Document:

EMPLOYMENT
AGREEMENT

    

    This AGREEMENT is entered into by
and between New Generation Biofuels Holdings, Inc. (the “Company”) and Miles
Mahoney (the “Executive”).

    

    WHEREAS, the Company wishes to
employ the Executive and the Executive wishes to accept such employment, upon
the terms and conditions hereinafter set forth.

    

    NOW, THEREFORE, in
consideration of the premises and other good and valuable consideration, receipt
of which is hereby acknowledged, the parties hereto agree as
follows:

    

    1.           Employment

    

    The Company agrees to employ the
Executive during the Term specified in Paragraph 2, and the Executive agrees to
accept such employment, upon the terms and conditions hereinafter set
forth.

    

    2.           Term

    

    The Executive’s employment by the
Company will commence on October  9, 2010 and continue until
terminated in accordance with Paragraph 6 below.  The period of the
Executive’s employment hereunder is referred to herein as the “Term.”  The date on
which the Executive ceases to be employed, regardless of the reason, is the
“Date of
Termination.”  If a member of the Board as of the Date of
Termination, such position shall cease as of the Date of Termination without
further action required by the Board or Company.

    

    3.           Duties and
Responsibilities

    

    (a)         Title.  The
Executive shall have the title of President and Chief Executive
Officer.  This is a full-time position.  The Executive shall
also be a member of the Board of Directors so long as he holds such position
with the Company.

    

    (b)         Duties.

    

    
      (i)         
The
Executive shall serve the Company faithfully and to the best of his ability and
shall devote his full business and professional time, energy, and diligence to
the performance of the duties of such office and he shall perform such service
and duties in connection with the business and affairs of the Company (i) as are
customarily incident to such office and (ii) as may reasonably be assigned or
delegated to him by the Board of the Company and/or its
designee.

    

    

    
      (ii)         The
Executive agrees to be subject to the Company’s control, rules, regulations,
policies, programs, and Code of Conduct.  The Executive further agrees
that he shall carry on all correspondence, publicity and advertising in the
Company’s name.

    

    
      
         

      

      
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      (iii)   
    In the
event that Executive has the opportunity to invest, participate in, or serve in
a capacity such as that of director or otherwise in another venture or company,
such shall be disclosed to the Company prior to such activity and shall be
permissible unless such participation violates Paragraph 8 of this Agreement,
poses of conflict of interest with the Company, or otherwise interferes with the
performance of Executive’s duties hereunder as reasonably determined by the
Board.

    

    

    4.           Compensation

    

    (a)         Base
Salary.  The Company will pay the Executive an initial base
salary of $225,000 per annum (“Base Salary”).  The
Company may review and adjust Executive’s Base Salary from time to
time.

    

    (b)         2010 Incentive
Bonus.  For calendar year 2010, Executive shall be eligible to
earn an incentive bonus of up to $125,000 if the Company enters into a
definitive written agreement with a Strategic Investor on or before December 31,
2010. Terms of the agreement must include a capital infusion and other
terms as approved by the Board.  For the avoidance of doubt, it
is anticipated that the amount of capital raised be in the $3,000,000 -
$5,000,000 range.

     

    (c)         Subsequent Years Annual
Incentive Bonus.  The Executive will be eligible to earn an
incentive bonus equal to his then-current Base Salary for each full calendar
year of employment hereunder based upon criteria set forth by the Compensation
Committee of the Board and approved by the Board (the “Annual Incentive
Bonus”).  The bonus criteria is to be agreed between the Board
and the Executive no later than two (2) weeks after the Company files
its Form 10-K, and shall including various performance criteria, including
without limitation the requirement that the Company’s business operations be
cash flow positive for such calendar year.  If earned, any Annual
Incentive Bonus will be paid to the Executive by April 30 of the next calendar
year.

    

    (d)         Stock Awards. 
The Company shall award Executive up to a total of 2,000,000 shares of stock in
the form of stock options and stock awards under the Company’s Omnibus Incentive
Plan.  So long as Executive remains employed by the Company on the vesting
dates listed below, the awards shall vest as follows:

    

    
      
        
          
            	
                    Vesting Date

                  	
                    Type of Award

                  	
                    Number of Shares

                  
	 
      	 
      	 
      
	
                    Hire
      Date

                  	
                    Stock
      Option

                  	
                    500,000

                  
	
                    Hire
      Date

                  	
                    Stock

                  	
                    500,000

                  
	
                    First
      Anniversary of Employment

                  	
                    Stock
      Option

                  	
                    500,000

                  
	
                    First
      Anniversary of Employment

                  	
                    Restricted
      Stock

                  	
                    500,000

                  

          

        

      

    

    

    In the
case of stock options, each such option shall have an exercise price equal to
the then-current fair market value of the Company’s common stock as of the award
date.  Each award shall be evidenced by a separate award agreement that
shall contain the noted vesting schedule and shall otherwise comply with the
terms and conditions of the Company’s Omnibus Incentive Plan. 
Notwithstanding anything herein to the contrary, it is the intent of the parties
to accelerate vesting of the awards under this Section 4 in the event the
Company experiences a change of control prior to the first anniversary of
Executive’s employment with the
Company.     

    
      
         

      

      
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    5.           Expenses; Fringe
Benefits

    

    (a)          Expenses.  The
Company will pay or reimburse the Executive for reasonable, ordinary, necessary
and documented business or entertainment expenses incurred during his employment
in the performance of his services in accordance with the policies of the
Company as from time to time in effect.  The Executive must provide
all statements, bills or receipts evidencing the expenses, plus any other
information or materials that the Company may require.

    

    (b)         Benefit
Plans.  The Executive and, to the extent eligible, his
dependents, shall be eligible to participate in and receive benefits under
welfare benefit plans and programs provided by the Company to its executive
employees generally, subject, however, to the applicable eligibility and other
provisions of the plans and programs in effect from time to time.

    

    (c)          Retirement
Plans.  The Executive shall be entitled to participate in
retirement plans and programs provided by the Company to its executive employees
generally, subject, however, to the applicable eligibility and other provisions
of the plans and programs in effect from time to time.

    

    (d)         Paid Time
Off.  The Executive shall be eligible to accrue up to four (4)
weeks of paid time off (PTO) each calendar year (prorated for partial years of
employment), with no right of carryover from year to year (except as otherwise
required by law), to be taken at such times as approved by the
Board.  At separation from employment, the Company will pay the
Executive for his then-current balance of accrued but unused PTO.

    

    (e)         Other
Expenses.  The Executive shall be reimbursed in an amount up to
$7,000 for documented start up home office related expenses and legal
expenses related to this Agreement.  If the Executive resigns his
employment without Good Reason before the first anniversary of his employment
hereunder, he must repay this amount to the Company.

    

    6.           Termination

    

    (a)         Termination by the Company
for Cause.  Notwithstanding anything herein to the contrary,
the Company may terminate the Executive’s employment for Cause (as defined
below) at any time effective upon the giving of written notice to the
Executive.  The term “Cause” shall include, but not
be limited to, the following grounds:

    

    (i)          The
Executive’s material failure to perform his duties and responsibilities to the
satisfaction of the Board, the Executive’s material failure to comply with the
Company’s published business practices and policies, including without
limitation, policies against sexual harassment, or the Executive’s breach of any
material provision of this Agreement; provided, in each such case, if capable of
being cured, the Executive fails to cure such failure, act or breach within
fifteen (15) business days after written notice is given by the
Company;

    
      
         

      

      
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    (ii)         the
Executive’s misappropriation of the Company’s funds or property;

    

    (iii)        the
Executive’s use of illegal drugs, or conducting Company business under the
influence of illegal drugs, drugs illegally obtained, or alcohol;

    

    (iv)       the
Executive’s commission of any act that constitutes a felony or any crime
involving moral turpitude; dishonesty or theft;

    

    (v)        the
Executive’s commission of any act or omission that materially injures, or could
reasonably be expected to materially injure, the reputation, business, or
business relationships of the Company; or

    

    (vi)       bankruptcy
of the Company.

    

    (b)         Termination by the Company
Without Cause.  Notwithstanding anything to the contrary
herein, the Company may terminate the Executive’s employment without Cause at
any time during by giving written notice to the Executive setting forth a Date
of Termination.

    

    (c)         Termination Upon Death or
Disability.  Notwithstanding anything to the contrary
herein,

    

    
      (i).        
in
the event of the Executive’s death, the Executive’s employment shall end and the
Date of Termination shall be the date of the Executive’s
death.

    

    

    
      (ii)        
in
the event the Executive shall be unable to perform the essential functions of
his position, with or without reasonable accommodation, on account of a mental
or physical impairment for periods aggregating 90 calendar days (whether or not
continuous) or more in any period of 365 calendar days (“Disability”), the Company may
terminate the Executive’s employment by giving written notice to the Executive
setting forth a Date of Termination.

    

    

    (d)         Termination by the Executive
For Good Reason.  Notwithstanding anything herein to the
contrary, the Executive may terminate his employment for Good Reason (as defined
below) at any time effective upon the giving of written notice to the
Company.  The term “Good Reason” shall mean any of
the following having occurred without the Executive’s consent, provided the
Executive resigns no more than thirty (30) days following the event giving rise
to his Good Reason resignation:

    

    (i)           The
Company’s assignment to the Executive of job duties and responsibilities that
amount to a material diminution in the Executive’s position and status as
described in this Agreement, or the Company’s breach of any material provision
of this Agreement, provided, in either case, if capable of being cured, the
Company fails to cure such act or breach within fifteen (15) business days after
written notice is given by the Executive;

    
      
         

      

      
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    (ii)         The
Company’s reduction of the Executive’s then-current Base Salary by more than
10%, unless such reduction is part of a general salary reduction for all
employees of similar rank to the Executive; or

    

    (iii)        The
Company’s moving the Executive’s primary place of employment more than forty
(40) miles from the Executive’s primary place of employment with the Company
prior to such move.

    

    (e)      
   Termination by the Executive
Without Good Reason.  Notwithstanding anything to the contrary
herein, the Executive may terminate his employment without Good Reason at any
time by giving the Company thirty (30) calendar days advance written notice of
resignation.  The Company may, at any time during the notice period,
relieve the Executive of his duties and place him on a paid leave of absence for
the remainder of the notice period.

