Document:

Exhibit 10.31 

 

AMENDMENT NO. 1 TO

PURCHASE & MARKETING
AGREEMENT EXCLUSIVE PRODUCTION APPHARVEST, LLC

(United States)

 

This Amendment
No. 1 (this “Amendment”) of the terms of the Agreement (as defined below) is made as of December 18,
2020 by and among AppHarvest, Inc. (“AppHarvest”) and Mastronardi Produce Limited (“Mastronardi”).
Reference is made to that certain Purchase & Marketing Agreement, dated March 28, 2019, by and between AppHarvest and Mastronardi
that pertains to the AppHarvest protected agriculture facility located in Morehead, Kentucky (the “Agreement”).
AppHarvest and Mastronardi desire to amend the Agreement as set forth below in this Amendment. The capitalized terms not otherwise
defined herein have the respective meanings given to them in the Agreement. AppHarvest and Mastronardi are collectively referred
to as the “Parties.”

 

Recitals

 

A.        AppHarvest
and Mastronardi currently operate under agreement in which Mastronardi has the exclusive right to sell and market all fresh fruits
and vegetables, including tomatoes, peppers, cucumbers, berries and/or leafy greens, that are grown, harvested, packaged, sold
and/or furnished by AppHarvest to any Person in the Territory (ie., Kentucky and West Virginia) that meet #1 Product standards,
including the Morehead, KY Facility, the New Grower Facility(ies) currently under construction in Richmond, KY and Berea, KY,
and any other New Grower Facility, for an initial term of ten (10) years for each applicable facility (collectively, the “AppHarvest
Facilities”), and for each sale Mastronardi shall be paid an amount equal to [***] of the gross sale price plus
costs incurred in the sale and distribution of the products;

 

B.         Under
the Agreement, including Section 19, Mastronardi has the exclusive right to elect to include any Additional Products that result
in the direct or indirect expansion in AppHarvest’s (including its Affiliates or Persons under common control) growing acreage
or growing operations within the Territory, to be included as Products under the Agreement, for a term greater of, (i) ten (10)
years from first commercial production of the Additional Products, or (ii) the remainder of the Term of the Agreement, as more
fully set forth in the Agreement (the “Additional Products ROFR”);

 

C.        Under
the Agreement, including Section 20, Mastronardi has the exclusive right of first refusal to elect to include any and all fresh
produce products for each New Grower Facility within the Territory to be under a grower agreement with Mastronardi for a period
of ten (10) years under the same material terms and conditions of the Agreement (the, “New Grower Facility ROFR”)
From time to time herein, the Additional Products ROFR and New Grower Facility ROFR are collectively referred to as the, “ROFR’s
and individually as a “ROFR”);

 

D.        Under
the Agreement, including Section 13, AppHarvest agrees and shall be subject to and governed by the Non- Solicitation and Non-Competition
Restrictive Covenants, including as more fully set forth in Exhibit A of the Agreement that provide Mastronardi with certain
rights and protections, including: Non-Solicitation and Employ of Mastronardi or its Affiliates’ employees (Exhibit A,
Section 2(a)); restrictions that would cause any Mastronardi Products grown or harvested outside of the Territory to be furnished,
transferred or sold inside the Territory (Exhibit A, Section 2(b)); and restrictions on competing with the Mastronardi
Business outside the Territory (Exhibit A, Section 2(c)), and as more fully set forth in Exhibit A of the Agreement
(collectively, the “Restrictive Covenants”);

 

E.         Under
the Agreement, in the event Mastronardi does not elect to exercise its rights under either ROFR, AppHarvest is restricted from
selling or furnishing fresh produce grown and harvested from AppHarvest Facilities within the Territory to any Persons outside
of the Territory, without the written permission of Mastronardi; and

 

F.        The
Parties desire to amend and/or otherwise supplement the Agreement, including to provide for certain exceptions to the Restrictive
Covenants in the event Mastronardi elects not to proceed or provide a RFR Election to exclusively market and distribute the applicable
fresh produce products applicable to the ROFR’s.

 

Certain information
has been excluded from this agreement (indicated by “[***]”) because such information (i) is not material and (ii)
would be competitively harmful if publicly disclosed.

 

    1

     

    

 

Therefore, in consideration of
the mutual covenants herein contained, and of other good and valuable consideration, the Parties incorporate the above Recitals
and further agree as follows:

 

	1.	Amendment to Section 2(c) of Exhibit A. Section 2(c) of Exhibit
A to the Agreement is hereby amended and replaced by the following:

 

“(c)  Non-Compete
Mastronardi Business. During the Term of the Agreement, sell, manage, endorse, support, promote, advertise, market, sponsor,
operate, control, provide any form of assistance to, or provide services or products, or otherwise engage in any undertaking that
compete with the Mastronardi Business outside of the Territory; provided, however, in the event that AppHarvest is not in breach
of the Agreement or any other agreement among AppHarvest and/or its Affiliates, and Mastronardi and/or its Affiliates, the following
shall be permitted subject to the terms and conditions set forth below:

 

