Document:

ex10-2.htm

    EXHIBIT 10.2

    SERVICES AGREEMENT

    

    This Services Agreement dated
March  __, 2009, and effective as of the Effective Date as defined
below (this “Agreement”), is by
and between Vertex Holdings, L.P. (formerly Vertex Energy, L.P.), a Texas
limited partnership (“Vertex LP”) and
Vertex Energy, Inc., a Nevada corporation (“Vertex Nevada”), each
referred to as a “Party” and
collectively as the “Parties” to this
Agreement as such terms are used herein.

    

    W I T N E S S E T
H:

    

    WHEREAS, on or about May 19,
2008, Vertex Nevada, Vertex LP, Vertex Merger Sub, LLC, a California limited
liability company, World Waste Technologies, Inc., a California corporation
(“WWT”), and
Benjamin P. Cowart, an individual (“Cowart”), entered
into an Amended and Restated Agreement and Plan of Merger (as amended from time
to time, the “Merger
Agreement”);

    

    WHEREAS, in connection with
and pursuant to the terms of the Merger Agreement, Vertex LP has agreed to
transfer certain of its operations to WWT, which will be merged with and into
Vertex Nevada (the “Merger”), including:
(a) Vertex LP's Black Oil division, which aggregates used motor oil from
third-party collectors and manages the delivery of this feedstock primarily to a
third-party re-refining facility, and (b) Vertex LP's Refining and Marketing
division, which aggregates hydrocarbon streams from collectors and generators
and manages the delivery of the hydrocarbon waste products to a third-party
facility for further processing, and then manages the sale of the end products
(the “Vertex Nevada
Business”);

    

    WHEREAS, Vertex LP (and its
affiliates and subsidiaries) anticipates providing certain services ancillary to
and necessary for the operations of the Vertex Nevada Business to Vertex Nevada
following the Merger (the “Services” as further
defined below); and

    

    WHEREAS, Vertex LP and Vertex
Nevada desire to enter into this Agreement to set forth the Services to be
provided and agree that such Services will be provided on the terms and
conditions set forth below, following the closing of the Merger (the “Closing” or the
“Effective
Date”);

     

    NOW, THEREFORE, in
consideration of the premises and the mutual covenants, agreements, and
considerations herein contained, and ten dollars ($10) and other good and
valuable consideration, which Vertex LP acknowledges receipt of, the Parties
hereto agree as follows:

    

    
      	
              1.

            	
              Services.

            

    

    

    
      	
               
      

            	
              1.1.

            	
              Effective
      as of the Closing, Vertex LP, and its affiliates and subsidiaries
      (hereafter throughout this Agreement, references to Vertex LP, include
      Vertex LP’s affiliates and subsidiaries) agree to provide certain Services
      to Vertex Nevada in connection with the Vertex Nevada
      Business.  Those “Services”
      include any services then provided to any third parties or related
      entities by Vertex LP, which are reasonably requested by Vertex Nevada,
      which shall initially include, but not be limited to the
      following:

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
               
      

            	
              1.1.1.

            	
              Transportation
      services through Cross Road Carriers for the transportation of Vertex
      Nevada's feedstock and refined and re-refined petroleum
      products;

            

    

    

    
      	
               
      

            	
              1.1.2.

            	
              Environmental
      compliance and regulatory oversight services to be performed by Vertex
      Residual Management Group LP., and

            

    

    

    
      	
               
      

            	
              1.1.3.

            	
              Terminalling
      services through Cedar Marine Terminals for the storage and loading out of
      feedstock by barge, unless such services are covered under a separate
      agreement entered into between the
Parties.

            

    

    

    
      	
               
      

            	
              1.2.

            	
              The
      Parties agree that the Services, and any other services requested to be
      performed by Vertex LP on behalf of Vertex Nevada will be billed at the
      lesser of (a) Vertex LP’s then normal and customary rates as provided to
      similar non-affiliated third-parties, or in the absence of any such
      pre-existing rates, the rates that Vertex LP would in good faith charge to
      non-affiliated third parties for such Services (the “Third Party
      Rates”); and (b) rates less than the Third Party Rates, as may be
      negotiated between the Parties from time to time.  The actual
      rates billed to Vertex Nevada shall be defined as the “Service Rates”.
      In no event shall the Service Rates exceed the rates that would be charged
      for similar services by non-affiliated
parties.

