Document:

Exhibit 10.2

 

EXECUTION VERSION

 

THE HOWARD HUGHES CORPORATION

 

RESTRICTED STOCK AGREEMENT

 

WHEREAS, David R. Weinreb (the “Grantee”) is an employee of The Howard Hughes Corporation (and its successors, the “Company”);

 

WHEREAS, the grant of Restricted Stock was authorized by the Compensation Committee of the Board (the “Compensation Committee”) on August 29, 2017;

 

WHEREAS, the date of grant is August 29, 2017 (“Date of Grant”); and

 

WHEREAS, pursuant to The Howard Hughes Corporation Amended and Restated 2010 Incentive Plan (the “Plan”), and subject to the terms and conditions thereof and the terms and conditions of this agreement (this “Agreement”), the Company has granted to Grantee as of the Date of Grant the right to receive 25,738 shares of common stock of the Company (the “Restricted Shares”).

 

NOW, THEREFORE, the Company and Grantee hereby agree as follows:

 

1.             Rights of Grantee.  The Restricted Shares subject to this grant shall be fully paid and nonassessable and shall be either:  (i) represented by certificates held in custody by the Company until all restrictions thereon have lapsed, together with a stock power or powers executed by Grantee in whose name such certificates are registered, endorsed in blank and covering such Restricted Shares; or (ii) held at the Company’s transfer agent in book entry form with appropriate restrictions relating to the transfer of such Restricted Shares, and endorsed with an appropriate legend referring to the restrictions hereinafter set forth.  Grantee shall have the right to vote the Restricted Shares.  Upon vesting of the Restricted Shares hereunder, the Grantee:  (x) shall receive cash dividends or cash distributions, if any, paid or made by the Company with respect to common shares after the Date of Grant and prior to the vesting of the Restricted Shares; and (y) shall receive any additional Restricted Shares that Grantee may become entitled to receive by virtue of a Restricted Share dividend, a merger or reorganization in which the Company is the surviving corporation or any other change in the capital structure of the Company.

 

2.             Restrictions on Transfer of Restricted Shares.  The Restricted Shares subject to this grant may not be assigned, exchanged, pledged, sold, transferred or otherwise disposed of by Grantee, except to the Company, until the Restricted Shares have become nonforfeitable in accordance with Sections 3, 4 and 5 hereof.  The Grantee’s rights with respect to such purported transfer in violation of the provisions of this Section 2 of this Agreement shall be null and void, and the purported transferee shall obtain no rights with respect to such Restricted Shares.

 

3.             Vesting of Restricted Shares.  Subject to the terms and conditions of Sections 4 and 5 of this Agreement, 100% of the Restricted Shares covered by this Agreement shall vest in accordance with the vesting schedule based on the total shareholder return as set forth on Exhibit A (the “Performance-based Vesting Schedule”).  Subject to the terms and

 

 

conditions of Sections 4 and 5 of this Agreement, up to an additional 100% of the Restricted Shares covered by this Agreement (the “Additional Shares”) may be issued in accordance with the Performance-based Vesting Schedule.

 

4.             Forfeiture of Awards.  Except to the extent Grantee’s rights to receive the Restricted Shares and the Additional Shares (and, in each case, any dividends declared thereunder) covered by this Agreement have become nonforfeitable pursuant to Section 3 of this Agreement or pursuant to the Employment Agreement between the Company and the Grantee, dated August 29, 2017 (the “Employment Agreement”), Grantee’s rights to receive the Restricted Shares and the Additional Shares covered by this Agreement shall be forfeited automatically and without further notice on the date that Grantee ceases to be an employee of the Company or a Subsidiary.

 

5.             Death or Disability.  Notwithstanding Sections 3 and 4 of this Agreement, if the Grantee dies or suffers a Permanent Disability (as defined in the Employment Agreement) before the vesting of the Restricted Shares, then the Restricted Shares shall vest in accordance with the terms and conditions of the Employment Agreement.

 

6.             Compliance with Law.  The Company shall make reasonable efforts to comply with all applicable federal and state securities laws; provided, however, that notwithstanding any other provision of this Agreement, the Company shall not be obligated to issue any of the Restricted Shares covered by this Agreement if the issuance thereof would result in violation of any such law.

