Document:

Exhibit
10.1

    

    second
Amendment to the

    EMPLOYMENT
AGREEMENT

     

    This
Second Amendment (the “Second Amendment”), is made as of the 22nd day of
February, 2010, to the Employment Agreement by and between Arbinet Corporation,
formerly known as Arbinet thexchange, Inc., a Delaware corporation with its
headquarters located in Herndon, Virginia (the “Employer”), and Shawn F.
O’Donnell (the “Executive”) made as of September 2, 2008, as amended
by the First Amendment to the Employment Agreement by and between the Employer
and the Executive made as of June 16, 2009 (the “Agreement”).  In
consideration of the mutual covenants contained in this Second Amendment, the
Employer and the Executive desire to amend certain provisions of the Agreement
as follows:

     

    1.           Section
3 (a) is amended by deleting it in its entirety and substituting therefor the
following:

     

    (a)           The
executive understands and agrees that this position is a full-time position
based at the Employer’s headquarters in Herndon, Virginia.

     

    2.           Section
3(d) is amended by deleting it in its entirety.

     

    3.           Section
4(e)(iii)(B) is amended by deleting it in its entirety and substituting therefor
the following:

     

    (B)          The
Executive shall be entitled to reimbursement by the Employer for up to Six
Thousand Five Hundred Dollars ($6,500) per month of the Executive’s reasonable
and documented out-of-pocket expenses incurred by him for living expenses in the
Virginia area and travel to and from the Executive’s residence in the Dallas,
Texas area.

     

    4.           Section
6(a)(iv) is amended by deleting it in its entirety and substituting therefor the
following:

     

    (iv)           [Intentionally
omitted]; or

     

    5.           Section
7(d)(ii) is amended by deleting it in its entirety and substituting therefor the
following:

     

    (ii)           a
lump sum payment equal to the Executive’s target bonus opportunity as described
in Section 4(b)(ii) above.

     

    6.           Section
9 is amended by deleting it in its entirety and substituting therefor the
following:

     

    9.           Consent to
Jurisdiction. The parties hereby consent to the jurisdiction of the
Circuit Court of the Commonwealth of Virginia located in Fairfax County and the
United States District Court for the Eastern District of
Virginia.  Accordingly, with respect to any such court action, the
parties (a) submit to the personal jurisdiction of such courts; (b) consent to
service of process; and (c) waive any other requirement (whether imposed by
statute, rule of court, or otherwise) with respect to personal jurisdiction or
service of process.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    7.            Section
16 is hereby amended by deleting it in its entirety and substituting therefor
the following:

     

    16.          Governing
Law.  This is a Virginia contract and shall be construed under
and be governed in all respects by the laws of the Commonwealth of Virginia,
without giving effect to its conflict of laws principles.  With
respect to any disputes concerning federal law, such disputes shall be
determined in accordance with the law as it would be interpreted and applied by
the Unites States Court of Appeals for the Fourth Circuit.

     

    8.          
 Except as specifically amended by the Second Amendment, the Agreement
shall remain in full force and effect in accordance with its terms.

     

    9.           
This Second Amendment may be executed in any number of counterparts, each of
which when so executed and delivered shall be taken to be an original; but such
counterparts shall together constitute one and the same document.

     

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of page has intentionally been left blank*

    
      
         

      

      
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    IN
WITNESS WHEREOF, this Second Amendment to the Employment Agreement has been
executed as a sealed instrument by the Employer, by the undersigned duly
authorized director, and by the Executive, as of the date set forth
above.

     

    
      
        	
                ARBINET
      CORPORATION

              
	 
      	 
      
	
                By: 

              	
                /s/ Jose A. Cecin, Jr.

              
	
                Name:
      Jose A. Cecin, Jr.

              
	
                Title:
      Chairman of the Board

              
	 
      	 
      
	
                /s/ Shawn F. O’Donnell

              
	
                Shawn
      F. O’Donnell5850
      Waterloo Road, Suite 140

                Columbia,
      MD 21045

                (410)
      480-8084 tel

                

                Cary
      J. Claiborne

                 President
      & CEO

              

            

    

     

     

    February
18, 2010

    

    PTJ
Bioenergy Holdings, Ltd.

