Document:

ex10-1.htm

Exhibit 10.1

 

THIS NOTE AND THE SECURITIES INTO WHICH IT IS CONVERTIBLE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT AND UNDER APPLICABLE STATE SECURITIES LAWS OR UNLESS THE COMPANY SHALL HAVE RECEIVED AN OPINION OF COUNSEL THAT THE REGISTRATION OF SUCH SECURITIES UNDER THE SECURITIES ACT AND UNDER THE PROVISIONS OF APPLICABLE STATE SECURITIES LAWS IS NOT REQUIRED.

 

 

Convertible Promissory Demand Note

 

U.S. $_________ Issuance Date: ________ ___, 20__

No.: _____-__-__ Maturity Date: ________ ___, 20__

 

FOR VALUE RECEIVED, QUANTRX BIOMEDICAL CORPORATION, a Nevada corporation (the “Company”), hereby promises to pay to the order of ____________ or any permitted holder of this Convertible Promissory Demand Note (the “Payee”), at the principal office of the Payee set forth herein, or at such other place as the Payee may designate in writing to the Company, the principal sum of _________________________($___________), with interest on the unpaid principal balance hereof at a rate equal to ten percent (10%) per annum commencing on the date hereof, in such coin or currency of the United States of America as at the time shall be legal tender for the payment of public and private debts and in immediately available funds, as provided in this Convertible Promissory Demand Note (this “Note”).

 

1.           Mandatory Conversion of Principal and Interest upon Qualified Financing.  Upon the closing by the Company of an equity or equity based financing or a series of equity financings following the Issuance Date (a “Qualified Financing”) resulting in gross proceeds to the Company totaling at least $1,500,000 (the “Qualified Financing Threshold Amount”), the outstanding principal amount of this Note together with all accrued and unpaid interest hereunder (the “Outstanding Balance”) shall convert at the sole option of the Payee, into either 1) such securities, including warrants of the Company as are issued in the Qualified Financing, the amount of which shall be determined in accordance with the following formula: (the Outstanding Balance as of the closing of the Qualified Financing) x (1.20) / (the per security price of the securities sold in the Qualified Financing); or 2) that number of shares of common stock of the Company pursuant to the provisions of Section 2 herein.  The principal amount of this Note and of notes of like tenor issued between the date hereof and the closing of the Qualified Financing shall not be included in determining the Qualified Financing Threshold Amount.  If the Payee elects to convert into the Qualified Financing, the Payee shall be deemed to be a purchaser in the Qualified Financing and shall be granted all rights afforded to an investor in the Qualified Financing.  Notwithstanding anything to the contrary contained in this Section 1, the Company shall have the right, at the Company’s option, to pay all or a portion of the accrued and unpaid interest due and payable to Payee upon such automatic conversion in cash.

 

2.           Voluntary Conversion of Principal and Interest. Subject to the terms and conditions of this Section 2 and provided this Note remains outstanding and has not been converted pursuant to Section 1, immediately prior to the Maturity Date and thereafter (as defined below), the Payee shall have the right, at the Payee’s option, to convert the Outstanding Balance (the “Conversion Option”) into such number of fully paid and non-assessable shares of the Company’s common stock (the “Conversion Shares”) as is determined in accordance with the following formula:  (the Outstanding Balance as of the date of the exercise of the Conversion Option) / ($.08).  If the Payee desires to exercise the Conversion Option, the Payee shall, by personal delivery or nationally-recognized overnight carrier, surrender the original of this Note and give written notice to the Company (the “Conversion Notice”), which Conversion Notice shall (a) state the Payee’s election to exercise the Conversion Option, and (b) provide for a representation and warranty of the Payee to the Company that, as of the date of the Conversion Notice, the Payee has not assigned or otherwise transferred all or any portion of the Payee’s rights under this Note to any third parties.  The Company shall, as soon as practicable thereafter, issue and deliver to the Payee the number of Conversion Shares to which the Payee shall be entitled upon exercise of the Conversion Option.  Notwithstanding anything to

 

  

  

  

 

the contrary contained in this Section 2, the Company shall have the right, at the Company’s option, to pay all or a portion of the accrued and unpaid interest due and payable to Payee upon Payee’s exercise of the Conversion Option in cash. In the event the Qualified Financing Threshold Amount is satisfied and the Payee does not elect to the exchange the Outstanding Balance into the Qualified Financing as provided for under Section 1 herein, the Payee shall convert the Outstanding Balance pursuant to the provisions of this Section 2 in connection and simultaneous with the Qualified Financing.

