Document:

Enertopia Corporation: Exhibit 10.3 - Filed by newsfilecorp.com

Exhibit 10.3

STOCK OPTION AGREEMENT

ENERTOPIA CORP.

THIS AGREEMENT is entered into as of the 16th day of March,
2011 (the “Date of Grant”)

BETWEEN:

	 	ENERTOPIA CORP., a company incorporated
      pursuant to the 	 
	 	laws of the State of Nevada, of Suite 950 1130
      West Pender, 	 
	 	Vancouver, BC V6E 4A4 	 
	 	  	 
	 	(the “Company”) 	 

AND:

	 	(the “Optionee”) 	 

WHEREAS:

A. The Board of Directors of the Company (the “Board”) has
approved and adopted the 2010 Stock Option Plan (the “Plan”), pursuant to which
the Board is authorized to grant to employees and other selected persons stock
options to purchase common shares of the Company (the “Common Stock”);

B. The Plan provides for the granting of stock options that
either (i) are intended to qualify as “Incentive Stock Options” within the
meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the
“Code”), or (ii) do not qualify under Section 422 of the Code (“Non-Qualified
Stock Options”); and

C. The Board has authorized the grant to the Optionee of
options to purchase a total of 150,000 shares of Common Stock (the
“Options”), which Options are intended to be (select one):

[  
]      Incentive Stock Options; 
[ X ] 
Qualified Stock Options

NOW THEREFORE, the Company agrees to offer to the Optionee the
option to purchase, upon the terms and conditions set forth herein and in the
Plan, XXX shares of Common Stock. Capitalized terms not otherwise defined
herein shall have the meanings ascribed thereto in the Plan.

1. Exercise Price. The exercise price of the options
shall be US $0.18 per share.

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2. Limitation on the Number of Shares. If the Options
granted hereby are Incentive Stock Options, the number of shares which may be
acquired upon exercise thereof is subject to the limitations set forth in
Section 5.1 of the Plan.

3. Vesting Schedule. The Options shall vest in
accordance with Exhibit A.

4. Options not Transferable. The Options may not be
transferred, assigned, pledged or hypothecated in any manner (whether by
operation of law or otherwise) other than by will, by applicable laws of descent
and distribution or, in the case of a Non-Qualified Stock Option, pursuant to a
qualified domestic relations order, and shall not be subject to execution,
attachment or similar process; provided, however, that if the Options
represent a Non-Qualified Stock Option, such Option is transferable without
payment of consideration to immediate family members of the Optionee or to
trusts or partnerships established exclusively for the benefit of the Optionee
and Optionee’s immediate family members. Upon any attempt to transfer, pledge,
hypothecate or otherwise dispose of any Option or of any right or privilege
conferred by the Plan contrary to the provisions thereof, or upon the sale, levy
or attachment or similar process upon the rights and privileges conferred by the
Plan, such Option shall thereupon terminate and become null and void.

5. Investment Intent. By accepting the Options, the
Optionee represents and agrees that none of the shares of Common Stock purchased
upon exercise of the Options will be distributed in violation of applicable
federal and state laws and regulations. In addition, the Company may require, as
a condition of exercising the Options, that the Optionee execute an undertaking,
in such a form as the Company shall reasonably specify, that the Stock is being
purchased only for investment and without any then-present intention to sell or
distribute such shares.

6. Termination of Employment and Options. Vested Options
shall terminate, to the extent not previously exercised, upon the occurrence of
the first of the following events:

	 	(a) 	
      Expiration. Five (5) years from the Date of
      Grant.

	 	 	 
	 	(b) 	
      Termination for Cause. The date of the first
      discovery by the Company of any reason for the termination of an
      Optionee’s employment or contractual relationship with the Company or any
      related company for cause (as determined in the sole discretion of the
      Plan Administrator), and, if an Optionee’s employment is suspended pending
      any investigation by the Company as to whether the Optionee’s employment
      should be terminated for cause, the Optionee’s rights under this Agreement
      and the Plan shall likewise be suspended during the period of any such
      investigation.

