Document:

Exhibit
      10.2 

     

    EXECUTIVE
      EMPLOYMENT AGREEMENT 

    MODIFICATION
      

    

    This
      EXECUTIVE
      EMPLOYMENT AGREEMENT MODIFICATION ("Modification
      Agreement") is made and entered into as of this 2nd day of October, 2007, by
      and
      between T Bancshares, Inc., a Texas corporation with its principal office
      located at 16000 Dallas Parkway, Suite 125, Dallas, Texas (hereafter the
      "Company"), and Steven M. Jones, a resident of Texas (hereafter the
      "Executive"). 

    

    WHEREAS
      ,
      the
      Company and Executive entered into an Executive Employment Agreement, (the
      “Original Agreement”) dated February 4, 2004 and effective November 4, 2004, and

    

    WHEREAS
      ,
      the
      Company and Executive wish to modify certain terms of the Original Agreement,
      and 

    

    WHEREAS
      ,
      the
      Company desires and intends to cause the Executive to continue to be employed
      at
      T Bank, N.A. as Plano Market President pursuant to the terms and conditions
      set
      forth in this Modification Agreement; and 

    

    WHEREAS
      ,
      both
      the Company and the Executive have read and understood the terms and provisions
      set forth in the Original Agreement and this Modification Agreement, and have
      been afforded a reasonable opportunity to review both agreements with their
      respective legal counsel. 

    

    NOW,
      THEREFORE ,
      in
      consideration of the mutual promises and covenants set forth in this Agreement,
      the Executive and the Company agree to the following modifications to the
      Original Agreement : 

    

    Section
      A. DURATION
      ,
      paragraphs one and two are herby deleted and replaced with the following:

    

    A.
      DURATION
      

    

    1.
       
      This
      Agreement shall continue in full force and effect for a period beginning on
      November 4, 2007 (the “Effective Date”) and ending November 4, 2008 (“Expiration
      Date”), subject to paragraph two (2) below. 

    

    2.
       
      Both
      the
      Bank and the Executive acknowledge and agree that the parties may agree to
      continue the employment relationship upon such terms as they may mutually agree.
      This Agreement shall automatically renew at the end of each one (1) year term
      for an additional one (1) year term unless either party elects to terminate
      this
      Agreement by sending written notice of non-renewal at least thirty (30) days
      prior to the Expiration Date. Both parties acknowledge and agree that, in the
      event this Agreement does not renew, the employment of the Executive shall
      automatically terminate on the Expiration Date without any additional liability
      or obligation on the part of either party, except for the provisions of
      Paragraphs 12, 13,16 and 18 which will survive the termination of this
      Agreement. 

    

    Section
      B. COMPENSATION
      ,
      paragraph 3.a. is herby deleted and replaced with the following:

    

    a.
       
      During
      the first year following the Effective Date, the Bank agrees to compensate
      the
      Executive on a salary basis of $150,000.00, payable semi-monthly in equal
      amounts. 

    

    Section
      B. COMPENSATION
      ,
      paragraph 3. b. is herby deleted and replaced with the following:

    

    b.
       
      During
      the term of this Agreement, it is anticipated that the Board of Directors of
      the
      Bank or a delegated committee thereof will adopt an incentive bonus plan related
      to Executive’s cost center profitability. The Executive will be entitled to
      participate in such plan. Executive shall also be entitled to participate in
      any
      benefit programs applicable to all employees of the Bank or to executive
      employees of the Bank in accordance with Bank policy and the provisions of
      said
      benefit programs. 

     
      

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    Section
      B. Compensation, paragraph 3.c. is herby deleted in its entirety.

     
      

    Section
      C. RESPONSIBILITIES,
      paragraph
      8 and 9 are hereby deleted and replaced with the following:

    

    8.
       
      The
      Executive acknowledges and agrees that he shall be employed as Plano Market
      President of the Bank. The Executive covenants and agrees that he will
      faithfully devote his best efforts and his primary focus to his positions with
      the Bank. 

    

    9.
       
      The
      Executive acknowledges and agrees that the duties and responsibilities of the
      Executive required by his position as Plano Market President are wholly within
      the discretion of its Board of Directors and its Chief Operating Officer and
      Chief Credit Officer, and may be modified, or new duties and responsibilities
      imposed by the Bank's Board of Directors, at any time, without the approval
      or
      consent of the Executive. However, these new duties and responsibilities may
      not
      constitute immoral or unlawful acts. In addition, the new duties and
      responsibilities must be consistent with the Executive's role as Plano Market
      President. 

    

    Section
      R. NOTICES
      paragraph
      44. is hereby deleted and replaced with the following: 

    

    44.
       