(i)            Each
RFR Notice under the ROFR’s shall, (y) be provided to Mastronardi, no earlier than one (1) year prior, and no later than
six (6) months before, the expected first commercial harvest for the applicable growing / production acreage to the ROFR’s
(provided that Mastronardi has the right and discretion to waive such notice provisions), and (z) contain with reasonable specificity,
the following: (A) the geographical location within the Territory of the AppHarvest Facility for which the additional growing
acreage or growing operations and/or the New Grower Facility is located within the Territory, (B) the amount of growing / production
acreage, (C) the design and build specifications of the applicable additional growing acreage and/or production capacity of the
New Grower Facility, and (D) the date of expected first commercial harvest for such additional or New Grower Facility production.
For clarification, the foregoing information in Sections 2(c)(i)(z)(A) through (D) is the material information for consideration
by Mastronardi of the ROFR’s and not any specific varietal information, as such mechanics to determine varietal and other
growing information is governed under the framework terms of the Agreement.

 

(ii)           Each RFR Notice under the ROFR’s shall also provide contingency information in the event that Mastronardi does not
elect to proceed under the applicable ROFR, which shall include the following: (A) the location and identification of each variety
to be planted, (B) the amount of growing / production acreage for each variety, (C) the crop mix and planting schedule, and (D)
length of the growing season for each variety which shall be set for an industry recognized growing season that will not include
any short or bumper crop, and will not consist of any varietal that are proprietary to Mastronardi (collectively, the “Contingency
Information”). Upon receipt of a RFR Notice that complies with all of the foregoing, Mastronardi will thereafter
have the thirty (30) business day period under the ROFR’s from receipt of the RFR Notice in which to make an RFR Election
under the applicable ROFR (the “Election Period”).

 

(iii)          Permissible
Activities. In the event that Mastronardi fails to make a timely RFR Election within the applicable Election Period, then
with respect to such fresh produce products that are grown and harvested at AppHarvest Facilities within the Territory for
which such RFR Election was not exercised (collectively, “Permissible Products”), AppHarvest may
market, sell and distribute such Permissible Products within or outside the Territory only to third parties that are (A)
non-related and/or unaffiliated to AppHarvest, its Affiliates, subsidiaries, officers and Persons for whom AppHarvest is
legally responsible or controls and (B) to industry recognized bona fide third party marketers (the “Permissible
Activities”), provided that under no circumstances shall AppHarvest use or identify such Permissible Products
with any trade name, trademark, or other marks associated with Mastronardi, including its SUNSET® brand and no
Mastronardi related packaging or similar materials shall be used to transport, sell, distribute or otherwise dispose of such
Permissible Products, without express written authority to use from Mastronardi. Notwithstanding anything to the contrary,
AppHarvest shall not be afforded any Permissible Activities with respect to any Permissible Products that represent growing /
production acreage that is not in conformity with the Contingency Information during the five (5) year period from the first
commercial harvest, on a variety by variety and grower / production acreage amount and location basis. For clarity, not in
conformity with the Contingency Information, includes, without limitation, any fact or circumstance inconsistent with the
Contingency Information, such as any change or modification in the above items set forth in any or all of Sections
2(c)(ii)(A) through (D), or any fact or circumstances in which AppHarvest would be reasonably deemed to directly or
indirectly circumvent the intent of this Amendment. In the event and in each and every case that any growing / production
acreage in any AppHarvest Facility is not in conformity with the Contingency Information, such growing / production acreage
shall be subject to the ROFR’s on an evergreen basis, and Mastronardi shall be afforded all rights to make a RFR
Election under the Additional Products ROFR and New Grower Facility ROFR, as applicable. Except for the Permissible
Activities as permitted in this Amendment, the Restrictive Covenants continue in all respects.”

 

Certain information
has been excluded from this agreement (indicated by “[***]”) because such information (i) is not material and (ii)
would be competitively harmful if publicly disclosed.

 

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	2.	Supplement to Section 20 of the Agreement. The following shall
be added to the end of Section 20 of the Agreement.

 

“For purposes of determining
a New Grower Facility for which Mastronardi makes a RFR Election, the “same material terms and conditions of this Agreement”
means that, the same terms and conditions of the Agreement shall apply and be deemed a master agreement to all New Grower Facilities,
except that, (i) the Parties will identify the specific facility and location and number of growing / production acreage, (ii)
the products to be grown will be determined according to the Agreement and may differ from the Morehead KY facility, and (iii)
Section 29 shall not apply to any New Grower Facility, as such provision was required in connection with the funding requirements
of Equilibrium Capital for the initial AppHarvest Facility. The Parties will also seek, but are not required, to document separate
exclusive purchase and marketing agreements for each New Grower Facility for which Mastronardi has provided an RFR Election to
purchase, market and distribute products; the failure of which does not invalidate the rights of the Parties provided for herein.
For avoidance of doubt, the Richmond KY and Berea KY New Grower Facilities shall be deemed New Grower Facilities for which an RFR
Election has been made by Mastronardi.”

 

	3.	Counterparts. This Amendment may be executed and delivered
in two or more counterparts (including facsimile, PDF or other electronic counterpart), each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument.

