Document:

FORM OF MASTER AGREEMENT

 Exhibit 10.7 
 EXECUTION COPY 
 FORM OF MASTER AGREEMENT 
 This Form of Master Agreement (the “Master Agreement”) is dated as of this          day
of                     , 2006 (the “Effective Date”) by and among CARGILL, INCORPORATED, a Delaware corporation
(“Cargill, Incorporated”), CARGILL COMMODITY SERVICES INC., a Delaware corporation (“CCSI”) (Cargill, Incorporated and CCSI are referred to collectively as “Cargill”), ASA OPCO HOLDINGS, LLC, a
Delaware limited liability company (“ASA Holdings”), and
                            , a Delaware limited liability company (“Producer”),
collectively referred to hereinafter as “Parties” or individually as a “Party.” 
 RECITALS 
 A. Producer intends to construct, own and operate a commercial facility at
                                 that will produce denatured fuel-grade ethanol
(as such plant may be expanded or upgraded according to the terms of the Corn Supply Agreement, the “Ethanol Facility”), which Ethanol Facility is anticipated to produce approximately 100 million gallons per year. 

B. Producer desires and intends to procure certain goods and services from Cargill in connection with its ownership and operation of the Ethanol
Facility. 
 C. Cargill agrees to provide Producer with such goods and services, in accordance with the terms and conditions of this Master
Agreement and certain Goods and Services Agreements. 
 NOW THEREFORE, in consideration of the foregoing, the mutual promises herein
contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows. 
 AGREEMENT 
 1. Definitions and Interpretation. 
 (a) Definitions. As used in this Agreement and in the Goods and Services Agreements, the following capitalized terms have the meanings indicated: 
 “Affiliate” means, with respect to any Person, (i) each Person that directly or indirectly, controls or is controlled by or is
under common control with such designated Person, (ii) any Person that beneficially owns or holds 50% or more of the voting securities of such designated Person or 50% or more of the equity interest in such designated Person, and (iii) any
Person of which such designated Person beneficially owns or holds 50% or more of the voting securities or in which such designated Person beneficially owns or holds 50% or more of the equity interest. For the purposes of this definition,
“control” (including, with correlative meanings, the terms “controlled by” and “under common control with”), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct
or cause the direction of the 

 
management and policies of such Person, whether through the ownership of voting securities or by contract or otherwise. 
 “Aggregate Exposure of Cargill” means, on any day of determination, an amount, if any, equal to the sum of (i) the amount which
would be payable to Cargill if such day were an Early Termination Date (as defined in the NAESB Agreement) declared as the result of an Event of Default (as defined in such NAESB Agreement) with respect to Producer and if a payment was due to
Cargill pursuant to Section 10.3.1 of the NAESB Agreement; plus (ii) the amount which would be payable to Cargill if the Risk Management Transactions (as defined in the Gas Advisory Agreement) were terminated as of such day as the
result of an Event of Default with respect to Producer and if a payment was due to Cargill pursuant to Section 6(e)(i) of the 1992 ISDA Master Agreement; plus (iii) the amount which would be payable to Cargill if the futures
advisory services (as defined in the Corn Risk Management Agreement) were terminated as of such day as the result of a Producer Event of Default as calculated pursuant to Section 4 of the Corn Risk Management Agreement; plus
(iv) (without duplication) the Purchase Price (as defined in the Corn Supply Agreement) and other amounts invoiced to Producer pursuant to the Principal Documents that would be due and owing to Cargill by Producer if the Principal Documents
were terminated as a result of a Producer Event of Default; plus (v) the Related Project Exposure of Cargill; minus (vi) any cash collateral, letters of credit or similar security held by Cargill in accordance with the terms
of the Goods and Services Agreements or the Related Goods and Services Agreements. For clarification purposes, in calculating its Aggregate Exposure, Cargill may mark to market all open cash and futures positions. 
 “                Corn Supply Agreement” means that
certain Corn Supply Agreement dated as of the Effective Date by and between Cargill, Incorporated and
                                . 
 “                            Master Agreement” means that certain Master Agreement
dated as of the Effective Date by and among Cargill, Incorporated, CCSI, ASA Holdings and
                                . 
 “Business Day” means every day other than a Saturday, Sunday or any other day on which banks in the state of New York are permitted or
required to remain closed. 
 “Confidentiality Agreement” has the meaning specified in Section 2(b). 
 “Corn Supply Agreement” has the meaning specified in Section 2(a). 
 “Damages” means any and all losses, costs, damages, expenses, obligations, injuries, liabilities, insurance deductibles and excesses,
claims, proceedings, actions, causes of action, demands, deficiencies, lawsuits, judgments or awards, fines, penalties and interest, including reasonable attorneys’ fees, but excluding any indirect, incidental, exemplary, consequential or
punitive damages. 
 “Default Rate” means an interest rate per annum equal to the lesser of (i) the interest
rate per annum for large commercial loans as published in The Wall Street 

  

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Journal, midwest edition, as the “prime rate” (sometimes referred to as the “base rate”) from time to time (or, if more than one
rate is published, the arithmetic mean of such rates), determined as of the date the obligation to pay interest arises, plus two hundred (200) basis points, and (ii) the maximum rate permitted by applicable law. 
 “Design-Build Agreement” means the Lump Sum Design-Build Agreement between Producer and Fagen, Inc., relating to the Ethanol Facility.

 “DG” has the meaning specified in the DG Agreement. 
 “DG Agreement” has the meaning specified in Section 2(a). 
 “Ethanol” has the meaning specified in the Ethanol Agreement. 
 “Ethanol Agreement” has the meaning specified in Section 2(a). 
 “Ethanol Facility” has the meaning specified in the Corn Supply Agreement. 
 “Financing Documents” means any and all loan agreements, notes, indentures, security agreements, subordination agreements, mortgages,
deeds of trust, participation agreements and other documents relating to the construction, interim, working capital and long-term financing of the Ethanol Facility and any refinancing thereof provided by the Financing Parties, including any and all
modifications, extensions, renewals and replacements of any such financing or refinancing. 
 “Financing Parties” means any
and all lenders, and any trustee or agent acting on their behalf, providing senior or subordinated construction, interim, working capital or long-term debt financing or refinancing to Producer or its parent, ASA Holdings, the proceeds of which are
applied in whole or in part to the financing of the Ethanol Facility. For purposes of any notices that are required to be provided to or by the Financing Parties hereunder or under any Goods and Services Agreement, notice to or by the Persons set
forth on Schedule 1 attached hereto (as updated from time to time by written notice from Producer to Cargill, Incorporated) shall be deemed to have fulfilled such notice requirement. 
 “Force Majeure” has the meaning specified in Section 4(a). 
 “Goods and Services Agreements” has the meaning specified in Section 2(a). 
 “Goods” or “Services” means the goods and services to be provided under the Goods and Services Agreements. 

“Grain Facility” has the meaning specified in the Corn Supply Agreement. 
 “Grain Facility Lease” means that certain Grain Facility Lease dated as of the date hereof by and between Cargill, Incorporated and
Producer. 
  

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 “Lien” means any mortgage, deed of trust, pledge, charge, security interest, easement or
other lien or encumbrance. 
 “                            Corn Supply Agreement” means that certain Corn Supply
Agreement dated as of the Effective Date by and between Cargill, Incorporated and
                                . 
 “                            Master Agreement” means that certain Master Agreement
dated as of the Effective Date by and among Cargill, Incorporated, CCSI, ASA Holdings and
                                . 
 “Material Adverse Effect” means, with respect to Cargill, Incorporated, CCSI or Producer as the context requires, a material adverse
effect on, or a material increase in the costs of, any of (a) the operation and maintenance of the Grain Facility (in the case of Cargill, Incorporated) or the Ethanol Facility (in the case of Producer), (b) the performance of the Goods or
Services for the benefit of Producer, (c) the ability of a Party to meet its respective obligations under any material permit, license or authorization issued by a governmental authority, or (d) the business, operations or financial
condition of Producer or Cargill. Material Adverse Effect shall not include any material adverse effects or material increases in costs that occur within the ordinary course. 
 “Net Aggregate Exposure” means, on any date of determination, the Aggregate Exposure of Cargill less all amounts then owing by Cargill
to Producer and the Related Producer Entities. 
 “Net Revenues” means, on any date of determination, the fair market value
of the Ethanol or DG that could have been produced at the Ethanol Facility but for a Cargill breach or default of its obligations under the applicable Principal Document less the cost of all inputs (including all raw materials) that would
have been used exclusively to produce such Ethanol or DG, less all variable costs that are not deemed inputs to the extent saved as a direct result of the breach or default. 
 “Person” means an individual, partnership, corporation, business trust, joint stock company, trust, unincorporated association, joint
venture, governmental authority, limited liability company or any other entity of whatever nature. 
 “Principal Documents”
means, collectively, the Master Agreement, the Corn Supply Agreement, the Ethanol Agreement and the DG Agreement. 
 “Prohibited
Parties” means, collectively, the Persons listed on Exhibit B hereto and the Affiliates of such Persons, as reasonably updated by Cargill, Incorporated on an annual basis during the Term with the prior written consent of Producer,
which consent shall not be unreasonably withheld; provided, however, that in no event shall there be more than five (5) Prohibited Parties, but there may be any number of Affiliates of such Prohibited Parties. 
 “Project Entities” has the meaning specified in Section 12(o). 
  

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 “Qualified Person” means a natural person selected by a Party who is versed in and
reasonably understands accounting and financial matters sufficient to inspect and review the books and records of the other Party. The Qualified Person must be (i) an independent certified public accountant, (ii) an individual employed by
Producer (or a member of Producer) or Cargill, as applicable, or (iii) with the prior written consent of the non-inspecting Party, which consent shall not be unreasonably withheld, another individual acting on behalf of Producer or Cargill.

 “Related Equipment” means (a) the Belt and Bulk Weigher as defined in the
                         Corn Supply Agreement and (b) the Belt and Bulk Weigher as defined in the
                             Corn Supply Agreement. 
 “Related Goods and Services Agreements” means (a) the Goods and Services Agreements as defined in the
                         Master Agreement and (b) the Goods and Services Agreements as defined in the
                         Master Agreement. 
 “Related Producer Entities” means
                                 and
                                . 
 “Related Project Exposure of Cargill” means the sum of (i) the Aggregate Exposure of Cargill (excluding the Related Project
Exposure of Cargill) as defined in the                          Master Agreement; plus (ii) the Aggregate
Exposure of Cargill (excluding the Related Project Exposure of Cargill) as defined in the
                             Master Agreement. 
 “Start-Up Date” means the date identified in a written notice delivered by Producer to Cargill, Incorporated as the date on which
Producer will require Corn and/or natural gas for the purpose of producing Ethanol and/or DG, which date is intended to be the date of the commencement of services under the Goods and Services Agreements and is anticipated to occur during the period
between the Testing Date and the Substantial Completion Date. 
 “Standstill Payment” means, as applicable, (a) if
Producer is the non-claiming Party with respect to the Corn Supply Agreement, an amount equal to the amount paid by Producer for Corn delivered to the Grain Facility during such period less the Purchase Price that would have been payable to
Cargill, Incorporated during such period pursuant to Section 4 of the Corn Supply Agreement but for the continuance of the Force Majeure event, to the extent such amount is positive, (b) if Producer is the non-claiming Party with respect
to the Ethanol Agreement, an amount equal to the amount that would have been payable by Cargill, Incorporated to Producer pursuant to the Ethanol Agreement for the Ethanol produced (or that would have been produced) by the Ethanol Facility during
such period but for the continuance of the Force Majeure event, less the total revenues received by Producer for the Ethanol produced by the Ethanol Facility (if any) during such period after the exercise of commercially reasonable efforts by
Producer to market such Ethanol, to the extent such amount is positive, (c) if Producer is the non-claiming Party with respect to the DG Agreement, an amount equal to the amount that would have been payable by Cargill, Incorporated to Producer
pursuant to the DG Agreement for the 

  

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DG produced (or that would have been produced) by the Ethanol Facility during such period but for the continuance of the Force Majeure event, less the
total revenues received by Producer for the DG produced by the Ethanol Facility (if any) during such period after the exercise of commercially reasonable efforts by Producer to market such DG, to the extent such amount is positive, (d) if
Cargill, Incorporated is the non-claiming Party with respect to the Corn Supply Agreement, an amount equal to the Origination Fee and Handling Fee that would have been payable by Producer to Cargill, Incorporated for such period pursuant to
Section 4(d) of the Corn Supply Agreement but for the continuance of the Force Majeure event less the amount of operating and maintenance costs incurred by Cargill, Incorporated during such period that were reimbursed, directly or
indirectly, after the exercise of commercially reasonable efforts by Cargill, Incorporated to fully utilize the Grain Facility, to the extent such amount is positive, (e) if Cargill, Incorporated is the non-claiming Party pursuant to the
Ethanol Agreement, an amount equal to the commission that would have been payable by Producer to Cargill, Incorporated for such period pursuant to Section 8.2 or Section 9.2 of the Ethanol Agreement but for the continuance of the Force
Majeure event less amount of operating and maintenance costs incurred by Cargill, Incorporated during such period that were reimbursed, directly or indirectly, after the exercise of commercially reasonable efforts by Cargill, Incorporated to
fully utilize the railcars and other facilities used to transport Ethanol, to the extent such amount is positive, and (f) if Cargill, Incorporated is the non-claiming Party with respect to the DG Agreement, an amount equal to the commission
that would have been payable by Producer to Cargill, Incorporated for such period pursuant to Section 3 of the DG Agreement but for the continuance of the Force Majeure event less the amount of operating and maintenance costs incurred by
Cargill, Incorporated during such period that were reimbursed, directly or indirectly, after the exercise of commercially reasonable efforts by Cargill, Incorporated to fully utilize the railcars and other facilities used to transport DG, to the
extent such amount is positive. 
 “Substantial Completion Date” has the meaning specified in Section 6.5.3 of the
Design-Build Agreement. 
 “Suspends Performance” means all reasonable actions taken by a Party that are necessary to limit
its exposure to Damages, including the suspension of performance under a Goods and Services Agreement, the unwinding of hedge positions, the suspension of sale of Corn, Ethanol or DG, and other similar actions undertaken by a Party. 
 “Testing Date” means the date that Fagen, Inc. is prepared to commence start-up and testing of the Ethanol Facility pursuant to
Section 6.4 of the Design-Build Agreement. 
 “Transition Period” means the period that shall commence on the date that
a Party sends written notice to the other Party terminating any of the Principal Documents and continuing until ninety (90) days thereafter. 
  

