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frm10q-ex101_30sep08mvi.htm

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Exhibit
10.1

    

    UNSECURED   PROMISSORY   DEMAND   NOTE

    

    FOR VALUE RECEIVED, Millstream
Ventures, Inc. (“Maker”), P.O. Box 581072, Salt Lake City, Utah 84158, promises
to pay Sixteen Thousand Dollars ($16,000.00) to 1st Orion
or order (“Holder”), at 9025 Oakwood Place, West Jordan, Utah 84088 (the
“Note”). The Note
is not being collateralized by any assets of the Company or any equity interest
in the Company and is unsecured. The date of the Note is October 14,
2008.

    

    1.           Payments.  The
principal and any interest on the Note shall be repaid on demand (subject to the
provisions below), upond Holder giving fifteen (15) days written notice to the
Maker. In the event that Holder does not make demand for payment on or before
March 31, 2010, such date shall be considered as the date that demand is being
made and payment of the Note shall be due fifteen (15) days thereafter including
any and all accrued interest. All payments being made first towards the unpaid
interest balance and then as a reduction of the principal amount.

    

    2.           Interest.  Interest
shall commence from the date of the Note at a simple interest rate of eighteen
percent (18%) per annum until all principal has been paid. Any payments made to
reduce principal shall first be applied towards accrued interest and when the
accrued interest has been fully paid, the remaining balance of the payment shall
be applied towards the principal sum.

    

    3.           Type and place of
Payments.  Payment of principal and interest shall be made in
lawful money of the United States of America to the above named Holder, at the
address of the Holder given herein, or such other location as the Holder shall
advise the Maker in writing, to the extent that such address is within the
United States of America.

    

    4.           Prepayment.  Advance
payment(s) or prepayment(s) may be made at any time on the principal and
interest, without penalty, by giving written notice to Holder five (5) days
prior thereto.

    

    5.           Default.  Upon
the occurrence of any of the events hereinafter enumerated, the unpaid balance
of the principal and interest on the Note shall be immediately due and payable
without presentation, demand, protest, notice of protest, or other notice of
dishonor, all of which are hereby expressly waived by Maker, such events being
as follows:

    

    (a)           Default
in the payment of the principal and interest of this Note or any portion thereof
when the Note shall become due and payable, whether at maturity as herein
expressed, or on demand of the Holder, unless cured within fifteen (15) days
after such defaut.

    

    (b)           Maker
shall file a voluntary petition in bankruptcy or a voluntary petition seeking
reorganization, or shall file an answer admitting the jurisdiction of the court
and any material allegations of an involuntary petition filed pursuant to any
act of Congress relating to bankruptcy or to any act purporting to be amendatory
thereof, or shall be adjudicated bankrupt, or shall make an assignment for the
benefit of creditors, or shall apply for or consent to the appointment of any
receiver or trustee for Maker of all or any substantial portion of its assets,
or Maker shall make an assignment to any agent authorized to liquidate any
substantial part of its assets.

    

    6.           Attorneys’
Fees.  If the Note is placed with an attorney for collection,
or if suit is instituted for collection hereof, then in such event, the Maker
agrees to pay reasonable attorneys’ fees, costs, and other expenses incurred by
Holder in Holder’s collection efforts.

    

    7. Construction.  This
Note shall be governed by and construed in accordance with the laws of the State
of Utah.

    

    

    Millstream
Ventures, Inc.

    a Nevada
Corporation

    

    

    

    By:____________________________

    Its
President and Director

    

    
      
        
          --frm10q-ex102_30sep08mvi.htm

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
10.2

    

    AMENDMENT
TO EMPLOYMENT AGREEMENT

    

    THIS
AMENDMENT, dated as of October 22, 2008 (this “Amendment”) to the Employment
Agreement referred to below is entered into by and between Millstream Ventures,
Inc., a Nevada corporation (the “Company”), and Denny W. Nestripke (the
“Employee” or the “Service Provider”)

    

    Recitals:

    

    WHEREAS,
the parties have entered into that certain Employment Agreement, dated as of
April 1, 2008 (the “Original Employment Agreement”) between the Company and the
Employee, pursuant to which the Employee agreed to provide services to the
Company as an executive and employee of the Company;

    

    WHEREAS, the Employee wishes to resign
as the sole officer and director of the Company, but to continue to provide
part-time accounting and related services to the Company; and

    

    WHEREAS,
the parties now wish to amend the Original Employment Agreement and to convert
the Original Employment Agreement into a Service Agreement.

