Document:

EX-4.4

 Exhibit 4.4 
  

 
  

 
 SIXTEENTH SUPPLEMENTAL INDENTURE 

Dated as of September 29, 2020 

Supplementing that Certain 

INDENTURE 
 Dated as of
August 20, 2009 
  
  

Among 
 BLACKSTONE HOLDINGS
FINANCE CO. L.L.C., 
 THE GUARANTOR PARTIES HERETO 

and 
 THE BANK OF NEW YORK MELLON,

 as Trustee 
  

 
 2.800% Senior
Notes due 2050 
  
  

 

 TABLE OF CONTENTS 
  

							
	 	 	 	 	Page	 
		
	 ARTICLE I Issuance of Securities
	 	 	2	 
			
	 SECTION 1.1.
	 	Issuance of Notes; Principal Amount; Maturity; Title	 	 	2	 
	 SECTION 1.2.
	 	Interest	 	 	2	 
	 SECTION 1.3.
	 	Relationship with Base Indenture	 	 	3	 
		
	 ARTICLE II Definitions and Other Provisions of General Application
	 	 	4	 
			
	 SECTION 2.1.
	 	Definitions	 	 	4	 
		
	 ARTICLE III Security Forms
	 	 	8	 
			
	 SECTION 3.1.
	 	Form Generally	 	 	8	 
	 SECTION 3.2.
	 	Form of Note	 	 	9	 
		
	 ARTICLE IV Remedies
	 	 	21	 
			
	 SECTION 4.1.
	 	Events of Default	 	 	21	 
	 SECTION 4.2.
	 	Waiver of Past Defaults	 	 	21	 
		
	 ARTICLE V Redemption of Securities
	 	 	22	 
			
	 SECTION 5.1.
	 	Optional Redemption	 	 	22	 
		
	 ARTICLE VI Particular Covenants
	 	 	22	 
			
	 SECTION 6.1.
	 	Liens	 	 	22	 
	 SECTION 6.2.
	 	Obligation to Offer to Repurchase Upon a Change of Control Repurchase Event	 	 	22	 
	 SECTION 6.3.
	 	Financial Reports	 	 	24	 
		
	 ARTICLE VII Supplemental Indentures
	 	 	25	 
			
	 SECTION 7.1.
	 	Supplemental Indentures without Consent of Holders of Notes	 	 	25	 
	 SECTION 7.2.
	 	Supplemental Indentures with Consent of Holders of Notes	 	 	25	 
		
	 ARTICLE VIII Defeasance
	 	 	27	 
			
	 SECTION 8.1.
	 	Covenant Defeasance	 	 	27	 
		
	 ARTICLE IX Miscellaneous
	 	 	27	 
			
	 SECTION 9.1.
	 	 Execution as Supplemental Indenture
	 	 	27	 

  
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	 SECTION 9.2.
	 	Not Responsible for Recitals or Issuance of Notes	 	 	27	 
	 SECTION 9.3.
	 	Separability Clause	 	 	28	 
	 SECTION 9.4.
	 	Successors and Assigns	 	 	28	 
	 SECTION 9.5.
	 	Execution and Counterparts	 	 	28	 
	 SECTION 9.6.
	 	Electronic Signatures	 	 	28	 
	 SECTION 9.7.
	 	Governing Law	 	 	28	 

  
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 This Sixteenth Supplemental Indenture, dated as of September 29, 2020 (the
“Sixteenth Supplemental Indenture”), among Blackstone Holdings Finance Co. L.L.C., a limited liability company duly organized and existing under the laws of the State of Delaware, having its principal office at 345 Park Avenue, New
York, New York 10154 (the “Company”), the Guarantors party hereto and The Bank of New York Mellon, a New York banking corporation, as Trustee under the Base Indenture (as hereinafter defined) and hereunder (the
“Trustee”), supplements that certain Indenture, dated as of August 20, 2009, among the Company, the Guarantors named therein and the Trustee (the “Base Indenture” and subject to Section 1.3 hereof,
together with this Sixteenth Supplemental Indenture, the “Indenture”). 
 RECITALS OF THE COMPANY 

The Company and the Guarantors have heretofore executed and delivered to the Trustee the Base Indenture providing for the issuance from time
to time of one or more series of the Company’s senior unsecured debt securities (herein and in the Base Indenture called the “Securities”), the forms and terms of which are to be determined as set forth in Sections 201 and 301
of the Base Indenture, and the Guarantees thereof by the Guarantors; 
 Sections 901 (9) and 901 (12) of the Base Indenture provide, among
other things, that the Company, the Guarantors and the Trustee may enter into indentures supplemental to the Base Indenture for, among other things, the purposes of (a) establishing the form or terms of Securities of any series as permitted by
Sections 201 and 301 of the Base Indenture and (b) adding to or changing any of the provisions to the Base Indenture in certain circumstances; 

The Company desires to create a series of Securities designated as its “2.800% Senior Notes due 2050” pursuant to the terms of this
Sixteenth Supplemental Indenture; 
 The Company has duly authorized the execution and delivery of this Sixteenth Supplemental Indenture
and the Notes to be issued from time to time, as provided for in the Indenture; 
 Each Guarantor has duly authorized its Guarantee of the
Notes and to provide therefor each Guarantor has duly authorized the execution and delivery of this Sixteenth Supplemental Indenture; 

All things necessary have been done to make this Sixteenth Supplemental Indenture a valid and legally binding agreement of the Company, in
accordance with its terms and to make the Notes, when executed by the Company and authenticated and delivered under the Indenture and duly issued by the Company, the valid and legally binding obligations of the Company; and 

All things necessary have been done to make the Guarantees, upon execution and delivery of this Sixteenth Supplemental Indenture, the valid
and legally binding obligations of each Guarantor and to make this Sixteenth Supplemental Indenture a valid and legally binding agreement of each Guarantor, in accordance with its terms. 

  
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 ARTICLE I 

Issuance of Securities 

SECTION 1.1. Issuance of Notes; Principal Amount; Maturity; Title.  

(1) On September 29, 2020, the Company shall issue and deliver to the Trustee, and the Trustee shall authenticate, the Initial Notes
substantially in the form set forth in Section 3.2 below, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by the Base Indenture and this Sixteenth Supplemental Indenture,
and with such letters, numbers, or other marks of identification and such legends or endorsements placed thereon as may be required to comply with applicable tax laws or the rules of any securities exchange or Depositary therefor or as may,
consistently herewith, be determined by the Officer executing such Notes, as evidenced by the execution of such Notes. 
 (2) The Initial
Notes to be issued pursuant to the Indenture shall be issued in the aggregate principal amount of $400,000,000 and shall mature on September 30, 2050 (the “Stated Maturity”), unless the Notes are redeemed prior to that date as
described in Section 5.1. The aggregate principal amount of Initial Notes Outstanding at any time may not exceed $400,000,000, except for Notes issued, authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu
of, other Notes of the series pursuant to Sections 304, 305, 306, 906 or 1107 of the Base Indenture and except for any Notes which, pursuant to Section 303 of the Base Indenture, are deemed never to have been authenticated and delivered. The
Company may without the consent of the Holders, issue additional Notes as part of the same series and on the same terms and conditions (and having the same Guarantors) and with the same CUSIP numbers and ISIN numbers as the Initial Notes
(“Additional Notes”), but such Additional Notes may be offered at a different offering price or have a different issue date, initial interest accrual or initial interest payment date; provided that if any Additional Notes are
issued at a price that causes such Additional Notes to have “original issue discount” within the meaning of Section 1273 of the United States Internal Revenue Code of 1986, as amended, and regulations of the United States Department
of Treasury thereunder, such Additional Notes shall not have the same CUSIP number or ISIN number as the Initial Notes. 
 (3) The Notes
shall be issued only in fully registered form without coupons in minimum denominations of $2,000 and any integral multiple of $1,000 in excess thereof. 

(4) Pursuant to the terms hereof and Sections 201 and 301 of the Base Indenture, the Company hereby creates a series of Securities designated
as the “2.800% Senior Notes due 2050” of the Company (as amended or supplemented from time to time, that are issued under the Indenture, including both the Initial Notes and the Additional Notes, if any, the “Notes”),
which Notes shall be deemed “Securities” for all purposes under the Base Indenture. 
 SECTION 1.2. Interest.  

(1) Interest on a Note will accrue at the per annum rate of 2.800% (the “Note Interest Rate”), from and including the date
specified on the face of such Note to, but excluding, 

  
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the date on which the principal thereof is paid, deemed paid, or made available for payment and, in each case, will be paid on the basis of a 360-day year
comprised of twelve 30-day months. 
 (2) The Company shall pay interest on the Notes semi-annually
in arrears on March 30 and September 30 of each year (each, an “Interest Payment Date”), commencing March 30, 2021. 

(3) Interest shall be paid on each Interest Payment Date to the registered Holders of the Notes at the close of business on the Regular
Record Date. 
 (4) Amounts due on the Stated Maturity or earlier Redemption Date of the Notes will be payable at the Corporate Trust
Office. The Company shall make payments of principal, premium, if any, and interest or the Repurchase Price in connection with a Change of Control Repurchase Event in respect of the Notes in book-entry form to DTC in immediately available funds,
while disbursement of such payments to owners of beneficial interests in Notes in book-entry form will be made in accordance with the procedures of DTC and its participants in effect from time to time. The Company may at any time designate
additional Paying Agents or rescind the designation of any Paying Agent or approve a change in the office through which any Paying Agent acts, except that the Company shall be required to maintain a Paying Agent in each Place of Payment for the
Notes. Neither the Company nor the Trustee shall impose any service charge for any transfer or exchange of a Note. However, the Company may require Holders of the Notes to pay any taxes or other governmental charges in connection with a transfer or
exchange of Notes. 
 (5) If any Interest Payment Date, Stated Maturity, or earlier Redemption Date or Repurchase Price Payment Date falls
on a day that is not a Business Day in The City of New York, the Company shall make the required payment of principal, premium, if any, and/or interest or Repurchase Price in connection with a Change of Control Repurchase Event on the next
succeeding Business Day as if it were made on the date payment was due, and no interest will accrue on the amount so payable for the period from and after that Interest Payment Date, Stated Maturity or earlier Redemption Date or Repurchase Price
Payment Date, as the case may be, to such next succeeding Business Day. 
 SECTION 1.3. Relationship with Base Indenture. 

 The terms and provisions contained in the Base Indenture will constitute, and are hereby expressly made, a part of this Sixteenth
Supplemental Indenture. However, to the extent any provision of the Base Indenture conflicts with the express provisions of this Sixteenth Supplemental Indenture, the provisions of this Sixteenth Supplemental Indenture will govern and be
controlling. 

  
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 ARTICLE II 

Definitions and Other Provisions of General Application 

SECTION 2.1. Definitions. 

For all purposes of this Sixteenth Supplemental Indenture (except as herein otherwise expressly provided or unless the context of this
Sixteenth Supplemental Indenture otherwise requires): 
 (1) any reference to an “Article” or a “Section” refers to an
Article or a Section, as the case may be, of this Sixteenth Supplemental Indenture; 
 (2) the words “herein,” “hereof”
and “hereunder” and other words of similar import refer to this Sixteenth Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision; 

(3) “including” means including without limitation; 

(4) unless otherwise provided, references to agreements and other instruments shall be deemed to include all amendments and other
modifications to such agreements and instruments, but only to the extent such amendments and other modifications are not prohibited by the terms of this Sixteenth Supplemental Indenture. 