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 (b) Rules of Interpretation. Unless otherwise required by the context in which any term appears,
in this Agreement and in each of the Goods and Services Agreements: 
 (i) capitalized terms used shall have the meanings specified in this Section 1;
(ii) the singular shall include the plural and vice versa; (iii) references to “Sections,” “Schedules,” “Annexes,” “Appendices” or “Exhibits” (if any) shall be to sections, schedules,
annexes, appendices or exhibits hereof, unless otherwise specified; (iv) all references to a particular Person in any capacity shall be deemed to refer also to such Person’s authorized agents, successors and permitted assigns in such
capacity; (v) the words “herein,” “hereof” and “hereunder” shall refer to this Agreement as a whole and not to any particular section or subsection hereof; (vi) while, for administrative convenience, the term
“Cargill” has been defined in the introduction this Agreement to be a collective reference to Cargill, Incorporated and CCSI, the parties do not intend thereby to make Cargill, Incorporated or CCSI, as the case may be, a party to any Goods
and Services Agreement to which it is not otherwise a party or to make it jointly and severally obligated for the obligations of the other under this Agreement or under any Goods and Services Agreement; (vii) the words “include,”
“includes” and “including” shall be deemed to be followed by the phrase “without limitation” and shall not be construed to mean that the examples given are an exclusive list of the topics covered; (viii) all
accounting terms not specifically defined herein shall be construed in accordance with generally accepted accounting principles in the United States of America consistently applied; (ix) references to this Agreement shall include a reference to
all appendices, annexes, schedules and exhibits hereto, as the same may be amended, modified, supplemented or replaced from time to time; (x) references to any agreement, document or instrument shall be construed at a particular time to refer
to such agreement, document or instrument as the same may be amended, modified, supplemented or replaced as of such time; (xi) the masculine shall include the feminine and neuter and vice versa; and (xii) references to an applicable law or
to legal requirements in general shall mean a reference to such applicable law or legal requirement as the same may be amended, modified, supplemented or restated and be in effect from time to time. 
 2. Ancillary Agreements. 
 (a) Goods and Services Agreements. The following ancillary agreements relating to the Ethanol Facility (the “Goods and Services Agreements”) have been executed simultaneously with this Master Agreement: 

 

	 	(1)	Ethanol Marketing Agreement (the “Ethanol Agreement”); 

  

	 	(2)	Corn Supply Agreement (the “Corn Supply Agreement”); 

  

	 	(3)	Corn Futures Advisory Agreement (the “Corn Advisory Agreement”); 

  

	 	(4)	Distillers Grains Marketing Agreement (the “DG Agreement”); 

  

	 	(5)	 Base Contract for the Purchase and Supply of Natural Gas, together with the related General Terms and Conditions and 

  

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Cargill, Incorporated Special Terms and Conditions (the “NAESB Agreement”); and 

  

	 	(6)	Gas Risk Management Advisory Agreement (the “Gas Advisory Agreement”). 

 (b) Confidentiality Agreement. The Parties have also entered into that certain Confidentiality Agreement of even date herewith in substantially the form of Exhibit A attached hereto (the
“Confidentiality Agreement”). 
 (c) Additional Ethanol Facilities. The Parties agree that Cargill shall have a right
of first negotiation to provide the aggregate commercial arrangements similar to the Goods and Services provided in connection with the Ethanol Facility to any subsequently constructed ethanol plant owned or operated by Producer, ASA Holdings or any
Affiliate thereof. In the event the Parties are unable after good faith negotiations to reach an agreement regarding the provision of such aggregate commercial arrangements, the Parties agree that Cargill shall have a right of first refusal to
provide any one or more of the Goods or Services to such ethanol plant. For this purpose, “right of first refusal” means that Cargill shall have the opportunity to meet on the same or better terms any proposal of any service provider with
respect to Goods or Services for such ethanol plant. 
 (d) Term of Master Agreement. This Master Agreement shall become effective on
the date hereof and shall remain in effect for so long as any of the Goods and Services Agreements remains in effect. 
 3. Global Termination; Buy-Out
Right; Transition Period. 
 (a) Cargill may terminate this Master Agreement, together with all (but not less than all) the Goods and
Services Agreements, if Producer fails to cause the Substantial Completion Date to occur on or before November 15, 2008, as such date may be suspended by operation of any period of Force Majeure as defined in the Design-Build Agreement but in
no event later than May 15, 2009. If a Producer Event of Default occurs under any Principal Document, then Cargill may, upon written notice to Producer, terminate this Agreement and, at Cargill’s sole option, all of the other Goods and
Services Agreements. If a Producer Event of Default occurs under any Goods and Services Agreement other than a Principal Document, then Cargill may, upon written notice to Producer, terminate only such Goods and Services Agreement under which such
Producer Event of Default occurred. 
 (b) Notwithstanding anything to the contrary herein, if Cargill terminates all (but not less than all)
the Goods and Services Agreements pursuant to their terms as a result of any Producer Event of Default, then Cargill, Incorporated may at its option, upon written notice to Producer, elect to purchase from Producer the Ethanol Facility (together
with, at Cargill, Incorporated’s sole option, any inventories and supplies located at or primarily related to the Ethanol Facility) for the greater amount of (i) 100% of the Fair Market Value of the Ethanol Facility, plus the fair
value of the related inventories and supplies, or (ii) the outstanding amount of the senior indebtedness under the 

  

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Financing Documents which is attributable to the financing of construction and acquisition of, and the initial working capital facilities for, the Ethanol
Facility; provided, however, that the outstanding amount of the senior indebtedness under the Financing Documents for purposes of determining the amount attributable to the Ethanol Facility that may be payable pursuant to subclause
(ii) shall not exceed $379,500,000. Cargill, Incorporated’s election to purchase the Ethanol Facility and such inventories and supplies must be exercised within the thirty (30) day period after Cargill submits a notice to terminate
all (but not less than all) the Goods and Services Agreements pursuant to their terms. 
 (c) If a Cargill Event of Default occurs under any
Principal Document, then Producer may, upon written notice to Cargill, terminate this Agreement and all of the other Goods and Services Agreements. If a Cargill Event of Default occurs under any Goods and Services Agreement other than a Principal
Document, the Producer may, upon written notice to Cargill, terminate only such Goods and Services Agreement under which such Cargill Event of Default occurred. 
 (d) For purposes of this Section 3, the term “Fair Market Value” means the value that would be established in an arm’s-length asset transaction between an informed and willing buyer and an informed
and willing seller, neither of which is under any compulsion to sell or buy, and on the assumption that the asset is being sold in place and on an as-is where-is basis without any contractual commitments for purchase of raw materials or supplies or
sale of output, and without regard to income tax consequences. 
 (e) In the event a purchase and sale of the Ethanol Facility will occur
pursuant to this Section, the Parties shall use good faith efforts to confer and share information and positions and to reach mutual agreement on the Fair Market Value of the Ethanol Facility as soon as practicable after the election is made by
Cargill, Incorporated under Section 3(b). If the Parties have been unable to agree on the Fair Market Value within thirty (30) days after the election is made, then each Party will, within thirty (30) days, elect an independent
appraiser or business valuation expert with experience in the ethanol production industry. Within fifteen (15) days thereafter, the two appraisers selected by the Parties shall confer and agree on a third independent appraiser or business
valuation expert with experience in the ethanol production industry. The three appraisers shall each submit to the Parties a written valuation report establishing a Fair Market Value on a date agreed upon, and the Fair Market Value shall be
conclusively deemed to be the arithmetic average of the three valuation reports. At any time during the independent valuation process, the Parties may agree on a Fair Market Value. The Parties may also agree to use a single independent valuation
expert in lieu of the three appraisers as contemplated herein, and in that case the Fair Market Value established by the single expert will be binding on the Parties. The closing of the purchase and sale will occur as soon as practicable and in any
event within sixty (60) days after the Fair Market Value has been determined. Producer shall transfer to Cargill, Incorporated good and marketable title to the Ethanol Facility free and clear of all Liens securing indebtedness and other similar
Liens (e.g., judgment liens), pursuant to customary and appropriate agreements and transfer instruments, and the purchasing Party shall pay the purchase price in cash. 
  

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 (f) Producer covenants that it will not create, assume or suffer to exist any Lien on the Ethanol
Facility (other than the liens in favor of the senior Financing Parties) that, individually or in the aggregate, secures obligations or has a value in excess of 100% of the Fair Market Value of the Ethanol Facility. 
 (g) Subject to Sections 3(h) and 3(i), during the Transition Period Producer will transition the services provided exclusively by Cargill, Incorporated
under the terminated Principal Document(s) (other than the Corn Supply Agreement so long as the Grain Facility Lease is effective and enforceable) to other Persons as Producer shall determine in its sole discretion. Subject to Sections 3(h) and
3(i), during the Transition Period, Cargill agrees that it will not unreasonably interfere with the transition of such services and each of Cargill, Incorporated and Producer shall continue to comply in all substantive respects with the terms and
conditions of the terminated Principal Document(s) (other than the Corn Supply Agreement so long as the Grain Facility Lease is effective and enforceable) except to the extent of the transition of services to other Persons. 
 (h) If one or more of the Principal Documents are terminated as a result of a Cargill Event of Default, during the Transition Period, Cargill,
Incorporated shall only be required to comply with the provision of such terminated Principal Document(s) which resulted in the Cargill Event of Default to the best of its abilities acting in good faith but shall, subject to Section 3(g),
continue to comply in all substantive respects with the other terms and conditions of such terminated Principal Document(s) (other than the Corn Supply Agreement so long as the Grain Facility Lease is effective and enforceable) except to the extent
of the transition of services to other Persons. 
 (i) If one or more of the Principal Documents are terminated as a result of a Producer
Event of Default, the provisions of Sections 3(g) and 3(h) shall not apply to Cargill except if such Producer Event of Default occurs under (i) Section 11.2(c) of the Ethanol Agreement or Section 11.2(e) of the Ethanol Agreement as
the result of a Producer Event of Default under the Corn Supply Agreement, or (ii) Sections 11.2(c) of the DG Agreement or Section 11.2(e) of the DG Agreement as the result of a Producer Event of Default under the Corn Supply Agreement.

 4. Force Majeure. 
 (a) Each Party
shall be excused from a failure to perform or a delay in performance under each of the Goods and Services Agreements (other than its payment obligations for Goods or Services previously delivered) to the extent caused by events beyond its reasonable
control including, but not limited to, acts of God, war, riots, insurrections, laws, proclamations, regulations, strikes of a regional or national nature, acts of terrorism, sabotage, floods, fires, explosions, acts of any government body, and other
events beyond the reasonable control and without the fault of such Party (“Force Majeure”). 
 (b) The Party claiming Force
Majeure shall use its commercially reasonable efforts to remove the cause of its inability to perform or its delay in performance. The 

  

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Party claiming Force Majeure shall give prompt written notice to the other Party of such event, specifying its nature and anticipated duration. The inability
of a Party to perform its obligations under this Master Agreement or the Goods and Services Agreements shall be deemed to have been subject to an event of Force Majeure to the extent that Party’s ability to so perform has been directly
inhibited or precluded because an event of Force Majeure had inhibited or precluded any other Party from performing any material action on which the performance of such Party’s obligations was dependent. 
 (c) If a Force Majeure event prevents any Party from performing under a Principal Document for 180 consecutive calendar days, the non-claiming Party
shall have the right to terminate such Principal Document upon thirty (30) calendar days’ written notice to the Party claiming Force Majeure unless the claiming Party, at its option, elects to pay to the non-claiming Party the Standstill
Payment, which amount shall be payable monthly in arrears for the period commencing on the 181st consecutive
calendar day of such Force Majeure Event and continuing until the earlier of (i) the date the claiming Party fails to pay the Standstill Payment and the non-claiming Party delivers to the claiming Party written notice that such Principal
Document will be terminated in thirty (30) calendar days and (ii) the 730th consecutive calendar day of
such Force Majeure event. Each of Producer and Cargill, Incorporated acknowledges that Producer intends to apply the proceeds of business interruption insurance, to the extent available, to the payment of the Standstill Payment if Producer is the
claiming Party and elects to make such Standstill Payment, but that Cargill, Incorporated shall have no independent right to such proceeds and, to the extent Producer elects to make the Standstill Payment, Producer shall be responsible for any
deficiency between the amount of any available business interruption insurance proceeds and the amount of such Standstill Payment. 
 (d) If
an event of Force Majeure prevents any Party from performing under any of the Goods and Services Agreements other than the Principal Documents for 180 consecutive calendar days, the non-claiming Party shall have the right to terminate such Goods and
Services Agreement (other than the Principal Documents) upon thirty (30) calendar days’ written notice to the Party claiming Force Majeure. 
 5.
No Default if Failure to Perform Results From Other Party’s Default. 
 (a) Notwithstanding anything to the contrary in any of
the Goods and Services Agreements, Producer shall not be in default under this Master Agreement or any of the Goods and Services Agreements to the extent its failure to perform is the direct result of the breach by Cargill of any term or covenant
contained in this Master Agreement or any of the Goods and Services Agreements. 
 (b) Notwithstanding anything to the contrary in any of the
Goods and Services Agreements, Cargill shall not be in default under this Master Agreement or any of the Goods and Services Agreements to the extent its failure to perform is the direct result of the breach by Producer of any term or covenant
contained in this Master Agreement or any of the Goods and Services Agreements. 
  

