Document:

Loan Agreement

 Exhibit 10.42 
 LOAN AGREEMENT 
 THIS LOAN AGREEMENT (this
“Agreement”), dated as of August 4, 2011, by and between USRG HOLDCO IX, LLC, a Delaware limited liability company (“Lender”), REG ALBERT LEA, LLC, an Iowa limited liability company
(“Borrower”), and USRG MANAGEMENT COMPANY, LLC (“USRG”). 
 RECITALS 

A. Borrower has requested Lender extend to Borrower a loan for the purpose of providing working capital to operate a biodiesel
production facility located in Freeborn County, Minnesota (the “Plant”). 
 B. Lender has agreed to make
a Loan (as defined below) to Borrower under this Agreement on the date on which all of the conditions set forth in Article III hereof have been satisfied by Borrower or waived by Lender (such date, the “Financial Closing Date”),
with such Loan and all interest thereon being repayable by Borrower to Lender no later than the Maturity Date. 
 C. The
Loan to be made to Borrower under this Agreement will be secured in the manner described herein. 
 D. Lender has agreed
to make a Loan, provided that the terms set forth herein incorporate late payment penalties designed to offset payments and additional expenses Lender Affiliate (as defined below), USRG Power & Fuels Fund II, LP, would incur in the event of
a Default (as defined below). 
 AGREEMENT 
 NOW, THEREFORE, in consideration of the foregoing, intending to be legally bound hereby, and in consideration of Lender making a loan to Borrower, Lender and Borrower agree as follows: 

ARTICLE I. 

DEFINITIONS AND ACCOUNTING MATTERS 
 Section 1.01. Certain Defined Terms. All capitalized terms used in this Agreement shall have the following meanings. Terms not otherwise defined in this Agreement shall have the
meanings attributed to such terms in the Uniform Commercial Code as adopted in New York, as amended from time to time. 

“Additional Fees” has the meaning provided in Section 2.01(b). 

“Affiliates” means as to any Person, any other Person that, directly or indirectly, is in control of, is controlled by,
or is under common control with such Person. For purposes 

 
of this definition, “control” of a Person (including, with its correlative meanings, “controlled by” and “under common control with”) means the
power, directly or indirectly, either to (a) vote 10% or more of the securities having ordinary voting power for the election of directors of such Person or (b) direct or cause the direction of the management and policies of such Person,
whether by contract or otherwise. 
 “Agreement” means this Agreement, as this Agreement may be amended,
modified or supplemented from time to time, together with all exhibits and schedules attached to or made a part of this Agreement from time to time. 
 “Borrower” means REG Albert Lea, LLC, an Iowa limited liability company. 
 “Business Day” means any day other than a Saturday, Sunday, or other day on which commercial banks are authorized to close under the laws of the State of Minnesota. 

“Collateral” means and includes, without limitation, all property and assets granted as collateral security for the Loan,
whether real or personal property, and whether granted in the form of a security interest, mortgage, assignment of rents, assignment, pledge, or any other security or lien interest whatsoever; whether created by law, contract or otherwise.

 “Current Interest” means interest payable in such calendar month pursuant to this Agreement. 

“Customer” shall mean, collectively, all Persons who purchase biodiesel or any other product (however characterized)
directly or indirectly from Borrower, including Affiliates of Borrower, affiliated or third party intermediaries and residential, commercial, industrial and other end-users of such product (however characterized). 

“Default” has the meaning provided in Section 3.01(l). 

“Default Rate” means the lesser of: (a) the Maximum Rate; or (b) the rate per annum, calculated each day during
which such rate shall apply, which shall on the first day be equal to eight percent (8%) in excess of the rate of interest under the Note, and then on each subsequent day be equal to five percent (5%) in excess of the rate of interest as
computed on the prior day. For example, if the rate of interest under the Note is twelve percent (12%), the first day the Default Rate applies the rate would be twenty percent (20%), and the second day the Default Rate applies the rate would be
twenty-five percent (25%)
 “Deposit Account” means the account maintained by Borrower with First National Bank,
Ames, Iowa. 
 “EBITDA” means for each calendar month, as determined based on financial statements prepared in
accordance with GAAP, Borrower’s earnings before interest, tax, depreciation and amortization. 

 “Events of Default” has the meaning provided in Section 6.01.

 “FC Loan” means the loan proceeds received by Borrower as assignee of SoyMor Biodiesel, LLC pursuant to the
Agreement for Loan of Minnesota Investment Fund, dated as of July 18, 2006 by and between Freeborn County and SoyMor Biodiesel, LLC (as amended, amended and restated or otherwise modified from time to time). 

“Financial Closing Date” means the date on which the conditions set forth in Article III have been satisfied or
waived in accordance with Section 7.01. 
 “FMCF Loan” means the loan proceeds received by Borrower
as assignee of SoyMor Biodiesel, LLC pursuant to that certain Loan Agreement dated July 1, 2005 between Freeborn-Mower Cooperative Services, Inc., a Minnesota cooperative corporation, and SoyMor Biodiesel, LLC (as the same may be amended,
restated, amended and restated or otherwise modified from time to time). 
 “GAAP” means generally accepted
accounting principles of the United States of America, consistently applied. 
 “Governmental Authority” means
and includes any and all courts, boards, agencies, commissions, offices, or authorities of any nature whatsoever for any governmental unit (federal, state, county, district, municipality, city, or otherwise) whether now or hereafter in existence.

 “Guaranty” shall mean that guaranty, dated as of the date hereof, given by Guarantor, pursuant to which
Guarantor shall guarantee the prompt payment and performance of Borrower under the Note and this Agreement subject to the terms thereof. 
 “Guarantor” means Renewable Energy Group, Inc., a Delaware corporation. 
 “Hedging Agreement” means any interest rate swap, interest rate caps, interest rate collars or other similar agreements enabling a Person to fix or limit its interest expense or pursuant
to any foreign exchange, currency hedging, commodity hedging, security hedging or other agreement enabling a Person to limit the market risk of holding currency, a security or a commodity in either the cash or futures markets. 

“Indemnitee” has the meaning provided in Section 5.01(j). 

“Inventory” means the Plant’s feedstock and chemicals used in the manufacturing of biodiesel. 

“Lender” means USRG Holdco IX, LLC, a Delaware limited liability company, and its successors and assigns. 

“Lender Fee” has the meaning provided in Section 2.01(a). 

 “Loan” means and includes the financial accommodations extended to Borrower
by Lender pursuant to the terms of this Agreement. 
 “Loan Documents” means this Agreement, the Note, the
Security Agreement, the Pledge Agreement, the Mortgage, and all other agreements, documents, instruments, and certificates of Borrower delivered to, or in favor of, Lender under this Agreement or in connection herewith or therewith. 

“Loan Obligations” means all obligations, indebtedness, and liabilities of Borrower to Lender, arising pursuant to any of
the Loan Documents, including, without limitation, the obligation of Borrower to repay the Loan, interest on the Loan, and all fees, costs, and expenses provided for in the Loan Documents. 

“Material Adverse Effect” means any set of circumstances or events which: (i) has any material adverse effect upon
the validity or enforceability of any Loan Documents or any material term or condition contained therein; (ii) is material and adverse to the condition (financial or otherwise), business assets, operations, or property of Borrower; or
(iii) materially impairs the ability of Borrower to perform the obligations under the Loan Documents. 
 “Mandatory
Prepayment Date” means November 15, 2011; provided, however, that Lender may, in its sole discretion, extend this date to December 1, 2011 upon receipt of a written request of Borrower. 

“Maturity Date” means December 15, 2011. 
 “Maximum Rate” means the maximum nonusurious interest rate, if any, at any time, or from time to time, that may be contracted for, taken, reserved, charged or received under applicable
state or federal laws. 
 “Mortgage” means that certain Mortgage of even date herewith, as amended, modified or
supplemented from time to time, pursuant to which a mortgage interest shall be granted by Borrower to Lender in the Real Property to secure payment to Lender of the Loan Obligations. 

“Note” has the meaning provided in Section 3.01(b). 

“Permitted Liens” has the meaning provided in Section 5.02(b). 

“Person” means any individual, corporation, business trust, association, company, partnership, joint venture,
governmental authority, or other entity. 
 “Personal Property” means all equipment, fixtures, improvements,
building supplies and materials and other personal property now or hereafter attached to, located in, placed in or necessary to the use of the improvements on the Real Property including, but without being limited to, all machinery, fixtures,
equipment, furnishings, and appliances, as well as all renewals, replacements, additions, and substitutes thereof, and all products and 

 
proceeds thereof, and including without limitation all inventory, farm products, accounts, instruments, chattel paper, other rights to payment, money, deposit accounts, commodity accounts,
investment property, insurance proceeds and general intangibles of Borrower, whether now owned or hereafter acquired. 

“Plant” means the biodiesel production facility owned by Borrower and located in Freeborn County, Minnesota. 

“Pledge Agreement” means the Pledge Agreement, dated as of the date hereof, among Borrower, the Pledgor and Lender,
pursuant to which the Pledgor pledges 100% of the equity interests in Borrower to Lender. 
 “Pledgor” means
Renewable Energy Group, Inc, a Delaware corporation. 
 “Real Property” means that real property located in
Freeborn County, Minnesota, owned by Borrower, upon which the Plant is located and which is described in Schedule 3.01(d). 

“Restricted Payments” means any distributions, dividends, loans or advances to Borrower and Affiliates of Borrower;
provided that, after all payments of Loan Obligations then due have been paid, and the financial statements of Borrower delivered pursuant to Section 5.01(c)(ii) hereof demonstrate compliance with the financial covenant set
forth in Section 5.01(n) hereof for the month to which the payments relate, Borrower or an Affiliate of Borrower may make payments required under the Services Agreement. 

“Sales Proceeds” means all proceeds from any sale, transfer or other disposition of biodiesel or any other product
(however characterized) directly or indirectly from Borrower. 
 “Security Agreement” means and includes,
without limitation, any agreements, promises, covenants, arrangements, understandings, or other agreements, whether created by law, contract, or otherwise, which evidence, govern, represent, or create a Security Interest, as the same has been and
may hereafter be amended or otherwise modified. 
 “Security Interest” means and includes without limitation any
type of collateral security, whether in the form of a lien, charge, mortgage, assignment of rents, assignment, pledge, or any other security or lien interest whatsoever, whether created by law, contract, or otherwise. 

“Services Agreement” means the Management and Operational Services Agreement, dated as of August 4, 2011, by and
between Borrower and REG Services Group, LLC. 
 “Side Letter” means the Side Letter Agreement, dated as of
August 4, 2011, by and between Borrower and Lender. 
 “Uniform Commercial Code” means the Uniform
Commercial Code as in effect from time to time in the State of New York. 

