Document:

Exhibit 10.103

 

PURCHASE AND SALE AGREEMENT

 

BY AND AMONG

 

CEGP ACQUISITION, LLC,

 

CENTRAL ENERGY GP LLC

 

and

 

CENTRAL ENERGY PARTNERS LP

 

November 26, 2013

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE I	 
	PURCHASE AND SALE OF THE ACQUIRED INTERESTS; PURCHASE PRICE	1
	 	 	 
	1.1	Sale of Acquired Interests	1
	 	 	 
	1.2	Purchase Price	2
	 	 	 
	1.3	The Closing	2
	 	 	 
	1.4	Closing Deliveries	2
	 	 	 
	ARTICLE II	 
	REPRESENTATIONS AND WARRANTIES OF SELLERS	2
	 	 	 
	2.1	Organization, Standing, Qualification and Power	3
	 	 	 
	2.2	Authority; Execution and Delivery; Enforceability	3
	 	 	 
	2.3	No Conflicts; Consents	3
	 	 	 
	2.4	Capitalization	4
	 	 	 
	2.5	Subsidiaries	4
	 	 	 
	2.6	CELP SEC Reports; Financial Statements	5
	 	 	 
	2.7	Indebtedness	5
	 	 	 
	2.8	Material Changes, Undisclosed Events, Liabilities or Developments	6
	 	 	 
	2.9	Records	6
	 	 	 
	2.10	Personal Property	6
	 	 	 
	2.11	Real Property	6
	 	 	 
	2.12	Title to Assets	7
	 	 	 
	2.13	Intellectual Property	7
	 	 	 
	2.14	Material Contracts	8
	 	 	 
	2.15	Permits	9
	 	 	 
	2.16	Taxes	9
	 	 	 
	2.17	Litigation	13
	 	 	 
	2.18	Insurance	13
	 	 	 
	2.19	Seller Benefit Plans	13
	 	 	 
	2.20	Employee and Labor Matters	16
	 	 	 
	2.21	Customers and Suppliers	17
	 	 	 
	2.22	Compliance with Applicable Laws; FCPA	17
	 	 	 
	2.23	Environmental Matters	17

 

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	2.24	Brokers	18
	 	 	 
	2.25	No General Solicitation	18
	 	 	 
	2.26	No Other Representations or Warranties	18
	 	 	 
	ARTICLE III	 
	REPRESENTATIONS AND WARRANTIES OF PURCHASER	19
	 	 	 
	3.1	Authority; Execution and Delivery; and Enforceability	19
	 	 	 
	3.2	No Conflicts; Consent; Certain Proceedings	19
	 	 	 
	3.3	Brokers	19
	 	 	 
	3.4	Nature and Character of Purchaser and its Members	20
	 	 	 
	3.5	Compliance with Securities Laws	20
	 	 	 
	3.6	Access to Evaluation of Information Concerning the Sellers	20
	 	 	 
	3.7	Illiquidity of CEGP Interest and CELP Units	21
	 	 	 
	3.8	Investment Intent	21
	 	 	 
	3.9	Regulation M Compliance	21
	 	 	 
	3.10	Undisclosed Principals or Agents	21
	 	 	 
	3.11	Available Funds	22
	 	 	 
	ARTICLE IV	 
	SURVIVAL; INDEMNIFICATION; CERTAIN REMEDIES	22
	 	 	 
	4.1	Survival; Liability Absolute	22
	 	 	 
	4.2	Indemnification by CEGP	22
	 	 	 
	4.3	Indemnification by Purchaser	23
	 	 	 
	4.4	Basket; Materiality	23
	 	 	 
	4.5	Third-Party Claim Indemnification Procedures	23
	 	 	 
	4.6	Direct Claims	24
	 	 	 
	4.7	Payments	25
	 	 	 
	4.8	Characterization of Indemnification Payments	25
	 	 	 
	ARTICLE V	 
	OTHER AGREEMENTS BY THE PARTIES	25
	 	 	 
	5.1	Resignations and Post-Closing Make-Up of CEGP Board of Directors and Officers of CEGP	25
	 	 	 
	5.2	Governmental Approvals and Consents	26
	 	 	 
	5.3	Public Announcements	26
	 	 	 
	5.4	Confidentiality	26
	 	 	 
	5.5	Closing Conditions	26

 

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	5.6	Use of Purchase Price	26
	 	 	 
	5.7	Release of Claims	26
	 	 	 
	5.8	Transfer Restrictions	27
	 	 	 
	ARTICLE VI	 
	CLOSING CONDITIONS	27
	 	 	 
	6.1	Conditions to Obligations of All Parties	27
	 	 	 
	6.2	Conditions to Obligations of Purchaser	27
	 	 	 
	6.3	Conditions to Obligations of Sellers	29
	 	 	 
	ARTICLE VII	 
	GENERAL PROVISIONS	30
	 	 	 
	7.1	Assignment	30
	 	 	 
	7.2	No Third-Party Beneficiaries	30
	 	 	 
	7.3	Notices	30
	 	 	 
	7.4	Headings	31
	 	 	 
	7.5	Counterparts	31
	 	 	 
	7.6	Entire Agreement	32
	 	 	 
	7.7	Amendments and Waivers	32
	 	 	 
	7.8	Severability	32
	 	 	 
	7.9	Governing Law	32
	 	 	 
	7.10	Expenses	33
	 	 	 
	7.11	Agreement to Arbitrate	33
	 	 	 
	ARTICLE VIII	 
	DEFINED TERMS; RULES OF CONSTRUCTION	37
	 	 	 
	8.1	Defined Terms	37
	 	 	 
	8.2	Rules of Construction	48

 

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SCHEDULES

 

	Schedule 1.2	Purchase Price Allocation
	 	 
	Schedule 2.3	Seller Required Consents
	 	 
	Schedule 3.2	Purchaser Required Consents
	 	 
	Schedule 5.1(a)	List of Resigning Officers & Directors of CEGP
	 	 
	Schedule 5.1(b)	Post-Closing Directors of CEGP
	 	 
	Schedule 5.7	Management Payments to Directors and Officers of CEGP
	 	 
	Schedule 8.1(a)	Qualifying SEC Disclosures
	 	 
	Schedule 8.1(b)	List of Purchaser Representatives for Knowledge Requirement

 

EXHIBITS

 

	Exhibit A	Form of Third Amended and Restated Limited Liability Company Agreement of CEGP LLC
	 	 
	Exhibit B	Form of Third Amended and Restated Limited Partnership Agreement of CELP LLC
	 	 
	Exhibit C	Form of Amended and Restated Registration Rights Agreement
	 	 
	Exhibit D	Form of Warrant
	 	 
	Exhibit E	Form of Release of Claims
	 	 
	Exhibit F	Form of Legal Opinion of Shackelford Melton & McKinley LLP

 

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DISCLOSURE SCHEDULE

 

	Section 2.1(a)	 	List of Jurisdictions of Organization and Foreign Qualification of Seller Entities
	 	 	 
	Section 2.1(c)	 	List of Officers, Managers/Directors of the Seller Entities
	 	 	 
	Section 2.4	 	Capitalization of Seller Entities
	 	 	 
	Section 2.7	 	Indebtedness
	 	 	 
	Section 2.11(a)	 	Locations of Owned Real Property
	 	 	 
	Section 2.12	 	Encumbrances on Assets and Property of Seller Entities
	 	 	 
	Section 2.14(a)	 	List of Material Contracts
	 	 	 
	Section 2.14(c)	 	List of Defaulted Material Contracts
	 	 	 
	Section 2.15	 	Revocation of Permits
	 	 	 
	Section 2.16	 	Tax Matters
	 	 	 
	Section 2.17	 	Litigation
	 	 	 
	Section 2.18	 	Insurance
	 	 	 
	Section 2.19(a)	 	List of Seller Benefit Plans
	 	 	 
	Section 2.19(c)	 	Exceptions to Timely Filing of All Reports Related to Seller Benefit Plans
	 	 	 
	Section 2.19(d)	 	Failures to Make Timely Contributions to Seller Benefit Plans
	 	 	 
	Section 2.19(i)	 	Seller Benefit Plans Subject to Code Section 409A
	 	 	 
	Section 2.19(n)	 	Contributions Due and Owing Prior to Closing with Respect to any Seller Benefit Plan
	 	 	 
	Section 2.20(a)	 	List of Employee Contracts, Non-Compete Agreements and the Like
	 	 	 
	Section 2.20(d)	 	Worker’s Compensation Claims Due and Owing
	 	 	 
	Section 2.20(e)	 	Employee-Related Proceedings
	 	 	 
	Section 2.20(f)	 	Employees entitled to COBRA Continuation Coverage
	 	 	 
	Section 2.21	 	List of Ten Largest Customers and Ten Largest Suppliers
	 	 	 
	Section 2.22(a)	 	Default with Respect to Applicable Law

 

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PURCHASE AND SALE AGREEMENT

 

This PURCHASE AND
SALE AGREEMENT (this “Agreement”) is made and entered into as of November 26, 2013 by and among
(a) CEGP Acquisition, LLC, a Texas limited liability company (“Purchaser”) and (b) Central Energy GP
LLC, a Delaware limited liability company (“CEGP”), and Central Energy Partners LP, a Delaware limited
partnership (“CELP”) (each a “Seller” and collectively the “Sellers”).
Sellers and Purchaser are sometimes referred to herein individually as a “Party” and collectively as
the “Parties.”

 

Recitals

 

WHEREAS, CELP’s
registered common units are quoted on the Pink OTC Markets, Inc. resulting in CELP being a reporting company for purposes of federal
and state securities laws;

 

WHEREAS, CEGP
is the sole general partner of CELP;

 

WHEREAS, CELP
owns 100% of the issued and outstanding Equity Securities of Regional Enterprises, Inc., a Virginia corporation (“Regional”),
and 100% of the issued and outstanding Equity Securities of Rio Vista Operating GP, LLC, a Delaware limited liability company (“Rio
Vista GP”);

 

WHEREAS, CELP
and Rio Vista GP collectively own 100% of the Equity Securities of Rio Vista Operating Partnership L.P., a Delaware limited partnership
(“Rio Vista LP”, and together with Sellers, Regional, and Rio Vista GP, the “Seller Entities”);

 

WHEREAS, CEGP
desires to issue and sell to Purchaser, and Purchaser desires to purchase from CEGP, on the terms and conditions set forth herein,
a membership interest in CEGP with a Sharing Ratio of fifty-five percent (55%) (the “CEGP Interest”);
and

 

WHEREAS, CELP
desires to issue and sell to Purchaser, and Purchaser desires to purchase from CELP, subject to the terms and conditions set forth
herein, 3,000,000 newly-issued common units of CELP (the “CELP Units”);

 

Agreement

 

NOW, THEREFORE,
in consideration of the benefits to be derived from this Agreement and the representations, warranties, covenants, agreements and
conditions contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the Parties, intending to be legally bound, agree as follows:

 

ARTICLE
I

PURCHASE AND SALE OF THE ACQUIRED INTERESTS; PURCHASE PRICE

 

1.1           Sale
of Acquired Interests. In accordance with, and subject to, the terms and conditions of this Agreement, at the Closing (a) Purchaser
shall purchase from CEGP, and CEGP shall sell and issue to Purchaser the CEGP Interest, free and clear of all Encumbrances, and
admit Purchaser as a member of CEGP, and (b) Purchaser shall purchase from CELP, and CELP shall sell and issue to Purchaser the
CELP Units, free and clear of all Encumbrances. The CEGP Interest and the CELP Units are collectively referred to herein as the
“Acquired Interests.”

 

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1.2          Purchase
Price.

 

As consideration for
the Acquired Interests, Purchaser shall pay to Sellers the aggregate amount of Two Million Seven Hundred Fifty Thousand Dollars
($2,750,000) (“Purchase Price”), allocated between Sellers as set forth on Schedule 1.2.
The amount payable by Purchaser to Sellers at Closing (the “Closing Payment”) will be the Purchase Price
less the deposit of Four Hundred Thousand Dollars ($400,000) previously deposited with Sellers (the “Pre-Closing Deposit”).

 

1.3          The
Closing. Subject to the terms and conditions of this Agreement, the consummation of the Transactions shall take place at the
closing (the “Closing”) at the offices of Shackelford Melton & McKinley, 3333 Lee Parkway, 10th Floor,
Dallas, Texas 75219, or such other place as the Parties may mutually agree, no later than three (3) Business Days after the last
of the conditions to Closing set forth in Article VI have been satisfied or waived (other than conditions which, by
their nature, are to be satisfied on the Closing Date) or at such other time or date as the Parties may mutually agree (the day
on which the Closing takes place being the “Closing Date”). The Closing shall take place by delivery
via facsimile or portable document file (.pdf) transmission (with originals sent via overnight courier service) of the documents
to be delivered at the Closing and wire transfer of the payments to be made in accordance with this Agreement, or in such other
manner as the Parties may mutually agree in writing.

 

1.4          Closing
Deliveries.

 

(a)          At
the Closing, Sellers shall deliver, or cause to be delivered, to Purchaser each of the documents set forth in Section 6.2(c)
through (f).

 

(b)          At
the Closing, Purchaser shall deliver, or cause to be delivered, to Sellers each of the documents, payments and other items set
forth in Section 6.3(c) through (h).

 

ARTICLE
II

REPRESENTATIONS AND WARRANTIES OF SELLERS

 

As of the date hereof
and as of the Closing Date, Sellers represent and warrant to Purchaser, jointly and severally, except that CELP does not join in
any representations solely to the extent that the representation pertains to CEGP, that the statements contained in this Article
II with respect to each of the Seller Entities is true and correct, except as expressly set forth in the Disclosure Schedule
delivered by the Sellers to Purchaser concurrent with the execution of this Agreement (the “Disclosure Schedule”)
which is attached hereto and incorporated in this Agreement for all purposes (it being agreed that the disclosure of information
in a particular section or subsection of the Disclosure Schedule shall be deemed disclosed and incorporated into any other particular
section or subsection of this Agreement to which the relevance of such information is reasonably apparent).

 

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2.1          Organization,
Standing, Qualification and Power.

 

(a)          Each
Seller Entity is duly organized, validly existing and in good standing under the Laws of the jurisdiction in which it has been
organized, which jurisdictions of organization with respect to each Seller Entity are set forth in Section 2.1(a) of the Disclosure
Schedule and has all requisite power and authority to own, lease and operate its properties and to carry on the business as
presently conducted by each such Seller Entity. Each Seller Entity is duly qualified and in good standing to do business in each
jurisdiction in which such qualification is necessary because of the character of the assets owned or leased by each or the nature
of the business conducted by it except where the failure to be so qualified or in good standing would not have a Material Adverse
Effect. A true and complete list of the jurisdictions in which each Seller Entity is so qualified to transact business as a foreign
entity is set forth on Schedule 2.1(a) of the Disclosure Schedule.

 

(b)          Sellers
have provided Purchaser with true and complete copies of the Charter Documents of each Seller Entity.

 

(c)          Section 2.1(c)
of the Disclosure Schedule lists the managers, directors and/or officers (or the functional equivalents thereof) of each Seller
Entity.

 

2.2          Authority;
Execution and Delivery; Enforceability.

 

(a)          Each
Seller has the requisite power and authority to execute, deliver and perform this Agreement and the Related Documents to which
it is, or is specified to be, a Party and to consummate the Transactions. This Agreement has been duly executed and delivered by
Sellers, and (assuming due authorization, execution and delivery by Purchaser) this Agreement constitutes a legal, valid and binding
obligation of Sellers enforceable against Sellers in accordance with its terms except as may be limited by bankruptcy, insolvency,
reorganization, fraudulent conveyance or other similar Laws affecting the enforcement of creditors’ rights generally and
general equitable principles.

 

(b)          When
each other Related Document to which each Seller is, or is specified to be a party, has been duly executed and delivered by Seller
(assuming due authorization, execution and delivery by each other party or parties thereto), such Related Document to which each
Seller is, or will be a party, will constitute a legal and binding obligation of such Seller enforceable against it in accordance
with its terms, except as may be limited by bankruptcy, insolvency, reorganization, fraudulent conveyance or other similar Laws
affecting the enforcement of creditors’ rights generally and general equitable principles.

 

2.3          No
Conflicts; Consents. Except for such consents, approvals and waivers as have been obtained prior to the Closing and are set
forth in Schedule 2.3 (the “Seller Required Consents”), each of the Seller’s execution
and delivery and performance of this Agreement and each of the Related Document to which each is a party and the consummation of
the Transactions by each of the Sellers do not:

 

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(a)          conflict
with or require the consent, approval, ratification, waiver or other authorization of any Person under any provisions of the Charter
Documents of any Seller Entity;

 

(b)          violate
any provision of, or require any Governmental Approval under, any Law or Order applicable to any Seller Entity or to which any
of their respective assets are subject except where the violation would not, individually or in the aggregate, have a Material
Adverse Effect;

 

(c)          (i)
conflict with, result in a breach or termination of, constitute a default under, or constitute an event that with notice or lapse
of time, or both, would constitute a default under, accelerate, or permit the acceleration of the performance required by, or (ii)
require any consent, approval, ratification, waiver, or other authorization under or otherwise give any Person additional rights
under, any Contract, instrument or understanding to which any Seller Entity is a Party or by which any of its respective assets
is bound or that is necessary for operation of the business of any Seller Entity as currently conducted by such Seller Entity;
or

 

(d)          result
in the creation or imposition of any Encumbrance upon the Acquired Interests or the assets of any Seller Entity, or impair the
authority or ability of any Seller Entity to carry on its business in the same manner as it is presently being conducted.

 

2.4          Capitalization.
All of the issued and outstanding Equity Securities of the Seller Entities, the amounts and owners of which are set forth on Section
2.4 of the Disclosure Schedule, have been duly authorized and validly issued and are fully paid and non-assessable, have not
been issued in violation of any preemptive or similar rights and have been issued in compliance with all applicable Laws (including
securities Laws). Except as disclosed in the Qualifying SEC Disclosures, there are no outstanding options, warrants or other rights
of any kind to acquire any Equity Securities of the Seller Entities or securities convertible into or exchangeable for, or which
otherwise confer on the holder thereof any right to acquire, any such additional Equity Securities, nor is any Seller Entity committed
to issue any such option, warrant, right or security. No Seller Entity owns any Equity Securities in any Person other than other
Seller Entities.

 

2.5          Subsidiaries.
CELP owns, directly or indirectly, all of the Equity Securities of each Subsidiary free and clear of any Encumbrances, other than
Permitted Encumbrances with respect to the Equity Securities of Regional, and all of the issued and outstanding Equity Securities
of each Subsidiary is validly issued and is fully paid, non-assessable and free of preemptive and similar rights to subscribe for
or purchase Equity Securities.

 

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2.6          CELP
SEC Reports; Financial Statements.

