Document:

eqbk-ex101_108.htm

EXHIBIT 10.1

FIFTH AMENDMENT TO LOAN AND SECURITY AGREEMENT

 

THIS FIFTH AMENDMENT TO LOAN AND SECURITY AGREEMENT (this

“Amendment”) is made and dated as of February 11, 2022, between EQUITY BANCSHARES, INC., a Kansas corporation (the “Borrower”), and SERVISFIRST BANK, an Alabama banking corporation (the “Lender”).

 

R E C I T A L S

 

A.Borrower and Lender are parties to that certain Loan and Security Agreement dated as of January 28, 2016, as amended (as amended, supplemented or otherwise modified from time to time, the “Loan Agreement”; capitalized terms used and not otherwise defined or amended in this Amendment shall have the meanings respectively assigned to them in the Loan Agreement). Under the terms and conditions, and subject to the limitations, set forth in the Loan Agreement, Lender has provided to Borrower a Commitment to extend Loans to Borrower in an aggregate principal amount of up to $40,000,000.00.

 

B.The Commitment Maturity Date was August 15, 2021, but has been extended to February 11, 2022. Borrower has requested that Lender consent to (i) the renewal of the Commitment and extension of the Commitment Maturity Date until February 11, 2023; (ii) a decrease of $15,000,000.00 to the Commitment amount, so that the Maximum Commitment Amount becomes $25,000,000.00; and (iii) certain other amendments to the Loan Agreement, in each case in accordance with and subject to the terms set forth hereunder.

 

C.Lender, by execution hereof, has agreed to consent to the foregoing and to amend the Loan Agreement accordingly, upon the terms and conditions set forth herein, including, without limitation, the condition that Borrower acknowledge and reaffirm its obligations under the Loan Agreement and the other documents related thereto.

 

D.The parties hereto have consulted with, and obtained the representation and advice of, their respective legal counsel with regard to the terms and conditions of this Amendment. Each party to this Amendment has had the opportunity to participate fully in the drafting of this Amendment.

 

A G R E E M E N T

 

In consideration of the foregoing and the mutual covenants and agreements hereinafter set forth, the parties hereto hereby agree as follows:

 

1.Recitals. The recitals set forth above are true and correct and the parties hereto agree to be bound thereby.

 

2.Amendments to the Loan Agreement.  The Loan Agreement is hereby amended as follows:

 

A.To the extent applicable, the Loan Agreement and each related agreement, instrument, and other document are amended by replacing any and all references to Greg Kossover’s office/title with Borrower with references to “Chief Operating Officer.”

 

 

 

 

 

B.The recital set forth on the first page of the Loan Agreement is amended by deleting the principal amount “$40,000,000.00” therefrom, and by inserting the principal amount “$25,000,000.00” in lieu thereof.

 

C.Section 1.01 of the Loan Agreement is amended by amending and restating the definition of “Commitment Maturity Date” to read as follows:

 

“Commitment Maturity Date” means the earlier of February 11, 2023, or the date that either the Commitment is terminated or the maturity of any Note is accelerated pursuant to Section 7.02 of this Agreement.

 

D.Section 1.01 of the Loan Agreement is amended by amending and restating the definition of “Maximum Commitment Amount” to read as follows:

 

“Maximum Commitment Amount” means $25,000,000.00, which is the total amount of principal available for Loans to Borrower under this Agreement.

 

E.Section 2.03 of the Loan Agreement is amended and restated to read as follows:

 

Section 2.03Use of Proceeds; Disbursement of the Loans. Borrower shall use the proceeds of each Loan solely for one or more of the following purposes:

 

(a)to fund cash payments required to be made by Borrower to the seller(s) of a target bank in connection with a Permitted Acquisition;

 

	
 
	
(b)
	
to fund Borrower’s repurchase of its outstanding shares of

stock;

 

	
 
	
(c)
	
to fund Borrower’s injection of capital to the Subsidiary

Bank;

 

	
 
	
(d)
	
to pay Lender any sums due under this Agreement; or

 

	
 
	
(e)
	
for general corporate or investment purposes of Borrower.

 

F.Section 2.06(A)(1) of the Loan Agreement is amended and restated to read as follows:

 

(1)Interest on the principal balance of each Loan from time to time outstanding will be payable at a per annum rate (the “Interest Rate”) equal to the greater of the following: (i) the Prime Rate in effect from time to time (the “Floating Rate”); or (ii) a floor rate of three and one-quarter percent (3.25%).

 

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G.Section 3.02(B) of the Loan Agreement is amended and restated to read as follows:

 

(B)    Borrower shall have delivered to Lender satisfactory evidence that the proceeds of such Loan will be used for the purposes set forth in Section 2.03 of this Agreement;

 

H.Section 3.02(H) of the Loan Agreement is amended and restated to read as follows:

 

(H) There shall be no material adverse change in the consolidated financial condition or business of Borrower since September 30, 2021, or the Subsidiary Bank since December 31, 2021.

