Document:

Exhibit 10.13

NON-EMPLOYEE DIRECTOR

RESTRICTED STOCK AWARD AGREEMENT

Under the Aventine Renewable Holdings, Inc.

2003 Stock Incentive Plan

 

Unless defined in this Restricted Stock Award
Agreement (the “Award Agreement”),
capitalized terms will have the same meanings ascribed to them in the Aventine
Renewable Holdings, Inc. 2003 Stock Incentive Plan (the “Plan”).

Pursuant to Article 7 of the
Plan, you (or “Participant”) have been granted an
Award of Restricted Stock (the “Restricted Shares”)
on the following terms and subject to the provisions of the Plan, which is
incorporated herein by reference.  In the
event of a conflict between the provisions of the Plan and this Award Agreement,
the provisions of the Plan will govern.

	
  Participant:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Total
  Number of Restricted Shares Granted:

  	
   

  	
  1,112
  Shares

  
	
   

  	
   

  	
   

  
	
  Grant
  Date:

  	
   

  	
  April 4, 2006

  
	
   

  	
   

  	
   

  
	
  Vesting
  Schedule:

  	
   

  	
  331/3% of the Restricted Shares will vest on the
  first anniversary of the Grant Date, another 331/3% will vest on the second anniversary of
  the Grant Date and the last 331/3% will vest on the third anniversary of the
  Grant Date; subject, in each case, to your being an active member of the
  Board on each such vesting date; provided, however
  that in the event of, and upon, a Sale of the Company, this Award shall vest
  in full and be free of restrictions; and provided further
  that in the event of, and upon, a termination of your service as a member of
  the Board due to your death or Disability or for any other reason other than
  a voluntary resignation, this Award shall vest in full and be free of
  restrictions. Upon any
  termination of service other than set forth above, at the time of such
  termination, you will forfeit all of your then Restricted Shares without any
  consideration due to you. Shares that vest in accordance with the provisions
  of this “Vesting Schedule” will no longer be considered Restricted Shares
  once vested.

  
	
   

  	
   

  	
   

  
	
  Governing
  Law:

  	
   

  	
  This
  Award Agreement shall be governed and construed in accordance with the laws
  of the State 

  

 

 

	
   

  	
   

  	
  of
  Delaware, without application of conflict of law principles thereof.

  

 

 

                By
your signature, you acknowledge receipt of a copy of the Plan and represent
that you are familiar with the terms and conditions of the Plan, and agree that
this Award is granted under and governed by the terms and conditions of the
Plan and the terms and conditions set forth in the attached as Exhibit A.  In addition, you acknowledge that you are
subject to the Company’s non-employee director ownership policy, as such policy
may be amended from time to time.

 

	
  PARTICIPANT

  	
   

  	
  AVENTINE RENEWABLE ENERGY HOLDINGS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
  Print
  Name

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
  Date:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

Exhibit A

to Award Agreement dated [   ], 2006

between Aventine Renewable Energy Holdings, Inc.

and [NAME]

As a condition to the receipt of the Award of
Restricted Stock pursuant to this Award Agreement, the Participant agrees that:

ARTICLE
1

DEFINITIONS; INTERPRETATION

Section
1.01.  Definitions.  (a) The following terms, as used herein, have
the following meanings:

“Shares” means,
for purposes of this Exhibit A only, shares of common stock and any securities
issued directly or indirectly with respect to the foregoing by way of a split,
dividend, or other division of securities, or in connection with a combination
of securities, recapitalization, merger, consolidation, or other
reorganization.  For purposes of this
Exhibit A, all Shares held by the Participant, whether or not Restricted Shares
or otherwise subject to forfeiture, shall be deemed to be Shares owned and/or
held by the Participant.

“Transfer” means any direct or indirect sale, transfer,
assignment, pledge, hedge or other disposition (whether with or without
consideration and whether voluntary or involuntary or by operation of law).

(b)   All capitalized terms used but not defined
herein shall have the meanings ascribed thereto in the Plan or the Award
Agreement.

ARTICLE
2

RIGHTS AND OBLIGATIONS WITH RESPECT TO TRANSFER; PREEMPTIVE RIGHTS

Section
2.01.  General
Restrictions.  (a) The
Participant may not Transfer any Shares held by the Participant or any interest
in any Shares, except (A) to a Permitted Transferee of the Participant, (B) in
a Tag-Along Sale pursuant to Section 2.04 or in a Drag-Along Sale pursuant to Section
2.05 or (C) with the prior written approval of the LLC, which approval may be
withheld in its sole discretion.

(b)   Notwithstanding anything herein to the
contrary, each Transfer of any Shares held by the Participant must be made in
compliance with the Securities Act and any applicable state and foreign
securities laws.  The Participant
understands and agrees that the Shares issued to the Participant have not been
registered under the Securities Act and are restricted securities.  Any attempt to Transfer any Shares held by
the Participant not in compliance with this Award Agreement shall be null and
void and neither the Company nor any transfer agent shall give any effect in
the Company’s transfer records to such Transfer.

 

 

Section
2.02.  Agreement
to be Bound.  No Transfer of any
Shares held by the Participant otherwise permitted pursuant to this Article 2
shall be effective unless (i) prior to such Transfer, the transferee shall have
executed and delivered to the Company an instrument or instruments reasonably
satisfactory to the Company confirming that such transferee has agreed to be
bound as an “Participant” by the terms of this Award Agreement, a copy of which
instrument shall be maintained on file with the Secretary of the Company and
shall include the address of such transferee to which notices hereunder shall
be sent and (ii) the certificates representing any such Shares delivered to the
transferee shall bear the legend set forth in Section 2.03, if required by such
Section.