 

7.             Compliance with Section 409A of the Code.  To the extent applicable, it is intended that this Agreement and the Plan comply with the provisions of Section 409A of the Code, so that the income inclusion provisions of Section 409A(a)(1) of the Code do not apply to Grantee.  This Agreement and the Plan shall be administered in a manner consistent with this intent.  Reference to Section 409A of the Code is to Section 409A of the Internal Revenue Code of 1986, as amended, and will also include any proposed, temporary or final regulations, or any other guidance promulgated with respect to such Section by the U.S. Department of the Treasury or the Internal Revenue Service.

 

8.             Amendments.  Any amendment to the Plan shall be deemed to be an amendment to this Agreement to the extent that the amendment is applicable hereto; provided, however, that no amendment shall adversely affect the rights of Grantee under this Agreement without Grantee’s consent; further, provided, that Grantee’s consent shall not be required to an amendment that is deemed necessary by the Company to ensure compliance with Section 409A of the Code or the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 or any regulations promulgated thereunder, including as a result of the implementation of any recoupment policy the Company adopts to comply with the requirements set forth in the Dodd-Frank Act.

 

9.             Severability.  In the event that one or more of the provisions of this Agreement shall be invalidated for any reason by a court of competent jurisdiction, any provision so invalidated shall be deemed to be separable from the other provisions hereof, and the remaining provisions hereof shall continue to be valid and fully enforceable.

 

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10.          Relation to Plan.  This Agreement is subject to the terms and conditions of the Plan.  In the event of any inconsistency between the provisions of this Agreement and the Plan, the Plan shall govern.  Capitalized terms used herein without definition shall have the meanings assigned to them in the Plan.  The Compensation Committee acting pursuant to the Plan, as constituted from time to time, shall, except as expressly provided otherwise herein or in the Plan, have the right to determine any questions which arise in connection with the grant of Restricted Shares.

 

11.          Successors and Assigns.  Without limiting Section 2 hereof, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the successors, administrators, heirs, legal representatives and assigns of Grantee, and the successors and assigns of the Company.

 

12.          Governing Law.  This Agreement is made under, and shall be construed in accordance with, the internal substantive laws of the State of Delaware without giving effect to the principles of conflict of laws thereof.

 

[Remainder of Page Intentionally Left Blank, Signature Page to Follow]

 

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Executed in the name and on behalf of the Company, as of the 29th day of August, 2017.

 

 

	
 
    	
THE HOWARD HUGHES   CORPORATION
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ R. Scot Sellers
    
	
 
    	
 
    	
Name: R. Scot Sellers
    

 

The undersigned Grantee hereby acknowledges receipt of an executed original of this Agreement and accepts the right to receive the Restricted Shares or other securities covered hereby, subject to the terms and conditions of the Plan and the terms and conditions herein above set forth.

 

 

	
 
    	
GRANTEE
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ David R. Weinreb
    
	
 
    	
 
    	
Name: David R. Weinreb
    
	
 
    	
 
    	
Date:   8/29/2017
    

 

[Signature Page to Restricted Stock Agreement]

 

 

EXHIBIT A

PERFORMANCE-BASED VESTING SCHEDULE

 

	
Cumulative Compounded
   Annual Total Shareholder
   Return
    	
 
    	
Stock Price End
    	
 
    	
Vesting %
    	
 
    
	
0.00% to 10.99%
    	
 
    	
$
    	
195.14 or below
    	
 
    	
0
    	
%
    
	
11.00% to 11.99%
    	
 
    	
$
    	
195.15
    	
 
    	
30
    	
%
    
	
12.00% to 12.99%
    	
 
    	
$
    	
204.10
    	
 
    	
60
    	
%
    
	
13.00% to 13.99%
    	
 
    	
$
    	
213.37
    	
 
    	
90
    	
%
    
	
14.00% to 14.99%
    	
 
    	
$
    	
222.98
    	
 
    	
120
    	
%
    
	
15.00% to 15.99%
    	
 
    	
$
    	
232.94
    	
 
    	
