Document:

BNSF RAILWAY COMPANY
                                  BNSFC 307074
                               ALLOWANCE CONTRACT

Effective Date: 09/15/2005                           Expiration Date: 09/14/2015

1. INTRODUCTION
This Allowance Contract ("Contract") is entered into 09/15/2005 by and between
the party ("Customer") named and identified herein and the rail carrier(s)
("Railroad") named and identified herein.

GREEN PLAINS RENEWABLE ENERGY INC
9635 IRVINE BAY COURT, LAS VEGAS, NV. 89147

BNSF RAILWAY CO
PO BOX 961069, FORT WORTH, TX. 76161 -0069

Railroad agrees to perform the transportation for its portion of the Route(s) as
specified in this Contract in exchange for Customer's utilization of Railroad in
said movements. This Contract, including all amendments thereto and incorporated
Transportation Services Agreement ("TSA") as defined below, comprises the entire
Contract and merges and supersedes all prior understandings and representations
between Customer and Railroad concerning the subject matter. As used in this
Contract, references to the Contract shall include amendments thereto and the
TSA as applicable.

The terms as set forth in this Contract have been arrived at after mutual
negotiation and, therefore, it is the intention of the parties that its terms
may not be construed against any of the parties by reason of the fact that it
was prepared by one of the parties. The parties to this Contract will protect
the confidentiality of the terms and conditions of this Contract. Only where a
party is required by a court of competent jurisdiction or federal agency to
reveal any of the terms and provisions of this Contract, or where all parties
give their written consent to disclosure, will disclosure be allowed. The party
making disclosure will notify the others in advance of such disclosure. If a
third party requests a transportation contract to cover traffic moving in whole
or in part under this Contract, Customer or Railroad may advise that a Contract
covering the traffic exists and may reveal its duration and the identity of the
parties to the Contract. Nothing in this confidentiality provision will preclude
the use of this Contract by any party hereto to obtain financing.

Customer warrants it is the purchaser of transportation services covered by this
Contract. At the request of Railroad, Customer shall make available to Railroad,
Railroad's employees or Railroad's designated agent acceptable to Customer, at a
reasonable time during normal business hours, records relating to this Contract.

2. TERM

This Contract becomes effective on 09/15/2005 and shall remain in effect through
09/14/2015.

3. RENEWABILITY

This Contract may only be renewed by mutual consent of the parties.

<PAGE>

                              BNSF RAILWAY COMPANY
                                  BNSFC 307074
                               ALLOWANCE CONTRACT

4. TRANSPORTATION SERVICE AGREEMENT

Railroad shall transport the commodity(ies) ("Commodity") as named in the TSA,
including all incorporated attachments thereto attached hereto and made part of
this Contract for Customer from the origin(s) ("Origin(s)") to the
destination(s) ("Destination(s)") via the route(s) ("Route(s)") as set forth in
the TSA attached hereto and incorporated herein. Rates and charges and
adjustments thereto for shipments under this Contract are as shown in the TSA.
In the event of any conflict between this Contract and the TSA, the TSA shall
govern.

5. EQUIPMENT

Equipment used under this Contract and Amendments thereto shall be as described
in the aforementioned TSA and in the Official Railway Equipment Register, RER
6412-Series.

Private Equipment:

When the equipment used under this Contract is privately owned or leased
equipment of the Customer ("Private Equipment"), the following shall apply:

The Private Equipment used under this Contract shall be in serviceable condition
for the safe transportation of commodity over rail lines and shall comply with
all applicable statutes, regulations, rules, tariffs/rules books,
classifications, standards and practices that would govern in the absence of
this Contract. Compliance with the foregoing shall in no way relieve any party
from any liabilities otherwise assumed under this Contract and it shall be the
responsibility of the party providing the Private Equipment in any case to
assure such compliance.

Use of Private Equipment is limited to cars which have been authorized by
Railroad to operate over the rail lines of Railroad. Where OT-5 approval is
applicable or required, this Contract does not commit Railroad to accept Private
Equipment that does not have OT-5 approval from Railroad.

Railroad shall not be liable to Customer, and Customer shall indemnify and hold
harmless Railroad, for all loss (including without limitation attorney's fees
and other costs of litigation), damage or injury due to (a) any defects in
Private Equipment, (b) improper loading practices, failure to properly close,
secure and tender loaded or empty Private Equipment, (c) failure by the Customer
(or its agents or contractors) to comply with the representations, warranties
and covenants made in this Contract and with the rules applicable to Customer
with respect to the movement of commodities contemplated by this Contract.

Acceptance of the Private Equipment and commodity in interchange by Railroad
will not relieve Customer of its obligations under this Contract and shall not
constitute waiver by Railroad of the obligations of Customer under this
Contract.

Customer warrants that its interest in the equipment used under the Contract is
sufficient to permit it to waive full payment of mileage allowances. Customer
and Railroad agree that Railroad will not be liable for mileage allowances in
excess of the obligation outlined in said TSA. In the event that a party other
than Customer submits a claim to Railroad for mileage allowance payments in
excess of Railroad's obligation under this Contract, Customer shall, at
Railroad's option either (1) release, defend and indemnify Railroad from said
claim including attorney's fees and cost of litigation, or (2) reimburse
Railroad for excess mileage allowances paid by Railroad within thirty (30) days
of notice by Railroad.

Railroad Equipment:

When the equipment is Railroad owned or leased, Railroad will provide this
equipment consistent with its common carrier obligation.

<PAGE>

                              BNSF RAILWAY COMPANY
                                  BNSFC 307074
                               ALLOWANCE CONTRACT

Railroad reserves the right to furnish any type or size of equipment that meets
the above description to fill car orders under this Contract and TSA.

6. HAZARDOUS MATERIAL TRANSPORTATION

If hazardous materials/waste is to be transported under this Contract, Equipment
used under this Contract or TSA shall be as described in the aforementioned TSA
and in the Official Railway Equipment Register, RER 6412-Series and tendered to
Railroad in accordance with all applicable Hazardous Material Regulations of the
U. S. Department of Transportation (DOT), as published in 49 C.F.R. Each bill of
lading shall contain all information required by all applicable Rules (as
defined below) governing the transportation of hazardous material/waste.

All shipments of any of the hazardous materials/waste tendered to Railroad under
this Contract or TSA will be prepared for shipment, loaded and unloaded pursuant
to all applicable Rules concerning the handling, packaging, disposing and
transportation of hazardous materials/waste, including without limitation the
Hazardous Materials Transportation Act (49 U.S.C. 1801 et. seq.), the Resource
Conservation and Recovery Act of 1976 (RCRA) (42 U.S.C 6901 et. seq.) and the
Comprehensive Environmental Response, Compensation and Liability Act of 1980 (42
U.S.C. 9615 et. seq.).

In the event of any leakage, release, spillage, dumping or other discharge of
the commodity Customer shall provide prompt advice with respect to the proper
method of cleanup, disposal and other remedial actions to take with respect to
such discharge and both parties shall cooperate fully to the extent reasonably
necessary to expeditiously and prudently abate or eliminate any hazard and to
meet the requirements of all applicable Rules: PROVIDED, HOWEVER, that nothing
contained in this paragraph shall alter the responsibilities and obligations of
Customer nor the responsibilities and obligations of Railroad under this
Contract or TSA.

7. GOVERNING PROVISIONS

Except as otherwise provided for in this Contract, shipments moving under this
Contract will be governed by the tariffs/rules books, exempt circulars, rate
memorandums, rules and regulations, including BNSF Rules Book 6100-Series, which
would apply if this Contract were not in effect, except that origin and
destination intermediate application rules will not apply. Customer acknowledges
that it has received a copy of BNSF Rules Book 6100-Series. If, for any reason,
any rule, regulation, or provision of any tariff/rules book, exempt circular or
rate memorandum referenced under this Contract is canceled or becomes
inapplicable, the last published provision that would have been applied will
govern. In the event of conflict between the above-referenced rules,
regulations, etc., which are herein incorporated by general reference, and this
Contract, this Contract shall govern.

Railroad's obligation to provide service under this Contract shall be no greater
than it would be as a common carrier. Services or other matters not specifically
addressed in this Contract, including but not limited to, loss and damage
liability and settlement, credit and collection, and track weight limitations,
shall continue to be governed by rules, regulations, tariffs/rules books, and
statutory provisions, as amended from time to time, which would apply if it were
not for this Contract, and which are incorporated herein by reference.

Shipments under this Contract shall be governed by the terms and conditions set
forth in the Uniform Straight Bill of Lading ("Bill of Lading") and are
incorporated herein by reference and made a part hereof as if fully herein set
forth; provided, however, that in the event of any conflict between said terms
and conditions and any other provisions of this Contract and the TSA, the
provisions of this Contract and the TSA shall govern.

8. DEMURRAGE PROVISIONS

<PAGE>

                              BNSF RAILWAY COMPANY
                                  BNSFC 307074
                               ALLOWANCE CONTRACT

Provisions of the applicable Demurrage tariffs/rules books will govern, except
as otherwise noted herein or in the applicable TSA.

9. ALLOWANCE CONDITION

For each shipment made under this Contract, Railroad agrees to pay the
allowance(s) specified in the TSA.

Customer must submit an electronic claim for allowance in writing on such basis
as detailed in said TSA to callowance@bnsf.com. Such basis commencing with the
Effective Date of this Contract ("Allowance Period") specifying the volume it
has shipped under this Contract during that Allowance Period.

Electronic claim must include waybill date, waybill number, car initial, car
number, claim amount, and any other applicable data in support of the
requirements of this Contract. Each electronic claim shall contain reference to
this BNSF Contract Number. In the event the customer is delinquent on any
outstanding BNSF payments or charges, unless under dispute, BNSF reserves the
right to withhold and/or deduct any refunds and/or allowance payments due the
customer. Payments to BNSF that exceed the applicable payment terms are
considered to be delinquent.

10. BILLING

Each shipment made under this Contract shall be evidenced by a Bill of Lading,
Order Notify Bill of Lading ("Order Notify Bill of Lading") or Shipping Order
(collectively referred to as the "Shipping Document."). All cars for each
shipment are to be billed on one (1) Bill of Lading, Order Notify Bill of Lading
or Shipping Order. At the time shipment is tendered the original and all copies
of the Bill of Lading, Order Notify Bill of Lading or Shipping Order shall
contain reference to the Contract Number assigned to this Contract. Any
inadvertent omission of the Contract number shall not be deemed a breach hereof.
The date appearing in the applicable Shipping Document as set forth above in
this Section will govern as to the day on which a shipment was made. Except to
the extent provided otherwise in any TSA or any incorporated attachment thereto,
the date of shipment will govern as to the applicable rate or charges and
tonnage requirements as covered by this Contract.

