Document:

EMPLOYMENT
      AGREEMENT

     

    This
      EMPLOYMENT AGREEMENT (this “Agreement”)
      is
      entered into as of the 20th
      day of
      March, 2008 (the “Effective
      Date”),
      by
      and between Global Clean Energy Holdings, Inc., a Utah
      corporation (the “Company”),
      and
      Bruce K. Nelson (hereinafter, “Executive,”
and
      collectively with the Company, the “Parties”).
      

     

    W
      I T N E S S E T H:

     

    WHEREAS,
      Executive has expertise in the financial management of public
      companies.

     

    WHEREAS,
      the Company desires to employ Executive, and Executive desires to accept such
      employment with the Company.

     

    WHEREAS,
      the Company and Executive agree to a ninety (90) day initial probation
      period.

     

    NOW,
      THEREFORE, in consideration of the mutual covenants hereinafter set forth,
      the
      parties hereto agree as follows:

     

    ARTICLE
      I

     

    EMPLOYMENT;
      TERM; DUTIES

     

    1.1  Employment.
      Pursuant to the terms and conditions hereinafter set forth, the Company hereby
      employs Executive, and Executive hereby accepts such employment. Until March
      30,
      2008, Executive shall be employed as an employee to provide accounting and
      financial planning and analysis services. Effective April 1, 2008, Executive
      shall be appointed as the Executive Vice President and Chief Financial Officer
      (“CFO”)
      of the
      Company and shall thereafter provide all services set forth herein.

     

    1.2  Term.
      Unless
      otherwise terminated earlier in accordance with the provisions of this
      Agreement, Executive’s employment with the Company shall commence on the
      Effective Date, and shall continue for a period of two (2) consecutive one-year
      terms from the Effective Date (the foregoing two-year period is herein referred
      to as the “Initial Employment Term”). Upon expiration of the Initial Employment
      Term, the
      Term
      shall automatically renew for successive one-year periods every year thereafter
      (“Successive Terms”) on the same terms and conditions set forth herein unless
      either Party provides the other with written notice of its intention not to
      renew the Term at least sixty (60) days prior to the end of the then-current
      term. Notwithstanding the foregoing, either Party may terminate this Agreement
      for any reason or no reason, without liability to the other, effective on the
      first anniversary of this Agreement by giving the other Party written notice
      no
      less than 30 days prior to the first anniversary. 

     

    1.3  Probation
      Period.
      The
      Company and Executive
      agree to an initial ninety (90) day probation period, beginning on the Effective
      day. At any time during and up to the end of the ninetieth (90th)
      day
      following the Effective Date, either Executive or the Company may terminate
      this
      Agreement without any cause or reason and the entire Agreement will be null
      and
      void. If this Agreement is terminated by either Party during the initial ninety
      (90) day probation period, Executive will have no on-going obligation to the
      Company and the Company will have no on-going obligation to Executive, and
      all
      Initial and Incentive Stock Options (as defined below) will be
      cancelled.

     

    1.4  Duties
      and Responsibilities.
      Executive, as CFO, shall perform such duties and functions as are customarily
      performed by a CFO of a public corporation the size and nature of the Company,
      including SEC reporting, financial planning, budgeting, treasury, accounting
      and
      reporting activities, assisting in acquisition efforts (including involvement
      in
      the due diligence process and negotiations), integration of acquired companies,
      involvement in strategic decision making and business plan execution, assisting
      in the management of personnel and oversight of certain technology and systems
      development, and such other duties and functions from time to time assigned
      to
      him by the Company’s Chief Executive Officer that are consistent with such title
      and position. In addition, Executive agrees to serve, if requested by the
      Company’s Board of Directors (the “Board”), as an officer of any other direct or
      indirect subsidiary of the Company, at no additional compensation. However,
      Executive will only be required to serve as an officer of any direct or indirect
      subsidiary of the Company if (i) Executive will be indemnified by the Company
      and (ii) director’s and officers’ liability insurance, in an amount deemed
      adequate by Executive, is available to cover Executive’s services for that
      entity.

     

    
      
        
        

      

      
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    1.5  Exclusive
      Employment.
      Executive
      agrees to devote the necessary amount of Executive’s business time, energy and
      efforts to the business of the Company (and its subsidiaries if and when
      directed by the Board), and to use Executive’s best efforts and abilities
      faithfully and diligently to promote the business interests of the Company
      (and
      its subsidiaries if and when directed by the Board). 

     

    1.6  Other
      Obligations.
      The
      Company and Executive acknowledge that Executive is currently a Director of
      several other businesses, including M-Wave, Inc., MetroPacific Bank and Newport
      Bay Hospital (the “Other Positions”). Executive represents that his obligations
      to the Other Positions will not impinge on or conflict with his duties and
      obligations to Company under this Employment Agreement. 

     

    1.7  Indemnification
      and Insurance.
      The
      Company agrees to indemnify the Executive and maintain directors’ and officers’
liability insurance covering Executive for services rendered to the Company
      (and
      its subsidiaries if and when directed by the Board) covering the period that
      Executive is an officer of the Company.
      Executive will be indemnified and will be covered by the Company’s officer and
      director liability insurance policies to the same extent, and in the same
      amounts, as the CEO.

     

    1.8  Covenants
      of Executive 

     

    1.8.1  Best
      Efforts.
      Executive
      shall report directly to the Chief Executive Officer and will have a direct
      reporting responsibility to the Board for certain functions requested by the
      Board. Executive shall devote his best efforts to the business and affairs
      of
      the Company (and its subsidiaries if and when directed by the Board). Executive
      shall perform his duties, responsibilities and functions to the Company
      hereunder to the best of his abilities in a diligent, trustworthy, professional
      and efficient manner and shall comply, in all material respects, with
all
      rules, regulations of the Company (and special instructions of the Board, if
      any) and all other rules, regulations, guides, handbooks, procedures and
      policies applicable to the Company and its business in connection with his
      duties hereunder.

     

    1.8.2  Records.
      Executive shall use his best efforts and skills to truthfully, accurately,
      and
      promptly prepare, maintain, and preserve all records and reports that the
      Company may, from time to time, request or require, fully account for all money,
      records, equipment, materials, or other property belonging to the Company of
      which he may have custody, and promptly pay and deliver the same whenever he
      may
      be directed to do so by the Chief Executive Officer or the Board.

     

    1.8.3  Compliance.
      Executive shall use his best efforts to maintain
      the Company’s compliance with all SEC rules, regulations and reporting
      requirements for publicly traded companies, including, without limitation,
      overseeing, and preparing and filing with the SEC all
      periodic reports the Company is required to file under the Act and the Exchange
      Act of 1934 (as amended, the “Exchange
      Act”).
      Executive shall at
      all
      times comply, and cause the Company to comply, with the then-current good
      corporate governance standards and practices as prescribed by the SEC, any
      exchange on which the Company’s capital stock or other securities may be traded
      and any other applicable governmental entity, agency or
      organization.

