Document:

Letter of intent amoung Liberty Renewable Fuels LLC and Auburn Bean and Grain Co

 Exhibit 10.6 
 LETTER OF INTENT 
 This Letter of Intent reflects the agreement of Liberty Renewable Fuels LLC, a
Delaware limited liability company (“Liberty” or the “Buyer”) to acquire from all shareholders (collectively the “Seller”) of Auburn Bean and Grain Co., a Michigan corporation
(“ABGCO”) all of the capital stock (the “Purchased Shares”) of ABGCO, which is in the business of buying, receiving, storing and selling grain and in the business of selling seed, agri-chemicals, fertilizer and the
custom application thereof and to further acquire from the KMA Group, L.L.C., a Michigan limited liability company (“KMA”) those parcels of real estate hereinafter more particularly identified. It also reflects the agreement of the Seller
to sell the Purchased Shares and KMA to sell the Transferred real estate to Buyer as herein contemplated. The Acquisition by Liberty of the Purchased Shares (the “Acquisition”), when complete, will result in ABGCO becoming a wholly owned
subsidiary of the Buyer. 
 In connection with this Letter of Intent, the following are the points of understanding: 
  

	1.	Purchased Shares. Buyer shall purchase from Seller and Seller shall sell to Buyer all of the Purchased Shares, all of which are owned by Seller, free and clear of any liens
or encumbrances. KMA shall transfer to Buyer the parcels of real estate identified herein (the “Transferred real estate”). 

  

	2.	Purchase Price. The purchase price for all of the Purchased Shares shall be Fourteen million and Two hundred Twenty-Five thousand dollars ($14,225,000) less the indebtedness
ABGCO owes to Metropolitan Life at the time of Closing, which debt is to be paid at closing as hereafter set forth and 1,000 units of Class A membership interest in Buyer and the purchase price for the Transferred real estate to be purchased
from KMA shall be Three Million Seven Hundred Thousand dollars ($3,700,000), (the “Units,” and together with the cash portion of the purchase price, the “Purchase Price”). Seller understands that Buyer has not had
the opportunity to conduct due diligence of ABGCO, and therefore this Purchase Price is subject to good faith negotiation upon Buyer’s completion of such due diligence. Notwithstanding the fact that Buyer is buying the shares of stock of ABGCO,
the Purchase Price is also dependent on ABGCO owning, free and clear any liens, all of the assets used in its business, excepting those obligations incurred in the normal operations of its business (which includes the existing operating line of
credit in place as of the date hereof), and that the transferred real estate to be purchased from KMA will be free from all liens and encumbrances. It is understood that the transferred real estate and facilities used or owned by ABGCO and to be
purchased from KMA include: 

  

	 	a.	The parcel of land and grain processing, grain storage (approximately 700,000 bushels capacity) and equipment located in the City of Saginaw, Michigan and commonly known as 105 Lyon
Street, Saginaw, Michigan, but excluding therefrom the feed warehouse and bean processing portions towards the south end of the property (survey required, common wall to be established.) 

  

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	 	b.	The parcel of land and grain processing, grain storage (approximately 1,000,000 bushels capacity), and equipment located in the City of Auburn, Michigan, including the new grain
storage (approximately 1,500,000 bushels capacity) structures being built in the adjacent township, and commonly known as 504 North Auburn Road, Auburn, Michigan, but excluding therefrom the navy bean processing plant and associated bin(s) at the
east end of the property along the railroad tracks (“Navy Bean Plant”) but including the current ABGCO administrative office located at 315 N Auburn Road, (survey required) (“Administrative Building”). 

 

	 	c.	The parcel of land and agronomy facilities and equipment located at 4640 Seven Mile Road., Monitor Township, Bay County, Bay City, Michigan. 

  

	 	d.	As hereinafter provided, the parcel of land and grain processing, grain storage (approximately 4,900,000 bushels capacity), agronomy facilities and equipment located in Richland
Township, Saginaw County, Michigan, and commonly known as 485 South Hemlock, Hemlock, Michigan. 

  

	 	e.	The parcel of land and grain facilities located two blocks to the west of the 485 South Hemlock Road facility on 480 Pine Street, Richland Township, Saginaw County, Hemlock,
Michigan. 

  

	 	f.	Warehousing located directly south of the building at 504 Pine. 

  

	 	g.	The parcel of land and grain processing, grain storage (approximately 2,305,000 bushels capacity), agronomy facilities and equipment located in the Village of Oakley, Michigan, and
commonly known as 310 West Third, Oakley, Michigan. 

  

	 	h.	The parcel of land and grain processing, grain storage (approximately 2,200,000 bushels capacity) and equipment located in Brady Township, Saginaw County, Michigan and commonly
known as 18413 Oakley Rd, Oakley, Michigan. 

  

	3.	Purchase Agreement. By the later of completion of due diligence or within forty-five (45) days of Buyer’s execution and delivery of this Letter of Intent but in all
events as soon as possible, Buyer will, at Buyer’s expense, deliver to Seller an initial draft of the purchase agreement and appropriate exhibits thereto, which agreement will include, among other items, customary representations, warranties
and indemnities of the parties. The Parties hereto will use their best efforts to negotiate and execute the Purchase Agreement as quickly as possible. Without limiting any other provision hereof, the Purchase Agreement shall contain a right of first
refusal for the Buyer with respect to the Navy Bean Plant should it ever be sold or leased (but only certain types of leases, as shall be mutually agreed). 

  

	4.	Closing. The closing shall on or before July 1, 2007, subject to one extension of up to 120 days therefrom, if reasonably necessary for Buyer to achieve financial
closing of the necessary financing. 

  

	5.	 Upon signing of the Letter of Intent Buyer shall deliver to KMA a nonrefundable deposit of one percent (1%) of the Purchase Price for its property, the same to
be 

  

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retained by KMA if no Purchase Agreement is signed or applied to the Purchase Price if a Purchase Agreement is signed and the terms therein fulfilled.

  

	6.	Other Matters to Occur at Closing. At the Closing, the following shall occur, in addition to those things set forth as Closing items in the Purchase Agreement:
(i) Buyer will immediately upon transfer to it of the Purchased Shares cause ABGCO to forthwith pay the ABGCO’s indebtedness to Metropolitan Life Insurance Company together with any prepayment penalty required by Metropolitan and
the balance of the Purchase Price as herein contemplated. (ii) KMA will also deliver a standard deed for the conveyance of its transferred real estate. Buyer will, upon receipt of the deed(s) deliver to KMA its portion of the Purchase Price for
its transferred real estate. Buyer will also receive credit for the one percent (1%) deposit. (iii) Buyer will sign a lease (which will not permit subleasing or assignment) with the entity or entities designated by ABGCO for a 15 year
lease of the Administrative Building, at a rental rate of $1.00 per year (such lessee to bear the real estate taxes, insurance and maintenance on such building at its expense). The Closing shall take place on July 1, 2007, and is contingent,
among other things, upon Buyer’s (i) completion of its due diligence to its satisfaction, (ii) execution of a Purchase Agreement, and (iii) securing financing commitments to fund Acquisition. 

