Document:

Registration Rights Agreement

 Exhibit 4.9 
  

			
		  	REGISTRATION RIGHTS AGREEMENT, dated as of August 17, 2007, among VERASUN ENERGY CORPORATION, a South Dakota corporation (the “Company”) and the holders of Registrable
Securities (as defined below) party hereto (collectively, the “Holders”).

 WHEREAS, pursuant to the Unit Purchase Agreement (the “Purchase Agreement”) dated
as of July 22, 2007, among ASA Opco Holdings, LLC, ASAlliance Biofuels, LLC (“Parent”), the securityholders of Parent named therein and the Company, the Holders have received shares of common stock, par value $0.01 per share,
of the Company (the “Company Common Stock”); and 
 WHEREAS, the Company and the Holders desire to provide for certain
arrangements with respect to the registration of the Registrable Securities under the Securities Act of 1933, as amended; 
 NOW THEREFORE,
in consideration of the mutual covenants and agreements set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto hereby
agree as follows: 
 SECTION 1.01. Definitions. The following terms shall have the following meanings for purposes of this Agreement:

 “Affiliate” means, with respect to any Person, (a) any Subsidiary of such Person or (b) any other Person that,
directly or indirectly, controls, is controlled by, or is under common control with, such Person. For the purposes of this definition, “control” means the possession of the power to direct or cause the direction of the management and
policies of such Person, whether through the ownership of voting securities, by contract or otherwise. 
 “Agreement” means
this Registration Rights Agreement, as it may be amended, supplemented, restated or modified from time to time. 
 “Business
Day” means any day other than a Saturday, a Sunday or a U.S. Federal holiday. 
 “Company” is defined in the
preamble hereto. 
 “Company Common Stock” is defined in the recitals hereto. 
 “Company Funded Offering” is defined in Section 1.02(b). 
 “Demand Request” is defined in Section 1.02(b). 

 “Disadvantageous Condition” is defined in Section 1.02(a). 
 “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, together with the rules and regulations promulgated
thereunder. 
 “Existing Shareholder Agreement” means the Shareholder Agreement dated as of November 30, 2005 by and
among the Company and the shareholders of the Company party thereto, as amended from time to time. 
 “Group” has the
meaning assigned to such term in Section 13(d)(3) of the Exchange Act. 
 “Holders” is defined in the preamble hereto.

 “Inspectors” is defined in Section 1.04(a)(8). 
 “Minimum Demand Request Amount” means with respect to any Requesting Holder or Holders, such number of shares of Registrable Securities
that have an aggregate minimum market value (based on the closing price on the NYSE on the date preceding the date of the Demand Request) of at least $50 million, before calculation of underwriting discounts and commissions. 
 “NASD” means the National Association of Securities Dealers, Inc. 
 “NYSE” means the New York Stock Exchange or any such exchange or quotation system on which the Company Common Stock are then listed for
trading. 
 “Parent” is defined in the recitals hereto. 
 “Person” means any individual, corporation, limited liability company, limited or general partnership, joint venture, association,
joint-stock company, trust, unincorporated organization, government or any agency or political subdivisions thereof or any Group comprised of two or more of the foregoing. 
 “Priority Securities” is defined in Section 1.03(a). 
 “Proceeding” is defined in Section 1.07(k). 
 “Purchase Agreement” is
defined in the recitals hereto. 
 “Records” is defined in Section 1.04(a)(8). 
 “Registrable Securities” means all shares of Company Common Stock received by the Holders pursuant to the Purchase Agreement (including
the shares to be held in escrow pursuant to the Purchase Agreement) and any additional shares of Company Common Stock or securities convertible into or exercisable therefore received by the Holders as a result of their ownership of the Registrable
Securities; provided, 

  

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however, that a security shall cease to be a Registrable Security if and when (i) a registration statement with respect to such security becomes
effective under the Securities Act and such security is disposed of pursuant to such effective registration statement, (ii) such security is otherwise transferred (other than to an Affiliate of the Holder), if a new certificate or other
evidence of ownership for such security not bearing a legend restricting further transfer and not subject to any stop transfer order or other restrictions on transfer is delivered by the Company and subsequent disposition of such security does not
require registration or qualification of such security under the Securities Act, and the Company’s outside counsel provides the Holder with an unqualified opinion to such effect, or (iii) such security ceases to be outstanding. 

“Registration Expenses” means all fees and expenses incident to the Company’s performance of or compliance with this Agreement,
consisting of (i) all SEC, stock exchange, NASD and other registration, listing and filing fees and expenses, (ii) fees and expenses of compliance with securities or blue sky laws, (iii) rating agency fees, (iv) printing
expenses, (v) messenger, telephone and delivery expenses, (vi) fees, expenses and disbursements of counsel for the Company, (vii) fees, expenses and disbursements of the Company’s independent certified public accountants,
(viii) costs of Securities Act liability insurance (if the Company so desires such insurance), (ix) fees and expenses of all other Persons retained by the Company in connection with the consummation of the transactions contemplated by this
Agreement and (x) all internal expenses of the Company incurred in connection with the consummation of the transactions contemplated in this Agreement (including all salaries and expenses of its officers and employees performing legal or
accounting duties, the expense of any annual audit and the fees and expenses incurred in listing the Registrable Securities on any securities exchange); provided, however, that “Registration Expenses” shall not include any
fees, expenses or disbursements of any Holder participating in the relevant registration or those of any underwriters, selling brokers or similar professionals, including any discounts, commissions or fees of such underwriters, selling brokers or
similar professionals and including any fees, expenses or disbursements of counsel to any such Holder or any such underwriter, selling broker or professional. 
 “Requesting Holder” is defined in Section 1.02(b). 
 “SEC” means the
United States Securities and Exchange Commission. 
 “Securities Act” means the United States Securities Act of 1933, as
amended, together with the rules and regulations promulgated thereunder. 
 “Seller” is defined in Section 1.06(a).

 “Shelf Registration” means a “shelf” registration statement on an appropriate form pursuant to Rule 415 under
the Securities Act (or any successor rule that may be adopted by the SEC). 
 “Subsidiary” means, with respect to any Person
(the “parent”) at any date, 

  