    

    NOW
THEREFORE, in consideration of the premises and other good and valuable
consideration, the receipt of which is hereby acknowledged, the parties hereby
agree as follows:

    

    SECTION
1.                                Amendments.

    

    (a)           Amendment to name of the Original
Employment Agreement.  The name of the Employment agreement is
hereby amended to read “Service Agreement” and all references hereinafter shall
be to the Service Agreement.

    

    (b)           Amendment to Section 1
(Employment).  Section 1 of the Service Agreement is amended to
read as follows:

    

    Services.  The
Company hereby engages the Service Provider, and the Service Provider hereby
accepts such engagement, to provide part-time, as-needed accounting and related
services for the Company, on the terms and conditions set forth in this
Agreement.

    

    (c)           Amendment to Section 2 (Positions
and Duties).  Section 2 of the Agreement is deleted in its
entirety.

    

    (d)           Amendment to Section 3.2
(Reimbursable Expenses).  Section 3.2 of the Service Agreement
is deleted in its entirety.

    

     (e)           Amendment to Section 4
(Term).  Section 4 of the Service Agreement is amended to read
as follows:

    

    Term.  This
Amendment shall be effective commencing November 1, 2008, and the Service
Agreement shall be terminable by mutual consent or by either party upon thirty
(30) days written notice to the other party; provided that this Agreement shall
terminate automatically upon the closing of a reverse acquisition transaction
between the Company and an operating business.

    

    (f)           Amendment to Section 5 (Death or
Incapacity of Executive).  Section 5 of the Service Agreement
is deleted in its entirety.

    

                          (g)           Amendment to Section 6 (Redemption
of Stock).  This Amendment shall be deemed an Optional Buy-Out
Event for purposes of Section 6.  Nevertheless, the Service Provider
shall not exercise his option to tender the Buy-Out Shares to the Company prior
to the earlier of the following:  (i) March 31, 2009; (ii) the
termination of the Service Agreement by the Company; or (iii) the closing of a
reverse acquisition transaction with an operating business.

    

    (h)           Addition of Section
16.  Section 16 is hereby added to the Service Agreement to
read as follows:

    

    Independent
Contractor.  Service Provider agrees that in performing his
duties under this Agreement, he is acting as an independent contractor and not
as an employee, representative, or agent of the Company.  As an
independent contractor, the Service Provider shall not be eligible for any
benefits which the Company may provide to its employees.  All persons,
if any, hired by the Service Provider to perform this Agreement, including, but
not limited to, his employees, representatives, and agents, shall be employees
or contractors of the Service Provider and shall not be construed as employees
or agents of the Company in any respect.  The Service Provider shall
be responsible for all taxes, insurance and other costs and payments legally
required to be withheld or provided in connection with Service Provider’s
performance of this Agreement, including without limitation, all withholding
taxes, worker’s compensation insurance, and similar costs.

    

    SECTION
2.                                General
Provisions.

    

    (a)           Except
as supplemented hereby, Employment Agreement shall continue to be, and shall
remain, in full force and effect.  This Amendment shall not be deemed
(i) to be a waiver of, or consent to, or a modification or amendment of, any
other term or condition of the Employment Agreement or (ii) to prejudice any
right or rights which the parties may now have or may have in the future under
or in connection with the Employment Agreement or any of the instruments or
agreements referred to therein, as the same may be amended, restated,
supplemented or otherwise modified from time to time.

