Document:

Amended and Restated 2005 Equity Incentive Plan

 Exhibit 10.5 
 AMENDED AND RESTATED REALTY FINANCE CORPORATION 
 2005 EQUITY INCENTIVE PLAN 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	1.	  	 DEFINITIONS.
	  	1
			
	2.	  	 EFFECTIVE DATE AND TERMINATION OF PLAN.
	  	4
			
	3.	  	 ADMINISTRATION OF PLAN.
	  	5
			
	4.	  	 SHARES AND UNITS SUBJECT TO THE PLAN.
	  	6
			
	5.	  	 PROVISIONS APPLICABLE TO STOCK OPTIONS.
	  	7
			
	6.	  	 PROVISIONS APPLICABLE TO RESTRICTED STOCK.
	  	10
			
	7.	  	 PROVISIONS APPLICABLE TO PHANTOM SHARES.
	  	12
			
	8.	  	 PROVISIONS APPLICABLE TO DIVIDEND EQUIVALENT RIGHTS.
	  	15
			
	9.	  	 OTHER EQUITY-BASED AWARDS
	  	16
			
	10.	  	 PERFORMANCE GOALS.
	  	16
			
	11.	  	 TAX WITHHOLDING.
	  	16
			
	12.	  	 REGULATIONS AND APPROVALS.
	  	17
			
	13.	  	 INTERPRETATION AND AMENDMENTS; OTHER RULES.
	  	18
			
	14.	  	 CHANGES IN CAPITAL STRUCTURE.
	  	19
			
	15.	  	 MISCELLANEOUS.
	  	20

  

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 REALTY FINANCE CORPORATION 
 AMENDED AND RESTATED 2005 EQUITY INCENTIVE PLAN 
 Realty Finance Corporation, a Maryland corporation,
wishes to attract and retain qualified key employees, Directors, officers, advisors, consultants and other personnel and encourage them to increase their efforts to make the Company’s business more successful whether directly or through its
Subsidiaries or other affiliates. In furtherance thereof, the Realty Finance Corporation 2005 Equity Incentive Plan is designed to provide equity-based incentives to certain Eligible Persons. Awards under the Plan may be made to Eligible Persons in
the form of Options, Restricted Stock, Phantom Shares, Dividend Equivalent Rights or other forms of equity-based compensation. 
 1.
DEFINITIONS. 
 Whenever used herein, the following terms shall have the meanings set forth below: 
 “Award,” except where referring to a particular category of grant under the Plan, shall include Incentive Stock Options, Non-Qualified Stock
Options, Restricted Stock, Phantom Shares, Dividend Equivalent Rights and other equity-based Awards as contemplated herein. 
 “Award
Agreement” means a written agreement in a form approved by the Committee to be entered into between the Company and the Participant as provided in Section 3. An Award Agreement may be, without limitation, an employment or other similar
agreement containing provisions governing grants hereunder, if approved by the Committee for use under the Plan. 
 “Board” means
the Board of Directors of the Company. 
 “Cause” means, unless otherwise provided in the Participant’s Award Agreement,
(i) engaging in (A) willful or gross misconduct or (B) willful or gross neglect; (ii) repeatedly failing to adhere to the directions of superiors or the Board or the written policies and practices of the Company or its
Subsidiaries or its affiliates; (iii) the commission of a felony or a crime of moral turpitude, dishonesty, breach of trust or unethical business conduct, or any crime involving the Company or its Subsidiaries, or any affiliate thereof;
(iv) fraud, misappropriation or embezzlement; (v) acts or omissions constituting a material failure to perform substantially and adequately the duties assigned to the Participant; (vi) any illegal act detrimental to the Company its
Subsidiaries or any affiliate thereof; (vii) repeated failure to devote substantially all of the Participant’s business time and efforts to the Company or its Subsidiaries, or any affiliate thereof if required by the Participant’s
employment agreement; or (viii) the Participant’s failure to competently perform his duties after receiving notice from the Company or its Subsidiaries, or any affiliate thereof; specifically identifying the manner in which the Participant
has failed to perform; provided, however, that, if at any particular time the Participant is subject to an effective employment agreement with the Company, then, in lieu of the foregoing definition, “Cause” shall at that time have such
meaning as may be specified in such employment agreement. 
 “Change in Control” shall mean, unless otherwise provided in an Award
Agreement, the happening of any of the following: 
 (i) any “person,” including a “group” (as such terms are used in
Sections 13(d) and 14(d) of the Exchange Act, but excluding the Company, any entity controlling, controlled by or under common control with the Company, any trustee, fiduciary or other person or entity holding securities under any employee
benefit plan or trust of the Company or any such entity, and with respect to any 

  

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particular Participant, the Participant and any “group” (as such term is used in Section 13(d)(3) of the Exchange Act) of which the
Participant is a member), is or becomes the “beneficial owner” (as defined in Rule 13(d)(3) under the Exchange Act), directly or indirectly, of securities of the Company representing 25% or more of the combined voting power of the
Company’s then outstanding securities (in such case other than as a result of an acquisition of securities directly from the Company); or 
 (ii) any consolidation or merger of the Company where the stockholders of the Company, as applicable, immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term
is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, shares representing in the aggregate 50% or more of the combined voting power of the securities of the corporation issuing cash or securities in the consolidation or merger
(or of its ultimate parent corporation, if any); or 
 (iii) there shall occur (A) any sale, lease, exchange or other transfer (in one
transaction or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of the Company, other than a sale or disposition by the Company of all or substantially all of the
Company’s assets to an entity, at least 50% of the combined voting power of the voting securities of which are owned by “persons” (as defined above) in substantially the same proportion as their ownership of the Company
immediately prior to such sale or (B) the approval by stockholders of the Company of any plan or proposal for the liquidation or dissolution of the Company; or 
 (iv) the members of the Board at the beginning of any consecutive 24-calendar-month period (the “Incumbent Directors”) cease for any reason other than due to death to constitute at least a majority of
the members of the Board; provided that any director whose election, or nomination for election by the Company’s stockholders was approved or ratified by a vote of at least a majority of the members of the Board then still in office who were
members of the Board at the beginning of such 24-calendar-month period shall be deemed to be an Incumbent Director. 
 Notwithstanding the foregoing clauses
(i), (ii), (iii) and (iv), in no event shall a Change in Control be deemed to have occurred upon an initial public offering of the common stock of the Company under the Securities Act of 1933, as amended. Notwithstanding the foregoing
provisions of this definition of Change in Control, if at any particular time the Participant is subject to an effective employment agreement with the Company which expressly provides for the definition of a change in control of the Company,
then, in lieu of the foregoing definition, “Change in Control” shall at that time have such meaning as may be specified, in such employment agreement, with respect to the Company. 
 Notwithstanding the foregoing, no event or condition shall constitute a Change in Control to the extent that, if it were, a 20% tax would be imposed under
Section 409A of the Code; provided that, in such a case, the event or condition shall continue to constitute a Change in Control to the maximum extent possible (e.g., if applicable, in respect of vesting without an acceleration of
distribution) without causing the imposition of such 20% tax. 
 “Code” means the Internal Revenue Code of 1986, as amended.

  

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 “Committee” means the compensation committee of the Board or another committee of the Board
appointed in accordance with Section 3(a). 
 “Common Stock” means the Company’s Common Stock, par value $0.01 per share,
either currently existing or authorized hereafter. 
 “Company” means the Realty Finance Corporation, a Maryland corporation.

 “Director” means a non-employee director of the Company or its Subsidiaries. 
 “Disability” means, unless otherwise provided by the Committee in the Participant’s Award Agreement, a disability which renders the
Participant incapable of performing all of his or her material duties for a period of at least 180 consecutive or non-consecutive days during any consecutive twelve-month period. Notwithstanding the foregoing, no circumstances or condition shall
constitute a Disability to the extent that, if it were, a 20% tax would be imposed under Section 409A of the Code; provided, that, in such a case, the event or condition shall continue to constitute a Disability to the maximum extent possible
(e.g., if applicable, in respect of vesting without an acceleration of distribution) without causing the imposition of such 20% tax. 
 “Dividend Equivalent Right” means a right awarded under Section 8 of the Plan to receive (or have credited) the equivalent value of dividends paid on Common Stock. 
 “Eligible Person” means a key employee, Director, officer, advisor, consultant or other personnel of the Company and its Subsidiaries or other
person expected to provide significant services (of a type expressly approved by the Committee as covered services for these purposes) to the Company or its Subsidiaries. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “Fair Market Value” per Share as of a particular date means (i) if Shares are then listed on a national stock exchange, the closing sales
price per Share on the exchange for the last preceding date on which there was a sale of Shares on such exchange, as determined by the Committee, (ii) if Shares are not then listed on a national stock exchange but are then traded on an
over-the-counter market, the average of the closing bid and asked prices for the Shares in such over-the-counter market for the last preceding date on which there was a sale of such Shares in such market, as determined by the Committee, or
(iii) if Shares are not then listed on a national stock exchange or traded on an over-the-counter market, such value as the Committee in its discretion may in good faith determine; provided that, where the Shares are so listed or traded, the
Committee may make such discretionary determinations where the Shares have not been traded for 10 trading days. 
 “Grantee” means
an Eligible Person granted Restricted Stock, Phantom Shares, Dividend Equivalent Rights or such other equity-based Awards (other than an Option) as may be granted pursuant to Section 9. 
 “Incentive Stock Option” means an “incentive stock option” within the meaning of Section 422(b) of the Code. 
 “Non-Qualified Stock Option” means an Option which is not an Incentive Stock Option. 
  

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 “Option” means the right to purchase, at a price and for the term fixed by the Committee in
accordance with the Plan, and subject to such other limitations and restrictions in the Plan and the applicable Award Agreement, a number of Shares determined by the Committee. 
 “Optionee” means an Eligible Person to whom an Option is granted, or the Successors of the Optionee, as the context so requires. 
 “Option Price” means the price per Share, determined by the Board or the Committee, at which an Option may be exercised. 
 “Participant” means a Grantee or Optionee. 
 “Phantom Share” means a right, pursuant to the Plan, of the Grantee to payment of the Phantom Share Value. 
 “Phantom Share Value,” per Phantom Share, means the Fair Market Value of a Share, or, if so provided by the Committee, such Fair Market Value to the extent in excess of a base value established by the
Committee at the time of grant. 
 “Plan” means the Company’s 2005 Equity Incentive Plan, as set forth herein and as the same
may from time to time be amended. 
 “Restricted Stock” means an award of Shares that are subject to restrictions hereunder.

 “Retirement” means, unless otherwise provided by the Committee in the Participant’s Award Agreement, the Termination of
Service (other than for Cause) of a Participant on or after the Participant’s attainment of age 65 or on or after the Participant’s attainment of age 55 with five consecutive years of service with the Company and or its Subsidiaries
or its affiliates. 
 “Securities Act” means the Securities Act of 1933, as amended. 
 “Settlement Date” means the date determined under Section 7.4(c). 
 “Shares” means shares of Common Stock of the Company. 
 “Subsidiary” means any corporation (other than the Company) that is a “subsidiary corporation” with respect to the Company under Section 424(f) of the Code. In the event the Company
becomes a subsidiary of another company, the provisions hereof applicable to subsidiaries shall, unless otherwise determined by the Committee, also be applicable to any company that is a “parent corporation” with respect to the Company
under Section 424(e) of the Code. 
 “Successor of the Optionee” means the legal representative of the estate of a
deceased Optionee or the person or persons who shall acquire the right to exercise an Option by bequest or inheritance or by reason of the death of the Optionee. 
 “Termination of Service” means a Participant’s termination of employment or other service, as applicable, with the Company and its Subsidiaries. 
 2. EFFECTIVE DATE AND TERMINATION OF PLAN. 
 The effective date of the Plan is May 11, 2005. The Plan shall not become effective unless and until it is approved by the requisite percentage of the holders of the Common Stock of the 

  

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Company. The Plan shall terminate on, and no Award shall be granted hereunder on or after, the 10-year anniversary of the earlier of the approval of the Plan
by (i) the Board or (ii) the stockholders of the Company; provided, however, that the Board may at any time prior to that date terminate the Plan; and provided, further, that all Awards made under the Plan prior to a Plan termination shall
remain in effect until such Awards have seen satisfied or terminated in accordance with the terms and provisions of the Plan and the applicable Award Agreement. 
 3. ADMINISTRATION OF PLAN. 
 (a) The Plan shall be administered by the Committee appointed by the
Board. Unless otherwise determined by the Board, the Committee, upon and after such time as it is covered in Section 16 of the Exchange Act, shall consist of at least two individuals each of whom shall be a “nonemployee director” as
defined in Rule 16b-3 as promulgated by the Securities and Exchange Commission (“Rule 16b-3”) under the Exchange Act and shall, at such times as the Company is subject to Section 162(m) of the Code (to the extent relief from
the limitation of Section 162(m) of the Code is sought with respect to Awards), qualify as “outside directors” for purposes of Section 162(m) of the Code; provided that no action taken by the Committee (including
without limitation grants) shall be invalidated because any or all of the members of the Committee fails to satisfy the foregoing requirements of this sentence. The acts of a majority of the members present at any meeting of the Committee at
which a quorum is present, or acts approved in writing by a majority of the entire Committee, shall be the acts of the Committee for purposes of the Plan. If and to the extent applicable, no member of the Committee may act as to matters under the
Plan specifically relating to such member. Notwithstanding the other foregoing provisions of this Section 3(a), any Award under the Plan to a person who is a member of the Committee shall be made and administered by the Board. If no Committee
is designated by the Board to act for these purposes, the Board shall have the rights and responsibilities of the Committee hereunder and under the Award Agreements. 
 (b) Subject to the provisions of the Plan, the Committee shall in its discretion (i) authorize the granting of Awards to Eligible Persons; and (ii) determine the eligibility of Eligible Persons to receive an
Award, as well as determine the number of Shares to be covered under any Award Agreement, considering the position and responsibilities of the Eligible Persons, the nature and value to the Company of the Eligible Person’s present and potential
contribution to the success of the Company whether directly or through its Subsidiaries and such other factors as the Committee may deem relevant. 
 (c) The Award Agreement shall contain such other terms, provisions and conditions not inconsistent herewith as shall be determined by the Committee. In the event that any Award Agreement or other agreement hereunder provides (without regard
to this sentence) for the obligation of the Company or any affiliate thereof to purchase or repurchase Shares from a Participant or any other person, then, notwithstanding the provisions of the Award Agreement or such other agreement, such
obligation shall not apply to the extent that the purchase or repurchase would not be permitted under governing state law. The Participant shall take whatever additional actions and execute whatever additional documents the Committee may in its
reasonable judgment deem necessary or advisable in order to carry out or effect one or more of the obligations or restrictions imposed on the Participant pursuant to the express provisions of the Plan and the Award Agreement. 
 (d) The Committee, in its discretion, may delegate to the Chief Executive Officer of the Company all or part of the Committee’s authority and duties
with respect to awards, including, without limitation, the granting of awards to individuals who are not subject to the reporting and other provisions of Section 16 of the Exchange Act and who are not and are not expected to be “covered
employees” within the meaning of Section 162(m) of the Code; provided, however, that the Committee may not delegate its authority and duties with respect to awards that have been, or will be, granted to the 

  

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Chief Executive Officer, Chief Financial Officer or any Executive Vice President of the Company. Any such delegation by the Committee may, in the sole
discretion of the Committee, include a limitation as to the amount of Awards that may be awarded during the period of the delegation and may contain guidelines as to the determination of the Option Price, or price of other Awards and the vesting
criteria. The Committee may revoke or amend the terms of a delegation at any time but such action shall not invalidate any prior actions of the Committee’ s delegate that were consistent with the terms of the Plan. 
 4. SHARES AND UNITS SUBJECT TO THE PLAN. 
 4.1 In General. 
 (a) Subject to adjustments as provided in Section 14, the total number of Shares subject to Awards
granted under the Plan (including securities convertible into or exchangeable for Shares), in the aggregate, may not exceed (x) upon completion of the Company’s offering of Shares in transactions exempt from the registration requirements
of the Securities Act in accordance with the terms and conditions of that certain Purchase/ Placement Agreement between the Company and Credit Suisse First Boston LLC, Deutsche Bank Securities Inc., Bank of America Securities LLC and Citigroup
Global Markets Inc. dated June 2, 2005 (the “144A Offering”), 2,000,000, or (y) in the event of any exercise of an over-allotment option by the initial purchasers in the 144A Offering, 2,300,000; provided that the amount of
Shares subject to Awards granted under the Plan shall in no event exceed an amount equal to 10% of the number of fully-diluted Shares outstanding upon completion of the 144A Offering, including Shares issued pursuant to any exercise of the initial
purchasers’ over-allotment option and excluding any Shares issued or issuable under the Plan or covered by Awards. The maximum number of Shares that may underlie Awards, other than Options, granted in any one year to any Eligible Person, shall
not exceed 400,000. Shares distributed under the Plan may be treasury Shares or authorized but unissued Shares. Any Shares that have been granted as Restricted Stock or that have been reserved for distribution in payment for Options, Phantom Shares
or other equity-based Awards but are later forfeited or for any other reason are not payable under the Plan may again be made the subject of Awards under the Plan. 
 (b) Shares subject to Dividend Equivalent Rights, other than Dividend Equivalent Rights based directly on the dividends payable with respect to Shares subject to Options or the dividends payable on a number of Shares
corresponding to the number of Phantom Shares awarded, shall be subject to the limitation of Section 4.1(a). If any Phantom Shares, Dividend Equivalent Rights or other equity-based Awards under Section 9 are paid out in cash, then,
notwithstanding the first sentence of Section 4.1(a) above (but subject to the second sentence thereof) the underlying Shares may again be made the subject of Awards under the Plan. 
 (c) The certificates for Shares issued hereunder may include any legend which the Committee deems appropriate to reflect any rights of first refusal or
other restrictions on transfer hereunder or under the Award Agreement, or as the Committee may otherwise deem appropriate. 
 (d) No award
may be granted under the 2005 Equity Incentive Plan to any person who, assuming exercise of all options and payment of all awards held by such person, would own or be deemed to own more than 9.8% of the outstanding shares of Common Stock.

