BIG RIVER RESOURCES GRINNELL, LLC An Iowa Limited Liability Company OPERATING AGREEMENT (Contains Restrictions On Transfer Of Interests)Operating Agreement • February 7th, 2007 • US BioEnergy CORP • Industrial organic chemicals • Iowa
THIS OPERATING AGREEMENT is hereby adopted and entered into effective as of February 1, 2007, by and between Big River Resources, LLC, an Iowa limited liability company (“Big River”) and US BioEnergy Corporation, a South Dakota corporation (US BioEnergy), each a “Member” and collectively, the “Members,” pursuant to the provisions of the Act (as defined below), on the terms and conditions set forth herein.
Certain Relationships between Us BioEnergy Corporation and CHS, Inc.US BioEnergy CORP • February 7th, 2007 • Industrial organic chemicals
On November 17, 2005, US BioEnergy Corporation (the "Company") entered into a subscription agreement with CHS pursuant to which CHS purchased 8,750,000 shares of the Company's common stock for an aggregate purchase price of $35.0 million. In connection with this purchase, the Company granted CHS the right to appoint directors to the Company's Board of Directors, with the number of directors appointed by CHS based on a formula related to CHS’s percentage of beneficial ownership. For so long as CHS beneficially owns at least 15% but less than 25% of the Company's outstanding common stock, CHS has the right to appoint one director and for so long as CHS beneficially owns at least 25% of the Company's outstanding common stock, CHS has the right to appoint two directors to serve on the Company's Board of Directors. As long as CHS beneficially owns at least 15% of the Company's outstanding common stock, it also has the right to appoint one person to serve as a member on an executive manageme
