Document:

marinegrowth_8k-ex1007.htm

    
      
        

      

    

    Exhibit
10.7

     

    SIXTH
AMENDMENT TO

    REVOLVING
NOTE AGREEMENT

    

    This
Sixth Amendment to the Revolving Note Agreement ("the AMENDMENT")
is entered into as of June 25, 2008, by and among Marine Growth Ventures
Inc., Marine Growth Charter, Inc., Marine Growth Finance, Inc., Marine Growth
Freight, Inc., Marine Growth Real Estate, Inc., and Gulf Casino Cruises, Inc.,
Delaware corporations (collectively the "Borrower"), and Irrevocable Children’s
Trust (the
“Lender”).

    

    WHEREAS,
the Borrower and the Lender are parties to a Revolving Note Agreement dated as
of August 1, 2007 (the "NOTE AGREEMENT") pursuant to which, among other
things, the Borrower promised to pay the Lender the principal sum of up to
One Hundred Thousand Dollars ($100,000.00), or so much thereof as shall have
been advanced by the Lender to the Borrower plus interest thereon at an annual
rate equal to ten percent (10%) on the Maturity date of such Note being July 31,
2008.

     

    WHEREAS,
the Note Agreement was amended on September 6, 2007, permitting the Borrower to
acquire an additional One Hundred Thousand Dollars ($100,000.00) in funds from
the Lender.

     

    WHEREAS,
the Note Agreement was amended on November 27, 2007, permitting the
Borrower to acquire an additional One Hundred Thousand Dollars ($100,000.00) in
funds from the Lender.

     

    WHEREAS,
the Note Agreement was amended on January 4, 2008, permitting the Borrower to
acquire an additional One Hundred Thousand Dollars ($100,000.00) in funds from
the Lender.

     

    WHEREAS,
the Note Agreement was amended on February 11, 2008, permitting the Borrower to
acquire an additional One Hundred Thousand Dollars ($100,000.00) in funds from
the Lender.

     

    WHEREAS,
the Note Agreement was amended on April 16, 2008, permitting the Borrower to
acquire an additional One Hundred Fifty Thousand Dollars ($150,000.00) in funds
from the Lender.

     

    WHEREAS,
the parties desire to make a certain amendment to the Note Agreement to permit
the Borrower to acquire an additional One Hundred Thousand Dollars ($100,000.00)
in funds from the Lender.

     

    NOW,
THEREFORE, in consideration of the premises and the mutual covenants
contained in this Amendment the parties agree as follows:

     

    1. Paragraph One of the Note
Agreement is hereby amended and restated to provide as
follows:

    

    FOR VALUE
RECEIVED, Marine Growth Ventures Inc., Marine Growth Charter, Inc., Marine
Growth Finance, Inc., Marine Growth Freight, Inc., Marine Growth Real Estate,
Inc., and Gulf Casino Cruises, Inc., Delaware corporations (collectively the
"Borrower"), having an office at 405-A Atlantis Road, Cape Canaveral, Florida
32920, hereby promises to pay to the order of Irrevocable Children’s Trust (the
"Lender"), at the Lender's office located at 1818 North Farwell Avenue,
Milwaukee, Wisconsin 53202 or at such other place in the continental United
States as the Lender may designate in writing, upon demand, in lawful money of
the United States, and in immediately available funds, the principal sum of up
to SEVEN HUNDRED FIFTY THOUSAND DOLLARS ($750,000), or so much thereof as shall
have been advanced by the Lender to the Borrower as hereinafter set forth and
then be outstanding, and to pay interest thereon on the Maturity Date at an
annual rate equal to ten percent (10%).

    

    2. The
entire principal sum of $750,000.00, plus interest, shall be due and payable on
the 31st day of
December 2008. Notwithstanding the foregoing, if the principal balance shall be
prepaid in full by September 30, 2008, then all interest shall be waived, and no
interest shall be due and payable to Payee.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    3. This
Amendment constitutes the sole and entire agreement of the parties with
respect to the subject matter hereof. Except as amended hereby, all other
terms and conditions of the Note Agreement shall remain in full force
and effect.

    

    IN WITNESS WHEREOF, the undersigned
have executed this Amendment as of the date first above written.

    

    LENDER

    
 

    /s/
 David M.
Marks                                          

    David
M. Marks, Trustee

    

     

    
      	BORROWER 	 
	 	 
	 	 
	/s/ Paul L.
      Schwabe                                            	/s/ Paul L.
      Schwabe                                        
       
	Paul L. Schwabe,
      Secretary 	Paul L. Schwabe,
      Secretary 
	Marine Growth
      Ventures, Inc. 	Marine Growth
      Charter, Inc. 
	 	 
	 	 
	/s/
      Paul L.
      Schwabe                                           	/s/
      Paul L.
      Schwabe                                          
	Paul L. Schwabe,
      Secretary 	Paul L. Schwabe,
      Secretary 
	Marine Growth
      Finance, Inc. 	Marine Growth
      Freight, Inc. 
	 	 
