Document:

Document

IN THE UNITED STATES BANKRUPTCY COURT 
FOR THE DISTRICT OF DELAWARE

															
			)		
	In re:		)	Chapter 11	
			)		
	EXTRACTION OIL & GAS, INC. et al.,1
		)	Case No. 20-11548 (CSS)	
			)		
	Debtors.		)	(Jointly Administered)	
			)		
			)	Re: Docket No. 10	

INTERIM ORDER (I) APPROVING NOTIFICATION 
AND HEARING PROCEDURES FOR CERTAIN TRANSFERS OF AND DECLARATIONS OF WORTHLESSNESS WITH RESPECT TO COMMON SHARES AND PREFERRED SHARES AND (ii) GRANTING RELATED RELIEF

Upon the motion (the “Motion”)2 of the above-captioned debtors and debtors in possession (collectively, the “Debtors”) for entry of an interim order (this “Interim Order”) (a) approving the Procedures related to transfers of Beneficial Ownership of Common Shares or Preferred Shares, (b) directing that any purchase, sale, other transfer of, or declaration of worthlessness with respect to Beneficial Ownership of Common Shares or Preferred Shares in violation of the Procedures shall be null and void ab initio, and (c) scheduling a final hearing to consider entry of a final order (the “Final Order”) approving the Motion on a final basis; all as more fully set forth in the Motion; and upon the First Day Declaration; and this Court having jurisdiction over this matter pursuant to 28 U.S.C. §§ 157 and 1334 and the Amended Standing Order; and this Court having found that venue of this proceeding and the Motion in this district is proper pursuant to 28 U.S.C. §§ 1408 and 1409; and this Court having found that the relief requested in the Motion is in the best interests of the Debtors’ estates, their creditors, and other parties in interest; and this Court having found that the Debtors’ notice of the Motion and opportunity for a hearing on the Motion were appropriate under the circumstances and no other notice need be provided; and this Court having reviewed the Motion and having heard the statements in support of the relief requested therein at a hearing before this Court (the “Hearing”); and this Court having determined that the legal and factual bases set forth in the Motion and at the Hearing establish just cause for the relief granted here

1 The Debtors in these chapter 11 cases, along with the last four digits of each Debtor’s federal tax identification number, are:  Extraction Oil & Gas, Inc. (3923); 7N, LLC (4912); 8 North, LLC (0904); Axis Exploration, LLC (8170); Extraction Finance Corp. (7117); Mountaintop Minerals, LLC (7256); Northwest Corridor Holdings, LLC (9353); Table Mountain Resources, LLC (5070); XOG Services, LLC (6915); and XTR Midstream, LLC (5624).  The location of the Debtors’ principal place of business is 370 17th Street, Suite 5300, Denver, Colorado 80202.
2 Capitalized terms used but not otherwise defined herein have the meanings ascribed to them in the Motion.

in; and upon all of the proceedings had before this Court; and after due deliberation and sufficient cause appearing therefor, it is HEREBY ORDERED THAT:
1.         The Motion is granted on an interim basis as set forth herein.
2.         The final hearing (the “Final Hearing”) on the Motion shall be held on July 7, 2020 at 1:00 p.m., prevailing Eastern Time.  Any objections or responses to entry of a final order on the Motion shall be filed on or before 4:00 p.m., prevailing Eastern Time, on June 30, 2020, and shall be served on:  (a) the Debtors, Extraction Oil & Gas, Inc., 370 17th Street, Suite 5300, Denver, Colorado 80202, Attn: Eric Christ; (b) proposed counsel to the Debtors, (i) Kirkland & Ellis LLP, 601 Lexington Avenue, New York, New York 10022, Attn: Christopher Marcus, P.C., Allyson Smith Weinhouse, and Ciara Foster and (ii) Whiteford, Taylor & Preston LLC, The Renaissance Centre, Suite 500, 405 North King Street, Wilmington, Delaware 19801, Attn: Marc R. Abrams, Richard W. Riley, and Stephen B. Gerald; (c) the United States Trustee, 844 King Street, Suite 2207, Lockbox 35, Wilmington, Delaware 19801, Attn: Richard L. Schepacarter; (d) counsel to the administrative agent under the Debtors’ prepetition senior credit facility, Bracewell LLP, 711 Louisiana Street, Suite 2300, Houston, Texas 77002, Attn: Dewey J. Gonsoulin Jr., William A. (Trey) Wood III, and Heather Brown; (e) counsel to the ad hoc group of lenders under the Debtors’ prepetition senior notes, (i) Paul, Weiss, Rifkind, Wharton & Garrison LLP, 1285 Avenue of the Americas, New York, NY 10019, Attn: Andrew Rosenberg, Alice Belisle Eaton, Christopher Hopkins, Douglas Keeton and Omid Rahnama and (ii) Young Conaway Stargatt & Taylor, LLP, 1000 North King Street, Wilmington, Delaware 19801, Attn: Pauline K. Morgan & Sean T. Greecher; (f) counsel to the ad hoc group of holders of the Debtors’ preferred equity, Quinn Emanuel Urquhart & Sullivan, LLP, 51 Madison Avenue, 22nd Floor, New York, New York 10010, Attn:  Benjamin Finestone; and (g) counsel to any statutory committee appointed in these chapter 11 cases.  In the event no objections to entry of the Final Order on the Motion are timely received, this Court may enter such Final Order without need for the Final Hearing.
3.         The Procedures, as set forth in Exhibit 1 attached hereto, are hereby approved.
4.      Any transfer of or declaration of worthlessness with respect to Beneficial Ownership of Common Shares or Preferred Shares in violation of the Procedures, including but not limited to the notice requirements, shall be null and void ab initio.
5.         In the case of any such transfer of Beneficial Ownership of Common Shares or Preferred Shares in violation of the Procedures, including but not limited to the notice requirements, the person or entity making such transfer shall be required to take remedial actions specified by the Debtors, which may 

include the actions specified in Private Letter Ruling 201010009 (Dec. 4, 2009), to appropriately reflect that such transfer is null and void ab initio. 
6.         In the case of any such declaration of worthlessness with respect to Beneficial Ownership of Common Shares or Preferred Shares in violation of the Procedures, including the notice requirements, the person or entity making such declaration shall be required to file an amended tax return revoking such declaration and any related deduction to appropriately reflect that such declaration is void ab initio.
7.         The Debtors may retroactively or prospectively waive any and all restrictions, stays, and notification procedures set forth in the Procedures upon proper notice given.
8.         The requirements set forth in this Interim Order are in addition to the requirements of all applicable laws.
9.         The contents of the Motion satisfy the requirements of Bankruptcy Rule 6003(b).
10.       Notice of the Motion as provided therein shall be deemed good and sufficient notice of such Motion and the requirements of Bankruptcy Rule 6004(a) and the Bankruptcy Local Rules are satisfied by such notice.
11.       Notwithstanding Bankruptcy Rule 6004(h), the terms and conditions of this Interim Order are immediately effective and enforceable upon its entry.
12.       The Debtors are authorized to take all actions necessary to effectuate the relief granted in this Interim Order in accordance with the Motion.
13.       This Court retains exclusive jurisdiction with respect to all matters arising from or related to the implementation, interpretation, and enforcement of this Interim Order.

Exhibit 1

Procedures for Transfers of and Declarations of Worthlessness with Respect to 
Beneficial Ownership of Common Shares and Preferred Shares

Procedures for Transfers of and Declarations of Worthlessness with Respect to Beneficial Ownership of Common Shares and Preferred Shares

The following procedures apply to transfers of Beneficial Ownership of Common Shares or Preferred Shares:3

