Document:

Unassociated Document

    

    June
      5,
      2008

    

    Mr.
      Didier Teirlinck

    Avenue
      de
      la Chenaie 85 

    Brussels
      B-1180  

    Belgium

    

    Dear
      Didier,

    

    Congratulations
      on your promotion to Senior Vice President and President Climate Control
      Technologies effective June 5, 2008. Upon completion of the necessary U.S.
      work
      permits and authorizations, your official location will be transferred from
      Brussels to Bridgeton, MO. The following summarizes the impact of the promotion
      on your compensation and benefits.

    

    
      	
              1.

            	
              Your
                starting base salary will be at an annual rate of $500,000 (five
                hundred
                thousand U.S. dollars) paid monthly. This will be effective June
                1,
                2008.

            

    

    

    
      	
              2.

            	
              Your
                AIM annual target opportunity has been increased to 90% of base salary.
                Actual AIM awards depend upon your performance, the performance of
                your
                Sector and the performance of Ingersoll-Rand Company Limited. For
                performance year 2008, this variable pay target will be pro-rated
                based on
                six months as head of Climate Control-ESA and six months as Sector
                President, Climate Control
                Technologies.

            

    

    

    
      	
              3.

            	
              Your
                annual 2008 stock option award target opportunity (payable February
                2009)
                has been increased to 100% of base salary. Annual stock option awards
                are
                contingent on and variable with your performance and the Company’s
                financial performance, specifically, earnings per share against plan.
                For
                the 2008 performance year, your award will be will be pro-rated based
                on
                six months as head of Climate Control-ESA and six months as Sector
                President, Climate Control
                Technologies.

            

    

    

    
      	
              4.

            	
              Your
                Performance Share target award will increase to 10,000 performance
                shares
                for performance year 2008 (awardable February 2009) and will be effective
                for the full year. For performance year 2008, the terms and conditions
                of
                this award will remain virtually unchanged from 2007. However, integration
                teams have been formed to work on the development of compensation
                programs
                including a redesigned Long Term Incentive Plan for the combined
                entity,
                which are expected to be in place by January 1, 2009.
                

            

    

    

    
      	
              5.

            	
              You
                will be provided a company automobile in accordance with our company
                car
                policy, which in your case provides an executive automobile with
                a
                purchase value of up to $60,000. A portion of the benefit will be
                imputed
                to your statement of gross income for tax
                purposes.

            

    

    

    
      	
              6.

            	
              This
                position is eligible for participation in the Elected Officer Supplemental
                Program (EOSP). The EOSP is a defined benefit pension plan that
                substantially augments IR’s qualified pension plan and, as its name
                denotes, is reserved for elected officers of the company. A brief
                summary
                is enclosed.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      
        	
                Didier
                  Teirlinck

              	
                2

              	
                June
                  5, 2008

              

      

    

    
 

    
      	
              7.

            	
              As
                an elected officer, you are eligible for financial and retirement
                counseling services through AYCO, a division of Goldman-Sachs. This
                service includes investment strategy and tax filing assistance. A
                portion
                of the cost for these services is imputed to your annual income.
                A
                representative from AYCO will contact you
                soon.

            

    

    

    
      	
              8.

            	
              Also,
                as an elected officer, you will be given a standard Change in Control
                Agreement, which provides economic security in the form of cash payments
                to the participant and guaranteed coverage under certain benefit
                plans in
                the event of job loss caused by the sale of all (or a substantial
                part of)
                the company. 

            

    

    

    
      	
              9.

            	
              You
                will be eligible for the Company’s Relocation
                Program.

            

    

    

    
      	
              10.

            	
              This
                employment offer is contingent upon obtaining the appropriate temporary
                nonimmigrant work authorization that will allow you to legally work
                in the
                United States. All employees must demonstrate their employment eligibility
                pursuant to the Immigration Reform and Control Act of 1986 within
                the
                first three (3) days of working in the United States and being on
                a U.S.
                payroll. Until these matters are completed, you will remain on Belgium
                payroll. We expect to have all necessary approvals completed within
                the
                month of June so that your “U.S.-based status” will begin on or before
                July 1, 2008. Elizabeth Dickson, Manager, Immigration Services, provides
                in-house legal assistance and work permits are coordinated through
                her
                office at corporate headquarters. Her telephone number is 201-573-3532
                or
                e-mail at Elizabeth_Dickson@irco.com. She will review your individual
                situation and advise you regarding the application process for the
                appropriate visa classification that will permit you to work for
                Ingersoll
                Rand Company. You should contact her directly to address all immigration
                issues.