 4.2 Options. 
 Subject
to adjustments pursuant to Section 14, and subject to the last sentence of Section 4.1(a), Options with respect to an aggregate of no more than 1,500,000 Shares may be granted under the Plan. At such time as the Company is subject to
Section 162(m) of the Code (to the extent relief from the 

  

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limitation of Section 162(m) of the Code is sought), subject to adjustments pursuant to Section 14, in no event may any Optionee receive
Options for more than 400,000 Shares in any one year. 
 5. PROVISIONS APPLICABLE TO STOCK OPTIONS. 
 5.1 Grant of Option. 
 Subject to the
other terms of the Plan, the Committee shall, in its discretion as reflected by the terms of the applicable Award Agreement: (i) determine and designate from time to time those Eligible Persons to whom Options are to be granted and the number
of Shares to be optioned to each Eligible Person; (ii) determine whether to grant Incentive Stock Options or to grant Non-Qualified Stock Options, or both (to the extent that any Option does not qualify as an Incentive Stock Option, it shall
constitute a separate Non-Qualified Stock Option); provided that Incentive Stock Options may only be granted to employees of the Company and its Subsidiaries; (iii) determine the time or times when and the manner and condition in which each
Option shall be exercisable and the duration of the exercise period; (iv) designate each Option as one intended to be an Incentive Stock Option or as a Non-Qualified Stock Option; and (v) determine or impose other conditions to the grant
or exercise of Options under the Plan as it may deem appropriate. 
 5.2 Option Price. 
 The Option Price shall be determined by the Committee on the date the Option is granted and reflected in the Award Agreement, as the same may be amended
from time to time; provided, however, that, except as may otherwise be determined by the Committee (taking into account Sections 162(m) and 409A of the Code), the Option Price shall not be less than 100% of the Fair Market Value of a Share on
the day the Option is granted. 
 5.3 Period of Option and Vesting. 
 (a) Unless earlier expired, forfeited or otherwise terminated, each Option shall expire in its
entirety upon the 5th anniversary of the date of grant or shall have such other term (which, in the case of Incentive Stock Options, may not exceed
10 years in duration) as is set forth in the applicable Award Agreement (provided that, in the case of an individual described in Section 422(b)(6) of the Code (relating to certain 10% owners) who is granted an Incentive Stock Option,
the term of such Option shall be no more than five years from the date of grant). The Option shall also expire, be forfeited and terminate at such times and in such circumstances as otherwise provided hereunder or under the Award Agreement.

 (b) Each Option, to the extent that the Optionee has not had a Termination of Service and the Option has not otherwise lapsed, expired,
terminated or been forfeited, shall first become exercisable according to the terms and conditions set forth in the Award Agreement, as determined by the Committee at the time of grant. Unless otherwise provided in the Award Agreement, no Option (or
portion thereof) shall ever be exercisable if the Optionee has a Termination of Service before the time at which such Option (or portion thereof) would otherwise have become exercisable, and any Option that would otherwise become
exercisable after such Termination of Service shall not become exercisable and shall be forfeited upon such termination. Notwithstanding the foregoing provisions of this Section 5.3(b), Options exercisable pursuant to the schedule set forth by
the Committee at the time of grant may be fully or more rapidly exercisable or otherwise vested at any time in the discretion of the Committee. Upon and after the death of an Optionee, such Optionee’s Options, if and to the extent otherwise
exercisable hereunder or under the applicable Award Agreement after the Optionee’s death, may be exercised by the Successors of the Optionee. 
  

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 5.4 Exercisability Upon and After Termination of Optionee. 
 (a) Subject to provisions of the Award Agreement, in the event the Optionee has a Termination of Service other than by the Company, a Subsidiary, or, as
applicable, an affiliate, for Cause, or other than by reason of death, Retirement or Disability, no exercise of an Option may occur after the expiration of the three-month period to follow the termination, or if earlier, the expiration of the term
of the Option as provided under Section 5.3(a); provided that, if the Optionee should die after the Termination of Service, such termination being for a reason other than Disability or Retirement, but while the Option is still in effect, the
Option (if and to the extent otherwise exercisable by the Optionee at the time of death) may be exercised until the earlier of (i) one year from the date of the Termination of Service of the Optionee, or (ii) the date on which the
term of the Option expires in accordance with Section 5.3(a). 
 (b) Subject to provisions of the Award Agreement, in the event the
Optionee has a Termination of Service on account of death, Disability or Retirement, the Option (whether or not otherwise exercisable) may be exercised until the earlier of (i) one year from the date of the Termination of Service of the
Optionee, or (ii) the date on which the term of the Option expires in accordance with Section 5.3. 
 (c) Notwithstanding any other
provision hereof, unless otherwise provided in the Award Agreement, if the Optionee has a Termination of Service by the Company, a Subsidiary, or, as applicable, an affiliate, for Cause, the Optionee’s Options, to the extent then unexercised,
shall thereupon cease to be exercisable and shall be forfeited forthwith (whether or not the Options were exercisable previously). 
 5.5
Exercise of Options. 
 (a) Subject to vesting, restrictions on exercisability and other restrictions provided for hereunder or
otherwise imposed in accordance herewith, an Option may be exercised, and payment in full of the aggregate Option Price made, by an Optionee only by written notice (in the form prescribed by the Committee) to the Company or its applicable
designee specifying the number of Shares to be purchased. 
 (b) Without limiting the scope of the Committee’s discretion hereunder, the
Committee may impose such other restrictions on the exercise of Incentive Stock Options (whether or not in the nature of the foregoing restrictions) as it may deem necessary or appropriate. 
 5.6 Payment. 
 (a) The aggregate
Option Price shall be paid in full upon the exercise of the Option. Payment must be made by one of the following methods: 
 (i) a certified
or bank cashier’s check; 
 (ii) subject to Section 12(e), the proceeds of a Company loan program or third-party sale program or a
notice acceptable to the Committee given as consideration under such a program, in each case if permitted by the Committee in its discretion, if such a program has been established and the Optionee is eligible to participate therein; 
  

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 (iii) if approved by the Committee in its discretion, Shares of previously owned Common Stock, which
have been previously owned for more than six months, having an aggregate Fair Market Value on the date of exercise equal to the aggregate Option Price; or 
 (iv) by any combination of such methods of payment or any other method acceptable to the Committee in its discretion. 
 (b) Except in the case of Options exercised by certified or bank cashier’s check, the Committee may impose limitations and prohibitions on the exercise of Options as it deems appropriate, including, without
limitation, any limitation or prohibition designed to avoid accounting consequences which may result from the use of Common Stock as payment upon exercise of an Option. 
 (c) The Committee may provide that no Option may be exercised with respect to any fractional Share. Any fractional Shares resulting from an Optionee’s exercise that is accepted by the Company shall in the
discretion of the Committee be paid in cash. 
 5.7 Stock Appreciation Rights. 
 The Committee, in its discretion, may also permit (taking into account, without limitation, the application of Section 409A of the Code, as the
Committee may deem appropriate) the Optionee to elect to exercise an Option by receiving a combination of Shares and cash, or, in the discretion of the Committee, either Shares or solely in cash, with an aggregate Fair Market Value (or, to the
extent of payment in cash, in an amount) equal to the excess of the Fair Market Value of the Shares with respect to which the Option is being exercised over the aggregate Option Price, as determined as of the day the Option is exercised.

 5.8 Exercise by Successors. 
 An Option may be exercised, and payment in full of the aggregate Option Price made, by the Successors of the Optionee only by written notice (in the form prescribed by the Committee) to the Company specifying the number of Shares to be
purchased. Such notice shall state that the aggregate Option Price will be paid in full, or that the Option will be exercised as otherwise provided hereunder, in the discretion of the Company or the Committee, if and as applicable. 
 5.9 Nontransferability of Option. 
 Except as provided in the applicable Award Agreement, each Option granted under the Plan shall be nontransferable by the Optionee except by will or the laws of descent and distribution of the state wherein the Optionee is domiciled at the
time of his death; provided, however, that the Committee may (but need not) permit other transfers, where the Committee concludes that such transferability (i) does not result in accelerated U.S. federal income taxation, (ii) does not
cause any Option intended to be an Incentive Stock Option to fail to be described in Section 422(b) of the Code, and (iii) is otherwise appropriate and desirable. 
  

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 5.10 Deferral. 
 Except as provided in the Award Agreement, the Committee (taking into account, without limitation, the possible application of Section 409A of the Code, as the Committee may deem appropriate) may establish a
program under which Participants will have Phantom Shares subject to Section 7 credited upon their exercise of Options, rather than receiving Shares at that time. 
 5.11 Certain Incentive Stock Option Provisions 
 (a) The aggregate Fair Market Value, determined as
of the date an Option is granted, of the Common Stock for which any Optionee may be awarded Incentive Stock Options which are first exercisable by the Optionee during any calendar year under the Plan (or any other stock option plan required to be
taken into account under Section 422(d) of the Code) shall not exceed $100,000. 
 (b) If Shares acquired upon exercise of an
Incentive Stock Option are disposed of in a disqualifying disposition within the meaning of Section 422 of the Code by an Optionee prior to the expiration of either two years from the date of grant of such Option or one year from the transfer
of Shares to the Optionee pursuant to the exercise of such Option, or in any other disqualifying disposition within the meaning of Section 422 of the Code, such Optionee shall notify the Company in writing as soon as practicable thereafter of
the date and terms of such disposition and, if the Company (or any affiliate thereof) thereupon has a tax-withholding obligation, shall pay to the Company (or such affiliate) an amount equal to any withholding tax the Company (or
affiliate) is required to pay as a result of the disqualifying disposition. 
 (c) The Option Price with respect to each Incentive Stock
Option shall not be less than 100%, or 110% in the case of an individual described in Section 422(b)(6) of the Code (relating to certain 10% owners), of the Fair Market Value of a Share on the day the Option is granted. In the case of an
individual described in Section 422(b)(6) of the Code who is granted an Incentive Stock Option, the term of such Option shall be no more than five years from the date of grant. 
 6. PROVISIONS APPLICABLE TO RESTRICTED STOCK. 
 6.1 Grant of Restricted Stock. 
 (a) In connection with the grant of Restricted Stock, whether or not
performance goals (as provided for under Section 10) apply thereto, the Committee shall establish one or more vesting periods with respect to the shares of Restricted Stock granted, the length of which shall be determined in the discretion
of the Committee. Subject to the provisions of this Section 6, the applicable Award Agreement and the other provisions of the Plan, restrictions on Restricted Stock shall lapse if the Grantee satisfies all applicable employment or other service
requirements through the end of the applicable vesting period. 
 (b) Subject to the other terms of the Plan, the Committee may, in its
discretion as reflected by the terms of the applicable Award Agreement: (i) authorize the granting of Restricted Stock to Eligible Persons; (ii) provide a specified purchase price for the Restricted Stock (whether or not the payment of a
purchase price is required by any state law applicable to the Company); (iii) determine the restrictions applicable to Restricted Stock and (iv) determine or impose other conditions, including any applicable performance goals, to the grant
of Restricted Stock under the Plan as it may deem appropriate. 
  

 10 

 6.2 Certificates. 
 (a) Unless otherwise provided by the Committee, each Grantee of Restricted Stock shall be issued a stock certificate in respect of Shares of Restricted Stock awarded under the Plan. Each such certificate shall be
registered in the name of the Grantee. Without limiting the generality of Section 4.1(c), the certificates for Shares of Restricted Stock issued hereunder may include any legend which the Committee deems appropriate to reflect any restrictions
on transfer hereunder or under the Award Agreement, or as the Committee may otherwise deem appropriate, and, without limiting the generality of the foregoing, shall bear a legend referring to the terms, conditions, and restrictions applicable to
such Award, substantially in the following form: 
 THE
TRANSFERABILITY OF THIS CERTIFICATE AND THE SHARES OF STOCK REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS (INCLUDING FORFEITURE) OF THE REALTY FINANCE CORPORATION, INC. 2005 EQUITY INCENTIVE PLAN AND AN AWARD AGREEMENT ENTERED INTO
BETWEEN THE REGISTERED OWNER AND REALTY FINANCE CORPORATION. COPIES OF SUCH PLAN AND AWARD AGREEMENT ARE ON FILE IN THE OFFICES OF REALTY FINANCE CORPORATION AT CITY PLACE 1, 185 ASYLUM STREET, 31TH FLOOR, HARTFORD, CT 06103. 
 (b) The Committee shall require that any
stock certificates evidencing such Shares be held in custody by the Company until the restrictions hereunder shall have lapsed, and that, as a condition of any Award of Restricted Stock, the Grantee shall have delivered to the Company a stock power,
endorsed in blank, relating to the stock covered by such Award. If and when such restrictions so lapse, the stock certificates shall be delivered by the Company to the Grantee or his or her designee as provided in Section 6.3 (and the stock
power shall be so delivered or shall be discarded). 
 6.3 Restrictions and Conditions. 
 Unless otherwise provided by the Committee, the Shares of Restricted Stock awarded pursuant to the Plan shall be subject to the following restrictions
and conditions: 
 (i) Subject to the provisions of the Plan and the Award Agreements, during a period commencing with the date of such Award
and ending on the date the period of forfeiture with respect to such Shares lapses, the Grantee shall not be permitted voluntarily or involuntarily to sell, transfer, pledge, anticipate, alienate, encumber or assign Shares of Restricted Stock
awarded under the Plan (or have such Shares attached or garnished). Subject to the provisions of the Award Agreements and clause (iii) below, the period of forfeiture with respect to Shares granted hereunder shall lapse as provided in the
applicable Award Agreement. Notwithstanding the foregoing, unless otherwise expressly provided by the Committee, the period of forfeiture with respect to such Shares shall only lapse as to whole Shares. 
 (ii) Except as provided in the foregoing clause (i), below in this clause (ii) or in Section 14, or as otherwise provided in the applicable
Award Agreement, the Grantee shall have, in respect of the Shares of Restricted Stock, all of the rights of a stockholder of the Company, including the right to vote the Shares and the right to receive any cash dividends; provided, however that cash
dividends on such Shares shall, unless otherwise provided by the Committee, be held by the Company (unsegregated as a part of its 

  

 11 

 
general assets) until the period of forfeiture lapses (and forfeited if the underlying Shares are forfeited), and paid over to the Grantee (without
interest) as soon as practicable after such period lapses (if not forfeited). Certificates for Shares (not subject to restrictions hereunder) shall be delivered to the Grantee or his or her designee promptly after, and only after, the
period of forfeiture shall lapse without forfeiture in respect of such Shares of Restricted Stock. 
 (iii) Except as otherwise provided in
the applicable Award Agreement, if the Grantee has a Termination of Service by the Company and its Subsidiaries for Cause, or by the Grantee for any reason, during the applicable period of forfeiture, then (A) all Shares still subject to
restriction shall thereupon, and with no further action, be forfeited by the Grantee, and (B) the Company shall pay to the Grantee as soon as practicable (and in no event more than 30 days) after such termination an amount equal to the
lesser of (x) the amount paid by the Grantee for such forfeited Restricted Stock as contemplated by Section 6.1, and (y) the Fair Market Value on the date of termination of the forfeited Restricted Stock. 
 7. PROVISIONS APPLICABLE TO PHANTOM SHARES. 
 7.1 Grant of Phantom Shares. 
 Subject to the other terms of the Plan, the Committee shall, in its discretion as reflected
by the terms of the applicable Award Agreement: (i) authorize the granting of Phantom Shares to Eligible Persons and (ii) determine or impose other conditions to the grant of Phantom Shares under the Plan as it may deem appropriate.

 7.2 Term. 
 The
Committee may provide in an Award Agreement that any particular Phantom Share shall expire at the end of a specified term. 
 7.3 Vesting.

 Phantom Shares shall vest as provided in the applicable Award Agreement. 
 7.4 Settlement of Phantom Shares. 
 (a) Each
vested and outstanding Phantom Share shall be settled by the transfer to the Grantee of one Share; provided that, the Committee at the time of grant may provide that a Phantom Share may be settled (i) in cash at the applicable Phantom Share
Value, (ii) in cash or by transfer of Shares as elected by the Grantee in accordance with procedures established by the Committee (taking into account, without limitation, Section 409A of the Code, as the Committee may deem
appropriate) or (iii) in cash or by transfer of Shares as elected by the Company. 
 (b) Phantom Shares shall be settled with a
single-sum payment by the Company; provided that, with respect to Phantom Shares of a Grantee which have a common Settlement Date, the Committee may permit the Grantee to elect in accordance with procedures established by the Committee (taking into
account, without limitation, Section 409A of the Code, as the Committee may deem appropriate) to receive installment payments over a period not to exceed 10 years. 
  

 12 

 (c) (i) Unless otherwise provided in the applicable Award Agreement, the “Settlement Date” with
respect to a Phantom Share is the first day of the month to follow the date on which the Phantom Share vests; provided that a Grantee may elect, in accordance with procedures to be established by the Committee, that such Settlement Date will be
deferred as elected by the Grantee to the first day of the month to follow the Grantee’s Termination of Service, or such other time as may be permitted by the Committee. Unless otherwise determined by the Committee, elections under this
Section 7.4(c)(i) must, except as may otherwise be permitted under the rules applicable under Section 409A of the Code, (A) be effective at least one year after they are made, or, in the case of payments to commence at a specific
time, be made at least one year before the first scheduled payment and (B) defer the commencement of distributions for at least five years from the original Settlement Date. 
 (ii) Notwithstanding Section 7.4(c)(i), the Committee may provide that distributions of Phantom Shares can be elected at any time in those cases in
which the Phantom Share Value is determined by reference to Fair Market Value to the extent in excess of a base value, rather than by reference to unreduced Fair Market Value. 
 (iii) Notwithstanding the foregoing, the Settlement Date, if not earlier pursuant to this Section 7.4(c), is the date of the Grantee’s death.

