AVENTINE RENEWABLE ENERGY HOLDINGS, INC.
2010 EQUITY INCENTIVE PLAN
STOCK OPTION AGREEMENT
THIS AGREEMENT, made this 5
day of May, 2010 (the “ Date of Grant ”), by and
between Aventine Renewable Energy Holdings, Inc. (the “ Company ”) and John Castle (the “ Participant ”).
W I T N E S S E T H :
WHEREAS, pursuant to the Aventine Renewable Energy Holdings, Inc. 2010 Equity Incentive
Plan (the “ Plan ”), the Company desires to afford the Participant the opportunity to acquire ownership of the
Company’s common shares, $0.001 par value per share (“ Common Shares ”), so that the Participant may
have a direct proprietary interest in the Company’s success.
NOW, THEREFORE, in consideration of the covenants and agreements herein contained, the
parties hereto hereby agree as follows:
1. Grant of Option . Subject to the terms and conditions set forth herein and in the
Plan, the Company hereby grants to the Participant the right and option (the right to purchase any one Common
Share hereunder being an “ Option ”) to purchase from the Company, at a price of $43.75 per share (the “
Option Price ”), an aggregate of 100,000 Common Shares (the “ Option Shares ”). The Options granted
hereunder shall expire ten (10) years following the Date of Grant.
2. Limitation on Exercise of Option .
(a) Subject to the terms and conditions set forth herein and the Plan, the Participant will
become vested in the Options as follows: (i) 16,667 Options will vest and become exercisable each of the first
two anniversaries of the Date of Grant, (ii) an additional 16,666 Options will vest and become exercisable on
December 31, 2012, and (iii) the remaining 50,000 Options will vest and become exercisable subject to the
attainment of reasonable performance criteria to be determined by the Board, and once so determined will be set
forth on Annex A hereto; provided , that , the Participant is then employed by the Compan