Document:

EXHIBIT
      10.15

    

    [*Designates
      portions of this document have been omitted pursuant to a request for
      confidential treatment filed separately with the
      Commission]

    

    AMENDMENT
      OF LIMITED
      LIABILITY COMPANY AGREEMENT

    FOR

    GRAIN
      ENHANCEMENT, LLC

    

    This
      Amendment of Limited Liability Company Agreement (“Amendment”)
      of
      Grain Enhancement, LLC, a Delaware limited liability company (“Company”),
      is
      entered into by and between NutraCea,
      a California corporation located at 5090 North 40th
      Street,
      Suite 400, Phoenix, AZ 85018 (“NutraCea”),
      and
Pacific
      Advisors Holdings Limited, a company incorporated under the laws of British
      Virgin Islands,
      located
      at 53 Cairnhill Road, Cairnhill Plaza #12-01, Singapore 229664 (“Pacific
      Advisors”),
      as
      of
      January 24, 2008 on the following terms and conditions:

    

    1. Background
      and Purpose.
      

    

    1.1 Agreement.
      NutraCea, Pacific Advisors, Theorem
      Group, LLC, a California limited liability company, and Ho’okipa Capital
      Partners, Inc., a California corporation, entered into the Limited Liability
      Company Agreement for the Company effective as of June 22, 2007
      (“Agreement”).
      The
      purpose of this Amendment is to amend certain provisions of the
      Agreement.

    

    1.2 Approval
      of Amendment.
      NutraCea
      and Pacific Advisors, constituting all of the Class A Members, have approved
      this
      Amendment pursuant to, and as permitted by, Section 15.5 of the Agreement and
      intend that it shall be binding on all the Members. 

    

    1.3 Capitalized
      Terms.
      All
      capitalized terms used in this Amendment shall have the meanings set forth
      in
      the Agreement, unless otherwise defined herein.

    

    2. Amendment
      of Agreement. The
      Agreement is hereby amended as follows:

     

    2.1.
      Capital
      Contributions.
      The
      Class A Members agreed pursuant
      to Section 4.2.1
      of the
      Agreement to make certain Initial Capital Contributions. The Class A Members
      subsequently determined that the amounts required to have been contributed
      on
      and after October 30, 2007 are not yet necessary for the operations of the
      Company as currently contemplated. Accordingly, Sections 4.2.1 and 4.2.2 of
      the
      Agreement are hereby amended and restated in their entirety to provide as
      follows:

    

    “4.2.1. Schedule;
      Notice.
      The
      Class A Members shall make the Initial Capital Contributions as follows:

    

    (a) One
      Million Five Hundred Thousand U.S. Dollars ($1,500,000) each (for a total of
      Three Million U.S. Dollars ($3,000,000)) on or before June 30, 2007;

     

    
      
        
        

      

      
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    (b) Up
      to an
      aggregate of Three Million Five Hundred U.S. Dollars ($3,500,000) each (for
      a
      total of up to Seven Million U.S. Dollars ($7,000,000)) shall be contributed
      by
      each of the Class A Members at such time, and in such increments, as the Finance
      Committee may hereafter determine to be necessary for the successful operation
      of the Company’s business, which determination shall be based on actual budgeted
      and anticipated costs of proceeding with the Project and acquiring, developing,
      and operating the Company’s Facilities. Upon a determination by the Finance
      Committee that all or any portion of such additional Initial Capital
      Contributions are necessary, a Finance Committee member shall provide written
      notice to the Members specifying the amount of the required Capital Contribution
      (“Call
      Notice”).
      Capital Contributions required pursuant to this Section 4.2.1(b) that are not
      received by the Company within thirty (30) calendar days of the date of the
      Call
      Notice shall be deemed delinquent for the purpose of Section
      4.2.2.”