 

3.           Additional Indebtedness. The Company shall not, without first obtaining the consent of the Payee (which consent will not be unreasonably withheld), incur any new indebtedness (indebtedness of the Company which does not exist as of the date of this Note) while this Note is outstanding; provided, however, that the Company may, without the consent of the Payee, issue indebtedness of like kind up to a total of $250,000 principal and incur  indebtedness in the ordinary course of business or from any bona-fide strategic investors.

 

4.           Principal and Interest Payments.

 

(a)           In the event a Qualified Financing is not completed and the Payee has not exercised the Conversion Option, Company shall repay the entire principal balance then outstanding under this Note on the later to occur of ________ ___, 20__ (the “Maturity Date”) or upon written demand for payment by the Payee.

 

(b)           Interest on the outstanding principal balance of this Note shall accrue at a rate of ten percent (10%) per annum commencing on the date hereof, which interest shall be computed on the basis of the actual number of days elapsed and a year of three hundred and sixty-five (365) days.  In the event a Qualified Financing is not completed and the Payee has not exercised the Conversion Option, all accrued and unpaid interest due under this Note shall be payable on the Maturity Date by the Company in cash or shares of common stock. In determining the number of interest shares due, the Company shall use a share price calculated by taking the closing price of the Company’s common stock for the ten trading days prior to the interest payment date multiplied  by eighty five (85%) percent. Furthermore, upon the occurrence of an Event of Default (as defined below), or following the Maturity Date the Company will pay interest to the Payee on the then outstanding principal balance of the Note from such date until this Note is paid in full at the rate of eighteen percent (18%) per annum, with interest payable quarterly.

 

(c)           At the Company’s sole option, the Company may prepay all or a portion of the outstanding principal amount of this Note and/or all or a portion of the accrued and unpaid interest hereon in cash at any time prior to the Maturity Date without penalty or premium.  Any payments made under this Note shall be applied first to the accrued and unpaid interest, if any, and the remainder to the unpaid principal amount.  Notwithstanding the foregoing, the holder of this Note shall retain the right to convert this Note, for a period of ten (10) business days following the Company’s notice of its intention to prepay this Note.

 

5.           Non-Business Days.  Whenever any payment to be made shall be due on a Saturday, Sunday or a public holiday under the laws of the State of New York, such payment may be due on the next succeeding business day and such next succeeding day shall be included in the calculation of the amount of accrued interest payable on such date.

 

6.           Representations and Warranties of the Company.  The Company represents and warrants to the Payee as follows:

 

(a)           The Company has been duly incorporated and validly exists and is in good standing under the laws of the State of Nevada, with full corporate power and authority to own, lease and operate its properties and to conduct its business as currently conducted.

 

  

  

  

 

(b)           This Note has been duly authorized, validly executed and delivered on behalf of the Company and is a valid and binding obligation of the Company enforceable against the Company in accordance with its terms, subject to limitations on enforcement by general principles of equity and by bankruptcy or other laws affecting the enforcement of creditors’ rights generally.

 

(c)           The execution, delivery and performance of this Note will not: (i) conflict with or result in a material breach of or a default under any of the terms or provisions of, (A) the Company’s Certificate of Incorporation or by-laws, or (B) any material provision of any indenture, mortgage, deed of trust or other material agreement or instrument to which the Company is a party or by which it or any of its material properties or assets is bound; (ii) result in a violation of any material provision of any law, statute, rule, regulation, or any existing applicable decree, judgment or order by any court, Federal or state regulatory body, administrative agency, or other governmental body having jurisdiction over the Company, or any of its material properties or assets; or (iii) result in the creation or imposition of any material lien or encumbrance upon any material property or assets of the Company pursuant to the terms of any agreement or instrument to which the Company is a party or may be bound or to which the Company or any of its property is subject.

 

(d)           No consent, approval or authorization of or designation, declaration or filing with any governmental authority on the part of the Company is required in connection with the valid execution and delivery of this Note.