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any other Person of which the parent, directly or indirectly, owns equity interests that (i) represent more than 50% of the total number of outstanding
common or other residual equity interests (however denominated) of such Person, (ii) represent more than 50% of the total voting power of all outstanding equity interests of such Person which are entitled to vote in the election of directors,
managers or other persons performing similar functions for and on behalf of such Person, (iii) are entitled to more than 50% of the dividends paid and other distributions made by such Person prior to liquidation or (iv) are entitled to
more than 50% of the assets of such Person or proceeds from the sale thereof upon liquidation. 
 “Underwriter” is defined
in Section 1.06(a). 
 SECTION 1.02. Shelf Registration Statement; Certain Demand Offering Rights. (a) Shelf Registration
Statement. Within 120 days after the date hereof, the Company shall file with the Commission a Shelf Registration relating to the offer and sale of (i) all of the Registrable Securities and (ii) all shares of Company Common Stock that
the Company is requested to register under the Existing Shareholder Agreement. Thereafter, the Company shall use its reasonable best efforts to cause such Shelf Registration Statement to be declared effective within 180 days after the date hereof.
The Company shall use its reasonable best efforts to keep the Shelf Registration Statement continuously effective, subject to the other provisions of this Section 1.02(a), in order to permit the prospectus included therein to be lawfully
delivered by the Holders of the relevant Registrable Securities, until the second anniversary of the date hereof or such shorter period that will terminate when all the Registrable Securities covered by the Shelf Registration Statement have been
sold pursuant thereto or cease to be outstanding. The Company shall use its reasonable best efforts to cause the Shelf Registration Statement and the related prospectus and any amendment or supplement thereto, as of the effective date of the Shelf
Registration Statement, amendment or supplement, (i) to comply in all material respects with the applicable requirements of the Securities Act and the rules and regulations of the Commission and (ii) not to contain any untrue statement of
a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (other than with respect to information
included therein in reliance upon or in conformity with written information furnished to the Company by or on behalf of any Holder specifically for use therein). The filing of the Shelf Registration Statement and the causing of the Shelf
Registration Statement to be declared effective shall be at the Company’s own expense as provided in Section 1.02(c). Notwithstanding any other provision of this Agreement to the contrary, if there is (i) material non-public
information regarding the Company which the Company’s Board of Directors reasonably determines to be significantly disadvantageous for the Company to disclose and which the Company is not otherwise required to disclose at such time,
(ii) there is a significant business opportunity (including the acquisition or disposition of assets (other than in the ordinary course of business) or any merger, consolidation, share exchange, tender offer or other similar transaction)
available to the Company which the Board reasonably determines to be significantly disadvantageous for the Company to disclose or (iii) there 

  

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is any other event or condition of similar significance to the Company that the Board reasonably determines to be significantly disadvantageous for the
Company to disclose and which the Company is not otherwise required to disclose at such time (each, a “Disadvantageous Condition”), and the Company’s Board of Directors shall adopt a resolution setting forth in reasonable
detail the Disadvantageous Condition (giving due regard to any confidentiality or competitive considerations), then the Company shall not be required to file any amendment or supplement required to maintain the effectiveness of the Shelf
Registration until the earlier of (x) 120 days following the date such resolution was adopted and (y) the date such Disadvantageous Condition no longer exists (notice of which the Company shall promptly deliver to the Holders) and upon
receipt of any such notice of a Disadvantageous Condition all Holders selling securities pursuant to the Shelf Registration Statement shall discontinue use of the prospectus contained in the Shelf Registration Statement and, if so directed by the
Company, each Holder shall deliver to the Company all copies, other than permanent file copies, then in such Holder’s possession, of the prospectus then covering such Registrable Securities current at the time of receipt of such notice. The
Company shall use it reasonable best efforts to cause a Disadvantageous Condition to cease to apply as soon as practicable after the Company’s Board of Directors determines that a Disadvantageous Condition applies. The Company may not suspend
the effectiveness or availability of the Shelf Registration Statement pursuant to this Section 1.02(a) for more than 120 consecutive days. Within 20 days after receiving a notice of a Disadvantageous Condition, the applicable Requesting Holders
may withdraw any outstanding Demand Request by giving written notice thereof to the Company, and, if withdrawn, such Demand Request shall be deemed not to have been made for purposes of this Agreement. 
 (b) Demand Offering. Subject to Section 1.02(a), at any time commencing on the date that is 180 days after the date hereof and while the
Shelf Registration Statement is effective, upon the written request (a “Demand Request”) of a Holder or Holders (“Requesting Holders”) requesting that the Company effect an underwritten offering (a “Company
Funded Offering”) of Registrable Securities of such Requesting Holders representing at least the Minimum Demand Request Amount (which request shall specify the number of shares of Registrable Securities to be offered by such Requesting
Holders, subject to reduction to the extent provided herein), the Company shall promptly (but in no event more than five Business Days after receipt of the applicable Demand Request) deliver written notice of such requested registration to all other
Holders of Registrable Securities and shall use its reasonable best efforts to effect, as expeditiously as possible, an underwritten offering of (i) the Registrable Securities which the Company has been so requested to register by the
Requesting Holders, (ii) all other Registrable Securities which the Company has been requested to register by any other Holder thereof by written request received by the Company within 15 days after the giving of such written notice by the
Company (which request shall specify the number of shares of Registrable Securities to be offered by such Holder, subject to reduction as provided herein) and (iii) all shares of Company Common Stock that the Company may be required to allow to
participate in such underwritten offering under the Existing Shareholder Agreement; provided, however, that (A) the Company shall not be required 

  

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to effect any such underwritten offering within a period of six months after (x) the date of any other underwritten offering of Company Common Stock or
(y) the effective date of any other registration or offering in which the Holders are permitted to participate pursuant to Section 1.03; and (B) the Company shall only be obligated to effect a total of two Company Funded Offerings.
Each underwritten offering under this Section 1.02 shall be at the Company’s own expense as provided in Section 1.02(c). Promptly after the expiration of the 15-day period referred to in clause (ii) above, the Company shall
notify all the Holders to be included in the underwritten offering of the identity of each such Holder and the number of shares of Registrable Securities requested to be included therein. The Requesting Holders may, at any time prior to the pricing
of the applicable underwritten offering, revoke the applicable Demand Request, without liability (except as set forth in Section 1.02(c)) to any other Holders of Registrable Securities requested to be registered pursuant to this
Section 1.02(b), by providing a written notice to the Company revoking such request. 
 (c) Expenses. The Company shall pay all
Registration Expenses in connection with the Shelf Registration Statement and all underwritten offerings requested pursuant to Section 1.02(b) that are consummated. The Company shall not be liable for Registration Expenses in connection with an
underwritten offering that shall not have been consummated due to a revocation by the Holders requesting such underwritten offering (other than pursuant to the last sentence of Section 1.02(a)) unless (i) such Holders agree that such
revoked underwritten offering counts as one of the Company Funded Offerings or (ii) at the time of such revocation, the Holders shall have learned of a material adverse change in the condition, business or prospects of the Company from that
known to the Holders at the time of their request and have withdrawn the request with reasonable promptness after learning of such information. Except as provided in the preceding sentence, the obligation to pay the Registration Expenses in
connection with such revoked underwritten offering shall be due and payable by the Holders who participated in such underwritten offering or who initially requested and revoked such underwritten offering, and such expenses shall be borne by them in
proportion to the number of shares of Registrable Securities requested by them to be registered. 
 (d) Selection of Underwriters. The
Company shall have the right to select the underwriters for each Company Funded Offering; provided, however, that (i) the Holders selling a majority-in-interest of Registrable Securities to be sold in connection with the relevant
registration shall have the right to select one joint lead bookrunning underwriter (but not the joint lead bookrunning underwriter that will be on the left of the cover page of any offering materials related to such registration or the stabilization
agent), which joint lead bookrunning underwriter shall have participation in pricing and bookbuilding and shall be subject to the reasonable approval of the Company, and (ii) the Company shall be entitled to select no more than two additional
joint lead bookrunning underwriters. 
 (e) Pro Rata Participation in Demand Registrations. If a majority of the joint lead
bookrunning underwriters selected in accordance with Section 1.02(d) shall advise the Company that, in their good faith view (based upon prevailing market 

  

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conditions), the number of securities requested to be included in such registration (including securities which the Company requests to be included) exceeds
the largest number of securities which can be sold without having a significant negative effect on the price at which such securities can be sold in such offering, the Company shall include the following Company Common Stock in the following order:

 (i) all Registrable Securities requested to be included in such underwritten offering pursuant to Section 1.02(b)(i)
(provided, however, that if the number of Registrable Securities requested to be included in such underwritten offering pursuant to Section 1.02(b)(i) exceeds the number which the Company has been advised can be sold in such
underwritten offering without having the negative effect referred to above, the number of such Registrable Securities included in such underwritten offering pursuant to this Section 1.02(e)(i) shall be that number of securities which the
Company has been advised it can sell allocated pro rata among the Holders referred to in this Section 1.02(e)(i) on the basis of the shares of Registrable Securities each such Holder has requested to be included in such underwritten offering);

 (ii) to the extent that the number of Registrable Securities requested to be included in such underwritten offering
pursuant to Section 1.02(b)(i) is, in the aggregate, less than the number of securities which the Company has been advised can be sold in such underwritten offering without having the significant negative effect on pricing referred to above,
all Registrable Securities requested to be included in such underwritten offering pursuant to Section 1.02(b)(ii) (provided, however, that if the number of Registrable Securities requested to be included in such underwritten
offering pursuant to Section 1.02(b)(i), together with the Registrable Securities requested to be included in such underwritten offering pursuant to Section 1.02(b)(ii), exceeds the number which the Company has been advised can be sold in
such offering without having the negative effect referred to above, the number of such Registrable Securities included in such underwritten offering pursuant to this Section 1.02(e)(ii) shall be that number of securities which the Company has
been advised it can sell in excess of the number of Registrable Securities being included in such underwritten offering pursuant to Section 1.02(b)(i), allocated pro rata among the other Holders referred to in this Section 1.02(e)(ii) on
the basis of the shares of Registrable Securities each such other Holder has requested to be included in such underwritten offering); 
 (iii) to the extent that the number of Registrable Securities requested to be included in such underwritten offering pursuant to Sections 1.02(b)(i) and 1.02(b)(ii) is, in the aggregate, less than the number of
securities which the Company has been advised can be sold in such underwritten offering without having the significant negative effect 

  

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on pricing referred to above, all Company Common Stock requested to be included in such underwritten offering pursuant to the Existing Shareholders Agreement
(provided, however, that if the number of Registrable Securities requested to be included in such underwritten offering pursuant to Sections 1.02(b)(i) and 1.02(b)(ii), together with the Company Common Stock requested to be included in
such underwritten offering pursuant to the Existing Shareholders Agreement, exceeds the number which the Company has been advised can be sold in such offering without having the negative effect referred to above, the number of such Company Common
Stock included in such underwritten offering pursuant to the Existing Shareholders Agreement shall be that number of securities which the Company has been advised it can sell in excess of the number of Registrable Securities being included in such
underwritten offering pursuant to Sections 1.02(b)(i) and 1.02(b)(ii), allocated in accordance with the terms of the Existing Shareholders Agreement); and 
 (iv) to the extent that the number of Registrable Securities and Company Common Stock requested to be included in such underwritten offering pursuant to Sections 1.02(b)(i) and 1.02(b)(ii) and the Existing
Shareholders Agreement is, in the aggregate, less than the number of securities which the Company has been advised can be sold in such underwritten offering without having the significant negative effect on pricing referred to above, any equity
securities proposed to be sold by the Company (provided, however, that if the number of securities proposed to be sold by the Company, together with the number of Registrable Securities and Company Common Stock to be included in such
underwritten offering pursuant to Sections 1.02(b)(i) and 1.02(b)(ii) and the Existing Shareholders Agreement, exceeds the number which the Company has been advised can be sold in such offering without having the negative effect referred to above,
the number of such securities included in such underwritten offering pursuant to this Section 1.02(e)(iv) shall be that number of securities which the Company has been advised it can sell in excess of the number of Registrable Securities and
Company Common Stock included in such underwritten offering pursuant to Sections 1.02(b)(i) and 1.02(b)(ii) and the Existing Shareholders Agreement). 
 SECTION 1.03. Certain Piggyback Registration Rights. (a) General. If, at any time on or prior to the second anniversary of the date hereof, the Company at any time proposes to register any of its
equity securities (the “Priority Securities”) under the Securities Act (other than a registration (i) on Form S-8 or S-4 or any successor or similar forms, (ii) relating to equity securities issuable upon exercise of
employee stock or similar options or in connection with any employee benefit or similar plan of the Company, (iii) in connection with an acquisition by the Company of another entity or (iv) pursuant to a registration under
Section 1.02), whether or not for sale for its own account 

  

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(but not for the account of any Holder of Registrable Securities), in a manner which would permit registration of Registrable Securities for sale to the
public under the Securities Act, it shall each such time, subject to the provisions of Section 1.03(b), give written notice to all Holders of record of Registrable Securities of its intention to do so and of such Holders’ rights under this
Section 1.03 at least 10 days prior to the anticipated filing date of the registration statement relating to such registration. Such notice shall offer all such Holders the opportunity to include in such registration statement such number of
Registrable Securities as each such Holder may request. Upon the written request of any such Holder made within 10 days after the receipt of the Company’s notice (which request shall specify the number of Registrable Securities intended to be
disposed of by such Holder, subject to reduction as provided herein, and the intended method of disposition thereof), the Company shall use its reasonable best efforts to effect the registration under the Securities Act of all Registrable Securities
which the Company has been so requested to register by the Holders thereof, to the extent required to permit the disposition (in accordance with such intended methods thereof) of the Registrable Securities so to be registered; provided,
however, that (A) if such registration involves an underwritten offering, all Holders of Registrable Securities requesting to be included in the Company’s registration must sell their Registrable Securities to the underwriters
selected by the Company on the same terms and conditions as apply to the Company or the original selling holders for whose account the registration has been made and (B) if, at any time after giving written notice of its intention to register
any securities pursuant to this Section 1.03(a) and prior to the effective date of the registration statement filed in connection with such registration, the Company shall determine for any reason not to register such securities, the Company
shall give written notice to all Holders of Registrable Securities and, thereupon, shall be relieved of its obligation to register any Registrable Securities in connection with such registration (without prejudice, however, to rights of Holders
under Section 1.02). If a registration pursuant to this Section 1.03(a) involves an underwritten public offering, any Holder of Registrable Securities requesting to be included in such registration may elect, in writing prior to the
effective date of the registration statement filed in connection with such registration, not to register such securities in connection with such registration. No registration effected under this Section 1.03 shall relieve the Company of its
obligations under Section 1.02. The Company shall pay all Registration Expenses in connection with each registration of Registrable Securities pursuant to this Section 1.03. Nothing contained in this Section 1.03 shall create any
liability on the part of the Company to the Holders if the Company should for any reason decide not to file a registration statement for which piggyback registration rights are available or withdraw such registration statement subsequent to its
filing, regardless of any action Holders may have taken, whether as a result of the issuance by the Company of any notice hereunder or otherwise. 
 (b) Priority in Piggyback Registrations. If a registration pursuant to this Section 1.03 involves an underwritten offering and a majority of the joint lead bookrunning underwriters shall advise the Company that, in their good
faith view (based primarily upon prevailing market conditions), the number of securities (including all Registrable Securities) which the Company, the Holders and any other Persons intend to 