11. PAYMENT PLAN

Payments for services under this Contract are due and payable in accordance with
Railroad's credit terms, as set forth in BNSF Rules Book 6100-Series.

12. ASSIGNMENT

Customer may not assign its rights or obligations under this Contract without
the prior written consent of Railroad. If Railroad does consent to such
assignment, Customer shall remain liable for the obligations assigned in the
event the Assignee does not perform.

13. LOSS AND DAMAGE

Standard common carrier liability pursuant to 49 U.S.C. 11706 will apply on
shipments made under this Contract. Accordingly, Railroad shall not be liable
for any loss, damage or injury caused by an act of God, the public enemy, act of
the Customer, a public authority, or inherent vice or nature of the goods.
Railroad shall not be liable for any loss, damage or injury due to improper
loading. Pursuant to 49 U.S.C.1 1706, all claims against Railroad must be
brought within nine (9) months and all civil actions against Railroad must be
brought within two (2) years.

14. FORCE MAJEURE

<PAGE>

                              BNSF RAILWAY COMPANY
                                  BNSFC 307074
                               ALLOWANCE CONTRACT

In the event any party cannot perform under this Contract due to or as a result
of the following causes: acts of God, including, but not limited to flood,
storm, earthquake, hurricane, tornado, or other severe weather or climatic
conditions; acts of public enemy, war, blockade, insurrection, derailment,
vandalism, sabotage, fire, accident, wreck, washout or explosion; labor strike
or interference, lockout or labor dispute, shortage of diesel fuel, embargo or
AAR service order or governmental law, orders or regulation, or breakage of
machinery; and/or any like causes beyond the reasonable control of Customer or
Railroad, the parties' obligations under this Contract shall be suspended to the
extent made necessary by the Force Majeure event at the affected origin(s)
and/or destination(s) during any such disability period insofar as it applies to
the affected location(s). Suspension shall not result in extension of the term
of this Contract.

If this Contract contains a minimum percentage or other volume requirement
("Minimum Volume"), then any shipments made contrary to the route(s) specified
in this Contract due to a Force Majeure will be excluded in determining
compliance with any minimum percentage requirement.

The party claiming Force Majeure shall take all reasonable steps to remove the
Force Majeure event, and shall promptly notify the other party(ies) within a
period of five (5) days, excluding weekends and holidays, when it learns of the
existence of a Force Majeure condition and will similarly notify the other
party(ies) within a period of five (5) days, excluding weekends and holidays,
when a Force Majeure is terminated.

15. NOTICES

Any notice given under this Contract shall be effective when received. Notices,
except as otherwise provided herein, shall be delivered to the party(ies)
entitled to receive the same by personal delivery, First Class Mail, or by any
electronic means which can produce a written copy. Notices shall be addressed to
the appropriate party(ies) as shown in this Contract.

Any notice pertaining to a Force Majeure or to matters of an emergency or
operating nature may be given by any reasonable means. Any notice given verbally
shall be confirmed in writing by First Class Mail as soon as practicable, if
requested by party(ies) receiving such notice.

16. LINE ABANDONMENT

The provisions of this Contract in no way obligates the Railroad to maintain any
service schedules or to continue ownership, maintenance (including weight
standards) or operations of any rail lines. Railroad will not be liable for any
increased transportation costs or any other consequential, special, incidental,
punitive or other damages that may result from such discontinuation.

If this Contract contains Minimum Volume requirements and Customer fails to
satisfy the Minimum Volume requirements of this Contract due solely to
Railroad's discontinuance of service(s) named in the above paragraph then, as
Customer's sole remedy, the Minimum Volume requirements for the then current
period shall be waived.

17. AMENDMENT

All amendments to the terms of this Contract or the TSA, shall be in writing and
signed by the parties except as provided below in the Signatures section.

18. DEFAULT

<PAGE>

                              BNSF RAILWAY COMPANY
                                  BNSFC 307074
                               ALLOWANCE CONTRACT

If any party shall default in any material covenant, condition or obligation of
this Contract which is not excused by Force Majeure, and continues in default
for a period of ten (10) days after written notice is given to the defaulting
party, the non defaulting party may, without prejudice to other rights and
remedies, terminate this Contract by giving thirty (30) days written notice to
the party in default.

If this Contract is terminated by Customer due to Railroad default, and Contract
contains a Minimum Volume requirement, then all shipments which moved under this
Contract during the then current Period (as used herein the term "Period" refers
to the time frame in which Customer must comply with the Minimum Volume
requirements) shall be determined as if the Minimum Volume requirements of this
Contract have been met. If this Contract is terminated by Railroad due to
Customer default, and Customer has not met the Minimum Volume requirements of
this Contract for the then current Period, liquidated damages will be assessed
in accordance with provisions contained in the Liquidated Damages section of the
Contract and related attachments.

19. SEVERABILITY

Any part, term or provision of this Contract that is held to be unenforceable,
illegal, against public policy, or in conflict with any federal, state or local
laws, shall be severable from the rest of this Contract. The remaining portions
of the Contract shall not be affected. The rights and obligations of the parties
shall be construed and inferred as if the Contract did not contain the
particular term, part, or provision held to be invalid, unless the invalid
provisions contain the material financial terms of this Contract, or when
considered in the aggregate, render the administration of this Contract
unreasonably burdensome, in which case (unless new terms or provisions can be
negotiated within three (3) months of written request for renegotiation by
either party) this Contract shall be terminated. In the event of termination,
and if the Contract contains Minimum Volume requirements, then the Minimum
Volume requirements of this Contract will be waived for the then current Period.

20. MINIMUM VOLUME REQUIREMENT If Contract or the TSA contains a Minimum Volume
Requirement, then Customer must submit written certification to the following:

BNSF Railway Company Attention: Contract Analyst Price Management
3001 Lou Menk Drive
Fort Worth, TX 76131-2815

with a copy to Railroad at address(es) as shown in The Official Railway Guide,
within thirty (30) days after the close of each Period stating whether the
Minimum Volume has or has not been met. Customer will, upon request, permit
Railroad or its authorized agent to inspect Customer's shipping documents to
verify that certification is correct. Customer shall retain such records for a
period of three years after the close of each Period and this requirement shall
survive the termination of this Contract.

Railroad or its agent will protect the confidentiality of such documents.

21. LIQUIDATED DAMAGES

<PAGE>

                              BNSF RAILWAY COMPANY
                                  BNSFC 307074
                               ALLOWANCE CONTRACT
                       *Transportation Service Agreement*

If Customer fails to meet the Minimum Volume requirement of this Contract during
any Period, Customer will pay BNSF, in addition to the freight charges that have
already been assessed pursuant to this Contract, the amount specified set forth
in this Contract or the TSA as applicable ("Liquidated Damages"). Customer
acknowledges that such payments are not a penalty or forfeiture but are
Liquidated Damages agreed upon as a reasonable substitution for BNSF's damages
which are difficult to measure.

Payments to BNSF for Liquidated Damages, along with the supporting calculations,
will be made within thirty (30) days after the close of the Period to:

BNSF Railway Company Attention: Contract Analyst Price Management
3001 Lou Menk Drive
Fort Worth, TX 76131-2815

In the event of late payments on liquidated damages, Customer shall submit to
BNSF at the same address added interest at a rate of one and one-half percent (1
1/2%) for each month or portion thereof that the payment is late, or the maximum
interest allowed by applicable law, if lower. Payment of liquidated damages
hereunder to BNSF is not divisible or otherwise payable to any other
participating Railroad(s).

22. GOVERNING LAW

This Contract and incorporated TSAs shall be governed by the laws of the State
of Texas without regard to conflict of laws.

23. DISPUTE RESOLUTION

If a question or controversy arises between the parties concerning the
observance, performance, interpretation or implementation of any of the terms,
provisions, or conditions contained herein or the rights or obligations of
either party under this Contract or the TSA, such question or controversy shall
in the first instance be the subject of a meeting between the parties to
negotiate a resolution of such dispute. If, within thirty (30) days after the
meeting, the parties have not negotiated a resolution or mutually extended the
period of negotiation, either party may seek resolution of the question or
controversy pursuant to binding arbitration.

The party calling for arbitration ("Initiating Party") shall give written notice
the other party setting forth: (a) a statement of the issues(s) to be
arbitrated; (b) a statement of the claim showing that Initiating Party is
entitled to relief; and (c) a statement of the relief to which the Initiating
Party claims to be entitled. Within twenty (20) days from the receipt of such
notice, the other party ("Receiving Party") may submit its written response and
give notice in the same manner required above of additional issues to be
arbitrated. The Initiating Party shall have ten (10) days from receipt of said
response to respond to any issues submitted for arbitration by the Receiving
Party.

Within sixty (60) days of the date of the Initiating Party's written notice
requesting arbitration, each party shall designate a competent and disinterested
person to act as that party's designated arbitrator, with the two (2) persons
designated selecting a third neutral arbitrator within thirty (30) days of their
designation. In the event the first two designated arbitrators cannot agree on
the third neutral arbitrator, the neutral arbitrator shall be selected pursuant
to the rules of the American Arbitration Association ("AAA"). The arbitration
proceeding shall be conducted in accordance with the Commercial Arbitration
Rules of the AAA.

The decision and award of the arbitration panel shall be rendered within thirty
(30) days of the close of the arbitration proceeding. Any decision and award of
the majority of the panel shall be final and binding upon the parties. The
arbitrators shall not award punitive or exemplary damages against either party.
Judgment

<PAGE>

                              BNSF RAILWAY COMPANY
                                  BNSFC 307074
                               ALLOWANCE CONTRACT
                       *Transportation Service Agreement*

upon the decision or award rendered may be entered in any court of competent
jurisdiction in the State of Texas in accordance with the Laws of the State of
Texas. The parties shall each bear the expense of their respective designated
arbitrator as well as their own fees and costs. The expense of the neutral
arbitrator shall be shared equally by the parties.

24. LIMITATION OF DAMAGES

Neither party shall be liable to the other for any consequential, incidental,
special or punitive damages arising out of this Contract or the TSA.

25. WARRANTY

The person(s) signing this Contract and the TSA on behalf of Customer and
Railroad warrant that they have the authority to bind, and hereby binds,
Customer and Railroad to all of the terms and conditions of this Contract and
the TSA.

26. SIGNATURES

The parties acknowledge and agree that faxed signatures and/or electronic
acceptance of the terms and conditions of this Contract and the TSA shall
constitute acceptance of the terms and conditions of this Contract and the TSA
as well as written amendments thereto.

