Document:

exv10w2

 

Exhibit 10.2

Employee Stock Option Agreement

This Employee Stock Option Agreement (this “Agreement”) is made this 15th day of August,
2006, between Electric City Corp., a Delaware corporation (the “Company”) and Jeffrey
Mistarz (the “Holder”).

WHEREAS, Holder is an employee of the Company and the Company desires, by affording Holder an
opportunity to purchase its common shares of $0.0001 par value common stock (the “Common Stock”) as
hereinafter provided, to help align the long-term economic interests of the Holder with the
long-term economic interests of the Company.

NOW THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other good
and valuable consideration, the parties hereto agree as follows:

1. Grant of Option. The Company hereby agrees to grant to the Holder, on the date hereof
(the “Grant Date”), options (the “Options”) to purchase up to an aggregate of
300,000 shares (the “Option Shares”) of the Company’s common stock, par value $0.001 (the
“Common Stock”), subject to the terms and conditions set forth herein.

2. Exercise Price. The exercise price per Option Share, subject to adjustment as
hereinafter provided (the “Exercise Price”) under the Options shall be equal to $1.00 per
share.

3. Vesting. The Options shall vest according to the following schedule:

	 	 	 
	Vesting Date	 	Number of Shares
	The Grant Date
	 	100,000
	The First Anniversary of the Grant Date (except as
otherwise provided the Employment Agreement)
	 	100,000
	The Second Anniversary of the Grant Date
(except as otherwise provided in the Employment Agreement)
	 	100,000

Reference is made to the Employment Agreement dated as of the date hereof between Holder and
the Company (the “Employment Agreement”) for additional terms and conditions relating
to the vesting of any unvested Stock Options in the event that Holder ceases to be employed by
the Company or upon a Change of Control.

4. Exercise of the Option. Any vested Options may be exercised at any time after vesting by
delivering the Exercise Price, paid in cash, along with a notice of exercise to the Company. The
Exercise Price of the shares as to which Option shall be exercised shall be paid in full, in cash
at the time of exercise, provided, that if the Fair Market Value of one share of Common Stock is
greater than the Exercise Price (at the date of calculation as set forth below), in lieu of
exercising this Option for cash, the Holder may

-1-

 

elect to receive shares equal to the value (as determined below) of this Option (or the portion
thereof being exercised) by surrender of this Option at the principal office of the Company
together with the properly endorsed Exercise Notice in which event the Company shall issue to the
Holder a number of shares of Common Stock computed using the following formula:

	 	 	 	 	 
	 

	 	X = Y
	 	(A-B)
	 

	 	 	 	 
	 

	 	 	 	A

	 	 	 
	Where:

	 	X = the number of shares of Common Stock to be issued to the Holder;
	 
	 	 
	 

	 	Y = the number of shares of Common Stock purchasable under the Option or, if
only a portion of the Option is being exercised, the portion of the Option being
exercised (at the date of such calculation);
	 
	 	 
	 

	 	A = the Fair Market Value of one share of the Company’s Common Stock (at the date
of such calculation); and
	 
	 	 
	 

	 	B = Exercise Price (as adjusted to the date of such calculation)

5. Transferability. Except as otherwise provided in the Employment Agreement, the
Options shall not be transferable except by will or the laws of dissent and distribution, and the
Options will only be exercised during the lifetime of Holder, and only by Holder.

6. Expiration of the Options. The Options will expire on the earlier of the tenth
anniversary of the date of this Agreement or as provided in the Employment Agreement if the Holder
ceases to be a full time employee of the Company.

7. Adjustments. The number of shares issuable as a result of the exercise of any
unexercised Options, and the purchase price payable therefore, may be adjusted from time to time to
give effect to stock splits, both forward and reverse, and any stock dividends which may be
declared payable to the holders of the outstanding Common Stock.

8. Taxes. The Company will have the right to deduct from all cash or property payments made
to the Holder upon exercise of the Option, any and all federal, state or local taxes required to be
withheld with respect to such payments.

9. Trading Restrictions. The Company shall have the right at any time to impose trading
restrictions on the shares issuable pursuant to the exercise of the Options (the “Option
Shares”) which may limit the number of shares that can be sold on any trading day or during any
90 day period and/or prohibit the sale of the Option Shares on any trading day, not to exceed
thirty (30) trading days a year.

[Balance of page intentionally left blank; signature page follows.]

-2-

 

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed as of the date first
written above.

