Document:

Settlement Agreement dated June 23, 2006

 Exhibit 10.14 
 SETTLEMENT AGREEMENT 
 This Settlement Agreement is effective as of June 9, 2006, and memorializes the
settlement reached during mediation on June 9, 2006. 
 1. Definitions. The following terms shall have the indicated
meanings: 
  

	 	a.	“Liberty” means “Liberty Renewable Fuels, LLC. 

  

	 	b.	“REC” means Renewable Energy Consultants, LLC. 

  

	 	c.	“Bateman” means Mark and Terri Bateman. 

  

	 	d.	“Chesak” means Rick and Susan Chesak. 

  

	 	e.	“Brearley” means Cyndi Brearley. 

  

	 	f.	“Lawsuit” means that certain lawsuit styled Liberty Renewable Fuels, L.L.C. v. Mark Bateman, Renewable Energy Consultants, L.L.C., Rick Chesak, and Cindy Brearley,
Case No. 06-04131-C, and filed in the 35th Circuit Court of Shiawassee County, Michigan. 

  

	 	g.	“REC Parties” means all of REC, Bateman, Chesak, and Brearley. 

  

	 	h.	“Ethanol Refinery” means a refinery facility constructed in Gratiot County, Michigan or in another location in Michigan within 75 miles of Gratiot County, capable of
manufacturing ethanol from distilling corn, as contemplated in that certain feasibility study, dated April of 2006, and prepared for Liberty by PRX (ProExporter Network). 

  

	 	i.	“Board Approval” means approval of the execution of this Settlement Agreement by the board of directors of Liberty, and the execution and delivery of this Agreement by
Liberty. 

  

	 	j.	 “Accelerating Event” shall mean and include any or all of the following: (a) the sale or other transfer of all or substantially all of the assets of
Liberty, or the sale or other transfer of Liberty’s interest in the Ethanol Refinery project, in a transaction in which the acquiring entity does not assume all of Liberty’s obligations under this Agreement; (b) the sale or other
transfer by all or substantially all of the members of Liberty of their interests in Liberty or their interests, if any, in the Ethanol Refinery project, in one transaction or in a series of related transactions; or (c) a merger of Liberty and
as a result thereof, the Public Offering contemplated in Section 3(c) hereof does not occur because all or substantially all of the financing needed to complete the Ethanol Refinery is being provided without the necessity of such Public
Offering. The foregoing notwithstanding, the following shall not constitute an Accelerating Event: (i) any transaction whose primary purpose is to 

  

 1 

 
change the state of Liberty’s organization so long as the resulting company is obligated to perform Liberty’s obligations under this Agreement, and
(ii) any transaction whose primary purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held Liberty’s securities immediately before such transaction, so long as the holding
company and Liberty are jointly and severally liable for Liberty’s obligations under this Agreement. 
  

	 	k.	“Liberty Affiliate” means any present or former officer, director, manager, shareholder, member, partner, affiliate, subsidiary, or agent of Liberty.

  

	 	l.	“REC Affiliate” means any present or former officer, director, manager, shareholder, member, partner, affiliate, subsidiary, or agent of REC. 

  

	 	m.	“Party” or “Parties” means each of the REC Parties and REC Affiliates, and Liberty and each of Liberty’s Affiliates. 

  

	 	n.	“2/10 Document” means that certain document, so defined and attached as Exhibit 1 to the Complaint filed by Liberty in the Lawsuit. 

  

	 	o.	“Complaint” means the Complaint filed by Liberty in the Lawsuit. 

  

	 	p.	“Points of Agreement” means the two page document signed by the Parties’ counsel on June 9, 2006 at the conclusion of the facilitative mediation session.

 2. Conveyance to Liberty and Termination of Agreements. The REC Parties and each of them convey to Liberty any
and all rights, title, and/or other ownership interest in and to Liberty, including without limitation, any rights in and to the Ethanol Refinery, which any of them has, had or has ever had, if any. In so conveying, each of the REC Parties
represents that they have not transferred or pledged any such interest to any other person, such that the transfer herein is made free and clear of any liens, claims, or encumbrances of any person. Further, any and all agreements, undertakings,
understandings, agreements, duties, contracts, and/or commitments, related to the Ethanol Refinery and/or related to any of the REC Parties’ and REC Affiliates’ actual or claimed ownership, development, management or other claimed rights
and obligations regarding Liberty, between on the one hand, Liberty and any Liberty Affiliates, and on the other hand, the REC Parties and any REC Affiliates, is hereby cancelled, terminated and rescinded for all purposes including without
limitation, the 2/10 Document and those certain Nondisclosure and Noncompete Agreements executed by any of the REC Affiliates, examples of which are attached as exhibits to the Complaint. 
 3. Payment to REC Parties. Liberty will pay to the REC Parties the following sums at the indicated times. All funds shall be paid by check,
made payable to REC, as Trustee for the REC Parties, and REC shall be solely responsible for delivery of funds to any of the REC Parties as their interests shall appear. Liberty has no responsibility for the further division of payments as among the
REC Parties. 
  

 2 

	 	a.	“Initial Payment.” Liberty shall pay $20,000 within 7 days of Board Approval. 

  

	 	b.	“Second Payment.”: Liberty currently intends to conduct a private offering or offerings and sale of its equity securities principally to current investors, but also
to other investors (herein collectively called the “Second Offering”). Liberty shall pay to REC, as Trustee, ten percent (10%) of the gross cash proceeds received by Liberty in the Second Offering, up to a maximum amount of $150,000.
One Hundred Twenty-five Thousand ($125,000) of this amount shall be paid to the REC Parties by check made payable to REC and delivered to RFC’s attorneys, Fraser Trebilcock Davis & Dunlap, P.C., Attention: Michael E. Cavanaugh, and
Twenty-Five Thousand ($25,000) of this amount shall be paid to Cyndi Brearley in a check made payable to her and delivered to her attorneys, Fraser Trebilcock Davis & Dunlap, P.C., Attention: Michael E. Cavanaugh. In the event partial
payments are made, then as between Cyndi Brearley and the REC parties, payments shall be made pari passu in the same percentages. Such money shall be payable only when, as and if Liberty closes the Second Offering. Counsel for Liberty shall keep
counsel for REC Parties reasonably informed of the commencement of the Second Offering and its anticipated closing, including updates if events materially alter anticipated timetables previously given. 

