Document:

Employment Agreement

 Exhibit 10.1 

EMPLOYMENT AGREEMENT 

This Employment Agreement (this “Agreement”) is entered into effective March 17, 2010 (the “Effective Date”), by
and between DaVita Inc. (“Employer”) and Javier Rodriguez (“Employee”). 
 In consideration of the mutual
covenants and agreements hereinafter set forth and for other good and valuable consideration, the parties hereto, intending to be legally bound hereby, agree as follows: 

Section 1. Employment and Duties. Employer hereby employs Employee to serve initially as Senior Vice President. Employee
accepts such employment on the terms and conditions set forth in this Agreement. Employee shall perform the duties of Senior Vice President or any additional or different duties or jobs as the Company deems appropriate. Initially, Employee shall
work out of Wayne, Pennsylvania. Employee agrees to devote substantially all of his time, energy, and ability to the business of Employer on a full-time basis and shall not engage in any other business activities during the term of this Agreement,
provided however, Employee may pursue normal charitable activities so long as such activities do not require a substantial amount of time and do not interfere with his ability to perform his duties. Employee agrees that he shall not
serve on the board of directors of any not-for-profit or for-profit company without the express written approval of the Chief Executive Officer or the Board of Directors, which will not be unreasonably withheld. Employee shall at all times observe
and abide by the Employer’s policies and procedures as in effect from time to time. 
 Section 2. Compensation.
In consideration of the services to be performed by Employee hereunder, Employee shall receive the following compensation and benefits: 

2.1 Base Salary. Employer shall pay Employee a base salary of $550,000 per annum, less standard deductions and authorized
withholdings. Employee shall be paid consistent with Employer’s payroll schedule. The base salary will be reviewed from time to time. Employer, in its sole discretion, may increase the base salary as a result of any such review. 

2.2 Benefits. Employee and/or his family, as the case may be, shall be eligible for participation in and shall receive all
benefits under Employer’s health and welfare benefit plans (including, without limitation, medical, prescription, dental, disability, and life insurance) under the same terms and conditions applicable to most executives at similar levels of
compensation and responsibility. 
 2.3 Performance Bonus. 

(a) Employee shall be eligible to receive a discretionary performance bonus (the “Bonus”) between zero and $1,000,000, payable
in a manner consistent with Employer’s practices and procedures. The amount of the Bonus, if any, will be decided by the Chief Executive Officer and/or the Board of Directors or the Compensation Committee of the Board in his/her/its sole
discretion. 

 (b) Employee must be employed by Employer (or an affiliate) on the date any Bonus is paid
to be eligible to receive such Bonus and, if Employee is not employed by Employer (or an affiliate) on the date any Bonus is paid for any reason whatsoever, Employee shall not be entitled to receive such Bonus. 

2.4 Vacation. Employee shall have vacation, subject to the approval of the Employer. 

2.5 Indemnification. Employer agrees to indemnify and defend Employee, including the payment of reasonable attorneys’ fees
and costs, against and in respect of any and all claims, actions, or demands, to the extent permitted by the Company’s By-laws and applicable law. 

2.6 Reimbursement. Employer also agrees to reimburse Employee in accordance with Employer’s reimbursement policies for travel
and entertainment expenses, as well as other business-related expenses, incurred in the performance of his duties hereunder. 

2.7 Changes to Benefit Plans. Employer reserves the right to modify, suspend, or discontinue any and all of its health and welfare
benefit plans, practices, policies, and programs at any time without recourse by Employee so long as such action is taken generally with respect to all other similarly-situated peer executives and does not single out Employee. 

Section 3. Provisions Relating to Termination of Employment. 

