Document:

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                                                                    EXHIBIT 10.9

                            STOCK PURCHASE AGREEMENT

         THIS STOCK PURCHASE AGREEMENT (this "AGREEMENT") is made and entered
into as of March 23, 2005, by and between Pacific Ethanol, Inc., a Delaware
corporation (the "SELLER,") and Barry Siegel, an individual ("Purchaser").

                                    RECITALS

         A. Seller is the record and beneficial owner of one hundred (100)
shares of the common stock, no par value per share ("COMMON STOCK") of Sentaur
Corp., a Florida corporation (the "COMPANY").

         B. Seller desires to sell, transfer and assign to Purchaser one hundred
(100) shares of the Company's Common Stock and Purchaser desires to purchase and
receive such shares from Seller on the terms and subject to the conditions set
forth herein.

                                    AGREEMENT

         NOW, THEREFORE, in consideration of the foregoing recitals, and of the
mutual covenants and subject to the conditions hereinafter set forth, the
parties agree as follows:

1.       PURCHASE AND SALE OF THE SHARES.
         --------------------------------

         1.1 PURCHASE AND SALE OF THE SHARES. Seller does hereby sell, transfer,
assign and deliver to Purchaser, and Purchaser does hereby purchase and acquire
from Seller on the terms and for the consideration specified herein, one hundred
(100) shares of the Company's Common Stock (the "SHARES").

         1.2 PURCHASE PRICE AND PAYMENT FOR THE SHARES. The aggregate purchase
price for the Shares shall be Five Thousand Dollars ($5,000). Concurrently with
the delivery by Seller to the Company of stock certificates representing, at
least in part, the Shares (the "SELLER'S CERTIFICATE"), Purchaser shall deliver
to Seller Five Thousand Dollars ($5,000) (the "PURCHASE PRICE") in cash,
certified check or by wire transfer to an account designated by Seller.

         1.3 DELIVERY OF STOCK CERTIFICATES. Concurrently with the delivery of
the Purchase Price to Seller, Seller shall deliver to the Company Seller's
Certificate representing shares of Common Stock of the Company held in Seller's
name, accompanied by a duly endorsed share assignment separate from certificate
and irrevocable instructions to cancel Seller's Certificate and issue and
deliver to (a) Seller a stock certificate in Seller's name for a number of
shares of the Company's Common Stock equal to the total amount of shares of the
Company's Common Stock represented by Seller's Certificate less the Shares
transferred pursuant to this Agreement, and (b) a stock certificate in
Purchaser's name representing the Shares.

2.       REPRESENTATIONS AND WARRANTIES OF SELLER.
         -----------------------------------------

         Seller represents and warrants as follows:

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         2.1 CAPACITY AND AUTHORITY. Seller has full legal power, capacity and
authority to sell the Shares and to make, execute, deliver and perform this
Agreement.

3.       REPRESENTATIONS AND WARRANTIES OF PURCHASER.
         --------------------------------------------

         Purchaser represents and warrants as follows:

         3.1 CAPACITY AND AUTHORITY. Purchaser has full legal power, capacity
and authority to purchase the Shares and to make, execute, deliver and perform
this Agreement.

         3.2 INVESTMENT INTENT. The Shares to be received by Purchaser are being
acquired for investment for Purchaser's own account, and not with a view to the
resale or distribution of any part thereof, and Purchaser has no present
intention of selling, granting any right of participation in, or otherwise
distributing or disposing of the Shares.

         3.3 NO REGISTRATION. Purchaser understands that the Shares have not
been registered or qualified under the Securities Act of 1933 (the "SECURITIES
ACT") or any state securities laws.

         3.4 TRANSFERABILITY RESTRICTIONS. Purchaser understands that the
transferability of the Shares will be restricted by federal and state securities
laws. Purchaser further understands that he will make no disposition of the
Shares unless a registration statement under the Securities Act is in effect
with respect to such Shares or, in the alternative, an exemption from
registration under the Securities Act is found to be available to the reasonable
satisfaction of the Company. Purchaser further understands and agrees that the
following legend will be placed on the certificates and instruments representing
the Shares:

                  THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
                  REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
                  "ACT"). THEY HAVE BEEN ACQUIRED BY THE HOLDER FOR INVESTMENT
                  AND MAY NOT BE PLEDGED, HYPOTHECATED, SOLD, TRANSFERRED OR
                  OTHERWISE DISPOSED OF EXCEPT AS MAY BE AUTHORIZED UNDER THE
                  ACT AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER.