    

    (b)           The
terms of the Original Employment Agreement are incorporated herein by reference
and shall form a part of this Amendment as if set forth herein in their
entirety.

    

    

    IN
WITNESS WHEREOF, each of the parties hereto has executed this Amendment this
22nd
day of October 2008.

    

    Millstream Ventures, Inc.

    

    

    By                                                                

          Denny W.
Nestripke, President

    

    

    

    

    Denny W. Nestripke, an
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Exhibit 10.1    

October 26,
2008 

Huntsman
Corporation,

10003 Woodloch Forest Drive,

The Woodlands, Texas 77380 

			
	Attention:	 	Peter R. Huntsman

President and Chief Executive Officer

Ladies
and Gentlemen: 

        We
write to you in reference to our September 8, 2008 letter (the "Existing Backstop Letter") in which we committed to make certain
backstop payments to the Huntsman Corporation (the "Company") upon consummation of its merger with a subsidiary of Hexion Specialty
Chemicals, Inc. ("Hexion"), subject to the terms and conditions described in the Existing Backstop Letter. We would like to revise and replace
our prior commitments as follows. 

        Each
of the undersigned severally agrees for the sole benefit of the Company that, upon the consummation of the merger, it or its designee will make a payment in cash to the Company (a
"Backstop Payment") at the time of consummation of the merger in the amount listed as its "Backstop Payment" opposite its name on Schedule A.
Each Backstop Payment would be in connection with the consummation of the merger on the terms of the current merger agreement, and we will receive no equity, debt or other instrument or payment in
return for making the Backstop Payments. 

        Our
obligation to provide the Backstop Payments is subject to only the following three conditions: 

	(a)
	The
merger is consummated on the terms provided in the current merger agreement on or prior to November 2, 2008. Please note that we will consider
extending this date for a reasonable period in the event that Hexion's lenders refuse to honor their commitments and we conclude that Hexion is diligently pursuing specific performance of the funding
obligations or arranging replacement financing for a merger on the terms provided in the current merger agreement. 

 

	(b)
	The
other stockholders of the Company who have made backstop commitments (the "Other Stockholders") fund at
the closing of the merger the backstop commitments they have made to the Company in an aggregate amount of at least $186,233,986.00, and no dividends or other distributions of value from the Company
or its subsidiaries to its stockholders are made prior to or in connection with the consummation of the merger (other than payment of the merger consideration in accordance with the terms of the
current merger agreement) without our prior written consent.

	(c)
	Apollo
Management, L.P. or its applicable affiliates ("Apollo") contributes new equity to Hexion at
or prior to the closing of the merger in an aggregate amount of US$750 million or more, and no fees are paid or dividends or other distributions of value from Hexion or its subsidiaries to
Apollo are made prior to or in connection with the consummation of the merger without our prior written consent. Our commitment is conditional upon our confirmation that Apollo has made a
legally-binding commitment on or prior to October 26, 2008 to make this equity investment, conditional upon the closing of the merger. 

        We
would urge the Huntsman family and all other stockholders of the Company that are in a position to do so to make an incremental commitment to provide backstop funding at the closing
of the merger
on the same terms as the undersigned (i.e., for a net share price of $22.00). However, our commitments hereunder are not conditioned upon incremental commitments by any other stockholder. 

        Please
note that none of the undersigned has taken any position at this time on how it would vote were an amendment to the merger agreement recommended by the Board of Directors of the
Company and put to vote of the stockholders for approval. 

2

 

        If
you agree to accept our revised commitments, please countersign this letter and return a copy to each of us. Upon delivery of your counterpart signature page to this letter, this
letter will become a binding contract between us. If you do not so accept our commitments on or prior to October 26, 2008, our offer to make capital contributions set forth herein will
terminate without effect and our offer to make capital commitments pursuant to the Existing Backstop Letter will continue (and will expire) in accordance with its terms. If you do so accept our
commitments, these commitments will replace our offer to make capital commitments pursuant to the Existing Backstop Letter and the Existing Backstop Letter will terminate without effect. 