150
    	
%
    
	
16.00% to 16.99%
    	
 
    	
$
    	
243.24
    	
 
    	
160
    	
%
    
	
17.00% to 17.99%
    	
 
    	
$
    	
253.91
    	
 
    	
170
    	
%
    
	
18.00% to 18.99%
    	
 
    	
$
    	
264.95
    	
 
    	
180
    	
%
    
	
19.00% to 19.99%
    	
 
    	
$
    	
276.36
    	
 
    	
190
    	
%
    
	
20.00% +
    	
 
    	
$
    	
288.17
    	
 
    	
200
    	
%
    

 

The Restricted Shares shall vest on December 31, 2022, according to the schedule above; provided, that the Company achieves the corresponding cumulative compounded annual total shareholder return (“TSR”) target.  $115.81, the closing share price of the Company on August 29, 2017, shall be used as the beginning price for the purpose of calculating TSR.  The ending price for the purpose of calculating TSR shall be the volume weighted average share price of the Company for the last 30 trading days of 2022.  A TSR target is deemed satisfied if the TSR (calculated as described above) meets or exceeds such target.  If the “Stock Price End” amount is higher than the threshold “Stock Price End” amount, but less than the “Stock Price End” amount for the next highest threshold, then, in this instance, the percentage of the Award that vests shall be interpolated between the two thresholds.  For example, if your Award was for 1,000 Restricted Shares and on December 31, 2022 the “Stock End Price” was $227.96 (i.e., mid-way between $222.98 and $232.94), then, in this instance, you would be entitled to 1,350 fully vested Shares (135% of 1,000 Restricted Shares).  Share price shall be based on the daily closing price of the Company’s common stock as reported in the consolidated transaction reporting system and shall be rounded to nearest whole cent.

 

A-1

 

The Compensation Committee may make adjustments to the terms and conditions of, and the criteria included in, Awards in recognition of unusual or nonrecurring events, including without limitation, stock splits, stock dividends, spinoffs or other similar events, or as a result of changes in applicable laws, regulations or accounting principles, to prevent dilution or enlargement of the benefits or increase in intended benefits or potential intended benefits provided by an Award; provided, that such adjustments shall be consistent with the requirements of Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”) with regard to Awards subject to Section 162(m) of the Code.

 

The term “Award” shall have the meaning set forth in The Howard Hughes Corporation 2010 Amended and Restated Incentive Plan.  All other capitalized terms used herein without definition shall have the meanings assigned to them in the Restricted Stock Agreement to which this Exhibit A is attached.

 

A-2EX-10.1

 Exhibit 10.1 

EMPLOYMENT AGREEMENT 

This Employment Agreement (this “Agreement”) is effective as of the Effective Date defined herein, by and between
GREEN PLAINS INC., an Iowa corporation (the “Company”), and JOHN NEPPL, an individual (“Executive”). 

In consideration of the promises and mutual covenants contained herein, the parties hereto agree as follows: 

1.    Employment; Location. The Company hereby employs Executive and Executive hereby accepts such employment in
the Omaha, Nebraska metro area. 
 2.    Term. Executive’s employment shall be “at-will” and may be terminated at any time, by either party, for any reason whatsoever (the “Term”). Executive’s employment with the Company commences on September 11,
2017 (the “Effective Date”). 
 3.    Duties and Authorities. During the Term: 

3.1    Executive shall serve as the Chief Financial Officer (“CFO”) of the Company and shall report to the Chief
Executive Officer (“CEO”). Executive shall have responsibilities, duties and authority reasonably accorded to and expected of such positions in similar businesses in the United States, including and such responsibilities and duties
assigned by the Chief Executive Officer from time to time (the “Duties”). 
 3.2    Executive
shall diligently execute such Duties and shall devote his full time, skills and efforts to such Duties, subject to the general supervision and control of the CEO. Executive will not engage in any other employment, occupation or consulting activity
during the Term of this Agreement, without the consent of the CEO. Notwithstanding the foregoing, Executive may make any passive investment where he is not obligated or required to devote any day-to-day management efforts; and participate in charitable, academic, political or community activities and boards and in trade or professional organizations. 

