Document:

exv10w1

 

Execution Copy

Exhibit 10.1

EXECUTIVE EMPLOYMENT AGREEMENT

     This EXECUTIVE EMPLOYMENT AGREEMENT (the “Agreement”) is effective as of May 12, 2006
(the “Effective Date”), between Clinical Data, Inc. a Delaware corporation (the
“Company”), and Carol Reed, M.D. (the “Executive”).

W I T N E S S E T H:

     WHEREAS, the Executive is currently employed as the Senior Vice President and Chief Medical
Officer of the Company;

     WHEREAS, the Company has offered to continue employing the Executive on the terms set forth
below; and

     WHEREAS, the Executive has agreed to continued employment with the Company on the terms as set
forth below;

     NOW THEREFORE, in consideration of the foregoing, of the mutual promises contained herein and
of other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows:

     1. EMPLOYMENT TERM. The Executive’s term of employment under this Agreement shall be
for an initial term commencing on the Effective Date and shall end on June 30, 2007. The term of
this Agreement shall be automatically extended thereafter for successive one (1) year periods
unless, at least ninety (90) days prior to the end of the initial term of this Agreement or the
then current succeeding one-year extended term of this Agreement, the Company or Executive has
notified the other that the term hereunder shall terminate upon its expiration date. The initial
term of this Agreement, as it may be extended from year to year thereafter, is herein referred to
as the “Employment Term.” In all events hereunder, Executive’s employment is subject to
earlier termination pursuant to Section 7 hereof, and upon such earlier termination the Employment
Term shall be deemed to have ended.

     2. POSITION & DUTIES.

     (a) Except as provided in Section 2(b) below, the Executive shall serve as the Company’s
Senior Vice President and Chief Medical Officer during the Employment Term. As such, the Executive
shall have such duties, authorities and responsibilities commensurate with the duties, authorities
and responsibilities of persons in similar capacities in similarly sized companies and such other
duties and responsibilities as the Company’s Board of Directors (the “Board”) shall
designate that are consistent with the Executive’s position.

     (b) During the Employment Term, the Executive shall use her best efforts to perform faithfully
and efficiently the duties and responsibilities assigned to the Executive hereunder and devote all
of the Executive’s business time (excluding periods of vacation and other approved leaves of
absence) to the performance of the Executive’s duties with the Company, provided the foregoing
shall not prevent the Executive from participating in charitable, civic, educational,

 

 

professional, community or industry affairs or, with prior written approval of the Board,
serving on the board of directors or advisory boards of other companies. The Executive shall not
manage the Executive’s and the Executive’s family’s personal investments in a manner that creates a
potential business conflict or the appearance thereof. If at any time service on any board of
directors or advisory board would, in the good faith judgment of the Board, conflict with the
Executive’s fiduciary duty to the Company or create any appearance thereof, the Executive shall
promptly resign from such other board of directors or advisory board after written notice of the
conflict is received from the Board.

     (c) The Executive further agrees to serve without additional compensation as an officer and/or
director of any of the Company’s subsidiaries and agrees that any amounts received from any such
corporation may be offset against the amounts due hereunder. In addition, it is agreed that the
Company may assign the Executive to one of its subsidiaries for payroll purposes, but such
assignment shall not relieve the Company of its obligations hereunder.

     3. BASE SALARY. The Company agrees to pay the Executive a base salary (the “Base
Salary”) at an annual rate of $225,000, payable in accordance with the regular payroll
practices of the Company, but not less frequently than monthly. The Executive’s Base Salary shall
be subject to review by the Board (or a committee thereof) and may be increased, but not decreased,
from time to time by the Board. The base salary as determined herein from time to time shall
constitute “Base Salary” for purposes of this Agreement.

     4. BONUSES. The Executive shall be eligible to participate in the Company’s bonus and
other incentive compensation plans and programs for the Company’s senior executives at a level
commensurate with her position for the fiscal year during the Employment Term. The Executive shall
have the opportunity to earn an annual target bonus measured against performance criteria to be
determined by the Board (or a committee thereof) of 50% of Base Salary.

     5. EQUITY AWARDS. The Executive shall be subject to, and shall comply with, the stock
ownership guidelines of the Company as may be in effect from time to time. If there is a Change in
Control (as defined in the attached Appendix C) or if the Executive’s employment is terminated by
the Company without Cause (as defined in Section 7(c)), or by the Executive for Good Reason (as
defined in Section 7(e)), then all outstanding unvested equity awards granted to the Executive
listed on Appendix D hereto shall become fully vested. The parties agree that the attached
Appendix D may be modified and updated upon a vote of the Board of Directors, only in order for the
Board to add to Appendix D certain future awards that the Board agrees shall also qualify for
acceleration. Upon such a vote of the Board, the parties shall attach a revised Appendix D to this
Agreement, which shall include the additional option grant(s) that the Board has expressly agreed
shall qualify for acceleration, and this Agreement shall not be deemed amended or modified in any
other manner as a result.

     6. EMPLOYEE BENEFITS.

     (a) BENEFIT PLANS. The Executive shall be entitled to participate in all employee
benefit plans of the Company including, but not limited to, 401(k), profit sharing, medical
coverage, education, or other retirement or welfare benefits that the Company has adopted or

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may adopt, maintain or contribute to for the benefit of its senior executives at a level
commensurate with the Executive’s positions, subject to satisfying the applicable eligibility
requirements.

     (b) VACATION. The Executive shall be entitled to four (4) weeks of paid vacation per
year, plus any amounts (up to a maximum of three (3) weeks) rolled over from previous years.
Vacation may be taken at such times as the Executive elects with due regard to the needs of the
Company.

     (c) BUSINESS AND ENTERTAINMENT EXPENSES. Upon presentation of appropriate
documentation, the Executive shall be reimbursed in accordance with the Company’s expense
reimbursement policy for all reasonable and necessary business and entertainment expenses incurred
in connection with the performance of the Executive’s duties hereunder.

     (d) LONG TERM DISABLITY INSURANCE. The Company shall procure and maintain a long-term
disability insurance policy with reasonable coverages, which shall include the payment of benefits
equal to at least 60% of the Base Salary during the disability coverage period, and the Company
shall pay the premiums or a portion thereof (as specified hereafter) for such disability insurance
policy up to the cost charged by the insurer to insure a healthy female non-smoker on Executive’s
age. Executive shall be responsible for all taxes resulting from the maintenance of this policy by
the Company.

     (e) INDEMNIFICATION. The Company shall indemnify the Executive to the same extent
that its officers, directors and employees are entitled to indemnification pursuant to the
Company’s Certificate of Incorporation and Bylaws for any acts or omissions by reason of being an
officer or employee of the Company as of the Effective Date.

     (f) CERTAIN AMENDMENTS. Nothing herein shall be construed to prevent the Company from
amending, altering, eliminating or reducing any plans, benefits or programs so long as the
Executive continues to receive compensation and benefits consistent with Sections 3 through 6
hereof.

     7. TERMINATION. The Executive’s employment and the Employment Term shall terminate on
the first of the following to occur:

     (a) DISABILITY. Upon written notice by the Company to the Executive of termination
due to Disability, while the Executive remains Disabled. For purposes of this Agreement,
“Disability” shall be deemed the reason for the termination by the Company of the
Executive’s employment, if, as a result of the Executive incapacity due to physical or mental
illness, the Executive shall have been absent from fully performing her duties with the Company for
a cumulative period of three (3) months, the Company shall have provided a notice of termination
under this Section 7(a), and, within thirty days after such notice being given, the Executive shall
not have returned to the full performance of her duties hereunder.

     (b) DEATH. Automatically on the date of death of the Executive.

     (c) CAUSE. Immediately upon written notice by the Company to the Executive of a
termination for Cause. “Cause” shall mean (i) the willful failure of the Executive to
render

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services to the Company in accordance with her assigned duties consistent with this Agreement, and
such failure continues for a period of more than 30 days after written notice has been provided to
the Executive by the Board which itemizes the reasons for such failure of performance; (ii)
reckless misconduct, bad faith or gross negligence of the Executive in connection with the
performance of her assigned duties or breach of the material terms of this Agreement which results
in material loss, damage or injury to the Company or materially and adversely affects the business
activities, reputation, goodwill or image of the Company; (iii) the conviction of the Executive of
any felony or a crime of moral turpitude, either in connection with the performance of her
obligations to the Company or which adversely affects the Executive’s ability to perform such
obligations, or which adversely affects the business activities, reputation, goodwill or image of
the Company; (iv) dishonesty or breach of fiduciary duty, which results in material loss, damage
or injury to the Company or materially and adversely affects the business activities, reputation,
goodwill or image of the Company; (v) the commission by the Executive of an act of fraud,
embezzlement or deliberate disregard of the rules or policies of the Company which results in
material loss, damage or injury to the Company or materially and adversely affects the business
activities, reputation, goodwill or image of the Company; or (vi) the unauthorized and intentional
disclosure by the Executive of any trade secret or confidential information of the Company or any
of its clients or customers, which results in material damage or injury to the Company, or
materially and adversely affects the business activities, reputation, goodwill or image of the
Company or its clients or customers.

     (d) WITHOUT CAUSE. Upon written notice by the Company to the Executive of an
involuntary termination without Cause and other than due to death or Disability.

     (e) GOOD REASON. Upon written notice by the Executive to the Company of a termination
for Good Reason, unless the reasons for any proposed termination for Good Reason are remedied in
all material respects by the Company within 30 days following written notification by the Executive
to the Company, that the Executive intends to terminate the Executive’s employment hereunder for
one of the reasons set forth below. “Good Reason” shall mean, without the Executive’s
express written consent, the occurrence of any of the following events:

          (1) During the Employment Term,

               (A) an adverse change in the Executive’s position as Senior Vice President and Chief Medical
Officer as a result of a material diminution in the Executive’s duties or responsibilities or the
assignment to the Executive of any duties or responsibilities that are inconsistent in any material
respect with the Executive’s position, authority, duties or responsibilities as contemplated by
this Agreement; provided, however, that “Good Reason” shall not exist under this Section 7(e)(1)
solely because (i) the Company’s stock is no longer publicly traded on an established securities
exchange or (ii) the Company has restructured, sold or spun-off any of its businesses, products or
services;

               (B) any material breach of this Agreement by the Company that is adverse to the Executive;

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               (C) the failure of the Company to obtain an agreement from any successor to all or
substantially all of the assets or business of the Company to assume and agree to perform this
Agreement within fifteen (15) days after a merger, consolidation, sale or similar transaction; or

               (D) the Executive’s termination of employment at any time during the thirty-day period
beginning on the last day of the Employment Term, as determined solely for this purpose under
Section 1, following the Company’s notice of nonrenewal.

          (2) Notwithstanding the foregoing, (i) a suspension of the Executive’s title and authority
while on administrative leave due to a reasonable belief that the Executive has engaged in
misconduct, whether or not the suspected misconduct constitutes Cause for employment termination,
shall not be considered “Good Reason”, (ii) an event shall not be considered Good Reason if the
Executive fails to deliver notice of termination for Good Reason specifying such event in detail
within 90 days of her actual knowledge of such event, and (iii) changes to compensation and benefit
plans not specifically targeted to the Executive shall not be considered Good Reason.

     (f) WITHOUT GOOD REASON. The Executive shall provide forty five (45) days’ prior
written notice to the Company of the Executive’s intended termination of employment without Good
Reason (the “Transition Period”). During the Transition Period, the Executive shall assist
and advise the Company in any transition of business, customers, prospects, projects and strategic
planning, and the Company shall pay the pro rata portion of the Executive’s annual salary and
benefits through the end of the Transition Period. The Company may, in its sole discretion, upon
five (5) days prior written notice to the Executive, make such termination of employment effective
earlier than the Transition Period, but it shall pay the pro rata portion of the Executive’s salary
and benefits through the earlier of: the balance of the Transition Period, or such time during the
Transition Period as the Executive accepts employment or a consulting engagement from a third
party.

     8. CONSEQUENCES OF TERMINATION. Any termination payments made and benefits provided
under this Agreement to the Executive shall be in lieu of any termination or severance payments or
benefits for which the Executive may be eligible under any of the plans, policies or programs of
the Company or its affiliates as may be in effect from time to time. Except to the extent
otherwise provided in this Agreement, all benefits, including, without limitation, stock options,
stock appreciation rights, restricted stock units and other awards under the Company’s long-term
incentive programs, shall be subject to the terms and conditions of the plan or arrangement under
which such benefits accrue, are granted or are awarded. Subject to Section 9, the following
amounts and benefits shall be due to the Executive.

     (a) DISABILITY. Upon employment termination due to Disability, the Company shall pay
or provide the Executive (i) any unpaid Base Salary through the date of termination and any accrued
vacation (up to a maximum of seven (7) weeks); (ii) any unpaid bonus earned with respect to any
fiscal year ending on or preceding the date of termination; (iii) reimbursement for any
unreimbursed expenses incurred through the date of termination; (iv) all other payments and
benefits to which the Executive may be entitled under the terms of any applicable compensation
arrangement or benefit, equity or perquisite plan or program or grant or this Agreement,

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including but not limited to any applicable insurance benefits (collectively, “Accrued
Amounts”). Executive will also be paid a pro-rata portion of the Executive’s annual bonus for
the performance year in which the Executive’s termination occurs (the “Pro Rata Bonus”),
payable in accordance with the last sentence of Section 8(e) (determined by multiplying the amount
the Executive would have received based upon actual performance had employment continued through
the end of the performance year by a fraction, the numerator of which is the number of days during
the performance year of termination that the Executive is employed by the Company and the
denominator of which is 365). Upon such termination, all stock options, stock appreciation rights
and restricted stock awards will fully vest and become non-forfeitable. Notwithstanding anything
contained herein to the contrary, the Pro Rata Bonus shall not be paid in the event the Executive
voluntarily resigns from employment with the Company or otherwise voluntarily terminates employment
without Good Reason.

     (b) DEATH. In the event the Employment Term ends on account of the Executive’s death,
the Executive’s estate (or to the extent a beneficiary has been designated in accordance with a
program, the beneficiary under such program) shall be entitled to any Accrued Amounts, including
but not limited to proceeds from any Company sponsored life insurance programs. Executive’s estate
(or beneficiary) will also be paid a pro-rata portion of the Pro Rata Bonus. Upon the Executive’s
death, all stock options, stock appreciation rights and restricted stock awards will fully vest and
become non-forfeitable.

     (c) TERMINATION FOR CAUSE OR WITHOUT GOOD REASON. If the Executive’s employment
should be terminated (i) by the Company for Cause, or (ii) by the Executive without Good Reason,
the Company shall pay to the Executive any Accrued Amounts only, and shall not be obligated to make
any additional payments to Executive.

     (d) TERMINATION WITHOUT CAUSE OR FOR GOOD REASON. If the Executive’s employment by
the Company is terminated by the Company other than for Cause (and not due to Disability or death)
or by the Executive for Good Reason, then the Company shall pay or provide the Executive with:

          (1) Accrued Amounts;

          (2) the Pro Rata Bonus;

          (3) subject to compliance with Section 11(a)-(g) inclusive, continued payment of the
Executive’s Base Salary as in effect immediately preceding the last day of the Employment Term for
a period of 6 months after the last day of employment;

          (4) continued participation at the Company’s expense in all medical, dental and vision plans
which cover the Executive (and eligible dependents) upon the same terms and conditions (except for
the requirements of the Executive’s continued employment) in effect for active employees of the
Company, for a period of 6 months following the last day of the Employment Term. In the event the
Executive obtains other employment that offers substantially similar or improved benefits, as to
any particular medical, dental or vision plan, such continuation of coverage by the Company for
such similar or improved benefit under such plan under this subsection shall immediately cease.
The continuation of health benefits under

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this subsection shall reduce the Executive’s rights and the Company’s payment obligations
under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”).

     (e) The parties acknowledge and agree that all calculations of bonuses by the Company are
based on targets, goals and objectives established by the Board of Directors for each fiscal year,
and that any bonus plans, as well as the Executive’s rights to receive bonus payments, are
conditioned on an assessment by the Board of Directors (or a committee thereof) of the satisfaction
of performance targets for the applicable fiscal year in which the bonus is to be paid. The
parties acknowledge that calculations of applicable bonuses have historically been made within 90
days following the conclusion of a fiscal year for which the bonus may be due or accrued, and
payment of the applicable bonus has been historically made within 10 business days following the
Board of Directors’ determination. Accordingly, the parties recognize and agree that the right to
receive any payment to which the Executive may be entitled under the terms of any applicable bonus
arrangement or benefit, including any bonus-related portion of the Accrued Amount, or the Pro Rata
Bonus, can only be established after the review and calculations of the applicable fiscal year
bonus entitlements are made by the Board of Directors (including any committee thereof). Once such
calculations are made by the Board of Directors (including any committee thereof), the Executive’s
right to receive the Pro Rata Bonus (or any applicable bonus-related portion of the Accrued Amount)
shall be accrued and paid as promptly as practicable following a determination of the bonus by the
Board of Directors (or any committee thereof) in the event the Executive is entitled to be paid
such bonus under the preceding provisions of Section 8(a)-(d) above. Notwithstanding the
foregoing, if the Executive is terminated by the Company without Cause, or by the Executive for
Good Reason, the Board of Directors (including any committee thereof) shall use its best efforts to
meet as promptly as practicable within 30 days following any notice of such termination by the
Company without Cause, or by the Executive for Good Reason, in order to make a good faith
determination of the Pro Rata Bonus, and to pay such Pro Rata Bonus (if earned) within 30 days of
such determination by the Board of Directors (including any committee thereof).

     9. CONDITIONS. Any payments or benefits made or provided pursuant to Section 8 (other
than Accrued Amounts) are subject to the Executive’s (or, in the event of the Executive’s death,
the beneficiary’s or estate’s, or in the event of the Executive’s Disability, the guardian’s):

     (a) compliance with the provisions of Section 11 hereof;

     (b) delivery to the Company of the executed Agreement and General Release (the “General
Release”), which shall be in the form attached hereto as Appendix A (with such changes
therein or additions thereto as needed under then applicable law to give effect to its intent and
purpose) within 21 days of presentation thereof by the Company to the Executive; and

     (c) delivery to the Company of a resignation from all offices, directorships and fiduciary
positions with the Company, its affiliates and employee benefit plans.

     Notwithstanding the due date of any post-employment payments, any amounts due following a
termination under this Agreement (other than Accrued Amounts) shall not be due until after the
expiration of any revocation period applicable to the General Release without the

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Executive having revoked such General Release, and any such amounts shall be paid or commence
being paid to the Executive within five (5) days of the expiration of such revocation period
without the occurrence of a revocation by the Executive (or such later date as may be required
under Section 409A of the Code). Nevertheless (and regardless of whether the General Release has
been executed by the Executive), upon any termination of Executive’s employment, Executive shall be
entitled to receive any Accrued Amounts, payable after the date of termination in accordance with
the Company’s applicable plan, program, policy or payroll procedures.

     10. SECTION 4999 EXCISE TAX.

     (a) If any payments, rights or benefits (whether pursuant to the terms of this Agreement or
any other plan, arrangement or agreement of Executive with the Company or any person affiliated
with the Company) (the “Payments”) received or to be received by Executive will be subject to the
tax (the “Excise Tax”) imposed by Section 4999 of the Code (or any similar tax that may hereafter
be imposed), then, except as set forth in Section 10(b) below, the Company shall pay to Executive
an amount in addition to the Payments (the “Gross-Up Payment”) as calculated below. The Gross Up
Payment shall be in an amount such that, after deduction of any Excise Tax on the Payments and any
federal, state and local income and employment tax and Excise Tax on the Gross Up Payment, but
before deduction for any federal, state or local income and employment tax on the Payments, the net
amount retained by the Executive shall be equal to the Payments.

     (b) Notwithstanding anything in this Agreement to the contrary, if the amount of Payments that
will be subject to the Excise Tax does not exceed four times the “Base Amount” (as defined in
Section 280G(d)(2) of the Code), then Executive’s taxable cash-based benefits under this Agreement
will first be reduced in the order selected by Executive, and then, if necessary, Executive’s
equity-based compensation (based on the value of such equity-based compensation as a “parachute
payment” as defined in Treasury Regulations promulgated under Section 280G of the Code and IRS
revenue rulings, revenue procedures and other official guidance) shall be reduced in the order
selected by Executive, and then any other Payments shall be reduced as reasonably determined by the
Company, to the extent necessary to avoid imposition of the Excise Tax. If Executive does not
select the amount to be reduced within the time prescribed by the Company, the reductions specified
herein shall be made by the Company in its sole discretion from such compensation as it shall
determine. Any amount so reduced shall be irrevocably forfeited and Executive shall have no
further rights to receive it.

     (c) The process for calculating the Excise Tax, determining the amount of any Gross-Up Payment
and other procedures relating to this Section 10 are set forth in Appendix B attached hereto. For
purposes of making the determinations and calculations required herein, the Accounting Firm (as
defined in Appendix B) may rely on reasonable, good faith interpretations concerning the
application of Section 280G and 4999 of the Code, provided that the Accounting Firm shall make such
determinations and calculations on the basis of “substantial authority” (within the meaning of
Section 6662 of the Code) and shall provide opinions to that effect to both the Company and
Executive.

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     11. POST-EMPLOYMENT OBLIGATIONS

     (a) CONFIDENTIALITY. The Executive agrees that the Executive shall not, directly or
indirectly, use, make available, sell, disclose or otherwise communicate to any person, other than
in the course of the Executive’s employment and for the benefit of the Company, either during the
period of the Executive’s employment or at any time thereafter, any nonpublic, proprietary or
confidential information, knowledge or data relating to the Company, any of its subsidiaries,
affiliated companies or businesses, which shall have been obtained by the Executive during the
Executive’s employment by the Company. The foregoing shall not apply to information that (i) was
known to the public prior to its disclosure to the Executive; (ii) becomes known to the public
subsequent to disclosure to the Executive through no wrongful act of the Executive or any
representative of the Executive; or (iii) the Executive is required to disclose by applicable law,
regulation or legal process (provided that the Executive provides the Company with prior notice of
the contemplated disclosure and reasonably cooperates with the Company at its expense in seeking a
protective order or other appropriate protection of such information). Notwithstanding clauses (i)
and (ii) of the preceding sentence, the Executive’s obligation to maintain such disclosed
information in confidence shall not terminate where only portions of the information are in the
public domain.

     (b) NON-SOLICITATION. During the Executive’s employment with the Company and for the
6 month period thereafter, whether at the end of the Employment Term or thereafter, the Executive
agrees that the Executive will not, directly or indirectly, individually or on behalf of any other
person, firm, corporation or other entity, knowingly solicit, aid or induce (i) any managerial
level employee of the Company or any of its subsidiaries or affiliates to leave such employment in
order to accept employment with or render services to or with any other person, firm, corporation
or other entity unaffiliated with the Company or knowingly take any action to materially assist or
aid any other person, firm, corporation or other entity in identifying or hiring any such employee
(provided, that the foregoing shall not be violated by general advertising not targeted at Company
employees nor by serving as a reference for an employee with regard to an entity with which the
Executive is not affiliated) or (ii) any customer of the Company or any of its subsidiaries or
affiliates to purchase goods or services then sold by the Company or any of its subsidiaries or
affiliates from another person, firm, corporation or other entity or assist or aid any other
persons or entity in identifying or soliciting any such customer (provided, that the foregoing
shall not apply to any product or service which is not covered by the non-competition provision set
forth in Section 11(c), below).