 

(a)          CELP
has filed all reports, schedules, forms, statements and other documents required to be filed by CELP under the Securities Act and
the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the periods commencing December 31, 2010
on a timely basis or has received a valid extension of such time of filing and has filed any such CELP SEC Reports prior to the
expiration of any such extension (the foregoing materials, including the exhibits thereto and documents incorporated by reference
therein, being collectively referred to herein as the “CELP SEC Reports”). As of their respective dates,
the CELP SEC Reports complied in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable,
as in effect at the time of filing and none of the CELP SEC Reports, when filed, contained any untrue statement of a material fact
or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading.

 

(b)          The
financial statements of CELP included in the CELP SEC Reports comply in all material respects with applicable accounting requirements
and the rules and regulations of the Commission with respect thereto as in effect at the time of filing. Such financial statements
have been prepared in accordance with GAAP, except as may be otherwise specified in such financial statements or the notes thereto
and except that unaudited financial statements may not contain all footnotes required by GAAP and are subject to year-end and audit
adjustments, and fairly present in all material respects the financial position of CELP and its only operating subsidiary, Regional,
as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of
unaudited statements, to year-end and audit adjustments.

 

(c)          All
accounts receivable of the Seller Entities reflected on the balance sheet included in the financial statements of CELP set forth
in CELP’s Quarterly Report on Form 10-Q for the three-month period ended June 30, 2013: (i) represent bona fide transactions
from third parties for the sale and delivery of goods or rendition of services consummated in the Ordinary Course of Business in
accordance with the terms of the documents related to such accounts receivable; (ii) are not subject to any claim, counterclaim,
set-off or deduction; and (iii) are owned by the Seller Entities.

 

(d)          All
accounts payable of the Seller Entities as of the date of this Agreement are the result of bona fide transactions consummated in
the Ordinary Course of Business.

 

(e)          Except
as set forth in the Qualifying SEC Disclosures and excluding intercompany transactions, each Seller Entity is Solvent prior to
and after giving effect to this Agreement and the Related Documents to be entered into on the Closing Date. No Seller Entity is
involved in any proceedings, nor, to the Knowledge of Sellers, are any proceedings contemplated by or against it in any court under
the U.S. Bankruptcy Code or any other insolvency or debtor’s relief act, or for the appointment of a trustee, receiver, liquidator,
sequestrator or other similar official for the Seller Entities or with respect to any of their assets.

 

2.7          Indebtedness.
Except as set forth in Section 2.7 of the Disclosure Schedule, as of the Closing Date: (a) no Seller Entity is directly,
indirectly or contingently obligated with respect to any Indebtedness; (b) there exists no default or event of default under the
provisions of any Indebtedness or any related agreement to which any Seller Entity is a party; (c) no Seller Entity has requested
the waiver of any provision of any agreement evidencing Indebtedness; and (d) there has been no demand for payment, oral or
otherwise, with respect to any agreement evidencing Indebtedness to which any Seller Entity is a party. There are no Cumulative
Common Unit Arrearages, as such term is defined in the CELP Partnership Agreement, due and owing to limited partners of CELP.

 

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2.8          Material
Changes, Undisclosed Events, Liabilities or Developments. Except as disclosed in the Qualifying SEC Disclosures: (i) there
has been no event, occurrence or development that has had or that could reasonably be expected to result in a Material Adverse
Effect, (ii) none of the Seller Entities has incurred any Liability other than (A) trade payables, deferred revenue and accrued
expenses incurred in the Ordinary Course of Business and (B) Liabilities not required to be reflected in the financial statements
pursuant to GAAP or disclosed in filings made with the Commission, (iii) none of the Seller Entities have altered their respective
method of accounting, (iv) no Seller Entity has declared or made any dividend or distribution of cash or other property to its
equity holders or purchased, redeemed or made any agreements to purchase or redeem any Equity Securities, (v) none of the Seller
Entities has issued any Equity Securities to any officer, director or Affiliate, except pursuant to existing stock option plans
of CELP, (vi) no Seller Entity has amended its Charter Documents, (vii) no Seller Entity has made any change affecting compensation
to its directors, officers, employees and agents other than normal annual employment period adjustments not greater than in the
prior year, (viii) no Seller Entity has created or assumed any Indebtedness (except by reason of endorsing checks in the Ordinary
Course of Business), or reduced any bank line of credit or the availability of funds under any other loan or financing agreement;
and (ix) no Seller Entity has entered into, modified or terminated any Material Contract. Except for the issuance of the Acquired
Interests contemplated by this Agreement, no event, liability, fact, circumstance, occurrence or development has occurred or exists
or is reasonably expected to occur or exist with respect to any Seller Entity or their respective businesses, properties, operations,
assets or financial condition, that would be required to be disclosed by CELP under applicable Securities Laws at the time this
representation is made or deemed made that has not been publicly disclosed at least one (1) trading day prior to the date that
this representation is made.

 

2.9          Records.
The Records of each Seller Entity sets forth in all respects the material transactions to which it is a party or by which it or
its assets is bound, and such books and records are true and complete in all material respects and have been properly kept and
maintained in accordance with GAAP, consistently applied or, to the extent not financial Records, in accordance with good business
practices. The minute books of the Seller Entities provided to Purchaser prior to the execution of the Agreement contain minutes
of all meetings of, and accurate consents to all actions taken without meetings by the boards of directors, managers or other persons
performing similar functions or any committees thereof, and the holders of any interests.

 

2.10        Personal
Property. All tangible personal property used by each of the Seller Entities is owned or leased by the Seller Entities pursuant
to a valid lease, in either case, free and clear of all Encumbrances other than Permitted Encumbrances.

 

2.11        Real
Property. This Section 2.11 does not include any representation with respect to compliance with Environmental Laws,
such matters being addressed exclusively in Section 2.23.

 

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(a)          Section 2.11(a)
of the Disclosure Schedule sets forth a true and complete list of the street address or other location information for all
Owned Real Property. CEGP has delivered to Purchaser true, correct and complete copies of all deeds, title reports/policies, exception
documents, surveys and related material documents pertaining to the Owned Real Property of Regional in CEGP’s possession.
To the Knowledge of Sellers, the current use of the Owned Real Property by Regional does not violate in any material respect any
restrictive covenants or Easements of record, other unrecorded agreement, or other Encumbrance affecting any of the Owned Real
Property. No Selling Entity other than Regional possesses or uses any Owned Real Property.

 

(b)          None
of the Seller Entities has any Leased Real Property.

 

(c)          The
Owned Real Property and the improvements located thereon are supplied with and have access to such sewer, water, gas, electric,
telephone and other utilities as are necessary to allow the business of Regional to be operated in the ordinary course as currently
operated. Neither the whole nor any part of any Owned Real Property is subject to any pending suit for condemnation or other taking,
by eminent domain or otherwise by any Governmental Entity, and, to the Knowledge of Sellers, no such condemnation or other taking
is threatened. No Person has any interest in the Owned Real Property which would allow such Person to use the surface or sub-surface
estate of the Owned Real Property in a manner that does or would reasonably be expected to affect Regional’s present use
or operation of the Owned Real Property in a material manner.

 

2.12        Title
to Assets. Regional has good and valid (and, in the case of Owned Real Property, good and marketable fee simple) title to,
or a valid leasehold interest in, all Owned Real Property and personal property and other assets reflected in the financial statements
included in the CELP SEC Reports, or acquired after the latest CELP SEC Reports, other than properties and assets sold or otherwise
disposed of in the Ordinary Course of Business since the latest CELP SEC Reports. Except as set forth on Section 2.12 of the
Disclosure Schedule all such property and assets are free and clear of any Encumbrances other than Permitted Encumbrances.

 

2.13        Intellectual
Property. Each of the Seller Entities has, or has rights to use, all trademarks, trademark applications, service marks, trade
names, licenses and other intellectual property rights and similar rights necessary or material for use in connection with its
respective business (collectively, the “Intellectual Property Rights”). None of the Seller Entities has
received a notice (written or otherwise) that any of the Intellectual Property Rights has expired, terminated or been abandoned,
or is expected to expire or terminate or be abandoned, within two (2) years prior to the date of this Agreement. CELP has not received,
since the date of the latest audited financial statements included in the CELP SEC Reports, a written notice of a claim or otherwise
has any Knowledge that the Intellectual Property Rights owned or used by the any of Seller Entities violate or infringe upon the
rights of any Person. To the Knowledge of Sellers, all such Intellectual Property Rights owned by each of the Seller Entities is
enforceable and there is no existing infringement by another Person of any of the Intellectual Property Rights. Each of the Seller
Entities have taken reasonable security measures to protect the secrecy, confidentiality and value of its Intellectual Property
Rights. None of the Selling Entities possess any patents, patent applications, trade secrets, inventions or copyrights.

 

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2.14        Material
Contracts.

 

(a)          Except
for this Agreement and except as filed in the Qualifying SEC Disclosures, as of the date hereof, no Seller Entity is a party to
or is bound by any Contract that (i) would be required to be filed by CELP as a “material contract” pursuant to Item
601(b)(10) of Regulation S-K, (ii) is material to the business or operations of the Seller Entities, taken as a whole, or (iii)

 

(A)         involves
an obligation of the Seller Entities that relates to Indebtedness;

 

(B)         provides
for fixed compensation to any employee or consultant of the Seller Entities or would require any severance, retention or incentive
payment as a result of the Transactions, assuming the satisfaction of any requirement that the applicable employee or consultant
remain employed or engaged by the Seller Entities for any period of time after Closing;

 

(C)         expressly
limits or restricts the ability of the Seller Entities to compete or otherwise to conduct their business as presently conducted
in any manner or place;

 

(D)         requires
the Seller Entities to deal exclusively with any Person or any Person to deal exclusively with the Seller Entities;

 

(E)         is
a partnership or joint venture agreement;

 

(F)         obligates
any Seller Entity to indemnify any other Person in connection with any disposition, sale or other transfer of any present or former
business of the Seller Entities; or

 

(G)         is
between a Seller Entity and any other Seller Indemnified Party;

 

(each such Contract as described in this
Section 2.14(a), a “Material Contract”). Section 2.14(a) of the Disclosure Schedule set
forth a complete list of each Material Contract.

 

(b)          True,
correct and complete copies of each Material Contract, including all amendments, modifications, waivers, consents and other similar
documents relating thereto, have been filed with CELP SEC Reports or otherwise made available to Purchaser. Each Material Contract
is in full force and effect and is valid and binding on the Seller or Subsidiary party thereto and, to the Knowledge of the Sellers,
any other Party thereto.

 

(c)          Except
as disclosed in Section 2.14(c) of the Disclosure Schedule, (i) there is no default under any Material Contract by any Seller
Entity or, to the Knowledge of Sellers, any other party thereto, and (ii) no event has occurred that with the lapse of time or
the giving of notice or both would constitute a default under any Material Contract by any Seller Entity or, to the Knowledge of
Sellers, any other party thereto.

 

    	8

    	 

    

 

2.15        Permits.
Except as disclosed in the Qualifying SEC Disclosures, there are no Permits that are required for the lawful conduct of each of
Seller Entities’ business as presently conducted. All such Permits are in full force and effect. Except as set forth in Section 2.15
of the Disclosure Schedule, the execution and delivery of this Agreement and the consummation of the Transactions contemplated
hereby and thereby will not result in any revocation, cancellation, suspension or modification of any such Permit.

 

2.16        Taxes.
Except as set forth on Schedule 2.16:

 

(a)          Except
as disclosed in the Qualifying SEC Disclosures, each Seller Entity has timely filed or has caused to be timely filed, after giving
effect to any applicable extensions, all Tax Returns required to be filed by such Seller Entity under applicable Law, maintained
all documents and records relating to Taxes as are required to be made or provided by each and have complied in all material respects
with all legislation relating to Taxes applicable to each. All such Tax Returns were in all material respects true, complete and
correct. No claim has ever been made or threatened against any Seller Entity by any Governmental Entity in a jurisdiction where
such Seller Entity does not file Tax Returns that such Seller Entity is or may be subject to taxation by that jurisdiction. No
Seller Entity has been or is required to file any Tax Returns in any jurisdictions outside the United States.

 

(b)          Except
as disclosed in the Qualifying SEC Disclosures, each Seller Entity has, within the time and in the manner prescribed by applicable
Law, paid or have caused to be paid all Taxes that are due and payable, including, but not limited to, any Tax installments or
estimated Taxes due by such Seller Entity in respect of the current tax year of each Seller Entity. Without limiting the generality
of the foregoing, each Seller Entity is in compliance with all registration, reporting, collection, remittance and record keeping
obligations with respect to all state sales tax legislation.

 

(c)          Except
as disclosed in the Qualifying SEC Disclosures, there are no Tax liens with respect to any assets of the Seller Entities except
liens for Taxes not yet due and payable.

 

(d)          Except
as disclosed in the Qualifying SEC Disclosures, no Seller Entity has requested any extension of time within which to file any Tax
Return, which Tax Return has not since been filed.

 

(e)          Each
Seller Entity has timely withheld proper and accurate amounts from its employees, customers, members, shareholders and others from
whom it is or was required to withhold Taxes in compliance with all applicable Laws and have timely paid such withheld amounts
to the appropriate Taxing authorities.

 

    	9

    	 

    

 

(f)          Except
as disclosed in the Qualifying SEC Disclosures, no Seller Entity has executed any outstanding waivers, extensions or comparable
consents regarding the application of the statute of limitations with respect to any Taxes or Tax Returns.

 

(g)          Except
as disclosed in the Qualifying SEC Disclosures, no deficiency for any Taxes has been proposed, asserted or assessed against any
Seller Entity that has not been resolved or paid in full.

 

(h)          Except
as disclosed in the Qualifying SEC Disclosures, no audits or other administrative proceedings or court proceedings are presently
pending with regard to any Taxes or Tax Returns of the Seller Entities and no Seller Entity has been advised of any issue that
has arisen in any examination of the Seller Entities by any Governmental Entity and no Governmental Entity has notified any Seller
Entity that it intends to investigate the Tax affairs of any Seller Entity.

 

(i)          No
power of attorney currently in force has been granted by any Seller Entity concerning any Tax matter.

 

(j)          Except
as disclosed in the Qualifying SEC Disclosures, the charges, accruals and reserves for Taxes with respect to the Seller Entities
reflected on the consolidated financial statements of CELP included in the Qualifying SEC Disclosures (excluding any provision
for deferred income taxes reflecting either differences between the treatment of items for accounting and income tax purposes or
carry forwards) are adequate under GAAP to cover all Taxes of the Seller Entities not yet due and payable and will be adequate
under GAAP to cover all Taxes of the Seller Entities for operations and transactions through and including the Closing Date by
adjusting such reserve in accordance with the past custom and practice of the Company.

 

(k)          No
Seller Entity has received a Tax Ruling or entered into a Closing Agreement with any Governmental Entity that would have a continuing
adverse effect upon any Seller Entity after the Closing Date. There are no requests for a Tax Ruling that, if issued, would be
binding on Purchaser or any of the Seller Entities. “Tax Ruling” shall mean a written ruling of a Taxing
Authority relating to Taxes provided in the United States pursuant to a written request for such ruling by the applicable taxpayer
or pursuant to a request of a representative of the Taxing Authority. “Closing Agreement” shall mean
a written and legally binding agreement with a Taxing Authority relating to Taxes.

 

(l)          CEGP
has made available to Purchaser complete and accurate copies of (i) all Tax Returns, and any amendments thereto, filed by
the Seller Entities for all tax years beginning after December 31, 2010, (ii) all audit reports and any statements of deficiencies
assessed against any of the Seller Entities received from any Taxing Authority relating to any Tax Return filed by the Seller Entities,
and (iii) the Closing Agreements entered into by the Seller Entities with any Taxing Authority.

 

    	10

    	 

    

 

(m)          No
event, transaction, act or omission has occurred that could result in any Seller Entity becoming liable to pay or to bear any Tax
as a transferee, successor, by contract or otherwise that is primarily or directly chargeable or attributable to any other Person.
The Seller Entities have no actual or contingent Liability (whether by reason of any indemnity, warranty or otherwise) to any other
Person in respect of any actual, contingent or deferred Liability of such Person for Taxes.

 

(n)          Each
Seller Entity has complied in all material respects with the provisions of the Code relating to the payment and withholding of
Taxes, including, without limitation, the withholding and reporting requirements under Code §§ 1441 through 1464, 3401
through 3606, and 6041 and 6049, and have, within the time and in the manner prescribed by law, withheld and paid over to the proper
Governmental Entity all amounts required in connection with amounts paid or owing to any employee, independent contractor, creditor,
non-resident, stockholder, or other third party.

 

(o)          No
Seller Entity is a party to any agreement, contract or arrangement that would result, separately or in the aggregate, in the payment
of any “excess parachute payments” or any other compensation arrangements that would otherwise not be deductible by
them, under applicable Law, including, but not limited to, Code § 280G.

 

(p)          No
Seller Entity has entered into any Tax sharing, Tax indemnity, Tax allocation agreement, or other similar agreement with any Person.

 

(q)          No
Seller Entity has any Liability for Taxes of any Person under Section 1.1502-6 of the Treasury Regulations or any similar provision
of applicable Law as a transferee or successor by contract or otherwise.

 

(r)          No
Seller Entity is a party to any agreement, contract or arrangement that would result, separately or in the aggregate, in the payment
of any compensation arrangements that would otherwise not be deductible by such Seller Entity, under applicable Law.

 

(s)          No
Seller Entity is required to include in income any adjustment pursuant to Code § 481 by reason of a change in accounting method,
and to the Knowledge of Sellers, the IRS has not proposed any such adjustment or change in accounting method. No Seller Entity
has any application pending with any Taxing Authority requesting permission for any change in accounting method. No Seller Entity
will be required to include in a taxable period ending after the Closing Date taxable income attributable to income that economically
accrued in a taxable period ending on or before the Closing Date as a result of any method of accounting reported or otherwise
required including, but not limited to, the installment method of accounting, the completed contract method of accounting, or any
method of reporting revenue from contracts that are required to be reported on the percentage of completion method (as defined
or used in Code § 460(b)). No Seller Entity has made an election (including a protective election) pursuant to Code §
108(i).

 

(t)          No
Seller Entity has filed a consent pursuant to Code § 341(f) or agreed to have Code § 341(f)(2) apply to any disposition
of a subsection (f) asset (as that term is defined in Code § 341(f)(4)) owned by any Seller Entity. No election under Code
§ 338 (or any predecessor provisions) has been made with respect to any of the assets of any Seller Entity.

 

    	11

    	 

    

 

(u)          No
Seller Entity is subject to any contract, obligation or commitment under which it will or may any time hereafter be or become liable
to make any payment (or provide any other amount in money or money’s worth) that (in either such case) is not deductible,
depreciable or amortizable in full in computing the income of such Seller Entity for the purpose of any Taxes on income or profits
to which it may be subject.

 

(v)         No
Seller Entity has disposed of any asset or supplied any service or business facility of any kind (including a loan of money or
the letting, hiring or licensing of any property whether tangible or intangible) in circumstances where the consideration to be
received for such disposal or supply will be less than the consideration deemed received for Tax purposes.

 

(w)          The
Seller Entities have maintained all documents and records relating to Taxes as are required by applicable Law or otherwise necessary
and proper and have complied with all legislation regarding the same.

