Document:

exv4w1

 

Exhibit 4.1

     

	CERTIFICATE OF MEMBERSHIP UNITS

	Membership
Number            Units

	NATURAL INNOVATIVE RENEWABLE ENERGY, LLC
A Limited Liability Company
Organized Under the Laws of the State of Iowa

	THIS CERTIFIES THAT     is/are the

	owner(s) of    UNITS (   ) of the Membership Units of Natural
Innovative Renewable Energy, LLC, an Iowa limited liability company (the “Company). Changes
in the actual Membership Units held by the Members are reflected in the Certificate of
Registration of the Company.

	The Membership Units represented by this Certificate may not be transferred or assigned except
in compliance with the Operating Agreement of the Company, a copy of which is available at the
principal office of the Company.

	IN WITNESS WHEREOF, the Company has caused this Certificate to be signed by its duly
authorized President and Secretary as of this   day of 
, 20 .

	John Lucken, Chairman Steve Rowe, Secretary

 

 

,                      hereby sell, assign, and transfer unto                                     
                        
Units represented by the within Certificate, and do hereby irrevocably constitute and appoint                     
Attorney to transfer the said Units on the books of the within named Company with full power
of substitution in the premises.

     Dated                                         ,                     .

In Presence of

	 	 	 	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

	 	 

THE TRANSFERABILITY OF THE MEMBERSHIP UNITS REPRESENTED BY THIS CERTIFICATE IS
RESTRICTED. SUCH UNITS MAY NOT BE SOLD, ASSIGNED, OR TRANSFERRED, AND NO ASSIGNEE,
VENDEE, TRANSFEREE OR ENDORSEE THEREOF WILL BE RECOGNIZED AS HAVING ACQUIRED ANY
SUCH UNITS FOR ANY PURPOSES, UNLESS AND TO THE EXTENT SUCH SALE, TRANSFER,
HYPOTHECATION, OR ASSIGNMENT IS PERMITTED BY, AND IS COMPLETED IN STRICT ACCORDANCE
WITH, APPLICABLE FEDERAL AND STATE LAW AND THE TERMS AND CONDITIONS SET FORTH IN THE
OPERATING AGREEMENT OF THE COMPANY, AS AMENDED FROM TIME TO TIME.

THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, OFFERED FOR SALE OR
TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION UNDER THE SECURITIES ACT OF
1933, AS AMENDED, AND UNDER APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF
COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH TRANSACTION IS EXEMPT FROM
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND UNDER APPLICABLE
STATE SECURITIES LAWS.exv4w2

 

Exhibit 4.2

NATURAL INNOVATIVE RENEWABLE ENERGY

SUBSCRIPTION AGREEMENT

Limited Liability Company Membership Units

$1,000 per Unit

Minimum Investment of 20 Units ($20,000)

1 Unit Increments Thereafter ($1,000)

     The undersigned subscriber, desiring to become a member of Natural Innovative Renewable
Energy, L.L.C., an Iowa limited liability company, with its principal place of business at 121 S.
2nd Street, P.O. Box 366, Akron, Iowa 51001, hereby subscribes for the purchase of the
membership units of Natural Innovative Renewable Energy (“Units”), and agrees to pay the related
purchase price, identified below.

A. SUBSCRIBER INFORMATION. Please print your individual or entity name, address and telephone
numbers. Joint subscribers should provide both names. If we accept your subscription, the
units will be titled in the name of the subscriber as it appears below. Your name, address and
telephone numbers will be recorded exactly as printed below.

	 	 	 	 	 	 	 
	1.

	 	Subscriber’s Printed Name:	 	 	 	 
	2.

	 	Subscriber’s Address:
	 	 

	 	 
	 

	 	Street	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	City, State, Zip Code	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	County	 	 	 	 
	 

	 	 	 	 

	 	 
	3.

	 	Home Telephone Number	 	 	 	 
	 

	 	 	 	 

	 	 
	4.