  

	7.	Grain Origination. As a separate agreement between Liberty and ABGCO, a grain origination agreement will apply to all corn delivered after July 1, 2008, and will
continue for a period of five (5) years thereafter. The terms of this agreement will be deemed effective upon any sale and closing of the shares identified as “Purchased Shares” to any person, which takes place within 12 months from
the date hereof. If no such sale of the Purchased Shares occurs within such 12 month period, then this agreement shall be null and void. 

  

	 	a.	ABGCO will (i) sell to Liberty all the corn ABGCO originates and (ii) receive a fixed handling and storage fee that Liberty will pay to ABGCO, to be 16 cents per bushel
handling fee or 2.5 cents per bushel per month storage fee. ABGCO will sell corn to Liberty at the same price ABGCO purchased corn from growers. Liberty will be responsible for setting market prices paid by ABGCO to the growers.

  

	 	b.	50% of the handling fee payment (.16 per bushel) will be received at the time the grain is received at an ABGCO facility. The remainder of the handling fee will be paid upon
shipment of corn. 

  

	 	c.	The storage fee will be paid on a monthly basis with ABGCO to invoice LIberty on the last day of the month and Liberty to pay ABGCO within five business days. The storage fee will
be accrued on a daily basis. 

  

	 	d.	ABGCO will be responsible for payment to customers for grain purchases and will invoice Liberty on a weekly basis for all such purchases. Liberty will pay ABCO the invoiced amount
within five business days for all invoiced purchases. 

  

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	 	e.	All other business practices associated with ABGCO concerning drying, conditioning, overages/shortages, and other grain issues will be accounted for in a manner consistent with
ABGCO’s past business practices. 

  

	 	f.	No other term in this Agreement to the contrary withstanding, the provisions of this section as regards grain origination, shall be deemed binding on Liberty and ABGCO.

  

	8.	Additional Facilities; Purchase Price Adjustment. Should ABGCO construct or acquire any additional corn processing-storage facilities prior to the Closing, Buyer will
purchase the same from the Seller at its actual cost in addition to the Purchase Price, less all debt incurred in connection with such acquisition, and the said additional facilities shall be added to and become part of the Acquisition.

  

	9.	Due Diligence. Following the execution of this Letter of Intent, Seller will (and will cause its representatives, officers, employees, consultants and advisors, including
accountants and legal advisors), provide Buyer and its representatives, officers, employees, consultants and advisors, including accountants and legal advisors, full and free access at all reasonable time and upon reasonable notice to the books,
records facilities and other assets of ABGCO, as well as ABGCO’s and officers, directors, employees, consultants and advisors, for meetings and discussions that Buyer reasonably considers necessary or appropriate in connection with its due
diligence inquiry with respect to the purchase of the Purchased Shares. A third party not affiliated with either Buyer or Seller or ABGCO, but familiar and well versed with the operation of grain elevators, will be appointed by Buyer, upon
acceptance by Seller, to coordinate and complete the due diligence required herein. As soon as practicable following execution of this Letter of Intent, ABGCO will provide to Buyer the information listed on Exhibit A attached hereto.
Seller acknowledges that Buyer will be pursuing bank financing for the cash portion of the Purchase Price and that this due diligence, including financial information, is necessary for Buyer to provide to financial institutions to secure financial
commitments for the cash portion. 

  

	10.	Employment Contracts. After the Closing, Buyer intends to operate ABGCO under the same management. Therefore, at the Closing Buyer shall enter into employment agreements with
each of the current employees of ABGCO that are interested in continuing to work for ABGCO. It is Buyer’s expectation that all of the employees whose continued services are deemed material to the on going success of the business of ABGCO will
sign such agreements which shall also contain mutually agreeable covenants not to compete. Such employment agreements shall be for a period of 3 years and shall include salaries and benefits (including continuation of normal bonuses based on
year-end results) at least equivalent to those being received by such employees on October 25, 2006, including reasonable cost of living increases. Such employment agreements shall also state that the employees shall report to those in the
position of management at the facilities where the employee works, who in turn will report to the Board of Liberty. Sellers shall enter into acceptable covenants not to compete. 

  

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	11.	Company Name. Buyer will receive ownership and rights to use and conduct business under the name “Auburn Bean & Grain Co.” 

  

	12.	Right of First Refusal. Should Buyer desire to sell ABGCO at anytime prior to the fifth anniversary of the Closing, Seller shall have first right of refusal to match any bona
fide offer for purchase of the same. This Right of First Refusal shall only apply to a sale of ABGCO on a stand alone basis and shall not apply to any sale of Buyer as a whole or any sale of ABGCO in connection with the sale of any other assets of
Buyer. 

  

	13.	Conduct of Business Pending Closing. During the period from the date of this Letter of Intent and continuing until the earlier of the termination of this Letter of Intent or
the Closing, Seller will cause ABGCO to, carry on their respective businesses in the usual and ordinary course in substantially the same manner as heretofore conducted (including fulfillment of all existing contracts or obligations), with ABGCO to
retain any profits earned during this time (this concept subject to further refinement in the negotiation of the Purchase Agreement), pay its debts and taxes when due, pay or perform other obligations when due, and use its commercially reasonable
efforts consistent with past practice and policies to preserve intact their respective present business organizations, keep available the services of their respective present officers and key employees and preserve their respective relationships
with customers, suppliers, distributors, licensors, licensees, and others having business dealings with it. During the period prior to Closing, all decisions outside the normal course of business made by ABGCO shall be made with notice to the Buyer.
Seller and ABGCO shall promptly notify Buyer of any materially negative event involving or adversely affecting either ABGCO or KMA or their respective businesses. ABGCO and KMA will continue to maintain adequate casualty, property and liability
insurance coverage with insurers which have an A.M. Best rating of A- or better and/or an equivalent rating from a recognized insurance company rating agency, to insure all the assets, facilities and equipment of ABGCO and maintain liability
insurance coverage in at least the following amounts: 

  

	 	a.	Employer’s Liability coverage with a minimum limit of $500,000 for bodily injury by accident or disease. 

