Document:

Exhibit
10.10

 

EXECUTION
COPY

 

 

RESTRICTED
UNIT AGREEMENT

 

This Restricted Unit Agreement (this “Agreement”)
is made as of this 30th day of June, 2006 (the “Effective
Date”) between Hawkeye Intermediate, LLC, a Delaware limited liability
company (the “Company”), Hawkeye Holdings, Inc., a Delaware corporation
(“IPO Corp.”), and Bruce Rastetter, a resident of Iowa (the “Employee”).
Certain capitalized terms used herein are defined in Section 7
hereof.

 

WHEREAS, the Company believes it to be in the best
interests of the Company and its unitholders to take action to promote
work-force stability, to reward performance and otherwise align interests of
key management employees with those of the Company;

 

WHEREAS, accordingly the Company has determined to
issue restricted units in accordance with the provisions of this Agreement; and

 

WHEREAS, after the Conversion (as defined below) it is
intended that the provisions of this Agreement shall continue to apply to the
common stock of IPO Corp. received in the Conversion.

 

NOW, THEREFORE, in consideration of the mutual
covenants contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

 

1.             Issuance
of Employee Units.

 

(a)           Upon
execution of this Agreement, the Company will issue to the Employee that number
of Class B Common Units of the Company (the “Class B Common Units”)
set forth below such Employee’s name on the signature page attached hereto. All
of such Class B Common Units issued to the Employee hereby are referred to
herein as “Employee Units.”  To
secure the Company’s rights under the Repurchase Option in Section 3,
the Company will retain possession of the certificates representing the
Employee Units and will provide the Employee with copies thereof, provided that
upon the Company’s or IPO Corp.’s initial Public Offering (as defined in the
Securityholders’ Agreement), the Company or IPO Corp., as the case may be,
shall immediately deliver original certificates representing the Vested Units
(if the Company has an initial Public Offering) or vested Restricted Stock (as
herein defined) (if IPO Corp. has an initial Public Offering) to Employee.

 

(b)           In
connection with the acquisition of the Employee Units hereunder, the Employee
represents and warrants to the Company that:

 

(i)            the Employee Units to be acquired by
the Employee pursuant to this Agreement will be acquired for the Employee’s own
account, for investment only and not with a view to, or intention of,
distribution thereof in violation of the Securities Act, or any applicable
state securities laws, and the Employee Units

 

 

will not be disposed of in contravention of the
Securities Act or any applicable state securities laws or this Agreement or the
Securityholders Agreement;

 

(ii)           the Employee has such knowledge and
experience in business and financial matters and with respect to investments in
securities of privately held companies so as to enable the Employee to
understand and evaluate the risks and benefits of his or her investment in the
Employee Units;

 

(iii)          the Employee has no need for liquidity
in his or her investment in the Employee Units and is able to bear the economic
risk of his or her investment in the Employee Units for an indefinite period of
time and understands that the Employee Units have not been registered or
qualified under the Securities Act or any applicable state securities laws, by
reason of the issuance of the Employee Units in a transaction exempt from the
registration and qualification requirements of the Securities Act or such state
securities laws and, therefore, cannot be sold unless subsequently registered
or qualified under the Securities Act or such state securities laws or an
exemption from such registration or qualification is available;

 

(iv)          the Employee acknowledges that he or
she is aware that the Employee Units may not be sold pursuant to Rule 144
promulgated under the Securities Act unless all of the conditions of that Rule
are met. Among the current conditions for use of Rule 144 by certain holders is
the availability to the public of current information about the Company. Such
information is not now available, and the Company has no current plans to make
such information available;

 

(v)           the Employee has had an opportunity to
ask questions and receive answers concerning the terms and conditions of the
offering of the Employee Units and has had full access to or been provided with
such other information concerning the Company as the Employee has requested;
and

 

(vi)          this Agreement constitutes the legal,
valid and binding obligation of the Employee, enforceable in accordance with
its terms, and the execution, delivery and performance of this Agreement by the
Employee does not and will not conflict with, violate or cause a breach of any
agreement, contract or instrument to which the Employee is a party or any
judgment, order or decree to which the Employee is subject.

 

(c)           As
an inducement to the Company to issue the Employee Units to the Employee and as
a condition thereto, the Employee acknowledges and agrees that:

 

(i)            neither the issuance of the Employee
Units to the Employee nor any provision contained herein shall entitle the
Employee to remain in the employment of the Company or its subsidiaries or
affect the right of the Company to terminate the Employee’s employment at any
time for any reason; and

 

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(ii)           except as provided in any other
agreement between the Company or any subsidiary thereof and the Employee, the
Company shall have no duty or obligation to disclose to the Employee, and the
Employee shall have no right to be advised of, any material information
regarding the Company and its subsidiaries, if any, at any time prior to, upon
or in connection with the forfeiture of the Employee Units upon the termination
of the Employee’s employment with the Company or a subsidiary thereof.

 

(d)           In
connection with the issuance of the Employee Units or the Restricted Stock, the
Company and IPO Corp. jointly and severally represent and warrant that:

 

(i)            the Company is a limited liability
company duly formed, validly existing and in good standing under the laws of
the jurisdiction of its formation and has all requisite limited liability
company power and authority to own, lease and operate the assets used in its
business, to carry on its business as presently conducted, to enter into this
Agreement, to perform its obligations hereunder, and to consummate the
transactions contemplated hereby;

 

(ii)           IPO Corp. is a corporation duly incorporated,
validly existing and in good standing under the laws of the jurisdiction of its
incorporation and has all requisite corporate power and authority to own, lease
and operate the assets used in its business, to carry on its business as
presently conducted, to enter into this Agreement, to perform its obligations
hereunder, and to consummate the transactions contemplated hereby;

 

(iii)          the Company has taken all limited
liability company action necessary to authorize its execution and delivery of
this Agreement, its performance of its obligations thereunder, and its
consummation of the transactions contemplated thereby;

 

(iv)          IPO Corp. has taken all corporate
action necessary to authorize its execution and delivery of this Agreement, its
performance of its obligations thereunder, and its consummation of the
transactions contemplated thereby;

 

(v)           this Agreement constitutes a legal,
valid and binding obligation of each of the Company and IPO Corp., enforceable
in accordance with its terms, and the execution, delivery and performance of
this Agreement by each of the Company and IPO Corp., does not and will not
conflict with, violate or cause a breach of the Certificate of Formation or
Operating Agreement of the Company, the Certificate of Incorporation or Bylaws
of IPO Corp., each as amended and as currently in effect, or any agreement,
contract or instrument to which either of the Company or IPO Corp. is a party
or in which it is bound or any law, regulation, ordinance, judgment, order or
decree to which the Company or IPO Corp. is subject;

 

(vi)          no consent, approval, authorization or
other order of, or registration, qualification or filing with, any regulatory
body, administrative

 

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agency or other governmental body is required for the
execution and delivery of this Agreement and the valid issuance and sale of the
Employee Units or the Restricted Stock, other than such as have been made or
obtained, and except for any securities filings required to be made under
federal or state securities laws; and

 

(vii)         the Employee Units and the Restricted
Stock have been duly authorized, and when issued in accordance with the terms
of this Agreement, will be duly and validly issued, fully paid and
nonassessable, and will not have been issued in violation of any preemptive
rights or similar rights to subscribe for or purchase securities of either the
Company or IPO Corp.

 

2.             Hurdle
Amount and Vesting of Employee Units.

 

(a)           Hurdle
Amount. The Hurdle Amount (as such term is defined in the LLC Agreement)
applicable to the Employee Units is $390,000,000, and represents the aggregate
fair market value of all of the equity of the Unitholders (as that term is
defined in the LLC Agreement) as of the date hereof (after giving effect to the
acquisition of membership interests of the Company by THL).

 

(b)           Vesting.
The Employee Units granted hereunder will be deemed “vested” (the “Vested
Units”) in accordance with this Section 2(b).

 

(i)            Vesting in General. Employee
Units will become Vested Units as follows:

 

(A)          Fifty percent (50%) of the Employee
Units granted under this Agreement (the “Time Units”) will vest in
forty-eight (48) equal installments on the last day of each calendar month
occurring after the date of this Agreement; provided, that the Employee is an
employee, whether at-will or otherwise, of an Employer on such date.

 

(B)           Fifty percent (50%) of the Employee
Units granted under this Agreement (the “Time-Performance Units”) will
vest in sixty (60) equal installments on the last day of each calendar month
occurring after the date of this Agreement; provided, that the
Employee is an employee, whether at-will or otherwise, of an Employer on such
date; further  provided  that, no such Time-Performance
Units will be considered vested unless THL has previously (together with any
proceeds to be received concurrently at the time of determination) received in
cash proceeds (the “Return”) either as distributions with respect to, or
from the sale or disposition of, THL’s initial equity investment in the Company
and any subsequent equity investments in the Company (the “Investment”)
(excluding any management or transaction fees or expenses but including any
amounts received by THL in respect of the cash savings, if any, in U.S. federal
income or Iowa franchise taxes as a result of the increase in tax basis of the
Company’s assets as a result of the acquisition of the 

 

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Company’s interests by THL as the date hereof and any
other payment made to THL under Section 3.6(b) of the Securityholders’
Agreement) an amount equal to 200% of THL’s Investment (the “Return Hurdle”)..