The terms defined in this Section 2.1 (except as herein otherwise expressly provided or unless the context of this Sixteenth
Supplemental Indenture otherwise requires) for all purposes of this Sixteenth Supplemental Indenture and of any indenture supplemental hereto have the respective meanings specified in this Section 2.1. All other terms used in this Sixteenth
Supplemental Indenture that are defined in the Base Indenture, either directly or by reference therein (except as herein otherwise expressly provided or unless the context of this Sixteenth Supplemental Indenture otherwise requires), have the
respective meanings assigned to such terms in the Base Indenture, as in force at the date of this Sixteenth Supplemental Indenture as originally executed; provided that any term that is defined in both the Base Indenture and this Sixteenth
Supplemental Indenture shall have the meaning assigned to such term in this Sixteenth Supplemental Indenture. 
 “Additional
Notes” has the meaning specified in Section 1.1(2). 
 “Applicable Procedures” means, with respect to any
transfer or transaction involving a Global Security or beneficial interest therein, the rules and procedures of DTC, Euroclear and Clearstream, in each case to the extent applicable to such transaction and as in effect from time to time. 

“Base Indenture” has the meaning specified in the preamble hereto. 

“Below Investment Grade Rating Event” means the rating on the Notes is lowered in respect of a Change of Control and the
Notes are rated below Investment Grade by both Rating Agencies on any date from the date of the public notice of an arrangement that could 

  
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result in a Change of Control until the end of the 60-day period following public notice of the occurrence of a Change of Control (which period shall be
extended until the ratings are announced if during such 60 day period the rating of the Notes is under publicly announced consideration for possible downgrade by either of the Rating Agencies); provided that a Below Investment Grade Rating
Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the
definition of Change of Control Repurchase Event hereunder) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the Company in writing at its request that
the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the
time of the Below Investment Grade Rating Event). 
 “Business Day” means any day that is not Saturday or Sunday or any
other day on which commercial banks are authorized or required by law, regulation or executive order to close in the City of New York. 

“Change of Control” means the occurrence of the following: 

 

	 	(1)	 the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or
consolidation), in one or a series of related transactions, of all or substantially all of the properties and assets of the Credit Group to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act or any successor
provision), other than to a Continuing Blackstone Entity; or 

  

	 	(2)	 the consummation of any transaction (including, without limitation, any merger or consolidation) the result of
which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act or any successor provision), other than a Continuing Blackstone Entity, becomes (A) the beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act or any successor provision) of a controlling interest in (i) the Corporation or (ii) one or more Guarantors comprising all or substantially all of the assets of the Credit
Group and (B) entitled to receive a Majority Economic Interest in connection with such transaction. 

“Change of Control Offer” has the meaning specified in Section 6.2(1). 

“Change of Control Repurchase Event” means the occurrence of a Change of Control and a Below Investment Grade Rating Event.

 “Clearstream” means Clearstream Banking, S.A. 

“Commission” means the U.S. Securities and Exchange Commission or any successor entity. 

“Company” has the meaning specified in the preamble hereto. 

  
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 “Comparable Treasury Issue” means the United States Treasury security or
securities selected by an Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of a comparable maturity to the remaining term of such Notes. 

“Comparable Treasury Price” means, with respect to any Redemption Date, the average of the Reference Treasury Dealer
Quotations for such Redemption Date or, if the Company obtains only one Reference Treasury Dealer Quotation, such Reference Treasury Dealer Quotation. 

“Continuing Blackstone Entity” means any entity that, immediately prior to and immediately following any relevant date of
determination, is directly or indirectly controlled by one or more senior managing directors or other personnel of the Corporation who, as of any date of determination (i) each has devoted substantially all of his or her business and
professional time to the activities of the Credit Parties and/or their Subsidiaries during the 12-month period immediately preceding such date and (ii) directly or indirectly controls a majority of the
general partner interests (or other similar interests) in the Corporation or any successor entity. 
 “Corporate Trust
Office” means the principal office of the Trustee at which, at any particular time, its corporate trust business shall be conducted, which office is located as of the date of this Sixteenth Supplemental Indenture at 500 Ross Street, 12th Floor, Pittsburgh, Pennsylvania 15262, Attention: Corporate Trust Division—Corporate Finance Unit, or at any other time at such other address as the Trustee may designate from time to time by
notice to the Company, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Company). 

“Corporation” means The Blackstone Group Inc. 

“Covenant Defeasance” has the meaning specified in Section 8.1. 

“Credit Parties” means the Company and the Guarantors. 

“DTC” means The Depository Trust Company, a New York corporation. 

“Euroclear” means Euroclear Bank, SA/NV. 

“Event of Default” has the meaning specified in Section 4.1. 

“Sixteenth Supplemental Indenture” has the meaning specified in the preamble hereto. 

“Fitch” means Fitch Ratings Inc. or any successor thereto. 

“Indenture” has the meaning specified in the preamble hereto. 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company. 

  
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 “Initial Notes” means Notes in an aggregate principal amount of
$400,000,000, initially issued under this Sixteenth Supplemental Indenture in accordance with Section 1.1(2). 
 “Interest
Payment Date” has the meaning specified in Section 1.2(2). 
 “Investment Grade” means a rating of BBB- or better by Fitch (or its equivalent under any successor rating categories of Fitch) and BBB- or better by S&P (or its equivalent under any successor rating
categories of S&P) (or, in each case, if such Rating Agency ceases to rate the Notes for reasons outside of the Company’s control, the equivalent investment grade credit rating from any Rating Agency selected by the Company as a replacement
Rating Agency). 
 “Majority Economic Interest” means any right or entitlement to receive more than 50% of the equity
distributions or partner allocations (whether such right or entitlement results from the ownership of partner or other equity interests, securities, instruments or agreements of any kind) made to all holders of partner or other equity interests in
the Credit Group (other than entities within the Credit Group). 
 “Note Interest Rate” has the meaning specified in
Section 1.2(1). 
 “Notes” has the meaning specified in Section 1.1(4). 

“Permitted Liens” means (a) liens on voting stock or profit participating equity interests of any Subsidiary existing
at the time such entity becomes a direct or indirect Subsidiary of the Corporation or is merged into a direct or indirect Subsidiary of the Corporation (provided such liens are not created or incurred in connection with such transaction and
do not extend to any other Subsidiary), and (b) statutory liens, liens for taxes or assessments or governmental liens not yet due or delinquent or which can be paid without penalty or are being contested in good faith and (c) other liens
of a similar nature as those described above. 
 “Rating Agency” means: 

 

	 	(1)	 each of Fitch and S&P; and 

 

	 	(2)	 if either of Fitch or S&P ceases to rate the Notes or fails to make a rating of the Notes publicly
available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act selected by the Company as a replacement agency for
Fitch or S&P, or both, as the case may be. 

 “Reference Treasury Dealer” means each of BofA
Securities, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. LLC or their respective affiliates which are primary U.S. Government securities dealers, and their respective successors;
provided that if BofA Securities, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. LLC or their respective affiliates shall cease to be a primary U.S. Government securities dealer in
The City of New York (a 

  
 7 

 
“Primary Treasury Dealer”), the Company shall substitute therefor another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the
average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by such Reference Treasury Dealer at 3:30 p.m. New
York time on the third business day preceding such Redemption Date. 
 “Registrar” means the Security Registrar for the
Notes, which shall initially be The Bank of New York Mellon, or any successor entity thereof, subject to replacement as set forth in the Base Indenture. 

“Regular Record Date” for interest payable in respect of any Note on any Interest Payment Date means March 15 and
September 15 prior to the relevant Interest Payment Date (whether or not a Business Day). 
 “Repurchase Price” has
the meaning specified in Section 6.2(1). 
 “Repurchase Price Payment Date” has the meaning specified in
Section 6.2(3)(iii). 
 “S&P” means S&P Global Ratings a division of S&P Global Inc. and its successors.

 “Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield
to maturity or interpolated (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption
Date. 
 “Trustee” has the meaning specified in the preamble hereto. 

ARTICLE III 
 Security
Forms 
 SECTION 3.1. Form Generally.  

(1) The Notes shall be in substantially the form set forth in Section 3.2 of this Article III, with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by the Base Indenture and this Sixteenth Supplemental Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed
thereon as may be required to comply with applicable tax laws or the rules of any securities exchange or Depositary therefor or as may, consistent herewith, be determined by the Officer executing such Notes, as evidenced by the execution thereof.
All Notes shall be in fully registered form. 

  
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 (2) The Notes shall be printed, lithographed or engraved on steel engraved borders or may
be produced in any other manner, all as determined by the Officer of the Company executing such Notes, as evidenced by the execution of such Notes. 

(3) Upon their original issuance, the Notes shall be issued in the form of one or more Global Securities in definitive, fully registered form
without interest coupons. Each such Global Security shall be duly executed by the Company, authenticated and delivered by the Trustee and shall be registered in the name of DTC, as Depositary, or its nominee, and deposited with the Trustee, as
custodian for DTC. Beneficial interests in the Global Securities will be shown on, and transfers will only be made through, the records maintained by DTC and its participants and indirect participants, including Clearstream and the Euroclear System.

 SECTION 3.2. Form of Note.  

[FORM OF FACE OF NOTE] 
 [THE
FOLLOWING LEGEND SHALL APPEAR ON THE FACE OF EACH GLOBAL SECURITY SOLD PURSUANT TO RULE 144A UNDER THE SECURITIES ACT: 

THIS SECURITY (INCLUDING THE RELATED GUARANTEES) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT
FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS ONE YEAR AFTER THE LATER OF THE ISSUE DATE HEREOF OR ANY OTHER ISSUE DATE IN
RESPECT OF A FURTHER ISSUANCE OF SECURITIES OF THE SAME SERIES AND THE LAST DATE ON WHICH BLACKSTONE HOLDINGS FINANCE CO. L.L.C. OR ANY AFFILIATE OF BLACKSTONE HOLDINGS FINANCE CO. L.L.C. WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH
SECURITY), ONLY (A) TO BLACKSTONE HOLDINGS FINANCE CO. L.L.C. OR THE BLACKSTONE GROUP INC., BLACKSTONE HOLDINGS I L.P., BLACKSTONE HOLDINGS AI L.P., BLACKSTONE HOLDINGS II L.P., BLACKSTONE HOLDINGS III L.P. OR BLACKSTONE HOLDINGS IV L.P. OR ANY
SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”), TO A PERSON IT 

  
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REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE
IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED
STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED
INSTITUTIONAL BUYER AND THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO
OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO BLACKSTONE HOLDINGS FINANCE CO.
L.L.C.’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATIONS AND/ OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM.
THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.] 
 [THE FOLLOWING LEGEND SHALL
APPEAR ON THE FACE OF EACH GLOBAL SECURITY SOLD PURSUANT TO REGULATION S UNDER THE SECURITIES ACT: 
 THIS
SECURITY (INCLUDING THE RELATED GUARANTEES) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR
PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS
SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION
DATE”) THAT IS 40 DAYS AFTER THE LATER OF THE ISSUE DATE HEREOF OR ANY OTHER ISSUE DATE IN RESPECT OF A 

  
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FURTHER ISSUANCE OF SECURITIES OF THE SAME SERIES AND THE LAST DATE ON WHICH BLACKSTONE HOLDINGS FINANCE CO. L.L.C. OR ANY AFFILIATE OF BLACKSTONE HOLDINGS FINANCE CO. L.L.C. WAS THE OWNER OF
THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO BLACKSTONE HOLDINGS FINANCE CO. L.L.C. OR THE BLACKSTONE GROUP INC., BLACKSTONE HOLDINGS I L.P., BLACKSTONE HOLDINGS AI L.P., BLACKSTONE HOLDINGS II L.P., BLACKSTONE HOLDINGS III
L.P. OR BLACKSTONE HOLDINGS IV L.P. OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE
144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER
TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR
OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A
QUALIFIED INSTITUTIONAL BUYER AND THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH
A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO BLACKSTONE HOLDINGS
FINANCE CO. L.L.C.’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATIONS AND/OR OTHER INFORMATION SATISFACTORY TO EACH
OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S.
PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.] 