	 	 	 
	 	(c) 	
      Termination Due to Death or Disability. The
      expiration of one (1) year from the date of the death of the Optionee or
      cessation of an Optionee’s employment or contractual relationship by
      reason of disability (as defined in Section 5.1(g) of the Plan). If an
      Optionee’s employment or contractual relationship is terminated by death,
      any Option held by the Optionee shall be exercisable only by the person or
      persons to whom such Optionee’s rights under such Option shall pass by the
      Optionee’s will or by the laws of descent and
  distribution.

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	 	(d) 	Termination for Any Other Reason. The expiration of
      ninety (90) days from the date of an Optionee’s termination of employment
      or contractual relationship with the Company or any Related Corporation
      for any reason whatsoever other than termination of service as a director,
      cause, death or Disability (as defined in Section 5.1(g) of the
  Plan).

Each unvested Option granted pursuant hereto shall terminate
immediately upon termination of the Optionee’s employment or contractual
relationship with the Company for any reason whatsoever, including Disability
unless vesting is accelerated in accordance with Section 5.1(f) of the Plan.

7. Stock. In the case of any stock split, stock dividend
or like change in the nature of shares of Stock covered by this Agreement, the
number of shares and exercise price shall be proportionately adjusted as set
forth in Section 5.1(m) of the Plan.

8. Exercise of Option. Options shall be exercisable, in
full or in part, at any time after vesting, until termination; provided,
however, that any Optionee who is subject to the reporting and liability
provisions of Section 16 of the Securities Exchange Act of 1934 with
respect to the Common Stock shall be precluded from selling or transferring any
Common Stock or other security underlying an Option during the six (6) months
immediately following the grant of that Option. If less than all of the shares
included in the vested portion of any Option are purchased, the remainder may be
purchased at any subsequent time prior to the expiration of the Option term. No
portion of any Option for less than fifty (50) shares (as adjusted pursuant to
Section 5.1(m) of the Plan) may be exercised; provided, that if the vested
portion of any Option is less than fifty (50) shares, it may be exercised with
respect to all shares for which it is vested. Only whole shares may be issued
pursuant to an Option, and to the extent that an Option covers less than one (1)
share, it is unexercisable.

Each exercise of the Option shall be by means of delivery of a
notice of election to exercise (which may be in the form attached hereto as
Exhibit B) to the President of the Company at its principal executive
office, specifying the number of shares of Common Stock to be purchased and
accompanied by payment in cash by certified check or cashier’s check in the
amount of the full exercise price for the Common Stock to be purchased. In
addition to payment in cash by certified check or cashier’s check, an Optionee
or transferee of an Option may pay for all or any portion of the aggregate
exercise price by complying with one or more of the following alternatives:

	 	(a) 	
      by delivering to the Company shares of Common Stock
      previously held by such person, duly endorsed for transfer to the Company,
      or by the Company withholding shares of Common Stock otherwise deliverable
      pursuant to exercise of the Option, which shares of Common Stock received
      or withheld shall have a fair market value at the date of exercise (as
      determined by the Plan Administrator) equal to the aggregate purchase
      price to be paid by the Optionee upon such exercise; or

	 	 	 
	 	(b) 	
      by complying with any other payment mechanism approved by
      the Plan Administrator at the time of
exercise.

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It is a condition precedent to the issuance of shares of Common
Stock that the Optionee execute and/or deliver to the Company all documents and
withholding taxes required in accordance with Section 5.1 of the Plan.

9. Holding period for Incentive Stock Options. In order
to obtain the tax treatment provided for Incentive Stock Options by Section 422
of the Code, the shares of Common Stock received upon exercising any Incentive
Stock Options received pursuant to this Agreement must be sold, if at all, after
a date which is later of two (2) years from the date of this agreement is
entered into or one (1) year from the date upon which the Options are exercised.
The Optionee agrees to report sales of shares prior to the above determined date
to the Company within one (1) business day after such sale is concluded. The
Optionee also agrees to pay to the Company, within five (5) business days after
such sale is concluded, the amount necessary for the Company to satisfy its
withholding requirement required by the Code in the manner specified in Section
5.1(l) of the Plan. Nothing in this Section 9 is intended as a representation
that Common Stock may be sold without registration under state and federal
securities laws or an exemption therefrom or that such registration or exemption
will be available at any specified time.

