Document:

Exhibit
10.15

    

    First Amendment to
Employment Agreement

    

    This First Amendment (“First
Amendment”), to the Employment Agreement (the "Agreement") dated February 27,
2007 between Payment Data Systems, Inc. ("PDS") and Michael R. Long
(“Executive") is entered into this 12th day of November, 2009 and is
made part of the Agreement
which is hereby amended as follows:

    

    1.           Definitions.  All
capitalized terms used herein and not expressly defined herein shall have the
respective meanings given to such terms in the Agreement.

    

    2.           Entire
Agreement.  Except as expressly modified by this First
Amendment, the Agreement shall be and remain in full force and effect in
accordance with its terms and shall constitute the legal, valid, binding and
enforceable obligations of PDS and Executive.

    

    3.           Successors and
Assigns.  This First Amendment shall be binding upon and inure
to the benefit of the successors and permitted assigns of the parties
hereto.

    

    4.           Section
References.  Section titles and references used in this First
Amendment shall be without substantive meaning or content of any kind whatsoever
and are not a part of the agreements among the parties hereto evidenced
hereby.

    

    5.           Now,
therefore, in consideration of the mutual covenants set forth herein and for
other good and valuable consideration, the adequacy, receipt and sufficiency of
which are hereby acknowledged:

    

    a. The Base Salary as set forth in
Schedule 4(a)(i) of Schedule 1 to the Agreement is hereby amended to be $190,000
per annum in year 2009.

    

    This
First Amendment amends the Agreement as set forth herein. All previously
existing obligations under the Agreement are hereby reaffirmed in all
respects.

    

    In
witness thereof, the parties
hereto have caused this First Amendment to the Agreement to be executed on the day and
year first above written.

    

    
      	 
      	
              Payment Data Systems, Inc.

            	
              Executive

            
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/ Louis A. Hoch

            	 
      	
              By:

            	
              /s/ Michael R. Long

            	 
      
	 
      	
              Name: Louis A. Hoch

            	
              Name: Michael R. Long

            
	 
      	
              Title: President & COOExhibit
10.16

    

    First Amendment to
Employment Agreement

    

    This First Amendment (“First
Amendment”), to the Employment Agreement (the "Agreement") dated February 27,
2007 between Payment Data Systems, Inc. ("PDS") and Louis A. Hoch (“Executive")
is entered into this 12th day of November, 2009 and is made part of the Agreement which is
hereby amended as follows:

    

    1.           Definitions.  All
capitalized terms used herein and not expressly defined herein shall have the
respective meanings given to such terms in the Agreement.

    

    2.           Entire
Agreement.  Except as expressly modified by this First
Amendment, the Agreement shall be and remain in full force and effect in
accordance with its terms and shall constitute the legal, valid, binding and
enforceable obligations of PDS and Executive.

    

    3.           Successors and
Assigns.  This First Amendment shall be binding upon and inure
to the benefit of the successors and permitted assigns of the parties
hereto.

    

    4.           Section
References.  Section titles and references used in this First
Amendment shall be without substantive meaning or content of any kind whatsoever
and are not a part of the agreements among the parties hereto evidenced
hereby.

    

    5.           Now,
therefore, in consideration of the mutual covenants set forth herein and for
other good and valuable consideration, the adequacy, receipt and sufficiency of
which are hereby acknowledged:

    

    a. The Base Salary as set forth in
Schedule 4(a)(i) of Schedule 1 to the Agreement is hereby amended to be $175,000
per annum in year 2009.

    

    This
First Amendment amends the Agreement as set forth herein. All previously
existing obligations under the Agreement are hereby reaffirmed in all
respects.

    

    In
witness thereof, the parties
hereto have caused this First Amendment to the Agreement to be executed on the day and
year first above written.

    

    
      	 
      	
              Payment Data Systems, Inc.

            	
              Executive

            	 
      
	 
      	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/ Michael R. Long

            	 
      	
              By:

            	
              /s/ Louis A. Hoch

            	 
      	 
      
	 
      	
              Name: Michael R. Long

            	
              Name: Louis A. Hoch

            	 
      
	 
      	
              Title: CEO & CFOEXHIBIT
4.1

    

    Pure
Earth, Inc.