 (d) Notwithstanding the other provisions of this Section 7, in the event of a Change in Control, the Settlement Date shall be the
date of such Change in Control and all amounts due with respect to Phantom Shares to a Grantee hereunder shall be paid as soon as practicable (but in no event more than 30 days) after such Change in Control, unless such Grantee elects otherwise
in accordance with procedures established by the Committee. 
 (e) Notwithstanding any other provision of the Plan, a Grantee may receive any
amounts to be paid in installments as provided in Section 7.4(b) or deferred by the Grantee as provided in Section 7.4(c) in the event of an “Unforeseeable Emergency.” For these purposes, an “Unforeseeable
Emergency,” as determined by the Committee in its sole discretion, is a severe financial hardship to the Grantee resulting from a sudden and unexpected illness or accident of the Grantee or “dependent,” as defined in
Section 152(a) of the Code, of the Grantee, loss of the Grantee’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Grantee. The
circumstances that will constitute an Unforeseeable Emergency will depend upon the facts of each case, but, in any case, payment may not be made to the extent that such hardship is or may be relieved: 
 (i) through reimbursement or compensation by insurance or otherwise, 
 (ii) by liquidation of the Grantee’s assets, to the extent the liquidation of such assets would not itself cause severe financial hardship, or 
 (iii) by future cessation of the making of additional deferrals under Section 7.4 (b) and (c). 
 Without limitation, the need to send a Grantee’s child to college or the desire to purchase a home shall not constitute an Unforeseeable Emergency.
Distributions of amounts because of an Unforeseeable Emergency shall be permitted to the extent reasonably needed to satisfy the emergency need. 
 7.5 Other Phantom Share Provisions. 
  

 13 

 (a) Rights to payments with respect to Phantom Shares granted under the Plan shall not be subject in any
manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, garnishment, levy, execution, or other legal or equitable process, either voluntary or involuntary; and any attempt to anticipate, alienate, sell,
transfer, assign, pledge, encumber, attach or garnish, or levy or execute on any right to payments or other benefits payable hereunder, shall be void. 
 (b) A Grantee may designate in writing, on forms to be prescribed by the Committee, a beneficiary or beneficiaries to receive any payments payable after his or her death and may amend or revoke such designation at any
time. If no beneficiary designation is in effect at the time of a Grantee’s death, payments hereunder shall be made to the Grantee’s estate. If a Grantee with a vested Phantom Share dies, such Phantom Share shall be settled and the Phantom
Share Value in respect of such Phantom Shares paid, and any payments deferred pursuant to an election under Section 7.4(c) shall be accelerated and paid, as soon as practicable (but no later than 60 days) after the date of death to
such Grantee’s beneficiary or estate, as applicable. 
 (c) The Committee may establish a program under which distributions with respect
to Phantom Shares may be deferred for periods in addition to those otherwise contemplated by foregoing provisions of this Section 7. Such program may include, without limitation, provisions for the crediting of earnings and losses on unpaid
amounts, and, if permitted by the Committee, provisions under which Participants may select from among hypothetical investment alternatives for such deferred amounts in accordance with procedures established by the Committee. 
 (d) Notwithstanding any other provision of this Section 7, any fractional Phantom Share will be paid out in cash at the Phantom Share Value as of
the Settlement Date. 
 (e) No Phantom Share shall be construed to give any Grantee any rights with respect to Shares or any ownership
interest in the Company. Except as may be provided in accordance with Section 8, no provision of the Plan shall be interpreted to confer upon any Grantee any voting, dividend or derivative or other similar rights with respect to any Phantom
Share. 
 7.6 Claims Procedures. 
 (a) To the extent that the Plan is determined by the Committee to be subject to the Employee Retirement Income Security Act of 1974, as amended, the Grantee, or his beneficiary hereunder or authorized representative, may file a claim for
payments with respect to Phantom Shares under the Plan by written communication to the Committee or its designee. A claim is not considered filed until such communication is actually received. Within 90 days (or, if special circumstances require an
extension of time for processing, 180 days, in which case notice of such special circumstances should be provided within the initial 90-day period) after the filing of the claim, the Committee will either: 
 (i) approve the claim and take appropriate steps for satisfaction of the claim; or 
 (ii) if the claim is wholly or partially denied, advise the claimant of such denial by furnishing to him a written notice of such denial setting forth
(A) the specific reason or reasons for the denial; (B) specific reference to pertinent provisions of the Plan on which the denial is based and, if the denial is based in whole or in part on any rule of construction or interpretation
adopted by the Committee, a reference to such rule, a copy of which shall be provided to the claimant; (C) a description of any additional material or information necessary for the claimant to perfect the claim and an explanation of the reasons
why such 

  

 14 

 
material or information is necessary; and (D) a reference to this Section 7.6 as the provision setting forth the claims procedure under the Plan.

 (b) The claimant may request a review of any denial of his claim by written application to the Committee within 60 days after receipt of
the notice of denial of such claim. Within 60 days (or, if special circumstances require an extension of time for processing, 120 days, in which case notice of such special circumstances should be provided within the initial 60-day
period) after receipt of written application for review, the Committee will provide the claimant with its decision in writing, including, if the claimant’s claim is not approved, specific reasons for the decision and specific references to
the Plan provisions on which the decision is based. 
 8. PROVISIONS APPLICABLE TO DIVIDEND EQUIVALENT RIGHTS. 
 8.1 Grant of Dividend Equivalent Rights. 
 Subject to the other terms of the Plan, the Committee shall, in its discretion as reflected by the terms of the Award Agreements, authorize the granting of Dividend Equivalent Rights to Eligible Persons based on the regular cash dividends
declared on Common Stock, to be credited as of the dividend payment dates, during the period between the date an Award is granted, and the date such Award is exercised, vests or expires, as determined by the Committee. Such Dividend Equivalent
Rights shall be converted to cash or additional Shares by such formula and at such time and subject to such limitation as may be determined by the Committee. With respect to Dividend Equivalent Rights granted with respect to Options intended to be
qualified performance-based compensation for purposes of Section 162(m) of the Code, such Dividend Equivalent Rights shall be payable regardless of whether such Option is exercised. If a Dividend Equivalent Right is granted in respect of
another Award hereunder, then, unless otherwise stated in the Award Agreement, in no event shall the Dividend Equivalent Right be in effect for a period beyond the time during which the applicable portion of the underlying Award is in effect.

 8.2 Certain Terms. 
 (a) The term of a Dividend Equivalent Right shall be set by the Committee in its discretion. 
 (b) Unless otherwise determined by
the Committee, except as contemplated by Section 8.4, a Dividend Equivalent Right is exercisable or payable only while the Participant is an Eligible Person. 
 (c) Payment of the amount determined in accordance with Section 8.1 shall be in cash, in Common Stock or a combination of the both, as determined by the Committee. 
 (d) The Committee may impose such employment-related conditions on the grant of a Dividend Equivalent Right as it deems appropriate in its discretion.

 8.3 Other Types of Dividend Equivalent Rights. 
 The Committee may establish a program under which Dividend Equivalent Rights of a type whether or not described in the foregoing provisions of this Section 8 may be granted to Participants. For example, and
without limitation, the Committee may grant a dividend equivalent right in respect of each Share subject to an Option or with respect to a Phantom Share, which right would consist of the right (subject to Section 8.4) to receive a cash
payment in an amount equal to the dividend distributions paid on a Share from time to time. 
  

 15 

 8.4 Deferral. 
 The Committee may establish a program (taking into account, without limitation, the possible application of Section 409A of the Code, as the Committee may deem appropriate) under which Participants
(i) will have Phantom Shares credited, subject to the terms of Sections 7.4 and 7.5 as though directly applicable with respect thereto, upon the granting of Dividend Equivalent Rights, or (ii) will have payments with respect to Dividend
Equivalent Rights deferred. In the case of the foregoing clause (ii), such program may include, without limitation, provisions for the crediting of earnings and losses on unpaid amounts, and, if permitted by the Committee, provisions under which
Participants may select from among hypothetical investment alternatives for such deferred amounts in accordance with procedures established by the Committee. 
 9. OTHER EQUITY-BASED AWARDS 
 The Committee shall have the right to grant other Awards based upon
the Common Stock having such terms and conditions as the Committee may determine, including, without limitation, the grant of shares based upon certain conditions, the grant of securities convertible into Common Stock and the grant of stock
appreciation rights. 
 10. PERFORMANCE GOALS. 
 The Committee, in its discretion, (i) may establish one or more performance goals as a precondition to the issuance or vesting of Awards, and (ii) provide, in connection with the establishment of the
performance goals, for predetermined Awards to those Participants (who continue to meet all applicable eligibility requirements) with respect to whom the applicable performance goals are satisfied. In the case of any grant intended to qualify
as performance based compensation under Section 162(m) of the Code (including, for these purposes, grants constituting performance based compensation, as determined without regard to certain stockholder approval and disclosure requirements
by virtue of an applicable transition rule), the Committee shall establish goals intended to be performance goals as contemplated by Section 162(m) of the Code and the regulations thereunder. 
 11. TAX WITHHOLDING. 
 11.1 In
General. 
 The Company shall be entitled to withhold from any payments or deemed payments any amount of tax withholding determined by
the Committee to be required by law. Without limiting the generality of the foregoing, the Committee may, in its discretion, require the Participant to pay to the Company at such time as the Committee determines the amount that the Committee deems
necessary to satisfy the Company’s obligation to withhold federal, state or local income or other taxes incurred by reason of (i) the exercise of any Option, (ii) the lapsing of any restrictions applicable to any Restricted Stock,
(iii) the receipt of a distribution in respect of Phantom Shares or Dividend Equivalent Rights or (iv) any other applicable income-recognition event (for example, an election under Section 83(b) of the Code). 
 11.2 Share Withholding. 
 (a) Upon
exercise of an Option, the Optionee may, if approved by the Committee in its discretion, make a written election to have Shares then issued withheld by the Company from the Shares otherwise to be received, or to deliver previously owned Shares, in
order to satisfy the liability for 

  

 16 

 
such withholding taxes. In the event that the Optionee makes, and the Committee permits, such an election, the number of Shares so withheld or delivered
shall have an aggregate Fair Market Value on the date of exercise sufficient to satisfy the applicable withholding taxes. Where the exercise of an Option does not give rise to an obligation by the Company to withhold federal, state or local income
or other taxes on the date of exercise, but may give rise to such an obligation in the future, the Committee may, in its discretion, make such arrangements and impose such requirements as it deems necessary or appropriate. 
 (b) Upon lapsing of restrictions on Restricted Stock (or other income-recognition event), the Grantee may, if approved by the Committee in its
discretion, make a written election to have Shares withheld by the Company from the Shares otherwise to be released from restriction, or to deliver previously owned Shares (not subject to restrictions hereunder), in order to satisfy the liability
for such withholding taxes. In the event that the Grantee makes, and the Committee permits, such an election, the number of Shares so withheld or delivered shall have an aggregate Fair Market Value on the date of exercise sufficient to satisfy the
applicable withholding taxes. 
 (c) Upon the making of a distribution in respect of Phantom Shares or Dividend Equivalent Rights, the
Grantee may, if approved by the Committee in its discretion, make a written election to have amounts (which may include Shares) withheld by the Company from the distribution otherwise to be made, or to deliver previously owned Shares (not
subject to restrictions hereunder), in order to satisfy the liability for such withholding taxes. In the event that the Grantee makes, and the Committee permits, such an election, any Shares so withheld or delivered shall have an aggregate Fair
Market Value on the date of exercise sufficient to satisfy the applicable withholding taxes. 
 11.3 Withholding Required. 

Notwithstanding anything contained in the Plan or the Award Agreement to the contrary, the Participant’s satisfaction of any tax-withholding
requirements imposed by the Committee shall be a condition precedent to the Company’s obligation as may otherwise be provided hereunder to provide Shares to the Participant and to the release of any restrictions as may otherwise be provided
hereunder, as applicable; and the applicable Option, Restricted Stock, Phantom Shares or Dividend Equivalent Rights shall be forfeited upon the failure of the Participant to satisfy such requirements with respect to, as applicable, (i) the
exercise of the Option, (ii) the lapsing of restrictions on the Restricted Stock (or other income-recognition event) or (iii) distributions in respect of any Phantom Share or Dividend Equivalent Right. 
 12. REGULATIONS AND APPROVALS. 
 (a)
The obligation of the Company to sell Shares with respect to an Award granted under the Plan shall be subject to all applicable laws, rules and regulations, including all applicable federal and state securities laws, and the obtaining of all such
approvals by governmental agencies as may be deemed necessary or appropriate by the Committee. 
 (b) The Committee may make such changes to
the Plan as may be necessary or appropriate to comply with the rules and regulations of any government authority or to obtain tax benefits applicable to an Award. 
 (c) Each grant of Options, Restricted Stock, Phantom Shares (or issuance of Shares in respect thereof) or Dividend Equivalent Rights (or issuance of Shares in respect thereof), or other Award under Section 9
(or issuance of Shares in respect thereof), is subject to the requirement that, if at any time the Committee determines, in its discretion, that the listing, registration or qualification of 

  

 17 

 
Shares issuable pursuant to the Plan is required by any securities exchange or under any state or federal law, or the consent or approval of any governmental
regulatory body is necessary or desirable as a condition of, or in connection with, the issuance of Options, Shares of Restricted Stock, Phantom Shares, Dividend Equivalent Rights, other Awards or other Shares, no payment shall be made, or Phantom
Shares or Shares issued or grant of Restricted Stock or other Award made, in whole or in part, unless listing, registration, qualification, consent or approval has been effected or obtained free of any conditions in a manner acceptable to the
Committee. 
 (d) In the event that the disposition of stock acquired pursuant to the Plan is not covered by a then current registration
statement under the Securities Act, and is not otherwise exempt from such registration, such Shares shall be restricted against transfer to the extent required under the Securities Act, and the Committee may require any individual receiving Shares
pursuant to the Plan, as a condition precedent to receipt of such Shares, to represent to the Company in writing that such Shares are acquired for investment only and not with a view to distribution and that such Shares will be disposed of only if
registered for sale under the Securities Act or if there is an available exemption for such disposition. 
 (e) Notwithstanding any other
provision of the Plan, the Company shall not be required to take or permit any action under the Plan or any Award Agreement which, in the good-faith determination of the Company, would result in a material risk of a violation by the Company of
Section 13(k) of the Exchange Act. 
 13. INTERPRETATION AND AMENDMENTS; OTHER RULES. 
 The Committee may make such rules and regulations and establish such procedures for the administration of the Plan as it deems appropriate. Without
limiting the generality of the foregoing, the Committee may (i) determine the extent, if any, to which Options, Phantom Shares or Shares (whether or not Shares of Restricted Stock) or Dividend Equivalent Rights shall be forfeited (whether
or not such forfeiture is expressly contemplated hereunder); (ii) interpret the Plan and the Award Agreements hereunder, with such interpretations to be conclusive and binding on all persons and otherwise accorded the maximum deference
permitted by law, provided that the Committee’s interpretation shall not be entitled to deference on and after a Change in Control except to the extent that such interpretations are made exclusively by members of the Committee who are
individuals who served as Committee members before the Change in Control; and (iii) take any other actions and make any other determinations or decisions that it deems necessary or appropriate in connection with the Plan or the administration
or interpretation thereof. In the event of any dispute or disagreement as to the interpretation of the Plan or of any rule, regulation or procedure, or as to any question, right or obligation arising from or related to the Plan, the decision of the
Committee, except as provided in clause (ii) of the foregoing sentence, shall be final and binding upon all persons. The Committee may, in its discretion, delegate the authority and responsibility to act pursuant to the Plan with respect to
ministerial administrative matters, which actions shall at all times be subject to the supervision of the Committee, and the actions of such a delegatee in accordance with the foregoing shall be considered the actions of the Committee hereunder.
Unless otherwise expressly provided hereunder, the Committee, with respect to any grant, may exercise its discretion hereunder at the time of the Award or thereafter. The Board may amend the Plan as it shall deem advisable, except that no amendment
may adversely affect a Participant with respect to an Award previously granted unless such amendments are required in order to comply with applicable laws; provided, however, that the Plan may not be amended without stockholder approval in any case
in which amendment in the absence of stockholder approval would cause the Plan to fail to comply with any applicable legal requirement or applicable exchange or similar rule. 
  

 18 

 14. CHANGES IN CAPITAL STRUCTURE. 
 (a) If (i) the Company or its Subsidiaries shall at any time be involved in a merger, consolidation, dissolution, liquidation, reorganization,
exchange of shares, sale of all or substantially all of the assets or stock of the Company or its Subsidiaries or a transaction similar thereto, (ii) any stock dividend, stock split, reverse stock split, stock combination, reclassification,
recapitalization or other similar change in the capital structure of the Company or its Subsidiaries, or any distribution to holders of Common Stock other than cash dividends, shall occur or (iii) any other event shall occur which in the
judgment of the Committee necessitates action by way of adjusting the terms of the outstanding Awards, then: 
 (x) the maximum
aggregate number of Shares which may be made subject to Options and Dividend Equivalent Rights under the Plan, the maximum aggregate number and kind of Shares of Restricted Stock that may be granted under the Plan, the maximum aggregate number of
Phantom Shares and other Awards which may be granted under the Plan may be appropriately adjusted by the Committee in its discretion; and 
 (y) the Committee may take any such action as in its discretion shall be necessary to maintain each Participants’ rights hereunder (including under their Award Agreements) with respect to Options, Phantom Shares and Dividend
Equivalent Rights (and, as appropriate, other Awards under Section 9), so that they are substantially proportionate to the rights existing in such Options, Phantom Shares and Dividend Equivalent Rights (and other Awards under
Section 9) prior to such event, including, without limitation, adjustments in (A) the number of Options, Phantom Shares and Dividend Equivalent Rights (and other Awards under Section 9) granted, (B) the number and kind
of shares or other property to be distributed in respect of Options, Phantom Shares and Dividend Equivalent Rights (and other Awards under Section 9 as applicable), (C) the Option Price and Phantom Share Value, and
(D) performance-based criteria established in connection with Awards; provided that, in the discretion of the Committee, the foregoing clause (D) may also be applied in the case of any event relating to a Subsidiary if the event would have
been covered under this Section 14(a) had the event related to the Company. 
 To the extent that such action shall include an increase or decrease
in the number of Shares (or units of other property then available) subject to all outstanding Awards, the number of Shares (or units) available under Section 4 shall be increased or decreased, as the case may be, proportionately, as
may be determined by the Committee in its discretion. 
 (b) Any Shares or other securities distributed to a Grantee with respect to
Restricted Stock or otherwise issued in substitution of Restricted Stock shall be subject to the restrictions and requirements imposed by Section 6, including depositing the certificates therefor with the Company together with a stock power and
bearing a legend as provided in Section 6.2(a). 
 (c) If the Company shall be consolidated or merged with another corporation or other
entity, each Grantee who has received Restricted Stock that is then subject to restrictions imposed by Section 6.3(a) may be required to deposit with the successor corporation the certificates, if any, for the stock or securities or the
other property that the Grantee is entitled to receive by reason of ownership of Restricted Stock in a manner consistent with Section 6.2(b), and such stock, securities or other property shall become subject to the restrictions and requirements
imposed by Section 6.3(a), and the certificates therefor or other evidence thereof shall bear a legend similar in form and substance to the legend set forth in Section 6.2(a). 
  