 

I.Section 5.01(I) of the Loan Agreement is amended and restated to read as follows:

 

(I)Borrower’s and the Subsidiary Bank’s financial statements (including Call Reports, in the case of the Subsidiary Bank) furnished to Lender, including any schedules and notes pertaining thereto, have been prepared in accordance with Generally Accepted Accounting Principles consistently applied, and fully and fairly present the financial condition of Borrower at the dates thereof and the results of operations for the periods covered thereby, and there have been no material adverse changes in the consolidated financial condition or business of Borrower, from September 30, 2021, to the date hereof, or the Subsidiary Bank, from December 31, 2021, to the date hereof;

 

J.Section 5.01(J) of the Loan Agreement is amended and restated to read as follows:

 

(J)As of February 11, 2022, neither Borrower nor the Subsidiary Bank has any material Indebtedness of any nature, including, but without limitation, liabilities for taxes and any interest or penalties relating thereto, except to the extent reflected (in a footnote or otherwise) and reserved against in the September 30, 2021, financial statements of Borrower, or the December 31, 2021, Call Report of the Subsidiary Bank, or as disclosed in or permitted by this Agreement, as applicable; Borrower does not know and has no reasonable ground to know of any basis for the assertion against it or the Subsidiary Bank as of September 30, 2021, or December 31, 2021, as applicable, of any material Indebtedness of any nature not fully reflected and reserved against in the above referenced respective financial statements or Call Reports, as applicable;

 

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K.Section 5.01(R) of the Loan Agreement is amended and restated to read as follows:

 

(R)The Subsidiary Bank’s retained earnings, as reported on Schedule RC of the Subsidiary Bank’s most recent quarterly Call Report, were

$27,596,000.00.

 

L.Section 6.02(E) of the Loan Agreement is amended by amending and restating sub-clause (2) thereof to read as follows:

 

(2)Indebtedness described in the September 30, 2021, financial statements of Borrower, which includes, without limitation, Borrower’s obligations under or in connection with the trust preferred securities referenced in the September 30, 2021, financial statements of Borrower;

 

M.Section 8.05 of the Loan Agreement is amended by amending and restating the notice addresses set forth therein to read as follows:

 

	
 
	
(A)
	
If to Borrower:

 

Eric Newell, Chief Financial Officer Equity Bancshares, Inc.

7701 E. Kellogg Ave. Wichita, KS 67207

 

With a copy to:

 

Michael G. Keeley

Norton Rose Fulbright US LLP 2200 Ross Avenue, Suite 3600

Dallas, TX 75201-7932

 

	
 
	
(B)
	
If to Lender:

 

William Mellown, Vice President ServisFirst Bank

2500 Woodcrest Place

Birmingham, Alabama 35209 With a copy to:

Charles R Moore, III

Bradley Arant Boult Cummings LLP One Federal Place

1819 5th Avenue North Birmingham, Alabama 35203

 

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N.The form of Promissory Note set forth in Exhibit A to the Loan Agreement is amended by removing the words and percentage “provided, however, that in no event shall the Rate ever be less than a fixed floor rate of three and one-half percent (3.50%) per annum” from the first paragraph thereof, and by inserting in lieu thereof the words and percentage “provided, however, that in no event shall the Rate ever be less than a fixed floor rate of three and one-quarter percent (3.25%) per annum”.

 

O.Exhibit C to the Loan Agreement is deleted in its entirety, and Exhibit C to this Amendment is inserted in lieu thereof.

 

3.Effectiveness. This Amendment shall be and become effective as of the date first above written; provided, that each of the following conditions is satisfied, all as reasonably determined by and satisfactory to Lender:

 

A.Lender shall have received an Unused Commitment Fee from Borrower in the amount of $129,219.06, which shall cover the period of time from and including April 1, 2020, through and including January 31, 2022. For the avoidance of doubt, the Unused Commitment Fee that accrued during the period of time that began on (and that included) February 1, 2022, and that ended on (and that included) the date of this Amendment, shall not be payable at this time. Instead, such accrued amount shall be payable on the new Commitment Maturity Date, together with the Unused Commitment Fee that accrues in between the date of this Amendment and such new Commitment Maturity Date, all in accordance with Section 2.09 of the Loan Agreement.

 

B.Lender shall have received (including by facsimile) counterparts of this Amendment, duly executed by or on behalf of Borrower.

 

C.Lender shall have approved the amendments set forth in this Amendment, such approval to be evidenced by Lender’s execution of counterparts of this Amendment.

 

D.All documents executed or submitted pursuant hereto shall be reasonably satisfactory in form and substance to Lender and its counsel prior to or by the time of closing. Prior to or by the time of closing, Lender and its counsel shall have received all information, certificates, resolutions, legal opinions and other documents, and such counterpart originals or such certified or other copies of such originals as Lender or its counsel may reasonably request, and all legal matters incident to the transactions contemplated by this Amendment shall be reasonably satisfactory to Lender and  its counsel.

 

E.The representations and warranties set forth in paragraph 4 below shall be true and correct in all respects.

 

Notwithstanding the satisfaction (or waiver) of each of the conditions set forth above and/or the execution of this Amendment by Borrower, this Amendment, in any event, shall not be or become effective and binding upon the parties until executed and accepted by Lender.

 

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4.Representations and Warranties.In order to induce Lender to enter into this Amendment, Borrower represents and warrants that:

 

A.The execution, delivery and performance by Borrower of this Amendment and the documents contemplated hereby are (i) within its entity powers and have been duly authorized by all necessary entity action, (ii) not in contravention of any law, rule or regulation, or any judgment, decree, writ, injunction, order, or award of any arbitrator, court or governmental authority, (iii) not in contravention of the terms of Borrower’s organizational documents, and (iv) not in contravention of any contract or undertaking to which Borrower is a party or by which Borrower or its properties are or may be bound or affected.

 

B.Each of this Amendment and, to the extent Borrower is a party thereto, the other documents contemplated hereby, is a legal, valid and binding obligation of Borrower, enforceable against Borrower in accordance with its respective terms.