     

    
      
        
        

      

      
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    1.8.4  Code
      of Conduct.
      For
      such period as when Executive is employed hereunder, Executive shall at all
      times conduct himself with the highest ethical standards, and shall at all
      times
      adhere to Code of Conduct attached hereto as Exhibit
      A
      or such
      other code of ethics that the Company may, from time to time,
      adopt.

     

    1.8.5  Opportunities.
      Executive shall make available to the Company and present to the Board all
      business opportunities of which he becomes aware, which are relevant to the
      business of the Company (and its subsidiaries), and to no other person or entity
      or to himself individually. 

     

    ARTICLE
      II

     

    COMPENSATION
      AND OTHER BENEFITS

     

    2.1  Base
      Salary.
      For the
      duration of the Term, for all services rendered by Executive hereunder and
      all
      covenants and conditions undertaken by the Parties pursuant to this Agreement,
      the Company shall pay, and Executive shall accept, as compensation, an annual
      base salary (“Base
      Salary”)
      of
      $175,000. The Base Salary shall be payable in regular installments in accordance
      with the normal payroll practices of the Company, in effect from time to time,
      but in any event no less frequently than on a monthly basis. Beginning on the
      first anniversary of the commencement of Executive’s employment with the
      Company, and on each anniversary thereafter during the Term, the Base Salary
      shall be increased by the amount of the Consumer Price Index (“CPI”),
      for
      the immediately prior 12-month period, as published in the Wall Street
      Journal.

     

    2.2  Bonus
      Compensation.
      For
      each year during the Term, Executive will be eligible to earn an annual bonus
      (the “Bonus”),
      which
      Bonus shall be based on Executive’s achievement of certain performance criteria
      established by the Compensation Committee of the Board (“Compensation
      Committee”)
      and
      provided to Executive as soon as practicable following the commencement of
      each
      such year. The target amount, and maximum amount, of the Bonus for any given
      employment year, assuming that all of the target milestones are met, shall
      be an
      amount equal to one hundred percent (100%) of the Base Salary in effect for
      the
      applicable year. In connection with the award of any Bonus pursuant to this
      Section 2.2, Executive’s performance will be reviewed by the Compensation
      Committee on no less than an annual basis. Notwithstanding anything herein
      to
      the contrary, the Parties hereby acknowledge and agree that the Compensation
      Committee shall, in accordance with NASDAQ rules and regulations for publicly
      traded companies, comprise independent directors of the Board only. In
      the
      event that the Company has not established a Compensation Committee, the
      independent directors of the Board shall establish the annual target amount
      of
      any Bonus to be awarded hereunder and shall determine whether the target
      milestones have been satisfied. 

     

    2.3  Initial
      Options.
      Concurrently
      with the execution of this Agreement, the Company shall grant Executive an
      option (the “Initial
      Option”)
      to
      purchase 2,000,000 shares of the Company’s common stock at an exercise price
      equal to the fair market price of the Company’s common stock on the Effective
      Date. The Initial Option shall vest according to the schedule set forth below,
      and will expire ten (10) years after the date of grant. If Executive is still
      employed by the Company under this Agreement on the following dates, options
      for
      the purchase of 500,000 shares (25% of the Initial Options, as appropriately
      adjusted for stock splits, stock dividends, etc) shall vest and become
      exercisable:

     

    2.3.1  Upon
      the
      expiration of the ninety (90) day initial probation period, and;

     

    
      
        
        

      

      
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    2.3.2  Nine
      (9)
      months after the Effective Date, and;

     

    2.3.3  Fifteen
      (15) months after the Effective Date, and;

     

    2.3.4  At
      the
      end of the Initial Employment Term.

     

    2.4  Incentive
      Option.
      Concurrently
      with the execution of this Agreement, the Company shall grant Executive an
      option (the “Incentive
      Option”)
      to
      purchase 2,500,000 shares of the Company’s common stock at an exercise price
      equal to the fair market price of the Company’s common stock on the Effective
      Date. Executive must be an Employee of the Company at the time of the Market
      Capitalization event which will allow for vesting. The Incentive Option shall
      vest according to the schedule set forth below, and will expire five (5) years
      after the Effective Date:

     

    2.4.1  When
      the
      Company’s Market Capitalization reaches $75 million, the Incentive Option shall
      vest with respect to 1,250,000 shares (such shares, the “First
      Tranche”)
      of the
      Company’s common stock subject thereunder; and

     

    2.4.2  When
      the
      Company’s Market Capitalization reaches or exceeds $120 million, the Incentive
      Option shall vest with respect to the remaining 1,250,000 (such shares, the
      “Second
      Tranche”)
      shares
      of the Company’s common stock subject thereunder.

     

    For
      purposes of the Agreement, the term “Market
      Capitalization”
shall
      mean the product of the number of shares of common stock issued and outstanding
      at the time Market Capitalization is calculated, multiplied by the average
      closing price of the common stock for the thirty (30) consecutive trading days
      prior to the date of calculation of Market Capitalization as reported on the
      principal securities trading system on which the Company’s common stock is then
      listed for trading, including the Pink Sheets, the NASDAQ Stock Market, the
      OTC
      Bulletin Board, or any other applicable stock exchange.

     

    2.5  Business
      Expenses.
      During
      the Initial Term and all Successive Terms thereafter, the Company shall
      reimburse Executive for all reasonable, out-of-pocket business expenses incurred
      in the performance of his duties hereunder consistent with the Company’s
      policies and procedures, in effect from time to time, with respect to travel,
      entertainment and other business expenses customarily reimbursed to senior
      executives of the Company in connection with the performance of their duties
      on
      behalf of the Company. Such reimbursement shall be made by Company to Executive
      no later than fifteen (15) days after submission of written expense reports
      by
      Executive to Company. 

     

    2.6  Other
      Benefits.
      During
      the term of Executive’s employment with the Company, Executive shall be entitled
      to the following benefits:

     

    2.6.1  Executive
      shall be entitled to participate in the Company’s employee stock option plan,
      life, health, accident, disability insurance plans, pension plans and retirement
      plans, in effect from time to time, to the extent and on such terms and
      conditions as the Company customarily makes such plans available to its senior
      executives; and

     

    2.6.2  Executive
      shall be entitled to receive coverage
      for services rendered to the Company (and
      its
      subsidiaries if and when directed by the Board) while
      Executive is a director or officer of the Company under any director and officer
      liability insurance policy(s) maintained by the Company from time to time;
      and

     

    
      
        
        

      

      
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    2.6.3  Company
      shall pay on behalf of Executive the full cost of Executive’s and Executive’s
      family health insurance plan. Until a Company plan is established, or a
      replacement plan is put in place, the Company shall pay towards Executive’s
      policy premium up to $1,000.00 per month.

     

    2.7  Vacation.
      Executive shall be entitled to two weeks vacation time with full pay in his
      first year of employment and four (4) weeks vacation time for every calendar
      year thereafter, with full pay.