            

    

    

    Didier,
      congratulations again on your promotion. If you have any questions regarding
      the
      changes in your compensation and benefits, please contact Marcia Avedon
      (201-573-3563 or Rob Butler (201-573-3137).

    

    Sincerely,

    

    

    Herbert
      L. Henkel

    Chairman,
      President and

    Chief
      Executive Officer

    

    
      	
              cc:

            	
              Marcia
                Avedon

            

    

    
      	 	
              Rob
                Butler

            

    

    

    

    Attachments:     Elected
      Officer Supplemental (Pension) ProgramTHIS
      NOTE
      HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER
      THE SECURITIES LAWS OF ANY STATE. NO TRANSFER, SALE OR OTHER DISPOSITION OF
      THIS
      NOTE MAY BE MADE UNLESS A REGISTRATION STATEMENT WITH RESPECT TO THIS NOTE
      HAS
      BECOME EFFECTIVE UNDER SAID ACT, AND SUCH REGISTRATION OR QUALIFICATION AS
      MAY
      BE NECESSARY UNDER THE SECURITIES LAWS OF ANY STATE HAS BECOME EFFECTIVE, OR
      THE
      COMPANY HAS BEEN FURNISHED WITH AN OPINION OF COUNSEL SATISFACTORY TO THE
      COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

     

    PAYMENTS
      OF PRINCIPAL AND INTEREST IN RESPECT OF THIS NOTE ARE SUBORDINATED, TO THE
      EXTENT SPECIFIED IN THE INTERCREDITOR/SUBORDINATION AGREEMENT, DATED AS OF
      JUNE
      2, 2008, BY AND AMONG SHOW ME ETHANOL, LLC, THE MAKER, FCS FINANCIAL, PCA,
      AND
      EACH OF THE OTHER PERSONS SUBJECT TO SUCH AGREEMENT, TO PAYMENTS OF CERTAIN
      SENIOR INDEBTEDNESS OF MAKER.

     

      
        

      

    

     

    9%
      SUBORDINATED SECURED PROMISSORY NOTE DUE JUNE 4 2010

    

      
        	
                $______________

              	
                June
                  5 2008

              

      

    

     

    FOR
      VALUE
      RECEIVED, the undersigned, Show Me Ethanol, LLC, a Missouri limited liability
      company (“Maker”), promises to pay to the order of ______________, (“Payee,”
Payee and any subsequent holder(s) hereof are hereinafter referred to
      collectively as “Holder”), the principal sum of _________ ($______), together
      with interest on the outstanding Principal balance hereof from the date hereof
      at the rate of nine percent (9%) per annum (computed on the basis of a 360-day
      year for the actual number of days elapsed), on June 4 2010 (the “Maturity
      Date”). Capitalized terms used herein without definition shall have the meanings
      set forth in that certain Loan and Security Agreement dated as of the date
      hereof which is being entered into in connection with this Note (the “Loan
      Agreement”). 

     

    Interest
      on the outstanding Principal balance hereof shall be due and payable annually,
      in arrears, with the first installment being payable on the first anniversary
      of
      the Closing Date, as defined in the Purchase Agreement and thereafter on the
      Maturity Date, at which time the entire outstanding Principal balance, together
      with all accrued and unpaid interest, shall be immediately due and payable
      in
      full. The Maker shall make its interest payments under this Note on each payment
      date referenced above by making a cash payment through the Agent (as defined
      in
      the Loan Agreement) to the Holder in an amount equal to nine percent (9%) per
      annum of the Principal balance outstanding under this Note. Payments of
      Principal and/or interest shall be made in lawful money of the United States
      of
      America to the registered Holder of this Note at the address shown in the
      register maintained by the Agent for such purpose, all in the manner provided
      in
      the Loan Agreement. 

