Document:

EXHIBIT
4.1

     

    SECOND
AMENDMENT TO SECURITIES PURCHASE AGREEMENT

     

    THIS
SECOND AMENDMENT TO SECURITIES PURCHASE AGREEMENT is made on February 12, 2010
(this “Agreement”),
by and between Bison Capital Equity Partners II-A, L.P., a Delaware limited
partnership, and Bison Capital Equity Partners II-B, L.P., a Delaware limited
partnership (collectively, “Purchaser”),
on the one hand, and The Center for Wound Healing, Inc., a Nevada corporation
(the “Company”),
on the other hand.  Any capitalized term used but not otherwise
defined herein shall have the same meaning as set forth in the Securities
Purchase Agreement dated as of March 31, 2008 by and between Purchaser and the
Company, as amended by the First Amendment dated as of April 16, 2009 (as
amended, the “Securities
Purchase Agreement”).

     

    WHEREAS,
the Company is in Default under the Securities Purchase Agreement for violation
of the financial covenant set forth in Section 9.18(a) of the Securities
Purchase Agreement  for the twelve-month period ending on December 31,
2009, as more fully described on Exhibit "A" (the “Existing
Default”); and

     

    WHEREAS,
the parties desire to waive and amend certain provisions of the Securities
Purchase Agreement subject to the terms and conditions set forth
herein.

     

    NOW,
THEREFORE, in consideration of the premises and mutual covenants contained
herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties agree as
follows:

     

    1.           Subject
to the due and timely payment and performance of all of the Company's
obligations hereunder, Purchaser hereby waives the Existing Default effective
from December 31, 2009 through the date hereof.  The Company hereby
acknowledges and agrees that the waiver given by Purchaser hereunder (a) is a
waiver of the Existing Default only and does not constitute a waiver of any
other Default or Event of Default under the Transaction Documents, and (b) is
not, and is not intended as, a waiver by Purchaser of or in respect of any
breach, Default or Event of Default under the Transaction Documents occurring
from and after the date hereof.

     

    2.           The
definition of “Consolidated
Adjusted EBITDA” set forth in Section 1.1 of the
Agreement is hereby amended and restated in its entirety to read as
follows:

     

    “Consolidated
Adjusted EBITDA" shall mean, with respect to the Company and its
Subsidiaries during a specified period of time, the sum of the following, each
calculated for such period:

     

    (a)
Consolidated Net Income before taxes for such period (excluding (i) pre-tax
gains on the sale of assets, (ii) other pre-tax extraordinary or non-recurring
gains and (iii) any non-cash adjustments resulting from the existence of any
embedded derivatives contained in the Warrant Agreement or arising from the
issuance of Warrant Securities as may be required by FASB Statement No. 133 or
EITF Issue No. 00-19);

    
      
         

      

      
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    plus

     

    (b) the
sum of the following without duplication and to the extent reflected as a charge
in the statement of such net income for such period:  (i) interest
expense, (ii) depreciation, (iii) amortization, (iv) any non-cash stock
compensation expense, (v) any non-cash expense resulting from the issuance of
the Warrant and the Note, (vi) solely for purposes of measuring the Consolidated
Adjusted EBITDA for any quarter in fiscal year 2008,  up to $1,000,000 in
the aggregate of non-recurring expenses that are identified in amounts of
the end of each quarter of fiscal year 2008 when publicly filed that are
reasonably approved (as non-recurring expenses) by Purchaser and that were
included in the calculation of Consolidated Net Income during such quarter,
and (v) each of the following amounts (collectively, the “Addbacks”),
provided, that
each Addback shall only be taken into account in the calculation of Consolidated
Adjusted EBITDA (1) for purposes of determining compliance with Section 9.18(a) and
(2) for the month in which the expense related to such Addback (as described
below) was recognized and for the eleven months immediately following such
month:

     

    (A) up to
$1,258,859 for the quarter ended June 30, 2009;

     

    (B) up to
$142,310 for the quarter ended September 30, 2009;

     

    (C) up to
$401,968 for the quarter ended December 31, 2009; and

     

    (D)
$500,000 in the quarter ended March 31, 2010.

     

    minus

     

    (c)
interest income calculated in determining net income for such
period;

     

    provided, that
(A) the Consolidated Adjusted EBITDA of any Person or business disposed of
for consideration by any Credit Party during such period shall be excluded for
such period (the consummation of such disposition and the repayment of any
Indebtedness in connection therewith shall be assumed to have occurred on the
first day of such period); (B) Consolidated Adjusted EBITDA shall not include
any income of a Person that is not consolidated with the Company or that cannot
be distributed to the Company due to any Contractual Obligation or Requirement
of Law; and (C) all amounts included in or excluded from this definition shall
be calculated in accordance with GAAP.”

