Document:

FORM OF PLANT OPERATIONS AGREEMENT

 Exhibit 10.19 
 EXECUTION COPY 
 FORM OF PLANT OPERATION AGREEMENT 
 THIS FORM OF PLANT OPERATION AGREEMENT (this “Agreement”) is made effective as of the ____ day of ___________, 2006, by and
between ________________ (“OWNER”), and UNITED BIO ENERGY MANAGEMENT, LLC, a Kansas limited liability company (“UBEM”). 
 RECITALS 
 A. OWNER intends to construct the Plant (as that term is defined in paragraph 1 of this
Agreement). 
 B. UBEM desires to provide services to OWNER with respect to the Production Process (as that term is defined in paragraph 1 of
this Agreement) and the operation and management of the Plant, and OWNER desires to receive those services from UBEM, all upon and subject to the terms and conditions of this Agreement. 
 NOW, THEREFORE, in consideration of the Recitals and the mutual covenants contained herein, the parties agree as follows: 
 1. Definitions. For purposes of this Agreement, the following terms shall have the following meanings: 
 (a) “Affiliated Plants” means (i) the ethanol production facility located in or near ________________ that is owned
by _____________, (ii) the ethanol production facility located in or near _______________ that is owned by ______________, and (iii) any other ethanol plant owned directly or indirectly by ASA OpCo Holdings, LLC. 
 (b) “Agreement” and the words “herein”, “hereof”, “hereby” “hereunder”, and words
of similar import refer to this Plant Operation Agreement as a whole and not to any particular provision unless expressly so limited. 
 (c) “Cargill Contracts” means (i) the Master Agreement dated as of __________, 2006 by and among OWNER, ASA OpCo Holdings, LLC, Cargill, Incorporated, and Cargill Commodity Services, Inc.,
relating to the Plant, and (ii) each of the Goods and Services Agreements as defined in such Master Agreement. 
 (d)
“Capital Budget” means an annual written budget of OWNER which includes capital expenditure projections for the forthcoming year for those expenses which would normally be capitalized by a business in a similar industry. 

(e) “Commencement Date” means the date which is nine (9) months after the date on which OWNER provides written
notice to UBEM that OWNER desires UBEM to commence providing services pursuant to this Agreement; provided, however, that the Commencement Date shall in no event be later than the date which is nine (9) months prior to the Scheduled Substantial
Completion Date. 
  

 1 

 (f) “Consulting Fee” is defined in paragraph 13. 
 (g) “Consulting Term” is defined in paragraph 13. 
 (h) “Day”, “quarter” and “year” mean calendar day, quarter and year, respectively,
unless expressly provided otherwise. 
 (i) “Escalation Quotient” means, for any calendar year, the quotient
of the CPI as of June 30 of the current calendar year divided by the CPI as of June 30, 2005. For purposes of this definition, “CPI” means the Consumer Price Index for All Urban Consumers (CPI–U), U.S. City Average,
seasonally adjusted, as published by the United States Department of Labor, or, if such index is no longer published or the method of computation thereof has been modified to yield a materially different result, a substitute index acceptable to
OWNER and UBEM. 
 (j) “Financing Documents” means any and all loan agreements, notes, indentures, security
agreements, subordination agreements, mortgages, deeds of trust, participation agreements and other documents relating to the construction, working capital, interim and long-term financing of the Plant and any refinancing thereof provided by the
Financing Parties, including any and all modifications, extensions, renewals and replacements of any such financing or refinancing. 
 (k) “Financing Parties” means any and all lenders, and any trustee or agent acting on their behalf, providing senior or subordinated construction, interim or long-term debt financing or refinancing to Owner or its parent,
ASA OpCo Holdings, LLC, the proceeds of which are applied in whole or in part to the financing of the Plant. 
 (l)
“General Manager” means that individual who is employed or otherwise retained by OWNER to act as the general manager of the Plant. 
 (m) “ICM” means ICM, Inc., a Kansas corporation. 
 (n) “ICM
License” means the License Agreement dated as of ___________, 2006 by and between OWNER and ICM, a true and correct copy of which is attached hereto as Exhibit C. 
 (o) “Management Fee” is defined in paragraph 6(a). 
 (p) “Operating Budget” means an annual written budget of OWNER which includes pro forma income and expense projections
for the forthcoming year. 
 (q) “Person” means any individual, corporation, partnership, limited liability
company, trust or other legal entity. 
 (r) “Plant” means the ethanol production facility of OWNER to be
located in or near _____________, consisting of the physical plant and equipment (including all 

  

 2 

 
facilities and associated equipment appurtenant thereto, or used in connection therewith) used for, or related to, the Products or the Production Process.

 (s) “Plant Manager” means that individual who is employed by UBEM, pursuant to paragraph 9 in any
capacity, including, but not limited to as an employee or independent contractor, to perform the duties set forth in paragraph 3. 
 (t) “Production Bonus” is defined in paragraph 6(b). 
 (u) “Production Process”
means the processes and procedures utilized at the Plant for the production of the Products, commencing with the weighing and unloading of grain and other raw materials at the Plant and ending with the weighing (or other measurement) and loading of
the Products at the Plant. With respect to carbon dioxide, Production Process shall only extend to the selection, cleaning and blowing over of the carbon dioxide gas, but no further processing or handling for any end use. 
 (v) “Products” means the ethanol, distiller’s grains and carbon dioxide gas produced at the Plant. 
 (w) “Proprietary Information” is defined in paragraph 10. 
 (x) “Reference Rate” means the prime rate for commercial loans as published from time to time in the Wall Street
Journal. If such publication should cease to exist or publish such information, the parties will agree on a successor banking entity for this purpose. 
 (y) “Scheduled Substantial Completion Date” has the meaning specified in the Lump Sum Design-Build Agreement between OWNER and Fagen, Inc. relating to the Plant; provided, however, that OWNER shall
notify UBEM in writing of any changes to the Scheduled Substantial Completion Date. 
 (z) “Substantial Completion
Date” has the meaning specified in the Lump Sum Design-Build Agreement between OWNER and Fagen, Inc. relating to the Plant. 
 (aa) “Successor Operator” is defined in paragraph 14(c). 
 2. Engagement of UBEM; Standards for
Performance. OWNER hereby engages and designates UBEM, and UBEM hereby accepts such engagement and designation, on the terms and conditions set forth in this Agreement, as OWNER’s agent, to direct, supervise, operate, maintain and manage
the day-to-day operation of the Production Process and of the Plant as it relates to the Production Process. Subject to OWNER’s compliance with this Agreement, UBEM shall in all events perform all of its services, duties and obligations under
this Agreement in good faith and in accordance with (a) the terms of this Agreement, (b) applicable laws and all governmental licenses and permits applicable to the Plant or the Production Process which have been obtained at the time of
performance of the service, duty or obligation, (c) the Capital Budget and Operating Budget then in effect, (d) the terms of UBEM’s 

  

 3 

 
and OWNER’s insurance policies, and (e) practices, methods, standards and procedures that are generally accepted and followed by prudent and
experienced owners and prudent and experienced operators of dry mill ethanol production facilities of technology, complexity and size similar to the Plant. UBEM will also (i) operate the Plant and the Production Process in a manner reasonably
expected to maximize the production of Products produced at the Plant, and to minimize (consistent with maximizing production) the costs and expenditures necessary to operate and maintain the Plant; and (ii) provide adequate staffing and
availability of its employees to perform all of its obligations and duties as specified in this Agreement. 
 3. Authority, Duties and
Limitations of UBEM. 
 (a) Duties. UBEM’s duties and services under this Agreement include, and UBEM is
hereby authorized by OWNER to take any and all actions, in each case on behalf of and, unless otherwise expressly provided in this Agreement, at the expense of, OWNER, which are necessary or appropriate to, each and all of the following: 

(1) direct, supervise, operate, maintain and manage the day-to-day operation of the Production Process, through the Plant Manager;

 (2) in consultation with the General Manager, (a) hire, supervise and discharge all OWNER employees necessary for, and
related to, the Production Process according to a staffing plan proposed by UBEM and agreed upon by OWNER and UBEM prior to the Commencement Date (or as modified from time to time by mutual agreement), and (b) set wage rates for such employees
and contract for and cause to be conducted all training reasonably necessary or desirable for such employees; 
 (3) other
than raw materials furnished pursuant to the Cargill Contracts, contract for and cause all equipment, supplies, tools and other materials and facilities used in the Production Process to be maintained in good order and condition; contract for and
cause all routine repairs, replacements and alterations thereto; and contract for such equipment, supplies, services, hardware and software technology and other items that UBEM deems necessary or desirable for the Production Process; provided,
however, that UBEM, without the prior written approval of the General Manager, shall not contract for or make any particular expenditure (or series of related expenditures that in the aggregate are) in excess of Fifteen Thousand Dollars and No/100
($15,000.00), other than items included in the Capital Budget or Operating Budget, except only in circumstances which UBEM believes constitute an emergency requiring immediate action for the preservation or safety of the Plant or its employees or to
avoid suspension of any necessary service, in which event UBEM shall provide notice to the General Manager as soon as practicable after such emergency and expenditure, with full particulars thereof; 
  

 4 

 (4) reasonably assist OWNER in obtaining and maintaining all applicable permits related
to the Production Process; 
 (5) contract for and use best efforts to cause all acts and things to be done affecting or
related to the Production Process which are reasonably necessary or appropriate to comply with all applicable permits, laws, regulations, rules, and orders; 
 (6) reasonably assist OWNER in complying with and administering the obligations and rights of OWNER pursuant to the Cargill Contracts,
copies of which Owner will provide to UBEM, and as requested from time to time by the Owner or the General Manager; 
 (7)
contract for and cause all acts and things to be done affecting or related to the Production Process which are necessary or appropriate to comply with all other contractual obligations of OWNER of which OWNER has provided notice to UBEM pursuant to
paragraph 4 or of which the Plant Manager is otherwise aware or which were entered into or otherwise established by UBEM pursuant to this Agreement, including but not limited to the requirements contained in a group insurance program through ICM for
the Plant in which OWNER may choose in its sole discretion to participate (or any similar or replacement program therefor or supplemental program thereto) and the program description of which shall be made available to OWNER upon its written request
to UBEM; 
 (8) provide or cause to be provided consultation to and with OWNER concerning the Production Process and matters
relating to the production of the Products; 
 (9) provide or cause to be provided consultation to and with OWNER concerning
the ongoing operations and maintenance of the Plant as it pertains to the Production Process, and ongoing consultation and engineering support concerning the design of the Plant and equipment used in the Plant for the Production Process; 

(10) use its best efforts to provide or cause to be provided on-site support at the Plant (in addition to the Plant Manager), within
twenty-four (24) hours after UBEM or the Plant Manager acquires actual knowledge, or after notice from OWNER, of a problem requiring the services discussed in paragraphs 3(a)(8) or 3(a)(9) if, in UBEM’s good faith opinion, such
problem cannot be fully resolved within such twenty-four (24) hour period through support provided by telephone, electronically, or by other means; 
 (11) monitor or cause to be monitored the Production Process via computer or other electronic means; 
  

