Document:

Exhibit 10.1

    
      

    

    Exhibit
      10.1

    

    

    April
      26,
      2007

    

    

    Mr.
      William McCarthy

    12204
      Mustang Chase

    Austin,
      Texas 78727

    

    

    Dear
      Bill:

    

    This
      letter will confirm our agreement regarding a possible future “change of
      control” of Financial Industries Corporation (“FIC”) and Investors Life
      Insurance Company of North America (“ILINA” and, together with FIC, the
“Company”).

    

    If
      a
      Change of Control of FIC or ILINA occurs, and if your employment is terminated
      without Cause (as defined below) within twelve months after such Change of
      Control,
      your
      then-current bi-weekly salary and benefits, including but not limited to health
      and life insurance, will continue to be paid by the Company for up to twelve
      months following your date of termination or until such time that you are
      actively employed, whichever comes first. “Change of Control” means (i) any one
      person, or more than one person acting as a group (as defined pursuant to the
      Securities Exchange Act of 1934), acquires ownership of stock of FIC that,
      together with stock held by such person or group, constitutes more than 50
      percent of the total fair market value or total voting power of the stock of
      FIC, or (ii) any one person, or more than one person acting as a group (as
      defined pursuant to the Securities Exchange Act of 1934), acquires (or has
      acquired during the 12-month period ending on the date of the most recent
      acquisition by such person or persons) assets from FIC or ILINA that have a
      total gross fair market value equal to or more than 80 percent of the total
      gross fair market value of all of the assets of FIC or ILINA immediately prior
      to such acquisition or acquisitions or (iii)
      a
      majority of members of FIC’s board of directors is replaced during any six-month
      period by directors whose appointment or election is not endorsed by a majority
      of the members of FIC’s board of directors prior to the date of such appointment
      or election.

     

    For
      purposes of the preceding paragraph, “Cause” shall mean (i) your conviction of a
      crime involving dishonesty, fraud, breach of trust, or violation of the rights
      of employees; (ii) your willful engagement in any misconduct in the performance
      or your duties that, in the opinion of the Company, could materially injure
      the
      Company; (iii) your performance of any act that, if known to customers, agents,
      employees, or stockholders the Company, could, in the opinion of the Company,
      materially injure the Company; or (iv) your continued willful and substantial
      nonperformance of assigned duties for at least ten days after you receive notice
      from the Company of such nonperformance and of the Company’s intention to
      terminate your employment because of such nonperformance. 

    

    It
      is the
      intent of the parties to this letter agreement that any payments to be made
      hereunder be exempt from or compliant with Section 409A of the Internal Revenue
      Code and related regulations and Treasury pronouncements (“Section 409A”). If
      based on subsequent guidance or interpretations any provision provided herein
      would result in the imposition of an excise tax under Section 409A, the parties
      agree that each will use good faith efforts to reform any such provision to
      avoid imposition of any such excise tax in the manner that the parties mutually
      determine is appropriate to comply with or maintain an exemption from Section
      409A.

    

    As
      long
      as this letter agreement remains in effect, the terms set forth shall be binding
      upon any successor entity to the Company, whether direct or indirect and whether
      by purchase, merger, consolidation, liquidation, supervision or otherwise.
      This
      letter agreement is fully assignable to any successor to all or substantially
      all of the Company's business and/or assets and such successor shall assume
      all
      of the obligations under this letter agreement.

    

    

    
      	 	 	
              Sincerely
                yours,

            	 
	 	 	 	 
	 	 	
              William
                B. Prouty

            	 
	 	 	
              Chief
                Executive Officer

            	 

    

    

    

    
      	
              Accepted
                By:

            	
              /s/
                William McCarthy

            	 	
              Date:

            	
              May
                2, 2007AMENDMENT
      OF EXCLUSIVITY AGREEMENT 

    

    This
      Amendment of Exclusivity Agreement (this “Agreement”), is entered into, as of
      May 4, 2007, by and between Black Sands Petroleum, Inc., a Nevada corporation
      with
      offices at Suite 1250, 645 7th Avenue SW, Calgary, Alberta Canada T2P 4G8
      (“Blacksands”), and Access
      Energy
      Inc., a corporation with offices at Suite 1405, 220 Bay Street, Toronto, Ontario
      M5J 2W4 (“Access”).

