Document:

ESCROW AGREEMENT

 Exhibit 10.1 
 ESCROW AGREEMENT 
 This Escrow Agreement is made and entered into as of the 30th day of June, 2006,
by and among ANDERSON & STRUDWICK, INCORPORATED, a Virginia corporation (the “Underwriter”), GREEN PLAINS RENEWABLE ENERGY, INC., an Iowa corporation (the “Company”) and U.S. BANK NATIONAL ASSOCIATION (the “Escrow
Agent”). 
 R E C I T A L S: 
 A. The Company proposes to sell an indeterminate number of shares of common stock with a maximum aggregate purchase price of $100,000,000 and warrants
exercisable for common stock (collectively, the “Shares”) of the Company at a price to be determined prior to closing (the “Offering”). 
 B. The Company has retained the Underwriter, as agent for the Company on a best efforts basis to sell the Shares in the Offering, and the Underwriter (including certain selected dealers) has agreed to sell the Shares
in the Offering as the Company’s agent on a best efforts basis. 
 C. Officers and directors of the Company will also be selling Shares
in the Offering. 
 D. The Escrow Agent is willing to hold proceeds of the Offering in escrow pursuant to this Agreement. 
 NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements contained in this Agreement, it is hereby agreed as follows:

 1. Establishment of the Escrow Agent. Contemporaneously herewith, the parties have established a non-interest-bearing account with
the Escrow Agent, which escrow account is entitled “GPRE Escrow Account” (the “Escrow Account”). The Underwriter will transfer funds directly to the Escrow Agent as directed by its customers and will instruct other purchasers of
the Shares to make checks payable to “U.S. Bank National Association – GPRE Escrow Account.” 
 2. Escrow Period. The
escrow period (the “Escrow Period”) shall begin with the commencement of the Offering and shall terminate upon the earlier to occur of the following dates: 
 (a) the date on which the Escrow Agent confirms that it has received in the Escrow Account gross proceeds of $100,000,000 (the “Maximum”); 
 (b) July 31, 2006; 
 (c) the date on which
the Underwriter and the Company notify the Escrow Agent that the Offering has been terminated in writing; or 

 (d) the date on which the Underwriter and the Company notify the Escrow Agent that the Offering has
closed. 
 During the Escrow Period, the Company is aware and understands that it is not entitled to any funds received into escrow and no
amounts deposited in the Escrow Account shall become the property of the Company or any other entity, or be subject to the debts of the Company or any other entity. 
 3. Deposits into the Escrow Account. The Underwriter agrees that it shall deliver to the Escrow Agent for deposit in the Escrow Account all monies received from purchasers of the Shares by noon of the next
business day after receipt together with a written account of each sale, which account shall set forth, among other things, (i) the purchaser’s name and address, (ii) the number of Shares purchased by the purchaser, (iii) the amount
paid therefor by the purchaser, and (iv) whether the consideration received from the purchaser was in the form of a check, draft or money order. The officers and directors of the Company shall provide similar information during the same time
frame if they deliver to Escrow Agent for deposit in the Escrow Account monies received from purchasers of the Shares. The Escrow Agent agrees to hold all monies so deposited in the Escrow Account (the “Escrow Amount”) for the benefit of
the parties hereto until authorized to disburse such monies under the terms of this Agreement. 
 4. Disbursements from the Escrow
Account. If the Underwriter and the Company notify the Escrow Agent that the Offering has been terminated, the Escrow Agent shall promptly refund to each purchaser the amount received from the purchaser, without interest or deduction, penalty,
or expense to the purchaser, and the Escrow Agent shall notify the Company and the Underwriter of its distribution of the funds. The purchase money returned to each purchaser shall be free and clear of any and all claims of the Company or any of its
creditors. 
 In the event the Escrow Agent receives notice from the Company and the Underwriter that the Offering has Closed, on the date of
Closing, the Escrow Agent shall disburse the Escrow Amount pursuant to the provisions of Section 6, provided, however, in no event will the Escrow Amount be released to the Company until such amount is received by the Escrow Agent in
collected funds. For purposes of this Agreement, the term “collected funds” shall mean all funds, including fed funds, received by the Escrow Agent which have cleared normal banking channels. 
 5. Collection Procedure. 
 (a) The
Escrow Agent is hereby authorized to deposit each check in the Escrow Account. 
 (b) In the event any check paid by a purchaser and
deposited in the Escrow Account shall be returned, the Escrow Agent shall notify the Underwriter by telephone of such occurrence and advise it of the name of the purchaser, the amount of the check returned, and any other pertinent information. The
Escrow Agent shall then transmit the returned check directly to the purchaser and shall transmit the statement previously delivered by the Underwriter relating to such purchase to the Underwriter. 
  

