Document:

Schedule of warrants, REG Series B Convertible Preferred Stock

 Exhibit 4.6 
 Schedule of warrants issued by REG to the purchasers of REG Series B Convertible Preferred Stock 
  

												
	 Date Issued
	  	 Name of
Warrant Holders
	  	Number
of Shares	  	 Type of Shares
	  	Exercise
Price	  	 Expiration Date

	 July 18, 2007
	  	Natural Gas Partners VIII, L.P.	  	22,727	  	Common Stock	  	$	11.00	  	July 18, 2015
	 July 18, 2007
	  	NGP Energy Technology Partners, L.P.	  	22,727	  	Common Stock	  	$	11.00	  	July 18, 2015
	 July 18, 2007
	  	Bunge North America, Inc.	  	  9,090	  	Common Stock	  	$	11.00	  	July 18, 2015
	 July 18, 2007
	  	West Central Cooperative	  	22,727	  	Common Stock	  	$	11.00	  	July 18, 2015Form of warrant, REG Series AA and Series BB Convertible Preferred Stock

 Exhibit 4.7 
 THIS WARRANT, AND ANY SHARES OF COMMON STOCK ACQUIRED UPON THE EXERCISE OF THIS WARRANT, HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”) OR ANY OTHER APPLICABLE SECURITIES LAWS. THIS WARRANT HAS
BEEN ACQUIRED FOR INVESTMENT AND NEITHER THIS WARRANT NOR ANY OF SUCH SHARES MAY BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION OF THEM UNDER THE ACT AND ANY OTHER APPLICABLE SECURITIES LAW, OR RECEIPT BY THE COMPANY OF AN
OPINION OF COUNSEL OR OTHER EVIDENCE ACCEPTABLE TO THE COMPANY THAT SUCH SALE OR TRANSFER IS EXEMPT FROM REGISTRATION UNDER THE ACT. NEITHER THIS WARRANT NOR ANY OF SUCH SHARES MAY BE TRANSFERRED EXCEPT UPON THE CONDITIONS SPECIFIED IN THIS WARRANT,
AND NO TRANSFER OF THIS WARRANT OR ANY OF SUCH SHARES SHALL BE VALID OR EFFECTIVE UNLESS AND UNTIL SUCH CONDITIONS SHALL HAVE BEEN COMPLIED WITH TRANSFER OF THIS WARRANT OR ANY OF SUCH SHARES IS FURTHER RESTRICTED AS PROVIDED IN THE SECOND AMENDED
AND RESTATED STOCKHOLDER AGREEMENT DATED JUNE 25, 2008, AS MAY BE AMENDED FROM TIME TO TIME (THE “STOCKHOLDER AGREEMENT”), A COPY OF WHICH IS AVAILABLE AT THE COMPANY’S OFFICES. 
  

			
	Certificate No:                    	  	Date of Issuance:                

 STOCK PURCHASE WARRANT 
 To Purchase Shares of 
 Common Stock of 
 RENEWABLE ENERGY GROUP, INC. 
 THIS CERTIFIES
THAT, for value received, the receipt and sufficiency of which is hereby acknowledged: 
 Subject to the conditions set forth herein,
                    , together with any its registered assigns or any transferee of all or any portion of its rights hereunder and the holder of any
shares of Common Stock issued hereunder (the “Holder” or “Holders”), is entitled to subscribe for and purchase from Renewable Energy Group, Inc., a Delaware corporation (the “Company”), at any time or from time to time
after the date hereof and continuing during the Exercise Period,
                                     fully paid and nonassessable
shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), at an exercise price of $10.25 per share (the “Exercise Price”), subject to adjustment from time to time pursuant to the provisions of
this Warrant (the “Warrant Shares”). This Warrant is subject to the following provisions, terms and conditions: 
 1.
Definitions. For the purpose of the Warrants, the following terms, whether or not capitalized or underlined in the text of this Warrant, shall have the following meanings: 
 “Appraised Values” shall have the meaning specified in Section 2(b) hereof. 

