Version 3 content-category.php

<?php
    //Add in the Excerpt Arguments
    $excerpt_args = array(
        'auto' => 1,
        'all_words' => 40,
    );

    global $post;
    theme_post_wrapper(
        array(
                'id' => theme_get_post_id(),
                'class' => theme_get_post_class(),
                'thumbnail' => theme_get_post_thumbnail(),
                'title' => '<a href="' . get_permalink( $post->ID ) . '" rel="bookmark" title="' . get_the_title() . '">' . get_the_title() . '</a>',
                'before' => theme_get_metadata_icons( 'date,author,edit', 'header' ),
                'content' => theme_get_excerpt( $excerpt_args ), ////Add in the Excerpt Arguments
                'after' => theme_get_metadata_icons( 'category,tag,comments', 'footer' )
        )
    );
?>