 

(ii)           Vesting Upon a Change of Control.
Notwithstanding Section 2(b)(i):

 

(A)          all Time Units that have not
previously vested will become Vested Units upon a Change of Control; and

 

(B)           all Time-Performance Units that have
not previously vested will vest in full upon a Change of Control if the Return
Hurdle has been met. In the event of a Change of Control in which all or a
portion of the consideration payable to the Company’s equityholders is in the
form of equity securities, the value of the equity securities will be included
in the calculation of whether the Return Hurdle has been met. If the Return
Hurdle has not been met, then that number of Time-Performance Units that have
not previously vested will vest as follows: 
(i) the total number of unvested Time-Performance Units multiplied
by (ii) the Percentage. The Percentage shall equal the following
number, expressed as a percentage: 
(x) 0.5 multiplied  by (y) the percentage by which the
Return exceeds 100% of THL’s Investment.

 

For purposes of illustration only, if the Return was
150%, then the Time-Performance Units would be 25% vested, and if the Return
was 110%, then the Time-Performance Units would be 5% vested

 

(iii)          Vesting Upon Termination Without
Cause; Good Reason or Certain Instances of Death or Disability.
Notwithstanding Section 2(b)(i), in the event the Employee’s employment with an
Employer, whether at will or otherwise, is terminated (A) by an Employer
for any reason other than Cause (as defined in this Agreement), (B) by the
Employee for Good Reason (as defined in this Agreement); or (C) by reason
of the Employee’s death or Disability (as defined in this Agreement) which
occurs in connection with the performance of the Employee’s employment duties,
then the vesting of the Employee Units will accelerate as follows:

 

(A)          if, at the time of such termination,
less than 33.33% of the Employee Units are Vested Units (based only on the time
portion of vesting and assuming, for purposes of this subparagraph (iii) only,
that the performance goals of the Time-Performance Units have been met), then
33.33% of the Employee Units shall be deemed Vested Units;

 

(B)           if, at the time of such termination
at least 33.33%, but less than 66.66% of the Employee Units are Vested Units
(based only on the time portion of vesting and assuming, for purposes of this
subparagraph 

 

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(iii) only, that the performance goals of the
Time-Performance Units have been met), then 66.66% of the Employee Units shall
be deemed Vested Units; and

 

(C)           if, at the time of such termination,
at least 66.66%, but less than 100%, of the Employee Units are Vested Units (based
only on the time portion of vesting and assuming, for purposes of this
subparagraph (iii) only, that the performance goals of the Time-Performance
Units have been met), then 100% of the Employee Units shall be deemed Vested
Units.

 

(iv)          Vesting Upon Death or Disability.
Notwithstanding Section 2(b)(i), in the event the Employee’s employment
with an Employer, whether at will or otherwise, is terminated by reason of
death or Disability (other than death or Disability which occurs in connection
the performance of the Employee’s employment duties), then vesting of the
Employee Units shall be accelerated by one year such that the applicable date
of termination for vesting shall be deemed to be one year after the actual date
of termination.

 

(c)           Transfers
of Employment Among Employers. For purposes of this Agreement, any transfer
of the Employee’s employment from one Employer to another Employer shall not
constitute a termination of employment with an Employer.

 

3.             Repurchase
or Forfeiture of Employee Units.

 

(a)           In
the event that the Employee ceases to be an employee, whether at-will or
otherwise, of an Employer, then all Employee Units which are not Vested Units
in accordance with Section 2 hereof, will be forfeited and returned to
the Company.

 

(b)           In
the event the Employee ceases to be an employee of an Employer (i) by reason of
termination by an Employer for Cause, or (ii) by reason of the Employee’s
voluntary termination with or without Good Reason, then all Employee Units
which are Vested Units in accordance with Section 2 hereof, will be
subject to repurchase by the Company, at the Company’s option (the “Repurchase
Option”), for Fair Market Value. The Repurchase Option shall terminate upon
the Company’s or IPO Corp.’s initial Public Offering (as defined in the
Securityholders’ Agreement).

 

(c)           The
Repurchase Option shall be exercised by the Company, or its designee, from time
to time, with respect to Vested Units within 270 days after the date of
termination by delivering to the Employee a written notice of exercise and a
check in the amount of the Fair Market Value, if applicable, determined as of
the date the Employee ceased to be employed by an Employer. Upon delivery of
such notice and payment of the purchase price as described above (or
automatically upon any forfeiture of Employee Units pursuant to Section 3(a),
the Company, or its designee, shall become the legal and beneficial owner of
the Employee Units being repurchased and all rights and interest therein or
related thereto, and the Company, or its designee, shall have the right to
transfer to its own name the number of Employee Units being repurchased 

 

6

 

without further action by the Employee or any of his
or her transferees. If the Company or its designee elects to exercise the
Repurchase Option pursuant to this Section 3 and the Employee or
his or her transferee fails to deliver the Employee Units in accordance with
the terms hereof, the Company, or its designee, may, at its option, in addition
to all other remedies it may have, deposit the purchase price in an escrow
account administered by an independent third party (to be held for the benefit
of and payment over to the Employee or his or her transferee in accordance
herewith), whereupon (or, in any case, upon any forfeiture of Employee Units
pursuant to this Section 3) the Company shall by written notice to the
Employee cancel on its books the certificates(s) representing such Employee
Units registered in the name of the Employee and all of the Employee’s or his
or her transferee’s right, title, and interest in and to such Employee Units
shall terminate in all respects; provided that the Company shall instruct the
escrow agent to release the purchase price to the Employee immediately
following the Employee’s or his or her transferee’s delivery of certificates
representing the Employee Units or a written acknowledgement by the Employee
that the Employee’s or his or her transferee’s right, title and interest in and
to such Employee Units has been terminated in all respects.

 

(d)           Notwithstanding
the foregoing, if at any time the Company elects to repurchase any Employee
Units pursuant to the Repurchase Option, the Company shall pay the purchase
price for the Employee Units it purchases (i) first, by offsetting
indebtedness, if any, owing from the Employee to the Company and (ii) then, by
the Company’s delivery of cash for the remainder of the purchase price, if any,
against delivery of the certificates or other instruments representing the
Employee Units so purchased, duly endorsed; provided  that, (x) if
any such cash payment at the time such payment is required to be made would
result (A) in a violation of any law, statute, rule, regulation, policy,
order, writ, injunction, decree or judgment promulgated or entered by any
federal, state, local or foreign court or governmental authority applicable to
the Company or any of its subsidiaries or any of its or their property or
(B) after giving effect thereto, in a Financing Default, or (y) if the
Board determines in good faith that immediately prior to such purchase there
shall exist a Financing Default which prohibits such purchase ((x) and (y)
collectively the “Cash Deferral Conditions”), the portion of the cash
payment so affected may be made by the Company’s delivery of a promissory note
or senior preferred units of the Company with a liquidation preference equal to
the balance of the purchase price. The promissory note or senior preferred
units shall accrue interest or yield, as the case may be, annually at the
“prime rate” published in The Wall Street Journal on the date of issuance,
which interest or yield, as the case may be, shall be payable at maturity. The
value of each such senior preferred unit shall as of its issuance be deemed to
equal (A) the portion of the cash payment paid by the issuance of such
preferred units divided by (B) the number of senior preferred units so
issued. Any senior preferred units or the
promissory note shall be redeemed or payable when and to the extent the Cash
Deferral Condition which prompted their issuance no longer exists. The Company
shall use its reasonable best efforts to cause any Cash Deferral Conditions to
be resolved.

 

(e)           In
the event that Employee Units are repurchased or forfeited pursuant to this Section 3,
the Employee and his or her successors, assigns or Representatives shall

 

7

 

take (at the Company’s expense) all steps necessary
and desirable to obtain all required third-party, governmental and regulatory
consents and approvals and take all other actions necessary and desirable to
facilitate consummation of such repurchase in a timely manner.

 

4.             Conversion
of Class B Common Units. Upon the Conversion, the terms of this Agreement,
including, without limitation, all vesting and forfeiture provisions, will
continue to apply to any shares of common stock of IPO Corp. received in
exchange for Class B Common Units (the “Restricted Stock”) and
thereafter all references to the “Company” shall mean IPO Corp. and all references
to the “Employee Units” shall mean the Restricted Stock.

 

5.             Legend.

 

The certificates representing the Employee Units will
bear the following legend:

 

“THE SECURITIES
REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO FORFEITURE, REPURCHASE RIGHTS
AND CERTAIN OTHER AGREEMENTS SET FORTH IN A RESTRICTED UNIT AGREEMENT DATED AS
OF JUNE 30, 2006, BETWEEN THE COMPANY, HAWKEYE HOLDINGS, INC. AND THE OTHER
SIGNATORY THERETO. A COPY OF SUCH AGREEMENT MAY BE OBTAINED BY THE HOLDER
HEREOF AT THE COMPANY’S PRINCIPAL PLACE OF BUSINESS WITHOUT CHARGE.

