Document:

Exhibit 4.3

NAME OF SUBSCRIBER: 

FERMAVIR
PHARMACEUTICALS, INC.

AMENDMENT
AGREEMENT

This Amendment Agreement dated as of November 9, 2006 (the “Amendment”)
by and between __________ (the “Investor”) and FermaVir Pharmaceuticals,
Inc., a Florida corporation (the “Company”), amends certain provisions
of Warrants expiring June 30, 2014, _________ (the “Prior Warrants”)
issued by the Company to the Investor pursuant to a Securities Purchase
Agreement dated as of November 9, 2006 between the Company and Investor.

WITNESSETH:

WHEREAS, the Company has
offered and the Investor has purchased not less than $25,000 of New 8% Notes
due January 1, 2008 and related Warrant expiring June 30, 2014, exercisable for
$1.00 per share (the “New Warrants”).

NOW, THEREFORE, in consideration
of and for the mutual promises and covenants contained herein, and for other
good and valuable consideration, the receipt of which is hereby acknowledged,
the parties agree as follow

SECTION 1.

1.1           Extending the
Warrant Term.  The expiration date of
“June 30, 2014” set forth in Section 1.1 of the Prior Warrant is hereby amended
to “December 31, 2016.”

1.2           Certain
Adjustments.  Section 2 of the Prior
Warrants is deleted in its entirety and replaced with the following:

“2.1         Stock Dividends and Splits. If
FermaVir, at any time while this Warrant is outstanding: (A) pays a stock
dividend or otherwise make a distribution or distributions on shares of its
Common Stock or any other equity or equity equivalent securities payable in
shares of Common Stock (which, for avoidance of doubt, shall not include any
shares of Common Stock issued by FermaVir pursuant to this Warrant), (B)
subdivides outstanding shares of Common Stock into a larger number of shares,
(C) combines (including by way of reverse stock split) outstanding shares of
Common Stock into a smaller number of shares, or (D) issues by reclassification
of shares of the Common Stock any shares of capital stock of FermaVir, then in
each case the Exercise Price shall be multiplied by a fraction of which the
numerator shall be the number of shares of Common Stock (excluding treasury
shares, if any) outstanding immediately before such event and of which the
denominator shall be the number of shares of Common Stock outstanding
immediately after such event and the number of shares issuable upon exercise of
this Warrant shall be proportionately adjusted. 
Any adjustment made pursuant to this Section 2.1 shall become effective
immediately after the record date for the determination of stockholders
entitled to receive such dividend or distribution and shall become effective
immediately after the effective date in the case of a subdivision, combination
or re-classification.

 

 

2.2           Subsequent
Equity Sales.

(a)           If
FermaVir or any Subsidiary thereof, as applicable, at any time while this
Warrant is outstanding, shall offer, sell, grant any option to purchase or
offer, sell or grant any right to reprice its securities, or otherwise dispose
of or issue (or announce any offer, sale, grant or any option to purchase or other
disposition) any Common Stock or Common Stock Equivalents entitling any Person
to acquire shares of Common Stock, at an effective price per share less than
the then Exercise Price (such lower price, the “Base Share Price” and
such issuances collectively, a “Dilutive Issuance”), as adjusted
hereunder (if the holder of the Common Stock or Common Stock Equivalents so
issued shall at any time, whether by operation of purchase price adjustments,
reset provisions, floating conversion, exercise or exchange prices or
otherwise, or due to warrants, options or rights per share which is issued in
connection with such issuance, be entitled to receive shares of Common Stock at
an effective price per share which is less than the Exercise Price, such
issuance shall be deemed to have occurred for less than the Exercise Price on
such date of the Dilutive Issuance), then the Exercise Price shall be reduced
and only reduced to equal the Base Share Price and the number of Warrant Shares
issuable hereunder shall be increased such that the aggregate Exercise Price
payable hereunder, after taking into account the decrease in the Exercise
Price, shall be equal to the aggregate Exercise Price prior to such adjustment.

(b)           Such
adjustments shall be made whenever such Common Stock or Common Stock
Equivalents are issued.  Notwithstanding
the foregoing, no adjustments shall be made, paid or issued under this Section
2 in respect of an Exempt Issuance (defined below).  FermaVir shall notify the Holder in writing,
no later than the Trading Day following the issuance of any Common Stock or
Common Stock Equivalents subject to this section, indicating therein the
applicable issuance price, or of applicable reset price, exchange price,
conversion price and other pricing terms (such notice the “Dilutive Issuance
Notice”).  For purposes of
clarification, whether or not FermaVir provides a Dilutive Issuance Notice
pursuant to this Section 2.2, upon the occurrence of any Dilutive Issuance, as
applicable, after the date of such Dilutive Issuance, as applicable, the Holder
is entitled to receive a number of Warrant Shares based upon the Base Share
Price, regardless of whether the Holder accurately refers to the Base Share
Price in the Notice of Exercise.

(c)           “Exempt Issuance” means the
issuance of (a) shares of Common Stock or options to employees, officers,
directors or consultants of the Company (including shares of Common Stock
issued pursuant to the exercise of such options) pursuant to any stock or
option plan duly adopted by a majority of the non-employee members of the Board
of Directors of the Company or a majority of the members of a committee of
non-employee directors established for such purpose, (b) securities upon the
exercise or exchange of or conversion of any securities issued hereunder and/or
securities exercisable or exchangeable for or convertible into shares of Common
Stock issued and outstanding on October 31, 2006, provided that such securities
have not been amended since October 31, 2006 to increase the number of such
securities or to decrease the exercise, exchange or conversion price of any
such securities below $1.00 per share (subject to adjustment for reverse and
forward stock splits and the like), or (c) securities 

 2
 

 

 

issued pursuant to
acquisitions or strategic transactions approved by a majority of the
disinterested directors, provided any such issuance shall only be to a person
which is, itself or through its subsidiaries, an operating company in a
business synergistic with the business of the Company and in which the Company
receives benefits in addition to the investment of funds, but shall not include
a transaction in which the Company is issuing securities primarily for the
purpose of raising capital or to an entity whose primary business is investing
in securities.