    

    “4.2.2. Failure
      to make Initial Capital Contributions.
      In the
      event that (and on each occasion that) (i) a Class A Member (“Defaulting
      Member”)
      fails
      to make, and becomes delinquent in all or any portion of any Initial Capital
      Contribution payment as and when required to be made under Section 4.2.1, and
      (ii) the other Class A Member timely makes its Initial Capital Contribution
      payment, the Defaulting Member’s Percentage Interest shall be reduced as
      follows: For each One Million U.S. Dollars ($1,000,000) dollar Initial Capital
      Contribution payment that a Class A Member fails to make, as and when due
      pursuant to Section 4.2.1, the Percentage Interest of that Defaulting Member
      shall be immediately reduced to a Percentage Interest equal to (i) the number
      comprising the Defaulting Member’s Percentage Interest immediately prior to such
      default, minus (ii) eleven and 875/10,000 (11.875). If the Defaulting Member
      fails to contribute only a portion of such amount, the Defaulting Member’s
      Percentage Interest will be reduced by a portion of the foregoing amount equal
      to the portion of the One Million U.S. Dollar ($1,000,000) Initial Capital
      Contribution payment not timely made by the Defaulting Member. A separate and
      proportional reduction under this subsection shall apply for each failure of
      a
      Class A Member to make an Initial Capital Contribution payment pursuant to
      Section 4.2.1. 

    

    Upon
      a
      reduction of the Percentage Interest of a Defaulting Member, the Percentage
      Interests of the other Class A Member shall be increased by an amount equal
      to
      the reduction of the Defaulting Member. The Percentage Interest of each Member
      as of the Effective Date is set forth on Exhibit
      A
      hereto.
      The Percentage Interests of the Class A Members set forth on Exhibit
      A
      shall be
      adjusted as set forth in this Section 4.2.2 in the event of each and every
      failure by any Class A Member to make any Initial Capital Contribution payments.
      Each of the Class A Members agrees that the provisions of this Section 4.2.2
      are
      fair and reasonable under the circumstances.”

    

    2.2.
      Cancellation
      of Management Fee.
      The
      parties agree to amend the Management Fee payable pursuant to Section 5.4.1
      of
      the Agreement as follows:

    

    A. Concurrently
      with the execution of this Amendment, the Company is paying Pacific Advisors
      $[*], representing the monthly $[*] Facility Fee that has accrued, but not
      been
      paid, for the five-month period commencing on August 1, 2007 and ending on
      December 31, 2007. 

     

    
      
        
        

      

      
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    B. Effective
      January 1, 2008, Section 5.4.1 is hereby deleted in its entirety, and all
      obligations of the Company under the Agreement to pay Pacific Advisors a
      Management Fee are hereby terminated. 

    

    2.3.
      Company
      Right of First Refusal to Purchase Additional Facilities; Option to Acquire
      New
      Additional Facilities.
      New
      Sections 3.7, 3.8 and 3.9 of the Agreement are hereby added as additional
      Sections of the Agreement as follows:

    

    “3.7.
      Company
      Right of First Refusal to Purchase Additional Facilities.
      NutraCea and Pacific Advisors hereby agree that all Facilities and other aspects
      of the Project in the Territory are intended to be conducted by the Company.
      If
      either NutraCea or Pacific Advisors identifies a site in the Territory that
      it
      believes is suitable to become a Facility, the proposed Facility and all
      material terms with regard thereto shall be provided in writing to each of
      the
      Class A Members and to the Finance Committee, and the Company shall have the
      right to proceed with such proposed Facility. The Company may fail to pursue
      a
      Facility proposed by one of the Class A Members. Accordingly, the Members hereby
      agree that potential Facilities should hereafter be considered and pursued
      as
      follows:

    