3.1 Employment Is At-Will. Employee’s employment with Employer is “at will” and is terminable by Employer or by
Employee at any time and for any reason or no reason, subject to the notice requirements set forth below. 
 3.2 Termination
for Material Cause. Employer may terminate Employee’s employment without advance notice for Material Cause (as defined in Section 3.7(d))). Upon termination for Material Cause, Employee shall (i) be entitled to receive the
Base Salary and benefits as set forth in Section 2.1 and Section 2.2, respectively, through the effective date of such termination, and (ii) not be entitled to receive any other compensation, benefits, or payments of any
kind, except as otherwise required by law or by the terms of any benefit or retirement plan or other arrangement that would, by its terms, apply. 

3.3 Other Termination. 

(a) Employer may terminate the employment of Employee for any reason or for no reason at any time upon at least thirty
(30) days’ advance written notice. If Employer terminates the employment of Employee for reasons other than for death, Material Cause, or Disability, and contingent upon Employee’s execution of the Employer’s standard 

 

					
	Employment Agreement	  	2	  	

 
Severance and General Release Agreement within twenty-eight days of the termination of Employee’s employment, Employee shall (i) be entitled to receive the base salary and benefits as
set forth in Section 2.1 and Section 2.2, respectively, through the effective date of such termination (ii) shall continue to receive his salary for the eighteen-month period following the termination of his employment
(the “Severance Period”), subject to Employer’s payroll practices and procedures, (iii) if Employee’s employment is terminated after April in a given year, receive a lump-sum payment equal to the Bonus paid in the year prior
to the termination of Employee’s employment, pro-rated for the number of months served in the year Employee’s employment is terminated, to be paid on or around the time Employer normally pays performance bonuses to other senior executives
so long as he has complied with the terms of the Noncompetition, Nonsolicitation, and Confidentiality Agreement, which Employee is executing at the same time as this Agreement, and (iv) not be entitled to receive any other compensation,
benefits, or payments of any kind, except as otherwise required by law or by the terms of any benefit or retirement plan or other arrangement that would, by its terms, apply. Any severance shall be subject to the terms and conditions of the DaVita
Inc. Severance Plan. 
 (b) During the Severance Period, Employee agrees (1) to make himself available, upon reasonable
notice and accommodation to Employee’s schedule, to answer questions and to cooperate in the transition of his duties, (2) to respond to any inquiries from the Compliance Department, including making himself available for interviews, and
(3) to cooperate with Employer in the prosecution and/or defense of any claim, including making himself available for any interviews, appearing at depositions, and producing requested documents without a subpoena. Employer shall reimburse
Employee for any out-of-pocket expenses he may incur, including travel costs, provided that Employee used the Employer’s travel department to arrange and purchase all travel-related expenses. 

(c) Employee agrees that Employer’s obligations under this Section 3.3 shall cease if he were to violate any of the
terms of this Agreement or his Noncompetition, Nonsolicitation, and Confidentiality Agreement. 
 (d) For purposes of this
provision, an Employee’s employment has been terminated when Employee is no longer providing services for Employer after a specific date or the level of bona fide services that Employee would perform (as an employee or independent contractor)
after a specific date would permanently decrease to no more than 20% of the average level of bona fide services performed over the immediately preceding thirty-six month period (or the full period of service if Employee was employed for less than
thirty-six months). 
 3.4. Voluntary Resignation. Employee may resign from Employer at any time upon at least thirty
(30) days’ advance written notice. If Employee resigns from Employer for any reason other than Good Cause, as defined below, Employee shall (i) be entitled to receive the base salary and benefits as set forth in
Section 2.1 and Section 2.2, respectively, through the effective date of such termination and (ii) not be entitled to receive any other compensation, benefits, or payments of any kind, except as otherwise required by law
or by the terms of any benefit or retirement plan or other arrangement that would, by its terms, apply. In the event Employee resigns from Employer at any time, Employer shall have the right to make such resignation effective as of any date before
the expiration of the required notice period. 
  