2.3           Pro Rata Distributions.  If FermaVir, at any time prior to the
Termination Date, shall distribute to all holders of Common Stock (and not to
Holders of the Warrants) evidences of its indebtedness or assets (including
cash and cash dividends) or rights or warrants to subscribe for or purchase any
security other than the Common Stock (which shall be subject to Section 3(b)),
then in each such case the Exercise Price shall be adjusted by multiplying the
Exercise Price in effect immediately prior to the record date fixed for
determination of stockholders entitled to receive such distribution by a
fraction of which the denominator shall be the VWAP determined as of the record
date mentioned above, and of which the numerator shall be such VWAP on such
record date less the then per share fair market value at such record date of
the portion of such assets or evidence of indebtedness so distributed
applicable to one outstanding share of the Common Stock as determined by the
Board of Directors in good faith.  In
either case the adjustments shall be described in a statement provided to the
Holder of the portion of assets or evidences of indebtedness so distributed or
such subscription rights applicable to one share of Common Stock.  Such adjustment shall be made whenever any
such distribution is made and shall become effective immediately after the
record date mentioned above.

2.4           Fundamental
Transaction. If, at any time while this Warrant is outstanding, (A)
FermaVir effects any merger or consolidation of FermaVir with or into another
Person, (B) FermaVir effects any sale of all or substantially all of its assets
in one or a series of related transactions, (C) any tender offer or exchange
offer (whether by FermaVir or another Person) is completed pursuant to which
holders of Common Stock are permitted to tender or exchange their shares for
other securities, cash or property, or (D) FermaVir effects any
reclassification of the Common Stock or any compulsory share exchange pursuant
to which the Common Stock is effectively converted into or exchanged for other
securities, cash or property (in any such case, a “Fundamental Transaction”),
then, upon any subsequent exercise of this Warrant, the Holder shall have the
right to receive, for each Warrant Share that would have been issuable upon
such exercise immediately prior to the occurrence of such Fundamental
Transaction, at the option of the Holder, (a) upon exercise of this Warrant,
the number of shares of Common Stock of the successor or acquiring corporation
or of FermaVir, if it is the surviving corporation, and any additional
consideration (the “Alternate Consideration”) receivable upon or as a
result of such reorganization, reclassification, merger, consolidation or
disposition of assets by a Holder of the number of shares of Common Stock for
which this Warrant is exercisable immediately prior to such event or (b) if
FermaVir is acquired in an all cash transaction, cash equal to the value of
this Warrant as determined in accordance with the Black-Scholes option pricing
formula.  For purposes of any such
exercise, the determination of the Exercise Price shall be appropriately
adjusted to apply to such Alternate Consideration based on the amount of
Alternate Consideration issuable in respect of one share of Common Stock in
such Fundamental Transaction, and FermaVir shall apportion the Exercise Price
among the Alternate Consideration 

 3
 

 

 

in a reasonable manner reflecting the relative value
of any different components of the Alternate Consideration.  If holders of Common Stock are given any
choice as to the securities, cash or property to be received in a Fundamental
Transaction, then the Holder shall be given the same choice as to the Alternate
Consideration it receives upon any exercise of this Warrant following such
Fundamental Transaction.  To the extent
necessary to effectuate the foregoing provisions, any successor to FermaVir or
surviving entity in such Fundamental Transaction shall issue to the Holder a
new warrant consistent with the foregoing provisions and evidencing the Holder’s
right to exercise such warrant into Alternate Consideration. The terms of any
agreement pursuant to which a Fundamental Transaction is effected shall include
terms requiring any such successor or surviving entity to comply with the
provisions of this Section 2.4 and insuring that this Warrant (or any such
replacement security) will be similarly adjusted upon any subsequent
transaction analogous to a Fundamental Transaction.

2.5           Calculations.
All calculations under this Section 2 shall be made to the nearest cent or the
nearest 1/100th of a share, as the case may be. For purposes of this Section 2,
the number of shares of Common Stock deemed to be issued and outstanding as of
a given date shall be the sum of the number of shares of Common Stock (excluding
treasury shares, if any) issued and outstanding.

2.6           Voluntary
Adjustment By FermaVir. FermaVir may at any time during the term of this
Warrant reduce the then current Exercise Price to any amount and for any period
of time deemed appropriate by the Board of Directors of FermaVir.

2.7           Notice
to Holders.

(a)           Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to this
Section 2, FermaVir shall promptly mail to each Holder a notice setting forth
the Exercise Price after such adjustment and setting forth a brief statement of
the facts requiring such adjustment. If FermaVir issues a variable rate
security, despite the prohibition thereon in the Purchase Agreement, FermaVir
shall be deemed to have issued Common Stock or Common Stock Equivalents at the
lowest possible conversion or exercise price at which such securities may be
converted or exercised in the case of a Variable Rate Transaction (as defined
in the Purchase Agreement).

(b)           Notice
to Allow Exercise by Holder. If (i) FermaVir shall declare a dividend (or
any other distribution) on the Common Stock; (ii) FermaVir shall declare a
special nonrecurring cash dividend on or a redemption of the Common Stock;
(iii) FermaVir shall authorize the granting to all holders of the Common Stock
rights or warrants to subscribe for or purchase any shares of capital stock of
any class or of any rights; (iv) the approval of any stockholders of FermaVir
shall be required in connection with any reclassification of the Common Stock,
any consolidation or merger to which FermaVir is a party, any sale or transfer
of all or substantially all of the assets of FermaVir, of any compulsory share
exchange whereby the Common Stock is converted into other securities, cash or
property; (v) FermaVir shall authorize the voluntary or involuntary
dissolution, liquidation or winding up of the affairs of FermaVir; then, in
each case, FermaVir shall cause to be mailed to the Holder at its last address
as it shall appear upon the Warrant Register of FermaVir, at least 20 calendar
days prior to the 

 4
 

 

 

applicable record or effective date hereinafter specified, a notice
stating (A) the date on which a record is to be taken for the purpose of such
dividend, distribution, redemption, rights or warrants, or if a record is not
to be taken, the date as of which the holders of the Common Stock of record to
be entitled to such dividend, distributions, redemption, rights or warrants are
to be determined or (B) the date on which such reclassification, consolidation,
merger, sale, transfer or share exchange is expected to become effective or
close, and the date as of which it is expected that holders of the Common Stock
of record shall be entitled to exchange their shares of the Common Stock for
securities, cash or other property deliverable upon such reclassification,
consolidation, merger, sale, transfer or share exchange; provided that the
failure to mail such notice or any defect therein or in the mailing thereof
shall not affect the validity of the corporate action required to be specified
in such notice.  The Holder is entitled
to exercise this Warrant during the 20-day period commencing on the date of
such notice to the effective date of the event triggering such notice.”

1.4           Registration
Rights.  Section 9.2 is amended by
addition of the following sentience in the beginning of the Section:

“Fermavir shall file a registration statement by January 31, 2007 and
use its reasonable best efforts to cause such registration to become effective
as soon as    possible.”

SECTION 2.

