Document:

Exhibit 10.1

  

   

  
    BUNGE MEMBERSHIP INTEREST PURCHASE AGREEMENT

     

    THIS BUNGE MEMBERSHIP INTEREST PURCHASE AGREEMENT, is effective as of the 31st day of December 2019 (the “Agreement”), by and between Southwest Iowa Renewable Energy, LLC, an Iowa limited liability Company (the “Company”) and Bunge North America, Inc., a New York corporation (the “Unitholder”)

      (each a “Party,” and together, the “Parties”).

     

    RECITALS

     

    WHEREAS, Unitholder currently owns 3,334 Series B membership units in Company (the “Units”);

     

    
      
        WHEREAS, the Company desires to repurchase, and Unitholder desires to sell, the Units; and

      

    

     

    WHEREAS, accordingly, Company is hereby purchasing the Units from Unitholder pursuant to the terms set forth herein.

     

    NOW, THEREFORE, in consideration of the recitals set forth above, the mutual promises hereinafter set forth and other good and valuable consideration, the receipt and sufficiency of which is hereby
      acknowledged, the Parties hereto agree as follows:

     

    1.          Repurchase of Units; Closing Agreements. Subject to the terms and conditions set forth herein, Unitholder hereby sells and
      transfers to Company, and Company purchases from Unitholder, free and clear of all liens and encumbrances, all of the Units for the total of Eighteen Million Three Thousand Six Hundred Dollars ($18,003,600), which is the purchase price of Five
      Thousand Four Hundred Dollars ($5,400) per Unit multiplied by Unitholder’s 3,334 Series B membership Units (the “Purchase Price”). Simultaneous with the execution hereof:

     

    (a)          Company shall deliver the Purchase Price to Unitholder in immediately available funds via
      wire transfer to the bank account of the Unitholder as set forth on Schedule I hereto;

     

    (b)          The Parties shall execute and deliver a Termination Agreement by and between the Parties
      dated on or about the date hereof, substantially in the form of Exhibit 1(b) to this Agreement (the “Termination Agreement”);

     

    (c)          The Parties shall execute and deliver the Second Amended and Restated Ethanol Purchase
      Agreement dated on or above the date hereof, substantially in the form of Exhibit 1(c) to this Agreement;

     

    (d)         Company shall deliver to Unitholder a certificate of officers or authorized signatories of
      Company with respect to the incumbency and authorization of each officer or authorized signatory executing this Agreement to enter into this Agreement and consummate the transactions contemplated hereby in the form of Exhibit 1(d) hereto;

     

    

    
      

      
        

      

    

    (e)          Unitholder shall commit to deliver to Company for cancellation Certificate No. 934 for 3,334
      Series B membership Units during the first full business week of January 2020;

     

    (f)          Unitholder shall deliver to Company a power of attorney with respect to transfer of the
      Units in the form of Exhibit 1(f) hereto;

     

    (g)         Unitholder shall deliver, or cause to be delivered, to Company a certificate of officers or
      authorized signatories of Unitholder with respect to the incumbency and authorization of each officer or authorized signatory executing this Agreement to enter into this Agreement and consummate the transactions contemplated hereby in the form of Exhibit

        1(g) hereto.

     

    2.           Acknowledgment. Unitholder acknowledges and agrees that upon the execution of this Agreement, Unitholder shall no longer
      hold any right, title, or interest in the Units.

     

    
      
        
          3.           Representations and Warranties. Each Party represents
            and warrants that:

        

      

    

     

    (a)          it is duly organized and in good standing under the laws of the jurisdiction of its
      organization and has full capacity and right to enter into and perform its obligations under this Agreement, and all necessary authority has been obtained;

     

    (b)          this Agreement constitutes its legal, valid and binding obligation enforceable in
      accordance with its terms; and

     

    (c)          neither the performance of its obligations hereunder nor the consummation of any
      transaction under this Agreement will violate or conflict with its organizational documents or any material agreement binding on such Party.

     

    4.           Unitholder’s Representations and Warranties. Unitholder represents and warrants to Company as follows:

     

    (a)         Units. Unitholder is the sole owner of the Units. Unitholder has the absolute right
      and power to sell and transfer the Units to Company. Other than Company’s Operating Agreement in effect immediately prior to the date hereof, there are no restrictions against transfer, or arrangements of any kind with respect to the Units or
      transfer of the Units.

