Document:

<FONT FACE="Arial" SIZE=2>
<P ALIGN="CENTER"><u>Exhibit 10.1</u></P>
<B>
<P ALIGN="CENTER">PURE BIOFUELS CORP. </P>
<P ALIGN="CENTER">2006 STOCK OPTION AND AWARD PLAN</P>
</B><P ALIGN="JUSTIFY">PURE BIOFUELS CORP., a Nevada corporation (the &quot;Company&quot;), hereby adopts the Pure Biofuels Corp. 2006 Stock Option and Award Plan (the &quot;Plan&quot;), as approved by the board of directors of the Company (the "Board") on the 1<SUP>st</SUP> day of November, 2006, under which options to acquire stock of the Company or bonus stock may be granted from time to time to employees, including of officers and directors of the Company and/or its subsidiaries.  In addition, at the discretion of the Board or other administrator of this Plan, options to acquire stock of the Company or bonus stock may from time to time be granted under this Plan to other individuals who contribute to the success of the Company or its subsidiaries but who are not employees of the Company, all on the terms and conditions set forth herein.</P>
<p class="MsoNormal" style="margin-top:12.0pt;text-align:justify">1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>
Purpose of the Plan</u>.&nbsp; The Plan is intended to aid the Company in maintaining
and developing a management team, attracting qualified officers and employees
capable of assisting in the future success of the Company, and rewarding those
individuals who have contributed to the success of the Company. It is designed
to aid the Company in retaining the services of executives and employees and in
attracting new personnel when needed for future operations and growth and to
provide such personnel with an incentive to remain employees of the Company, to
use their best efforts to promote the success of the Company's business, and to
provide them with an opportunity to obtain or increase a proprietary interest in
the Company. It is also designed to permit the Company to reward those
individuals who are not employees of the Company but who are perceived by
management as having contributed to the success of the Company or who are
important to the continued business and operations of the Company. The above
aims will be effectuated through the granting of options (&quot;Options&quot;) to purchase
shares of common stock of the Company, par value $0.001 per share (the &quot;Stock&quot;),
or the granting of awards of bonus stock (&quot;Stock Awards&quot;), all subject to the
terms and conditions of this Plan. It is intended that the Options issued
pursuant to this Plan include, when designated as such at the time of grant,
options which qualify as Incentive Stock Options (&quot;Incentive Options&quot;) within
the meaning of section 422 of the Internal Revenue Code of 1986, as amended (the
&quot;Code&quot;), or any amendment or successor provision of like tenor.&nbsp; Options not
identified as Incentive Options are deemed to be non-qualified stock options
(&quot;NQ Options&quot;).&nbsp; If the Company has a class of securities registered under the
Securities Exchange Act of 1934, as amended (the &quot;Exchange Act&quot;), it is intended
that Options or Stock Awards granted pursuant to this Plan qualify for the
exemption provided for in Rule 16b-3 (&quot;Rule 16b-3&quot;) promulgated under the
Exchange Act or any amendment or successor rule of like tenor when granted in
accordance with the provisions of such rule.</p>
<p class="MsoNormal" style="margin-top:12.0pt;text-align:justify">2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Shareholder
Approval</u>. The Plan shall become effective immediately on adoption by the
Board and awards under the Plan can be made at that time or at any subsequent
time. </p>
<p class="MsoNormal" style="margin-top:12.0pt;text-align:justify">The Plan shall
be submitted to the Company's shareholders in the manner set forth below:</p>
<p class="MsoNormal" style="margin-top:12.0pt;margin-right:0in;margin-bottom:
0in;margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-indent:-.5in">
(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Within twelve months after the Plan has been adopted by the Board,
the Plan shall be submitted for approval by those shareholders of the Company
who are entitled to vote on such matters at a duly held shareholders' meeting or
approved by the unanimous written consent of the holders of the issued and
outstanding Stock of the Company. If the Plan is presented at a shareholders'
meeting, it shall be approved by the affirmative vote of the holders of a
majority of the issued and outstanding Stock in attendance, in person or by
proxy, at such meeting. Notwithstanding the foregoing, the Plan may be approved
by the shareholders in any other manner not inconsistent with the Company's
articles of incorporation and bylaws, the applicable provisions of state
corporate laws, and the applicable provisions of the Code and regulations
adopted thereunder.</p>
<p class="MsoNormal" style="margin-top:12.0pt;margin-right:0in;margin-bottom:
0in;margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-indent:-.5in">
(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the event the Plan is so approved, the secretary of the Company
shall, as soon as practicable following the date of final approval, prepare and
attach to this Plan certified copies of all relevant resolutions adopted by the
shareholders and the Board.</p>
<p class="MsoNormal" style="margin-top:12.0pt;margin-right:0in;margin-bottom:
0in;margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-indent:-.5in">
(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Failure to obtain shareholder approval on or before the date that is
twelve months subsequent to the adoption of this Plan by the Board shall not
affect awards previously granted under the Plan; provided that, none of the
Options issued under this Plan will qualify as Incentive Options.</p>
<p class="MsoNormal" align="center" style="margin-top:12.0pt;text-align:center">
1</p>
<hr color="#808080"><p Style='page-break-before:always'>
<p class="MsoNormal" style="margin-top:12.0pt;text-align:justify">3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Administration
of the Plan</u>. Administration of the Plan shall be determined by the Board.
Subject to compliance with applicable provisions of the governing law, the Board
may delegate administration of the Plan or specific administrative duties with
respect to the Plan, on such terms and to such committees of the Board as it
deems proper. Any Option or Stock Award approved by the Board shall be approved
by a majority vote of those members of the Board in attendance at a meeting at
which a quorum is present. Any Option or Stock Award approved by a committee
designated by the Board shall be approved as specified by the Board at the time
of delegation. The interpretation and construction of the terms of the Plan by
the Board or a duly authorized committee shall be final and binding on all
participants in the Plan absent a showing of demonstrable error. No member of
the Board or duly authorized committee shall be liable for any action taken or
determination made in good faith with respect to the Plan.</p>
<p class="MsoNormal" style="margin-top:12.0pt;text-align:justify">The Board's or
duly authorized committee's determination under the Plan (including without
limitation determinations of the persons to receive Options or Stock Awards, the
form, amount, and timing of such Options or Stock Awards, the terms and
provisions of such Options or Stock Awards, and the agreements evidencing same)
need not be uniform and may be made by the Board or duly authorized committee
selectively among persons who receive, or are eligible to receive, Options or
Stock Awards under the Plan, whether or not such persons are similarly situated.</p>
<p class="MsoNormal" style="margin-top:12.0pt;text-align:justify">4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>
Shares of Stock Subject to the Plan</u>.&nbsp; A total of 18,000,000 shares of Stock
may be subject to, or issued pursuant to, Options or Stock Awards granted under
the terms of this Plan. Any shares subject to an Option or Stock Award under the
Plan, which Option or Stock Award for any reason expires or is forfeited
terminated, or surrendered unexercised as to such shares, shall be added back to
the total number of shares reserved for issuance under the terms of this Plan.
