Document:

Environmental Indemnity Agreement

 Exhibit 10.11 

ENVIRONMENTAL INDEMNITY AGREEMENT 

THIS ENVIRONMENTAL INDEMNITY AGREEMENT (the “Agreement”) is entered into as of the 8th day of March 2010 by and among REG
NEWTON, LLC, an Iowa limited liability company whose address is c/o Renewable Energy Group, Inc., 416 S. Bell Ave., P.O. Box 888, Ames, Iowa 50010 (the “Borrower”) and AGSTAR FINANCIAL SERVICES, PCA, a United States
instrumentality, (the “Lender”). The parties hereto enter into this Agreement with reference to the following facts: 

A. The Lender has agreed to make certain loans to the Borrower, in the original principal amount of Twenty Five Million Nine Hundred
Sixty Thousand Seven Hundred Thirty One Dollars and 50/cents ($25,960,731.50) (the “Loan”). The Loan is evidenced by that certain Master Loan Agreement, First Supplement to the Master Loan Agreement (Term Loan), Term Note, Second
Supplement to the Master Loan Agreement (Revolving Line of Credit Loan), and Revolving Line of Credit Note, all of even date herewith, (as, amended, modified, extended, or restated, from time to time, collectively, the “Loan Agreement”),
and which Loan Agreement is to be secured by, among other things, a Mortgage (Open End) of even date herewith, as amended, modified, extended, or restated from time to time (the “Mortgage”) creating a lien on certain real property located
in Jasper County, Iowa, more particularly described on Exhibit A attached hereto, together with the improvements and personal property located thereon (collectively, the “Premises”). 

B. The making of the Loan is subject to the condition precedent, among others, that Borrower makes and delivers this Agreement to the
Lender. Borrower acknowledges that the Borrower is entering into this Agreement for the purpose of inducing the Lender to make the Loan to it, and further acknowledges that the Lender would not make the Loan in the absence of this Agreement,
notwithstanding any contrary provision in the Loan Agreement, the Notes, the Mortgage or any other document given in connection with the Loan (such other documents together with the Mortgage and the Loan Agreement being collectively referred to
herein as the “Collateral Loan Documents”). 
 C. Borrower acknowledges that the Lender may sustain Losses (as defined
in Section 4(a)) both prior to and following a foreclosure of the Lender’s security interest in the Premises pursuant to the Mortgage or the Collateral Loan Documents or conveyance in lieu thereof, as well as after the Notes are paid in
accordance with its terms. 
 NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. Hazardous
Substances. As used herein, “Hazardous Substance” shall mean and include, but shall not be limited to, any element, substance, compound, mixture, waste, material, pollutant or contaminant (including, without limitation, asbestos, any
petroleum or petroleum derived waste or products, and raw materials that include hazardous constituents); to the extent the foregoing items are included under or regulated by any federal, state or local law, rule or regulation pertaining to
environmental matters, as now or hereafter enacted or amended, including, without limitation, the Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980; the Federal Resource Conservation and Recovery Act; the Federal
Superfund Amendments and Reauthorization Act of 1986; the Federal Toxic Substances Control Act; the Federal Hazardous Material Transportation Act; the Federal Clean 

 
Air Act; the Federal Water Pollution Control Act; together with any other federal, state or local superlien or other statutes, rules or regulations, as now or hereafter amended in any way
pertaining to clean-up; disclosure; water pollution control; air pollution control; regulation of solid waste; hazardous waste management; storage tanks; regulation of environmentally sensitive areas; regulation of drinking water; use of ground
water, surface waters and wetlands; hazardous and toxic substance reporting; environmental preservation or control; indoor air quality issues, including asbestos, radon and tobacco smoke; and any other laws, including case law, which might be deemed
or referred to as environmental common law (all such laws, rules and regulations being referred to collectively as “Environmental Laws”) and any other substances now or hereafter deemed hazardous or toxic, including but not limited to,
mold and other contaminants, regardless of whether the same are regulated under any Environmental Laws. 
 2. Representations
and Warranties. 
 (a) Investigation. Borrower has or Borrower had performed reasonable investigations, studies and
tests as to any possible environmental contamination, liabilities or problems with respect to the Premises, including without limitation, the presence, use, storage, disposal, processing, generation, transportation, treatment, discharge or release
of any Hazardous Substance in, on, from or with respect to the Premises and that, except as disclosed in the written environmental reports to be delivered to, reviewed and approved by the Lender in connection with the Loan (together, the
“Environmental Report”), such investigations, studies and tests have disclosed no Hazardous Substances (except for nominal amounts used by occupants of the Premises in the ordinary course of business and in compliance with all applicable
regulatory requirements) or possible violations of any Environmental Laws. 
 (b) No Violations. Except as disclosed in
the Environmental Report, to borrower’s knowledge the Borrower, the Premises or any other property owned by Borrower: (i) is not subject to any private or governmental lien or judicial or administrative notice, order or action relating to
Hazardous Substances or environmental problems, impairments or liabilities with respect to the Premises or such other property; or (ii) is not in, or with any applicable notice and/or lapse of time, and/or failure to take certain curative or
remedial actions, will not be in, either direct or indirect violation of any Environmental Laws. 
 (c) No Hazardous
Substances on Premises. Except as disclosed in the Environmental Report, to Borrower’s knowledge no Hazardous Substances (except for nominal amounts necessarily used in the ordinary course of business and in compliance with all applicable
Environmental Laws) are or have been located, used, stored, disposed of, possessed, managed, processed, generated, transported, treated, discharged or released in, on, from or with respect to the Premises (including ground water contamination) and
no above ground or underground storage tanks are located on the Premises. Borrower shall not allow any Hazardous Substances to be located, used, stored, disposed of, possessed, managed, processed, generated, transported, treated, discharged or
released in, on, from or with respect to the Premises (including ground water contamination) or otherwise handled on the Premises (except for nominal amounts necessarily used in the ordinary course of business and in compliance with all applicable
Environmental Laws), unless in compliance with all applicable Environmental Laws. 
 (d) All Necessary Approvals
Obtained. Borrower warrants that it has obtained all necessary approvals and satisfactory clearances for use of the Premises from all appropriate federal, state and local governmental authorities, utility companies and development

  

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entities, including but not limited to the Iowa Department of Natural Resources (and any successor authority) and any County or City departments, public water works and public utilities in regard
to the use of the Premises and the presence, use, storage, disposal, processing, generation, transportation, treatment, discharge or release of any Hazardous Substances in, on, from or with respect to the Premises. 

