Document:

Form of Escrow Agreement

 Exhibit 4.3 
 FORM OF ESCROW AGREEMENT 
 This ESCROW AGREEMENT (this “Escrow Agreement”) is
entered into as of                     , 200   by and among Liberty Renewable Fuels LLC, a Delaware limited liability company
(the “Company”) and Fifth Third Bank N.A., as escrow agent (the “Escrow Agent”). Capitalized terms used in this Escrow Agreement and not otherwise defined shall have the meanings given those terms in the Purchase
Agreement. 
 RECITALS 
 WHEREAS, the Company proposes to offer a minimum of 10,000 and a maximum of 20,000 of its Class A membership units (the “Units”) at a price of $5,000.00 per Unit, with a required minimum investment of 4 Units and in
additional increments of 1 Unit, in an offering made pursuant to a federal registration under the provisions of the Securities Act of 1933, as amended (the “Offering”); 
 WHEREAS, the Company has filed a registration statement (as may be amended) (the “Registration Statement”) to register the Units with
the Securities and Exchange Commission; 
 WHEREAS, the Company desires to comply with the requirements of the Securities Act of 1933 and of
the various state regulatory statutes 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 certain specified conditions are not met; and 
 NOW, THEREFORE, in consideration of the premises the
Parties agree as follows: 
 1. Acceptance Of Appointment. Escrow Agent hereby agrees to act as escrow agent under this Escrow
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 Escrow 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”) are disbursed in accordance with the terms hereof, all funds deposited in the Escrow Account by the
Company shall not become the property of the Company or be subject to the debts of the Company or any other person but shall be held by the Escrow Agent solely for the benefit of the investors who have purchased Units in the Offering. 
 4. Escrow Fees. As set forth on the Fee Schedule attached hereto as Exhibit A, the Company hereby agrees to pay to the Escrow Agent upon
the execution of this Escrow Agreement an advance payment for ordinary services rendered hereunder in the amount of $2,500.00. Thereafter, as set forth on Exhibit A, the Company shall pay to Escrow Agent an 

 
annual maintenance fee payable on the last day of each quarter during the term of this Escrow Agreement in an annual amount of $1,500.00 (a quarterly amount
of $375.00). The Company shall also pay to Escrow Agent the other fees set forth on the Fee Schedule attached hereto as Exhibit A. 
 5. Deposit Of Proceeds. All proceeds from sales of Units in the Offering shall be delivered by the Company 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 the name, address and social security number/taxpayer identification number of each person or entity 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. All such deposited
proceeds are referred to herein as the “Escrow Funds.” 
 6. Investment Of Escrow Funds. The Escrow Funds shall be
credited by Escrow Agent and recorded in the Escrow Account. The Escrow Agent shall be permitted, and is hereby authorized to invest all funds received under this Escrow Agreement from time to time in the Fifth Third U.S. Treasury Money Market Fund
(a description of which is attached hereto as Exhibit B) or a repurchase agreement fully collateralized by federal government securities. Any interest received by Escrow Agent with respect to the Escrow Funds shall be paid pursuant to the
terms of this Escrow Agreement. 
 7. Termination Of Escrow. This Agreement and the Escrow created hereunder shall be terminated as
provided in paragraph 8 hereof or as of the date in calendar year 2008 (the “Termination Date”) one year and one day following the date in calendar year 2007 upon which the Securities and Exchange Commission authorizes the Offering
(the “Offering’s Effective Date”). The Company 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. 
 8. Disposition Of Escrow Funds. The Escrow Agent shall have the following duties and obligations under this
Escrow Agreement: 
 A. The Escrow Agent shall send a written notice acknowledging the receipt of the Deposited Funds every seven days to the
Company. 
 B. The Escrow Agent shall give the Company prompt written notice when the Deposited Funds equal $10,000,000 (exclusive of
interest). Thereafter, Escrow Agent shall give the Company written notice acknowledging the receipt of the Deposited Funds every seven days. The Escrow Agent shall give the Company prompt written notice when the Deposited Funds total $100,000,000
(exclusive of interest). 
 C. At the time (and in the event) that: (a) the Deposited Funds shall, during the term of this Escrow
Agreement, equal at least $10,000,000 in subscription proceeds (exclusive of interest) (the “Minimum Escrow Deposit”) and (b) the Escrow Agent shall have received written confirmation from the Company that the Company has
obtained written debt 