    Attn: Mr.
Ferdinando Petrucci and Mr. Abraham Jacobi

    

    Re:
Amendment No. 8 (“Amendment No. 8”) to the Exclusive License Agreement
dated

    March 20,
2006, as amended, between PTJ Bioenergy Holdings LTD (successor by assignment to
Ferdinando Petrucci) and New Generation Biofuels, Inc. (formerly H2Diesel,
Inc.), a subsidiary of New Generation Biofuels Holdings, Inc. (the “Company”),
(as amended, the “License Agreement”)

    

    Dear Mr.
Ferdinando Petrucci:

    

    Please acknowledge your agreement that
the License Agreement is further amended as follows, by executing this Amendment
No. 8 to the License Agreement in the space provided below:

    

    The $500,000 payment due on February
20, 2010 is cancelled.  The $500,000 payment due on March 20, 2010 is
also cancelled.  In lieu of $1,000,000 cash payments, the Company will
issue 1,100,000 shares of its common stock to Ferdinando Petrucci and $120,000
USD payable immediately upon signing.

    

    Very
truly yours,

    

    /s/ Cary
J. Claiborne

    

    Cary J.
Claiborne

    President
& Chief Executive Officer

    

    Acknowledged
and agreed to this 19th day of
February, 2010:

    

    PTJ
Bioenergy Holdings, Ltd.

    

    

    /s/ Ferdinando
Petrucci                                                                

    Ferdinando
Petrucci

    

    

    /s/ Abraham
Jacobi                                                                

    Abraham
JacobiExhibit
10.1

     

    FIRST
AMENDMENT

    TO

    LOAN
AGREEMENT

     

    This
First Amendment to Loan Agreement (this “Amendment”) dated as
of February 19, 2010, under the Loan Agreement, dated as of May 14, 2009 (the
“Loan
Agreement”) by and between Aerosonic Corporation, a Delaware corporation
(the “Company”) and Bruce J. Stone (“Stone”).

     

    RECITALS

     

    WHEREAS,
the Company and Stone are parties to the Loan Agreement; and

     

    WHEREAS,
the Company has requested that Stone agree to amend and waive certain provisions
of the Loan Agreement and Stone is agreeable to such request but only upon the
terms and subject to the conditions set forth herein.

     

    NOW,
THEREFORE, in consideration of the premises and the mutual agreements contained
herein, and for other valuable consideration the receipt of which is hereby
acknowledged, the Company and Stone agree as follows:

     

    1.  Definitions.  Unless
otherwise defined herein, capitalized terms are used herein as defined in the
Loan Agreement.

     

    2.  Amendments.

     

    2.1  Amendments to Loan
Agreement.

     

    (a)  Section 1.1
of the Loan Agreement is hereby amended by deleting therefrom the following
definitions in their entireties and inserting the following new definitions in
the appropriate alphabetical order:

    

    “’Note’
means the 14% Subordinated Note due April 10, 2011, as extended pursuant to the
terms and conditions of the Note, in the aggregate principal amount of
$1,000,000, to be issued to Stone at the Closing by the Company and the
Subsidiaries in the form of Exhibit
1.

    

    “Warrant”
means for any Warrant issued to Stone prior to February 19, 2010, a Common Stock
Purchase Warrant of the Company to purchase at any time after the one-year
anniversary date of their original issue date until April 10, 2020, one share of
the Common Stock for a purchase price of $.64 per share, subject to
anti-dilution protection and adjustment of the warrant price and number of
shares as provided in the Warrant Certificate.  For any Warrant issue
to Stone on or after February 19, 2010, a Common Stock Purchase Warrant of the
Company to purchase at any time after the one-year anniversary date of their
original issue date until the sixth anniversary of the date such Warrant is
issued to Stone, one share of the Common Stock for a purchase price per share
equal to 50% of the volume weighted average of the selling price of the Common
Stock of the Company on February 12, 2010 and for the 19 trading days prior to
February 12, 2010, or $1.98 per share, subject to anti-dilution protection and
adjustment of the warrant price and number of shares as provided in the Warrant
Certificate.”

    

    (b)  For
Advances made on or after February 19, 2010, the definitions “Advance Shares”
and “Drawdown Shares” shall each be deleted in their entirety.

    

    (c)  Section
6.2(c) of the Loan Agreement with respect to certain negative covenants shall be
deleted in its entirety.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    2.2  Amendment to Exhibit 1- Form
of 14% Subordinated Note.

    

    (a)  Section
2 of the Note is hereby amended and modified by deleting therefrom the
definition of “Maturity
Date” in its entirety and inserting the following new
definition:

    

    “’Maturity
Date’ means the earlier of:  (i) April 10, 2011, or (ii) the maturity
of the Existing Loans.”  