Section
2.03. 
Legends.  (a) Each
certificate evidencing outstanding Shares acquired by any Participant shall
bear a legend in substantially the following form:

THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD, OR
TRANSFERRED EXCEPT IN COMPLIANCE THEREWITH. 
THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE ALSO SUBJECT TO
ADDITIONAL RESTRICTIONS, INCLUDING RESTRICTIONS ON TRANSFER, AS SET FORTH IN
THE AWARD AGREEMENT DATED AS OF [DATE], A COPY OF WHICH WILL BE FURNISHED BY
AVENTINE RENEWABLE ENERGY HOLDINGS, INC. UPON REQUEST AND WITHOUT CHARGE.

(b)        If any Shares held by the Participant
shall cease to be subject to the restrictions on Transfer set forth in this
Award Agreement, the Company shall, upon the written request of the
Participant, issue to the Participant a new certificate evidencing such Shares
beneficially owned by the Participant without the second sentence of the legend
(or the reference therein to this Award Agreement) required by Section 2.03(a)
endorsed thereon.

Section
2.04.  Tag-Along
Rights.  (a) Subject to Section 2.04(g) and Section 2.06, if the LLC (or
any of its Permitted Transferees) or any MSCP Fund (or any of them) (the “Tag-Along
Seller”) proposes to Transfer to any Person (the “Tag-Along Purchaser”) in a transaction or series of related
transactions a number of Shares owned by the Tag-Along Seller equal to or
exceeding 5% of the aggregate number of Shares held in the aggregate by the LLC
and all of the MSCP Funds as of June 30, 2003 (a “Tag-Along Sale”),
the Tag-Along Seller shall provide notice of such proposed Transfer to the
Company and the Company shall promptly provide notice (the “Tag-Along
Notice”) of such proposed Transfer to the Participant and
offering the Participant the opportunity to participate in such Transfer in
accordance with this Section 2.04 (“Tag-Along Offer”).

(b)        The Tag-Along Notice shall identify the Tag-Along Purchaser,
the aggregate number of Shares proposed to be sold by the Tag-Along Seller, the
consideration per Share, and all other material terms and conditions of the
Tag-Along Offer.

(c)        The Participant shall have the right, at its option,
exercisable by written notice (the “Tag-Along Exercise Notice”)
given to the Tag-Along Seller within five days after receipt of the 

 

 

 

Tag-Along Notice (the “Tag-Along
Notice Period”), to include in the proposed Transfer, in accordance
with this Section 2.04, any number of fully vested Shares then held by the
Participant; provided that if the aggregate
number of Shares proposed to be Transferred by the Tag-Along Seller, the
Participant and all other Persons in such transaction exceeds the maximum
amount that can be Transferred on the terms and conditions set forth in the
Tag-Along Notice, the Participant will be entitled to transfer in the Tag-Along
Sale a number of Shares equal to the product of the number of Shares held by
the Participant multiplied by a fraction, the numerator of which is the
aggregate number of Shares proposed to be sold by the Tag-Along Seller and the
denominator of which is the aggregate number of Shares outstanding on a fully
diluted basis (without duplication of any similar rights under any similar
agreement).

Each Tag-Along Exercise Notice shall include wire
transfer instructions for payment of the purchase price for the Shares to be
sold in such Tag-Along Sale.  The
Participant shall deliver to the Tag-Along Seller, with its Tag-Along Exercise
Notice, the certificate or certificates representing the Shares of such
Participant to be included in the Tag-Along Sale (as determined pursuant to the
preceding paragraph), together with a limited power-of-attorney authorizing the
Tag-Along Seller to Transfer such Shares on the terms set forth in the
Tag-Along Notice.  Delivery of the
Tag-Along Exercise Notice with such certificate or certificates and limited
power-of-attorney shall constitute an irrevocable acceptance of the Tag-Along
Offer by the Participant.

If at the termination of the Tag-Along Notice Period
the Participant shall not have delivered a Tag-Along Exercise Notice, the
Participant will be deemed to have waived its rights under this Section 2.04 to
Transfer any Shares pursuant to such Tag-Along Sale.

(d)        If, at the end of a 120-day period after such delivery of the
Tag-Along Notice (which 120-day period shall be extended if any of the
transactions contemplated by the Tag-Along Offer are subject to regulatory
approval until the expiration of five business days after all such approvals
have been received, but in no event later than 270 days following delivery of
the Tag-Along Notice by the Tag-Along Seller), the Tag-Along Seller has not
completed the Tag-Along Sale on substantially the terms and conditions set
forth in the Tag-Along Notice, the Tag-Along Seller shall (i) return to the
Participant the limited power-of-attorney (and all copies thereof) together
with all certificates representing the Shares that the Participant delivered
for Transfer pursuant to this Section 2.04 and any other documents in the
possession of the Tag-Along Seller executed by the Participant in connection
with the proposed Tag-Along Offer, and (ii) not conduct any Transfer of Shares
without again complying with this Section 2.04.

(e)        Promptly after the consummation of the
Tag-Along Sale, the Tag-Along Seller shall (i) notify the Participant thereof, (ii)
remit to the Participant the net proceeds for the Shares of the Participant
Transferred pursuant thereto (with the cash portion of the purchase price paid
by check or wire transfer in accordance with the wire transfer instructions in
the Tag-Along Exercise Notice) and (iii) furnish such other evidence of the
completion and the date of completion of such transfer and the terms thereof as
may be reasonably requested by the Participant.