  
 11 

 [THE FOLLOWING ADDITIONAL LEGEND SHALL APPEAR ON THE FACE OF EACH TEMPORARY GLOBAL SECURITY
SOLD PURSUANT TO REGULATION S UNDER THE SECURITIES ACT: 
 THIS SECURITY (INCLUDING THE RELATED GUARANTEES)
IS A TEMPORARY GLOBAL SECURITY. PRIOR TO THE EXPIRATION OF THE RESTRICTED PERIOD APPLICABLE HERETO, BENEFICIAL INTERESTS HEREIN MAY NOT BE HELD BY ANY PERSON OTHER THAN (1) A NON-U.S. PERSON OR (2) A
U.S. PERSON THAT PURCHASED SUCH INTEREST IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT. BENEFICIAL INTERESTS HEREIN ARE NOT EXCHANGEABLE FOR PHYSICAL SECURITIES OTHER THAN A PERMANENT GLOBAL SECURITY IN ACCORDANCE WITH THE TERMS
OF THE INDENTURE. TERMS IN THIS LEGEND ARE USED AS USED IN REGULATION S UNDER THE SECURITIES ACT.] 
 [THE FOLLOWING LEGEND SHALL APPEAR ON
THE FACE OF EACH GLOBAL SECURITY: 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
REFERRED TO ON THE REVERSE HEREOF. TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO THE DEPOSITORY TRUST COMPANY (“DTC”) OR ITS NOMINEE OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE
AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.]. 

[THE FOLLOWING LEGEND SHALL APPEAR ON THE FACE OF EACH GLOBAL SECURITY FOR WHICH DTC IS TO BE THE DEPOSITARY: 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE COMPANY OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO.
OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.] 

  
 12 

 BLACKSTONE HOLDINGS FINANCE CO. L.L.C. 

2.800% SENIOR NOTE DUE 2050 
  

			
	 No.
                    
	  	
                   
                 Principal Amount (US)$                   
 

	 CUSIP NO.
                
	  	
	 ISIN.
                
	  	

 Blackstone Holdings Finance Co. L.L.C., a limited liability company duly organized and existing under the
laws of the State of Delaware (herein called the “Company”, which term includes any successor Person under the Sixteenth Supplemental Indenture referred to on the reverse hereof), for value received, hereby promises to pay to
Cede & Co., or registered assigns, the principal sum of                United States Dollars (U.S.$        ), as
increased or decreased by the Schedule of Increases or Decreases In the Global Note attached hereto, on September 30, 2050 and to pay interest thereon, from September 29, 2020, or from the most recent Interest Payment Date to which
interest has been paid or duly provided for to but excluding the next Interest Payment Date, which shall be March 30 and September 30 of each year, commencing March 30, 2021, at the per annum rate of 2.800%, or as such rate may be
adjusted pursuant to the terms hereof, per annum (the “Note Interest Rate”), until the principal hereof is paid or made available for payment. 

The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Sixteenth
Supplemental Indenture, be paid to the Person in whose name this Note is registered at the close of business on the Regular Record Date for such interest, which shall be March 15 and September 15 prior to the relevant Interest Payment Date
(whether or not a Business Day). Except as otherwise provided in the Sixteenth Supplemental Indenture, any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may
either be paid to the Person in whose name this Note is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice of which shall be given to Holders of Notes not less
than 10 days prior to the Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Notes may be listed, all as more fully provided in the Sixteenth
Supplemental Indenture. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. 

Payment of principal of, and premium, if any, and interest on this Note and the Repurchase Price in connection with a Change of Control
Repurchase Event will be made at the Corporate Trust Office, in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts. With respect to Global Securities, the
Company will make such payments by wire transfer of immediately available funds to DTC, or its nominee, as registered owner of the Global Securities. With respect to certificated Notes, the Company will make such payments by wire transfer of
immediately available funds to a United States Dollar account maintained in New York, New York to each Holder of an aggregate principal amount of Notes in excess of U.S. $5,000,000 that has furnished wire instructions in writing to the Trustee no
later than 15 days prior to the relevant payment date. If a Holder of a certificated Note (i) does not furnish such wire instructions as 

  
 13 

 
provided in the preceding sentence or (ii) holds U.S. $5,000,000 or less aggregate principal amount of Notes, the Company will make such payments by mailing a check to such
Holder’s registered address. 
 Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which
further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof by manual, facsimile or electronic signature; provided, however, that any electronic signature is a true representation of such signatory’s actual
signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 14 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

					
		 	BLACKSTONE HOLDINGS FINANCE CO. L.L.C.
			
		 	By:	    	Blackstone Holdings I L.P., 
its sole member
			
		 	By:	    	Blackstone Holdings I/II GP L.L.C., 
its general partner
		
		 	By: The Blackstone Group Inc., its sole member
			
		 	By:	    	                                     
                                         
  
		 		    	  Name:
		 		    	  Title:

 Attest: 
  

					
	BLACKSTONE HOLDINGS FINANCE CO. L.L.C.	  	
			
	By:	 	Blackstone Holdings I L.P., 
its sole member	  	
			
	By:	 	Blackstone Holdings I/II GP L.L.C., 
its general partner	  	
		
	By: The Blackstone Group Inc., its sole member	  	
			
	By:	 	                                      
                          	  	
		 	  Name:	  	
		 	  Title:	  	

  
 15 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

Dated: September 29, 2020 
  

			
	 THE BANK OF NEW YORK MELLON,

as Trustee

		
	By:	 	  

		 	  Authorized Signatory

  
 16 

 [FORM OF REVERSE OF NOTE] 

Indenture. This Note is one of a duly authorized issue of securities of the Company designated as its “2.800% Senior Notes due
2050” (herein called the “Notes”), issued under a Sixteenth Supplemental Indenture, dated as of September 29, 2020 (the “Sixteenth Supplemental Indenture”), to an indenture, dated as of August 20, 2009 (as
it may be amended or supplemented from time to time in accordance with the terms thereof, the “Base Indenture” and herein with the Sixteenth Supplemental Indenture, collectively, the “Indenture”), among the Company,
the Guarantors and The Bank of New York Mellon, as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which reference is hereby made for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, the Guarantors, the Trustee and the Holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. The aggregate principal amount of
Initial Notes Outstanding at any time may not exceed $400,000,000 in aggregate principal amount, except for, or in lieu of, other Notes of the series pursuant to Sections 304, 305, 306, 906 or 1107 of the Base Indenture and except for any Notes
which, pursuant to Section 303 of the Base Indenture, are deemed never to have been authenticated and delivered. The Sixteenth Supplemental Indenture pursuant to which this Note is issued provides that Additional Notes may be issued thereunder.

 All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. In the event
of a conflict or inconsistency between this Note and the Indenture, the provisions of the Indenture shall govern. 
 Optional
Redemption. Prior to March 30, 2050, the Company may, at its option, redeem all or a part of the Notes upon not more than 60 nor less than 15 days prior notice, at a redemption price in cash equal to the greater of (i) 100% of the principal
amount of any Notes being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (exclusive of interest accrued to the Redemption Date) discounted to the
Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 25 basis points, plus in each case accrued
and unpaid interest thereon to, but excluding, the Redemption Date. 
 On or after March 30, 2050, the Company may, at its option,
redeem all or a part of the Notes upon not more than 60 nor less than 15 days prior notice, at a redemption price in cash equal to 100% of the principal amount of any Notes being redeemed plus accrued and unpaid interest thereon to, but excluding,
the Redemption Date. 
 Change of Control Repurchase Event. In the event of a Change of Control Repurchase Event, unless the Company
has exercised its option to redeem the Notes, the Company will make an offer to each Holder of Notes to repurchase all or any part of that Holder’s Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of the
Notes, plus any accrued and unpaid interest, if any, pursuant to the provisions of Section 6.2 of the Sixteenth Supplemental Indenture. 

Global Security. If this Note is a Global Security, then, in the event of a deposit or withdrawal of an interest in this Note,
including an exchange, transfer, redemption, repurchase 

  
 17 

 
or conversion of this Note in part only, the Trustee, as custodian of the Depositary, shall make an adjustment on its records to reflect such deposit or withdrawal in accordance with the
Applicable Procedures. 
 Defaults and Remedies. If an Event of Default shall occur and be continuing, the principal of all the
Notes may be declared due and payable in the manner and with the effect provided in the Indenture. Upon payment of the amount of principal so declared due and payable, all obligations of the Company in respect of the payment of the principal of and
interest on the Notes shall terminate. 
 No Holder of Notes shall have any right to institute any proceeding, judicial or otherwise, with
respect to the Indenture, or for the appointment of a receiver, assignee, trustee, liquidator or sequestrator (or similar official) or for any other remedy hereunder (except actions for payment of overdue principal of, and premium, if any, or
interest on such Notes in accordance with its terms), unless (i) such Holder has previously given written notice to the Trustee of a continuing Event of Default, specifying an Event of Default, as required under the Indenture; (ii) the
Holders of not less than 25% in aggregate principal amount of the Outstanding Notes shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee under the Indenture;
(iii) such Holder or Holders have offered to the Trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request; (iv) the Trustee has failed to institute any such
proceeding for 60 days after its receipt of such notice, request and offer of indemnity; and (v) no direction inconsistent with such written request has been given to the Trustee during such 60-day period
by the Holders of a majority in aggregate principal amount of the Outstanding Notes, it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of
the Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under the Indenture, except in the manner provided
in the Indenture and for the equal and ratable benefit of all of such Holders. 
 The foregoing shall not apply to any suit instituted by
the Holder of this Note for the enforcement of any payment of principal of, and premium, if any, or interest hereon, on or after the respective due dates expressed herein. 

Amendment, Supplement and Waiver. The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Company and the rights of the Holders of the Notes under the Indenture at any time by the Company and the Trustee with the written consent of the Holders of at least a majority in aggregate principal
amount of the Outstanding Notes. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Outstanding Notes, on behalf of the Holders of all the Notes, to waive compliance by the
Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders
of this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent or waiver is made upon this Note or such other Note.

  
 18 

 
Certain modifications or amendments to the Indenture require the consent of the Holder of each Outstanding Note affected. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair (without the consent of the
Holder hereof) the obligation of the Company, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on this Note at the times, places and rate, and in the coin or currency, herein prescribed. 

Registration and Transfer. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this
Note is registerable on the Security Register. Upon surrender for registration of transfer of this Note at the office or agency of the Company in a Place of Payment, the Company shall execute, and the Trustee shall authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Notes of any authorized denominations and of like tenor and principal amount. As provided in the Indenture and subject to certain limitations therein set forth, at the option of the
Holder, this Note may be exchanged for one or more new Notes of any authorized denominations and of like tenor and principal amount, upon surrender of this Note at such office or agency. Upon such surrender by the Holder, the Company shall execute,
and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes of any authorized denominations and of like tenor and principal amount. Every Note presented or surrendered for
registration of transfer or for exchange shall be duly endorsed (if so required by the Company or the Trustee), or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by the
Holder thereof or such Holder’s attorney duly authorized in writing. No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection therewith. 
 Prior to due presentment of this Note for registration of transfer, the
Company, the Guarantors, the Trustee and any agent of the Company, a Guarantor or the Trustee may treat the Person in whose name such Note is registered as the owner thereof for all purposes, whether or not such Note be overdue, and neither the
Company, the Guarantors, the Trustee nor any agent of the Company, a Guarantor or the Trustee shall be affected by notice to the contrary. 