     (c) NON-COMPETITION. The Executive acknowledges that the Executive performs services
of a unique nature for the Company that are irreplaceable, and that the Executive’s performance of
such services to a competing business (other than respecting a product or service of the Company
involving less than one percent (1%) of the Company’s revenues in the prior fiscal year (“De
Minimis”)) will result in irreparable harm to the Company. Accordingly, during the Executive’s
employment hereunder and for the six (6) month period thereafter, (whether at the end of the
Employment Term or thereafter), the Executive shall not, without the Board’s prior written consent,
directly or indirectly engage in the development, production, marketing, or sale of products or
services that compete (or, upon commercialization, could compete) with products of the Company or
its affiliates being developed, marketed or sold as of the date of such termination (such business
or activity, a “Competing Business”) whether such engagement shall be as an officer, director,
owner, employee, partner, consultant, advisor or any other capacity. This Section 11(c) shall not
prevent the Executive from owning not more

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than one percent (1%) of the total shares of all classes of stock outstanding of any publicly
held entity engaged in such business, nor will it restrict the Executive from rendering services to
charitable organizations, as such term is defined in Section 501(c) of the Code.

     (d) NON-DISPARAGEMENT. Each of the Executive and the Company (for purposes hereof,
“the Company” shall mean only (i) the Company by press release or other formally released
announcement and (ii) the executive officers and directors thereof and not any other employees)
agrees not to make any public statements that disparage the other party, or in the case of the
Company, its respective affiliates, employees, officers, directors, products or services.
Notwithstanding the foregoing, statements made in the course of sworn testimony in administrative,
judicial or arbitral proceedings (including, without limitation, depositions in connection with
such proceedings) shall not be subject to this Section 11(d).

     (e) RETURN OF COMPANY PROPERTY AND RECORDS. The Executive agrees that upon
termination of the Executive’s employment, for any cause whatsoever, the Executive will surrender
to the Company in good condition (reasonable wear and tear excepted) all property and equipment
belonging to the Company and all records (including all copies or derivations) kept by the
Executive containing the names, addresses or any other information with regard to customers or
customer contacts of the Company, or concerning any proprietary or confidential information of the
Company or any operational, financial or other documents given to or developed by the Executive
during the Executive’s employment with the Company.

     (f) COOPERATION. The Executive agrees that, following termination of the Executive’s
employment for any reason, the Executive shall upon reasonable advance notice, and to the extent it
does not interfere with previously scheduled travel plans and does not unreasonably interfere with
other business activities or employment obligations, assist and cooperate with the Company with
regard to any matter or project in which the Executive was involved during the Executive’s
employment, including any litigation. The Company shall compensate the Executive for any lost
wages or expenses associated with such cooperation and assistance.

     (g) ASSIGNMENT OF INVENTIONS. The Executive will promptly communicate and disclose in
writing to the Company all inventions, developments and processes including software, whether
patentable or not, as well as patents and patent applications (hereinafter collectively called
“Inventions”), made, conceived, developed, or purchased by the Executive, or under which the
Executive acquires the right to grant licenses or to become licensed, alone or jointly with others,
which have arisen or may arise out of the Executive’s employment, or relate to any matters
pertaining to, or useful in connection with, the business, processes or affairs of the Company or
any of its subsidiaries. Included herein as if developed during the employment period is any
specialized equipment and software developed for use in the business of the Company. All of the
Executive’s right, title and interest in, to, and under all such Inventions, licenses, and right to
grant licenses shall be the sole property of the Company. Any such Inventions disclosed to anyone
by the Executive within one (1) year after the termination of employment for any cause whatsoever
shall be deemed to have been made or conceived by the Executive during the Term. As to all such
Inventions, the Executive will, upon request of the Company execute all documents which the Company
deems necessary or proper to enable it to establish title to such Inventions or other rights, and
to enable it to file and prosecute applications

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for letters patent of the United States and any foreign country; and do all things (including
the giving of evidence in suits and other proceedings) which the Company deems necessary or proper
to obtain, maintain, or assert patents for any and all such Inventions or to assert its rights in
any Inventions not patented.

     (h) EQUITABLE RELIEF AND OTHER REMEDIES. The parties acknowledge and agree that the
other party’s remedies at law for a breach or threatened breach of any of the provisions of this
Section would be inadequate and, in recognition of this fact, the parties agree that, in the event
of such a breach or threatened breach, in addition to any remedies at law, the other party, without
posting any bond, shall be entitled to obtain equitable relief in the form of specific performance,
temporary restraining order, a temporary or permanent injunction or any other equitable remedy
which may then be available.

     (i) REFORMATION. If it is determined by a court of competent jurisdiction in any
state that any restriction in this Section 11 is excessive in duration or scope or is unreasonable
or unenforceable under the laws of that state, it is the intention of the parties that such
restriction may be modified or amended by the court to render it enforceable to the maximum extent
permitted by the law of that state.

     (j) SURVIVAL OF PROVISIONS. The obligations contained in this Section 11 shall
survive the termination or expiration of the Executive’s employment with the Company and shall be
fully enforceable thereafter.

     12. NO ASSIGNMENT.

     (a) The Executive may not assign or delegate any rights or obligations hereunder without first
obtaining the written consent of the other party hereto.

     (b) The Company, without the Executive’s consent, may assign this Agreement to a parent or
subsidiary, or to any successor to all or substantially all of the business and/or assets of the
Company provided the Company shall require such successor to expressly assume and agree in writing
to perform this Agreement in the same manner and to the same extent that the Company would be
required to perform it if no such succession had taken place and shall deliver a copy of such
assignment to the Executive.

     13. NOTICE. For the purpose of this Agreement, notices and all other communications
provided for in this Agreement shall be in writing and shall be deemed to have been duly given (a)
on the date of delivery if delivered by hand, (b) on the date of transmission, if delivered by
confirmed facsimile, (c) on the first business day following the date of deposit if delivered by
guaranteed overnight delivery service, or (d) on the fourth business day following the date
delivered or mailed by United States registered or certified mail, return receipt requested,
postage prepaid, addressed as follows:

     If to the Executive: at the address (or to the facsimile number) shown on the records of the
Company.

11

 

     If to the Company:

Arthur B. Malman, Chair of the Compensation Committee

Malman & Goldman LLP

900 Third Avenue, 29th Floor

New York, New York 10022

Facsimile No. (212) 202-5017

     And

Randal J. Kirk, Chairman of the Board

Third Security, LLC

The Governor Tyler

1881 Grove Avenue

Radford, VA 24141

Facsimile No. (540) 633-7979

or to such other address as either party may have furnished to the other in writing in accordance
herewith, except that notices of change of address shall be effective only upon receipt.

     14. SECTION HEADINGS; INCONSISTENCY. The section headings used in this Agreement are
included solely for convenience and shall not affect, or be used in connection with, the
interpretation of this Agreement. If there is any inconsistency between this Agreement and any
other agreement (including but not limited to any option, stock, long-term incentive or other
equity award agreement), plan, program, policy or practice (collectively, “Other
Provision”) of the Company the terms of this Agreement shall control over such Other Provision.

     15. PRIOR AGREEMENTS. This Agreement supersedes and replaces any and all prior
employment agreements and change in control agreements (collectively, the “Prior
Agreements”) between the Company and/or any of its subsidiaries and the Executive, including,
with limitation, the Employment Agreement dated January 1, 2004, by and between the Executive and
Genaissance Pharmaceuticals, Inc.. By signing this Agreement, the Executive acknowledges that the
Prior Agreements are terminated and cancelled, and releases and discharges the Company from any and
all obligations and liabilities heretofore or now existing under or by virtue of such Prior
Agreements, it being the intention of the parties hereto that this Agreement effective immediately
shall supersede and be in lieu of the Prior Agreements. Notwithstanding anything contained in this
Agreement to the contrary, except to the extent expressly superceded hereby, the Stock Option
Agreements listed from time to time on Appendix D shall remain in full force and effect.

     16. SEVERABILITY. The provisions of this Agreement shall be deemed severable and the
invalidity of unenforceability of any provision shall not affect the validity or enforceability of
the other provisions hereof.

     17. COUNTERPARTS. This Agreement may be executed in counterparts, each of which shall
be deemed to be an original but all of which together will constitute one and the same instruments.
One or more counterparts of this Agreement may be delivered by facsimile, with the intention that
delivery by such means shall have the same effect as delivery of an original counterpart thereof.

12

 

     18. MISCELLANEOUS. No provision of this Agreement may be modified, waived or
discharged unless such waiver, modification or discharge is agreed to in writing and signed by the
Executive and such officer or director as may be designated by the Board. No waiver by either
party hereto at any time of any breach by the other party hereto of, or compliance with, any
condition or provision of this Agreement to be performed by such other party shall be deemed a
waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent
time. This Agreement together with all exhibits hereto sets forth the entire agreement of the
parties hereto in respect of the subject matter contained herein. No agreements or
representations, oral or otherwise, express or implied, with respect to the subject matter hereof
have been made by either party which are not expressly set forth in this Agreement. The validity,
interpretation, construction and performance of this Agreement shall be governed by the laws of the
Commonwealth of Massachusetts without regard to its conflicts of law principles.

     19. PAYMENT OF COMPENSATION. The parties shall revisit this Agreement when the IRS
issues final regulations under Section 409A of the Code for the sole purpose of determining whether
any amendments are required in order to comply with such regulations. The parties shall promptly
agree in good faith on appropriate provisions to avoid any material risk of noncompliance without
materially changing the economic value (to the Executive) or the cost (to the Company) of this
Agreement. Notwithstanding the foregoing, the Company shall in no event be obligated to indemnify
the Executive for any taxes or interest that may be assessed by the IRS pursuant to Section 409A of
the Code. To the extent the Executive does not receive payments under this Agreement as required
by this Agreement due to the application of Section 409A, all suspended payments shall earn and
accrue interest at the prevailing “Prime Rate” of interest as published by The Wall Street Journal
at the time the payment is made, and any payment when so made, shall be made as a lump sum payment,
including accrued interest.

     20. MITIGATION OF DAMAGES. In no event shall the Executive be obliged to seek other
employment or take any other action by way of mitigation of the amounts payable to the Executive
under any of the provisions of this Agreement, nor shall the amount of any payment hereunder be
reduced by any compensation earned by the Executive as a result of employment by another employer,
except as set forth in this Agreement.

     21. REPRESENTATIONS. The Executive represents and warrants to the Company that the
Executive has the legal right to enter into this Agreement and to perform all of the obligations on
the Executive’s part to be performed hereunder in accordance with its terms and that the Executive
is not a party to any agreement or understanding, written or oral, which could prevent the
Executive from entering into this Agreement or performing all of the Executive’s obligations
hereunder. The Executive further represents and warrants that he has been advised to consult with
an attorney and that he has been represented by the attorney of her choosing during the negotiation
of this Agreement, that he has consulted with her attorney before executing this Agreement, that he
has carefully read and fully understand all of the provisions of this Agreement and that he is
voluntarily entering into this Agreement.

     22. WITHHOLDING. The Company may withhold from any and all amounts payable under this
Agreement such federal, state and local taxes as may be required to be withheld pursuant to any
applicable law or regulation.

13

 

     23. SURVIVAL. The respective obligations of, and benefits afforded to, the Company
and Executive which by their express terms or clear intent survive termination of Executive’s
employment with the Company, including, without limitation, the provisions of Sections 8 through
24, inclusive of this Agreement, will survive termination of Executive’s employment with the
Company, and will remain in full force and effect according to their terms.

     24. AGREEMENT OF THE PARTIES. The language used in this Agreement will be deemed to
be the language chosen by the parties hereto to express their mutual intent, and no rule of strict
construction will be applied against any party hereto. Neither Executive nor the Company shall be
entitled to any presumption in connection with any determination made hereunder in connection with
any arbitration, judicial or administrative proceeding relating to or arising under this Agreement.

     25. DISPUTE RESOLUTION. In the event of any controversy, dispute or claim between the
parties under, arising out of or related to this Agreement (including but not limited to, claims
relating to breach, termination of this Agreement, or the performance of a party under this
Agreement) whether based on contract, tort, statute or other legal theory (collectively referred to
hereinafter as “Disputes”), the parties shall follow the dispute resolution procedures set
forth below. The parties shall first attempt to resolve a dispute, at the written request of
either party, through discussions between the Executive and an authorized senior management
representative of the Company. If a dispute is not resolved by the foregoing discussions between
the senior management of the Company and the Executive within thirty (30) days, the parties agree,
at the written request of either party, to submit the dispute to a sole mediator selected by the
parties for settlement within an additional thirty-day period.

     To the extent any Dispute is not settled by mediation as outlined above, then any Dispute
shall be finally settled by arbitration in accordance with the rules of the American Arbitration
Association then in force, and that the arbitration hearings shall be held in Boston,
Massachusetts. The parties agree to (i) appoint an arbitrator who is knowledgeable in employment
and human resource matters and, to the extent possible, the industry in which the Company operates,
and instruct the arbitrator to follow substantive rules of law; (ii) require the testimony to be
transcribed; and (iii) require the award to be accompanied by findings of act and a statement of
reasons for the decision. The arbitrator shall have the authority to permit discovery, to the
extent deemed appropriate by the arbitrator, upon request of a party, but such discovery process
shall continue for no more than thirty (30) days. The arbitrator shall have no power or authority
to add to or detract from the written agreement of the parties. If the parties cannot agree upon
an arbitrator within ten (10) days after demand by either of them, either or both parties may
request the American Arbitration Association name a panel of five (5) arbitrators. The Company
shall strike the names of two (2) off this list, the Executive shall also strike two (2) names, and
the remaining name shall be the arbitrator. The parties shall stipulate that arbitration shall be
completed within sixty (60) days. All costs and expenses, including attorneys’ and the
arbitrator’s fees, of all parties incurred in any dispute which is determined and/or settled by
arbitration shall be borne by the party determined to be primarily liable in respect of such
dispute; provided, however, that if complete liability is not assessed against any one
party, the parties shall share the total costs in proportion to their respective amounts of
liability so determined. Any award shall be final, binding and conclusive upon the parties and a
judgment rendered thereon may be entered in any court having jurisdiction thereof. This Section
shall not
limit the right of any party to sue for injunctive relief for a breach of the obligations in
Section 11 (a)-(g) inclusive.

14

 

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

	 	 	 	 	 
	 	 	CLINICAL DATA, INC.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Arthur B. Malman
	 

	 	 	 	 
	 

	 	 	 	Arthur B. Malman
	 

	 	 	 	Its: Chairman of the Compensation Committee
	 
	 	 	 	 
	 

	 	Date:
	 	11/6/06
	 
	 	 	 	 
	 	 	CAROL REED, M.D.
	 
	 	 	 	 
	 	 	/s/ Carol R. Reed, M.D.
	 	 	 
	 
	 	 	 	 
	 

	 	Date:
	 	12/18/06

15

 

APPENDIX A

FORM OF RELEASE

AGREEMENT AND GENERAL RELEASE

     Clinical Data, Inc., its affiliates, subsidiaries, divisions, successors and assigns in such
capacity, and the current, future and former employees, officers, directors, trustees and agents
thereof (collectively referred to throughout this Agreement as “Employer”), and Carol Reed,
M.D. (“Executive”), the Executive’s heirs, executors, administrators, successors and
assigns (collectively referred to throughout this Agreement as “Employee”) agree:

     1. Last Day of Employment. Executive’s last day of employment with Employer is
[insert date]. In addition, effective as of [insert date], Executive resigns from the Executive’s
position as Chief Executive Officer of Employer and will not be eligible for any benefits or
compensation after [insert date], other than as specifically provided in Sections 6 and 8 of the
Executive Employment Agreement between Employer and Executive dated as of [insert date], 2006 (the
“Employment Agreement”). Executive further acknowledges and agrees that, after [insert date], the
Executive will not represent the Executive as being a director, employee, officer, trustee, agent
or representative of Employer for any purpose. In addition, effective as of [insert date],
Executive resigns from all offices, directorships, trusteeships, committee memberships and
fiduciary capacities held with, or on behalf of, Employer or any benefit plans of Employer. These
resignations will become irrevocable as set forth in Section 3 below.

     2. Consideration. The parties acknowledge that this Agreement and General Release is
being executed in accordance with Section 9 of the Employment Agreement.

     3. Revocation. Executive may revoke this Agreement and General Release for a period
of fifteen (15) calendar days following the day Executive executes this Agreement and General
Release. Any revocation within this period must be submitted, in writing, to Employer and state,
“I hereby revoke my acceptance of our Agreement and General Release.” The revocation must be
personally delivered to Randal J. Kirk, Chairman of the Board, c/o Third Security, LLC, The
Governor Tyler, 1881 Grove Avenue, Radford, VA 24141, or her designee, or mailed to this same
person and address, and postmarked within fifteen (15) calendar days of execution of this Agreement
and General Release. This Agreement and General Release shall not become effective or enforceable
until the revocation period has expired. If the last day of the revocation period is a Saturday,
Sunday, or legal holiday, then the revocation period shall not expire until the next following day
which is not a Saturday, Sunday, or legal holiday.

     4. General Release of Claims. (A) The Employee knowingly and voluntarily releases and
forever discharges Employer from any and all actions, causes of action, contributions, indemnities,
duties, debts, sums of money, suits, controversies, restitutions, understandings, agreements,
promises, claims regarding stock, stock options or other forms of equity compensation, commitments,
damages, fees and liabilities, responsibilities and any and all claims, demands, executions and
liabilities of whatsoever kind, nature or description, oral or written, known or unknown, matured
or unmatured, suspected or unsuspected at the present time, in law or in equity, whether known and
unknown, against Employer, which the Employee has,

16

 

has ever had or may have as of the date of execution of this Agreement and General Release,
including, but not limited to, any alleged violation of:

	 	–	 	Title VII of the Civil Rights Act of 1964, as amended;
	 
	 	–	 	The Civil Rights Act of 1991;
	 
	 	–	 	Sections 1981 through 1988 of Title 42 of the United States Code, as amended;
	 
	 	–	 	The Employee Retirement Income Security Act of 1974, as amended;
	 
	 	–	 	The Immigration Reform and Control Act, as amended;
	 
	 	–	 	The Americans with Disabilities Act of 1990, as amended;
	 
	 	–	 	The Age Discrimination in Employment Act of 1967, as amended;
	 
	 	–	 	The Older Workers Benefit Protection Act of 1990;
	 
	 	–	 	The Worker Adjustment and Retraining Notification Act, as amended;
	 
	 	–	 	The Occupational Safety and Health Act, as amended;
	 
	 	–	 	The Family and Medical Leave Act of 1993;
	 
	 	–	 	Any wage payment and collection, equal pay and other similar laws, acts and
statutes of the Commonwealth of Massachusetts;
	 
	 	–	 	Any other federal, state or local civil or human rights law or any other local,
state or federal law, regulation or ordinance;
	 
	 	–	 	Any public policy, contract, tort, or common law; or
	 
	 	–	 	Any allegation for costs, fees, or other expenses including attorneys’ fees
incurred in these matters.

     Notwithstanding anything herein to the contrary, the sole matters to which the Agreement and
General Release do not apply are: (i) Employee’s express rights or claims for accrued vested
benefits under any employee benefit plan, policy or arrangement maintained by Employer or under
COBRA; (ii) Employee’s rights under the provisions of the Employment Agreement which are intended
to survive termination of employment; (iii) Employee’s rights as a stockholder; or (v) any rights
of the Executive to indemnification as a Director or Officer of the Company.

     (B) For good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged by the undersigned parties, except as expressly provided under paragraph (C)
immediately below, the Company does hereby remise, release, acquit and forever discharge Employee
of and from all actions, causes of action, contributions, indemnities, duties, debts, sums of
money, suits, controversies, restitutions, understandings, agreements, promises,

17

 

commitments, damages, responsibilities and any and all claims, demands, executions and liabilities
of whatsoever kind, nature or description, oral or written, known or unknown, matured or unmatured,
suspected or unsuspected at the present time, in law or in equity, including, without limitation,
any claims which have heretofore arisen or which may arise out of or are or may be in any way or in
any manner connected with or related to Employee’s acts performed for, on behalf and in the name of
the Company, any actions taken by Employee in her capacity as an officer of the Company, or the
Employee’s employment by the Company, which the Releasing Party ever had, now has or hereafter can,
shall or may have against the Released Party, from the beginning of the world to the date hereof.

     (C) Expressly excluded from the above release of all claims are any and all claims which
result from any of the following upon final adjudication thereof by a court of competent
jurisdiction after all appeal periods have lapsed or have been waived by the relevant party: (i)
theft, embezzlement or forgery by Employee relating to the Company, its clients or former clients
or its affiliated companies; (ii) gross negligence or actual or constructive fraud by Employee in
the conduct of the Company’s business or in the conduct of the affairs of any client or former
client of the Company; and (iii) breach of any duty owed by Employee under applicable law
including, but not limited to, breach of any fiduciary duty or breach of any other legal duty by
Employee in the conduct of the Company’s business as an officer of the Company, or in the conduct
of the affairs of any client or former client of the Company.

     (D) The parties recognize and agree that the Employee’s right to receive any bonus payment to
which the Employee may be entitled under Section 8 of the Executive Employment Agreement, including
any bonus-related portion of the Accrued Amount, or the Pro Rata Bonus, can only be established
after the review and calculations of the applicable fiscal year bonus entitlements are made by the
Board of Directors (including any committee thereof). Once such calculations are made by the Board
of Directors (including any committee thereof), the Employee’s right to receive the Pro Rata Bonus
(or any applicable bonus-related portion of the Accrued Amount) shall be accrued and paid as
promptly as practicable following a determination of the bonus by the Board of Directors (or any
committee thereof) in the event the Employee is entitled to be paid such bonus under the provisions
of Section 8(a)-(d) of the Executive Employment Agreement. Notwithstanding the foregoing, if the
Employee is terminated by the Company without Cause, or by the Executive for Good Reason, the Board
of Directors (including any committee thereof) shall use its best efforts to meet as promptly as
practicable within 30 days following any notice of such termination by the Company without Cause,
or by the Executive for Good Reason, in order to make a good faith determination of the Pro Rata
Bonus, and to pay such Pro Rata Bonus (if earned) within 30 days of the determination by the Board
of Directors (including any committee thereof).

     5. No Claims Permitted. Employee waives Executive’s right to file any charge or
complaint against Employer arising out of Executive’s employment with or separation from Employer
before any federal, state or local court or any state or local administrative agency, except where
such waivers are prohibited by law.

     6. Affirmations. Employee affirms Executive has not filed, has not caused to be
filed, and is not presently a party to, any claim, complaint, or action against Employer in any
forum. Employee further affirms that the Executive has been paid and/or has received all

18

 

compensation, wages, bonuses, commissions, and/or benefits to which Executive may be entitled
and no other compensation, wages, bonuses, commissions and/or benefits are due to Executive, except
as provided in Sections 6 and 8 of the Employment Agreement. Employee also affirms Executive has
no known workplace injuries.

     7. Cooperation; Return of Property. Employee agrees to reasonably cooperate with
Employer and its counsel in connection with any investigation, administrative proceeding or
litigation relating to any matter that occurred during Executive’s employment in which Executive
was involved or of which Executive has knowledge. Employer will reimburse the Employee for any
reasonable out-of-pocket travel, delivery or similar expenses incurred in providing such service to
Employer. Employee represents that Executive has returned to Employer all property belonging to
Employer, including but not limited to any leased vehicle, laptop, cell phone, keys, access cards,
phone cards and credit cards, provided that Executive may retain, and Employer shall cooperate in
transferring, Executive’s cell phone number and any home communication and security equipment as
well as Executive’s rolodex and other address books.

     8. Governing Law and Interpretation. This Agreement and General Release shall be
governed and conformed in accordance with the laws of the Commonwealth of Massachusetts without
regard to its conflict of laws provisions. In the event Employee or Employer breaches any
provision of this Agreement and General Release, Employee and Employer affirm either may institute
an action to specifically enforce any term or terms of this Agreement and General Release. Should
any provision of this Agreement and General Release be declared illegal or unenforceable by any
court of competent jurisdiction and should the provision be incapable of being modified to be
enforceable, such provision shall immediately become null and void, leaving the remainder of this
Agreement and General Release in full force and effect. Nothing herein, however, shall operate to
void or nullify any general release language contained in the Agreement and General Release.

     9. No Admission of Wrongdoing. Employee agrees neither this Agreement and General
Release nor the furnishing of the consideration for this Release shall be deemed or construed at
any time for any purpose as an admission by Employer of any liability or unlawful conduct of any
kind.