Intending to be legally bound, the parties hereto have caused this Contract to
be executed by their representatives as written below:

GREEN PLAINS RENEWABLE ENERGY INC

By  /s/ Barry Ellsworth
   --------------------------
   President

Date:
      ------------------------------

BNSF RAILWAY CO

By
   ---------------------------------
      President

Date:
      ------------------------------

<PAGE>

                              BNSF RAILWAY COMPANY
                                  BNSFC 307074
                               ALLOWANCE CONTRACT
                       *Transportation Service Agreement*

Effective Date: 09/15/2005                           Expiration Date: 09/14/2015
                                    CUSTOMER

GREEN PLAINS RENEWABLE ENERGY INC is the Party who is designated to receive
specified allowance payments. 9635 IRVINE BAY COURT, LAS VEGAS, NV. 89147

GREEN PLAINS RENEWABLE ENERGY INC is a Party also entitled to the price(s). 9635
IRVINE BAY COURT, LAS VEGAS, NV. 89147

GREEN PLAINS RENEWABLE ENERGY INC is the Party entitled to the price(s). 9635
IRVINE BAY COURT, LAS VEGAS, NV. 89147

GREEN PLAINS RENEWABLE ENERGY INC is the Party who is designated to receive
either notifications of a price authority, amendments, revisions or supplements,
or escalations, or matters pertaining to a Force Majeure or other matters of an
emergency or operating nature. 9635 IRVINE BAY COURT, LAS VEGAS, NV. 89147

GREEN PLAINS RENEWABLE ENERGY INC is a signature Party to the contract. 9635
IRVINE BAY COURT, LAS VEGAS, NV. 89147

BNSF RAIL WAY CO is a signature Party to the contract. PO BOX 961069, FORT
WORTH, TX. 76161-0069

                                    EXHIBIT

- Freight charges must be prepaid, or freight charges must be collect.
- Price applies in US funds.
- Prices in this Allowance Con tract alternate with other Allowance Contracts.
- Allowance can be petitioned for on an Annual schedule and will be paid in 30
  Days.
- Allowances apply to BNSF portion of freight revenue only.
- The parties agree that following terms and conditions apply:

1). Minimum average BNSF revenue requirement only:
The purpose of an average revenue requirement is to establish a base line that
will generate BNSF a minimum return to compensate (per-car refund) GPRE for its
funding of the Renovation Project as defined below in Section 6.

If market rates (see section 2) fall below the average minimum revenue
requirement for any Con tract Year as defined below, BNSF shall have no
obligation make any refunds, as set forth below in Section 4, to GPRE for that
Contract Year. The rates identified in this section are not to be used for
billing shipments.

Eastbound shipments (example: New York)
Weighted average minimum BNSF revenue portion per car: sin gle:$1890 unit:$1500*
- does not constitute a rate offer

Westbound shipments (example: California)
Weighted average minimum BNSF revenue
portion per car: single: $4000 unit:$3330
- does not constitute a rate offer

Southbound shipments (example: Texas)
Weighted average minimum BNSF revenue portion per car:

<PAGE>

                              BNSF RAILWAY COMPANY
                                  BNSFC 307074
                               ALLOWANCE CONTRACT
                       *Transportation Service Agreement*

single: $2880 unit: $2230
- does not constitute a rate offer
Southwest bound shipments (example: New Mexico)
Weighted average minimum BNSF revenue portion per car:
single: $3040 unit: $2570*
- does not constitute a rate offer
Weighted average is based on 800 cars of corn, 1706 cars of ethanol, and 550
cars of DDGs. Rate factors used to calculate the weighted average revenue
portion (BNSF only) are based from applicable tariff rates. Annual adjustment to
the weighted average revenue portion (BNSF only) will be based on tariff changes
subsequent to December 1, 2005.
* No corn unit train rates published. Weighted average is DDG and ethanol only.
When/if corn unit train rates are published they will be factored same way as
west/southbound weighted average.

2). Rates:
All rates will be market (tariff) based and subject to fuel surcharge and price
escalation.
- BNSF will maintain Shenandoah at equal rates to Red Oak based on like
commodity (whole grains) and unit (train/single) size. This will apply as long
as BNSF owns or operates on the Line.

3). Annual volume threshold (AVT):
3,100 loaded rail cars shipped via BNSF during each twelve-month period
beginning with the AVT Date as defined below (Con tract Year) during the term of
the Contract (inbound or outbound).
- Minus 5% variance to the annual volume will not invoke the non-compliance
provision.
- The AVT will begin once the ethanol plant becomes operational as evidenced by
the first loaded rail car billed from the ethanol plant (the AVT Date).
- If the AVT is exceeded for a con tract year, the incremental volume above the
base will be carried forward to apply to the immediate subsequent con tract year
AVT. In no event will any incremental volume of a prior contract year be carried
forward beyond one con tract year. The 5% variance will not be applicable during
a con tract year that is credited with incremental volume from the immediate
prior contract year

4). Refund payment:
Upon completion of the Project, BNSF agrees to reimburse GPRE for full
construction cost of the project estimated at three million five hundred
thousand or the actual construction cost of the Project whichever is lower. The
said reimbursement will consist of fifty ($50) per loaded car on eastbound
shipments routed BNSF direct, and/or one hundred fifty ($150) per loaded car on
westbound shipments routed BNSF direct, and/or hundred ($100) per loaded car on
south/southwest bound shipments routed BNSF direct subject to BNSF meeting its
average minimum revenue requirement (see section 1). The refund per car will be
paid on incremental shipments above 800 cars annually. No refund will be paid on
the 800-car base volume comprised of corn, cracked corn, and/or soybean
shipments. If less than 800 cars of corn, cracked corn, and/or soybeans are
shipped then refund will apply to incremental cars, (other than corn, cracked
corn, and/or soybean shipments). BNSFs obligation to make refund payments is
contin gent upon GPRE meeting the AVT. BNSF will remit payment of any
reimbursements due within 45 days after the applicable calendar quarter. BNSF
has no obligation to make the payments if the AVT are not met. Upon payment by
BNSF to GPRE, BNSF shall have no further obligation or liability with regard to
such payments. GPRE agrees to indemnify and hold BNSF harmless from any Page No:
10

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                              BNSF RAILWAY COMPANY
                                  BNSFC 307074
                               ALLOWANCE CONTRACT
                       *Transportation Service Agreement*

claims with regard to such payments once BNSF has paid GPRE.
If the AVT is not met during an applicable annual period and BNSF has paid GPRE
a refund amount based on actual shipments, then BNSF may (at its own discretion)
withhold future payments until that applicable period and the immediate
subsequent periods AVT are met. In other words, shipments in the immediate
subsequent annual period will need to meet the AVT for that time frame and
generate incremental shipments above the AVT to cover the prior period
shortfall. This process will be applicable for any shortfall annual period. Once
the AVT is met, BNSF will resume refund payments.
In the event, the line is sold (per Section 5) any outstanding balance of
dollars owed GPRE by BNSF for line renovation will either be paid as a lump sum,
per car refund, subtracted from purchase price to buyer (transferred to GPRE, if
not purchaser) or other means determined by BNSF to satisfy repayment to GPRE.
In no event will the original timeline to satisfy payment, be extended with
change in the method of payment unless agreed by the parties.
Any payment by BNSF is subject to GPRE meeting the AVT. Any shortfall will be
reduced from the selected method of payment upon change of ownership to the
line.

5). BNSF operations
It is BNSF's current intent to provide rail service on this line (Red Oak to
Shenandoah). However, BNSF reserves the right to lease or sell the line to
another operator if, in BNSF's sole judgement, continued operations by BNSF are
not economically feasible. If BNSF does sell or lease the line to another
operator, BNSF shall give GPRE the first right of refusal to purchase or lease
and operate the line. BNSF will provide a proposed price to purchase or lease
the line segment, and GPRE will have 60 days from time of written proposal to
accept or reject the terms. If GPRE rejects the proposal, the line segment will
be bid to potential 3rd party operators, and GPRE will have the opportunity to
participate in the bid process. However, best bid (by 3rd party operator) will
be awarded the line segment and there will be no right of first refusal
available to GPRE.
If GPRE chooses not to purchase or lease the line, and the line is sold or
leased to a third party operator, such operator will be requested to honor the
terms of this agreement and provide the service listed below. Unit train
operations are defined as 95 cars for ethanol, 100 cars for DDGs and 110 cars
for whole grains. Loads will be picked up upon release and returned (spot or
place) empty as complete trains. Communication program will be established with
BNSF's grain desk operation.
Any volume less than unit train operation is considered single car (merchandise)
service.
- Single-car service (non-unit train) will be handled by the Red Oak local.
Depending on volume, service can be up to three (3) days per week (up and down
on the same day). Based on volume to be released, BNSF will design a service
plan to meet the GPRE need. Volume will drive number of days of service.
If BNSF decides to abandon the line, GPRE will have first right of refusal to
purchase and operate the line. BNSF will provide GPRE a Net Liquidated Value
(NLV) at time time of proposed abandonment. GPRE will have 60 days from date of
written notice to accept or get their own estimate (at GPRE expense). BNSF
reserves the right to accept or reject any 3rd party estimate. If GPRE elects
not to purchase the line and there is no sale to a 3rd party, then the line will
be abandoned and any outstanding refund payment to GPRE will be forfeit.
GPRE will be required to meet BNSF operating requirements same as any 3rd party
operator.

6). Line Renovation:
GPRE will be responsible for any renovation as defined in this agreement from
Mile Post 1.05 to Mile Post 20.05 on Farragut spur. Estimated cost of three
million five hundred thousand ($3.5 million) will be paid in advance to BNSF for
work order placement (project scheduling, materials, etc.) for the

<PAGE>

                              BNSF RAILWAY COMPANY
                                  BNSFC 307074
                               ALLOWANCE CONTRACT
                       *Transportation Service Agreement*

initial renovation of the Line (Renovation Project). Payment from GPRE to BNSF
shall be by certified check to: Assistant Manager, Miscellaneous Receivables,
BNSF Railway Co., 920 S. E. Quincy, Topeka, KS 66612-1116. BNSF has no
obligation to begin the Renovation Project (schedule maintenance ((start date)),
order materials, etc.) until such payment is made to BNSF. The parties
understand that the cost of the initial Renovation Project may vary depending on
materials, labor, weather etc. if this occurs, it is estimated that any
additional cost should not exceed 10% of the $3.5 million. BNSF shall have no
obligation to pay for any cost. GPRE will be responsible for any additional
cost. BNSF shall provide a summary of expenditures upon completion of the work
described below. Any funds from the initial deposit made by GPRE not used in the
renovation shall be refunded to GPRE. Refund payments shall be mailed to: Green
Plains Renewable Energy, Inc.; Accounting Department, 9635 Irvine Bay Court, Las
Vegas, NV 89147. BNSF will attempt to provide 180 days notice to GPRE for any
additional line renovation programs. However, in extreme cases (e.g. acts of God
or other significant events) BNSF may not be able to provide 180 days advance
notification. However, BNSF will make every effort to provide as much lead time
as possible to GPRE.