					
	Employment Agreement	  	3	  	

 3.5 Good Cause Resignation. If Employee resigns for Good Cause, as defined below, and
contingent upon Employee’s execution of the Employer’s standard Severance and General Release Agreement within twenty-eight days of the termination of Employee’s employment, Employee shall (i) be entitled to receive the base
salary and benefits as set forth in Section 2.1 and Section 2.2, respectively, through the effective date of such resignation, (ii) shall continue to receive his salary for the eighteen-month period following the
termination of his employment (the “Resignation Severance Period”), subject to Employer’s payroll practices and procedures, (iii) if Employee’s employment is terminated after April in a given year, receive a lump-sum payment
equal to the Bonus paid in the year prior to the termination of Employee’s employment, pro-rated for the number of months served in the year Employee’s employment is terminated, to be paid on or around the time Employer normally pays
performance bonuses to other senior executives so long as he has complied with the terms of the Noncompetition, Nonsolicitation, and Confidentiality Agreement, which Employee is executing at the same time as this Agreement, and (iv) not be
entitled to receive any other compensation, benefits, or payments of any kind, except as otherwise required by law or by the terms of any benefit or retirement plan or other arrangement that would, by its terms, apply. If Employee resigns within
sixty (60) days following a Good Cause Event after a Change of Control (as those terms are defined below), Employee shall receive the severance benefits set forth above except that the Resignation Severance Period shall increase from eighteen
months to two years. Any severance shall be subject to the terms and conditions of the DaVita Inc. Severance Plan. Any severance shall also be subject to the cooperation and compliance with other agreement provisions set forth in Sections 3.3(b),
(c), and (d), set forth above, and which are fully incorporated herein by reference. 
 3.6 Disability. Upon thirty
(30) days’ advance notice (which notice may be given before the completion of the periods described herein), Employer may terminate Employee’s employment for Disability (as defined below). 

3.7 Definitions. For the purposes of this Agreement, the following terms shall have the meanings indicated: 

(a) “Change of Control” shall mean (i) any transaction or series of transactions in which any person or group (within the
meaning of Rule 13d-5 under the Exchange Act and Sections 13(d) and 14(d) of the Exchange Act) becomes the direct or indirect “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), by way of a stock issuance, tender offer,
merger, consolidation, other business combination or otherwise, of greater than 50% of the total voting power (on a fully diluted basis as if all convertible securities had been converted and all warrants and options had been exercised) entitled to
vote in the election of directors of Employer (including any transaction in which Employer becomes a wholly-owned or majority-owned subsidiary of another corporation), (ii) any merger or consolidation or reorganization in which Employer does
not survive, (iii) any merger or consolidation in which Employer survives, but the shares of Employer’s Common Stock outstanding immediately prior 
  

					
	Employment Agreement	  	4	  	

 
to such merger or consolidation represent 40% or less of the voting power of Employer after such merger or consolidation, and (iv) any transaction in which more than 40% of Employer’s
assets are sold. However, despite the occurrence of any of the above-described events, a Change of Control will not have occurred if Kent Thiry remains the Chief Executive Officer or Executive Chair of Employer for at least one
(1) year after the Change of Control or becomes the Chief Executive Officer or Executive Chair of the surviving company with which Employer merged or consolidated and remains in that position for at least one (1) year after the Change of
Control. 
 (b) “Disability” shall mean the inability, for a period of six (6) months, to adequately perform
Employee’s regular duties, with or without reasonable accommodation, due to a physical or mental illness, condition, or disability. 

