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                                                                     EXHIBIT 4.1

      SUBJECT TO THE TERMS, CONDITIONS AND RESTRICTIONS PRINTED ON THE BACK
                  OF THIS CERTIFICATE AND MADE A PART HEREOF.

                ORGANIZED UNDER THE LAWS OF THE STATE OF INDIANA

         CERTIFICATE NUMBER  _____                            ___________ UNITS

                        IROQUOIS BIO-ENERGY COMPANY, LLC
                                      UNITS

         THIS CERTIFIES THAT __________________________________________ IS THE
OWNER AND REGISTERED HOLDER OF _____________________________________ UNITS OF
IROQUOIS BIO-ENERGY COMPANY, LLC, TRANSFERABLE ONLY ON THE BOOKS OF THE COMPANY
BY THE HOLDER HEREOF IN PERSON OR BY DULY AUTHORIZED ATTORNEY UPON SURRENDER OF
THIS CERTIFICATE PROPERLY ENDORSED.

         IN WITNESS WHEREOF, THE COMPANY HAS CAUSED THIS CERTIFICATE TO BE
EXECUTED BY ITS DULY AUTHORIZED OFFICERS THIS _______ DAY OF
_____________________, 2002.

               ----------------------------           --------------------------
               SECRETARY                              PRESIDENT

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The securities represented by this certificate may not be sold, offered for
sale, or transferred in the absence of either an effective registration
statement under the securities act of 1933, as amended, and under applicable
state securities laws, or an opinion of counsel satisfactory to the Company that
such transaction is exempt from registration under the securities act of 1933,
as amended, and under applicable state securities laws.

The Units represented by this certificate quantify the limited liability company
interest of the holder hereof in the Company. A limited liability company
interest is personal property. The holder hereof has no interest in specific
property of the Company. The limited liability company interest quantified by
the Units represented by this certificate is governed by and are subject to the
provisions of the Company's Operating Agreement, as amended and
agreed to by the Members.

The Units represented by this certificate are subject to further restriction as
to their sale, transfer, hypothecation, or assignment as set forth in the
Company's Operating Agreement, as amended and agreed to by the
Members. Said restriction provides, among other things, that no Units may be
transferred, and that no vendee, transferee, assignee, or endorsee of a Member
shall have the right to become a substituted Member without the consent of the
Company's Board of Managers which consent may be given or withheld in the sole
and absolute discretion of the Board of Managers.

FOR VALUE RECEIVED, ______________ HEREBY SELL, ASSIGN AND TRANSFER UNTO
______________________________________________________________________________
______________________________________ UNITS REPRESENTED BY THE WITHIN
CERTIFICATE, AND DO HEREBY IRREVOCABLY CONSTITUTE AND APPOINT
____________________________, ATTORNEY, TO TRANSFER THE SAID UNITS ON THE BOOKS
OF THE WITHIN NAMED COMPANY, WITH FULL POWER OF SUBSTITUTION IN THE PREMISES.

DATED
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                                        Notice: The signature to this assignment
IN THE PRESENCE OF                      must correspond with the name as written
                                        upon the face of this Certificate in
----------------------------------      every particular, without alteration or
                                        enlargement or any change whatever.<Page>

                                                                    EXHIBIT 10.1

                              EMPLOYMENT AGREEMENT

         THIS EMPLOYMENT AGREEMENT ("Agreement"), dated September 30, 2002, is
made and entered into between Iroquois Bio-Energy Company, LLC ("IBEC") and
Keith Gibson ("Gibson").

         WHEREAS, Gibson and IBEC entered into a Consulting Agreement on
February 26, 2002; and

         WHEREAS, Section 4 of that Consulting Agreement contained a Full-Time
Employment Option allowing Gibson and IBEC to enter into an employment
relationship upon mutually agreed upon terms; and

         WHEREAS, IBEC and Gibson mutually agreed to enter into an employment
relationship in June of 2002, where IBEC employed Gibson as its Project/Plant
Manager for IBEC's Ethanol Plant Project ("Ethanol Plant"); and

         WHEREAS, IBEC and Gibson desire to confirm the mutually agreed upon
terms of their employment relationship in writing;

         NOW THEREFORE, in consideration of the foregoing and mutual obligations
herein, and for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties mutually agree as follows:

Section 1.        SCOPE OF WORK.