(f)         Notwithstanding anything contained in
this Section 2.04, there shall be no liability on the part of the Tag-Along
Seller to the Participant (other than the obligation to return any certificates
evidencing Shares and limited powers-of-attorney received by the Tag-Along
Seller) 

 

 

if the Tag-Along Sale is not
consummated for whatever reason.  Whether
to effect a Tag-Along Sale is in the sole and absolute discretion of the
Tag-Along Seller.

(g)        The provisions of this Section 2.04
shall not apply to any proposed Transfer of any Shares by the Tag-Along Seller
(i) upon liquidation or dissolution of the LLC, (ii) to a Permitted Transferee
of the Tag-Along Seller or (iii) with respect to any Sale of the Company where
the LLC or the MSCP Funds (or any of them) exercise their Drag-Along Rights
pursuant to Section 2.05.

Section
2.05.  Drag-Along
Rights.  (a) Subject to Section
2.06, if the LLC (or any of its Permitted Transferees) or any MSCP Fund (or any
of them) (the “Drag-Along Seller”) propose to
effect a Sale of the Company (a “Drag-Along Sale”), the Drag-Along
Seller may at its option (“Drag-Along Rights”) require the
Participant to: (i) Transfer a
number of the Shares then owned by such Participant in such Drag-Along Sale
equal to the product of (x) the aggregate number of Shares then owned by such
Participant times (y) a fraction, the numerator of
which is the aggregate number of Shares proposed to sold in such Drag-Along
Sale by the Drag-Along Seller and the denominator of which is the aggregate
number of Shares then owned by the LLC and the MSCP Funds and (ii) otherwise
take all other actions necessary or desirable to consummate the Drag-Along
Sale.

(b)   If the Drag-Along Seller elects to exercise its Drag-Along Rights,
the Drag-Along Seller shall provide notice of such Drag-Along Sale to the
Participant (a “Drag-Along Sale Notice”) not later
than 10 days prior to the proposed Drag-Along Sale.  The Drag-Along Sale Notice shall identify the
purchaser in the Drag-Along Sale, the number of Shares proposed to be sold in
the Drag-Along Sale (including the number of Shares required to be Transferred
by the Participant pursuant to this Section 2.05), the consideration per Share
(the “Drag-Along Sale Price”), and all other
material terms and conditions of the Drag-Along Sale.  The Participant shall be required to
participate in the Drag-Along Sale on the terms and conditions set forth in the
Drag-Along Sale Notice and to tender its Shares as set forth below.

(c)   If requested by the Drag-Along Seller, not later than five days
after the date of the Drag-Along Sale Notice, the Participant shall deliver to
a representative of the Drag-Along Seller designated in the Drag-Along Sale
Notice (i) the certificate and other applicable instruments representing the
Shares of such Participant required to be included in the Drag-Along Sale,
together with a limited power-of-attorney authorizing the Drag-Along Seller or
such representative to Transfer such Shares on the terms set forth in the
Drag-Along Notice and check or wire transfer instructions for payment of the
cash portion of the consideration to be received in such Drag-Along Sale, or,
if such delivery is not permitted by applicable law, an unconditional agreement
to deliver such Shares pursuant to this Section 2.05 at the closing for such
Drag-Along Sale against delivery to the Participant of the consideration
therefor and/or (ii) all other documents required to be executed in connection
with the Drag-Along Sale.  If the
Participant should fail to deliver such certificates to the Drag-Along Seller,
the Company (subject to Section 2.05(d)) shall cause the books and records of
the Company to show that such Shares are bound by the provisions of this Section
2.05 and that such Shares shall be Transferred to the Drag-Along Transferee
immediately upon surrender for Transfer by the holder thereof.

 

 

(d)   The Drag-Along Seller shall have a period of
120 days from the date of the Drag-Along Sale Notice to consummate the
Drag-Along Sale on the terms and conditions set forth in such Drag-Along Sale
Notice, provided that, if such
Drag-Along Sale is subject to regulatory approval, such 120-day period shall be
extended until the expiration of five business days after all such approvals
have been received, but in no event later than 270 days following the date of
the Drag-Along Sale Notice.  If the
Drag-Along Sale shall not have been consummated during such period, the
Drag-Along Seller shall return to the Participant the limited power-of-attorney
and all certificates and other applicable instruments representing Shares that
the Participant delivered for Transfer pursuant hereto, together with any other
documents in the possession of the Drag-Along Seller executed by the
Participant in connection with such proposed Transfer, and all the restrictions
on Transfer contained in this Award Agreement or otherwise applicable at such
time with respect to such Shares owned by the Participant shall again be in
effect.

(e)   Promptly after the consummation of the
Drag-Along Sale, the Drag-Along Seller shall (i) notify the Participant thereof,
(ii) remit to the Participant the net proceeds for the Shares of the
Participant Transferred pursuant thereto (with the cash portion of the purchase
price paid by check or wire transfer in accordance with the wire transfer
instructions provided by the Participant) and (iii) furnish such other evidence
of the completion and the date of completion of such transfer and the terms
thereof as may be reasonably requested by the Participant.

(f)    Notwithstanding anything contained in this Section
2.05, there shall be no liability on the part of the Drag-Along Seller to the
Participant (other than the obligation to return the limited power-of-attorney
and the certificates and other applicable instruments representing Shares
received by the Drag-Along Seller) if the Drag-Along Sale is not consummated
for whatever reason, regardless of whether the Drag-Along Seller has delivered
a Drag-Along Sale Notice.  Whether to
effect a Drag-Along Sale is in the sole and absolute discretion of the
Drag-Along Seller.

