 2, 2010 (the “Warranty Settlement”),
provided that all of the cash proceeds of the Warranty Settlement are used to
reduce the principal balance of Note Three; and (iii) it approves the sale of
equity in the Borrower in an amount of $4,500,000 to Project Viking, LLC, a
Minnesota limited liability company (the “Project Viking Sale”),
provided that all of the cash proceeds of the Project Viking Sale are used to
reduce the principal balance of Note Three.

 

4.                                      Conditions
Precedent.  As conditions precedent to the Lender’s
forbearance, as set forth in the preceding paragraph, the following agreements,
documents, and other items shall have been executed and/or delivered to the
Lender, and the following events shall have occurred:

 

3

 

a.                                       Execution
and Delivery of Agreement.  The Borrower shall have executed and
delivered to the Lender this Agreement and any other documents and agreements
ancillary or incident hereto.

 

b.                                      Execution
and Delivery of Warranty Settlement Agreement.  The Warranty Settlement Agreement shall have
been executed and delivered by all parties and by all indicated signatories
thereto and a copy delivered to Lender.

 

c.                                       Execution
and Delivery of Project Viking Sale Documents.  The Project Viking Sale documents shall have
been executed and delivered by all parties and by all indicated signatories
thereto and a copy delivered to Lender.

 

d.                                      Other
Documentation.  The
Borrower shall have obtained and delivered to the Lender any and all further
documentation reasonably requested by the Lender.

 

e.                                       Fees.  The Borrower shall have paid a forbearance
fee in the amount of $50,000.00 and all
other costs and expenses incurred by Lender in connection with the execution of
this Agreement, including, without limitation, reasonable attorneys’ fees.

 

5.                                      Interest Rates, Payment during Forbearance Period and Deferred Interest.  The
parties agree that the Loans shall be repaid in accordance with the following
terms:

 

a.                                       Interest.  Except as provided by subsection 5(b),
interest shall continue to accrue on the unpaid principal balance of the Notes
at the rates provided in the Loan Documents (including, as applicable, interest
at the Default Rate specified in the Loan Documents).

 

b.                                      Default
Interest.   Upon the payment of cash proceeds from the
Warranty Settlement and the Project Viking Sale to the principal balance of
Note Three, the unpaid principal
balance of the Notes shall accrue at the contract rate specified in the Loan
Documents, rather than the Default Rate.

 

c.                                       Payments During Forbearance Period.  During the Forbearance Period, the Borrower
shall pay to Lender all periodic payments of principal and interest required
under the Loan Documents and this Agreement on each Monthly Payment Date.

 

d.                                      Deferred Interest.

 

i.                                          Payment of interest accrued at the Default Rate prior to the Effective
Date (the “Deferred Interest”)
shall be deferred until the end of the Forbearance Period so long as the
Borrower satisfies all of the obligations of this Agreement and otherwise
complies with all loan covenants and payment obligations under the Loan
Documents.

 

ii.                                       Provided that the Borrower complies with all loan covenants and payment 

 

4

 

obligations
under the Loan Documents, Lender agrees to accept payment of an amount equal to
fifty percent (50%) of the Deferred Interest at the end of the Forbearance
Period in full satisfaction of the obligation of the Borrower to pay the
Deferred Interest.  Upon such payment,
the Lender shall waive the payment of the remaining fifty percent (50%) of the
Deferred Interest.

 

6.                                      Distributions
During Forbearance Period.  Notwithstanding any provisions contained in
the Loan Documents, Borrower shall not make, or cause to be made, any
Distributions other than Tax Distributions permitted by the Loan Documents
during the Forbearance Period.

 

7.                                      Term
Revolving Loan.  Notwithstanding
any provisions contained in the MLA or the Fourth Supplement, advances pursuant
to the Fourth Supplement and Note Two shall only be advanced for the purpose of
funding the Shaw engineering and mercury emission Remediation Project (the “Shaw Remediation Project”). 
Such advances shall not exceed $1,960,000.00. No advances shall be made
on the Term Revolving Loan until the Lender receives “date-down endorsement” to
its existing title insurance policy showing that marketable fee title to the
Real Property is in the Borrower, subject only to the encumbrances specified in
the Mortgage and any Permitted Liens and insuring the Mortgage to be a first
lien on the Real Property subject only to Permitted Liens and encumbrances
approved by Lender.  To obtain advances
on the Term Revolving Loan the Borrower shall submit to the Lender written draw
requests and project cost certifications in form and substance satisfactory to
the Lender.  Within three (3) Business
Days of its receipt of such draw request, the Lender shall notify the Borrower
of its consent to or refusal of the requested Advance, and, if approved by the
Lender, shall disburse funds to the parties identified in the draw request
pursuant to the terms of the Lender’s consent of the draw request.  The Lender assumes no liability for the
accuracy of any certifications presented to it nor for any request for Advances
by the Borrower in violation hereof or of the Loan Documents.  The Lender shall disburse all Advances on the
Revolving Term Loan in accordance with this Agreement to the person which is
entitled thereto, as set forth in the draw request.  Each such draw request shall include a
statement sworn to by the Borrower, listing the names, addresses, and telephone
numbers, the work, labor, and/or materials to be supplied by, and the total
estimated amounts to be paid with respect to the Shaw Remediation Project.  Lender shall receive a general lien waiver
from all persons covering all disbursements made hereunder and an express lien
waiver from each supplier and sub-contractor having a contract with respect to
the Shaw Remediation Project in excess of ten thousand ($10,000.00) dollars
through the date of the immediately preceding disbursement to it hereunder;
except for the final disbursement, which shall be paid only upon receipt of all
lien waivers from contractors, subcontractors and suppliers.  The Lender shall not disburse any Advance
hereunder if there have been any changes in the status of title as set forth in
the title insurance which have not been consented to in writing by the Lender
and such change would have a Material Adverse Effect.  If any such change has not been so consented
to, the Borrower shall promptly and at its sole cost and expense restore the
status of title to that reflected in the title insurance.  The draw requests, mechanics’ lien waivers,
certificates, and any and all other instruments or documents required to be
delivered in connection with an Advance shall be in form and substance
reasonably satisfactory to the Lender.

