Document:

exv10w15

 

EXHIBIT 10.15

City of Buenos Aires, December 28, 2006

Messrs.

Pan American Energy LLC Sucursal Argentina (Argentine Branch)

Av. Leandro N. Alem 1180

(1001) Buenos Aires

Re.: Strategic Agreement for the rendering of Drilling, Completion and Workover Services of
oil and/or gas wells. Amendment # 2.

Dear Sirs,

We hereby submit to your consideration our sole amendment proposal (the “Amendment”) to the
Strategic Agreement for the rendering of Drilling, Completion and Workover Services of wells
located in the area of the Gulf of San Jorge, Provinces of Chubut and Santa Cruz, and other related
services transcribed in our note dated July 1, 2003, the text of which is transcribed herein below.

All capitalized terms used in this Amendment that have not been expressly defined shall have the
meaning assigned to them by the Strategic Agreement.

“WHEREAS,

	 	•	 	taking into account the changes in prices and costs verified in the local market, it is
the PARTIES intention to adjust the tariffs and work certification modalities set forth by
the Strategic Agreement;
	 
	 	•	 	taking into account that opportunities have been detected, it is the PARTIES intention
the adjustment of the drilling equipments to the prevailing operational conditions in the
rendering of the SERVICES, formalizing an adjustment of the Technical Specifications
attached to the Strategic Agreement;
	 
	 	•	 	the PARTIES have agreed that due to the work experience registered as of the beginning
of the Strategic Agreement to the date, it would be of mutual convenience to extend its
term.

THEREFORE the PARTIES agree to execute this Amendment under the following terms:

1. PARTIES

DLS Argentina Limited — Sucursal Argentina, with legal domicile at Sarmiento 663, City of Buenos
Aires, hereinafter referred to as “DLS” and PAN AMERICAN ENERGY LLC — Sucursal Argentina, with
legal domicile at Av. Leandro N. Alem 1180 of the City of Buenos Aires, hereinafter referred to as
“PAE”, (both parties jointly referred to as the “PARTIES” and individually as “PARTY”).

2. PURPOSE

The purpose of this Amendment is to modify the Strategic Agreement in the following aspects:

2.1. Tariffs

The tariffs that DLS shall be entitled to charge for the rendering of the SERVICES, as of
January 1, 2006 shall be those established in Appendix I “Tariffs” attached to the present
Amendment, which nullifies and replaces all prior consideration with reference to this
issue contained in the Strategic Agreement and its amendments prior to the present one.

2.2. Technical Specification

 

 

The drilling equipments that DLS shall use for the rendering of the SERVICES will have to
conform completely to what it is set forth in Appendix II “Technical Appendix — IIA —
DRILLING IN THE GOLFO SAN JORGE BUSINESS UNIT” attached to the present Amendment, which
nullifies and replaces the document with equivalent content of the Strategic Agreement.

In addition, DLS shall provide the main and ancillary equipment necessary for the provision
of the SERVICES in accordance with the API Standards and the Norms and Standards set forth
in Appendix III of the present Amendment, and with the specific Application Norms referred
in them.

2.3. Term

The Strategic Amendment modified by the present Amendment shall have a term of five (5)
years as of the Effective Date of the present and shall remain in effect up to the
fulfillment of the established term, date in which it will finalize without requiring
further action and without the need of any prior notice in that direction.

The term previously set forth, however, will be subject to the early termination
stipulations which are established in the Documents of the Strategic Agreement.

3. RENDERING OF THE SERVICES

The Services that constitute the subject matter of this Agreement shall be rendered exclusively to
the extent to which they are required by PAE and in the amount determined by the latter, in
accordance with the guidelines set forth by the Strategic Agreement.

4. RATIFICATION

All terms and conditions not expressly amended by the present Amendment shall continue to be
governed by the Strategic Agreement, whose terms and conditions are deemed to be reproduced herein
and ratified to all effects.

The present offer shall be considered accepted by you when Pan American Energy LLC (Sucursal
Argentina) pays the first invoice which DLS Limited Argentina (Sucursal Argentina) presents in
accordance with the new tariffs set forth in the preceding Article 2.1..

For the purposes of this Amendment the payment date shall be considered as the “Effective Date” of
the Amendment.

