Document:

Exhibit
10.1

 

AMENDMENT
TO

BIOFUEL
TOLLING AND OFF-TAKE AGREEMENT

BETWEEN
NOVA BIOFUELS TRADE GROUP, LLC

AND SCOTT
PETROLEUM CORPORATION

 

This Amendment, dated August 11,
2008 (the “Amendment”), is by and among Scott Petroleum Corporation, a
Mississippi corporation (“Scott”), Biosource America, Inc., a Texas
corporation (“Biosource America”), and Nova Biofuels Trade Group, LLC, a
Delaware limited liability company (“Nova Biofuels”).

 

RECITALS

 

A.                                   Scott and Biosource America are parties
to the Agreement, dated March 31, 2006, (the “Design/Build Agreement”),
with respect to the design/build of a biodiesel processing facility in
Greenville, Mississippi.

 

B.                                     Scott and Nova Biofuels are parties to
the Biofuel Tolling and Take-Off Agreement, dated March 7, 2007 (the “Tolling
Agreement”), with respect to the purchase and sale of biodiesel fuel produced
at the Greenville facility.

 

C.                                     The parties desire to clarify and confirm
the agreement between the parties to cap all liquidated damages under the
Design/Build Agreement and the Tolling Agreement.

 

AGREEMENT

 

The parties, intending to
be legally bound, hereby agree as follows:

 

1.                                       Article 1.  Definitions and Rules of Interpretation

 

“Minimum
Yield” shall mean
one U.S. gallon of the latest published ASTM D 6751 specification quality
biodiesel from 8.50 pounds
of Feedstock

 

2.                                       Article 5.5.1(a)........replace 8.20 pounds per gallon with 8.5 pounds per gallon

 

3.                                       Article 6.6.3   Scott
Delivery Shortfall.

 

Modify the first sentence
to read........”From and after the Plant Warranty Period, if Scott is unable, except for reasons of Force Majeure
under Article 9, to make available for purchase the Minimum Purchase........

 

4.                                       Exhibit A – Product Specifications
and Minimum Yield

 

 

Minimum
Yield......replace 8.20 pounds of feedstock with 8.5 pounds of feedstock

 

5.                                       Schedule 1, Article 1.1.3 shall be
replaced with:

 

1.3                               “Deferred Tolling Fee”
shall mean the sum of (i) $2.7 million; and (ii) the Incremental
Infrastructure Costs to be determined at the completion of the project in
accordance with the pro-rated share in Exhibit B-1, and (iii) a share
of the startup costs as detailed in Exhibit C.  The Deferred Tolling Fee shall bear interest
at a rate of 7% per annum, and shall be paid to Scott through the Mark-up.

 

6.                                       Schedule 1, Article 1.1.6 shall be
replaced with:

 

1.6                               “Feedstock Costs” shall
mean the result of 8.5 to account for yield of feedstock multiplied by the
actual, weighted composite average of feedstock costs for the given calendar
month.

 

7.                                       Schedule 1, Article 1.1.8 shall be
replaced with:

 

1.8                               “Markup” shall be $0.20
(Twenty cents) per gallon.  The Mark-up
shall be adjusted by mutual agreement of the Parties in a written amendment to
this Agreement.

 

8.                                       Exhibit B shall be replaced with Exhibit B-1

 

9.                                       Exhibit C is included in this Agreement

 

10.                                 Except as specifically amended hereby,
all other terms, conditions and provisions of the Design/Build Agreement and
the Tolling Agreement shall remain in full force and effect.

 

11.                                 This Amendment may be executed in any
number of counterparts, each of which shall be deemed to be an original and all
of which together shall be deemed to be one and the same instrument.

 

                                                In witness whereof, the parties have
caused their duly authorized representatives to execute and deliver this
Amendment as of the day and year first written above.