 

7.           Events of Default.  The occurrence of any of the following events shall be an “Event of Default” under this Note:

 

(a)           the Company shall fail to make the payment of any principal amount outstanding for a period of five (5) business days after the date such payment shall become due and payable hereunder; or

 

(b)           the Company shall fail to make the payment of any accrued and unpaid interest for a period of five (5) business days after the date such interest shall become due and payable hereunder; or

 

(c)           any material breach by the Company of any representations or warranties made by the Company herein; or

 

(d)           the holder of any indebtedness of the Company shall accelerate any payment of any amount or amounts of principal or interest on any such indebtedness (the “Indebtedness”) (other than with respect to this Note and notes of like tenor) prior to its stated maturity or payment date, the aggregate principal amount of which Indebtedness is in excess of $250,000, whether such Indebtedness now exists or shall hereinafter be created, and such accelerated payment entitles the holder thereof to immediate payment of such Indebtedness which is due and owing and such indebtedness has not been discharged in full or such acceleration has not been stayed, rescinded or annulled within fifteen (15) business days of such acceleration; or

 

(e)           A judgment or judgments for the payment of money shall be rendered against the Company for an amount in excess of $500,000 in the aggregate (net of any applicable insurance coverage) for all such judgments that shall remain unpaid for a period of sixty (60) consecutive days or more after its entry or issue or that shall not be discharged, released, dismissed, stayed or bonded (due to an appeal or otherwise) within the sixty (60) consecutive day period after its entry or issue; or

 

  

  

  

 

(f)           the Company shall (i) apply for or consent to 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 or assets, (ii) make a general assignment for the benefit of its creditors, (iii) commence a voluntary case under the Federal Bankruptcy Code, as amended (the “Bankruptcy Code”) or under the comparable laws of any jurisdiction (foreign or domestic), (iv) file a petition seeking to take advantage of any bankruptcy, insolvency, moratorium, reorganization or other similar law affecting the enforcement of creditors’ rights generally, or (v) acquiesce in writing to any petition filed against it in an involuntary case under the Bankruptcy Code or under the comparable laws of any jurisdiction (foreign or domestic); or

 

(g)           a proceeding or case shall be commenced in respect of the Company without its application or consent, in any court of competent jurisdiction, seeking (i) the liquidation, reorganization, moratorium, dissolution, winding up, or composition or readjustment of its debts, (ii) the appointment of a trustee, receiver, custodian, liquidator or the like of it or of all or any substantial part of its assets or (iii) similar relief in respect of it under any law providing for the relief of debtors, and such proceeding or case described in clause (i), (ii) or (iii) shall continue undismissed, or unstayed and in effect, for a period of forty-five (45) consecutive days or any order for relief shall be entered in an involuntary case under the Bankruptcy Code or under the comparable laws of any jurisdiction (foreign or domestic) against the Company or any of its subsidiaries and shall continue undismissed, or unstayed and in effect for a period of forty-five (45) consecutive days.

 

8.           Remedies Upon An Event of Default.  If an Event of Default shall have occurred and shall be continuing, the Payee of this Note may at any time at its option, (a) declare, by providing the Company with not less than five (5) days prior written notice, the entire unpaid principal balance of this Note together with all interest accrued and unpaid hereon, due and payable, and upon the Company’s receipt of such notice, the same shall be accelerated and so due and payable; provided, however, that upon the occurrence of an Event of Default described in (i) Sections 7(f) and (g), without presentment, demand, protest, or notice, all of which are hereby expressly unconditionally and irrevocably waived by the Company, the outstanding principal balance and accrued and unpaid interest hereunder shall be immediately due and payable, and (ii) Sections 7(a) through (e), the Payee may exercise or otherwise enforce any one or more of the Payee’s rights, powers, privileges, remedies and interests under this Note or applicable law.  No course of delay on the part of the Payee shall operate as a waiver thereof or otherwise prejudice the right of the Payee.  No remedy conferred hereby shall be exclusive of any other remedy referred to herein or now or hereafter available at law, in equity, by statute or otherwise.  Notwithstanding anything to the contrary contained in this Note, Payee agrees that its rights and remedies hereunder are limited to receipt of cash or shares of the Company’s common stock in the amounts described herein.

 

9.           Conversion Restrictions.

 

(a)           Notwithstanding anything to the contrary as set forth in Section 1 and 2 of this Note, at no time may a holder of this Note convert this Note if the number of shares of Common Stock to be issued pursuant to such conversion would cause the number of shares of Common Stock owned by such holder at such time to exceed, when aggregated with all other shares of Common Stock owned by such holder at such time, the number of shares of Common Stock which would result in such holder beneficially owning (as determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended, and the rules thereunder) in excess of 4.99% of the then issued and outstanding shares of Common Stock outstanding at such time; provided, however, that upon the Note holder  providing the Company with sixty-one (61) days notice (the "Waiver Notice") that such holder would like to waive such Conversion Restriction.  This Section 9(a)  with regard to any or all shares of Common Stock issuable upon conversion of this Note, shall be of no force or effect with regard to those shares of referenced in the Waiver Notice.

