Document:

Form of Deferred Stock Unit Award Notice for Non-Employee Directors

 Exhibit 10.7 
 NOTICE OF RSU NON-EMPLOYEE DIRECTOR 
 NYMEX HOLDINGS, INC. 
 NOTICE
OF RESTRICTED STOCK UNIT AWARD 
 Conditioned upon the consummation of the initial public offering of NYMEX Holdings, Inc. common stock,
                                        
     the “Grantee”) has been granted an Award of Restricted Stock Units under the terms of the NYMEX Holdings, Inc. 2006 Omnibus Long-Term Incentive Plan (the “Plan”), which
have been automatically converted into Deferred Stock Units (“DSUs”) in accordance with the terms of the NYMEX Holdings, Inc. 2006 Non-Employee Director Compensation Plan (“NDC Plan”), as follows: 
  

			
	Grant Date:	  	November 17, 2006
		
	Number of DSUs Awarded:	  	339

 Vesting of DSUs: DSUs granted hereunder shall 100% vest upon the completion of one year of
service as a member of the NYMEX Holdings, Inc. Board of Directors, with credit for service counted as of May 6 2006, or if earlier, upon the Grantee’s death or Disability (as defined in the NDC Plan), or upon a Change in Control.

 By acceptance of this Notice and the Award hereunder, the Grantee hereby agrees that the Award of DSUs is governed by this Notice, and by
the provisions of the Plan and the NDC Plan, both of which are incorporated herein and made a part of this document. The Grantee acknowledges receipt of a copy of the Plan and the NDC Plan, represents that the Grantee has read and is familiar with
their provisions, and hereby accepts the Award of DSUs subject to all of their terms and conditions. Capitalized terms used in this Notice shall have the meaning assigned in the Plan, unless otherwise indicated. 
  

			
	NYMEX HOLDINGS, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	Address:	 	One North End Avenue
		 	World Financial Center
		 	New York, NY 10282-1101

  

 TERMS AND CONDITIONS 
 Pursuant to the NYMEX Holdings, Inc. 2006 Omnibus Long-Term Incentive Plan (the “Plan”), and conditioned upon the consummation of
the initial public offering of NYMEX Holdings, Inc. common stock, NYMEX Holdings, Inc., a Delaware corporation (together with all successors thereto, the “Company”), hereby grants to the person (the
“Grantee”) named in the Notice of Restricted Stock Unit Award (the “Notice”) to which these Terms and Conditions are attached, an Award of Restricted Stock Units, which have been automatically
converted to Deferred Stock Units in accordance with the terms of the NYMEX Holdings, Inc. Non-Employee Director Compensation Plan (“NDC Plan”) (together with the Notice, referred to herein as the “Award”) to
receive prior to the expiration date specified in the Notice (the “Expiration Date”), or such earlier date as is specified herein, all or any part of the number of shares of Stock of the Company indicated in the Notice (the
“Shares,” and such shares once issued shall be referred to as the “Issued Shares,” each as adjusted pursuant to Section 15 of the Plan), subject to these Terms and Conditions, the Notice and the
Plan. All capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Notice and the Plan (as applicable). 
 1. Deferred Stock Units. 
 (a) Conditioned upon the consummation of the initial public offering of
NYMEX Holdings, Inc. common stock, as of the date of grant (the “Grant Date”), the Company grants to the Grantee 339 Restricted Stock Units which shall be automatically converted to Deferred Stock Units (the “Units”), which
represent shares of the Company’s common stock, par value $.01 per share (“Common Stock”). The Units are subject to the restrictions set forth in Section 2 of these Terms and Conditions and the provisions of the Notice and Plan
and the NDC Plan. 
 (b) The Company’s obligations hereunder shall be unfunded and unsecured, and no special or separate fund shall be
established and no other segregation of assets shall be made. The rights of a Grantee hereunder shall be no greater than those of a general unsecured creditor of the Company. In addition, the Units shall be subject to such restrictions as the
Company may deem advisable under the rules, regulations and other requirements of the Securities and Exchange Commission, any stock exchange upon which Common Stock is then listed, and any applicable federal or state securities law. 
 (c) Except as otherwise provided in this Award, settlement of the Units in accordance with the provisions of this Section 1 shall be delivered as
soon as practicable following satisfaction of all applicable conditions as to the Units (including the payment by the Grantee of all applicable withholding taxes). At such time, the Company shall deliver to the Grantee one share of Common Stock for
each Unit, or, if the Notice specifically provides, the cash equivalent to the Fair Market Value of such Units, in accordance with Section 10.4.1 of the Plan. Common Stock or cash issued to a Grantee for vested Units shall be issued or paid
within the time period set forth in Section 16.9.1 of the Plan, unless otherwise specifically provided in the Notice, or as specifically provided in the NDC Plan. The Company shall not be required to issue fractional shares for an Award and the
value of any fractional shares shall be paid in cash. 
  

