PetroAlgae Inc.
CONSENT AGREEMENT - SEPTEMBER  24, 2008
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<DESCRIPTION>CONSENT AGREEMENT - SEPTEMBER  24, 2008
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit 10.7 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>CONSENT AGREEMENT </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">This <B>CONSENT AGREEMENT</B> (this &#147;<U>Consent Agreement</U>&#148;), dated
as of September&nbsp;24, 2008, is made by Arizona Sciences and Technology Enterprises, LLC, a Arizona limited liability company (&#147;<U>AzTE</U>&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2"><B>WHEREAS, </B>PetroTech Holdings, Corp. (&#147;<U>PetroTech</U>&#148;) and AzTE are the only Members of PetroAlgae, LLC (&#147;<U>PetroAlgae</U>&#148;) and are parties to the Operating Agreement (as defined and
described below); </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>WHEREAS,</B> LV Administrative Services, Inc., is the collateral agent for PetroTech Holdings, Corp. (the
&#147;<U>Agent</U>&#148;); and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>WHEREAS, </B>AzTE is willing to consent to, among other things, the Working Capital Financings (as
defined below) upon the terms and conditions contained herein. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>NOW THEREFORE,</B> for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, AzTE agrees as follows: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1. Capitalized terms used herein without definition shall have the
meanings assigned to such terms in that certain Amended and Restated Limited Liability Company Agreement of PetroAlgae, dated as of February&nbsp;16, 2007 (as amended, restated and/or modified from time to time in accordance with its terms, the
&#147;<U>Operating Agreement</U>&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">2. Notwithstanding anything to the contrary contained in the Operating Agreement, AzTE hereby
(a)&nbsp;consents to, and hereby agrees to waive the restrictions and requirements set forth in Section&nbsp;5.2g of the Operating Agreement in respect of or in connection with, the incurrence by PetroAlgae of indebtedness (whether secured by the
assets of PetroAlgae or otherwise) to PetroTech and/or any owner, subsidiary and/or affiliate of PetroTech pursuant to one or more transactions or series of transactions, having an ordinary interest rate not to exceed 12% (collectively, the
&#147;<U>Working Capital Financings</U>&#148;) and (b)&nbsp;agrees that, for purposes of distributions under Section&nbsp;9.3 of the Operating Agreement, liabilities incurred under or in connection with the Working Capital Financings shall be deemed
to have priority in right of payment to liabilities of PetroAlgae to AzTE. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">3. Notwithstanding anything to the contrary set forth in
Section&nbsp;5.1(h) of the Operating Agreement, AzTE hereby further agrees that in respect any Action by Written Consent of Directors of PetroAlgae which approves Working Capital Financings by PetroTech, AzTE hereby waives the requirement to provide
the AzTE Observer (as defined in the Operating Agreement) with no less than two (2)&nbsp;days prior notice of such proposed Action by Written Consent of Directors; provided that, the AzTE Observer shall be provided with prompt written notice of such
Action by Written Consent of Directors once signed by the Directors of PetroAlgae. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">4. The Agent hereby agrees that it will not effect an
assignment of any rights it may have in and to that certain License Agreement dated as of February&nbsp;16, 2007 between AzTE and PetroAlgae (as amended, restated and/or modified from time to time) without the prior written consent of AzTE, which
such consent will not be unreasonably conditioned, withheld or delayed. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">5. Other than as explicitly set forth herein, no rights or obligations contained in the Operating
Agreement shall be amended, modified or otherwise affected by the terms of this Consent Agreement or the transactions contemplated hereby. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">6. AzTE shall, from and after the date hereof, upon reasonable request of PetroTech and/or any subsidiary and/or affiliate of PetroTech, execute and deliver such other agreements, documents and instruments as any such party may reasonably
request to obtain the full benefit of this Consent Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">7. AzTE warrants and represents that it is fully entitled and duly
authorized to enter into and deliver this Consent Agreement and undertake the obligations set forth herein. AzTE also warrants and represents that: (a)&nbsp;neither the execution, nor the delivery, nor the performance of this Consent Agreement it
will conflict with or result in a breach or violation of, or constitute a default under, any agreement or instrument by which it or its properties are bound, or any law, order, judgment, decree, rule or regulation applicable to it of any court,
regulatory body, administrative agency, governmental body, stock exchange or arbitrator having jurisdiction over it; and (b)&nbsp;no consent, approval, authorization or order of, or declaration or filing with, any court or governmental agency or
body, or any other person or entity, is required to be obtained or filed by it in connection with the transactions contemplated in this Consent Agreement, except for those that have been obtained or made on or prior to the date hereof or otherwise
provided for herein. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">8. This Consent Agreement shall be binding upon AzTE&#146;s successors and assigns and shall be governed by and
construed in accordance with the laws of the State of Delaware applicable to contracts made and entirely to be performed in such State. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">9.
Any signature delivered by a party by facsimile or electronic transmission shall be deemed to be an original signature hereto. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">[Signature
Page Follows] </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>IN WITNESS WHEREOF,</B> the undersigned has executed this Consent Agreement as of the date set forth
above. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2"><B>ARIZONA SCIENCES AND TECHNOLOGY ENTERPRISES, LLC</B></FONT></TD></TR>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Charlie Lewis</FONT></P></TD></TR>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Charlie Lewis</FONT></TD></TR>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">VP Venture Development</FONT></TD></TR>
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<TD VALIGN="top" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2"><B>ACKNOWLEDGED AND AGREED:</B></FONT></TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>LV ADMINISTRATIVE SERVICES, INC.,</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2">As
Agent</FONT></P></TD></TR>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Patrick Regan</FONT></P></TD></TR>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Patrick Regan</FONT></TD></TR>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Authorized Signatory</FONT></TD></TR>
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