Document:

Omnibus Amendment, Joinder & Reaffirmation Agreement, dated July 28, 2009

 Exhibit 10.9 
 OMNIBUS AMENDMENT, JOINDER AND REAFFIRMATON AGREEMENT 
 This Omnibus Amendment, Joinder and
Reaffirmation Agreement (this “Amendment”) dated July 24, 2009, by and between PetroAlgae Inc., a Delaware corporation (“PA Inc.”), PA LLC (f/k/a PetroAlgae, LLC), a Delaware limited liability company
(“PA LLC”) and LV Administrative Services, Inc., as administrative and collateral agent (the “Agent”) for Valens U.S. SPV I, LLC, a Delaware limited liability company (“Valens” and, together with
the Agent, the “Creditor Parties” and each, a “Creditor Party”), amends (i) that certain Short Term Demand Note, dated as August 8, 2008 and amended and restated as of August 26, 2008 (although dated
August 8, 2008) by PA LLC in favor of Agent on behalf of Valens (as further amended, modified or supplemented from time to time, the “Valens Note”) and (ii) that Master Security Agreement dated August 8, 2008 by PA
LLC in favor of Agent on behalf of Valens (as amended, modified or supplemented from time to time, the “Master Security Agreement”). Reference is hereby also made to (iii) that certain Equity Pledge Agreement, dated as of
August 15, 2008 by PetroTech Holdings, Corp. (“Holdings”) in favor of Agent on behalf of Valens (as amended, restated, modified or supplemented, the “Equity Pledge Agreement”) and (iv) that certain
PetroTech Holdings, Corp. Guaranty executed by Holdings in favor of Agent on behalf of Valens (as amended, restated, modified or supplemented from time to time, the “Guaranty” and together with the Valens Note, the Master Security
Agreement, the Equity Pledge Agreement and the Documents as defined in the Master Security Agreement, the “Loan Documents”). Capitalized terms used but not defined herein shall have the meanings given them in the Loan Documents, as
applicable. 
 PREAMBLE 
 WHEREAS, PA LLC and the Creditor Parties desire to amend the transactions contemplated by the Master Security Agreement and the Valens Note; 
 WHEREAS, PA Inc. desires to become (i) an Assignor under the Master Security Agreement, (ii) a Pledgor under the Equity Pledge Agreement and (iii) a Guarantor under the Guaranty; 
 NOW, THEREFORE, in consideration of the covenants, agreements and conditions hereinafter set forth, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. The Valens Note is hereby amended and
restated in its entirety in the form attached hereto as Exhibit A (the “Second Amended and Restated Secured Term Note”). For the avoidance of doubt, the Second Amended and Restated Secured Term Note as set forth in this
Section 1 shall be in substitution for and not in satisfaction of the Valens Note. 
 2. The Master Security Agreement is hereby amended
and restated in its entirety in the form attached hereto as Exhibit B (the “Amended and Restated Master Security Agreement”). 