  

	 	c.	“Third Payment.” Liberty currently intends, following the closing of the Second Offering, to conduct a public offering or offerings and sale of its equity
securities and otherwise arrange a debt and/or equity package, which raises the money necessary to build the Ethanol Refinery (herein collectively called the “Public Offering”). Liberty shall pay to REC, as Trustee, ten percent
(10%) of the gross cash proceeds received by Liberty in the Public Offering, up to a maximum amount of $350,000 plus the amount by which the aggregate amount paid by Liberty to the REC Parties under paragraph 3(b) above was less than $150,000.
Such money shall be payable only when, as, and if Liberty closes the Public Offering. Counsel for Liberty shall keep counsel for REC Parties reasonably informed of the commencement of the Public Offering and its anticipated closing, including
updates if events materially alter anticipated timetables previously given. 

  

	 	d.	Accelerating Event. In the event of the occurrence of an Accelerating Event, then all payments called for in Paragraph 3 (“Payments to REC Parties”) are due and
payable at the start of substantial construction of the Ethanol Refinery, whether or not new cash equity ever came into Liberty. 

  

	 	e.	The maximum amount payable to the REC Parties under this Agreement is $520,000. 

  

 3 

	 	4.	Releases. 

  

	 	a.	Liberty Release. Liberty and each of the undersigned Liberty Directors and Liberty Members (investors) do hereby release and discharge the REC Parties and their officers,
employees, agents and directors (the “REC Released Parties”), from any claim or cause of action which any of them may have against any of the REC Released Parties, arising out of or connected with the formation and operation of Liberty, or
arising out of or connected with the Ethanol Refinery project, or arising out of or connected with any of the REC Parties’ and REC Affiliates’ actual or claimed ownership, development, management or other claimed rights and obligations
regarding Liberty, directly or indirectly, between on the one hand, Liberty and any Liberty Affiliates, and on the other hand, the REC Parties and any REC Affiliates, (including without limitation, any arising out of or connected with the 2/10
Document) whether known or unknown, fixed or contingent, arising in contract, tort (including without limitation, any claims for breach of fiduciary duty, tortious interference, conversion, and conspiracy), statute, rule or common law, and including
without limitation any and all claims which were asserted or could have been asserted in the Lawsuit. Without limiting the generality of the foregoing, Liberty and each of the undersigned Liberty Directors and Liberty Members (investors) do hereby
release the REC Released Parties from any responsibility and/or liability for any real or claimed breach of the 2/10 Document, and from any responsibility, liability or right to future performance with respect to such instrument. Upon effectiveness
of this Agreement, Liberty shall dismiss the Lawsuit. The dismissal of the Lawsuit will be stipulated by Liberty and the Defendants in the Lawsuit, will be with prejudice, and will be without award of costs or attorney’s fees to any Party. This
final and executed Settlement Agreement will be attached to the Parties’ stipulation. 

  

	 	b.	REC Release. Each of the REC Parties does hereby release and discharge Liberty, and its officers, employees, agents, and directors and each of the undersigned Liberty
Directors and Liberty Members (investors) (the “Liberty Released Parties”), from any claim or cause of action which any of them may have against any of the Liberty Released Parties, arising out of or connected with the formation and
operation of Liberty, or arising out of or connected with the Ethanol Refinery project, or arising out of or connected with any of the REC Parties’ and REC Affiliates’ actual or claimed ownership, development, management or other claimed
rights and obligations regarding Liberty, directly or indirectly, between on the one hand, Liberty and any Liberty Affiliates, and on the other hand, the REC Parties and any REC Affiliates, (including without limitation, any arising out of or
connected with the 2/10 Document) whether known or unknown, fixed or contingent, arising in contract, tort (including without limitation, any claims for breach of fiduciary duty, tortious interference, conversion, and conspiracy), statute, rule or
common law, and including 

  

 4 

 without limitation any and all claims which were asserted or could have been asserted in the Lawsuit.
Without limiting the generality of the foregoing, the REC Parties and each of them, do hereby release Liberty Released Parties from any responsibility and/or liability for any real or claimed breach of the 2/10 Document, and from any responsibility,
liability, or right to future performance with respect to such instrument. 
  

	 	c.	Release of and by Former Liberty Members. Releases of the REC Released Parties will be sought from all former Liberty Directors and Liberty Members (investors), and best
efforts will be made by Liberty to secure those releases. Any former Liberty member and/or director who executes and delivers a counterpart of this Agreement is herein called a “Released Former Liberty Member.” Each of the REC Parties does
hereby release and discharge each Released Former Liberty Member from any claim or cause of action which any of them may have against such Released Former Liberty Member, arising out of or connected with the formation and operation of Liberty or
arising out of or connected with the Ethanol Refinery project, or arising out of or connected with any of the REC Parties’ and REC Affiliates’ actual or claimed ownership, development, management or other claimed rights and obligations
regarding Liberty, directly or indirectly, between on the one hand, Liberty and any Liberty Affiliates, and on the other hand, the REC Parties and any REC Affiliates, (including without limitation, any arising out of or connected with the 2/10
Document) whether known or unknown, fixed or contingent, in contract, tort (including without limitation, any claims for breach of fiduciary duty, tortious interference, conversion, and conspiracy), statute, rule or common law, and including without
limitation any and all claims which were asserted or could have been asserted in the Lawsuit; provided, however, that such release shall only become effective as to any particular Released Former Liberty Member when that Released Former Liberty
Member delivers to the attorney for REC the signed release of the REC Released Parties; provided further that any former Liberty Director or Member who signs a counterpart of this Agreement, does so only for purposes of the release provisions
hereof. 