    

    7.           Effect of Termination of
Employment

    

    (a)         Termination by the Company
for Cause, by the Executive without Good Reason, or upon Executive’s Death or
Disability.  In the event of the termination of the Executive’s
employment by the Company for Cause, by the Executive without Good Reason, or
upon the Executive’s Death or Disability, the Executive shall be entitled to the
following payments and benefits, subject to any appropriate offsets, as
permitted by applicable law, for debts or money due to the company or an
affiliate thereof (collectively, “Offsets”):

    

    (i)          unpaid
Base Salary through, and any unpaid reimbursable expenses outstanding as of, the
Date of Termination; and

    

    (ii)         any
benefits accrued to the Executive through the Date of Termination under the
plans and programs described in Paragraphs 5(b) and (c).

    

    (b)         Termination by the Company
Without Cause or by the Executive for Good Reason.  In the
event of the termination of the Executive’s employment by the Company without
Cause or by the Executive for Good Reason, the Executive shall be entitled to
the following payments and benefits, subject to any Offsets:

    

    (i)          unpaid
Base Salary through, and any unpaid reimbursable expenses outstanding as of, the
Date of Termination;

    

    (ii)         any
benefits accrued to the Executive through the Date of Termination under the
plans and programs described in Paragraphs 5(b) and (c);

    

    (iii)        as
severance pay, his ending Base Salary for a period of twelve (12) months (the
“Severance Period”);
and

    
      
         

      

      
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    (iv)       provided
Executive is eligible for and timely elects COBRA coverage, payment of
Executive’s COBRA premiums for family coverage during the
Severance  Period.

    

    The
Executive’s receipt of the severance payments under this Paragraph 7(b)(iii) are
conditioned on the Executive signing, returning, not rescinding and complying
with a separation agreement that includes a full and final release of claims in
favor of the Company, in a form to be provide by the Company (the “Separation
Agreement”).   The severance payments will not begin until
after expiration of the application rescission periods as set forth in the
Separation Agreement.

    

    If the
Executive breaches any material provision of the Separation Agreement or
Paragraphs 8 or 9 of this Agreement, in addition to any other remedies at law or
in equity, the Company may cease making any severance payments under this
Paragraph 7(b)(iii) without affecting its rights under this Agreement or the
Separation Agreement, and the Executive shall repay to the Company any severance
payments already made to the Executive under Paragraph 7(b)(iii).

    

    8.           Restrictive
Covenants

    

    (a)           Non-Solicitation/Non-Servicing.  The
Executive acknowledges that: (i) that the business in which the Company competes
is highly competitive; (ii) as a key executive, he will participate in servicing
current clients and vendors and/or soliciting prospective clients and vendors,
through which the Executive will obtain knowledge of the “know-how” and business
practices of the Company, in which matters the Company has a substantial
proprietary interest; (iii) his employment requires the performance of services
that are special, unique, and extraordinary, and his position with the Company
places him in a position of confidence and trust with the Company’s clients,
vendors and employees; and (iv) his rendering of services to the Company’s
clients and vendors necessarily will require the disclosure to the Executive of
confidential information (as defined in Paragraph 8(b) hereof) of the
Company.  In the course of his employment, the Executive will develop
personal relationships with the Company’s clients and vendors and knowledge of
those clients’ and vendors’ affairs and requirements, and the Company’s
relationship with its clients and vendors will therefore be placed in the
Executive’s hands in confidence and trust.  Thus, the Executive agrees
that it is a legitimate interest of the Company, and reasonable and necessary
for the protection of the company’s confidential information, goodwill and
business, that the Executive make the covenants contained herein and that the
Company would not have entered into this Agreement unless it contained the
covenants in this Paragraph 8.  The Executive therefore agrees that he
will not, as an employee, consultant, contractor, partner, shareholder, or in
association with, any other person, business or enterprise, except on behalf of
the Company, directly or indirectly, and regardless of the reason for his
ceasing to be employed by the Company:

    

    (i)          during
the period that he is employed by the Company and for a period of one (1) year
after the Date of Termination, render any services to, engage in, guaranty any
obligations of, or have any ownership interests or other affiliation in, any
aspect of any business that is a competitor of the Company.  This
subsection (i) shall not apply following the Executive’s employment with the
Company if the Executive is terminated by the Company without Cause or if the
Executive resigns for Good Reason as defined above;

    
      
         

      

      
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    (ii)         during
the period that he is employed by the Company and for a period of one (1) year
after the Date of Termination, attempt in any manner to solicit, persuade,
induce, or encourage any client, vendor, supplier, consultant or other person or
entity that has (or had within twelve months before the Date of Termination) a
contractual or other business relationship with the Company to cease to do
business or to reduce the amount of business that any such person or entity has
customarily done or is reasonably expected to do with the Company;
or

    

    (iii)        during
the period that he is employed by the Company and for a period of one (1) year
after the Date of Termination, employ as an employee or retain as a consultant
any person who is then (or during the twelve months before the Date of
Termination was) an employee or consultant of the Company or persuade or attempt
to persuade any such employee or consultant to leave the employ of the Company
or to become employed as an employee or retained as a  consultant by
anyone other than the Company.

    

    (b)           Confidential
Information.  During the Executive’s employment with the
Company, he will acquire and have access to confidential or proprietary
information about the Company and/or its clients, including but not limited to,
trade secrets, service models, passwords, technology platforms, text messaging
and transport modules, patents, trademarks, access to computer files, mobile
marketing strategies, marketing campaigns, financial information and records,
computer software programs, agreements and/or contracts between the Company and
clients, client contacts, creative policies and ideas, and information about or
received from clients and other companies with which the Company does
business.  The foregoing shall be collectively referred to as “Confidential
Information.”  The Executive is aware that the Confidential
Information is not readily available to the public; accordingly, he also agrees
that he will not at any time (whether during or after the Term), disclose to
anyone (other than his counsel in the course of a dispute arising from the
alleged disclosure of Confidential Information or as required by law) any
Confidential Information, or utilize such Confidential Information for the
benefit of herself or any third party.  The Executive agrees that
these restrictions shall apply whether or not any such information is marked
“confidential” and regardless of the form of the information.  If the
Executive becomes legally required to disclose any Confidential Information, he
will provide the company with prompt notice thereof so the Company may seek a
protective order or other appropriate remedy and/or waive compliance with the
provisions of this Paragraph 8(b) to permit a particular
disclosure.  If such protective order or other remedy is not obtained
or if the Company waives compliance with the provisions of this Paragraph 8(b)
to permit a particular disclosure , the Executive will furnish only that portion
of the confidential Information that he is legally required to disclose and, at
the Company’s expense, will cooperate with the Company to obtain a protective
order or other reliable assurance that confidential treatment will be accorded
the confidential Information.  The Executive further agrees that all
memoranda, disks, files, notes, records or other documents, whether in
electronic form or hard copy (collectively, the “Material”) compiled by him or
made available to him during his employment with the company and/or its
predecessor (whether or not the Material constitutes or contains confidential
Information), and in connection with the performance of his duties hereunder,
shall be the property of the Company and shall be delivered to the Company on
the termination of the Executive’s employment with the Company or at any other
time upon request.  Except in connection with the Executive’s
employment with the Company, the Executive agrees that he will not make or
retain copies or excerpts of the Material.

    
      
         

      

      
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    (c)         Remedies.  If
the Executive commits a breach, or is about to commit a breach, of any of the
provisions of Paragraphs 8(a) or (b), the Company shall have the right to have
the provisions of this Agreement specifically enforced by any court having
equity jurisdiction without being required to post bond or other security and
without having to prove the inadequacy of the available remedies at law, it
being acknowledged and agreed that any such breach or threatened breach will
cause irreparable injury to the Company and that money damages will not provide
an adequate remedy to the Company.  In addition, the Company may take
all such other actions and seek all remedies available to it under law or in
equity and shall be entitled to such damages as it can show it has sustained by
reason of such breach.  If the  Company prevails against the
Executive in a legal action for violation of any portion of this Agreement, the Company shall be
entitled to collect from the Executive all attorneys’ fees and costs incurred by
the Company in bringing any action to enforce the terms of this Agreement, as
well as any attorneys’ fees and costs incurred by the Company for the collection
of any judgments in the Company’s favor arising out of the Executive’s
violations.

    

    (d)         Understandings.  The
Executive acknowledges and agrees that (a) the Company informed him as part of
the offer of employment under this terms of this Agreement that the restrictive
covenants set forth above would be required as part of the terms and conditions
of such employment; (b)  he has carefully considered the restrictions
contained in this Agreement and determined that they are reasonable, and has
sought the advice of legal counsel if so inclined; (c) the restrictions in this
Agreement will not unduly restrict the Executive in securing other suitable
employment in the event of termination from the Company; and (d) he signed this
Agreement before or upon commencement of, and as a condition to, his employment
with the Company.

    

    (e)         Notification of Restrictive
Covenants.  Before accepting employment or consulting work with
any person, corporation or other entity during the Term or any period thereafter
that the Executive is subject to the restrictions set forth in Paragraph 8
above, the Executive shall notify the prospective employer or principal in
writing of his obligations under such provisions and shall simultaneously
provide a copy of such written notice to the Company.  In addition, by
signing below, the Executive authorizes the Company to notify third parties
(including, but not limited, the Company’s clients and competitors) of the terms
of Paragraphs 8 and 9 of this Agreement and the Executive’s responsibilities
hereunder.

    

    (f)          Tolling.  The
duration of the restrictive covenants set forth in this Agreement shall not
expire, and shall be tolled, during any period in which the Executive is in
violation of any of those covenants, and all restrictions shall automatically be
extended by the period of the Executive’s violation of any such
covenants.

    
      
         

      

      
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    (g)         Survival.   The
parties agree that this Paragraph 8 shall survive termination of the Executive’s
employment with the Company and termination of this Agreement for any
reason.

    

    (h)         Scope.  As
used in this Paragraph 8, the term “Company” shall include all subsidiaries and
affiliates of the Company.