If any right to acquire Stock granted under the Plan is exercised by the
delivery of shares of Stock or the relinquishment of rights to shares of Stock,
only the net shares of Stock issued (the shares of Stock issued less the shares
of Stock surrendered) shall count against the total number of shares reserved
for issuance under the terms of this Plan.&nbsp; The number of shares of Stock
subject to the Plan is subject to adjustment as set forth in Section 18 hereof.</p>
<p class="MsoNormal" style="margin-top:12.0pt;text-align:justify">5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Reservation
of Stock on Granting of Option</u>.&nbsp; At the time of granting any Option under
the terms of this Plan, there will be reserved for issuance on the exercise of
the Option the number of shares of Stock of the Company subject to such Option.
The Company may reserve either authorized but unissued shares or issued shares
that have been reacquired by the Company.</p>
<p class="MsoNormal" style="margin-top:12.0pt;text-align:justify">6. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Eligibility</u>.
Options or Stock Awards under the Plan may be granted to employees, including
officers, directors, consultants and advisors of the Company or its
subsidiaries, as may be existing from time to time, and to other individuals who
are not employees of the Company as may be deemed in the best interest of the
Company by the Board or a duly authorized committee. Such Options or Stock
Awards shall be in the amounts, and shall have the rights and be subject to the
restrictions, as may be determined by the Board or a duly authorized committee
at the time of grant, all as may be within the general provisions of this Plan.</p>
<p class="MsoNormal" style="margin-top:12.0pt;text-align:justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The term &quot;consultant&quot; includes an individual (and includes a corporation for
which that individual is an employee or shareholder, and a partnership of which
that individual is an employee or partner) that (a) is engaged to provide on an
ongoing bona fide basis, consulting, technical, managerial or other services to
the Company or its subsidiaries, other than services provided in relation to a
distribution or the offer or sale of securities in a capital-raising
transaction; (b) provides the services under a written contract between the
Company or its subsidiaries and the individual; (c) in the reasonable opinion of
the Company, spends or will spend a significant amount of time and attention on
the business and affairs of the Company or its subsidiaries; and (d) has a
relationship with the Company or its subsidiaries that enables the individual to
be knowledgeable about the business and affairs of the Company.</p>
<p class="MsoNormal" style="margin-top:12.0pt;text-align:justify;page-break-after:
avoid">7. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Term of Options and Certain Limitations on Right to
Exercise</u>.</p>
<p class="MsoNormal" style="margin-top:12.0pt;margin-right:0in;margin-bottom:
0in;margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-indent:-.5in">
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Option shall have the term established by the Board or duly
authorized committee at the time the Option is granted but in no event may an
Option have a term in excess of ten years.</p>
<p class="MsoNormal" style="margin-top:12.0pt;margin-right:0in;margin-bottom:
0in;margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-indent:-.5in">
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The term of the Option, once it is granted, may be reduced only as
provided for in this Plan or under the written provisions of the Option.</p>
<p class="MsoNormal" align="center" style="margin-top:12.0pt;text-align:center">
2</p>
<hr color="#808080"><p Style='page-break-before:always'> </p>
<p class="MsoNormal" style="margin-top:12.0pt;margin-right:0in;margin-bottom:
0in;margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-indent:-.5in">
(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unless otherwise specifically provided by the written provisions of
the Option, no holder or his or her legal representative, legatee, or
distributee will be, or shall be deemed to be, a holder of any shares subject to
an Option unless and until the holder exercises his or her right to acquire all
or a portion of the Stock subject to the Option and delivers the required
consideration to the Company in accordance with the terms of this Plan and the
Option and then only to the extent of the number of shares of Stock acquired.&nbsp;
Except as specifically provided in this Plan or as otherwise specifically
provided by the written provisions of the Option, no adjustment to the exercise
price or the number of shares of Stock subject to the Option shall be made for
dividends or other rights for which the record date is prior to the date the
Stock subject to the Option is acquired by the holder.</p>
<p class="MsoNormal" style="margin-top:12.0pt;margin-right:0in;margin-bottom:
0in;margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-indent:-.5in">
(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options under the Plan shall vest and become exercisable at such time
or times and on such terms as the Board or a duly authorized committee may
determine at the time of the grant of the Option.</p>
<p class="MsoNormal" style="margin-top:12.0pt;margin-right:0in;margin-bottom:
0in;margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-indent:-.5in">
(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options granted under the Plan shall contain such other provisions,
including, without limitation, further restrictions on the vesting and exercise
of the Option, as the Board or a duly authorized committee shall deem advisable.</p>
<p class="MsoNormal" style="margin-top:12.0pt;margin-right:0in;margin-bottom:
0in;margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-indent:-.5in">
(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In no event may an Option be exercised after the expiration of its
term.</p>
<p class="MsoNormal" style="margin-top:12.0pt;text-align:justify">8. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Exercise
Price</u>. The exercise price of each Option issued under the Plan shall be
determined by the Board or a duly authorized committee on the date of grant.</p>
<p class="MsoNormal" style="margin-top:12.0pt;text-align:justify">9. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment
Exercise Price</u>. The exercise of any Option shall be contingent on receipt by
the Company of cash, certified bank check to its order, or other consideration
acceptable to the Company; provided that, at the discretion of the Board or a
duly authorized committee, the written provisions of the Option may provide that
payment can be made in whole or in part in shares of Stock of the Company that
have been owned by the optionee for more than six months or by the surrender of
Options to acquire Stock from the Company that have been held for more than six
months, which Stock or Options shall be valued at their then fair market value
as determined by the Board or a duly authorized committee. Any consideration
approved by the Board or a duly authorized committee that calls for the payment
of the exercise price over a period of more than one year shall provide for
interest, which shall not be included as part of the exercise price, that is
equal to or exceeds the imputed interest provided for in section 483 of the Code
or any amendment or successor section of like tenor.</p>
<p class="MsoNormal" style="margin-top:12.0pt;text-align:justify">10. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Withholding</u>.