	 	Business Telephone Number	 	 	 	 
	 

	 	 	 	 

	 	 
	5.

	 	Mobile Telephone Number	 	 	 	 
	 

	 	 	 	 

	 	 

B. NUMBER OF UNITS PURCHASED. You must purchase at least 20 Units. The minimum purchase by a
single investor is 20 Units ($20,000) and increments of 1 Unit thereafter. The maximum number of
units to be sold in the offering is 60,000. Indicate the number of units purchased in the box
below.

	 	 	 	 	 	 	 
	 

	 	 	 

units	 	 	 
	 

	 	 	 	 	 	 

C. PURCHASE PRICE. Indicate the dollar amount of your investment (minimum investment is
$20,000).

	 	 	 	 	 	 	 	 	 
	1. Total Purchase Price

	 	=
	 	2. Ten Percent(10%) 1st
	 	+
	 	3. Ninety Percent(90%) 2nd
	 

	 	 	 	Installment
	 	 	 	Installment
	($1,000 per unit
multiplied by number
of units in part B
above)

	 	 	 	(10% of the Total
Purchase Price)
	 	 	 	(90% of the Total
Purchase Price)
	 

	 	=
	 	 

	 	+
	 	 

D. GENERAL INSTRUCTIONS FOR SUBSCRIBERS:

     You should read the Prospectus dated                     , 2007 (the “Prospectus”) in its
entirety including exhibits for a complete explanation of an investment in Natural Innovative
Renewable Energy. Read the instructions below on how to complete a subscription for our units.

1

 

INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO NATURAL INNOVATIVE RENEWABLE ENERGY’S RELEASE
OF FUNDS FROM ESCROW: If you are subscribing prior to Natural Innovative Renewable Energy’s
release of funds from escrow, you must follow Steps 1 through 5 below:

     1. Complete all information required in this Subscription Agreement, and date and sign
the Subscription Agreement on page 6 and the Member Signature Page to our Operating Agreement
attached to this Subscription Agreement as Exhibit A.

     2. Immediately provide your personal (or business) check for the first installment of ten
percent (10%) of your investment amount made payable to “Security National Bank, Escrow Agent for
Natural Innovative Renewable Energy, L.L.C.” You will determine this amount in box C.2 on page 1
of this Subscription Agreement.

     3. Execute the Promissory Note and Security Agreement on page 8 of this Subscription Agreement
evidencing your commitment to pay the remaining ninety percent (90%) due for the Units subscribed
and grant Natural Innovative Renewable Energy a security interest in your units.

     4. Deliver each of the original executed documents referenced in Items 1 and 3 of these
Instructions, together with your personal or business check described in Item 2 of these
Instructions to either of the following:

	 	 	 	 	 
	 

	 	Natural Innovative Renewable Energy, L.L.C.
	 	First National Bank
	 

	 	Attn: John Lucken, Chairman
	 	For Credit To Account:
	 

	 	121 S. 2nd Street
	 	Security National Bank, Escrow Agent for
	 

	 	P.O. Box 366
	 	Natural Innovative Renewable Energy, L.L.C.
	 

	 	Akron, IA 51001
	 	251 Reed Street
	 

	 	 	 	Akron, IA 51001

     5. Within 20 days of written notice from Natural Innovative Renewable Energy that your
subscription has been accepted, you must remit an additional personal (or business) check for the
second installment of ninety percent (90%) of your investment amount made payable to “Security
National Bank, Escrow Agent for Natural Innovative Renewable Energy, L.L.C.” in satisfaction of the
Promissory Note and Security Agreement. You will determine this amount in box C.3 on page 1 of
this Subscription Agreement. Deliver this check to the same address set forth above in Instruction
4 within twenty (20) days of the date of Natural Innovative Renewable Energy’s written notice. If
you fail to pay the second installment pursuant to the Promissory Note and Security Agreement,
Natural Innovative Renewable Energy shall be entitled to retain your first installment and to seek
other damages, as provided in the Promissory Note and Security Agreement. This means that if you
are unable to pay the 90% balance of your investment amount within 20 days of our notice, you may
have to forfeit the 10% cash deposit.