 

5

 

8.                                      Revolving
Line of Credit.  Provided that the Conditions Precedent set forth in this Agreement are
met by the Borrower, Lender agrees to renew the Revolving Loan subject to the
conditions and terms set forth in the Second Amended and Restated Fifth
Supplement to the master Loan Agreement (Revolving Line of Credit Loan) and
Third Amended and Restated Revolving Line of Credit Note of even date herewith.

 

9.                                      Management
Review.  The
Borrower shall retain an independent management and operations consultant
reasonably acceptable to the Lender to conduct a complete review of Borrower’s
risk management, marketing, operations and financial systems and procedures,
and the Lender hereby consents to such retention and the payment by the
Borrower of the consulting fees and expenses relating thereto.  Such consultant shall provide the Borrower
and the Lender with a written report summarizing its findings and
recommendations on or before October 31, 2010. 
Borrower shall cooperate and assist any such consultant, including, but
not limited to permitting access to its
facilities and offices and to the books, records and reports related to the
operation of the Borrower’s business, wherever located.

 

10.                               Events of Default.  For purposes of this Agreement, “Event of
Default” means (a) any Events of Default under the Loan Documents first
occurring after the Effective Date, or at any prior date but regarding which
the Lender did not have actual knowledge (excluding Events of Default relating
to the matters for which forbearance is provided hereunder), or (b) the
occurrence of any one or more of the following:

 

a.                                       Payment
Defaults.  Borrower
shall fail to pay, when due, any amounts required to be paid hereunder,
including any amounts owed on the expiration of the Forbearance Period.

 

b.                                      Nonmonetary
Defaults.  Borrower
shall fail to observe or perform any covenant, condition, or agreement to be
observed or performed by them under this Agreement for a period of ten (10)
days after written notice, specifying such default and requesting that it be
remedied, provided however that no Event of Default shall be deemed to exist
if, within said ten (10) day period, Borrower has commenced appropriate action
to remedy such failure and shall diligently and continuously pursue such action
until such cure is completed, unless such cure is or cannot be completed within
thirty (30) days after written notice shall have been given.

 

c.                                       Bankruptcy.  Any party to this Agreement shall file a
petition in bankruptcy or for reorganization or for an arrangement pursuant to
any present or future state or federal bankruptcy law or under any similar
federal or state law, or shall have an order for relief pursuant to 11 U.S.C. §
303 entered in any such proceeding brought by any other creditor, or shall make
a general assignment for the benefit of their creditors.

 

d.                                      Creditor
Proceedings.  The commencement
of foreclosure or other proceeding to obtain possession of the Real Property
and/or the Collateral, whether by judicial 

 

6

 

proceeding,
self help, repossession, garnishment, execution or any other method, by any
creditor of the Borrower.

 

11.                               Remedies.  Upon the occurrence of an Event of Default
(i) the entire unpaid balance of the Loans, including all unpaid principal,
accrued interest, default charges and costs and expenses incurred by Lender in
connection with the Loans, including attorney fees shall be immediately due and
payable by Borrower, (ii) the Forbearance Period shall, at the option of
Lender, terminate and Lender may, in its sole discretion, and without further
demand or notice to Borrower, protect and enforce all of its legal, contractual
and equitable rights and remedies under the Loan Documents or this Agreement,
(iii) the Lender may apply all amounts that Borrower has on deposit with the
Lender, including, without limitation, all escrowed funds, to the payment of
the outstanding principal balance, accrued interest, default charges, and the
costs and expenses of collection, including attorneys’ fees, in such order as
Lender may deem appropriate, and (iv) the Lender may seek, and Borrower shall
not object to, the appointment of a receiver for the Real Property and the
Collateral.  Each and every power or
remedy herein specifically given shall be in addition to every other power or
remedy, existing or implied, given now or hereafter existing at law or in
equity, and each and every power and remedy herein specifically given or
otherwise so existing may be exercised from time to time and as often and in
such order as may be deemed expedient by Lender, and the exercise or the
beginning of the exercise of one power or remedy shall not be deemed a waiver
of the right to exercise at the same time or thereafter any other power or
remedy. No delay or omission of Lender in the exercise of any right or power
accruing hereunder shall impair any such right or power or be construed to be a
waiver of any default or acquiescence therein.