            

    

    

    
      	
               
      

            	
              1.3.

            	
              Vertex
      LP agrees to use its best efforts to provide the Services for a period of
      not less than five (5) years from the Closing Date (the “Term”),
      provided however that (a) in the event Vertex LP ceases to provide any of
      the Services to any third parties or related entities and/or ceases to
      provide such Services whatsoever, for any reason, or (b) in the event
      Vertex Nevada exercises its Option (as such term is defined in the Merger
      Agreement) to purchase any such entity or business line of Vertex LP
      providing such Services, the requirement to provide such Services (only as
      they relate to discontinued Services or purchased Services) pursuant to
      this Agreement shall be terminated.

            

    

    

    
      	
               
      

            	
              1.4.

            	
              Vertex
      LP agrees to bill Vertex Nevada for such Services as Vertex LP customarily
      bills third parties and/or as otherwise mutually agreed to between the
      Parties.

            

    

    

    
      	
               
      

            	
              1.5.

            	
              The
      Services will be provided pursuant to separately executed agreements or
      work orders between Vertex Nevada and the applicable service
      provider.

            

    

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    
      	
               
      

            	
              1.6.

            	
              The
      Parties agree that any Services performed by Vertex LP may be removed from
      the definition of Services above by the mutual consent of both Parties
      hereto at any time.

            

    

    

    
      	
               
      

            	
              2.

            	
              Termination.

            

    

    

    
      	
               
      

            	
              2.1.

            	
              The
      Parties agree that this Agreement may be terminated during the Term of
      this Agreement:

            

    

    

    
      
        	 	
                2.1.1.

              	
                By
      the mutual consent of both Parties at any
time;

              

      

    

    

    
      
        	 	
                2.1.2.

              	
                In
      the event any term of this Agreement is breached, this Agreement may be
      terminated by the non-breaching party upon thirty (30) days prior written
      notice to the breaching party of such breach and provided that such breach
      is not reasonably cured during such thirty (30) day period;
    or

              

      

    

    

    
      
        	 	
                2.1.3.

              	
                At
      any time at the option of either Party upon five (5) days prior notice in
      the event that Cowart is no longer employed by Vertex
    Nevada.

              

      

    

    

    
      	
               
      

            	
              2.2.

            	
              The
      Parties further agree that if not terminated as provided above, this
      Agreement shall automatically renew upon the expiration of the Term of
      this Agreement for successive one (1) year terms (each an “Extended Term”)
      unless either Party has provided written notice to the other Party of its
      intent not to renew this Agreement at least thirty (30) days prior to the
      end of the Term or any Extended Term of this
  Agreement.

            

    

    

    
      	
               
      

            	
              2.3.

            	
              Notwithstanding
      any provision herein to the contrary, the Parties agree that Vertex Nevada
      shall not agree to terminate or amend this Agreement without having first
      obtained the written consent of the Related Party Transaction Committee of
      Vertex Nevada’s Board of Directors.

            

    

    

    3.           
Notices.

    

    
      	
               
      

            	
              3.1.

            	
              Any
      notices and other communications required or permitted hereunder shall be
      in writing and shall be effective upon delivery by hand or upon receipt if
      sent by certified or registered mail (postage prepaid and return receipt
      requested) or by a nationally recognized overnight courier service
      (appropriately marked for overnight delivery) or upon transmission if sent
      by telex or facsimile (with request for immediate confirmation of receipt
      in a manner customary for communications of such respective type and with
      physical delivery of the communication being made by one or the other
      means specified in this Section as promptly as practicable thereafter).
      Notices shall be addressed as
follows:

            

    

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

    If to
Vertex LP:

    

    Vertex
Holdings, L.P.

    Attn:
Benjamin P. Cowart

    1331
Gemini Suite 103

    Houston,
Texas 77058

    

    With a
copy to:

    

    ____________________________

    ____________________________

    ____________________________

    ____________________________

    ____________________________

    

    

    If to
Vertex Nevada:

    

    Vertex
Nevada, Inc.

    Attn:  Benjamin
P. Cowart

    1331
Gemini Suite 103

    Houston,
Texas 77058

    

    With a
copy to:

    

    The Loev
Law Firm, PC

    Attn:
David M. Loev, Esq.

