Document:

EXHIBIT
      10.33

     

    FIRST
      AMENDMENT TO EMPLOYMENT AGREEMENT

     

    Kody
      Newland

     

    This
      First Amendment to Employment Agreement (the “Amendment”)
      by and
      between NutraCea, a California corporation (the “NutraCea”)
      and
      Kody Newland (the “Employee’),
      entered into February 27, 2006 (the “Agreement”),
      is
      made and effective as of the 8th day of January 2008. Capitalized terms not
      specifically defined hereunder shall have the meanings assigned to them under
      the Agreement. 

     

    1. Term.
      Section
      3.1 of the Agreement is hereby amended to provide an extended term of two years,
      beginning February 28, 2008, and ending February 27, 2010. Section 3.1 of the
      Agreement is replaced, amended and restated to read in its entirety as
      follows:

     

    “3.1 Term
      and Termination. Unless
      earlier terminated for Cause (as defined below), Nutracea employs the Employee
      under the terms of this Agreement for a term continuing from the date of this
      Amendment through the end of business on February 27, 2010. The term may be
      further extended by mutual agreement of the parties on a month to month basis.”

     

    2. Automobile
      Expense.
      Section
      4.5 of the Agreement is hereby amended to increase the automobile allowance
      provided to Employee to $850 per month. Section 4.5 of the Agreement is
      replaced, amended, and restated to read in its entirety as follows:

     

    “4.5 Car
      Allowance. Employer
      shall provide Employee with an automobile allowance in the amount of $850 per
      month. Notwithstanding the foregoing, Employer shallnot be obligated to make
      any
      down payments for the purchase of any automobile by or on behalf of
      Employee.”

     

    All
      other
      terms and conditions of the Agreement remain unchanged, except as specifically
      amended by this Amendment, and shall continue in full force and effect, except
      as may be required to effect the forgoing Amendment.

    
      	 	 	 	 
	EMPLOYER: 	 	 	 EMPLOYEE:
	 	 	 	 
	
            	 	 	
            
	
              

            	 	 	
              

            
	 	 	 	 
	NutraCea,
              by _________________________	 	 	 Kody
              Newland
	 	 	 	 
	Its
              _________________________________EXHIBIT
      10.38.6

    

    NUTRACEA

    2005
      EQUITY INCENTIVE PLAN

    DIRECTOR
      STOCK OPTION AGREEMENT 

    (For
      Non-Employee Directors)

     

    This
      Director Stock Option Agreement (this “Agreement”)
      is made
      and entered into as of the date of grant set forth below (the “Date
      of Grant”)
      by and
      between NutraCea, a California corporation (the “Company”),
      and
      the participant named below (“Participant”).
      Capitalized terms not defined herein shall have the meaning ascribed to them
      in
      the Company’s 2005 Equity Incentive Plan, as amended (the “2005
      Plan”).
      

     

    Participant:

    Social
      Security Number:

    Participant’s
      Address: 

     

    Total
      Option Shares: 

    Exercise
      Price Per Share:

    Date
      of Grant:

    Vesting
      Start Date:

    Expiration
      Date:

     

    1.    Grant
      of Option.  The
      Company hereby grants to Participant an option (this “Option”)
      to
      purchase up to the total number of shares of Common Stock of the Company set
      forth above (collectively, the “Shares”)
      at the
      Exercise Price Per Share set forth above (the “Exercise
      Price”),
      subject to all of the terms and conditions of this Agreement and the 2005 Plan,
      including without limitation Section 5.11 of the 2005 Plan. This Option is
      granted pursuant to Section 5.11 of the 2005 Plan and is not intended to qualify
      as an “incentive stock option” (“ISO”)
      within
      the meaning of Section 422 of the Internal Revenue Code of 1986, as amended
      (the “Code”).
      Capitalized terms not defined in this Agreement will have the meanings given
      to
      them in the 2005 Plan.

    

    2.    Vesting;
      Exercise Period.
      

    

    2.1
      Vesting
      of Right to Exercise Option.  
      Subject to the terms and conditions of the 2005 Plan and this Grant, and so
      long
      as the Optionee continuously remains a member of the Board of Directors of
      the
      Company (a “Board
      Member”),
      this
      Option shall vest and become exercisable as to one-twelfth (1/12)
      of the
      Shares monthly following the Date of Grant. 

    

    2.2  Expiration.  This
      Option shall expire on the Expiration Date set forth above and must be
      exercised, if at all, on or before the earlier of the Expiration Date or the
      date on which this Option is earlier terminated in accordance with the
      provisions of Section 3.   