4.    Compensation and Benefits. The Company shall pay Executive, and Executive accepts as full compensation for
all services to be rendered to the Company, the following compensation and benefits: 
 4.1    Base Salary. The
Company shall pay Executive a base salary of Four Hundred Thousand Dollars ($400,000) per year. Base salary shall be payable in equal installments twice monthly or at more frequent intervals in accordance with the Company’s customary pay
schedule. The Company shall annually consider increases of Executive’s base salary and may periodically increase such base salary in its discretion. 

4.2    Additional Compensation. In addition to base salary, during the Term of this Agreement, the Company shall
pay the following to Executive: 
 (a)    Intentionally Left Blank. 

  
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 (b)    Annual Bonus. Executive will be entitled to participate in the
Company’s short-term incentive plan (“STIP”), which currently has designated a bonus of up to eighty percent (80%) of annual base salary, payable annually, when target objectives set by the Company’s Compensation Committee are
achieved. The STIP is subject to change at the discretion of the Board of Directors. 
 (c)    Long-Term Incentive
Compensation. The Compensation Committee has developed a long-term incentive program (“LTIP”) for the Company, which is subject to change at the discretion of the Board of Directors. Executive shall be eligible to participate in such
LTIP at the sole discretion of the Company. 
 4.3    Equity Incentive Compensation. 

(a)    Stock Compensation. Within 2 days of the Effective Date, the Company shall provide Executive a grant of
$600,000 in value of shares of the Company’s common stock which shall be subject to terms and conditions set out in the Company’s 2009 Equity Compensation Plan, as amended, and related stock award agreement. The award will be set forth in
the related stock award agreement, and the shares shall vest as follows: one-third shall vest each successive year after the grant date until fully vested. 

4.4    Additional Benefits. Executive shall be permitted, during the Term, if and to the extent eligible, to
participate in any group life, hospitalization or disability insurance plan, health or dental program, pension plan, similar benefit plan or other so-called “fringe benefits” of the Company made
available to officers of the Company. 
 4.5    Vacation. Executive shall be entitled to an aggregate of up to
four weeks leave for vacation for each calendar year during the Term at full pay. Executive agrees to give reasonable notice of his vacation scheduling requests, which shall be allowed subject to the Company’s reasonable business needs. No more
than five (5) days vacation may be carried over from one year to the next year. Executive’s vacation shall be prorated for the first partial year of employment, and all unused vacation shall be paid upon termination of employment for any
reason, voluntary or involuntary. 
 4.6    Deductions. The Company shall have the right to deduct from the
compensation due to Executive hereunder any and all sums required for social security and withholding taxes and for any other federal, state or local tax which may be hereafter enacted or required by law or as otherwise authorized by Executive. 

5.    Business Expenses. Executive may incur reasonable, ordinary and necessary business expenses in the course of
his performance of his obligations under this Agreement. The Company shall reimburse Executive in accordance with the Company’s business expense reimbursement policy. 

6.    Intentionally Left Blank 

  
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 7.    Termination. 

7.1    Termination for Cause. Executive’s employment hereunder shall be terminable for Cause (as defined
below) upon written notice from the Company to Executive. As used in this Agreement, “Cause” shall mean one of the following: (a) a material breach by Executive of the terms of this Agreement, not cured within thirty
(30) days from receipt of notice from the CEO of such breach, (b) conviction of or plea of guilty or no contest to, a felony; (c) continuing willful failure to attempt in good faith to perform his duties for the Company after
Executive’s receipt of written notice of such failure specifying the details of the alleged failure, if within 30 days of such notice, Executive fails to cure any such failure;    or (d) willfully engaging in conduct
that constitutes fraud, gross negligence or gross misconduct that results in material harm to the Company if not corrected by the Executive within thirty (30) days following Executive’s receipt of written notice thereof. For purposes of
this definition, no act, or failure to act, on Executive’s part shall be considered “willful” unless done, or omitted to be done, by Executive in knowing bad faith and without reasonable belief that his action or omission was in, or
not opposed to, the best interests of the Company. If the Company terminates Executive’s employment for Cause, Executive shall be paid his salary and benefits through the date of termination including, without limitation, all accrued unused
vacation, outstanding business expenses and, except as otherwise required by applicable law or under any applicable and properly approved compensation plan or arrangement, no other amounts shall be payable. 