    One
Neshaminy Interplex, Suite 201

    Trevose,
PA 19053

    
       

      
        	 	August 18,
      2009

      

    

    

    VIA E-MAIL AND FEDERAL
EXPRESS

    Fidus
Mezzanine Capital, L.P.

    190 S.
LaSalle Street

    Suite
2140

    Chicago,
IL 60603

    Attention:
Fidus Capital

    

    Re:           Series B
Preferred Stock of Pure Earth, Inc.

    

    Ladies
and Gentlemen:

    

    Reference
is made to that certain (i) Investment Agreement among Pure Earth, Inc. (the
“Company”) and
Fidus Mezzanine Capital, L.P. dated as of March 4, 2008 (the “Investment
Agreement”) and (ii) the Certificate of Incorporation of the Company, as
amended and restated to date (the “Certificate” and,
collectively, with the Investment Agreement, the “Investment
Documents”).  Capitalized terms used but not otherwise defined
herein shall have the meanings ascribed to such terms in the Investment
Documents.

    

    In
connection with the Sixth Amendment to that certain Credit and Security
Agreement dated as of October 24, 2006 by and among Wells Fargo Bank, National
Association (“Wells Fargo”), the Company and certain of its affiliates, we have
agreed that in lieu of making the Coupon payment to holders of Series B
Preferred Stock otherwise due on September 30, 2009 (the amount of such Coupon
payment, the “Coupon Amount”), the Company shall instead pay holders of Series B
Preferred Stock the Coupon Amount, plus interest thereon at the rate of fourteen
percent (14%) per annum, either:

    

    
      	
               
      

            	
              (a)

            	
              in
      one lump sum representing the full Coupon Amount plus accrued interest on
      November 30, 2009; or

            

    

    

    
      	
               
      

            	
              (b)

            	
              if
      the Company either (i) refinances its outstanding obligations to Wells
      Fargo with an alternative lender, or (ii) renews such obligations for an
      extended maturity date with Wells Fargo, in each case prior to such dates
      set forth in clause (a) above, then any unpaid portion of the Coupon
      Amount plus accrued interest thereon shall be paid on the date such
      refinancing or renewal is
consummated.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    Notwithstanding
the provisions of this letter, in the event that the full Coupon Amount plus
accrued interest is not paid as provided in the preceding paragraph, the Event
of Noncompliance  with respect to the failure of the Company to pay
the Coupon Amount on September 30, 2009 shall be deemed to have occurred on
September 30, 2009 and not on the date that the Company fails to comply with the
preceding paragraph.

    

    Please
indicate your agreement and acceptance of the terms hereof by returning a copy
of this letter to my attention via facsimile at (215) 639-8756 and the original
via overnight delivery service to my attention at Pure Earth, Inc., One
Neshaminy Interplex, Suite 201, Trevose, PA 19053.

    

    
      
        
          
            
              
                	 
      	
                        Very
      truly yours,

                      
	 
      	 
      	 
      
	 
      	
                        Pure
      Earth, Inc.

                      
	 
      	 
      	 
      
	 
      	
                        By:

                      	
                        /s/
      Brent Kopenhaver

                      
	 
      	 
      	
                        Brent
      Kopenhaver, Chairman of the Board

                      
	 
      	 
      	
                        Chief
      Financial
Officer

                      

              

            

          

        

      

    

    

    Agreed
and Acknowledged:

    

    FIDUS
MEZZANINE CAPITAL, L.P.