 “Appraiser’s Determination” shall have the meaning specified in Section 2(b)
hereof. 
 “Board of Directors” shall mean the Board of Directors of the Company. 
 “Capital Stock” shall mean any and all shares, interests, participations, or other equivalents (however designated) of capital stock of
the Company, including, without limitation, shares of Common Stock or Preferred Stock. 
 “Common Stock” shall have the
meaning specified in the introduction to this Warrant. 
 “Company” shall have the meaning specified in the introduction to
this Warrant, and shall include any corporation or business entity resulting from the merger, consolidation, or conversion of the Company. 
 “Exercise Agreement” shall have the meaning specified in Section 2(a) hereof.  
 “Exercise
Period” shall have the meaning specified in Section 2(c) hereof. 
 “Exercise Price” shall have the meaning
specified in the introduction to this Warrant. 
 “Expiration Date” means the tenth (10th) anniversary of the Date of
Issuance. 
 “Fair Market Value Price” shall have the meaning specified in Section 2(b) hereof.  
 “Holder” shall have the meaning specified in the introduction to this Warrant. 
 “Preferred Stock” shall mean any shares of preferred stock issued by the Company, whether or not convertible into or exchangeable for
Common Stock, including the Series A Convertible Preferred Stock, Series AA Convertible Preferred Stock, Series B Convertible Preferred Stock and Series BB Convertible Preferred Stock. 
 “Series AA Certificate” means the Certificate of Designation of Series and Determination of Rights and Preferences of Series AA
Convertible Preferred Stock of the Company as the terms thereof may be amended from time to time. 
 “Series AABB Director”
has the meaning ascribed thereto in the Series AA Certificate and Series BB Certificate. 
 “Series BB Certificate” means
the Certificate of Designation of Series and Determination of Rights and Preferences of Series BB Convertible Preferred Stock of the Company as the terms thereof may be amended from time to time. 
 “Trading Days” shall mean any days during the course of which the principal securities exchange on which the Common Stock is listed or
admitted to trading is open for the exchange of securities. 
 “Value Dispute” shall have the meaning specified in
Section 2(b) hereof. 
  

 - 2 - 

 “Warrant(s)” shall mean this Warrant of even date herewith, including all amendments to
any such Warrants and all warrants issued in exchange, transfer or replacement therefor. 
 “Warrant Shares” shall have the
meaning specified in the introduction to this Warrant. 
 2. Exercise of Warrant. While this Warrant remains outstanding and
exercisable in accordance with Section 2(c) below, the Holder may exercise, in whole or in part, the purchase rights evidenced hereby. Such exercise shall be effected by: 
  

	 	(a)	Cash Exercise. The rights represented by this Warrant may be exercised in a cash exercise by (i) the surrender of the Warrant, together with a completed Exercise
Agreement in the form attached hereto (“Exercise Agreement”) indicating a cash exercise, to the Secretary of the Company at its principal offices, (ii) the payment to the Company of an amount equal to the aggregate Exercise Price, for
the number of Warrant Shares being purchased, in cash (in the form of immediately available funds in U.S. Dollars); and (iii) full compliance with the other applicable provisions of this Warrant. 

  

	 	(b)	Net Exercise. Notwithstanding anything contained in Section 2(a) above, the holder of the Warrant may also elect to exercise this Warrant on a “net exercise”
basis by (i) the surrender of the Warrant, together with a completed Exercise Agreement indicating a net exercise, to the Secretary of the Company at its principal offices and (ii) full compliance with the other applicable provisions of
this Warrant. Upon a “net exercise” of the Warrant, the Company shall issue to the Holder a number of shares of Common Stock computed using the following formula: 

  

					
	X = 	 	  
 (Y) (A-B)
 A
	 	
	 	 	

  

					
	Where:	  	X =	 	the number of shares of Common Stock to be issued to the Holder.
			
		  	Y =	 	the total number of shares of Common Stock issuable upon exercise of this Warrant, or, if only a portion is being exercised, the portion of the Warrant being exercised (expressed as a fraction).

			
		  	A =	 	the Fair Market Value Price of one share of Common Stock.
			
		  	B =	 	Exercise Price.

 For purposes of this Warrant, the ‘Fair Market Value Price” of a share of Common Stock
shall mean the average of the closing sales prices, if available, and, if not then available, the average of the bid and asked prices for the Common Stock, as applicable, on the principal market therefor for the five (5) Trading Days preceding
the day which is two (2) business days prior to the day of exercise, or if no such price is available, then the fair market value shall be 

  

