Document:

EX-10.2

 Exhibit 10.2 

EXECUTION VERSION 

AMENDMENT NO. 2 TO CREDIT AGREEMENT 

This AMENDMENT NO. 2 TO CREDIT AGREEMENT, dated as of January 17, 2020 (this “Amendment”), is entered into among
INTERNATIONAL FLAVORS & FRAGRANCES INC. (the “Company”), the Lenders signatory hereto and MORGAN STANLEY SENIOR FUNDING, INC., as administrative agent (in such capacity, the “Agent”). 

WHEREAS, the Company, the Lenders from time to time party thereto and the Agent have entered into that certain Term Loan Credit Agreement,
dated as of June 6, 2018 (as amended prior to the date hereof, the “Credit Agreement”). 
 WHEREAS, pursuant to
Section 9.01 of the Credit Agreement, the Company, the Lenders party hereto (constituting the Required Lenders) and the Agent have agreed to amend the Credit Agreement as provided for herein. 

NOW, THEREFORE, in consideration of the mutual execution hereof and other good and valuable consideration, the parties hereto hereby agree as
follows: 
 1. Defined Terms. Capitalized terms used herein and not otherwise defined herein have the meanings given in the Credit
Agreement. 
 2. Amendment. Upon satisfaction of the conditions set forth in Section 3 hereof, the Credit Agreement is hereby
amended as follows: 
 (a) Section 1.01 of the Credit Agreement is hereby amended by adding the following
definitions thereto, in the appropriate alphabetical order: 
 “Amendment No. 1” means that certain
Amendment No. 1 to Credit Agreement, dated as of July 13, 2018, among the Company, certain Lenders signatory thereto and the Agent. 

“Amendment No. 2” means that certain Amendment No. 2 to Credit Agreement, dated as of January 17,
2020, among the Company, certain Lenders signatory thereto and the Agent. 
 “Neptune” means Nutrition &
Biosciences, Inc., a Delaware corporation and any successor by merger thereto pursuant to the Neptune Transactions. 
 “Neptune
Acquisition Agreement” means that certain Agreement and Plan of Merger, dated as of December 15, 2019 (together with the exhibits and schedules thereto), among DuPont de Nemours, Inc., Nutrition & Biosciences, Inc., the
Company and Neptune Merger Sub I Inc., a wholly owned subsidiary of the Company, as amended and in effect from time to time. 

“Neptune Closing Date” means the date on which the spin-off of Neptune from DuPont de
Nemours, Inc. and the acquisition of Neptune by the Company contemplated in the Neptune Acquisition Agreement and the Neptune Separation Agreement are consummated in accordance with the terms of the Neptune Acquisition Agreement and the Neptune
Separation Agreement, as applicable. 

 “Neptune Debt” means any Debt in an aggregate principal amount in excess of
$250,000,000 incurred by Neptune or any other Subsidiary of the Company for the purposes of financing the Neptune Transactions. 

“Neptune Separation Agreement” means that certain Separation and Distribution Agreement, dated as of December 15, 2019
(together with the exhibits and schedules thereto), by and among DuPont de Nemours, Inc., Nutrition & Biosciences, Inc., and the Company, as amended and in effect from time to time. 

“Neptune Transactions” means the transactions contemplated by the Neptune Acquisition Agreement and the Neptune Separation
Agreement and the other transactions related to the foregoing. 
 “Subsidiary Guarantor” means any Subsidiary of the Company
that has become party to a Subsidiary Guaranty from time to time. 
 “Subsidiary Guaranty” means a guaranty of the
Company’s obligations hereunder by one or more Subsidiaries of the Company in favor of the Agent and the Lenders, in form and substance reasonably satisfactory to the Agent and the Company. 

(b) Section 1.01 of the Credit Agreement is hereby amended by amending and restating the definition of “Loan
Documents” to read as follows: 
 “Loan Documents” shall mean this Agreement, Amendment No. 1, Amendment
No. 2, any Subsidiary Guaranty and any Note. 
 (c) Section 1.01 of the Credit Agreement is hereby amended by amending clause
(l) of the definition of “EBITDA” to add the words “and the Neptune Transactions” after the words “costs and expenses incurred in connection with the Transactions”. 

