Document:

Exhibit 10.1

AVENTINE RENEWABLE ENERGY HOLDINGS, INC. 

2003 STOCK INCENTIVE PLAN

PERFORMANCE STOCK UNIT AWARD AGREEMENT

     This Award Agreement
(the “Award Agreement”) is made and entered into as of [ ], 200[7]
between Aventine Renewable Energy Holdings, Inc. (the “Company”) and
______________  (the “Participant”).

     Pursuant to Article 8 of the Aventine Renewable Energy Holdings, Inc. 2003 Stock Incentive Plan (the “Plan”), the Company hereby grants to the Participant Performance Stock Units (the
“Award”) on the terms and conditions as set forth in this Award Agreement and in the Plan. Capitalized terms not otherwise defined herein shall have the meanings set forth in the Plan.

     In accordance with this grant, and as a condition thereto, the Company and the Participant agree as follows:

     SECTION 1. Target Award; Award Period; Date of Grant.

  	Target Award:

		__________Performance
            Stock Units (the “Target Award”)

	
	 	 
	Award Period:

		January 1, 2007 through and ending on December 31, 2009 (the “Award Period”)

	
	 	 
	Date of Grant:

		__________ , 200[7]

	

  

     SECTION 2. Nature of Award. The Target Award represents the opportunity to receive a number of shares of Company common stock, $0.001 par
value per share (the “Shares”), as are earned in accordance with Section 3 of this Award Agreement as more fully set forth in Section 4 of this Award Agreement.

     SECTION 3. Determination of Number of Shares Earned.  The number of Shares earned as of the end of the Award Period, if any, shall be
determined as follows:

[# of Shares = Payout Percentage x Target Award]

The “Payout Percentage” shall be determined by the achievement of Company performance goals with respect to the third calendar year of the Award Period as set forth and provided in Schedule A (“ Performance
Goals”), with the Payout Percentage being 50% for “Threshold” performance, 100% for “Target” performance and [200%] for “Stretch” performance. The
percentage will be prorated for performance between “Threshold” and “Stretch”. Performance below Threshold will result in a Payout Percentage of 0%, with no Shares being 

earned by the Participant hereunder. All determinations regarding whether the performance goals have been achieved, the Payout Percentage, and any other matter related to this Section 3 shall be made by the Committee in its sole
and absolute discretion.

     SECTION 4. Settlement of Performance Stock Units. Subject to Section 5 of this Award Agreement, Performance Stock Units will be converted
into Shares, in accordance with Section 3 of this Agreement, as soon as reasonably practicable following the close of the Award Period and the Committee’s determination of the level of Company achievement under the Performance Goals.

     SECTION 5. Termination of Employment.

     (a) Unless otherwise determined by the Committee at the time of termination, if the Participant’s employment with the Company or a Subsidiary is terminated by the Company or the Subsidiary for
any reason other than for Cause prior to the end of the Award Period, all Performance Stock Units will be forfeited upon such termination with no consideration due to Participant. For the avoidance of doubt, if a Participant’s employment is
terminated for Cause, all Performance Stock Units will be forfeited upon such termination with no consideration due to Participant

     (b) (i) Except as provided in Section 5(b)(ii), if the Participant’s employment with the Company or a Subsidiary is terminated due to his or her death, Disability or approved retirement (as
determined by the Committee at the time of termination) prior to the end of the Award Period, the determination of the Payout Percentage for the Award Period will be made by the Committee at the end of the Award Period in accordance with Sections 3
and 4 above, and Performance Shares earned, if any, will be paid based on such Payout Percentage prorated for the number of full months elapsed from and including the month in which the Award Period began to and including the month in which the
termination of employment occurs.

        (ii) In the event that, following Participant’s termination by approved retirement (as determined in Section 5(b)(i) above), Participant breaches any of the provisions of Section 10, as
    determined by the Committee, all of Participant’s rights to any Performance Stock Units otherwise payable pursuant to Section 5(b)(i) above shall be deemed immediately forfeited and cancelled in their entirety effective on the date of such
    determination without any payment or consideration being due from the Company.

