Document:

<PAGE>
                                                                     Exhibit 4.2

                             SIOUXLAND ETHANOL, LLC

                             SUBSCRIPTION AGREEMENT

                   Limited Liability Company Membership Units

                                $10,000 PER UNIT

                     MINIMUM INVESTMENT OF 2 UNITS ($20,000)
                     1 UNIT INCREMENTS THEREAFTER ($10,000)

The undersigned subscriber, desiring to become a member of Siouxland Ethanol,
LLC ("Siouxland"), a Nebraska limited liability company, with its principal
place of business at 110 East Elk Street, Jackson, Nebraska 68743, hereby
subscribes for the purchase of the membership interests of Siouxland, and agrees
to pay the related purchase price, identified below.

A. SUBSCRIBER INFORMATION. Please print your individual or entity name and
address. Joint subscribers should provide their respective names. Your name and
address will be recorded exactly as printed below.

     1. Subscriber's Printed Name
                                  ----------------------------------------------

     2. Title, if applicable:
                              --------------------------------------------------

     3. Subscriber's Address:
        Street
               -----------------------------------------------------------------
        City, State, Zip Code
                              --------------------------------------------------

     4. Subscriber's Telephone Number:
          Home
               -----------------------------------------------------------------
          Business
                   -------------------------------------------------------------

     5. Email Address:
                       ---------------------------------------------------------

B. NUMBER OF UNITS PURCHASED. You must purchase at least 2 units. Your ownership
interest may not exceed 40% of all our outstanding membership units. We
presently have 195 units outstanding. Accordingly, assuming that we sell the
minimum number of 1,900 units in this offering, you may not purchase more than
838 units. The maximum number of units to be sold is 4,600.

     ---------------

     ---------------

C. PURCHASE PRICE. Indicate the dollar amount of your investment (minimum
investment is $20,000).

<TABLE>
<S>                               <C>                          <C>
    1. Total Purchase Price     =     2. 1st Installment     +     3. 2nd Installment
($10,000 Per Unit multiplied by   (10% of the Total Purchase   (90% of the Total Purchase
  the number in box B above.)               Price)                       Price)

-------------------------------   --------------------------   --------------------------
                                =                            +
-------------------------------   --------------------------   --------------------------
</TABLE>

D. GENERAL INSTRUCTIONS FOR SUBSCRIBERS:

You should read the Prospectus dated [DATE OF EFFECTIVENESS] (the "Prospectus")
in its entirety including exhibits for a complete explanation of an investment
in Siouxland Ethanol, LLC. To subscribe, you must:

INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO THE COMPANY'S RELEASE OF FUNDS FROM
ESCROW: If you are subscribing prior to the Company's release of funds from
escrow, you must follow Steps 1 through 5 below:

     1. Complete all information required in this Subscription Agreement, and
date and sign the Subscription Agreement on page 6 and the Member Signature Page
to our Operating Agreement attached to this Subscription Agreement as Exhibit A.

                                        1

<PAGE>

     2. Immediately provide your personal (or business) check for the first
installment of ten percent (10%) of your investment amount made payable to U.S.
Bank, escrow agent for Siouxland Ethanol LLC. You will determine this amount in
box C.2 on page 1 of this Subscription Agreement.

     3. Execute the Promissory Note and Security Agreement on page 7 of this
Subscription Agreement evidencing your commitment to pay the remaining ninety
percent (90%) due for the Units that is attached to this Subscription Agreement
and grant Siouxland Ethanol, LLC a security interest in your Units.

     4. Deliver each of the original executed documents referenced in Items 1
and 3 of these Instructions, together with your personal or business check
described in Item 2 of these Instructions to either of the following:

     Siouxland Ethanol, LLC   U.S. Bank National Association
     110 E. Elk Street        Attn: Russell L. Wermers
     Jackson NE 68743         501 Pierce Street
                              Sioux City, IA 51102

     5. Upon written notice from Siouxland Ethanol, LLC stating that its sales
of Units have exceeded the Minimum Offering amount of $19,000,000, you must,
within twenty (20) days secure an additional personal (or business) check for
the second installment of ninety percent (90%) of your investment amount made
payable to U.S. Bank, NA escrow agent for Siouxland Ethanol, LLC in satisfaction
of the Promissory Note and Security Agreement. You will determine this amount in
box C.3 on page 1 of this Subscription Agreement. You must deliver this check to
the same address set forth above in Instruction 4 within twenty (20) days of the
date of Siouxland's written notice. If you fail to pay the second installment
pursuant to the Promissory Note and Security Agreement, Siouxland shall be
entitled to retain your first installment and to seek other damages, as provided
in the Promissory Note and Security Agreement.

     Your funds will be placed in Siouxland's escrow account at U.S. Bank, NA.
The funds will be released to Siouxland or returned to you in accordance with
the escrow arrangements described in the Prospectus. Siouxland may, in its sole
discretion, reject or accept any part or all of your subscription. If Siouxland
rejects your subscription, your Subscription Agreement and investment will be
promptly returned to you, plus nominal interest, minus escrow fees. Siouxland
may not consider the acceptance or rejection of your subscription until a future
date near the end of this offering.

INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER THE COMPANY'S RELEASE OF FUNDS FROM
ESCROW: If you are subscribing after the Company's release of funds from escrow,
you must follow Steps 1 through 3 below:

     1. Complete all information required in this Subscription Agreement, and
date and sign the Subscription Agreement on page 6 and the Member Signature Page
to our Operating Agreement attached to this Subscription Agreement as Exhibit A.

     2. Immediately provide your personal (or business) check for the entire
amount of your investment (as determined in Box C.1 on page 1) made payable to
"SIOUXLAND ETHANOL, LLC."

     3. Deliver the original executed documents referenced in Item 1 of these
Instructions, together with your personal or business check described in Item 2
of these Instructions to the following:

     Siouxland Ethanol, LLC
     110 East Elk Street
     Jackson NE 68743

     If you are subscribing after we have released funds from escrow and we
accept your investment, your funds will be immediately at-risk as described in
the Prospectus. Siouxland may, in its sole discretion, reject or accept any part
or all of your subscription. If Siouxland rejects your subscription, your
Subscription Agreement and investment will be returned to you promptly, plus
nominal interest, minus escrow fees. Siouxland may not consider the acceptance
or rejection of your subscription until a future date near the end of this
offering.

                                        2

<PAGE>

YOU MAY DIRECT YOUR QUESTIONS TO ONE OF OUR DIRECTORS LISTED BELOW OR TO
SIOUXLAND AT 402-632-2676.

<TABLE>
<CAPTION>
    Director        Cell Number    Home Number
    --------        -----------    -----------
<S>                <C>            <C>
Tom Lynch          712-251-3719   402-632-4995
Pam Miller         712-251-0302   402-698-2122
Ronald Wetherell   712-436-2266   712-436-2488
Shennen Saltzman   712-203-1581   402-494-7592
</TABLE>

E. ADDITIONAL SUBSCRIBER INFORMATION. The subscriber, named above, certifies the
following under penalties of perjury:

     1.   FORM OF OWNERSHIP. Check the appropriate box (one only) to indicate
          form of ownership. If the subscriber is a Custodian, Corporation,
          Partnership or Trust, please provide the additional information
          requested.

          [ ] Individual

          [ ] Joint Tenants with Right of Survivorship (Both signatures must
              appear on Page 6.)

          [ ] Corporation, Limited Liability Company or Partnership (Corporate
              Resolutions, Operating Agreement or Partnership Agreement must be
              enclosed.)

          [ ] Trust
                 Trustee's Name:
                                 -----------------------------------------------
                 Trust Date:
                             ---------------------------------------------------

          [ ] Other: Provide detailed information in the space immediately
              below.

              ------------------------------------------------------------------

              ------------------------------------------------------------------

              ------------------------------------------------------------------

     2.   SUBSCRIBER'S TAXPAYER INFORMATION. Check the appropriate box if you
          are a non-resident alien, a U.S. Citizen residing outside the United
          States or subject to backup withholding. Trusts should provide their
          taxpayer identification number. Custodians should provide the minor's
          Social Security Number. All individual subscribers should provide
          their Social Security Number. Other entities should provide their
          taxpayer identification number.

          [ ] Check box if you are a non-resident alien

          [ ] Check box if you are a U.S. citizen residing outside of the United
              States

          [ ] Check this box if you are subject to backup withholding

          Subscriber's Social Security No.
                                           -------------------------------------
          Joint Subscriber's Social Security No.
                                                 -------------------------------
          Taxpayer Identification No.
                                      ------------------------------------------

     3.   MEMBER REPORT ADDRESS. If you would like duplicate copies of member
          reports sent to an address that is different than the address
          identified in section A, please complete this section.

          Address:
                   -------------------------------------------------------------

                   -------------------------------------------------------------

     4.   STATE OF RESIDENCE.

          State of Principal Residence:
                                        ----------------------------------------
          State where driver's license is issued:
                                                  ------------------------------
          State where resident income taxes are filed:
                                                       -------------------------
          State(s) in which you have maintained your principal residence
          during the past three years:

          ---------------------   ---------------------   ----------------------
          a                       b.                      c.
          ---------------------   ---------------------   ----------------------

                                        3

<PAGE>

     5.   SUITABILITY STANDARDS. You cannot invest in Siouxland unless you meet
          one, or more, of the following suitability tests (a, b, or c) set
          forth below. Please review the suitability tests and check the box(es)
          next to the following suitability test that you meet. For husbands and
          wives purchasing jointly, the tests below will be applied on a joint
          basis.

          a.   I (We) are "Agricultural Producers" as defined below. For
               purposes of this Subscription Agreement, an "Agricultural
               Producer" is defined as a person who satisfies ONE of the
               following:

               [ ] You regularly participate in the operation or management of a
                   farming operation and file Schedule F as part of your annual
                   income tax return.

               [ ] You have at least 150 acres of agricultural land under
                   production.