 “WCC Loan” means the loan proceeds received by Borrower as assignee of
SoyMor Biodiesel, LLC pursuant to the Loan Agreement, dated as of July 11, 2005 (as amended, amended and restated, modified or otherwise supplemented from time to time), among SoyMor Biodiesel, LLC and West Central Cooperative. 

Section 1.02. Accounting Matters. All accounting terms not specifically defined herein shall be construed in
accordance with GAAP, except as otherwise stated herein. To enable the ready and consistent determination of compliance by Borrower with its obligations under this Agreement, Borrower will not change the manner in which either the last day of its
fiscal year or the last days of the first three fiscal quarters of its fiscal years is calculated. 
 Section 1.03.
Construction. Wherever herein the singular number is used, the same shall include the plural where appropriate, and words of any gender shall include each other gender where appropriate. The headings, captions or arrangements used in
any of the Loan Documents are, unless specified otherwise, for convenience only and shall not be deemed to limit, amplify or modify the terms of the Loan Documents, nor affect the meaning thereof. 

ARTICLE II 

AMOUNT AND TERMS OF THE LOAN 
 Section 2.01. Loan Fees. In consideration of the Loan to be made by Lender to Borrower, Borrower agrees to pay (a) Lender a fee of $500,000 payable on the Financial Closing Date
(the “Lender Fee”) and (b) any and all additional fees paid by Lender for all administrative and other costs incurred in the Loan’s origination, including all costs, fees and expenses of legal counsel and other consultants
(the “Additional Fees”). The Lender Fee and the Additional Fees shall be fully earned on the Financial Closing Date and shall not be refundable for any reason whatsoever. The Lender Fee shall be payable to USRG at the account listed
on Schedule 2.01. 
 Section 2.02. Loan. Subject to the terms and conditions of this Agreement and in
reliance upon the representations and warranties set forth in this Agreement, Lender has agreed to lend to Borrower and Borrower has agreed to borrow from Lender as of the date hereof the amount of $10,000,000. Such amount shall be loaned by Lender
pursuant to the terms and conditions set forth in this Agreement and the Note. 
 Section 2.03. Maturity Date Default
Interest. In addition to the rights and remedies set forth in this Agreement and notwithstanding the Note, if Borrower fails to make the required payment to Lender on the Maturity Date, then the unpaid principal balance of the Loan,
including any accrued interest, shall automatically bear interest at the Default Rate. As a further addition to the rights and remedies set forth in this Agreement and the Note, if Borrower fails to make the required payment to Lender on the
Maturity Date, Borrower agrees to pay Lender, without further notice or demand, (i) an additional amount of $1,000,000 and (ii) $500,000 on every fifth day thereafter until all Loan Obligations are paid. The rights and remedies provided
for in this section shall only be available to Lender in the event of nonpayment by Borrower upon the Maturity Date, and not in the event of maturity of the Loan by reason of acceleration or otherwise. 

 Section 2.04. Late Charge. If any payment of interest due under the Note
prior to the Maturity Date is not paid within ten (10) days of the due date thereof, Borrower shall, in addition to such amount, pay a late charge equal to five percent (5%) of the amount of such payment. 

Section 2.05. Prepayment of Loan. 
 (a) Optional Prepayment. Borrower may, at anytime and from time to time, upon ten (10) days advance written notice to Lender, prepay the outstanding amount of the Loan in whole or in
part with accrued interest to the date of such prepayment on the amount prepaid, without penalty or premium. 
 (b)
Mandatory Prepayment. On the Mandatory Prepayment Date and on the Monday of each week thereafter, Borrower shall be required to prepay to Lender an amount equal to cash or cash equivalents available in excess of $250,000 as determined
by the most recent report of Borrower’s operations delivered pursuant to Section 5.01(c)(i) hereof. 

Section 2.06. No Reborrowings. Any portion of the Loan repaid or prepaid may not be reborrowed. 

Section 2.07. Withholding and Other Taxes. If any withholding or deduction from any payment to be made by Borrower
under this Agreement is required in respect of any taxes pursuant to any applicable law, rule or regulation, Borrower will: (a) pay to the relevant authority the full amount required to be so withheld or deducted; (b) promptly forward to
Lender an official receipt or other documentation satisfactory to Lender evidencing such payment to such authority; and (c) make such payment to Lender net any such withholding deduction. 

Section 2.08. Payments and Computations. 
 (a) Method of Payment. All payments of principal, interest, and other amounts to be made by Borrower under the Loan Documents (with the exception of the Lender Fee) shall be made to Lender
in U.S. dollars and in immediately available funds, without set-off, deduction, or counterclaim, not later than 3:00 P.M. (central standard time) on the date on which such payment shall become due (each such payment made after such time on such
due date to be deemed to have been made on the next succeeding Business Day) to account number 112863958 in the name of USRG Holdco IX, LLC at City National Bank (ABA#122016066). Borrower shall, at the time of making each such payment, specify to
Lender the sums payable under the Loan Documents to which such payment is to be applied, and in the event that Borrower fails to so specify or if an Event of Default exists, Lender may apply such payment and any proceeds of any Collateral to the
Loan Obligations in such order and manner as it may elect in its reasonable discretion. 
 (b) Application of
Funds. Lender may apply all payments received by it to the Loan Obligations in such order and manner as Lender may elect in its reasonable discretion; provided that any payments received from any guarantor or from any disposition of any
collateral provided by such guarantor shall only be applied against obligations guaranteed by such guarantor. 

 (c) Payments on a Non-Business Day. Whenever any payment under any Loan
Document shall be stated to be due on a day that is not a Business Day, such payment may be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of the payment of interest and fees,
as the case may be. 
 (d) Proceeds of Collateral. All proceeds received by Lender from the sale or other
liquidation of the Collateral when an Event of Default exists shall first be applied as payment of the accrued and unpaid fees and expenses of Lender hereunder, and then to all other unpaid or unreimbursed Loan Obligations (including reasonable
attorneys’ fees and expenses) owing to Lender and then any remaining amount of such proceeds shall be applied to the unpaid amounts of Loan Obligations, until all the Loan Obligations have been paid and satisfied in full or cash collateralized.
After all the Loan Obligations (including without limitation, all contingent Loan Obligations) have been paid and satisfied in full, and all other obligations of Lender to Borrower otherwise satisfied, any remaining proceeds of Collateral shall be
delivered to the Person entitled thereto as directed by Borrower or as otherwise determined by applicable law or applicable court order. 
 (e) Computations. All computations of interest and fees shall be made on the basis of actual number of days lapsed over a year of 365 days, as appropriate. Interest shall accrue from and
include the date of borrowing, but exclude the date of payment. 
 Section 2.09. Maximum Amount Limitation.
Anything in this Agreement, the Note, or the other Loan Documents to the contrary notwithstanding, Borrower shall not be required to pay unearned interest on the Note or any of the Loan Obligations, or ever be required to pay interest on the Note or
any of the Loan Obligations at a rate in excess of the Maximum Rate, if any. If the effective rate of interest which would otherwise be payable under this Agreement, the Note or any of the other Loan Documents would exceed the Maximum Rate, if any,
then the rate of interest which would otherwise be contracted for, charged, or received under this Agreement, the Note or any of the other Loan Documents shall be reduced to the Maximum Rate, if any. If any unearned interest or discount or property
that is deemed to constitute interest (including, without limitation, to the extent that any of the fees payable by Borrower for the Loan Obligations to Lender under this Agreement, the Note, or any of the other Loan Documents are deemed to
constitute interest) is contracted for, charged, or received in excess of the Maximum Rate, if any, then such interest in excess of the Maximum Rate shall be deemed a mistake and canceled, shall not be collected or collectible, and if paid
nonetheless, shall, at the option of the holder of the Note, be either refunded to Borrower, or credited on the principal of such Note. It is further agreed that, without limitation of the foregoing and to the extent permitted by applicable law, all
calculations of the rate of interest or discount contracted for, charged or received by Lender under the Note, or under any of the Loan Documents, that are made for the purpose of determining whether such rate exceeds the Maximum Rate applicable to
Lender, if any, shall be made, to the extent permitted by applicable laws (now or hereafter enacted), by amortizing, prorating and spreading over the period of the Loan evidenced by the Note, and any renewals thereof, all interest at any time
contracted for, charged or received by Lender in connection therewith. This section shall control every other provision of all agreements among the parties to this Agreement pertaining to the transactions contemplated by or contained in the

 
Loan Documents, and the terms of this section shall be deemed to be incorporated in every Loan Document and communication related thereto. 

ARTICLE III. 
 CONDITIONS PRECEDENT 
 Section 3.01. Conditions Precedent to
Funding. The obligations of Lender to make the Loan are subject to the conditions precedent that Lender shall have received the following, in form and substance satisfactory to Lender: 

(a) this Agreement, duly executed by Borrower and Lender; 
 (b) Borrower shall have delivered to Lender a promissory note duly executed by Borrower evidencing the Loan substantially in the form of Exhibit A hereto (the “Note”); 

(c) the Mortgage, fully executed and notarized, to secure the Loan encumbering on a first lien basis the fee interest of Borrower in the
Real Property and the fixtures thereon described in Schedule 3.01(c); 
 (d) a Security Agreement duly executed by Borrower and
in a form as provided by Lender by which security agreement Lender is granted a security interest by Borrower in the Collateral; 
 (e) the Guaranty duly executed by Guarantor; 
 (f) financing statements in form
and content reasonably satisfactory to Lender and in proper form under the Uniform Commercial Code of all jurisdictions as may be necessary or, in the opinion of Lender, desirable to perfect the security interests created by the Security Agreement
and Pledge Agreement; and 
 (g) a deposit account control agreement for the Deposit Account kept and maintained by Borrower.

 (h) a title insurance policy issued in favor of Lender by Commonwealth Land Title Insurance Company in form and substance
reasonably satisfactory to Lender; 
 (i) the Pledge Agreement, duly executed by Borrower, Pledgor and Lender; 

(j) a duly executed certificate of an authorized officer of Borrower certifying that each representation and warranty of Borrower and
each other Person that is party to a Loan Document in each Loan Document to which it is a party shall be true and correct in all material respects as of the date that all conditions in this Article III (other than this subsection) have been
satisfied or waived in writing by Lender; 

 (k) a duly executed certificate of an authorized officer of Borrower certifying that no
event or condition which upon notice, lapse of time or both would, unless cured or waived, become an Event of Default (any such event or condition, a “Default”) or Event of Default shall have occurred and be continuing; 

(l) the Services Agreement, duly executed by Borrower and REG Services Group, LLC; 

(m) Lender shall have received for its own account the Lender Fee and the Additional Fees due and payable (including reasonable costs,
fees and expenses of legal counsel); 
 (n) Lender shall have received evidence, in form and substance acceptable to Lender, of
(1) the subordination of the WCC Loan and FC Loan and (2) the payoff of the FMCF Loan; and 
 (o) the Side Letter,
duly executed by Borrower and Lender. 
 ARTICLE IV. 