 - 3 - 

 
determined in good faith by a majority of the Board of Directors (excluding any director nominated by or otherwise affiliated with the Holder or an affiliate
of the Holder), and in making such determination it shall not give consideration to any discount related to shares representing minority interest or related to any illiquidity or lack of marketability of shares arising from restrictions on transfer
under federal or state securities laws. If the Holder of the Warrant to be exercised disagrees with such determination of Fair Market Value Price, such Holder shall provide written notice to the Company thereof (a “Value Dispute”) and the
Fair Market Value Price of a share of Common Stock as of the day of exercise shall be determined by the following procedures. Each of the Company, on the one hand, and the Holder submitting the Value Dispute, on the other hand, shall appoint an
independent appraiser, each of whom shall independently determine the Fair Market Value Price per share of Common Stock (the “Appraised Values”). If the higher of the Appraised Values is not more than 25% higher than the lower of the
Appraised Values, then the Fair Market Value Price per share will be the average of the two Appraised Values. If the higher of the Appraised Values is more than 25% higher than the lower of the Appraised Values, then the parties shall appoint a
third independent appraiser who shall, within thirty (30) days following receipt of the Appraised Values, select one of the two Appraised Values as the Fair Market Value Price per share which is closest to the Fair Market Value Price per share
determined by such third independent appraiser (the “Third Appraiser’s Determination”). The Third Appraiser’s Determination shall be binding on and non-appealable by the Company and the Holder of the Warrant to be exercised. In
the event of a Third Appraiser’s Determination, if the aggregate amount by which the Fair Market Value Price of the Warrant Shares being exercised exceeds the aggregate Exercise Price is less than $5,000,000, the cost of all independent
appraisers shall be paid by the Holder, and if the amount of such excess is $5,000,000 or more, each of the Company and the Holder shall pay the costs of the independent appraiser approved by it and the cost of the third independent appraiser shall
be split equally by the Company and the Holder. In calculating the aggregate value of the Warrant for purposes of the foregoing agreement regarding allocation of appraisal expenses, there shall be added to the aggregate value determined as described
above, the aggregate value determined in connection with the same procedure under any Warrant held by an affiliate of the Holder and exercised as of (or within three business days of) the exercise date of this Warrant. Notwithstanding the foregoing,
in the event the Warrant is exercised in connection with the Company’s initial public offering of Common Stock, the fair market value per share shall be the per share offering price to the public of the Common Stock in the Company’s
initial public offering. 
  

	 	(c)	Exercise Period. This Warrant is exercisable at any time or from time to time during the period from the date hereof until the Expiration Date (the “Exercise
Period”). 

  

	 	(d)	 Issuance of Certificates. Certificates for the Warrant Shares, representing the aggregate number of shares specified in said Exercise Agreement, shall be
delivered to the Holder within a reasonable time, not exceeding five (5) business 

  

 - 4 - 

	 	 
days, after the rights represented by this Warrant shall have been so exercised. The stock certificate or certificates so delivered shall be in such
denominations as may be requested by the holder hereof and shall be registered in the name of said Holder or such other name as shall be designated by said Holder (subject to the transfer restrictions applicable to this Warrant and to shares
purchased upon exercise of this Warrant). If this Warrant shall have been exercised only in part, then, unless this Warrant has expired, the Company shall, at its expense, at the time of delivery of said stock certificates(s), deliver to said holder
a new Warrant representing the right to purchase the number of shares of Common Stock with respect to which this Warrant shall not then have been exercised. The Company shall pay all expenses and charges payable in connection with the preparation,
execution and delivery of stock certificates (and any new Warrants) pursuant to this Section 2 except that, in case such stock certificates shall be registered in a name or names other than the Holder of this Warrant or such Holder’s
nominee, funds sufficient to pay all stock transfer taxes which shall be payable in connection with the execution and delivery of such stock certificates shall be paid by the Holder to the Company at the time of delivery of such stock certificates
by the Company as mentioned above. 

  

	 	(e)	No Fractional Shares. This Warrant shall be exercisable only for a whole number of Warrant Shares. No fractions of shares of Common Stock, or scrip for any such fractions of
shares, shall be issued upon the exercise of this Warrant. The Company shall pay a cash adjustment in respect of such fractional interest in an amount equal to the Fair Market Value Price of one share of Common Stock at the time of such exercise
multiplied by such fraction computed to the nearest whole cent. 

 3. Shares to be Fully Paid; Reservations of Shares.
The Company covenants and agrees that all Warrant Shares will be duly authorized and validly issued and upon issuance in accordance with the terms and conditions hereof, will be fully paid and nonassessable and free from all taxes, liens and charges
with respect to the issue thereof. Without limiting the generality of the foregoing, the Company covenants and agrees that it will from time to time take all such action as may be required to assure that the par value per Warrant Share is at all
times equal to or less than the Exercise Price then in effect. The Company further covenants and agrees that during the period within which the rights represented by this Warrant may be exercised, the Company shall at all times reserve and keep
available out of its authorized but unissued shares of Common Stock, solely for the purpose of effecting the exercise of the rights represented by this Warrant and any other Warrants, such number of its shares of Common Stock as shall from time to
time be sufficient to effect the exercise of all then outstanding Warrants; and if at any time the number of authorized but unissued shares of Common Stock shall not be sufficient to effect the exercise of all then outstanding Warrants, in addition
to such other remedies as shall be available to the Holder, the Company will take such corporate action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued shares of Common Stock to such number of shares as
shall be sufficient for such purposes, including, without limitation, engaging in best efforts to obtain the requisite stockholder approval of any necessary amendment to the Certificate of Incorporation. 
  