a.         Any entity (as defined in section 101(15) of the Bankruptcy Code) that currently is or becomes a Substantial Shareholder (as defined herein) must file with the Court and serve upon:  (aa) the Debtors, 370 17th Street, Suite 5300, Denver, Colorado 80202; (bb) proposed counsel to the Debtors, (i) Kirkland & Ellis LLP, 601 Lexington Avenue, New York, New York 10022, Attn: Christopher J. Marcus, P.C. (christopher.marcus@kirkland.com), Allyson Smith Weinhouse (allyson.smith@kirkland.com), and Ciara Foster (ciara.foster@kirkland.com), and (ii) Whiteford, Taylor & Preston LLC, 450 North King Street, Wilmington, Delaware 19801, Attn:  Marc R. Abrams (mabrams@wtplaw.com ), Richard W. Riley (rriley@wtplaw.com), and Stephen B. Gerald (sgerald@wtplaw.com); (cc) the Office of the United States Trustee for the District of Delaware, J. Caleb Boggs Building, 844 King Street, Suite 2207, Lockbox 35, Wilmington, DE 19801 Attn:  Richard L. Schepacarter; (dd) counsel to the lenders under the Debtors’ debtor-in-possession financing and the administrative agent thereunder, Bracewell LLP, 711 Louisiana Street, Suite 2300, Houston, Texas 77002, Attn: Dewey J. Gonsoulin Jr. (dewey.gonsoulin@bracewell.com), William A. (Trey) Wood III, (trey.wood@bracewell.com), and Heather Brown (heather.brown@bracewell.com) (ee) counsel to the Ad Hoc Group of Senior Noteholders (i) Paul, Weiss, Rifkind, Wharton & Garrison LLP, 1285 Avenue of the Americas, New York, NY 10019, Attn: Andrew Rosenberg (arosenberg@paulweiss.com), Alice Belisle Eaton (aeaton@paulweiss.com), Christopher Hopkins (chopkins@paulweiss.com), Douglas Keeton (dkeeton@paulweiss.com) and Omid Rahnama (orahnama@paulweiss.com), and (ii) Young Conaway Stargatt & Taylor, LLP, 1000 North King Street, Wilmington, Delaware 19801, Attn: Pauline K. Morgan (pmorgan@ycst.com) & Sean T. Greecher (sgreecher@ycst.com); (ff)  counsel to any statutory committee appointed in these cases; and (gg) any party that has requested notice pursuant to Bankruptcy Rule 2002 (collectively, the “Declaration Notice Parties”), a declaration of such status, substantially in the form of Exhibit 1A attached to these Procedures (each, a “Declaration of Status as a Substantial Shareholder”) on or before the later of (i) 45 calendar days after the date of the Notice of Interim Order (as defined herein), or (ii) ten calendar days after becoming a Substantial Shareholder; provided that, for the avoidance of doubt, the other procedures set forth herein shall apply to any Substantial Shareholder even if no Declaration of Status as a Substantial Shareholder has been filed.

b.         Prior to effectuating any transfer of Beneficial Ownership of Common Shares or Preferred Shares that would (i) result in an increase in the amount of Common Shares or Preferred Shares of which a Substantial Shareholder has Beneficial Ownership, or (ii) result in an entity or individual becoming a Substantial Shareholder, the parties to such transaction must file with the Court and serve upon the Declaration Notice Parties an advance written declaration of the intended transfer of Beneficial Ownership of Common Shares or Preferred Shares, substantially in the form of Exhibit 1B attached to these Procedures (each, a “Declaration of Intent to Accumulate Common Shares or Preferred Shares”).

c.         Prior to effectuating any transfer of Beneficial Ownership of Common Shares or Preferred Shares that would (i) result in a decrease in the amount of Common Shares or Preferred Shares of which a Substantial Shareholder has Beneficial Ownership, or (ii) result in an entity or individual ceasing to be a Substantial Shareholder, the parties to such transaction must file with the Court and serve upon the Declaration Notice Parties an advance written declaration of the intended transfer of Beneficial Ownership of Common Shares or Preferred Shares, substantially in the form of Exhibit 1C attached to these Procedures (each, a “Declaration of Intent to Transfer Common Shares or Preferred Shares,” and together with a Declaration of Intent to Accumulate Common Shares or Preferred Shares, a “Declaration of Proposed Transfer”).

d.         The Debtors shall have 30 calendar days after receipt of a Declaration of Proposed Transfer to file with the Court and serve on such Substantial Shareholder or potential Substantial 

3 Capitalized terms used but not otherwise defined herein have the meanings ascribed to them in the Motion.

Shareholder an objection to any proposed transfer of Beneficial Ownership of Common Shares or Preferred Shares described in the Declaration of Proposed Transfer on the grounds that such transfer might adversely affect the Debtors’ ability to utilize the Tax Attributes.  If the Debtors file an objection, such transaction will remain ineffective unless the Debtors withdraw such objection or such transaction is approved by a final and non-appealable order of the Court.  If the Debtors do not object within such 30‐day period, such transaction can proceed solely as set forth in the Declaration of Proposed Transfer.  To the extent the Debtors receive an appropriate Declaration of Proposed Transfer and determine in their business judgment not to object, they shall provide five (5) business days’ notice of that decision to counsel to any statutory committee(s) appointed in the Debtors’ chapter 11 cases.  Further transactions within the scope of this paragraph are the subject of additional notices in accordance with these Procedures, with an additional 30‐day waiting period for each Declaration of Proposed Transfer.

e.         For purposes of these Procedures:  (i) a “Substantial Shareholder” is any entity or individual that has Beneficial Ownership of at least 6,216,077 Common Shares (representing approximately 4.5 percent of all issued and outstanding Common Shares) or any entity or individual that has Beneficial Ownership 8,337 Preferred Shares (representing approximately 4.5 percent of all issued and outstanding Preferred Shares);4 (ii)“Beneficial Ownership” shall be determined in accordance with the applicable rules of section 382 of the IRC and the Treasury Regulations thereunder (other than Treasury Regulations section 1.382-2T(h)(2)(i)(A)), and includes direct, indirect, and constructive ownership (e.g., (1) a holding company would be considered to beneficially own all equity securities owned by its subsidiaries, (2) a partner in a partnership would be considered to beneficially own its proportionate share of any equity securities owned by such partnership, (3) an individual and such individual’s family members may be treated as one individual, (4) persons and entities acting in concert to make a coordinated acquisition of equity securities may be treated as a single entity, and (5) a holder would be considered to beneficially own equity securities that such holder has an Option to acquire); and (iii) an “Option” to acquire stock includes all interests described in Treasury Regulations section 1.382-4(d)(9), including any contingent purchase right, warrant, convertible debt, put, call, stock subject to risk of forfeiture, contract to acquire stock, or similar interest, regardless of whether such interest is contingent or otherwise not currently exercisable.

The following procedures apply to declarations of worthlessness of Beneficial Ownership of Common Shares or Preferred Shares:

a.         Any person or entity that currently is or becomes a 50-Percent Shareholder must file with the Court and serve upon the Declaration Notice Parties a declaration of such status, substantially in the form of Exhibit 1D attached to these Procedures (each, a “Declaration of Status as a 50-Percent Shareholder”), on or before the later of (i) 30 calendar days after the date of the Notice of Interim Order (as defined herein), and (ii) ten calendar days after becoming a 50-Percent Shareholder.

b.         Prior to filing any federal or state tax return or any amendment or taking any other action to such a return that claims any deduction for worthlessness of Beneficial Ownership of Common Shares or Preferred Shares for a tax year ending before the Debtors’ emergence from chapter 11 protection, such 50-Percent Shareholder must file with the Court and serve upon the Declaration Notice Parties an advance written declaration substantially in the form of Exhibit 1E attached to these Procedures (each, a “Declaration of Intent to Claim a Worthless Stock Deduction”) of the intended claim of worthlessness.

c.         The Debtors will have 30 calendar days after receipt of a Declaration of Intent to Claim a Worthless Stock Deduction to file with the Court and serve on such 50‐Percent Shareholder an objection to any proposed claim of worthlessness described in the Declaration of Intent to Claim a Worthless Stock Deduction on the grounds that such claim might adversely affect the Debtors’ ability to utilize the Foreign Tax Credits.  If the Debtors file an objection, the filing of the return or amendment or taking any other action with such claim remains ineffective pending a final ruling on the objection (and thereafter in accordance with the ruling and applicable appellate rules and procedures), and the 50-Percent 

4 Based on approximately 138,135,046 shares of Common Shares outstanding as of May 8, 2020 and 185,280 of Preferred Shares outstanding as of March 31, 2020.

Shareholder shall be required to file an amended tax return revoking such proposed deduction.  If the Debtors do not object within such 30‐day period, the filing of the return or amendment with such claim will be permitted as set forth in the Declaration of Intent to Claim a Worthless Stock Deduction.  To the extent that the Debtors receive an appropriate Declaration of Intent to Claim a Worthless Stock Deduction and determine in their business judgment not to object, they shall provide five business days’ notice of that decision to counsel to any statutory committee(s) appointed in the Debtors’ chapter 11 cases.  Additional returns or amendments within the scope of this paragraph are the subject of additional notices in accordance with these Procedures as set forth herein, with an additional 30‐day waiting period for each Declaration of Intent to Claim a Worthless Stock Deduction.

d.         For purposes of these procedures a “50-Percent Shareholder” is any person or entity that at any time since December 31, 2016 has owned or beneficially owned 50 percent or more of the Debtor’s stock (determined in accordance with section 382(g)(4)(D) of the IRC and the applicable Treasury Regulations thereunder).
Notice Procedures