	 	 
	/s/
      Paul L.
      Schwabe                                           
      	/s/ Paul L.
      Schwabe              
                                 
                
    
	Paul L. Schwabe,
      Secretary 	Paul L. Schwabe,
      Secretary 
	Marine Growth Real
      Estate, Inc. 	Gulf Casino Cruises,
      Inc.Filed by Bowne Pure Compliance

Exhibit 10.1

FIRST AMENDMENT

TO

INVESTOR RIGHTS AGREEMENT

This First Amendment to Investor Rights Agreement (this “First Amendment”) is entered
into by and among Allis-Chalmers Energy Inc., a Delaware corporation (the “Company”), and
the holders named on the signature page hereto (collectively the “Holders”).

RECITALS:

WHEREAS, the Company and Oil and Gas Rental Services, Inc., a Louisiana company, entered into
that certain Investor Rights Agreement dated as of December 18, 2006 (the “Agreement”); and

WHEREAS, the Company and the Holders desire to amend Section 2(b) of the Agreement.

NOW THEREFORE, in consideration of the premises and the respective covenants and promises
contained herein, and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto hereby agree as follows:

1. Amendment. Section 2(b) of the Agreement is hereby deleted in its entirety and the
following substituted in its place:

Termination of Designation Rights. The Holders of a majority of the Shares shall not
be entitled to designate any nominees for election to the Board pursuant to this Agreement from and
after the date (the “Designation Rights Termination Date”) that is June 23, 2008.

2. Terms Defined in Agreement. As used in this First Amendment, except as may otherwise be
provided herein, all capitalized terms which are defined in the Agreement have the same meanings
herein as therein, all of such terms and their definitions being incorporated by reference.

3. Titles of Articles, Sections and Subsections. All titles or headings to articles,
sections, subsections or other divisions of this First Amendment are only for the convenience of
the parties and shall not be construed to have any effect or meaning with respect to the other
content of such articles, sections, subsections, or other discussion, such other content being
controlling as to the Agreement among the parties hereto.

4. Counterparts. This First Amendment may be executed in multiple counterparts. It will not
be necessary that the signatures of all parties hereto be contained on any one counterpart hereof;
each counterpart shall be deemed an original, but all of which together shall constitute one and
the same instrument.

 

 

 

5. Entire Agreement. This First Amendment embodies the final, entire agreement among the
parties hereto with respect to the subject matter hereof and thereof and supersedes any
and all prior commitments, agreements, representations and understandings whether written or
oral, relating to this First Amendment, and may not be contradicted or varied by evidence of prior,
contemporaneous or subsequent oral agreements or discussions of the parties hereto.

6. Modification. Except as expressly modified by this First Amendment, the Agreement shall
remain in full force and effect.

IN WITNESS WHEREOF, the parties have executed this Agreement to be effective as of June 23,
2008.

	 	 	 	 	 
	 	COMPANY:

ALLIS-CHALMERS ENERGY INC.

 	 
	 	/s/ Theodore F. Pound III
 	 
	 	Theodore F. Pound III 	 
	 	General Counsel & Secretary 	 
	 
	 	HOLDERS:

 	 
	 	/s/ B. A. Adams, Sr.
 	 
	 	B. A. Adams, Sr. 	 
	 	 	 
	 
	 	 	 
	 	     /s/ Burt A. Adams
 	 
	 	Burt A. Adams 	 
	 	 	 
	 
	 	 	 
	 	     /s/ Brad A. Adams
 	 
	 	Brad A. Adams 	 
	 	 	 
	 
	 	 	 
	 	     /s/ Ben A. Adams
 	 
	 	Ben A. Adams 	 
	 	 	 
	 
	 	 	 
	 	 
 	 
	 	Leah Kathryn Guarisco 	 
	 	 	 
	 
	 	 	 
	 	 
 	 
	 	Maria Cedes Guarisco 	 
	 	 	 
	 
	 	 	 
	 	 
 	 
	 	Laura Lea Guarisco 	 
	 	 	 
	 

 

2

 

	 	 	 	 	 
	 	 	 
	 	     /s/ Victor Guarisco II
 	 
	 	Victor Guarisco II 	 
	 	 	 
	 
	 	 	 
	 	     /s/ Luke Victor Guarisco
 	 
	 	Luke Victor Guarisco 	 
	 	 	 
	 
	 	 	 
	 	 
 	 
	 	Victoria Ann Guarisco 	 
	 	 	 
	 
	 	 	 
	 	 
 	 
	 	Jonathan Lawrence Guarisco 	 
	 	 	 
	 

 

3Filed by Bowne Pure Compliance

Exhibit 10.1

ASSIGNMENT AGREEMENT

ASSIGNMENT AGREEMENT (THE “AGREEMENT”) entered into to be effective as of this
26th day of June 2008
(the “Effective Date”).