     10. Amendment. This Agreement and General Release may not be modified, altered or
changed except upon express written consent of both parties wherein specific reference is made to
this Agreement and General Release.

     11. Entire Agreement. This Agreement and General Release sets forth the entire
agreement between the parties hereto and fully supersedes any prior agreements or understandings
between the parties; provided, however, that notwithstanding anything in this Agreement and General
Release, the provisions in the Employment Agreement which are intended to survive termination of
the Employment Agreement, including but not limited to those contained in Section 11 thereof, shall
survive and continue in full force and effect. Employee acknowledges Executive has not relied on
any representations, promises, or agreements of any kind made to Executive in connection with
Executive’s decision to accept this Agreement and General Release.

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     EMPLOYEE HAS BEEN ADVISED THAT EXECUTIVE HAS UP TO TWENTY-ONE (21) CALENDAR DAYS TO REVIEW
THIS AGREEMENT AND GENERAL RELEASE AND HAS BEEN ADVISED IN WRITING TO CONSULT WITH AN ATTORNEY
PRIOR TO EXECUTION OF THIS AGREEMENT AND GENERAL RELEASE.

     EMPLOYEE AGREES ANY MODIFICATIONS, MATERIAL OR OTHERWISE, MADE TO THIS AGREEMENT AND GENERAL
RELEASE DO NOT RESTART OR AFFECT IN ANY MANNER THE ORIGINAL TWENTY-ONE (21) CALENDAR DAY
CONSIDERATION PERIOD.

     HAVING ELECTED TO EXECUTE THIS AGREEMENT AND GENERAL RELEASE, TO FULFILL THE PROMISES SET
FORTH HEREIN, AND TO RECEIVE THE SUMS AND BENEFITS SET FORTH IN THE EMPLOYMENT AGREEMENT, EMPLOYEE
FREELY AND KNOWINGLY, AND AFTER DUE CONSIDERATION, ENTERS INTO THIS AGREEMENT AND GENERAL RELEASE
INTENDING TO WAIVE, SETTLE AND RELEASE ALL CLAIMS EXECUTIVE HAS OR MIGHT HAVE AGAINST EMPLOYER.

     IN WITNESS WHEREOF, the parties hereto knowingly and voluntarily executed this Agreement and
General Release as of the date set forth below:

	 	 	 	 	 
	 	 	CLINICAL DATA, INC.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Arthur B. Malman
	 

	 	 	 	Its: Chairman of the Compensation Committee
	 
	 	 	 	 
	 

	 	Date:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	CAROL REED, M.D.
	 
	 	 	 
	 
	 	 	 	 
	 

	 	Date:	 	 
	 

	 	 	 	 

20

 

APPENDIX B

TAX GROSS-UP PAYMENT RULES AND PROCEDURES

     1. Subject to Paragraph 3 below, all determinations required to be made under Section 10 of
this Agreement, including whether a Gross-Up Payment is required and the amount of such Gross-Up
Payment, shall be made by an accounting firm (the “Accounting Firm”) selected in accordance with
Paragraph 2 below. The Accounting Firm shall provide detailed supporting calculations both to the
Company and Executive within 15 business days of the event that results in the potential for an
excise tax liability for the Executive, which could include but is not limited to a Change in
Control and the subsequent vesting of any cash payments or awards, or the Executive’s termination
of employment, or such earlier time as is required by the Company. The initial Gross-Up Payment,
if any, as determined pursuant to this Paragraph 1, shall be paid on the Executive’s behalf to the
applicable taxing authorities within five (5) days of the receipt of the Accounting Firm’s
determination. If the Accounting Firm determines that no Excise Tax is payable to the Executive,
it shall furnish the Executive with a written report indicating that he has substantial authority
not to report any Excise Tax on her federal income tax return. Any determination by the Accounting
Firm shall be binding upon the Company and Executive. As a result of the uncertainty in the
application of Section 4999 of the Code at the time of the initial determination by the Accounting
Firm hereunder, it is possible that Gross-Up Payments which will not have been made by the Company
should have been made (“Underpayment”), consistent with the calculations required to be made
hereunder. In the event that the Company exhausts its remedies pursuant to Paragraph 3 below and
Executive thereafter is required to make a payment or additional payment of any Excise Tax, the
Accounting Firm shall determine the amount of the Underpayment that has occurred and any such
Underpayment, increased by all applicable interest and penalties associated with the Underpayment,
shall be promptly paid by the Company to or for the benefit of Executive. For purposes of
determining the amount of the Gross-Up Payment, Executive shall be deemed to pay federal income tax
at the highest marginal rate of federal income taxation in the calendar year in which the Gross-Up
Payment is to be made and state and local income taxes on earned income at the highest marginal
rate of taxation in the state and locality of Executive’s residence on the Effective Date of
Termination, net of the maximum reduction in federal income taxes which could be obtained from
deduction of such state and local taxes.

     2. The Accounting Firm shall be a public accounting firm proposed by the Company and agreed
upon by the Executive. If Executive and the Company cannot agree on the firm to serve as the
Accounting Firm within ten (10) days after the date on which the Company proposed to Executive a
public accounting firm to serve as Auditor, then Executive and the Company shall each select one
accounting firm and those two firms shall jointly select the accounting firm to serve as the
Accounting Firm within ten (10) days after being requested by the Company and Executive to make
such selection. The Company shall pay the Auditor’s fee.

     3. Executive shall notify the Company in writing of any claim by the Internal Revenue Service
that, if successful, would require the payment by the Company of the Gross-Up Payment. Such
notification shall be given as soon as practicable but no later than fifteen (15) business days
after Executive knows of such claim and shall apprise the Company of the nature

21

 

of such claim and the date on which such claim is requested to be paid. Executive shall not
pay such claim prior to the expiration of the period ending on the date that any payment of taxes
with respect to such claim is due or the thirty day period following the date on which Executive
gives such notice to the Company, whichever period is shorter. If the Company notifies Executive
in writing prior to the expiration of such period that it desires to contest such claim, Executive
shall (i) give the Company any information reasonably requested by the Company relating to such
claim, (ii) take such action in connection with contesting such claim as the Company shall
reasonably request in writing from time to time, including, without limitation, accepting legal
representation with respect to such claim by an attorney reasonably selected by the Company, (iii)
cooperate with the Company in good faith in order effectively to contest such claim, and (iv)
permit the Company to participate in any proceedings relating to such claim; provided, however,
that the Company shall bear and pay directly all costs and expenses (including attorneys fees and
any additional interest and penalties) incurred in connection with such contest and shall indemnify
and hold Executive harmless, on an after-tax basis, for any Excise Tax or income tax, including
interest and penalties with respect thereto, imposed as a result of such representation and payment
of costs and expenses. Without limitation of the foregoing provisions of this Paragraph 3, the
Company shall control all proceedings taken in connection with such contest and, at its sole
option, may pursue or forego any and all administrative appeals, proceedings, hearings and
conferences with the taxing authority in respect to such claim and may, at its sole option, either
direct Executive to pay the tax claimed and sue for a refund or contest the claim in any
permissible manner, and Executive agrees to prosecute such contest to a determination before any
administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as
the Company shall determine; provided, however, that if the Company directs Executive to pay such
claim and sue for a refund, the Company shall advance the amount of such payment to Executive, on
an interest-free basis and shall indemnify and hold Executive harmless, on an after-tax basis, from
any Excise Tax and income tax, including interest or penalties with respect thereto, imposed with
respect to such advance or with respect to any imputed income with respect to such advance; and
further provided that any extension of the statute of limitations relating to payment of taxes for
the taxable year of Executive with respect to which such contested amount is claimed to be due is
limited solely to such contested amount. Furthermore, the Company’s control of the contest shall
be limited to issues with respect to which a Gross-Up Payment would be payable hereunder and
Executive shall be entitled to settle or contest, as the case may be, any other issue raised by the
Internal Revenue Service or any other authority.

     4. If, after the receipt by Executive of an amount advanced by the Company pursuant to
Paragraph 3 above, Executive becomes entitled to receive any refund with respect to such claim,
Executive shall (subject to the Company’s complying with the requirements of Paragraph 3), promptly
pay to the Company the amount of such refund (together with any interest paid or credited thereon
after taxes applicable thereto).

22

 

APPENDIX C

DEFINITION OF A CHANGE IN CONTROL

     A “Change in Control” means the consummation of or entering into by the Company of any
agreement, contract, plan or understanding with respect to (i) the merger, consolidation or
reorganization of the Company into or with another corporation in a business combination
transaction in which the Company is the target of such transaction (except one in which the holders
of capital stock of the Company immediately prior to such merger, consolidation or reorganization
continue to beneficially own (within the meaning of Rule 13d-3 of the Securities Exchange Act of
1934, as amended (the “Act”)) at least a majority of the voting power of the capital stock
of the surviving corporation), (ii) any sale, lease or transfer of all or substantially all of the
capital stock, assets or intellectual property of the Company (except (A) to an entity
majority-owned or controlled by the Company or by any of the holders of capital stock of the
Company, or (B) in any transaction structured as a spin-off or divestiture of assets or
intellectual property of the Company or its subsidiaries ), (iii) any other transaction other than
an equity financing transaction or series of related equity financing transactions pursuant to or
as a result of which an individual, entity or group (within the meaning of Sections 13(d)(3) or
14(d)(2) of the Act) acquires or beneficially owns capital stock of the Company representing a
majority of the Company’s outstanding voting power, or (iv) a complete or substantial liquidation
or dissolution of the Company. In the event of any interpretation of this definition, the Board of
Directors of the Company, upon advice of legal counsel, shall have final and conclusive authority,
so long as such authority is exercised in good faith.

23

 

APPENDIX D

EQUITY AWARDS

[To Be Updated Prior to Signing]

     The following chart summarizes the Executive’s outstanding options as of November 1, 2006 that
are subject to Section 5 of this Agreement:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Exercise Price	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	per Share	 	 	Number of	 	 	Options Vested	 	 	 
	 	 	 	 	 	 	(Converted to	 	 	Options Granted	 	 	and Exercisable	 	 	 
	 	 	 	 	 	 	CLDA Share	 	 	(Converted to	 	 	(Converted to	 	 	 
	Company	 	Plan	 	Date of Grant	 	Price)	 	 	CLDA Shares)	 	 	CLDA Shares)	 	 	Vesting Schedule
	GNSC
	 	2000 SOP	 	6/11/01	 	$	200.31	 	 	 	650	 	 	 	650	 	 	fully vested
	GNSC
	 	2000 SOP	 	10/16/01	 	$	69.23	 	 	 	97	 	 	 	97	 	 	fully vested
	GNSC
	 	2000 SOP	 	1/2/02	 	$	70.46	 	 	 	650	 	 	 	650	 	 	fully vested
	GNSC
	 	2000 SOP	 	9/10/02	 	$	13.08	 	 	 	487	 	 	 	487	 	 	fully vested
	GNSC
	 	2000 SOP	 	1/28/03	 	$	22.00	 	 	 	1950	 	 	 	1560	 	 	One fifth vests immediately and one fifth vests on the 1st, 2nd, 3rd and 4th anniversaries
	GNSC
	 	2000 SOP	 	12/9/03	 	$	39.38	 	 	 	3185	 	 	 	1911	 	 	One fifth vests immediately and one fifth vests on the 1st, 2nd, 3rd and 4th anniversaries
	GNSC
	 	2000 SOP	 	4/27/04	 	$	57.54	 	 	 	1365	 	 	 	767	 	 	6.25% vests quarterly over four years
	GNSC
	 	2000 SOP	 	1/7/05	 	$	33.85	 	 	 	5525	 	 	 	2416	 	 	6.25% vests quarterly over four years
	 
	 	 	 	 	 	 	 	 	 	ISO = 4728 options;
 NQ = 796 options	 	 	 	 	 	 
	CLDA
	 	2005	 	10/17/05	 	$	17.89	 	 	 	12000	 	 	 	0	 	 	One third cumulative vesting on anniversary
	CLDA
	 	2005	 	12/23/05	 	$	17.80	 	 	 	8000	 	 	 	0	 	 	One third cumulative vesting on anniversary
	CLDA
	 	2005	 	5/12/06	 	$	18.55	 	 	 	30000	 	 	 	0	 	 	One third cumulative  anniversaries

24SECOND AMENDED AND RESTATED
	 

	 
		LIMITED LIABILITY COMPANY
		AGREEMENT
	 

	 
		OF
	 

	 
		BIOFUEL ENERGY, LLC
	 

	 
		THE LLC INTERESTS REPRESENTED BY THIS SECOND
		AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT HAVE NOT BEEN
		REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR UNDER
		ANY OTHER APPLICABLE SECURITIES LAWS. SUCH INTERESTS MAY NOT BE SOLD, ASSIGNED,
		PLEDGED OR OTHERWISE DISPOSED OF AT ANY TIME WITHOUT EFFECTIVE REGISTRATION
		UNDER SUCH ACT AND LAWS OR EXEMPTION THEREFROM, AND COMPLIANCE WITH THE OTHER
		SUBSTANTIAL RESTRICTIONS ON TRANSFERABILITY SET FORTH HEREIN.
	 

	 
		CERTAIN OF THE LLC INTERESTS REPRESENTED BY
		THIS SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT ARE
		SUBJECT TO CONDITIONS AND RESTRICTIONS ON TRANSFER SET FORTH HEREIN, AND THE
		LLC RESERVES THE RIGHT TO REFUSE THE TRANSFER OF SUCH INTERESTS UNLESS AND
		UNTIL SUCH CONDITIONS HAVE BEEN FULFILLED WITH RESPECT TO THE REQUESTED
		TRANSFER.
	 

	 
		
		  
		  

		
 
 

	 
		 
	 

	 
		TABLE OF CONTENTS
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				  Page
				

			 
	
				
				   
				

			 	
				
				   
				

			 
	
				
				  ARTICLE I
				

			 
	
				
				   
				

			 
	
				
				  Definitions and Usage
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  SECTION 1.01.
				

			 	
				
				   
				

			 	
				
				  Definitions
				

			 	
				
				  1
				

			 
	
				
				  SECTION 1.02.
				

			 	
				
				   
				

			 	
				
				  Usage Generally;
				  Interpretation
				

			 	
				
				  10
				

			 
	
				
				   
				

			 
	
				
				  ARTICLE II
				

			 
	
				
				   
				

			 
	
				
				  Organizational and Other
				  Matters
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  SECTION 2.01.
				

			 	
				
				   
				

			 	
				
				  Formation and Continuation of LLC;
				  Effective Time
				

			 	
				
				  11
				

			 
	
				
				  SECTION 2.02.
				

			 	
				
				   
				

			 	
				
				  Limited Liability Company
				  Agreement
				

			 	
				
				  11
				

			 
	
				
				  SECTION 2.03.
				

			 	
				
				   
				

			 	
				
				  Name
				

			 	
				
				  11
				

			 
	
				
				  SECTION 2.04.
				

			 	
				
				   
				

			 	
				
				  Purpose
				

			 	
				
				  11
				

			 
	
				
				  SECTION 2.05.
				

			 	
				
				   
				

			 	
				
				  Principal Office; Registered
				  Office
				

			 	
				
				  12
				

			 
	
				
				  SECTION 2.06.
				

			 	
				
				   
				

			 	
				
				  Term
				

			 	
				
				  12
				

			 
	
				
				  SECTION 2.07.
				

			 	
				
				   
				

			 	
				
				  Foreign Qualification
				

			 	
				
				  12
				

			 
	
				
				  SECTION 2.08.
				

			 	
				
				   
				

			 	
				
				  Tax Classification of LLC
				

			 	
				
				  12
				

			 
	
				
				   
				

			 
	
				
				  ARTICLE III
				

			 
	
				
				   
				

			 
	
				
				  Management
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  SECTION 3.01.
				

			 	
				
				   
				

			 	
				
				  Sole Manager
				

			 	
				
				  12
				

			 
	
				
				  SECTION 3.02.
				

			 	
				
				   
				

			 	
				
				  Authority of the Sole Manager

				

			 	
				
				  13
				

			 
	
				
				  SECTION 3.03.
				

			 	
				
				   
				

			 	
				
				  Authority of Members
				

			 	
				
				  13
				

			 
	
				
				  SECTION 3.04.
				

			 	
				
				   
				

			 	
				
				  Removal and Replacement of
				  Manager
				

			 	
				
				  13
				

			 
	
				
				  SECTION 3.05.
				

			 	
				
				   
				

			 	
				
				  Reliance by Third Parties
				

			 	
				
				  13
				

			 
	
				
				  SECTION 3.06.
				

			 	
				
				   
				

			 	
				
				  Officers
				

			 	
				
				  13
				

			 
	
				
				   
				

			 
	
				
				  ARTICLE IV
				

			 
	
				
				   
				

			 
	
				
				  Distributions and Allocations

				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  SECTION 4.01.
				

			 	
				
				   
				

			 	
				
				  Distributions
				

			 	
				
				  14
				

			 
	
				
				  SECTION 4.02.
				

			 	
				
				   
				

			 	
				
				  Liquidation Distribution
				

			 	
				
				  18
				

			 
	
				
				  SECTION 4.03.
				

			 	
				
				   
				

			 	
				
				  Limitations on Distribution
				

			 	
				
				  18
				

			 
	
				
				  SECTION 4.04.
				

			 	
				
				   
				

			 	
				
				  Allocations
				

			 	
				
				  18
				

			 
	
				
				  SECTION 4.05.
				

			 	
				
				   
				

			 	
				
				  Special Allocations
				

			 	
				
				  19
				

			 
	
				
				  SECTION 4.06.
				

			 	
				
				   
				

			 	
				
				  Tax Withholding; Withholding
				  Advances
				

			 	
				
				  20
				

			 
					

 

	 
		 
	 

	 
		i
	 

	 
		 
	 

	 
			
				
				  ARTICLE V
				

			 
	
				
				   
				

			 
	
				
				  Capital Contributions; Capital
				  Accounts; Tax Matters
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  SECTION 5.01.
				

			 	
				
				   
				

			 	
				
				  Capital Contributions
				

			 	
				
				  21
				

			 
	
				
				  SECTION 5.02.
				

			 	
				
				   
				

			 	
				
				  No Additional Capital
				  Contributions
				

			 	
				
				  21
				

			 
	
				
				  SECTION 5.03.
				

			 	
				
				   
				

			 	
				
				  Capital Accounts
				

			 	
				
				  21
				

			 
	
				
				  SECTION 5.04.
				

			 	
				
				   
				

			 	
				
				  Negative Capital Accounts
				

			 	
				
				  22
				

			 
	
				
				  SECTION 5.05.
				

			 	
				
				   
				

			 	
				
				  Loans From Members
				

			 	
				
				  22
				

			 
	
				
				  SECTION 5.06.
				

			 	
				
				   
				

			 	
				
				  Preparation of Tax Returns
				

			 	
				
				  22
				

			 
	
				
				  SECTION 5.07.
				

			 	
				
				   
				

			 	
				
				  Tax Elections
				

			 	
				
				  22
				

			 
	
				
				  SECTION 5.08.
				

			 	
				
				   
				

			 	
				
				  Tax Matters Member
				

			 	
				
				  22
				

			 
	
				
				   
				

			 
	
				
				  ARTICLE VI
				

			 
	
				
				   
				

			 
	
				
				  Books, Records, Accounting and
				  Reports
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  SECTION 6.01.
				

			 	
				
				   
				

			 	
				
				  Records and Accounting
				

			 	
				
				  23
				

			 
	
				
				  SECTION 6.02.
				

			 	
				
				   
				

			 	
				
				  Fiscal Year
				

			 	
				
				  23
				

			 
	
				
				  ARTICLE VII
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  LLC Units
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  SECTION 7.01.
				

			 	
				
				   
				

			 	
				
				  Units
				

			 	
				
				  23
				

			 
	
				
				  SECTION 7.02.
				

			 	
				
				   
				

			 	
				
				  Register
				

			 	
				
				  23
				

			 
	
				
				  SECTION 7.03.
				

			 	
				
				   
				

			 	
				
				  Splits, Distributions and
				  Reclassifications
				

			 	
				
				  23
				

			 
	
				
				  SECTION 7.04.
				

			 	
				
				   
				

			 	
				
				  Cancellation of Common Stock and
				  Units
				

			 	
				
				  24
				

			 
	
				
				  SECTION 7.05.
				

			 	
				
				   
				

			 	
				
				  Incentive Plans
				

			 	
				
				  24
				

			 
	
				
				  SECTION 7.06.
				

			 	
				
				   
				

			 	
				
				  Offerings of Common Stock
				

			 	
				
				  24
				

			 
	
				
				  SECTION 7.07.
				

			 	
				
				   
				

			 	
				
				  Registered Members
				

			 	
				
				  24
				

			 
	
				
				  SECTION 7.08.
				

			 	
				
				   
				

			 	
				
				  Certification of Units
				

			 	
				
				  25
				

			 
	
				
				   
				

			 
	
				
				  ARTICLE VIII
				

			 
	
				
				   
				

			 
	
				
				  Transfer of LLC Interests
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  SECTION 8.01.
				

			 	
				
				   
				

			 	
				
				  Restrictions on Transfer
				

			 	
				
				  26
				

			 
	
				
				  SECTION 8.02.
				

			 	
				
				   
				

			 	
				
				  Permitted Transfers
				

			 	
				
				  26
				

			 
	
				
				  SECTION 8.03.
				

			 	
				
				   
				

			 	
				
				  Permitted Exchanges
				

			 	
				
				  27
				

			 
	
				
				  SECTION 8.04.
				

			 	
				
				   
				

			 	
				
				  Further Restrictions
				

			 	
				
				  28
				

			 
	
				
				  SECTION 8.05.
				

			 	
				
				   
				

			 	
				
				  Transferee’s Rights
				

			 	
				
				  28
				

			 
	
				
				  SECTION 8.06.
				

			 	
				
				   
				

			 	
				
				  Transferor’s Rights and
				  Obligations
				

			 	
				
				  29
				

			 
	
				
				  SECTION 8.07.
				

			 	
				
				   
				

			 	
				
				  Substituted Members
				

			 	
				
				  29
				

			 
	
				
				  SECTION 8.08.
				

			 	
				
				   
				

			 	
				
				  Additional Members
				

			 	
				
				  29
				

			 
	
				
				  SECTION 8.09.
				

			 	
				
				   
				

			 	
				
				  Attempted Transfer Void
				

			 	
				
				  29
				

			 
	
				
				  SECTION 8.10.
				

			 	
				
				   
				

			 	
				
				  Withdrawal
				

			 	
				
				  30
				

			 
	
				
				  SECTION 8.11.
				

			 	
				
				   
				

			 	
				
				  Required Amendments;
				  Continuation
				

			 	
				
				  30
				

			 
	
				
				  SECTION 8.12.
				

			 	
				
				   
				

			 	
				
				  Resignation
				

			 	
				
				  30
				

			 

 

	 
		 
	 

	 
		ii
	 

	 
		 
	 

	 
			
				
				  ARTICLE IX
				

			 
	
				
				   
				

			 
	
				
				  Dissolution and Liquidation
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  SECTION 9.01.
				

			 	
				
				   
				

			 	
				
				  Dissolution
				

			 	
				
				  30
				

			 
	
				
				  SECTION 9.02.
				

			 	
				
				   
				

			 	
				
				  Liquidation and Termination
				

			 	
				
				  31
				

			 
	
				
				  SECTION 9.03.
				

			 	
				
				   
				

			 	
				
				  Certificate of Cancellation
				

			 	
				
				  32
				

			 
	
				
				  SECTION 9.04.
				

			 	
				
				   
				

			 	
				
				  Reasonable Time for Winding
				  Up
				

			 	
				
				  32
				

			 
	
				
				  SECTION 9.05.
				

			 	
				
				   
				

			 	
				
				  Return of Capital
				

			 	
				
				  32
				

			 
	
				
				   
				

			 
	
				
				  ARTICLE X
				

			 
	
				
				   
				

			 
	
				
				  Rights and Obligations of
				  Members
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  SECTION 10.01.
				

