Document:

Blueprint

  Exhibit 10.1

 

Eighth Amendment to Letter Agreement

 

May 23, 2018

 

Jonathan Carroll

Lazarus Energy, LLC

 

Blue Dolphin Energy Company

Lazarus Energy Holdings, LLC

 

By Electronic Mail (JCarroll@lazarusenergy.com)

 

Re:            

GEL Tex Marketing, LLC v. Lazarus Energy, LLC

Eighth Amendment to the Stipulation Regarding Confirmation
and

 

Enforcement of Final Award Dated September 18, 2017

 

Dear Jonathan,

 

This is an eighth amendment (the “Eighth Amendment”) to
the Stipulation Regarding Confirmation and Enforcement of Final
Award Dated September 18, 2017 (as amended, the “Letter
Agreement”). All capitalized terms used but not otherwise
defined in this Eighth Amendment shall have the meanings given to
such terms in the Letter Agreement.

 

Pursuant to the Letter Agreement, GEL Tex and the Lazarus Parties
agreed to continue the District Court hearing to confirm the Final
Award in Cause No. 2016-28397 for no more than 90 days (the
“Continuance Period”). Pursuant to the Amendment to
Letter Agreement dated November 1, 2017 (the “First
Amendment”), GEL Tex had the right to terminate the Letter
Agreement on November 28, 2017. Pursuant to the Second Amendment to
Letter Agreement dated November 28, 2017 (the “Second
Amendment’), GEL Tex had the right to terminate the Letter
Agreement on December 31, 2017. Pursuant to the Third Amendment to
Letter Agreement dated December 27, 2017 (the “Third
Amendment”), GEL Tex had the right to terminate the Letter
Agreement on February 1, 2018. Pursuant to the Fourth Amendment to
the Letter Agreement dated February 1, 2018 (the “Fourth
Amendment”), GEL Tex had the right to terminate the Letter
Agreement on February 28, 2018. Pursuant to the Fifth Amendment to
the Letter Agreement dated February 28, 2018 (the “Fifth
Amendment”), GEL Tex had the right to terminate the Letter
Agreement on March 30, 2018. Pursuant to the Sixth Amendment to the
Letter Agreement dated March 26, 2018 (the “Sixth
Amendment”), GEL Tex has the right to terminate the Letter
Agreement on April 30, 2018. Pursuant to the Seventh Amendment to
the Letter Agreement dated April 27, 2018 (the “Seventh
Amendment”), GEL Tex has the right to terminate the Letter
Agreement on May 31, 2018. In order to facilitate ongoing
settlement discussions, GEL Tex and the Lazarus Parties agree to
extend the Continuance Period further with certain conditions.
Accordingly, GEL Tex and the Lazarus Parties further amend the
Letter Agreement and agree to the following:

 

●

The
Continuance Period shall be extended to and including June 29,
2018.

 

 

 

 

●

Prior
to June 1, 2018, in consideration of the extension to June 29,
2018, the Lazarus Parties shall pay $500,000.00 to GEL Tex, which
will be applied to reduce the balance of the Final
Award.

 

 

●

In
addition to permitting: (i) GEL Tex at any time to inspect the
books and records of the Lazarus Parties and all of their
respective affiliates and (ii) cooperating with Opportune LLP to
review the business of each Lazarus Party and their affiliates as
well as Jonathan and Gina Carroll, the Lazarus Parties agree that
between June 1, 2018 and June 29, 2018, from time to time, upon
Opportune LLP’s request, the Lazarus Parties and their
affiliates shall continue to grant Opportune LLP access to examine
the books and records of the Lazarus Parties and all of their
respective affiliates.

 

●

The
Lazarus Parties shall not make any prepayments on any debts listed
in Attachment A to the Letter Agreement. Except as described below,
the Lazarus Parties and GEL Tex agree that the only debts the
Lazarus Parties can pay before the end of the Continuance Period
are the debts payable in the ordinary course of business as
described in the Letter Agreement.

 

●

Between
June 1, 2018 and June 29, 2018, the Lazarus Parties agree to
temporarily suspend the payments on the following debts/commercial
agreements:

 

o

The
Amended and Restated Guaranty Fee Agreement dated April 1, 2017
between LE and Jonathan Carroll (Guaranty Fee Agreement ties to
$25.0 Million Veritex USDA Loan; amounts owed to Jonathan Carroll
captured under ~$1.0 million BDCO-Carroll Note); as described on
page A-2 of Attachment A to the Letter Agreement;

 

o

The
Amended and Restated Guaranty Fee Agreement dated April 1, 2017
between LRM and Jonathan Carroll (Guaranty Fee Agreement ties to
$10.0 Million Veritex USDA Loan; amounts owed to Jonathan Carroll
captured under ~$1.0 million BDCO-Carroll Note) as described on
page A-3 of Attachment A to the Letter Agreement; and

 

o

The
Amended and Restated Guaranty Fee Agreement dated April 1, 2017
between LRM and Jonathan Carroll (Guaranty Fee Agreement ties to
$2.0 Million Sovereign Loan; amounts owed to Jonathan Carroll
captured under ~$1.0 million BDCO-Carroll Note) as described on
page A-3 of Attachment A to the Letter Agreement.