Guarantee. As expressly set forth in the Base Indenture, payment of this Note is jointly and severally and fully and unconditionally
guaranteed by the Guarantors that have become and continue to be Guarantors pursuant to the Indenture. Guarantors may be released from their obligations under the Indenture and their Guarantees under the circumstances specified in the Base
Indenture. 
 Electronic Signatures. Notwithstanding anything in the Indenture or this Note to the contrary, the words
“execution,” “signed,” “signature,” and words of like import in this Note or in any other certificate, agreement or document related to this Note, including, without limitation, the Indenture, shall include images of
manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, “pdf”, “tif” or “jpg”) and other electronic signatures (including, without limitation, DocuSign and
AdobeSign), so long as any electronic signature is a true representation of such signatory’s actual signature. The use of electronic signatures and electronic records (including, without limitation, any contract or other

  
 19 

 
record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a
paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, and any other applicable
law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code. 

Governing Law. THE INDENTURE, THIS SECURITY AND THE GUARANTEES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK. 
 ABBREVIATIONS 

The following abbreviations, when used in the inscription of the face of this Note, shall be construed as though they were written out in
full according to applicable laws or regulations: 
 TEN COM (= tenant in common) 

TEN ENT (= tenants by the entireties (Cust)) 
 JT TEN (= joint
tenants with right of survivorship and not as tenants in common) 
 UNIF GIFT MIN ACT (= under Uniform Gifts to Minors Act ) 

Additional abbreviations may also be used though not in the above list. 

SCHEDULE OF INCREASES OR DECREASES IN THE GLOBAL NOTE * 

The following increases or decreases in the principal amount of this Global Note have been made: 

 

																	
	 Date of
Increase or

Decrease
	  	Amount of
decrease in
Principal Amount
at maturity of
this Global Note	 	  	Amount of
increase in
Principal Amount
at maturity of
this Global Note	 	  	Principal Amount
at maturity of
this Global Note
following such
decrease (or
increase)	 	  	Signature of
authorized officer
of Trustee or
Custodian	 
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			

                          
                   
  

* This schedule should be included only if the Note is issued in global form. 

  
 20 

 ARTICLE IV 

Remedies 
 SECTION
4.1.  Events of Default.  
 “Event of Default” means, wherever used herein with respect to the
Notes, any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or
regulation of any administrative or governmental body): 
 (1) an Event of Default pursuant to Section 501 of the Base
Indenture; or 
 (2) the Company’s failure to pay the Repurchase Price when due in connection with a Change of Control
Repurchase Event. 
 SECTION 4.2.  Waiver of Past Defaults. 

Section 512 of the Base Indenture shall not apply to the Notes, and, with respect to the Notes, any reference to Section 512 in the
Base Indenture shall instead be deemed to refer to this Section 4.2. 
 The Holders of not less than a majority in aggregate principal
amount of the Outstanding Notes may on behalf of the Holders of all the Notes waive any past Default hereunder with respect to the Notes and its consequences, except a default 

(1) in the payment of the principal of or premium, if any, or interest on any Note or the Repurchase Price in connection with a Change of
Control Repurchase Event; or 
 (2) in respect of a covenant or provision hereof or of the Base Indenture which under Article VII hereof or
under Article IX of the Base Indenture cannot be modified or amended without the consent of the Holder of each Outstanding Note affected. 

Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for
every purpose of this Sixteenth Supplemental Indenture, but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 

  
 21 

 ARTICLE V 

Redemption of Securities 

SECTION 5.1.  Optional Redemption.  

Prior to March 30, 2050, the Company may, at its option, redeem all or a part of the Notes upon not more than 60 nor less than 15 days
prior notice, at a redemption price in cash equal to the greater of (i) 100% of the principal amount of any Notes being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes
to be redeemed (exclusive of interest accrued to the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate plus 25 basis points, plus in each case accrued and unpaid interest thereon to, but excluding, the Redemption Date. 

On or after March 30, 2050, the Company may, at its option, redeem all or a part of the Notes upon not more than 60 nor less than 15
days prior notice, at a redemption price in cash equal to 100% of the principal amount of any Notes being redeemed plus accrued and unpaid interest thereon to, but excluding, the Redemption Date. 

ARTICLE VI 
 Particular
Covenants 
 SECTION 6.1.  Liens. 

The Credit Parties shall not, and shall not cause or permit any of their respective Subsidiaries to, create, assume, incur or guarantee any
indebtedness for money borrowed that is secured by a pledge, mortgage, lien or other encumbrance (other than Permitted Liens) on any voting stock or profit participating equity interests of their respective Subsidiaries (to the extent of their
ownership of such voting stock or profit participating equity interests) or any entity that succeeds (whether by merger, consolidation, sale of assets or otherwise) to all or any substantial part of the business of any of such Subsidiaries, without
providing that the Notes (together with, if the Credit Parties shall so determine, any other indebtedness of, or guarantee by, the Credit Parties ranking equally with the Notes and existing as of the closing of the offering of the Notes or
thereafter created) will be secured equally and ratably with or prior to all other indebtedness secured by such pledge, mortgage, lien or other encumbrance on the voting stock or profit participating equity interests of any such entities for so long
as such other indebtedness is so secured. This Section 6.1 shall not limit the ability of the Credit Parties or their Subsidiaries to incur indebtedness or other obligations secured by liens on assets other than the voting stock or profit
participating equity interests of the Credit Parties and their respective Subsidiaries. 
 SECTION 6.2.  Obligation to Offer
to Repurchase Upon a Change of Control Repurchase Event.  
 (1) If a Change of Control Repurchase Event occurs, unless the
Company has exercised its option to redeem the Notes pursuant to Article V, the Company shall make an offer to each Holder of Notes to repurchase all or any part of that Holder’s Notes (the “Change of 

  
 22 

 
Control Offer”) at a repurchase price in cash equal to 101% of the aggregate principal amount of Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to,
but excluding, the date of purchase (the “Repurchase Price”). 
 (2) In connection with any Change of Control related to a
Change of Control Repurchase Event and any particular reduction in the rating on the Notes, the Company shall request from the Rating Agencies each such Rating Agency’s written confirmation that such reduction in the rating on the Notes was the
result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of any Below
Investment Grade Rating Event). The Company shall promptly deliver an officers’ certificate to the Trustee certifying as to whether or not such confirmation has been received or denied. 

(3) Within 30 days following any Change of Control Repurchase Event or, at the Company’s option, prior to any Change of Control, but
after the public announcement of the Change of Control, the Company shall give notice to each Holder of Notes, with a written copy to the Trustee. Such notice shall state: 

(i) a description of the transaction or transactions that constitute or may constitute the Change of Control Repurchase Event;

 (ii) that the Change of Control Offer is being made pursuant to this Section 6.2; 

(iii) the Repurchase Price and the date on which the Repurchase Price will be paid, which date shall be a Business Day that is
no earlier than 30 days and no later than 60 days from the date such notice is mailed, other than as may be required by law (the “Repurchase Price Payment Date”); and 

(iv) if the notice is given prior to the date of consummation of the Change of Control, a statement that the offer to purchase
is conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice. 
 (4) The
Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection
with the repurchase of the Notes as a result of a Change of Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Repurchase Event provisions of the Notes, the Company
shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under the Change of Control Repurchase Event provisions of the Notes by virtue of such conflict. 

(5) On the Repurchase Price Payment Date, the Company shall, to the extent lawful: 

(i) accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer on the
Repurchase Price Payment Date; 

  
 23 

 (ii) deposit with the Paying Agent an amount equal to the Repurchase Price
in respect of all Notes or portions of Notes properly tendered; and 
 (iii) deliver or cause to be delivered to the Trustee
the Notes properly accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased. 

The Paying Agent shall promptly deliver to each Holder of Notes properly tendered the Repurchase Price for such Notes, and the Trustee shall promptly
authenticate (if applicable) and deliver (or cause to be transferred by book-entry) to each Holder of Notes properly tendered a new Note equal in principal amount to any unpurchased portion of any Notes surrendered; provided that each new
Note will be in a principal amount of $2,000 or any integral multiple of $1,000 in excess thereof. 
 (6) Notwithstanding the foregoing,
the Company shall not be required to make an offer to repurchase the Notes upon a Change of Control Repurchase Event if (i) a third party makes such an offer in respect of the Notes in the manner, at the times and otherwise in compliance with
the requirements for an offer made by the Company and such third party purchases all the Notes properly tendered and not withdrawn under its offer or (ii) the Company has given written notice of a redemption as provided under Section 1104
of the Base Indenture; provided that the Company has not failed to pay the Redemption Price on the Redemption Date. 
 SECTION
6.3.  Financial Reports  
 Section 704 of the Base Indenture shall apply to the reports, information, and
documents delivered under this Section 6.3. 
 (1) For so long as the Corporation is subject to the reporting requirements of
Section 13 or 15(d) of the Exchange Act, the Company shall provide (or cause its Affiliates to provide) to the Trustee, unless available on the Commission’s Electronic Data Gathering, Analysis and Retrieval System (or successor system),
within 15 days after the Corporation files the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by
rules and regulations prescribe) which the Corporation may file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act. The Trustee may conclusively presume, and shall incur no liability in such presumption, that
the Corporation has not filed any such reports, information, documents and other reports with the Commission that are not available on the Commission’s Electronic Data Gathering, Analysis and Retrieval System (or successor system) unless and
until it shall have received written notice from the Company to the contrary. 
 (2) For so long as any of the Notes remain Outstanding,
the Company shall, or shall cause its Affiliates to, furnish to the Holders of the Notes and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act and, unless
available on the Commission’s Electronic Data Gathering, Analysis and Retrieval System (or successor system), such information for the Corporation (as if such rule applied to it); provided, however, that if any time the
Corporation no longer directly or indirectly 

  
 24 

 
controls the Credit Parties or guarantees the Notes, such information shall be provided for either (i) the Credit Parties on a combined and consolidated basis and taken as a whole or
(ii) any Person that directly or indirectly controls the Credit Parties and guarantees the Notes (in each case, as if such rule applied to such Person). The Company shall, or shall cause its Affiliates to, make the above information and reports
available to securities analysts and prospective investors upon request. 
 ARTICLE VII 

Supplemental Indentures 

SECTION 7.1.  Supplemental Indentures without Consent of Holders of Notes. 

