Document:

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                                                                   EXHIBIT 10.51

                              ALON USA ENERGY, INC.
                        2005 INCENTIVE COMPENSATION PLAN

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                              ALON USA ENERGY, INC.
                        2005 INCENTIVE COMPENSATION PLAN

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SECTION                                                                PAGE
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1.       Purpose.........................................................1

2.       Term............................................................1

3.       Definitions.....................................................1

4.       Shares Available Under Plan.....................................5

5.       Limitations on Awards...........................................5

6.       Stock Options...................................................6

7.       Appreciation Rights.............................................7

8.       Restricted Shares...............................................9

9.       Restricted Stock Units.........................................10

10.      Performance Shares and Performance Units.......................10

11.      Senior Executive Plan Bonuses..................................11

12.      Awards to Eligible Directors...................................12

13.      Transferability................................................13

14.      Adjustments....................................................13

15.      Fractional Shares..............................................14

16.      Withholding Taxes..............................................14

17.      Administration of the Plan.....................................14

18.      Amendments and Other Matters...................................15

19.      Governing Law..................................................16
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                              ALON USA ENERGY, INC.
                        2005 INCENTIVE COMPENSATION PLAN

         Alon USA Energy, Inc., a Delaware corporation (the "Company"),
establishes the Alon USA Energy, Inc. 2005 Incentive Compensation Plan (the
"Plan"), effective as of July 6, 2005, subject to stockholder approval.

1.                PURPOSE. The purpose of the Plan is to attract and retain the
         best available talent and encourage the highest level of performance by
         directors, executive officers and selected employees, and to provide
         them incentives to put forth maximum efforts for the success of the
         Company's business, in order to serve the best interests of the Company
         and its stockholders.

2.                TERM. The Plan will expire on the tenth anniversary of the
         date on which it is approved by the stockholders of the Company. No
         further Awards will be made under the Plan on or after such tenth
         anniversary. Awards that are outstanding on the date the Plan
         terminates will remain in effect according to their terms and the
         provisions of the Plan.

3.                DEFINITIONS. The following terms, when used in the Plan with
         initial capital letters, will have the following meanings:

         (a)               APPRECIATION RIGHT means a right granted pursuant to
                  Section 7.

         (b)               AWARD means the award of a Senior Executive Plan
                  Bonus; the grant of Appreciation Rights, Stock Options,
                  Performance Shares, Performance Units or Restricted Stock
                  Units; or the grant or sale of Restricted Shares.

         (c)               BOARD means the Board of Directors of the Company.

         (d)               CODE means the Internal Revenue Code of 1986, as in
                  effect from time to time.

         (e)               COMMITTEE means:

                  (i)               with respect to any matter arising under the
                           Plan that relates to a Participant who is subject to
                           Section 16 of the Exchange Act, the Incentive
                           Compensation Plan Committee appointed by the Board,
                           which committee at all times will consist of two or
                           more members of the Board, all of whom are intended
                           (A) to meet all applicable independence requirements
                           of the New York Stock Exchange or the principal
                           national securities exchange or principal market on
                           or in which the Common Stock is traded and (B) to
                           qualify as "non-employee directors" as defined in
                           Rule 16b-3 and as "outside directors" as defined in
                           regulations adopted under Section 162(m) of the Code,
                           as such terms may be amended from time to time,
                           provided, however, that the failure of a member of
                           the Committee to so qualify will not invalidate any
                           Award granted to such Participant under the Plan;

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                  (ii)              with respect to any matter arising under the
                           Plan that relates to any other Participant, the
                           Compensation Committee of the Board; and

                  (iii)             to the extent the administration of the Plan
                           has been assumed by the Board pursuant to Section 17,
                           the Board.

         (f)               COMMON STOCK means the common stock, par value $.01
                   per share, of the Company or any security into which such
                   Common Stock may be changed by reason of any transaction or
                   event of the type described in Section 14.

         (g)               DATE OF GRANT means the date specified by the
                   Committee on which an Award will become effective.

         (h)               DEFERRAL PERIOD means the period of time during which
                   Restricted Stock Units are subject to deferral limitations
                   under Section 9.

         (i)               ELIGIBLE DIRECTOR means a member of the Board who is
                   not (i) an employee of the Company or any Subsidiary or (ii)
                   an officer, director or employee of (A) Alon Israel Oil
                   Company or any of its affiliates other than the Company or
                   any Subsidiary; (B) Africa Israel Investments Ltd. or any of
                   its affiliates; (C) Bielsol Investments (1987) Ltd. or any of
                   its affiliates; or (D) Kibbutz Movement or any of its
                   affiliates.

         (j)               EVIDENCE OF AWARD means an agreement, certificate,
                   resolution or other type or form of writing or other evidence
                   approved by the Committee which sets forth the terms and
                   conditions of an Award. An Evidence of Award may be in any
                   electronic medium, may be limited to a notation on the books
                   and records of the Company and need not be signed by a
                   representative of the Company or a Participant.

         (k)               EXCHANGE ACT means the Securities Exchange Act of
                   1934, as amended.

         (l)               GRANT PRICE means the price per share of Common Stock
                   at which an Appreciation Right is granted.