    6300 West
Loop South,

    Suite
280

    Bellaire,
Texas 77401

    

    And a copy to:

    

    Vertex
Nevada, Inc.

    Attn:  Related
Party Transaction Committee

    1331
Gemini Suite 103

    Houston,
Texas 77058

    

    
      	
               
      

            	
              3.2.

            	
              Any
      Party may change the address to which notices are required to be sent by
      giving written notice of such change in the manner provided in this
      Section.

            

    

    

    
      	
               
      

            	
              4.

            	
              Miscellaneous.

            

    

    

    
      	
               
      

            	
              4.1.

            	
              Assignment.  Neither
      Party may assign this Agreement without the other Parties’ prior written
      consent. All of the terms, provisions and conditions of this Agreement
      shall be binding upon and shall inure to the benefit of and be enforceable
      by the Parties hereto and their respective successors and permitted
      assigns.

            

    

    

    
      	
               
      

            	
              4.2.

            	
              Applicable
      Law.  This Agreement shall be construed in accordance
      with and governed by the laws of the State of Texas, excluding any
      provision of this Agreement which would require the use of the laws of any
      other jurisdiction.

            

    

    

    
      	
               
      

            	
              4.3.

            	
              Entire Agreement,
      Amendments and Waivers.  This Agreement constitutes the
      entire agreement of the Parties hereto and expressly supersedes all prior
      and contemporaneous understandings and commitments, whether written or
      oral, with respect to the subject matter hereof.  No variations,
      modifications, changes or extensions of this Agreement or any other terms
      hereof shall be binding upon any Party hereto unless set forth in a
      document duly executed by such Party or an authorized agent or such
      Party.

            

    

    

    
      	
               
      

            	
              4.4.

            	
              Waiver. No
      failure on the part of any Party to enforce any provisions of this
      Agreement will act as a waiver of the right to enforce that
      provision.

            

    

    

    
      	
               
      

            	
              4.5.

            	
              Section
      Headings. Section headings are for convenience only and shall not
      define or limit the provisions of this
  Agreement.

            

    

    

    
      	
               
      

            	
              4.6.

            	
              Effect of Facsimile
      and Photocopied Signatures. This Agreement may be executed in
      several counterparts, each of which is an original.  It shall
      not be necessary in making proof of this Agreement or any counterpart
      hereof to produce or account for any of the other
      counterparts.  A copy of this Agreement signed by one Party and
      faxed to another Party shall be deemed to have been executed and delivered
      by the signing Party as though an original.  A photocopy of this
      Agreement shall be effective as an original for all
    purposes.

            

    

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

    IN WITNESS WHEREOF, the
Parties hereto have executed this Agreement as of the day and year first written
above to be effective as of the Effective Date, as defined above.

    

    

    
      	
              Dated: March
      __, 2009

            	
              Vertex
      Energy, Inc.,

              a
      Nevada corporation

               

               

              By:  /s/ Benjamin P.
      Cowart                                                          

              Name:
      Benjamin P. Cowart

              Title:
      President

               

               

            
	
              Dated: March
      __, 2009

            	
              Vertex
      Holdings, L.P.

              (formerly
      Vertex Energy, L.P.),

              a
      Texas limited partnership

              By
      VTX, Inc., a Texas corporation,

              its
      General Partner

               

              By:  /s/ Benjamin P.
      Cowart                                                           

              Name:
      Benjamin P. Cowart

              Title:
      President

               

            

    

    
      
        
        

      

      
        -5-ex10-3.htm

    EXHIBIT
10.3

    RIGHT
OF FIRST REFUSAL AGREEMENT

    

    This Right of First Refusal and Related
Rights Agreement (this “Agreement”)
entered into on March __, 2009 to be effective as of the Effective Date (as
defined below), is by and between Vertex Holdings, L.P. (formerly Vertex Energy,
L.P.), a Texas limited partnership (“Vertex
LP”), VTX, Inc. (“VTX”),
Benjamin P. Cowart, an individual (“Cowart”),
and Vertex Energy, Inc., a Nevada corporation (“Vertex
Nevada”), each sometimes referred to herein as a “Party,”
and collectively referred to herein as the “Parties.”

