SEC Contract Filing

Filing Date: 2021-05-27

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>ex10-1.htm
<DESCRIPTION>PROMISSORY NOTE
<TEXT>
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<P STYLE="margin: 0 0 0in; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt"><A HREF="vtnr-8k_052621.htm">Vertex Energy Operating LLC 8-K</A></FONT></P>

<P STYLE="margin: 0 0 12pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>Exhibit 10.1&nbsp;</B></FONT></P>

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<P STYLE="margin: 0; font-size: 10pt; text-align: center; text-indent: 0.5in"><B>VERTEX ENERGY OPERATING LLC</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: center; text-indent: 0.5in"><B>Promissory Note</B></P>

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<P STYLE="margin: 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">$10,000,000.00&#9;</P>

<P STYLE="margin: -12pt 0 0; font-size: 10pt; text-align: right; text-indent: 0.5in">May 26, 2021</P>

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<P STYLE="margin: 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Terms.</U> For value received, VERTEX ENERGY OPERATING LLC, a Texas limited liability company (referred to herein as the &ldquo;Company&rdquo;),
hereby irrevocably promises to pay to the order of SHELL CHEMICAL LP or its registered assigns (hereinafter together with successors
in title and assigns referred to as the &ldquo;Lender&rdquo;) the principal sum set forth above, without any accrued interest; provided,
however, that the interest rate shall increase from 0% to an annual rate of 12%, compounded annually, from and after a Default (as defined
in Section 6 below). Interest shall be computed based on the actual number of days elapsed and shall be paid, together with the full
amount of unpaid principal, on the Due Date (as defined in Section 3 below). Principal and interest shall be payable in lawful money
of the United States of America at such place as the Lender may designate from time to time in writing to the Company. In no event shall
this Note be construed to require payment of interest in an amount in excess of the maximum allowed by law and if such payment is made
by the Company, then such excess sum shall be credited by the Lender as a payment of principal. This Note evidences a commercial loan
made for business purposes.</FONT></P>

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<P STYLE="margin: 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Sale and Purchase Agreement</U>. This Promissory Note (this &ldquo;Note&rdquo;) has been issued by the Company pursuant to a Sale
and Purchase Agreement dated as of May26, 2021 between the Company and the Lender (the &ldquo;Agreement&rdquo;), and is entitled to the
benefits of the Agreement and the remedies provided for thereby or otherwise available in respect hereof.</FONT></P>

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<P STYLE="margin: 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Due Date.</U> The principal amount of this Note together with accrued interest (the sum of such principal and accrued interest being
hereinafter referred to as the &ldquo;Amount Due&rdquo;) shall be due on or before the earlier of: (i) forty five (45) calendar days
following the date set forth above; and (ii) five (5) calendar following the closing of transaction between Vertex Energy Operating LLC
and any third party (the &ldquo;Due Date&rdquo;), unless sooner paid. This Note may be prepaid in whole or in part at any time without
the written consent of the Lender.</FONT></P>

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<P STYLE="margin: 0; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Default</U></FONT><U>.</U> <FONT STYLE="font-weight: normal">The entire unpaid principal of this Note and the interest then accrued
on this Note shall become and be immediately due and payable upon written demand of the Lender of this Note, without any other notice
or demand of any kind or any presentment or protest, if any one of the following events shall occur and be continuing at the time of
such demand, whether voluntarily or involuntarily, or, without limitation, occurring or brought about by operation of law or pursuant
to or in compliance with any judgment, decree or order of any court or any order, rule or regulation of any governmental body:</FONT></P>

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