Document:

EXHIBIT 10.1

 

# 507 3100 Dundee Road Northbrook, IL 60062

 

September 19, 2014

 

PRIVATE AND CONFIDENTIAL

HAND-DELIVERED

 

Mr. Blair Vago

C/O Ivanhoe Energy Ecuador

Quito, Ecuador

 

Dear Blair,

 

Ivanhoe Energy Inc. considers retaining
your expertise as important to the achievement of the company corporate objectives and the ongoing success of critical projects
currently being undertaken by the organization.

 

Position

We are pleased to offer you a promotion
to the position of Acting Vice President, Finance & Chief Financial Officer for Ivanhoe Energy Inc. Your employment
will be based in the Chicago Illinois area and you will be repatriated from Quito, Ecuador to the USA to execute your new duties
and responsibilities.

 

Base Compensation

In addition to your current base compensation
of $ 174,632 you will receive an uplift of $ 75,368 (paid semi-monthly) which will increased your overall base compensation to
$ 250,000 per annum. The change in compensation will be effective October 16, 2014.

 

The Company confirms the continuation of
your current employment on the same terms and conditions as presently provided under your existing employment agreement which includes
any annual awards for incentive compensation.

 

During the period of Acting Vice President
Finance & CFO your total compensation will be managed at Grade Level C which will entitle you to variable pay targets for bonus
consideration at 35% of base pay and an annual long term incentive target of 120% of base pay. Any allotment of incentive pay will
be paid out in a combination of stock options and RSU awards.

 

    	 

    	 

    

 

Long Term Incentive

Subject to Board approval, and in recognition
of your new duties and responsibilities, you will receive a one time grant of incentive stock options exercisable to purchase
up to a total of 100,000 common shares of the Company pursuant to the Company’s Employees’ and Directors’ Equity
Incentive Plan (the “Plan”) at a price per common share determined in accordance with the terms of the Plan. The Employee’s
incentive stock options will vest and become exercisable in accordance with the following schedule:

 

		(a)	Options in respect of an initial 25,000 common shares will
become exercisable as of the 1st anniversary of the Commencement Date;

		(b)	Options in respect of an additional 75,000 common shares
will become exercisable as to 25,000 common shares on the second through the fourth anniversaries of the Commencement Date and;

		(c)	Subject to earlier termination pursuant to the terms of
the Plan, any of the Employee’s incentive stock options remaining unexercised as of the seventh (7th) anniversary
of the Commencement Date will expire and cease to be exercisable.

 

I am extremely pleased with your contribution
to date and your commitment to Ivanhoe Energy Inc. I look forward to continuing to rely on your expertise as we advance the company.

 

Sincerely,

 

IVANHOE ENERGY INC.

 

	/s/ Carlos A. Cabrera	 
	Carlos A. Cabrera	 
	Executive Chairman	 

 

ACCEPTED ON AND AGREE TO, this 19th
day of September, 2014

 

	/s/ Blair Vago	 
	Blair Vago 	 
	 	 
	Cc   SVP Human ResourcesExhibit 101

		

			Exhibit 10.1

		

		

			 

		

		
			
		

		
			 
		

		
			 
		

		
			AMENDMENT
		

		
			TO THE
		

		
			MASTER LOAN AGREEMENT
		

		
			 
		

		
			 
		

		
			THIS AMENDMENT is entered into as of August 18, 2014, between FARM CREDIT SERVICES OF AMERICA, FLCA (“Lead Lender”) and GREEN PLAINS SUPERIOR LLC,  Omaha,  Nebraska (the “Company”).
		

