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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 
 FORM 10-K/A
 
 þ
    
    Annual report under Section 13 or 15(d) of the Securities Exchange Act of 1934.
 For the fiscal year ended September 30, 2010
 o
    
    Transition report under Section 13 or 15(d) of the Exchange Act.
 For the transition period from  to
 Commission file number 000-53039
 FIRST UNITED ETHANOL, LLC
  Georgia
    
    20-2497196(State or other jurisdiction of
    
    (I.R.S. Employer Identification No.)incorporation or organization)4433 Lewis B. Collins Road, Pelham, Georgia
    
    31779(Address of principal executive offices)
    
    (Zip Code)
 (229) 522-2822
 o þ
 o Yes þ No
  þ o
 o o
 þ
  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer o
(Do not check if a smaller reporting company)
    
    Smaller reporting company þ
 o þ
   EXPLANATORY NOTE:




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INDEX
 PagePART III
    
    
    3ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE
    
    
    3ITEM 11. EXECUTIVE COMPENSATION
    
    
    7ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
    
    
    11ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
    
    
    12ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
    
    
    14PART IV
    
    
    15ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
    
    
    15SIGNATURES
    
    
    15Exhibit 31.1Exhibit 31.2Exhibit 32.1Exhibit 32.2
   2




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PART III.
 
 ITEM 10.
    
    DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE
 Board of Directors and Officers
  Name(1)
    
    Position with the CompanyMurray Campbell
    
    Chief Executive Office and DirectorTommy L. Hilliard
    
    Vice-Chairman and DirectorMiley Adams
    
    Secretary and DirectorSteve Collins
    
    Treasurer and DirectorThomas H. Dollar, II
    
    Chairman and DirectorKenneth J. Hunnicutt
    
    DirectorRobert L. Holden, Sr.
    
    DirectorDonald Shirah
    
    DirectorMark A. Glass
    
    DirectorRalph Powell
    
    Director
 (1)
    
    Except where otherwise indicated, the address of each director is deemed to be the same as
the address of the Company. Business Experience of Directors and Officers
  Murray Campbell, Chief Executive Officer and Director
 Tommy L. Hilliard, Vice Chairman and Director
  3




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Steve Collins, Treasurer and Director
 Miley Adams, Secretary and Director
 Thomas H. Dollar, II, Chairman and Director
 Kenneth J. Hunnicutt, Director
 Robert L. Holden, Sr., Director
 Donald Shirah, Director.
 Mark A. Glass, Director.
 Ralph Powell, Director.
 John B. Bubba Johnson, Director.
  4




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Michael W. Harrell, Director.
 Business Experience of Significant Employee
 Lawrence Kamp, Chief Financial Officer
 Section 16(a) Beneficial Ownership Reporting Compliance
  Code of Ethics
  Audit Committee
    5




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Audit Committee Report
    Audit CommitteeKenneth J. Hunnicutt, ChairMiley AdamsRobert L. Holden, Sr.
 Nominating Committee
   
    
    Identify, recruit and evaluate candidates for directors positions;
 
    
    Make recommendations to the board concerning board composition;
 
    
    Evaluate the participation and contribution of each director before deciding whether to
recommend for re-election;
 
    
    Fill vacancies on the board of directors; and
 
    
    Recommend nominees to the board of directors for election or re-election.
  6




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ITEM 11.
    
    EXECUTIVE COMPENSATION
 Compensation Discussion and Analysis
     Compensation Committee
   7




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Summary Compensation Table
  Non-EquityName and
    
    
    
    
    
    
    
    
    
    Incentive PlanPrincipal
    
    
    
    
    
    
    
    
    
    Compensation
    
    
    All OtherPosition
    
    Year
    
    
    Salary
    
    
    Earnings(1)
    
    
    Compensation(2)
    
    
    TotalMurray Campbell,
    
    Fiscal Year 2010
    
    $
    211,296
    
    
    $
    0
    
    
    $
    3,600
    
    
    $
    214,896Chief Executive Officer
    
    Fiscal Year 2009
    
    $
    176,875
    
    
    $
    0
    
    
    $
    800
    
    
    $
    177,675Lawrence Kamp
    
    Fiscal Year 2010
    
    $
    144,762
    
    
    $
    0
    
    
    $
    0
    
    
    $
    144,762Chief Financial Officer
    
    Fiscal Year 2009
    
    $
    119,230
    
    
    $
    0
    
    
    $
    0
    
    
    $
    119,230
 (1)
    
    Mr. Campbell and Mr. Kamp are each eligible for an annual performance bonus.
However, both executives and the board of directors have agreed that performance
bonuses will not be paid until after the ethanol plant has been operational for a
sufficient period of time.(2)
    
    Mr. Campbell received additional compensation for his participation on our
board of directors. Option Plan and Option Agreements
  1 4
  8




