Document:

Exhibit 10.16

 

Execution
Version

 

SIXTH
AMENDMENT TO CREDIT AGREEMENT

 

This SIXTH
AMENDMENT TO CREDIT AGREEMENT (this “Agreement”), dated as of December 29,
2008, is by and among NOVA BIOFUELS SENECA, LLC, a Delaware limited liability
company (“Borrower”), each of the Lenders party hereto, WESTLB AG, NEW
YORK BRANCH, as administrative agent for the Lenders and WESTLB AG, NEW YORK
BRANCH, as collateral agent for the Senior Secured Parties.

 

PREAMBLE

 

WHEREAS,
the Parties have entered into that certain Credit Agreement dated as of December 26,
2007 (as amended, the “Credit Agreement”); and

 

WHEREAS,
the Parties wish to amend certain of the terms in the Credit Agreement; and

 

NOW,
THEREFORE, in consideration of the mutual benefits to
be derived and the representations and warranties, conditions and promises
herein contained, and intending to be legally bound hereby, the Parties hereby
agree as follows:

 

1.                                      DEFINITIONS AND INTERPRETATION

 

Unless otherwise expressly set forth herein, capitalized terms used in
this Agreement shall have the meaning set forth in the Credit Agreement.

 

2.                                      AMENDMENTS

 

2.1                                 Exhibit A
(Defined Terms) of the Credit
Agreement is hereby amended by as follows (new text in bold and underlined, and
deleted text stricken out):

 

“ “Conversion
Date Certain” means January 30, 2009.”

 

3.                                      MISCELLANEOUS

 

3.1                                 Counterparts

 

This Agreement
may be executed in two or more original copies and each such copy may be
executed by each of the Parties in separate counterpart, each of which copies
when executed and delivered by the Parties shall constitute an original, but
all of which shall together constitute one and the same instrument.  Delivery of an executed counterpart of a
signature page of this Agreement by telecopy or portable document format (“PDF”)
shall be effective as delivery of a manually executed counterpart of this
Agreement.

 

 

3.2                                 Governing
Law

 

This Agreement shall be governed by, and construed in accordance with,
the laws of the State of New York, United States of America, without reference
to conflicts of laws (other than Section 5-1401 of the New York General
Obligations Law).

 

3.3                                 Limited
Purpose; Effect on Credit Agreement

 

3.3.1                        Except
as expressly amended hereby or otherwise provided herein, (a) all of the
terms and conditions of the Credit Agreement and all other Financing Documents
remain in full force and effect, and none of such terms and conditions are, or
shall be construed as, otherwise amended or modified, and (b) nothing in
this Agreement shall constitute a waiver by the Lenders of any Default or Event
of Default, or shall constitute a waiver by the Lenders of any right, power or
remedy available to the Lenders or the other Senior Secured Parties under the
Financing Documents, whether any such defaults, rights, powers or remedies presently
exist or arise in the future.

 

3.3.2                        The
Credit Agreement shall, together with the amendments set forth herein, be read
and construed as a single agreement.  All
references in the Credit Agreement and any related documents, instruments and
agreements shall hereafter refer to the Credit Agreement, as amended hereby.

 

3.4                                 Effectiveness

 

This Agreement shall become effective, as of the date first written
above, upon the execution of this Agreement by each of the parties hereto.

 

3.5                                 Authority,
Etc.

 

The execution and delivery by the Borrower of this Agreement and the
performance by the Borrower of all of its agreements and obligations under the
Credit Agreement as amended hereby are within its organizational authority and
have been duly authorized by all necessary organizational action on the part
of, and have been duly and validly executed by, the Borrower.  Except as otherwise addressed in this
Agreement, the Borrower represents and warrants that, upon the effectiveness of
this Agreement, no Default or Event of Default has occurred and is continuing
as of the date hereof.

 

[The remainder of this page is intentionally
blank.]

 

2

 

IN WITNESS
WHEREOF, the Parties have executed and delivered this Sixth Amendment to Credit
Agreement as of the date first above written.

 

 

	
   

  	
  NOVA BIOFUELS SENECA, LLC,

  
	
   

  	
  as Borrower

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kenneth T. Hern

  
	
   

  	
   

  	
  Name: Kenneth T. Hern

  
	
   

  	
   

  	
  Title:  President

  

 

 

	
   

  	
  WESTLB AG, NEW YORK BRANCH,

  
	
   

  	
  as Lender

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Martin Livingston

  
	
   

  	
   

  	
  Name:

  	
  Martin Livingston

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Christopher Nunn

  
	
   

  	
   

  	
  Name:

  	
  Christopher Nunn

  
	
   

  	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WESTLB AG, NEW YORK BRANCH,

  
	
   

  	
  as Administrative Agent

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Martin Livingston

  
	
   

  	
   