 
financing commitments providing for sufficient debt financing which, combined with the Offering proceeds subscribed for and the funds raised by the Company
in previous private placement offerings, at least equals the Company’s then estimated total project cost, then this Escrow Agreement shall terminate, and the Escrow Agent shall promptly disburse the funds on deposit, including interest, to the
Company to be used in accordance with the provisions set out in the Registration Statement. The Company will deliver a copy of the Registration Statement to the Escrow Agent upon execution of this Escrow Agreement. The Escrow Agent will have no
responsibility to examine the Registration Statement with regard to the Escrow Account or otherwise, nor shall Escrow Agent have any duty to ensure that Company complies with the Registration Statement. 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 that
(a) the Deposited Funds do not equal or exceed the Minimum Escrow Deposit on or before the Termination Date, (b) the Company has not received written debt financing commitments as described herein on or before the Termination Date, or
(c) the Company has terminated or abandoned the Offering, then the Escrow Agent shall return to each of the subscribers for 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: (x) the sum which each purchaser initially paid in on account of purchases of the Units in the Offering and (y) each purchaser’s portion of the total interest earned on the Escrow Account as of the
Termination Date, (z) reduced by all fees payable to the Escrow Agent hereunder. 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 the Company 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. 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, 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. 
 9. Liability Of Escrow Agent.
It is understood and agreed that the duties of the Escrow Agent are purely ministerial in nature. It is further agreed that: 
 A. The Escrow
Agent shall not be required to enforce any of the terms or conditions of any other agreement between the Company and any prospective purchaser or purchaser, nor shall the Escrow Agent be responsible for the performance by the Company of its
respective obligations under this Escrow Agreement. 
 B. The Escrow Agent may, at its own discretion, refuse to accept any deposits lacking
required documentation or containing discrepancies. 

 C. The Escrow Agent shall be under no duty to collect any check or other payment instrument delivered to
it hereunder that is dishonored, but the Escrow Agent shall within a reasonable time return to the Company any such check or other payment instrument together with any information which accompanied such check, draft or other payment instrument.

 D. The Escrow Agent shall have the right to act in reliance upon any document, instrument or signature believed by it to be genuine and to
assume that any person purporting to give any notice or instructions in accordance with this Escrow Agreement or in connection with any transaction to which this Escrow Agreement relates has been duly authorized to do so. The Escrow Agent shall not
be obligated to make any inquiry as to the authority, capacity, existence or identity of any person purporting to give any such notice or instructions. 
 E. The Escrow Agent shall not be liable for any action taken or omitted hereunder except in the case of its gross negligence or willful misconduct. The Escrow Agent shall be entitled to consult with counsel of its own
choosing and shall not be liable for any action taken, suffered or omitted by it in accordance with the advice of such counsel. 
 F. The
Escrow Agent shall have no responsibility at any time to ascertain whether or not any security interest exists in the Escrow Account or any part thereof or to file any financing statement under the Uniform Commercial Code with respect to the Escrow
Account or any part thereof. 
 10. Warranties To Escrow Agent. The Company warrants to and agrees with the Escrow Agent that, unless
otherwise expressly set forth in this Escrow Agreement, the Company has not granted to any party any lien, claim or security interest in the Escrow Account or any part thereof and has no direct knowledge of any financing statement under the Uniform
Commercial Code on file in any jurisdiction claiming a security interest in or describing (whether specially or generally) the Escrow Account or any part thereof. 
 11. Fees And Expenses. In the event the Escrow Agent renders any service not provided for in this Escrow Agreement, or if the Company requests a substantial modification of its terms, or if any controversy
arises, or if the Escrow Agent is made a party to, or intervenes in, any litigation pertaining to this escrow or its subject matter, the Escrow Agent shall be reasonably compensated for such extraordinary services and reimbursed for all costs,
attorney’s fees, including allocated costs of in-house counsel, and expenses occasioned by such default, delay, controversy or litigation and the Escrow Agent shall have the right to retain all documents and/or other things of value at any time
held by the Escrow Agent in this escrow until such compensation, fees, costs and expenses are paid. The Company promises to pay these sums upon demand. Unless otherwise provided, the Company will pay all of the Escrow Agent’s usual charges and
the Escrow Agent may deduct such sums from the interest on the Escrow Account only and not from principal deposited to the Escrow Account. 
 12. Controversies. If any controversy arises between the parties to this Escrow Agreement, or with any other party, concerning the subject matter of this Escrow Agreement, its terms or conditions, the Escrow Agent will not be
required to determine the controversy or to 