  

	 	b.	Commercial General Liability coverage (including products and completed operations, broad from contractual, personal injury liability and broad form property damage) with minimum
limits of one million dollars ($1,000,000) per occurrence for bodily injury/property damage and one million dollars ($1,000,000) for personal injury and products/completed operations. 

  

	 	c.	Excess or Umbrella Liability coverage with a minimum limit of two million dollars ($2,000,000) in excess of the coverage as set forth in items (a) and (b) above.

 ABGCO will continue to carry applicable Stock Insurance from the First Closing to the Third Closing showing Buyer as a Party
of Interest on Seller’s insurance certificate. 
  

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	13.	Announcements. All press releases and public announcements relating to the transactions contemplated by this Letter of Intent will be agreed to and prepared jointly by the
parties. Seller hereby provides permission to Buyer to include this letter intent in Buyer’s Form SB-2 filing to the Security and Exchange Commission as part of the Buyer’s planned public offering to raise equity for Buyer’s proposed
ethanol plant in Gratiot County, Michigan, and in connection with Buyer’s private offering which is currently ongoing. 

  

	14.	Exclusivity. In consideration of the mutual covenants and agreements contained herein, Seller will not directly or indirectly, solicit, discuss, accept, approve, initiate,
respond to or encourage any inquiries or proposals relating to, or participate or engage in any negotiations with respect to the sale of the Purchased Shares of Sellers and the Transferred real estate to be sold by KMA for a period of one hundred
twenty (120) days after execution hereof by Buyer, unless it is necessary to facilitate Acquisition in accordance with this Letter of Intent or in accordance with existing contracts or obligations. This Section shall be binding upon the Parties
and inure to the benefit of their respective successors and assigns. 

  

	15.	Brokers. Each party represents and warrants to the other that there are no brokers or finders entitled to any compensation with respect to the transactions contemplated
hereby. 

  

	16.	Expenses. Each party shall be responsible for its own expenses incurred in connection with reaching agreement herein. Exception to this will be an equal sharing of all costs
and expenses for any required/wanted survey of the real estate. 

  

	17.	Buyer Committee. Buyer will appoint, at is sole discretion, a limited number of its board of managers to serve on an ABGCO Acquisition Committee to facilitate effective
communication and execution of a purchase agreement with ABGCO. 

  

	18.	Confidentiality. The parties agree that disclosure of the proprietary information of the other party hereto shall be governed by the terms of the Mutual Nondisclosure
Agreement attached hereto as Exhibit B, which each party has executed concurrently with their execution of this Letter of Intent. 

 While it is understood that this Letter of Intent, if accepted, does not constitute a binding agreement between the parties (except as set forth hereafter), it does set forth the understanding, principals and present
intentions of Buyer and Seller regarding the sale of the Purchased Shares by Seller to Buyer upon the terms and conditions set forth above. Buyer and Seller will each use their best good faith efforts to close the Acquisition on the terms set forth
in this Letter of Intent. The foregoing notwithstanding paragraph 14 hereof is binding. 
 If the above and foregoing correctly sets forth
your understanding and agreements, please so indicate by signing below and by returning one fully executed original or counterpart of this letter to the undersigned at 3508 E. M-21, Corunna, Michigan 48817. 
  

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 IN WITNESS WHEREOF, each of the parties to this Letter of
Intent has executed and delivered this Letter of Intent, or caused this Letter of Intent to be executed and delivered by its duly authorized representative, as of the date written below. 
  

			
	LIBERTY RENEWABLE FUELS LLC
		
	By:	 	 /s/ David Skjaerlund

	Its:	 	President
	Date:	 	1—27-06

 Accepted and agreed to this 27 day of October, 2006. 
  

			
	AUBURN BEAN & GRAIN CO.
		
	By:	 	 /s/ Clifford A. Vennix

		 	Clifford A. Vennix
	Its	 	President
	
	THE KMA GROUP, L.L.C.
		
	By:	 	 /s/ Clifford A. Vennix

		 	Clifford A. Vennix
	Its	 	Operating Manager

  

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 EXHIBIT A 
 DUE DILIGENCE INFORMATION 
 (1) Financial Statements. Copies of all available annual,
quarterly, or other financial statements for the past 3 years. 
 (2) Equipment and Machinery. A list and general description of all
material items of equipment and machinery which are used in the business. Please include in this some statements about the property’s condition and state of repair. 
 (3) Real Property. A list and general description of all real estate, including legal descriptions, and improvements thereon which are used in the business. Please include in this some statements about the
property’s condition and state of repair. 
 (4) Other property. An accurate list and description of all items of property, real
or personal, that have a value equal to or greater than $5,000 or that is materially significant to the operations. 
 (5) Liens. A
list of all mortgages, liens, easements, restrictive covenants or conditions, security interests, or other limitations, claims, or encumbrances in or on any material assets. 
 (6) Leases and Contracts. A list and copies, of each material lease (whether of real or personal property) and each material contract (not
restricted by any Confidentiality Agreement), promissory note, mortgage, license, or other agreement, as amended, to which ABGCO is a party. 
 (7) Loan Agreements. A copy of any loan agreement and other documents with respect to obligations for the repayment of borrowed money, 
 (8) Consents Required, Etc. A list of all agreements wherein consent to the contemplated transaction is required to avoid a default thereunder or where notice of such transaction is required at or subsequent to
any closing, or which contain any “rights of refusal,” or other rights triggered by a transaction. 
 (9) Articles and
Bylaws. Copies of the Articles of Incorporation and Bylaws of the Company and any subsidiaries, together with all amendments thereto. 
 (10) Shareholders. A list of all persons or entities holding capital stock of the Company to be acquired or holding any rights to subscribe for, acquire, or receive shares of the capital stock of the Company and any subsidiary
(whether warrants, calls, options, or conversion rights). This includes any person to whom shares or equity has been promised. Seller shall also include a listing of the shareholders selling shares, and their respective number of shares, in each of
the three closings and distribution of the Purchase Price. 
  