         1.1      Gibson is employed by IBEC to provide services as the
                  Project/Plant Manager for IBEC's Ethanol Plant. In that
                  capacity, Gibson shall perform all services, acts or things
                  necessary to fulfill the duties of a Project/Plant Manager as
                  determined by IBEC's Board of Directors. Gibson shall have the
                  full authority and responsibility of a Project/Plant Manager
                  as defined by IBEC's Board of Directors and consistent with
                  the policies, procedures and annual and strategic business
                  plans as adopted by IBEC's Board of Directors.

         1.2      Gibson will devote such portion of his time, attention, skill
                  and energy to the business of IBEC as may be reasonably
                  required to perform the services contemplated by this
                  Agreement.

         1.3      In order for Gibson to perform the services described in
                  Section 1.1 above, it may be necessary for IBEC to provide
                  Gibson with Confidential Information (as defined below)
                  regarding IBEC's business and products. IBEC will rely heavily
                  upon Gibson's integrity and prudent judgment to use this
                  information only in the best interests of IBEC.

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         1.4      In rendering services under this Agreement, Gibson shall
                  conform to high professional standards of work and business
                  ethics. In no event shall Gibson take any action or accept any
                  assistance or engage in any activity that would result in any
                  governmental body, or other person, entity or organization
                  acquiring any rights of any nature in IBEC's products or
                  inventions.

Section 2.        TERM AND COMPENSATION.

         2.1      The term of Gibson's employment as Project/General Manager as
                  previously agreed to and described in this Agreement shall be
                  for two years commencing on June 1, 2002 and ending on June 1,
                  2004. It is agreed that Gibson will receive a salary review
                  after one (1) year with performance evaluations occurring
                  every six (6) months, provided that either party may terminate
                  the contract upon 30 days' notice with or without cause, but
                  subject to the severance payment clause described below. This
                  Agreement and Gibson's employment with IBEC will automatically
                  renew on June 1, 2004 and every two years thereafter, unless
                  either party gives 30 days written notice of termination.

         2.2      Gibson shall receive a Base Salary of $94,000 (less applicable
                  withholdings) to be paid in accordance with IBEC's normal
                  payroll procedures. This salary will be reviewed after one (1)
                  year, or by June 1, 2003. If this Agreement is automatically
                  renewed, Gibson will continue to receive the salary he is
                  receiving at the time of renewal.

         2.3      Gibson is entitled to participate in all employee benefit
                  plans or programs that IBEC has or may establish for its
                  employees to the extent Gibson's position, title, tenure,
                  salary, age, health and other qualifications make him eligible
                  to participate in such plans or programs. At a minimum it is
                  agreed that IBEC provides the following benefits at the time
                  Gibson commenced full-time employment with IBEC: paid family
                  medical (with a prescription plan), dental insurance, 1x
                  annual salary life insurance, and short and long term
                  disability plans.

         2.4      Gibson shall receive two (2) weeks of paid vacation during the
                  first year of his employment with IBEC; three (3) weeks of
                  paid vacation during the second through seventh years of
                  employment; and four (4) weeks thereafter.

         2.5      Gibson shall be entitled to ten (10) paid holidays per year in
                  accordance with IBEC's paid holiday policy. Holidays may be
                  modified based upon the employee benefits plan.

         2.6      Gibson is entitled to Incentive Pay calculated as follows: The
                  bonus percent of base salary equal to the fiscal year's net
                  income of the Ethanol Plant, divided by two (2) times Gibson's
                  Base Salary. The Incentive Pay is capped at 25% of Gibson's
                  Base Salary. It is agreed that the Incentive Pay will be paid
                  to Gibson

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                  (less applicable withholdings) within thirty (30) days of the
                  end of IBEC's fiscal year.

         2.7      If IBEC terminates this Agreement, unless it does so on
                  account of Gibson's malfeasance or "for cause" as that term is
                  defined in Section 8.1 of this Agreement, Gibson will be
                  entitled to a severance payment of four (4) months of his
                  normal monthly pay and four (4) months of continued benefits.

Section 3.        CONFIDENTIAL INFORMATION.