(d) Section 5.01 of the Credit Agreement is hereby amended by adding the following new clause (j) at the end
thereof: 
 (j) Subsidiary Guarantors. The Company shall immediately notify the Agent upon the Company becoming a guarantor of any
Neptune Debt, and concurrently therewith, the Company shall cause Neptune and/or the applicable Subsidiary that in each case incurred such Neptune Debt to (i) become a Subsidiary Guarantor by executing and delivering to the Agent a counterpart
of (or a supplement to) the Subsidiary Guaranty and (ii) deliver to the Agent documents of the types referred to in clauses (c), (f), (g) and (h) of Section 3.01, all in form and substance reasonably satisfactory to the Agent. Each
Subsidiary Guarantor shall be automatically released from its obligations under any Subsidiary Guaranty upon either (x) such Subsidiary Guarantor ceasing to be a Subsidiary of the Company as a result of a transaction permitted hereunder or
(y) the Company ceasing to guarantee any Neptune Debt of such Subsidiary Guarantor. The Lenders irrevocably authorize the Agent (1) to enter into any Subsidiary Guaranty and (2) to, at the sole expense of the Company, execute and
deliver any documentation reasonably requested by the Company or any Subsidiary Guarantor to evidence any release in accordance with the immediately preceding sentence. 

  
 2 

 (e) Section 5.02(b) of the Credit Agreement is hereby amended by
amending and restating the last paragraph thereof to read as follows: 
 provided, in each case, that no Event of Default shall have
occurred and be continuing at the time of such proposed transaction or would result therefrom; provided further that notwithstanding anything to the contrary in this Section 5.02(b), (x) the Palate Acquisition and (y) the Neptune
Transactions shall be permitted. 
 (f) Section 5.02(e) of the Credit Agreement is hereby amended by adding the
following new clause (x) at the end thereof (and deleting “and” at the end of clause (viii) and deleting the period at the end of clause (ix) and inserting “; and”): 

(x) Debt of Subsidiaries of the Company that are Subsidiary Guarantors. 

(g) Section 5.03 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

SECTION 5.03 Financial Covenant. So long as any Advance shall remain unpaid, from and after the Closing Date: 

(x) at any time prior to the Neptune Closing Date, the Company shall maintain a Leverage Ratio as of the end of any Relevant Period of not more
than 4.50 to 1.00, which limit shall step down to (i) 4.25 to 1.00 as of the end of the third full fiscal quarter ended after the Closing Date, (ii) 4.00 to 1.00 as of the end of the fifth full fiscal quarter ended after the Closing Date and (iii)
3.50 to 1.00 as of the end of the ninth full fiscal quarter after the Closing Date; provided that commencing on and after the later of (1) the termination of the Neptune Acquisition Agreement in accordance with its terms and (2) the
end of the eighth full fiscal quarter after the Closing Date, if the Company consummates an acquisition of all or substantially all of the assets of a Person, or of any business or division of a Person, for which it paid at least $500,000,000 in
consideration (a “Qualifying Acquisition”), the maximum Leverage Ratio shall step up to no greater than 3.75 to 1.00, which shall be reduced to 3.50 to 1.00 as of the end of the third full fiscal quarter after such Qualifying
Acquisition; and 
 (y) on and after the Neptune Closing Date, the Company shall maintain a Leverage Ratio as of the last day of any Relevant
Period of not more than (i) 4.50 to 1.00 until and including the last day of the third full fiscal quarter after the Neptune Closing Date, (ii) then 4.25 to 1.00 until and including the last day of the sixth full fiscal quarter after the
Neptune Closing Date and (iii) thereafter 3.50 to 1.00; provided that, commencing after the last day of the sixth full fiscal quarter after the Neptune Closing Date, if the Company consummates a Qualifying Acquisition, the maximum
Leverage Ratio shall step up to no greater than 3.75 to 1.00 for the three full fiscal quarters after such Qualifying Acquisition, which shall be reduced to 3.50 to 1.00 after the last day of the third full fiscal quarter after such Qualifying
Acquisition. 
 (h) Article 9 of the Credit Agreement is hereby amended by adding the following new Section 9.20 at the end
thereof: 

  
 3 

 SECTION 9.20 Acknowledgement Regarding Any Supported QFCs. To the extent that the
Loan Documents provide support, through a guarantee or otherwise, for any Hedge Agreement or any other agreement or instrument that is a QFC (such support, “QFC Credit Support”, and each such QFC, a “Supported
QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer
Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan
Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States): 

(i) In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject
to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in
property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit
Support (and any such interest, obligation and rights in property) were governed by the Laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding
under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater
extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the Laws of the United States or a state of the United States. Without limitation of the
foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support. 

(ii) As used in this Section 9.20, the following terms have the following meanings: 

“BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted
in accordance with, 12 U.S.C. 1841(k)) of such party. 
 “Covered Entity” means any of the following:
(i) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b). 

“Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12
C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. 