    3.7.1 Facility
      Notice.
      In the
      event that either NutraCea or Pacific Advisors (the “Initiating
      Member”)
      identifies a site or opportunity that it believes is suitable for a Facility
      within the Territory and desires to pursue, the Initiating Member shall provide
      written notice to the Company of the opportunity (“Facility
      Notice”)
      and,
      in connection therewith, shall deliver to the Company and the Finance Committee
      all information in the possession of such party regarding such proposed Facility
      (including without limitation the potential size of the Facility, its expected
      output, its costs, its location, the parties involved, the financial commitments
      related to the Facility, the expected revenues/profits of such Facility, and
      the
      proposed purchaser or purchasers (the “Target
      Purchasers”)
      of the
      Product produced by the proposed Facility). The proposed Facility may be a
      facility for the production of either SRB or any other Product listed on Exhibit
      B. If any member of the Finance Committee believes that the proposed Facility
      might be suitable for the Company, the Finance Committee shall meet to consider
      the proposed Facility, and the Finance Committee and the Company shall
      thereafter evaluate and in good faith consider the proposed Facility as an
      investment by the Company. Provided that the Company is, in good faith,
      proceeding with its evaluation of the proposed Facility as an investment by
      the
      Company, the Company shall have the exclusive right to such proposed project
      for
      a period of 60 days after the date of delivery of the Facility Notice, and
      no
      Class A Member may, during such time, take any action to develop such proposed
      Facility for its own account. If the Finance Committee decides to pursue a
      proposed Facility, the Finance Committee shall advise the Initiating Member
      that
      the Company is proceeding. The Finance Committee shall thereafter establish
      a
      budget to construct and establish the proposed Facility and, based on that
      budget, may thereafter require the Class A Members to make one or more capital
      contributions to fund the development of the new Facility, which capital
      contribution shall first be requested under Section 4.2.1(b) and thereafter
      under Section 4.5. The Company shall be deemed to have rejected a proposed
      Facility if (i) any member of the Finance Committee votes against the proposed
      Facility, (ii) any member of the Finance Committee fails to vote for or against
      the proposed Facility within such 60 day period, or (iii) if after the Finance
      Committee approves the proposed Facility and makes a capital call for such
      project, any Class A Member fails to make the required additional Capital
      Contribution for the new Facility in full and on a timely basis (whether
      required pursuant to Section 4.2.1, or pursuant to Section 4.5). In the event
      that the Company does not elect to proceed with a proposed Facility within
      such
      60 day time period (such Facility is herein referred to as the “Excluded
      Facility”)
      for
      any reason, then, as set forth below, the Class A Member affiliated with the
      Finance Committee member who (a) voted for
      Company’s acquisition/development the Excluded Facility and (b) made, or was
      willing to make, the required capital contribution, shall have the right to
      proceed with the proposed Facility for its own account in accordance with the
      provisions of this Section 3.7. (For example, if NutraCea identifies a proposed
      Facility and Brad Edson, NutraCea’s member on the Finance Committee, votes for
      the proposed Facility, but [*] votes against the proposed Facility, then
      NutraCea shall have the right to proceed with the Excluded Facility. However,
      NutraCea may not proceed with the development of the Excluded Facility for
      its
      own account if Brad Edson, as a member of the Finance Committee, voted against
      the Company’s acquisition/development of the proposed Facility of if he fails to
      vote within the 60-day period.) If the Excluded Facility is developed by a Class
      A Member, then the calls for Capital Contributions requested for such Facility
      will be withdrawn, and no Class A Member shall have the obligation or right
      to
      make the requested Capital Contribution. 

     

    
      
        
        

      

      
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    3.7.2 Development
      of Excluded Facility.
      If the
      Finance Committee elects not to pursue a proposed Facility and, as a result,
      one
      Class A Member (the “Electing
      Member”)
      obtains the right under Section 3.7(a) to develop the Excluded Facility, the
      Electing Member may thereafter elect to develop the Excluded Facility for its
      own account by delivering
      written notice to the Company and to the other Class A Member confirming the
      Electing Member’s bona fide desire to proceed with such proposed
      Facility.
      The
      Electing Member proposing the purchase of the Excluded Facility may proceed
      to
      complete the Excluded Facility described in the notice, provided that the
      Excluded Facility that is developed is substantially the same in size, location
      and functionality as the proposed Facility considered by the Finance Committee,
      and that the Excluded Facility is acquired/developed on substantially the same
      terms and conditions as considered by the Finance Committee.