 

	4.	Governing Law; Choice of Forum. This Amendment shall be governed
by and construed in accordance with the Governing Law. Choice of Forum provided for in the Agreement (ie., Michigan).

 

	5.	Except as specifically amended by this Amendment, all other terms and conditions
of the Agreement shall remain in full force and effect in accordance with their terms without modification.

 

[Remainder of Page Intentionally
Left Blank]

 

Certain information
has been excluded from this agreement (indicated by “[***]”) because such information (i) is not material and (ii)
would be competitively harmful if publicly disclosed.

 

    3

     

    

 

IN WITNESS WHEREOF, the
undersigned hereby execute this Amendment as of the dates written below.

 

 

	 	 
	“GROWER”
    
 AppHarvest, Inc., a Delaware corporation	“MASTRONARDI”
    
 Mastronardi Produce Limited, an Ontario corporation 
	 	 
	 	 
	  By:       	/s/ Jonathan
    Webb	 
    By:	/s/
    Paul Mastronardi
	 	 	 	 
	Print
    Name:	 Jonathan
    Webb	Print
    Name: 	Paul
    Mastronardi
	 	 	 	 
	Title:	CEO	Title:	President
    and CEO
	 	 	 	 
	Date:	December 18, 2020	Date:	December 18, 2020
	 	 	 	 
	I have authority
    to bind the corporation	I have authority
    to bind the corporation
	 	 

Signature Page
to Amendment No. 1

 

    4Camber Energy, Inc. 10-Q/A

 

Exhibit
10.32 

 

EXCHANGE
AGREEMENT

 

This
Exchange Agreement (“Agreement”) is made and entered into on December 11, 2020 (“Agreement
Date”), by and between Camber Energy, Inc., a Nevada corporation (“Company”), and the
investor whose name appears below (“Investor”).

 

Recitals

 

A.            Investor
is the holder of 2,693 shares of Series C Redeemable Convertible Preferred Stock (“C Preferred”) convertible
into shares of Common Stock of Company (“Common Stock”) pursuant to an Amended and Restated Certificate
of Designations of Preferences, Powers, Rights and Limitations of Series C Redeemable Convertible Preferred Stock filed by the
Company with the Secretary of State of Nevada on July 8, 2019 (as amended to date, “C Certificate”).

 

B.            Investor
has at all times fully and completely complied with all of its obligations under the Agreement and the Certificate, and all Delivery
Notices and calculations provided to Company by Investor were and are fully correct and accurate in all respects.

 

C.
           Company desires to effectuate the Amended and Restated Agreement and Plan of Merger
(as amended to date, the “Merger Agreement” and the transactions contemplated thereby, the “Merger”)
with Viking Energy Group, Inc., a Nevada corporation (the “Merger Party”), as described in that certain
Registration Statement on Form S-4, File No. 333-238927.

 

D.            As
an accommodation to Company and in order to help facilitate implementation of the Merger and continued trading on the NYSE American
(the “Trading Market”), and to reduce the potential dilutive impact of the C Preferred by reducing the
number of outstanding shares of C Preferred, Investor is willing to correct the C Certificate as requested by Company and to exchange
600 shares (the “Exchange Shares”) of its C Preferred for a secured Promissory Note equal to the Face
Amount of the Exchange Shares (the “Note”), the obligations of which are secured by a Security Agreement
(the “Security Agreement”, and together with the Note, the corrected C Certificate and this Agreement,
the “Transaction Documents”) each of even date herewith, in accordance with the terms hereof.

 

E.             Each
party’s willingness to enter into each of the Transaction Documents is conditioned upon both parties entering into all of
the Transaction Documents; each party entering into all of the Transaction Documents is an express condition precedent to each
of the Transaction Documents, and neither party would be willing to enter into any of the Transaction Documents without all of
the others.

 

Agreement

 

In
consideration of the premises, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged,
Company and Investor agree as follows:

 

I.            Definitions.
The parties acknowledge the accuracy of the Recitals set forth above, which are incorporated herein by reference. In addition
to the terms defined elsewhere in this Agreement, capitalized terms that are not otherwise defined have the meanings set forth
in the C Certificate, the Note or the Security Agreement.

 

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		II.	Exchange

 

The
Exchange Shares are hereby exchanged for the Note, the obligations of which are secured by the Security Agreement. Company’s
transfer agent is hereby instructed to cancel 600 shares of the C Preferred (the “Cancelled
Shares”). Each party will provide Company’s transfer agent such information
and documents as the Company’s transfer agent may reasonably request in order to facilitate the cancellation of the Cancelled
Shares.

 

		III.	Waiver
of All Defaults.

 

With
respect to any agreements relating to the acquisition of the C Preferred (the “Prior
Agreements”), the C Preferred and the C Certificate, Investor hereby (a) waives any
and all breaches and defaults that have occurred prior to the Agreement Date or that may continue or occur for 90 days thereafter,
including without limitation any failure to have sufficient authorized shares of common stock to issue to Investor, and (b) waives
all rights and remedies with respect to such breaches and defaults. For the avoidance of doubt, the foregoing does not apply to
and shall have no effect with regard to any breaches or defaults that may occur or continue more than 90 days after the Agreement
Date. 