     

    (b)         No Litigation. There are no actions, suits, proceedings or investigations pending
      against Unitholder (nor has Unitholder received written notice of any threat thereof) that would challenge or prevent the consummation of the transactions contemplated by this Agreement or that question Unitholder’s title to the Units. Unitholder is
      not a party or expressly subject to the provisions of any order, writ, injunction, judgment or decree of any court or government agency or instrumentality that would challenge or prevent the consummation of the transaction which is the subject of
      this Agreement.

    

    

    
      

      
        

      

    

    (c)          Tax Matters. In making the decision to sell the Units, Unitholder has consulted with
      its own tax advisors regarding the transactions contemplated by this Agreement.

     

    
      
        
          5.          Transition Provisions.

        

      

    

     

    (a)         The Company is a party to the following agreements, all dated on or about December 5, 2014,
      by and between the Company and Unitholder: (i) the Amended and Restated Feedstock Agency Agreement (the “Feedstock Agreement”), (ii) the Amended and Restated Distiller’s Grain Purchase Agreement (the “Distiller’s Grain Purchase Agreement”),

      and (iii) the Services Agreement Regarding Corn Purchases (the “Services Agreement,” and together with the Feedstock Agreement and the Distiller’s Grain Purchase Agreement, the “Bunge Agreements”). The Parties shall not make, and will
      not be obligated to fulfill, any purchases or sales under the Bunge Agreements that are not under contract by the Company’s close of business on December 31, 2019 (the “Cut-Off Time”). The Bunge Agreements shall terminate in accordance with
      the provisions of the Termination Agreement. All purchases or sales under the Bunge Agreements that are under contract by the Cut-Off Time (and all other previously incurred obligations under the Bunge Agreements) will be honored by the Parties in
      accordance with the terms of such purchase and sale contracts and the applicable terms of the Bunge Agreements until fulfilled.

     

    (b)         After the date hereof, the Unitholder shall provide to or on behalf of the Company with regard
      to the Bunge Agreements each of those services (the “Transition Services”) as set forth in Exhibit 5(b) (the “Service Schedule”) during the period of time specified in the Service Schedule.

     

    
      
        6.        Employees of Unitholder. Following the execution of this Agreement, Kristan Barta and Mack Wolford may become employees of the Company, as determined by, and on terms agreeable to, the
          Company in its sole and absolute discretion (the “Transitioned Employees”). To the extent that the Company is unable to complete the process of transitioning the Transitioned Employees by the Cut-Off Time, the Transitioned Employees will
          remain employees of the Unitholder until the Company’s retention process is completed, for a period of not to exceed 30 days, and the Company will reimburse the Unitholder for the Transitioned Employee’s cash compensation for such period.

      

    

     

    7.         Release. Each of Unitholder and Company does hereby RELEASE AND FOREVER DISCHARGE the other Party and its predecessors,
      successors, assigns, officers, agents, employees, representatives, partners, directors, servants, officers, parents, affiliates and attorneys and all persons or entities which might be liable from any and all actions, causes of action, claims,
      demands, damages, costs, expenses and compensation arising out of any event, known or unknown, related to Unitholder’s ownership of the Units occurring prior to and including the date of this Agreement.

     

    

    
      

      
        

      

    

    
      
        
          8.          Miscellaneous Provisions.

        

      

    

    

    

    (a)          Survival. The representations, warranties and covenants contained herein shall
      survive the execution and delivery of this Agreement and the closing of the purchase of the Units.

     

    (b)          Governing Law. This Agreement shall be governed by and construed under the laws of
      the State of Iowa as applied to agreements among Iowa residents entered into and to be performed entirely within Iowa.

     

    (c)           Benefit. This Agreement shall be binding upon, and inure, to the benefit of the
      Parties hereto and their respective legal representatives, successors, and permitted assigns.

     

    (d)          Assignment. This Agreement and the rights and obligations hereunder shall bind and
      inure to the benefit of the respective successors by operation of law and assigns of the Parties.

     

    (e)         Counterparts. This Agreement may be executed simultaneously  via electronic
      transmission, or otherwise in multiple counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same agreement and shall become effective when one or more counterparts have been signed by each
      Party and delivered to the others.

     

    (f)          Actions Necessary to Complete Transaction. Each Party hereby agrees to execute and
      deliver all such other documents or instruments and to take any actions as may be reasonably required in order to effectuate the transactions contemplated by this Agreement.