 

12.                               Waiver and Release.  To the extent any claims or defenses may
exist, Borrower, on behalf of themselves and their respective successors and
assigns, hereby forever and irrevocably release Lender and its officers,
representatives, agents, attorneys, employees, predecessors, successors, and
assigns, from any and all such claims and defenses, whether known or unknown
arising out of any acts or omissions occurring prior to the date of this
Agreement (including without limitation, those relating to late fees currently
outstanding or previously paid), provided that Borrower does not waive any
rights afforded it hereunder.

 

13.                               Effect of Agreement.  Except as expressly provided
in this Agreement, the Loan Agreement, the Notes, the Mortgage and the Security
Agreement remain in full force and effect in accordance with their respective
terms, and this Agreement shall not be construed to: (i) impair the validity,
perfection or priority of any security interest or lien securing the Loans;
(ii) waive or impair any rights, powers or remedies of the Lender under the
Loan Agreement, the Notes, the Mortgage or the Security Agreement; or (iii)
constitute an agreement by the Lender or require it to extend the Forbearance
Period, or grant additional forbearance periods.

 

14.                               Representations
and Warranties.  The
Borrower represents and warrants to AgStar and Lender as follows:

 

a.                                       Borrower.  The Borrower is a limited liability company
duly organized and validly existing and in good standing under the laws of the
State of Minnesota 

 

7

 

and
is qualified to do business in all jurisdictions in which the nature of its
business makes such qualification necessary and where failure to so qualify
would have a Material Adverse Effect on its respective financial condition or
operations.  The Borrower has the power
and authority to own and operate its assets and to carry on its business and to
execute, deliver, and perform its obligations under the Loan Documents and this
Agreement.

 

b.                                      Execution.  The execution, delivery and performance by
the Borrower of the this Agreement is within the Borrower’s powers, has been
duly authorized by all necessary action, does not contravene:  (i) the articles of organization or
operating agreements of the Borrower; or (ii) any law or any contractual
restriction binding on or affecting the Borrower, and does not result in or
require the creation of any lien, security interest or other charge or
encumbrance (other than pursuant to the terms of the Loan Documents) upon or
with respect to any of its respective properties.

 

c.                                       Enforceability.  This Agreement is, and each of the Loan
Document to which the Borrower is a party are, or when delivered will be,
legal, valid and binding obligations of the Borrower enforceable against the
Borrower in accordance with their respective terms, except as may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws
affecting the enforcement of creditor’s rights generally and by general
principles of equity.

 

d.                                      Litigation.  Except as specifically disclosed in writing
to the Lender, there is no pending or threatened action or proceeding affecting
the Borrower or any of the transactions contemplated hereby before any court,
governmental agency or arbitrator, which may materially adversely affect the
financial condition or operations of the Borrower.  As of the date of this Agreement, there are
no outstanding judgments against the Borrower.

 

15.                               Miscellaneous.

 

a.                                       Recitals
Incorporated.  The
Recitals set forth at the beginning of this Agreement are deemed incorporated
herein, and the parties hereto represent they are true, accurate and correct.

 

b.                                      Governing
Law.  This Agreement shall be
governed by and construed in accordance with the laws of the State of
Minnesota.

 

c.                                       Severability.  If any provision of this Agreement shall be
invalid, illegal or otherwise unenforceable, such provision shall be severable
from the remainder of such agreement and the validity, legality and
enforceability of the remaining provisions shall not be adversely affected or
impaired thereby and shall remain in full force and effect.

 

8

 

d.                                      Counterparts.  This Agreement may be executed in two or more
counterparts, all of which shall be considered one and the same agreement and
shall become effective when two or more counterparts have been signed by each
of the parties and delivered to the other parties.

 

e.                                       Entire
Agreement.  This
Agreement and the Loan Documents set forth the entire agreement between the
parties pertaining to the transactions contemplated by this Agreement.  This Agreement may be amended or modified
only by a written instrument signed by the party against which enforcement is
sought.

 

f.                                         Revival.  If the incurring of any debt or any payments
of money or transfers of property made to the Lender by or on behalf of the
Borrower contemplated by this Agreement or the Loan Documents (collectively,
the “Transfer”) should for any reason
subsequently be declared to be “voidable” or “avoidable” within the meaning of
any state or federal law relating to creditor’s rights, including , without
limitation, as fraudulent transfers, preferences or otherwise voidable or
recoverable payments of money or transfers of property, in whole or in part,
for any reason under the Bankruptcy Code or any other federal or state law, and
Lender is required to repay or restore any Transfer, or the amount of any
portion thereof, or upon the advice of its counsel is advised to do so, then,
as to any such amount repaid or restored (including reasonable costs, expenses
and attorneys’ fees of the Lender related thereto), the liability of the
Borrower shall automatically be revived, reinstated and restored and shall
exist as though such Transfer had never been made.

 

IN WITNESS WHEREOF, the
parties hereto have caused this agreement to be duly executed and delivered as
of the date and year first above written.