 5. Letter to REC. Upon execution of this Agreement, Liberty shall execute and deliver to REC the
letter attached hereto as Exhibit A. 
 6. Confidentiality and Non-Competition. Simultaneous with the execution hereof, Liberty
and the REC, Mark Bateman, Rick Chesak and Cyndi Brearley shall enter into a Limited Confidentiality and Limited Non-Compete Agreement, which shall be delivered simultaneously with the execution hereof. 
 7. Miscellaneous. 
  

	 	a.	Non-Disparagement. No Party or officer, director, member or manager of a Party, or other person signing this Settlement Agreement will make any

  

 5 

 statement to any other person that tends to disparage an opposing Party or to cast that person or entity
in a negative light. The only statement that will be made regarding this litigation is that Liberty has repurchased any interests or rights that REC Parties may have had in Liberty, and that the Parties have resolved the case to their mutual
satisfaction. Provided, however, that required disclosures to the Internal Revenue Service, Securities and Exchange Commission, any other governmental regulatory agency, and statements made in connection with accounting characterizations of these
transactions, are not encompassed by the prohibition above. Further provided that the letter attached as Exhibit A to this Settlement Agreement, and referenced in Paragraph 5, (five) of this Agreement, also is not encompassed by the prohibition
above. 
  

	 	b.	Advice of Counsel. By voluntarily executing this Settlement Agreement, the Parties confirm that they have been advised to, and have in fact, had this Settlement
Agreement explained to them by counsel. Further, the Parties confirm that, in executing this Settlement Agreement, the Parties are relying upon their own judgment and the advice of their attorneys, not on any recommendations, or statements, by any
other Party or any other Party’s counsel. 

  

	 	c.	Entire Agreement. This Settlement Agreement is intended to complete the settlement outlined in that certain two-page document entitled “Points of Agreement”
and signed by the Parties’ counsel on June 9, 2006. This Agreement and the Points of Agreement embody the entire agreement and understanding between the Parties with respect to the subject matter hereof, except for the REC Parties’
obligations set forth in that certain Limited Confidentiality and Limited Non-Compete Agreement, executed and delivered of even date herewith. This Agreement may be changed, waived, discharged, or terminated only by an instrument in writing signed
by the Party against which enforcement of such change, waiver, discharge, or termination is sought. 

  

	 	d.	Counterpart Execution. This Agreement may be executed by any Party in counterparts, each of which shall be deemed an original and all of which, when combined, shall
constitute 1 (one) instrument. This Agreement may also be executed by facsimile signature. This Agreement shall not be enforceable against any Party, however, until all signatures of the persons set forth below have been affixed.

  

	 	e.	Continuing Validity. Should any non-material part, term, or provision of this Settlement Agreement be declared or be determined by any court, agency or the arbitrator
to be illegal or invalid, the validity of the remaining parts, terms, or provisions shall not be affected thereby, and said illegal or invalid part, term, or provision shall be deemed not to be a part of this Settlement Agreement but rather such
provision shall be reformed by the 

  

 6 

 court, agency or arbitrator to effectuate the original intent of the Parties to the maximum degree
possible. 
  

	 	f.	Tax Consequences. REC Parties acknowledge and agree that Liberty, Liberty Affiliates, Liberty’s members, and Liberty’s counsel have not made any
representations regarding the tax consequences of any amounts received by REC Parties pursuant to this Settlement Agreement. REC Parties agree to pay federal and state taxes, if any, that are required by law to be paid by them with respect to this
Settlement Agreement. 

  

	 	g.	Arbitration. The Parties WAIVE ANY RIGHT TO TRIAL BY JURY or to have a jury participate in resolving any dispute, whether sounding in contract, tort, or otherwise,
between the Parties arising out of this Settlement Agreement, or any other instrument, document, or agreement, executed or delivered in connection with this Settlement Agreement or the transactions related hereto. The Parties further agree that this
Arbitration provision shall be governed by the Federal Arbitration Act. Should any dispute arise, then the Parties agree to arbitrate any dispute arising out of or related to this Settlement Agreement. In the event arbitration is necessary, the
Parties agree that the dispute will be resolved by Jon Muth, acting as the sole arbitrator. The Parties further agree that Jon Muth’s arbitration award will be final, binding and conclusion. The Parties further agree to split Jon Muth’s
fees for arbitration 50/50. The Parties further agree that a claim for arbitration shall be made by written notice to Jon Muth and the other Parties, which shall initiate the arbitration proceeding. The Parties further agree that the final
arbitration hearing shall take place within sixty (60) days of the date the arbitration claim is submitted, and an arbitration award shall be rendered by Jon Muth within thirty (30) days thereafter and that a judgment may be entered on the
award by a court of competent jurisdiction. In the event that Jon Muth is unable or unwilling to so serve, the Parties rights to resort to courts of law shall be re-instated. 

  

	 	h.	All Members and Directors. Liberty represents and warrants to the REC Parties and REC Affiliates that the persons signing below as Members or Directors of Liberty
constitute all of the current Members and Directors of Liberty giving effect to the resignations previously tendered. 