If the grant of a Stock Award or the grant or exercise of an Option pursuant to
this Plan, or any other event in connection with any such grant or exercise,
creates an obligation to withhold income and employment taxes pursuant to the
Code or applicable state or local laws, such obligation may, at the discretion
of the Board or a duly authorized committee at the time of the grant of the
Option or Stock Award and to the extent permitted by the terms of the Option or
Stock Award and the then governing provisions of the Code and the Exchange Act,
be satisfied (i) by the holder of the Option or Stock Award delivering to the
Company an amount of cash equal to such withholding obligation; (ii) by the
Company withholding from any compensation or other amount owing to the holder of
the Option or Stock Award the amount (in cash, Stock, or other property as the
Company may determine) of the withholding obligation; (iii) by the Company
withholding shares of Stock subject to the Option or Stock Award with a fair
market value equal to such obligation; or (iv) by the holder of the Option or
Stock Award either delivering shares of Stock that have been owned by the holder
for more than six months or canceling Options or other rights to acquire Stock
from the Company that have been held for more than six months with a fair market
value equal to such requirements. In all events, delivery of shares of Stock
issuable on exercise of the Option or on grant of the Stock Award shall be
conditioned upon and subject to the satisfaction or making provision for the
satisfaction of the withholding obligation of the Company resulting from the
grant or exercise of the Option, grant of the Stock Award, or any other event.&nbsp;
The Company shall be further authorized to take such other action as may be
necessary, in the opinion of the Company, to satisfy all obligations for the
payment of such taxes.</p>
<p class="MsoNormal" style="margin-top:12.0pt;text-align:justify">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Non-Qualified
Stock Options</u>.&nbsp; The Board or a duly authorized committee may grant NQ
Options to persons eligible to participate in this Plan, in the amount, and
subject to the provisions determined by the Board or a duly authorized
committee.</p>
<p class="MsoNormal" align="center" style="margin-top:12.0pt;text-align:center; margin-bottom:12px">
3<hr color="#808080"><p Style='page-break-before:always'></p>
<p class="MsoNormal" style="margin-top:12.0pt;text-align:justify">12. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Incentive
Options - Additional Provisions</u>. In addition to the other restrictions and
provisions of this Plan, any Option granted hereunder that is intended to be an
Incentive Option shall meet the following further requirements:</p>
<p class="MsoNormal" style="margin-top:12.0pt;margin-right:0in;margin-bottom:
0in;margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-indent:-.5in">
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Exercise Price</u>.&nbsp; The exercise price of an Incentive Option
shall not be less than the fair market value of the Stock on the date of grant
of the Incentive Option as determined by the Board or a duly authorized
committee based on the closing price for the Stock as quoted on a registered
national securities exchange or, if not listed on a national exchange or Nasdaq,
over the five-day trading period immediately prior to the date of grant of such
Incentive Option, or, if not listed on such an exchange or included on Nasdaq,
the closing price for the Stock as determined by the Board or a duly authorized
committee through any other reliable means of determination available on the
close of business on the trading day last preceding the date of grant of such
Incentive Option and permitted by the applicable provisions of the Code.</p>
<p class="MsoNormal" style="margin-top:12.0pt;margin-right:0in;margin-bottom:
0in;margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-indent:-.5in">
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Exercise Price and Term - 10% Stockholder</u>.&nbsp; No Incentive
Option may be granted under the Plan to any individual that owns (either of
record or beneficially) Stock possessing more than 10% of the combined voting
power of the Company or any parent or subsidiary corporation unless both the
exercise price is at least 110% of the fair market value of the Stock on the
date the Option is granted and the Incentive Option by its terms is not
exercisable more than five years after the date it is granted.</p>
<p class="MsoNormal" style="margin-top:12.0pt;margin-right:0in;margin-bottom:
0in;margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-indent:-.5in">
(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Eligible Participants</u>.&nbsp; Incentive Options may be granted only
to employees of the Company or its subsidiaries and only in connection with that
employee's employment by the Company or the subsidiary. Notwithstanding the
above, directors and other individuals who have contributed to the success of
the Company or its subsidiaries may be granted Incentive Options under the Plan,
subject to, and to the extent permitted by, applicable provisions of the Code
and regulations promulgated thereunder, as they may be amended from time to
time.</p>
<p class="MsoNormal" style="margin-top:12.0pt;margin-right:0in;margin-bottom:
0in;margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-indent:-.5in">
(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Maximum Value of Incentive Options</u>. The aggregate fair market
value (determined as of the date the Incentive Option is granted) of the shares
of Stock with respect to which Incentive Options are exercisable for the first
time by any individual during any calendar year under the Plan (and all other
plans of the Company and its subsidiaries) may not exceed $100,000.</p>
<p class="MsoNormal" style="margin-top:12.0pt;margin-right:0in;margin-bottom:
0in;margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-indent:-.5in">
(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Non-Transferability of Option</u>.&nbsp; No Incentive Option shall be
transferable other than by will or the laws of descent and distribution and
shall be exercisable, during the lifetime of the optionee, only by the optionee
to whom the Incentive Option is granted.</p>
<p class="MsoNormal" style="margin-top:12.0pt;margin-right:0in;margin-bottom:
0in;margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-indent:-.5in">
(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Certain Dispositions of Shares</u>.&nbsp; No individual acquiring
shares of Stock pursuant to any Incentive Option granted under this Plan shall
sell, transfer, or otherwise convey the Stock until after the date that is both
two years after the date the Incentive Option was granted and one year after the
date the Stock was acquired pursuant to the exercise of the Incentive Option. If
any individual makes a disqualifying disposition, he or she shall notify the
Company within 30 days of such transaction.</p>
<p class="MsoNormal" style="margin-top:12.0pt;margin-right:0in;margin-bottom:
0in;margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-indent:-.5in">
(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Expiration of Incentive Option</u>.&nbsp; No Incentive Option may be
exercised unless the holder was, within three months of such exercise, and had
been since the date the Incentive Option was granted, an eligible employee of
the Company as specified in the applicable provisions of the Code, unless the
employment was terminated as a result of the death or disability (as defined in
the Code and the regulations promulgated thereunder as they may be amended from
time to time) of the employee or the employee dies within three months of the
termination. In the event of termination as a result of disability, the holder
shall have a one year period following termination in which to exercise the