 

 

	
  July 2, 2010

  	
  HERON LAKE BIOENERGY, LLC, 

  
	
   

  	
  a Minnesota limited
  liability company 

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Robert J. Ferguson

  
	
   

  	
   

  	
  Its:  CEO

  

 

9

 

	
  Dated: July 2, 2010

  	
  AGSTAR FINANCIAL SERVICES, PCA,

  
	
   

  	
  a United States
  instrumentality,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By 

  	
  /s/ Mark Schmidt

  
	
   

  	
   

  	
  Mark Schmidt

  
	
   

  	
   

  	
  Its:  Vice President

  

 

[Signature
page to Forbearance Agreement]

 

10EXHIBIT 10.1

 

CERTAIN
INFORMATION INDICATED BY [***] HAS BEEN DELETED FROM THIS EXHIBIT AND
FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A
REQUEST FOR CONFIDENTIAL TREATMENT UNDER RULE 24b-2.

 

MUTUAL RELEASE AND SETTLEMENT AGREEMENT

 

THIS
MUTUAL RELEASE AND SETTLEMENT AGREEMENT (hereinafter referred to as “Agreement”)
is made and entered into as of this 2nd day of July,
2010 by, between and among Heron Lake BioEnergy, LLC, a Minnesota limited
liability company (“HLBE”), Fagen, Inc., a Minnesota corporation (“Fagen”),
and ICM, Inc., a Kansas corporation (“ICM”) (each a “Party” and sometimes
collectively referred to hereinafter as the “Parties”).

 

ARTICLE I

RECITALS

 

1.01         The Project.  On September 28, 2005, HLBE, as Owner,
and Fagen, as Design-Builder, entered into a DBIA Standard Form of
Agreement between Owner and Design Builder — Lump Sum (“Design-Build Contract”)
to design, engineer, procure, construct, start-up and test a 50 MGY coal-fired
dry grind ethanol plant (“Heron Lake Plant”) in Heron Lake, Minnesota (the “Project”).  ICM granted Fagen the right to use certain
proprietary technology and information of ICM in the design and construction of
the Project.

 

1.02         The Design-Build Contract.  All references to Design-Build Contract in
this Agreement shall include all Contract Documents defined in Article 2
of the Design-Build Contract and any and all other documents incorporated by
reference therein, with the exception of the License Agreement between ICM and
HLBE dated September 28, 2005 (the “ICM License Agreement”).

 

 

1.03         Basis of Claims.  On September 18, 2009, HLBE filed a
Demand in the arbitration captioned Heron Lake BioEnergy, LLC,
Claimant v. Fagen, Inc., Respondent, American Arbitration
Association Case No. 65 110 J 00190 09 (the “Arbitration”).  In the Arbitration, HLBE asserts breach of
contract, warranty claims and other claims against Fagen for alleged design
defects, warranty failures and other alleged problems relating to the Project
(collectively, the “HLBE Claims”) and seeks to recover $22,800,000 in damages
plus interest thereon, plus its costs and disbursements and reasonable
attorneys’ fees (collectively, the “HLBE Claimed Damages”).

 

On
January 4, 2010, Fagen filed a request that ICM be joined as a party to the
Arbitration, asserting that ICM was a subcontractor on the Project and
performed the work that is the subject of the Arbitration, and that the
Contract Documents included in the Design-Build Contract as well as contract
documents between Fagen and ICM require ICM to defend and indemnify Fagen for
the HLBE Claims deriving from ICM’s work. 
On May 14, 2010, as revised on June 3, 2010, the R-7
Arbitrator appointed to determine the joinder request ordered joinder of ICM in
the Arbitration.  On June 22, 2010,
the Case Manager in the Arbitration confirmed the agreement of HLBE, Fagen, and
ICM to extend the due dates for Fagen to file its third party demand against
ICM to July 16, 2010 and for ICM answer to the third party demand to August 2,
2010, and therefore no third party demands or answers have been made in
connection with the ICM joinder to the Arbitration.

 

On
January 5, 2010, Fagen filed an answer that denied liability for the HLBE
Claims and denied responsibility for the HLBE Claimed Damages.  In addition, Fagen asserted counterclaims
against HLBE for breach of contract and unjust enrichment/quantum meruit (the

 

2

 

“Fagen
Claims”) and sought to recover $3,834,319.00 in retainage held by HLBE under
Design-Build Contract, $2,162,236.36 in additional costs related to work and/or
materials it has provided to HLBE, plus its costs and disbursements and
reasonable attorneys’ fees (collectively, the “Fagen Claimed Damages”).

 

1.04         Scope of Settlement.  HLBE, Fagen and ICM desire to dispose of all
controversies and disputes between and among them, including all asserted or
unasserted claims in the Arbitration and any other claims and causes of action
of any kind which relate in any way to the Project, including, but not limited
to, any and all future warranty performance or latent defect claims arising out
of Fagen and ICM’s Project Work performed pursuant to the Design-Build
Contract.  It is understood, however, and
HLBE and ICM expressly agree, that the rights and obligations of HLBE and ICM,
respectively, under the ICM License Agreement, except for obligations related
to the Arbitration or the Project which are released hereunder or which are
based on facts or occurrences on or before the Effective Time, shall continue
and will survive the execution of this Agreement.

 

ARTICLE II

SETTLEMENT TERMS

 

In
consideration of the settlement and compromise of the Arbitration and all
claims and causes of actions HLBE, Fagen and ICM may have against each other in
the Arbitration or which relate in any way to the Project, and in consideration
of the mutual promises and covenants contained in this Agreement, the Parties
agree as follows:

 

2.01         Lump Sum Payment.  At the Effective Time, Fagen shall pay HLBE
the total sum of [ * * * ] (the “Lump Sum Payment”), by wire transfer to the
account designated in writing by HLBE.