The following notice procedures apply to these Procedures:

a.   No later than two business days following entry of the Interim Order, the Debtors shall serve by first class mail, postage prepaid, a notice substantially in the form of Exhibit 1F attached to these Procedures (the “Notice of Interim Order”), on:  (aa) the Debtors, 370 17th Street, Suite 5300, Denver, Colorado 80202; (bb) proposed counsel to the Debtors, (i) Kirkland & Ellis LLP, 601 Lexington Avenue, New York, New York 10022, Attn:  Christopher J. Marcus, P.C. (christopher.marcus@kirkland.com), Allyson Smith Weinhouse (allyson.smith@kirkland.com), and Ciara Foster (ciara.foster@kirkland.com), and (ii) Whiteford, Taylor & Preston LLC, 450 North King Street, Wilmington, Delaware 19801, Attn:  Marc R. Abrams (mabrams@wtplaw.com ), Richard W. Riley (rriley@wtplaw.com), and Stephen B. Gerald (sgerald@wtplaw.com); (cc) the Office of the United States Trustee for the District of Delaware, J. Caleb Boggs Building, 844 King Street, Suite 2207, Lockbox 35, Wilmington, DE 19801 Attn:  Richard L. Schepacarter; (dd) counsel to the lenders under the Debtors’ debtor-in-possession financing and the administrative agent thereunder, Bracewell LLP, 711 Louisiana Street, Suite 2300, Houston, Texas 77002, Attn: Dewey J. Gonsoulin Jr. (dewey.gonsoulin@bracewell.com), William A. (Trey) Wood III, (trey.wood@bracewell.com), and Heather Brown (heather.brown@bracewell.com); (ee) the United States Securities and Exchange Commission (ff) the Internal Revenue Service; (gg) the office of the attorneys general for the states in which the Debtors operate; (hh) all registered and record holders of Common Shares or Preferred Shares (with instructions and sufficient instructions for Nominees to forward the materials to the beneficial holders of Common Shares or Preferred Shares); and (ii) any party that has requested notice pursuant to Bankruptcy Rule 2002.  Additionally, no later than two business days following entry of the final order, the Debtors shall serve a Notice of Interim Order modified to reflect that the final order has been entered (as modified, the “Notice of Final Order”) on the same entities that received the Notice of Interim Order.

b.         All registered holders of Common Shares or Preferred Shares shall be required to serve the Notice of Interim Order or Notice of Final Order, as applicable, on any holder for whose benefit such registered holder holds such Common Shares or Preferred Shares down the chain of ownership for all such holders of Common Shares or Preferred Shares.

c.         Any entity, broker, or agent acting on such entity’s or individual’s behalf that sells Common Shares or Preferred Shares to another entity shall be required to serve a copy of the Notice of Interim Order or Notice of Final Order, as applicable, on such purchaser of such Common Shares or Preferred Shares or any broker or agent acting on such purchaser’s behalf.

d.         As soon as is practicable following entry of the Interim Order, the Debtors shall (i) submit a copy of the Notice of Interim Order (modified for publication) for publication in the national editions of The New York Times or USA Today and (ii) submit a copy of the Notice of Interim Order (modified for publication) to Bloomberg Professional Service for potential publication by Bloomberg.

e.         To the extent confidential information is required in any declaration described in these Procedures, such confidential information may be filed and served in redacted form; provided that any such declarations served on the Debtors shall not be in redacted form.  The Debtors shall keep all information provided in such declarations strictly confidential and shall not disclose the contents thereof to any person except to the extent (i) necessary to respond to a petition or objection filed with the Court, (ii) otherwise required by law, or (iii) that the information contained therein is already public; provided that the Debtors may disclose the contents thereof to their professional advisors, who shall keep all such declarations strictly confidential and shall not disclose the contents thereof to any other person or entity, subject to further Court order.

[Remainder of page intentionally left blank.]

Exhibit 1A

Declaration of Status as a Substantial Shareholder

IN THE UNITED STATES BANKRUPTCY COURT 
FOR THE DISTRICT OF DELAWARE

									
		)	
	In re:	)	Chapter 11
		)	
	EXTRACTION OIL & GAS, INC. et al.,5
	)	Case No. 20-11548 (CSS)
		)	
	Debtors.	)	(Jointly Administered)
		)	

DECLARATION OF STATUS AS A SUBSTANTIAL SHAREHOLDER6

PLEASE TAKE NOTICE that the undersigned party is/has become a Substantial Shareholder with respect existing Common Shares or Series A Convertible Preferred Shares of Extraction Oil & Gas, Inc. or of any Beneficial Ownership therein (the “Common Shares” or “Preferred Shares,” respectively).  Extraction Oil & Gas, Inc. is a debtor and debtor in possession in Case No. 20-11548 (CSS) pending in the United States Bankruptcy Court for the District of Delaware (the “Court”).
PLEASE TAKE FURTHER NOTICE that as of __________, 2020, the undersigned party currently has Beneficial Ownership of _________ Common Shares and/or _________ Preferred Shares.  The following table sets forth the date(s) on which the undersigned party acquired Beneficial Ownership of such Common Shares or Preferred Shares:

5 The Debtors in these chapter 11 cases, along with the last four digits of each Debtor’s federal tax identification number, are:  Extraction Oil & Gas, Inc. (3923); 7N, LLC (4912); 8 North, LLC (0904); Axis Exploration, LLC (8170); Extraction Finance Corp. (7117); Mountaintop Minerals, LLC (7256); Northwest Corridor Holdings, LLC (9353); Table Mountain Resources, LLC (5070); XOG Services, LLC (6915); and XTR Midstream, LLC (5624).  The location of the Debtors’ principal place of business is 370 17th Street, Suite 5300, Denver, Colorado 80202.
6 For purposes of this declaration:  (i) a “Substantial Shareholder” is any entity or individual that has Beneficial Ownership of at least 6,216,077 Common Shares (representing approximately 4.5 percent of all issued and outstanding Common Shares) or any entity or individual that has Beneficial Ownership 8,337 Preferred Shares (representing approximately 4.5 percent of all issued and outstanding Preferred Shares); (ii) “Beneficial Ownership” shall be determined in accordance with the applicable rules of section 382 of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations thereunder (other than Treasury Regulations section 1.382-2T(h)(2)(i)(A)), and includes direct, indirect, and constructive ownership (e.g., (1) a holding company would be considered to beneficially own all equity securities owned by its subsidiaries, (2) a partner in a partnership would be considered to beneficially own its proportionate share of any equity securities owned by such partnership, (3) an individual and such individual’s family members may be treated as one individual, (4) persons and entities acting in concert to make a coordinated acquisition of equity securities may be treated as a single entity, and (5) a holder would be considered to beneficially own equity securities that such holder has an Option to acquire); and (iii) an “Option” to acquire stock includes all interests described in Treasury Regulations section 1.382-4(d)(9), including any contingent purchase right, warrant, convertible debt, put, call, stock subject to risk of forfeiture, contract to acquire stock, or similar interest, regardless of whether such interest is contingent or otherwise not currently exercisable.

						
	Number of Common Shares or Preferred Shares	Date Acquired
		
		
		
		
		

(Attach additional page(s) if necessary)

PLEASE TAKE FURTHER NOTICE that the last four digits of the taxpayer identification number of the undersigned party are ________.
PLEASE TAKE FURTHER NOTICE that pursuant to the [Interim/Final] Order (I) Approving Notification and Hearing Procedures for Certain Transfers of and Declarations of Worthlessness with Respect to Common Shares and Preferred Shares and (II) Granting Related Relief [Docket No. __] (the “Order”), this declaration (this “Declaration”) is being filed with the Court and served upon:  (a) the Debtors, 370 17th Street, Suite 5300, Denver, Colorado 80202; (b) proposed counsel to the Debtors, (i) Kirkland & Ellis LLP, 601 Lexington Avenue, New York, New York 10022, Attn:  Christopher J. Marcus, P.C. (christopher.marcus@kirkland.com), Allyson Smith Weinhouse (allyson.smith@kirkland.com), and Ciara Foster (ciara.foster@kirkland.com), and (ii) Whiteford, Taylor & Preston LLC, 450 North King Street, Wilmington, Delaware 19801, Attn:  Marc R. Abrams (mabrams@wtplaw.com ), Richard W. Riley (rriley@wtplaw.com), and Stephen B. Gerald (sgerald@wtplaw.com); (c) the Office of the United States Trustee for the District of Delaware, J. Caleb Boggs Building, 844 King Street, Suite 2207, Lockbox 35, Wilmington, DE 19801 Attn:  Attn:  Richard L. Schepacarter; (d)  counsel to any statutory committee appointed in these chapter 11 cases; (e) the administrative agent under the Debtors’ prepetition senior credit facility or, in lieu thereof, counsel thereto; (f) the administrative agent under the Debtors’ debtor-in-possession financing facilities or, in lieu thereof, counsel thereto; (g) the indenture trustee for the Debtors’ prepetition senior notes or, in lieu thereof, counsel thereto; (h) the holders of the Debtors’ prepetition senior notes or, in lieu thereof, counsel thereto; Internal Revenue Service; (i) the United States Securities and Exchange Commission (j) the office of the attorneys general for the states in which the Debtors operate; (k) all registered and record holders of Common Shares or Preferred Shares (with instructions and sufficient instructions for Nominees to forward the materials to the beneficial holders of Common Shares or Preferred Shares); and (l) any party that has requested notice pursuant to Bankruptcy Rule 2002.

PLEASE TAKE FURTHER NOTICE that, pursuant to 28 U.S.C. § 1746, under penalties of perjury, the undersigned party hereby declares that he or she has examined this Declaration and accompanying attachments (if any) and, to the best of his or her knowledge and belief, this Declaration and any attachments hereto are true, correct, and complete.

