Document:

Filed by Bowne Pure Compliance

Exhibit 10.8

RENEGY HOLDINGS, INC.

2007 EQUITY INCENTIVE PLAN

(As Amended and Restated February 5, 2008)

NOTICE OF GRANT OF RESTRICTED STOCK 

Unless otherwise defined herein, the terms defined in the 2007 Equity Incentive Plan (the
“Plan”) will have the same defined meanings in this Notice of Grant of Restricted Stock (the
“Notice of Grant”) and Terms and Conditions of Restricted Stock Grant, attached hereto as
Exhibit A (together, the “Agreement”).

	 	 	 	 	 	 	 
	 

	 	Participant:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Address:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

	 	 

Participant has been granted the right to receive an Award of Restricted Stock, subject to the
terms and conditions of the Plan and this Agreement, as follows:

	 	 	 	 	 	 	 
	 

	 	Grant Number	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Date of Grant	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Vesting Commencement Date
	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	Number of Shares Granted
	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	Exercise Price Per Share
	$

	 
	 	 
	 
	 	 	 	 	 	 
	 

	 	Term/Expiration Date	 	 	 	 
	 

	 	 	 	 

	 	 

Vesting Schedule:

Subject to any acceleration provisions contained in the Plan or set forth below, the
Restricted Stock will vest and the Company’s right to repurchase the Restricted Stock will lapse
in accordance with the following schedule:

[Vesting Schedule]

[Participant must purchase the Shares before the Expiration Date or the Restricted Stock Award
will terminate and Participant will have no further right to purchase the Shares.]

 

 

 

By Participant’s signature and the signature of the Company’s representative below,
Participant and the Company agree that this Award of Restricted Stock is granted under and governed
by the terms and conditions of the Plan and this Agreement. Participant has reviewed the Plan and
this Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to
executing this Agreement and fully understands all provisions of the Plan and Agreement.
Participant hereby agrees to accept as binding, conclusive and final all decisions or
interpretations of the Administrator upon any questions relating to the Plan and Agreement.
Participant further agrees to notify the Company upon any change in the residence address indicated
below.

	 	 	 	 	 	 	 
	PARTICIPANT

	 	 	 	RENEGY HOLDINGS, INC.	 	 
	 
	 	 	 	 	 	 
	 

Signature

	 	 	 	 

By
	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	Print Name

	 	 	 	Title	 	 
	 
	 	 	 	 	 	 
	Address:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 

 

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EXHIBIT A

TERMS AND CONDITIONS OF RESTRICTED STOCK GRANT

1. Purchase of Stock. The Company hereby agrees to sell to the Participant named in
the Notice of Grant (the “Participant”) and Participant hereby agrees to purchase the number of
Shares (the “Restricted Stock”), at the per Share purchase price and as otherwise described in the
Notice of Grant, subject to all of the terms and conditions in this Agreement and the Plan, which
is incorporated herein by reference. Subject to Section 18(c) of the Plan, in the event of a
conflict between the terms and conditions of the Plan and the terms and conditions of this
Agreement, the terms and conditions of the Plan will prevail. The purchase price for the
Restricted Stock, if any, may be paid by delivery to the Company at the time of execution of this
Agreement in cash, a check, or some combination thereof, together with any applicable tax
withholding.

OR

Grant of Restricted Stock. The Company hereby grants to the Participant named in the
Notice of Grant (the “Participant”) under the Plan for past services and as a separate incentive in
connection with his or her services and not in lieu of any salary or other compensation for his or
her services, the number of Shares (the “Restricted Stock”), at the per Share purchase price and as
otherwise described in the Notice of Grant, subject to all of the terms and conditions in this
Agreement and the Plan, which is incorporated herein by reference. Subject to Section 18(c) of the
Plan, in the event of a conflict between the terms and conditions of the Plan and the terms and
conditions of this Agreement, the terms and conditions of the Plan will prevail.

2. Escrow of Shares.

(a) All Shares of Restricted Stock will, upon execution of this Agreement, be delivered and
deposited with an escrow holder designated by the Company (the “Escrow Holder”). The Shares of
Restricted Stock will be held by the Escrow Holder until such time as the Shares of Restricted
Stock vest or the date Participant ceases to be a Service Provider.

(b) The Escrow Holder will not be liable for any act it may do or omit to do with respect to
holding the Shares of Restricted Stock in escrow while acting in good faith and in the exercise of
its judgment.