 

3

 

2.02         Release of Claim to
Retainage.  Effective at
the Effective Time, Fagen hereby releases and forever discharges any and all
claims, rights or causes of action it may have against HLBE for any and all
amounts retained by HLBE under the Design-Build Contract or in any way relating
to the work performed by Fagen in connection with the Project (the “Retainage”),
including specifically without limitation the amount of [ * * * ].  Fagen expressly agrees that its release of
any and all claims or rights to the Retainage is included in and part of its
general release of claims against HLBE as more fully set forth herein, and not
in limitation of such general release.

 

2.03         Assignment of Fagen
Expenditures.  Fagen
hereby represents and warrants to HLBE, and HLBE hereby acknowledges, that
Fagen incurred approximately [ * * * ] in additional expenditures in connection
with the Project (“Fagen Expenditures”). 
Fagen agrees there shall be no equity recognition to Fagen in
consideration of the Fagen Expenditures. 
Effective at the Effective Time, Fagen hereby assigns and transfers to
HLBE all of its right, title and interest in and to the tangible and intangible
personal property derived from the Fagen Expenditures, on an “AS-IS,” “WHERE-IS,”
“WITH ALL FAULTS” basis, including: (1) all equipment and related property
in connection with the [ * * * ]  at the
Heron Lake Plant, including [ * * * ] 
and (2) all easements and other contract rights obtained by Fagen
in connection with the Project that are derived from or included in the Fagen
Expenditures.

 

2.04         Reimbursment of [
* * * ]  of MPCA
Penalty.  Fagen agrees to
reimburse HLBE for [ * * * ] of any enforced MPCA penalty or fine for
operations at the Heron Lake Plant through December 22, 2009, within three
(3) business days of payment of such penalty or fine by HLBE, provided
Fagen’s reimbursement obligation shall not exceed [ * * * ].

 

4

 

2.05         Fagen Work on Project is
Complete; Warranty Claims are Released and Warranty Period Has Expired.  HLBE acknowledges and agrees that, at the
Effective Time and in consideration of the Lump Sum Payment, release of claims
or rights to the Retainage, the assignment and reimbursement provisions set
forth above, and the mutual releases set forth herein, Fagen has completed all
work on the Project, including all warranty work, warranty claims, and punchlist
work, and that no further payments shall be required of Fagen under this
Agreement for Fagen’s work on the Project, pursuant to the Design-Build
Contract or with respect to any claims asserted in the Arbitration.  HLBE further acknowledges and affirms that,
upon the Effective Time, any and all warranty claims or express or implied
performance guarantees are and shall be extinguished.

 

2.06         Full and Final Payment on
Design-Build Contract. 
Fagen and ICM each acknowledges and agrees that, at the Effective Time
and in consideration of the mutual releases set forth herein, HLBE has made
full and final payment of all amounts due and owing Fagen under the Design-
Build Contract or related to the Project, and that no further payments shall be
required of HLBE for Fagen’s work on the Project, pursuant to the Design-Build
Contract or otherwise, whether at law or in equity, or with respect to the
Fagen Claims or any other claims asserted or unasserted in the Arbitration.

 

2.07         [reserved].

 

2.08         Non-Disparagement.
 The Parties agree not to make any
statement that disparages or reflects negatively on each other, including, but
not limited to, statements regarding the work on the Project, the Parties’
business practices or operation of the Heron Lake Plant, or the Parties’
officers, directors, employees, agents, attorneys, or affiliates.  The Parties

 

5

 

shall
work to jointly craft any letters of recommendation from one Party to the other
Party, as reasonably requested.

 

2.09         Dismissal of Arbitration
Claims with Prejudice. 
Within a reasonable period of time following the Effective Time, HLBE,
Fagen and ICM shall submit and file with the American Arbitration Association a
mutual dismissal or withdrawal of the Arbitration including the HLBE Claims,
the Fagen Claims, and all other asserted or unasserted claims of the Parties,
dismissing their respective asserted and unasserted claims with prejudice.

 

2.10         Effective Time.  The settlement terms of this Agreement,
including all payment, assignment, and mutual release provisions hereof, shall
only be effective upon the satisfaction of the following conditions (the “Effective
Time”): (1) the execution and delivery of this Agreement by the Parties,
which delivery may be by facsimile or by email of a .pdf copy of a fully
executed Agreement to the other Party; (2) the execution and delivery by
HLBE of a full and final release of Ron Fagen from that certain personal
guaranty given to AgStar Financial Services in connection with the debt
financing on the Project; (3) [ * * * ]; and (4) the execution and
delivery by HLBE of evidence showing approval and consent of this Agreement by
HLBE lenders.  Prior to payment of the
Lump Sum Payment and [ * * * ], HLBE shall deliver to Fagen’s counsel documentation
showing the release of Ron Fagen’s personal guaranty and approval of this
Agreement by HLBE’s lenders (the “Release Documentation”), which they shall
hold in escrow. Upon the receipt of the Release Documentation, Fagen’s counsel
shall deliver the Release Documentation to Fagen, Fagen shall make the Lump Sum
Payment to HLBE, and [ * * * ].