Section
2.06.  Additional
Provisions relating to Tag-Along Sales and Drag-Along Sales.  Notwithstanding anything contained in Section
2.04 or Section 2.05, any Participant participating in a Tag-Along Sale under Section
2.04 or a Drag-Along Sale under Section 2.05 shall have the following rights
and obligations:

(a)   upon the consummation of such Tag-Along Sale
or Drag-Along Sale, as the case may be, (i) each of the Tag-Along Seller or
Drag-Along Seller, as the case may be, and the Participant participating
therein will receive the same form and amount of consideration per Share; provided that in no event shall any
consideration for any services, such as investment banking or investment
advisory fees payable to the Tag-Along Seller or Drag-Along Seller, as the case
may be, or any related Person in connection with such transaction, or any
consideration for any additional agreements entered into in connection with
such transaction, such as employment agreements or non-competition agreements,
be included in the amount of consideration per Share and (ii) if the Tag-Along
Seller or Drag-Along Seller, as the case may be, is given an option as to the
form and amount of consideration to be received, the Participant participating
therein will be given the same option;

 

 

(b)   the Participant shall make such
representations, warranties and covenants and enter into such definitive
agreements as are customary for transactions of the nature of the proposed
Transfer; and

(c)   the Participant shall be required to bear its
proportionate share of any fees, costs, expenses, escrows, holdbacks or
adjustments in purchase price relating to the transaction.

Section
2.07.  Termination.  This Exhibit A and all the rights and
obligations hereunder shall terminate upon the consummation of a Qualified
Public Offering.Exhibit 10.14

AWARD AGREEMENT

Under the Aventine
Renewable Energy Holdings, Inc.

2003 Stock Incentive Plan

THIS AWARD AGREEMENT (the “Award Agreement”) is made and entered into as of [            ] between Aventine Renewable Energy Holdings,
Inc. (the “Company”) and [NAME]
(the “Optionee”).

The Company hereby grants to the Optionee an option
(the “Option”) to purchase certain Shares on
the terms and conditions as set forth in this Award Agreement and in the Plan.  Capitalized terms not otherwise defined herein
have the meanings set forth in the Plan.

In accordance with this grant, and as a condition
thereto, the Company and the Optionee agree as follows:

SECTION 1.  Exercise Price; Number of
Shares; Date of Grant.  The
price at which each Share subject to this Option may be purchased, the number
of Shares for which the Option may be exercised and the date of grant of the
Option are as set forth in Exhibit A to this Award Agreement.  Such Option shall be a nonqualified option
under the Code.

SECTION 2.  Term and Exercise
Schedule.  This Option shall
not be exercisable to any extent after the tenth anniversary of date of grant (the
“Expiration Date”).  Subject to the terms and conditions of this
Award Agreement and the Plan, the Optionee shall be entitled to exercise the
Option prior to the Expiration Date and to purchase Shares hereunder in
accordance with the schedule set forth in Section 4 of Exhibit A to this Award
Agreement.  The right to exercise this
Option shall be cumulative so that to the extent this Option is not exercised
when it becomes initially exercisable with respect to any Shares, it shall be
exercisable with respect to such Shares at any time thereafter as provided
herein and in the Plan until the Expiration Date and any Shares subject to this
Option which have not then been purchased may not, thereafter, be purchased
hereunder.  A Share shall be considered
to have been purchased on or before the Expiration Date if the Company has been
given notice of the purchase pursuant to Sections 3 and 9, and the Company has
actually received payment for the Share on or before the Expiration Date.

SECTION 3.  Notice of Exercise, Payment and
Certificate.    Exercise of this Option, in whole or in part,
shall be by delivery of a written notice to the Company as provided in Section
9 which specifies the number of Shares being purchased and is accompanied by
payment therefor in cash, or such other consideration as may be permitted by
the Company.  Promptly after receipt of
such notice and purchase price (or adequate provision therefor, in the Company’s
sole discretion), the Company shall deliver to the person exercising the Option
a certificate for the number of Shares purchased.  Shares to be issued upon the 

 

 

exercise of this Option may be either
authorized and unissued Shares or Shares which have been reacquired by the
Company.

SECTION 4.  Termination of
Employment.  This Option may
be exercised only while the Optionee is employed (as an employee or an officer)
by the Company or is otherwise performing services for the Company (as a
director or consultant), except as follows:

(a)   Death or Disability.  Subject to Section 9.05 of the Plan, if the
Optionee’s employment or service with the Company terminates due to his or her
death or Disability, the Optionee (or his representative or successor) shall
have the right to exercise this Option, to the extent that the Optionee was
entitled to do so on the date of termination of his or her employment or
service, for a period which ends not later than the earlier of (i) one year after
such termination and (ii) the Expiration Date.

(b)   Termination with Cause.  Subject to Section 9.05 of the Plan, if the
Optionee’s employment or service with the Company is terminated by the Company
for Cause, this Option shall be deemed immediately forfeited and cancelled in
its entirety upon such termination of employment or service without any payment
or consideration being due from the Company.

(c)   Other Terminations.  Subject to Section 9.05 of the Plan, in the
case of any termination of employment or service other than as set forth above,
the Optionee shall have the right to exercise this Option, to the extent that
the Optionee was entitled to do so on the date of termination of his or her
employment or service, for a period which ends not later than the earlier of
(i) ninety (90) days after such termination and (ii) the Expiration Date.

For purposes of this Award Agreement, employment by a
Subsidiary of the Company shall be deemed to be employment by the Company.

SECTION 5.  Transferability of Options and
Shares.  Options and Shares (whether
or not acquired by the Optionee in connection with the exercise of an Option)
shall be subject to the terms and conditions set forth in Exhibit B to this
Award Agreement.

SECTION 6.  Confidentiality and
Non-competition.  As a
condition to the receipt of the Option, the Optionee agrees to the terms set
forth in Exhibit C to this Award Agreement.