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 6. Netting and Setoff Rights; Aggregate Exposure of Cargill. 
 (a) Ordinary Course. Each Party is hereby irrevocably authorized at any time and from time to time without advance notice to the other Party
(provided written notice is provided to the other Party reasonably promptly thereafter), to set off and apply any and all amounts due and owing for the physical delivery or sale of goods from such Party to the other Party under any and all of the
Goods and Services Agreements and the Related Goods and Services Agreements against any amounts due and owing for the physical delivery or sale of goods from such Party to the other Party or the Related Producer Entities, provided,
however, no such set off rights shall be exercised unless the amounts due and owing are capable of being objectively determined and not subject to good faith dispute. In the event a Party disputes in good faith whether an amount is due and
owing to the other Party, the other Party may set off against such amount only if the amount in dispute is placed into a mutually agreeable escrow account pending resolution of such dispute in accordance with Section 7. Any invoices presented
by one Party to the other Party under any Goods and Services Agreement or the Related Goods and Services Agreement for which such set off is being made shall clearly identify the amount of the set off or netting. 
 (b) Setoff in Producer Event of Default Situation. Cargill is hereby irrevocably authorized at any time and from time to time during which
(i) a default or an Event of Default by Producer has occurred under any of the Goods and Services Agreements, (ii) such default or Event of Default is continuing for a period of two (2) Business Days, and (iii) Producer has
failed to provide Cargill within three (3) Business Days of Producer’s receipt of written notice of such default or Event of Default adequate assurances that such Event of Default will promptly be cured, without advance notice to Producer
(provided Cargill notifies Producer in writing reasonably promptly thereafter), to set off and apply any and all amounts owing from Cargill to Producer under any of the Goods and Services Agreements or the Related Goods and Services Agreements,
against the Aggregate Exposure of Cargill. The rights of Cargill under this Section are in addition to other rights and remedies that Cargill may have under applicable law. In the event a Party disputes in good faith whether an amount is due and
owing to the other Party, the other Party may set off against such amount only if the amount in dispute is placed into a mutually agreeable escrow account pending resolution of such dispute in accordance with Section 7. 
 (c) Setoff in Cargill Event of Default Situation. Producer is hereby irrevocably authorized at any time and from time to time during which
(i) a default or an Event of Default by Cargill has occurred under any of the Goods and Services Agreements, (ii) such default or Event of Default is continuing for a period of two (2) Business Days, and (iii) Cargill has failed
to provide Producer within three (3) Business Days of Cargill’s receipt of written notice of such default or Event of Default adequate assurances that such Event of Default will promptly be cured, without advance notice to Cargill
(provided Producer notifies Cargill in writing reasonably promptly thereafter), to set off and apply any and all amounts owing from Producer to Cargill under any of the Goods and Services Agreements or the Related Goods and Services Agreements,
against all amounts due and owing by Cargill to Producer and the Related Producer Entities. The 

  

 12 

 
rights of Producer under this Section are in addition to other rights and remedies that Producer may have under applicable law. In the event a Party disputes
in good faith whether an amount is due and owing to the other Party, the other Party may set off against such amount only if the amount in dispute is placed into a mutually agreeable escrow account pending resolution of such dispute in accordance
with Section 7. 
 (d) Aggregate Exposure of Cargill. It is the Parties’ intent that at no time will the Aggregate Exposure
of Cargill exceed the amount owed by Cargill to Producer and the Related Producer Entities under the Goods and Services Agreements and the Related Goods and Services Agreements. However, if the Aggregate Exposure of Cargill should exceed the amount
owed by Cargill to Producer and the Related Producer Entities under the Goods and Services Agreements and the Related Goods and Services Agreements, then Cargill shall be entitled, in its sole discretion, to (i) request that Producer provide
adequate alternative security acceptable to Cargill in an amount equal to the positive Net Aggregate Exposure (rounding upwards for any fractional amount to the next whole $10,000 interval); (ii) withhold payments to Producer in an amount equal
to the positive Net Aggregate Exposure; and/or (iii) unwind hedge positions if Producer is unable to provide to Cargill adequate alternative security acceptable to Cargill in an amount equal to the positive Net Aggregate Exposure within
(A) two (2) Business Days of receipt by Producer and the Financing Parties of Cargill’s written notice of its intention to unwind such hedge positions as allowed pursuant to the terms of the Gas Advisory Agreement and/or the Corn
Advisory Agreement if such notice is received by 10:00 a.m. CST or (B) within three (3) Business Days of receipt by Producer and the Financing Parties of Cargill’s written notice of its intention to unwind such hedge positions as
allowed pursuant to the terms of the Gas Advisory Agreement and/or Corn Advisory Agreement if such notice is received after 10:00 a.m. CST. If at any time Cargill withholds payments to Producer or Producer provides alternative security to Cargill in
accordance with the immediately preceding sentence and, on any date thereafter, the Net Aggregate Exposure is zero or negative, then Cargill shall, within two (2) Business Days of Cargill’s receipt of Producer’s written notice that
the Net Aggregate Exposure is zero or negative if such written notice is received by 10:00 a.m. CST or within three (3) Business Days of Cargill’s receipt of Producer’s written notice that the Net Aggregate Exposure is zero or
negative if such written notice is received after 10:00 a.m. CST, return any such alternative security to Producer or pay to Producer any such payments withheld to the extent such return of security or payment of withheld payments will not cause the
Net Aggregate Exposure to be positive. 
 7. Dispute Resolution. In the event a dispute arises under this Master Agreement, any Goods or Services
Agreement or the Confidentiality Agreement that cannot be resolved by those with direct responsibility for the matter in dispute, such dispute shall be resolved by way of the following process: 
 (a) Senior management from Producer and from Cargill shall meet to discuss the basis for the dispute and shall use their best efforts to reach a
reasonable resolution to the dispute. 
  

 13 

 (b) If negotiations pursuant to Section 7(a) are unsuccessful, unless otherwise specified in the
Goods and Services Agreement applicable to the dispute, the matter will promptly be submitted by either Party to arbitration in accordance with the Commercial Arbitration Rules, then in effect, of the American Arbitration Association
(“AAA”), except to the extent modified herein. The arbitration shall be held in a neutral location selected by the Parties. Judgment on the award rendered may be entered in any court having jurisdiction thereof. 
 (c) Cargill and Producer shall, within twenty (20) days of receipt of notice that the matter has been referred to arbitration, appoint one
arbitrator each and, within twenty (20) days of the appointment of the last of such two arbitrators the two arbitrators shall appoint a third arbitrator. If either Party or the two arbitrators fail to timely appoint an arbitrator, AAA shall
appoint the said arbitrator. 
 (d) The Parties shall bear their respective costs incurred in connection with the procedures described in
this Section 7, unless the arbitrators determine that the dispute subject to the arbitration was made in bad faith by a Party, in which case the arbitrators may require that Party to reimburse the other Party for some or all of its reasonable
costs. 
 (e) Notwithstanding any other provision of this Master Agreement, each Party shall be entitled to access the courts to obtain
appropriate injunctive relief to preserve their rights during the pendency of the resolution process of paragraphs (a) through (d) of this Section, to preserve the status quo, or to prevent irreparable harm. 
 (f) All negotiations and written statements conducted or made pursuant to this Section 7 are confidential and shall be treated as compromise and
settlement negotiations for purposes of Federal and State Rules of Evidence. If the Parties reach agreement pertaining to any dispute pursuant to the procedures set forth in this Section 7, such agreement will be reduced to writing, signed by
authorized representatives of each Party, and will be final and binding upon the Parties. 
 8. Controlling Agreement. To the extent any provision of
this Master Agreement conflicts with a provision of any Goods and Services Agreement or the Confidentiality Agreement, the provision of the Goods and Services Agreement or the Confidentiality Agreement will control. 
 9. Indemnification; Limitation of Liability; Suspends Performance. 
 (a) Producer agrees to indemnify, defend and hold harmless Cargill, its Affiliates and their respective officers, directors, employees, agents, shareholders and representatives, from and against any and all Damages to
the extent arising out of (i) any fraud, negligence or willful misconduct of Producer or any of its officers, directors, employees, agents, representatives and contractors; (ii) any breach of this Master Agreement or any of the Goods and
Services Agreements by Producer; and (iii) the failure of the products produced by the Ethanol Facility to meet specifications to the extent provided in Section 6.7 of the Ethanol Agreement and Article 7 of the DG 

  

 14 

 
Agreement. Cargill shall promptly notify Producer of any suit, proceeding, action or claim for which Producer may have liability pursuant to this
Section 9(a). 
 (b) Cargill, Incorporated agrees to indemnify, defend and hold harmless Producer, its Affiliates and their respective
officers, directors, employees, agents, shareholders and representatives from and against any and all Damages to the extent arising out of (i) any fraud, negligence or willful misconduct of Cargill, Incorporated or any of its officers,
directors, employees, agents, representatives and contractors; (ii) any breach of this Master Agreement or any of the Goods and Services Agreements by Cargill, Incorporated; and (iii) third party claims directly related to the failure of
Corn delivered to the Ethanol Facility to meet specifications as provided in Section 14(a) of the Corn Supply Agreement. CCSI agrees to indemnify, defend and hold harmless Producer, its Affiliates and their respective officers, directors,
employees, agents, shareholders and representatives from and against any and all Damages to the extent arising out of (1) any fraud, negligence or willful misconduct of CCSI or any of its officers, directors, employees, agents, representatives
and contractors; and (2) any breach of this Master Agreement or any of the Goods and Services Agreements by CCSI. Producer shall promptly notify Cargill, Incorporated or CCSI, as the case may be, of any suit, proceeding, action or claim for
which Producer may have liability pursuant to this Section 9(b). 
 (c) Neither Party makes any guarantee, warranty or representation,
express or implied, with respect to any profit, or of any particular economic results from transactions hereunder. For purposes of clarification, the foregoing disclaimer is not intended to limit Cargill, Incorporated’s obligation (i) to
exercise its ultimate discretion in a commercially reasonable manner when determining the basis price used to originate Corn for Producer’s Corn needs pursuant to Section 3(a) of the Corn Supply Agreement, (ii) to use its commercially
reasonable judgment in making decisions related to the quantity and price of Ethanol marketed under the Ethanol Agreement pursuant to Section 8.1 thereof, or (iii) to use its commercially reasonable judgment in making decisions related to
the quantity and price of DG marketed under the DG Agreement pursuant to Section 9 thereof. Except in the case of a material, bad faith breach of an obligation or commitment of a Party contained in a Goods and Services Agreement, or as may be
expressly provided otherwise in a Goods and Services Agreement, in no event shall either Party be liable to the other Party for punitive or exemplary damages or for indirect, special or consequential damages, including without limitation actual or
alleged loss of profits, lost sales, loss of value of brands, tradenames, trademarks, service names or service marks. Furthermore, under no circumstances shall Cargill be liable for the debts or obligations of Producer (including any indebtedness
incurred by Producer or its Affiliates to finance the construction and development of the Ethanol Facility, and any other bank financing, tax-exempt or taxable bonds or trade debt incurred by Producer or for which Producer is liable) or for the
wages, salaries, or benefits of Producer’s employees, and Producer hereby agrees to indemnify, defend, and hold harmless Cargill from and against the same. 
 (d) Each Party understands and agrees that neither Party makes any warranty respecting legal or regulatory requirements or risks. Each Party shall obtain such legal 

  