Sincerely,

/s/ Martín Zöldi

Martín Zöldi

Vice President

 

 

APPENDIX I — PRICES

The present Appendix I forms part of the “Strategic Agreement for the rendering of Drilling,
Completion and Workover Services of oil and gas wells” dated
January 1, 2006 (hereinafter, the
“Agreement” or the “Alliance”). All capitalized terms that are not expressly defined by the present
instrument shall have the meaning assigned to them by the Agreement.

	1.	 	INTRODUCTION
	 
	 	 	The PARTIES acknowledge that the compensation scheme described below has been designed by
mutual agreement for the purpose of facilitating the achievement of the goals set for the
Alliance and, to this effect, such scheme may be revised and amended at the request of any of
the PARTIES, on the basis that the operation practices and/or a change in the external
conditions during the term of the Agreement reveal a discrepancy between the intended results
and the results actually achieved.
	 
	 	 	Likewise, at any time during the term of the Agreement any PARTY may propose any amendment to
the present compensation scheme that might reinforce the effective achievement of the intended
goals.
	 
	 	 	In any case, the proposed amendments shall require both PARTIES approval in order to be
incorporated to the Agreement.
	 
	2.	 	QUOTATION CURRENCY AND ADJUSTMENT FOR INFLATION

	 	2.1.	 	Mixed Unit

	 	 	The prices contained in the present Appendix I are expressed in Mixed Units, hereinafter MU; a
MU is a currency unit defined for the sole purpose of facilitating the management of the prices
of the Agreement.

MU result from directly adding the amounts in US Dollars (USD) and in legal tender Argentine
Pesos ($) in which any price may be broken down according to the PARTIES agreement. Therefore
MU shall become completely defined by identifying the USD proportion in each MU, since the
remaining complementary part corresponds to $.

The corresponding complete notation shall be: MU(X%USD), which means that every MU shall be
composed of X% USD and (100-X)% $.

For the purpose of clarifying the meaning and application of the MU, the following two examples
may be used:
	 
	 	 	Case 1: 100 MU(30%USD) are equivalent to USD30 + $70

Case 2: 200 MU (60%USD) are equivalent to USD120 + $80
	 
	 	 	In this Agreement, when a price is expressed in MU(X%USD), the amount corresponding to USD
shall be referred to as USD Portion and the amount corresponding to $ shall be referred to
as $ Portion.
	 
	 	 	In the examples above, in the first case the USD Portion is 30 and the $ Portion is 70; in
the second case, the USD Portion is 120 and the $ Portion is 80.

	 	2.2.	 	Ii Adjustment Index

	 	 	For the purposes of attenuating the significant variations on profitability that
inflation/deflation processes may impose on contracts executed on the basis of fixed prices,
the Parties agree to review and eventually adjust the different prices and tariffs contained in
the present Appendix I on a monthly basis, by using the Ii Adjustment Index; the Index general
calculation way and application procedure are the following:

 

 

	 	2.2.1.	 	The Ii Adjustment Index corresponding to the “i” period shall be calculated on a
monthly basis according to the following formula:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	IFASPi-1
	 	 	 	IGOILi-1
	 	 	 	IPPi-1
	 	 
	 

	 	 
	 	 	 	 
	 	 	 	 	 	 
	Ii = A x

	 	 	 	+ B x
	 	 	 	+ C x	 	 	 	 
	 

	 	IFASP0
	 	 	 	IGOIL0
	 	 	 	IPP0	 	 

	 	 	 	where
	 
	 	 	 	IFASP: Cost in $ of an intervention crew composed or 1 driller, 1 derrickman and 3
roughnecks as stated in the Services Salary Table of the Collective Bargaining
Agreement for the FASPyGP, considering the agreement’s basic gross salaries (no extras)
plus employer’s contributions to the Retirement Fund, Act 19.032, Medical Care and
Labor Risk Insurance. The annual statutory bonus and employer’s contributions
percentages shall also be added, including the Cuota Solidaridad (Solidarity
Contribution) minus the recovery of tax credits.
	 
	 	 	 	IGOIL: Price in $ of diesel oil in bulk in Comodoro Rivadavia
	 
	 	 	 	IPP: Producer’s Basic Prices Index
	 
	 	 	 	Sub-indexes ‘i-1’ indicate that the value corresponds to the period preceding the ‘i’
period regarding which the Adjustment Index is being calculated.
	 