  

 7 

			
	REC PARTIES	 	
	
	  

	Mark Bateman	 	Dated
	
	  

	Tari Bateman	 	Dated
	
	  

	Rick Chesak	 	Dated
	
	  

	Suzanne Chesak	 	Dated
	
	  

	Cyndi Brearley	 	Dated

  

			
	RENEWABLE ENERGY CONSULTANTS, L.L.C.
	 By:
	 	  

	 Its:
	 	  

	 Dated:
	 	  

  

			
	LIBERTY	 	
	
	LIBERTY RENEWABLE FUELS, LLC
		
	 By:
	 	  

	 Its:
	 	  

	 Dated:
	 	  

  

 8 

			
	LIBERTY DIRECTORS
	
	  

	 John Blank
	 	Dated
	
	  

	 Todd Brink
	 	Dated
	
	  

	 Ron Brown
	 	Dated
	
	  

	 Scott Crumbaugh
	 	Dated
	
	  

	 Scott Everett
	 	Dated
	
	  

	 Ken Fowler
	 	Dated
	
	  

	 Don Haske
	 	Dated
	
	  

	 Sam Hawkins
	 	Dated
	
	  

	 Denny Heffron
	 	Dated
	
	  

	 Keith Kirkdorfer
	 	Dated
	
	  

	 Wilson Lauer
	 	Dated

  

 9 

			
	  

	 Leo Lawson
	 	Dated
	
	  

	 Chad Sowerby
	 	Dated
	
	  

	 Nick Totzke
	 	Dated
	
	  

	 Ben Yantis
	 	Dated

  

 10 

									
	  
	  		  	  

	Sam Hawkins	  	Dated	  		  	Nick Totzke	  	Dated
			
	  
	  		  	  

	Denny Heffron	  	Dated	  		  	Clifford Vennix	  	Dated
			
	  
	  		  	  

	Robert Kennedy	  	Dated	  		  	Ben Yantis	  	Dated
			
	  
	  		  	  

	Keith Kirkdorfer	  	Dated	  		  	ERGON CAPITAL, LP
				
	  
	  		  	By:	  	  

	Wilson Lauer	  	Dated	  		  	 Its:
	  	  

	  
	  		  	  
	Leo Lawson	  	Dated	  		  	Dated:	  	  

			
	  
	  		  	ALLEGAN COUNTY RENEWABLE ENERGY, LLC
	Norman Mihills	  	Dated	  		  		  	
				
	  
	  		  	By:	  	  

	Don Miller	  	Dated	  		  	Its:	  	  

				
	  
	  		  	Dated:	  	  

	Dennis Muchmore	  	Dated	  		  		  	
			
	  
	  		  	ALLEGAN COUNTY RENEWABLE ENERGY, II LLC
	Gail Peterson	  	Dated	  		  		  	
				
	  
	  		  	By:	  	  

	Troy Prescott	  	Dated	  		  	Its:	  	  

				
	  
	  		  	Dated:	  	  

	Tom Pumford	  	Dated	  		  		  	
			
	  
	  		  	PRO-FARMER FINANCIAL GROUP, LLC
	David Skjaerlund	  	Dated	  		  		  	
				
	  
	  		  	By:	  	  

	Chad Sowerby	  	Dated	  		  	Its:	  	  

				
	  
	  		  	Dated:	  	  

	Revis Stephenson	  	Dated	  		  		  	

  

 11 

			
	LIBERTY DIRECTORS AND MEMBERS
	
	  

	 Ron Blazer
	 	Dated
	
	  

	 Cullen DuBose
	 	Dated
	
	  

	 Matt Dutcher
	 	Dated
	
	  

	 Paul Early
	 	Dated
	
	  

	 Kathy Fiscus
	 	Dated
	
	  

	 Darryl Fowler
	 	Dated
	
	  

	 Jim Guse
	 	Dated
	
	  

	 Robert Kennedy
	 	Dated
	
	  

	 Norman Mihills
	 	Dated
	
	  

	 Don Miller
	 	Dated
	
	  

	 Dennis Muchmore
	 	Dated
	
	  

	 Gail Peterson
	 	Dated
	
	  

	 Tom Pumford
	 	Dated
	
	  

	 David Skjaerlund
	 	Dated
	
	  

	 Clifford Vennix
	 	Dated

  

 12 

							
	LIBERTY MEMBERS	  	GLOBAL ENERGY IMPACT, LLC
	  
	  	By:	  	  

	Ron Fiscus	  	Dated	  		  	
		  		  	Its:	  	  

			
	 ALLEGAN COUNTY RENEWABLE ENERGY, LLC
  
	  	Dated:	  	  

	By:	  	  
	  		  	
		  		  	KIRKDORFER FARMS
	Its:	  	  
	  		  	
		  		  	By:	  	  

	Dated:	  	  
	  		  	
		  		  	Its:	  	  

			
	ALLEGAN COUNTY RENEWABLE ENERGY, II LLC	  	Dated:	  	  

			
		  		  	LAUER FARMS, LLC
	By:	  	  
	  		  	
		  		  	By:	  	  

	Its:	  	  
	  		  	
		  		  	Its:	  	  

	Dated:	  	  
	  		  	
		  		  	Dated:	  	  

	PRO-FARMER FINANCIAL GROUP, LLC	  		  	
		  		  	VICTORY & SONS, LLC
	By:	  	  
	  		  	
		  		  	By:	  	  

	Its:	  	  
	  		  	
		  		  	Its:	  	  

	Dated:	  	  
	  		  	
		  		  	Dated:	  	  

	KCF INVESTMENTS, LLC.	  		  	
		  		  	SOWERBY FARMS
	By:	  	  
	  		  	
		  		  	By:	  	  

	Its:	  	  
	  		  	
		  		  	Its:	  	  

	Dated:	  	  
	  		  	
		  		  	Dated:	  	  

  

 13 

							
	LIBERTY MEMBERS (Con’t)	  	APPLE INVESTMENT, LLC
			
	ADVANCED BIO-ENERGY, LLC	  	By:	  	  

