Document:

Unassociated Document

    Exhibit
10.7

    

    AMENDMENT
AGREEMENT

    DATED
AS OF OCTOBER 27, 2008

    TO
THE ADMINISTRATIVE AGENCY AGREEMENT

    DATED
AS OF FEBRUARY 7, 2008

    

    AMENDMENT AGREEMENT (the
“Amendment”) dated as of October 27, 2008 among BROWN BROTHERS HARRIMAN &
CO.  (“BBH”),
UNITED STATES COMMODITY FUNDS LLC (“USCF”), formerly known as Victoria
Bay Asset Management, LLC, and UNITED STATES GASOLINE FUND, LP
(“USG”).

    

    WITNESSETH

     

    The
parties have previously entered into that certain Administrative Agency
Agreement dated as of February 7, 2008 (the “Agreement”).  The parties
have agreed to amend the Agreement in accordance with the terms of this
Amendment.

     

     

    NOW, THEREFORE, in consideration of the
mutual agreements herein contained, BBH, USCF and USG hereby acknowledge and
agree as follows:

     

    

    1.           Amendment of the
Agreement.  Upon execution of this Amendment by BBH, USCF and
USG, the Agreement shall be hereby amended as follows:

    

    Section
12.1 of the Agreement shall be deleted in its entirety and replaced with the
following:

    

    12.1           This
Agreement shall have an initial term of two (2) years from the date hereof.
Thereafter, this Agreement shall automatically renew for successive one (1) year
periods unless any party terminates this Agreement by providing written notice
no later than seventy-five (75) days prior to the expiration of the applicable
term to the other parties at their address set forth herein.  Upon the
completion of the initial term, either the Administrator, on the one hand, or
the General Partner, on the other hand, may elect to terminate this Agreement at
any time by delivering ninety (90) days notice thereof to the other party. 
Notwithstanding the foregoing provisions, any party may terminate this Agreement
at any time (a) for cause, which is a material breach of the Agreement not cured
within sixty (60) days of written notice of such breach, in which case
termination shall be effective upon receipt of written notice by the
non-terminating parties, or (b) upon thirty (30) days’ written notice to
the other parties in the event that a party is adjudged bankrupt or insolvent,
or there shall be commenced against such party a case under any applicable
bankruptcy, insolvency, or other similar law now or hereafter in effect. In the
event a termination notice is given by a party hereto, all expenses associated
with the movement of records and materials and the conversion thereof shall be
paid by the Fund for which services shall cease to be performed
hereunder.  The Administrator shall be responsible for completing all
actions in progress when such termination notice is given unless otherwise
agreed.

    

    2.           Representations.  Each
party represents to the other party that:

    

    (a)           Status.  It is duly
organized and validly existing under the laws of the jurisdiction of its
organization or incorporation and, if relevant under such laws, in good
standing;

    

    (b)           Powers. It has the power to
execute and deliver this Amendment and has taken all necessary action to
authorize such execution, delivery and performance;

    

    (c)           No Violation or Conflict. Such
execution, delivery and performance do not violate or conflict with any law
applicable to it, any provision of its constitutional documents, any order or
judgment of any court or other agency of government applicable to it or any of
its assets or any contractual restriction binding on or affecting it or any of
its assets;

    

    (d)           Consents.  All
governmental and other consents that are required to have been
obtained by it with respect to this Amendment have been obtained and are in full
force and effect and all conditions of any such consents have been complied
with; and

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    (e)           Obligations
Binding.  Its obligations under this Amendment constitute
its
legal, valid and binding obligations, enforceable in accordance with its
respective terms (subject to applicable bankruptcy, reorganization, insolvency,
moratorium or similar laws affecting creditors’ rights generally and subject, as
to enforceability, to equitable principles of general application (regardless of
whether enforcement is sought in a proceeding in equity or at
law)).