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Director Compensation
   DIRECTOR COMPENSATION
 Annual CompensationFeesEarned
    
    
    All OtherFiscal
    
    
    or Paid in
    
    
    Compensation
    
    
    Total CompensationName
    
    Year
    
    
    Cash ($)
    
    
    ($)
    
    
    ($)Miley Adams
    
    
    2010
    
    
    
    5,100
    
    
    
    0
    
    
    
    5,100Steve Collins
    
    
    2010
    
    
    
    3,850
    
    
    
    0
    
    
    
    3,850Murray Campbell (CEO) (1)
    
    
    2010
    
    
    
    3,600
    
    
    
    211,296
    
    
    
    214,896Thomas H. Dollar, II
    
    
    2010
    
    
    
    11,500
    
    
    
    0
    
    
    
    11,500Ralph Powell
    
    
    2010
    
    
    
    3,750
    
    
    
    0
    
    
    
    3,750Tommy L. Hilliard
    
    
    2010
    
    
    
    10,100
    
    
    
    0
    
    
    
    10,100Robert L. Holden, Sr.
    
    
    2010
    
    
    
    4,850
    
    
    
    0
    
    
    
    4,850Kenneth J. Hunnicutt
    
    
    2010
    
    
    
    9,350
    
    
    
    0
    
    
    
    9,350Mark Glass
    
    
    2010
    
    
    
    3,850
    
    
    
    0
    
    
    
    3,850Donald Shirah
    
    
    2010
    
    
    
    3,850
    
    
    
    0
    
    
    
    3,850John B. Bubba Johnson
    
    
    2010
    
    
    
    3,750
    
    
    
    0
    
    
    
    3,750Michael W. Harrell
    
    
    2010
    
    
    
    3,750
    
    
    
    0
    
    
    
    3,750
 (1)
    
    Murray Campbell is also compensated for his role as the Companys Chief
Executive Officer.  9




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Outstanding Equity Awards at Fiscal Year-End
  Name
    
    Number of Unit Options That Have Not Vested(1)(2)Murray Campbell, CEO
    
    
    325
    (3)Larry Kamp, CFO
    
    
    68
    (4)
 (1)
    
    Represents unit options awarded pursuant to our Membership Unit Option Plan that
have not yet vested. The details of our Membership Unit Option Plan are described above under the
heading Option Plan and Option Agreements.(2)
    
    The market value of our units is determined by using a Black-Scholes
option-pricing model in order to calculate the compensation costs of employee stock-based
compensation. Based on the Black-Scholes model, the fair value of the unit options on the option
grant date was approximately $625 per unit option.(3)
    
    Mr. Campbells unit options are scheduled to vest as follows: (i) During calendar
year 2009, eight percent (8%) of the options shall vest per calendar quarter; (ii) During calendar
year 2010, eight percent (8%) of the options shall vest per calendar quarter; (iii) During calendar
year 2011, eight percent (8%) of the options shall vest per calendar quarter during the first three
calendar quarters; and (iv) On the last day of the fourth calendar quarter of 2011 the remaining
options shall vest.(4)
    
    Mr. Kamps unit options are scheduled to vest as follows: (i) During calendar year
2008, eight percent (8%) of the options shall vest per calendar quarter; (ii) During calendar year
2009, eight percent (8%) of the options shall vest per calendar quarter; (iii) During calendar year
2010, eight percent (8%) of the options shall vest per calendar quarter during the first three
calendar quarters; and (iv) On the last day of the fourth calendar quarter of 2010 the remaining
options shall vest. Option Exercises and Stock Vested
  Name
    
    Number of Unit Options Acquired on Vesting(1)(2)Murray Campbell, CEO
    
    
    58Larry Kamp, CFO
    
    
    123
 (1)
    
    Represents vested unit options awarded pursuant to our Membership Unit
Option Plan. The details of our Membership Unit Option Plan are described above under the heading
Option Plan and Option Agreements.(2)
    
    The market value of our units is determined by using a
Black-Scholes option-pricing model in order to calculate the compensation costs of employee
stock-based compensation. Based on the Black-Scholes model, the fair value of the unit options on
the option grant date was approximately $625 per unit option. Compensation Committee Interlocks and Insider Participation
   10




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Compensation Committee Report
  Compensation CommitteeMiley Adams, ChairRalph Powell
 
 ITEM 12.
    
    SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
  Name and Address of
    
    Amount and Nature ofTitle of Class
    
    Beneficial Owner
    
    Beneficial Ownership
    
    
    Percent of ClassMembership Units
    
    Ethanol Capital Group, LLC5151 E. Broadway Ste. 510Tucson, AZ 85711
    
    5,000 units
    
    
    6.10
    %Membership Units
    
    Green Capital, LLC8501 E. Willow RidgeSioux Falls, SD 57110
    
    5,000 units
    
    
    6.10
    %
  Name of
    
    Amount and Nature
    
    Percent of ClassTitle of Class
    
    Beneficial Owner(1)
    
    of Beneficial Owner
    
    at 2010 Year EndMembership Units
    
    Miley Adams
    
    250 units
    
    
    0.30
    %Membership Units
    
    Steve Collins
    
    155 units
    
    
    0.19
    %Membership Units
    
    Murray Campbell (3)
    
    763 units
    
    
    0.93
    %Membership Units
    
    Thomas H. Dollar, II (2)
    
    1,740 units
    
    
    2.12
    %Membership Units
    
    Tommy L. Hilliard
    
    270 units
    
    
    0.33
    %Membership Units
    
    Robert L. Holden, Sr.
    
    270 units
    
    
    0.33
    %Membership Units
    
    Kenneth J. Hunnicutt
    
    120 units
    
    
    0.15
    %Membership Units
    
    Lawrence Kamp, CFO(3)
    
    191 units
    
    
    0.23
    %Membership Units
    
    Donald Shirah
    
    290 units
    
    
    0.35
    %Membership Units
    
    Mark Glass
    
    2,000 units
    
    
    2.44
    %Membership Units
    
    Ralph Powell
    
    550 units
    
    
    0.67
    %Membership Units
    
    John B. Bubba Johnson
    
    180 units
    
    
    0.22
    %Membership Units
    
    Michael W. Harrell(4)
    
    1,051 units
    
    
    1.29
    %Totals:
    
    7,830 units
    
    
    9.55
    %
 
 (1)
    
    Except where otherwise indicated, the address of the beneficial owner is
deemed to be the same address as the Company.  11




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(2)
    
    Units beneficially owned by the Thomas H. Dollar Marital Trust of which our
Director Thomas H. Dollar, II is the trustee and by Dollar Farm Products of which
our Director Thomas H. Dollar, II is the president.(3)
    
    Reflects options to purchase Units issued to Mr. Campbell and Mr. Kamp
pursuant to the Option Plan and Option Agreement. The percentage of class is
calculated based on the total number of units currently outstanding plus the number
of units for which options may be exercised.(4)
    
    Units beneficially owned by Southwest Georgia Oil Company, Inc. Our
Director Michael W. Harrell is the president.  
 ITEM 13.
    
    CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
  Conflicts of Interest
   
    
    We may engage in transactions with affiliates of our directors. Members will
have no right to individually enforce the obligations of our directors or their affiliates
in our favor.
 
    
    Our directors decisions regarding various matters, including expenditures
that we make for our business, reserves for accrued expenses, including officer salaries
and reimbursement of directors expenses, loan covenants, capital improvements,
contingencies or a sale, merger or business combination that will effect the amount of cash
available for distribution to members.
 
    
    We may reimburse our directors for out-of-pocket expenses relating to our
business. We do not have a reimbursement policy or guideline for determining what expenses
will be reimbursed. We will review and reimburse all reasonable expenses that directors
submit to us.
 
    
    We have retained counsel that has assisted us in various aspects of our
formation and development. We have not retained separate counsel on behalf of unit holders.
  12




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
    
    Fagen Inc. is involved in and/or owns interests in various ethanol
construction and development projects throughout the United States. These projects will
compete with our project for purchasing corn and other raw material supplies, and the sale
of ethanol and distillers grains.
 
    
    Our Third Amended and Restated Operating Agreement does not prevent our
directors from being involved in activities that compete with us.
 
    
    Our members or their affiliates may loan money to us for which we may pay
interest up to a rate of prime plus 4%.
 Agreements Involving Our Securities
  Employment Agreements with Directors or Officers
     Director Independence
   13




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ITEM 14.
    
    PRINCIPAL ACCOUNTING FEES AND SERVICES
  Audit Fees
  Category
    
    Fiscal Year
    
    
    FeesAudit Fees (1)
    
    
    2010
    
    
    $
    145,3492009
    
    
    $
    137,250Audit-Related Fees (2)
    
    
    2010
    
    
    $
    3,5002009
    
    
    
    0Tax Fees (3)
    
    
    2010
    
    
    $
    27,2152009
    
    
    $
    15,000All Other Fees (4)
    
    
    2010
    
    
    $
    11,2102009
    
    
    
    0
 (1)
    
    For the fiscal year ended September 30, 2010 and September 30, 2009, the Company
used the services of McGladrey & Pullen, LLP as its independent registered public
accounting firm. The audit fees were incurred for the audit of the Companys annual
financial statements included within Form 10-K and review of the financial statements
included in the Companys quarterly reports on Form 10-Q as well as services in connection
with other statutory and regulatory filings or engagements for the fiscal year ended
September 30, 2010.(2)
    
    Audit-related fees related to the RIN attest engagement for December 31, 2009 provided
by McGladrey & Pullen, LLP.(3)
    
    Tax fees consist of tax return preparation and cost segregation services provided
during the year ended September 30, 2010, provided by RSM McGladrey an entity associated
with McGladrey & Pullen, LLP.(4)
    
    All other fees include services related to property tax assistance by RSM McGladrey
an entity associated with McGladrey & Pullen, LLP.    14




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PART IV
 
 ITEM 15.
    
