Document:

Note of REG Alberta Lea, LLC

 Exhibit 10.2 
 NOTE 
  

			
	$10,000,000.00	  	August 4, 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 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] 

  
 2 

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

	By: Daniel J. Oh
	Its: President

 SIGNATURE PAGE TO NOTE 

  
 3Pledge Agreement

 Exhibit 10.3 
 PLEDGE AGREEMENT 
 THIS PLEDGE AGREEMENT (this “Agreement”) is
made and entered into as of the 4th day of August, 2011 by and between RENEWABLE ENERGY GROUP, INC., a Delaware corporation, whose address is 416 S. Bell Ave., P.O. Box 888, Ames, Iowa 50010 (“Pledgor”), and USRG HOLDCO IX,
LLC, a Delaware limited liability company, whose address is c/o US Renewables Group, LLC, 10 Bank Street, White Plains, NY 10606 (“Pledgee”). 
 WHEREAS, concurrent with the execution of this Agreement, REG Albert Lea, LLC, an Iowa limited liability company (the “Company”) has executed a Note in the principal amount of $10,000,000 in
favor of Pledgee (the “Note”) and a Loan Agreement by and among Pledgor, Pledgee and USRG Management Company, LLC (the “Loan Agreement”); and 
 WHEREAS, as security for the Company’s performance under the Note, Pledgor desires to grant to Pledgee a security interest in all of the issued and outstanding membership units of the Company owned
or held by Pledgor at any time (the “Units”). 
 NOW, THEREFORE, in consideration of the premises, and the agreements
hereinafter set forth, it is hereby agreed by and between the parties as follows: 
 1. Definitions. For purposes of this
Agreement, the following terms shall have the meanings assigned to them in this section: (a) “Collateral” means the Units, the Unit Rights and the proceeds of each; and (b) “Unit Rights” means any distribution,
dividend, additional Units and any other right or property which Pledgor shall receive or shall become entitled to receive for any reason whatsoever (whether by reclassification, merger, exchange, liquidation or otherwise) with respect to, in
substitution for or in exchange for any Units, right to receive Units, options for Units and right to receive earnings which Pledgor has heretofore or hereafter acquires from the Company for any reason. “Unit Rights” shall specifically
include rights to any cash distributions or dividends paid on the Units, except that Pledgor shall have the right to retain such cash distributions or dividends so long as Pledgor is not in Default (as defined below) hereunder. Unless otherwise
defined herein, all capitalized terms used in this Agreement shall have the meanings provided in the Loan Agreement. 
 2.
Security Interest. Pledgor hereby grants to Pledgee a security interest in the Collateral. If Pledgor shall acquire any additional Collateral at any time after the date hereof such Collateral shall automatically and without any further action
be subject to the security interest created hereunder. The security interest granted herein shall secure: (i) the performance by the Company of its Loan Obligations; and (ii) the performance by Pledgor of its obligations under this
Agreement. Pledgor shall upon execution of this Agreement deliver the original certificates representing the Units to Pledgee to be held in accordance with the terms of this Agreement. To the extent additional certificates are issued hereafter by
the Company to evidence the Collateral, Pledgor agrees to deliver such original certificates to Pledgee to be held by Pledgee in accordance with the terms of this Agreement and the Loan Agreement. Pledgor shall cause all such certificates delivered
to be “certificated securities” as defined in Article 8 of the UCC. 

  
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 3. Pledgor’s Disposition of Collateral. Pledgor shall not sell or otherwise
dispose of, grant any option with respect to, or mortgage, pledge or otherwise encumber any of the Collateral or any interest therein (except in accordance with the terms of this Agreement and the Loan Agreement). 

4. Pledged LLC Interests. Pledgor shall not permit (a) the Company to issue any additional limited liability company
interests in the Company at any time unless (i) provision is made for the inclusion of such property in the Collateral, (ii) such issuance is permitted under the Loan Agreement and such limited liability company interests are issued to
Pledgor or any other Person reasonably satisfactory to Pledgee (or any of their respective successors and permitted assigns), (iii) all necessary action has been taken in order to create, in favor of Pledgee, a legal, valid and enforceable lien
on and first-priority security interest in such limited liability company interests, prior and superior to all other liens, (iv) all necessary and appropriate consents to the creation, perfection and enforcement of such liens of the Pledgee
have been obtained and (iv) if reasonably requested by Pledgee, Pledgee shall have received an opinion of counsel reasonably acceptable to Pledgee with respect to such additional limited liability company interests and the Pledgee's lien and
security interest with respect thereto, which opinion shall be in form and substance satisfactory to Pledgee; (b) the Company to have outstanding any subscription agreements, warrants, rights or options to acquire any limited liability company
interests of whatever type; (c) any limited liability company interest of the Company to be dealt in or traded on any securities exchange or in any securities market; or (d) any limited liability company interest of the Company to be
deemed an investment company security (as defined in Section 8-103(b) of the UCC). 
 5. Representations and Warranties
of Pledgor. Pledgor represents and warrants to Pledgee as follows, which representations and warranties shall survive the execution and delivery of this Agreement: 