    

    W I T N E S S E T H:

    

    WHEREAS, on or about May 19,
2008, World Waste Technologies, Inc., a California corporation (“WWT”),
Vertex LP, Cowart, Vertex Nevada and Vertex Merger Sub, LLC, a California
limited liability company, entered into an Amended and Restated Agreement and
Plan of Merger (as amended and extended from time to time, the “Merger
Agreement”), which Merger Agreement is incorporated herein by
reference;

    

    WHEREAS, pursuant to Section
5.25 of the Merger Agreement, Vertex Nevada was granted a “Right of First Refusal and
Related Rights;” and

    

    WHEREAS, the Parties desire to
memorialize the terms and conditions of the Right of First Refusal and Related
Rights contained in Section 5.25 of the Merger Agreement.

    

    NOW, THEREFORE, in
consideration for the promises and pledges contained below and other good and
valuable consideration, which consideration the Parties acknowledge receipt of,
and the premises and the mutual covenants, agreements, and considerations herein
contained, the Parties hereto agree as follows:

    

    1.      Right of First
Refusal.

    

    
      	
               
      

            	
              1.1

            	
              In
      consideration of the agreements and covenants set forth herein above and
      below and set forth in the Merger Agreement, the sufficiency of which is
      hereby acknowledged and confessed, the Parties agree that Vertex Nevada is
      granted a right of first refusal to match any third party offer to
      purchase the securities of any Cowart Party (as defined below) owned by
      Vertex LP or VTX, and/or any assets of any Cowart Party on the terms and
      conditions set forth in such third party offer (the “Right
      of First Refusal”), only in the event that such Cowart Party
      desires to accept such third party offer.  A “Cowart
      Party” shall be defined throughout this Agreement as one or more of
      the following: Cross Road Carriers, Vertex Recovery (or its subsidiaries),
      Cedar Marine Terminals, LP, Vertex Residual Management Group, LP, Vertex
      Green, LP, or any other entity which is majority owned or controlled by
      Cowart or Vertex LP.  Such Right of First Refusal shall have the
      following terms, rights and
conditions:

            

    

    

    
      	
               
      

            	
              1.1.1

            	
              Notice of
      Offer.  Within Forty-Eight (48) hours of the receipt of a
      third party offer to purchase all or any substantial part of the
      securities of any Cowart Party owned by Vertex LP or VTX, or any of the
      assets of any Cowart Party (an “Offer”),
      Vertex LP shall (a) deliver to Vertex Nevada a written notice (the “Notice”)
      stating: (i) the name of each proposed purchaser or other transferee
      (“Proposed
      Transferee”); (ii) the name of the Cowart Party entity(ies) or
      assets that the Proposed Transferee has offered to purchase (the “Subject
      Entities”); (iii) the bona fide cash price or other consideration
      for which the Proposed Transferee has offered to purchase the Subject
      Entities and the timing and terms of the payment of any such consideration
      (the “Offered
      Price”); and (iv) the material terms and conditions of the proposed
      purchase (the “Offer
      Terms”); (b) shall deliver a copy of any correspondence,
      agreements, term sheets or letter of intents received in connection with
      the proposed offer to purchase; and (c) shall deliver a copy of any such
      correspondence, agreements, term sheets or letter of intents to Vertex
      Nevada’s Related Party Transaction
Committee.

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
               
      

            	
              1.1.2

            	
              Exercise of Right of First
      Refusal.  At any time within thirty (30) days after
      receipt of the Notice and written notice from Vertex LP or such Cowart
      Party of its desire to accept the Offer, Vertex Nevada may, by giving
      written notice to Vertex LP, elect to purchase the Subject Entities
      proposed to be sold to the Proposed Transferees, at the Purchase Price and
      on the terms and conditions described below (the “Vertex
      Notice”).