GPRE agrees, as part of the Renovation Project it has financial responsibility
(BNSF will only perform labor) for the following:

a. Replace approximately 28,400 treated wooded cross ties and surface track
following tie gang operation. This tie replacement program will result in the
replacement of approximately 35% of the ties in the route. The remaining ties
are in good condition and the next tie replacement program will likely be in
approximately seven (7) years.
b. Place 22 each, 39-foot track panels (this includes rail, ties, and fasteners)
in road crossings as part of the tie program. During this operation all
crossings requiring upgrade will be totally rehabilitated with new rail ties,
ballast, and crossing surface materials.
c. Replace treated wooden switch ties of varying lengths (10-foot to 17-foot) in
12 turnouts located on the route.
d. Relay 2 track miles of existing 90-lb. rail with secondhand continuous welded
115-lb. to 136-lb. rail. This relay represents a small portion of the total
track miles of rail on the route. The remaining 90-lb. conventional rail on the
route will need to be monitored very closely for increased defect rates and
broken or cracked angle bars as the annual traffic increases and the heavier
axle loads accumulate.
e. The upgrade plan will allow for 286,000-lb. loadings and increased annual
traffic over the route at FRA Class 2 standards (25 MPH).
f. Future tie replacement and rail relay are the responsibility of GPRE. Funding
will be handled in the same manner as described in the line renovation section.
At that time, BNSF will provide an estimated cost breakdown of required repairs.

g. If BNSF has not received the funding described above by the start date of the
Renovation Project, BNSF shall have no obligation under this Contract to perform
the Renovation Project and shall have the option in its sole discretion to
terminate the Contract upon 10 dayswritten n otice to GPRE.
h. If during the term of this Agreement, the Line needs additional renovation in
BNSFs sole discretion (Subsequent Renovation), GPRE agrees to fund the
Subsequent Renovation on the same basis as set forth in this Section. At that
time, BNSF will provide an estimated cost breakdown of the required repairs.
BNSF will refund for subsequent renovations on the same basis as defined in
section 4. However, BNSF will not refund until prior renovation obligation is
satisfied. If GPRE fails to make the required payment by the projected start
date of the Subsequent Renovation, BNSF has no obligation to perform the
Subsequent Renovation under this Con tract and in its sole discretion may
terminate this Con tract upon 10 dayswritten notice to GPRE.

7). Line maintenance:
BNSF will be responsible for normal maintenance on the Line from Mile Post 1.05
to Mile Post 20.05 on Farragut spur provided that the AVT is met. If maintenance
is performed by BNSF and the AVT is not met for that applicable period, then
GPRE will be responsible for reimbursing BNSF for any maintenance costs incurred
by BNSF during any Con tract Year. Payment to BNSF will be made within 45 days
after receipt of bill for service performed. If payment is not made, BNSF will
have the option to cease making any refund

<PAGE>

                              BNSF RAILWAY COMPANY
                                  BNSFC 307074
                               ALLOWANCE CONTRACT
                       *Transportation Service Agreement*

payments until full amount is recovered, to add a surcharge on rates to GPRE
based on a prorate basis (amount of BNSF maintenance dollars spent equally
spread over actual volume shipped for the shortfall period) until full amount is
recouped, or to recoup such amounts through other means as a lump-sum payment
for the outstanding amount.
BNSF agrees it has responsibility for the following:
a. Track inspection: FRA (required by): one time weekly BNSF requirements
(weather related): twice weekly or daily
b. Vegetation control: Entire line will have herbicide application (24' track
section pattern) mechanical cutting will be necessary in all quadrants of public
crossings
c. Ultrasonic rail detection: Minimum entire route will have an internal
ultrasonic rail inspection performed one time per year. If defect rates begin to
increase, the frequency of these tests will be increased as necessary. In
conjunction with these tests, local track maintenance crews will follow closely
behind inspection vehicles replacing all defect ive rails which are identified.
BNSF will be responsible for replacing an average of 2 defects per track mile
each year. If any segment of the route which is 3 miles in length or more, and
exceeds 2 defects per track mile, BNSF (at its discretion) will be able to relay
this portion to help keep maintenance cost in check.
d. Track resurfacing: In order to maintain the track to FRA Class 2 standards
(25 MPH) on conventional (jointed) 90-lb. rail, an annual surfacing program will
be necessary using a Production Tamper and Ballast Regulator. This surfacing
crew could be required on the line for as much as 30 days per year depending
upon precipitation, annual traffic, and other occurrences which could affect the
surface of the track.
e. Gauging: All curves located on the line will need to be checked regularly to
insure track gauge (distance between the inside edges of the two rails) remains
with FRA standards. Should locations be noted where gauge widening has occurred,
it will be necessary to bring in a Track Maintenance crew to repair the location
by pulling the existing spikes, pulling the rail in so measurement is within
standard, plugging the old spike holes and re-spiking the track to standard
gauge. In the event the gauge widening is a result of defective tie conditions,
the Track Maintenance crew will also be required to replace some ties in order
to hold the gauge within standard.
f. Right-of-way fencing repairs: As necessary, the Track Maintenance crew will
be required to repair any breaks which might occur in the fence line which
divides BNSF property from the adjoining landowners.
g. Bridge inspection: All bridge structures on the line will be inspected at
least twice in each calendar year. Any minor deficiencies noted will be repaired
by a mobile Structures Maintenance crew. Any repairs that require structural
work on a bridge shall be treated as a Subsequent Renovation and handled in
accordance with Section 6 above.
h. Inspection includes all culverts located on the line to insure they are in
good condition and clear of debris and able to handle runoff in the event of a
storm. Any culverts located which are plugged or have debris build-up will be
addressed by a Track Maintenance crew. Any repairs that require structural
repairs to a culvert shall be treated as a Subsequent Renovation and handled in
accordance with Section 6 above.
i. BNSF and FRA safe-handling require ments will govern.
j. Any needed maintenance of the Line beyond that described in this Section 7
shall be a Subsequent Renovation and shall be handled as set forth in Section 6
above.
k. Ditching: Insure there is adequate drainage away from track. Runoff from
storms must be able to move quickly away from the track and not left standing in
the vicinity of the track, or soft sub-grade conditions will occur resulting in
a need for slow orders or additional track surfacing.

<PAGE>

                              BNSF RAILWAY COMPANY
                                  BNSFC 307074
                               ALLOWANCE CONTRACT
                       *Transportation Service Agreement*

l. Automated Crossing Warning Devices: Crossings protected by either flashers,
or gates and flashers, must be inspected weekly per FRA standards. Any
conditions noted during these inspections, such as bulbs not working, broken
gates, or any other defective equipment noted, must be repaired quickly. This
work is performed by a Signal Maintainer.

8). Completion
GPRE agrees to complete funding for the proposed ethanol plant and the
Renovation Project by November 29 2005, and will remit to BNSF the necessary
funds for Renovation Project by January 31, 2006. BNSF agrees to complete the
renovations as soon as practicable thereafter. GPRE agrees to complete cons
truction of the ethanol plant no later than June 30, 2007. The completion date
of June 30, 2007 may be extended up to 60 days, if delays due to acts of God
(weather) and/or disruption of cons truction due to labor disputes, material
backlog, etc.) are primarily responsible in the delay of the plants operational
startup. Notwithstanding the aforementioned dates, GPRE agrees to fund earlier
than January 31, 2006 in the event that Green Plainsequity drive is completed
prior to November 29, 2005. GPRE further agrees to cons truct the track
(plant/facility) configuration pursuant to a design that is approved by BNSF.
BNSF will complete the Renovation Project prior to ethanol plant becoming 100%
operational (exceptions are receipt of funding, weather conditions, and/or
availability of materials).
If GPRE fails to meet either of the requirements, BNSF at its sole discretion,
may terminate the Contract upon ten (10) days written notice.

9). Confidentiality
The parties agree that the terms and conditions of this Letter of Agreement are
confidential and shall not be disclosed by one party to any other party or
entity without the prior written consent of the other party except as may be
required by law.

10). Assignment Use
GPRE may not assign its rights and obligations under this Letter of Agreement
and the contract without prior written consent of BNSF.

11). Term of the Contract
Except as otherwise provided above, the term of the Con tract shall be nine (9)
years commencing from the effect ive date of the Con tract or the date of the
first billed shipment from the ethanol plant (per section 8), whichever is
later. If subsequent renovations are required, the term of this agreement will
be extended by mutual agreement. Extension of this agreement will not be
unreasonably withheld by either party.
- The maximum amount to be paid under this price authority is 3,500,000 dollars.Exhibit 10.17

                ------------------------------------------------

                            SHARE EXCHANGE AGREEMENT

                                  By and Among
                      GREEN PLAINS RENEWABLE ENERGY, INC.,
                             SUPERIOR ETHANOL, LLC,
                                     and the
                               CONTROLLING MANAGER
                             As of February 22, 2006

              -----------------------------------------------------

<PAGE>

                            SHARE EXCHANGE AGREEMENT

         This Share Exchange Agreement (hereinafter the "Agreement") is entered
into effective as of this 22nd day of February, 2006, by and among Green Plains
Renewable Energy, Inc., an Iowa corporation (hereinafter "GPRE"), Superior
Ethanol, LLC, an Iowa limited liability company (hereinafter "Superior"), Brian
D. Peterson, a manager and the sole member of Superior (hereinafter "Controlling
Manager").

                                    RECITALS:

         WHEREAS, Controlling Manager owns all of the membership interest of
Superior (the "Superior Stock"). GPRE desires to acquire the Superior Stock in
exchange for 100,000 shares of restricted voting common stock of GPRE (the "GPRE
Stock"), making Superior a wholly-owned subsidiary of GPRE.

         NOW THEREFORE, for the mutual consideration set out herein and other
good and valuable consideration, the legal sufficiency of which is hereby
acknowledged, the parties agree as follows:

                                    ARTICLE I
                                   DEFINITIONS

         1.01 Definitions. Accounting terms used in this Agreement and not
otherwise defined herein shall have the meanings provided by GAAP. Certain
capitalized terms are used in this Agreement as specifically defined in this
Section 1.1 as follows:

         "Affiliate" means any Person directly or indirectly controlling,
controlled by or under direct or indirect common control with Superior (or other
specified Person) and shall include (a) any Person who is an officer, director
or beneficial holder of at least 10% of the outstanding capital stock of
Superior (or other specified Person), (b) any Person of which Superior (or other
specified Person) or any officer or director of Superior (or other specified
Person) shall, directly or indirectly, either beneficially own at least 10% of
the outstanding equity securities or constitute at least a 10% participant, and
(c) in the case of a specified Person who is an individual, Members of the
Immediate Family of such Person; provided, however, that Controlling Manager
shall not be Affiliates of Superior for purposes of this Agreement.

         "Agreement" is defined in the Preamble.

         "Balance Sheet Date" is defined in Section 4.06.