 

THE SALE, TRANSFER,
ASSIGNMENT, PLEDGE, OR ENCUMBRANCE OF THE SECURITIES REPRESENTED BY THIS
CERTIFICATE AND THE RIGHTS OF THE HOLDER OF SUCH SECURITIES IN RESPECT OF THE
ELECTION OF DIRECTORS ARE SUBJECT TO A SECURITYHOLDERS AGREEMENT DATED
JUNE 30, 2006 AMONG THE COMPANY AND CERTAIN HOLDERS OF ITS EQUITY
INTERESTS. COPIES OF SUCH AGREEMENT MAY BE OBTAINED AT NO COST BY WRITTEN
REQUEST MADE BY THE HOLDER OF RECORD OF THIS CERTIFICATE TO THE SECRETARY OF
THE COMPANY.

 

THE SECURITIES
REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE
SECURITIES OR BLUE SKY LAWS. THESE SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN
THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SAID ACT OR
LAWS.”

 

6.             Restrictions
on Transfer, Conversion and Voting.

 

(a)           The
Company and the Employee acknowledge and agree that the Employee Units are
subject to and restricted by the Securityholders Agreement. Notwithstanding
anything to the contrary contained in the Securityholders Agreement regarding
rights to transfer Employee Units, any Employee Units that have not become
Vested Units pursuant to Section 2 hereof may not be transferred to
any Person.

 

8

 

(b)           Prior
to any Transfer, the transferee shall agree, by execution of a Joinder
Agreement, to be bound by this Agreement as holder of Employee Units and by the
Securityholders Agreement. Any Transfer or attempted Transfer of any Employee
Units in violation of the preceding sentence shall be void, and the Company
shall not record such Transfer on its books or treat any purported transferee
of such Employee Units as the owner of such Employee Units for any purpose.

 

(c)           In
the event any Employee Units have voting rights, the Employee agrees that so
long as the Employee owns Employee Units which have not become Vested Units
pursuant to Section 2 hereof, the Employee shall be obligated to
vote all of his, her or its Employee Units which have not become Vested Units
pursuant to Section 2 hereof in the same manner and proportions as
the votes cast by the holders of a majority of the Company’s voting equity
interests not subject to such repurchase rights. If the Employee fails or
refuses to vote his, her or its Employee Units which have not become Vested
Units pursuant to Section 2 hereof as required by, or votes his,
her or its Employee Units which have not become Vested Units pursuant to Section 2
hereof in contravention of this Section 6(c), then the Employee
hereby grants to each of the Chief Executive Officer and Chief Financial
Officer of the Company, acting solely in his or her capacity as such, an
irrevocable proxy, coupled with an interest, to vote such Employee Units in
accordance with Section 6(c).

 

7.             Definitions.

 

The following terms shall have the meanings ascribed
below:

 

“Affiliate” of any particular Person means any
other Person controlling, controlled by or under common control with such particular
Person or, with respect to any individual, such individual’s spouse and
descendants (whether natural or adopted) and any trust, partnership, limited
liability company or similar vehicle established and maintained solely for the
benefit of (or the sole members or partners of which are) such individual, such
individual’s spouse and/or such individual’s descendants.

 

“Board” means the Board of Managers of the
Company and, after the Conversion, the Board of Directors of IPO Corp.

 

“Cause” shall mean, with respect to the
Employer of Employee, (a) the admission, confession, or plea bargain to or
conviction in a court of law of any felony or other crime involving moral
turpitude or the commission by the Employee of any other act or any omission to
act involving dishonesty, disloyalty or fraud, involving the Company which is
material; (b) engaging in conduct that is demonstrably and materially injurious
to the business, reputation, character, or community standing of the Employer
(c) continued material failure to perform the material duties of the Employee’s
employment for 15 days after written notice from the Employer to the Employee
providing a detailed description of the failure constituting cause; (d) gross
negligence or willful misconduct with respect to the Employer that is
demonstrably and materially injurious to the Company; or (e) breach of any
restrictive covenant with the Employer not cured within 15 days of written
notice from the Employer to the Executive providing a 

 

9

 

detailed description of the activities constituting
Cause (or if the Employee’s employment with an Employer is pursuant to an
employment agreement at the time of his termination of employment, then Cause
shall be as defined in such employment agreement).

 

“Change of Control” shall mean the consummation
of a transaction, whether in a single transaction or in a series of related
transactions that are consummated contemporaneously (or consummated pursuant to
contemporaneous agreements), with any other party or parties, other than an
Affiliate of THL, on an arm’s-length basis, pursuant to which (a) a party or
group (as defined under Rule 13d under the Securities Exchange Act of 1934, as
amended) who is not a unitholder of the Company on the Effective Date,
acquires, directly or indirectly (whether by merger, stock purchase,
recapitalization, reorganization, redemption, issuance of capital stock or
otherwise), more than 50% of the voting power of the Company or otherwise
becomes entitled to designate a majority of the members of the Company’s Board,
or (b) such party or parties, directly or indirectly, acquire assets
constituting all or substantially all of the assets of the Company and its
subsidiaries on a consolidated basis.

 

“Class B Common Units” has the meaning set
forth in Section 1(a) hereof.

 

“Code” shall mean the Internal Revenue Code of
1986, as amended.

 

“Conversion” shall mean the conversion of Class
B Common Units of the Company to common stock of IPO Corp. in accordance with Section
3.6 of the Securityholders Agreement.

 

“Disability” shall mean any physical or mental
disability of the Employee rendering the Employee unable to perform the duties
of his employment for a period of at least 120 days out of any twelve-month
period. Any determination of Disability shall be made by the Board in
consultation with a qualified physician or physicians selected by the Board and
reasonably acceptable to the Employee.

 

“Employee Units” has the meaning set forth in Section 1(a)
hereof. The Employee Units will continue to be Employee Units in the hands of
any holder other than the Employee (except for the Company and except for
transferees in a public sale) and, except as otherwise provided herein, each
such other holder of the Employee Units will succeed to all rights and
obligations attributable to the Employee as a holder of the Employee Units
hereunder. The Employee Units will also include equity interests of the Company
issued with respect to the Employee Units by way of an equity split, dividend
of equity or other recapitalization.

 

“Employer” means the Company and its
subsidiaries and at all times includes Hawkeye Renewables, LLC and IPO Corp.
and their subsidiaries and shall also include any successor to the Company
after a Change in Control.

 

“Fair Market Value” shall be determined by the
Board in good faith; provided, however, that if Employee does not
agree to the Board’s determination of Fair Market Value, the parties shall
submit not later than ninety (90) days following

 

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Employee’s receipt of the Board’s determination of
Fair Market Value the matter to PriceWaterhouse Coopers (or any accounting firm
mutually agreed to by the Employee and the Company) (the “Accountants”), for
resolution. The Company or IPO Corp., as the case may be, and Employee shall
provide access to and shall deliver copies of the books and records, including
work papers, financial statements, schedules and notes thereto, of the Company
or IPO Corp., as the case may be, and any such documents or information as the
Accountants request to determine the Fair Market Value. The parties shall have
the opportunity to present to the Accountants any material relevant to the
determination of Fair Market Value and to discuss the matter with the
Accountants, provided that the other parties hereto receive a copy of any and
all such documents and information delivered to the Accountants and are
afforded the opportunity to be present at any meeting with the Accountants and
to discuss its views with the Accountants. The Company or IPO Corp., as the
case may be, and Employee, will each bear 50% of the Accountants’ fees and
expenses for such resolution. The Accountants’ determination of Fair Market
Value will be final, conclusive and binding on the parties and nonappealable.

 

“Financing Default” means any event of default
or breach under the Senior Debt Agreements.

 

“Good Reason” means:  (i) a material diminution in or
assignment of duties inconsistent with Employee’s position prior to the date of
this Agreement or a change in the Employee’s direct reporting relationship,
provided, however, that a change in title shall not itself be considered a
material diminution; (ii) a reduction in base salary or a reduction in any
annual bonus (it being understood that the failure to receive an annual bonus
or a reduced annual bonus due to failure to meet applicable performance targets
shall not be considered a reduction in annual bonus hereunder); (iii) if the
Employee’s employment with an Employer is pursuant to an employment agreement
at the time of his termination of employment, then Good Reason shall be as
defined in such employment agreement; (iv) any material breach of the
Securityholders’ Agreement, the IPO Corp. Securityholders’ Agreement or the LLC
Agreement by the Company which is not cured within 15 days after written notice
of such breach is provided by Executive to the Company; or (v) any material
breach of the Executive Employment and Non-Competition Agreement dated June 30,
2006 among the Employee, Hawkeye Renewables, LLC, Hawkeye Holdings, Inc. and
Hawkeye Intermediate, LLC by an Employer which is not cured within 15 days
after written notice of such breach is provided by Executive to the Employer.

 

“IPO Corp. Securityholders’ Agreement”  means the IPO Corp. Securityholders’ Agreement
dated June 30, 2006 between Hawkeye Holdings, Inc. and certain securityholders
of IPO Corp., as amended, modified or supplemented from time to time.

 

“LLC Agreement” means that certain Amended and
Restated Limited Liability Company Agreement of the Company dated June 30,
2006 by and among the Company, Hawkeye Holdings, L.L.C., certain Affiliates of
THL and the other parties thereto.