     

    2.8  Withholding.
      The
      Company may deduct from any compensation payable to Executive (including
      payments made pursuant to this Article II or in connection with the termination
      of employment pursuant to Article III of this Agreement) amounts sufficient
      to
      cover Executive’s share of applicable federal, state and/or local income tax
      withholding, social security payments, state disability and other insurance
      premiums and payments.

     

    ARTICLE
      III

     

    TERMINATION
      OF EMPLOYMENT

     

    3.1  Termination
      of Employment

     

    Executive’s
      employment pursuant to this Agreement shall terminate on the earliest to occur
      of the following:

     

    3.1.1  upon
      the
      death of Executive;

     

    3.1.2  upon
      the
      delivery to Executive of written notice of termination by the Company if
      Executive shall suffer a physical or mental disability which renders Executive,
      in the reasonable judgment of the Board, unable to perform his duties and
      obligations under this Agreement for either 90 consecutive days or 180 days
      in
      any 12-month period;
      or

     

    3.1.3  upon
      the
      expiration of the Initial Term (or, if the Initial Term has been extended,
      upon
      the expiration of the then-current Successive Term);
      or

     

    3.1.4  upon
      delivery to Executive of written notice of termination by the Company for
      Cause;
      or

     

    3.1.5  upon
      delivery of written notice from Executive to the Company for Good
      Reason.

     

    3.2  Certain
      Definitions.
      For
      purposes of this Agreement, the following terms shall have the following
      meanings:

     

    3.2.1  In
      connection with Paragraph 3.1 herein, “Cause”
shall
      mean any of the following:

     

    (a)  Executive
      materially breaches any obligation, duty, or covenant under this Agreement,
      which breach is not cured or corrected within thirty (30) days of receipt
      by Executive of written notice thereof from the Company (except for breaches
      of
      Article IV of this Agreement, which cannot be cured and for which the Company
      need not give any opportunity to cure); or

     

    
      
        
        

      

      
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    (b)  Executive
      commits any act of misappropriation of funds or embezzlement; or

     

    (c)  Executive
      commits any act of fraud; or

     

    (d)  Executive
      is convicted of, or pleads guilty or nolo
      contendere
      to any
      charge of theft, fraud, a crime involving moral turpitude, or a felony under
      federal or state law; or

     

    (e)  Executive
      breaches the Company’s Code
      of
      Conduct attached hereto as Exhibit
      A
      or code
      of ethics as in effect from time to time.

     

    3.2.2  In
      connection with Paragraph 3.1 herein, “Good
      Reason”
shall
      mean: (a) without Executive’s consent, the Company changes Executive’s position
      or duties to such an extent that his duties are no longer consistent with the
      positions of CFO of the Company, or (b) Company materially breaches any term
      of
      this Agreement which breach continues uncured following thirty (30) days written
      notice by Executive to the Company of such breach.

     

    3.2.3  “Termination
      Date”
shall
      mean the date on which Executive’s employment with the Company hereunder is
      terminated. 

     

    3.3  Effect
      of Termination

     

    3.3.1  If
      Executive’s employment is terminated by Executive for Good Reason or by Company
      other than for Cause, Executive shall be entitled to
      the
      following (the “Severance
      Payments”):
      

     

    (a)  If
      the
      Company terminates the Employment of Executive pursuant to Section 1.2 effective
      on the first anniversary of this Agreement, the Employee will receive three
      (3)
      additional months salary following the date of his termination; or 

     

    (b)  If
      the
      Company terminates Executive before the first anniversary date of this Agreement
      (other than pursuant to Section 1.2 on the first anniversary of this Agreement),
      (i) the Company shall, on date of termination, pay Executive an amount equal
      to
      his unpaid salary through the first anniversary of this Agreement, plus
      fifty
      percent (50%) of the target Bonus in effect on the Termination
      Date, and (ii) fifty
      percent (50%) of the Incentive Options granted to Executive pursuant to Section
      2.3 shall vest; or

     

    (c)  If
      employment is terminated after the first anniversary, then Executive shall
      be
      paid an amount equal to the salary he would have received through the end of
      the
      Term, and all Initial Options granted under Section 2.3 shall fully vest, to
      the
      extent not already vested.
      

     

    At
      such
      time when Executive’s employment with the Company is terminated, and as a
      condition to Executive’s right to receive any benefits pursuant to this Section
      3.3.1, Executive shall execute and deliver to the Company a written release
      in a
      form mutually acceptable to the Company and Executive. 

     

    3.3.2  Notwithstanding
      the reason for termination of Executive’s employment, Executive shall be
      entitled to: 

     

    (a)  all
      benefits payable under applicable benefit plans in which Executive is entitled
      to participate pursuant to Section 2.5 hereof through the Termination Date,
      subject to and in accordance with the terms of such plans; and

     

    
      
        
        

      

      
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    (b)  any
      accrued but unused vacation earned by Executive through the Termination Date
      pursuant to Section 2.6 hereof, paid out in accordance with legal requirements;
      and

     

    (c)  reimbursement
      for any business expenses incurred by Executive prior to Termination Date in
      accordance with Section 2.4 of this Agreement. 

     

    If
      Executive’s employment is terminated for death, disability, by Executive other
      than for Good Reason or by the Company for Cause, Executive shall be entitled
      to
      no severance or other post-employment benefits (including, without limitation,
      the Severance Payments) except as provided in Section 3.3.2 of this Agreement.
      

     

    3.3.3  Executive
      hereby acknowledges that in the event of termination of his employment for
      any
      reason, Executive shall not be entitled to any severance, payment or other
      compensation from the Company except as specifically provided in this Section
      3.3. 

     

    

    ARTICLE
      IV

     

    INVENTIONS;
      CONFIDENTIAL/TRADE SECRET INFORMATION AND RESTRICTIVE
      COVENANTS

     

    4.1  Inventions.
      All
      processes, technologies and inventions relating to the business of the Company
      (and its subsidiaries) (collectively, “Inventions”),
      including new contributions, improvements, ideas, discoveries, trademarks and
      trade names, conceived, developed, invented, made or found by Executive, alone
      or with others, during his employment by the Company, whether or not patentable
      and whether or not conceived, developed, invented, made or found on the
      Company’s time or with the use of the Company’s facilities or materials, shall
      be the property of the Company and shall be promptly and fully disclosed by
      Executive to the Company. Executive shall perform all necessary acts (including,
      without limitation, executing and delivering any confirmatory assignments,
      documents or instruments requested by the Company) to assign or otherwise to
      vest title to any such Inventions in the Company and to enable the Company,
      at
      its sole expense, to secure and maintain domestic and/or foreign patents or
      any
      other rights for such Inventions. 

