Document:

Exhibit
4.1

CERTIFICATE
OF MEMBERSHIP UNITS

	
  Number

   

   

  
                                           

  

   

  	
  

  	
  Membership

  Units

   

  
                                           

  

   

  

 

HIGHWATER ETHANOL, LLC

A
Limited Liability Company

Organized
Under the Laws of the State of Minnesota

 

THIS CERTIFIES THAT 
                                                             is/are
the owner(s) of                         
UNITS (                       )
of the Membership Units of Highwater Ethanol, LLC, a Minnesota limited
liability company (the “Company). 
Changes in the actual Membership Units held by the Members are reflected
in the Certificate of Registration of the Company.

The Membership Units
represented by this Certificate may not be transferred or assigned except in
compliance with the Member Control Agreement of the Company, a copy of which is
available at the principal office of the Company.

IN WITNESS WHEREOF, the
Company has caused this Certificate to be signed by its duly authorized
President and Secretary as of this         
day of                 ,
20  .

	
   

  	
   

  	
   

  	
   

  	
   

  
	
  

  	
  Brian D. Kletscher, President

  	
  Timothy James VanDerWal, Secretary

  

 

 

 

FOR VALUE
RECEIVED,                                  
hereby sell, assign, and transfer unto                                    Units
represented by the within Certificate, and do hereby irrevocably constitute and
appoint                                   
Attorney to transfer the said Units on the books of the within named Company
with full power of substitution in the premises.

	
  Dated

  	
   

  	
  ,

  	
   

  	
  .

  

 

In
Presence of

	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

THE TRANSFERABILITY OF THE MEMBERSHIP UNITS
REPRESENTED BY THIS CERTIFICATE IS RESTRICTED. 
SUCH UNITS MAY NOT BE SOLD, ASSIGNED, OR TRANSFERRED, AND NO ASSIGNEE,
VENDEE, TRANS­FEREE OR ENDORSEE THEREOF WILL BE RECOGNIZED AS HAVING ACQUIRED
ANY SUCH UNITS FOR ANY PURPOSES, UNLESS AND TO THE EXTENT SUCH SALE, TRANSFER,
HYPOTHECATION, OR ASSIGNMENT IS PERMITTED BY, AND IS COMPLETED IN STRICT
ACCORDANCE WITH, APPLICABLE FEDERAL AND STATE LAW AND THE TERMS AND CONDITIONS
SET FORTH IN THE MEMBER CONTROL AGREEMENT OF THE COMPANY, AS AMENDED FROM TIME
TO TIME.

THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT
BE SOLD, OFFERED FOR SALE OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND UNDER APPLICABLE
STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY
THAT SUCH TRANSACTION IS EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT OF
1933, AS AMENDED, AND UNDER APPLICABLE STATE SECURITIES LAWS.Exhibit 4.2

HIGHWATER
ETHANOL, LLC

SUBSCRIPTION AGREEMENT

Limited Liability Company Membership Units

$10,000 per
Unit

Minimum
Investment of 1 Unit ($10,000)

1 Unit Increments Thereafter
($10,000)

The undersigned subscriber (“Subscriber”), desiring to
become a member Highwater Ethanol, LLC (“Highwater Ethanol”), a Minnesota
limited liability company, with its principal place of business at 205 S. Main
Street, PO Box 96, Lamberton, Minnesota 56152 hereby subscribes for the
purchase of membership units of Highwater Ethanol, and agrees to pay the
related purchase price, identified below.

A.                                   SUBSCRIBER
INFORMATION.   Please print your individual or entity name and address.  If we accept your subscription, the units
will be titled in the name of the subscriber as it appears below.  Joint subscribers should provide both
names.  Your name and address will be
recorded exactly as printed below. 
Please provide your home, business and/or mobile telephone number.  If desired, please also provide your e-mail
address.

	
  1.

  	
  Subscriber’s Printed Name 

  	
   

  
	
  2.

  	
  Title, if applicable

  	
   

  
	
  3.

  	
  Subscriber’s Address

  	
   

  
	
   

  	
  Street 

  	
   

  
	
   

  	
  City,
  State, Zip Code

  	
   

  
	
  4.