 

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“Person” shall be construed broadly and shall
include, without limitation, an individual, a partnership, an investment fund,
a limited liability company, a corporation, an association, a joint stock
company, a trust, a joint venture, an unincorporated organization and a
governmental entity or any department, agency or political subdivision thereof.

 

“Representative” means, with respect to the
deceased Employee, the duly appointed, qualified and acting personal
representative (or personal representatives collectively) of the estate of the
deceased Employee (or portion of such estate that includes Employee Units),
whether such personal representative holds the position of executor,
administrator or other similar position qualified to act on behalf of such
estate.

 

“Securities Act” means the Securities Act of
1933, as amended, or any successor federal law then in force.

 

“Securityholders Agreement” means the Limited
Liability Securityholders Agreement dated June 30, 2006 between the Company and
certain securityholders of the Company, as amended, modified or supplemented
from time to time.

 

“Senior Debt Agreements” shall mean
(i) that certain First Lien Credit Agreement dated as of June 30,
2006 (the “First Lien Credit Agreement”), among the Company, THL-Hawkeye
Acquisition LLC, a Delaware limited liability company (“Merger Sub”), to
be merged with and into Hawkeye Renewables, LLC, a Delaware limited liability
company (the “Operating Company”), the lenders party thereto (the “First
Lien Lenders”), and Credit Suisse, as administrative agent and as
collateral agent for the First Lien Lenders, (ii) all other Loan Documents
(as defined in the First Lien Credit Agreement) delivered in connection with
the First Lien Credit Agreement, (iii) that certain Second Lien Credit
Agreement dated as of June 30, 2006 (the “Second Lien Credit Agreement”),
among the Company, Merger Sub, to be merged with and into the Operating
Company, the lenders party thereto (the “Second Lien Lenders”), and
Credit Suisse, as administrative agent and as collateral agent for the Second
Lien Lenders and (iv) all other Loan Documents (as defined in the Second
Lien Credit Agreement) delivered in connection with the Second Lien Credit
Agreement.

 

“THL” means Thomas H. Lee Equity Fund VI, L.P.,
a Delaware limited partnership, and its Affiliates.

 

“Transfer” means the sale, transfer,
assignment, pledge or other disposal (whether with or without consideration and
whether voluntarily or involuntarily or by operation of law) of any Employee
Units; provided, that a Transfer does not include any Employee Units which are
Vested Units or Restricted Stock that has vested in accordance with the terms
of this Agreement.

 

8.             General
Provisions.

 

(a)           Severability.
The parties agree that each provision herein shall be treated as a separate and
independent clause, and the unenforceability of any one clause shall in

 

12

 

no way impair the
enforceability of any other clauses of this Agreement. If any one or more
provisions of this Agreement is held to be invalid or unenforceable for any
reason, including due to being overbroad in scope activity, subject or
otherwise: (i) this Agreement shall be considered divisible; (ii) such
provision shall be deemed inoperative to the extent it is deemed invalid or unenforceable;
and (iii) in all other respects this Agreement shall remain full force and
effect; provided, however, that if any such provision maybe made valid or
enforceable by limitation thereof, then such provision shall be deemed to be so
limited and shall be valid and/or enforceable to the maximum extent permitted
by applicable law.

 

(b)           Entire
Agreement. This Agreement and the Securityholders Agreement constitute the entire agreement and
understanding of the parties hereto concerning the subject matter hereof and
from and after the date of this Agreement, this Agreement shall supersede any
other prior negotiations, discussions, writings, agreements or understandings,
both written and oral, between the parties with respect to such subject matter.

 

(c)           Counterparts.
This Agreement may be executed in separate counterparts, each of which is
deemed to be an original and all of which taken together constitute one and the
same agreement.

 

(d)           Successors
and Assigns.

 

(i)             This Agreement is personal to the
Employee and without the prior written consent of the Company shall not be
assignable by the Employee. This Agreement shall inure to the benefit of and
shall be enforceable by the Employee and the Employee’s legal representatives,
heirs, successors and permitted assigns.

 

(ii)            This Agreement shall inure to the
benefit of and be binding upon the Company and its successors and assigns.

 

(iii)           Nothing in this Agreement, express or
implied, is intended to or shall confer upon any person other than the parties
hereto, and their respective heirs, legal representatives, successors, and
permitted assigns, any rights, benefits, or remedies of any nature whatsoever
under or by reason of this Agreement.

 

(e)           Governing
Law. This Agreement shall be governed by and construed in accordance with
the laws of the State of Delaware, without giving effect to any choice of law
or conflict of law provision or rule (whether of the State of Delaware or any
other jurisdiction) that would cause the application of the law of any
jurisdiction other than the State of Delaware.

 

(f)            Remedies.
Each of the parties to this Agreement and any such Person granted rights
hereunder whether or not such Person is a signatory hereto shall be entitled to
enforce its rights under this Agreement specifically to recover damages and
costs (including reasonable attorney’s fees) for any breach of any provision of
this Agreement and to exercise all other rights existing in its favor. The
parties hereto agree and

 

13

 

acknowledge that
money damages may not be an adequate remedy for any breach of the provisions of
this Agreement and that any party and any such Person granted rights hereunder
whether or not such Person is a signatory hereto may in its sole discretion
apply to any court of law or equity of competent jurisdiction for specific
performance and/or other injunctive relief (without posting any bond or
deposit) in order to enforce or prevent any violations of the provisions of
this Agreement.

 

(g)           Amendment
and Waiver. The provisions of this Agreement may be amended and waived only
with the prior written consent of the Company and the Employee and no course of
conduct or failure or delay in enforcing the provisions of this Agreement shall
be construed as a waiver of such provisions or affect the validity, binding
effect or enforceability of this Agreement or any provision hereof.

 

(h)           Notices.
Any notice provided for in this Agreement must be in writing and must be either
personally delivered, transmitted via facsimile, mailed by first class mail
(postage prepaid and return receipt requested) or sent by reputable overnight
courier service (charges prepaid) to the recipient at the address below
indicated or at such other address or to the attention of such other person as
the recipient party has specified by prior written notice to the sending party.
Notices will be deemed to have been given hereunder and received when delivered
personally, when received if transmitted via facsimile, five (5) days after
deposit in the U.S. mail and one (1) day after deposit with a reputable
overnight courier service.

 

If to the Company or IPO Corp., to:

 

Hawkeye Intermediate, LLC

Hawkeye Holdings, Inc.

c/o Hawkeye Renewables, LLC

21050 140th Street

Iowa Falls, IA 50126

	
  Attention:

  	
  Chief Executive Officer

  
	
  Facsimile:

  	
  (641) 648-8925

  

 

With a copy to:

 

Thomas H. Lee Partners, L.P.

100 Federal Street, 35th Floor

Boston, MA 
02110

	
  Attention:

  	
  Scott Sperling

  
	
   

  	
  Thomas Hagerty

  
	
   

  	
  Soren Oberg

  
	
  Facsimile:

  	
  (617) 227-3514

  

 

If to the Employee, to the address set forth
underneath the Employee’s name on the signature pages hereto.

 

14

 

(i)            Business
Days. If any time period for giving notice or taking action hereunder
expires on a day which is a Saturday, Sunday or holiday in the state in which
the Company’s chief executive office is located, the time period for giving
notice or taking action shall be automatically extended to the business day
immediately following such Saturday, Sunday or holiday.

 

(j)            Survival
of Representations, Warranties and Agreements. All representations,
warranties and agreements contained herein shall survive the consummation of
the transactions contemplated hereby and the termination of this Agreement
indefinitely.

 

(k)           Descriptive
Headings. The descriptive headings of this Agreement are inserted for
convenience only and do not constitute a part of this Agreement.

 

(l)            Construction.
Where specific language is used to clarify by example a general statement
contained herein, such specific language shall not be deemed to modify, limit
or restrict in any manner the construction of the general statement to which it
relates. The language used in this Agreement shall be deemed to be the language
chosen by the parties to express their mutual intent, and no rule of strict
construction shall be applied against any party.

 

(m)          WAIVER
OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL
RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF
OR RELATING TO THIS AGREEMENT.

 

(n)           Nouns
and Pronouns. Whenever the context may require, any pronouns used herein
shall include the corresponding masculine, feminine or neuter forms, and the
singular form of nouns and pronouns shall include the plural and vice versa.

 

 

[SIGNATURE PAGE FOLLOWS]

 

15

 

IN WITNESS WHEREOF, the parties hereto have executed
this Restricted Unit Agreement as of the date first written above.

 

	
   

  	
  HAWKEYE INTERMEDIATE, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ J. D. Schlieman

  
	
   

  	
  Name:

  	
  J. D. Schlieman

  
	
   

  	
  Title:

  	
   President

  
	
   

  	
   

  
	
   

  	
  HAWKEYE HOLDINGS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ J. D. Schlieman

  
	
   

  	
  Name:

  	
  J. D. Schlieman

  
	
   

  	
  Title:

  	
   President

  
					

 

16

 

	
   

  	
  EMPLOYEE:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Bruce Rastetter

  
	
   

  	
  Bruce Rastetter

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Address:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Number of Employee Units Received:

  1,083,333

  

 

17Exhibit 10.11

 

EXECUTION COPY

 

RESTRICTED UNIT AGREEMENT

 

This Restricted Unit Agreement (this “Agreement”)
is made as of this 30th day of June, 2006 (the “Effective
Date”) between Hawkeye Intermediate, LLC, a Delaware limited liability
company (the “Company”), Hawkeye Holdings, Inc., a Delaware corporation
(“IPO Corp.”), and J.D. Schlieman, a resident of Iowa (the “Employee”).
Certain capitalized terms used herein are defined in Section 7
hereof.