     Your funds will be placed in Natural Innovative Renewable Energy’s escrow account at Security
National Bank, Sioux City, Iowa. The funds will be released to Natural Innovative Renewable Energy
or returned to you in accordance with the escrow arrangements described in the Prospectus. Natural
Innovative Renewable Energy may, in its sole discretion, reject or accept any part or all of your
subscription. If Natural Innovative Renewable Energy rejects your subscription, your Subscription
Agreement and investment will be returned to you within 30 days of such rejection, plus nominal
interest, minus escrow fees. Natural Innovative Renewable Energy may not consider the acceptance
or rejection of your subscription until a future date near the end of this offering.

INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER NATURAL INNOVATIVE RENEWABLE ENERGY’S
RELEASE OF FUNDS FROM ESCROW: If you are subscribing after Natural Innovative Renewable Energy’s
release of funds from escrow, you must follow Steps 1 through 3 below:

     1. Complete all information required in this Subscription Agreement, and date and sign
the Subscription Agreement on page 6 and the Member Signature Page to our Operating Agreement
attached to this Subscription Agreement as Exhibit A.

     2. Immediately provide your personal (or business) check for the entire amount of your
investment (as determined in Box C.1 on page 1) made payable to “Natural Innovative Renewable
Energy, L.L.C.”

     3. Deliver the original executed documents referenced in Item 1 of these Instructions,
together with your personal or business check described in Item 2 of these Instructions to the
following:

2

 

Natural Innovative Renewable Energy, L.L.C.

P.O. Box 366

Akron, Iowa 51001

     If you are subscribing after we have released funds from escrow and we accept your investment,
your funds will be immediately at-risk as described in the Prospectus. Natural Innovative
Renewable Energy may, in its sole discretion, reject or accept any part or all of your
subscription. If Natural Innovative Renewable Energy rejects your subscription, your Subscription
Agreement and investment will be returned to you promptly, plus nominal interest, minus escrow
fees. Natural Innovative Energy may not consider the acceptance or rejection of your subscription
until a future date near the end of this offering.

You may direct your questions to any of our directors at (712) 568-1000.

F. Additional Subscriber Information. The Subscriber, named above, certifies the following under
penalties of perjury:

	 	1.	 	Form of Ownership. Check the appropriate box (one only) to indicate form of
ownership. If the subscriber is a Custodian, Corporation, Partnership or Trust, please
provide the additional information requested.

	 	o	 	Individual
	 
	 	o	 	Joint Tenants with Right of Survivorship (Both signatures must appear on page 6.)
	 
	 	o	 	Corporation, Limited Liability Company or Partnership (Corporate
Resolutions, Operating Agreement or Partnership Agreement must be enclosed.)
	 
	 	o	 	Trust

	 	 	 	 	 	 	 
	 

	 	Trustee’s Name:	 	 	 	 
	 

	 	Trust Date:
	 	 

	 	 
	 

	 	 	 	 

	 	 

	 	o	 	Other: Provide detailed information in the space immediately below.

	 	 	 	 	 
	 

	 	 

	 	 
	 

	 	 

	 	 

	 	2.	 	Subscriber’s Taxpayer Information. Check the appropriate box if you are a
non-resident alien, a U.S. Citizen residing outside the United States, and/or subject
to backup withholding. All individual subscribers should provide their Social Security
Numbers. Trusts should provide the trust’s taxpayer identification number. Custodians
should provide the minor’s Social Security Number. Other entities should provide the
entity’s taxpayer identification number.

	 	o	 	Check box if you are a non-resident alien
	 
	 	o	 	Check box if you are a U.S. citizen residing outside of the United States
	 
	 	o	 	Check this box if you are subject to backup withholding

	 	 	 	 	 	 	 
	 

	 	Subscriber’s Social Security No.	 	 	 	 
	 