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 2. Restrictions. 
 (a) The Grantee shall have no rights as a stockholder of the Company by virtue of any Unit unless and until such Unit vests and is distributed to the Grantee under the terms of the NDC Plan. 
 (b) None of the Units may be sold, transferred, assigned, pledged or otherwise encumbered or disposed of prior to the receipt of Issued Shares.

 (c) Any attempt to dispose of the Units or any interest in the Units in a manner contrary to the restrictions set forth herein shall be
void and of no effect. 
 (d) Units shall vest in accordance with the vesting schedule set forth in the Notice. Unvested Units shall be
subject to forfeiture and return to the Company, except as specifically provided for in the Notice or the NDC Plan. 
 3. Subject to
Plan. 
 Notwithstanding anything in these Terms and Conditions or the Notice to the contrary, to the extent of any conflict between the
terms of the Plan, these Terms and Conditions and the Notice, the terms of the Plan and the NDC Plan shall control. 
 4. Effect of
Certain Transactions. 
 Upon the effectiveness of (i) a merger, reorganization or consolidation between the Company and another
person or entity (other than a holding company or parent or subsidiary of the Company) as a result of which the holders of the Company’s outstanding Common Stock immediately prior to the transaction hold less than a majority of the outstanding
voting stock of the surviving entity immediately after the transaction, or (ii) the sale of all or substantially all of the assets of the Company to an unrelated person or entity (in each case, a “Transaction”), unless
provision is made in connection with the Transaction for the assumption of all outstanding Awards, or the substitution of such Awards with new Awards of the successor entity or parent thereof, with appropriate adjustment as to the number and kind of
shares and, if appropriate, the per share purchase prices, as provided in Section 15 of the Plan (an “Assumption”), this Award shall terminate. In the event of such termination, the Grantee shall receive Issued Shares or
cash (if so provided in the Notice) prior to the anticipated effective date of the Transaction to the extent the Unit is then vested; provided, however, that the Grantee may, but will not be required to, condition such award upon the
effectiveness of the Transaction. 
 5. Lock-up Provision. 
 In connection with a public offering by the Company of its Common Stock, the Grantee, if requested in good faith by the Company and the managing
underwriter of the Company’s securities, shall agree not to, directly or indirectly, offer, sell, pledge, contract to sell (including any short sale), grant any option to purchase or otherwise dispose of any securities of the Company held by
them (except for any securities sold pursuant to such registration statement) or 
  