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 (c) If the Company rejects any purchase of Shares for which the Escrow Agent has already collected funds,
the Escrow Agent shall promptly issue a refund check to the rejected purchaser. If the Underwriter rejects any purchase for which the Escrow Agent has not yet collected funds but has submitted the purchaser’s check for collection, the Escrow
Agent shall promptly issue a check in the amount of the purchaser’s check to the rejected purchaser after the Escrow Agent has cleared such funds. If the Escrow Agent has not yet submitted a rejected purchaser’s check for collection, the
Escrow Agent shall promptly remit the purchaser’s check directly to the purchaser. 
 6. Delivery of Escrow Account. 

(a) Prior to the Closing (as defined in Section 8 of this Agreement), the Underwriter and the Company shall provide the Escrow Agent with a
statement, executed by each party, containing the following information: 
 (i) The total number of Shares sold by the Underwriter directly
to purchasers, a list of each such purchaser, the number of Shares purchased by such purchaser, and specification of the manner in which the Shares should be issued; 
 (ii) The total number of Shares sold by the officers and directors of the Company where the proceeds from such sales have been deposited in the Escrow Account, a list of each purchaser, the number of Shares purchased
by such purchaser, and specification of the manner in which the Shares should be issued; and 
 (iii) A calculation by the Underwriter and
the Company as to the manner in which the Escrow Account should be distributed to the Company and the Underwriter and in the event of oversubscription or rejection of certain purchasers, the aggregate amount to be returned to individual purchasers
and a listing of the exact amount to be returned to each such purchaser. 
 The Escrow Agent shall hold the Escrow Account and distribute it in accordance
with the above-described statement on the date of Closing or such later date that it receives the above-described statement. 
 (b) Upon
termination of the Offering by the Company or the Underwriter for any reason, the Escrow Agent shall return to the purchasers who contributed to the Escrow Account the exact amount contributed by them. 
 7. Investment of Escrow Account. The Escrow Agent shall deposit funds received from purchasers in the Escrow Account, which shall be a
non-interest-bearing bank account at U.S. Bank National Association which constitutes a permissible investment under SEC Rule 15c2-4, as promulgated under the Securities Exchange Act of 1934, as amended. 
  

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 8. Closing Date. The “Closing” shall be the date of closing of the Offering, and the
“Closing Date” shall be the date that is designated to the Escrow Agent by the Underwriter and the Company as the Closing Date. 
 9. Compensation of Escrow Agent. The Company shall pay the Escrow Agent a fee for its services hereunder in an amount equal to Two Thousand Dollars ($2,000), which amount shall paid on the Closing Date. In the event the Offering is
canceled for any reason, the Company shall pay the Escrow Agent its fee within ten (10) days after the Escrow Amount is refunded to purchasers. No such fee or any other monies whatsoever shall be paid out of or chargeable to the funds on
deposit in the Escrow Account. 
 10. Disbursement Into Court. If, at any time, there shall exist any dispute between the Company, the
Underwriter and/or the purchasers with respect to the holding or disposition of any portion of the Escrow Amount or any other obligations of the Escrow Agent hereunder, or if at any time the Escrow Agent is unable to determine, to the Escrow
Agent’s sole satisfaction, the proper disposition of any portion of the Escrow Amount or the Escrow Agent’s proper actions with respect to its obligations hereunder, or if the Company and the Underwriter have not within 30 days of the
furnishing by the Escrow Agent of a notice of resignation appointed a successor Escrow Agent to act hereunder, then the Escrow Agent may, in its sole discretion, take either both of the following actions: 
 (a) suspend the performance of any of its obligations under this Escrow Agreement until such dispute or uncertainty shall be resolved to the sole
satisfaction of the Escrow Agent or until a successor Escrow Agent shall have been appointed (as the case my be); provided however, that the Escrow Agent shall continue to hold the Escrow Amount in accordance with Section 7 hereof;
and/or 
 (b) petition (by means of an interpleader action or any other appropriate method) any court of competent jurisdiction in Iowa, for
instructions with respect to such dispute or uncertainty, and pay into court all funds held by it in the Escrow Account for holding and disposition in accordance with the instructions of such court. 
 The Escrow Agent shall have no liability to the Company, the Underwriter or any other person with respect to any such suspension of performance or disbursement into
court, specifically including any liability or claimed liability that may arise, or be alleged to have arisen, out of or as a result of any delay in the disbursement of funds held in the Escrow Account or any delay in or with respect to any other
action required or requested of the Escrow Agent. 
 11. Duties and Rights of the Escrow Agent. The foregoing agreements and
obligations of the Escrow Agent are subject to the following provisions: 
 (a) The Escrow Agent’s duties hereunder are limited solely to
the safekeeping of the Escrow Account in accordance with the terms of this Agreement. It is agreed that the duties of the Escrow Agent are only such as herein specifically provided, being purely of a ministerial nature, and the Escrow Agent shall incur no liability whatsoever except for negligence, willful misconduct or bad faith. 
  