 
take any action regarding it. The Escrow Agent may hold all documents and funds and may wait for settlement of any such controversy by final appropriate
legal proceedings or other means as, in the Escrow Agent’s discretion, the Escrow Agent may require, despite what may be set forth elsewhere in this Escrow Agreement. In such event, the Escrow Agent will not be liable for interest or damage.
Furthermore, the Escrow Agent may at its option file an action of interpleader requiring the Parties to answer and litigate any claims and rights among themselves. The Escrow Agent is authorized to deposit with the clerk of the court all documents
and funds held in escrow, except all costs, expenses, charges and reasonable attorney fees incurred by the Escrow Agent due to the interpleader action and which the Company agrees to pay. Upon initiating such action, the Escrow Agent shall be fully
released and discharged of and from all obligations and liability imposed by the terms of this Escrow Agreement. 
 13. Indemnification Of
Escrow Agent. The Company and its successors and assigns agree jointly and severally to indemnify and hold the Escrow Agent harmless against any and all losses, claims, damages, liabilities, and expenses, including reasonable costs of
investigation, counsel fees, including allocated costs of in-house counsel and disbursements that may be imposed on the Escrow Agent or incurred by the Escrow Agent in connection with the performance of its duties under this Escrow Agreement,
including but not limited to any litigation arising from this Escrow Agreement or involving its subject matter. The Escrow Agent shall have a first lien on the property and papers held under this Escrow Agreement for such compensation and expenses.

 14. Resignation Of Escrow Agent. The Escrow Agent may resign at any time upon giving at least (30) days written notice to the
Company provided, however, that no such resignation shall become effective until the appointment of a successor escrow agent which shall be accomplished as follows: The Company shall use its best efforts to obtain a successor escrow agent within
thirty (30) days after receiving such notice. If the Company fails to agree upon a successor escrow agent within such time, the Escrow Agent shall have the right to appoint a successor escrow agent authorized to do business in the state of
Michigan. The successor escrow agent shall execute and deliver an instrument accepting such appointment and it shall without further acts, be vested with all the estates, properties, rights, powers, and duties of the predecessor escrow agent as if
originally named as escrow agent. The Escrow Agent shall thereupon be discharged from any further duties and liability under this Escrow Agreement. 
 15. Automatic Succession. Any company into which the Escrow Agent may be merged or with which it may be consolidated, or any company to whom the Escrow Agent may transfer a substantial amount of its global escrow business, shall be
the successor to the Agent without the execution or filing of any paper or any further act on the part of any of the Parties, anything herein to the contrary notwithstanding. 
 16. Miscellaneous: 
 A. This Agreement
is to be construed and interpreted according to Michigan law. 
 B. 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. The exchange of copies of this Escrow Agreement and of signature pages by facsimile transmission shall constitute effective execution and
delivery of this Escrow Agreement as to the parties and may be used in lieu of the original Agreement for all purposes. Signatures of the parties transmitted by facsimile shall be deemed to be their original signatures for all purposes. 

