Document:

exv10w11

 

Exhibit 10.11

December 28, 2006

Western Dubuque Biodiesel

Re: Agreement to Invest

Dear Madam or Sir:

     Renewable Energy Group, Inc. (“REG”) hereby indicates its agreement to invest $2,500,000 in
Western Dubuque Biodiesel, LLC (“Company”) upon the terms as set out in this writing. REG has
reviewed the representations necessary for purposes of the investment, and sets out the following:

REG is aware that the units issued to REG by the Company (“Units”) will not be registered
with any federal or state securities commission, and that the transfer of Units to REG
must therefore fall within an exemption from both federal and state securities laws. To
that end, REG acknowledges that:

REG is an accredited investor as defined in Regulation D under the
Securities Act of 1933;
REG’s principal place of business is in the State of Iowa; and
REG is accepting such Units in lieu of cash payment for the purpose of investment and
not for resale.

REG further acknowledges and agrees that it shall be subject to and comply with all terms
and conditions of the Operating Agreement of the Company, as amended from time to time (the
“Operating Agreement”), in all respects, that it shall be bound by all of the provisions of
said Operating Agreement and at the time of issuance of the Units, REG will execute a Member
Signature Page to the Operating Agreement.

REG understands that the Units are likely “restricted securities” as defined by Rule 144
of the Securities Act of 1933 and consequently, there may be substantial
restrictions on the transfer of the Units. At a minimum, the Units will likely be subject
to a nine month holding period pursuant to the safe harbor of Rule 147. To effectuate a
transfer of its
units REG understands it will be required to comply with the transfer provisions of the
Operating Agreement, which will require REG to complete a unit transfer application and may
require an opinion of counsel that the transfer complies with all applicable state and
federal securities laws.

     The undersigned is empowered and duly authorized by REG to subscribe for units in the Company
in a value equal to $2,500,000. REG’s investment of $2,500,000 in the Company shall

 

 

be due and payable as the final payments from the Company are made to REG relating to the
construction agreement on the biodiesel facility to he built by REG for the benefit of Western
Dubuque Biodiesel, LLC. Such investment shall be applied as a credit against REG’s final invoices
to the Company,

     Should you require further verification of our agreement to invest, please feel free to
contact the undersigned.

	 	 	 	 	 
	 	RENEWABLE ENERGY GROUP, INC.

 	 
	 	By	 	        /s/ Jeffrey Stroburg
 	 
	 	 	CEO, Renewable Energy Group, Inc. 	 
	 	 	 
	 

ACCEPTANCE OF AGREEMENT TO INVEST

     The undersigned, in behalf of Western Dubuque Biodiesel, LLC, acknowledges the foregoing
terms, and hereby accepts and agrees to the terms of investment by REG in the Company as set out
above.

	 	 	 	 	 
	 	Western Dubuque Biodiesel, LLC

 	 
	 	By	 	       /s/ William G. Schueller, Chairman
 	 
	 	(Title)exv10w12

 

Exhibit 10.12

VAAPFAP Funding Agreement Exhibit A2- Loan Promissory Note

PROMISSORY NOTE

               FOR VALUE RECEIVED, the undersigned promises to pay to the order of the IOWA DEPARTMENT OF
ECONOMIC DEVELOPMENT, at its office at 200 East Grand, Des Moines, Iowa 50309, the sum of THREE
HUNDRED THOUSAND DOLLARS ($300,000) with interest thereon at ZERO PERCENT (0%) to be paid as
follows:

     60 monthly payments of $5,000.00 beginning on the-first day of the fourth month from
the date Award funds are disbursed August l,_2007. Final payment may vary depending upon
dates payments are received.

Interest shall first be deducted from the payment and any balance shall be applied on
principal.

Upon default in payment of any interest, or any installment of principal, the whole amount
then unpaid shall become immediately due and payable at the option of the holder.

The undersigned, in case of suit on this note, agrees to pay on demand all costs of collection,
maintenance of collateral, legal expenses, and attorneys’ fees incurred or paid by the holder in
collecting and/or enforcing this Note on default.

This note shall be secured by the Security specified in the Contract.