For the purposes of the Base Indenture and this Sixteenth Supplemental Indenture, no amendment to cure any ambiguity, defect or inconsistency
in this Sixteenth Supplemental Indenture, the Base Indenture or the Notes made solely to conform this Sixteenth Supplemental Indenture, the Base Indenture or the Notes to the Description of the Notes contained in the Company’s offering
memorandum dated September 22, 2020, to the extent that such provision in the Description of the Notes was intended to be a verbatim recitation of a provision of this Sixteenth Supplemental Indenture, the Base Indenture or the Notes, shall be
deemed to adversely affect the interests of the Holders of any Notes. 
 SECTION 7.2.  Supplemental Indentures with Consent of
Holders of Notes. 
 Section 902 of the Base Indenture shall not apply to the Notes, and, with respect to the Notes, any reference
to Section 902 in the Base Indenture shall instead be deemed to refer to this Section 7.2. 
 With the consent of the Holders of
not less than a majority in aggregate principal amount of the Outstanding Notes affected by such supplemental indenture (including consents obtained in connection with a tender offer or exchange for the Notes), by Act of said Holders delivered to
the Company, the Guarantors and the Trustee, the Company, the Guarantors and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of the Indenture or of modifying in any manner the rights of the Holders of such Notes under the Indenture; provided, however, no such supplemental indenture shall, without the consent of the Holder of each Outstanding Note
affected thereby: 
 (1) change the Stated Maturity of the principal of, or any installment of principal of or interest on, any Note; 

(2) reduce the principal amount of any Note which would be due and payable at or upon a declaration of acceleration of the maturity thereof
pursuant to Section 502 and 503 of the Base Indenture, or reduce the rate of or extend the time of payment of interest on any Note; 

(3) reduce the Repurchase Price in connection with a Change of Control Repurchase Event; 

  
 25 

 (4) reduce any premium payable upon the redemption of or change the date on which any Note
may or must be redeemed; 
 (5) change the coin or currency in which the principal of or premium, if any, or interest on any Note is
payable; 
 (6) impair the right of any Holder to institute suit for the enforcement of any such payment on or after the Stated Maturity
thereof (or, in the case of redemption, on or after the Redemption Date); 
 (7) reduce the percentage in principal amount of the
Outstanding Notes the consent of whose Holders is required for modification or amendment of this Sixteenth Supplemental Indenture or the Base Indenture or the consent of whose Holders is required for any waiver (of compliance with certain provisions
of the Base Indenture or this Sixteenth Supplemental Indenture or certain defaults thereunder and hereunder and their consequences) provided for in the Base Indenture and this Sixteenth Supplemental Indenture; 

(8) modify any of the provisions of this Section 7.2 or Section 512 or Section 1005 of the Base Indenture, except to increase
any such percentage or to provide that certain other provisions of this Sixteenth Supplemental Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Note affected thereby; provided, however, that this clause
shall not be deemed to require the consent of any Holder with respect to changes in the references to “the Trustee” and concomitant changes in Section 902 and Section 1005 of the Base Indenture, or the deletion of this proviso,
in accordance with the requirements of Sections 611 and 901(7) of the Base Indenture; 
 (9) subordinate the Notes or any Guarantee of a
Guarantor in respect thereof to any other obligation of the Company or such Guarantor; 
 (10) modify the terms of any Guarantee in a
manner adverse to the Holders of the Notes; or 
 (11) modify clauses (1) through (10) above. 

It shall not be necessary for any Act of Holders under this Section 7.2 to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
 In addition, the Holders of at least a majority
in aggregate principal amount of the Outstanding Notes may, on behalf of the Holders of all Notes, waive compliance with the Credit Parties’ covenants described under Sections 6.1, 6.2 and 6.3 of this Sixteenth Supplemental Indenture and
Article VIII of the Base Indenture. 

  
 26 

 ARTICLE VIII 

Defeasance 
 SECTION
8.1.  Covenant Defeasance.  
 Section 1303 of the Base Indenture shall not apply to the Notes, and, with respect to
the Notes, any reference to Section 1303 in the Base Indenture shall instead be deemed to refer to this Section 8.1. 
 Upon the
Company’s exercise of its option, if any, to have this Section 8.1 applied to the Notes, or if this Section 8.1 shall otherwise apply to the Notes, (1) the Company and the Guarantors shall be released from their respective
obligations and any covenants provided pursuant to Article VI of this Sixteenth Supplemental Indenture and Section 301(18), Section 801, Section 901(1) or Section 901(12) and Article XIV of the Base Indenture for the benefit of
the Holders of such Notes and (2) the occurrence of any event specified in Section 501(4) and Section 501(8) of the Base Indenture shall be deemed not to be or result in an Event of Default, in each case with respect to such Notes and
the related Guarantees as provided in this Section 8.1 on and after the date the conditions set forth in Section 1304 of the Base Indenture are satisfied (hereinafter called “Covenant Defeasance”). For this purpose, such
Covenant Defeasance means that, with respect to such Notes and Guarantees, each of the Company and the Guarantors may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such specified
Section, whether directly or indirectly by reason of any reference elsewhere herein to any such Section or by reason of any reference in any such Section to any other provision herein or in any other document, but the remainder of the Base
Indenture, this Sixteenth Supplemental Indenture and such Notes and Guarantees shall be unaffected thereby. 
 ARTICLE IX 

Miscellaneous 
 SECTION
9.1.  Execution as Supplemental Indenture.  
 This Sixteenth Supplemental Indenture is executed and shall be
construed as an indenture supplemental to the Base Indenture and, as provided in the Base Indenture, this Sixteenth Supplemental Indenture forms a part thereof. 

SECTION 9.2.  Not Responsible for Recitals or Issuance of Notes.  

The recitals contained herein and in the Notes, except the Trustee’s certificates of authentication, shall be taken as the statements of
the Company and the Guarantors, as the case may be, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Sixteenth Supplemental Indenture or of the Securities
or the Guarantees. The Trustee shall not be accountable for the use or application by the Company of the Notes or the proceeds thereof. 

  
 27 

 SECTION 9.3.  Separability Clause.  

In case any provision in this Sixteenth Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 SECTION
9.4.  Successors and Assigns.  
 All covenants and agreements in this Sixteenth Supplemental Indenture by the
Company and the Guarantors shall bind their respective successors and assigns, whether so expressed or not. All agreements of the Trustee in this Sixteenth Supplemental Indenture shall bind its successors and assigns, whether so expressed or not.

 SECTION 9.5.  Execution and Counterparts.  

This Sixteenth Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an
original, and all such counterparts shall together constitute but one and the same instrument. 
 SECTION 9.6.  Electronic
Signatures. 
 Section 303 of the Base Indenture is hereby waived. The words “execution,” “signed,”
“signature,” and words of like import in this Sixteenth Supplemental Indenture or in any other certificate, agreement or document related to this Sixteenth Supplemental Indenture, including, without limitation, any Global Security, shall
include images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, “pdf”, “tif” or “jpg”) and other electronic signatures (including, without limitation,
DocuSign and AdobeSign), so long as any electronic signature is a true representation of such signatory’s actual signature. The use of electronic signatures and electronic records (including, without limitation, any contract or other record
created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent
permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, and any other applicable law, including, without limitation, any state law based
on the Uniform Electronic Transactions Act or the Uniform Commercial Code. 
 SECTION 9.7.  Governing Law.  

This Sixteenth Supplemental Indenture shall be governed by, and construed in accordance with, the law of the State of New York. 

[Signature page to follow.] 

  
 28 

 IN WITNESS WHEREOF, the parties hereto have caused this Sixteenth Supplemental Indenture to
be duly executed all as of the day and year first above written. 
  

					
	Very truly yours,
	
	Blackstone Holdings Finance Co. L.L.C.
		
	By:	 	Blackstone Holdings I L.P., its sole member
		
	By:	 	Blackstone Holdings I/II GP L.L.C., its general partner
		
	By:	 	The Blackstone Group Inc., its sole member
		
	By:	 	 /s/ John G. Finley

		 	Name:	 	John G. Finley
		 	Title:	 	Chief Legal Officer
	
	Blackstone Holdings I L.P.
		
	By:	 	Blackstone Holdings I/II GP L.L.C., its general partner
		
	By:	 	The Blackstone Group Inc., its sole member
		
	By:	 	 /s/ John G. Finley

		 	Name:	 	John G. Finley
		 	Title:	 	Chief Legal Officer

  
 [Signature Page to
Sixteenth Supplemental Indenture] 

 
					
	Blackstone Holdings AI L.P.
		
	By:	 	Blackstone Holdings I/II GP L.L.C., its general partner
		
	By:	 	The Blackstone Group Inc., its sole member
		
	By:	 	 /s/ John G. Finley

		 	Name:	 	John G. Finley
		 	Title:	 	Chief Legal Officer
	
	Blackstone Holdings II L.P.
		
	By:	 	Blackstone Holdings I/II GP L.L.C., its general partner
		
	By:	 	The Blackstone Group Inc., its sole member
		
	By:	 	 /s/ John G. Finley

		 	Name:	 	John G. Finley
		 	Title:	 	Chief Legal Officer
	
	Blackstone Holdings III L.P.
		
	By:	 	Blackstone Holdings III GP L.P., its general partner
		
	By:	 	Blackstone Holdings III GP Management L.L.C., its general partner
		
	 By:
	 	The Blackstone Group Inc., its sole member
		
	By:	 	 /s/ John G. Finley

		 	Name:	 	John G. Finley
		 	Title:	 	Chief Legal Officer

  
 [Signature Page to
Sixteenth Supplemental Indenture] 

 
					
	Blackstone Holdings IV L.P.
		
	By:	 	Blackstone Holdings IV GP L.P., its general partner
		
	By:	 	Blackstone Holdings IV GP Management (Delaware) L.P., its general partner
		
	By:	 	Blackstone Holdings IV GP Management L.L.C., its general partner
		
	By:	 	The Blackstone Group Inc., its sole member
		
	By:	 	 /s/ John G. Finley

		 	Name:	 	John G. Finley
		 	Title:	 	Chief Legal Officer
	
	The Blackstone Group Inc.
		
	By:	 	 /s/ John G. Finley

		 	Name:	 	John G. Finley
		 	Title:	 	Chief Legal Officer

  
 [Signature Page to
Sixteenth Supplemental Indenture] 

 
					
	 The Bank of New York Mellon,
 as
Trustee

		
	By:	 	   /s/ Laurence J. O’Brien

		 	Name:	  	Laurence J. O’Brien
		 	Title:	  	Vice President

  
 [Signature Page to
Sixteenth Supplemental Indenture]Exhibit
10.1

 

ASSET
PURCHASE AGREEMENT

 

THIS
ASSET PURCHASE AGREEMENT (the “Agreement”) is made as of September 25, 2020 by and between Randolph
N. Osherow, as Chapter 7 trustee in the Bankruptcy Case (as defined below) (the “Seller”), on the one
hand, and US Energy Corporation, a Texas corporation (the “Buyer,” and together with Seller, the “Parties,”
and each, a “Party”), on the other hand.

 

WHEREAS,
on June 24, 2020, a voluntary petition was filed under Chapter 7 of Title 11 of the United States Code (the “Bankruptcy
Code”) by FieldPoint Petroleum Corporation, a Texas corporation (the “Debtor”).

 

WHEREAS,
the Debtor’s bankruptcy case is pending in the United States Bankruptcy Court for the Western District of Texas (the “Bankruptcy
Court”) styled In re FieldPoint Petroleum Corporation, Case Number 1:20-bk-10726 (the “Bankruptcy Case”).

 

WHEREAS,
Seller was appointed as Chapter 7 trustee for the Debtor’s estate (the “Estate”) in the Bankruptcy
Case on June 24, 2020.

 

WHEREAS,
Buyer desires to purchase and Seller desires to sell to Buyer, or a successful overbidder, as the case may be, substantially all
of the Debtor’s assets, except the Excluded Assets as hereafter defined, free and clear of all liens, claims, encumbrances,
licenses and interests in accordance with Section 363 of the Bankruptcy Code, and otherwise on the terms and conditions set forth
herein.