C. All instructions, notices and demands herein provided for 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 promptly obtained after
completion of transmission; (c) on the next day on which such deliveries are made in Owosso, Michigan, 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 the Company:	  	Liberty Renewable Fuels LLC
		  	Attn: David Skjaerlund, President & CEO
		  	P.O. Box 335
		  	Owosso, Michigan 48867
		  	Telephone: (989) 743-1042
		  	Facsimile: (989) 743-1032
		
		  	With a required copy to:
		
		  	Jackson Walker L.L.P.
		  	Attn: Ben Broocks
		  	100 Congress, Suite 1100
		  	Austin, Texas 78701
		  	Telephone: (512) 236-2000
		  	Facsimile: (512) 236-2002
		
	If to the Escrow Agent:	  	Fifth Third Bank, N.A.
		  	Attn: Kristi Tice, Vice President
		  	1000 Town Center Suite 1500 JTWN5B
		  	Southfield, Michigan 48075
		  	Telephone: (248) 603-0637
		  	Facsimile: (248) 603-0054

 D. 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 Escrow Agreement. 
 E. 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. 
 F. The Company represents and
agrees that it has not made nor will it in the future make any representation that states or implies that the Escrow Agent has endorsed, recommended or guaranteed the purchase, value, or repayment of the Securities offered for sale by the Company.

 [Remainder of page intentionally blank.] 

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

			
	Liberty Renewable Fuels LLC
		
	By:	 	  

		 	David Skjaerlund, President
	
	Escrow Agent:
	
	Fifth Third Bank, N.A.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 Exhibit A 
 Liberty Renewable Fuels, LLC. 
 Fee Schedule 
  

			
	 Initial Escrow Set-up Fee:
	  	$2,500
		
	 Annual Maintenance & Processing Fee:
	  	$1,500*
		
	 Activity Fees:
	  	
	 Cash Disbursement
	  	
	 Check re-issuance
	  	$25.00/check
	 Full Subcription re-issuance
	  	$35.00/check
		
	 Extraordinary Service Fee:
	  	$100/hour

 This fee schedule is based on Fifth Third Bank receiving the Subscription Agreements directly from Liberty
Renewable Fuels, LLC after the Agreements have been reviewed for accuracy and completeness. 

	*	Fee is charged in four quarterly installments, $375.00 on the last day of each quarter. 

 Exhibit B 
  

			
	Fifth Third U.S. Treasury Money Market Fund	 	 Money
 Market

 Fundamental Objective Stability of principal and current income consistent with stability of principal.

 Principal Investment Strategies The Fund manages its portfolio subject to strict SEC guidelines, which are designed so that the Fund may maintain a
stable $1.00 per share price, although there is no guarantee that it will do so. All of the Fund’s investments are expected to mature in the short-term (397 days or less), and the dollar-weighted average portfolio maturity of the Fund may not
exceed 90 days. 
 The Fund invests all of its assets in high-quality, short-term obligations issued by the U.S. Treasury, which are guaranteed as to
principal and interest by the U.S. Government, and repurchase agreements collateralized by U.S. Treasury securities, and shares of registered money market investment companies that invest exclusively in these securities. 
 Principal investment Risks The Fund’s principal risks include interest rate risk and net asset value risk. Interest rate risk involves the possibility that
the Fund’s yield will decrease due to a decrease in interest rates or that the value of the Fund’s investments will decline due to an increase in interest rates. Net asset value risk involves the possibility that the Fund will be unable to
meet its goal of a constant $1.00 per share. 
 Volatility and Performance Information The bar chart and table provide an indication of the risks of
an investment in the Fund by showing its performance over time. 
 The returns assume that Fund distributions have been reinvested. 
 Past performance does not indicate how the Fund will perform in the future. 
 Year-by-Year Total Returns as of 12/31 For Trust Shares 
 

 
 The bar chart above does not reflect the impact of any applicable sales charges or account fees, which would reduce returns.