REPRESENTATIONS AND WARRANTIES 
 Section 4.01. Representations and Warranties of Borrower. Borrower represents and warrants as follows: 
 (a) Borrower. Borrower is a limited liability company duly organized and validly existing under the laws of the State of Iowa. Borrower has the power and authority to own and operate its
assets and to carry on its business and to execute, deliver, and perform its obligations under the Loan Documents to which it is or may become a party. 
 (b) The Loan Documents. The execution, delivery and performance by Borrower of the Loan Documents are within Borrower’s powers, have been duly authorized by all necessary action, do not
contravene: (i) the articles of organization or operating agreement of Borrower; or (ii) any law or any contractual restriction binding on or affecting Borrower the failure to comply with which may have a Material Adverse Effect and do not
result in or require the creation of any lien, security interest or other charge or encumbrance (other than pursuant to the terms thereof) upon or with respect to any of its properties. 

(c) Governmental Approvals. No consent, permission, authorization, order or license of any Governmental Authority or of any
party to any agreement to which Borrower is a party or by which it or any of its property may be bound or affected, is necessary in connection with the acquisition and operation of the Plant, the execution, delivery, performance or enforcement of
the Loan Documents or the creation and perfection of the liens and security interests granted thereby, except as such have been obtained and are in full force and effect or which are required in connection with the exercise of remedies hereunder and
except as such that are not materially required for the operation of the Plant. 

 (d) Enforceability. This Agreement is, and each other Loan Document to which
Borrower is a party when delivered will be, legal, valid and binding obligations of Borrower enforceable against Borrower in accordance with their respective terms, except as may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium, or similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity. 

(e) Liens. Except as created by the Loan Documents and Permitted Liens, there is no lien, security interest or other charge
or encumbrance, and no other type of preferential arrangement, upon or with respect to any of the properties or income of Borrower, which secures debt of any Person. 
 (f) Taxes. Borrower has filed or caused to be filed all federal, state and local tax returns that are required to be filed and has paid all other taxes, assessments, and governmental charges
or levies upon it and its property, income, profits and assets which are due and payable, except where the payment of such tax, assessment, government charge or levy is being contested in good faith and by appropriate proceedings and adequate
reserves in compliance with GAAP have been set aside on Borrower’s books therefore. 
 (g) Title to
Properties. Borrower has such title in and to the Real Property owned by it as is necessary or desirable to the conduct of its business and valid and legal title or leasehold interest in and to all of its Personal Property. 

(h) Solvency. Borrower is now and, after giving effect to the making of the Loan, will be, solvent. 

(i) No Material Adverse Effect. Since June 8, 2011, no event, development or circumstance has occurred that,
individually or in the aggregate, has had, or could reasonably be expected to have, a Material Adverse Effect. 
 ARTICLE V.

 COVENANTS OF BORROWER 
 Section 5.01. Affirmative Covenants. So long as any Loan Obligations remain unpaid, Borrower shall, unless Lender shall otherwise consent in advance in writing: 

(a) Compliance with Laws, etc. Comply in all material respects with all applicable laws, rules, regulations and orders,
and pay before the same become delinquent all taxes, assessments and governmental charges imposed upon it or upon its property except to the extent contested in good faith. 

(b) Visitation Rights; Field Examination. At any reasonable time during normal business hours and from time to time, permit
Lender or its representatives, to, at Borrower’s expense, (i) examine and make copies of and abstracts from the records and books of account of Borrower, and (ii) enter onto the property of Borrower to conduct unannounced field
examinations and collateral inspections, with such frequency as Lender in its reasonable discretion may deem appropriate, and (iii) discuss the affairs, finances, and accounts of Borrower

 
with any of Borrower’s officers or directors. Borrower consents to and authorizes Lender to enter onto the property of Borrower for purposes of conducting the examinations, inspections and
discussions provided above. 
 (c) Reporting Requirements. Furnish to Lender: 

(i) Beginning on the Monday of the first (1st) week following the date hereof, and continuing each week thereafter, a report of Borrower operations, including
all current asset and liability balances. For purposes of this Agreement, current assets and liabilities shall mean cash, accounts receivable, inventory (with detail including, but not limited to, the book value of biodiesel feedstock inventory),
the current market value of biodiesel available by Borrower for sale and accounts payable, and shall be reported as of Wednesday of the prior week; 
 (ii) Beginning with the first (1st) month following the date hereof, as soon as available but in no event later than thirty (30) days after the end of each month, unaudited monthly financial statements of Borrower, in each case
prepared in accordance with GAAP in all material respects consistently applied (except for the omission of footnotes and for the effect of normal year-end audit adjustments) and in a format that demonstrates any accounting or formatting change that
may be required by various jurisdictions in which the business of Borrower is conducted (to the extent not inconsistent with GAAP); 
 (iii) promptly, upon the occurrence of an Event of Default, notice of such Event of Default; 
 (iv) such other information respecting the condition or operations, financial or otherwise, of Borrower as Lender may from time to time reasonably request; 

(v) promptly after the commencement thereof, notice of the commencement of all actions, suits, or proceedings before any court,
arbitrator, or government department, commission, board, bureau, agency, or instrumentality affecting Borrower which, if determined adversely, could have a Material Adverse Effect on Borrower; 

(vi) promptly after becoming aware thereof, notice of any matter which has had or could have a Material Adverse Effect on Borrower.

 (d) Liens. There shall be no lien, security interest or other charge or encumbrance, and no other type of
preferential arrangement, upon or with respect to any of the properties or income of Borrower, which secures debt of any Person, except for the security interests of the Security Agreement and Permitted Liens. 

(e) Insurance. Maintain insurance with financially sound and reputable insurance companies in such amounts and covering
such risks as are usually carried by entities engaged in similar businesses and owning similar properties in the same general areas in which Borrower operates. All such policies insuring any collateral for Borrower’s obligations to

 
Lender shall have lender or mortgagee loss payable clauses or endorsements in form and substance reasonably acceptable to Lender. 

(f) Property Maintenance. Maintain and preserve all of its property and each and every part and parcel thereof that is
necessary to or useful in the proper conduct of its business in good repair, working order, and condition, ordinary wear and tear excepted, and in compliance in all material respects with all applicable laws, and make all alterations, replacements,
and improvements thereto as may from time to time be necessary in order to ensure that its properties remain in good working order and condition and compliance. 
 (g) Deposit Account. (i) Maintain its Deposit Account in which it shall have granted Lender a first priority security interest at First National Bank, Ames, Iowa at all times during the
term of this Agreement, over which Lender shall have “control” as such term is defined in the UCC. Borrower shall also grant a first priority perfected security interest in the Deposit Account and shall enter into all documentation and
perform all acts reasonably requested by Lender and its counsel to vest control over the Deposit Account in Lender for purposes of perfecting Lender’s security interest therein. 

(ii) Cause each Customer or REG Marketing & Logistics Group, LLC to make all payment of all Sales Proceeds due and payable to
Borrower directly to the Deposit Account. 
 (h) Additional Assurances. Make, execute and deliver to Lender such
promissory notes, mortgages, financing statements, control agreements, instruments, documents and other agreements as Lender or its counsel may reasonably request to evidence and secure the Loan and to perfect all Security Interests. 

(i) Maintenance of Existence. Preserve, renew and keep in full force and effect its limited liability company existence in
the State of Iowa and take all actions to maintain all rights, privileges and franchises necessary or desirable in the normal conduct of its business. 
 (j) Indemnification. Defend, indemnify, pay and hold harmless, Lender and its affiliates and their respective officers, partners, directors, trustees, employees, representatives and agents
(each, an “Indemnitee”), from and against any and all liabilities, obligations, losses, damages (including natural resource damages), penalties, claims (including environmental claims), reasonable costs (including the costs of any
investigation, study, sampling, testing, abatement, cleanup, removal, remediation or other response action necessary to remove, remediate, clean up or abate any hazardous materials), reasonable expenses and reasonable disbursements of any kind or
nature whatsoever (including the reasonable fees and disbursements of counsel for Indemnitees in connection with any investigative, administrative or judicial proceeding commenced or threatened by any Person, whether or not any such Indemnitee shall
be designated as a party or a potential party thereto, and any fees or expenses incurred by Indemnitees in enforcing this indemnity) incurred by, or asserted against any such Indemnitee, in any manner relating to or arising out of (a) this
Agreement, the Guaranty, or any Loan Document or the transactions contemplated hereby or thereby or (b) any environmental 

 
claim against or any hazardous materials relating to or arising from, directly or indirectly, any past or present activity, operation, land ownership, or practice of Borrower. 

(k) Security Interest. Take, or cause to be taken, all actions required by the Security Agreement, the Pledge Agreement and
the Mortgage to create, attach, perfect, protect, preserve, and maintain as first priority Liens the Liens on the collateral granted, or purported to be granted, under the Loan Documents in favor of Lender, subject to no liens other than Permitted
Liens. 
 (l) Use of Loan Proceeds. Apply all Loan proceeds towards the purchase of Inventory. 