         "Bylaws" means all written rules, regulations, procedures, bylaws,
operating agreements and all other similar documents, relating to the
management, governance or internal regulation of a Person other than an
individual, each as from time to time amended or modified.

         "Charter" means the articles or certificate of incorporation, articles
of organization, statute, constitution, joint venture or partnership agreement
or articles or other charter of any Person other than an individual, each as
from time to time amended or modified.

         "Closing" is defined in Section 2.02.

         "Code" means the federal Internal Revenue Code of 1986 or any successor
statute, and the rules and regulations thereunder, as from time to time amended
and in effect.

         "Commission" means the Securities and Exchange Commission or any other
federal agency at the time administering the Securities Act, the Exchange Act or
both.

<PAGE>

         "Contractual Obligation" means, with respect to any Person, any
contracts, agreements, deeds, mortgages, leases, licenses, other instruments,
commitments, undertakings, arrangements or understandings, written or oral, or
other documents, including any document or instrument evidencing indebtedness,
to which any such Person is a party or otherwise subject to or bound by or to
which any asset of any such Person is subject.

         "Controlling Manager" is defined in the preamble.

         "Debt Funding Documents" is defined in Section 2.03(i).

         "Employee Benefit Plan" means each and all "employee benefit plans" as
defined in section 3(3) of ERISA, maintained or contributed to by Superior, any
of its Affiliates or any of their respective predecessors, or in which Superior,
any of its Affiliates or any of their respective predecessors participates or
participated and which provides benefits to employees of Superior or their
spouses or covered dependents or with respect to which Superior has or may have
a material liability, including, (i) any such plans that are "employee welfare
plans" as defined in section 3(1) of ERISA and (ii) any such plans that are
"employee pension benefit plans" as defined in section 3(2) of ERISA.

         "ERISA" means the Employee Retirement Income Security Act of 1974 or
any successor statute and the rules and regulations thereunder, and in the case
of any referenced section of any such statute, rule or regulation, any successor
section thereof, collectively and as from time to time amended and in effect.

         "ERISA Group", with respect to any entity, means any Person which is a
member of the same "controlled group" or under "common control", within the
meaning of section 414(b) or (c) of the Code or section 4001(b)(1) of ERISA,
with such entity.

         "Exchange Act" means the Securities Exchange Act of 1934, or any
successor federal statute, and the rules and regulations of the Commission
thereunder, all as from time to time amended and in effect.

         "Financial Statements" is defined in Section 4.06.

         "GAAP" means United States generally accepted accounting principles, as
in effect from time to time, consistently applied.

         "GPRE" is defined in the Preamble.

         "GPRE Stock" is defined in the Recitals.

         "Intellectual Property" is defined in Section 4.17(a).

         "Intellectual Property Licenses" is defined in Section 4.17(d).

         "Legal Requirement" means any federal, state or local law, statute,
standard, ordinance, code, order, rule, regulation, resolution, promulgation or
any final order, judgment or decree of any court, arbitrator, tribunal or
governmental authority, or any license, franchise, permit or similar right
granted under any of the foregoing.

         "Material Adverse Effect" means a material adverse effect upon the
business, assets, financial condition, income or prospects of the party in
question.

         "Members of the Immediate Family," as applied to any individual, means
each parent, spouse, child, brother, sister or the spouse of a child, brother or
sister of the individual, and each trust created for the benefit of one or more
of such persons and each custodian of a property of one or more such persons.

         "Other Intellectual Property" is defined in Section 4.17(c).

                                       2
<PAGE>

         "Pension Plan" means each pension plan (as defined in section 3(2) of
ERISA) established or maintained, or to which contributions are or were made by
Superior or any of its Subsidiaries or former Subsidiaries, or any Person which
is a member of the same ERISA Group with any of the foregoing.

         "Person" means an individual, partnership, corporation, company,
association, trust, joint venture, unincorporated organization and any
governmental department or agency or political subdivision.

         "Property" is defined in Section 2.03(i).

         "Rescission Period" is defined in Section 5.03.

         "Shares" is defined in Section 2.01.

         "Securities Act" means the Securities Act of 1933, as amended, or any
successor federal statute, and the rules and regulations of the Commission
thereunder, all as the same shall be from time to time amended and in effect.

         "Superior" is defined in the Preamble.

         "Superior Intellectual Property" is defined in Section 4.17(b).

         "Superior Stock" is defined in the Recitals.

         "Transaction Prerequisites" is defined in Section 2.03(h).

         "Welfare Plan" means each welfare plan (as defined in section 3(l) of
ERISA) established or maintained, or to which any contributions are or were
made, by Superior or any of its Subsidiaries or any Person which is a member of
the same ERISA Group with any of the foregoing.

                                   ARTICLE II
                                 SHARE EXCHANGE

         2.01 Plan of Share Exchange. It is hereby agreed that the Superior
Stock shall be acquired by GPRE at Closing in exchange for 100,000 shares of
restricted GPRE Stock (the "Shares"). It is the intention of the parties hereto
that this transaction will qualify as a corporate reorganization under Section
368(a)(1)(B) of the Code, and related or other applicable sections thereunder.
However, neither party is making any representations or warranties regarding the
tax treatment of this transaction.

         2.02 Closing. The closing of the Agreement (the "Closing") shall take
place in Salt Lake City, Utah, at the offices of Blackburn & Stoll, LC. The
Closing shall take place on a date no later than February __, 2006 or at such
other place and time as the parties may otherwise agree.

         Notwithstanding the foregoing, the parties will endeavor in good faith
to effectuate the Closing simultaneously in different locations to avoid the
travel and additional expense of requiring all parties to be simultaneously
located in the same place. In connection therewith, the parties will deliver, in
escrow to opposing counsel and other appropriate parties, all assignments,
instructions, documents, certificates, wire transfer instructions, escrow
instructions and other matters and things necessary to effect Closing in such
manner.

                                       3
<PAGE>

         2.03 Conditions to Closing for GPRE. GPRE's several obligations to
purchase Superior Stock pursuant to this Agreement on the Closing date are
subject to the satisfaction, on or prior to the Closing date, of the following
conditions:

         (a) Representations and Warranties Correct. The representations and
warranties made by Superior and Controlling Manager herein shall have been true
and correct when made and shall be true and correct on and as of the Closing
date, with the same force and effect as though made on and as of the Closing
date, except for representations and warranties that are made as of a specific
date which shall only be required to be true and correct as of such date.

         (b) Performance. All covenants, agreements, and conditions contained in
this Agreement to be performed or complied with by Superior and Controlling
Manager on or prior to the Closing shall have been performed or complied with
and neither Superior nor the Controlling Manager shall be in default in the
performance of or compliance with any provisions of this Agreement.

         (c) Compliance Certificates. Superior shall have delivered to GPRE a
certificate of the manager of Superior, dated the date of the Closing date,
certifying to the matters stated in Sections 2.03(a) and (b).

         (d) Certified Documents. Superior shall have delivered to GPRE copies
of each of the following which shall be true and correct copies in full force
and effect as of the Closing date: (i) the Charter of Superior certified by
Superior's secretary as of the Closing date; (ii) the Bylaws of Superior,
certified by Superior's secretary as of the Closing date; and (iii) resolutions
of the manager of Superior, the form and substance of which are reasonably
satisfactory to GPRE, authorizing the execution, delivery and performance of
this Agreement and the transactions contemplated hereby.

         (e) Consents. All consents and approvals to the transactions
contemplated by this Agreement required to be obtained by Superior and/or
Controlling Manager from any third party shall have been obtained.

         (f) Legality. All authorizations, approvals or permits of any
governmental authority or regulatory body that are required in connection with
the lawful issuance and exchange of the GPRE Stock and the exchange of Superior
Stock pursuant to this Agreement shall have been duly obtained and shall be in
full force and effect.

         (g) Due Diligence. After completing its due diligence investigation
prior to the Closing, GPRE shall have determined that, in GPRE's sole
discretion, the financial condition of Superior and the condition of Superior
otherwise is suitable to GPRE. In the event that GPRE determines, in its sole
discretion, that Superior is not suitable to GPRE for any reason whatsoever,
then GPRE may rescind this Agreement prior to Closing by giving written notice
to Superior prior to Closing. In the event of any such rescission, this
Agreement thereafter shall be null and void and neither party shall have any
obligation to the other.

         (h) Transaction Prerequisites. At Closing, or at such later time as the
parties may agree, the following shall have occurred (the "Transaction
Prerequisites"):

                  (i) Superior will have had at least $210,000 in its bank
         account(s).

                  (ii) The land that Superior has options on pertaining to the
         proposed site shall have been awarded a complete property tax abatement
         from Dickinson County, Iowa, for a period of twelve years, with three
         additional years of a tax abatement of 50% (fifty percent).

                  (iii) The land that Superior has options on pertaining to the
         proposed site shall be zoned "heavy industrial" and shall also have any
         other special zoning or zoning permits required to allow construction
         of the proposed ethanol plant.

         (i) Transaction Documents. At Closing, or at such later time as the
parties may agree, Superior shall deliver to GPRE the following (the "Debt
Funding Documents"):

                                       4
<PAGE>

                  (i) Ten year pro forma financial statements prepared by
         Christianson & Associates, PLLP, in a form that is reasonably
         acceptable to the lender(s) that GPRE solicits to obtain funds for the
         construction of an ethanol plant in or near Superior, Iowa. The parties
         agree that such financial statements shall be prepared post-Closing at
         GPRE's expense.

                  (ii) A feasibility study completed by PRX Pro Experts relating
         to the Property.

                  (iii) Superior shall have options to acquire at least 135 (one
         hundred thirty five) acres of continuous real property in Dickinson
         County, Iowa (the "Property").

         (j) General. All instruments and legal and corporate proceedings in
connection with the transactions contemplated by this Agreement shall be
reasonably satisfactory in form and substance to GPRE, and GPRE shall have
received copies of all documents, including records of corporate proceedings and
officers' certificates, which they may have reasonably requested in connection
therewith.

         2.04 Conditions to Closing for Superior. Superior's several obligations
to enter into the transactions described in this Agreement on the Closing date
are subject to the satisfaction, on or prior to the Closing date, of the
following conditions:

         (a) Representations and Warranties Correct. The representations and
warranties made by GPRE herein shall have been true and correct when made and
shall be true and correct on and as of the Closing date with the same force and
effect as though made on and as of the Closing date.

         (b) Performance. All covenants, agreements and conditions contained in
this Agreement to be performed or complied with by GPRE on or prior to the
Closing shall have been performed or complied with and GPRE shall not be in
default in the performance of or compliance with any provisions of this
Agreement.

         (c) Compliance Certificates. GPRE shall have delivered to GPRE a
certificate of the chief executive officer or chief financial officer of GPRE,
dated the date of the Closing date, certifying to the matters stated in Sections
2.04(a) and (b).