 3. PA Inc. hereby becomes (i) an Assignor for all purposes under the Master Security Agreement,
(ii) a Pledgor for all purposes under the Equity Pledge Agreement and (iii) a Guarantor for all purposes under the Guaranty, and hereby agrees to execute that certain Joinder Agreement attached hereto as Exhibit C. 
 4. PA Inc., PA LLC and Holdings each hereby releases, remises, acquits and forever discharges each Creditor Party and their respective employees, agents,
representatives, consultants, attorneys, fiduciaries, officers, directors, partners, predecessors, successors and assigns, subsidiary corporations, parent corporations, and related corporate divisions (all of the foregoing hereinafter called the
“Released Parties”), from any and all actions and causes of action, judgments, executions, suits, debts, claims, demands, liabilities, obligations, damages and expenses of any and every character, known or unknown, direct and/or
indirect, at law or in equity, of whatsoever kind of nature, for or because of any matter or things done, omitted or suffered to be done by any of the Released Parties prior to and including the Amendment Effective Date, and in any way directly or
indirectly arising out of or in any way connected to this Amendment, the Loan Documents and any other document, instrument or agreement made by PA Inc., PA LLC or Holdings in favor of any Creditor Party. 
 5. PA Inc., PA LLC and Holdings each hereby: 
 (a) represent and warrant to each Creditor Party that it has reviewed and approved the terms and provisions of this Amendment, the Exhibits attached hereto and the documents, instruments and agreements entered into in
connection therewith; 
 (b) acknowledges, ratifies and confirms that all indebtedness incurred by, and all other obligations
and liabilities of, each PA Inc., PA LLC and Holdings under the Loan Documents are (i) “Obligations” under and as defined in the Amended and Restated Master Security Agreement, (ii) “Obligations” under, and as defined
in the Guaranty and (iii) “Secured Obligations” under, and as defined in the Equity Pledge Agreement. 
 (c)
acknowledges, ratifies and confirms that all of the terms, conditions, representations and covenants contained in the Loan Documents are in full force and effect and shall remain in full force and effect after giving effect to this Amendment;

 (d) acknowledges, ratifies and confirms the grant by each of PA Inc., PA LLC and Holdings to Agent of a security interest
in the assets of (including the equity interests owned by) each of PA Inc., PA LLC and Holdings, as more specifically set forth in the Loan Documents and the Exhibits attached hereto. 
 6. The amendments set forth above shall be effective as of the date first above written (the “Amendment Effective Date”) once
(i) each of PA Inc., PA LLC, Holdings, Valens and Agent shall have duly executed and PA Inc., PA LLC and Holdings shall have delivered to the Agent its respective counterpart to this Amendment; (ii) PA LLC shall have duly executed and
delivered to the Agent the Second Amended and Restated Secured Term Note attached hereto as Exhibit A (iii) PA LLC shall have duly executed and delivered to Agent the Amended and Restated Master Security Agreement attached hereto as
Exhibit B and (iv) each of PA Inc., PA LLC and Holdings shall have duly executed and delivered to the Agent the Joinder Agreement attached hereto as Exhibit C, together with the schedules attached thereto. 
  

 2 

 7. Except as specifically set forth in this Amendment, there are no other amendments, modifications or
waivers to the Loan Documents, and all of the other forms, terms and provisions of the Loan Documents remain in full force and effect. 
 8.
Each of the PA Inc., PA LLC and Holdings hereby represent and warrant to each Creditor Party that (i) no Event of Default exists on the date hereof, (ii) on the date hereof, all representations, warranties and covenants made by each of PA
Inc., PA LLC and Holdings in connection with the Loan Documents are true, correct and complete and (iii) on the date hereof, all of PA Inc’s, PA LLC’s and Holdings’ covenant requirements have been met. 
 9. From and after the Amendment Effective Date, all references in the Loan Documents shall be deemed to be references to the Loan Documents, as the case
may be, as modified hereby. 
 10. This Amendment shall be binding upon the parties hereto and their respective successors and permitted
assigns and shall inure to the benefit of and be enforceable by each of the parties hereto and their respective successors and permitted assigns. THIS AMENDMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE
STATE OF NEW YORK. This Amendment may be executed in any number of counterparts, each of which shall be an original, but all of which shall constitute one instrument. 
 [signature page follows] 
  

 3 

 IN WITNESS WHEREOF, each of the parties hereto has executed this Amendment or has caused this
Amendment to be executed on its behalf by a representative duly authorized, all as of the date first above set forth. 
  

			
	PETROALGAE INC.
		
	By:	 	/s/ David P. Szostak
	Name:	 	David P. Szostak
	Title:	 	President
	
	PA LLC
		
	By:	 	/s/ Ottmar Dippold
	Name:	 	Ottmar Dippold
	Title:	 	CEO
	
	PETROTECH HOLDINGS, CORP.
		