  

						
	 Best quarter:
	  	Q4 2004	  	0.34	%
	 Worst quarter:
	  	Q2 2004	  	0.14	%
	 Year to Date Return (1/1/05 to 9/30/05):
	  		  	1.82	%

 Average Annual Total Returns (for the periods ended December 31, 2004) 
  

									
	 	  	 Inception Date
	  	PastYear	 	 	Since
lncetption	 
	 Trust Shares
	  	10/20/03	  	0.85	%	 	0.81	%

 To obtain current yield information, visit www.53.com or call 1-800-282-5706.Letter of intent

 Exhibit 10.1 
 July 19, 2006 
 Liberty Renewable Fuels, LLC 
 P.O.
Box 335 
 Owosso, MI 48867 
 Gentlemen: 
 This Letter of Intent sets forth our understanding as to the proposed terms upon which Liberty Renewable Fuels, LLC (the “Company”) would retain
ICM, Inc., a Kansas corporation (“ICM”), to provide certain services related to the design, construction and start-up of a facility to process corn or gain sorghum into ethanol at a nameplate capacity of one ten hundred million
(110,000,000) gallons per year of denatured alcohol to be located in or near Ithaca, Michigan (the “Facility”). This letter is not a binding or legally enforceable agreement. However, the parties agree that the provisions of sections
3-11 are enforceable and binding and that the rights and obligations contained in such sections will inure to the benefit of the parties and their successors and assigns. 
 The rights and obligations of the parties with respect to the Facility will be set forth in one or more separate agreements to be executed by the parties (the “Definitive Agreement”). The completion of the
Definitive Agreement is subject to and contingent upon the parties reaching agreement on the terms and conditions thereof. After this letter of intent is executed by the Company and returned to ICM together with the First Payment set forth in
section 6, the parties will enter into good faith negotiations for the preparation of the Definitive Agreement. Either party may terminate such negotiations at any time and for any reason. 
 In connection with this letter of intent and the Definitive Agreement, the parties agree as follows: 
 Section 1. Scope of Service. 
 A. Company
Provided Services (not ICM’s responsibility). The services to be provided by the Company in connection with the Facility shall include, but not be limited to, the following: 
  

	 	a)	Implement a legal business structure and hold regular meetings for the purpose of developing and operating the Facility. 

  

	 	b)	Development and implementation of a financing strategy for the capital needs of the Facility. 

  

	 	c)	Develop financial options, including associated costs and technical aspects. 

  

	 	d)	Provide credit and rating analyses, submissions, presentations, etc. 

  

	 	e)	Develop a pre-financial close budget and schedule. 

  

	 	f)	Prepare a development business plan. 

  

	 	g)	Negotiate key contracts including insurance, marketing and/or sales contracts. 

  

	 	h)	Provide and/or acquire all other services needed for the design, construction, start-up and/or operation of the Facility not furnished by ICM. 

  

	 	i)	Other items agreed to between the parties. 

  

 Page 1 of 8 

 B. ICM Services. The services to be provided by ICM in connection with the Facility shall include,
but may not be limited to, the following: 
  

	 	a)	Preparation of the Definitive Agreement for the design, construction and start-up of the Facility that includes a preliminary schedule. 

  

	 	b)	Assist the Company in the development of a business plan. 

  

	 	c)	Assist the Company with obtaining the financing of the Facility. 

  

	 	d)	Assist the Company in the process of site evaluation and selection. 

  

	 	e)	Assist the Company in all phases of the permitting process including taking a lead role in obtaining all required permits for the design, construction and start-up of the Facility
(this service is not included in the compensation set forth in Section 2). 