               [ ] You are a shareholder, member, manager or director of a
                   family farm corporation, family farm limited liability
                   company or family farm partnership.

          b.   [ ] I (We) have annual income from whatever source of at least
                   $45,000 and a net worth of at least $45,000, exclusive of
                   home, furnishings and automobiles; or

          c.   [ ] I (We) have a net worth of at least $100,000, exclusive of
                   home, furnishings and automobiles.

     6.   SUBSCRIBER'S REPRESENTATIONS AND WARRANTIES. You must read and certify
          your representations and warranties and sign and date this
          Subscription Agreement.

          By signing below the subscriber represents and warrants to Siouxland
          that he, she or it:

          a.   has received a copy of Siouxland's Prospectus dated [DATE OF
               EFFECTIVENESS] and the exhibits thereto;

          b.   has been informed that the Units of Siouxland are offered and
               sold in reliance upon a federal securities registration;
               Nebraska, South Dakota, and Iowa securities registrations; and
               exemptions from securities registrations in various other states,
               and understands that the Units to be issued pursuant to this
               subscription agreement can only be sold to a person meeting
               requirements of suitability;

          c.   has been informed that the securities purchased pursuant to this
               Subscription Agreement have not been registered under the
               securities laws of any state other than the States of Nebraska,
               South Dakota and Iowa, and that Siouxland is relying in part upon
               the representations of the undersigned Subscriber contained
               herein;

          d.   has been informed that the securities subscribed for have not
               been approved or disapproved by the Nebraska, South Dakota or
               Iowa Securities Departments or any other regulatory authority,
               nor has any regulatory authority passed upon the accuracy or
               adequacy of the Prospectus;

          e.   intends to acquire the Units for his/her/its own account without
               a view to public distribution or resale and that he/she/it has no
               contract, undertaking, agreement or arrangement to sell or
               otherwise transfer or dispose of any Units or any portion thereof
               to any other person;

          f.   understands that there is no present market for Siouxland's
               membership units, that the membership units will not trade on an
               exchange or automatic quotation system, that no such market is
               expected to develop in the future and that there are significant
               restrictions on the transferability of the membership units;

          g.   has been encouraged to rely upon the advice of his legal counsel
               and accountants or other financial advisers with respect to the
               tax and other considerations relating to the purchase of units;

          h.   has received a copy of the Siouxland Amended and Restated
               Operating Agreement, dated February 24, 2005, and understands
               that upon closing the escrow by Siouxland, the subscriber and the
               membership units will be bound by the provisions of the Amended
               and Restated Operating Agreement which contains, among other
               things, provisions that restrict the transfer of membership
               units;

                                        4

<PAGE>

          i.   understands that the Units are subject to substantial
               restrictions on transfer under state securities laws along with
               restrictions in the Siouxland Amended and Restated Operating
               Agreement and agrees that if the membership units or any part
               thereof are sold or distributed in the future, the subscriber
               shall sell or distribute them pursuant to the terms of the
               Amended and Restated Operating Agreement, and the requirements of
               the Securities Act of 1933, as amended, and applicable state
               securities laws;

          j.   meets the suitability test marked in Item 5 above and is capable
               of bearing the economic risk of this investment, including the
               possible total loss of the investment;

          k.   understands that Siouxland will place a restrictive legend on any
               certificate representing any unit containing substantially the
               following language as the same may be amended by the Directors of
               Siouxland in their sole discretion:

                  THE TRANSFERABILITY OF THE UNITS REPRESENTED BY THIS
                  CERTIFICATE IS RESTRICTED. SUCH UNITS MAY NOT BE SOLD,
                  ASSIGNED, OR TRANSFERRED, NOR WILL ANY ASSIGNEE, VENDEE,
                  TRANSFEREE, OR ENDORSEE THEREOF BE RECOGNIZED AS HAVING
                  ACQUIRED ANY SUCH UNITS FOR ANY PURPOSES, UNLESS AND TO THE
                  EXTENT SUCH SALE, TRANSFER, HYPOTHECATION, OR ASSIGNMENT IS
                  PERMITTED BY, AND IS COMPLETED IN STRICT ACCORDANCE WITH,
                  APPLICABLE STATE AND FEDERAL LAW AND THE TERMS AND CONDITIONS
                  SET FORTH IN THE AMENDED AND RESTATED OPERATING AGREEMENT AS
                  AGREED TO BY EACH MEMBER.