 19 

 (d) If a Change in Control shall occur, then the Committee, as constituted immediately before the Change
in Control, may make such adjustments as it, in its discretion, determines are necessary or appropriate in light of the Change in Control, provided that the Committee determines that such adjustments do not have an adverse economic impact on the
Participant as determined at the time of the adjustments. 
 (e) The judgment of the Committee with respect to any matter referred to in this
Section 14 shall be conclusive and binding upon each Participant without the need for any amendment to the Plan. 
 15. MISCELLANEOUS.

 15.1 No Rights to Employment or Other Service. 
 Nothing in the Plan or in any grant made pursuant to the Plan shall confer on any individual any right to continue in the employ or other service of the Company or its Subsidiaries or interfere in any way with the
right of the Company or its Subsidiaries and its stockholders to terminate the individual’s employment or other service at any time. 
 15.2 Right of First Refusal; Right of Repurchase. 
 At the time of grant, the Committee may provide in connection with any
grant made under the Plan that Shares received hereunder shall be subject to a right of first refusal pursuant to which the Company shall be entitled to purchase such Shares in the event of a prospective sale of the Shares, subject to such terms and
conditions as the Committee may specify at the time of grant or (if permitted by the Award Agreement) thereafter, and to a right of repurchase, pursuant to which the Company shall be entitled to purchase such Shares at a price determined by, or
under a formula set by, the Committee at the time of grant or (if permitted by the Award Agreement) thereafter. 
 15.3 No Fiduciary
Relationship. 
 Nothing contained in the Plan (including without limitation Sections 7.5(c) and 8.4), and no action taken pursuant
to the provisions of the Plan, shall create or shall be construed to create a trust of any kind, or a fiduciary relationship between the Company or its Subsidiaries, or their officers or the Committee, on the one hand, and the Participant, the
Company, its Subsidiaries or any other person or entity, on the other. 
 15.4 No Fund Created. 
 Any and all payments hereunder to any Participant under the Plan shall be made from the general funds of the Company (or, if applicable, a Participating
Company), no special or separate fund shall be established or other segregation of assets made to assure such payments, and the Phantom Shares (including for purposes of this Section 15.4 any accounts established to facilitate the
implementation of Section 7.4(c)) and any other similar devices issued hereunder to account for Plan obligations do not constitute Common Stock and shall not be treated as (or as giving rise to) property or as a trust fund of any
kind; provided, however, that the Company may establish a mere bookkeeping reserve to meet its obligations hereunder or a trust or other funding vehicle that would not cause the Plan to be deemed to be funded for tax purposes or for purposes of
Title I of the Employee Retirement Income Security Act of 1974, as amended. The obligations of the Company under the Plan are unsecured and constitute a mere promise by the Company to make benefit payments in the future and, to the extent that any
person acquires a right to receive payments under the Plan from the Company, such right shall be no greater than 

  

 20 

 
the right of a general unsecured creditor of the Company. (If any affiliate of the Company is or is made responsible with respect to any Awards, the
foregoing sentence shall apply with respect to such affiliate.) Without limiting the foregoing, Phantom Shares and any other similar devices issued hereunder to account for Plan obligations are solely a device for the measurement and
determination of the amounts to be paid to a Grantee under the Plan, and each Grantee’s right in the Phantom Shares and any such other devices is limited to the right to receive payment, if any, as may herein be provided. 
 15.5 Notices. 
 All notices under the
Plan shall be in writing, and if to the Company, shall be delivered to the Board or mailed to its principal office, addressed to the attention of the Board; and if to the Participant, shall be delivered personally, sent by facsimile transmission or
mailed to the Participant at the address appearing in the records of the Company. Such addresses may be changed at any time by written notice to the other party given in accordance with this Section 15.5. 
 15.6 Exculpation and Indemnification. 
 The Company shall indemnify and hold harmless the members of the Board and the members of the Committee from and against any and all liabilities, costs and expenses incurred by such persons as a result of any act or omission to act in
connection with the performance of such person’s duties, responsibilities and obligations under the Plan, to the maximum extent permitted by law. 
 15.7 Captions. 
 The use of captions in this Plan is for convenience. The captions are not intended
to provide substantive rights. 
 15.8 Governing Law. 
 THIS PLAN SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF MARYLAND WITHOUT REGARD TO ANY PRINCIPLES OF CONFLICTS OF LAW WHICH COULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION
OTHER THAN THE STATE OF MARYLAND. 
  

 21Debtor in Possession Financing Term Sheet for VeraSun Janesville, LLC, as debtor

 Exhibit 10.1 
 DEBTOR IN POSSESSION FINANCING 
 TERM SHEET 
 FOR 
 VERASUN JANESVILLE, LLC, 
 AS DEBTOR IN POSSESSION 
 IN BANKRUPTCY CASE NO. 08-12606 (BLS) 
 UNITED STATES BANKRUPTCY COURT, DISTRICT OF DELAWARE 
 December 15, 2008 
 AGSTAR FINANCIAL SERVICES, PCA, as Postpetition Lender, hereby provides VERASUN JANESVILLE, LLC, a Minnesota limited
liability company (the “Borrower”) with the following financing proposal. 
 Reference is made herein to the following Prepetition Credit
Agreement: 
 Credit Agreement dated as of February 7, 2007, by and among VeraSun Janesville, a Minnesota limited liability company, the
AgStar Financial Services, PCA, the commercial, banking or financial institutions whose signatures appear on the signature pages of the Credit Agreement (AgStar and such commercial, banking or financial institutions are sometimes hereinafter
collectively the “Banks” and individually a “Bank”), as the same has been amended by that certain Amendment No. 1 to Credit Agreement dated October 19, 2007, that certain Amended and Restated Credit
Agreement dated February 11, 2008, and that certain Amendment No. 1 to Amended and Restated Credit Agreement dated as of July 31, 2008 (as amended the “Prepetition Credit Agreement”). 
 Unless otherwise expressly defined herein, capitalized terms used herein shall have the same meaning ascribed to them in the Prepetition Credit Agreement or in the
Interim Order attached hereto as Exhibit B (the “Interim Order”). Terms and conditions of the proposal are as follows: 
  

			
	Borrower:	  	VeraSun Janesville, LLC, a Minnesota limited liability company, as Debtor in Possession in Bankruptcy Case No. 08-12606 (BLS), United States Bankruptcy Court, District of Delaware
(“Borrower’s Chapter 11 Case”).
		
	Postpetition Lender:	  	AgStar Financial Services, PCA
		
	Guarantor:	  	U.S. BioEnergy Corporation, a Delaware corporation, as Debtor in Possession in Bankruptcy Case No. 08-12606 (BLS), District of Delaware.

			
	 Postpetition
 Revolving
Credit
 Facility:
	  	 A revolving credit facility (the “Postpetition Loan”) to be made available to the Borrower,
pursuant to the terms of this Term
Sheet and the Interim Order in an amount not to exceed
$500,000 on an interim and final basis as the aggregate Postpetition Loan, pursuant to the
terms of this Term Sheet, the Interim Order, the Final Order and the other
Postpetition
Financing Documents (the “Postpetition Commitment”).
  
 The Borrower’s disbursements are limited on a weekly basis to the amount for such week as
set forth in the DIP Budget attached hereto as Exhibit A (the “DIP Budget”) until the
Postpetition Loan Maturity Date.

  
 Amounts borrowed under the Postpetition Loan may be borrowed, repaid, and reborrowed
by
the Borrower prior to the Postpetition Loan Maturity Date.
  

		
	Closing Date:	  	The date on which the Interim Order is entered and this Term Sheet is executed. In no event shall the Closing Date be later than December 15, 2008 absent written consent of the Postpetition
Lender.
		
	Purpose:	  	 Upon entry of the Interim Order and acceptance of this Term Sheet, the Postpetition Lender shall make available to the Borrower the Interim
Facility in an amount up to $500,000 for the Borrower’s working capital needs as itemized in the DIP Budget, subject to the terms and conditions in the Interim Order, and this Term Sheet; provided, however, that nothing herein or in the
Interim Order shall bind the Postpetition Lender to any Plan incorporating the terms set forth in this Term Sheet or the Postpetition Financing Documents, without the prior express written consent of the Postpetition Lender.
  
 Upon entry of the Final Order on or before January 15, 2009 approving the Postpetition Financing
Documents, each of which must be acceptable to the Postpetition Lender and satisfaction of the conditions precedent to closing set forth therein, the Postpetition Lender shall make available to the Borrower Debtor In Possession financing in an
aggregate amount up to $500,000.00 for the Borrower’s working capital needs as itemized in the DIP Budget attached to the Final Order, subject to the terms and conditions in the Final Order, this Term Sheet, and the Postpetition Financing
Documents; provided, however, that nothing herein or in the Final Order shall bind the Postpetition Lender to any Plan incorporating the terms set forth in this Term Sheet or the Postpetition Financing Documents, without the prior express
written consent of the Postpetition Lender.

		
	Maturity Date:	  	 The Interim Facility shall mature on January 15, 2009.
  
 The Postpetition Loan will mature on January 15, 2009, or on such earlier date as provided in the Interim Order, the Final Order or the Postpetition Financing Documents.

  

 2 

			
	Security:	  	 The Borrower hereby grants to the Postpetition Lender a first priority perfected Security
Interest in all of the real and personal property of
the Borrower, whether now owned or
hereafter acquired (the “Collateral,” as such property is more fully described in the Prepetition
Credit Agreement), without any requirement for the execution, delivery, recording or filing
of
any security agreement, mortgage, deed of trust, financing statement or similar document,
instrument or agreement covering such Collateral; provided, however, that the liens and
Security Interests granted to the Postpetition
Lender under the Interim Order and the Final
Order shall not extend to causes of action under Chapter 5 of the Bankruptcy Code or the
proceeds thereof.
  
 During the term of the Postpetition Loan, Borrower shall not grant or permit any Security
Interest in the Collateral to any other Person, other than certain permitted
liens agreed to by
the Postpetition Lender (the “Permitted Liens”).
  
 The
Borrower shall execute and deliver to the Postpetition Lender all such mortgages, security
agreements, control agreements, deeds of trust or other documents and instruments as may be
reasonably required by the Postpetition Lender to evidence
and secure the Postpetition Loan
pursuant to the terms of this Term Sheet and the Interim Order (collectively, the “Postpetition
Financing Documents”).

		
	Interest Rate:	  	 The outstanding principal amount of the Postpetition Loan shall bear interest at the LIBOR Rate (as defined in the Prepetition Credit Agreement)
plus 700 basis points.
  
 A Default Rate shall apply on the Postpetition Loan as set
forth in the Prepetition Credit Agreement.

		
	 Postpetition Loan
 Availability:
	  	Advances under the Postpetition Loan may be made subject to availability of the Postpetition Loan and will be limited as set forth herein and in the Interim Order and other Postpetition
Financing Documents.
		
	 Interest
 Payments:
	  	 Payment of all accrued interest on the Postpetition Loan shall be paid by the Borrower on the first day of each month, beginning on the Closing
Date, and monthly thereafter, and on the Maturity Date, to the Postpetition Lender and to the Agent for the benefit of the Banks.
  
 The unpaid balance of the Postpetition Loan is due in its entirety on the Maturity Date. Interest shall be calculated on the actual number of days the Postpetition Loan
is outstanding on the basis of a year consisting of 365 days.

  

 3 

			
	Conditions Precedent	  	•     Entry of the Interim Order; and
		
	 To Closing on the
 Interim Amount:

	  	•     Execution and delivery of this Term Sheet.  

		
	 Representations and
 Warranties:
	  	The Postpetition Financing Documents shall contain representations and warranties of the Borrower acceptable to the Lender.
		
	 Affirmative
 Covenants:
	  	The Postpetition Financing Documents shall contain affirmative covenants of the Borrower acceptable to the Lender.
		
	Reports:	  	 As long as Borrower’s obligations under the Postpetition Loan shall remain unpaid or the Postpetition Lender shall have any commitment under
the Postpetition Loan, the Borrower shall, unless the Postpetition Lender shall otherwise consent in advance in writing:
  
 •     Provide Postpetition Lender with all reports required to be delivered by Borrower under
Section 5.01(c) of the Prepetition Credit Agreement;
  
 •     Provide Postpetition Lender with all reports filed with the United States Trustee in the Borrower’s Chapter 11 Case; and
  
 •     By 5:00 p.m. (CST) on
Thursday of each week, provide Postpetition Lender a weekly report itemizing all expenditures during the preceding week for each of the following:
  
 •     Corn
  
 •     Chemicals
  
 •     Transportation
  
 •     Denaturant
  
 •     Natural gas

 
 •     Electricity/water

  
 •     Rail car
lease payments
  
 •     Fixed and variable terminal fees
  
 •     Plant overhead (non-labor)
  
 •     Payroll
  
 •     Excise and sales taxes remitted
  
 •     Insurance
  
 •     Severance,
and
  
 •     All
other expenses

		
	Negative Covenants:	  	The Postpetition Financing Documents shall contain negative covenants of the Borrower acceptable to the Lender.

  

 4 

			
	Events of Default:	  	 The occurrence of any of the following shall constitute an Event of Default under this Term Sheet:
  
 •     Failure to comply with
the terms and conditions set forth in this Term Sheet, the Interim Order, the other Postpetition Financing Documents, and the Prepetition Credit Agreement (except those Events of Default set forth in Section 6.01(g) of the Prepetition Credit
Agreement and except for any Event of Default arising as a result of the filing or the pendency of Borrower’s Chapter 11 Case);
  
 •     Failure to retain and employ James Bonsall of APS Services, LLC or another person and firm
acceptable to the Postpetition Lender as the Borrower’s chief restructuring officer;
  
 •     Failure to deliver the weekly reports required herein;
  
 •     The effective date of
any chapter 11 plan in the Borrower’s Chapter 11 Case, unless such plan provides that the Postpetition Obligations shall be paid in full in cash on or before the effective date of such plan; and
  
 •     A Debtor (as defined in
the Interim Order) seeking an order dismissing the Borrower’s Chapter 11 Case without the consent of the Postpetition Lender prior to the indefeasible payment in full in cash of all obligations and indebtedness owing to the Postpetition Lender.

		
	Remedies:	  	 Upon the occurrence of an Event of Default, as defined in this Term Sheet, the Postpetition Lender:
  
 •     shall be entitled to
exercise all of the remedies set forth in the Interim Order; and
  
 •     the Postpetition Lender shall no longer be obligated to make further Advances to the Borrower under the Postpetition Loan.

		
	 Commitment and
 Administration
Fees:
	  	 Borrower shall pay to Postpetition Lender on the Closing Date a fee equal to one percent (1.0%) of the aggregate Postpetition Loan Commitment.
Postpetition Lender is authorized to advance from the Postpetition Loan an amount equal to such Commitment Fee.
  
 In addition to the foregoing Commitment Fee and such other fees required or set forth in this Term Sheet or in the Interim Order, Borrower shall pay to Postpetition Lender on the Closing Date an administration fee
equal to one-half of one percent (0.5%) of the aggregate Postpetition Loan Commitment. Postpetition Lender is authorized to advance from the Postpetition Loan an amount equal to such Administration Fee.

		
	Expenses:	  	The Borrower shall reimburse the Postpetition Lender for all reasonable costs and expenses, including legal fees, consultant fees, appraisal fees, financial advisor fees, and other similar
fees, costs and expenses in

			
		  	connection with the negotiation, documentation, execution, syndication and delivery of the Postpetition Loan and the Borrower’s Bankruptcy. Postpetition Lender is authorized to advance
from the Postpetition Loan an amount equal to such fees.

 If not acted on, these terms will expire on December 15, 2008 at 5:00 p.m. (CST). Please return a signed copy
of this letter to evidence your acceptance of the terms and conditions contained in this Term Sheet. 
 Sincerely, 
 AGSTAR FINANCIAL SERVICES, PCA 
  

			
	By:	 	 /s/ Donald S. Farm, Jr.