 - 5 - 

 4. Anti-Dilution Provisions. The number, rights and privileges of the shares of Common Stock
issuable upon exercise of this Warrant shall be subject to the following adjustments: 
  

	 	(a)	Below Market Transactions. 

  

	 	(i)	If the Company shall issue, after the Date of Issuance, any Additional Stock (as defined below) without consideration or for a consideration per share less than the Exercise Price
in effect immediately prior to the issuance of such Additional Stock, the Exercise Price in effect immediately prior to each such issuance shall forthwith (except as otherwise provided in this Section 4(a)(i)) be adjusted to a price determined
by multiplying such Exercise Price by a fraction, the numerator of which shall be the number of shares of Common Stock outstanding immediately prior to such issuance (including shares of Common Stock deemed to be issued pursuant to
Section 4(a)(v)(A) or (B) below) plus the number of shares of Common Stock that the aggregate consideration received by the Company for such issuance would purchase at such Exercise Price; and the denominator of which shall be the number
of shares of Common Stock outstanding immediately prior to such issuance (including shares of Common Stock deemed to be issued pursuant to Section 4(a)(v)(A) or (B) below) plus the number of shares of such Additional Stock; provided,
however, for purposes of such calculation (1) it shall not include any additional shares of Common Stock issuable with respect to shares of Preferred Stock, convertible securities, or currently exercisable options, warrants or other rights for
the purchase of shares of stock or convertible securities, solely as a result of the adjustment of such Exercise Price resulting from the issuance of Additional Stock causing such adjustment and (2) the grant, issue or sale of Additional Stock
consisting of the same class of security, and warrants to purchase such security and notes convertible into such security, issued or issuable at the same price at two or more closings within a six month period shall be aggregated and shall be
treated as one sale of Additional Stock occurring on the earliest date on which such securities were granted, issued or sold. 

  

	 	(ii)	No adjustment of the Exercise Price shall be made in an amount less than one cent per share, provided that any adjustments that are not required to be made by reason of this
sentence shall be carried forward and shall be either taken into account in any subsequent adjustment made prior to three (3) years from the date of the event giving rise to the adjustment being carried forward, or shall be made at the end of
three (3) years from the date of the event giving rise to the adjustment being carried forward. Except to the limited extent provided for in Sections 4(a)(v)(C) and (D) below, no adjustment of such Exercise Price pursuant to this
Section 4(a) shall have the effect of increasing the Exercise Price above the Exercise Price in effect immediately prior to such adjustment. 

  

 - 6 - 

	 	(iii)	In the case of the issuance of Common Stock for cash, the consideration shall be deemed to be the amount of cash paid therefor before deducting any discounts, commissions or other
expenses allowed, paid or incurred by the Company for any underwriting or otherwise in connection with the issuance and sale thereof. 

  

	 	(iv)	In the case of the issuance of the Common Stock for a consideration in whole or in part other than cash, the consideration other than cash shall be deemed to be the fair value
thereof as determined in good faith by the Board of Directors irrespective of any accounting treatment, taking into consideration the relevant terms of any underlying transaction documents. 

  

	 	(v)	In the case of the issuance (whether before, on or after the applicable Date of Issuance) of options to purchase or rights to subscribe for Common Stock, securities by their terms
convertible into or exchangeable for Common Stock or options to purchase or rights to subscribe for such convertible or exchangeable securities, the following provisions shall apply for all purposes of Sections 4(a)(i) and 4(a)(ii) hereof:

  

	 	(A)	The aggregate maximum number of shares of Common Stock deliverable upon exercise (assuming the satisfaction of any conditions to exercisability, including without limitation, the
passage of time, but without taking into account potential antidilution adjustments) of such options to purchase or rights to subscribe for Common Stock shall be deemed to have been issued at the time such options or rights were issued and for a
consideration equal to the consideration (determined in the manner provided in Sections 4(a)(iii) and 4(a)(iv)), if any, received by the Company upon the issuance of such options or rights plus the minimum exercise price provided in such options or
rights (without taking into account potential antidilution adjustments) for the Common Stock covered thereby. 

