Document:

Form of Stockholder Agreement

 Exhibit 10.2 
 REG NEWCO, INC. 
 STOCKHOLDER AGREEMENT

 This STOCKHOLDER AGREEMENT (this “Agreement”) is made and entered into as of
                    , 2009, by and among: (i) REG Newco, Inc., a Delaware corporation (the “Company”), (ii) certain
of the holders of the Company’s Series A Convertible Preferred Stock (“Series A Preferred Stock”), as listed on Exhibit A hereto (collectively referred to herein as the “Series A Stockholders” and each
individually as a “Series A Stockholder”), and (iii) certain of the holders of the Company’s Common Stock (“Common Stock”), as listed on Exhibit A hereto (collectively referred to herein as the
“Common Stockholders” and each individually as a “Common Stockholder”). The Series A Stockholders and the Common Stockholders are sometimes collectively referred to herein as the “Stockholders” and
each individually as a “Stockholder.” 
 W I T N E S S E T H: 
 WHEREAS, pursuant to the Second Amended and Restated Merger Agreement executed November 20, 2009 by and among the Company, Renewable
Energy Group, Inc. and REG Merger Sub, Inc., the Company is obligated to enter into this Agreement. 
 WHEREAS, certain terms
are defined in Section 1 of this Agreement; 
 NOW, THEREFORE, in consideration of the premises and the mutual terms,
covenants and conditions contained herein, the parties hereto hereby agree as follows: 
 Section 1. Definitions. As
used in this Agreement, the following terms shall have the meanings assigned to them in this Section 1: 
 “Bunge” means Bunge North America, Inc., a New York corporation. 
 “Excluded
Affiliate Transfer” means (i) any transfer of Preferred Stock or Common Stock by a Stockholder that is an entity (a) whether voluntarily or by operation of law, to a partner, member, stockholder, subsidiary or other
affiliate of such Stockholder provided that, in the case of any transfer described in this clause (i)(a), other than any transfer by a member of the USBG Group (subject to the limitations set forth in the definition of USBG Group below), all
transferees or assignees of the same Stockholder entity shall appoint a single attorney-in-fact for the purpose of exercising any rights, receiving notices or taking any action under this Agreement, or (b) to an entity that is the legal
successor of such Stockholder; (ii) any transfer of Preferred Stock or Common Stock, as the case may be, by a Stockholder who is an individual to a member of such Stockholder’s family or to a revocable trust for estate planning purposes;
(iii) any transfer occurring by will or intestate succession upon the death of a Stockholder who is an individual; and (iv) any transfer of Preferred Stock or Common Stock, as the case may be, by a Stockholder which is a trust to the
principal beneficiary of that trust. 
 “Indirect Transfer” means (with respect to any Stockholder that
is a corporation, partnership, limited liability company, or other entity) a deemed Transfer of the Preferred Stock or Common

  

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Stock, which shall occur upon any Transfer to any person of a majority of the ownership of, or voting rights associated with, the equity or other ownership
interests in such Stockholder if at least seventy-five percent (75%) of the value of all of such Stockholder’s assets is attributable to such Stockholder’s investment in the Company (it being understood that the acquisition by a
holder of a majority of the ownership of, or voting rights associated with, the equity or other ownership interests in such Stockholder, of additional equity securities of such Stockholder shall not be an Indirect Transfer); provided, however, that
in no event shall any transfer of equity or other ownership interests in NGP, Bunge, Westway, USBG, or West Central be deemed an Indirect Transfer of Preferred Stock or Common Stock. 
 “NGP” means NGP Energy Technology Partners L.P., a Delaware limited partnership, and Natural Gas Partners VIII, L.P., a Delaware limited
partnership. 
 “Person” (whether or not capitalized) means any individual, corporation, partnership, limited liability
company, trust, unincorporated association, business, or other legal entity, and any governmental agency or political subdivision thereof. 
 “Pledge” means any pledge of an interest in, or other encumbrance placed upon, Preferred Stock or Common Stock as security for indebtedness or for other purposes. 
 “Preferred Stock” means Series A Preferred Stock. 
 “Preferred Stockholders” means Series A Stockholders. 
 “Preferred
Supermajority” means the holders of at least seventy-five percent (75%) of the then outstanding shares of Preferred Stock that were issued in exchange for shares of the series A, series AA, series B or series BB preferred stock of
Renewable Energy Group, Inc., a Delaware corporation (“REG”), pursuant to the Agreement and Plan of Merger dated
                    , 2009 by and among the Company, REG and REG Merger Sub, Inc. 
 “Securities Act” means the Securities Act of 1933, as amended. 
 “Transfer” (whether or not capitalized) means any sale, assignment or other disposition of Preferred Stock or Common Stock, other than a
Pledge or an Indirect Transfer. 
 “USBG Group” means USBG, its members and their respective direct or indirect owners,
partners, members, stockholders, subsidiaries and other affiliates; provided, however, that the number of members of the USBG Group shall not exceed seventy (70) and any Transfer made by a Stockholder that would otherwise be a
member of the USBG Group which transfer would cause the number of members of the USBG Group to exceed seventy (70) shall be subject to the restrictions contained in this Agreement as if such Stockholder were not a member of the USBG Group.

 “West Central” means West Central Cooperative, an Iowa cooperative association. 
 “Westway” means E D & F Man Netherlands BV. 
 Section 2. Election of Directors; Other Voting Matters. 
  

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 (a) Company’s Board. From and after the date hereof and until the termination
of this Agreement as provided in Section 8(a) below, the Stockholders agree to vote all of their Preferred Stock, Common Stock and any other voting securities of the Company over which they have voting control, and the Company will take all
reasonable actions within its control, that may be necessary in order to cause: 
 (i) the authorized number of the
Company’s Board of Directors (the “Board”) to be maintained at not less than ten (10) nor more than fourteen (14) directors; 
 (ii) the nomination and election to the Board of (A) for so long as NGP holds at least 2,105,263 shares of Series A Preferred Stock
(and/or Common Stock issued or issuable upon conversion of such Series A Preferred Stock) (subject to appropriate adjustments in the event of any stock dividend, stock split, combination or other similar recapitalization affecting such shares), two
(2) representatives designated by NGP, (B) for so long as Westway holds at least 657,895 shares of Series A Preferred Stock (and/or Common Stock issued or issuable upon conversion of such Series A Preferred Stock) (subject to appropriate
adjustments in the event of any stock dividend, stock split, combination or other similar recapitalization affecting such shares), one (1) representative designated by Westway, (C) for so long as Bunge holds at least 526,316 shares of
Series A Preferred Stock (and/or Common Stock issued or issuable upon conversion of such Series A Preferred Stock) (subject to appropriate adjustments in the event of any stock dividend, stock split, combination or other similar recapitalization
affecting such shares), one (1) representative designated by Bunge and (D) for so long as the members of the USBG Group collectively hold at least 1,277,167 shares of Series A Preferred Stock (and/or Common Stock issued or issuable upon
conversion of such Series A Preferred Stock) (subject to appropriate adjustments in the event of any stock dividend, stock split, combination or other similar recapitalization affecting such shares), one (1) representative designated by the
members of the USBG Group holding a majority of the shares of Series A Preferred Stock (and/or Common Stock issued or issuable upon conversion of the shares of such Series A Preferred Stock) held by members of the USBG Group (Westway, Bunge and the
USBG Group are collectively referred to herein as the “Strategic Investors”); provided, however, in the event any of NGP, Westway, Bunge or USBG Group has elected to have all of its shares of Series A Preferred Stock redeemed by the
Company pursuant to the Series A Certificate of Designation (a “Redeeming Stockholder”), and the Company is not able to redeem all the shares of Series A Preferred Stock held by the Redeeming Stockholder, then the Redeeming
Stockholder shall not lose the right to have its representative(s) nominated and elected to the Board pursuant to this Subsection 2(a)(ii) until such redemption is complete. 
 (iii) the nomination and election to the Board of, for so long as West Central holds at least 4,750,000 shares of Common Stock (subject to
appropriate adjustments in the event of any stock dividend, stock split, combination or other similar recapitalization affecting such shares), five (5) representatives designated by 

  

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West Central, who shall include Jeffrey Stroburg, for so long as he is the Chief Executive Officer of the Company, and shall include one (1) person
knowledgeable about the industry in which the Company operates who would qualify as a “Disinterested Director” (as defined below in Section 2(c)) immediately prior to his or her nomination (whose nomination and election shall be
approved by the holders of eighty percent (80%) of the Series A Preferred Stock, such approval not to be unreasonably withheld) (the “Independent Director”); provided, however, at any time as the Chief Executive Officer of the
Company is not nominated and elected by West Central or the Series A Stockholders, the Stockholders shall cause the nomination and election to the Board of the Chief Executive Officer of the Company to replace the Independent Director; 

(iv) the nomination and election to the Board of             ,
            , and             to serve until the expiration of the restrictions in Article X of the Certificate of
Incorporation of the Company, and until their successors are elected and qualified, or until their earlier death, resignation or removal, which obligations to nominate and elect shall be specifically enforceable as third party beneficiaries of this
Section 2(a)(iv) by the holders of Series A Preferred Stock and Common Stock, received pursuant to the Merger Agreement dated
                    , 2009 by and among the Company, REG Danville, LLC and Blackhawk Biofuels, LLC, the Asset Purchase Agreement dated
                    , 2009 by and among the Company, REG Newton, LLC and Central Iowa Energy, LLC and the Asset Purchase Agreement dated
                    , 2009 by and among the Company, REG Wall Lake, LLC and Western Iowa Energy, LLC; 
 (v) the removal from the Board (with or without cause) of any representatives designated hereunder shall be at the written request of the
parties possessing the right to designate such representative (but only upon such written request and under no other circumstances); 
 (vi) in the event that any member of the Board designated hereunder for any reason ceases to serve as a member of the Board during such representative’s term of office, the resulting vacancy to be filled by a representative designated
by the parties possessing the right to designate such representative as provided hereunder; 
 (vii) in the event that NGP,
any of the Strategic Investors or West Central should cease to hold sufficient shares of Series A Preferred Stock (or Common Stock issuable upon conversion of the Series A Preferred Stock), or Common Stock, as applicable, and, therefore, should lose
its right to designate a director as described in Section 2(a)(ii) or (iii), the person(s) to fill the resulting Board vacancy or vacancies shall be elected by the holders of a majority of the Preferred Stock and Common Stock voting together as
a single class (with the Preferred Stock voting on an as-converted basis); and 
 (viii) Each entity in which the Company
directly or indirectly owns more than fifty percent (50%) of the outstanding equity interests (each, a “Subsidiary”) shall reserve to the Company acting through its Board of Directors (to the exclusion 