    

    3.           Miscellaneous.

    

    (a)           Entire
Agreement.  The Amendment and the Agreement constitute the
entire agreement and understanding of the parties with respect to its subject
matter and supersedes all oral communication and prior writings (except as other
wise provided herein) with respect thereto.

    

    (b)           Counterparts.  This
Amendment may be signed in any number of counterparts, each of which shall be an
original, with the same effect as if signatures thereto and hereto were upon the
same instrument.

    

    (c)           Headings.  The
headings used in this Amendment are for convenience of reference only and are
not to affect the construction of or to be taken into consideration in
interpreting this Amendment.

    

    (d)           Governing Law.  This
Amendment shall be governed by and construed in accordance with the laws of the
State of New York (without reference to choice of law doctrine).

    

    (e)           Terms. Terms used in this
Amendment, unless otherwise defined herein, shall have the meanings ascribed to
them in the Agreement.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the parties have caused this Amendment to be executed by their
respective officers or authorized representatives as of the day and year first
above written.

    

    
      
        	
                BROWN
      BROTHERS HARRIMAN & CO.

              	
                UNITED
      STATES COMMODITY FUNDS LLC

              
	 
      	 
      
	
                By:       
      /s/ James R.
      Kent

              	
                By:       
      /s/ Howard
    Mah

              
	
                Name:  James
      R. Kent

              	
                Name:   Howard
      Mah

              
	
                Title:   
      Managing Director

              	
                Title:     Management
      Director

              
	
                Date:   
      October 29, 2008

              	
                Date:    
      October 31, 2008

              

      

    

    

    
      
        	 
      	
                UNITED
      STATES GASOLINE FUND, LP

              
	 
      	
                By: 
      United States Commodity Funds

              
	 
      	
                   
      LLC, as General Partner

              
	 
      	 
      
	 
      	 
      
	 
      	
                By:       
      /s/ Howard
    Mah

              
	 
      	
                Name:  
      Howard Mah

              
	 
      	
                Title:    
      Management Director

              
	 
      	
                Date:    
      October 31, 2008

              

      

    

     

    
      
         

      

      
        3Exhibit
10.51

    

     

    NEPHROS,
INC.

    

    AMENDMENT
NO. 3

    

    TO

    

    NEPHROS,
INC. 2004 STOCK INCENTIVE PLAN

    

    Pursuant
to Section 9.1 of the Nephros, Inc. 2004 Stock Plan (the “Plan”), and in
accordance with the resolutions of the Board of Directors of Nephros, Inc. (the
“Company”) and the approval of the Company’s stockholders on June 25, 2008,
Section 4.2(a) of the Plan is hereby amended and restated as
follows:

    

    
      	
               
      

            	
              “(a)

            	
              Aggregate Plan
      Limit.  The total number of Shares with respect to which
      Awards may be granted is 2,696,976 Shares.  Such amount may be
      adjusted under paragraph (e) below.  To the extent that a SAR or
      Phantom Stock Unit does not provide for the issuance of Shares, there is
      no limit on the number of shares with respect to which such SARs or
      Phantom Stock Units may be
granted.”Unassociated Document

     

    AMENDMENT
TO EMPLOYMENT AGREEMENT DATED 

    NOVEMBER
11, 2005
BETWEEN AMERICAN MEDICAL ALERT CORP. AND JACK RHIAN

     

    The
parties hereto hereby enter into this Amendment to the original Employment
Agreement dated November 11, 2005 whereby:

    

    1.
Section 4 (b) (i) is deleted from the Agreement and replaced with the
following:

    

    (i) Up to
80,000 shares over the Employment Period based on the Company's earnings before
deduction of interest and taxes ("EBIT"), as set forth in the Company's audited
financial statements for the applicable fiscal year, meeting or exceeding the
following targets:

     

    For 2006 –
2010

     

    
      
        
          
            	
                    EBIT growth over prior fiscal
      year

                  	
                      # of Shares

                  
	 
