Document:

Blueprint

Exhibit
10.1

AMENDED AND RESTATED NOTE

 

THIS AMENDED AND RESTATED
PROMISSORY NOTE (this
“Amended
Note”) is effective as of
June 30, 2017, by and between BLUE DOLPHIN ENERGY
COMPANY (the
"Borrower")
and LAZARUS
ENERGY HOLDINGS, LLC ("Lender").

 

WHEREAS, on March 31, 2017, Lender and Borrower
entered that certain Promissory Note (the
“Original
Note”) wherein Borrower
promised to pay Lender a principal amount of $440,815 (the
“Original
Principal”) plus any
accrued but unpaid interest;

 

WHEREAS, the Original Principal increased by
$2,043,482 at June 30, 2017 (the “Principal
Increase,”) and together
with the Original Principal the “Amended
Principal”);

 

WHEREAS,
Borrower and Lender desire to amend and restate the Original Note
to reflect the Amended Principal.

 

NOW,
THEREFORE, in consideration of the premises, the agreements
hereinafter set forth, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the
parties hereto hereby covenant and agree as follow:

 

PRINCIPAL BALANCE.
Borrower promises to pay to the order
of Lender the aggregate unpaid balance of the Amended Principal
plus any subsequent additions (an “Advance,”
and together with the Amended Principal the
“Principal
Balance” plus any accrued
but unpaid interest pursuant to the terms and conditions set forth
herein.

 

PAYMENT.  The Principal Balance of this Amended Note
plus any accrued but unpaid interest shall be due and payable on
January 1, 2019 (the “Maturity
Date”). 

 

INTEREST.  This Amended Note shall bear interest,
compounded annually, at eight percent (8%).

 

PREPAYMENT.  Borrower shall have the right at any time
and from time to time to prepay this Amended Note, in whole or in
part, without premium or penalty.

            

REMEDIES.  No delay or omission on part of the holder
of this Amended Note in exercising any right hereunder shall
operate as a waiver of any such right or of any other right of such
holder, nor shall any delay, omission or waiver on any one occasion
be deemed a bar to or waiver of the same or any other right on any
future occasion.  The rights and remedies of the Lender shall
be cumulative and may be pursued singly, successively, or together,
in the sole discretion of the Lender.

 

SUBORDINATION. 
Borrower's obligations under this Amended Note are subordinated to
all indebtedness of Borrower to any unrelated third party lender to
the extent such indebtedness is outstanding on the date of this
Amended Note and such subordination is required under the loan
documents providing for such indebtedness.

 

 

 

 

EXPENSES.  In the event any payment under this Amended
Note is not paid by the Maturity Date, Borrower agrees to pay, in
addition to the Principal Balance plus any accrued but unpaid
interest, reasonable attorneys' fees not exceeding a sum equal to
fifteen percent (15%) of the then outstanding amount owing on this
Amended Note, plus all other reasonable expenses incurred by Lender
in exercising any of its rights and remedies upon
default.

 

GOVERNING
LAW.  This Amended Note
shall be governed by, and construed in accordance with, the laws of
the State of Texas.

 

 

[Remainder of page intentionally left blank; signature page to
follow.]

 

 

 

 

 

 

 

 

IN WITNESS
WHEREOF, Borrower has
executed this Amended Note as of the day and year first above
written.

 

 

 

 

__/s/ JONATHAN P. CARROLL __ (LENDER
SIGNATURE)

LAZARUS ENERGY HOLDINGS, LLC

 

 

 

 

__/s/ TOMMY L. BYRD_______ (BORROWER
SIGNATURE)

BLUE DOLPHIN ENERGY COMPANYBlueprint

  Exhibit 10.2

AMENDED AND RESTATED GUARANTY FEE AGREEMENT

 

THIS AMENDED AND RESTATED GUARANTY FEE AGREEMENT
(this “Amended Agreement”)
is made as of April 1, 2017 (the “Effective
Date”), by and between
Jonathan P. Carroll (“Guarantor”) and Lazarus Refining
& Marketing, LLC, a Delaware limited liability company
(“LRM”).
Guarantor and LRM are sometimes
referred to herein as the "Parties".