     

    This
      Note
      and the Loan Agreement are issued pursuant to the Purchase Agreement, effective
      as of June 5 2008 (the “Purchase Agreement”), by and among Maker, the Payee and
      the other lenders from time to time party thereto, the terms and provisions
      of
      which are incorporated herein by reference. The registered Holder is entitled
      to
      the benefits of this Note, the Purchase Agreement and the Loan Documents (as
      defined in the Loan Agreement), as they relate to the Note, and may enforce
      the
      agreements of Maker contained herein and therein and exercise the remedies
      provided hereby and thereby or otherwise available in respect hereto and thereto
      only through the Agent and not individually as a Holder of the
      Note.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    The
      Maker
      may prepay outstanding Principal on the Note at any time and from time to time.
      All payments shall be made on a pro rata basis according to the outstanding
      Principal amount of the Notes held by the Lenders.

     

    Upon
      the
      occurrence of any Event of Default as set forth in the Loan Agreement or herein,
      except for an Event of Default resulting from an Act of Bankruptcy or Act of
      Dissolution, the Agent at its option, may, without notice to Maker, accelerate
      the maturity of the indebtedness evidenced hereby and declare this Note to
      be
      immediately due and payable, as well as any and all other indebtedness of Maker
      to the Lenders. Upon the occurrence of any such Event of Default and the
      acceleration of the maturity of the indebtedness evidenced by the Notes: (a)
      Agent, on behalf of Holder, shall be immediately entitled to exercise any and
      all rights and remedies possessed by Holder pursuant to the terms of this Note
      and all of the other Loan Documents; and (b) Holder shall have any and all
      other
      rights and remedies that Lenders may now or hereafter possess at law, in equity
      or by statute.

     

    Following
      an Event of Default, all of Maker’s obligations under this Note shall, for such
      time as Maker fails to cure the Event of Default, bear interest until paid
      at an
      annual rate (the “Default Rate”) equal to the lesser of (i) the rate that is
      five percentage points (5%) in excess of the above-specified interest rate,
      or
      (ii) the maximum rate of interest allowed to be charged under applicable law
      (the “Maximum Rate”), regardless of whether or not there has been an
      acceleration of the payment of Principal. All such interest shall be paid at
      the
      time of and as a condition precedent to the curing of any such Event of
      Default.

     

    In
      the
      event this Note is placed in the hands of an attorney for collection, or if
      Holder incurs any costs incident to the collection of the indebtedness evidenced
      hereby, Maker and any endorsers hereof agree to pay to Holder an amount equal
      to
      all such costs, including without limitation all reasonable attorneys’ fees and
      all court costs.

     

    Presentment
      for payment, demand, protest and notice of demand, protest and nonpayment are
      hereby waived by Maker and all other parties hereto. No failure to accelerate
      the indebtedness evidenced hereby by reason of an Event of Default hereunder,
      acceptance of a past-due installment or other indulgences granted from time
      to
      time, shall be construed as a novation of this Note or as a waiver of such
      right
      of acceleration or of the right of Holder thereafter to insist upon strict
      compliance with the terms of this Note or to prevent the exercise of such right
      of acceleration or any other right granted hereunder or by applicable law.
      No
      extension of the time for payment of the indebtedness evidenced hereby or any
      installment due hereunder, made by agreement with any person now or hereafter
      liable for payment of the indebtedness evidenced hereby, shall operate to
      release, discharge, modify, change or affect the original liability of Maker
      hereunder or that of any other person now or hereafter liable for payment of
      the
      indebtedness evidenced hereby, either in whole or in part, unless Holder agrees
      otherwise in writing. This Note may not be changed orally, but only by an
      agreement in writing signed by the party against whom enforcement of any waiver,
      change, modification or discharge is sought.

     

    The
      indebtedness and other obligations evidenced by this Note are further evidenced
      by (i) the Purchase Agreement, (ii) the Loan Documents and (iii) certain other
      instruments and documents, as may be required to protect and preserve the rights
      of Maker and Payee, as more specifically described in the Purchase
      Agreement.