  

	 	(B)	The aggregate maximum number of shares of Common Stock deliverable upon conversion of, or in exchange (assuming the satisfaction of any conditions to convertibility or
exchangeability, including, without limitation, the passage of time, but without taking into account potential antidilution adjustments) for, any such convertible or exchangeable securities or upon the exercise of options to purchase or rights to
subscribe for such convertible or exchangeable securities and subsequent conversion or exchange thereof shall be deemed to have been issued at the time such securities were issued or such options or rights were issued and for a consideration equal
to the consideration, if any, received by the Company for any such securities and related options or rights (excluding any cash received on account of accrued interest or accrued dividends), plus the minimum additional consideration, if any, to be
received by the Company (without taking into account potential antidilution adjustments) upon the conversion or exchange of such securities or the exercise of any related options or rights (the consideration in each case to be determined in the
manner provided in Sections 4(a)(iii) and 4(a)(iv)). 

  

 - 7 - 

	 	(C)	In the event of any change in the number of shares of Common Stock deliverable or in the consideration payable to the Company upon exercise of such options or rights or upon
conversion of or in exchange for such convertible or exchangeable securities, including, but not limited to, a change resulting from the antidilution provisions thereof, the Exercise Price of the Warrant Shares to the extent in any way affected by
or computed using such options, rights or securities, shall be recomputed to reflect such change, but no further adjustment shall be made for the actual issuance of Common Stock or any payment of such consideration upon the exercise of any such
options or rights or the conversion or exchange of such securities. 

  

	 	(D)	Upon the expiration of any such options or rights, the termination of any such rights to convert or exchange or the expiration of any options or rights related to such convertible
or exchangeable securities, the Exercise Price of the Warrant Shares, to the extent in any way affected by or computed using such options, rights or securities or options or rights related to such securities shall be recomputed to reflect the
issuance of only the number of shares of Common Stock (and convertible or exchangeable securities that remain in effect) actually issuable upon the exercise of such options or rights, upon the conversion or exchange of such securities or upon the
exercise of the options or rights related to such securities. 

  

	 	(E)	The number of shares of Common Stock deemed issued and the consideration deemed paid therefor pursuant to Sections 4(a)(v)(A) and (B) shall be appropriately adjusted to reflect
any change, termination or expiration of the type described in either Section 4(a)(v)(C) or (D). 

  

	 	(vi)	“Additional Stock” shall mean any shares of Capital Stock issued (or deemed to have been issued pursuant to Section 4(a)(v)) by the Company after the Purchase
Date other than: 

  

	 	(A)	Common Stock issued pursuant to a split, subdivision, dividend, distribution, recapitalization or other similar event by the Company for which adjustment to the Exercise Price is
otherwise made pursuant to this Section 4; 

  

 - 8 - 

	 	(B)	Shares of Common Stock issuable or issued to employees, consultants, directors, officers, advisors or vendors (if in transactions with primarily non-financing purposes) of the
Company, directly or pursuant to a stock option plan, stock purchase or restricted stock plan, or other arrangement or agreement approved by the Board of Directors, in an aggregate amount not to exceed 2,600,000 shares; 

  

	 	(C)	Shares of Common Stock issued, issuable or deemed to have been issued by the Company upon conversion of Preferred Stock; 

  

	 	(D)	Shares of Common Stock issued or issuable (I) in a public offering before or in connection with which all outstanding shares of Preferred Stock will be converted to Common
Stock or (II) upon exercise of warrants or rights granted to underwriters in connection with such a public offering; 

  

	 	(E)	Shares of Common Stock issued, issuable or deemed to have been issued in connection with the acquisition by the Company of the stock or assets of another corporation, partnership or
other entity, provided that such issuances are first approved by the Board of Directors and for purposes other than primarily equity financing for the Company; 

  

	 	(F)	Shares of Common Stock issued, issuable or deemed to have been issued to a vendor, lender or equipment lessor or in connection with strategic or licensing transactions, joint
ventures or similar transactions, provided that such issuances are first approved by the Board of Directors (including the affirmative approval of a majority of the Series A Directors nominated by the holders of Series A Preferred Stock pursuant to
Section 2(a) of the Stockholder Agreement (the “Series A Directors”) and the affirmative approval of the Series AABB Director); 

  

	 	(G)	The issuance of up to 733,533 shares of Common Stock upon the exercise of warrants outstanding as of May 30, 2008, at the exercise prices specified therein (subject to
anti-dilution adjustments provided therein); and 

  

	 	(H)	Shares of Common Stock issued, issuable or deemed to have been issued in connection with any borrowings by the Company, direct or indirect, from financial institutions, whether or
not presently authorized, including any type of loan or payment evidenced by any type of debt instrument, provided that such issuances are approved by the Board of Directors (including the affirmative approval of a majority of the Series A Directors
and the affirmative approval of the Series AABB Director). 