(n) Financial Condition Covenant. Commencing September 30, 2011, maintain, as of the last day of each calendar month,
an EBITDA to Current Interest ratio of not less than 1.5 to 1.0. 
 Section 5.02. Negative Covenants. So long
as any of the Loan Obligations remain unpaid, Borrower will not, without the prior written consent of Lender: 
 (a)
Liens, etc. Create or suffer to exist any lien, security interest or other charge or encumbrance, or any other type of preferential arrangement, upon or with respect to any of its properties, whether now owned or hereafter acquired, or
assign any right to receive income, in each case to secure any debt of any Person, other than the permitted liens listed below (the “Permitted Liens”): 
 (i) those described on Schedule 5.02(a) hereto and renewals and extensions on the same or substantially the same terms and conditions and at no increase in the debt or obligation; or 

(ii) liens or security interests which are subject to an intercreditor and subordination agreement in form and substance reasonably
acceptable to Lender in Lender’s sole discretion; or 
 (iii) the liens or security interests of Lender in the Security
Agreement, Mortgage or otherwise; or 
 (iv) liens for taxes, assessments, or other governmental charges that are not more than
thirty (30) days overdue or, if the execution thereof is stayed, which are being contested in good faith by appropriate proceedings diligently pursued and for which adequate reserves have been established; or 

(v) liens of warehousemen, carriers, landlords, mechanics, materialmen, or other similar statutory or common law liens securing
obligations that are not yet due and are incurred in the ordinary course of business or, if the execution thereof is stayed, which are being contested in good faith by appropriate proceedings diligently pursued and for

 
which adequate reserves have been established in accordance with generally accepted accounting principles; or 
 (vi) liens resulting from good faith deposits to secure payments of workers’ compensation unemployment insurance, or other social security programs or to secure the performance of tenders, leases,
statutory obligations, surety, customs and appeal bonds, bids or contracts (other than for payment of debt); or 
 (vii) any
attachment or judgment lien not constituting an Event of Default; or 
 (viii) liens arising from filing UCC financing
statements regarding leases not prohibited by this Agreement; or 
 (ix) customary offset rights of brokers and deposit banks
arising under the terms of securities account agreements and deposit agreements; or 
 (x) any real estate easements and
easements, covenants and encumbrances that customarily do not affect the marketable title to real estate or materially impair its use; or 
 (xi) liens for purchase money security interest in equipment and vehicles or any other property acquired or held in the ordinary course of business not to exceed an aggregate amount of $500,000.00 per
year or $200,000.00 for a single purchase. 
 (b) Indebtedness, etc. Create, incur, assume or suffer to exist any
debt or other indebtedness, liabilities or obligations, whether matured or unmatured, liquidated or unliquidated, direct or contingent, joint or several, without the prior written consent of Lender, which consent shall not be unreasonably withheld,
conditioned or delayed, except: (i) the liabilities of Borrower to Lender hereunder; (ii) trade accounts payable and accrued liabilities (other than debt) arising in the ordinary course of Borrower’s business; (iii) debt to which
Lender has consented in writing and with regard to which Lender has received, if it deems appropriate, a duly executed subordination agreement in form and substance acceptable to Lender in its reasonable discretion; (iv) the liabilities of
Borrower constituting Permitted Liens, (v) contracts or agreements arising in the ordinary course of Borrower’s business; (vi) debt under a Hedging Agreement; or (vii) debt to Guarantor pursuant to a promissory note dated on or
about the date hereof in the original principal amount of $670,000. 
 (c) Organization; Name; Chief Executive
Office. Change its state of organization, name or the location of its chief executive office without the prior written consent of Lender, which consent shall not be unreasonably withheld, delayed or conditioned. 

(d) Loans, Guaranties, etc. Make any loans or advances to (whether in cash, in-kind, or otherwise) any Person, or directly
or indirectly guaranty or otherwise assure a creditor against loss in respect of any indebtedness, obligations or liabilities (contingent or otherwise) of any Person. 

 (e) Amendments to Organizational Documents. Amend its articles of
organization, operating agreement or any other organizational document in any material respect without the prior written consent of Lender, which consent shall not be unreasonably withheld, delayed or conditioned. 

(f) Restricted Payments. Make any Restricted Payments. 

ARTICLE VI. 

EVENTS OF DEFAULT AND REMEDIES 
 Section 6.01. Events of Default. Each of the following events shall be an “Event of Default”: 
 (a) Payment Obligations. Borrower shall fail to pay when due any amount of principal of, or within five (5) days after same becomes due, interest on any Loan Obligations; or any fee or
other amount payable hereunder or under any of the other Loan Documents; or 
 (b) Breach of Representation. Any
representation or warranty made by Borrower or Guarantor, or any of its officers or directors under or in connection with any Loan Document or the Guaranty shall prove to have been incorrect in any material respect when made; or 

(c) Breach of Covenants. Borrower shall fail to perform or observe any term, covenant or agreement contained in any Loan
Document (other than those listed in clauses (a) and (b) of this section) on its part to be performed or observed and any such failure shall remain unremedied for thirty (30) days after written notice thereof shall have been given to
Borrower by Lender; or 
 (d) Insolvency. Borrower or Guarantor shall generally not pay its debts as such debts
become due, or shall admit in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors; or any proceeding shall be instituted by or against Borrower or Guarantors seeking to adjudicate it a
bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or
seeking the entry of an order for relief or the appointment of a receiver, trustee or other similar official for it or for any substantial part of its property, and, in the case of any such proceeding instituted against it (but not instituted by it)
either such proceeding shall remain undismissed or unstayed for a period of sixty (60) days or any of the actions sought in such proceeding (including, without limitation, the entry of an order for relief against it or the appointment of a
receiver, trustee, custodian or other similar official for it or for any substantial part of its property) shall occur; or Borrower or Guarantor shall take any corporate action to authorize any of the actions set forth above in this subsection;
or

 (e) Change of Ownership. Borrower shall dissolve, merge, consolidate with
other Persons, or suspend or discontinue doing business. 
 Section 6.02. Remedies. Upon the occurrence of an
Event of Default and at any time while such Event of Default is continuing, Lender: 
 (a) may accelerate the due date of the
unpaid principal balance of the Note, all accrued but unpaid interest thereon and all other amounts payable under this Agreement making such amounts immediately due and payable, whereupon the Note, all such interest and all such amounts shall become
and be forthwith immediately due and payable, without presentment, notice of intent to accelerate or notice of acceleration, demand, protest or further notice of any kind, all of which are hereby expressly waived by Borrower; 

(b) may, by written notice to Borrower, obtain the appointment of a receiver to take possession of all Collateral of Borrower, including,
but not limited to all personal property, including all fixtures and equipment leased, occupied or used by Borrower. Borrower hereby irrevocably consents to the appointment of such receiver and agrees to cooperate and assist any such receiver as
reasonably requested to facilitate the transfer of possession of the Collateral to such receiver and to provide such receiver access to all books, records, information and documents as requested by such receiver; 

(c) may exercise all other rights and remedies afforded to Lender under the Loan Documents or by applicable law or equity. 

Section 6.03. Remedies Cumulative. Each and every power or remedy herein specifically given shall be in addition to
every other power or remedy, existing or implied, given now or hereafter existing at law or in equity, and each and every power and remedy herein specifically given or otherwise so existing may be exercised from time to time and as often and in such
order as may be deemed expedient by Lender, and the exercise or the beginning of the exercise of one power or remedy shall not be deemed a waiver of the right to exercise at the same time or thereafter any other power or remedy. No delay or omission
of Lender in the exercise of any right or power accruing hereunder shall impair any such right or power or be construed to be a waiver of any default or acquiescence therein. 
 ARTICLE VII. 
 MISCELLANEOUS 

Section 7.01. Amendments, etc. No amendment or waiver of any provision of any Loan Document to which Borrower is a
party, nor any consent to any departure by Borrower therefrom, shall in any event be effective unless the same shall be agreed or consented to by Lender and Borrower, and each such waiver or consent shall be effective only in the specific instance
and for the specific purpose for which given. 

 Section 7.02. Notices, etc. All notices and other communications provided
for under any Loan Document shall be in writing and mailed, faxed, or delivered at the addresses set forth below, or at such other address as such party may specify by written notice to the other parties hereto: 

 

			
	 If to Borrower:
	  	REG Albert Lea, LLC
		  	c/o Renewable Energy Group, Inc.
		  	416 S. Bell Ave., P.O. Box 888
		  	Ames, Iowa 50010
		  	Attn: President
		  	Fax: (515) 239-8009
		
	 With a copy to:
	  	Wilcox, Polking, Gerken,
		  	Schwarzkopf & Copeland, P.C.
		  	115 E. Lincolnway, Suite 200
		  	Jefferson, Iowa 50129-2149
		  	Attn: John Gerken
		  	Fax: (515) 386-8531
		
	 If to Lender:
	  	USRG Holdco IX, LLC
		  	c/o US Renewables Group, LLC
		  	10 Bank Street
		  	White Plains, NY 10606
		  	Fax: (914) 206-3509
		  	Attn: Jonathan Koch, Managing Director
		  	Telephone: (914) 390-9620
		  	Fax: (914) 206-3509
		
	 With a copy to:
	  	US Renewables Group, LLC
		  	2425 West Olympic Blvd., Suite 4050 West
		  	Santa Monica, CA 90404
		  	Attn: Derek Bacon, Chief Financial Officer
		  	Telephone: (310) 586-3920
		
	 If to USRG:
	  	USRG Management Company, LLC
		  	2425 Olympic Blvd,
		  	Suite 4050 West
		  	Santa Monica, CA 90404
		
	 With a copy to:
	  	c/o US Renewables Group, LLC
		  	10 Bank Street
		  	White Plains, NY 10606
		  	Fax: (914) 206-3509
		  	Attn: Jonathan Koch, Managing Director
		  	Telephone: (914) 390-9620

 All such notices and communications shall have been duly given and shall be effective: (a) when
delivered; (b) the Business Day following the day on which the same has been delivered prepaid (or pursuant to an invoice arrangement) to a reputable national overnight air courier service; or (c) the third Business Day following the day
on which the same is sent by certified or registered mail, postage prepaid. 
 Section 7.03. No Waiver;
Remedies. No failure on the part of Lender to exercise, and no delay in exercising, any right under any Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any right under any Loan Document preclude
any other or further exercise thereof or the exercise of any other right. The remedies provided in the Loan Documents are cumulative and not exclusive of any remedies provided by law. 

Section 7.04. Severability of Provisions. Any provision of this Agreement or of any other Loan Document which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or thereof or affecting the validity or
enforceability of such provision in any other jurisdiction. 
 Section 7.05. Binding Effect; Successors and
Assigns. This Agreement shall be binding upon and inure to the benefit of Borrower, Lender and their respective successors and assigns, except that Borrower shall not have the right to assign or otherwise transfer its rights hereunder or any
interest herein without the prior written consent of Lender, which consent shall not be unreasonably withheld, delayed or conditioned. 
 Section 7.06. Governing Law. THIS AGREEMENT AND THE NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK. 

Section 7.07. Execution in Counterparts. This Agreement may be executed in any number of counterparts and on telecopy
counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute but one and the same agreement. 
 Section 7.08. Survival. All covenants, agreements, representations and warranties made by Borrower in the Loan Documents and in the certificates or other instruments delivered in
connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of the Loan Documents, regardless of any investigation
made by any such other party or on its behalf and notwithstanding that Lender may have had notice or knowledge of any Event of Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full
force and effect as long as any Loan Obligations are outstanding and unpaid. 
 Section 7.09. WAIVER OF JURY
TRIAL. BORROWER AND LENDER HEREBY IRREVOCABLY WAIVE ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING 

 
TO ANY LOAN DOCUMENT TO WHICH IT IS A PARTY OR ANY INSTRUMENT OR DOCUMENT DELIVERED THEREUNDER. 
 Section 7.10. Entire Agreement. THIS AGREEMENT, THE NOTE, AND THE OTHER LOAN DOCUMENTS REFERRED TO HEREIN EMBODY THE FINAL, ENTIRE AGREEMENT AMONG THE PARTIES HERETO AND SUPERSEDE ANY
AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS, AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF AND MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OR
DISCUSSIONS OF THE PARTIES HERETO. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES THERETO. 
 Section 7.11.
Assignment. Borrower shall not be permitted to transfer any of its rights, benefits and obligations hereunder without the prior written consent of Lender. 
 {SIGNATURE PAGE TO FOLLOW} 

 BORROWER ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS LOAN AGREEMENT, AND BORROWER AGREES TO ITS
TERMS. THIS AGREEMENT IS DATED AS OF THE DATE FIRST ABOVE STATED. 
 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their respective officers and duly authorized, as of the date first above written. 
  