            

    

    

    
      	
               
      

            	
              1.1.3

            	
              Purchase
      Price.  The purchase price (“Purchase
      Price”) for the Subject Entities purchased by Vertex Nevada shall
      be the Offered Price, and the terms and conditions of the transfer shall
      be identical in all material respects to the Offer Terms (the “Terms”).  If
      the Offered Price includes consideration other than cash, the cash
      equivalent value of the non-cash consideration shall be determined by the
      Parties in good faith, and the Purchase Price shall be payable by Vertex
      Nevada (a) solely in cash; or (b) in cash and securities of Vertex Nevada,
      as agreed by the mutual consent of Vertex LP and Vertex
      Nevada.  If such consideration is unable to be determined by the
      Parties in good faith, the value of the non-cash consideration provided
      for in the Terms shall be determined by the valuation of an agreed upon
      third party valuation specialist in its sole determination, with any costs
      of such valuation being paid by Vertex Nevada.  Payment of the
      Purchase Price shall be made by Vertex Nevada after delivery of the
      written notice by Vertex Nevada as set forth in Section 1.1.2 and after
      adequate due diligence by Vertex Nevada, which payment date shall not
      exceed sixty (60) days from the date the Vertex Notice is provided by
      Vertex Nevada to Vertex LP.

            

    

    

    
      	
               
      

            	
              1.1.4

            	
              Right to Sell Subject
      Entities.  If any of the Subject Entities proposed in the
      Notice to be sold to a given Proposed Transferee are not purchased by
      Vertex Nevada, then such may be sold or otherwise transferred to such
      Proposed Transferees at the Offered Price in connection with and pursuant
      to the Offer Terms, provided that such sale or other transfer is
      consummated within sixty (60) days after the date of the
      Notice.  If the Subject Entities described in the Notice are not
      sold or transferred to the Proposed Transferee within such Sixty (60) day
      period, a new Notice shall be given to Vertex Nevada, and Vertex Nevada
      shall again be offered the Right of First Refusal as provided above,
      before any Subject Entities may be sold or otherwise transferred to any
      third party.

            

    

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    
      	
              2.

            	
              Option.

            

    

    

    
      	
               
      

            	
              2.1

            	
              In
      consideration of the agreements and covenants set forth herein above and
      below and set forth in the Merger Agreement, the sufficiency of which is
      hereby acknowledged and confessed, the Parties agree that Vertex Nevada is
      granted an option (the “Option”),
      which can be exercised in Vertex Nevada’s sole discretion, to purchase all
      or any part thereof of the outstanding stock or other ownership interests
      of any Cowart Party owned by Vertex LP or VTX, under the following terms
      and conditions:

            

    

    

    
      	
               
      

            	
              2.1.1

            	
              Option Date and Exercise of
      Option.  The Option shall be exercisable after the
      expiration of eighteen (18) months following the closing date of the
      Merger Agreement (the “Closing”
      and the “Option
      Date”).  The Option shall be exercisable at any time
      following the Option Date in the sole discretion of the majority vote of
      the Related Party Transaction Committee (as defined in Section 5.24 of the
      Merger Agreement).  If the Related Party Transaction Committee
      elects to exercise the Option, it shall give written notice (the “Option
      Notice”) to Vertex LP and/or VTX, disclosing its election, and
      describing such outstanding stock or other ownership interests of such
      Cowart Parties that it desires to purchase (the “Subject
      Stock”).

            

    

    

    
      	
               
      

            	
              2.1.2

            	
              Option
      Price.  The purchase price for the Subject Stock
      purchased by Vertex Nevada shall be determined by an independent
      third-party evaluation and appraisal (the “Appraisal”)
      of the fair market value of such Subject Stock based on the value of the
      Cowart Party(ies) and/or other relevant factors deemed necessary (the
      “Option
      Price”).  Such Appraisal shall be performed by an
      unaffiliated independent appraiser (the “Appraiser”),
      which Appraiser shall be mutually agreed upon by Vertex Nevada and Vertex
      LP (and/or VTX in the event the Option as exercised relates to the
      ownership of interests held by VTX).  Nothing in this Section
      2.1.2 shall prohibit any party from obtaining any additional appraisals at
      their own cost and expense, which additional appraisals shall have no
      effect on the Appraisal or the Option Price.  Payment of the
      Option Price shall be made by Vertex Nevada in cash within thirty (30)
      days after delivery of the Option Notice as set forth in Section 2.1.1
      (or, if the Appraisal has not yet been determined, within five (5)
      business days of the date such Appraisal is determined), or as otherwise
      agreed by the mutual agreement of each
Party.

