Effective October 24, 2008, Green Plains Renewable Energy, Inc. (the "Company") entered into an amended and restated employment agreement with Mr. Jerry Peters whereby Mr. Peters will continue in his role as the Company's Chief Financial Officer. Mr. Peters also serves the Company as its Chief Accounting Officer.
The terms of the employment agreement provide that Mr. Peters will receive (i) an annual base salary of $280,000, (ii) a one-time bonus of $60,000, (iii) stock options exercisable for 50,000 shares of common stock at a strike price of $5.99 that vest in four equal annual installments beginning on October 24, 2008, (iv) 25,000 shares of restricted stock that vest in four equal annual installments beginning on October 24, 2008 (subject to the limitations of the 2007 Equity Compensation Plan, including shareholder approval if required), (v) bonus compensation in an amount up to fifty percent of annual base salary, payable annually, based on objectives set by the Company, (vi) participation in a long-term incentive program if and when developed by the Company, and (vii) other benefits that are generally available to Company employees. Mr. Peters' employment shall be "at-will" and may be terminated at any time, by either party, for any reason whatsoever. If employment is terminated without cause or for good reason, Mr. Peters will receive six month's base salary plus the greater of one-half of the maximum bonus for that year or the average bonus paid in the prior two years. The amended and restated employment agreement is attached hereto as Exhibit 10.1, and incorporated by reference herein.

(d) Exhibits.

Exhibit Number                              Description
     10.1        Amended and Restated Employment Agreement dated October 24, 2008,
                 by and between the Company and Jerry Peters.