(c) Upon Participant’s termination as a Service Provider for any reason, the Escrow Holder,
upon receipt of written notice of such termination, will take all steps necessary to accomplish the
transfer of the unvested Shares of Restricted Stock to the Company. Participant hereby appoints
the Escrow Holder with full power of substitution, as Participant’s true and lawful
attorney-in-fact with irrevocable power and authority in the name and on behalf of Participant to
take any action and execute all documents and instruments, including, without limitation, stock
powers which may be necessary to transfer the certificate or certificates evidencing such unvested
Shares of Restricted Stock to the Company upon such termination.

 

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(d) The Escrow Holder will take all steps necessary to accomplish the transfer of Shares of
Restricted Stock to Participant after they vest following Participant’s request that the Escrow
Holder do so.

(e) Subject to the terms hereof, Participant will have all the rights of a stockholder with
respect to the Shares while they are held in escrow, including without limitation, the right to
vote the Shares and to receive any cash dividends declared thereon.

(f) In the event of any dividend or other distribution (whether in the form of cash, Shares,
other securities, or other property), recapitalization, stock split, reverse stock split,
reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of
Shares or other securities of the Company, or other change in the corporate structure of the
Company affecting the Shares, the Shares of Restricted Stock will be increased, reduced or
otherwise changed, and by virtue of any such change Participant will in his or her capacity as
owner of unvested Shares of Restricted Stock be entitled to new or additional or different shares
of stock, cash or securities (other than rights or warrants to purchase securities); such new or
additional or different shares, cash or securities will thereupon be considered to be unvested
Shares of Restricted Stock and will be subject to all of the conditions and restrictions which were
applicable to the unvested Shares of Restricted Stock pursuant to this Agreement. If Participant
receives rights or warrants with respect to any unvested Shares of Restricted Stock, such rights or
warrants may be held or exercised by Participant, provided that until such exercise any such rights
or warrants and after such exercise any shares or other securities acquired by the exercise of such
rights or warrants will be considered to be unvested Shares of Restricted Stock and will be subject
to all of the conditions and restrictions which were applicable to the unvested Shares of
Restricted Stock pursuant to this Agreement. The Administrator in its absolute discretion at any
time may accelerate the vesting of all or any portion of such new or additional shares of stock,
cash or securities, rights or warrants to purchase securities or shares or other securities
acquired by the exercise of such rights or warrants.

(g) The Company may instruct the transfer agent for its Common Stock to place a legend on the
certificates representing the Restricted Stock or otherwise note its records as to the restrictions
on transfer set forth in this Agreement.

3. Vesting Schedule. Except as provided in Section 4, and subject to Section 5, the
Shares of Restricted Stock awarded by this Agreement will vest in accordance with the vesting
provisions set forth in the Notice of Grant. Shares of Restricted Stock scheduled to vest on a
certain date or upon the occurrence of a certain condition will not vest in Participant in
accordance with any of the provisions of this Agreement, unless Participant will have been
continuously a Service Provider from the Date of Grant until the date such vesting occurs.

4. Administrator Discretion. The Administrator, in its discretion, may accelerate the
vesting of the balance, or some lesser portion of the balance, of the unvested Restricted Stock at
any time, subject to the terms of the Plan. If so accelerated, such Restricted Stock will be
considered as having vested as of the date specified by the Administrator.

 

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5. Forfeiture upon Termination of Status as a Service Provider. Notwithstanding any
contrary provision of this Agreement, the balance of the Shares of Restricted Stock that have
not vested at the time of Participant’s termination as a Service Provider for any reason will
be forfeited and automatically transferred to and reacquired by the Company at no cost to the
Company upon the date of such termination and Participant will have no further rights thereunder.
Participant will not be entitled to a refund of the price paid for the Shares of Restricted Stock,
if any, returned to the Company pursuant to this Section 5. Participant hereby appoints the Escrow
Agent with full power of substitution, as Participant’s true and lawful attorney-in-fact with
irrevocable power and authority in the name and on behalf of Participant to take any action and
execute all documents and instruments, including, without limitation, stock powers which may be
necessary to transfer the certificate or certificates evidencing such unvested Shares to the
Company upon such termination of service.

6. Death of Participant. Any distribution or delivery to be made to Participant under
this Agreement will, if Participant is then deceased, be made to Participant’s designated
beneficiary, or if no beneficiary survives Participant, the administrator or executor of
Participant’s estate. Any such transferee must furnish the Company with (a) written notice of his
or her status as transferee, and (b) evidence satisfactory to the Company to establish the validity
of the transfer and compliance with any laws or regulations pertaining to said transfer.