 

		IV.	Representations
and Warranties.

 

A.           Representations
Regarding Transaction. Except as set forth under the corresponding section of the Disclosure
Schedules, if any, Company hereby represents and warrants to, and as applicable covenants with, Investor as of the Closing:

 

1.              Organization
and Qualification. Company and each Subsidiary is an entity duly incorporated or otherwise organized, validly existing
and in good standing under the laws of the jurisdiction of its incorporation or organization, as applicable, with the requisite
power and authority to own and use its properties and assets and to carry on its business as currently conducted. Neither Company
nor any Subsidiary is in violation or default of any of the provisions of its respective certificate or articles of incorporation,
bylaws or other organizational or charter documents, except as would not reasonably be expected to result in a Material Adverse
Effect. Each of Company and each Subsidiary is duly qualified to conduct business and is in good standing as a foreign corporation
or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification
necessary, except where the failure to be so qualified or in good standing, as the case may be, would not reasonably be expected
to result in a Material Adverse Effect and there is no completed, pending or, to the knowledge of Company, contemplated or threatened
proceeding in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority
or qualification.

 

2.              Authorization;
Enforcement. Company has the requisite corporate power and authority to enter into and to consummate the transactions
contemplated by each of the Transaction Documents and otherwise to carry out its obligations hereunder or thereunder. The execution
and delivery of each of the Transaction Documents by Company and the consummation by it of the transactions contemplated hereby
or thereby have been duly authorized by all necessary action on the part of Company and no further consent or action is required
by Company. Each of the Transaction Documents has been, or upon delivery will be, duly executed by Company and, when delivered
in accordance with the terms hereof, will constitute the valid and binding obligation of Company, enforceable against Company
in accordance with its terms, except (a) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization,
moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (b) as limited by
laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (c) insofar as indemnification
and contribution provisions may be limited by applicable law.

 

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3.              No
Conflicts. The execution, delivery and performance of the Transaction Documents by Company, the issuance and sale of the
Note and the consummation by Company of the other transactions contemplated thereby do not and will not (a) conflict with or violate
any provision of Company’s or any Subsidiary’s certificate or articles of incorporation, bylaws or other organizational
or charter documents, (b) conflict with, or constitute a default (or an event that with notice or lapse of time or both would
become a default) under, result in the creation of any Lien upon any of the properties or assets of Company or any Subsidiary,
or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or
both) of, any material agreement, credit facility, debt or other instrument (evidencing Company or Subsidiary debt or otherwise)
or other understanding to which Company or any Subsidiary is a party or by which any property or asset of Company or any Subsidiary
is bound or affected, (c) conflict with or result in a violation of any material law, rule, regulation, order, judgment, injunction,
decree or other restriction of any court or governmental authority to which Company or a Subsidiary is subject (including U.S.
federal and state securities laws and regulations), or by which any material property or asset of Company or a Subsidiary is bound
or affected, or (d) conflict with or violate the terms of any material agreement by which Company or any Subsidiary is bound or
to which any property or asset of Company or any Subsidiary is bound or affected; except in the case of each of clauses (b), (c)
and (d), such as would not reasonably be expected to result in a Material Adverse Effect.

 

4.              Litigation.
 There is no action, suit, inquiry, notice of violation, proceeding or investigation completed, ongoing, pending, threatened
or, to the knowledge of Company, contemplated against or affecting Company, any Subsidiary or any of their respective properties
before or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county, local
or foreign) (collectively, an “Action”), which would reasonably be expected to adversely affect or challenge
the legality, validity or enforceability of any of the Transaction Documents or the sale, issuance, listing, trading or resale
of any Shares on the Trading Market. The Commission has not issued any stop order or other order suspending the effectiveness
of any registration statement filed by Company or any Subsidiary under the Exchange Act or the Act.

 

5.              Filings,
Consents and Approvals.
Neither Company nor any Subsidiary is required to obtain any consent, waiver, authorization or order of, give any notice to, or
make any filing or registration with, any court or other federal, state, local or other governmental authority or other Person
in connection with the execution, delivery and performance by Company of the Transaction Documents, other than required federal
and state securities filings and such filings and approvals as are required to be made or obtained under the applicable Trading
Market rules in connection with the transactions contemplated hereby, each of which has been, or if not yet required to be filed
will be, timely filed.

 

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6.            Disclosure;
Non-Public Information. Company will timely file a current report on Form 8-K (“Current Report”) describing
the material terms and conditions of this Agreement, a copy of which will be provided to Investor prior to the filing thereof.
All information that Company has provided to Investor that constitutes or might constitute material, non-public information will
be included in the Current Report. Notwithstanding any other provision, except for information that will be, and only to the extent
that it actually is, included in the Current Report, (a) neither Company nor any other Person acting on its behalf has provided
Investor or its representatives, agents or attorneys with any information that constitutes or might constitute material, non-public
information, including without limitation this Agreement and the Exhibits and Disclosure Schedules hereto, (b) no information
contained in the Disclosure Schedules constitutes material non-public information and (c) there is no adverse material information
regarding Company that has not been publicly disclosed prior to the Agreement Date. Company understands and confirms that Investor
will rely on the foregoing representations and covenants in effecting transactions in securities of Company. All disclosure provided
to Investor regarding Company, its business and the transactions contemplated hereby, including without limitation the Disclosure
Schedules, furnished by or on behalf of Company with respect to the representations and warranties made herein are true and correct
in all material respects and do not contain any untrue statement of a material fact or omit to state any material fact necessary
in order to make the statements made therein, in light of the circumstances under which they were made, not misleading.