    

    3.8. Operation
      of The Excluded Facility.
      If the
      Company or Finance Committee rejects the opportunity to develop a proposed
      Facility and, as a result, the Electing Member obtains the right under Section
      3.7 to develop the Excluded Facility, the Electing Member may thereafter
      acquire, develop and operate the Excluded Facility for its own account and
      benefit (and not for the account or benefit of the Company). The Electing Member
      shall bear all of the costs associated with acquiring, developing and operating
      the Excluded Facility, and the Electing Member shall have the right receive
      and
      retain all revenue and profits from the Excluded Facility. All revenues and
      profits derived from the Excluded Facility shall be for the Electing Member’s
      own account, and the Electing Member shall not be obligated to share any profits
      or revenues derived from such sales with the Company. 

    

    3.8.1. Excluded
      Facility Customers.
      The
      Excluded Facility shall initially be permitted to sell Products from the
      Excluded Facility only to the Target Purchasers. In the event that (i) the
      Company does not have excess capacity to produce more Product at all of its
      Facilities and there remains additional demand for Product in the Territory
      by
      other potential customers, and (ii) the Excluded Facility has the capability
      of
      producing extra Product to satisfy such unmet demand in the Territory, then
      the
      Excluded Facility shall have the right to sell its Products to such other
      customers during the period in which the Company is unable to meet demand for
      such Products. Notwithstanding the foregoing, without the Company’s consent, the
      Excluded Facility may not sell any Product to existing customers of the
      Company.

     

    
      
        
        

      

      
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    3.8.2 Distribution
      Fee.
      The
      parties hereto agree that, as a condition for any Excluded Facility obtaining
      the right and license to produce, distribute and sell Product in the Territory,
      the Excluded Facility/Electing Member shall pay the Company a fee equal to
      5% of
      gross sales, F.O.B, of such Excluded Facility. 

    

    3.8.3 Amendment
      of License Agreement; New Equipment Lease.
      In the
      event NutraCea establishes and operates an Excluded Facility in accordance
      with
      the terms of Section 3.7, the Company and Pacific Advisors agree that the
      License Agreement, which granted it the exclusive right to operate Facilities
      in
      the Territory, without any further action required by any party, will be amended
      to grant NutraCea the limited right to establish and operate the Excluded
      Facility and to sell the Product produced by the Excluded Facility in accordance
      with this Section 3.8. In the event Pacific Advisors establishes and operates
      an
      Excluded Facility in accordance with the terms of Section 3.8, NutraCea agrees
      that it shall lease to the Excluded Facility the rice stabilization equipment
      required for the operation of the Excluded Facility. The terms under which
      the
      rice stabilization equipment is leased shall be substantially identical to
      the
      terms under which NutraCea otherwise leases such equipment to the
      Company.

    

    3.9 Option
      to Acquire Excluded Facility.
      Following the establishment and the commencement of operations of an Excluded
      Facility, the Electing Member who elects to develop an Excluded Facility shall
      grant the Company the right to acquire the Excluded Facility as
      follows:

    

    3.9.1 Election
      Period; Option Acquire.
      At any
      time during the period commencing on the date that the Electing Member delivers
      written notice pursuant to Section 3.7.2 to the Company and to the other Class
      A
      Member confirming the Electing Member’s bona fide desire to proceed with the
      Excluded Facility, and ending 90 calendar days after an Excluded Facility has
      been constructed and has commenced commercial production of Products (during
      the
“Election
      Period”),
      the
      Company shall have the right to acquire the Excluded Facility. The Electing
      Member hereby grants the Company the right to acquire the Exclude Facility,
      and
      agrees to transfer the Excluded Facility to the Company, on the terms and
      conditions set forth below. During the Election Period, the Electing Member
      shall provide both the Company and the other Class A Member with access to
      all
      of the books and records related to the Excluded Facility, and shall provide
      all
      information reasonably requested regarding the development of the Excluded
      Facility, its marketing plans, its target customers, and such other information
      as they may reasonably request, all for the purposes of evaluating the possible
      acquisition by the Company of the Excluded Facility. 

