Highwater Ethanol LLC Unit Watch

from 10-K 2 pages Material contract

from 10-Q 2 pages Material contract

from 10-K 5 pages Material contract

from 10-K 2 pages Material contract

from 10-K 2 pages Material contract

from 10-K 17 pages Certain Identified Information Has Been Redacted From This Document Because It Is Both Not Material and Would Be Competitively Harmful if Publicly Disclosed [***] [***] [***] [***]

from 10-K 2 pages Exhibit 10.66 2020 Executive Bonus Plan

from 10-K 2 pages Exhibit 10.65 2019 Executive Bonus Plan

from 10-Q 6 pages Natural Gas Service Agreement

from 10-Q 14 pages Member Corn Oil Marketing Agreement

from 10-K 2 pages Mpca Air Permits 1% $ 2,030.40 Audit 1% $ 1,374.84 Federal Rail/State Rail/Osha 1% $ 2,030.40 SEC Reporting 2% $ 4,060.80 4. Operations/Yield 2% 4. Financial Reports 2% 2.88 1% $ 2,030.40 Monthly on Time 1% $ 1,374.84 2.89 1% $ 2,030.40 Quarterly 1% $ 1,374.84 5. Increase Share Value/Distribution 1% $ 2,030.40 3% 5. Increase Share Value/Distribution 1% $ 1,374.84 3% 1% $ 2,030.40 6% 1% $ 1,374.84 6% 6. New Technology Reviewed 1% $ 2,030.40 6. Income 6. Income Net Income Portion Profitability Net Income Portion Profitability Net Income {Book} Percent 15% Net Income {Book} Percent 15% $3.0 - $3.5 MM 1% $ 2,030.40 $3.0 - $3.5 MM 1% $ 1,374.84 $3.5 - $4.0 MM 1% $ 2,030.40 $3.5 - $4.0 MM 1% $ 1,374.84 $4.0- $4.5 MM 1% $ 2,030.40 $4.0- $4.5 MM 1% $ 1,374.84 $4.5 - $5.0 MM 1% $ 2,030.40 $4.5 - $5.0 MM 1% $ 1,374.84 $5.0 - $5.5 MM 1% $ 2,030.40 $5.0 - $5.5 MM 1% $ 1,374.84 $5.5 - $6.0 MM 1% $ 2,030.40 $5.5 - $6.0 MM 1% $ 1,374.84 $6.0 - $6.5 MM 1% $ 2,030.40 $6.0 - $6.5 MM 1% $ 1,374.84 $6.5 - $7.0 MM 1% $ 2,030.40 $6.5 - $7.0 MM 1% $ 1,374.84 $7.0 - $ 7.5 MM 1% $ 2,030.40 $7.0 - $ 7.5 MM 1% $ 1,374.84 $7.5 - $8.0 MM 1% $ 2,030.40 $7.5 - $8.0 MM 1% $ 1,374.84 $8.0 - $8.5 MM 1% $ 2,030.40 $8.0 - $8.5 MM 1% $ 1,374.84 $8.5 - $9.0 MM 1% $ 2,030.40 $8.5 - $9.0 MM 1% $ 1,374.84 $9.0 - $9.5 MM 1% $ 2,030.40 $9.0 - $9.5 MM 1% $ 1,374.84 $9.5 - $10.0 MM 1% $ 2,030.40 $9.5 - $10.0 MM 1% $ 1,374.84 $10.0 - $10.5 MM 1% $ 2,030.40 $10.0 - $10.5 MM 1% $ 1,374.84 $ 71,064.00 $ 43,994.8

from 10-K 2 pages Highwater Ethanol Incentive Program Fiscal 2017 Eligible Salary Net Income Incentive EBITDA Debt Service Share Value Yield/Project Compliance Total Percent Incentive Total Incentive Brian Kletscher Yes $ 173,040.00 15 % 5 % 5 % 2 % 3 % 5 % 35 % $ 60,564.00 Eligible Salary Net Income Incentive EBITDA Debt Service Share Value Financial Reports Audit/SEC Compliance Total Percent Incentive Total Incentive Lucas Schneider Yes $ 132,483.75 15.00% 5.00% 5.00% 2.00% 2.00% 3.00% 32.00% $ 42,394.80 $ 102,958.80 CEO Executive Bonus CFO Executive Bonus Base Salary Percent $ 173,040.00 Base Salary Percent $ 132,483.75 Bonus Potential 35% Bonus Potential 32% 1. EBITDA 5% 1. EBITDA 5% Budgeted 2% $ 3,460.80 Budgeted 2% $2,649.68 Plus 10% 2% $ 3,460.80 Plus 10% 2% $2,649.68 Plus 15% 1% $ 1,730.40 Plus 15% 1% $1,324.84 2. Debt Service 5% 2. Debt Service 5% Budget Plus 5% 2% $ 3,460.80 Budget Plus 5% 2% $2,649.68 Plus 10% 2% $ 3,460.80 Plus 10% 2% $2,649.68 Plus 15% 1% $ 1,730.40 Plus 15% 1% $1,324.84 3. Compliance 5% 3. Compliance 3% Mpca/Dnr Permits Water 1% $ 1,730.40 SEC Reporting 2% $2,649.68