    

    9.           Assignment
of Inventions and Copyrights.

    

    (a)         Executive
hereby irrevocably assigns to the Company and its successors, assigns, and legal
representatives:

    

    (i)          Except
as provided by any statutory notice provided herewith, the entire right, title
and interest to all Inventions;

    

    “Inventions”,
as used herein, means all inventions conceived or made or reduced to practice in
whole or in part by Executive after being employed by the Company, including
discoveries, improvements, designs, processes, techniques, equipment,
trademarks, and ideas (whether patentable or not and including, without
limitation, those that might be copyrightable).

    

    (ii)         The
entire right, title and interest to any United States or foreign Letters Patents
which may issue or that has issued with respect to Inventions;

    

    (iii)        The
entire right, title and interest to any renewals, reissues, extensions,
substitutions, continuations, continuations-in-part, or divisions that may be
filed with respect to the Inventions, applications, and patents;

    

    (iv)        The
right to apply for Letters Patents in foreign countries in its own name and to
claim any priority rights to which such foreign applications are entitled under
international conventions, treaties or otherwise; and

    

    (v)         The
right to sue for past, present, and future infringement of such Inventions and
Letters Patent.

    

    (b)         Executive
further agrees to provide written disclosure of all Inventions to the Company,
even if any Invention is not assigned according to terms of any statutory notice
provided herewith.

    

    (c)         Executive
hereby authorizes and requests the Commissioner of Patents and Trademarks to
issue to the Company any Letters Patents which may be granted in accordance with
this Assignment.

    
      
         

      

      
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    (d)         Copyrights.

    

    (i)           Executive
hereby acknowledges and agrees that, to the extent any work performed by
Executive for the Company gives rise to the creation of any copyrightable
material (“Work”), all such Work, including all text, software, source code,
scripts, designs, diagrams, documentation, writings, visual works, or other
materials shall be deemed to be a work made for hire for the
Company.

    

    (ii)          To
the extent that title to any Work may not, by operation of law, vest in the
Company or such Work may not be considered work made for hire for the Company,
all rights, title and interest therein were assigned and are hereby irrevocably
assigned to the Company, including but not limited to the right to sue for past,
present, and future infringement of any Work.  All such Work shall
belong exclusively to the Company, with the Company having the right to obtain
and to hold in its own name, copyrights, registrations or such other protection
as may be appropriate to the subject matter, and any extensions and renewals
thereof.

    

    (iii)         To
the extent that title to any Work may not be assigned to the Company, Executive
hereby grants the Company a worldwide, nonexclusive, perpetual, irrevocable,
fully paid-up, royalty-free, unlimited, transferable, sublicensable license,
without right of accounting, in such Work.

    

    (e)         Executive
agrees to execute and deliver without further consideration such documents and
to perform such other lawful acts as the Company, its successors and assigns may
deem necessary to fully secure the Company’s rights, title or interest in all
Works and Inventions as set forth in this Agreement.

    

    (f)         This
Agreement does not apply to an invention for which no equipment, supplies,
facility or trade secret information of the Company was used and which was
developed entirely on Executive's own time, and (1) which does not relate (a)
directly to the business of the Company or (b) to the Company's actual or
demonstrably anticipated research or development, or (2) which does not result
from any work performed by Executive for the Company.

    

    (g)         Survival.   The
parties agree that this Paragraph 9 shall survive termination of the Executive’s
employment with the Company and termination of this Agreement for any
reason.

    
      
         

      

      
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    10.         Indemnification of Executive
by Company

    

    Executive
shall in no way be liable or responsible for any act of the Company, Executive’s
predecessor or any other officer, director or employee of the Company prior to
execution of this Agreement and the Company shall fully indemnify and hold
harmless Executive against such liability.  The Company also agrees
that if the Executive is made a party, is threatened to be made a party or
reasonably anticipates being made a party, to any formal or informal action,
suit or proceeding, whether civil, criminal, administrative or investigative (a
“Proceeding”), by reason of the fact that he is or was a director, officer,
manager, trustee, representative, consultant or employee of the Company or is or
was serving at the request of the Company as a director, officer, member,
employee, manager, trustee, representative, consultant or agent of another
corporation, partnership, joint venture, trust or other enterprise, including
service with respect to employee benefit plans, whether or not the basis of such
proceeding is the Executive's alleged action in an official capacity while
serving as a director, officer, member, employee, manager, trustee,
representative, consultant or agent, the Executive shall be promptly indemnified
and held harmless by the Company to the fullest extent permitted by law against
all cost, expense, liability and loss (including, without limitation, attorney's
fees and other professional fees and charges, judgments, fines, interest,
expenses of investigation, ERISA excise taxes or other liabilities or penalties
and other amounts paid or to be paid in settlement if such settlement is
approved in advance by the Company, which approval shall not be unreasonably
withheld) reasonably incurred or suffered by the Executive in connection
therewith, or in connection with seeking to enforce his rights under this
Paragraph 10 and such indemnification shall continue as to the Executive even if
he has ceased to be a officer, director, member, employee, manager, trustee,
representative, consultant or agent of the Company or other entity and shall
inure to the benefit of the Executive's heirs, executors and
administrators.  Notwithstanding anything herein to the contrary, this
Paragraph 10 shall not apply in the event Executive engaged in intentional
misconduct contrary to the directions of the Board.

    

    11.    
    Enforceability

    

     It
is intended that the obligations of the Executive to perform pursuant to the
terms of this Agreement are unconditional and do not depend on the performance
or nonperformance of any agreements, duties or obligations between the Company
and the Executive not specifically contained in this Agreement.

    

    The Company’s action in not enforcing a
breach of any part of this Agreement shall not prevent the Company from
enforcing it as to the same or any other breach of this Agreement.

    

    12.         Assignment

    

    The
Company shall have the right to assign this Agreement.  This Agreement
shall inure to the benefit of, and may be enforced by, any and all successors
and assigns of the Company, including, without limitation, by asset assignment,
stock sale, merger, consolidation or other reorganization.  The
Executive’s rights and obligations under this Agreement are personal to the
Executive; he may not assign or otherwise transfer his rights or obligations
under this Agreement, and any purported assignment or transfer shall be void and
ineffective.

    

    13.         Modification

    

    This
Agreement may not be orally cancelled, changed, modified or amended; and no
cancellation, change, modification or amendment shall be effective or binding,
unless in writing and signed by the parties to this Agreement.

    
      
         

      

      
        - 11
-

        
          

        

      

      
         

      

    

    14.         409A
Compliance

    

    Notwithstanding
anything in this Agreement to the contrary, if any of the severance payments
described in this Agreement are subject to the requirements of Code Section 409A
and the Company determines that Employee is a “specified employee” as defined in
Code Section 409A as of the date of Employee’s termination of employment, such
payments shall not be paid or commence earlier than the first day of the seventh
month following the date of Employee’s termination of employment. In addition,
notwithstanding anything in this Agreement to the contrary, the Company
expressly reserves the right to amend this Agreement without Employee’s consent
to the extent necessary to comply with Code Section 409A, as it may be amended
from time to time, and the regulations, notices and other guidance of general
applicability issued thereunder.

    

    15.         Severability and
Survival

    

    If any
provision of this Agreement is determined to be invalid or unenforceable for any
reason, in whole or in part, the remaining provisions of this Agreement shall
nevertheless be binding upon the parties with the same effect as though the
invalid or unenforceable part had been severed or reformed to be
enforceable.  The parties’ respective rights and obligations hereunder
shall survive the termination of the Executive’s employment to the extent
necessary to the intended preservation of such rights and
obligations.

    

    16.         Applicable Law and Legal
Proceedings

    

    (a)           All
questions concerning the construction, interpretation and validity of this
Agreement, and all matters relating hereto, shall be governed by and construed
and enforced under the laws of Minnesota, without giving effect to any
choice-of-law provision or rule (whether in Minnesota or elsewhere) that would
cause the application of the laws of any jurisdiction other than
Minnesota.

    

    (b)           Each
of the parties hereto hereby irrevocably and unconditionally submits to the
exclusive jurisdiction of any Minnesota state court or federal court sitting in
Hennepin County, Minnesota, and any appellate court from any thereof, in any
action or proceeding arising out of or relating to this Agreement or for
recognition or enforcement of any judgment.  Each of the parties
hereby irrevocably and unconditionally agrees that all claims in respect of any
such action or proceeding may be heard and determined in any such Minnesota
court or federal court and that a final judgment in any such action or
proceeding shall be conclusive and may be enforced in other jurisdictions by
suit on the judgment or in any other manner provided by law.

    

    17.         Representations by
Executive

    

    The Executive represents that he is not
subject to any agreement, instrument, order, judgment or decree, or any other
agreement, that would present or limit him from entering into this Agreement or
that would be breached upon performance of his duties under this Agreement,
including but not limited to any duties owed to any former employers not to
compete.   Executive will defend and indemnify the Company if
this representative is not true.

    
      
         

      

      
        - 12
-

        
          

        

      

      
         

      

    

    If the Executive possesses any
information that he knows or should know is considered by any third party, such
as a former employer of the Executive’s, to be confidential, trade secret, or
otherwise proprietary, the Executive shall not disclose such information to the
Company or use such information to benefit the Company in any way.

    

    18.         Entire
Agreement

    

    This
Agreement represents the entire agreement between the Company and the Executive
with respect to the employment of the Executive by the Company, and all prior
discussions, negotiations, agreements, plans and arrangements relating to the
employment of the Executive by the Company are nullified and superseded
hereby.

    

    19.         Headings

    

    The
headings contained in this Agreement are for reference purposes only and shall
not affect the meaning or interpretation of this Agreement.

    

    20.         Withholdings

    

    The
Company may withhold from any amounts payable under this Agreement such federal,
state or local taxes as may be required under any applicable law or
regulation.

    

    21.         Counterparts

    

    This
Agreement maybe executed by facsimile transmission and in counterparts, each of
which shall be deemed an original and all of which shall constitute one
instrument.