 5 

 (12) if requested in writing by OWNER in its sole discretion, provide or cause to be
provided the basic level of bench marking services as more fully described in Exhibit A attached hereto, as if fully incorporated herein, and provide or cause to be provided the group buying services (i.e., strategic sourcing of consumables)
for all chemical, enzymes, yeasts, water services, and similar items necessary for ethanol production in the Plant, which group buying services, if requested by OWNER, shall be documented by separate written agreement or written confirmation by the
parties; 
 (13) consult with and assist the General Manager regarding both operational planning, including preparation of the
Capital Budget and Operating Budget in accordance with paragraph 4(b), and strategic business planning to enhance the overall profitability of the Plant; 
 (14) use its best efforts to minimize operational costs of the Production Process and to maximize the efficiency of the Production Process; 
 (15) provide such reports and information regarding the Production Process or UBEM’s services and activities under this Agreement as
may from time to time be reasonably requested by the General Manager or as necessary to comply with the Cargill Contracts or the Financing Documents; 
 (16) cooperate and consult with OWNER and all of OWNER’s contractors, subcontractors, suppliers and other agents in connection with the construction of the Plant; 
 (17) attend such meetings of the lenders, managers or members of OWNER as may be reasonably requested by the General Manager from time to
time; 
 (18) provide training and leadership to OWNER’s employees and facilitate communication with department managers;

 (19) generally comply with reasonably directives or policies established by the General Manager or the OWNER; and

 (20) ensure that the Proprietary Property (as defined in the ICM License) is used by UBEM solely for the Purpose (as
defined in the ICM License) and is not disclosed or used by UBEM in any manner prohibited by the ICM License. 
 Nothing in
this paragraph 3(a) shall be construed or interpreted as (i) requiring UBEM to obtain the consent or approval of OWNER or the General Manager in UBEM’s exercise of the authority granted in this paragraph 3(a), except as otherwise provided
in paragraph 3(a)(3) or paragraph 3(b); provided, however, that UBEM shall in all events reasonably consult with the General Manager regarding, and keep the General Manager 

  

 6 

 
informed of, all of UBEM’s activities under this Agreement, or (ii) authorizing UBEM, without the prior written consent of OWNER, to delegate any
of its duties to a third party, including ICM, and charge OWNER for the cost thereof. 
 Any contract or other commitment
entered into by UBEM on OWNER’s behalf under this Agreement shall be subject to the prior written approval of OWNER except as outlined in paragraph 3(a)(3) of this Agreement, and entered into by UBEM as agent for OWNER or by UBEM in its own
name but containing a provision permitting assignment of the contract or commitment to OWNER. 
 (b) Limitations. UBEM
shall have no authority to take any actions, or to perform any duties or services, except as expressly set forth in this Agreement or as otherwise expressly authorized in writing by OWNER. Without limiting the generality of the foregoing, UBEM shall
not: 
 (1) receive, disburse, transfer, deposit, withdraw, or otherwise exercise authority over any of the cash, cash
equivalents, cash accounts, or similar financial assets of OWNER, except for a petty cash account in the amount as is established by OWNER from time to time for the Plant; 
 (2) create or permit any security interests, liens, encumbrances, charges, claims or demands against any of the assets of OWNER, except
those arising as a matter of law resulting from authorized actions of UBEM; 
 (3) knowingly violate, or knowingly cause or
direct OWNER to violate, any of the terms, conditions, or provisions of any of the Cargill Contracts or any of the Financing Documents or any other agreements of OWNER of which OWNER has provided notice to UBEM pursuant to paragraph 4 or of which
the Plant Manager is otherwise aware or which were entered into or otherwise established by UBEM pursuant to this Agreement; 
 (4) authorize, execute or engage in any hedging, futures, options, or other financial derivative transactions with respect to any Plant assets, Products or otherwise; 
 (5) except only as otherwise expressly provided herein, purchase any assets for the account of OWNER, or sell any assets of OWNER;

 (6) possess or purchase for its own account any assets of OWNER; 
 (7) after consultation with and approval of OWNER or the General Manager, hire, fire, manage, dismiss, reprimand, demote, or otherwise
manage or deal with any OWNER employees in knowing violation of any federal, state, or local law, ordinance or rule, or any employment policy or contract with OWNER; 
  

 7 

 (8) authorize or grant any pay raises or changes in compensation or benefits for any
employees which are not reflected in the Operating Budget; 
 (9) knowingly violate, or knowingly cause or direct OWNER to
violate, any federal, state, or local law, ordinance, ruling, regulation, or permit applicable to the Plant, the Production Process, employees or any other matter; or 
 (10) take any action outside of the normal and ordinary course in the direction, supervision, operation, maintenance and management of the
day-to-day operation of the Production Process and of the Plant as it relates to the Production Process. 
 (c) No Services
Until Commencement Date. Notwithstanding the foregoing or any other term of this Agreement which is or may appear to be to the contrary, UBEM shall not have any duty to, and shall not be required to, provide any services pursuant to this
Agreement until the Commencement Date. 
 4. Obligations of OWNER. 
 (a) Duties. OWNER shall not knowingly violate, or knowingly direct UBEM to violate, any federal, state or local law, ordinance,
ruling, regulation, or permit applicable to the Plant, the Production Process, or employees. OWNER shall, at its sole expense, (i) procure all grains and raw materials necessary for the Production Process on terms determined by OWNER,
(ii) market, sell, or otherwise dispose of all Products on terms determined by OWNER, (iii) provide or cause to be provided all personnel (other than UBEM employees or agents which are necessary or appropriate to the performance of
UBEM’s duties and services under this Agreement, all of whom shall be provided by UBEM at UBEM’s cost), services, repairs, equipment and other properties which UBEM, in its reasonable opinion, deems necessary or advisable (x) for the
Production Process and the reasonable minimization of operational costs or the reasonable maximization of production rates and efficiency, (y) for the performance of UBEM’s duties hereunder, or (z) necessary to comply with any
federal, state or local law, ordinance, ruling, regulation or permit applicable to the Plant, (iv) handle all administrative, legal and financial matters relating to the ownership and operation of the Plant, (v) prepare and submit to UBEM
the Capital and Operating Budgets for the Plant for the forthcoming year in accordance with paragraph 4(b), and (vi) reasonably assist UBEM in the performance of its duties under this Agreement including, without limitation, by providing the
following: 
 (1) an accurate and complete copy of any and all contracts, permits, and other obligatory instruments of OWNER
which are related to UBEM’s duties under this Agreement, and UBEM and Plant Manager shall be deemed to have “knowledge” or “actual knowledge” for purposes of this Agreement of all such contracts, permits and other
instruments upon receipt of the same; 
 (2) a written semi-annual review and evaluation of UBEM’s overall performance
hereunder, in a form and content reasonably agreed upon by the 

  

 8 

 
Parties, within thirty (30) days after the end of the second and fourth fiscal quarters of each fiscal year, including review of the Plant
Manager’s performance of Plant Manager’s duties under paragraph 9; 
 (3) reasonable office space, furniture,
telephone, computer, printer and other reasonable office equipment for the Plant Manager; and 
 (4) prepare and submit to
UBEM monthly operating financial statements no later than thirty (30) days after month’s end during the term of this Agreement. 
 Nothing in this paragraph 4(a) or otherwise in this Agreement is intended or shall be interpreted as prohibiting or restricting OWNER from discontinuing, in whole or in part, and whether permanently or temporarily, the operation of the
Plant, with such business decision to be within OWNER’s sole discretion. 
 (b) Capital and Operating Budget.
OWNER shall prepare and submit to UBEM the proposed Capital and Operating Budgets for the Plant for the forthcoming year within a reasonable period of time before the beginning of such year, but in no event less than sixty (60) days prior to
the beginning of such year. Within fifteen (15) days of UBEM’s receipt of such proposed Capital and Operating Budgets, UBEM shall provide written comments thereto and request any additions, changes or modifications to such Capital and
Operating Budget that are consistent with prudent industry practices. Not more than fifteen (15) days following receipt of UBEM’s written comments, OWNER and UBEM shall meet (or otherwise communicate) and use good faith, reasonable efforts
to reach agreement on the requested changes. If OWNER and UBEM fail to reach agreement on the final Capital Budget or Operating Budget prior to the beginning of such year, the existing Capital Budget or Operating Budget, as applicable, shall be
utilized, provided, that (i) each budget category shall be increased (or decreased) by the Escalation Quotient, and (ii) UBEM shall only carry out capital expenditures to the Plant (A) to the extent contracted for with third parties,
and budgeted for in a prior calendar year and either reserved for or with capital committed by OWNER or the Financing Parties, (B) if such improvements constitute improvements necessary or appropriate in light of an emergency as provided in
paragraph 3(a)(3), or (C) if such improvements are mutually agreed upon by OWNER and UBEM at such time. 
 5. Independent
Contractor. UBEM shall perform its duties under this Agreement as an independent contractor. Nothing contained herein shall be construed as creating a partnership or joint venture, nor construed as making UBEM or the Plant Manager an employee of
OWNER. UBEM shall have no right or power to act for OWNER other than as contemplated in this Agreement. 
  

 9 

 6. UBEM Compensation. Except for the provisions for payment of compensation as set forth in
paragraphs 13 and 14, as UBEM’s entire compensation under this Agreement, UBEM shall receive the following: 
 (a)
Management Fee. OWNER shall pay UBEM an annual management fee (the “Management Fee”) in the amount of Three Hundred Twenty Five Thousand Dollars and No/100 Dollars ($325,000.00), one-twelfth of which shall be due and payable,
in advance, commencing on the Commencement Date and thereafter on the first day of each month during the term of this Agreement. Any Management Fee which is payable with respect to less than a full calendar month shall be prorated over such period
of time on a day-to-day basis, and in the event of the termination of this Agreement (other than by OWNER pursuant to paragraph 12(a)) effective on a day other than the last day of a calendar month, UBEM shall refund to OWNER the difference between
the amount of the Management Fee and the prorated amount of such Management Fee within ten (10) days of the written demand therefor by OWNER. 
 (b) Production Bonus. UBEM shall be entitled to the payment of a bonus (the “Production Bonus”) as more fully described in Exhibit B attached hereto, as if fully incorporated herein.