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 (b) The Escrow Agent is authorized to rely on any document believed by the Escrow Agent to be authentic
in making any delivery of the Escrow Account or the certificates representing the Shares. It shall have no responsibility for the genuineness or the validity of any document or any other item deposited with it and it shall be fully protected in
acting in accordance with this Agreement or instructions received. 
 (c) The Company and the Underwriter hereby waive any suit, claim,
demand or cause of action of any kind which they may have or may assert against the Escrow Agent arising out of or relating to the execution or performance by the Escrow Agent of this Agreement, unless such suit, claim, demand or cause of action is
based upon the gross negligence, willful misconduct, or bad faith of the Escrow Agent. 
 12. Notices. It if further agreed as
follows: 
 (a) All notices given hereunder will be in writing, served by registered or certified mail, return receipt requested, postage
prepaid, or by hand-delivery, to the parties at the following addresses: 
 To the Company: 
 Green Plains Renewable Energy, Inc. 
 7945
West Sahara, Suite 107 
 Las Vegas, Nevada 89117 
 Attention:        Barry A. Ellsworth, Chief Executive Officer 
 Facsimile:        (702) 631-9308 
 with a copy to: 
 Blackburn & Stoll, LC 
 257 East 200
South, Suite 800 
 Salt Lake City, Utah 84111 
 Attention:        Eric L. Robinson, Esquire 
 Facsimile:        (801) 578-3552 
  

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 To the Underwriter: 
 Anderson & Strudwick, Incorporated 
 707 East Main Street 
 20th Floor

 Richmond, Virginia 23219 
 Attention:        L. McCarthy Downs, III 
 Facsimile:        (804) 648-3404 
 with a copy to: 
 Kaufman & Canoles, P.C. 
 Three James
Center 
 1051 East Cary Street, 12th Floor 
 Richmond, Virginia 23219 
 Attention:        Bradley A. Haneberg, Esquire 
 Facsimile:        (804) 771-5777 
 to the Escrow Agent: 
 U.S. Bank Corporate
Trust Svcs. 
 60 Livingston Avenue 
 EP-MN-WS3T 
 St. Paul, MN 55107-2292 
 Attn:    Olaleye Fadahunsi 
 Facsimile:        (651) 495-8087 
 with a copy to: 
 U.S. Bank National Association 
 15 West South
Temple, 2nd Floor 
 Salt Lake City, UT 84101 
 Attn:    Kim Galbraith 
 Facsimile:        (801) 534-6013 
 12. Miscellaneous. 
 (a) This Agreement shall be binding upon, inure to the benefit of and be
enforceable by the parties hereto and their respective successors and assigns. 
 (b) If any provision of this Agreement shall be held
invalid by any court of competent jurisdiction, such holding shall not invalidate any other provision hereof. 
 (c) This Agreement shall be
governed by the applicable laws of Delaware. 
  

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 (d) This Agreement may not be modified except in writing signed by the parties hereto. 
 (e) All demands, notices, approvals, consents, requests and other communications hereunder shall be given in the manner provided in this Agreement.

 (f) This Agreement may be executed in one or more counterparts, an if executed in more than one counterpart, the executed counterparts
shall together constitute a single instrument. 
 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed in their
respective names, all as of the date first above written. 
  

			
	 ANDERSON & STRUDWICK, INCORPORATED

		
	 By:
	 	 /s/ L. McCarthy Downs, III
  

		 	 L. McCarthy Downs, III
 Senior Vice President

	
	 GREEN PLAINS RENEWABLE ENERGY, INC.