(e) Financial Condition. The Borrower hereby represents that, as of the date hereof, (i) Borrower’s obligations to its
creditors, including, but not limited to, all payments and accounts relating to the Premises, are current; (ii) any and all representations to the Lender representing Borrower’s financial condition are true and correct, and there has not
been any material adverse change in any Borrower’s financial condition, credit rating, business, operations or affairs since the date of said representations; (iii) there is no action, proceeding or claim pending or threatened against the
Borrower before any court, administrative agency, or arbitration panel of any kind, which if adversely decided would result in a materially adverse change in the business or financial condition of the Borrower; (iv) there are no outstanding
judgments, arbitration awards, decrees, or orders of any kind pending against the Borrower; (v) no petition of bankruptcy, whether voluntary or involuntary, nor assignment for the benefit of creditors, nor any other action involving debtors’ or
creditors’ rights under the laws of the United States or any state has been filed by or threatened by or against the Borrower; and (vi) the Borrower is solvent and is not contemplating any proceedings described in subsection (v).

 (f) Financial Statements. Upon (i) a Default by Borrower under the Loan Agreement, the Notes, the Mortgage, or
the Collateral Loan Documents; (ii) the discovery of the presence, use, storage, disposal, processing, generation, transportation, treatment, discharge or release of any Hazardous Substances in, on, from or with respect to the Premises in
violation of this Agreement; (iii) the occurrence of any matter entitling the Lender to call upon the indemnity provided in this Agreement; or (iv) a Default under this Agreement, the Borrower agrees to furnish to the Lender within ten
(10) days of demand, a financial statement for the Borrower current within six (6) months. All financial statements provided pursuant to this subsection shall be signed and dated and certified by the Borrower to be true and correct and
shall detail the assets and liabilities of the Borrower, all in form and substance acceptable to the Lender. 
 (g)
Authority. The Borrower is an entity and the persons executing this Agreement on behalf of Borrower represent and warrant to the Lender that (i) the Borrower is legally organized and validly existing under the laws of the state of its
organization and duly qualified, to the extent necessary, in the state or states in which the Premises are located and in all other jurisdictions in which the Borrower owns property or conducts business; (ii) the execution and delivery of this
Agreement and the performance by the Borrower of its obligations hereunder have been duly authorized and approved; (iii) the persons executing this Agreement on behalf of the Borrower are duly elected, qualified and acting officers of Borrower
and have full legal capacity and authority to execute and deliver this Agreement on behalf of the Borrower; and (iv) the Borrower shall maintain its existence, qualification to do business, name, rights and franchises in all states in which
such qualification is necessary to remain in good standing. 
 (h) No Conflict or Lien. Compliance by the Borrower with
its obligations under this Agreement has not resulted and will not result in the violation of or result in the creation of any lien, charge or encumbrance upon any property or asset of the Borrower under

  

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any agreement or other instrument to which the Borrower may be a party or by which the Borrower or any of its assets are bound. 

3. Covenants. 

(a) Compliance with Laws. Borrower shall comply strictly and in all material respects with the requirements of the Environmental
Laws. 
 (b) Remedial Work. If any investigation, site monitoring, abatement, containment, clean-up, removal or other
remedial work of any kind or nature (the “Remedial Work”) is necessary or advisable because of, or in connection with, the current or future presence, suspected presence, release or suspected release of a Hazardous Substance in, on, from
or with respect to the Premises (or any portion thereof), Borrower shall promptly (and in all events within the time required under any applicable Environmental Law, order or agreement) commence and thereafter diligently prosecute to completion, all
such Remedial Work; provided however, the Lender may require that Borrower commence such Remedial Work no later than thirty (30) days after written demand for performance from the Lender. Such Remedial Work shall be completed in accordance with
all applicable Environmental Laws (and in all events in a manner reasonably satisfactory to the Lender). The Lender shall have the right to approve any contractors performing Remedial Work in advance (which approval will not be unreasonably
withheld) and to require that the Remedial Work be performed under the supervision of a consulting engineer approved by the Lender (which approval will not be unreasonably withheld). All costs and expenses in connection with such Remedial Work shall
be paid by Borrower, including without limitation, the Lender’ fees and costs incurred with monitoring and reviewing the Remedial Work. 

(c) No Unauthorized Substances. Borrower hereby covenants and agrees not to take or fail to take any action that will result in
the unauthorized presence, use, storage, disposal, processing, generation, transportation, treatment, discharge or release of any Hazardous Substances in, on, from or with respect to the Premises. 

(d) Obligation to Notify Lender. Borrower shall immediately notify the Lender should Borrower become aware of (i) any
Hazardous Substance problem or liability with respect to the Premises; (ii) any unauthorized release or discovery of any Hazardous Substance or other contamination, liability or problem respecting the Premises; or (iii) any litigation or
threat of litigation relating to any alleged unauthorized release of any Hazardous Substance or discovery of any Hazardous Substance or other contamination, liability or problem respecting the Premises. Borrower shall promptly forward to the Lender
copies of all orders, notices, permits and applications or other communications and reports in connection with any unauthorized release or discovery of any Hazardous Substance or other contamination, or any other environmental matters affecting the
Premises. 
 (e) Environmental Audit. Promptly upon the written and good faith request of the Lender from time to time,
and for the reasons recited therein, Borrower shall provide the Lender, at Borrower’s expense, with an environmental site assessment or environmental audit report in form and content acceptable to the Lender regarding the Premises (an
“Environmental Audit”). The Environmental Audit shall be prepared by an environmental engineering firm reasonably acceptable to Lender, shall assess with a reasonable degree of certainty the presence or absence of any Hazardous Substances
and shall indicate the potential costs in connection with any site monitoring, abatement, containment, clean-up, removal or other remedial work of any 

 

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kind or nature relating to Hazardous Substances found in, on, under, at, within or emanating from the Premises. 