  	
  E-mail Address

  	
   

  
	
  5.

  	
  Home Telephone Number

  	
   

  
	
  6.

  	
  Business Telephone Number

  	
   

  
	
  7.

  	
  Mobile Telephone Number

  	
   

  

 

B.                                     NUMBER
OF UNITS PURCHASED. You
must purchase at least 1 unit.  The
minimum number of units to be sold is 4,000 and the maximum number of units to be
sold in the offering is 4,614.

	
  

  	
   

  	
   

  
	
  Unit(s)

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

C.                                     PURCHASE PRICE.  Indicate the dollar amount of your investment
(minimum investment is $10,000).

	
  1.  Total Purchase Price

  ($10,000 per unit
  multiplied

  by number of units)

  	
  =

  	
  2.  1st Installment

  (10% of Total Purchase
  Price)

  	
  +

  	
  3.  2nd Installment

  (90% of Total Purchase
  Price)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  =

  	
   

  	
  +

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

D.                                    GENERAL INSTRUCTIONS FOR SUBSCRIBERS:

You
should read the Prospectus dated [DATE OF EFFECTIVENESS] (the “Prospectus”) in
its entirety including the exhibits for a complete explanation of an investment
in Highwater Ethanol.

INSTRUCTIONS IF YOU ARE
SUBSCRIBING PRIOR TO THE
COMPANY’S RELEASE OF FUNDS FROM ESCROW:  If you are subscribing prior to the Company’s
release of funds from escrow, you must follow the instructions contained in
paragraphs 1 through 5 below:

 1
 

 

1.                                      Complete
all information required in this Subscription Agreement, and date and sign the
Subscription Agreement on page 6 and the Member Signature Page to our Member
Control Agreement attached to this Subscription Agreement as Exhibit A.

2.                                      Immediately
provide a personal (or business) check for the first installment of ten percent
(10%) of your investment amount.  The
check should be made payable to “Minnwest Bank, Redwood
Falls, MN, escrow agent for Highwater Ethanol, LLC.”  You will determine this amount in box C.2 on
page 1 of this Subscription Agreement.

3.                                     Execute
the Promissory Note and Security Agreement on page 7 of this Subscription
Agreement evidencing your commitment to pay the remaining ninety percent (90%)
due for the units.  The Promissory Note and
Security Agreement is attached to this Subscription Agreement and grants
Highwater Ethanol, LLC a security interest in your units.

4.                                     Deliver
the original executed documents referenced in paragraphs 1 and 3 of these
instructions, together with a personal or business check as described in
Paragraph 2 of these instructions to:

Highwater Ethanol, LLC

205
S. Main Street, PO Box 96

Lamberton,
Minnesota 56152

5.                                     Within
20 days of written notice from Highwater Ethanol that your subscription has
been accepted, you must remit an additional personal (or business) check for
the second installment of ninety percent (90%) of your investment amount made
payable to “Minnwest Bank, Redwood Falls, MN, escrow
agent for Highwater Ethanol, LLC” in satisfaction of the Promissory
Note and Security Agreement.  You will
determine this amount in box C.3 on page 1 of this Subscription Agreement.  You must deliver this check to the same
address set forth above in paragraph 4 within twenty (20) days of the date of
Highwater Ethanol’s written notice. If you fail to pay the second installment
pursuant to the Promissory Note and Security Agreement, Highwater Ethanol shall
be entitled to retain your first installment and to seek other damages, as
provided in the Promissory Note and Security Agreement.  This means that if you are unable to pay the
90% balance of your investment amount within 20 days of our notice, you may
have to forfeit the 10% cash deposit.

Your funds will be placed in Highwater Ethanol’s
escrow account at Minnwest Bank, Redwood Falls, MN.  The funds will be released to Highwater
Ethanol or returned to you in accordance with the escrow arrangements described
in the Prospectus.  Highwater Ethanol
may, in its sole discretion, reject or accept any part or all of your subscription.  If Highwater Ethanol rejects your
subscription, your Subscription Agreement and investment will be promptly
returned to you, plus nominal interest, minus escrow fees.  Highwater Ethanol may not consider the
acceptance or rejection of your subscription until a future date near the end
of this offering.

