Document:

Penn Octane Corporation - Exhibit 10.13

 

Exhibit 10.13

RIO VISTA GP LLC

FIRST AMENDMENT TO

AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT

THIS FIRST AMENDMENT TO AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT of Rio Vista
GP LLC (this “First Amendment”) is dated as of October 6, 2006. Capitalized terms used, and not
otherwise defined, herein shall have the same meaning as set forth in the Amended and Restated
Limited Liability Company Agreement dated as of September 16, 2004 (the “Restated Agreement”) of
Rio Vista GP LLC, a Delaware limited liability company (the “Company”).

WHEREAS, in accordance with Section 13.8 of the Restated Agreement, the Board of Managers
believes that it is in the best interests of the Company and the Members to amend the Restated
Agreement on the terms set forth herein.

NOW, THEREFORE, the Board of Managers hereby adopts the following amendments to the Restated
Agreement:

1. Amendment of Section 2.7 of the Restated Agreement. Section 2.7 of the Restated
Agreement is hereby amended to read, in full, as follows:

“Richard R. Canney, Charles C. Handly and Ian T. Bothwell are hereby designated as authorized
persons to execute, deliver and file any amendments or restatements of the Certificate, and any
other certificates and any amendments or restatements thereof necessary for the Company to qualify
to do business in a jurisdiction in which the Company may wish to conduct business.”

2. Amendment of Section 5.2 of the Restated Agreement. Section 5.2(l) of the Restated
Agreement is hereby amended to read, in full, as follows:

"(l) Compensation of Managers; Reimbursement of Expenses.

The Managers shall receive for their services such compensation as may be determined from time
to time by the Board of Managers. Compensation may include, without limitation, cash, common units
of Rio Vista Energy Partners L.P., a Delaware limited partnership, and/or options to purchase such
common units. No Manager who is also an officer or employee of the Company shall be entitled to
receive additional compensation for his services as a Manager. Managers (including Managers who
are also officers or employees of the Company) shall be reimbursed by the Company for their
reasonable travel, food, lodging and other expenses incurred in attending meetings in accordance
with policies approved from time to time by the Board of Managers.”

3. Effect of This Amendment. Except as expressly provided in this Amendment, the
Restated Agreement is reaffirmed and remains in full force and effect.

 

 

IN WITNESS WHEREOF, the members of the Board of Managers have executed this First Amendment to
Amended and Restated Limited Liability Company Agreement of Rio Vista GP LLC as of the day and year
first set forth above.

BOARD OF MANAGERS:

/s/ Richard R. Canney 

Richard R. Canney

/s/ Murray J. Feiwell 

Murray J. Feiwell

/s/ Douglas G. Manner 

Douglas G. MannerExhibit 4.1

    Exhibit
      4.1

    THORIUM
      POWER, LTD.

    8300
      Greensboro Drive, Suite 800

    McLean,
      Virginia 22102

    703.918.4904

    

     

    NOTICE
      EXTENDING

    COMMON
      STOCK PURCHASE WARRANTS

     

    To
      the
      holders of our common stock purchase warrants:

     

    On
      November 17, 2006, the board of directors of Thorium Power, Ltd., authorized
      the
      extension of the expiration date of the common stock purchase warrants described
      below by six months from the expiration date identified on the respective
      warrant.. This extension of the expiration date will apply to all of the
      warrants issued pursuant to, and subject to the terms and conditions of, those
      certain Subscription Agreements with the Company dated November 23, 2005,
      February 14, 2006 and May 4, 2006, as well as to the warrants to purchase shares
      of common stock of Thorium Power, Inc., that were assumed pursuant to the
      Agreement and Plan of Merger by and among Novastar Resources Ltd., TP
      Acquisition Corp. and Thorium Power, Inc., dated February 14, 2006.

     

    November
      17, 2006

     

    By
      ORDER
      OF THE BOARD OF DIRECTORS,

     

    THORIUM
      POWER, LTD.