4. Indemnity. 

(a) Scope of Indemnity. Borrower hereby agrees to indemnify, save, defend (at Borrower’s sole cost and expense) and hold
harmless Lender and the officers, directors, shareholders, agents, attorneys and employees of Lender, and the successors and assigns of each of the foregoing (all of such persons or entities being collectively referred to herein as “Indemnified
Parties” and each such reference shall refer jointly and severally to each such persons) from and against the full amount of any and all Losses (as hereinafter defined), regardless of the acts or omissions of Indemnified Parties except as
hereinafter specifically excepted. “Losses” shall mean any and all liabilities, obligations, losses, damages, penalties, claims, actions, suits and costs and expenses (including but not limited to all costs and expenses associated with
court or administrative proceedings (through the appellate level)) such as condemnation, bankruptcy and other administrative proceedings, as well as any other of the foregoing where a proof of claim is by law required to be filed, or in which it
becomes necessary to defend or uphold the terms of this Agreement, together with reasonable attorneys’ fees and other professional and consultant’s expenses incurred in investigating, preparing for, serving as a witness in or defending
against any action or proceeding whether actually commenced or threatened), arising from, in respect of, as a consequence of, or in connection with, the ownership, operation or use of the Premises by the Borrower, its employees, representatives and
agents, and all other persons acting on behalf of, or at the direction of, the Borrower, including, but not limited to, any of the following: (i) the presence, use, storage, disposal, processing, generation, transportation, treatment, discharge
or release of any Hazardous Substances in, on, from or with respect to the Premises, regardless of whether the same is caused or permitted by Borrower or any other person or entity; (ii) the removal of any Hazardous Substances on, from or with
respect to the Premises, regardless of whether the same is performed by Borrower or any other person or entity and regardless of whether or not such removal is rendered voluntarily or pursuant to a court order or the order of an administrative
agency; (iii) claims asserted by any person or entity (including, without limitation, any governmental or quasi-governmental agency, authority, board, bureau, commission, department, instrumentality, public body, court or administrative
tribunal (a “Governmental Agency”)), in connection with or in any way arising out of the presence, use, storage, disposal, processing, generation, transportation, treatment, discharge or release of any Hazardous Substances in, on, from or
with respect to the Premises, either prior to or after the date of this Agreement and either prior to or after the time that Borrower became the owner of the Premises; (iv) the violation or claimed violation of any Environmental Laws in regard
to the Premises, whether such violation or claimed violation occurred prior to or after the date of this Agreement and regardless of whether such violation occurred prior to or after the time that Borrower became the owner of the Premises;
(v) the preparation of an Environmental Audit on the Premises, whether conducted or authorized by Borrower or any other person or entity and the implementation of any Environmental Audit’s recommendations; (vi) the cost of enforcing
this Agreement; and (vii) any other environmental matter respecting the Premises. Lender may employ the attorneys and/or consultants of its choice. The foregoing shall not apply to Losses resulting from Hazardous Substances brought on to the
Premises by any Indemnified Party. 
  

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 (b) Effect. Borrower’s obligations under this Agreement shall arise upon the
discovery of the presence, use, storage, disposal, processing, generation, transportation, treatment, discharge or release of any Hazardous Substances in, on, from or with respect to the Premises, whether or not a Governmental Agency has taken or
threatened any action in connection therewith. 
 (c) Lender’s Self-Help Rights. If Borrower fails to comply with
the requirements of any Environmental Law, to perform any Remedial Work as required herein, or to perform any other obligation of Borrower hereunder, Lender may at its election, but without any obligation to do so, take any and all actions as Lender
shall deem necessary or advisable in order to cure Borrower’s failure, in which event Borrower shall reimburse Lender for all costs and expenses thereof or incurred in connection therewith, as provided in Section 5. 

(d) Claim Settlement. So long as Lender is the holder of the Loan Agreement, the Notes or a mortgagee or assignee under the
Mortgage or any of the Collateral Loan Documents or if Lender at any time shall have become a mortgagee in possession or a successor in interest to Borrower by foreclosure or deed in lieu of foreclosure with respect to all or part of the Premises,
Borrower shall not settle any claim relating to the Premises under or on account of any Environmental Law without Lender’s prior written consent, which consent may be withheld in Lender’s sole and absolute discretion. 

5. Payments. Payments due Lender and other Indemnified Parties under this Agreement shall be due and payable as the same are
incurred, without the requirement that such party wait for the ultimate outcome of any litigation, claim or other proceeding. Within a reasonable time after any sums are expended or any Losses are incurred, the Lender or other Indemnified Party (as
applicable) shall notify Borrower thereof; provided, however, that failure to give such notice shall not relieve Borrower from any liability, duty or obligation hereunder. Borrower will pay sums due within thirty (30) days after receipt of
notice itemizing the amounts incurred to the effective date of such notice. Borrower shall pay interest on any amount not paid when due at an interest rate equal to the Default Rate (as defined in the Loan Agreement and the Notes), but in no event
to exceed the maximum interest rate allowed by law. 
 6. Obligation to Defend. 

(a) Assumption of Defense. Upon request of any Indemnified Party, Borrower shall be bound to defend any and all actions or
proceedings that may be brought against such Indemnified Party in connection with or arising out of the matters covered by this Agreement. In the event that Borrower is defending an Indemnified Party, Borrower may settle a claim against the
Indemnified Party only with the Indemnified Party’s prior written consent, which consent may be withheld in the Indemnified Party’s sole and absolute discretion. 