      Any
      and
      all notices of documents or other notices required to be delivered under the
      terms of this Agreement shall be addressed to each party as follows:

    

    EXECUTIVE:
      

    

    Steven
      M.
      Jones 

    3413
      Brookshire Dr 

    Plano,
      TX
      75075 

    

    COMPANY:
      

    

    T
      Bancshares, Inc. 

    Chief
      Operating Officer 

    16000
      Dallas Parkway, Suite 125 

    Dallas,
      TX 75248 

    

    All
      other
      terms and provisions of the Original Agreement remain unchanged and in full
      force and effect. 

    

    EXECUTED
      ON THIS DATE FIRST WRITTEN ABOVE IN DALLAS, TEXAS. 

     

    
      
        	
                 
                  

              	 	
                “EXECUTIVE
                  ”
                  

              
	
                 
                  

              	 	
                     
                  

              
	
                /s/
                  Patricia A. Worlock 

              	 	
                /s/
                  Steven M. Jones 

              
	
                WITNESS
                  

              	 	
                Steven
                  M. Jones 

              
	 	 	 
	
                 
                  

              	 	
                “COMPANY
                  ”
                  

              
	
                 
                  

              	 	
                    
                  

              
	
                 
                  

              	 	
                T
                  Bancshares, Inc. 

              
	
                 
                  

              	 	
                     
                  

              
	
                /s/
                  Patrick Howard 

              	 	
                /s/
                  Patrick Adams 

              
	
                WITNESS
                  

              	 	
                PresidentTHE
      SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE
      SECURITIES HAVE BEEN ACQUIRED SOLELY FOR INVESTMENT PURPOSES AND NOT WITH A
      VIEW
      TOWARD RESALE AND MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED
      IN
      THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER
      THE
      SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS, OR
      AN
      OPINION OF COUNSEL, IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT
      REQUIRED UNDER SAID ACT OR APPLICABLE STATE SECURITIES LAWS.

     

    10%/12%
      SENIOR CONVERTIBLE PIK ELECTION NOTE

     

     

    
      	 $10,000,000	
                New
                York, New York

            
	 	
               September
                12,
                2007

            

    

     

     

    FOR
      VALUE
      RECEIVED, PURE BIOFUELS CORP., a corporation incorporated under the laws of
      the
      state of Nevada (the “Company”),
      hereby promises to pay to Plainfield Peru I LLC or its registered assigns (the
      “Holder”),
      in
      lawful money of the United States of America in immediately available funds,
      at
      the office of the Holder located at Plainfield Peru I LLC, c/o Plainfield Asset
      Management LLC, 55 Railroad Avenue, Greenwich, CT 06830 on September 12, 2012
      the principal sum of TEN MILLION DOLLARS ($10,000,000).

     

    The
      Company promises to pay to the Holder interest on the principal amount of this
      Note at a rate per annum set forth below from the date of issuance until
      maturity. The Company will pay interest on this Note semi-annually in arrears
      on
      March 15 and September 15 of each year, commencing on March 15, 2008, or if
      any
      such day is not a Business Day, on the next succeeding Business Day (each,
      an
“Interest
      Payment Date”).
      Interest on this Note will accrue from the most recent date to which interest
      has been paid or, if no interest has been paid, from and including September
      12,
      2007. The Company will pay interest (including post-petition interest in any
      proceeding under any Bankruptcy Law) on overdue principal and premium, if any,
      and interest on overdue installments of interest, to the extent lawful, from
      time to time on demand at a rate per annum that is 2% in excess of the rate
      otherwise payable. If an Event of Default has occurred and is continuing,
      interest on this Note shall accrue at a rate per annum that is 2% in excess
      of
      the rate otherwise applicable. Interest will be computed on the basis of a
      360-day year comprised of twelve 30-day months. 

     

    The
      Company may, at its option, elect to pay interest on this Note (i) entirely
      in cash (“Cash
      Interest”)
      or
      (ii) entirely by issuing additional Notes (“PIK
      Interest”)
      The
      first payment of interest on this Note shall be in PIK Interest. Thereafter,
      the
      Company must elect the form of interest payment with respect to each interest
      period by delivering a notice to the Holder prior to the beginning of each
      interest period. In the absence of such an election for any interest period,
      interest on this Note will be payable in the form of the interest payment for
      the prior interest period.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Cash
      Interest on this Note will accrue at the rate of 10% per annum. PIK
      Interest on this Note will accrue at the rate of 12% per annum and be
      payable by issuing additional Notes (“PIK
      Notes”)
      in an
      aggregate principal amount equal to the amount of PIK Interest for the
      applicable interest period (rounded up to the nearest whole dollar) and the
      Company will issue and deliver such PIK Notes to the Holder of this Note. Any
      PIK Notes will be dated as of the applicable interest payment date and will
      bear
      interest from and after such date. All PIK Notes issued pursuant to a PIK
      Payment will mature on September 12, 2012 and will be governed by, and subject
      to the terms, provisions and conditions of, the Purchase Agreement referred
      to
      below and shall have the same rights and benefits as the Notes issued on the
      Issue Date.