	By:	 	/s/ Patrick Regan
	Name:	 	Patrick Regan
	Title:	 	Authorized Signatory
	
	 LV ADMINISTRATIVE SERVICES INC.
 as
Agent

		
	By:	 	/s/ Patrick Regan
	 Name:
	 	Patrick Regan
	 Title:
	 	Authorized Signatory
	
	VALENS U.S. SPV I, LLC
	 By: Valens Capital Management, LLC
 its
investment manager

		
	By:	 	/s/ Patrick Regan
	 Name:
	 	Patrick Regan
	 Title:
	 	Authorized Signatory

  

 4 

 EXHIBIT A 
 [Second Amended and Restated Secured Term Note] 
  

 5 

 EXHIBIT B 
 [Amended and Restated Master Security Agreement] 
  

 6 

 EXHIBIT C 
 [Joinder Agreement] 
  

 7Second Amendment & Restated Term Note, dated July 28, 2009

 Exhibit 10.10 
 SECOND AMENDED AND RESTATED SECURED TERM NOTE 
 $417,511.92 
 Original Date: August 8, 2008 
 Amended and Restated Date: August 26, 2008 (Document Dated August 8, 2008) 
 Second Amended and Restated Date:
July 24, 2009 
 FOR VALUE RECEIVED, PA LLC (f/k/a PetroAlgae, LLC), a Delaware limited liability company (the
“Maker”) promises to pay to Valens U.S. SPV I, LLC, c/o Valens Capital Management, LLC (the “Payee”) at 335 Madison Avenue, 10th Floor, New York, New York 10017, or at such other place as may be designated in writing by the Payee of this Second Amended and
Restated Secured Term Note (this “Term Note”), the principal sum of Four Hundred Seventeen Thousand Five Hundred Eleven and 92/100 Dollars ($417,511.92) together with any accrued and unpaid interest hereon, on June 30, 2012
(the “Maturity Date”) if not sooner indefeasibly paid in full. 
 Interest payable on the outstanding principal amount of
this Term Note (including all PIK Amounts (as defined below) added thereto, the “Principal Amount”) shall accrue at a rate per annum equal to twelve percent (12%) (the “Contract Rate”). Interest shall be
(i) calculated on the basis of a 360 day year, and (ii) payable monthly, in arrears, commencing on September 1, 2008, on the first business day of each consecutive calendar month thereafter through and including the Maturity Date, and
on the Maturity Date, whether by acceleration or otherwise (each, an “Interest Payment Date”). Through any Interest Payment Date, interest on the Principal Amount of this Term Note at the Contract Rate that shall have accrued
and shall remain unpaid as of such Interest Payment Date (for any Interest Payment Date, a “PIK Amount”) shall be paid on such Interest Payment Date by addition of such PIK Amount to the Principal Amount. At the option of the
Payee, the PIK Amounts added to the principal amount outstanding under this Term Note during such year shall be evidenced by a note (a “PIK Note”) in form and substance satisfactory to the Payee, provided, however, that such PIK
Note shall not be necessary to evidence such portion of the Principal Amount nor shall the absence of such PIK Note relieve the Maker of their its obligation to pay such portion of the Principal Amount to the Payee. Notwithstanding any other
provision of this Term Note and the addition of any PIK Amount to the principal amount outstanding under this Term Note, the Maker may, in its sole discretion, pay any PIK Amount in cash on any Interest Payment Date without any premium or
penalty. The Maker shall give written notice to the Payee of any such payment of a PIK Amount in cash not less than one (1) Business Day prior to the applicable Interest Payment Date. All cash payments by the Companies of any PIK
Amount that has been added to the principal amount of this Term Note shall be deducted from the Principal Amount.
 This Term Note amends and
restates in its entirety (and is given in substitution for and not in satisfaction of) that certain Amended and Restated Short Term Demand Note issued as of August 26, 2008 (and dated August 8, 2008) in the original principal amount of
$417,511.92 made by Maker to Payee which further amended that certain Short Term Demand Note dated as August 8, 2008 in the original principal amount of $417,511.92 made by Maker in favor of Payee. 