         (m)               MANAGEMENT OBJECTIVES means the measurable
                   performance objectives, if any, established by the Committee
                   for a Performance Period that are to be achieved with respect
                   to an Award. Management Objectives may be described in terms
                   of company-wide objectives (i.e., the performance of the
                   Company and all of its Subsidiaries) or in terms of
                   objectives that are related to the performance of the
                   individual Participant or of the division, Subsidiary,
                   department, region or function within the Company or a
                   Subsidiary in which the Participant receiving the Award is
                   employed or on which the Participant's efforts have the most
                   influence. The achievement of the Management Objectives
                   established by the Committee for any Performance Period will
                   be determined without regard to any change in accounting
                   standards by the Financial Accounting Standards Board or any
                   successor entity.

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                  The Management Objectives applicable to any Award to a
         Participant who is, or is determined by the Committee to be likely to
         become, a "covered employee" within the meaning of Section 162(m) of
         the Code (or any successor provision) will be limited to specified
         levels of, growth in, or performance relative to peer company
         performance in, one or more of the following performance measures
         (excluding the effect of extraordinary or nonrecurring items unless the
         Committee specifically includes any such extraordinary or nonrecurring
         item at the time such Award is granted):

                  (i)               profitability measures;

                  (ii)              revenue, sales and same store sales
                                    measures;

                  (iii)             business unit performance;

                  (iv)              leverage measures;

                  (v)               stockholder return;

                  (vi)              expense management;

                  (vii)             asset and liability measures;

                  (viii)            individual performance;

                  (ix)              supply chain efficiency;

                  (x)               customer satisfaction;

                  (xi)              productivity measures;

                  (xii)             cash flow measures;

                  (xiii)            return measures; and

                  (xiv)             product development and/or performance

                  If the Committee determines that, as a result of a change in
         the business, operations, corporate structure or capital structure of
         the Company, or the manner in which the Company conducts its business,
         or any other events or circumstances, the Management Objectives are no
         longer suitable, the Committee may in its discretion modify such
         Management Objectives or the related minimum acceptable level of
         achievement, in whole or in part, with respect to a Performance Period
         as the Committee deems appropriate and equitable.

         (n)               MARKET VALUE PER SHARE means, at any date, the
                  closing sale price of the Common Stock on that date (or, if
                  there are no sales on that date, the last preceding date on
                  which there was a sale) on the principal national securities
                  exchange or in the principal market on or in which the Common
                  Stock is traded.

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         (o)               OPTION PRICE means the purchase price per share
                  payable on exercise of a Stock Option.

         (p)               PARTICIPANT means a person who is selected by the
                  Committee to receive an Award under the Plan and who at that
                  time is an executive officer or other key employee of the
                  Company or any Subsidiary.

         (q)               PERFORMANCE SHARE means a bookkeeping entry that
                  records the equivalent of one share of Common Stock awarded
                  pursuant to Section 10.

         (r)               PERFORMANCE PERIOD means, with respect to an Award, a
                  period of time within which the Management Objectives relating
                  to such Award are to be measured. The Performance Period for a
                  Senior Executive Plan Bonus will be the fiscal year of the
                  Company, and, unless otherwise expressly provided in the Plan,
                  the Performance Period for all other Awards will be
                  established by the Committee at the time of the Award.

         (s)               PERFORMANCE UNIT means a unit equivalent to $1.00 (or
                  such other value as the Committee determines) granted pursuant
                  to Section 10.

         (t)               RESTRICTED SHARES means shares of Common Stock
                  granted or sold pursuant to Section 8 as to which neither the
                  ownership restrictions nor the restrictions on transfer have
                  expired.

         (u)               RESTRICTED STOCK UNITS means an Award pursuant to
                  Section 9 of the right to receive shares of Common Stock at
                  the end of a specified Deferral Period.

         (v)               RULE 16B-3 means Rule 16b-3 under Section 16 of the
                  Exchange Act as amended (or any successor rule to the same
                  effect), as in effect from time to time.

         (w)               SENIOR EXECUTIVE PLAN BONUS means an Award of annual
                  incentive compensation made pursuant to and subject to the
                  conditions set forth in Section 11.

         (x)               SPREAD means the excess of the Market Value per Share
                  on the date an Appreciation Right is exercised over (i) the
                  Option Price provided for in the Stock Option granted in
                  tandem with the Appreciation Right or (ii) if there is no
                  tandem Stock Option, the Grant Price provided for in the
                  Appreciation Right, in either case multiplied by the number of
                  shares of Common Stock in respect of which the Appreciation
                  Right is exercised.

         (y)               STOCK OPTION means the right to purchase shares of
                  Common Stock upon exercise of an option granted pursuant to
                  Section 6.

         (z)               SUBSIDIARY means (i) any corporation of which at
                  least 50% of the combined voting power of the then outstanding
                  shares of Voting Stock is owned directly or indirectly by the
                  Company, (ii) any partnership of which at least 50% of the
                  profits interest or capital interest is owned directly or
                  indirectly by the

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                  Company and (iii) any other entity of which at least 50% of
                  the total equity interest is owned directly or indirectly by
                  the Company.

         (aa)              VOTING STOCK means the securities entitled to vote
                  generally in the election of directors or persons who serve
                  similar functions.