					
	BORROWER:
	
	REG ALBERT LEA, LLC
	an Iowa limited liability company
	
	 /s/ Daniel J.
Oh            

	By:	 	Daniel J. Oh
	Its:	 	President
	
	LENDER:
	 USRG HOLDCO IX, LLC, a Delaware
 limited liability company

		
	By:	 	USRG MANAGEMENT COMPANY, LLC
			
		 	By:	 	 Jonathan Koch

		 		 	Name: Jonathan Koch
		 		 	Title: Managing Director

							
		
	By:	 	 USRG POWER & BIOFUELS FUND II GP, LLC

			
		 	By:	 	USRG MANAGEMENT COMPANY, LLC
				
		 		 	By:	 	 /s/ Jonathan Koch

		 		 		 	Name: Jonathan Koch
		 		 		 	Title: Managing Director

					
	
	SOLELY FOR PURPOSES OF SECTION 2.01 OF THE AGREEMENT,
	
	USRG: 
	By:	 	USRG MANAGEMENT COMPANY, LLC
			
		 	By:	 	 /s/ Jonathan Koch

		 		 	Name: Jonathan Koch
		 		 	Title: Managing Director

 {SIGNATURE PAGE TO LOAN AGREEMENT} 

 Schedule 2.01 
 Account Information for Lender Fee 

 Schedule 3.01(c) 

Real Property 
 PARCEL
1: 
 All that part of Lot Four (4), Block One (1), in the plat of Agra Resources Industrial Park, as the same is platted and recorded in the
office of the County Recorder of Freeborn County, Minnesota; described as follows: 
 Commencing at the northeast corner of said Lot 4; thence
North 89°51’08” West a distance of 506.59 feet, on the north line of said Lot 4; thence South 00°10’45” East a distance of 519.88 feet, to a point on the south line of said Lot 4; thence South 89°47’19” East
a distance of 506.93 feet, on the south line of said Lot 4, to the southeast corner thereof; thence North 00°13’01” West a distance of 520.44 feet, on the east line of said Lot 4, to the point of beginning. 

PARCEL 2: 
 All that part of Lot Four
(4), Block One (1), Agra Resources Industrial Park, as the same is platted and recorded in the office of the County Recorder of Freeborn County, Minnesota; described as follows: Commencing at the Southeast corner of Lot Three (3), Block One
(1) in said Agra Resources Industrial Park; thence South 00°08’52” West a distance of 311.57 feet, on a Southerly extension of the East line of said Lot 3, to a point on the South line of said Lot 4; thence North
89°47’19” West a distance of 434.88 feet, on the South line of said Lot 4, to the Southwest corner thereof; thence North 00°18’23” West a distance of 311.10 feet, on the West line of said Lot 4, to the Southwest corner of
said Lot 3; thence South 89°51’08” East a distance of 437.34 feet, on the South line of said Lot 3, to the point of beginning. 

PARCEL 3: 
 The South 172.52 feet of that
part of Lot Four (4), Block One (1), Agra Resources Industrial Park, as the same is platted and recorded in the office of the County Recorder of Freeborn County, Minnesota, described as follows: Commencing at the northeast corner of Lot 4, Block 1
in said Agra Resources Industrial Park; thence North 89°51’08” West a distance of 506.59 feet, on an assumed bearing on the north line of said Lot 4, to the point of beginning; thence North 89°51’08” West a distance of
266.29 feet, on the north line of said Lot 4, to the northeast corner of Lot 3 in said Block 1; thence South 00°08’52” West a distance of 519.57 feet, on the east line of said Lot 3 and a southerly extension thereof, to a point on the
south line of said Lot 4; thence South 89°47’19” East a distance of 269.26 feet, on the south line of said Lot 4, to a point 506.93 feet west of the southeast corner thereof; thence North 00°10’45” West a distance of
519.88 feet, to the point of beginning. 

  
 2 

 PARCEL 4: 
 The North 97.34 feet of that part of Lot 4, Block 1, Agra Resources Industrial Park, as the same is platted and recorded in the office of the County Recorder of Freeborn County, Minnesota, described as
follows: Commencing at the northeast corner of Lot 4, Block 1 in said Agra Resources Industrial Park; thence North 89°51’08” West a distance of 506.59 feet, on an assumed bearing on the north line of said Lot 4, to the point of
beginning; thence North 89°51’08” West a distance of 266.29 feet, on the north line of said Lot 4, to the northeast corner of Lot 3 in said Block 1; thence South 00°08’52” West a distance of 519.57 feet, on the east line
of said Lot 3 and a southerly extension thereof, to a point on the south line of said Lot 4; thence South 89°47’19” East a distance of 269.26 feet, on the south line of said Lot 4, to a point 506.93 feet west of the southeast corner
thereof; thence North 00’10’45” West a distance of 519.88 feet, to the point of beginning. 
 PARCEL 5: 

All that part of Lot Four (4), Block One (1), Agra Resources Industrial Park, as the same is platted and recorded in the office of the County Recorder of
Freeborn County, Minnesota, described as follows: Commencing at the northeast corner of said Lot 4; thence North 89’51’08” West a distance of 506.59 feet, on the north line of said Lot 4, to the point of beginning; thence North
89°51’08” West a distance of 266.29 feet, on the north line of said Lot 4, to the northeast corner of Lot 3 in said Block 1; thence South 00°08’52” West a distance of 519.57 feet, on the east line of said Lot 3 and a
southerly extension thereof, to a point on the south line of said Lot 4; thence South 89°47’19” East a distance of 269.26 feet, on the south line of said Lot 4, to a point 506.93 feet west of the southeast corner thereof; thence North
00°10’45” West a distance of 519.88 feet, to the point of beginning. 
 LESS AND EXCEPTING THEREFROM: 

The North 97.34 feet thereof and the South 172.52 feet thereof. 
 PARCEL 6: 
 All that part of Lot Two (2), Block Three (3), in the plat of Agra Resources
Industrial Park, as the same is platted and recorded in the office of the County Recorder of Freeborn County, Minnesota, described as follows: Commencing at the northeast corner of said Lot 2; thence North 89°47’19” West a distance of
507.00 feet, on the north line of said Lot 2; thence South 00°10’45” East a distance of 647.26 feet, to a point on the 

  
 3 

 
south line of said Lot 2; thence South 89°47’22” East a distance of 507.42 feet, on the south line of said Lot 2, to the southeast corner thereof; thence North
00°13’01” West a distance of 647.2 feet, on the east line of said Lot 2, to the point of beginning. 
 PARCEL 7:

 All that part of Lot Two (2), Block Three (3) in the plat of Agra Resources Industrial Park, as the same is platted and recorded in
the office of the County Recorder of Freeborn County, Minnesota, described as follows: Commencing at the northeast corner of said Lot 2; thence North 89°47’19” West a distance of 507.00 feet, on the north line of said Lot 2, to the
point of beginning; thence South 00°10’45” East a distance of 647.26 feet, to a point on the south line of said Lot 2; thence North 89°47’22” West a distance of 273.53 feet, on the south line of said Lot 2, to the
southwest corner thereof; thence North 00°08’52” West a distance of 647.25 feet, on the east line of said Lot 2, to the northwest corner thereof; thence South 89°47’19” East a distance of 269.83 feet, on the north line of
said Lot 2, to the point of beginning. 
 Note: Parcel designations are for convenience of reference only and do not constitute an integral part
of the legal description. 
 AND TOGETHER WITH THE FOLLOWING EASEMENTS: 
 SIDE TRACK EASEMENT AREA AS STATED IN RAILROAD TRACKAGE EASEMENT AND USE AGREEMENT: 
 An
easement over, under and across all that part of Lot One (1), Block One (1), Agra Resources Industrial Park, as the same is platted and recorded in the office of the County Recorder of Freeborn County, Minnesota, described as follows: 

Commencing at the southeast corner of Lot Four (4), Block One (1) in said Agra Resources Industrial Park; thence North 00°13’01” West
a distance of 410.17 feet, on an assumed bearing on the east line of said Lot 4, to the point of beginning; thence North 89°49’27” East a distance of 135.72 feet; thence North 84°14’24” East a distance of 1137.61 feet, to
a point on the east line of Lot One (1), Block One (1) in said Agra Resources Industrial Park, which is 529.43 feet north of the southeast corner of said Lot One (1), Block One (1); thence North 89°33’35” West a distance of
1268.10 feet, to a point on the east line of Lot Two (2), Block One (1) in said Agra Resources Industrial Park; thence South 00°13’01” East a distance of 124.33 feet, on the east line of Lots Two (2) and Four (4) in said
Block 

  
 4 

 
One (1), to the point of beginning. 
 An easement over, under and across the South 25.00
feet of the East 600.00 feet of Lot Two (2), Block One (1), Agra Resources Industrial Park, as the same is platted and recorded in the office of the County Recorder, Freeborn County, Minnesota. 