  

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include in such registration exceeds the largest number of securities which can be sold without having a significant negative effect on the price at which
such securities can be sold in such offering, the Company will include in such registration in the following order: 
 (i) all
Registrable Securities requested to be included in such underwritten offering by the Holders pursuant to Section 1.03(a) and all Company Common Stock requested to be included in such underwritten offering pursuant to the Existing Shareholders
Agreement (provided, however, that if the number of Registrable Securities requested to be included in such underwritten offering by the Holders pursuant to Section 1.03(a) and the Company Common Stock requested to be included in
such underwritten offering pursuant to the Existing Shareholders Agreement exceeds the number which the Company has been advised can be sold in such underwritten offering without having the negative effect referred to above, the number of such
Registrable Securities requested to be included in such underwritten offering by the Holders pursuant to Section 1.03(a) and the number of Company Common Stock requested to be included in such underwritten offering pursuant to the Existing
Shareholders Agreement shall be allocated pro rata among all such requesting Holders and such requesting holders of Company Common Stock on the basis of the number of Registrable Securities and Company Common Stock each such other Holder or holder,
respectively, has requested to be included in such underwritten offering); and 
 (ii) to the extent that the number of
Registrable Securities and Company Common Stock requested to be included in such underwritten offering pursuant to Section 1.03(a) and the Existing Shareholders Agreement, respectively, is, in the aggregate, less than the number of securities
which the Company has been advised can be sold in such underwritten offering without having the significant negative effect on pricing referred to above, all the Priority Securities (including any to be sold for the Company’s own account or for
other holders of Priority Securities (other than for the account of any Holders)) (provided, however, that if the number of Registrable Securities and Company Common Stock requested to be included in such underwritten offering pursuant
to Section 1.03(a) and the Existing Shareholders Agreement, together with the number of Priority Securities to be included in such underwritten offering pursuant to this clause (ii), exceeds the number which the Company has been advised can be
sold in such offering without having the negative effect referred to above, the number of such Priority Securities to be included in such underwritten offering shall be allocated pro rata among all holders of Priority Securities on the basis of the
number of Priority Securities each such holder has requested to be included in such underwritten offering). 
  

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 SECTION 1.04. Procedures. (a) If and whenever the Company is required to use its reasonable
best efforts to effect or cause the registration under the Securities Act as provided in this Agreement of any Registrable Securities, the Company shall, as expeditiously as possible: 
 (1) notify each Holder of Registrable Securities covered by such registration statement when such registration statement or any amendment
thereto has been filed or becomes effective; 
 (2) notify each Holder of Registrable Securities covered by such registration
statement of any notice from the SEC that there will be a review of such registration statement and promptly provide such Holders with a copy of any SEC comments received by the Company in connection therewith; 
 (3) furnish, without charge, to each Holder and each underwriter, if any, of Registrable Securities covered by such registration statement
such number of copies of such registration statement, each amendment and supplement thereto, and the prospectus included in such registration statement (including each preliminary prospectus), in conformity with the requirements of the Securities
Act, and such other documents as such Holder may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such Holder; 
 (4) use its reasonable best efforts to register or qualify the Registrable Securities covered by such registration statement under such
other securities or blue sky laws of such jurisdictions as any underwriter of Registrable Securities covered by such registration statement reasonably requests and do any and all other acts and things which may be reasonably necessary or advisable
to enable each Holder and each underwriter to consummate the disposition in such jurisdictions of the Registrable Securities owned by such Holder; provided, however, that the Company shall not be required to (i) qualify generally
to do business in any jurisdiction where it would not otherwise be required to qualify but for this paragraph (4), (ii) subject itself to taxation in any such jurisdiction or (iii) consent to general service of process in any such
jurisdiction in which it is not already subject to service of process; 
 (5) use its reasonable best efforts to cause the
Registrable Securities covered by such registration statement to be registered with or approved by such other governmental agencies or authorities as may be necessary by virtue of the business and operations of the Company to enable the Holder or
Holders thereof to consummate the disposition of such Registrable Securities; 
 (6) immediately notify each of the joint lead
bookrunning underwriters, if any, and each Holder of Registrable Securities covered by such registration statement, at any time when a prospectus relating thereto is required to be delivered under the Securities Act of the happening of any event
which comes to the Company’s attention if as a result of such event the prospectus included in 

  

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such registration statement contains an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to
make the statements therein not misleading, and the Company shall promptly prepare and file with the SEC such amendment or supplement to such registration statement or prospectus and furnish to such Holder a supplement or amendment to such
prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to
make the statements therein not misleading; 
 (7) enter into such customary agreements (including an underwriting agreement
in customary form) and take all such other actions as the underwriters reasonably request in order to expedite or facilitate the disposition of such Registrable Securities, including customary indemnification; 
 (8) make available for inspection by any underwriter participating in any underwritten offering of Registrable Securities pursuant to
Section 1.02, and any attorney, accountant or other agent retained by any such underwriter (collectively, the “Inspectors”), those financial and other records, organizational documents and properties of the Company and its
controlled entities (collectively, “Records”), and cause the Company’s and its controlled entities’ officers, directors and employees to supply that information and respond to those inquiries reasonably requested by any
such Inspector in connection with such registration statement, in each case under this paragraph (8) only to the extent reasonably necessary, as mutually determined by the Company and the applicable underwriters, to enable such underwriters to
conduct their due diligence investigation; 
 (9) use its reasonable best efforts to furnish to any underwriter participating
in any underwritten offering pursuant to Section 1.02 a signed counterpart of a “cold comfort” letter from the Company’s independent public accountants who have audited the Company’s financial statements included or
incorporated by reference in such registration statement (and prospectus included therein), in customary form and covering such matter of the type customarily covered by “cold comfort” letters delivered in connection with underwritten
public offerings of securities as the underwriters reasonably request (and dated the dates such comfort letters are customarily dated); 
 (10) use its reasonable best efforts to furnish to each underwriter participating in any underwritten offering pursuant to Section 1.02 a signed counterpart of an opinion and negative assurance letter of counsel
from the Company’s outside counsel in customary form and covering such matters of the type customarily covered in opinions and negative assurance letters of counsel delivered in connection with underwritten public offerings of securities;

  

