Document:

Exhibit 4.3

ESCROW AGREEMENT

THIS ESCROW
AGREEMENT (this “Agreement”)
is made this           
day of                                                  ,
200   , by and between Highwater Ethanol, LLC a Minnesota
limited liability company (“Highwater Ethanol”) and Minnwest Bank of Redwood
Falls, Minnesota as escrow agent (the “Escrow Agent”).

W I T N E S
S E T H:

WHEREAS, Highwater Ethanol proposes to offer a minimum
of 4,000 and a maximum of 4,614 of its Membership Units (the “Units”) at a
price of $10,000 per Unit, in minimum blocks of one (1) Unit in an offering registered
with the Securities and Exchange Commission and in the states of Arkansas,
Florida, Georgia, Illinois, Iowa, Kansas, Louisiana, Minnesota, Missouri, South
Dakota, Wisconsin and possibly offered in other states pursuant to state
securities registration exemptions and under the provisions of the Securities
Act of 1933, as amended (the “Offering”);

WHEREAS, Highwater Ethanol will file a registration
statement to register the Units with the Securities and Exchange Commission,
the states of Arkansas, Florida, Georgia, Illinois, Iowa, Kansas, Louisiana,
Minnesota, Missouri, South Dakota, Wisconsin, and possibly other states;

WHEREAS, Highwater Ethanol will allow investors in the
Offering to deliver the purchase price of the subscribed Units in installments;
and

WHEREAS, Highwater Ethanol desires to comply with the
requirements of federal and state securities laws and regulations, and desires
to protect the investors in the Offering by providing, under the terms and
conditions herein set forth, for the return to subscribers of the money which
they may pay on account of purchases of Units in the Offering if the Minimum
Escrow Deposit (hereinafter defined) is not deposited with the Escrow Agent.

NOW, THEREFORE, in consideration of the mutual covenants herein
contained and for other good and valuable consideration, the receipt and
sufficiency of which is acknowledged, the parties agree as follows:

1.             Acceptance of Appointment.  Minnwest
Bank of Redwood Falls, Minnesota hereby agrees to act as Escrow Agent under
this Agreement.  The Escrow Agent shall
have no duty to enforce any provision hereof requiring performance by any other
party hereunder.

2.             Establishment of Escrow Account.  An
escrow account (the “Escrow Account”) is hereby established with the Escrow
Agent for the benefit of the investors in the Offering.  Except as specifically provided in this
Agreement, the Escrow Account shall be created and maintained subject to the customary
rules and regulations of the Escrow Agent pertaining to such accounts.

3.             Ownership of Escrow Account.  Until
such time as the funds deposited in the Escrow Account (the “Deposited Funds”)
shall equal the Minimum Escrow Deposit (as hereinafter defined), all funds
deposited in the Escrow Account by Highwater Ethanol shall not become the
property of Highwater Ethanol or be subject to the debts of Highwater Ethanol or
any other person but shall be

 1
 

 

held by the Escrow Agent solely
for the benefit of the investors who have purchased Units in the Offering.

4.             Deposit of Proceeds.  All
proceeds from sales of Units in the Offering shall be delivered by Highwater
Ethanol to the Escrow Agent, within forty-eight hours of the receipt thereof
from investors, endorsed (if appropriate) to the order of the Escrow Agent,
together with an appropriate written statement setting forth name, address and
social security number of each person purchasing Units, the number of Units
purchased, and the amount paid by each such purchaser.  Any such proceeds deposited with the Escrow
Agent in the form of uncollected checks shall be promptly presented by the
Escrow Agent for collection through customary banking and clearing house
facilities.  As the proceeds of each sale
are deposited with the Escrow Agent, Highwater Ethanol shall reserve the number
of Units confirmed to the purchaser thereof in connection with such sale.  All such deposited proceeds are referred to
herein as the “Escrow Funds”.

5.             Investment of Escrow Account.  The
Escrow Funds shall be credited by the Escrow Agent and recorded in the Escrow
Account.  The Escrow Agent shall be
permitted, and is hereby authorized to deposit, transfer, hold and invest all
funds received under this Agreement, including principal and interest, in those
investments directed, in writing by Highwater Ethanol.  The Escrow Agent is hereby authorized to
invest Escrow Funds in the Federated Treasury Obligations Money Market
Mutual Fund for temporary investment without written direction.  Any interest received by the Escrow Agent
with respect to the Escrow Funds shall be paid to Highwater Ethanol, or the
investors, as indicated elsewhere in this Agreement.

6.             Termination of Escrow.  This Agreement and the Escrow created hereunder
shall be terminated as provided in paragraph 7 hereof or as of the date in
calendar year 2007 (the “Termination Date”), which is one year and one day
following the date in calendar year 2006 upon which the Securities and Exchange
Commission authorizes the Offering (the “Offering’s Effective Date”).  Highwater Ethanol shall notify Escrow Agent
of the Offering’s Effective Date within thirty (30) days of the receipt of
notice of the Offering’s Effective Date from the Securities and Exchange
Commission.

7.             Disposition of Escrow Funds.  The
Escrow Agent shall have the following duties and obligations under this
Agreement:

A.            The Escrow Agent shall send a written notice
acknowledging the receipt of the Deposited Funds every seven days to Highwater
Ethanol.

B.            The Escrow Agent shall give Highwater Ethanol
prompt written notice when the Deposited Funds equal $4,000,000 (exclusive of
interest).  Following receipt of such
notice, Highwater Ethanol will advise the purchasers of Units to remit to the
Escrow Agent the balance of the purchase price within twenty (20) days.  Thereafter, Escrow Agent shall give Highwater
Ethanol written notice acknowledging the receipt of the Deposited Funds every
seven days.  The Escrow Agent shall give Highwater
Ethanol prompt written notice when the Deposited Funds total $40,000,000
(exclusive of interest).