 1. USE OF PROCEEDS. The proceeds of the loan made pursuant to this Term Note shall be used by Maker
solely for working capital purposes. 
 2. OPTIONAL REDEMPTION IN CASH. The Maker may prepay this Term Note (“Optional
Redemption”) by paying to the Payee a sum of money equal to the Principal Amount outstanding at such time together with accrued but unpaid interest thereon and any and all other sums due, accrued or payable to the Payee arising under this
Term Note (the “Redemption Amount”) outstanding on the Redemption Payment Date (as defined below). The Maker shall deliver to the Payee a written notice of redemption (the “Notice of Redemption”) specifying the date
for such Optional Redemption (the “Redemption Payment Date”), which date shall be within ten (10) business days after the date of the Notice of Redemption (the “Redemption Period”). On the Redemption Payment
Date, the Redemption Amount must be paid in good funds to the Payee. In the event the Maker fails to pay the Redemption Amount on the Redemption Payment Date as set forth herein, then such Redemption Notice will be null and void. 
 3. EVENT OF DEFAULT. The occurrence of any of the following events set forth in this section shall constitute an event of default (“Event of
Default”) hereunder: 
 a. Failure to Pay. The Maker fails to pay on demand hereunder any of principal,
interest or other fees hereon in accordance herewith, or the Maker fails to pay any of the other Obligations (under the Amended and Restated Master Security Agreement, dated as of the date hereof, which amends and restates the Master Security
Agreement, dated August 8, 2008 (as further amended, restated, modified and/or supplemented from time to time, the “Master Security Agreement”) by and between LV Administrative Services, Inc., as Agent (in its capacity as
administrative and/or collateral agent, the “Agent”) the Maker and PetroAlgae Inc. (“PetroAlgae”) when due; or 
 b. Breach of Covenant. The Maker, any guarantor of the Obligations (each a “Guarantor”) or any of its subsidiaries breaches any covenant or any other term or condition of this Term Note, the
Master Security Agreement or any other Document (as defined in the Master Security Agreement) in any material respect and such breach, if subject to cure, continues for a period of fifteen (15) days after the occurrence thereof; or 

c. Breach of Representations and Warranties. Any representation, warranty or statement made or furnished by the Maker or
Guarantor in this Term Note, the Master Security Agreement or any other Document (as defined in the Master Security Agreement) shall at any time be false or misleading in any respect on the date as of which made or deemed made; or 
 d. Default Under the Master Security Agreement. The occurrence of any default (or similar term) in the observance or performance of
the Master Security Agreement or any other Document (as defined in the Master Security Agreement) or condition relating to any indebtedness or contingent obligation of the Maker, the Guarantor, or any of their respective subsidiaries; or 

 e. Bankruptcy. The Maker or Guarantor shall (i) apply for, consent to or
suffer to exist the appointment of, or the taking of possession by, a receiver, custodian, trustee or liquidator of itself or of all or a substantial part of its property, (ii) make a general assignment for the benefit of creditors,
(iii) commence a voluntary case under the federal bankruptcy laws (as now or hereafter in effect), (iv) be adjudicated a bankrupt or insolvent, (v) file a petition seeking to take advantage of any other law providing for the relief of
debtors, (vi) acquiesce to, any petition filed against it in any involuntary case under such bankruptcy laws, or (vii) take any action for the purpose of effecting any of the foregoing. 
 f. Judgments. Attachments or levies in excess of $5,000.00 in the aggregate are made upon the Maker’s or Guarantor’s
assets or a judgment is rendered against the Maker’s or Guarantor’s property involving a liability of more than $5,000.00; 
 g. Insolvency. The Maker, the Guarantor or any of their respective subsidiaries shall admit in writing its inability, or be generally unable, to pay its debts as they become due or cease operations of its present business;