 

IN
CONSIDERATION OF the premises and mutual covenants contained in this Agreement, and for good and valuable consideration, the Parties
agree as follows:

 

1.
Purchase and Sale of Assets. On the Closing Date (as hereinafter defined), Seller will transfer, sell, assign and convey
to Buyer, and Buyer will purchase and acquire from Seller, free and clear of all liens, claims, licenses, encumbrances and interests,
in accordance with Section 363 of the Bankruptcy Code, all of the Estate’s right, title and interest in and to all of the
assets of the Debtor, including those set forth on Exhibit A attached hereto, but excluding only those Excluded Assets
identified on Exhibit B (collectively referred to herein as the “Assets”). The Assets shall not
include the excluded assets set forth in Exhibit B attached hereto (collectively referred to herein as the “Excluded
Assets”). To the extent the Assets include any books, records and/or other documents (whether in electronic, hard
copy or any other form) (collectively, the “Records”), Buyer shall retain copies of the Records or the
originals thereof as may be reasonably necessary; and Buyer agrees to provide reasonable access to Seller to the Records as may
be necessary to administer the Estate and/or wind-up the affairs of the Debtor and the Estate or otherwise relating thereto. To
the extent the Excluded Assets include any Records, Seller agrees that Buyer shall be permitted to access such Records with Seller’s
consent, which consent shall not be unreasonably withheld. Buyer understands and acknowledges that Seller has limited Records
in his possession and Buyer shall be responsible for obtaining possession of any Records it has acquired, and records it seeks
to review that are defined as Excluded Assets (provided that if the Records are Excluded Assets, Buyer must first obtain Seller’s
consent, which consent shall not be unreasonably withheld). Buyer and Seller agree that no records of the Debtor may be destroyed
without the written consent of the other for a period of at least two years after the sale is closed. After such two-year period
has lapsed, the holder of such records shall be entitled to destroy them after notice to the non-custodial party. If any such
records are held by the other, but the non-holding party seeks to retain such records, the non-holding party must request such
records and pay the cost of delivering such records to the non-holding entity before two years after the Closing Date. If a party
desires to destroy records within two years of the closing date and the other party refuses to consent to such destruction, the
party seeking to destroy the records may deliver such records to the offices of the non-consenting party and the non-consenting
party shall be obligated to accept delivery of such records.

 

2.
Purchase Price. The purchase price (the “Purchase Price”) of the Assets shall be Five Hundred
Thousand Dollars ($500,000.00), subject to adjustment if Buyer submits an overbid at the Auction (as hereafter defined) payable
by Buyer as follows:

 

    	1

     

    

 

2.1
Cash Deposit at Execution of Agreement. Buyer has paid to Seller the cash sum of Twenty-Five Thousand Dollars ($25,000.00)
by wire transfer (the “Deposit”), as a deposit against the Purchase Price. The Deposit shall be held
directly by Seller and may be cashed by Seller. Any interest earned on the Deposit shall be for the account of Seller. The Deposit
shall be refunded promptly to Buyer if: (i) the Bankruptcy Court does not approve Seller’s entry into this Agreement and/or
this Agreement by the Outside Date; (ii) Buyer is neither the Successful Bidder (as hereafter defined) nor the Backup Bidder (as
hereafter defined); (iii) Buyer is the Backup Bidder but Seller closes the sale to the Successful Bidder; or (iv) the Closing
(as hereinafter defined) fails to occur within the time specified in this Agreement for any reason other than Buyer’s breach
of this Agreement or any of its obligations hereunder. If the Closing fails to occur as a result of Buyer’s breach of this
Agreement, Seller shall be entitled to receive and retain the Deposit as liquidated damages as provided below.

 

BUYER
AND SELLER AGREE THAT: (A) IF BUYER FAILS TO COMPLETE THE PURCHASE OF THE ASSETS PURSUANT TO THIS AGREEMENT BY REASON OF BUYER’S
BREACH OF THIS AGREEMENT, THEN SELLER’S SOLE AND EXCLUSIVE REMEDY SHALL BE TO TERMINATE THIS AGREEMENT AND RECEIVE AND RETAIN
THE DEPOSIT TO THE EXTENT THAT IT HAS BECOME NONREFUNDABLE TO BUYER PURSUANT TO THIS AGREEMENT AS LIQUIDATED DAMAGES AND NOT AS
A PENALTY, AND UNDER SUCH CIRCUMSTANCES, SELLER WAIVES ALL RIGHTS TO OBTAIN BUYER’S SPECIFIC PERFORMANCE; AND (B) BECAUSE
OF THE NATURE OF THE TRANSACTION CONTEMPLATED BY THIS AGREEMENT, IT WOULD BE IMPRACTICAL AND EXTREMELY DIFFICULT TO FIX SELLER’S
ACTUAL DAMAGES IF SUCH A BREACH OCCURS AND THEREFORE THE AMOUNT OF LIQUIDATED DAMAGES SPECIFIED ABOVE SHALL BE PRESUMED TO BE
THE AMOUNT OF DAMAGES SELLER WOULD SUSTAIN BY REASON OF SUCH A BREACH AND REPRESENTS A REASONABLE ESTIMATE OF THOSE DAMAGES, TAKING
INTO ACCOUNT, AMONG OTHER FACTORS, THE CIRCUMSTANCES EXISTING AS OF THE TIME OF ENTRY INTO THIS AGREEMENT.

 

2.2
Cash at Closing. Buyer shall deliver to Seller the balance of the Purchase Price at the Closing via wire transfer.
Said sum shall be paid to Seller prior to or on the Closing Date.

 

2.3
Reimbursement of Buyer’s Expenses. In the event that: (i) Buyer is neither the Successful Bidder nor the Backup
Bidder or (ii) Buyer is the Backup Bidder, and in each such case, Seller closes a sale of the Assets to the Successful Bidder
or the Backup Bidder (but in each such case not Buyer), Seller shall, as promptly as practicable after the Closing, reimburse
Buyer, from the sale proceeds, for its reasonable actual fees and expenses not to exceed Twenty-Five Thousand Dollars ($25,000.00)
incurred in connection with acting as the “Stalking Horse Bidder,” including, without limitation, due diligence expenses,
negotiation of this Agreement, review of the Sale Motion (as hereafter defined), and appearance at the hearing on the Sale Motion
(the “Expense Reimbursement”). For the avoidance of doubt, the Expense Reimbursement: (i) shall only
be payable from the sale proceeds received by Seller from a sale of the Assets and neither Seller nor the Estate shall have any
liability for the Expense Reimbursement and no claim shall exist therefor unless a Closing occurs; and (ii) is subject to Bankruptcy
Court approval (which is being sought concurrently with and not prior to the approval of the sale) and shall only be payable if
the Bankruptcy Court approves the Expense Reimbursement. Failure of the Bankruptcy Court to approve the Expense Reimbursement
provided in this Section 2.3 shall not act to invalidate this Agreement nor give rise to any rights, remedies or claims
in favor of Buyer (including any right to terminate this Agreement). The provisions of this Section 2.3 shall be for the
benefit of Buyer only and no other person or entity.

 

2.4
Sales Tax Payable by Buyer. Buyer shall pay the sales tax due, if any, with respect to the transactions contemplated
hereby.

 

3.
Title. Seller shall convey title to the Assets to Buyer by bill of sale (the “Bill of Sale”)
and quitclaim assignment (“Quitclaim Assignment”) in substantially the forms attached hereto as Exhibit
C and Exhibit D, and as approved by the Bankruptcy Court, free and clear of all liens, claims, licenses, encumbrances
and interests pursuant to Section 363 of the Bankruptcy Code.

 

4.
Reserved.

 

    	2

     

    

 

5.
No Representations; Indemnity.

 

5.1
EXCEPT AS EXPRESSLY PROVIDED HEREIN OR IN THE SALE ORDER (AS HEREAFTER DEFINED), BUYER AGREES AND ACKNOWLEDGES THAT THE TRANSFER
OF THE ASSETS IS MADE PURSUANT TO ORDER OF THE BANKRUPTCY COURT AND IS MADE “AS IS” AND “WHERE IS”, AND
ACKNOWLEDGES AND AGREES THAT, EXCEPT AS EXPRESSLY PROVIDED HEREIN, SELLER MAKES NO REPRESENTATION OR WARRANTY OF ANY KIND WHATSOEVER
WITH RESPECT TO THE ASSETS OR OTHERWISE, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO ANY REPRESENTATION OR WARRANTY REGARDING
THE TITLE OR CONDITION OF THE ASSETS OR THE FITNESS, DESIRABILITY, OR MERCHANTABILITY THEREOF OR SUITABILITY THEREOF FOR ANY PARTICULAR
PURPOSE, OR ANY BUSINESS PROSPECTS, OR VALUATION OF THE ASSETS, OR THE COMPLIANCE OF THE ASSETS IN THEIR CURRENT OR FUTURE STATE
WITH APPLICABLE LAWS OR ANY VIOLATIONS THEREOF. BUYER FURTHER ACKNOWLEDGES THAT SELLER SHALL DELIVER TO THE BUYER ALL ASSETS IN
SELLER’S OR ITS COUNSEL’S POSSESSION; BUT THAT SELLER DOES NOT HAVE POSSESSION OF ALL OF THE ASSETS, AND THAT TO THE
EXTENT THE SELLER IS NOT IN POSSESSION OF AN ASSET SOLD HEREUNDER, BUYER WILL HAVE SOLE RESPONSIBILITY TO OBTAIN POSSESSION OF
THE ASSETS, AT ITS SOLE EXPENSE. BUYER AGREES THAT SELLER HAS NO OBLIGATION OR LIABILITY WHATSOEVER WITH RESPECT TO ANY SEPARATE
AGREEMENTS, INDEMNITIES, REPRESENTATIONS OR WARRANTIES ENTERED INTO BY BUYER, UNLESS THE SELLER HAS ACTUAL KNOWLEDGE OF SUCH MATTERS
BEFORE THE CLOSING DATE AND FAILS TO DISCLOSE SUCH MATTERS TO THE BUYER PRIOR TO THE CLOSING DATE. AS TO ALL SUCH MATTERS THAT
ARE NOT KNOWN TO EITHER THE BUYER OR THE SELLER AS OF THE CLOSING DATE, ANY RISK OF LOSS SHALL BE BORNE SOLELY BY BUYER.

 

5.2
BUYER FURTHER ACKNOWLEDGES AND REPRESENTS THAT IT ENTERS INTO THIS AGREEMENT AFTER ITS INDEPENDENT INVESTIGATION OF THE FACTS
AND CIRCUMSTANCES RELATING TO THE ASSETS AND THE TRANSACTION DESCRIBED HEREIN. WITHOUT LIMITING THE FOREGOING, BUYER IS NOT RELYING
ON SELLER OR THE ESTATE FOR ANY INFORMATION REGARDING THE ASSETS OR OTHERWISE; EXCEPT THAT SELLER HAS REPRESENTED AND WARRANTS
THAT IT HAS PROVIDED BUYER WITH ALL DOCUMENTS (WITH THE EXCEPTION OF ANY DOCUMENTS SUBJECT TO ANY APPLICABLE PRIVILEGE, INCLUDING,
WITHOUT LIMITATION, ATTORNEY CLIENT AND WORK PRODUCT) IN ITS POSSESSION RELATIVE TO THE ASSETS BEING SOLD.

 

5.3
Buyer assumes responsibility for obtaining all required licenses, copyrights, patents, trademarks, permits and/or other agreements
and/or rights as may be required so that Buyer may lawfully use, sell, distribute or dispose of any of the Assets.