     (c) For purposes of the Plan and the Award Agreement, a transfer of employment from the Company to any Subsidiary or vice versa, or from one Subsidiary to another, shall not be considered a
termination of employment.

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     SECTION 6. Sale of the Company. Upon a Sale of the Company, all outstanding Performance Stock Units shall be converted into restricted Shares
(or any successor security thereto), with same Award period and Target Performance Goal, as maybe adjusted to reflect such transaction; provided, however, that in the event such outstanding Units are not assumed by a successor entity in connection
with such Sale of the Company or in the event Participant’s employment is terminated without Cause within the 24-month period beginning on the effective date of the Sale of the Company, as of the effective date of such termination the Award
Period shall be deemed completed in full, the Target performance goal shall be deemed to have been attained and such Shares shall be fully vested and transferable.

     SECTION 7. Tax Withholding. The Participant acknowledges that this Award is subject to Article 11 of the Plan, and that Participant’s
tax obligations will be satisfied by the Company withholding a sufficient number of Shares that otherwise would be released to Participant upon settlement of the Award based on the Fair Market Value of the Shares, determined as of the date when the
taxes otherwise would have been withheld in cash.

     SECTION 8. Rights As A Shareholder. The Participant shall have no rights as shareholder with respect to any Shares underlying the Award until
and unless a Share certificate is issued to the Participant upon payment with respect to the Award.

     SECTION 9. Transferability. The Participant may not sell, transfer, pledge, assign or otherwise alienate or hypothecate Shares underlying the
Award, other than as permitted under the terms of the Plan.

     SECTION 10. Confidentiality And Non-competition. As a condition to the receipt of this Award, the Participant agrees that:

     (a) From the date hereof until the first anniversary of the date on which the Participant’s employment or service with the Company is terminated for any reason, the Participant shall not,
directly or indirectly, on his or her own account or as an employee, consultant, independent contractor, partner, owner, officer, director or stockholder, engage in, be connected with, have any interest in, or aid or assist anyone else to engage in,
be connected with, or have any interest in, a Business, as such term is defined below; provided that the Participant may purchase securities in any corporation whose securities are listed or
traded on a national securities exchange or in an over-the-counter securities market if such purchases do not result in the Participant beneficially owning, directly or indirectly, at any time, the lesser of (i) 1% or more of the equity
securities of any such corporation or (ii) equity securities of any such corporation having a fair market value of $1,000,000 or more. As used herein “Business” means the business of producing, marketing, purchasing, selling, reselling
and distributing 

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ethanol and related bio-products and co-products (and incidental related activities) in the United States.

     (b) From the date hereof until the first anniversary of the date on which the Participant’s employment or service with the Company is terminated for any reason, the Participant shall not,
directly or indirectly, (i) induce or attempt to induce any employee, officer or consultant of the Company or any of its Subsidiaries to leave the employ of the Company or any of its Subsidiaries, or in any way interfere with the relationship
between the Company or any of its Subsidiaries and any employee, officer or consultant thereof, (ii) hire directly or through another entity any person who was an employee of the Company or any of its Subsidiaries at any time during the twelve
months prior to the date such person is to be so hired, or (iii) induce or attempt to induce any customer, supplier, licensee or other business relation of the Company or any of its Subsidiaries to cease doing business with the Company or any of its
Subsidiaries, or in any way interfere with the relationship between any such customer, supplier, licensee or business relation and the Company or any of its Subsidiaries (including making any negative statements or communications concerning the
Company or any of its Subsidiaries).

     (c) During the Participant’s employment or service with the Company and at all times and after the termination of the Participant’s employment or service with the Company, the Participant
shall not disclose or use for the Participant’s own benefit or purposes or the benefit or purposes of any Person other than the Company, any trade secrets or other confidential information relating to customers, development programs, costs,
marketing, trading, investment, sales activities, promotion, credit and financial data, manufacturing processes, financing methods, plans, or the business and affairs of the Company generally; provided that the foregoing shall not apply to information which is required by law to be disclosed, or to information which is not unique to the Company or which is generally known to the industry or the public other than as a result of the
Participant’s breach of this covenant.