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 enter into any Hedging Transaction (as defined below) relating to any securities of the Company for a period to be
determined by the managing underwriter. For purposes of this Section 5, “Hedging Transaction” means any short sale (whether or not against the box) or any purchase, sale or grant of any right (including without
limitation, any put or call option) with respect to any security (other than a broad-based market basket or index) that includes, relates to or derives any significant part of its value from the Company’s Common Stock. 
 6. Restrictive Covenant; Remedies. 
 (a) Non-Disparagement. The Grantee agrees not to make or solicit or encourage others to make or solicit directly or indirectly any disparaging, derogatory or negative statement or communication, oral or written, about the Company or
any of its Affiliates or any of their respective businesses, business practices, programs, products, services, operations, policies, activities, current or former officers, directors, managerial personnel, or other employees, or their customers to
any other person or entity; provided, however, that such restriction shall not prohibit truthful testimony compelled by valid legal process. 
 (b) Injunctive Relief. The Grantee hereby expressly acknowledges that any breach or threatened breach of any of the terms and/or conditions set forth in this Section 6 will result in substantial, continuing and irreparable
injury to the Company (and/or any of its Affiliates). Therefore, in addition to any other remedy that may be available to the Company (and/or any of its Affiliates), the Company (and/or any of its Affiliates) will be entitled to injunctive or other
equitable relief by a court of appropriate jurisdiction in the event of any breach or threatened breach of the terms of this Section 6. The period during which the covenants contained in this Section 6 will apply will be extended by any
periods during which the Grantee is found by a court to have been in violation of such covenants. 
 (c) Forfeiture. If, at any time
following the Grant Date, the Grantee’s Service to the Company is terminated by the Company for Cause, or the Grantee violates the terms of this Section 6, all Units shall immediately expire, and all Issued Shares then-held by the Grantee
shall be immediately forfeited to the Company (and the Grantee hereby acknowledges and agrees that the Company may take any and all actions it deems appropriate to effect such forfeiture); provided, however, if the Grantee has sold or otherwise
transferred the Issued Shares prior to any required forfeiture hereunder, then the Grantee agrees to pay to the Company an amount equal to the difference between the aggregate Fair Market Value (determined as of the date of termination or breach, as
applicable) of the Issued Shares the Grantee held prior to such sale or transfer over the aggregate Exercise Price for such Issued Shares. 
 (d) Survival of Acknowledgements and Agreements. The Grantee’s acknowledgements and agreements set forth in this Section 6 will survive the termination of the Award, Units, Issued Shares and/or the termination of the
Grantee’s Service to the Company for any reason or for no reason. 
 7. Miscellaneous Provisions. 
 (a) Integrated Agreement. The Notice, the Plan, the NDC Plan and these Terms and Conditions constitute the entire understanding and agreement
between the Grantee 
  

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 and the Company with respect to the subject matter contained herein and supersedes any prior agreements, understandings,
restrictions, representations, or warranties among the Grantee and the Company with respect to such subject matter except as provided for herein. To the extent contemplated herein, the provisions of these Terms and Conditions shall survive the
issuance of any Issued Shares and shall remain in full force and effect. 
 (b) Change and Modifications. The Board may terminate or
amend the Plan or the terms of this Award at any time; provided, however, that except as provided in Section 4 hereof in connection with a Transaction, no such termination or amendment may adversely affect this Award without the consent of the
Grantee unless such termination or amendment is necessary to comply with any applicable law, rule or regulation. 
 (c) Notices. All
notices, requests, consents and other communications shall be in writing and be deemed given when delivered personally, by facsimile transmission or one (1) business day after deposit with a nationally recognized expedited delivery service,
such as Federal Express. Notices to the Company or the Grantee shall be addressed to such address or addresses as may have been furnished by such party in writing to the other. 
  

 5Exhibit 10.1

    Exhibit
      10.1

     Execution
      Copy

     

    AMENDMENT
      NO. 1 TO

    SECURITIES
      PURCHASE AGREEMENT

     

    THIS
      AMENDMENT NO. 1 TO SECURITIES PURCHASE AGREEMENT
      (this
“Amendment”),
      is
      entered into by and between NEWGOLD,
      INC,
      a
      Delaware corporation (the “Company”),
      and
      the undersigned Buyer (the “Buyer”).

     

    WHEREAS:

     

    A. The
      parties hereto previously entered into that certain Securities Purchase
      Agreement dated as of September 26, 2006 (the "Agreement").
      

     

    B. The
      parties to the Agreement now desire to amend certain provisions set forth in
      the
      Agreement as more fully described herein.

     

    NOW,
      THEREFORE,
      in
      consideration of the premises and the mutual covenants contained herein and
      other good and valuable consideration, the receipt and sufficiency of which
      are
      hereby acknowledged, the Company and the Buyer hereby agree as
      follows:

     

    1.  AMENDMENT
      OF THE 2nd“WHEREAS”
CLAUSE.
      The
      2nd“WHEREAS”
Clause
      of the Agreement is hereby amended and replaced in its entirety
      with the following: 

     