    

    
      
        
          
            	
                    By:

                  	
                    /s/  Edward H.
    Ross

                  
	
                    Name: 

                  	
                    Edward
      H. Ross

                  
	
                    Title:

                  	
                    Managing
      Partner

                  

          

        

      

    

    
      
         

      

      
        -2-EXHIBIT
10.1

    

    SIXTH
AMENDMENT TO CREDIT AND SECURITY AGREEMENT

     

    THIS SIXTH AMENDMENT (the “Amendment”),
dated August 18, 2009, is entered into by and between PURE EARTH, INC., a
Delaware corporation (“Pure Earth”) and all of its wholly owned subsidiaries and
WELLS FARGO BANK, NATIONAL ASSOCIATION (the “Lender”), acting through its Wells
Fargo Business Credit operating division.

    

    RECITALS

    

    The Borrower and the Lender are parties
to a Credit and Security Agreement dated October 24, 2006 (as amended from time
to time, the “Credit Agreement”). Capitalized terms used in this Amendment have
the meanings given to them in the Credit Agreement unless otherwise
specified.

    

    NOW, THEREFORE, in consideration of the
premises and of the mutual covenants and agreements herein contained, it is
agreed as follows:

    

    1.           The
definition of “Floating Rate” set forth in Section 1.1 of the Credit Agreement
shall be deleted in its entirety and replaced with the following:

     

    “Floating
Rate” means, retroactive to June 1, 2009, an annual interest rate equal to the
sum of the Prime Rate plus five and three quarters percent (5.75%), which
interest rate shall change when and as the Prime Rate changes.

     

    2.           The
definition of “Maximum Line” set forth in Section 1.1 of the Credit Agreement
shall be deleted in its entirety and replaced with the following:

     

    “Maximum
Line” means $4,700,000, unless this amount is reduced pursuant to Section 2.10,
in which event it means such lower amount.

    

    3.           Section
6.2(b) of the Credit Agreement shall be deleted in its entirety.

     

    4.           LIBOR
Advances.  LIBOR Advances shall not be available at any
time.

     

    5.           Events of
Default.  The Borrower is in default of the following
provisions of the Credit Agreement (collectively, the “Existing
Defaults”):

     

    
      	
               
      

            	
              a.

            	
              Section
      6.2(a) Minimum Adjusted Net Income.  For the quarter ending June
      30, 2009, the Company reported Adjusted Net Income  of
      ($2,770,000), which does not satisfy the requirement that such amount be
      not less than ($2,120,000); and

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    b.           Section
6.2(c) Debt Service Coverage Ratio.   The Company reported a Debt
Service Coverage Ratio for the cumulative six months ending June 30, 2009 of
(0.10:1) which does not satisfy the requirement that such amount be not less
than 0.54:1.

     

    The
Existing Defaults constitute Events of Default under the Credit Agreement. Upon
the terms and subject to the conditions set forth in this Amendment, the Lender
hereby waives the Existing Defaults, effective as of June 30,
2009.  This waiver shall be effective only in this specific instance
and for the specific purpose for which it is given, and this waiver shall not
entitle the Borrower to any other or further waiver in any similar or other
circumstances.

     

    6.           Termination of Credit
Agreement on Maturity Date.  The Credit Agreement shall not
renew on October 23, 2009 and shall be fully due and payable on October 23,
2009, unless terminated earlier by Wells Fargo.

     

    7.           Reserves.  The
Lender agrees to release the NE Reserve and the $490,000 reserve referenced in
the Consent and Waiver dated March 4, 2008.  The first $1,000,000 of
otherwise Eligible Accounts shall be deemed ineligible.  The foregoing
notwithstanding, the Lender reserves all rights under the Credit Agreement to
institute and implement Borrowing Base Reserves.

     

    8.           Payments to Fidus Mezzanine
Capital, L.P.  Borrower may not make any cash payments to Fidus
Mezzanine Capital, L.P. 

    

    9.           No Other Changes.
Except as explicitly amended by this Amendment, all of the terms and conditions
of the Credit Agreement shall remain in full force and effect and shall apply to
any advance or letter of credit thereunder.

     

    10.         Representations and
Warranties. The Borrower hereby represents and warrants to the Lender as
follows:

    

    (a)          The
Borrower has all requisite power and authority to execute this Amendment and any other agreements
or instruments required hereunder and to perform all of its obligations
hereunder, and this Amendment and all such other
agreements and instruments has been duly executed and delivered by the Borrower
and constitute the legal, valid and binding obligation of the Borrower,
enforceable in accordance with its terms.