		
	 By:
	 	 /s/ Barry A. Ellsworth, CEO
  

		 	 Barry A. Ellsworth, CEO

	
	 U.S. BANK NATIONAL ASSOCIATION

		
	 By:
	 	 /s/ Shirley Young
  

	 Name:
	 	 Shirley Young

	 Title:
	 	 Vice President

  

 7FORM OF SUBSCRIPTION AGREEMENT

 Exhibit 10.2 
 GREEN PLAINS RENEWABLE ENERGY, INC. 
 SUBSCRIPTION AGREEMENT 
 SHARES OF GREEN PLAINS RENEWABLE ENERGY 
 $            PER SHARE 
 (WITH ACCOMPANYING WARRANT TO
ACQUIRE 1/5th SHARE OF 
 COMMON STOCK FOR EACH SHARE PURCHASED) 
 INSTRUCTIONS TO INVESTORS: 
 You must complete and sign this Subscription Agreement to invest in the offering. You should read the prospectus in its entirety before making an investment decision.
Along with the completed and signed Subscription Agreement, you must submit the total subscription price. The closing date for the offering will occur on July
                    , 2006 and we must receive good funds and this Subscription Agreement no later than July
                    , 2006 for you to acquire securities in this offering. We reserve the right to cancel the offering at any time, to reject
subscriptions for common stock in whole or in part. If we reject your subscription, we will promptly return your investment. 
 By executing the
subscription agreement the investor is not waiving any rights under the federal securities laws, including the Securities Act of 1933 and the Securities Exchange Act of 1934. 
  

	Item 1.	Check the appropriate box to indicate form of ownership. 

  

	Item 2.	Indicate the number of shares you are purchasing and complete the payment schedule. 

  

	Item 3.	Please print the name(s) in which shares are to be registered and provide your address and telephone number. 

 After following these instructions, return the Subscription Agreement and checks to: 
 Green Plains Renewable Energy, Inc. 
 7945 West Sahara, Suite 107 
 Las Vegas, Nevada 89117 
 Attention: Barry A. Ellsworth, CEO 
 Facsimile: (702) 631-9308 
  

 The undersigned hereby subscribes for and agrees to purchase the number of shares (includes warrants exercisable for
1/5th share of common stock for each share purchased). 
 1. Form of Ownership (check one box) 
  

			
	  ̈
	  	Individual
		
	  ̈
	  	 Joint Tenants with Right of Survivorship
 (Both joint tenants must sign below)

		
	  ̈
	  	 Custodian for
                                       
                       

		
	  ̈
	  	 Corporation or Partnership

		
	  ̈
	  	 IRA

		
	  ̈
	  	 KEOGH

		
	  ̈
	  	 Pension or Profit Sharing Plan

		
	  ̈
	  	 Trust

		
		  	 Trustee
name:                                       
                                        
             

		
		  	 Trust
date:                                       
                                        
                  

		
	  ̈
	  	 Other:                                     
                                        
                           

		
	  ̈
	  	 Estate

 2. Purchase Information 
  

				
	 Number of shares subscribed for:
	  	 
	  

		
	Total purchase price/payment due (number of shares purchased multiplied by $            ) (1):	  	$	                                

  

	(1)	Includes warrants exercisable for 1/5th share of
common stock for each share purchased. 

 3. Investor Information 
 Names and addresses will be recorded exactly as printed below. 
  

					
	 Name of Investor:
	  	  

					
		
	 Name of Joint Investor (if any):
	 	  

					
		
	 Address:
	  	  

					
		
		  	  

					
		
		  	  

					
		
	 Telephone:
	  	  

					
		
	 Fax:
	  	  

					
		
	 Email:
	  	  

  

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 ONCE YOU SIGN THIS SUBSCRIPTION AGREEMENT AND SEND IT TO US WITH YOUR PAYMENT, YOUR SUBSCRIPTION IS
IRREVOCABLE.
 You understand that we are relying on the information set forth in this Subscription Agreement with respect to the offer and sale of the
shares. By signing below, you certify that all information provided in this Subscription Agreement is accurate and complete as of the date listed below. 
  

			
	 Individuals:
	    	Entities:
		
	  
	    	  

	 (Signature of Investor)
	    	 (Print Name of Entity)

		
	  
	    	  

	 (Signature of Joint Investor, if any)
	    	 (Authorized Signature)

		
	  
	    	  

	 (Date)
	    	 (Print Name of Authorized Signor)

		
		    	  

		    	 (Print Title of Authorized Signor)

		
		    	  

		    	 (Date)

  

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