 

●

GEL Tex and the Lazarus Parties agree that this
Eighth Amendment may be
executed in separate parts delivered by electronic means that,
taken together, will be deemed to be one instrument. GEL Tex and
each Lazarus Party represent and warrant that this Eighth Amendment
has been approved and authorized by all necessary action and the
execution hereof does not violate any agreement to which it is a
party.

 

 

 

 

●

Except
as set forth in this Eighth Amendment, the Letter Agreement, the
First Amendment, the Second Amendment, the Third Amendment, the
Fourth Amendment, the Fifth Amendment, the Sixth Amendment, and the
Seventh Amendment are unaffected and shall continue in full force
and effect in accordance with their terms. If there is a conflict
between the Eighth Amendment, the Seventh Amendment, the Sixth
Amendment, the Fifth Amendment, the Fourth Amendment, the third
Amendment, the Second Amendment, the First Amendment, and the
Letter Agreement, the terms of this Eighth Amendment will
prevail.

 

 

[Signature Pages Follow]

 

 

 

 

 

 

 

 

 

 

 

 

 

- 3 -

 

 

 

If these terms accurately state the amendments to the Letter
Agreement between GEL Tex and the Lazarus Parties, please sign
where indicated below and we will file this Eighth Amendment with
the 165th Judicial District Court.

 

 

Very truly yours,

 

Haynes & Boone LLP 

 

 

/s/ CHARLES A. BECKHAM, JR.

Charles
A. Beckham, Jr.

Attorney
for GEL Tex Marketing, LLC

 

 

Agreed:

 

 

/s/ JONATHAN CARROLL

Jonathan
Carroll, in his individual capacity

 

 

Lazarus
Energy, LLC

Blue
Dolphin Energy Company

Lazarus
Energy Holdings, LLC

 

/s/ JONATHAN CARROLL

By:
Jonathan
Carroll

 

 

Stroock & Stroock & Lavan LLP

 

 

/s/ FRANK A. MEROLA

Frank
A. Merola Attorney
for Lazarus Energy, LLC

 

 

 

 

- 4 -Blueprint

  Exhibit 10.2

 

Ninth Amendment to Letter Agreement

 

June 29, 2018

 

Jonathan Carroll

Lazarus Energy, LLC

 

Blue Dolphin Energy Company

Lazarus Energy Holdings, LLC

 

By Electronic Mail (JCarroll@lazarusenergy.com)

 

Re:            

GEL Tex Marketing, LLC v. Lazarus Energy, LLC

Ninth Amendment to the Stipulation Regarding Confirmation
and

 

Enforcement of Final Award Dated September 18, 2017

 

Dear Jonathan,

 

This is a ninth amendment (the “Ninth Amendment”) to
the Stipulation Regarding Confirmation and Enforcement of Final
Award Dated September 18, 2017 (as amended, the “Letter
Agreement”). All capitalized terms used but not otherwise
defined in this Ninth Amendment shall have the meanings given to
such terms in the Letter Agreement.

 

Pursuant to the Letter Agreement, GEL Tex and the Lazarus Parties
agreed to continue the District Court hearing to confirm the Final
Award in Cause No. 2016-28397 for no more than 90 days (the
“Continuance Period”). Pursuant to the Amendment to
Letter Agreement dated November 1, 2017 (the “First
Amendment”), GEL Tex had the right to terminate the Letter
Agreement on November 28, 2017. Pursuant to the Second Amendment to
Letter Agreement dated November 28, 2017 (the “Second
Amendment’), GEL Tex had the right to terminate the Letter
Agreement on December 31, 2017. Pursuant to the Third Amendment to
Letter Agreement dated December 27, 2017 (the “Third
Amendment”), GEL Tex had the right to terminate the Letter
Agreement on February 1, 2018. Pursuant to the Fourth Amendment to
the Letter Agreement dated February 1, 2018 (the “Fourth
Amendment”), GEL Tex had the right to terminate the Letter
Agreement on February 28, 2018. Pursuant to the Fifth Amendment to
the Letter Agreement dated February 28, 2018 (the “Fifth
Amendment”), GEL Tex had the right to terminate the Letter
Agreement on March 30, 2018. Pursuant to the Sixth Amendment to the
Letter Agreement dated March 26, 2018 (the “Sixth
Amendment”), GEL Tex has the right to terminate the Letter
Agreement on April 30, 2018. Pursuant to the Seventh Amendment to
the Letter Agreement dated April 27, 2018 (the “Seventh
Amendment”), GEL Tex has the right to terminate the Letter
Agreement on May 31, 2018. Pursuant to the Eighth Amendment to the
Letter Agreement dated May 23, 2018 (the “Eighth
Amendment”), GEL Tex has the right to terminate the Letter
Agreement on June 29, 2018. In order to facilitate ongoing
settlement discussions, GEL Tex and the Lazarus Parties agree to
extend the Continuance Period further with certain conditions.
Accordingly, GEL Tex and the Lazarus Parties further amend the
Letter Agreement and agree to the following:

 

●

The
Continuance Period shall be extended to and including July 31,
2018.