 

  

  

  

 

(b)           Notwithstanding anything to the contrary as set forth in Section 1 and 2 of this Note, at no time may a holder of this Note convert this Note if the number of shares of Common Stock to be issued pursuant to such conversion would cause the number of shares of Common Stock owned by such holder at such time to exceed, when aggregated with all other shares of Common Stock owned by such holder at such time, the number of shares of Common Stock which would result in such holder beneficially owning (as determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended, and the rules thereunder) in excess of 9.99% of the then issued and outstanding shares of Common Stock outstanding at such time; provided, however, that upon the Note holder providing the Company with sixty-one (61) days notice (the Waiver Notice") that such holder would like to waive such Conversion Restriction, this Section 9(b)  with regard to any or all shares of Common Stock issuable upon conversion of this Note, shall be of no force or effect with regard to those shares of referenced in the Waiver Notice.

 

10.           Replacement.  Upon receipt of a duly executed and notarized written statement from the Payee with respect to the loss, theft or destruction of this Note (or any replacement hereof), and without requiring an indemnity bond or other security, or, in the case of a mutilation of this Note, upon surrender and cancellation of such Note, the Company shall issue a new Note, of like tenor and amount, in lieu of such lost, stolen, destroyed or mutilated Note.

 

11.           Parties in Interest; Transferability.  This Note shall be binding upon the Company and its successors and assigns and the terms hereof shall inure to the benefit of the Payee and its successors and permitted assigns. This Note may not be transferred or sold, pledged, hypothecated or otherwise granted as security by the Payee without the prior written consent of the Company, which consent will not be unreasonably withheld.

 

12.           Amendments.  This Note may not be modified or amended in any manner except in writing executed by the Company and the Payee.

 

13.           Notices.  Any notice, demand, request, waiver or other communication required or permitted to be given hereunder shall be in writing and shall be effective (a) upon hand delivery by telecopy or facsimile at the address or number designated below (if delivered on a business day during normal business hours where such notice is to be received), or the first business day following such delivery (if delivered other than on a business day during normal business hours where such notice is to be received) or (b) on the second business day following the date of mailing by express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur.

	
Address of the Payee:

	
_____________________

_____________________

_____________________

_____________________

Attention:

Tel. No.:

Fax No.:

 

	
Address of the Company:

	
_____________________ 

_____________________

_____________________

_____________________

Attention:

Tel. No.:

Fax No.:

 

  

  

  

 

14.           Governing Law. This Note shall be governed by and construed in accordance with the internal laws of the State of New York, without giving effect to the choice of law provisions.  This Note shall not be interpreted or construed with any presumption against the party causing this Note to be drafted.

 

15.           Headings.  Article and section headings in this Note are included herein for purposes of convenience of reference only and shall not constitute a part of this Note for any other purpose.

 

16.           Remedies, Characterizations, Other Obligations, Breaches and Injunctive Relief.  The remedies provided in this Note shall be cumulative and in addition to all other remedies available under this Note, at law or in equity (including, without limitation, a decree of specific performance and/or other injunctive relief), no remedy contained herein shall be deemed a waiver of compliance with the provisions giving rise to such remedy and nothing herein shall limit a Payee’s right to pursue actual damages for any failure by the Company to comply with the terms of this Note.  The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable and material harm to the Payee and that the remedy at law for any such breach may be inadequate.  Therefore the Company agrees that, in the event of any such breach or threatened breach, the Payee shall be entitled, in addition to all other available rights and remedies, at law or in equity, to seek and obtain such equitable relief, including but not limited to an injunction restraining any such breach or threatened breach, without the necessity of showing economic loss and without any bond or other security being required.

 

17.           Failure or Delay Not Waiver.  No failure or delay on the part of the Payee in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other right, power or privilege.

 

18.           Enforcement Expenses.  The Company agrees to pay all reasonable costs and expenses of enforcement of this Note, including, without limitation, reasonable attorneys’ fees and expenses.

 

19.           Binding Effect.  The obligations of the Company and the Payee set forth herein shall be binding upon the successors and permitted assigns of each such party.