 

WHEREAS, on June 22, 2015, Guarantor and LRM
entered that certain Guaranty Fee Agreement (the
"Existing
Agreement") wherein Guarantor
receives fees for providing a personal guarantee on repayment of
funds borrowed and interest accrued under certain LRM loan
agreements;

 

WHEREAS, LRM entered a Loan and Security Agreement
(as amended, restated, supplemented or otherwise modified from time
to time, the “Loan
and Security Agreement”)
dated May 2, 2014, with Sovereign Bank (“Lender”)
as evidenced by that certain Promissory Note (the
“2014
Note”) of even date with
the Loan and Security Agreement, in the original principal sum of
TWO MILLION AND 00/100 DOLLARS ($2,000,000.00);
and

 

WHEREAS, LRM entered a Loan Agreement (as amended,
restated, supplemented or otherwise modified from time to time, the
“Loan
Agreement”) dated June
22, 2015, with Sovereign Bank (“Lender”)
as evidenced by that certain Promissory Note (the
“2015
Note”) of even date with
the Loan Agreement, in the original principal sum of THREE MILLION
AND 00/100 DOLLARS ($3,000,000.00); and

 

WHEREAS,
as a condition precedent to Lender’s obligations to extend
credit to LRM under both the Loan and Security Agreement and the
Loan Agreement, Lender required the execution and delivery of a
guaranty as security for the obligations of LRM under: (i) the Loan
and Security Agreement and 2014 Note and (ii) the Loan Agreement
and 2015 Note; and

 

WHEREAS,
Guarantor entered:

 

(i) a
Guaranty Agreement (as amended, restated, supplemented or otherwise
modified from time to time, the “2014
Guaranty”) of even date
with the Loan and Security Agreement and 2014 Note in favor of
Lender to secure LRM’s obligations under the Loan and
Security Agreement and 2014 Note; and

(ii) a
Guaranty Agreement (as amended, restated, supplemented or otherwise
modified from time to time, the “2015
Guaranty”) of even date
with the Loan Agreement and 2015 Note in favor of Lender to secure
LRM’s obligations under the Loan Agreement and 2015
Note.

 

NOW,
THEREFORE, in consideration of the 2014 Guaranty, the 2015
Guaranty, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged by LRM,
the Parties agree as follows:

 

1.             Payment
of Fee.  LRM shall pay
Guarantor or assignee a fee in an amount equal to two percent
(2.00%) per annum, paid monthly, of the outstanding principal
balance owed under both the Loan and Security Agreement and the
Loan Agreement (the “Guaranty
Fee Basis”). Amounts
payable to Guarantor as the Guaranty Fee shall be paid in cash and
shares of Blue Dolphin Energy Company common stock, par value $0.01
per share (the “Common Stock”) at the end of each
calendar month. The initial payment under this Amended Agreement
shall be 100% in Common Stock. Thereafter, payments shall be 50% in
cash and 50% in Common Stock. For the second payment and each
payment thereafter, the number of shares of Common Stock issued
shall be determined by dividing the Guaranty Fee by 50% (the
“Share
Basis Amount”). The Share
Basis Amount shall then be divided by the preceding 30-day average
closing price of the Common Stock. This 30-day average closing
price shall be the cost basis for the issued shares, and the issued
shares shall be restricted pursuant to applicable securities
holding periods for affiliates.

 

2.             Governing
Law.  This Agreement shall
be governed and construed in accordance with the laws of the State
of Texas without reference to any conflict of law
provision.

 

3.             Counterparts. 
This Agreement may be executed in multiple counterparts, including
counterparts transmitted by facsimile, each of which will be deemed
an original, but both of which together will constitute one and the
same instrument.

 

[Remainder of page intentionally left blank; signature page to
follow.]

 

 

 

 

IN WITNESS WHEREOF, the Parties have executed this Amended Agreement
as of the Effective Date.