                  THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE
                  SOLD, OFFERED FOR SALE, OR TRANSFERRED IN THE ABSENCE OF
                  EITHER AN EFFECTIVE REGISTRATION UNDER THE SECURITIES ACT OF
                  1933, AS AMENDED, AND UNDER APPLICABLE STATE SECURITIES LAWS,
                  OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH
                  TRANSACTION IS EXEMPT FROM REGISTRATION UNDER THE SECURITIES
                  ACT OF 1933, AS AMENDED, AND UNDER APPLICABLE STATE SECURITIES
                  LAWS.

          l.   understands that, to enforce the above legend, Siouxland may
               place a stop transfer order with its registrar and stock transfer
               agent (if any) covering all certificates representing any of the
               membership units;

          m.   has knowledge and experience in business and financial matters as
               to be able to evaluate the merits and risks of an investment in
               the Units, believes that the investment in Units is suitable for
               the subscriber and can bear the economic risk of the purchase of
               Units including the total loss of the undersigned's investment;

          n.   may not transfer or assign this subscription agreement, or any of
               the subscriber's interest herein;

          o.   has written his, her, or its correct taxpayer identification
               number under Item 3 on this subscription agreement;

          p.   is not subject to back up withholding either because he, she or
               it has not been notified by the Internal Revenue Service ("IRS")
               that he, she or it is subject to backup withholding as a result
               of a failure to report all interest or dividends, or the IRS has
               notified him, her or it that he is no longer subject to backup
               withholding (Note this clause (p) should be crossed out if the
               backup withholding box in Item 2 is checked);

          q.   understands that execution of the attached Promissory Note and
               Security Agreement will allow Siouxland or its assigns to pursue
               the obligor for payment of the amount due thereon by any legal
               means, including, but not limited to, acquisition of a judgment
               against the obligor in the event that the subscriber defaults on
               that Promissory Note and Security Agreement; and

          r.   Acknowledges that Siouxland may retain possession of certificates
               representing subscriber's Units to perfect its security interest
               in those Units.

                                        5

<PAGE>

SIGNATURE OF SUBSCRIBER/ JOINT SUBSCRIBER:

DATE: __________________

INDIVIDUALS:                            ENTITIES:

-------------------------------------   ----------------------------------------
Name of Individual Subscriber           Name of Entity (Please Print)
(Please Print)

-------------------------------------   ----------------------------------------
Signature of Individual                 Print Name and Title of Officer

-------------------------------------   ----------------------------------------
Name of Joint Individual Subscriber     Signature of Officer
(Please Print)

-------------------------------------
Signature of Joint Individual
Subscriber

ACCEPTANCE OF SUBSCRIPTION BY SIOUXLAND ETHANOL, LLC:

Siouxland Ethanol, LLC hereby accepts the subscription for the above Units.

Dated this ___________ day of _______________________, 200___.

SIOUXLAND ETHANOL, LLC

By:
    ---------------------------------
Its:
     --------------------------------

                                        6

<PAGE>

                     PROMISSORY NOTE AND SECURITY AGREEMENT

Date of Subscription Agreement: ______________________________, 200__.

                                $10,000 PER UNIT

                MINIMUM INVESTMENT OF 2 UNITS ($20,000), 1 UNIT INCREMENTS
                THEREAFTER ($10,000)

                Number of Units subscribed
---------------

                Total Purchase Price ($10,000 per Unit multiplied by number of
--------------- Units subscribed)

(             ) Less Initial Payment (10% of Principal Amount)
 -------------

                Principal Balance
---------------

FOR VALUE RECEIVED, the undersigned hereby promises to pay to the order of
Siouxland Ethanol, LLC, a Nebraska limited liability company ("Siouxland"), at
its principal office located 110 East Elk Street, Jackson, Nebraska 68743, or at
such other place as required by Siouxland, the Principal Balance set forth above
in one lump sum to be paid without interest within 20 days following the call of
the Siouxland Board of Directors, as described in the Subscription Agreement. In
the event the undersigned fails to timely make any payment owed, the entire
balance of any amounts due under this full recourse Promissory Note and Security
Agreement shall be immediately due and payable in full with interest at the rate
of 12% per annum from the due date and any amounts previously paid in relation
to the obligation evidenced by this Promissory Note and Security Agreement may
be forfeited at the discretion of Siouxland.

The undersigned agrees to pay to Siouxland on demand, all costs and expenses
incurred to collect any indebtedness evidenced by this Promissory Note and
Security Agreement, including, without limitation, reasonable attorneys' fees.
This Promissory Note and Security Agreement may not be modified orally and shall
in all respects be governed by, construed, and enforced in accordance with the
laws of the State of Nebraska.

The provisions of this Promissory Note and Security Agreement shall inure to the
benefit of Siouxland and its successors and assigns, which expressly reserves
the right to pursue the undersigned for payment of the amount due thereon by any
legal means in the event that the undersigned defaults on obligations provided
in this Promissory Note and Security Agreement.

The undersigned waives presentment, demand for payment, notice of dishonor,
notice of protest, and all other notices or demands in connection with the
delivery, acceptance, performance or default of this Promissory Note and
Security Agreement.

The undersigned grants to Siouxland, and its successors and assigns ("Secured
Party"), a purchase money security interest in all of the undersigned's
Membership Units of Siouxland now owned or hereafter acquired. This security
interest is granted as non-exclusive collateral to secure payment and
performance on the obligation owed Secured Party from the undersigned evidenced
by this Promissory Note and Security Agreement. The undersigned further
authorizes Secured Party to retain possession of certificates representing such
Membership Units and to take any other actions necessary to perfect the security
interest granted herein.