     

    3.    Termination.
      

    

    3.1  Termination.  The
      Option shall cease to vest if the Participant ceases to be a Board Member (the
      “Termination
      Date”).
      If
      Participant is terminated for any reason, then this Option, to the extent (and
      only to the extent) that it would have been exercisable by Participant on the
      Termination Date, may be exercised by Participant (or the Participant’s legal
      representative) within ninety (90) days after the Termination Date, but in
      no
      event later than the Expiration Date.

    

    3.2
      No
      Right to Remain a Director.  Nothing
      in the 2005 Plan or this Agreement shall confer on Participant any right to
      remain a Board Member or limit in any way the right of the Company to terminate
      Participant’s relationship with the Company at any time. 

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    4.    Manner
      of Exercise.
      

    

    4.1  Stock
      Option Exercise Agreement.  To
      exercise this Option, Participant (or in the case of exercise after
      Participant’s death, Participant’s executor, administrator, heir, legatee or
      authorized assignee, as the case may be) must deliver to the Company an executed
      stock option exercise agreement in such form as may be approved by the Company
      from time to time (the “Exercise
      Agreement”),
      which
      shall set forth, inter
      alia, Participant’s
      election to exercise this Option, the number of Shares being purchased, any
      restrictions imposed on the Shares and any representations, warranties and
      agreements regarding Participant’s investment intent and access to information
      as may be required by the Company to comply with applicable securities laws.
      If
      someone other than Participant exercises this Option, then such person must
      submit documentation reasonably acceptable to the Company that such person
      has
      the right to exercise this Option. 

    

    4.2  Limitations
      on Exercise.  This
      Option may not be exercised unless such exercise is in compliance with all
      applicable federal and state securities laws, as they are in effect on the
      date
      of exercise. This Option may not be exercised as to fewer than 100 Shares unless
      it is exercised as to all Shares as to which this Option is then exercisable.
      

     

    4.3  Payment.  The
      Exercise Agreement shall be accompanied by full payment of the Exercise Price
      for the Shares being purchased in cash (by check), or, if the Company in its
      discretion agrees in writing and where permitted by law:

    

    (a)
      by
      cancellation of indebtedness of the Company to the Participant;

    

    (b)
      by
      waiver of compensation due or accrued to Participant for services
      rendered;

    

    (c)
      provided that a public market for the Company’s stock exists: (1) through a
“same day sale” commitment from Participant and an NASD Dealer whereby
      Participant irrevocably elects to exercise this Option and to sell a portion
      of
      the Shares so purchased to pay for the Exercise Price and whereby the NASD
      Dealer irrevocably commits upon receipt of such Shares to forward the exercise
      price directly to the Company; or
      (2)
      through a “margin” commitment from the Participant and a NASD Dealer whereby the
      Participant irrevocably elects to exercise this Option and to pledge the Shares
      so purchased to the NASD Dealer in a margin account as security for a loan
      from
      the NASD Dealer in the amount of the exercise price, and whereby the NASD Dealer
      irrevocably commits upon receipt of such Shares to forward the exercise price
      directly to the Company; or

    

    (d)
      by
      any combination of the foregoing.

     

    4.4  Tax
      Withholding.  Prior
      to the issuance of the Shares upon exercise of this Option, Participant must
      pay
      or provide for any applicable federal or state withholding obligations of the
      Company. If the Committee permits, Participant may provide for payment of
      withholding taxes upon exercise of this Option by requesting that the Company
      retain Shares with a Fair Market Value
      equal to the minimum amount of taxes required to be withheld. In such case,
      the
      Company shall issue the net number of Shares to the Participant by deducting
      the
      Shares retained from the Shares issuable upon exercise. 

    

    4.5  Issuance
      of Shares.  Provided
      that the Exercise Agreement and payment are in form and substance satisfactory
      to counsel for the Company, the Company shall issue the Shares registered in
      the
      name of Participant, Participant’s authorized assignee, or Participant’s legal
      representative, and shall deliver certificates representing the Shares with
      the
      appropriate legends affixed thereto. 

     

    5.    Compliance
      with Laws and Regulations.  The
      exercise of this Option and the issuance and transfer of Shares shall be subject
      to compliance by the Company and Participant with all applicable requirements
      of
      federal and state securities laws and with all applicable requirements of any
      stock exchange on which the Company’s Common Stock may be listed at the time of
      such issuance or transfer. Participant understands that the Company is under
      no
      obligation to register or qualify the Shares with the Securities and Exchange
      Commission, any state securities commission or any stock exchange to effect
      such
      compliance. 

     

    6.    Non-transferability
      of Option.  This
      Option may not be transferred or assigned in any manner other than by will
      or by
      the laws of descent and distribution and may be exercised during the lifetime
      of
      Participant only by Participant. The terms of this Option shall be binding
      upon
      the executors, administrators, successors and assigns of Participant.