 

WHEREAS, the Company believes it to be in the best
interests of the Company and its unitholders to take action to promote
work-force stability, to reward performance and otherwise align interests of
key management employees with those of the Company;

 

WHEREAS, accordingly the Company has determined to
issue restricted units in accordance with the provisions of this Agreement; and

 

WHEREAS, after the Conversion (as defined below) it
is intended that the provisions of this Agreement shall continue to apply to
the common stock of IPO Corp. received in the Conversion.

 

NOW, THEREFORE, in consideration of the mutual
covenants contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

 

1.             Issuance of Employee Units.

 

(a)           Upon execution of this Agreement, the
Company will issue to the Employee that number of Class B Common Units of the
Company (the “Class B Common Units”) set forth below such Employee’s
name on the signature page attached hereto. All of such Class B Common Units
issued to the Employee hereby are referred to herein as “Employee Units.”  To secure the Company’s rights under the
Repurchase Option in Section 3, the Company will retain possession
of the certificates representing the Employee Units and will provide the
Employee with copies thereof, provided that upon the Company’s or IPO Corp.’s
initial Public Offering (as defined in the Securityholders’ Agreement), the
Company or IPO Corp., as the case may be, shall immediately deliver original
certificates representing the Vested Units (if the Company has an initial
Public Offering) or vested Restricted Stock (as herein defined) (if IPO Corp.
has an initial Public Offering) to Employee.

 

(b)           In connection with the acquisition of
the Employee Units hereunder, the Employee represents and warrants to the
Company that:

 

(i)            the Employee Units to be acquired by the Employee
pursuant to this Agreement will be acquired for the Employee’s own account, for
investment only and not with a view to, or intention of, distribution thereof
in violation of the Securities Act, or any applicable state securities laws,
and the Employee Units 

 

 

will not be disposed of in contravention of the
Securities Act or any applicable state securities laws or this Agreement or the
Securityholders Agreement;

 

(ii)           the Employee has such knowledge and experience in business
and financial matters and with respect to investments in securities of
privately held companies so as to enable the Employee to understand and
evaluate the risks and benefits of his or her investment in the Employee Units;

 

(iii)          the Employee has no need for liquidity in his or her
investment in the Employee Units and is able to bear the economic risk of his
or her investment in the Employee Units for an indefinite period of time and
understands that the Employee Units have not been registered or qualified under
the Securities Act or any applicable state securities laws, by reason of the
issuance of the Employee Units in a transaction exempt from the registration
and qualification requirements of the Securities Act or such state securities
laws and, therefore, cannot be sold unless subsequently registered or qualified
under the Securities Act or such state securities laws or an exemption from
such registration or qualification is available;

 

(iv)          the Employee acknowledges that he or she is aware that the
Employee Units may not be sold pursuant to Rule 144 promulgated under the
Securities Act unless all of the conditions of that Rule are met. Among the
current conditions for use of Rule 144 by certain holders is the availability
to the public of current information about the Company. Such information is not
now available, and the Company has no current plans to make such information
available;

 

(v)           the Employee has had an opportunity to ask questions and
receive answers concerning the terms and conditions of the offering of the
Employee Units and has had full access to or been provided with such other
information concerning the Company as the Employee has requested; and

 

(vi)          this Agreement constitutes the legal, valid and binding
obligation of the Employee, enforceable in accordance with its terms, and the
execution, delivery and performance of this Agreement by the Employee does not
and will not conflict with, violate or cause a breach of any agreement,
contract or instrument to which the Employee is a party or any judgment, order
or decree to which the Employee is subject.

 

(c)           As an inducement to the Company to
issue the Employee Units to the Employee and as a condition thereto, the Employee
acknowledges and agrees that:

 

(i)            neither the issuance of the Employee Units to the
Employee nor any provision contained herein shall entitle the Employee to
remain in the employment of the Company or its subsidiaries or affect the right
of the Company to terminate the Employee’s employment at any time for any
reason; and

 

2

 

(ii)           except as provided in any
other agreement between the Company or any subsidiary thereof and the Employee,
the Company shall have no duty or obligation to disclose to the Employee, and
the Employee shall have no right to be advised of, any material information
regarding the Company and its subsidiaries, if any, at any time prior to, upon
or in connection with the forfeiture of the Employee Units upon the termination
of the Employee’s employment with the Company or a subsidiary thereof.

 

(d)           In
connection with the issuance of the Employee Units or the Restricted Stock, the
Company and IPO Corp. jointly and severally represent and warrant that:

 

(i)            the Company is a limited
liability company duly formed, validly existing and in good standing under the
laws of the jurisdiction of its formation and has all requisite limited
liability company power and authority to own, lease and operate the assets used
in its business, to carry on its business as presently conducted, to enter into
this Agreement, to perform its obligations hereunder, and to consummate the
transactions contemplated hereby;

 

(ii)           IPO Corp. is a corporation duly incorporated,
validly existing and in good standing under the laws of the jurisdiction of its
incorporation and has all requisite corporate power and authority to own, lease
and operate the assets used in its business, to carry on its business as
presently conducted, to enter into this Agreement, to perform its obligations
hereunder, and to consummate the transactions contemplated hereby;

 

(iii)          the Company has taken all limited
liability company action necessary to authorize its execution and delivery of
this Agreement, its performance of its obligations thereunder, and its
consummation of the transactions contemplated thereby;

 

(iv)          IPO Corp. has taken all corporate
action necessary to authorize its execution and delivery of this Agreement, its
performance of its obligations thereunder, and its consummation of the
transactions contemplated thereby;

 

(v)           this Agreement
constitutes a legal, valid and binding obligation of each of the Company and
IPO Corp., enforceable in accordance with its terms, and the execution,
delivery and performance of this Agreement by each of the Company and IPO
Corp., does not and will not conflict with, violate or cause a breach of the
Certificate of Formation or Operating Agreement of the Company, the Certificate
of Incorporation or Bylaws of IPO Corp., each as amended and as currently in
effect, or any agreement, contract or instrument to which either of the Company
or IPO Corp. is a party or in which it is bound or any law, regulation,
ordinance, judgment, order or decree to which the Company or IPO Corp. is
subject;

 

(vi)          no
consent, approval, authorization or other order of, or registration,
qualification or filing with, any regulatory body, administrative 

 

3

 

agency
or other governmental body is required for the execution and delivery of this
Agreement and the valid issuance and sale of the Employee Units or the
Restricted Stock, other than such as have been made or obtained, and except for
any securities filings required to be made under federal or state securities
laws; and

 

(vii)         the
Employee Units and the Restricted Stock have been duly authorized, and when
issued in accordance with the terms of this Agreement, will be duly and validly
issued, fully paid and nonassessable, and will not have been issued in
violation of any preemptive rights or similar rights to subscribe for or
purchase securities of either the Company or IPO Corp.

 

2.             Hurdle Amount and Vesting of Employee Units.

 

(a)           Hurdle Amount. The Hurdle Amount (as such term is defined in
the LLC Agreement) applicable to the Employee Units is $390,000,000, and
represents the aggregate fair market value of all of the equity of the
Unitholders (as that term is defined in the LLC Agreement) as of the date
hereof (after giving effect to the acquisition of membership interests of the
Company by THL).

 

(b)           Vesting. The Employee Units
granted hereunder will be deemed “vested” (the “Vested Units”) in
accordance with this Section 2(b).

 

(i)            Vesting in General. Employee Units will become Vested
Units as follows:

 

(A)          Fifty percent (50%) of the Employee Units granted under
this Agreement (the “Time Units”) will vest in forty-eight (48) equal
installments on the last day of each calendar month occurring after the date of
this Agreement; provided, that the Employee is an employee, whether at-will or
otherwise, of an Employer on such date.

 

(B)           Fifty
percent (50%) of the Employee Units granted under this Agreement (the “Time-Performance
Units”) will vest in sixty (60) equal installments on the last day of each
calendar month occurring after the date of this Agreement; provided, that
the Employee is an employee, whether at-will or otherwise, of an Employer on
such date; further  provided  that, no such Time-Performance
Units will be considered vested unless THL has previously (together with any
proceeds to be received concurrently at the time of determination) received in
cash proceeds (the “Return”) either as distributions with respect to, or
from the sale or disposition of, THL’s initial equity investment in the Company
and any subsequent equity investments in the Company (the “Investment”)
(excluding any management or transaction fees or expenses but including any
amounts received by THL in respect of the cash savings, if any, in U.S. federal
income or Iowa franchise taxes as a result of the increase in tax basis of the
Company’s assets as a result of the acquisition of the 

 

4

 

Company’s
interests by THL as the date hereof and any other payment made to THL under
Section 3.6(b) of the Securityholders’ Agreement) an amount equal to 200% of
THL’s Investment (the “Return Hurdle”)..