	Name:	 	  

	Its:	 	 Sr. Vice President

 This Term Sheet is accepted this 15th day 
 of
December 2008 by: 
  

 6 

 SIGNATURE PAGE TO 
 DEBTOR IN POSSESSION FINANCING 
 TERM SHEET 
 FOR 
 VERASUN JANESVILLE, LLC, 
 AS DEBTOR IN POSSESSION 
 IN BANKRUPTCY CASE NO. 08-12606 (BLS) 
 UNITED STATES BANKRUPTCY COURT, DISTRICT OF DELAWARE 
 BORROWER: 
 VERASUN JANESVILLE, LLC a Minnesota limited liability company 
  

			
	By	 	 /s/ Bryan Meier

	Name:	 	  

	Title:	 	  

 GUARANTOR: 
 US
BIOENERGY CORPORATION, a South Dakota corporation 
  

			
	By:	 	 /s/ Bryan Meier

	Name:	 	  

	Its:	 	  

  

 7 

 EXHIBIT A 
 DIP BUDGET 
  

																																							
	 US Bio - Janesville
 DIP Loan Cash Flow Projections
 ($ 000’S)
	  	Week
Ending	  	1
5-Dec-08
Projected	 	 	2
12-Dec-08
Projected	 	 	3
19-Dec-08
Projected	 	 	4
26-Dec-08
Projected	 	 	5
2-Jan-09
Projected	 	 	6
9-Jan-09
Projected	 	 	7
16-Jan-09
Projected	 	 	8
23-Jan-09
Projected	 	 	9
30-Jan-09
Projected	 
											
	 RECEIPTS & DISBURSEMENTS
	  		  				 				 				 				 				 				 				 				 			
											
	 Total Cash Receipts
	  		  	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 
											
	 Cash Disbursements:
	  		  				 				 				 				 				 				 				 				 			
	 Post - Petition:
	  		  				 				 				 				 				 				 				 				 			
	 Energy & Other Plant
	  		  	 	(13	)	 	 	—  	 	 	 	(13	)	 	 	—  	 	 	 	(13	)	 	 	—  	 	 	 	(13	)	 	 	—  	 	 	 	(13	)
	 Payroll
	  		  	 	—  	 	 	 	(43	)	 	 	—  	 	 	 	(43	)	 	 	—  	 	 	 	(43	)	 	 	—  	 	 	 	(43	)	 	 	—  	 
	 Insurance
	  		  	 	(215	)	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
		  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Post - Petition Disbursements
	  		  	 	(228	)	 	 	(43	)	 	 	(13	)	 	 	(43	)	 	 	(13	)	 	 	(43	)	 	 	(13	)	 	 	(43	)	 	 	(13	)
		  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
											
	 Net Cash Flow from Operations
	  		  	 	(228	)	 	 	(43	)	 	 	(13	)	 	 	(43	)	 	 	(13	)	 	 	(43	)	 	 	(13	)	 	 	(43	)	 	 	(13	)
											
	 Other Cash Flows
	  		  				 				 				 				 				 				 				 				 			
	 Inter US Bio Cash
	  		  	 	(27	)	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 SG&A & Overheads
	  		  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 Professional Fees
	  		  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 DIP Draws
	  		  	 	500	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 DIP Repayments
	  		  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 DIP Secured Debt Interest
	  		  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(6	)	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(7	)
	 Pre-petition secured debt interest
	  		  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 Other
	  		  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 
		  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Other Net Cash Flows
	  		  	 	473	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(6	)	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(7	)
		  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Net Cash Flow
	  		  	 	245	 	 	 	(43	)	 	 	(13	)	 	 	(43	)	 	 	(19	)	 	 	(43	)	 	 	(13	)	 	 	(43	)	 	 	(20	)
	 Beginning Cash Balance
	  		  	 	19	 	 	 	264	 	 	 	221	 	 	 	208	 	 	 	165	 	 	 	146	 	 	 	103	 	 	 	90	 	 	 	47	 
		  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Ending Cash Balance
	  		  	$	264	 	 	$	221	 	 	$	208	 	 	$	165	 	 	$	146	 	 	$	103	 	 	$	90	 	 	$	47	 	 	$	27	 
		  		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 Note: No Professional Fees or SG&A are allocable to Janesville 
  

 8 

 EXHIBIT B 
 INTERIM ORDER 
 IN THE UNITED STATES BANKRUPTCY COURT 
 FOR THE DISTRICT OF DELAWARE 
  

					
	 In re:
  
 VERASUN ENERGY CORPORATION, 
 et al.,
  
 Debtors.1
	  	)
 )
 )

 )
 )
 )
	  	 Case No. 08-12606 (BLS)
  
 Chapter 11
  
 Jointly Administered
 Related Docket Number 340

 INTERIM ORDER (I) AUTHORIZING DEBTORS TO OBTAIN 
 POSTPETITION FINANCING PURSUANT TO SECTIONS 363 AND 364 OF 
 BANKRUPTCY CODE, (II) GRANTING LIENS AND SUPERPRIORITY CLAIMS 
 TO POSTPETITION LENDER PURSUANT TO
SECTION 364 OF BANKRUPTCY 
 CODE, (III) AUTHORIZING USE OF CASH COLLATERAL PURSUANT TO 
 SECTION 363 OF BANKRUPTCY CODE, (IV) PROVIDING ADEQUATE 
 PROTECTION TO PREPETITION LENDERS PURSUANT TO SECTIONS 361, 362, 
 363 AND 364 OF BANKRUPTCY CODE
AND (V) SCHEDULING FINAL HEARING 
 PURSUANT TO BANKRUPTCY RULE 4001(B) 
 (VERASUN JANESVILLE, LLC) 
 This matter
having come before the Court upon the motion dated December 11, 2008 (the “Motion”) of VeraSun Janesville, LLC (the “Borrower”), US BioEnergy Corporation (the “Guarantor”),
and the other debtors and debtors in possession (each individually, a “Debtor” and, collectively with the Borrower and the Guarantor, the “Debtors”) in the above captioned chapter 11 cases
(collectively the “Chapter 11 Cases”), (a) for the entry of this Interim Order (the “Interim Order”) and the Final Order (as hereinafter defined) under sections 105, 
  
  

	 1
	 The Debtors consist of: VeraSun Energy Corporation (EIN: 20-3430241); ASA Albion, LLC (EIN: 55-0907221); ASA
Bloomingburg, LLC (EIN: 55-0907224); ASA Linden, LLC (EIN: 55-0907228); ASA OpCo Holdings, LLC (EIN: 68-0609122); US Bio Marion, LLC (EIN: 20-34377343); US BioEnergy Corporation (EIN: 20-1811472); VeraSun Albert City, LLC (EIN: (20-2264707); VeraSun
Aurora Corporation (EIN: 40-0462174); VeraSun BioDiesel, LLC (EIN: 20-3790860); VeraSun Central City, LLC (EIN: (55-0816855); VeraSun Charles City, LLC (EIN: 20-3735184); VeraSun Dyersville, LLC (20-5765890); VeraSun Fort Dodge, LLC (EIN:
42-1630527); VeraSun Granite City, LLC (EIN: 20-5909621); VeraSun Hankinson, LLC (90-0287129); VeraSun Hartley, LLC (EIN: 20-5381200); VeraSun Janesville, LLC (EIN: 20-4420290); VeraSun Litchfield, LLC (EIN: 20-8621370); VeraSun Marketing, LLC (EIN:
20-3693800); VeraSun Ord, LLC (75-3204878); VeraSun Reynolds, LLC (EIN: 20-5914827); VeraSun Tilton, LLC (EIN: 26-1539139); VeraSun Welcome, LLC (EIN: 20-4115888); VeraSun Woodbury, LLC (20-0647425). 

 
361, 362, 363, and 364 of title 11 of the United States Code (the “Bankruptcy Code”), Rules 2002, 4001 and 9014 of the Federal Rules
of Bankruptcy Procedure (the “Bankruptcy Rules”), and Rule 4001-2 of the Local Rules for the United States Bankruptcy Court for the District of Delaware (the “Local Rules”) authorizing the Borrower to
(i) obtain postpetition loans and advances and obtain such other financial accommodations in an aggregate principal amount not to exceed $500,000.00 (the “DIP Financing”) pursuant to sections 363 and 364 of the
Bankruptcy Code and for the Guarantor to guarantee the Borrower’s obligations in connection with the DIP Financing by entering into the Debtor In Possession Financing Term Sheet (as the same may be amended, supplemented or otherwise modified
from time to time, the “DIP Financing Term Sheet”), the terms and conditions of which will be incorporated into a senior secured superpriority debtor in possession credit agreement on or before the Maturity Date (as the same
may be amended, supplemented or otherwise modified from time to time, the “Postpetition Credit Agreement”), among the Borrower, the Guarantor and AgStar Financial Services, PCA (the “Postpetition
Lender”), (ii) execute and enter into the DIP Financing Term Sheet and to perform such other and further acts as may be required in connection with the DIP Financing Term Sheet, (iii) grant Liens (as defined in the Prepetition
Credit Agreement) and superpriority claims to the Postpetition Lender in all Collateral (as defined in the Prepetition Credit Agreement) (together with all prepetition and postpetition assets of the Guarantor, the “Postpetition
Collateral”) in accordance with the DIP Financing Term Sheet, this Interim Order, and the Final Order to secure any and all of the Postpetition Obligations (as hereinafter defined), (iv) use Cash Collateral (as hereinafter
defined), and (v) pending a final hearing on the Motion (the “Final Hearing”), obtain emergency postpetition loans under the DIP Financing Term Sheet and this Interim Order to and including the date on which the Final
Order is entered (the 
  

 -2- 

 “Interim Facility”), (b) requesting the modification of the automatic stay imposed under
section 362 of the Bankruptcy Code to the extent necessary to permit the Borrower and the other Debtors and the Postpetition Lender to implement the terms of this Interim Order, (c) requesting the provision of adequate protection to the
Borrower’s prepetition secured lenders under or in connection with that certain Credit Agreement dated as of February 7, 2007 (as amended, restated, supplemented, or otherwise modified from time to time, the “Prepetition Credit
Agreement”), by and among the Borrower, the lenders party thereto (the “Prepetition Lenders”), and AgStar Financial Services, PCA, as Administrative Agent (in such capacity, the “Prepetition
Agent”) for the Prepetition Lenders (together with all guarantees, subordination agreements, intercreditor agreements, deposit account control agreements, notes, mortgages, pledges, instruments and any other agreements and documents
delivered pursuant thereto or in connection therewith, including, without limitation, the Loan Documents as defined in the Prepetition Credit Agreement, collectively, and as amended, restated, supplemented or otherwise modified from time to time,
the “Prepetition Financing Documents”), (d) in accordance with Rules 4001(b) and (c) of the Bankruptcy Rules, requesting that this Court (this “Court” or the “Bankruptcy
Court”) schedule the Final Hearing on the Motion to be held within thirty (30) days after the entry of this Interim Order, and (e) requesting, pursuant to Rule 4001 of the Bankruptcy Rules, that an emergency interim hearing on
the Motion (the “Interim Hearing”) be held for the Court to consider entry of this Interim Order, which authorizes the Borrower to borrow funds under the DIP Financing Term Sheet and this Interim Order, on an interim basis,
up to an aggregate principal or face amount not to exceed $500,000.00 (the “Interim Amount”); and the Court having considered the Motion and the exhibits attached thereto, including, without limitation, the DIP Financing Term
Sheet; and the Interim Hearing having been held on December 15 2008; 

  

 -3- 

 
and upon all of the pleadings filed with the Court, all evidence presented in support of this Interim Order, the record made at the Interim Hearing, and all
of the proceedings held before the Court; and after due deliberation and consideration and good and sufficient cause appearing therefor, 
 THE COURT HEREBY FINDS: 
 A. On October 31, 2008 (the “Petition Date”), each of the Debtors filed
voluntary petitions for relief under chapter 11 of the Bankruptcy Code. Each Debtor is continuing in the management and possession of its business and properties as a debtor-in-possession pursuant to sections 1107(a) and 1108 of the Bankruptcy Code.
The Chapter 11 Cases of the Debtors are being jointly administered under Case No. 08—12606 (BLS). 
 B. This Court has jurisdiction
over this proceeding and the parties and property affected hereby pursuant to 28 U.S.C. §§ 157 and 1334. This is a core proceeding pursuant to 28 U.S.C. § 157(b)(2). Venue is proper before this Court pursuant to 28 U.S.C.
§§ 1408 and 1409. 
 C. The Office of the United States Trustee for the District of Delaware (the “US Trustee”) has
appointed a statutory committee of unsecured creditors in the Chapter 11 Cases pursuant to section 1102(a)(1) of the Bankruptcy Code (the “Committee”). No request has been made for the appointment of a trustee or examiner in the Chapter 11
Cases. 
 D. Notice of the relief sought by the Motion and the Interim Hearing was delivered via facsimile, electronic mail, and/or overnight
delivery to the following: (i) the United States Trustee; (ii) those parties listed on the Consolidated List of Creditors Holding Largest Thirty Unsecured Claims Against the Debtors, as identified in connection with the Debtors’
chapter 11 petitions; (iii) all other parties with liens of record on assets of the Debtors 

  

 -4- 

 
as of the Petition Date; (iv) Gray, Plant, Mooty, Mooty & Bennett, P.A., 1010 West St. Germain, Suite 600, St. Cloud, MN 56301-3406, Attention
Phillip Kunkel; Pepper Hamilton LLP, Hercules Plaza, 1313 Market Street, Suite 5100, P.O. Box 1709, Wilmington, DE 19899-1709, Attention David P. Stratton; and Latham & Watkins LLP, 233 S. Wacker Drive, Suite 5800, Chicago, IL 60606,
Attention Josef Athanas, counsel to the Postpetition Lender and the Prepetition Agent. Given the nature of the relief sought in the Motion, the Court concludes that the foregoing notice was sufficient and adequate under the circumstances and
complies with Bankruptcy Rule 4001 in all respects for purposes of entering this Interim Order. 
 E. Subject to Paragraph 42 below, the
Debtors acknowledge, admit and confirm the following as of the Petition Date: 
 1. Pursuant to the Prepetition Credit
Agreement, the Prepetition Agent and the Prepetition Lenders made certain loans, advances and other financial accommodations, and provided for the issuance of letters of credit, to the Borrower to fund, among other things, the construction of the
Project (as defined in the Prepetition Credit Agreement) and the operations of the Borrower. 
 2. Pursuant to the Prepetition
Credit Agreement and other Prepetition Financing Documents, the Borrower was, as of the Petition Date, indebted to the Prepetition Agent and the Prepetition Lenders for the aggregate principal amount of the Prepetition Indebtedness (as defined
below) of approximately $95,300,000.00, including among other things, issued and outstanding letters of credit, but excluding accrued but unpaid interest, costs, fees and expenses. 
 3. For purposes of this Interim Order, the term “Prepetition Indebtedness” shall mean and include, without
duplication, any and all amounts 

  

 -5- 

 
owing or outstanding by the Borrower or the Guarantor under the Prepetition Credit Agreement (including, without limitation, all Loan Obligations as defined
in the Prepetition Credit Agreement) or any other Prepetition Financing Document, interest on, fees and other costs, expenses and charges owing in respect of, such amounts (including, without limitation, any reasonable attorneys’,
accountants’, financial advisors’ and other fees and expenses that are chargeable or reimbursable pursuant to the Prepetition Credit Agreement or any other Prepetition Financing Document), and any and all obligations and liabilities,
contingent or otherwise, owed in respect of the letters of credit or other Loan Obligations outstanding thereunder. 
 4.
Pursuant to certain security agreements, deposit account control agreements, mortgages, deeds of trust, collateral assignments of contracts, guaranty agreements and other documents and agreements (as amended, restated, supplemented or otherwise
modified from time to time, collectively, the “Prepetition Security Documents”), and the other Prepetition Financing Documents including any promissory notes, the Borrower granted first priority Liens and continuing pledges
and security interests in substantially all of the Borrower’s assets (as used herein, the “Prepetition Collateral”) to and/or for the benefit of the Prepetition Agent and Prepetition Lenders to secure the Prepetition
Indebtedness (collectively, the “Prepetition Liens”). For the avoidance of doubt, the term “Prepetition Collateral” shall refer to (i) collateral in or upon which a lien or other security interest has been
granted in favor or for the benefit of the Prepetition Agent and the Prepetition Lenders in connection with, pursuant to or 

  

 -6- 

 
under the Prepetition Credit Agreement and the other Prepetition Financing Documents, and (ii) any Prepetition Collateral provided under any Prepetition
Financing Documents, including that described in this subparagraph, that existed as of the Petition Date and at any time prepetition and, subject to section 552 of the Bankruptcy Code, postpetition proceeds, products, offspring, rents and profits.

 5. The Prepetition Financing Documents are valid and binding agreements and obligations of the Borrower and, as applicable,
the Guarantor, and the Prepetition Liens (i) constitute valid, binding, enforceable and perfected first priority security interests and liens, subject only to the Permitted Liens (as defined in the Prepetition Credit Agreement), but only to the
extent such Permitted Liens are valid, enforceable, non-avoidable liens and security interests that are perfected prior to the Petition Date (or perfected after the Petition Date to the extent permitted by Section 546(b) of the Bankruptcy
Code), which are not subject to avoidance, reduction, disallowance, impairment or subordination pursuant to the Bankruptcy Code or applicable non-bankruptcy law and which are senior in priority to the Prepetition Liens under applicable law and after
giving effect to any applicable subordination or intercreditor agreements, and (ii) are not subject to avoidance, reduction, disallowance, impairment or subordination pursuant to the Bankruptcy Code or applicable non-bankruptcy law. 