4.                SHARES AVAILABLE UNDER PLAN. The aggregate number of shares of
         Common Stock that may be (i) subject to an Award of Appreciation Rights
         or Stock Options or (ii) issued or transferred as Restricted Shares and
         released from all restrictions or in payment of Performance Shares,
         Performance Units, Restricted Stock Units or Senior Executive Plan
         Bonuses will not exceed in the aggregate 2,200,000 shares. Such shares
         may be shares of original issuance or treasury shares or a combination
         of the foregoing. The number of shares of Common Stock available under
         this Section 4 will be subject to adjustment as provided in Section 14
         and will be further adjusted to include shares that relate to Awards
         that expire or are forfeited. The number of shares of Common Stock
         available under this Section 4 will not be adjusted to include (i) any
         shares withheld by, or tendered to, the Company in payment of the
         Option Price with respect to a Stock Option or in satisfaction of the
         taxes required to be withheld in connection with any Award granted
         under the Plan or (ii) any shares subject to an Appreciation Right that
         are not transferred to a Participant upon exercise of the Appreciation
         Right.

5.                LIMITATIONS ON AWARDS. Awards under the Plan will be subject
         to the following limitations:

         (a)               No more than 2,200,000 shares of Common Stock,
                  subject to adjustment as provided in Section 4, may be subject
                  to an Award of Stock Options that are intended to qualify as
                  incentive stock options under Section 422 of the Code.

         (b)               The maximum number of shares of Common Stock that:

                  (i)               may be subject to Stock Options or
                           Appreciation Rights granted to a Participant during
                           any calendar year will not exceed 100,000 shares plus
                           an additional 100,000 shares with respect to Stock
                           Options or Appreciation Rights granted a Participant
                           who has not previously been employed by the Company
                           or any Subsidiary and

                  (ii)              may be granted to a Participant during any
                           calendar year as Performance Shares, Restricted
                           Shares or Restricted Stock Units may not exceed
                           50,000 shares plus an additional 50,000 shares with
                           respect to Performance Shares, Restricted Shares or
                           Restricted Stock Units granted a Participant who has
                           not previously been employed by the Company or any
                           Subsidiary.

                           The limitations set forth in this Section 5(b) will
                  apply without regard to whether the applicable Award is
                  settled in cash or in shares of Common Stock.

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         (c)               The maximum aggregate cash value of payments to any
                  Participant for any Performance Period pursuant to an award of
                  Performance Units will not exceed $1 million.

         (d)               The payment of a Senior Executive Plan Bonus to any
                  Participant will not exceed $1 million.

6.                STOCK OPTIONS. The Committee may from time to time authorize
         grants of options to any Participant to purchase shares of Common Stock
         upon such terms and conditions as it may determine in accordance with
         this Section 6. Each Participant who is a key employee of the Company
         or any Subsidiary will be eligible to receive a grant of Stock Options
         that are intended to qualify as incentive stock options within the
         meaning of Section 422 of the Code. Each grant of Stock Options may
         utilize any or all of the authorizations, and will be subject to all of
         the requirements, contained in the following provisions:

         (a)               Each grant will specify the number of shares of
                  Common Stock to which it relates.

         (b)               Each grant will specify the Option Price, which will
                  not be less than 100% of the Market Value per Share on the
                  Date of Grant.

         (c)               Each grant will specify whether the Option Price will
                  be payable (i) in cash or by check acceptable to the Company,
                  (ii) by the actual or constructive transfer to the Company of
                  shares of Common Stock owned by the Participant for at least
                  six months (or, with the consent of the Committee, for less
                  than six months) having an aggregate Market Value per Share at
                  the date of exercise equal to the aggregate Option Price,
                  (iii) with the consent of the Committee, by authorizing the
                  Company to withhold a number of shares of Common Stock
                  otherwise issuable to the Participant having an aggregate
                  Market Value per Share on the date of exercise equal to the
                  aggregate Option Price or (iv) by a combination of such
                  methods of payment; provided, however, that the payment
                  methods described in clauses (ii) and (iii) will not be
                  available at any time that the Company is prohibited from
                  purchasing or acquiring such shares of Common Stock.

         (d)               To the extent permitted by law, any grant may provide
                  for deferred payment of the Option Price from the proceeds of
                  sale through a bank or broker of some or all of the shares to
                  which such exercise relates.

         (e)               Successive grants may be made to the same Participant
                  whether or not any Stock Options or other Awards previously
                  granted to such Participant remain unexercised or outstanding.

         (f)               Each grant will specify the required period or
                  periods of continuous service by the Participant with the
                  Company or any Subsidiary that are necessary before the Stock
                  Options or installments thereof will become exercisable.

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         (g)               Any grant may specify the Management Objectives that
                  must be achieved as a condition to the exercise of the Stock
                  Options.

         (h)               Any grant may provide for the earlier exercise of the
                  Stock Options in the event of a change in control or other
                  similar transaction or event.

         (i)               Stock Options may be (i) options which are intended
                  to qualify under particular provisions of the Code, (ii)
                  options which are not intended to so qualify or (iii)
                  combinations of the foregoing.

         (j)               On or after the Date of Grant, the Committee may
                  provide for the payment to the Participant of dividend
                  equivalents thereon in cash or Common Stock on a current,
                  deferred or contingent basis.

         (k)               The Committee will have the right to substitute
                  Appreciation Rights for outstanding Options granted to one or
                  more Participants, provided the terms and the economic benefit
                  of the substituted Appreciation Rights are at least equivalent
                  to the terms and economic benefit of such Options, as
                  determined by the Committee in its discretion.

         (l)               Any grant may provide for the effect on the Stock
                  Options or any shares of Common Stock issued, or other payment
                  made, with respect to the Stock Options of any conduct of the
                  Participant determined by the Committee to be injurious,
                  detrimental or prejudicial to any significant interest of the
                  Company or any Subsidiary.