    

    3.9.2 Exercise.
      The
      option to acquire the Excluded Facility may be exercised on behalf of the
      Company at any time during the Election Period by the member who is not the
      Electing Member (the other Class A Member is herein referred to as the
“Non-Electing
      Member”).
      The
      Non-Electing Member may exercise the Company’s option to purchase the Excluded
      Facility (i) by providing written notice to the Electing Member of the election
      to acquire the Facility and (ii) by making a capital contribution to the Company
      in an amount equal to [*]% of the actual out-of-pocket expenses incurred by
      the
      Electing Member in the development and establishment of the Excluded Facility
      (the dollar amount contributed by the Non-Electing Member is referred to as
      the
“Option
      Payment”).
      Notwithstanding anything in this Agreement to the contrary, a capital
      contribution made by a Non-Electing Member for the purposes of acquiring an
      Excluded Facility shall not require the Electing Member to match the capital
      contribution, and the provisions of Section 4.2.2, to the extent applicable,
      shall not apply to such capital contribution. Upon the funding of the Option
      Payment, the Company will purchase the entire Excluded Facility from the
      Electing Member in consideration for a cash payment equal to Option Payment
      and
      a deemed capital contribution to the Company. Accordingly, upon the transfer
      of
      title of the entire Excluded Facility to the Company, the Electing Member shall
      (i) be credited with making a capital contribution equal to Option Payment,
      and
      (ii) shall receive a cash payment from the Company equal to the Option Payment.
      Following the acquisition of the Excluded Facility, that Facility shall
      thereafter become a Company owned Facility and shall cease being an Excluded
      Facility. Accordingly after the acquisition of the Excluded Facility by the
      Company, all profits, losses and other attributes of the transferred Facility
      shall accrue to the benefit of the Company.

     

    
      
        
        

      

      
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    3.9.3 The
      option granted under this Section 3.9 shall expire and no longer apply to any
      further Excluded Facilities developed by a Electing Member if that Electing
      Member owns two Excluded Facilities that are not acquired by the Company under
      this Section 3.9 during their Election Periods. 

    

    3. Amendment
      Controlling.
      In the
      event of any inconsistency between the terms of this Amendment and the terms
      of
      the Agreement, the terms of this Amendment shall control. Except to the extent
      expressly amended pursuant to this Amendment, the terms and provisions of the
      Agreement shall remain in full force and effect without
      modification.

    

    4. Counterparts.
      This
      Amendment may be executed in one or more counterparts, each of which shall
      be an
      original and all of which shall together constitute one and the same document.
      The execution by a Member of a written consent approving this Amendment shall
      constitute such Member’s execution of this Agreement.

    

    5. Authorization.
      By his
      or her signature, each person executing this Amendment on behalf of a party
      hereto represents and warrants to the other party hereto that he or she is
      duly
      authorized.

    

    6. Governing
      Law.
      This
      Amendment shall be governed by the laws of the State of Delaware,
      notwithstanding its conflict of law provisions.

     

    
      	 NutraCea,
              a
              California corporation 	 	 
	 	 	 	 
	 By: 	
            	 	
            
	 	
              

              Brad
                Edson

            	 	
            
	 	
            	 	 

    

     

    
      	
              Pacific
                Advisors Holdings Limited,
                

              a
                British Virgin Islands company 

            	 	 
	 	 	 	 
	 By: 	
            	 	
            
	 	
              
     
(___________________________)	 	
            
	 

    

    
       

      
        
          
          

        

        
          6EXHIBIT
      10.18

     

    [*Designates
      portions of this document have been omitted pursuant to a request for
      confidential treatment filed separately with the
      Commission]

    

    AMENDMENT
      OF LICENSE
      AND DISTRIBUTION AGREEMENT

    