    

    Whereas,
      Blacksands and Access Energy Inc. entered into an Exclusivity Agreement, dated
      November 10, 2006 (the “Exclusivity Agreement”) where Access granted Blacksands
      certain rights that will expire on March 10, 2007;

    

    Whereas,
      Blacksands and Access extended the exclusivity period until May 8, 2007 by
      an
      Amendment to the Exclusivity Agreement, dated March 9, 2007;

    

    Whereas,
      Blacksands and Access desire now to extend the Exclusivity Period through August
      7, 2007;

    

    Now,
      therefore, in consideration of the mutual covenants, premises and agreements
      set
      forth herein and in the Exclusivity Agreement, and for good and valuable
      consideration, the receipt and sufficiency of which is hereby acknowledged,
      the
      parties agree as follows:

    

    SECTION
      1. Amendment
      to the Exclusivity Agreement.
      The
      term “Exclusivity Period” as defined in the Exclusivity Agreement is hereby
      amended to mean any time from the execution of the Exclusivity Agreement on
      November 10, 2006 through and including August 7, 2007. Except for such
      extension of the exclusivity period, all other provisions of the Exclusivity
      Agreement remain in full force and effect.

    

    SECTION
      2. No
      Third Party Beneficiaries.
      This
      Agreement is intended for the benefit of the parties hereto and their respective
      permitted successors and assigns and is not for the benefit of, nor may any
      provision hereof be enforced by, any other person. 

    

    SECTION
      3. Governing
      Law.
      This
      Agreement shall be governed by, and construed and interpreted in accordance
      with, the laws of the State of New York without regard to such State’s
      principles of conflicts of laws. 

    

    SECTION
      4. Headings.
      The
      headings of the Sections are inserted for convenience of reference only and
      shall not affect any interpretation of this Agreement.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    SECTION
      5. Counterpart
      Signatures.
      This
      Agreement may be executed in two or more counterparts, all of which when taken
      together shall be considered one and the same agreement and shall become
      effective when counterparts have been signed by each party and delivered to
      the
      other party, it being understood that both parties need not sign the same
      counterpart. In the event that any signature is delivered by facsimile
      transmission, such signature shall create a valid and binding obligation of
      the
      party executing (or on whose behalf such signature is executed) the same with
      the same force and effect as if such facsimile signature page were an original
      thereof. 

    

    [SIGNATURE
      PAGE TO FOLLOW]

     

     

     

     

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	 	 	 
	 	
              BLACKSANDS
                PETROLEUM, INC

            
	 
 	 
 	 
 
	 	By:  	/s/
              Darren R. Stevenson
	 	
              
Name:
              Darren R. Stevenson
	 	
              Title:
                President

              Date:
                May 4, 2007

            

    
      	 	 	 
	 	ACCESS
              ENERGY INC.
	 
 	 
 	 
 
	 	By:  	/s/
              Paul
              Parisotto 
	 	
              
Name:
              Paul Parisotto
	 	
              Title:
                President

              
                Date:
                  April 30, 2007Unassociated Document

    FIRST
      AMENDMENT TO

    REGISTRATION
      RIGHTS AGREEMENT

     

    THIS
      FIRST AMENDMENT TO REGISTRATION RIGHTS AGREEMENT (this “Amendment”),
      dated
      as of May 4, 2007, by and among Ethanex Energy, Inc., a Nevada corporation
      (the
“Company”),
      and
      the other parties who are signatories hereto.