INSTRUCTIONS IF YOU ARE
SUBSCRIBING AFTER THE
COMPANY’S RELEASE OF FUNDS FROM ESCROW:  If you are subscribing after the Company’s release
of funds from escrow, you must follow the instructions contained in paragraphs
1 through 3 below:

1.                                      Complete
all information required in this Subscription Agreement, and date and sign the
Subscription Agreement on page 6 and the Member Signature Page to our Member
Control Agreement attached to this Subscription Agreement as Exhibit A.

2.                                      Immediately
provide your personal (or business) check for the entire amount of your
investment (as determined in box C.1 on page 1) made payable to “Highwater Ethanol, LLC.”

3.                                     Deliver
the original executed documents referenced in paragraph 1 of these
instructions, together with your personal or business check as described in
paragraph 2 to:

Highwater Ethanol, LLC

205 S. Main Street, PO Box 96

Lamberton, Minnesota 56152

If you are
subscribing after we have released funds from escrow and we accept your
investment, your funds will be immediately at-risk as described in the
Prospectus.  Highwater Ethanol may, in its sole discretion, reject or accept any part
or all of your subscription.  If
Highwater Ethanol rejects your subscription, your Subscription Agreement and

 2
 

 

investment will be returned to you promptly, plus nominal interest, minus
escrow fees.  Highwater Ethanol may not
consider the acceptance or rejection of your subscription until a future date
near the end of this offering.

You may direct your questions to any of our governors
listed below or to Highwater Ethanol at (507) 752-6160.

	
  NAME

  	
   

  	
  POSITION

  	
   

  	
  PHONE NUMBER

  
	
  Brian D.
  Kletscher

  	
   

  	
  President and
  Governor

  	
   

  	
  507-762-3376

  
	
  John Michael
  Schueller

  	
   

  	
  Vice President
  and Governor

  	
   

  	
  507-342-5621

  
	
  Jason Ray Fink

  	
   

  	
  Treasurer and
  Governor

  	
   

  	
  507-637-4355

  
	
  Timothy James
  Van Der Wal

  	
   

  	
  Secretary and
  Governor

  	
   

  	
  507-342-5187

  

 

E.                                      Additional Subscriber Information.  Subscriber, named above, certifies
the following under penalties of perjury:

1.                                       Form of Ownership.  Check the appropriate box (one only) to
indicate form of ownership. If the subscriber is a Custodian, Corporation,
Partnership or Trust, please provide the additional information requested.

o                                    Individual

o                                    Joint
Tenants with Right of Survivorship (Both signatures must appear on page 6.)

o                                    Corporation,
Limited Liability Company or Partnership (Corporate Resolutions, Operating
Agreement or Partnership Agreement must be enclosed.)

o                                    Trust

     Trustee’s Name: ______________________________________________________________

     Trust Date: __________________________________________________________________

o                                    Other:
Provide detailed information in the space immediately below.

______________________________________________________________________________

______________________________________________________________________________

 

2.                                       Subscriber’s Taxpayer Information.  Check the appropriate box if you are a
non-resident alien, a U.S. Citizen residing outside the United States, and/or
subject to backup withholding.  All
individual subscribers should provide their Social Security Numbers.  Trusts should provide the trust’s taxpayer
identification number.  Custodians should
provide the minor’s Social Security Number. 
Other entities should provide the entity’s taxpayer identification
number.

o                                    Check
box if you are a non-resident alien

o                                    Check
box if you are a U.S. citizen residing outside of the United States

o                                    Check
this box if you are subject to backup withholding

Subscriber’s
Social Security No. __________________________________________________________

Joint Subscriber’s
Social Security No. ______________________________________________________

Taxpayer Identification No.
______________________________________________________________

3.                                       Member Report Address.  If you would like duplicate copies of member
reports sent to an address that is different than the address identified in
section A, please complete this section.

Address: 
_____________________________________________________________________________

               
_____________________________________________________________________________

4.                                       State of Residence.

State
of Principal Residence:
______________________________________________________________

State
where driver’s license is issued:
_______________________________________________________

State where resident
income taxes are filed: __________________________________________________

State(s) in which you
have maintained your principal residence during the past three years:

	
  a.