    This
      Amendment of License and Distribution Agreement (“Amendment”),
      is
      entered into by and between NutraCea,
      a California corporation located at 5090 North 40th
      Street,
      Suite 400, Phoenix, AZ 85018 (“NutraCea”),
      and
Pacific
      Advisors Holdings Limited, a company incorporated under the laws of British
      Virgin Islands,
      located
      at 53 Cairnhill Road, Cairnhill Plaza #12-01, Singapore 229664 (“Pacific
      Advisors”),
      as
      of
      January ___, 2008 (“Effective
      Date”)
      on the
      following terms and conditions:

    

    1. Background
      and Purpose.
      

    

    1.1 Agreement.
      Pursuant to that certain License and Distribution Agreement entered into as
      of
      June 22, 2007 by NutraCea and Pacific Advisors (“Agreement”),
      NutraCea granted a license and certain other rights to Pacific Advisors.
      NutraCea and Pacific Advisors are each members of Grain
      Enhancement, LLC, a limited liability company formed for the purpose of
      manufacturing and commercializing the stabilized rice bran Products that are
      subject to the Agreement throughout the Territory. This
      Amendment amends the Agreement as in effect immediately before the Effective
      Date.

    

    1.2 Approval
      of Amendment.
      NutraCea
      and Pacific Advisors, constituting all of the parties to the Agreement, have
      approved this
      Amendment and intend that it shall be binding pursuant to the terms set forth
      in
      Section 12.4 of the Agreement. 

    

    1.3 Capitalized
      Terms.
      All
      capitalized terms used in this Amendment shall have the meanings set forth
      in
      the Agreement, unless otherwise defined herein.

    

    2. Amendment
      of Agreement. The
      parties hereby amend the Agreement as follows:

     

    2.1
       License
      Fee.
      Pursuant to Section 8.1 of the Agreement, Pacific Advisors agreed to pay
      NutraCea a $5,000,000 License Fee, together with interest accruing thereon
      from
      the June 22, 2007 effective date of the Agreement until the License Fee is
      paid
      in full. NutraCea hereby agrees to foregive Pacific Advisors’ obligation to pay
      interest on the License Fee if and subject to Pacific Advisors paying the
      $5,000,000 License Fee in full and in U.S. dollars by no later than [*].
      Accordingly, in the event that Pacific Advisors pays NutraCea $5,000,000 in
      U.S.
      dollars by no later than [*], the License Fee under Section 8.1 of the Agreement
      shall be deemed paid in full, and Pacific Advisors shall thereafter not be
      obligated to make any further payments under Section 8.1. In addition, the
      parties hereby agree that upon the full payment of the $5,000,000 License Fee
      by
      [*], the Guaranty issued by PT Panganmas Inti Persada to NutraCea will be
      terminated and all obligations of PT Panganmas Inti Persada under the Guaranty
      shall immediately cease, and NutraCea shall return the executed Guaranty to
      PT
      Panganmas Inti Persada. 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    3. Amendment
      Controlling.
      In the
      event of any inconsistency between the terms of this Amendment and the terms
      of
      the Agreement, the terms of this Amendment shall control. Except to the extent
      expressly amended pursuant to this Amendment, the terms and provisions of the
      Agreement shall remain in full force and effect without
      modification.

    

    4. Counterparts.
      This
      Amendment may be executed in one or more counterparts, each of which shall
      be an
      original and all of which shall together constitute one and the same document.
      The execution by a party of a written consent approving this Amendment shall
      constitute such party’s execution of this Agreement.

    

    5. Authorization.
      By his
      or her signature, each person executing this Amendment on behalf of a party
      hereto represents and warrants to the other party hereto that he or she is
      duly
      authorized.

    

    6. Governing
      Law.
      This
      Amendment shall be governed by the laws of the State of California,
      notwithstanding its conflict of law provisions.

    

    

    NutraCea,
      a
      California corporation    

             

    By:

    
      

    

    Brad
      Edson

    

    Pacific
      Advisors Holdings Limited,
      a
      British Virgin Islands company 

    

    By:

    
      

    

    (_____________________________)

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