  

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of the Board of Directors, Board of Managers or other similar governing body of each Subsidiary) the following powers and authorities: 
 (A) To authorize or issue, or obligate the Subsidiary to issue any stock or units or any securities or instruments convertible into stock
or units, or to authorize or approve any new stockholder or member being admitted to the Subsidiary, or consent to allow an assignee to become a stockholder or member; 
 (B) To amend the Articles of Incorporation or Organization of the Subsidiary; 
 (C) To amend any Bylaws or Operating Agreement of the Subsidiary; 
 (D) To otherwise alter or change the rights, preferences or privileges of the stockholders or members of the Subsidiary; 
 (E) To issue, or cause the Subsidiary to issue, any indebtedness, other than trade accounts payable, letters of credit, performance bonds
and other similar credit support incurred in the ordinary course of business, or to amend, renew, increase or otherwise alter in any material respect the terms of any indebtedness previously approved by the stockholders or members; 
 (F) To redeem, purchase or otherwise acquire any stock, units or equity of the Subsidiary; 
 (G) To declare bankruptcy, dissolve, liquidate or wind up the affairs of the Subsidiary; 
 (H) To modify or change the nature of the Subsidiary’s business such that a material portion of the Subsidiary’s business is
devoted to any business other than the business of (x) designing, constructing or operating biodiesel facilities and (y) manufacturing, selling or marketing biodiesel fuels; 
 (I) To grant any exclusive rights or licenses in the Subsidiary’s intellectual property; 
 (J) To make any capital expenditure in excess of $500,000 which is not otherwise included in the annual budget previously approved by
shareholders or members of the Subsidiary; 
 (K) To elect or remove directors or managers of the Subsidiary; 
  

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 (L) To sell, exchange, lease, mortgage, pledge or other transfer all or substantially
all of the assets of the Subsidiary or any asset with a sale price in excess of $500,000 outside the ordinary course of business; 
 (M) To merge or consolidate the Subsidiary with another entity (excluding any merger with or into another Subsidiary or the Company); and 
 (N) To indemnify any officer, director or manager of the Subsidiary. 
 (b) Vote to
Increase Authorized Common Stock. Each Stockholder agrees to vote or cause to be voted all shares of capital stock owned by such Stockholder, or over which such Stockholder has voting control, in order to ensure that at all times there are
sufficient shares of Common Stock available for (i) the conversion of all outstanding shares of Series A Preferred Stock into shares of Common Stock in accordance with the Certificate of Designation of Series and Determination of Rights and
Preferences of the Series A Convertible Preferred Stock, and (ii) the exercise of all outstanding warrants to purchase Common Stock in accordance with the terms of any and all outstanding warrant agreements. 
 (c) In addition to any approvals and approval processes that may be required from time to time by the Board of Directors, the Bylaws of
the Company or applicable law, for so long as this Agreement is in effect, the Company shall not enter into or engage in any contract or transaction with any person who beneficially owns ten percent (10%) or more of the equity securities of the
Company (a “Principal Stockholder”) or an affiliate (as defined in Rule 405 of the Securities Act of 1933) (an “Affiliate”) of a Principal Stockholder (such Principal Stockholder or Affiliate, a “Related Party”), unless
such contract or transaction shall have been authorized, approved or ratified by a majority of the “Disinterested Directors” nominated by holders of the Series A Preferred Stock pursuant to this Agreement, as amended from time to time. For
purposes of the foregoing, the term “Disinterested Director” shall mean a director that is neither an Affiliate of the Related Party nor nominated to the Board of Directors by such Related Party. 
 Section 3. Transfer Restrictions. 
 (a) General Rights and Obligations. In addition to any restrictions on the Transfer of any Preferred Stock or Common Stock that are imposed by the Certificate of Incorporation of the Company, or under the
Securities Act or other applicable securities laws, no Stockholder shall Transfer or Pledge all or any part of such Stockholder’s Preferred Stock or Common Stock without the prior written consent of all the other Stockholders or in accordance
with this Section 3. 
 (b) Lock Up. In the event the Company shall undertake its first sale to the public
pursuant to a registration statement of the Company filed under the Securities Act, each Stockholder shall agree in writing, in form and substance customary for similar transactions, if requested by the managing underwriter or underwriters thereof,
not to lend, offer, pledge, 

  

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sell, contract to sell (including, without limitation, any short sale), sell any option or contract to purchase, purchase any option or contract to sell,
grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or other securities of the Company convertible into or exercisable or exchangeable for Common Stock held by such
Stockholder immediately before the effective date of the registration statement for such offering, or enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of Common
Stock (whether any such transaction is described in this subsection is to be settled by delivery of Common Stock or such other securities, in cash or otherwise, except for securities to be sold to such underwriter pursuant to such registration
statement; provided, however that: 
 (i) such period shall not exceed one hundred eighty (180) days after the effective
date of the registration statement, except that such 180-day period may be extended for not more than eighteen (18) days if such extension is reasonably necessary to allow the Company’s underwriters to comply with NASD Conduct Rule 2711
(or any similar successor rule); and 
 (ii) the Company’s directors, officers and stockholders individually owning more
than one percent (1%) of the Company’s outstanding Common Stock (after giving effect to conversion into Common Stock of all outstanding Preferred Stock) also agree to such limitations. 
 The Company may impose stop-transfer instructions with respect to the shares of Common Stock or other securities of the Company convertible into or exercisable or
exchangeable for Common Stock subject to the foregoing restriction until the end of such one hundred eighty (180) day period (or the extended period set forth above). 
 (c) Right of First Refusal. 
 (i) If at any time any Stockholder intends to Transfer any or all of the Preferred Stock or Common Stock owned by him (any such Stockholder is hereinafter referred to as a “Selling Stockholder”),
excluding any Transfer in connection with a bona fide offer from a Proposed Transferee to purchase all of the stock or all or substantially all of the assets of the Company which shall be governed solely by Section 3(d)(ii), the Selling
Stockholder shall give written notice (the “Stockholder’s Notice”) to the Company and the Preferred Stockholders stating that the Selling Stockholder intends to make such Transfer, identifying the proposed purchaser (the
“Proposed Transferee”), specifying the number of shares of Preferred Stock or Common Stock proposed to be transferred (the “First Refusal Shares”), and specifying the per share purchase price which the Proposed
Transferee has offered to pay for the First Refusal Shares (the “Sale Price”). The Stockholder’s Notice shall certify that the Selling Stockholder has received a firm offer from the Proposed Transferee and in good faith
believes a binding agreement for the transfer of the First Refusal Shares is obtainable on the terms set forth therein. A copy of the offer (or a summary of the terms thereof) shall be attached to the Stockholder’s Notice. 
  

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 (ii) If, at the time of receipt of the Stockholder Notice, the Company is contractually
restricted from fully exercising its rights to purchase pursuant to this Section 3(c) (and the Company does not reasonably believe it can obtain a waiver or the Company does not intend to seek a waiver of such restrictions) or the Company is
legally restricted under the Delaware General Corporation Law from fully exercising its rights under this Section 3(c), the Company shall promptly so notify the Selling Stockholder in writing. Otherwise, upon receipt of the Stockholder’s
Notice, the Company shall, subject to Section 3(c)(iii) below, have the irrevocable and exclusive option to purchase all or any portion of the First Refusal Shares by delivery of a written notice to the Selling Stockholder, within ten
(10) business days of its receipt of the Stockholder’s Notice, of its election to exercise its option under this Section 3(c)(ii) and the number of shares it is willing to purchase. To the extent the Company does not elect to purchase
all of the First Refusal Shares or the Company does not respond to the Stockholder’s Notice within such ten (10) business day period or the Selling Stockholder receives the notice from the Company referred to in the first sentence of this
Section 3(c)(ii), the Selling Stockholder shall notify the Preferred Stockholders of the number of First Refusal Shares that remain eligible for purchase, and the Preferred Stockholders shall, subject to Section 3(c)(iii) below, have the
irrevocable and exclusive option to purchase all or any portion of the remaining First Refusal Shares at the Sale Price by delivery of written notice to the Selling Stockholder and the Company of their election to exercise their option under this
Section 3(c)(ii) (any such holder exercising this election, a “First Refusal Participant”) and the maximum number of shares (up to that portion of such First Refusal Shares that equals the proportion that the aggregate number
of shares of Common Stock that were issued and/or are issuable upon conversion of the Preferred Stock held by a First Refusal Participant (plus the aggregate number of other shares of Common Stock held by such holder if the First Refusal Participant
is West Central or a member of the USBG Group) bears to the sum of the total number of shares of Common Stock that were issued or are issuable upon conversion of all of the issued and outstanding shares of Preferred Stock and the number of other
shares of Common Stock held by West Central and the members of the USBG Group, in each case excluding any such shares held by the Selling Stockholder) that they are willing to purchase, as well as the number of additional shares that such holder
desires to purchase in the event all of the remaining First Refusal Shares not elected to be purchased by the other Preferred Stockholders which shall be allocated on a pro rata basis (calculated in a similar manner as described in the preceding
sentence, and continuing in a like manner until the First Refusal Participants have purchased all of the First Refusal Shares as they may elect). Within thirty (30) days of receipt of the Stockholder’s Notice, the First Refusal
Participants shall deliver to the Selling Stockholder a written notice of their election to purchase any remaining First Refusal Shares. 
  