7. Withholding of Taxes. Notwithstanding any contrary provision of this Agreement, no
certificate representing the Shares of Restricted Stock may be released from the escrow established
pursuant to Section 5, unless and until satisfactory arrangements (as determined by the
Administrator) will have been made by Participant with respect to the payment of income, employment
and other taxes which the Company determines must be withheld with respect to such Shares. To the
extent determined appropriate by the Company in its discretion, it will have the right (but not the
obligation) to satisfy any tax withholding obligations by reducing the number of Shares otherwise
deliverable to Participant. If Participant fails to make satisfactory arrangements for the payment
of any required tax withholding obligations hereunder at the time any applicable Shares otherwise
are scheduled to vest pursuant to Sections 3 or 4, Participant will permanently forfeit such Shares
and the Shares will be returned to the Company at no cost to the Company.

8. Rights as Stockholder. Neither Participant nor any person claiming under or
through Participant will have any of the rights or privileges of a stockholder of the Company in
respect of any Shares deliverable hereunder unless and until certificates representing such Shares
will have been issued, recorded on the records of the Company or its transfer agents or registrars,
and delivered to Participant or the Escrow Agent. Except as provided in Section 2(f), after such
issuance, recordation and delivery, Participant will have all the rights of a stockholder of the
Company with respect to voting such Shares and receipt of dividends and distributions on such
Shares.

 

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9. No Guarantee of Continued Service. PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE
VESTING OF THE SHARES OF RESTRICTED STOCK PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY
CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING
OR RETAINING PARTICIPANT) AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS RESTRICTED
STOCK OR ACQUIRING SHARES HEREUNDER. PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES
THAT THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET
FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE
PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND WILL NOT INTERFERE IN ANY WAY WITH
PARTICIPANT’S RIGHT OR THE RIGHT OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING OR RETAINING
PARTICIPANT) TO TERMINATE PARTICIPANT’S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR
WITHOUT CAUSE.

10. Address for Notices. Any notice to be given to the Company under the terms of
this Agreement will be addressed to the Company at Renegy Holdings, Inc., 60 E. Rio Salado Parkway,
Suite 1012, Tempe, Arizona 85281, or at such other address as the Company may hereafter designate
in writing.

11. Grant is Not Transferable. Except to the limited extent provided in Section 6,
the unvested Shares subject to this grant and the rights and privileges conferred hereby will not
be transferred, assigned, pledged or hypothecated in any way (whether by operation of law or
otherwise) and will not be subject to sale under execution, attachment or similar process. Upon
any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of any unvested Shares of
Restricted Stock subject to this grant, or any right or privilege conferred hereby, or upon any
attempted sale under any execution, attachment or similar process, this grant and the rights and
privileges conferred hereby immediately will become null and void.

12. Binding Agreement. Subject to the limitation on the transferability of this grant
contained herein, this Agreement will be binding upon and inure to the benefit of the heirs,
legatees, legal representatives, successors and assigns of the parties hereto.

13. Additional Conditions to Release from Escrow. The Company will not be required to
issue any certificate or certificates for Shares hereunder or release such Shares from the escrow
established pursuant to Section 2 prior to fulfillment of all the following conditions: (a) the
admission of such Shares to listing on all stock exchanges on which such class of stock is then
listed; (b) the completion of any registration or other qualification of such Shares under any
state or federal law or under the rulings or regulations of the Securities and Exchange Commission
or any other governmental regulatory body, which the Administrator will, in its absolute
discretion, deem necessary or advisable; (c) the obtaining of any approval or other clearance from
any state or federal governmental agency, which the Administrator will, in its absolute discretion,
determine to be necessary or advisable; and (d) the lapse of such reasonable period of time
following the date of grant of the Restricted Stock as the Administrator may establish from time to
time for reasons of administrative convenience.

14. Plan Governs. This Agreement is subject to all terms and provisions of the Plan.
In the event of a conflict between one or more provisions of this Agreement and one or more
provisions of the Plan, the provisions of the Plan will govern. Capitalized terms used and not
defined in this Agreement will have the meaning set forth in the Plan.

 

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15. Administrator Authority. The Administrator will have the power to interpret the
Plan and this Agreement and to adopt such rules for the administration, interpretation and
application of the Plan as are consistent therewith and to interpret or revoke any such rules
(including, but not limited to, the determination of whether or not any Shares of Restricted Stock
have vested). All actions taken and all interpretations and determinations made by the
Administrator in good faith will be final and binding upon Participant, the Company and all other
interested persons. No member of the Administrator will be personally liable for any action,
determination or interpretation made in good faith with respect to the Plan or this Agreement.

16. Electronic Delivery. The Company may, in its sole discretion, decide to deliver
any documents related to the Shares of Restricted Stock awarded under the Plan or future Restricted
Stock that may be awarded under the Plan by electronic means or request Participant’s consent to
participate in the Plan by electronic means. Participant hereby consents to receive such documents
by electronic delivery and agrees to participate in the Plan through any on-line or electronic
system established and maintained by the Company or another third party designated by the Company.