	 	Joint Subscriber’s Social Security No.
	 	 

	 	 
	 

	 	Taxpayer Identification No.
	 	 

	 	 
	 

	 	 	 	 

	 	 

	 	3.	 	Member Report Address. If you would like duplicate copies of member reports
sent to an address that is different than the address identified in section A, please
complete this section.

	 	 	 	 	 	 	 
	 

	 	Address:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	 	 	 

	 	 

	 	4.	 	State of Residence.

	 	 	 	 	 	 	 
	 

	 	State of Principal Residence:	 	 	 	 
	 

	 	State where driver’s license is issued:
	 	 

	 	 
	 

	 	State where resident income taxes are filed:
	 	 

	 	 
	 

	 	 	 	 

	 	 

3

 

	 	 	 	State(s) in which you have maintained your principal residence during the past three
years:

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	a.
	 	 	b.
	 	 	c.	 
	 	 	 	 	 	 	 	 	 	 	 

	 	5.	 	Suitability Standards. You cannot invest in Natural Innovative Renewable
Energy unless you meet one of the following suitability tests (a or b) set forth below.
Please review the suitability tests and check the box next to the following
suitability test that you meet. For husbands and wives purchasing jointly, the tests
below will be applied on a joint basis.

For investors that reside in states other than Iowa:

a. c I (We) have annual income from whatever source of at least $45,000 and a net
worth of at least $45,000, exclusive of home, furnishings and automobiles; or

b. c I (We) have a net worth of at least $150,000, exclusive of home, furnishings
and automobiles.

For Iowa investors:

a. c I (We) have annual income from whatever source of at least
$65,000 and a net worth of at least $65,000, exclusive of home,
furnishings and automobiles; or

b. c I (We) have a net worth of at least $175,000, exclusive of
home, furnishings and automobiles.

I (We) certify that I (we) satisfy one of the suitability requirements set forth as
(a) and (b) above.

	 	 	 	 	 	 	 	 	 
	 

	 	 

Signature of Individual Subscriber
	 	 	 	 

Signature of Joint Subscriber
	 	 
	 

	 	 	 	 	 	(if applicable)	 	 

Subscriber’s Representations and Warranties. You must read and certify your representations and
warranties by placing your initials where indicated and by signing and dating this Subscription
Agreement. Joint subscribers are also required to initial and sign as indicated.

(Initial here) (Joint initials) By signing below the subscriber represents and warrants to Natural
Innovative Renewable Energy that he, she or it:

	 	 	 	 	 
	
 

	 	
 

	 	a. has received a copy of Natural Innovative
Renewable Energy’s Prospectus dated [DATE
OF EFFECTIVENESS] and the exhibits thereto
or has received notice that this sale has
been made pursuant to a registration
statement in which a final prospectus would
have been required to have been delivered
in the absence of Rule 172;
	
 

	 	
 

	 	b. has been informed that the units of Natural
Innovative Renewable Energy are offered and
sold in reliance upon a federal securities
registration; state registrations in Iowa,
South Dakota, Nebraska and Colorado and understands
that the units to be issued pursuant to
this subscription agreement can only be
sold to a person meeting requirements of
suitability;
	
 

	 	
 

	 	c. has been informed that the securities
purchased pursuant to this Subscription
Agreement have not been registered under
the securities laws of
any state other than Iowa, South Dakota, and Colorado and that Natural
Innovative Renewable Energy is relying in part upon the representations of the
undersigned Subscriber contained herein;
	
 

	 	
 

	 	d. has been informed that the securities
subscribed for have not been approved or
disapproved by the SEC, or the Iowa, South
Dakota, Nebraska or Colorado Securities
Departments or any other regulatory
authority, nor has any regulatory authority
passed upon the accuracy or adequacy of the
Prospectus;
	
 