SPUR LOOP EASEMENT AREA AS STATED IN RAILROAD TRACKAGE EASEMENT AND USE AGREEMENT: 
 An easement over, under and across all that part of Lots One (1) and Two (2), Block One (1); Lot One (1), Block Two (2); Outlot A and 787th Avenue in the plat of Agra Resources Industrial Park, as
the same is platted and recorded in the office of the County Recorder of Freeborn County, Minnesota, described as follows: 
 Commencing at the
northwest corner of Lot One (1), Block One (1) in said Agra Resources Industrial Park; thence South 45°26’01” East a distance of 354.86 feet, on an assumed bearing on the northeasterly line of said Block One (1); thence
Southeasterly a distance of 282.53 feet, on a nontangential curve concave to the west with a radius of 662.27 feet, a central angle of 24°26’35” and a chord bearing of South 12°25’44” East; thence South
00°12’26” East a distance of 1147.40 feet, on a tangential line; thence Southeasterly a distance of 530.04 feet, on a tangential curve concave to the northeast with a radius of 675.34 feet and a central angle of
44°58’07”; thence South 45°10’33” East a distance of 1725.06 feet; thence Southeasterly a distance of 399.55 feet, on a tangential curve concave to the northeast with a radius of 612.32 feet and a central angle of
37°23’11”; thence South 82°33’44” East a distance of 285.01 feet, on a tangential line; thence South 89°33’35” East a distance of 1440.10 feet; thence Southeasterly a distance of 390.04 feet, on a
nontangential curve concave to the southwest with a radius of 792.72 feet, a central angle of 28°11’28” and a chord bearing of South 77°17’39” East, to a point on the northeasterly line of Lot One (1), Block Two
(2) in said Agra Resources Industrial Park; thence South 40°06’30” East a distance of 127.49 feet, on a nontangential line on the northeasterly line of said Lot One (1), Block Two (2) and the northeasterly line of Outlot A in
said Agra Resources Industrial Park; thence North 63°11’55” West a distance of 117.28 feet; thence Westerly a distance of 366.60 feet, on a tangential curve concave to the south with a radius of 742.72 feet and a central angle of
28°16’51”; thence North 89°33’35” West a distance of 961.96 feet, on a nontangential line to a point on the east line of said Lot One (1), Block One (1), which is 529.43 feet north of the southeast corner of said Lot One
(1); thence 

  
 5 

 
North 89°33’35” West a distance of 806.09 feet; thence Northwesterly a distance of 513.18 feet, on a tangential curve concave to the northeast with a radius of 662.47 feet and a
central angle of 44°23’02”; thence North 45°10’33” West a distance of 1660.83 feet, on a tangential line; thence Northwesterly a distance of 246.89 feet, on a tangential curve concave to the northeast with a radius of
830.34 feet and a central angle of 17°02’11”, to a point on the west line of said Lot One (1), Block One (1); thence North 00°12’24” West a distance of 1536.43 feet, on a nontangential line on the west line of said Lot
One (1), Block One (1), to a corner of said Lot One (1), Block (1); thence North 25°59’10” West a distance of 581.79 feet, on the west line of said Lot One (1), Block One (1), to the point of beginning. 

EASEMENT AGREEMENT AS STATED IN EASEMENT AGREEMENT POTABLE WATER, RO WATER, STEAM, CARBON DIOXIDE: 

An easement over, under and across Lot Two (2), Block One (1), Agra Resources Industrial Park, as the same is platted and recorded in the office of the
County Recorder of Freeborn County, Minnesota, said easement being 12 feet in width, 6 feet on each side of the following described centerline: 

Commencing at the southwest corner of Lot Two (2), Block One (1) in said Agra Resources Industrial Park; thence North 89°51’06” East a
distance of 509.39 feet, on the south line of said Lot Two (2), to the point of beginning of the centerline to be described; thence North 00°07’18” West a distance of 321.00 feet, and there terminating. 

AND 
 An easement over, under and across
Lot Two (2), Block One (1), Agra Resources Industrial Park, as the same is platted and recorded in the office of the County Recorder of Freeborn County, Minnesota, said easement being 13 feet in width, 6.5 feet on each side of the following
described centerline; 
 Commencing at the southeast corner of Lot Two (2), Block One (1) in said Agra Resources Industrial Park; thence
North 89°51’06” East a distance of 521.89 feet, on the south line of said Lot Two (2), to the point of beginning of the centerline to be described; thence North 00°07’18” West a distance of 239.51 feet; thence South
89°55’52” East a distance of 70.90 feet; thence North 28°07’18” East a distance of 84.76 feet; thence North 55°54’31” East a distance of 53.09 feet, and there terminating. 

AND 

  
 6 

 Together with that certain easement as shown in JOINT FIRE SUPPRESSION SYSTEM USE AGREEMENT;

 An easement over, under and across Lot Two (2), Block One (1), Agra Resources Industrial Park, as the same is platted and recorded in the
office of the County Recorder of Freeborn County, Minnesota, said easement being 12 feet in width, 6 feet on each side of the following described centerline: 
 Commencing at the southwest corner of Lot Two (2), Block One (1) in said Agra Resources Industrial Park; thence North 89°51’06” East a distance of 509.39 feet, on the south line of said
Lot Two (2), to the point of beginning of the centerline to be described; thence North 00°07’18” West a distance of 321.00 feet, and there terminating. 
 AND 
 An easement over, under and across Lot Two (2), Block One (1), Agra Resources
Industrial Park, as the same is platted and recorded in the office of the County Recorder of Freeborn County, Minnesota, said easement being 13 feet in width, 6.5 feet on each side of the following described centerline; 

Commencing at the southeast corner of Lot Two (2), Block One (1) in said Agra Resources Industrial Park; thence North
89°51’06” East a distance of 521.89 feet, on the south line of said Lot Two (2), to the point of beginning of the centerline to be described; thence North 00°07’18” West a distance of 239.51 feet; thence South
89°55’52” East a distance of 70.90 feet; thence North 28°07’18” East a distance of 84.76 feet; thence North 55°54’31” East a distance of 53.09 feet, and there terminating. 

  
 7 

 Schedule 5.02(a) 

Description of Certain Liens, Lease Obligations, etc. 

 

	1.	Real estate taxes and assessments that are not due and owing. 

  

	2.	 Right of Way of County State Aid Highway No. 13 aka 150th St. along southerly portion of subject property. 

 

	3.	Rights of the public and other property owners in and to the free flow of water through County Ditches crossing subject property. 

 

	4.	Property may be subject to assessment for the repair, maintenance and/or improvement of said County Ditches. 

 

	5.	Easement for electric purposes in favor of Interstate Power Company as contained in Transmission Line Easement dated 6-18-1964, filed of record 6-29-1964, as Document
No. 207984, in Book 49 of Misc., page 698. 

  

	6.	Affidavit of Succession and Identity filed of record 5-17-2002, as Document No. 426068 states that present name of the company is Interstate Power and Light
Company. 

  

	7.	Easement for right of way purposes in favor of Freeborn-Mower Electric Cooperative as contained in Right of Way Easement dated 10-12-1998, filed of record 10-14-1998,
as Document No. 398173; and Amendments to Articles of Incorporation changing name to Freeborn-Mower Cooperative Services dated 4-6-1998, filed of record 11-21-2001, as Document No. 421693. 

 

	8.	Easement for electric purposes in favor of Dairyland Power Cooperative as contained in Right of Way Easement for Rural Electric Line dated 9-29-1998, filed of record
11-25-1998, as Document No. 399071. 

  

	9.	Terms and conditions of Resolution 01-104, filed of record 8-22-2001, as Document No. 419250 and Revocation of Option, Resolution, Motion and Purchase Agreement,
and Agreement to Reimburse Real Estate Closing Costs and Finance Rail Spur Line Construction Costs and Hard Surface Road Improvement Costs, dated 8-21-2001, filed of record 8-22-2001, as Document No. 419251. 

 

	10.	Terms and conditions of Agreement for Apportionment of Benefits and Damages, County Ditch #16 Lateral 1A, dated June 20, 2005, filed of record June 22, 2005,
as Document No. 454283. 

  

	11.	Terms and conditions of Agreement for Apportionment of Benefits and Damages, County Ditch #16, dated June 20, 2005, filed of record June 22, 2005, as Document
No. 454284. 

  
 8 

	12.	Easement for ingress and egress purposes in favor of SoyMor Biodiesel, LLC as contained in Easement dated July 11, 2005, filed of record August 12, 2005, as
Document No. 455490. 

  

	13.	Utility easement(s) as shown on the proposed Plat of Agra Resources Industrial Park. 

 

	14.	Easement for electric purposes in favor of Dairyland Power Cooperative as contained in Right of Way Easement for Rural Electric Line dated 5-28-2009, filed of record
6-9-2009, as Document No. 482746. 

  

	15.	Legal access to parcels 4 and 5 (PID NOS. 03.04100.43 and 03.04100.44) is over adjoining land by common ownership by the insured of the adjoining land.

  

	16.	Terms and conditions of Railroad Trackage Easement and Use Agreement, dated 7-1-2011, recorded 7-12-2011, as Document No. 495135, by and between Agra Resources
Coop, a Minnesota cooperative and REG Albert Lea, LLC, an Iowa limited liability company. 

  

	17.	Terms and conditions of Joint Fire Suppression System Use Agreement, dated 7-1-2011, recorded 7-12-2011, as Document No. 495137, by and between Agra Resources
Coop, a Minnesota cooperative and REG Albert Lea, LLC, an Iowa limited liability company. 

  

	18.	Terms and conditions of Easement Agreement Potable Water, RO Water, Steam, Carbon Dioxide, dated 7-1-2011, recorded 7-12-2011, as Document No. 495136, by and
between Agra Resources Coop, a Minnesota cooperative and REG Albert Lea, LLC, an Iowa limited liability company. 

  

	19.	Restricted access to 150th Street/C.S.A.H. No. 13 as shown on the survey dated 6-15-2011, revised 7-1-2011, revised 7-11-2011 by John H. Schulte IV of Jones,
Haugh & Smith Inc. 

  

	20.	The following items appear as encroachments on the survey dated 6-15-2011, revised 7-1-2011, revised 7-11-2011 by John H. Schulte IV of Jones, Haugh & Smith
Inc: 

  

	 	a)	Two underground electric lines from Lot 3, Block 1, Agra Resources Industrial Park without the benefit of an easement; 

 

	 	b)	Underground telephone onto Lot 3, Block 1, Agra Resources Industrial Park; 

 

	 	c)	Gravel driveway/roadway outside of easement description set forth in Doc. No. 455490; 

 

	 	d)	Gravel driveway/roadway onto Lot 3, Block 1, Agra Resources Industrial Park; 

 

	 	e)	Storm sewer crossing Lot 1, Block 3, Agra Resources Industrial Park; 

  

	 	f)	Bituminous, concrete, gravel over underground electric, underground telephone, water main, storm sewer, sanitary sewer, “2 FM”; 

 

	 	g)	Bituminous onto easement at Doc. No. 399071. 

  

	21.	 Development Agreement by and between Freeborn County, a political subdivision of the State of Minnesota, the Freeborn Housing and Redevelopment
Authority, a housing and 

  
 9 

	 	
redevelopment authority, a public body corporate and political subdivision of the State of Minnesota, and Agra Resources Coop, a Minnesota cooperative association, dated 5-1-1998, filed of record
8-7-1998, as Document No. 396767. 

  

	22.	Assessment Agreement by and between Freeborn County, a political subdivision of the State of Minnesota, the Freeborn County Housing and Redevelopment Authority, a
political subdivision of the State of Minnesota, and Agra Resources Coop, a Minnesota cooperative association, dated 5-1-1998, filed of record 8-14-1998, as Document No. 396932. 