Respectfully submitted,

(Name of Substantial Shareholder)

			
	By: ________________________________
	Name: _____________________________
	Address: ___________________________
	
	Telephone: _________________________
	Facsimile: __________________________

Dated: ___________________________  

Exhibit 1B

Declaration of Intent to Accumulate Common Shares or Preferred Shares

IN THE UNITED STATES BANKRUPTCY COURT 
FOR THE DISTRICT OF DELAWARE

									
		)	
	In re:	)	Chapter 11
		)	
	EXTRACTION OIL & GAS, INC. et al.,7
	)	Case No. 20-11548 (CSS)
		)	
	Debtors.	)	(Jointly Administered)
		)	

DECLARATION OF INTENT TO ACCUMULATE COMMON SHARES OR PREFERRED SHARES8

PLEASE TAKE NOTICE that the undersigned party hereby provides notice of its intention to purchase, acquire, or otherwise accumulate (the “Proposed Transfer”) existing Common Shares or Series A Convertible Preferred Shares of Extraction Oil & Gas, Inc. or of any Beneficial Ownership therein (the “Common Shares” or the “Preferred Shares,” respectively).  Extraction Oil & Gas, Inc. is a debtor and debtor in possession in Case No. 20-11548 (CSS) pending in the United States Bankruptcy Court for the District of Delaware (the “Court”).
PLEASE TAKE FURTHER NOTICE that if applicable, on __________, 2020, the undersigned party filed a Declaration of Status as a Substantial Shareholder with the Court and served copies thereof as set forth therein.
PLEASE TAKE FURTHER NOTICE that the undersigned party currently has Beneficial Ownership of _________ Common Shares and/or Preferred Shares.
PLEASE TAKE FURTHER NOTICE that pursuant to the Proposed Transfer, the undersigned party proposes to purchase, acquire, or otherwise accumulate Beneficial Ownership of _________ 

7 The Debtors in these chapter 11 cases, along with the last four digits of each Debtor’s federal tax identification number, are:  Extraction Oil & Gas, Inc. (3923); 7N, LLC (4912); 8 North, LLC (0904); Axis Exploration, LLC (8170); Extraction Finance Corp. (7117); Mountaintop Minerals, LLC (7256); Northwest Corridor Holdings, LLC (9353); Table Mountain Resources, LLC (5070); XOG Services, LLC (6915); and XTR Midstream, LLC (5624).  The location of the Debtors’ principal place of business is 370 17th Street, Suite 5300, Denver, Colorado 80202.
8 For purposes of this declaration:  (i) a “Substantial Shareholder” is any entity or individual that has Beneficial Ownership of at least 6,216,077 Common Shares (representing approximately 4.5 percent of all issued and outstanding Common Shares) or any entity or individual that has Beneficial Ownership 8,337 Preferred Shares (representing approximately 4.5 percent of all issued and outstanding Preferred Shares); (ii) “Beneficial Ownership” shall be determined in accordance with the applicable rules of section 382 of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations thereunder (other than Treasury Regulations section 1.382-2T(h)(2)(i)(A)), and includes direct, indirect, and constructive ownership (e.g., (1) a holding company would be considered to beneficially own all equity securities owned by its subsidiaries, (2) a partner in a partnership would be considered to beneficially own its proportionate share of any equity securities owned by such partnership, (3) an individual and such individual’s family members may be treated as one individual, (4) persons and entities acting in concert to make a coordinated acquisition of equity securities may be treated as a single entity, and (5) a holder would be considered to beneficially own equity securities that such holder has an Option to acquire); and (iii) an “Option” to acquire stock includes all interests described in Treasury Regulations section 1.382-4(d)(9), including any contingent purchase right, warrant, convertible debt, put, call, stock subject to risk of forfeiture, contract to acquire stock, or similar interest, regardless of whether such interest is contingent or otherwise not currently exercisable.

Common Shares and/or Preferred Shares or an Option with respect to _________ Common Shares and/or Preferred Shares.  If the Proposed Transfer is permitted to occur, the undersigned party will have Beneficial Ownership of _________ Common Shares and/or Preferred Shares after such transfer becomes effective.
PLEASE TAKE FURTHER NOTICE that the last four digits of the taxpayer identification number of the undersigned party are ___________.
PLEASE TAKE FURTHER NOTICE that pursuant to the [Interim/Final] Order (I) Approving Notification and Hearing Procedures for Certain Transfers of and Declarations of Worthlessness with Respect to Common Shares or Preferred Shares and (II) Granting Related Relief [Docket No. __] (the “Order”), this declaration (this “Declaration”) is being filed with the Court and served upon:  (a) the Debtors, 370 17th Street, Suite 5300, Denver, Colorado 80202; (b) proposed counsel to the Debtors, (i) Kirkland & Ellis LLP, 601 Lexington Avenue, New York, New York 10022, Attn:  Christopher J. Marcus, P.C. (christopher.marcus@kirkland.com), Allyson Smith Weinhouse (allyson.smith@kirkland.com), and Ciara Foster (ciara.foster@kirkland.com), and (ii) Whiteford, Taylor & Preston LLC, 450 North King Street, Wilmington, Delaware 19801, Attn:  Marc R. Abrams (mabrams@wtplaw.com ), Richard W. Riley (rriley@wtplaw.com), and Stephen B. Gerald (sgerald@wtplaw.com); (c) the Office of the United States Trustee for the District of Delaware, J. Caleb Boggs Building, 844 King Street, Suite 2207, Lockbox 35, Wilmington, DE 19801 Attn:  Attn:  Richard L. Schepacarter; (d)  counsel to any statutory committee appointed in these chapter 11 cases; (d)  counsel to any statutory committee appointed in these chapter 11 cases; (e) the administrative agent under the Debtors’ prepetition senior credit facility or, in lieu thereof, counsel thereto; (f) the administrative agent under the Debtors’ debtor-in-possession financing facilities or, in lieu thereof, counsel thereto; (g) the indenture trustee for the Debtors’ prepetition senior notes or, in lieu thereof, counsel thereto; (h) the holders of the Debtors’ prepetition senior notes or, in lieu thereof, counsel thereto; Internal Revenue Service; (i) the United States Securities and Exchange Commission (j) the office of the attorneys general for the states in which the Debtors operate; (k) all registered and record holders of Common Shares or Preferred Shares (with instructions and sufficient instructions for Nominees to forward the materials to the beneficial holders of Common Shares or Preferred Shares); and (l) any party that has requested notice pursuant to Bankruptcy Rule 2002.
PLEASE TAKE FURTHER NOTICE that pursuant to the Order, the undersigned party acknowledges that it is prohibited from consummating the Proposed Transfer unless and until the undersigned party complies with the Procedures set forth therein.

PLEASE TAKE FURTHER NOTICE that the Debtors have 30 calendar days after receipt of this Declaration to object to the Proposed Transfer described herein.  If the Debtors file an objection, such Proposed Transfer will remain ineffective unless such objection is withdrawn by the Debtors or the Court approves such transaction by a final and non-appealable order.  If the Debtors do not object within such 30‐day period, then after expiration of such period the Proposed Transfer may proceed solely as set forth in this Declaration.
PLEASE TAKE FURTHER NOTICE that any further transactions contemplated by the undersigned party that may result in the undersigned party purchasing, acquiring, or otherwise accumulating Beneficial Ownership of additional Common Shares or Preferred Shares will each require an additional notice filed with the Court and served in the same manner as this Declaration.
PLEASE TAKE FURTHER NOTICE that pursuant to 28 U.S.C. § 1746, under penalties of perjury, the undersigned party hereby declares that he or she has examined this Declaration and accompanying attachments (if any) and, to the best of his or her knowledge and belief, this Declaration and any attachments hereto are true, correct, and complete.