         3.1      In performing services under this Agreement, Gibson may be
                  exposed to and be required to use IBEC's "Confidential
                  Information" (as defined below). Gibson agrees that he will
                  not use, directly or indirectly, such Confidential Information
                  for the benefit of any person, entity or organization other
                  than IBEC or disclose such Confidential Information without
                  the express written authorization of an officer of IBEC to do
                  so, either during or after the term of this Agreement.

         3.2      "Confidential Information" means information not generally
                  known whether presently existing or developed in the future by
                  IBEC, including, but not limited to, trade secrets about
                  IBEC's methods, processes, technology, intellectual property
                  and products, and information related to IBEC's research and
                  development, manufacturing methods, patents, inventions,
                  materials or designs, vendor names and information, customer
                  names and information, and sales and marketing plans. In
                  addition, all information disclosed to Gibson or to which
                  Gibson has access or that is generated by Gibson on behalf of
                  IBEC during the term of this Agreement that Gibson has a
                  reasonable basis to believe is Confidential Information or
                  that is treated by IBEC as Confidential Information shall be
                  presumed to be Confidential Information.

         3.3      Upon the termination of this Agreement for any reason, Gibson
                  shall immediately deliver to IBEC all Confidential
                  Information, including, but not limited to, trade secrets,
                  vendor and customer information, plant and product design
                  information and information related to the management and
                  operation of IBEC's Ethanol Plant, together with any other
                  material belonging to IBEC, whether Confidential Information
                  or not, that is in Gibson's possession or control.

Section 4.        RIGHTS AND DATA.

         4.1      All ideas, concepts, drawings, models, designs, methods,
                  information, works of authorship, documents and tangible items
                  prepared by Gibson for or submitted to IBEC by Gibson in
                  connection with the services rendered under this Agreement
                  shall belong exclusively to IBEC and shall be deemed to be
                  works made for hire ("Deliverable Items"). To the extent that
                  any of the Deliverable Items may not, by operation of law, be
                  works for hire, Gibson hereby assigns to IBEC the ownership of
                  copyright or patent in the Deliverable Items, and IBEC shall
                  have the right to obtain and hold in its own name any
                  trademark, patent or copyright

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                  registration, and any other registrations and similar
                  protection that may be available in the Deliverable Items.
                  Gibson agrees to give IBEC or its designees all assistance
                  reasonably required to perfect such rights.

         4.2      No license or right is granted to Gibson, either expressly or
                  by implication, estoppel or otherwise, to use, execute,
                  publish, reproduce, prepare derivative works based upon,
                  distribute copies, or publicly display the Deliverable Items
                  either during or after the term of this Agreement.

Section 5.        INVENTIONS.

         5.1      Gibson agrees that all "Inventions" (as defined below) that
                  Gibson may conceive or reduce to practice in the performance
                  of his services for IBEC during the term of this Agreement and
                  all Inventions that may be conceived or reduced to practice by
                  Gibson and that are based in whole or part upon Confidential
                  Information Gibson obtained or conceived as a result of his
                  performing services for IBEC shall be the exclusive property
                  of IBEC and are hereby assigned by Gibson without charge to
                  IBEC.

         5.2      "Invention" shall mean any invention, discovery, work of
                  authorship, modification, improvement, concept or idea,
                  whether patentable or not, including, but not limited to any
                  and all intellectual property, products, technologies,
                  machines, devices, instruments, processes, methods,
                  techniques, know-how and formulae.

Section 6.        NON-COMPETITION AND NON-SOLICITATION.

         6.1      During the term of this Agreement and for a period of one (1)
                  year following its termination, for any reason, Gibson shall
                  not, directly or indirectly engage in or participate in any
                  business that (a) competes with IBEC in anyway in any market
                  that IBEC did or does business in during the term of this
                  Agreement and specifically, but not limited to, competes with
                  IBEC in the Ethanol Industry or (b) otherwise conducts any
                  business activity in the Ethanol Industry.

         6.2      Section 6.1 does not prohibit Gibson from owning or purchasing
                  any corporate securities that are regularly traded on a
                  recognized stock exchange or over-the-counter market, or from
                  purchasing and holding less than 10% of the securities of a
                  privately held company for personal investment purposes.

         6.3      During the term of this Agreement and for a period of one (1)
                  year following its termination, for any reason, Gibson shall
                  not directly or indirectly solicit, hire, recruit, or
                  encourage any other employee of IBEC to leave IBEC or work for
                  any person or entity that is engaged in business in the
                  Ethanol Industry.