    

    22.         No Strict
Construction

    

    The
language used in this Agreement will be deemed to be chosen by the Company and
the Executive to express their mutual intent.  No rule of law or
contract interpretation that provides that in the case of ambiguity or
uncertainty a provision should be construed against the draftsman will be
applied against any party hereto.

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      	 
      	 
      	 
      	
                                              NEW
      GENERATION BIOFUELS HOLDINGS, INC.

                                            
	 
      	 
      	 
      	 
      	 
      
	
                                              Date: 

                                            	 
      	 
      	
                                              By

                                            	 
      
	 
      	 
      	 
      	 
      	
                                              John
      E. Mark

                                            
	 
      	 
      	 
      	
                                              Its:

                                            	
                                              Chairman
      of the Board

                                            
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                                              MILES
      MAHONEY

                                            
	 
      	 
      	 
      	 
      	 
      
	
                                              Date:

                                            	 
      	 
      	 
      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
        - 13
-EXECUTION
VERSION

    

    EMPLOYMENT
AGREEMENT

    

    This
EMPLOYMENT AGREEMENT (the “Agreement”) is entered into as
of October 9, 2010 (the “Effective Date”), by and among
New Generation Biofuels Holdings, Inc., a Florida corporation (the “Company”), and David H.
Goebel, Jr. an individual (“Executive”), with respect to
the following facts and circumstances:

     

    RECITALS

     

    WHEREAS,
the Company and the Executive wish to enter into the Agreement on the terms and
conditions as set forth herein, pursuant to which the Executive will serve as
Chief Operating Officer of the Company.

     

    NOW,
THEREFORE, in consideration of the mutual promises, covenants and agreements set
forth herein, the parties hereto agree as follows:

     

    ARTICLE
1

     

    EMPLOYMENT,
TERM AND DUTIES

     

    1.1           Employment.  The
Company shall hereby employ Executive as Chief Operating Officer, upon the terms
and conditions set forth in this Agreement.

     

    1.2           Term.  This
Agreement shall continue from the Effective Date through April 30, 2013 (the
“Term”), unless earlier
terminated under Article 5; provided, that the
Term shall automatically renew for additional one-year periods unless either the
Company or Executive gives notice of non-renewal at least ninety (90) days prior
to expiration of the Term (as such Term may have been extended by any renewal
period).

     

    1.3           Duties.  Executive
shall report to the Company’s Chief Executive Officer (the “CEO”) and shall perform all
the customary duties and obligations reasonably associated with the position of
Chief Operating Officer, including supervising ..., providing general strategic
advice to the CEO and performing such other duties reasonably assigned to the
Executive by the CEO.  Executive shall perform the services
contemplated herein faithfully and diligently.  While performing such
services, Executive shall devote substantially all of his business time and
efforts to rendering such services; provided, that
Executive may participate in social, civic, charitable, religious, business,
educational or professional associations, and, with the prior written approval
of the Board of Directors (the “Board”), serve on the boards of directors, or
other similar governing body, of entities other than the Company, so long as
such participation or service does not materially interfere with the duties and
obligations of Executive hereunder.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ARTICLE
2

     

    COMPENSATION

     

    2.1           Salary.  In
consideration for Executive’s full-time services hereunder, the Company shall
pay Executive an annual salary at the rate of $200,000 per year, payable in
accordance with the Company’s regular payroll schedule from time to time (less
any deductions required for Social Security, state, federal and local
withholding taxes, and any other authorized or mandated similar
withholdings).  The annual salary shall be reviewed by the CEO and the
Compensation Committee of the Board of Directors (the “Compensation Committee”) no
less frequently than annually and may be increased (but not decreased) at the
discretion of the CEO and the Compensation Committee.

     

    2.2           Annual Cash
Bonus.  Executive shall be entitled to earn bonuses during the
Term (the “Annual Cash
Bonus”), based upon Executive’s achievement of performance objectives set
by the Compensation Committee (the “Performance Goals”), with a
targeted bonus of fifty percent (50%) of Executive’s annual salary for such
fiscal year (or partial fiscal year).  Any such bonus will be paid
within the year following the year for which the cash bonus was
earned.

     

    Stock
Options.  The executive’s previously granted stock options
remain the same as the original terms when granted. The Performance Goals for
each fiscal year shall be established by the Compensation
Committee.  The Compensation Committee shall determine whether the
Performance Goals for the preceding fiscal year have been met, and if such
Performance Goals are determined to have been met, the Performance Options in
respect of such fiscal year shall be deemed to be vested as of such date of
determination.  The Time Based Options and the Performance Options are
more fully documented in one or more Stock Option Agreement(s) containing
customary terms and conditions

     

    Awards Subject to Omnibus
Incentive Plan.  All equity awards contemplated by this
Agreement shall be subject to any caps, limitations, restrictions or other terms
and conditions under the Company’s Omnibus Incentive Plan (or other such plan as
may be adopted to supersede the Omnibus Incentive Plan), and the rules and
regulations of the Securities and Exchange Commission and the Nasdaq Capital
Market (or such other exchange on which the Company’s securities may be listed
and traded.)

     

    2.3           Other Performance-Based Cash
or Equity Compensation Awards.  The Executive shall be eligible
to participate in the Company’s existing Management Equity Compensation Plan and
in any other performance-based cash or equity compensation plans that include
the other Company executives.  The Executive shall be eligible for an
annual performance-based restricted stock grant of up to 75% of Executive’s
annual salary that vests in annual equal tranches over a three year period from
the grant date. The amount of any cash or other equity awards to the Executive
and terms and conditions thereof shall be determined by the Compensation
Committee or by the Board. 

     

    ARTICLE
3

     

    EXECUTIVE
BENEFITS

     

    3.1           Vacation.  Executive
shall be entitled to four weeks vacation each calendar year thereafter in
accordance with the general policies of the Company applicable generally to
other senior executives of the Company.  Unused vacation shall carry
over in accordance with the general policies of the Company.

    
      
         

      

      
        - 2
-

        
          

        

      

      
         

      

    

    3.2           Executive
Benefits.  Executive shall receive all group insurance and
pension plan benefits and any other benefits on the same basis as are available
to other senior executives of the Company under the Company personnel policies
in effect from time to time.  Executive shall receive all other such
fringe benefits as the Company may offer to other senior executives of the
Company generally under the Company personnel policies in effect from time to
time, such as life, health and disability insurance coverage and paid sick
leave.

     

    3.3           Reimbursement for
Expenses.  Executive shall be reimbursed by the Company for all
documented reasonable expenses incurred by Executive in the performance of his
duties or otherwise in furtherance of the business of the Company in accordance
with the policies of the Company in effect from time to time.  Any
reimbursement under this Section 3.3 that is taxable to Executive shall be
made by December 31 of the calendar year following the calendar year in
which Executive incurred the expense.  The amount of the expenses
eligible for reimbursement during any calendar year will not affect the amount
of expenses for reimbursement in any other calendar year.

     

    ARTICLE
4

     

    INDEMNIFICATION

     

    4.1           
Indemnification.  Except
as otherwise provided by applicable law, while the Executive is employed by the
Company and thereafter while potential liability exists (but in no event less
than three (3) years after termination), in the event Executive is made a party
to any threatened, pending, or contemplated action, suit, or proceeding, whether
civil, criminal, administrative, or investigative (other than an action by the
Company against Executive), by reason of the fact that Executive is or was
performing services under this Agreement, then the Company shall indemnify
Executive to the fullest extent permitted by applicable law against all expenses
(including attorneys’ fees), judgments, fines, and amounts paid in settlement,
as actually and reasonably incurred by Executive in connection therewith. In the
event that both Executive and the Company are made a party to the same third
party action, complaint, suit, or proceeding, the Company will engage competent
legal representation, and Executive will use the same representation, provided
that if counsel selected by the Company shall have a conflict of interest that
prevents such counsel from representing Executive, then the Company may engage
separate counsel on Executive’s behalf, and subject to the provisions of this
Section 4, the Company will pay all attorneys’ fees of such separate
counsel.

    
      
         

      

      
        - 3
-

        
          

        

      

      
         

      

    

    ARTICLE
5

     

    TERMINATION

     

    5.1           Grounds for
Termination.

     

    5.1.1             Death or
Disability.  Executive’s employment shall terminate immediately
in the event of Executive’s death or Disability.  “Disability” means Executive is
unable to engage in any substantial gainful business activity by reason of
any medically determinable physical or mental impairment which can be expected
to result in death or that has rendered Executive unable effectively to carry
out his duties and obligations under this Agreement or unable to participate
effectively and actively in the management of the Company for a period of ninety
(90) consecutive days or for shorter periods aggregating to one hundred twenty
(120) days (whether or not consecutive) during any consecutive twelve (12)
months of the Term.

     

    5.1.2             Cause.  The
Company shall have the right to terminate Executive’s employment by giving
written notice of such termination to Executive upon the occurrence of any one
or more of the following events (“Cause”):

     

    
      	
               
      

            	
              (a)

            	
              any
      willful act or willful omission, other than as a result of Executive’s
      Disability, that represents a breach of any of the terms of this agreement
      to the material detriment of the
Company;

            

    

     

    
      	
               
      

            	
              (b)

            	
              bad
      faith by Executive in the performance of his duties, consisting of willful
      acts or willful omissions, other than as a result of Executive’s
      Disability, to the material detriment of the Company;
  or

            

    

     

    
      	
               
      

            	
              (c)

            	
              Executive’s
      conviction of, or pleading nolo contendere to, a crime that constitutes a
      felony involving fraud, conversion, misappropriation, or embezzlement
      under the laws of the United States or any political subdivision thereof,
      which conviction has become final and
  non-appealable.

            

    

     

    5.1.3             Good
Reason.  Executive may terminate his employment under this
Agreement by giving written notice to the Company upon the occurrence of any one
or more of the following events (“Good Reason”):

     

    
      	
               
      

            	
              (a)

            	
              a
      material diminution during the Term in Executive’s
  Duties;

            

    

     

    
      	
               
      

            	
              (b)

            	
              a
      material diminution during the Term in Executive’s annual salary or annual
      bonus opportunity;

            

    

     

    
      	
               
      

            	
              (c)

            	
              a
      material breach by the Company of any term of the Agreement;
      or

            

    

     

    
      	
               
      

            	
              (d)

            	
              failure
      of any successor to the Company as a result of a Change of Control (as
      defined in Section 5.1.4) to assume in a writing delivered to Executive
      upon the assignee becoming such, the obligations of the Company
      hereunder.