  	
  Name:

  	
  Martin Livingston

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Christopher Nunn

  
	
   

  	
   

  	
  Name:

  	
  Christopher Nunn

  
	
   

  	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  WESTLB AG, NEW YORK BRANCH,

  
	
   

  	
  as Collateral Agent

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Martin Livingston

  
	
   

  	
   

  	
  Name:

  	
  Martin Livingston

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Christopher Nunn

  
	
   

  	
   

  	
  Name:

  	
  Christopher Nunn

  
	
   

  	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  WESTLB AG, NEW YORK BRANCH,

  
	
   

  	
  as Issuing Bank

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Martin Livingston

  
	
   

  	
   

  	
  Name:

  	
  Martin Livingston

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Christopher Nunn

  
	
   

  	
   

  	
  Name:

  	
  Christopher Nunn

  
	
   

  	
   

  	
  Title:

  	
  DirectorExhibit 10.29

 

Summary of Non-Equity
Compensation of Named Executive Officers as of October 31, 2008

 

The
Board of Directors, upon the recommendation of its Compensation Committee,
determines the compensation of the Chief Executive Officer and other executive
officers of the Company, including individual elements of salary, bonus,
incentive and equity compensation.  The annual base salary of each of the
Company’s named executive officers as of October 31, 2008 is as
follows:  Kenneth T. Hern, Chairman and Chief Executive Officer—$125,000;
Jay Fillman, Chief Financial Officer (May 2008 until present)—$144,000;
David Gullickson, Chief Financial Officer (January 2007 until May 2008)—$192,000;
Fred Zeidman, Interim President—$180,000; Richard Talley, Chief Operating
Officer—$125,000; Russell D. Sammons, Vice President of
Marketing—$125,000.  David Gullickson,
former Chief Financial Officer of the Company, resigned in May 2008, and
J.D. McGraw, former President of the Company, resigned in September 2008. 
Pursuant to Item 402(a)(3) of Regulation S-K, the “named executive
officers” consist of all individuals serving as the registrant’s principal
executive officer or acting in a similar capacity during the last completed
fiscal year (“PEO”), regardless of compensation level; all individuals serving
as the registrant’s principal financial officer or acting in a similar capacity
during the last completed fiscal year (“PFO”), regardless of compensation
level; the registrant’s three most highly compensated executive officers other
than the PEO and PFO who were serving as executive officers at the end of the
last completed fiscal year; and up to two additional individuals for whom
disclosure would have been provided pursuant to the preceding clause but for
the fact that the individual was not serving as an executive officer of the
registrant at the end of the last completed fiscal year.  Each executive officer is eligible to
participate in such employee benefit plans as the Company may provide to
employees generally.velocityex101.htm

    
      
        Traction
Consulting

      

      
         

        ABN:
79 130 096 623

      

      
         

        42
Rainford St

      

      
        Surry
Hills

      

      
        NSW
2010

      

      
        

         

        Retainer
Agreement

      

      
        

         

        Between:
Traction Consulting Pty Ltd and Velocity Oil & Gas, Inc. (the
Company)

      

      
        

         

        
          	
                  •  

                	
                  I,
      James Moses, as President of Velocity Oil & Gas, Inc agree to perform
      the following services
      for the Company

                

        

      

      
         

      

      
        
          	
                  •  

                	
                  The
      services to be provided are the executive management activities of
      Velocity Oil & Gas, Inc.

                

        

      

      
         

      

      
        
          	
                  •  

                	
                  The
      services will be provided under a Retainer Agreement between Velocity Oil
      & Gas and
      my personal company, Traction Consulting Pty
  Ltd.

                

        

      

      
         

      

      
        
          	
                  •  

                	
                  The
      Retainer Agreement will be for a monthly amount of $5,000.00, to be
      accrued at the commencement
      of each month. Payment will be in shares and/or cash as permitted by the
      Company's cash
position.

                

        

      

      
         

      

      
        
          	
                  •  

                	
                  The
      Retainer Agreement is to commence from 15 September, 2008, and will remain
      in force until agreed otherwise by both
parties

                

        

      

      
         

        
          
            
            

          

          
            -1-

            
              

            

          

          
            
            

          

        

        Payment
details

      

      
         

        Please
make payment of the agreed monthly amount at the commencement of each month to
the following bank account details and include the reference number
VEL_TRC01.

         

                [removed]

         

        Expenses
(such as airfares or accommodation) will be itemised and invoiced separately
from the amount of the Retainer Agreement at the end of each
month.

      

      
         

        TRACTION
CONSULTING

      

      
         

        James
Moses

      

      
        Managing
Director

      

       

      
         

        Agreed:

      

      

      
        Frank
Jacobs. President (outgoing) 

        Velocity Oil &
Gas

         

        
          
            
            

          

          
            -2-

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