	 	 	 	 	 
	ELECTRIC CITY CORP.	 	HOLDER
	 
	 	 	 	 
	By:

	 	/s/ David Asplund
	 	/s/ Jeffrey Mistarz
	 

	 	 
	 	 
	 

	 	David Asplund

Chief Executive Officer
	 	Jeffrey Mistarz

-3-exv10w1

 

EXHIBIT 10.1

Loan No. RI0291S01

STATUSED REVOLVING CREDIT SUPPLEMENT

     THIS SUPPLEMENT to the Master Loan Agreement dated June 6, 2005, (the “MLA”), is entered into
as of July 17, 2006 between FARM CREDIT SERVICES OF AMERICA, FLCA (“Farm Credit”) and WESTERN IOWA
ENERGY, LLC, Wall Lake, Iowa (the “Company”).

     SECTION 1. The Revolving Credit Facility. On the terms and conditions set forth in the MLA
and this Supplement, Farm Credit agrees to make loans to the Company during the period set forth
below in an aggregate principal amount not to exceed, at any one time outstanding, the lesser of
$2,000,000.00 (the “Commitment”), or the “Borrowing Base” (as calculated pursuant to the Borrowing
Base Report attached hereto as Exhibit A). Within the limits of the Commitment, the Company may
borrow, repay and reborrow.

     SECTION 2. Purpose. The purpose of the Commitment is to finance eligible soybean oil and
bio-diesel inventory.

     SECTION 3. Term. The initial term of the Commitment shall be the date hereof, up to and
including July 1, 2007, or such later date as Agent (as that term is defined in the MLA) may, in
its sole discretion, authorize in writing. Notwithstanding the foregoing, the Commitment shall be
renewed for an additional one year renewal term only if, on or before the last day of the initial
term or any renewal term (the “Expiration Date”), Agent provides to the Company a written notice of
renewal for an additional year (a “Renewal Notice”). If on or before the Expiration Date, Agent
grants a short-term extension of the Commitment, the Commitment shall be renewed for an additional
year only if Agent provides to the Company a Renewal Notice on or before such extended expiration
date. All annual renewals shall be measured from, and effective as of, the same day as the
Expiration Date in any year.

     SECTION 4. Interest. The Company agrees to pay interest on the unpaid balance of the loans
in accordance with one or more of the following interest rate options, as selected by the Company:

     (A) Agent Base Rate. At a rate per annum equal at all times to 3/4 of 1% above the rate of
interest established by Agent from time to time as its “Agent Base Rate”, which Rate is intended by
Agent to be a reference rate and not its lowest rate. The Agent Base Rate will change on the date
established by Agent as the effective date of any change therein and Agent agrees to notify the
Company of any such change.

     (B) Quoted Rate. At a fixed rate per annum to be quoted by Agent in its sole discretion in
each instance. Under this option, rates may be fixed on such balances and for such periods, as may
be agreeable to Agent in its sole discretion in each instance, provided that: (1) the minimum fixed
period shall be 30 days; (2) amounts may be fixed in increments of $100,000.00 or multiples
thereof; and (3) the maximum number of fixes in place at any one time shall be 5.

     (C) LIBOR. At a fixed rate per annum equal to “LIBOR” (as hereinafter defined) plus 3 1/2%.
Under this option: (1) rates may be fixed for “Interest Periods” (as hereinafter defined) of 1, 2,
3, 6, 9 or 12 months, as selected by the Company; (2) amounts may be fixed in increments of
$100,000.00 or multiples thereof; (3) the maximum number of fixes in place at any one time shall be
5; and (4) rates may only be fixed on a “Banking Day” (as hereinafter defined) on 3 Banking Days’
prior written notice.

 

 