            

    

     

    5.1.4             Change of
Control.  For purposes of this Agreement, a “Change of Control” shall mean
the occurrence of any of the following events:

    
      
         

      

      
        - 4
-

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (a)

            	
              the
      direct or indirect acquisition by an unrelated Person or Group of
      Beneficial Ownership (each as defined herein) of stock that, together with
      stock already Beneficially Owned by such Person or Group, constitutes more
      than 50% of the voting power of the Company’s issued and outstanding
      voting stock or more than 50% of the fair market value of the Company’s
      issued and outstanding stock;

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      direct or indirect sale or transfer by the Company of substantially all of
      its assets to one or more unrelated Persons or Groups in a single
      transaction or a series of related
transactions;

            

    

     

    
      	
               
      

            	
              (c)

            	
              the
      merger, consolidation or reorganization of the Company with or into
      another corporation or other entity in which the Beneficial Owners of more
      than 50% of the voting power of the Company’s issued and outstanding
      voting securities immediately before such merger, consolidation or
      reorganization do not own, directly or indirectly, more than 50% of the
      voting power of the issued and outstanding voting securities of the
      surviving corporation or other entity immediately after such merger,
      consolidation or reorganization; or

            

    

     

    
      	
               
      

            	
              (d)

            	
              during
      any consecutive 12-month period, individuals who at the beginning of such
      period constituted the Board (together with any new directors whose
      election to the Board or whose nomination for election by the stockholders
      of the Company was approved by a vote of a majority of the directors on
      the Board then still in office who were either directors at the beginning
      of such period or whose election or nomination for election was previously
      so approved) cease for any reason to constitute a majority of the members
      of the Board then in office.

            

    

     

    Notwithstanding the terms of this
Section 5.1.4, none of the foregoing events shall constitute a Change of Control
if such event is not a “Change in Control Event” under Treasury Regulations
Section 1.409A-3(i)(5) or successor guidance of the Internal Revenue
Service.

     

    For purposes of determining whether a
Change of Control has occurred, a Person or Group shall not be deemed to be
“unrelated” if: (a) such Person or Group directly or indirectly has Beneficial
Ownership of more than 50% of the issued and outstanding voting power of the
Company’s voting securities immediately before the transaction in question, (b)
the Company has Beneficial Ownership of more than 50% of the voting power of the
issued and outstanding voting securities of such Person or Group, or (c) more
than 50% of the voting power of the issued and outstanding voting securities of
such Person or Group are owned, directly or indirectly, by Beneficial Owners of
more than 50% of the issued and outstanding voting power of the Company’s voting
securities immediately before the transaction in question.

    
      
         

      

      
        - 5
-

        
          

        

      

      
         

      

    

    The terms “Person,” “Group,” “Beneficial Owner,” and “Beneficial Ownership” shall
have the meanings used in the Securities Exchange Act of 1934, as
amended.  Notwithstanding the foregoing, (a) Persons will not be
considered to be acting as a “Group” solely because they purchase or own stock
of the Company at the same time, or as a result of purchases in the same public
offering, (b) Persons will be considered to be acting as a “Group” if they are
owners of a corporation that enters into a merger, consolidation,
reorganization, purchase or acquisition of stock, or similar business
transaction, with the Company, and (c) if a Person, including an entity, owns
stock both in the Company and in a corporation that enters into a merger,
consolidation, reorganization, purchase or acquisition of stock, or similar
transaction, with the Company, such Person shall be considered to be acting as a
Group with other shareholders only with respect to the ownership in such
corporation prior to the transaction.

     

    5.1.5             Opportunity to
Cure.  Notwithstanding Sections 5.1.2 and 5.1.3, it shall be a
condition precedent to a party’s right to terminate Executive’s employment for
Cause or Good Reason, as applicable, that (a) such party shall have first given
the other party written notice stating with reasonable specificity the breach on
which such termination is premised within ninety (90) days after the party
providing such notice becomes aware of such breach, and (b) if such breach is
susceptible of cure or remedy, such breach has not been cured or remedied within
forty-five (45) days after receipt of such notice.

     

    5.1.6             Any Other
Reason.  Notwithstanding anything to the contrary herein, the
Company shall have the right to terminate Executive’s employment under this
Agreement at any time without Cause by giving written notice of such termination
to Executive, and Executive shall have the right to terminate Executive’s
employment under this Agreement at any time without Good Reason by giving
written notice of such termination to the Company.

     

    5.2           Termination
Date.  Except as provided in Section 5.1.1 with respect to
Executive’s death or Disability, and subject to Section 5.1.5, any termination
under Section 5.1 shall be effective upon receipt of notice by Executive or
the Company, as the case may be, of such termination or upon such other later
date as may be provided herein or specified by the Company or Executive in the
notice (the “Termination
Date”).

     

    5.3           Effect of
Termination.

     

    5.3.1             Termination with Cause or
Voluntary Resignation without Good Reason Prior to a Change of
Control.  If the Company (a) terminates the Executive’s
employment with Cause or (b) the Executive voluntarily resigns prior to a Change
of Control without Good Reason, the Company shall pay all Accrued Obligations to
Executive in a lump sum in cash within ten (10) days after the Termination
Date.  “Accrued
Obligations” means the sum of (a) Executive’s annual salary hereunder
through the Termination Date to the extent not yet paid, (b) the amount of any
Annual Cash Bonus and any other cash compensation earned by Executive as of the
Termination Date to the extent earned but not yet paid, and (c) any vacation
pay, expense reimbursements and other cash entitlements accrued by Executive as
of the Termination Date to the extent earned but not yet paid; provided, however, vacation pay
will not in any event be based on more than the maximum number of vacation days
that Executive may be entitled to in a single year.

    
      
         

      

      
        - 6
-

        
          

        

      

      
         

      

    

    5.3.2             Termination without Cause or
Voluntary Resignation with Good Reason.  If (a) the Company
terminates the Executive’s employment without Cause or (b) the Executive
voluntarily resigns with Good Reason:

     

    
      	
               
      

            	
              (a)

            	
              the
      Company shall pay all Accrued Obligations to Executive in a lump sum in
      cash within ten (10) days after the Termination
  Date;

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Company shall accelerate the vesting on all stock grants and Time-Based
      Options.

            

    

     

    
      	
               
      

            	
              (c)

            	
              the
      Company shall vest any Performance Options on a pro-rata basis at the end
      of the performance period to the extent the Compensation Committee
      determines that the performance targets have been
  achieved;

            

    

     

    
      	
               
      

            	
              (d)

            	
              the
      Company shall pay to Executive, in a lump sum in cash no later than the
      Severance Payment Deadline (as defined in Section 5.3.55), an amount equal
      to the sum of (a) Executive’s Annual Salary as in effect on the
      Termination Date and (b) the average of the two (2) highest Annual Cash
      Bonuses earned by Executive for
      the three (3) prior years or, if Executive has not been employed for three
      (3) years, the target Annual Cash Bonus for the year of the Termination
      Date; and

            

    

     

    
      	
               
      

            	
              (e)

            	
              for
      an 18 month period beginning on the Termination Date, the Company shall
      reimburse Executive for the COBRA premiums above Executive’s employee
      contribution in order to provide medical, dental, vision and life
      insurance benefits to Executive and/or Executive’s family at least equal
      to those which were provided at the Termination Date; provided, further, that
      Executive agrees to elect COBRA coverage to the extent available under the
      Company’s health insurance plans.  Any payment or reimbursement
      under this Section 5.3.2(b) that is taxable to Executive or any of
      his family members shall be made (subject to the provisions of such health
      care plans that may require earlier payment) by December 31 of the
      calendar year following the calendar year in which Executive or such
      family member incurred the expense.

            

    

     

    
      
         

      

      
        - 7
-

        
          

        

      

      
         

      

    

    “Annual Salary” shall mean
Executive’s highest annual salary over the 12 months prior to the Termination
Date.

     

    5.3.3             Termination Due to
Non-Renewal of Term.  In the event that Executive’s employment
is terminated due to non-renewal of the Term, the Company shall pay to Executive
(a) all Accrued Obligations to Executive in a lump sum in cash within ten (10)
days after the Termination Date; (b) an amount equal to the sum of three months’
of Executive’s Annual Salary as in effect on the Termination Date, in a
lump sum in cash no later than the Severance Payment Deadline (as defined in
Section 5.3.55); and (c) for a twelve- month period beginning on the Termination
Date, the Company shall reimburse Executive for the COBRA premiums above
Executive’s employee contribution in order to provide medical, dental, vision
and life insurance benefits to Executive and/or Executive’s family at least
equal to those which were provided at the Termination Date; provided, further, that
Executive agrees to elect COBRA coverage to the extent available under the
Company’s health insurance plans.  Any payment or reimbursement under
this section that is taxable to Executive or any of his family members shall be
made (subject to the provisions of such health care plans that may require
earlier payment) by December 31 of the calendar year following the calendar year
in which Executive or such family member incurred the expense.

     

    5.3.4             Termination Due to Death or
Disability.  In the event that Executive’s employment is
terminated due to Executive’s death or Disability, the Company shall pay all
Accrued Obligations to Executive or Executive’s estate in a lump sum in cash
within ten (10) days after the Termination Date. If Executive dies while
employed by the Company, any vested options may be exercised on or before the
option’s expiration date. Any option that remains unexercised after this period
shall be forfeited.  In the event that Executive’s employment is
terminated due to Death or Disability, the Company shall for a 12 month period
beginning on the Termination Date, reimburse Executive for the COBRA premiums
above Executive’s employee contribution in order to provide medical, dental,
vision and life insurance benefits to Executive and/or Executive’s family at
least equal to those which were provided at the Termination Date; provided,
further, that Executive agrees to elect COBRA coverage to the extent available
under the Company’s health insurance plans.  Any payment or
reimbursement under this Section 5.3.2(b)4 that is taxable to Executive or any
of his family members shall be made (subject to the provisions of such health
care plans that may require earlier payment) by December 31 of the calendar year
following the calendar year in which Executive or such family member incurred
the expense.