C.            At the time (and in the event) that: (i) the
Deposited Funds shall, during the

 2
 

 

term of this Agreement, equal $40,000,000  in subscription proceeds (exclusive of
interest) (the “Minimum Escrow Deposit”); 
(ii) the Escrow Agent shall have received written confirmation
from Highwater Ethanol that Highwater Ethanol has obtained a written debt
financing commitment for debt financing ranging from a minimum of $51,680,000 to a maximum of $57,820,000; 
(iii) Highwater Ethanol has affirmatively elected in writing to
terminate this Agreement; (iv) the
Escrow Agent shall have provided to each state securities department in which Highwater
Ethanol has registered its securities for sale, as communicated to the Escrow
Agent by Highwater Ethanol, an affidavit stating that the foregoing
requirements (i), (ii) and (iii) of this subsection 7C have been satisfied; and (v) in each state in which consent is required, the state
securities commissioners have consented to release of the funds on deposit,
then this Agreement shall terminate, and the Escrow Agent shall promptly
disburse the funds on deposit, including interest, to Highwater Ethanol to be
used in accordance with the provisions set out in Highwater Ethanol’s
registration statement.  Highwater
Ethanol will deliver a copy of its registration statement to the Escrow Agent
upon execution of this Agreement.  The
Escrow Agent will have no responsibility to examine the registration statement
with regard to the Escrow Account or otherwise and the registration statement
shall contain a provision to such effect. 
Upon the making of such disbursement, the Escrow Agent shall be
completely discharged and released of any and all further responsibilities
hereunder.

D.            In the event the Deposited Funds do not equal or
exceed the Minimum Escrow Deposit on or before the Termination Date or if Highwater
Ethanol has not received a written debt financing commitment as described
herein on or before the Termination Date, the Escrow Agent shall return to each
of the purchasers of the Units in the Offering, as promptly as possible after
such Termination Date and on the basis of its records pertaining to the Escrow
Account:  (i) the sum which each
purchaser initially paid in on account of purchases of the Units in the Offering
and (ii) each purchaser’s portion of the total interest earned on the Escrow
Account as of the Termination Date, (iii) reduced by the transaction fees
provided in paragraph 10 hereof. 
Computation of any purchaser’s share of the net interest earned will be
a weighted average based on the proportion of such purchaser’s deposit in the
Escrow Account from the Offering to all such purchasers’ deposits held by the
Escrow Agent and upon the length of time in days such deposit was held in the
Escrow Account as compared to all such deposits.  All computations with respect to each
purchaser’s allocable share of net interest shall be made by the Escrow Agent,
which determinations shall be final and conclusive.  Any amount paid or payable to a purchaser
pursuant to this paragraph shall be deemed to be the property of such
purchaser, free and clear of any and all claims of Highwater Ethanol or its
agents or creditors; and the respective purchases of the Units made and entered
into in the Offering shall thereupon be deemed, ipso facto, to be cancelled
without any further liability of the purchasers or any of them to pay for the
Units purchased.  At such time as the
Escrow Agent shall have made all the payments called for in this paragraph, the
Escrow Agent shall be completely discharged and released of any and all further
responsibilities hereunder, and the Units reserved (as provided in paragraph 5)
shall be released from such reservation, except that Escrow Agent shall be
required to prepare and issue a single IRS Form 1099 to each investor in the
event that funds are returned to investors.

8.             Agreement with Escrow Agent.  To
induce Escrow Agent to act hereunder, it is agreed by Highwater Ethanol that:

 3
 

 

A.            The sole duty of the Escrow Agent, other than as
herein specified, shall be to receive the Escrow Funds and hold them subject to
release, in accordance herewith, and the Escrow Agent shall be under no duty to
determine whether Highwater Ethanol is complying with the requirements of this
Agreement in tendering to the Escrow Agent said proceeds of the sale of said
Units.  The Escrow Agent may conclusively
rely upon and shall be protected in acting upon any statement, certificate,
notice, request, consent, order or other document believed by it to be genuine
and to have been signed or presented by the proper party or parties.  The Escrow Agent shall have no duty or
liability to verify any such statement, certificate, notice, request, consent,
order or other document, and its sole responsibility shall be to act only as
expressly set forth in this Agreement. 
The Escrow Agent shall be under no obligation to institute or defend any
action, suit or proceeding in connection with this Agreement unless first
indemnified to its satisfaction.  The
Escrow Agent may consult counsel in respect of any question arising under this
Agreement and the Escrow Agent shall not be liable for any action taken or
omitted in good faith upon advice of such counsel.

B.            Highwater Ethanol hereby indemnifies and holds
harmless the Escrow Agent from and against any and all loss, liability, cost,
damage and expense, including, without limitation, reasonable counsel fees,
which the Escrow Agent may suffer or incur by reason of any action, claim or
proceeding brought against the Escrow Agent arising out of or relating in any
way to this Agreement or any transaction to which this Agreement relates unless
such action, claim or proceeding is the result of the gross negligence or
willful misconduct of the Escrow Agent.

9.             Resignation and Removal of Escrow Agent
Successors.  The Escrow Agent may resign upon thirty (30)
days advance written notice to Highwater Ethanol.  If a successor Escrow Agent is not appointed
within the 30-day period following such notice, Escrow Agent may petition any
court of competent jurisdiction to name a successor Escrow Agent.  Any commercial banking institution or trust
company with which Escrow Agent may merge or consolidate, and any commercial
banking institution or trust company to which Escrow Agent transfers all or
substantially all of its corporate trust business shall be the successor Escrow
Agent without further act.

10.           Fees and Expenses of Escrow Agent.  Highwater
Ethanol agrees to pay the Escrow Agent the fees specified in the Escrow Agent’s
fee schedule attached hereto as Exhibit A, in the manner set forth therein,
unless otherwise agreed to by the parties in writing.  The parties further agree that such fees
shall be paid from interest on the escrow account only and not from
principal.  In the event the interest on
the escrow account is insufficient to satisfy the full amount of fees payable
hereunder, Highwater Ethanol shall be solely responsible for the payment of
such fees and the Escrow Agent shall not seek payment of the fees from
investors or apply any principal deposited by investors in the escrow account
against such fees.  The fee agreed upon  herein is intended as full consideration for
the Escrow Agent’s services as contemplated by this Agreement; provided,
however, that in the event the Escrow Agent renders any material service
not contemplated in this Agreement or there is any assignment of interest in
the subject matter of this Agreement, or any material modification hereof; or
if any material controversy arises hereunder, or the Escrow Agent is made a
party to any litigation pertaining to this Agreement, or the subject matter
hereof, then the Escrow Agent shall be reasonably compensated for such
extraordinary services and reimbursed for all costs and expenses, including

 4
 

 

reasonable attorney’s fees,
occasioned by any delay, controversy, litigation or event, and the same shall
be recoverable from Highwater Ethanol, but not from the escrow account.