10. Resale restrictions may apply. Any resale of the
shares of Common Stock received upon exercising any Options will be subject to
resale restrictions contained in the securities legislation applicable to the
Optionee. The Optionee acknowledges and agrees that the Optionee is solely
responsible (and the Company is not in any way responsible) for compliance with
applicable resale restrictions.

11. Subject to 2010 Stock Option Plan. The terms of the
Options are subject to the provisions of the Plan, as the same may from time to
time be amended, and any inconsistencies between this Agreement and the Plan, as
the same may be from time to time amended, shall be governed by the provisions
of the Plan, a copy of which has been delivered to the Optionee, and which is
available for inspection at the principal offices of the Company.

12. Subject to Shareholder Approval. As of the date
first awarded, the Company did not have sufficient shares available in its
authorized share capital, to issue additional shares as would be necessary under
the terms of this Stock Option Agreement. The Company is seeking shareholder
approval at its annual general meeting to be held on or about February 26, 2010
to increase its authorized share capital to 200,000,000 shares, thus allowing
for the issuance of the shares contemplated in this Stock Option Agreement. The
Optionee understands that the shares contemplated for issuance under this Stock
Option Agreement can therefore not be issued, and the Optionee agrees to not
exercise this option to acquire such shares, until such time as shareholder
approval has been granted to the Company to increase its shares authorized to
sufficient quantity to allow for such shares to be validly issued.

13. Professional Advice. The acceptance of the Options
and the sale of Common Stock issued pursuant to the exercise of Options may have
consequences under federal and state tax and securities laws which may vary
depending upon the individual circumstances of the Optionee. Accordingly, the
Optionee acknowledges that he or she has been advised to consult his or her
personal legal and tax advisor in connection with this Agreement and his or her
dealings with respect to Options. Without limiting other matters to be
considered with the assistance of the Optionee’s professional advisors, the
Optionee should consider: (a) whether upon the exercise of Options, the Optionee will file an
election with the Internal Revenue Service pursuant to Section 83(b) of the Code
and the implications of alternative minimum tax pursuant to the Code; (b) the
merits and risks of an investment in the underlying shares of Common Stock; and
(c) any resale restrictions that might apply under applicable securities
laws.

- 5 -

14. No Employment Relationship. Whether or not any
Options are to be granted under this Plan shall be exclusively within the
discretion of the Plan Administrator, and nothing contained in this Plan shall
be construed as giving any person any right to participate under this Plan. The
grant of an Option shall in no way constitute any form of agreement or
understanding binding on the Company or any Related Company, express or implied,
that the Company or any Related Company will employ or contract with an
Optionee, for any length of time, nor shall it interfere in any way with the
Company’s or, where applicable, a Related Company’s right to terminate
Optionee’s employment at any time, which right is hereby reserved.

15. Entire Agreement. This Agreement is the only
agreement between the Optionee and the Company with respect to the Options, and
this Agreement and the Plan supersede all prior and contemporaneous oral and
written statements and representations and contain the entire agreement between
the parties with respect to the Options.

16. Notices. Any notice required or permitted to be made
or given hereunder shall be mailed or delivered personally to the addresses set
forth below, or as changed from time to time by written notice to the other:

	The Company: 
	 	 
	 	Enertopia Corp. 
	 	Suite 950 1130 West Pender Street
    
	 	Vancouver, BC V6E 4A4 
	 	Attention: President 
	 	 
	With a copy to: 
	 	 
	 	W.L. Macdonald Law Corporation
  
	 	1210 – 777 Hornby Street 
	 	Vancouver, British Columbia V6Z
      1S4 
	 	Attention: William Macdonald
  
	 	 
	 	 
	 	 
	 	 
	The Optionee: 
	 	 ____________________________
	 	 ____________________________
	 	 ____________________________
	 	 ____________________________

- 6 -

ENERTOPIA CORP.