7.2    Termination without Cause or for Good Reason. The Company may terminate Executive’s employment at any
time for any reason (or no reason) other than Cause, as determined by the CEO, and the Executive may terminate Executive’s employment with the Company for Good Reason and resign any and all positions as officer of the Company and any related
companies. If the Company terminates Executive’s employment without Cause or the Executive terminates his employment for Good Reason, Executive shall be paid his salary and benefits through the date of termination including, without limitation,
all accrued unused vacation, and outstanding business expenses and: 
 (a)    The Company shall also pay within 10
business days after such termination: (1) an amount equal to six (6) months of Executive’s full annual base salary on the date of his termination plus (2) an amount equal to the greater of
one-half times the maximum annual cash bonus that could be paid to Executive for the year in which termination occurred or one-half times the average bonus paid to
Executive during the prior two years; and 
 (b)    All options and other equity awards, whether made pursuant to this
Agreement or otherwise, shall become fully vested and released from any restrictions on transfer upon such termination 
 As used in this Agreement,
“Good Reason” shall mean any of the following if the same occurs without Executive’s express written consent: (a) a material diminution in Executive’s base salary as described in Section 4.1, which for
such purposes shall be deemed to exist with a reduction of greater than fifteen percent (15%) ; (b) a material diminution in Executive’s authority, Duties, or responsibilities; (c) a material diminution in the authority, duties, or
responsibilities of the person to whom Executive is required to report; (d) a material change in the geographic location (defined as greater than fifty (50) miles from Omaha, NE) at which Executive must perform the services pursuant to
Section 1; (e) any material reduction or other adverse change in Executive’s benefits under any applicable and properly approved 

  
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compensation plan or arrangement without the substitution of comparable benefits; or (f) any other action or inaction that constitutes a material breach by the Company under this Agreement.
To terminate for Good Reason, an Executive must incur a termination of employment on or before the second (2nd) anniversary of the initial existence of the condition. 

Executive shall be required to provide notice to the Company of the existence of any of the foregoing conditions within 60 days of the initial existence of
the condition, upon the notice of which the Company shall have a period of 30 days during which it may remedy the condition. 

7.3    Termination by Executive Without Good Reason. If Executive terminates without Good Reason, then Executive
will be required to give the Company at least sixty (60) days notice. If Executive terminates without Good Reason then Executive will be paid his salary and benefits through the date of termination including, without limitation, all accrued
unused vacation, and outstanding business expenses and, except as otherwise required by applicable law, no other amounts shall be payable except as provided under any applicable and properly approved compensation plan or arrangement. 

7.4    Effect of Termination. In the event Executive’s employment is terminated, all obligations of the
Company and all obligations of Executive shall cease except that (a) the terms of this Section 7 and of Sections 8 through 23 below shall survive such termination and (b) the Company shall continue to be obligated to fulfill its
obligations pursuant to Section 4, 5 and 6 to the extent they have not been satisfied as of the date of such termination. Executive acknowledges that, upon termination of his employment, he is entitled to no other compensation, severance or
other benefits other than those specifically set forth in this Agreement, except to the extent provided in any applicable compensation plan or arrangement. 

8.    Covenant Not to Compete; Nonsolicitation. 

8.1    Covenant. Executive hereby agrees that, while he is employed or engaged by the Company as an employee
pursuant to this Agreement, and, in any event, for the one (1)-year period following Executive’s termination of employment for any reason he will not directly or indirectly compete (as defined in Section 8.2 below) with the Company in any
geographic area in which the Company does or has done business. 
 8.2    Direct and Indirect Competition. As
used herein, the phrase “directly or indirectly compete” shall mean owning, managing, operating or controlling, or participating in the ownership, management, operation or control of, or being connected with or having any
interest in, as a stockholder, director, officer, employee, agent, consultant, assistant, advisor, sole proprietor, partner or otherwise, any business (other than the Company’s) engaged in the production, marketing, sale, trading or
distribution of: ethanol, grain, ethanol co-products, cattle or natural gas, or the production, marketing or sale of vinegar products; provided, however, that this prohibition shall not apply to ownership of
less than one percent (1%) of the voting stock in companies whose stock is traded on a national securities exchange or in the over-the-counter market. 