from 10-K 1 page Second Amended and Restated Term Note

from 10-K 1 page Second Amended and Restated Term Note

from 10-K 17 pages Second Amended and Restated Mortgage, Security Agreement, Assignment of Leases and Rents, and Fixture Financing Statement

from 10-K 11 pages Amended and Restated Security Agreement

from 10-K 2 pages Highwater Ethanol Incentive Program Fiscal 2016 Eligible Salary Net Income Incentive EBITDA Debt Service Share Value Yield/Project Compliance Total Percent Incentive Total Incentive Brian Kletscher Yes $ 164,800.00 15.00% 5.00% 5.00% 2.00% 3.00% 5.00% 35.00% $ 57,680.00 Eligible Salary Net Income Incentive EBITDA Debt Service Share Value Financial Reports Audit/SEC Compliance Total Percent Incentive Total Incentive Lucas Schneider Yes $ 126,175.00 15.00% 5.00% 5.00% 2.00% 2.00% 3.00% 32.00% $ 40,376.00 $ 98,056.00 CEO Executive Bonus CFO Executive Bonus Base Salary Percent $ 160,000.00 Base Salary Percent $122,500.00 Bonus Potential 35% Bonus Potential 32% 1. EBITDA 5% 1. EBITDA 5% Budgeted 2% $ 3,200.00 Budgeted 2% $2,450.00 Plus 10% 2% $ 3,200.00 Plus 10% 2% $2,450.00 Plus 15% 1% $ 1,600.00 Plus 15% 1% $1,225.00 2. Debt Service 5% 2. Debt Service 5% Budget Plus 5% 2% $ 3,200.00 Budget Plus 5% 2% $2,450.00 Plus 10% 2% $ 3,200.00 Plus 10% 2% $2,450.00 Plus 15% 1% $ 1,600.00 Plus 15% 1% $1,225.00 3. Compliance 5% 3. Compliance 3% Mpca/Dnr Permits Water 1% $ 1,600.00 SEC Reporting 2% $2,450.00

from 10-K ~10 pages 2015 2015 CEO Executive Bonus CFO Executive Bonus Base Salary Percent $ 160,000.00 Base Salary Percent $122,500.00 Bonus Potential 20% Bonus Potential 20% 1. EBITDA 3% 1. EBITDA 3% Budgeted 1% $ 1,600.00 Budgeted 1% $1,225.00 Plus 10% 1% $ 1,600.00 Plus 10% 1% $1,225.00 Plus 15% 1% $ 1,600.00 Plus 15% 1% $1,225.00 2. Debt Service 3% 2. Debt Service 3% Budget Plus 5% 1% $ 1,600.00 Budget Plus 5% 1% $1,225.00 Plus 10% 1% $ 1,600.00 Plus 10% 1% $1,225.00 Plus 15% 1% $ 1,600.00 Plus 15% 1% $1,225.00 3. Compliance 1% $1,600.00 3. Compliance 1% SEC Audit Reporting 1% $1,225.00 4. Operations/Yield 1% 4. Financial Reports 1% 2.88 0.5% $ 800.00 Monthly on Time 0.5% $612.50 2.89 0.5% $ 800.00 Quarterly 0.5% $612.50 5. Grain Procurement Signed 10/31 2% $ 3,200.00 5. Grain Procurement Signed by 10/31 2% $2,450.00 6. Income 6. Income Net Income Portion Profitability Net Income Portion Profitability Net Income {Book} Percent 10% Net Income {Book} Percent 10% $3.0 - $3.5 MM 1% $ 1,600.00 $3.0 - $3.5 MM 1% $1,225.00 $3.5 - $4.0 MM 1% $ 1,600.00 $3.5 - $4.0 MM 1% $1,225.00 $4.0- $4.5 MM 1% $ 1,600.00 $4.0- $4.5 MM 1% $1,225.00 $4.5 - $5.0 MM 1% $ 1,600.00 $4.5 - $5.0 MM 1% $1,225.00 $5.0 - $5.5 MM 1% $ 1,600.00 $5.0 - $5.5 MM 1% $1,225.00 $5.5 - $6.0 MM 1% $ 1,600.00 $5.5 - $6.0 MM 1% $1,225.00 $6.0 - $6.5 MM 1% $ 1,600.00 $6.0 - $6.5 MM 1% $1,225.00 $6.5 - $7.0 MM 1% $ 1,600.00 $6.5 - $7.0 MM 1% $1,225.00 $7.0 - $ 7.5 MM 1% $ 1,600.00 $7.0 - $ 7.5 MM 1% $1,225.00 $7.5 - $8.0 MM 1% $ 1,600.00 $7.5 - $8.0 MM 1% $1,225.00 $ 32,000.00 $24,500.00

from 10-K 8 pages Grain Origination Agreement

from 10-Q 15 pages Exhibit 10.1 Rice Lake Construction Agreement