Makers, endorsers and sureties waive demand of payment, notice of non-payment, protest and
notice. Sureties, endorsers and guarantors agree to all of the provisions of this note, and
consent that the time or times of payment of all or any part hereof may be extended after
maturity, from time to time, without notice.

	 	 	 	 	 
	 	Western Iowa Dubuque Biodiesel, LLC

 	 
	 	By	 	  /s/ William G. Schueller
 	 
	 	 	 	   William Schueller, Chairman 	 
	 	 	 
	 

	 	 	 	 	 
	 

	 	Address:
	 	PO Box 82
	 

	 	 	 	Farley, IA 52046
	 
	 	 	 	 
	 	 	Date: 3/30/07

 

 

VAAPFAP Funding Agreement Exhibit Al- Forgivable Loan Promissory Note

PROMISSORY NOTE

FOR VALUE RECEIVED, the undersigned promises, in the event this Forgivable Loan is not forgiven, to
pay to the order of the IOWA DEPARTMENT OF ECONOMIC DEVELOPMENT, at its office at 200 East Grand,
Des Moines, Iowa 50309, the sum of ONE HUNDRED THOUSAND DOLLARS ($100,000) with interest at a rate
of 0% unless an Event of Default occurs, in which case interest shall be at the default rate set
forth in Contract number P0605M00970 (“Contract”). The terms and conditions by which forgiveness of
this Loan may occur are as specified in the Contract.

Interest shall first be deducted from the payment and any balance shall be applied on principal.
Upon default in payment of any interest, or any installment of principal, the whole amount then
unpaid shall become immediately due and payable at the option of the holder.

The undersigned, in case of suit on this note, agrees to pay on demand all costs of collection,
maintenance of collateral, legal expenses, and attorneys’ fees incurred or paid by the holder in
collecting and/or enforcing this Note on default.

This note shall be secured by the Security specified in the Contract.

Makers, endorsers and sureties waive demand of payment, notice of non-payment, protest and notice.
Sureties, endorsers and guarantors agree to all of the provisions of this note, and consent that
the time or times of payment of all or any part hereof may be extended after maturity, from time to
time, without notice.

	 	 	 	 	 
	 	Western Iowa Dubuque Biodiesel, LLC

 	 
	 	By	 	  /s/ William G. Schueller
 	 
	 	 	 	   William Schueller, Chairman 	 
	 	 	 
	 

	 	 	 	 	 
	 

	 	Address:
	 	PO Box 82
	 

	 	 	 	Farley, IA 52046
	 
	 	 	 	 
	 	 	Date: 3/30/07

 

 

Page 1 of 1

Amendment No. 1

Contract No. 06-VAPIVEGF-030

AMENDMENT

	 	 	 	 	 
	 

	 	PROGRAM:
	 	VAAPFAP
	 

	 	CONTRACT NUMBER:
	 	06-VAPIVFGF-03 0
	 	 	AMENDMENT NUMBER: 1
	 

	 	EFFECTIVE DATE:
	 	February 22, 2007

THIS AMENDMENT is made by and between the IOWA DEPARTMENT OF ECONOMIC DEVELOPMENT,
(hereafter “Department” or “IDED”), 200 East Grand Avenue, Des Moines, Iowa 50309 , an
agency of the State of Iowa and Western Dubuque Biodiesel, LLC (hereafter “Contractor”),
PO Box 82, 301 First Street NE, Farley, IA 52046

     Contractor, by correspondence dated February 22, 2007 requested that the contract be
amended to change the loan payment start date. Western Dubuque Biodiesel, LLC has
requested that Loan Payment Start Date be amended to coincide with the completion of
project construction and the start of production at the facility. Contract Number
(06-VAPIVEGF-030) is hereby modified as follows:

	 	1.	 	REVISION OF LOAN AMORTIZATION 06-VAPIVGF-030. ”Loan Payment Start
Date” is amended by changing the Loan Payment Start Date from January 1, 2007 to
August 1, 2007.
	 
	 	2.	 	REVISION OF VAAPFAP FUNDING AGREEMENT EXHIBIT A2- LOAN PROMISSORY
NOTE. Paragraph two of the Loan Promissory Note is amended as follows: 60
monthly payments of $5,000.00 beginning on to first day of the fourth month from
the date Award funds are disbursed August 1, 2007. Final payment may vary
depending upon dates payments are received.