  
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 8.3    Nonsolicitation. Executive hereby agrees that while he is
employed or engaged by the Company as an employee pursuant to this Agreement, and, in any event, during the two (2)-year period following Executive’s termination of employment for any reason, he will not directly or indirectly solicit or
attempt to solicit any customer, vendor or distributor of the Company, other than for the Company, with respect to any product or service being furnished, made or sold by the Company at any time during Executive’s employment with the Company.
Executive further agrees that during such time period, Executive shall not, directly or indirectly, solicit, encourage or attempt to solicit any of the executives, managers or employees who are employed by the Company on his termination date to
become executives, manages or employees of any other person or entity with which Executive is affiliated. 

9.    Confidential Information. Executive acknowledges that during his employment or consultancy with the Company
he will develop, discover, have access to and/or become acquainted with technical, financial, marketing, personnel and other information relating to the present or contemplated products or the conduct of business of the Company which is of a
confidential and proprietary nature (“Confidential Information”). Executive agrees that all files, records, documents and the like relating to such Confidential Information, whether prepared by him or otherwise coming into
his possession, shall remain the exclusive property of the Company, and Executive hereby agrees to promptly disclose such Confidential Information to the Company upon request and hereby assigns to the Company any rights which he may acquire in any
Confidential Information. Executive further agrees not to disclose or use any Confidential Information and to use his best efforts to prevent the disclosure or use of any Confidential Information either during the term of his employment or
consultancy or at any time thereafter, except as may be necessary in the ordinary course of performing his duties under this Agreement. Upon termination of Executive’s employment or consultancy with the Company for any reason,
(a) Executive shall promptly deliver to the Company all materials, documents, data, equipment and other physical property of any nature containing or pertaining to any Confidential Information, and (b) Executive shall not take from the
Company’s premises any such material or equipment or any reproduction thereof. 
 10.    Inventions. 

10.1    Disclosure of Inventions. Executive hereby agrees that if he conceives, learns, makes or first reduces to
practice, either alone or jointly with others, any “Employment Inventions” (as defined in Section 10.3 below) while he is employed by the Company, either as an employee or as a consultant, he will promptly disclose such
Employment Inventions to the CEO or to any other Company officer designated by the Board. 
 10.2    Ownership,
Assignment Assistance and Power of Attorney. All Employment Inventions shall be the sole and exclusive property of the Company, and the Company shall have the right to use and to apply for patents, copyrights or other statutory or common law
protection for such Employment Inventions in any country. Executive hereby assigns to the Company any rights which he may acquire in such Employment Inventions. Furthermore, Executive agrees to assist the Company in every proper way at the
Company’s expense to obtain patents, copyrights and other statutory or common law protections for such Employment Inventions in any country and to enforce such rights from time to time. Specifically, Executive agrees to execute all documents as
the Company may desire for use in applying for and in obtaining or enforcing such patents, copyrights and other statutory or common law protections together with any assignments thereof to the Company or to any person