	 	 	 
	Statused Revolving Credit Supplement RI0291S01
	 	 
	Western Iowa Energy, LLC

	 	-2-
	Wall Lake, Iowa
	 	 

For purposes hereof: (a) “LIBOR” shall mean the rate (rounded upward to the nearest sixteenth and
adjusted for reserves required on “Eurocurrency Liabilities” (as hereinafter defined) for banks
subject to “FRB Regulation D” (as herein defined) or required by any other federal law or
regulation) quoted by the British Bankers Association (the “BBA”) at 11:00 a.m. London time 2
Banking Days before the commencement of the Interest Period for the offering of U.S. dollar
deposits in the London interbank market for the Interest Period designated by the Company, as
published by Bloomberg or another major information vendor listed on BBA’s official website; (b)
“Banking Day” shall mean a day on which Agent is open for business, dealings in U.S. dollar
deposits are being carried out in the London interbank market, and banks are open for business in
New York City and London, England; (c) “Interest Period” shall mean a period commencing on the date
this option is to take effect and ending on the numerically corresponding day in the next calendar
month or the month that is 2, 3, 6, 9 or 12 months thereafter, as the case may be; provided,
however, that: (i) in the event such ending day is not a Banking Day, such period shall be extended
to the next Banking Day unless such next Banking Day falls in the next calendar month, in which
case it shall end on the preceding Banking Day; and (ii) if there is no numerically corresponding
day in the month, then such period shall end on the last Banking Day in the relevant month; (d)
“Eurocurrency Liabilities” shall have meaning as set forth in “FRB Regulation D”; and (e) “FRB
Regulation D” shall mean Regulation D as promulgated by the Board of Governors of the Federal
Reserve System, 12 CFR Part 204, as amended.

The Company shall select the applicable rate option at the time it requests a loan hereunder and
may, subject to the limitations set forth above, elect to convert balances bearing interest at the
variable rate option to one of the fixed rate options. Upon the expiration of any fixed rate
period, interest shall automatically accrue at the variable rate option unless the amount fixed is
repaid or fixed for an additional period in accordance with the terms hereof. Notwithstanding the
foregoing, rates may not be fixed for periods expiring after the maturity date of the loans. All
elections provided for herein shall be made electronically (if applicable), telephonically or in
writing and must be received by Agent not later than 12:00 Noon Company’s local time in order to be
considered to have been received on that day; provided, however, that in the case of LIBOR rate
loans, all such elections must be confirmed in writing upon Agent’s request. Interest shall be
calculated on the actual number of days each loan is outstanding on the basis of a year consisting
of 360 days and shall be payable monthly in arrears by the 20th day of the following month or on
such other day in such month as Agent shall require in a written notice to the Company; provided,
however, in the event the Company elects to fix all or a portion of the indebtedness outstanding
under the LIBOR interest rate option above, at Agent’s option upon written notice to the Company,
interest shall be payable at the maturity of the Interest Period and if the LIBOR interest rate fix
is for a period longer than 3 months, interest on that portion of the indebtedness outstanding
shall be payable quarterly in arrears on each three-month anniversary of the commencement date of
such Interest Period, and at maturity.

     SECTION 5. Promissory Note. The Company promises to repay the unpaid principal balance of
the loans on the last day of the term of the Commitment. In addition to the above, the Company
promises to pay interest on the unpaid principal balance of the loans at the times and in
accordance with the provisions set forth in Section 4 hereof.

     SECTION 6. Borrowing Base Reports, Etc. The Company agrees to furnish a Borrowing Base
Report to Agent at such times or intervals as Agent may from time to time request. Until receipt
of such a request, the Company agrees to furnish a Borrowing Base Report to Agent within 30 days
after

 

 

	 	 	 
	Statused Revolving Credit Supplement RI0291S01
	 	 
	Western Iowa Energy, LLC

	 	-3-
	Wall Lake, Iowa
	 	 

each month end calculating the Borrowing Base as of the last day of the month for which the Report
is being furnished. However, if no balance is outstanding hereunder on the last day of such month,
then no Report need be furnished. Regardless of the frequency of the reporting, if at any time the
amount outstanding under the Commitment exceeds the Borrowing Base, the Company shall immediately
notify Agent and repay so much of the loans as is necessary to reduce the amount outstanding under
the Commitment to the limits of the Borrowing Base,

     SECTION 7. Letters of Credit. If agreeable to Agent in its sole discretion in each instance,
in addition to loans, the Company may utilize the Commitment to open irrevocable letters of credit
for its account. Each letter of credit will be issued within a reasonable period of time after
receipt of a duly completed and executed copy of Agent’s then current form of application or, if
applicable, in accordance with the terms of any CoTrade Agreement between the parties, and shall
reduce the amount available under the Commitment by the maximum amount capable of being drawn
thereunder. Any draw under any letter of credit issued hereunder shall be deemed an advance under
the Commitment. Each letter of credit must be in form and content acceptable to Agent and must
expire no later than the maturity date of the loans. Notwithstanding the foregoing or any other
provision hereof, the maximum amount capable of being drawn under each letter of credit must be
statused against the Borrowing Base in the same manner as if it were a loan, and in the event that
(after repaying all loans) the maximum amount capable of being drawn under the letters of credit
exceeds the Borrowing Base, then the Company shall immediately notify Agent and pay to Agent (to be
held as cash collateral) an amount equal to such excess.