11.           Notices.  All notices, requests,
demands, and other communications under this Agreement shall be in writing and
shall be deemed to have been duly given (a) on the date of service if served
personally on the party to whom notice is to be given, (b) on the day of
transmission if sent by facsimile transmission to the facsimile number given
below, and telephonic confirmation of receipt is obtained promptly after
completion of transmission, (c) on the next day on which such deliveries are
made in Lamberton, Minnesota, when delivery is to Federal Express or similar
overnight courier or the Express Mail service maintained by the United States
Postal Service, or (d) on the fifth day after mailing, if mailed to the party
to whom notice is to be given, by first class mail, registered or certified,
postage prepaid, and properly addressed, return receipt requested, to the party
as follows:

	
  If to Escrow Agent:

  
	
   

  
	
  Minnwest Bank of
  Redwood Falls, Minnesota

  
	
  1275 East
  Bridge, P.O. Box 439

  
	
  Redwood Falls,
  MN 56283

  
	
  Attn:

  	
   

  	
   

  
	
  Fax: (507)
  637-8377

  
	
  Phone: (507)
  637-5343

  
	
   

  
	
  If to Highwater
  Ethanol:

  
	
   

  
	
  Highwater
  Ethanol, LLC

  
	
  205 S. Main
  Street, PO Box 96

  
	
  Lamberton,
  Minnesota 56152

  
	
  Attn: Brian
  Kletscher, Chairman of the Board and President

  
	
  Fax: (507)
  762-3376

  
	
   

  
	
  with a required
  copy to:

  
	
   

  
	
  Brown, Winick,
  Graves, Gross, Baskerville and Schoenebaum, P.L.C.

  
	
  666 Grand Avenue,
  Suite 2000

  
	
  Des Moines, IA
  50309

  
	
  Attention:
  Harold N. Schneebeck

  
	
  Fax: (515)
  323-8509

  

 

12.           Governing Law.  This Agreement shall be
construed, performed, and enforced in accordance with, and governed by, the
internal laws of the State of Minnesota, without giving effect to the
principles of conflict of laws thereof.

13.           Successors and Assigns.  Except
as otherwise provided in this Agreement, no party hereto shall assign this
Agreement or any rights or obligations hereunder without the prior written consent
to the other parties hereto and any such attempted assignment without such
prior written consent shall be void and of no force and effect.  This Agreement shall inure to the benefit of
and shall

 5
 

 

be binding upon the successors
and permitted assigns of the parties hereto.

14.           Severability.  In the event that any part of
this Agreement is declared by any court or other judicial or administrative
body to be null, void, or unenforceable, said provision shall survive to the
extent it is not so declared, and all of the other provisions of this Agreement
shall remain in full force and effect.

15.           Further Assurances.  Each of
the parties shall execute such documents and other papers and take such further
actions, as may be reasonably required or desirable to carry out the provisions
hereof and the transactions contemplated hereby.

16.           Amendments.  This Agreement may be amended
or modified, and any of the terms, covenants, representations, warranties, or
conditions hereof may be waived, only by a written instrument executed by the
parties hereto, or in the case of a waiver, by the party waiving
compliance.  Any waiver by any party of
any condition, or of the breach of any provision, term, covenant,
representation, or warranty contained in the Agreement, in any one or more
instances, shall not be deemed to be nor construed as further or continuing
waiver of any such conditions, or of the breach of any other provision, term,
covenant, representation, or warranty of this Agreement.

17.           Entire Agreement.  This
Agreement contains the entire understanding among the parties hereto with
respect to the escrow contemplated hereby and supersedes and replaces all prior
and contemporaneous agreements and understandings, oral or written, with regard
to such escrow.

18.           Section Headings.  The
section headings in this Agreement are for reference purposes only and shall
not affect the meaning or interpretation of this Agreement.

19.           Counterparts.  This Agreement may be executed
in two or more counterparts, each of which shall be deemed an original but all
of which together shall constitute one and the same instrument.

IN WITNESS WHEREOF, the parties
hereto have hereunto affixed their signatures as of the day and year first
written above.

	
  HIGHWATER ETHANOL:

  	
   

  	
  ESCROW AGENT

  
	
   

  	
   

  	
   

  
	
  HIGHWATER
  ETHANOL, LLC

  	
   

  	
  MINNWEST BANK OF REDWOOD FALLS,

  MINNESOTA

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
  Brian Kletscher,

  	
   

  	
   

  
	
  Chairman of the
  Board and President

  	
   

  	
  Printed Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
								

 

 6
 

 

Exhibit
A

Minnwest Bank of Redwood Falls, Minnesota

Escrow
Agent Fee Schedule

Escrow Agreement

Highwater Ethanol,
LLC

	
  Administration

  	
   

  	
  $_______

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Transaction Fees

  	
   

  	
   

  	
   

  
	
  Subscriber

  	
   

  	
  $_______

  	
   

  
	
  Disbursement/Each

  	
   

  	
  $_______

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  1099 Filing

  	
   

  	
  $_______

  	
   

  
	
  Subscriber/Filing

  	
   

  	
  $_______

  	
   

  

 

All out of pocket
costs and expenses, including postage, supplies, long distance telephone
charges, wires and reasonable attorney’s fees will be in addition hereto.

We reserve the
right to revise fees, including establishing new minimums, as necessitated by
changing economic conditions.

All fees are
charged in arrears and are quoted on an annualized basis; however we reserve
the right to bill in advance, or on a more frequent basis.

 7Exhibit 10.1

	
  [FAGEN, INC. LOGO]

  	
   

  	
  501 West Hwy. 212, P.O.
  Box 159

  
	
   

  	
  www.fageninc.com

  	
  Granite Falls, MN  56241

  
	
   

  	
   

  	
  320-564-3324

  
	
   

  	
   

  	
  320-564-3278 fax

  

 

* Portions
omitted pursuant to a request for confidential treatment and filed separately
with the Securities and Exchange Commission.