 15 

 
and regulatory advice from its own employees, advisors or consultants as it may deem necessary respecting the applicability of legal and regulatory
requirements applicable to its business. 
 (e) For the avoidance of doubt, a Party that Suspends Performance in accordance with the terms of
a Goods and Services Agreement shall be entitled to a reasonable period of time to “re-start” performance under such Goods and Services Agreement without incurring liability for any failure to fully perform under such Goods and Services
Agreement during such “re-start” period (including such failure being deemed a default or Event of Default); provided, however, that such Party uses good faith, commercially reasonable efforts to “re-start” its
performance and such period shall in no event exceed sixty (60) days. 
 10. Insurance. During the term of this Master Agreement, the Parties
shall, at their own expense, carry in full force and effect those insurance policies more fully described herein. 
 (a) Commercial general
liability insurance, written on “occurrence” policy forms, including coverage for premises/operations, products/completed operations, property damage, blanket contractual liability and personal injury, with no exclusions for explosion,
collapse and underground perils, and fire with coverage limits of, subject to Section 10(f), no less than $20,000,000 for each occurrence and in the aggregate. The commercial general liability policy shall also include a severability of
interest clause and a cross liability clause in the event more than one entity is “named insured” under the liability policy. 
 (b) Pollution liability insurance, including coverage for off-site clean-up, bodily injury and property damage, written on an occurrence or on a “claims made” form, with limits of no less than $1,000,000. 
 (c) Automobile liability insurance, including coverage for owned, non-owned and hired automobiles for both bodily injury and property damage in
accordance with statutory legal requirements, with combined single limits of, subject to Section 10(f), no less than $20,000,000 per accident with respect to bodily injury, property damage or death. Automobile insurance shall include the Motor
Carrier Act Endorsement encompassing Hazardous Materials Cleanup (MCS-90), if applicable. 
 (d) Workers compensation insurance to statutory
limits and employer’s liability with a limit of, subject to Section 10(f), not less than $20,000,000 and such other forms of insurance which is required by law to provide for the project, providing statutory benefits and covering loss
resulting from injury, sickness, disability or death of the employees of the Borrower. To the extent applicable, insurance shall cover Jones Act, Longshore and Harbor Workers Act and Continental Shelf Land Act. 
 (e) “All risk” property insurance (including, with respect to Producer, Builder’s Risk coverage during the course of construction of the
Ethanol Facility), as such term is used in the insurance industry, insuring all real and personal property of the 

  

 16 

 
Ethanol Facility (with respect to Producer) or Grain Facility (with respect to Cargill, Incorporated), as applicable, for an amount of not less than full
replacement cost of the completed Ethanol Facility or the Grain Facility, as applicable. Such insurance shall include coverage for the following: flood, earthquake, comprehensive boiler and machinery coverage, business interruption and delay of
opening during the course of construction, extra expense, expediting expense, debris removal, and demolition and increased cost of construction, as applicable. Sublimits are permitted as respects to the following: (i) debris removal, 25% of
loss, (ii) expediting expense, $2,000,000, (iii) increased costs due to orders by law and demolition costs of undamaged portion due to enforcement of by law, $2,000,000 and (iv) such other coverages customarily sub-limited in
reasonable amounts consistent with current industry practice with respect to similar risks and acceptable to the other Party. 
 In the event
all risk property coverage and the boiler and machinery coverage is not written in the same policy, each policy shall contain a joint loss agreement. 
 All such policies may have deductibles of not greater than $150,000 and 2% of values at risk for natural hazard perils (such as flood and earthquake) subject to a maximum of $150,000. The deductible or waiting period
as respects business interruption shall not exceed thirty (30) days. 
 (f) Umbrella or excess liability insurance may be purchased in
order to satisfy the limit requirements described in Sections 10(a), 10(c) and, with respect to employer’s liability, 10(d). If the policy or policies provided under this Section 10(f) contain(s) aggregate limits applying to other
operations other than the Ethanol Facility or Grain Facility, as applicable, and such limits are diminished below $20,000,000 by any incident, occurrence, claim, settlement or judgment against such insurance which has caused the insurer to establish
a reserve, the affected Party, after obtaining knowledge of such event shall inform the other Party, and within thirty (30) business days purchase an additional umbrella/excess liability insurance policy, or obtain a reinstatement of limits, to
satisfy the requirements of Section 10(a), 10(c) or 10(d). 
 (g) The insured shall provide the other Party with certificates of
insurance evidencing the above coverages not later than thirty (30) days after the Effective Date. All policies shall contain a provision that will provide thirty (30) days’ prior written notice of cancellation or material reduction
in coverage to the other Party. All policies shall include a waiver of subrogation against the other Party with respect to the policies in this Section 10. 
 (h) Cargill shall have the right to (i) self insure with respect to any of the required insurance policies or coverages in such amounts as it deems appropriate, or (ii) use Cargill, Incorporated’s
wholly-owned captive insurance company to insure part or all of the coverage required by this Section 10. 
  

 17 

 11. Audit Rights; Progress Reports. 
 (a) Records. Producer and Cargill each covenant that it will maintain accurate and complete production and delivery records relating to the Goods and Services Agreements in a prudent and businesslike manner in
accordance with sound commercial practices. 
 (b) Audits. Each Party shall have the right to request, but not more than once per
quarter during the term of this Master Agreement, one or more Qualified Persons selected by such Party to inspect and review at the requesting Party’s sole expense the records, documents and facilities (including, as applicable, the Ethanol
Facility or Grain Facility) of the other Party that directly relate to and directly support this Master Agreement and the Goods and Services Agreements, to verify such Party’s compliance with the Master Agreement and the Goods and Services
Agreements then in effect. Each Party shall also have the right to request, but not more than once per year during the term of this Master Agreement, one or more Qualified Persons selected by such Party or an independent certified public accountant
jointly selected by the Parties (provided, that neither Party shall unreasonably withhold its approval of a proposed accountant) to inspect and audit at the requesting Party’s sole expense the records, documents and facilities (including, as
applicable, the Ethanol Facility or Grain Facility) of the other Party that directly relate to and directly support the Master Agreement or Goods and Services Agreements to verify such Party’s compliance with the Master Agreement and the Goods
and Services Agreements then in effect. Such inspections (i) shall be subject to the confidentiality requirements set forth in the Confidentiality Agreement between the Parties of even date herewith, the form of which is attached hereto,
(ii) shall be conducted during normal business hours and in such a manner that does not unreasonably interfere with the relevant Party’s business operations, and (iii) shall not be unduly burdensome. The scope of any such inspections
shall include any reasonable follow-up inspection that may be identified in the initial inspection as reasonably necessary to verify compliance with the Master Agreement and the Goods and Services Agreements then in effect. 
 If any error is discovered during or as a result of such inspections in any statement rendered under any Goods and Services Agreement and such error is
on the part of Cargill and results in a payment that is due to Producer, the amount due plus interest on such amount at the Default Rate shall be promptly paid to Producer by Cargill, Incorporated or CCSI, as applicable (or put in escrow pending
resolution of any dispute pursuant to Section 7). If any error is discovered during or as a result of such inspections in any statement rendered under any Goods and Services Agreements and such error is on the part of Producer and results in a
payment that is due to Cargill, the amount due plus interest on such amount at the Default Rate shall be promptly paid to Cargill, Incorporated or CCSI, as applicable, by Producer (or put in escrow pending resolution of any dispute pursuant to
Section 7). 
 (c) Progress Reports. The Parties shall provide to each other monthly or other written progress reports on a
regular basis, with the frequency and supporting documentation (including without limitation support for pricing), if any, to be determined by the Parties. 
  

 18 

 12. Miscellaneous. 
 (a) Successors and Assigns. 
 All of the terms, covenants, and conditions of this Master Agreement
and each of the Goods and Services Agreements shall be binding upon, and inure to the benefit of and be enforceable by the Parties and their respective successors, heirs, executors and permitted assigns. Except as provided herein or in a Goods and
Services Agreement, no Party may assign its rights, duties or obligations under this Master Agreement or any one or more of the Goods and Services Agreements, to any other person or entity without the prior written consent of the other Party, such
consent not to be unreasonably withheld or delayed. Without limiting the foregoing, (i) it will not be unreasonable for Cargill to withhold consent to assignment where (x) Producer desires to sell or otherwise transfer the Ethanol Facility
to a third party, but either Producer or the third party is unwilling or unable to effectuate assignment to such third party of the Master Agreement together with all Goods and Services Agreements then in effect, or (y) Producer desires to
assign to a third party less than all of the Principal Documents and the Grain Facility Lease, and, (ii) except as otherwise provided in Section 9 of the Corn Supply Agreement, it will not be unreasonable for Producer to withhold consent
to assignment where Cargill, Incorporated desires to sell or otherwise transfer the Grain Facility to a third party, but either Cargill or such third party is unwilling or unable to effectuate assignment to such third party of the Master Agreement
together with all Goods and Services Agreements then in effect. Notwithstanding anything to the contrary in this Agreement, in no event will Producer assign this Agreement or any one or more Goods and Services Agreements to any of the Prohibited
Parties without Cargill’s prior written consent. 
 Cargill, Incorporated may assign its rights, duties and obligations under the
Ethanol Agreement or the DG Agreement to any of its Affiliates upon notice to Producer; provided no such assignment shall relieve Cargill, Incorporated of primary responsibility thereunder. 
 (b) Notices. All notices, requests, demands or other communications required or permitted to be given or made under this Master Agreement,
the Goods and Services Agreement and the Confidentiality Agreement shall be in writing and delivered personally or sent by prepaid, first class, certified or registered air mail, return receipt requested, or by facsimile transmission with
confirmation receipt to the intended recipient thereof at the address or facsimile number set forth below. Any such notice, demand, request or communication shall be deemed to have been duly given immediately if delivered personally or made by a
confirmed facsimile, or five (5) days after mailing, and in proving the same it shall be sufficient to show that the envelope containing the notice, demand, request or communication was duly addressed, stamped and posted or that receipt of a
facsimile was confirmed by the recipient. The addressees and facsimile numbers of the Parties: 
  

			
	To Cargill:	  	Cargill, Incorporated
		  	Commercial Manager for Ethanol / 62
		  	15407 McGinty Road West
		  	Wayzata, MN 55391-2399
		  	Fax: (952) 742-7440

  

 19 

			
	With Copy To:	  	Cargill, Incorporated
		  	AgHorizons Commercial Leader / 19
		  	15407 McGinty Road West
		  	Wayzata, MN 55391-2399
		  	Fax: (952) 742-7313
		
	With Copy To:	  	Cargill, Incorporated
		  	Horizon Milling DG Marketing / 121
		  	15407 McGinty Road West
		  	Wayzata, MN 55391-2399
		  	Fax: (952) 742-6999
		
	With Copy To:	  	Cargill Direct
		  	c/o Cargill, Incorporated – Attn: Clayton Weiby
		  	15407 McGinty Road West, MS #20
		  	Wayzata, MN 55391-2399
		  	Fax: (952) 742-7242
		
	With Copy To:	  	Cargill, Incorporated
		  	Attn: Kathy Gerken, Contract Admin.
		  	12700 Whitewater Dr.,
		  	Minnetonka, MN 55343
		  	Fax: (952) 984-3627
		
	With Copy To:	  	Cargill, Incorporated
		  	Law Department / 24
		  	15407 McGinty Road West
		  	Wayzata, MN 55391-2399
		  	Attn: Sweeteners NA BU Attorney
		  	Fax: (952) 742-6349
		
	To ASA Holdings:	  	ASA OpCo Holdings, LLC
		  	4311 Oak Lawn Avenue, Suite 650
		  	Dallas, Texas 75219
		  	Attn: President
		  	Fax: (214) 520-2578
		
	To Producer:	  	_________________________________
		  	4311 Oak Lawn Avenue, Suite 650
		  	Dallas, Texas 75219
		  	Attn: President
		  	Fax: (214) 520-2578

  

 20 

 Either Party may, from time to time, furnish, in writing, to the other Party, notice of a change in the
address and/or fax number(s) to which notices are to be given hereunder. 
 (c) Applicable Law. This Master Agreement, the
Goods and Services Agreements (other than the NAESB Agreement, the Gas Advisory Agreement and the Corn Advisory Agreement) and the Confidentiality Agreement shall be governed in all respects by the laws of the State of Minnesota, except with respect
to its choice of law provisions. The NAESB Agreement, the Gas Advisory Agreement and the Corn Advisory Agreement shall be governed in all respects with the laws of the State of New York, except with respect to its choice of law provisions. In the
performance of their respective duties and obligations under this Master Agreement and each of the Goods and Services Agreements, the Parties agree to comply with all applicable laws, regulations, orders, permits and licenses. 
 (d) Cover and Mitigation. Each Party shall have the obligation to use commercially reasonable efforts to mitigate damages associated with the
default by any Party under this Master Agreement or any of the Goods and Services Agreements. 
 (e) Headings. The headings as to
contents of particular sections of this Master Agreement, the Goods and Services Agreements and the Confidentiality Agreement are inserted for convenience and shall not be construed as part of this Master Agreement, the Goods and Services Agreements
or the Confidentiality Agreement or as a limitation on the scope of any terms or provisions of this Master Agreement, the Goods and Services Agreements or the Confidentiality Agreement. 
 (f) Severability. In the event that any provision of this Master Agreement, the Goods and Services Agreements or the Confidentiality
Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, either in whole or in part, this Master Agreement and the Goods and Services Agreements, as applicable, shall continue in full force and
effect without said provision; provided that no such severability shall be effective if it materially changes the economic benefit of this Master Agreement or applicable Goods and Services Agreement to either Party. 
 (g) No Third Party Beneficiaries. No provision of this Master Agreement, the Goods and Services Agreements or the Confidentiality Agreement is
intended, or shall be construed, to be for the benefit of any third party. 
 (h) Entire Agreement; Amendment. This Master
Agreement, the Goods and Services Agreements, the Grain Facility Lease and the Confidentiality Agreement, including all written appendices and/or amendments to such agreements, constitute the entire understanding and agreement between the Parties
with respect to the subject matter hereof, and supersede all prior and contemporaneous understandings and/or agreements, written or oral, regarding the subject matter of this Master Agreement, the Goods and Services Agreements, the Grain Facility
Lease and the Confidentiality Agreement. No course of prior dealings between the Parties and no usage of trade, except where 