  

 - 9 - 

	 	(b)	Subdivisions, Combinations and Stock Dividends. If the Company shall at any time prior to the expiration of this Warrant subdivide its Common Stock, by split up or otherwise,
or combine its Common Stock, or issue additional shares of its Common Stock as a dividend with respect to any shares of its Common Stock, the number of Warrant Shares issuable on the exercise of this Warrant shall forthwith be proportionately
increased in the case of a subdivision or stock dividend, or proportionately decreased in the case of a combination. Appropriate adjustments shall also be made to the Exercise Price payable per share, but the aggregate Exercise Price payable for the
total number of Warrant Shares purchasable under this Warrant (as adjusted) shall remain the same. Any adjustment under this Section 4(b) shall become effective at the close of business on the date the subdivision or combination becomes
effective, or as of the record date of such dividend, or in the event that no record date is fixed, upon the making of such dividend. 

  

	 	(c)	Other Distributions. In the event the Company shall declare a distribution payable in securities of other persons, evidences of indebtedness issued by the Company or other
persons, assets (excluding cash dividends) or options or rights not referred to in Section 4(b), then, in each such case for the purpose of this Section 4(c), provision shall be made by the Company such that the Holder shall receive upon
exercise of this Warrant a proportionate share of any such distribution as though it were the holder of the Common Stock as of the record date fixed for the determination of the stockholders of the Company entitled to receive such distribution.

  

	 	(d)	Reclassification, Reorganization and Consolidation. If the Company shall effect any reclassification or similar change of outstanding shares of the Company’s Capital
Stock (other than as set forth in Section 4(b) or 4(c) above), or a consolidation or merger of the Company with another corporation, this Warrant shall, after such capital reorganization, reclassification, consolidation or merger, be
exercisable only for the number of shares of stock or other properties, including cash, to which a holder of the number of shares of the Common Stock deliverable upon exercise of this Warrant would have been entitled upon such capital
reorganization, reclassification, change, consolidation or merger if this Warrant had been exercised immediately prior to the effective date of such event; and, in any such case, appropriate adjustments shall be made in the application of the
provisions set forth in this Section 4 with respect to the rights and interests thereafter of the Holder in order that the provisions set forth in this Section 4 (including provisions with respect to changes in and other adjustments of the
exercise rights in this Section 4) shall thereafter be applicable, as nearly as equivalent as may be practicable, to any shares of stock or other securities thereafter deliverable upon the exercise of this Warrant. 

  

	 	(e)	Notice of Transaction. The Company shall give written notice to the Holder at least ten (10) business days prior to the consummation of any transaction within the scope
of clause (a) through (c) of this Section 4 and provide in such written notice a brief description of the terms and conditions of such transaction. 

  

 - 10 - 

	 	(f)	Notice of Adjustment. When any adjustment is required to be made in the number or kind of shares purchasable upon exercise of the Warrant, or in the Exercise Price, the
Company shall promptly notify the Holder of such event and of the number of shares of Common Stock or other securities or property thereafter purchasable upon exercise of this Warrant. 

 5. Certain Agreements of the Company. The Company covenants and agrees that: 
  

	 	(a)	Certain Actions Prohibited. The Company will not, by amendment of its Certificate of Incorporation 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 of this Warrant and will take all such actions as may reasonably be requested by the Holder of any Warrant in order to protect the exercise
privilege of the Holders of the Warrants against impairment. 

  

	 	(b)	Successors and Assigns. This Warrant will be binding upon any entity succeeding to the Company by merger or consolidation. 

  

	 	(c)	Issuance of Warrant Securities. If the issuance of any Warrant Shares required to be reserved for purposes of exercise of this Warrant is required to be registered with or
approved by any federal or state governmental authority under any federal or state law (other than any registration under the Act or state securities laws), before such Warrant Shares may be issued upon exercise of this Warrant, the Company will, at
its expense, use its best efforts to cause such shares to be so registered or approved, at such time, so that such shares may be issued in accordance with the terms hereof. 

 6. Issue Tax. The issuance of certificates for Warrant Shares upon the exercise of Warrants shall be made without charge to the Holders of such
Warrants or such shares for any issuance tax in respect thereof, provided that the Company shall not be required to pay any tax which may be payable in respect of any transfer involved in the issuance and delivery of any certificate in a name
other than that of the Holder of the Warrant exercised. 
 7. Closing of Books. Subject to Section 9, the Company will at no time
close its transfer books against the transfer of any Warrant, of any Warrant Shares issued or issuable upon the exercise of any Warrant, or in any manner interfere with the timely exercise of this Warrant. 
 8. No Rights or Liabilities as a Shareholder. This Warrant shall not entitle the Holder to any voting rights or other rights as a shareholder of
the Company. No provision of this Warrant, in the absence of affirmative action by the Holder to purchase Warrant Shares, and no mere enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of such Holder for
the Exercise Price or as a shareholder of the Company, whether such liability is asserted by the Company or by creditors of the Company. 
  