 

C.No consent, approval or authorization of or declaration, registration or filing with any governmental authority or any nongovernmental person or entity, including without limitation any creditor, stockholder, member, partner or other owner of Borrower, is required on the part of Borrower in connection with the execution, delivery and performance of this Amendment and the documents contemplated hereby, or the transactions contemplated hereby, or as a condition to the legality, validity or enforceability of this Amendment and the documents contemplated hereby.

 

D.After giving effect to the amendments to the Loan Agreement contained in this Amendment: (i) the representations and warranties contained in the Loan Agreement and in each other document related thereto are true and correct on and as of the date hereof with the same force and effect as if made on and as of the date hereof, (ii) Borrower is in full compliance with all the covenants and agreements established under the Loan Agreement and the other documents related thereto, (iii) no Default has occurred and is continuing, and (iv) no material adverse change has occurred in the financial condition of Borrower since the as-of date of the most recent financial statements delivered by Borrower to Lender.

 

	
 
	
5.
	
Reaffirmation and Ratification of Loan Documents.

 

A.Borrower acknowledges, ratifies, reaffirms and confirms to Lender the obligations, liabilities and undertakings of Borrower under the Loan Agreement (as amended hereby) and the other documents related thereto to which Borrower is a party. All provisions of the Loan Agreement and the other documents related thereto to which Borrower is a party are in full force and effect and remain unchanged, except as amended hereby.

 

B.Borrower agrees that (i) the amendments effectuated hereunder do not adversely affect or impair in any way the validity or enforceability of the Loan Agreement and the other documents related thereto to which Borrower is a party, and (ii) the Loan Agreement (as amended hereby) and the documents related thereto to which Borrower is a

 

6
 

 

 

party are legal, valid and binding obligations of Borrower, enforceable by Lender against Borrower and in accordance with their respective terms.

 

C.Borrower acknowledges and agrees that the Loan Agreement (as amended hereby) and the other documents related thereto to which Borrower is a party, and the Obligations (including, without limitation, Borrower’s obligation to pay the outstanding amounts under the Loan Agreement and each Note related thereto), are not subject to any defense, claim, counterclaim, setoff, right of recoupment, abatement or other determination whatsoever, legal, equitable or otherwise. Borrower waives any and all defenses of any nature whatsoever, legal, equitable or otherwise, which Borrower may now have with respect to Borrower’s obligations under the Loan Agreement (as amended hereby) and the other documents related thereto to which Borrower is a party.

 

6.Acknowledgments Regarding Collateral. Borrower acknowledges, certifies and agrees that (i) all of the Collateral described in the Loan Agreement, including, without limitation, the Pledged Stock, currently secures and shall continue to secure all of the Obligations, (ii) Lender’s security interests in and liens on the Collateral have been duly perfected and are fully enforceable against Borrower and the property encumbered thereby, and (iii) there has been no interruption, cessation, or other lapse of the aforesaid security interests and liens of Lender in the Collateral.

 

7.No Waiver by Lender, Etc. Notwithstanding the agreement of Lender to enter into this Amendment and to amend the Loan Agreement as set forth herein, Borrower acknowledges and agrees that, by so agreeing to enter into this Amendment, except as specifically set forth in this Amendment, Lender shall not be deemed to have waived (or to be estopped from asserting) any provisions of the Loan Agreement (as amended hereby) or any other document related thereto, including without limitation, any existing or future Default thereunder and, if Borrower now or at any time in the future shall be in breach of any of the provisions of the Loan Agreement or any other document related thereto or if any Default has occurred and is continuing, Lender shall be entitled to withhold further Loans under the Loan Agreement at any time and to exercise any of its other default rights and remedies thereunder or under any other document related thereto, from time to time, upon, if applicable, notice to Borrower, and that no failure or delay on the part of Lender in exercising any right or remedy under the Loan Agreement or under any other document related thereto, and no course of dealing with Borrower, on the one hand, and Lender, on the other hand, shall operate as a waiver thereof, nor shall any single or partial exercise of any right or remedy under the Loan Agreement or under any other document related thereto preclude any other or further exercise thereof or the exercise of any other right or remedy hereunder or thereunder.

 

8.Release of Claims. In consideration of the matters set forth in this Amendment, Borrower, for itself and on behalf of its legal representatives, successors and assigns, hereby fully, finally and irrevocably releases Lender, and its officers, representatives, agents, attorneys, employees, predecessors, successors and assigns (collectively, the “Released Parties”), from any and all defenses (other than payment or performance), affirmative defenses, claims, counterclaims, offsets, cross-claims, damages, demands, actions and causes of action of any kind or nature existing as of the date of this Amendment or based on facts or circumstances arising at any time up through and including the date of this Amendment, whether known or unknown and whenever and howsoever arising, relating to the Loan Agreement, the liabilities and obligations of Borrower

 

7
 

 

 

thereunder, the other Obligations, or the other documents related thereto, or any of them, or any past relationship between Borrower and Lender. In addition, Borrower hereby agrees not to commence, join in, prosecute, or participate in any suit or other proceeding in a position adverse to that of any of the Released Parties arising directly or indirectly from any of the foregoing matters.

 

9.Event of Default. If Borrower shall fail to perform or observe any term, covenant or agreement in this Amendment, or any representation or warranty made by Borrower in this Amendment shall prove to have been incorrect in any material respect when made, such occurrence shall be deemed to constitute a Default.

 

10.Payment of Fees and Expenses. Borrower agrees to pay all out-of-pocket costs and expenses of Lender, including the attorneys’ fees, charges and disbursements of counsel for Lender, in connection with the negotiation, preparation, execution and delivery of this Amendment and the documents referred to herein and the consummation of the transactions contemplated hereby.