SECTION 7.  Governing Law.  This Award Agreement shall be
governed by and construed in accordance with the laws of the State of Delaware,
without application of the conflict of law principles thereof.

SECTION 8.  Interpretation.  The Optionee accepts this Option
subject to all the terms and provisions of the Plan, which shall control in the
event of any 

 

2

 

conflict between any provision of the Plan
and this Award Agreement, and accepts as binding, conclusive and final all
decisions or interpretations of the Board or the Committee upon any questions
arising under the Plan and/or this Award Agreement.  The Optionee acknowledges receiving a copy of
the Plan.

SECTION 9.  Notices.  Any notice under this Award
Agreement shall be in writing and shall be deemed to have been duly given when
delivered personally or when deposited in the United States mail, registered,
postage prepaid, and addressed, in the case of the Company, to Aventine
Renewable Energy Holdings, Inc., c/o Metalmark Capital LLC, 1177 Avenue of the
Americas, 40th Floor, New York, New York 10036, Attention: Leigh
Abramson, Fax:  (212) 823-1913, or if the
Company should move its principal office, to such principal office, and, in the
case of the Optionee, to his or her last permanent address as shown on the
Company’s records, subject to the right of either party to designate some other
address at any time hereafter in a notice satisfying the requirements of this
Section.

SECTION 10.  Sections and Headings.  All section references in this
Award Agreement are to sections hereof for convenience of reference only and
are not to affect the meaning of any provision of this Award Agreement.

SECTION 11.  Third Party Beneficiary.  Each MSCP Fund and the LLC shall
be an express and intended beneficiary of the provisions of Exhibit B to this
Award Agreement and shall be entitled to enforce such provisions against the
Optionee as if it were a party to this Award Agreement.  This Section 11 and Exhibit B to this Award
Agreement may not be amended, modified or (except in the case of a waiver by
the Optionee) waived without the prior written consent of the LLC.

SECTION 12.  Tax Withholding.  The Optionee acknowledges that
this Option is subject to Article 11 of the Plan, and the Company is entitled
to take any actions necessary to satisfy its tax withholding obligations.

SECTION 13.  Counterparts.  This Award Agreement may be signed
in any number of counterparts, each of which shall be an original, with the
same effect as if the signatures thereto and hereto were upon the same
instrument.

 

3

 

IN WITNESS WHEREOF, the undersigned have caused this
Award Agreement to be duly executed as of the date first above written.

	
   

  	
  AVENTINE RENEWABLE ENERGY HOLDINGS, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  OPTIONEE

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  

 

 

4

 

Exhibit A

to Award Agreement Dated [         ] 

between Aventine Renewable Energy Holdings, Inc.

and [NAME]

1.             The
number of Shares that the Optionee is entitled to purchase pursuant to the
Option granted under this Award Agreement is [  
].

2.             The
Exercise Price of the Option is $[    ]
per Share.

3.             The
date of grant of the Option is [       ].

4.                                       Percentage of
Shares With Respect to Which the Option

First Becomes Exercisable on the Date Indicated:

 

A-1

 

Exhibit B

to Award Agreement Dated [          ] 

between Aventine Renewable Energy Holdings, Inc.

and [NAME]

As a condition to the receipt of the Option pursuant
to this Award Agreement, the Optionee agrees that:

ARTICLE
1

DEFINITIONS; INTERPRETATION

Section
1.01.  Definitions.  (a) The following terms, as used herein, have
the following meanings:

“Shares” means,
for purposes of this Exhibit B only, shares of Stock and any securities issued
directly or indirectly with respect to the foregoing by way of a split,
dividend, or other division of securities, or in connection with a combination
of securities, recapitalization, merger, consolidation, or other
reorganization.

“Transfer” means any direct or indirect sale, transfer,
assignment, pledge, hedge or other disposition (whether with or without
consideration and whether voluntary or involuntary or by operation of law).

(b)   All capitalized terms used but not defined
herein shall have the meanings ascribed thereto in the Plan or the Award
Agreement.

ARTICLE
2

RIGHTS AND OBLIGATIONS WITH RESPECT TO TRANSFER; PREEMPTIVE RIGHTS

Section
2.01.  General
Restrictions.  (a) The
Optionee may not Transfer this Option, any Shares held by the Optionee or any
interest in this Option or any Shares, except (A) to a Permitted Transferee of
the Optionee, (B) in a Tag-Along Sale pursuant to Section 2.04 or in a
Drag-Along Sale pursuant to Section 2.05 or (C) with the prior written approval
of the LLC, which approval may be withheld in its sole discretion.

(b)   Notwithstanding anything herein to the
contrary, each Transfer of this Option or any Shares held by the Optionee must
be made in compliance with the Securities Act and any applicable state and
foreign securities laws.  The Optionee
understands and agrees that this Option has not been (and, when issued, any
Shares issued to the Optionee will not be) registered under the Securities Act
and are restricted securities.  Any
attempt to Transfer this Option or any Shares held by the Optionee not in
compliance with this Award Agreement shall be null 

 

B-1

 

and void and neither the
Company nor any transfer agent shall give any effect in the Company’s transfer
records to such Transfer.

Section
2.02.  Agreement
to be Bound.  No Transfer of
this Option or any Shares held by the Optionee otherwise permitted pursuant to
this Article 2 shall be effective unless (i) prior to such Transfer, the
transferee shall have executed and delivered to the Company an instrument or
instruments reasonably satisfactory to the Company confirming that such
transferee has agreed to be bound as an “Optionee” by the terms of this Award
Agreement, a copy of which instrument shall be maintained on file with the Secretary
of the Company and shall include the address of such transferee to which
notices hereunder shall be sent and (ii) in the case of a Transfer of any
Shares, the certificates representing any such Shares delivered to the
transferee shall bear the legend set forth in Section 2.03, if required by such
Section.