    WHEREAS,
      the
      parties desire that, upon the terms and subject to the conditions contained
      herein, the Company shall issue and sell to the Buyer(s), as provided herein,
      and the Buyer(s) shall purchase up to Three Million Dollars ($3,000,000) of
      secured convertible debentures (the “Convertible
      Debentures”),
      which
      shall be convertible into shares of the Company’s common stock, par value $0.001
      (the “Common
      Stock”)
      (as
      converted, the “Conversion
      Shares”)
      of
      which One Million Dollars ($1,000,000) was funded on September 26, 2006 (the
      “First
      Closing”),
      One
      Million Dollars ($1,000,000) shall be funded on the date the registration
      statement (the “Registration
      Statement”)
      is
      filed, pursuant to the Investor Registration Rights Agreement dated the date
      hereof, with the United States Securities and Exchange Commission (the
“SEC”)
      (the
“Second
      Closing”)
      and
      One Million Dollars ($1,000,000) shall be funded on the date the Registration
      Statement is declared effective by the SEC(the “Third
      Closing”)
      (individually referred to as a “Closing”
      collectively referred to as the “Closings”),
      for a
      total purchase price of up to Three Million Dollars ($3,000,000), (the
“Purchase
      Price”)
      in the
      respective amounts set forth opposite each Buyer(s) name on Schedule I (the
      “Subscription
      Amount”);
      and”

     

    2.    
      AMENDMENT
      OF SECTION 4(g)(iv).
      Section
      4(g)(iv) of the Agreement is hereby amended and replaced in its entirety with
      the following:

     

    (i)  The
      Company issued to the Buyer on September 26, 2006 warrants to purchase an
      aggregate of 2,527,777 shares of the Company’s Common Stock for a period of
      four (4) years of which a warrant to purchase 1,444,444 shares shall be at
      an
      exercise 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    price
      of
      $0.45 per share and a warrant to purchase 1,083,333 shares of the Company’s
      Common Stock shall be at an exercise price of $0.60 per share. On the date
      hereof, the warrants previously issued on September 26, 2006 are hereby
      cancelled and in their place are issued to the Buyer a warrant to purchase
      2,000,000 shares of the Company’s Common Stock for a period of four (4)
      years at an exercise price of $0.45 per share and a warrant to purchase
      1,500,000 shares of the Company’s Common Stock shall be at an exercise
      price of $0.60 per share (collectively referred to as the “Warrants”).
      The
      shares of Common Stock issuable under the Warrants shall collectively be
      referred to as the “Warrant
      Shares”.
      

     

    3.    
      AMENDMENT
      TO SECTION 7(a)(xi).
      Section
      7(a)(xi) of the Agreement is hereby amended and replaced in its entirety with
      the following:

     

    (xi) The
      Company shall file an Amended Memorandum of Security Agreement with the State
      of
      Nevada which shall amend the Memorandum of Security Agreement previously filed
      with the Pershing County Registrar, State of Nevada on February 14, 2006 on
      Roll
      No. 405, Page No. 87 as File No. 247392 to provide for a gross principal amount
      of obligations up to three million dollars ($3,000,000), and proof of filing
      shall be provided to the Buyer.

     

    4.    
      EFFECT
      ON OTHER TERMS.
      This
      Amendment shall be deemed effective as of November 1, 2006. All other terms
      set
      forth in the Agreement shall remain unchanged and this Amendment and the
      Agreement shall be deemed a single integrated agreement for all
      purposes.

     

    

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK]

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    IN
      WITNESS WHEREOF,
      the
      parties have caused this Amendment No. 1 to Securities Purchase Agreement to
      be
      duly executed as of day and year first above written.

     

    
      	 	
              COMPANY:

            
	 	
              NEWGOLD,
                INC. 

            
	 	 
	 	
              By:
                /s/ SCOTT DOCKTER          

            
	 	
              Name: 
                Scott Dockter

            
	 	
              Title: Chief
                Executive Officer

            
	 	 
	 	
              BUYER:

            
	 	
              CORNELL
                CAPITAL PARTNERS, LP

            
	 	
              By:
                Yorkville Advisors, LLC

            
	
               

            	
              Its:
                General Partner

            
	 	 
	 	
              By:
                /s/ MARK
                ANGELO                         
                

            
	 	
              Name:
                Mark Angelo

            
	 	
              Title:
                President and Portfolio Manager

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