 

	
  SCOTT PETROLEUM

  	
   

  	
  NOVA BIOFUELS TRADE

  
	
  CORPORATION

  	
   

  	
  GROUP
  LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
  /s/ Solon Scott

  	
   

  	
  By:

  	
   

  	
  /s/ Dick Talley

  
	
  Name:

  	
   

  	
  Solon Scott

  	
   

  	
  Name:

  	
   

  	
  Dick Talley

  
	
  Title:

  	
   

  	
  President

  	
   

  	
  Title:

  	
   

  	
  Vice PresidentEXHIBIT 4.2

 

SHARE REPURCHASE PROGRAM

 

The Board of
Directors (the “Board”) of Inland Diversified Real Estate Trust, Inc., a
Maryland corporation (the “Company”), has adopted this Share Repurchase Program
(this “Repurchase Program”) to permit and authorize the Company to repurchase
shares of its common stock, par value $0.001 per share (the “Shares”), from its
stockholders, in all cases subject to the terms, conditions and limitations set
forth herein.  The effective date of this
Repurchase Program is [                        ],
20[    ].

 

1.             Repurchase
Price.

 

(a)           The Company is
authorized to repurchase Shares from its stockholders at the following prices
per Share:

 

(i)                                     if
the Shares are beneficially owned by the requesting stockholder continuously
for at least one (1) year, the repurchase price shall be equal to $9.25
per Share;

 

(ii)                                  if
the Shares are beneficially owned by the requesting stockholder continuously
for at least two (2) years, the repurchase price shall be equal to $9.50
per Share;

 

(iii)                               if the
Shares are beneficially owned by the requesting stockholder continuously for at
least three (3) years, the repurchase price shall be equal to $9.75 per
Share; or

 

(iv)                              if
the Shares are beneficially owned by the requesting stockholder continuously
for at least four (4) years, the repurchase price per Share shall be
determined by the Board in its sole and absolute discretion, but in no event
less than $10.00 per Share.

 

(b)           Notwithstanding Section 1(a) above,
during periods when the Company is engaged in a public offering of its Shares,
the repurchase price per Share under this Repurchase Program shall be less than
the per share price of the Shares offered in the public offering.

 

2.             Treatment of Repurchased Shares.  All Shares repurchased by the Company pursuant
to this Repurchase Program shall be canceled and shall have the status of
authorized but unissued shares.  The
Company shall not reissue any Shares repurchased by it pursuant to this
Repurchase Program unless those Shares are first registered with the Securities
and Exchange Commission under the Securities Act of 1933, as amended, and under
appropriate state securities laws or otherwise issued in compliance with these
laws.

 

 

3.             Time of
Repurchase; Funding; Repurchase Limitations.

 

(a)           Time of Repurchase.  Except as otherwise provided from time to
time by the Board, the Company shall make repurchases of Shares under this Repurchase Program on or about the
last business day of each calendar month. 
As soon as reasonably practicable following the date of each monthly
repurchase hereunder, the Company shall send to the applicable stockholder all
cash proceeds resulting from the repurchase of the stockholder’s Shares.

 

(b)           Funding.  The Company is authorized, for the purpose of
repurchasing Shares under this Repurchase Program in a particular calendar
month, to use (i) offering proceeds from any public offerings of its
Shares, (ii) proceeds from its Distribution Reinvestment Plan (“Reinvestment
Plan”) or (iii) any operating funds that the Board in its sole discretion
may reserve for this purpose (collectively, the “Available Funds”).  In any given calendar month, the funds used
for the purpose of repurchasing shares under this Repurchase Program may not
exceed the proceeds from the Reinvestment Plan.

 

(c)           Excess Available
Funds.  In any calendar month, if the
aggregate amount of Available Funds exceeds the aggregate amount needed to
repurchase all Shares for which repurchase requests have been received by the
Company, the Company may, but shall not be obligated to, carry over the excess
amount of Available Funds to a subsequent calendar month(s) for use in
addition to the amount of Available Funds otherwise available for repurchases
during that subsequent calendar month(s).