 (c) Initial Recruitment Staffing Fee. OWNER shall pay UBEM an initial staffing recruitment fee for Plant in the amount of
Twenty Five Thousand Dollars and No/100 ($25,000.00), which shall be due and payable on the Commencement Date. The Initial Staffing Recruitment Fee will be paid by OWNER to UBEM in consideration of UBEM managing the initial recruitment staffing
matters of OWNER’s personnel employed at the Plant Location. 
 (d) Head Hunter and Moving Costs for Plant
Manager. OWNER agrees to reimburse UBEM for one-half (1/2) of any fees paid to any third party, if any, in connection with UBEM locating and retaining the initial Plant Manager and of the moving costs of the initial Plant Manager that are
paid by UBEM; provided, however, that OWNER shall not be obligated to reimburse UBEM for more than Twenty Five Thousand and No/100 Dollars ($25,000.00) pursuant to this paragraph 6(c). Any payment required of OWNER pursuant to this paragraph 6(c)
shall be paid by OWNER within ten (10) days of OWNER’s receipt of an invoice and reasonable substantiating documentation for the amount reflected in the invoice from UBEM. 
 7. Reimbursement for Expenses. All reasonable out-of-pocket costs and expenses incurred by UBEM in connection with the performance of its duties
hereunder shall be paid by OWNER except as otherwise provided in paragraph 8. OWNER shall reimburse UBEM for such costs and expenses within ten (10) days after written request therefor. Each such written request of UBEM shall be accompanied by
such supporting or substantiating documentation as may be reasonably requested by OWNER from time to time. 
  

 10 

 8. Non-Reimbursable Expenses. UBEM shall be responsible for payment of, and shall not be entitled
to any reimbursement from OWNER for, the following costs and expenses: 
 (a) all compensation of any nature paid or provided
by UBEM to the Plant Manager or any other UBEM employee, including related payroll taxes and benefits, and all other administrative and overhead costs and expenses incurred by UBEM; 
 (b) all fees (if any) normally charged by UBEM for providing the services set forth in paragraphs 3(a)(1) through 3(a)(16) and 3(a)(18)
and (19); provided, however, UBEM shall not be responsible for (i) any fees or expenses charged by UBEM in connection with any material improvement, material new equipment or material expansion of the Plant; or (ii) fees or expenses
charged by any third party providing services to OWNER at the direction of UBEM, which services are in addition to (and not in lieu of) the services required to be performed by UBEM as described in paragraph 3(a); 
 (c) without limiting the generality of paragraph 3(a), all fees (if any) normally charged by ICM in connection with the services set forth
in paragraphs 3(a)(8) and 3(a)(11); provided, however, UBEM shall not be responsible for any fees or expenses charged by ICM (i) in connection with any material improvement, material new equipment or material expansion of the Plant or
(ii) any other fees or expenses charged by ICM, in its discretion, in connection with such services which ICM charges to UBEM, provided that OWNER has been provided prior written notice by UBEM of the amount of such fees and expenses and has
expressly approved the incurrence of such fees and expenses in writing; and 
 (d) without limiting the generality of
paragraph 3(a), all travel expenses of UBEM and ICM associated with the services set forth in paragraph 3 (a)(9). 
 9. Plant Manager.
UBEM shall, commencing no later than the Commencement Date, retain at its own cost and expense a Plant Manager for the Plant. The Plant Manager shall devote his or her full time services to, and shall be based at, the Plant, with the duties set out
in paragraph 3 which are, as a result of the nature of such duties, required to be performed by the Plant Manager. 
 In the event that OWNER
provides notice to UBEM of (i) the failure of the Plant Manager to perform the duties of said Plant Manager or (ii) differences between the Plant Manager and the General Manager which adversely affect their working relationship, then,
UBEM, after consultation with OWNER, shall take such action as it reasonably deems necessary to address the matter, including, without limitation, termination, removal, reprimand or replacement of such Plant Manager; provided, however,
that OWNER retains the right to require that UBEM replace the Plant Manager and UBEM agrees to do so upon written request of OWNER. UBEM shall not otherwise replace the Plant Manager without first consulting with the General Manager; provided,
however, such consultation shall not be construed to require OWNER’s consent to such replacement. 
 10. Proprietary Information.
During the term of this Agreement, the parties may furnish to each other information of a confidential and proprietary nature in connection with the 

  

 11 

 
operation of the Plant (all hereinafter designated as “Proprietary Information”). The party furnishing such Proprietary Information to the
other party shall have the exclusive right and interest in and to such Proprietary Information and the goodwill associated therewith. A party will not directly or indirectly contest the ownership of Proprietary Information furnished by the other
party. Any modifications or additions to the Proprietary Information of a party made by the other party will only be property of such other party if the modification or addition stands alone separately without any portion of such Proprietary
Information. Nothing in this paragraph shall be construed as requiring any party to furnish any Proprietary Information to the other party, except that, on termination of this Agreement, UBEM shall, in accordance with paragraph 14(c) provide to
OWNER copies of all operating procedures and data regarding operation of the Plant as OWNER may request. Proprietary Information developed by UBEM or any of its employees or agents during the term of this Agreement or the operations of the Plant
shall not be considered “work for hire” and UBEM shall have the exclusive right and interest in and to such Proprietary Information and the goodwill associated therewith. The use of the Proprietary Information of a party in the operations
of the Plant does not give the other party any ownership interest or other interest in or to such information; provided, however, UBEM, upon termination of this Agreement, shall grant to OWNER at no additional cost a fully-paid,
nonexclusive perpetual limited license to use, solely for the continued operations of the Plant in the Production Process, such Proprietary Information of UBEM that is then utilized in the operation of the Plant and necessary or desirable for the
continued operations of the Plant in the Production Process; provided, however, such limited license may be utilized by OWNER’s parent company in connection with the operations of the Affiliated Plants and may be assigned by OWNER
to any successor owner or operator of the Plant. UBEM is under no obligation to update said Proprietary Information upon termination of this Agreement. For purposes of this paragraph, Proprietary Information shall not include: 
 (a) Information of a party that at the time furnished to the other party is in the public domain or becomes part of the public domain by
publication or otherwise through no fault of the other party or its employees or agents; or 
 (b) Information of a party that
at the time furnished to the other party was in the possession of the other party as shown by written records and was independently developed by the other party or obtained from a source on a non-confidential basis by a third party entitled to
disclose it. 
 Each party shall keep the Proprietary Information of the other party confidential and shall use all reasonable efforts to
maintain the Proprietary Information as secret and confidential. A party shall not at any time without the prior written consent of the other party, copy, duplicate, record or otherwise reproduce the Proprietary Information of such other party, in
whole or in part for any unauthorized Persons, or otherwise make the same available to any unauthorized Person. For this purpose, it is understood and agreed that OWNER may provide Proprietary Information to the owners or operators of any of the
Affiliated Plants, to any parent company of the OWNER and to any lender or equity owner of the OWNER or its parent company. Each party agrees that the other party would be irreparably damaged by reason of any violation of the provisions contained
herein and that any remedy at law for a breach of such provisions would be 

  

 12 

 
inadequate. Therefore, a party shall be entitled to seek injunctive or other equitable relief in a court of competent jurisdiction against the other party or
its agents or employees, for any breach or threatened breach of the provisions contained herein without the necessity of proving actual monetary loss. It is expressly understood that the remedy described herein shall not be the exclusive remedy of a
party for any breach of such covenants and such party shall be entitled to seek such other relief or remedy, at law or in equity, to which it may be entitled as a consequence of any breach of such covenants. 
 11. Term. Except as otherwise provided in paragraph 12, the initial term of this Agreement shall commence on the Commencement Date and continue
thereafter for a period of twenty four (24) months after the Substantial Completion Date, unless terminated earlier pursuant to paragraph 12, and this Agreement shall be automatically renewed for successive two (2) year term thereafter
unless either party gives written notice to the other party of its election not to renew, for any reason or for no reason, not later than one hundred eighty (180) days prior to the expiration of the initial term or the then current renewal
term, as the case may be. 
 12. Early Termination. This Agreement shall be subject to earlier termination during the initial term,
any renewal term, or the Consulting Term, as follows: 
 (a) by OWNER upon giving notice of termination to UBEM at least
ninety (90) days prior to the date of such early termination, and payment by OWNER to UBEM of (i) any Management Fee, Production Bonus, or Consulting Fee payable through the date of such early termination, (ii) all reimbursable
expenses incurred by UBEM pursuant to paragraph 6 or 7, and (iii) 100% of the remaining Management Fee as the case may be, that would have been payable by OWNER to UBEM through the close of initial term, the then current two (2) year
renewal term, absent such early termination; payment for the amounts due under clauses (i) and (ii) above shall be payable in accordance with the terms of this Agreement and payment for the amount due under clause (iii) above shall be
payable at the time OWNER gives notice of such termination; 
 (b) by OWNER upon a material default by UBEM of its obligations
hereunder which remains uncured for more than thirty (30) days after notice thereof, unless the same is susceptible to being cured but not within a period of thirty (30) days and due and diligent efforts to effect such cure have been
commenced during such thirty (30) day period and are continuing, but in no event longer than sixty (60) days; 
 (c)
by UBEM upon (i) a material default by OWNER of its obligations hereunder (other than its payment obligations) which remains uncured for more than thirty (30) days after notice thereof, unless the same is susceptible to being cured but not
within a period of thirty (30) days and due and diligent efforts to effect such cure have been commenced during such thirty day period and are continuing, but in no event longer than sixty (60) days, (ii) the OWNER’s failure to
on two (2) separate occasions within any 12-month period to pay within thirty (30) days following the date such payment is due, any amount that is due to UBEM under this Agreement that is not subject to a good faith dispute, or
(iii) OWNER’s continuing direction for UBEM to perform or cause to be 

  

 13 

 
performed any act that would violate or breach any federal, state, or local law, ordinance, ruling, regulation, or permit applicable to the Plant;

 (d) by either party upon not less than five (5) days notice to the other in the event a petition is filed against the
other party to declare it bankrupt or to require an arrangement or its reorganization under the Federal Bankruptcy Act or any similar insolvency statute and, if involuntary, such petition is not dismissed within sixty (60) days; and 

(e) by either party upon sixty (60) days written notice to the other party if a force majeure event has a material adverse effect
on the Production Process or the ability to operate the Plant in substantially the manner contemplated hereby, and such force majeure event continues unabated for a period of 180 days, subject to paragraph 29. 
 13. Consulting Services. After the termination of this Agreement, OWNER may elect to engage UBEM to provide certain consulting services to OWNER
for a two (2) year period commencing on the day of the termination of this Agreement (the “Consulting Term”). 
 During
the Consulting Term, UBEM will provide OWNER with the services described in paragraphs 3(a)(7) through 3(a)(12), and all of the terms of this Agreement shall remain in full force and effect as they relate to such services, except paragraph 6.
Provided, however, that nothing in this paragraph shall be construed to require UBEM to provide a Plant Manager to OWNER during the Consulting Term and all of the provisions herein relating to the Plant Manager shall be without force and effect
during the Consulting Term. 
 As consideration for such consulting services should owner decide to obtain such services in writing, OWNER
shall pay UBEM a consulting fee, payable in advance, in monthly installments of Ten Thousand Dollars and No/100 ($10,000.00) (the “Consulting Fee”). The first monthly installment shall be due and payable on the date of termination
of this Agreement and thereafter on the first day of each month during the Consulting Term. Any Consulting Fee which is payable with respect to less than a full calendar month shall be prorated over such period of time on a day-to-day basis, and in
the event of termination of this Agreement (other than by OWNER pursuant to paragraph 12(a)) effective on a day other than the last day of a calendar month, UBEM shall refund to OWNER the difference between the amount of the Consulting Fee and the
prorated amount of such Consulting Fee within ten (10) days of the written demand therefore by OWNER. 
 14. Retention of Plant
Manager after Termination; Transition Cooperation. 
 (a) Initial Term. If this Agreement is terminated prior to
the expiration of the initial term described in paragraph 11 and OWNER desires to retain the services of any Person who was a Plant Manager of the Plant during the term of this Agreement, in any capacity, including, but not limited to, as an
employee or independent contractor, OWNER shall pay One Hundred Fifty Thousand Dollars and No/100 ($150,000.00) in cash or other immediately available funds to UBEM prior to retaining such Person in order to compensate UBEM for the expenses incurred
by UBEM during the term of this 