				
	By:	  	  
	  	Its:	  	  

				
	Its:	  	  
	  	Dated:	  	  

				
	Dated:	  	  
	  		  	
			
		  		  	HEFFRON FARMS
			
	TOTZKE FARMS	  	By:	  	  

				
	By:	  	  
	  	Its:	  	  

				
	Its:	  	  
	  	Dated:	  	  

				
	Dated:	  	  
	  		  	
			
	FUTURE FUELS, LLC	  		  	
				
	By:	  	  
	  		  	
				
	Its:	  	  
	  		  	
				
	Dated:	  	  
	  		  	
			
	YANTIS FAMILY INVESTMENTS, LLC	  		  	
				
	By:	  	  
	  		  	
				
	Its:	  	  
	  		  	
				
	Dated:	  	  
	  		  	
			
	ENERGY SERVICE, LLC	  		  	
				
	By:	  	  
	  		  	
				
	Its:	  	  
	  		  	
				
	Dated:	  	  
	  		  	

  

 14 

			
	FORMER MEMBERS
	
	  

	Troy Prescott	 	Dated
	
	  

	Tom Breakey	 	Dated

  

			
	ERGON CAPITAL, LP
		
	By:	 	  

		
	Its:	 	  

		
	Dated:	 	  

  

 15 

 EXHIBIT A 

 June 23, 2006 
 Mr. Mark Bateman 
 Renewable Energy Consultants, LLC 
 P.O. Box 468 
 Kewanna, IN 46939 
 Mr. Richard
Chesak 
 Renewable Energy Consultants, LLC 
 P.O. Box 468

 Kewanna, IN 46939 
 Re: Letter of
Appreciation 
 Dear Mark and Rick: 
 Oh
behalf of the Board of Directors of Liberty Renewable Fuels, LLC, including myself, we would like to express our appreciation for the work you have done to help Liberty on its path of developing an ethanol production facility in Michigan.

 Since the initial meetings in which you were a part and the completion of the PRX feasibility study which was also ordered by REC, the
project has become a feasible business opportunity. We also greatly appreciate all the efforts of Cyndi during all the board meetings. Through your efforts, and the subsequent efforts of the Board of Directors of Liberty, the dream of constructing
an ethanol production facility is on its way of becoming a reality. 
 It is perhaps natural for differences to arise as a project of this
scope progresses. As those differences surfaced, REC and Liberty made good faith efforts to resolve those differences. The Board and I are very pleased that we were able to reach an amicable agreement with you to fully resolve those differences.

 In conclusion, your past efforts on behalf of Liberty are greatly appreciated. We wish you every success in your future business
endeavors. 
  

	
	Sincerely,
	
	David Skjaerlund
	PresidentForm of Business Loan Agreement dated January 3, 2007

 Exhibit 10.15 
 BUSINESS LOAN AGREEMENT 
 The undersigned, Liberty Renewable Fuels LLC, a Delaware limited
liability company (“Liberty”) whose address is 3508 E. M-21, P.O. Box 335, Owosso, Michigan 48867 has requested from Fifth Third Bank, a Michigan banking corporation (“Fifth Third”) whose address is 1000 Town
Center, Suite 1400, Southfield, Michigan 48075 and Fifth Third agrees to make, or has made, as of this 3rd day of
January, 2007, the financial accommodation described below (the “Letter of Credit”) under the terms and conditions set forth in this Business Loan Agreement (the
“Agreement”). 
 ACCORDINGLY, the parties agree as follows: 
 SECTION I. THE LETTER OF CREDIT 
 Commercial Letter of Credit dated January 3,
2007, in the maximum amount of One Million Six Hundred Thirty-Four Thousand and 00/100 ($ 1,634,000.00) Dollars. 
 SECTION II. PURPOSE

 The Letter of Credit to be used for business purposes only and specifically, the Letter of Credit will be used to support funding
for the preliminary site development to be performed by Fisher Contracting Company prior to the commencement of construction of a 100 million gallon per year dry mill corn-processing ethanol plant. 
 SECTION III. REPRESENTATIONS AND WARRANTIES 
 Liberty represents and
warrants to Fifth Third as follows: 
  

	3.1	Liberty is a: 

  

	 ̈	a.    Corporation 

	x	b.    Limited Liability Company (L.L.C.) 

	 ̈	c.    Limited Partnership 

 duly
organized and validly existing and in good standing under the laws of the State of Delaware. 
  

	3.2	The President and C.E.O. of Liberty signing this Agreement is duly authorized to execute and deliver the Letter of Credit related documents on behalf of Liberty; the execution,
delivery, and performance of the Letter of Credit related documents have 

  

 Page 1 of 10 

 been duly authorized by appropriate action of Liberty and will not violate any law, rule, judgement,
order, agreement, or instrument to which Liberty is a party or by which it is bound; and the Letter of Credit related documents have been duly executed and delivered by, and are the valid and binding obligations of Liberty enforceable in accordance
with their terms. 
  

	3.3	All financial information provided to Fifth Third has been prepared and will continue to be prepared in accordance with GAAP and fully and fairly presents the financial condition of
Liberty and there has been no material change in Liberty’s business, property, or condition since the date of Liberty’s latest financial statement. 

  

	3.4	Liberty owns and has good title to all of its property, and there are no liens or encumbrances on any of Liberty’s property, except as have been disclosed to Fifth Third in
writing prior to the date of this Agreement and as are identified and listed in an attachment to this Agreement. 

  

	3.5	There are no suits or proceedings pending in any court, government agency, or arbitration panels or to Liberty’s knowledge, threatened against Liberty, which may result in any
Material Adverse Effect. 