    
      
         

      

      
        - 8
-

        
          

        

      

      
         

      

    

    

    5.3.5             Waiver and Release
Agreement.  In consideration of the severance payments and
other benefits described in clauses (b), (c) and (d) of Section 5.3.2, to which
severance payments and benefits Executive would not otherwise be entitled, and
as a precondition to Executive becoming entitled to such severance payments and
other benefits under this Agreement, Executive agrees to execute and deliver to
the Company within fifty (50) days after the applicable Termination Date a
Waiver and Release Agreement in the form attached hereto as Exhibit A without
alteration or addition other than to include the date (the “Release”).  If
Executive fails to execute and deliver the Release within fifty (50) days after
the applicable Termination Date, or if Executive revokes such Release as
provided therein, the Company shall have no obligation to provide any of the
severance payments and other benefits described in clauses (b), (c) and (d) of
Section 5.3.2.  The timing of severance payments under clause (c) of
Section 5.3.2 upon Executive’s execution and delivery of the Release shall
be further governed by the following provisions (the last date on which such
payments may be made, the “Severance Payment
Deadline”):

     

    
      	
               
      

            	
              (a)

            	
              in
      any case in which the Release (and the expiration of any revocation rights
      provided therein) could only become effective in a particular tax year of
      Executive, payments conditioned on execution of the release shall be made
      within ten (10) days after the Release becomes effective and such
      revocation rights have lapsed.

            

    

     

    
      	
               
      

            	
              (b)

            	
              in
      any case in which the Release (and the expiration of any revocation rights
      provided therein) could become effective in one of two (2) taxable years
      of Executive depending on when Executive executes and delivers the
      Release, payments conditioned on execution of the Release shall be made
      within ten (10) days after the Release becomes effective and such
      revocation rights have lapsed, but not earlier than the first business day
      of the later of such tax years.

            

    

     

    5.4           Section 409A
Limitations.  In the event that any compensation with respect
to Executive’s termination is “deferred compensation” within the meaning of
Section 409A, the stock of the Company or any affiliate is publicly traded on an
established securities market or otherwise, and Executive is determined to be a
“specified employee,” as defined in Section 409A(a)(2)(B)(i) of the Code,
payment of such compensation shall be delayed as required by Section
409A.  Such delay shall last six (6) months from the date of
Executive’s “separation from service” (within the meaning of Treas. Reg. Section
1.409A-1(h)) with the Company, except in the event of Executive’s
death.  On the first day of the seventh month following the date of
separation from service with the Company, or, if earlier, Executive’s death, the
Company will make a catch-up payment to Executive equal to the total amount of
such payments that would have been made during the six (6)-month period but for
this Section 5.4.  Such catch-up payment shall bear simple interest at
the prime rate of interest as published by The Wall Street
Journal’s bank survey as of the first day of the six (6)-month period,
which such interest shall be paid with the catch-up payment.  Wherever
payments under this Agreement are to be made in installments, each such
installment shall be deemed to be a separate payment for purposes of Section
409A.  Whenever a payment under this Agreement specifies a payment
period with reference to a number of days (e.g., “payment shall
be made within thirty (30) days after termination of employment”), the actual
date of payment within the specified period shall be within the sole discretion
of the Company.

    
      
         

      

      
        - 9
-

        
          

        

      

      
         

      

    

    A
termination of employment shall not be deemed to have occurred for purposes of
any provision of this Agreement providing for the payment of any amounts or
benefits upon or following a termination of employment unless such termination
is also a “separation from service” within the meaning of Section 409A and, for
purposes of any such provision of this Agreement, references to a “termination,”
“termination of employment” or like terms shall mean “separation from
service.

     

    Wherever
payments under this Agreement are to be made in installments, each such
installment shall be deemed to be a separate payment for purposes of Section
409A.  Each payment made after termination of employment, including
COBRA continuation reimbursement payments, will be considered one of a series of
separate payments for purposes of Section 409A.  Whenever a payment
under this Agreement specifies a payment period with reference to a number of
days, the actual date of payment within the specified period shall be within the
sole discretion of the Company.

     

    5.5           Non-Exclusivity of
Rights.  Nothing in this Agreement shall prevent or limit
Executive’s continuing or future participation in any plan, program, policy or
practice provided by the Company or its subsidiaries and for which Executive may
qualify, nor shall anything herein limit or otherwise affect such rights as
Executive may have under any other contract or agreement with the Company or its
subsidiaries at or subsequent to the Termination Date, which shall be payable in
accordance with such plan, policy, practice or program or contract or agreement,
except as explicitly modified by this Agreement.

     

    5.6           No Set-Off or
Mitigation.  The Company’s obligation to make the payments
provided for in this Agreement and otherwise to perform its obligations
hereunder shall not be affected by any setoff, counterclaim, recoupment,
defense, or other claim, right or action that the Company may have against
Executive or others, except to the extent of the mitigation and setoff
provisions provided for in this Agreement.  In no event shall
Executive be obligated to seek other employment or take any other action by way
of mitigation of the amounts payable to Executive under any of the provisions of
this Agreement and such amounts shall not be reduced whether or not Executive
obtains other employment.

    
      
         

      

      
        - 10
-

        
          

        

      

      
         

      

    

    ARTICLE
6

     

    RESTRICTIVE
COVENANTS

     

    6.1           Confidential Information and
Trade Secrets.

     

    6.1.1             Obligation to Maintain
Confidentiality.  Executive acknowledges that, by reason of
Executive’s employment by the Company, Executive will have access to trade
secrets and other confidential, proprietary, and non-public information
concerning the business or affairs of the Company, and their respective
subsidiaries (collectively, the “Companies”), including but not
limited to methods or systems of their operation or management, any information
regarding their financial matters, or any other material information (including
member, subscriber, and provider lists and identifying information regarding
members and subscribers) concerning the business of the Companies, their manner
of operation, or their plans or other material data (collectively, “Confidential
Information”).  Executive acknowledges that such trade secrets
and Confidential Information are valuable and unique assets of the Companies and
covenants that, both during and after the Term, Executive shall not disclose any
trade secrets or Confidential Information to any person or entity (except as
Executive’s duties as a director, officer or executive of the Company require)
without the prior written authorization of the Board.  The obligation
of confidentiality imposed by this Section 6.1
shall not apply to trade secrets or Confidential Information that otherwise
become known to the public through no act of Executive in breach of this
Agreement or which are required to be disclosed by court order, applicable law
or regulatory requirements, nor shall it apply to Executive’s disclosure of
trade secrets or Confidential Information to his attorneys and advisors in
connection with a dispute between Executive and the Company.

     

    6.1.2             Company
Property.  All records, designs, business plans, financial
statements, customer lists, manuals, memoranda, lists, research and development
plans, Intellectual Property and other property delivered to or compiled by
Executive by or on behalf of the Company or its providers, clients or customers
that pertain to the business of the Company shall be and remain the property of
the Company and be subject at all times to its discretion and
control.  Likewise, all correspondence, reports, records, charts,
advertising materials and other similar data pertaining to the business,
activities, research and development, Intellectual Property or future plans
of  the Company that is collected by Executive shall be delivered
promptly to the Company without request by it upon termination of Executive’s
employment.  For purposes of this Section 6.1.2, “Intellectual Property” shall
mean patents, copyrights, trademarks, trade dress, trade secrets, other such
rights, and any applications therefor.

     

    6.2           Inventions.  Executive
is hereby retained in a capacity such that Executive’s responsibilities may
include the making of technical and managerial contributions of value to the
Company.  Executive hereby assigns to the Company all rights, title
and interest in such contributions and inventions made or conceived by Executive
alone or jointly with others during the Term that relate to the business of the
Company.  This assignment shall include (a) the right to file and
prosecute patent applications on such inventions in any and all countries, (b)
the patent applications filed and patents issuing thereon, and (c) the right to
obtain copyright, trademark or trade name protection for any such work
product.  Executive shall promptly and fully disclose all such
contributions and inventions to the Company and assist the Company, as the case
may be, in obtaining and protecting the rights therein (including patents
thereon), in any and all countries; provided, however, that said
contributions and inventions shall be the property of the Company, whether or
not patented or registered for copyright, trademark or trade name protection, as
the case may be.  Notwithstanding the foregoing, the Company shall not
have any right, title or interest in any work product or copyrightable work
developed outside of work hours and without the use of the Company’s resources
that does not relate to the business of the Company and does not result from any
work performed by Executive for the Company.

    
      
         

      

      
        - 11
-

        
          

        

      

      
         

      

    

    6.3           Unfair
Competition.

     

    6.3.1             Scope of
Covenant.  Executive acknowledges that in the course of
employment with the Company, Executive has had
access to and gained knowledge of the trade
secrets and other Confidential Information of the Company; has had substantial relationships with the
Company’s customers; and has performed services of special, unique, and
extraordinary value to the Company.  Therefore, and in consideration
of the severance payments and other benefits described in clauses (b), (c) and
(d) of Section 5.3.2, to which severance payments and benefits Executive would
not otherwise be entitled, and as a precondition to Executive becoming entitled
to such severance payments and other benefits under this Agreement, Executive
agrees that notwithstanding any termination or non-renewal of this Agreement,
during any period Executive is employed by the Company and for a period of one
(1) year after termination of employment, Executive shall not,
directly or indirectly, for himself or on behalf of or in conjunction with any
other person or entity, without the prior written consent of the
Board:

     

    
      	
               
      

            	
              (a)

            	
              work
      for, become employed by, or provide services to (whether as an employee,
      consultant, independent contractor, officer, director, or board member)
      any business that sells, markets, or provides any benefits or services
      within any state in which the Company is doing business at the time
      Executive ceases to be employed by the Company that are in direct
      competition with the benefits or services provided by the Company in such
      state, where Executive’s position or service for such business is
      competitive with or otherwise similar to any of Executive’s positions or
      services for the Company;

            

    

     

    
      	
               
      

            	
              (b)