     

    (g)          Entire Agreement. This Agreement constitutes the entire agreement between the
      Parties with respect to the subject matter hereof. There are no other restrictions, promises, representations, warranties, covenants or undertakings. This Agreement supersedes all prior agreements and understandings between the Parties with respect
      to the subject matter hereof and may not be revised or amended in any respect without a written agreement signed by the Parties hereto.

    

    

    [signature page follows]

     

    

    
      

      
        

      

    

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

    

    

    	 	
            Company:

          	
            Southwest Iowa Renewable Energy, LLC

          
	 	 	 
	 	 	By	/s/ Karol King	 
	 	 	
            Name: Karol King

          
	 	 	
            
              Title:  Chairman of the Board

            

          

    

    

    

    	

          	
            Unitholder:

          	
            Bunge North America, Inc.

          
	 	 	 	 
	 	 	By	/s/ Brett Caplice	 
	 	 	Name:	
            Brett Caplice

          	 
	 	 	Title:	Vice President	 

    
      

      
        

      

    

    

    Schedule I

     

    

    Unitholder Wire Transfer Directions

     

    

    
      

      
        

      

    

    Exhibit 1(b)

     

    

    Termination Agreement

    

    

    (attached)

     

    

    
      

      
        

      

    

    

    Exhibit 1(c)

     

    

    Second Amended and Restated Ethanol Purchase Agreement

    

    

    (attached)

     

    

    
      

      
        

      

    

    

    Exhibit 1(e)

     

    Company Incumbency Certificate

    

    

    (attached)

     

    

    
      

      
        

      

    

    

    Exhibit 1(f)

     

    

    Unit Power of Attorney

    

    

    (attached)

     

    

    
      

      
        

      

    

    

    Exhibit 1(g)

     

    Unitholder Incumbency Certificate

    

    

    (attached)

     

    

    
      

      
        

      

    

    

    Exhibit 5(b)

     

    

    Transition Services

    

    

    

    The Unitholder will provide reasonable assistance transitioning business functions and access to people/processes/know-how for the Company. Examples of assistance required by the Company include, but are not limited to:

     

    
      
        	

              	•	
                Close out of purchase and sale contracts under the Bunge Agreements

              

      

    

     

    

    
      
        	

              	•	
                Assistance to the Company in acquiring and maintaining feed licenses in all relevant states

              

      

    

     

    
      
        	

              	•	
                Advice and assistance in developing accounting process/system for feed tonnage taxes that vary from state to state

              

      

    

     

    
      
        	

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                Process needed for credit checks/approvals

              

      

    

    

    

    
      
        	

              	•	
                Transferring freight vendor list to SIRE and verifying appropriate insurance is in place

              

      

    

     

    

    
      
        	

              	•	
                Accounts receivable set-up

              

      

    

     

    Unless extended, the Transition Services will terminate on March 31, 2020.Exhibit 10.2

      

      
        

        

        TERMINATION AGREEMENT

         

        This Termination Agreement (this “Agreement”) is dated as of December 31, 2019, by and between Southwest Iowa Renewable Energy, an Iowa limited
          liability company (“SIRE”), and Bunge North America, Inc., a New York corporation (“Bunge”, and together with SIRE, the “Parties”, and each, a “Party”).

         

        WHEREAS, the Parties have entered into the following agreements all dated on or about December 5, 2014: (i) the Amended and Restated Feedstock Agency
          Agreement (the “Feedstock Agreement”), (ii) the Amended and Restated Distiller’s Grain Purchase Agreement (the “Distiller’s Grain Purchase Agreement”), and (iii) the Services Agreement Regarding Corn Purchases (the “Services

            Agreement”) (the Feedstock Agreement, the Distiller’s Grain Purchase Agreement, and the Services Agreement, together the “Terminated Agreements”); and

         

        WHEREAS, the Parties desire for the Terminated Agreements to be terminated and the Parties be released from all obligations under the Agreement, upon and
          subject to the terms and conditions hereinafter set forth.

         

        NOW, THEREFORE, in consideration of the premises set forth above and other good and valuable consideration, the receipt and sufficiency of which are hereby
          acknowledged, the Parties agree as follows:

         

        1.           Termination of the Terminated Agreements. Subject to the terms and conditions of this Agreement, the Terminated Agreements and all the
          rights and obligations of the Parties thereunder shall be cancelled and terminated and of no further force or effect as of December 31, 2019 (the “Termination Date”).