        This
letter shall be governed by and construed in accordance with the laws of the State of New York. Our obligations under this letter are solely for your benefit, and may not be relied
upon or enforced by any other person. The terms of this letter may be amended or waived only by a written instrument signed by the Company and each of the undersigned that is affected by the amendment
or waiver. This letter may be executed in any number of counterparts, all of which when taken together shall constitute a single instrument. You and we hereby irrevocably waive to the full extent
permitted by applicable law all right to trial by jury in any suit, action, proceeding or counterclaim (whether based on contract, tort or otherwise) arising out of or relating to this letter or the
transactions contemplated hereby. 

        Finally,
please understand that each of the undersigned acts only for itself in this matter and has no authority to bind anyone else. We are executing a single letter only for purposes
of convenience to ensure that the other parties hereto are simultaneously bound hereby. 

			
	 	 	Very truly yours,

3

 

				
	 	D. E. SHAW VALENCE PORTFOLIOS, L.L.C.
	
 	
 By:	
 	
D. E. SHAW & CO., L.P., as Managing Member
	
 	
 By:	
 	
/s/ Julius Gaudio

  Name: Julius Gaudio

Title: Managing Director
	
 	
D. E. SHAW OCULUS PORTFOLIOS, L.L.C.
	
 	
 By:	
 	
D. E. SHAW & CO., L.L.C., as Managing Member
	
 	
 By:	
 	
/s/ Julius Gaudio

  Name: Julius Gaudio

Title: Managing Director

4

 

				
	 	MATLINPATTERSON GLOBAL OPPORTUNITIES PARTNERS (BERMUDA) L.P.
	
 	
 By:	
 	
MATLINPATTERSON GLOBAL ADVISERS LLC,

its Investment Advisor
	
 	
 By:	
 	
/s/ Lawrence M. Teitelbaum

  Name: Lawrence M. Teitelbaum

Title: Chief Financial Officer
	
 	
MATLINPATTERSON GLOBAL OPPORTUNITIES PARTNERS L.P.
	
 	
 By:	
 	
MATLINPATTERSON GLOBAL ADVISERS LLC, its Investment Advisor
	
 	
 By:	
 	
/s/ Lawrence M. Teitelbaum

  Name: Lawrence M. Teitelbaum

Title: Chief Financial Officer

5

 

				
	 	CITADEL LIMITED PARTNERSHIP
	
 	
 By:	
 	
CITADEL INVESTMENT GROUP, L.L.C., its General Partner
	
 	
 By:	
 	
/s/ John C. Nagel

  Name: John C. Nagel

Title: Authorized Signatory

6

 

					
	ACCEPTED AND AGREED

on October 26, 2008:	 	 
	
HUNTSMAN CORPORATION	
 	

 
	
 By:	
 	
/s/ Sam Scruggs

  Name: Sam Scruggs

Title: EVP and General Counsel	
 	

 
	
 cc:	
 	
Hexion Specialty Chemicals, Inc.

(William H. Carter)	
 	

 
	

 	
 	
Apollo Global Management, LLC

(Joshua J. Harris)	
 	

 

7

 
Schedule A

					
	 Stockholder  
	 	Backstop Payment  	 
	 

 Citadel Limited Partnership
	 	$	155,320,000.00	 
	 D. E. Shaw Oculus Portfolios, L.L.C. 
	 	$	49,676,101.50	 
	 

 D. E. Shaw Valence Portfolios, L.L.C. 
	 	$	103,695,769.16	 
	 MatlinPatterson Global Opportunities Partners L.P. 
	 	$	102,224,203.94	 
	 

 MatlinPatterson Global Opportunities Partners (Bermuda) L.P. 
	 	$	35,621,392.38	 
	 	 	 	 
	 TOTAL
	 	$	446,537,466.98	 

8

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Exhibit 10.1

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