Document:

Blueprint

 Exhibit 10.1

 

 NOTE

 

March 31, 2017

 

FOR VALUE RECEIVED, BLUE
DOLPHIN ENERGY COMPANY (the
"Borrower"),
hereby promises to pay to the order of LAZARUS ENERGY HOLDINGS,
LLC ("Lender"),
the principal amount of $440,815 (the “Original
Principal”) pursuant to
the terms and conditions set forth herein.

 

ADVANCES. From time to time, Lender may advance to Borrower
subsequent additions (an “Advance”).

 

PRINCIPAL BALANCE.
The aggregate unpaid balance of the
Original Principal plus any Advances shall be the principal balance
(the “Principal
Balance”) due and owing
under this Promissory Note (this “Note”).

 

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

 

INTEREST.  This 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 Note, in whole or in part,
without premium or penalty.

            

REMEDIES.  No delay or omission on part of the holder
of this 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 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 Note
and such subordination is required under the loan documents
providing for such indebtedness.

 

EXPENSES.  In the event any payment under this 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 Note,
plus all other reasonable expenses incurred by Lender in exercising
any of its rights and remedies upon default.

 

GOVERNING
LAW.  This 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.]

 

1

 

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

 

 

 

 

____________________________ (LENDER SIGNATURE)

LAZARUS ENERGY HOLDINGS, LLC

 

 

 

 

 

____________________________ (BORROWER SIGNATURE)

BLUE DOLPHIN ENERGY COMPANY

 

2Blueprint

 

Exhibit 10.2

 

 AMENDED
AND RESTATED NOTE

 

THIS AMENDED AND RESTATED PROMISSORY NOTE (this
“Amended
Note”) is effective as of
March 31, 2017, by and between BLUE DOLPHIN ENERGY
COMPANY (the
“Borrower”)
and INGLESIDE CRUDE, LLC
(the “Lender).

    

WHEREAS, on September 30, 2016, Lender and
Borrower entered that certain Promissory Note (the
“Original
Note”) wherein Borrower
promised to pay Lender a principal amount of $679,386 (the
“Original
Principal”) plus any
accrued but unpaid interest;

 

WHEREAS, the Original Principal increased by
$42,892 at December 31, 2016, and further increased by $473,445 at
March 31, 2017 (the “Principal
Increases,” 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, revise the payment terms, and
extend the maturity date.

 

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 the 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.

            

 

1

 

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.]

 

 

 

 

 

 

2

 

 

 

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

 

 

 

 

____________________________ (LENDER SIGNATURE)

INGLESIDE CRUDE, LLC

 

 

 

 

____________________________ (BORROWER SIGNATURE)

 BLUE
DOLPHIN ENERGY COMPANY

 

                                                                                                                                

 

3Blueprint

 

 Exhibit 10.3

 

 AMENDED
AND RESTATED NOTE

 

THIS AMENDED AND RESTATED PROMISSORY NOTE (this
“Amended
Note”) is effective as of
March 31, 2017, by and between BLUE DOLPHIN ENERGY
COMPANY (the
“Borrower”)
and LAZARUS
CAPITAL, LLC (the
“Lender).

    

WHEREAS, on September 30, 2016, Lender and
Borrower entered that certain Promissory Note (the
“Original
Note”) wherein Borrower
promised to pay Lender a principal amount of $422,374 (the
“Original
Principal”) plus any
accrued but unpaid interest;

 

WHEREAS, the Original Principal increased by
$170,038 at December 31, 2016, and further increased by $183,030 at
March 31, 2017 (the “Principal
Increases,” 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, revise the payment terms, and
extend the maturity date.

 

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”).

 

Borrower shall pay Lender in cash and shares of
Blue Dolphin Energy Company common stock, par value $0.01 per share
(the “Common
Stock”). The initial
payment under this Amended Note 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
Principal Balance plus any accrued but unpaid interest 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.

            

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.

            

 

            

 

1

 

REMEDIES.  No delay or omission on the 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.]

 

 

 

 

 

 

2

 

 

 

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

 

 

 

 

____________________________ (LENDER SIGNATURE)

LAZARUS CAPITAL, LLC

 

 

 

 

____________________________ (BORROWER SIGNATURE)

 BLUE
DOLPHIN ENERGY COMPANY

 

                                                                                                                               

 

3

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