	 	
 

	 	e. intends to acquire the units for his/her/its
own account without a view to public
distribution or resale and that he/she/it
has no contract, undertaking, agreement or
arrangement to sell or otherwise transfer or
dispose of any units or any portion thereof
to any other person;
	
 

	 	
 

	 	f. understands that there is no present market
for Natural Innovative Renewable Energy’s
membership units, that the membership units
will not trade on an exchange or automatic

4

 

	 	 	 	 	 
	 

	 	 	 	quotation system, that no such market is
expected to develop in the future and that
there are significant restrictions on the
transferability of the membership units;
	
 

	 	
 

	 	g. has been encouraged to seek the advice of
his legal counsel and accountants or other
financial advisers with respect to
investor-specific tax and/or other
considerations relating to the purchase and
ownership of units;
	
 

	 	
 

	 	h. has received a copy of the Natural
Innovative Renewable Energy Operating
Agreement, dated April 14, 2006, as amended
(the “Operating Agreement”) and understands
that upon closing the escrow by Natural
Innovative Renewable Energy, the subscriber
and the membership units will be bound by
the provisions of the Operating Agreement
which contains, among other things,
provisions that restrict the transfer of
membership units;
	
 

	 	
 

	 	i. understands that the units are subject to
substantial restrictions on transfer under
certain tax and securities laws along with
restrictions in the Natural Innovative
Renewable Energy Operating Agreement, and
agrees that if the membership units or any
part thereof are sold or distributed in the
future, the subscriber shall sell or
distribute them pursuant to the terms of the
Operating Agreement, and the requirements of
the Securities Act of 1933, as amended, and
applicable tax and securities laws;
	
 

	 	
 

	 	j. meets the suitability test marked in Item
E.5 above and is capable of bearing the
economic risk of this investment, including
the possible total loss of the investment;
	
 

	 	
 

	 	k. understands that Natural Innovative
Renewable Energy will place a restrictive
legend on any certificate representing any
unit containing substantially the following
language as the same may be amended by the
Directors of Natural Innovative Renewable
Energy in their sole discretion:

THE TRANSFERABILITY OF THE MEMBERSHIP UNITS REPRESENTED BY
THIS CERTIFICATE IS RESTRICTED. SUCH UNITS MAY NOT BE SOLD,
ASSIGNED, OR TRANSFERRED, AND NO ASSIGNEE, VENDEE, TRANSFEREE
OR ENDORSEE THEREOF WILL BE RECOGNIZED AS HAVING ACQUIRED ANY
SUCH UNITS FOR ANY PURPOSES, UNLESS AND TO THE EXTENT SUCH
SALE, TRANSFER, HYPOTHECATION, OR ASSIGNMENT IS PERMITTED BY,
AND IS COMPLETED IN STRICT ACCORDANCE WITH, APPLICABLE FEDERAL
AND STATE LAW AND THE TERMS AND CONDITIONS
SET FORTH IN THE OPERATING AGREEMENT OF THE COMPANY, AS AMENDED
FROM TIME TO TIME.

THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD,
OFFERED FOR SALE OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND
UNDER APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF
COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH TRANSACTION IS
EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, AND UNDER APPLICABLE STATE SECURITIES LAWS.

	 	 	 	 	 
	
 

	 	
 

	 	l. understands that, to enforce the above
legend, Natural Innovative Renewable Energy
may place a stop transfer order with its
registrar and stock transfer agent (if any)
covering all certificates representing any
of the membership units;
	
 

	 	
 

	 	m. may not transfer or assign this
Subscription Agreement, or any of the
subscriber’s interest herein without the
prior written consent of Natural Innovative
Renewable Energy;
	
 

	 	
 

	 	n. has written his, her, or its correct
taxpayer identification number under Item
E.2 on this Subscription Agreement;
	
 