Section
2.03. 
Legends.  (a) Each
certificate evidencing outstanding Shares acquired by any Optionee shall bear a
legend in substantially the following form:

THE SECURITIES REPRESENTED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY
STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD, OR TRANSFERRED EXCEPT IN
COMPLIANCE THEREWITH.  THE SECURITIES
REPRESENTED BY THIS CERTIFICATE ARE ALSO SUBJECT TO ADDITIONAL RESTRICTIONS,
INCLUDING RESTRICTIONS ON TRANSFER, AS SET FORTH IN THE AWARD AGREEMENT DATED
AS OF [DATE], A COPY OF WHICH WILL BE FURNISHED BY AVENTINE RENEWABLE ENERGY
HOLDINGS, INC. UPON REQUEST AND WITHOUT CHARGE.

(b)        If any Shares held by the Optionee shall
cease to be subject to the restrictions on Transfer set forth in this Award
Agreement, the Company shall, upon the written request of the Optionee, issue
to the Optionee a new certificate evidencing such Shares beneficially owned by
the Optionee without the second sentence of the legend (or the reference
therein to this Award Agreement) required by Section 2.03(a) endorsed thereon.

Section
2.04.  Tag-Along
Rights.  (a) Subject to Section 2.04(g) and Section 2.06, if the LLC (or
any of its Permitted Transferees) or any MSCP Fund (or any of them) (the “Tag-Along
Seller”) proposes to Transfer to any Person (the “Tag-Along Purchaser”) in a transaction or series of related
transactions a number of Shares owned by the Tag-Along Seller equal to or exceeding
5% of the aggregate number of Shares held in the aggregate by the LLC and all
of the MSCP Funds as of the date hereof (a “Tag-Along Sale”),
the Tag-Along Seller shall provide notice of such proposed Transfer to the
Company and the Company shall promptly provide notice (the “Tag-Along
Notice”) of such proposed 

 

B-2

 

Transfer to the Optionee and
offering the Optionee the opportunity to participate in such Transfer in
accordance with this Section 2.04 (“Tag-Along Offer”).

(b)        The Tag-Along Notice shall identify the Tag-Along Purchaser,
the aggregate number of Shares proposed to be sold by the Tag-Along Seller, the
consideration per Share, and all other material terms and conditions of the
Tag-Along Offer.

(c)        The Optionee shall have the right, at its option, exercisable
by written notice (the “Tag-Along Exercise Notice”)
given to the Tag-Along Seller within five days after receipt of the Tag-Along
Notice (the “Tag-Along Notice Period”), to
include in the proposed Transfer, in accordance with this Section 2.04, any
number of fully vested Shares then held by the Optionee; provided
that if the aggregate number of Shares proposed to be Transferred by the
Tag-Along Seller, the Optionee and all other Persons in such transaction
exceeds the maximum amount that can be Transferred on the terms and conditions
set forth in the Tag-Along Notice, the Optionee will be entitled to transfer in
the Tag-Along Sale a number of Shares equal to the product of the number of
Shares held by the Optionee multiplied by a fraction, the numerator of which is
the aggregate number of Shares proposed to be sold by the Tag-Along Seller and
the denominator of which is the aggregate number of Shares outstanding on a
fully diluted basis.

Each Tag-Along Exercise Notice shall include wire
transfer instructions for payment of the purchase price for the Shares to be
sold in such Tag-Along Sale.  The
Optionee shall deliver to the Tag-Along Seller, with its Tag-Along Exercise
Notice, the certificate or certificates representing the Shares of such
Optionee to be included in the Tag-Along Sale (as determined pursuant to the
preceding paragraph), together with a limited power-of-attorney authorizing the
Tag-Along Seller to Transfer such Shares on the terms set forth in the
Tag-Along Notice.  Delivery of the
Tag-Along Exercise Notice with such certificate or certificates and limited
power-of-attorney shall constitute an irrevocable acceptance of the Tag-Along
Offer by the Optionee.

If at the termination of the Tag-Along Notice Period
the Optionee shall not have delivered a Tag-Along Exercise Notice, the Optionee
will be deemed to have waived its rights under this Section 2.04 to Transfer
any Shares pursuant to such Tag-Along Sale.

(d)        If, at the end of a 120-day period after such delivery of the
Tag-Along Notice (which 120-day period shall be extended if any of the
transactions contemplated by the Tag-Along Offer are subject to regulatory
approval until the expiration of five business days after all such approvals
have been received, but in no event later than 270 days following delivery of
the Tag-Along Notice by the Tag-Along Seller), the Tag-Along Seller has not
completed the Tag-Along Sale on substantially the terms and conditions set
forth in the Tag-Along Notice, the Tag-Along Seller shall (i) return to the
Optionee the limited power-of-attorney 

 

B-3

 

(and all copies thereof) together with all
certificates representing the Shares that the Optionee delivered for Transfer
pursuant to this Section 2.04 and any other documents in the possession of the
Tag-Along Seller executed by the Optionee in connection with the proposed
Tag-Along Offer, and (ii) not conduct any Transfer of Shares without again
complying with this Section 2.04.