Incentive Option.&nbsp; In the event of death of the holder, the Incentive Option
must be exercised within six months after the issuance of letters testamentary
or administration or the appointment of an administrator, executor, or personal
representative, but not later than one year after the date of termination of
employment. An authorized absence or leave approved by the Board or a duly
authorized committee for a period of 90 days or less shall not be considered an
interruption of employment for any purpose under the Plan.&nbsp; If the holder's
employment was terminated for any reason, except disability or death, an
Incentive Option, to the extent unexercised and exercisable by the holder on the
date on which the holder's employment was terminated, may be exercised by the
holder at any time prior to the expiration of thirty (30) days (or </p>
<p class="MsoNormal" align="center" style="margin-top:12.0pt;text-align:center">
4</p><hr color="#808080"><p Style='page-break-before:always'></p>
<p class="MsoNormal" style="margin-top:12.0pt;margin-right:0in;margin-bottom:
0in;margin-left:.5in;margin-bottom:.0001pt;text-align:justify">such longer
period of time as determined by the Board, in its discretion) after the date on
which the holder's employment terminated, but in no event any later than the
expiration of the Incentive Option set out in the Award Agreement.&nbsp; </p>
<p class="MsoNormal" style="margin-top:12.0pt;margin-right:0in;margin-bottom:
0in;margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-indent:-.5in">
(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Conformation to Code</u>.&nbsp; All Incentive Options shall be deemed
to contain such other limitations and restrictions as are necessary to conform
the Incentive Option to the requirements for &quot;incentive stock options&quot; as
defined in section 422 of the Code, or any amendment or successor statute of
like tenor.</p>
<p class="MsoNormal" style="margin-top:12.0pt;text-align:justify">All of the
foregoing restrictions and limitations are based on the governing provisions of
the Code as of the date of adoption of this Plan. If at any time the Code is
amended to permit the qualification of an Option as an incentive stock option
without one or more of the foregoing restrictions or limitations or the terms of
such restrictions or limitations are modified, the Board or a duly authorized
committee may grant Incentive Options, and may modify outstanding Incentive
Options in accordance with such changes, all to the extent that such action by
the Board or duly authorized committee does not disqualify the Options from
treatment as incentive stock options under the provisions of the Code as may be
amended from time to time.</p>
<p class="MsoNormal" style="margin-top:12.0pt;text-align:justify">13. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>
Stock Awards</u>. The Board or a duly authorized committee may grant Stock
Awards to individuals eligible to participate in this Plan, in the amount, and
subject to the provisions determined by the Board or a duly authorized
committee. The Board or a duly authorized committee shall notify in writing each
person selected to receive a Stock Award hereunder as soon as practicable after
he or she has been so selected and shall inform such person of the number of
shares he or she is entitled to receive, the approximate date on which such
shares will be issued, and the Forfeiture Restrictions applicable to such
shares. (For purposes hereof, the term &quot;Forfeiture Restrictions&quot; shall mean any
prohibitions against sale or other transfer of shares of Stock granted under the
Plan and the obligation of the holder to forfeit his or her ownership of or
right to such shares and to surrender such shares to the Company on the
occurrence of certain conditions.) The Board or a duly authorized committee may,
at its discretion, require the payment in cash to the Company by the award
recipient of the par value of the Stock. The shares of Stock issued pursuant to
a Stock Award shall not be sold, exchanged, transferred, pledged, hypothecated,
or otherwise disposed of during such period or periods of time which the Board
or a duly authorized committee shall establish at the time of the grant of the
Stock Award. If a Stock Award is made to an employee of the Company or its
subsidiaries, the employee shall be obligated for no consideration other than
the amount, if any, of the par value paid in cash for such shares, to forfeit
and surrender such shares as he or shall have received under the Plan which are
then subject to Forfeiture Restrictions to the Company if he or she is no longer
an employee of the Company or its subsidiaries for any reason; provided that, in
the event of termination of the employee's employment by reason of death or
total and permanent disability, the Board or duly authorized committee, in its
sole discretion, may cancel the Forfeiture Restrictions. Certificates
representing shares subject to Forfeiture Restrictions shall be appropriately
legend as determined by the Board or a duly authorized committee to reflect the
Forfeiture Restrictions, and the Forfeiture Restrictions shall be binding on any
transferee of the shares.</p>
<p class="MsoNormal" style="margin-top:12.0pt;text-align:justify">14. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>
Awards to Directors and Officers</u>. To the extent the Company has a class of
securities registered under the Exchange Act, Options or Stock Awards granted
under the Plan to directors and officers (as used in Rule 16b-3 promulgated
under the Exchange Act or any amendment or successor rule of like tenor)
intended to qualify for the exemption from section 16(b) of the Exchange Act
provided in Rule 16b-3 shall, in addition to being subject to the other
restrictions and limitations set forth in this Plan, be made as follows:</p>
<p class="MsoNormal" style="margin-top:12.0pt;margin-right:0in;margin-bottom:
0in;margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-indent:-.5in">
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A transaction whereby there is a grant of an Option or Stock Award
pursuant to this Plan must satisfy one of the following:</p>
<p class="MsoNormal" style="margin-top:12.0pt;margin-right:0in;margin-bottom:
0in;margin-left:1.0in;margin-bottom:.0001pt;text-align:justify;text-indent:
-.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The transaction must be approved by the Board or a duly
authorized committee composed solely of two or more non-employee directors of
the Company (as defined in Rule 16b-3); </p>
<p class="MsoNormal" style="margin-top:12.0pt;margin-right:0in;margin-bottom:
0in;margin-left:1.0in;margin-bottom:.0001pt;text-align:justify;text-indent:
-.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The transaction must be approved or ratified, in compliance
with section 14 of the Exchange Act, by either: the affirmative vote of the
holders of a majority of the securities of the Company present or represented
and entitled to vote at a meeting of the shareholders of the Company held in
accordance with the applicable laws of the state of incorporation of the
Company; or, if allowed by applicable state law, the written consent of the
holders of a majority, or such greater percentage as may be required by
applicable laws of the state of incorporation of the Company, </p>
<p class="MsoNormal" align="center" style="margin-top:12.0pt;text-align:center">
5</p><hr color="#808080"><p Style='page-break-before:always'></p>
<p class="MsoNormal" style="margin-top:12.0pt;margin-right:0in;margin-bottom:
0in;margin-left:1.0in;margin-bottom:.0001pt;text-align:justify">of the
securities of the Company entitled to vote. If the transaction is ratified by
the shareholders, such ratification must occur no later than the date of the
next annual meeting of shareholders; or</p>
<p class="MsoNormal" style="margin-top:12.0pt;margin-right:0in;margin-bottom:
0in;margin-left:1.0in;margin-bottom:.0001pt;text-align:justify;text-indent:
-.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Stock acquired must be held by the officer or director
for a period of six months subsequent to the date of the grant; provided that,
if the transaction involves a derivative security (as defined in section 16 of
the Exchange Act), this condition shall be satisfied if at least six months
elapse from the date of acquisition of the derivative security to the date of
disposition of the derivative security (other than on exercise or conversion) or
its underlying equity security. </p>
<p class="MsoNormal" style="margin-top:12.0pt;margin-right:0in;margin-bottom:
0in;margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-indent:-.5in">
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any transaction involving the disposition to the Company of its
securities in connection with Options or Stock Awards granted pursuant to this
Plan shall:</p>
<p class="MsoNormal" style="margin-top:12.0pt;margin-right:0in;margin-bottom:
0in;margin-left:1.0in;margin-bottom:.0001pt;text-align:justify;text-indent:
-.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; be approved by the Board or a duly authorized committee
composed solely of two or more non-employee directors; or</p>
<p class="MsoNormal" style="margin-top:12.0pt;margin-right:0in;margin-bottom:
0in;margin-left:1.0in;margin-bottom:.0001pt;text-align:justify;text-indent:
-.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; be approved or ratified, in compliance with section 14 of
the Exchange Act, by either: the affirmative vote of the holders of a majority
of the securities of the Company present, or represented, and entitled to vote
at a meeting duly held in accordance with the applicable laws of the state of
incorporation of the Company or, if allowed by applicable state law, the written
consent of the holders of a majority, or such greater percentage as may be
required by applicable laws of the state of incorporation of the Company, of the
securities of the Company entitled to vote; provided that, such ratification
occurs no later than the date of the next annual meeting of shareholders.</p>
<p class="MsoNormal" style="margin-top:12.0pt;text-align:justify">All of the
foregoing restrictions and limitations are based on the governing provisions of
the Exchange Act and the rules and regulations promulgated thereunder as of the
date of adoption of this Plan. If at any time the governing provisions are
amended to permit an Option to be granted or exercised or Stock Award to be
granted pursuant to Rule 16b-3 or any amendment or successor rule of like tenor
without one or more of the foregoing restrictions or limitations, or the terms
of such restrictions or limitations are modified, the Board or a duly authorized
committee may award Options or Stock Awards to directors and officers, and may
modify outstanding Options or Stock Awards, in accordance with such changes, all
to the extent that such action by the Board or a duly authorized committee does
not disqualify the Options or Stock Awards from exemption under the provisions
of Rule 16b-3 or any amendment or successor rule of similar tenor.</p>
<p class="MsoNormal" style="margin-top:12.0pt;text-align:justify">15.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Assignment</u>. At the time of grant of an Option or Stock Award,
the Board or duly authorized Committee, in its sole discretion, may impose
restrictions on the transferability of such Option or Stock Award and provide
that such Option shall not be transferable other than by will or the laws of
descent and distribution or pursuant to a qualified domestic relations order as
defined in the Code and that, except as permitted by the foregoing, such Options
or Stock Awards, granted under the Plan and the rights and privileges thereby
conferred shall not be transferred, assigned, pledged, or hypothecated in any
way (whether by operation of law or otherwise), and shall not be subject to
execution, attachment, or similar process. On any attempt to transfer, assign,
pledge, hypothecate, or otherwise dispose of the Option or Stock Award, or of
any right or privilege conferred thereby, contrary to the provisions thereof, or
on the levy of any attachment or similar process on such rights and privileges,
the Option or Stock Award and such rights and privileges shall immediately
become null and void.</p>
<p class="MsoNormal" style="margin-top:12.0pt;text-align:justify">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Additional Terms and Provisions of Awards</u>. The Board or duly authorized
committee shall have the right to impose additional limitations on individual
awards under the Plan. For example, and without limiting the authority of the
Board or a duly authorized committee, an individual award may be conditioned on
continued employment for a specified period or may be voided based on the award
holder's gross negligence in the performance of his or her duties, substantial
failure to meet written standards established by the Company for the performance
of his or her duties, criminal misconduct, or willful or gross misconduct in the
performance of his or her duties. In addition, the Board or a duly authorized
committee may establish additional rights in the holders of individual awards at
the time of grant. For example, and without limiting the authority of the Board
or a duly authorized committee, an individual award may include the right to
immediate payment of the value inherent in the award on the occurrence of
certain events such as a change in control of the Company, all on the terms and
conditions set forth in the award at the time of grant.&nbsp; The Board or a duly
authorized committee may, </p>
<p class="MsoNormal" align="center" style="margin-top:12.0pt;text-align:center">
6</p><hr color="#808080"><p Style='page-break-before:always'></p>
<p class="MsoNormal" style="margin-top:12.0pt;text-align:justify">at the time of
the grant of the Option or Stock Award, establish any other terms, restrictions,
or provisions on the exercise of an Option or the holding of Stock subject to
the Stock Award as it deems appropriate. All such terms, restrictions, and
provisions must be set forth in writing at the time of grant in order to be
effective. </p>
<p class="MsoNormal" style="margin-top:12.0pt;text-align:justify">17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>
Dilution or Other Adjustment</u>.&nbsp; The maximum number of shares as to which
Options and Stock Awards may be granted under this Plan; and the terms of
outstanding Options and Stock Awards; and the per individual limitations on the
number of shares of Common Stock for which Options and Stock Awards may be
granted shall be adjusted as the Board shall determine to be equitably required
in the event that (a) the Company (i)&nbsp;effects one or more stock dividends, stock
split-ups, subdivisions or consolidations of shares or (ii) engages in a
transaction to which Section 424 of the Code applies; or (b) there occurs any
other event which, in the judgment of the Board necessitates such action.&nbsp; Any
determination made under this Section 17 by the Board shall be final and
conclusive.</p>
<p class="MsoNormal" style="margin-top:12.0pt;text-align:justify">The issuance
by the Company of shares of stock of any class, or securities convertible into
shares of stock of any class, for cash or property, or for labor or services,
either upon direct sale or upon the exercise of rights or warrants to subscribe
therefore, or upon conversion of shares or obligations of the Company
convertible into such shares or other securities, shall not affect, and no
adjustment by reason thereof shall be made with respect to, the maximum number
of shares as to which Options and Stock Awards may be granted, the per
individual limitations on the number of shares of Common Stock for which Options
and Stock Awards may be granted or the terms of outstanding Options and Stock