 

(x)          None
of the assets of the Seller Entities (i) is tax-exempt use property within the meaning of Code § 168(h), (ii) directly or
indirectly secures any Indebtedness the interest on which is exempt under Code § 103(a) or (iii) is property subject to Code
§ 168(f).

 

(y)          Each
Seller Entity has disclosed on each of its Tax Returns all positions taken therein that could give rise to a substantial understatement
of Federal income Tax within the meaning of Code § 6662 or similar provisions under state or local law.

 

(z)          No
Seller Entity has any Liability for Taxes of any Person under Section 1.1502-6 of the Treasury Regulations or any similar provision
of Applicable Law as a transferee or successor by contract or otherwise.

 

(aa)         No
Seller Entity has deferred gain or loss under Section 1.1502-13(d) of the Treasury Regulations that arose in an inter-Company transaction
between such Seller Entity and any other member of any consolidated group.

 

(bb)         Since
January 1, 2011, no Seller Entity has been a member of an affiliated group filing a consolidated Federal income Tax Return that
included any Person other than the other Seller Entities.

 

(cc)         The
Seller Entities have no annual consolidated Code § 382 (or other) limitations from previous ownership changes.

 

(dd)         All
material elections with respect to Taxes affecting the Seller Entities as of the date hereof are set forth in Section 2.16
to the Disclosure Schedule.

 

(ee)         No
Seller Entity will recognize income or gain as a result of the sale and purchase of the Acquired Interests pursuant to this Agreement.

 

    	12

    	 

    

 

(ff)         No
Seller Entity is or has ever been a beneficiary or otherwise participated in any “reportable transaction” within the
meaning of Section 1.6011-4(b)(1) of the Treasury Regulations (or any transaction required to be disclosed under similar provisions
of a state or local Tax law) that was, is or, to the Knowledge of Sellers, will ever be required to be disclosed under Section
1.6011-4 of the Treasury Regulations, and no Tax Return of any Seller Entity contained a disclosure statement under Code §
6662 (or any predecessor provision or comparable provision of applicable Law).

 

2.17        Litigation.
Except as disclosed in the Qualifying SEC Disclosures and set forth in Schedule 2.17 of the Disclosure Schedule, there is
no Proceeding or Order pending or, to the Knowledge of Sellers, threatened, against or affecting any Seller Entity or its business
or assets. The Seller Entities are not a party to or subject to or in default under any Order.

 

2.18        Insurance.
Section 2.18 to the Disclosure Schedule contains a complete list and description (including all applicable policy limits,
premiums and deductibles) of all insurance policies maintained by the Seller Entities. Such insurance policies are with insurers
of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses
in which the Seller Entities are engaged. Such insurance policies are in full force and effect and all premiums due and payable
thereon have been paid. Sellers have no reason to believe that it will not be able to renew its existing insurance coverage as
and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue their business
without a significant increase in cost.

 

2.19        Seller
Benefit Plans.

 

(a)          Section
2.19(a) to the Disclosure Schedule sets forth a true, complete, and correct list of each Seller Benefit Plan. The Seller Entities
have no binding obligation arising from any communication to any employee of the Seller Entities or to any other Person to modify
any Seller Benefit Plan or to establish or implement any other material benefit plan, program, or arrangement.

 

(b)          Sellers
have delivered to Purchaser a true and complete copy of (i) each Seller Benefit Plan (as well as all employee benefit plans
as defined in Section 3(3) of ERISA that were terminated during the preceding six (6) years and were intended at any time to be
qualified under Section 401(a) of the Code) and each related trust agreement, annuity contract, other funding instrument,
and all other material contract and agreement, including third-party administration agreements and service agreements, maintained
in connection with the operation of each Seller Benefit Plan, (ii) the latest IRS determination letter, if any, obtained with
respect to any such Seller Benefit Plan intended to be qualified or exempt under Section 401 or 501 of the Code, as applicable,
(iii) Forms 5500 and certified financial statements for the most recently completed three (3) fiscal years for each Seller
Benefit Plan required to file such form and maintain such financial statements, together with the most recent actuarial report,
if any, prepared by the Seller Benefit Plan’s enrolled actuary, (iv) all summary plan descriptions for each Seller Benefit
Plan for which a summary plan description is required, if any, and summaries prepared for each other Seller Benefit Plan, if any,
distributed to participants and beneficiaries, and (v) any summaries of material modification, if any, concerning each Seller
Benefit Plan.

 

    	13

    	 

    

 

(c)          Each
Seller Benefit Plan has been maintained, operated, and administered in all material respects in accordance with such Seller Benefit
Plan’s respective terms, and in compliance with all applicable Laws, including ERISA and the Code. Except as set forth in
Section 2.19(c) to the Disclosure Schedule, all reports, notices, and disclosures required to be filed or furnished pursuant
to the requirements of the Code, ERISA, or the terms of the Seller Benefit Plans with respect to each Seller Benefit Plan have
been duly and timely filed or furnished except for any failures that are not, either individually or in the aggregate, material.
Within the last three (3) years, neither the Seller Entities nor any ERISA Affiliate has participated in any voluntary compliance
or self-correction programs established by the IRS with respect to any Seller Benefit Plan for which full correction has not been
effectuated, or entered into a closing agreement with the IRS with respect to the form or operation of any Seller Benefit Plan
for which all Liabilities and obligations to such Seller Benefit Plan and any corresponding participants and beneficiaries have
not been satisfied.

 

(d)          Except
as set forth in Section 2.19(d) of the Disclosure Schedule, neither any Seller Entity nor any ERISA Affiliate within the
last six (6) years had an obligation to contribute to, or has been assessed any withdrawal Liability, or other contingent Liability,
with respect to a “multiemployer plan,” as defined in Section 3(37) of ERISA. Each “group health plan”
(as such term is defined in Section 5000(b)(1) of the Code or Section 607(1) of ERISA) sponsored or maintained by the Seller Entities
or any ERISA Affiliate has been administered and operated in all respects in compliance with the applicable requirements of Part
6 of Section B of Title I of ERISA and Section 4980B of the Code.

 

(e)          With
respect to each Seller Benefit Plan that provides welfare benefits of the type described in Section 3(1) of ERISA, (i) no
such plan provides medical or death benefits with respect to current or former employees of the Seller Entities, other than coverage
mandated by Sections 601-608 of ERISA and Section 4980B of the Code or applicable state law, and (ii) each such plan
has been administered in compliance with Sections 601-609 of ERISA and 4980B of the Code and, if applicable, state law.

 

(f)          Each
Seller Benefit Plan that is intended to be qualified under Section 401(a) of the Code (a “Qualified Plan”)
is, and has been during the period from such Seller Benefit Plan’s adoption to the Closing Date, so qualified, both as to
form and operation, and all necessary approvals of governmental authorities, including a favorable determination, opinion or notification
from the IRS (with respect to the cycle applicable to such Seller Benefit Plan pursuant to IRS Revenue Procedure 2007-44 or any
successor thereto) as to the Qualified Plan’s qualification under the Code have been timely obtained, and each trust created
thereunder which is intended to be exempt from federal income tax under the provisions of Section 501(a) of the Code is, and
has been from the date of such Qualified Plan’s establishment to the Closing Date, so exempt and no event has occurred or
condition exists that could adversely affect the qualified status of any such Qualified Plan or the exempt status of any such trust.

 

    	14

    	 

    

 

(g)          There
have been no non-exempt prohibited transactions or breaches of any of the duties imposed on “fiduciaries” (within the
meaning of Section 3(21) of ERISA) under ERISA with respect to any Seller Benefit Plan for which the Seller Entities could
have any Liability or obligation (except as has already been satisfied), and no other condition exists with respect to any Seller
Benefit Plan that could result in any Seller Entity becoming liable directly or indirectly (by indemnification or otherwise) for
any material excise tax or penalty under the Code or ERISA or for any other material Liability, except as has already been satisfied.

 

(h)          There
are no pending, or to the Knowledge of Sellers, threatened claims, lawsuits, or actions (other than routine claims for benefits
in the ordinary course) asserted or instituted against any Seller Benefit Plan or such Seller Benefit Plan’s related trust
or against any fiduciary of a Seller Benefit Plan with respect to the operation of such Seller Benefit Plan. There are no investigations
or audits of any Seller Benefit Plan by any governmental authority currently pending, and there have been no such investigations
or audits that have been concluded that resulted in any Liability to the Seller Entities which has not been fully discharged.

 

(i)          Each
Seller Benefit Plan, each employment agreement, bonus program and any other arrangement maintained by the Seller Entities to the
requirements of Section 409A of the Code has been maintained and administered in compliance with the requirements of Section 409A
of the Code from January 1, 2005, to the Closing Date, and as applicable, with the notices and proposed and final regulations issued
by the IRS under Section 409A of the Code, and each such plan, agreement, program and arrangement has been documented to conform
to the requirements of Section 409A of the Code. No person who is entitled to a benefit under any Seller Benefit Plan that is subject
to Section 409A of the Code has incurred or will incur any additional tax described in Section 409A(a)(1)(B) of the Code
as a result of any event occurring prior to the Closing or the manner in which such plan or arrangement has been established or
operated prior to the Closing. Section 2.19(i) of the Disclosure Schedule identifies each Seller Benefit Plan that is subject
to Section 409A of the Code.

 

(j)          No
termination, retention, severance, or similar benefit will become payable, and no employee of the Seller Entities will be entitled
to any additional benefits or any acceleration of the time of payment or vesting of any benefits under any Seller Benefit Plan
or other contract, as a result of the transactions contemplated by this Agreement.

 

(k)          No
Seller Benefit Plan is (i) a multiple employer welfare arrangement as defined in Section 3(40) of ERISA, or (ii) funded by, associated
with or related to a “voluntary employee’s beneficiary association” within the meaning of Section 501(c)(9) of
the Code.

 

(l)          No
Seller Benefit Plan is maintained outside of the jurisdiction of the United States.

 

(m)          Each
Seller Benefit Plan may be amended or terminated at any time without any cost, Liability or expense to Purchaser, except for normal
and routine administrative costs and expenses associated with such amendment or terminated.

 

(n)          Except
as set forth in Section 2.19(n) to the Disclosure Schedule, all contributions (including participant contributions) to the
Seller Benefit Plans that are due and owing to such Seller Benefit Plans on or before the Closing in accordance with the terms
of such plans, ERISA, or the Code have been timely made.

 

    	15

    	 

    

 

(o)          No
person who was engaged by any Seller Entity as an independent contractor or in any other non-employee capacity can be characterized
or deemed to be an employee of any Seller Entity under applicable Laws for any purpose whatsoever, including for purposes of federal,
state, and local income taxation, workers’ compensation, unemployment insurance and Seller Benefit Plan eligibility.

 

2.20        Employee
and Labor Matters.

 

(a)          Section
2.20(a) to the Disclosure Schedule contains a complete and accurate list of all employment contracts, consulting agreements,
management agreements, retention, severance or change of control agreements, confidentiality agreements, non-compete agreements,
proprietary rights agreements, including each Person on leave of absence or layoff status and similar agreements to which any Seller
Entity is a Party on the date hereof. All such agreements are in full force and effect and each Seller Entities are in compliance
with all of its obligations thereunder and is not in default thereunder, and to the Knowledge of Sellers, the counterparties to
such agreements are not in default thereunder.

 

(b)          No
Seller Entity has any outstanding Liability for payment of wages, vacation or sick pay (whether accrued or otherwise, salaries,
bonuses, pensions, contributions under any employee benefit plans or any other compensation, current or deferred, under any collective
bargaining or employment contracts, whether oral or written, based upon or accruing with respect to those services of the current
employees or any former employees performed prior to the Closing Date except for any payment due for the current payment or contribution
period.

 

(c)          No
employee of any Seller Entity has been granted the right to continued employment by any Seller Entity or to any compensation following
termination of employment with the Seller Entities.

 

(d)          To
the Knowledge of Sellers, there are no workmen’s compensation or worker’s compensation claims, insured or uninsured,
applicable to any Seller Entity. Except as set forth in Section 2.20(d) to the Disclosure Schedule, all amounts required
by any statute, insurance policy, or other governmental body or agreement to be paid into any workmen’s compensation loss
or reserve fund, collateral fund, sinking fund or similar account have been duly paid into such fund or account as required.

 

(e)          Except
as set forth in Section 2.20(e) to the Disclosure Schedule, there is no employment-related Proceeding of any kind, pending
or threatened in any forum, relating to an alleged violation or breach by any Seller Entity (or its managers, officers or directors)
of any Law or Contract; and, to the Knowledge of Sellers, no employee or agent of any Seller Entity has committed any act or omission
giving rise to Liability on the part of the Seller Entities for any such violation or breach.

 

(f)          Section
2.20(f) to the Disclosure Schedule sets forth a complete list of (i) those individuals currently receiving continuation coverage
under a Seller Benefit Plan pursuant to COBRA, and (ii) all employees, former employees and “qualified beneficiaries”
(as such term is defined under Section 4980B(g)(1) of the Code) who are in the COBRA election period with respect to a Seller Benefit
Plan but who have not yet made a COBRA election.

 

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2.21        Customers
and Suppliers. Section  2.21 of the Disclosure Schedule contains a true and complete list of the ten (10) largest
(based on revenues) customers and suppliers of the Seller Entities (all of whom are customers and suppliers of Regional) for calendar
years 2012 and 2013. Except as set forth in Section 2.21 of the Disclosure Schedule, no such customer has terminated or
amended, nor has given written notice to any Seller Entity that it intends to terminate or materially amend, the terms or amount
of goods or services purchased from (or payments made to) the Seller Entities. No such supplier has terminated or amended, nor
has given written notice to any of Seller Entities that it intends to terminate or materially amend, the cost or availability of
goods or services supplied to the Seller Entities.

 

2.22        Compliance
with Applicable Laws; FCPA.

 

(a)          Except
as set forth in Section 2.22(a) of the Disclosure Schedule, none of Seller Entities is in default or violation in any material
respect of any Law applicable to such Seller Entity or by which any of its assets is bound or affected, nor does any circumstance
exist which with notice or the passage of time or both would result in such a default or violation. Each of the Seller Entities
has been and is currently conducting its businesses, and its assets have been and now are being used and operated, in compliance
with all applicable Laws in all material respects.

 

(b)          Further
to and without limiting Section 2.22(a) of the Disclosure Schedule, neither any Seller Entity nor, to the Knowledge
of Sellers, any manager, director, officer, other employee, or agent of any Seller Entity has (i) used any funds for any unlawful
contribution, gift, entertainment or other unlawful expense relating to political activity or to influence official action; (ii)
made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; (iii)
made any bribe, rebate, payoff, influence payment, kickback or other unlawful payment; or (iv) violated or is in violation of any
provision of the FCPA; and each Seller Entity has conducted its businesses in compliance with the FCPA in all material respects.

 

2.23        Environmental
Matters.

 

(a)          Each
Seller Entity is in compliance in all material respects with all applicable Environmental Laws.

 

(b)          Each
Seller Entity has all Permits required under Environmental Laws for the conduct of its business as presently owned and operated
by such Seller Entity (“Environmental Permits”), such Permits are described in Schedule 2.23 and
no Seller Entity is in violation of any such Environmental Permits. No modification, revocation, reissuance, alteration, transfer
or amendment of any Environmental Permit, or any review by, or approval of, any Governmental Entity or other Person is required
under Environmental Law in connection with the execution or delivery of this Agreement, the consummation of the Transactions, or
the operation of any Seller Entity’s assets immediately after the Closing or any contemplated expansion of, or material modifications
to, any of the Seller Entities’ assets.

 

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(c)          Except
as disclosed in the Qualifying SEC Disclosures, no Seller Entity has Released any Hazardous Substances onto any real property that:
(i) constitutes an unremedied violation of any Environmental Law if the effect of such violation imposes a current remediation
obligation on the part of any Seller Entity; (ii) currently imposes any Release-reporting obligations on any Seller Entity under
any Environmental Law that has not been or is not being complied with; or (iii) imposes an obligation on the part of any Seller
Entity for reimbursement of costs incurred by others in connection with the remediation thereof.

 

(d)          Except
as disclosed in the Qualifying SEC Disclosures, there is no Environmental Condition on the Owned Real Property.

 

(e)          Except
as disclosed in the Qualifying SEC Disclosures, there are no Proceedings relating to an alleged breach of Environmental Laws on
or with respect to any of the Seller Entities, its assets or its business and none of the Seller Entities has received any notice
of any environmental, health or safety claim, demand, filing, investigation, administrative proceeding, action, suit or other proceeding
relating to the Seller Entities, their assets or their business or notice of any alleged violation or non-compliance with any Environmental
Law or of non-compliance with the terms or conditions of any Environmental Permits, arising from, based upon, associated with or
related to the Seller Entities, their assets or their business.

 

(f)          Except
as disclosed in the Qualifying SEC Disclosures, no Hazardous Substance defined or regulated as such under any Environmental Law
is present or has been handled, managed, stored, transported, processed, treated, disposed of, Released, migrated or escaped on,
in, from, under or in connection with the Seller Entities, their assets or their business or their assets except in compliance
with Environmental Laws.

 

2.24        Brokers.
No agent, broker, investment banker or other firm or Person engaged by or acting on behalf of any of the Seller Entities is or
shall be entitled to any broker’s or finder’s fee of any type (whether cash, securities or otherwise) or any other
commission or similar fee in connection with any of the Transactions.

 

2.25        No
General Solicitation. The offer and sale of the Acquired Interests to Purchaser is a privately negotiated transaction, and
neither Sellers nor any Person acting on behalf of Sellers has offered or sold any Equity Securities of Sellers that is substantially
similar to the Acquired Interests or any other Equity Securities that might be integrated with the issuance of the Acquired Interests
by any form of general solicitation or general advertising.

 

2.26        No
Other Representations or Warranties. Except for the representations and warranties contained in this Article II (including
the related Disclosure Schedule), neither of Sellers nor any Person acting on behalf of either Seller, has made or makes any other
express or implied representation or warranty, either written or oral, on behalf of Sellers.

 

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ARTICLE
III

REPRESENTATIONS AND WARRANTIES OF PURCHASER

 

Purchaser represents
and warrants to Sellers as follows:

 

3.1          Authority;
Execution and Delivery; and Enforceability. Purchaser has all limited liability company power and authority to execute, deliver
and perform this Agreement and the Related Documents to which it is, or is specified to be, a Party and to consummate the Transactions.
Purchaser has duly executed and delivered this Agreement, and this Agreement, when executed by the other Party or Parties to the
Agreement, constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as
may be limited by bankruptcy, insolvency, reorganization, fraudulent conveyance or other similar Laws affecting the enforcement
of creditors’ rights generally and general equitable principles. When each other Related Document to which Purchaser is,
or will be a Party, has been duly executed and delivered by Purchaser (assuming due authorization, execution and delivery by each
other Party or Parties thereto), such Related Document to which Purchaser is, or will be a Party, will constitute a legal and binding
obligation, enforceable against it in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization,
fraudulent conveyance or other similar Laws affecting the enforcement of creditors’ rights generally and general equitable
principles.