         (m)               Each grant will be evidenced by an Evidence of Award,
                  which may contain such terms and provisions, consistent with
                  the Plan, as the Committee may approve, including without
                  limitation provisions relating to the Participant's
                  termination of employment or other termination of service by
                  reason of retirement, death, disability or otherwise.

7.                APPRECIATION RIGHTS. The Committee may also from time to time
         authorize grants to any Participant of Appreciation Rights upon such
         terms and conditions as it may determine in accordance with this
         Section 7. Appreciation Rights may be granted in tandem with Stock
         Options or separate and apart from a grant of Stock Options. An
         Appreciation Right will be a right of the Participant to receive from
         the Company upon exercise an amount which will be determined by the
         Committee at the Date of Grant and will be expressed as a percentage of
         the Spread (not exceeding 100%) at the time of exercise. An
         Appreciation Right granted in tandem with a Stock Option may be
         exercised only by surrender of the related Stock Option. Each grant of
         an Appreciation Right may utilize any or all of the authorizations, and
         will be subject to all of the requirements, contained in the following
         provisions:

         (a)               Each grant will state whether it is made in tandem
                  with Stock Options and, if not made in tandem with any Stock
                  Options, will specify the number of shares of Common Stock in
                  respect of which it is made.

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         (b)               Each grant made in tandem with Stock Options will
                  specify the Option Price and each grant not made in tandem
                  with Stock Options will specify the Grant Price, which in
                  either case will not be less than 100% of the Market Value per
                  Share on the Date of Grant.

         (c)               Any grant may provide that the amount payable on
                  exercise of an Appreciation Right may be paid (i) in cash,
                  (ii) in shares of Common Stock having an aggregate Market
                  Value per Share equal to the Spread (or the designated
                  percentage of the Spread) or (iii) in a combination thereof,
                  as determined by the Committee in its discretion.

         (d)               Any grant may specify that the amount payable to the
                  Participant on exercise of an Appreciation Right may not
                  exceed a maximum amount specified by the Committee at the Date
                  of Grant.

         (e)               Successive grants may be made to the same Participant
                  whether or not any Appreciation Rights or other Awards
                  previously granted to such Participant remain unexercised or
                  outstanding.

         (f)               Each grant will specify the required period or
                  periods of continuous service by the Participant with the
                  Company or any Subsidiary that are necessary before the
                  Appreciation Rights or installments thereof will become
                  exercisable, and will provide that no Appreciation Rights may
                  be exercised except at a time when the Spread is positive and,
                  with respect to any grant made in tandem with Stock Options,
                  when the related Stock Options are also exercisable.

         (g)               Any grant may specify the Management Objectives that
                  must be achieved as a condition to the exercise of the
                  Appreciation Rights.

         (h)               Any grant may provide for the earlier exercise of the
                  Appreciation Rights in the event of a change in control or
                  other similar transaction or event.

         (i)               On or after the Date of Grant, the Committee may
                  provide for the payment to the Participant of dividend
                  equivalents thereon in cash or Common Stock on a current,
                  deferred or contingent basis.

         (j)               Any grant may provide for the effect on the
                  Appreciation Rights or any shares of Common Stock issued, or
                  other payment made, with respect to the Appreciation Rights of
                  any conduct of the Participant determined by the Committee to
                  be injurious, detrimental or prejudicial to any significant
                  interest of the Company or any Subsidiary.

         (k)               Each grant will be evidenced by an Evidence of Award,
                  which may contain such terms and provisions, consistent with
                  the Plan, as the Committee may approve, including without
                  limitation provisions relating to the Participant's
                  termination of employment or other termination of service by
                  reason of retirement, death, disability or otherwise.

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8.                RESTRICTED SHARES. The Committee may also from time to time
         authorize grants or sales to any Participant of Restricted Shares upon
         such terms and conditions as it may determine in accordance with this
         Section 8. Each grant or sale will constitute an immediate transfer of
         the ownership of shares of Common Stock to the Participant in
         consideration of the performance of services, entitling such
         Participant to voting and other ownership rights, but subject to the
         restrictions set forth in this Section 8. Each such grant or sale may
         utilize any or all of the authorizations, and will be subject to all of
         the requirements, contained in the following provisions:

         (a)               Each grant or sale may be made without additional
                  consideration or in consideration of a payment by the
                  Participant that is less than the Market Value per Share at
                  the Date of Grant, except as may otherwise be required by the
                  Delaware General Corporation Law.

         (b)               Each grant or sale may limit the Participant's
                  dividend rights during the period in which the shares of
                  Restricted Shares are subject to any such restrictions.

         (c)               Each grant or sale will provide that the Restricted
                  Shares will be subject, for a period to be determined by the
                  Committee at the Date of Grant, to one or more restrictions,
                  including without limitation a restriction that constitutes a
                  "substantial risk of forfeiture" within the meaning of Section
                  83 of the Code and the regulations of the Internal Revenue
                  Service under such section.

         (d)               Any grant or sale may specify the Management
                  Objectives that, if achieved, will result in the termination
                  or early termination of the restrictions applicable to the
                  shares.

         (e)               Any grant or sale may provide for the early
                  termination of any such restrictions in the event of a change
                  in control or other similar transaction or event.