17. Captions. Captions provided herein are for convenience only and are not to serve
as a basis for interpretation or construction of this Agreement.

18. Agreement Severable. In the event that any provision in this Agreement will be
held invalid or unenforceable, such provision will be severable from, and such invalidity or
unenforceability will not be construed to have any effect on, the remaining provisions of this
Agreement.

19. Modifications to the Agreement. This Agreement constitutes the entire
understanding of the parties on the subjects covered. Participant expressly warrants that he or
she is not accepting this Agreement in reliance on any promises, representations, or inducements
other than those contained herein. Modifications to this Agreement or the Plan can be made only in
an express written contract executed by a duly authorized officer of the Company. Notwithstanding
anything to the contrary in the Plan or this Agreement, the Company reserves the right to revise
this Agreement as it deems necessary or advisable, in its sole discretion and without the consent
of Participant, to comply with Section 409A or to otherwise avoid imposition of any additional tax
or income recognition under Section 409A in connection to this Award of Restricted Stock.

20. Amendment, Suspension or Termination of the Plan. By accepting this Award,
Participant expressly warrants that he or she has received an Award of Restricted Stock under the
Plan, and has received, read and understood a description of the Plan. Participant understands
that the Plan is discretionary in nature and may be amended, suspended or terminated by the Company
at any time.

21. Governing Law. This Agreement will be governed by the laws of the State of
Arizona, without giving effect to the conflict of law principles thereof. For purposes of
litigating any dispute that arises under this Award of Restricted Stock or this Agreement, the
parties hereby submit to and consent to the jurisdiction of the State of Arizona, and agree that
such litigation will be conducted in the courts of Maricopa County, Arizona, or the federal courts
for the United States for the District of Arizona, and no other courts, where this Award of
Restricted Stock is made and/or to be performed.

 

-7-Filed by Bowne Pure Compliance

Exhibit 10.11

FIRST MODIFICATION TO CREDIT AGREEMENT

WITH MODIFICATIONS TO THE

CASH COLLATERAL ACCOUNT AGREEMENT

THIS FIRST MODIFICATION AGREEMENT (this “Agreement”) is entered into as of November 14, 2008
by and between COMERICA BANK, a Texas banking corporation (“Lender”), and RENEGY HOLDINGS, INC., a
Delaware corporation (the “Borrower”). Robert Merrill Worsley (“RMW”), Christi Marie Worsley
(“CMW”), The Robert Merrill Worsley and Christi Marie Worsley Family Revocable Trust, dated July
28, 1998 (“Trust”), NZ Legacy, LLC, an Arizona limited liability company (“NZ Legacy”), and New
Mexico & Arizona Land Company, LLC, an Arizona limited liability company (“NMAL”) (RMW, CMW,
Trust, NZ Legacy and NMAL are also referred to individually and collectively as the “Guarantor” and
together with Borrower the “Credit Parties") are joining in the execution and delivery of this
Agreement to evidence its acknowledgment of, consent to, and agreement with, the terms and
conditions of this Agreement and the representations, warranties and obligations of Guarantor under
this Agreement.

PRELIMINARY STATEMENTS

A. Lender has extended to Borrower a non revolving line of credit facility in the principal
amount not to exceed $6,200,000.00 (the “NRLC”), pursuant to the terms and conditions set forth in
the Credit Agreement dated March 28, 2008 (the “Credit Agreement”), and secured by the deeds of
trust set forth on Schedule A attached hereto and incorporated by this reference, the
Credit Documents, Note, Cash Collateral Account Agreement, and other documents related to the
transactions contemplated therein (collectively the “Loan Documents”). To induce the Lender modify
the Loan Documents as set forth in this Agreement, NZ Legacy and NMAL have agreed,
contemporaneously with the execution of this Agreement, to execute and deliver secured guaranties
from each of NZ Legacy and NMAL in favor of Lender. Each Guarantor has guaranteed certain
obligations of Borrower with respect to the Loan Documents pursuant to the guaranty executed by
each Guarantor in favor and for the benefit of Lender as and to the extent set forth in the
Guaranty. The term “Loan Documents” shall hereafter include such Guaranty (as defined in the
Credit Agreement as modified by this Agreement). Capitalized terms not otherwise defined herein
shall have the meaning ascribed to such capitalized terms in the Credit Agreement.

B. Borrower and Guarantors (collectively, the “Credit Parties”) have requested that Lender
agree to suspend Borrowers’ obligations under Section 9.23 of the Credit Agreement for the period
specified below and that certain other modifications be made to the Credit Agreement as provided
herein.