 

11.Counterparts; Facsimile Signatures. This Amendment may be executed in one or more counterpart copies, each of which constitutes an original, but all of which, when taken together, shall constitute one agreement binding upon all of the parties hereto. Further, the parties hereto may execute facsimile copies of this Amendment and the facsimile signature of any such party shall be deemed an original and fully binding on said party; provided, however, any party executing this Amendment by facsimile signature agrees to promptly provide an original executed copy of this Amendment to Lender.

 

12.Governing Law, Etc. This Amendment shall be governed by and construed in accordance with the applicable terms and provisions of Section 8.08 (Applicable Law; Jurisdiction and Venue) of the Loan Agreement, which terms and provisions are incorporated herein by reference.

 

13.Successors and Assigns. This Amendment shall inure to and be binding upon and enforceable by Borrower, Lender, and their respective successors and assigns.

 

14.No Other Modifications. Except as hereby amended, no other term, condition or provision of the Loan Agreement shall be deemed modified or amended, and this Amendment shall not be considered a novation. From and after the effective date hereof, all references in the Loan Agreement, and any other document or instrument entered into in connection therewith, to the Loan Agreement shall be deemed to be references to the Loan Agreement as amended by this Amendment.

 

15.Reaffirmation and Ratification of Pledge Agreement. Without limiting anything set forth in paragraph 5 above or elsewhere in this Amendment, Borrower hereby acknowledges and agrees that the Pledge Agreement dated as of January 28, 2016, between Borrower and Lender remains in full force and effect as of the date hereof, and that the Pledged Stock described therein continues to secure all Obligations (as defined in such Pledge Agreement) in all respects.

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the day and year first above written.

 

BORROWER:

 

EQUITY BANCSHARES, INC.

 

 

By:  /s/ Eric R. Newell Name: Eric R. Newell Title: Executive Vice President and Chief Financial Officer

 

 

 

 

LENDER:

 

SERVISFIRST BANK

 

 

By: /s/ William Mellown Name: William Mellown Title:    Vice President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signature Page to Fifth Amendment to Loan and Security Agreement

 

 

 

 

EXHIBIT C TO

LOAN AND SECURITY AGREEMENT

 

 

STATES QUALIFIED, PRINCIPAL PLACES OF BUSINESS

 

 

			
	
Entity
	
State(s) Qualified
	
Principal Place of Business

	
Equity Bancshares, Inc
	
Kansas
	
7701 E. Kellogg Ave. Wichita, Kansas 67207

	
Equity Bank
	
Kansas
	
7701 E. Kellogg Ave. Wichita, Kansas 67207

 

 

 

NAME CHANGES AND MERGERS WITHIN FIVE YEARS AND ONE MONTH

 

 

Borrower:

 

No name changes.

2017 merger with Prairie State Bancshares, Inc. 2017 merger with Eastman National Bancshares, Inc. 2017 merger with Cache Holdings, Inc.

2018 merger with Kansas Bank Corporation 2018 merger with Adams Dairy Bancshares, Inc.

2021 merger with American State Bancshares, Inc.

 

 

Subsidiary Bank:

 

No name changes.

2017 merger with State Bank (Hoxie, Kansas)

2017 merger with The Eastman National Bank of Newkirk 2017 merger with Patriot Bank

2018 merger with First National Bank of Liberal 2018 merger with Adams Dairy Bank

2018 merger with City Bank and Trust Company 2020 merger with Almena State Bank

2021 merger with American State Bank & Trust CompanyExhibit 1025 - Employment Agreement

		

			Exhibit 10.25

		

		

			 

		

		
			EMPLOYMENT AGREEMENT
		

		
			This Employment Agreement (this “Agreement”) is effective as of the Effective Date defined herein, by and between GREEN PLAINS INC., an Iowa corporation (the “Company”), and Leslie van der Meulen, an individual (“Executive”).
		

		
			In consideration of the promises and mutual covenants contained herein, the parties hereto agree as follows:
		

			
	
			
				 1.
			Employment; Location. The Company hereby employs Executive and Executive hereby accepts such employment in the Omaha, Nebraska metro area.  

			
	
			
				 2.
			Term. Executive’s employment shall be “at-will” and may be terminated at any time, by either party, for any reason whatsoever (the “Term”).  Executive’s employment with the Company commenced  June 1, 2016 and the terms of this Agreement are effective as of December 2, 2021 (the “Effective Date”).    

			
	
			
				 3.
			Duties and Authorities. During the Term:

			
	
			
				 3.1
			Executive shall serve as the EVP – Product Marketing & Innovation of the Company and shall report to the Chief Executive Officer (“CEO”). Executive shall have responsibilities, duties and authority reasonably accorded to and expected of such positions in similar businesses in the United States, including such responsibilities and duties assigned by the Chief Executive Officer from time to time (the “Duties”).

			
	
			
				 3.2
			Executive shall diligently execute such Duties and shall devote him full time, skills and efforts to such Duties, subject to the general supervision and control of the CEO.  Executive will not engage in any other employment, occupation or consulting activity during the Term of this Agreement, without the consent of the CEO.

			
	
			
				 4.
			Compensation and Benefits. The Company shall pay Executive, and Executive accepts as full compensation for all services to be rendered to the Company, the following compensation and benefits:

			
	
			
				 4.1
			Base Salary. The Company shall pay Executive a base salary of Three Hundred Sixty Thousand Dollars ($360,000) per year.  Base salary shall be payable in equal installments twice monthly or at more frequent intervals in accordance with the Company’s customary pay schedule.  The Company shall annually consider increases of Executive’s base salary and may periodically increase such base salary in its discretion.