  
 4 

 “QFC” has the meaning assigned to the term “qualified
financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D). 
 3. Effectiveness. This Amendment
will become effective upon the date on which the following conditions precedent are first satisfied (the “Amendment Effective Date”): 

(a) The Agent shall have received from the Company and from the Required Lenders an executed counterpart of this Amendment (or photocopies
thereof sent by fax, .pdf or other electronic means, each of which shall be enforceable with the same effect as a signed original). 
 (b)
The Agent shall have received a certificate, dated the Amendment Effective Date and signed by a duly authorized officer of the Company, confirming (i) the representations and warranties set forth in this Amendment shall be true and correct in
all material respects on and as of the Amendment Effective Date and (ii) no event shall have occurred and be continuing, or would result from this Amendment or the transactions contemplated hereby, that would, as of the Amendment Effective
Date, constitute a Default. 
 (c) The Agent shall have received all expenses due and payable on or prior to the Amendment Effective Date,
including, to the extent invoiced two (2) Business Days prior to the Amendment Effective Date, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Company under
the Credit Agreement. 
 4. Representations and Warranties. The Company represents and warrants, as of the date hereof, that, after
giving effect to the provisions of this Amendment, (a) each of the representations and warranties made by the Company in Section 4.01 of the Credit Agreement is true in all material respects on and as of the date hereof as if made on and
as of the date hereof, except (i) to the extent that such representations and warranties refer to an earlier date, in which case they were true in all material respects as of such earlier date or (ii) to the extent that such
representations and warranties are qualified as to materiality or Material Adverse Effect, in which case such representations and warranties shall be true in all respects, and (b) no event shall have occurred and be continuing, or would result
from this Amendment or the transactions contemplated hereby, that would, as of the Amendment Effective Date, constitute a Default. 
 5.
Effect of the Amendment. Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of the Lenders or the Agent under the
Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document, all of which, as
amended, amended and restated, supplemented or otherwise modified hereby, are ratified and affirmed in all respects and shall continue in full force and effect. Upon the effectiveness of this Amendment, each reference in the Credit Agreement and in
any exhibits attached thereto to “this Agreement”, “hereunder”, “hereof”, “herein” or words of similar import shall mean and be a reference to the Credit Agreement after giving effect to this Amendment. 

  
 5 

 6. Miscellaneous. The provisions of Sections 9.02 (Notices, Etc.); 9.03
(No Waiver; Remedies); 9.04 (Costs and Expenses) (except clauses (c) and (d) thereof); 9.08 (Confidentiality); 9.10 (Governing Law; Jurisdiction; Etc.); 9.11 (Execution in Counterparts); 9.14 (Acknowledgement
and Consent to Bail-In of EEA Financial Institutions); and 9.19 (Waiver of Jury Trial) of the Credit Agreement shall apply with like effect to this Amendment. This Amendment shall be a “Loan
Document” for all purposes under the Credit Agreement. 
 [REMAINDER OF PAGE LEFT INTENTIONALLY BLANK] 

  
 6 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered by their proper and duly authorized officers as of the day and year first above written. 
  

			
	INTERNATIONAL FLAVORS & FRAGRANCES INC.,
		
	By:	 	/s/ John Taylor
		 	 Name: John Taylor

		 	 Title:   Treasurer

  
 [Signature Page to
Amendment No. 2 to Credit Agreement] 

 
			
	MORGAN STANLEY SENIOR FUNDING, INC.
	 as Agent

		
	By:	 	/s/ Subhalakshmi Ghosh-Kohli
		 	 Name: Subhalakshmi Ghosh-Kohli

		 	 Title:   Authorized Signatory

  
 [Signature Page to
Amendment No. 2 to Credit Agreement] 

 
			
	JPMORGAN CHASE BANK, N.A.
	 as a Lender

		
	By:	 	/s/ Peter S. Predun
		 	 Name: Peter S. Predun

		 	 Title:   Executive Director

  
 [Signature Page to
Amendment No. 2 to Credit Agreement] 

 
			
	BNP Paribas
	 as a Lender

		
	By:	 	/s/ Christopher Forshner
		 	 Name: Christopher Forshner

		 	 Title:   Managing Director

	
	BNP Paribas
	 as a Lender

		
	By:	 	/s/ Ade Adedeji
		 	 Name: Ade Adedeji

		 	 Title:   Director

  
 [Signature Page to
Amendment No. 2 to Credit Agreement] 

 
			
	MUFG Bank, Ltd.
	 as a Lender

		
	By:	 	/s/ Oscar Cortez
		 	 Name: Oscar Cortez

		 	 Title:   Authorized Signatory

  
 [Signature Page to
Amendment No. 2 to Credit Agreement] 