 

 

LAZARUS REFINING & MARKETING,
LLC 

JONATHAN
P. CARROLL

 

 

 

	

By:

	

 /s/
TOMMY L. BYRD

	
 

	

By:

	

 /s/
JONATHAN P. CARROLL

	
 

	

Tommy
L. Byrd

	
 

	
 

	

Jonathan
P. CarrollBlueprint

  Exhibit 10.3

AMENDED AND RESTATED GUARANTY FEE AGREEMENT

 

THIS AMENDED AND RESTATED GUARANTY FEE AGREEMENT
(this “Amended Agreement”)
is made as of April 1, 2017 (the “Effective
Date”), by and between
Jonathan P. Carroll (“Guarantor”) and Lazarus Refining
& Marketing, LLC, a Delaware limited liability company
(“LRM”).
Guarantor and LRM are sometimes
referred to herein as the "Parties".

 

WHEREAS, on December 4, 2015, Guarantor and LRM
entered that certain Guaranty Fee Agreement (the
“Existing
Agreement”) wherein
Guarantor receives fees for providing a personal guarantee on
repayment of funds borrowed and interest accrued under a certain
LRM loan agreement;

 

WHEREAS, LRM entered a Loan Agreement (as amended,
restated, supplemented or otherwise modified from time to time, the
“Loan
Agreement”) dated
December 4, 2015, with Sovereign Bank (“Lender”)
as evidenced by that certain Promissory Note (the
“Note”)
of even date with the Loan Agreement, in the original principal sum
of TEN MILLION AND 00/100 DOLLARS ($10,000,000.00);
and

 

WHEREAS,
as a condition precedent to Lender’s obligations to extend
credit to LRM under the Loan Agreement, Lender required the
execution and delivery of an unconditional guaranty as security for
the obligations of LRM under the Loan Agreement and Note;
and

 

WHEREAS, Guarantor entered into a United States
Department of Agriculture Rural Development Unconditional
Guarantee, Business and Industry Guaranteed Loan Program (as
amended, restated, supplemented or otherwise modified from time to
time, the “Guaranty”)
of even date with the Loan Agreement and Note in favor of Lender to
secure LRM’s obligations under the Loan Agreement and
Note.

 

NOW,
THEREFORE, in consideration of the Guaranty and for other good and
valuable consideration, the receipt and sufficiency of which are
hereby acknowledged by LRM, the Parties agree as
follows:

 

1.             Payment
of Fee.  LRM shall pay
Guarantor or assignee a fee in an amount equal to two percent
(2.00%) per annum, paid monthly, of the outstanding principal
balance owed under the Loan Agreement (the
“Guaranty
Fee Basis”). Amounts
payable to Guarantor as the Guaranty Fee shall be paid in cash and
shares of Blue Dolphin Energy Company common stock, par value $0.01
per share (the “Common Stock”) at the end of each
calendar month. The initial payment under this Amended Agreement
shall be 100% in Common Stock. Thereafter, payments shall be 50% in
cash and 50% in Common Stock. For the second payment and each
payment thereafter, the number of shares of Common Stock issued
shall be determined by dividing the Guaranty Fee by 50% (the
“Share
Basis Amount”). The Share
Basis Amount shall then be divided by the preceding 30-day average
closing price of the Common Stock. This 30-day average closing
price shall be the cost basis for the issued shares, and the issued
shares shall be restricted pursuant to applicable securities
holding periods for affiliates.

 

2.             Governing
Law.  This Agreement shall
be governed and construed in accordance with the laws of the State
of Texas without reference to any conflict of law
provision.

 

3.             Counterparts. 
This Agreement may be executed in multiple counterparts, including
counterparts transmitted by facsimile, each of which will be deemed
an original, but both of which together will constitute one and the
same instrument.

 

[Remainder of page intentionally left blank; signature page to
follow.]

 

 

 

IN WITNESS WHEREOF, the Parties have executed this Amended Agreement
as of the Effective Date.

 

 

LAZARUS REFINING & MARKETING,
LLC                 

JONATHAN
P. CARROLL

 

 

	

By:

	

  /s/
TOMMY L. BYRD

	
 

	

By:

	

 /s/
JONATHAN P. CARROLL

	
 

	

Tommy
L. Byrd

 

	
 

	
 

	

Jonathan
P. Carroll

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