Awards.</p>
<p class="MsoNormal" style="margin-top:12.0pt;text-align:justify">18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>
Options or Stock Awards to Foreign Nationals</u>. The Board or a duly authorized
committee may, in order to fulfill the purposes of this Plan and without
amending the Plan, grant Options or Stock Awards to foreign nationals or
individuals residing in foreign countries that contain provisions, restrictions,
and limitations different from those set forth in this Plan and the Options or
Stock Awards made to United States residents in order to recognize differences
among the countries in law, tax policy, and custom. Such grants shall be made in
an attempt to provide such individuals with essentially the same benefits as
contemplated by a grant to United States residents under the terms of this Plan.</p>
<p class="MsoNormal" style="margin-top:12.0pt;text-align:justify">19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>
Listing and Registration of Shares</u>. Unless otherwise expressly provided on
the granting of an award under this Plan, the Company shall have no obligation
to register any securities issued pursuant to this Plan or issuable on the
exercise of Options granted hereunder. Each award shall be subject to the
requirement that if at any time the Board or a duly authorized committee shall
determine, in its sole discretion, that it is necessary or desirable to list,
register, or qualify the shares covered thereby on any securities exchange or
under any state or federal law, or obtain the consent or approval of any
governmental agency or regulatory body as a condition of, or in connection with,
the granting of such award or the issuance or purchase of shares thereunder,
such award may not be made or exercised in whole or in part unless and until
such listing. registration, consent, or approval shall have been effected or
obtained free of any conditions not acceptable to the Board or a duly authorized
committee.</p>
<p class="MsoNormal" style="margin-top:12.0pt;text-align:justify">20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Expiration and Termination of the Plan</u>. The Plan may be abandoned or
terminated at any time by the Board or a duly authorized committee except with
respect to any Options or Stock Awards then outstanding under the Plan. The Plan
shall otherwise terminate on the earlier of the date that is: (i) ten years
after the date the Plan is adopted by the Board; or (ii) ten years after the
date the Plan is approved by the shareholders of the Company.&nbsp; Options and Stock
Awards granted before that date shall remain valid in accordance with their
terms.</p>
<p class="MsoNormal" style="margin-top:12.0pt;text-align:justify">21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>
Form of Awards</u>. Awards granted under the Plan shall be represented by a
written agreement (the &quot;Award Agreement&quot;) which shall be executed by the Company
and which shall contain such terms and conditions as may be determined by the
Board or a duly authorized committee and permitted under the terms of this Plan.
Option agreements evidencing Incentive Options shall contain such terms and
conditions, among others, as may be necessary in the opinion of the Board or a
duly authorized committee to qualify them as incentive stock options under
section 422 of the Code or any amendment or successor statute of like tenor.</p>
<p class="MsoNormal" style="margin-top:12.0pt;text-align:justify">22.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>
No Right of Employment</u>. Nothing contained in this Plan or any Option or
Stock Award shall be construed as conferring on a director, officer, or employee
any right to continue or remain as a director, officer, or employee of the
Company or its subsidiaries.</p>
<p class="MsoNormal" align="center" style="margin-top:12.0pt;text-align:center">
7</p><hr color="#808080"><p Style='page-break-before:always'></p>
<p class="MsoNormal" style="margin-top:12.0pt;text-align:justify">23.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>
Leaves of Absence</u>. The Board or duly authorized committee shall be entitled
to make such rules, regulations, and determinations as the Board or duly
authorized committee deems appropriate under the Plan in respect of any leave of
absence taken by the recipient of any Option or Stock Award. Without limiting
the generality of the foregoing, the Board or duly authorized committee shall be
entitled to determine (a) whether or not any such leave of absence shall
constitute a termination of employment within the meaning of the Plan, and (b)
the impact, if any, of any such leave of absence on any Option or Stock Award
under the Plan theretofore made to any recipient who takes such leave of
absence.</p>
<p class="MsoNormal" style="margin-top:12.0pt;text-align:justify">24.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>.&nbsp; The Plan shall be governed by the laws of the State of
Nevada.</p>
<p class="MsoNormal" style="margin-top:12.0pt;text-align:justify">25.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendment of the Plan</u>. The Board or a duly authorized committee may
modify and amend the Plan in any respect; provided, however, that to the extent
such amendment or modification would cause the Plan to no longer comply with the
applicable provisions of the Code with respect to Incentive Options, such
amendment or modification shall also be approved by the shareholders of the
Company. Subject to the foregoing and, if the Company is subject to the
provisions of 16(b) of the Exchange Act, the limitations of Rule 16b-3
promulgated under the Exchange Act or any amendment or successor rule of like
tenor, the Plan shall be deemed to be automatically amended as is necessary</p>
<p class="MsoNormal" style="margin-top:12.0pt;margin-right:0in;margin-bottom:
0in;margin-left:1.0in;margin-bottom:.0001pt;text-align:justify;text-indent:
-.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; with respect to the issuance of Incentive Options, to
maintain the Plan in compliance with the provisions of section 422 of the Code,
and regulations promulgated thereunder from time to time, or any amendment or
successor statute thereto, and </p>
<p class="MsoNormal" style="margin-top:12.0pt;margin-right:0in;margin-bottom:
0in;margin-left:1.0in;margin-bottom:.0001pt;text-align:justify;text-indent:
-.5in">(ii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; with respect to Options or Stock Awards granted to officers
and directors of the Company, to maintain the awards made under the Plan in
compliance with the provisions of Rule 16b-3 promulgated under the Exchange Act
or any amendment or successor rule of like tenor.</p>
<p class="MsoNormal" style="margin-top:12.0pt;text-align:justify">DATED AS OF
THE DATE FIRST ABOVE WRITTEN:</p>
<p class="MsoNormal" style="margin-top:12.0pt;text-align:justify">ATTEST:</p>
<p class="MsoNormal" style="margin-top:12.0pt"><u>/s/ Luis Goyzueta
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
</u>By Luis Goyzueta, CEO &amp; President</p>
<p class="MsoNormal" align="center" style="margin-top:12.0pt;text-align:center">
8</p><hr color="#808080"></p>
</FONT>
</HTML><FONT FACE="Arial"><U>

<P ALIGN="CENTER">Exhibit 10.2</P>

<B>
<P ALIGN="CENTER">TECHNOLOGY LICENSE AGREEMENT</P>
</B></U><P ALIGN="CENTER" style="margin-top: 12px; margin-bottom: 12px"></P>
<P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px">Witnesseth hereby the <B>Technology License Agreement </B>entered into by and between <B>CAPRICORN DEL PERU S.A.C., </B>with Single Taxpayer's Registry N<sup>o</sup> 20514173568, registered in Electronic Item N<sup>o</sup> 11931323 of the Registry of Legal Entities of Lima, domiciled at <B>Calle Guillermo Marconi N<sup>o</sup> 451, </B>district of <B>San Isidro</B>, province and department of <B>Lima, </B>duly represented by its General Agent, <B>Mr. Manuel Elcorobarrutia Estremadoyro</B>,