June 7, 2006

Mr. Brian Kletscher

HIGHWATER ETHANOL, LLC

30427 County Highway 10

Vesta, MN  56292

Re:          Highwater
Ethanol, LLC Ethanol Project

Dear Brian:

This letter of
intent will confirm our discussions regarding the proposed terms and conditions
under which Fagen, Inc. (“Fagen”) will enter into exclusive negotiations
with Highwater Ethanol, LLC (“Owner”) to implement the transaction
described in Paragraph 1 below (the “Transaction”).  (Fagen and Owner are referred to herein
individually as a “Party” and collectively as the “Parties”).  This letter, if executed and returned by you
within thirty (30) days of the date hereof, will constitute a letter of intent
between us (the “Letter of Intent”).

The Parties agree
to effect the Transaction subject only to the execution and delivery (in each
case in a form satisfactory to Fagen) of a definitive Design-Build Agreement
and other ancillary instruments and agreements (the “Transaction Documents”).  The Transaction Documents will be executed
and delivered by the parties thereto no later than December 31, 2008 (the “Closing
Date”); provided that the Transaction Documents
may, if agreed to by the Parties, provide for extensions necessary to secure
any consents and approvals of persons (other than affiliates of the Parties) on
terms reasonable to the Parties.

1.               The Transaction.  The
Parties agree that the Transaction will consist of the following:

(a)                                  Fagen agrees to provide Owner with those
services as described in this Letter of Intent which are necessary for Owner to
develop a detailed description of a fifty (50) million gallons per year (“MGY”)
dry grind ethanol production facility located at Lamberton, Minnesota (the “Plant”)
and to establish a price for which Fagen would provide design, engineering,
procurement of equipment and construction services for the Plant.  The description of the Plant will be
sufficiently detailed to permit an analysis of the Owner’s lump-sum cost to
develop the Plant and to develop an economic pro forma sufficient to determine
if

 

the Plant can be financed.

(b)                                 Fagen
will also provide Owner with assistance in evaluating, from both a technical
and business perspective, Owner’s organizational options, the appropriate
location of the Plant, and business plan development.  Fagen will assume no risk or liability of
representation or advice to Owner by assisting in evaluating the above and all
decisions made regarding feasibility, financing, and business risks are the
Owner’s sole responsibility and liability. 
Owner acknowledges that Fagen has no control over cost of labor,
materials, equipment, or services furnished by others, over other contractors’
methods of determining prices, or other competitive bidding or market
conditions. Fagen’s estimates of project construction cost will be made on the
basis of its experience and qualifications and will represent Fagen’s best
judgment as experienced and qualified professionals familiar with the
construction industry.  Fagen does not
guarantee that proposals, bids, or actual construction cost will not vary from
its estimates of project cost and Owner acknowledges the same.

(c)                                  Fagen
will also provide Owner with conceptual design and technical information
required to support Owner’s application for a construction air permit prior to
the commencement of Plant Construction.

(d)                                 If Owner determines
that the Plant is economically feasible and desires to proceed with the
development of the Plant, then Owner
agrees to enter into a Lump Sum Design-Build contract with Fagen for the
design, procurement of equipment and construction of the Plant (the “Design-Build
Agreement”).

(e)                                  Owner shall offer Fagen the right to invest
in the project.  Unless otherwise
specifically agreed between Fagen and Owner, such investment shall be offered
on the same terms and conditions as all other investors.

(f)                                    Owner agrees that the Design-Build Agreement
will be Fagen’s chosen form of Design-Build Agreement and will contain among
other things, those terms and conditions set forth in the General Terms and
Conditions section of this Letter of Intent.

(g)                                 The Plant shall be constructed using an
Indeck Boiler.

2.               Contract Price.  Owner
shall pay Fagen Sixty-six Million Twenty-five Thousand Eight Hundred
Forty-eight Dollars ($66,025,848.00) (the “Contract Price”) as full
consideration to Fagen for full and complete performance of the services
described in the Design-Build Agreement and all costs incurred in connection
therewith.

(a)                                  The
Contract Price shall not include any costs related to union labor or prevailing

 2
 

 

wage
requirements.  If any action by Owner, a
change in Applicable Law, or a Governmental Authority (as those terms are
defined in the Design-Build Agreement) acting pursuant to a change in
Applicable Law, shall require Fagen to employ union labor or compensate labor
at prevailing wages, the Contract Price shall be adjusted upwards to include
any increased costs associated with such labor or wages.  Such adjustment shall include, but not be
limited to, increased labor, subcontractor, and material and equipment costs
resulting from any union or prevailing wage requirement; provided, however,
that if an option is made available to either employ union labor, or to
compensate labor at prevailing wages, such option shall be at Fagen’s sole discretion
and that if such option is executed by Owner without Fagen’s agreement, Fagen
shall have the right to terminate this Letter of Intent or the Design-Build
Agreement, as applicable, and receive compensation pursuant to Paragraph 4(c)
hereof or the terms of the Design-Build Agreement, whichever is applicable.

(b)                                 If
the Construction Cost Index published by Engineering News-Record Magazine (“CCI”)
for the month in which a Notice to Proceed is given to Fagen is greater than 7660.29
(January 2006), the Contract Price shall be adjusted to reflect such increase.

3.               General Terms and Conditions.  The consummation of the Transaction will be
subject to the Design-Build Agreement containing the following conditions:

(a)                                  Fagen
will have no responsibility for and will not perform any site preparation
work.  Owner’s site responsibilities will
include, but will not be limited to:

	
  

  	
  i.

  	
   

  	
  Obtaining land and legal authority to use the site
  for its intended purpose;

  
	
   

  	
  ii.

  	
   

  	
  site grading including soil stabilization and the
  costs connected therewith;

  
	
   

  	
  iii.

  	
   

  	
  final grading, seeding, and mulching;

  
	
   

  	
  iv.

  	
   

  	
  site security, including any site fencing;

  
	
   

  	
  v.

  	
   

  	
  procuring boundary and topographic surveys;

  
	
   

  	
  vi.

  	
   

  	
  procuring soil borings and geotechnical reports;

  
	
   

  	
  vii.

  	
   

  	
  obtaining all operating permits, including any fees,
  bonding, and required testing;

  
	
   

  	
  viii.

  	
   

  	
  obtaining storm water runoff permit;

  
	
   

  	
  ix.

  	
   

  	
  obtaining any necessary pollutant elimination
  discharge permit;

  
	
   

  	
  x.