 

3.2          No
Conflicts; Consent; Certain Proceedings. As of the date hereof, no consent, approval, license, Permit, Order, qualification,
ratification, waiver or authorization of, or registration, declaration, notice or filing with, any Governmental Entity or any other
Person is required for or in connection with the execution and delivery by Purchaser of this Agreement and each other Related Document
to which it is a Party, and the consummation by Purchaser of the Transactions, except for such consents, approval and waivers as
have been obtained prior to the Closing and are set forth in Schedule 3.2 (each a “Purchaser Required Consent”).
There is no pending Proceeding that has been commenced against the Purchaser and that challenges, or may have the effect of preventing,
delaying, making illegal, or otherwise interfering with, the Transactions. To the Knowledge of Purchaser, no such Proceeding has
been threatened.

 

3.3          Brokers.
No agent, broker, investment banker or other firm or Person engaged by or acting on behalf of Purchaser is or shall be entitled
to any broker’s or finder’s fee of any type (whether cash, securities or otherwise) or any other commission or similar
fee in connection with any of the Transactions.

 

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3.4          Nature
and Character of Purchaser and its Members. Purchaser is a newly-formed Texas limited liability company organized for the purpose
of purchasing and holding the Acquired Interests and raising the proceeds necessary to purchase the Acquired Interests by soliciting
subscriptions from Persons to purchase and hold membership interests in the Purchaser (“Purchaser Membership Interests”).
Purchaser represents, warrants and covenants that it is an “accredited investor” as defined in Rule 501(a)(8) of Regulation
D promulgated under the Securities Act since (a) management of Purchaser has reasonable cause to believe, after having made a reasonable
factual inquiry, that each Person subscribing for Purchaser Membership Interests (“Subscribing Person”)
is (i) an “accredited investor” within the meaning of Rule 501(a) of Regulation D and (ii) is a sophisticated, well-informed
investor who has a relationship with the Purchaser or its principals, executive officers or managers evincing trust between the
parties and such Subscribing Person is acquiring the Purchaser Membership Interests as the ultimate purchaser and not as an underwriter
or conduit to other beneficial owners or subsequent purchasers, and (b) no Person subscribing for Purchaser Membership Interests
is a current member of CEGP. No Person acquiring Purchaser Membership Interests is (i) a “plan” (as defined in Section
3(3) of ERISA) subject to Title I of ERISA, (ii) a “plan” that is subject to the prohibited transaction provisions
of Section 4975 of the Code (such as an Individual Retirement Account or Keogh Plan) or (iii) an entity whose assets are treated
as “plan assets” under Section 3(42) of ERISA and any regulations promulgated thereunder.

 

3.5          Compliance
with Securities Laws. The Purchaser represents and warrants that:

 

(a)          no
registration under any applicable Securities Laws is required for the offer and sale of interests in the Purchaser as a result
of an exemption under Section 4(2) of the Securities Act and Section 5.I. of the Texas Securities Act and the applicable regulations
promulgated under the Securities Act and Texas Securities Act with respect to the offering of Purchaser Membership Interests;

 

(b)          Purchaser
has complied with all applicable Securities Laws in soliciting subscriptions for interests in Purchaser, including (i) notifying
any Person acquiring Purchaser Membership Interests that such membership interests have not been registered with the Commission
and any applicable state securities regulatory body and cannot be resold without registration or an available exemption from registration
and (ii) placing a legend on the certificate or other document that evidences the membership interests stating that the membership
interests have not been registered under the Securities Act and setting forth or referencing the restrictions on transferability
and sale of the membership interests;

 

(c)          the
offer and sale of Purchaser Membership Interests has been conducted without the use of any general solicitation or general advertising;
and

 

(d)          the
offer and sale of the Purchaser Membership Interests has not been made under circumstances that would cause the offer and sale
of such membership interests to be integrated with the offer and sale of the Acquired Interests.

 

3.6          Access
to Evaluation of Information Concerning the Sellers. Purchaser has:

 

(a)          such
knowledge, sophistication and experience in business, financial and investment matters so as to be capable of evaluating the merits
and risks of purchasing the Acquired Interests;

 

(b)          made
its own independent accounting, financial, legal, and tax evaluation of the merits and risks of an investment in the Acquired Interests
and the consequences of this Agreement, the Related Documents and the Transactions;

 

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(c)          been
given access to and an opportunity to examine such documents, materials and information concerning the Seller Entities as Purchaser
deems to be necessary or advisable in order to reach an informed decision as to an investment in Sellers, has carefully reviewed
and understands these materials, and has had answered to Purchaser’s full satisfaction any and all questions regarding such
information; and

 

(d)          has
considered the suitability of the Acquired Interests as an investment in light of its own circumstances and financial condition
and Purchaser is able to bear the risks associated with an investment in the Acquired Interests.

 

3.7          Illiquidity
of CEGP Interest and CELP Units. Purchaser understands that (i) substantial restrictions will exist on transferability
of the CEGP Interest and the CELP Units under applicable Securities Laws, (ii) no market for resale of the CEGP Interest exists
or is expected to develop, (iii) Purchaser may not be able to liquidate the CEGP Interest or the CELP Units, (iv) any instrument
representing the CEGP Interest and the CELP Units will bear legends restricting the transfer thereof, and (v) the terms and conditions
of the CEGP LLC Agreement contain significant restrictions on the transfer of the CEGP Interest. Purchaser understands that an
investment in the CEGP Interest and the CELP Units entails a very high degree of risk and understands fully the risks associated
with the operation of CEGP, CELP and its Subsidiaries and the Purchaser’s investment in the Sellers.

 

3.8          Investment
Intent. Purchaser is acquiring the Acquired Interests for its own account for investment, and not with a view to any distribution,
resale, subdivision or fractionalization of any securities included in the Acquired Interests. Purchaser has no agreement, written
or oral, with any of its members, or any members, directors or officers of CEGP, or any third party to distribute, resell, subdivide
or fractionalize any portion of the Acquired Interests or any plans to enter into any contract, undertaking, agreement or arrangement
for any such distribution, resale, subdivision or fractionalization of the Acquired Interests.

 

3.9          Regulation
M Compliance. The Purchaser has not, and to the Knowledge of Purchaser, no one acting on its behalf has (a) taken, directly
or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of the Common Units
in order to facilitate the sale or resale of the CELP Units or Common Units, or (b) sold, bid for, purchased or paid any compensation
for soliciting purchases of any Common Units.

 

3.10        Undisclosed
Principals or Agents. Purchaser intends to, and will, complete the Transactions for its own account, and Purchaser is not acting
as an agent, broker or other intermediary or representative for any Person. Purchaser does not have any voting agreement or similar
arrangement with any of its members, members of CEGP or any third party granting such party (a) the right to vote or otherwise
exercise control over any portion of the Acquired Interests or (b) by which such Person is granting rights to vote any Membership
Interest in CEGP or any Common Units in CELP.

 

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3.11        Available
Funds. Purchaser has available, and will have available on the Closing Date, cash in an aggregate amount sufficient to pay
the Closing Payment, the Management Payments, and the other payment obligations of Purchaser under this Agreement, and to enable
Purchaser to perform all of its obligations hereunder and effect the Closing on the terms contemplated by this Agreement. There
is no restriction on the use of such cash for such purposes.

 

ARTICLE
IV

SURVIVAL; INDEMNIFICATION; CERTAIN REMEDIES

 

4.1          Survival;
Liability Absolute. The representations, warranties and covenants of Sellers and Purchaser contained in this Agreement shall
survive the Closing for the periods set forth in this Section 4.1. All representations and warranties set forth in this
Agreement and all claims with respect thereto shall terminate on the second anniversary of the Closing Date, except with respect
to (a) Sections 2.1 2.2, 2.3, 2.4, 2.12, 2.16, 2.19, 2.24, 3.1,
3.2, 3.3, 3.4, 3.5, 3.6, 3.7, 3.8, 3.9, and 3.10 (the “Fundamental
Representations”), (b) any intentional misrepresentations, and (c) fraud, which shall survive so long as the statute
of limitations applicable to matters set forth in the Fundamental Representations and with respect to intentional misrepresentations
or fraud shall provide (giving effect to any extension or waiver thereof) plus sixty (60) days. Any representation or warranty
that would otherwise terminate in accordance with this Section 4.1 shall continue to survive if a notice of a claim asserted
in good faith with reasonable specificity (to the extent known at such time) shall have been timely given in writing under this
Article IV with respect to such claim on or prior to the applicable termination until such claim has been satisfied or otherwise
resolved as provided in this Article IV, but only with respect to such claim. The liability of a Party for breaches of its
representations and warranties hereunder shall be absolute regardless of any knowledge or investigation of any other Party. No
Party may raise as a defense to a claim for a breach of its representation or warranty hereunder that any other Party knew or should
have known about such breach.

 

4.2          Indemnification
by CEGP. CEGP hereby agrees that from and after the Closing it shall indemnify, defend and hold harmless Purchaser, its Affiliates
and their respective officers, directors, employees, agents, shareholders, partners, members and their heirs, successors and permitted
assigns, each in their capacity as such (collectively, the “Purchaser Indemnified Parties”) from, against
and in respect of any damages, losses, charges, Liabilities, claims, demands, actions, suits, proceedings, payments, judgments,
settlements, assessments, deficiencies, Taxes, interest, penalties, diminution in value and costs and expenses, including fines
and penalties (including reasonable attorney’s fees and expenses) (each, a “Loss”) incurred by
the Purchaser Indemnified Parties, directly or indirectly, as a result of (i) any breach or inaccuracy of a representation or warranty
of CEGP contained herein, but solely to the extent that such breach or inaccuracy relates to CEGP or its assets, Contracts, Equity
Securities, employees or business; or (ii) any breach of any covenant or agreement of Sellers contained herein.

 

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4.3          Indemnification
by Purchaser. Purchaser hereby agrees that from and after the Closing it shall indemnify, defend and hold harmless Seller,
its Affiliates and their respective directors, officers, stockholders, partners, members and employees and their heirs, successors
and permitted assigns, each in their capacity as such (the “Seller Indemnified Parties”), from, against
and in respect of any Losses incurred by the Seller Indemnified Parties, directly or indirectly, as a result of, in connection
with or relating to (i) any breach or inaccuracy of any representation or warranty made by Purchaser contained in this Agreement,
(ii) any breach of a covenant or agreement of Purchaser contained herein; and (iii) any Purchaser Securities Law Violations.

 

4.4          Basket;
Materiality.

 

(a)          CEGP
shall have no liability for breaches of representations and warranties under Section 4.2(i) until Purchaser Indemnified
Parties’ aggregate Losses for all such breaches exceeds $10,000, at which point Purchaser Indemnified Parties may recover
all such Losses, including the first $10,000.

 

(b)          For
all purposes of the indemnities in this Article IV, including determining whether there has been any misrepresentation or
breach, and for purposes of determining the amount of Losses resulting therefrom, the terms “material”, “materiality”,
“in all material respects”, “Material Adverse Effect” or any term or phrase of similar import shall be
disregarded when and if used in any representation, warranty or covenant covered by this Article IV, it being the understanding
of the Parties that, for purposes of determining liability under this Article IV, such representations, warranties and covenants
shall be read as if such terms and phrases were not included therein.

 

4.5          Third-Party
Claim Indemnification Procedures.

 

(a)          In
the event that any written claim or demand for which an indemnifying Party (an “Indemnifying Party”)
may have liability to any Indemnified Party hereunder is asserted against or sought to be collected from any Indemnified Party
by a third Party (a “Third-Party Claim”), such Indemnified Party shall, within twenty (20) days following
such Indemnified Party’s receipt of a Third-Party Claim, notify the Indemnifying Party in writing of such Third-Party Claim,
the amount or the estimated amount of damages sought thereunder to the extent then ascertainable (which estimate shall not be conclusive
of the final amount of such Third-Party Claim), any other remedy sought thereunder, any relevant time constraints relating thereto
and, to the extent practicable, any other material details pertaining thereto (a “Claim Notice”); provided
that the failure to give a timely Claim Notice shall affect the rights of an Indemnified Party hereunder only to the extent that
such failure has a prejudicial effect on the defenses or other rights available to the Indemnifying Party with respect to such
Third-Party Claim. The Indemnifying Party shall have thirty (30) days after receipt of the Claim Notice (the “Notice
Period”) to notify the Indemnified Party that it desires to defend the Indemnified Party against such Third-Party
Claim.

 

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(b)          In
the event that the Indemnifying Party notifies the Indemnified Party within the Notice Period (the “Defense Notice”)
that it desires to defend the Indemnified Party against a Third-Party Claim, the Indemnifying Party shall have the right to defend
the Indemnified Party by appropriate Proceedings and shall have the sole power to direct and control such defense at its expense
commencing upon delivery of the Defense Notice. The Indemnified Party may participate in any such defense at its expense (which
expense after the delivery of the Defense Notice may not be claimed by the Indemnified Party as a Loss); provided that such Indemnified
Party shall be entitled to participate in any such defense with separate counsel at the reasonable expense of the Indemnifying
Party if the Indemnifying Party and the Indemnified Party are both parties to the proceedings and the representation of both parties
by the same counsel would be inappropriate due to actual or potential differing interests between them. The Indemnifying Party
shall not, without the prior written consent of the Indemnified Party, settle, compromise or offer to settle or compromise any
Third-Party Claim on a basis that would result in (i) a finding or admission of a violation of Law by the Indemnified Party or
any of its Affiliates or (ii) any monetary Liability of the Indemnified Party that is not concurrently paid or reimbursed by the
Indemnifying Party.

 

(c)          If
the Indemnifying Party elects not to defend the Indemnified Party against a Third-Party Claim, the Indemnified Party shall have
the right but not the obligation to assume its own defense; it being understood that the Indemnified Party’s right to indemnification
for a Third-Party Claim shall not be adversely affected by assuming the defense of such Third-Party Claim in such circumstance.
If the Indemnifying Party elects not to defend the Indemnified Party against a Third-Party Claim, the Indemnified Party may settle
the Third-Party Claim without the prior written consent of the Indemnifying Party.

 

(d)          The
Indemnified Party and the Indemnifying Party shall cooperate in order to ensure the proper and adequate defense of a Third-Party
Claim, including by providing access to each other’s relevant business records and other documents, and employees.

 

(e)          The
Indemnified Party and the Indemnifying Party shall use reasonable best efforts to avoid production of confidential information
(in accordance with the Confidentiality Agreement and consistent with applicable Law), and to cause all communications among employees,
counsel and others representing any Party to a Third-Party Claim to be made so as to preserve any applicable attorney-client or
work-product privileges.

 

4.6          Direct
Claims. If an Indemnified Party wishes to make a claim for indemnification hereunder for a Loss that does not result from a
Third-Party Claim (a “Direct Claim”), the Indemnified Party shall notify the Indemnifying Party in writing
of such Direct Claim, the amount or the estimated amount of damages sought thereunder to the extent then ascertainable (which estimate
shall not be conclusive of the final amount of such Direct Claim), any other remedy sought thereunder, any relevant time constraints
relating thereto and, to the extent practicable, any other material details pertaining thereto. The Indemnifying Party shall have
a period of forty-five (45) days within which to respond to such Direct Claim. If the Indemnifying Party rejects all or any part
of the Direct Claim, the Indemnified Party shall be free to seek enforcement of its rights to indemnification under this Agreement
with respect to such Direct Claim.

 

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4.7          Payments.
The amounts payable pursuant to this Article IV (the “Indemnification Amount”) shall be paid by
wire transfer of immediately available funds, in either case no later than thirty (30) Business Days following any final determination
of the Indemnification Amount and the Indemnifying Party’s liability therefor. A “final determination” shall
exist when (i) the parties to the dispute have reached an agreement in writing, (ii) a court of competent jurisdiction shall have
entered a final and non-appealable order or judgment or (iii) an arbitration or like panel shall have rendered a final non-appealable
determination with respect to disputes the parties have agreed to submit thereto. In the event the Indemnifying Party fails to
pay timely any Indemnification Amount as provided in the first sentence of this Section 4.7, any amount payable shall accrue
interest from and including the date of final determination of the Indemnification Amount to the date such payment has been made
at a rate per annum equal to fifteen percent (15%) per annum. Such interest shall be calculated daily on the basis of a 360-day
year and the actual number of days elapsed, without compounding. In the event that any Purchaser Indemnified Party is entitled
to payment from CEGP under an indemnity claim made under Section 4.2, and such payment is not timely paid in full in accordance
with this Section 4.7, then, at Purchaser’s option and in addition to any other remedies available to Purchaser, Purchaser
may, by written notice to CEGP, elect to take all or any part of such payment from the Holdback Amount.

 

4.8          Characterization
of Indemnification Payments. All payments made by an Indemnifying Party to an Indemnified Party in respect of any claim pursuant
to Sections 4.2 or 4.3 shall be treated as adjustments to the Final Purchase Price for Tax purposes, unless otherwise
required by Law.

 

ARTICLE
V

OTHER AGREEMENTS BY THE PARTIES

 

5.1          Resignations
and Post-Closing Make-Up of CEGP Board of Directors and Officers of CEGP.

 

(a)          Sellers
shall deliver to Purchaser written resignations, effective as of the Closing Date, of the officers and directors of CEGP set forth
on Schedule 5.1(a) effective as of the Closing.

 

(b)          The
members of CEGP shall, by written consent dated as of the Closing Date, reconstitute the Board of Directors with those members
designated on Schedule 5.1(b) and appoint G. Thomas Graves III as Chairman of the Board of Directors of CEGP.

 

(c)          The
Board of Directors of CEGP shall hold a meeting immediately after the Closing to appoint John L. Denman, Jr. as Chief Executive
Officer and President of CEGP. Ian T. Bothwell shall continue to serve as Executive Vice President and Chief Financial Officer
of the Company after the Closing in accordance with the terms of his employment agreement.

 

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5.2          Governmental
Approvals and Consents. Each Party shall, as promptly as possible, make, or cause or be made, all filings and submissions required
under any Law applicable to such Party or any of its Affiliates, the Parties acknowledging that (a) CELP is required to file a
Current Report on Form 8-K within four (4) Business Days after the execution of this Agreement with the Commission and Purchaser
agrees to provide such information as legal counsel to Sellers believes is required by Regulation S-K for disclosure in such Current
Report and (b) Purchaser is required to file with the Commission a Schedule 13D within ten (10) days after the Closing, and Sellers
agree to provide such information as legal counsel to Purchaser reasonably requests in connection therewith.

 

5.3          Public
Announcements. Except for the filing of the Current Report and the Schedule 13D referenced in Section 5.2 with the Commission,
unless otherwise required by applicable Law (based upon the reasonable advice of counsel), no Party shall make any public announcements
in respect of this Agreement or the Transactions or otherwise communicate with any news media without the prior written consent
of the other Party (which consent shall not be unreasonably withheld or delayed), and the Parties shall cooperate as to timing
and contents of any such announcement.