(b) Conduct of Defense; Participation by Indemnified Party. In the event an Indemnified Party has required Borrower to defend it,
such defense shall be conducted by reputable attorneys retained by Borrower, satisfactory to the Indemnified Party in its sole and absolute discretion, at Borrower’s sole cost and expense. In addition, the Indemnified Party shall have the right
to participate in such proceedings and to be represented by attorneys of its own choosing. In such case, the Indemnified Party shall be responsible for the cost of such participation unless the Indemnified Party shall have concluded, based on the
advice of counsel, that the interests of the Indemnified Party and of Borrower in the action conflict in such a manner and to such an extent as to require, consistent with applicable standards of professional

  

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responsibility, the retention of separate counsel for the Indemnified Party, in which event Borrower shall pay for separate counsel chosen by the Indemnified Party. 

(c) Defense by Indemnified Party. Notwithstanding the foregoing, an Indemnified Party may elect in its sole and absolute
discretion at any time to conduct its own defense of any action or proceeding that may be brought against it or to which it may be a party. In such event, Borrower shall be conclusively liable for the results obtained by the Indemnified Party,
including without limitation the amount of any judgment or good faith, out-of-court settlement or compromise. In addition, Borrower shall be liable for any and all costs and expenses, including, but not limited to, all reasonable attorney’s
fees, that the Indemnified Party incurs. 
 7. Default. Time is of the essence hereof. The term “Default,” as
used in this Agreement, shall mean the occurrence of any one or more of the following events: 
 (a) The failure of Borrower
punctually and properly to perform any covenant, condition or agreement contained in this Agreement; 
 (b) The filing of a
proceeding in bankruptcy or arrangement or reorganization by or against Borrower pursuant to the United States Bankruptcy Code or any similar law, federal or state, including but not limited to: 

(i) Borrower shall file a voluntary petition in bankruptcy or shall be adjudicated bankrupt or insolvent, or shall file any petition or
answer seeking or acquiescing in any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state, or other statute, law or regulation relating to
bankruptcy, insolvency or other relief for debtors, or shall seek or consent to or acquiesce in the appointment of any trustee, receiver or liquidator of Borrower, or shall make any general assignment for the benefit of creditors, or shall admit in
writing its inability to pay or shall fail to pay its debts generally as they become due; 
 (ii) A court of competent
jurisdiction shall enter an order, judgment or decree approving a petition filed against Borrower seeking any reorganization, dissolution or similar relief under any present or future federal, state, or other statute, law or regulation relating to
bankruptcy, insolvency or other relief for debtors, or Borrower shall be the subject of an order for relief entered by such a court, and such order, judgment or decree shall remain unvacated and unstayed for an aggregate of sixty (60) days
(whether or not consecutive) from the first date of entry thereof, or any trustee, receiver, custodian or liquidator of Borrower shall be appointed without the consent or acquiescence of Borrower and such appointment shall remain unvacated and
unstayed for an aggregate of sixty (60) days (whether or not consecutive); 
 (c) The determination by Lender that any
representation or warranty of Borrower set forth in this Agreement or delivered in connection herewith or as required from time to time hereby is false, misleading or erroneous in any material respect as of the date thereof; or 

(d) The occurrence of a Default under the Loan Agreement, Notes, the Mortgage, or any of the Collateral Loan Documents. 

8. Remedies. If any Default shall have occurred, then Lender shall have the right to enforce any legal or equitable remedy against
the Borrower and to sue for any sums whether damages, interest or any other sums required to be paid under the terms of this Agreement and 
  

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without prejudice to the right of Lender thereafter to enforce any appropriate remedy against Borrower. The rights of the Lender arising under the clauses and covenants contained in this
Agreement shall be separate, distinct and cumulative and none of them shall be construed as an election to proceed under any one provision herein to the exclusion of any other provision, anything herein or otherwise to the contrary notwithstanding.

 9. Invalidity. If any term or provision of this Agreement shall be invalid, illegal or unenforceable, such term or
provision shall be severable from the rest of this Agreement and the validity, legality or enforceability of the remaining terms and provisions shall not in any way be affected or impaired thereby. 

10. Separate Obligations. The purpose of this Agreement is to protect Lender against liability, loss, damage, cost or expense with
respect to Hazardous Substances and Environmental Laws relating to the Premises as provided in this Agreement, and not as security for payment of the indebtedness evidenced by the Loan Agreement, Notes or performance of the obligations under the
Mortgage and the Collateral Loan Documents. The obligations of Borrower under this Agreement are separate from, independent of and in addition to the indebtedness and obligations under the Loan Agreement, Notes, the Mortgage, and the Collateral Loan
Documents. The liability of Borrower under this Agreement shall not be limited to or measured by the amount of the indebtedness owed under the Loan Agreement, the Notes or the Mortgage or the value of the Premises. This Agreement is not secured by
the Mortgage, the obligations hereunder are separate and independent, and shall not be extinguished by the release or foreclosure of the Mortgage. Borrower shall be fully and personally liable for all obligations of Borrower under this Agreement and
a separate action may be brought and prosecuted against any or all of the Borrowers on this Agreement. The liability of Borrower under this Agreement shall not be subject to any limitation set forth in the Loan Agreement, the Notes, the Mortgage, or
any of the Collateral Loan Documents, on personal liability for the payment of the indebtedness evidenced by the Loan Agreement, the Notes, or the remedies of Lender for enforcement of the obligations under the Loan Agreement, the Notes, the
Mortgage, or the Collateral Loan Documents or the recourse of Lender for satisfaction of such obligations. This Agreement and the obligations of Borrower hereunder shall survive, and remain in full force and effect after any reconveyance of the
Mortgage or any foreclosure of the Mortgage (whether by judicial action, exercise of the power of sale, deed in lieu of foreclosure, or otherwise) with respect to any release or threatened release of any Hazardous Substances in, on or under the
Premises or any past, present or future violation of any Environmental Laws at the Premises which occurred, or the onset of which occurred, before such reconveyance or foreclosure, and Lender shall have the right to enforce this Agreement after any
such reconveyance or foreclosure. To the extent permitted by applicable law, Borrower waives the right to assert any statute of limitations as a bar to the enforcement of this Agreement or to any action brought to enforce this Agreement. This
Agreement shall not affect, impair or waive any rights or remedies of Lender or any obligations of Borrower with respect to Hazardous Substances created or imposed by Environmental Laws (including Lender’s rights of reimbursement or
contribution under Environmental Laws). The remedies in this Agreement are cumulative and in addition to all remedies provided by law. 