  

 14 

 
Agreement to retain and/or train such Person for the Plant; provided, however that OWNER shall not be obligated to pay such amount to UBEM if such retention
occurs more than twelve (12) months after the termination of this Agreement. 
 (b) Post Initial Term. If this
Agreement is terminated after the expiration of the initial term described in paragraph 11 and OWNER desires to retain the services of any Person who was a Plant Manager of the Plant during the term of this Agreement, in any capacity, including, but
not limited to, as an employee or independent contractor, OWNER shall pay One Hundred Thousand Dollars and No/100 ($100,000.00) in cash or other immediately available funds to UBEM prior to retaining such Person in order to compensate UBEM for the
expenses incurred by UBEM during the term of this Agreement to retain and/or train such Person for the Plant; provided, however that OWNER shall not be obligated to pay such amount to UBEM if such retention occurs more than twelve (12) months
after the termination of this Agreement. 
 (c) Transition Cooperation. 
 (1) In addition to OWNER’s option to engage UBEM for the Consulting Term pursuant to paragraph 13 or to retain the services of any
Person who was Plant Manager pursuant to paragraph 14(a) or paragraph 14(b), at OWNER’s written request exercised in its sole discretion, UBEM shall cooperate with OWNER in the appointment and training of a Person to take over the operation and
maintenance of the Plant (the “Successor Operator”) and the turnover of the operation and maintenance of the Plant to such Successor Operator for a period not to exceed six (6) months following the expiration, cancellation or
termination of this Agreement. During such period, UBEM shall provide OWNER and Successor Operator and their respective representatives full access to, and copying of, all information, data and records relating to the Plant and the Production
Process, and UBEM shall comply with all reasonable requests by OWNER or Successor Operator in connection with taking over the operation and maintenance duties including the execution and delivery of documents and taking of other actions, in each
case as shall be necessary to facilitate the orderly transition of duties from UBEM to Successor Operator. During such period of transition, UBEM will be paid the Consulting Fee outlined in paragraph 13. 
 (2) Promptly after the expiration, cancellation or termination of this Agreement, UBEM shall deliver to (and shall, with effect from the
expiration, cancellation or termination, hold in trust for) OWNER or Successor Operator (if so directed by OWNER), all work, property, recorded information and permits applicable to the Plant which are owned or leased by OWNER and which are in
UBEM’s possession or under UBEM’s control. Without limiting the generality of the foregoing, UBEM shall (i) provide copies of all operating procedures and data regarding operation of the Plant as OWNER may request, (ii) subject
to paragraph 10, grant to OWNER at no additional cost a fully-paid, nonexclusive perpetual limited license to use, solely for the continued operations of the Plant in the 

  

 15 

 
Production Process, such Proprietary Information of UBEM that is then utilized in the operation of the Plant and necessary or desirable for the continued
operations of the Plant in the Production Process, and (iii) transfer to OWNER or Successor Operator, from the expiration, cancellation or termination date, its rights and obligations under all contracts entered into in connection with the
performance of its obligations under this Agreement or relating to the operation and maintenance of the Plant, and all permits applicable to the Plant and held by Operator. 
 (3) Until the actual transfer of operations to a Successor Operator, or the safe shutdown of the Plant in accordance with applicable law
and prudent industry practices, UBEM shall continue to operate the Plant in accordance with applicable law and prudent industry practices, and otherwise in accordance with the terms of this Agreement, and continue to pay and to perform its
contractual and other obligations to and in respect of UBEM’s personnel and subcontractors. 
 15. Representations of UBEM. UBEM
represents and warrants to OWNER as follows: 
 (a) UBEM is a limited liability company duly organized, validly existing and
in good standing under the laws of the State under which UBEM was organized, and has and shall maintain all requisite power and authority to own its property and carry on its business as now conducted and as to be conducted pursuant to this
Agreement. 
 (b) This Agreement has been duly authorized, executed and delivered by UBEM, and constitutes the legal, valid
and binding obligation of UBEM, enforceable in accordance with its terms. UBEM has and shall maintain all requisite power and authority to enter into and perform this Agreement, and all necessary actions and proceedings of UBEM have been taken to
authorize the execution, delivery and performance of this Agreement. 
 (c) The execution and performance of this Agreement do
not and will not conflict with, breach or otherwise violate any of the terms or provisions of the organizational or governing documents of UBEM or of any agreement, document or instrument to which UBEM is a party or by which UBEM or any of its
assets or properties are bound. 
 (d) There is no civil, criminal or other litigation, action, suit, investigation, claim or
demand pending, or, to the knowledge of UBEM, threatened against UBEM, which may have a material adverse effect upon the transactions contemplated by this Agreement or UBEM’s ability to perform its duties and obligations under, or to otherwise
comply with, this Agreement. 
 (e) UBEM has and shall maintain substantial expertise in, and knowledge of, (1) the
management and operation of ethanol production facilities such as the Plant, and (2) production processes such as the Production Process. 
  

 16 

 16. Representations of OWNER. OWNER represents and warrants to UBEM as follows: 
 (a) OWNER is a limited liability company duly organized, validly existing and in good standing under the laws of the State under which
OWNER was organized, and has and shall maintain all requisite power and authority to own its property and carry on its business as now conducted and as to be conducted pursuant to this Agreement. 
 (b) This Agreement has been duly authorized, executed and delivered by OWNER, and constitutes the legal, valid and binding obligation of
OWNER, enforceable in accordance with its terms. OWNER has and shall maintain all requisite power and authority to enter into and perform this Agreement, and all necessary actions and proceedings of OWNER have been taken to authorize the execution,
delivery and performance of this Agreement. 
 (c) The execution and performance of this Agreement do not and will not
conflict with, breach or otherwise violate any of the terms or provisions of the organizational or governing documents of OWNER or of any agreement, document or instrument to which OWNER is a party or by which OWNER or any of its assets or
properties are bound. 
 (d) There is no civil, criminal or other litigation, action, suit, investigation, claim or demand
pending, or, to the knowledge of OWNER, threatened against OWNER, which may have a material adverse effect upon the transactions contemplated by this Agreement or OWNER’s ability to perform its duties and obligations under, or to otherwise
comply with, this Agreement; 
 (e) OWNER shall, at all times, have a General Manager who shall have and maintain substantial
expertise in, and knowledge of, (i) the management and operation of ethanol production facilities such as the Plant and (ii) production processes such as the Production Process. 
 17. Dispute Resolution. The parties shall attempt to settle amicably any dispute or difference of any kind whatsoever arising out of or in
connection with the validity or invalidity, construction, execution, meaning, operation or effect or breach of this Agreement. If the parties do not promptly do so, either party may, by written notice to the other party, call for private mediation
of the issue before a mediator to be agreed upon by the parties. The parties agree to conclude such private mediation within thirty (30) days of the filing by a party of a request for such mediation. In the event of a dispute between the
parties that is not resolved by such mediation, either party may, by written notice to the other party, call for private binding non-appealable arbitration of the issue before a single arbitrator agreed upon by the parties. In the event a single
arbitrator cannot be agreed upon within ten (10) days after the date on which the other party received the written request for arbitration, each party shall appoint a third party arbitrator from a list provided by the American Arbitration
Association (AAA) (not a principal of a party) and the two arbitrators thus selected by the parties shall select a third arbitrator. The 

  

 17 

 
arbitrators shall meet as expeditiously as possible to resolve the dispute, and a majority decision of the arbitrators shall be controlling. While each party
is free to select an arbitrator of its own choosing from the list provided by the AAA, either party by written notice to the other may require that all arbitrators chosen have sufficient expertise in the subject matter of the arbitration that they
would qualify as “expert witnesses” in a judicial proceeding. 
 The arbitrators so chosen shall conduct the arbitration in
accordance with the Rules of the AAA. Such arbitration shall take place at a mutually agreed upon location. The arbitrators shall be governed, in their determinations hereunder, by the intention of the parties as evidenced by the terms of this
Agreement. The decision of the arbitrators shall be rendered in writing and shall be final and binding upon the parties and shall be non-appealable unless the decision is fraudulent or made in bad faith. Judgment upon the award rendered may be
entered by either party and enforced in any court having competent jurisdiction. The parties shall share the procedural costs of the mediation and arbitration equally. Each party shall pay its own attorney’s fees and costs incurred by it
relating to the mediation and arbitration. Notwithstanding the foregoing two sentences, however, the parties hereby authorize the arbitrators to award costs and fees to the prevailing party as the arbitrators deem appropriate. 
 Pending resolution of such dispute or difference and without prejudice to their rights, the parties shall continue to respect all their obligations and
to perform all their duties under this Agreement; provided, however, the parties shall not be obligated to perform their obligations after this Agreement has been terminated by any party pursuant to paragraphs 11 or 12, or if such termination is the
dispute being arbitrated. 
 After signing this Agreement, each party understands that it will not be able to bring a lawsuit concerning any
dispute that may arise that is covered by this arbitration provision (other than to enforce the arbitration decision). Notwithstanding the foregoing, a breach of any covenant contained in paragraph 10 shall not be subject to the terms and provisions
of this paragraph 17. 
 18. Assignment. This Agreement and the duties and obligations hereunder may not be assigned by either party
without the prior written consent of the other party and, if applicable, OWNER’s lenders, except that OWNER may, without the written consent of UBEM, collaterally assign this Agreement to OWNER’s lenders. 
 19. Payment Disputes; Late Payments. If there is a dispute about any amount invoiced by UBEM, the amount not in dispute shall be promptly paid as
and when due, and any disputed amount which is ultimately determined to have been payable prior to the actual due date of payment shall be paid with interest at the lower of (a) the Reference Rate, plus two percent (2%), or (b) the highest
rate permitted under applicable law. Any amount that is not in dispute but not paid when due shall accrue interest at the lower of (a) the Reference Rate plus two percent (2%), or (b) the highest rate permitted under applicable law.

 20. Headings. The paragraph headings contained herein are for convenience only and are not intended to define or limit the scope or
intent of any provisions of this Agreement. 
  