  	
   

  	
  b.

  	
   

  	
  c.

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

 3
 

 

5.                                       Suitability Standards.  You cannot invest in Highwater Ethanol unless
you meet one of the following suitability tests (a or b) set forth below.  Please review the suitability tests and check
the box next to the following suitability test that you meet.  For husbands and wives purchasing jointly,
the tests below will be applied on a joint basis.

a.  o                     I
(We) have annual income from whatever source of at least $45,000 and a
net worth of at least $45,000, exclusive of home, furnishings and automobiles;
or

b.  o                    I
(We) have a net worth of at least $100,000, exclusive of home, furnishings and
automobiles.

6.                                       Subscriber’s Representations and Warranties.  You must read and certify your representations
and warranties by placing your initials where indicated and by signing and
dating this Subscription Agreement.  Joint
subscribers are also required to initial and sign as indicated.

(Initial here)
(Joint initials) By signing below the subscriber represents and warrants to
Highwater Ethanol that he, she or it:

                                           a.      has
received a copy of Highwater Ethanol’s Prospectus dated [DATE OF EFFECTIVENESS]
and the exhibits thereto or has received notice that this sale has been made
pursuant to a registration statement in which a final prospectus would have
been required to have been delivered in the absence of Rule 172;

                                           b.     has been informed that the units of Highwater
Ethanol are offered and sold in reliance upon a federal securities
registration; state registrations in Arkansas, Florida, Georgia,
Illinois, Iowa, Kansas, Louisiana, Minnesota, Missouri, South Dakota, and
Wisconsin; and exemptions from
securities registrations in various other states, and understands that the
units to be issued pursuant to this subscription agreement can only be sold to
a person meeting requirements of suitability;

                                           c.      has been informed that the securities
purchased pursuant to this Subscription 
Agreement have not been registered under the securities laws of any
state other than Arkansas, Florida, Georgia, Illinois, Iowa, Kansas,
Louisiana, Minnesota, Missouri, South Dakota, and Wisconsin and that Highwater Ethanol is relying in
part upon the representations of the undersigned Subscriber contained herein;

                                           d.     has been informed that the securities
subscribed for have not been approved or disapproved by the SEC, or the Arkansas,
Florida, Georgia, Illinois, Iowa, Kansas, Louisiana, Minnesota, Missouri, South
Dakota, and Wisconsin Securities
Departments or any other regulatory authority, nor has any regulatory authority
passed upon the accuracy or adequacy of the Prospectus;

                                           e.      intends
to acquire the units for his/her/its own account without a view to public
distribution or resale and that he/she/it has no contract, undertaking,
agreement or arrangement to sell or otherwise transfer or dispose of any units
or any portion thereof to any other person;

                                           f.        understands
that there is no present market for Highwater Ethanol’s membership units, that
the membership units will not trade on an exchange or automatic quotation
system, that no such market is expected to develop in the future and that there
are significant restrictions on the transferability of the membership units;

                                           g.     has
been encouraged to seek the advice of his legal counsel and accountants or
other financial advisers with respect to investor-specific  tax and/or other considerations relating to
the purchase and ownership of units;

                                           h.     has
received a copy of the Highwater Ethanol Member Control Agreement, dated May 4,
2006, and understands that upon closing the escrow by Highwater Ethanol, the
subscriber and the membership units will be bound by the provisions of the
Member Control Agreement which contains, among other things, provisions that
restrict the transfer of membership units;

                                           i.         understands
that the units are subject to substantial restrictions on transfer under
certain tax and securities laws along with restrictions in the Highwater
Ethanol Member Control Agreement, and agrees that if the membership units or
any part thereof are sold or distributed in the future, the subscriber shall
sell or distribute them pursuant to the terms of the Member Control Agreement,
and the requirements of the Securities Act of 1933, as amended, and applicable
tax and securities laws;

                                           j.         meets
the suitability test marked in Item E.5 above and is capable of bearing the
economic risk of this investment, including the possible total loss of the
investment;

 4
 

 