      	 
      
	
                    15.0
      – 17.49%

                  	
                      8,000
      shares

                  
	
                    17.5
      – 19.99%

                  	
                      9,000
      shares

                  
	
                    20.0
      – 22.49%

                  	
                    10,500
      shares

                  
	
                    22.5
      – 24.99%

                  	
                    13,000
      shares

                  
	
                    25.0%
      - or more

                  	
                    16,000
      shares

                  

          

        

      

    

     

    In the
event that the minimum EBIT growth percentage is not met for a particular fiscal
year, Employee will have the opportunity, at his option, to earn back the
minimum performance bonus grant for such fiscal year as follows: by deducting
the EBIT dollar amount from the subsequent fiscal year sufficient so when added
to the prior fiscal year EBIT dollar amount increase, the EBIT growth percentage
for such prior fiscal year shall equal 15%. Such deducted amount shall reduce
the subsequent fiscal year EBIT dollar amount for purposes of determining the
growth rate in such subsequent fiscal year. (Note: If in any year there is
a one-time non-operating adjustment and the EBIT threshold is not met, in the
following year the Employee will be required to apply the portion of the
increased EBIT growth in the following year to the previous year to earn the
minimum EBIT performance bonus, if any or to disregard the
one time adjustment for the purposes of comparison to the subsequent
year).  A similar adjustment will be made to disregard one-time upward
non-operating adjustments.  There can be no “borrowing” for a
subsequent year if it would reduce the subsequent year’s restated growth such
that there would be no award for that subsequent year.

    

    For
clarity purposes examples are shown below:

    

    Example:

    

    Assumptions:

    
      
        
          	
                  Year

                	
                      EBIT

                	
                   % Inc.

                
	
                  2005

                	
                  $2,700,000

                	
                      -

                
	
                  2006

                	
                  $3,000,000

                	
                   11.11%

                
	
                  2007

                	
                  $3,200,000

                	
                     6.67%

                
	
                  2008

                	
                  $4,400,000

                	
                    37.50%

                

        

      

    

    

    Under the
following example, Employee would be deemed (i) not to have met the fiscal year
2006 EBIT growth percentage, (ii) to have met the minimum (15%) 2007 EBIT growth
percentage (by virtue of deducting $250,000 from the fiscal year 2008 EBIT
growth amount and adding that amount back to the 2007 fiscal year EBIT growth
amount to arrive at the minimum 15% growth percentage), and (iii) to have met
the 20.0 – 22.49% EBIT growth percentage for fiscal 2008 (($4,150,000 –
3,450,000)/3,450,000)= 20.29%.  The $4,150,000 is comprised of the
$4,400,000 of EBIT achieved in 2008 less the add back of $250,000 for 2007 and
the $3,450,000 is comprised of the $3,200,000 of EBIT achieved in 2007 plus the
add back of $250,000 from the 2008 EBIT amount to meet the minimum 15%
requirement for 2007. The Employee would earn a total 18,500 shares of common
stock (8,000 shares relating to 2007 and 10,500 shares relating to
2008);

    

    Except as
hereinabove set forth, the terms and provisions of the aforementioned Employment
Agreement executed by and between the parties shall remain in full force and
effect.

    

    

    IN
WITNESS WHEREOF, the parties hereto have caused the Amendment to the Employment
Agreement dated November 11, 2005 to be executed on March 30, 2009.

    
      

      
        
          	 	EMPLOYEE:	 
	 	 	 	 
	
                   

                	
                  By:
      

                	/s/ Jack Rhian	 
	 	 	Jack Rhian	 
	 	 	 	 
	 	 	 	 

        

      

      
        
          	 	      
                  COMPANY:

                   

                  AMERICAN
      MEDICAL ALERT CORP

                	 
	 	 	 	 
	
                   

                	
                  By:
      

                	/s/ Richard
      Rallo	 
	 	 	Richard
      Rallo

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