	 	 	 	Sub-indexes ‘0’ indicate that the value corresponds to the initial month, defined as
December, 2005.
	 
	 	 	 	Coefficients A, B and C shall be defined for each particular tariff.
	 
	 	2.2.2.	 	The ‘i’ period adjusted tariff shall result from multiplying the $ Portion of the
tariff by the Ii Adjustment Index calculated in accordance with section 2.2.1 above.
	 
	 	 	 	In the explanatory examples used in section 2.1, if for a particular month the
Adjustment Index was Ii = 1.05, the payable amounts would be the following:
	 
	 	 	 	Case 1: 100 MU(30%USD) are equivalent to USD30 + $70          USD30 + $73.5 are payable

Case 2: 200 MU(60%USD) are equivalent to USD120 + $80          USD120 + $84 are payable
	 
	 	2.2.3.	 	The Adjustment Index for a particular month calculated according to above described
methodology shall require prior approval by PAE in order to be effectively applicable to
the tariffs. Following approval the adjustment shall remain in effect until replaced by a
new Adjustment Index approved by PAE.
	 
	 	2.2.4.	 	Under no circumstances shall the USD Portion of the tariff be affected by adjustments
for inflation.
	 
	 	2.2.5.	 	The variables selected to design the Adjustment Index as well as their respective
coefficients A, B and C regarding each particular tariff may be replaced by new variables
and coefficient values provided the Parties agree to do so.

	3.	 	COMPENSATION SCHEME

 

 

3.1. Drilling Service

Compensation to be paid by PAE to DLS for the drilling service rendered in accordance with the
scope, terms and conditions of the Agreement and its Appendixes and the type of equipment used:

	 	•	 	“Small Equipment”: Rigs Nbr. 101. 102, 104, 111, 136 and 154, and
	 
	 	•	 	“Large Equipment”: Rigs Nbr. 113, 148 and 150,

shall be subject to the following scheme:

	 	3.1.1.	 	Wells between 900 and 2,700 mts. depth / Conventional drilling
	 
	 	 	 	The drilling of wells whose final depth is between 900 and 2,700 mts. and which have been
drilled by using the standard methodology specified in Appendix II, or by using
methodologies previously tested and adopted by the PARTIES by mutual agreement and which
therefore cannot be termed as “tests” (hereinafter, “Conventional Drilling”), shall be
compensated with a lump sum (“lump sum”) for each completed well, to be determined in
accordance to the following formula:

LS = K n x T Std

	 	 	 	where:
	 
	 	 	 	LS = Lump Sum [MU(25%USD)]
	 
	 	 	 	Kn = Standard Hourly Rate in accordance with the size of the equipment

K1 “Small Equipment” = 1,259.13 UM(25%USD)/hour

K2 “Large Equipment” = 1,345.35 UM(25%USD)/hour

	 	 	 	T Std = Standard drilling Time measured in hours, which shall be determined on the
basis of the final depth of the completed well TD expressed in meters using the notation:

T Std = ηi x112xEXP(0.00048xTD)

	 	 	 	where ηi is the efficiency applicable to the period ‘i’ for which
the Standard Time is being calculated. The ηi efficiency shall be
recalculated every 6 months as from the effective date of the Agreement using the notation:

	 	 	 	 	 	 	 
	ηi = ηi-1 X { 1- [(1-

	 	Σ ΤReal
	 	) x 0.5]}
	 	 
	 

	 	 	 	 	 	 
	 

	 	Σ ΤStd(i-1)	 	 	 	 

	 	 	 	where:
	 
	 	 	 	Σ TReal is the summation of the time actually used in the
drilling of all the wells certified under the Lump Sum tariff and carried out during the
past 12 months of operation.
	 
	 	 	 	Σ T Std(i-1) is the summation of the time anticipated by the function
T Std in effect during the period immediately prior to the period for which the
efficiency is being calculated, applied to the same wells as referred above.

 

 

	 	 	ηi-1 is the efficiency corresponding to the immediately previous period. It is
hereby established that the efficiency corresponding to the initial 6 months period equals
1 (one).
	 
	 	 	Deviations beyond 30 % of the real time on the standard curve
	 
	 	 	Wells which depths are between 900 and 2700 meters and which real drilling time exceeds in
more than 30 % the standard time for such depth, shall be certified under the hourly tariff
methodology, as provided in paragraph 3.1.2.
	 