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 (11) cooperate with each seller of Registrable Securities and each underwriter or agent
participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings with the NASD; and 
 (12) otherwise use its reasonable best efforts to comply with all applicable rules and regulations of the SEC. 
 (b) It shall be a condition precedent to the obligation of the Company to take any action pursuant to this Agreement in respect of the Registrable Securities which are to be registered or offered for the benefit of any Holder thereof that
such Holder shall furnish to the Company such information regarding the Registrable Securities held by such Holder and the intended method of disposition thereof as the Company shall reasonably request and as shall be reasonably required in
connection with the action taken by the Company. 
 (c) Each Holder agrees that, upon receipt of any notice from the Company of the happening
of any event of the kind described in Section 1.04(a)(6), such Holder shall discontinue disposition of Registrable Securities pursuant to the registration statement covering such Registrable Securities until such Holder’s receipt of the
copies of the supplemented or amended prospectus contemplated by Section 1.04(a)(6), and, if so directed by the Company, such Holder shall deliver to the Company all copies (including any and all drafts), other than permanent file copies, then
in such Holder’s possession, of the prospectus covering such Registrable Securities, current at the time of receipt of such notice. 
 SECTION 1.05. Holdback Agreements. (a) With respect to any underwritten public offering of Registrable Securities pursuant to this Agreement, each Holder of Registrable Securities agrees not to effect any public sale or
distribution, including any sale pursuant to Rule 144, or any successor provision, under the Securities Act, of any Registrable Securities and not to effect any such public sale or distribution of any other equity security of the Company or of any
security convertible into or exchangeable or exercisable for any equity security of the Company or publicly announce an intention to do any of the foregoing (in each case, other than as part of such underwritten public offering) during the seven
days prior to, and during the 90-day period which begins on the effective date of such registration statement, or, in the case of any underwritten offering under the Shelf Registration Statement, the closing date of such underwritten offering (which
90-day period shall be tolled to the extent of any blackouts upon the good faith declaration of any Disadvantageous Conditions in accordance with Section 1.02(a)) (except as part of such registration), and agrees further to enter into a
customary lock-up with the underwriters of such offering; provided, however, that such Holder of Registrable Securities has received written notice of such registration at least 15 days prior to the anticipated beginning of the
seven-day period referred to above. 
 (b) With respect to any underwritten public offering of Registrable Securities pursuant to this
Agreement, the Company agrees not to effect any public sale or distribution of any of its equity securities or of any security convertible into or 

  

 13 

 
exchangeable or exercisable for any equity security of the Company (other than any such sale or distribution of such securities in connection with any merger
or consolidation by the Company or any subsidiary of the Company or the acquisition by the Company or a subsidiary of the Company of the capital stock or substantially all the assets of any other Person or in connection with an employee stock
ownership or other benefit plan) during the seven days prior to, and during the 90-day period which begins on, the effective date of such registration statement or, in the case of any underwritten offering under the Shelf Registration Statement, the
closing date of such underwritten offering (which 90-day period shall be tolled to the extent of any blackouts upon the good faith declaration of any Disadvantageous Conditions in accordance with Section 1.02(a)) (except as part of such
registration) and agrees further to enter into a customary lock-up with the underwriters of such offering. 
 (c) During the term of this
Agreement, each certificate evidencing Registrable Securities held of record or beneficially owned by a Holder shall bear the following legend: 
 “THE SECURITIES EVIDENCED BY THIS CERTIFICATE ARE SUBJECT TO AND TRANSFERABLE ONLY UPON
COMPLIANCE WITH THE PROVISIONS OF A REGISTRATION RIGHTS AGREEMENT, DATED AS OF AUGUST 17, 2007, AMONG VERASUN ENERGY CORPORATION AND THE STOCKHOLDERS PARTY THERETO, AS AMENDED FROM TIME TO TIME. A COPY OF SUCH REGISTRATION RIGHTS AGREEMENT IS ON
FILE AT THE PRINCIPAL OFFICE OF VERASUN ENERGY CORPORATION AT 100 22ND AVENUE, BROOKINGS, SOUTH DAKOTA 57006.” 
 (d) Upon a Person ceasing to have rights and obligations under this Agreement pursuant to the terms hereof or upon termination of this Agreement, such
Person may surrender to the Company any certificates held of record by such Person and bearing the legend set forth in Section 1.05(c), and upon surrender of such certificates, the Company shall reissue such certificates without such legend.

 SECTION 1.06. Indemnification and Contribution. (a) To the fullest extent permitted by applicable law, the Company shall
indemnify and hold harmless each Person who participates as an underwriter (any such Person being an “Underwriter”), each Holder of Registrable Securities to be sold in connection with the relevant registration (each such Holder
being a “Seller”) and their respective partners, directors, officers and employees and each Person, if any, who controls any Seller or Underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act as follows: 
 (i) against any and all losses, liabilities, claims, damages, judgments and reasonable expenses
whatsoever, as incurred, arising out of any untrue statement or alleged untrue statement of a material fact contained in any registration statement (or any amendment thereto) 

  

 14 

 
relating to such registration, including all documents incorporated therein by reference, or the omission or alleged omission therefrom of a material fact
required to be stated therein or necessary to make the statements therein not misleading or arising out of any untrue statement or alleged untrue statement of a material fact contained in any prospectus (or any amendment or supplement thereto)
relating to such registration, including all documents incorporated therein by reference, or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading; 
 (ii) against any and all losses, liabilities, claims, damages, judgments and
reasonable expenses whatsoever, as incurred, to the extent of the aggregate amount paid in settlement of any litigation, investigation or proceeding by any governmental agency or body, commenced or threatened, or of any other claim whatsoever based
upon any such untrue statement or omission, or any such alleged untrue statement or omission, if such settlement is effected with the written consent of the Company; and 
 (iii) against any and all reasonable expense whatsoever, as incurred (including, subject to Section 1.06(c), fees and disbursements
of counsel) incurred in investigating, preparing or defending against any litigation, investigation or proceeding by any governmental agency or body, commenced or threatened, in each case whether or not such Person is a party, or any claim
whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission, to the extent that any such expense is not paid under subparagraph (i) or (ii) above; 
 provided, however, that this indemnity agreement does not apply to any Seller or Underwriter with respect to any loss, liability, claim, damage, judgment
or expense to the extent arising out of any untrue statement or omission or alleged untrue statement or omission (A) made in reliance upon and in conformity with written information furnished to the Company by such Seller or Underwriter
expressly for use in a registration statement (or any amendment thereto) or any related prospectus (or any amendment or supplement thereto) or (B) if such untrue statement or omission or alleged untrue statement or omission was corrected in an
amended or supplemented registration statement or prospectus and the Company had furnished copies thereof to the Underwriter or Seller from which the Person asserting such loss, liability, claim, damage, judgment or expense purchased the securities
that are the subject thereof on a timely basis prior to the applicable investment decision. 
 (b) Each Seller shall severally indemnify and
hold harmless the Company, each Underwriter and the other Sellers, and each of their respective partners, directors, officers and employees (including each director and officer of the Company who signed the relevant registration statement) and each
Person, if any, who controls the 

  