6. (i) The Prepetition Indebtedness constitutes the legal, valid and binding obligation of the Borrower and the Guarantor, enforceable
in accordance with its terms; (ii) no objection, offset, defense or counterclaim of any kind or nature to the Prepetition Indebtedness exists, and the Borrower or the Guarantor 

  

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shall not assert any claim, counterclaim, setoff or defense of any kind, nature or description that would in any way affect the validity, enforceability and
non-avoidability of any of the Prepetition Indebtedness; and (iii) the Prepetition Indebtedness and any amounts previously paid to the Prepetition Agent or any Prepetition Lender on account thereof or with respect thereto, are not subject to
avoidance, reduction, disallowance, impairment or subordination pursuant to the Bankruptcy Code or applicable non-bankruptcy law. 
 7. The Prepetition Agent (on its behalf and on behalf of the Prepetition Lenders) holds properly perfected security interests and Liens in and on the Prepetition Collateral by the filing of UCC-1 financing statements, mortgages and other
required documents against the Borrower and such Prepetition Collateral with the proper state and county offices for the perfection of such security interests and Liens. 
 Subject to the time limitations specified in Paragraph 42 below, none of the foregoing acknowledgments or agreements by the Debtors contained in this Paragraph shall be binding on the Debtors’ estates, the
Committee or any other party (other than the Debtors) and shall not affect or limit the rights of the Committee or any other party (other than the Debtors) with respect to their rights to assert, pursue or otherwise allege any of the Claims and
Defenses (as hereinafter defined) against the Prepetition Agent and the Prepetition Lenders in accordance with and subject to the terms of this Interim Order. 
 F. An immediate and critical need exists for the Borrower to obtain funds and use cash collateral to continue the operation of its business. However, the use of “cash collateral,” as defined by section
363(a) of the Bankruptcy Code and including any and all 

 
prepetition and, subject to section 552 of the Bankruptcy Code, postpetition proceeds of the Prepetition Collateral (“Cash
Collateral”), alone would be insufficient to meet the Borrower’s immediate postpetition liquidity needs. The Borrower is unable to obtain the required funds (i) in the forms of (w) unsecured credit or debt allowable under
section 503(b)(1) of the Bankruptcy Code, (x) an administrative expense pursuant to section 364(a) or (b) of the Bankruptcy Code, (y) unsecured debt having the priority afforded by section 364(c)(l) of the Bankruptcy Code or
(z) debt secured only as described in section 364(c)(2) or (3) of the Bankruptcy Code or (ii) on terms more favorable than those offered by the Postpetition Lender under the DIP Financing Term Sheet, this Interim Order, the Final
Order and all other agreements, documents, notes or instruments delivered pursuant hereto or thereto or in connection herewith or therewith, including, without limitation, the DIP Budget (as defined in the DIP Financing Term Sheet) and the
collateral documents described in the DIP Financing Term Sheet (collectively with this Interim Order and the Final Order, the “Postpetition Financing Documents”). 
 G. The Debtors have requested that, pursuant to the terms of the Postpetition Financing Documents, the Postpetition Lender make loans and advances and
provide other financial accommodations to the Borrower, and that the Prepetition Lenders consent to the use of their Cash Collateral, to be used by the Borrower solely in accordance with the terms of the Postpetition Financing Documents. The ability
of the Borrower to maintain and preserve the value of its assets depends upon the Borrower obtaining such financing and using such Cash Collateral. The Borrower will suffer immediate and irreparable harm if the requested postpetition financing is
not available on an interim or final basis. The Postpetition Lender is willing to extend the DIP Financing on a superpriority and first priority secured basis, as more 

 
particularly described herein, pursuant to the terms and conditions of the Postpetition Financing Documents. The Borrower’s and the Guarantor’s
entry into the Postpetition Financing Documents is fair and reasonable and is a sound, prudent exercise of their respective business judgment consistent with their fiduciary duties. The Postpetition Financing Documents were negotiated at arm’s
length and in good faith between the Borrower and the other Debtors and the Postpetition Lender and the loans and advances provided for in the Postpetition Financing Documents constitute reasonably equivalent value and fair consideration.
Accordingly, the relief requested in the Motion is necessary, essential and appropriate for the maintenance and preservation of Borrower’s assets and properties, and the avoidance of irreparable harm to the Borrower and the Borrower’s
estate and is in the best interests of the Borrower and the Guarantor, their estates and creditors. 
 H. In addition, the Postpetition
Financing Documents provide, among other things, that (i) granting Liens in the Postpetition Collateral or Prepetition Collateral or any portion thereof to any other party pursuant to section 364 of the Bankruptcy Code or otherwise,
(ii) using the Postpetition Collateral, Prepetition Collateral or Lender Funds except pursuant to the terms and conditions of the Postpetition Financing Documents, including this Interim Order, and, when entered, the Final Order, and
(iii) incurring additional obligations having priority claims or Liens equal to or senior in priority to the Adequate Protection Liens (as defined herein), are Events of Default thereunder. 
 I. Based on the record before the Court, (i) the terms of the use of the Prepetition Lenders’ Cash Collateral as provided in this Interim Order
and (ii) the terms of the Postpetition Financing Documents, pursuant to which the postpetition loans, advances and other credit and financial accommodations will be made or provided to the Borrower by the 

 
Postpetition Lender, have been negotiated at arms’ length and in “good faith,” as that term is used in section 364(e) of the Bankruptcy Code,
and are in the best interests of the Borrower, the Guarantor, their respective estates and creditors. The Postpetition Lender is extending the DIP Financing to the Borrower, and the Prepetition Agent and Prepetition Lenders are permitting the use of
their Cash Collateral, in good faith, and the Postpetition Lender is entitled to the benefits of the provisions of section 364(e) of the Bankruptcy Code. 
 J. It is in the best interests of the Borrower’s estate that it be allowed to finance the maintenance and preservation of its assets and use Cash Collateral under the terms and conditions set forth herein and in
the Postpetition Financing Documents. The relief requested by the Motion is necessary to avoid immediate and irreparable harm to the Borrower’s estate, and good, adequate and sufficient cause has been shown to justify the granting of the relief
requested herein, and the immediate entry of this Interim Order. 
 K. The Prepetition Agent and the Prepetition Lenders are prepared to
consent to the Borrower’s use of the Prepetition Lenders’ Cash Collateral and the granting of the Postpetition Liens (as hereinafter defined) in the Prepetition Collateral solely on the terms and conditions set forth in this Interim Order,
including the granting of the Adequate Protection Liens (as defined herein), and the Postpetition Financing Documents. The adequate protection provided herein to the Prepetition Agent and the Prepetition Lenders and other benefits and privileges
contained herein are consistent with and authorized by the Bankruptcy Code and are necessary to obtain the consent or non-objection of such parties. 
 L. The consent of the Prepetition Agent and the Prepetition Lenders to the priming of their Prepetition Liens by the Postpetition Liens (as hereinafter defined) is limited to such priming occurring pursuant to the
Postpetition Financing Documents, and shall not extend 

 
to any other postpetition financing or to any modified version of the Postpetition Financing Documents (except to the extent modified in this Interim Order
or a Final Order and only to the extent the Prepetition Agent and the Required Banks (as defined in the Prepetition Credit Agreement) consent to such modification). 
 M. The Postpetition Liens (as defined herein) granted pursuant to this Interim Order to the Postpetition Lender, are appropriate under section 364(d) of the Bankruptcy Code because, among other things: (i) such
security interests and liens do not impair the interests of any holder of a valid, perfected, prepetition security interest or lien in the property of the Borrower’s or the Guarantor’s estate, and/or (ii) the holders of such valid,
perfected, prepetition security interests and liens have consented to the security interests and priming liens granted pursuant to this Interim Order to the Postpetition Lender. 
 N. Good cause has been shown for the immediate entry of this Interim Order pursuant to Bankruptcy Rules 4001(b) and (c). In particular, the permission
granted herein for the Borrower and the Guarantor to execute the Postpetition Financing Documents, for the Borrower to continue using Cash Collateral, and for the Borrower to obtain financing in the Interim Amount pending the Final Hearing,
including on a priming lien basis, is necessary to avoid immediate and irreparable harm to the Borrower, the Guarantor and their respective estates. Entry of this Interim Order is in the best interest of the Borrower, its estate and creditors.

 NOW, THEREFORE, IT IS HEREBY ORDERED: 
 1. Motion Granted. The Motion is granted on the terms and conditions set forth herein. Any objections to the relief sought
in the Motion that have not been previously resolved or withdrawn are hereby overruled on their merits or, to the extent applicable, deferred until the hearing on the Final Order. This Interim Order shall become effective immediately upon its entry.
To the extent the terms of the other Postpetition Financing Documents differ in any material respect from the terms of this Interim Order, this Interim Order shall control. 

 2. Postpetition Financing Documents. The Borrower is hereby
(i) authorized to enter into the DIP Financing Term Sheet, the Postpetition Financing Documents, and (ii) authorized to borrow funds up to the Interim Amount of $500,000 following the entry of this Interim Order and incur debt,
reimbursement obligations and other obligations, grant Liens, make deposits, provide indemnities and otherwise perform its obligations in accordance with the terms and conditions of the DIP Financing Term Sheet and the other Postpetition Financing
Documents. The DIP Financing Term Sheet and the other Postpetition Financing Documents may be amended, modified, supplemented or the provisions thereof waived in accordance with their terms, without further order of this Court or notice to any
party; provided, however, that the U.S. trustee and the Committee shall have been given five (5) days written notice of any amendment, modification or supplement and shall not have raised an objection prior to any such amendment,
modification or supplement becoming effective. All obligations owed to the Postpetition Lender under, or in connection with, the Postpetition Financing Documents, including, without limitation, all loans, advances, other indebtedness, obligations
and amounts (contingent or otherwise) owing from time to time under or in connection with the Postpetition Financing Documents, and any and all other obligations at any time incurred by the Borrower or the Guarantor to the Postpetition Lender are
defined and referred to herein as the “Postpetition Obligations.” 
 3. Guarantor. The
Guarantor is hereby (i) authorized to enter into the DIP Financing Term Sheet and the other applicable Postpetition Financing Documents, (ii) deemed to have irrevocably guaranteed the payment and performance of the Borrower’s
Postpetition 

 
Obligations and to have granted the Postpetition Lender a security interest in all of the Guarantor’s prepetition and postpetition assets to secure such
guarantee, and (iii) authorized to incur debt, reimbursement obligations and other obligations, make deposits, provide indemnities and otherwise perform its obligations in accordance with the terms and conditions of the Postpetition Financing
Documents. 
 4. Conditions Precedent. The Postpetition Lender shall have no obligation to lend under the DIP
Financing Term Sheet unless and until the conditions precedent set forth therein have been satisfied. 
 5. Use of Cash
Collateral. Subject to the terms and conditions set forth in this Interim Order, the Borrower is authorized, pursuant to section 363(c)(2)(B) of the Bankruptcy Code, to use the Prepetition Lenders’ Cash Collateral for the period of time
from the date hereof until the occurrence of a “Termination Event,” which shall mean the earliest to occur of (i) 30 days after the date of entry of this Interim Order if the Final Order has not been entered by such
date, (ii) the occurrence of the Maturity Date, (iii) the determination by the Postpetition Lender to terminate the DIP Financing following the occurrence of an Event of Default, (iv) the date on which neither this Interim Order nor
the Final Order is in full force and effect, (v) the date on which any Cash Collateral is not expended in accordance with the provisions of this Interim Order, the DIP Budget (as in effect on the date hereof), or the DIP Financing Term Sheet
(as in effect on the date hereof), (vi) the date on which the Borrower seeks or receives authorization from this Court to borrow more than the principal amount of $500,000.00 (inclusive of borrowings authorized under this Interim Order) under
the Postpetition Financing Documents or any other financing arrangements prior to, on or after entry of the Final Order without being authorized, directed and required, as a condition to such additional borrowings, to 

  

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immediately and indefeasibly repay and satisfy in full, in cash all of the Postpetition Obligations from the proceeds of such additional borrowings,
(vii) the date on which the Borrower’s or the Guarantor’s Chapter 11 Case is converted to a case under chapter 7 of the Bankruptcy Code, or (viii) the date on which a trustee or examiner with expanded powers is appointed in the
Borrower’s or the Guarantor’s Chapter 11 Case. 
 6. Limitation on Use of Cash Collateral.
Notwithstanding anything herein to the contrary, for so long as the Borrower is authorized to use the Prepetition Lenders’ Cash Collateral, no Cash Collateral of the Prepetition Lenders may be used directly or indirectly by the Borrower, the
Committee or any other Debtor or other person or entity to object to or contest in any manner the Prepetition Indebtedness or Prepetition Liens, or to assert or prosecute any actions, claims or causes of action (including, without limitation, any
claims or causes of action under chapter 5 of the Bankruptcy Code) against any of the Prepetition Agent or Prepetition Lenders without the consent of the applicable Prepetition Agent and the Prepetition Lenders. 
 7. Interim Borrowing. The Borrower is authorized to borrow up to the Interim Amount in accordance with the DIP Budget, on an
interim basis through and including the date of the Final Order. 
 8. Binding Effect. Upon the entry of this
Interim Order, the DIP Financing Term Sheet, and, subject to the Final Order, upon execution and delivery of the other Postpetition Financing Documents, the DIP Financing Term Sheet and the other Postpetition Financing Documents, respectively, shall
constitute valid and binding obligations of the Borrower, enforceable against the Borrower in accordance with their terms; provided, however, that notwithstanding any other provision of this Interim Order or of the other Postpetition Financing
Documents, the Borrower shall not, prior to entry of a final order (the “Final Order”), 

  

 -15- 

 
incur Postpetition Obligations in the principal amount of more than the Interim Amount. No obligation, payment, transfer or grant of security under this
Interim Order or the other Postpetition Financing Documents shall be stayed, restrained, voided or recovered under the Bankruptcy Code or any applicable nonbankruptcy law, or subjected to any defense, reduction, setoff, recoupment or counterclaim.

 9. Intentionally Omitted. 
 10. Use of Lender Funds. The Borrower shall use Cash Collateral and the loans or advances made under, or in connection with,
the DIP Financing Term Sheet and the other Postpetition Financing Documents for the period of time from the date hereof until the occurrence of a Termination Event, solely as provided in this Interim Order, the DIP Financing Term Sheet or in the
other Postpetition Financing Documents. From and after the Petition Date, amounts loaned and advanced under, or in connection with, the DIP Financing Term Sheet and this Interim Order or the other Postpetition Financing Documents (the
“Postpetition Loans”) and all proceeds of the Postpetition Collateral and Prepetition Collateral, including, without limitation, all of the Borrower’s existing or future cash and Cash Collateral (collectively, the
“Lender Funds”), shall not, directly or indirectly, be used to pay expenses of the Borrower or any of the other Debtors or otherwise disbursed except (i) for those expenses and/or disbursements that are expressly permitted
under the DIP Financing Term Sheet, the other Postpetition Financing Documents and any DIP Budget approved by the Postpetition Lender (as such DIP Budget may be extended, varied, supplemented or otherwise modified in accordance with the provisions
of the Postpetition Financing Documents) and (ii) for compensation and payment of the reasonable fees and expenses owed to the Postpetition Lender, including, without limitation, any reasonable attorneys, accountants, financial advisors, appraisers,
and counsel to 

  

 -16- 

 
the Postpetition Lender, and other fees and expenses that are chargeable or reimbursable pursuant to the DIP Financing Term Sheet and this Interim Order or
the other Postpetition Financing Documents, of the Postpetition Lender in accordance with the DIP Financing Term Sheet and this Interim Order or the other Postpetition Financing Documents. 
 11. Limitation on Use of Lender Funds. Notwithstanding anything herein to the contrary, no Lender Funds may be used directly
or indirectly by the Borrower or any of the other Debtors, any Committee or any other person or entity to (i) object to or contest in any manner the Postpetition Obligations, the Postpetition Liens, the Prepetition Indebtedness, the Prepetition
Liens, or Liens granted to the Prepetition Agent hereunder, (ii) assert or prosecute any actions, claims or causes of action (including, without limitation, any claims or causes of action under chapter 5 of the Bankruptcy Code) against any of
the Postpetition Lender, the Prepetition Lenders or the Prepetition Agent, (iii) seek authorization for any party to use any of the Cash Collateral of the Postpetition Lender without the consent of the Postpetition Lender, (iv) obtain
Liens that are senior to, or on a parity with, or junior to the Liens of the Postpetition Lender or the Prepetition Agent in the Postpetition Collateral or the Prepetition Collateral of the Borrower, as applicable, or any portion thereof,
(v) obtain Liens that are senior to, on a parity with, or junior to the Liens of the Postpetition Lender in the Postpetition Collateral of the Guarantor or any portion thereof, (vi) compensate fees and expenses payable to professionals
retained by the Debtors or the Committee, or (vii) pay any portion of expenses shared among the Debtors that own fully constructed plants, including corporate overhead and other similar amounts. 
 12. Additional Agreements. In addition to complying with all provisions of the DIP Financing Term Sheet and this Interim
Order, the Borrower is hereby authorized and 

  

 -17- 

 
directed to enter into any additional agreements providing for the establishment of lockboxes, blocked accounts or similar arrangements requested by the
Postpetition Lender for purposes of facilitating cash collections from the Borrower in accordance with the terms of this Interim Order, the DIP Financing Term Sheet and the other Postpetition Financing Documents; provided, however, the Committee
shall have been given five (5) days written notice of any such agreements and shall not have raised an objection prior to any such agreement becoming effective. 
 13. Intentionally Omitted. 
 14. Interest. Interest on the Postpetition Obligations shall be secured in the manner specified in Paragraph 17 herein, shall accrue at the rates (including any default rates), and shall be paid in
accordance with the terms and provisions of the Postpetition Financing Documents. 
 15. Costs, Expenses and
Fees. Subject to Paragraph 39 herein, any and all reasonable costs, expenses and fees paid or required to be paid to the Postpetition Lender, including fees relating to financial advisors, appraisers, counsel and local counsel for the
Postpetition Lender in connection with the DIP Financing Term Sheet and the other Postpetition Financing Documents are hereby authorized and shall be paid in accordance with the terms and provisions of the DIP Financing Term Sheet and the other
Postpetition Financing Documents. 
 16. Priority of Postpetition Obligations. All Postpetition Obligations
hereby constitute, under section 364(c)(1) of the Bankruptcy Code, allowed superpriority administrative expense claims against the Borrower and the Guarantor having priority over all administrative expenses of the kind specified in, or ordered
pursuant to, any provision of the Bankruptcy Code, including, without limitation, those specified in, or ordered pursuant to, sections 105, 326, 328, 

  

