ETHANOL PRODUCTION CREDIT AGREEMENT

This agreement is entered into pursuant to NEB. REV. STAT. § 66-1344 and Laws 2001, LB 536, Section 7, between Husker Ag Processing, LLC, hereinafter referred to as "Husker Ag," and the State of Nebraska, by the State Tax Commissioner, hereinafter referred to as "the State."

It is hereby agreed between Husker Ag and the State that:

1.   Husker Ag is in the process of planning and constructing an ethanol production facility and, upon completion of the anticipated construction, will own and control an ethanol production facility located along Highway 20, three miles east of Plainview, Nebraska.

2.   Husker Ag hereby agrees to produce ethanol at the facility and any expansion thereof.

3.   The State agrees to furnish Husker Ag the tax credits as provided by and limited in NEB. REV. STAT. § 66-1344 in effect on the date of the agreement. Credits in the amount of eighteen cents per gross gallon of ethanol produced, before denaturing, will be furnished following the procedures described below. The tax credits furnished by the State shall be in the form of nonrefundable, transferable motor vehicle fuel tax credit certificates.

4. The name plate design capacity for the production of ethanol, before denaturing, at this facility at the commencement of production will be twenty million (20,000,000) gross gallons.

5.   The credits will be given only for ethanol produced at the ethanol production facility identified above at which all fermentation, distillation and dehydration take place.

6.   Husker Ag may begin to apply for credits once it attains a minimum rate of ethanol production, before denaturing, of one hundred thousand (100,000) gross gallons annually. This minimum rate of ethanol production must be accomplished prior to June 30, 2004.

7.   In order to show that it can accurately measure the requisite minimum rate of production, Husker Ag shall initially provide the State with documentation indicating that the metering devices used to measure the minimum rate of production have been approved by the State of Nebraska, Department of Agricu