(a) This Agreement constitutes a valid and binding obligation of Pledgor and creates a first priority security interest
which is enforceable against Pledgor in the Collateral and proceeds thereof. 
 (b) Neither the execution and
delivery by Pledgor of this Agreement, nor the creation and perfection of the security interest in the Collateral granted hereunder, nor compliance with the terms and provisions hereof will violate any law, rule, regulation, order, writ, judgment,
injunction, decree or award binding on Pledgor or the provision of any indenture, instrument or agreement to which Pledgor is a party or is subject, or by or which Pledgor or Pledgor 's property is bound, or conflict with or constitute a default
thereunder, or result in the creation or imposition of any lien pursuant to the terms of such indenture, instrument, or agreement. 
 (c) The Collateral is owned by Pledgor free and clear of any lien, other than the security interest created hereunder. 

(d) Pledgor has paid and shall continue to pay all taxes, assessments and levies with respect to the Collateral and with
respect to any disposition thereof. 

  
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 6. Default. The occurrence of any of the following events shall constitute a default
(“Default”) hereunder: 
 (a) Failure by Pledgor to perform any obligation hereunder or the breach by
Pledgor of any term or condition of this Agreement; 
 (b) Any default under the Note that is not cured within
the time period, if any, specified for cure under the Note; 
 (c) Any Event of Default under the Loan Agreement;

 (d) Any representation or warranty made by Pledgor herein is false in any material respect or omits to state a
fact material to such representation or warranty; or 
 (e) Any obligation of Pledgor to Pledgee hereunder is
revoked, rescinded or cancelled in whole or in part. 
 7. Remedies after Default. If any Default occurs, then, upon the
election of Pledgee, Pledgee may exercise all rights and remedies set forth in this Agreement, the Loan Agreement, and the Uniform Commercial Code for the benefit of a secured party when a debtor is in default under a security agreement, and any
other applicable law. 
 8. Voting Rights. Unless and until there shall have occurred and be continuing any Default,
Pledgor shall be entitled to exercise all voting rights attaching to any and all Collateral, and to give consents, waivers or ratifications in respect thereof, provided that no vote shall be cast or any consent, waiver or ratification given
or any action taken which would violate, result in breach of any covenant contained in, or be inconsistent with, any of the terms of this Agreement, or which would have the effect of impairing the value of the Collateral or any part thereof or the
position or interests of Pledgee therein. After the occurrence of a Default, Pledgee may at any time and from time to time, without notice to Pledgor, exercise all voting and other rights relating to the Collateral, including, without limitation,
exchange, subscription or any other rights, privileges or options pertaining to any of the Units or any of the Unit Rights as if Pledgee were the absolute owner thereof. 
 9. Retention or Sale of Collateral after Default. In the event, following a Default, the Collateral, subject to consent by Pledgor under applicable provisions of the Uniform Commercial Code, is
retained in satisfaction of the obligations secured by the Collateral, then as provided in the Uniform Commercial Code, the obligations of Pledgor hereunder and the obligations of the Company under the Note shall be released. In the event, following
a Default, the Collateral is sold as provided in the Uniform Commercial Code, then the proceeds may be retained by Pledgee and all obligations of Pledgor hereunder and the obligations of the Company under the Note shall remain in full force and
effect. In that event the proceeds shall be used to pay the obligations of the Company under the Note and any expenses incurred by Pledgee in disposing of the Collateral, any excess proceeds shall be paid to Pledgor. 

  
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 10. Notice of Disposition of Collateral. Notice of the time and place of any public
sale or the time after which any private sale or other disposition of all or any part of the Collateral may be made shall be deemed to be reasonable and deemed to be given if sent to Pledgor in accordance with the Notice provisions hereof at least
ten (10) days prior to such public sale or the time after which any such private sale or disposition may be made. 
 11.
Terms of Disposition; Redemption. Pledgor agrees that the private sale or other private disposition of the Collateral shall be deemed to be commercially reasonable notwithstanding the possibility that a substantially higher price might be
realized if such sale or other disposition were public and deferred until after registration under the Securities Act of 1933, as amended, or compliance with any other applicable securities laws. The parties hereto acknowledge and agree that Pledgor
shall have the right to redeem the Collateral as provided in the Uniform Commercial Code. 
 12. Disposition of Proceeds of
Liquidation; Possession of Collateral. Beyond exercise of reasonable care to assure the safe custody of the Collateral in the physical possession of Pledgee pursuant hereto, Pledgee shall have no duty or liability to collect any sums due in
respect thereof or to protect, preserve or exercise any rights pertaining thereto, and Pledgee shall be relieved of all responsibility for the Collateral upon surrendering it to Pledgor. 