    By:  /s/
      Seth Grae_______________________

         President
      and Chief Executive OfficerM. Yecies Employment Contract

    EXHIBIT
      10.1

     

    EMPLOYMENT
      AGREEMENT

    

     

    This
      Employment Agreement (“Agreement”)
      is
      executed on this 17TH day of November, 2006, by and between
      RESOURCE AMERICA, INC., a Delaware corporation having its principal place of
      business at 1845 Walnut Street, Philadelphia, Pennsylvania 19103 (“RAI”),
      and
      MICHAEL S. YECIES (“Yecies”).

    

    BACKGROUND

    

    A. Since
      1998, Yecies has been an officer of RAI and currently he serves as Senior Vice
      President, Chief Legal Officer and Secretary of RAI.

    

    B. Yecies
      and RAI desire to formally set forth the terms, conditions and agreements
      regarding Yecies’ employment as Senior Vice President, Chief Legal Officer and
      Secretary of RAI.

    

    AGREEMENT

    

    NOW,
      THEREFORE, in consideration of the premises and the mutual promises and
      covenants set forth herein, and intending to be legally bound hereby, RAI and
      Yecies hereby agree as follows:

    

    1) Employment.
      During
      the term of this Agreement, Yecies shall be employed as a Senior Vice President,
      Chief Legal Officer and Secretary of RAI.

    

    2) Duties.
      Yecies
      shall report to, and accept direction from, the Chief Executive Officer of
      RAI
      and from the Board of Directors of RAI (the “Board”).
      Yecies shall serve RAI diligently, competently and to the best of his abilities.
      Yecies shall devote substantially all of his time and attention to the business
      of RAI and its affiliates, and shall not undertake any other duties which
      conflict with these responsibilities. Yecies shall render such services as
      may
      reasonably be required of him to accomplish the business purposes of RAI, and
      such duties as may be assigned to him from time to time and which are
      appropriate for his positions at RAI.

    

    3) Term.
      Yecies’s employment hereunder shall commence on the date hereof and continue in
      full force and effect for a period of one (1) year, unless sooner terminated
      in
      accordance with the provisions hereof (the “Term”).
      The
      Term shall automatically extend each day so that on any day that this Agreement
      is in effect, there shall be one (1) year remaining in the Term. Notwithstanding
      the foregoing, such automatic extensions shall cease upon RAI’s written notice
      to Yecies of its election to terminate this Agreement at the end of the one
      (1)
      year period then in effect.

    

    4) Compensation.

    

    a) Base
      Compensation.
      Yecies’s compensation during the Term shall be determined by the Board, subject
      to the next sentence and Section 4b).
      During
      the initial year 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

      of
        the
        Term, RAI shall pay to Yecies “Base
        Compensation”
        initially in an amount equal to Two Hundred Ten Thousand Dollars ($210,000.00)
        per annum (the “Initial Level”). Yecies’s Base Compensation will be payable in
        accordance with the general payroll practices by which RAI pays its executive
        officers, and the historical practice of RAI’s compensation of Yecies. It is
        understood that RAI, through the compensation committee of the Board of RAI,
        will review Yecies’s performance on an annual basis and increase or decrease
        (but in no event below the Initial Level) his Base Compensation based upon
        his
        performance.

    

    

    (b) Incentive
      Compensation.
      During
      the Term, Yecies may receive incentive compensation in the form of cash bonus
      payments, stock option grants, restricted stock grants and other forms of
      incentive compensation, based upon Yecies’s performance.

    

    5) Benefits.

    

    Yecies
      shall be entitled to receive the following benefits from RAI:

    

    a) Participation
      in Plans.
      Yecies
      shall be entitled to participate in all applicable incentive, savings, and
      retirement plans, practices, policies, and programs of RAI and in any group
      life, hospitalization or disability insurance plans, and health programs, in
      each case to the extent Yecies is eligible under the terms of such plans or
      programs.

    

    b) Disability.
      Yecies
      shall be eligible for any short and long term disability and any life insurance
      plans or programs that are available to other Senior Vice Presidents of RAI
      in
      each case to the extent Yecies is eligible under the terms of such plans or
      programs.