identified by National Identity Document N<sup>o</sup> <B>07869369</B>, as per powers of attorney recorded in Electronic Item N<sup>o</sup> 1193123, hereinafter referred to as <B>CAPRICORN</B>, as party to the first part, and <B>PURE BIOFUELS DEL PERU S.A.C., </B>with Single Taxpayer's
Registry N<sup>o</sup> <B>20513251506</B>, registered in Electronic Item N<sup>o</sup> <B>11889878 </B>of the Registry of Legal Entities of Lima, domiciled at <B>Calle Eucharis N<sup>o</sup> 150, Departamento N<sup>o</sup> 201, Urbanizaci&oacute;n La Floresta de Monterrico,</B> district of <B>Santiago de Surco</B>, province and department of <B>Lima</B>, duly represented by its General Manager, <B>Mr. Luis Humberto Goyzueta Angobaldo,</B> identified by National Identity Document N<sup>o</sup> <B>10609920</B>, hereinafter referred to as <B>PURE BIOFUELS</B>, as party to the other part, under the terms contained in the following clauses:</P>
<P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px"></P>
<B><U><P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px">RECITALS</P>
</U><P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px"></P>
<P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px">ONE.- CAPRICORN </B>is a legal entity under private law incorporated as a general stock corporation, which main purpose is the performance of engineering activities and engineering services, the design of processing plants, the development of processes, the import and export of industrial equipment, the supply of mining and energy consulting services, civil construction, the import and export of equipment, the supply of mechanical, welding, transport and manufacturing services, and the manufacturing of oil, mining and civil equipment.</P>
<P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px"></P>
<P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px">Said technological advances have allowed <B>CAPRICORN </B>to specialize in process engineering design for esterification and transesterification reactors for the production of biofuels, pretreatment equipment for drying and filtering and equipment for the treatment of finished products for a refinery with a processing capacity of 60,000 (sixty thousand) annual tons.</P>
<P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px"></P>
<B><P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px">CAPRICORN </B>is the owner of process engineering designs for esterification and transesterification reactors for the production of biofuels.</P>
<P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px"></P>
<B><P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px">TWO.- PURE BIOFUELS </B>is a legal entity under private law incorporated as a closely held corporation, which purpose is the production and refining of biofuels. <B>CAPRICORN </B>is hereby authorized to use its process engineering designs for esterification and transesterification reactors for the production of biofuels, pretreatment equipment for drying and filtering and equipment for the treatment of finished products for a refinery with a capacity of 60,000 (sixty thousand) annual tons. Those designs shall be exclusively used to develop the biofuel processing plant project in the city of Lima.</P>
<FONT FACE="Arial" SIZE=2>
<p class="MsoNormal" align="center" style="margin-top:12px;text-align:center; margin-bottom:12px">
1</p>
<hr color="#808080">
<p Style='page-break-before:always; margin-top:12px; margin-bottom:12px'>
</FONT>
<U>
<B><P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px">PURPOSE</P>
</B><P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px"></P>
</U><B><P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px">THREE.-</B> <B>CAPRICORN </B>hereby grants <B>PURE BIOFUELS</B>, for a single use, a license to use and apply the process engineering designs for esterification and transesterfication reactors for the production of biofuels, pretreatment equipment for drying and filtering and equipment for the treatment of finished products, for a biofuel processing refinery with a capacity of 60,000 (sixty thousand) annual tons.</P>
<P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px"></P>
<B><P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px">CAPRICORN </B>represents that the technology to be licensed is merely industrial and that since, as its owner, it has not been interested in applying for a patent for such technology, it shall still be kept secret.</P>
<P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px"></P>
<B><P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px">FOUR.-</B> As consideration, <B>PURE BIOFUELS </B>commits itself to pay to <B>CAPRICORN </B>the sum of <B>US$1'200,000.00 (One Million Two Hundred Thousand and 00/100 US Dollars), </B>plus the General Sales Tax (IGV), as follows:</P>
<P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px"></P><DIR>
<li>
<P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px">30% of the amount agreed as consideration upon execution hereof.</P>
</li>
<li>
<P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px">30% of the amount agreed as consideration in 30 days from the execution hereof.</P>
</li>
<li>
<P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px">40% of the amount agreed as consideration upon delivery of the designs. The delivery of designs and drawings shall take place at least within 120 days from the execution hereof.</P>
</li>
<DIR>

<P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px"></P></DIR>
</DIR>

<U>

<B><P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px">EXECUTION AND TERM OF THE AGREEMENT</P>
</B></U><P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px"></P>
<B><P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px">FIVE.-</B> Both parties agree that the Agreement shall be in force for a term of 1 year counted from the execution hereof by both parties. Once said term has expired, the effects of this act shall terminate, except for the effects of exclusiveness and use and the ownership rights of <B>CAPRICORN</B>, which shall continue in full force and effect, which is hereby accepted by <B>PURE BIOFUELS.</P>
<P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px"></P>
<U><P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px">CHARACTERISTICS OF THE AGREEMENT</P>
</U>
</B><P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px"></P>
<B><P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px">SIX.-</B> <B>PURE BIOFUELS </B>represents that the license subject matter hereof is granted on an exclusive basis and to be exclusively used for the project of <B>PURE BIOFUELS</B> plant to be developed in Lima. Said license does not allow <B>PURE BIOFUELS </B>to assign or transfer or use the drawings and specifications without the prior consent in writing from <B>CAPRICORN.</P>
</B><P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px"></P>
<B><P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px">CAPRICORN </B>agrees that in case <B>PURE BIOFUELS</B> decides to develop a new project in Peru, <B>CAPRICORN </B>may grant the relevant license of use for a price </P>
<FONT FACE="Arial" SIZE=2>
<p class="MsoNormal" align="center" style="margin-top:12px;text-align:center; margin-bottom:12px">
2</p>
<hr color="#808080">
<p Style='page-break-before:always; margin-top:12px; margin-bottom:12px'>
</FONT>
<P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px">of US$500,000.00 (Five Hundred Thousand and 00/100 US Dollars), plus the General Sales Tax (IGV).</P>
<P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px"></P>
<U>
<B><P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px">TECHNICAL ASSISTANCE</P>
</B></U><P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px"></P>
<B><P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px">SEVEN.-</B> <B>CAPRICORN </B>commits itself to provide <B>PURE BIOFUELS </B>with the necessary technical personnel for the proper supervision of the implementation and interpretation of the drawings provided hereunder, in case so requested by <B>PURE BIOFUELS.</P>