2.1           Effect
on Prior Agreements.  Except as
amended hereby, the terms and provisions of the Prior Note and Prior Warrant
shall remain in full force and effect, and the Prior Note and Prior Warrant is
in all respects ratified and confirmed. On and after the date of this Amendment,
each reference in the Prior Note or Prior Warrant, as the case may be, to the “Note”,
“Warrant”, “hereinaf­ter”, “herein”, “herein­after”, “hereunder”, “hereof”, or
words of like import shall mean and be a reference to the Prior Note or Prior
Warrant, as the case may be, as amended by this Amendment.

SECTION 3.

3.1           Indemnity.  The Investor agrees to indemnify and hold
harmless the Company, its officers and directors, employees and its affiliates
and each other person, if any, who controls any thereof, against any loss,
liability, claim, damage and expense whatsoever (including, but not limited to,
any and all expenses whatsoever reasonably incurred in investigating, preparing
or defending against any litigation commenced or threatened or any claim whatsoever)
arising out of or based upon any false representation or warranty or breach or
failure by the Investor to comply with any covenant or agreement made by the
Investor herein or in any other document furnished by the Investor to any of
the foregoing in connection with this transaction.

3.2           Modification.  Neither this Agreement nor any provisions
hereof shall be modified, discharged or terminated except by an instrument in
writing signed by the party against whom any waiver, change, discharge or termination
is sought.

 5
 

 

 

3.3           Notices.  Any notice, demand or other communication
which any party hereto may be required, or may elect, to give to anyone
interested hereunder shall be sufficiently given if (a) deposited, postage
prepaid, in a United States mail letter box, registered or certified mail,
return receipt requested, addressed to such address as may be given herein, or
(b) delivered personally at such address.

3.4           Counterparts.  This Agreement may be executed through the
use of separate signature pages or in any number of counterparts, and each of
such counterparts shall, for all purposes, constitute one agreement binding on
all parties, notwithstanding that all parties are not signatories to the same
counterpart.

3.5           Binding Effect.  Except as otherwise provided herein, this
Agreement shall be binding upon and inure to the  benefit of the parties and their heirs,
executors, administrators, successors, legal representatives and assigns.  If the Investor is more than one person, the
obligation of the Investor shall be joint and several and the agreements,
representations, warranties and acknowledgments herein contained shall be
deemed to be made by and be binding upon each such person and his heirs,
executors, administrators and successors.

3.6           Entire Agreement.  This Agreement and the documents referenced
herein contain the entire agreement of the parties and there are no
representations, covenants or other agreements except as stated or referred to
herein and therein.

3.7           Assignability.  This Agreement is not transferable or
assignable by the Investor.

3.8           Applicable Law.  This Agreement shall be governed by and
construed in accordance with the laws of the State of New York, without giving
effect to conflicts of law principles.

3.9           Pronouns.  The use herein of the masculine pronouns “him”
or “his” or similar terms shall be deemed to include the feminine and neuter
genders as well and the use herein of the singular pronoun shall be deemed to
include the plural as well.

[SIGNATURE PAGES
FOLLOW]

 6
 

 

 

ALL
INVESTORS MUST COMPLETE THIS PAGE

IN WITNESS WHEREOF, the
Investor has executed this Agreement on the ____ day of November, 2006.

Manner in which Title is to be held (Please Check One):

	
  1.

  	
  o

  	
  Individual

  	
  7.

  	
   

  	
  o

  	
  Trust/Estate/Pension or Profit

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Sharing Plan

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Date Opened:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2.

  	
  o

  	
  Joint Tenants
  with Right of

  	
  8.

  	
   

  	
  o

  	
  As a Custodian for

  
	
   

  	
   

  	
  Survivorship

  	
   

  	
   

  	
   

  	
   

  	
  Under

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  the Uniform Gift to Minors Act of

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  the State of

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3.

  	
  o

  	
  Community Property

  	
  9.

  	
   

  	
  o

  	
  Married with Separate Property

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.

  	
  o

  	
  Tenants in Common

  	
  10.

  	
   

  	
  o

  	
  Keogh

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  5. 

  	
  x

  	
  Corporation/Partnership/

  	
  11.

  	
   

  	
  o

  	
  Tenants by the Entirety

  
	
   

  	
   

  	
  Limited
  Liability Company

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  6.

  	
  o

  	
  IRA

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
										

 

IF MORE THAN ONE
INVESTOR, EACH INVESTOR MUST SIGN.

INDIVIDUAL INVESTORS MUST COMPLETE PAGE 8

INVESTORS WHICH ARE ENTITIES MUST COMPLETE PAGE 9

 7
 

 

 

EXECUTION BY NATURAL PERSONS

	
   

  

Exact Name in
Which Title is to be Held

	
  

  	
   

  	
   

  
	
  Name (Please
  Print)

  	
   

  	
  Name of Additional
  Purchaser

  
	
   

  	
   

  	
   

  
	
  Residence:
  Number and Street

  	
   

  	
  Address of Additional
  Purchaser

  
	
   

  	
   

  	
   

  
	
  City, State and
  Zip Code

  	
   

  	
  City, State and Zip
  Code

  
	
   

  	
   

  	
   

  
	
  Social Security
  Number

  	
   

  	
  Social Security Number

  
	
   

  	
   

  	
   

  
	
  (Signature)

  	
   

  	
  (Signature of
  Additional Purchaser)

  

 

	
  ACCEPTED this  

  	
   

  	
    day of  

  	
   

  	
   , 2006 on behalf of the Company.

  

 

	
  

  	
  FERMAVIR PHARMACEUTICALS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  

 

 8
 

 

EXECUTION BY INVESTOR WHICH IS AN
ENTITY

(Corporation,
Partnership, Trust, Etc.)

	
   

   

  

Name of Entity (Please
Print)

	
  Date of Incorporation or
  Organization:

  	
   

  
	
   

  
	
  State of
  Principal Offices:

  	
   

  
	
   

  
	
  Federal Taxpayer
  Identification Number:

  	
   

  
				

 

	
  

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  [seal]

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Attest:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (If Entity is a Corporation)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Address

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Taxpayer Identification
  Number

  
									

 

	
  ACCEPTED this  

  	
   

  	
    day of November, 2006 on behalf of the
  Company.