        

        

        2.          Transition Service Obligations. The Parties shall not make any purchases or sales under the Terminated Agreements following the
          Termination Date, and the Parties will not be obligated to fulfill any purchases or sales under the Terminated Agreements that are not under contract by SIRE’s close of business on December 31, 2019 (the “Cut-Off Time”). Notwithstanding
          the foregoing, all purchases or sales under the Terminated Agreements that are under contract by the Cut-Off Time (and all other previously incurred obligations under the Terminated Agreements) shall remain binding obligations of the Parties in
          accordance with the terms of the Terminated Agreements after the Termination Date.

        

        

        3.          Mutual Release. In consideration of the covenants, agreements and undertakings of the Parties under this Agreement, effective as of the
          Termination Date, each Party, on behalf of itself and its respective present and former parents, subsidiaries, affiliates, officers, directors, shareholders, managers, members, employees, agents, successors and assigns (collectively, “Releasors”)

          hereby releases, waives and forever discharges the other Party and its respective present and former, direct and indirect, parents, subsidiaries, affiliates, employees, officers, directors, shareholders, managers, members, agents,
          representatives, permitted successors and permitted assigns (collectively, “Releasees”) of and from any and all actions, causes of action, suits, losses, liabilities, rights, debts, dues, sums of money, accounts, reckonings, obligations,
          costs, expenses, liens, bonds, bills, specialties, covenants, contracts, controversies, agreements, promises, variances, trespasses, damages, judgments, extents, executions, claims, and demands, of every kind and nature whatsoever, whether now
          known or unknown, foreseen or unforeseen, matured or unmatured, suspected or unsuspected, in law, admiralty or equity (collectively, “Claims”), which any of such Releasors ever had, now have, or hereafter can, shall, or may have against
          any of such Releasees for, upon, or by reason of any matter, cause, or thing whatsoever from the beginning of time through the date all purchases or sales arising out of or relating to the Terminated Agreements are fulfilled, except for any
          Claims relating to rights and obligations preserved by, created by or otherwise arising out of this Agreement (including any surviving indemnification obligations under the Terminated Agreements).

         

        

        
          
            

        

        
        4.           Representations and Warranties. Each Party hereby represents and warrants to the other Party that:

        

        

        (a)          It has the full right, power and authority to enter into this Agreement and to perform its obligations hereunder.

        

        

        (b)         The execution of this Agreement by the individual whose signature is set forth at the end of this Agreement on behalf of such Party, and the
          delivery of this Agreement by such Party, have been duly authorized by all necessary action on the part of such Party.

         

        (c)         This Agreement has been executed and delivered by such Party and (assuming due authorization, execution and delivery by the other Party hereto) constitutes the
          legal, valid and binding obligation of such Party, enforceable against such Party in accordance with its terms.

         

        5.          Confidentiality. Each Party acknowledges the confidential nature of the terms and conditions of this Agreement (the “Confidential Information”) and
          agrees that it shall not (a) disclose any of such Confidential Information to any person or entity, except to such Party’s representatives, affiliates, employees, advisors and other representatives who need to know the Confidential Information to
          assist such Party, or act on its behalf, to exercise its rights or perform its obligations under this Agreement, or (b) use the Confidential Information, or permit it to be accessed or used, for any purpose other than to exercise its rights or
          perform its obligations under this Agreement. Each Party shall be responsible for any breach of this Section 5 caused by any of its representatives, affiliates, employees, advisors, or other representatives. Notwithstanding the foregoing
          in this Section 5, the foregoing confidentiality obligations shall not apply with respect to a Party to the extent that such Party is required to disclose such information (i) by applicable law, including federal securities laws, or (ii)
          in connection with enforcing its rights under this Agreement.

         

        
          
            	

                  	6.	
                    Miscellaneous.

                  

          

        

        

        

        (a)          All notices, requests, consents, claims, demands, waivers, summons and other legal process, and other similar types of communications
          hereunder (each, a “Notice”) must be in writing and addressed to the relevant Party at the address set forth below in this Section 6(a) (or to such other address that may be designated by the receiving Party from time to time in
          accordance with this Section 6(a)). All Notices must be delivered by personal delivery, nationally recognized overnight courier (with all fees pre-paid), or certified or registered mail (in each case, return receipt requested, postage
          prepaid). A Notice is effective only (i) upon receipt by the receiving Party and (ii) if the Party giving the Notice has complied with the requirements of this Section 6(a).