 

	23.	Agreement and Consent of Bank by and between Freeborn County, the Freeborn County Housing and Redevelopment Authority, a public body corporate and politic of the State
of Minnesota, and Stearns Bank National Association, a national banking association, dated 5-1-1998, filed of record 8-14-1998, as Document No. 396933. 

 

	24.	Ditch Lien No. 16 in Agreement for Apportionment of Benefits and Damages, filed of record 6-8-1999, as Document No. 403193. 

 

	25.	Drainage Agreement dated 7-30-2001, filed of record 8-3-2001, as Document No. 418895. 

 

	26.	Auditor’s Tabular Lien Statement in the Matter of the Petition of Agra Resources Coop and Others for Construction, filed of record 5-13-2003, as Document
No. 435685. 

  

	27.	Right of Way Easement for Rural Electric Line filed of record 6-17-2009, as Document No. 482886. Consented to by Consent filed of record 7-9-2009, as Document No.
483301. 

  

	28.	Unrecorded Industry Tract Contract, Articles of Agreement dated 5-14-2001 between Union Pacific Railroad, and Agra Resources Coop dba Exol. 

 

	29.	Subject to the rights of the public in and to 787th Avenue. 

  

	30.	Memorandum of Interruptible Product Supply Agreement by and between AGRA Resources Coop, d/b/a POET BioRefining Glenville, a Minnesota Cooperative Association, and REG
Albert Lea, LLC, an Iowa limited liability company, dated 7-1- 2011, filed of record 7-12-2011, as Doc. No. 495138. 

  
 10 

 EXHIBIT A 
 FORM OF NOTE 
 (see attached) 

  
 11 

 NOTE 

 

			
	$10,000,000.00	 	August     , 2011

 1. FOR VALUE RECEIVED, REG ALBERT LEA, LLC, an Iowa limited liability company
(“Borrower”), hereby promises to pay to the order of USRG HOLDCO IX, LLC, a Delaware limited liability company (“Lender”), the principal sum of Ten Million and no/100 Dollars ($10,000,000.00), with interest
thereon, to be computed from the date hereof, and which remains unpaid, in lawful money of the United States and immediately available funds. This Note (the “Note”) is issued pursuant to the terms and provisions of that certain Loan
Agreement of even date herewith, by and between Lender, Borrower and USRG Management Company, LLC (as the same may be amended, modified, supplemented, extended or restated from time to time, the “Loan Agreement”) and is entitled to
all of the benefits provided for in the Loan Agreement. All capitalized terms used and not defined herein shall have the meanings assigned to them in the Loan Agreement. 
 2. The outstanding principal balance of this Note shall bear interest at a rate equal to twelve percent (12%) per annum. 
 3. Interest on the outstanding principal balance of this Note shall be computed on the basis of a year of three hundred sixty-five (365) days. 

4. Beginning on August 15, 2011 and continuing on the fifteenth (15th) day of each month thereafter until and including
November 15, 2011, Borrower will pay accrued interest on the Loan in monthly installments. 
 5. The outstanding principal
balance hereof, together with all accrued interest, if not paid sooner, shall be due and payable in full on December 15, 2011 (the “Maturity Date”). 
 6. All payments and prepayments shall, at the option of Lender, be applied first to any costs of collection, second to any late charges, third to accrued interest and the remainder thereof to principal.

 7. This Note may be prepaid, at any time, at the option of Borrower, either in whole or in part, without prepayment premium
or penalty. 
 8. Any portion of the Loan repaid or prepaid may not be reborrowed. 

9. In addition to the rights and remedies set forth in the Loan Agreement, if Borrower fails to make the required payment to Lender on
the Maturity Date, then the unpaid principal balance of this Note, including any accrued interest, shall automatically bear interest at the applicable Default Rate. As a further addition to the rights and remedies set forth in the Loan Agreement, if
Borrower fails to make the required payment to Lender on the Maturity Date, Borrower agrees to pay Lender, without further notice or demand, (i) an additional amount of One Million and no/100 Dollars ($1,000,000.00) and (ii) $500,000 on
every fifth day thereafter until all Loan Obligations are paid. The rights and remedies provided for in this Section 9 shall 

  
 12 

 
only be available to Lender in the event of nonpayment by Borrower upon the Maturity Date, and not in the event of maturity by reason of acceleration or otherwise. 

10. If Borrower fails to make any payment of interest to Lender prior to the Maturity Date, within ten (10) days of the due date
thereof, Borrower shall, in addition to such amount, pay a late charge equal to five percent (5%) of the amount of such payment. 
 11. This Note is secured by, among other instruments, that certain Mortgage of even date herewith, as it may be amended, modified, supplemented, extended or restated from time to time (the
“Mortgage”), covering various parcels of real property, fixtures, and personal property located in Freeborn County, Minnesota, and that certain Security Agreement of even date herewith, as it may be amended, modified, supplemented,
extended or restated from time to time. In the event any such security is found to be invalid for whatever reason, such invalidity shall constitute an event of default hereunder. All of the agreements, conditions, covenants, provisions, and
stipulations contained in the Mortgage, or any instrument securing this Note are hereby made a part of this Note to the same extent and with the same force and effect as if they were fully set forth herein. It is agreed that time is of the essence
of this Note. 
 12. Upon the occurrence at any time of an Event of Default or at any time thereafter, the outstanding principal
balance hereof plus accrued interest hereon plus all other amounts due hereunder shall, at the option of Lender, be immediately due and payable, without notice or demand and Lender shall be entitled to exercise all remedies provided in this Note,
the Loan Agreement or any of the Loan Documents. 
 13. Upon the occurrence at any time of an Event of Default or at any time
thereafter, Lender shall have the right to set off any and all amounts due hereunder by Borrower to Lender against any indebtedness or obligation of Lender to Borrower. 
 14. Borrower promises to pay all reasonable costs of collection of this Note, including, but not limited to, attorneys’ fees paid or incurred by Lender on account of such collection, whether or not
suit is filed with respect thereto and whether or not such costs are paid or incurred, or to be paid or incurred, prior to or after the entry of judgment. 
 15. THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO CONFLICT OF LAWS RULES OR CHOICE OF LAWS RULES THEREOF EXCEPT SECTION 5-1401
OF THE NEW YORK GENERAL OBLIGATIONS LAW. 
 [Signature Page Follows] 

  
 13 

 
	
	REG ALBERT LEA, LLC,
	an Iowa limited liability company
	
	  
	By: Daniel J. Oh
	Its: President

 SIGNATURE PAGE TO NOTEForm of Restricted Stock Unit Agreement

 Exhibit 10.8 
 THE FIRST MARBLEHEAD CORPORATION 
 Restricted Stock Unit Agreement

 Granted Under 
 2003 Stock Incentive Plan, as amended and restated (the “Plan”) 

1) Grant of Award. 
 This Agreement evidences the grant by The First Marblehead Corporation, a Delaware corporation (the “Company”), on [date] (the “Grant Date”) to [name] (the “Participant”) of
[number] restricted stock units of the Company (individually, an “RSU” and collectively, the “RSUs”). Each RSU represents the right to receive one share of the common stock, $0.01 par value per share, of the Company
(“Common Stock”) as provided in this Agreement. The shares of Common Stock that are issuable upon vesting of the RSUs are referred to in this Agreement as “Shares.” 

2) Vesting; Forfeiture. 
 a) This award shall vest as to 
 b) In the event that the
Participant’s employment with the Company is terminated by reason of death or disability, this award shall be fully vested and the date that the Participant’s employment terminates shall be a vesting date. For this purpose,
“disability” shall mean the inability of the Participant, due to a medical reason, to carry out his or her duties as an employee of the Company for a period of six consecutive months. In addition, if the Participant’s employment
with the Company is terminated by the Company for a reason other than “Cause” (as defined below), then the number of RSUs which shall be vested shall be determined as though the Participant’s employment had terminated on the day that
follows the anniversary of the Grant Date that next follows the date of actual termination. For purposes of this Section 2, “Cause” shall mean unsatisfactory job performance, willful misconduct, fraud, gross negligence,
disobedience or dishonesty, in each case as determined by the Company. 
 c) For purposes of this Agreement,
employment with the Company shall include employment with a parent or subsidiary of the Company. 
 d) The
Participant agrees not to engage in a Competitive Action (as defined below) from the date hereof through the first anniversary of the date of termination of the Participant’s employment with the Company. If on or prior to a Settlement Date
(as defined below), the Participant engages in a Competitive Action or enters into, or has entered into, an agreement (written, oral or otherwise) to engage in a Competitive Action, all of the RSUs and all Shares issuable upon vesting of all RSUs
subject to this Agreement shall be immediately forfeited, and the Participant shall have no further rights with respect to such RSUs or Shares. In the event that the Participant engages in a Competitive Action or enters into, or has entered
into, an agreement (written, oral or otherwise) to engage in a Competitive Action after a Settlement Date but on or prior to the first anniversary of the Participant’s termination of employment with the Company, the Participant shall pay to the
Company, upon demand by the Company, an amount equal to (i) the value, as of each Settlement Date, of the number of Shares delivered to the Participant represented by RSUs on such Settlement Date and (ii) the value of all dividends, if
any, paid to the Participant in respect of the Shares delivered to the Participant on such Settlement Date. The Participant may satisfy the payment obligation to the Company of the portion due under (i) above by returning the Shares
delivered to the Participant on all Settlement Dates, provided that any amounts due under (ii) above must be remitted to the Company in addition to the return of the Shares. The Participant

  
 1 

 
acknowledges that the restriction on engaging in a Competitive Action, in view of the nature of the business in which the Company is engaged, is reasonable in scope (as to both the temporal and
geographical limits) and necessary in order to protect the legitimate business interests of the Company, and that any violation thereof would result in irreparable injuries to the Company. The Participant acknowledges further that the amounts
required to be paid to the Company pursuant to this provision are reasonable and are not liquidated damages nor shall they be characterized as such and that the payment of such amounts shall not preclude the Company from seeking any further remedies
at law or in equity. 
 e) For purposes of this Agreement, the Participant will be deemed to engage in a
“Competitive Action” if, either directly or indirectly, and whether as an employee, consultant, independent contractor, partner, joint venturer or otherwise, the Participant (i) engages in or directs any business activities, in any
geographical area where the Company or any subsidiary or parent of the Company is engaged in business or outside of any such geographical area, in either case, which are competitive with any business activities conducted by the Company or any
subsidiary or parent of the Company in such geographical area, (ii) on behalf of any person or entity engaged in business activities competitive with the business activities of the Company or any subsidiary or parent of the Company, solicits or
induces, or in any manner attempts to solicit or induce, any person employed by, or as an agent of, the Company or any subsidiary or parent of the Company to terminate such person’s employment or agency relationship, as the case may be, with
the Company or any subsidiary or parent of the Company, (iii) diverts, or attempts to divert, any person, concern or entity from doing business with the Company or any subsidiary or parent of the Company or attempts to induce any such person,
concern or entity to cease being a customer of the Company or any subsidiary or parent of the Company or (iv) makes use of, or attempts to make use of, the property or proprietary information of the Company or any subsidiary or parent of the
Company, other than in the course of the performance of services to the Company or any subsidiary or parent of the Company or at the direction thereof. The determination as to whether the Participant has engaged in a Competitive Action shall be
made by the Compensation Committee of the Board of Directors of the Company (the “Committee”) in its sole and absolute discretion. The Committee’s exercise or nonexercise of such discretion with respect to any particular event or
occurrence by or with respect to the Participant or any other recipient of stock options, RSUs or other derivative securities of the Company shall not in any way reduce or eliminate the authority of the Committee to (x) determine that any event
or occurrence by or with respect to the Participant constitutes engaging in a Competitive Action or (y) determine the related Competitive Action date. 