    

    WITNESSETH:

     

    WHEREAS,
      Ethanex Energy North America, Inc., a Delaware corporation, and the parties
      set
      forth on the signature page and Exhibit
      A
      thereto
      (each a “Purchaser”
and
      collectively, the “Purchasers”)
      entered into that certain Registration Rights Agreement, dated as of August
      3,
      2006 (the “Agreement”);

    

    WHEREAS,
      the Agreement was assumed by the Company pursuant to that certain Agreement
      and
      Plan of Merger, by and among the Company, Ethanex North America Acquisition
      Corp. and Ethanex Energy North America, Inc., dated as of September 1,
      2006;

    

    WHEREAS,
      due to recent, unanticipated events, the Company does not expect that the
      registration statement that it filed with the Securities and Exchange Commission
      (the “Commission”)
      on
      January 3, 2007 and amended on April 16, 2007 (the “Registration
      Statement”)
      will be
      declared effective by the Commission on or before the Registration Default
      Date
      (as defined in the Agreement); and

    

    WHEREAS,
      the Purchasers who are signatories to this Amendment constitute the Majority
      Holders and desire to amend the Agreement and provide a waiver so that the
      Company will have an additional 60 days to obtain effectiveness of the
      Registration Statement, on and subject to the terms set forth in this Amendment,
      and pursuant to Section 12(h) of the Agreement the Majority Holders have the
      right to amend the Agreement and provide such waiver.

    

    NOW
      THEREFORE, in consideration of the agreements and obligations set forth herein
      and for other good and valuable consideration, the receipt and sufficiency
      of
      which are hereby acknowledged, the parties hereto, intending to be legally
      bound
      hereby, agree as follows:

    

    Section
      1.  Defined
      Terms.
      Capitalized terms used herein, unless otherwise defined herein, shall have
      the
      respective meanings ascribed to them in the Agreement.

     

    Section
      2.  Amendment
      of
      Registration Default Date.
      The
      definition of “Registration Default Date” in Section 1 of the Agreement is
      hereby amended by deleting the words “the date that is 120 day following the
      Registration Filing Date” and inserting in their place “June 29,
      2007”.

     

    Section
      3.  Consideration.
      Section
      3(e) of the Agreement is hereby amended by adding the following at the end
      of
      such provision:

     

    “Notwithstanding
      anything to the contrary in this Section 3(e) or in any other provision of
      this
      Agreement, if the Registration Statement is not declared effective by Commission
      on or before June 29, 2007, then, in addition to the payments required to be
      made by the preceding sentences of this Section 3(e) for any periods after
      the
      Registration Default Date, the Company will also make a one-time payment to
      each
      Qualified Purchaser, as additional partial liquidated damages, in an amount
      equal to 3% of the Purchase Price per share of Registrable
      Securities.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Section
      4.  Effectiveness
      and Waiver.
      This
      Amendment, even if signed by the Majority Holders after the Registration Default
      Date (as defined in the Agreement without giving effect to this Amendment)
      shall
      be deemed to have retroactive effect to the day that is immediately prior to
      such original Registration Default Date. For purposes of avoiding doubt, the
      Majority Holders hereby waive any Registration Event (and any payment obligation
      of the Company in connection therewith) that would be deemed to occur by the
      Registration Statement not being declared effective prior to the original
      Registration Default Date, subject to the Company’s obligation to make all
      payments pursuant to Section 3(e), including the additional one-time payments
      provided for in the addition to such Section 3(e) contained in Section 3 of
      this
      Amendment, if the Registration Statement is not declared effective by the
      Commission on or before June 29, 2007.

     

    Section
      5.  Effect
      of Amendment.
      Except
      as expressly set forth otherwise herein, all terms of the Agreement shall remain
      in full force and effect. In the event of any inconsistency or conflict between
      the Agreement and this Amendment, the terms, conditions and provisions of this
      Amendment shall govern and control.

     

    Section
      6.  Entire
      Agreement.
      This
      Amendment and the Agreement, including the Exhibits, Schedules and other
      documents referred to therein which form a part thereof, contain the entire
      understanding of the parties hereto with respect to the subject matter contained
      herein and therein. From and after the execution of a counterpart hereof by
      the
      parties hereto, any reference to the Agreement shall be deemed to be a reference
      to the Agreement as amended hereby.