     

    
      
         

      

      
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    7.    Tax
      Consequences.  Set
      forth below is a brief summary as of the Date of Grant of some of the federal
      tax consequences of exercise of this Option and disposition of the Shares.
      THIS
      SUMMARY IS NECESSARILY INCOMPLETE, AND THE TAX LAWS AND REGULATIONS ARE SUBJECT
      TO CHANGE. PARTICIPANT SHOULD CONSULT A TAX ADVISOR BEFORE EXERCISING THE OPTION
      OR DISPOSING OF THE SHARES. 

    

    7.1.
        Exercise
      of Nonqualified Stock Option.  There
      may be a regular federal income tax liability upon the exercise of this Option.
      Participant will be treated as having received compensation income (taxable
      at
      ordinary income tax rates) equal to the excess, if any, of the fair market
      value
      of the Shares on the date of exercise over the Exercise Price. The Company
      may
      be required to withhold from Participant’s compensation or collect from
      Participant and pay to the applicable taxing authorities an amount equal to
      a
      percentage of this compensation income at the time of exercise. 

    

    7.2.
      Disposition
      of Shares.
      If the
      Shares are held for more than twelve (12) months after the date of the transfer
      of the Shares pursuant to the exercise of this Option, any gain realized on
      disposition of the Shares will be treated as long-term capital
      gain.

     

    8.    Privileges
      of Stock Ownership.  Participant
      shall not have any of the rights of a stockholder with respect to any Shares
      until Participant exercises this Option and pays the Exercise Price.

     

    9.    Interpretation.  Any
      dispute regarding the interpretation of this Agreement shall be submitted by
      Participant or the Company to the Committee for review. The resolution of such
      a
      dispute by the Committee shall be final and binding on the Company and
      Participant. 

     

    10.    Entire
      Agreement.  The
      2005 Plan is incorporated herein by reference. This Agreement and the 2005
      Plan
      and the Exercise Agreement constitute the entire agreement and understanding
      of
      the parties hereto with respect to the subject matter hereof and supersede
      all
      prior understandings and agreements with respect to such subject matter.

     

    11.    Notices.  Any
      notice required to be given or delivered to the Company under the terms of
      this
      Agreement shall be in writing and addressed to the Corporate Secretary of the
      Company at its principal corporate offices. Any notice required to be given
      or
      delivered to Participant shall be in writing and addressed to Participant at
      the
      address indicated above or to such other address as such party may designate
      in
      writing from time to time to the Company. All notices shall be deemed to have
      been given or delivered upon: personal delivery; three (3) days after
      deposit in the United States mail by certified or registered mail (return
      receipt requested); one (1) business day after deposit with any return
      receipt express courier (prepaid); or one (1) business day after
      transmission by telecopier with confirmation of successful transmission.

     

    12.    Successors
      and Assigns.  T
      he Company may assign any of its rights under this Agreement. This Agreement
      shall be binding upon and inure to the benefit of the successors and assigns
      of
      the Company. Subject to the restrictions on transfer set forth herein, this
      Agreement shall be binding upon Participant and Participant’s heirs, executors,
      administrators, legal representatives, successors and assigns. 

     

    13.    Governing
      Law.  This
      Agreement shall be governed by and construed in accordance with the internal
      laws of the State of California, without regard to that body of law pertaining
      to choice of law or conflict of law. 

    

    14.    Acceptance.  Participant
      hereby acknowledges receipt of a copy of the 2005 Plan and this Agreement.
      Participant has read and understands the terms and provisions thereof, and
      accepts this Option subject to all the terms and conditions of the 2005 Plan
      and
      this Agreement. Participant acknowledges that there may be adverse tax
      consequences upon exercise of this Option or disposition of the Shares and
      that
      the Company has advised Participant to consult a tax advisor prior to such
      exercise or disposition. 

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    IN
      WITNESS WHEREOF,
      the
      Company has caused this Agreement to be executed by its duly authorized
      representative and Participant has executed this Agreement as of the Date of
      Grant. 

     

    
      	
              NUTRACEA

            	
               

            	
              PARTICIPANT

            
	
               

              By:

            	
               

              ______________________________

            	
               

               

            	
               

              
                ______________________________

              

              (Signature)

            
	
                   

              
                ______________________________

              

              (Please
                print name)

            	
               

               

            	
               

                   

              
                __________________________
(Please
                print name)

            
	
                   

              
                ______________________________
(Please
                print title)

            	
               

               

            	
               

               

            

    

    

    

    
      
         

      

      
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