 -18- 

 
330, 365, 503(b), 507(a), 507(b), 546(c), 726 and 1114 of the Bankruptcy Code, or otherwise (whether incurred in the Chapter 11 Cases or following any
conversion thereof to a case under chapter 7 of the Bankruptcy Code or any other proceeding related hereto or thereto), which superpriority claims shall be payable from and have recourse to all prepetition and postpetition property of the Borrower,
the Guarantor and all proceeds thereof, excluding any avoidance actions under chapter 5 of the Bankruptcy Code and the proceeds thereof. 
 17. Postpetition Liens. As security for the Postpetition Obligations, the Postpetition Lender is hereby granted valid, binding, enforceable, first priority and perfected Liens (the
“Postpetition Liens”) in the Postpetition Collateral and the Prepetition Collateral. The “Postpetition Liens” (A) shall constitute first priority liens in and to all Postpetition Collateral and
Prepetition Collateral pursuant to section 364(c)(2) of the Bankruptcy Code; (B) shall (x) be senior to and prime the Prepetition Liens and any Liens, setoff rights or recoupment rights junior to such Prepetition Liens on the Borrower’s
Postpetition and Prepetition Collateral (including without limitation any liens of Fagen, Inc.), (y) be senior to and prime all other postpetition liens on the Guarantor’s Postpetition Collateral, and (z) be senior to and prime all Adequate
Protection Liens (as defined herein) ((x), (y) and (z) above, collectively, the “Primed Liens”) pursuant to section 364(d)(1) of the Bankruptcy Code; and (C) shall be immediately junior in priority
to any and all valid, perfected, enforceable and non-avoidable Liens, setoff rights or recoupment rights (other than the Primed Liens) (including without limitation any liens of Fagen, Inc.) on assets of the Borrower or the Guarantor in existence as
of the Petition Date with priority over the Prepetition Liens and the Prepetition Lenders where such Prepetition Liens were properly perfected prior to the Petition Date or for which perfection relates back under Section 546(b) of the Bankruptcy
Code (collectively, the “Non-Primed Liens”), pursuant to section 364(c)(3) of 

  

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the Bankruptcy Code. No other person or entity shall receive or be granted any Liens of any type or nature, whether senior to, on parity with, or junior to
the Postpetition Liens, on any of the Borrower’s Postpetition Collateral or Prepetition Collateral, except only Permitted Liens (as defined in the Prepetition Credit Agreement), and no other person or entity shall receive or be granted any
Liens of any type or nature, whether senior to or on parity with the Postpetition Liens on any of the Guarantor’s Postpetition Collateral. 
 18. Additional Documents. The Borrower and the Guarantor shall execute and deliver to the Postpetition Lender all such agreements, financing statements, instruments and other documents as the
Postpetition Lender may reasonably request to evidence, confirm, validate or perfect the Liens granted pursuant hereto. 
 19.
Liens Valid. All Liens granted herein and in the other Postpetition Financing Documents to or for the benefit of the Postpetition Lender shall pursuant to this Interim Order be, and they hereby are, valid, enforceable and perfected,
effective as of the Petition Date, and (notwithstanding any provisions of any agreement, instrument, document, the Uniform Commercial Code or any other relevant law or regulation of any jurisdiction) no further notice, filing or other act shall be
required to effect such perfection, and all Liens on deposit accounts or securities accounts shall, pursuant to this Interim Order be, and they hereby are, deemed to confer “control” for purposes of sections 8-106, 9-104 and 9-106 of the
applicable Uniform Commercial Code as in effect as of the date hereof in favor of the Postpetition Lender; provided, however, that if the Postpetition Lender shall, in its sole discretion, choose to require the execution of and/or filing (as
applicable) of any such mortgages, financing statements, notices of Liens and other similar instruments and documents, all such mortgages, financing statements, notices of Liens or other similar instruments and documents shall be deemed to have

  

 -20- 

 
been executed, filed and/or recorded at the time and on the date of the Petition Date. Each and every federal, state and local government agency or
department may accept the entry by this Court of this Interim Order as evidence of the validity, enforceability and perfection on the Petition Date of the Liens granted herein, in the DIP Financing Term Sheet and the other Postpetition Financing
Documents to the Postpetition Lender; provided, further that, with the exception of priming the Prepetition Liens, nothing herein is intended to affect the validity, enforceability or perfection of the Prepetition Liens, which validity,
enforceability or perfection (if any) shall be preserved. 
 20. Priority of Liens. Except as provided in
Paragraph 17, the Postpetition Liens shall not be (i) subject to any Lien that is avoided and preserved for the benefit of the Debtors’ estates under section 551 of the Bankruptcy Code or (ii) subordinated to or made pari passu
with any other Lien under section 364(d) of the Bankruptcy Code or otherwise. The Postpetition Documents provide that an Event of Default shall occur if any claim or Lien having a priority superior to, on parity with, or junior to those granted by
this Interim Order on the Borrower’s Prepetition or Postpetition Collateral, with respect to the Postpetition Obligations shall be granted or allowed prior to the indefeasible payment in full in cash of the Postpetition Obligations. 

21. Priority to Adequate Protection Liens. Notwithstanding anything to the contrary herein, in the DIP Financing Term
Sheet or any other Postpetition Financing Document, or in any Prepetition Financing Document, the Postpetition Liens and the superpriority claims granted to the Postpetition Lender hereunder and under the DIP Financing Term Sheet and other
Postpetition Financing Documents are and shall be at all times (including, without limitation, after the occurrence of a Termination Event) senior and prior in all respects to the Adequate 
  

 -21- 

 
Protection Liens (as hereinafter defined), all other Liens securing any Prepetition Indebtedness, in all cases, whether granted under this Interim Order, the
Prepetition Financing Documents, or otherwise, and any other obligations in respect of adequate protection and all other claims held by the Prepetition Agent and Prepetition Lenders (including, without limitation any superpriority claims), in each
case, whether arising under or related to the Prepetition Financing Documents, this Interim Order or otherwise. 
 22.
Survival of Liens. The obligations of the Borrower and the Guarantor in respect of the Postpetition Obligations, and the claims and Liens granted to or for the benefit of the Postpetition Lender, the Prepetition Lenders and the
Prepetition Agent pursuant to this Interim Order, the DIP Financing Term Sheet and the other Postpetition Financing Documents, shall not be discharged by the entry of an order (a) confirming a chapter 11 plan in the Borrower’s or the
Guarantor’s Chapter 11 Case or (b) converting any of the Chapter 11 Cases to a case under chapter 7 of the Bankruptcy Code. The DIP Financing Term Sheet and the other Postpetition Financing Documents provide that an Event of Default shall
occur if any chapter 11 plan in the Borrower’s or the Guarantor’s Chapter 11 Case is confirmed and becomes effective unless such plan provides that the Postpetition Obligations shall be paid in full in cash on or before the effective date
of such plan, unless the Postpetition Lender shall otherwise consent in writing prior to the effective date of such plan. 
 23. Survival After Dismissal. An Event of Default shall occur if any Debtor seeks an order dismissing the Borrower’s or the Guarantor’s Chapter 11 Case without the consent of the Postpetition Lender and
prior to the indefeasible payment in full in cash and satisfaction in the manner provided in the DIP Financing Term Sheet and the other Postpetition Financing Documents of all obligations and indebtedness owing to the Postpetition Lender. If an

  

 -22- 

 
order dismissing the Borrower’s or the Guarantor’s Chapter 11 Case under section 1112 of the Bankruptcy Code or otherwise is at any time entered,
such order shall provide (in accordance with sections 105 and 349(b) of the Bankruptcy Code) that (i) the claims and Liens granted pursuant to this Interim Order to the Postpetition Lender shall continue in full force and effect and shall
maintain their priorities as provided in this Interim Order until all obligations in respect thereof shall have been indefeasibly paid in full in cash and satisfied in the manner provided in the DIP Financing Term Sheet and the Postpetition
Financing Documents (and that such claims and Liens shall, notwithstanding such dismissal, remain binding on all parties in interest), and (ii) the claims and Liens granted pursuant to this Interim Order to or for the benefit of the Prepetition
Agent and Prepetition Lenders shall continue in full force and effect and shall maintain their priorities as provided in this Interim Order (and that such claims and Liens shall, notwithstanding such dismissal, remain binding on all parties in
interest). 
 24. Survival After Conversion. The provisions of this Interim Order, including the grant of claims
and Liens to or for the benefit of the Postpetition Lender, the Prepetition Agent and the Prepetition Lenders, and any actions taken pursuant hereto shall survive the entry of any order converting the Borrower’s or the Guarantor’s Chapter
11 Case to a case under chapter 7 of the Bankruptcy Code. 
 25. Survival of Lien Priority. Based on the
findings set forth in this Interim Order and in accordance with section 364(e) of the Bankruptcy Code, in the event that any or all of the provisions of this Interim Order, the DIP Financing Term Sheet or any other Postpetition Financing Documents
are hereafter modified, amended or vacated by a subsequent order of this or any other Court, no such modification, amendment or vacation shall affect the validity, enforceability or priority of any Lien or claim authorized or created hereby or
thereby or any 

  

 -23- 

 
Postpetition Obligations incurred hereunder or thereunder. Notwithstanding any such modification, amendment or vacation, any Postpetition Obligations
incurred and any claim granted to the Postpetition Lender hereunder, under the DIP Financing Term Sheet or under the other Postpetition Financing Documents arising prior to the effective date of such modification, amendment or vacation shall be
governed in all respects by the original provisions of this Interim Order, the DIP Financing Term Sheet and the other Postpetition Financing Documents, and the Postpetition Lender shall be entitled to all of the rights, remedies, privileges and
benefits, including the Liens and priorities granted herein and therein, with respect to any such Postpetition Obligations and claim. 
 26. Survival of Interim Order. The provisions of this Interim Order and any actions taken pursuant hereto shall survive entry of any order which may be entered (i) confirming any plan of
reorganization in these Chapter 11 Cases if the Postpetition Obligations have not been indefeasibly paid in full in cash, (ii) converting any or all of these Chapter 11 Cases to a case or cases under chapter 7 of the Bankruptcy Code, or
(iii) dismissing any or all the Chapter 11 Cases, and the terms and provisions of this Interim Order, including, but not limited to, the financing protections granted hereunder, shall continue in full force and effect notwithstanding the entry
of such order, and such protections shall retain their effect as provided by this Interim Order until all obligations of the Borrower pursuant to this Interim Order are indefeasibly paid in full and discharged (such payment being without prejudice
to any terms or provisions contained in this Interim Order which survive such discharge by its terms). 
 27.
Intentionally Omitted. 
 28. Intentionally Omitted. 
  

 -24- 

 29. Proceeds of Subsequent Financing or Sale. If at any time prior to the
repayment in full of all Postpetition Obligations, including subsequent to the confirmation of any plan in the Borrower’s or the Guarantor’s Chapter 11 Case, the Borrower, the Guarantor, any trustee, or any examiner with expanded powers or
any responsible officer subsequently appointed in the Borrower’s or the Guarantor’s Chapter 11 Case, shall obtain credit or incur debt pursuant to section 364(b), 364(c) or 364(d) of the Bankruptcy Code in violation of the terms of this
Interim Order or the Final Order or shall receive proceeds from a sale of any Postpetition Collateral or Prepetition Collateral pursuant to section 363(b) of the Bankruptcy Code, then subject to the Non-Primed Liens (but only to the extent such
Non-Primed Liens were senior in priority to the Prepetition Liens as of the Petition Date), all of the cash proceeds derived from such credit, debt, or sale shall immediately be turned over to the Postpetition Lender for reduction of the
Postpetition Obligations under the Postpetition Financing Documents. Upon the full and final satisfaction of the obligations under the DIP Financing Term Sheet and the other Postpetition Financing Documents, excess proceeds, if any, shall be
immediately turned over to the Prepetition Agent for the pro rata reduction of obligations under the Prepetition Credit Agreement and the other Prepetition Loan Documents in accordance with the terms of such agreements, subject to the rights
of any party in interest to properly file a complaint pursuant to Bankruptcy Rule 7001 or properly assert a contested matter seeking to invalidate, avoid, subordinate or otherwise challenge the claims and/or liens under the Prepetition Credit
Agreement, in accordance with and subject to the limitations set forth in Paragraph 42(b) or as otherwise provided herein. 
 30. Prepetition Lender and Postpetition Lender Rights. Notwithstanding anything herein to the contrary, the entry of this Interim Order is without prejudice to, and does 

  

 -25- 

 
not constitute a waiver of, expressly or implicitly, or otherwise impair (a) any of the rights of any of the Postpetition Lender, the Prepetition Agent,
or the Prepetition Lenders under the Bankruptcy Code or under any non-bankruptcy law, including, without limitation, the right of any of the Postpetition Lender, the Prepetition Agent, or the Prepetition Lenders to (i) request modification of
the automatic stay of section 362 of the Bankruptcy Code, (ii) request dismissal of any of the Chapter 11 Cases, conversion of any of the Chapter 11 Cases to a case or cases under chapter 7 of the Bankruptcy Code, or appointment of a chapter 11
trustee or examiner (including with expanded powers) or (iii) propose, subject to the provisions of section 1121 of the Bankruptcy Code, a chapter 11 plan or plans or (b) any other rights, claims or privileges (whether legal, equitable or
otherwise) of any of the Postpetition Lender, the Prepetition Agent or the Prepetition Lenders. 
 31. No
Waiver. Notwithstanding anything herein to the contrary, this Interim Order is without prejudice to, and does not constitute a waiver of, expressly or implicitly, the rights of the Prepetition Agent to seek additional adequate protection at
any time, including prior to a Termination Event. 
 32. Maturity Dates. (a) The “Interim
Maturity Date” of the Interim Facility shall be January 15, 2009, (b) The “Maturity Date” of the DIP Financing shall be the earliest of (i) January 15, 2009, (ii) the date on which the
Postpetition Obligations are accelerated and become due and payable following an Event of Default, (iii) the date on which the Borrower or the Guarantor sells all or substantially all of the Borrower’s or the Guarantor’s assets,
subject to, and in accordance with, terms as may be agreed in writing by the Postpetition Lender, and (iv) the effective date of any Chapter 11 plan of the Borrower or the Guarantor. 
  

 -26- 

 33. Maturity. Notwithstanding anything herein, in the DIP Financing Term
Sheet or in the other Postpetition Financing Documents, on the Interim Maturity Date or the Maturity Date, as applicable, the Borrower shall no longer, pursuant to the DIP Financing Term Sheet and this Interim Order or the other Postpetition
Financing Documents or otherwise, (i) be authorized to borrow funds or incur indebtedness hereunder, under the DIP Financing Term Sheet or under the other Postpetition Financing Documents or to use any of the Postpetition Loans already received
(and any obligations of the Postpetition Lender to make loans or advances hereunder, under the DIP Financing Term Sheet or under the other Postpetition Financing Documents automatically shall be terminated) or (ii) be authorized to use the Cash
Collateral. 
 34. Survival After Maturity. Notwithstanding anything herein or the occurrence of the Maturity
Date, all of the rights, remedies, benefits and protections provided (i) to the Postpetition Lender under this Interim Order, the DIP Financing Term Sheet and the other Postpetition Financing Documents and (ii) to the Prepetition Agent and
Prepetition Lenders under this Interim Order, shall survive such Maturity Date (or Termination Event, if earlier). Upon such Maturity Date (or Termination Event, if earlier), the principal of and all accrued interest and fees and all other
Postpetition Obligations, as well as the Prepetition Indebtedness, shall, in each instance, be immediately due and payable and the Postpetition Lender and the Prepetition Agent and the Prepetition Lenders shall have all other rights and remedies
provided in this Interim Order, , the DIP Financing Term Sheet, the other Postpetition Financing Documents, the Prepetition Financing Documents and applicable law. 
 35. Automatic Stay Modification. The automatic stay provisions of section 362 of the Bankruptcy Code are hereby vacated and
modified to the extent necessary to 

  

 -27- 

 
permit the Postpetition Lender to file any financing statements or other documents appropriate in its discretion and to exercise, upon the occurrence and
during the continuation of any Event of Default (as defined in the DIP Financing Term Sheet or this Interim Order), all rights and remedies provided for in the DIP Financing Term Sheet and the other the Postpetition Financing Documents, and to take
any or all of the following actions without further order of or application to this Court: (a) terminate the Borrower’s use of Cash Collateral and cease to make any loans or advances to the Borrower; (b) declare all Postpetition
Obligations to be immediately due and payable; (c) terminate the Postpetition Commitment under the DIP Financing Term Sheet and the other Postpetition Financing Documents; (d) offset and apply immediately against the Postpetition
Obligations, and otherwise enforce rights against the Postpetition Collateral or the Prepetition Collateral in the possession of any of the Postpetition Lender for application towards the Postpetition Obligations; and (e) take any other actions
or exercise any other rights or remedies permitted under this Interim Order, the DIP Financing Term Sheet and the other Postpetition Financing Documents or applicable law to effect the repayment and satisfaction of the Postpetition Obligations;
provided, however, that any Postpetition Lender shall provide five (5) Business Days’ written notice (by facsimile, telecopy, electronic mail or otherwise) to the U.S. Trustee, counsel to the Debtors, counsel to the Prepetition
Agent, and counsel to the Committee prior to exercising any enforcement rights or remedies in respect of the Postpetition Collateral or the Prepetition Collateral (other than the rights described in clauses (a), (b) and (c) above). The
rights and remedies of the Postpetition Lender specified herein are cumulative and not exclusive of any rights or remedies that the Postpetition Lender may have under the DIP Financing Term Sheet and the other Postpetition Financing Documents or
otherwise. 
  