			
	
			
				 4.2
			Additional Compensation.  In addition to base salary, the Company shall pay the following to Executive:

			
	
			
				 (a)
			Intentionally Left Blank.

			
	
			
				 (b)
			Annual Bonus.  Executive will be entitled to participate in the Company’s short-term incentive plan (“STIP”), which currently has designated a target bonus of up to eighty percent (80%) of annual base salary, payable annually, when target objectives set by the 
		

		 

 

		

			Exhibit 10.25

		

		

			 

		

			Company’s Compensation Committee are achieved. The STIP is subject to change at the discretion of the Board of Directors.

			
	
			
				 (c)
			Long-Term Incentive Compensation.  The Compensation Committee has developed a long-term incentive program (“LTIP”) for the Company, which is subject to change at the discretion of the Board of Directors. Executive shall be eligible to participate in such LTIP at the sole discretion of the Company.

			
	
			
				 4.3
			Intentionally Left Blank.

			
	
			
				 (a)
			Intentionally Left Blank.    

			
	
			
				 4.4
			Additional Benefits.  Executive shall be permitted, during the Term, if and to the extent eligible, to participate in any group life, hospitalization or disability insurance plan, health or dental program, pension plan, similar benefit plan or other so-called “fringe benefits” of the Company made available to officers of the Company.  

			
	
			
				 4.5
			Vacation.  Executive shall be entitled to an aggregate of up to [five] weeks leave for vacation for each calendar year during the Term at full pay.  Executive agrees to give reasonable notice of his vacation scheduling requests, which shall be allowed subject to the Company’s reasonable business needs. No more than five (5) days vacation may be carried over from one year to the next year.     

			
	
			
				 4.6
			Deductions.  The Company shall have the right to deduct from the compensation due to Executive hereunder any and all sums required for social security and withholding taxes and for any other federal, state or local tax or charge which may be hereafter enacted or required by law as a charge on the compensation of Executive.

			
	
			
				 5.
			Business Expenses. Executive may incur reasonable, ordinary and necessary business expenses in the course of his performance of his obligations under this Agreement. The Company shall reimburse Executive in accordance with the Company’s business expense reimbursement policy.

			
	
			
				 6.
			Intentionally Left Blank

		 

 

		

			Exhibit 10.25

		

		

			 

		

			
	
			
				 7.
			Termination.

			
	
			
				 7.1
			Termination for Cause.  Executive’s employment hereunder shall be terminable for Cause (as defined below) upon written notice from the Company to Executive. As used in this Agreement, “Cause” shall mean one of the following: (a) a material breach by Executive of the terms of this Agreement, not cured within thirty (30) days from receipt of notice from the CEO of such breach, (b) conviction of or plea of guilty or no contest to, a felony; (c) willful misconduct or gross negligence in connection with the performance of Executive’s duties; or (d) willfully engaging in conduct that constitutes fraud, gross negligence or gross misconduct that results in material harm to the Company.  For purposes of this definition, no act, or failure to act, on Executive’s part shall be considered "willful" unless done, or omitted to be done, by Executive in knowing bad faith and without reasonable belief that his action or omission was in, or not opposed to, the best interests of the Company.  If the Company terminates Executive’s employment for Cause, Executive shall be paid his salary and benefits through the date of termination and, except as otherwise required by applicable law or under any applicable and properly approved compensation plan or arrangement, no other amounts shall be payable.  

			
	
			
				 7.2
			Termination without Cause or for Good Reason.  The Company may terminate Executive’s employment at any time for any reason (or no reason) other than Cause, as determined by the CEO and the Executive may terminate Executive’s employment with the Company for Good Reason and resign any and all positions as officer of the Company and any related companies. If the Company terminates Executive’s employment without Cause or the Executive terminates his employment for Good Reason:

			
	
			
				 (a)
			The Company shall pay within 10 business days after such termination:  (1) an amount equal to six (6) months of Executive’s full annual base salary on the date of his termination; (2) in the event a change in control of the Company (as defined in the Company’s 2019 Equity Incentive Plan) has occurred within 12 months prior to such termination, an amount equal to one year of Executive’s full annual base salary on the date of his termination, in lieu of and not in addition to the amount in section subsection (1); and

			
	
			
				 (b)
			all options and other equity awards, whether made pursuant to this agreement or otherwise, shall become fully vested and released from any restrictions on transfer upon such termination and  PSU awards shall vest at the target level. 

		
			Notwithstanding Section 7.2(b), the Company reserves the right in any future special award to override Section 7.2(b) with respect to such special award; provided however, no such override is intended by this provision with respect to annual awards. 
		

		
			As used in this Agreement, “Good Reason” shall mean any of the following if the same occurs without Executive’s express written consent:  (a) a material diminution in Executive’s base salary as described in Section 4.1, which for such purposes shall be deemed to exist with a reduction of greater than fifteen percent (15%); (b) a material diminution in Executive’s authority, Duties, or responsibilities; (c) a material diminution in the authority, duties, or responsibilities of the person to whom Executive is required to report; (d) a material change in the geographic location (defined as greater than fifty (50) miles from Omaha, NE)  at which Executive must perform the services pursuant to Section 1; (e) any material reduction or other material adverse change in Executive’s benefits under any applicable and properly approved compensation plan or arrangement without 
		

		 

 

		

			Exhibit 10.25

		

		

			 

		

		the substitution of comparable benefits; or (e) any other action or inaction that constitutes a material breach by the Company under this Agreement. To terminate for Good Reason, an Executive must incur a termination of employment on or before the second (2nd) anniversary of the initial existence of the condition.
		