 

6

 

ARTICLE III

MUTUAL RELEASE

 

In
consideration of the settlement and compromise of the Arbitration and all claims
and causes of actions HLBE, Fagen and ICM may have against each other in the
Arbitration or which relate in any way to the Project, and in consideration of
the mutual promises and covenants contained in this Agreement, the Parties
agree as follows:

 

3.01         Release of Fagen by HLBE.  Effective upon the Effective Time, as part of
the settlement terms and the payment provisions set forth in Article II
hereof, and for other good and valuable consideration including the Mutual
Release provided for herein, HLBE and all of its officers, directors, members,
employees, agents, predecessors, successors, assigns, affiliates, sureties,
insurers, guarantors, or any of them (each, a “HLBE Releasing Party” and,
collectively, the “HLBE Releasing Parties”) hereby release, acquit, forever
discharge and covenant not to sue Fagen and its officers, directors, employees,
agents, predecessors, successors, assigns, affiliates, sureties, insurers,
guarantors, or any of them (each, a “Fagen Released Party” and, collectively,
the “Fagen Released Parties”) from any and all claims, counterclaims,
cross-claims, pass-through claims, actions, causes of actions, demands, debts,
liabilities, suits, damages, costs, loss of service, expenses, compensation,
debts, liabilities or obligations of whatever kind or nature (including ones
based upon contract, tort, statute, or otherwise), whether known or unknown,
suspected or unsuspected, contingent or non-contingent, matured or un-matured,
which such HLBE Releasing Party may have or which may hereafter accrue related
to any actions or facts occurring on or prior to the Effective Time against any
Fagen Released Party, (1) for or by reason of any matter, cause or thing
whatsoever occurring on or prior to the Effective Time, or (2) arising
under, related to or in connection with the Design-Build Contract or the
Project.  This release includes release
of claims, known or unknown, contingent or non-contingent, matured or

 

7

 

un-matured,
including, but not limited to, the HLBE Claims, any other unasserted claims
related to the Arbitration, and any and all warranty or performance claims
and/or claims to latent defects. 
Notwithstanding the foregoing, this release expressly excludes any
claims for contribution or indemnity available to a HLBE Releasing Party
against a Fagen Released Party arising out of a claim or action brought by a
third party for bodily injury or death, other than a governmental agency or a
Party hereto, against a HLBE Releasing Party.  
Also, this release expressly does not include any claims related to a
breach of this Agreement.

 

3.02         Release of HLBE by Fagen.  Effective upon the Effective Time, as part of
the settlement terms and the payment provisions set forth in Article II
hereof, and for other good and valuable consideration including the Mutual
Release provided for herein, Fagen and all of its officers, directors,
shareholders, employees, agents, predecessors, successors, assigns, affiliates,
sureties, insurers, guarantors, or any of them (each, a “Fagen Releasing Party”
and, collectively, the “Fagen Releasing Parties”) hereby release, acquit,
forever discharge and covenant not to sue HLBE and its officers, directors,
employees, agents, predecessors, successors, assigns, affiliates, sureties,
insurers, guarantors, or any of them (each, a “HLBE Released Party” and,
collectively, the “HLBE Released Parties”) from any and all claims,
counterclaims, cross-claims, pass-through claims, actions, causes of actions,
demands, debts, liabilities, suits, damages, costs, loss of service, expenses,
compensation, debts, liabilities or obligations of whatever kind or nature
(including ones based upon contract, tort, statute, or otherwise), whether
known or unknown, suspected or unsuspected, contingent or non-contingent,
matured or un-matured, which such Fagen Releasing Party may have or which may
hereafter accrue related to any actions or facts occurring on or prior to the
Effective Time against any HLBE Released Party, (1) for or by

 

8

 

reason
of any matter, cause or thing whatsoever occurring on or prior to the Effective
Time or (2) arising under, related to or in connection with the
Design-Build Contract or the Project. 
This release includes release of claims, known or unknown, contingent or
non-contingent, matured or un-matured, including, but not limited to, the Fagen
Claims, any claim or right to the Retainage, and any other unasserted claims
related to the Arbitration. 
Notwithstanding the foregoing, this release expressly excludes any
claims for contribution or indemnity available to a Fagen Releasing Party
against a HLBE Released Party arising out of a claim or action brought by a
third party for bodily injury or death, other than a governmental agency or a
Party hereto, against a Fagen Releasing Party. 
Also, this release expressly does not include any claims related to a
breach of this Agreement.

 

3.03         Release of HLBE by ICM.  Effective upon the Effective Time, as part of
the settlement terms and the payment provisions set forth in Article II
hereof, and for other good and valuable consideration including the Mutual
Release provided for herein, ICM and all of its officers, directors,
shareholders, employees, agents, predecessors, successors, assigns, affiliates,
sureties, insurers, guarantors, or any of them (each, a “ICM Releasing Party”
and collectively, the “ICM Releasing Parties”) hereby release, acquit, forever
discharge and covenant not to sue HLBE and its officers, directors, employees,
agents, predecessors, successors, assigns, affiliates, sureties, insurers,
guarantors, or any of them (each, a “HLBE Released Party” and collectively, the
“HLBE Released Parties”) from any and all claims, counterclaims, cross-claims,
pass-through claims, actions, causes of actions, demands, debts, liabilities,
suits, damages, costs, loss of service, expenses, compensation, debts,
liabilities or obligations of whatever kind or nature (including ones based
upon contract, tort, statute, or otherwise), whether known or unknown,