  

 

	
  

  	
  FERMAVIR PHARMACEUTICALS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name: 

  	
  Geoffrey W. Henson

  
	
   

  	
   

  	
  Title:

  	
  Chief Executive Officer

  
	
   

  	
   

  	
   

  

 

 

 9Exhibit
      10.14

     

    JOINT
      VENTURE AGREEMENT

     

    THIS
      JOINT VENTURE AGREEMENT (the “JV Agreement“) is made and entered into effective
      as of August
      4,
      2006, by and between SEMO
      Milling, LLC,
      a
      Missouri limited liability company (“SEMO”), and Ethanex
      Energy North America, Inc.,
      a
      Delaware corporation (“Ethanex”). SEMO and Ethanex shall be referred to
      individually as a “Party” and collectively as the “Parties.”

     

    RECITALS

    

    A.  The
      Parties signed a non-binding letter of intent dated July 3, 2006,
      as
      subsequently amended (the “LOI”) 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. 

     

    B.  The
      Parties now desire to formally organize a limited liability company under the
      laws of the State of Missouri (the “Company”) through which they will develop,
      manufacture, distribute, use, and sell ethanol and ethanol-based products and
      corn and corn-based products.

     

    C.  Each
      Party shall collaborate and lend its expertise to the successful achievement
      of
      the Company’s commercial objectives.

     

    D. The
      Parties enter into this JV Agreement to set out the terms governing the
      management and operations of the Company and the Parties’ investment and
      relationship as Members in the Company. 

     

    NOW,
      THEREFORE, in consideration of the above Recitals, which are incorporated herein
      by this reference, and the mutual promises, agreements and covenants set forth
      in this JV Agreement, SEMO and Ethanex
      agree as follows:

     

    ARTICLE
      1

    DEFINITIONS
      AND INTERPRETATION

    

    In
      this
      JV Agreement, unless otherwise clearly indicated by the context, the following
      terms, whether used in singular or plural forms, shall have the following
      meanings:

     

    
      	
              1.1

            	
              “Articles
                of Organization” means the Articles of Organization to be filed with the
                Missouri Secretary of State’s office for purposes of legally organizing
                the Company, in the form attached hereto as Exhibit
                1.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              1.2

            	
              “Assignment
                Agreement” means the Assignment Agreement between Ethanex and the Company,
                in the form attached hereto as Exhibit
                5,
                to be executed on the Effective Date pursuant to Section
                8.1
                of
                this JV Agreement. 

            

    

     

    
      	
              1.3

            	
              “Construction
                Completion Date” means December 31,
                2007.

            

    

     

    
      	
              1.4

            	
              “Construction
                Start Date” means January 15, 2007.

            

    

     

    
      	
              1.5

            	
              “Contribution
                Agreement” means the Contribution Agreement between SEMO and the Company,
                in the form attached hereto as Exhibit
                3,
                to be executed on the Effective Date pursuant to Section
                8.3
                of
                this JV Agreement. 

            

    

     

    
      	
              1.6

            	
              “Corn
                Mill” means the dry corn mill and custom bagging and logistics facility
                owned and operated by SEMO at the Plant
                Site.

            

    

     

    
      	
              1.7

            	
              “Corn
                Processing Solutions, LLC” or “CPS” means the Colorado limited liability
                company managed by SEMO.

            

    

     

    
      	
              1.8

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

            

    

     

    
      	
              1.9

            	
              “Effective
                Date” means November 20, 2006. 

            

    

     

    
      	
              1.10

            	
              “Governmental
                Authority” means the United States of America, any state, commonwealth,
                territory or possession thereof and any political subdivision or
                quasi-governmental authority of any of the same, including but not
                limited
                to courts, tribunals, departments, commissions, boards, bureaus,
                agencies,
                counties, municipalities, and other
                instrumentalities.

            

    

     

    
      	
              1.11

            	
              “Operating
                Agreement” means the Operating Agreement of the Company by and among
                Ethanex, SEMO and the Company, in the form attached hereto as Exhibit
                2,
                to be executed on the Effective
                Date.

            

    

     

    
      	
              1.12

            	
              “Plant”
                means a 100 million gallon per year nameplate ethanol production
                plant to
                be constructed and operated by the Company on the Plant Site using
                the
                SEMO Technology licensed by SEMO to the Company.
                

            

    

     

    
      	
              1.13

            	
              “Plant
                Site” means certain real property located in Cape Girardeau, Missouri on
                which the Corn Mill is located. 

            

    

     

    
      	
              1.14

            	
              “Reciprocal
                Non-Disclosure Agreement” means the “Reciprocal Confidential Disclosure
                Agreement” executed between the Parties and made effective on June 8,
                2006, as amended from time to time.

            

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	
              1.15

            	
              “Related
                Agreements” means the following agreements each to be dated and deemed
                effective as of the Effective Date: (i) Operating Agreement, (ii)
                Contribution Agreement, (iii) Technology Licensing Agreement, (iv)
                Assignment Agreement, and (v) Services
                Agreement.

            

    

     

    
      	
              1.16

            	
              “SEMO
                Assets” means the assets of SEMO to be contributed as initial capital of
                the Company including all of the assets owned, controlled by, or
                licensed
                to SEMO or its subsidiaries related to (but not including) the SEMO
                Technology, and consisting of all leases, transferable licenses,
                permits,
                governmental authorizations, real property, personal property, equipment,
                materials, supplies, prepaid deposits, accounts receivable, claims,
                and
                causes of action, but excluding the SEMO Excluded Assets.
                

            

    

     

    
      	
              1.17

            	
              “SEMO
                Excluded Assets” means the SEMO Technology and all of SEMO’s right, title
                and interest in CPS. 

            

    

     

    
      	
              1.18

            	
              “SEMO
                Technology” means SEMO’s confidential and proprietary data, processes,
                information, intellectual property, and know-how related to corn
                milling
                and/or dry milling fractionation technology, as more particularly
                defined
                in the Technology Licensing
                Agreement.

            

    

     

    
      	
              1.19

            	
              “Services
                Agreement” means the Services Agreement between Ethanex and CPS, in the
                form of attached hereto as Exhibit
                6,
                to be executed on the Effective Date pursuant to Section
                8.2 of
                this JV Agreement. 

            

    

     

    
      	
              1.20

            	
              “Technology
                Licensing Agreement” means the Technology Licensing Agreement between SEMO
                and the Company, in the form attached hereto as Exhibit
                4,
                to be executed on the Effective Date pursuant to Section
                8.4
                of
                this JV Agreement. 

            

    

     

    
      	
              1.21

            	
              “Third
                Party” means any person or legal entity other than SEMO, Ethanex, or the
                Company. 

            

    

     

    
      	
              1.22

            	
              “Member,”
                “Membership Interest,” “Board” and “Manager” shall have the meanings set
                forth in the Operating Agreement. 