</B><P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px"></P>
<B><P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px">EIGHT.-</B> The technical personnel provided by <B>CAPRICORN </B>shall train <B>
PURE BIOFUELS' </B>technicians during a 6-month period. They will then be qualified to develop the technology and apply it to biofuel refining processes. If once said 6-month period has elapsed, <B>PURE BIOFUELS</B> needs an additional training program, <B>PURE BIOFUELS </B>may request it to <B>CAPRICORN. </B>Said additional training program shall commence once the compensation to be fixed to such effect has been paid.</P>
<P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px"></P>
<P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px">The rate to be applied in case this service is requested shall be US$500.00 (Five Hundred and 00/100 US Dollars) per hour/consultant, plus the applicable per diem expenses.</P>
<P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px"></P>
<B><P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px">NINE.-</B> <B>CAPRICORN </B>also commits itself to provide <B>PURE BIOFUELS </B>with every information related to the drawings and designs, that is, manuals and digital discs, printed documents containing in detail all techniques and procedures for the application of the process engineering designs for esterification and transesterification reactors for the production of biofuels as well as pretreatment equipment for drying and filtering and equipment for the treatment of finished products for a refinery with a capacity of 60,000 (sixty thousand) annual tons.</P>
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<B><P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px">OBLIGATIONS OF CAPRICORN</P>
</B></U><P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px"></P>
<B><P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px">TEN.- CAPRICORN </B>commits itself to grant an exclusive license to <B>PURE BIOFUELS </B>for the development and industrial application of the licensed technology, only for the aforementioned project in the city of Lima. Said exclusive license does not allow <B>PURE BIOFUELS</B> to execute new projects other than the one authorized hereunder.</P>
<P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px"></P>
<P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px">In case <B>CAPRICORN</B> fails to make the payment contemplated under Clause Four hereof on a timely basis and according to the performance and payment schedule described in said clause, it shall be obliged to pay a compensation for any damage caused to <B>PURE BIOFUELS </B>as a result thereof.</P>
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<B><P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px">ELEVEN.-</B> <B>CAPRICORN</B> commits itself to secure the propriety of the process engineering designs for esterification and transesterification reactors for the production of biofuels as well as pretreatment equipment and equipment for the </P>
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<P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px">treatment of finished products for a refinery with a capacity of 60,000 (sixty thousand) annual tons.</P>
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<P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px">OBLIGATIONS OF PURE BIOFUELS</P>
</B></U><P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px"></P>
<B><P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px">TWELVE.-</B> <B>PURE BIOFUELS</B> shall not be allowed to manufacture or use its products with the licensed technology in a territory assigned to another licensee.</P>
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<B><P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px">THIRTEEN.- PURE BIOFUELS </B>commits itself to apply the technology licensed by <B>CAPRICORN </B>exclusively for the project in Lima. This obligation involves the non-execution of contracts with third parties whereby technology is transferred as a result of the designs provided hereunder, and the non-use of designs and drawings which use is authorized hereunder in projects other than the refinery in Lima.</P>
<P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px"></P>
<P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px">In case <B>PURE BIOFUELS</B>, using the technology transferred through the drawings and designs, executes a project without <B>CAPRICORN's </B>consent, <B>PURE BIOFUELS</B> shall pay a penalty of US$750,000.00 (Seven Hundred and Fifty Thousand and 00/100 US Dollars).</P>
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<B><P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px">FOURTEEN.- PURE BIOFUELS </B>commits itself to inform <B>CAPRICORN</B>, during the term hereof and upon its expiry, of any advantages or improvements resulting from the application of the licensed technology. In such a case, <B>PURE BIOFUELS</B> shall be authorized to exploit every patent developed as a result of the improvements achieved through production.</P>
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<B><P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px">FIFTEEN.- PURE BIOFUELS </B>commits itself to keep every information and knowledge provided hereunder in strict confidence.</P>
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<B><P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px">SIXTEEN.- PURE BIOFUELS</B> shall not disclose any substantial information, nor directly or indirectly, to the competition, whether on its own or through third parties.</P>
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<B><U><P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px">SUPPLEMENTARY APPLICATION OF LAW</P>
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<P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px">TWENTY-SIX.- </B>Everything not contemplated hereunder shall be governed by the provisions of the Civil Code and any other applicable legal provisions.</P>
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<B><P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px">ADDRESS</P>
</B></U><P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px"></P>
<P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px">In order for every communication and notice to be valid, their addresses shall be those mentioned in the introduction hereof. Any change of address shall be informed to the other party in writing.</P>
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<B><P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px">ARBITRATION</P>
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<B><P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px">TWENTY-EIGHT.-</B> Any disagreements arising from or related to this Agreement, including those regarding its existence, validity or termination, as well as those related to this arbitration agreement, shall be settled by means of a de jure arbitration by three arbitrators under the control of the Lima Chamber of Commerce, to which regulations and bylaws the parties hereby expressly submit themselves. The award shall be final and unappealable.</P>
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<P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px">In witness whereof, the parties sign this document in the city of Lima on September 4, 2006.</P>
<P ALIGN="JUSTIFY" style="margin-top: 12px; margin-bottom: 12px">&nbsp;</P>
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<B>Carlos Alayza Bettocchi <br>
		CAPRICORN DEL PERU SAC&#9;&#9;PURE
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		<p class="MsoNormal" align="center">&nbsp;<FONT FACE="Arial"><B>Luis H. Goyzueta</B></FONT><br>
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<B>BIOFUELS DEL PERU SAC</B></FONT></td>
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