 
			
	ING Bank N.V., Dublin Branch
	 as a Lender

		
	By:	 	/s/ Louise Gough
		 	 Name: Louise Gough

		 	 Title:   Vice President

		
	By:	 	/s/ Padraig Matthews
		 	 Name: Padraig Matthews

		 	 Title:   Director

  
 [Signature Page to
Amendment No. 2 to Credit Agreement] 

 
			
	U.S. Bank National Association
	 as a Lender

		
	By:	 	/s/ Paul E. Rouse
		 	 Name: Paul E. Rouse

		 	 Title:   Vice President

  
 [Signature Page to
Amendment No. 2 to Credit Agreement] 

 
			
	Wells Fargo Bank, National Association
	 as a Lender

		
	By:	 	/s/ Denis Waltrich
		 	 Name: Denis Waltrich

		 	 Title:   Director

  
 [Signature Page to
Amendment No. 2 to Credit Agreement] 

 
			
	HSBC BANK USA, NATIONAL ASSOCIATION
	 as a Lender

		
	By:	 	/s/ Robert Levins
		 	 Name: Robert Levins

		 	 Title:   Senior Credit Manager

  
 [Signature Page to
Amendment No. 2 to Credit Agreement] 

 
			
	Standard Chartered Bank
	 as a Lender

		
	By:	 	/s/ James Beck
		 	 Name: James Beck

		 	 Title:   Associate Director

  
 [Signature Page to
Amendment No. 2 to Credit Agreement] 

 
			
	CoBank, ACB
	 as a Lender

		
	By:	 	/s/ Andy Shockley
		 	 Name: Andy Shockley

		 	 Title:   Assistant Vice President

  
 [Signature Page to
Amendment No. 2 to Credit Agreement]Exhibit 10.1

      

      

      MANAGEMENT SERVICES AGREEMENT

       

      This MANAGEMENT SERVICES AGREEMENT (“Agreement”) is made and entered into to be effective as of the 15th day of January, 2020, by and between Husker Ag, LLC, a Nebraska limited liability company
        (“Husker Ag”) and Lincolnway Energy, LLC, an Iowa limited liability company (“LWE”) and is as follows:

       

      RECITALS

       

      1.           WHEREAS, Husker Ag currently owns and operates an ethanol facility; and LWE currently owns and operates an ethanol facility; and

       

      2.           WHEREAS, LWE desires to obtain management services; and

       

      3.        WHEREAS, each requires terms and conditions as necessary to protect each company’s confidential/proprietary/trade secret information; and such terms and conditions as will cause all
        management employees to respect the separate interests and objectives of each company; and

       

      4.          WHEREAS, the parties have had discussions regarding such management services, have reached agreement as to the same, and wish to put their understandings and agreements in writing.

       

      NOW, THEREFORE, for good and valuable consideration, the parties agree as follows:

       

      1.          MANAGEMENT SERVICES. Husker Ag shall provide management services to LWE with respect to the
        following job descriptions and titles:

       

      
        
          	

                	(a)	
                  Positions Provided by Husker Ag to LWE. Husker Ag shall provide to LWE the following management positions and services, to‐wit:

                

        

      

       

      
        
          	

                	(i)	
                  General Manager (GM);

                

        

      

       

      
        
          	

                	(ii)	
                  Environmental Health and Safety Manager;

                

        

      

       

      
        
          	

                	(iii)	
                  Commodity Risk Manager ((i) through (iii), individually a “Manager” and collectively, the “Managers”); and

                

        

      

       

      
        
          	

                	(iv)	
                  Other staffing as mutually determined from time to time.

                

        

      

       

      Husker Ag and the LWE Board of Directors (the “LWE Board”) will review management services requirements quarterly to determine the appropriate services, positions and personnel required.

       

      
        
          	

                	(b)	
                  Time Commitment.

                

        

      

       

      
        
          	

                	(i)	
                  Each Manager and each other person providing services shall devote such time as is reasonably necessary to perform the services for LWE.

                

        

      

       

      
        1

        
          

      

      
        
          	

                	(ii)	
                  Approximate hours worked per week by each position and each service provided, as applicable, shall be reported to LWE no less than quarterly.

                

        

      

       

      
        
          	

                	(c)	
                  Reporting and Organization. Each person filling one of the above described positions shall report as follows:

                

        

      

       

      
        
          	

                	(i)	
                  The GM shall report directly to the LWE Board.