			 	
				
				   
				

			 	
				
				  Limitation of Liability
				

			 	
				
				  32
				

			 
	
				
				  SECTION 10.02.
				

			 	
				
				   
				

			 	
				
				  Exculpation
				

			 	
				
				  33
				

			 
	
				
				  SECTION 10.03.
				

			 	
				
				   
				

			 	
				
				  Lack of Authority
				

			 	
				
				  33
				

			 
	
				
				  SECTION 10.04.
				

			 	
				
				   
				

			 	
				
				  No Right of Partition
				

			 	
				
				  33
				

			 
	
				
				  SECTION 10.05.
				

			 	
				
				   
				

			 	
				
				  Indemnification
				

			 	
				
				  33
				

			 
	
				
				   
				

			 
	
				
				  ARTICLE XI
				

			 
	
				
				   
				

			 
	
				
				  General Provisions
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  SECTION 11.01.
				

			 	
				
				   
				

			 	
				
				  Power of Attorney
				

			 	
				
				  34
				

			 
	
				
				  SECTION 11.02.
				

			 	
				
				   
				

			 	
				
				  Further Action
				

			 	
				
				  35
				

			 
	
				
				  SECTION 11.03.
				

			 	
				
				   
				

			 	
				
				  Amendments
				

			 	
				
				  35
				

			 
	
				
				  SECTION 11.04.
				

			 	
				
				   
				

			 	
				
				  Title to LLC Assets
				

			 	
				
				  35
				

			 
	
				
				  SECTION 11.05.
				

			 	
				
				   
				

			 	
				
				  Remedies
				

			 	
				
				  36
				

			 
	
				
				  SECTION 11.06.
				

			 	
				
				   
				

			 	
				
				  Successors and Assigns
				

			 	
				
				  36
				

			 
	
				
				  SECTION 11.07.
				

			 	
				
				   
				

			 	
				
				  Severability
				

			 	
				
				  36
				

			 
	
				
				  SECTION 11.08.
				

			 	
				
				   
				

			 	
				
				  Counterparts
				

			 	
				
				  36
				

			 
	
				
				  SECTION 11.09.
				

			 	
				
				   
				

			 	
				
				  Applicable Law
				

			 	
				
				  36
				

			 
	
				
				  SECTION 11.10.
				

			 	
				
				   
				

			 	
				
				  Addresses and Notices
				

			 	
				
				  36
				

			 
	
				
				  SECTION 11.11.
				

			 	
				
				   
				

			 	
				
				  Creditors; Third Party
				  Beneficiaries
				

			 	
				
				  37
				

			 
	
				
				  SECTION 11.12.
				

			 	
				
				   
				

			 	
				
				  Waiver
				

			 	
				
				  37
				

			 
	
				
				  SECTION 11.13.
				

			 	
				
				   
				

			 	
				
				  Entire Agreement
				

			 	
				
				  37
				

			 
	
				
				  SECTION 11.14.
				

			 	
				
				   
				

			 	
				
				  Delivery by Facsimile
				

			 	
				
				  37
				

			 
	
				
				  SECTION 11.15.
				

			 	
				
				   
				

			 	
				
				  Waiver of Certain Rights
				

			 	
				
				  37
				

			 
	
				
				  SECTION 11.16.
				

			 	
				
				   
				

			 	
				
				  Survival
				

			 	
				
				  37
				

			 

 

	 
		 
	 

	 
		iii
	 

	 
		THIS SECOND AMENDED AND RESTATED LIMITED
		LIABILITY COMPANY AGREEMENT (this “Agreement”)
		of BioFuel Energy, LLC (the “LLC” or the
		“Company”), is made as of June 19, 2007, among the
		Members (as defined below).
	 

	 
		WHEREAS the LLC was formed by the filing of
		a Certificate of Formation with the Secretary of State of Delaware on January
		25, 2006; and
	 

	 
		WHEREAS the Members desire that this
		Agreement amend and restate in its entirety the First Amended and Restated
		Limited Liability Company Agreement of the Company, dated as of September 25,
		2006 (the “Existing LLC
		Agreement”).
	 

	 
		NOW, THEREFORE, in consideration of the
		mutual covenants contained herein and other good and valuable consideration,
		the receipt and sufficiency of which are hereby acknowledged, the parties
		hereto, intending to be legally bound, hereby agree as follows:
	 

	 
		ARTICLE I
	 

	 
		Definitions and Usage
	 

	 
		SECTION 1.01. Definitions. Capitalized terms used but not otherwise defined herein
		shall have the following meanings:
	 

	 
		“Accounting Firm” has the meaning set forth in Section
		4.01(d).
	 

	 
		“Additional Credit Amount” has the meaning set forth in
		Section 4.01(f).
	 

	 
		“Adjusted Capital Account Deficit” means with respect to any Capital Account as of
		the end of any Fiscal Year, the amount by which the balance in such Capital
		Account is less than zero. For this purpose, a Member’s Capital Account
		balance shall be:
	 

	 
		(i)  reduced for any items
		described in Treasury Regulation Section 1.704-1(b)(2)(ii)(d)(4), (5), and
		(6); and
	 

	 
		(ii)  increased for any amount
		such Member is obligated to contribute or is treated as being obligated to
		contribute to the LLC pursuant to the penultimate sentences of Treasury
		Regulation Sections 1.704-2(g)(1) and 1.704-2(i)(5).
	 

	 
		The foregoing definition of Adjusted Capital
		Account Deficit is intended to comply with the provisions of Treasury
		Regulation Section 1.704-1(b)(2)(ii)(d) and shall be interpreted
		consistently therewith.
	 

	 
		“Admission Date” has the meaning set forth in
		Section 8.06.
	 

	 
		“Affiliate”
		of any particular Person means any other Person controlling, controlled by or
		under common control with such particular Person, where
		“control”
	 

	 
		 
	 

	 
		2
	 

	 
		 
	 

	 
		means the possession, directly or
		indirectly, of the power to direct the management and policies of a Person
		whether through the ownership of voting securities, by contract or
		otherwise.
	 

	 
		“Agreement”
		has the meaning set forth in the preamble.
	 

	 
		“Amended Tax Amount” has the meaning set forth in
		Section 4.01(f).
	 

	 
		“Assumed Tax Rate” means the highest effective marginal combined
		U.S. federal, state and local income tax rate for a Fiscal Year for an
		individual or corporate resident in New York, New York (taking into account (a)
		the nondeductibility of expenses subject to the limitation described in Section
		67(a) of the Code and (b) the character (e.g., long-term
		or short-term capital gain or ordinary or tax-exempt income) of the applicable
		income). For the avoidance of doubt, the Assumed Tax Rate will be the same for
		all Members.
	 

	 
		“Available Cash” means cash of the LLC which the Manager
		determines is available for distribution to the Members.
	 

	 
		“Book Value”
		means, with respect to any LLC property, the LLC’s adjusted basis for
		federal income tax purposes, adjusted from time to time to reflect the
		adjustments required or permitted by Treasury Regulation
		Section 1.704-1(b)(2)(iv)(d)-(g) (including the issuance of new
		Units).
	 

	 
		“Business Day” means any day other than Saturday, Sunday and any
		day that is a legal holiday in New York, New York or a day on which banking
		institutions in New York, New York are authorized by law or other governmental
		action to close.
	 

	 
		“Capital Account” has the meaning set forth in
		Section 5.03.
	 

	 
		“Capital Contributions” means, with respect to any Member, any
		contribution, whether in cash or other property, made by such Member to the LLC
		pursuant to the terms of this Agreement.
	 

	 
		“Cargill”
		means Cargill Biofuels Investments, LLC, a Delaware limited liability company,
		and any of its Affiliates, so long as such Affiliate is also an Affiliate of
		Cargill, Incorporated, a Delaware corporation.
	 

	 
		“Certificate” means the LLC’s Certificate of Formation as
		filed with the Secretary of State of Delaware, as amended to the date
		hereof.
	 

	 
		“Certificate of Incorporation” means the certificate of incorporation, as may be
		amended from time to time, of the Corporation.
	 

	 
		“Class B Stock” means the Class B Common Stock, par value $0.01
		per share, of the Corporation authorized and issued under Section 4.01(b) of
		the Certificate of Incorporation or any applicable successor provision.
	 

	 
		 
	 

	 
		3
	 

	 
		 
	 

	 
		“Code” means
		the United States Internal Revenue Code of 1986, as amended from time to time,
		or any successor statute.
	 

	 
		“Common Stock” means the Common Stock, par value $0.01 per
		share, of the Corporation authorized and issued under Section 4.01(a) of
		the Certificate of Incorporation or any applicable successor provision.
	 

	 
		“Corporation” means BioFuel Energy Corp., a Delaware
		corporation.
	 

	 
		“Covered Person” has the meaning set forth in
		Section 10.01.
	 

	 
		“Credit Amount” has the meaning set forth in
		Section 4.01(f).
	 

	 
		“Delaware Act” means the Delaware Limited Liability Company Act,
		6 Del. L. Section 18-101, et
		seq., as it may be amended from time to time, and any
		successor to the Delaware Act.
	 

	 
		“Disabling Event” means the Manager ceasing to be the managing
		member of the LLC.
	 

	 
		“Distribution” means each distribution made by the LLC to a
		Member, whether in cash, property or securities of the LLC and whether by
		distribution, redemption, repurchase or otherwise.
	 

	 
		“Edelman”
		means Thomas J. Edelman.
	 

	 
		“Effective Time” has the meaning set forth in Section 2.01.

	 

	 
		“Effective Time Units” means, with respect to any Member, the number of
		Units held by such Member as of the Effective Time (reflecting the conversion
		described in Section 2.01) as set forth on Schedule A.
	 

	 
		“Escrow Agent” means JPMorgan Chase Bank, N.A. in its capacity
		as escrow agent under the Escrow Agreement.
	 

	 
		“Escrow Agreement” means the escrow agreement dated the date hereof
		among the Management Members (other than Edelman), the other Members party
		thereto and the Escrow Agent.
	 

	 
		“Escrowed Securities” has the meaning set forth in
		Section 4.01(b).
	 

	 
		“Excess Amount” has the meaning set forth in
		Section 4.01(e).
	 

	 
		“Exchange Act” means the Securities Exchange Act of 1934, as
		amended, and the rules and regulations of the SEC promulgated
		thereunder.
	 

	 
		“Exchange Rate” has the meaning set forth in Section
		8.03(a).
	 

	 
		 
	 

	 
		4
	 

	 
		 
	 

	 
		“Existing LLC Agreement” has the meaning set forth in the preamble to this
		Agreement.
	 

	 
		“Fair Market Value” has the meaning set forth in
		Section 9.02(c).
	 

	 
		“Family Members” has the meaning set forth in
		Section 8.02(a).
	 

	 
		“Final Tax Amount” has the meaning set forth in Section
		4.01(f).
	 

	 
		“Fiscal Period” means any interim accounting period within a
		Fiscal Year established by the Manager and which is permitted or required by
		Section 706 of the Code.
	 

	 
		“Fiscal Year” means the LLC’s annual accounting period
		established pursuant to Section 6.02.
	 

	 
		“Greenlight”
		means, collectively, Greenlight Capital, L.P., Greenlight Capital Qualified,
		L.P., Greenlight Capital Offshore, Ltd. and Greenlight Reinsurance, Ltd.

	 

	 
		“Greenlight/Third Point Sale” means a sale by Greenlight or Third Point of
		shares of Common Stock that occurs after the Effective Time and prior to the
		True-Up Date; provided, however, that a
		Greenlight/Third Point Sale shall only be deemed to occur:
	 

	 
		(a) for Greenlight, with respect to sales by
		Greenlight of an aggregate number of shares of Common Stock not to exceed
		9,353,500 (as such number may be adjusted for stock splits, stock dividends,
		recapitalizations, reorganizations and other similar transactions) shares, with
		any sales by Greenlight of shares of Common Stock in excess of such amount not
		being deemed to be Greenlight/Third Point Sales for any purpose of this
		Agreement; and
	 

	 
		(b) for Third Point, with respect to sales
		by Third Point of an aggregate number of shares of Common Stock not to exceed
		4,676,750 (as such number may be adjusted for stock splits, stock dividends,
		recapitalizations, reorganizations and other similar transactions) shares, with
		any sales by Third Point of shares of Common Stock in excess of such amount not
		being deemed to be Greenlight/Third Point Sales for any purpose of this
		Agreement.
	 

	 
		For purposes of this definition, the word
		“sale” shall include any pledge, sale, contract to sell, or the grant
		of any option, right or warrant to purchase, or other disposition or transfer
		for value of, or the entry into any swap or other agreement that transfers, in
		whole or in part, the economic consequences of ownership of, shares of Common
		Stock.
	 

	 
		“Greenlight/Third Point Specified A Unit
		Percentage” shall mean a
		percentage that is determined by adding together the respective Specified A
		Unit Percentages of Greenlight and Third Point.
	 

	 
		 
	 

	 
		5
	 

	 
		 
	 

	 
		“Incapacity”
		means, with respect to any Person, the bankruptcy, dissolution, termination,
		entry of an order of incompetence, or the insanity, permanent disability or
		death of such Person.
	 

	 
		“Incentive Plan” means any equity incentive or similar plan
		pursuant to which the Corporation may issue shares of its Common Stock from
		time to time.
	 

	 
		“Indebtedness” means at a particular time, without duplication,
		(i) any indebtedness for borrowed money or issued in substitution for or
		exchange of indebtedness for borrowed money, (ii) any indebtedness
		evidenced by any note, bond, debenture or other debt security, (iii) any
		indebtedness for the deferred purchase price of property or services with
		respect to which a Person is liable, contingently or otherwise, as obligor or
		otherwise (other than trade payables and other current liabilities incurred in
		the ordinary course of business which are not more than six months past due),
		(iv) any commitment by which a Person assures a creditor against loss
		(including, without limitation, contingent reimbursement obligations with
		respect to letters of credit), (v) any indebtedness guaranteed in any
		manner by a Person (including guarantees in the form of an agreement to
		repurchase or reimburse), (vi) any obligations under capitalized or
		synthetic leases with respect to which a Person is liable, contingently or
		otherwise, as obligor, guarantor or otherwise, or with respect to which
		obligations a Person assures a creditor against loss, (vii) any
		indebtedness secured by a Lien on a Person’s assets and (viii) any
		fees, penalties or accrued and unpaid interest with respect to the
		foregoing.
	 

	 
		“Indemnified Person” has the meaning set forth in
		Section 10.05(a).
	 

	 
		“Individual Sale Company Valuation” shall be determined upon the occurrence of each
		Greenlight/Third Point Sale and shall be the product of (i) the price per
		share of Common Stock sold by Greenlight or Third Point in such
		Greenlight/Third Point Sale, (ii) 23,000,000 and (iii) the quotient
		obtained by dividing (A) the number of shares sold by Greenlight or Third
		Point in such Greenlight/Third Point Sale by (B) 14,030,250;
		provided, however,
		that:
	 

	 
		(a) if on the True-Up Date Greenlight has
		sold less than an aggregate of 9,353,500 (as such number may be adjusted for
		stock splits, stock dividends, recapitalizations, reorganizations and other
		similar transactions) shares of Common Stock, then for purposes of calculating
		Individual Sale Company Valuations, Greenlight shall be deemed to have sold on
		the True-Up Date a number of shares of Common Stock equal to the excess of (i)
		9,353,500 (as such number may be adjusted for stock splits, stock dividends,
		recapitalizations, reorganizations and other similar transactions) shares of
		Common Stock, over (ii) the aggregate number of shares of Common Stock actually
		sold by Greenlight prior to the True-Up Date, at a price per share equal to the
		Trading Price of the Common Stock as of the True-Up Date; and
	 

	 
		(b) if on the True-Up Date Third Point has
		sold less than an aggregate of 4,676,750 (as such number may be adjusted for
		stock splits, stock dividends, recapitalizations, reorganizations and other
		similar transactions) shares of Common Stock, then for purposes of calculating
		Individual Sale Company Valuations, Third Point
	 

	 
		 
	 

	 
		6
	 

	 
		 
	 

	 
		shall be deemed to have sold on the True-Up
		Date a number of shares of Common Stock equal to the excess of (i) 4,676,750
		(as such number may be adjusted for stock splits, stock dividends,
		recapitalizations, reorganizations and other similar transactions) shares of
		Common Stock, over (ii) the aggregate number of shares of Common Stock actually
		sold by Third Point prior to the True-Up Date, at a price per share equal to
		the Trading Price of the Common Stock as of the True-Up Date.
	 

	 
		“IPO” means
		the initial public offering of Common Stock, pursuant to a Registration
		Statement on Form S-1 (Registration No. 333-139203).
	 

	 
		“Lien” means
		any mortgage, deed of trust, pledge, hypothecation, assignment, encumbrance,
		lien (statutory or other) or preference, priority, right or other security
		interest or preferential arrangement of any kind or nature whatsoever
		(excluding preferred stock and equity-related preferences), including those
		created by, arising under or evidenced by any conditional sale or other title
		retention agreement, the interest of a lessor under a capital lease obligation,
		or any financing lease having substantially the same economic effect as any of
		the foregoing.
	 

	 
		“Liquidation Assets” has the meaning set forth in
		Section 9.02(b).
	 

	 
		“Liquidation FMV” has the meaning set forth in
		Section 9.02(b).
	 

	 
		“Liquidator”
		has the meaning set forth in Section 9.02.
	 

	 
		“LLC” or
		“Company” has the meaning set forth in the preamble to this
		Agreement.
	 

	 
		“LLC Certificate” has the meaning set forth in Section 7.08.

	 

	 
		“LLC Interest” means the membership interest of a Member in Net
		Income, Net Losses and Distributions.
	 

	 
		“Losses” has
		the meaning set forth in Section 10.05(a).
	 

	 
		“Management Member” means each Member designated as a Management
		Member in Schedule B hereto, as updated from time to time, and any
		Permitted Transferee thereof to whom Units are transferred in accordance with
		this Agreement.
	 

	 
		“Manager”
		means the Corporation or any successor manager admitted to the LLC pursuant to
		this Agreement.
	 

	 
		“Member”
		means any Person admitted to the LLC as a Member pursuant to the terms of this
		Agreement; but only so long as such Person is shown on the LLC’s books and
		records as the owner of one or more Units. The Persons listed on
		Schedule A hereto are all of the Members as of the Effective Time.
	 

	 
		 
	 

	 
		7
	 

	 
		 
	 

	 
		“Minimum Gain” means Company minimum gain determined pursuant to
		Treasury Regulation Sections 1.704-2(b)(2) and 1.704-2(d).
	 

	 
		“Net Income”
		and “Net Loss”
		means, for each Fiscal Year or Fiscal Period, the taxable income or loss of the
		LLC determined in accordance with Section 703(a) of the Code (for this
		purpose all items of income, gain, loss or deduction, required to be stated
		separately pursuant to Section 703(a)(1) of the Code shall be included in
		taxable income or loss) and with the accounting method used by the LLC for
		federal income tax purposes with the following adjustments: (a) all items
		of income, gain, loss, or deduction allocated pursuant to Section 4.05
		(relating to Special Allocations) shall not be taken into account in computing
		such taxable income or loss; (b) any income of the LLC that is exempt from
		federal income taxation and not otherwise taken into account in computing Net
		Income and Net Loss shall be added to such taxable income or loss; (c) if
		the Book Value of any asset differs from its adjusted tax basis for federal
		income tax purposes, any gain or loss resulting from a disposition of such
		asset shall be calculated with reference to such Book Value; (d) if the
		Book Value of any asset differs from its adjusted tax basis for federal income
		tax purposes, the amount of depreciation, amortization or cost recovery
		deductions with respect to such asset shall for purposes of determining Net
		Income and Net Loss be an amount which bears the same ratio to such Book Value
		as the federal income tax depreciation, amortization or other cost recovery
		deductions bears to such adjusted tax basis (provided that if
		the federal income tax depreciation, amortization or other cost recovery
		deduction is zero, the Manager may use any reasonable method for purposes of
		determining depreciation, amortization or other cost recovery deductions in
		calculating Net Income and Net Loss); (e) any expenditures of the LLC that
		are described in Section 705(a)(2)(B) of the Code or are treated as
		described in Section 705(a)(2)(B) of the Code pursuant to Regulation
		Section 1.704-1(b)(2)(iv)(i) and not otherwise taken into account in
		computing Net Income and Net Loss shall be treated as deductible items; and
		(f) in the event the Book Value of any LLC asset is adjusted in accordance
		with the definition of Book Value and Section 5.03, the amount of such
		adjustment shall be taken into account as gain or loss from the disposition of
		such asset for purposes of computing Net Income or Net Loss.
	 

	 
		“Net Taxable Income” has the meaning set forth in Section
		4.01(f).
	 

	 
		“Nonrecourse Debt Minimum Gain” means the partnership nonrecourse debt minimum
		gain determined pursuant to Treasury Regulation Section 1.704-2(i).

	 

	 
		“Notice of Disagreement” has the meaning set forth in Section 4.01(d).
	 

	 
		“Officer”
		means any officer of the LLC appointed pursuant to Section 3.06.
	 

	 
		“Permitted Transferee” has the meaning set forth in
		Section 8.02(a).
	 

	 
		“Person”
		means an individual or a corporation, partnership, limited liability company,
		trust, unincorporated organization, association or other entity.
	 

	 
		“SEC” means
		the Securities and Exchange Commission.
	 

	 
		 
	 

	 
		8
	 

	 
		 
	 

	 
		“Securities Act” means the Securities Act of 1933, as amended, and
		the rules and regulations of the SEC promulgated thereunder.
	 

	 
		“Shortfall Amount” has the meaning set forth in
		Section 4.01(e).
	 

	 
		“Specified A Unit Percentage” means, with respect to Greenlight, 53.4331% and,
		with respect to Third Point, 26.7165%.
	 

	 
		“Subsidiary”
		means, with respect to any Person, any corporation, limited liability company,
		partnership, association or business entity of which (i) if a corporation,
		a majority of the total voting power of shares of stock entitled (without
		regard to the occurrence of any contingency) to vote in the election of
		directors, managers or trustees thereof is at the time owned or controlled,
		directly or indirectly, by that Person or one or more of the other Subsidiaries
		of that Person or a combination thereof or (ii) if a limited liability
		company, partnership, association or other business entity (other than a
		corporation), a majority of partnership or other similar ownership interest
		thereof is at the time owned or controlled, directly or indirectly, by any
		Person or one or more Subsidiaries of that Person or a combination thereof. For
		purposes hereof, a Person or Persons shall be deemed to have a majority
		ownership interest in a limited liability company, partnership, association or
		other business entity (other than a corporation) if such Person or Persons
		shall be allocated a majority of limited liability company, partnership,
		association or other business entity gains or losses or shall be or control any
		managing director or general partner of such limited liability company,
		partnership, association or other business entity. For purposes hereof,
		references to a “Subsidiary” of any Person shall be given effect only
		at such times that such Person has one or more Subsidiaries, and, unless
		otherwise indicated, the term “Subsidiary” refers to a Subsidiary of
		the LLC.
	 

	 
		“Substituted Member” means any Person becoming a Member pursuant to
		Section 8.07.
	 

	 
		“Tax Amount”
		has the meaning set forth in Section 4.01(f).
	 

	 
		“Tax Benefit Sharing Agreement” means the Tax Benefit Sharing Agreement by and
		among the Corporation and the Members, dated as of June 19, 2007.
	 

	 
		“Tax Distributions” has the meaning set forth in Section
		4.01(f).
	 

	 
		“Tax Matters Member” has the meaning set forth in
		Section 5.08.
	 

	 
		“Third Point” means, collectively, Third Point Partners, L.P.,
		Third Point Partners Qualified, L.P., Daniel S. Loeb, Lawrence J.
		Bernstein and Todd Q. Swanson.
	 