13. Obligations and Rights Not Affected. The obligations of Pledgor and the rights of Pledgee hereunder shall not be released,
reduced, affected or in any way impaired by any of the following, whether with or without notice to Pledgor: 

(a) Any failure or delay on the part of Pledgee (i) to enforce, assert or exercise any right, power or remedy against
Pledgor conferred on Pledgee by law or otherwise, (ii) to enforce, assert or exercise any right, power or remedy against any Collateral held by Pledgee hereunder, or (iii) to file or pursue any claim in any receivership, bankruptcy or
insolvency proceeding filed by or against Pledgor; or 
 (b) The voluntary or involuntary assignment for the
benefit of creditors, insolvency, bankruptcy, reorganization, arrangement, composition or other proceeding under the laws for the protection of debtors affecting Pledgor or any of the assets of Pledgor or any discharge from liability or rejection of
burdensome contracts or obligations in the course of or resulting from any such proceedings. 
 14. Indemnification.
Pledgor shall defend, indemnify and hold Pledgee harmless from and against any loss, liability, damage, or expense, including reasonable attorneys' fees, arising in connection with or resulting from any breach of warranty, misrepresentation or
nonfulfillment of any agreement on the part of Pledgor under this Agreement. 
 15. Further Assurances. Upon request, at
any time after the date hereof, Pledgee will forthwith execute and deliver such further instruments of assignment, transfer, conveyance, endorsement, direction or authorization and other documents as Pledgor, or its counsel, may request in order to
effectuate the purposes of this Agreement, including, without limitation, for the purposes of Pledgee obtaining control over the Collateral. 

  
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 16. Notices. All notices, demands, requests, and other communications desired or
required to be given hereunder (“Notices”) shall be in writing and shall be given by: (a) hand delivery to the address for Notices; (b) delivery by overnight courier service to the address for Notices; or (c) sending the
same by United States mail, postage prepaid, certified mail, return receipt requested, addressed to the address for Notices. The address for Notices shall be the party’s address set forth in the preamble to this Agreement, or such other address
as the party may by Notice designate from time to time. All Notices shall be deemed given and effective upon the earlier to occur of: (x) the hand delivery of such Notice to the address for Notices; (y) one (1) business day after the
deposit of such Notice with an overnight courier service by the time deadline for next day delivery addressed to the address for Notices; or (z) three (3) business days after depositing the Notice in the United States mail. 

17. Entire Agreement. This Agreement sets forth the entire agreement and understanding between Pledgor and Pledgee and supersedes
all prior agreements and understandings between them concerning the subject matter hereof. 
 18. Choice of Law. This
Agreement shall be construed in accordance with the laws of the State of New York. References herein to the Uniform Commercial Code are to the Uniform Commercial Code as adopted and codified in the State of New York and as amended from time to time.

 19. Waivers, Amendments and Remedies. No delay or omission by Pledgee to exercise any right or remedy granted under
this Agreement shall impair such right or remedy or be construed to be a waiver of any Default or an acquiescence therein, and any single or partial exercise of any such right or remedy shall not preclude other or further exercise thereof or the
exercise of any other right or remedy, and no waiver, amendment or other variation of the terms, conditions or provisions of this Agreement shall be valid unless in writing and signed by Pledgee, and then only to the extent specifically set forth in
such writing. All rights and remedies contained in this Agreement or by law afforded shall be cumulative and shall be available to Pledgee until the obligations of Pledgor have been released. 

20. Severability. In the event any provision of this Agreement is held invalid, illegal or unenforceable, in whole or in part, the
remaining provisions of this Agreement shall not be affected thereby and shall continue to be valid and enforceable. In the event any provision of this Agreement is held to be unenforceable as written, but enforceable if modified, then such
provision shall be deemed to be amended to such extent as shall be necessary for such provision to be enforceable and it shall be enforced to that extent. 
 21. Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original and all of said counterparts taken together shall be deemed to constitute one
and the same instrument. 

  
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 22. Waiver of Jury Trial. EACH OF THE PARTIES WAIVES ANY RIGHT TO A JURY TRIAL
WITH RESPECT TO ANY MATTER ARISING OUT OF THIS AGREEMENT. 
 [Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the parties hereto have entered into this Pledge Agreement as of the
date and year first set forth above. 
  

	
	PLEDGOR
	
	RENEWABLE ENERGY GROUP, INC., a Delaware corporation
	
	 /s/ Daniel J. Oh

	 By: Daniel J. Oh

	   Its: President

	
	PLEDGEE
	
	 USRG HOLDCO IX, LLC, a Delaware
 limited liability company

	
	  

	 By:

	   Its:

  
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