  

	3.6	All of Liberty’s real and personal property, and all operations and activities thereon, are in compliance with all Environmental Laws; and none of Liberty’s real or
personal property is (a) contaminated by, or the site of, the disposal or release of any Hazardous Substance; (b) the source of any contamination of any groundwater or surface water; or (c) the source of any air emissions in excess of
any legal limit now or hereafter in effect. 

 SECTION IV. LETTER OF CREDIT 
  

	4.1	So long as there shall not have occurred any event of default as defined in Section IX of this Agreement, Fifth Third shall continue to extend the Letter of Credit for the benefit
of Liberty and Wilcox Design-Build, LLC for work to be performed by Fisher Contracting Company on Bid Package No. 1 (Earthwork and Utilities). 

  

	4.2	The Letter of Credit shall be evidenced by and payable with interest in accordance with the terms of the Letter of Credit related documents that Liberty shall execute and deliver to
Fifth Third. 

 SECTION V. [Intentionally omitted] 
  

 Page 2 of 10 

 SECTION VI. AFFIRMATIVE COVENANTS 
 From the date of this Agreement and until Fifth Third has no further obligation under the Letter of Credit or under this Agreement, Liberty shall: 
  

	6.1	Furnish to Fifth Third, in a form acceptable to Fifth Third: 

  

	 	A.	A copy of Liberty’s Balance Sheet within 5 business days from the date Fifth Third requests same. 

  

	 	B.	A copy of Liberty’s Investor Package within 5 business days from the date Fifth Third requests same. 

  

	6.2	Promptly furnish to Fifth Third such additional information and reports concerning Liberty’s business, property, and financial condition as Fifth Third shall request, and
permit Fifth Third to inspect Liberty’s books, property and records during normal business hours. 

  

	6.3	Promptly notify Fifth Third in writing of any litigation, governmental proceeding, default or any other occurrence, which may have a Material Adverse Effect.

  

	6.4	Maintain Liberty’s existence in good standing in the State of Delaware and its qualifications in good standing in Michigan and every other jurisdiction in which the failure to
be so qualified or authorized to do business would have a Material Adverse Effect; continue to conduct and operate its business substantially as presently conducted and operated; and comply with all governmental laws, rules, regulations and orders
applicable to it, the failure to comply with which would have a Material Adverse Effect. 

  

	6.5	Maintain insurance, including, but not limited to, fire and extended coverage insurance, workers’ compensation insurance, and casualty and liability insurance with responsible
insurance companies on such of its properties and against such risks and in such amounts as is customarily maintained by similar businesses; furnish to Fifth Third upon its request the details with respect to that insurance and satisfactory evidence
of that insurance coverage. Each insurance policy shall be so written or endorsed as to make losses, if any, payable to Liberty and Fifth Third as their respective interest may appear and shall include a mortgage clause or endorsement in favor of
Fifth Third in form and substance satisfactory to Fifth Third. 

  

	6.6	Promptly pay all taxes, levies, and assessments due to all local, State and Federal taxing authorities. 

  

 Page 3 of 10 

	6.7	Comply in all material respect with the requirements of ERISA, including, without limitation, all provisions regarding minimum funding requirements and requirements as to plan
termination insurance; within 30 days after it is filed, furnish to Fifth Third a copy of each annual report and annual return, as well as all schedules and attachments required to be filed with the Department of Labor or the Internal Revenue
Service pursuant to ERISA in connection with each of its Plans for each Plan year; notify Fifth Third immediately of any fact, including, but not limited to any “reportable event” (as defined in Title IV of ERISA) arising in connection
with any of its Plans, that might be grounds for termination thereof by the Pension Benefit Guaranty Corporation (“PBGC”) or for the appointment by the appropriate United States District Court of a trustee to administer the Plan,
together with a statement, if requested by Fifth Third, as to the reason therefor and the action, if any, proposed to be taken with respect thereto; and furnish to Fifth Third, upon its request, any additional information concerning any of its Plans
that Fifth Third may reasonably request. 

  

	6.8	Notify Fifth Third in writing within 10 days after receipt whenever Liberty receives notice of the commencement of (a) formal proceedings or any investigation by a federal or
state environmental agency against Liberty regarding Liberty’s compliance with Environmental Laws, or (b) any other judicial or administrative proceeding or litigation commenced by or against Liberty. 

 SECTION VII. NEGATIVE COVENANTS 
 From the date of this Agreement and
until Fifth Third has no further obligation under the Letter of Credit or under this Agreement, Liberty will not without the prior written consent of Fifth Third: 
  

	7.1	Change Liberty’s name, fiscal year, or method of accounting except as required by GAAP, and except that Liberty may change its name if Liberty has given Fifth Third 60 days
prior written notice and taken such action as Fifth Third deems necessary to continue the perfection of Fifth Third’s security interest and liens. 

  

	7.2	Become a contributing employer with respect to a multi-employer benefit plan within the meaning of Section 3(37)(A) of ERISA (29 U.S.C. 1002), as amended, by Section 302
of the Multi-Employer Pension Plan Amendments Act of 1980; or establish for any of its employees any employee benefit plan that has, or may in the future incur, any un-funded past service liability. 

  

 Page 4 of 10 

 SECTION VIII. COLLATERAL 
 As security for amounts due from Liberty to Fifth Third under this Agreement, Liberty has previously granted, or shall grant or cause to be granted to Fifth Third, the following interests and agreements which are incorporated by reference
into this Agreement: 
  

	8.1	Security Agreement granting to Fifth Third a valid first priority security interest in all of Liberty’s presently owned or hereafter acquired: 

 

	 	x	a.    Deposit Account #7910273908; 

  

	 	 ̈	b.    Inventory; 

  

	 	 ̈	c.    Equipment and Fixtures; 

  

	 	 ̈	d.    Farm Products and Inventory; 

  

	 	 ̈	e.    Instruments, Securities, Consumer Goods; 

  

	8.2	Deposit Account Control Agreement granting to Fifth Third a dominion and control over and a valid first priority security interest in Deposit Account #7910273908 which
shall contain a minimum of One Million Six Hundred Thirty-Four Thousand and 00/100 ($1,634,000.00) Dollars at all times. 