     

    3.           Notwithstanding
anything to the contrary herein or any Transaction Document, the Note is hereby
amended as follows:  from and after January 1, 2010, the Scheduled
Interest Rate on the Note shall equal (a) 16.5% per annum (and the Scheduled
Cash Interest Rate shall be twelve percent (12%) per annum, and the
Scheduled PIK Interest Rate shall be four and a half percent (4.5%) per annum)
if the Company is not in compliance with its covenants under the Securities
Purchase Agreement without giving effect to any Addbacks or otherwise taking the
Addbacks into account in the definition of Consolidated Adjusted EBITDA, and (b)
during such periods that the Company is in compliance with its covenants under
the Securities Purchase Agreement (without giving effect to any Addbacks or
otherwise taking the Addbacks into account in the definition of Consolidated
Adjusted EBITDA), 15% per annum (and the Scheduled Cash Interest Rate shall be
twelve percent (12%) per annum, and the Scheduled PIK Interest Rate shall
be three percent (3%) per annum during such periods).

    
      
         

      

      
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    4.           Section 11.1 of the
Agreement is hereby amended and restated in its entirety to read as
follows:

     

    "11.1     Change of Control
Redemption.  Subject to the subordination provisions of the
Intercreditor Agreement, upon the occurrence of a Change of Control (other than
a Change of Control that would not constitute an Event of Default hereunder),
the holder of the Note shall have the right to require the Company to repurchase
the Note.  Upon such election by the holder of the Note, the Company
shall, immediately prior to and as a condition to the closing of any Change of
Control, redeem the Note, in full, for an amount (which shall in no event be a
negative number) in immediately available funds equal to one hundred percent
(100%) of the principal amount thereof outstanding on the date of redemption
(together with accrued interest thereon and premium, if any, and all Purchaser’s
Expenses, if any, associated with such redemption); provided, that if the
Change of Control occurs prior to June 30, 2010, then the purchase price of the
Note shall additionally include interest that would have accrued from the date
of redemption of the Note through and including June 30, 2010; and provided further,
that if the Change of Control occurs prior to July 31, 2010, then the Warrants
(as defined in the Warrant Agreement) shall automatically be deemed canceled
upon such redemption of the Note without further liability on the part of the
Company under the Warrant Agreement or this Agreement (including, without
limitation, Section 12.1 of this Agreement).  The Company shall,
immediately prior to and as a condition to the closing of any Change of Control,
pay to Purchaser all Purchaser's Expenses incurred in connection with such
Change of Control."

     

    5.           Each
of the Company, its subsidiaries, affiliates, officers, directors and
representatives (together, the “Releasing
Parties”) fully releases and discharges forever Purchaser and its current
and former agents, employees, officers, directors, owners, partners,
shareholders, trustees, representatives, attorneys, subsidiaries, divisions,
related corporations, assigns, successors, and affiliated organizations
(hereafter referred to collectively as the “Released
Parties”), and each and all of them, from any and all liabilities,
claims, causes of action, charges, complaints, obligations, costs, losses,
damages, injuries, attorneys’ fees, and other legal responsibilities, of any
form whatsoever, whether known or unknown, unforeseen, unanticipated,
unsuspected or latent, which the Releasing Parties have incurred or expect to
incur, or now own or hold, or have at any time heretofore owned or held, or may
at any time own, hold, or claim to hold by reason of any matter or thing arising
from any cause whatsoever prior to the date of this Agreement.  This
Agreement does not purport to release claims that cannot be released as a matter
of law.

     

    Each
Releasing Party acknowledges and intends that the Released Parties are being
released from unknown and unforeseen claims to the fullest extent permitted by
law and each Releasing Party waives any defenses based thereon.  Each
Releasing Party expressly waives and relinquishes all rights and benefits that
the Releasing Party may have under any statute or other applicable law
comparable to Section 1542 of the California Civil Code, which Section 1542 is
intended to protect against an inadvertent release of unknown or unsuspected
claims, and reads as follows:

    
      
         

      

      
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    “Section
1542. [General Release; extent.] A general release does not extend to claims
which the creditor does not know or suspect to exist in his or her favor at the
time of executing the release, which if known by him or her must have materially
affected his or her settlement with the debtor.”

     

    Each
Releasing Party, being aware of said Section 1542, hereby expressly waives any
rights the Releasing Party may have under any statutes, other applicable law or
common law principles of similar effect, with respect to the claims purported to
be released hereby.