     

    4.2  Confidential/Trade
      Secret Information/Non-Disclosure.

     

    4.2.1  Confidential/Trade
      Secret Information Defined.
      During
      the course of Executive’s employment, Executive will have access to various
      Confidential/Trade Secret Information of the Company and information developed
      for the Company (including information developed by Mobius in its capacity
      as a
      consultant to the Company). For purposes of this Agreement, the term
“Confidential/Trade
      Secret Information”
is
      information that is not generally known to the public and, as a result, is
      of
      economic benefit to the Company in the conduct of its business, and the business
      of the Company’s subsidiaries. Executive and the Company agree that the term
“Confidential/Trade
      Secret Information”
      includes but is not limited to all information developed or obtained by the
      Company, including its affiliates, and predecessors, and comprising the
      following items, whether or not such items have been reduced to tangible form
      (e.g., physical writing, computer hard drive, disk, tape, etc.): all methods,
      techniques, processes, ideas, research and development, product designs,
      engineering designs, plans, models, production plans, business plans, add-on
      features, trade names, service marks, slogans, forms, pricing structures, menus,
      business forms, marketing programs and plans, layouts and designs, financial
      structures, operational methods and tactics, cost information, the identity
      of
      and/or contractual arrangements with suppliers and/or vendors, accounting
      procedures, and any document, record or other information of the Company
      relating to the above. Confidential/Trade Secret Information includes not only
      information directly belonging to the Company which existed before the date
      of
      this Agreement, but also information developed by Executive for the Company,
      including its subsidiaries, affiliates and predecessors, during the term of
      Executive’s employment with the Company. Confidential/Trade Secret Information
      does not include any information which (a) was in the lawful and unrestricted
      possession of Executive prior to its disclosure to Executive by the Company,
      its
      subsidiaries, affiliates or predecessors, (b) is or becomes generally available
      to the public by lawful acts other than those of Executive after receiving
      it,
      or (c) has been received lawfully and in good faith by Executive from a third
      party who is not and has never been an executive of the Company, its
      subsidiaries, affiliates or predecessors, and who did not derive it from the
      Company, its subsidiaries, affiliates or predecessors.

     

    
      
        
        

      

      
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    4.2.2  Restriction
      on Use of Confidential/Trade Secret Information.
      Executive agrees that his use of Confidential/Trade Secret Information is
      subject to the following restrictions for an indefinite period of time so long
      as the Confidential/Trade Secret Information has not become generally known
      to
      the public:

     

    (a)  Non-Disclosure.
      Executive agrees that he will not publish or disclose, or allow to be published
      or disclosed, Confidential/Trade Secret Information to any person without the
      prior written authorization of the Company unless pursuant to or in connection
      with Executive’s job duties to the Company under this Agreement.

     

    (b)  Non-Removal/Surrender.
      Executive agrees that he will not remove any Confidential/Trade Secret
      Information from the offices of the Company or the premises of any facility
      in
      which the Company is performing services, except pursuant to his duties under
      this Agreement. Executive further agrees that he shall surrender to the Company
      all documents and materials in his possession or control which contain
      Confidential/Trade Secret Information and which are the property of the Company
      upon the termination of this Agreement, and that he shall not thereafter retain
      any copies of any such materials.

     

    4.2.3  Prohibition
      Against Unfair Competition/ Non-Solicitation of Customers.
      Executive agrees that at no time after his employment with the Company will
      he
      engage in competition with the Company while making any use of the
      Confidential/Trade Secret Information, or otherwise exploit or make use of
      the
      Confidential/Trade Secret Information. Executive agrees that during the twelve
      month period following the Termination Date, he will not directly or indirectly
      accept or solicit, in any capacity, the business of any customer of the Company
      with whom Executive worked or otherwise had access to the Confidential/Trade
      Secret Information pertaining to the Company’s business with such customer
      during the last year of Executive’s employment with the Company, or solicit,
      directly or indirectly, or encourage any of the Company’s customers or suppliers
      to terminate their business relationship with the Company, or otherwise
      interfere with such business relationships.

     

    4.3  Non-Solicitation
      of Employees.
      Employee agrees that during the twelve month period following the Termination
      Date, he shall not, directly or indirectly, solicit, directly or indirectly,
      or
      otherwise encourage any employees of the Company to leave the employ of the
      Company, or solicit, directly or indirectly, any of the Company’s employees for
      employment.

     

    4.4  Non-Solicitation
      During Employment.
      During
      his employment with the Company, Executive shall not: (a) interfere with the
      Company’s business relationship with its customers or suppliers, (b) solicit,
      directly or indirectly, or otherwise encourage any of the Company’s customers or
      suppliers to terminate their business relationship with the Company, or (c)
      solicit, directly or indirectly, or otherwise encourage any employees of the
      Company to leave the employ of the Company, or solicit any of the Company’s
      employees for employment.

     

    
      
        
        

      

      
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    4.5  Conflict
      of Interest.
      During
      Executive’s employment with the Company, Executive must not engage in any work,
      paid or unpaid, that creates an actual conflict of interest with the Company.
      

     

    4.6  Breach
      of Provisions.
      If
      Executive breaches any of the provisions of this Article IV, or in the event
      that any such breach is threatened by Executive, in addition to and without
      limiting or waiving any other remedies available to the Company at law or in
      equity, the Company shall be entitled to immediate injunctive relief in any
      court, domestic or foreign, having the capacity to grant such relief, to
      restrain any such breach or threatened breach and to enforce the provisions
      of
      this Article IV. 

     

    4.7  Reasonable
      Restrictions.
      The
      Parties acknowledge that the foregoing restrictions, as well as the duration
      and
      the territorial scope thereof as set forth in this Article IV, are under all
      of
      the circumstances reasonable and necessary for the protection of the Company
      and
      its business.

     

    4.8  Special
      Definition.
      For
      purposes of this Article IV, the term “Company”
shall
      be deemed to include any subsidiary of the Company.

     

    ARTICLE
      V

     

    MISCELLANEOUS

     

    5.1  Binding
      Effect; Assignment.
      This
      Agreement shall be binding upon and inure to the benefit of the Parties and
      their respective legal representatives, heirs, distributees, successors and
      assigns. Executive may not assign any of his rights and obligations under this
      Agreement. The Company may assign its rights and obligations under this
      Agreement to any successor entity. 

     

    5.2  Notices.
      Any
      notice provided for herein shall be in writing and shall be deemed to have
      been
      given or made (a) when personally delivered or (b) when sent by telecopier
      and
      confirmed within 48 hours by letter mailed or delivered to the party to be
      notified at its or his/hers address set forth herein; or three (3) days after
      being sent by registered or certified mail, return receipt requested, (or by
      equivalent currier with delivery documentation such as FEDEX or UPS) to the
      address of the other party set forth or to such other address as may be
      specified by notice given in accordance with this section 5.2:

     

     

    
      	
              If
                to the Company:

            	
              Global
                Clean Energy Holdings, Inc.

              6033
                W. Century Blvd, Suite 1090

              Los
                Angeles, CA 90045

              Phone:
                310-378-8529

              Fax:
                310-378-7620

            
	 	 
	
              With
                a copy (which shall not constitute notice) to: 

            	
              Troy
                & Gould

              1801
                Century Park East, 26th
                Floor

              Los
                Angeles, CA 90067

              Attention:
                Istvan Benko, Esq.