(e)        Promptly after the consummation of the
Tag-Along Sale, the Tag-Along Seller shall (i) notify the Optionee thereof, (ii)
remit to the Optionee the net proceeds for the Shares of the Optionee
Transferred pursuant thereto (with the cash portion of the purchase price paid
by check or wire transfer in accordance with the wire transfer instructions in
the Tag-Along Exercise Notice) and (iii) furnish such other evidence of the
completion and the date of completion of such transfer and the terms thereof as
may be reasonably requested by the Optionee.

(f)         Notwithstanding anything contained in
this Section 2.04, there shall be no liability on the part of the Tag-Along
Seller to the Optionee (other than the obligation to return any certificates
evidencing Shares and limited powers-of-attorney received by the Tag-Along
Seller) if the Tag-Along Sale is not consummated for whatever reason.  Whether to effect a Tag-Along Sale is in the
sole and absolute discretion of the Tag-Along Seller.

(g)        The provisions of this Section 2.04
shall not apply to any proposed Transfer of any Shares by the Tag-Along Seller
(i) upon liquidation or dissolution of the LLC, (ii) to a Permitted Transferee
of the Tag-Along Seller or (iii) with respect to any Sale of the Company where
the LLC or the MSCP Funds (or any of them) exercise their Drag-Along Rights pursuant
to Section 2.05.

Section
2.05.  Drag-Along
Rights.  (a) Subject to Section
2.06, if the LLC (or any of its Permitted Transferees) or any MSCP Fund (or any
of them) (the “Drag-Along Seller”) propose to
effect a Sale of the Company (a “Drag-Along Sale”), the Drag-Along
Seller may at its option (“Drag-Along Rights”) require the
Optionee to: (i) Transfer a
number of the Shares then owned by such Optionee in such Drag-Along Sale
equal to the product of (x) the aggregate number of Shares then owned by such
Optionee times (y) a fraction, the numerator of
which is the aggregate number of Shares proposed to sold in such Drag-Along
Sale by the Drag-Along Seller and the denominator of which is the aggregate
number of Shares then owned by the LLC and the MSCP Funds; (ii) (subject to and
at the closing of the Drag-Along Sale) exercise all or some portion of this
Option and to Transfer all of the Shares received upon such exercise in such
Drag-Along Sale; provided that if
the exercise price per Share is greater than the per share price in the
Drag-Along Sale, in place of such exercise, the Optionee shall submit to
irrevocable cancellation thereof without any liability for payment of any
exercise price with respect thereto; and (iii) otherwise take all other
actions necessary or desirable to consummate the Drag-Along Sale.

(b)        If the Drag-Along Seller elects to exercise its Drag-Along
Rights, the Drag-Along Seller shall provide notice of such Drag-Along Sale to
the 

 

B-4

 

Optionee (a “Drag-Along Sale Notice”) not later
than 10 days prior to the proposed Drag-Along Sale.  The Drag-Along Sale Notice shall identify the
purchaser in the Drag-Along Sale, the number of Shares proposed to be sold in
the Drag-Along Sale (including the number of Shares required to be Transferred
by the Optionee pursuant to this Section 2.05), the consideration per Share
(the “Drag-Along Sale Price”), and all other
material terms and conditions of the Drag-Along Sale.  The Optionee shall be required to participate
in the Drag-Along Sale on the terms and conditions set forth in the Drag-Along
Sale Notice and to tender its Shares as set forth below.

(c)        If requested by the Drag-Along Seller, not later than five
days after the date of the Drag-Along Sale Notice, the Optionee shall deliver
to a representative of the Drag-Along Seller designated in the Drag-Along Sale
Notice (i) the certificate and other applicable instruments representing the
Shares of such Optionee required to be included in the Drag-Along Sale,
together with a limited power-of-attorney authorizing the Drag-Along Seller or
such representative to Transfer such Shares on the terms set forth in the Drag-Along
Notice and check or wire transfer instructions for payment of the cash portion
of the consideration to be received in such Drag-Along Sale, or, if such
delivery is not permitted by applicable law, an unconditional agreement to
deliver such Shares pursuant to this Section 2.05 at the closing for such
Drag-Along Sale against delivery to the Optionee of the consideration therefor
and/or (ii) all other documents required to be executed in connection with the
Drag-Along Sale, including documents required in connection with the exercise
or cancellation of all (or applicable portion) of this Option.  If the Optionee should fail to deliver such
certificates to the Drag-Along Seller, the Company (subject to Section 2.05(d))
shall cause the books and records of the Company to show that such Shares and
this Option (or applicable portion of this Option) are bound by the provisions
of this Section 2.05 and that such Shares shall be Transferred to the
Drag-Along Transferee immediately upon surrender for Transfer by the holder
thereof.

(d)        The Drag-Along Seller shall have a
period of 120 days from the date of the Drag-Along Sale Notice to consummate
the Drag-Along Sale on the terms and conditions set forth in such Drag-Along
Sale Notice, provided that, if
such Drag-Along Sale is subject to regulatory approval, such 120-day period
shall be extended until the expiration of five business days after all such
approvals have been received, but in no event later than 270 days following the
date of the Drag-Along Sale Notice.  If
the Drag-Along Sale shall not have been consummated during such period, the
Drag-Along Seller shall return to the Optionee the limited power-of-attorney
and all certificates and other applicable instruments representing Shares that
the Optionee delivered for Transfer pursuant hereto, together with any other
documents in the possession of the Drag-Along Seller executed by the Optionee
in connection with such proposed Transfer, and all the restrictions on Transfer
contained in this Award Agreement or otherwise applicable at such time with
respect to such Shares owned by the Optionee shall again be in effect.