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 (11) Officers, Directors, and Key Employees. A list of all officers, directors, and key employees
of the Company and any subsidiary. 
 (12) Salary Schedule. A list of the names of and current salary rates and benefit packages,
including a list of all retirement or pension commitments by ABGCO, for each present employee of the Company and any subsidiary, who received $20,000 or more in aggregate compensation from the Company, whether in salary, bonus, or otherwise, during
the most recently ended fiscal year, or who is presently scheduled to receive, from the Company and any subsidiary, salary in excess of $20,000 during the current year. 
 (13) Litigation. A list and description of civil, criminal, administrative, arbitration, or other such proceedings or investigations (including, without limitation, unfair labor practice matters, labor
organization activities, environmental matters, and civil rights violations), pending or threatened, regarding the Company to be acquired or any subsidiary. 
 (14) Tax Returns. Copies of all United States federal and state tax returns for the Company for the last three fiscal years of the Company. 
 (15) Patents, Trademarks, and Service Marks. A list of all patents, patent applications, copyrights, inventions, licenses, trademarks, trademark
registrations (and applications therefor), service marks (and applications therefor), and trade names or other like matters that, as of the latest practicable date, are owned by the Company and any subsidiary or used in connection with the business
of the Company. 
 (16) Insurance Policies. A copy of all insurance policies owned by the Company, including without limitation
casualty, property, liability, life or health. 
 (17) Historical Volumes. A list of business volumes for the last three years,
including purchase of grain, sales of grain, purchase of agricultural supplies, sales of agricultural supplies, custom application and any other significant business transactions. 
  

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 EXHIBIT B 
 MUTUAL NONDISCLOSURE AGREEMENT 
 Each undersigned party (the “Receiving Party”)
understands that the other party (the “Disclosing Party”) has disclosed or may disclose information relating to the potential merger of the two parties or to the Disclosing Party’s business (including, without limitation,
financial and business information, computer programs, technical drawings, algorithms, know-how, formulas, processes, ideas, inventions (whether patentable or not), schematics and other technical, financial, business, customer and product
development plans, forecasts, strategies and information), which to the extent previously, presently or subsequently disclosed to the Receiving Party is hereinafter referred to as “Proprietary Information” of the Disclosing Party.

 In consideration of the parties’ discussions and any access of the Receiving Party to Proprietary Information of the Disclosing
Party, the Receiving Party hereby agrees as follows: 
 (1) The Receiving Party agrees (i) to hold the Disclosing Party’s
Proprietary Information in confidence and to take reasonable precautions to protect such Proprietary Information (including, without limitation, all precautions the Receiving Party employs with respect to its own confidential materials),
(ii) not to divulge any such Proprietary Information or any information derived therefrom to any third person, (iii) not to make any use whatsoever at any time of such Proprietary Information except to evaluate internally its relationship
with the Disclosing Party, (iv) not to copy or reverse engineer any such Proprietary Information and (v) not to export or reexport (within the meaning of U.S. or other export control laws or regulations) any such Proprietary Information or
product thereof. Without granting any right or license, the Disclosing Party agrees that the foregoing shall not apply with respect to any information after five years following the disclosure thereof or any information that the Receiving Party can
document (i) is or becomes (through no improper action or inaction by the Receiving Party or any affiliate, agent, consultant or employee of the Receiving Party) generally available to the public, or (ii) was in its possession or known by
it without restriction prior to receipt from the Disclosing Party, or (iii) was rightfully disclosed to it by a third party without restriction, or (iv) was independently developed without use of any Proprietary Information of the
Disclosing Party by employees of the Receiving Party who have had no access to any such Proprietary Information. The Receiving Party may make disclosures required by law or court order provided the Receiving Party uses diligent reasonable efforts to
limit disclosure and to obtain confidential treatment or a protective order and allows the Disclosing Party to participate in the proceeding. 
 (2) Immediately upon a request by the Disclosing Party at any time, the Receiving Party will turn over to the Disclosing Party all Proprietary Information of the Disclosing Party and all documents or media containing any such Proprietary
Information and any and all copies or extracts thereof. The Receiving Party understands that nothing herein (i) requires the disclosure of any Proprietary Information of the Disclosing Party or (ii) requires the Disclosing Party to proceed
with any transaction or relationship. 
 (3) This Agreement applies only to disclosures made before the first anniversary of this Agreement.
The Receiving Party acknowledges and agrees that due to the unique nature of the Disclosing Party’s Proprietary Information, there can be no adequate remedy at law for any breach of its obligations hereunder, which breach may result in
irreparable harm to the Disclosing Party, and therefore, that upon any such breach or any threat thereof, the Disclosing Party shall be entitled to appropriate equitable relief, without the requirement of posting a bond, in addition to whatever
remedies it might have at law. In the event that any of the provisions of this Agreement shall be held 

 
by a court or other tribunal of competent jurisdiction to be illegal, invalid or unenforceable, such provisions shall be limited or eliminated to the minimum
extent necessary so that this Agreement shall otherwise remain in full force and effect. This Agreement shall be governed by the laws of the State of Michigan without regard to the conflicts of law provisions thereof. This Agreement supersedes all
prior discussions and writings and constitutes the entire agreement between the parties with respect to the subject matter hereof. The prevailing party in any action to enforce this Agreement shall be entitled to costs and attorneys’ fees. No
waiver or modification of this Agreement will be binding upon a party unless made in writing and signed by a duly authorized representative of such party and no failure or delay in enforcing any right will be deemed a waiver. 
 (4) Until five years after the date of this Agreement, neither party will encourage or solicit any employee or consultant of the other party to leave
that other party for any reason. 
  

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	October 27, 2006	 		 	October 27, 2006
			
	LIBERTY RENEWABLE FUELS, LLC	 		 	CLIFFORD A. VENNIX
				
	By:	 	 /s/ David Skjaerlund
	 		 	 /s/ Clifford A. Vennix

	Name:	 	David Skjaerlund	 		 	
	Title:	 	President	 		 	

  

 3Settlement Agreement between Liberty Renewable Fuels LLC and REC

 Exhibit 10.14 
 SETTLEMENT AGREEMENT 
 This Settlement Agreement is effective as of June 9, 2006, and memorializes the
settlement reached during mediation on June 9, 2006. 
 1. Definitions. The following terms shall have the indicated
meanings: 
  

	 	a.	“Liberty” means “Liberty Renewable Fuels, LLC. 

  

	 	b.	“REC” means Renewable Energy Consultants, LLC. 

  

	 	c.	“Bateman” means Mark and Terri Bateman. 

  

	 	d.	“Chesak” means Rick and Susan Chesak. 

  

	 	e.	“Brearley” means Cyndi Brearley. 

  

	 	f.	“Lawsuit” means that certain lawsuit styled Liberty Renewable Fuels, L.L.C. v. Mark Bateman, Renewable Energy Consultants, L.L.C., Rick Chesak, and Cindy Brearley,
Case No. 06-04131-C, and filed in the 35th Circuit Court of Shiawassee County, Michigan. 