                

        

      

       

      
        
          	

                	(ii)	
                  The other two Managers shall report to the GM.

                

        

      

       

      
        
          	

                	(iii)	
                  The GM shall be solely responsible for hiring and firing of the Managers as well as LWE employees. The GM shall provide reasonable advance notice to the LWE Board of any change of the Managers.

                

        

      

       

      
        
          	

                	(iv)	
                  Nothing herein is intended to create an employment contract, or guaranty of employment, or a guaranty of employment for any length of time to any person. Each person providing management services hereunder shall, at all times, remain
                    the employee of Husker Ag designated to provide services as stated herein.

                

        

      

       

      2.           TERM AND TERMINATION. The initial term of this Agreement, subject to the remaining terms and
        conditions hereof, shall be for 4 months from the effective date as stated in the preamble hereof. With respect to the term and termination hereof:

       

      
        
          	

                	(a)	
                  Renewal. At the expiration of the initial term, this Agreement shall continue from year to year under its then existing conditions unless and
                    until a party hereto gives the other no less than ninety (90) days written notice of termination prior to expiration of the initial term or of the one-year extension then in effect (a “Non-renewal Notice Date”).

                

        

      

       

      
        
          	

                	(b)	
                  Termination for Cause. Notwithstanding the foregoing, this Agreement may be terminated for cause, as follows:

                

        

      

       

      
        
          	

                	(i)	
                  If a party seeks to terminate this Agreement for cause, it shall deliver to the other party written notice of termination; which notice shall describe the basis for determining cause exists; and which notice shall provide 30‐days’
                    notice and opportunity to cure. In the event that basis for determining cause has not been cured to the reasonable satisfaction of the party giving notice within 30 days, then the party may deliver notice that this Agreement has been
                    terminated.

                

        

      

       

      
        2

        
          

      

      
        
          	

                	(ii)	
                  Cause means:

                

        

      

       

      
        
          	 	(A)	
                  A material breach of this Agreement. Material breach shall be:

                

        

      

       

      
        
          	

                	a.	
                  Any Manager individually or the Managers collectively failing to provide a commercially reasonable level of service necessary for the operation of LWE’s business;

                

        

      

       

      
        
          	

                	b.	
                  A failure of a party (to include failure of the person being provided by a party) to comply with applicable laws or regulations;

                

        

      

       

      
        
          	

                	c.	
                  a willful breach by a party (to include a person being provided by a party) of a term of this Agreement;

                

        

      

       

      
        
          	

                	d.	
                  or acts or conduct by a party (to include a person being provided by a party) which demonstrates intentional misconduct, reckless misconduct or grossly negligent misconduct.

                

        

      

       

      
        
          	

                	(B)	
                  A deadlock in the management of LWE. Deadlock shall be the occurrence of disagreements among members of the LWE Board which, in the opinion of the Husker Ag Board, has impaired the ability of the management team to carry out the
                    policies and/or procedures as directed by one or both Boards of Directors.

                

        

      

       

      
        
          	

                	(c)	
                  Return of Confidential Information. Upon termination each party shall return to the other all of the other’s Confidential Information that may be
                    in possession of the returning party.

                

        

      

       

      
        
          	

                	(d)	
                  Surviving Obligations. Payment of any reimbursement obligations which have accrued and are unpaid as of the date of termination, together with the
                    obligations of the parties as set forth at Sections 4–7 hereof, shall survive termination hereof. In all other respects the obligations of the parties to each other shall cease upon termination hereof.

                

        

      

       

      3.           REIMBURSEMENT. The parties intend and agree that compensation by LWE to Husker Ag shall occur as
        follows:

       

      
        
          	

                	(a)	
                  Compensation. Husker Ag shall be responsible for and shall directly pay salary, wages, and/or benefits to the persons providing the management
                    services hereunder.

                

        

      

       

      
        
          	

                	(b)	
                  Payment for Management Services. LWE shall pay Husker Ag Thirty-Six Thousand and no/100 Dollars ($36,000.00) per month for the initial term for
                    the management services provided hereunder. Prior to the last day to provide a Non-renewal Notice, the parties shall agree on compensation for each succeeding year.

                

        

      

       

      
        3

        
          

      

      
        
          	

                	(i)	
                  Unless otherwise agreed by the applicable Non-Renewal Notice Date, for any renewal term, LWE shall pay Husker Ag one-half (1/2) of the total salary, bonuses, and other expenses and costs (including all benefits and tax contributions)
                    incurred by Husker Ag for the three Managers. Such will be paid on an estimated monthly basis with a “true up” occurring as soon as possible at the end of each fiscal year of Husker Ag.