     (d) The terms of this Section 10 are reasonable and necessary in light of the Participant’s position with the Company and responsibility and knowledge of the operations of the Company and its
Subsidiaries and are not more restrictive than necessary to protect the legitimate interests of the parties hereto. In addition, any breach of the covenants contained in this Section 10 would cause irreparable harm to the Company, its Subsidiaries
and Affiliates and there would be no adequate remedy at law or in damages to compensate the Company, its Subsidiaries and Affiliates for any such breach.

     SECTION 11. Notices. Any notice under this Award Agreement shall be in writing and shall be deemed to have been duly given when delivered
personally or when deposited in the United States mail, registered, postage prepaid, and 

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addressed, in the case of the Company, at its principal office located at 1300 S. Second Street, Pekin, Illinois 61555, or if the Company should move its principal office, to such other principal office, and, in the case of the
Participant, to his or her last permanent address as shown on the Company’s records, subject to the right of either party to designate some other address at any time hereafter in a notice satisfying the requirements of this Section.

     SECTION 12. Governing Law and Severability. This Award Agreement shall be governed by and construed in accordance with the laws of the State
of Delaware, without application of the conflict of law principles thereof.

     SECTION 13. Interpretation. The Participant accepts this Award subject to all the terms and provisions of the Plan, which shall control in
the event of any conflict between any provision of the Plan and this Award Agreement, and accepts as binding, conclusive and final all decisions or interpretations of the Board or the Committee upon any questions arising under the Plan and/or this
Award Agreement. The Participant acknowledges receiving a copy of the Plan.

     SECTION 14. No Rights to Continued Employment. This Award Agreement is not a contract of employment. Nothing in the Plan or in this Award
Agreement shall interfere with or limit in any way the right of the Company or any subsidiary to terminate the Participant’s employment at any time, for any reason or no reason, or confer upon the Participant the right to continue in the employ
of the Company or a subsidiary.

     SECTION 15. Sections and Headings. All section references in this Award Agreement are to sections hereof for convenience of reference only
and are not to affect the meaning of any provision of this Award Agreement.

     SECTION 16. Counterparts. This Award Agreement may be signed in any number of counterparts, each of which shall be an original, with the same
effect as if the signatures thereto and hereto were upon the same instrument.

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     IN WITNESS WHEREOF, the undersigned have caused this Award Agreement to be duly executed as of the date first written above.

  	AVENTINE
      RENEWABLE ENERGY

         HOLDINGS, INC.      
	 	 	 
	By:	  
	 	

	 	Name:	 
	 	Title:	 
	 	 	 
	 	 	 
	 PARTICIPANT
	 	 	 
	By:	  
	 	

	 	Name:	 
	 	Title:	 
	 	 	 

 

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Schedule A

Performance Goals

7Exhibit 10.2

AWARD AGREEMENT

Under the Aventine Renewable Energy Holdings,
Inc.

2003 Stock Incentive Plan

     THIS AWARD AGREEMENT
(the “Award Agreement”)
is made and entered into as of ____________
__, 20__ between Aventine
Renewable Energy Holdings, Inc. (the “Company”)
and [_________________] (the “Optionee”).

     Pursuant to Article 6 of the Aventine Renewable Energy Holdings, Inc. 2003 Stock Incentive Plan (the “Plan”), the Company hereby
grants to the Optionee an option (the “Option”) to purchase Shares on the terms and conditions as set forth in this Award Agreement and in the Plan. Capitalized terms not otherwise
defined herein have the meanings set forth in the Plan.