 18 

 21. Governing Law. The validity of this Agreement, the construction of its terms and the
interpretation of the rights and duties of the parties hereto shall be governed by the laws of the state of the Plant location involved in the issues in question. 
 22. Notices. Any notice required or permitted herein to be given shall be given in writing and shall be delivered by United States registered or certified mail, return receipt requested, to UBEM or OWNER, as
the case may be, to the Person and at the address set forth below, or to such other Person or other address as UBEM or OWNER shall provide notice of from time to time during the term of this Agreement: 
  

			
	 OWNER:
	  	_______________
		  	Attention: President
		  	4311 Oak Lawn Ave., Suite 650
		  	Dallas, TX 75219
		
	 UBEM:
	  	United Bio Energy Management, LLC
		  	Attention: Senior Vice President
		  	2868 North Ridge Road
		  	Wichita, Kansas 67205-1039

 23. Successors. This Agreement shall be binding upon and inure to the benefit of the
respective parties and their permitted assigns and successors in interest. 
 24. Severability. Should any term or provision hereof be
deemed invalid, void, or unenforceable either in its entirety or in a particular application, the remainder of this Agreement shall nonetheless remain in full force and effect and, if the subject term or provision is deemed to be invalid, void or
unenforceable only with respect to a particular application, such term or provision shall remain in full force and effect with respect to all other applications. If, however, any court of competent jurisdiction or any arbitration proceeding should
render a final judgment that the authority granted to UBEM from OWNER exceeds the bounds of permissible delegation under applicable law, the parties agree that this Agreement shall be deemed amended, modified and reformed to the extent necessary to
reduce the scope of authority so delegated to that deemed legal by written legal opinion of special counsel to OWNER. The parties agree that in no event shall any determination that the discretion and authority granted to UBEM hereunder exceeds
permissible bounds result in this Agreement being declared or adjudged invalid, void, or unenforceable in its entirety; rather, the parties request that any court or arbitration proceeding examining such issue employ great latitude in reforming the
Agreement so as to make the Agreement as reformed valid and enforceable. 
 25. Waiver of Consequential Damages. Notwithstanding any
other provision of this Agreement, the parties agree to waive any and all claims against each other for consequential losses or damages whether arising in contract, warranty, tort (including negligence), strict liability or otherwise (other than any
consequential losses or damages resulting from a breach of the covenants set forth in paragraph 10, or from a breach of a covenant made in bad faith), including but not limited to, losses of use, profits, business, reputation or financing.

  

 19 

 26. Indemnification by OWNER. OWNER shall indemnify, hold harmless and defend UBEM, its
affiliates, employees and agents from and against any and all actual claims, losses, damages, liabilities and expenses (including reasonable attorneys’ fees) resulting from or arising out of UBEM’s performance of its duties hereunder;
provided, however, OWNER shall not be liable to UBEM, its employees or agents for any actual claims, losses, damages, liabilities or expenses resulting from or arising out of the grossly negligent acts or willful misconduct of UBEM in the
performance of its duties hereunder unless such acts were performed by UBEM at the express instruction of OWNER. 
 27. Indemnification by
UBEM. UBEM shall indemnify, hold harmless and defend OWNER, its employees and agents from and against any and all actual claims, losses, damages, liabilities and expenses (including reasonable attorneys’ fees) resulting from or arising out
of the grossly negligent acts or willful misconduct of UBEM in the performance of its duties hereunder; provided, however, UBEM shall not be liable to OWNER, its employees and agents for any actual claims, losses, damages, liabilities or expenses
resulting from or arising out of acts that are not expressly authorized by this Agreement but that are performed by UBEM under written objection pursuant to the express written instructions of OWNER. 
 28. Insurance. 
 (a)
Each party warrants to the other party that all such party’s employees shall be covered as required by law by worker’s compensation and unemployment compensation insurance during the term of this Agreement. In addition, each party agrees
to maintain, throughout the term of this Agreement, automobile and commercial general liability insurance with combined single limits of not less than $2,000,000. Each party’s policies of commercial general liability insurance shall be endorsed
to require at least thirty (30) days advance notice to the other party prior to the effective date of any termination or cancellation of coverage, and shall contain provisions to the effect that in the event of payment of any loss or damage the
insurers will have no rights of recovery against the other party. Each party shall cause the other to be named as a named insured on such commercial general liability insurance policies, and each party shall provide a certificate of insurance to the
other to establish the coverage maintained by the other party. OWNER waives all rights against UBEM and UBEM’s employees and agents for all losses and damages caused by, arising out of or resulting from any perils or causes of loss if and to
the extent covered by OWNER’s commercial general liability insurance policy. UBEM waives all rights against OWNER and OWNER’s employees and agents for all losses and damages caused by, arising out of or resulting from any perils or causes
of loss if and to the extent covered by UBEM’s commercial general liability insurance policy. 
 (b) During the term of
this Agreement, OWNER shall purchase and maintain property insurance upon the Plant in such amounts and with such deductibles as OWNER determines to be reasonable. All such property insurance policies shall contain provisions to the effect that in
the event of payment of any loss or damage the insurers will have no rights of recovery against UBEM. OWNER waives all rights against UBEM 

  

 20 

 
and its employees and agents for all losses and damages caused by, arising out of or resulting from any perils or causes of loss if and to the extent covered
by such property insurance policies. 
 29. Force Majeure. Any delays in or failure of performance of any of the respective
obligations of this Agreement of either party hereto shall not constitute default or give rise to any claims for damages if and to the extent such delays in or failure of performance are caused by occurrences not within the reasonable control or at
the fault of the party affected, which, by exercise of due diligence and foresight, could not reasonably have been avoided, including, but not limited to: acts of God or the public enemy; expropriation or confiscation of facilities; compliance with
any order or decree of any governmental authority; utility cable cut; acts of war or terrorism, abnormal severe weather; rebellion or sabotage or damage resulting therefrom; fires; floods; explosion; riots; strikes or other concerted acts of workmen
on a regional or national basis; accidents or other casualty. The party rendered unable to fulfill any obligation by reason thereof shall exercise due diligence to remove such inability with all reasonable speed and diligence and in accordance with
prudent industry practices. However, the obligation to use due diligence shall not be interpreted to require resolution of labor disputes by acceding to demands of the opposition when such course is inadvisable in the discretion of the party having
such difficulty. The party claiming a force majeure event shall give written notice to the other party as promptly as practicable but in no event later than 48 hours following the occurrence of such force majeure event. Without limiting the
generality of the foregoing, during the continuance of a force majeure event that prevents UBEM from operating the Plant in substantially the manner contemplated hereby, OWNER shall have the right (but not the obligation) at its discretion to engage
a replacement operator to operate the Plant in substantially the manner contemplated hereby for the duration of such force majeure event, provided, that such engagement shall terminate immediately upon UBEM’s availability to operate the Plant.

 30. Telephonic and Electronic Communications. UBEM has a company policy in effect with regard to all telephonic and electronic
communications, whether said communications are outgoing or incoming. Some UBEM business telephones and other electronic communications systems are customized with centralized recording devices for purposes of improving customer service, improving
techniques, eliminating errors and general quality control. Communication systems used primarily to negotiate the sale or purchase of commodities or to discuss commodity futures transactions are recorded and other communications may be recorded.

 31. Waivers. No waiver of any breach of any of the terms or conditions of this Agreement shall be held to be a waiver of any other
subsequent breach; nor shall any waiver be valid or binding unless the same shall be in writing and signed by the party alleged to have granted the waiver. 
 32. Counterparts. This Agreement may be executed in multiple counterparts, all of which shall constitute but one Agreement. 
  

 21 

 33. Amendment. This Agreement is the entire agreement between the parties relating to the subject
matters hereof. Any amendment hereto must be in writing and signed by both parties hereto to come into full force and effect. 
 34.
Survival. All covenants of confidentiality and indemnity contained in this Agreement, and any other provisions of this Agreement which contemplate performance by or continuing obligations of a party beyond the termination or expiration
hereof, shall survive and remain in full force and effect notwithstanding any termination or expiration of this Agreement. The termination or expiration of this Agreement shall also not affect any liability or obligation of the parties hereunder
which shall have accrued prior to or as a result of such termination, including, but not limited to, any liability for loss or damage on account of breach or default of any term or condition of this Agreement. 
 35. Pronouns. All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine or neuter, singular or plural, as the
identity of the Person or Persons may require. 
 [The next page is the signature page.] 
  

 22 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement effective as of the date first
set forth above. 
  

			
	OWNER:
	
	______________________
		
	By:	 	  
	Name:	 	  
	 Title:
	 	  
	
	UBEM:
	
	UNITED BIO ENERGY MANAGEMENT, LLC
		
	By:	 	  
	Name:	 	  
	 Title:
	 	  

  

 S-1 

 Exhibit A 
 Basic Level Benchmarking Services 
 In the event OWNER, in its sole discretion, requests basic level
benchmarking services, on a weekly basis the Plant Manager shall, with the assistance and input of the General Manager, be responsible for compiling data regarding the information below: 
  

			
	 Laboratory Data
	  	 Production Data

	Milling	  	Grain processed
	Cook system	  	Ethanol produced
	Fermentation	  	Dried Distiller’s Grains produced
	Distillation	  	Wet Distiller’s Grains produced
	Evaporation	  	Energy consumption
	Centrifuges	  	Water Usage
	Dryer	  	Chemical Usage
	Wet Feed	  	

 On Friday of each week, the Plant Manager shall be responsible for forwarding such data to UBEM in
an electronic format. The data shall be reviewed and analyzed and an estimate will be prepared showing the Plant’s operating costs based on the data provided. On the first Friday after the last day of the preceding month, or as soon thereafter
as practicable, UBEM shall provide to OWNER a report which summarizes the data from the Plant and evaluates the performance of the same, based on the Plant’s operating costs, and compares the Plant’s data and performance to: 
 1. The average figures, for the data listed above, and the average operating costs determined from all plants who receive benchmarking services through
UBEM; and 
 2. The performance levels of the plant with the best data and performance among those plants who receive benchmarking services
through UBEM. 
 UBEM shall not be required to disclose to OWNER the identity of the plant with the best performance in any particular
period, although UBEM may disclose to OWNER the identity of those plants who receive benchmarking services from UBEM. 
 At the sole
discretion of UBEM, UBEM may change the specific days of the week or month, on which the data is compiled, analyzed and presented to OWNER. 
  