  

	 	g.	“REC Parties” means all of REC, Bateman, Chesak, and Brearley. 

  

	 	h.	“Ethanol Refinery” means a refinery facility constructed in Gratiot County, Michigan or in another location in Michigan within 75 miles of Gratiot County, capable of
manufacturing ethanol from distilling corn, as contemplated in that certain feasibility study, dated April of 2006, and prepared for Liberty by PRX (ProExporter Network). 

  

	 	i.	“Board Approval” means approval of the execution of this Settlement Agreement by the board of directors of Liberty, and the execution and delivery of this Agreement by
Liberty. 

  

	 	j.	 “Accelerating Event” shall mean and include any or all of the following: (a) the sale or other transfer of all or substantially all of the assets of
Liberty, or the sale or other transfer of Liberty’s interest in the Ethanol Refinery project, in a transaction in which the acquiring entity does not assume all of Liberty’s obligations under this Agreement; (b) the sale or other
transfer by all or substantially all of the members of Liberty of their interests in Liberty or their interests, if any, in the Ethanol Refinery project, in one transaction or in a series of related transactions; or (c) a merger of Liberty and
as a result thereof, the Public Offering contemplated in Section 3(c) hereof does not occur because all or substantially all of the financing needed to complete the Ethanol Refinery is being provided without the necessity of such Public
Offering. The foregoing notwithstanding, the following shall not constitute an Accelerating Event: (i) any transaction whose primary purpose is to 

  

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change the state of Liberty’s organization so long as the resulting company is obligated to perform Liberty’s obligations under this Agreement, and
(ii) any transaction whose primary purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held Liberty’s securities immediately before such transaction, so long as the holding
company and Liberty are jointly and severally liable for Liberty’s obligations under this Agreement. 
  

	 	k.	“Liberty Affiliate” means any present or former officer, director, manager, shareholder, member, partner, affiliate, subsidiary, or agent of Liberty.

  

	 	l.	“REC Affiliate” means any present or former officer, director, manager, shareholder, member, partner, affiliate, subsidiary, or agent of REC. 

  

	 	m.	“Party” or “Parties” means each of the REC Parties and REC Affiliates, and Liberty and each of Liberty’s Affiliates. 

  

	 	n.	“2/10 Document” means that certain document, so defined and attached as Exhibit 1 to the Complaint filed by Liberty in the Lawsuit. 

  

	 	o.	“Complaint” means the Complaint filed by Liberty in the Lawsuit. 

  

	 	p.	“Points of Agreement” means the two page document signed by the Parties’ counsel on June 9, 2006 at the conclusion of the facilitative mediation session.

 2. Conveyance to Liberty and Termination of Agreements. The REC Parties and each of them convey to Liberty any
and all rights, title, and/or other ownership interest in and to Liberty, including without limitation, any rights in and to the Ethanol Refinery, which any of them has, had or has ever had, if any. In so conveying, each of the REC Parties
represents that they have not transferred or pledged any such interest to any other person, such that the transfer herein is made free and clear of any liens, claims, or encumbrances of any person. Further, any and all agreements, undertakings,
understandings, agreements, duties, contracts, and/or commitments, related to the Ethanol Refinery and/or related to any of the REC Parties’ and REC Affiliates’ actual or claimed ownership, development, management or other claimed rights
and obligations regarding Liberty, between on the one hand, Liberty and any Liberty Affiliates, and on the other hand, the REC Parties and any REC Affiliates, is hereby cancelled, terminated and rescinded for all purposes including without
limitation, the 2/10 Document and those certain Nondisclosure and Noncompete Agreements executed by any of the REC Affiliates, examples of which are attached as exhibits to the Complaint. 
 3. Payment to REC Parties. Liberty will pay to the REC Parties the following sums at the indicated times. All funds shall be paid by check,
made payable to REC, as Trustee for the REC Parties, and REC shall be solely responsible for delivery of funds to any of the REC Parties as their interests shall appear. Liberty has no responsibility for the further division of payments as among the
REC Parties. 
  

 2 

	 	a.	“Initial Payment.” Liberty shall pay $20,000 within 7 days of Board Approval. 

  

	 	b.	“Second Payment.”: Liberty currently intends to conduct a private offering or offerings and sale of its equity securities principally to current investors, but also
to other investors (herein collectively called the “Second Offering”). Liberty shall pay to REC, as Trustee, ten percent (10%) of the gross cash proceeds received by Liberty in the Second Offering, up to a maximum amount of $150,000.
One Hundred Twenty-five Thousand ($125,000) of this amount shall be paid to the REC Parties by check made payable to REC and delivered to RFC’s attorneys, Fraser Trebilcock Davis & Dunlap, P.C., Attention: Michael E. Cavanaugh, and
Twenty-Five Thousand ($25,000) of this amount shall be paid to Cyndi Brearley in a check made payable to her and delivered to her attorneys, Fraser Trebilcock Davis & Dunlap, P.C., Attention: Michael E. Cavanaugh. In the event partial
payments are made, then as between Cyndi Brearley and the REC parties, payments shall be made pari passu in the same percentages. Such money shall be payable only when, as and if Liberty closes the Second Offering. Counsel for Liberty shall keep
counsel for REC Parties reasonably informed of the commencement of the Second Offering and its anticipated closing, including updates if events materially alter anticipated timetables previously given. 

  

	 	c.	“Third Payment.” Liberty currently intends, following the closing of the Second Offering, to conduct a public offering or offerings and sale of its equity
securities and otherwise arrange a debt and/or equity package, which raises the money necessary to build the Ethanol Refinery (herein collectively called the “Public Offering”). Liberty shall pay to REC, as Trustee, ten percent
(10%) of the gross cash proceeds received by Liberty in the Public Offering, up to a maximum amount of $350,000 plus the amount by which the aggregate amount paid by Liberty to the REC Parties under paragraph 3(b) above was less than $150,000.
Such money shall be payable only when, as, and if Liberty closes the Public Offering. Counsel for Liberty shall keep counsel for REC Parties reasonably informed of the commencement of the Public Offering and its anticipated closing, including
updates if events materially alter anticipated timetables previously given. 

  

	 	d.	Accelerating Event. In the event of the occurrence of an Accelerating Event, then all payments called for in Paragraph 3 (“Payments to REC Parties”) are due and
payable at the start of substantial construction of the Ethanol Refinery, whether or not new cash equity ever came into Liberty. 

  

	 	e.	The maximum amount payable to the REC Parties under this Agreement is $520,000. 

