Exhibit 10.1
SETTLEMENT AGREEMENT AND
RELEASE OF CLAIMS
This agreement is entered into
between Archer Daniels Midland Company (hereinafter
“ADM”), and LSCP, LLLC. (hereinafter
“LSCP”).
WHEREAS, Minnesota Corn Processors, LLC (hereinafter
“MCP”) and LSCP were parties to a contract dated
February 19, 2002 captioned “Ethanol Marketing
Agreement” (hereinafter the “Marketing
Agreement”) which provided that MCP was to purchase the
ethanol produced by LSCP for the purpose of marketing, selling and
distributing that ethanol, along with the ethanol produced by MCP;
and
WHEREAS, ADM succeeded to the rights and obligations of
MCP arising under the Marketing Agreement; and
WHEREAS, a dispute has arisen between ADM and LSCP
regarding the actual price ADM is to pay LSCP for all the ethanol
it purchased from LSCP up to and including September 30, 2005;
and
WHEREAS, it is the desire of ADM and LSCP at this time to
settle certain differences and disputes between them, including all
claims, charges, actions, causes of action, appeal rights, or
disputed issues of law and fact that have been raised or could be
raised by either party except as set forth herein;
NOW, THEREFORE,
in consideration of the foregoing
and the payments and mutual promises set forth herein, the receipt
and sufficiency of which are acknowledged by all parties, ADM and
LSCP hereby agree as follows:
1.
MUTUAL RELEASE OF
CLAIMS. Upon execution of this Settlement Agreement, the
parties on behalf of themselves and their shareholders, officers,
directors, employees, agents, attorneys, representatives,
divisions, parent corporations, subsidiary corporations and/or
affiliate corporations covenant not to sue and agree to release,
remise, and forever discharge each other from any and all claims,
actions, causes of action, suits, debts,