 

9

 

suspected
or unsuspected, contingent or non-contingent, matured or un-matured, which such
ICM Releasing Party may have or which may hereafter accrue related to any
actions or facts occurring on or prior to the Effective Time against any HLBE
Released Party, (1) for or by reason of any matter, cause or thing
whatsoever occurring on or prior to the Effective Time or (2) arising
under, related to or in connection with the Design-Build Contract or the
Project, or (3) arising under or related to the ICM License Agreement
between HLBE and ICM, but only with respect to any actions or facts occurring
on or prior to the Effective Time.  This
release includes release of claims, known or unknown, contingent or
non-contingent, matured or un-matured, including but not limited to any
indemnification claim under the License Agreement relating to or based on any
claim by ICM or any other third party that HLBE did not comply with the
Operating Procedures, and any other unasserted claims related to the
Arbitration.  Except for claims based on
noncompliance with Operating Procedures, this release expressly does not
include any claims related to wrongful disclosure, misuse, misappropriation, or
other violation of ICM’s rights with respect to the Proprietary Property (as
such term is defined in the ICM License Agreement) under the ICM License
Agreement, but only to the extent such rights are protected under the ICM
License Agreement, nor does it include claims related to a breach of this
Agreement.  Further, this release
expressly excludes any claims for contribution or indemnity available to a ICM
Releasing Party against a HLBE Released Party arising out of a claim or action
brought by a third party for bodily injury or death, other than a governmental
agency or a Party hereto, against a ICM Releasing Party.  Notwithstanding anything herein to the
contrary set forth in this Agreement, the ICM License Agreement shall remain in
effect and shall survive the execution of this Agreement, and HLBE shall
continue to be granted the limited license to use

 

10

 

ICM’s
proprietary technology and information in connection with HLBE ownership and
operation of the Plant, under the terms and restrictions set forth in the ICM
License Agreement.

 

3.04         Release of ICM by HLBE.  Effective upon the Effective Time, as part of
the settlement terms and the payment provisions set forth in Article II
hereof, and for other good and valuable consideration including the Mutual
Release provided for herein, HLBE and all of its officers, directors, members,
employees, agents, predecessors, successors, assigns, affiliates, sureties,
insurers, guarantors, or any of them (each, a “HLBE Releasing Party” and
collectively, the “HLBE Releasing Parties”) hereby release, acquit, forever
discharge and covenant not to sue ICM and its officers, directors, employees,
agents, predecessors, successors, assigns, affiliates, sureties, insurers,
guarantors, or any of them (each, a “ICM Released Party” and collectively, the “ICM
Released Parties”) from any and all claims, counterclaims, cross-claims, pass-through
claims, actions, causes of actions, demands, debts, liabilities, suits,
damages, costs, loss of service, expenses, compensation, debts, liabilities or
obligations of whatever kind or nature (including ones based upon contract,
tort, statute, or otherwise), whether known or unknown, suspected or
unsuspected, contingent or non-contingent, matured or un-matured, which such
HLBE Releasing Party may have or which may hereafter accrue related to any
actions or facts occurring on or prior to the Effective Time against any ICM
Released Party, (1) for or by reason of any matter, cause or thing
whatsoever occurring on or prior to the Effective Time or (2) arising
under, related to or in connection with the Design-Build Contract or the
Project.  This release includes release
of claims, known or unknown, contingent or non-contingent, matured or
un-matured, and any other unasserted claims related to the Arbitration.  This release expressly does not include any
claims related to HLBE’s rights to use the Proprietary Property (as such

 

11

 

term
is defined in the ICM License Agreement) under the ICM License Agreement, but
only to the extent such rights are granted under the ICM License Agreement, nor
does it include claims related to a breach of this Agreement.  Further, this release expressly excludes any
claims for contribution or indemnity available to a HLBE Releasing Party
against a ICM Released Party arising out of a claim or action brought by a
third party for bodily injury or death, other than a governmental agency or a
Party hereto, against a HLBE Releasing Party.

 

ARTICLE IV

GENERAL PROVISIONS

 

4.01         Authority.  Each Party to this Agreement warrants and
represents that it has the power and authority to enter into this Agreement and
that this Agreement and all documents delivered pursuant to this Agreement are
valid, binding and enforceable upon it. 
Each Party represents and warrants to the other Party that it has not
sold, assigned, conveyed, compromised, settled or otherwise transferred or
disposed of any claims or rights under the Design-Build Agreement or
contemplated by this Agreement, except for HLBE’s assignment of any such claims
and rights to its lenders under its loan agreement with the lenders.

 

4.02         Entire Agreement and
Successors in Interest. 
This Agreement contains the entire agreement and understanding among the
Parties with respect to all matters described herein and supersedes and renders
null and void all prior agreements, arrangements, discussions and
understandings related to the subject matter hereof.  The Parties agree that this Agreement shall
be binding upon and inure to the benefit of the Parties themselves and their
respective successors and assigns.