    EXHIBITS, FINANCIAL STATEMENT SCHEDULES
  Exhibit
   
    
    
    Method ofNo.
    
    Description
    
    Filing10.1
    
    
    Fourth Amendment to Accounts Agreement between
Southwest Georgia Ethanol, LLC and WestLB Ag dated
June 7, 2010.
    
    
    110.2
    
    
    Sixth Amendment to Senior Credit Agreement between
Southwest Georgia Ethanol, LLC and WestLB Ag dated
June 7, 2010.
    
    
    110.3
    
    
    Grain Brokerage Agreement between Southwest Georgia
Ethanol, LLC and Palmetto Grain Brokerage, LLC
dated December 15, 2009.
    
    
    231.1
    
    
    Certificate pursuant to 17 CFR 240 15d-14(a)
    
    
    *31.2
    
    
    Certificate pursuant to 17 CFR 240 15d-14(a)
    
    
    *32.1
    
    
    Certificate pursuant to 18 U.S.C. Section 1350
    
    
    *32.2
    
    
    Certificate pursuant to 18 U.S.C. Section 1350
    
    
    *
 
 (1)
    
    Incorporated by reference to Exhibit of the same number filed with our quarterly report on
Form 10-Q filed with the Securities and Exchange Commission on August 16, 2010.(2)
    
    Incorporated by reference to Exhibit of the same number filed with our annual report on Form
10-K filed with the Securities and Exchange Commission on December 29, 2010.(*)
    
    Filed herewith. 
 SIGNATURES
  FIRST UNITED ETHANOL, LLCDate: January 27, 2011
    
    /s/ Murray Campbell

Murray CampbellChief Executive Officer and DirectorDate: January 27, 2011
    
    /s/ Lawrence Kamp

Lawrence KampChief Financial Officer
  15




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Date: January 27, 2011
    
    /s/ Murray Campbell

Murray CampbellChief Executive Officer and DirectorDate: January 27, 2011
    
    /s/ Lawrence Kamp

Lawrence KampChief Financial OfficerDate: January 27, 2011
    
    /s/ Miley Adams

Miley Adams, DirectorDate: January 27, 2011
    
    /s/ Steve Collins

Steve Collins, Treasurer and DirectorDate: January 27, 2011
    
    /s/ Mark Glass

Mark Glass, DirectorDate: January 27, 2011
    
    /s/ Donald Shirah

Donald Shirah, DirectorDate: January 27, 2011
    
    /s/ Tommy Hilliard

Tommy Hilliard, Vice Chairman and DirectorDate: January 27, 2011
    
    /s/ Thomas H. Dollar, II

Thomas H. Dollar, II, Chairman and DirectorDate:
    
    Robert L. Holden, Sr., DirectorDate: January 27, 2011
    
    /s/ Kenneth Jack Hunnicutt

Kenneth Jack Hunnicutt, DirectorDate: January 27, 2011
    
    /s/ Ralph Powell

Ralph Powell, Director
  16




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EXHIBIT INDEX
 Exhibit
   
    
    
    Method ofNo.
    
    Description
    
    Filing10.1
    
    
    Fourth Amendment to Accounts Agreement between
Southwest Georgia Ethanol, LLC and WestLB Ag dated
June 7, 2010.
    
    
    110.2
    
    
    Sixth Amendment to Senior Credit Agreement between
Southwest Georgia Ethanol, LLC and WestLB Ag dated
June 7, 2010.
    
    
    110.3
    
    
    Grain Brokerage Agreement between Southwest Georgia
Ethanol, LLC and Palmetto Grain Brokerage, LLC
dated December 15, 2009.
    
    
    231.1
    
    
    Certificate pursuant to 17 CFR 240 15d-14(a)
    
    
    *31.2
    
    
    Certificate pursuant to 17 CFR 240 15d-14(a)
    
    
    *32.1
    
    
    Certificate pursuant to 18 U.S.C. Section 1350
    
    
    *32.2
    
    
    Certificate pursuant to 18 U.S.C. Section 1350
    
    
    *
 
 (1)
    
    Incorporated by reference to Exhibit of the same number filed with our quarterly report on
Form 10-Q filed with the Securities and Exchange Commission on August 16, 2010.(2)
    
    Incorporated by reference to Exhibit of the same number filed with our annual report on Form
10-K filed with the Securities and Exchange Commission on December 29, 2010.(*)
    
    Filed herewith.  17