 A-1 

 Exhibit B 
 Production Bonus 
 OWNER shall pay UBEM the Production Bonus based upon each gallon of denatured
ethanol produced at the Plant in excess of One Hundred Million (100,000,000) gallons during each respective twelve (12) month period following the Substantial Completion Date during the term of this Agreement (each, a “Bonus
Period”) or, in the event the term of this Agreement following the Substantial Completion Date includes a period of time which is less than a full twelve (12) months (a “Partial Bonus Period”), for such Partial Bonus
Period. The first day of the first Bonus Period shall be deemed to commence on the first day of the calendar quarter which next follows the Substantial Completion Date. For example, if the Substantial Completion Date is September 25, 2005, the
first Bonus Period would commence on October 1, 2005 and end on September 30, 2006. The Production Bonus for each respective Bonus Period shall be due and payable in quarterly installments. The amount of the Production Bonus payable to
UBEM for each Quarterly Bonus Period shall be calculated under Table 1 below and shall be due and payable within thirty (30) days after the end of such quarter. The amount of the Production Bonus payable to UBEM for the final quarter of each
Bonus Period shall equal the amount calculated under Table 2 below less the aggregate amount of the Production Bonus paid to UBEM for the prior quarters in such Bonus Period. In the event the aggregate amount of the Production Bonus paid to UBEM for
the prior quarters of any Bonus Period exceeds the amount calculated under Table 2 for the final quarter of such Bonus Period, UBEM shall refund the amount of such excess to OWNER. The payment or refund, as the case may be, for the final quarter of
each Bonus Period shall be made within thirty (30) days after the end of such Bonus Period. 
 Table 1 
  

				
	 Quarterly Production
	  	Production Bonus
	 0 to 25,000,000 gallons
	  	$	0
	 25,000,001 and above
	  	$	0.035 per gallon

 Table 2 
  

				
	 Annual Bonus Period Production
	  	Production Bonus
	 0 to 100,000,000 gallons
	  	$	0
	 100,000,001 gallons and above
	  	$	0.035 per gallon

  

 B-1 

 The calculation of the quarterly payment of the Production Bonus under Table 1 above shall be based on the number of
gallons of denatured ethanol produced at the Plant during the applicable quarter and year. The calculation of the final payment of the Production Bonus under Table 2 shall be based upon the number of gallons of denatured fuel ethanol produced at the
Plant during the applicable Bonus Period and year. In the event the term of this Agreement is terminated prior to the end of any Bonus Period for a particular year, the cumulative production for such Partial Bonus Period shall be determined through
the date of termination and the payment of the Production Bonus for the quarter which includes such date of termination shall be calculated as if such quarter was the final quarter of such particular year (i.e., the amount calculated under Table 2
above less the aggregate amount of the Production Bonus paid to UBEM for the prior quarters in such Partial Bonus Period for such particular year). 
  

						
	Quarterly Production Bonus Computation Example
			
	 Quarterly Production
	  	Gallons Produced	  	Production Bonus
	 0 to 25,000,000
	  	9,000,000	  	$	0
	 25,000,001 and above
	  	27,000,000	  	$	100,000.00

  

								
	Annual Production Final Bonus Computation Example
				
	 Time Period
	  	Gallons Produced	  	 	  	Production Bonus
	 Quarter 1
	  	27,000,000	  		  	$	70,000.00
	 Quarter 2
	  	26,000,000	  		  	$	35,000.00
	 Quarter 3
	  	27,000,000	  		  	$	70,000.00
	 Quarter 4
	  	27,000,000	  		  	$	70,000.00
	 Fiscal Year
	  	107,000,000	  	Total:	  	$	245,000.00

 OWNER shall also pay UBEM a bonus with respect to the period from the Substantial Completion Date
up to the first day of the first year’s Bonus Period (the “Interim Period”) in the amount calculated by multiplying (i) $0.035, by (ii) the number of Bonus Gallons, if any. The term “Bonus Gallons” means the number
of gallons of denatured ethanol produced at the Plant during the Interim Period which are in excess of the amount determined by multiplying (i) the number of days in the Interim Period, by (ii) 274,725 gallons. Any bonus payable with
respect to the Interim Period shall be paid to UBEM by OWNER within thirty (30) days after the end of the Interim Period. 
  

 B-2 

 Exhibit C 
 ICM License 
 [Final ICM License to be attached.] 
  

 C-1Form of Warrant Agreement

 Exhibit 4.4 
 WARRANT AGREEMENT 
 This Warrant Agreement (this “Agreement”) made as of
                    , 2006, by and between Dekania Corp., a Delaware corporation, with offices at 2929 Arch Street, Suite 1703, Philadelphia,
Pennsylvania 19104 (“Company”), and American Stock Transfer & Trust Company, a New York corporation, with offices at 59 Maiden Lane, Plaza Level, New York, New York 10038 (“Warrant Agent”). 
 WHEREAS, the Company is engaged in a public offering (“Public Offering”) of 9,700,000 Units (“Units”) each consisting of one share of
the Company’s common stock, par value of $0.0001 per share (the “Common Stock”) and one warrant (the “Public Warrant”), to public investors. Each Public Warrant evidences the right of the holder thereof to purchase one share
of Common Stock for $8.00, subject to adjustment, as described herein; and 
 WHEREAS, the Company has filed with the Securities and Exchange
Commission (the “SEC”) a Registration Statement, No. 333-134776 on Form S-1 (“Registration Statement”) for the registration under the Securities Act of 1933, as amended (“Act”) of, among other securities, the
Public Warrants and the Common Stock issuable upon exercise of the Public Warrants; and 
 WHEREAS, the Company desires the Warrant Agent to
act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration, transfer, exchange, redemption and exercise of: (i) the Public Warrants, (ii) the 250,000 warrants issued to Cohen
Bros. Acquisitions, LLC (the “Sponsor”) in connection with an exempt private placement prior to the consummation of the Public Offering (the “Private Warrants”) and (iii) the 1,420,000 warrants issued prior to the closing of
the private placement to several of the Company’s officers and directors and to the Sponsor (the “Incentive Warrants” and together with the Public Warrants and the Private Warrants, the “Warrants” and each a
“Warrant”); and 
 WHEREAS, the Company desires to provide for the form and provisions of the Warrants, the terms upon which they
shall be issued and exercised, and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and 
 WHEREAS, all acts and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned by or on behalf of the Warrant Agent, as provided herein,
the valid, binding and legal obligations of the Company, and to authorize the execution and delivery of this Agreement. 
 NOW, THEREFORE, in
consideration of the mutual agreements herein contained, the parties hereto agree as follows: 
 1. Appointment of Warrant Agent. The Company hereby
appoints the Warrant Agent to act as agent for the Company for the Warrants, and the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement. 

 2. Warrants. 
 2.1 Form of Warrant. Each Warrant shall be issued in registered form only, shall be in substantially the form of Exhibit 4.3 or Exhibit 4.5 as
filed with the Registration Statement thereto, the provisions of which are incorporated therein, and shall be signed by, or bear the manual or facsimile signature of, the Chief Executive Officer or President and Chief Financial Officer, Treasurer,
Secretary or Assistant Secretary of the Company and shall bear a facsimile of the Company’s seal. In the event the person whose manual or facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity in which
such person signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to serve in such capacity at the date of issuance. 
 2.2 Effect of Countersignature. Unless and until countersigned by the Warrant Agent pursuant to this Agreement, a Warrant shall be invalid and of
no effect and may not be exercised by the holder thereof. 
 2.3 Registration. 
 2.3.1 Warrant Register. The Warrant Agent shall maintain books (“Warrant Register”) for the registration of original
issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue and register the Warrants in the names of the respective holders thereof in such denominations and otherwise in
accordance with instructions delivered to the Warrant Agent by the Company. 
 2.3.2 Registered Holder. Prior to due
presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and treat the person in whose name such Warrant shall be registered upon the Warrant Register (“registered holder”), as the absolute owner
of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other writing on the Warrant Certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise thereof, and
for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. 
 2.4
Detachability of Warrants. Subject to compliance with the three conditions set forth in the third sentence of this Section 2.4, the securities comprising the Units will begin to trade separately on 90 days after the date of the
Registration Statement. It is acknowledged that Merrill Lynch, Pierce, Fenner & Smith Incorporated and Maxim Group LLC (collectively “Representatives”), as representatives of the underwriters of the Public Offering, may decide to
allow continued trading of the common stock and warrants as units following such separation. Separate trading of the Common Stock and Warrants shall not commence until: (i) the Company has filed an audited balance sheet reflecting our receipt
of the gross proceeds, before expenses, of this offering, (ii) the Company has filed a Current Report on Form 8-K and issued a press release announcing when such separate trading will begin, and (iii) the business day following the earlier
to occur of the expiration of the underwriters’ overallotment option or its exercise in full. 

 3. Terms and Exercise of Warrants. 
 3.1 Warrant Price. Each Warrant shall, when countersigned by the Warrant Agent, entitle the registered holder thereof, subject to the provisions of such Warrant and of this Warrant Agreement, to purchase from
the Company the number of shares of Common Stock stated therein, at the price of $8.00 per whole share, subject to the adjustments provided in Section 4 hereof and in the last sentence of this Section 3.1. The term “Warrant
Price” as used in this Warrant Agreement refers to the price per share at which Common Stock may be purchased pursuant to the Warrant at the time a Warrant is exercised. The Company in its sole discretion may lower the Warrant Price at any time
prior to the expiration date of the Warrant. 
 3.2 Duration of Warrants. 
 3.2.1 Duration of Public and Private Warrants. A Public Warrant and Private Warrant may be exercised only during the period (the
“Public and Private Warrant Exercise Period”) commencing on the later of (i) the consummation by the Company of a “Business Combination” (as defined in the Registration Statement) or
(ii)                  , 2007 and terminating at 5:00 p.m., New York City time on the earlier to occur of
(a)                  , 2010 or (b) the date fixed for redemption of the Public and Private Warrants as provided in Section 6 of this
Agreement (the “Public and Private Warrant Expiration Date”). Except with respect to the right to receive the Redemption Price (as set forth in Section 6 hereunder), each Public and Private Warrant not exercised on or before the
Public and Private Warrant Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at the close of business on the Public and Private Warrant Expiration Date. The Public
Warrants and the Private Warrants will not be exercisable at any time unless a prospectus relating to common stock issuable upon exercise of such Warrants is current and such common stock has been reported or qualified or deemed to be exempt under
the securities laws of the state of residence of the holder of such Warrants. The Private Warrants will not be exercisable at any time when a Registration Statement is not effective and a prospectus is not available for use by the Public Warrant
holders. The Company in its sole discretion may extend the duration of the Public and Private Warrants by delaying the Public and Private Warrant Expiration Date; provided, however, that the Company will provide notice to registered holders of the
Public and Private Warrants of such extension of not less than 20 days and further provided that any such extension shall be identical in duration among all the Public and Private Warrants. Notwithstanding the foregoing, a Warrant can expire
unexercised regardless of whether a registration statement is current under the Act with respect to the Common Stock issuable upon exercise of the Warrants. 
 3.2.2 Duration of Incentive Warrants. Seven hundred ten thousand (710,000) of the 1,420,000 Incentive Warrants may be
exercised during the period (the “Incentive Warrant Exercise Period 1”) commencing three months after the completion of a Business Combination if, and only if, the closing price of the Common Stock equals or exceeds $11.00 per share for at
least 20 trading days within any 30-trading day period preceding the date of exercise and terminating at 5:00 p.m., New York City time on             
    , 2011 (the “Incentive Warrant Expiration Date.”) The remaining 710,000 Incentive Warrants may be exercised during the period (the “Incentive Warrant Exercise Period 2”) commencing at three months
after the 