  	
   

  	
  obtaining a natural gas supply and service agreement
  and providing all gas piping to the use points, providing burner tip
  pressures as specified by Fagen, and supplying a digital flowmeter;

  
	
   

  	
  xi.

  	
   

  	
  securing temporary and permanent electrical service,
  including all infrastructure design and installation for any line/service
  extensions, substation, primary feed and metering system, and on-site
  electrical distribution system up to and including the service transformers;

  
	
   

  	
  xii.

  	
   

  	
  supplying a water source, storage, and water supply
  lines of appropriate quality and quantity;

  

 

 3
 

 

 

	
  

  	
  xiii.

  	
   

  	
  paying for a water pre-treatment system should the
  project require such a system (procurement and installation by Fagen);

  
	
   

  	
  xiv.

  	
   

  	
  providing wastewater discharge piping, septic tank
  and drainfield or connect to a municipal system as required for the sanitary
  sewer requirements of the Plant;

  
	
   

  	
  xv.

  	
   

  	
  providing and maintain required ditches and
  permanent roads;

  
	
   

  	
  xvi.

  	
   

  	
  constructing, furnishing, and equipping the
  administration building;

  
	
   

  	
  xvii.

  	
   

  	
  providing maintenance and power equipment and spare
  parts;

  
	
   

  	
  xviii.

  	
   

  	
  providing all rail design, engineering, and
  construction, including any railroad permits or approvals;

  
	
   

  	
  xix.

  	
   

  	
  supplying drawings of rail system and administration
  building to Fagen; and

  
	
   

  	
  xx.

  	
   

  	
  paying for the required fire protection system for
  the Plant (procurement and installation by Fagen).

  

 

(b)                                 Owner will enter into a Phase I and Phase II
Engineering Services Agreement with Fagen Engineering, LLC.  The Phase I and Phase II Engineering Services
Agreement will provide for commencement of 
work on the Phase I and Phase II engineering for the project as set
forth therein.  The Phase I engineering
shall consist of engineering and design of the Plant site and shall include:
property layout; grading, drainage and erosion control plan drawings; roadway
alignment drawings; culvert cross sections and details; and seeding and
landscaping, if required.  The Phase II
engineering shall consist of engineering and design of site work and utilities
for the Plant, all within the property line of the Plant, including: property
layout; site grading and drainage drawings; roadway alignment; all utility
layout including fire loop, potable water, well water if applicable, sanitary
sewer, utility water blowdown, and natural gas; geometric layout; site utility
piping tables; tank farm layout; tank farm details; sections and details
drawing, if required, and miscellaneous details drawing, if required.  Owner will pay Fagen Engineering, LLC [*] for
such engineering services pursuant to the terms of that agreement, the full
amount of which shall be included in and credited to the Contract Price.  Notwithstanding the foregoing sentence, if a
Notice to Proceed is not issued pursuant to the terms of the Design-Build
Agreement, or Financial Closing is not obtained, then Fagen Engineering,
LLC  shall keep the full amount paid
under the Phase I and Phase II Engineering Services Agreement as compensation
for the services provided thereunder.

(c)                                  Fagen
will provide reasonable assistance to Owner in obtaining Owner’s permits,
approvals and licenses.

* Portion omitted pursuant to a request for
confidential treatment and filed separately with the Securities and Exchange
Commission.

 4
 

 

(d)                                 Owner
will provide:  surveys describing the property’s
boundaries; geotechnical studies describing subsurface conditions; temporary
and permanent easements, zoning and other requirements and encumbrances to
enable Fagen to perform the work; a legal description of the site; as-built and
record drawings of any existing structures; environmental studies, reports, and
statements describing the environmental conditions, including hazardous
conditions at the site.

(e)                                  Owner
will be responsible for securing and executing all necessary real estate
agreements to secure the site and is responsible for all costs incurred in
obtaining those agreements.

(f)                                    Fagen
may subcontract portions of the work.

(g)                                 Fagen
will provide two (2) weeks of training for all of Owner’s employees and, if
applicable, Owner’s Operator’s employees required for the operation and
maintenance of the Plant.

(h)                                 Owner
must obtain Financial Closing prior to the issuance of a Notice to Proceed.

(i)                                     Owner
will pay all reasonable costs incurred by Fagen for frost removal so that
winter construction can proceed.  Such
costs will be in addition to, and not included in, the lump sum price.

(j)                                     All
drawings, specifications, calculations, data, notes and other materials and
documents, including electronic data furnished by Fagen to Owner under the
Design-Build Agreement (“Work Product”) will be instruments of service
and Fagen will retain the ownership and property interests therein, including
copyrights thereto.

(k)                                  Fagen
will utilize certain proprietary property and information of ICM, Inc., a
Kansas corporation (“ICM”), in the design and construction of the
project, and may incorporate proprietary property and information of ICM into
the project.  Owner’s use of the
proprietary property and information of ICM shall be governed by the terms and
provisions of a license agreement between Owner and ICM which shall be attached
as an exhibit to the Design-Build Agreement. 
Owner will be responsible for negotiating any requested changes to the
ICM license directly with ICM, not Fagen.

(l)                                     Upon
payment in full under the Design-Build Agreement, Fagen will grant Owner a
limited license to the Work Product for use in connection with the operation,
maintenance, and repair of the Plant including the interconnection of, but not
design of, any future expansions to the Plant. 
The limited license will not permit Owner to modify the Plant in any way
that would increase the distillation,

 5
 

 

dehydration or
evaporation capacity of the Plant.

(m)                               Work
will commence following receipt of Owner’s written valid notice to proceed (“Notice
to Proceed”).  The Notice to Proceed
cannot be given until [*].  If Notice to
Proceed is not issued within one hundred and eighty (180) days of the effective
date of the Design-Build Agreement, that agreement shall terminate, thus
releasing Fagen of all obligations.

(n)                                 Phase
I Design Package (Grading and Drainage) will be delivered to Owner prior to
February 5, 2007.

(o)                                 “Substantial
Completion” will be the date on which the Plant construction has been
completed to a point that the Plant is ready to grind the first batch of corn
for producing ethanol and begin operation for its intended use as a fifty (50)
MGY dry grind ethanol production facility. 
No production capacity is guaranteed on the Substantial Completion date,
but the Plant is largely completed as of that date.