 

7.           Acknowledgments
Regarding Investor. Company’s decision to enter into this Agreement has been based solely on the independent evaluation
by Company and its representatives, and Company acknowledges and agrees that:

 

 a.              Investor
is not, has never been, and as a result of the transactions contemplated by the Transaction Documents will not become an officer,
director, insider, or control person of Company, or to Company’s knowledge a 10% or greater shareholder or otherwise an
affiliate of Company as defined under Rule 12b-2 of the Exchange Act;

 

b.              Investor
and its representatives have not made and do not make any representations, warranties or agreements with respect to this Agreement,
or the transactions contemplated hereby other than those specifically set forth in Section III.C below; Company has not
relied upon, and expressly disclaims reliance upon, any and all written or oral statements or representations made by any persons
prior to this Agreement;

 

c.              The
conversion of the C Preferred and resale of Conversion Shares will result in dilution, which may be substantial; and Company’s
obligation to issue and deliver Conversion Shares in accordance with this Agreement and the C Certificate is absolute and unconditional
regardless of the dilutive effect that such issuances may have; and

 

 d.              Investor
is acting solely in the capacity of arm’s length purchaser with respect to this Agreement and the transactions contemplated
hereby; neither Investor nor any of its Affiliates, agents or representatives has or is acting as a legal, financial, investment,
accounting, tax or other advisor to Company, or fiduciary of Company, or in any similar capacity; neither Investor nor any of
its Affiliates, agents or representatives has provided any legal, financial, investment, accounting, tax or other advice to Company;
any statement made in connection with this Agreement or the transactions contemplated hereby is not advice or a recommendation,
and is merely incidental to Investor’s exchange of the Cancelled Shares and acceptance of the Note.

 

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8.              Listing
and Maintenance Requirements. The Common Stock is registered pursuant to Section 12 of the Exchange Act, and Company has
taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration of the Common
Stock under the Exchange Act nor has Company received any notification that the Commission is contemplating terminating such registration.
Company has not, in the 12 months preceding the Closing, received notice from the Trading Market on which the Common Stock is
listed or quoted to the effect that Company is not in compliance with the listing or maintenance requirements of such Trading
Market, except in connection with notices which relate to compliance issues which have since been cured. Company is, and has no
reason to believe that it will not in the foreseeable future continue to be, in compliance with the listing and maintenance requirements
of the Trading Market.

 

		C.	Representations
and Warranties of Investor. Investor hereby represents and warrants to Company as of the
Closing as follows:

 

1.              Organization;
Authority.
Investor is an entity validly existing and in good standing under the laws of the jurisdiction of its organization with full right,
company power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents and otherwise
to carry out its obligations thereunder. The execution, delivery and performance by Investor of the transactions contemplated
by this Agreement have been duly authorized by all necessary company or similar action on the part of Investor. Each Transaction
Document to which it is a party has been, or will be, duly executed by Investor, and when delivered by Investor in accordance
with the terms hereof, will constitute the valid and legally binding obligation of Investor, enforceable against it in accordance
with its terms, except (a) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium
and other laws of general application affecting enforcement of creditors’ rights generally, (b) as limited by laws relating
to the availability of specific performance, injunctive relief or other equitable remedies, and (c) insofar as indemnification
and contribution provisions may be limited by applicable law.

 

2.              Investor
Status. Investor is: (a) an accredited investor as defined in Rule 501(a) under the Act; and (b) not a registered broker-dealer,
member of FINRA, or an affiliate thereof.

 

V.           Securities
and Other Provisions.

 

A.            Furnishing
of Information. As long as Investor owns any C Preferred, Company will timely file all reports
required to be filed by Company after the Closing pursuant to the Exchange Act (the Company shall have until December 31, 2020
to file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, which is currently late). As long as Investor
owns any C Preferred, Company will prepare and make publicly available such information as is required for Investor to sell its
Conversion Shares under Rule 144. Company further covenants that, as long as Investor owns any C Preferred, Company will take
such further action as Investor may reasonably request, all to the extent required from time to time to enable Investor to sell
its Conversion Shares without registration under the Act within the limitation of the exemptions provided by Rule 144.

 

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B.            Disclosure
and Publicity. Company will provide to Investor for review and approval prior to filing
or issuing that portion of any current or periodic report, registration statement, press release, public statement or communication
relating to Investor or the transactions contemplated hereby (any such approval not to be unreasonably withheld, conditioned or
delayed).