11. Notice. Any notice that Borrower or Lender may be required or entitled to give to the other party hereunder shall be in
writing and shall be deemed given when the same is (a) delivered by personal service, (b) delivered by nationwide overnight delivery service (with 
  

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charges prepaid); or (c) mailed by certified mail, postage prepaid, return receipt requested, addressed as specified below: 

LENDER: 

AgStar Financial Services, PCA 

1921 Premier Drive 

Mankato, MN 56002-4249 

Attention: Mark Schmidt 

BORROWER: 
 REG
Newton, LLC 
 c/o Renewable Energy Group, Inc. 

416 S. Bell Ave., 

P.O. Box 888 

Ames, IA 50010 

Attention: President 
 The
addresses set forth above may be changed as to any party by such party delivering to the other parties written notice as to such change of address. 

12. Captions, Gender, and Number. Any section or paragraph, title or caption contained in this Agreement is for convenience only
and shall not be deemed a part of this Agreement. As used in this Agreement, the masculine, feminine or neuter gender, and the singular or plural number, shall each be deemed to include the others whenever the context so indicates. 

13. Inconsistent Provisions. Borrower further acknowledges and agrees that the provisions hereof are in addition to and in no
fashion a limitation on the obligations of Borrower under the Loan Agreement, the Notes, the Mortgage, and the Collateral Loan Documents. To the extent the terms hereof are inconsistent with the terms of the Loan Agreement, the Notes, the Mortgage,
or any of the Collateral Loan Documents, or there is an ambiguity between the terms hereof and any of said documents, the provision most favorable to Lender shall control. 

14. Indemnified Parties’ Rights. The parties hereto expressly acknowledge that this Agreement is made expressly for the
benefit of the Indemnified Parties. 
 15. Successors and Assigns. This Agreement shall be binding upon, and inure to the
benefit of, the parties named herein and their respective successors and assigns. Any Borrower’s obligations hereunder shall remain in full force and effect notwithstanding a foreclosure conducted pursuant to the Mortgage, the making of a deed
in lieu of foreclosure by the Borrower in favor of Lender or a transfer of any other interest in the Premises, whether by Borrower or Lender or by any successor or assignee of Borrower or Lender. 

16. Failure or Indulgence not a Waiver. No failure or delay on the part of any Indemnified Party in the exercise of any power,
right or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any power, right or privilege preclude any other or future exercise of any such power, right or privilege. All powers, rights and 

 

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privileges hereunder are cumulative to, and not exclusive of, any powers, rights or privileges otherwise available. 

17. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Minnesota.

 18. Time is of the Essence. Time is of the essence of this Agreement. 

19. JURISDICTION. TO THE EXTENT PERMITTED BY APPLICABLE LAW, BORROWER HEREBY IRREVOCABLY SUBMITS TO PERSONAL JURISDICTION IN THE
STATE OF MINNESOTA AND OF THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF MINNESOTA OR, AT THE OPTION OF THE LENDER, ANY COURT IN WHICH THE LENDER DECIDES TO INITIATE LEGAL OR EQUITABLE PROCEEDINGS CONCERNING THIS AGREEMENT, PROVIDED SUCH COURT
HAS SUBJECT MATTER JURISDICTION OVER THE MATTER AND CONTROVERSY, FOR THE ENFORCEMENT OF BORROWER’S OBLIGATIONS HEREUNDER, AND WAIVES ANY AND ALL PERSONAL RIGHTS UNDER THE LAW OF ANY OTHER STATE TO OBJECT TO JURISDICTION WITHIN THE STATE OF
MINNESOTA FOR THE PURPOSES OF LITIGATION TO ENFORCE SUCH OBLIGATIONS. FURTHERMORE, TO THE EXTENT PERMITTED BY LAW, BORROWER HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS AND COMPLAINT OR OTHER PROCESS OF THE PAPERS ISSUED THEREIN AND AGREES THAT
SERVICE MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO THE BORROWER AT ITS ADDRESS SET FORTH HEREIN. 
 20. WAIVER
OF TRIAL BY JURY. TO THE EXTENT PERMITTED BY APPLICABLE LAW, BORROWER WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE, IN ANY COURT IN WHICH AN ACTION MAY BE COMMENCED, ARISING OUT OF OR IN
CONNECTION WITH THIS AGREEMENT, THE LOAN AGREEMENT, THE NOTES, THE MORTGAGE, THE COLLATERAL LOAN DOCUMENTS, OR ANY OTHER MATTER RELATED THERETO. 

IN WITNESS WHEREOF, the undersigned have executed and delivered under seal this Agreement as of the day and year first written above.

  

			
	Borrower:
	
	 REG NEWTON, LLC,

an Iowa limited liability company

	
	 /s/ Daniel J. Oh

	By:	 	Daniel J. Oh
	Its:	 	President

  

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 EXHIBIT A 

LEGAL DESCRIPTION 
 Tract
I 
 Parcel “D” of part of the Southwest Quarter of the Southwest Quarter of Section 13 and part of the Northwest Quarter of the
Northwest Quarter of Section 24, all in Township 80 North, Range 19 West of the 5th P.M., Jasper County, Iowa, as appears in Plat of Survey filed in Book 970, Page 321, and also as appears in Plat of Survey Retracement filed in Book 1153, Page
602, in the Office of the Recorder of said County, LESS AND EXCEPT the following: Parcel “G” located in Parcel “D” in the Southwest Quarter of the Southwest Quarter of Section 13, Township 80 North, Range 19 West of the 5th
P.M., Jasper County, Iowa, as appears in Plat of Survey filed in Book 1154, Page 475, as Doc ID 001765820001, File No. 2008-00007078. 