Per:
____________________________
       Authorized
Signatory

 

____________________________
[]

- 7 -

EXHIBIT A

TERMS OF THE OPTION

Name of the Optionee:

	Date of Grant: 	March 16, 2011 
	 	 
	Designation: 	Qualified Stock Options 
	 	 
	1. Number of Options granted: 	XXX stock options 
	 	 
	2. Purchase Price: 	$0.18 per share 
	 	 
	3. Vesting Date: 	XXX options on March 16, 2011; 
	 	  
	4. Expiration Date: 	March 16, 2016 

- 8 -

EXHIBIT B

	To: 
	 	 
	 	Enertopia Corp. 
	 	Suite 950 1130 West Pender 
	 	Vancouver, BC V6E 4A4 
	 	Attention: President 

Notice of Election to Exercise

This Notice of Election to Exercise shall constitute proper
notice pursuant to Section 5.1(h) of Enertopia Corp.’s (the “Company”) 2010
Stock Option Plan (the “Plan”) and Section 8 of that certain Stock Option
Agreement (the “Agreement”) dated as of the _______day of __________________,
20___, between the Company and the undersigned.

The undersigned hereby elects to exercise Optionee’s option to
purchase __________________shares of the common stock of the Company at a price
of US$0.18 per share, for aggregate consideration of US$__________, on the terms
and conditions set forth in the Agreement and the Plan. Such aggregate
consideration, in the form specified in Section 8 of the Agreement, accompanies
this notice.

The Optionee hereby directs the Company to issue, register and
deliver the certificates representing the shares as follows:

	Registration Information: 	 	Delivery Instructions: 
	 	 	 
	 	 	 
	Name to appear on certificates 	 	Name 
	 	 	 
	 	 	 
	Address 	 	Address 
	  	 	  
	 	 	 
	 	 	 
	 	 	 
	  	 	Telephone Number

DATED at ___________________________________, the _______day of
________________________, 20___.
  

	 	(Name of Optionee – Please type or print) 
	 	 
	 	 
	 	(Signature and, if applicable, Office) 
	 	 
	 	 
	 	(Address of Optionee) 
	 	 
	 	 
	 	(City, State, and Zip Code of Optionee)ex10p12.htm

 

Exhibit 10.12

 

 

SECOND MODIFICATION AGREEMENT

THIS SECOND MODIFICATION AGREEMENT (this "Agreement") is made and entered into so as to be effective as of March 14, 2010, by and between FUTUREFUEL CHEMICAL COMPANY, a Delaware corporation whose address or principal place of business is 2800 Gap Road, Batesville, Arkansas 72501 (hereinafter referred to as "Borrower") and REGIONS BANK, with an address at 8182 Maryland Ave., Suite 200, Clayton, Missouri 63105 (hereinafter referred to as "Bank").

WITNESSETH:

WHEREAS, Bank extended certain financing to Borrower on March 14, 2007, in the original aggregate principal amount of Fifty Million and 00/100 Dollars ($50,000,000.00) (the "Loan") pursuant to that certain Credit Agreement by and between Bank and Borrower dated March 14, 2007 ("Credit Agreement"); and

WHEREAS, as evidence of the indebtedness incurred under the Loan, Borrower has previously executed and delivered to Bank a certain Revolving Credit Promissory Note executed by Borrower and payable to the order of Bank in the original principal amount of Fifty Million and 00/100 Dollars ($50.000,000.00) dated March 14, 2007 (the "Note"); and

WHEREAS, the Note is secured by, among other things, that certain Security Agreement — Accounts and Inventory, executed by Borrower for the benefit of Bank dated March 14, 2007 (the "Security Agreement"); and

WHEREAS, Borrower and Bank agreed to modify certain of the terms and conditions of the Loan Documents (as such term is defined below) and agreed to add FFC Grain, L.L.C., an Arkansas limited liability company ("FFC Grain") as a guarantor of the Loan, pursuant to the terms and conditions of that certain First Modification Agreement dated so as to be effective as of May 21, 2009 (the "First Modification") along with those certain other ancillary documents relating thereto: and

WHEREAS, Bank is the present holder of the Note; and

WHEREAS, Borrower has requested that Bank further modify certain of the terms and conditions of the Loan Documents, and Bank is willing to so modify certain of the terms and conditions of the Loan Documents, subject to the terms and conditions of this Agreement as are more fully set forth below;

NOW, THEREFORE, in consideration of time and certain other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, but subject to all the conditions and provisions contained in the Credit Agreement, the Note, the Security Agreement, the First Modification and all other documents evidencing or securing the Loan (collectively, the "Loan Documents"), except as herein modified, Borrower hereby agrees to and with Bank and its successors and assigns as follows:

1.           All capitalized terms used herein, except as modified hereby shall have the same meanings as set forth in the Loan Documents.