  

 21 

 
expressly incorporated by reference, shall be relevant or admissible to supplement, explain, or vary any of the terms of this Master Agreement, the Goods and
Services Agreements, the Grain Facility Lease or the Confidentiality Agreement. Acceptance of, or acquiescence in, a course of performance rendered under this or any prior agreement shall not be relevant or admissible to determine the meaning of
this Master Agreement, the Goods and Services Agreements, the Grain Facility Lease or the Confidentiality Agreement even though the accepting or acquiescing Party has knowledge of the nature of the performance and an opportunity to object. No
appendices, amendments, modifications, additions, or writings of any kind relating to this Master Agreement, the Goods and Services Agreements, the Grain Facility Lease or the Confidentiality Agreement will be binding unless in writing and signed by
a duly authorized officer of both Parties, and, as long as any part of the Producer’s indebtedness under the Financing Documents remains outstanding, a majority of the holders of the Financing Parties as required by the Financing Documents
consents to the same or the Producer certifies that such amendment will not result in a Material Adverse Effect. 
 (i)
Counterparts. This Master Agreement, each of the Goods and Services Agreements, and the Confidentiality Agreement may be executed in counterparts, each of which may be deemed an original but together shall constitute but one and the
same instrument. 
 (j) Waiver. No failure on the part of any Party hereto to exercise, and no delay in exercising any right, power,
or remedy under this Master Agreement, any Goods and Services Agreement, or the Confidentiality Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or remedy by any such Party preclude any other
or further exercise thereof or the exercise of any other right, power or remedy. No express waiver or assent by any Party hereto to any breach of or default in any term or condition of this Master Agreement or of any Goods and Services Agreement or
the Confidentiality Agreement shall constitute a waiver of or an assent to any succeeding breach of or default in the same or any other term or condition hereof. 
 (k) Interpretation. The Parties acknowledge and agree that (a) each Party and its counsel have reviewed the terms and conditions of this Master Agreement, the Goods and Services Agreements and the
Confidentiality Agreement and have contributed to the revision of same, (b) the normal rule of construction which holds that any ambiguities are resolved against the drafting party, shall not be employed in the interpretation of this Master
Agreement, the Goods and Services Agreements, and the Confidentiality Agreement and (c) the terms and provisions of this Master Agreement, the Goods and Services Agreements and the Confidentiality Agreement shall be constructed fairly as to all
Parties hereto and not in favor of or against any Party, regardless of which Party was generally responsible for the preparation of this Master Agreement, the Goods and Services Agreements or the Confidentiality Agreement. 
 (l) Independent Contractors. The Parties to this Master Agreement, the Goods and Services Agreements and the Confidentiality Agreement are
independent contractors. There is no relationship of partnership, joint venture, employment, franchise, or agency between or among any of the Parties, and no Party shall make any 

  

 22 

 
representation to the contrary. Under no circumstances shall Cargill be liable for the debts or obligations of Producer (including without limitation any
bank financing, tax-exempt bonds or trade debt incurred by Producer) or for the wages, salaries, or benefits of Producer’s employees, and Producer hereby agrees to indemnify, defend, and hold harmless Cargill from and against the same. Producer
shall not be liable for the debts or obligations of Cargill or for the wages, salaries, or benefits of Cargill’s employees, and Cargill hereby agrees to indemnify and defend Producer from and against the same. 
 (m) Time is of the Essence. Each Party acknowledges that time is of the essence and hereby agrees to use commercially reasonable efforts to
implement this Master Agreement and the Goods and Services Agreements and the transactions contemplated hereby. 
 (n) Survival. The
provisions of Sections 1, 6, 7, 8, 9, 12(b)-(h), 12(j)-(l) and 12(n) shall survive the expiration or earlier termination of this Master Agreement. 
 (o) Condition Precedent; No-Recourse Provision. The effectiveness of this Master Agreement and the Goods and Services Agreements is conditioned upon the approval by Cargill of a “no-recourse”
provision which must be included in the Financing Documents and the organizational documents (or other documents as reasonably determined by Cargill) of Producer and the entities that are related to Producer, including without limitation ASAlliances
Biofuels, LLC, ASA Holdings and the Related Producer Entities (collectively, the “Project Entities”). Such no-recourse provision shall be in a form satisfactory to Cargill, shall be expressed to be binding upon each of the Financing
Parties and the members of the Project Entities by such parties’ acceptance of a related note or debt instrument or by execution of a Financing Document or by execution of the organizational or other documents, as applicable, and shall include
a statement generally to the effect that none of the Financing Parties and none of the members of the Project Entities shall have any recourse against Cargill or any of its affiliated companies and their respective officers, directors and employees
for any act or omission of Producer, its officers or directors, including without limitation any failure by Producer to pay any obligation when due. 
 (p) Memorandum. The Parties shall execute, acknowledge, deliver and record on the official public records of real property of Boone County, Nebraska, a memorandum setting forth a summary of the real property
rights and options set forth in this Master Agreement and the Goods and Services Agreements, including the buy-out right set forth in Section 3 hereof and the right of first refusal set forth in Section 9(c) of the Corn Supply Agreement.
Upon expiration or termination of the Master Agreement and the Goods and Services Agreements, the Parties shall execute, acknowledge, deliver and record an appropriate memorandum in such official records evidencing such expiration or termination.

 (q) Integrated Agreements. The Parties hereby acknowledge and agree that the Corn Supply Agreement and the Grain Facility Lease
have been negotiated and entered into simultaneously as integrated parts of one unified transaction with a common purpose. Without limiting the generality of the foregoing, (i) the Parties would not have 

  

 23 

 
entered into the Corn Supply Agreement and the Grain Facility Lease separately without entering into the other, (ii) the consideration for such
agreements is not separate and distinct, but interrelated and incorporated by reference between the Corn Supply Agreement and the Grain Facility Lease, and (iii) in the event that either of the Parties becomes a debtor in bankruptcy, the
Parties intend that the Corn Supply Agreement and the Grain Facility Lease are either accepted or rejected together as one executory contract. 
 [The next page is the signature page.] 
  

 24 

 IN WITNESS WHEREOF, the Parties have each executed this Master Agreement on the date first above written.

  

			
	 ASA OPCO HOLDINGS, LLC

		
	 By:
	 	  
	 Name:
	 	  
	 Title:
	 	  
	
	 ________________________________________

		
	 By:
	 	  
	 Name:
	 	  
	 Title:
	 	  
	
	 CARGILL, INCORPORATED

		
	 By:
	 	  
	 Name:
	 	  
	 Title:
	 	  
	
	 CARGILL COMMODITY SERVICES INC.

		
	 By:
	 	  
	 Name:
	 	  
	 Title:
	 	  

  

 S-1 

 SCHEDULE 1 
 Notice Addresses for Financing Parties 
 West LB, AG, New York Branch, 

    as Administrative Agent for the Lenders 
 1211 Avenue of Americas 
 New York, New York 10036 
 Attn: Andrea Bailey 
 Fax: (212) 302-7946 
 American Capital Financial Services, Inc., 
     as Agent 
 2 Bethesda Metro Center, 14th Floor 
 Bethesda, Maryland 20814 
 Attn: Compliance Officer 
 Fax: (301) 654-6714 

 EXHIBIT A TO FORM OF MASTER AGREEMENT 
 Form Of Confidentiality Agreement 

 Confidentiality Agreement 
 This Confidentiality Agreement (“Agreement”), is made effective this          day of
February, 2006 (the “Effective Date”) by and among CARGILL, INCORPORATED, a Delaware corporation (“Cargill, Incorporated”), CARGILL COMMODITY SERVICES INC., a Delaware corporation (“CCSI”) (Cargill,
Incorporated and CCSI are referred to collectively as “Cargill”), ASALLIANCES BIOFUELS, LLC, a Delaware limited liability company, ASA OPCO HOLDINGS, LLC, a Delaware limited liability company (“ASA Holdings”), and
                            , a
                             (“Producer”), collectively referred to hereinafter as
“Parties” or individually as a “Party.” 
  

	 	1.	Purpose of This Agreement. 

 The purpose of
this Agreement is for the Parties to discuss matters relating to or in connection with the Master Agreement, including the Goods and Services Agreements and the Grain Facility Lease referred to therein, entered into by the Parties dated as of
February 6, 2006 (the “Master Agreement”) and the respective obligations of the Parties thereunder (“Purpose”), and to protect the confidential nature of such discussions. In order to facilitate discussions
contemplated hereunder, Cargill may receive from, and provide to, Producer certain Confidential Information, as defined below. Each Party’s information is proprietary, secret, and confidential, and will be disclosed by one Party (the
“Disclosing Party”) to the other Party (the “Receiving Party”) on the following terms and conditions. 
  

	 	2.	Definition of Confidential Information. 

 “Confidential Information” shall mean any and all business, technical, and financial information related to the Purpose set forth above and disclosed by one Party to the other Party, either directly or indirectly. Confidential
Information may include, by way of example, but without limitation, products, specifications, formulae, equipment, business strategies, customer lists, know-how, drawings, pricing information, inventions, ideas, financial information and other
information, or its potential use, that is owned by or in possession of Producer or Cargill. 
 Confidential Information shall not include
that which: (a) is in the public domain prior to disclosure by Disclosing Party; (b) becomes part of the public domain, by publication or otherwise, through no unauthorized act or omission on the part of the Receiving Party; (c) is
lawfully in the Receiving Party’s possession prior to disclosure by the Disclosing Party; or (d) is independently developed by an employee(s) of the Receiving Party with no access to the disclosed Confidential Information. 
 If Confidential Information is legally disclosed in confidence to the Receiving Party by a third party, then: (a) the Receiving Party shall have the
right to use that portion of the above-mentioned Confidential Information so disclosed by the third party in connection with work done for that third party; and (b) such disclosure by that third party shall not place that portion of the
above-mentioned Confidential Information in the public domain, and shall not relieve the Receiving Party of its obligations under this Agreement. 

	 	3.	Obligations of Protection. 

 Proper and
appropriate steps shall be taken and maintained by the Receiving Party, at all times, to protect the Confidential Information received. Dissemination of Confidential Information shall be limited to employees or agents that are directly involved with
discussions contemplated by this Agreement, and even then only to such extent as is necessary and essential. The Parties shall inform their employees and agents of the confidential nature of the information disclosed hereunder and cause all such
employees and agents to abide by the terms of this Agreement. 
 In addition, each Party may disclose Confidential Information regarding the
Ethanol Facility and the performance of the Master Agreement, including the material terms thereof, to the Financing Parties as defined in the Master Agreement and to financial institutions and other Persons providing or expressing interest in
providing debt financing or refinancing, lease financing and/or other credit support to Producer in connection with the construction and operation of the Ethanol Facility, and to the agent or trustee of any of them, to rating agencies, to Persons to
which offering statements or other disclosure documents associated with the private or public offering of debt securities by or on behalf of Producer are provided and to Persons that are potential equity transferees or purchasers of the Ethanol
Facility; provided, however, that such Persons agree to bound by the terms hereof or otherwise agree to maintain the confidential nature of the information hereof in a manner reasonably acceptable to the Parties. Notwithstanding the
foregoing, (i) each Party may publish information regarding the Master Agreement or the Ethanol Facility with the express written consent of the other Party, which consent shall not be unreasonably withheld, and (ii) each Party may provide
information with respect to the Master Agreement and the Ethanol Facility to its board members and equity owners consistent with its internal governance practices. 
  

	 	4.	Obligations of Non-disclosure. 

 The
Receiving Party shall not disclose the Disclosing Party’s Confidential Information to any unauthorized party without prior express written consent of the Disclosing Party or unless required by law or court order. If a Party is required by law
or court order to disclose Confidential Information of the other Party, they shall give the Disclosing Party prompt notice of such requirement so that an appropriate protective order or other relief may be sought. 
  

	 	5.	Authorized Use and Ownership of Confidential Information. 

 Confidential Information will be used only in connection with discussions contemplated by this Agreement; no other use will be made of it by the Receiving Party, it being recognized that both Parties have reserved all
rights to their respective Confidential Information not expressly granted herein. 
 All documents containing Confidential Information and
provided by the Disclosing Party shall remain the property of the Disclosing Party, and all such documents, and copies thereof, shall be returned or destroyed upon the request of the 

  

 2 

 
Disclosing Party. Documents prepared by the Receiving Party using Confidential Information of the Disclosing Party, or derived therefrom, shall be destroyed
upon request of the Disclosing Party, confirmation of which shall be provided in writing. The Receiving Party, however, may keep one copy of any document requested to be returned or destroyed in the files of its legal department or outside counsel
for record purposes only. 
  

	 	6.	Term of Disclosure and Duration of Confidentiality. 

 The period for disclosure of Confidential Information between the Parties under this Agreement shall be coterminous with the term of the Master Agreement. The obligations imposed by this Agreement, including but not
limited to non-disclosure and non-use, however, shall endure for one (1) year from the expiration or earlier termination of the Master Agreement. 
  

	 	7.	Ownership of Intellectual Property. 

 This Agreement is not, and is not intended to be, for the development of or the conception of inventions. Should the Parties hereto choose to pursue such activities, the Parties hereby agree to draft a subsequent written agreement for such
activities. 
 Except as expressly provided herein, no license or right is granted hereby to the Receiving Party, by implication or
otherwise, with respect to or under any patent application, patent, claims of patent or proprietary rights of the Disclosing Party. 
  

