AGREEMENT
EXHIBIT
10.22
NOW on
this the 24th day of March, 2003, comes Rite Way Oil & Gas Co., Inc., a
Nebraska corporation, hereinafter referred to as "Rite Way" and Husker Ag, LLC,
a Nebraska limited liability company, hereinafter referred to as
"Husker".
For the
consideration paid and to be paid for the transfer of Nebraska Ethanol
Production Tax Credits, Rite Way and Husker hereby agree as
follows:
|
1. |
Husker
may transfer up to $500,000.00 per month in ethanol production credits to
Rite Way. This transfer shall take place by Husker's filing Nebraska
Department of Revenue Form 92 (or its amendment or replacement) and
declaring therein the amount of the credit which is to be transferred to
Rite Way. The Nebraska Department of Revenue shall notify Rite Way of the
amount of credit which has been transferred to Rite
Way. |
|
2. |
When
Rite Way receives notification from the Nebraska Department of Revenue of
the amount of credit granted, Rite Way shall then complete Nebraska Motor
Vehicle Fuel Tax Return, Form 73 (or its amendment or replacement), and
apply the amount of the transferred credit. Rite Way will then prepare to
pay Husker the amount of the credit less [***].
(The Credit Amount) |
|
3. |
Rite
Way shall pay the credit amount determined in paragraph two (2), to Husker
on or before the 25th day of each month. If the 25th day of the month
falls on a state or nationally recognized holiday or weekend, payment
shall be made by the next business day. Payment may be in the form of a
valid company check, money order, cashier's check, or electronic funds
transfer to the designated Husker account, as chosen by Husker. Continuing
late payment (defined as more than three times in a calendar year) or any
failure to pay for a period of ten (10) days beyond the due date, shall
give Husker an immediate right of
cancellation. |
|
4. |
In
the event that any credit against motor vehicle fuel tax which is
transferred to Rite Way under the terms of this Agreement is rescinded by
the State of Nebraska or if for any reason Rite Way is required to repay
any of the motor vehicle fuel tax credits, then Husker shall immediately
upon demand, reimburse Rite Way for the amount lost or repaid by Rite
Way. |
|
5. |
|
6. |
This
agreement shall continue for the entire term of the 536 Credits received
by Husker, which is expected to be approximately eight (8) years, provided
that either party may cancel the same by giving written notice one year or
more in advance of the stated cancellation
date. |
_______
[***] --
Material has been omitted pursuant to a request for confidential treatment and
such material has been filed separately with the Securities and Exchange
Commission.
|
7. |
All
notices shall be served upon the parties by first class mail, certified
and return receipt requested, at the following
addresses: |
| Rite Way Oil & Gas Co., Inc. | Husker Ag, LLC | ||
| X.X. Xxx 00000 | P. O. Box 10 | ||
| 8400 "I" St. | Plainview, NE 68769 | ||
|
Xxxxx,
XX 00000 |
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| Attention: Xxxx Xxxxxxx | Attention: Xxxx Xxxxxxx | ||
| Phone (402) 331-6449 ext. 000 | (000) 000-0000 |
| Rite Way Oil & Gas Co., Inc. | Husker Ag, LLC | ||
| By: /s/ Xxx X. Xxxxxx | By: /s/ Xxxx Xxxxxxx | ||
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| Title: President | Title: Chairman | ||
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