         The certificate representing the Shares will also bear any legend
required by the laws of any state that has jurisdiction over the offering
represented by the terms of this Agreement.

4.       MISCELLANEOUS.
         --------------

         4.1 ENTIRE AGREEMENT. This Agreement constitutes the entire agreement
between the parties pertaining to its subject matter, and supersedes all prior
or contemporaneous written or oral agreements and understandings of the parties,
either expressed or implied. The parties hereto may, by mutual agreement in
writing executed by all parties, amend this Agreement in any respect.

                                      -2-
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         4.2 GOVERNING LAW. This Agreement shall in all respects be governed by
the laws of the State of California, as such laws are applied to agreements
between California residents entered into and to be performed entirely within
California.

         4.3 COUNTERPARTS. This Agreement may be executed in two or more
facsimile counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument.

         4.4 ATTORNEYS' FEES. If any party shall bring an action at law or
equity against the other to enforce or interpret any of the covenants and
provisions of this Agreement, the prevailing party in such action shall be
entitled to reasonable attorneys' fees.

         4.5 INUREMENT. This Agreement shall be binding upon and inure to the
benefit of the successors, assigns, personal representatives, heirs and legatees
of the respective parties.

         4.6 SURVIVAL OF REPRESENTATIONS AND WARRANTIES. The representations and
warranties of the parties made herein shall survive the consummation of the
transactions contemplated hereby.

         4.7 REPRESENTATION BY COUNSEL. Purchaser and Seller have each been
advised to seek his own counsel and has done so to the extent he deems
appropriate.

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

PACIFIC ETHANOL, INC.                     BARRY SIEGEL

By: /S/ NEIL KOEHLER                      By: /S/ BARRY SIEGEL
    ------------------------                  --------------------------

                                      -3-
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                                 ASSIGNMENT AND
                             ASSUMPTION OF CONTRACTS

         This Assignment and Assumption of Contracts (the "Agreement") is made
and entered into effective as of March 23, 2005 (the "Effective Date") by and
between Accessity, a New York corporation (the "Assignor"), and Sentaur Corp., a
Florida corporation (the "Assignee").

                                   WITNESSETH:
                                   -----------

         WHEREAS, Assignor and Assignee are parties to that certain Stock
Purchase Agreement, dated March 23, 2005, 2005 (the "Purchase Agreement");

         WHEREAS, Assignor is a party to, or has obligations with respect to,
certain contracts, as set forth on Exhibit A hereto (the "Assumed Contracts");
and

         WHEREAS, Assignor has agreed to assign the Assumed Contracts to
Assignee and Assignee has agreed to assume the obligations of Assignor under the
Assumed Contracts, on the terms and conditions set forth herein.

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

         1. On the Effective Date, Assignor hereby assigns and delivers to
Assignee, its successors and permitted assigns: (a) all of Assignor's right,
title and interest in, to and under the Assumed Contracts; (b) any and all
rights of Assignor to extend or renew the Assumed Contracts; and (c) any and all
other rights, options and privileges granted to Assignor, as the contracting
party thereunder, from and after the Effective Date, subject to the covenants,
terms and conditions contained in each of the respective Assumed Contracts.

         2. Assignee hereby accepts the assignment of the Assumed Contracts from
Assignor and hereby assumes the obligation to observe and perform all of the
terms, covenants and conditions thereof to be observed or performed by Assignor
thereunder after the Effective Date, with the same force and effect as if
Assignee had executed the Assumed Contracts originally as the contracting party
named therein.

         3. This Agreement shall be construed in accordance with the laws of the
State of Delaware.

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date first above written.

                                             ACCESSITY CORP.

                                    By:  /S/ BARRY SIEGEL
                                         -----------------------------------
                                    Name:  Barry Siegel
                                         -----------------------------------

                                    Title: Chairman and Ceo
                                         -----------------------------------

                                             SENTAUR CORP.