                

        

      

       

      
        
          	

                	(c)	
                  Reimbursement of Costs. Any costs incurred in providing the management services, outside the scope of normal duties and activities, shall be
                    reimbursed by LWE to Husker Ag based on actual cost, with documentation provided pursuant to LWE’s procedures. Such costs include, but are not limited to, mileage and hotel rooms.

                

        

      

       

      
        
          	

                	(d)	
                  Payment. Payment by LWE to Husker Ag for all amounts due Husker Ag, shall occur on the 10th day of each month. Payments for any partial month(s)
                    of services shall be prorated.

                

        

      

       

      
        
          	

                	(e)	
                  Early Termination.

                

        

      

       

      
        
          	

                	(i)	
                  The parties are in discussions regarding a capital transaction, which, as presently contemplated, would require approval by holders of LWE limited liability company units (“Unitholders”). In the event the Unitholders do not approve a
                    transaction approved by Husker Ag and the LWE Board, either party will have the right to terminate this Agreement on 90 days’ written notice.

                

        

      

       

      
        
          	

                	(ii)	
                  In the event of a change of control of LWE (other than an acquisition of control by Husker Ag), LWE shall have the right to terminate this Agreement on 90 days’ written notice.

                

        

      

       

      4.          SEPARATE RIGHTS AND RESPONSIBILITIES OF Husker Ag and Lincolnway Energy. The parties agree that to
        the following reservation of their separate rights and statement of their separate responsibilities, to‐wit:

       

      
        
          	

                	(a)	
                  Separate Authority. Nothing herein shall be construed as a grant of authority by Husker Ag as to LWE, or by LWE as to Husker Ag, to make any
                    management or other business decision for the other; or to exercise or seek to exercise a controlling influence over any management policies of the other.

                

        

      

       

      
        
          	

                	(b)	
                  Preserve Competition. Husker Ag and LWE acknowledge that they are competing business entities with different ownership. The GM shall be advised by
                    Husker Ag to observe all laws related to price and/or competition in carrying out this Agreement; and to implement such processes to ensure ongoing compliance with such laws by all employees providing management services hereunder.

                

        

      

       

      
        4

        
          

      

      
        
          	

                	(c)	
                  Insurance. During the term hereof each party shall maintain Workers’ Compensation Insurance at statutory limits; as well as comprehensive
                    liability insurance for all injuries or property damage which may occur on account of services performed hereunder - with such insurance having mutually acceptable terms and limits; with each party being named as an additional insured
                    of the other (except regarding the Worker’s Compensation policy whereby each party shall add the Alternate Employer endorsement to the respective Worker’s Compensation policy naming the other party as the Alternate Employer); with such
                    policies having an endorsement of no cancellation without notice to both parties hereto; and said policies having a Waiver of Subrogation on all policies, including the property, where allowed by law.

                

        

      

       

      5.          CONFIDENTIALITY AND COMPETITION COVENANTS. With respect to confidentiality and competition
        covenants, the parties agree:

       

      
        
          	

                	(a)	
                  Confidentiality.

                

        

      

       

      
        
          	

                	(i)	
                  Each person providing management services hereunder shall protect from unauthorized disclosure – either to third parties (with respect to management services), or to Husker Ag or LWE as the case may be (with respect to information
                    that is beyond the scope of management service) – information which Husker Ag and/or LWE consider non-public, confidential, or proprietary in nature. Such non-public, confidential, and/or proprietary information (collectively
                    “Confidential Information”) may include, without limitation, customer lists, contracts, planning and financial information, business plans and strategies, marketing plans, development plans, technical and business information, customer
                    information, pricing information, sales information, any formulas/devices/methods/techniques, or other information which has independent economic value because of not being generally known, and which Husker Ag or LWE, as the case may
                    be, has protected through reasonable efforts regarding maintenance of secrecy.

                

        

      

       

      
        
          	

                	(ii)	
                  The parties agree that Confidential Information shall not include: information that, at the time of disclosure hereunder, is in the public domain; information that, after disclosure hereunder, enters the public domain other than by
                    breach of this Agreement or the obligation of confidentiality stated herein; information that, prior to disclosure hereunder, was already in a party’s possession, either without limitation on disclosure to others or subsequently
                    becoming free of such limitation; information obtained by either party from a third party having an independent right to disclose the information; information that is available through discovery by independent research without use of or
                    access to the Confidential Information acquired from the other party; information disclosed upon the order of a court or other authorized governmental entity, or pursuant to other legal requirements – provided that prior to such
                    disclosure, the disclosing party shall first timely inform the other party of such disclosure request so that the other party may seek a protective or equivalent order for non-disclosure – and provided that the disclosing party shall
                    limit any such disclosure to the greatest extent permitted by law.