 

2.          The Maturity Date is hereby extended from March 14, 2010 until June 30, 2013, at which time all amounts due and owing under the Note shall be due and payable without notice or demand.

 

3.          The language found in Section 3.10 of the Credit Agreement is hereby deleted in its entirety and the following language is inserted in lieu thereof:

 

"3.10 Unused Line Fee.The Borrower agrees to pay to the Bank, on the first day of each month for the immediately preceding month, a fee equal to 0.325% per annum

 

 

  

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of the difference between Fifty Million and 00/100 Dollars ($50,000,000.00) and the average monthly Revolving Credit Loan outstanding balance (which monthly Revolving Credit Loan outstanding balance shall include but not be limited to the aggregate amounts of any and all letters of credit that may be issued by Bank in connection with the sub-line available to Borrower pursuant to the terms and conditions of Section 2.02(b) hereof); provided, however, that the Borrower shall not be obligated to pay such fee if such fee arises solely due to the Banks decision to cease making Revolving Credit Loans to the Borrower."

 

4.           The language found in Section 6.01(c) of the Credit Agreement is hereby deleted in its entirety and the following language is inserted in lieu thereof:

 

"(c)           Borrowing Base Certificates.So long as the aggregate amount of the Loans are less than Ten Million Dollars ($10,000,000.00), Borrower shall not be obligated to furnish Bank with a Borrowing Base Certificate. In the event that the aggregate amount of the Loans are greater than or equal to Ten Million Dollars ($10,000,000.00), then Borrower shall furnish to the Bank prior to any and all additional borrowings hereunder, but at least monthly, a Borrowing Base Certificate showing, as of the close of business on the last day of the immediately preceding month, the Borrowing Base. Concurrent with the delivery of the Borrowing Base Certificate, Borrower shall provide a written report to Bank of all returns and all material disputes and claims, together with sales and other reports relating to the Accounts and Inventory, as reasonably required by Bank. Bank shall have the right to review and adjust any calculations made by Borrower in a Borrowing Base Certificate (i) to reflect Bank's reasonable estimate of declines in value of any of the Collateral described therein; and (ii) to the extent that such calculation is not in accordance with this Agreement or does not accurately reflect the amount of the Availability Reserve. In no event shall the Borrowing Base on any date be deemed to exceed the amount of the Borrowing Base shown on the Borrowing Base Certificate last received by Bank prior to such date, as such Borrowing Base Certificate may be adjusted from time to time by Bank as authorized herein. If Borrower fails to deliver to Bank the Borrowing Base Certificate on the date when due, then notwithstanding any of the provisions contained herein or in any other Loan Document to the contrary, Bank may suspend honoring any requests for Loans until a current Borrowing Base Certificate is delivered to Bank."

 

5.           Schedule 5.01(i) attached to the Credit Agreement is hereby deleted, and the revised Schedule 5.01(i) which is attached to this Agreement shall be inserted in lieu thereof and shall be considered a replacement thereof.

 

6.           The obligations of Bank hereunder shall be subject to satisfaction of the following conditions precedent:

(a)           Borrower's execution and delivery to Bank of this Agreement;

(b)           Borrower's execution and delivery to Bank of such other documents, certificates and agreements as Bank reasonably may require, including, without limitation, certain

 

certificates confirming the organizational and operational documents of Borrower, FutureFuel Corp., a Delaware corporation ("FutureFuel"), and FFC Grain, and the authority of Borrower, FutureFuel and FFC Grain to enter into the transactions contemplated by this Agreement.