         (f)               Each grant or sale will provide that during the
                  period for which such restriction or restrictions are to
                  continue, the transferability of the Restricted Shares will be
                  prohibited or restricted in a manner and to the extent
                  prescribed by the Committee at the Date of Grant (which
                  restrictions may include without limitation rights of
                  repurchase or first refusal in favor of the Company or
                  provisions subjecting the Restricted Shares to continuing
                  restrictions in the hands of any transferee).

         (g)               Any grant or sale may provide for the effect on the
                  Restricted Shares or any shares of Common Stock issued free of
                  restrictions, or other payment made, with respect to the
                  Restricted Shares of any conduct of the Participant determined
                  by the Committee to be injurious, detrimental or prejudicial
                  to any significant interest of the Company or any Subsidiary.

         (h)               Each grant or sale will be evidenced by an Evidence
                  of Award, which may contain such terms and provisions,
                  consistent with the Plan, as the Committee

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                  may approve, including without limitation provisions relating
                  to the Participant's termination of employment or other
                  termination of service by reason of retirement, death,
                  disability or otherwise.

9.                RESTRICTED STOCK UNITS. The Committee may also from time to
         time authorize grants or sales to any Participant of Restricted Stock
         Units upon such terms and conditions as it may determine in accordance
         with this Section 9. Each grant or sale will constitute the agreement
         by the Company to issue or transfer shares of Common Stock to the
         Participant in the future in consideration of the performance of
         services, subject to the fulfillment during the Deferral Period of such
         conditions as the Committee may specify. Each such grant or sale may
         utilize any or all of the authorizations, and will be subject to all of
         the requirements, contained in the following provisions:

         (a)               Each grant or sale may be made without additional
                  consideration from the Participant or in consideration of a
                  payment by the Participant that is less than the Market Value
                  per Share on the Date of Grant, except as may otherwise be
                  required by the Delaware General Corporation Law.

         (b)               Each grant or sale will provide that the Restricted
                  Stock Units will be subject to a Deferral Period, which will
                  be fixed by the Committee on the Date of Grant, and any grant
                  or sale may provide for the earlier termination of such period
                  in the event of a change in control or other similar
                  transaction or event.

         (c)               During the Deferral Period, the Participant will not
                  have any right to transfer any rights under the Restricted
                  Stock Units, will not have any rights of ownership in the
                  Restricted Stock Units and will not have any right to vote the
                  Restricted Stock Units, but the Committee may on or after the
                  Date of Grant authorize the payment of dividend equivalents on
                  such shares in cash or Common Stock on a current, deferred or
                  contingent basis.

         (d)               Any grant or sale may provide for the effect on the
                  Restricted Stock Units or any shares of Common Stock issued
                  free of restrictions, or other payment made, with respect to
                  the Restricted Stock Units of any conduct of the Participant
                  determined by the Committee to be injurious, detrimental or
                  prejudicial to any significant interest of the Company or any
                  Subsidiary.

         (e)               Each grant or sale will be evidenced by an Evidence
                  of Award, which will contain such terms and provisions as the
                  Committee may determine consistent with the Plan, including
                  without limitation provisions relating to the Participant's
                  termination of employment or other termination of service by
                  reason of retirement, death, disability or otherwise.

10.               PERFORMANCE SHARES AND PERFORMANCE UNITS. The Committee may
         also from time to time authorize grants to any Participant of
         Performance Shares and Performance Units, which will become payable
         upon achievement of specified Management Objectives, upon such terms
         and conditions as it may determine in accordance with this

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         Section 10. Each such grant may utilize any or all of the
         authorizations, and will be subject to all of the requirements,
         contained in the following provisions:

         (a)               Each grant will specify the number of Performance
                  Shares or Performance Units to which it relates.

         (b)               The Performance Period with respect to each
                  Performance Share and Performance Unit will be determined by
                  the Committee at the time of grant.

         (c)               Each grant will specify the Management Objectives
                  that, if achieved, will result in the payment of the
                  Performance Shares or Performance Units.

         (d)               Each grant will specify the time and manner of
                  payment of Performance Shares or Performance Units which have
                  become payable, which payment may be made in (i) cash, (ii)
                  shares of Common Stock having an aggregate Market Value per
                  Share equal to the aggregate value of the Performance Shares
                  or Performance Units which have become payable or (iii) any
                  combination thereof, as determined by the Committee in its
                  discretion at the time of payment.

         (e)               Any grant of Performance Shares may specify that the
                  amount payable with respect thereto may not exceed a maximum
                  specified by the Committee on the Date of Grant. Any grant of
                  Performance Units may specify that the amount payable, or the
                  number of shares of Common Stock issued, with respect to the
                  Performance Units may not exceed maximums specified by the
                  Committee on the Date of Grant.

         (f)               On or after the Date of Grant, the Committee may
                  provide for the payment to the Participant of dividend
                  equivalents on Performance Shares in cash or Common Stock on a
                  current, deferred or contingent basis.

         (g)               Any grant may provide for the effect on the
                  Performance Shares or Performance Units or any shares of
                  Common Stock issued, or other payment made, with respect to
                  the Performance Shares or Performance Units of any conduct of
                  the Participant determined by the Committee to be injurious,
                  detrimental or prejudicial to any significant interest of the
                  Company or any Subsidiary.