    

    (b)         The
execution, delivery and performance by the Borrower of this Amendment and any other agreements
or instruments required hereunder have been duly authorized by all necessary
corporate action and do not (i) require any authorization, consent or
approval by any governmental department, commission, board, bureau, agency or
instrumentality, domestic or foreign, (ii) violate any provision of any
law, rule or regulation or of any order, writ, injunction or decree presently in
effect, having applicability to the Borrower, or the articles of incorporation
or by-laws of the Borrower, or (iii) result in a breach of or constitute a
default under any indenture or loan or credit agreement or any other agreement,
lease or instrument to which the Borrower is a party or by which it or its
properties may be bound or affected.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (c)           All
of the representations and warranties contained in Article V of the Credit
Agreement are correct on and as of the date hereof as though made on and as of
such date, except to the extent that such representations and warranties relate
solely to an earlier date.

    

    11.         References.  All
references in the Credit Agreement to “this Agreement” shall be deemed to refer
to the Credit Agreement as amended hereby; and any and all references in the
Security Documents to the Credit Agreement shall be deemed to refer to the
Credit Agreement as amended hereby.

    

    12.         No Other Waiver.
Except as provided in Section 5, the execution of this Amendment and the
acceptance of all
other agreements and instruments related hereto shall not be deemed to be a
waiver of any Default or Event of Default under the Credit Agreement or a waiver
of any breach, default or event of default under any Security Document or other
document held by the Lender, whether or not known to the Lender and whether or
not existing on the date of this Amendment.

    

    13.         Release. The Borrower
hereby absolutely and unconditionally releases and forever discharges the
Lender, and any and all participants, parent corporations, subsidiary
corporations, affiliated corporations, insurers, indemnitors, successors and
assigns thereof, together with all of the present and former directors,
officers, agents and employees of any of the foregoing, from any and all claims,
demands or causes of action of any kind, nature or description, whether arising
in law or equity or upon contract or tort or under any state or federal law or
otherwise, which the Borrower has had, now has or has made claim to have against
any such person for or by reason of any act, omission, matter, cause or thing
whatsoever arising from the beginning of time to and including the date of this
Amendment, whether such claims, demands and causes of action are matured or
unmatured or known or unknown.

    

    14.         Costs and Expenses.
The Borrower hereby reaffirms its agreement under the Credit Agreement to pay or
reimburse the Lender on demand for all costs and expenses incurred by the Lender
in connection with the Loan Documents, including without limitation all
reasonable fees and disbursements of legal counsel. Without limiting the
generality of the foregoing, the Borrower specifically agrees to pay all fees
and disbursements of counsel to the Lender for the services performed by such
counsel in connection with the preparation of this Amendment and the documents
and instruments incidental hereto. The Borrower hereby agrees that the Lender
may, at any time or from time to time in its sole discretion and without further
authorization by the Borrower, make a loan to the Borrower under the Credit
Agreement, or apply the proceeds of any loan, for the purpose of paying any such
fees, disbursements, costs and expenses.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    15.         Miscellaneous. This
Amendment may be executed in any number of counterparts, each of which when so
executed and delivered shall be deemed an original and all of which
counterparts, taken together, shall constitute one and the same
instrument.

    

    IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed as of the date first above written.

    

    
      
        
          
            	
                    WELLS
      FARGO BANK,

                  	 	
                    PURE
      EARTH, INC.

                  
	
                    NATIONAL
      ASSOCIATION

                  	 	 
      
	 
      	 	 
      
	
                    By:

                  	
                    /s/  John Erwin

                  	 	 	 
      
	
                    John
      Erwin

                  	 	
                    By:

                  	
                    /s/  Brent
    Kopenhaver

                  
	
                    Its
      Vice President

                  	 	
                    Brent
      Kopenhaver

                  
	 
      	 	
                    Its
      Executive Vice
President

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