  

	 	f)	Design, construct and start-up the Facility in accordance with the Definitive Agreement. 

  

	 	g)	Other items agreed to in the Definitive Agreement. 

 ICM will not limit
its assistance to the services specifically enumerated above, but will extend its services and assistance as reasonably required and requested by the Company to provide for the successful implementation of the plan of financing and the design,
construction and start-up of the Facility. 
 Section 2. Compensation. For ICM’s services in connection with the design, construction and
starting-up of the Facility, the Company shall pay to ICM a fixed amount with periodic payments in an amount to be determined, which may be adjusted to take into account increased costs of materials, equipment, local labor and change orders.

 Section 3. Commencement Date. ICM will commence the construction of the Facility by pouring concrete, sometime no later than during the third
calendar quarter of 2007, and will work continuously to complete thereafter. The commencement date is contingent upon (i) the completion by the Company of the Phase I Design Obligations set forth on Appendix 1 at least 120 days prior to the
date that construction is scheduled, (ii) the completion by the Company of the Phase II Design Obligations set forth on Appendix 2 at least 90 days prior to the date that construction is scheduled, (iii) the First, Second and Third
Payments referenced in Section 6 having been paid on the dates when indicated, and (iv) the Definitive Agreement having been executed by no later than the date indicated in Section 6. 
 Section 4. Change in Compensation and Commencement Date. The foregoing compensation and commencement date are subject to change by ICM if (i) the
Company fails to timely execute and return this letter of intent together with the First Payment set forth in section 6, (ii) the Company fails to execute and deliver the Definitive Agreement by the date indicated in Section 6,
(iii) the Company fails to make the Second Payment and Third Payment set forth in section 6 within the time frames set forth in Section 6, (iv) the Company fails to complete the Phase I and II Design Obligations (reference Appendices
1 and 2) within the time frames set forth in Section 3 prior to the commencement date, or (v) the Company fails to deliver the notice to proceed and any remaining amount of the down payment required under the Definitive Agreement within
the time frame set forth in Section 6. 
  

 Page 2 of 8 

 Section 5. License. The Definitive Agreement will include a license on ICM’s then standard form which
authorizes the Company to use the proprietary technology and information of ICM solely in connection with the Company’s ownership and operation of the Facility and which restricts the disclosure of such technology and information. The cost of
such license is included in the compensation set forth in section 2. 
 Section 6. Down Payment. The total down payment is ten percent
(10%) of the compensation payable to ICM as follows: 
 A. Upon execution and delivery of this letter of intent by the Company, the
Company shall pay a non-refundable Two Hundred Fifty Thousand Dollars ($250,000) (US) to ICM (“First Payment”) which may be used by ICM to pay any costs and expenses incurred by ICM in connection with any preliminary
work for the Facility. ICM shall retain the entire First Payment regardless of whether the Definitive Agreement is entered into or not as liquidated damages for all costs and expenses incurred by ICM with respect to the Company and Facility.