	 	8.	General Provisions. 

 This Agreement
shall be governed by and construed in accordance with the laws of the State of Minnesota, USA (notwithstanding conflict of laws). 
 This
Agreement shall not be assigned by either Party without the prior written consent of the other Party, which consent shall not be unreasonably withheld. This Agreement shall be binding upon and shall inure to the benefit of the Parties and their
permitted successors and assigns. 
 Failure to enforce any provisions of this Agreement shall not constitute a waiver of any of the terms
and conditions hereof. 
 No amendment, modification, or waiver of the terms of this Agreement shall be binding unless placed in writing and
duly executed by the Parties’ authorized representatives. 
 [Signature page follows.] 
  

 3 

 The Parties, through their authorized representatives, hereby agree to the terms and conditions of this
Confidentiality Agreement. 
  

									
	 CARGILL, INCORPORATED
	 		 	 _______________________________________

					
	 By:
	 	  	 		 	 By:
	 	  
	 Name:
	 	  	 		 	 Name:
	 	  
	 Title:
	 	  	 		 	 Title:
	 	  
			
	 CARGILL COMMODITY SERVICES INC.
	 		 	 ASA OPCO HOLDINGS, LLC

					
	 By:
	 	  	 		 	 By:
	 	  
	 Name:
	 	  	 		 	 Name:
	 	  
	 Title:
	 	  	 		 	 Title:
	 	  
			
		 		 	 ASALLIANCES BIOFUELS, LLC

					
		 		 		 	 By:
	 	  
		 		 		 	 Name:
	 	  
		 		 		 	 Title:
	 	  

  

 S-1 

 EXHIBIT B TO FORM OF MASTER AGREEMENT 
 Prohibited Parties 
  

	1.	Archer Daniels Midland Company 

  

	2.	CHS INC. 

  

	3.	Tate & Lyle PLC 

  

	4.	The Scoular Company 

  

	5.	Bunge LimitedFORM OF ETHANOL MARKETING AGREEMENT

 Exhibit 10.8 
 EXECUTION COPY 
 FORM OF ETHANOL MARKETING AGREEMENT 
 THIS FORM OF ETHANOL MARKETING AGREEMENT (the “Agreement”) is made and entered into as of the
         day of                      2006, by and between CARGILL, INCORPORATED, a Delaware
corporation, acting through its Sweeteners North America business unit (“Cargill”) and
                                , a Delaware limited liability company
(“Producer”), collectively referred to hereinafter as “Parties” or individually as a “Party.” 
 RECITALS 
 A. Cargill markets Ethanol (as defined below). 
 B. Producer will produce Ethanol upon construction and startup of the denatured fuel-grade ethanol production facility that Producer intends to build in
                         (the “Ethanol Facility”). 
 C. Cargill desires to market Producer’s Ethanol. 
 D. Cargill and Producer have executed that certain Master Agreement of even date herewith (the “Master Agreement”). 
 NOW, THEREFORE, in consideration of the foregoing, the mutual promises herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as
follows. 
 AGREEMENT 
 1. MARKETING. 
 (a) Exclusivity. Producer hereby agrees to sell to Cargill, and Cargill agrees to purchase and
market, 100% of Producer’s production of denatured fuel-grade ethanol produced at the Ethanol Facility, including any ethanol that results from the future expansion of the Ethanol Facility (together, the “Ethanol”). Producer
agrees that Cargill will be the exclusive marketer of Producer’s Ethanol and that Producer will not, either itself or through any affiliate, market any Ethanol during the term of this Agreement. Notwithstanding the foregoing, in the event
Cargill delivers to Producer written notice of a Force Majeure event as provided in Section 4(b) of the Master Agreement, and such Force Majeure event continues to prevent Cargill from marketing Producer’s Ethanol for more than seven
(7) consecutive days after delivery to Producer of such notice, Producer may, upon delivery of written notice to Cargill but subject to the terms of the Confidentiality Agreement, market, either directly or indirectly, the Ethanol produced by
or stored at the Ethanol Facility, but only so long as such Force Majeure continues to prevent Cargill from marketing such Ethanol. 
 (b)
Marketing Objectives. Cargill and Producer shall consult regularly with respect to Cargill’s marketing efforts and strategies for Producer’s Ethanol purchased by Cargill. Producer may at any time and from time to time recommend
changes to the marketing efforts and strategies being utilized by Cargill. Cargill shall have seven (7) days to respond to Producer’s recommendations. In the event Producer’s recommendations are not objectionable, 

 
Cargill shall memorialize in writing such changes and otherwise implement such recommendations. In the event Producer’s recommendations are
objectionable, or were otherwise not accept in full by Cargill, Cargill shall negotiate with Producer in good faith and shall use commercially reasonable efforts to come to an agreement with respect to such recommendations within fifteen
(15) days. Cargill shall memorialize in writing such changes as are mutually agreed to and otherwise cause such mutually agreed to changes to be implemented; provided, however, that Cargill shall have the authority to make all
final determinations with respect to such decisions and strategies and Producer agrees to accept such determinations. 
 2. MASTER
AGREEMENT. The terms and conditions of the Master Agreement are hereby incorporated herein by reference. To the extent any provision of the Master Agreement conflicts with a provision contained herein, the provision contained herein will
control. Terms capitalized but not defined in this Agreement shall have the meanings ascribed to them by the Master Agreement. 
 3.
PAYMENT. Producer shall invoice Cargill for the Ethanol Volume shipped to Cargill at the Title Transfer Point within one Cargill Working Day of such shipment. Cargill shall invoice each customer within one Cargill Working Day of its receipt of
such invoice. Cargill shall pay Producer for Ethanol invoiced by Producer to Cargill, in accordance with the formula set forth in Exhibit A or Exhibit B, depending upon which formula is applicable, not later than 10 (ten) Cargill Working Days from
the date Producer invoiced Cargill. “Cargill Working Day” means Monday, Tuesday, Wednesday, Thursday or Friday except for Cargill Holidays. “Cargill Holidays” means New Years Day, Presidents Day, Good Friday,
Memorial Day, July 4th, Labor Day, Thanksgiving Day, the day after Thanksgiving Day, Christmas Eve Day and
Christmas Day. 
 Producer acknowledges that Cargill may place its Ethanol in storage rather than selling it to customers due to market
conditions. As a result, Cargill may not pay Producer in a given month for all of the Ethanol that Producer delivers to Cargill in such month. If Cargill places any Ethanol from participants in the Marketing Pool Program (as described in
Section 9 below) into storage in a given month (including Producer’s Ethanol production in such month pursuant to Producer’s election to participate in the Marketing Pool Program), a pro-rata share of Producer’s Ethanol will be
considered to be placed in storage for purposes of calculating Cargill’s payment to Producer for such month. For example, assume that (a) participants in the Marketing Pool Program deliver 10 million gallons of Ethanol to
Cargill’s Marketing Pool Program in a month, (b) Cargill places 2 million gallons of such Ethanol into storage, and (c) Producer delivered 1 million gallons of Ethanol to Cargill in such month. Cargill would pay Producer for
800,000 gallons of Ethanol in such month and Cargill would pay Producer for the remaining 200,000 at a later date when Cargill invoiced such Ethanol to its customers. Notwithstanding the foregoing, if, following consultation with Cargill in
accordance with Section 1(b), Producer desires that the Ethanol be sold to customers rather than placed in storage, Cargill, at its option, shall (i) sell such Ethanol to its customers rather than placing it in storage, or (ii) place
such Ethanol in storage, in which case Section 5.3 shall not be applicable to such Ethanol and Cargill shall pay to Producer the current fair market value of such Ethanol as determined by the Parties, which value shall be deemed to be the
“Delivered Price” (for purposes of Exhibit A) for such Ethanol. 
  

 2 

 4. COSTS, TITLE AND RISK OF LOSS. Except as otherwise provided in this Agreement, Cargill will
bear all sales, marketing, logistics services/management costs and collection costs after the Ethanol produced at the Ethanol Facility passes across the inlet flange into rail cars or tank trucks at the Ethanol Facility (“Title Transfer
Point”). Title and risk of loss to the Ethanol shall transfer from Producer to Cargill at the Title Transfer Point. Until such time, Producer shall be deemed to be in control of and in possession of and shall have title to and risk in the
Ethanol. Cargill shall also assume responsibility for payment of Accessorial Charges (as defined in Exhibit A or Exhibit B, depending on which formula is applicable) to third parties; provided, however, that Producer agrees (i) to
promptly reimburse Cargill for such Accessorial Charges upon submission to Producer of an invoice itemizing such Accessorial Charges; and (ii) that Cargill may deduct and setoff the Accessorial Charges from and against the Net Price, as further
described in Exhibit A or Exhibit B, depending upon which formula is applicable. 
 5. LOGISTICS AND TRANSPORTATION; STORAGE.

 5.1 Logistics and Transportation. Cargill shall perform the logistics functions to include scheduled maintenance and necessary
repairs on railcars for Producer except as noted in this Section. Transportation by truck may be provided at Cargill’s discretion. Cargill shall determine the method of transporting the Ethanol to third parties. Notwithstanding anything to the
contrary herein, Producer shall be solely responsible for any damage to any trucks, rail cars, equipment, or vessels caused by its acts or omissions. Cargill will use commercially reasonable efforts to furnish railcars to service Producer and charge
Producer the Railcar Costs (as defined in Exhibit A or Exhibit B, depending upon which formula is applicable). Producer acknowledges that Cargill may enter into railcar lease agreements in reliance on the Projected Date of First Delivery (as defined
below). Producer agrees (i) to promptly reimburse Cargill for such Railcar Costs upon submission to Producer of an invoice itemizing such Railcar Costs; (ii) that this payment obligation will commence on the date Cargill begins to incur
such Railcar Costs and shall survive the expiration or earlier termination of this Agreement or the Master Agreement; and (iii) Cargill may deduct and setoff the Railcar Costs from and against the Net Price, as further described in Exhibit A or
Exhibit B, depending upon which formula is applicable. Cargill agrees to use commercially reasonable efforts to deploy railcars not needed by Producer for other uses, whether by sublease, re-allocation or otherwise, and any revenues received by
Cargill from such deployment shall be applied to reduce the Railcar Costs. Following the execution by Cargill of any stand-alone railcar lease agreement or a rider to an existing master railcar lease agreement, if any, and in each case for railcars
to service Producer, Cargill shall not amend or modify, or consent to the amendment or modification of, any such stand-alone railcar lease agreement or rider without the prior written consent of Producer. Cargill shall also maintain, at
Producer’s request, property damage insurance with respect to the leased railcars reasonably satisfactory to Producer (the “Railcar Insurance”); provided, that the premiums for, and any deductible paid in connection with
a claim under, such Railcar Insurance shall be Accessorial Charges (as defined in Exhibit A) or a component of Net Price (as defined in Exhibit B). If at any time Producer no longer has existing or currently contemplated contractual restrictions
with respect to its ability to enter into railcar lease agreements directly, Producer agrees to negotiate in good faith with Cargill the reasonableness of an assignment of any existing Cargill railcar lease agreements to Producer. Producer shall use
the following product description for Department of Transportation Hazardous Materials shipments: “Alcohols, n.o.s., (Ethanol, gasoline) 3, UN1987, PGII”. Producer shall provide such information on each bill of 

  

 3 

 
lading. Each bill of lading will also state that the Ethanol contains an approved corrosion inhibitor. 
 5.2 Ethanol Facility Storage. Producer shall at all times provide storage at the Ethanol Facility for Ethanol, in an amount not less than
1,500,000 gallons at any one time, at no cost to Cargill. 
 5.3 Outside Storage. Subject to Section 3, Cargill may decide to
place its Ethanol in outside storage rather than selling it to customers due to market conditions, and in such case Cargill shall arrange for such outside storage. The cost of transportation to and from outside storage and the cost of maintaining
such outside storage shall be considered Accessorial Charges and Producer shall be responsible for reimbursing Cargill for such Accessorial Charges in accordance with Section 4 above. 
 6. QUALITY. 
 6.1 Ethanol
Specifications. Producer covenants that at all times during the term of this Agreement it shall produce Ethanol that meets the specifications (“Specifications”) set forth in Exhibit C, as amended by Cargill from time to time
based upon market requirements and upon notice to Producer. Cargill shall have the right to test each shipment of Ethanol to ascertain that the Specifications are being met under the testing procedures set forth in Exhibit D. Prior to the shipment
of Ethanol to Cargill, Producer shall fax or send by e-mail transmission a certificate of analysis to Cargill for each shipment of Ethanol to a designated Cargill employee. 
 6.2 Settlement of Specification Claims. In the event the Ethanol does not meet the Specifications when delivered to the Title Transfer Point,
Cargill may, in its sole discretion, (a) reject such Ethanol and require Producer to promptly replace such non-conforming Ethanol with Ethanol that complies with the Specifications; or (b) accept the Ethanol for marketing and adjust the
price to reflect the inferior quality based upon market requirements. If Cargill rejects any non-conforming Ethanol, Cargill will use reasonable efforts to assist Producer in identifying a use or market for the non-conforming Ethanol, which may
include sale of the non-conforming Ethanol in industrial markets or reprocessing in the Ethanol Facility. 
 6.3 Samples, Preservation,
and Claims. Producer shall take original, sealed and numbered samples of all Ethanol prior to loading at the Title Transfer Point. Cargill shall be entitled to witness the taking of samples. Producer will label these samples to indicate date of
delivery and the truck or rail car number. Producer will retain these samples for six (6) months or such longer period as may be required by applicable law, and shall send one sample to Cargill immediately upon Cargill’s request.