 

(ii)           Vesting Upon a Change of Control.
Notwithstanding Section 2(b)(i):

 

(A)          all
Time Units that have not previously vested will become Vested Units upon a
Change of Control; and

 

(B)           all
Time-Performance Units that have not previously vested will vest in full upon a
Change of Control if the Return Hurdle has been met. In the event of a Change
of Control in which all or a portion of the consideration payable to the
Company’s equityholders is in the form of equity securities, the value of the
equity securities will be included in the calculation of whether the Return
Hurdle has been met. If the Return Hurdle has not been met, then that number of
Time-Performance Units that have not previously vested will vest as
follows:  (i) the total number of
unvested Time-Performance Units multiplied  by (ii) the
Percentage. The Percentage shall equal the following number, expressed as a
percentage:  (x) 0.5 multiplied
by (y) the percentage by which the Return exceeds 100% of THL’s
Investment.

 

For purposes of illustration only, if the Return was
150%, then the Time-Performance Units would be 25% vested, and if the Return
was 110%, then the Time-Performance Units would be 5% vested

 

(iii)          Vesting
Upon Termination Without Cause; Good Reason or Certain Instances of Death or
Disability. Notwithstanding Section 2(b)(i), in the event the Employee’s
employment with an Employer, whether at will or otherwise, is terminated
(A) by an Employer for any reason other than Cause (as defined in this
Agreement), (B) by the Employee for Good Reason (as defined in this
Agreement); or (C) by reason of the Employee’s death or Disability (as
defined in this Agreement) which occurs in connection with the performance of
the Employee’s employment duties, then the vesting of the Employee Units will
accelerate as follows:

 

(A)          if,
at the time of such termination, less than 33.33% of the Employee Units are
Vested Units (based only on the time portion of vesting and assuming, for
purposes of this subparagraph (iii) only, that the performance goals of the
Time-Performance Units have been met), then 33.33% of the Employee Units shall
be deemed Vested Units;

 

(B)           if,
at the time of such termination at least 33.33%, but less than 66.66% of the
Employee Units are Vested Units (based only on the time portion of vesting and
assuming, for purposes of this subparagraph 

 

5

 

(iii)
only, that the performance goals of the Time-Performance Units have been met),
then 66.66% of the Employee Units shall be deemed Vested Units; and

 

(C)           if,
at the time of such termination, at least 66.66%, but less than 100%, of the
Employee Units are Vested Units (based only on the time portion of vesting and
assuming, for purposes of this subparagraph (iii) only, that the performance
goals of the Time-Performance Units have been met), then 100% of the Employee
Units shall be deemed Vested Units.

 

(iv)          Vesting
Upon Death or Disability. Notwithstanding Section 2(b)(i), in the
event the Employee’s employment with an Employer, whether at will or otherwise,
is terminated by reason of death or Disability (other than death or Disability
which occurs in connection the performance of the Employee’s employment
duties), then vesting of the Employee Units shall be accelerated by one year
such that the applicable date of termination for vesting shall be deemed to be
one year after the actual date of termination.

 

(c)           Transfers of Employment Among
Employers. For purposes of this Agreement, any transfer of the Employee’s
employment from one Employer to another Employer shall not constitute a
termination of employment with an Employer.

 

3.             Repurchase or Forfeiture of Employee Units.

 

(a)           In the event that the Employee ceases to be an
employee, whether at-will or otherwise, of an Employer, then all Employee Units
which are not Vested Units in accordance with Section 2 hereof, will be
forfeited and returned to the Company.

 

(b)           In the event
the Employee ceases to be an employee of an Employer (i) by reason of
termination by an Employer for Cause, or (ii) by reason of the Employee’s
voluntary termination with or without Good Reason, then all Employee Units
which are Vested Units in accordance with Section 2 hereof, will be
subject to repurchase by the Company, at the Company’s option (the “Repurchase
Option”), for Fair Market Value. The Repurchase Option shall terminate upon
the Company’s or IPO Corp.’s initial Public Offering (as defined in the
Securityholders’ Agreement).

 

(c)           The Repurchase Option shall be
exercised by the Company, or its designee, from time to time, with respect to
Vested Units within 270 days after the date of termination by delivering to the
Employee a written notice of exercise and a check in the amount of the Fair
Market Value, if applicable, determined as of the date the Employee ceased to
be employed by an Employer. Upon delivery of such notice and payment of the
purchase price as described above (or automatically upon any forfeiture of
Employee Units pursuant to Section 3(a), the Company, or its designee,
shall become the legal and beneficial owner of the Employee Units being
repurchased and all rights and interest therein or related thereto, and the
Company, or its designee, shall have the right to transfer to its own name the
number of Employee Units being repurchased 

 

6

 

without further action by the Employee or any of his
or her transferees. If the Company or its designee elects to exercise the
Repurchase Option pursuant to this Section 3 and the Employee or
his or her transferee fails to deliver the Employee Units in accordance with
the terms hereof, the Company, or its designee, may, at its option, in addition
to all other remedies it may have, deposit the purchase price in an escrow
account administered by an independent third party (to be held for the benefit
of and payment over to the Employee or his or her transferee in accordance
herewith), whereupon (or, in any case, upon any forfeiture of Employee Units
pursuant to this Section 3) the Company shall by written notice to the
Employee cancel on its books the certificates(s) representing such Employee
Units registered in the name of the Employee and all of the Employee’s or his
or her transferee’s right, title, and interest in and to such Employee Units
shall terminate in all respects; provided that the Company shall instruct the
escrow agent to release the purchase price to the Employee immediately
following the Employee’s or his or her transferee’s delivery of certificates
representing the Employee Units or a written acknowledgement by the Employee
that the Employee’s or his or her transferee’s right, title and interest in and
to such Employee Units has been terminated in all respects.

 

(d)           Notwithstanding
the foregoing, if at any time the Company elects to repurchase any Employee
Units pursuant to the Repurchase Option, the Company shall pay the purchase
price for the Employee Units it purchases (i) first, by offsetting
indebtedness, if any, owing from the Employee to the Company and (ii) then, by
the Company’s delivery of cash for the remainder of the purchase price, if any,
against delivery of the certificates or other instruments representing the
Employee Units so purchased, duly endorsed; provided  that, (x) if
any such cash payment at the time such payment is required to be made would
result (A) in a violation of any law, statute, rule, regulation, policy,
order, writ, injunction, decree or judgment promulgated or entered by any
federal, state, local or foreign court or governmental authority applicable to
the Company or any of its subsidiaries or any of its or their property or
(B) after giving effect thereto, in a Financing Default, or (y) if the
Board determines in good faith that immediately prior to such purchase there
shall exist a Financing Default which prohibits such purchase ((x) and (y)
collectively the “Cash Deferral Conditions”), the portion of the cash
payment so affected may be made by the Company’s delivery of a promissory note
or senior preferred units of the Company with a liquidation preference equal to
the balance of the purchase price. The promissory note or senior preferred
units shall accrue interest or yield, as the case may be, annually at the “prime
rate” published in The Wall Street Journal on the date of issuance, which
interest or yield, as the case may be, shall be payable at maturity. The value
of each such senior preferred unit shall as of its issuance be deemed to equal
(A) the portion of the cash payment paid by the issuance of such preferred
units divided by (B) the number of senior preferred units so issued. Any
senior preferred units or the promissory
note shall be redeemed or payable when and to the extent the Cash Deferral Condition
which prompted their issuance no longer exists. The Company shall use its
reasonable best efforts to cause any Cash Deferral Conditions to be resolved.

 

(e)           In the event that Employee Units are
repurchased or forfeited pursuant to this Section 3, the Employee
and his or her successors, assigns or Representatives shall 

 

7

 

take (at the Company’s expense) all steps necessary
and desirable to obtain all required third-party, governmental and regulatory
consents and approvals and take all other actions necessary and desirable to
facilitate consummation of such repurchase in a timely manner.

 

4.             Conversion of Class B Common Units. Upon the
Conversion, the terms of this Agreement, including, without limitation, all
vesting and forfeiture provisions, will continue to apply to any shares of
common stock of IPO Corp. received in exchange for Class B Common Units (the “Restricted
Stock”) and thereafter all references to the “Company” shall mean IPO Corp.
and all references to the “Employee Units” shall mean the Restricted Stock.

 

5.             Legend.

 

The
certificates representing the Employee Units will bear the following legend:

 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE
SUBJECT TO FORFEITURE, REPURCHASE RIGHTS AND CERTAIN OTHER AGREEMENTS SET FORTH
IN A RESTRICTED UNIT AGREEMENT DATED AS OF JUNE 30, 2006, BETWEEN THE COMPANY,
HAWKEYE HOLDINGS, INC. AND THE OTHER SIGNATORY THERETO. A COPY OF SUCH
AGREEMENT MAY BE OBTAINED BY THE HOLDER HEREOF AT THE COMPANY’S PRINCIPAL PLACE
OF BUSINESS WITHOUT CHARGE.