Respectfully submitted,

(Name of Declarant)

			
	By: ________________________________
	Name: _____________________________
	Address: ___________________________
	
	Telephone: _________________________
	Facsimile: __________________________

Dated: ___________________________

Exhibit 1C

Declaration of Intent to Transfer Common Shares or Preferred Shares

IN THE UNITED STATES BANKRUPTCY COURT 
FOR THE DISTRICT OF DELAWARE

									
		)	
	In re:	)	Chapter 11
		)	
	EXTRACTION OIL & GAS, INC. et al.,9
	)	Case No. 20-11548 (CSS)
		)	
	Debtors.	)	(Jointly Administered)
		)	

DECLARATION OF INTENT TO TRANSFER COMMON SHARES OR PREFERRED SHARES10

PLEASE TAKE NOTICE that the undersigned party hereby provides notice of its intention to sell, trade, or otherwise transfer (the “Proposed Transfer”) existing Common Shares or Series A Convertible Preferred Shares of Extraction Oil & Gas, Inc. or of any Beneficial Ownership therein (the “Common Shares” or “Preferred Shares,” respectively).  Extraction Oil & Gas, Inc. is a debtor and debtor in possession in Case No. 20-11548 (CSS) pending in the United States Bankruptcy Court for the District of Delaware (the “Court”).
PLEASE TAKE FURTHER NOTICE that if applicable, on _________, 2020, the undersigned party filed a Declaration of Status as a Substantial Shareholder with the Court and served copies thereof as set forth therein.
PLEASE TAKE FURTHER NOTICE that the undersigned party currently has Beneficial Ownership of _________ Common Shares and/or Preferred Shares.
PLEASE TAKE FURTHER NOTICE that, pursuant to the Proposed Transfer, the undersigned party proposes to sell, trade, or otherwise transfer Beneficial Ownership of _________ Common Shares 

9 The Debtors in these chapter 11 cases, along with the last four digits of each Debtor’s federal tax identification number, are:  Extraction Oil & Gas, Inc. (3923); 7N, LLC (4912); 8 North, LLC (0904); Axis Exploration, LLC (8170); Extraction Finance Corp. (7117); Mountaintop Minerals, LLC (7256); Northwest Corridor Holdings, LLC (9353); Table Mountain Resources, LLC (5070); XOG Services, LLC (6915); and XTR Midstream, LLC (5624).  The location of the Debtors’ principal place of business is 370 17th Street, Suite 5300, Denver, Colorado 80202.
10 For purposes of this declaration:  (i) a “Substantial Shareholder” is any entity or individual that has Beneficial Ownership of at least 6,216,077 Common Shares (representing approximately 4.5 percent of all issued and outstanding Common Shares) or any entity or individual that has Beneficial Ownership 8,337 Preferred Shares (representing approximately 4.5 percent of all issued and outstanding Preferred Shares); (ii) “Beneficial Ownership” shall be determined in accordance with the applicable rules of sections 382 and 383 of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations thereunder (other than Treasury Regulations section 1.382-2T(h)(2)(i)(A)), and includes direct, indirect, and constructive ownership (e.g., (1) a holding company would be considered to beneficially own all equity securities owned by its subsidiaries, (2) a partner in a partnership would be considered to beneficially own its proportionate share of any equity securities owned by such partnership, (3) an individual and such individual’s family members may be treated as one individual, (4) persons and entities acting in concert to make a coordinated acquisition of equity securities may be treated as a single entity, and (5) a holder would be considered to beneficially own equity securities that such holder has an Option to acquire); and (iii) an “Option” to acquire stock includes all interests described in Treasury Regulations section 1.382-4(d)(9), including any contingent purchase right, warrant, convertible debt, put, call, stock subject to risk of forfeiture, contract to acquire stock, or similar interest, regardless of whether such interest is contingent or otherwise not currently exercisable.

and/or Preferred Shares or an Option with respect to _________ of Common Shares and/or Preferred Shares.  If the Proposed Transfer is permitted to occur, the undersigned party will have Beneficial Ownership of _________ Common Shares and/or Preferred Shares after such transfer becomes effective.
PLEASE TAKE FURTHER NOTICE that the last four digits of the taxpayer identification number of the undersigned party are _________.
PLEASE TAKE FURTHER NOTICE that pursuant the [Interim/Final] Order (I) Approving Notification and Hearing Procedures for Certain Transfers of and Declarations of Worthlessness with Respect to Common Shares and Preferred Shares and (II) Granting Related Relief [Docket No. __] (the “Order”), this declaration (this “Declaration”) is being filed with the Court and served upon:  (a) the Debtors, 370 17th Street, Suite 5300, Denver, Colorado 80202; (b) proposed counsel to the Debtors, (i) Kirkland & Ellis LLP, 601 Lexington Avenue, New York, New York 10022, Attn:  Christopher J. Marcus, P.C. (christopher.marcus@kirkland.com), Allyson Smith Weinhouse (allyson.smith@kirkland.com), and Ciara Foster (ciara.foster@kirkland.com), and (ii) Whiteford, Taylor & Preston LLC, 450 North King Street, Wilmington, Delaware 19801, Attn:  Marc R. Abrams (mabrams@wtplaw.com ), Richard W. Riley (rriley@wtplaw.com), and Stephen B. Gerald (sgerald@wtplaw.com); (c) the Office of the United States Trustee for the District of Delaware, J. Caleb Boggs Building, 844 King Street, Suite 2207, Lockbox 35, Wilmington, DE 19801 Attn:  Attn:  Richard L. Schepacarter; (d)  counsel to any statutory committee appointed in these chapter 11 cases; (e) the administrative agent under the Debtors’ prepetition senior credit facility or, in lieu thereof, counsel thereto; (f) the administrative agent under the Debtors’ debtor-in-possession financing facilities or, in lieu thereof, counsel thereto; (g) the indenture trustee for the Debtors’ prepetition senior notes or, in lieu thereof, counsel thereto; (h) the holders of the Debtors’ prepetition senior notes or, in lieu thereof, counsel thereto; Internal Revenue Service; (i) the United States Securities and Exchange Commission (j) the office of the attorneys general for the states in which the Debtors operate; (k) all registered and record holders of Common Shares or Preferred Shares (with instructions and sufficient instructions for Nominees to forward the materials to the beneficial holders of Common Shares or Preferred Shares); and (l) any party that has requested notice pursuant to Bankruptcy Rule 2002.
PLEASE TAKE FURTHER NOTICE that pursuant to the Order, the undersigned party acknowledges that it is prohibited from consummating the Proposed Transfer unless and until the undersigned party complies with the Procedures set forth therein.

PLEASE TAKE FURTHER NOTICE that the Debtors have 30 calendar days after receipt of this Declaration to object to the Proposed Transfer described herein.  If the Debtors file an objection, such Proposed Transfer will remain ineffective unless the Debtors withdraw such objection or the Court approves such transaction by a final and non-appealable order.  If the Debtors do not object within such 30‐day period, then after expiration of such period the Proposed Transfer may proceed solely as set forth in this Declaration.
PLEASE TAKE FURTHER NOTICE that any further transactions contemplated by the undersigned party that may result in the undersigned party selling, trading, or otherwise transferring Beneficial Ownership of additional Common Shares or Preferred Shares each will require an additional notice filed with the Court, and served in the same manner as this Declaration.
PLEASE TAKE FURTHER NOTICE that pursuant to 28 U.S.C. § 1746, under penalties of perjury, the undersigned party hereby declares that he or she has examined this Declaration and accompanying attachments (if any) and, to the best of his or her knowledge and belief, this Declaration and any attachments hereto are true, correct, and complete.

Respectfully submitted,

(Name of Declarant)

			
	By: ________________________________
	Name: _____________________________
	Address: ___________________________
	
	Telephone: _________________________
	Facsimile: __________________________

Dated: ___________________________

Exhibit 1D

Declaration of Status as a 50-Percent Shareholder

IN THE UNITED STATES BANKRUPTCY COURT 
FOR THE DISTRICT OF DELAWARE

									
		)	
	In re:	)	Chapter 11
		)	
	EXTRACTION OIL & GAS, INC. et al.,11
	)	Case No. 20-11548 (CSS)
		)	
	Debtors.	)	(Jointly Administered)
		)	

DECLARATION OF STATUS AS A 50-PERCENT SHAREHOLDER12

PLEASE TAKE NOTICE that the undersigned party is/has become a 50‐Percent Shareholder with respect to the existing Common Shares or Series A Convertible Preferred Shares of Extraction Oil & Gas, Inc. or of any Beneficial Ownership therein (the “Common Shares” or “Preferred Shares,” respectively).  Extraction Oil & Gas, Inc. is a debtor and debtor in possession in Case No. 20-11548 (CSS) pending in the United States Bankruptcy Court for the District of Delaware (the “Court”).
PLEASE TAKE FURTHER NOTICE that, as of _________, 2020, the undersigned party currently has Beneficial Ownership of _________ Common Shares and/or Preferred Shares.  The following table sets forth the date(s) on which the undersigned party acquired Beneficial Ownership of such Common Shares and/or Preferred Shares:

11 The Debtors in these chapter 11 cases, along with the last four digits of each Debtor’s federal tax identification number, are:  Extraction Oil & Gas, Inc. (3923); 7N, LLC (4912); 8 North, LLC (0904); Axis Exploration, LLC (8170); Extraction Finance Corp. (7117); Mountaintop Minerals, LLC (7256); Northwest Corridor Holdings, LLC (9353); Table Mountain Resources, LLC (5070); XOG Services, LLC (6915); and XTR Midstream, LLC (5624).  The location of the Debtors’ principal place of business is 370 17th Street, Suite 5300, Denver, Colorado 80202.
12 For purposes of this Declaration:  (i) a “50-Percent Shareholder” is any person or entity that has owned or beneficially has owned 50 percent or more of the Debtor’s stock at any time since December 31, 2016 (determined in accordance with section 382(g)(4)(D) of the Internal Revenue Code of 1986, as amended, and the applicable Treasury Regulations thereunder); (ii) “Beneficial Ownership” shall be determined in accordance with the applicable rules of sections 382 and 383 of the Internal Revenue Code and the applicable Treasury Regulations thereunder (other than Treasury Regulations section 1.382-2T(h)(2)(i)(A)), and includes direct, indirect, and constructive ownership (e.g., (1) a holding company would be considered to beneficially own all equity securities owned by its subsidiaries, (2) a partner in a partnership would be considered to beneficially own its proportionate share of any equity securities owned by such partnership, (3) an individual and such individual’s family members may be treated as one individual, (4) persons and entities acting in concert to make a coordinated acquisition of equity securities may be treated as a single entity, and (5) a holder would be considered to beneficially own equity securities that such holder has an Option to acquire); and (iii) an “Option” to acquire stock includes all interests described in Treasury Regulations section 1.382-4(d)(9), including any contingent purchase right, warrant, convertible debt, put, call, stock subject to risk of forfeiture, contract to acquire stock, or similar interest, regardless of whether such interest is contingent or otherwise not currently exercisable.