              Telecopy
                No.: (310) 789-1490

            
	 	 
	
               

              If
                to Executive:

            	
               

              Bruce
                K. Nelson

              10
                Foxglen

              Irvine,
                CA 92614

              Phone:
                949-786-6940

               

            

    

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

       

    

    5.3  Severability.
      If any
      provision of this Agreement, or portion thereof, shall be held invalid or
      unenforceable by a court of competent jurisdiction, such invalidity or
      unenforceability shall attach only to such provision or portion thereof, and
      shall not in any manner affect or render invalid or unenforceable any other
      provision of this Agreement or portion thereof, and this Agreement shall be
      carried out as if any such invalid or unenforceable provision or portion thereof
      were not contained herein. In addition, any such invalid or unenforceable
      provision or portion thereof shall be deemed, without further action on the
      part
      of the parties hereto, modified, amended or limited to the extent necessary
      to
      render the same valid and enforceable.

     

    5.4  Waiver.
      No
      waiver by a party hereto of a breach or default hereunder by the other party
      shall be considered valid, unless expressed in a writing signed by such first
      party, and no such waiver shall be deemed a waiver of any subsequent breach
      or
      default of the same or any other nature.

     

    5.5  Entire
      Agreement.
      This
      Agreement sets forth the entire agreement between the Parties with respect
      to
      the subject matter hereof, and supersedes any and all prior agreements between
      the Company and Executive, whether written or oral, relating to any or all
      matters covered by and contained or otherwise dealt with in this Agreement.
      This
      Agreement does not constitute a commitment of the Company with regard to
      Executive’s employment, express or implied, other than to the extent expressly
      provided for herein.

     

    5.6  Amendment.
      No
      modification, change or amendment of this Agreement or any of its provisions
      shall be valid, unless in writing and signed by the Parties.

     

    5.7  Authority.
      The
      Parties each represent and warrant that it/he has the power, authority and
      right
      to enter into this Agreement and to carry out and perform the terms, covenants
      and conditions hereof.

     

    5.8  Attorneys’
      Fees.
      If
      either party hereto commences an arbitration or other action against the other
      party to enforce any of the terms hereof or because of the breach by such other
      party of any of the terms hereof, the prevailing party shall be entitled, in
      addition to any other relief granted, to all actual out-of-pocket costs and
      expenses incurred by such prevailing party in connection with such action,
      including, without limitation, all reasonable attorneys’ fees, and a right to
      such costs and expenses shall be deemed to have accrued upon the commencement
      of
      such action and shall be enforceable whether or not such action is prosecuted
      to
      judgment.

     

    5.9  Captions.
      The
      captions, headings and titles of the sections of this Agreement are inserted
      merely for convenience and ease of reference and shall not affect or modify
      the
      meaning of any of the terms, covenants or conditions of this
      Agreement.

     

    5.10  Governing
      Law.
      This
      Agreement, and all of the rights and obligations of the Parties in connection
      with the employment relationship established hereby, shall be governed by and
      construed in accordance with the substantive laws of the State of California
      without giving effect to principles relating to conflicts of law.

     

    5.11  Arbitration.

     

    5.11.1  Scope.
      To the
      fullest extent permitted by law, Executive and the Company agree to the binding
      arbitration of any and all controversies, claims or disputes between them
      arising out of or in any way related to this Agreement, the employment
      relationship between the Company and Executive and any disputes upon termination
      of employment, including but not limited to breach of contract, tort, ,
      constitutional claims; and any claims for violation of any local, state or
      federal law, statute, regulation or ordinance or common law, excluding any
      claim
      for wages under the California Labor Code ,or any claim relating to the
      Company’s failure to pay wages. For the purpose of this agreement to arbitrate,
      references to “Company” include all subsidiaries or related entities and their
      respective executives, supervisors, officers, directors, agents, pension or
      benefit plans, pension or benefit plan sponsors, fiduciaries, administrators,
      affiliates and all successors and assigns of any of them, and this agreement
      to
      arbitrate shall only apply to them to the extent Executive’s claims arise out of
      or relate to their actions on behalf of the Company.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

       

    

    5.11.2  Arbitration
      Procedure.
      To
      commence any such arbitration proceeding, the party commencing the arbitration
      must provide the other party with written notice of any and all claims forming
      the basis of such right in sufficient detail to inform the other party of the
      substance of such claims. In no event shall this notice for arbitration be
      made
      after the date when institution of legal or equitable proceedings based on
      such
      claims would be barred by the applicable statute of limitations. The arbitration
      will be conducted in Los Angeles, California, by a single neutral arbitrator
      and
      in accordance with the then-current rules for resolution of employment disputes
      for Judicial Arbitration and Mediation Services (“JAMS”). The Arbitrator is to
      be selected by the mutual agreement of the Parties. If the Parties cannot agree,
      the Superior Court will select the arbitrator. The parties are entitled to
      representation by an attorney or other representative of their choosing. The
      arbitrator shall have the power to enter any award that could be entered by
      a
      judge of the trial court of the State of California, and only such power, and
      shall follow the law. The award shall be binding, and the Parties agree to
      abide
      by and perform any award rendered by the arbitrator. The arbitrator shall issue
      the award in writing, and therein state the essential findings and conclusions
      on which the award is based. Judgment on the award may be entered in any court
      having jurisdiction thereof. In the event Company initiates the arbitration
      proceeding, Company shall bear the total cost of the arbitration filing, hearing
      fees, and the cost of the arbitrator. In the event Executive initiates the
      arbitration proceeding, Executive shall bear the total cost of the arbitration
      filing, hearing fees, and the cost of the arbitrator.

     

    5.12  Survival.
      The
      termination of Executive’s employment with the Company pursuant to the
      provisions of this Agreement shall not affect Executive’s obligations to the
      Company hereunder which by the nature thereof are intended to survive any such
      termination, including, without limitation, Executive’s obligations under
      Article IV of this Agreement.

    

    

     

    IN
      WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
      day
      and year first above written.

     

    
      	 	 	 
	 	
              Global
                Clean Energy Holdings, Inc.

              a
                Utah corporation

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name:
              Richard Palmer
	 	Title:
              President & Chief Executive Officer

    

    

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

       

    

    
      	 	
               

               

               

              
                

              

              Bruce
                K. Nelson

            

    

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A

    

    CODE
      OF CONDUCT

    

    Honesty
      and Integrity

    Our
      business is based on mutual trust, honesty and integrity in all of our affairs,
      both internally and externally. This philosophy must be respected at all times.
      Each of us must be truthful in our business dealings with each other, and with
      our auditors, legal counsel, regulators and loan review and compliance staffs.
      Illegal, dishonest and fraudulent acts are grounds for termination. Making
      false
      statements or otherwise misleading internal or external auditors, attorneys,
      regulators or loan review and compliance personnel is prohibited. You must
      never
      withhold or fail to communicate fully information that is requested in
      connection with an appropriately authorized investigation or review. Any
      concealment of information is a violation of your employment agreement, which
      may result in termination of your employment with the Company and could
      constitute a criminal act.