     In accordance with this grant, and as a condition thereto, the Company and the Optionee agree as follows:

     SECTION 1. Exercise Price; Number Of Shares; Date Of Grant; Vesting Schedule. The Option is a nonqualified option under the Code and has the
following terms and conditions:

  	
    Exercise Price
      	
    $[                ]	
	 	 
	
    Number of Shares
      	
    [________]
      
	
    Subject to the Option
      	 

	
	 	 
	
    Grant Date
      	 ___________ __, 20__

	
	 	 
	
    Vesting Schedule
      	 

	

  

     SECTION 2. Term and Exercise Schedule. This Option shall not be exercisable to any extent after the tenth anniversary of the Grant Date (the
  “Expiration Date”). Subject to the terms and conditions of this Award Agreement and the Plan, the Optionee shall be entitled to exercise the Option prior to the Expiration Date and
  to purchase Shares hereunder in accordance with the vesting schedule set forth in Section 1 above. The right to exercise this Option shall be cumulative so that to the extent this Option is not exercised when it becomes initially exercisable with
  respect to any Shares, it shall be exercisable with respect to such Shares at any time thereafter as provided herein and in the Plan until the Expiration Date and any Shares subject to this Option which have not then been purchased may not,
  thereafter, be purchased hereunder. A Share shall be considered to have been purchased on or before the Expiration Date if the Company has been given notice of the purchase pursuant to Sections 3 and 8, and 

the Company has actually received payment for the Share on or before the Expiration Date.

     SECTION 3. Notice of Exercise, Payment and Certificate. Exercise of this Option, in whole or in part, shall be by delivery of a written
notice to the Company as provided in Section 8 which specifies the number of Shares being purchased and is accompanied by payment therefor in cash, or such other consideration as may be permitted by the Company. Promptly after receipt of such notice
and the Exercise Price with respect to the Option (or portion thereof) to be exercised (or adequate provision therefor, in the Company’s sole discretion), the Company shall deliver to the Optionee the number of Shares purchased. Shares to be
issued upon the exercise of this Option may be either authorized and unissued Shares or Shares which have been reacquired by the Company.

     SECTION 4. Termination of Employment. This Option may be exercised only while the Optionee is employed (as an employee or an officer) by the
Company or is otherwise performing services for the Company (as a director or consultant), except as follows:

     (a) Death or Disability. If the Optionee’s employment or service with the Company terminates due to his or her death or Disability, the
Optionee (or his representative or successor) shall have the right to exercise this Option, to the extent that the Optionee was entitled to do so on the date of termination of his or her employment or service, for a period which ends not later than
the earlier of (i) one year after such termination and (ii) the Expiration Date.

     (b) Termination with Cause. If the Optionee’s employment or service with the Company is terminated by the Company for Cause, this Option
shall be deemed immediately forfeited and cancelled in its entirety upon such termination of employment or service without any payment or consideration being due from the Company.

     (c) Other Terminations. In the case of any termination of employment or service other than as set forth above, the Optionee shall have the
right to exercise this Option, to the extent that the Optionee was entitled to do so on the date of termination of his or her employment or service, for a period which ends not later than the earlier of (i) ninety (90) days after such termination
and (ii) the Expiration Date.

     For purposes of this Award Agreement, employment by a Subsidiary of the Company shall be deemed to be employment by the Company.

     SECTION 5. Confidentiality and Non-competition. As a condition to the receipt of the Option, the Optionee agrees that:

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     (a) From the date hereof until the first anniversary of the date on which the Optionee’s employment or service with the Company is terminated for any reason, the Optionee shall not, directly or
indirectly, on his or her own account or as an employee, consultant, independent contractor, partner, owner, officer, director or stockholder, engage in, be connected with, have any interest in, or aid or assist anyone else to engage in, be
connected with, or have any interest in, a Business, as such term is defined below; provided that the Optionee may purchase securities in any corporation whose securities are listed or
traded on a national securities exchange or in an over-the-counter securities market if such purchases do not result in the Optionee beneficially owning, directly or indirectly, at any time, the lesser of (i) 1% or more of the equity
securities of any such corporation or (ii) equity securities of any such corporation having a fair market value of $250,000 or more. As used herein “Business” means the business of producing, marketing, purchasing, selling, reselling
and distributing ethanol and related bio-products and co-products (and incidental related activities) in the midwestern United States, with respect to production activities, and throughout the United States, with respect to all other
activities. 