     

    The
      Company hereby waives presentment, demand, protest or notice of any kind in
      connection with this Note.

     

    
      	1.  	
              Purchase
                Agreement

            

    

     

    This
      Note
      is one of a series of Senior Convertible PIK Election Notes issued pursuant
      to a
      Securities Purchase Agreement, dated as of September 12, 2007 (as from time
      to
      time amended, the “Purchase Agreement”), between the Company and the purchaser
      named therein and is entitled to the benefits thereof. Each holder of this
      Note
      will be deemed, by its acceptance hereof, (i)
      to have
      agreed to the confidentiality provisions set forth in Section 13.14 of the
      Purchase Agreement and (ii)
      to have
      made the representation set forth in Section 5.2 of the Purchase
      Agreement.

     

    
      	2.  	
              Optional
                Redemption

            

    

     

    This
      Note
      is not subject to optional prepayment or redemption.

     

    
      	3.  	
              Registration
                and Transfer

            

    

     

    This
      Note
      is a registered Note and, as provided in the Purchase Agreement, upon surrender
      of this Note for registration of transfer, duly endorsed, or accompanied by
      a
      written instrument of transfer duly executed, by the registered holder hereof
      or
      such holder's attorney duly authorized in writing, a new Note for a like
      principal amount will be issued to, and registered in the name of, the
      transferee. Prior to due presentment for registration of transfer, the Company
      may treat the person in whose name this Note is registered as the owner hereof
      for the purpose of receiving payment and for all other purposes, and the Company
      will not be affected by any notice to the contrary.

     

    
      	4.  	
              Conversion

            

    

     

    The
      Holder may convert this Note into fully paid and nonassessable shares of Common
      Stock of the Company at any time after the Amendment Date (as defined in the
      Purchase Agreement) and on or prior to September 12, 2012. The initial
      conversion price is $0.60 per share, subject to adjustment as provided in the
      Purchase Agreement. To determine the number of shares issuable upon conversion
      of this Note, divide the principal amount and accrued but unpaid interest to
      be
      converted by the conversion price in effect on the conversion date. In
      connection with the conversion of Notes, no fractions of shares of Common Stock
      shall be issued, but the Company shall, with respect to any fractional interest:
      (i) pay cash with respect to the Market Price of such fractional share; or
      (ii)
      round up to the next whole share of Common Stock.

     

     

    
      
        2

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      	5.  	
              Events
                of Default

            

    

     

    If
      an
      Event of Default, as defined in the Purchase Agreement, occurs and is
      continuing, the principal of this Note may be declared or otherwise become
      due
      and payable in the manner, at the price and with the effect provided in the
      Purchase Agreement.

     

    
      
        3

      

      
        
        

        
          

        

      

      
        
        

      

    

    THIS
      NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAWS OF THE
      STATE OF NEW YORK.

     

     

    PURE
      BIOFUELS CORP.

     

    By:
      /s/
      Luis Goyzueta 

    Name:
      Luis Goyzueta

    Title:
      Chief Executive Officer

     

    
      
        4

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASSIGNMENT
      FORM

    

    To
      assign
      this Note, fill in the form below:

    

    I
      or we
      assign and transfer this Note to

    

    
      
        

      

    

    (Insert
      assignee's soc. sec. or tax I.D. no.)

    

    
      
        

      

    
      
        

      

    

    

    
      
        

      

    

    

    
      
        

      

    

    (Print
      or
      type assignee's name, address and zip code)

    

    

    Your
      Signature:

    

    

    
      
        

      

    

    (Sign
      exactly as your name appears on the Note)

    

    

    Date:
      ______________________________

     

    
      
        5

      

      
        
        

        
          

        

      

      
        
        

      

    

    CONVERSION
      NOTICE

    

    To
      convert this Note into Common Stock of the Company, check the box:

    o

    

    To
      convert only part of this Security, state the principal amount to be
      converted:

    $_____________________.

    

    If
      you
      want the stock certificate made out in another person's name, fill

    in
      the
      form below:

    
      
        

      

    

    (Insert
      assignee's soc. sec. or tax I.D. no.)

    

    
      
        

      

    

    

    
      
        

      

    

    

    
      
        

      

    

    

    
      
        

      
(Print
      or
      type assignee's name, address and zip code)

    

    Your
      Signature:

    

    

    
      
        

      

    

    (Sign
      exactly as your name appears on the Note)

    

    

    Date:
      ______________________________

    

    

    
      
        6

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