(c) “Good Cause” shall mean the occurrence of the following events without Employee’s express written consent:
(i) Employer materially diminishes the scope of Employee’s duties and responsibilities; or (ii) Employer materially reduces Employee’s base compensation. Notwithstanding the above, the occurrence of any such condition shall not
constitute Good Cause unless the Employee provides notice to Employer of the existence of such condition not later than 90 days after the initial existence of such condition, and Employer shall have failed to remedy such condition within 30 days
after receipt of such notice. 
 (d) “Material Cause” shall mean any of the following: (i) conviction of a
felony or plea of no contest to a felony; (ii) any act of fraud or dishonesty in connection with the performance of his duties; (iii) repeated failure or refusal by Employee to follow lawful policies or directives reasonably established by
the Chief Executive Officer of Employer or his/her designee that goes uncorrected for a period of ten (10) consecutive days after written notice has been provided to Employee; (iv) a material breach of this Agreement; (v) any gross or
willful misconduct or gross negligence by Employee in the performance of his duties; (vi) egregious conduct by Employee that brings Employer or any of its subsidiaries or affiliates into public disgrace or disrepute; (vii) an act of
unlawful discrimination, including sexual harassment; (viii) a violation of the duty of loyalty or of any fiduciary duty; or (ix) exclusion or notice of exclusion of Employee from participating in any federal health care program.

 3.8 Notice of Termination. Any termination of Employee’s employment by Employer or by Employee shall be
communicated by a written Notice of Termination to the other party hereto in accordance with Section 5 hereof. A “Notice of Termination” shall mean a written notice that indicates the specific termination provision in this
Agreement. 
 3.9 Effect of Termination. Upon termination, this Agreement shall be of no further force and effect and
neither party shall have any further right or obligation hereunder; provided, however, that no termination shall modify or affect the rights and obligations of the parties that have accrued prior to termination; and provided further,
that the rights and obligations of the parties under Section 3, Section 4, and Section 5 shall survive termination of this Agreement. 
  

					
	Employment Agreement	  	5	  	

 3.10 Key Employee. Notwithstanding any provision herein to the contrary, in the event
that any payment to be made to Employee hereunder (whether pursuant to this Section 3 or any other Section) as a result of Employee’s termination of employment is determined to constitute “deferred compensation” subject to
Section 409A of the Internal Revenue Code, and Employee is a “Key Employee” under the DaVita Inc. Key Employee Policy for 409A Arrangements at the time of Employee’s termination of employment, all such deferred compensation
payments payable during the first six (6) months following Employee’s termination of employment shall be delayed and paid in a lump sum during the seventh calendar month following the calendar month during which Employee’s termination
of employment occurs. 
 Section 4: Noncompetition, Nonsolicitation, and Confidentiality. Employee,
contemporaneously herewith, shall enter into a Noncompetition, Nonsolicitation, and Confidentiality Agreement, the terms of which are incorporated herein and made a part hereof as though set forth in this Agreement. 

Section 5. Miscellaneous. 

5.1 Entire Agreement; Amendment. This Agreement represents the entire understanding of the parties hereto with respect to the
employment of Employee and supersedes all prior agreements with respect thereto. This Agreement may not be altered or amended except in writing executed by both parties hereto. 

5.2 Assignment; Benefit. This Agreement is personal and may not be assigned by Employee. This Agreement may be assigned by
Employer and shall inure to the benefit of and be binding upon the successors and assigns of Employer. 
 5.3. Applicable
Law; Venue. This Agreement shall be governed by the laws of the Commonwealth of Pennsylvania, without regard to the principles of conflicts of laws. Both parties agree that any action relating to this Agreement shall be brought in a state or
federal court of competent jurisdiction located in the Commonwealth of Pennsylvania and both parties agree to exclusive venue in the Commonwealth of Pennsylvania. 

5.4 Notice. Notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have
been duly given when delivered or mailed by United States registered mail, return receipt requested, postage prepaid, addressed to Employer at its principal office and to Employee at Employee’s principal residence as shown in Employer’s
personnel records, provided that all notices to Employer shall be directed to the attention of the Chief Executive Officer, or to such other address as either party may have furnished to the other in writing in accordance herewith, except that
notice of change of address shall be effective only upon receipt. 
 5.5 Construction. Each party has cooperated in the
drafting and preparation of this Agreement. Hence, in any construction to be made of this Agreement, the same shall not be construed against any party on the basis that the party was the drafter. The captions of this Agreement are not part of the
provisions hereof and shall have no force or effect. 
  