  
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designated by the Company. Executive’s obligations under this Section 10 shall continue beyond the termination of his employment under this Agreement, but the Company shall compensate
Executive at a reasonable rate after any such termination for the time which Executive actually spends at the Company’s request in rendering such assistance. In the event the Company is unable for any reason whatsoever to secure
Executive’s signature (after reasonable attempts to do so) to any lawful document required to apply for or to enforce any patent, copyright or other statutory or common law protections for such Employment Inventions, Executive hereby
irrevocably designates and appoints the Company and its duly authorized officers and agents as his agents and attorneys-in-fact to act in his stead to execute such
documents and to do such other lawful and necessary acts to further the issuance and prosecution of such patents, copyrights or other statutory or common law protection, such documents or such acts to have the same legal force and effect as if such
documents were executed by or such acts were done by Executive. 
 10.3    Employment Inventions. The definition
of “Employment Invention” as used herein is as follows: “Employment Invention” means any invention or part thereof conceived, developed, reduced to practice, or created by Executive which is:
(a) conceived, developed, reduced to practice, or created by Executive: (i) within the scope of his employment; (ii) on the Company’s time; or (iii) with the aid, assistance, or use of any of the Company’s property,
equipment, facilities, supplies, resources, or intellectual property; (b) the result of any work, services, or duties performed by Executive for the Company; (c) related to the industry or trade of the Company; or (d) related to the
current or demonstrably anticipated business, research, or development of the Company. 
 10.4    Exclusion of Prior
Inventions. Executive has identified on Exhibit A attached hereto a complete list of all inventions which Executive has conceived, learned, made or first reduced to practice, either alone or jointly with others, prior to employment with
the Company and which Executive desires to exclude from the operation of this Agreement. If no inventions are listed on Exhibit A, Executive represents that he has made no such inventions at the time of signing this Agreement. 

10.5    Inventions of Third Parties. Executive shall not disclose to the Company, use in the course of his
employment, or incorporate into the Company’s products or processes any confidential or proprietary information or inventions that belong to a third party, unless the Company has received authorization from such third party and Executive has
been directed by the CEO to do so. 
 11.    Compliance with Section 409A of the Code.
Notwithstanding any provision in this Agreement to the contrary, this Agreement shall be interpreted, construed and conformed in accordance with Section 409A of the Code and regulations and other guidance issued thereunder. If, on the date of
Executive’s separation from service (as defined in Treasury Regulation §1.409A-1(h)), Executive is a specified employee (as defined in Code Section 409A and Treasury Regulation §1.409A-1(i)), no payment shall be made under this Agreement at any time during the 6-month period following the Employee’s separation from service of any amount
that results in the “deferral of compensation” within the meaning of Treasury Regulation §1.409A-1(b), after application of the exemptions provided in Treasury Regulation §§1.409A-1(b)(4) and 1.409A-1(b)(9)(iii) and (v), and any amounts otherwise payable during such 6-month period shall be paid
in a lump sum on the first payroll payment date following expiration of such 6-month period. 

  
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 12.    No Conflicts. Executive hereby represents that, to the best of
his knowledge, his performance of all the terms of this Agreement and his work as an employee or consultant of the Company does not breach any oral or written agreement which he has made prior to his employment with the Company. 

13.    Equitable Remedies. Executive acknowledges and agrees that the breach or threatened breach by him of certain
provisions of this Agreement, including without limitation Sections 8, 9 or 10 above, would cause irreparable harm to the Company for which damages at law would be an inadequate remedy. Accordingly, Executive hereby agrees that in any such instance
the Company shall be entitled to seek injunctive or other equitable relief in addition to any other remedy to which it may be entitled. 

14.    Assignment. This Agreement is for the unique personal services of Executive and is not assignable or
delegable in whole or in part by Executive without the consent of the CEO. This Agreement may be assigned or delegated in whole or in part by the Company and, in such case, the terms of this Agreement shall inure to the benefit of, be assumed by,
and be binding upon the entity to which this Agreement is assigned. 
 15.    Waiver or Modification. Any waiver,
modification or amendment of any provision of this Agreement shall be effective only if in writing in a document that specifically refers to this Agreement and such document is signed by the parties hereto. 

16.    Entire Agreement. This Agreement constitutes the full and complete understanding and agreement of the
parties hereto with respect to the specific subject matter covered herein and therein and supersede all prior oral or written understandings and agreements with respect to such specific subject matter. 