         (h)               Each grant will be evidenced by an Evidence of Award,
                  which will contain such terms and provisions as the Committee
                  may determine consistent with the Plan, including without
                  limitation provisions relating to the payment of the
                  Performance Shares or Performance Units in the event of a
                  change in control or other similar transaction or event and
                  provisions relating to the Participant's termination of
                  employment or other termination of service by reason of
                  retirement, death, disability or otherwise.

11.               SENIOR EXECUTIVE PLAN BONUSES. The Committee may from time to
         time authorize the payment of annual incentive compensation to a
         Participant who is, or is determined by the Committee to be likely to
         become, a "covered employee" within the

                                       11
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         meaning of Section 162(m) of the Code (or any successor provision),
         which incentive compensation will become payable upon achievement of
         specified Management Objectives. Subject to Section 5(d), Senior
         Executive Plan Bonuses will be payable upon such terms and conditions
         as the Committee may determine in accordance with the following
         provisions:

         (a)               No later than 90 days after the first day of the
                  Company's fiscal year, the Committee will specify the
                  Management Objectives that, if achieved, will result in the
                  payment of a Senior Executive Plan Bonus for such year.

         (b)               Following the close of the Company's fiscal year, the
                  Committee will certify in writing whether the specified
                  Management Objectives have been achieved. Approved minutes of
                  a meeting of the Committee at which such certification is made
                  will be treated as written certification for this purpose. The
                  Committee will also specify the time and manner of payment of
                  a Senior Executive Plan Bonus which becomes payable, which
                  payment may be made in (i) cash, (ii) shares of Common Stock
                  having an aggregate Market Value per Share equal to the
                  aggregate value of the Senior Executive Plan Bonus which has
                  become payable or (iii) any combination thereof, as determined
                  by the Committee in its discretion at the time of payment.

         (c)               If a change in control occurs during a Performance
                  Period, the Senior Executive Plan Bonus payable to each
                  Participant for the Performance Period will be determined at
                  the highest level of achievement of the Management Objectives,
                  without regard to actual performance and without proration for
                  less than a full Performance Period. The Senior Executive Plan
                  Bonus will be paid at such time following the change in
                  control as the Committee determines in its discretion, but in
                  no event later than 30 days after the date of an event which
                  results in a change in control.

         (d)               Each grant may be evidenced by an Evidence of Award,
                  which will contain such terms and provisions as the Committee
                  may determine consistent with the Plan, including without
                  limitation provisions relating to the Participant's
                  termination of employment by reason of retirement, death,
                  disability or otherwise.

12.               AWARDS TO ELIGIBLE DIRECTORS.

         (a)               Effective upon the consummation of the Company's
                  initial public offering, each Eligible Director will be
                  granted Restricted Shares having an aggregate Market Value per
                  Share equal to $25,000 on the Date of Grant.

         (b)               Following the Company's initial public offering, on
                  the date of an Eligible Director's first election to the
                  Board, if such date is not also the date of an annual meeting
                  of the stockholders of the Company, and immediately after each
                  annual meeting of the stockholders of the Company, each
                  Eligible Director will be granted Restricted Shares having an
                  aggregate Market Value per Share equal to $25,000 on the Date
                  of Grant.

                                       12
<PAGE>

         (c)               Each grant of Restricted Shares to an Eligible
                  Director will vest in three equal installments on the first,
                  second and third anniversaries of the Date of Grant and may
                  not be sold or otherwise transferred (other than by will or
                  the laws of descent and distribution) prior to such vesting
                  date. If, prior to a vesting date, an Eligible Director
                  voluntarily resigns or is removed from the Board, the Eligible
                  Director's unvested Restricted Shares will be forfeited and
                  cancelled. In the event of an Eligible Director's retirement
                  from the Board, death or disability prior to a vesting date,
                  all unvested Restricted Shares will become fully vested.

13.               TRANSFERABILITY. No Award may be sold, pledged, assigned or
         transferred in any manner other than by will or the laws of descent and
         distribution, pursuant to a qualified domestic relations order or, with
         the consent of the Committee, by gifts to family members of the
         Participant, including to trusts in which family members of the
         Participant own more than 50% of the beneficial interests, to
         foundations in which family members of the Participant or the
         Participant controls the management of assets and to other entities in
         which more than 50% of the voting interests are owned by family members
         of the Participant or the Participant. No Stock Option or Appreciation
         Right granted to a Participant will be exercisable during the
         Participant's lifetime by any person other than the Participant or the
         Participant's guardian or legal representative or any permitted
         transferee.

14.               ADJUSTMENTS.

         (a)               The Committee may make or provide for such
                  adjustments in (i) the maximum number of shares of Common
                  Stock specified in Sections 4 and 5, (ii) the number of shares
                  of Common Stock covered by outstanding Stock Options,
                  Appreciation Rights, Performance Shares and Restricted Stock
                  Units granted under the Plan, (iii) the Option Price or Grant
                  Price applicable to any Stock Options and Appreciation Rights,
                  and (iv) the kind of shares covered by any such Awards
                  (including shares of another issuer), as the Committee in its
                  discretion, exercised in good faith, may determine is
                  equitably required to prevent dilution or enlargement of the
                  rights of Participants that otherwise would result from (x)
                  any stock dividend, stock split, combination of shares,
                  recapitalization or other change in the capital structure of
                  the Company, or (y) any merger, consolidation, spin-off,
                  split-off, spin-out, split-up, reorganization, partial or
                  complete liquidation or other distribution of assets, issuance
                  of rights or warrants to purchase securities, or (z) any other
                  corporate transaction or event having an effect similar to any
                  of the foregoing. In the event of any such transaction or
                  event, the Committee, in its discretion, may provide in
                  substitution for any or all outstanding Awards such
                  alternative consideration as it, in good faith, may determine
                  to be equitable in the circumstances and may require in
                  connection with such substitution the surrender of all Awards
                  so replaced. Moreover, the Committee may on or after the Date
                  of Grant provide in the Evidence of Award under the Plan that
                  the holder of the Award may elect to receive an equivalent
                  award in respect of securities of the surviving entity of any
                  merger, consolidation or other transaction or event having a
                  similar effect, or the Committee may

                                       13
<PAGE>

                  provide that the holder will automatically be entitled to
                  receive such an equivalent award.