 

C.            No
Non-Public Information. Company covenants and agrees that neither it nor any other Person
acting on its behalf will, provide Investor or its agents or counsel with any information that Company believes or reasonably
should believe will constitute material non-public information after Closing. On and after Closing, neither Investor nor any Affiliate
of Investor will have any duty of trust or confidence that is owed directly, indirectly, or derivatively, to Company or the stockholders
of Company, or to any other Person who is the source of material non-public information regarding Company. Company understands
and confirms that Investor will be relying on the foregoing in effecting transactions in securities of Company, including without
limitation sales of the Shares.

 

		D.	Indemnification
of Investor.

 

1.              Obligation
to Indemnify. Subject to the provisions of this Section IV.G,
Company will indemnify and hold Investor, its Affiliates, managers and advisors, and each of their officers, directors, shareholders,
partners, employees, representatives, agents and attorneys, and any person who controls Investor within the meaning of Section
15 of the Act or Section 20 of the Exchange Act (collectively, “Investor Parties”
and each a “Investor Party”), harmless from any and all losses, liabilities,
obligations, claims, contingencies, damages, reasonable costs and expenses, including all judgments, amounts paid in settlements,
court costs and reasonable attorneys’ fees and costs of investigation (collectively, “Losses”)
that any Investor Party may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties,
covenants or agreements made by Company in this Agreement or in the other Transaction Documents or (b) any action by Company or
a creditor or stockholder of Company who is not an Affiliate of an Investor Party, challenging the transactions contemplated by
the Transaction Documents; provided, however, that Company will not be obligated to indemnify any Investor Party for any Losses
finally adjudicated to be caused solely by such Investor Party’s unexcused material breach of an express provision of this
Agreement or another Transaction Document.

 

2.             Procedure
for Indemnification. If any action will be brought against an Investor Party in respect of which indemnity may be sought pursuant
to this Agreement, such Investor Party will promptly notify Company in writing, and Company will have the right to assume the
defense thereof with counsel of its own choosing. Investor Parties will have the right to employ separate counsel in any such
action and participate in the defense thereof, but the reasonable fees and expenses of such counsel will be at the expense of
Investor Parties except to the extent that (a) the employment thereof has been specifically authorized by Company in writing,
(b) Company has failed after a reasonable period of time to assume such defense and to employ counsel or (c) in such action there
is, in the reasonable opinion of such separate counsel, a material conflict with respect to the dispute in question on any material
issue between the position of Company and the position of Investor Parties such that it would be inappropriate for one counsel
to represent Company and Investor Parties. Company will not be liable to Investor Parties under this Agreement (i) for any settlement
by an Investor Party effected without Company’s prior written consent, which will not be unreasonably withheld or delayed;
or (ii) to the extent, but only to the extent that a loss, claim, damage or liability is either attributable to Investor’s
breach of any of the representations, warranties, covenants or agreements made by Investor in this Agreement or in the other Transaction
Documents. In no event will the Company be liable for the reasonable fees and expenses for more than one separate firm of attorneys
(plus local counsel as applicable) to represent all Investor Parties.

 

    6

     

    

 

3.             Other
than the liability of Investor to Company for uncured material breach of the express provisions of this Agreement, no Investor
Party will have any liability to Company or any Person asserting claims on behalf of or in right of Company as a result of acquiring
the Note under this Agreement.

 

E.            Reservation
of Shares. Prior the Closing, the Company will have, and at all times thereafter will, maintain
a reserve from its duly authorized Common Stock for issuance pursuant to the C Certificate authorized shares of Common Stock in
an amount equal to the number of shares sufficient to immediately issue all Conversion Shares potentially issuable at such time,
or such other number of shares agreed to in a signed writing between the parties.

 

F.            Agreement
to Vote. Investor will vote any and all shares of Common Stock which it holds as of the
record date for the shareholder meeting to request the approval for the Merger and the approval of the securities issuable in
connection therewith (the “Meeting”) in favor of and “for” the
Merger, the terms thereof and the securities issuable therewith, and those other proposals which are recommended by approval by
the Board of Directors of the Company in the proxy statement filed by the Company in connection with the Meeting.

 

G.            Approval
of Merger. Investor (i) agrees to, and consents to, the terms of the Merger, the agreements
entered into between the Company and the Merger Party (and its affiliates, employees and related parties) in connection with the
Merger, including the Merger Agreement and all of the securities issued or issuable in connection therewith, and the issuance
of shares of Company capital stock in connection therewith; (ii) waives any and all rights the Investor has, or may have, under
the Prior Agreements, the C Preferred and the C Certificate, and any other agreements
between the Investor and the Company other than this Agreement, to further consent to, approve or agree to, the terms of such
Merger, the Merger Agreement or the securities issued or issuable in connection therewith; and (iii) further waives and releases
the Company from any anti-dilution, reset, favorable nations or similar clauses, and/or any other rights whatsoever of such Investor
or any securities of the Company held by such Investor, under such Prior Agreements, the C Preferred and the C Certificate, and
any other agreements between the Investor and the Company other than this Agreement, in connection with the Merger, the Merger
Agreement or the securities issued or issuable in connection therewith.