						
	Number of Shares	Date Acquired
		
		
		
		
		

(Attach additional pages if necessary)

PLEASE TAKE FURTHER NOTICE that the last four digits of the taxpayer identification number of the undersigned party are ________.
PLEASE TAKE FURTHER NOTICE that pursuant to the [Interim/Final] Order (I) Approving Notification and Hearing Procedures for Certain Transfers of and Declarations of Worthlessness with Respect to Common Shares and Preferred Shares and (II) Granting Related Relief [Docket No. __] (the “Order”), this declaration (this “Declaration”) is being filed with the Court and served upon:  (a) the Debtors, 370 17th Street, Suite 5300, Denver, Colorado 80202; (b) proposed counsel to the Debtors, (i) Kirkland & Ellis LLP, 601 Lexington Avenue, New York, New York 10022, Attn:  Christopher J. Marcus, P.C. (christopher.marcus@kirkland.com), Allyson Smith Weinhouse (allyson.smith@kirkland.com), and Ciara Foster (ciara.foster@kirkland.com), and (ii) Whiteford, Taylor & Preston LLC, 450 North King Street, Wilmington, Delaware 19801, Attn:  Marc R. Abrams (mabrams@wtplaw.com ), Richard W. Riley (rriley@wtplaw.com), and Stephen B. Gerald (sgerald@wtplaw.com); (c) the Office of the United States Trustee for the District of Delaware, J. Caleb Boggs Building, 844 King Street, Suite 2207, Lockbox 35, Wilmington, DE 19801 Attn:  Attn:  Richard L. Schepacarter; (d)  counsel to any statutory committee appointed in these chapter 11 cases; (e) the administrative agent under the Debtors’ prepetition senior credit facility or, in lieu thereof, counsel thereto; (f) the administrative agent under the Debtors’ debtor-in-possession financing facilities or, in lieu thereof, counsel thereto; (g) the indenture trustee for the Debtors’ prepetition senior notes or, in lieu thereof, counsel thereto; (h) the holders of the Debtors’ prepetition senior notes or, in lieu thereof, counsel thereto; Internal Revenue Service; (i) the United States Securities and Exchange Commission (j) the office of the attorneys general for the states in which the Debtors operate; (k) all registered and record holders of Common Shares or Preferred Shares (with instructions and sufficient instructions for Nominees to forward the materials to the beneficial holders of Common Shares or Preferred Shares); and (l) any party that has requested notice pursuant to Bankruptcy Rule 2002.
PLEASE TAKE FURTHER NOTICE that pursuant to 28 U.S.C. § 1746, under penalties of perjury, the undersigned party hereby declares that he or she has examined this Declaration and 

accompanying attachments (if any) and, to the best of his or her knowledge and belief, this Declaration and any attachments hereto are true, correct, and complete.

Respectfully submitted,

(Name of 50-Percent Shareholder)

			
	By: ________________________________
	Name: _____________________________
	Address: ___________________________
	
	Telephone: _________________________
	Facsimile: __________________________

Dated: ___________________________

Exhibit 1E

Declaration of Intent to Claim a Worthless Stock Deduction

IN THE UNITED STATES BANKRUPTCY COURT 
FOR THE DISTRICT OF DELAWARE

									
		)	
	In re:	)	Chapter 11
		)	
	EXTRACTION OIL & GAS, INC. et al.,13
	)	Case No. 20-11548 (CSS)
		)	
	Debtors.	)	(Jointly Administered)
		)	

DECLARTION OF INTENT TO CLAIM A WORTHLESS STOCK DEDUCTION14

PLEASE TAKE NOTICE that the undersigned party hereby provides notice of its intention to claim a worthless stock deduction (the “Proposed Worthlessness Claim”) with respect to the existing Common Shares or Series A Convertible Preferred Shares of Extraction Oil & Gas, Inc. or of any Beneficial Ownership therein (the “Common Shares” or “Preferred Shares,” respectively).  Extraction Oil & Gas, Inc. is a debtor and debtor in possession in Case No. 20‐11548 (CSS) pending in the United States Bankruptcy Court for the District of Delaware (the “Court”).
PLEASE TAKE FURTHER NOTICE that, if applicable, on __________, 2020 the undersigned party filed a Declaration of Status as a 50-Percent Shareholder with the Court and served copies thereof as set forth therein.
PLEASE TAKE FURTHER NOTICE that the undersigned party currently has Beneficial Ownership of _________ Common Shares and/or Preferred Shares.

13 The Debtors in these chapter 11 cases, along with the last four digits of each Debtor’s federal tax identification number, are:  Extraction Oil & Gas, Inc. (3923); 7N, LLC (4912); 8 North, LLC (0904); Axis Exploration, LLC (8170); Extraction Finance Corp. (7117); Mountaintop Minerals, LLC (7256); Northwest Corridor Holdings, LLC (9353); Table Mountain Resources, LLC (5070); XOG Services, LLC (6915); and XTR Midstream, LLC (5624).  The location of the Debtors’ principal place of business is 370 17th Street, Suite 5300, Denver, Colorado 80202.
14 For purposes of this Declaration:  (i) a “50-Percent Shareholder” is any person or entity that has owned or beneficially has owned 50 percent or more of the Debtor’s stock at any time since December 31, 2016 (determined in accordance with section 382(g)(4)(D) of the Internal Revenue Code of 1986, as amended, and the applicable Treasury Regulations thereunder); (ii) “Beneficial Ownership” shall be determined in accordance with the applicable rules of sections 382 and 383 of the Internal Revenue Code and the applicable Treasury Regulations thereunder (other than Treasury Regulations section 1.382-2T(h)(2)(i)(A)), and includes direct, indirect, and constructive ownership (e.g., (1) a holding company would be considered to beneficially own all equity securities owned by its subsidiaries, (2) a partner in a partnership would be considered to beneficially own its proportionate share of any equity securities owned by such partnership, (3) an individual and such individual’s family members may be treated as one individual, (4) persons and entities acting in concert to make a coordinated acquisition of equity securities may be treated as a single entity, and (5) a holder would be considered to beneficially own equity securities that such holder has an Option to acquire); and (iii) an “Option” to acquire stock includes all interests described in Treasury Regulations section 1.382-4(d)(9), including any contingent purchase right, warrant, convertible debt, put, call, stock subject to risk of forfeiture, contract to acquire stock, or similar interest, regardless of whether such interest is contingent or otherwise not currently exercisable.

PLEASE TAKE FURTHER NOTICE that pursuant to the Proposed Worthlessness Claim, the undersigned party proposes to declare that _________ Common Shares and/or Preferred Shares became worthless during the tax year ending _________.
PLEASE TAKE FURTHER NOTICE that the last four digits of the taxpayer identification number of the undersigned party are ___________.
PLEASE TAKE FURTHER NOTICE that pursuant to the [Interim/Final] Order (I) Approving Notification and Hearing Procedures for Certain Transfers of and Declarations of Worthlessness with Respect to Common Shares or Preferred Shares and (II) Granting Related Relief [Docket No. __] (the “Order”), this declaration (this “Declaration”) is being filed with the Court and served upon:  (a) the Debtors, 370 17th Street, Suite 5300, Denver, Colorado 80202; (b) proposed counsel to the Debtors, (i) Kirkland & Ellis LLP, 601 Lexington Avenue, New York, New York 10022, Attn:  Christopher J. Marcus, P.C. (christopher.marcus@kirkland.com), Allyson Smith Weinhouse (allyson.smith@kirkland.com), and Ciara Foster (ciara.foster@kirkland.com), and (ii) Whiteford, Taylor & Preston LLC, 450 North King Street, Wilmington, Delaware 19801, Attn:  Marc R. Abrams (mabrams@wtplaw.com ), Richard W. Riley (rriley@wtplaw.com), and Stephen B. Gerald (sgerald@wtplaw.com); (c) the Office of the United States Trustee for the District of Delaware, J. Caleb Boggs Building, 844 King Street, Suite 2207, Lockbox 35, Wilmington, DE 19801 Attn:  Attn:  Richard L. Schepacarter; (d)  counsel to any statutory committee appointed in these chapter 11 cases; (e) the administrative agent under the Debtors’ prepetition senior credit facility or, in lieu thereof, counsel thereto; (f) the administrative agent under the Debtors’ debtor-in-possession financing facilities or, in lieu thereof, counsel thereto; (g) the indenture trustee for the Debtors’ prepetition senior notes or, in lieu thereof, counsel thereto; (h) the holders of the Debtors’ prepetition senior notes or, in lieu thereof, counsel thereto; Internal Revenue Service; (i) the United States Securities and Exchange Commission (j) the office of the attorneys general for the states in which the Debtors operate; (k) all registered and record holders of Common Shares or Preferred Shares (with instructions and sufficient instructions for Nominees to forward the materials to the beneficial holders of Common Shares or Preferred Shares); and (l) any party that has requested notice pursuant to Bankruptcy Rule 2002.
PLEASE TAKE FURTHER NOTICE that, pursuant to the Order, the undersigned party acknowledges that the Debtors have 30 calendar days after receipt of this Declaration to object to the Proposed Worthlessness Claim described herein.  If the Debtors file an objection, such Proposed Worthlessness Claim will not be effective unless the Debtors withdraw such objection or the Court approves such action by a final and non-appealable order.  If the Debtors do not object within such 