    

    Protecting
      Corporate Assets

    You
      are
      responsible for safeguarding the assets of the Company. Company assets must
      not
      be used for personal benefit. The Company’s assets include, but is not limited
      to, all of its properties, including intellectual properties, business
      information, cash, and securities. Misappropriation of Company assets is a
      violation of your employment agreement, which may result in termination of
      your
      employment with the Company and could constitute a criminal act.

    

    Accuracy
      of Company Records and Reports

    The
      Company is committed to maintaining records, data and information that are
      accurate and complete so as to permit the Company to make timely and accurate
      disclosures to its regulators and to its shareholders. You are personally
      responsible for the integrity of the information, reports and records under
      your
      control. Records must be maintained in sufficient detail so as to reflect
      accurately the Company’s transactions and activities. Our financial statements
      must be prepared in accordance with generally accepted accounting principles
      (“GAAP”) and fairly present, in all material respects, the financial condition
      and results of the Company. To accomplish full, fair, and accurate reporting,
      you must ensure that financial reports issued by the Company are timely,
      accurate, understandable, and complete. 

    

    Compliance
      With Laws

    The
      Company’s activities shall always be in full compliance with all applicable laws
      and regulations. When such laws or regulations are ambiguous or difficult to
      interpret, you should seek advice from the Company’s outside legal counsel.

    

    Conflicts
      Of Interest

    You
      must
conduct
      your
      private, business, and personal activities in a manner that avoids conflict
      with, or even the appearance of conflict with, your ability to act solely in
      the
      interests of the Company. A conflict of interest arises if you have interests
      of
      any nature that compromise your ability to act objectively and in the best
      interests of the Company. Conflicts can arise directly or through your family
      members or through business or other entities in which you or your family
      members have an interest. At no time may you, on behalf of the Company, transact
      personal business, the business of an immediate family member, or the business
      of a for profit entity in which you or a member of your immediate family has
      an
      interest (other than an interest not exceeding 1% in a publicly traded company
      (a “Permitted Public Company Interest”)), with the Company. In all such
      situations, you must disqualify yourself from involvement with any transaction
      or relationship between that person and the Company except as set forth in
      Section 1.6 herein. 

    

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

       

    

    Business
      Ventures with Customers

    You
      may
      not enter into or participate with the Company’s customers in business ventures
      without the approval of a majority of the Governance & Compliance Committee
      of the Board.

    

    Acting
      as a Fiduciary

    Officers
      may not assume the responsibility of executor, administrator, trustee, guardian,
      custodian, attorney-in-fact under a power of attorney, or any other fiduciary
      capacity (except with respect to matters involving direct family relationships)
      without the approval of a majority of the Governance & Compliance Committee
      of the Board.

    

    Company
      Opportunities

    You
      must
      not take for yourself any opportunity that belongs to the Company. Whenever
      the
      Company has been seeking a particular business opportunity, or the opportunity
      has been offered to the Company, or the Company’s funds, facilities or personnel
      have been used in developing the opportunity, that opportunity rightfully
      belongs to the Company and not to its employees.

    

    Investments
      in Customers or Suppliers

    Because
      investments are an area in which conflicts of interest can very easily develop,
      you should obtain prior approval from a majority of the Governance &
Compliance Committee of the Board before investing directly or indirectly in
      the
      business of a customer or supplier of the Company, other than a Permitted Public
      Company Interest, as defined above. Under no circumstances should you acquire
      an
      equity interest in a company that is a customer or supplier at a price which
      is
      more favorable than the price offered to the general public. If you own a direct
      or indirect interest in a business or other entity that becomes a customer
      or
      supplier, you should notify a majority of the Governance & Compliance
      Committee of the Board of the Board as soon as the underlying facts are known
      to
      you. 

    

    Business
      Expenses

    You
      must
      have all business-related expenses approved by the Chairman of the Board of
      Directors or the Chief Executive Officer of the Company. You must carefully
      observe expense account regulations and guidelines. Falsification of an expense
      account is considered to be a misappropriation of corporate funds and
      constitutes grounds for dismissal. 

    

    Bequests
      from Customers

    You
      may
      not accept a bequest or legacy from a customer, unless the customer is your
      immediate family member. However, there may be an occasional instance when
      a
      bequest from a non-relative customer is based upon a relationship other than
      the
      normal business relationship, which arises between you and a customer. In such
      a
      situation, full consideration by a majority of disinterested members of the
      Governance & Compliance Committee of the Board, will be given to approving
      receipt of the bequest.

    

    Gifts
      from Customers

    You
      shall
      not solicit or accept for yourself, or for a third party, anything of value
      in
      return for, or in connection with, any business, service, or activity of the
      Company. You shall not accept a gift in circumstances in which it could appear
      that his or her business judgment was influenced by such gift. You shall not
      allow an immediate family member or business associate to accept a gift,
      services, loans or preferential treatment in exchange for a past, current,
      or
      future business relationship with the Company. 

    

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

       

    

    Disclosure
      of Potential Conflicts of Interest

    You
      shall
      immediately disclose to a majority of disinterested members of the Governance
      & Compliance Committee of the Board all situations that possess a potential
      for conflict of interest. 

    

    Political
      Donations

    You
      are
      prohibited from making any contribution to political candidates on behalf of
      the
      Company. You also may not make any contributions of anything of value in
      connection with any federal, state or local candidate’s election. The Company
      makes, and discloses fully, contributions in state and local elections for
      the
      purpose of supporting ballot propositions that are in the interests of the
      Company and its several constituencies. Any proposal for political contributions
      on behalf of the Company or a group of Company employees should be referred
      for
      approval to a majority of disinterested members of the Governance &
Compliance Committee of the Board. 

    

    Confidential
      Information

    You
      shall
      not use confidential and nonpublic information in any manner for personal
      advantage or to provide advantage to others.

    

    Insider
      Trading

    You
      must
      at all times comply with all laws and regulations concerning insider trading.
      In
      general, you are prohibited by applicable law from trading in the securities
      of
      any company while in possession of material, nonpublic information (also known
      as “inside information”) regarding that company. This prohibition applies to the
      Company’s securities as well as to the securities of other companies, including
      the Company’s customers and suppliers, and to transactions for any account of
      the Company, client account or personal account. It is also illegal to “tip” or
      pass on inside information to any other person if you know or reasonably suspect
      that the person receiving such information from you will misuse such information
      by trading in securities or passing such information on further, even if you
      do
      not receive any monetary benefit.

    

    Investment
      Prudence

    You
      must
      not use your position at the Company to obtain leverage with respect to any
      investment, including investments in publicly traded securities, and should
      not
      accept preferential treatment of any kind based on your position with the
      Company in connection with your investments. 

