Document:

Exhibit
      10.1

     

    
      FIFTH
        AMENDMENT TO

      JOINT
        VENTURE AGREEMENT

       

      THIS
        FIFTH
        AMENDMENT TO JOINT VENTURE AGREEMENT (the “Fifth Amendment”) is made and entered
        into effective as of January 30, 2007, by and between SEMO
        Milling, LLC,
        a
        Missouri limited liability company (“SEMO”), and Ethanex
        Energy North America, Inc.,
        a
        Delaware corporation (“Ethanex”).

       

      RECITALS

      

      WHEREAS,
        Ethanex and SEMO signed
        a
        non-binding letter of intent dated July 3, 2006, as subsequently amended,
        regarding the establishment of a joint venture company to develop, commercialize
        and exploit certain technology of SEMO in connection with the production,
        distribution and sale of ethanol and ethanol-related products and corn and
        corn-based products from SEMO’s Cape Girardeau, Missouri facility; 

       

      WHEREAS,
        Ethanex and SEMO entered into a Joint Venture Agreement dated August 4, 2006,
        as
        subsequently amended (the “JV Agreement”), for the formation, organization,
        management and operation of a joint venture company known as Ethanex at SEMO
        Port, LLC; and

       

      WHEREAS,
        Ethanex and SEMO desire to further amend the JV Agreement as set forth in
        this
        Fifth Amendment.

       

      NOW,
        THEREFORE, in consideration of the above Recitals, which are incorporated
        herein
        by reference, and the mutual agreements contained herein and for other good
        and
        valuable consideration, the receipt and sufficiency of which are hereby
        acknowledged, Ethanex and SEMO agree as follows:

       

      1. Definitions.
        Capitalized terms used but not otherwise defined herein shall have the meanings
        given to such terms in the JV Agreement.

      

      2. Amendments
        to Joint Venture Agreement.
        Ethanex
        and SEMO agree and confirm that the JV Agreement shall be amended as
        follows:

      

      (a)
        Section 1.9, Definitions and Interpretation, “Effective Date”, of the JV
        Agreement is hereby deleted in its entirety and the revised Section 1.9,
        Definitions and Interpretation, “Effective Date”, shall read in full as
        follows:

      

      “Effective
        Date” means February 9, 2007.

      

      3. Effect.
        The
        Parties acknowledge and agree that, except as amended herein, the JV Agreement
        is in full force and effect and is hereby ratified and confirmed.

      

      
        
           

        

        
           

          
            

          

        

        
           

        

         

      

      4. Governing
        Law.
        The
        validity, performance, construction and effect of this Amendment shall be
        governed by the laws of the State of Missouri, without regard to conflict
        of law
        principles.

      

      5. Counterparts.
        This
        Fifth Amendment (i) may be executed by facsimile signatures and in several
        counterparts, and each counterpart when so executed and delivered shall
        constitute an original of this Fifth Amendment, and all such separate
        counterparts shall constitute but one and the same Fifth Amendment and
        (ii) embodies the entire agreement and understanding between the parties
        with respect to the subject matter hereof and supersedes all prior agreements,
        consents and understandings related to such subject matter.

      

      IN
        WITNESS WHEREOF, this Fifth Amendment to Joint Venture Agreement has been
        executed as of the date first set forth above.

      
        	 	 	 
	 	SEMO:
	 	 
	 	SEMO MILLING, LLC, a Missouri limited
                liability
                company
	 
 	 
 	 
 
	 	By:  	/s/ Kenneth
                E. DeLine 
	 	
                
Name:
Kenneth
                E. DeLine
	 	Title:
                Manager

        
          	 	 	 
	 	 
	 	 
	 	ETHANEX:
	 	 
	 	ETHANEX ENERGY NORTH AMERICA, INC.,
                  a Delaware
                  corporation
	 
 	 
 	 
 
	 	By:  	/s/ Bryan
                  Sherbacow 
	 	
                  
Name:
Bryan
                  Sherbacow
	 	Title:
                  President & CEO

        

      

    

     

     

    
      
         

      

      
        2Exhibit
      10.2

     

    
      FOURTH
        AMENDMENT TO

      JOINT
        VENTURE AGREEMENT

       

      THIS
        FOURTH
        AMENDMENT TO JOINT VENTURE AGREEMENT (the “Fourth Amendment”) is made and
        entered into effective as of December 8, 2006, by and between SEMO
        Milling, LLC,
        a
        Missouri limited liability company (“SEMO”), and Ethanex
        Energy North America, Inc.,
        a
        Delaware corporation (“Ethanex”).