	 	 	For the purposes of the present section, the referred drilling times comprise as from the
beginning of the dismantling of the equipment at one site up to the beginning of the
dismantling of the equipment at the next site, including transport time from one site to
the other one.
	 
	 	 	Logging Hours
	 
	 	 	In case that during the completion of a well more than 38.25 hours are used in logging
operations, an additional amount shall be paid in addition to the lump sum “LS”, to be
determined in accordance to the following notation:
	 
	 	 	H1 x SHO + H2 x OHR
	 
	 	 	where:
	 
	 	 	H1 = logging hours following the first 38.25 and up to a maximum of 48 total hours.
	 
	 	 	H2 = logging hours following the first 48 hours
	 
	 	 	SHOn = as defined in section 3.1.4
	 
	 	 	OHRn = as defined in section 3.1.2

	 	3.1.2.	 	Wells over 2,700 mts. depth and TESTS
	 
	 	 	 	Wells of a projected final depth exceeding 2,700m or wells in which the PARTIES decide
to use technologies or procedures as TESTS shall be compensated through the Hourly Rate
plus reimbursable costs system.
	 
	 	 	 	The materials and services actually employed during the drilling and not included in
the equipment’s hourly compensation shall be reimbursed by PAE to DLS at the
presentation of the corresponding expenses vouchers or through the use of unit price
lists approved by the PARTIES in due time.
	 
	 	 	 	Such materials and services comprise, among others: Drill Bits, Mud Materials, Water
Transport, Rentals, etc.
	 
	 	 	 	NDT is the Net Drilling Time measured in hours as from the well spuding up to the
completion of the works and dismantling of the equipment; the amount PAE shall pay DLS
in order to compensate the use of the drilling equipment shall be calculated as the
result of NDT x OHRn, where:
	 
	 	 	 	OHR1 = Operation Hourly Rate “Small
Rigs” = 902.71 MU(18%USD)/hour
	 
	 	 	 	OHR2 = Operation Hourly Rate “Large
Rigs” = 993.42 MU(18%USD)/hour
	 
	 	 	 	DTA Tariff

 

 

	 	 	 	The compensation to be paid by PAE to DLS for Dismantling, Transport and Assemblage
(DTA) of the rigs shall be:
	 
	 	 	 	DTA1 “Small Rigs” = 50,843.69 MU(18%USD)

DTA2 “Rigs 113 and 148” = 74,030.90 MU(18%USD)

DTA3 “Rigs 150” = 121,467.31 MU(18%USD)
	 
	 	 	 	Forklifts (autoelevadores)
	 
	 	 	 	TDOAE = Daily Operation Tariff = 481.44 (MU(0%USD)
	 
	 	 	 	Monitoring systems (Pason)
	 
	 	 	 	TDOSM = Daily Operation Tariff = 132.57 MU(100%USD)
	 
	 	3.1.3.	 	Deepenings exceeding 2,700 mts. depth
	 
	 	 	 	In case of deepenings exceeding 2,700m for all types of wells having an original final
depth of less than 2,700m, the total compensation shall be calculated as the summation
of the LS (Lump Sum) corresponding to 2,700m, calculated as described in 2.1.1, plus
the amount resulting of applying the Hourly Rate plus Reimbursable Costs system defined
in 2.1.2, applied as from 2,700m depth up to the completion of the well.
	 
	 	3.1.4.	 	Stand By Rate
	 
	 	 	 	The Stand By Rate applicable as provided for by the Technical Appendix shall be:
	 
	 	 	 	SHO1 = Stand By Hourly Rate “Small Rigs” = 830.50 MU(18%USD)/hour

SHO2 = Stand By Hourly Rate “Large Rigs” = 913.96 MU(18%USD)/hour
	 
	 	3.1.5.	 	Coefficients for calculating the Adjustment Index
	 
	 	 	 	The values of the A, B and C coefficients as defined in 2.2.1 applicable to all rates
detailed in 3.1 are:

	 	 	 
	A =
	 	0.42
	B =
	 	0.19
	C =
	 	0.39

3.2. Completion and Workover service

Compensation to be paid to DLS for the Completion and Workover service rendered in
accordance with the scope, terms and conditions of the Agreement and its Appendixes shall
be:

	 	3.2.1.	 	Operation Hourly Rate
	 
	 	 	 	The hourly rate that shall be used to compensate the use of Completion equipment shall
be:

 

 

	 	 	 	OHR = Operation Hourly Rate = 421.62 MU(13%USD)/hour
	 
	 	3.2.2.	 	Stand By and Climate Factor Hourly Rate
	 
	 	 	 	The Stand By and Climate Factor Hourly Rate applicable as provided for by the Technical
Appendix shall be:
	 
	 	 	 	SHR = Stand By Hourly Rate = 381.60 MU(13%USD)/hour
	 
	 	 	 	CFHR = Climate Factor Hourly Rate = 273.02 MU(13%USD)/hour
	 
	 	3.2.3.	 	DTA Rate
	 
	 	 	 	Compensation that PAE shall pay DLS for the Dismantling, Transport and Assemblage (DTA)
of Completion equipment shall be:
	 
	 	 	 	DTA(=f) = DTA between wells located on the same flange = 7,104.22 MU(13%USD) +
[Distance in excess of 20Km] x 122.73 MU(13%USD)/Km
	 
	 	 	 	DTA(≠f) = DTA between wells located on different flanges = 16,281.29 MU(13%USD)
	 
	 	3.2.4.	 	Coefficients for calculating the Adjustment Index
	 
	 	 	 	The values of the A, B and C coefficients as defined in 2.2.1 applicable to all rates
detailed in 3.2 are:

	 	 	 
	A =
	 	0.59
	B =
	 	0.09
	C =
	 	0.32

3.3. Pulling Service

Compensation to be paid to DLS for the Pulling service rendered in accordance with the
scope, terms and conditions of the Agreement and its Appendixes shall be:

	 	3.3.1.	 	Operation Hourly Rate
	 
	 	 	 	The hourly rate that shall be used to compensate the use of Pulling equipment shall be:
	 
	 	 	 	Light Pulling
	 
	 	 	 	OHR = Operation Hourly Rate = 315.62 MU(13%USD)/hour
	 
	 	 	 	Heavy Pulling
	 
	 	 	 	OHR = Operation Hourly Rate = 356.61 MU(13%USD)/hour
	 
	 	3.3.2.	 	Stand By and Climate Factor Hourly Rate
	 
	 	 	 	The Stand By and Climate Factor Hourly Rate applicable as provided for by the Technical
Appendix shall be:

 

 

	 	 	 	Light Pulling
	 
	 	 	 	SHR = Stand By Hourly Rate = 284.05 MU(13%USD)/hour
	 
	 	 	 	CFHR = Climate Factor Hourly Rate = 157.80 MU(13%USD)/hour
	 
	 	 	 	Heavy Pulling
	 
	 	 	 	SHR = Stand By Hourly Rate = 320.96 MU(13%USD)/hour
	 
	 	 	 	CFHR = Climate Factor Hourly Rate = 178.31 MU(13%USD)/hour
	 
	 	3.3.3.	 	DTA Rate
	 
	 	 	 	Compensation that PAE shall pay DLS for the Dismantling, Transport and Assemblage (DTA)
of Pulling equipment shall be:
	 
	 	 	 	Light Pulling
	 
	 	 	 	DTA(=f) = DTA between wells located on the same flange = 1,262.39 MU(13%USD) +
[distance exceeding 20 Km] x 21.03 MU(13%USD/Km
	 
	 	 	 	Heavy Pulling
	 
	 	 	 	DTA(=f) = DTA between wells located on the same flange = 1,783.13 MU(13%USD) +
[distance exceeding 20 Km] x 23.75 MU(13%USD/Km
	 
	 	3.3.4.	 	Coefficients for calculating the Adjustment Index
	 
	 	 	 	The values of the A, B and C coefficients as defined in 2.2.1 applicable to all rates
detailed in 3.3 are:

	 	 	 
	A =
	 	0.66
	B =
	 	0.06
	C =
	 	0.28

3.4 Extra Salary Compensations

PAE shall reimburse the benefits, not comprised in the salary, that DLS have to pay to its
unionized personnel as a result of resolutions approved by the respective workers unions,
by an item independent from the tariff, calculated as follows:

Personnel:

	 	 	 	 	 	 	 	 	 
	 	 	UNIONS
	 	 	PRIVATE OIL	 	IERARCHICAL
	[# individuals per equipment per month	 	WORKERS	 	PERSONNEL
	 
