of Undocumented Agreement between Biofuel Technologies, Inc.
Kenneth Rakestraw with respect to the Repayment of Certain Expenses
by Mr. Rakestraw on behalf of the Company in the Amount of $35,371
2008, Kenneth Rakestraw, the President of Biofuel Technologies, Inc. (the
“Company”), paid $35,371 of operating expenses on behalf of the
Company. The Company and Mr. Rakestraw have agreed that the Company
will repay these funds to Mr. Rakestraw without interest at such time as the
Company has cash flow from operations sufficient to support
repayment. The obligation of the Company to Mr. Rakestraw as
described herein was approved by resolution of the board of directors of the
Company but otherwise remains undocumented.