            

    

     

    
      	
              1.23

            	
              In
                this JV Agreement, except to the extent that the context otherwise
                requires (i) whenever the words “include,” “includes” or “including” are
                used they are deemed to be followed by the words “without limitation,” and
                (ii) the definitions contained in this JV Agreement are applicable
                to the
                singular as well as the plural of such terms.

            

    

     

    ARTICLE
      2

    ORGANIZATIONAL
      MATTERS OF COMPANY

    

    
      	2.1  	
              On
                or before the Effective Date, the Parties shall organize the Company
                as a
                limited liability company under the laws of the State of Missouri
                by
                filing the Articles of Organization, in the form attached hereto
                as
                Exhibit
                1,
                with the Missouri Secretary of State’s office.

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	2.2  	
              The
                name of the Company shall be Ethanex at SEMO Port,
                LLC.

            

    

     

    
      	2.3  	
              Subject
                to the terms and conditions of this JV Agreement, on the Effective
                Date,
                the Parties shall adopt and execute the Operating Agreement in the
                form
                attached hereto as Exhibit
                2.
                The Operating Agreement shall more fully set forth the rights and
                obligations of the Members in the Company and, to the extent permitted
                by
                applicable law, shall be consistent with the terms of this JV Agreement.
                

            

    

     

    
      	2.4  	
              The
                duration of the Company shall be perpetual subject to the provisions
                of
                this JV Agreement and the Operating Agreement.

            

    

     

    
      	2.5  	
              The
                purpose of the Company will be to (i) construct and operate the Plant,
                (ii) develop, manufacture, distribute, use and sell ethanol and
                ethanol-based products and corn and corn-based products, and (iii)
                engage
                in all activities necessary, customary, convenient or incident to
                the
                activities described herein. 

            

    

     

    ARTICLE
      3

    DEPOSIT;
      DISPOSITION OF DEPOSIT

    

    
      	3.1  	
              Ethanex
                shall pay the Deposit to the Company upon (i) the execution of this
                JV
                Agreement by the Parties, or (ii) the filing of the Articles of
                Organization of the Company with the Missouri Secretary of State,
                whichever occurs later.

            

    

     

    
      	3.2  	
              The
                Parties agree that following receipt of the Deposit, the Company
                shall use
                the Deposit to pay for soil and soil-compaction work at the Plant
                Site and
                analytical testing, permitting, and other administrative and operating
                costs as necessary. The Parties further agree that such work is necessary
                to facilitate construction of the Plant.

            

    

     

    
      	3.3  	
              The
                Parties agree that on the Effective Date a sum equivalent 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 Section
                12.2
                below), the Deposit shall be deemed a cancellation fee and SEMO shall
                have
                no obligation to return or refund the Deposit to Ethanex.
                

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

       

    

    ARTICLE
      4

    INITIAL
      CAPITAL CONTRIBUTIONS

     

    
      	4.1  	
              Upon
                the Effective Date, and contemporaneously with the execution of the
                Related Agreements, Ethanex shall make an initial capital contribution
                to
                the Company in the amount of $30,000,000 (the “Ethanex Cash
                Contribution”). 

            

    

     

    
      	4.2  	
              Upon
                the Effective Date, and contemporaneously with the execution of the
                Related Agreements, SEMO shall make an initial capital contribution
                to the
                Company in the form of the SEMO Assets (but excluding the SEMO Excluded
                Assets) having a net asset value, in accordance with generally accepted
                accounting principles before depreciation and amortization, of at
                least
                $15,000,000 and an agreed value of $30,000,000.

            

    

     

    
      	4.3  	
              The
                capital contribution provided by Ethanex pursuant to Section
                4.1
                above shall be used by the Company, to the extent practical, to fund
                the
                capitalizable assets of the Company including, without limitation,
                the
                design, engineering and construction costs of the Plant and the purchase
                of equipment to be used in the operation of the
                Plant.

            

    

     

    
      	4.4  	
              The
                capital contribution provided by SEMO pursuant to Section
                4.2
                above shall be used by the Company, to the extent practical, to facilitate
                the construction and operation of the Plant, and to serve as security
                for
                third party financing to fund the capitalizable assets of the Company
                including, without limitation, the design, engineering and construction
                costs of the Plant and the purchase of equipment to be used in the
                operation of the Plant. 

            

    

     

    ARTICLE
      5

    OWNERSHIP

    

    
      	5.1  	
              Subject
                to the satisfaction of each Party’s contribution obligations as set forth
                in Article
                4
                above, the initial Membership Interests of the Company shall be owned
                fifty percent (50%) by SEMO and fifty percent (50%) by Ethanex.
                

            

    

    

    
      	5.2  	
              Without
                the prior written consent of the other Party, a Party shall not acquire,
                by purchase or otherwise, directly or indirectly, ownership or voting
                control of Membership Interests of the Company representing more
                than the
                other Party’s Membership Interest of the Company on a fully diluted basis.
                Profits and losses of the Company shall be allocated among the Parties
                in
                accordance with their relative Membership Interests.
                

            

    

    

    ARTICLE
      6

    GOVERNANCE

    

    
      	6.1  	
              The
                management of the Company and the responsibility for preparation
                and
                adoption of the Company’s business plan shall be vested in the Board of
                Directors (the “Board) and such executives, officers and employees as the
                Board may authorize and designate from time to time. The Board initially
                shall be comprised of five (5) persons, two (2) of whom shall be
                nominated
                by SEMO, two (2) to be nominated by Ethanex, and one (1) to be nominated
                by the Parties jointly. The Board shall have authority, on behalf
                and in
                the name of the Company, to perform those acts as provided in the
                Operating Agreement, subject to those powers that are reserved to
                the
                Members of the Company, also as provided in the Operating Agreement.
                

            

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      	6.2  	
              The
                Chairperson of the Board shall initially be appointed by SEMO and
                shall
                serve for a two (2) year term commencing on the Effective Date, after
                which Ethanex shall appoint the Chairperson who shall serve for the
                following two (2) years. Thereafter, the Parties shall alternate
                the
                appointments 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.

            

    

    

    
      	6.3  	
              The
                day-to-day management and operation of the Company shall be performed
                by a
                President/CEO appointed by and serving under the direction of the
                Board.
                The initial President/CEO of the Company shall be Robert Smallwood.
                The
                President/CEO of the Company shall have the rights and duties provided
                in
                the Operating Agreement.

            

    

    

    
      	6.4  	
              The
                Parties agree that neither the Board nor the Company shall have the
                authority to do or undertake certain actions which are reserved to
                the
                Members as provided in the Operating Agreement. Certain actions of
                the
                Company shall require the approval of Members owning at least seventy-five
                percent (75%) of the Membership Interests of the Company as set forth
                in
                the Operating Agreement. 