 

7.           Borrower hereby represents, covenants and warrants to Bank as follows:

 

(a)              The representations and warranties in the Loan Documents are true and correct as of the date hereof;

 

(b)             There is currently no Default Event of Default under the Loan Documents;

 

 

  

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(c)            The Loan Documents are in full force and effect and, following the execution and delivery of this Agreement, they continue to be the legal, valid and binding obligations of Borrower enforceable in accordance with their respective terms, except as the enforceability thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforceability of creditors' rights generally and subject to the discretion of courts in applying equitable remedies;

 

 

(d)            There has been no material adverse change in the financial condition of Borrower, Guarantors or any other party whose financial statement has been delivered to Bank in connection with the Loan from the date of the most recent financial statement received by Bank;

 

 

(e)            As of the date hereof, Borrower has no claims, counterclaims, defenses, or set­offs with respect to the Loan or the Loan Documents as modified herein; and

 

 

(f)            Borrower is validly existing under the laws of the State of its formation or organization and has the requisite power and authority to execute and deliver this Agreement and to perform the Loan Documents as modified herein. The execution and delivery of this Agreement and the performance of the Loan Documents as modified herein have been duly authorized by all requisite action by or on behalf of Borrower. This Agreement has been duly executed and delivered on behalf of Borrower.

 

8.             Borrower specifically understands and agrees that Bank is consenting to the terms and conditions of this Agreement in reliance upon all of the security previously pledged to Bank as security for the repayment of the Note, including but not limited to the continuing validity and enforceability of: (i) that certain Continuing Unlimited Guaranty Agreement executed by FutureFuel and dated March 14, 2007 (the "FutureFuel Guaranty"); and (ii) that certain Continuing Unlimited Guaranty Agreement executed by FCC Grain and dated June 30, 2009 (the "FCC Grain Guaranty"). Borrower further acknowledges and agrees that the effectiveness of this Agreement is expressly conditioned upon the receipt by Bank of Consent and Reaffirmation Agreements of each of the FutureFuel Guaranty and the FCC Grain Guaranty executed by FutureFuel and FCC Grain, respectively, such to be in form and substance satisfactory to Bank in Bank's sole discretion.

 

9.             Borrower hereby confirms and ratifies the Note, and any agreement securing or related to the Note. This Agreement serves as a modification of the Loan Documents and not a replacement or novation thereof.

 

10.           Borrower shall reimburse Bank for all expenses incurred by Bank in connection with this Agreement, including reasonable attorneys' fees incurred by Bank in connection herewith.

 

11.           Borrower represents to Bank and agrees that the covenants and agreements in the Note and other obligations secured thereby, except as herein modified, shall be and remain in full force and effect, subject to all the conditions and provisions contained in the Loan Documents.

 

12.           Borrower represents to Bank that Borrower has no defenses, set-offs, claims, actions, causes of action, damages, demands or any other claims of any kind or nature whatsoever, whether asserted or unasserted, against Bank as of the date hereof with respect to any action previously taken or not taken by Bank.

 

Without limiting the generality of the foregoing, Borrower waives, releases and forever discharges Bank and Bank's employees, agents, officers and directors from and against any and all rights, claims, action, causes of action, damages, demands, incidental or consequential damages and all other claims of whatsoever nature which may now exist or which may later accrue or arise out of any dealings between them occurring on or before the date of this Agreement.

 

13.           Borrower further acknowledges and agrees that the Bank is specifically relying upon the representations, warranties, and agreements contained herein and that this Agreement is being executed by Borrower and delivered to Bank as a material inducement to the Bank to forbear from exercising

 

 

  

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contractual remedies, if any, currently available to Bank, including foreclosure, attachment, and prosecution in collection of any outstanding indebtedness under the Note and all security interests, encumbrances, liens, deeds of trust, mortgages and other collateral given as security therefore.

 

14.           This Agreement shall not be deemed to constitute an alteration, waiver, annulment, or variation of any of the terms and conditions of the Loan Documents except as expressly set forth herein. Any term or condition of the Loan Documents that is inconsistent with this Agreement is deemed modified to be consistent herewith. If, for any reason, this Agreement is invalid, the Note shall be enforceable in accordance with its original form as heretofore amended.

 

15.           No amendment, modification, supplement, termination, consent or waiver of any provision of this Agreement, nor consent to any departure therefrom, will in any event be effective unless the same is in writing and is signed by the party against whom enforcement of the same is sought. Any waiver of any provision of this Agreement and any consent to any departure from the terms of any provision of this Agreement is to be effective only in the specific instance and for the specific purpose for which given.

 

16.           Captions contained in this Agreement have been inserted herein only as a matter of convenience and in no way define, limit, extend or describe the scope of this Agreement or the intent of any provisions hereof.