 

B-5

 

(e)        Promptly after the consummation of the
Drag-Along Sale, the Drag-Along Seller shall (i) notify the Optionee thereof, (ii)
remit to the Optionee the net proceeds for the Shares of the Optionee
Transferred pursuant thereto (with the cash portion of the purchase price paid
by check or wire transfer in accordance with the wire transfer instructions provided
by the Optionee) and (iii) furnish such other evidence of the completion and
the date of completion of such transfer and the terms thereof as may be
reasonably requested by the Optionee.

(f)         Notwithstanding anything contained in
this Section 2.05, there shall be no liability on the part of the Drag-Along
Seller to the Optionee (other than the obligation to return the limited
power-of-attorney and the certificates and other applicable instruments
representing Shares received by the Drag-Along Seller) if the Drag-Along Sale
is not consummated for whatever reason, regardless of whether the Drag-Along
Seller has delivered a Drag-Along Sale Notice. 
Whether to effect a Drag-Along Sale is in the sole and absolute
discretion of the Drag-Along Seller.

Section
2.06.  Additional
Provisions relating to Tag-Along Sales and Drag-Along Sales.  Notwithstanding anything contained in Section
2.04 or Section 2.05, any Optionee participating in a Tag-Along Sale under Section
2.04 or a Drag-Along Sale under Section 2.05 shall have the following rights
and obligations:

(a)        upon the consummation of such Tag-Along
Sale or Drag-Along Sale, as the case may be, (i) each of the Tag-Along Seller
or Drag-Along Seller, as the case may be, and the Optionee participating
therein will receive the same form and amount of consideration per Share; provided that in no event shall any
consideration for any services, such as investment banking or investment
advisory fees payable to the Tag-Along Seller or Drag-Along Seller, as the case
may be, or any related Person in connection with such transaction, or any
consideration for any additional agreements entered into in connection with
such transaction, such as employment agreements or non-competition agreements,
be included in the amount of consideration per Share and (ii) if the Tag-Along
Seller or Drag-Along Seller, as the case may be, is given an option as to the
form and amount of consideration to be received, the Optionee participating
therein will be given the same option;

(b)        the Optionee shall make such
representations, warranties and covenants and enter into such definitive
agreements as are customary for transactions of the nature of the proposed
Transfer; and

(c)        the Optionee shall be required to bear
its proportionate share of any fees, costs, expenses, escrows, holdbacks or
adjustments in purchase price relating to the transaction.

 

B-6

 

Exhibit C

to Award Agreement Dated [      ] 

between Aventine Renewable Energy Holdings, Inc.

and [NAME]

 

As a condition to the receipt of the Option pursuant
to this Award Agreement, the Optionee agrees that:

Section 1.               From
the date hereof until the first anniversary of the date on which the Optionee’s
employment or service with the Company is terminated for any reason, the Optionee
shall not, directly or indirectly, on his or her own account or as an employee,
consultant, independent contractor, partner, owner, officer, director or
stockholder, engage in, be connected with, have any interest in, or aid or
assist anyone else to engage in, be connected with, or have any interest in, a
Business, as such term is defined below; provided
that the Optionee may purchase securities in any corporation whose securities
are listed or traded on a national securities exchange or in an
over-the-counter securities market if such purchases do not result in the Optionee
beneficially owning, directly or indirectly, at any time, the lesser of (i) 1%
or more of the equity securities of any such corporation or (ii) equity securities
of any such corporation having a fair market value of $250,000 or more.  As used herein “Business” means the business
of producing, marketing, purchasing, selling, reselling and distributing
ethanol and related bio-products and co-products (and incidental related
activities) in the midwestern United States, with respect to production
activities, and throughout the United States, with respect to all other
activities.

Section 2.               From
the date hereof until the first anniversary of the date on which the Optionee’s
employment or service with the Company is terminated for any reason, the Optionee
shall not, directly or indirectly, (i) induce or attempt to induce any
employee, officer or consultant of the Company or any of its Subsidiaries to
leave the employ of the Company or any of its Subsidiaries, or in any way
interfere with the relationship between the Company or any of its Subsidiaries
and any employee, officer or consultant thereof, (ii) hire directly or through
another entity any person who was an employee of the Company or any of its
Subsidiaries at any time during the twelve months prior to the date such person
is to be so hired, or (iii) induce or attempt to induce any customer, supplier,
licensee or other business relation of the Company or any of its Subsidiaries
to cease doing business with the Company or any of its Subsidiaries, or in any
way interfere with the relationship between any such customer, supplier,
licensee or business relation and the Company or any of its Subsidiaries
(including making any negative statements or communications concerning the
Company or any of its Subsidiaries).

Section 3.               During
the Optionee’s employment or service with the Company and at all times and
after the termination of the Optionee’s employment or service with the Company,
the Optionee shall not disclose or use for the 

 

C-1

 

Optionee’s own benefit or
purposes or the benefit or purposes of any Person other than the Company, any
trade secrets or other confidential information relating to customers,
development programs, costs, marketing, trading, investment, sales activities,
promotion, credit and financial data, manufacturing processes, financing
methods, plans, or the business and affairs of the Company generally; provided that the foregoing shall not
apply to information which is required by law to be disclosed, or to
information which is not unique to the Company or which is generally known to
the industry or the public other than as a result of the Optionee’s breach of
this covenant.

Section 4.               The
terms of this Exhibit C are reasonable and necessary in light of the Optionee’s
position with the Company and responsibility and knowledge of the operations of
the Company and its Subsidiaries and are not more restrictive than necessary to
protect the legitimate interests of the parties hereto.  In addition, any breach of the covenants
contained in this Exhibit C would cause irreparable harm to the Company, its
Subsidiaries and Affiliates and there would be no adequate remedy at law or in
damages to compensate the Company, its Subsidiaries and Affiliates for any such
breach.

 

C-2

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