 B. Unless provided otherwise in the Definitive Agreement, on or before January 15, 2007, the Company shall pay an additional amount
of Two Million Dollars ($2,000,000) (US) to ICM (“Second Payment”) which may be used to place orders for long lead time equipment. 
 C. Unless provided otherwise in the Definitive Agreement, on or before March 15, 2007, the Company shall pay an additional Two Million Dollars ($2,000,000) (US) to ICM (“Third Payment”) which may be used to continue to place
orders for equipment and subcontractors. 
 D. Unless provided otherwise in the Definitive Agreement, the Company shall pay the remaining
amount of the total down upon execution of the Definitive Agreement. 
 In the event the Definitive Agreement is executed, the First Payment, Second Payment
and Third Payment shall be credited toward the compensation and down payment payable to ICM under the Definitive Agreement. 
 In the event that ICM receives
the Second Payment and/or Third Payment as required hereby, but the Definitive Agreement is not entered into, then, within thirty (30) days from receipt of a written request by Company, ICM shall return to the Company an amount equal to the
difference between (i) the sum of the Second Payment and, if received, the Third Payment, less (ii) the amount of direct and indirect costs and expenses incurred by ICM through the date of the refund request to acquire equipment for the
Facility and the engineering and construction services in connection with its prospective construction of the Facility (regardless of whether such costs and expenses may be passed on to a third party for a later project). For this purpose,
engineering services provided by ICM’s in-house personnel shall be calculated by multiplying the number of hours recorded to the Company’s project by such ICM personnel, by the applicable hourly rate set forth on ICM’s then-current
external engineering rate schedule. With the refund, ICM shall provide to Company a detailed report of deductions for costs and expenses from the Second Payment and Third Payment. 
 Section 6A. Definitive Agreement. The Parties shall use their best good faith efforts to sign the Definitive Agreement and deliver the Notice to Proceed to ICM, on or before May 15, 2007. 

  

 Page 3 of 8 

 The Parties recognize that if the Definitive Agreement is not executed and Notice to Proceed to ICM not delivered by that
date, that the Commencement Date indicated in Section 3 hereof, is not guaranteed by ICM, and the new Commencement Date shall be as ICM advises in its sole discretion. 
 Section 7. Independent Contractor. ICM is an independent contractor and its employees or agents shall not be considered employees or agents of the Company. ICM and the Company shall not be considered
partners, joint venturers or co-investors as a result of this letter of intent or the Definitive Agreement. 
 Section 8. Confidentiality. Prior
to the date hereof, the parties have entered into that certain Confidentiality Agreement dated July 13, 2006 (the “Confidentiality Agreement”). In connection with this letter of intent and the preparation of the Definitive Agreement,
ICM may disclose certain proprietary information or technology concerning the design, construction or start-up of an ethanol plant. The Company agrees that the Company’s use and disclosure of such proprietary information or technology shall be
governed by the terms and provisions of the Confidentiality Agreement, and if the Definitive Agreement is executed, the license discussed in section 5. 
 Section 9. Legal and Financial Advice. None of the services contemplated in this letter of intent or the Definitive Agreement shall be construed as or a substitute for legal, investment banking or accountings services.

 Section 10. Controlling Law. The laws of the State of Kansas will govern the validity, construction and interpretation of the terms and
provisions of this letter of intent and the Definitive Agreement. Any legal action brought to enforce or construe the provisions of this letter of intent or the Definitive Agreement shall be brought in the federal or state courts located in Wichita,
Kansas and the parties agree to and hereby submit to the exclusive jurisdiction of such courts and agree that they will not invoke the doctrine of forum non conveniens or other similar defenses in any such action brought in such courts. 

Section 11. Expense Reimbursement. The Company agrees to reimburse ICM for all attorneys’ fees and employee time (based upon ICM’s then standard
published schedule of hourly rates for employees) incurred in connection with the preparation and negotiation of the Definitive Agreement to the extent the aggregate amount thereof exceeds Thirty Thousand Dollars ($30,000.00). 
 If the foregoing correctly sets forth our understanding with respect to the proposed services, please sign and return four copies of this letter to us together with the
First Payment set forth in section 6 on or before August 1, 2006. Following receipt, ICM will work with you to begin preparation of the Definitive Agreement. 
  

			
	Very truly yours,
	
	ICM, Inc.
		
	By:	 	  

		 	Dave VanderGriend

  

 Page 4 of 8 

			
	Its:	 	President

 Duly executed and agreed to this      day of
                            , 2006. 
  

			
	LIBERTY RENEWABLE FUELS, LLC
		
	By:	 	  

		 	David Skjaerlund
	Its:	 	President

  

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 APPENDIX 1 
 Phase I Design Obligations 
 Prior to ICM’s commencement of the Phase I Design Package work, the Client
shall provide ICM with the following a minimum of 120 days prior to mobilization to the field. 
  