    

    Cross
      - Selling Services/Tying Restrictions.

    “Tying”
      arrangements, whereby customers are required to purchase or provide one product
      or service as a condition for another being made available, are unlawful in
      certain instances. You should consult the Company’s outside legal counsel for
      advice on tying restrictions. The Company prohibits any such unlawful
      requirements. 

     

    Anti
      - Competitive Practices.

    The
      Company is subject to complex laws (known as “antitrust laws”) designed to
      preserve competition among enterprises and to protect consumers from unfair
      business arrangements and practices. You should avoid discussion of
      competitively sensitive topics, such as prices, pricing policies, costs and
      marketing strategies (except as reasonably required by your job duties).

     

    Anti
      - Money Laundering Compliance.

    Money
      laundering is the process of converting illegal proceeds so that funds are
      made
      to appear legitimate, and it is not limited to cash transactions. The Company
      is
      obligated by law to join with governments, international organizations and
      members of the financial services industry to help prevent money laundering.
      You
      must follow all of anti-money laundering policies and procedures. 

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

       

    

    Nondiscrimination.

    The
      Company endeavors to make all decisions responsibly, constructively and
      equitably without bias as to race, color, creed, religion, national origin,
      sex,
      marital status, age, veteran’s status or membership in any other protected class
      or receipt of public assistance. Failure to do so is against Company
      policy.

     

    Misleading
      Statements.

    You
      shall
      not make false or misleading remarks about suppliers, customers, or competitors,
      or their products and services. 

     

    Corporate
      Gifts to Others.

    You
      must
      use care in connection with gifts to others. If a gift could be viewed as
      consideration for business, you should not make the gift.

     

    Entertainment.

    Legitimate
      entertainment of reasonable value is an accepted practice to the extent that
      it
      meets all standards of ethical
      business
conduct
      and
      involves no element of concealment.

     

    Other
      Remuneration.

    In
      the
conduct
      of the
      Company’s business, no bribes, kickbacks or similar remuneration or
      consideration of any kind are to be given or offered to any individual or
      organization for any reason whatsoever. 

     

    Equal
      Employment Opportunity.

    The
      Company is an equal opportunity employer and you are expected to comply with
      all
      laws concerning discriminatory employment practices. Advancement at the Company
      is based on talent and performance. In addition, retaliation against individuals
      for raising claims of discrimination is prohibited. 

     

    Harassment
      and Intimidation.

    The
      Company prohibits sexual or any other kind of harassment or intimidation by
      any
      Employee, Officer, or Director of the Company. Harassment, whether based on
      a
      person’s race, gender, religion, national origin, disability, sexual
      orientation, or socioeconomic status, is completely inconsistent with our
      tradition of providing a respectful, professional workplace. You must never
      use
      company systems to transmit or receive electronic images or text of a sexual
      nature or containing ethnic slurs, racial epithets or any other material of
      a
      harassing, offensive or lewd nature.

     

    
      
        
        

      

      
        16AMENDMENT
      NO. 1 TO REVOLVING LINE
      OF CREDIT AND 

    TERM
      LOAN AGREEMENT

    

    This
      Amendment No. 1 to Revolving Line of Credit and Term Loan Agreement (this
“Agreement”)
      is by
      and between RBS Citizens, National Association, a national bank having a lending
      office at 28 State Street, Boston, MA 02109 (the “Lender”)
      and
      National Investment Managers Inc., a Florida corporation having an address
      of
      545 Metro Place South, Suite 100, Dublin, OH 43017 (the “Borrower”).

    

    R
      E C
      I T A L S

    

    
      	
              A.

            	
              Reference
                is hereby made to a certain Revolving Line of Credit and Term Loan
                Agreement dated as of November 30, 2007 by and between Borrower and
                Lender
                as (the “Loan
                Agreement”).
                The loan obligations of Borrower to Lender are further evidenced
                by (i) a
                certain Term Promissory Note dated November 30, 2007 from the Borrower
                to
                the Lender in the maximum principal amount of up to $13,000,000.00
                and
                (ii) a certain Revolving Line of Credit Note dated November 30, 2007
                from
                the Borrower to the Lender in the maximum principal amount of
                $2,000,000.00 (together, the “Notes”).
                All capitalized terms used herein and not otherwise defined herein
                shall
                have the meanings as set forth in the Loan
                Agreement.

            

    

    

    
      	
              B.

            	
              Borrower
                has requested that Lender approve the acquisition of California Investment
                Annuity Sales, Inc., a California corporation with its principal
                place of
                business at 4640 Admiralty Way, Marina Del Ray, CA 90292 (the
                “Subsidiary”).
                

            

    

    

    
      	
              C.

            	
              Lender
                has agreed to approve the acquisition of the Subsidiary, provided
                that
                Borrower joins with Lender in the execution of this Agreement and
                satisfies the conditions precedent set forth herein, including, without
                limitation, the execution by the Subsidiary of a Guaranty of the
                Loans.

            

    

    

    NOW,
      THEREFORE, for good and valuable consideration, the receipt and sufficiency
      of
      which is hereby acknowledged, Lender and Borrower hereby agree as
      follows:

    

    
      	
              1.

            	
              The
                Lender hereby consent to the acquisition of the Subsidiary on the
                terms
                set forth in a certain Stock Purchase Agreement, dated as of March
                31,
                2008 among the Borrower, the Subsidiary, Richard L. Kaplan and Hana
                E.
                Kaplan Inter Vivos Trust Agreement dated 1/29/97 as amended and restated
                1//10/03 and Anthony Delfino, and the acquisition of the Subsidiary
                shall
                be deemed to be a permitted
                Acquisition.

            

    

    

    
      	
              2.

            	
              To
                evidence that the Subsidiary is an additional Guarantor of the Loans,
                Schedule
                A
                to
                the Loan Agreement is hereby deleted in its entirety and the attached
                Schedule
                A
                is
                substituted therefor.

            

    

    

    
      	
              3.

            	
              Lender
                and Borrower hereby agree that, with respect to the acquisition of
                the
                Subsidiary as an Acquired Entity (as defined in the Loan Agreement),
                the
                calculation of Acquired EBITDA shall be as
                follows:

            

    

     

     

     

    
      	  

	
              Amendment
                No. 1 to Revolving Line of Credit and Term Loan Agreement 

            	
              Page
                1 of 6

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              For
                the four fiscal quarter period ending June 30, 2008, an amount equal
                to:

            	
               

              $363,945.04

            
	
              For
                four fiscal quarter period ending September 30, 2008, an amount equal
                to:

            	
               

              $259,517.79

            
	
              For
                the four fiscal quarter period ending December 31, 2008, an amount
                equal
                to:

            	
               

              $124,841.55

            

    

    

    
      	
              4.