 h. Change of Control. A Change of Control (as defined below) shall occur with respect to the Maker, unless Payee
shall have expressly consented to such Change of Control in writing. A “Change of Control” shall mean any event or circumstance as a result of which (i) any “Person” or “group” (as such terms are defined in
Sections 13(d) and 14(d) of the Exchange Act, as in effect on the date hereof), other than the Payee, is or becomes the “beneficial owner” (as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act), directly or indirectly, of 35% or
more on a fully diluted basis of the then outstanding voting equity interest of the Maker (other than a “Person” or “group” that beneficially owns 35% or more of such outstanding voting equity interests of the Maker on the date
hereof), (ii) the Board of Directors of the Maker shall cease to consist of a majority of the Maker’s board of directors on the date hereof (or directors appointed by a majority of the board of directors in effect immediately prior to such
appointment) or (iii) the Maker or any of its subsidiaries merges or consolidates with, or sells all or substantially all of its assets to, any other person or entity; 
 i. Indictment; Proceedings. The indictment or threatened indictment of the Maker, the Guarantor or any of their respective
subsidiaries or any executive officer of the Maker, the Guarantor or any their respective subsidiaries under any criminal statute, or commencement or threatened commencement of criminal or civil proceeding against the Maker, the Guarantor or any of
their respective subsidiaries or any executive officer of the Maker, the Guarantor or any of their respective subsidiaries pursuant to which statute or proceeding penalties or remedies sought or available include forfeiture of any of the property of
the Maker, the Guarantor or any of their respective subsidiaries; or 
 j. The Master Security Agreement. (i) An
Event of Default shall occur under and as defined in the Master Security Agreement, (ii) the Maker or any of its subsidiaries shall breach any term or provision of the Master Security Agreement in any respect, (iii) the Maker, or any of
its subsidiaries attempts to terminate, challenges the validity of, or its 

 
liability under, the Master Security Agreement, (iv) any proceeding shall be brought to challenge the validity, binding effect of the Master Security
Agreement or (v) the Master Security Agreement ceases to be valid, binding and enforceable obligation of the Maker. 
 4. DEFAULT
INTEREST. Following the occurrence and during the continuance of an Event of Default, the Maker shall pay additional interest on the outstanding principal balance of this Term Note in an amount equal to one percent (1%) per month, and all
outstanding obligations under this Term Note, the Master Security Agreement, including unpaid interest, shall continue to accrue interest at such additional interest rate from the date of such Event of Default until the date such Event of Default is
cured or waived. 
 5. REMEDIES. During the continuance of any Event of Default, the Payee may in any applicable law, declare immediately due
and payable all or part of any obligation (including any accrued but unpaid interest thereon) under this Term Note whereupon the same shall become immediately due and payable, without presentment, demand, protest or further notice or other
requirements of any kind, all of which are hereby expressly waived by the Maker; provided, however, that, effective immediately upon the occurrence of the Events of Default specified in Section 2(e), each obligation under
this Term Note including any accrued all accrued but unpaid interest thereon shall automatically become and be due and payable, without presentment, demand, protest or further notice or other requirement of any kind, all of which are hereby
expressly waived by the Maker. 
 6. AUTHORITY. The Maker represents that the Maker has full power, authority and legal right to execute and
deliver this Term Note and that this Term Note constitutes a valid and binding obligation of the Maker enforceable against the Maker in accordance with its terms. 
 7. DEFINED TERMS. Whenever used, the singular number shall include the plural, the plural the singular, and the words “Payee” and “Maker” shall include, respectively, their respective
successors and assigns; provided, however, that the Maker shall in no event or under any circumstance have the right to assign or transfer its obligations under this Term Note or the related documents, in whole or in part, to any other person, party
or entity. 
 8. HEADINGS, ETC. The headings and captions of the numbered paragraphs of this Term Note are for convenience of reference only
and are not to be construed as defining or limiting, in any way, the scope or intent of the provisions hereof. 
 9. ENFORCEABILITY. The
Maker acknowledges that this Term Note and the Maker’s obligations under this Term Note are and shall at all times continue to be absolute and unconditional in all respects, and shall at all times be valid and enforceable irrespective of any
other agreements or circumstances of any nature whatsoever which might otherwise constitute a defense to this Term Note and the obligations of the Maker under this Term Note or the obligations of any other person or party relating to this Term Note.
This Term Note and the guarantees, security agreements, other agreements, instruments and documents executed and/or delivered in connection herewith (collectively and as the same may be amended or otherwise modified from time to time, the
“Documents”) set forth the entire agreement and understanding of the Payee and the Maker, and the Maker absolutely, unconditionally and irrevocably waives 