    

    c) Reimbursement
      of Expenses.
      RAI
      shall reimburse Yecies for all reasonable expenses incurred by Yecies in the
      performance of his duties, including without limitation expenses incurred during
      business-related travel. Yecies shall present to RAI, from time to time, an
      itemized account of such expenses in such form as may be required by
      RAI.

    

    d) Personal
      Time Off.
      Yecies
      shall be entitled to a number of days of personal time off work during each
      calendar year which shall be no less than the amount set forth in RAI’s company
      policies. This includes days used for vacation, illness or other personal
      matters but is exclusive of such office holidays as may be designated by
      RAI.

    

    6) Termination.

    

    Anything
      herein contained to the contrary notwithstanding, Yecies’s employment hereunder
      shall terminate as a result of any of the following events:

    

    a) Yecies’s
      death;

    

    b) Termination
      by RAI, for Cause. “Cause”
shall
      encompass the following: (i) Yecies has committed any act of fraud;
      (ii)
      illegal
      conduct or gross misconduct by Yecies,
      in
      either case that is willful and results in material and demonstrable damage
      to
      the business or reputation of RAI or any of its affiliates;
      (iii)
      Yecies is
      charged with a felony;
      

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (iv)
      the
      continued failure of Yecies
      substantially to perform Yecies’s
      duties
      under this Agreement (other than as a result of physical or mental illness
      or
      injury), after RAI delivers to Yecies
      a
      written demand for substantial performance that specifically identifies, with
      reasonable opportunity to cure, the manner in which RAI believes that
Yecies
      has not
      substantially performed his duties; or (v) Yecies has failed to follow
      reasonable written directions of RAI which are consistent with his duties
      hereunder and not in violation of applicable law, provided Yecies shall have
      ten
      business days after written notice to cure such failure;

    

    c) Termination
      by RAI without Cause, upon thirty (30) days prior written notice to
      Yecies;

    

    d) Yecies
      becomes disabled by reason of physical or mental disability for more than one
      hundred eighty (180) days in the aggregate or a period of ninety (90)
      consecutive days during any 365-day period and the Board determines, in good
      faith and in writing, that Yecies, by reason of such physical or mental
      disability, is rendered unable to perform his duties and services hereunder
      (a
“Disability”).
      A
      termination of Yecies’s employment by RAI for Disability shall be communicated
      to Yecies by written notice, and shall be effective on the thirtieth
      (30th)
      day
      after receipt of such notice by Yecies (the “Disability
      Effective Date”),
      unless Yecies returns to full-time performance of his duties before the
      Disability Effective Date.

    

    e) A
      termination by Yecies for Good Reason upon thirty (30) days’ prior written
      notice to RAI. “Good
      Reason”
shall
      mean: (i)
      any
      action by RAI that results in a material diminution in Yecies’s position,
      authority, duties, or responsibilities, other than an isolated, insubstantial,
      and inadvertent action that is not taken in bad faith and is remedied by RAI
      promptly after receipt of notice thereof from Yecies; (ii) any purported
      termination of Yecies’s employment by RAI for a reason or in a manner not
      expressly permitted by this Agreement; (iii) any failure by RAI to comply
      with Section 11(c) of this Agreement; or (iv) any other substantial breach
      of this Agreement by RAI that either is not taken in good faith or is not
      remedied by RAI promptly after receipt of notice thereof from Yecies;
      provided, however, that termination by Yecies for Good Reason shall be effective
      only if such failure has not been cured within thirty (30) days after notice
      of
      such failure has been given to RAI. Except as provided in the following
      sentence, a
      termination of employment by Yecies for Good Reason shall be effectuated by
      giving RAI written notice of the termination within two (2) months of the event
      constituting Good Reason, setting forth in reasonable detail the specific
      conduct of RAI that constitutes Good Reason and the specific provision(s) of
      this Agreement on which Yecies relies. In the event of a Change of Control,
      Yecies may terminate his employment by providing such written notice to RAI
      for
      a period of time commencing on the date such Change of Control occurs and ending
      on the date six (6) months thereafter.