 15 

 
Company, any Underwriter or any other Seller within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, against any
and all losses, liabilities, claims, damages, judgments and expenses described in the indemnity contained in Section 1.06(a) (provided, however, that any settlement of the type described therein is effected with the written
consent of such Seller) as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in a registration statement or any related prospectus (or any amendment or supplement thereto) in reliance
upon and in conformity with written information furnished to the Company by such Seller expressly for use in such registration statement (or any amendment thereto) or such prospectus (or any amendment or supplement thereto); provided,
however, that an indemnifying Seller shall not be required to provide indemnification in any amount in excess of the amount by which (x) the total price at which the securities sold by such indemnifying Seller and its affiliated
indemnifying Sellers and distributed to the public were offered to the public (net of discounts and commissions paid by the indemnifying Seller in connection with such offering) exceeds (y) the amount of any damages which such indemnifying
Seller has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. The Company shall be entitled, to the extent customary, to receive indemnification and contribution from underwriters,
selling brokers, dealer managers and similar securities industry professionals participating in the distribution, to the same extent as provided above with respect to information so furnished in writing by such Persons specifically for inclusion in
any prospectus or registration statement. 
 (c) Each indemnified party or parties shall give reasonably prompt notice to each indemnifying
party or parties of any action or proceeding commenced against it in respect of which indemnity may be sought hereunder, but failure so to notify an indemnifying party or parties shall not relieve it or them from any liability which it or they may
have under this indemnity agreement, except to the extent that the indemnifying party is materially prejudiced by such failure to give notice. If the indemnifying party or parties so elects within a reasonable time after receipt of such notice, the
indemnifying party or parties may assume the defense of such action or proceeding at such indemnifying party’s or parties’ expense with counsel chosen by the indemnifying party or parties and approved by the indemnified party defendant in
such action or proceeding, which approval shall not be unreasonably withheld; provided, however, that, if such indemnified party or parties reasonably determine that a conflict of interest exists and that therefore it is advisable for
such indemnified party or parties to be represented by separate counsel or that, upon advice of counsel, there may be legal defenses available to it or them which are different from or in addition to those available to the indemnifying party, then
the indemnifying party or parties shall not be entitled to assume such defense and the indemnified party or parties shall be entitled to separate counsel (limited in each jurisdiction to one counsel for all Underwriters and another counsel for all
other indemnified parties under this Agreement) at the indemnifying party’s or parties’ expense. The indemnified party or parties shall have the right to engage separate counsel and participate in the defense of any action, but, except as
stated above, the fees and expenses of such counsel shall be the expense of such indemnified party or parties. If 

  

 16 

 
any indemnifying party or parties are not so entitled to assume the defense of such action or do not assume such defense, after having received the notice
referred to in the first sentence of this paragraph, the indemnifying party or parties will pay the reasonable fees and expenses of counsel for the indemnified party or parties (limited in each jurisdiction to one counsel for all Underwriters and
another counsel for all other indemnified parties under this Agreement). In such event, however, no indemnifying party or parties will be liable for any settlement effected without the written consent of such indemnifying party or parties (which
consent shall not be unreasonably withheld or delayed); provided, however, that if at any time the indemnified party or parties shall have requested the indemnifying party or parties to reimburse the indemnified party or parties for
fees and expenses of counsel as contemplated by this paragraph, the indemnifying party or parties shall be liable for any settlement of any proceeding effected without the written consent of such indemnifying party or parties if (x) such
settlement is entered into more than 15 business days after receipt by such indemnifying party or parties of the aforesaid request accompanied by supporting documents reasonably satisfactory to the indemnifying party or parties and (y) such
indemnifying party or parties shall not have reimbursed the indemnified party or parties in accordance with such request prior to the date of such settlement. No indemnifying party or parties shall, without the prior written consent of the
indemnified party or parties, effect any settlement of any action in respect of which any indemnified party or parties is a party, unless such settlement includes an unconditional release of such indemnified party or parties from all liability on
claims that are the subject matter of such action. If an indemnifying party is entitled to assume, and assumes, the defense of such action or proceeding in accordance with this paragraph, such indemnifying party or parties shall not, except as
otherwise provided in this subsection (c), be liable for any fees and expenses of counsel for the indemnified parties incurred thereafter in connection with such action or proceeding. 
 (d) (i) In order to provide for just and equitable contribution in circumstances in which the indemnity agreement provided for in this
Section 1.06 is for any reason held to be unenforceable by the indemnified parties although applicable in accordance with its terms in respect of any losses, liabilities, claims, damages, judgments and expenses suffered by an indemnified party
referred to therein, each applicable indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, liabilities, claims, damages, judgments and
expenses in such proportion as is appropriate to reflect the relative fault of the Company on the one hand and of the liable Sellers or Underwriters (including, in each case, that of their respective officers, directors, employees and agents), as
the case may be, on the other in connection with the statements or omissions which resulted in such losses, liabilities, claims, damages, judgments or expenses, as well as any other relevant equitable considerations. The relative fault of the
Company on the one hand and of the liable Sellers or Underwriters (including, in each case, that of their respective officers, directors, employees and agents), as the case may be, on the other shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company, on the one hand, 

  

 17 

 
or by or on behalf of the Sellers or Underwriters, on the other, and the parties’ relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission. The amount paid or payable by a party as a result of the losses, liabilities, claims, damages, judgments and expenses referred to above shall be deemed to include, subject to the limitations set forth
in Section 1.06(c), any legal or other fees or expenses reasonably incurred by such party in connection with investigating or defending any action or claim. 
 (ii) The Company and each Seller agree that it would not be just and equitable if contribution pursuant to this Section 1.06 were
determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in sub-paragraph (i) above. Notwithstanding anything in this Section 1.06(d) to the contrary, in
the case of distributions to the public, an indemnifying Seller shall not be required to contribute any amount in excess of the amount by which (A) the total price at which the securities sold by such indemnifying Seller and its affiliated
indemnifying Sellers and distributed to the public were offered to the public (net of discounts and commissions paid by the indemnifying Seller in connection with such offering) exceeds (B) the amount of any damages which such indemnifying
Seller has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall
be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 
 (iii) For purposes of
this Section, each Person, if any, who controls a Seller or an Underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act shall have the same rights to contribution as such Seller or Underwriter;
and each director of the Company, each officer of the Company who signed the relevant registration statement, and each Person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act, shall have the same rights to contribution as the Company. 
 SECTION 1.07. Miscellaneous. 
 (a) Current Public Information. The Company shall use its reasonable best efforts to make and keep available adequate current public information,
as those terms are understood and defined in SEC Rule 144, at all times during the term of this Agreement. 
 (b) Maintenance of NYSE
Listing. At all times during the term of this Agreement, the Company shall use its reasonable best efforts to maintain the Company’s listing on the NYSE; provided, that if the Company is delisted from NYSE for any reason, it will use it
reasonable best efforts to secure the listing of the Company’s Common Stock for trading on the best available exchange or automated quotation system, as reasonably determined by the Company, as soon as practicable thereafter. 
  

 18 

 (c) Listing of Registrable Securities. In compliance with the rules and requirements of the NYSE,
the Company shall file an additional listing application with the NYSE covering the Registrable Securities. 
 (d) No Inconsistent
Agreements. Neither the Company nor the Holders have, as of the date hereof, entered into, nor shall they, on or after the date hereof, enter into, any agreement with respect to the Registrable Securities that is inconsistent with the rights
granted to the Holders herein or otherwise conflicts with the provisions hereof. 
 (e) Complete Agreement. This Agreement shall
constitute the entire agreement among the parties hereto with respect to the subject matter hereof and shall supercede all prior agreements and understandings, whether written or oral, between or among the parties with respect to such subject
matter. 
 (f) Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be
amended, qualified, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, without the prior written consent of the Company and Holders of a majority-in-interest of the Registrable Securities;
provided, however, that no amendment shall affect any rights or obligations of a Holder without the consent of such Holder. 
 (g) Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery, first-class mail or air courier guaranteeing overnight delivery: 
 (i) if to a Holder, at the most current address indicated for such Holder in the Company’s stock transfer records; 
 (ii) if to the Company, at: 
 VeraSun Energy Corporation 
 100
22nd Avenue 
 Brookings,
SD 57006 
 Attn: General Counsel 
  