 

    7

     

    

 

VI.          General
Provisions.

 

A.            Notice.
Unless a different time of day or method of delivery is specifically provided in the Transaction
Documents, any and all notices or other communications or deliveries required or permitted to be provided hereunder will be in
writing and will be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or communication
is delivered via facsimile or electronic mail prior to 5:00 p.m. Eastern time on a Trading Day and an electronic confirmation
of delivery is received by the sender and provided to the recipient, (b) the next Trading Day after the date of transmission,
if such notice or communication is delivered later than 5:00 p.m. Eastern time or on a day that is not a Trading Day, (c) the
next Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service with confirmation
of delivery prior to 5:00 p.m. Eastern time on such next Trading Day, or (d) upon actual receipt by the party to whom such notice
is required to be given. The addresses for such notices and communications are such other address as may be designated in writing,
in the same manner, by such Person.

 

B.            Amendments;
Waivers. No provision of this Agreement may be waived or amended except in a written instrument
signed, in the case of an amendment, by Company and Investor or, in the case of a waiver, by the party against whom enforcement
of any such waiver is sought. No waiver of any default with respect to any provision, condition or requirement of this Agreement
will be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision,
condition or requirement hereof, nor will any delay or omission of either party to exercise any right hereunder in any manner
impair the exercise of any such right.

 

C.            Fees
and Expenses. Except as otherwise provided in this Agreement, each party will pay the fees
and expenses of its own advisers, attorneys, accountants and other experts, if any, and all other expenses incurred by such party
incident to the negotiation, preparation, execution, delivery and performance of the Transaction Documents. Company acknowledges
and agrees that Investor’s counsel solely represents Investor, and does not represent Company or its interests in connection
with the Transaction Documents or the transactions contemplated thereby. Company will pay all stamp and other taxes and duties,
if any, levied in connection with the sale or issuance of the Shares to Investor. As of the date hereof, the parties understand
and agree that no such stamp or other taxes or duties would be imposed by the jurisdiction of Investor’s organization or,
to Investor’s knowledge, by any other jurisdiction as a result of the nature or conduct of Investor’s business.

 

D.            Severability.
If any provision of this Agreement is held to be invalid or unenforceable in any respect, the
validity and enforceability of the remaining terms and provisions of this Agreement will not in any way be affected or impaired
thereby and the parties will attempt to agree upon a valid and enforceable provision that is a reasonable substitute therefor,
and upon so agreeing, will incorporate such substitute provision in this Agreement.

 

E.            Governing
Law. All matters between the parties, including without limitation questions concerning
the construction, validity, enforcement and interpretation of the Transaction Documents will be governed by and construed and
enforced in accordance with the laws of the U.S. Virgin Islands, without regard to the principles of conflicts of law that would
require or permit the application of the laws of any other jurisdiction, except for corporation law matters applicable to Company
which will be governed by the corporate law of its jurisdiction of formation. The parties hereby waive all rights to a trial by
jury. In any action, arbitration or proceeding, including appeal, arising out of or relating to any of the Transaction Documents
or otherwise involving the parties, the prevailing party will be awarded its reasonable attorneys’ fees and other costs
and expenses reasonably incurred in connection with the investigation, preparation, prosecution or defense of such action or proceeding.

 

    8

     

    

 

G.            Arbitration.
Any dispute, controversy, claim or action of any kind arising out of, relating to, or in connection
with this Agreement, or in any way involving Company and Investor or their respective Affiliates, including any issues of arbitrability,
will be resolved solely by final and binding arbitration in English before a retired judge at JAMS, or its successor, in the Territory
of the Virgin Islands, pursuant to the most expedited and Streamlined Arbitration Rules and Procedures available. Any interim
or final award may be entered and enforced by any court of competent jurisdiction. The final award will include the prevailing
party’s reasonable arbitration, expert witness and attorney fees, costs and expenses. Notwithstanding the foregoing, Investor
or the Company, as the case may be, may in its sole discretion bring an action in Delaware District Court or the U.S. District
Court for the District of Delaware in aid of arbitration or for temporary, preliminary or provisional relief pending completion
of arbitration. 

 

H.            Headings.
The headings herein are for convenience only, do not constitute a part of this Agreement and
will not be deemed to limit or affect any of the provisions hereof.

 

I.             Construction.
The parties agree that each of them and/or their respective counsel has reviewed and had an
opportunity to revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities
are to be resolved against the drafting party will not be employed in the interpretation of the Transaction Documents or any amendments
hereto. The language used in this Agreement will be deemed to be the language chosen
by the parties to express their mutual intent, and no rules of strict construction will be applied against any party. All currency
references in any Transaction Document are to U.S. dollars.

 

J.            Further
Assurances. Each party will take all further actions and execute all further documents as
may be reasonably necessary to implement the provisions and carry out the intent of this Agreement fully and effectively. 

 

K.            Acknowledgement.
Company hereby acknowledges and agrees that (1) Investor has at all times fully and completely complied with all of its obligations
under the Prior Agreements, this Agreement, the C Certificate and all other Transaction Documents and agreements between Company
and Investor, (2) all Delivery Notices and calculations provided by Investor to Company were and are fully correct and accurate
in all respects, (3) Investor has previously provided valid notice to the Company of the increase in beneficial ownership percentage
set forth in Section 8 of the C Certificate to 9.99%, which will continue apply to all shares of C Preferred held by Investor,
including without limitation following any amendment or restatement of the C Certificate.