 
completion of a Business Combination if, and only if, the closing price of the Common Stock equals or exceeds $12.00 per share for at least 20 trading days
within any 30-trading day period preceding the date of exercise and terminating on the Incentive Warrant Expiration Date. The Incentive Warrants will not be exercisable at any time unless a prospectus relating to common stock issuable upon exercise
of such Warrants is current and such common stock has been reported or qualified or deemed to be exempt under the securities laws of the state of residence of the holder of such Warrants. The Incentive Warrants will not be exercisable at any time
when a Registration Statement is not effective and a prospectus is not available for use by the Public Warrant holders. Each Incentive Warrant not exercised on or before the Incentive Warrant Expiration Date shall become void, and all rights
thereunder and all rights in respect thereof under this Agreement shall cease at 5:00 p.m. New York City time on the Incentive Warrant Expiration Date. The Company in its sole discretion may extend the duration of the Incentive Warrants by delaying
the Incentive Warrant Expiration Date, provided, however, that the Company will provide notice to registered holders of the Public and Private Warrants of such extension of not less than 20 days. Notwithstanding the foregoing, a Warrant can expire
unexercised regardless of whether a registration statement is current under the Act with respect to the Common Stock issuable upon exercise of the Warrants. 
 3.3 Exercise of Warrants. 
 3.3.1 Payment. Subject to the provisions of the
Warrant and this Warrant Agreement, a Warrant, when countersigned by the Warrant Agent, may be exercised by the registered holder thereof by surrendering it, at the office of the Warrant Agent, or at the office of its successor as Warrant Agent, in
the Borough of Manhattan, City and State of New York, with the subscription form, as set forth in the Warrant, duly executed, and (i) by paying in full, in lawful money of the United States, in cash, good certified check or good bank draft
payable to the order of the Company, the Warrant Price for each full share of Common Stock as to which the Warrant is exercised and any and all applicable taxes due in connection with the exercise of the Warrant and the issuance of the Common Stock,
or (ii) with respect to Incentive Warrants only, by exercising the warrant on a cashless basis at the option of the holder by surrendering his or her Incentive Warrant for that number of shares of Common Stock equal to the quotient obtained by
dividing (x) the product of (a) the number of shares of Common Stock underlying the Incentive Warrant as to which exercise under this clause (ii) is sought, and (b) the difference between the Warrant Price and the “Fair
Market Value” (defined below), by (y) the Fair Market Value. The “Fair Market Value” shall mean the average reported last sale price of the Common Stock for the 10 trading days ending on the third business day prior to the date
on which the Incentive Warrant is exercised. 
 3.3.2 Issuance of Certificates. As soon as practicable after the
exercise of any Warrant and the clearance of the funds in payment of the Warrant Price, the Company shall issue to the registered holder of such Warrant a certificate or certificates for the number of full shares of Common Stock to which he, she or
it is entitled, registered in such name or names as may be directed by him, her or it, and if such Warrant shall not have been exercised in full, a new countersigned Warrant for the number of shares as to which such Warrant shall not have been
exercised. Notwithstanding the foregoing, the Company shall not be obligated to deliver any securities pursuant to the exercise of a Warrant unless (i) a registration statement under the Act with respect to the Common Stock issuable upon such
exercise is effective, or (ii) in the opinion 

 
of counsel to the Company, the exercise of the Warrants is exempt from the registration requirements of the Act and such securities are qualified for sale or
exempt from qualification under applicable securities laws of the states or other jurisdictions in which the registered holders reside. Warrants may not be exercised by, or securities issued to, any registered holder in any state in which such
exercise or issuance would be unlawful. In no event will the registered holder of a Warrant be entitled to receive a net-cash settlement, stock or other consideration in lieu of physical settlement in shares of Common Stock, regardless of whether
the Common Stock underlying the Warrants is registered pursuant to an effective registration statement. 
 3.3.3 Valid
Issuance. All shares of Common Stock issued upon the proper exercise of a Warrant in conformity with this Agreement shall be validly issued, fully paid and nonassessable. 
 3.3.4 Date of Issuance. Each person in whose name any such certificate for shares of Common Stock is issued shall for all purposes
be deemed to have become the holder of record of such shares on the date on which the Warrant was surrendered and payment of the Warrant Price was made, irrespective of the date of delivery of such certificate, except that, if the date of such
surrender and payment is a date when the stock transfer books of the Company are closed, such person shall be deemed to have become the holder of such shares at the close of business on the next succeeding date on which the stock transfer books are
open. 
 4. Adjustments. 
 4.1 Stock
Dividends and Split Ups. If after the date hereof, and subject to the provisions of Section 4.6 below, the number of outstanding shares of Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a split up of
shares of Common Stock, or other similar event, then, on the effective date of such stock dividend, split up or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be increased in proportion to such
increase in outstanding shares of Common Stock. 
 4.2 Aggregation of Shares. If after the date hereof, and subject to the provisions
of Section 4.6, the number of outstanding shares of Common Stock is decreased by a consolidation, combination, reverse stock split or reclassification of shares of Common Stock or other similar event, then, on the effective date of such
consolidation, combination, reverse stock split, reclassification or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be decreased in proportion to such decrease in outstanding shares of Common Stock.

 4.3 Adjustments in Exercise Price. Whenever the number of shares of Common Stock purchasable upon the exercise of the Warrants is
adjusted, as provided in Section 4.1 and 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately prior to such adjustment by a fraction (x) the numerator of which shall be the
number of shares of Common Stock purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the number of shares of Common Stock so purchasable immediately thereafter.

 4.4 Replacement of Securities upon Reorganization, etc. In case of any reclassification or
reorganization of the outstanding shares of Common Stock (other than a change covered by Section 4.1 or 4.2 hereof or that solely affects the par value of such shares of Common Stock), or in the case of any merger or consolidation of the
Company with or into another corporation (other than a consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding shares of Common Stock), or in
the case of any sale or conveyance to another corporation or entity of the assets or other property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Warrant holders shall thereafter
have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the shares of Common Stock of the Company purchasable and receivable upon the exercise of the rights represented
thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the
Warrant holder would have received if such Warrant holder had exercised his, her or its Warrant(s) immediately prior to such event; and if any reclassification also results in a change in shares of Common Stock covered by Section 4.1 or 4.2,
then such adjustment shall be made pursuant to Sections 4.1, 4.2, 4.3 and this Section 4.4. The provisions of this Section 4.4 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or
other transfers. 
 4.5 Notices of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of shares issuable on
exercise of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment and the increase or decrease, if any, in the number of shares purchasable at such
price upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence of any event specified in Sections 4.1, 4.2, 4.3 or 4.4, then, in any such
event, the Company shall give written notice to the Warrant holder, at the last address set forth for such holder in the Warrant Register, of the record date or the effective date of the event. Failure to give such notice, or any defect therein,
shall not affect the legality or validity of such event. 
 4.6 No Fractional Shares. Notwithstanding any provision contained in this
Warrant Agreement to the contrary, the Company shall not issue fractional shares upon exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the holder of any Warrant would be entitled, upon the exercise of such
Warrant, to receive a fractional interest in a share, the Company shall, upon such exercise, round up to the nearest whole number the number of the shares of Common Stock to be issued to the Warrant holder. There shall be no cash or other payment
for the issuance of one share of Common Stock in connection with such rounding up. 
 4.7 Form of Warrant. The form of Warrant need
not be changed because of any adjustment pursuant to this Section 4, and Warrants issued after such adjustment may state the same Warrant Price and the same number of shares as is stated in the Warrants initially issued pursuant to this
Agreement. However, the Company may at any time in its sole discretion make any change in the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued or countersigned,
whether in 

 
exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so changed. 
 5. Transfer and Exchange of Warrants. 
 5.1
Registration of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the Warrant Register, upon surrender of such Warrant for transfer, properly endorsed with signatures properly
guaranteed and accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal aggregate number of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. The Warrants
so cancelled shall be delivered by the Warrant Agent to the Company from time to time upon request. 
 5.2 Procedure for Surrender of
Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the registered holder
of the Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however, that in the event that a Warrant surrendered for transfer bears a restrictive legend, the Warrant Agent shall not cancel such Warrant and issue
new Warrants in exchange therefor until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether the new Warrants must also bear a restrictive legend. 
 5.3 Fractional Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which will result in the
issuance of a warrant certificate for a fraction of a warrant. 
 5.4 Service Charges. No service charge shall be made for any
exchange or registration of transfer of Warrants. 
 5.5 Warrant Execution and Countersignature. The Warrant Agent is hereby
authorized to countersign and to deliver, in accordance with the terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever required by the Warrant Agent, will supply the
Warrant Agent with Warrants duly executed on behalf of the Company for such purpose. 
 6. Redemption. 
 6.1 Redemption. At any time after the Public Warrants and Private Warrants become exercisable and prior to their expiration, the Company may
redeem, all and not part of: (i) the Public Warrants and (ii) the Private Warrants at the office of the Warrant Agent, upon giving the notice referred to in Section 6.3, at the price of $0.01 per Warrant (“Redemption
Price”), provided that the closing price of the Common Stock has been equal to or greater than $14.25 per share, for any twenty (20) trading days within any thirty (30) trading day period ending on the third business day prior to the
date on which notice of redemption is given. Notwithstanding the foregoing, the Registration Statement must be current in order for the Company to exercise its redemption rights pursuant to this Section 6. The provisions of this
Section 6.1 may not be modified, amended or deleted without the prior written consent of the Representatives. There are no redemption rights with respect to the Incentive Warrants. 

 6.2 Date Fixed for, and Notice of, Redemption. In the event the Company shall elect to redeem the
Public and Private Warrants, the Company shall fix a date for the redemption. Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company not less than 30 days prior to the date fixed for redemption to the registered
holders of the Public and Private Warrants to be redeemed at their last addresses as they shall appear on the Warrant Register. Any notice mailed in the manner herein provided shall be conclusively presumed to have been duly given whether or not the
registered holder received such notice. 
 6.3 Exercise After Notice of Redemption. The Public and Private Warrants may be exercised
in accordance with Section 3 of this Agreement at any time after notice of redemption shall have been given by the Company pursuant to Section 6.2 hereof and prior to the time and date fixed for redemption. On and after the redemption
date, the record holder of the Public and Private Warrants shall have no further rights except to receive, upon surrender of the Public and Private Warrants, the Redemption Price. 
 7. Other Provisions Relating to Rights of Holders of Warrants. 
 7.1 No Rights as Stockholder.
Except to the extent provided for in Section 4 of this Agreement, a Warrant does not entitle the registered holder thereof to any of the rights of a stockholder of the Company, including, without limitation, the right to receive dividends, or
other distributions, exercise any preemptive rights to vote or to consent or to receive notice as stockholders in respect of the meetings of stockholders or the election of directors of the Company or any other matter. 
 7.2 Lost, Stolen, Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant Agent may
on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Warrant, include the surrender thereof), issue a new Warrant of like denomination, tenor, and date as the Warrant so lost,
stolen, mutilated, or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any time enforceable by anyone.