     SECTION 8. Commitment Fee. In consideration of the Commitment, the Company agrees to pay to
Agent a commitment fee on the average daily unused portion of the Commitment at the rate of 2/5 of
1% per annum (calculated on a 360 day basis), payable monthly in arrears by the 20th day following
each month. Such fee shall be payable for each month (or portion thereof) occurring during the
original or any extended term of the Commitment. For purposes of calculating the commitment fee
only, the “Commitment” shall mean the dollar amount specified in Section 1 hereof, irrespective of
the Borrowing Base.

     SECTION 9. Loan Origination Fee. In consideration of the Commitment, the Company agrees to
pay to Agent on the execution hereof a loan origination fee in the amount of $5,000.00.

     IN WITNESS WHEREOF, the parties have caused this Supplement to be executed by their duly
authorized officers as of the date shown above.

	 	 	 	 	 	 	 	 	 
	FARM CREDIT SERVICES OF

AMERICA, FLCA	 	 	 	WESTERN IOWA ENERGY, LLC
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Shane Frahm	 	 	 	By:
	 	/s/ John Geake
	 

	 	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Title:	 	Vice President	 	 	 	Title: Chairman
	 

	 	 	 	 	 	 	 	 

 

 

NOTICE TO BORROWER

     THE FOLLOWING DISCLOSURE RELATES TO THE AT RISK NATURE OF THE EQUITY INVESTMENT REQUIRED AS A
CONDITION TO AN EXTENSION OF CREDIT. PLEASE READ THESE MATERIALS CLOSELY WHEN EVALUATING THE
PROPOSED CREDIT TERMS.

     You have received, or the bank has made available to you, the bank’s most recent annual
report, the most recent quarterly report, a copy of the Bylaws, and a copy of the current Capital
Plan.

     As a condition to the extension of credit, borrowers are required to own equity in the bank.
Equity ownership requirements are established by the board of directors from time to time as set
forth in the Capital Plan. Currently the Capital Plan requires each active stockholder to own a
minimum investment of the bank’s capital of $1,000 or 2 percent of the loan, whichever is less.
After this minimum level is achieved, all future capitalization requirements will be made through
retained patronage earnings and no additional out-of-pocket equity purchases beyond the initial
investment will be required. Equity of owners whose current investment is above target level will
be available for retirement until the target equity level is reached. The Capital Plan may be
amended from time to time by the board of directors. Such amendments may increase the amount of
capital required to be invested to maintain a loan.

     Equity will be retired and patronage distributions will be made in accordance with the Bylaws
and Capital Plan, as may be amended from time to time. ALL EQUITY IN THE BANK: (l) IS RETIREABLE
ONLY AT THE DISCRETION OF THE BOARD OF DIRECTORS AND THEN ONLY IF MINIMUM CAPITAL STANDARDS
ESTABLISHED BY LAW ARE MET; AND (2) IS AN INVESTMENT IN THE BANK THAT IS AT RISK AND SHOULD NOT BE
CONSIDERED EQUIVALENT TO A COMPENSATING BALANCE. AT PRESENT, THE BANK MEETS ITS MINIMUM CAPITAL
STANDARDS AND KNOWS OF NO REASON WHY IT SHOULDN’T CONTINUE TO MEET THOSE STANDARDS ON THE BANK’S
NEXT EARNINGS DISTRIBUTION DATE.

 

 

	 	 	 
	

	 	P.O. Box 5110

Denver, Colorado 80217

5500 South Quebec Street

Greenwood Village, CO 80111

Phone: (303) 740-4000

Fax: (303) 694-5851 (Closing Dept.)

July 28, 2006`

Mr. Chris Daniel, General Manager

Western Iowa Energy, LLC

P.O. Box 399

Wall Lake, Iowa 51466

Dear Mr. Daniel:

As administrative agent for Farm Credit Services of America, FLCA (“Farm Credit”), CoBank has
enclosed Statused Revolving Credit Supplement RI0291S01. It is important that this document be
executed by an officer authorized by your board resolution and who has signed on the most recent
incumbency certificate (a copy with the authorized signatures highlighted is included). Please
return the documents to CoBank at your earliest convenience. An additional set of documents has
been forwarded to Farm Credit Services of America for their execution.

You are welcome to expedite the processing of this transaction by faxing the signed documentation
to Loan Processing Closing, provided that all such documentation (bearing the ORIGINAL ink
signatures) is promptly mailed to CoBank at the address shown below. The fax number for Loan
Processing Closing is (303) 694-5851. Please mail the documentation with original signatures to:
Loan Processing Closing, CoBank, ACB, 5500 South Quebec, Greenwood Village, Colorado 80111.