	 	
 

	 	o. is not subject to back up withholding
either because he, she or it has not been
notified by the Internal Revenue Service
(“IRS”) that he, she or it is subject to
backup withholding as a result of a failure
to report all interest or dividends, or the
IRS has notified him, her or it that he is
no longer subject to backup withholding
(Note this clause (p) should be crossed out
if the backup withholding box in Item E.2
is checked);
	
 

	 	
 

	 	p. understands that execution of the attached
Promissory Note and Security Agreement will
allow Natural Innovative Renewable Energy
or its assigns to pursue the obligor for
payment of the amount due thereon by any
legal means, including, but not limited to,
acquisition of a

5

 

	 	 	 	 	 
	 

	 	 	 	judgment against the
obligor in the event that the subscriber
defaults on that Promissory Note and
Security Agreement; and
	 

	 	 

	 	q. acknowledges that Natural Innovative
Renewable Energy may retain possession of
certificates representing subscriber’s
units to perfect its security interest in
those units.

By executing this Subscription Agreement below, the Subscriber agrees to be bound by all of
the terms, provisions, warranties, representations and conditions contained in this Subscription
Agreement.

Signature of Subscriber/Joint Subscriber:

     Date:                                                             

	 	 	 	 	 	 	 
	Sign below if subscribing as an Individual or 

as joint tenants:

	 	 	 	Sign below if subscribing as a trust or other business

entity:	 	 
	 
	 	 	 	 	 	 
	 

   Name of Individual Subscriber (Please Print)

	 	 	 	 

   Name of Entity (Please Print)
	 	 
	 
	 	 	 	 	 	 
	 

   Signature of Individual

	 	 	 	 

   Print Name and Title of Officer
	 	 
	 
	 	 	 	 	 	 
	 

   Name of Joint Individual Subscriber (Please Print)

	 	 	 	 

   Signature of Officer
	 	 
	 
	 	 	 	 	 	 
	 

   Signature of Joint Individual Subscriber

	 	 	 	 	 	 

ACCEPTANCE OF SUBSCRIPTION BY NATURAL INNOVATIVE RENEWABLE ENERGY, L.L.C.:

Natural Innovative Renewable Energy, L.L.C. hereby accepts the subscription for the above Units.

Dated ___this day of                                         , 200___.

Natural Innovative Renewable Energy, L.L.C.

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

	 	 
	Its:
	 	 	 	 
	 

	 	 

	 	 

6

 

PROMISSORY NOTE AND SECURITY AGREEMENT

Date of Subscription Agreement:                                         , 200__.

$1,000 per Unit

Minimum Investment of 20 Units ($20,000); 1 Unit Increments Thereafter ($1,000 each)

                     Number of Units Subscribed

                     Total Purchase Price ($1,000 per unit multiplied by number of units subscribed)

(                    ) Less Initial Payment (10% of Principal Amount)

                     Principal Balance

     FOR VALUE RECEIVED, the undersigned obligor (the “Obligor”) hereby promises to pay to the
order of Natural Innovative Renewable Energy, L.L.C., a Iowa limited liability company (“Natural
Innovative Renewable Energy” or the “Company”), at its principal office located at P.O. Box 366,
121 S. 2nd Street, Akron, IA 51001, or at such other place as required by Natural
Innovative Renewable Energy, the Principal Balance set forth above, in one lump sum to be paid
without interest within 20 days following the call of the Natural Innovative Renewable Energy Board
of Directors, as described in the Subscription Agreement. In the event the undersigned fails to
timely make any payment owed, the entire balance of any amounts due under this full recourse
Promissory Note and Security Agreement shall be immediately due and payable in full with interest
at the rate of 12% per annum from the due date and any amounts previously paid in relation to the
obligation evidenced by this Promissory Note and Security Agreement, including the 10% installment
payment due upon subscription, may be forfeited at the discretion of Natural Innovative Renewable
Energy.