17.    Severability. If any provision of this Agreement is found to be unenforceable by a court of competent
jurisdiction, the remaining provisions shall nevertheless remain enforceable in full force and effect, and the court making such determination shall modify, among other things, the scope, duration, or geographic area of such affected provision to
preserve the enforceability thereof to the maximum extent then permitted by law. 
 18.    Notices. All notices
thereunder shall be in writing addressed to the respective party as set forth below and may be personally served, sent by facsimile transmission, sent by overnight courier service, or sent by United States mail, return receipt requested. Such
notices shall be deemed to have been given: (a) if delivered in person, on the date of delivery; (b) if delivered by facsimile transmission, on the date of transmission if transmitted by 5:00 p.m. (local time, Omaha, Nebraska) on a
business day or, if not, on the next succeeding business day; provided that a copy of such notice is also sent the same day as the facsimile transmission by any other means permitted herein; (c) if delivered by overnight courier, on the date
that delivery is first attempted; or (d) if by United States mail, on the earlier of two (2) business days after depositing in the United States mail, postage prepaid and properly addressed, or the date delivery is first attempted. Notices
shall be addressed as set forth as set forth on the signature page hereof, or to such other address as the party to whom such notice is intended shall have previously designated by written notice to the serving party. Notices shall be deemed
effective upon receipt. 

  
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 19.    Indemnification. In the event that Executive is made a party or
threatened to be made a party to any action, suit, or proceeding, whether civil, criminal, administrative, or investigative (a “Proceeding”), other than any Proceeding initiated by Executive or the Company related to any contest or dispute
between Executive and the Company or any of its affiliates with respect to this Agreement or Executive’s employment hereunder, by reason of the fact that Executive is or was a director or officer of the Company, or any affiliate of
the Company, or is or was serving at the request of the Company as a director, officer, member, employee, or agent of another corporation or a partnership, joint venture, trust, or other enterprise, Executive shall be indemnified and held harmless
by the Company to the fullest extent applicable to any other officer or director of the Company/to the maximum extent permitted under applicable law and the Company’s bylaws from and against any liabilities, costs, claims, and expenses,
including all costs and expenses incurred in defense of any Proceeding (including attorneys’ fees). Costs and expenses incurred by Executive in defense of such Proceeding (including attorneys’ fees) shall be paid by the Company in advance
of the final disposition of such litigation upon receipt by the Company of: (i) a written request for payment; (ii) appropriate documentation evidencing the incurrence, amount, and nature of the costs and expenses for which payment is
being sought; and (iii) an undertaking adequate under applicable law made by or on behalf of Executive to repay the amounts so paid if it shall ultimately be determined that Executive is not entitled to be indemnified by the Company under
this Agreement. During the Term of this Agreement and while potential liability exists after the Employment Term, as determined by the Company in its sole reasonable discretion but in no event for a period of not less than six
(6) years thereafter, the Company or any successor to the Company shall purchase and maintain, at its own expense, directors’ and officers’ liability insurance providing coverage to Executive on terms that are no less favorable than
the coverage provided to other directors and similarly situated executives of the Company. 
 20.    Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Nebraska, without reference to the choice of law provisions thereof. 

21.    Attorneys’ Fees. In the event an action or proceeding is brought by any party under this Agreement to
enforce or construe any of its terms, the party that prevails by enforcing this Agreement shall be entitled to recover, in addition to all other amounts and relief, its reasonable costs and attorneys’ fees incurred in connection with such
action or proceeding. 
 22.    Construction. Whenever the context requires, the singular shall include the
plural and the plural shall include the singular, the whole shall include any part thereof, and any gender shall include all other genders. The headings in this Agreement are for convenience only and shall not limit, enlarge, or otherwise affect any
of the terms of this Agreement. Unless otherwise indicated, all references in this Agreement to sections refer to the corresponding sections of this Agreement. This Agreement shall be construed as though all parties had drafted it. 

23.    Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same agreement. Counterparts and signatures transmitted by facsimile shall be valid, effective and enforceable as originals. 

  
 8 

 IN WITNESS WHEREOF, Executive has signed this Agreement personally and the Company has caused
this Agreement to be executed by its duly authorized representative. 
  

			
	GREEN PLAINS INC.
		
	By:	 	 /s/ Todd Becker

	Name:	 	Todd Becker
	Title:	 	Chief Executive Officer
		
	Address:	 	
	
	 Green Plains Inc.
 1811 Aksarben
Dr

	Omaha NE 68106
		
	Executive	 	
	
	 /s/ John Neppl

	John Neppl, individually
		
	Address:	 	
	
	  

  
 9 

 EXHIBIT A 

EXCLUDED INVENTIONS 

  
 10

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