The following documents are enclosed and are required to be returned:

	1.	 	Statused Revolving Credit Supplement No. RI0291S01. Please review the agreement and
have it signed by an officer authorized by the resolution. Please note that a duplicate
signature page is included with the agreement. We request that all signature pages be
completed to allow for originals to be distributed to the various parties to each agreement.

	2.	 	Invoice. The invoice is for the fee associated with this document. Please retain
one copy for your records and return the duplicate indicating your choice of payment method.

     Additionally enclosed are the following documents:

	1.	 	Borrowing Base Report. As a requirement to Seasonal Supplement RI0291S01, a
borrowing base report form should be forwarded to CoBank on a monthly basis. Enclosed is a
supply of these reports. Please refer to Section 6 of the supplement for instructions on the
completion and submission of your report.

	2.	 	Notice To Borrower. Please keep this notice with your records.

If these documents are acceptable to you, please have all the signature pages signed by an
authorized officer and return to CoBank. A self-addressed envelope has been included for returning
the executed documents to Loan Processing Closing, CoBank, ACB, 5500 South Quebec Street, Greenwood
Village, Colorado 80111. Upon approval, an authorized officer of Farm Credit will sign the
necessary documentation and copies will be mailed to you for your records.

 

 

Mr. Chris Daniel, General Manager

Page 2

July 21, 2006

If you have any questions, please feel free to call me at (800) 322-3654 (ext. 020225) or Doug
Jones at (800) 346-5717, (ext. 22008). Thank you for your continued patronage and support of Farm
Credit and CoBank.

Sincerely,

/s/ Gina Sandberg

Gina Sandberg

Documentation Specialist

Enclosures

 

 

EXHIBIT A

Seasonal Borrowing Base Report

	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 
	 	Western Iowa
Energy, LLC
(RIO291S01)
CIF#00034864
	 	 	Wall Lake, Iowa	 	 	 	 	 	<--For Period Ending	 
	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

For purposes hereof, ELIGIBLE INVENTORY shall mean inventory which: (a) is of a type shown
below; (b) is owned by the borrower and not held by the borrower on consignment or similar basis;
(c) is not subject to a lien except in favor of Farm Credit Services of America; (d) is in
commercially marketable condition; and (e) is not deemed ineligible by Farm Credit Services of
America. Furthermore, market price shall mean the commodity FOB at the plant. For purposes hereof,
ELIGIBLE RECEIVABLES shall mean rights to payment for goods sold and delivered or for services
rendered which: (a) are not subject to any dispute, set-off, or counterclaim; (b) are not owing by
an account debtor that is subject to a bankruptcy, reorganization, receivership or like proceeding;
(c) are not subject to a lien in favor of any third party, other than liens authorized by Farm
Credit Servcies of America in writing; (d) are not owing by an account debtor that is owned or
controlled by the borrower, and (e) are not deemed ineligible by Farm Credit Services of America.

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Line	 	Type of Eligible Asset	 	 	Amount/Price/Value	 	 	Advance Rate	 	 	Collateral Value	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	1

	 	Owned Soybean Oil Inventory (pounds)	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	2

	 	Soybean Oil Price (lower of cost or market — $/lb.)	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	3.

	 	SoyBean Oil Value (Line 1 x Line 2)
	 	 	 	 	 	75%	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	4

	 	Less All Soybean Oil Payables
	 	 	 	 	 	-100%	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	5

	 	Owned Biodiesel Inventory (gallon)	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	6

	 	Biodiesel Price (market — $/gallon)	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	7

	 	Biodiesel Value (Line 11 x Line 12)
	 	 	 	 	 	75%	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	8

	 	 	Total Borrowing Base —>	 	 	 	 
	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	9

	 	Less: Outstanding Balance of Loan (S01)
	 	 	 	 	 	100%	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	10

	 	Less: Issued Letters of Credit (on S01)
	 	 	 	 	 	100%	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	11

	 	 	Total Deducts (Lines 9+10) —>	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	12

	 	 	EXCESS OR DEFICIT* (Line 8 – Line 11) —>	 	 	 	 
	 	 	 	 	 	 	 	 	 

*Note: If a deficit exists, funds must be remitted to CoBank within 5 business days of month end.

I HEREBY CERTIFY THAT TO THE BEST OF MY KNOWLEDGE THIS INFORMATION IS TRUE AND CORRECT.

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Authorized Signature	 	 	Title	 	 	Date	 
	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 
	 	Printed Name:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}]]