Dated: ______________, 200__.

OBLIGOR/DEBTOR:                          JOINT OBLIGOR/DEBTOR:

--------------------------------------   ---------------------------------------
Printed or Typed Name of Joint Obligor   Printed or Typed Name of Obligor

By:                                      By:
    ----------------------------------       -----------------------------------
    (Signature)                              (Signature)

--------------------------------------
Officer Title if Obligor is an Entity

--------------------------------------

--------------------------------------
Address of Obligor

                                        7

<PAGE>

                                   EXHIBIT "A"

                              MEMBER SIGNATURE PAGE

                                     ADDENDA
                                     TO THE
                              AMENDED AND RESTATED
                             OPERATING AGREEMENT OF
                             SIOUXLAND ETHANOL, LLC

     The undersigned does hereby represent and warrant that the undersigned, as
a condition to becoming a Member in Siouxland Ethanol, LLC, has received a copy
of the Amended and Restated Operating Agreement, dated February 24, 2005, and,
if applicable, all amendments and modifications thereto, and does hereby agree
that the undersigned, along with the other parties to the Amended and Restated
Operating Agreement, shall be subject to and comply with all terms and
conditions of said Amended and Restated Operating Agreement in all respects as
if the undersigned had executed said Amended and Restated Operating Agreement on
the original date thereof and that the undersigned is and shall be bound by all
of the provisions of said Amended and Restated Operating Agreement from and
after the date of execution hereof.

INDIVIDUALS:                            ENTITIES:

-------------------------------------   ----------------------------------------
Name of Individual Member               Name of Entity (Please Print)
(Please Print)

-------------------------------------   ----------------------------------------
Signature of Individual                 Print Name and Title of Officer

-------------------------------------   ----------------------------------------
Name of Joint Individual Member         Signature of Officer
(Please Print)

-------------------------------------
Signature of Joint Individual Member

Agreed and accepted on behalf of the
Company and its Members:

SIOUXLAND ETHANOL, LLC

By:
    ---------------------------------
Its:
     --------------------------------

                                        1<PAGE>
                                                                     Exhibit 4.3

                                ESCROW AGREEMENT

This Escrow Agreement (the "Agreement") dated as of March 17, 2005 is by and
between, Siouxland Ethanol, LLC, a Nebraska limited liability company (the
"Company") and U.S. Bank National Association, a national banking association
(the "Escrow Agent"), (the "Escrow Agent" and the "Company" may also be
hereinafter referred to as the "Parties").

                                    RECITALS

     WHEREAS, the Company proposes to offer a minimum of 1,900 and a maximum of
4,600 of its Membership Units (the "Units") at a price of $10,000 per Unit, in
minimum blocks of one (1) Unit with a two (2) Unit minimum purchase requirement
in an offering in the States of Nebraska, Iowa, South Dakota, and possibly other
states, made pursuant to a federal registration under the provisions of the
Securities Act of 1933, as amended (the "Offering");

     WHEREAS, the Company will file a registration statement (as may be amended)
(the "Registration Statement") to register the Units with the Securities and
Exchange Commission, the States of Nebraska, Iowa and South Dakota, and possibly
other states;

     WHEREAS, the Company will allow investors in the Offering to deliver the
purchase price of the subscribed Units in installments;

     WHEREAS, the Company desires to comply with the requirements of the
Securities Act of 1933 and of the various state regulatory statutes and
regulations, and desires to protect the investors in the Offering by providing,
under the terms and conditions herein set forth, for the return to subscribers
of the money which they may pay on account of purchases of Units in the Offering
if the Minimum Escrow Deposit (hereinafter defined) is not deposited with the
Escrow Agent; and

     NOW, THEREFORE, in consideration of the premises the Parties agree as
follows:

1. ACCEPTANCE OF APPOINTMENT: U.S. Bank National Association hereby agrees to
act as escrow agent under this Agreement. The Escrow Agent shall have no duty to
enforce any provision hereof requiring performance by any other party hereunder.

2. ESTABLISHMENT OF ESCROW ACCOUNT: An escrow account (the "Escrow Account") is
hereby established with the Escrow Agent for the benefit of the investors in the
Offering. Except as specifically provided in this Agreement, the Escrow Account
shall be created and maintained subject to the customary rules and regulations
of the Escrow Agent pertaining to such accounts.

3. OWNERSHIP OF ESCROW ACCOUNT: Until such time as the funds deposited in the
Escrow Account (the "Deposited Funds") shall equal the Minimum Escrow Deposit
(as hereinafter defined), all funds deposited in the Escrow Account by the
Company shall not become the property

                                        1

<PAGE>

of the Company or be subject to the debts of the Company or any other person but
shall be held by the Escrow Agent solely for the benefit of the investors who
have purchased Units in the Offering.

4. ESCROW FEES: The Company hereby agrees to pay the Escrow Agent an advance
payment for ordinary services rendered hereunder in the amount of $2,000.00
annually (the "Escrow Fee").