(p)                                 Substantial
Completion will occur within Five Hundred and Forty-Five (545) days after the
date of the Notice to Proceed.

(q)                                 “Final
Completion” will be achieved once Owner reasonably determines that: Substantial
Completion has been achieved; any outstanding amounts owed by Fagen to Owner
have been paid; remaining items of work have been completed; clean-up of the site
has been completed; all permits required to have been obtained by Fagen have
been obtained; certain information including an affidavit stating that there
are no outstanding liens, a release from further compensation, consent to final
payment, and a hard copy of the as-built plans (which will remain Work Product)
has been provided to Owner; releases and waivers of all claims and liens from
Fagen and subcontractors have been provided; and the Performance Tests have
been successfully completed.  Final
Completion will occur no more than ninety (90) days after the actual Substantial
Completion date.  The 90-day period
between Substantial Completion and Final Completion will be tied directly to
actual Substantial Completion.  By way of
example, if Substantial Completion is achieved 10 days early, then the 90-day
period to Final Completion would begin on that earlier date.

(r)                                    Fagen
will demonstrate certain performance guarantee criteria through performance
testing performed following Substantial Completion but prior to Final
Completion (“Performance Tests”).   Air permit testing shall be done by a third party
contractor retained by Owner.

* Portion omitted pursuant to a request for
confidential treatment and filed separately with the Securities and Exchange
Commission.

 6
 

 

(s)                                  Owner
will take control of the Plant after completion and acceptance of the Performance
Tests.  The Performance Tests will be
completed by Owner’s personnel under Fagen’s direction.

(t)                                    The
aggregate liability of Fagen, its Subcontractors, vendors, suppliers, agents
and employees, to Owner (or any successor thereto or assignee thereof) for any
and all claims and/or liabilities arising out of or relating in any manner to
the work or to Fagen’s performance or non-performance of its obligations under
the Design-Build Agreement, whether based on contract, tort (including
negligence), strict liability, or otherwise, shall not exceed in the aggregate,
the Contract Price and shall be reduced, upon the issuance of each Application
for Payment, by the total value of such Application for Payment; provided,
however, that upon the earlier of Substantial Completion or such point in time
that requests for payment pursuant to the Design-Build Agreement have been made
for ninety percent (90%) of the Contract Price, Fagen’s aggregate liability
shall be limited to the greater of [*].

(u)                                 The
warranty period for work completed pursuant to the Design-Build Agreement will
extend for one year past Substantial Completion.  The Warranty will not apply to defects caused
by abuse, alterations, or failure to maintain the work by persons other than
Fagen or anyone for whose acts Fagen may be liable.  The warranty period will be extended one day
for each day that such part of the work repaired under such warranty is
malfunctioning or not in conformance with project requirements provided that
Owner must report such non-conformance or malfunction within seven (7) days of
the appearance of such non-conformance or malfunction.

(v)                                 Owner
will pay Fagen a mobilization fee in the amount of [*] at the earlier to occur
of financial closing or the issuance of a Notice to Proceed.

* Portion omitted pursuant to a request for
confidential treatment and filed separately with the Securities and Exchange
Commission.

 7
 

 

(w)                               Fagen
will request payment and Owner will pay Fagen in accordance with the following
procedures:

i.                  Fagen
will submit to Owner a request for payment (an “Application for Payment”)
on or before the twenty-fifth (25th) day of each month beginning with the first
month following the acceptance of Notice to Proceed.  Along with each Application for Payment,
Fagen will submit to Owner signed lien waivers for the work included in the
Application for Payment submitted for the immediately preceding pay period and
for which payment has been received.

ii.               The
Application for Payment will constitute Fagen’s representation that the work
has been performed consistent with the Transaction Documents and has progressed
to the point indicated in the Application for Payment.  No additional documentation will be provided to
Owner in support of the Application for Payment.  The work completed at the site and the
comparison of the Application for Payment against the Schedule of Values shall
provide sufficient substantiation to Owner of the accuracy of the Application
for Payment.  The Schedule of Values
subdivides the work into its respective parts, includes values for all items
comprising the work, and serves as the basis for the monthly progress payments.

iii.            The
Application for Payment may request payment for equipment and materials not yet
incorporated into the project only if
Owner is satisfied that the materials and equipment are suitably stored at the site
or elsewhere and are protected by suitable insurance.  Upon payment, Owner will receive title to
such equipment and materials.

iv.           Owner
shall make payment within ten (10) days of receipt of the Application for
Payment.  Failure to make such payment
will result in the accrual of interest at a rate of eighteen percent (18%) per
annum commencing five (5) days after the payment is due.  Failure to make such payment, except if due
to appropriate withholding of payment due to a good faith dispute, entitles
Fagen to stop work.

v.              If
Owner wishes to dispute any portion of the Application for Payment, Owner must
notify Fagen in writing at least five (5) days prior to the date payment is
due.  Such notice must state the specific
amounts Owner intends to withhold, the reasons and contractual basis for
withholding, and the specific measures Fagen must take to rectify Owner’s
concerns.  Regardless of a dispute as to
a portion of the Application for Payment, Owner must pay all undisputed amounts
by the payment due date.

vi.           Retainage on progress
payments made pursuant to the Design-Build Agreement will be capped at five
percent (5%) of the total price.  Owner
will retain ten percent (10%) of each payment up to a maximum of five percent (5%)
of the total Contract Price.  Once five
percent (5%) of the total price has been retained, Owner will not retain any
additional amounts

 8
 

 

from
subsequent payments.  Owner will release
retainage, less the amount equal to the value of subcontractor lien waivers not
yet obtained, upon completion of the Performance Tests.

vii.        Upon Final Completion,
Fagen will deliver to Owner a request for final payment.  Owner will make the final payment within thirty
(30) days after the receipt of such request. 
  Owner’s failure to make Final
Payment will void any and all warranties, whether express or implied, provided
by Fagen  pursuant to the Agreement.

(x)                                   Fagen
will not be responsible for any hazardous condition encountered at the site and
may stop work in an affected area until such hazardous condition is removed by
Owner.

(y)                                 Fagen
will not be responsible for differing site conditions including concealed or
latent physical conditions or subsurface conditions and will be entitled to a
price adjustment to the Contract Price to the extent that its cost and/or time
of performance is adversely impacted by the differing site conditions.