         

        

        
          2

          
            

        

        	 	
                If to SIRE:

              	 	
                Southwest Iowa Renewable Energy LLC

                

              
	 	 	 	10868 189th Street
	 	 	 	Council Bluffs, Iowa 51503
	 	 	 	
                Attn: Chief Executive Officer

              
	 	 	 	 
	 	
                With a Copy (which shall not constitute notice) to:

              	 	
                Husch Blackwell LLP 

                

              
	 	

              	 	Attn: David E. Gardels
	 	

              	 	
                13330 California Street, Suite 200

              
	 	 	 	
                Omaha, NE 68154

              
	 	 	 	 
	 	
                If to Bunge:

              	 	
                Bunge North America, Inc.

              
	 	 	 	1391 Timberlake Manor Parkway
	 	 	 	Chesterfield, MO 63017
	 	 	 	
                Attn: Vice President

              
	 	 	 	 
	 	
                With a Copy (which shall not constitute notice) to:

              	 	
                Bunge North America, Inc.

              
	 	 	 	1391 Timberlake Manor Parkway
	 	 	 	
                Chesterfield, MO 63017

              
	 	 	 	
                Attn: Deputy General Counsel

              

        

        

        (b)          This Agreement and all matters arising out of or relating to this Agreement are governed by, and construed in accordance with, the laws of
          the State of Iowa, without regard to the conflict of laws provisions of such State. Any legal suit, action or proceeding arising out of or relating to this Agreement must be instituted in the federal courts of the United States of America or the
          courts of the State of Iowa, in each case located in the City of Council Bluffs and County of Pottawattamie, and each Party irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding. Service of
          process, summons, notice or other document by certified mail in accordance with Section 6(a) hereof will be effective service of process for any suit, action or other proceeding brought in any such court.

         

        (c)          This Agreement, and each of the terms and provisions hereof, may only be amended, modified, waived or supplemented by an agreement in writing
          signed by each Party.

        

        

        (d)          This Agreement will inure to the benefit of and be binding upon each of the Parties and each of their respective permitted successors and permitted assigns.

         

        

        
          3

          
            

        

        (e)          This Agreement may be executed in counterparts, each of which is deemed an original, but all of which constitutes one and the same agreement. Delivery of an
          executed counterpart of this Agreement electronically or by facsimile shall be effective as delivery of an original executed counterpart of this Agreement.

         

        (f)          Each of the Parties shall, from time to time at the other’s request, furnish the other Party such further information or assurances, execute and deliver such
          additional documents, instruments and conveyances, and take such other actions and do such other things, as may be reasonably necessary to carry out the provisions of this Agreement and give effect to the transactions contemplated hereby.

         

        (g)         Each Party acknowledges and agrees that (i) a breach or threatened breach by such party of any of its obligations under Section 5 hereof would give rise to
          irreparable harm to the other party for which monetary damages would not be an adequate remedy and (ii) in the event of a breach or a threatened breach by such Party of any such obligations, the other Party will, in addition to any and all other
          rights and remedies that may be available to such party at law, at equity or otherwise in respect of such breach, be entitled to equitable relief, including a temporary restraining order, an injunction, specific performance and any other relief
          that may be available from a court of competent jurisdiction, without any requirement to post a bond or other security, and without any requirement to prove actual damages or that monetary damages will not afford an adequate remedy. Each Party
          agrees that it shall not oppose or otherwise challenge the appropriateness of equitable relief or the entry by a court of competent jurisdiction of an order granting equitable relief, in either case, consistent with the terms of this Section
            6(g).

         

        (h)         This Agreement constitutes the sole and entire agreement of the Parties with respect to the subject matter contained herein, and supersedes
          all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral, with respect to such subject matter.

         

        (i)          Each Party shall pay its own costs and expenses in connection with the drafting, negotiation and execution of this Agreement (including the
          fees and expenses of its advisors, accounts and legal counsel).

         

        [signature page follows]

         

        

        
          4

          
            

        

        IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first written above.

         

        
          	 	
                  SIRE:

                	
                  Southwest Iowa Renewable Energy, LLC

                
	 	 	 
	 	 	
                  By:

                	
                  /s/ Karol King

                	 

          	 	 	 
	 	 	
                  Name: Karol King

                
	 	 	 
	 	 	
                  Title: Chairman of the Board

                

        

        

        

        
          	

                	
                  Bunge:

                	
                  Bunge North America, Inc.

                
	 	 	 
	 	 	
                  By:

                	
                  /s/ Brett Caplice

                	 

          	 	 	 
	 	 	
                  Name:

                	
                  Brett Caplice

                	 
	 	 	 	 
	 	 	
                  Title:

                	
                  
                    Vice President

                  

                	 

          

            

          

          
            5

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