            

    

    

    ARTICLE
      7

    OBLIGATIONS
      OF THE PARTIES

    

    
      	7.1  	
              In
                addition to the other obligations set forth in this JV Agreement,
                Ethanex
                agrees that it shall:

            

    

    

    
      	(a)  	
              use
                all commercially reasonable efforts to obtain and secure 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”) on or before the
                Effective Date to ensure sufficient project financing for the timely
                design and construction of the Plant;

            

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    
      	(b)  	
              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 December 31, 2007 (the “Construction
                Completion Date”);

            

    

    

    
      	(c)  	
              provide,
                from time to time as required by the Company, management support
                and local
                logistical support integral to completion of the Plant on or before
                the
                Construction Completion Date;

            

    

    

    
      	(d)  	
              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 January 15, 2007
                (the
                “Construction Start Date”); 

            

    

    

    
      	(e)  	
              use
                its commercially best efforts to enter into a written contract with
                a
                nationally recognized engineering firm to provide preliminary engineering
                and design work for the Plant as is necessary to secure all applicable
                permits required by the Missouri Department of Natural Resources
                and any
                other Governmental Authority to commence construction of the Plant
                (the
                “Preliminary Engineering Work”), upon terms and conditions acceptable to
                SEMO including, without limitation, a requirement that the Preliminary
                Engineering Work be completed no later than August 31,
                2006;

            

    

    

    
      	(f)  	
              use
                its commercially best efforts to enter into a written contract with
                a
                nationally recognized EPC contractor no later than September 30,
                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.

            

    

     

    
      	(g)  	
              in
                accordance with the terms and conditions of this JV Agreement, execute
                and
                deliver on the Effective Date the following Related
                Agreements:

            

    

    

    
      	(i)  	
              the
                Operating Agreement, in the form attached hereto as Exhibit
                2;

            

    

    

    
      	(ii)  	
              the
                Assignment Agreement, in the form attached hereto as Exhibit
                5,
                as more fully described in Section
                8.1
                below; and 

            

    

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    
      	(iii)  	
              the
                Services Agreement, in the form attached hereto as Exhibit
                6,
                as more fully described in Section
                8.2
                below; and

            

    

    

    
      	(h)  	
              take
                any further actions as may be necessary to complete and implement
                the
                transactions contemplated by this JV
                Agreement.

            

    

    

    
      	7.2  	
              In
                addition to the other obligations set forth in this JV Agreement,
                SEMO
                agrees that it shall:

            

    

    

    
      	(a)  	
              provide
                reasonable assistance to Ethanex and the Company in connection with
                Ethanex’s obligation to raise the Third Party Financing, including,
                without limitation, by making key SEMO executives available for investor
                meetings and providing financial, technical and market related information
                in SEMO’s control to aid in the preparation of private placement
                materials, subscription documentation or loan
                documentation;

            

    

    

    
      	(b)  	
              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
                Plant
                Completion Date;

            

    

    

    
      	(c)  	
              use
                its commercially best efforts to complete construction of the Corn
                Mill on
                or before the Effective Date; 

            

    

    

    
      	(d)  	
              in
                accordance with the terms and conditions of this JV Agreement, execute
                and
                deliver on the Effective Date the following Related
                Agreements:

            

    

    

    
      	(i)  	
              the
                Operating Agreement, in the form attached hereto as Exhibit
                2;

            

    

    

    
      	(ii)  	
              the
                Contribution Agreement, in the form attached hereto as Exhibit
                3,
                as more fully described in Section
                8.3
                below; and

            

    

    

    
      	(iii)  	
              the
                Technology Licensing Agreement, in the form attached hereto as
                Exhibit
                4,
                as more fully described in Section
                8.4
                below; and 

            

    

    

    
      	 	
              (e)

            	
              take
                any further actions as may be necessary to complete and implement
                the
                transactions contemplated by this JV Agreement.

            

    

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

       

    

    ARTICLE
      8

    RELATED
      AGREEMENTS

    

    
      	8.1  	
              Unless
                otherwise agreed in writing by the Parties, on the Effective Date,
                Ethanex
                shall execute and deliver to the Company the Assignment Agreement
                whereby
                Ethanex shall assign or otherwise transfer to the Company, and the
                Company
                shall assume or otherwise take or acquire from Ethanex, the EPC Contract
                to construct a large scale, multi-million gallon per year ethanol
                plant at
                the Plant Site. The execution and delivery by Ethanex of the Assignment
                Agreement shall be deemed a condition precedent to the obligation
                of SEMO
                to execute and deliver the Contribution Agreement as described in
                Section
                8.3
                below.

            

    

    

    
      	8.2  	
              On
                the Effective Date, Ethanex shall execute and deliver to SEMO the
                Services
                Agreement whereby Ethanex shall retain CPS to perform certain services
                consisting of installing the Technology in ethanol facilities owned
                or
                controlled by Ethanex and in Third Party ethanol facilities identified
                by
                Ethanex. Subject to the terms and conditions of the Services Agreement,
                SEMO shall cause CPS to perform its services exclusively for Ethanex
                during the term of the Services Agreement. The execution and delivery
                by
                Ethanex of the Services Agreement shall be deemed a condition precedent
                to
                the obligation of SEMO to execute and deliver the Technology Licensing
                Agreement as described in Section
                8.4
                below.

            

    

    

    
      	8.3  	
              Unless
                otherwise agreed in writing by the Parties, on the Effective Date,
                SEMO
                shall execute and deliver to the Company the Contribution Agreement
                relating to the SEMO Assets to be contributed to the Company as described
                in Section
                4.2
                above. The execution and delivery by SEMO of the Contribution Agreement
                shall be deemed a condition precedent to the obligation of Ethanex
                to
                execute and deliver the Assignment Agreement as described in Section
                8.1
                above. 

            

    

    

    
      	8.4  	
              On
                the Effective Date, SEMO shall execute and deliver to the Company
                the
                Technology License Agreement granting the Company the right to use
                and
                commercialize the Technology in the field of ethanol production for
                the
                Company’s business purposes as outlined in Section
                2.5
                above. The execution and delivery by SEMO of the Technology Licensing
                Agreement shall be deemed a condition precedent to the obligation
                of
                Ethanex to execute and deliver the Services Agreement as described
                in
                Section
                8.2
                above. 