     (b) From the date hereof until the first anniversary of the date on which the Optionee’s employment or service with the Company is terminated for any reason, the Optionee shall not, directly or
indirectly, (i) induce or attempt to induce any employee, officer or consultant of the Company or any of its Subsidiaries to leave the employ of the Company or any of its Subsidiaries, or in any way interfere with the relationship between the
Company or any of its Subsidiaries and any employee, officer or consultant thereof, (ii) hire directly or through another entity any person who was an employee of the Company or any of its Subsidiaries at any time during the twelve months prior to
the date such person is to be so hired, or (iii) induce or attempt to induce any customer, supplier, licensee or other business relation of the Company or any of its Subsidiaries to cease doing business with the Company or any of its Subsidiaries,
or in any way interfere with the relationship between any such customer, supplier, licensee or business relation and the Company or any of its Subsidiaries (including making any negative statements or communications concerning the Company or any of
its Subsidiaries).

     (c) During the Optionee’s employment or service with the Company and at all times and after the termination of the Optionee’s employment or service with the Company, the Optionee shall not
disclose or use for the Optionee’s own benefit or purposes or the benefit or purposes of any Person other than the Company, any trade secrets or other confidential information relating to customers, development programs, costs, marketing,
trading, investment, sales activities, promotion, credit and financial data, manufacturing processes, financing methods, plans, or the business and affairs of the Company generally; provided
that the foregoing shall not apply to information which is required by law to be disclosed, or to information which is not unique to the Company or 

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which is generally known to the industry or the public other than as a result of the Optionee’s breach of this covenant.

     (d) The terms of this Section 5 are reasonable and necessary in light of the Optionee’s position with the Company and responsibility and knowledge of the operations of the Company and its
Subsidiaries and are not more restrictive than necessary to protect the legitimate interests of the parties hereto. In addition, any breach of the covenants contained in this Section 5 would cause irreparable harm to the Company, its Subsidiaries
and Affiliates and there would be no adequate remedy at law or in damages to compensate the Company, its Subsidiaries and Affiliates for any such breach.

     SECTION 6. Governing Law. This Award Agreement shall be governed by and construed in accordance with the laws of the State of Delaware,
without application of the conflict of law principles thereof.

     SECTION 7. Interpretation. The Optionee accepts this Option subject to all the terms and provisions of the Plan, which shall control in the
event of any conflict between any provision of the Plan and this Award Agreement, and accepts as binding, conclusive and final all decisions or interpretations of the Board or the Committee upon any questions arising under the Plan and/or this Award
Agreement. The Optionee acknowledges receiving a copy of the Plan.

     SECTION 8. Notices. Any notice under this Award Agreement shall be in writing and shall be deemed to have been duly given when delivered
personally or when deposited in the United States mail, registered, postage prepaid, and addressed, in the case of the Company, at its principal office located at 1300 S. Second Street, Pekin, Illinois 61555, or if the Company should move its
principal office, to such other principal office, and, in the case of the Optionee, to his or her last permanent address as shown on the Company’s records, subject to the right of either party to designate some other address at any time
hereafter in a notice satisfying the requirements of this Section.

     SECTION 9. Sections and Headings. All section references in this Award Agreement are to sections hereof for convenience of reference only and
are not to affect the meaning of any provision of this Award Agreement.

     SECTION 10. Tax Withholding. The Optionee acknowledges that this Option is subject to Article 11 of the Plan, and the Company is entitled to
take any actions necessary to satisfy its tax withholding obligations.

     SECTION 11. Counterparts. This Award Agreement may be signed in any number of counterparts, each of which shall be an original, with the same
effect as if the signatures thereto and hereto were upon the same instrument.

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     IN WITNESS WHEREOF, the undersigned have caused this Award Agreement to be duly executed as of the date first above written.

  	AVENTINE
      RENEWABLE ENERGY

         HOLDINGS, INC.      
	 	 	 
	By:	  
	 	

	 	Name:	 
	 	Title:	 

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