 SECTION
IX. EVENTS OF DEFAULT 
   The following shall be events of default under this Agreement: 
  

	9.1	If Liberty shall default in the payment of any amounts which are properly present for payment under the Letter of Credit provided for under this Agreement or if Liberty shall
default in the payment of principal or interest on any other indebtedness now or later owed to Fifth Third, when due and payable, whether by acceleration or otherwise. 

  

	9.2	If Liberty shall fail to perform any of its other obligations or comply with any of the terms, conditions, and covenants contained in this Agreement, or any Letter of Credit related
documents given under this Agreement or later given to Fifth Third by Liberty or any third-party to secure any indebtedness now or later owning by Liberty to Fifth Third. 

  

	9.3	If Liberty shall default in the payment of any Indebtedness owing to any other firm, person, or entity. 

  

	9.4	If any warranty or representation made in this Agreement, or in any other Letter of Credit Document, or any statement or representation made in any certificate, report, or other
document delivered pursuant to this Agreement, shall be false or inaccurate in any material respect when made. 

  

 Page 5 of 10 

	9.5	If Liberty shall (a) apply for or consent to the appointment of, or the taking of possession by, a receiver, custodian, trustee or liquidator of itself or of all or a
substantial part of its property; (b) be unable to pay its debts as they become due; (c) make a general assignment for the benefit of its creditors; (d) commence a voluntary case under the Federal Bankruptcy Code; (e) file a
petition to take advantage of any other law providing for the relief of debtors; (f) be named as debtor in any proceeding under the Federal Bankruptcy Code; or (g) take any action for the purpose of effecting any of the foregoing.

  

	9.6	If the Collateral and its value or Fifth Third’s rights with respect to the Collateral are materially impaired in any way, or if any guaranty becomes unenforceable or any
guarantor denies liability under a guaranty executed pursuant to this Agreement. 

 SECTION X. REMEDIES 
 The following are remedies of default: 
  

	10.1	Upon occurrence of any Event of Default, Fifth Third may access the Cash Collateral provided under the Deposit Account Control Agreement for the purpose of curing any and all Events
of Default without prior demand or notice. 

  

	10.2	Upon the occurrence of any Event of Default, Fifth Third shall have the right to apply any or all of Liberty’s bank accounts (including the Deposit Account) or any other
property held by Fifth Third, against any indebtedness of Liberty to Fifth Third. 

  

	10.3	No delay or failure of Fifth Third to exercise, and no delay in exercising, any right shall operate as a waiver of that right or as a waiver of any other right.

  

	10.4	The remedies provided for in this Agreement are cumulative and not exclusive, and Fifth Third may exercise any remedies available to it at law or in equity as provided in any Letter
of Credit Documents or other agreement between Liberty and Fifth Third. 

 SECTION XI. DEFINITIONS 
  

	11.1	“Agreement” means this Letter of Credit Agreement. 

  

	11.2	“Contamination” means, when used with reference to any real or personal property, that a “Hazardous Substance” is present on or in the property in any
amount or level. 

  

 Page 6 of 10 

	11.3	“Current Assets” and “Current Liabilities” mean all assets or liabilities, respectively, that in accordance with GAAP, should be so classified on a
balance sheet of Liberty. 

  

	11.4	“Eligible Inventory” means inventory owned by Liberty and located at 3508 E. M-21, P.O. Box 335, Owosso, Michigan 48867, or at such other location(s) as Fifth Third
shall approve in writing, and in which Fifth Third holds a valid, perfected security interest having priority over all other liens and is valued at the lower of cost or market. 

  

	11.5	“Equipment” means the net book value of Liberty’s equipment, wherever located and whether now owned or later acquired, computed accordance to GAAP.

  

	11.6	“Environmental Laws” means all applicable laws, ordinances, rules, regulations, and orders that regulate or are intended to protect public health or the
environment, or that establish liability for the investigation, removal, or cleanup of, or damage caused by any Contamination including, without limitation, any law, ordinance, rule, regulations, or order that regulates, or prescribes requirements
for, air quality, water quality, or the disposition, transportation, or management of waste materials or toxic substances. 

  

	11.7	“ERISA” means the Employment Retirement Income Security Act of 1974, as now and later amended, together with all regulations issued pursuant thereto.

  

	11.8	“GAAP” means generally accepted accounting principles, consistently applied. 

  

	11.9	“Hazardous Substance” means any product or waste that is now or later regulated by or subject to any Environmental Laws and any other pollutant, contaminant, or
waste, including, without limitation, asbestos and polychlorinated biphenyls. 

  

	11.10	“Indebtedness” means indebtedness for borrowed money, indebtedness representing the deferred price of property, obligations under notes payable or drafts accepted
representing extensions of credit, and includes any indebtedness secured by mortgages, security interests, or other liens on property owned by Liberty. 

  

	11.11	“Letter of Credit Documents” means this Agreement, each Note, each collateral document, and any other agreements or documents required to be executed now or later
under the terms of this Agreement. 

  

	11.12	“Material Adverse Effect” means any material adverse effect whatsoever upon (a) the validity, performance, or enforcement of any of the Letter of Credit
Documents, (b) the properties, contracts, business operations, prospects, profits, or condition (financial or otherwise) of Liberty , or (c) the ability of Liberty or Guarantor to fulfill their respective obligations under the Letter of
Credit Documents. 