	1.	A legal description of the Site. 

  

	2.	Temporary and permanent easements, zoning, and other requirements and encumbrances affecting land use or necessary to permit the proper design and construction of the Project and
enable Design-Builder to perform the Work. These shall be shown on the AutoCAD Survey. 

  

	3.	To the extent available, as-built and record drawings of any existing structures at the Site. 

  

	4.	Environmental studies, reports and impact statements describing the environmental conditions, including Hazardous Conditions, in existence at the Site. 

  

	5.	Preliminary rail design approval from Client’s Rail service provider of rail design as prepared by Client’s Rail Designer. 

  

	6.	Client’s written approval of final site layout including rail design and environmental permitting emission points, construction and permanent access roads.

  

	7.	Review, comment, and written approval of Client’s air permit application. 

  

	8.	Topographic Survey to on (1) foot contours including property boundaries and at least two (2) benchmarks including existing service and utility lines. The Survey shall be
provided in hard copy and AutoCAD format. 

  

	9.	Soil borings logs for all soil borings complete at ICM’s specified locations. 

  

	10.	Geotechnical Report regarding subsurface conditions with Client’s Geotechnical ICM’s recommendations from ICM-approved Geotechnical ICM including soil borings, and any
other surveys or information available describing other latent or concealed physical conditions at the Site. 

  

	11.	Location and form for delivery of temporary electrical service. 

  

	12.	On-Site location for Storm Water discharge. 

  

	13.	Preliminary NPDES discharge location for water discharges from utility discharges including, but not limited to the water pre-treatment system, water softeners, and cooling tower
blow down and RO reject. 

  

	14.	Preliminary indication of source, analysis, and location of Client’s water supply, both potable and process water. 

  

	15.	Client’s risk insurance provider’s specific requirements for fire protection or approval to design fire protection to Liberty Insurance standards.

  

	16.	Specific requirements from the local fire chief or state fire marshal for fire protection at the site. 

  

	17.	Any special sizing or other requirements for ethanol storage tank farm. 

  

	18.	Preliminary location and design of administration building. 

  

	19.	Location of gas service to the site. 

  

	20.	Location and service information for permanent electrical supply to the plant. 

  

	21.	List of contacts (addresses, names, phone #’s) for all utility providers (water, sewer, gas, electric). 

  

	22.	Location and type of disposal for sanitary sewer waste. 

  

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	23.	Written scope of work for grain handling and DDG storage and loadout clearly defining the scope. 

  

	24.	Written description of any requested changes/modifications and standards. 

  

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 APPENDIX 2 
 Phase II Design Obligations 
 Prior to ICM’s commencement of the Phase II Design Package work, the Client
shall provide ICM with the following a minimum of 90 days prior to mobilization to the field. 
  

	1.	Final location, source and quality of Client’s water supply. (potable and process water) 

  

	2.	Off-site utility tie-in locations to within 5 feet from the Process Building or specified location. (this includes, but is not limited to, gas supply, permanent supply, water supply
if no on-site wells, on-site or off-site sanitary sewer) 

  

	3.	Final NPDES discharge location for Utility Water Blowdown. 

  

	4.	An insurance provider to allow the proper positioning and number of required hydrants and hydrants with monitors. 

  

	5.	Written Fire Chief or State Fire Marshall approval. 

  

	6.	Written approval of final rail design from the Client’s rail service provider and copy of final design in AutoCAD. 

  

	7.	Final location and design (general arrangement) of the Client’s administration building. 

  

	8.	Final water pre-treatment design and operating parameters. 

  

	9.	Design and location of sanitary sewer discharge point of septic system. 

  

	10.	Final location and general arrangement for any owner’s scope items including grain handling, DDG Storage loadout. 

  

	11.	Final design requirements for the tank farm liner. 

  

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