Please see the disclosure provided in Item 5.02 below, which is incorporated herein by reference.

(b) Michael N. Stefanoudakis, the Company's Vice President and General Counsel, has resigned his position with the Company effective April 18, 2008 to pursue other business opportunities. The Company thanks Mr. Stefanoudakis for his service. The Company and Mr. Stefanoudakis have entered into a consulting agreement facilitate an orderly transition of his duties, which agreement is attached to this Form 8-K as Exhibit 10.1.

(e) Pursuant to the terms of the consulting agreement with Mr. Stefanoudakis, the Company will pay Mr. Stefanoudakis $56,250 in exchange for consulting services provided by Mr. Stefanoudakis during the period commencing on April 19, 2008 and ending on October 18, 2008 (the "Consulting Period"), with such amount payable monthly on the last day of each month during the Consulting Period. In addition, during the Consulting Period, the Company will pay COBRA premiums on behalf of Mr. Stefanoudakis. The Consulting Agreement also contains a mutual release between the Company and Mr. Stefanoudakis and provides for mutual non-disparagement. Finally, the Company has agreed to continue to indemnify Mr. Stefanoudakis as though he continued his employment with the Company. The above description does not purport to be complete and is qualified in its entirety by reference to the consulting agreement attached hereto as Exhibit 10.1, which is incorporated herein by reference.

(d) Exhibits.

Exhibit No.                                 Description

10.1           Separation, Consulting and Mutual Release Agreement by and between
               BioFuel Energy Corp. and Michael N. Stefanoudakis.