5. DEPOSIT OF PROCEEDS: All proceeds from sales of Units in the Offering shall
be delivered by the Company to the Escrow Agent, within forty-eight hours of the
receipt thereof from investors, endorsed (if appropriate) to the order of the
Escrow Agent, together with an appropriate written statement setting forth the
name, address and social security number/taxpayer identification number of each
person or entity purchasing Units, the number of Units purchased, and the amount
paid by each such purchaser. Any such proceeds deposited with the Escrow Agent
in the form of uncollected checks shall be promptly presented by the Escrow
Agent for collection through customary banking and clearing house facilities. As
the proceeds of each sale are deposited with the Escrow Agent, the Company shall
reserve the number of Units confirmed to the purchaser thereof in connection
with such sale. All such deposited proceeds are referred to herein as the
"Escrow Funds."

6. INVESTMENT OF ESCROW FUNDS: The Escrow Funds shall be credited by Escrow
Agent and recorded in the Escrow Account. The Escrow Agent shall be permitted,
and is hereby authorized to deposit transfer, hold and invest all funds received
under this Agreement, including principal and interest, in a First American
Government Obligation Money Market Fund Class Y. Any interest received by Escrow
Agent with respect to the Escrow Funds shall be paid to the Company on the
termination of the escrow.

7. TERMINATION OF ESCROW: This Agreement and the Escrow created hereunder shall
be terminated as provided in paragraph 8 hereof or as of the date in calendar
year 2006 (the "Termination Date") one year and one day following the date in
calendar year 2005 upon which the Securities and Exchange Commission authorizes
the Offering (the "Offering's Effective Date"), provided; however, that if prior
to Termination Date, the Company has sold membership units equal to the minimum
offering amount and the Company has advised the purchasers of those membership
units to remit to the Escrow Agent the balance of the purchase price, then the
Escrow may continue beyond the Termination Date until all Funds have been paid
and the conditions for releasing the Funds have been satisfied. In no event
shall this date be later than three (3) months following the Termination Date.
The Company shall notify Escrow Agent of the Offering's Effective Date within
thirty (30) days of the receipt of notice of the Offering's Effective Date from
the Securities and Exchange Commission.

8. DISPOSITION OF ESCROW FUNDS: The Escrow Agent shall have the following duties
and obligations under this Agreement:

                                        2

<PAGE>

     A. The Escrow Agent shall send a written notice acknowledging the receipt
of the Deposited Funds every seven days to the Company.

     B. The Escrow Agent shall give the Company prompt written notice when the
Deposited Funds equal $1,900,000 (exclusive of interest). Following receipt of
such notice, the Company will advise the purchasers of Units to remit to the
Escrow Agent the balance of the purchase price within twenty (20) days.
Thereafter, Escrow Agent shall give the Company written notice acknowledging the
receipt of the Deposited Funds every seven days. The Escrow Agent shall give the
Company prompt written notice when the Deposited Funds total $19,000,000
(exclusive of interest).

     C. At the time (and in the event) that: (a) the Deposited Funds shall,
during the term of this Agreement, equal $19,000,000 in subscription proceeds
(exclusive of interest) (the "Minimum Escrow Deposit"); (b) the Escrow Agent
shall have received written confirmation from the Company that the Company has
obtained a written debt financing commitment for debt financing ranging from a
minimum of $30,640,000 to a maximum of $57,640,000; and (c) the Company has
affirmatively elected in writing to terminate this Agreement, then this
Agreement shall terminate, and the Escrow Agent shall promptly disburse the
funds on deposit, including interest, to the Company to be used in accordance
with the provisions set out in the Registration Statement. The Company will
deliver a copy of the Registration Statement to the Escrow Agent upon execution
of this Agreement. The Escrow Agent will have no responsibility to examine the
Registration Statement with regard to the Escrow Account or otherwise. Upon the
making of such disbursement, the Escrow Agent shall be completely discharged and
released of any and all further responsibilities hereunder.

     D. In the event the Deposited Funds do not equal or exceed the Minimum
Escrow Deposit on or before the Termination Date or if the Company has not
received a written debt financing commitment as described herein on or before
the Termination Date, the Escrow Agent shall return to each of the purchasers of
the Units in the Offering, as promptly as possible after such Termination Date
and on the basis of its records pertaining to the Escrow Account: (a) the sum
which each purchaser initially paid in on account of purchases of the Units in
the Offering and (b) each purchaser's portion of the total interest earned on
the Escrow Account as of the Termination Date, (c) reduced by the transaction
fees provided in paragraph 10 hereof. Computation of any purchaser's share of
the net interest earned will be a weighted average based on the proportion of
such purchaser's deposit in the Escrow Account from the Offering to all such
purchasers' deposits held by the Escrow Agent and upon the length of time in
days such deposit was held in the Escrow Account as compared to all such
deposits. All computations with respect to each purchaser's allocable share of
net interest shall be made by the Escrow Agent, which determinations shall be
final and conclusive. Any amount paid or payable to a purchaser pursuant to this
paragraph shall be deemed to be the property of such purchaser, free and clear
of any and all claims of the Company or its agents or creditors; and the
respective purchases of the Units made and entered into in the Offering shall
thereupon be deemed, ipso facto, to be cancelled without any further liability
of the purchasers or any of them to pay for the Units purchased. At such time as
the Escrow Agent shall

                                        3

<PAGE>

have made all the payments called for in this paragraph, the Escrow Agent shall
be completely discharged and released of any and all further responsibilities
hereunder, and the Units reserved (as provided in paragraph 5) shall be released
from such reservation, except that Escrow Agent shall be required to prepare and
issue a single IRS Form 1099 to each investor in the event that funds are
returned to investors.