 

20.           Compliance with Securities Laws.  The Payee acknowledges and agrees that this Note and the securities issuable upon the conversion of this Note, is being, and will be, acquired solely for the Payee’s own account and not as a nominee for any other party, and for investment purposes only and not with a view to the resale or distribution of any part thereof, and that the Payee shall not offer, sell or otherwise dispose of this Note or the securities issuable upon the conversion of this Note other than in compliance with applicable federal and state laws.  The Payee understands that this Note and the securities issuable upon the conversion of this Note are “restricted securities” under applicable federal and state securities laws and that such securities have not been, and will not be, registered under the Securities Act of 1933, as amended (the “Securities Act”).  The Payee represents and warrants to the Company that the Payee is an “accredited investor” as such term is defined in Rule 501 of Regulation D promulgated under the Securities Act.  This Note and any Note issued in substitution or replacement therefore, and the securities issuable upon the conversion of this Note, shall be stamped or imprinted with a legend in substantially the following form:

 

“THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT AND UNDER APPLICABLE STATE SECURITIES LAWS OR UNLESS THE COMPANY SHALL HAVE RECEIVED AN OPINION OF COUNSEL THAT THE REGISTRATION OF SUCH SECURITIES UNDER THE SECURITIES ACT AND UNDER THE PROVISIONS OF APPLICABLE STATE SECURITIES LAWS IS NOT REQUIRED.”

 

  

  

  

 

21.           Severability.  The provisions of this Note are severable, and if any provision shall be held invalid or unenforceable in whole or in part in any jurisdiction, then such invalidity or unenforceability shall not in any manner affect such provision in any other jurisdiction or any other provision of this Note in any jurisdiction.

 

22.           Consent to Jurisdiction.  Each of the Company and the Payee (i) hereby irrevocably submits to the jurisdiction of the United States District Court sitting in the Southern District of New York and the courts of the State of New York located in New York county for the purposes of any suit, action or proceeding arising out of or relating to this Note and (ii) hereby waives, and agrees not to assert in any such suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of such court, that the suit, action or proceeding is brought in an inconvenient forum or that the venue of the suit, action or proceeding is improper.  Each of the Company and the Payee consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address set forth in Section 12 hereof and agrees that such service shall constitute good and sufficient service of process and notice thereof.  Nothing in this Section 21 shall affect or limit any right to serve process in any other manner permitted by applicable law.

 

23.           Waivers.  Except as otherwise specifically provided herein, the Company hereby waives presentment, demand, notice of nonpayment, protest and all other demands and notices in connection with the delivery, acceptance, performance and enforcement of this Note, and does hereby consent to any number of renewals or extensions of the time for payment hereof and agrees that any such renewals or extensions may be made without notice and without affecting its liability herein, AND DOES HEREBY WAIVE TRIAL BY JURY.  No delay or omission on the part of the Payee in exercising its rights under this Note, or course of conduct relating hereto, shall operate as a waiver of such rights or any other right of the Payee, nor shall any waiver by the Payee of any such right or rights on any one occasion be deemed a waiver of the same right or rights on any future occasion.

 

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IN WITNESS WHEREOF, the Company has executed and delivered this Note as of the date first written above.

 

QUANTRX BIOMEDICAL CORPORATION

 

By:                             

Name:

Title:

 

 

 

__________________________________________

Name of Payee

 

 

By:________________________________

Name:

Title:EX-10.1

 Exhibit 10.1 

AMENDMENT NO. 9 TO CREDIT AGREEMENT 

THIS AMENDMENT NO. 9 TO CREDIT AGREEMENT (this “Amendment”) is entered into as of July 16, 2015, by and among the
Lenders identified on the signature pages hereof (such Lenders, together with their respective successors and permitted assigns, are referred to hereinafter each individually as a “Lender” and collectively as the
“Lenders”), WELLS FARGO CAPITAL FINANCE, LLC, a Delaware limited liability company, as administrative agent for the Lenders (in such capacity, “Agent”), REG SERVICES GROUP, LLC, an Iowa limited liability
company (“REG Services”), and REG MARKETING & LOGISTICS GROUP, LLC, an Iowa limited liability company (“REG Marketing”; together REG Services and REG Marketing are each referred to herein as a
“Borrower”, and jointly and severally as the “Borrowers”). 
 WHEREAS, Borrowers, Agent, and Lenders are
parties to that certain Credit Agreement dated as of December 23, 2011, as amended by that certain Amendment No. 1 to Credit Agreement dated as of January 31, 2012, that certain Amendment No. 2 to Credit Agreement dated as of
February 29, 2012, that certain Waiver and Amendment No. 3 to Credit Agreement dated as of May 1, 2012, that certain Amendment No. 4 to Credit Agreement dated as of January 9, 2013, that certain Amendment No. 5 to
Credit Agreement dated as of August 9, 2013, that certain Amendment No. 6 to Credit Agreement dated as of December 23, 2013, that certain Amendment No. 7 to Credit Agreement dated as of May 19, 2014, and that certain
Amendment No. 8 to Credit Agreement and Waiver dated as of February 20, 2015 (as further amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”); 