 

5.4          Confidentiality.
The terms and conditions of that certain Confidentiality Agreement dated July 17, 2013 by and between JLD Services, LP, an Affiliate
of the Purchaser, and CEGP (the “Confidentiality Agreement”) are hereby incorporated herein by reference
and shall continue in full force and effect until the Closing, at which time the Confidentiality Agreement and the obligations
of the Purchaser and Sellers under this Section 5.4 shall terminate. If this Agreement is, for any reason, terminated prior
to the Closing, then the Confidentiality Agreement shall continue in full force and effect in accordance with its terms.

 

5.5          Closing
Conditions. Each Party hereto shall use commercially reasonable efforts to take such actions as are necessary to expeditiously
satisfy the closing conditions set forth in Article VI hereof.

 

5.6          Use
of Purchase Price.

 

(a)          Purchaser
and Sellers acknowledge and agree that the Purchase Price will be used (i) for general working capital as required by CEGP, CELP
and Regional; and (ii) for those items set forth on Schedule 5.7.

 

(b)          Purchaser
and Sellers acknowledge and agree that all of the proceeds received by CEGP from the sale of the CEGP Interest and not otherwise
used to pay the items set forth in Schedule 5.7 will be funded to CELP to fund the ongoing business needs of CELP and its
Subsidiaries. Any contribution of funds from CEGP to CELP will be structured as a loan pursuant to the terms of the existing Intercompany
Note between CEGP and CELP.

 

5.7          Release
of Claims. Purchaser has agreed to cause CEGP to pay certain amounts to each of Messrs. Imad K. Anbouba, Carter R. Montgomery
and Ian T. Bothwell, as set forth on Schedule 5.7 opposite each such person’s name (the “Management Payments”),
as promptly as practicable following the Closing in immediately available funds by wire transfer to accounts designated by each
such person (net of any withholding obligations under applicable law). As consideration for such payments, each of such Persons
have agreed to execute a Release of Claims, in substantially the form attached as Exhibit E, and deliver such Release of
Claims to Purchaser at Closing.

 

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5.8          Transfer
Restrictions. Purchaser agrees to the transfer restrictions set forth in the CEGP Company Agreement with respect to the CEGP
Interest and the imprinting, so long as required by any applicable Securities Laws, of a legend on any of the Acquired Interests
in accordance with, and pursuant to, the Sellers’ Charter Documents or applicable Securities Laws.

 

ARTICLE
VI

CLOSING CONDITIONS

 

6.1          Conditions
to Obligations of All Parties. The obligations of each Party to consummate the Transactions shall be subject to the fulfillment,
at or prior to the Closing, of each of the following conditions:

 

(a)          No
Governmental Entity shall have enacted, issued, promulgated, enforced or entered any Order which is in effect and has the effect
of making the Transactions illegal, otherwise restraining or prohibiting consummation of the Transactions or causing any of the
Transactions to be rescinded following completion hereof.

 

(b)          Sellers
shall have received all Seller Required Consents referred to in Section 2.3, and Purchaser shall have received all
Purchaser Required Consents referred to in Section 3.2, in each case, in form and substance reasonably satisfactory
to Purchaser and Sellers, and no such consent, authorization, order and approval shall have been revoked.

 

6.2          Conditions
to Obligations of Purchaser. The obligations of Purchaser to consummate the Transactions shall be subject to the fulfillment
or Purchaser’s waiver, at or prior to Closing, of each of the following conditions:

 

(a)          The
representations and warranties of Sellers contained in Article II shall be true and correct in all respects as of the
Closing Date except where the failure of such representation and warranties to be true and correct would not have a Material Adverse
Effect;

 

(b)          Sellers
shall have duly performed and complied in all material respects with all agreements, covenants and conditions required by this
Agreement and each of the Related Documents to be performed or complied with by it prior to or on the Closing Date;

 

(c)          Sellers
shall have delivered to Purchaser, or caused to be delivered to Purchaser, each of the following documents, duly executed by each
Seller or both Sellers, as the case may be, and any other Person required to execute any of such documents:

 

(i)          Certificates
evidencing the CEGP Interest in the name of Purchaser, free and clear of Encumbrances except for restrictions on transfer provided
herein, in CEGP’s Charter Documents or under the Securities Act and applicable state securities laws;

 

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(ii)         Certificates
evidencing the CELP Units in the name of Purchaser, free and clear of Encumbrances except for restrictions on transfer provided
herein, in CELP’s Charter Documents or under applicable Securities Laws;

 

(iii)        The
Amended CEGP LLC Agreement executed by all members of CEGP;

 

(iv)        The
Amended CELP LP Agreement executed by CEGP.

 

(v)         The
Amended Registration Rights Agreement executed by all parties thereto (other than Purchaser);

 

(vi)        The
Warrants issued in the names of the Warrant Purchasers executed by CELP;

 

(vii)       The
Release of Claims of each individual listed on Schedule 5.7;

 

(viii)      All
Seller Required Consents as listed on Schedule 2.3;

 

(ix)         Letters
of resignation of each officer and director of CEGP listed on Schedule 5.1(a);

 

(x)          Copies
of minutes of the meeting of members of CEGP, certified by the Secretary of CEGP, evidencing the approval of (i) the issuance of
the CEGP Interest, (ii) the unanimous approval of the Amended CEGP LLC Agreement, and (iii) recommending that the limited
partners of CELP approve the Amended CELP LP Agreement;

 

(xi)         The
written consent of the members of CEGP taking the actions specified in Section 5.1(b); and

 

(xii)        Copies
of the written consent of the limited partners of CELP, certified by the Secretary of CEGP (acting in its capacity as general partner
of CELP), approving the Amended CELP LP Agreement, accompanied by the written opinion of Sellers’ counsel, Shackelford, Melton
& McKinley, LLP, in the form attached hereto as Exhibit F.

 

(d)          Purchaser
shall have received a certificate, dated the Closing Date and signed by a duly authorized officer of CEGP certifying on CEGP’s
behalf and in CEGP’s capacity as General Partner of CELP, that each of the conditions set forth in Section 6.2(a)
and Section 6.2(b) have been satisfied;

 

(e)          Purchaser
shall have received a certificate of the Secretary of CEGP certifying that attached thereto are (i) true and complete copies of
all resolutions adopted by the board of directors of CEGP authorizing the execution, delivery and performance of this Agreement
and the Related Documents and the consummation of the Transactions and that all resolutions are in full force and effect and are
all the resolutions adopted in connection with the Transactions; (ii) attaching good standing and existence certificates of each
Seller Entity in each State of formation and each jurisdiction in which it conducts business; and

 

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(f)          Purchaser
shall have received a certificate of the Secretary of CEGP certifying the names and signatures of the officers of CEGP authorized
to sign this Agreement, the Related Documents and the other documents to be delivered hereunder and thereunder.

 

6.3          Conditions
to Obligations of Sellers. The obligations of Sellers to consummate the Transactions shall be subject to the fulfillment or
Sellers’ waiver, at or prior to the Closing, of each of the following conditions:

 

(a)          The
representations and warranties of Purchaser contained in Article III shall be true and correct in all respects as of
the Closing Date except where the failure of such representation and warranties to be true and correct would not have a Material
Adverse Effect;

 

(b)          Purchaser
shall have duly performed and complied in all material respects with all agreements, covenants and conditions required by this
Agreement and each of the Related Documents to be performed or complied with by it prior to or on the Closing Date;

 

(c)          Purchaser
shall have delivered to CEGP and CELP the allocated portion of the Closing Payment, as set forth on Schedule 1.2 in immediately
available funds pursuant to wire transfer instructions provided by CEGP and CELP at least three (3) Business Days prior to the
Closing Date;

 

(d)          The
Warrant Purchasers shall have delivered the purchase price for the Warrants set forth therein to CELP;

 

(e)          Purchaser
shall have delivered on behalf of CEGP to each Person set forth on Schedule 5.7 the Management Payment to which he is entitled
according to Schedule 5.7, in immediately available funds pursuant to wire transfer instructions provided by such Person at least
three (3) Business Days prior to the Closing Date;

 

(f)          Purchaser
shall have delivered to Sellers, or caused to be delivered to Sellers, each of the following documents, duly executed by the applicable
Persons:

 

(i)          All
Purchaser Required Consents as listed on Schedule 3.2;

 

(ii)         The
Amended Registration Rights Agreement executed by Purchaser;

 

(iii)        The
Warrants executed by the Warrant Purchasers;

 

(g)          Sellers
shall have received certificates, dated the Closing Date and signed by a duly authorized officer of Purchaser, that each of the
conditions set forth in Section 6.3(a) and Section 6.3(b) have been satisfied;

 

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(h)          Sellers
shall have received a certificate of the Secretary of Purchaser certifying that attached thereto are true and complete copies of
all resolutions adopted by the managers of Purchaser authorizing the execution, delivery and performance of this Agreement and
the Related Documents and the consummation of the Transactions and that all resolutions are in full force and effect and are all
the resolutions adopted in connection with the Transactions; and

 

(i)          Sellers
shall have received a certificate of the Secretary of Purchaser certifying the names and signatures of the officers of Purchaser
authorized to sign this Agreement, the Related Documents and the other documents to be delivered hereunder and thereunder.

 

ARTICLE
VII

GENERAL PROVISIONS

 

7.1           Assignment.
This Agreement and the rights and obligations hereunder shall not be assignable or transferable by any Party hereto (including
by operation of law in connection with a merger or consolidation) without the prior written consent of (i) Purchaser, in the case
of any attempted assignment by any Seller, or (ii) Sellers, in the case of any attempted assignment by Purchaser. Subject to the
foregoing, this Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective successors
and assigns. Any attempted assignment in violation of this Section 7.1 shall be void.

 

7.2           No
Third-Party Beneficiaries. This Agreement is for the sole benefit of the Parties, the Seller Indemnified Parties, the Purchaser
Indemnified Parties and their permitted assigns, and nothing herein expressed or implied shall give or be construed to give to
any Person, other than such Persons, any legal or equitable rights hereunder.

 

7.3           Notices.
All notices and other communications hereunder shall be in writing and shall be deemed given if delivered personally or by commercial
messenger or courier service, or mailed by registered or certified mail (return receipt requested) or sent via facsimile (with
acknowledgment of complete transmission) or sent via email (with acknowledgement of receipt) to the parties hereto at the following
addresses (or at such other address for a party as shall be specified by like notice); provided, however, that notices
sent by mail will not be deemed given until received:

 

		(i)	if to Purchaser, to:

 

4809 Cole Avenue

Suite 108

Dallas, Texas 75205

Attention: John L. Denman, Jr.

Facsimile: 214-528-3647

E-mail: jdenman@legacyoperating.com

 

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with a copy (which shall not constitute notice) to:

 

Gardere Wynne Sewell LLP

1000 Louisiana, Suite 3400

Houston, Texas 77002

Attention: Greg Meeks

Facsimile: 713-276-6857

E-mail:  gmeeks@gardere.com

 

and a copy to:

 

Gardere Wynne Sewell LLP

1000 Louisiana, Suite 3400

Houston, Texas 77002

Attention: Alexander C. Chae

Facsimile: 713-276-5539

E-mail:  achae@gardere.com

 

		(ii)	if to either Seller, to:

 

Central Energy GP LLC

8150 North Central Expressway, Suite 1525

Dallas, TX 75206

Attention: Chief Executive Officer

Facsimile: (214) 360-7486

E-mail: ianbouba@centralenergylp.com 

 

with a copy (which shall not constitute notice) to:

 

Shackelford, Melton &McKinley, LLP

3333 Lee Parkway, 10th Floor

Dallas, TX 75219

Attention: Phil Whitcomb

Phone: (214) 780-1311

Facsimile: (214) 780-1401

E-mail:  pwhitcomb@shacklaw.net 

 

7.4           Headings.
The headings contained in this Agreement, in any Exhibit or Schedule hereto, in the Disclosure Schedule and in the table of contents
to this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

 

7.5           Counterparts.
This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement, and shall
become effective when one or more such counterparts have been signed by each of the parties and delivered to the other Party. The
execution and delivery of this Agreement by any Party may be evidenced by facsimile or email delivered in portable document file
(.pdf) format (with originals sent via overnight courier), which shall be deemed to have the same legal effect as delivery of an
original signed copy of this Agreement.

 

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7.6           Entire
Agreement. This Agreement, together with all Exhibits, Schedules and the Disclosure Schedule, contains the entire agreement
and understanding between the Parties with respect to the Transactions and supersedes all prior agreements, including the Letter
of Intent dated August 16, 2013 by and between JLD Services, LP and CEGP (effective as of August 19, 2013), and understandings
relating to the Transactions. No Party shall be liable or bound to any other Party in any manner by any representations, warranties,
covenants or agreements relating to such subject matter except as specifically set forth herein.

 

7.7           Amendments
and Waivers. This Agreement may not be amended, modified or supplemented except by a writing signed by all Parties. Sellers,
on the one hand, or Purchaser, on the other hand, may waive compliance in writing with regard to any term or provision of this
Agreement that the other Party was or is obligated to comply with or perform. No waiver of, or consent to a change in, any of the
provisions of this Agreement shall be deemed or shall constitute a waiver of, or consent to a change in, other provisions hereof
(whether or not similar), nor shall such waiver constitute a continuing waiver unless otherwise expressly provided. Subject to
the other provisions hereof, no failure on the part of any Party to this Agreement to exercise and no delay in exercising any right
hereunder will operate as a waiver thereof, nor will any single or partial exercise by any Party hereto of any right hereunder
preclude any other or further right of exercise thereof or the exercise of any other right.

 

7.8           Severability.
It is the desire and intent of the Parties that the provisions of this Agreement be enforced to the fullest extent permissible
under the Laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any particular
provision of this Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, prohibited or unenforceable
for any reason, such provision, as to such jurisdiction, shall be ineffective, without invalidating the remaining provisions of
this Agreement or affecting the validity or enforceability of this Agreement or affecting the validity or enforceability of such
provision in any other jurisdiction, unless the severance of any such provision from the remainder of this Agreement would change
the economic substance of the Agreement as a whole in a manner that is materially adverse to any Party (and such change is not
waived in writing by such affected Person). Notwithstanding the foregoing, if such provision could be more narrowly drawn so as
not to be invalid, prohibited or unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so narrowly drawn, without
invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other
jurisdiction. To the extent permitted by Law, the Parties waive any provision of Law that renders any provision hereof prohibited
or unenforceable in any respect.

 

7.9           Governing
Law. This Agreement shall be governed by and construed in accordance with the internal Laws of the State of Texas applicable
to agreements made and to be performed entirely within such State, without regard to the conflicts of law principles of such State.
Each of the Parties to this Agreement consents to personal jurisdiction for any equitable action sought in the courts of the State
of Texas, County of Dallas, or, if it has or can acquire jurisdiction, in the United States District Court for the Northern District
of Texas.

 

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7.10         Expenses.
Except as otherwise expressly provided herein, all costs and expenses, including fees and disbursements of counsel, financial advisors
and accountants, incurred in connection with the preparation and execution of this Agreement, or any amendment or waiver hereof,
and the transactions contemplated hereby shall be paid by the Party incurring such costs and expenses.

 

7.11         Agreement
to Arbitrate.

 

(a)          Arbitration.
The procedures for discussion, negotiation and arbitration set forth in this Section 7.11 shall be the final, binding and
exclusive means to resolve, and shall apply to all disputes, controversies or claims (whether in contract, tort or otherwise) that
may rise out of or relate to, or arise under or in connection with: (a) this Agreement, or (b) the transactions contemplated hereby
or thereby, including all actions taken in furtherance of the transactions contemplated hereby or thereby on or prior to the date
hereof. Each Party agrees on behalf of itself that the procedures set forth in this Section 7.11 shall be the final, binding
and exclusive remedy in connection with any dispute, controversy or claim relating to any of the foregoing matters and irrevocably
waives any right to commence any Proceeding in or before any Governmental Entity, except as expressly provided in Section 7.11(g)(ii)
and except to the extent provided under the Federal Arbitration Act in the case of judicial review of arbitration results or awards.
Each Party on behalf of itself and each member of its respective Group irrevocably waives any right to any trial by jury with respect
to any dispute, controversy or claim covered by this Section 7.11.

 

(b)          Escalation.

 

(i)          It
is the intent of the Parties to use their respective reasonable best efforts to resolve expeditiously any dispute, controversy
or claim between or among them with respect to the matters covered by this Section 7.11 that may arise from time to time
on a mutually acceptable negotiated basis. In furtherance of the foregoing, any Party involved in a dispute, controversy or claim
may deliver a notice (an “Escalation Notice”) demanding an in-person meeting involving representatives
of the Parties at a senior level of management (or if the Parties agree, of the appropriate business function or division within
such entity) who have not previously been directly engaged in asserting or responding to the dispute. A copy of any such Escalation
Notice shall be delivered addressed to each Party involved in the dispute, controversy or claim (which copy shall state that it
is an Escalation Notice pursuant to this Agreement). Any agenda, location or procedures for such discussions or negotiations between
the Parties may be established by agreement of the Parties from time to time; provided, however, that the Parties shall use their
reasonable best efforts to meet within 20 days of the Escalation Notice.

 

    	33

    	 

    

 

(ii)         Following
delivery of an Escalation Notice, the Parties shall undertake good faith, diligent efforts to negotiate a commercially reasonable
resolution of the dispute, controversy or claim. The Parties may, by mutual consent, retain a mediator to aid the Parties in their
discussions and negotiations by informally providing advice to Parties. Any opinion expressed by the mediator shall be strictly
advisory and shall not be binding on the Parties, nor shall any opinion expressed by the mediator be admissible in any arbitration
proceedings. The mediator may be chosen from a list of mediators previously selected by the Parties or by other agreement of the
Parties. Costs of the mediation shall be borne equally by the Parties involved in the matter, except that each Party shall be responsible
for its own expenses. Mediation is not a prerequisite to an Arbitration Demand Notice under Section 7.11(c).

 

(c)          Demand
for Arbitration.

 

(i)          At
any time following 60 days after the date of an Escalation Notice (the “Arbitration Demand Date”), any
Party involved in the dispute, controversy or claim (regardless of whether such Party delivered the Escalation Notice) may deliver
a notice demanding arbitration of such dispute, controversy or claim (an “Arbitration Demand Notice”).
Delivery of an Escalation Notice by a Party shall be a prerequisite to delivery of an Arbitration Demand Notice by either Party,
provided, however, that in the event that any Party shall deliver an Arbitration Demand Notice to another Party, such other Party
may itself deliver an Arbitration Demand Notice to such first Party with respect to any related dispute, controversy or claim with
respect to which the Applicable Deadline has not passed without the requirement of delivering an Escalation Notice. No Party may
assert that the failure to resolve any matter during any prior discussions or negotiations, the course of conduct during such prior
discussions or negotiations, or the failure to agree on a mutually acceptable time, agenda, location or procedures for a meeting
is a prerequisite to an Arbitration Demand Notice under this Section 7.11(c). In the event that any Party delivers an Arbitration
Demand Notice with respect to any dispute, controversy or claim that is the subject of any then pending arbitration proceeding
or of a previously delivered Arbitration Demand Notice, all such disputes, controversies and claims shall be resolved in the arbitration
proceeding for which an Arbitration Demand Notice was first delivered unless the arbitrators in their sole discretion determine
that it is impracticable or otherwise inadvisable to do so.