C. Lender is willing to agree to such request on the terms and conditions set forth in this
Agreement.

 

 

 

AGREEMENT

For good and valuable consideration, the receipt and adequacy of which is hereby acknowledged,
the parties agree as follows:

1. The Credit Agreement is hereby modified as follows:

	 	A.	 	Section 1.1, the definition of “Base Rate” is modified by deleting “1%”
and replacing it with “300 basis points” and as modified shall in its entirety read
as follows:

“Base Rate” means the rate per annum equal to the sum of the Prime Rate
plus 300 basis points.

	 	B.	 	Section 1.1, the definition of “Guaranty” is deleted and replaced in
its entirety with the following:

“Guaranty” means collectively (i) the Secured Guaranty dated March 28,
2008 executed and delivered by (1) Robert Merrill Worsley, a married man, (2)
Christi Marie Worsley, a married woman, and (3) the Robert Merrill Worsley and
Christi Marie Worsley Family Revocable Trust, dated July 28, 1998, in favor and
for the benefit of Lender; (ii) the secured guaranty dated of even date herewith
executed and delivered by NZ Legacy, LLC, a limited liability company, in favor
and for and for the benefit of Lender; and (iii) the secured guaranty dated of
even date herewith executed and delivered by New Mexico and Arizona Land Company,
LLC, an Arizona limited liability company, in favor and for the benefit of Lender.

	 	C.	 	Section 1.1, the definition of “LIBOR” is deleted and replaced in its
entirety with the following:

“LIBOR” means, for any day, a per annum interest rate which is equal to
the quotient of the following:

(a) for any day, the per annum rate of interest determined on the basis of the
rate for deposits in United States Dollars for a period equal to one (1) month,
appearing on Page BBAM of the Bloomberg Financial Markets Information Service as
of 8:00 a.m. (Arizona time) (or as soon thereafter as practical), on such day,
or if such day is not a Business Day, on the immediately preceding Business Day.
In the event that such rate does not appear on Page BBAM of the Bloomberg
Financial Markets Information Service (or otherwise on such Service) on any day,
LIBOR for such day shall be determined by reference to such other publicly
available service for displaying eurodollar rates as may be agreed upon by
Lender and Borrower, or, in the absence of such agreement, LIBOR for such day
shall, instead, be determined based upon the average of the rates at which
Lender is offered dollar deposits at or about 8:00 a.m.
(Arizona time) (or soon thereafter as practical), on such day, or if such day is
not a Business Day, on the immediately preceding Business Day, in the
interLender eurodollar market in an amount comparable to the principal amount of
the Loan for a period of one (1) month;

 

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divided by

(b) a percentage (expressed as a decimal) equal to 1.00 minus the maximum rate
on such day at which Lender is required to maintain reserves on “Euro-currency
Liabilities” as defined in and pursuant to Regulation D of the Board of
Governors of the Federal Reserve System or, if such regulation or definition is
modified, and as long as Lender is required to maintain reserves against a
category of liabilities which includes eurodollar deposits or includes a
category of assets which includes eurodollar loans, the rate at which such
reserves are required to be maintained on such category.

	 	D.	 	Section 1.1, the definition of “LIBOR Based Rate” is deleted and
replaced in its entirety with the following; and all references in the Credit
Agreement to “LIBOR Based Rate” are deleted and replaced with “Daily Adjusting
LIBOR Rate”

“Daily Adjusting LIBOR Rate” means, for any day, a per annum interest rate
which is equal to the sum of LIBOR plus 425 basis points.

	 	E.	 	Section 1.1, the definition of “LIBOR Based Rate Advance” and “Base
Rate Advance” are deleted and all references in the Credit Agreement to “Base Rate
Advance” and “LIBOR Based Rate Advance” shall be replaced with “Advance”.

	 	F.	 	Section 1.1, the definition of “LIBOR Interest Period” as well as all
references to such term in the Credit Agreement are deleted.

	 	G.	 	Section 1.1 is modified by adding a definition of “LIBOR Lending
Office” as follows:

“LIBOR Lending Office” means Lender’s office located in the Cayman
Islands, British West Indies, or such other branch of Lender, domestic or foreign,
as it may hereafter designate as its LIBOR Lending Office by notice to the
Borrower.

	 	H.	 	Section 2.3(a) is deleted and replaced in its entirety with the
following:

(a) Interest shall accrue on the unpaid principal of the Loan at the Daily
Adjusting Libor Rate, except during any period of time during which, in accordance
with the terms and conditions of this Credit Agreement, the Indebtedness evidenced
by the NRLC Note shall bear interest at the Base Rate.

