Exhibit 10.1
Execution Copy
FIRST AMENDMENT TO STOCK PURCHASE AGREEMENT
     Pursuant to this First Amendment to Stock Purchase Agreement, dated
June 30, 2006 (this “Amendment”), the parties hereto hereby amend that certain
Stock Purchase Agreement dated as of April 28, 2006 by and among Alon USA
Energy, Inc., a Delaware corporation, and the stockholders of Paramount
Petroleum Corporation named on the signature page thereto (the “Purchase
Agreement”) as expressly set forth below. Capitalized terms used herein and not
otherwise defined shall have the meanings given such terms in the Purchase
Agreement.

  1.   Addition of Schedule 1(b) of the Purchase Agreement. Schedule 1(b)
attached hereto as Annex A is hereby added to the Purchase Agreement as Schedule
1(b) thereto.     2.   Amendment to Schedule 2.3(a) of the Purchase Agreement.
The section of Schedule 2.3(a) to the Purchase Agreement titled “Phoenix
Terminal — Comparison of Total Ending Inventory Value and Market Price as of
December 31, 2005” is hereby deleted in its entirety and replaced with “Phoenix
Terminal — Comparison of Total Ending Inventory Value and Market Price as of
December 31, 2005” attached hereto as Annex B.     3.   Amendment to
Schedule 2.3(c) of the Purchase Agreement. Schedule 2.3(c)to the Purchase
Agreement is hereby deleted in its entirety and replaced with Schedule 2.3(c)
attached hereto as Annex C.     4.   Amendment to Schedule 2.3(d) of the
Purchase Agreement. Schedule 2.3(d) to the Purchase Agreement is hereby deleted
in its entirety and replaced with Schedule 2.3(d) attached hereto as Annex D.  
  5.   Amendment to Schedule 2.4 (b)(i) of the Purchase Agreement. Schedule
2.4(b) to the Purchase Agreement is hereby amended to be Schedule 2.4(b)(i).    
6.   Addition of Schedule 2.4(b)(ii) of the Purchase Agreement. Schedule
2.4(b)(ii) attached hereto as Annex E is hereby added to the Purchase Agreement
as Schedule 2.4(b)(ii) thereto.     7.   Amendment to Sellers’ Disclosure
Schedule Section 4.3(a) of the Purchase Agreement. Sellers’ Disclosure
Schedule Section 4.3(a) is hereby deleted in its entirety and replaced with
Sellers’ Disclosure Schedule Section 4.3(a) attached hereto as Annex F.     8.  
Deletion of Schedule 2.4(b)(iii) of the Purchase Agreement. The reference in the
Schedules to Schedule 2.4(b)(iii)to the Purchase Agreement is hereby deleted in
its entirety.

 

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  9.   Amendment to Sellers’ Disclosure Schedule Section 4.15(i) of the Purchase
Agreement. Sellers’ Disclosure Schedule Section 4.15(i) is hereby deleted in its
entirety and replaced with Sellers’ Disclosure Schedule Section 4.15(i) attached
hereto as Annex G.     10.   Except as expressly amended above, the Purchase
Agreement shall continue in full force and effect in accordance with its terms.
    11.   This Amendment may be executed in two or more counterparts, each of
which shall be deemed to be an original and all of which together shall be
considered to be one document.

[Signature page follows]

 

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     IN WITNESS WHEREOF, the parties hereto have executed this First Amendment
to Stock Purchase Agreement as of the day and year first above written.

            ALON USA ENERGY, INC
      By:   /s/ David Wiessman         David Wiessman,        Executive
Chairman              By:   /s/ Jeff D. Morris         Jeff D. Morris,       
President and Chief Executive Officer        THE CRAIG C. BARTO AND GISELE M.
BARTO LIVING
TRUST, DATED APRIL 5, 1991
      By:   /s/ Gisele M. Barto         GISELE M. BARTO, Trustee of the Craig
C.        Barto and Gisele M. Barto Living Trust,
Dated April 5, 1991              By:   /s/ Craig C. Barto         CRAIG C.
BARTO, Trustee of the Craig C. Barto        and Gisele M. Barto Living Trust,
Dated April 5, 1991        THE JERREL C. BARTO AND JANICE D. BARTO LIVING
TRUST, DATED MARCH 18, 1991
      By:   /s/ Jerrel C. Barto         JERREL C. BARTO, Trustee of the Jerrel
C.        Barto and Janice D. Barto Living Trust,
Dated March 18, 1991             By:   /s/ Janice D. Barto         JANICE D.
BARTO, Trustee of the Jerrel C. Barto        and Janice D. Barto Living Trust,
Dated March 18, 1991   

 

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                  By:   /s/ W. Scott Lovejoy III         W. SCOTT LOVEJOY III,
an individual                      By:   /s/ Mark R. Milano         MARK R.
MILANO, an individual