     The undersigned agrees to pay to Natural Innovative Renewable Energy on demand, all costs and
expenses incurred to collect any indebtedness evidenced by this Promissory Note and Security
Agreement, including, without limitation, reasonable attorneys’ fees. This Promissory Note and
Security Agreement may not be modified orally and shall in all respects be governed by, construed,
and enforced in accordance with the laws of the State of Iowa.

     The provisions of this Promissory Note and Security Agreement shall inure to the benefit of
Natural Innovative Renewable Energy and its successors and assigns. In the event that the
undersigned defaults on this on the obligations provided in this Promissory Note and Security
Agreement, Natural Innovative Renewable Energy or its assigns have the right to: (i) terminate
Obligor’s interests in Natural Innovative Renewable Energy, including redeeming Obligor’s
Membership Units and retaining as liquidated damages all sums paid to date; (ii) pursue collection
of the remaining balance due through legal proceedings, with Obligor paying all costs to collect
such balance, including reasonable attorneys’ fees; (iii) offer for sale the Obligor’s Membership
Units; and (iv) pursue any other remedy available to Natural Innovative Renewable Energy under law.

     The undersigned grants to Natural Innovative Renewable Energy its successors and assigns
(“Secured Party”), a purchase money security interest in all of the undersigned’s Membership Units
of Natural Innovative Renewable Energy now owned or hereafter acquired. This security interest is
granted as non-exclusive collateral to secure payment and performance on the obligation owed
Secured Party from the undersigned evidenced by this Promissory Note and Security Agreement. The
undersigned further authorizes Secured Party to retain possession of certificates representing such
Membership Units and to take any other actions necessary to perfect the security interest granted
herein.

     The undersigned waives presentment, demand for payment, notice of dishonor, notice of protest,
and all other notices or demands in connection with the delivery, acceptance, performance or
default of this Promissory Note and Security Agreement.

[Remainder of Page Intentionally Left Blank]

7

 

Dated:                                         , 200___.

	 	 	 	 	 	 	 	 	 	 	 
	OBLIGOR/DEBTOR:	 	 	 	JOINT OBLIGOR/DEBTOR:	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Printed or Typed Name of Obligor	 	 	 	Printed or Typed Name of Joint Obligor	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	By:	 	 	 	 
	 

	 	 

Signature
	 	 	 	 	 	 

Signature
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Officer Title if Obligor is an Entity	 	 	 	 	 	 	 	 

	 	 	 	 	 
	Address of Obligor:
	 	 	 	 
	 

	 	 

	 	 
	 

	 	 

	 	 

8

 

EXHIBIT “A”

MEMBER SIGNATURE PAGE

ADDENDA

TO THE

OPERATING AGREEMENT OF

NATURAL INNOVATIVE RENEWABLE ENERGY, L.L.C.

     The undersigned does hereby represent and warrant that the undersigned, as a condition to
becoming a Member in Natural Innovative Renewable Energy, LLC, has received a copy of the Operating
Agreement, dated April 14, 2006, and, if applicable, all amendments and modifications thereto, and
does hereby agree that the undersigned, along with the other parties to the Operating Agreement,
shall be subject to and comply with all terms and conditions of said Operating Agreement in all
respects as if the undersigned had executed said Operating Agreement on the original date thereof
and that the undersigned is and shall be bound by all of the provisions of said Operating Agreement
from and after the date of execution hereof.

	 	 	 	 	 	 	 	 	 
	Individuals:	 	 	 	Entities:
	 	 	 	 	 
	 

	 	Name of Individual Member (Please Print)
	 	 	 	 	 	Name of Entity (Please Print)
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Signature of Individual Member
	 	 	 	 	 	Print Name and Title of Officer
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Name of Joint Individual Member (Please Print)
	 	 	 	 	 	Signature of Officer
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Signature of Joint Individual Member	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Agreed and accepted on behalf of the

Company and its Members:	 	 	 	 	 	 

NATURAL INNOVATIVE RENEWABLE ENERGY, L.L.C.

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

	 	 
	Its:

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