    

    f) A
      termination by Yecies following a Change of Control (as defined below) of
      RAI.

     

    (g)
      Termination by Yecies for any reason other than those set forth in
      Section 6(e) (other than by such Yecies’s death or disability) upon 180
      day’s prior written notice to RAI.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (h) The
      “Date
      of Termination”
means
      the date of Yecies’s death, the Disability Effective Date, the date on which the
      termination of Yecies’s employment by RAI for Cause or without Cause or by
      Yecies for Good Reason is effective, or the date on which Yecies gives RAI
      notice of a termination of employment without Good Reason, as the case may
      be.

    

    (i) A
      “Change
      in Control”
means
      the occurrence of any of the following events:

    

    (1) RAI’s
      shareholders approve (or, in the event no approval of RAI’s shareholders is
      required, RAI consummates) a merger, consolidation, share exchange, division
      or
      other reorganization or transaction of RAI (a “Fundamental Transaction”) with
      any other corporation, other than a Fundamental Transaction which would result
      in the voting securities of RAI outstanding immediately prior thereto continuing
      to represent (either by remaining outstanding or by being converted into voting
      securities of the surviving entity) at least sixty percent (60%) of the combined
      voting power immediately after such Fundamental Transaction of (i) RAI’s
      outstanding securities, (ii) the surviving entity’s outstanding securities, or
      (iii) in the case of a division, the outstanding securities of each entity
      resulting from the division;

    

    (2) the
      shareholders of RAI approve a plan of complete, liquidation or winding-up of
      RAI
      or an agreement for the sale or disposition (in one transaction or a series
      of
      transactions) of all or substantially all of RAI’s assets;

    

    (3) during
      any period of twenty-four consecutive months, less than one-third of the
      individuals who at the beginning of such period constituted the Board (including
      for this purpose any new director whose election or nomination for election
      by
      RAI’s shareholders was approved by a vote of at least two-thirds (2/3) of the
      directors then still in office who were directors at the beginning of such
      period) are on the Board at the end of such period.

     

    (4)  neither
      Edward E. Cohen nor Jonathan Cohen are on the Board; or

     

    (5)  Jonathan
      Cohen is no longer Chief Executive Officer of the Company.

    

    7.
       Effect
      of Termination.

    

    (a) Death.
      If
      Yecies’s employment is terminated by reason of Yecies’s death during the Term,
      RAI shall pay to Yecies’s designated beneficiaries (or, if there is no such
      beneficiary, to Yecies’s estate or legal representative), in a lump sum in cash
      within sixty (60) days after the Date of Termination, the sum of the following
      amounts: (1) any portion of Yecies’s Base Compensation through the Date of
      Termination that has been earned but not yet been paid; (2) any accrued but
      unpaid vacation pay through the Date of Termination; (3) an amount equal to
      one
      (1) year’s Base Compensation as of the Date of Termination; and (4) an amount
      equal to the value of all compensation (excluding stock option grants) received
      by Yecies pursuant to Section 4(b) during the prior year ending on the Date
      of
      Termination. In the event of termination under this Section 7(a), all other
      benefits, payments or compensation to be provided to Yecies hereunder shall
      terminate and Yecies’s rights in any stock option or incentive plans shall be
      governed solely by the terms of the applicable plan and grant.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (b) Disability.
      Upon
      the termination of Yecies’s employment pursuant to Section 6(d) hereof due to
      Yecies’s disability, Yecies shall be entitled to receive his Base Compensation
      and any incentive compensation (excluding stock option grants) pursuant to
      Section 4(b) until the expiration of the Term, payable on the dates Yecies
      would
      have been paid if he was still working for RAI. If Yecies is terminated by
      reason of Disability, Yecies shall assign to RAI any benefits received on
      account of RAI provided disability insurance for the period in which he is
      receiving payments pursuant to this Section 7(b).