                

        

      

       

      
        5

        
          

      

      
        
          	

                	(iii)	
                  The persons performing services pursuant to this Agreement shall sign Confidentiality Agreements binding each such person to the confidentiality obligations set forth above.

                

        

      

       

      
        
          	

                	(iv)	
                  Nothing in this section restricts LWE’s obligation to fulfill its disclosure and reporting obligations under the federal securities laws, including the requirement to file a report of entry into this Agreement under form 8‐K and to
                    file a copy of this Agreement as an exhibit thereto.

                

        

      

       

      
        
          	

                	(b)	
                  No Solicitation. Husker Ag hereby warrants to LWE and LWE hereby warrants to Husker Ag that each shall not, directly or indirectly, either for
                    itself or for any other person, firm or corporation solicit for employment, retain or employ any present employee of the other party, or request, induce or advise any employee to leave the employ of or cease affiliation with the other
                    party.

                

        

      

       

      
        
          	

                	(c)	
                  The provisions as set forth in this Section 5 shall survive termination of this Agreement for a period of three (3) years.

                

        

      

       

      6.          INDEMNIFICATION. From and after the date hereof, and except as otherwise provided for herein:

       

      
        
          	

                	(a)	
                  Husker Ag Indemnification of LWE. Husker Ag shall indemnify, defend and hold harmless LWE against: (i) all losses, claims, damages, costs,
                    expenses, liabilities or judgments or amounts that are paid in settlement of or in connection with any claim, action, suit, proceeding or investigation to the extent the same is caused in whole or in part by Husker Ag, (ii) or, on
                    account of a breach of Husker Ag’s obligations hereunder.

                

        

      

       

      
        
          	

                	(b)	
                  LWE Indemnification of Husker Ag. LWE shall indemnify, defend and hold harmless Husker Ag against: (i) all losses, claims, damages, costs,
                    expenses, liabilities or judgments or amounts that are paid in settlement of or in connection with any claim, action, suit, proceeding or investigation to the extent the same is caused in whole or in part by LWE, (ii) or, on account of
                    a breach of LWE’s obligations hereunder.

                

        

      

       

      
        6

        
          

      

      
        
          	

                	(c)	
                  Limitations on Indemnification Obligation. Neither LWE nor Husker Ag shall be required to indemnify the other for any direct claim by the other
                    that it has suffered consequential damages or lost profits; nor shall the requirement to indemnify extend to consequential damages or lost profits claimed by a third party and which – but for this Section 6(c) – would be included in the
                    indemnification obligations listed at Sections 6(a) and 6(b) above.

                

        

      

       

      
        
          	

                	(d)	
                  Survival of Obligations. The provisions of this Section 6 shall survive the termination of this Agreement.

                

        

      

       

      7.          DISPUTE RESOLUTION. Any controversy, claim or dispute arising out of or relating to this
        Agreement or the breach hereof, including a dispute arising out of the negotiation, formation and execution of this Agreement, and the interpretation of this Agreement (a “Dispute”) all be resolved as follows. Any Dispute shall be initially
        escalated to the Board of Directors of Husker Ag and the LWE Board. If such an escalation occurs after the LWE Board has members appointed by Husker Ag, the Dispute shall be considered by the Husker Ag Board members and the LWE Board members
        elected by other LWE unit holders. The party with the Dispute shall provide a written request to the Boards or Board with a request to meet during a thirty (30) period on at least one occasion, and the first meeting shall occur within ten (10)
        business days of delivery of the written request. The purpose of the meetings is to attempt in good faith to achieve resolution of the Dispute. If resolution cannot be achieved through one or more meetings, then the parties shall identify the
        mutually agreeable steps to resolve the Dispute, if any, prior to pursuit of remedies available to the parties at law and in equity. If the parties are unable to identify any such mutually agreeable steps, then the parties may pursue remedies
        available at law and in equity.

       

      8.          FORCE MAJEURE. The performance of a party may be excused upon the occurrence of a Force Majeure
        event. A Force Majeure event shall be fire, flood, storm, act of God, governmental action or intervention, or other circumstance which is beyond the reasonable control of the party claiming the event and which renders the performance of this
        Agreement by a party hereto impossible. A party affected by a Force Majeure event shall not be relieved of performance unless such party has used reasonable efforts to remedy the conditions giving rise to such event; and unless and until such party
        has given written notice of the occurrence of such event. Either party may terminate this Agreement upon not less than thirty (30) days prior written notice if the Force Majeure event has been continuously in existence for a period of ninety (90)
        days.