 

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(i) If, at any time, Lender determines that, (a) Lender is unable to
determine or ascertain the Daily Adjusting Libor Rate, or (b) by reason of
circumstances affecting the foreign exchange and interLender markets
generally, deposits in eurodollars in the applicable amounts or for the
relative maturities are not being offered to Lender, or (c) the Daily Adjusting
Libor Rate will not accurately or fairly cover or reflect the cost to Lender of
maintaining any of the Indebtedness under the NRLC Note at the Daily Adjusting
Libor Rate, then Lender shall forthwith give notice thereof to the undersigned.
Thereafter, beginning on the first day after the end of the then applicable
LIBOR Interest Period and continuing until Lender notifies the Borrower that
such conditions or circumstances no longer exist the Base Rate shall be the
applicable interest rate for all Indebtedness under the NRLC Note during such
period of time.

(ii) If, after the date hereof, the introduction of, or any change in, any
applicable law, rule or regulation or in the interpretation or administration
thereof by any governmental authority charged with the interpretation or
administration thereof, or compliance by Lender (or its LIBOR Lending Office)
with any request or directive (whether or not having the force of law) of any
such authority, shall make it unlawful or impossible for the Lender (or its
LIBOR Lending Office) to make or maintain any Advance with interest at the
Daily Adjusting Libor Rate, Lender shall forthwith give notice thereof to the
undersigned. Thereafter, beginning on the first day after the end of the then
applicable LIBOR Interest Period and continuing until Lender notifies the
undersigned that such conditions or circumstances no longer exist the Base Rate
shall be the applicable interest rate for all Indebtedness under the NRLC Note
during such period of time.

(iii) At any time upon prior written notice to the undersigned, Lender may, in
its sole discretion, suspend the Daily Adjusting LIBOR Rate as the applicable
interest rate and thereafter, beginning on the first day after the end of the
then applicable LIBOR Interest Period the Base Rate shall thereafter be the
applicable interest rate for all Indebtedness outstanding under the NRLC Note,
unless Lender rescinds such notice, in which case, the Daily Adjusting Libor
Rate shall, upon written notice from Lender to the Borrower, again be the
applicable interest rate for all Indebtedness outstanding under the NRLC Note.

	 	I.	 	Section 2.4 is deleted and replaced in its entirety with the
following:

2.4 INTENTIONALLY DELETED

	 	J.	 	Section 9.22 Mandatory Payments is modified by adding a
subsection (c) as follows:

(c) Cause one hundred percent (100%) of all proceeds (net of escrow fees and other
closing costs reasonably acceptable to Lender) from the sale of tax credits,
created under the Production Tax Code 45, to a third party.

 

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	 	K.	 	Section 9.23 is modified by inserting the following at the end of the
Section:

The minimum liquidity requirement set forth under this Section 9.23 shall
be suspended for the period of time beginning September 30, 2008 and ending on
December 31, 2008 after which time all provisions of this Section 9.23
shall be in full force and effect.

2. The Cash Collateral Account Agreement is hereby modified as follows:

	 	A.	 	Section 4 is modified by adding a subsection (e) as follows:

(e) Notwithstanding any other provision of this Agreement, Lender agrees that up
to a maximum of $300,000.00 of the funds contained in the Cash Collateral Account
may be used by Borrower for the sole purpose of meeting its payroll obligations.

3. Conditions Precedent. Lender’s covenants and obligations under this Agreement and
the effectiveness of this Agreement are expressly conditioned upon:

A. Execution and delivery of this Agreement by the parties;

B. Credit Parties execution and delivery of such other documents and instruments as
Lender may require in connection with the transactions contemplated hereby, including,
without limitation, certificates and resolutions, incumbency certificates, modifications of
mortgages, deeds of trust, and other security instruments.

C. Borrower’s delivery to Lender of secured guaranties from NMAL and NZ Legacy.

D. Borrower’s delivery of the $5,000.00 fee to Lender in consideration for Lender
suspending the minimum liquidity requirement under Section 9.23 of the Credit Agreement.

E. Each representation and warranty set forth in this Agreement and in the Loan
Documents shall be true and correct as of the date of execution and delivery of this
Agreement by the Borrower.