 - 11 - 

 9. Transfer and Exchange. 
  

	 	(a)	Transfers. This Warrant may not be transferred or assigned in whole or in part without compliance with all applicable federal and state securities laws and the Stockholder
Agreement by the Holder or the transferee (including the delivery of investment representation letters and legal opinions reasonably satisfactory to the Company, if such are reasonably requested by the Company). Subject to the terms of this Warrant
with respect to compliance with applicable securities laws and the Stockholder Agreement, this Warrant may be transferred, in whole or in part, to any person or business entity, by presentation of the Warrant to the Company with written instructions
for such transfer. Upon such presentation for transfer, the Company shall promptly execute and deliver a new Warrant or Warrants in the form hereof in the name of the assignee or assignees and in the denominations specified in such instructions.

  

	 	(b)	Warrant Exchangeable for Different Denominations. This Warrant is exchangeable, upon the surrender hereof by the Holder at the principal office of the Company (or such other
office or agency of the Company as it may designate by notice in writing to the Holder), for new Warrants of like tenor representing in the aggregate the right to subscribe for and purchase the number of shares of Common Stock which may be
subscribed for and purchased hereunder, each of such new Warrants to represent the right to subscribe for and purchase such number of shares as shall be designated by said Holder at the time of such surrender. 

  

	 	(c)	Replacement of Warrant. Upon receipt of written notice from a Holder or other evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of
this Warrant or any stock certificate for the Warrant Shares and, in the case of any such loss, theft or destruction, upon receipt of an indemnity agreement reasonably satisfactory to the Company, or in the case of any such mutilation upon surrender
and cancellation of such Warrant or stock certificate, the Company will make and deliver a new Warrant or stock certificate, of like tenor, in lieu of the lost, stolen, destroyed or mutilated Warrant or stock certificate. 

 

	 	(d)	Cancellation; Payment of Expenses. Upon the surrender of this Warrant in connection with any exchange, transfer or replacement as provided in this Section 10, this
Warrant shall be promptly canceled by the Company. The Company shall pay all taxes (other than securities transfer taxes) and all other expenses and charges payable in connection with the preparation, execution and delivery of Warrants pursuant to
this Section 10. 

  

	 	(e)	Compliance with Securities Laws. 

  

	 	(i)	The Holder of this Warrant represents and warrants that this Warrant and the Warrant Shares to be issued upon exercise hereof are being acquired for investment for the Holder’s
own account and not with a view to the public distribution of any part of this Warrant or any Warrant Shares to be 

  

 - 12 - 

	 	 
issued upon exercise hereof, and that the Holder has no present intention to of selling, granting any participation in or otherwise publicly distributing
this Warrant or any Warrant Shares to be issued upon exercise hereof; provided, however, that the Company acknowledges that the Holder intends to distribute the Warrant to its members, which members may further distribute the Warrant but only
under circumstances that will not result in a violation of the Act or any state securities laws. Upon exercise of this Warrant, the Holder shall, if requested by the Company, confirm in writing, in a form satisfactory to the Company, that the
Warrant Shares so purchased are being acquired for investment for the Holder’s own account and not with a view toward distribution or resale except as set forth herein. 

  

	 	(ii)	This Warrant and all Warrant Shares issued upon exercise hereof or conversion thereof shall be stamped or imprinted with a legend in substantially the following form (in addition to
any legend required by state securities laws): 

 THE SECURITIES REPRESENTED HEREBY HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAWS. SUCH SECURITIES AND ANY SECURITIES ISSUED HEREUNDER OR THEREUNDER MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN
EXEMPTION THEREFROM UNDER SAID ACT AND ANY OTHER APPLICABLE LAWS. 
 10. Lock Up. In the event the Company shall undertake its first
sale to the public pursuant to a registration statement of the Company filed under the Securities Act, each Holder shall agree in writing, in form and substance customary for similar transactions, if requested by the managing underwriter or
underwriters thereof, not to lend, offer, pledge, sell, contract to sell (including, without limitation, any short sale), sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to
purchase, or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or other securities of the Company convertible into or exercisable or exchangeable for Common Stock held by such Holder immediately before the
effective date of the registration statement for such offering, or enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of Common Stock (whether any such transaction
is described in this subsection is to be settled by delivery of Common Stock or such other securities, in cash or otherwise, except for securities to be sold to such underwriter pursuant to such registration statement; provided, however that:

  

	 	(a)	Such period shall not exceed one hundred eighty (180) days after the effective date of the registration statement, except that such 180-day period may be extended for not more
than eighteen (18) days if such extension is reasonably necessary to allow the Company’s underwriters to comply with NASD Conduct Rule 2711 (or any similar successor rule); and 

  

 - 13 - 

	 	(b)	The Company’s directors, officers and stockholders individually owning more than one percent (1%) of the Company’s outstanding Common Stock (after giving effect to
conversion into Common Stock of all outstanding shares of Preferred Stock of the Company) also agree to such limitations. 