 6.4 Denaturants. Producer shall use natural gasoline denaturant (or other denaturant source mutually agreed upon by the Parties)
that meets the specifications set forth in Exhibit E. 
 6.5 Corrosion Inhibitor. Producer shall use Octel-Starreon DCI-11 Corrosion
Inhibitor at the supplier’s recommended treatment rate. 
 6.6 Quarterly Testing Requirements. Producer shall participate in the
Magellan Midstream Partners Pipeline Quarterly Recertification Program administered by Magellan 

  

 4 

 
Midstream Partners Laboratory Services (or its successor) at its sole cost and expense; provided, however, that if Magellan Midstream Partners
Laboratory Services is not longer the tester generally accepted in the ethanol industry, the Parties will in good faith mutually agree to a replacement tester that is generally accepted in the ethanol industry. Producer will report the results of
the program to Cargill on a quarterly basis. 
 6.7 Customer Claims. If any customer makes a claim against Cargill as a result of
Producer’s Ethanol failing to meet the Specifications, Producer shall indemnify Cargill against any damages or losses that it incurs as a result of such claim; provided, however, that Producer shall have no liability or obligation
to indemnify Cargill if Producer’s Ethanol met the Specifications at the Title Transfer Point. Producer’s liability for such customer claims shall not be subject to the limitations set forth in Section 9(c) of the Master Agreement.

 7. QUANTITY. 
 7.1
Purchase of Ethanol Facility Output. Subject to the terms and conditions in this Agreement, Cargill shall purchase from the Producer all of the Ethanol produced at the Ethanol Facility. Producer and Cargill acknowledge and agree that it is
expected that the Ethanol Facility will produce approximately 8.33 million gallons of Ethanol per month. In the event that Producer increases the capacity of the Ethanol Facility pursuant to the installation of new or additional equipment, upon
reasonable notice to Cargill, such additional volume shall be added to this Agreement and purchased by Cargill pursuant to the terms of this Agreement. On the first Business Day of each month (commencing on the month during which the Projected Date
of First Delivery is to occur). Producer shall notify Cargill of its scheduled production, on a monthly basis, for the upcoming three (3) month period (the amount scheduled for each month in such production schedule notice being called the
“Scheduled Monthly Production”). Once the Scheduled Monthly Production has been established for a month, Producer may not reduce the Scheduled Monthly Production for the month in a subsequent production schedule notice unless the
reduction will not cause or result in a breach by Cargill of sales commitments it has made with respect to the month or Cargill otherwise approves such reduction. Producer shall notify Cargill of anticipated production downtime or disruption in
Ethanol availability at least three (3) months in advance of such outage. 
 7.2 Date of First Delivery. Producer expects to make
the first delivery of Ethanol to Cargill on August 1, 2007 (“Projected Date of First Delivery”). Producer shall provide reasonable advance notice to Cargill of any revisions to the Projected Date of First Delivery.
Additionally, together with each notification listed above, Producer shall provide a best estimate of production on a daily basis for the six (6) month period following the Projected Date of First Delivery. 
 7.3 Failure to Produce/Deliver. In the event Producer fails to produce Ethanol in accordance with the Scheduled Monthly Production for a month for
reasons other than Force Majeure, and as a result Cargill is required to purchase ethanol from third parties to meet previous Ethanol sale commitments that are based upon the Scheduled Monthly Production for the month, Cargill may charge Producer
the deficiency volume multiplied by the positive difference (if any) between the per gallon price of replacement ethanol and the price per gallon that Cargill would have paid to Producer for such Ethanol under this Agreement. In addition, if

  

 5 

 
certain minimum production levels are not met by Producer for reasons other than Force Majeure, Cargill will have the right to terminate this Agreement as
provided in Section 11.2(c). 
 7.4 Quantity Measurement. The quantity of Ethanol delivered to Cargill shall be established by
outbound meter tickets obtained by Producer and expressed in net temperature-corrected gallons in accordance with standards commonly used within the industry in the United States of America. The meter tickets shall be obtained from meters which are
certified as of the time of loading and which comply with all applicable laws, rules, and regulations. The outbound meter tickets shall be determinative in absence of manifest error (greater than 0.5% variation) of the quantity of Ethanol for which
Cargill is obligated to pay. In the event of manifest error, the Parties will try to resolve such dispute on a commercial level. If the Parties cannot resolve the dispute in such manner, the Parties will resolve the dispute in accordance with
Section 7 of the Master Agreement. At Cargill’s request, Producer shall provide Cargill with documentation of the Ethanol Facility’s Ethanol Production. 
 8. MARKETING EFFICIENCIES. 
 8.1 Non-Marketing Pool Program Ethanol. Cargill agrees to market
Producer’s Ethanol using commercially reasonable efforts and the same standards it uses to market its own Ethanol production and the Ethanol production of third parties for whom Cargill provides Ethanol marketing services to (a) maximize
the Ethanol price and minimize freight and other costs relevant to Ethanol sales and (b) achieve the best available return to Producer, subject to relevant market conditions. Producer acknowledges that Cargill will use its commercially
reasonable judgment in making decisions related to the quantity and price of Ethanol marketed under this Agreement, in light of varying freight and other costs, and the fact that Cargill may sell and market Ethanol on its own account and/or on the
account of third parties into the same markets where Cargill sells Producer’s Ethanol. Cargill will communicate with Producer on marketing decisions and strategies in accordance with Section 1(b). Producer waives any claim of conflict of
interest against Cargill or failure by Cargill to maximize the economic benefits of this Agreement for Producer in light of the inherent uncertainties associated with marketing ethanol in the relevant markets; provided, however, that
Producer does not waive the right to terminate this agreement for any such conflict of interest that directly results in material quantifiable pecuniary loss to Producer. In the event that Producer desires to terminate this Agreement for a conflict
of interest as described in the preceding sentence, then such notice of termination shall be controlled by Section 10.3 of this Agreement; provided however, if Cargill disputes the existence or impact of the conflict of interest, Producer and
Cargill shall follow the dispute resolution procedures set forth in Section 7 of the Master Agreement in order to determine whether Producer may terminate this Agreement and the parties shall continue to perform their obligations under this
Agreement in good faith during the pendency of such dispute resolution proceedings. 
 8.2 Price; Commission. For non-Marketing Pool
Program Ethanol, Cargill shall pay Producer for its Ethanol in accordance with the terms set forth in Exhibit A. Producer shall pay Cargill a commission for its Ethanol marketing as calculated in Exhibit A. Cargill shall deduct this commission as
provided in Exhibit A. The Parties agree that after the Ethanol Facility has been in commercial operation for five years, the Parties shall make reasonable efforts to determine the prevailing commission being paid to marketers of ethanol produced by
third 

  

 6 

 
parties in the United States and agree to negotiate in good faith to make a reasonable adjustment, if any, to the commission provided in Exhibit A. If a
prevailing commission rate cannot reasonably be determined, no adjustment shall be made to the commission provided in Exhibit A. 
 9.
MARKETING POOL PROGRAM. 
 9.1 Marketing Pool Program Ethanol. Cargill currently markets ethanol for third parties pursuant to an
arrangement whereby ethanol produced by Cargill and third parties are placed into a common marketing pool and all parties participating in the pool receive the same Net Price for ethanol (the “Marketing Pool Program”). Producer may
at any time and from time to time elect to participate and have Cargill purchase and sell Ethanol from Producer in the Marketing Pool Program in any Contract Year (i.e., a twelve month period beginning on the Projected First Delivery Date and each
anniversary of such date) by giving written notice to that effect to Cargill at least six (6) months prior to the Projected First Delivery Date for the Ethanol Facility or the beginning of the Contract Year, as the case may be. If Producer is
participating in the Marketing Pool Program, Producer may, at the beginning of any Contract Year discontinue participation in the Marketing Pool Program by giving written notice to Cargill to that effect at least six (6) months prior to the
beginning of the Contract Year; provided, however, to the extent that Cargill has made contractual commitments for the sale of Ethanol based upon Producer’s participation in the Marketing Pool Program, Producer shall continue to
participate in the Marketing Pool Program for the quantity of Ethanol and duration of time necessary to fulfill such contractual commitments made by Cargill to third parties. In connection with the Marketing Pool Program, Cargill agrees to market
Producer’s Ethanol along with other ethanol marketed in the pool using commercially reasonable efforts and the same standards it uses to market its own Ethanol production and the Ethanol production of third parties for whom Cargill provides
Ethanol marketing services to (a) maximize the Ethanol price and minimize freight and other costs relevant to Ethanol sales and (b) achieve the best available return to Producer, subject to relevant market conditions. Cargill will
communicate with Producer on marketing decisions and strategies in accordance with Section 1(b). 
 9.2 Price; Commission. For
Marketing Pool Program Ethanol, Cargill shall pay Producer for its Ethanol in accordance with the terms set forth in Exhibit B. Producer shall pay Cargill a commission for its Ethanol marketing as calculated in Exhibit B. Cargill shall deduct this
commission as provided in Exhibit B. The Parties agree that after the Ethanol Facility has been in commercial operation for five years, the Parties shall make reasonable efforts to determine the prevailing commission being paid to marketers of
ethanol produced by third parties in the United States and agree to negotiate in good faith to make a reasonable adjustment, if any, to the commission provided in Exhibit B. If a prevailing commission rate cannot reasonably be determined, no
adjustment shall be made to the commission provided in Exhibit B. 
 10. TERM. This Agreement shall have an initial term of 10 years,
commencing on the Start-Up Date. The Parties further acknowledge and agree Cargill may, in order to fulfill its obligations to Producer under this Agreement, enter into railcar lease agreements prior to the date the Start-Up Date. Producer hereby
agrees to reimburse Cargill for all costs and expenses associated with such railcar lease agreements entered into prior to the Start-Up Date promptly upon submission to Producer of an invoice itemizing such costs and expenses. 
  

 7 

 11. EVENTS OF DEFAULT. 
 11.1 Cargill Event of Default. The following shall constitute events of default on the part of Cargill (each, a “Cargill Event of
Default”) under this Agreement: 
 (a) Cargill fails on three (3) separate occasions within any 12-month period
to purchase Ethanol in accordance with Section 1(a) or to market Ethanol in accordance with Section 8.1 or Section 9.1 under circumstances where such breach or failure is not excused by this Agreement, including by a Force Majeure
condition; provided, however, that any such failure shall not constitute a triggering occurrence hereunder unless Producer has provided Cargill with written notice of each such failure. 
 (b) Cargill fails to pay any amount that is due to Producer under this Agreement that is not excused by this Agreement, and
(i) Producer provides written notice to Cargill of such failure, (ii) the Net Aggregate Exposure at such time is negative or becomes negative at any time prior to Producer’s receipt of such past-due amounts (plus amounts payable
pursuant to Section 11.3(a)(i), if any), (iii) Producer delivers to Cargill written confirmation that the Net Aggregate Exposure is, or has become, negative and demands, in such confirmation, payment of such past-due amount, and
(iv) Cargill fails to pay to Producer such past-due amount (plus amounts payable pursuant to Section 11.3(a)(i), if any) within 153 days of Cargill’s receipt of such confirmation; 
 (c) three or more incidents of willful misconduct by Cargill in the performance of its obligations hereunder occur in any 12-month period
and Producer provides Cargill with written notice of each such incident, or any one incident of willful misconduct by Cargill occurs where (i) such willful misconduct has a Material Adverse Effect on Producer or the Ethanol Facility and
(ii) such willful misconduct is done under the direction of or otherwise sanctioned by Cargill’s board of directors or senior management; 
 (d) Cargill files a voluntary petition in bankruptcy, has filed against it an involuntary petition in bankruptcy, makes an assignment for the benefit of creditors, has a trustee or receiver appointed for any or all of
its assets, is insolvent or fails or is generally unable to pay its debts when due, in each case where such petition, appointment or insolvency is not dismissed, discharged or remedied, as applicable, within sixty (60) days; or 
 (e) a Cargill Event of Default has occurred (and has not been waived by Producer) under any Principal Document. 
 11.2 Producer Event of Default. The following shall constitute events of default on the part of Producer (each, a “Producer Event of
Default”) under this Agreement: 
 (a) Producer fails to pay any amount that is due to Cargill under this Agreement
that is not excused by this Agreement, and (i) Cargill provides written notice to Producer and the Financing Parties of such failure, (ii) the Net Aggregate Exposure at such time is positive or becomes positive at any time prior to
Cargill’s receipt of such 

  