       

      RECITALS

      

      WHEREAS,
        Ethanex and SEMO signed
        a
        non-binding letter of intent dated July 3, 2006, as subsequently amended,
        regarding the establishment of a joint venture company to develop, commercialize
        and exploit certain technology of SEMO in connection with the production,
        distribution and sale of ethanol and ethanol-related products and corn and
        corn-based products from SEMO’s Cape Girardeau, Missouri facility; 

       

      WHEREAS,
        Ethanex and SEMO entered into a Joint Venture Agreement dated August 4, 2006,
        as
        subsequently amended (the “JV Agreement”), for the formation, organization,
        management and operation of a joint venture company known as Ethanex at SEMO
        Port, LLC; and

       

      WHEREAS,
        Ethanex and SEMO desire to further amend the JV Agreement as set forth in
        this
        Fourth Amendment.

       

      NOW,
        THEREFORE, in consideration of the above Recitals, which are incorporated
        herein
        by reference, and the mutual agreements contained herein and for other good
        and
        valuable consideration, the receipt and sufficiency of which are hereby
        acknowledged, Ethanex and SEMO agree as follows:

       

      1. Definitions.
        Capitalized terms used but not otherwise defined herein shall have the meanings
        given to such terms in the JV Agreement.

      

      2. Amendments
        to Joint Venture Agreement.
        Ethanex
        and SEMO agree and confirm that the JV Agreement shall be amended as
        follows:

      

      (a)
        Article 1, Definitions and Interpretation, Section 1.3, “Construction Completion
        Date”, of the JV Agreement is hereby deleted in its entirety and the revised
        Section 1.3, “Construction Completion Date”, shall read in full as
        follows:

      

      “Construction
        Completion Date” means July 1, 2008.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      (b)
        Article 1, Definitions and Interpretation, Section 1.4, “Construction Start
        Date”, of the JV Agreement is hereby deleted in its entirety and the revised
        Section 1.4, “Construction Start Date”, shall read in full as
        follows:

      

      “Construction
        Start Date” means March 15, 2007.

      

      (c)
        Article 1, Definitions and Interpretation, Section 1.8, “Deposit”, of the JV
        Agreement is hereby deleted in its entirety and the revised Section 1.8,
        “Deposit”, shall read in full as follows:

      

      “Deposit”
        means the sum of $2,000,000 and such further amounts as needed to be paid
        by
        Ethanex to the Company, as more fully described in Article
        3
        below.

      

      (d) Article
        1, Definitions and Interpretation, Section 1.9, “Effective Date”, of the JV
        Agreement is hereby deleted in its entirety and the revised Section 1.9,
“Effective Date”, shall read in full as follows:

      

      “Effective
        Date” means January 30, 2007.

      

      (e)
        Section 3.3, Deposit; Disposition of Deposit, of the JV Agreement is hereby
        deleted in its entirety and the revised Section 3.3 shall read in full as
        follows:

      

      The
        Parties agree that Ethanex will pay such further amounts towards the Deposit
        as
        is necessary to fund the capitalizable assets of the Company including, without
        limitation, the design, engineering and construction start-up costs of the
        Plant
        and the purchase of equipment to be used in the operation of the Plant.

      

      (f)
        A new
        Section 3.4, Deposit; Disposition of Deposit, of the JV Agreement is hereby
        inserted and shall read in full as follows: 

      

      The
        Parties agree that the sums contributed to the Deposit shall be credited
        towards
        the Ethanex Cash Contribution to be contributed by Ethanex to the Company
        as set
        forth in Section
        4.1
        below.
        In the event this JV Agreement is terminated prior to the Effective Date
        (except
        for a termination caused by SEMO’s breach or insolvency as described in
Section
        12.2
        below),
        the Deposit shall be deemed a cancellation fee and SEMO and the Company shall
        have no obligation to return or refund the Deposit to Ethanex. 

      

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

         

      

      (g) Section
        6.2, Governance, of the JV Agreement is hereby deleted in its entirety and
        the
        revised Section 6.2 shall read in full as follows:

      

      The
        Chairperson of the Board shall initially be appointed by SEMO and shall serve
        for a term commencing on the Effective Date and expiring twelve (12) months
        following the Construction Completion Date, after which Ethanex shall appoint
        the Chairperson who shall serve for the subsequent two (2) years. Thereafter,
        every two (2) years, the Parties shall alternate the appointments of the
        Chairperson accordingly. The Chairperson shall preside over all Board meetings
        and, in the event of a deadlock by the Board, shall cast the deciding vote
        of
        the Board. The Chairperson of the Board also shall serve as the Manager of
        the
        Company as set forth in the Operating Agreement. 