 7.3 Reservation of Common Stock. The Company shall at all times reserve and keep available a number of its authorized but unissued
shares of Common Stock that will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Warrant Agreement. 
 7.4 Registration of Common Stock Underlying Public Warrants. The Company agrees that prior to the commencement of the Public and Private Warrant Exercise Period, it shall file with the SEC a post-effective
amendment to the Registration Statement, or a new registration statement, for the registration, under the Act, of, and it shall take such action as is necessary to qualify for sale, in those states in which the Public Warrants were initially offered
by the Company, the Common Stock issuable upon exercise of the Public Warrants. In either case, the Company will use its best efforts to cause the same to become effective on or prior to the commencement of the Public and Private Warrant Exercise
Period and to maintain the effectiveness of such registration statement until the expiration of the Public Warrants in accordance with the provisions of this Warrant Agreement. In addition, the Company agrees to 

 
use its reasonable efforts to register such securities under the blue sky laws of the states of residence of the exercising Public Warrant holders to the
extent an exemption is not available. The provisions of this Section 7.4 may not be modified, amended or deleted without the prior written consent of the Representatives. Notwithstanding the foregoing, a Warrant can expire unexercised
regardless of whether a registration statement is current under the Act with respect to the Common Stock issuable upon exercise of the Warrants. In no event will the registered holder of a Warrant be entitled to receive a net-cash settlement, shares
of Common Stock or other consideration as of result of the Company’s non-compliance with this Section 7.4. 
 8.
Concerning the Warrant Agent and Other Matters. 
 8.1 Payment of Taxes . The Company will from time to time promptly pay all
taxes and charges that may be imposed upon the Company or the Warrant Agent in respect of the issuance or delivery of shares of Common Stock upon the exercise of Warrants, but the Company shall not be obligated to pay any transfer taxes in respect
of the Warrants or such shares. 
 8.2 Resignation, Consolidation, or Merger of Warrant Agent. 
 8.2.1 Appointment of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties
and be discharged from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the
Company shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of 30 days after it has been notified in writing of such resignation or incapacity by the
Warrant Agent or by the holder of the Warrant (who shall, with such notice, submit his Warrant for inspection by the Company), then the holder of any Warrant may apply to the Supreme Court of the State of New York for the County of New York for the
appointment of a successor Warrant Agent. Any successor Warrant Agent, whether appointed by the Company or by such court, shall be a corporation existing or qualified to do business under the laws of the State of New York, in good standing and
having its principal office in the Borough of Manhattan, City and State of New York, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state authority. After appointment, any
successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any further act or deed;
but if for any reason it becomes necessary or appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent all the authority, powers, and rights of
such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in and confirming to such
successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations. 
 8.2.2 Notice of
Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof to the predecessor Warrant 

 
Agent and the transfer agent for the Common Stock not later than the effective date of any such appointment. 
 8.2.3 Merger or Consolidation of Warrant Agent. Any corporation into which the Warrant Agent may be merged or with which it may be
consolidated or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor Warrant Agent under this Warrant Agreement without any further act. 
 8.3 Fees and Expenses of Warrant Agent. 
 8.3.1 Remuneration. The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder, and will reimburse the Warrant Agent upon demand for all expenditures
that the Warrant Agent may reasonably incur in the execution of its duties hereunder. 
 8.3.2 Further Assurances. The
Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged, and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Warrant Agent for the
carrying out or performing of the provisions of this Warrant Agreement. 
 8.4 Liability of Warrant Agent. 
 8.4.1 Reliance on Company Statement. Whenever in the performance of its duties under this Warrant Agreement, the Warrant Agent
shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed)
may be deemed to be conclusively proved and established by a statement signed by the Chief Executive Officer, President or Chief Financial Officer of the Company and delivered to the Warrant Agent. The Warrant Agent may rely upon such statement for
any action taken or suffered in good faith by it pursuant to the provisions of this Warrant Agreement. 
 8.4.2
Indemnity. The Warrant Agent shall be liable hereunder only for its own negligence, willful misconduct or bad faith. The Company agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments,
costs and reasonable counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Warrant Agreement except as a result of the Warrant Agent’s negligence, willful misconduct, or bad faith. 
 8.4.3 Exclusions. The Warrant Agent shall have no responsibility with respect to the validity of this Warrant Agreement or with
respect to the validity or execution of any Warrant (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition contained in this Warrant Agreement or in any Warrant; nor shall it be
responsible to make any adjustments required under the provisions of Section 4 hereof or responsible for the manner, method, or amount of any such adjustment or the ascertaining of the existence of facts that would require any such adjustment;
nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of Common Stock to be issued pursuant to this Warrant Agreement or 

 
any Warrant or as to whether any shares of Common Stock will when issued be valid and fully paid and nonassessable. 
 8.5 Acceptance of Agency. The Warrant Agent hereby accepts the agency established by this Warrant Agreement and agrees to perform the same upon
the terms and conditions herein set forth and, among other things, shall account promptly to the Company with respect to Warrants exercised and concurrently account for, and pay to the Company, all moneys received by the Warrant Agent for the
purchase of shares of the Company’s Common Stock through the exercise of Warrants. 
 8.6 Waiver. The Warrant Agent hereby waives
any and all right, title, interest or claim of any kind (“Claim”) in or to any distribution of the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of the date hereof, by and between the Company and
the Warrant Agent), and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Fund for any reason whatsoever. 
 9. Miscellaneous Provisions. 
 9.1 Successors . All the covenants and provisions of this Warrant Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to the benefit of their respective successors and assigns. 
 9.2 Notices. Any notice or other communication required or which may be given hereunder shall be in writing and either be delivered personally or
by private national courier service, or be mailed, certified or registered mail, return receipt requested, postage prepaid or via facsimile, and shall be deemed given when so delivered personally or, if sent by private national courier service, on
the next business day after delivery to the courier, or, if mailed, two business days after the date of mailing, or if sent via facsimile, the next business day after transmission of the facsimile, as follows: 
 Dekania Corp. 
 2929 Arch Street, Suite 1703

 Philadelphia, Pennsylvania 19104 
 Attn: Thomas H. Friedberg, President and CEO 
 Fax: (215) 701-9555 
 Any notice, statement or demand authorized by this Warrant Agreement to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall
be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service five days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the
Warrant Agent with the Company), as follows: 
 American Stock Transfer & Trust Company 
 59 Maiden Lane, Plaza Level 
 New York, New
York 10038 
 Attn: Compliance Department 

 with a copy in each case to: 
 Ellenoff Grossman & Schole LLP 
 370
Lexington Avenue, 19th Floor 
 New York, New York 10017 
 Attn: Douglas S. Ellenoff, Esq. 
 Fax: (212) 370-7889 
 and 
 Sidley Austin LLP 
 787 Seventh Avenue 
 New York, New York 10019

 Attn: Jack I. Kantrowitz, Esq. 
 Fax: (212) 839-5599 
 and 
 Ledgewood, P.C. 
 1900 Market Street, Suite 750 
 Philadelphia, Pennsylvania 19103 
 Attn: J. Baur Whittlesey, Esq. 
 Fax: (215) 735-2513 
 and 
 Merrill Lynch, Pierce, Fenner & Smith Incorporated 
 4 World Financial Center, 25th Floor 
 New York, NY 10080 
 Attn: Kerry Cannella 
 Fax:
(212) 449-3151 
 and 
 Maxim Group LLC

 405 Lexington Avenue 
 New
York, New York 10174 
 Attn: Clifford A. Teller, Director of Investment Banking 
 Fax: (212) 895-3783 
 9.3 Applicable
Law. The validity, interpretation, and performance of this Warrant Agreement and of the Warrants shall be governed in all respects by the laws of the State of New York, without giving effect to conflict of laws. The Company hereby agrees that
any action, proceeding or claim against it arising out of or relating in any way to this Warrant Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New
York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any such process or summons to be
served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in 

 
Section 9.2 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim.

 9.4 Persons Having Rights under this Warrant Agreement. Nothing in this Warrant Agreement expressed and nothing that may be implied
from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto and the registered holders of the Warrants and, for the purposes of Sections 2.4, 6.1, 7.4, 9.2
and 9.8 hereof, the Representatives, any right, remedy, or claim under or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. The Representatives shall be deemed to be a third-party
beneficiary of this Warrant Agreement with respect to Sections 2.4, 6.1, 7.4, 9.2 and 9.8 hereof. All covenants, conditions, stipulations, promises, and agreements contained in this Warrant Agreement shall be for the sole and exclusive benefit of
the parties hereto (and the Representatives with respect to the Sections 2.4, 6.1, 7.4, 9.2 and 9.8 hereof) and their successors and assigns and of the registered holders of the Warrants. 
 9.5 Examination of the Warrant Agreement. A copy of this Warrant Agreement shall be available at all reasonable times at the office of the Warrant
Agent in the Borough of Manhattan, City and State of New York, for inspection by the registered holder of any Warrant. The Warrant Agent may require any such holder to submit his Warrant for inspection by it. 
 9.6 Counterparts. This Warrant Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be
deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 
 9.7 Effect of
Headings. The Section headings herein are for convenience only and are not part of this Warrant Agreement and shall not affect the interpretation thereof. 
 9.8 Amendments. This Warrant Agreement may be amended by the parties hereto without the consent of any registered holder for the purpose of curing any ambiguity, or of curing, correcting or supplementing any
defective provision contained herein or adding or changing any other provisions with respect to matters or questions arising under this Warrant Agreement as the parties may deem necessary or desirable and that the parties deem shall not adversely
affect the interest of the registered holders. All other modifications or amendments, including any amendment to increase the Warrant Price or shorten the Public and Private Warrant Exercise Period, shall require the written consent of each of the
Representatives and the registered holders of a majority of the then outstanding Warrants. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the duration of the Public and Private Warrant Exercise Period in accordance
with Sections 3.1 and 3.2, respectively, without such consent. 
 9.9 Severability. This Warrant Agreement shall be deemed severable,
and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Warrant Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term
or provision, the parties hereto intend that there shall be added as a part of this Warrant Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable. 
 [remainder of document continued on next page] 

 IN WITNESS WHEREOF, this Warrant Agreement has been duly executed by the parties hereto as of the day and
year first above written. 
  

									
		 		 	 DEKANIA CORP.

	 Attest:                                     
               
	 		 	
					
		 		 		 	 By: 
	 	  
		 		 		 		 	Name: Thomas H. Friedberg
		 		 		 		 	Title: President and CEO
			
	 Attest:                                     
               
	 		 	 AMERICAN STOCK TRANSFER & TRUST COMPANY

					
		 		 		 	 By:
	 	  
		 		 		 		 	 Name:

		 		 		 		 	 Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00110-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00110-of-00352.parquet"}]]