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 (iii) The Company and the First Refusal Participants shall deliver the Sale Price for any
First Refusal Shares that any such party elects to purchase to the Selling Stockholder no later than sixty (60) days after receipt of the Stockholder’s Notice, unless the Stockholder’s Notice contemplated a later closing with the
Proposed Transferee. In the event the Company and the First Refusal Participants, taken together, do not elect to purchase all of the First Refusal Shares pursuant to Section 3(c)(ii), then the Selling Stockholder shall be free for a period of
one hundred and twenty (120) days from the date of the Stockholder’s Notice, to sell the remaining First Refusal Shares to the Proposed Transferee, at a price equal to or greater than the Sale Price and upon other terms no more favorable
to the Proposed Transferee than those specified in the Stockholder’s Notice. Any transfer of the First Refusal Shares by the Selling Stockholder after the end of such 120-day period or at a price lower than the Sale Price or on more favorable
terms of the sale than set forth in the Stockholder’s Notice shall require a new notice of intent to transfer to be delivered to the Company and the Preferred Stockholders and shall give rise anew to the rights provided in the preceding
paragraphs. 
 (iv) If the Company and/or the First Refusal Participants elect to purchase First Refusal Shares mentioned in
the Stockholder’s Notice, the Company and/or the First Refusal Participants, as applicable, shall have the right to purchase the First Refusal Shares for cash consideration whether or not part or all of the consideration specified in the
Stockholder’s Notice is other than cash. If part or all of the consideration to be paid for the First Refusal Shares as stated in the Stockholder’s Notice is other than cash, the price stated in such Stockholder’s Notice shall be
deemed to be the sum of the cash consideration, if any, specified in such Stockholder’s Notice, plus the fair market value of the non-cash consideration. The fair market value of the non-cash consideration shall be determined by an independent
appraiser agreed upon by the Company and the Selling Stockholder if the Company exercised and if the Company did not exercise by the Board of the Company (excluding those members of the Board designated by or affiliated with any First Refusal
Participant), and its judgment as to the fair market value of such non-cash consideration shall be binding on the Selling Stockholder and the First Refusal Participants. 
 (d) Tag-Along and Drag-Along Rights. 
 (i) Tag-Along Rights. If a Selling Stockholder intends to Transfer any or all of the Preferred Stock or Common Stock owned by him (excluding any Transfer in connection with a bona fide offer from a Proposed
Transferee to purchase all of the stock or all or substantially all of the assets of the Company which shall be governed solely by Section 3(d)(ii)), and the Company and the Preferred Stockholders do not elect to purchase all First Refusal
Shares pursuant to Section 3(c) above, the Selling Stockholder shall cause any third party Proposed Transferee to offer in writing (the “Purchase Offer”) to purchase from each Preferred Stockholder a pro rata share of the
Preferred Stock and/or Common Stock issued upon conversion of such Preferred Stock of each of the Preferred Stockholders, such pro rata portion based on that 

  

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number of shares of Common Stock issued to and/or issuable upon conversion of the Preferred Stock held by such Preferred Stockholder bears to the total
number of shares of Common Stock issued to and/or issuable upon conversion of all the Preferred Stock then issued and outstanding, in each case including any such shares held by the Selling Stockholder. Any such purchase shall be made in accordance
with the following: 
 (A) the purchase of Preferred Stock and /or Common Stock from each Preferred Stockholder shall be made
at (1) the highest price per share and on such other terms and conditions as the Proposed Transferee has offered to purchase Preferred Stock and/or Common Stock from the Selling Stockholder or (2) the highest price per share, on an as
converted basis, and on such other terms and conditions as the Proposed Transferee has offered to purchase Common Stock from the Selling Stockholder; 
 (B) each Preferred Stockholder shall have no more than twenty (20) days from the receipt of the Purchase Offer in which to accept such Purchase Offer, in whole or in part; 
 (C) to the extent that a Preferred Stockholder accepts such Purchase Offer, the Preferred Stock to be sold to the Proposed Transferee by
the Selling Stockholder shall be proportionately reduced to the extent necessary to comply with this Section 3(d)(i); and 
 (D) the closing of such purchase shall occur within thirty (30) days after such acceptance or at such other time as the Selling Stockholder, the Preferred Stockholders accepting such Purchase Offer and the Proposed Transferee may
agree. 
 (ii) Drag-Along Rights. 
 (A) At any time on or after August 1, 2011, if a Preferred Supermajority, only including in such calculation those Preferred
Stockholders then entitled to exercise rights under this Section 3(d)(ii), approve (the “Approving Stockholders”) a bona fide offer from a Proposed Transferee (who is unaffiliated with the holders of such Preferred Stock
approving such offer) to purchase all of the stock or all or substantially all of the assets of the Company (which offer must not value the Series A Preferred Stock at a value exceeding the Series A Accreted Value (as defined in the Certificate of
Designation of Series A Preferred Stock), and otherwise treats the holders of Common Stock and Preferred Stock identically), the provisions of Section 3(c) and (d)(i) shall not apply and the Company shall have forty-five (45) days to elect
to purchase the Preferred Stock and Common Stock of the Approving Stockholders on substantially the same terms, or their substantial economic equivalent in cash, as the Approving Stockholders would have received (taking into account tax
consequences) as a result of the 

  

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transaction contemplated by such bona fide offer. If the Company does not elect to purchase the Approving Stockholders’ shares, the other Preferred
Stockholders and Common Stockholders (the “Drag-Along Owners”) shall have forty-five (45) days to elect to purchase the Preferred Stock and Common Stock on substantially the same terms, or their substantial economic equivalent
in cash, as the Approving Stockholders would have received (taking into account tax consequences) as a result of the transaction contemplated by such bona fide offer. If the Drag-Along Owners do not so elect to purchase, then the Approving
Stockholders shall have the right to require the Drag-Along Owners to sell to the Proposed Transferee all of the Preferred Stock and Common Stock of such Drag-Along Owner, or to vote to sell all or substantially all of the assets of the Company to
the Proposed Transferee on the same terms offered to the Approving Stockholders. 
 (B) If such transaction is structured as
a merger or consolidation of the Company, or a sale of all or substantially all of the Company’s assets, each Drag-Along Owner shall take all actions necessary (at both the Board and the stockholder level, assuming compliance with any
applicable fiduciary duties) to approve the transaction and cause the transaction to be consummated, including but not limited to: (i) voting the shares of Preferred Stock and Common Stock then beneficially held by such Drag-Along Owner in
favor of such transaction at any meeting of the Company’s Stockholders called to vote on the transaction or, in the alternative, approve such transaction by written consent of the Company’s Stockholders and raise no objections to the
transaction or the process pursuant to which the transaction was arranged, (ii) voting the shares of Preferred Stock and Common Stock then beneficially held by such Drag-Along Owner in opposition to any and all other proposals that could
reasonably be expected to delay or impair the ability of the Company to consummate such transaction, (iii) waiving any dissenters’ rights, appraisal rights or similar rights in connection with such transaction, (iv) not depositing any
shares of Preferred Stock or Common Stock held by such Drag-Along Owner in a voting trust or subjecting any such shares to any arrangement or agreement with respect to the voting of such shares, unless specifically requested to do so by the
Proposed Transferee in connection with such transaction, and (v) taking all other necessary and desirable actions reasonably requested by the Approving Stockholders to cause such transaction to be consummated, including executing and delivering
all related documents. 
 (C) In the event that such transaction involves a sale of securities by the Drag-Along Owners then,
at the closing of such transaction, against payment of the purchase price for the securities to be sold by the Drag-Along Owners, the Drag-Along Owners shall deliver to the Proposed Transferee the certificate or certificates representing all of such
Drag-Along Owners’ shares of Preferred Stock and Common Stock, free and clear of all liens, claims and encumbrances, and properly endorsed for transfer, together with all other 

  

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documents which are necessary in order to effect such transaction, and shall take all other necessary and desirable actions reasonably requested by the
Approving Stockholders to cause such transaction to be consummated. 
 (e) Excluded Transfers. The provisions of
Sections 3(a), 3(c) and 3(d) above do not apply to (i) any Transfer by a Stockholder of such Stockholders’ Preferred Stock or Common Stock, as applicable, in an Excluded Affiliate Transfer, (ii) any redemption of Series A Preferred
Stock by the Company pursuant to the Certificate of Designation of Series A Preferred Stock, or (iii) any Transfer by a Stockholder who is an employee, director or consultant of the Company of such Stockholder’s Common Stock to the Company
pursuant to the termination of such Stockholder’s employment with the Company. The provisions of Sections 3(c) and 3(d)(i) above do not apply to any Transfer by a Stockholder of such Stockholders’ Preferred Stock or Common Stock pursuant
to an effective registration statement filed under the Securities Act. 
 Section 4. Indirect Transfers. 
 (a) Upon the occurrence of any Indirect Transfer of the shares of Preferred Stock and/or Common Stock held by a Stockholder (any such
Stockholder is hereinafter referred to as a “Indirect Transferee”), the Indirect Transferee shall give written notice (the “Indirect Transfer Notice”) to the Company and the Preferred Stockholders stating that an
Indirect Transfer has occurred and specifying the number of shares of Preferred Stock or Common Stock held by the Indirect Transferee (the “Indirect Transfer Shares”). Within twenty (20) business days following its receipt of
the Indirect Transfer Notice, the Company shall determine the Fair Market Value (as defined below) of each share of Preferred Stock and/or Common Stock, as applicable, covered by the Indirect Transfer Notice and notify the Indirect Transferee and
the Preferred Stockholders of its determination. 
 (b) For purposes of calculating the Fair Market Value of the Indirect
Transfer Shares, the “Fair Market Value” per share shall be determined in good faith by the Board of Directors (other than those directors, if any, affiliated with or nominated by the Indirect Transferee) as of the date of the
Indirect Transfer and in making such determination it shall not give consideration to any discount related to shares representing minority interest or related to any illiquidity or lack of marketability of shares arising from restrictions on
transfer under applicable federal or state securities laws, but shall take into consideration the rights and preferences of the Preferred Stock and/or Common Stock, as applicable, held by such Indirect Transferee. If the Indirect Transferee
disagrees with such determination of Fair Market Value for either or both of the Preferred Stock or the Common Stock (each, a “Value Dispute”), the Indirect Transferee shall provide written notice to the Company thereof within five
(5) business days after delivery of the Company’s determination, and the Fair Market Value per share of the Preferred Stock and/or Common Stock, as the case may be, shall be determined by the following procedures. Each of the Company and
the Indirect Transferee shall appoint an independent appraiser, each of whom shall independently determine the Fair Market Value per share of the Preferred Stock and/or Common Stock, as the case may be (the “Appraised Values”). If
the higher of the Appraised Values with respect to the Preferred Stock or the Common Stock is not more than 25% higher than the 

  