         6.4      Gibson agrees and acknowledges, that IBEC's offer of full-time
                  employment to him was contingent upon him agreeing to be bound
                  by the provisions in Section 6

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                  of this Agreement and that this was made clear and agreed upon
                  in Section 4.1(i) of the February 26, 2002 Consulting
                  Agreement entered into between Gibson and IBEC.

Section 7.        RIGHT TO INJUNCTIVE RELIEF.

         7.1      Gibson acknowledges that a breach of any of the terms of
                  Section 3, 4, 5, or 6 of this Agreement will result in
                  irreparable harm to IBEC and that a remedy at law for such
                  breach is inadequate and that IBEC shall therefore be entitled
                  to any and all equitable relief, including, but not limited
                  to, injunctive relief and any other remedy allowed by law.
                  Gibson acknowledges that the constraints within the Sections
                  of this Agreement are reasonably necessary to protect the
                  legitimate business interests of IBEC and are reasonable in
                  scope and duration and are not unduly restrictive.

Section 8.        TERMINATION.

         8.1      IBEC may terminate Gibson's employment and this Agreement at
                  any time "for cause". For purpose of this Agreement "for
                  cause" is defined as:

                           (a)      Gibson's material breach of any of his
                                    obligations under this Agreement or his
                                    repeated failure or refusal to perform or
                                    observe his duties, responsibilities or
                                    obligations to IBEC for reasons other than
                                    disability or incapacity;

                           (b)      Any dishonesty or breach of duty of loyalty
                                    by Gibson affecting IBEC or its customers,
                                    vendors or employees;

                           (c)      Gibson's use of alcohol or other drugs in a
                                    manner that adversely affects the
                                    performance of his duties to IBEC;

                           (d)      Gibson's conviction of a felony or of any
                                    crime involving misrepresentation, moral
                                    turpitude or fraud; or

                           (e)      Willful or intentional acts by Gibson that
                                    could reasonably be expected to injure the
                                    reputation, business of business
                                    relationships of IBEC.

Section 9.        GENERAL PROVISIONS.

         9.1      The provisions of Sections 3, 4, 5 and 6 of this Agreement
                  shall survive the termination of this Agreement and remain in
                  full force and effect thereafter.

         9.2      In the event a court of competent jurisdiction holds any
                  provision of this Agreement unenforceable, such provision
                  shall be severed and shall not affect the validity or
                  enforceability of the remaining provisions.

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         9.3      This Agreement constitutes the complete agreement and set
                  forth the entire understanding and agreement of the parties as
                  to the subject matter of this Agreement and supersedes all
                  prior discussions and understandings in respect to the subject
                  matter of this Agreement, whether written or oral.

         9.4      No modification, termination or attempted waiver of this
                  Agreement, or any provision thereof shall be valid unless in
                  writing signed by the party against whom the same is sought to
                  be enforced.

         9.5      The waiver by IBEC of a breach of any provision of this
                  Agreement by Gibson shall not operate as a waiver of any other
                  or subsequent breach by Consultant.

         9.6      This Agreement may not be assigned by either party without the
                  prior written consent of the other party.

         9.7      This Agreement shall be governed by and construed in
                  accordance with the laws of the State of Indiana.

         9.8      Any notice required or permitted to be given under this
                  Agreement shall be sufficient if in writing and sent by
                  facsimile or by certified/registered mail with return receipt
                  requested to the addresses set forth below.

                  If to IBEC:                            If to Gibson:

                  6317 E. 181st Ave.                     Keith Gibson
                  Hebron, IN 46341                       302 W. Grace St.
                                                         Rensselaer, IN 47978

         9.9      This Agreement may be executed in any number of counterparts
                  and each fully executed counterpart shall be deemed an
                  original.

         9.10     Gibson and IBEC acknowledge that they enter this Agreement of
                  their own free will and that they have had ample time and
                  opportunity to review and consider this Agreement.

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IN WITNESS WHEREOF, this Agreement is executed as of the date first set forth
above.

IROQUIS BIO-ENERGY COMPANY, LLC

By  /s/ Michael J. Aylesworth
    --------------------------------

Its   President
    --------------------------------

KEITH GIBSON

  /s/ Keith A. Gibson
--------------------------------

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