 

    9

     

    

 

L.            General
Release. Company, on behalf of itself and on behalf of each of its predecessors, successors, parents, subsidiaries, shareholders,
and affiliated and/or related companies, and each of its respective present and former officers, directors, shareholders, employees,
representatives, business entities, executors, administrators, conservators, assignors and assignees (collectively, the “Releasing
Parties”) hereby knowingly and voluntarily fully and forever absolutely and irrevocably waive, release and discharge
Investor and its predecessors, successors, parents, subsidiaries, and affiliated and/or related companies and entities, and each
of their respective present and former officers, directors, shareholders, partners, members, employees, representatives, agents,
attorneys, advisors, business entities, executors, administrators, conservators, assignors and assignees and all parties acting
through, under or in concert with them, and each of them, in their individual and representative capacities (collectively, the
“Released Parties”) from any and all claims, charges, complaints, grievances, demands, liens, actions, suits,
causes of action, obligations, controversies, debts, costs, indemnity, attorneys’ fees, expenses, damages, judgments, orders,
and liabilities of whatever kind and/or nature in law, equity or otherwise, whether now known or unknown, suspected or unsuspected,
which have existed or may have existed, or which do exist or which hereafter can, shall or may exist as of the date this Agreement
is executed, including without limitation any that are based upon, connected with, or otherwise arising out of or in any way relating
to any Transaction Documents (collectively, the “Released Claims”). The Releasing Parties, and each of
them, expressly waive and relinquish, to the fullest extent permitted by law, the provisions, rights and benefits conferred by
any law which would limit the scope of the release provided above. The Releasing Parties acknowledge that they or any of them
may hereafter discover facts in addition to or different from those which they now know to be true with respect to the subject
matters of the claims released herein, but hereby stipulate and agree that they have fully, finally, and forever settled and released
any and all such claims, whether known or unknown, suspected or unsuspected, contingent or non-contingent, concealed or hidden,
which now exist or heretofore existed upon any theory of law or equity now existing or coming into existence in the future, without
regard to the discovery or existence of such different or additional facts.

 

M.            Amendments.
Section II.E, Subsequent Closings, of the C Agreement is hereby deleted in its entirety, and shall be of no further force
or effect. The entirety of Section IV.O, Repurchase Obligation, the provision that “Investor will not resell, transfer or
assign the Preferred Shares in Section III.C.IV, Ownership, the provision that “Investor may not sell, transfer or assign
any Preferred Shares or any of its rights under this Agreement” in Section IV.J of the June 22, 2020 Stock Purchase Agreement
entered into between Company and Investor, and all similar provisions in any Prior Agreements, are hereby deleted.

 

N.            Ratification.
Except as expressly provided herein, the Prior Agreements, which are incorporated by reference as though set forth in full
herein, and the C Certificate are hereby ratified and affirmed in all respects, and remain in full force and effect. Except as
expressly provided herein, the execution of this Agreement shall not operate as a waiver of any right, power or remedy of the
Investor, constitute a waiver of any provision of any of the Prior Agreements, C Certificate or any Transaction Document or serve
to effect a novation of the obligations under the Prior Agreements, C Certificate or any Transaction Document. Except as expressly
provided herein, the Prior Agreements and all Transaction Documents between Company and Investor shall continue in full force
and effect and nothing herein shall act as a waiver of any of the Investor’s rights under any of the foregoing.

 

    10

     

    

 

O.            Execution.
This Agreement may be executed in two or more counterparts, all of which when taken together
will be considered one and the same agreement and will become effective when counterparts have been signed by each party and delivered
to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature
is delivered by portable document format, facsimile or electronic transmission, such signature will create a valid and binding
obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such signature
page were an original thereof.

 

P.            Entire
Agreement. This Agreement, including the Exhibits hereto, which are hereby incorporated herein by reference, contains
the entire agreement and understanding of the parties, and supersedes all prior and contemporaneous agreements, term sheets, letters,
discussions, communications and understandings, both oral and written, which the parties acknowledge have been merged into this
Agreement. No party, representative, advisor, attorney or agent has relied upon any collateral contract, agreement, assurance,
promise, understanding, statement or representation not expressly set forth herein or in the Prior Agreements. The parties hereby
absolutely, unconditionally and irrevocably waive all rights and remedies, at law and in equity, directly or indirectly arising
out of or relating to, or which may arise as a result of, any Person’s reliance on any such statement or assurance.

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized signatories
on the Agreement Date.

 

	Company:	 
	 	 	 
	CAMBER ENERGY, INC.	 
	 	 	 
	 	 	 
	By:  	 	 
	Name:  	 	 
	Title:  	 	 
	 	 	 
	 	 	 
	Investor:	 
	 	 	 
	 	 
	Investor Name	 
	 	 	 
	 	 	 
	By:  	 	 
	Name:  	 	 
	Title:  	 	 

 

    11

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