(z)                                   “Force
Majeure Events” shall mean any cause or event beyond the reasonable control
of, and without the fault or negligence of a Party claiming Force Majeure,
including, without limitation, an emergency, floods, earthquakes, hurricanes,
tornadoes, adverse weather conditions not reasonably anticipated or acts of
God; sabotage; vandalism beyond that which could reasonably be prevented by a
Party claiming Force Majeure; terrorism; war; riots; fire; explosion;
blockades; insurrection; strike; slow down or labor disruptions (even if such
difficulties could be resolved by conceding to the demands of a labor group);
economic hardship or delay in the delivery of materials or equipment that is
beyond the control of a Party claiming Force Majeure, and action or failure to
take action by any governmental authority after the effective date of the
Design-Build Agreement (including the adoption or change in any rule or
regulation or environmental constraints lawfully imposed by such governmental
authority), but only if such requirements, actions, or failures to act prevent
or delay performance; and inability, despite due diligence, to obtain any
licenses, permits, or approvals required by any governmental authority.

(aa)                            If Fagen
is delayed at any time in the commencement or progress of the work due to a
delay in the delivery of, or unavailability of, essential materials or labor to
the project as a result of a significant industry-wide economic fluctuation or
disruption beyond the control of and without the fault of Fagen or its subcontractors
which is experienced or expected to be experienced by certain markets providing
essential materials, equipment or labor to the project during the performance
of the work and such economic fluctuation or disruption adversely impacts  the price, availability, and delivery
timeframes of essential materials and equipment 
(such event an “Industry-Wide Disruption”), Fagen shall be
entitled to

 9
 

 

an equitable extension of the Contract Time on a
day-for-day basis equal to such delay. 
The Owner and Fagen shall undertake reasonable steps to mitigate the
effect of such delays.  Notwithstanding any
other provision to the contrary, Fagen shall not be liable to the Owner for any
expenses, losses or damages arising from a delay, or unavailability of,
essential materials or labor to the project as a result of an Industry-Wide
Disruption.

(bb)                          The Transaction
will be governed by the laws of the State of Minnesota.

4.               Exclusivity, No Solicitation or Negotiations.

(a)                                  Neither
Owner, nor its affiliates, shareholders, members or other equity owners, or
their officers, representatives, agents or employees will solicit or negotiate,
directly or indirectly, with any third party to obtain the services
contemplated by this Letter of Intent.

(b)                                 During
the term of this Letter of Intent the Owner agrees that Fagen will have the
exclusive right to provide to Owner the services contemplated by the Letter of
Intent. Developer and Owner will not disclose any information related to this
Letter of Intent to a competitor or prospective competitor of Fagen.

(c)                                  Should Owner choose to develop or pursue a
relationship with a company other than Fagen to provide the preliminary
engineering or design-build services for the project, then Owner will pay Fagen
One Million Dollars ($1,000,000.00) and reimburse Fagen for all expenses Fagen
has incurred in connection with the project based upon Fagen’s standard rate schedule
plus all third party costs incurred from the date of this Letter of
Intent.  Such expenses include, but are
not limited to, labor rates and reimbursable expenses such as legal charges for
document review and preparation, travel expenses, reproduction costs, long
distance phone costs, and postage.

(d)                                 In the event Fagen’s services are terminated
by Owner, title to the technical data, which may include preliminary
engineering drawings and layouts and proprietary process related information
will remain with Fagen and any copies thereof, will be returned to Fagen.

(e)                                  Owner acknowledges that the technical data
provided by Fagen under this Letter of Intent is preliminary and may not be
suitable for construction.  Owner agrees
that any use of such technical data following termination of Fagen’s services
will be at Owner’s sole risk.

5.               Confidentiality.  Owner will hold in confidence and will use
only for the purposes of completing the Transaction any and all confidential information
disclosed to it except that

 10
 

 

Owner may disclose
confidential information to its lenders, lenders’ agents, prospective
investors, advisors and/or consultants as may be reasonably necessary to enable
them to advise Owner on the Transaction, provided that any party to whom
confidential information is disclosed is informed of the existence of this
confidentiality obligation and agree to be obligated to keep such information
confidential.  The term “confidential
information” will mean (i) any and all information concerning the
Transaction, including that Fagen and Owner are negotiating the consummation of
the Transaction, and (ii) all information which Owner, directly or indirectly,
may acquire from Fagen, but confidential information will not include information
falling into any of the following categories:

(a)                                  information
that, at the time of disclosure hereunder, is in the public domain;

(b)                                 information
that, after disclosure hereunder, enters the public domain other than by breach
of this Agreement or the obligation of confidentiality;

(c)                                  information
that, prior to disclosure hereunder, was already in the Owner’s possession,
either without limitation on disclosure to others or subsequently becoming free
of such limitation;

(d)                                 information
obtained by the Owner from a third party having an independent right to
disclose this information; and

(e)                                  information
that is available through discovery by independent research without use of or
access to the confidential information acquired from Fagen.

Owner’s obligation
to maintain confidential information in confidence will be deemed performed if Owner
observes with respect thereto the same safeguards and precautions which Owner
observes with respect to its own confidential information of the same or
similar kind.  It will not be deemed to
be a breach of the obligation to maintain confidential information in
confidence if confidential information is disclosed upon the order of a court
or other authorized governmental entity, or pursuant to other legal requirements.  However, if Owner is required to file the
Transaction Documents or a portion thereof with a governmental entity, it
agrees that it will not do so without first informing Fagen of the requirement
and seeking confidential treatment of the Transaction Documents prior to filing
the documents or a portion thereof. 
Owner’s confidentiality obligations under this section shall survive the
expiration or termination of this Letter of Intent and shall be a legally
binding obligation of Owner for five (5) years following the later to occur of
termination of this Letter of Intent or completion of the Plant contemplated by
the Transaction Documents.

6.               Publicity. 
Neither Owner nor any of its affiliates, shareholders, subcontractors,
or vendors or their officers, representatives, agents and employees will issue
any press or publicity release or otherwise release, distribute, announce, or
disseminate any information for publication concerning the Transaction, the
existence of the negotiations among Fagen and Owner, the

 11
 

 

participation of
Fagen in the Transaction, or any other matter affecting Fagen hereunder,
without the prior written consent of Fagen, which consent may be withheld for
any reason, except where such press or publicity release is required by order
of a court or necessary or appropriate under the rules or regulations of any
governmental agency.