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 36. Remedies. If the Postpetition Lender shall at any time exercise any of
its rights and remedies hereunder, under the DIP Financing Term Sheet or under the other Postpetition Financing Documents or under applicable law in order to effect payment or satisfaction of the Postpetition Obligations or to receive any amounts or
remittances due hereunder, under the DIP Financing Term Sheet or under the other Postpetition Financing Documents, including without limitation, foreclosing upon and selling all or a portion of the Postpetition Collateral or the Prepetition
Collateral, the Postpetition Lender shall have the right without any further action or approval of this Court to exercise such rights and remedies as to all or such part of the Postpetition Collateral or the Prepetition Collateral as the
Postpetition Lender shall elect in its sole discretion, subject to the provision by the Postpetition Lender of the written notice as provided in the preceding paragraph. No holder of a Lien primed by this Interim Order or granted by the Borrower or
any of the other Debtors as adequate protection shall be entitled to object on the basis of the existence of any such Lien to the exercise by the Postpetition Lender of its respective rights and remedies under the DIP Financing Term Sheet or under
the other Postpetition Financing Documents or under applicable law to effect satisfaction of the Postpetition Obligations or to receive any amounts or remittances due hereunder, under the DIP Financing Term Sheet or under the other Postpetition
Financing Documents. The Postpetition Lender shall be entitled to apply the payments or proceeds of the Postpetition Collateral or the Prepetition Collateral in accordance with the provisions of this Interim Order, the other Postpetition Financing
Documents, and the Prepetition Credit Agreement, and in no event shall the Postpetition Lender be subject to the equitable doctrine of “marshaling” or any other similar doctrine with respect to any of the Postpetition Collateral or the
Prepetition Collateral or otherwise. To the extent the provisions of the Agricultural Credit Act of 1987, including 12 

  

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U.S.C. §§ 2199 through 2202e, and the implementing Farm Credit Administration regulations, 12 C.F.R. § 617.7000, et seq., might apply to the
Borrower, the Prepetition Indebtedness, the Prepetition Financing Documents, the Postpetition Loan or the Postpetition Financing Documents, no statutory or regulatory rights of a borrower to disclosure of effective interest rates, differential
interest rates, review of credit decisions, distressed loan restructuring, rights of first refusal or other Borrower Rights shall be available to the Borrower or the Guarantor. 
 37. No Waiver of Remedies. The failure or delay by (i) the Postpetition Lender to seek relief or otherwise exercise its
rights and remedies under this Interim Order, the DIP Financing Term Sheet or any other Postpetition Financing Documents, or (ii) either of the Prepetition Agent or Prepetition Lender to seek relief or otherwise exercise its rights and remedies
under this Interim Order, shall not constitute a waiver of any of the rights of such Postpetition Lender, Prepetition Agent or Prepetition Lender hereunder, thereunder or otherwise, and any single or partial exercise of such rights and remedies
against the Borrower or the Guarantor or any Postpetition Collateral or Prepetition Collateral shall not be construed to limit any further exercise of such rights and remedies against any or all of the Borrower or the Guarantor and/or any
Postpetition Collateral or Prepetition Collateral. 
 38. Successor and Assigns. The provisions of this Interim
Order shall be binding upon and inure to the benefit of each of the Postpetition Lender, the Prepetition Agent, the Prepetition Lenders and the Borrower, the Guarantor and the other Debtors and their respective successors and assigns (including any
trustee or fiduciary hereafter appointed or elected as a legal representative of any of the Debtors, their estates, or with respect to the property of any of their estates) whether in the Chapter 11 Cases, in any successor cases, or upon dismissal
of any such chapter 11 or chapter 7 case. 
  

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 39. Additional Assurances. The Borrower, the Guarantor and the other
Debtors are authorized and directed to do and perform all acts, to make, execute and deliver all instruments and documents (including, without limitation, the execution of additional security agreements, pledge agreements, control agreements,
mortgages and financing statements), and the Borrower and the Guarantor shall pay fees and expenses that may be required or necessary for the Borrower’s or the Guarantor’s performance under the DIP Financing Term Sheet and the other
Postpetition Financing Documents, including, without limitation, (i) the execution of the DIP Financing Term Sheet and the other Postpetition Financing Documents and (ii) the payment of the fees, indemnification obligations and other expenses
described or provided in the DIP Financing Term Sheet and the other Postpetition Financing Documents as such become due, including, without limitation, agent fees, commitment fees, underwriting fees and reasonable fees relating to attorneys,
financial advisors, accountants, appraisers, and counsel for the Postpetition Lender, and disbursements as provided for in the DIP Financing Term Sheet. None of such reasonable fees relating to attorneys, financial advisors, accountants, appraisers
or counsel for the Postpetition Lender, and disbursements shall be subject to the approval of this Court or the U.S. Trustee guidelines, and no recipient of any such payment shall be required to file with respect thereto any interim or final fee
application with this Court. In addition, the Borrower and the Guarantor each is hereby authorized and directed to indemnify the Postpetition Lender against any liability arising in connection with the DIP Financing Term Sheet or the other
Postpetition Financing Documents to the extent provided in the DIP Financing Term Sheet or the other Postpetition Financing Documents. All such fees, expenses and indemnities of the Postpetition Lender shall constitute Postpetition Obligations and
shall be secured by the Postpetition Liens and afforded all of the priorities and protections afforded to the Postpetition 
  

 -31- 

 
Obligations under this Interim Order, the DIP Financing Term Sheet and the other Postpetition Financing Documents. Counsel for the Postpetition Lender shall
submit summaries of their invoices (generally describing work performed but excluding detailed time entries) to the U.S. Trustee and counsel for the Committee at the same time their invoices are submitted to the Postpetition Lender. The U.S. Trustee
and the Committee shall have 10 calendar days from receipt of such invoice summaries to file an objection to them with the Court. If no objection is timely filed, the fees and expenses will be deemed reasonable and shall be promptly paid by the
Debtors. 
 40. Adequate Protection. The Prepetition Agent and the Prepetition Lenders are hereby provided with
the following forms of adequate protection (which the Postpetition Lender acknowledges is acceptable to it) solely to protect against the diminution of value, if any, of the Prepetition Collateral: 
 (a) As adequate protection of the respective interests of the Prepetition Agent and Prepetition Lenders in the Prepetition Collateral, the
Prepetition Agent shall be entitled to replacement Liens on all of the Postpetition Collateral (the “Adequate Protection Liens”) (which are hereby granted to the Prepetition Agent), subject and junior only to the Postpetition
Liens, Non-Primed Liens (but only to the extent such Non-Primed Liens were senior in priority to the Prepetition Liens as of the Petition Date). To the extent any Cash Collateral was used by the Borrower prior to the date hereof, but after the
Petition Date, the adequate protection provided pursuant to this Interim Order (including, without limitation, the Adequate Protection Liens) shall also apply to provide the Prepetition Agent and the Prepetition Lenders with adequate protection
against 

  

 -32- 

 
any diminution in their interests in the Prepetition Collateral resulting from such use of such Cash Collateral prior to the date hereof. Except as provided
in this Interim Order with respect to the Postpetition Liens, the Adequate Protection Liens on the Borrower’s Prepetition Collateral or Postpetition Collateral shall not be subject to or pari passu with any Lien on the Postpetition
Collateral by any order subsequently entered in the Chapter 11 Cases (for the avoidance of doubt, the Adequate Protection Liens shall not extend to avoidance actions or the proceeds thereof). 
 (b) The Adequate Protection Liens granted pursuant to subparagraph (a) above shall be deemed to be perfected automatically upon entry
of this Interim Order, without the necessity of the filing of any UCC-1 financing statement, state or federal notice, mortgage or other similar instrument or document in any state or public record or office and without the necessity of taking
possession or “control” (within the meaning of the Uniform Commercial Code) of any Postpetition Collateral or Prepetition Collateral. 
 (c) The Borrower and the Guarantor shall provide the Prepetition Agent and the Committee with copies of all reports (including the DIP Budget), information and other materials delivered to the Postpetition Lender
pursuant to the DIP Financing Term Sheet or the other Postpetition Financing Documents and such other reports, information and materials as reasonably requested by such Prepetition Agent. 
 41. No Liens on Avoidance Actions. The Postpetition Liens and
Adequate Protection Liens and the Postpetition Lender’s superpriority administrative expense claim granted pursuant to this Interim Order do not extend to causes of action under Chapter 5 of the Bankruptcy Code or to proceeds thereof.

  

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 42. Release of Claims and Defenses. (a) Subject to entry of the Final
Order and the rights of the Committee or other party in interest as provided in the following subparagraph, the Borrower and the Guarantor, each in its individual capacity, forever releases, waives and discharges the Prepetition Agent and the
Prepetition Lenders (whether in its respective prepetition or postpetition capacity), together with its respective officers, directors, employees, agents, attorneys, professionals, affiliates, subsidiaries, assigns and/or successors (collectively,
the “Released Parties”), from any and all claims and causes of action arising out of, based upon or related to, in whole or in part, any of the Prepetition Financing Documents, any aspect of the prepetition relationship
between the Borrower or the Guarantor relating to any of the Prepetition Financing Documents or any transaction contemplated thereby, on the one hand, and any or all of the Released Parties, on the other hand, or any other acts or omissions by any
or all of the Released Parties in connection with any of the Prepetition Financing Documents or their prepetition relationship with the Borrower or any affiliate thereof relating to any of the Prepetition Financing Documents or any transaction
contemplated thereby, including, without limitation, any claims or defenses as to the extent, validity, priority or perfection of the Prepetition Liens or Prepetition Indebtedness, “lender liability” claims and causes of action, any
actions, claims or defenses under chapter 5 of the Bankruptcy Code or any other claims and causes of action (all such claims, defenses and other actions described in this subparagraph are collectively defined as the “Claims and
Defenses”). Nothing contained in this subparagraph shall affect the rights of the Committee or any other party in interest to undertake any action, on its own behalf, or on behalf of the Borrower’s or the Guarantor’s estate,
with respect to, including, without limitation, any investigation or prosecution of, Claims and Defenses that is permitted in subparagraphs (b) and (c) of this Paragraph. 
  

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 (b) Notwithstanding anything contained herein to the contrary, the extent, validity,
priority, perfection and enforceability of the Prepetition Indebtedness, and Prepetition Liens, and all acknowledgments, admissions, confirmations, and releases of the Borrower or the Gurantor above, are for all purposes subject to the rights of any
party in interest, other than a Debtor, but including the Committee, a Chapter 7 or Chapter 11 trustee, to seek to invalidate, or otherwise challenge (including a determination of the validity, priority, and extent of any lien of) the Prepetition
Indebtedness or Prepetition Liens, including by properly filing a complaint pursuant to Bankruptcy Rule 7001 or by otherwise properly asserting a contested matter (any of these actions, a “Challenge”); provided,
however, that, to the extent not previously resolved by confirmation and consummation of any chapter 11 plan of reorganization, any such Challenge must be commenced or asserted in this Court within ninety (90) days after appointment of the
Committee. Except to the extent that a Challenge is timely commenced within such time period (or such timely asserted Challenge does not result in a final and non-appealable order of this Court that is inconsistent with clauses (i) and
(ii) of subparagraph (c) of this Paragraph), then any and all Claims and Defenses against any of the Released Parties shall be, without further notice to or order of the Court, deemed to have been forever relinquished, released and waived
as to such Committee and other person or entity, and if such Challenge is timely asserted on or before such date, any and all Claims and Defenses that are not expressly asserted in such Challenge shall be deemed, immediately and without further
action, to have been forever relinquished, released and waived as to such Committee and other person or entity. 
  

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 (c) Except to the extent that a Challenge is timely commenced within such time period, or
such timely asserted Challenge does not result in a final and non-appealable order of this Court that is inconsistent with clauses (i) and (ii) of this subparagraph, then, without the requirement or need to file any proof of claim with
respect thereto, (i) the Prepetition Indebtedness shall constitute allowed, secured claims for all purposes in the Borrower’s and the Guarantor’s Chapter 11 Cases and any subsequent proceedings under the Bankruptcy Code, including,
without limitation, any chapter 7 proceedings if the Borrower’s or the Guarantor’s Chapter 11 Case is converted to a case under chapter 7 of the Bankruptcy Code (a “Successor Case”), (ii) the Prepetition Liens
(as applicable) shall be deemed legal, valid, binding, enforceable, perfected, not subject to subordination (except as to the Postpetition Liens and as otherwise specified in this Interim Order, the DIP Financing Term Sheet, the other Postpetition
Financing Documents and the Prepetition Financing Documents) or avoidance for all purposes in the Borrower’s or the Guarantor’s Chapter 11 Case and any Successor Case, (iii) the release of the Claims and Defenses against the Released
Parties shall be binding on all parties in interest in the Borrower’s and the Guarantor’s Chapter 11 Case and any Successor Case, and (iv) the Prepetition Indebtedness, the Prepetition Liens (as applicable), releases of the Claims and
Defenses against the Released Parties (as applicable), and prior payments on account of or with respect to the Prepetition Indebtedness shall not be subject to any other or further claims, cause of action, objection, contest, setoff, defense or
challenge by any party in interest for any reason, including, without limitation, by any successor to or estate representative of any Debtor. 
 43. No Third Party Rights. Except as explicitly provided for herein, this Interim Order does not create any rights for the benefit of any third party, creditor, equity holder, or any other direct,
indirect or incidental beneficiary. 
  

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 44. Substantive Consolidation. Unless the Prepetition Indebtedness and the
Postpetition Obligations shall have been indefeasibly paid in full, the Borrower or its estate shall not be substantively consolidated under the Bankruptcy Code or any applicable bankruptcy or non-bankruptcy law with any other Debtor or its estate
or any other Person (as defined by the Bankruptcy Code) or its estate by order of this Court or under any Chapter 11 plan. 
 45. Prepetition Credit Agreement Master Proof of Claim. The Prepetition Agent shall (to the extent necessary) be authorized (but not required) to file a master proof of claim against the Borrower and the Guarantor (a
“Master Proof of Claim”) on behalf of itself and the applicable Prepetition Lenders on account of their respective prepetition claims arising under the Prepetition Financing Documents, and the Prepetition Agent shall not be
required to file a verified statement pursuant to Bankruptcy Rule 2019. If the Prepetition Agent should file a Master Proof of Claim against the Borrower or the Guarantor, the Prepetition Agent and each Prepetition Lender (as applicable) and each of
their respective successors and assigns, shall be deemed to have filed a proof of claim in respect of its claims against the Borrower or the Guarantor arising under the respective Prepetition Financing Documents, and such shall be allowed or
disallowed as if such entity had filed a separate proof of claim in the Borrower’s or the Guarantor’s Chapter 11 Case in the amount set forth in the applicable Master Proof of Claim. The Prepetition Agent shall further be authorized to
amend its Master Proof of Claim from time to time. 
 46. Notice of Final Hearing. The Debtors shall promptly
serve by United States mail, first class postage prepaid, copies of the Motion, this Interim Order and a notice of the Final Hearing (the “Final Hearing Notice”) to be held on January 8, 2009 at 10:00 a.m. to consider entry
of the Final Order on the following: (i) the U.S. Trustee; (ii) those parties listed on 

  

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the Consolidated List of Creditors Holding Largest Thirty Unsecured Claims Against the Debtors, as identified in connection with the Debtors’ chapter 11
petitions; (iii) all other parties with liens of record on assets of the Borrower as of the Petition Date; (iv)Gray, Plant, Mooty, Mooty & Bennett, P.A., 1010 West St. Germain, Suite 600, St. Cloud, MN 56301-3406, Attention: Phillip Kunkel;
Pepper Hamilton LLP, Hercules Plaza, 1313 Market Street, Suite 5100, P.O. Box 1709, Wilmington, DE 19899-1709, Attention David P. Stratton; and Latham & Watkins LLP, 233 S. Wacker Drive, Suite 5800, Chicago, IL 60606, Attention: Josef Athanas,
counsel to the Postpetition Lender and the Prepetition Agent; (v) Greenberg Traurig, LLP, 1007 North Orange Street, Suite 1200, Wilmington, Delaware 19801, Attention: Sandra Selzer, counsel to the Committee; and (vi) Akin Gump Strauss Hauer &
Feld LLP, One Bryant Park, New York, New York 10036, Attention: David Botter and Shaya Rochester, counsel to the Committee. Copies of the Motion, this Interim Order and the Final Hearing Notice also shall be served upon all persons requesting
service of papers pursuant to Bankruptcy Rule 2002 by United States mail, first class postage prepaid promptly following the receipt of such request. The Final Hearing Notice shall state that any party in interest objecting to the entry of the Final
Order shall file written objections with the Court no later than 4:00 p.m. on December 30, 2008, which objections shall be served so that the same are received on or before such date and time by: (a) Skadden, Arps, Slate, Meagher & Flom, LLP,
333 W. Wacker Drive, Suite 2100, Chicago, IL 60006, Attention: Patrick J. Nash, Jr., counsel to the Debtors; (b) the Office of the United States Trustee, J. Caleb Boggs Federal Building, 2nd Floor, 844 King Street, Wilmington, Delaware 19801; (c)
Gray, Plant, Mooty, Mooty & Bennett, P.A., 1010 West St. Germain, Suite 600, St. Cloud, MN 56301-3406, Attention: Phillip Kunkel, and Pepper Hamilton LLP, Hercules Plaza, 1313 Market Street, Suite 5100, P.O. Box 1709, Wilmington, DE 19899-1709,

  

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Attention David P. Stratton, counsel to the Postpetition Lender and the Prepetition Agent; (d) Latham & Watkins LLP, 233 S. Wacker Drive, Suite
5800, Chicago, IL 60606, Attention: Josef Athanas, counsel to the Postpetition Lender and the Prepetition Agent; (e) Greenberg Traurig, LLP, 1007 North Orange Street, Suite 1200, Wilmington, Delaware 19801, Attention: Sandra Selzer, counsel to
the Committee; and (f) Akin Gump Strauss Hauer & Feld LLP, One Bryant Park, New York, New York 10036, Attention: David Botter and Shaya Rochester, counsel to the Committee. 
 47. Finding of Fact and Conclusion of Law. This Interim Order shall constitute findings of fact and conclusions of law
pursuant to Rule 7052 of the Bankruptcy Rules and shall take effect and be fully enforceable immediately upon execution hereof. 
 48. Jurisdiction. The Court has and will retain jurisdiction to enforce this Interim Order according to its terms. 
  

					
	   Dated: December 15, 2008
	 		 	 /s/ Brendan Linehan Shannon

		 		 	BRENDAN LINEHAN SHANNON
		 		 	UNITED STATES BANKRUPTCY JUDGE

  

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