    

    (c) By
      RAI for Cause; By Yecies Other than for Good Reason.
      If
      Yecies’s employment is terminated by RAI for Cause during the Term, RAI shall
      pay Yecies his Base Compensation through the Date of Termination to the extent
      earned but not yet paid. If Yecies voluntarily terminates employment during
      the
      Term, other than for Good Reason, RAI shall pay Yecies his Base Compensation
      through the Date of Termination to the extent earned but not yet paid. In the
      event of termination under this Section 7(c), all other benefits, payments
      or
      compensation to be provided to Yecies hereunder shall terminate and the rights
      of Yecies in any stock option or incentive plans shall be governed solely by
      the
      terms of the applicable plan and grant.

    

    (d) By
      RAI Other than for Cause, Death or Disability; by Yecies for Good
      Reason.
      If,
      during the Term, RAI terminates Yecies’s employment, other than for Cause, Death
      or Disability, or Yecies terminates employment for Good Reason, RAI shall pay
      to
      Yecies amounts
      equal to Base Compensation as set forth in Section 4(a) as if he had remained
      employed by the Company pursuant to this Agreement, for a period of one
      year,
      payable
      at the time when the same would have become due and payable if such termination
      had not occurred. The payments and benefits provided pursuant to this Section
      7(d) are intended as liquidated damages for a termination of Yecies’s employment
      by RAI other than for Cause or for the actions of RAI leading to a termination
      of Yecies’s employment by Yecies for Good Reason, and shall be the sole and
      exclusive remedy therefor.

    

    (e) Following
      a Change of Control.
      If,
      during the Term, Yecies terminates his employment following a Change of Control,
      or Yecies’s employment is terminated by RAI’s successor following a Change of
      Control, RAI shall pay to Yecies amounts
      equal to compensation and benefits as set forth in Sections 4 and 5 as if he
      had
      remained employed by the Company pursuant to this Agreement, through the end
      of
      the Term,
      payable
      at the time when the same would have become due and payable if such termination
      had not occurred. The incentive compensation paid to Yecies pursuant to the
      foregoing sentence shall be an amount which is not less than the amount of
      incentive compensation (excluding stock option grants) Yecies received in the
      year immediately prior to the Date of Termination. In the addition to the
      foregoing, any restricted stock of RAI or its affiliates outstanding on the
      Date
      of Termination shall be fully vested as of the Date of Termination and all
      options outstanding on the Date of Termination shall be fully vested and
      exercisable in accordance with the terms of the applicable plan and grant.
      The
      payments and benefits provided pursuant to this Section 7(e) are intended as
      liquidated damages for a termination of Yecies’s employment by RAI other than
      for Cause or for the actions of RAI leading to a termination of Yecies’s
      employment by Yecies for Good Reason, and shall be the sole and exclusive remedy
      therefor.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    8. Confidential
      Information.
      All
      confidential information or trade secrets which Yecies may obtain during the
      period of employment relating to the business of RAI and its affiliates shall
      not be published, disclosed, or made accessible by him to any other person,
      firm, or corporation except in the business and for the benefit of RAI and
      its
      affiliates. The provisions of this Section 8 shall survive the termination
      of
      this Agreement, but shall not apply to any information which is or becomes
      publicly available otherwise than by any breach of this Section 8.

    

    9.
       Covenant
      Not to Solicit.
      Yecies
      shall not, during the Term and for a period ending on the date one (1) year
      from
      the Date of Termination, directly or indirectly through another person or entity
      (i) induce or attempt to induce any officer or employee of RAI or its
      affiliates to leave the employ of RAI or such affiliate, or in any way interfere
      with the relationship between RAI and any of its affiliates and any officer
      or
      employee thereof, (ii) hire any person who was an officer or employee of
      RAI or any of its affiliates within 180 days after such person ceased to be
      an
      officer or employee of RAI or any of its affiliates or (iii) induce or
      attempt to induce any customer, supplier, vendor, licensee, issuer, originator,
      investor or other business relation of RAI or any of its affiliates to cease
      doing business with RAI or such affiliate or in any way interfere with the
      relationship between any such customer, supplier, vendor, licensee, issuer,
      originator, investor or business relation and RAI or any of its
      affiliates.