 

5.4
BUYER HEREBY AGREES TO INDEMNIFY, DEFEND AND HOLD SELLER AND ITS, ATTORNEYS, CONSULTANTS, INDEPENDENT CONTRACTORS, SUCCESSORS
AND ASSIGNS (COLLECTIVELY, THE “INDEMNITEES”) HARMLESS FROM AND AGAINST ANY AND ALL LIABILITIES, DEMANDS, CLAIMS,
ACTIONS OR CAUSES OF ACTION, ASSESSMENTS, LOSSES, COSTS, DAMAGES OR PENALTIES OR EXPENSES, INCLUDING ATTORNEYS’ FEES, IMPOSED
ON, ACCRUED AGAINST, ASSERTED AGAINST, SUSTAINED OR INCURRED BY INDEMNITEES, DIRECTLY OR INDIRECTLY, RESULTING FROM, ARISING OUT
OF, RELATED TO, OR BY VIRTUE OF: (A) ANY LIABILITY OR OBLIGATION OF BUYER ARISING PRIOR TO, ON OR AFTER THE CLOSING DATE, WHETHER
OR NOT RELATED TO THE OWNERSHIP OR USE OF THE ASSETS; (B) BREACH OF ANY REPRESENTATION, WARRANTY, COVENANT OR AGREEMENT OF BUYER
CONTAINED HEREIN OR IN ANY AGREEMENT EXECUTED IN CONNECTION HEREWITH; AND (C) THE OWNERSHIP, SALE, USE, OR DISTRIBUTION OF THE
ASSETS FROM AND AFTER THE CLOSING DATE.

 

    	3

     

    

 

6.
Seller’s Representations and Warranties. Seller makes the following representations and warranties, which shall
survive execution of this Agreement and which shall survive the Closing:

 

6.1
Authority. Seller is the Chapter 7 trustee in the Bankruptcy Case. Subject to entry of the Sale Order, Seller has the
authority to enter into this Agreement and to consummate the transactions contemplated thereby.

 

6.2
Notice of Motion for Sale Confirmation Order. Seller has filed a Sale Motion seeking entry of the Sale Order. Promptly
following execution of this Agreement, Seller shall amend the Sale Motion to include notice of this Agreement.

 

7.
Buyer’s Representations and Warranties. Buyer makes the following representations, warranties and covenants (including,
without limitation, those made elsewhere in this Agreement), which shall survive execution of this Agreement and which shall survive
the Closing:

 

7.1
Authority. Buyer has the power and authority to enter into this Agreement and consummate the transactions contemplated
thereby.

 

7.2
Investigations. Buyer acknowledges that Seller, as recently appointed Chapter 7 trustee in the Bankruptcy Case, has
limited information and documents concerning the Assets; Buyer has made its own investigation concerning Assets, the condition
of title or any other matter pertaining to the Assets; and, other than the express representations made by Seller pursuant to
this Agreement. Buyer is not relying on any representations, warranties or inducements of Seller (or any agent of Seller) with
respect to the Assets, the condition of title to the Assets or any other matter pertaining to the Assets, the transaction contemplated
herein or otherwise.

 

8.
Conditions Precedent to Closing for Benefit of Seller. As independent conditions precedent for the benefit of Seller,
Seller’s obligations hereunder, including the obligation to transfer the Assets to Buyer, are contingent upon satisfaction
of each of the following conditions unless otherwise waived by Seller in writing on or before the Closing:

 

8.1
Receipt by Seller of Buyer’s Deliveries. Seller shall have received at the Closing the deliveries required by
Section 10 of this Agreement.

 

8.2
Compliance with Covenants. Buyer shall have performed and complied in all material respects with all obligations and
agreements required by this Agreement to be performed or complied with by Buyer on or prior to the Closing.

 

8.3
Sale Order and Findings. This Agreement and the transactions contemplated herein shall have been approved by the Bankruptcy
Court and the Bankruptcy Court shall have entered the Sale Order in the Bankruptcy Case so approving, concurrently with findings
of fact and conclusions of law (in form and substance reasonably acceptable to Seller) (the “Findings”),
and such Sale Order shall be final with no appeal having been filed (or if any appeal has been filed, no stay shall have been
issued either preventing this Agreement from becoming enforceable or the Sale closing).

 

8.4
Buyer is Successful Bidder or Backup Bidder. Buyer shall be either: (i) the Successful Bidder at the Auction; or (ii)
Buyer shall be the Backup Bidder at the Auction and the Successful Bidder shall have failed to close.

 

8.5
No Violation of Orders. No preliminary or permanent injunction or other order that would prevent the consummation of
the transactions contemplated by this Agreement shall be in effect.

 

9.
Conditions Precedent to Buyer’s Closing. As independent conditions precedent for the benefit of Buyer, Buyer’s
obligations hereunder, including the obligation to pay the Purchase Price, are contingent upon satisfaction of each of the following
conditions unless otherwise waived by Buyer in writing on or before the Closing:

 

9.1
Receipt by Buyer of Seller’s Deliveries. Buyer shall have received at the Closing the deliveries required under
Section 10 of this Agreement.

 

9.2
Compliance with Covenants. Seller shall have performed and complied in all material respects with all obligations and
agreements required by this Agreement to be performed or complied with by Seller on or prior to the Closing.

 

    	4

     

    

 

9.3
Sale Order and Findings. This Agreement and the transactions contemplated herein shall have been approved by the Bankruptcy
Court and the Bankruptcy Court shall have entered the Sale Order in the Bankruptcy Case so approving, concurrently with the Findings
(in form and substance reasonably acceptable to Seller) and such Sale Order shall be final with no appeal having been filed (or
if any appeal has been filed, no stay shall have been issued either preventing this Agreement from becoming enforceable or the
Sale closing).

 

9.4
Buyer is Successful Bidder or Backup Bidder. Buyer shall be either: (i) the Successful Bidder at the Auction; or (ii)
Buyer shall be the Backup Bidder at the Auction and the Successful Bidder shall have failed to close.

 

9.5
No Violation of Orders. No preliminary or permanent injunction or other order that would prevent the consummation of
the transactions contemplated by this Agreement shall be in effect.

 

10.
Deliveries at Closing. The Parties shall make the following deliveries at Closing:

 

10.1
Purchase Price. Buyer shall deliver to Seller a cashier’s check or deliver funds via wire transfer to the account
of Seller in the amount of the Purchase Price, less the Deposit.

 

10.2
Bill of Sale: Quitclaim Assignment. Seller shall deliver to Buyer a Bill of Sale and Quitclaim Assignment, substantially
in the forms attached as Exhibit C and Exhibit D.

 

10.3
Corporate Documents. At Seller’s request, Buyer shall deliver to Seller a certified copy of its resolution authorizing
the purchase of the Assets and an incumbency certificate and such other corporate related documents as Seller shall reasonably
request.

 

11.
Closing. Closing of the sale (the “Closing”) shall occur at the offices of R. Reese &
Associates, PPLC, 5225 Katy Freeway, Suite 430, Houston, Texas 77007, or such other location as mutually agreed upon by the Parties,
on a date to be mutually agreed upon by the Parties (the “Closing Date”), but in no event later than
five (5) business days after the Sale Order is final with no appeal having been filed (or if any appeal has been filed, no stay
shall have been issued either preventing this Agreement from becoming enforceable or the Sale closing); provided, however, that
in the event that the Closing has failed to occur by October 1, 2020 (the “Outside Date”), this Agreement
may be terminated as provided in and subject to the terms of Section 13. The Parties may mutually agree in writing to effect
the Closing on an earlier or a later date at their sole discretion. The existence of the Outside Date for the Closing in this
Section 11 shall not relieve either Party of their respective obligations under this Agreement to use commercially reasonable
efforts to perform and satisfy all conditions to their respective obligations to consummate the transactions contemplated by this
Agreement.

 

11.1
Backup Bidder Closing. If the Successful Bidder shall fail to close, (i) the Backup Bidder shall be obligated to close
within ten (10) business days of being notified that the Closing with the Successful Bidder has failed to close due to breach
by the Successful Bidder; and (ii) the Outside Date shall be extended by thirty (30) calendar days.

 

12.Overbid
Procedure; Bankruptcy Court Approval; Sale Order. Buyer acknowledges that:

 

[12.1
Overbid Auction Procedure. The sale of the Assets to Buyer is subject to an overbid auction (the “Auction”)
by sealed bid to be submitted to Seller by Monday, August 3rd, 2020, at 4 p.m. or as otherwise required by the Bankruptcy
Court. The initial overbid purchase price must be in the amount of at least Five Hundred Fifty Thousand Dollars ($550,000.00).
To qualify as a bidder at the Auction, any bidder, other than the named Buyer hereunder, must deliver to Seller: (i) evidence
of financial ability to consummate a sale for at least Five Hundred Fifty Thousand Dollars ($550,000.00); (ii) an executed version
of this Agreement in substantially the same form hereof but reflecting a Purchase Price of at least Five Hundred Fifty Thousand
Dollars ($550,000.00) binding on such bidder (provided, if any bidder proposes to make any changes to the form of this Agreement,
such bidder shall highlight any such proposed changes); and (iii) a deposit in the amount of at least Fifty Thousand Dollars ($50,000.00)
by cashier’s check made payable to Seller, (any such bidder who has satisfied such conditions, together with Buyer, a “Qualified
Bidder”). At the conclusion of the Auction, Seller shall request that the Bankruptcy Court approve the sale of the
Assets to the highest Qualified Bidder taking into account such terms of sale as Seller may consider in his reasonable business
judgment and determined by the Bankruptcy Court (the “Successful Bidder”) and, in the event the Successful
Bidder fails to close, the sale of the Assets to the second highest Qualified Bidder taking into account such terms of sale as
Seller may consider in his reasonable business judgment and determined by the Bankruptcy Court (the “Backup Bidder”).
Any overbid shall be subject to all other terms and conditions of this Agreement, as applicable and as required by the Bankruptcy
Court. The Backup Bidder shall be legally obligated to close the transaction, as if such Backup Bidder had been the Successful
Bidder; and shall be subject to the same forfeiture of its deposit and liquidated damages provisions as would apply to the Successful
Bidder. No bidder other than the two highest bidders shall be bound to close the transaction. If both the Successful Bidder and
the Backup Bidder fail to close, Seller, in his sole discretion, may conduct a new auction sale to the extent there is any buyer
willing to be a bidder at such auction.

 

    	5

     

    

 

12.2
Bankruptcy Court Approval; Sale Order. The sale to Buyer by Seller and the other transactions contemplated by this
Agreement are expressly subject to approval of the Bankruptcy Court. Seller has filed with the Bankruptcy Court a motion (the
“Sale Motion”) for entry of an order in form and substance reasonably acceptable to Seller and Buyer
(the “Sale Order”) providing that, among other things: (i) the sale of the Assets to Buyer in accordance
with this Agreement shall be pursuant to Sections 363(b) and 363(f) of the Bankruptcy Code, free and clear of all liens, claims,
licenses, encumbrances and interests except as provided in Section 3; (ii) the Sale Order is final with no appeal having
been filed (or if any appeal has been filed, no stay shall have been issued preventing this Agreement from becoming enforceable);
(iii) Buyer shall be entitled to the Expense Reimbursement if authorized by this Agreement (provided the failure of the Bankruptcy
Court to approve such Expense Reimbursement shall not give rise to a right of Buyer to terminate this Agreement); and (iv) the
Bankruptcy Court shall retain jurisdiction with respect to any matters relating to the Sale Order or the transactions contemplated
by this Agreement. Notwithstanding the foregoing, the Bankruptcy Court’s failure to approve the requests set forth in (iii)
or (iv) of this Section 12.2 shall not be a basis to object to the form and substance of the Sale Order.