     

    All
      agreements herein made are expressly limited so that in no event whatsoever,
      whether by reason of advancement of proceeds hereof, acceleration of maturity
      of
      the unpaid balance hereof or otherwise, shall the amount paid or agreed to
      be
      paid to Holder for the use of the money advanced or to be advanced hereunder
      exceed the Maximum Rate. If, from any circumstances whatsoever, the fulfillment
      of any provision of this Note or any other agreement or instrument now or
      hereafter evidencing, securing or in any way relating to the indebtedness
      evidenced hereby shall involve the payment of interest in excess of the Maximum
      Rate, then, ipso facto, the obligation to pay interest hereunder shall be
      reduced to the Maximum Rate; and if from any circumstance whatsoever, Holder
      shall ever receive interest, the amount of which would exceed the amount
      collectible at the Maximum Rate, such amount as would be excessive interest
      shall be applied to the reduction of the Principal balance remaining unpaid
      hereunder and not to the payment of interest. This provision shall control
      every
      other provision in any and all other agreements and instruments existing or
      hereafter arising between Maker and Holder with respect to the indebtedness
      evidenced hereby.

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    THIS
      NOTE
      SHALL BE GOVERNED BY, CONSTRUED IN ACCORDANCE WITH, AND ENFORCED UNDER, THE
      LAWS
      OF THE STATE OF MISSOURI, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF
      LAW
      OF SUCH STATE.

     

    EACH
      PARTY TO THIS NOTE HEREBY IRREVOCABLY AGREES THAT ANY LEGAL ACTION OR PROCEEDING
      ARISING OUT OF OR RELATING TO THIS NOTE OR ANY AGREEMENTS OR TRANSACTIONS
      CONTEMPLATED HEREBY OR THEREBY MAY BE BROUGHT IN THE JURISDICTION OF THE UNITED
      STATES DISTRICT COURT FOR THE WESTERN DISTRICT OF MISSOURI AND OF ALL MISSOURI
      STATE COURTS SITTING IN CARROLL COUNTY, MISSOURI, AND HEREBY EXPRESSLY SUBMITS
      TO THE PERSONAL JURISDICTION AND VENUE OF SUCH COURTS FOR THE PURPOSES THEREOF
      AND EXPRESSLY WAIVES ANY CLAIM OF IMPROPER VENUE AND ANY CLAIM THAT SUCH COURTS
      ARE AN INCONVENIENT FORUM. IT IS FURTHER AGREED THAT VENUE FOR ANY SUCH ACTION
      SHALL LIE EXCLUSIVELY WITH COURTS SITTING IN CARROLL COUNTY, MISSOURI, UNLESS
      HOLDER AGREES TO THE CONTRARY IN WRITING. EACH PARTY HEREBY IRREVOCABLY CONSENTS
      TO THE SERVICE OF PROCESS OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH SUIT,
      ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED
      MAIL, POSTAGE PREPAID, TO ITS ADDRESS SET FORTH IN THE LOAN AND SECURITY
      AGREEMENT, SUCH SERVICE TO BECOME EFFECTIVE 10 DAYS AFTER SUCH MAILING.

     

    EACH
      PARTY TO THIS NOTE HEREBY WAIVES ITS RIGHT TO A JURY TRIAL WITH RESPECT TO
      ANY
      ACTION OR CLAIM ARISING OUT OF ANY DISPUTE IN CONNECTION WITH THIS NOTE OR
      ANY
      OF THE OTHER LOAN DOCUMENTS, ANY RIGHTS OR OBLIGATIONS HEREUNDER OR THEREUNDER
      OR THE PERFORMANCE OF SUCH RIGHTS AND OBLIGATIONS. THE MAKER (I) CERTIFIES
      THAT
      NEITHER HOLDER NOR ANY REPRESENTATIVE OR ATTORNEY OF HOLDER HAS REPRESENTED,
      EXPRESSLY OR OTHERWISE, THAT HOLDER WOULD NOT, IN THE EVENT OF LITIGATION,
      SEEK
      TO ENFORCE THE FOREGOING WAIVERS AND (II) ACKNOWLEDGES THAT HOLDER HAS BEEN
      INDUCED TO PURCHASE THIS NOTE BY, AMONG OTHER THINGS, THE WAIVERS AND
      CERTIFICATIONS CONTAINED HEREIN.

     

    As
      used
      herein, the terms “Maker” and “Holder” shall be deemed to include their
      respective successors, legal representatives and assigns, whether by voluntary
      action of the parties or by operation of law.

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, this Note is executed on the date first above
      written.

     

    
      	
              MAKER:

            
	
              SHOW
                ME ETHANOL, LLC

            
	 
	
              By:

            	    

	
              Name:
                

            	   

	
              Title:
                

            	    

    

    
      
        
        

      

      
        4

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