	DRILLING
	 	 	24	 	 	 	8.5	 
	COMPLETION AND WORKOVER
	 	 	20	 	 	 	5.5	 
	PULLING
	 	 	16	 	 	 	4.5	 

 

 

Billing Costs:

PAE shall add to the acknowledged benefits a billing cost percentage. The same shall comprise:

	 	 	 	 	 
	Turnover Tax
	 	 	2,50	%
	Municipal/Commercial Activities Tax
	 	 	0,60	%
	Banking Debits and Credits Tax (Ley del cheque)
	 	 	1,36	%
	Grossing up
	 	 	0,20	%
	 
	Total
	 	 	4,66	%

The current values of extra salary compensations as of the date of execution of this agreement
are:

Drilling

ESC = Extra Salary Compensation = 2.067,45 MU(0%USD)/day/equipment

Completion and Workover

ESC = Extra Salary Compensation = 1.640,03 MU(0%USD)/day/equipment

Pulling

ESC = Extra Salary Compensation = 1.317,25 MU(0%USD)/day/equipmentexv10w1

 

Exhibit 10.1

AMENDMENT AGREEMENT

     This Amendment Agreement (the “Agreement”), dated as of December 28, 2006, is by and
among US Dataworks, Inc., a Nevada corporation (the “Company”) and the investors signatory
hereto (each, a “Purchaser” and collectively, the “Purchasers”).

     WHEREAS, the Company and the Purchasers entered into a Securities Purchase Agreement dated as
of June 16, 2005 (the “Purchase Agreement”);

     WHEREAS, pursuant to the Purchase Agreement, the Company has issued the Purchasers convertible
debentures (the “Debentures”) with an original aggregate principal amount of $770,000;

     WHEREAS, the Company and the Purchasers have agreed to amend the terms of the Debentures as
set forth below.

     NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for
good and valuable consideration the receipt and adequacy of which are hereby acknowledged, the
Purchasers and the Company agree as follows:

ARTICLE I

DEFINITIONS

     Section 1. Definitions. Capitalized terms not defined in this Agreement shall have
the meanings ascribed to such terms in the Purchase Agreement.

ARTICLE II

AMENDMENTS

AND OTHER COVENANTS

     Section 2.1. Section 8(a)(viii) of the Debentures is hereby deleted in its entirety and is
replaced with the following:

     “INTENTIONALLY OMITTED.”

     Section 2.2 The following new Section 6(c) is hereby added to the Debentures:

     “6(c) Optional Redemption by the Holder in connection with a Change in Control,
Fundamental Transaction or Sale of Assets.

     (i) In the event that the Company shall be a party to any Change of Control
Transaction or Fundamental Transaction, shall agree to sell or dispose of all or in
excess of 33% of its assets in one or more transactions (whether or not

1

 

such sale
would constitute a Change of Control Transaction) or shall redeem or
repurchase more than a de minimis number of its outstanding shares of Common
Stock or other equity securities of the Company (other than redemptions of
Conversion Shares and repurchases of shares of Common Stock or other equity
securities of departing officers and directors of the Company; provided such
repurchases shall not exceed $100,000, in the aggregate, for all officers and
directors during the term of this Debenture), then the Holder may deliver a notice
to the Company (an “Optional Redemption Notice” and the date such notice is
deemed delivered hereunder, the “Optional Redemption Notice Date”) of its
irrevocable election to cause the Company redeem some or all of the then outstanding
amounts owed under this Debenture, for an amount, in cash, equal to Optional
Redemption Amount, on or before the 5th Trading Day following the
Optional Redemption Notice Date (such date, the “Optional Redemption Date”
and such redemption, the “Optional Redemption”). As used herein, “Optional
Redemption Amount” shall mean the sum of (i) the greater of: (A) 130% of the
principal amount of Debentures to be prepaid, or (B) the principal amount of
Debentures to be prepaid, divided by the Conversion Price on (x) the date the
Optional Redemption Amount is demanded or otherwise due or (y) the date the Optional
Redemption Amount is paid in full, whichever is less, multiplied by the VWAP on (x)
the date the Optional Redemption Amount is demanded or otherwise due or (y) the date
the Optional Redemption Amount is paid in full, whichever is greater, and (ii) all
other amounts, costs, expenses and liquidated damages due in respect of such
Debentures. The Optional Redemption Amount is due in full on the Optional Redemption
Date. The Company covenants and agrees that it will honor all Notices of Conversion
tendered from the time of delivery of the Optional Redemption Notice through the
date all amounts owing thereon are due and paid in full.