 12 

 
lower of the Appraised Values for the Preferred Stock and/or the Common Stock, as applicable, then the Fair Market Value per share will be the average of the
two Appraised Values for the Preferred Stock and/or Common Stock, as applicable. If the higher of the Appraised Values is more than 25% higher than the lower of the Appraised Values, than the parties shall appoint a third independent appraiser who
shall, within thirty (30) days following receipt of the Appraised Values, select one of the two Appraised Values as the Fair Market Value per share which is closest to the Fair Market Value per share determined by such third party appraiser
(the “Third Party Determination”). The Third Party Determination shall be binding on and non-appealable by the Company, the Indirect Transferee and the Preferred Stockholders. All costs of the appraisers pursuant to this
Section 4(b) shall be borne by the Indirect Transferee. 
 (c) Within five (5) business days following the earlier
of (i) the expiration of the time period provided in Section 4(b) above to submit a Value Dispute if the Indirect Transferee does not submit a Value Dispute or, if earlier, acceptance of the Company’s determination of Fair Market
Value, and (ii) determination of the Fair Market Value in accordance with the provisions of Section 4(b) above in the event of a Value Dispute, the Company shall, subject to Section 4(d) below, have the irrevocable and exclusive
option to purchase all or any portion of the Indirect Transfer Shares by delivery of a written notice to the Indirect Transferee of its election to exercise its option under this Section 4 and the number and type of Indirect Transfer Shares it
is electing to purchase. To the extent the Company does not elect to purchase all of the Indirect Transfer Shares or does not make any election within such five (5) business day period, the Indirect Transferee shall notify the Preferred
Stockholders of the number of Indirect Transfer Shares that remain eligible for purchase, and the Preferred Stockholders, excluding the Indirect Transferee, shall, subject to Section 4(d) below, have the irrevocable and exclusive option for ten
(10) business days following receipt of such notice to purchase all or any portion of the remaining Indirect Transfer Shares at the Fair Market Value by delivery of written notice to the Indirect Transferee and the Company of their election to
exercise their option under this Section 4(c) (any such holder exercising this election, a “Indirect Transfer Participant”) and the maximum number of shares (up to that portion of such Indirect Transfer Shares that equals the
proportion that the aggregate number of shares of Common Stock that were issued and/or are issuable upon conversion of the Preferred Stock held by an Indirect Transfer Participant plus the aggregate number of shares of Common Stock issued to such
holder if the Indirect Transfer Participant is West Central bears to the sum of the total number of shares of Common Stock that were issued or are issuable upon conversion of all of the issued and outstanding shares of Preferred Stock and the number
of shares of Common Stock issued to West Central, in each case excluding any such shares held by the Indirect Transferee) that they are willing to purchase, as well as the number of additional shares that such holder desires to purchase in the event
all of the remaining Indirect Transfer Shares are not elected to be purchased by the other Preferred Stockholders which shall be allocated on a pro rata basis (calculated in a similar manner as described in the preceding sentence, and continuing in
a like manner until the Indirect Transfer Participants have purchased all of the Indirect Transfer Shares as they may elect). Within thirty (30) days of receipt of the Indirect Transfer Notice, the Indirect Transfer Participants shall deliver
to the Indirect Transferee a written notice of their election to purchase any remaining Indirect Transfer Shares. 
  

 13 

 (d) The Company and the Indirect Transfer Participants shall deliver the aggregate Fair
Market Value for any Indirect Transfer Shares that any such party elects to purchase to the Indirect Transferee no later than the later of sixty (60) days after receipt of the Indirect Transfer Notice and fifteen (15) business days after
the determination of the Fair Market Value in accordance with the provisions of Section 4(b) above in the event of a Value Dispute. In the event the Company and the Indirect Transfer Participants, taken together, do not elect to purchase all of
the Indirect Transfer Shares pursuant to Section, then any subsequent Transfer or Indirect Transfer shall be subject to the provisions of this Agreement. 
 Section 5. Enforcement; Legends. No Preferred Stock or Common Stock shall be transferred on the books of the Company, nor shall any Transfer be effective, unless and until the terms and provisions of this
Agreement are first complied with and, in case of violation of this Agreement by the attempted Transfer of Preferred Stock or Common Stock without compliance with the terms and provisions hereof, such Transfer shall be invalid and of no effect. The
Stockholders will cause the Company to imprint a legend on any certificates evidencing Preferred Stock or Common Stock which are subject to this Agreement referring to the voting rights and the restrictions on Transfer imposed hereunder. 

Section 6. Preemptive Rights. 
 (a) Each Preferred Stockholder (the “Preemptive Participants”) shall have a preemptive right to purchase up to its Pro Rata Share (as defined in this Section 6(a)) of future sales by the Company
of its equity securities issued for cash other than as provided in Section 6(c) below (“New Securities”). For each Preemptive Participant, “Pro Rata Share” equals the ratio that (i) the number of shares of Common
Stock issuable upon conversion of the Preferred Stock held by the Preemptive Participant (plus the number of shares of Common Stock held by the Preemptive Participant if the Preemptive Participant is West Central or a member of the USBG Group),
immediately prior to the sale of the New Securities bears to (ii) the sum of the total number of shares of Common Stock issuable upon conversion of all shares of Preferred Stock outstanding and the total number of shares of Common Stock held by
West Central and members of the USBG Group, immediately prior to the sale of the New Securities. Each time the Company proposes to offer any of its securities, the Company shall give written notice thereof to the Preemptive Participants stating
(i) its bona fide intention to offer such securities, (ii) the number of such securities to be offered, and (iii) the price and terms upon which the Company proposes to offer such securities (the “Offer Notice”). By
written notification received by the Company within ten (10) days after the receipt of the Offer Notice, a Preemptive Participant may elect to purchase, at the price and on the terms specified in the Offer Notice, up to such holder’s Pro
Rata Share and stating therein the quantity of such securities to be purchased. To the extent any Preemptive Participant elects not to purchase such holder’s Pro Rata Share of New Securities, then such holder’s Pro Rata Share shall be
allocated pro rata among the Preemptive Participants electing to purchase their Pro Rata Share of New Securities in a similar “as converted” basis to the extent such holders wish to purchase more than their full 

  

 14 

 
Pro Rata Share. The closing date of the transactions contemplated by this Section 6(a) shall be as mutually agreed by the Company and the purchasing
Preemptive Participants, but no earlier than thirty (30) days and no later than sixty (60) days after the receipt of the Offer Notice. 
 (b) In the event the Preemptive Participants do not elect to purchase all of the securities pursuant to Section 6(a), the Company may sell the remaining unsubscribed portion of such securities at a price not less
than, and upon terms no more favorable in the aggregate than, those specified in the Offer Notice. If for any reason the Company does not consummate the sale of such securities within the one hundred twenty (120) day period following the date
of the Offer Notice, the rights provided hereunder shall be deemed to be revived and such securities shall not be offered unless first reoffered to the Preemptive Participants in accordance herewith. 
 (c) The preemptive rights in this Section 6 shall not be applicable to (i) the issuance or sale of shares of Common Stock (or
options therefor) to employees, directors and consultants for the primary purpose of soliciting or retaining their services in an amount not to exceed 2,600,000 shares, (ii) the issuance of securities pursuant to a bona fide, firmly
underwritten public offering of shares of Common Stock, registered under the Securities Act, (iii) the issuance of warrants or the issuance of securities pursuant to the conversion or exercise of convertible or exercisable securities (including
without limitation shares of capital stock issuable upon the exercise of warrants issued or committed to be issued by the Company as of the date of this Agreement at the exercise price stated in such warrants (subject to anti-dilution adjustments as
provided therein)), (iv) the issuance of securities in connection with a bona fide business acquisition of or by the Company, whether by merger, consolidation, purchase of assets, sale or exchange of stock or otherwise, (v) the issuance of
any shares of Common Stock or Preferred Stock or other securities in connection with any borrowings by the Company, direct or indirect, from financial institutions, whether or not presently authorized, including any type of loan or payment evidenced
by any type of debt instrument, provided that such issuances are approved by a majority of the directors nominated by the holders of Series A Preferred Stock, (vi) securities issued to vendors, lenders, equipment lessors or in connection with
strategic or licensing transactions, joint ventures or similar transactions, provided that such issuances are approved by a majority of the directors nominated by the holders of Series A Preferred Stock, (vii) securities issued in connection
with any stock split, stock dividend or recapitalization of the Company, and (viii) any right, option or warrant to acquire any security convertible into the securities excluded from the preemptive rights pursuant to this subsection
(i) through (vii) of this Section 6(c). In addition to the foregoing, the right of first offer in this Section 6 shall not be applicable with respect to any Preemptive Participant in any subsequent offering of securities if, at
the time of such offering, the Preemptive Participant is not qualified to participate in the offering based on the applicable exemption from registration pursuant to which the offering is being made. 
 (d) Notwithstanding anything herein to the contrary, the rights of the Preemptive Participants to purchase any securities of the Company
as set forth in this Section 6 may be waived, in whole or in part, prospectively or retroactively, by the written consent or 

  

 15 

 
affirmative vote of at least two-thirds (2/3rds) of the outstanding shares held by the Preemptive Participants (which must also include the written
consent or affirmative vote of a Preferred Supermajority) immediately prior to the issuance of such securities by the Company. 
 Section 7. Information, Inspection and Observer Rights. 
 (a) Delivery of Financial Statements.
The Company shall deliver to each Preferred Stockholder, within the time periods specified below unless such period is extended by unanimous vote of the Preferred Stockholders: 
 (i) as soon as practicable, but in any event within thirty (30) days after the end of each calendar month, an unaudited income
statement and statement of cash flows for such month and an unaudited balance sheet as of the end of such month and for the year-to-date, prepared in accordance with generally accepted accounting principles (“GAAP”); 
 (ii) as soon as practicable, but in any event within thirty (30) days after the end of each of the first three (3) quarters of
each year of the Company, an unaudited income statement and statement of cash flows for such fiscal quarter and an unaudited balance sheet as of the end of such fiscal quarter and for the year-to-date, prepared in accordance with GAAP; 