		
			 
		

		
			BACKGROUND
		

		
			 
		

		
			              Lead Lender and the Company are parties to a Master Loan Agreement dated June 20, 2011 (such agreement, as previously amended, is hereinafter referred to as the “MLA”).  Lead Lender and the Company now desire to amend the MLA.  For that reason, and for valuable consideration (the receipt and sufficiency of which are hereby acknowledged), Lead Lender and the Company agree as follows:
		

		
			 
		

		
			1.          Section 10(H) of the MLA is hereby amended and restated to read as follows:
		

		
			 
		

		
			              SECTION 10.  Negative Covenants.  Unless otherwise agreed to in writing by Agent, while this agreement is in effect the Company will not:
		

		
			                   
		

		
			                    (H)  Dividends, Etc.  Declare or pay any dividends, or make any distribution of assets to the member/owners, or purchase, redeem, retire or otherwise acquire for value any of its equity, or allocate or otherwise set apart any sum for any of the foregoing, except that a distribution may be accrued to the Company's member/owners of up to 40% of the year-to-date net profit before taxes (according to GAAP) and payment of this accrued amount may be made after the end of each fiscal quarter, provided that the Company has been and will remain in compliance with all loan covenants, terms, and conditions.  Furthermore, the Company may pay out equity with no limitation, provided working capital as calculated per Section 11 (A) of the MLA is equal to or greater than $10,000,000.00 after the distribution, provided that the Company has been and will remain in compliance with all loan covenants, terms, and conditions.
		

		
			 
		

		
			2.          Section 10(I) of the MLA shall be deleted in its entirety.
		

		
			 
		

		
			3.          Section 11 of the MLA is hereby amended and restated to read as follows:
		

		
			 
		

		
			             SECTION 11.    Financial Covenants.  Unless otherwise agreed to in writing, while this agreement is in effect:
		

		
			 
		

		
			                    (A)  Working Capital.  The Company will have at the end of each period for which financial statements are required to be furnished pursuant to Section 9(H) hereof an excess of current assets over current liabilities (both as determined in accordance with GAAP consistently applied) of not less than $3,000,000.00, except that in determining current assets, any amount available under the Revolving Term Loan Supplement (less the amount that would be considered a current liability under GAAP if fully advanced) hereto may be included.
		

		
			 
		

		
			                    (B)  Net Worth.  The Company will have at the end of each period for which financial statements are required to be furnished pursuant to Section 9(H) hereof an excess of total assets over total 
		

		 

 

		

			 

		

		

			 

		

		liabilities (both as determined in accordance with GAAP consistently applied) of not less than $33,000,000.00.
		

		
			 
		

		
			                    (C)  Debt Service Coverage Ratio.  The Company will have at the end of each fiscal year of the Company a “Debt Service Coverage Ratio” (as defined below) for such year of not less than 1.00 to 1.00.  For purposes hereof, the term “Debt Service Coverage Ratio” shall mean the following (all as calculated for the most current year end in accordance with GAAP consistently applied):  (1) net income (before taxes), plus depreciation and amortization, plus new equity injections; divided by (2) $2,400,000.00.
		

		
			 
		

		
			4.         Except as set forth in this amendment, the MLA, including all amendments thereto, shall continue in full force and effect as written.
		

		
			 
		

		
			 
		

		
			IN WITNESS WHEREOF, the parties have caused this amendment to be executed by their duly authorized officers as of the date shown above.
		

		
			 
		

			
					
						FARM CREDIT SERVICES OF AMERICA, FLCA

					
					
						       GREEN PLAINS SUPERIOR LLC

				
	
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Kathryn J. Frahm

					
					
						    By:

					
					
						/s/ Patrich Simpkins

				
	
					
						 

					
					
						 

				
	
					
						Title:

					
					
						VP Commercial Lender

					
					
						    Title:

					
					
						EVP, Finance & TreasurerExhibit 102

		

			Exhibit 10.2

		

		
			 
		

		
			 
		

		
			REVOLVING TERM LOAN SUPPLEMENT
		

		
			 
		

		
			 
		

		
			             THIS SUPPLEMENT to the Master Loan Agreement dated June 20, 2011 (the “MLA”), is entered into as of August 18, 2014 between FARM CREDIT SERVICES OF AMERICA, FLCA (“Lead Lender”) and GREEN PLAINS SUPERIOR LLC,  Omaha,  Nebraska    (the “Company”), and amends and restates the Supplement dated June 20, 2011 and numbered RI0470T02D.
		