 

4.03         Confidentiality.  The Parties agree that the terms and
conditions of this Agreement are and shall remain confidential, provided
however that Fagen and ICM each

 

12

 

acknowledges
that HLBE is a public reporting company and governed by the SEC rules and
regulations governing public reporting companies and, to the extent HLBE is
required to disclose publicly in one or more public filings made with SEC all
or some of the terms of this Agreement, the confidentiality covenant shall not
apply to such public disclosures and such public disclosures shall not be a
violation of this confidentiality provision. 
The Parties shall work together to jointly craft any and all such
required public disclosures.  Subject to
the foregoing, if either Party is asked about the resolution of the Parties’
claims under the Design-Build Contract, the Party will respond that it has been
settled to their mutual satisfaction, and they have been instructed by counsel
to make no further comment.  The Parties
may disclose the terms of this Settlement Agreement to their auditors, lenders
or other persons or entities who are required to have the details of the
settlement in order to perform their services, but only on the condition that
such persons and entities shall agree to keep this information confidential and
non-public, provided however that the Parties agree that their respective
financial statements may make such disclosures of this Agreement and the terms
hereof to the extent necessary or required under applicable accounting rules and
principles.  Notwithstanding this
confidentiality provision, both Parties shall be free to respond to legal
process or regulatory inquiry and shall respond with a request that the terms
of this Settlement Agreement be treated as confidential to the extent
reasonably possible.  HLBE further agrees
to use its best efforts to obtain confidential treatment of the material
payment terms of this Agreement in any SEC filing.

 

4.04         Governing Law; Actions for
Breach.  This Agreement
shall be construed and interpreted in accordance with the laws of the State of
Minnesota.  The Parties agree that any
alleged breach of this Agreement shall be resolved by legal process in a civil
proceeding brought

 

13

 

in
a court of competent jurisdiction, and not by arbitration.  The prevailing party in any such action shall
be entitled to an award of all reasonable costs and expenses incurred in such
civil proceeding or appeal thereof, including reasonable attorneys fees.

 

4.05         Costs.  The Parties shall bear their own costs
including attorneys’ fees, filing fees, mediator fees and costs, and related
expenses incurred in this dispute, except those that are awarded under Section 4.04
hereof.

 

4.06         Multiple Originals;
Counterpart Signatures. 
This Agreement may be executed in duplicate originals, each containing
the signature of less than all of the parties hereto, so long as each party has
signed one such duplicate original.  The
Parties may execute this Agreement in counterpart.  The signature pages may then be
reassembled to form a single document. 
Faxed or emailed signatures on Settlement Agreement documents shall be
considered original signatures, provided the Parties will follow up with the
delivery of the signatures on original documents to each other Party.

 

4.07         Further Assurances.  The Parties agree to execute such other
documents and to take such other actions that may be reasonable or necessary to
carry out the terms and purposes of this Agreement, including any final change
orders under the Design-Build Contract.

 

4.08        No Admission.  By entering into this Agreement, the Parties
make no admission of liability to any claim being settled herein.

 

4.09         Limit on Liability for
Breach.  Notwithstanding
any other provision herein to the contrary, no Party or its successors,
assigns, agents, affiliated companies, shareholders, managers, members,
officers, directors, governors or employees shall be liable to the other Party
or its successors, assigns, agents, affiliated companies, shareholders,
managers, members,

 

14

 

officers,
directors, governors or employees for any liability, damage, expenses, or loss
suffered by the other Party or its successors, assigns, agents, affiliated companies,
shareholders, managers, members, officers, directors, governors or employees as
a result of, related to, or in connection with any breach of this Agreement,
except to the extent and only to the extent of any direct (as opposed to any
consequential or incidental) damages suffered by such other Party or person.

 

4.10         Partial Invalidity.  If any provision or portion of this Agreement
shall for any reason be held to be invalid, illegal or unenforceable in any
respect, such invalidity shall not affect any other provision or portion herein
and the validity, enforceability and legality of the remaining provisions and
portion and any other application thereof shall not in any way be impaired
thereby.

 

4.11         No Strict Construction
Against Author.  The
Parties agree that this Agreement has been prepared by the joint efforts of the
Parties and their respective attorneys and, as such, shall in the event of any
dispute over its meaning or application, be interpreted fairly and reasonably
and neither more strongly for nor against any Party.

 

4.12         Headings.  Headings included in this Agreement are for
reference purposes only and shall not modify or limit the statements and
provisions contained herein.

 

[the rest of this page left blank intentionally; signatures on next
page]

 

15

 

AGREED as to form and to content and EXECUTED by and through their duly
authorized representative on the date indicated.

 

 

	
  Dated:

  	
  7/2/2010

  	
   

  	
  HERON
  LAKE BIOENERGY, LLC

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:
  

  	
  /s/
  Robert J. Ferguson

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Robert
  J. Ferguson

  
	
   

  	
   

  	
   

  	
  Its:

  	
  CEO

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Dated:

  	
  7-2-2010

  	
   

  	
  FAGEN, INC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/
  Ron Fagen

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Ron
  Fagen

  
	
   

  	
   

  	
   

  	
  Its:

  	
  CEO-Pres

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Dated:
  

  	
  7-2-2010

  	
   

  	
  ICM, INC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/
  Dave Vander Griend

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Dave
  Vander Griend

  
	
   

  	
   

  	
   

  	
  Its:

  	
  President

  

 

16

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