            	
              induce
      or solicit any employee of the Company to leave the employ of the Company,
      or recruit or hire any employee or former employee of the Company, unless
      such former employee has not been employed by the Company for a period in
      excess of six (6) months; provided, however, that
      the provisions of this clause (b) shall not apply to any member of
      Executive’s immediate family;

            

    

     

    
      
         

      

      
        - 12
-

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (c)

            	
              call
      upon any provider, customer, or agent of the Company about whom Executive
      has gained Confidential Information or with whom Executive, by virtue of
      his/her employment with the Company, has established a relationship or had
      frequent contact,  for the purpose of soliciting or selling
      benefits or services similar to those benefits or services that the
      provider, customer, or agent provides to or purchases from the Company;
      provided however, that the provisions of this clause (c) only apply to
      those persons or entities who are providers, customers, or agents of the
      Company at the time Executive ceases to be employed by the Company or who
      were providers, customers, or agents of the Company during the one-year
      period prior to the date Executive ceases to be employed by the Company;
      or

            

    

     

    
      	
               
      

            	
              (d)

            	
              induce,
      solicit, request, or advise any provider, customer, or agent of the
      Company about whom Executive has gained Confidential Information or with
      whom Executive, by virtue of his/her employment with the Company, has
      established a relationship or had frequent contact, to withdraw, curtail,
      or cancel its business dealings with the
  Company;

            

    

     

    provided, however, that nothing
in this Section 6.3.1 shall be construed to preclude Executive from making any
investment in the securities of any business enterprise whether or not engaged
in competition with the Company, to the extent that such securities are actively
traded on a national securities exchange or in the over-the-counter market in
the United States or on any foreign securities exchange, but only if such
investment does not exceed two percent (2%) of the outstanding voting securities
of such enterprise, provided that such permitted activity shall not relieve
Executive from any other provisions of this Agreement.

    

    6.3.2             Nondisparagement.  Executive
agrees that he will not talk about or otherwise communicate to any third parties
in a malicious, disparaging, or defamatory manner regarding the Company, and
will not make or authorize to be made any written or oral statement that may
disparage or damage the reputation of the Company or their past or present
employees, officers or other representatives.

     

    6.3.3             Reasonableness.  It
is agreed by the parties that the foregoing covenants in this Section
6.3 impose a reasonable restraint on Executive in light of the activities
and business of the Company.  Executive acknowledges that the
covenants in this Section 6.3 shall not prevent Executive from earning a
livelihood upon the termination of employment hereunder, but merely prevent
unfair competition with the Company for a limited period of time.

     

    6.3.4             Severability.  The
covenants in this Section 6.3 are severable and separate, and the
unenforceability of any specific covenant shall not affect the provisions of any
other covenant or of any other provision of this Agreement.  In the
event any court of competent jurisdiction shall determine that any provision of
this Section 6.3 is invalid, illegal, or unenforceable, then it is the intention
of the parties that such restrictions be enforced to the fullest extent that
such court deems reasonable, and this Agreement shall thereby be
reformed.

    
      
         

      

      
        - 13
-

        
          

        

      

      
         

      

    

    6.3.5             Enforcement by the Company
not Limited.  All of the covenants in this Section 6.3 shall be
construed as an agreement independent of any other provision in this Agreement,
and the existence of any claim or cause of action of Executive against the
Company, whether predicated in this Agreement or otherwise, shall not constitute
a defense to the enforcement by the Company of such covenants.

     

    6.4           Breach of Restrictive
Covenants.  The parties agree that a breach or violation of
this Article 6 will result in immediate and irreparable injury and harm to the
innocent party, and that the Company shall have, in addition to any and all
remedies of law and other consequences under this Agreement, the right to seek a
temporary, preliminary, or permanent injunction, specific performance, or other
equitable relief to enforce the obligations hereunder or prevent the violation
of the obligations hereunder.  In addition, in the event of an alleged
breach or violation by Executive of the obligations in Section 6.3, the one-year
period shall be tolled until such breach or violation has been
cured.

     

    ARTICLE
7

     

    ARBITRATION

     

    7.1           General.  Except
for an action for equitable relief that is permitted to be sought pursuant to
Section 6.4, any
controversy, dispute, or claim between the parties to this Agreement, including
any claim arising out of, in connection with, or in relation to the formation,
interpretation, performance or breach of this Agreement shall be settled
exclusively by arbitration, before a single arbitrator, in accordance with this
Article 7 and the then most applicable rules of the American Arbitration
Association.  Judgment upon any award rendered by the arbitrator may
be entered by any state or federal court having jurisdiction
thereof.  Such arbitration shall be administered by the American
Arbitration Association.  Arbitration shall be the exclusive remedy
for determining any such dispute, regardless of its
nature.  Notwithstanding the foregoing, either party may in an
appropriate matter apply to a court for provisional relief, including a
temporary restraining order or a preliminary injunction, on the ground that the
award to which the applicant may be entitled in arbitration may be rendered
ineffectual without provisional relief.  Any arbitration shall take
place in Florida.

     

    7.2           Selection of
Arbitrator.  In the event the parties are unable to agree upon
an arbitrator, the parties shall select a single arbitrator from a list of nine
arbitrators drawn by the parties at random from the “Independent” (or “Gold
Card”) list of retired judges or, at the option of Executive, from a list of
nine persons (which shall be retired judges or corporate or litigation attorneys
experienced in executive employment agreements) provided by the office of the
American Arbitration Association having jurisdiction over the location agreed
upon in Section 7.1.  If the parties are unable to agree upon an
arbitrator from the list so drawn, then the parties shall each strike names
alternately from the list, with the first to strike being determined by
lot.  After each party has used four strikes, the remaining name on
the list shall be the arbitrator.  If such person is unable to serve
for any reason, the parties shall repeat this process until an arbitrator is
selected.

    
      
         

      

      
        - 14
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    7.3           Applicability of
Arbitration; Remedial Authority.  This agreement to resolve any
disputes by binding arbitration shall extend to claims against any parent,
subsidiary or affiliate of each party, and, when acting within such capacity,
any officer, director, stockholder, employee or agent of each party, or of any
of the above, and shall apply as well to claims arising out of state and federal
statutes and local ordinances as well as to claims arising under the common
law.  In the event of a dispute subject to this paragraph the parties
shall be entitled to reasonable discovery subject to the discretion of the
arbitrator.  The remedial authority of the arbitrator (which shall
include the right to grant injunctive or other equitable relief) shall be the
same as, but no greater than, would be the remedial power of a court having
jurisdiction over the parties and their dispute.  The arbitrator
shall, upon an appropriate motion, dismiss any claim without an evidentiary
hearing if the party bringing the motion establishes that he or it would be
entitled to summary judgment if the matter had been pursued in court
litigation.  In the event of a conflict between the applicable rules
of the American Arbitration Association and these procedures, the provisions of
these procedures shall govern.

     

    7.4           Fees and
Costs.  The Company and the Executive shall be responsible for
their own respective costs and fees of the arbitration until a final
determination is made by the arbitrator.  The prevailing party in such
arbitration, as determined by the arbitrator, and in any enforcement or other
court proceedings, shall be entitled, to the extent permitted by law, to
reimbursement from the other party for all of the prevailing party’s costs
(including but not limited to the arbitrator’s compensation), expenses, and
attorneys’ fees, subject to the requirement that such costs, expenses and
attorneys’ fees are reasonable, as determined by the arbitrator.

     

    7.5           Award Final and
Binding.  The arbitrator shall render an award and written
opinion, and the award shall be final and binding upon the
parties.  If any of the provisions of this paragraph, or of this
Agreement, are determined to be unlawful or otherwise unenforceable, in whole or
in part, such determination shall not affect the validity of the remainder of
this Agreement, and this Agreement shall be reformed to the extent necessary to
carry out its provisions to the greatest extent possible and to insure that the
resolution of all conflicts between the parties, including those arising out of
statutory claims, shall be resolved by neutral, binding
arbitration.  If a court should find that the arbitration provisions
of this Agreement are not absolutely binding, then the parties intend any
arbitration decision and award to be fully admissible in evidence in any
subsequent action, given great weight by any finder of fact, and treated as
determinative to the maximum extent permitted by law.

     

    ARTICLE
8

     

    MISCELLANEOUS

     

    8.1           Amendments.  The
provisions of this Agreement may not be waived, altered, amended or repealed in
whole or in part except by the signed written consent of the parties sought to
be bound by such waiver, alteration, amendment or repeal.

    
      
         

      

      
        - 15
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    8.2           Entire
Agreement.  This Agreement, the Indemnification Agreement, any
agreements pertaining to restricted stock and options and any agreements
pertaining to any other equity awards granted to Executive constitute the total
and complete agreement of the parties with respect to the subject matter hereof
and thereof and supersede all prior and contemporaneous understandings and
agreements heretofore made, and there are no other representations,
understandings or agreements. For the avoidance of doubt, this Agreement shall,
from and after the Effective Date, supersede the Existing
Agreement.

     

    8.3           Counterparts.  This
Agreement may be executed in one or more counterparts, each of which shall be
deemed an original, but all of which shall together constitute one and the same
instrument.

     

    8.4           Severability.  Each
term, covenant, condition or provision of this Agreement shall be viewed as
separate and distinct, and in the event that any such term, covenant, condition
or provision shall be deemed by an arbitrator or a court of competent
jurisdiction to be invalid or unenforceable, the court or arbitrator finding
such invalidity or unenforceability shall modify or reform this Agreement to
give as much effect as possible to the terms and provisions of this
Agreement.  Any term or provision which cannot be so modified or
reformed shall be deleted and the remaining terms and provisions shall continue
in full force and effect.

     

    8.5           Waiver or
Delay.  The failure or delay on the part of the Company or
Executive to exercise any right or remedy, power or privilege hereunder shall
not operate as a waiver thereof.  A waiver, to be effective, must be
in writing and signed by the party making the waiver.  A written
waiver of default shall not operate as a waiver of any other default or of the
same type of default on a future occasion.