Tract III 
 Parcel “E” in the South
Half of the Southwest Quarter of Section 13, Township 80 North, Range 19 West of the 5th P.M., Jasper County, Iowa, as appears in plat in Book 1153, Page 571, in the office of the Recorder of said County.Third Amendment to Loan Agreement

 Exhibit 10.14 

THIRD AMENDMENT TO LOAN AGREEMENT 

THIS THIRD AMENDMENT TO LOAN AGREEMENT (this “Amendment”) is executed as of the 26th day of February, 2010 (the “Effective
Date”), by and between FIFTH THIRD BANK, an Ohio banking corporation, successor by merger with FIFTH THIRD BANK, a Michigan banking corporation (“Lender”), having an address at 8000 Maryland Avenue, Suite 1400, St. Louis, Missouri
63105, and BLACKHAWK BIOFUELS, LLC, a Delaware limited liability company (“Borrower”), with its office at 22 Chicago Avenue, Freeport, Illinois 61032-4230. 

Recitals 

The following recitals are a material part of this Amendment: 

A. Lender and Borrower are parties to that certain Loan Agreement dated as of May 9, 2008, as amended by that certain First
Amendment to Loan Agreement dated December 23, 2008, and as further amended by that certain Second Amendment to Loan Agreement dated November 25, 2009 (as further amended, modified and/or restated from time to time, the “Loan
Agreement”). Capitalized terms used herein and not otherwise defined shall have the meanings given them in the Loan Agreement. 

B. Lender has provided Loans to Borrower in the aggregate maximum amount of $29,650,000.00 pursuant to the Loan Agreement, which Loans
are evidenced by (i) that certain Construction/Term Loan Note dated May 9, 2008 in the amount of $24,650,000 executed by Borrower in favor of Lender and (ii) that certain Revolving Credit Loan Note dated May 9, 2008 in the amount
of $5,000,000 executed by Borrower in favor of Lender. 
 C. Lender and Borrower hereby agree that the Loan Agreement is amended
under the terms and conditions contained herein. 
 Contractual Provisions 

NOW, THEREFORE, in consideration of the mutual promises and agreements hereinafter contained and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
 SECTION 1.
Amendments to Loan Agreement. 
 (a) Section 3.2(a) of the Loan Agreement is hereby deleted in its
entirety and replaced with the following: 
 “(a) Construction/Term Loan. The
principal amount and accrued interest of the Construction/Term Loan Note shall be due and payable on the dates and in the manner hereinafter set forth: (i) from the Effective Date until March 31, 2009, Borrower shall make monthly payments
of accrued interest on the first (1st) day of each
calendar month, 

 
with the first such monthly payment of interest commencing on June 1, 2008, (ii) on April 1, 2009, Borrower shall make a payment of principal in the amount of $205,417, plus
accrued interest, (iii) commencing May 1, 2009 through and including June 1, 2010, Borrower shall make monthly payments of accrued interest on the first
(1st) day of each calendar month,
(iv) commencing July 1, 2010 and on the first
(1st) day of each month thereafter, Borrower shall
make equal monthly payments of principal in the amount of $135,803.00, plus accrued interest, (v) Borrower shall make the mandatory principal payments at such times and in such amounts required under Section 3.2(e) below, and (vi) on
the Construction/Term Loan Maturity Date, the entire outstanding principal balance and accrued interest on the Construction/Term Loan Note shall be due and payable.” 

(b) Section 3.2(e) of the Loan Agreement is hereby deleted in its entirety and replaced with the following:

 “(e) Annual Cash Flow Recapture. In addition to the other payments required above, Borrower shall
make an annual principal payment on the outstanding balance of the Construction/Term Loan Note, during the term of this Agreement, in amounts equal to (i) fifty percent (50%) of Borrower’s Excess Cash Flow with respect to each fiscal
year of Borrower until such time as Borrower has repaid an aggregate principal amount from Excess Cash Flow, separate and apart from all required principal payments, of $2,458,154 (“50% Excess Cash Flow Amount”), and thereafter
(ii) twenty-five percent (25%) of Borrower’s Excess Cash Flow (“25% Excess Cash Flow Payment”). Such mandatory principal payments are to be made within ten (10) Business Days following the due date for delivery by
Borrower to Lender of the annual financial statements required by Section 7.12(a)(iii) hereof, and each such payment shall be applied to the installments of principal due under the Construction/Term Loan Note in the inverse order of their
maturities until payment thereof in full.” 
 (c) Section 7.12 of the Loan Agreement is hereby deleted
in its entirety and replaced with the following: 
 “7.12 Additional Documents and Information.

 (a) Reporting Requirements. Borrower shall furnish the following to Lender: 

(i) Monthly Financial Statements. As soon as available and in any event within twenty (20) days after the end
of each month of each fiscal year of Borrower, provide an unaudited and internally prepared financial statement of Borrower certified by Borrower’s chief financial officer; 

 

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 (ii) Quarterly Covenant Compliance Certificates. Commencing with the
fiscal quarter ending December 31, 2010, as soon as available and in any event within forty-five (45) days after the end of each quarter of each fiscal year of Borrower, a consolidated compliance certificate, in the form attached hereto as
Exhibit G, setting forth (A) detailed written calculations for such quarter or as of the last day of such quarter, as appropriate, computing Borrower’s compliance (or failure of compliance) with each of the financial
covenants set forth in Section 7.33 below, (B) a restatement by reference of each of the representations and warranties contained in Section 4 hereof (or providing detailed information why any such representation or warranty cannot be
restated), and (C) a certification that no Default or Event of Default exists as of the date of such certificate, or if any Default or Event of Default exists, providing detailed information concerning the nature of all existing Defaults or
Events of Default, which such compliance certificate shall be certified by Borrower and by Borrower’s chief financial officer or president; 

(iii) Audited Year-End Statements. As soon as available and in any event within one hundred twenty (120) days
after the end of each fiscal year of Borrower, final audited financial statements (as described above but including a statement of changes in financial position) as of the end of such fiscal year of Borrower, prepared by independent certified
accountants reasonably satisfactory to Lender and a copy of any management, operation or other letter or correspondence from such accountant to Borrower in connection therewith; 