            

    

    

    
      	
               
      

            	
              2.1.3

            	
              Non-Shop
      Provision.  No Cowart Party shall be able to offer for
      sale the Subject Stock to any party after receiving an Option Notice,
      unless the proposed purchase of the Subject Stock pursuant to any Option
      Notice is not consummated within one hundred and twenty (120) days of the
      date such Option Notice is
received.

            

    

    

    
      	
               
      

            	
              2.1.4

            	
              Purchase Outside of
      Options.  Nothing in this Section 2 of the Agreement
      shall prevent Vertex Nevada from purchasing any or all of the interests in
      any Cowart Party prior to the Option Date on terms mutually agreeable to
      Vertex Nevada and such Cowart Party, provided however that any such
      transaction includes an analysis by the Related Party Transaction
      Committee, which may include a fairness opinion opining as to the fairness
      of the transaction to Vertex
Nevada.

            

    

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

    
      	
              3.

            	
              Benjamin P. Cowart
      Right to Terminate Right of First Refusal and
    Option.

            

    

    

    
      	
               
      

            	
              3.1

            	
              Notwithstanding
      the foregoing terms and conditions in Section 1 and Section 2 of this
      Agreement, each Party to this Agreement warrants, understands,
      acknowledges and agrees that the Right of First Refusal and the Option
      shall remain in effect only so long as Benjamin P. Cowart is employed by
      Vertex Nevada as the Chief Executive Officer of Vertex Nevada pursuant to
      the terms of an Employment Agreement substantially similar to the
      Employment Agreement Mr. Cowart will enter into with Vertex Nevada at
      Closing of the Merger Agreement, which has an initial five (5) year term
      (the “Employment
      Agreement”), or any subsequent Employment Agreement or
      understanding substantially similar to the Employment
      Agreement.  As such, if Mr. Cowart’s employment with Vertex
      Nevada should terminate for any reason (including Mr. Cowart’s resignation
      from Vertex Nevada), this Agreement, including the Option and the Right of
      First Refusal shall immediately terminate upon the termination of Mr.
      Cowart’s employment.  If Vertex Nevada should be in the process
      of purchasing any Subject Entities and/or any Subject Stock at the time
      that Mr. Cowart’s employment with Vertex Nevada terminates, such
      transaction(s) shall not be validly effected unless the termination of Mr.
      Cowart’s employment occurs after such time as full payment from Vertex
      Nevada for the purchase of any Subject Stock pursuant to the Option is
      received and/or full payment from Vertex Nevada for the purchase of any
      Subject Entity pursuant to the Right of First Refusal is received, unless
      otherwise agreed by Mr. Cowart.

            

    

    

    
      	
              4.

            	
              Effectiveness and
      Term.

            

    

    

    4.1           This
Agreement shall be effective as of the Closing (the “Effective
Date”).

    

    
      	
               
      

            	
              4.2

            	
              Subject
      to Section 3, above, this Agreement shall remain in full force and effect
      as long as Mr. Cowart is employed by Vertex Nevada as Chief Executive
      Officer.

            

    

    

    
      	
              5.

            	
              Miscellaneous.

            

    

    

    
      	
               
      

            	
              5.1

            	
              Capacity and
      Authorization.  The Parties to this Agreement further
      represent that they have read it in full before its execution and that
      they fully understand the meaning, operation and effect of its
      terms.  Each individual signing this Agreement warrants and
      represents that he, she, or it has the full authority and is duly
      authorized and empowered to execute this Agreement on behalf of the Party
      for which it signs.

            

    

    

    
      	
               
      

            	
              5.2

            	
              Consideration.  Each
      Party represents that it has received valid consideration as a result of
      the terms and conditions of this Agreement, from another Party which has
      executed this Agreement below.

            

    

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

    
      	
               
      

            	
              5.3

            	
              Section Headings.
      Section headings are for convenience only and shall not define or limit
      the provisions of this Agreement.

            

    

    

    
      	
               
      

            	
              5.4

            	
              Waiver. No failure on
      the part of any Party to enforce any provisions of this Agreement will act
      as a waiver of the right to enforce that
  provision.