		
			 
		

		
			             SECTION 1.  The Revolving Term Loan Commitment.  On the terms and conditions set forth in the MLA and this Supplement, Lead Lender agrees to make loans to the Company from the date hereof, up to and including October 20, 2019, in an aggregate principal amount not to exceed, at any one time outstanding, $15,625,000.00 less the amounts scheduled to be repaid during the period set forth below in Section 5 (the “Commitment”).  Within the limits of the Commitment, the Company may borrow, repay, and reborrow.
		

		
			 
		

		
			             SECTION 2.  Purpose and Transfer.  The purpose of the Commitment is to provide working capital to the Company.  In addition, the purpose of the Commitment is to consolidate under this Supplement the Company’s existing indebtedness to Lead Lender under the Term Loan Supplement dated June 20, 2011 and numbered RI0470T01D (the “Existing Agreement”).  The Company agrees that on the date when all conditions precedent to Lead Lender’s obligation to extend credit hereunder have been satisfied:  (A) the principal balance outstanding under the Existing Agreement shall be transferred to and charged against the Commitment; (B) all accrued obligations of the Company under the Existing Agreement for the payment of interest or other charges shall be billed out after principal transfer; and (C) the Existing Agreement and the promissory note set forth in or executed in connection therewith shall be deemed replaced and superseded, but the indebtedness evidenced by such note shall not be deemed to have been paid off, by this Supplement and the MLA.  In addition, in the event any balances bearing interest at a fixed rate are outstanding on the date such loans are being transferred hereto, then such balances shall continue to be subject to such rates for the remaining agreed upon fixed rate periods but shall otherwise be subject to the terms hereof.
		

		
			 
		

		
			             SECTION 3.  Term.    Intentionally Omitted.
		

		
			 
		

		
			             SECTION 4.  Interest.    The Company agrees to pay interest on the unpaid balance of the loan(s) in accordance with one or more of the following interest rate options, as selected by the Company:
		

		
			 
		

		
			                      (A)  One-Month LIBOR Index Rate.  At a rate (rounded upward to the nearest 1/100th and adjusted for reserves required on “Eurocurrency Liabilities” [as hereinafter defined] for banks subject to “FRB Regulation D” [as hereinafter defined] or required by any other federal law or regulation) per annum equal at all times to 4.35% above the rate reported at 11:00 a.m. London time for the offering of one (1) month U.S. dollars deposits, by Bloomberg Information Services (or any successor or substitute service providing rate quotations comparable to those currently provided by such service, as determined by Agent (as that term is defined in the MLA) from time to time, for the purpose of providing quotations of interest rates applicable to dollar deposits in the London interbank market) on the first “U.S. Banking Day” (as hereinafter defined) in each week, with such rate to change weekly on such day.  The rate shall be reset automatically, without the necessity of notice being provided to the Company or any other party, on the first “U.S. Banking Day” of each succeeding week, and each change in the rate shall be applicable to all balances subject to this option.  Information about the then-current rate shall be made available upon telephonic request.  For purposes hereof:  (1) “U.S. Banking Day” shall mean a day on which Agent is open for business and banks are open for business in New York, New York; (2) “Eurocurrency 
		

		 

 

		

			 

		

		

			 

		

		Liabilities” shall have the meaning as set forth in “FRB Regulation D”; and (3) “FRB Regulation D” shall mean Regulation D as promulgated by the Board of Governors of the Federal Reserve System, 12 CFR Part 204, as amended.
		

		
			 
		

		
			                    (B)  Quoted Rate.  At a fixed rate per annum to be quoted by Agent in its sole discretion in each instance.  Under this option, rates may be fixed on such balances and for such periods, as may be agreeable to Agent in its sole discretion in each instance, provided that:  (1) the minimum fixed period shall be 30 days; (2) amounts may be fixed in increments of $100,000.00 or multiples thereof; and (3) the maximum number of fixes in place at any one time shall be five.
		