	 
		“Trading Price” means the price per share of the Common Stock
		determined as follows:
	 

	 
		(a) if traded on a securities exchange
		(including the Nasdaq Global Market), the Trading Price shall be deemed to be
		the average of the closing prices of the
	 

	 
		 
	 

	 
		9
	 

	 
		 
	 

	 
		Common Stock on such exchange on the
		applicable date, or, if there have been no sales on any such exchange on any
		day, the average of the highest bid and lowest asked prices on such exchange as
		of 4:00 p.m., New York time, or, if on any day the Common Stock is
		not traded on an exchange, the average of the highest bid and lowest asked
		prices on such day in the domestic over-the-counter market as reported by the
		National Quotation Bureau, Incorporated or any similar successor organization,
		in each such case averaged over a period of thirty (30) days consisting of
		the Business Day as of which the Trading Price is being determined and the
		twenty-nine (29) consecutive Business Days prior to such day; or 
	 

	 
		(b) if at any time the Common Stock is not
		traded on a securities exchange or quoted in the domestic over-the-counter
		market, the Trading Price shall be the fair value thereof, as determined by the
		Manager.
	 

	 
		“Transfer”
		has the meaning set forth in Section 8.01.
	 

	 
		“Treasury Regulations” means the income tax regulations promulgated
		under the Code as amended from time to time or any successor
		regulations.
	 

	 
		“True-Up Certificate” has the meaning set forth in Section
		4.01(d)
	 

	 
		“True-Up Date” means the earlier of (i) the date on which
		both (x) Greenlight shall have sold an aggregate of 9,353,500 (as such number
		may be adjusted for stock splits, stock dividends, recapitalizations,
		reorganization and other similar events) or more shares of Common Stock after
		the Effective Time and (y) Third Point shall have sold an aggregate of
		4,676,750 (as such number may be adjusted for stock splits, stock dividends,
		recapitalizations, reorganization and other similar events) or more shares of
		Common Stock after the Effective Time and (ii) the expiration of five
		years from the Effective Time. For purposes of this definition, the word
		“sold” shall include any pledge, sale, contract to sell, or the grant
		of any option, right or warrant to purchase, or other disposition or transfer
		for value of, or the entry into any swap or other agreement that transfers, in
		whole or in part, the economic consequences of ownership of, shares of Common
		Stock.
	 

	 
		“True-Up Value” means a dollar amount equal to the aggregate
		Individual Sale Company Valuations.
	 

	 
		“Trued-Up Units” means, for each Member, the number of Units that
		would have been issued to such Member under Section 4.1(a) of the First Amended
		and Restated Limited Liability Company Agreement of the LLC, as such agreement
		was in effect on June 19, 2007 (such agreement being the “A&R LLC Agreement”), assuming that:
	 

	 
		(a) the IPO had occurred on the True-Up
		Date, rather than on June 19, 2007;
	 

	 
		(b) the date of distribution for purposes of
		such Section 4.1(a) is the True-Up Date, rather than June 19, 2007, such that
		(i) the A/B Unit Preferred Return, (ii) the M 
	 

	 
		 
	 

	 
		10
	 

	 
		 
	 

	 
		Unit Preferred Return, and (iii) the
		preferred return referred to in Section 4.1(a)(vii) of the A&R LLC
		Agreement, shall each be deemed to accrue through the True-Up Date, rather than
		only through June 19, 2007;
	 

	 
		(c) the valuation applied for purposes of
		such Section 4.1(a) was equal to the True-Up Value, rather than
		$241,500,000 (the value applied at the Effective Time);
	 

	 
		(d) (i) each of the A Unit Percentages, B
		Unit Percentages, M Unit Percentages, A/B Unit Percentages, C Unit Percentages,
		the A/B/M Unit Percentages and C/D Unit Percentages (each as defined in the
		A&R LLC Agreement) are the same for each Member as they were on June 19,
		2007, and (ii) no Transfers of Units had taken place from and after June 19,
		2007; and
	 

	 
		(e) no distributions have ever been made
		pursuant to Section 4.1(a) of the A&R LLC Agreement.
	 

	 
		“Unit” means
		an LLC Interest of a Member in the LLC representing a fractional part of the
		LLC Interests of all Members and shall consist of only one class or group of
		Units; provided that any Units issued shall have rights, powers and
		duties set forth in this Agreement.
	 

	 
		“Unit Percentage” means, with respect to any Member, a fraction
		(expressed as a percentage) established at the time of determination by
		dividing (i) the number of Units held by such Member at such time by
		(ii) the total number of Units held by all Members at such time.
	 

	 
		“Withholding Advances” has the meaning set forth in
		Section 4.06(b).
	 

	 
		SECTION 1.02. Usage Generally; Interpretation. Whenever the context may require, any pronoun includes
		the corresponding masculine, feminine and neuter forms. Words in the singular
		or the plural include the plural or the singular, as the case may be. The use
		of the word “or” is not exclusive. All references herein to the
		preamble, Articles, Sections, Subsections, paragraphs, Exhibits and Schedules
		shall be deemed to be references to the preamble, Articles, Sections,
		Subsections, paragraphs, Exhibits and Schedules of this Agreement unless the
		context otherwise requires. The words “include,” “includes”
		and “including” shall be deemed to be followed by the phrase
		“without limitation.” The words “hereof,”
		“herein” and “hereunder” and words of similar import when
		used in this Agreement refer to this Agreement as a whole and not to any
		particular provision of this Agreement. Unless otherwise expressly provided
		herein, any statute or law defined or referred to herein means such statute or
		law as from time to time amended, modified or supplemented, including by
		succession of comparable successor statutes. Except to the extent a provision
		of this Agreement expressly incorporates federal income tax rules by reference
		to sections of the Code or Treasury Regulations or is expressly prohibited or
		ineffective under the Delaware Act, this Agreement shall govern, even when
		inconsistent with, or different from, the provisions of the Delaware Act or any
		other law or rule.
	 

	 
		 
	 

	 
		11
	 

	 
		 
	 

	 
		ARTICLE II
	 

	 
		Organizational and Other
		Matters
	 

	 
		SECTION 2.01. Formation and Continuation of LLC; Effective
		Time. The LLC was formed on
		January 25, 2006, pursuant to the provisions of the Delaware Act, and the
		Members hereby agree to continue the Company as a limited liability company
		pursuant to the Delaware Act, upon the terms and subject to the conditions set
		forth in this Agreement. Upon consummation of the IPO, (a) this Agreement
		shall become effective (the “Effective Time”) immediately and without any further action on
		the part of any party hereto and (b) the terms, rights and obligations
		under the Existing LLC Agreement shall cease. Without limiting the generality
		of the foregoing, as of the Effective Time, and in accordance with the Existing
		LLC Agreement, the A Units, the B Units, the C Units, the
		D Units and the M Units under the Existing LLC Agreement shall be
		converted into the Units and as a result thereof shall cease to exist and be of
		no further value and the LLC Interests represented by the Units under this
		Agreement shall be the only equity interests in the LLC. An authorized officer
		or representative of the Company shall file and record any amendments and/or
		restatements to the Certificate and such other documents as may be required or
		appropriate under the laws of the State of Delaware and of any other
		jurisdiction in which the Company may conduct business. The LLC shall, upon
		request, provide any Member with copies of each such document as filed and
		recorded.
	 

	 
		SECTION 2.02. Limited Liability Company
		Agreement. The Members agree that
		this Agreement serves the purpose of establishing the affairs of the LLC and
		the conduct of its business in accordance with the provisions of the Delaware
		Act. The Members hereby agree that during the term of the LLC set forth in
		Section 2.06 the rights and obligations of the Members with respect to the
		LLC will be determined in accordance with the terms and conditions of this
		Agreement and, except where the Delaware Act provides that such rights and
		obligations specified in the Delaware Act shall apply “unless otherwise
		provided in a limited liability company agreement” or words of similar
		effect and such rights and obligations are set forth in this Agreement, the
		Delaware Act; provided that notwithstanding the foregoing, Section 18-210
		of the Delaware Act (entitled “Contractual Appraisal Rights”) shall not apply to or be incorporated into this
		Agreement.
	 

	 
		SECTION 2.03. Name. The
		name of the LLC shall be “BioFuel Energy, LLC.” The Manager in its
		sole discretion may change the name of the LLC at any time and from time to
		time. Notification of any such change shall be given to all Members. The
		LLC’s business may be conducted under its name and/or any other name or
		names deemed advisable by the Manager.
	 

	 
		SECTION 2.04. Purpose. The purpose and the business of the LLC shall be to
		engage in any lawful business for which a limited liability company may be
		organized under the Delaware Act. The LLC shall have any and all powers
		necessary or desirable to carry out the purposes and business of the LLC, to
		the extent that the same may be lawfully exercised by limited liability
		companies under the Delaware Act.
	 

	 
		 
	 

	 
		12
	 

	 
		 
	 

	 
		SECTION 2.05.Principal Office; Registered
		Office. The principal office of
		the LLC shall be located at 1801 Broadway, Suite 1060, Denver, CO 80202, or at
		such other place as the Manager may from time to time designate, and all
		business and activities of the LLC shall be deemed to have occurred at its
		principal office. The LLC may maintain offices at such other place or places as
		the Manager deems advisable. The address of the registered office of the LLC in
		the State of Delaware shall be as set forth in the Certificate and the
		registered agent for service of process on the LLC in the State of Delaware at
		such registered office shall be Corporation Service Company.
	 

	 
		SECTION 2.06. Term.The term of
		the LLC shall continue in existence until termination and dissolution thereof
		in accordance with the provisions of Article IX.
	 

	 
		SECTION 2.07.Foreign Qualification. Prior to the LLC’s conducting business in any
		jurisdiction other than Delaware, the Manager shall cause the LLC to comply, to
		the extent procedures are available and those matters are reasonably within the
		control of the Officers, with all requirements necessary to qualify the LLC as
		a foreign limited liability company in that jurisdiction. At the request of the
		Manager or any Officer, each Member shall execute, acknowledge, swear to and
		deliver any or all certificates and other instruments conforming with this
		Agreement that are necessary or appropriate to qualify, continue and terminate
		the LLC as a foreign limited liability company in all such jurisdictions in
		which the LLC may conduct business.
	 

	 
		SECTION 2.08.
		Tax Classification of LLC. The Members intend that the LLC shall be treated as a
		partnership for federal and state or local income tax purposes, and that each
		Member and the LLC shall file all tax returns and shall otherwise take all tax
		and financial reporting positions in a manner consistent with such
		treatment.
	 

	 
		ARTICLE III
	 

	 
		Management
	 

	 
		SECTION 3.01. Sole Manager. The Members shall not manage and control the business
		and affairs of the LLC, except for situations in which the approval of the
		Members is required by this Agreement or by non-waivable provisions of
		applicable law. The Manager shall exclusively manage and control the LLC’s
		business, affairs and day-to-day operations and, in such capacity, shall be the
		“manager” of the LLC within the meaning of the Delaware Act.
	 

	 
		 
	 

	 
		13
	 

	 
		 
	 

	 
		SECTION 3.02. Authority of the Sole Manager. Except for situations in which the approval of the
		Members is otherwise required by this Agreement, or by non-waivable provisions
		of applicable law, (i) the powers of the LLC shall be exercised by or
		under the sole, absolute and exclusive direction of the Manager, (ii) the
		Manager may make all decisions and take all actions for the LLC not otherwise
		provided for in this Agreement, and (iii) the Manager shall possess all
		powers necessary, convenient or appropriate to carry out the business of the
		LLC, including doing all things and taking all actions necessary to carry out
		the terms and provisions of this Agreement (and is hereby authorized and
		directed, on behalf of the LLC and in accordance with Section 18-404(c) of the
		Delaware Act, to do all such things and to take all such actions without any
		further act, vote, consent or approval of any Member or the Board, unless
		otherwise specifically required by this Agreement).
	 

	 
		SECTION 3.03. Authority of Members. In all matters relating to or arising out of the conduct
		of the operation of the LLC, the decision of the Manager shall be the decision
		of the LLC. Except as required or permitted by applicable law, or expressly
		provided in the ultimate sentence of this Section 3.03 or by separate
		agreement with the LLC, no Member who is not also the Manager (and acting in
		such capacity) shall take any part in the management or control of the
		operation or business of the LLC in its capacity as a Member, nor shall any
		Member who is not also the Manager (and acting in such capacity) have any
		right, authority or power to act for or on behalf of or bind the LLC in his or
		its capacity as a Member in any respect or assume any obligation or
		responsibility of the LLC or of any other Member. Notwithstanding the
		foregoing, the LLC may employ one or more Officers from time to time, and such
		Officers, in their capacity as employees of the LLC, may take part in the
		control and management of the business of the LLC to the extent such authority
		and power to act for or on behalf of the LLC has been delegated to them by the
		Manager.
	 

	 
		SECTION 3.04. Removal and Replacement of
		Manager. The Manager may not be
		removed or replaced at any time with or without the consent of the
		Manager.
	 

	 
		SECTION 3.05. Reliance by Third Parties. Any Person dealing with the LLC, other than a Member,
		may rely on the authority of the Manager (or any Officer authorized by the
		Manager) in taking any action in the name of the LLC without inquiry into the
		provisions of this Agreement or compliance herewith, regardless of whether that
		action actually is taken in accordance with the provisions of this Agreement.
		Every agreement, instrument or document executed by the Manager (or any Officer
		authorized by the Manager) in the name of the LLC with respect to any business
		or property of the LLC shall be conclusive evidence in favor of any Person
		relying thereon or claiming thereunder that (i) at the time of the
		execution or delivery thereof, this Agreement was in full force and effect,
		(ii) such agreement, instrument or document was duly executed according to
		this Agreement and is binding upon the LLC and (iii) the Manager or such
		Officer was duly authorized and empowered to execute and deliver such
		agreement, instrument or document for and on behalf of the LLC.
	 

	 
		SECTION 3.06. Officers. (a) Designation
		and Appointment. The officers of
		the Corporation shall automatically be designated and appointed as Officers of
		
	 

	 
		 
	 

	 
		14
	 

	 
		 
	 

	 
		the LLC, with titles, duties and authority
		corresponding to the titles, duties and authority held by such Officers in
		their capacity as officers of the Corporation, and with no specific action
		required by the Manager in order to appoint such persons. In addition, the
		Manager may (but need not), from time to time, designate and appoint one or
		more persons as additional Officers of the LLC. No Officer need be a resident
		of the State of Delaware or a Member. Any additional Officers so designated
		shall have such authority and perform such duties as the Manager may, from time
		to time, delegate to them, and no Officer shall be deemed to be a Manager as a
		result of his or her status as an Officer. The Manager may assign titles to
		particular Officers and create officer positions in its discretion. Unless
		the Manager otherwise decides, if the title is one commonly used for officers
		of a business corporation, the assignment of such title shall constitute the
		delegation to such Officer of the authority and duties that are normally
		associated with that office, subject to any specific delegation of authority
		and duties made to such Officer by the Corporation or by the Manager pursuant
		to this Section 3.06(a). Each Officer shall hold office until such
		Officer’s successor shall be duly designated and shall qualify or until
		such Officer’s death
		or until such Officer shall resign or
		shall have been removed in the manner hereinafter provided. Any number of
		offices may be held by the same individual. The salaries or other compensation,
		if any, of the Officers and agents of the LLC shall be fixed from time to time
		by the Corporation or the Manager, as applicable.
	 

	 
		(b) Resignation/Removal. Any Officer (subject to any contract rights available to
		the LLC, if applicable) may resign as such at any time. Such resignation shall
		be made in writing and shall take effect at the time specified therein, or if
		no time be specified, at the time of its receipt by the Manager. The acceptance
		of a resignation shall not be necessary to make it effective, unless expressly
		so provided in the resignation. Any Officer may be removed as such, either with
		or without cause, by the Manager in its discretion at any time; provided,
		however, that such removal shall be without prejudice to the
		contract rights, if any, of the individual so removed. Designation of an
		Officer shall not of itself create contract rights. Any vacancy occurring in
		any office of the LLC may be filled by the Manager.
	 

	 
		ARTICLE IV
	 

	 
		Distributions and Allocations
	 

	 
		SECTION 4.01.Distributions.  (a) The Manager, in its discretion, may authorize
		distributions by the LLC to the Members (including in the event of an
		extraordinary dividend, refinancing, recapitalization, merger or other
		restructuring transaction), which distributions shall be made pro rata in
		accordance with the Members’ respective Unit Percentages.
	 

	 
		(b) Upon the Effective Time, each Management
		Member (other than Edelman) shall deposit with the Escrow Agent one-half of the
		number of Effective Time Units issued to such Management Member in respect of
		the C Units and/or D Units held by such Management Member under the Existing
		LLC Agreement, together with an equal number of shares of Class B Stock
		(collectively, the “Escrowed
		Securities”). The Escrowed
		Securities shall be held by the Escrow Agent pursuant to the terms of the
		Escrow Agreement.
	 

	 
		 
	 

	 
		15
	 

	 
		 
	 

	 
		(c) Greenlight and Third Point shall provide
		to the Manager within five Business Days after the True-Up Date a certificate
		setting forth (i) the date of each Greenlight/Third Point Sale,
		(ii) the price per share of Common Stock sold by Greenlight and/or Third
		Point in such Greenlight/Third Point Sale, (iii) the number of shares of
		Common Stock sold by Greenlight and/or Third Point in such Greenlight/Third
		Point Sale, (iv) the number of Units and number of shares of Common Stock
		held by each of Greenlight and Third Point as of the True-Up Date, if any (and
		the number of shares that are deemed to have been sold on the True-Up Date for
		purposes of this Section 4.01(c)), and (v) the Trading Price as of
		the True-Up Date.
	 

	 
		(d) Within ten Business Days after the
		True-Up Date, Greenlight shall prepare, in consultation with the Manager, Third
		Point and the Management Members, and deliver to each of the Manager, Third
		Point and each Management Member a certificate (the “True-Up
		Certificate”) setting forth the
		True-Up Value and each Management Member’s Effective Time Units, Trued-Up
		Units and the related Excess Amount or Shortfall Amount, as applicable. The
		True-Up Certificate shall set forth computations and other information in
		reasonable detail sufficient to demonstrate the calculation of such amounts.
		Each of the Manager, Third Point and each Management Member shall assist
		Greenlight in the preparation of the True-Up Certificate as reasonably
		requested by Greenlight. 
	 

	 
		(i) The True-Up Certificate shall become
		final and binding upon the parties upon the tenth Business Day following the
		receipt by the Manager, Third Point and the Management Members of the True-Up
		Certificate, unless the Manager, Third Point or a Management Member gives
		written notice of its disagreement with the True-Up Certificate (a
		“Notice of
		Disagreement”) to Greenlight, with
		a copy to the Manager, prior to such date. Any Notice of Disagreement shall
		specify in reasonable detail the nature of any disagreement so asserted. If a
		Notice of Disagreement is received by Greenlight and the Manager in a timely
		manner, then the True-Up Certificate shall become final and binding upon the
		parties upon the earlier of (A) the date that the Manager, Greenlight, Third
		Point and the Management Members resolve in writing any differences they have
		with respect to the matters specified in the Notice of Disagreement or (B) the
		date any disputed matters are finally resolved in writing by the Accounting
		Firm.
	 

	 
		(ii) During the ten Business-Day period
		following the delivery of a Notice of Disagreement, the Manager, Greenlight,
		Third Point and the Management Members shall seek in good faith to resolve in
		writing any differences that they may have with respect to the matters
		specified in the Notice of Disagreement. At the end of such ten Business-Day
		period, Greenlight and the Manager shall submit to an independent accounting
		firm (the “Accounting
		Firm”) for arbitration any and all
		matters that remain in dispute and were included in the Notice of Disagreement.
		The Accounting Firm shall be such nationally recognized independent public
		accounting firm as shall be agreed upon by the Manager, 
	 

	 
		 
	 

	 
		16
	 

	 
		 
	 

	 
		Greenlight, Third Point and the Management
		Members in writing. Judgment may be entered upon the determination of the
		Accounting Firm in any court having jurisdiction over the party or parties
		against which such determination is to be enforced.
	 

	 
		(e) In the event that:
	 

	 
		(i) a Management Member’s Effective
		Time Units are greater than such Management Member’s Trued-Up Units (the
		excess being the “Excess Amount”), then
	 

	 
		(A) with respect to such Management Member
		(other than Edelman), a number of Units equal to the product of (A) the
		Greenlight/Third Point Specified A Unit Percentage and (B) the lesser of
		(x) the Excess Amount and (y) the number of such Management Member’s
		Escrowed Securities, shall be released and distributed in accordance with the
		Escrow Agreement to Greenlight and Third Point pro rata based on their
		respective Specified A Unit Percentages, and all of such Management
		Member’s Escrowed Securities that are not required to be distributed to
		Greenlight or Third Point shall be released and distributed to such Management
		Member in accordance with the Escrow Agreement; and
	 

	 
		(B) with respect to Edelman, he shall either
		(x) distribute a number of Units equal to Edelman’s Excess Amount to
		Greenlight and Third Point pro rata based on their respective Specified A
		Unit Percentages, or (y) pay an amount in cash equal to the product of
		(i) Edelman’s Excess Amount, multiplied by (ii) the Trading Price as
		of the date of payment, to Greenlight and Third Point pro rata based on their
		respective Specified A Unit Percentages; and
	 

	 
		(ii) a Management Member’s Effective
		Time Units are less than such Management Member’s Trued-Up Units (the
		shortfall being the “Shortfall Amount”), then both:
	 

	 
		(A) Greenlight and Third Point shall deliver
		to such Management Member either (or any combination of):
	 

	 
		(x) a number of Units equal to the product
		of (I) such Management Member’s Shortfall Amount, multiplied by
		(II) Greenlight’s or Third Point’s applicable Specified A
		Unit Percentage; or
	 

	 
		(y)an amount in cash equal to the product of
		(I) such Management Member’s Shortfall Amount, multiplied by (II) the
		Trading Price as of the date of payment, multiplied by (III) Greenlight’s
		or Third Point’s applicable Specified A Unit Percentage; and
	 

	 
		 
	 

	 
		17
	 

	 
		 
	 

	 
		(B) all of such Management Member’s
		Escrowed Securities shall be released and delivered to such Management Member
		in accordance with the Escrow Agreement; and
	 

	 
		(iii) to the extent a Member is obligated to
		deliver, or cause to be delivered, Units pursuant to this Section 4.01(e), (I)
		such Member may deliver, or cause to be delivered, a number of shares of Common
		Stock equal to the number of Units required to be delivered in lieu of
		delivering such Units (or any combination of shares of Common Stock and Units)
		and (II) to the extent such Member does not deliver shares of Common Stock in
		accordance with clause (I) above (and does not deliver cash in lieu of Units,
		if permitted), shall also deliver with such Units a number of shares of Class B
		Stock equal to the number of Units required to be delivered.
	 

	 
		(iv) In furtherance of the foregoing,
		promptly upon the True-Up Certificate becoming final and binding upon the
		parties, as provided in this Section 4.01, the Manager, in consultation with
		Greenlight and Third Point, shall prepare the release certificate contemplated
		by the Escrow Agreement and deliver such release certificate to the Escrow
		Agent.
	 

	 
		(f) (i) In addition to the foregoing,
		if the Manager reasonably determines that the operations of the LLC for a
		Fiscal Year will give rise to net taxable income for any of the Members
		(“Net Taxable Income”), the Manager shall cause the LLC to distribute
		Available Cash for purposes of allowing each of the Members to fund their
		respective income tax liabilities attributable to the LLC (the “Tax
		Distributions”). The Tax Distributions payable to a Member with respect to
		any Fiscal Year shall be computed based upon the Manager’s estimate of the
		Net Taxable Income allocable to such Member for such Fiscal Year in accordance
		with this Article IV (taking into account the effect of
		Section 4.04(b)), multiplied by the Assumed Tax Rate (the “Tax
		Amount”). For purposes of computing the Tax Amount, the effect of any
		benefit to a Member under Section 743(b) of the Code will be ignored but
		any tax credits allocated to a Member for such Fiscal Year shall be taken into
		account.
	 