		
			Executive shall be required to provide notice to the Company of the existence of any of the foregoing conditions within 60 days of the initial existence of the condition, upon the notice of which the Company shall have a period of 30 days during which it may remedy the condition.
		

			
	
			
				 7.3
			Termination by Executive Without Good Reason.  If Executive terminates without Good Reason, then Executive will be required to give the Company at least ninety (90) days notice.  If Executive terminates without Good Reason then Executive will be paid his salary and benefits through the date of termination and, except as otherwise required by applicable law, no other amounts shall be payable except as provided under any applicable and properly approved compensation plan or arrangement. 

			
	
			
				 7.4
			Effect of Termination.  In the event Executive’s employment is terminated, all obligations of the Company and all obligations of Executive shall cease except that (a) the terms of this Section 7 and of Sections 8 through 23 below shall survive such termination and (b) the Company shall continue to be obligated to fulfill its obligations pursuant to Section 4, 5 and 6 to the extent they have not been satisfied as of the date of such termination. Executive acknowledges that, upon termination of his employment, he is entitled to no other compensation, severance or other benefits other than those specifically set forth in this Agreement, except to the extent provided in any applicable compensation plan or arrangement. 

			
	
			
				 8.
			Covenant Not to Compete; Nonsolicitation.

			
	
			
				 8.1
			Acknowledgments.  Executive acknowledges that Company’s relationships with its customers, clients, employees, and other business associations are among Company’s most important assets and that developing, maintaining, and continuing such relationships is one of Company’s highest priorities.  Executive further understands Executive will be relied upon to develop and to maintain such relationships on behalf of Company throughout the course of Executive’s employment with Company. 

			
	
			
				 8.2
			Non-Solicitation of Employees.  Executive agrees that, during the term of Executive’s employment with Company and for a period of two (2) years after termination of Executive’s employment with Company (voluntary or involuntary, for Good Reason, any reason or no reason), Executive will not, directly or indirectly, recruit, solicit, or induce, or attempt to induce, any employee(s) of Company, sales representatives, or foreign agents with or through whom Company conducts business (and with whom Executive worked and had personal contact during Executive’s employment) to terminate their employment with, or otherwise cease a relationship with, Company.

			
	
			
				 8.3
			Non-Competition and Non-Solicitation of Customers. For a period of one (1) year following the termination of Executive’s employment with Company (voluntary or involuntary, for Good Reason, any reason or no reason), Executive  shall not, seek or accept employment with, call on, solicit the business of, sell to, or service (directly or indirectly, on 
		

		 

 

		

			Exhibit 10.25

		

		

			 

		

			Executive’s own behalf or in association, with or on behalf of any other individual or entity), any of the customers of Company with whom Executive did business and had personal contact during the two (2) years immediately preceding the termination of Executive’s employment with Company, except to the extent such activities are unrelated to and not competitive with the business, products or services offered or provided by Company and cannot adversely affect the relationship or volume of business that Company has with its customers.

			
	
			
				 8.4
			Reasonable Restrictions.  In signing this Agreement, Executive is fully aware of the restrictions that this Agreement places upon Executive’s future employment or contractual opportunities with someone other than Company.  However, Executive understands and agrees that Executive’s employment by Company and Executive’s access to Confidential Information (as defined below), trade secrets and goodwill of Company makes such restrictions both necessary and reasonable.  Executive acknowledges and agrees that the restrictions hereby imposed constitute reasonable protections of the legitimate business interests of Company and that they will not unduly restrict Executive’s opportunity to earn a reasonable living following Executive’s termination from employment with Company.

			
	
			
				 8.5
			Intended Third Party Beneficiaries.  Executive acknowledges and understands that some of the Confidential Information, trade secrets and/or goodwill accessible to Executive in the performance of Executive’s duties during Executive’s employment with Company may belong to and be provided by Company’s parents, subsidiaries, and/or affiliates (“Third Party Beneficiaries”).  For purposes of this Agreement, the term “affiliates” means any entity under common control or ownership with Company.  Executive expressly acknowledges and agrees that the Third Party Beneficiaries are intended third party beneficiaries of this Agreement as it pertains to Executive’s obligations under this Agreement and shall have the right to enforce this Agreement directly against Executive in their own names or jointly with Company or each other.  This Agreement, without more, is not intended to and shall not be construed as granting any Third Party Beneficiary with any ownership interest of any kind in any of Company’s Confidential Information.

		
			﻿
		

			
	
			
				 9.
			Confidential Information.  Executive acknowledges that during his employment or consultancy with the Company he will develop, discover, have access to and/or become acquainted with technical, financial, marketing, personnel and other information relating to the present or contemplated products or the conduct of business of the Company which is of a confidential and proprietary nature (“Confidential Information”). Executive agrees that all files, records, documents and the like relating to such Confidential Information, whether prepared by him or otherwise coming into his possession, shall remain the exclusive property of the Company, and Executive hereby agrees to promptly disclose such Confidential Information to the Company upon request and hereby assigns to the Company any rights which he may acquire in any Confidential Information. Executive further agrees not to disclose or use any Confidential Information and to use his best efforts to prevent the disclosure or use of any Confidential Information either during the term of his employment or consultancy or at any time thereafter, except as may be necessary in the ordinary course of performing his duties under this Agreement. Upon termination of Executive’s employment or consultancy with the Company for any reason, (a) Executive shall promptly deliver to the Company all materials, documents, data, equipment and other physical property of any nature containing or pertaining to any Confidential Information, and (b) Executive 
		

		 

 

		

			Exhibit 10.25

		

		

			 

		

			shall not take from the Company’s premises any such material or equipment or any reproduction thereof.