     

    Each
Releasing Party covenants and agrees never to commence, prosecute or assist in
any way, or cause, permit or advise to be commenced or prosecuted, any action,
proceeding, or discovery against any Released Party based on any released
claim.

     

    Each
Releasing Party agrees to indemnify and hold Purchaser and the other persons and
entities released by this Agreement harmless from and against any and all claims
arising from or in connection with any action or proceeding brought by it or for
its benefit or on its initiative contrary to the provisions of this
Agreement.  This Agreement shall be deemed breached and a cause of
action shall accrue immediately upon the commencement of any action or
proceeding contrary to this Agreement, and in any such action or proceeding this
Agreement may be pleaded as a defense by any person or entity released by this
Agreement, or may be asserted by way of cross-complaint, counterclaim or
cross-claim in any such action or proceeding.

     

    6.           In
partial consideration of Purchaser’s agreement to enter into this Agreement, the
Company shall, within 3 business days of demand therefor, reimburse Purchaser
for all attorneys’ fees and expenses actually incurred by or on behalf of
Purchaser pursuant to, in respect of or otherwise in connection with this
Agreement or the Existing Default.  The payment of all such amounts
shall be made by wire transfer of immediately available funds to an account
designated by Purchaser.

     

    7.           This
Agreement amends the Securities Purchase Agreement and all references to the
Securities Purchase Agreement shall be deemed to incorporate this
Agreement.  All other terms and conditions of the Transaction
Documents shall remain in full force and effect and shall not be affected by
this Agreement.

     

    8.           This
Agreement may be executed in any number of counterparts, each of which shall be
deemed to be an original as against any party whose signature appears hereon,
and all of which shall together constitute one and the same
instrument.  This Agreement shall become binding when one or more
counterparts hereof, individually or taken together, shall bear the signatures
of all of the parties reflected hereon as the signatories.

     

    9.           Sections 14.5, 14.6, 14.7 and 14.8 of the
Securities Purchase Agreement are hereby incorporated by reference and made a
part of this Agreement mutatis
mutandis, except that the references therein to “this Agreement” shall
include this Agreement.

    
      
         

      

      
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    [Signature
Page Follows]

    
      
         

      

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

     

    
      
        	
                BISON
      CAPITAL EQUITY PARTNERS

                II-A,
      L.P.

              
	 
      
	
                By:
      BISON CAPITAL PARTNERS II,

                LLC,
      its general partner

              
	 
      	 
      
	
                By:

              	
                /s/ Douglas B. Trussler

              
	
                Name:

              	
                Douglas
      B. Trussler

              
	
                Title:

              	
                Managing
      Member

              
	 
      	 
      
	
                BISON
      CAPITAL EQUITY PARTNERS

                II-B,
      L.P.

              
	 
      
	
                By:
      BISON CAPITAL PARTNERS II,

                LLC,
      its general partner

              
	 
      	 
      
	
                By:

              	
                /s/ Douglas B. Trussler

              
	
                Name:

              	
                Douglas
      B. Trussler

              
	
                Title:

              	
                Managing
      Member

              
	 
      	 
      
	
                THE
      CENTER FOR WOUND HEALING,

                INC.

              
	 
      	 
      
	
                By:

              	
                /s/ Andrew G. Barnett

              
	
                Name:

              	
                Andrew
      G. Barnett

              
	
                Title:

              	
                Chief
      Executive Officer

              

      

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    Exhibit
A

     

    Existing
Default

     

    The
Company’s Consolidated Adjusted EBITDA (measured prior to the effectiveness of
this Amendment) for the trailing twelve months ended December 31, 2009 was
$5,913,309, which failed to comply with the minimum requirement of $6,500,000
for such period.AMENDMENT
5 TO JOINT EXPLORATION AGREEMENT

      

      This Amendment 5 (“Fifth
Amendment”) to that certain Joint Exploration Agreement (“JEA”) dated March 30,
2008 by and between MorMeg, LLC, a Kansas limited liability company, referred to
herein as “MorMeg,” and EnerJex Resources, Inc., a Nevada corporation, referred
to herein as ”EnerJex” is effective as of December 31, 2009. MorMeg and EnerJex
are jointly referred to herein as “the parties”.