  

 3 

	 	4.	Releases. 

  

	 	a.	Liberty Release. Liberty and each of the undersigned Liberty Directors and Liberty Members (investors) do hereby release and discharge the REC Parties and their officers,
employees, agents and directors (the “REC Released Parties”), from any claim or cause of action which any of them may have against any of the REC Released Parties, arising out of or connected with the formation and operation of Liberty, or
arising out of or connected with the Ethanol Refinery project, or arising out of or connected with any of the REC Parties’ and REC Affiliates’ actual or claimed ownership, development, management or other claimed rights and obligations
regarding Liberty, directly or indirectly, between on the one hand, Liberty and any Liberty Affiliates, and on the other hand, the REC Parties and any REC Affiliates, (including without limitation, any arising out of or connected with the 2/10
Document) whether known or unknown, fixed or contingent, arising in contract, tort (including without limitation, any claims for breach of fiduciary duty, tortious interference, conversion, and conspiracy), statute, rule or common law, and including
without limitation any and all claims which were asserted or could have been asserted in the Lawsuit. Without limiting the generality of the foregoing, Liberty and each of the undersigned Liberty Directors and Liberty Members (investors) do hereby
release the REC Released Parties from any responsibility and/or liability for any real or claimed breach of the 2/10 Document, and from any responsibility, liability or right to future performance with respect to such instrument. Upon effectiveness
of this Agreement, Liberty shall dismiss the Lawsuit. The dismissal of the Lawsuit will be stipulated by Liberty and the Defendants in the Lawsuit, will be with prejudice, and will be without award of costs or attorney’s fees to any Party. This
final and executed Settlement Agreement will be attached to the Parties’ stipulation. 

  

	 	b.	REC Release. Each of the REC Parties does hereby release and discharge Liberty, and its officers, employees, agents, and directors and each of the undersigned Liberty
Directors and Liberty Members (investors) (the “Liberty Released Parties”), from any claim or cause of action which any of them may have against any of the Liberty Released Parties, arising out of or connected with the formation and
operation of Liberty, or arising out of or connected with the Ethanol Refinery project, or arising out of or connected with any of the REC Parties’ and REC Affiliates’ actual or claimed ownership, development, management or other claimed
rights and obligations regarding Liberty, directly or indirectly, between on the one hand, Liberty and any Liberty Affiliates, and on the other hand, the REC Parties and any REC Affiliates, (including without limitation, any arising out of or
connected with the 2/10 Document) whether known or unknown, fixed or contingent, arising in contract, tort (including without limitation, any claims for breach of fiduciary duty, tortious interference, conversion, and conspiracy), statute, rule or
common law, and including 

  

 4 

 without limitation any and all claims which were asserted or could have been asserted in the Lawsuit.
Without limiting the generality of the foregoing, the REC Parties and each of them, do hereby release Liberty Released Parties from any responsibility and/or liability for any real or claimed breach of the 2/10 Document, and from any responsibility,
liability, or right to future performance with respect to such instrument. 
  

	 	c.	Release of and by Former Liberty Members. Releases of the REC Released Parties will be sought from all former Liberty Directors and Liberty Members (investors), and best
efforts will be made by Liberty to secure those releases. Any former Liberty member and/or director who executes and delivers a counterpart of this Agreement is herein called a “Released Former Liberty Member.” Each of the REC Parties does
hereby release and discharge each Released Former Liberty Member from any claim or cause of action which any of them may have against such Released Former Liberty Member, arising out of or connected with the formation and operation of Liberty or
arising out of or connected with the Ethanol Refinery project, or arising out of or connected with any of the REC Parties’ and REC Affiliates’ actual or claimed ownership, development, management or other claimed rights and obligations
regarding Liberty, directly or indirectly, between on the one hand, Liberty and any Liberty Affiliates, and on the other hand, the REC Parties and any REC Affiliates, (including without limitation, any arising out of or connected with the 2/10
Document) whether known or unknown, fixed or contingent, in contract, tort (including without limitation, any claims for breach of fiduciary duty, tortious interference, conversion, and conspiracy), statute, rule or common law, and including without
limitation any and all claims which were asserted or could have been asserted in the Lawsuit; provided, however, that such release shall only become effective as to any particular Released Former Liberty Member when that Released Former Liberty
Member delivers to the attorney for REC the signed release of the REC Released Parties; provided further that any former Liberty Director or Member who signs a counterpart of this Agreement, does so only for purposes of the release provisions
hereof. 

 5. Letter to REC. Upon execution of this Agreement, Liberty shall execute and deliver to REC the
letter attached hereto as Exhibit A. 
 6. Confidentiality and Non-Competition. Simultaneous with the execution hereof, Liberty
and the REC, Mark Bateman, Rick Chesak and Cyndi Brearley shall enter into a Limited Confidentiality and Limited Non-Compete Agreement, which shall be delivered simultaneously with the execution hereof. 
 7. Miscellaneous. 
  

	 	a.	Non-Disparagement. No Party or officer, director, member or manager of a Party, or other person signing this Settlement Agreement will make any

  

 5 

 statement to any other person that tends to disparage an opposing Party or to cast that person or entity
in a negative light. The only statement that will be made regarding this litigation is that Liberty has repurchased any interests or rights that REC Parties may have had in Liberty, and that the Parties have resolved the case to their mutual
satisfaction. Provided, however, that required disclosures to the Internal Revenue Service, Securities and Exchange Commission, any other governmental regulatory agency, and statements made in connection with accounting characterizations of these
transactions, are not encompassed by the prohibition above. Further provided that the letter attached as Exhibit A to this Settlement Agreement, and referenced in Paragraph 5, (five) of this Agreement, also is not encompassed by the prohibition
above. 
  

	 	b.	Advice of Counsel. By voluntarily executing this Settlement Agreement, the Parties confirm that they have been advised to, and have in fact, had this Settlement
Agreement explained to them by counsel. Further, the Parties confirm that, in executing this Settlement Agreement, the Parties are relying upon their own judgment and the advice of their attorneys, not on any recommendations, or statements, by any
other Party or any other Party’s counsel. 

  

	 	c.	Entire Agreement. This Settlement Agreement is intended to complete the settlement outlined in that certain two-page document entitled “Points of Agreement”
and signed by the Parties’ counsel on June 9, 2006. This Agreement and the Points of Agreement embody the entire agreement and understanding between the Parties with respect to the subject matter hereof, except for the REC Parties’
obligations set forth in that certain Limited Confidentiality and Limited Non-Compete Agreement, executed and delivered of even date herewith. This Agreement may be changed, waived, discharged, or terminated only by an instrument in writing signed
by the Party against which enforcement of such change, waiver, discharge, or termination is sought. 