			
	
			
				 10.
			Inventions.

			
	
			
				 10.1
			Disclosure of Inventions.  Executive hereby agrees that if he conceives, learns, makes or first reduces to practice, either alone or jointly with others, any “Employment Inventions” (as defined in Section 10.3 below) while he is employed by the Company, either as an employee or as a consultant, he will promptly disclose such Employment Inventions to the CEO or to any other Company officer designated by the Board.

			
	
			
				 10.2
			Ownership, Assignment Assistance and Power of Attorney.  All Employment Inventions shall be the sole and exclusive property of the Company, and the Company shall have the right to use and to apply for patents, copyrights or other statutory or common law protection for such Employment Inventions in any country. Executive hereby assigns to the Company any rights which he may acquire in such Employment Inventions. Furthermore, Executive agrees to assist the Company in every proper way at the Company’s expense to obtain patents, copyrights and other statutory or common law protections for such Employment Inventions in any country and to enforce such rights from time to time. Specifically, Executive agrees to execute all documents as the Company may desire for use in applying for and in obtaining or enforcing such patents, copyrights and other statutory or common law protections together with any assignments thereof to the Company or to any person designated by the Company. Executive’s obligations under this Section 10 shall continue beyond the termination of his employment under this Agreement, but the Company shall compensate Executive at a reasonable rate after any such termination for the time which Executive actually spends at the Company’s request in rendering such assistance. In the event the Company is unable for any reason whatsoever to secure Executive’s signature (after reasonable attempts to do so) to any lawful document required to apply for or to enforce any patent, copyright or other statutory or common law protections for such Employment Inventions, Executive hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as his agents and attorneys-in-fact to act in his stead to execute such documents and to do such other lawful and necessary acts to further the issuance and prosecution of such patents, copyrights or other statutory or common law protection, such documents or such acts to have the same legal force and effect as if such documents were executed by or such acts were done by Executive.

			
	
			
				 10.3
			Employment Inventions.  The definition of “Employment Invention” as used herein is as follows: “Employment Invention” means any invention or part thereof conceived, developed, reduced to practice, or created by Executive which is: (a) conceived, developed, reduced to practice, or created by Executive: (i) within the scope of his employment; (ii) on the Company’s time; or (iii) with the aid, assistance, or use of any of the Company’s property, equipment, facilities, supplies, resources, or intellectual property; (b) the result of any work, services, or duties performed by Executive for the Company; (c) related to the industry or trade of the Company; or (d) related to the current or demonstrably anticipated business, research, or development of the Company.

			
	
			
				 10.4
			Exclusion of Prior Inventions.  Executive has identified on Exhibit A attached hereto a complete list of all inventions which Executive has conceived, learned, made or 
		

		 

 

		

			Exhibit 10.25

		

		

			 

		

			first reduced to practice, either alone or jointly with others, prior to employment with the Company and which Executive desires to exclude from the operation of this Agreement. If no inventions are listed on Exhibit A, Executive represents that he has made no such inventions at the time of signing this Agreement.

			
	
			
				 10.5
			Inventions of Third Parties.  Executive shall not disclose to the Company, use in the course of his employment, or incorporate into the Company’s products or processes any confidential or proprietary information or inventions that belong to a third party, unless the Company has received authorization from such third party and Executive has been directed by the CEO to do so.

			
	
			
				 11.
			Compliance with Section 409A of the Code.  Notwithstanding any provision in this Agreement to the contrary, this Agreement shall be interpreted, construed and conformed in accordance with Section 409A of the Code and regulations and other guidance issued thereunder. If, on the date of Executive’s separation from service (as defined in Treasury Regulation §1.409A-1(h)), Executive is a specified employee (as defined in Code Section 409A and Treasury Regulation §1.409A-1(i)), no payment shall be made under this Agreement at any time during the 6-month period following the Employee's separation from service of any amount that results in the "deferral of compensation" within the meaning of Treasury Regulation §1.409A-1(b), after application of the exemptions provided in Treasury Regulation §§1.409A-1(b)(4) and 1.409A-1(b)(9)(iii) and (v), and any amounts otherwise payable during such 6-month period shall be paid in a lump sum on the first payroll payment date following expiration of such 6-month period.

			
	
			
				 12.
			No Conflicts.  Executive hereby represents that, to the best of his knowledge, his performance of all the terms of this Agreement and his work as an employee or consultant of the Company does not breach any oral or written agreement which he has made prior to his employment with the Company.

			
	
			
				 13.
			Equitable Remedies.  Executive acknowledges and agrees that the breach or threatened breach by his of certain provisions of this Agreement, including without limitation Sections 8, 9 or 10 above, would cause irreparable harm to the Company for which damages at law would be an inadequate remedy. Accordingly, Executive hereby agrees that in any such instance the Company shall be entitled to seek injunctive or other equitable relief in addition to any other remedy to which it may be entitled.

			
	
			
				 14.
			Assignment.  This Agreement is for the unique personal services of Executive and is not assignable or delegable in whole or in part by Executive without the consent of the CEO. This Agreement may be assigned or delegated in whole or in part by the Company and, in such case, the terms of this Agreement shall inure to the benefit of, be assumed by, and be binding upon the entity to which this Agreement is assigned.