         (d) Certified Documents. GPRE shall have delivered to Superior copies
of each of the following which shall be true and correct copies in full force
and effect as of the Closing date: (i) the Charter of GPRE certified by GPRE's
secretary as of the Closing date; (ii) the Bylaws of GPRE, certified by GPRE's
secretary as of the Closing date; and (iii) resolutions of the Board of
Directors of GPRE, certified by GPRE's secretary as of the Closing date, the
form and substance of which are reasonably satisfactory to GPRE, authorizing the
execution, delivery and performance of this Agreement and the transactions
contemplated hereby.

         (e) Consents. All consents and approvals to the transactions
contemplated by this Agreement required to be obtained by any Seller from any
third party shall have been obtained by such Seller.

         (f) Legality. All authorizations, approvals or permits of any
governmental authority or regulatory body that are required in connection with
the lawful issuance and exchange of the GPRE Stock and the exchange of Superior
Stock pursuant to this Agreement shall have been duly obtained and shall be in
full force and effect.

         (g) Due Diligence. After completing its due diligence investigation
prior to the Closing, Superior shall have determined that, in Superior's sole
discretion, the financial condition of GPRE and the condition of GPRE otherwise
is suitable to Superior and its Controlling Manager. In the event that Superior

                                       5
<PAGE>

determines, in its sole discretion, that GPRE is not suitable to Superior or its
Controlling Manager for any reason whatsoever, then Superior may rescind this
Agreement by giving written notice to GPRE. In the event of any such rescission,
this Agreement thereafter shall be null and void and neither party shall have
any obligation to the other.

         (h) General. All instruments and legal and corporate proceedings in
connection with the transactions contemplated by this Agreement shall be
reasonably satisfactory in form and substance to Superior, and Superior shall
have received copies of all documents, including records of corporate
proceedings and officers' certificates, which they may have reasonably requested
in connection therewith.

         2.05 Other Events Occurring at Closing. At Closing, the following shall
be accomplished:

         (a) All of the manager and officers, if any, of Superior shall resign
and the nominees identified by GPRE shall have been appointed.

         (b) This Agreement shall have been duly authorized, executed, and
delivered by the parties hereto and a copy of such executed agreement shall have
been delivered to GPRE and Controlling Manager.

         (c) Such other instruments, documents and certificates, if any, as are
required to be delivered pursuant to the provisions of this Agreement shall have
been duly authorized, executed and delivered by the parties thereto and a copy
of such executed instruments, documents and certificates shall have been
delivered to GPRE.

         (d) All of the certificates representing the Superior Stock shall be
delivered to GPRE, duly and validly endorsed for transfer to GPRE.

         (e) The GPRE Stock certificates representing the shares to be issued
and delivered to the Controlling Manager as described herein shall be issued and
held by GPRE for delivery pursuant to the provisions of Section 5.05.

         (f) GPRE shall deliver to Superior a certificate of good standing of
GPRE issued by the Secretary of State of Iowa and such certificate dated no
earlier than thirty (30) days prior to the Closing.

         (g) Superior shall deliver to GPRE a certificate of good standing of
Superior issued by the Secretary of State of Iowa and such certificate dated no
earlier than thirty (30) business days prior to the Closing.

                                   ARTICLE III
                             REPRESENTATIONS OF GPRE

         GPRE hereby represents and warrants to Controlling Manager as follows:

         3.01 Authorization. All shareholder approval and corporate action on
the part of GPRE necessary for the due authorization, execution and delivery of
this Agreement and the consummation of the transactions contemplated herein has
been or will be taken prior to the Closing date. This Agreement is a legal,
valid and binding agreement of GPRE, enforceable in accordance with its terms.
The execution, delivery and performance by GPRE of this Agreement and the
issuance and exchange of the GPRE Stock will not result in any violation of or
be in conflict with, or result in a breach of or constitute a default under, any
term or provision of any Legal Requirement to which GPRE is subject, or any
Charter or Bylaws, or any Contractual Obligation to which GPRE is a party or by
which GPRE is bound.

         3.02 Organization. GPRE is a duly organized and validly existing
corporation in good standing under the laws of Iowa. GPRE is duly qualified to
do business as a foreign corporation and is in good standing in each
jurisdiction in which it does business, except where the failure to be so
qualified would not have a Material Adverse Effect.

                                       6
<PAGE>

         3.03 Corporate Power. GPRE has all necessary corporate power and
authority to enter into and perform this Agreement, to issue and sell the GPRE
Stock, to own all the properties owned by it and to carry on the businesses now
conducted or presently proposed to be conducted by it. GPRE has taken all
corporate action necessary to authorize this Agreement and the issuance of the
GPRE Stock to be issued and exchanged hereunder.

         3.04 Capitalization. As of the date hereof, the authorized capital
stock of GPRE consists of 25,000,000 shares of common stock, $.001 par value per
share, of which 4,220,990 shares are outstanding. All of the outstanding shares
of capital stock of GPRE, including the GPRE Stock to be issued pursuant to this
Agreement, will be, upon consummation of the transactions contemplated by this
Agreement, validly issued, fully paid, nonassessable and subject to no lien or
restriction on transfer, except restrictions on transfer imposed by applicable
securities laws. All of the outstanding shares of capital stock have been
offered and exchanged in compliance with applicable federal and state securities
laws. GPRE has no outstanding (i) rights (either preemptive or otherwise) or
options to subscribe for or purchase, or any warrants or other agreements
providing for or requiring the issuance of, any capital stock or any securities
convertible into or exchangeable for its capital stock, (ii) obligation to
repurchase or otherwise acquire or retire any of its capital stock, any
securities convertible into or exchangeable for its capital stock or any rights,
options or warrants with respect thereto, (iii) rights that require it to
register the offering of any of its securities under the Securities Act or (iv)
any restrictions on voting any of its securities.

         3.05 Accredited Investor Status. GPRE is a sophisticated and an
"accredited investor" as defined under Rule 501 of Regulation D as promulgated
under the Securities Act.

         3.06 Litigation. No litigation or proceeding before, or investigation
by, any foreign, federal, state or municipal board or other governmental or
administrative agency or any arbitrator is pending or, to GPRE's knowledge,
threatened (nor to GPRE's knowledge, does any basis exist therefor) against GPRE
or, to GPRE's knowledge, any officer of GPRE, which individually or in the
aggregate could result in any material liability or which may otherwise result
in a Material Adverse Effect, or which seeks rescission of, seeks to enjoin the
consummation of, or which questions the validity of, this Agreement or any of
the transactions contemplated hereby.

         3.07 Disclosure. GPRE's Registration Statement on Form S-1, filed with
the Commission on March 7, 2005, and GPRE's subsequent filings with the
Commission did not contain any untrue statement of a material fact, nor omit to
state any material fact necessary in order to make the statements contained
therein, in light of the circumstances under which they were made, not
misleading as of the filing date. Neither this Agreement, nor any agreement,
certificate, statement or document furnished in writing by or on behalf of the
GPRE in connection herewith contains any untrue statement of a material fact or
omits to state a material fact necessary in order to make the statements
contained herein, in light of the circumstances under which they were made, not
misleading.

                                   ARTICLE IV
               REPRESENTATIONS OF SUPERIOR AND CONTROLLING MANAGER

         Superior and Controlling Manager, jointly and severally, represent and
warrant to GPRE as follows:

         4.01 Authorization. All approvals and company action on the part of
Superior necessary for the due authorization, execution and delivery of this
Agreement and the consummation of the transactions contemplated herein has been
or will be taken prior to the Closing date. This Agreement is a legal, valid,
and binding agreement of Superior and the Controlling Manager, enforceable in
accordance with its terms. The execution, delivery and performance by
Controlling Manager and Superior of this Agreement and the transfer of Superior
Stock will not result in any violation of or be in conflict with, or result in a
breach of or constitute a default under, any term or provision of any Legal
Requirement to which any Controlling Manager or Superior is subject, or
Superior's Charter or Bylaws, or any Contractual Obligation to which any
Controlling Manager or Superior is a party or by which any such party is bound.

                                       7
<PAGE>

         4.02 Organization. Superior is a duly organized and validly existing
limited liability company in good standing under the laws of Iowa. Superior is
duly qualified to do business as a foreign company and is in good standing in
each jurisdiction in which it does business, except where the failure to be so
qualified would not have a Material Adverse Effect.

         4.03 Company Power. Superior and Controlling Manager have all necessary
power and authority to enter into and perform this Agreement and Controlling
Manager has the power and authority to sell the Superior Stock he owns
hereunder. To the best of its knowledge with investigation, Superior has all
necessary power and authority to own all the properties owned by it and to carry
on the businesses now conducted or presently proposed to be conducted by it.
Superior and Controlling Manager have taken all action necessary to authorize
this Agreement and the sale of the Superior Stock to be exchanged hereunder.

         4.04 Subsidiaries. Superior has no Subsidiaries.

         4.05 Capitalization. The authorized capital stock of Superior as of the
date of the Agreement is one million (1,000,000). The number of shares of
Superior Stock outstanding as of the date of this Agreement is one thousand
(1,000). All of the outstanding shares of capital stock of Superior are validly
issued, fully paid, nonassessable and the shares of capital stock owned by the
Controlling Manager are subject to no lien or restriction on transfer, except
restrictions on transfer imposed by applicable securities laws or as otherwise
set forth in Schedule 4.05. All of the outstanding shares of capital stock have
been offered and issued, and will be exchanged at Closing in compliance with
applicable federal and state securities laws. Other than as set forth in
Schedule 4.05, Superior has no outstanding (i) rights (either preemptive or
otherwise) or options to subscribe for or purchase, or any warrants or other
agreements providing for or requiring the issuance of, any capital stock or any
securities convertible into or exchangeable for its capital stock, (ii)
obligation to repurchase or otherwise acquire or retire any of its capital
stock, any securities convertible into or exchangeable for its capital stock or
any rights, options or warrants with respect thereto, (iii) rights that require
it to register the offering of any of its securities under the Securities Act or
(iv) any restrictions on voting any of its securities.

         4.06 Financial Statements. GPRE has been furnished with complete and
correct copies of the following financial statements of Superior (the "Financial
Statements"): (a) the unaudited balance sheet of Superior as of January 31, 2006
(the "Balance Sheet Date") and (b) the unaudited transaction report of Superior
as of January 31, 2006, and (c) any tax return prepared for Superior or for
Controlling Manager that relates to Superior for the tax period ending December
31, 2005 together with the unaudited balance sheet of Superior as of December
31, 2005. The Financial Statements have been prepared in accordance with GAAP
consistently applied, except that the Financial Statements do not contain the
notes required by generally accepted accounting principles, and fairly and
accurately present the financial condition of Superior at the date thereof and
the results of its operations for the period covered thereby. All the books,
records and accounts of Superior are accurate and complete, are in accordance
with good business practice and all laws, regulations and rules applicable to
Superior the conduct of its business and accurately present and reflect all of
the transactions described therein.