(iii) an annual budget for the Company at least thirty (30) days prior to the beginning of each year and, as soon as practicable,
but in any event within thirty (30) days after the end of each of the first three (3) quarters of each year of the Company, an updated annual budget for the Company; and 
 (iv) as soon as practicable, but in any event within one hundred and twenty (120) days after the end of each year of the Company
unless such period is extended by unanimous vote of the Board, an audited income statement for such year, an audited balance sheet and statement of Stockholder’s equity of the Company as of the end of such year, and an audited statement of cash
flows for such year, such audited year-end financial reports to be in reasonable detail, prepared in accordance with GAAP and prepared by a nationally recognized accounting firm approved by the Board. 
 Notwithstanding the foregoing, a Preferred Stockholder other than NGP, Westway, Bunge or any member of the USBG Group shall not be entitled to receive the financial
statements described in clauses (i), (ii) and (iii) above if the Board reasonably determines that such Preferred Stockholder is a competitor of the Company. 
 (b) Inspection Rights. The Company shall permit each Preferred Stockholder and its representatives, at such Preferred
Stockholder’s expense, for a proper business purpose, upon reasonable prior notice to the Company, during normal business hours and without unreasonable disruption to the Company’s business to: (i) visit and inspect any of the 

  

 16 

 
properties or facilities of the Company and its subsidiaries, (ii) examine the books and records of the Company and its subsidiaries (and make and keep
copies and extracts therefrom), and (iii) discuss with the Company’s officers and employees the affairs, finances and accounts of the Company and its subsidiaries. 
 (c) Observer Rights. The Company shall permit three (3) non-voting observers to attend each meeting of the Board and of any
committees of the Board, consisting of the President of the Company, an observer appointed by West Central and an observer appointed by Energy Technology Partners, L.L.C. Such observers shall receive advance notice of all such meetings and all
materials provided to the directors before and during such meetings. The Company may remove or exclude such observers from any meeting of the Board and of any committees of the Board when such observers’ presence would reasonably be expected to
compromise attorney-client confidentiality, would be reasonably necessary to protect highly confidential information or for other similar bona fide corporate reasons. The decision of the Board with respect to the privileged or confidential nature of
such information shall be final and binding. 
 (d) Confidentiality. Each Preferred Stockholder hereby agrees, and each
board observer, as a condition to observing or participating in meetings of the Board or its committees shall agree, that such Preferred Stockholder or board observer shall hold all Confidential Information in confidence and shall not use any
Confidential Information so provided for any purpose other than evaluating an investment in the Company or disclose any such Confidential Information without the prior written consent of the Company, except that each Preferred Stockholder may
disclose Confidential Information without the Company’s consent to: (i) its attorneys, accountants and other professional advisors as necessary each of who shall be bound by this obligation of confidentiality and for whose breach thereof
the disclosing Preferred Stockholder shall be liable, (ii) any Person who is a permitted transferee of such Preferred Stockholder under this Agreement each of who shall be bound by this obligation of confidentiality, and (iii) any other
Preferred Stockholder. For purposes of this Section 7(d), the term “Confidential Information” shall mean the financial statements described in Section 7(a) above, any confidential or proprietary information of the Company
provided to a Preferred Stockholder or designee pursuant to the inspection rights in Section 7(b) and any confidential or proprietary information of the Company provided to an observer pursuant to such observer’s rights in
Section 7(c); provided, however, that Confidential Information shall not include (a) information which is in the public domain through no act or omission of such Preferred Stockholder or board observer in violation of this Agreement,
(b) is lawfully acquired by such Preferred Stockholder or board observer from a third party not bound by an obligation of confidentiality to the Company or (c) information required to be disclosed pursuant to applicable law, rule or
regulation or legal process. 
 Section 8. Miscellaneous. 
 (a) Termination. 
 (i) This Agreement shall terminate upon the earlier of (i) the closing of a firm commitment underwritten public offering pursuant to an effective registration 

  

 17 

 
statement under the Securities Act covering the offer and sale of the Company’s Common Stock; (ii) the first date on which the Stockholders
collectively do not own at least 50% of the equity securities of any successor or assignee resulting from the consolidation, merger or sale of all or substantially all of the assets of the Company; (iii) the adjudication of the Company as a
bankrupt, the execution by the Company of an assignment for the benefit of creditors or the appointment of a receiver of the Company; (iv) the voluntary or involuntary dissolution of the Company; (v) when there is otherwise only one
surviving Stockholder as a party to this Agreement; (vi) the 15th anniversary of the date hereof; or (vii) the written agreement of the Company, the Common Stockholders owning at least two-thirds (2/3rds) of the shares of Common Stock
held by the Common Stockholders and a Preferred Supermajority. 
 (ii) The rights of a Preferred Stockholder pursuant to
Section 3(d)(ii) to initiate a “drag-along” transaction shall terminate with respect to such Preferred Stockholder on the first date on which such Preferred Stockholder does not own at least 800,000 shares of Preferred Stock (and/or
Common Stock issued or issuable upon conversion of such Preferred Stock). 
 (iii) Except as provided in
Section 8(a)(ii), the rights (but not the obligations) of a Preferred Stockholder under this Agreement shall terminate: (a) with respect to a Preferred Stockholder that is not West Central or a member of the USBG Group, on the first date
on which such Preferred Stockholder does not own at least 250,000 shares of Preferred Stock (and/or Common Stock issued or issuable upon conversion of such Preferred Stock), (b) with respect to West Central, on the first date on which West
Central does not own at least 250,000 shares of Common Stock; and (c) with respect to any member of the USBG Group, on the first date on which the members of the USBG Group no longer collectively own at least 250,000 shares of Common Stock
(including all shares of Common Stock issued or issuable upon conversion of the shares of Preferred Stock held by members of the USBG Group). The threshold amounts in this Section 8(a)(iii) shall be subject to appropriate adjustment for stock
splits, stock dividends, combinations and other recapitalizations. 
 (b) Transfer and Assignment. In the event of any
Transfer or Excluded Affiliate Transfer, the assignee or transferee shall agree to be bound by the terms of this Agreement and evidence the same by executing an addendum to this Agreement promptly upon receiving the assignment of such Preferred
Stock or Common Stock. Upon such execution of an addendum, Exhibit A of this Agreement will be deemed to be amended to reflect such assignment or transfer. The obligations (but not the rights) of any Stockholder under this Agreement shall be
enforceable against any assignee or transferee of shares of Preferred Stock and/or Common Stock held by such Stockholder. The rights of any Stockholder under this Agreement may only be assigned by (i) a Stockholder to a transferee or assignee
of such securities who, after such Transfer, holds at least 250,000 shares of Preferred Stock (and/or Common Stock issued or issuable upon conversion of such Preferred Stock) if the transferor is a Preferred Stockholder, or 250,000 shares of Common
Stock if the transferor is a Common Stockholder (such threshold amounts subject to appropriate adjustment for stock splits, stock dividends, combinations and other recapitalizations), or (ii) a Stockholder to any person or entity covered by
clause (i)(a) of the definition of Excluded Affiliate Transfer. 
  

 18 

 (c) New Issues. A recipient of capital stock issued by the Company shall, upon the
request of the Company, become party to and agree to be bound by the terms of this Agreement and shall evidence the same by executing an addendum to this Agreement promptly upon receipt of such capital stock. Upon such execution of an addendum,
Exhibit A of this Agreement will be deemed to be amended to reflect such issuance. 
 (d) Notices. Whenever in
this Agreement, notice is required or permitted to be given it shall be given in writing, and if such notice is given by registered United States mail it shall be deemed to have been received on the third business day after the date such notice is
posted. All notices hereunder to the Company shall be mailed to it at the address of its principal place of business and all notices to the Stockholders shall be mailed to them at their last known address as shown on the books and records of the
Company. Any party may change such party’s mailing address by giving written notice of such change to all other parties. 
 (e) Governing Law. This Agreement and the rights and duties of the parties hereunder shall be governed by and construed in accordance with the internal laws of the State of Delaware, without regard to
rules or principles of conflicts of law requiring the application of the law of another State. 
 (f)
Number. Words in the singular shall be construed to include the plural and vice versa, unless the context otherwise requires. 
 (g) Headings. The headings appearing in this Agreement are inserted only for convenience of reference and in no way shall be construed to define, limit or describe the scope or intent of any provision of this Agreement. 

(h) Severability. Every provision in this Agreement is intended to be severable. In the event that any provision in this
Agreement shall be held invalid, the same shall not affect in any respect whatsoever the validity of the remaining provisions of this Agreement; provided, however, that if any such provision may be made enforceable by limitation thereof, then such
provision shall be deemed to be so limited and shall be enforceable to the maximum extent permitted by applicable law. 
 (i)
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all of which shall constitute but one and the same instrument. 
 (j) Joinder of Spouses. The spouses of any subsequent Preferred Investors and any subsequent Common Investors, as applicable, will
execute this Agreement and, by such execution, they acknowledge that they are fully aware of, understand, and agree to, the provisions of this Agreement and thereby bind themselves, their heirs, assigns and legal representatives, to the terms and
provisions hereof. 
  

 19 

 (k) Entirety and Modification. This Agreement, together with the organizational
documents of the Company, constitutes the entire agreement of the parties hereto with respect to the subject matter hereof and supersedes all prior understandings and agreements regarding such matters. This Agreement may be modified, supplemented or
amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) by written consent of the Company, the Common Stockholders owning at least a majority of
the shares of Common Stock held by the Common Stockholders and a Preferred Supermajority; provided, however, Sections 2(a)(ii) and 2(a)(iii) hereof shall not be amended as to the nomination and election to the Board of a director without the prior
written approval of the shareholders entitled to designate the director in the case of NGP, Westway, Bunge and West Central and, in the case of the USBG Group, approved by the members of the USBG Group holding a majority of the shares of Series A
Preferred Stock held by members of the USBG Group. 
 [SIGNATURE PAGES TO FOLLOW] 
  

 20 

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

			
	
	COMPANY:
	
	REG NEWCO, INC.
		