9. LIABILITY OF ESCROW AGENT: In performing any duties under the Escrow
Agreement, the Escrow Agent shall not be liable to the Company, any
subscriber/purchaser or any Party for damages, losses, or expenses, except for
gross negligence or willful misconduct on the part of the Escrow Agent. The
Escrow Agent shall not incur any such liability for (I) any act or failure to
act made or omitted in good faith, or (II) any action taken or omitted in
reliance upon any instrument, including any written statement or affidavit
provided for in this Agreement that the Escrow Agent shall in good faith believe
to be genuine, nor will the Escrow Agent be liable or responsible for forgeries,
fraud, impersonations, or determining the scope of any representative's
authority. In addition, the Escrow Agent may consult with legal counsel in
connection with the Escrow Agent's duties under this Agreement and shall be
fully protected in any action taken, suffered, or permitted by it in good faith
in accordance with the advice of counsel. The Escrow Agent is not responsible
for determining and verifying the authority of any person acting or purporting
to act on behalf of any party to this Agreement.

10. FEES AND EXPENSES: In the event the Deposited Funds do not equal or exceed
the Minimum Escrow Deposit before the Termination Date or the Company does not
receive a written debt financing commitment as described herein before the
Termination Date, the Escrow Agent shall be entitled to a fee of $10.00 per
purchaser, which fees shall be paid from the interest on the Escrow Account only
and not from principal. In the event the Escrow Agent renders any service not
provided for in this Agreement, or if the Company requests a substantial
modification of its terms, or if any controversy arises, or if the Escrow Agent
is made a party to, or intervenes in, any litigation pertaining to this escrow
or its subject matter, the Escrow Agent shall be reasonably compensated for such
extraordinary services and reimbursed for all costs, attorney's fees, including
allocated costs of in-house counsel, and expenses occasioned by such default,
delay, controversy or litigation and the Escrow Agent shall have the right to
retain all documents and/or other things of value at any time held by the Escrow
Agent in this escrow until such compensation, fees, costs and expenses are paid.
The Company promises to pay these sums upon demand. Unless otherwise provided,
the Company will pay all of the Escrow Agent's usual charges and the Escrow
Agent may deduct such sums from the funds deposited.

11. CONTROVERSIES: If any controversy arises between the Parties to this
Agreement, or with any other Party, concerning the subject matter of this
Agreement, its terms or conditions, the Escrow Agent will not be required to
determine the controversy or to take any action regarding it. The Escrow Agent
may hold all documents and funds and may wait for settlement of any such
controversy by final appropriate legal proceedings or other means as, in the
Escrow Agent's discretion, the Escrow Agent may require, despite what may be set
forth elsewhere in this Agreement. In such event, the Escrow Agent will not be
liable for interest or damage.

                                        4

<PAGE>

Furthermore, the Escrow Agent may at its option file an action of interpleader
requiring the Parties to answer and litigate any claims and rights among
themselves. The Escrow Agent is authorized to deposit with the clerk of the
court all documents and funds held in escrow, except all costs, expenses,
charges and reasonable attorney fees incurred by the Escrow Agent due to the
interpleader action and which the Company agrees to pay. Upon initiating such
action, the Escrow Agent shall be fully released and discharged of and from all
obligations and liability imposed by the terms of this Agreement.

12. INDEMNIFICATION OF ESCROW AGENT: The Company and its successors and assigns
agree jointly and severally to indemnify and hold the Escrow Agent harmless
against any and all losses, claims, damages, liabilities, and expenses,
including reasonable costs of investigation, counsel fees, including allocated
costs of in-house counsel and disbursements that may be imposed on the Escrow
Agent or incurred by the Escrow Agent in connection with the performance of its
duties under this Agreement, including but not limited to any litigation arising
from this Agreement or involving its subject matter. The Escrow Agent shall have
a first lien on the property and papers held under this Agreement for such
compensation and expenses.

13. RESIGNATION OF ESCROW AGENT: The Escrow Agent may resign at any time upon
giving at least (30) days written notice to the Company provided, however, that
no such resignation shall become effective until the appointment of a successor
escrow agent which shall be accomplished as follows: The Company shall use its
best efforts to obtain a successor escrow agent within thirty (30) days after
receiving such notice. If the Company fails to agree upon a successor escrow
agent within such time, the Escrow Agent shall have the right to appoint a
successor escrow agent authorized to do business in the state of Nebraska. The
successor escrow agent shall execute and deliver an instrument accepting such
appointment and it shall without further acts, be vested with all the estates,
properties, rights, powers, and duties of the predecessor escrow agent as if
originally named as escrow agent. The Escrow Agent shall thereupon be discharged
from any further duties and liability under this Agreement.