 8 

 
past-due amounts (plus amounts payable pursuant to Section 11.3(a)(i), if any), (iii) Cargill delivers to Producer written confirmation that the
Net Aggregate Exposure is, or has become, positive and demands, in such confirmation, payment of such past-due amount, and (iv) Producer fails to pay to Cargill such past-due amount (plus amounts payable pursuant to Section 11.3(a)(i), if
any) within 153 days of Producer’s receipt of such confirmation; 
 (b) three or more incidents of willful misconduct by
Producer in the performance of its obligations hereunder occur in any 12-month period and Cargill provides Producer with written notice of each such incident, or any one incident of willful misconduct by Producer occurs where (i) such willful
misconduct has a Material Adverse Effect on Cargill, and (ii) such willful misconduct is done under the direction of or otherwise sanctioned by Producer’s governing body or senior management; 
 (c) For reasons other than a Force Majeure event or a default by Cargill, from and after the date the Ethanol Facility is placed into
commercial operations, either (1) the monthly Ethanol production at the Ethanol Facility is less than 6.25 million gallons for three (3) or more months in any consecutive twelve month period; or (2) the total Ethanol production
at the Ethanol Facility in any period of twelve (12) consecutive months is less than 75 million gallons; 
 (d)
Producer files a voluntary petition in bankruptcy, has filed against it an involuntary petition in bankruptcy, makes an assignment for the benefit of creditors, has a trustee or receiver appointed for any or all of its assets, is insolvent or fails
or is generally unable to pay its debts when due, in each case where such petition, appointment or insolvency is not dismissed, discharged or remedied, as applicable, within sixty (60) days; or 
 (e) A Producer Event of Default has occurred (and has not been waived by Cargill) under any Principal Document. 
 11.3 Remedies and Procedures. 
 (a) Remedies for Breach Not Constituting an Event of Default. In the event that either Party breaches or fails to perform any commitment or obligation contained herein, under circumstances where such breach or failure does not
constitute a Cargill Event of Default or a Producer Event of Default (each, as the context requires, an “Event of Default”), and such breach or failure is not excused by this Agreement, including by a Force Majeure condition, the
other Party (the “Non-Defaulting Party”) may exercise any remedy or right specified in the Master Agreement or this Agreement in connection with such breach or failure. In addition, and without limiting the foregoing: 
 (i) in the event either Party fails to pay any amounts due to the other Party when due, the Non-Defaulting Party shall be entitled to
charge and receive interest accrued on the unpaid amount from the date it was due until the date actually paid at the Default Rate; 
  

 9 

 (ii) if a Party breaches or fails to perform in any material respect any of its
commitments or agreements contained in this Agreement, the defaulting Party shall be liable to the Non-Defaulting Party for Damages arising out of or resulting from such breach as provided in Section 9 of the Master Agreement (subject to the
Non-Defaulting Party’s duty to mitigate its Damages); provided, however, that notwithstanding Section 9(c) of the Master Agreement, in the event of a breach by Cargill hereunder of its obligation to purchase or market Ethanol
in any amount, the measure for Damages arising from a breach shall include the loss of Net Revenues suffered by Producer as a result of such breach. For the avoidance of doubt, the amount of the Net Revenues lost shall be calculated by reference to
the average price of Ethanol from the Ethanol Facility sold by Cargill to its customers for the 7-day period ending on the date of the breach; and 
 (iii) if a Party breaches or fails to perform in any material respect any of its commitments or agreements contained in any Principal Document, and such breach or failure is of a continuing nature, the Non-Defaulting
Party may (A) request the defaulting Party, as a condition of continuing its performance under this Agreement, to provide adequate assurance of performance of the defaulting Party’s obligations under this Agreement; and/or (B) seek
injunctive relief. 
 (b) Remedies for Events of Default. Upon the occurrence of an Event of Default that has not been
waived by the Non-Defaulting Party, the Non-Defaulting Party shall have all of the following rights and remedies in addition to the rights and remedies specified in Section 11.3(a) above, which may be exercised in such order or combination as
such Non-Defaulting Party may determine: (i) terminate this Agreement, or (ii) subject to the limitations set forth in Section 9 of the Master Agreement (relating to consequential damages), pursue any other remedies available at law
or in equity; provided, however, that such Party shall not be allowed to Suspend Performance except as set forth in this Agreement or the Master Agreement. 
 [The next page is the signature page.] 
  

 10 

 IN WITNESS WHEREOF, each of the Parties hereto has caused this Ethanol Marketing Agreement to be executed
by its respective duly authorized representative as of the day and year first above written. 
  

									
	CARGILL, INCORPORATED	 		 	 __________________________________

					
	 By:
	 	  	 		 	 By:
	 	  
	 Name:
	 	  	 		 	 Name:
	 	  
	 Title:
	 	  	 		 	 Title:
	 	  

  

 [Signature Page to Ethanol Marketing Agreement] 

 EXHIBIT A 
 Pricing Formula 
 The pricing terms for Cargill’s marketing of Producer’s Ethanol are as follows:

 Net Price = Delivered Price less Accessorial Charges less Freight Costs less Railcar Costs 
 Gross Proceeds = Net Price multiplied by Ethanol Volume 
 Cargill Commission = 1% of Gross Proceeds 
 Payment to Producer = Gross Proceeds less Cargill Commission

 Definitions: 
 Accessorial Charges:
Charges imposed by third parties for the movement and storage of Producer’s Ethanol, including without limitation storage charges, demurrage charges, lease rail charges, detention charges, switching charges, railcar operating and maintenance
expenses, premiums for the Railcar Insurance, any deductible payable for claims made under the Railcar Insurance and weighing charges (but excluding Freight Costs or Railcar Costs). Neither Party shall be responsible for demurrage charges caused
solely by the negligence or willful misconduct of the other Party. 
 Delivered Price: Sales dollars invoiced by Cargill for Producer’s Ethanol,
as evidenced by Cargill’s invoices to its own customers. 
 Freight Costs: Freight costs incurred by Cargill to transport Producer’s
Ethanol. 
 Ethanol Volume: Volume of Ethanol shipped from Producer’s Ethanol Facility to Cargill (other than Ethanol put in storage pursuant to
Section 5.3). 
 Railcar Costs: Leased railcar costs and charges incurred by Cargill multiplied by the number of railcars that Cargill allocates
to transport Ethanol from the Ethanol Facility. 
  

 Exhibit A 

 EXHIBIT B 
 Pricing Formula 
 Pricing formula for Cargill’s purchase of Ethanol from Producer: 
 Net Price = Average Delivered Price less Average Accessorial Charges less Average Freight Costs less Railcar Costs less railcar operating and maintenance
expenses, less premiums for the Railcar Insurance, less any deductible payable for claims made under the Railcar Insurance 
 Gross Proceeds =
Net Price multiplied by Ethanol Volume 
 Cargill Commission = 1% of Gross Proceeds 
 Monthly Payment to Producer = Gross Proceeds less Cargill Commission 
 Definitions: 
 Accessorial Charges: Charges imposed by third parties for the movement and storage of Ethanol produced by
Cargill, Producer, or Marketing Program participants including, without limitation, storage charges, demurrage charges, lease rail charges, detention charges, switching charges, and weighing charges (but excluding Average Freight Costs and Railcar
Costs). Neither Party shall be responsible for demurrage charges caused solely by the negligence or willful misconduct of the other Party or another Marketing Program participant. Such demurrage charges will be charged to the responsible party.

 Average Accessorial Charges: Accessorial Charges in a given month divided by the number of gallons of Ethanol that Cargill shipped from all
Marketing Program participants (including, without limitation, Cargill and Producer) in such month as evidenced by Cargill’s bills of lading for such shipments. 
 Average Delivered Price: Total sales dollars (based on delivered price) invoiced by Cargill for Ethanol in the Marketing Program in a given month divided by the number of gallons of Ethanol sold from the
Marketing Program in such month. Delivered price and number of gallons will be determined from Cargill invoices to customers in such month. 
 Average
Freight Costs: Total freight costs incurred by Cargill to transport Marketing Program Ethanol shipped by Cargill in a given month divided by the total volume of Marketing Program Ethanol shipped in such month. 
 Ethanol Volume: Volume of Ethanol shipped by Producer to Cargill in a month multiplied by the volume of Ethanol sold by Cargill in such month as evidenced by
invoiced sales from Ethanol produced by Marketing Program participants, divided by the volume of Ethanol shipped to Cargill by participants in the Marketing Program in such month. 
 Railcar Costs: Leased railcar costs and charges incurred by Cargill multiplied by the number of railcars that Cargill allocates to transport Ethanol from the Ethanol Facility. 
  

 Exhibit B 

 EXHIBIT C 
 Specifications 
  

							
	 Quality Parameter
	  	Specification	 	ASTM Test Method	 	Testing Frequency
	 Methanol, volume %, maximum
	  	0.5	 	D5501	 	Every Lot
				
	 Ethanol, volume %, minimum
	  	92.7	 	D5501	 	Every Lot
				
	 Denaturant, vol %
	  	1.96-4.76	 		 	Every Lot
				
	 Water, weight %, maximum
	  	0.820	 	E203	 	Every Lot
				
	 Acidity (as acetic acid), weight %, maximum
	  	0.0070	 	D1613	 	Every Lot
				
	 Inorganic Chloride contact, mass ppm (mg/L), maximum
	  	40(32)	 	D512, modified	 	Quarterly
				
	 Copper content, mg/kg (mg/L), maximum
	  	0.10 (0.08)	 	D1688	 	Quarterly
				
	 Solvent Washed Gum, mg/100mL, maximum
	  	5.0	 	D381	 	Quarterly
				
	 pHe
	  	6.5 - 9.0	 	D6423	 	Every Lot
				
	 Specific Gravity
	  	0.78393-0.79718	 	ASTM D4052	 	Every Lot
				
	 API Gravity
	  	46.0 – 49.0	 	Converted from Specific
Gravity	 	Every Lot
				
	 Sulfur, ppm, max
	  	10	 	D5453	 	Every Lot
				
	 Benzene, volume %, maximum
	  	0.06	 	D5580 (test denaturant)	 	Quarterly
				
	 Olefins, volume %, maximum
	  	0.5	 	D6550 (test denaturant)	 	Quarterly
				
	 Aromatic Hydrocarbons, volume %, maximum
	  	1.7	 	D5580 (test denaturant)	 	Quarterly
				
	 Appearance
	  	Visibly free of suspended or
precipitated contaminants
(clear and bright)	 	Visual Inspection	 	Every Lot

 BP requires that all Ethanol meet a minimum Saybolt color of 25. The appropriate test method is ASTM D156 Test
Method for Saybolt Color of Petroleum Products. If Producer’s Ethanol is sold to BP, Producer shall demonstrate compliance with this specification prior to shipment. 
 All Ethanol produced by Producer shall contain a natural gasoline denaturant (or other denaturant source mutually agreed upon by the Parties) at a concentration of 1.96% volume minimum, 4.76% volume maximum.

 All Ethanol produced by Producer shall contain a corrosion inhibitor added at a treat rate of up to 30 PTBE. 
 Benzene, Olefins and Aromatic Hydrocarbons concentrations are determined by testing the denaturant and multiplying the results by the percentage of denaturant added.

 Fuel Ethanol produced to these specifications meets or exceeds the Requirements for Denatured Ethanol Intended for Use as a Blend Component in California
Gasoline. 
  

 Exhibit C 

 EXHIBIT D 
 Testing Procedures 
 Cargill Testing Procedures: Every sample of Ethanol taken by Cargill for testing shall be
split, with each portion tested at different laboratories or tested at the same laboratories by identical testing equipment by different personnel. The results of both tests shall be utilized in determining quality. In the event both tests are
indicative of inferior quality according to the foregoing specifications, the provision of Section 6.2 of this Agreement may be invoked. 
 Quality Parameters Tested Every Batch Lot by Producer 
  

			
	 ASTM Test Number
	  	 Test Method Name

	 D1613
	  	Test Method for Acidity in Volatile Solvents and Chemical Intermediates Used in Paint, Varnish, Lacquer and Related Products
		
	 D4052
	  	Test Method for Density and Relative Density of Liquids by Digital Density Meter
		
	 D5501
	  	Test Method for the Determination of Ethanol, Denatured Fuel Ethanol and Fuel Ethanol (Ed75-Ed85)
		
	 D6423
	  	Test Method for the Determination of pHe of Ethanol, Denatured Fuel Ethanol and Fuel Ethanol (Ed75-Ed85)
		
	 E203
	  	Test Method for Water Using Volumetric Karl Fischer Titration

 Quality Parameters Tested and Reported Quarterly by Producer 
  

			
	 ASTM Test Number
	  	 Test Method Name

	 D381
	  	 Test Method for Gum Content in Fuels by Jet Evaporation

		
	 D512
	  	 Test Methods for Chloride Ion in Water (modified)

		
	 D1688
	  	 Test Methods for Copper in Water

		
	 D5453
	  	 Test Method for Total Sulfur in Light Hydrocarbons, Motor Fuels and Oils by Ultraviolet Fluorescence

  

 Exhibit D 

 EXHIBIT E 
 Natural Gasoline Denaturant Specifications 
  

					
	 Parameter
	  	 Specification
	  	Test Method
	 RVP
	  	 less than 14.0
	  	ASTM D323
	 Total Sulfur
	  	 Less than 50.0 ppm
	  	ASTM D5453
	 Benzene
	  	 1.1 % vol max
	  	ASTM D5580
	 Total Aromatics
	  	 35 % vol max (including benzene)
	  	ASTM D5580
	 Olefins
	  	 10 % vol max
	  	ASTM D6550
	 Distillation End Point
	  	 437oF (225 C) max
	  	ASTM D86
	 Additives
	  	 None allowed
	  	

 The above specifications parameters must be tested and reported on a Certificate of Analysis for each lot of
product received and a copy must accompany each load. All rail cars must be sealed to ensure product quality. The Certification of Analysis results for natural gasoline denaturant shall be used to calculate benzene, aromatics and olefins content in
the finished fuel grade ethanol for reporting on Certificates of Analysis for California delivery. 
  

 Exhibit E

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