 19 

 with a copy to: 
 Cravath, Swaine & Moore LLP 
 825 Eighth Avenue 
 New York, NY 10019 
 Attention: Faiza J. Saeed, Esq. 
 All such notices and communications shall be deemed to have been duly given when received. 
 The Holders or the Company by notice
to the other parties may designate additional or different addresses for subsequent notices or communications. 
 (h) Successors and
Assigns. This Agreement shall be binding on and inure to the benefit of and be enforceable by the parties hereto and, with respect to the Company, its successors and assigns. 
 (i) Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
 (j)
Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 
 (k) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York without giving effect to applicable principles of conflicts of laws, except to the extent the substantive laws
of the State of Delaware are mandatorily applicable under Delaware law. 
 (l) Severability. In the event that any one or more of the
provisions contained herein, or the application thereof in any circumstances, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the
remaining provisions hereof shall not be in any way impaired or affected thereby, it being intended that all of the rights and privileges of the parties shall be enforceable to the fullest extent permitted by law. 
 (m) No Third Party Beneficiaries. Except as provided in Section 1.06, this Agreement is not intended to confer any rights or remedies
hereunder upon, and shall not be enforceable by, any Person other than the parties hereto. 
 (n) Submission to Jurisdiction; Waivers.
With respect to any suit, action or proceeding relating to this Agreement (collectively, a “Proceeding”), each party to this Agreement irrevocably (a) consents and submits to the exclusive jurisdiction of the courts of the
State of New York and the State of Delaware and any court of the United States located in the Borough of Manhattan in New York City or the State of Delaware; (b) waives any objection which such party may have at any time to the laying of venue
of any Proceeding brought in any such court, waives any claim that such Proceeding has 

  

 20 

 
been brought in an inconvenient forum and further waives the right to object, with respect to such Proceeding, that such court does not have jurisdiction
over such party; (c) consents to the service of process at the address set forth for notices in Section 1.07(g) herein; provided, however, that such manner of service of process shall not preclude the service of process in
any other manner permitted under applicable law; and (d) waives, to the fullest extent permitted by applicable law, any and all rights to trial by jury in connection with any Proceeding. 
 (o) Enforcement. (i) Each party hereto acknowledges that the other parties would not have an adequate remedy at law for money damages in the
event that any of the covenants or agreements of any of the other parties to this Agreement were not performed in accordance with its terms, and it is therefore agreed that each party hereto, in addition to and without limiting any other remedy or
right it may have, will have the right to an injunction or other equitable relief in any court of competent jurisdiction, enjoining any such breach and enforcing specifically the terms and provisions hereof, and each party hereto hereby waives any
and all defenses it may have on the ground of lack of jurisdiction or competence of the court to grant such an injunction or other equitable relief. 
 (ii) All rights, powers and remedies provided under this Agreement or otherwise available in respect hereof at law or in equity shall be cumulative and not alternative, and the exercise or beginning of the exercise of
any thereof by any party shall not preclude the simultaneous or later exercise of any other such right, power or remedy by such party. 
 [signature pages follow] 
  

 21 

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

			
	VERASUN ENERGY CORPORATION,
		
	by	 	 /s/ Donald L. Endres

	Name:	 	Donald L. Endres
	Title:	 	CEO

 [Registration Rights Agreement Signature Page] 

			
	CARGILL BIOFUELS INVESTMENTS, LLC
		
	by	 	 /s/ Patrick C. Bennett

	Name:	 	Patrick C. Bennett
	Title:	 	President

			
	D.E. SHAW SYNOPTIC PORTFOLIOS 5, LLC
		
	by	 	 /s/ Robert T. Ladd

	Name:	 	Robert T. Ladd
	Title:	 	Authorized Signatory

			
	ASCAB, LLC
		
	by	 	 /s/ Kevin W. Kuykendall

	Name:	 	Kevin W. Kuykendall
	Title:	 	Vice President

			
	USRG ASA, LLC
		
	by	 	 /s/ Anthony Lent

	Name:	 	Anthony Lent
	Title:	 	Manager

			
	FDC ETHANOL, LLC
		
	by	 	 /s/ Ron Fagen

	Name:	 	Ron Fagen
	Title:	 	President

			
	ASALLIANCES HOLDINGS, L.P.
	by:	 	ASAH GP, LLC
		
	by	 	 /s/ David N. Black

	Name:	 	David N. Black
	Title:	 	President

			
	MIDWEST FIRST FINANCIAL, INC.
		
	by	 	 /s/ William B. Prerton

	Name:	 	William B. Prerton
	Title:	 	PresidentFirst Amendment to Credit Agreement

 Exhibit 10.2 
 EXECUTION VERSION 
 FIRST AMENDMENT TO 
 CREDIT AGREEMENT 
 This FIRST
AMENDMENT TO CREDIT AGREEMENT, dated as of May 23, 2006 (this “Amendment” ), is by and among ASA OPCO HOLDINGS, LLC, a Delaware limited liability company (“ASA Holdings” ), ASA ALBION, LLC, a Delaware
limited liability company (“Albion”), ASA BLOOMINGBURG, LLC, a Delaware limited liability company (“Bloomingburg”), and ASA LINDEN, LLC, a Delaware limited liability company (“Linden” and, together
with ASA Holdings, Albion and Bloomingburg, the “Borrowers”), ASA Holdings, as Borrowers’ Agent, each of the Lenders party hereto and WESTLB AG, New York Branch, as Administrative Agent for the Lenders. 
 WHEREAS, pursuant to the Credit Agreement, dated as of February 6, 2006 (as amended, restated, supplemented or otherwise modified from time to time,
the “Credit Agreement”), among the Borrowers, the Borrowers’ Agent, each of the Lenders from time to time party thereto, the Administrative Agent, First National Bank of Omaha, as Collateral Agent for the Senior Secured
Parties, First National Bank of Omaha, as Accounts Bank, WestLB AG, New York Branch, as Co-Syndication Agent, Lead Arranger, and Sole Lead Bookrunner, First National Bank of Omaha and Standard Chartered Bank, as Co-Syndication Agents and Lead
Arrangers and CIT Capital USA INC. and ING Capital LLC, as Co-Documentation Agents and Lead Arrangers, the Lenders agreed to make a credit facility available to the Borrowers, subject to the terms and conditions set forth therein; 
 WHEREAS, the Borrowers have requested that the Required Lenders consent to an amendment of the definition of “Change of Control” set forth in
the Credit Agreement in the manner set forth herein; 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants contained
in the Credit Agreement and herein, and other good and valuable consideration the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 
 1. Definitions. Capitalized terms used but not otherwise defined herein shall have the same meanings assigned to them in the Credit Agreement.

 2. Amendment to the Credit Agreement. Clause (iv) of the definition of “Change of Control” set forth in
Section 1.01 (Defined Terms) of the Credit Agreement is hereby deleted in its entirety and replaced with the following: 
 “...(iv) prior to the Conversion Date, Fagen fails to own at least 2.6377% of all Equity Interests (including all classes) in ASA Biofuels.” 