 

(ii)         Any
Arbitration Demand Notice may be given until the date that is two years after the later the occurrence of the act or event giving
rise to the underlying claim or the date on which such act or event was, or should have been, in the exercise of reasonable due
diligence, discovered by the Party asserting the claim (as applicable and as it may in a particular case be specifically extended
by the Parties in writing, the “Applicable Deadline”). Any discussions, negotiations or mediations between
the Parties pursuant to this Agreement or otherwise will not toll the Applicable Deadline unless expressly agreed in writing by
the Parties. Each of the Parties agrees that if an Arbitration Demand Notice with respect to a dispute, controversy or claim is
not given prior to the expiration of the Applicable Deadline, as between or among the Parties, such dispute, controversy or claim
will be barred. Subject to Section 7.11(g)(ii) and Section 7.9, upon delivery of an Arbitration Demand Notice pursuant
to Section 7.11(c)(i) prior to the Applicable Deadline, the dispute, controversy or claim, and all substantive and procedural
issues related thereto, shall be decided by the sole arbitrator in accordance with this Section 7.11.

 

    	34

    	 

    

 

(d)          Arbitrator.

 

(i)          The
Party delivering the Arbitration Demand Notice shall notify the American Arbitration Association (“AAA”)
and the other Parties in writing describing in reasonable detail the nature of the dispute. Within 20 days of the date of the Arbitration
Demand Notice, the Parties to the dispute shall select one sole arbitrator from the members of a panel of arbitrators of the AAA.
The members of a panel of arbitrators of the AAA, and such sole arbitrator, shall be disinterested with respect to each of the
Parties and shall be experienced in complex commercial arbitration with a substantial understanding of the oil and gas industry
and master limited partnerships. In the event that the Parties are unable to agree on the selection of the sole arbitrator, the
AAA shall select the sole arbitrator, within 45 days of the date of the Arbitration Demand Notice.

 

(ii)         The
arbitrator will set a time for the hearing of the matter which will commence no later than 180 days after the date of appointment
of the sole arbitrator and which hearing will be no longer than 30 days (unless in the judgment of the arbitrator the matter is
unusually complex and sophisticated and thereby requires a longer time, in which event such hearing shall be no longer than 90
days). The final decision of such arbitrator will be rendered in writing to the Parties not later than 60 days after the last day
of the hearing, unless otherwise agreed by the Parties in writing.

 

(iii)        The
place of any arbitration hereunder will be Dallas, Texas and the language of any arbitration hereunder will be English. Unless
otherwise agreed by the Parties, the arbitration hearing shall be conducted on consecutive days.

 

(e)          Hearings.
Within the time period specified in Section 7.11(d)(ii), the matter shall be presented to the arbitrator at a hearing by
means of written submissions of memoranda and verified witness statements, filed simultaneously, and responses, if necessary in
the judgment of the arbitrator or both of the Parties. If the arbitrator deems it to be essential to a fair resolution of the dispute,
live cross-examination or direct examination may be permitted, but is not generally contemplated to be necessary. The arbitrator
shall actively manage the arbitration with a view to achieving a just, speedy and cost-effective resolution of the dispute, claim
or controversy. The arbitrator may, in its discretion, set time and other limits on the presentation of each Party's case, its
memoranda or other submissions, and may refuse to receive any proffered evidence, which the arbitrator, in its discretion, find
to be cumulative, unnecessary, irrelevant or of low probative nature. Any arbitration hereunder shall be conducted in accordance
with the Commercial Arbitration Rules of the AAA (the “Rules”) in effect on the date the notice of Arbitration
Demand Notice is served. The decision of the arbitrator will be final and binding on the Parties, and judgment thereon may be bad
and will be enforceable in any court having jurisdiction over the Parties. Arbitration awards will bear interest at an annual rate
of the then-prevailing prime rate plus 2% per annum, subject to any maximum amount permitted by applicable law. To the extent that
the provisions of this Agreement and the Rules conflict, the provisions of this Agreement shall govern.

 

    	35

    	 

    

 

(f)          Discovery
and Certain Other Matters.

 

(i)          Any
Party involved in a dispute, controversy or claim subject to this Section 7.11 may request document production from the
other Party or Parties of specific and expressly relevant documents, with the reasonable expenses of the producing Party incurred
in such production paid by the requesting Party in accordance with the Rules. Disputes concerning the scope of document production
and enforcement of the document production requests will be determined by written agreement of the Parties involved in the applicable
dispute or, failing such agreement, will be referred to the arbitrator for resolution. All discovery requests will be subject to
the Parties' rights to claim any applicable privilege. The arbitrator will adopt procedures to protect the proprietary rights of
the Parties and to maintain the confidential treatment of the arbitration proceedings (except as may be required by law). Subject
to the foregoing, the arbitrator shall have the power to issue subpoenas to compel the production of documents relevant to the
dispute, controversy or claim.

 

(ii)         The
arbitrator shall have full power and authority to determine issues of arbitrability but shall otherwise be limited to interpreting
or construing the applicable provisions of this Agreement and will have no authority or power to limit, expand, alter, amend, modify,
revoke or suspend any condition or provision of this Agreement; it being understood, however, that the arbitrator will have full
authority to implement the provisions of this Agreement and to fashion appropriate remedies for breaches of this Agreement (including
interim or permanent injunctive relief); provided, that the arbitrator shall not have (i) any authority in excess of the authority
a court having jurisdiction over the Parties and the controversy or dispute would have absent these arbitration provisions or (ii)
any right or power to award punitive or treble damages. It is the intention of the Parties that in rendering a decision the arbitrator
gives effect to the applicable provisions of this Agreement and follows applicable law (it being understood and agreed that this
sentence shall not give rise to a right of judicial review of the arbitrator’s award).

 

(iii)        If
a Party fails or refuses to appear at and participate in an arbitration hearing after due notice, the arbitrator may hear and determine
the controversy upon evidence produced by the appearing Party.

 

(iv)        Arbitration
costs will be borne equally by each Party involved in the matter, and each Party will be responsible for its own attorneys' fees
and other costs and expenses, including the costs of witnesses selected by such Party.

 

(g)          Certain
Additional Matters.

 

    	36

    	 

    

 

(i)          Any
arbitration award shall be a bare award limited to a holding for or against a Party and shall be without findings as to facts,
issues or conclusions of law (including with respect to any matters relating to the validity or infringement of patents or patent
applications) and shall be without a statement of the reasoning on which the award rests, but must be in adequate form so that
a judgment of a court may be entered thereupon. Judgment upon any arbitration award hereunder may be entered in any court having
jurisdiction thereof.

 

(ii)         Prior
to the time at which the arbitrator has been appointed pursuant to Section 7.11(d), any Party may seek one or more temporary
restraining orders in a court of competent jurisdiction if necessary in order to preserve and protect the status quo. Neither the
request for, nor grant or denial of, any such temporary restraining order shall be deemed a waiver of the obligation to arbitrate
as set forth herein and the arbitrator may dissolve, continue or modify any such order. Any such temporary restraining order shall
remain in effect until the first to occur of the expiration of the order in accordance with its terms or the dissolution thereof
by the arbitrator.

 

(iii)        Except
as required by law, the Parties shall hold, and shall cause their respective officers, directors, employees, agents and other representatives
to hold, the existence, content and result of mediation or arbitration in confidence and except as may be required in order to
enforce any award. Each of the Parties shall request that any mediator or arbitrator comply with such confidentiality requirement.

 

(h)          Continuity
of Service and Performance. Unless otherwise agreed in writing, the Parties will continue to provide service and honor all
other commitments under this Agreement, during the course of the dispute resolution procedures pursuant to this Section 7.11
with respect to all matters not subject to such dispute, controversy or claim.

 

(i)          Law
Governing Arbitration Procedures. The interpretation of the provisions of this Section 7.11, only insofar as they relate
to the agreement to arbitrate and any procedures pursuant thereto, shall be governed by the Rules. In all other respects, the interpretation
of this Agreement shall be governed as set forth in Section 7.9.

 

ARTICLE
VIII

DEFINED TERMS; RULES OF CONSTRUCTION

 

8.1           Defined
Terms. Capitalized terms used herein but not defined have the respective meanings given to such terms below.

 

“AAA” has
the meaning set forth in Section 7.11(d)(i).

 

“Acquired
Interests” has the meaning set forth in Section 1.1.

 

“Affiliate”
of any Person means another Person that directly or indirectly, through one or more intermediaries, controls, is controlled by,
or is under common control with, such first Person. For the purposes of this definition, “control,” when used with
respect to any specified Person, means the possession, directly or indirectly, of the power to direct or cause the direction of
the management and policies of such Person, whether through the ownership of voting securities, by contract, or otherwise, and
the terms “controlling” and “controlled” have correlative meanings; provided that, “control”
shall be deemed to exist by virtue of the direct or indirect ownership of fifty percent (50%) or more of the equity interests of
such specified Person.

 

    	37

    	 

    

 

“Agreement”
means this Purchase and Sale Agreement together with the Exhibits, Schedules and the Disclosure Schedule hereto.

 

“Amended
CEGP LLC Agreement” means the Third Amended and Restated Limited Liability Company Agreement of CEGP LLC, in substantially
the form attached hereto as Exhibit A.

 

“Amended
CELP LP Agreement” means the Third Amended and Restated Limited Partnership Agreement of CELP, in substantially the
form attached hereto as Exhibit B.

 

“Amended
Registration Rights Agreement” means the Amended and Restated Registration Rights Agreement by and among CELP and
the members of CEGP in substantially the form attached hereto as Exhibit C.

 

“Applicable
Deadline” has the meaning set forth in Section 7.11(c)(ii).

 

“Arbitration
Demand Date” has the meaning set forth in Section 7.11(c)(i).

 

“Arbitration
Demand Notice” has the meaning set forth in Section 7.11(c)(i).

 

“Business
Day” means any day that is not a Saturday, Sunday or other day on which banking institutions in Dallas, Texas are
not required to be open.

 

“CEGP”
has the meaning set forth in the introductory paragraph of this Agreement.

 

“CEGP Interests”
has the meaning set forth in the Recitals.

 

“CEGP LLC
Agreement” means that certain Second Amended and Restated Limited Liability Company Agreement of CEGP dated April
12, 2011.

 

“CELP”
has the meaning set forth in the introductory paragraph of this Agreement.

 

“CELP Partnership
Agreement” means that certain Second Amended and Restated Agreement of Limited partnership of CELP dated as of April
12, 2011, as amended.

 

“CELP SEC
Reports” has the meaning set forth in Section 2.6(a).

 

“CELP Units”
has the meaning set forth in the Recitals.

 

“Charter
Documents” means, with respect to a Person, the organizational documents that govern such Person pursuant to its
jurisdiction of formation or organization, including as applicable, certificates or articles of incorporation, certificates or
articles of formation, bylaws, limited liability company operating agreements, regulations, partnership or limited partnership
agreements, and similar instruments.

 

    	38

    	 

    

  

“Claim
Notice” has the meaning set forth in Section 4.5(a).

 

“Closing”
has the meaning set forth in Section 1.3.

 

“Closing
Agreement” has the meaning set forth in Section 2.16(k).

 

“Closing
Date” has the meaning set forth in Section 1.3.

 

“Closing
Payment” has the meaning set forth in Section 1.2.

 

“COBRA”
means the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended

 

“Code”
means the Internal Revenue Code of 1986, as amended and the rules and regulations promulgated thereunder.

 

“Commercially
Reasonable Efforts” means efforts which would be reasonably within the contemplation of a Person in the position
of a Party at the date hereof and which do not require the performing Party which is acting in good faith to take any extraordinary
action or expend any funds or assume any liabilities other than expenditures and liabilities which are customary and reasonable
in transactions of the kind and nature contemplated by this Agreement.

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Common
Units” means an interest representing a fractional part of the partnership interests of all limited partners and
assignees of CELP and having the rights and obligations specified with respect to Common Units in the CELP Partnership Agreement.

 

“Confidentiality
Agreement” has the meaning set forth in Section 5.4.

 

“Contract”
means any contract, agreement, license, lease, franchise, purchase order, bid, commitment, option, guaranty, letter of credit,
warranty, loan, evidence of indebtedness, mortgage, bond, indenture, security agreement or any other legally binding contract,
agreement, commitment, undertaking or arrangement of any kind.

 

“Defense
Notice” has the meaning set forth in Section 4.5(b).

 

“Direct
Claim” has the meaning set forth in Section 4.6.

 

“Disclosure
Schedule” has he meaning set forth in Article II.

 

“Easements”
means the easements, licenses, rights-of-way, servitudes, permits, surface use agreements and other surface rights and other interests
in land used or useful in, or otherwise affecting, the ownership or operation of the Seller Entities’ assets.

 

    	39

    	 

    

 

“Encumbrance”
means any lien, encumbrance, claim, charge, security interest, option, warrant, pledge, mortgage, hypothecation, device or arrangement,
possessory interest, covenant, condition, restriction, reservation, or other encumbrance of any nature whatsoever other than the
transfer restrictions set forth in the CEGP LLC Agreement, whether imposed by agreement, understanding, Law, equity or otherwise.

 

“Environmental
Condition” means the presence or Release to the environment of Hazardous Substances, including any migration of Hazardous
Substances through air, soil or groundwater, regardless of when such presence or Release occurred or is discovered.

 

“Environmental
Law” means any Law or Order relating to the environment, wildlife, natural resources, health and safety, Hazardous
Substances, industrial hygiene, pollution or the environmental conditions on, under, or about any real property owned, leased
or operated at any time by each of the Seller Entities, including soil, groundwater and indoor and ambient air conditions, surface
water, groundwater, land, surface and subsurface strata including without limitation, laws relating to Releases or threatened
Releases of Hazardous Substances thereon or therefrom and Laws relating to the manufacture, processing, distribution, use, treatment,
storage, Release, transport, disposal or handling of Hazardous Substances, or the reporting or remediation of environmental defects
(including those relating to the presence, use, production, generation, handling, transportation, treatment, storage disposal,
distribution, emission, labeling, testing, processing, discharge, release, remediation, threatened release, control, or cleanup
of any Hazardous Substances), including but not limited to: the Comprehensive Environmental Response, Compensation and Liability
Act, 42 U.S.C. § 9601 et seq.; the Superfund
Amendments and Reauthorization Act of 1986; the Resource Conservation and Recovery Act, 42 U.S.C. § 6901 et seq.;
the Federal Water Pollution Control Act, 33 U.S.C. § 1251 et seq.;
the Clean Air Act, 42 U.S.C. § 7401 et seq.;
the Hazardous Materials Transportation Act, 49 U.S.C. § 1471 et seq.;
the Toxic Substances Control Act, 15 U.S.C. §§ 2601 through 2629; the Oil Pollution Act, 33 U.S.C. § 2701 et seq.;
the Emergency Planning and Community Right to Know Act, 42 U.S.C. § 11001 et seq.; the Safe Drinking Water Act, 42
U.S.C. §§ 300f through 300j; the Rivers and Harbors Act of 1899; the Hazardous and Solid Waste Amendments Act of 1984;
and the Occupational Safety and Health Act , 29 U.S.C. § 651 et seq.; the Surface Mining Control and Reclamation Act
of 1977, 30 U.S.C. § 1201 et seq.; and any other Law whose purpose is to conserve or protect human health, wildlife
or natural resources as any of the foregoing may be amended from time to time.

 

“Environmental
Permits” has the meaning set forth in Section 2.23(a).

 

“Equity
Securities” means shares of stock of a corporation, membership interest of a limited liability company, partnership
interest in a partnership (general or limited) or any other interest in the equity ownership of another Person, or securities exchangeable
or convertible into any of the foregoing, or any option or warrant to acquire any of the foregoing.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended, and all regulations and rulings issued by the Pension Benefit
Guaranty Corporation, the Department of Labor or the IRS thereunder.

 

    	40

    	 

    

 

“ERISA
Affiliate” means any Person that is, or at any applicable time was, a member of (a) a controlled group of corporations
(as defined in Code Section 414(b)), (b) a group of trades or businesses under common control (as defined in Code Section 414(c)),
or (c) an affiliated service group (as defined under Code Section 414(m) or any regulations under Code Section 414(o)), any of
which includes or, within the applicable statutes of limitations, the Seller Entities.

 

“Escalation
Notice” has the meaning set forth in Section 7.11(b)(i).

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and regulations
promulgated thereunder.

 

“Fair Market
Value” means the fair market value of CEGP membership interest as determined by a qualified third-party appraiser
selected by the CEGP Board of Directors.

 

“FCPA”
means U.S. Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder.

 

“Fundamental
Representations” has the meaning set forth in Section 4.1.

 

“GAAP”
means such principles, consistently applied, as are set forth in Opinions of the Accounting Principles Board of the American Institute
of Certified Public Accountants and/or in statements of the Financial Accounting Standards Board that are applicable in the circumstances
as of the date in question. The requisite that such principles be consistently applied means that the accounting principles in
a current period are applied consistently with the Seller Entities’ practices in preceding periods.

 

“Governmental
Approvals” means all consents, waivers and approvals of, and any notices to or filings with, Governmental Entities
that reasonably may be deemed necessary so that, as the case may be, (a) the consummation of the Transactions will be in compliance
with applicable Laws or (b) the conduct of Seller Entities’ business as presently conducted and as contemplated to be conducted
will be in compliance with applicable Laws.

 

“Governmental
Entity” means any United States or foreign national, state or local government or any court of competent jurisdiction,
administrative agency, board, commission, bureau, tribunal or other Governmental Entity or instrumentality or political subdivision
thereof, or any quasi-governmental or private body exercising or entitled to exercise any regulatory, administrative, executive,
judicial, legislative, police or taxing authority thereunder.

 

“Hazardous
Substance” means any chemical, material or substance in any form, whether solid, liquid, gaseous, semisolid, or any
combination thereof, whether waste material, raw material, chemical, finished product, byproduct, or any other material or article,
that is listed or regulated under applicable Environmental Law as a “hazardous” or “toxic” substance or
waste, or as a “contaminant,” or is otherwise listed or regulated under applicable Environmental Law because it poses
a hazard to human health or the environment; including petroleum products, silica, asbestos, urea formaldehyde foam insulation,
and lead-containing paints or coatings.

 

    	41

    	 

    

 

“Hopewell
Loan” means that certain loan made by Hopewell Investment Partners LLC to Regional pursuant to the terms of a Term
Loan and Security Agreement and related documents dated March 20, 2013.