	 
		(ii) Tax Distributions shall be calculated
		and paid no later than one day prior to each quarterly due date for the payment
		by corporations of estimated taxes under the Code in the following manner:
		(A) for the first quarterly period, 25% of the Tax Amount, (B) for
		the second quarterly period, 50% of the Tax Amount, less the prior Tax
		Distributions for the Fiscal Year, (C) for the third quarterly period, 75%
		of the Tax Amount, less the prior Tax Distributions for the Fiscal Year and
		(D) for the fourth quarterly period, 100% of the Tax Amount, less the
		prior Tax Distributions for the Fiscal Year. Following each Fiscal Year, and no
		later than one day prior to the due date for the payment by corporations of
		income taxes for such Fiscal Year, the Manager shall make an amended
		calculation of the Tax Amount for such Fiscal Year (the “Amended Tax
		Amount”), and shall cause the LLC to distribute a Tax Distribution,
		out of Available Cash, to the extent that the Amended Tax Amount so calculated
		exceeds the cumulative Tax Distributions previously made by the LLC in respect
		of such Fiscal Year. If the Amended Tax Amount is less than the cumulative Tax
		Distributions previously made by
	 

	 
		 
	 

	 
		18
	 

	 
		 
	 

	 
		 the LLC in respect of the relevant Fiscal
		Year, then the difference (the “Credit Amount”) shall be
		applied against, and shall reduce, the amount of Tax Distributions made to the
		Members for subsequent Fiscal Years. Within 30 days following the date on which
		the LLC files a tax return on IRS Form 1065 (or any successor form), the
		Manager shall make a final calculation of the Tax Amount of such Fiscal Year
		(the “Final Tax Amount”) and shall cause the LLC to distribute
		a Tax Distribution, out of Available Cash, to the extent that the Final Tax
		Amount so calculated exceeds the Amended Tax Amount. If the Final Tax Amount is
		less than the Amended Tax Amount in respect of the relevant Fiscal Year, then
		the difference (“Additional Credit Amount”) shall be applied
		against, and shall reduce, the amount of Tax Distributions made to the Members
		for subsequent Fiscal Years. Any Credit Amount and Additional Credit Amount
		applied against future Tax Distributions shall be treated as an amount actually
		distributed pursuant to this Section for purposes of the computations herein.
		In the event that the Tax Distributions made to a Member for any Fiscal Year
		shall be less than the Final Tax Amount for such Member due to an insufficiency
		of Available Cash, then such Member shall receive additional Tax Distributions
		out of the first Available Cash in subsequent Fiscal Years to make up for such
		shortfall.
	 

	 
		(iii) For the avoidance of doubt, any Tax
		Distributions distributed to a Member pursuant to this Section 4.01(f)
		shall not affect the amount of distributions that may be made to such Member
		pursuant to Section 4.01(a).
	 

	 
		SECTION 4.02. Liquidation
		Distribution. Distributions made upon liquidation of the LLC shall be made
		as provided in Section 9.02.
	 

	 
		SECTION 4.03. Limitations on
		Distribution. Notwithstanding any provision to the contrary contained in
		this Agreement, the Manager shall not authorize a distribution to any Member if
		such distribution would violate Section 18-607 of the Delaware Act or
		other applicable law.
	 

	 
		SECTION 4.04. Allocations. (a) Net
		Income and Net Loss. Except as otherwise provided in this Agreement, Net
		Income and Net Loss (and, to the extent necessary, individual items of income,
		gain, loss, deduction or credit) of the LLC shall be allocated among the
		Members in a manner such that, after giving effect to the special allocations
		set forth in Section 4.05, the Capital Accounts of all Members,
		immediately after making such allocation, are, as nearly as possible, equal on
		a per Unit basis.
	 

	 
		(b) Tax Allocations. For federal,
		state and local income tax purposes, items of income, gain, loss, deduction and
		credit shall be allocated to the Members in accordance with the allocations of
		the corresponding items for Capital Account purposes under Sections 4.01(a) and
		4.05, except that tax items attributable to each asset with respect to which
		there is a difference between tax basis and Book Value will be allocated in
		accordance with Section 704(c) of the Code and the Regulations thereunder.
		Such allocations shall be made using any reasonable method specified in
		Regulation Section 1.704-3 as the Tax Matters Member determines reasonably
		and in good faith; provided that with respect to the assets contributed
		by Cargill the Tax Matters Member shall use either (i) the traditional
		method with curative allocations or (ii) the remedial method.
	 

	 
		 
	 

	 
		 
	 

	 
		19
	 

	 
		 
	 

	 
		SECTION 4.05. Special Allocations.
		(a) Minimum Gain Chargeback. Notwithstanding any other provision of
		Section 4.04, if there is a net decrease in Minimum Gain or Nonrecourse
		Debt Minimum Gain (determined in accordance with the principles of Regulation
		Sections 1.704-2(d) and 1.704-2(i)) during any Taxable Year, the Members
		shall be specially allocated items of Net Income for such year (and, if
		necessary, subsequent years) in an amount equal to their respective shares of
		such net decrease during such year, determined pursuant to Treasury Regulation
		Sections 1.704-2(g) and 1.704-2(i)(5). The items to be so allocated shall
		be determined in accordance with Treasury Regulation Sections 1.704-2(f),
		1.704-2(i)(4), 1.704-2(j)(2). This Section 4.05(a) is intended to comply
		with the minimum gain chargeback requirements in such Treasury Regulation
		Sections and shall be interpreted consistently therewith; including that no
		chargeback shall be required to the extent of the exceptions provided in
		Treasury Regulation Sections 1.704-2(f) and 1.704-2(i)(4).
	 

	 
		(b) Qualified Income Offset. In the
		event any Member unexpectedly receives any adjustments, allocations, or
		distributions described in Treasury Regulation
		Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of Net Income shall be
		specially allocated to such Member in an amount and manner sufficient to
		eliminate the Adjusted Capital Account Deficit created by such adjustments,
		allocations or distributions as promptly as possible; provided that an
		allocation pursuant to this Section 4.05(b) shall be made if and only to
		the extent that such Member would have an Adjusted Capital Account Deficit
		after all other allocations provided for in Section 4.01 and this
		Section 4.05 have been tentatively made as if this Section 4.05(b)
		were not in the Agreement. This Section 4.05(b) is intended to comply with
		the “qualified income offset” requirement in such Regulation Section
		and shall be interpreted consistently therewith.
	 

	 
		(c) Nonrecourse Liabilities. For
		purposes of Treasury Regulation Section 1.752-3(a), any Member’s
		interests in LLC profits shall be in proportion with the respective Unit
		Percentage.
	 

	 
		(d) Nonrecourse Deductions. Any
		Member nonrecourse deductions (as defined in Treasury Regulation
		Section 1.704-2(i)(1) and (2)) for any Fiscal Period shall be allocated to
		the Member who bears the economic risk of loss with respect to the liability to
		which such Member nonrecourse deductions are attributable in accordance with
		Regulation Section 1.704-2(i)(1). Nonrecourse Deductions (as such term is
		defined in Treasury Regulation Sections 1.704-2(b)(1) and 1.704-2(c)) of
		the LLC shall be allocated to the Members in proportion with the respective
		Unit Percentage.
	 

	 
		(e) Section 754 Adjustment. To
		the extent an adjustment to the adjusted tax basis of any Company asset
		pursuant to Sections 734(b) or 743(b) of the Code is required, pursuant to
		Treasury Regulation Section 1.704-1(b)(2)(iv)(m), to be taken into account
		in determining the Capital Accounts, the amount of such adjustment to the
		Capital Accounts shall be treated as an item of gain (if the adjustment
		increases the basis
	 

	 
		 
	 

	 
		20
	 

	 
		 
	 

	 
		of the asset) or loss (if the adjustment
		decreases such basis), and such gain or loss shall be specially allocated to
		the Members in a manner consistent with the manner in which their Capital
		Accounts are required to be adjusted pursuant to such regulation.
	 

	 
		(f) Ordering Rules. Notwithstanding
		anything to the contrary in this Agreement, allocations for any Fiscal Year or
		other period of nonrecourse deductions or of items required to be allocated
		pursuant to the minimum gain chargeback requirements contained in
		Section 4.05 shall be made before any other allocations hereunder.
	 

	 
		SECTION 4.06. Tax Withholding;
		Withholding Advances. (a) Tax Withholding. If requested by the
		Manager, each Member shall deliver to the LLC: (i) documentation in form
		reasonably satisfactory to the Manager that the applicable Member is not
		subject to withholding under the provisions of any federal, state, local,
		foreign or other law; and/or (ii) any other form or instrument reasonably
		requested by the Manager relating to any Member’s status under such law.
		In the event that a Member fails or is unable to deliver to the Manager the
		documentation described in subclause (i) of this clause (a), the
		Manager will withhold amounts from such Member in accordance with
		Section 4.06(b) (relating to Withholding Advances).
	 

	 
		(b) Withholding Advances –
		General. To the extent the LLC is required by law to withhold or to make
		tax payments on behalf of or with respect to any Member (e.g., backup
		withholding) (“Withholding Advances”), the Manager may
		withhold such amounts and make such tax payments as so required; provided that,
		unless such withholding or payment is required by law or regulation to be made
		in a lesser amount of time, the Manager shall provide not less than ten (10)
		Business Days’ notice to the applicable Member prior to making such
		withholding or payment.
	 

	 
		(c) Repayment of Withholding
		Advances. Any Withholding Advances made on behalf of a Member that are not
		satisfied by withholding from cash distributable to such Member, plus interest
		thereon at a rate equal to the prime rate announced by Citibank, N.A. as of the
		date of such Withholding Advances plus two percent (2%) per annum, shall
		(i) be paid by the Member on whose behalf such Withholding Advances were
		made on demand by the LLC or (ii) with the consent of the Manager in its
		sole discretion be repaid by reducing the amount of the current or next
		succeeding Distribution or Distributions which would otherwise have been made
		to such Member or, if such Distributions are not sufficient for that purpose,
		by so reducing the proceeds of liquidation otherwise payable to such Member.
		Whenever repayment of a Withholding Advance by a Member is made as described in
		clause (ii) above, for all other purposes of this Agreement such Member
		shall be treated as having received all the applicable Distributions unreduced
		by the amount of such Withholding Advance and interest thereon.
	 

	 
		(d) Withholding Advances –
		Reimbursement of Liabilities. Each Member hereby agrees to reimburse the
		LLC for any liability with respect to Withholding Advances (including interest
		thereon) required or made on behalf of or with respect to such Member
		(including penalties imposed with respect thereto).
	 

	 
		 
	 

	 
		21
	 

	 
		 
	 

	 
		ARTICLE V
	 

	 
		Capital Contributions; Capital Accounts;
		Tax Matters
	 

	 
		SECTION 5.01. Capital Contributions. The Members have made, on or prior to the date hereof,
		Capital Contributions and have acquired the number of Units pursuant to the
		conversion referred to in Section 2.01 as specified opposite their respective
		names on Schedule A, which shall be updated by the Manager from time to
		time as appropriate.
	 

	 
		SECTION 5.02. No Additional Capital Contributions. No Member (x) shall be required to make
		additional Capital Contributions to the LLC without the prior written consent
		of such Member or (y) shall, except as otherwise provided in this Article,
		be permitted to make additional Capital Contributions to the LLC without the
		consent of the Manager.
	 

	 
		SECTION 5.03. Capital Accounts. (a) The LLC shall maintain on its books and records a
		separate capital account for each Member according to the rules of Treasury
		Regulation Section 1.704-1(b) (each such account, a “Capital Account”). The amount in the Capital Account of any Member
		at any time shall be equal to the sum of:
	 

	 
		(i) the amount of such Member’s Capital
		Contributions, plus
	 

	 
		(ii) the amount of Net Income allocated to
		such Member pursuant to Section 4.01 or any items in the nature of income
		or gain which are specially allocated pursuant to Section 4.05;
		plus
	 

	 
		(iii) the amount of any LLC liabilities that
		are assumed by such Member (other than liabilities that are secured by any LLC
		property distributed to such Member that the Member is considered to assume or
		take subject to Section 752 of the Code) 
	 

	 
		and the sum of subsections (i) through (iii)
		shall be reduced by the sum of:
	 

	 
		(iv) the amount of Net Losses allocated to
		such Member pursuant to Section 4.01 or any items in the nature of
		expenses or losses which are specially allocated pursuant to Section 4.05;
		plus
	 

	 
		(v) the amount of cash and the Book Value of
		property, if any, distributed to such Member by the LLC (net of liabilities
		secured by such distributed property that such Member is considered to assume
		or take subject to Section 752 of the Code); plus
	 

	 
		(vi) the amount of any liabilities of such
		Member that are assumed by the LLC (other than liabilities that are secured by
		any property contributed by such Member to the LLC).
	 

	 
		 
	 

	 
		22
	 

	 
		 
	 

	 
		(b) (i) The Manager shall adjust the Book
		Values and Capital Account balances as of the Effective Time in accordance with
		Treasury Regulation Section 1.704-1(b)(2)(iv)(f)-(g) based upon the price of
		the Common Stock in the IPO and (ii) the Manager may adjust the Book Values and
		Capital Account balances in connection with any subsequent event described in
		Treasury Regulation Section 1.704-1(b)(2)(iv)(f); provided,
		however, that the Manager shall so adjust the Book Values and
		Capital Account balances if the aggregate amount of such an adjustment would be
		material.
	 

	 
		(c) In the event that any Person is
		transferred Units of a Member in accordance with the provisions of
		Article VIII, such Person shall succeed to the Capital Account of the
		transferor Member to the extent the Capital Account relates to the transferred
		interest (or a portion thereof).
	 

	 
		SECTION 5.04. Negative Capital Accounts. No Member shall be required to pay to any other Member
		or the LLC the amount of any deficit or negative balance that may exist from
		time to time in such Member’s Capital Account (including upon the
		dissolution of the LLC).
	 

	 
		SECTION 5.05. Loans From Members. Loans by Members to the LLC shall not be considered
		Capital Contributions. If any Member shall loan funds to the LLC in excess of
		the amounts required hereunder to be contributed by such Member to the capital
		of the LLC, the making of such loans shall not result in any increase in the
		amount of the Capital Account of such Member. The amount of any such loans
		shall be a debt of the LLC to such Member and shall be payable or collectible
		in accordance with the terms and conditions upon which such loans are
		made.
	 

	 
		SECTION 5.06. Preparation of Tax Returns. The Manager shall cause the LLC to accurately prepare
		and timely file all tax returns required to be filed by the LLC and its
		Subsidiaries. In furtherance of the foregoing, the Company shall provide the
		Members with estimated Schedule K-1s by March 15 of each calendar
		year, which shall address the immediately preceding year.
	 

	 
		SECTION 5.07. Tax Elections.
		The Manager shall cause the LLC and any Subsidiary that is a partnership for
		tax purposes to make an election pursuant to Section 754 of the Code (and any
		comparable elections under the applicable state and local tax laws) to adjust
		the tax basis of its assets in connection with transfers of Units, which
		elections shall be made on the tax returns of such entities for the taxable
		year that includes the Effective Time. Except as otherwise expressly provided
		herein, the Manager shall, in its sole discretion, determine whether to make or
		revoke any available election pursuant to the Code (or any state or local tax
		laws). Each Member will upon request supply any information reasonably
		necessary to give proper effect to any election.
	 

	 
		SECTION 5.08. Tax Matters Member. The Manager is hereby designated the
		“Tax Matters Member” and is authorized and required to represent the
		LLC (at the LLC’s expense) in connection with all examinations of the
		LLC’s affairs by tax authorities, including resulting administrative and
		judicial proceedings, and to expend LLC funds for professional services
		reasonably incurred in connection therewith. Each 
	 

	 
		 
	 

	 
		 
	 

	 
		23
	 

	 
		 
	 

	 
		Member agrees to cooperate with the LLC and
		the Tax Matters Member, and to do or refrain from doing any or all things
		reasonably requested by the LLC with respect to the conduct of such
		proceedings, including providing the Tax Matters Member with such information
		as the Tax Matters Member may reasonably request. The Tax Matters Member shall
		keep all Members fully informed of the progress of any examinations, audits or
		other proceedings. Each Member may, at its own expense, participate in any
		meetings with the relevant tax authorities.
	 

	 
		ARTICLE VI
	 

	 
		Books, Records, Accounting and
		Reports
	 

	 
		SECTION 6.01. Records and Accounting. The LLC shall keep, or cause to be kept, appropriate
		books and records with respect to the LLC’s business, including all books
		and records necessary to provide any information, lists and copies of documents
		required to be provided pursuant to applicable laws. All matters concerning
		(i) the determination of the relative amount of allocations and
		distributions among the Members pursuant to Article IV and
		(ii) accounting procedures and determinations, and other determinations
		not specifically and expressly provided for by the terms of this Agreement,
		shall be determined by the Manager, whose determination shall be final and
		conclusive as to all of the Members absent manifest clerical error.
	 

	 
		SECTION 6.02. Fiscal Year. The
		fiscal year (the “Fiscal
		Year”) of the LLC for financial
		statement and federal income tax purposes shall be the same and shall, except
		as otherwise required in accordance with the Code, end on December 31.
	 

	 
		ARTICLE VII
	 

	 
		LLC Units
	 

	 
		SECTION 7.01. Units. LLC
		Interests shall be represented by Units. The authorized Units which the LLC has
		authority to issue consist of 50,000,000 Units. The Units will consist of a
		single class. The Manager may establish other classes from time to time in
		accordance with such procedures and subject to such conditions and restrictions
		as the Manager shall determine from time to time. Except as expressly provided
		in this Agreement to the contrary, any reference to “Units” shall
		include any other classes that may be established in accordance with this
		Agreement. All Units of a particular class shall have identical rights in all
		respects as all other Units of such class, except in each case as otherwise
		specified in this Agreement.
	 

	 
		SECTION 7.02. Register. The
		register of the LLC shall be the definitive record of ownership of each Unit
		and all relevant information with respect to each Member. Unless the Manager
		shall determine otherwise, Units shall be certificated as provided in Section
		7.08 and recorded in the books and records of the LLC.
	 

	 
		SECTION 7.03. Splits, Distributions and
		Reclassifications. The LLC shall not in
		any manner subdivide (by any Unit split, Unit distribution,
		reclassification,
	 

	 
		 
	 

	 
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		recapitalization or otherwise) or combine
		(by reverse Unit split, reclassification, recapitalization or otherwise) the
		outstanding Units unless an identical event is occurring with respect to the
		Common Stock. In the event of any such subdivision or combination of the Common
		Stock, the Units shall automatically be subdivided or combined concurrently
		with and in the same manner as the Common Stock. The register of the LLC shall
		be adjusted accordingly and on a timely basis.
	 

	 
		SECTION 7.04. Cancellation of Common Stock and Units. At any time a share of Common Stock is redeemed,
		repurchased, acquired, cancelled or terminated by the Corporation, one Unit
		registered in the name of the Manager will hereby automatically be cancelled
		for no consideration by the LLC so that the number of Units held by the
		Corporation at all times equals the number of shares of Common Stock
		outstanding. The register of the LLC shall be adjusted accordingly and on a
		timely basis.
	 

	 
		SECTION 7.05. Incentive Plans.
		At any time the Corporation issues a share of Common Stock pursuant to an
		Incentive Plan (whether pursuant to the exercise of a stock option or the grant
		of a restricted share award or otherwise), the following shall occur:
		(a) the Corporation shall be deemed to contribute to the capital of the
		LLC an amount of cash equal to the current per share market price of a share of
		Common Stock on the date such share is issued (or, if earlier, the date the
		related option is exercised) and the Capital Account of the Corporation shall
		be adjusted accordingly; (b) the LLC shall be deemed to purchase from the
		Corporation a share of Common Stock for an amount of cash equal to the amount
		of cash deemed contributed by the Corporation to the LLC in clause (a)
		above (and such share is deemed delivered to its owner under the Incentive
		Plan); (c) the net proceeds (including the amount of any payments made on
		a loan with respect to a stock purchase award) received by the Corporation with
		respect to such share, if any, shall be concurrently transferred and paid to
		the LLC (and such net proceeds so transferred shall not constitute a Capital
		Contribution); and (d) the LLC shall issue to the Corporation one Unit
		registered in the name of the Corporation. The LLC shall retain any net
		proceeds that are paid directly to the LLC.
	 

	 
		SECTION 7.06. Offerings of Common Stock. At any time the Corporation issues a share of Common
		Stock other than pursuant to an Incentive Plan, the net proceeds received by
		the Corporation with respect to such share, if any, shall be concurrently
		transferred to the LLC and the LLC shall issue to the Corporation one Unit
		registered in the name of the Corporation.
	 

	 
		SECTION 7.07. Registered Members. The LLC shall be entitled to recognize the exclusive
		right of a Person registered on its records as the owner of Units for all
		purposes and shall not be bound to recognize any equitable or other claim to or
		interest in Units on the part of any other Person, whether or not it shall have
		express or other notice thereof, except as otherwise provided by the Delaware
		Act.
	 

	 
		 
	 

	 
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		SECTION 7.08. Certification of Units. Each Unit shall be represented by a certificate in the
		form attached hereto as Schedule C (an “LLC Certificate”) and
		shall be imprinted with a legend in substantially the following form, in
		addition to any applicable legends required under the Escrow Agreement:
	 

	 
		“THE UNITS REPRESENTED BY THIS LLC
		CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
		AMENDED (THE “ACT”), OR APPLICABLE STATE SECURITIES LAWS (“STATE
		ACTS”) AND MAY NOT BE SOLD, ASSIGNED, PLEDGED OR TRANSFERRED OR OTHERWISE
		DISPOSED OF WITHOUT AN EFFECTIVE REGISTRATION UNDER THE ACT OR STATE ACTS OR AN
		EXEMPTION THEREFROM. THE TRANSFER OF THE UNITS REPRESENTED BY THIS LLC
		CERTIFICATE IS SUBJECT TO THE CONDITIONS SPECIFIED IN THE SECOND AMENDED AND
		RESTATED LIMITED LIABILITY COMPANY AGREEMENT, DATED AS OF JUNE 19, 2007,
		AS AMENDED AND MODIFIED FROM TIME TO TIME, GOVERNING THE ISSUER (THE
		“COMPANY”) AND BY AND AMONG CERTAIN INVESTORS. A COPY OF SUCH
		CONDITIONS SHALL BE FURNISHED BY THE COMPANY TO THE HOLDER HEREOF UPON WRITTEN
		REQUEST AND WITHOUT CHARGE.”
	 

	 
		(a) Upon the conversion of each
		Member’s A Units, B Units, C Units, D Units and
		M Units referred to in Section 2.01, and upon each subsequent
		issuance of Units to any Member in accordance with the provisions of this
		Agreement, the LLC shall issue one or more LLC Certificates in the name of such
		Member. Each such LLC Certificate shall be denominated in terms of the number
		of Units evidenced by such LLC Certificate and shall be signed by the Manager
		on behalf of the LLC. 
	 

	 
		(b) The LLC shall issue a new LLC
		Certificate in place of any LLC Certificate previously issued if the holder of
		the Units represented by such LLC Certificate, as reflected on the books and
		records of the LLC:
	 

	 
		(i) makes proof by affidavit, in form and
		substance satisfactory to the Manager, that such previously issued LLC
		Certificate has been lost, stolen or destroyed;
	 

	 
		(ii) requests the issuance of a new LLC
		Certificate before the Manager has notice that such previously issued LLC
		Certificate has been acquired by a purchaser for value in good faith and
		without notice of an adverse claim;
	 

	 
		(iii) if requested by the Manager, delivers
		to the LLC a bond, in form and substance satisfactory to the Manager, with such
		surety or sureties as the Manager may direct, to indemnify the LLC and the
		Manager against any claim that may be
	 

	 
		 
	 

	 
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		made on account of the alleged loss,
		destruction or theft of the previously issued LLC Certificate; and
	 

	 
		(iv) satisfies any other reasonable
		requirements imposed by the Manager and any applicable requirements under the
		Escrow Agreement.
	 