            

    

    

    
      	
               
      

            	
              5.5

            	
              No Presumption from
      Drafting. This Agreement has been negotiated at arm's-length
      between persons knowledgeable in the matters set forth within this
      Agreement. Accordingly, given that all Parties have had the opportunity to
      draft, review and/or edit the language of this Agreement, no presumption
      for or against any Party arising out of drafting all or any part of this
      Agreement will be applied in any action relating to, connected with or
      involving this Agreement. In particular, any rule of law, legal decisions,
      or common law principles of similar effect that would require
      interpretation of any ambiguities in this Agreement against the Party that
      has drafted it is of no application and is hereby expressly waived. The
      provisions of this Agreement shall be interpreted in a reasonable manner
      to effect the intentions of the
Parties.

            

    

    

    
      	
               
      

            	
              5.6

            	
              Voluntary Execution of
      Agreement. Each Party to this Agreement represents and acknowledges
      that it has freely and voluntarily executed this Agreement after
      independent investigation and without fraud, duress, or undue influence,
      with the full understanding of the legal and binding effect of this
      Agreement.

            

    

    

    
      	
               
      

            	
              5.7

            	
              Binding
      Effect.  This Agreement shall be binding on and inure to
      the benefit of the Parties and their respective heirs, successors,
      assigns, directors, officers, agents, employees and personal
      representatives.

            

    

    

    
      	
               
      

            	
              5.8

            	
              Modification.  No
      modification or amendment of this Agreement shall be effective unless such
      modification or amendment shall be in writing and signed by all Parties
      hereto.  Notwithstanding any provision herein to the contrary,
      the Parties agree that Vertex Nevada shall not agree to terminate or amend
      this Agreement without having first obtained the written consent of the
      Related Party Transaction Committee of Vertex Nevada’s Board of
      Directors.

            

    

    

    
      	
               
      

            	
              5.9

            	
              Entire
      Agreement.  This Agreement constitutes the entire
      agreement between the Parties pertaining to the subject matter hereof and
      supersedes all prior and contemporaneous agreements, understandings,
      negotiations and discussions, whether oral or written, of the Parties in
      connection with the subject matter
hereof.

            

    

    

    
      	
               
      

            	
              5.10

            	
              Interpretation.  The
      interpretation, construction and performance of this Agreement shall be
      governed by the laws of the State of Texas.  Whenever used
      herein, the singular number shall include the plural, the plural shall
      include the singular and the use of any gender shall be applicable to all
      genders.  If any provision of this Agreement shall be adjudged
      invalid or unenforceable pursuant to its terms, such provision shall
      remain in effect and be enforced as strictly as possible to allow such
      provision to be valid and
enforceable.

            

    

    

    
      	
               
      

            	
              5.11

            	
              Faxed
      Signatures.  For purposes of this Agreement a faxed
      signature shall constitute an original
  signature.

            

    

    

    
      	
               
      

            	
              5.12

            	
              Execution.  This
      Agreement may be executed in several counterparts, each of which shall be
      deemed an original, and such counterparts taken together shall constitute
      but one and the same Agreement.  A photocopy of this Agreement
      shall be effective as an original for all
  purposes.

            

    

    

    

    

    

    

    

    

    

    

    

    

    [Remainder
of page left intentionally blank. Signature page follows.]

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

    IN WITNESS WHEREOF, intending
to be legally bound, the Parties hereto have executed this Agreement as of the
dates written below to be effective as of the Effective Date.

    

    
      	
              Dated:
      March __, 2009

            	
              VTX,
      Inc.,

              a
      Texas Corporation

               

              By: 
      /s/
      Benjamin P. Cowart

              Name:
      Benjamin P. Cowart

              Title:
      President

            
	
               

              Dated:
      March __, 2009

            	
               

              Vertex
      Energy, Inc.,

              a
      Nevada corporation

               

              By: 
      /s/
      Benjamin P.
      Cowart                                                     

              Name:
      Benjamin P. Cowart

              Title:
      President

            
	
               

              Dated:
      March __, 2009

            	
              
                 

                /s/
      Benjamin P. Cowart

                Benjamin
      P. Cowart, individually

              

               

               

               

            
	
              Dated:
      March __, 2009

            	
              Vertex
      Holdings, L.P.

              (formerly
      Vertex Energy, L.P.),

              a
      Texas limited partnership

              By
      VTX, Inc., a Texas corporation,

              its
      General Partner

               

              By: 
      /s/
      Benjamin P. Cowart

              Name:
      Benjamin P. Cowart

              Title:
      President

               

            

    

    
      
        
        

      

      
        -6-

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