       

      9.           MISCELLANEOUS.

       

      
        
          	

                	(a)	
                  Independent Contractors. At all times during this Agreement, Husker Ag and its employees shall be deemed independent contractors. Nothing herein
                    shall be construed to create a partnership, joint venture, agency, or any other form of business relationship between Husker Ag and LWE. Husker Ag and LWE acknowledge that their Agreement is strictly contractual in nature.

                

        

      

       

      
        7

        
          

      

      
        
          	

                	(b)	
                  Further Assurance. 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 Agreement that may be reasonably necessary to complete performance of a party’s obligations hereunder and to effectuate the purposes and intent of this Agreement.

                

        

      

       

      
        
          	

                	(c)	
                  Notice. Any and all notices provided for herein shall be given in writing by registered or certified mail, postage prepaid, which shall be
                    addressed by either party and delivered to the other at its then existing registered – with the initial address for notice being as follows:

                

        

      

       

      
        	
                 

              	
                (i) 

              	If To Husker Ag:
	 	 	 
	 	
                

                

              	
                 Husker Ag LLC

              
	 	
                

                

              	
                54048 Highway 20

              
	 	
                

                

              	
                Plainview, NE 68769

              

        

        

        	 	(ii)	
                If To LWE:

              
	 	 	 
	 	 	
                Lincolnway Energy, LLC

              
	 	 	
                59511 W. Lincoln Hwy

              
	 	 	
                Nevada, IA 50201

              
	 	 	
                Attn: Chairman of the Board

              

      

       

      

      
        
          	

                	(d)	
                  Binding Effect. This Agreement shall be binding upon the successors, legal representatives and assigns of the parties hereto, all of whom,
                    regardless of the number of intervening transfers, shall be bound in the same manner as the parties hereto.

                

        

      

       

      
        
          	

                	(e)	
                  No Assignment. This Agreement shall not be assigned by either party except upon the written consent of the other party. Nothing in this Agreement,
                    express or implied, is intended to confer upon any other person any rights or remedies under or by reason of this Agreement.

                

        

      

       

      
        
          	

                	(f)	
                  Integration and Amendment. This Agreement supersedes and takes precedence over any previous agreement entered into between the parties hereto,
                    whether written or oral, regarding the matters covered herein. This Agreement sets forth the entire understanding of the parties and may not be amended, altered or modified except by written agreement between the parties.

                

        

      

       

      
        
          	

                	(g)	
                  Severability. Any term or provision of this Agreement which is invalid or unenforceable in any jurisdiction shall, as to such jurisdiction, be
                    ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this Agreement, or affecting the validity or unenforceability of any of the other terms of
                    this Agreement in any other jurisdiction. In the event a term or provision is invalid or unenforceable, a court or arbitrators (as the case may be) are granted the authority to construe, interpret, or modify this Agreement in a manner
                    which is intended to remedy such invalidity or unenforceability while giving effect, to the greatest extent possible, to all remaining terms and provisions hereof.

                

        

      

       

      
        8

        
          

      

      
        
          	

                	(h)	
                  No Waiver. Any waiver of any or terms and/or conditions of this Agreement by a party shalt not be construed to be a general waiver of such terms
                    and/or conditions; and no waiver shall be effective absent the written agreement of the parties.

                

        

      

       

      
        
          	

                	(i)	
                  Counterparts. This Agreement may be executed in one or more counterparts, all of which, taken together, shall be deemed one and the same
                    Agreement. Facsimile or electronic signatures shall be deemed original signatures for all purposes.

                

        

      

       

      
        
          	

                	(j)	
                  Captions. The captions herein are inserted for the convenience of and shall be ignored in the construction or interpretation hereof.

                

        

      

       

      
        
          	

                	(k)	
                  Governing Law. This Agreement shall be construed, interpreted and enforced in accordance with the laws of the State of Iowa.

                

        

      

       

      IN WITNESS WHEREOF, each party hereto has executed this Agreement effective as of the date first above written.

       

      	
              Husker Ag, LLC

            	 	
              LINCOLNWAY ENERGY, LLC

            
	 	 	 	 
	By:	/s/ Robert Brummels 	 	By:	/s/ Jeff Taylor 
	 	
              Robert Brummels

            	 	 	
              Jeff Taylor

            
	 	
              Its: Chairman of the Board

            	 	 	
              Its: Chairman of the Board

            

      

      

      

      

    

     9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00303-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00303-of-00352.parquet"}]]