14. AUTOMATIC SUCCESSION: Any company into which the Escrow Agent may be merged
or with which it may be consolidated, or any company to whom the Escrow Agent
may transfer a substantial amount of its global escrow business, shall be the
Successor to the Agent without the execution or filing of any paper or any
further act on the part of any of the Parties, anything herein to the contrary
notwithstanding.

15. MISCELLANEOUS:

     (a) GOVERNING LAWS: This Agreement is to be construed and interpreted
according to Minnesota law.

     (b) COUNTERPART: This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. The exchange of copies of
this Agreement and of signature pages by facsimile

                                        5

<PAGE>

transmission shall constitute effective execution and delivery of this Agreement
as to the parties and may be used in lieu of the original Agreement for all
purposes. Signatures of the parties transmitted by facsimile shall be deemed to
be their original signatures for all purposes.

     (c) NOTICES: All instructions, notices and demands herein provided for
shall be in writing and shall be deemed to have been duly given (a) on the date
of service if served personally on the party to whom notice is to be given; (b)
on the day of transmission if sent by facsimile transmission to the facsimile
number given below and telephonic confirmation of receipt is promptly obtained
after completion of transmission; (c) on the next day on which such deliveries
are made in Jackson, Nebraska, when delivery is to Federal Express or similar
overnight courier or the Express Mail service maintained by the United States
Postal Service; or (d) on the fifth day after mailing if mailed to the party to
whom notice is to be given, by first class mail, registered or certified,
postage prepaid and properly addressed, return receipt requested, to the party
as follows:

If to the Company:                          If to the Escrow Agent:

Siouxland Ethanol, LLC                      U.S. Bank National Association
Attn: Tom Lynch, President                  Attn: Thomas H. Caruth
110 East Elk Street                         60 Livingston Avenue
Jackson, NE 68743                           St. Paul, MN 55107
Fax:(402) 632-2677                          Fax: (651) 495-8096
Telephone: (402) 632-2676                   Telephone: (651) 495-3911

With a required copy to:

Brown, Winick, Graves, Gross, Baskerville
and Schoenebaum, P.L.C.
666 Grand Avenue, Suite 2000
Des Moines, IA 50309
Attention: Valerie Bandstra
Fax: (515) 283-0231
Telephone: (515) 242-2400

     (d) AMENDMENTS: This Agreement may be amended or modified and any of the
terms, covenants, representations, warranties or conditions hereof may be
waived, only by a written instrument executed by the parties hereto, or in the
case of a waiver, by the party waiving compliance. Any waiver by any party of
any condition or of the breach of any provision, term, covenant, representation
or warranty contained in the Agreement, in any one or more instances, shall not
be deemed to be nor construed as further or continuing waiver of any such
conditions or of the breach of any other provision, term, covenant,
representation or warranty of this Agreement.

                                        6

<PAGE>

     (e) ENTIRE AGREEMENT: This Agreement contains the entire understanding
among the parties hereto with respect to the escrow contemplated hereby and
supersedes and replaces all prior and contemporaneous agreements and
understandings, oral or written, with regard to such escrow.

     (f) NON-ENDORSEMENT: The Company represents and agrees that it has not made
nor will it in the future make any representation that states or implies that
the Escrow Agent has endorsed, recommended or guaranteed the purchase, value, or
repayment of the Securities offered for sale by the Company. The Company further
agrees that it will insert in any prospectus, offering circular, advertisement,
subscription agreement or other document made available to prospective
purchasers of the Securities the following statement in bold face type: " U.S.
Bank National Association is acting only as an escrow agent in connection with
the Offering described herein, and has not endorsed, recommended or guaranteed
the purchase, value or repayment of such Securities", and will furnish to the
Escrow Agent a copy of each such prospectus, offering circular, advertisement,
subscription agreement or other document at least 5 business days prior to its
distribution to prospective Subscribers.

THE UNDERSIGNED ACKNOWLEDGES THAT U.S. BANK NATIONAL ASSOCIATION IS ACTING ONLY
AS AN ESCROW AGENT IN CONNECTION WITH THE OFFERING OF THE SECURITIES DESCRIBED
HEREIN, AND HAS NOT ENDORSED, RECOMMENDED OR GUARANTEED THE PURCHASE, VALUE OR
REPAYMENT OF SUCH SECURITIES.

     IN WITNESS WHEREOF, the parties hereto have hereunto affixed their
signatures as of the day and year first above written.

The Company                             Escrow Agent

Siouxland Ethanol, LLC                  U.S. Bank National Association

By: /s/ Tom Lynch                       By: /s/ Thomas H. Caruth
    ---------------------------------       ------------------------------------
    Tom Lynch

Its: President                          Its: Vice President

                                        7

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