F. No Event of Default shall have occurred and be continuing under the Loan Documents
as of the date hereof.

 

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4. Representations and Warranties of Borrower and Guarantors. Each Credit Party
represents and warrants to Lender as of the date of this Agreement as follows: (a) Each entity of
Borrower is duly organized, validly existing and in good standing under the laws of its state of
formation with all power and authority necessary to own, lease and operate Borrower’s properties
and carry on its business as now conducted and to execute, deliver and perform this Agreement; (b)
all necessary action has been taken on its part to authorize the execution, delivery
and performance of this Agreement and this Agreement has been duly executed and delivered by
each Credit Party; (c) there are no suits, actions, proceedings or investigations pending or, to
the best of each Credit Party’s knowledge, threatened against or involving it before any court,
arbitrator or administrative or governmental body which might reasonably result in a material
adverse change in its contemplated business, condition, worth or operations; (d) the authorization,
execution, delivery and performance of this Agreement will not result in any breach or default
under any other document, instrument or agreement to which any Credit Party is a party or by which
it is subject or bound; (e) the authorization, execution, delivery and performance of this
Agreement will not violate any applicable law, statute, regulation, rule, ordinance, code or order;
(f) this Agreement and each of the Loan Documents constitutes the legal, valid and binding
obligation of each Credit Party, enforceable against each Credit Party in accordance with its
terms; (g) each lien and security interest on the Collateral continues to be duly and properly
perfected and constitutes a first priority lien; (h) no consent, license, permit, approval or
authorization of any person, entity or governmental authority is required in connection with its
execution, delivery and performance of this Agreement; (i) the representations and warranties made
by each Credit Party in each of the Credit Documents to which it is a party are true and correct as
of the date of the execution and delivery of this Agreement by such Credit Party. All
representations and warranties of each of Borrower and Guarantors made in this Agreement shall
survive the execution and delivery of this Agreement.

5. Releases. In further consideration of the Lender’s execution of this Agreement,
each Credit Party hereby releases Lender and Lender’s respective participants, affiliates,
officers, shareholders, employees, directors, agents, advisors and attorneys (collectively, the
“Releasees”) from any and all claims, demands, liabilities, responsibilities, disputes,
causes of action (whether at law or equity) and obligations of every nature whatsoever, whether
liquidated or unliquidated, known or unknown, matured or unmatured, fixed or contingent that such
Credit Party may have against Releasees or any of them which arise or relate to this Agreement, the
obligations, any Collateral, any Loan Document, any documents, agreements, dealings or other
matters in connection with any of the Loan Documents and any third parties liable in whole or in
part for any of the obligations under the Loan Documents or this Agreement, in each case to the
extent arising (a) on or prior to the date hereof or (b) out of, or relating to, actions, dealings
or matters occurring on or prior to the date hereof (including, without limitation, any actions or
inactions which Releasees or any of them may have taken prior to the date hereof).

6. Indemnity. Each Credit Party, jointly and severally, shall indemnify, defend and
hold the Releasees harmless for, from and against any and all claims, causes of action, losses,
damages, awards, settlements, penalties, judgments, costs and expenses (including, without
limitation, reasonable attorneys’ fees) (collectively, “Losses”) (excluding Losses suffered
by a Releasee directly arising out of such Releasee’s gross negligence or willful misconduct) with
respect to, or resulting from, or in connection with this Agreement, the Loan, the Loan Documents
or the transactions contemplated thereby. This Section 4 shall survive the execution and
delivery of this Agreement.

 

6

 

7. Amendments. No termination or waiver of any provision of this Agreement, or the
consent to any departure by the Credit Parties therefrom, shall in any way be effective without the
written concurrence of Lender. Any waiver or consent shall be effective only in the specific
instance and for the specific purpose for which it was given. No notice or demand upon
the Borrower or any Guarantor in any case shall entitle any Credit Party to any further notice
or demand in similar or other circumstances. The Lender’s failure at any time or times hereafter
to require strict performance by the Credit Parties of any provision or term of this Agreement
shall not waive, effect or diminish any rights of Lender thereafter to demand strict performance in
compliance herewith. Any suspension or waiver by Lender of a default, or forbearance with respect
thereto, pursuant to this Agreement or with respect to any Event of Default under the Loan
Documents shall not, except as may be expressly set forth herein, suspend, waive, effect or be a
forbearance with respect to, any other default or event of default, whether the same is prior or
subsequent thereto and whether of the same or of a different kind or character. None of the
undertakings, agreements, warranties, covenants and representations of the Lender contained in this
Agreement shall waive, effect or diminish the rights of the Lender under this Agreement or any
other Loan Document. None of the undertakings, agreements, warranties, covenants and
representations of the Credit Parties contained in this Agreement or any other Loan Document and no
default or event of default under this Agreement or any other Loan Document shall be deemed to have
been suspended or waived by the Lender unless such suspension or waiver is (a) in a subsequent
writing signed by the Lender and (b) delivered to the Borrower.

8. Relationship Between the Parties. The relationship of the Lender on the one hand,
and the Credit Parties, and each of them, on the other hand has been and shall continue to be, at
all times, that of creditor and debtor. Nothing contained in this Agreement, any instrument,
document or agreement delivered in connection therewith or in the Credit Agreement or any of the
other Loan Documents shall be deemed or construed to create a fiduciary relationship among the
parties.