      

      Recitals

      

      A.           Pursuant
to Section C and D1 of the JEA, EnerJex was to provide $4,000,000 in funding
toward the development of Black Oaks (the “Minimum Funding”);

      

      B.           Pursuant
to Section D.5. of the JEA, following the Minimum Funding, EnerJex was required
to, within a reasonable length of time, secure and contribute additional funding
so as not to cause more than thirty (30) days delay of project activities due to
lack of funding to develop Black Oaks;

      

      C.           On
or about July 3, 2008, EnerJex entered a new three-year $50 million senior
secured credit facility with Texas Capital Bank, N. A. (the “Credit Facility”);
and

      

      D.           MorMeg
and EnerJex desire to amend the JEA pursuant to the terms of this Fifth
Amendment.

      

      NOW, THEREFORE, for and in
consideration of the foregoing, and of the mutual covenants, agreements,
undertakings, representations and warranties contained herein, the parties
hereto agree as follows:

      

      
        
          	
                	
                  1. 

                	
                  Section
      D5 of the JEA is hereby amended and restated in its entirety as
      follows:

                

        

      

      

      5.  Notwithstanding
anything to the contrary herein or elsewhere, EnerJex will have until March 31,
2010 (the “Additional Capital Deadline”) to contribute additional capital
towards the development of Black Oaks, and within a reasonable length of time
thereafter, secure and contribute additional funding so as not to cause more
than thirty (30) days delay of project activities due to lack of funding to
complete the project. In the event EnerJex is not successful in obtaining
additional funding, or all funding, to complete the Black Oaks development
described in Section 6, MorMeg may cancel and declare the JEA of no force and
effect from the point of cancellation forward. In the event of cancellation of
the JEA by MorMeg, the following procedure and formula will be used to
distribute the ownership and pay the debts of the project.

       

      
        
          	
                	
                  A. 

                	
                  The
      project revenues from whatever source will be used to repay all debt
      associated with the project, including without limitation any loan or debt
      incurred by EnerJex to obtain funding for the Black Oaks
      Project.

                

        

      

    

     

     

    
      
         

      

      
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                  B. 

                	
                  When
      the project debt is paid, the working interest of the individual leases
      within the Black Oaks block will be assigned to EnerJex in the undivided
      interest that the total EnerJex investment bears to the total of that
      investment plus the pre-project commencement value stated in paragraph 2
      of the Recitals, with the remaining undivided interest (which shall not be
      a carried interest) being assigned to MorMeg. The parties agree to
      reassign working interest if necessary to redistribute the working
      interest according to the above
formula.

                

        

      

      

      
        
          	
                	
                  1. 

                	
                  In
      the event of a conflict between this Fifth Amendment and the JEA and any
      amendments thereto, this Fifth Amendment shall prevail to the extent of
      such conflict.

                

        

      

      

      
        
          	
                	
                  2. 

                	
                  This
      Fifth Amendment shall be of no force and effect upon a material default by
      EnerJex under the Credit
Facility.

                

        

      

      

      
        
          	
                	
                  3. 

                	
                  Other
      than as specifically provided in this Fifth Amendment, all other
      provisions of the JEA shall remain in full force and
      effect.  This Fifth Amendment constituting the sole and entire
      agreement between the parties as to the matters contained herein, and
      supersedes any and all conversations, letters and other communications
      which may have been disseminated by the parties relating to the subject
      matter hereof, all of which are void and of no
  effect.

                

        

      

      

      
        
          	
                	
                  4. 

                	
                  Any
      capitalized terms not defined herein have the meaning set forth in the
      JEA.

                

        

      

      

      
        
          	
                	
                  5. 

                	
                  This
      Fifth Amendment may be executed in any number of counterparts, all of
      which taken together shall constitute one and the same instrument, and the
      parties hereto may execute this Fifth Amendment by signing any such
      counterpart.

                

        

      

      

      
        
          	
                	
                  6. 

                	
                  The
      parties hereby agree to take or cause to be taken such action, and to do
      and perform all such other acts and things as are necessary, advisable or
      appropriate to carry out the intent and terms of this Fifth
      Amendment

                

        

      

      

      IN
WITNESS WHEREOF, the parties have executed this Fifth Amendment as of the 31st
day of December, 2009.

    

     

     

    MorMeg:

    

    
      
        
          	
                  MORMEG,
      LLC, a Kansas limited liability company

                	 
      
	 
      	 
      
	
                  By:

                	
                  /s/ Mark Haas

                	 
      
	
                  Name:
      Mark Haas

                	 
      
	
                  Title:
      Managing Member

                	 
      

        

      

    

     

     

    
      
         

      

      
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    EnerJex:

    

    
      
        
          	
                  EnerJex
      Resources, Inc., a Nevada corporation

                	 
      
	 
      	 
      
	
                  By:

                	
                  

                	 
      
	
                  Name:
      Steve Cochennet

                	 
      
	
                  Title:
      Chief Executive Officer

                	 
      

        

      

    

    
      
         

      

      
        3

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