WHEREAS, Borrowers, Agent and Lenders have agreed to amend the Credit Agreement in certain respects; 

NOW THEREFORE, in consideration of the premises and mutual agreements herein contained, the parties hereto agree as follows: 

1. Defined Terms. Unless otherwise defined herein, capitalized terms used herein shall have the meanings ascribed to such terms in the
Credit Agreement. 
 2. Amendments to Credit Agreement: Subject to the satisfaction of the conditions set forth in
Section 7 below, and in reliance upon the representations and warranties of Borrowers set forth in Section 8 below, the Credit Agreement is hereby amended as follows: 

(a) Section 2.2 of the Credit Agreement is hereby amended and restated in its entirety as follows: 

2.2 [Intentionally Omitted]. 

(b) Clause (b) of Section 2.10 of the Credit Agreement is hereby amended to replace the reference to “0.50%” with
“0.375%”. 
 (c) Clause (ii) of Section 2.11(a) of the Credit Agreement is hereby amended to replace the reference to
“$10,000,000” with “$25,000,000”. 

 (d) Section 6.9(b) of the Credit Agreement is hereby amended to replace each reference to
“25%” with “20%”. 
 (e) Section 7.2 of the Credit Agreement is hereby amended to replace the reference to
“$4,000,000” with “10% of the Maximum Revolver Amount”. 
 (f) Schedule C-1 of the Credit Agreement is hereby replaced
in its entirety with Schedule C-1 attached hereto. 
 (g) The grid in the definition of “Base Rate Margin” set forth in Schedule
1.1 to the Credit Agreement is hereby amended and restated in its entirety as follows: 
  

					
	 Level
	  	 Quarterly Average Excess Availability Amount
	  	 Base Rate Margin

for Advances

	I	  	Greater than $45,000,000	  	0.25 percentage points
	II	  	Less than or equal to $45,000,000 but greater than $30,000,000	  	0.50 percentage points
	III	  	Less than or equal to $30,000,000 but greater than $15,000,000	  	0.75 percentage points
	IV	  	Less than or equal to $15,000,000	  	1.00 percentage points

 (h) Clause (b)(iii) of the definition of “Borrowing Base” set forth in Schedule 1.1 to the Credit
Agreement is hereby amended and restated in its entirety as follows: 
 (iii) 150% of the amount of the credit availability
created by clause (a) above, minus 
 (i) Clause (c) of the definition of “Fixed Charges” set forth in Schedule 1.1 to
the Credit Agreement is hereby amended and restated in its entirety as follows: 
 (c) all federal, state, and local income
taxes paid in cash during such period, and 
 (j) The grid in the definition of “LIBOR Rate Margin” set forth in Schedule 1.1 to
the Credit Agreement is hereby amended and restated in its entirety as follows: 
  

					
	 Level
	  	 Quarterly Average Excess Availability Amount
	  	 LIBOR Rate Margin

for Advances

	I	  	Greater than $45,000,000	  	1.75 percentage points
	II	  	Less than or equal to $45,000,000 but greater than $30,000,000	  	2.00 percentage points

  
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	 Level
	  	 Quarterly Average Excess Availability Amount
	  	 LIBOR Rate Margin

for Advances

	III	  	Less than or equal to $30,000,000 but greater than $15,000,000	  	2.25 percentage points
	IV	  	Less than or equal to $15,000,000	  	2.50 percentage points

 (k) The definition of “Maximum Revolver Amount” set forth in Schedule 1.1 to the Credit Agreement is
hereby amended and restated in its entirety as follows: 
 “Maximum Revolver Amount” means $60,000,000, as
decreased by the amount of reductions in the Revolver Commitments made in accordance with Section 2.4(c) of the Agreement. 
 3.
Fee. In consideration of this Amendment, Borrowers shall pay to Agent (for the benefit of Lenders) a fee of $20,000 which shall be nonrefundable and fully earned on the date hereof. 

4. [Intentionally Omitted]. 

5. Continuing Effect. Except as expressly set forth in Section 2 of this Amendment, nothing in this Amendment shall
constitute a modification or alteration of the terms, conditions or covenants of the Credit Agreement or any other Loan Document, or a waiver of any other terms or provisions thereof, and the Credit Agreement and the other Loan Documents shall
remain unchanged and shall continue in full force and effect, in each case as amended hereby. 
 6. Reaffirmation and Confirmation.
Each Borrower hereby ratifies, affirms, acknowledges and agrees that the Credit Agreement and the other Loan Documents represent the valid, enforceable and collectible obligations of Borrowers, and further acknowledges that there are no existing
claims, defenses, personal or otherwise, or rights of setoff whatsoever with respect to the Credit Agreement or any other Loan Document. Each Borrower hereby agrees that this Amendment in no way acts as a release or relinquishment of the Liens and
rights securing payments of the Obligations. The Liens and rights securing payment of the Obligations are hereby ratified and confirmed by each Borrower in all respects. 