			
	
			
				 15.
			Waiver or Modification.  Any waiver, modification or amendment of any provision of this Agreement shall be effective only if in writing in a document that specifically refers to this Agreement and such document is signed by the parties hereto.

			
	
			
				 16.
			Entire Agreement.  This Agreement constitutes the full and complete understanding and agreement of the parties hereto with respect to the specific subject matter covered herein and 
		

		 

 

		

			Exhibit 10.25

		

		

			 

		

			therein and supersedes all prior oral or written understandings and agreements with respect to such specific subject matter.

			
	
			
				 17.
			Severability.  If any provision of this Agreement is found to be unenforceable by a court of competent jurisdiction, the remaining provisions shall nevertheless remain enforceable in full force and effect, and the court making such determination shall modify, among other things, the scope, duration, or geographic area of such affected provision to preserve the enforceability thereof to the maximum extent then permitted by law.

			
	
			
				 18.
			Notices.  All notices thereunder shall be in writing addressed to the respective party as set forth below and may be personally served, sent by facsimile transmission, sent by overnight courier service, or sent by United States mail, return receipt requested. Such notices shall be deemed to have been given: (a) if delivered in person, on the date of delivery; (b) if delivered by facsimile transmission, on the date of transmission if transmitted by 5:00 p.m. (local time, Omaha, Nebraska) on a business day or, if not, on the next succeeding business day; provided that a copy of such notice is also sent the same day as the facsimile transmission by any other means permitted herein; (c) if delivered by overnight courier, on the date that delivery is first attempted; or (d) if by United States mail, on the earlier of two (2) business days after depositing in the United States mail, postage prepaid and properly addressed, or the date delivery is first attempted. Notices shall be addressed as set forth as set forth on the signature page hereof, or to such other address as the party to whom such notice is intended shall have previously designated by written notice to the serving party. Notices shall be deemed effective upon receipt.

			
	
			
				 19.
			Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Nebraska, without reference to the choice of law provisions thereof.

			
	
			
				 20.
			Attorneys’ Fees.  In the event an action or proceeding is brought by any party under this Agreement to enforce or construe any of its terms, the party that prevails by enforcing this Agreement shall be entitled to recover, in addition to all other amounts and relief, its reasonable costs and attorneys’ fees incurred in connection with such action or proceeding.

			
	
			
				 21.
			Construction. Whenever the context requires, the singular shall include the plural and the plural shall include the singular, the whole shall include any part thereof, and any gender shall include all other genders. The headings in this Agreement are for convenience only and shall not limit, enlarge, or otherwise affect any of the terms of this Agreement. Unless otherwise indicated, all references in this Agreement to sections refer to the corresponding sections of this Agreement. This Agreement shall be construed as though all parties had drafted it.

			
	
			
				 22.
			Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same agreement. Counterparts and signatures transmitted by facsimile shall be valid, effective and enforceable as originals.

			
	
			
				 23.
			Indemnification.  In the event that Executive is made a party or threatened to be made a party to any action, suit, or proceeding, whether civil, criminal, administrative, or investigative (a "Proceeding"), other than any Proceeding initiated by Executive or the Company related to any contest or dispute between Executive and the Company or any of its affiliates with 
		

		 

 

		

			Exhibit 10.25

		

		

			 

		

			respect to this Agreement or Executive’s employment hereunder, by reason of the fact that Executive is or was a director or officer of the Company, or any affiliate of the Company, or is or was serving at the request of the Company as a director, officer, member, employee, or agent of another corporation or a partnership, joint venture, trust, or other enterprise, Executive shall be indemnified and held harmless by the Company to the fullest extent applicable to any other officer or director of the Company/to the maximum extent permitted under applicable law and the Company's bylaws from and against any liabilities, costs, claims, and expenses, including all costs and expenses incurred in defense of any Proceeding (including attorneys' fees). Costs and expenses incurred by Executive in defense of such Proceeding (including attorneys' fees) shall be paid by the Company in advance of the final disposition of such litigation upon receipt by the Company of: (i) a written request for payment; (ii) appropriate documentation evidencing the incurrence, amount, and nature of the costs and expenses for which payment is being sought; and (iii) an undertaking adequate under applicable law made by or on behalf of Executive to repay the amounts so paid if it shall ultimately be determined that Executive is not entitled to be indemnified by the Company under this Agreement.  During the Term of this Agreement and while potential liability exists after the Employment Term, as determined by the Company in its sole reasonable discretion but in no event for a period of not less than six (6) years thereafter, the Company or any successor to the Company shall purchase and maintain, at its own expense, directors' and officers' liability insurance providing coverage to Executive on terms that are no less favorable than the coverage provided to other directors and similarly situated executives of the Company.

		
			IN WITNESS WHEREOF, Executive has signed this Agreement personally and the Company has caused this Agreement to be executed by its duly authorized representative.
		

		
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			GREEN PLAINS INC. 
		

		
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			By: /s/ Todd Becker
		

		
			Name:  Todd Becker
		

		
			Title: Chief Executive Officer
		

		
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			Address:
		

		
			Green Plains Inc.
		

		
			1811 Aksarben Dr.
		

		
			Omaha NE 68106
		

		
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			Exhibit 10.25

		

		

			 

		

		Executive
		

		
			﻿
		

		
			/s/ Leslie van der Meulen
		

		
			Leslie van der Meulen, individually
		

		
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			Address:
		

		
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			______________
		

		
			______________
		

		
			 
		

		

		

		 

 

		

			Exhibit 10.25

		

		

			 

		

		EXHIBIT A
		

		
			EXCLUDED INVENTIONS
		

		
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