					
	Employment Agreement	  	6	  	

 5.6 Execution. This Agreement may be executed in one or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same instrument. Photographic or facsimile copies of such signed counterparts may be used in lieu of the originals for any purpose. 

5.7 Legal Counsel. Employee and Employer recognize that this is a legally binding contract and acknowledge and agree that they
have had the opportunity to consult with legal counsel of their choice. 
 5.8 Waiver. The waiver by any party of a
breach of any provision of this Agreement by the other shall not operate or be construed as a waiver of any other or subsequent breach of such or any provision. 

5.9 Invalidity of Provision. In the event that any provision of this Agreement is determined to be illegal, invalid, or void for
any reason, the remaining provisions hereof shall continue in full force and effect. 
 5.10 Approval by DaVita Inc. as to
Form. The parties acknowledge and agree that this Agreement shall take effect and be legally binding upon the parties only upon full execution hereof by the parties and upon approval by DaVita Inc. as to the form of hereof. 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement effective as of the date and year first written above. 

 

									
	DAVITA INC.	 		 	EMPLOYEE
		 		 		 		 	
	 By
	 	 /s/ Kent J. Thiry
	 		 	By	 	 /s/ Javier Rodriguez

		 	Kent J. Thiry	 		 		 	Javier Rodriguez
		 	Chairman and Chief Executive Officer	 		 		 	

 Approved by DaVita Inc. as to Form: 

 

	
	 /s/ Caitlin Moughon

Caitlin Moughon

	 Assistant General Counsel - Labor

	

  

					
	Employment Agreement	  	7Convertible Debenture Amendment

 Exhibit 10.1 

AMENDMENT TO CONVERTIBLE DEBENTURE 

This Amendment to Convertible Debenture Stock (“Amendment”) is entered into as of this 2nd day of December, 2009 by and between Turbine Truck
Engines, Inc., a Nevada corporation (“TTEG”), and Golden State Equity Investors, formerly known as Golden Gate Investors, Inc., a California corporation (“GSEI”). 

WHEREAS, TTEG and GSEI are parties to that certain
7 3/4 % Convertible Debenture dated as of
June 6, 2008 (“Debenture”) together with all related documents, including but not limited to the (a) Security Purchase Agreement; (b) Secured Promissory Note (collectively with the Debenture, the “Related
Documents”); and 
 WHEREAS, after due negotiation, the parties desire to amend the Debenture and the Related Documents, as
applicable. 
 NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, TTEG and GSEI agree as follows: 
  

	1.	All terms used herein and not otherwise defined herein shall have the definitions set forth in the Related Documents. 

 

	2.	This Amendment, and the changes to the Related Documents made hereby, are contingent upon the following: 

(a) GSEI receiving the shares of stock due under the $195,000 conversion notice previously sent to TTEG after re-submission of the funds
to TTEG; and 
 (b) GSEI being able to sell the shares received in the open market with the cooperation of TTEG in obtaining an
opinion of counsel and instructions to the transfer agent allowing the sales. 
  

	3.	Section 3.1 of the Debenture shall be deleted in its entirety and replaced as follows: 

3.1 Conversion; Conversion Price. At the option of the Holder, this Debenture may be converted, either in whole or
in part, up to the full Principal Amount hereof into Common Shares (calculated as to each such conversion to the nearest 1/100th of a share), at any time and from time to time on any Business Day, subject to compliance with Section 3.2. The
number of Common Shares into which this Debenture may be converted is equal to the dollar amount of the Debenture being converted divided by the Conversion Price. The “Conversion Price” shall be equal to the lesser of
(i) $0.50, or (ii) 80% of the average of the 3 lowest Volume Weighted Average Prices during the 1 Trading Days prior to Holder’s election to convert (the percentage figure being a “Discount Multiplier”), provided
however, beginning on January 1, 2010, the Conversion Price shall not be less than $0.15. The Company reserves the right to increase the number of Trading Days in clause (ii) above, as it deems appropriate. Notwithstanding the foregoing,
only that portion of the Principal Amount of this Debenture that has actually been paid in cash by the Holder at the Closing Date or has been repaid in cash by the Holder as a payment of principal under the Promissory Note may be converted by the
Holder into Common Shares. 
  