    

    10.
       Remedies
      in Case of Breach of Certain Covenants or Termination.
      RAI and
      Yecies agree that the damages that may result to RAI from misappropriation
      of
      confidential information or solicitation as prohibited by Sections 8 and 9
      could
      be estimated only by conjecture and not by any accurate standard, and,
      therefore, any breach by Yecies of the provisions of such Sections, in addition
      to giving rise to monetary damages, will be enjoined.

    

    11.
       Assignment.

    

    (a) This
      Agreement is personal to Yecies and, without the prior written consent of RAI,
      shall not be assignable by Yecies. This Agreement shall inure to the benefit
      of
      and be enforceable by Yecies’s legal representatives.

    

    (b) This
      Agreement shall inure to the benefit of and be binding upon RAI and its
      successors and assigns, and RAI may assign this Agreement to any company in
      which RAI has an interest. Yecies acknowledges and agrees that, if this
      Agreement is assigned pursuant to the previous sentence, he will also, if
      requested by any affiliate of RAI perform the reasonable duties of a vice
      president of finance of any such affiliate.

    

    (c) RAI
      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 RAI expressly to assume and agree to perform this Agreement in the
      same manner and to the same extent that RAI would have been required to perform
      it if no such succession had taken place. As used in this Agreement, “RAI” shall
      mean both RAI as defined above and any such successor that assumes and agrees
      to
      perform this Agreement, by operation of law or otherwise.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    12.
       Miscellaneous.

    

    (a) Severability.
      In case
      any one or more of the provisions contained herein shall, for any reason, be
      held to be invalid, illegal, or unenforceable in any respect such validity,
      illegality or unenforceability shall not affect any other provisions of this
      Agreement, and this Agreement shall be construed as if such invalid, illegal
      or
      unenforceable provision(s) had never been contained herein, provided that such
      invalid, illegal or unenforceable provision(s) shall first be curtailed, limited
      or eliminated only to the extent necessary to remove such invalidity, illegality
      or unenforceability with respect to the applicable law as it shall then be
      applied.

    

    (b) Modification
      of Agreement.
      This
      Agreement shall not be modified by any oral agreement, either expressed or
      implied, and all modifications thereof shall be in writing and signed by the
      parties hereto.

    

    (c) Waiver.
      The
      waiver of any right under this Agreement by any of the parties hereto shall
      not
      be construed as a waiver of the same right at a future time or as a waiver
      of
      any other rights under this Agreement.

    

    (d) Governing
      Law.
      This
      Agreement shall be governed by and construed in accordance with the internal
      laws of the Commonwealth of Pennsylvania, without giving affect to the
      principles of conflicts of laws.

    

    (e) Notices.
      Any
      notice to be given pursuant to this Agreement shall be sufficient if in writing
      and mailed by certified or registered mail, postage-prepaid, to the addresses
      listed below, or to such other address as either party may notify the other
      of
      in accordance with this Section.

    

    If
      to RAI:

    

    Resource
      America, Inc.

    
      	 	 	
              1845
                Walnut Street

            

    

    
      	 	 	
              Suite
                1000

            

    

    
      	 	 	
              Philadelphia,
                PA 19103

            

    

    
      	 	 	
              Attn:
                Michael S. Yecies

            

    

    

    If
      to Yecies:

     

    Michael
      S. Yecies

    1845
      Walnut Street

    Suite
      1000

    Philadelphia,
      PA 19103

    

    (f) Duplicate
      Originals and Counterparts.
      This
      Agreement may be executed in any number of duplicate originals or counterparts
      or facsimile counterparts, each of 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    such
      duplicate original or counterpart or facsimile counterpart shall be deemed
      to be
      an original and all taken together shall constitute but one and the same
      instrument.

    

    

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

    

    

    RESOURCE
      AMERICA, INC.

    

    

    By:____________________________

    Name:

    Title:

    

    

    MICHAEL
      S. YECIES

    

    ________________________________

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