[f) Notwithstanding any other provision of this Agreement, all of the RSUs and all Shares issued upon
vesting of all RSUs subject to this Agreement are further subject to the Compensation Recoupment Policy (as may be amended from time to time, the “Policy”) adopted by the Board of Directors of the Company and the Committee. If the
Committee determines that it may seek recoupment from the Participant of all or a portion of the RSUs or such Shares pursuant to the Policy, then the Committee may, without any further action on the part of the Participant, provide that all or a
portion of the RSUs (whether vested or unvested) or such Shares be forfeited immediately and automatically to the Company, without the payment of any consideration to the Participant, or take such other action with respect to the RSUs and such
Shares as may be permitted under the Policy.]1 

 
  

	1 	 This provision is applicable beginning September 1, 2011 for restricted stock unit agreements entered into by executive officers of the Company who are
subject to the Compensation Recoupment Policy. 

  
 2 

 3) Distribution of Shares. 

a) The Company will distribute to the Participant (or to the Participant’s estate in the event that his or her death
occurs before distribution of the corresponding Shares), as soon as administratively practicable after each vesting date (each such date of distribution is hereinafter referred to as a “Settlement Date”), but in no event later than 60 days
after such vesting date, the Shares of Common Stock represented by RSUs that vested on such vesting date. 
 b)
The Company shall not be obligated to issue to the Participant the Shares upon the vesting of any RSU (or otherwise) unless the issuance and delivery of such Shares shall comply with all relevant provisions of law and other legal requirements
including, without limitation, any applicable federal or state securities laws and the requirements of any stock exchange upon which shares of Common Stock may then be listed.
 4) Restrictions on Transfer. 
 The Participant shall not sell, assign,
transfer, pledge, hypothecate or otherwise dispose of, by operation of law or otherwise (collectively “transfer”) any RSUs, or any interest therein, except by will or the laws of descent and distribution. 

5) Dividend and Other Shareholder Rights. 
 Except as set forth in the Plan, neither the Participant nor any person claiming under or through the Participant shall be, or have any rights or privileges of, a stockholder of the Company in respect of
the Shares issuable pursuant to the RSUs granted hereunder until the Shares have been delivered to the Participant. 
 6)
Provisions of the Plan; Reorganization Event. 
 a) This Agreement is subject to the provisions of the
Plan, a copy of which is furnished to the Participant with this Agreement. 
 b) Upon the occurrence of a
Reorganization Event (as defined in the Plan, provided that such event also constitutes a change in ownership or effective control of the Company or a change in ownership of a substantial portion of the Company’s assets for purposes of
Section 409A of the Internal Revenue Code), each RSU (whether vested or unvested) shall become the right to receive the cash, securities or other property that a Share was converted into or exchanged for pursuant to such Reorganization
Event. If, in connection with such a Reorganization Event, a portion of the cash, securities and/or other property received upon the conversion or exchange of the Shares is to be placed into escrow to secure indemnification or similar
obligations, the mix between the vested and unvested portion of such cash, securities and/or other property that is placed into escrow shall be the same as the mix between the vested and unvested portion of such cash, securities and/or other
property that is not subject to escrow. Notwithstanding the foregoing provisions, this award shall be fully vested if, on or prior to the second anniversary of the date of the consummation of such Reorganization Event, the Participant’s
employment with the Company or the Company’s successor is terminated for Good Reason (as defined below) by the Participant or is terminated without Cause (as defined below) by the Company or the Company’s successor. 

c) For purposes of this Section 6, (i) “Good Reason” shall mean any significant diminution in the
Participant’s title, authority, or responsibilities from and after such Reorganization Event or any material reduction in the annual cash compensation payable to the Participant from and after such Reorganization Event or the relocation of the
place of business at which the Participant is principally located to a location that is greater than 50 miles from its location immediately prior to such Reorganization Event, provided that such diminution, reduction or relocation is not cured
within 30 days of written notice to the Company from the Participant and (ii) “Cause” shall mean any (x) willful failure 

  
 3 

 
by the Participant, which failure is not cured within 30 days of written notice to the Participant from the Company, to perform his or her material responsibilities to the Company or
(y) willful misconduct by the Participant which affects the business reputation of the Company. 
 [d) Any contrary provision of the Plan notwithstanding, the Company may amend the terms of this Agreement pursuant to the Policy and as permitted pursuant to Section 2(f) of this Agreement.]2 

7) Withholding Taxes; Section 83(b) Election. 

a) No Shares will be delivered pursuant to the vesting of an RSU unless and until the Participant pays to the Company, or
makes provision satisfactory to the Company for payment of, any federal, state or local withholding taxes required by law to be withheld in respect of this award. 

b) The Participant acknowledges that no election under Section 83(b) of the Internal Revenue Code of 1986 may be
filed with respect to this award. 
 8) Miscellaneous. 

a) No Rights to Employment; Forfeiture of Unvested RSUs upon Employment Termination. The Participant
acknowledges and agrees that the vesting of the RSUs pursuant to Section 2 hereof is earned only by continuing service as an employee at the will of the Company (not through the act of being hired or purchasing shares hereunder). The
Participant further acknowledges and agrees that (i) the transactions contemplated hereunder and the vesting schedule set forth herein do not constitute an express or implied promise of continued engagement as an employee or consultant for the
vesting period, for any period, or at all and (ii) in the event that the Participant ceases to be employed by the Company for any reason or no reason, except as otherwise provided in Section 2 or Section 6 above, all of the RSUs that
are unvested as of the time of such employment termination shall be forfeited immediately and automatically to the Company, without the payment of any consideration to the Participant, effective as of such termination. 

b) Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the
validity or enforceability of any other provision of this Agreement, and each other provision of this Agreement shall be severable and enforceable to the extent permitted by law. 

c) Waiver. Any provision for the benefit of the Company contained in this Agreement may be waived, either
generally or in any particular instance, by the Board of Directors of the Company. 
 d) Binding
Effect. This Agreement shall be binding upon and inure to the benefit of the Company and the Participant and their respective heirs, executors, administrators, legal representatives, successors and assigns, subject to the restrictions on
transfer set forth in Section 4 of this Agreement. 
 e) Notice. All notices required or
permitted hereunder shall be in writing and deemed effectively given upon personal delivery or five days after deposit in the United States Post Office, by registered or certified mail, postage prepaid, addressed to the other party hereto at the
last known address of such person or at such other address as either party shall designate to the other in accordance with this Section 8(e). 

 

	2 	 This provision is applicable beginning September 1, 2011 for restricted stock unit agreements entered into by executive officers of the Company who are
subject to the Compensation Recoupment Policy. 

  
 4 

 f) Pronouns. Whenever the context may require, any pronouns used
in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural, and vice versa. 

g) Entire Agreement. This Agreement, the Plan and the Policy constitute the entire agreement between the
parties, and supersede all prior agreements and understandings, relating to the subject matter of this Agreement. 
 h) Amendment. This Agreement may be amended or modified only by a written instrument executed by both the Company and the Participant. 

i) Governing Law. This Agreement shall be construed, interpreted and enforced in accordance with the internal
laws of the State of Delaware without regard to any applicable conflicts of laws. 
 j) Participant’s
Acknowledgments. The Participant acknowledges that he or she: (i) has read this Agreement, the Plan and the Policy; (ii) understands the terms and consequences of this Agreement and the Policy; (iii) is fully aware of the
legal and binding effect of this Agreement; and (iv) understands that the law firm of Wilmer Cutler Pickering Hale and Dorr LLP, has acted as counsel to the Company in connection with the transactions contemplated by the Agreement, and is not
acting as counsel for the Participant. 
 k) Unfunded Rights. The right of the Participant to receive
Common Stock pursuant to this Agreement is an unfunded and unsecured obligation of the Company. The Participant shall have no rights under this Agreement other than those of an unsecured general creditor of the Company. 

l) Section 409A. If and to the extent any portion of any distribution of Common Stock hereunder to a
Participant in connection with his or her employment termination is determined to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code and the Participant is a specified employee as defined in
Section 409A(a)(2)(B)(i) of the Code, as determined by the Company in accordance with its procedures, by which determination the Participant (through accepting the Award) agrees that he or she is bound, such portion of the distribution
shall not be paid before the day that is six months plus one day after the date of “separation from service” (as determined under Code Section 409A) (the “New Payment Date”), except as Code Section 409A may then
permit. The aggregate of any shares of Common Stock that otherwise would have been distributed to the Participant during the period between the date of separation from service and the New Payment Date shall be distributed to the Participant in
a lump sum on such New Payment Date, and any remaining distributions will be made on their original schedule. The Company makes no representations or warranty and shall have no liability to the Participant or any other person if any provisions
of or distributions under this Award are determined to constitute nonqualified deferred compensation subject to Code Section 409A but do not to satisfy the conditions of that section. 

m) Regulatory Condition. Notwithstanding anything to the contrary in this Agreement, any distribution,
acceleration, vesting or payment of benefits to a Participant pursuant to this Agreement or otherwise, is and shall be subject to and conditioned upon prior compliance with all applicable regulatory provisions and requirements, including without
limitation the prior regulatory approval requirements, if applicable, of 12 U.S.C. § 1828(k) and any regulations promulgated thereunder. 

  
 5 

 [Remainder of page intentionally blank] 

  
 6 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first above written. 
  

			
	THE FIRST MARBLEHEAD CORPORATION
		
	By:	 	 
		 	 Kenneth Klipper
 Managing
Director and Chief Financial Officer

  

	
	  
	[Name]

  
 7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00194-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00194-of-00352.parquet"}]]