  

	 	d.	Counterpart Execution. This Agreement may be executed by any Party in counterparts, each of which shall be deemed an original and all of which, when combined, shall
constitute 1 (one) instrument. This Agreement may also be executed by facsimile signature. This Agreement shall not be enforceable against any Party, however, until all signatures of the persons set forth below have been affixed.

  

	 	e.	Continuing Validity. Should any non-material part, term, or provision of this Settlement Agreement be declared or be determined by any court, agency or the arbitrator
to be illegal or invalid, the validity of the remaining parts, terms, or provisions shall not be affected thereby, and said illegal or invalid part, term, or provision shall be deemed not to be a part of this Settlement Agreement but rather such
provision shall be reformed by the 

  

 6 

 court, agency or arbitrator to effectuate the original intent of the Parties to the maximum degree
possible. 
  

	 	f.	Tax Consequences. REC Parties acknowledge and agree that Liberty, Liberty Affiliates, Liberty’s members, and Liberty’s counsel have not made any
representations regarding the tax consequences of any amounts received by REC Parties pursuant to this Settlement Agreement. REC Parties agree to pay federal and state taxes, if any, that are required by law to be paid by them with respect to this
Settlement Agreement. 

  

	 	g.	Arbitration. The Parties WAIVE ANY RIGHT TO TRIAL BY JURY or to have a jury participate in resolving any dispute, whether sounding in contract, tort, or otherwise,
between the Parties arising out of this Settlement Agreement, or any other instrument, document, or agreement, executed or delivered in connection with this Settlement Agreement or the transactions related hereto. The Parties further agree that this
Arbitration provision shall be governed by the Federal Arbitration Act. Should any dispute arise, then the Parties agree to arbitrate any dispute arising out of or related to this Settlement Agreement. In the event arbitration is necessary, the
Parties agree that the dispute will be resolved by Jon Muth, acting as the sole arbitrator. The Parties further agree that Jon Muth’s arbitration award will be final, binding and conclusion. The Parties further agree to split Jon Muth’s
fees for arbitration 50/50. The Parties further agree that a claim for arbitration shall be made by written notice to Jon Muth and the other Parties, which shall initiate the arbitration proceeding. The Parties further agree that the final
arbitration hearing shall take place within sixty (60) days of the date the arbitration claim is submitted, and an arbitration award shall be rendered by Jon Muth within thirty (30) days thereafter and that a judgment may be entered on the
award by a court of competent jurisdiction. In the event that Jon Muth is unable or unwilling to so serve, the Parties rights to resort to courts of law shall be re-instated. 

  

	 	h.	All Members and Directors. Liberty represents and warrants to the REC Parties and REC Affiliates that the persons signing below as Members or Directors of Liberty
constitute all of the current Members and Directors of Liberty giving effect to the resignations previously tendered. 

  

 7 

			
	REC PARTIES	 	
	
	 /s/ Mark
Bateman                                       
      6/24/06

	Mark Bateman	 	Dated
	
	 /s/ Tari
Bateman                                       
         6/24/06

	Tari Bateman	 	Dated
	
	 /s/ Rick
Chesak                                       
           6/24/06

	Rick Chesak	 	Dated
	
	 /s/ Suzanne
Chesak                                       
     6/24/06

	Suzanne Chesak	 	Dated
	
	 /s/ Cyndi
Brearley                                       
     6/23/06

	Cyndi Brearley	 	Dated

  

			
	RENEWABLE ENERGY CONSULTANTS, L.L.C.
	 By:
	 	 /s/ Mark Bateman

	 Its:
	 	 President

	 Dated:
	 	 6/24/06

  

			
	LIBERTY	 	
	
	LIBERTY RENEWABLE FUELS, LLC
		
	 By:
	 	 /s/ David Skjaerlund

	 Its:
	 	 President

	 Dated:
	 	 6/23/06

  

 8 

			
	LIBERTY DIRECTORS
	
	 /s/ John
Blank                                       
                       6/24/06

	 John Blank
	 	Dated
	
	 /s/ Todd
Brink                                       
                       6/23/06

	 Todd Brink
	 	Dated
	
	 /s/ Ron
Brown                                       
                       6/23/06

	 Ron Brown
	 	Dated
	
	 /s/
Scott Crumbaugh                                     
               6/23/06

	 Scott Crumbaugh
	 	Dated
	
	 /s/ Scott
Everett                                       
                     6/23/06

	 Scott Everett
	 	Dated
	
	 /s/ Ken
Fowler                                       
                       6/26/06

	 Ken Fowler
	 	Dated
	
	 /s/ Don
Haske                                       
                       6/23/06

	 Don Haske
	 	Dated
	
	 /s/
Sam Hawkins                                      
                    6/23/06

	 Sam Hawkins
	 	Dated
	
	 /s/ Denny
Heffron                                       
                 6/23/06

	 Denny Heffron
	 	Dated
	
	 /s/ Keith
Kirkdorfer                                       
               6/24/06

	 Keith Kirkdorfer
	 	Dated
	
	 /s/ Wilson
Lauer                                       
                   6/23/06

	 Wilson Lauer
	 	Dated

  

 9 

			
	 /s/
Leo Lawson                                      
                      6/23/06

	 Leo Lawson
	 	Dated
	
	 /s/
Chad Sowerby                                     
                   6/23/06

	 Chad Sowerby
	 	Dated
	
	 /s/
Nick Totzke                                      
                      6/23/06

	 Nick Totzke
	 	Dated
	
	 /s/ Ben
Yantis                                       
                       6/23/06

	 Ben Yantis
	 	Dated

  