	 	 	 
	BY AND BETWEEN:

	 	GLOBAL CLEAN ENERGY INC., an entity duly incorporated
according to law having its head office at 1241 S. Parker
Rd. #201, Aurora, Colorado 80014;

	 
	 	 
	 

	 	(hereinafter referred to as the “COMPANY”)

	 
	 	 
	AND:

	 	PHILIP AZIMOV, domiciled and residing at 43 Edgewood,
Dollard-Des-Ormeaux, Quebec, H9A 3K6.

	 
	 	 
	 

	 	(hereinafter referred to as the “CONSULTANT”)

	 
	 	 
	 

	 	(collectively referred to as the “Parties”)

WHEREAS on November 25, 2007 the Parties entered into a Memorandum of Agreement (the
“Memorandum”) pursuant to which the Consultant was to assist the Company in the consulting, design,
development, construction, testing, implementation and patenting of certain aquatic pump technology
(the “Technology”) to be owned and used by the Company;

WHEREAS CONSULTANT has assisted the Company with the design, construction and testing of the
Technology, and a patent application for the Technology has been submitted to the U.S. Patent and
Trademark Office and is currently pending; and

WHEREAS in accordance with the terms of the Memorandum, the CONSULTANT wishes to assign to the
Company any and all of the CONSULTANT’s rights, title and interests in and to the Technology
(including any patents, patent reissues, continuations-in-part, revisions, extensions and
re-examinations thereof), all related documentation, including, without limitation, all related
copyrights, if any, and the exclusive right to enforce the patents in the United States and
throughout the world in the sole name of the Company, including all rights to profits and damages
by reason of past infringement by any party or parties, including the rights to sue and collect the
same for the Company and the Company’s successors and assigns’ own use and benefit, free and clear
of any and all liens, encumbrances or third party claims (all of these rights collectively, the
“Proprietary Rights”), and the COMPANY wishes to acquire any and all of CONSULTANT’S rights to the
Proprietary Rights.

 

 

 

THE PARTIES HEREBY AGREE AS FOLLOWS:

1. CONSULTANT represents and warrants that: (i) CONSULTANT solely owns the Proprietary Rights,
and has all rights necessary to assign the Proprietary Rights pursuant to this Agreement; (ii) the
Proprietary Rights are free of any liens or encumbrances; (iii) no licenses to, leases of, or
rights to use the Proprietary Rights or the Technology have been granted to any third party; and
(iv) to the best of his knowledge, CONSULTANT believes that the Technology does not infringe or
misappropriate the intellectual property rights of any third party;

2. CONSULTANT hereby assigns all of the Proprietary Rights to the Company, and as
consideration for CONSULTANT’S assignment of all of the Proprietary Rights, the COMPANY will issue
to CONSULTANT 300,000 restricted shares of the COMPANY’S $0.001 par value common stock, with each
share of common stock to be valued at ONE DOLLAR AND FIFTY CENTS ($1.50) (U.S.) per share;

3. Any and all expenses incurred by CONSULTANT for the design, development, construction,
testing, implementation and patenting of the Technology, which are estimated to be approximately
$3,200 as June 25, 2008, shall be reimbursed by the COMPANY upon the presentation of the invoices
detailing such expenses;

4. Upon the assignment of all the Proprietary Rights to the COMPANY, the Proprietary Rights
will become the COMPANY’S “Proprietary/Confidential Information” as defined in the June 1, 2007
Nondisclosure Agreement (the “NDA”) by and between the CONSULTANT and the COMPANY, and the
Proprietary Rights will be subject to the terms of the NDA;

5. CONSULTANT understands and agrees that the Company shall cause the legend set forth below
or a legend substantially equivalent thereto, to be placed upon any certificate(s) evidencing
ownership of the shares of common stock to be issued to CONSULTANT together with any other legends
that may be required by state or federal securities laws:

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED WITH THE
UNITED STATES SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “1933 ACT”), AND ARE ‘RESTRICTED SECURITIES’ AS THAT TERM IS
DEFINED IN RULE 144 UNDER THE 1933 ACT. THE SECURITIES MAY NOT BE OFFERED FOR
SALE, SOLD OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER
THE 1933 ACT, THE AVAILABILITY OF WHICH IS TO BE ESTABLISHED TO THE SATISFACTION
OF THE COMPANY THROUGH REASONABLE MEANS AS DETERMINED BY THE COMPANY, INCLUDING AN
OPINION OF SELLER’S COUNSEL REASONABLY ACCEPTABLE TO THE COMPANY.”

 

 

 

This Assignment Agreement is entered into on the respective dates set forth below to be effective
as of the Effective Date.

	 	 	 	 	 	 	 
	PHILIP AZIMOV, INDIVIDUALLY	 	GLOBAL CLEAN ENERGY INC.
	 
	 	 	 	 	 	 
	/s/ Philip Azimov	 	 	 	/s/ Kenneth S. Adessky
	 	 	 
	Philip Azimov, Individually	 	By:	 	Kenneth S. Adessky
	Date:

	 	June 26, 2008	 	Title:
	 	Chief Financial Officer
	 

	 	 	 	 	 	 
	 

	 	 	 	Date:	 	June 26, 2008
	 

	 	 	 	 	 	 

* * * * *

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