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	4.	Section 3.2(ii) of the Debenture shall be deleted in its entirety and replaced as follows: 

If, at any time after the date of this Debenture, (a) the Company challenges, disputes or denies the right of the Holder hereof to
effect the conversion of this Debenture into Common Shares or otherwise dishonors or rejects any Conversion Notice delivered in accordance with this Section 3.2 or (b) any third party who is not and has never been an Affiliate of the
Holder commences any lawsuit or legal proceeding or otherwise asserts any claim before any court or public or governmental authority which seeks to challenge, deny, enjoin, limit, modify, delay or dispute the right of the Holder hereof to effect the
conversion of this Debenture into Common Shares, then the interest rate on this Debenture shall be adjusted pursuant to Section 7 hereof. Under any of the circumstances set forth above, the Company shall be responsible for the payment of all
costs and expenses of the Holder, including reasonable legal fees and expenses, as and when incurred in defending itself in any such action or pursuing its rights hereunder (in addition to any other rights of the Holder). 

 

	5.	Section 3.4 of the Debenture shall be deleted in its entirety and replaced as follows: 

SECTION 3.4 

Reclassification, Etc. In case the Company shall reorganize its capital, reclassify its capital stock, consolidate or merge with or into
another Person (where the Company is not the survivor or where there is a change in or distribution with respect to the Common Stock of the Company), sell, convey, transfer or otherwise dispose of all or substantially all its property, assets or
business to another Person, or effectuate a transaction or series of related transactions in which more than fifty percent (50%) of the voting power of the Company is disposed of (each, a “Fundamental Corporate Change”) and, pursuant
to the terms of such Fundamental Corporate Change, shares of common stock of the successor or acquiring corporation, or any cash, shares of stock or other securities or property of any nature whatsoever (including warrants or other subscription or
purchase rights) in addition to or in lieu of common stock of the successor or acquiring corporation (“Other Property”) are to be received by or distributed to the holders of Common Stock of the Company, then the Holder of this Debenture
shall have the right thereafter, at its sole option, to (x) have the interest rate on this Debenture be adjusted pursuant declare an Event of Default under Section 6.1 hereof, or (y) receive the number of shares of common stock of the
successor or acquiring corporation or of the Company, if it is the surviving corporation, and Other Property as is receivable upon or as a result of such Fundamental Corporate Change by a holder of the number of shares of Common Stock into which the
outstanding portion of this Debenture may be converted at the Conversion Price applicable immediately prior to such Fundamental Corporate Change, or (z) require the Company, or such successor, resulting or purchasing corporation, as the case
may be, to, without benefit of any additional consideration therefor, execute and deliver to the Holder a debenture with substantial identical rights, privileges, powers, restrictions and other terms as this Debenture in an amount equal to the
amount outstanding under this Debenture immediately prior to such Fundamental Corporate Change. For purposes hereof, “common stock of the successor or acquiring corporation” shall include stock of

  

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such corporation of any class which is not preferred as to dividends or assets over any other class of stock of such corporation and which is not subject to prepayment and shall also include any
evidences of indebtedness, shares of stock or other securities which are convertible into or exchangeable for any such stock, either immediately or upon the arrival of a specified date or the happening of a specified event and any warrants or other
rights to subscribe for or purchase any such stock. The foregoing provisions shall similarly apply to successive Fundamental Corporate Changes. 
  

