FIRST AMENDMENT TO PROJECT DEVELOPMENT AND CONSULTING AGREEMENT
FIRST
AMENDMENT TO PROJECT
DEVELOPMENT AND CONSULTING AGREEMENT
THIS
FIRST AMENDMENT TO PROJECT DEVELOPMENT AND CONSULTING AGREEMENT
(the
“Amendment”) is executed effective as of September 1, 2008 (“Effective Date”),
and is incorporated in and amends that certain Project Development and
Consulting Agreement dated September 1, 2007 (the “Agreement”), between
XX.
XXXXX XXXXXX,
an
individual (“Xxxxxx”), and EAST
COAST ETHANOL,
a
Delaware limited liability company (the “Company”).
NOW,
THEREFORE,
for good
and valuable consideration, the parties hereby agree as follows:
1. Interpretation.
Capitalized terms used but not defined herein have the meanings set forth in
the
Agreement. Capitalized terms used and defined herein shall have the meanings
set
forth in this Amendment and for purposes of the Agreement as well. Except as
expressly amended hereby, the terms and conditions of the Agreement remain
in
full force and effect. If there are conflicts between the terms of the Agreement
and the terms of this Amendment, the terms of this Amendment
control.
2. Section
2
of the Agreement is hereby deleted in its entirety and replaced with the
following:
“2. COMPENSATION
FOR DEVELOPMENT and CONSULTING SERVICES. In
consideration solely for the Development and Consulting Services to be provided
to Company. Company
shall pay Xxxxxx a development and consulting fee equal to $50,000 (“Development
and Consulting Fee”). The Development and Consulting Fee shall be paid in four
(4) equal monthly installments
commencing with the month of the Effective Date and continuing through the
month
in which
this Agreement is terminated or until the total amount of the Development and
Consulting Fee
has
been paid in full, whichever occurs earlier.”
3. Section
5(e) of the Agreement is hereby deleted in its entirety and replaced with the
following:
“(e)
Completion
of four months from the Effective Date; or”
4. This
Amendment may be executed by any one or more of the parties hereto in any number
of counterparts, each of which shall be deemed to be an original, but all such
counterparts shall together constitute one and the same instrument.
IN
WITNESS WHEREOF,
the
parties hereto have duly executed this AMENDMENT
TO PROJECT DEVELOPMENT AND CONSULTING AGREEMENT effective
as of the first
day
of September, 2008.
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By:
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/s/
Xxxxx Xxxxxxx
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/s/
Xxxxx X. Xxxxxx
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|
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Xxxxx
Xxxxxxx, Vice Chairman
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Xx.
Xxxxx Xxxxxx, Individually
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