                                           k.      understands
that Highwater Ethanol will place a restrictive legend on any certificate
representing any unit containing substantially the following language as the
same may be amended by the Governors of Highwater Ethanol in their sole
discretion:

THE TRANSFERABILITY OF
THE COMPANY UNITS REPRESENTED BY THIS DOCUMENT IS RESTRICTED.  SUCH UNITS MAY NOT BE SOLD, ASSIGNED, OR
TRANSFERRED, NOR WILL ANY ASSIGNEE, VENDEE, TRANSFEREE, OR ENDORSEE THEREOF BE
RECOGNIZED AS HAVING ACQUIRED ANY SUCH UNITS FOR ANY PURPOSES, UNLESS AND TO
THE EXTENT SUCH SALE, TRANSFER, HYPOTHECATION, OR ASSIGNMENT IS PERMITTED BY,
AND IS COMPLETED IN STRICT ACCORDANCE WITH, THE TERMS AND CONDITIONS SET FORTH
IN THE MEMBER CONTROL AGREEMENT AND AGREED TO BY EACH MEMBER.

THE UNITS REPRESENTED BY THIS CERTIFICATE MAY NOT BE
SOLD, OFFERED FOR SALE, OR TRANSFERRED IN ABSENCE OF AN EFFECTIVE REGISTRATION
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND UNDER APPLICABLE STATE
SECURITIES LAWS.

                                           l.         understands
that, to enforce the above legend, Highwater Ethanol may place a stop transfer
order with its registrar and stock transfer agent (if any) covering all
certificates representing any of the membership units;

                                           m.   may
not transfer or assign this Subscription Agreement, or any of the subscriber’s
interest herein without the prior written consent of Highwater Ethanol;

                                           n.     has
written his, her, or its correct taxpayer identification number under Item E.2
on this Subscription Agreement;

                                           o.     is
not subject to back up withholding either because he, she or it has not been
notified by the Internal Revenue Service (“IRS”) that he, she or it is subject
to backup withholding as a result of a failure to report all interest or
dividends, or the IRS has notified him, her or it that he is no longer subject
to backup withholding (Note this clause (p) should be crossed out if the backup
withholding box in Item E.2 is checked);

                                           p.     understands
that execution of the attached Promissory Note and Security Agreement will
allow Highwater Ethanol or its assigns to pursue the obligor for payment of the
amount due thereon by any legal means, including, but not limited to,
acquisition of a judgment against the obligor in the event that the subscriber defaults
on that Promissory Note and Security Agreement; and

                                           q.     acknowledges
that Highwater Ethanol may retain possession of certificates representing
subscriber’s units to perfect its security interest in those units.

 5
 

 

 

	
  Signature of Subscriber/Joint Subscriber:

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
  Date:

  	
   

  	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
  Individuals:

  	
  Entities:

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	
   

  	 

	
  Name of Individual Subscriber (Please Print)

  	
  Name of Entity (Please Print)

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	
   

  	 

	
  Signature of Individual

  	
  Print Name and Title of Officer

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	
   

  	 

	
  Name of Joint Individual Subscriber (Please Print)

  	
  Signature of Officer

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	
   

  	 

	
  Signature of Joint Individual Subscriber

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
  ACCEPTANCE OF SUBSCRIPTION BY
  HIGHWATER ETHANOL, LLC:

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
  Highwater Ethanol, LLC hereby accepts Subscriber’s
  subscription for

  	
   

  	
  units.

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
  Dated this

  	
   

  	
  day of

  	
   

  	
  , 200

  	
   

  	
  .

  	
   

  	
   

  
	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
  HIGHWATER ETHANOL, LLC

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
  By:

  	
   

  	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
  Its:

  	
   

  	
   

  	
   

  	
   

  	 

																			

 

 6
 

 

PROMISSORY
NOTE AND SECURITY AGREEMENT

	
  Date of Subscription
  Agreement:

  	
   

  	
   , 200

  	
   

  	
  .