	 
		(c) Upon a Member’s Transfer of any or
		all of the Units represented by an LLC Certificate in compliance with
		Article VIII hereof, the transferee of such Units shall deliver such LLC
		Certificate to the Manager for cancellation, and the Manager shall thereupon
		issue a new LLC Certificate to such transferee for the Units being transferred
		and, if applicable, cause to be issued to such transferor a new LLC Certificate
		for that number of Units represented by the canceled LLC Certificate which are
		not being transferred.
	 

	 
		ARTICLE VIII
	 

	 
		Transfer of LLC Interests
	 

	 
		SECTION 8.01. Restrictions on Transfer. No Member may sell, assign, pledge, transfer or
		otherwise dispose of all or any portion of such Member’s Units (whether
		with or without consideration and whether voluntarily or involuntarily or by
		operation of law) (a “Transfer”),
		unless (i) the prior written consent of the Manager is obtained, which
		consent may be given or withheld, or made subject to such conditions (including
		the receipt of such legal opinions and other documents that the Manager may
		require) as are determined by the Manager, in each case in the Manager’s
		sole discretion (ii) such Transfer complies with the provisions of this
		Article VIII and the relevant provisions of any agreements to which the
		LLC and such Member are parties and (iii) such transfer is accompanied by the
		delivery of an endorsed LLC Certificate. In the event that a Member transfers
		any Units pursuant to this Section 8.01, in connection with such transfer
		it shall also transfer a pro rata portion of its (i) Capital Account and
		(ii) credits for Capital Contributions to such transferee.
	 

	 
		SECTION 8.02. Permitted Transfers. (a) Notwithstanding anything to the contrary in this
		Agreement, (i) each Member who is an individual may transfer all or a
		portion of his Units without consideration to (A) a member of such
		Member’s immediate family, which shall include his spouse, siblings,
		children or grandchildren (“Family
		Members”) or (B) a trust
		(including any grantor retained annuity trust), corporation, partnership or
		limited liability company, all of the beneficial interests in which shall be
		held by such Member and/or one or more Family Members of such Member;
		provided, however, that
		during the period that any such trust, corporation, partnership or limited
		liability company holds any Units, no Person other than such Member or one or
		more Family Members of such Member may be or may become beneficiaries,
		stockholders, limited or general partners or members thereof, (ii) each
		Member that is an entity may transfer all or a portion of its Units to any of
		its Affiliates (it being understood, in furtherance of and not in limitation of
		the foregoing, that Greenlight and Third Point may transfer Units held by them
		to an entity in which both Greenlight and Third Point hold equity interests
		that is an Affiliate of either Greenlight or
	 

	 
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		Third Point) and (iii) each Member that is a
		party to the Escrow Agreement may transfer all or a portion of its Units to any
		other party to the Escrow Agreement in connection with the true-up contemplated
		by Section 4.01(e) (the Persons referred to in the preceding
		clauses (i), (ii) and (iii) are each referred to hereinafter as a
		“Permitted Transferee”). A Permitted Transferee of Units
		pursuant to this Section 8.02 may transfer its Units pursuant to this
		Section 8.02 only to the transferor Member or to a Person that is a
		Permitted Transferee of such transferor Member (and in the case of a transfer
		by a Member who is an individual, only without consideration), provided,
		however, that all Permitted Transferees shall be subject to this Agreement and,
		if applicable, the Escrow Agreement and the Tax Benefit Sharing Agreement, in
		the same manner as the transferor. Transfers pursuant to this Section 8.02
		shall not require the consent of the Manager.
	 

	 
		SECTION 8.03. Permitted Exchanges. (a) Notwithstanding Section 8.01, each Member
		(other than the Corporation) shall be entitled to exchange, at any time and
		from time to time, any or all of such Member’s Units, on a one-for-one
		basis, for the same number of shares of Common Stock (the number of shares of
		Common Stock for which a Unit is entitled to be exchanged referred to herein as
		the “Exchange Rate”) by delivering a written notice to the
		Manager (and to the Corporation, if the Corporation is not the Manager) stating
		that such Member desires to exchange a number of Units specified in such notice
		into an equal number of shares of Common Stock, accompanied by instruments of
		transfer to the Corporation, duly executed by such Member or such Member’s
		duly authorized attorney, and transfer tax stamps or funds therefor, if
		required pursuant to this Article VIII, in respect of the Units to be
		exchanged, in each case delivered during normal business hours at the principal
		executive offices of the Manager (and the Corporation, if the Corporation is
		not the Manager). The Manager shall use commercially reasonable efforts to
		effect any such exchange within one Business Day of receiving the requisite
		notice, instruments of transfer and transfer tax stamps or funds therefor, if
		required, as set forth in the preceding sentence. Notwithstanding the
		foregoing, no holder of a Unit shall be entitled to exchange such Unit for a
		share of Common Stock if such exchange would be prohibited under applicable
		federal or state securities laws or regulations.
	 

	 
		(b) Upon the date any such Units are
		surrendered for exchange pursuant to this Section 8.03, all rights of the
		holder of such Units as such holder shall cease.
	 

	 
		(c) The Exchange Rate shall be adjusted
		accordingly if there is: (1) any subdivision (by any unit split, unit
		distribution, reclassification, recapitalization or otherwise) or combination
		(by reverse unit split, reclassification, recapitalization or otherwise) of the
		Units that is not accompanied by an identical subdivision or combination of the
		Common Stock; or (2) any subdivision (by any stock split, stock dividend,
		reclassification, recapitalization or otherwise) or combination (by reverse
		stock split, reclassification, recapitalization or otherwise) of the Common
		Stock that is not accompanied by an identical subdivision or combination of the
		Units. In the event of a reclassification or other similar transaction as a
		result of which the shares of Common Stock are converted into another security,
		then a Member shall be entitled to receive upon exchange the amount of such
		security that such Member would have received if such
	 

	 
		 
	 

	 
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		exchange had occurred immediately prior to
		the effective date of such reclassification or other similar transaction.
		
	 

	 
		SECTION 8.04.  Further Restrictions. Notwithstanding any contrary provision in this
		Agreement, in no event may any Transfer of a Unit be made by any Member or
		transferee if:
	 

	 
		(a) such Transfer is made to any Person who
		lacks the legal right, power or capacity to own such Unit;
	 

	 
		(b) such Transfer would require the
		registration of such transferred Unit or of any class of Unit pursuant to any
		applicable United States federal or state securities laws (including, without
		limitation, the Securities Act or the Exchange Act) or other foreign securities
		laws or would constitute a nonexempt distribution pursuant to applicable state
		securities laws;
	 

	 
		(c) such Transfer would cause any portion of
		the assets of the LLC to constitute assets of any employee benefit plan
		pursuant to the regulations issued by the U.S. Department of Labor at
		Section 2510.3-101 of Part 2510 of Chapter XXV, Title 29 of the
		Code of Federal Regulations, or any successor regulations;
	 

	 
		(d) such Transfer would cause any portion of
		the assets of the LLC to become “plan assets” of any benefit plan
		investor within the meaning of regulations issued by the U.S. Department of
		Labor at Section 2510.3-101 of Part 2510 of Chapter XXV,
		Title 29 of the Code of Federal Regulations, or any successor regulations,
		or to be regulated under the Employee Retirement Income Security Act of 1974,
		as amended from time to time; or
	 

	 
		(e) to the extent requested by the Manager
		(except in the case of a Transfer contemplated by Section 4.01(e) or
		Section 8.02), the LLC does not receive such legal and/or tax opinions and
		written instruments (including copies of any instruments of Transfer and such
		transferee’s consent to be bound by this Agreement as a transferee) that
		are in a form satisfactory to the Manager, as determined in the Manager’s
		sole discretion.
	 

	 
		SECTION 8.05. Transferee’s Rights. (a) A transfer of an LLC Interest permitted hereunder
		shall be effective as of the date of assignment and compliance with the
		conditions to such transfer and such transfer shall be shown on the books and
		records of the LLC. Net Income, Net Losses and other LLC items shall be
		allocated between the transferor and the transferee according to
		Section 706 of the Code. Distributions made before the effective date of
		such transfer shall be paid to the transferor, and Distributions made after
		such date shall be paid to the transferee.
	 

	 
		(b) Unless and until a transferee becomes a
		Substituted Member pursuant to Section 8.07, the transferee shall not be
		entitled to any of the rights granted to a Member hereunder or under applicable
		law, other than the rights granted specifically to 
	 

	 
		 
	 

	 
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		transferees pursuant to this Agreement and
		to have the other rights granted to transferees pursuant to the Delaware
		Act.
	 

	 
		SECTION 8.06. Transferor’s Rights and Obligations. Any Member who shall transfer any Units or other
		interest in the LLC shall cease to be a Member with respect to such Units or
		other interest and shall no longer have any rights or privileges of a Member
		with respect to such Units or other interest except that unless and until the
		transferee is admitted as a Substituted Member in accordance with the
		provisions of Section 8.07 (the “Admission Date”), (i) such assigning Member shall retain all
		of the duties, liabilities and obligations of a Member with respect to such
		Units or other interest and (ii) the Manager may, in its sole discretion,
		reinstate all or any portion of the rights and privileges of such Member with
		respect to such Units or other interest for any period of time prior to the
		Admission Date.
	 

	 
		SECTION 8.07. Substituted Members. In connection with the transfer of a Unit of a Member
		permitted under the terms of this Agreement, and the other agreements
		contemplated hereby and thereby, the transferee shall become a Substituted
		Member on the later of (i) the effective date of such transfer and
		(ii) the date on which the Manager approves such transferee as a
		Substituted Member, and such admission shall be shown on the books and records
		of the LLC and the Substituted Member signs a letter of acceptance, in form
		satisfactory to the Manager, of all the terms and conditions of this Agreement,
		including, if applicable, the Escrow Agreement and the Tax Benefit Sharing
		Agreement, and signs such other documents and instruments as may be necessary
		or appropriate to effect such Person’s admission as a Substituted
		Member.
	 

	 
		SECTION 8.08. Additional Members. A Person may be admitted to the LLC as an additional
		Member only in connection with a transfer of Units permitted under this
		Article VIII and only upon such Person furnishing to the Company
		(a) a letter of acceptance, in form satisfactory to the Manager, of all
		the terms and conditions of this Agreement, and (b) such other documents
		or instruments as may be necessary or appropriate to effect such Person’s
		admission as a Member. A Person may be admitted to the LLC as an additional
		Member through the issuance of new Units or other securities of the LLC with
		the prior written consent of the Manager and only upon such Person furnishing
		to the Company (a) a letter of acceptance, in form satisfactory to the
		Manager, of all the terms and conditions of this Agreement, including, if
		applicable, the Tax Benefit Sharing Agreement, and (b) such other
		documents or instruments as may be necessary or appropriate to effect such
		Person’s admission as a Member. Any admission of an additional Member
		pursuant to this Agreement shall become effective on the date on which the
		Manager determines in its sole discretion that such conditions have been
		satisfied and when any such admission is shown on the books and records of the
		LLC.
	 

	 
		SECTION 8.09. Attempted Transfer Void. Any attempted Transfer which violates the provisions
		of this Agreement shall be void and the purported buyer, transferee, pledgee,
		mortgagee or other recipient shall have no interest in or rights to LLC assets,
		profits, losses or distributions, and neither the Members nor the LLC shall be
		required to recognize any such interest or rights.
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
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		SECTION 8.10. Withdrawal. No
		Member may, or may be required to, withdraw from the LLC, except upon a
		Transfer of such Member’s Units in accordance with the provisions of this
		Agreement or upon a permitted repurchase or redemption of such Member’s
		Units pursuant to the provisions of this Agreement or any other agreement to
		which the LLC and such Member are parties.
	 

	 
		SECTION 8.11. Required Amendments; Continuation. If and to the extent any transferee is admitted as a
		Member pursuant to Section 8.07, this Agreement shall be amended to admit
		such transferee as a Member and to reflect the elimination of the transferor
		(or the reduction of such Member’s interest) and (if and to the extent
		then required by the Delaware Act) a certificate of amendment to the
		Certificate reflecting such admission and elimination (or reduction) shall be
		filed in accordance with the Act.
	 

	 
		SECTION 8.12. Resignation. No
		Member shall have the right to resign or withdraw as a Member without the prior
		written consent of the Manager, which may be given or withheld in its sole
		discretion except to the extent that such resignation or withdrawal is
		effectuated in connection with a transfer, permitted under this
		Article VIII, by such Member of all Units held by it. Any Member that
		resigns without any required consent of the Manager in contravention of this
		Section 8.12 shall be liable to the LLC for all damages (including all
		lost profits and special, indirect and consequential damages) directly or
		indirectly caused by the resignation of such Member, and such Member shall be
		entitled to receive the fair value of his, her or its interest in the LLC as of
		the date of his, her or its resignation (or, if less, the fair value of his,
		her or its interest as of the date of the occurrence of a liquidation or other
		winding-up of the LLC), as conclusively determined by the Manager, only
		promptly following the occurrence of a liquidation or other winding-up of the
		LLC.
	 

	 
		ARTICLE IX
	 

	 
		Dissolution and Liquidation
	 

	 
		SECTION 9.01. Dissolution. The
		LLC shall not be dissolved by the admission of additional Members or
		Substituted Members. The LLC shall dissolve, and its affairs shall be wound up,
		upon the first to occur of the following:
	 

	 
		(a) the entry of a decree of judicial
		dissolution of the LLC under Section 35-5 of the Delaware Act or an
		administrative dissolution under Section 18-802 of the Delaware
		Act;
	 

	 
		(b) any other event not inconsistent with
		any provision hereof causing a dissolution of the LLC under the Delaware Act;
		or
	 

	 
		(c) the Incapacity or removal of the Manager
		or the occurrence of a Disabling Event with respect to the Manager;
		provided that the LLC will not be dissolved or required to be
		wound up in connection with any of the events specified in this
		Section 9.01 if: (i) at the time of the occurrence of such event
		there is at least one other Member who is hereby authorized to, and elects
		to,
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
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		carry on the business of the LLC; or
		(ii) all remaining Members consent to or ratify the continuation of the
		business of the LLC and the appointment of another managing member of the LLC
		within 90 days following the occurrence of any such Incapacity or removal,
		which consent shall be deemed (and if requested each Member shall provide a
		written consent for ratification) to have been given for all Members if the
		holders of more than two-thirds of the Units then outstanding agree in writing
		to so continue the business of the LLC.
	 

	 
		Except as otherwise set forth in this
		Article IX, the LLC is intended to have perpetual existence. A withdrawal
		by a Member shall not cause a dissolution of the LLC, and the LLC shall
		continue in existence subject to the terms and conditions of this
		Agreement.
	 

	 
		SECTION 9.02. Liquidation and Termination.
		On dissolution of the LLC, the Manager, or any
		other Person or Persons designated by the Manager, shall act as liquidator (the
		“Liquidator”). The Liquidator shall proceed diligently to wind
		up the affairs of the LLC and make final distributions as provided herein and
		in the Delaware Act. The costs of liquidation shall be expenses of the LLC.
		Until final distribution, the Liquidator shall continue to operate the LLC
		properties with all of the power and authority of the Manager. The steps to be
		accomplished by the Liquidator are as follows:
	 

	 
		(a) The Liquidator shall pay, satisfy or
		discharge from LLC funds all of the debts, liabilities and obligations of the
		LLC (including all expenses incurred in liquidation) or otherwise make adequate
		provision for payment and discharge thereof (including the establishment of a
		cash fund for contingent liabilities in such amount and for such term as the
		Liquidator may reasonably determine).
	 

	 
		(b) In the event that the LLC holds assets
		other than cash at the time of its dissolution, then as promptly as practicable
		after dissolution, the Liquidator shall (i) determine the Fair Market
		Value (the “Liquidation
		FMV”) of such assets (the
		“Liquidation Assets”) in accordance with this Article IX, and
		(ii) deliver to each Member a statement setting forth the Liquidation FMV
		and the amounts and recipients of such Distributions.
	 

	 
		(c) The “Fair Market Value” of any Liquidation Assets shall be conclusively
		determined by the Liquidator, and shall be determined with the consultation of
		an independent appraiser and with good faith and fair dealing.
	 

	 
		(d) As soon as the Liquidation FMV and the
		proper amounts of Distributions have been determined in accordance with
		Sections 9.02(b) and (c) above, the Liquidator shall promptly distribute the
		LLC’s Liquidation Assets to the holders of Units in accordance with
		Sections 4.01(a) and 4.01(f). Any non-cash Liquidation Assets will first
		be written up or down to their Fair Market Value, thus creating Net Income or
		Net Loss (if any), which shall be allocated in accordance with Section 4.04. In
		making such distributions, the Liquidator shall allocate each type of
		Liquidation Assets (i.e., cash or cash equivalents, stock or securities, etc.)
		among the Members ratably based upon the aggregate amounts to be distributed
		with respect to the Units held by each such holder.
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
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		The distribution of cash and/or property to
		a Member in accordance with the provisions of this Section 9.02
		constitutes a complete return to the Member of its Capital Contributions and a
		complete distribution to the Member of its interest in the LLC and all the
		LLC’s property and constitutes a compromise to which all Members have
		consented within the meaning of the Delaware Act. To the extent that a Member
		returns funds to the LLC, it has no claim against any other Member for those
		funds.
	 

	 
		SECTION 9.03. Certificate of Cancellation. On completion of the distribution of LLC assets as
		provided herein, the LLC is terminated (and the LLC shall not be terminated
		prior to such time), and the Manager (or such other Person or Persons as the
		Delaware Act may require or permit) shall file a certificate of cancellation
		with the Secretary of State of Delaware, cancel any other filings made pursuant
		to this Agreement that are or should be canceled and take such other actions as
		may be necessary to terminate the LLC. The LLC shall be deemed to continue in
		existence for all purposes of this Agreement until it is terminated pursuant to
		this Section 9.03.
	 

	 
		SECTION 9.04. Reasonable Time for Winding Up. A reasonable time shall be allowed for the orderly
		winding up of the business and affairs of the LLC and the liquidation of its
		assets pursuant to Section 9.02 in order to minimize any losses otherwise
		attendant upon such winding up.
	 

	 
		SECTION 9.05. Return of Capital. The Liquidator shall not be personally liable for the
		return of Capital Contributions or any portion thereof to the Members (it being
		understood that any such return shall be made solely from LLC assets).
	 

	 
		ARTICLE X
	 

	 
		Rights and Obligations of
		Members
	 

	 
		SECTION 10.01. Limitation of Liability. Except as otherwise provided by applicable law, the
		debts, obligations and liabilities of the LLC, whether arising in contract,
		tort or otherwise, shall be solely the debts, obligations and liabilities of
		the LLC, and no Member shall be obligated personally for any such debt,
		obligation or liability of the LLC solely by reason of being a Member or acting
		as a Member of the LLC; provided that a
		Member shall be required to return to the LLC any Distribution made to it in
		clear and manifest accounting or similar error. The immediately preceding
		sentence shall constitute a compromise to which all Members have consented
		within the meaning of the Delaware Act. Notwithstanding anything contained
		herein to the contrary, the failure of the LLC to observe any formalities or
		requirements relating to the exercise of its powers or management of its
		business and affairs under this Agreement or the Delaware Act shall not be
		grounds for imposing personal liability on the Members for liabilities of the
		LLC. Each Member’s and the Manager’s liability shall be limited as
		set forth in this Agreement, the Delaware Act and other applicable law. The
		Manager shall have no liability for taking or failing to take any action
		required to be taken by it under this Agreement to the extent the Manager or
		the Members have agreed that such action shall
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		33
	 

	 
		 
	 

	 
		be taken or not be taken, as the case may
		be. To the fullest extent permitted under the Delaware Act, no Member, the
		Manager or any officer of the LLC (each, a “Covered Person”) shall be liable to the LLC or to any of the
		Members for any losses, claims, damages or liabilities arising (i) by
		reason of being or having been a Covered Person or (ii) from any act or
		omission performed or omitted by the Covered Person in connection with this
		Agreement or the LLC’s business or affairs (including any error in
		judgment in making any investment decisions), including losses due to the
		negligence of other agents of the LLC, except for any losses, claims, damages
		or liabilities primarily attributable to such Covered Person’s willful
		misconduct, recklessness, or gross negligence, as finally determined by a court
		of competent jurisdiction, or as otherwise required by law. 
	 

	 
		SECTION 10.02. Exculpation. (a)
		No Covered Person shall be liable, including under any legal or equitable
		theory of fiduciary duty or other theory of liability, to the Company or to any
		other Covered Person for any losses, claims, damages or liabilities incurred by
		reason of any act or omission performed or omitted by such Covered Person on
		behalf of the Company unless such act or omission was performed or omitted by
		such Covered Person in bad faith. Whenever in this Agreement a Covered Person
		is permitted or required to make decisions in good faith, the Covered Person
		shall act under such standard and shall not be subject to any other or
		different standard (including any legal or equitable standard of fiduciary or
		other duty) imposed by this Agreement or any relevant provisions of law or in
		equity or otherwise.
	 

	 
		(b) A Covered Person shall be fully
		protected in relying in good faith upon the records of the Company and upon
		such information, opinions, reports or statements presented to the Company by
		any Person as to matters the Covered Person reasonably believes are within such
		Person’s professional or expert competence.
	 

	 
		SECTION 10.03. Lack of Authority. No Member in its capacity as such has the authority or
		power to act for or on behalf of the LLC in any manner, to do any act that
		would be (or could be construed as) binding on the LLC or to make any
		expenditures on behalf of the LLC, and the Members hereby consent to the
		exercise by the Manager of the powers conferred on it by law and this
		Agreement.
	 

	 
		SECTION 10.04. No Right of Partition. No Member shall have the right to seek or obtain
		partition by court decree or operation of law of any LLC property, or the right
		to own or use particular or individual assets of the LLC.
	 

	 
		SECTION 10.05. Indemnification. (a) The LLC hereby agrees to indemnify and hold harmless
		any Covered Person (each an “Indemnified Person”) to the fullest extent permitted under the
		Delaware Act, as the same now exists or may hereafter be amended, substituted
		or replaced (but, in the case of any such amendment, substitution or
		replacement only to the extent that such amendment, substitution or replacement
		permits the LLC to provide broader indemnification rights than the LLC is
		providing immediately prior to such amendment), against all expenses,
		liabilities and losses (including attorney fees, judgments, fines, excise taxes
		or penalties) (collectively “Losses”)
		reasonably incurred or suffered by such Person (or one or more of such
		Person’s Affiliates) by reason of the fact that such Person is or was a
		Member, Manager
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		34
	 

	 
		 
	 

	 
		or Officer. The LLC may, as determined by
		the Manager, also indemnify and hold harmless any Indemnified Person to the
		fullest extent permitted under the Delaware Act who is or was serving as an
		employee or agent of the LLC or is or was serving at the request of the LLC as
		a managing member, officer, director, principal, member, employee or agent of
		another corporation, partnership, joint venture, limited liability company,
		trust or other enterprise (including any of the LLC’s Subsidiaries).
		Expenses, including attorney fees, incurred by any such Indemnified Person in
		defending a proceeding otherwise indemnifiable hereunder shall be paid by the
		LLC in advance of the final disposition of such proceeding, including any
		appeal therefrom, upon receipt of an undertaking by or on behalf of such
		Indemnified Person to repay such amount if it shall ultimately be determined
		that such Indemnified Person is not entitled to be indemnified by the LLC.
		Notwithstanding the foregoing, no indemnification shall be provided by the LLC
		with respect to any Losses that resulted from action or inaction of such
		Indemnified Person that, in each case, constituted gross negligence, willful
		misconduct, a breach of the Indemnified Party’s fiduciary duty to the LLC
		or an act that was not in good faith, that involved a knowing violation of law
		or from which the Indemnified Person derived an improper personal
		benefit.
	 