30‐day period, then after expiration of such period the Proposed Worthlessness Claim may proceed solely as set forth in this Declaration.
PLEASE TAKE FURTHER NOTICE that any further claims of worthlessness contemplated by the undersigned party each will require an additional notice filed with the Court to be served in the same manner as this Declaration, and are subject to an additional 30‐day waiting period.
PLEASE TAKE FURTHER NOTICE that pursuant to 28 U.S.C. § 1746, under penalties of perjury, the undersigned party hereby declares that he or she has examined this Declaration and accompanying attachments (if any) and, to the best of his or her knowledge and belief, this Declaration and any attachments hereto are true, correct, and complete.

Respectfully submitted,

(Name of Declarant)

			
	By: ________________________________
	Name: _____________________________
	Address: ___________________________
	
	Telephone: _________________________
	Facsimile: __________________________

Dated: ___________________________ 

Exhibit 1F

Notice of Interim Order

IN THE UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF DELAWARE

									
		)	
	In re:	)	Chapter 11
		)	
	EXTRACTION OIL & GAS, INC. et al.,15
	)	Case No. 20-11548 (CSS)
		)	
	Debtors.	)	(Jointly Administered)
		)	

NOTICE OF (I) DISCLOSURE PROCEDURES APPLICABLE TO Certain HOLDERS OF COMMON SHARES AND PREFERRED SHARES, (II) DISCLOSURE PROCEDURES FOR TRANSFERS OF AND DECLARATIONS OF WORTHLESSNESS WITH RESPECT TO COMMON SHARES AND PREFERRED SHARES, AND (III) FINAL HEARING ON THE APPLICATION THEREOF

TO:  ALL ENTITIES (AS DEFINED BY SECTION 101(15) OF THE BANKRUPTCY CODE) THAT MAY HOLD BENEFICIAL OWNERSHIP OF COMMON SHARES OR SERIES A CONVERTIBLE PREFERRED SHARES IN EXTRACTION OIL & GAS, INC. (THE “COMMON SHARES” AND “PREFERRED SHARES”). 

PLEASE TAKE NOTICE that on June 14, 2020 (the “Petition Date”), the above‐captioned debtors and debtors in possession (collectively, the “Debtors”), filed petitions with the United States Bankruptcy Court for the District of Delaware (the “Court”) under chapter 11 of title 11 of the United States Code, 11 U.S.C. §§ 101–1532 (the “Bankruptcy Code”).  Subject to certain exceptions, section 362 of the Bankruptcy Code operates as a stay of any act to obtain possession of or exercise control over property of or from the Debtors’ estates.
PLEASE TAKE FURTHER NOTICE that on the Petition Date, the Debtors filed the Debtors’ Motion for Entry of Interim and Final Orders (I) Approving Notification and Hearing Procedures for Certain Transfers of and Declarations of Worthlessness with Respect to Common Shares or Preferred Shares and (II) Granting Related Relief [Docket No. __] (the “Motion”).
PLEASE TAKE FURTHER NOTICE that on [______], 2020, the Court entered the Interim Order (I) Approving Notification and Hearing Procedures for Certain Transfers of and Declarations of Worthlessness with Respect to Common Shares or Preferred Shares and (II) Granting Related Relief [Docket No. __] (the “Order”) approving procedures for certain transfers of or declarations of 

15 The Debtors in these chapter 11 cases, along with the last four digits of each Debtor’s federal tax identification number, are:  Extraction Oil & Gas, Inc. (3923); 7N, LLC (4912); 8 North, LLC (0904); Axis Exploration, LLC (8170); Extraction Finance Corp. (7117); Mountaintop Minerals, LLC (7256); Northwest Corridor Holdings, LLC (9353); Table Mountain Resources, LLC (5070); XOG Services, LLC (6915); and XTR Midstream, LLC (5624).  The location of the Debtors’ principal place of business is 370 17th Street, Suite 5300, Denver, Colorado 80202.

worthlessness with respect to Beneficial Ownership of Common Shares or Preferred Shares, as set forth in Exhibit 1 attached to the Order (the “Procedures”).16
PLEASE TAKE FURTHER NOTICE that pursuant to the Order, a Substantial Shareholder or potential Substantial Shareholder may not consummate any purchase, sale, or other transfer of Common Shares, or Beneficial Ownership of Common Shares or Preferred Shares, in violation of the Procedures, and any such transaction in violation of the Procedures shall be null and void ab initio. 
PLEASE TAKE FURTHER NOTICE that pursuant to the Order, a 50-Percent Shareholder may not claim a worthless stock deduction with respect to Common Shares or Preferred Shares, or Beneficial Ownership of Common Shares or Preferred Shares, in violation of the Procedures, and any such deduction in violation of the Procedures shall be null and void ab initio, and the 50-Percent Shareholder shall be required to file an amended tax return revoking such proposed deduction.
PLEASE TAKE FURTHER NOTICE that upon the request of any entity, the notice, solicitation, and claims agent for the Debtors, will provide a copy of the Order and a form of each of the declarations required to be filed by the Procedures in a reasonable period of time.  Such Order and declarations are also available via PACER on the Court’s website at https://ecf.deb.uscourts.gov for a fee, or by accessing the Debtors’ restructuring website at http://www.kccllc.net/extractionog.
PLEASE TAKE FURTHER NOTICE that the final hearing (the “Final Hearing”) on the Motion shall be held on ____________, 2020, at __:__ _.m., prevailing Eastern Time.  Any objections or responses to entry of a final order on the Motion shall be filed on or before 4:00 p.m., prevailing Eastern Time, on _________, 2020.
PLEASE TAKE FURTHER NOTICE THAT FAILURE TO FOLLOW THE PROCEDURES SET FORTH IN THE ORDER SHALL CONSTITUTE A VIOLATION OF, AMONG OTHER THINGS, THE AUTOMATIC STAY PROVISIONS OF SECTION 362 OF THE BANKRUPTCY CODE.
PLEASE TAKE FURTHER NOTICE THAT ANY PROHIBITED PURCHASE, SALE, OTHER TRANSFER OF, OR DECLARATION OF WORTHLESSNESS WITH RESPECT TO Common Shares or Preferred Shares, BENEFICIAL OWNERSHIP THEREOF, OR OPTION WITH RESPECT THERETO IN VIOLATION OF THE ORDER IS PROHIBITED AND SHALL BE NULL AND VOID AB INITIO AND MAY BE PUNISHED BY CONTEMPT OR OTHER SANCTIONS IMPOSED BY THE COURT.
PLEASE TAKE FURTHER NOTICE that the requirements set forth in the Order are in addition to the requirements of applicable law and do not excuse compliance therewith.
[Remainder of page intentionally left blank]

16 Capitalized terms used in this Order and not immediately defined have the meanings given to such terms in the Motion or in the First Day Declaration as applicable.