  

 

$10,000 per
Unit

Minimum Investment of 1 Unit
($10,000); Units Sold in 1 Unit Increments Thereafter ($10,000 each)

	
  

  	
   

  	
   

  	
  Number of Units Subscribed

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Total Purchase Price ($10,000 per unit multiplied by
  number of units subscribed)

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (                                     )

  	
   

  	
  Less Initial Payment (10% of Principal Amount)

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Principal Balance

  

 

FOR VALUE RECEIVED, the undersigned hereby promises to
pay to the order of Highwater Ethanol, LLC, a Minnesota limited liability
company (“Highwater Ethanol”), at its principal office located at 205 S. Main
Street, PO Box 96, Lamberton, Minnesota 56152, or at such other place as required by Highwater
Ethanol, the Principal Balance set forth above in one lump sum to be paid without
interest within 20 days following the call of the Highwater Ethanol Board of
Governors, as described in the Subscription Agreement.  In the event the undersigned fails to timely
make any payment owed, the entire balance of any amounts due under this full
recourse Promissory Note and Security Agreement shall be immediately due and
payable in full with interest at the rate of 12% per annum from the due date
and any amounts previously paid in relation to the obligation evidenced by this
Promissory Note and Security Agreement may be forfeited at the discretion of
Highwater Ethanol.

The undersigned agrees to pay to Highwater Ethanol on
demand, all costs and expenses incurred to collect any indebtedness evidenced
by this Promissory Note and Security Agreement, including, without limitation,
reasonable attorneys’ fees.  This
Promissory Note and Security Agreement may not be modified orally and shall in
all respects be governed by, construed, and enforced in accordance with the
laws of the State of Minnesota.

The provisions of this Promissory Note and Security
Agreement shall inure to the benefit of Highwater Ethanol and its successors
and assigns, which expressly reserves the right to pursue the undersigned for
payment of the amount due thereon by any legal means in the event that the
undersigned defaults on obligations provided in this Promissory Note and
Security Agreement.

The undersigned waives presentment, demand for
payment, notice of dishonor, notice of protest, and all other notices or
demands in connection with the delivery, acceptance, performance or default of
this Promissory Note and Security Agreement.

The undersigned grants to Highwater Ethanol, and its
successors and assigns (“Secured Party”), a purchase money security interest in
all of the undersigned’s membership units of Highwater Ethanol now owned or
hereafter acquired. This security interest is granted as non-exclusive
collateral to secure payment and performance on the obligation owed Secured
Party from the undersigned evidenced by this Promissory Note and Security
Agreement. The undersigned further authorizes Secured Party to retain
possession of certificates representing such membership units and to take any
other actions necessary to perfect the security interest granted herein.

	
  Dated:

  	
   

  	
  , 200

  	
   

  	
  .

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  OBLIGOR/DEBTOR:

  	
   

  	
  JOINT OBLIGOR/DEBTOR:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Printed or Typed
  Name of Obligor

  	
   

  	
  Printed or Typed Name of Joint Obligor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  (Signature)

  	
   

  	
   

  	
  (Signature)

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Officer Title if
  Obligor is an Entity

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Address of
  Obligor

  	
   

  	
   

  
										

 

 7

 

Exhibit A

MEMBER
SIGNATURE PAGE

ADDENDUM TO THE

MEMBER CONTROL AGREEMENT

OF HIGHWATER ETHANOL, LLC

The undersigned does hereby warrant, represent,
covenant and agree that:  (i) the
undersigned, as a condition to becoming a Member in Highwater Ethanol, LLC, has
received a copy of the Member Control Agreement dated May 4, 2006, and, if
applicable, all amendments and modifications thereto; (ii) the undersigned
shall be subject to and comply with all terms and conditions of such Member
Control Agreement in all respects, as if the undersigned had executed said
Member Control Agreement on the original date thereof; and (iii) the
undersigned is and shall be bound by all of the provisions of said Member
Control Agreement from and after the date of execution of this Addendum.

	
  Individuals:

  	
  Entities:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Name of Individual Member (Please Print)

  	
  Name of Entity (Please Print)

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Signature of Individual

  	
  Print Name and Title of Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Name of Joint Individual Member (Please Print)

  	
  Signature of Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Signature of Joint Individual Member

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Agreed to and accepted on behalf of the

  	
   

  	
   

  
	
  Company and its Members:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  HIGHWATER ETHANOL, LLC

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Its:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00110-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00110-of-00352.parquet"}]]