	 
		(b) The right to indemnification and the
		advancement of expenses conferred in this Section 10.05 shall not be
		exclusive of any other right which any Person may have or hereafter acquire
		under any statute, agreement, by-law or otherwise.
	 

	 
		(c) The LLC may maintain insurance, at its
		expense, to protect any Indemnified Person against any expense, liability or
		loss described in Section 10.05(a) above whether or not the LLC would have
		the power to indemnify such Indemnified Person against such expense, liability
		or loss under the provisions of this Section 10.05. 
	 

	 
		(d) Notwithstanding anything contained
		herein to the contrary (including in this Section 10.05), any indemnity by
		the LLC relating to the matters covered in this Section 10.05 shall be
		provided out of and to the extent of LLC assets only and no Member (unless such
		Member otherwise agrees in writing or is found in a final decision by a court
		of competent jurisdiction to have personal liability on account thereof) shall
		have personal liability on account thereof or shall be required to make
		additional Capital Contributions to help satisfy such indemnity of the
		LLC.
	 

	 
		(e) If this Section 10.05 or any
		portion hereof shall be invalidated on any ground by any court of competent
		jurisdiction, then the LLC shall nevertheless indemnify and hold harmless each
		Indemnified Person pursuant to this Section 10.05 to the fullest extent
		permitted by any applicable portion of this Section 10.05 that shall not
		have been invalidated and to the fullest extent permitted by applicable
		law.
	 

	 
		ARTICLE XI
	 

	 
		General Provisions
	 

	 
		SECTION 11.01. Power of Attorney. (a) Each Member hereby constitutes and appoints the
		Manager and the Liquidator, with full power of substitution,
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		35
	 

	 
		 
	 

	 
		as his true and lawful agent and
		attorney-in-fact, with full power and authority in his or its name, place and
		stead, to execute, swear to, acknowledge, deliver, file and record in the
		appropriate public offices: (i) this Agreement, all certificates and other
		instruments and all amendments thereof which are in accordance with the terms
		of this Agreement and which the Manager deems appropriate or necessary to form,
		qualify, or continue the qualification of, the LLC as a limited liability
		company in the State of Delaware and in all other jurisdictions in which the
		LLC may conduct business or own property, (ii) all instruments which the
		Manager deems appropriate or necessary to reflect any amendment, change,
		modification or restatement of this Agreement which is in accordance with its
		terms, (iii) all conveyances and other instruments or documents which the
		Liquidator deems appropriate or necessary to reflect the dissolution and
		liquidation of the LLC pursuant to the terms of this Agreement, including a
		certificate of cancellation and (iv) all instruments relating to the
		admission, withdrawal or substitution of any Member pursuant to this
		Agreement.
	 

	 
		(b) The foregoing power of attorney is
		irrevocable and coupled with an interest, and shall survive the death,
		disability, incapacity, dissolution, bankruptcy, insolvency or termination of
		any Member and the transfer of all or any portion of his or its LLC Interest
		and shall extend to such Member’s heirs, successors, assigns and personal
		representatives.
	 

	 
		SECTION 11.02. Further Action. The parties shall execute and deliver all documents,
		instruments, and certificates, provide all information, and take or refrain
		from taking all such further actions as may be necessary or appropriate to
		achieve the purposes of this Agreement and effect the provisions hereof, as
		determined by the Manager.
	 

	 
		SECTION 11.03. Amendments. This
		Agreement may not be amended except in writing and with the consent of the
		Manager, which may be withheld in its sole discretion; provided,
		however, that any amendment or modification that adversely
		affects the rights of one or more Members under this Agreement, in their
		capacity as such, in a manner that is materially different from the manner in
		which such amendment or modification affects the rights of other Members under
		this Agreement, in their capacity as such, shall require the consent of each
		such adversely affected Member; provided,
		further, however, that
		any amendment to Sections 4.01(b), (c), (d) or (e), 5.02, 8.03 and this 11.03,
		and any defined terms that are used in those sections, shall require the
		consent of each of Greenlight, Third Point and each Management Member.
	 

	 
		SECTION 11.04. Title to LLC Assets.
		LLC assets shall be deemed to be owned by the LLC
		as an entity, and no Member, individually or collectively, shall have any
		ownership interest in such LLC assets or any portion thereof. Legal title to
		any or all LLC assets may be held in the name of the LLC, the Manager or one or
		more nominees, as the Manager may determine. The Manager hereby declares and
		warrants that any LLC assets for which legal title is held in its name or the
		name of any nominee shall be held in trust by the Manager or such nominee for
		the use and benefit of the LLC in accordance with the provisions of this
		Agreement. All LLC assets shall be recorded as the property of the LLC on its
		books and records, irrespective of the name in which legal title to any such
		LLC asset is held.
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		36
	 

	 
		 
	 

	 
		SECTION 11.05. Remedies. Each
		Member shall have all rights and remedies set forth in this Agreement and all
		rights and remedies which such Person has been granted at any time under any
		other agreement or contract and all of the rights which such Person has under
		any law. Any Person having any rights under any provision of this Agreement or
		any other agreements contemplated hereby shall be entitled to enforce such
		rights specifically (without posting a bond or other security), to recover
		damages by reason of any breach of any provision of this Agreement and to
		exercise all other rights granted by law.
	 

	 
		SECTION 11.06. Successors and Assigns.
		All covenants and agreements contained in this
		Agreement shall bind and inure to the benefit of the parties hereto and their
		respective heirs, executors, administrators, successors, legal representatives
		and permitted assigns, whether so expressed or not.
	 

	 
		SECTION 11.07. Severability. Whenever possible, each provision of this Agreement will
		be interpreted in such manner as to be effective and valid under applicable
		law, but if any provision of this Agreement is held to be invalid, illegal or
		unenforceable in any respect under any applicable law or rule in any
		jurisdiction, such invalidity, illegality or unenforceability will not affect
		any other provision or the effectiveness or validity of any provision in any
		other jurisdiction, and this Agreement will be reformed, construed and enforced
		in such jurisdiction as if such invalid, illegal or unenforceable provision had
		never been contained herein.
	 

	 
		SECTION 11.08. Counterparts. This Agreement may be executed simultaneously in two or
		more separate counterparts, any one of which need not contain the signatures of
		more than one party, but each of which will be an original and all of which
		together shall constitute one and the same agreement binding on all the parties
		hereto.
	 

	 
		SECTION 11.09. Applicable Law. This Agreement shall be governed by, and construed in
		accordance with, the laws of the State of Delaware, without giving effect to
		any choice of law or conflict of law rules or provisions (whether of the State
		of Delaware or any other jurisdiction) that would cause the application of the
		laws of any jurisdiction other than the State of Delaware.
	 

	 
		SECTION 11.10. Addresses and Notices.
		All notices, demands or other communications to be
		given or delivered under or by reason of the provisions of this Agreement shall
		be in writing and shall be deemed to have been given or made when
		(a) delivered personally to the recipient, (b) telecopied to the
		recipient (with hard copy sent to the recipient by reputable overnight courier
		service (charges prepaid) that same day) if telecopied before 5:00 p.m.
		New York time on a Business Day, and otherwise on the next Business Day, or
		(c) one (1) Business Day after being sent to the recipient by
		reputable overnight courier service (charges prepaid). Such notices, demands
		and other communications shall be sent to the address for such recipient set
		forth on the signature
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		37
	 

	 
		 
	 

	 
		pages or Schedules hereto, and/or to such
		other address or to the attention of such other person as the recipient party
		has specified by prior written notice to the sending party. Any notice to the
		Manager or the LLC shall be deemed given if received by the Manager at the
		principal office of the LLC, designated pursuant to Section 2.05.
	 

	 
		SECTION 11.11. Creditors; Third Party Beneficiaries.
		None of the provisions of this Agreement shall be
		for the benefit of or enforceable by any creditors of the LLC or any of its
		Affiliates, and no creditor who makes a loan to the LLC or any of its
		Affiliates may have or acquire (except pursuant to the terms of a separate
		agreement executed by the LLC in favor of such creditor) at any time as a
		result of making the loan any direct or indirect interest in Net Income, Net
		Losses, Distributions, capital or property other than as a secured creditor.
		Except to the extent contemplated by Section 10.05, there are no third
		party beneficiaries having rights under or with respect to this
		Agreement.
	 

	 
		SECTION 11.12. Waiver. No
		failure by any party to insist upon the strict performance of any covenant,
		duty, agreement or condition of this Agreement or to exercise any right or
		remedy consequent upon a breach thereof shall constitute a waiver of any such
		breach or any other covenant, duty, agreement or condition.
	 

	 
		SECTION 11.13. Entire Agreement.
		This Agreement, those documents expressly referred
		to herein and other documents of even date herewith embody the complete
		agreement and understanding among the parties and supersede and preempt any
		prior understandings, agreements or representations by or among the parties,
		written or oral, which may have related to the subject matter hereof in any
		way.
	 

	 
		SECTION 11.14. Delivery by Facsimile.
		This Agreement, the agreements referred to herein,
		and each other agreement or instrument entered into in connection herewith or
		therewith or contemplated hereby or thereby, and any amendments hereto or
		thereto, to the extent signed and delivered by means of a facsimile machine,
		shall be treated in all manner and respects as an original agreement or
		instrument and shall be considered to have the same binding legal effect as if
		it were the original signed version thereof delivered in person. At the request
		of any party hereto or to any such agreement or instrument, each other party
		hereto or thereto shall reexecute original forms thereof and deliver them to
		all other parties. No party hereto or to any such agreement or instrument shall
		raise the use of a facsimile machine to deliver a signature or the fact that
		any signature or agreement or instrument was transmitted or communicated
		through the use of a facsimile machine as a defense to the formation or
		enforceability of a contract and each such party forever waives any such
		defense.
	 

	 
		SECTION 11.15. Waiver of Certain Rights.
		Each Member irrevocably waives any right it may
		have to demand any Distributions or withdrawal of property from the LLC or to
		maintain any action for dissolution (except pursuant to Section 18-802 of
		the Delaware Act) of the LLC or for partition of the property of the
		LLC.
	 

	 
		SECTION 11.16. Survival. Section 10.01 (Limitation of Liability) and
		Section 10.05 (Indemnification) shall survive and continue in full force
		in accordance with its terms notwithstanding any termination of this Agreement
		or the dissolution of the LLC.
	 

	 
		 
	 

	 
		 
	 

	 
		IN WITNESS WHEREOF, the undersigned have
		executed or caused to be executed on their behalf this Second Amended and
		Restated Limited Liability Company Agreement as of the date first above
		written.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  BIOFUEL ENERGY, LLC,
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  
 by 
				

			 	
				
				  /s/ Scott H. Pearce
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: Scott H. Pearce
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: President and CEO 
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  BIOFUEL ENERGY CORP.,
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  
 by
				

			 	
				
				   /s/ Scott H. Pearce
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: Scott H. Pearce
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: President and CEO
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  Address for Notices:
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  BioFuel Energy Corp.

				  1801 Broadway, Suite 1060

				  Denver, CO 80202

				  Attention of Michael N. Stefanoudakis

				  Fax: (303) 592-8117
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		IN WITNESS WHEREOF, the undersigned have
		executed or caused to be executed on their behalf this Second Amended and
		Restated Limited Liability Company Agreement as of the date first above
		written.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  GREENLIGHT CAPITAL, L.P.,
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  by 
				

			 	
				
				  
 GREENLIGHT CAPITAL, LLC, its
				  general partner,
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  by
				

			 	
				
				   /s/ David Einhorn 
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:
				  David Einhorn 
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: Senior Managing Member
				  
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  GREENLIGHT CAPITAL QUALIFIED,
				  L.P.,
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  by 
				

			 	
				
				  
 GREENLIGHT CAPITAL, LLC, its
				  general partner,
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  by
				

			 	
				
				   /s/ David Einhorn 
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:
				  David Einhorn
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: Senior Managing Member

				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  Address for Notices:
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  c/o GREENLIGHT CAPITAL,
				  INC.
 140 East 45th Street,
				  24th Floor
 New York, NY
				  10017
 Attention of Chief Operating
				  Officer
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  With a copy to:
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Akin Gump Strauss Hauer & Feld
				  LLP
 1700 Pacific Avenue, Suite
				  4100
 Dallas, TX 75201

				  Attention of Eliot D. Raffkind

				  Tel: (214) 969-4667
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		IN WITNESS WHEREOF, the undersigned have
		executed or caused to be executed on their behalf this Second Amended and
		Restated Limited Liability Company Agreement as of the date first above
		written.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  THIRD POINT PARTNERS L.P.,
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  by
				

			 	
				
				  THIRD POINT ADVISORS L.L.C.,
				  
 its general partner,
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  by
				

			 	
				
				  /s/ Justin Nadler
				

			 
	 	 	 	 	 	
				
				  Name: Justin Nadler
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: Authorized Signatory
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  THIRD POINT PARTNERS QUALIFIED,
				  L.P.,
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  by
				

			 	
				
				  THIRD POINT ADVISORS L.L.C.,
				  
 its general partner,
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  by
				

			 	
				
				  /s/ Justin Nadler
				

			 
	 	 	 	 	
				
				   
				

			 	
				
				  Name: Justin Nadler
				

			 
	
				
				  
				

			 	
				
				  
				

			 	
				
				  
				

			 	
				
				  
				

			 	
				
				   
				

			 	
				
				  Title: Authorized Signatory
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Address for Notices:
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  390 Park Avenue
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  18th Floor
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  New York, NY 10018
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  With a copy to:
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Willkie Farr & Gallagher
				  LLP
 787 Seventh Avenue

				  New York, NY  10019

				  Attention of Holly K. Youngwood

				  Tel: (212) 728-8512
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		IN WITNESS WHEREOF, the undersigned has
		executed or caused to be executed on his behalf this Second Amended and
		Restated Limited Liability Company Agreement as of the date first above
		written.
	 

	 
		 
	 

	 
			
				
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  /s/ Daniel S. Loeb
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Daniel S. Loeb
				

			 

 

	 
		 
	 

	 

	 
		 
	 

	 
		 
	 

	 
		IN WITNESS WHEREOF, the undersigned has
		executed or caused to be executed on his behalf this Second Amended and
		Restated Limited Liability Company Agreement as of the date first above
		written.
	 

	 
		 
	 

	 
			
				
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  /s/ Lawrence J. Bernstein
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Lawrence J. Bernstein
				

			 

 

	 
		 
	 

	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		IN WITNESS WHEREOF, the undersigned has
		executed or caused to be executed on his behalf this Second Amended and
		Restated Limited Liability Company Agreement as of the date first above
		written.
	 

	 
		 
	 

	 
			
				
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  /s/ Todd Q. Swanson
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Todd Q. Swanson
				

			 

 

	 
		 
	 

	 

	 
		 
	 

	 
		 
	 

	 
		IN WITNESS WHEREOF, the undersigned has
		executed or caused to be executed on his behalf this Second Amended and
		Restated Limited Liability Company Agreement as of the date first above
		written.
	 

	 
		 
	 

	 
			
				
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  /s/ Thomas J. Edelman
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Thomas J. Edelman
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		IN WITNESS WHEREOF, the undersigned have
		executed or caused to be executed on their behalf this Second Amended and
		Restated Limited Liability Company Agreement as of the date first above
		written.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  WCIOSAQ CORP.,
				

			 
	 	 	 	 	 	 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  by
				

			 	
				
				  /s/ Max W. Batzer 
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:
				  Max W. Batzer
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: Director
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Address for Notices:
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  c/o Wynnefield Capital Inc.
				

				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Attn: Max W. Batzer
				

				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  450 Seventh Ave., Suite 509 
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  New York, NY 10123
				

				
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		IN WITNESS WHEREOF, the undersigned have
		executed or caused to be executed on their behalf this Second Amended and
		Restated Limited Liability Company Agreement as of the date first above
		written.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Snyder Family Investments
				  L.P.,
				

			 
	 	 	 	 	 	 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  by
				

			 	
				
				  /s/ John C. Snyder 
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  By: Snyder Operating Company, LLC
				  
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Its: General Partner
				

			 
	 	 	 	 	 	
				
				  By: John C. Snyder 
				

			 
	 	 	 	 	 	
				
				  Its: President 
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Address for Notices:
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  201 Main Street, Suite 1450
				

				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Fort Worth, TX 76102-3108 
				

				
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		IN WITNESS WHEREOF, the undersigned have
		executed or caused to be executed on their behalf this Second Amended and
		Restated Limited Liability Company Agreement as of the date first above
		written.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  NANCY AND JOHN SNYDER 

				  FOUNDATION,
				

			 
	 	 	 	 	 	 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  by
				

			 	
				
				  /s/ John C. Snyder 
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: John C. Snyder 
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: President
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Address for Notices:
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  201 Main Street, Suite 1450
				

				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Fort Worth, TX 76102-3108 
				

				
				

			 

 

	 
		 
	 

	 
		IN WITNESS WHEREOF, the undersigned has
		executed or caused to be executed on his behalf this Second Amended and
		Restated Limited Liability Company Agreement as of the date first above
		written.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  /s/ Barrie M. Damson
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Barrie M. Damson
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		IN WITNESS WHEREOF, the undersigned has
		executed or caused to be executed on his behalf this Second Amended and
		Restated Limited Liability Company Agreement as of the date first above
		written.
	 

	 
		 
	 

	 
			
				
				  
				

			 	
				
				  
				

			 	
				
				  /s/ Lance T. Shaner
				

			 
	
				
				  
				

			 	
				
				  
				

			 	
				
				  Lance T. Shaner
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		IN WITNESS WHEREOF, the undersigned has
		executed or caused to be executed on his behalf this Second Amended and
		Restated Limited Liability Company Agreement as of the date first above
		written.
	 

	 
		 
	 

	 
			
				
				  
				

			 	
				
				  /s/ Elliot Jaffe
				

			 
	
				
				  
				

			 	
				
				  Elliot Jaffe
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		IN WITNESS WHEREOF, the undersigned has
		executed or caused to be executed on his behalf this Second Amended and
		Restated Limited Liability Company Agreement as of the date first above
		written.
	 

	 
		 
	 

	 
			
				
				  
				

			 	
				
				  /s/ Scott H. Pearce
				

			 
	
				
				  
				

			 	
				
				   Scott H. Pearce
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		IN WITNESS WHEREOF, the undersigned has
		executed or caused to be executed on his behalf this Second Amended and
		Restated Limited Liability Company Agreement as of the date first above
		written.
	 

	 
		 
	 

	 
			
				
				  
				

			 	
				
				  /s/ Daniel J. Simon
				

			 
	
				
				  
				

			 	
				
				   Daniel J. Simon
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		IN WITNESS WHEREOF, the undersigned have
		executed or caused to be executed on their behalf this Second Amended and
		Restated Limited Liability Company Agreement as of the date first above
		written.
	 

	 
		 
	 

	 
			
				
				  
				

			 	
				
				  /s/ Irik P. Sevin
				

			 
	
				
				  
				

			 	
				
				   Irik P. Sevin
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		IN WITNESS WHEREOF, the undersigned have
		executed or caused to be executed on their behalf this Second Amended and
		Restated Limited Liability Company Agreement as of the date first above
		written.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				  BIOFUEL PARTNERS, LLC,
				

			 
	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  by
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  /s/ Thomas J. Edelman
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: Thomas J. Edelman
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:   Manager
				

			 
	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				  Address for Notices:
				

			 
	
				
				   
				

			 	
				
				  
667 Madison Ave
				

			 
	
				
				   
				

			 	
				
				  4th Floor
				

			 
	
				
				   
				

			 	
				
				  New York, NY 10021
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		IN WITNESS WHEREOF, the undersigned has
		executed or caused to be executed on his behalf this Second Amended and
		Restated Limited Liability Company Agreement as of the date first above
		written.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				  /s/ Eric D. Streisand
				

			 
	
				
				   
				

			 	
				
				  Eric D. Streisand
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		IN WITNESS WHEREOF, the undersigned has
		executed or caused to be executed on his behalf this Second Amended and
		Restated Limited Liability Company Agreement as of the date first above
		written.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				  /s/ JonAlan C. Page
				

			 
	
				
				   
				

			 	
				
				  JonAlan C. Page 
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		IN WITNESS WHEREOF, the undersigned have
		executed or caused to be executed on their behalf this Second Amended and
		Restated Limited Liability Company Agreement as of the date first above
		written.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  ETHANOL BUSINESS GROUP, LLC,
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  by 
				

			 	
				
				  /s/ Robert L. Swain
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Robert L. Swain
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Member
				

			 
	
				
				   
				

			 	
				
				  
 Address for Notices:
				

			 
	
				
				   
				

			 	
				
				  
3461 Frances Berkeley
				

			 
	
				
				   
				

			 	
				
				  Williamsburg, VA 23188
				

			 
							

 

	 
		 
	 

	 
		 
	 

	 
		IN WITNESS WHEREOF, the undersigned has
		executed or caused to be executed on his behalf this Second Amended and
		Restated Limited Liability Company Agreement as of the date first above
		written.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				  /s/ Michael N. Stefanoudakis
				

			 
	
				
				   
				

			 	
				
				  Michael N. Stefanoudakis
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		IN WITNESS WHEREOF, the undersigned has
		executed or caused to be executed on his behalf this Second Amended and
		Restated Limited Liability Company Agreement as of the date first above
		written.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				  /s/ William W. Huffman, Jr.
				

			 
	
				
				   
				

			 	
				
				  William W. Huffman, Jr.
				

			 

 

	 
		 
	 

	 
		IN WITNESS WHEREOF, the undersigned has
		executed or caused to be executed on his behalf this Second Amended and
		Restated Limited Liability Company Agreement as of the date first above
		written.
	 

	 
		 
	 

	 
			
				
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  /s/ David J. Kornder
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  David J. Kornder
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		IN WITNESS WHEREOF, the undersigned has
		executed or caused to be executed on his behalf this Second Amended and
		Restated Limited Liability Company Agreement as of the date first above
		written.
	 

	 
		 
	 

	 
			
				
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  /s/ Timothy S. Morris
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Timothy S. Morris
				

			 

 

	 
		 
	 

	 
		IN WITNESS WHEREOF, the undersigned have
		executed or caused to be executed on their behalf this Second Amended and
		Restated Limited Liability Company Agreement as of the date first above
		written.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  CARGILL BIOFUELS INVESTMENTS,
				  LLC,
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  by
				

			 	
				
				  /s/ Dennis C. Inman
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: Dennis C. Inman

				  Title: Director-Cargill Biofuels Investments
				  
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  Address for Notices:
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  15407 McGinty Road West
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Wayzata, MN 55391-2399
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Attn: Ethanol Strategic
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				           Account
				  Leader / MS 62
				

			 

 

	 
		 
	 

	 
		IN WITNESS WHEREOF, the undersigned has
		executed or caused to be executed on his behalf this Second Amended and
		Restated Limited Liability Company Agreement as of the date first above
		written.
	 

	 
		 
	 

	 
			
				
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  /s/ Christine Eklund
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Christine Eklund
				

			 

 

	 
		 
	 

	 
		IN WITNESS WHEREOF, the undersigned has
		executed or caused to be executed on his behalf this Second Amended and
		Restated Limited Liability Company Agreement as of the date first above
		written.
	 

	 
		 
	 

	 
			
				
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  /s/ Robert Crockett
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Robert Crockett
				

			 

 

	 
		 
	 

	 
		IN WITNESS WHEREOF, the undersigned has
		executed or caused to be executed on his behalf this Second Amended and
		Restated Limited Liability Company Agreement as of the date first above
		written.
	 

	 
		 
	 

	 
			
				
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  /s/ Marc Smyth
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Marc Smyth
				

			 

 

	 
		 
	 

	 
		IN WITNESS WHEREOF, the undersigned has
		executed or caused to be executed on his behalf this Second Amended and
		Restated Limited Liability Company Agreement as of the date first above
		written.
	 

	 
		 
	 

	 
			
				
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  /s/ Timothy DeFoe
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Timothy DeFoe

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00128-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00128-of-00352.parquet"}]]