9. Notices. All communications and notices to the Lender hereunder shall be given as
provided in the Loan Documents.

10. No Assignment. This Agreement shall not be assignable by the Borrower or any
other Credit Party without the written consent of the Lender. The Lender may assign to one or more
persons all or any part of, or any participation in, the Lender’s rights and benefits hereunder.

11. TIME OF THE ESSENCE. TIME IS STRICTLY OF THE ESSENCE OF THIS AGREEMENT AND FULL
AND COMPLETE PERFORMANCE OF EACH AND EVERY PROVISION HEREOF.

12. Miscellaneous. Each of the Credit Parties agrees to sign such other and further
documents, and to take such other actions, as may be reasonably appropriate to carry out the
intentions expressed in this Agreement, including, without limitation, documentation in respect of
the reaffirmation and confirmation of liens, and the priority of such liens, on the collateral for
the NRLC. This Agreement may be executed in one or more counterparts, each of which shall be deemed
an original. This Agreement shall be binding upon and inure to the benefit of the parties and their
successors and permitted assigns, including, without limitation, any United States trustee, any
debtor-in-possession or any trustee appointed from a private panel. This Agreement, the Loan
Documents and any other instruments referred to herein, constitute the entire agreement among the
parties with respect to the subject matter hereof and supersede all prior agreements and
understandings, both written and oral, of the

 

7

 

parties
or any of them with respect to the subject matter hereof, if any. This Agreement shall be governed by the laws of the State of
Arizona, without giving effect to its principles of conflicts of law. EACH CREDIT PARTY AND LENDER
HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT THEY MAY HAVE TO A TRIAL BY JURY
WITH RESPECT TO ANY AND ALL ISSUES PRESENTED IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM
BROUGHT BY ANY OF THE PARTIES HERETO AGAINST ANY OF THE OTHERS OR THEIR SUCCESSORS WITH RESPECT TO
ANY MATTER ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY DOCUMENT CONTEMPLATED HEREIN
OR RELATED HERETO. THIS WAIVER BY THE PARTIES HERETO OF ANY RIGHT EITHER MAY HAVE TO A TRIAL BY
JURY HAS BEEN NEGOTIATED AND IS AN ESSENTIAL ASPECT OF THEIR BARGAIN. FURTHERMORE, EACH OF THE
CREDIT PARTIES AND LENDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT THEY MAY
HAVE TO SEEK PUNITIVE, CONSEQUENTIAL, SPECIAL AND INDIRECT DAMAGES FROM THE OTHER PARTY AND ANY OF
THE AFFILIATES, OFFICERS, DIRECTORS OR EMPLOYEES OF THE OTHER PARTY OR ANY OF THE OTHER PARTY’S
SUCCESSORS WITH RESPECT TO ANY AND ALL ISSUES PRESENTED IN ANY ACTION, PROCEEDING, CLAIM OR
COUNTERCLAIM BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY OR ANY OF THE AFFILIATES, OFFICERS,
DIRECTORS OR EMPLOYEES OF ANY OTHER PARTY OR ANY OF THEIR SUCCESSORS WITH RESPECT TO ANY MATTER
ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY DOCUMENT CONTEMPLATED HEREIN OR RELATED
HERETO. THE WAIVER BY THE CREDIT PARTIES OF ANY RIGHT THEY MAY HAVE TO SEEK PUNITIVE,
CONSEQUENTIAL, SPECIAL AND INDIRECT DAMAGES HAS BEEN NEGOTIATED BY THE PARTIES HERETO AND IS AN
ESSENTIAL ASPECT OF THEIR BARGAIN.

13. Ratification. To the extent that the terms of this Agreement and are in conflict
with the Loan Documents, this Agreement shall govern. All other provisions of the Loan Documents
shall remain in full force and effect and are incorporated herein by reference.

[Signature Pages Follow]

 

8

 

IN WITNESS WHEREOF, the parties have executed this Agreement effective as of the date set
forth above.

	 	 	 	 	 
	 	BORROWER:

RENEGY HOLDINGS, INC., a Delaware corporation

 	 
	 	By:  	/s/ Robert M. Worsley
 	 
	 	 	Name:  	Robert M. Worsley 	 
	 	 	Title:  	Chief Executive Officer 	 
	 
	 	LENDER:

COMERICA BANK, a Texas banking corporation

 	 
	 	By:  	/s/ Matthew E. James
 	 
	 	 	Name:  	Matthew E. James 	 
	 	 	Title:  	Assistant Vice President 	 

 

9

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