 

13.
Termination. This Agreement may be terminated by the mutual written consent of the Parties. Either Seller or Buyer
may also terminate this Agreement by written notice to the other if the Closing shall not have occurred by the Outside Date contemplated
in Section 11 due to no breach by the terminating Party. Buyer may also terminate this Agreement by written notice to Seller,
if any of the conditions in Section 9 are not satisfied by the Outside Date, or Seller shall breach any of its obligations
under this Agreement. Seller may also terminate this Agreement by written notice to Buyer if any of the conditions in Section
8 are not satisfied by the Outside Date, or Buyer shall breach any of its obligations under this Agreement. No termination
under this Section 13 shall release either Party from or act as a waiver of any claim against the other Party, at law or
in equity (except as limited by Section 2.1) as a result of such termination or as a result of any breach or default under
this Agreement. This Agreement may be terminated as provided herein without further order of the Bankruptcy Court.

 

14.
Commissions. Buyer and Seller each represent and warrant to the other that no person or entity has been engaged by
it as a broker, agent or finder, licensed or otherwise, in connection with the transaction contemplated by this Agreement. If
any claim is made for a commission or finder’s fee in connection with the transaction contemplated by this Agreement, then
the Party upon whose alleged statement, representation or agreement that claim arises shall indemnify, defend, protect and hold
harmless the other Party from and against all liability, damage and cost (including actual attorneys’ fees) the other Party
incurs as a result thereof. For avoidance of doubt, this Section 14 does not apply to any fee or expense payable to Seller
as trustee in the Bankruptcy Case.

 

15.
Miscellaneous.

 

15.1
Entire Agreement. This Agreement and the written agreements referred to herein and executed in connection herewith
constitute the entire understanding among the parties with respect to the subject matter hereof, and supersede all negotiations,
prior discussions or other agreements, oral or written.

 

15.2
Governing Law; Venue. This Agreement has been negotiated and entered into in the State of Texas, and shall be governed
by, and construed in accordance with, the laws of State of Texas in effect at the time of its execution, without reference or
regard to the principles of conflict of laws. Any action arising out of this Agreement must be brought and maintained in the Bankruptcy
Court, and the Parties hereto consent to the jurisdiction of the Bankruptcy Court; provided, after the Bankruptcy Case is closed,
any action may be brought in a court located in Travis County, Texas with jurisdiction.

 

    	6

     

    

 

15.3
Independent Contractors. The parties hereto are independent contractors and nothing contained in this Agreement shall
be construed to place them in the relationship of partners, principal and agent, employer/employee or joint venturer. The parties
agree that they shall neither have the power or right to bind or obligate the other, nor shall either hold itself out as having
such authority.

 

15.4
Counterparts. This Agreement may be executed in counterparts. In the event that any signature to this Agreement or
any amendment hereto is delivered by facsimile transmission, by e-mail delivery of a “.pdf or by other electronic format
data file, such signature shall 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 facsimile, “.pdf’ or other electronic format data file signature
page were an original thereof (and the same shall be deemed as originals).

 

15.5
Fees and Costs. If any action, including any arbitration proceeding, is instituted to enforce the terms or provisions
of this Agreement (except as provided in Section 8.3), including an action instituted after the bankruptcy of a party,
the prevailing party in such action shall be entitled to collect as part of its recovery all reasonable costs, charges and fees,
including but not limited to its expert witness fees and attorneys’ fees and costs, incurred in connection with such action.

 

15.6
Amendment. This Agreement may only be amended or modified by the written agreement of the Parties.

 

15.7
Severability. If any of the provisions of this Agreement are held invalid under any law, such invalidity shall not
affect the remainder of the Agreement.

 

15.8
No Assignment. Neither this Agreement nor any rights or obligations hereunder shall be assigned by any Party without
the prior written consent of the other Parties hereto.

 

15.9
Successors and Assigns. Subject to Section 15.8, this Agreement shall be binding upon and inure to the benefit
of the successors and assigns of the Parties.

 

15.10
Headings; Construction. The headings of the various Sections of this Agreement are for convenience only and are not
intended to explain or modify any of the provisions of this Agreement. No rule of strict construction will be applied in the interpretation
or construction of this Agreement. When used in this Agreement, “including” means “including without limitation.”
In the event of any conflict or ambiguity between this Agreement and any Exhibit, this Agreement will control. Whenever the context
requires: (a) the singular number shall include the plural, and vice versa; (b) the masculine gender shall include the feminine
and neuter genders; (c) the feminine gender shall include the masculine and neuter genders; and (d) the neuter gender shall include
the masculine and feminine genders.

 

15.11
Notices. All notices to be given by any Party to this Agreement to the other Party shall be in writing, and shall be
given by certified United States mail, return receipt requested, postage prepaid, to the other, sent by telefax or facsimile transmission,
or personally delivered, at the addresses set forth below (or at such other address for a Party has specified by like notice)
and shall be deemed given when received if sent by facsimile transmission or personally delivered, or if mailed as provided herein,
on the second day after it is so placed in the mail.

 

The
addresses referred to above are:

 

	 	Buyer:	Ryan
    Smith
	 	 	US
    Energy Corp.
	 	 	675
    Bering St., Suite 100
	 	 	Houston,
    TX 77057
	 	 	Ph:
    303-993-3200

 

    	7

     

    

 

	 	With
    a courtesy copy to:	Rachel
    Reese 
	 	 	R.
    Reese & Associates, PLLC
	 	 	5225
        Katy Freeway, Suite 430,

        Houston,
        Texas 77007

	 	 	Ph:
    832-831-2289

 

	 	Seller:	Mr.
    Randolph N. Osherow
	 	 	Trustee
	 	 	342
    W. Woodlawn, Suite 100
	 	 	San
    Antonio, TX 78212
	 	 	Ph:
    210-738-3001

 

	 	With
    a courtesy copy to:	 
	 	 	____________________

        ____________________

        ____________________

        ____________________

        Ph:
        _________________

 

Any
Party at any time may give notice to the other Party of a different address other than that set forth above in accordance with
the provisions of this Section 15.11. Failure of any Party to provide courtesy-only copies of notices, demands and other
communications shall not impair, modify, limit or otherwise affect any Party’s rights or remedies nor any Party’s
obligations under this Agreement.

 

15.12
Interpretation. Each Party has had an opportunity to review and revise this Agreement and consult with counsel, and
any rule of contract interpretation to the effect that ambiguities or uncertainties are to be interpreted against the drafting
party or the party who caused it to exist shall not be employed in the interpretation of this Agreement or any document executed
in connection herewith.

 

15.13
Survival of Obligations. All obligations of the Parties set forth in this Agreement shall survive the Closing and Closing
Date.

 

15.14
Waiver. No Party shall be deemed to have waived any claim arising out of this Agreement, or any power, right, privilege
or remedy under this Agreement, unless the waiver of such claim, power, right, privilege or remedy is expressly set forth in a
written instrument duly executed and delivered on behalf of such Party; and any such waiver shall not be applicable or have any
effect except in the specific instance in which it is given.

 

15.15
Further Assurances. Buyer and Seller shall each promptly sign and deliver all additional documents and perform all
acts reasonably necessary to perform its obligations and carry out the intent expressed in this Agreement. Without limiting the
foregoing, at Seller’s request, Buyer shall enter into an amendment to this Agreement, or enter into a superseding asset
purchase agreement, to reflect any changes in terms (including any change to the Purchase Price) as may occur as part of the Bankruptcy
Court approval, the Auction or the New Auction, if applicable.

 

15.16
No Waiver. A waiver by either Party of a default by the other Party is effective only if it is in writing and shall
not be construed as a waiver of any other default.

 

15.17
No Beneficiaries. No person or entity besides Buyer, Seller and their permitted successors and assigns has any rights
or remedies under this Agreement.

 

15.18
Incorporation. Any exhibits attached hereto and referred to herein are incorporated into this Agreement.

 

15.19
Effect of Course of Dealing. No course of dealing between the Parties in exercising any of their respective rights
under this Agreement shall operate as a waiver of any such rights, except where expressly waived in writing. Further, nothing
herein shall require either Party to terminate this Agreement upon breach or default of this Agreement by the other Party.

 

15.20
Time. Time is of the essence of this Agreement and each and every provision hereof.

 

15.21
Seller Capacity as Trustee of the Estate; Limitation on Liability. Buyer acknowledges and understands that Seller is
the Chapter 7 trustee of the Estate and that Seller enters this Agreement solely in his capacity as Chapter 7 trustee of the Estate
and not in his personal capacity, and no liability or obligations shall accrue to him personally as a result of this Agreement.

 

[Remainder
of Page Intentionally Left Blank]

 

    	8

     

    

 

IN
WITNESS WHEREOF, the Parties hereto have caused this Agreement to be fully executed as of the day and year first above written.

 

	 	SELLER
	 	 	 
		By:	   
	 	Name:	 
	 	Title:	

 

	 	BUYER
	 	 	 
		By:	
	 	Name:	
	 	Title:	

         

 

    	9

     

    

 

EXHIBIT
A

ASSETS

 

All
of the Estate’s right, title and interest in the following real and personal property of the Debtor, excluding only the
Excluded Assets set forth at Exhibit B, including, without limitation:

 

[to
be provided.]

 

Collectively,
the “Assets”.

 

    	10

     

    

 

EXHIBIT
B

EXCLUDED
ASSETS

 

Notwithstanding
the other provisions of the Agreement or any other exhibit, the Assets do not include the following assets owned by the Estate
or in which it has or had any interest (collectively, the “Excluded Assets”): (a) tax attributes, including,
but not limited to net operating loss carryovers; (b) tax refunds, insurance refunds or other refunds (except as described on
Exhibit A); (c) any property owned by third parties; (d) workers’ compensation refunds; (e) utility, security or similar
deposits; (f) cash, deposit accounts, certificates of deposit or other cash equivalents (except as described on Exhibit A); (g)
the corporate minute book and related corporate governance records; (h) insurance policies; (i) assets which are not assignable
by Seller to Buyer as a matter of law; (j) accounts, accounts receivable and/or money owed, including, without limitation, under
a promissory note or proceeds of production attributable to any time prior to the Closing Date; (k) causes of action or claims
(including, without limitation, any causes of action, claims or avoidance actions under Chapter 5 of the Bankruptcy Code and/or
applicable state law) that Seller would be or may be entitled to bring as the Chapter 7 trustee or to use as an offset or defense
to any claim; (l) commercial leases; (m) personnel records, and/or any other records or documents required to be kept confidential
or private under agreement or applicable law, in any form (whether in hard copies, electronic files or otherwise) (confidential
documents made confidential by agreement, only (not confidential by operation of law, but only by agreement), shall be disclosed
to Buyer subject to a confidentiality agreement in a form reasonably acceptable to the Seller); (n) assets operated by Trivista
Operating, LLC, in the Ranger and Taylor Serbin Fields in which Debtor owns a working interest, more specifically the wells; (o)
licenses, franchises, software, copyrights, patents, trademarks or other intellectual property with respect to which the Debtor
is or was the licensee or franchisee and which may not be transferred by Trustee to Buyer under applicable law or without third
party consent (including any consent by a licensor or franchisor); (p) any attorney client privilege or similar privilege; and
(q) proceeds of any of the foregoing.

 

    	11

     

    

 

EXHIBIT
C

FORM
OF BILL OF SALE

 

[to
be provided.]

 

    	12

     

    

 

EXHIBIT
D

FORM
OF QUITCLAIM ASSIGNMENT

 

[to
be provided.]

 

    	13

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