 

“Indebtedness”
means, with respect to the Seller Entities as of the Closing Date, without duplication, the aggregate amount of any and all indebtedness,
obligations or Liabilities arising under or attributable to (a) borrowed money or issued in substitution for or exchange of indebtedness
for borrowed money, including principal, premium (if any) and accrued interest, including any such indebtedness evidenced by any
bond, debenture, note, debt security, unfunded letter of credit, surety bond or other similar instrument, whether or not drawn;
(b) self-insurance arrangements; (c) the deferred and unpaid purchase price of property or services, whether contingent or otherwise;
(d) bank overdrafts (excluding undrawn lines) and outstanding checks of the Seller Entities (without duplication) (it being understood
that only the amount of such bank overdraft shall be treated as “Indebtedness”); (e) any sale and leaseback
transaction, any synthetic lease or Tax ownership operating lease transaction or under any lease recorded for accounting purposes
as a capitalized lease or a financing lease, whether such Liability is contingent or otherwise; (f) any conditional sale or title
retention agreement; (g) any commitment to assure a creditor against loss (including contingent reimbursement Liability with respect
to letters of credit); (h) any direct or indirect guaranty of any other Person’s indebtedness that is in the nature of Indebtedness,
or any agreement, contingent or otherwise, to supply funds to, or in any manner invest in, a Person, or to purchase any such indebtedness;
(i) any indebtedness or other obligation secured by (or for which the holder of such indebtedness or other obligation has an existing
right, contingent or otherwise, to be secured by) an Encumbrance on any Equity Securities or a Seller Entities’ assets; (j)
any declared but unpaid dividends or distributions; (k) any amounts owed to any Person under any non-competition, severance or
similar arrangements; (l) any retention bonus, transaction bonus, change-of-control payment, deferred compensation plan, phantom
stock plan, severance or similar arrangement which is triggered as a result of the consummation of the Transactions; (m) off-balance
sheet financing; (n) accrued and unpaid vacation or other employee benefits; and (o) any accrued and unpaid interest on, and premiums,
penalties or similar contractual charges in respect of, any of the foregoing obligations.

 

“Indemnification
Amount” has the meaning set forth in Section 4.7.

 

“Indemnifying
Party” has the meaning set forth in Section 4.5(a).

 

“Intellectual
Property Rights” has the meaning set forth in Section 2.13.

 

“Knowledge”
means: (a) in the case of Sellers, the actual knowledge of each director and officer of CEGP and each officer and executive employee
of Regional with respect to those matters, facts or circumstances of which such persons should have become aware after reasonable
inquiry; and (b) in the case of Purchaser, the actual knowledge of each person listed on Schedule 8.1(b) with respect
to those matters, facts or circumstances of which such person should have become aware after reasonable inquiry.

 

    	42

    	 

    

 

“Law”
means any law, statute, ordinance, rule, regulation, code, Order, judgment, injunction or decree enacted, issued, promulgated,
enforced or entered by a Governmental Entity (including, for the sake of clarity, any policy statement or interpretation that has
the force of law with respect to any of the foregoing, and including common law).

 

“Leased
Real Property” means the parcels of real property in which each of the Seller Entities has or purports to have a
leasehold interest, together with all plants, buildings, structures, installations, fixtures, fittings, improvements, betterments
and additions situated thereon, all privileges and appurtenances thereto, all easements and rights-of-way used or useful in connection
therewith, and all rights and privileges under the Real Property Leases relating thereto.

 

“Liability”
means any direct or indirect liability, indebtedness, obligation, commitment, expense, claim, deficiency, guaranty or endorsement
of or by any Person of any nature or type, known or unknown, and whether accrued, unaccrued, absolute, contingent, matured, unmatured,
liquidated or unliquidated, and including Indebtedness.

 

“Loss”
has the meaning set forth in Section 4.2.

 

“Management
Payments” has the meaning set forth in Section 5.7.

 

“Material
Adverse Effect” means any fact, circumstance, event, occurrence, condition, effect or change (individually or in
the aggregate) that has been, or could reasonably be expected to be, material and adverse with respect to the business, assets,
Liabilities, condition (financial or otherwise) or results of operations of the Seller Entities, taken as a whole, or a Party’s
authority, right or ability to consummate the Transactions or perform its obligations under this Agreement; provided, however,
that in no event shall any of the following constitute a “Material Adverse Effect (or Cause)”: (a) any fact, circumstance,
development, effect, event, condition or occurrence resulting from or relating to changes in economic or financial conditions generally;
(b) any fact, circumstance development, event, condition or occurrence that affects generally the industry in which the Seller
Entities operate; (c) any national or international political or social conditions, including the engagement by the United States
of hostilities or the escalation thereof, whether or not pursuant to the declaration of a national emergency or war, or the occurrence
or the escalation of any military or terrorist attack upon the United States or any of its territories, possessions or diplomatic
or consular offices or upon any military installation, equipment or personnel of the United States; (d) any change in applicable
accounting rules or standards or applicable Laws; (e) the announcement of the Transactions contemplated by this Agreement and the
other agreements contemplated hereby; or (f) compliance by the Sellers with the terms of, or the taking of any action required
or contemplated by this Agreement; provided further, however, that any fact, circumstance, development, effect, event, condition
or occurrence referred to in clauses (a) through (c) shall be taken into account in determining whether a Material Adverse Effect
(or Change) has occurred or could reasonably be expected to occur to the extent that such fact, circumstance, development, effect,
event, condition or occurrence has a disproportionate effect on the Seller Entities, taken as a whole, as compared to other participants
in the industry in which the Seller Entities conduct their business.

 

    	43

    	 

    

 

“Material
Contract” has the meaning set forth in Section 2.14(a).

 

“Membership
Interests” has the meaning set forth in the CEGP LLC Agreement.

 

“Notice
Period” has the meaning set forth in Section 4.5(a).

 

“Order”
means any order, judgment, injunction, award, decree, ruling, charge or writ of any Governmental Entity having the necessary jurisdiction.

 

“Ordinary
Course of Business” means occurring in the ordinary course of business consistent with past custom and practice (including
with respect to frequency and amount and, as to operations, consistent with prudent health, safety and environmental practices,
but not including any tort Liability or any Liability arising out of a violation of any Law or breach of a contractual obligation).

 

“Owned
Real Property” means the parcels of real property in which Regional has or purports to have an ownership interest,
together with all plants, buildings, structures, installations, fixtures, fittings, improvements, betterments and additions situated
thereon, all privileges and appurtenances thereto and all Easements and rights-of-way used or useful in connection therewith.

 

“Party”
or “Parties” has the meaning set forth in the introductory paragraph of this Agreement.

 

“Permits”
means all permits, licenses, franchises, registrations, certifications, authorizations, approvals, variances and similar rights
obtained, ore required to be obtained from Governmental Entity.

 

“Permitted
Encumbrances” means: (a) liens for Taxes not yet due and payable or being contested in good faith by appropriate
procedures and for which there are adequate reserves have been established on the financial statements; (b) mechanics’, carriers’,
workmen’s, repairmen’s or other like liens arising or incurred in the ordinary course of business consistent with past
practice or amounts that are not delinquent and which are not, individually or in the aggregate, material to the business of any
of the Seller Entities; (c) easements, rights of way, zoning ordinances and other similar encumbrances affecting Owned Real Property
which are not, individually or in the aggregate, material to the business of Regional; (d) other than with respect to Owned Real
Property, other Encumbrances, if any, that individually or in the aggregate, have not had and would not have a Material Adverse
Effect on the business or assets of any of the Seller Entities; and (e) Encumbrances granted by CELP and Regional in connection
with the terms and conditions of that certain Term Loan and Security Agreement dated March 20, 2013 by and between Regional and
Hopewell Investment Partners LLC.

 

“Person”
means and includes an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company,
a trust, a joint venture, an unincorporated organization or other entity or a Governmental Entity.

 

    	44

    	 

    

 

“Pre-Closing
Deposit” has the meaning set forth in Section 2.1.

 

“Proceeding”
means any action, suit, claim, audit, investigation, inquiry, arbitration, mediation, litigation or proceeding before any Governmental
Entity, arbitrator or mediator.

 

“Purchase
Price” has the meaning set forth in Section 1.2.

 

“Purchaser”
has the meaning set forth in the introductory paragraph of this Agreement.

 

“Purchaser
Indemnified Parties” has the meaning set forth in Section 4.2.

 

“Purchaser
Membership Interests” has the meaning set forth in Section 3.4.

 

“Purchaser
Required Consents” has the meaning set forth in Section 3.2.

 

“Purchaser
Securities Laws Violation” mean (a) any untrue statement or alleged untrue statement of a material fact made by Purchaser
or any representative of Purchaser in connection with the offer and sale of Purchaser Membership Interests, whether in a written
document or orally, (b) the omission or alleged omission to state a material fact required to be stated in connection with the
offer and sale of Purchaser Membership Interests, or necessary to make such statements not misleading, or (c) any violation or
alleged violation by Purchaser of any applicable Securities Laws or any rule or regulation promulgated under any applicable Securities
Laws in connection with the offer and sale of Purchaser Membership Interests and the issuance of the Warrants to the Warrant Purchasers;
but excluding losses to the extent arising out of or based upon a violation that occurs in reliance upon and in conformity with
Qualifying SEC Disclosures.

 

“Qualified
Plan” has the meaning set forth in Section 2.19(f).

 

“Qualifying
SEC Disclosures” means the information disclosed in the CELP SEC Reports that are listed on Schedule 8.1(a),
other than information in the “Risk Factors” or “Forward-Looking Statements” sections of such reports and
other forward-looking statements in such reports.

 

“Real Property
Leases” means all leases, lease guaranties, subleases, licenses, easements, and agreements, whether written or oral,
for the leasing, use or occupancy of, or otherwise granting a right in or relating to the Leased Real Property, including all amendments,
terminations and modifications thereof and all subordination, non-disturbance and attornment agreements and estoppel certificates
with respect thereto.

 

“Records”
means originals or, if not available, copies of the Seller Entities’ books, records, data, maps, diagrams, drawings, correspondence
and files, including all Contracts and any and all minute books, title, Tax, financial, accounting, employment, technical, engineering,
operations, research, environmental and safety records and information.

 

“Regional”
has the meaning set forth in the Recitals.

 

    	45

    	 

    

 

“Registration
Rights Agreement” means that certain Registration Rights Agreement dated as of August 1, 2011 by and among CELP and
the members of CEGP.

 

“Related
Documents” means the Amended Registration Rights Agreement, the Warrant, the Amended LLC Agreement, the Amended LP
Agreement, the Confidentiality Agreement, the Release of Claims and any other documents contemplated by this Agreement as may be
necessary to consummate the Transactions.

 

“Release”
means any release, spill, leak, discharge, abandonment, disposal, pumping, pouring, emitting, emptying, injecting, leaching, dumping,
depositing, dispersing, allowing to escape or migrate into or through the environment (including ambient air, surface water, ground
water, wetlands, land surface and subsurface strata or within any building, structure, facility or fixture) of any Hazardous Substance,
including the abandonment or discarding of Hazardous Substances in barrels, drums, or other containers.

 

“Release
of Claims” means that certain release in substantially the form attached hereto as Exhibit E.

 

“Rio Vista
GP” has the meaning set forth in the Recitals.

 

“Rio Vista
LP” has the meaning set forth in the Recitals.

 

“Rules”
has the meaning set forth in Section 7.11(e).

 

“Securities
Act” means the Securities Act of 1933, as amended, or any successor statute, and the rules and regulations promulgated
thereunder.

 

“Securities
Laws” means the securities laws of the United States or any state thereof.

 

“Seller”
or “Sellers” has the meaning set forth in the introductory paragraph of this Agreement.

 

“Seller
Benefit Plans” means each “employee benefit plan” as defined in Section 3(3) of ERISA, whether or
not subject to ERISA, and each equity ownership, equity option, equity purchase, equity appreciation rights, phantom equity or
other equity-based plan and all other employee bonus, profit-sharing, incentive, deferred compensation, welfare, pension, retirement,
severance, group insurance, and other employee compensation or benefit plans, arrangements, agreements and practices that relate
to employee compensation or benefits sponsored, maintained or contributed to by the Seller Entities under which the Seller Entities
or any ERISA Affiliate has any current or future obligation or liability, or under which its employees or former employees are
eligible or have been eligible to participate or derive a benefit.

 

“Seller
Entities” means collectively CEGP, CELP, Regional, Rio Vista GP and Rio Vista LP.

 

“Seller
Indemnified Parties” has the meaning set forth in Section 4.3.

 

    	46

    	 

    

 

“Seller
Required Consents” has the meaning set forth in Section 2.3.

 

“Solvent”
means, when used with respect to any Person, that at the time of determination: (a) the assets of such Person, at a fair valuation,
are in excess of the total amount of its debts (including contingent Liabilities); (b) the present fair saleable value of its assets
is greater than its probable Liability on its existing debts as such debts become absolute and matured; (c) it is then able and
expects to be able to pay its debts (including contingent debts and other commitments) as they mature; and (d) it has capital sufficient
to carry on its business as conducted and as proposed to be conducted. For purposes of determining whether a Person is Solvent,
the amount of any contingent Liability shall be computed as the amount that, in light of all the facts and circumstances existing
at such time, represents the amount that can reasonably be expected to become an actual or matured Liability.

 

“Subscribing
Person” has the meaning set forth in Section 3.4.

 

“Subsidiaries”
mean collectively Regional, Rio Vista GP and Rio Vista LP and a “Subsidiary” means any one of such Persons.

 

“Tax”
or “Taxes” means, with respect to any Person, taxes of any kind, levies or other like assessments, customs,
duties, imposts, charges or fees, including (a) any and all federal, state, local or foreign net income, alternative or add-on
minimum tax, gross income, gross receipts, transaction, hotel occupancy, sales, use, ad valorem, property, asset, value added,
transfer, transaction, capital, net worth, franchise, profits, gains, margin, registration, license, lease, service, royalty, severance,
withholding on amounts paid to or by the relevant Person, payroll, employment, social security, workers compensation, unemployment
compensation, utility, excise, severance, production, stamp, occupation, premium, property, unclaimed property remittance/escheat,
environmental or windfall profits, customs, duties or other taxes, fees, assessments or charges of any kind whatsoever imposed
by or payable to any Governmental Entity, and in each instance such term shall include any interest, penalties, additions to tax
or additional amounts with respect thereto attributable to any such Tax, including penalties for the failure to file any Tax Return;
(b) any Liability of the relevant Person for the payment of any amounts of any of the foregoing types as a result of transferee
liability, or being a member of an affiliated, consolidated, combined or unitary group, or being a Party to any agreement or arrangement
whereby liability of the relevant Person for payment of such amounts was determined or taken into account with reference to the
liability of any other entity; and (c) any Liability of the relevant Person for the payment of any amounts as a result of being
a Party to any Tax sharing, tax indemnity or tax allocation agreements or any other express or implied agreement (whether or not
written) binding on the relevant Person or with respect to the payment of any amounts of any of the foregoing types.

 

“Tax Returns”
means, collectively, returns, declarations of estimated Tax, Tax reports, information returns and statements relating to any Taxes
with respect to the Seller Entities or its income, Assets or operations.

 

“Tax Ruling”
has the meaning set forth in Section 2.16(k).

 

    	47

    	 

    

 

“Third
Party Claim” has the meaning set forth in Section 4.5(a).

 

“Transactions”
means the transactions contemplated by this Agreement and the Related Documents.

 

“Transfer
Tax” means any sales Tax, transfer Tax, transaction Tax, conveyance fee, use Tax, stamp Tax, stock transfer Tax or
other similar Tax, including any related penalties, interest and additions thereto.

 

“Treasury
Regulations” means the tax regulations promulgated
as final regulations under the applicable Code section.

 

“UCC”
means the Uniform Commercial Code as in effect from time to time in the State of Delaware.

 

“Warrant”
means the Warrants issued by CELP entitling the Warrant Purchasers to purchase from CELP an aggregate 3,000,000 CELP Units in substantially
the form attached hereto as Exhibit D.

 

“Warrant
Purchasers” means JLD Services, Ltd. and G. Thomas Graves III.

 

“Warrant
Units” has the meaning set forth in the Recitals.

 

8.2           Rules
of Construction. In this Agreement, unless the context otherwise requires:

 

(a)          the
singular number includes the plural number and vice versa;

 

(b)          reference
to any Person includes such Person’s successors and assigns but, if applicable, only if such successors and assigns are permitted
by this Agreement, and reference to a Person in a particular capacity excludes such Person in any other capacity;

 

(c)          reference
to any gender includes each other gender;

 

(d)          reference
to any agreement (including this Agreement), document or instrument means such agreement, document or instrument as amended or
modified (including any waiver or consent) and in effect from time to time in accordance with the terms thereof and, if applicable,
the terms hereof;

 

(e)          reference
to any Article, Section, Schedule or Exhibit means such Article, Section, Schedule or Exhibit of or to this Agreement, and references
in any Article, Section, Schedule, Exhibit or definition to any clause means such clause of such Article, Section, Schedule, Exhibit
or definition;

 

(f)          any
accounting term used and not otherwise defined in this Agreement or any Related Document has the meaning assigned to such term
in accordance with GAAP;

 

    	48

    	 

    

 

(g)          the
words “this Agreement,” “herein,” “hereby,” “hereunder,” “hereof,”
“hereto” and words of similar import are references to this Agreement as a whole and not to any particular Section
or other provision hereof or thereof, unless expressly so limited;

 

(h)          the
word “including” and its derivatives means “including, but not limited to,” and corresponding derivative
expressions;

 

(i)          relative
to the determination of any period of time, “from” means “from and including,” “to” means “to
but excluding” and “through” means “through and including;”

 

(j)          no
consideration shall be given to the captions of the articles, sections, subsections, or clauses, which are inserted for convenience
in locating the provisions of this Agreement and not as an aid in its construction;

 

(k)          no
consideration shall be given to the fact or presumption that one Party had a greater or lesser hand in drafting this Agreement;
every covenant, term and provision of this Agreement shall be construed simply according to its fair meaning and not strictly for
or against any Party (notwithstanding any rule of law requiring an agreement to be strictly construed against the drafting Party),
it being understood that the Parties to this Agreement are sophisticated and have had adequate opportunity and means to retain
counsel to represent their interests and to otherwise negotiate the provisions of this Agreement;

 

(l)          examples
shall not be construed to limit, expressly or by implication, the matter they illustrate;

 

(m)          a
defined term has its defined meaning throughout this Agreement, and each Exhibit and Schedule to this Agreement, regardless of
whether it appears before or after the place where it is defined;

 

(n)          all
references to prices, values or monetary amounts refer to United States dollars, unless expressly provided otherwise;

 

(o)          each
Exhibit, Schedule and the Disclosure Schedule to this Agreement is a part of this Agreement, but if there is any conflict or inconsistency
between the main body of this Agreement and any Exhibit, Schedule or Disclosure Schedule, the provisions of the main body of this
Agreement shall prevail; and

 

(p)          the
word “or” may not be mutually exclusive, and can be construed to mean “and” where the context requires
there to be a multiple rather than an alternative obligation.

 

[Signature Page Follows]

 

    	49

    	 

    

 

IN WITNESS WHEREOF, the Parties hereto
have duly executed this Agreement as of the date first written above.