 

THE SALE, TRANSFER, ASSIGNMENT, PLEDGE, OR
ENCUMBRANCE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE AND THE RIGHTS OF
THE HOLDER OF SUCH SECURITIES IN RESPECT OF THE ELECTION OF DIRECTORS ARE
SUBJECT TO A SECURITYHOLDERS AGREEMENT DATED JUNE 30, 2006 AMONG THE
COMPANY AND CERTAIN HOLDERS OF ITS EQUITY INTERESTS. COPIES OF SUCH AGREEMENT
MAY BE OBTAINED AT NO COST BY WRITTEN REQUEST MADE BY THE HOLDER OF RECORD OF
THIS CERTIFICATE TO THE SECRETARY OF THE COMPANY.

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE
BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES OR BLUE SKY LAWS. THESE
SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION
OR AN EXEMPTION THEREFROM UNDER SAID ACT OR LAWS.”

 

6.             Restrictions on Transfer, Conversion and Voting.

 

(a)           The Company and the Employee
acknowledge and agree that the Employee Units are subject to and restricted by
the Securityholders Agreement. Notwithstanding anything to the contrary
contained in the Securityholders Agreement regarding rights to transfer
Employee Units, any Employee Units that have not become Vested Units pursuant
to Section 2 hereof may not be transferred to any Person.

 

8

 

(b)           Prior to any Transfer, the transferee
shall agree, by execution of a Joinder Agreement, to be bound by this Agreement
as holder of Employee Units and by the Securityholders Agreement. Any Transfer
or attempted Transfer of any Employee Units in violation of the preceding
sentence shall be void, and the Company shall not record such Transfer on its
books or treat any purported transferee of such Employee Units as the owner of
such Employee Units for any purpose.

 

(c)           In the event
any Employee Units have voting rights, the Employee agrees that so long as the
Employee owns Employee Units which have not become Vested Units pursuant to Section 2
hereof, the Employee shall be obligated to vote all of his, her or its Employee
Units which have not become Vested Units pursuant to Section 2
hereof in the same manner and proportions as the votes cast by the holders of a
majority of the Company’s voting equity interests not subject to such
repurchase rights. If the Employee fails or refuses to vote his, her or its
Employee Units which have not become Vested Units pursuant to Section 2
hereof as required by, or votes his, her or its Employee Units which have not
become Vested Units pursuant to Section 2 hereof in contravention
of this Section 6(c), then the Employee hereby grants to each of
the Chief Executive Officer and Chief Financial Officer of the Company, acting
solely in his or her capacity as such, an irrevocable proxy, coupled with an
interest, to vote such Employee Units in accordance with Section 6(c).

 

7.             Definitions.

 

The
following terms shall have the meanings ascribed below:

 

“Affiliate” of any particular Person means
any other Person controlling, controlled by or under common control with such
particular Person or, with respect to any individual, such individual’s spouse
and descendants (whether natural or adopted) and any trust, partnership,
limited liability company or similar vehicle established and maintained solely
for the benefit of (or the sole members or partners of which are) such
individual, such individual’s spouse and/or such individual’s descendants.

 

“Board”
means the Board of Managers of the Company and, after the Conversion, the Board
of Directors of IPO Corp.

 

“Cause” shall mean, with respect to the
Employer of Employee, (a) the admission, confession, or plea bargain to or
conviction in a court of law of any felony or other crime involving moral
turpitude or the commission by the Employee of any other act or any omission to
act involving dishonesty, disloyalty or fraud, involving the Company which is
material; (b) engaging in conduct that is demonstrably and materially injurious
to the business, reputation, character, or community standing of the Employer
(c) continued material failure to perform the material duties of the Employee’s
employment for 15 days after written notice from the Employer to the Employee
providing a detailed description of the failure constituting cause; (d) gross
negligence or willful misconduct with respect to the Employer that is
demonstrably and materially injurious to the Company; or (e) breach of any
restrictive covenant with the Employer not cured within 15 days of written
notice from the Employer to the Executive providing a 

 

9

 

detailed description of the activities constituting
Cause (or if the Employee’s employment with an Employer is pursuant to an
employment agreement at the time of his termination of employment, then Cause
shall be as defined in such employment agreement).

 

“Change of Control” shall mean the
consummation of a transaction, whether in a single transaction or in a series
of related transactions that are consummated contemporaneously (or consummated
pursuant to contemporaneous agreements), with any other party or parties, other
than an Affiliate of THL, on an arm’s-length basis, pursuant to which (a) a
party or group (as defined under Rule 13d under the
Securities Exchange Act of 1934, as amended) who is not a unitholder of the
Company on the Effective Date, acquires, directly or indirectly (whether by
merger, stock purchase, recapitalization, reorganization, redemption, issuance
of capital stock or otherwise), more than 50% of the voting power of the
Company or otherwise becomes entitled to designate a majority of the members of
the Company’s Board, or (b) such party or parties, directly or indirectly,
acquire assets constituting all or substantially all of the assets of the
Company and its subsidiaries on a consolidated basis.

 

“Class B Common Units” has the meaning set
forth in Section 1(a) hereof.

 

“Code” shall mean the Internal Revenue Code
of 1986, as amended.

 

“Conversion” shall mean the conversion of
Class B Common Units of the Company to common stock of IPO Corp. in accordance
with Section 3.6 of the Securityholders Agreement.

 

“Disability” shall mean any physical or
mental disability of the Employee rendering the Employee unable to perform the
duties of his employment for a period of at least 120 days out of any
twelve-month period. Any determination of Disability shall be made by the Board
in consultation with a qualified physician or physicians selected by the Board
and reasonably acceptable to the Employee.

 

“Employee Units” has the meaning set forth in
Section 1(a) hereof. The Employee Units will continue to be
Employee Units in the hands of any holder other than the Employee (except for
the Company and except for transferees in a public sale) and, except as
otherwise provided herein, each such other holder of the Employee Units will
succeed to all rights and obligations attributable to the Employee as a holder
of the Employee Units hereunder. The Employee Units will also include equity
interests of the Company issued with respect to the Employee Units by way of an
equity split, dividend of equity or other recapitalization.

 

“Employer” means the Company and its
subsidiaries and at all times includes Hawkeye Renewables, LLC and IPO Corp. and
their subsidiaries and shall also include any successor to the Company after a
Change in Control.

 

“Fair Market Value” shall be determined by
the Board in good faith; provided, however, that if Employee does
not agree to the Board’s determination of Fair Market Value, the parties shall
submit not later than ninety (90) days following 

 

10

 

Employee’s receipt of the Board’s determination of
Fair Market Value the matter to PriceWaterhouse Coopers (or any accounting firm
mutually agreed to by the Employee and the Company) (the “Accountants”), for
resolution. The Company or IPO Corp., as the case may be, and Employee shall
provide access to and shall deliver copies of the books and records, including
work papers, financial statements, schedules and notes thereto, of the Company
or IPO Corp., as the case may be, and any such documents or information as the
Accountants request to determine the Fair Market Value. The parties shall have
the opportunity to present to the Accountants any material relevant to the
determination of Fair Market Value and to discuss the matter with the
Accountants, provided that the other parties hereto receive a copy of any and
all such documents and information delivered to the Accountants and are
afforded the opportunity to be present at any meeting with the Accountants and
to discuss its views with the Accountants. The Company or IPO Corp., as the
case may be, and Employee, will each bear 50% of the Accountants’ fees and
expenses for such resolution. The Accountants’ determination of Fair Market
Value will be final, conclusive and binding on the parties and nonappealable.

 

“Financing Default”
means any event of default or breach under the Senior Debt Agreements.

 

“Good Reason” means: 
(i) a material diminution in or assignment of duties inconsistent
with Employee’s position prior to the date of this Agreement or a change in the
Employee’s direct reporting relationship, provided, however, that a change in
title shall not itself be considered a material diminution; (ii) a
reduction in base salary or a reduction in any annual bonus (it being
understood that the failure to receive an annual bonus or a reduced annual
bonus due to failure to meet applicable performance targets shall not be
considered a reduction in annual bonus hereunder); (iii) if the Employee’s
employment with an Employer is pursuant to an employment agreement at the time
of his termination of employment, then Good Reason shall be as defined in such
employment agreement; (iv) any material breach of the Securityholders’
Agreement, the IPO Corp. Securityholders’ Agreement or the LLC Agreement by the
Company which is not cured within 15 days after written notice of such breach
is provided by Executive to the Company; or (v) any material breach of the
Executive Employment and Non-Competition Agreement dated June 30, 2006 among the
Employee, Hawkeye Renewables, LLC, Hawkeye Holdings, Inc. and Hawkeye
Intermediate, LLC by an Employer which is not cured within 15 days after
written notice of such breach is provided by Executive to the Employer.

 

“IPO Corp. Securityholders’ Agreement”  means the IPO Corp. Securityholders’
Agreement dated June 30, 2006 between Hawkeye Holdings, Inc. and certain
securityholders of IPO Corp., as amended, modified or supplemented from time to
time.

 

“LLC Agreement” means
that certain Amended and Restated Limited Liability Company Agreement of the
Company dated June 30, 2006 by and among the Company, Hawkeye Holdings,
L.L.C., certain Affiliates of THL and the other parties thereto.