	By:	 	 
	Name:	 	 
	Title:	 	 

 SIGNATURE PAGE TO 
 STOCKHOLDER AGREEMENT 
  

 21 

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

			
	
	SERIES A STOCKHOLDER:
	
	[SERIES A STOCKHOLDER]
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
  
  
 SIGNATURE PAGE TO 
 STOCKHOLDER AGREEMENT 
  

 22 

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

			
	
	COMMON STOCKHOLDER:
	
	[COMMON STOCKHOLDER]
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
  
  
 SIGNATURE PAGE TO 
 STOCKHOLDER AGREEMENT 
  

 23Form of BCA Registration Rights Agreement

 Exhibit 10.3 
 REGISTRATION RIGHTS AGREEMENT 
 THIS REGISTRATION RIGHTS
AGREEMENT (the “Agreement”) is made and entered into as of             , 2009, by and among REG Newco, Inc., a Delaware corporation (together with its successors and
assigns, the “Company”), and Biofuels Company of America, LLC, an Illinois limited liability company (“BCA”). 
 1. Background. Pursuant to that certain Asset Purchase Agreement dated, March 14, 2008, by and among the Renewable Energy Group, Inc. (“REG”), Blackhawk Biofuels, LLC, BCA,
Biodiesel Investment Group, LLC and Bunge North America, Inc. (the “Purchase Agreement”), REG entered into a Registration Rights Agreement dated May 9, 2008 with BCA to provide BCA with certain registration rights regarding
REG’s equity securities (the “Prior BCA Agreement”). Pursuant to that certain Second Amended and Restated Agreement and Plan of Merger executed November 20, 2009, by and among REG, REG Merger Sub, Inc. and the Company (the
“Merger Agreement”), REG Merger Sub, Inc. will merge with and into REG in exchange for equity securities of the Company distributed to REG stockholders, including BCA. Pursuant to the Merger Agreement, the Company is obligated to
enter into this Agreement in order to carry over and provide BCA with certain registration rights regarding the Company’s equity securities. Certain terms used herein are defined in Section 2 of this Agreement. 
 2. Definitions. As used herein, unless the context otherwise requires, the following terms have the following respective meanings:

 2007 Registration Rights Agreement: The Amended and Restated Registration Rights Agreement dated as of
July 18, 2007 by and among REG and the other parties thereto and amended by that First Amendment to the Amended and Restated Registration Rights Agreement dated June 25, 2008 by and among REG and the other parties thereto, which agreement
terminated the prior Registration Rights Agreement dated as of August 1, 2006 by and among REG and the other parties thereto, and which agreement shall be terminated upon closing of the Merger Agreement and execution of the REG Newco
Registration Rights Agreement. 
 Commission: The Securities and Exchange Commission or any other Federal
agency at the time administering the Securities Act. 
 Common Stock: The common stock of the Company.

 Exchange Act: The Securities Exchange Act of 1934, or any similar Federal statute, and the rules and
regulations of the Commission thereunder, all as the same shall be in effect at the time. Reference to a particular section of the Securities Exchange Act of 1934 shall include a reference to the comparable section, if any, of any such similar
Federal statute. 
 Form S-3: Such form under the Securities Act as in effect on the date hereof or any
registration form under the Securities Act subsequently adopted by the Commission

  

 1 

 
that permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with the Commission. 
 Holder: BCA or any assignee thereof in accordance with Section 8 hereof. 
 Initial Offering: The Company’s first firm commitment underwritten public offering of its Common Stock under the Securities
Act. 
 Person: A corporation, an association, a partnership, a limited liability company, a business, an individual, a
governmental or political subdivision thereof or a governmental agency. 
 REG Newco Registration Rights Agreement: The
Registration Rights Agreement dated as of                     , 2009 by and among the Company and the other parties thereto, as such agreement
may be amended from time to time. 
 Registrable Securities: (i) The shares of Common Stock issued to BCA pursuant
to the Purchase Agreement. 
 Registration Expenses: All expenses incident to the Company’s performance of or
compliance with Section 3.1 below, including, without limitation, all registration, filing and National Association of Securities Dealers fees, all fees and expenses of complying with applicable laws (including securities or blue sky laws), all
word processing, duplicating and printing expenses, messenger and delivery expenses, the fees and disbursements of counsel for the Company and of its independent public accountants, including, without limitation, the expenses of any special audits
or “cold comfort” letters required by or incident to such performance and compliance, the fees and disbursements of one special counsel for the selling Holders selected by the selling Holders with the approval of the Company, which
approval shall not be unreasonably withheld, which fees and disbursements shall not exceed $50,000, premiums and other costs of policies of insurance against liabilities arising out of the public offering of the Registrable Securities being
registered, the fees and expenses of any special experts retained by the Company in connection with such offering, the fees and expenses of any qualified independent underwriter or other independent appraiser participating in any offering pursuant
to the Conduct Rules of the National Association of Securities Dealers, Inc., all printing, mailing, courier and overnight delivery charges (except to the extent borne by underwriters), all travel expenses of the Company’s officers and
employees and any other expenses of the Company in connection with attending or hosting meetings with prospective purchasers of the offered securities, and any fees and disbursements of underwriters customarily paid by issuers or sellers of
securities, but excluding Selling Expenses, if any, provided, that, in any case where Registration Expenses are not to be borne by the Company, such expenses shall not include salaries of Company personnel or general overhead expenses of the
Company, auditing fees, premiums or other expenses relating to liability insurance required by underwriters of the Company or other expenses for the preparation of financial statements or other data normally prepared by 

  

 2 

 
the Company in the ordinary course of its business or which the Company would have incurred in any event. 
 Securities Act: The Securities Act of 1933, or any similar Federal statute, and the rules and regulations of the Commission
thereunder, all as of the same shall be in effect at the time. References to a particular section of the Securities Act of 1933 shall include a reference to the comparable section, if any, of any such similar Federal statute. 
 Selling Expenses: Underwriting discounts and commissions and stock transfer taxes relating to Registrable Securities covered by
such registration. 
 3. Registration under Securities Act, etc. 
 3.1 Company Registration. 
 (a) If (but without any obligation to do so) the Company proposes to register under the Securities Act (whether for its own account or otherwise) any of its Common Stock and solely for cash in connection with a public offering of such
Common Stock (other than (i) a registration relating solely to the sale of securities to participants in a Company stock plan, (ii) a registration relating to a corporate reorganization or other transaction under Rule 145 of the Securities
Act, (iii) a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities or (iv) a registration in which
the only Common Stock being registered is Common Stock issuable upon conversion of debt securities that are also being registered), the Company shall, at such time, promptly give each Holder written notice of such registration. Upon the written
request of each Holder given within twenty (20) days after mailing of such notice by the Company in accordance with Section 7, the Company shall, subject to the provisions of Section 3.1(c), use its commercially reasonable efforts to
cause to be registered under the Securities Act all of the Registrable Securities that each such Holder has requested to be registered. 
 (b) Right to Terminate Registration. The Company shall have the right to terminate or withdraw any registration under this Section 3.1 prior to the effectiveness of such registration whether or not any
Holder has elected to include securities in such registration. The expenses of such withdrawn registration shall be borne by the Company in accordance with Section 3.6 hereof. 
 (c) Underwriting Requirements. In connection with any offering involving an underwriting of shares of the Company’s capital
stock, the Company shall not be required under this Section 3.1 to include any of the Holders’ securities in such underwriting unless they accept the terms of the underwriting as agreed upon between the Company and the underwriters
selected by it (or by other persons entitled to select the underwriters) and enter into an underwriting agreement in customary form with an underwriter or underwriters selected by the Company, and then only in such quantity as the underwriters
determine in their sole discretion will not jeopardize the success of the 

  

 3 

 
offering by the Company. If the total amount of securities, including Registrable Securities, requested by holders to be included in such offering pursuant
to this Agreement or the REG Newco Registration Rights Agreement exceeds the amount of securities sold other than by the Company that the underwriters determine in their sole discretion is compatible with the success of the offering, then the
Company shall be required to include in the offering only that number of such securities, including Registrable Securities, that the underwriters determine in their sole discretion will not jeopardize the success of the offering (the securities so
included to be apportioned on a pro rata basis first among the selling holders of registrable securities subject to and in accordance with the REG Newco Registration Rights Agreement, and then, if any additional shares may be included in the
underwriting, pro rata among the Holders of Registrable Securities subject to this Agreement according to the total amount of Registrable Securities owned by each such selling Holder) unless such offering is the Initial Offering in which case the
selling Holders may be excluded if the underwriters make the determination described above. 
 3.2 Registration Procedures. If and
whenever the Company is required to use its commercially reasonable efforts to effect the registration of any Registrable Securities under the Securities Act as provided in Section 3.1 above, the Company shall as expeditiously as possible:

 (a) prepare and as soon thereafter as possible (but with respect to a public offering other than the Initial Offering, in
any event no later than ninety (90) days after the last request for inclusion in the applicable registration is timely given to the Company) file with the Commission the requisite registration statement to effect such registration and
thereafter use commercially reasonable efforts to cause such registration statement to become effective and remain effective for a period of one hundred twenty (120) days or, if earlier, until the distribution contemplated by the registration
statement has been completed (the “Effectiveness Period”); provided, however, in the case of any registrations on Form S-3 that are intended to be offered on a continuous or delayed basis, the Effectiveness Period shall be extended
until all applicable Registrable Securities thereunder are sold. Notwithstanding the foregoing, the Company may discontinue any registration of its securities which are not Registrable Securities at any time prior to the effective date of the
registration statement relating thereto; and provided further, in the event that, in the good faith judgment of the Company, it is advisable to suspend use of the prospectus relating to such registration statement for a discrete period of time (a
“Deferral Period”) due to pending or proposed material corporate developments or similar material events that have not yet been publicly disclosed and as to which the Company believes public disclosure will be prejudicial to the
Company, the Company shall deliver a certified resolution of the Board, signed by a duly authorized officer of the Company, to each Holder of Registrable Securities covered by the Registration Statement to the effect of the foregoing and such
Holders, upon receipt of such certificate, and the Company agree not to dispose of any Registrable Securities covered by any registration or prospectus (other than in transactions exempt from the registration requirements under the Securities Act);
provided, however, that the Company shall not utilize more than four (4) Deferral Periods in any twelve (12) month period and in no event shall the aggregate length of all such Deferral Periods in any such 

  

 4 

 
twelve (12) month period be greater than ninety (90) days. The Effectiveness Period shall be extended for a period of time equal to any Deferral
Period. 
 (b) prepare and file with the Commission such amendments and supplements to such registration statement and the
prospectus used in connection therewith as may be necessary to keep such registration statement effective and to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration
statement until such time as all of such securities have been disposed of in accordance with the intended methods of disposition by the Holder or Holders thereof set forth in such registration statement; 
 (c) furnish to each Holder of Registrable Securities covered by such registration statement such number of conformed copies of such
registration statement and of each such amendment and supplement thereto (in each case including without limitation all exhibits), such number of copies of the prospectus contained in such registration statement (including without limitation each
preliminary prospectus and any summary prospectus) and any other prospectus filed under Rule 424 under the Securities Act, in conformity with the requirements of the Securities Act, and such other documents, as such Holder may reasonably request;