	6.	Section 3.5 shall be deleted in its entirety and replaced as follows: 

SECTION 3.5 Certain Conversion Limits. The Company shall not effect any conversion of this Debenture, and a Holder shall
not have the right to convert any portion of this Debenture, to the extent that after giving effect to the conversion, as set forth on the applicable Conversion Notice, such Holder (together with such Holder’s Affiliates, and any other person
or entity acting as a group together with such Holder or any of such Holder’s Affiliates) would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of shares
of Common Stock beneficially owned by such Holder and its Affiliates shall include the number of shares of Common Stock issuable upon conversion of this Debenture with respect to which such determination is being made, but shall exclude the number
of shares of Common Stock which are issuable upon (A) conversion of the remaining, unconverted principal amount of this Debenture beneficially owned by such Holder or any of its Affiliates and (B) exercise or conversion of the unexercised
or unconverted portion of any other securities of the Company subject to a limitation on conversion or exercise analogous to the limitation contained herein (including, without limitation, any other Debentures or warrants to purchase shares of the
Company’s Common Stock) beneficially owned by such Holder or any of its Affiliates. Except as set forth in the preceding sentence, for purposes of this Section 3.5, beneficial ownership shall be calculated in accordance with
Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. To the extent that the limitation contained in this Section 3.5 applies, the determination of whether this Debenture is convertible (in relation to
other securities owned by such Holder together with any Affiliates) and of which principal amount of this Debenture is convertible shall be in the sole discretion of such Holder, and the submission of a Conversion Notice shall be deemed to be such
Holder’s determination of whether this Debenture may be converted (in relation to other securities owned by such Holder together with any Affiliates) and which principal amount of this Debenture is convertible, in each case subject to such
aggregate percentage limitations. To ensure compliance with this restriction, each Holder will be deemed to represent to the Company each time it delivers a Conversion Notice that such Conversion Notice has not violated the restrictions set forth in
this paragraph and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of
the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 3.5, in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock
provided to the Holder in writing by the Company after Holder makes such request or in the event that the Company files, any of the following with the Securities and Exchange Commission, the most recent of the following: (A) the Company’s
most recent Form 10-QSB or Form 10-KSB, as the case 
  

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may be, (B) a more recent public announcement by the Company; or (C) a more recent notice by the Company or the Company’s transfer agent setting forth the number of shares of
Common Stock outstanding. Upon the written or oral request of a Holder, the Company shall within two Trading Days confirm orally and in writing to such Holder the number of shares of Common Stock then outstanding on the records of the Company as of
the date of the request. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Debenture, by such Holder or its Affiliates
since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the
issuance of shares of Common Stock issuable upon conversion of this Debenture held by the Holder. The Beneficial Ownership Limitation provisions of this Section 3.5 may be waived by such Holder, at the election of such Holder, upon not less
than 61 days’ prior notice to the Company, to, at the sole discretion of the Holder, either change the Beneficial Ownership Limitation to (i) 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to
the issuance of shares of Common Stock upon conversion of the Debenture held by the Holder and the provisions of this Section 3.5 shall continue to apply, or (ii) remove any Beneficial Ownership Limitation under this Debenture. The
provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 3.5 to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the
intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. If any court of competent jurisdiction shall determine that the foregoing limitation is
ineffective to prevent a Holder from being deemed the beneficial owner of more than 9.99% of the then outstanding shares of Common Stock, then the Company shall prepay such portion of this Debenture (at the adjusted interest rate as set forth in
Section 7 hereof) as shall cause such Holder not to be deemed the beneficial owner of more than 9.99% of the then outstanding shares of Common Stock. Upon such determination by a court of competent jurisdiction, the Holder shall have no
interest in or rights under such portion of the Debenture. Any and all interest paid on or prior to the date of such determination shall be deemed interest paid on the remaining portion of this Debenture held by the Holder. The limitations contained
in this paragraph shall apply to a successor holder of this Debenture. 
 Section 6.1 shall be amended by adding the
following as Section 6.1 (xi) in its entirety: 
 (xi) the occurrence of a Fundamental Corporate
Change, without the prior written consent of the Holder. 
  