     

    Section
      7.  Governing
      Law and Jurisdiction.
      The
      construction, validity and interpretation of this Agreement and the exhibits
      and
      schedules hereto shall be governed by and construed in accordance with the
      internal laws of the State of New York, without giving effect to any choice
      of
      law or conflict of law provision or rule (whether of the State of New York
      or
      any other jurisdiction) that would cause the application of the laws of any
      jurisdiction other than the State of New York.

     

    Section
      8.  Counterparts.
      This
      Amendment may be executed in two or more counterparts, each of which shall
      constitute an original, and all of which taken together shall constitute one
      instrument. Any signature page delivered by a facsimile machine shall be binding
      to the same extent as an original signature page.

     

    [END
      OF PAGE]

    [SIGNATURE
      PAGE FOLLOWS]

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	 	 	 
	 	ETHANEX
              ENERGY, INC.
	 
 	 
 	 
 
	 	By:  	          
              /s/ Albert W. Knapp, III
	 	
              

            
	 	
              By:    
                Albert W. Knapp, III

              Title:  President &
                CEO

            

    

    
      	 	 	 
	 	
              The
                Government of Singapore Investment Corporation Pte Ltd

              

              Radian
                Group Inc.

              

              Public
                Sector Pension Investment Board

              

              WTC-CIF
                Emerging Companies Portfolio

              

              The
                Dow Chemical Employees’ Retirement Plan

              

              The
                Robert Wood Johnson Foundation

              

              Howard
                Hughes Medical Institute

              

              New
                York Nurses Association Pension Plan

              

              The
                Retirement Program Plan for Employees of Union Carbide
                Corporation

              

              By
                Wellington Management Company, LLP As investment
                Advisor

            
	 
 	 
 	 
 
	 	By:  	          
              /s/ Steve Hoffman
	 	
              

            
	 	
                    
                    Steve Hoffman

                         Vice
                President and Counsel

            

    

    
      
        	 	 	 
	 	 
	 
 	 
 	 
 
	 	 	          
                /s/ illegible
	 	
                

              
	 	
                Y
                  & S Nazarian Revocable
                  Trust

              

      

    

    
      
        
          	 	 	 
	 	 
	 
 	 
 	 
 
	 	 	          
                  /s/ Don Sanders
	 	
                  

                
	 	
                  Don
                    Sanders

                  Chief Investment Officer and Vice
                    Chairman

                

        

         

        
          
             

          

          
            3

            
              

            

          

          
             

          

        

         

      

      
        
          
            	 	 	 
	 	 
	 
 	 
 	 
 
	 	 	          
                    /s/ George L. Ball
	 	
                    

                  
	 	
                    George
                      L. Ball

                  

          

        

      

    

    
      
        
          
            
              	 	 	 
	 	 
	 
 	 
 	 
 
	 	 	          
                      /s/ William W. Sprague
	 	
                      

                    
	 	
                      William
                        W. Sprague

                    

            

          

        

        
          
            
              
                
                  
                    	 	 	 
	 	 
	 
 	 
 	 
 
	 	 	          
                            /s/ Don V. Weir
	 	
                            

                          
	 	
                            Don
                              V. Weir

                            TTEE

                          

                  

                

              

            

          

        

      

    

    
      
        
          
            
              
                	 	 	 
	 	 
	 
 	 
 	 
 
	 	 	          
                        /s/ Julie Weir
	 	
                        

                      
	 	
                        Julie
                          Weir

                      

              

            

            
              
                
                  
                    
                      	 	 	 
	 	 
	 
 	 
 	 
 
	 	 	          
                              /s/ John H. Malanga
	 	
                              

                            
	 	
                              John
                                H. Malanga

                            

                    

                  

                  
                    
                      
                        
                          
                            	 	 	 
	 	 
	 
 	 
 	 
 
	 	 	          
                                    /s/ Ben T. Morris
	 	
                                    

                                  
	 	
                                    Ben
                                      T. Morris

                                  

                          

                        

                         

                      

                      
                        4

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