  

 Page 7 of 10 

	11.13	“Net Current Accounts Receivable” means, as of the relevant date of determination, those trade accounts arising in the ordinary course of business that:
(a) shall be due and payable within ninety (90) days from the invoice date, (b) have been validly assigned to Fifth Third, (c) strictly comply with all of Liberty’s warranties and representations to Fifth Third in the
Letter of Credit Documents, and, (d) with regard to which Liberty strictly complies with its covenants with Fifth Third in the Letter of Credit Documents; provided that Net Current Accounts Receivable shall not include the following:
(i) Accounts with respect to which the Debtor is a shareholder, member, partner officer, director, employee or agent of Liberty, or a entity more than 5% of the voting ownership of which is owned by any of such persons; (ii) Accounts with
respect to which the Debtor is not a resident of the United States; (iii) Accounts with respect to which the Debtor is the United States or any department, agency or instrumentality of the United States unless Liberty has assigned its interests
in such Accounts to Fifth Third pursuant to Federal Assignment of Claims Act or Fifth Third has expressly waived that requirement with respect to specific receivables; (iv) Accounts with respect to which the Debtor is any State of the United
States or any city, town municipality or division thereof that requires Liberty to support its obligations to such Debtor with a performance bond issued by a surety company; (v) Accounts with respect to which the Debtor is a subsidiary of,
related to, affiliated or has common officers or directors with Liberty; (vi) any Accounts of a particular Debtor if Liberty is or may become liable to that Debtor for goods sold or services rendered by that Debtor to Liberty; (vii) any
Accounts owed by a particular Debtor, other than the U.S. Government, or a department or agency thereof, which exceeds 20% of all Eligible Accounts; (viii) any and all Accounts owed by a particular Debtor when 25% or more of the total Accounts
of such Debtor are more than ninety (90) days old from the invoice date; (ix) any Accounts owed by a Debtor who does not meet Fifth Third’s standards of creditworthiness, in Fifth Third’s sole credit judgment exercised in good
faith; (x) any Accounts owed by any Debtor which has filed or has had filed against it a petition for Bankruptcy, insolvency, reorganization or any other type of relief under insolvency laws; (k) any Accounts owed by a Debtor which has
made an assignment for the benefit of creditors; and (xi) any Accounts deemed to be ineligible by Fifth Third based upon credit and collateral considerations as Fifth Third may deem appropriate, in Fifth Third’s sole judgment exercised in
good faith. 

  

	11.14	“Note” means any Term Note or Revolving Credit Note and any other form of promissory note executed and delivered by Liberty under the terms of this Agreement,
together with any renewals, extensions, or modifications thereof. 

  

	11.15	“Plan” means an employee pension benefit plan or other plan with respect to which Liberty or any Affiliate is an “employer” or “party in
interest”, as those terms are defined in ERISA. 

  

	11.16	“Stockholders’ Equity” means, at any time the sum of the following accounts set forth in a balance sheet of Liberty; in accordance with GAAP.

  

 Page 8 of 10 

	11.17	“Tangible Net Worth” means, at any time, the excess of total assets over total liabilities (including subordinated debt, if any), both calculated in accordance with
GAAP; excluding, however, from the calculation of total assets all assets which would be classified as intangible assets under GAAP, including, without limitation (a) goodwill, including any amounts, however designated on a balance sheet of
Liberty, representing the excess of the purchase price paid for assets or stock acquired over the value assigned thereto on the books of Liberty; (b) patents, licenses, trademarks, trade names, copyrights, mailing lists, catalogues, and
franchises; (c) organizational expenses and treasury stock; (d) Letter of Credits and advances to stockholders, directors, officers, or employees or any of their affiliates; (e) prepaid expenses; (f) bond discounts and
underwriting expenses, (g) other intangible assets; and (h) the following: 

  

	11.18	“Total Liabilities” means all indebtedness that, in accordance with GAAP, is required to be classified as liabilities on a balance sheet of Liberty.

  

	11.19	“Working Capital” means, at any time, the amount by which Current Assets exceed Current liabilities. 

 SECTION XII. MISCELLANEOUS 
  

	12.1	Liberty shall pay all out-of-pocket expenses incurred by Fifth Third, including, but not limited to, attorney fees, insurance premiums, cost of lien perfection, and any expenses of
Fifth Third in connection with the preparation of the Letter of Credit Documents, the enforcement of Fifth Third’s rights and remedies under the Letter of Credit Documents and any other agreement between Liberty and Fifth Third.

  

	12.2	Upon execution of this Agreement, Liberty shall pay to Fifth Third a non-refundable Fee in the amount of
$                            , which includes the applicable Letter of Credit Processing
Fee. 

  

	12.3	This Agreement and the rights and obligations of the parties under this Agreement shall be governed and interpreted in accordance with the laws of the State of Michigan.

  

	12.4	Any and all notices or other communications required or permitted under this Agreement shall be in writing, and addressed to Liberty at the address identified in the first paragraph
of this Agreement. 

  

	12.5	This Agreement shall be binding upon and shall inure to the benefit of Liberty and Fifth Third and their respective successors an assigns. 

 [Signatures Appear on the Following Page] 
  

 Page 9 of 10 

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

			
	Accepted by:	 	Signed by:
		
	Fifth Third Bank	 	Liberty Renewable Fuels LLC,
	a Michigan banking corporation	 	    a Delaware limited liability company

  

							
	By:	 	  
	 	By:	 	 
	 	 	Lori A. Mazurek	 	 	 	David M. Skjaerlund
		 	Its: Vice-President and Team Lead	 		 	Its: President and C.E.O.

 Prepared by: 
 John R. Tucker, Esq. (P-37348) 
 Winegarden, Haley, Lindholm & Robertson, P.L.C.

 G-9460 S. Saginaw Street, Suite A 
 Grand Blanc, Michigan 48439 
 (810) 767-3600 
  

 Page 10 of 10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}]]