(iv) Annual Tax Returns. As soon as available, but in any event within one hundred twenty (120) days following
the end of each calendar year, copies of current annual tax returns of Borrower; 
 (v) Intentionally
Omitted; 
 (vi) Borrower Reports. As soon as available, copies of all reports, financial information
and other information which is required to be distributed to any member under the terms of the Borrower’s Operating Agreement; 

(vii) Borrowing Base Certificates. Furnish to Lender within fifteen (15) days of the end of each calendar
month until all obligations of Borrower to Lender under the Revolving Credit Loan have been fully satisfied and no longer remain outstanding, as determined by Lender in its sole discretion, a Borrowing Base Certificate in the form of Exhibit
H hereto, showing, as of the last day of each month, the Borrowing Base; 
 (ix) Accounts
Receivable. As soon as available and in any event within fifteen (15) days after each calendar month, Borrower shall deliver to Lender an aging report with respect to accounts receivable and a listing of accounts payable; 

(x) Intentionally Omitted; 
  

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 (xi) Other. Such other information respecting the condition or
operations, financial or otherwise, of Borrower or the Improvements, as Lender may reasonably request from time to time. 

All financial statements described in clauses (i), (ii), and (iii) shall be prepared in accordance with GAAP, except
that unaudited financial statements shall be subject to normal year-end audit adjustments, and need not contain footnotes. 

(b) Intentionally Omitted. 

(d) Section 7.14(b)(ii)(B) of the Loan Agreement is hereby deleted in its entirety and replaced with the following:

 “(B) no such dividends and distributions shall be made until Lender has received from Borrower the entire
amount of the 50% Excess Cash Flow Amount owed to Lender by Borrower under Section 3.2(e) hereof, and then such dividends and distributions shall be permitted only in an amount and to the extent (i) that Borrower’s Fixed Charge
Coverage Ratio (measured in accordance with Section 7.33 of this Agreement) would not be less than 1.50 to 1.00 after taking into the calculation both the amount of the dividends and distributions to be made and all 25% Excess Cash Flow
Payments made pursuant to Section 3.2(e) hereof, and (iii) no Default or Event of Default would result after giving effect to such dividend and/or distribution; 

(e) Section 7.33(a) of the Loan Agreement is hereby deleted in its entirety and replaced with the following:

 “(a) Minimum Fixed Charge Coverage Ratio. Commencing with the fiscal quarter ending
December 31, 2010 and continuing each fiscal quarter thereafter, Borrower shall maintain a Fixed Charge Coverage Ratio of at least 1.25 to 1.00. The Fixed Charge Coverage Ratio shall be measured quarterly at the end of each fiscal quarter, on a
rolling four-quarter basis.” 
 (f) Section 7.33(b) of the Loan Agreement is hereby deleted in its
entirety and replaced with the following: 
 “(b) Maximum Funded Debt to EBITDA Ratio. Commencing
with the fiscal quarter ending December 31, 2010, and measured each fiscal quarter thereafter, Borrower shall maintain a Funded Debt to EBITDA Ratio of not more than the following: 

 

			
	 The Quarters Ending:
	  	
Required Ratio:

 

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	 December 31, 2010 through

September 30, 2011
	  	5.0 to 1.0
	 December 31, 2011 through

September 30, 2012
	  	4.5 to 1.0
	 December 31, 2012 through

September 30, 2013
	  	4.0 to 1.0
	 December 31, 2013 through

September 30, 2014
	  	3.5 to 1.0
	 December 31, 2014 and

thereafter
	  	3.0 to 1.0

The Funded Debt to EBITDA Ratio shall be measured quarterly, on a rolling four-quarter basis.” 

(g) A new subsection (c) is hereby added in its entirety to Section 7.33 of the Loan Agreement as follows:

 “(c) Minimum Required EBITDA. For the period from January 1, 2010 through June 30,
2010, Borrower shall achieve an EBITDA, calculated as of June 30, 2010, of at least $1,200,000.” 
 (h)
Section 8.1(gg) of the Loan Agreement is hereby deleted in its entirety and replaced with the following: 

“(gg) If the Merger is not fully completed by end of the business day March 15, 2010.” 

(i) A new Section 8.1(hh) is hereby added to the Loan Agreement in its entirety as follows: 

“(hh) If all the REG Ventures Subordinated Indebtedness is not converted to equity interests in Borrower on or
before the end of the business day March 31, 2010. All documentation required to give effect to such conversion shall first be approved in writing by the Lender in its sole discretion.” 

(j) A new Section 10.20 is hereby added to the Loan Agreement in its entirety as follows: 

“10.20 Name Change. Notwithstanding anything to the contrary set forth herein, Lender and Borrower consent to
a change in Borrower’s name, upon closing of the Merger, from “Blackhawk Biofuels, LLC” to “REG Danville, LLC”.” 

(k) Exhibit G to the Loan Agreement is hereby deleted in its entirety and replaced with Exhibit G in the
form attached hereto. 
  

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 SECTION 2. Amendment to Loan Documents. The Loan Documents are hereby modified
as necessary to reflect the amendments set forth in Section 1 hereof. 
 SECTION 3. No Claims. Borrower
acknowledges that there are no existing claims, defenses (personal or otherwise) or rights of set-off or recoupment whatsoever with respect to any of the Loan Documents. Borrower agrees that this Amendment in no way acts as a release or
relinquishment of any liens in favor of the Lender securing payment of obligations and indebtedness between Borrower and Lender. 

SECTION 4. References. All references in the Loan Agreement to “this Agreement” shall be deemed to refer to the
Loan Agreement as amended hereby; and any and all references in the other Loan Documents to the Loan Agreement shall be deemed to refer to the Loan Agreement as amended hereby. 

SECTION 5. Representations and Warranties. Borrower hereby represents and warrants to Lender as follows: 

(a) The Recitals in this Amendment are true and correct in all respects. 

(b) Borrower has the company power, and has been duly authorized by all requisite company action, to execute and deliver
this Amendment and to perform its obligations hereunder and thereunder. This Amendment has been duly executed and delivered by Borrower. 