 (d) use commercially reasonable efforts to register or qualify all Registrable Securities and other securities covered by
such registration statement under such other securities or blue sky laws of such jurisdictions as each Holder thereof shall reasonably request, to keep such registration or qualification in effect for so long as such registration statement remains
in effect, and to take any other action which may be reasonably necessary or advisable to enable such Holder to consummate the disposition in such jurisdictions of the securities owned by such Holder, except that the Company shall not for any such
purpose be required to qualify generally to do business as a foreign corporation in any jurisdiction wherein it would not but for the requirements of this clause (d) be obligated to be so qualified or to consent to general service of process in
any such jurisdiction; 
 (e) use its commercially reasonable efforts to cause all Registrable Securities covered by such
registration statement to be registered with or approved by such other governmental agencies or authorities in the United States as may be necessary to enable the Holder or Holders thereof to consummate the disposition of such Registrable
Securities; 
 (f) notify each Holder of Registrable Securities covered by such registration statement, at any time when a
prospectus relating thereto is required to be delivered under the Securities Act, upon discovery that, or upon the happening of any event as a result of which, the prospectus included in such registration statement, as then in effect, includes an
untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances under which they were made, or, if for any reason it
shall be necessary during such time period to amend or supplement the registration statement or 

  

 5 

 
the prospectus in order to comply with the Securities Act, at the request of any such Holder promptly prepare and furnish to such Holder a reasonable number
of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchasers of such securities, such prospectus shall (i) not include an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances under which they were made or (ii) effect such compliance; 
 (g) otherwise use commercially reasonable efforts to comply with all applicable rules and regulations of the Commission, and make
available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12) months, but not more than eighteen (18) months, beginning with the first full calendar month after the
effective date of such registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act, and shall furnish to each such Holder of Registrable Securities covered by such registration statement
at least five (5) business days prior to the filing thereof a copy of any amendment or supplement to such registration statement or prospectus and shall not file any thereof to which any such Holder shall have reasonably objected on the grounds
that such amendment or supplement does not comply in all material respects with the requirements of the Securities Act or of the rules or regulations thereunder; 
 (h) provide and cause to be maintained a transfer agent and registrar for all Registrable Securities covered by such registration
statement from and after a date not later than the effective date of such registration statement; 
 (i) use its commercially
reasonable efforts to list all Registrable Securities covered by such registration statement on any securities exchange on which any of the equity securities of the Company of the same class as the Registrable Securities are then listed; 

(j) cooperate with the underwriters with respect to all roadshows and other marketing activities as may be reasonably requested by the
underwriters; and 
 (k) enter into such agreements and take such other actions as the Holders of Registrable Securities
covered by a registration statement shall reasonably request in order to expedite or facilitate the disposition of such Registrable Securities. 
 The
Company may require each Holder of Registrable Securities as to which any registration is being effected to furnish to the Company such information regarding such Holder and the distribution of such securities as the Company may from time to time
reasonably request in writing. 
 Each Holder of Registrable Securities agrees by acquisition of such Registrable Securities that upon
receipt of any notice from the Company of the happening of any event of the kind described in clause (f) of this Section 3.2, such Holder will forthwith discontinue such Holder’s disposition of Registrable Securities pursuant to the
registration statement relating to 

  

 6 

 
such Registrable Securities until such Holder’s receipt of the copies of the supplemented or amended prospectus contemplated by clause (f) of this
Section 3.2 and, if so directed by the Company, will deliver to the Company (at the Company’s expense) all copies, other than permanent file copies, then in such Holder’s possession of the prospectus relating to such Registrable
Securities current at the time of receipt of such notice. 
 3.3 Preparation; Reasonable Investigation. In connection with the
preparation and filing of each registration statement under the Securities Act pursuant to this Agreement, the Company will give one representative designated by the Holders of a majority of the Registrable Securities included in such registration
statement, and one special counsel and accounting firm similarly designated by the Holders of a majority of the Registrable Securities included in such registration statement, the opportunity to participate in the preparation of such registration
statement, each prospectus included therein or filed with the Commission, and each amendment thereof or supplement thereto and will give each of them such access to its books and records and such opportunities to discuss the business of the Company
with its officers and the independent public accountants who have certified its financial statements as shall be necessary, in the opinion of such Holders’ counsel, to conduct a reasonable investigation within the meaning of the Securities Act;
unless the holders of registrable securities under the REG Newco Registration Rights Agreement shall have appointed a representative, special counsel or accounting firm with respect to such filing, in which event the Company shall have no obligation
to provide the opportunity to participate to an additional representative, special counsel or accounting firm, as the case may be, designated by the Holders of Registrable Securities as provided in this Section 3.3. 
 3.4 Furnish Information. It shall be a condition precedent to the obligations of the Company to take any action pursuant to this Section 3
with respect to the Registrable Securities of any selling Holder that at the request of the Company such Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of
disposition of such securities as shall be reasonably required to effect the registration of such Holder’s Registrable Securities. 
 3.5 Additional Rights of Holders. If any registration statement prepared under this Agreement refers to any Holder by name or otherwise as the Holder of any securities of the Company, then such Holder shall have the right to require
(a) the insertion therein of language, in form and substance satisfactory to such Holder to the effect that the holding by such Holder of such securities does not necessarily make such Holder a “controlling person” of the Company
within the meaning of the Securities Act and is not to be construed as a recommendation by such Holder of the investment quality of the Company’s debt or equity securities covered thereby and that such holding does not imply that such Holder
will assist in meeting any future financial requirements of the Company, or (b) in the event that such reference to such Holder by name or otherwise is not required by the Securities Act or any rules and regulations promulgated thereunder, the
deletion of the reference to such Holder. 
 3.6 Expenses of Registration. The Company shall pay all Registration Expenses in
connection with any registration requested pursuant to Section 3.1. Any Selling Expenses in connection with any registration requested pursuant to Section 3.1 shall be allocated among all 

  

 7 

 
Holders on whose behalf Registrable Securities of the Company are included in such registration and the holders on whose behalf registrable securities of the
Company are included in such registration pursuant to the REG Newco Registration Rights Agreement, on the basis of the respective amounts of the registrable securities of the Company then being registered on their behalf. 
 3.7 Indemnification. 
 (a) Indemnification by the Company. In the event of any registration of any securities of the Company under the Securities Act, the Company will, and hereby does, indemnify and hold harmless the Holder of any Registrable Securities
covered by such registration statement, its directors and officers, legal counsel and accountants for such Holder, and each other Person, if any, who controls such Holder, within the meaning of the Securities Act, against any losses, claims, damages
or liabilities, joint or several, to which any of the foregoing persons may become subject, under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings, whether commenced or threatened, in
respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in any registration statement under which such securities were registered under the Securities Act, any preliminary
prospectus, final prospectus or summary prospectus contained therein, or any amendment or supplement thereto, or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein not misleading, and the Company will reimburse such Holder and each such director, officer, and controlling person for any legal or any other expenses reasonably incurred by them in connection with investigating or defending any such loss,
claim, liability, action or proceeding; provided that the Company shall not be liable in any such case to the extent that any such loss, claim, damage, liability (or action or proceeding in respect thereof) or expense arises out of or is
based upon an untrue statement or alleged untrue statement or omission or alleged omission made in such registration statement, any such preliminary prospectus, final prospectus, summary prospectus, amendment or supplement in reliance upon and in
conformity with written information furnished to the Company through an instrument duly executed by such Holder specifically stating that it is for use in the preparation thereof; provided further, that the Company shall not be liable to any
Person who participates as an underwriter in the offering or sale of Registrable Securities or any other Person, if any, who controls such underwriter within the meaning of the Securities Act, in any such case to the extent that any such loss,
claim, damage, liability (or action or proceeding in respect thereof) or expense arises out of such Person’s failure to send or give a copy of the final prospectus, as the same may be then supplemented or amended, to the Person asserting an
untrue statement or alleged untrue statement or omission or alleged omission at or prior to the written confirmation of the sale of Registrable Securities to such Person if such statement or omission was corrected in such final prospectus; and
provided still further, that the indemnity agreement contained in this Section 3.7(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability, or action if such settlement is effected without the consent
of the Company (which consent shall not be unreasonably withheld). Such indemnity shall remain in full force and effect regardless of any 

  

 8 

 
investigation made by or on behalf of such Holder or any such director, officer, underwriter or controlling person and shall survive the transfer of such
securities by such Holder. 
 (b) Indemnification by the Holders. Each Holder, severally and not jointly, shall
indemnify and hold harmless the Company, each director of the Company, each officer of the Company and each other Person, if any, who controls the Company within the meaning of the Securities Act, any underwriter, any other Holder selling securities
in such registration statement and any officer, director, legal counsel or accountant or controlling person of any such Holder, against any losses, claims, damages, or liabilities (joint or several) to which any of the foregoing persons may become
subject, under the Securities Act, the Exchange Act or other federal or state securities law insofar as such losses, claims, damages, or liabilities (or actions in respect thereto) arise out of or are based upon any statement or alleged statement in
or omission or alleged omission from such registration statement, any preliminary prospectus, final prospectus or summary prospectus contained therein, or any amendment or supplement thereto, if such statement or alleged statement or omission or
alleged omission was made in reliance upon and in conformity with written information furnished to the Company through an instrument duly executed by such Holder specifically stating that it is for use in the preparation of such registration
statement, preliminary prospectus, final prospectus, summary prospectus, amendment or supplement; provided, however, that the indemnity agreement contained in this Section 3.7(b) shall not apply to amounts paid in settlement of any such
loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld. The maximum liability of each Holder for any such indemnification shall not exceed the
amount of aggregate gross proceeds received by such Holder from the sale of his/its Registrable Securities, except in the case of willful fraud. Such indemnity shall remain in full force and effect, regardless of any investigation made by or on
behalf of the Company or any such director, officer or controlling Person and shall survive the transfer of such securities by such Holder. 
 (c) Notices of Claims, etc. Promptly after receipt by an indemnified party of notice of the commencement of any action or proceeding involving a claim referred to in Section 3.7(a) or (b) above, such
indemnified party will, if a claim in respect thereof is to be made against an indemnifying party, give written notice to the latter of the commencement of such action; provided that the failure of any indemnified party to give notice as
provided herein shall not relieve the indemnifying party of its obligations under Section 3.7(a) or (b) above, except to the extent that the indemnifying party is actually prejudiced by such failure to give notice. In case any such action
is brought against any indemnified party, unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist in respect of such claim, the indemnifying party shall be
entitled to participate in and to assume the defense thereof, jointly with any other indemnifying party similarly notified to the extent that it may wish, with counsel reasonably satisfactory to such indemnified party, and after notice from the
indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying party shall not be liable to such indemnified party 