                                    By:  /S/ BARRY SIEGEL
                                         -----------------------------------

                                    Name:  Barry Siegel
                                         -----------------------------------

                                    Title: Chairman and Ceo
                                         -----------------------------------<PAGE>

                                                                   EXHIBIT 10.10

                              PACIFIC ETHANOL, INC.
                               5711 N. West Avenue
                            Fresno, California 93711

March 23, 2005

Mr. Neil M. Koehler
5711 N. West Avenue
Fresno, CA 93711

Dear Mr. Koehler:

         This Letter Agreement memorializes the terms of an agreement between
you and Pacific Ethanol, Inc., a Delaware corporation (the "COMPANY"), regarding
the indemnification obligations of the Company with respect to that certain
Guaranty made by you in favor of Comerica Bank under which you guarantee the
payment by Kinergy Marketing, LLC, an Oregon limited liability company
("KINERGY") of any existing or future indebtedness to Comerica Bank. This
Guaranty was made in connection with Kinergy's execution of the (i) Master
Revolving Note in favor of Comerica Bank, dated September 24, 2004 ("NOTE");
(ii) Security Agreement in favor of Comerica Bank dated September 24, 2004
("SECURITY AGREEMENT"); (iii) letter agreement with Comerica Bank dated
September 24, 2004 ("LETTER AGREEMENT"); (iv) Irrevocable Standby Letter of
Credit No. 595744-41 issued by Comerica Bank dated as of October 1, 2004, as
amended on March 3, 2005 ("LETTER OF CREDIT NO. 1"); and (v) Irrevocable Standby
Letter of Credit No. 595743-41 issued by Comerica Bank dated as of October 1,
2004, as amended on March 3, 2005 ("LETTER OF CREDIT NO. 2"). The Note, Security
Agreement, Letter Agreement, Letter of Credit No. 1 and Letter of Credit No. 2
are collectively referred to herein as the "LOAN AGREEMENTS." The effective date
of this Letter Agreement shall be as of the date first set forth above.

         Kinergy is a party to that certain Share Exchange Agreement (the "SHARE
EXCHANGE AGREEMENT") dated as of May 14, 2004, as amended on July 29, 2004,
October 1, 2004, January 7, 2005, February 16, 2005 and March 3, 2005, by and
among Accessity Corp., a New York Corporation ("ACCESSITY"), Pacific Ethanol,
Inc., a California corporation ("PEI"), Kinergy, ReEnergy, LLC, a California
limited liability company ("REENERGY"), each of the shareholders and holders of
options or warrants to acquire shares of common stock of the Corporation, and
each of the limited liability company members of each of ReEnergy and Kinergy.
Pursuant to such Share Exchange Agreement, each of PEI, Kinergy and ReEnergy
will become a wholly-owned subsidiary of the Company following a reincorporation
merger of Accessity with and into the Company. The transactions contemplated by
the Share Exchange Agreement shall be referred to herein as the "SHARE EXCHANGE
TRANSACTION."

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         Kinergy has obtained the written consent of Comerica Bank to the Share
Exchange Transaction and the resulting change in control of Kinergy. Because you
will no longer be the member or manager of Kinergy after the close of the Share
Exchange Transaction, the Company has agreed to replace you as guarantor under
the Guaranty. Such replacement is to occur as soon as reasonably practicable
after the closing of the Share Exchange Transaction.

         Prior to the date that you are effectively replaced as guarantor under
the Guaranty, the Company shall indemnify, defend and hold harmless you, your
agents and representatives for all losses, claims, liabilities and damages
caused or arising from out of (a) the Company's failure to pay its indebtedness
under the Loan Agreements such that you are required to pay such amounts to
Comerica Bank pursuant to the Guaranty, or (b) a breach of the Company's duties
to indemnify and defend as set forth in this paragraph.

         If the foregoing terms are consistent with our understanding and
agreement, please sign the additional copy of this Letter Agreement. By
executing this Letter Agreement, the undersigned person represents and warrants
that he has been duly authorized to execute this Letter Agreement on his
company's behalf.

                                                 Sincerely,

                                                 PACIFIC ETHANOL, INC.,
                                                 a Delaware corporation

                                                 By: /S/ RYAN TURNER
                                                     ---------------------------
                                                     Ryan Turner
                                                     Chief Operating Officer

ACCEPTED AND AGREED TO:

/S/ NEIL M. KOEHLER
--------------------------
NEIL M. KOEHLER

                                      -2-

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