            

    

    

    ARTICLE
      9

    TRANSFER
      RESTRICTIONS

    

    
      	9.1  	
              Any
                sale, gift, transfer or other disposition, whether voluntary or by
                operation of law, of a Member’s Membership Interest, other than in
                accordance with the terms of this JV Agreement and the Operating
                Agreement
                shall be void and shall transfer no right, title or interest in or
                to any
                such Membership Interest to the purported
                transferee.

            

    

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    
      	9.2  	
              Any
                permitted transfer of a Membership Interest of the Company shall
                be
                performed in accordance with the terms and provisions set forth in
                Article
                XI
                of
                the Operating Agreement. 

            

    

    

    ARTICLE
      10

    REPRESENTATIONS
      AND WARRANTIES

    

    
      	10.1  	
              Each
                Party represents and warrants to the other that it has the legal
                right,
                power and authority to enter into this JV Agreement and the Related
                Agreements, and to fully perform its obligations hereunder and thereunder,
                and that the performance of such obligations shall not conflict with
                its
                charter or organizational documents or any agreements, contracts
                or other
                arrangements to which it is a party.

            

    

    

    
      	10.2  	
              EXCEPT
                AS EXPRESSLY SET FORTH IN THIS JV AGREEMENT OR THE RELATED AGREEMENTS,
                NEITHER PARTY MAKES ANY REPRESENTATION OR WARRANTY OF ANY KIND, EITHER
                EXPRESS OR IMPLIED, INCLUDING WARRANTIES AS TO MERCHANTABILITY, FITNESS
                FOR A PARTICULAR PURPOSE OR
                NON-INFRINGEMENT.

            

    

    

    
      	10.3  	
              IN
                NO EVENT SHALL EITHER PARTY, ITS DIRECTORS, OFFICERS, MEMBERS, EMPLOYEES,
                OR AGENTS BE LIABLE TO THE OTHER PARTY FOR ANY INDIRECT, INCIDENTAL,
                SPECIAL, EXEMPLARY OR CONSEQUENTIAL DAMAGES OF ANY KIND, INCLUDING,
                WITHOUT LIMITATION, LOSS OF PROFITS OR LOSS OF BUSINESS OPPORTUNITIES,
                WHETHER BASED UPON A CLAIM OR ACTION OF CONTRACT, WARRANTY, NEGLIGENCE,
                STRICT LIABILITY OR OTHER TORT, OR OTHERWISE, ARISING OUT OF THIS
                AGREEMENT. 

            

    

    

    ARTICLE
      11

    NON-EXCLUSIVE
      RELATIONSHIP

    

    
      	
              11.1

            	
              The
                Parties acknowledge that the Company is not intended to be the exclusive
                vehicle for either Party to participate in the ethanol industry.
                To the
                extent the parties can pursue or exploit other business opportunities
                relating to the manufacture, use, distribution and sale of ethanol
                and
                ethanol-based products and corn and corn-based products without a
                breach
                of their respective obligations to each other and to the Company
                under
                this JV Agreement, the Related Agreements, and the Reciprocal
                Non-Disclosure Agreement, they shall be free to do so.
                

            

    

    

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    

    ARTICLE
      12

    TERM
      AND
      TERMINATION

    

    
      	
              12.1

            	
              This
                JV Agreement shall commence when fully signed by the Parties hereto
                and
                shall continue in effect unless terminated pursuant to the provisions
                of
                this Article
                12
                or
                by mutual written agreement of the Parties.

            

    

    

    
      	12.2  	
              This
                JV Agreement may be terminated and the transactions contemplated
                hereby
                abandoned by a Party sending written notice to other Party upon the
                occurrence of one or more of the following
                events:

            

    

    

    
      	(a)  	
              If
                the other Party shall fail to make its initial capital contribution
                to the
                Company as required in Sections
                4.1 and 4.2,
                as applicable;

            

    

    

    
      	(b)  	
              if
                the other Party shall commit a material breach of any of its obligations
                under this JV Agreement, which, if remediable, is not remedied within
                thirty (30) business days from the giving of written notice requiring
                said
                breach to be remedied;

            

    

    

    
      	(c)  	
              if
                the other Party, its creditor(s), or any Third Party shall file for
                the
                other Party’s liquidation, bankruptcy, reorganization, or dissolution, or
                if the other Party is unable to pay any debts as they become due,
                or if
                the creditor(s) of the other Party have taken over its management.
                

            

    

    

    
      	12.3  	
              This
                JV Agreement may be terminated by SEMO and the transactions contemplated
                hereby abandoned if: (i) Ethanex has not fulfilled its obligations
                pursuant to Section
                7.1(e)
                above and the Preliminary Engineering Work has not been completed
                by
                August 31, 2006; (ii) Ethanex has not fulfilled its obligations pursuant
                to Section 7.1(f) above and the EPC Work has not been completed by
                August
                31, 2006; (iii) Ethanex has not secured the Third Party Financing
                on or
                before the Effective Date; or (iv) construction of the Plant has
                not
                commenced on or before the Construction Start
                Date.

            

    

    

    
      	12.4  	
              This
                JV Agreement may be terminated by Ethanex and the transactions
                contemplated hereby abandoned if SEMO has not completed construction
                of
                the Corn Mill on or before the Effective
                Date.

            

    

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    
      	12.5  	
              Termination
                of this JV Agreement shall be without prejudice to the accrued rights
                and
                liabilities of the Parties at the date of termination, unless waived
                in
                writing by mutual agreement of the Parties.

            

    

    

    
      	12.6  	
              Upon
                termination of this JV Agreement, each Party shall discontinue use,
                cancel
                and return to the other Party, all confidential and/or proprietary
                information of the other Party that has been furnished or obtained
                in
                contemplation of the transactions contemplated hereunder or in connection
                with this JV Agreement, the Related Agreements, or the Reciprocal
                Non-Disclosure Agreement, together with all reproductions and copies
                thereof and other written documents related thereto retaining no
                reproductions or copies or other written documents relating to such
                confidential and/or proprietary information.

            

    

    

    
      	12.7  	
              If
                this JV Agreement is terminated and the transactions contemplated
                hereby
                are abandoned, this JV Agreement shall become null and void, except for
                the provisions of this Article
                12
                and the other provisions of this JV Agreement which, by their nature,
                are
                intended to survive. 

            

    

    

    ARTICLE
      13

    FORCE
      MAJEURE

    

    
      	13.1  	
              The
                failure or delay of either Party to perform any obligation under
                this JV
                Agreement solely by reason of acts of God, acts of government (except
                as
                otherwise enumerated herein), riots, wars, embargoes, strikes, lockouts,
                accidents or other causes beyond its control (each a “Force Majeure
                Event”) shall not be deemed a breach of this JV Agreement; provided,
                however, that the Party so prevented from complying herewith shall
                not
                have procured such Force Majeure Event, shall have used all reasonable
                diligence to avoid such Force Majeure Event and ameliorate its effects,
                and shall continue to take all actions within its power to comply
                as fully
                as reasonably possible with the terms of this JV Agreement.
                