         4.07 Outstanding Debt: Absence of Liabilities. Superior (i) does not
have any outstanding indebtedness for borrowed money except as reflected in the
Financial Statements or Schedule 4.07 and (ii) except as reflected, is not a
guarantor or otherwise contingently liable on such indebtedness of any other
Person. Except as set forth in Schedule 4.07, Superior, to the best of its
knowledge with investigation, does not have any material liabilities or
obligations, contingent or otherwise, which are not reflected or provided for in
the Financial Statements.

         4.08 Changes in Condition. Since the Balance Sheet Date, there have
occurred no event or events that, individually or in the aggregate, have caused
or will cause a Material Adverse Effect. Except as set forth in Schedule 4.08,
since the Balance Sheet Date, Superior has not (a) declared any dividend or
other distribution on any shares of its capital stock, (b) made any payment
(other than compensation to its directors, officers and employees at rates in
effect prior to the Balance Sheet Date or for bonuses accrued in accordance with
normal practice prior to the Balance Sheet Date) to any of its Affiliates, (c)
increased the compensation, including bonuses, payable or to be payable to any
of its directors, officers, employees or Affiliates, or (d) entered into any

                                       8
<PAGE>

Contractual Obligation, or entered into or performed any other transaction, not
in the ordinary and usual course of business and consistent with past practice,
other than as specifically contemplated by this Agreement.

         4.09 Contractual Obligations. Schedule 4.09 contains, together with a
reference to the paragraph pursuant to which each item is being disclosed, a
correct and complete list of all Contractual Obligations of a material nature of
Superior of the types described below:

         (a) All collective bargaining agreements, all employment, bonus or
consulting agreements, all pension, profit sharing, deferred compensation, stock
option, stock purchase, retirement, welfare or incentive plans or agreements,
and all plans, agreements or practices that constitute "fringe benefits" to any
of the employees of Superior.

         (b) All Contractual Obligations under which Superior is restricted from
carrying on any business, venture or other activities anywhere in the world.

         (c) All Contractual Obligations to sell or lease (as lessor) any of the
properties or assets of Superior, except in the ordinary course of business, or
to purchase or lease (as lessee) any real property.

         (d) All Contractual Obligations pursuant to which Superior guarantees
any liability of any Person, or pursuant to which any Person guarantees any
liability of Superior.

         (e) All Contractual Obligations pursuant to which Superior provides
goods or services involving payments to Superior of more than $1,000 annually,
which Contractual Obligation is not terminable by Superior without penalty upon
notice of thirty (30) days or less.

         (f) All Contractual Obligations with any Affiliate of Superior.

         (g) All Contractual Obligations providing for the disposition of the
business, assets, or shares of Superior or the merger or consolidation or sale
or purchase of all or substantially all of the assets or business of any Person,
and any letters of intent relating to the foregoing.

         (h) All Contractual Obligations of Superior relating to the borrowing
of money or to the mortgaging or pledging of, or otherwise placing a lien on,
any asset of Superior (except liens imposed by operation of law in favor of
landlords, suppliers, mechanics or others who provide services to Superior).

         (i) All of the Contractual Obligations of Superior that are enforceable
against Superior and, to Superior's knowledge, the other parties thereto in
accordance with their terms, except that enforceability may be limited by
applicable bankruptcy, insolvency, moratorium, reorganization or similar laws,
from time to time in effect, which affect enforcement of creditors' rights
generally. Superior is not in default under nor, to Superior's knowledge, are
there any liabilities arising from any breach or default by any Person prior to
the date of this Agreement of, any provision of any such Contractual Obligation.
Upon request by counsel for GPRE, Superior will, prior to Closing, furnish to
counsel for the GPRE true and correct copies of all Contractual Obligations
listed in Schedule 4.09.

         4.10 Insurance. To Superior's knowledge its insurance policies in full
force and effect, written by reputable insurers licensed to write insurance in
the states in which Superior conducts business, which insurance contracts
provide for coverages which are usual and customary in its business as to amount
and scope. Schedule 4.10 contains a correct and complete list and description of
all insurance policies owned by Superior, correct and complete copies of which
have previously been made available to GPRE. Superior is not in default under
any of its insurance policies, nor has Superior received any notice of
cancellation or intent to cancel or increase premiums with respect to present
insurance policies. Schedule 4.10 also contains a list of all pending claims
with any insurance company and any instances of a denial of coverage of Superior
by any insurance company.

         4.11 Transactions with Affiliates. Other than as set forth in Schedule
4.11, no Affiliate of Superior is a customer or supplier of, or is party to any
Contractual Obligation with Superior.

                                       9
<PAGE>

         4.12 Conformity With Legal Requirements. To the best of Superior's and
the Controlling Manager' knowledge with investigation, (a) the operations of
Superior as now conducted are not in violation of, nor is Superior in default
under, any Legal Requirements presently in effect or Superior's Charter or
Bylaws, and (b) Superior has all franchises, licenses, permits or other
authority presently necessary for the conduct of its business as now conducted.

         4.13 Benefit Plans. Superior does not, and has not previously had, any
Employee Benefit Plans or Welfare Plans.

         4.14 Employees. None of the employees of Superior are presently
represented by a labor union, and no petition has been filed or proceedings
instituted by any employee or group of employees with any labor relations board
seeking recognition of a bargaining representative. Except as set forth in
Schedule 4.14, to Superior's knowledge no controversies or disputes are pending
between Superior and any of its employees. To Superior's knowledge, no employee
of Superior is in violation of any term of any Contractual Obligation with a
former employer relating to the right of any such employee to be employed by
Superior because of the nature of Superior's business or the use of any trade
secrets or proprietary information. Except as set forth in Schedule 4.14, each
employee of Superior is an "employee at will" and may be terminated by Superior
without payment of any amounts other than accrued wages.

         4.15 Taxes. Superior has filed all federal, state and local tax and
information returns which are required to be filed by it and such returns are
true and correct. Superior has paid all taxes, interest and penalties, if any,
reflected in such tax returns or otherwise due and payable by it. Superior has
no knowledge of any material additional assessments or any basis therefor. The
charges, accruals and reserves on the balance sheet of Superior as of the
Balance Sheet Date in respect of taxes or other governmental charges are
adequate in amount for the payment of all liabilities for such taxes or other
governmental charges. Superior has withheld or collected from each payment made
to its employees the amount of all taxes required to be withheld or collected
therefrom and has paid over such amounts to the appropriate taxing authorities.
Any deficiencies proposed as a result of any governmental audits of such tax
returns have been paid or settled or are being contested in good faith, and
there are no present disputes as to taxes payable by Superior.

         4.16 Litigation. Except as set forth in Schedule 4.16, no litigation or
proceeding before, or investigation by, any foreign, federal, state or municipal
board or other governmental or administrative agency or any arbitrator is
pending or, to Superior's knowledge, threatened (nor to Superior's knowledge,
does any basis exist therefor) against Superior or, to Superior's knowledge, any
officer of Superior, which individually or in the aggregate could result in any
material liability or which may otherwise result in a Material Adverse Effect,
or which seeks rescission of, seeks to enjoin the consummation of, or which
questions the validity of, this Agreement or any of the transactions
contemplated hereby.

         4.17 Patents and Trademarks.

                  (a) "Intellectual Property" shall mean any or all of the
         following and all rights in, arising out of, or associated therewith
         anywhere in the world held by such Person and not otherwise in the
         public domain: (1) all United States, international and foreign patents
         and applications therefor (including provisional applications) and all
         reissues, divisions, renewals, extensions, provisionals, continuations
         and continuations-in-part thereof; (2) all inventions (whether
         patentable or not), patterns, drawings, blueprints, specifications,
         products in development, processes, applications, circuits, invention
         disclosures, improvements, trade secrets, proprietary information, know
         how, mask works (and all information contained in a mask but not yet
         fixed in a chip), technology, technical data and customer lists, and
         all documentation relating to any of the foregoing; (3) all copyrights,
         copyright registrations and applications therefor; (4) all industrial
         designs and any registrations and applications therefor throughout the
         world; (5) all trade names, logos, common law trademarks and service
         marks, trademark and service mark registrations and applications
         therefor and all goodwill associated therewith throughout the world;
         (6) all databases and data collections and all rights therein
         throughout the world; (7) all software including, but not limited to,
         (i) Superior's web-enabled customer relation management applications

                                       10
<PAGE>

         that actively assists customers service representatives as well as
         customers directly in preventing and resolving benefit communications
         and administration problems in a highly personalized and customized
         manner (ii) as well as call source code, object code, firmware,
         development tools, files, records and data, all media on which any of
         the foregoing is recorded; (8) all permits, privileges or royalties;
         (9) all domain names and website addresses; (10) any similar,
         corresponding or equivalent rights to any of the foregoing and (11) all
         documentation related to any of the foregoing.

                  (b) Schedule 4.17 sets forth each item of Intellectual
         Property that is owned by Superior and that is used in or material to
         the conduct of Superior's business as it is currently conducted (the
         "Superior Intellectual Property"), including, without limitation, all
         software programs and databases, including any registration and/or
         application numbers therefor. Except as set forth on Schedule 4.17,
         Superior owns and will own on the Closing date each item of Superior
         Intellectual Property set forth on Schedule 4.17. Superior's patents,
         trademarks and copyrights that have been duly registered with, filed in
         or issued by, as the case may be, the U.S. Patent and Trademark Office
         and U.S. Copyright Office or other filing offices, domestic or foreign
         are listed on Schedule 4.17, and the same remain in full force and
         effect.

                  (c) Schedule 4.17 lists each item of Intellectual Property
         other than Superior Intellectual Property that is necessary for the
         conduct of, or otherwise material to, Superior's business as currently
         conducted and as planned to be conducted ("Other Intellectual
         Property"), including without limitation, all software programs.
         Superior has the right, by license or other agreement, to use each item
         of Other Intellectual Property.

                  (d) Schedule 4.17 sets forth all written or oral licenses,
         permissions and arrangements pursuant to which (a) Superior permits any
         Person to use any item of Superior Intellectual Property (b) Superior
         uses any Intellectual Property owned by any Person ((a) and (b)
         collectively, the "Intellectual Property Licenses"). Except as set
         forth on Schedule 4.17, all Intellectual Property Licenses are in full
         force and effect in accordance with their terms, and are free and clear
         of any Liens.

                  (e) Superior has delivered to GPRE correct and complete copies
         of (1) all registrations and applications for any Superior Intellectual
         Property; (2) all Intellectual Property Licenses listed on Schedule
         4.17; and (3) copies of any assignments pursuant to which Superior owns
         any Superior Intellectual Property.