 10 

			
	LIBERTY DIRECTORS AND MEMBERS
	
	 /s/ Ron Blazer
                                        
                                        
        6/23/06

	 Ron Blazer
	 	Dated
	
	 /s/ Cullen DuBose
                                        
                                        
  6/26/06

	 Cullen DuBose
	 	Dated
	
	 /s/ Matt Dutcher
                                        
                                        
      6/23/06

	 Matt Dutcher
	 	Dated
	
	   /s/ Paul Early
                                        
                                        
            6/23/06

	 Paul Early
	 	Dated
	
	   /s/ Kathy Fiscus
                                        
                                        
        6/23/06

	 Kathy Fiscus
	 	Dated
	
	 /s/ Darryl Fowler
                                        
                                        
    6/23/06

	 Darryl Fowler
	 	Dated
	
	 /s/ Jim Guse
                                        
                                        
            6/23/06

	 Jim Guse
	 	Dated
	
	 /s/ Robert Kennedy
                                        
                                       
 6/23/06

	 Robert Kennedy
	 	Dated
	
	 /s/ Norman Mihills
                                        
                                       
 6/23/06

	 Norman Mihills
	 	Dated
	
	 /s/ Don Miller
                                        
                                        
        6/23/06

	 Don Miller
	 	Dated
	
	 /s/ Dennis Muchmore
                                        
                                    6/23/06

	 Dennis Muchmore
	 	Dated
	
	 /s/ Gail Peterson
                                        
                                        
    6/23/06

	 Gail Peterson
	 	Dated
	
	 /s/ Tom Pumford
                                        
                                        
    6/23/06

	 Tom Pumford
	 	Dated
	
	 /s/ David Skjaerlund
                                        
                                     
 6/23/06

	 David Skjaerlund
	 	Dated
	
	 /s/ Clifford Vennix
                                        
                                       
 6/23/06

	 Clifford Vennix
	 	Dated

  

 11 

							
	LIBERTY MEMBERS	  	GLOBAL ENERGY IMPACT, LLC
			
	 /s/
Ron Fiscus                                      
                                        
       6/23/06
	  	By:	  	 /s/ /Samuel Hawkins

	Ron Fiscus	  	Dated	  		  	
		  		  	Its:	  	 Manager

			
	 ALLEGAN COUNTY RENEWABLE ENERGY, LLC
  
	  	Dated:	  	 6/24/06

	By:	  	 /s/ Todd A. Brink
	  		  	
		  		  	KIRKDORFER FARMS
	Its:	  	 Member
	  		  	
		  		  	By:	  	 /s/ Keith D. Kirkdorfer

	Dated:	  	 6/23/06
	  		  	
		  		  	Its:	  	 Owner

			
	ALLEGAN COUNTY RENEWABLE ENERGY, II LLC	  	Dated:	  	 6/24/06

			
		  		  	LAUER FARMS, LLC
	By:	  	 /s/ John Blank
	  		  	
		  		  	By:	  	 /s/ Wilson Lauer

	Its:	  	 Member
	  		  	
		  		  	Its:	  	 Member

	Dated:	  	 6/24/06
	  		  	
		  		  	Dated:	  	 6/23/06

	PRO-FARMER FINANCIAL GROUP, LLC	  		  	
		  		  	VICTORY & SONS, LLC
	By:	  	 /s/ Scott Everett
	  		  	
		  		  	By:	  	 /s/ Leo Lawson

	Its:	  	 Member
	  		  	
		  		  	Its:	  	 Managing Member/President

	Dated:	  	 6/23/06
	  		  	
		  		  	Dated:	  	 6/23/06

	KCF INVESTMENTS, LLC.	  		  	
		  		  	SOWERBY FARMS
	By:	  	 /s/ Ken Fowler
	  		  	
		  		  	By:	  	 /s/ Chad Sowerby

	Its:	  	 Member
	  		  	
		  		  	Its:	  	 Member

	Dated:	  	 6/26/06
	  		  	
		  		  	Dated:	  	 6/23/06

  

 12 

							
	LIBERTY MEMBERS (Con’t)	  	APPLE INVESTMENT, LLC
			
	ADVANCED BIO-ENERGY, LLC	  	By:	  	 /s/ Scott Crumbaugh

				
	By:	  	 /s/ Revis L. Stephenson III
	  	Its:	  	 Member

				
	Its:	  	 Chairman
	  	Dated:	  	 6/23/06

				
	Dated:	  	 6/24/06
	  		  	
			
		  		  	HEFFRON FARMS
			
	TOTZKE FARMS	  	By:	  	 /s/ Dennis Heffron

				
	By:	  	 /s/ Nick Totzke
	  	Its:	  	 Member

				
	Its:	  	 Partner
	  	Dated:	  	 6/23/06

				
	Dated:	  	 6/23/06
	  		  	
			
	FUTURE FUELS, LLC	  		  	
				
	By:	  	 /S/ Donald Haske
	  		  	
				
	Its:	  	 Member
	  		  	
				
	Dated:	  	 6/23/06
	  		  	
			
	YANTIS FAMILY INVESTMENTS, LLC	  		  	
				
	By:	  	 /s/ Ben Yantis
	  		  	
				
	Its:	  	 Member
	  		  	
				
	Dated:	  	 6/23/06
	  		  	
			
	ENERGY SERVICE, LLC	  		  	
				
	By:	  	 /s/ R.J. Brown
	  		  	
				
	Its:	  	 Member
	  		  	
				
	Dated:	  	 6/23/06
	  		  	

  

 13 

			
	FORMER MEMBERS
	
	 /s/  Troy Prescott                                 
                   6/23/06

	Troy Prescott	 	Dated
	
	 /s/  Tom Breakey                                  
                  6/23/06

	Tom Breakey	 	Dated

  

			
	ERGON CAPITAL, LP
		
	By:	 	 /s/ Jason S. Atkins

		
	Its:	 	 General Partner

		
	Dated:	 	 6/26/06

  

 14 

 EXHIBIT A 

 June 23, 2006 
 Mr. Mark Bateman 
 Renewable Energy Consultants, LLC 
 P.O. Box 468 
 Kewanna, IN 46939 
 Mr. Richard
Chesak 
 Renewable Energy Consultants, LLC 
 P.O. Box 468

 Kewanna, IN 46939 
 Re: Letter of
Appreciation 
 Dear Mark and Rick: 
 Oh
behalf of the Board of Directors of Liberty Renewable Fuels, LLC, including myself, we would like to express our appreciation for the work you have done to help Liberty on its path of developing an ethanol production facility in Michigan.

 Since the initial meetings in which you were a part and the completion of the PRX feasibility study which was also ordered by REC, the
project has become a feasible business opportunity. We also greatly appreciate all the efforts of Cyndi during all the board meetings. Through your efforts, and the subsequent efforts of the Board of Directors of Liberty, the dream of constructing
an ethanol production facility is on its way of becoming a reality. 
 It is perhaps natural for differences to arise as a project of this
scope progresses. As those differences surfaced, REC and Liberty made good faith efforts to resolve those differences. The Board and I are very pleased that we were able to reach an amicable agreement with you to fully resolve those differences.

 In conclusion, your past efforts on behalf of Liberty are greatly appreciated. We wish you every success in your future business
endeavors. 
  

	
	Sincerely,
	
	David Skjaerlund
	President

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