            

    

    

    
      	13.2  	
              Except
                where the nature of the Force Majeure Event shall prevent it from
                doing
                so, the Party suffering such Force Majeure Event shall notify the
                other
                Party in writing within three (3) days after the occurrence of such
                Force
                Majeure Event and shall in every instance, to the extent possible
                and
                lawful under the circumstances, use its commercially best efforts
                to
                remove or remedy such Force Majeure Event with all reasonable dispatch.
                

            

    

    

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

       

    

    ARTICLE
      14

    GOVERNING
      LAW AND WAIVER OF JURY TRIAL

    

    
      	
              14.1

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

            

    

    

    
      	
              14.2

            	
              Each
                Party hereby waives any right to a trial by jury in any action, lawsuit
                or
                proceeding to enforce or defend any right under this JV Agreement,
                or any
                amendment thereto, and agrees that any action, lawsuit or proceeding
                will
                be tried before a court and not before a jury.

            

    

    

    ARTICLE
      15

    NON-WAIVER
      AND OTHER REMEDIES

    

    
      	
              15.1

            	
              Failure
                of any Party to insist upon the strict and punctual performance of
                any
                provision hereof shall not constitute waiver of nor estoppel against
                asserting the right to require such performance, nor shall a waiver
                or
                estoppel in one instance constitute a waiver or estoppel with respect
                to a
                later breach whether of similar nature or
                otherwise.

            

    

    

    
      	
              15.2

            	
              Subject
                to Section
                14.2
                above, nothing in this JV Agreement shall prevent a Party from enforcing
                its rights by such remedies as may be available in lieu of or in
                addition
                to termination.

            

    

    

    ARTICLE
      16

    NOTICE

    

    
      	
              16.1

            	
              All
                notices, requests, demands and other communications under this Agreement
                or in connection herewith shall be given by letter (delivered by
                hand or
                by air courier) or by facsimile transmission confirmed by such letter,
                and
                shall be addressed to the Parties as
                follows:

            

    

     

    
      
        	 	
                If
                  to SEMO:

              	
                SEMO
                  Milling, LLC

              
	 	 	
                c/o
                  Kenneth E. DeLine

              
	 	 	
                108
                  S. Frontage Road, Suite 101

              
	 	 	
                Vail,
                  Colorado 81657

              
	 	 	
                Fax:
                  970.477.0089

              
	 	 	 
	 	
                With
                  a copy to:

              	
                Ken
                  R. Bennington, Esq.

              
	 	 	
                Bennington
                  Johnson Biermann & Craigmile

              
	 	 	
                370
                  17th
                  Street, Suite 3500

              
	 	 	
                Denver,
                  Colorado 80202

              
	 	 	
                Fax:
                  303.629.5711

              

      

       

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

       

      
        	 	
                If
                  to Ethanex:

              	
                Ethanex
                  Energy North America, Inc.

              
	 	 	
                c/o
                  McGuireWoods LLP

              
	 	 	
                1345
                  Avenue of the Americas, 7th
                  Floor

              
	 	 	
                New
                  York, New York 10105

              
	 	 	
                Attn:
                  Louis W. Zehil, Esq.

              
	 	 	
                Fax:
                  212.548.2175

              
	 	 	 
	 	
                With
                  a copy to:

              	
                Louis
                  W. Zehil, Esq.

              
	 	 	
                McGuireWoods
                  LLP

              
	 	 	
                1345
                  Avenue of the Americas, 7th
                  Floor

              
	 	 	
                New
                  York, New York 10105

              
	 	 	
                Fax:
                  212.548.2175

              

      

    

    
       

    

    
      
        	
                16.2

              	
                Any
                  notice, request, demand or other communication shall be effective
                  (i) if
                  given by facsimile, at the time such facsimile is transmitted and
                  the
                  appropriate confirmation is received (or, if such time is not during
                  a
                  normal business day, at the beginning of the following business
                  day), or
                  (ii) if given by air courier, when delivered at the applicable
                  address
                  specified above. Either Party may change its address at any time
                  by
                  written notice to the other Party given pursuant to this Article
                  16.

              

      

       

    

    ARTICLE
      17

    MISCELLANEOUS

    

    
      	17.1  	
              In
                the event that any provision of this JV Agreement becomes or is declared
                by a court or other tribunal of competent jurisdiction to be illegal,
                invalid, unenforceable or void, such provision(s) shall be limited
                or
                eliminated to the extent necessary so that this JV Agreement shall
                otherwise remain in full force and effect without said provision.
                

            

    

    

    
      	17.2  	
              Each
                Party shall pay all costs and expenses that it incurs with respect
                to the
                negotiation, execution, delivery and performance of this JV Agreement.
                

            

    

    

    
      	17.3  	
              Neither
                this JV Agreement nor any rights hereunder shall be assignable, directly
                or indirectly, by any Party hereto without the prior written consent
                of
                the other Party, which consent shall not be unreasonably withheld
                or
                delayed. 

            

    

    

    
      	17.4  	
              This
                JV Agreement supersedes all previous and contemporaneous representations,
                understandings or agreements, oral or written, between the Parties
                with
                respect to the subject matter hereof, and the agreements and documents
                contemplated hereby contain the entire understanding of the Parties
                as to
                the terms and conditions of their relationship. No changes, alterations
                or
                modifications hereto shall be effective unless they are in writing
                and are
                signed by an authorized representative of each
                Party.

            

    

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    
      	17.5  	
              The
                headings in this JV Agreement are included for convenience of reference
                only and do not substantively affect the terms or interpretation
                of this
                JV Agreement.

            

    

    

    
      	17.6  	
              This
                JV Agreement may be executed in one or more counterparts, each of
                which,
                when executed, shall be deemed to be an original and all of which
                together
                will be deemed to be one and the same instrument. Delivery of an
                executed
                counterpart of a signature page to this JV Agreement by facsimile
                transmission shall be effective as delivery of a manually executed
                counterpart of this JV Agreement.

            

    

    

    [Signature
      Page to Follow]

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Parties have executed this JV Agreement 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 J. Sherbacow
	 	
                
Name:
                Bryan J. Sherbacow
	 	Title:
	
                
 President
                and CEO
	 	 	
                

              

      

    

     

    
      
        
        

      

      
        16

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00113-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00113-of-00352.parquet"}]]