 

	 	SELLERS
	 	 
	 	CENTRAL ENERGY GP LLC
	 	 	 
	 	By:	 
	 	 	Imad K. Anbouba, Chief Executive Officer
	 	 	 
	 	CENTRAL ENERGY PARTNERS LP
	 	 	 
	 	 	By:	CENTRAL ENERGY GP LLC, its General Partner
	 	 	 	 
	 	 	 	By:	 
	 	 	 	 	Imad K. Anbouba,
	 	 	 	 	Chief Executive Officer

 

	 	PURCHASER
	 	 
	 	CEGP ACQUISITION, LLC
	 	 	 
	 	By:	 
	 	 	John L. Denman, Jr, President

 

Solely to acknowledge their obligation

pursuant to Section 5.7 of this Agreement:

 

	 	 
	Imad K. Anbouba	 
	 	 
	 	 
	Carter R. Montgomery	 

 

Signature Page To
Purchase And Sale Agreement

 

    	 

    	 

    

 

Schedule 1.2

Purchase Price Allocation

 

Rules for Allocation:

 

		1.	Total Price - The aggregate cash to be paid to CEGP and CELP at Closing shall be the aggregate amount of the Closing
Payment and the Pre-Closing Deposit.

 

		2.	Purchase Price for the CELP Units - The amount determined in accordance with paragraph 1 shall be allocated first to
the CELP Units based on the daily volume weighted average bid prices for the Common Units as then reported in the “Pink Sheets”
published by Pink OTC Markets, Inc. (or a similar organization or agency succeeding to its functions of reporting prices) for the
30-day period immediately preceding the Closing Date. The price shall be determined by multiplying 3,000,000 by the “volume
weighted average price” as determined in the previous sentence.

 

		3.	Purchase Price for the CEGP Interest - The balance of the amount determined in accordance with paragraph 1, after deducting
the price to be allocated to the CELP Units pursuant to paragraph 2, shall be allocated to the CEGP Interest.

 

		4.	Allocation of The Credit Deposit - The “Credit for Deposit” allocated to the CEGP Interest and the CELP
Units shall be determined by calculating the ratio of the allocation of the amount determined in paragraph 1 to the “Purchase
Price for the CELP Units” and the “Purchase Price for the CEGP Interest”.

 

	Purchase 
 Price for 
 CEGP 
 Interest	 	 	Credit for
 Pre-Closing
 Deposit
 allocated to
 CEGP
 Interest	 	 	Purchase
 Price for
 CELP Units	 	 	Credit for
 Pre-Closing
 Deposit
 allocated to
 CELP Units	 	 	Cash Payable
 at Closing to
 CEGP	 	 	Cash Payable
 at Closing to
 CELP	 
	$	2,469,566	 	 	$	360,000	 	 	$	280,434	 	 	$	40,000	 	 	$	2,109,566	 	 	$	240,434	 

 

Schedule 1.2 – Solo Page

 

    	 

    	 

    

 

Schedule 2.3

Seller Required Consents

 

None.

 

Schedule 2.3 – Solo Page

 

    	 

    	 

    

 

Schedule 3.2

Purchaser Required Consents

 

None.

 

Schedule 3.2 – Solo Page

 

    	 

    	 

    

 

Schedule 5.1(a)

List of Resigning Officers and Directors of CEGP

 

Imad K. Anbouba as President and Chief Executive Officer

 

Carter R. Montgomery as Executive Vice President of Corporate
Development 

 

Schedule 5.1 (a)
– Solo Page

 

    	 

    	 

    

 

Schedule 5.1(b)

Post-Closing Directors of CEGP

 

	Purchaser Appointees
	 	 
	1.	G. Thomas Graves III
	2.	John L. Denman, Jr.
	3.	David Laney
	4.	Alexander C. Chae (Interim)
	5.	Alan Bell
	 	 
	Seller Appointees
	 	 
	6.	Imad K. Anbouba
	7.	Carter R. Montgomery
	8.	Daniel L. Spears
	9.	Michael T. Wilhite, Jr.

 

Schedule 5.1 (b)
– Solo Page

 

    	 

    	 

    

 

Schedule 5.7

Management Payments to Officers and Directors of CEGP

 

	Name	 	Description	 	Amount	 
	 	 	 	 	 	 
	Imad K. Anbouba	 	Twenty Percent (20%) of the total of (1) all past due salary (at $80,000/year), (2) actual documented business expenses and (3) office reimbursement to AirNow Compression Systems, LTD.	 	$	30,323.29	 
	 	 	 	 	 	 	 
	 	 	Severance pursuant to Change of Control Provision of Employment Agreement	 	$	240,000.00	 
	 	 	 	 	 	 	 
	 	 	Total	 	$	270,323.29	 
	 	 	 	 	 	 	 
	Carter R. Montgomery	 	Twenty Percent (20%) of the total of (1) all past due salary (at $80,000/year) and (2) actual documented business expenses	 	$	23,075.26	 
	 	 	 	 	 	 	 
	 	 	Severance pursuant to Change of Control Provision of Employment Agreement	 	$	240,000	 
	 	 	 	 	 	 	 
	 	 	Total	 	$	263,075.26	 
	 	 	 	 	 	 	 
	Ian T. Bothwell	 	Past due salary (calculated at $275,000/yr.)	 	$	216,123.00	 
	 	 	 	 	 	 	 
	 	 	Actual documented business expenses	 	$	48,591.16	 
	 	 	 	 	 	 	 
	 	 	Office reimbursement (to Rover Technologies LLC)	 	$	69,401.90	 
	 	 	 	 	 	 	 
	 	 	Total	 	$	334,116.06	 
	 	 	 	 	 	 	 
	Total of All Payments	 	 	 	$	867,514.61	 

 

Schedule 5.7
– Solo Page

 

    	 

    	 

    

 

Schedule 8.1(a)

Qualifying SEC Disclosures

 

Form 10-Q filed November 14, 2013

 

Form 8-K filed August 23, 2013

 

Form 10-Q filed August 14, 2013

 

Form 10-Q filed May 15, 2013

 

Form 10-K filed April 1, 2013

 

Form 8-K filed March 26, 2013

 

Form 8-K filed March 7, 2013

 

Form 8-K filed November 30, 2012

 

Form 10-Q filed November 14, 2012

 

Form 8-K filed October 11, 2012

 

Form 8-K filed September 21, 2012

 

Form 10-Q filed August 14, 2012

 

Form 10-Q filed May 15, 2012

 

Form 8-K filed May 10, 2012

 

Form 10-K filed March 30, 2012

 

Form 8-K filed February 24, 2012

 

Form 8-K field November 14, 2011

 

Form 10-Q filed November 14, 2011

 

Form 8-K/A filed October 26, 2011

 

Form 8-K field October 18, 2011

 

Form 10-Q filed August 15, 2011

 

Form 8-K filed July 6, 2011

 

Form 10-Q filed May 16, 2011

 

Form 10-K filed April 15, 2011

 

Form 8-K filed April 4, 2011

 

Form NT 10-K filed March 31, 2011

 

Form 8-K filed January 4, 2011

 

Schedule 8.1 (a)
– Solo Page

 

    	 

    	 

    

 

Schedule 8.1(b)

Purchaser Representatives for Knowledge Requirement

 

John L. Denman, Jr.

 

G. Thomas Graves III

 

Schedule 8.1 (b)
– Solo Page

 

    	 

    	 

    

 

EXHIBIT A

 

Form of Third Amended and Restated

Limited Liability Company Agreement

of Central Energy General Partner LLC

 

(See attached)

 

Exhibit A
– Solo Page

 

    	 

    	 

    

 

EXHIBIT B

 

Form of Third Amended and Restated

Limited Partnership Agreement of

Central Energy Partners LP

 

(See attached) 

 

Exhibit B
– Solo Page

 

    	 

    	 

    

 

EXHIBIT C

 

Form of Amended and Restated Registration
Rights Agreement 

 

(See attached) 

 

Exhibit C
– Solo Page

 

    	 

    	 

    

 

EXHIBIT D

 

Form of Warrant

 

(See attached) 

 

Exhibit D
– Solo Page

 

    	 

    	 

    

 

EXHIBIT E

 

Form of Release of Claims

 

(See attached)

 

Exhibit E
– Solo Page

 

    	 

    	 

    

 

EXHIBIT F

 

Form of Legal Opinion of Shackelford, Melton
& McKinley, LLP

 

(See attached)

 

Exhibit F
– Solo PageShare Purchase/Sale Agreement
                                     Page 6
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                            SHARE EXCHANGE AGREEMENT

THIS AGREEMENT made the 28th day of November, 2013

BETWEEN:

C.A.B. Financial Services Ltd and Chris Bunka (together, "CAB")
156 Valleyview Road
Kelowna BC V1X

and

WESTERN STANDARD ENERGY CORP. ("Western")
302-1912 Enterprise Way
Kelowna, BC V1V 9S9

WHEREAS:

A. CAB is the owner of the Forty One Percent (41%) of the capital stock,  namely
4,500,100 shares of PRO ECO ENERGY LTD. (the "Pro Eco Shares");

B. CAB has agreed to exchange  all of its right,  title,  and interest in and to
the Pro Eco Shares in exchange  for Four Million  Common  Shares of Western (the
"Western Shares") on the terms and conditions set out in this Agreement.

NOW  THEREFORE,  in  consideration  of ten  ($10.00)  dollars and other good and
valuable consideration now paid by each of the parties to the other (the receipt
and  sufficiency  of which is  acknowledged)  and of the  mutual  covenants  and
agreements contained in this Agreement, the parties agree as follows:

1.   PURCHASE AND SALE

1.1  CAB agrees to transfer to Western all of its right,  title, and interest in
     and to the Pro Eco Shares and  Western  agrees to issue to CAB the  Western
     Shares, each of which is to occur within 96 hours of signing this agreement
     and the share  exchange  to occur  simultaneously  at a mutually  agreeable
     location.

2.   CAB'S REPRESENTATIONS AND WARRANTIES

2.1  CAB represents and warrants to Western,  with the intent that Western shall
     rely on such in entering  into this  Agreement,  that as of the date of the
     Agreement  (unless  otherwise  specified) and the Closing Date (unless this
     Agreement is earlier terminated):

     (a)  CAB is the registered and beneficial owner of the Pro Eco Shares;

     (b)  on the  Closing  Date CAB will  have no  indebtedness  to any  person,
          business, company, or governmental authority which by operation of law
          or otherwise then constitutes a lien, charge or encumbrance on the Pro
          Eco Shares;
<PAGE>
                          Share Purchase/Sale Agreement
                                     Page 2
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     (c)  there is no claim or litigation pending against the Pro Eco Shares;

     (d)  CAB is a business  located  within  Canada  within the  meaning of the
          Income Tax Act (Canada).

     (e)  all current assets and  liabilities of Pro Eco Energy Ltd. will remain
          as stated in the Financial Statements attached hereto as Schedule "B".

     (f)  to the best of the CAB's  knowledge all current  assets of the Company
          will  remain the  property of the Company and CAB will take no actions
          to remove or agree to the removal of any assets from the Company.

3.   WESTERN'S REPRESENTATIONS AND WARRANTIES

3.1  Western represents and warrants to CAB, with the intent that CAB shall rely
     on  such in  entering  into  this  Agreement,  that  as of the  date of the
     Agreement  (unless  otherwise  specified) and the Closing Date (unless this
     Agreement is earlier terminated):

     (a)  Western is  authorized  to issue the  Western  Shares as newly  issued
          treasury shares;

     (b)  Western shall not authorize nor effect any share consolidation  during
          the period that is 15 months from the Closing Date;

     (c)  Western shall not authorize nor effect any increase in its  authorized
          share capital beyond the existing  200,000,000  during the period that
          is 15 months from the Closing Date;

     (d)  Western shall use all best efforts to submit all required filings such
          as Forms 10Q and Form 8K and others,  to the  Securities  and Exchange
          Commission  and to maintain all required  filings from time to time to
          remain in good standing and current.

4.   TITLE TO THE PURCHASED SHARES

On the Closing  Date,  CAB shall have good and  marketable  title to the Pro Eco
Shares free and clear of all liens,  charges,  and  encumbrances  except for the
Permitted Encumbrances;

5.   SHARES

CAB owns the Pro Eco Shares as the legal and beneficial  owner thereof,  free of
all  liens,  claims,  charges  and  encumbrances  whatsoever.  CAB  has  due and
sufficient  right and  authority  to enter into this  Agreement on the terms and
conditions  herein set forth and to transfer the legal and beneficial  title and
<PAGE>
                          Share Purchase/Sale Agreement
                                     Page 3
--------------------------------------------------------------------------------

ownership of the Pro Eco Shares to Western.  No person,  firm or corporation has
any  agreement  or option or a right  capable of becoming an  agreement  for the
purchase of the Pro Eco Shares.

6.   SURVIVAL OF CAB'S REPRESENTATIONS AND WARRANTIES

The  representations  and  warranties  contained in paragraph  shall survive the
Closing  Date and shall  continue  in full force and  effect for the  benefit of
Western  after the  Closing  Date  notwithstanding  any  independent  inquiry or
investigation by Western or the waiver by Western of any conditions.

7.   CAB'S INDEMNITY

7.1  CAB will indemnify  Western  against,  and save it harmless from, any loss,
     cost or damage of any nature  whatsoever  sustained by Western  directly or
     indirectly by reason of a breach or inaccuracy of any of the  warranties or
     representations.

7.2  CAB  acknowledges  and agrees that Western has entered into this  Agreement
     relying on such warranties and  representations  and the other  warranties,
     representations, terms and conditions set out in this Agreement.

8.   WESTERN'S INDEMNITY

8.1  Western will  indemnify CAB against,  and save it harmless  from, any loss,
     cost or damage of any nature  whatsoever  sustained by Western  directly or
     indirectly by reason of a breach or inaccuracy of any of the  warranties or
     representations.

8.2  Western  acknowledges  and agrees that CAB has entered into this  Agreement
     relying on such warranties and  representations  and the other  warranties,
     representations, terms and conditions set out in this Agreement.

9.   WESTERN'S REPRESENTATIONS AND WARRANTIES

9.1  Western hereby  represents and warrants as  representations  and warranties
     that will be true as of the Closing Date as follows:

     (a)  Western is a body corporate duly  incorporated  and existing under the
          laws of the State of Nevada and duly qualified to purchase and own the
          Pro Eco Shares and Western has full power,  authority  and capacity to
          enter into this Agreement and carry out the transactions  contemplated
          herein;

     (b)  there is no action or  proceeding  pending or to  Western's  knowledge
          threatened  against  Western  before any court,  arbiter,  arbitration
          panel,  administrative  tribunal or agency which, if decided adversely
          to Western,  might materially  affect Western's ability to perform its
          obligations hereunder; and
<PAGE>
                          Share Purchase/Sale Agreement
                                     Page 4
--------------------------------------------------------------------------------

(c)               neither   Western   entering  into  this   Agreement  nor  the
                  performance  of its  terms  will  result  in the  breach of or
                  constitute  a  default  under  any  term or  provision  of any
                  indenture, mortgage, deed of trust or other agreement to which
                  Western is bound or subject.

10.  COVENANTS

10.1 Not Applicable.

11.  SURVIVAL OF COVENANTS

Not Applicable.

12.  CLOSING PROCEDURE

This  Agreement  will  complete on or before  NOVEMBER  30,  2013 (the  "Closing
Date").

13.  VENDOR' DOCUMENTS

Prior to the Closing Date, CAB shall deliver to Western the following:

     (a)  share  certificates  representing the Pro Eco Shares duly endorsed for
          transfer;

     (b)  such other  documents and assurances as may be reasonably  required by
          Western  to  give  full  effect  to the  intent  and  meaning  of this
          Agreement;

     (c)  a statutory declaration sworn by CAB certifying,  to the best of their
          knowledge,  information  and  belief  (after  due  enquiry)  that  the
          representations  and  warranties  of CAB set  forth in  paragraph  2.1
          hereof are true and correct as of the Closing Date;

14.  MISCELLANEOUS

Time shall be of the essence of this agreement and the transactions contemplated
in this Agreement  notwithstanding  the extension of any of the dates under this
Agreement.  The parties agree to Sign all other agreement necessary to implement
this agreement and to make it binding.

15.  TENDER

Any tender of  documents  or money may be made upon the party being  tendered or
upon its solicitors,  and money may be tendered by certified cheque, solicitor's
trust cheque, or bank draft.
<PAGE>
                          Share Purchase/Sale Agreement
                                     Page 5
--------------------------------------------------------------------------------

16.  NOTICE

Any notice  required  or  permitted  to be given under this  Agreement  shall be
sufficiently given if delivered personally or if sent by prepaid registered mail
as follows:

to Western at:
302-1912 Enterprise Way
Kelowna, BC V1V 9S9

to CAB at:
156 Valleyview Rd
Kelowna BC V1X

provided that any party shall be entitled to designate another address by giving
notice of it to the other party in accordance  with the terms of this Agreement.
Any  notice so mailed  shall be deemed to have been  received,  except  during a
period of  interruption  of normal postal  service,  on the fourth  business day
following the date of mailing in Kelowna, B.C.

17.  FURTHER ASSURANCES

Each of the  parties  shall,  at the  expense of the other  party,  execute  and
deliver all such  further  documents  and do such further acts and things as the
other party may reasonably request from time to time to give full effect to this
Agreement.

18.  PAYMENT OF FEES

Each party shall pay its own legal fees.

19.  BINDING EFFECT

This  Agreement  shall enure to the benefit of and be binding  upon the parties,
their   respective   heirs,   executors,   administrators,   and   other   legal
representatives and, to the extent permitted in this Agreement, their respective
successors and assigns.

20.  APPLICABLE LAW

This  Agreement  shall be  interpreted  in  accordance  with the laws of British
Columbia and the laws of Canada applicable in British Columbia.

21.  ENTIRE AGREEMENT

This Agreement constitutes the entire agreement between the parties with respect
to the subject matter of the Agreement and contains all of the  representations,
warranties,  covenants and agreements of the respective parties,  and may not be
amended or modified except by an instrument in writing  executed by all parties.
This Agreement  supersedes all prior  agreements,  memoranda,  and  negotiations
between the parties.
<PAGE>
                          Share Purchase/Sale Agreement
                                     Page 6
--------------------------------------------------------------------------------

22.  SCHEDULES

The Schedules attached to this Agreement form part of this Agreement.

IN WITNESS  WHEREOF the parties have executed  this  Agreement as of the day and
year first above written.

WESTERN STANDARD ENERGY CORP.

/s/ Dallas Gray
----------------------------------------

Dallas Gray, President

CHRIS BUNKA

/s/ Chris Bunka
----------------------------------------

C.A.B. FINANCIAL SERVICES LTD.

/s/ C.A.B. Financial Services Ltd.
----------------------------------------
<PAGE>
                                   SCHEDULE A

                          Share Purchase/Sale Agreement
                                     Page 7
--------------------------------------------------------------------------------
<PAGE>
                                   SCHEDULE B

                          Share Purchase/Sale Agreement
                                     Page 7
--------------------------------------------------------------------------------

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