The Parties will
jointly agree on the timing and content of any public disclosure by Owner,
including but not limited to, press releases, relating to Fagen’s involvement
in Owner’s project, and no such disclosure
will be made without Fagen’s consent and approval, except as may be required by
applicable law.

7.               Disclaimer of Consequential Damages.  In no event will either Fagen or Owner be
liable to the other pursuant to this Letter of Intent, or for activities
conducted under this Letter of Intent, under any theory of recovery for any
indirect, special, incidental or consequential damages (including, without
limitation, loss of revenues or profits, loss of use, cost of replacement, cost
of capital and claims of customers, interest charges, or increased costs of
nature whatsoever) .

8.               Legal Effect.  Although
this Letter of Intent does not contain all matters upon which agreement must be
reached in order for the Transaction to be consummated, Fagen and Owner wish to
set forth, prior to the execution of the Transaction Documents, their mutual
agreement as to the material terms and conditions of the Transaction.  Each Party agrees to negotiate in good faith
towards entering into the written, definitive and legally binding Transaction
Documents containing, among other terms and conditions, those terms and
conditions set forth in this Letter of Intent including, without limitation,
those terms set forth in Paragraphs 2 and 3 hereof.  Notwithstanding the foregoing, the provisions
of this Paragraph and of Paragraphs 1, 4, 5, 6, 7, 10, 11, 13, 16 and 17 hereof
are agreed to be legally binding obligations of the Parties upon the execution
and acceptance of this Letter of Intent.

9.               Negotiation of Definitive Agreements. The
Transaction Documents will contain reasonable terms and conditions regarding
releases, payment obligations, cooperation as to tax planning and structuring,
other financial matters, legal opinions, confidentiality, limitations of
liability, assignment, breach, dispute resolution, events of default, remedies,
representations, warranties, indemnifications and other provisions customary
for similar transactions. Time is of the essence in the performance of this
Letter of Intent in all respects.

10.         Termination.  This Letter of Intent will terminate on December
31, 2007 unless the basic size and design of the Plant have been determined and
mutually agreed upon, a specific site or sites have been determined and
mutually agreed upon, and at least 10% of the necessary equity has been raised.
This date may be extended upon mutual written agreement of the Parties.  Furthermore, unless otherwise agreed to by
the Parties, this Letter of Intent will terminate:

(a)                                  at
the option of either Fagen or Owner if the Design-Build Agreement is not

 12
 

 

completed and executed
by the Closing Date; or

(b)                                 upon
the execution and delivery of the Transaction Documents.

11.         Governing Law.  This Letter of Intent is governed by, and
will be construed and interpreted in accordance with the laws of the State of
Minnesota, without regard to any conflicts of law or choice of law rules.

12.         Expenses. 
Except as set forth in Paragraph 4(c) above, unless otherwise agreed by
Fagen and Owner, each Party will bear its own expenses in connection with the
negotiation and execution of definitive documentation for the transactions
contemplated herein.

13.         Indemnification.  Each Party will indemnify, defend and hold
harmless the other Party and its respective agents, servants, officers,
directors, employees and affiliates from and against any loss, cost, liability,
claim, damage, expense (including reasonable attorneys’ and consultants’ fees
and disbursements), penalty or fine incurred in connection with any claim or
cause of action arising from or in connection with this Letter of Intent to the
extent caused by the negligence, misrepresentation, fraud, fault or misconduct
of the indemnifying Party.

14.         Assignability; Binding Effect; Benefit.  This
Letter of Intent will inure to the benefit of and be binding upon the Parties
and their respective successors and assigns. 
Nothing in this Letter of Intent, either expressed or implied, is
intended to confer on any person other than the Parties and their respective
successors and permitted assigns, any rights, remedies, obligations or
liabilities under or by reason of this Letter of Intent.

15.         Further Action. Each Party agrees to execute and deliver all
further instruments, legal opinions and documents, and take all further action
not inconsistent with the provisions of this Letter of Intent that may be
reasonably necessary to complete performance of the Parties’ obligations
hereunder and to effectuate the purposes and intent of this Letter of Intent.

16.         Amendments.  The Parties agree that this Letter of Intent
may be modified only by written agreement by the Parties.

17.         Integration; Letter of Intent.  This Letter of Intent represents the entire
understanding between the Parties in relation to the subject matter hereof, and
supersedes any and all previous agreements, arrangements or discussions between
the Parties (whether written or oral) in respect of the subject matter
hereof.  No change, amendment or
modification of this Letter of Intent will be valid or binding upon the Parties
unless such change, amendment or modification will be in writing and duly
executed by both Parties.

18.         No Representation, Warranties or Covenants. 
Nothwithstanding anything contained herein to the contrary, Fagen is not
making any representation, warranty or covenant of any kind with respect to any
design, engineering or construction scheduling, or with respect to

 13
 

 

projections, estimates or budgets heretofore delivered to or made
available to Owner of future revenues, expenses or expenditures, future results
of operations (or any component thereof) or the future business and operations
of the Owner, nor any other commitments or assurances except as may be provided
in the Transaction Documents.

19.         Counterparts.  This Letter of Intent may be executed in one
or more counterpart, each of which when so executed and delivered will be
deemed an original, but all of which taken together constitute one and the same
instrument.  Signatures which have been
affixed and transmitted by facsimile or other electronic means will be binding
to the same extent as an original signature, although the Parties contemplate
that a fully executed counterpart with original signatures will be delivered to
each Party.

If the foregoing
terms accurately reflect your understanding of our discussions and are
acceptable to you, please sign and return the enclosed counterpart of this Letter
of Intent to the undersigned.

	
   

  	
   

  	
  Yours sincerely,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  FAGEN, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  /s/ Ron Fagen

  	
   

  
	
   

  	
   

  	
  By:

  	
  Ron Fagen

  	
   

  
	
   

  	
   

  	
  Title:

  	
  President and CEO

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Accepted and agreed to this

  	
  7th

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  day of

  	
  June

  	
  , 2006.

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  HIGHWATER ETHANOL, LLC

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  /s/ Brian
  Kletscher

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
												

 

 14

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