7. Conditions to Effectiveness. 

(a) This Amendment shall become effective upon the satisfaction of each of the following conditions precedent, each in form and substance
acceptable to Agent: 
 (i) Agent shall have received a fully executed copy of this Amendment in form and substance
acceptable to Agent, together with such other documents, agreements, opinions and instruments as Agent may require or reasonably request; 

  
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 (ii) Borrowers shall have paid the fee to Agent set forth in
Section 3 above, and 
 (iii) No Default or Event of Default shall have occurred and be continuing on the date
hereof or as of the date of the effectiveness of this Amendment. 
 8. Representations and Warranties. In order to induce Agent and
Lenders to enter into this Amendment, Borrowers hereby jointly and severally represent and warrant to Agent and Lenders that, after giving effect to this Amendment: 

(a) All representations and warranties contained in the Credit Agreement and the other Loan Documents are true and correct in all material
respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) on and as of the date of this Amendment, in each case as if
then made, other than representations and warranties that expressly relate solely to an earlier date; 
 (b) No Default or Event of Default
has occurred and is continuing; and 
 (c) This Amendment and the Credit Agreement, as modified hereby, constitute legal, valid and binding
obligations of each Borrower and are enforceable against each Borrower in accordance with their respective terms. 
 9.
Miscellaneous. 
 (a) Expenses. Borrowers jointly and severally agree to pay on demand all Lender Group Expenses of Agent
(including, without limitation, the fees and expenses of outside counsel for Agent) in connection with the preparation, negotiation, execution, delivery and administration of this Amendment and all other instruments or documents provided for herein
or delivered or to be delivered hereunder or in connection herewith. All obligations provided herein shall survive any termination of this Amendment and the Credit Agreement as modified hereby. 

(b) Governing Law. This Amendment shall be a contract made under and governed by the internal laws of the State of California. The
choice of law and venue, jury trial waiver and California judicial reference provisions set forth in Section 12 of the Credit Agreement are incorporated herein by reference and shall apply in all respects to this Amendment. 

(c) Counterparts. This Amendment may be executed in any number of counterparts, and by the parties hereto on the same or separate
counterparts, and each such counterpart, when executed and delivered, shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Amendment. Delivery of an executed counterpart of this Amendment by
facsimile or other electronic delivery shall be equally effective as delivery of an original executed counterpart of this Amendment. 
 10.
Release. 
 (a) In consideration of the agreements of Agent and Lenders contained herein and for other good and valuable
consideration, the receipt and sufficiency of which is hereby 

  
 -4- 

 
acknowledged, each Borrower and each other Loan Party (by its execution and delivery of the attached Consent and Reaffirmation), on behalf of itself and its successors, assigns, and other legal
representatives, hereby absolutely, unconditionally and irrevocably releases, remises and forever discharges Agent and Lenders, and their successors and assigns, and their present and former shareholders, affiliates, subsidiaries, divisions,
predecessors, directors, officers, attorneys, employees, agents and other representatives (Agent, each Lender and all such other Persons being hereinafter referred to collectively as the “Releasees” and individually as a
“Releasee”), of and from all demands, actions, causes of action, suits, covenants, contracts, controversies, agreements, promises, sums of money, accounts, bills, reckonings, damages and any and all other claims, counterclaims,
defenses, rights of set-off, demands and liabilities whatsoever (individually, a “Claim” and collectively, “Claims”) of every name and nature, known or unknown, suspected or
unsuspected, both at law and in equity, which any such Loan Party or any of their respective successors, assigns, or other legal representatives may now or hereafter own, hold, have or claim to have against the Releasees or any of them for, upon, or
by reason of any circumstance, action, cause or thing whatsoever in relation to, or in any way in connection with any of the Credit Agreement, or any of the other Loan Documents or transactions thereunder or related thereto which arises at any time
on or prior to the day and date of this Amendment. 
 (b) Each Borrower and each other Loan Party (by its execution and delivery of the
attached Consent and Reaffirmation) warrants, represents and agrees that it is fully aware of California Civil Code Section 1542, which provides as follows: 