 

17.           For purposes of executing this Agreement, a document (or signature page thereto) signed and transmitted by facsimile machine or telecopier or submitted in portable document format (PDF) is to be treated as an original document. The signature of any party thereon, for purposes hereof, is to be considered as an original signature, and the document transmitted is to be considered to have the same binding effect as an original signature on an original document. At the request of any party, any facsimile, telecopy or PDF document is to be reexecuted in original form by the parties who executed the facsimile, telecopy or PDF document. No party may raise the use of a facsimile machine or telecopier or the fact that any signature was transmitted through the use of a facsimile or telecopier machine or via email as a defense to the enforcement of this Agreement or any amendment or other document executed in compliance with this Paragraph.

 

18.           This Agreement may be executed by the parties on any number of separate counterparts, and all such counterparts so executed constitute one agreement binding on all the parties notwithstanding that all the parties are not signatories to the same counterpart.

 

19.           This Agreement constitutes the entire agreement among the parties pertaining to the subject matter hereof and supersedes all prior agreements, letters of intent, understandings, negotiations and discussions of the parties, whether oral or written.

 

20.           The parties will execute and deliver such further instruments and do such further acts and things as may be required to carry out the intent and purpose of this Agreement.

 

21.           This Agreement and the rights and obligations of the parties hereunder are to be governed by and construed and interpreted in accordance with the laws of the State of Missouri applicable to contracts made and to be performed wholly within Missouri, without regard to choice or conflict of laws rules.

 

22.           Any provision of this Agreement which is prohibited, unenforceable or not authorized in any jurisdiction is, as to such jurisdiction, ineffective to the extent of any such prohibition, unenforceability or nonauthorization without invalidating the remaining provisions hereof, or affecting the validity, enforceability or legality of such provision in any other jurisdiction, unless the ineffectiveness of such provision would result in such a material change as to cause completion of the transactions contemplated hereby to be unreasonable.

 

23.           All provisions of this Agreement are binding upon, inure to the benefit of, and are enforceable by or against, the parties and their respective heirs, executors, administrators or other legal representatives and permitted successors and assigns.

 

 

  

4

  

 

ORAL AGREEMENTS OR COMMITMENTS TO LOAN MONEY, EXTEND CREDIT, OR TO FOREBEAR FROM ENFORCING REPAYMENT OF A DEBT INCLUDING PROMISES TO EXTEND OR RENEW SUCH DEBT ARE NOT ENFORCEABLE REGARDLESS OF THE LEGAL THEORY UPON WHICH IT IS BASED, THAT IS IN ANY WAY RELATED TO THE CREDIT AGREEMENT. TO PROTECT YOU (BORROWER(S)) AND US (CREDITOR) FROM MISUNDERSTANDING OR DISAPPOINTMENT, ANY AGREEMENTS WE REACH COVERING SUCH MATTERS ARE CONTAINED IN THIS WRITING, WHICH IS THE COMPLETE AND EXCLUSIVE STATEMENT OF THE AGREEMENT BETWEEN US, EXCEPT AS WE MAY LATER AGREE IN WRITING TO MODIFY IT.

 

Signature Page Follows

  

5

  

 

IN WITNESS WHEREOF, the undersigned have caused this instrument to be executed as of the day and year first above written.

 

REGIONS BANK

By:            /s/ John Holland                                              

        John Holland, Senior Vice President

FUTUREFUEL CHEMICAL COMPANY,

A Delaware corporation

By            /s/ Douglas D. Hommert                                 

        Douglas D. Hommert, Executive Vice President

  

6

  

	  

 

Schedule 5.01(i)

(Real and Personal Property Leases)

	
1.

	
Lease with General Electric Railcar Services Corporation dated November 1, 2006 (the "GERSC Lease"):

 

	
  

	
a.

	
Apex Oil Company was original lessee under the GERSC Lease; Borrower assumed the GERSC Lease from Apex Oil Company effective September 28, 2009;

 

	
  

	
b.

	
Borrower currently leases 40 railcars under the GERSC Lease; the lease term ends May 31, 2014 for ten cars and September 30, 2017 for thirty cars

 

 

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