     (ii) The payment of cash pursuant to an Optional Redemption shall be made on
the Optional Redemption Date. If any portion of the payment pursuant to an Optional
Redemption shall not be paid by the Company by the applicable due date, interest
shall accrue thereon until such amount is paid in full at an interest rate equal to
the lesser of 18% per annum or the maximum rate permitted by applicable law.
Notwithstanding anything herein contained to the contrary, if any portion of an
Optional Redemption Amount remains unpaid after such date, the Holder may elect, by
written notice to the Company given at any time thereafter, to invalidate ab
initio such redemption.”

     Section 2.3 Filing of Form 8-K. Within 1 Trading Day of the date hereof, the Company
shall issue a Current Report on Form 8-K, reasonably acceptable to each Purchaser disclosing the
material terms of the transactions contemplated hereby, which shall include this Agreement as an
attachment thereto.

     Section 2.4 Effect on Transaction Documents. Except as expressly set forth above, all
of the terms and conditions of the Transaction Documents shall continue in full force and effect

2

 

after the execution of this Agreement and shall not be in any way changed, modified or
superseded by the terms set forth herein, including but not limited to, any other obligations
the Company may have to the Purchasers under the Transaction Documents.

ARTICLE III

REPRESENTATIONS AND WARRANTIES

     Section 3.1. Representations and Warranties of the Company. The Company hereby make
the representations and warranties set forth below to the Purchasers that as of the date of its
execution of this Agreement:

     (a) Authorization; Enforcement. The Company has the requisite corporate
power and authority to enter into and to consummate the transactions contemplated by
this Agreement and otherwise to carry out its obligations hereunder and thereunder. The
execution and delivery of this Agreement by the Company and the consummation by it of the
transactions contemplated hereby have been duly authorized by all necessary action on the
part of such Company and no further action is required by such Company, its board of
directors or its stockholders in connection therewith. This Agreement has been duly
executed by the Company and, when delivered in accordance with the terms hereof will
constitute the valid and binding obligation of the Company enforceable against the Company
in accordance with its terms except (i) as limited by general equitable principles and
applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general
application affecting enforcement of creditors’ rights generally, (ii) as limited by laws
relating to the availability of specific performance, injunctive relief or other equitable
remedies and (iii) insofar as indemnification and contribution provisions may be limited by
applicable law.

     (b) No Conflicts. The execution, delivery and performance of this Agreement by
the Company and the consummation by the Company of the transactions contemplated hereby do
not and will not: (i) conflict with or violate any provision of the Company’s certificate or
articles of incorporation, bylaws or other organizational or charter documents, or (ii)
conflict with, or constitute a default (or an event that with notice or lapse of time or
both would become a default) under, result in the creation of any lien upon any of the
properties or assets of the Company, or give to others any rights of termination, amendment,
acceleration or cancellation (with or without notice, lapse of time or both) of, any
material agreement, credit facility, debt or other material instrument (evidencing Company
debt or otherwise) or other material understanding to which the Company is a party or by
which any property or asset of the Company is bound or affected, or (iii) conflict with or
result in a violation of any law, rule, regulation, order, judgment, injunction, decree or
other restriction of any court or governmental authority to which the Company is subject
(including federal and state securities laws and regulations), or by which any property or
asset of the Company is bound or affected.

3

 

     Section 3.2. Representations and Warranties of the Purchasers. Each Purchaser,
severally and not jointly with the other Purchasers, hereby makes the representations and
warranties set forth below to the Company that as of the date of its execution of this Agreement:

     (a) Due Authorization. Such Purchaser represents and warrants that (i) the
execution and delivery of this Agreement by it and the consummation by it of the
transactions contemplated hereby have been duly authorized by all necessary action on its
behalf and (ii) this Agreement has been duly executed and delivered by such Purchaser and
constitutes the valid and binding obligation of such Purchaser, enforceable against it in
accordance with its terms except (x) as limited by general equitable principles and
applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general
application affecting enforcement of creditors’ rights generally, (y) as limited by laws
relating to the availability of specific performance, injunctive relief or other equitable
remedies and (z) insofar as indemnification and contribution provisions may be limited by
applicable law.