	7.	Section 6.2 shall be deleted in its entirety and replaced as follows: 

Section 6.2 Acceleration of Maturity; Rescission and Annulment. If an Event of Default occurs and is
continuing, then and in every such case the Holder may, in Holder’s sole and absolute discretion, by a notice in writing to the Company, rescind any outstanding Conversion Notice and declare that any or all amounts owing or otherwise
outstanding under this Debenture are immediately due and payable and upon any such declaration this Debenture or such portion thereof, as applicable, shall become 

 

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immediately due and payable in cash at a price equal to the outstanding Principal Amount thereof, together with all accrued and unpaid interest thereon to the date of payment at the adjusted
interest rate as set forth in Section 7 hereof; provided, however, in the case of any Event of Default described in clauses (iii), (iv), (v) or (vii) of Section 6.1, all amounts owing or otherwise outstanding under
this Debenture automatically shall become immediately due and payable without the necessity of any notice or declaration as aforesaid. In the event that the Company is obligated to pay any amount to the Holder in connection with an acceleration of
the maturity of this Debenture as set forth herein, the Company shall first apply against such amount an amount equal to the outstanding amount owed by the Holder to the Company under the Promissory Note, if any, and the amount otherwise owed by the
Company to the Holder in connection with an acceleration of the maturity of this Debenture shall be reduced by the outstanding amount owed by the Holder to the Company under the Promissory Note, with the Promissory Note deemed paid by Holder to the
extent of and with respect to such amount, and if the amount due from the Company to the Holder in connection with an acceleration of the maturity of this Debenture is equal to or greater than the outstanding amount owed under the Promissory Note,
the Company shall cancel and deem the Promissory Note as paid in full in connection with the application of the amount owed by the Holder to the Company under Promissory Note against the amount otherwise owed by the Company to the Holder hereunder.
The Company shall immediately pay in cash to the Holder any remaining amount owed by the Company to the Holder in connection with the acceleration of the maturity of this Debenture as described herein, after the application of the outstanding amount
owed under the Promissory Note, if any, to such obligation. 
  

	8.	Section 7.1 shall be deleted in its entirety and replaced as follows: 

Section 7.1 Interest Rate Adjustment. In the event that an Event of Default occurs, then
(i) the Interest Rate shall immediately be increased to Nine and Three-Quarters Percent
(9 3/4 %) and shall remain at such level for the
duration of this Debenture; and (ii) the Company shall, within three Business Days of the written request of the Holder prepay to the Holder the amount of interest that would be otherwise paid under this Debenture from the date of such written
request through the Maturity Date (such amount referred to herein as the “Interest Prepayment”). In the event that after the payment by the Company of the Interest Prepayment all or any of the Principal Amount of this Debenture is
converted by Holder or redeemed pursuant to the terms of this Debenture prior to the Maturity Date, then the Holder shall repay the corresponding pro rata portion of the Interest Prepayment equal to the amount of the Interest Prepayment that is
represented by such portion of the Principal Amount at such time that that is so converted or redeemed (taking into account both the amount of the Principal Amount so converted or redeemed and the date upon which such amount is so converted or
redeemed). 
  

	9.	During the term of any Debenture, TTEG may elect to limit the amount of prepayments that Holder is permitted to make under the Promissory Note to $225,000 per calendar
month, provided the VWAP of TTEG is $2.00 or below on the date such election is made. Any such election shall be made by written notice to the Holder. 

 

 5 

 Except as specifically amended herein, all other terms and conditions of the Debenture and
Related Documents shall remain in full force and effect. 
 IN WITNESS WHEREOF, TTEG and GSEI have caused this Amendment to be signed by its
duly authorized officers on the date first set forth above. 
  

									
	Turbine Truck Engines, Inc.	 		 	Golden State Equity Investors, formerly known as Golden Gate Investors, Inc., a California corporation
					
	By:	 	  
	 		 	By:	 	  

					
	Name:	 	  
	 		 	Name:	 	  

					
	Title:	 	  
	 		 	Title:	 	  

  

 6

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