                  (f) Except as set forth on Schedule 4.17: To Superior's
         knowledge (1) Superior is not in material default under any
         Intellectual Property License, and to Superior's knowledge, no such
         material default is currently threatened; (2) the operation of
         Superior's business as currently conducted does not infringe the
         proprietary rights of any Person or constitute unfair competition or
         trade practices under the laws of any jurisdiction and Superior has not
         received any notice, oral or written, that alleges the contrary; (3) to
         Superior's knowledge, no Superior Intellectual Property and no Other
         Intellectual Property used by Superior under any Intellectual Property
         License is being infringed by any third party or group thereof; and (4)
         there is no claim or demand of any Person pertaining to, or any
         proceeding which is pending or, to Superior's knowledge, threatened,
         that challenges Superior's rights with respect to any item of Superior
         Intellectual Property or any Other Intellectual Property used by
         Superior, or the validity or enforceability of any item of Superior
         Intellectual Property, nor are there any claims that any default exists
         under any Intellectual Property License.

                  (g) Except as set forth on Schedule 4.17, no item of Superior
         Intellectual Property or Other Intellectual Property, or any
         Intellectual Property License, is subject to any outstanding order,
         ruling, decree, judgment or stipulation by or with any court, tribunal
         arbitrator, or other Governmental Authority that could affect the
         Seller's ability to use, license, or transfer such Superior
         Intellectual Property or its validity or enforceability.

                  (h) Superior has taken all steps that are reasonably required
         to protect Superior's rights in confidential information and trade
         secrets of Superior or Superior's business or provided by any third
         party to Superior. Without limiting the foregoing, Superior has, and
         enforces, a policy requiring each employee and contractor to execute
         proprietary information and confidentiality agreements in connection
         with Superior Intellectual Property.

         4.18 Consents. No consent, approval, qualification, order or
authorization of, or filing with any governmental authority is required in
connection with the offer and transfer of the Superior Stock by Controlling
Manager or the consummation of any other transaction pursuant to this Agreement.

                                       11
<PAGE>

         4.19 Filings, Broker's Fees. Superior is not obligated to pay any
broker's fee, finder's fee, investment banker's fee or other similar transaction
fee in connection with the transactions contemplated hereby.

         4.20 Minute Books. The minute books of Superior, which shall have been
provided to counsel for GPRE prior to the Closing if requested, contain a
complete record of actions taken at all meetings of directors and Controlling
Manager since formation and reflect all such actions accurately in all material
respects.

         4.21 Real Property Holding Corporation. Superior is not a "United
States real property holding corporation" as defined in section 897(c)(2) of the
Code and Treasury Regulation section 1.897-2(b).

         4.22 Disclosure. Neither this Agreement, nor any agreement,
certificate, statement or document furnished in writing by or on behalf of
Superior to GPRE by Superior or the Controlling Manager in connection herewith
or therewith contains any untrue statement of a material fact or omits to state
a material fact necessary in order to make the statements contained herein or
therein, in light of the circumstances under which they were made, not
misleading.

                                    ARTICLE V
                      INDEMNIFICATION AND RESCISSION RIGHT

         5.01 Indemnification. For a period of one year from the Closing, GPRE
agrees to indemnify and hold harmless Controlling Manager, and for the same
period Controlling Manager agree to indemnify and hold harmless GPRE, against
and in respect of any liability, damage or deficiency, all actions, suits,
proceedings, demands, assessments, judgments, costs and expenses including
attorney's fees incident to any of the foregoing, resulting from any material
misrepresentations made by an indemnifying party to an indemnified party, an
indemnifying party's breach of covenant or warranty or an indemnifying party's
nonfulfillment of any agreement hereunder, or from any material
misrepresentation in or omission from any certificate furnished or to be
furnished hereunder. The party claiming indemnity shall notify the indemnifying
party and the indemnifying party shall have thirty (30) days in which to object.
In the event of an objection, the dispute shall be settled by arbitration in
Nevada pursuant to the rules of the American Arbitration Association.

         5.02 Nature and Survival of Representations. All representations,
warranties and covenants made by any party in this Agreement shall survive the
Closing and the consummation of the transactions contemplated hereby for one
year from the Closing date. All of the parties hereto are executing and carrying
out the provisions of this Agreement in reliance solely on the representations,
warranties and covenants and agreements contained in this Agreement and not upon
any investigation upon which it might have made or any representation, warranty,
agreement, promise or information, written or oral, made by the other party or
any other person other than as specifically set forth herein.

         5.03 Rescission Right. If, during the period beginning on the Closing
date and ending on the 6 (six) month anniversary of the Closing (the "Rescission
Period"), GPRE determines, in its sole discretion, that it is unable to build
the proposed ethanol plant on the Property (i) primarily because of the form of
any Debt Funding Document and/or the failure of any Transaction Prerequisite, or
(ii) because GPRE is not allowed to build the proposed plant at the Superior
site due to any action of a local government that would definitively stop GPRE
from building an ethanol plant at the proposed site in Superior, then GPRE may
rescind this Agreement by giving written notice of rescission to Controlling
Manager during the Rescission Period and, effective immediately upon such notice
and through no further action of the parties, this Agreement shall be rescinded.
In such event, GPRE shall cancel the Shares and shall return all Superior
securities to Controlling Manager. Notwithstanding the foregoing, GPRE may
shorten but not lengthen the Rescission Period, in its sole discretion, by
giving written notice of the same to Controlling Manager.

                                       12
<PAGE>

         5.04 Negative Covenants. During the Rescission Period, Superior shall
not, without the advanced written approval of Controlling Manager, which consent
may be withheld in his sole discretion:

         (a) Change any location of any of the places of business or of the
establishment of any new, or the discontinuance of any existing, place of
business of Superior;

         (b) Spend any funds that are held by Superior;

         (c) Declare or pay any distribution on any Superior securities;

         (d) Liquidate or dissolve, or enter into any consolidation, merger,
pool, joint venture, syndicate, or other combination, or sell, lease, or dispose
of its business or assets as a whole or in part;

         (e) Create, incur, assume, or be liable for, contingently or otherwise,
any indebtedness for borrowed money that did not exist at the Closing, or become
liable as a surety, guarantor, accommodation endorser, or otherwise, for or on
the obligation of any other person, firm, or corporation; or

         (f) Incur any contractual obligation(s) after the Closing date that
involves, in the aggregate, more than $1,000.

         5.05 Holdback. During the Rescission Period, GPRE shall hold the Shares
for the benefit of Controlling Manager. Upon expiration of the Rescission Period
the Shares shall immediately be delivered to Controlling Manager. In the event
that GPRE exercises its rescission right, then the Shares will immediately be
cancelled and no Shares shall be deliverable to Controlling Manager.
Notwithstanding GPRE's possession of the Shares during the Rescission Period,
Controlling Manager shall have and enjoy all rights and privileges of ownership
thereof (other than possession) during such period, unless and until GPRE shall
have exercised its rescission right pursuant to Section 5.03 above.

                                   ARTICLE VI
                                  MISCELLANEOUS

         6.01 Further Assurances. At any time, and from time to time, after the
Closing date, each party will execute such additional instruments and take such
action as may be reasonably requested by the other party to confirm or perfect
title to any property transferred hereunder or otherwise to carry out the intent
and purposes of this Agreement.

         6.02 Binding Effect; Assignment. This Agreement shall be binding upon
and inure to the benefit of the personal representatives, successors and assigns
of the respective parties hereto. The parties shall not have the right to assign
their rights or obligations hereunder or any interest herein without obtaining
the prior written consent of GPRE, Superior, and Controlling Manager.

         6.03 Amendments and Waivers. Any term of this Agreement may be amended
and the observance of any term of this Agreement may be waived (either generally
or in a particular instance and either retroactively or prospectively) only with
the written consent of (i) GPRE, (ii) Superior, and (iii) the Controlling
Manager. Any amendment or waiver affected in accordance with this Section 6.03
shall be binding upon each party hereto.

         6.04 Counterparts. This Agreement may be executed in one or more
counterparts, all of which shall be considered one and the same agreement and
shall become effective when one or more counterparts have been signed by each of
the parties and delivered to the other parties, it being understood that all
parties need not sign the same counterpart. One or more counterparts of this
Agreement or any Exhibit or Schedule hereto may be delivered via facsimile and
such facsimile counterpart shall have the same effect as an original counterpart
hereof.

                                       13
<PAGE>

         6.05 Notices. Any notice or other communication in connection with this
Agreement shall be deemed to be delivered if in writing addressed as provided
below and if either (a) actually delivered at said address, (b) in the case of a
letter, seven business days shall have elapsed after the same shall have been
deposited in the United States mails, postage prepaid and registered or
certified, return receipt requested or (c) transmitted to any address outside of
the United States, by telecopy and confirmed by overnight or two-day courier:

         If to the GPRE, to it at Green Plains Renewable Energy, Inc., 7945 West
Sahara Avenue, Suite 107, Las Vegas, NV, 89117, fax (702) 361.9308, attention:
President, or at such other address as GPRE shall have specified by notice to
the parties.

         If to Superior, to it at 1739 Charles Avenue, Lawton, Iowa 51030, fax
(712) 944-4928, attention: Brian Peterson, or at such other address as Superior
shall have specified by notice to the parties.

         If to Controlling Manager, to Brian Peterson at 1739 Charles Avenue,
Lawton, Iowa51030, fax (712) 944.4928, or at such other address as Controlling
Manager shall have specified by notice to the parties.

         6.06 Governing Law. This Agreement shall be construed and enforced in
accordance with the laws of the State of Iowa.

         6.07 Responsibility and Costs. All fees, expenses and out-of-pocket
costs and expenses, including, without limitation, fees and disbursements of
counsel, advisors and accountants, incurred by the parties hereto shall be borne
solely and entirely by the party that has incurred such costs and expenses.

         6.08 General. The invalidity or unenforceability of any term or
provision hereof shall not affect the validity or enforceability of any other
term or provision hereof. The headings in this Agreement are for convenience of
reference only and shall not alter or otherwise affect the meaning hereof. This
Agreement and the other items referred to herein or therein constitute the
entire understanding of the parties hereto with respect to the subject matter
hereof and thereof and supersede all present and prior agreements, whether
written or oral.

         The undersigned have executed this Agreement as of the date first above
written.

                                           GREEN PLAINS RENEWABLE ENERGY, INC.

                                           By:  /s/ Barry Ellsworth
                                              ----------------------------------
                                              Name: Barry Ellsworth
                                              Title: President

                                           SUPERIOR ETHANOL, LLC

                                           By:  /s/ Brian Peterson
                                              ----------------------------------
                                              Name: Brian Peterson
                                              Title: Manager

                                           By:  /s/ Brian Peterson
                                              ----------------------------------
                                              Name: Brian Peterson, individually

                                       14

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