ARTICLE IV

MISCELLANEOUS

     Section 4.1. Notices. Any and all notices or other communications or deliveries
required or permitted to be provided hereunder shall be made in accordance with the provisions of
the Purchase Agreement.

     Section 4.2. Execution. This Agreement may be executed in two or more counterparts,
all of which when taken together shall be considered one and the same agreement and shall become
effective when counterparts have been signed by each party and delivered to the other party, it
being understood that both parties need not sign the same counterpart. In the event that any
signature is delivered by facsimile transmission, such signature shall create a valid and binding
obligation of the party executing (or on whose behalf such signature is executed) with the same
force and effect as if such facsimile signature page were an original thereof.

     Section 4.3. Amendments and Waivers. The provisions of this Agreement, including the
provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents
to departures from the provisions hereof may not be given, unless the same shall be in writing and
signed by the Company and each Purchaser.

     Section 4.4 Successors and Assigns. This Agreement shall inure to the benefit of and
be binding upon the successors and permitted assigns of each of the parties and shall inure to the
benefit of each Purchaser. The Company may not assign (except by merger) its rights or obligations
hereunder without the prior written consent of all of the Purchasers of the then-outstanding
Securities. Each Purchaser may assign their respective rights hereunder in the manner and to the
Persons as permitted under the applicable Purchase Agreement.

     Section 4.5 Severability. If any term, provision, covenant or restriction of this
Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or

4

 

unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein
shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and
the parties hereto shall use their commercially reasonable efforts to find and employ an
alternative means to achieve the same or substantially the same result as that contemplated by such
term, provision, covenant or restriction. It is hereby stipulated and declared to be the
intention of the parties that they would have executed the remaining terms, provisions,
covenants and restrictions without including any of such that may be hereafter declared invalid,
illegal, void or unenforceable.

     Section 4.6 Headings. The headings in this Agreement are for convenience only, do not
constitute a part of the Agreement and shall not be deemed to limit or affect any of the provisions
hereof.

     Section 4.7. Governing Law. All questions concerning the construction, validity,
enforcement and interpretation of this Agreement shall be determined pursuant to the Governing Law
provision of the Purchase Agreement.

     Section 4.8. Entire Agreement. The Agreement, together with the exhibits and
schedules thereto, contain the entire understanding of the parties with respect to the subject
matter hereof and supersede all prior agreements and understandings, oral or written, with respect
to such matters, which the parties acknowledge have been merged into such documents, exhibits and
schedules.

     Section 4.9 Independent Nature of Purchasers’ Obligations and Rights. The obligations
of each Purchaser hereunder are several and not joint with the obligations of any other Purchasers
hereunder, and no Purchaser shall be responsible in any way for the performance of the obligations
of any other Purchaser hereunder. Nothing contained herein or in any other agreement or document
delivered at any closing, and no action taken by any Purchaser pursuant hereto, shall be deemed to
constitute the Purchasers as a partnership, an association, a joint venture or any other kind of
entity, or create a presumption that the Purchasers are in any way acting in concert with respect
to such obligations or the transactions contemplated by this Agreement. Each Purchaser shall be
entitled to protect and enforce its rights, including without limitation the rights arising out of
this Agreement, and it shall not be necessary for any other Purchaser to be joined as an additional
party in any proceeding for such purpose.

***********************

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     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their
respective authorized signatories as of the date first indicated above.

	 	 	 	 	 
	 	US DATAWORKS, INC.

 	 
	 	By:  	/s/ John J. Figone
 	 
	 	 	Name:  	John J. Figone 	 
	 	 	Title:  	SVP & General Counsel 	 
	 

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[PURCHASER SIGNATURE PAGES TO UDW

AMENDMENT AGREEMENT]

     IN WITNESS WHEREOF, the undersigned have caused this Amendment Agreement to be duly executed
by their respective authorized signatories as of the date first indicated above.

	 	 	 	 	 
	Name of Purchaser:
	 	 	 	 
	 
	 	 	 

	 	 	 	 	 
	Signature of Authorized Signatory of Purchaser:
	 	 	 	 
	 
	 	 	 

	 	 	 	 	 
	Name of Authorized Signatory:
	 	 	 	 
	 
	 	 	 

	 	 	 	 	 
	Title of Authorized Signatory:
	 	 	 	 
	 
	 	 	 

7

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