    

    (b)  Section
3 of the Note is hereby amended and modified by deleting therefrom the words
“April 10, 2010” and replacing with the words “April 10, 2011”.

    

    2.3  Amendment to Exhibit 2- Form
of Warrant Certificate.

     

    (a)  With
respect to any Warrant Certificate issued prior to February 19, 2010, each time
the words “April 10, 2015” appear, such words shall be deleted in their entirety
and replaced with the words “April 10, 2020”.

     

    (b)  For
any Warrant Certificate issued on or after February 19, 2010, each time the
words “April 10, 2015” appear, such words shall be deleted in their entirety and
be replaced with the words “the sixth  anniversary date of the
issuance of the Warrant Certificate.”

    

    (c)  For
any Warrant Certificate issued to Stone on or after February 19, 2010, the words
“$.64” in the first full paragraph of the Warrant Certificate shall be deleted
and replaced with the following:  “50% of the volume weighted average
selling price of the Common Stock of the Company on February 12, 2010 and for
the 19 trading days prior to February 12, 2010, or $1.98 per
share.”

    

    (d)  For
any Warrant Certificate issue to Stone on or after February 19, 2010, the first
sentence of Section 1 of the Warrant Certificate shall be deleted in its
entirety and replaced with the following:

    

    “The
Warrants were issued in connection with the issuance by the Company and its
subsidiaries (as co-obligors) of a 14% Subordinated Note due April 10, 2011,
(the “Subordinated
Note” and
pursuant to that certain loan agreement executed as of May 14, 2009, as amended
by the First Amendment to Loan Agreement dated February 19, 2010 (the “Loan
Agreement”) with Common Stock Purchase Warrants issued to the Registered Owner
(0.20 shares of Common Stock of the Company for each $1.00 of principal amount
of Subordinated Note on the date of each Borrowing).” 

    

    2.4  Amendment to Schedule 1 to
Loan Agreement.  With respect to Advances made on or after
February 19, 2010, Schedule 1 shall be deleted in its entirety and replaced with
the following:

     

    SCHEDULE
1

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            	
                                    Maximum

                                    Availability

                                  	 	
                                    Warrants

                                  
	$	
                                    1,000,000

                                  	 	
                                    to
      purchase 0.20 shares of Common Stock for each $1.00 of principal amount of
      each
Borrowing.

                                  

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    3.  Continuing
Effect.  Except as expressly amended or waived hereby, the Loan
Agreement and the other Financing Documents shall continue to be and shall
remain in full force and effect in accordance with their respective terms. This
Amendment shall not constitute an amendment or waiver of any provision of the
Loan Agreement or the other Financing Documents not expressly referred to herein
and shall not be construed as an amendment, waiver or consent to any action on
the part of the Company that would require an amendment, waiver or consent of
Stone.

     

    
      
         

      

      
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    4.  Representations and
Warranties of the Company; Covenants of the Company.  The
Company represents and warrants that the representations and warranties
contained in the Loan Agreement are true and correct as of the date of this
Amendment.  The Company represents and warrants that the Company has
complied in all material respects with the covenants contained in the Loan
Agreement as of the date of this Amendment.

    

    5.  Counterparts.  The
parties to this Amendment may execute this Amendment in counterparts by manual
or facsimile signature.  Each executed counterpart of this Amendment
will constitute an original document, and all executed counterparts,
collectively, will constitute the same agreement.

    

    6.  Governing
Law.  The validity, construction, enforcement, and
interpretation of this Agreement are governed by the laws of the State of
Florida and the federal laws of the United States of America, excluding the laws
of those jurisdictions pertaining to the resolution of conflicts with laws of
other jurisdictions.

    

    7.  Headings.  Section
headings used in this Amendment are for convenience of reference only, are not
part of this Amendment and are not to affect the constructions of, or to be
taken into consideration in interpreting, this Amendment.

    

    [Signature
pages follow]

    
      
         

      

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

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            	 
      	
                                    AEROSONIC
      CORPORATION

                                  
	 
      	 
      	 
      
	 
      	
                                    By:

                                  	
                                    /s/
      Douglas J. Hillman

                                  
	 
      	 
      	
                                    Douglas
      J. Hillman

                                  
	 
      	 
      	
                                    President
      and Chief Executive Officer

                                  
	 
      	 
      	 
      
	 
      	
                                    By:

                                  	
                                    /s/
      Bruce J. Stone

                                  
	 
      	 
      	
                                    BRUCE
      J.
STONE

                                  

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
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