 

(d)           Insufficient
Available Funds; Other Limitations. 
The Company cannot guarantee that it will be able to repurchase all
Shares for which a repurchase request is received.  In any calendar month, if the aggregate
amount of Available Funds (including any excess amount carried over pursuant to
Section 3(c) above) is less than the aggregate amount needed
to repurchase all Shares for which repurchase requests have been received by
the Company, the Company shall repurchase Shares on a pro rata basis up to, but not in excess
of, the aggregate amount of Available Funds (including any excess amount
carried over pursuant to Section 3(c) above).  In any calendar month, if repurchasing all
Shares for which repurchase requests have been received by the Company would
exceed the Aggregate Number of Shares Limit (as defined below), the Company
shall, to the extent it has Available Funds (including any excess amount
carried over pursuant to Section 3(c) above), repurchase
Shares on a pro rata basis up to,
but not in excess of, the Aggregate Number of Shares Limit.  Any stockholder whose repurchase request has
been partially accepted by the Company in a particular calendar month shall
have the remainder of his or her request included with all new repurchase
requests received by the Company in the immediately following calendar month.

 

(e)           Percentage
Limitation.  Notwithstanding anything
to the contrary herein, at no time during any consecutive twelve (12) calendar
month period shall the number of Shares repurchased by the Company under this Repurchase Program exceed five percent
(5.0%) of the number of outstanding Shares at the beginning of the twelve (12)
calendar month period (the “Aggregate Number of Shares Limit”).

 

(f)            Ineffective
Withdrawal.  In the event the Company
receives a written notice of withdrawal, as described in Section 4(e) below,
from a stockholder after the 

 

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Company has repurchased all or a portion of
the stockholder’s Shares, the notice of withdrawal shall not be effective with
respect to the Shares repurchased, but shall be effective with respect to any
of that stockholder’s Shares not repurchased. 
The Company shall provide the stockholder with prompt written notice of
the ineffectiveness or partial ineffectiveness of the written notice of
withdrawal.

 

4.             Stockholder
Requirements.

 

(a)           General.  Any stockholder may elect to participate in
the Repurchase Program with respect to all or a designated portion of the
stockholder’s whole Shares; provided, however, Shares must be
beneficially owned by the presenting stockholder continuously for at least one (1) year
to be eligible for repurchase by the Company under this Repurchase
Program.  If a stockholder dies prior to
beneficially owning Shares for at least one (1) year, the Board may, in its
sole discretion, waive the holding period for the stockholder’s beneficiaries
or heirs, as applicable.  Fractional
Shares, if any, shall not be accepted by the Company for repurchase under this
Repurchase Program.

 

(b)           Written Requests.  A stockholder may request that the Company
repurchase the stockholder’s Shares by submitting a written repurchase request
to the Company’s transfer agent, Registrar and Transfer Company, P.O. Box
1727, 10 Commerce Drive, Cranford, NJ 07015, Attention: Share Repurchase Department.  The written repurchase request must state the
name of the person/entity who beneficially owns the Shares, the date of
purchase of the Shares and the number of Shares requested to be repurchased.  Written repurchase requests will be accepted
by the Company on a calendar month basis, subject to the terms, conditions and
other limitations set forth in this Repurchase
Program.  To be effective in a
particular calendar month, the Company must receive a stockholder’s written
repurchase request prior to the date that the Company repurchases Shares in
that calendar month.  No written
repurchase request shall be given preference over any other written repurchase
request.

 

(c)           Assignment Form.  As soon as reasonably practicable following
receipt of  a written repurchase request,
the Company shall send an assignment form to the applicable stockholder.  The assignment form must be properly executed
by the beneficial owner of the Shares and returned to the Company before the
Company may repurchase any Shares.