 3. Conditions to Effectiveness. This Amendment shall become effective upon the execution of a
counterpart hereof by each of the Borrowers, the Borrowers’ Agent, the Required Lenders and the Administrative Agent. 
 4.
Ratification; No Waiver; Etc. Except as expressly amended hereby, the Credit Agreement and all documents, instruments, and agreements related thereto are hereby ratified and confirmed in all respects and shall continue in full force and
effect. The execution, delivery, and effectiveness of this Amendment shall not operate as a waiver of any right, power, or remedy of any of the Lenders under the Credit Agreement, nor constitute a waiver of any provision of the Credit Agreement. The
Credit Agreement shall, together with this Amendment, be read and construed as a single agreement. All references in the Credit Agreement, and any related documents, instruments and agreements shall hereafter refer to the Credit Agreement as amended
hereby. 
 5. Authority; Etc. The execution and delivery by each of the Borrowers and the Borrowers’ Agent of this Amendment and
the performance by each of the Borrowers and the Borrowers’ Agent of all of its agreements and obligations under the Credit Agreement as amended hereby are within the organizational authority of each of them and have been duly authorized by all
necessary organizational action on the part of each Borrower and the Borrowers’ Agent. 
 6. Miscellaneous. 
 (a) THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, UNITED STATES OF AMERICA. 

 (b) Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this
Amendment or the Credit Agreement for any other purpose or be given any substantive effect. 
 (c) This Amendment may be executed in any
number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all of which counterparts together shall constitute but one and the same instrument.

 (d) Delivery of an executed counterpart of a signature page of this Amendment by telecopy or portable document format (“pdf”)
shall be effective as delivery of a manually executed counterpart of this Amendment. 
 [The remainder of this page was left blank
intentionally.] 
  

 2 

 IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to Credit Agreement to be
executed by their respective officers as of the day and year first above written. 
  

			
	 ASA OPCO HOLDINGS, LLC,
 as Borrower

		
	By:	 	 /s/ Michael A. Slaney

	Name:	 	Michael A. Slaney
	Title:	 	Chief Operating Officer
	
	 ASA ALBION, LLC,
 as
Borrower

		
	By:	 	 /s/ Michael A. Slaney

	Name:	 	Michael A. Slaney
	Title:	 	Chief Operating Officer
	
	 ASA BLOOMINGBURG, LLC,
 as Borrower

		
	By:	 	 /s/ Michael A. Slaney

	Name:	 	Michael A. Slaney
	Title:	 	Chief Operating Officer
	
	 ASA LINDEN, LLC,
 as
Borrower

		
	By:	 	 /s/ Michael A. Slaney

	Name:	 	Michael A. Slaney
	Title:	 	Chief Operating Officer

  

 First Amendment to Credit Agreement 

			
	 ASA OPCO HOLDINGS, LLC,
 as
Borrowers’ Agent

		
	By:	 	 /s/ Michael A. Slaney

	Name:	 	Michael A. Slaney
	Title:	 	Chief Operating Officer

  

 First Amendment to Credit Agreement 

			
	 WESTLB AG, NEW YORK BRANCH,
 as Lender

		
	By:	 	 /s/ DUNCAN ROBERTSON

	Name:	 	DUNCAN ROBERTSON
	Title:	 	EXECUTIVE DIRECTOR
		
	By:	 	 /s/ JAMES D. MCPARTLAN

	Name:	 	JAMES D. MCPARTLAN
	Title:	 	MANAGING DIRECTOR
	
	Acknowledged by:
	
	 WESTLB AG, NEW YORK BRANCH,
 as
Administrative Agent

		
	By:	 	 /s/ DUNCAN ROBERTSON

	Name:	 	DUNCAN ROBERTSON
	Title:	 	EXECUTIVE DIRECTOR
		
	By:	 	 /s/ JAMES D. MCPARTLAN

	Name:	 	JAMES D. MCPARTLAN
	Title:	 	MANAGING DIRECTOR

  

 First Amendment to Credit Agreement 

			
	 FIRST NATIONAL BANK OF OMAHA,
 as
Lender

		
	By:	 	 /s/ MARK A. BARATTA

	Name:	 	MARK A. BARATTA
	Title:	 	VICE PRESIDENT

  

 First Amendment to Credit Agreement 

			
	STANDARD CHARTERED BANK,
	as Lender
		
	By:	 	 /s/ ANDREW Y. NG

	Name:	 	ANDREW Y. NG
	Title:	 	 VICE PRESIDENT
 STANDARD CHARTERED BANK
NY

		
	By:	 	 /s/ NADA ELREEDY

	Name:	 	NADA ELREEDY
	Title:	 	 SENIOR VICE PRESIDENT
 PROJECT FINANCE
AMERICAS

  

 First Amendment to Credit Agreement 

			
	 ING CAPITAL LLC,
 as
Lender

		
	By:	 	 /s/ Daniel W. Lamprecht

	Name:	 	Daniel W. Lamprecht
	Title:	 	Managing Director

  

 First Amendment to Credit Agreement 

			
	 SCOTIABANC INC.,
 as
Lender

		
	By:	 	 /s/ William E. Zarrett

	Name:	 	William E. Zarrett
	Title:	 	Managing Director

  

 First Amendment to Credit Agreement 

			
	 GREENSTONE FARM CREDIT SERVICES,
 ACA/FLCA, as Lender

		
	By:	 	 /s/ Ben Mahlich

	Name:	 	Ben Mahlich
	Title:	 	AVP/Lending Officer

  

 First Amendment to Credit Agreement 

			
	 BANK MIDWEST, N.A.,
 as
Lender

		
	By:	 	 /s/ DAVID L. RAMBO

	Name:	 	DAVID L. RAMBO
	Title:	 	 SENIOR VICE PRESIDENT
 COMMERCIAL
LENDING

  

 First Amendment to Credit Agreement 

			
	BANCO BILBAO VIZCAYA ARGENTARIA S.A., as Lender
		
	By:	 	 /s/ Hector Villegas

	Name:	 	Hector Villegas
	Title:	 	Vice President
		
	By:	 	 /s/ Maite Vizan

	Name:	 	Maite Vizan
	Title:	 	Vice President

  

 First Amendment to Credit Agreement 

			
	 1ST FARM CREDIT SERVICES,
FLCA,
 as Lender

		
	By:	 	 /s/ Dale A. Richardson

	Name:	 	Dale A. Richardson
	Title:	 	VP-Capital Markets

  

 First Amendment to Credit Agreement 

			
	 NATEXIS BANQUES POPULAIRES,
 as Lender

		
	By:	 	 /s/ Pierre Audrain

	Name:	 	Pierre Audrain
	Title:	 	Vice President
		
	By:	 	 /s/ Robert Park

	Name:	 	Robert Park
	Title:	 	Associate

  

 First Amendment to Credit Agreement 

			
	AMARILLO NATIONAL BANK,
	as Lender
		
	By:	 	 /s/ Craig L. Sanders

	Name:	 	Craig L. Sanders
	Title:	 	Executive Vice President
		
	By:	 	 /s/ J. Mark Fields

	Name:	 	J. Mark Fields
	Title:	 	Vice President

  

 First Amendment to Credit Agreement 

			
	INVESTEC BANK (UK) LIMITED,
	as Lender
		
	By:	 	 /s/ IAN WOHLMAN

	Name:	 	IAN WOHLMAN
	Title:	 	HEAD OF CREDIT, INVESTEC BANK (UK) LTD
		
	By:	 	 /s/ DAVID VAN DER WALT

	Name:	 	DAVID VAN DER WALT
	Title:	 	HEAD OF TREASURY AND SPECIALIST FINANCE, INVESTEC BANK (UK) LTD

  

 First Amendment to Credit Agreement

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