     

    8.6           Successors and
Assigns.  This Agreement shall be binding on and shall inure to
the benefit of the parties to it and their respective heirs, legal
representatives, successors and assigns, except as otherwise provided
herein.  Neither this Agreement nor any of the rights, benefits,
obligations or duties hereunder may be assigned or transferred by Executive
except by operation of law.  Without the prior written consent of
Executive, this Agreement shall not be assigned by the Company.  The
Company shall require any successor (whether direct or indirect by purchase,
merger, consolidation or otherwise) to all or substantially all of the business
and/or assets of the Company to assume expressly and agree to perform this
Agreement in the same manner and to the same extent that the Company would be
required to perform if no such succession had taken place.

     

    8.7           Necessary
Acts.  Each party to this Agreement shall perform any further
acts and execute and deliver any additional agreements, assignments or documents
that may be reasonably necessary to carry out the provisions or to effectuate
the purpose of this Agreement.

     

    8.8           Governing
Law.  This Agreement shall be governed by and interpreted,
construed and enforced in accordance with the laws of the State of
Florida.

    
      
         

      

      
        - 16
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    8.9           Notices.  All
notices, requests, demands and other communications to be given under this
Agreement shall be in writing and shall be deemed to have been duly given on the
date of service, if personally served on the party to whom notice is to be
given, or 48 hours after mailing, if mailed to the party to whom notice is to be
given by certified or registered mail, return receipt requested, postage
prepaid, and properly addressed to the party at his address set forth as follows
or any other address that any party may designate by written notice to the other
parties:

     

    
      
        
          
            
              
                	
                        To
      Executive:

                      	 
      
	 
      	
                        Address
      on file with the Company

                      
	 
      	 
      
	
                        To
      the Company:

                      	
                        New
      Generation Biofuels Holdings, Inc.

                      
	 
      	
                        5800
      Waterloo Road, Suite 140

                      
	 
      	
                        Columbia,
      MD 21045

                      
	 
      	
                        Attn:
      Chief Executive Officer

                      
	 
      	
                        Facsimile:  (443)
      638-0277

                      

              

            

          

        

      

    

    

    8.10           Headings and
Captions.  The headings and captions used herein are solely for
the purpose of reference only and are not to be considered as construing or
interpreting the provisions of this Agreement.

     

    8.11           Construction.  All
terms and definitions contained herein shall be construed in such a manner that
shall give effect to the fullest extent possible to the express or implied
intent of the parties hereby.

     

    8.12           Counsel.  Executive
has been advised by the Company that he should consider seeking the advice of
counsel in connection with the execution of this Agreement and the other
agreements contemplated hereby and Executive has had an opportunity to do
so.  Executive has read and understands this Agreement, and has sought
the advice of counsel to the extent he has determined appropriate.

     

    8.13           Withholding of
Compensation.  Executive hereby agrees that the Company may
deduct and withhold from the compensation or other amounts payable to Executive
hereunder or otherwise in connection with Executive’s employment any amounts
required to be deducted and withheld by the Company under the provisions of any
applicable Federal, state and local statute, law, regulation, ordinance or
order.

    
      
         

      

      
        - 17
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    IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed and delivered as of the date first written above.

     

    
      
        
          
            
              
                	
                        NEW
      GENERATION BIOFUELS HOLDINGS, INC.

                      
	 
      	 
      
	
                        By:

                      	
                        

                      
	 
      	
                        Cary
      J. Claiborne

                      
	 
      	
                        Chief
      Executive Officer and President

                      
	 
      	 
      
	
                        EXECUTIVE

                      
	 
      
	 
       
	
                        David
      H. Goebel,
Jr.

                      

              

            

          

        

      

    

     

    
      
         

      

      
        - 18
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    EXHIBIT
A

    

    FORM
OF WAIVER AND RELEASE AGREEMENT

    

               THIS
WAIVER AND RELEASE AGREEMENT (this “Release”) is entered into as
of October 9, 2010 (the “Effective Date”), by David H.
Goebel, Jr. (“Executive”) in consideration
of severance pay and benefits (the “Severance Payment”) provided
to Executive by New Generation Biofuels Holdings, Inc., a Florida corporation
(the “Company”),
pursuant to clauses (b) and (c) of Section 5.3.2 of the Employment Agreement by
and between the Company and Executive (the “Employment
Agreement”).

     

    1.           Waiver
and Release.  Subject to the
last sentence of the first paragraph of this Section 1, Executive, on his own
behalf and on behalf of his heirs, executors, administrators, attorneys and
assigns, hereby unconditionally and irrevocably releases, waives and forever
discharges the Company and each of its affiliates, parents, successors,
predecessors, and the subsidiaries, directors, owners, members, shareholders,
officers, agents, and employees of the Company and its affiliates, parents,
successors, predecessors, and subsidiaries (collectively, all of the foregoing
are referred to as the “Employer”), from any and all
causes of action, claims and damages, including attorneys’ fees, whether known
or unknown, foreseen or unforeseen, presently asserted or otherwise arising
through the date of his signing of this Release, concerning his employment or
separation from employment.  Subject to the last sentence of the first
paragraph of this Section 1, this Release includes, but is not limited to, any
payments, benefits or damages arising under any federal law (including, but not
limited to, Title VII of the Civil Rights Act of 1964, the Age Discrimination in
Employment Act, the Employee Retirement Income Security Act of 1974, the
Americans with Disabilities Act, Executive Order 11246, the Family and Medical
Leave Act, and the Worker Adjustment and Retraining Notification Act, each as
amended); any claim arising under any state or local laws, ordinances or
regulations (including, but not limited to, any state or local laws, ordinances
or regulations requiring that advance notice be given of certain workforce
reductions); and any claim arising under any common law principle or public
policy, including, but not limited to, all suits in tort or contract, such as
wrongful termination, defamation, emotional distress, invasion of privacy or
loss of consortium.  Notwithstanding any other provision of this
Release to the contrary, this Release does not encompass, and Executive does not
release, waive or discharge, the obligations of the Company (a) to make the
payments and provide the other benefits contemplated by the Employment
Agreement, or (b) under any restricted stock agreement, option agreement or
other agreement pertaining to Executive’s equity ownership, or (c) under any
indemnification or similar agreement with Executive.

     

               Executive
understands that by signing this Release, he is not waiving any claims or
administrative charges which cannot be waived by law.  He is waiving,
however, any right to monetary recovery or individual relief should any federal,
state or local agency (including the Equal Employment Opportunity Commission)
pursue any claim on his behalf arising out of or related to his employment with
and/or separation from employment with the Company.

    
      
         

      

      
        - 19
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               Executive
further agrees without any reservation whatsoever, never to sue the Employer or
become a party to a lawsuit on the basis of any and all claims of any type
lawfully and validly released in this Release.

     

    2.        Acknowledgments.  Executive is
signing this Release knowingly and voluntarily.  He acknowledges
that:

     

    
      
        	
                 
      

              	
                (a)

              	
                He
      is hereby advised in writing to consult an attorney before signing this
      Release Agreement;

              

      

    

     

    
      
        	
                 
      

              	
                (b)

              	
                He
      has relied solely on his own judgment and/or that of his attorney
      regarding the consideration for and the terms of this Release and is
      signing this Release Agreement knowingly and voluntarily of his own free
      will;

              

      

    

     

    
      
        	
                 
      

              	
                (c)

              	
                He
      is not entitled to the Severance Payment unless he agrees to and honors
      the terms of this Release;

              

      

    

     

    
      
        	
                 
      

              	
                (d)

              	
                He
      has been given at least twenty-one (21) calendar days to consider this
      Release, or he or she expressly waives his right to have at least
      twenty-one (21) days to consider
      this Release;

              

      

    

     

    
      
        	
                 
      

              	
                (e)

              	
                He
      may revoke this Release within seven (7) calendar days after signing it by
      submitting a written notice of revocation to the Employer.  He
      further understands that this Release is not effective or enforceable
      until after the seven (7) day period of revocation has expired without
      revocation, and that if he or she revokes this Release within the seven
      (7) day revocation period, he will not receive the Severance
      Payment;

              

      

    

     

    
      
        	
                 
      

              	
                (f)

              	
                He
      has read and understands the Release and further understands that, subject
      to the limitations contained herein, it includes a general release of any
      and all known and unknown, foreseen or unforeseen claims presently
      asserted or otherwise arising through the date of his signing of this
      Release that he may have against the Employer;
  and

              

      

    

     

    
      
        	
                 
      

              	
                (g)

              	
                No
      statements made or conduct by the Employer has in any way coerced or
      unduly influenced him or her to execute this
  Release.

              

      

    

     

    3.        No
Admission of Liability.  This Release does
not constitute an admission of liability or wrongdoing on the part of the
Employer, the Employer does not admit there has been any wrongdoing whatsoever
against Executive, and the Employer expressly denies that any wrongdoing has
occurred.

     

    4.        Entire
Agreement.  There are no
other agreements of any nature between the Employer and Executive with respect
to the matters discussed in this Release Agreement, except as expressly stated
herein, and in signing this Release, Executive is not relying on any agreements
or representations, except those expressly contained in this
Release.

     

    
      
         

      

      
        - 20
-

        
          

        

      

      
         

      

    

    5.        Execution.  It is not
necessary that the Employer sign this Release following Executive’s full and
complete execution of it for it to become fully effective and
enforceable.

     

    6.        Severability.  If any provision
of this Release is found, held or deemed by a court of competent jurisdiction to
be void, unlawful or unenforceable under any applicable statute or controlling
law, the remainder of this Release shall continue in full force and
effect.

     

    7.        Governing
Law.  This Release
shall be governed by the laws of the State of Florida, excluding the choice of
law rules thereof.

     

    8.        Headings.  Section and
subsection headings contained in this Release are inserted for the convenience
of reference only.  Section and subsection headings shall not be
deemed to be a part of this Release for any purpose, and they shall not in any
way define or affect the meaning, construction or scope of any of the provisions
hereof.

     

    IN
WITNESS WHEREOF, the undersigned has duly executed this Agreement as of the day
and year first herein above written.

     

    
      
        
          	 
      	
                  EXECUTIVE:

                
	 
      	 
      
	 
      	
                    

                

        

      

    

     

    
      
         

      

      
        - 21
-

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