 

(d)           No Encumbrances.  All Shares requested to be repurchased under
this Repurchase Program must be (i) beneficially owned by the stockholder(s) of
record making the presentment, or the party presenting the Shares must be
authorized to do so by the owner(s) of record of the Shares, and (ii) fully
transferable and not be subject to any liens or other encumbrances.  In certain cases, the Company may ask the
requesting stockholder to provide evidence satisfactory to the Company, in its
sole discretion, that the Shares requested for repurchase are free from liens
and other encumbrances.  If the Company
determines that a lien or other encumbrance exists against the Shares, the
Company shall have no obligation to repurchase, and shall not repurchase, any
of the Shares subject to the lien or other encumbrance.

 

3

 

(e)           Withdrawal of
Written Repurchase Request.  In the
event a stockholder wishes to withdraw his, her or its written repurchase
request to have Shares repurchased under this Repurchase Program, the
stockholder shall provide the Company with a written request of
withdrawal.  The Company will not
repurchase a stockholder’s Shares so long as the Company receives the written
request of withdrawal prior to the time payment is sent to the applicable
stockholder.

 

5.             Termination of
Repurchase Program.  This Repurchase
Program shall be suspended or terminated, as the case may be, and the Company
shall not accept Shares for repurchase upon the occurrence of any of the following:

 

(a)           This Repurchase Program
shall immediately terminate, without further action by the Board or any notice
to the Company’s stockholders, in the event the Shares are listed on any
national securities exchange, or are subject to bona fide quotes on any inter-dealer quotation system or
electronic communications network, or are subject to bona fide quotes in the pink sheets; or

 

(b)           Subject to complying
with the notice provisions set forth in Section 7(a) below,
this Repurchase Program may be suspended or terminated in the event the Board
determines that it is in the best interests of the Company to suspend or
terminate the Repurchase Program.

 

6.             Amendment.  Notwithstanding anything to the contrary
herein, this Repurchase Program may be amended, in whole or in part, by the
Board, in its sole discretion, at any time or from time to time.

 

7.             Miscellaneous.

 

(a)           Notice.  In the event of any amendment, suspension or
termination of this Repurchase Program pursuant to Section 6 or Section 5(b) hereof,
as the case may be, the Company shall provide written notice to its
stockholders at least thirty (30) days prior to the effective date of the
amendment, suspension or termination.  In
addition, the Company shall disclose the amendment, suspension or termination
in a report filed by the Company with the Securities and Exchange Commission on
either Form 8-K, Form 10-Q or Form 10-K, or any successor forms,
as appropriate.

 

(b)           Liability.  Subject to the limitations contained in the
Company’s articles of incorporation, neither the Company nor the Repurchase
Agent (as defined below) shall have any liability to any stockholder for the
value of the stockholder’s Shares, the repurchase price of the stockholder’s
Shares or for any damages resulting from the stockholder’s presentation of
Shares for repurchase or the repurchase of Shares under this Repurchase Program or from the Company’s
determination not to repurchase Shares under the Repurchase Program, except as a result of the Company’s or the
Repurchase Agent’s negligence, misconduct or violation of applicable law; provided,
however, that nothing contained herein shall constitute a waiver or
limitation of any rights or claims that a stockholder may have under federal or
state securities laws.

 

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(c)           Taxes.  Stockholders shall have sole responsibility
and liability for the payment of all taxes, assessments and other applicable
obligations resulting from the repurchase of Shares pursuant to this Repurchase
Program and neither the Company nor the Repurchase Agent shall have any such
responsibility or liability.

 

(d)           Repurchase Agent.  The Company may appoint a repurchase agent as
the Company’s agent under this Repurchase
Program (a “Repurchase Agent”), to effect all repurchases of Shares and
to disburse funds to the respective stockholders in accordance with the terms,
conditions and limitations set forth herein. 
The Repurchase Agent shall at all times be a member in good standing of
the National Association of Securities Dealers, Inc.  Initially, the Repurchase Agent shall be
Inland Securities Corporation, a Delaware corporation.

 

(e)           Administration and
Costs.  The Repurchase Agent shall
perform all recordkeeping and other administrative functions involved in
operating and maintaining the Repurchase
Program.  The Company shall bear
all costs involved in organizing, administering and maintaining the Repurchase Program.

 

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