SEC. 1542. GENERAL RELEASE. A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS
FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR. 
 Each Borrower and each
other Loan Party (by its execution and delivery of the attached Consent and Reaffirmation) hereby expressly waives the provisions of California Civil Code Section 1542, and any rights they may have to invoke the provisions of that statute now
or in the future with respect to the Claims being released pursuant to this Section 10. In connection with the foregoing waiver and relinquishment, each Borrower and each other Loan Party (by its execution and delivery of the attached
Consent and Reaffirmation) acknowledges that they are aware that they or their attorneys or others may hereafter discover claims or facts in addition to or different from those which the parties now know or believe to exist with respect to the
subject matter of the Claims being released hereunder, but that it is nevertheless the intention of each Borrower and each other Loan Party (by its execution and delivery of the attached Consent and Reaffirmation) to fully, finally and forever
settle, release, waive and discharge all of the Claims which are being released pursuant to this Section 10. The release given herein shall remain in effect as a full and complete general release, notwithstanding the discovery or
existence of any such additional or different claims or facts. 
 (c) Each Borrower and each other Loan Party (by its execution and delivery
of the attached Consent and Reaffirmation) understands, acknowledges and agrees that the release set forth above may be pleaded as a full and complete defense and may be used as a basis for an injunction against any action, suit or other proceeding
which may be instituted, prosecuted or attempted in breach of the provisions of such release. 

  
 -5- 

 (d) Each Borrower and each other Loan Party (by its execution and delivery of the attached
Consent and Reaffirmation) agrees that no fact, event, circumstance, evidence or transaction which could now be asserted or which may hereafter be discovered shall affect in any manner the final, absolute and unconditional nature of the release set
forth above. 
 [signature pages follow] 

  
 -6- 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their
respective officers thereunto duly authorized and delivered as of the date first above written. 
  

			
	REG SERVICES GROUP, LLC, an Iowa limited liability company
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

			
	REG MARKETING & LOGISTICS GROUP, LLC, an Iowa limited liability company
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 Signature Page to Amendment No. 9 to
Credit Agreement 

 
			
	WELLS FARGO CAPITAL FINANCE, LLC, a Delaware limited liability company, as Agent and as a Lender
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 Signature Page to Amendment No. 9 to
Credit Agreement 

 CONSENT AND REAFFIRMATION 

Renewable Energy Group, Inc., a Delaware corporation, as a Guarantor, REG Houston, LLC, a Texas limited Liability company, as a Plant Loan
Party, REG Geismer, LLC, a Delaware limited liability company, as a Plant Loan Party, REG Albert Lea, LLC, an Iowa limited liability company, as a Plant Loan Party, and REG New Boston, LLC, an Iowa limited liability company, as a Plant Loan Party
(each of the foregoing, a “Loan Party”) hereby (i) acknowledges receipt of a copy of the foregoing Amendment No. 9 to Credit Agreement (terms defined therein and used, but not otherwise defined, herein shall have the
meanings assigned to them therein); (ii) consents to each Borrower’s execution and delivery thereof; (iii) agrees to be bound thereby, including Section 10 of the foregoing Amendment No. 9 to Credit Agreement; and
(iv) affirms that nothing contained therein shall modify in any respect whatsoever any Loan Documents to which the undersigned is a party and reaffirms that each such Loan Document is and shall continue to remain in full force and effect.
Although each Loan Party has been informed of the matters set forth herein and has acknowledged and agreed to same, each Loan Party understands that Agent and Lenders have no obligation to inform such Loan Party of such matters in the future or to
seek such Loan Party’s acknowledgment or agreement to future consents, amendments or waivers, and nothing herein shall create such a duty. 
  

			
	RENEWABLE ENERGY GROUP, INC., a Delaware corporation, as a Guarantor
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

			
	REG HOUSTON, LLC, a Texas limited liability company, as a Plant Loan Party
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

			
	REG GEISMER, LLC, a Delaware limited liability company, as a Plant Loan Party
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 Consent and Reaffirmation to Amendment
No. 9 to Credit Agreement 

 
			
	REG ALBERT LEA, LLC, an Iowa limited liability company, as a Plant Loan Party
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

			
	REG NEW BOSTON, LLC, an Iowa limited liability company, as a Plant Loan Party
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 Consent and Reaffirmation to Amendment
No. 9 to Credit Agreement 

 Schedule C-1 

Commitments 
  

									
	 Lender
	  	Revolver Commitment	 	  	Total Commitment	 
	 Wells Fargo Capital Finance, LLC
	  	$	60,000,000	  	  	$	60,000,000	  
	 All Lenders
	  	$	60,000,000	  	  	$	60,000,000

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