      

      (h) Section
        7.1(a), Obligations of the Parties, of the JV Agreement is hereby deleted
        in its
        entirety and the revised Section 7.1(a) shall read in full as
        follows:

      

      obtain
        and secure, on or before the Construction Start Date, non-recourse debt
        financing from one or more Third Party in the amount necessary to complete
        the
        Plant and Corn Mill (the “Third Party Financing”) to ensure sufficient project
        financing for the timely design and construction of the Plant without requiring
        additional capital contributions to the Company from Ethanex or
        SEMO;

      

      (i) Section
        7.1(b), Obligations of the Parties, of the JV Agreement is hereby deleted
        in its
        entirety and the revised Section 7.1(b) shall read in full as
        follows:

      

      use
        its
        commercially best efforts to cooperate with SEMO and in interacting with
        engineers, contractors, vendors and other consultants engaged by the Company
        to
        provide products or services for the Company in order to complete construction
        of the Plant by the Construction Completion Date; 

      

      (j)
         Section
        7.1(d), Obligations of the Parties, of the JV Agreement is hereby deleted
        in its
        entirety and the revised Section 7.1(d) shall read in full as follows:

      

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

         

      

      use
        its
        commercially best efforts to coordinate with Delta T Corporation and TIC
        Holdings, Inc., or firms of equivalent experience and resources, together
        with
        the other necessary design and construction professionals, to begin construction
        of the Plant no later than the Construction Start Date; 

      

      (k)
        Section 7.1(e), Obligations of the Parties, of the JV Agreement is hereby
        deleted in its entirety and the revised Section 7.1(e) shall read in full
        as
        follows:

      

      obtain
        and secure, on or before January 26, 2007, all applicable permits required
        by
        the Missouri Department of Natural Resources and any other Governmental
        Authority to commence construction and operation of the Plant; 

      

      (l)
        Section 7.1(f), Obligations of the Parties, of the JV Agreement is hereby
        deleted in its entirety and the revised Section 7.1(f) shall read in full
        as
        follows:

      

      use
        its
        commercially best efforts to enter into a written contract with a nationally
        recognized EPC contractor, prior to January 26, 2006, to provide detailed
        engineering, procurement, and construction work as is necessary to ensure
        that
        construction of the Plant shall commence no later than the Construction Start
        Date (the “EPC Contract”), upon terms and conditions acceptable to SEMO.

      

      (m)
        Section 7.2(b), Obligations of the Parties, of the JV Agreement is hereby
        deleted in its entirety and the revised Section 7.2(b) shall read in full
        as
        follows: 

      

      use
        its
        commercially best efforts to assist Ethanex and the Company with the
        coordination and direction of engineers, contractors, vendors and consultants
        engaged by the Company to provide products or services to the Company in
        order
        to complete the construction of the Plant by the Construction Completion
        Date;

      

      (n)
        Section 12.3, Term and Termination, of the JV Agreement is hereby deleted
        in its
        entirety and revised Section 12.3 shall read in full as follows: 

      

      INTENTIONALLY
        DELETED. 

      

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      

      (o) Section
        12.4, Term and Termination, of the JV Agreement is hereby deleted in its
        entirety and revised Section 12.4 shall read in full as follows: 

      

      INTENTIONALLY
        DELETED. 

      

      (p) Section
        16.1 of the JV Agreement is hereby revised to read in relevant part:

      
         

        
          	 	
                  If
                    to Ethanex: 

                	
                  Ethanex
                    Energy, Inc.

                
	 	 	
                  14500
                    Parallel Road, Suite A

                
	 	 	
                  Basehor,
                    Kansas 66007

                
	 	 	
                  Attn:
                    Albert Knapp, President & CEO

                
	 	 	
                  Fax:
                    913.724.4107

                

        

      

       

      3. Effect.
        The
        Parties acknowledge and agree that, except as amended herein, the JV Agreement
        is in full force and effect and is hereby ratified and confirmed.

      

      4. Governing
        Law.
        The
        validity, performance, construction and effect of this Amendment shall be
        governed by the laws of the State of Missouri, without regard to conflict
        of law
        principles.

      

      5. Counterparts.
        This
        Fourth Amendment (i) may be executed by facsimile signatures and in several
        counterparts, and each counterpart when so executed and delivered shall
        constitute an original of this Fourth Amendment, and all such separate
        counterparts shall constitute but one and the same Fourth Amendment and
        (ii) embodies the entire agreement and understanding between the parties
        with respect to the subject matter hereof and supersedes all prior agreements,
        consents and understandings related to such subject matter.

      

      [EXECUTION
        PAGE TO FOLLOW]

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF,
        this
        Fourth Amendment to Joint Venture Agreement has been executed as of the date
        first set forth above.

      
         

        
          	 	 	 
	 	SEMO:
	 	 
	 	SEMO MILLING, LLC, a Missouri limited
                  liability
                  company
	 
 	 
 	 
 
	 	By:  	/s/ Kenneth
                  E. DeLine 
	 	
                  
Name:
Kenneth
                  E. DeLine
	 	Title:
                  Manager

          
            	 	 	 
	 	 
	 	 
	 	ETHANEX:
	 	 
	 	ETHANEX ENERGY NORTH AMERICA,
                    INC., a Delaware
                    corporation
	 
 	 
 	 
 
	 	By:  	/s/ Bryan
                    Sherbacow 
	 	
                    
Name:
                    Bryan Sherbacow
	 	Title:
                    President & CEO

          

        

      

    

     

    
      
         

      

      
        6

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