 

11

 

“Person” shall be construed broadly and shall
include, without limitation, an individual, a partnership, an investment fund,
a limited liability company, a corporation, an association, a joint stock
company, a trust, a joint venture, an unincorporated organization and a governmental
entity or any department, agency or political subdivision thereof.

 

“Representative” means, with respect to the
deceased Employee, the duly appointed, qualified and acting personal
representative (or personal representatives collectively) of the estate of the
deceased Employee (or portion of such estate that includes Employee Units),
whether such personal representative holds the position of executor,
administrator or other similar position qualified to act on behalf of such
estate.

 

“Securities Act” means the Securities Act of
1933, as amended, or any successor federal law then in force.

 

“Securityholders Agreement” means the Limited
Liability Securityholders Agreement dated June 30, 2006 between the Company and
certain securityholders of the Company, as amended, modified or supplemented
from time to time.

 

“Senior Debt Agreements” shall mean (i) that certain First Lien Credit Agreement dated
as of June 30, 2006 (the “First Lien Credit Agreement”), among the
Company, THL-Hawkeye Acquisition LLC, a Delaware limited liability company (“Merger
Sub”), to be merged with and into Hawkeye Renewables, LLC, a Delaware
limited liability company (the “Operating Company”), the lenders party
thereto (the “First Lien Lenders”), and Credit Suisse, as administrative
agent and as collateral agent for the First Lien Lenders, (ii) all other
Loan Documents (as defined in the First Lien Credit Agreement) delivered in
connection with the First Lien Credit Agreement, (iii) that certain Second
Lien Credit Agreement dated as of June 30, 2006 (the “Second Lien
Credit Agreement”), among the Company, Merger Sub, to be merged with and
into the Operating Company, the lenders party thereto (the “Second Lien
Lenders”), and Credit Suisse, as administrative agent and as collateral
agent for the Second Lien Lenders and (iv) all other Loan Documents (as
defined in the Second Lien Credit Agreement) delivered in connection with the
Second Lien Credit Agreement.

 

“THL” means Thomas H. Lee Equity Fund VI,
L.P., a Delaware limited partnership, and its Affiliates.

 

“Transfer” means the sale, transfer,
assignment, pledge or other disposal (whether with or without consideration and
whether voluntarily or involuntarily or by operation of law) of any Employee
Units; provided, that a Transfer does not include any Employee Units which are
Vested Units or Restricted Stock that has vested in accordance with the terms
of this Agreement.

 

8.             General Provisions.

 

(a)           Severability. The parties
agree that each provision herein shall be treated as a separate and independent
clause, and the unenforceability of any one clause shall in 

 

12

 

no way impair the enforceability of any other
clauses of this Agreement. If any one or more provisions of this Agreement is
held to be invalid or unenforceable for any reason, including due to being
overbroad in scope activity, subject or otherwise: (i) this Agreement shall be
considered divisible; (ii) such provision shall be deemed inoperative to the
extent it is deemed invalid or unenforceable; and (iii) in all other respects
this Agreement shall remain full force and effect; provided, however, that if
any such provision maybe made valid or enforceable by limitation thereof, then
such provision shall be deemed to be so limited and shall be valid and/or
enforceable to the maximum extent permitted by applicable law.

 

(b)           Entire Agreement. This
Agreement and the Securityholders Agreement constitute the
entire agreement and understanding of the parties hereto concerning the subject
matter hereof and from and after the date of this Agreement, this Agreement
shall supersede any other prior negotiations, discussions, writings, agreements
or understandings, both written and oral, between the parties with respect to
such subject matter.

 

(c)           Counterparts. This Agreement
may be executed in separate counterparts, each of which is deemed to be an
original and all of which taken together constitute one and the same agreement.

 

(d)           Successors and Assigns.

 

(i)             This Agreement is personal to the Employee and without
the prior written consent of the Company shall not be assignable by the
Employee. This Agreement shall inure to the benefit of and shall be enforceable
by the Employee and the Employee’s legal representatives, heirs, successors and
permitted assigns.

 

(ii)            This Agreement shall inure to the benefit of and be
binding upon the Company and its successors and assigns.

 

(iii)           Nothing in this Agreement, express or implied, is intended
to or shall confer upon any person other than the parties hereto, and their
respective heirs, legal representatives, successors, and permitted assigns, any
rights, benefits, or remedies of any nature whatsoever under or by reason of
this Agreement.

 

(e)           Governing Law. This Agreement
shall be governed by and construed in accordance with the laws of the State of
Delaware, without giving effect to any choice of law or conflict of law
provision or rule (whether of the State of Delaware or any other jurisdiction)
that would cause the application of the law of any jurisdiction other than the
State of Delaware.

 

(f)            Remedies. Each of the parties
to this Agreement and any such Person granted rights hereunder whether or not
such Person is a signatory hereto shall be entitled to enforce its rights under
this Agreement specifically to recover damages and costs (including reasonable
attorney’s fees) for any breach of any provision of this Agreement and to
exercise all other rights existing in its favor. The parties hereto agree and 

 

13

 

acknowledge that money damages may not be an
adequate remedy for any breach of the provisions of this Agreement and that any
party and any such Person granted rights hereunder whether or not such Person
is a signatory hereto may in its sole discretion apply to any court of law or
equity of competent jurisdiction for specific performance and/or other
injunctive relief (without posting any bond or deposit) in order to enforce or
prevent any violations of the provisions of this Agreement.

 

(g)           Amendment and Waiver. The
provisions of this Agreement may be amended and waived only with the prior
written consent of the Company and the Employee and no course of conduct or
failure or delay in enforcing the provisions of this Agreement shall be
construed as a waiver of such provisions or affect the validity, binding effect
or enforceability of this Agreement or any provision hereof.

 

(h)           Notices. Any notice provided
for in this Agreement must be in writing and must be either personally
delivered, transmitted via facsimile, mailed by first class mail (postage
prepaid and return receipt requested) or sent by reputable overnight courier
service (charges prepaid) to the recipient at the address below indicated or at
such other address or to the attention of such other person as the recipient
party has specified by prior written notice to the sending party. Notices will
be deemed to have been given hereunder and received when delivered personally,
when received if transmitted via facsimile, five (5) days after deposit in the
U.S. mail and one (1) day after deposit with a reputable overnight courier
service.

 

If
to the Company or IPO Corp., to:

 

Hawkeye
Intermediate, LLC

Hawkeye
Holdings, Inc.

c/o
Hawkeye Renewables, LLC

21050
140th Street

Iowa
Falls, IA 50126

Attention:  Chief Executive Officer

Facsimile:  (641) 648-8925

 

With
a copy to:

 

Thomas
H. Lee Partners, L.P.

100 Federal Street, 35th Floor

Boston,
MA 02110

Attention: 
Scott Sperling

Thomas
Hagerty

Soren
Oberg

Facsimile:  (617) 227-3514

 

If
to the Employee, to the address set forth underneath the Employee’s name on the
signature pages hereto.

 

14

 

(i)            Business Days. If any time
period for giving notice or taking action hereunder expires on a day which is a
Saturday, Sunday or holiday in the state in which the Company’s chief executive
office is located, the time period for giving notice or taking action shall be
automatically extended to the business day immediately following such Saturday,
Sunday or holiday.

 

(j)            Survival of Representations,
Warranties and Agreements. All representations, warranties and agreements
contained herein shall survive the consummation of the transactions
contemplated hereby and the termination of this Agreement indefinitely.

 

(k)           Descriptive Headings. The
descriptive headings of this Agreement are inserted for convenience only and do
not constitute a part of this Agreement.

 

(l)            Construction. Where specific
language is used to clarify by example a general statement contained herein,
such specific language shall not be deemed to modify, limit or restrict in any
manner the construction of the general statement to which it relates. The
language used in this Agreement shall be deemed to be the language chosen by
the parties to express their mutual intent, and no rule of strict construction
shall be applied against any party.

 

(m)          WAIVER OF JURY TRIAL. EACH OF
THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY
ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS
AGREEMENT.

 

(n)           Nouns and Pronouns. Whenever
the context may require, any pronouns used herein shall include the
corresponding masculine, feminine or neuter forms, and the singular form of
nouns and pronouns shall include the plural and vice versa.

 

[SIGNATURE
PAGE FOLLOWS]

 

15

 

IN
WITNESS WHEREOF, the parties hereto have executed this Restricted Unit
Agreement as of the date first written above.

 

	
   

  	
  HAWKEYE
  INTERMEDIATE, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Bruce Rastetter

  
	
   

  	
  Name:

  	
  Bruce Rastetter

  
	
   

  	
  Title:

  	
  Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
  HAWKEYE
  HOLDINGS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Bruce Rastetter

  
	
   

  	
  Name:

  	
  Bruce Rastetter

  
	
   

  	
  Title:

  	
  Chief Executive Officer

  
					

 

16

 

	
   

  	
  EMPLOYEE:

  
	
   

  	
   

  
	
   

  	
  /s/ J. D. Schlieman

  
	
   

  	
  J.
  D. Schlieman

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Address:

  	
  1330
  Fairway Ave.

  
	
   

  	
   

  	
  Story
  City, Iowa 50248

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Number
  of Employee Units Received:

  
	
   

  	
  1,083,333

  

 

17

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