 

 

 

 

 

●

Prior
to July 1, 2018, in consideration of the extension to July 31,
2018, the Lazarus Parties shall pay $500,000.00 to GEL Tex, which
will be applied to reduce the balance of the Final
Award.

 

 

●

In
addition to permitting: (i) GEL Tex at any time to inspect the
books and records of the Lazarus Parties and all of their
respective affiliates and (ii) cooperating with Opportune LLP to
review the business of each Lazarus Party and their affiliates as
well as Jonathan and Gina Carroll, the Lazarus Parties agree that
between July 1, 2018 and July 31, 2018, from time to time, upon
Opportune LLP’s request, the Lazarus Parties and their
affiliates shall continue to grant Opportune LLP access to examine
the books and records of the Lazarus Parties and all of their
respective affiliates.

 

●

The
Lazarus Parties shall not make any prepayments on any debts listed
in Attachment A to the Letter Agreement. Except as described below,
the Lazarus Parties and GEL Tex agree that the only debts the
Lazarus Parties can pay before the end of the Continuance Period
are the debts payable in the ordinary course of business as
described in the Letter Agreement.

 

●

Between
July 1, 2018 and July 31, 2018, the Lazarus Parties agree to
temporarily suspend the payments on the following debts/commercial
agreements:

 

o

The
Amended and Restated Guaranty Fee Agreement dated April 1, 2017
between LE and Jonathan Carroll (Guaranty Fee Agreement ties to
$25.0 Million Veritex USDA Loan; amounts owed to Jonathan Carroll
captured under ~$1.0 million BDCO-Carroll Note); as described on
page A-2 of Attachment A to the Letter Agreement;

 

o

The
Amended and Restated Guaranty Fee Agreement dated April 1, 2017
between LRM and Jonathan Carroll (Guaranty Fee Agreement ties to
$10.0 Million Veritex USDA Loan; amounts owed to Jonathan Carroll
captured under ~$1.0 million BDCO-Carroll Note) as described on
page A-3 of Attachment A to the Letter Agreement; and

 

o

The
Amended and Restated Guaranty Fee Agreement dated April 1, 2017
between LRM and Jonathan Carroll (Guaranty Fee Agreement ties to
$2.0 Million Sovereign Loan; amounts owed to Jonathan Carroll
captured under ~$1.0 million BDCO-Carroll Note) as described on
page A-3 of Attachment A to the Letter Agreement.

 

●

GEL
Tex and the Lazarus Parties agree that this Ninth Amendment may be
executed in separate parts delivered by electronic means that,
taken together, will be deemed to be one instrument. GEL Tex and
each Lazarus Party represent and warrant that this Ninth Amendment
has been approved and authorized by all necessary action and the
execution hereof does not violate any agreement to which it is a
party.

 

 

 

 

 

●

Except
as set forth in this Ninth Amendment, the Letter Agreement, the
First Amendment, the Second Amendment, the Third Amendment, the
Fourth Amendment, the Fifth Amendment, the Sixth Amendment, the
Seventh Amendment, and the Eighth Amendment are unaffected and
shall continue in full force and effect in accordance with their
terms. If there is a conflict between the Ninth Amendment, the
Eighth Amendment, the Seventh Amendment, the Sixth Amendment, the
Fifth Amendment, the Fourth Amendment, the third Amendment, the
Second Amendment, the First Amendment, and the Letter Agreement,
the terms of this Ninth Amendment will prevail.

 

 

[Signature Pages Follow]

 

 

- 3 -

 

 

 

If these terms accurately state the amendments to the Letter
Agreement between GEL Tex and the Lazarus Parties, please sign
where indicated below and we will file this Ninth Amendment with
the 165th Judicial District Court.

 

 

Very truly yours,

 

Haynes & Boone LLP 

 

 

/s/ CHARLES A. BECKHAM, JR.

Charles
A. Beckham, Jr.

Attorney
for GEL Tex Marketing, LLC

 

 

Agreed:

 

 

/s/ JONATHAN CARROLL

Jonathan
Carroll, in his individual capacity

 

Lazarus
Energy, LLC

Blue
Dolphin Energy Company

Lazarus
Energy Holdings, LLC

 

/s/ JONATHAN CARROLL

By:
Jonathan
Carroll

 

 

Stroock & Stroock & Lavan LLP

 

 

/s/ FRANK A. MEROLA

Frank
A. Merola Attorney
for Lazarus Energy, LLC

 

 

 

 

- 4 -

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