         (b)               The Committee may accelerate the payment of, or
                  vesting with respect to, any Award under the Plan upon the
                  occurrence of a transaction or event described in this Section
                  14; provided, however, that in the case of any Award that
                  constitutes a deferral of compensation within the meaning of
                  Section 409A of the Code, the Committee will not accelerate
                  the payment of the Award unless it determines in good faith
                  that such transaction or event satisfies the requirements of a
                  change in control event under guidance issued by the Secretary
                  of the Treasury under Section 409A.

15.               FRACTIONAL SHARES. the Company will not be required to issue
         any fractional share of Common Stock pursuant to the Plan. The
         Committee may provide for the elimination of fractions or for the
         settlement of fractions in cash.

16.               WITHHOLDING TAXES. To the extent that the Company is required
         to withhold federal, state, local or foreign taxes in connection with
         any payment made or benefit realized by a Participant or other person
         under the Plan, and the amounts available to the Company for such
         withholding are insufficient, it will be a condition to the receipt of
         such payment or the realization of such benefit that the Participant or
         such other person make arrangements satisfactory to the Company for
         payment of the balance of such taxes required to be withheld. In
         addition, if permitted by the Committee, the Participant or such other
         person may elect to have any withholding obligation of the Company
         satisfied with shares of Common Stock that would otherwise be
         transferred to the Participant or such other person in payment of the
         Participant's Award. However, without the consent of the Committee,
         shares of Common Stock will not be withheld in excess of the minimum
         number of shares required to satisfy the Company's withholding
         obligation.

17.               ADMINISTRATION OF THE PLAN.

         (a)               Unless the administration of the Plan has been
                  expressly assumed by the Board pursuant to a resolution of the
                  Board, the Plan will be administered by the Committee. A
                  majority of the Committee will constitute a quorum, and the
                  action of the members of the Committee present at any meeting
                  at which a quorum is present, or acts unanimously approved in
                  writing, will be the acts of the Committee.

         (b)               The Committee has the full authority and discretion
                  to administer the Plan and to take any action that is
                  necessary or advisable in connection with the administration
                  of the Plan, including without limitation the authority and
                  discretion to interpret and construe any provision of the Plan
                  or of any agreement, notification or document evidencing an
                  Award. The interpretation and construction by the Committee of
                  any such provision and any determination by the Committee
                  pursuant to any provision of the Plan or of any such
                  agreement, notification or document will be final and
                  conclusive. No member of the Committee will be liable for any
                  such action or determination made in good faith.

                                       14
<PAGE>

         (c)               It is the Company's intention that any Award granted
                  under the Plan that constitutes a deferral of compensation
                  within the meaning of Section 409A of the Code and the
                  guidance issued by the Secretary of the Treasury under Section
                  409A satisfy the requirements of Section 409A. In granting
                  such an Award, the Committee will use its best efforts to
                  exercise its authority under the Plan with respect to the
                  terms of such Award in a manner that the Committee determines
                  in good faith will cause the Award to comply with Section 409A
                  and thereby avoid the imposition of penalty taxes and interest
                  upon the Participant receiving the Award.

         (d)               If the administration of the Plan is assumed by the
                  Board pursuant to Section 17(a), the Board will have the same
                  authority, power, duties, responsibilities and discretion
                  given to the Committee under the terms of the Plan.

18.               AMENDMENTS AND OTHER MATTERS.

         (a)               The Plan may be amended from time to time by the
                  Committee or the Board but may not be amended without further
                  approval by the stockholders of the Company if such amendment
                  would result in the Plan no longer satisfying any applicable
                  requirements of the New York Stock Exchange (or the principal
                  national securities exchange on which the Common Stock is
                  traded), Rule 16b-3 or Section 162(m) of the Code.

         (b)               Neither the Committee nor the Board will authorize
                  the amendment of any outstanding Stock Option to reduce the
                  Option Price without the further approval of the stockholders
                  of the Company. Furthermore, no Stock Option will be cancelled
                  and replaced with Stock Options having a lower Option Price
                  without further approval of the stockholders of the Company.
                  The provisions of this Section 18(b) are intended to prohibit
                  the repricing of "underwater" Stock Options and will not be
                  construed to prohibit the adjustments provided for in Section
                  14.

         (c)               The Plan may be terminated at any time by action of
                  the Board. The termination of the Plan will not adversely
                  affect the terms of any outstanding Award.

         (d)               The Plan does not confer upon any Participant any
                  right with respect to continuance of employment or other
                  service with the Company or any Subsidiary, nor will it
                  interfere in any way with any right the Company or any
                  Subsidiary would otherwise have to terminate such
                  Participant's employment or other service at any time.