  

 9 

 
for any legal or other expenses subsequently incurred by the latter in connection with the defense thereof other than reasonable costs of investigation. No
indemnifying party shall, without the consent of the indemnified party, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified
party of a release reasonably acceptable to such indemnified party from all liability in respect to such claim or litigation. 
 (d) Other Indemnification. Indemnification similar to that specified in Sections 3.7(a), (b) and (c) above (with appropriate modifications) shall be given by the Company and each Holder of Registrable Securities with
respect to any required registration or other qualification of securities under any Federal or state law or regulation of any governmental authority other than the Securities Act. 
 (e) Indemnification Payments. The indemnification required by this Section 3.7 shall be made by periodic payments of the
amount thereof during the course of the investigation or defense, as and when bills are received or expense, loss, damage or liability is incurred. 
 (f) Contribution. If the indemnification provided for in this Section 3.7 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim,
damage or expense referred to therein, then the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such loss, liability, claim, damage
or expense in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other in connection with the statements or omissions that resulted in such loss, liability,
claim, damage, or expense as well as any other relevant equitable considerations; provided, that in no event shall any contribution by a Holder under this Section 3.7(f) exceed the aggregate gross proceeds from the offering received by such
Holder, except in the case of willful fraud by such Holder. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or
prevent such statement or omission. 
 3.8 Adjustments Affecting Registrable Securities. The Company will not effect or permit to
occur any combination or subdivision which would adversely affect the ability of the Holders of Registrable Securities to include such Registrable Securities in any registration of its securities contemplated by this Section 3 or the
marketability of such Registrable Securities under any such registration. 
 3.9 Subordinate Rights. All rights of Holders of
Registrable Securities under this Agreement shall be subordinate and subject to the rights granted under the REG Newco Registration Rights Agreement. 
  

 10 

 4. Rule 144 and Rule 144A. If the Company shall have filed a registration statement pursuant to
the requirements of Section 12 of the Exchange Act or a registration statement pursuant to the requirements of the Securities Act, the Company will file the reports required to be filed by it under the Securities Act and the Exchange Act and
the rules and regulations adopted by the Commission thereunder (or, if the Company is not required to file such reports, will, upon the request of any Holder of Registrable Securities, make publicly available other information) and will take such
further action as any Holder of Registrable Securities may reasonably request, all to the extent required from time to time to enable such Holder to sell Registrable Securities without registration under the Securities Act within the limitation of
the exemptions provided by (a) Rule 144 under the Securities Act, as such Rule may be amended from time to time, or (b) any similar rule or regulation hereafter adopted by the Commission. Upon the request of any Holder of Registrable
Securities, the Company will deliver to such Holder a written statement as to whether it has complied with such requirements (at any time after ninety (90) days after the effective date of the first registration statement filed by the Company).
After any sale of Registrable Securities pursuant to this Section 4, the Company will, to the extent allowed by law, cause any restrictive legends to be removed and any transfer restrictions relating to the absence of registration under the
Securities Act to be rescinded with respect to such Registrable Securities. In order to permit the Holders of Registrable Securities to sell the same, if they so desire, pursuant to Rule 144A promulgated by the Commission (or any successor to such
rule) (“Rule 144A”), the Company will comply with all rules and regulations of the Commission applicable in connection with use of Rule 144A. Prospective transferees of Registrable Securities that are Qualified Institutional Buyers (as
defined in Rule 144A) which would be purchasing such Registrable Securities in reliance upon Rule 144A may request from the Company information regarding the business, operations and assets of the Company. Within five (5) business days after
receipt by the Company of any such request, the Company shall deliver to any such prospective transferee copies of annual audited and quarterly unaudited financial statements of the Company and such other information as may be required to be
supplied by the Company for it to comply with Rule 144A. 
 5. Amendments and Waivers. This Agreement may be amended and the
observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) and the Company may take any action herein prohibited or omit to perform any act herein required to be
performed by it, only if the Company agrees and it shall have obtained written consents to such amendment, action or omission to act from the Holders of at least a majority of the Registrable Securities; provided, however, that any such amendment or
consent that would have a material adverse effect on a particular Holder but would not have a similar material adverse effect on all Holders generally or would otherwise remove a Holder as a party to this Agreement shall require the consent of such
Holder. Each Holder of any Registrable Securities at the time or thereafter outstanding shall be bound by any consent authorized by this Section 5, whether or not such Registrable Securities shall have been marked to indicate such consent.

 6. Nominees for Beneficial Owners. In the event that any Registrable Securities are held by a nominee for the beneficial owner
thereof, the beneficial owner thereof may, at its election, be treated as the Holder of such Registrable Securities for purposes of any request or other action by any Holder or Holders of Registrable Securities pursuant to this Agreement or 

  

 11 

 
any determination of any number of percentage of Registrable Securities held by any Holder or Holders of Registrable Securities contemplated by this
Agreement. If the beneficial owner of any Registrable Securities so elects, the Company may require assurances reasonably satisfactory to it of such owner’s beneficial ownership of such Registrable Securities. 
 7. Notices. Except as set forth in Section 8, all communications provided for hereunder shall be sent (a) by first-class mail and
(i) if addressed to a party other than the Company, to such party at the address furnished to the Company by such party, or (ii) if addressed to the Company, at the address of its principal place of business, Attention: President, or at
such other address, or to the attention of such other officer, as the Company shall have furnished to each Holder of Registrable Securities at the time outstanding or (b) by electronic transmission in the manner permitted by the General
Corporation Law of the State of Delaware. 
 8. Assignment. 
 (a) The rights to cause the Company to register Registrable Securities pursuant to Section 3 may be assigned (but only with all
related obligations) by (i) a Holder to a transferee or assignee of such securities who, after such assignment or transfer, holds at least 250,000 shares of such Holder’s Registrable Securities (subject to appropriate adjustment for stock
splits, stock dividends, combinations and other recapitalizations and including for purposes of such calculation the shares of Common Stock then issuable upon conversion of the Preferred Stock of the Company), or (ii) any Holder who transfers
all of its Registrable Securities to a single transferee or assignee, or (iii) a Holder to its partners, members, stockholders, subsidiaries or affiliates (the “Distributees”); provided, however, prior to an
assignment pursuant to subclause (iii), the Distributees shall appoint a single attorney-in-fact for the purpose of exercising any rights, receiving notices or taking any action under this Agreement; and provided, further, in each case: (1) the
Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee or assignee and the securities with respect to which such registration rights are being assigned and (2) such
transferee or assignee agrees in writing to be bound by and subject to the terms and conditions of this Agreement. For the purposes of determining the number of shares of Registrable Securities held by a transferee or assignee, the holdings of
transferees and assignees of a partnership or limited liability company who are partners or retired partners of such partnership or members of such limited liability company (including spouses and ancestors, lineal descendants and siblings of such
partners or members or spouses who acquire Registrable Securities by gift, will or intestate succession) shall be aggregated together and with the partnership or limited liability company, as the case may be. For purposes of this Agreement, the
terms “affiliates” or “affiliated” shall mean, with respect to any person or entity, any person or entity that, directly or indirectly, controls or is controlled by or is under common control with such person or entity. For the
purposes of the preceding sentence, the term “control” shall mean the possession, directly or indirectly, through one or more intermediaries in the case of any person or entity, of the power or authority, through ownership of voting
securities, by contract or otherwise, to direct the management, activities or policies of the person or entity. 
  

 12 

 (b) Notwithstanding anything to the contrary contained in this Agreement, any Registrable
Securities transferred or assigned by BCA to Bunge North America, Inc. shall become “Senior Registrable Securities” under, and entitled to such rights under, the REG Newco Registration Rights Agreement. 
 9. Termination. The right of any Holder to request registration or inclusion in any registration pursuant to Section 3.1 shall terminate at
such time as both (A) all shares of Registrable Securities held or entitled to be held upon conversion by such Holder may immediately be sold under Rule 144 during any ninety (90) day period and (B) such Holder holds less than three
percent (3%) of the issued and outstanding shares of Common Stock of the Company. 
 10. Descriptive Headings. The descriptive
headings of the several sections and paragraphs of this Agreement are inserted for reference only and shall not limit or otherwise affect the meaning hereof. References herein to Sections are references to Sections of this Agreement, except as
otherwise indicated. 
 11. Specific Performance. The parties hereto recognize and agree that money damages may be insufficient to
compensate the Holders of any Registrable Securities for breaches by the Company of the terms hereof and, consequently, that the equitable remedy of specific performance of the terms hereof will be available in the event of any such breach.

 12. Governing Law. This Agreement shall be construed and enforced in accordance with, and the rights of the parties shall be
governed by, the internal laws of the State of Delaware, without regard to rules or principles of conflicts of law requiring the application of the law of another state. 
 13. Counterparts. This Agreement may be executed simultaneously in any number of counterparts, each of which shall be deemed an original, but all such counterparts shall together constitute one and the same
instrument. 
 14. Prior BCA Agreement. Upon closing of the Merger Agreement, the Prior BCA Agreement is hereby terminated and of no
further force or effect, and neither REG nor BCA shall have any rights, obligations or liabilities under or by reason of the Prior BCA Agreement. 
 [REMAINDER OF PAGE INTENTIONALLY BLANK] 
  

 13 

 IN WITNESS WHEREOF, the parties have duly executed and delivered this Agreement or have caused this
Agreement to be executed and delivered by their respective officers thereunto duly authorized as of the date first above written. 
  

			
	COMPANY:
	
	REG NEWCO, INC.
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	BCA:
	
	BIOFUELS COMPANY OF AMERICA
		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

	
	REG for purposes of Section 14 only:
	
	RENEWABLE ENERGY GROUP, INC.
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 REGISTRATION RIGHTS AGREEMENT
SIGNATURE PAGE 
  

 14

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