		
			 
		

		
			The Company shall select the applicable rate option at the time it requests a loan hereunder and may, subject to the limitations set forth above, elect to convert balances bearing interest at the variable rate option to one of the fixed rate options.  Upon the expiration of any fixed rate period, interest shall automatically accrue at the variable rate option unless the amount fixed is repaid or fixed for an additional period in accordance with the terms hereof.  Notwithstanding the foregoing, rates may not be fixed for periods expiring after the maturity date of the loans and rates may not be fixed in such a manner as to cause the Company to have to break any fixed rate balance in order to pay any installment of principal.  All elections provided for herein shall be made telephonically or in writing and must be received by 12:00 Noon Company's local time.  Interest shall be calculated on the actual number of days each loan is outstanding on the basis of a year consisting of 360 days and shall be payable monthly in arrears by the 20th day of the following month or on such other day in such month as Agent shall require in a written notice to the Company.
		

		
			 
		

		
			             SECTION 5.  Promissory Note.  The Company promises to repay on the date of each reduction in the Commitment, the outstanding principal, if any, that is in excess of the available balance.  The available balance shall be decreased by $600,000.00 on the 20th day of each quarter beginning October 20, 2014, and continuing through and including July 20, 2019, followed by a final reduction at the expiration of the Commitment on October 20, 2019, at which time any outstanding balance shall be due and payable in full.  If any installment due date is not a day on which Agent is open for business, then such payment shall be made on the next day on which Agent is open for business.  In addition to the above, the Company promises to pay interest on the unpaid principal balance hereof at the times and in accordance with the provisions set forth in Section 4 hereof.  This note replaces and supersedes, but does not constitute payment of the indebtedness evidenced by, the promissory note set forth in the Supplement being amended and restated hereby. 
		

		
			 
		

		
			             SECTION 6.  Letters of Credit.  In addition to loans, the Company may utilize, if agreeable to Agent in its sole discretion in each instance, the Commitment to open irrevocable letters of credit for its account.  Each letter of credit will be issued within a reasonable period of time after Agent’s receipt of a duly completed and executed copy of Agent’s then current form of Application and Reimbursement Agreement, or, if applicable, in accordance with the terms of any CoTrade Agreement between the parties, and shall reduce the amount available under the Commitment by the maximum amount capable of being drawn thereunder.  Any draw under any letter of credit issued hereunder shall be deemed a loan under the Commitment and shall be repaid in accordance with this Supplement.  Each letter of credit must be in form and content acceptable to Agent and must expire no later than the maturity date of the Commitment.
		

		
			 
		

		
			             SECTION 7.  Security.  The Company’s obligations hereunder and, to the extent related hereto, under the MLA, including without limitation any future advances under any existing mortgage or deed of trust, shall be secured as provided in the Security Section of the MLA.  
		

		
			 
		

		

		

		 

 

		

			 

		

		

			 

		

		             SECTION 8.  Commitment Fee.  In consideration of the Commitment, the Company agrees to pay to Agent a commitment fee on the average daily unused portion of the Commitment at the rate of 0.75% per annum (calculated on a 360-day basis), payable monthly in arrears by the 20th day following each month.  Such fee shall be payable for each month (or portion thereof) occurring during the original or any extended term of the Commitment.
		

		
			 
		

		
			             SECTION 9.  Amendment Fee.  In consideration of the amendment, the Company agrees to pay to Agent on the execution hereof a fee in the amount of $25,000.00.
		

		
			 
		

		
			 
		

		
			IN WITNESS WHEREOF, the parties have caused this Supplement to be executed by their duly authorized officers as of the date shown above.
		

		
			 
		

			
					
						FARM CREDIT SERVICES OF AMERICA, FLCA

					
					
						    GREEN PLAINS SUPERIOR LLC

				
	
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Kathryn J. Frahm

					
					
						    By:

					
					
						/s/ Patrich Simpkins

				
	
					
						 

					
					
						 

				
	
					
						Title:

					
					
						VP Commercial Lender

					
					
						    Title:

					
					
						EVP, Finance & Treasurer

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