            	
              As
                a condition of this Agreement, Borrower shall at the time of execution
                of
                this Agreement:

            

    

    

    
      	 	
              (a)

            	
              reimburse
                Lender for its costs in connection with this Agreement and the
                Modification Documents (as defined below), including legal fees and
                expenses incurred by Lender;

            

    

    

    
      	 	
              (b)

            	
              deliver
                to Lender the following documents in form and substance satisfactory
                to
                Lender or, if applicable, as required by the terms and conditions
                of the
                Loan Agreement:

            

    

    

    
      	
            	(i)	
              an
                Amendment No.1 to Stock Pledge executed by
                Borrower;

            

    

    

    
      	 	 	
              (ii)

            	
              an
                Amendment No. 1 to Intercreditor Agreement executed by Borrower and
                by
                Junior Lender;

            

    

    

    
      	 	 	
              (iii)

            	
              a
                Stock Power certificate executed in blank by Borrower in favor of
                Lender
                with respect to the stock of the
                Subsidiary;

            

    

    

    
      	 	 	
              (iv)

            	
              a
                Seller Subordination Agreement executed by the seller of the equity
                interests in the Subsidiary in connection with any Seller
                Financing;

            

    

    

    
      	
            	(v)	
              a
                Perfection Certificate executed by the
                Subsidiary;

            

    

    

    
      	
            	(vi)	
              a
                Guaranty in favor of Lender executed by the
                Subsidiary;

            

    

    

    
      	
            	(vii)	
              a
                Security Agreement executed by the Subsidiary in favor of Lender;
                and

            

    

    

    
      	 	 	
              (viii)

            	
              any
                other documents the Lender deems necessary to effectuate this amendment
                to
                the Loan.

            

    

     

     

     

    
      
        	  

	
                Amendment
                  No. 1 to Revolving Line of Credit and Term Loan Agreement 

              	
                Page 2 of 6

              

      

       

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	 	 	 	
              The
                foregoing documents and any additional documents executed herewith,
                together with this Agreement, shall be referred to herein as the
                “Modification
                Documents”;
                and

            

    

    

    
      	 	
              (c)

            	
              satisfy
                and/or be in compliance with the Financed Acquisition Conditions
                on the
                date hereof and at the time of the advance by Lender of the Term
                Loan
                Advance contemplated hereby.

            

    

    

    
      	
              5.

            	
              Borrower
                hereby represents and warrants that: (i) its representations and
                warranties set forth in the Loan Agreement are true on and as of
                the date
                hereof as if made on such date (except to the extent that the same
                expressly relate to an earlier date or are affected by the consummation
                of
                transactions permitted hereby or by the Agreement); (ii) it is in
                compliance in all material respects with all of the terms and provisions
                set forth in the Loan Agreement on its part to be observed or performed;
                (iii) after giving effect to any extension of credit to be made on
                the
                date hereof, no Event of Default (as defined in the Loan Agreement)
                or
                Default Event has occurred and is continuing; (iv) since the date
                of the
                financial statements most recently provided to Lender by Borrower,
                there
                has occurred no material adverse change in the assets or liabilities
                or
                the financial or other condition of Borrower; (v) it has full power
                to
                execute, deliver and perform its obligations under the Modification
                Documents and the execution, delivery and performance of the Modification
                Documents have been authorized and directed by the appropriate parties;
                (vi) the Modification Documents constitute the legal, valid and binding
                obligations of Borrower and/or the Subsidiary, as applicable, enforceable
                in accordance with their terms; (vii) the execution, delivery and
                performance thereof will not violate any provision of any existing
                law or
                regulation applicable to Borrower or the Subsidiary or their respective
                governing documents or of any order or decree of any court, arbitrator
                or
                governmental authority or of any contractual undertaking to which
                either
                is a party or by which either may be bound; and (viii) no consents,
                licenses, approvals or authorizations of, exemptions by or registrations
                or filings with, any governmental authority are required with respect
                to
                the Modification Documents. 

            

    

    

    
      	
              6.

            	
              If
                Borrower fails to comply with all the terms and conditions of the
                Modification Documents, such failure shall constitute a default under
                this
                Agreement and an Event of Default under the Loan Agreement and other
                Loan
                Documents. 

            

    

    

    No
      other
      changes shall be made to the Loan Agreement, and Borrower reaffirms its
      obligations under the Loan Documents in their entirety. This Agreement is not
      intended to extinguish or affect any of the debt evidenced by the Notes or
      to
      otherwise modify any of the obligations under any of the Loan Documents.
      Borrower hereby reaffirms that Borrower remains indebted to Lender without
      defense, counterclaim or offset and hereby releases Lender from any and all
      claims or other causes of action which Borrower may have against Lender with
      respect to the Loans and the Loan Documents.

     

    

       

      
        	  

	
                Amendment
                  No. 1 to Revolving Line of Credit and Term Loan Agreement 

              	
                Page 3 of 6

              

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    This
      Agreement is made in the Commonwealth of Massachusetts and shall be construed
      in
      accordance with its laws. If any provision hereof is in conflict with any
      statute or rule of law of the Commonwealth of Massachusetts or any other statute
      or rule of law of any other applicable jurisdiction or is otherwise
      unenforceable, such provisions shall be deemed null and void only to the extent
      of such conflict or unenforceability and shall be deemed separate from and
      shall
      not invalidate any other provision of this Agreement.

    

    This
      Agreement shall be binding upon and inure to the benefit of the parties hereto
      and their respective successors and assigns, and no other parties shall be
      a
      beneficiary hereunder. Neither this Agreement nor any of the provisions hereof
      can be changed, waived, discharged or terminated except by an instrument in
      writing signed by the party against whom enforcement of the change, waiver,
      discharge or termination is sought.

    

    

    [Signatures
      on following page]

     

     

     

     

     

     

    
       

      
        	  

	
                Amendment
                  No. 1 to Revolving Line of Credit and Term Loan Agreement 

              	
                Page 4 of 6

              

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXECUTED
      under seal as of the 3rd
      day of
      April, 2008.

    

    
      	 	
              LENDER:

            
	 	 
	 	
              RBS
                CITIZENS, NATIONAL ASSOCIATION

            
	 	 
	 	 
	
              _____________________________

            	
              By:
                /s/ David Bugbee

            
	
              Witness

            	
              Name:
                David Bugbee

            
	 	
              Title:
                Senior Vice President

            
	 	 
	 	
              BORROWER:

            
	 	 
	 	
              NATIONAL
                INVESTMENT MANAGERS INC.

            
	 	 
	 	 
	
              ___________________________

            	
              By:
                /s/ Steven Ross

            
	
              Witness

            	
              Name:
                Steven Ross

            
	 	
              Title:
                CEO

            

    

    

    

     

     

    
       

      
        	  

	
                Amendment
                  No. 1 to Revolving Line of Credit and Term Loan Agreement 

              	
                Page
                  5 of 6

              

      

       

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    SCHEDULE
      A

    
 

     

     

     

     

     

     

     

     

     

     

     

     

    
       

      
        	  

	
                Amendment
                  No. 1 to Revolving Line of Credit and Term Loan Agreement 

              	
                Page 6 of 6

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