(c) This Amendment is the legal, valid and binding obligation of Borrower, enforceable against Borrower in accordance with
its terms, subject to (i) applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and other similar laws of general application affecting the rights of creditors and (ii) applicable laws and regulations and
principles of equity which may restrict the enforcement of certain remedies or the availability of certain equitable remedies. 

(d) Borrower’s execution, delivery and performance of this Amendment does not and will not (i) violate any law,
rule, regulation or court order to which Borrower is subject; (ii) conflict with or result in a breach of Borrower’s Articles of Organization or Operating Agreement or any agreement or instrument to which Borrower is party or by which
Borrower or its properties is bound, or (iii) result in the creation or imposition of any lien, security interest or encumbrance on any property of Borrower, whether now owned or hereafter acquired, other than liens in favor of Lender.

 (e) The obligation of Borrower to repay the Obligations, together with all interest accrued thereon, is
absolute and unconditional, and there exists no right of set off or recoupment, counterclaim or defense of any nature whatsoever to payment of the Obligations. 
  

 6 

 SECTION 6. Effect and Construction of Amendment. Except as expressly provided
herein, the Loan Documents shall remain in full force and effect in accordance with their respective terms, and this Amendment shall not be construed to: 

(a) impair the validity, perfection or priority of any lien or security interest securing the Obligations; or 

(b) waive or impair any rights, powers or remedies of Lender under the Loan Documents. 

In the event of any inconsistency between the terms of this Amendment and the Loan Agreement or any of the Loan Documents,
this Amendment shall govern. Borrower acknowledges that it has consulted with counsel and with such other experts and advisors as it has deemed necessary in connection with the negotiation, execution and delivery of this Amendment. This Amendment
shall be construed without regard to any presumption or rule requiring that it be construed against the party causing this Amendment or any part hereof to be drafted. 

SECTION 7. Conditions Precedent to Effectiveness of Amendment. This Amendment shall not be effective until: 

(a) Lender shall have received this Amendment duly executed along with both Consents of Guarantor attached hereof;

 (b) Lender shall have received notification from the IFA that the IFA has agreed and consented, without
reservation, to all the terms of this Amendment to the extent the IFA’s consent and agreement is required under the IFA Guaranty Documents; 

(c) Lender shall have received payment of the fees and costs required herein and under the Loan Agreement; and 

(d) Lender has received such other and further documents as Lender shall have reasonably requested prior to the date
hereof, all in form and substance satisfactory to Lender and its counsel. 
 SECTION 8. Costs and Expenses.
Borrower hereby reaffirms its agreement under the Loan Agreement to pay or reimburse the Lender on demand for all costs and expenses incurred by the Lender in connection with the Loan Agreement, the Loan Documents and all other documents
contemplated thereby, including without limitation all reasonable fees and disbursements of legal counsel. Without limiting the generality of the foregoing, Borrower specifically agrees to pay all fees and disbursements of counsel to the Lender for
the services performed by such counsel in connection with the preparation of this Amendment and the documents and instruments incidental hereto. 

SECTION 9. Miscellaneous. 
  

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 (a) Borrower agrees to execute such other and further documents and
instruments as Lender may reasonably request to implement the provisions of this Amendment and to perfect and protect the liens and security interests created by the Loan Agreement. 

(b) This Amendment shall be binding upon and inure to the benefit of and be enforceable by the parties hereto, their
respective successors and assigns. No other person or entity shall be entitled to claim any right or benefit hereunder, including, without limitation, the status of a third-party beneficiary of this Amendment. 

(c) The provisions of this Amendment are intended to be severable. If any provisions of this Amendment shall be held
invalid or unenforceable in whole or in part in any jurisdiction, such provision shall, as to such jurisdiction, be ineffective to the extent of such invalidity or enforceability without in any manner affecting the validity or enforceability of such
provision in any other jurisdiction or the remaining provisions of this Amendment in any jurisdiction. 
 (d)
This Amendment may be executed in any number of counterparts and by different parties to this Amendment on separate counterparts, each of which, when so executed, shall be deemed an original, but all such counterparts shall constitute one and the
same agreement. Any signature delivered by a party by facsimile transmission shall be deemed to be an original signature hereto. 

(e) Any notices with respect to this Amendment shall be given in the manner provided for in the Loan Agreement.

 (f) This Amendment shall be governed by and construed in accordance with the internal laws of the State of
Missouri. 
 (g) All representations, warranties, covenants, agreements, undertakings, waivers and releases of
Borrower contained herein shall survive until the Obligations are paid in full. 
 (h) Incorporation by
Reference; Statement Required By Mo. Rev. Stat. Section 432.047. All of the terms, covenants and conditions of the Loan Documents are incorporated in, restated by, and made part of this Amendment by reference. Pursuant to Mo. Rev. Stat.
Section 432.047, Lender hereby gives the following notice to Borrowers: 
 “Oral agreements or
commitments to loan money, extend credit or to forbear from enforcing repayment of a debt including promises to extend or renew such debt are not enforceable, regardless of the legal theory upon which it is based that is in any way related to the
Loan Agreement. To protect you (borrower(s)) and us (creditor) from misunderstanding or disappointment, any agreements we reach covering such matters are contained in this writing, which is the

  

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complete and exclusive statement of the agreement between us, except as we may later agree in writing to modify it.” 

[Remainder of Page Intentionally Left Blank] 

[Signature Page Follows] 
  

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 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the Effective
Date. 
  

									
	BORROWER:	 		 	LENDER:
			
	 BLACKHAWK BIOFUELS, LLC, a

Delaware limited liability company
	 		 	 FIFTH THIRD BANK, an Ohio banking

corporation, successor by merger with FIFTH

THIRD BANK, a Michigan banking corporation

					
	By:	 	 /s/ Ronald L. Mapes
	 		 		 	
		 	 Ronald L. Mapes, Chair
	 		 	By:	 	 /s/ Mary Ann Lemonds

		 		 		 		 	Mary Ann Lemonds, Vice President

 Signature
Page

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