     Except as otherwise revised above, the terms, provisions, and conditions of
Contract Number 06-VAPIVFGF-030 remain unchanged and are in full force and effect:

	 	 	 	 	 	 	 
	FOR CONTRACTOR:

	 	 	 	FOR IDED:
	 	 
	 
	 	 	 	 	 	 
	/s/ William G. Schueller
	 	 	 	/s/ Michael Tramontina	 	 
	 

	 	 	 	 	 	 
	William Schueller, Chairman

	 	 	 	Michael Tramontina, Interim Director	 	 
	 
	 	 	 	 	 	 
	3/30/07
	 	 	 	4/09/07 	 	 
	 

	 	 	 	 	 	 
	Date

	 	 	 	Dateexv10w13

 

Exhibit 10.13

FIRST AMENDMENT TO MEMBERSHIP UNIT OPTION AGREEMENT

     THIS AGREEMENT made March 29, 2007, between Western Dubuque Biodiesel, LLC, an Iowa limited
liability company (hereinafter called “WDB” or “the Company”), and the Directors of the Company
(hereinafter “the Directors”).

     WHEREAS, WDB and the Directors executed a certain Membership Unit Option Agreement
(hereinafter “the Option Agreement”) dated March 22, 2006; and

     WHEREAS, the Option Agreement states that it may be amended by a written instrument executed
by the parties to the Option Agreement; and

     WHEREAS, WDB and the Directors now desire to amend the Option Agreement to extend the time in
which Directors are allowed to exercise options granted under the Option Agreement;

     WHEREAS, WDB and the Directors desire to memorialize with a written record their decision to
authorize this First Amendment to the Membership Unit Option Agreement to reflect the decision of
the Board at the November 28, 2006 meeting; and

     WHEREAS, the First Amendment to Membership Unit Option Agreement granted hereunder is granted
pursuant to the terms of the Meeting Minutes of WDB’s Board dated November 28, 2007.

     NOW, THEREFORE, the parties agree as follows:

     TIME FOR EXERCISE OF OPTION. The Directors may exercise their options following
debt closing and execution of definitive loan documents by the company with lenders necessary to
capitalize the project as set forth in the Company’s prospectus filed with the Iowa Securities
Bureau in connection with its state registration statement and before funds are drawn on the loan.
“Debt closing” shall mean the Company has completed everything necessary to execute and the Company
has executed, definitive loan documents with the lender necessary to capitalize the project as set
forth in the Company’s prospectus. The Directors shall have until the date of the first loan draw
with Marshall Bank First to exercise their option provided herein. After the date of the first
draw on the Marshall Bank First loan, the option will expire.

     IN WITNESS WHEREOF, the parties have caused this agreement to be executed in duplicate on the
date first above written.

 

 

	 	 	 	 	 	 	 	 	 
	WESTERN DUBUQUE BIODIESEL, LLC	 	 	 	DIRECTORS	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ William G. Schueller
	 	 	 	/s/ Craig Breitbach
	 	 
	 

	 	 
	 	 	 	 	 	 
	 

	 	William G. Schueller,
	 	 	 	Craig Breitbach	 	 
	 

	 	Its: Chairman	 	 	 	 	 	 
	 

	 	 	 	 	 	/s/ Warren L. Bush	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Warren L. Bush	 	 
	The Company	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	/s/ George A. Davis	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	George Davis	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	/s/ William J. Horan	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	William J. Horan	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	/s/ Joyce Jarding	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Joyce Jarding	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	/s/ Bruce Klostermann	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Bruce Klostermann	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	/s/ Alan Manternach	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Alan Manternach	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	/s/ Denny Mauser	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Denny Mauser	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	/s/ Mark Muench	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Mark Muench	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	/s/ David P. O’Brien	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	David P. O’Brien	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	/s/ William G. Schueller	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	William G. Schueller	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	/s/ Tom Schroeder	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Tom Schroeder	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	/s/ Jack Friedman	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Jack Friedman

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