 
any and all right to assert any setoff, counterclaim or crossclaim of any nature whatsoever with respect to this Term Note or the obligations of the Maker
hereunder or thereunder, or the obligations of any other person or party relating hereto or thereto or to the obligations of the Maker hereunder or thereunder or otherwise in any action or proceeding brought by the Payee to collect this Term Note,
or any portion thereof, or to enforce, foreclose and realize upon the liens and security interests of the Payee in any collateral. The Maker acknowledges that no oral or other agreements, conditions, promises, understandings, representations or
warranties exist with respect to this Term Note or with respect to the obligations of the Maker under this Term Note, except those specifically set forth in this Term Note. 
 10. WAIVER. The Maker waives presentment, demand for payment, notice of dishonor and any or all notices or demands in connection with the delivery,
acceptance, performance, default or enforcement of this Term Note and consents to any or all delays, extensions of time, renewals, release of any party to any document related to this Term Note, and of any available security therefor, and any and
all waivers or modifications that may be granted or consented to by the Payee with regard to the time of payment or with respect to any other provisions of any of the Documents, and agrees that no such action, delay or failure to act on the part of
the Payee shall be construed as a waiver by the Payee of, or otherwise affect, in whole or in part, its right to avail itself of any remedy with respect thereto. No notice to or demand on the Maker shall be deemed to be a waiver of the obligation of
the Maker or of the right of the Payee to take further action without further notice or demand as provided in any of the Documents. 
 11.
ASSIGNABILITY. This Term Note shall be binding upon the Maker and its successors and assigns, and shall inure to the benefit of the Payee and its successors and assigns, and may be assigned by the Payee. The Maker may not assign any of its
obligations under this Term Note without the prior written consent of the Payee, any such purported assignment without such consent being null and void. 
 12. SECURITY INTEREST. Agent, for the benefit of the Payee, has been granted a security interest in certain assets of the Maker and PetroAlgae as more fully described in (i) the Master Security Agreement
and (ii) the Equity Pledge Agreement, dated as of August 15, 2008 by PetroAlgae, PetroTech Holdings, Corp., and the Agent. 
 13.
AMENDMENTS. This Term Note may not be modified, amended, changed or terminated orally, except by an agreement in writing signed by the Maker and the Payee. No waiver of any term, covenant or provision of this Term Note shall be effective unless
given in writing by the Payee and, if so given by the Payee, shall only be effective in the specific instance in which given. 
 14.
GOVERNING LAW. This Term Note is and shall be deemed entered into in the State of New York and shall be governed by and construed in accordance with the laws of the State of New York, without regard to principles of conflicts of laws. 

 IN WITNESS WHEREOF, the Maker has duly executed this Term Note the day and year first above written.

  

			
	PA LLC
		
	By:	 	/s/ Ottmar Dippold
		 	Name: Ottmar Dippold
		 	Title:   CEO

 SIGNATURE PAGE TO AMENDED AND 
 RESTATED SHORT TERM DEMAND NOTE;

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