 The
Company may impose stop-transfer instructions with respect to the shares of Common Stock or other securities of the Company convertible into or exercisable or exchangeable for Common Stock subject to the foregoing restriction until the end of such
one hundred eighty (180) day period (or the extended period set forth above). 
 11. Miscellaneous. 
  

	 	(a)	Notices. All notices and other communications required or permitted hereunder shall be in writing, and shall be deemed to have been delivered on the date delivered by hand,
telegram, facsimile or by similar means, on the first (1st) day following the day when sent by recognized courier or overnight delivery service (fees prepaid), or on the third (3rd) day following the day when deposited in the mail,
registered or certified (postage prepaid), addressed: (i) if to a Holder of any Warrant, at the registered address of such Holder as set forth in the register kept by the Company at its principal office with respect to the Warrants, or to such
other address as such Holder may have designated to the Company in writing, and (ii) if to the Company, at 416 S. Bell Avenue, PO Box 888, Ames, Iowa 50010, Attention: Chief Executive Officer or addresses as the Company may have designated in
writing to each Holder of any of the Warrants at the time outstanding; provided, however, that any such communication to the Company may also, at the option of any Holder, be either delivered to the Company at its address set forth above or
to any officer of the Company. 

  

	 	(b)	Governing Law. THIS WARRANT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED BY, THE LAWS OF THE STATE OF DELAWARE WITHOUT
REGARD TO PRINCIPLES OF CONFLICTS OF LAWS. 

  

	 	(c)	Remedies. The Company stipulates that the remedies at law of the Holders in the event of any default or threatened default by the Company in the performance of or compliance
with any of the terms of this Warrant are not and will not be adequate, and that such terms may be specifically enforced by a decree for the specific performance of any agreement contained herein or by an injunction against a violation of any of the
terms hereof or otherwise. 

  

 - 14 - 

	 	(d)	Amendments. This Warrant and any provision hereof may be amended, changed, waived, discharged or terminated only by a written instrument signed by the Holder and an
authorized representative of the Company. 

  

	 	(e)	Descriptive Headings. The descriptive headings of the several paragraphs of this Warrant are inserted for purposes of reference only, and shall not affect the meaning or
construction of any of the provisions hereof. 

  

	 	(f)	Successors and Assigns. Subject to the restrictions and requirements of this Warrant, the terms and provisions of this Warrant shall inure to the benefit of, and be binding
upon, the Company and the Holder and their respective successors and assigns. 

 [Signature Page Follows] 
  

 - 15 - 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by its duly authorized officer as of
the      day of                     . 
  

			
	COMPANY:
	
	RENEWABLE ENERGY GROUP, INC.
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	HOLDER:
		
	By:	 	 
	Name:	 	 
	Title:	 	 

 STOCK PURCHASE WARRANT SIGNATURE
PAGE 
  

 - 16 - 

 FORM OF EXERCISE AGREEMENT 
 To: Renewable Energy Group, Inc. 
 Attention: Chief Executive Officer 
 The undersigned hereby elects to exercise this Warrant for
                             shares of Common Stock of Renewable Energy Group, Inc. pursuant to the
terms of the Warrant. As indicated below, Holder has either elected to pay the Exercise Price per share in cash, which payment accompanies this notice, or has elected to make a net exercise. 
 The undersigned is acquiring such shares for the purpose of investment and not with a view to or for sale in connection with any distribution thereof.

  

							
		 		 	HOLDER:
			
		 		 	 
				
	Date:
                                         
                   	 		 	By:	 	 
				
		 		 	Name:	 	 
				
		 		 	Title:	 	 
				
		 		 	Address:	 	 
				
		 		 		 	 
				
		 		 		 	 
				
	Name in which shares should be registered:	 		 		 	
				
	 	 		 		 	
				
	Indicate method of exercise:	 		 		 	
				
	                         Cash Exercise	 		 		 	
				
	                         Net Exercise

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00161-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00161-of-00352.parquet"}]]