         (e)               If the Committee determines, with the advice of legal
                  counsel, that any provision of the Plan would prevent the
                  payment of any Award intended to qualify as performance-based
                  compensation within the meaning of Section 162(m) of the Code
                  from so qualifying, such Plan provision will be

                                       15
<PAGE>

                  invalid and cease to have any effect without affecting the
                  validity or effectiveness of any other provision of the Plan.

19.               GOVERNING LAW. The Plan, all Awards and all actions taken
         under the Plan and the Awards will be governed in all respects in
         accordance with the laws of the State of Delaware, including without
         limitation, the Delaware statute of limitations, but without giving
         effect to the principles of conflicts of laws of such State.

                                       16<PAGE>

                                                                   EXHIBIT 10.52

                                    AGREEMENT

         This Agreement ("Agreement") is entered into this 6th day of July,
2005, by and among Alon USA Energy, Inc., a Delaware corporation ("Alon
Energy"), Alon USA, Inc., a Delaware corporation ("Alon USA"), Alon USA Capital,
Inc., a Delaware corporation ("Alon Capital"), Alon USA Operating, Inc., a
Delaware corporation ("Alon Operating"), and Alon Assets, Inc., a Delaware
corporation ("Alon Assets" and together with Alon USA, Alon Capital, and Alon
Operating, the "Alon Subsidiaries"), and Jeff D. Morris, Claire A. Hart and
Joseph A. Concienne, III, (together "Management").

         WHEREAS, Alon Energy is contemplating an initial public offering (the
"IPO") of shares of its common stock, par value $.01 per share (the "Energy
Common Stock"), a portion of the proceeds of which will be made available to the
Alon Subsidiaries and their direct and indirect subsidiaries;

         NOW THEREFORE, in consideration of Alon Energy making a portion of the
IPO proceeds available to the Alon Subsidiaries and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto hereby agree as follows:

         1. Commencing with the issuance of Energy Common Stock by Alon Energy
in the IPO and continuing thereafter, the Alon Subsidiaries agree that, upon
each issuance by Alon Energy of any shares of Energy Common Stock (an "Energy
Common Stock Issuance") and/or the exercise of options held by Management into
shares of Alon Operating or Alon Assets, the Alon Subsidiaries shall cause the
following transactions to occur:

                  (a) Alon USA shall purchase from Alon Operating, and Alon
         Operating shall sell to Alon USA, a number of shares of voting common
         stock, par value $.01 per share, of Alon Operating, so that after such
         purchase the percentage of ownership of Alon Operating then held by
         Management shall have been diluted, on an accumulated basis since the
         date of this Agreement, by a percentage equal to the aggregate number
         of shares of Energy Common Stock issued in all Energy Common Stock
         Issuances since the date of this Agreement, divided by the total shares
         of Energy Common Stock then outstanding (after giving effect to all
         Energy Common Stock Issuances since the date of this Agreement). Such
         shares of Alon Operating voting common stock shall be sold to Alon USA
         by Alon Operating at a price per share equal to the Per Share Equity
         Value (as defined below).

                  (b) Alon Capital shall purchase from Alon Assets, and Alon
         Assets shall sell to Alon Capital, a number of shares of voting common
         stock, par value $.01 per share, of Alon Assets, so that after such
         purchase the percentage of ownership of Alon Capital then held by
         Management shall have been diluted, on an accumulated basis since the
         date of this Agreement, by a percentage equal to the aggregate number
         of shares of Energy Common Stock issued in all Energy

<PAGE>

         Common Stock Issuances since the date of this Agreement, divided by the
         total shares of Energy Common Stock then outstanding (after giving
         effect to all Energy Common Stock Issuances since the date of this
         Agreement). Such shares of Alon Assets voting common stock shall be
         sold to Alon Capital by Alon Assets at a price per share equal to the
         Per Share Equity Value.

                  (c) For purposes of paragraphs (a) and (b) above, the term
         "Per Share Equity Value" shall mean the total stockholders equity of
         Alon Operating or Alon Assets, as applicable, divided by the total
         number of shares of voting and nonvoting common stock of Alon Operating
         or Alon Assets, as applicable, outstanding immediately prior to the
         transactions contemplated in paragraphs (a) and (b) above. The
         determination of Per Share Equity Value shall be made by the board of
         directors of Alon Operating and Alon Assets, as applicable, based on
         the most recently prepared balance sheet of such entity (which
         determination shall be conclusive and binding).

                  (Remainder of page intentionally left blank)

<PAGE>

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

Alon USA, Inc.                                Alon USA Capital, Inc.

By: /s/ Harlin R. Dean                        By: /s/ Harlin R. Dean
    -------------------------------               ------------------------------
    Harlin R. Dean, Vice President                Harlin R. Dean, Vice President

Alon USA Operating, Inc.                      Alon Assets, Inc.

By: /s/ Harlin R. Dean                        By: /s/ Harlin R. Dean
    -------------------------------               ------------------------------
    Harlin R. Dean, Vice President                Harlin R. Dean, Vice President

Alon USA Energy, Inc.

By: /s/ David Wiessman
    ----------------------------------
    David Wiessman, Executive Chairman

/s/ Jeff D. Morris                            /s/ Claire A. Hart
--------------------------------------        ----------------------------------
Jeff D. Morris                                Claire A. Hart

/s/ Joseph A. Concienne
------------------------------------
Joseph A. Concienne, III

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