						
	Dated: ______, 2020	/s/ DRAFT
	Wilmington, Delaware	WHITEFORD, TAYLOR & PRESTON LLC17
		Marc R. Abrams (DE No. 955)
		Richard W. Riley (DE No. 4052)
		Stephen B. Gerald (DE No. 5857)
		The Renaissance Centre
		405 North King Street, Suite 500
		Wilmington, Delaware 19801
		Telephone:       (302) 353-4144
		Facsimile:         (302) 661-7950
		Email:                mabrams@wtplaw.com
		rriley@wtplaw.com

		sgerald@wtplaw.com

		- and -
		KIRKLAND & ELLIS LLP
		KIRKLAND & ELLIS INTERNATIONAL LLP
		Christopher Marcus, P.C. (pro hac vice pending)

		Allyson Smith Weinhouse (pro hac vice pending)

		Ciara Foster (pro hac vice pending)

		601 Lexington Avenue
		New York, New York 10022
		Telephone:        (212) 446-4800
		Facsimile:          (212) 446-4900
		Email:                christopher.marcus@kirkland.com
		allyson.smith@kirkland.com

		ciara.foster@kirkland.com

		
		Proposed Co-Counsel to the Debtors and Debtors in Possession

17 Whiteford, Taylor & Preston LLC operates as Whiteford Taylor & Preston L.L.P. in jurisdictions outside of Delaware.Exhibit
10.4

 

EMPLOYMENT
AGREEMENT

 

This EMPLOYMENT AGREEMENT
(the “Agreement”), is entered into as of March 16, 2020, by and between ALE Group Holding Ltd, incorporated
under the laws of the British Virgin Islands (the “Company”), and Poon Tak Ching Anthony, an individual (the
“Executive”). Except with respect to the direct employment of the Executive by the Company, the term “Company”
as used herein with respect to all obligations of the Executive hereunder shall be deemed to include the Company and all of its
subsidiaries and affiliated entities (collectively, the “Group”).

 

RECITALS

 

A. The Company desires to employ the Executive
as its Chief Executive Officer and to assure itself of the services of the Executive during the term of Employment (as defined
below).

 

B. The Executive desires to be employed
by the Company as its Chief Executive Officer during the term of Employment and upon the terms and conditions of this Agreement.

 

AGREEMENT

 

The
parties hereto agree as follows:

 

		1.	POSITION

 

The Executive hereby
accepts a position of Chief Executive Officer (the “Employment”) of the Company.

 

		2.	TERM

 

Subject
to the terms and conditions of this Agreement, the initial term of the Employment shall be five (5) years commencing on the closing
date of the Company’s public offering of its Ordinary Shares in the U.S. (the “Effective Date”), unless terminated
earlier pursuant to the terms of this Agreement. The Employment will be renewed automatically for additional one-year terms if
neither the Company nor the Executive provides a notice of termination of the Employment to the other party or otherwise proposes
to re-negotiate the terms of the Employment with the other party within three months prior to the expiration of the applicable
term.

 

		3.	DUTIES
AND RESPONSIBILITIES

 

		(a)	The
Executive’s duties at the Company will include all jobs assigned by the Company’s Board of the Directors (the “Board”).

 

		(b)	The
Executive shall devote all of his working time, attention and skills to the performance of his duties at the Company and shall
faithfully and diligently serve the Company in accordance with this Agreement, the Certificate of Incorporation and Bylaws of
the Company, as amended and restated from time to time (the “Charter Documents”), and the guidelines, policies
and procedures of the Company approved from time to time by the Board.

 

		(c)	The
Executive shall use his best efforts to perform his duties hereunder. The Executive shall not, without the prior written consent
of the Board, become an employee of any entity other than the Company and any subsidiary or affiliate of the Company, and shall
not be concerned or interested in any business or entity that engages in the same business in which the Company engages (any such
business or entity, a “Competitor”), provided that nothing in this clause shall preclude the Executive from
holding any shares or other securities of any Competitor that is listed on any securities exchange or recognized securities market
anywhere if such shares or securities represent less than 5% of the competitors outstanding shares and securities. The Executive
shall notify the Company in writing of his interest in such shares or securities in a timely manner and with such details and
particulars as the Company may reasonably require.

 

    1

     

    

 

		4.	NO
BREACH OF CONTRACT

 

The
Executive hereby represents to the Company that: (i) the execution and delivery of this Agreement by the Executive and the
performance by the Executive of the Executive’s duties hereunder shall not constitute a breach of, or otherwise contravene,
the terms of any other agreement or policy to which the Executive is a party or otherwise bound, except for agreements entered
into by and between the Executive and any member of the Group pursuant to applicable law, if any; (ii) that the Executive
has no information (including, without limitation, confidential information and trade secrets) relating to any other person or
entity which would prevent, or be violated by, the Executive entering into this Agreement or carrying out his duties hereunder;
(iii) that the Executive is not bound by any confidentiality, trade secret or similar agreement (other than this) with any
other person or entity except for other member(s) of the Group, as the case may be.

 

		5.	Intentionally
Omitted

  

		6.	COMPENSATION
AND BENEFITS

 

		(a)	Base
Salary. The Executive shall receive an annual base salary of HKD 600,000 (US$76,923), paid in periodic installments in accordance
with the Company’s regular payroll practices, and such compensation is subject to annual review and adjustment by the Board.

 

		(b)	Bonus.
The Executive shall be eligible for Bonuses determined by the Board.

 

		(c)	Equity
Incentives. To the extent the Company adopts and maintains a share incentive plan, the Executive will be eligible to participate
in such plan pursuant to the terms thereof as determined by the Board.

 

		(d)	Benefits.
The Executive is eligible for participation in any standard employee benefit plan of the Company that currently exists or may
be adopted by the Company in the future, including, but not limited to, any retirement plan, life insurance plan, health insurance
plan and travel/holiday plan.

 

		(e)	Expenses.
The Executive shall be entitled to reimbursement by the Company for all reasonable ordinary and necessary travel and other expenses
incurred by the Executive in the performance of his duties under this Agreement; provided that he properly accounts for such expenses
in accordance with the Company’s policies and procedures.

 

		7.	TERMINATION
OF THE AGREEMENT

 

		(a)	By
the Company.

 

(i) For
Cause. The Company may terminate the Employment for cause, at any time, without notice or remuneration (unless notice or remuneration
is specifically required by applicable law, in which case notice or remuneration will be provided in accordance with applicable
law), if:

 

(1)
the Executive is convicted or pleads guilty to a felony or to an act of fraud, misappropriation or embezzlement,

 

(2)
the Executive has been grossly negligent or acted dishonestly to the detriment of the Company,

 

(3)
the Executive has engaged in actions amounting to willful misconduct or failed to perform his duties hereunder and such failure
continues after the Executive is afforded a reasonable opportunity to cure such failure; or

 

(4)
the Executive violates Section 8 or 10 of this Agreement.

 

    2

     

    

 

Upon
termination for cause, the Executive shall be entitled to the amount of base salary earned and not paid prior to termination.
However, the Executive will not be entitled to receive payment of any severance benefits or other amounts by reason of the termination,
and the Executive’s right to all other benefits will terminate, except as required by any applicable law.

 

(ii) For
death and disability. The Company may also terminate the Employment, at any time, without notice or remuneration (unless notice
or remuneration is specifically required by applicable law, in which case notice or remuneration will be provided in accordance
with applicable law), if:

 

(1)
the Executive has died, or

 

(2)
the Executive has a disability which shall mean a physical or mental impairment which, as reasonably determined by the Board,
renders the Executive unable to perform the essential functions of his employment with the Company, with or without reasonable
accommodation, for more than 120 days in any 12-month period, unless a longer period is required by applicable law, in which case
that longer period would apply.

 

Upon
termination for death or disability, the Executive shall be entitled to the amount of base salary earned and not paid prior to
termination. However, the Executive will not be entitled to receive payment of any severance benefits or other amounts by reason
of the termination, and the Executive’s right to all other benefits will terminate, except as required by any applicable
law.

 

(iii) Without
Cause. The Company may terminate the Employment without cause, at any time, upon one-month prior written notice. Upon termination
without cause, the Company shall provide the following severance payments and benefits to the Executive: (1) a lump sum cash
payment equal to1 months of the Executive’s base salary as of the date of such termination; (2) a lump sum cash payment
equal to a pro-rated amount of his target annual bonus for the year immediately preceding the termination, if any; (3) payment
of premiums for continued health benefits under the Company’s health plans for 12 months fo1lowing the termination, if any;
and (4) immediate vesting of 100% of the then-unvested portion of any outstanding equity awards held by the Executive.

 

Upon
termination without, the Executive shall be entitled to the amount of base salary earned and not paid prior to termination.

 

(iv) Change
of Control Transaction. If the Company or its successor terminates the Employment upon a merger, consolidation, or transfer
or sale of all or substantially all of the assets of the Company with or to any other individual(s) or entity (the “Change
of Control Transaction”), the Executive shall be entitled to the following severance payments and benefits upon such
termination: (1) a lump sum cash payment equal to 1  months of the Executive’s base salary at a rate equal to
the greater of his/her annual salary in effect immediate1y prior to the termination, or his/her then current annua1 salary as
of the date of such termination; (2) a lump sum cash payment equal to a pro-rated amount of his/her target annual bonus for
the year immediately preceding the termination; (3) payment of premiums for continued health benefits under the Company’s
health plans for 12 months fo1lowing the termination; and (4) immediate vesting of 100% of the then-unvested portion of any
outstanding equity awards held by the Executive.

 

		(b)	By
the Executive. The Executive may terminate the Employment at any time with a one-month prior written notice to the Company,
if (1) there is a material reduction in the Executive’s authority, duties and responsibilities, or (2) there is
a material reduction in the Executive’s annual salary. Upon the Executive’s termination of the Employment due to either
of the above reasons, the Company shall provide compensation to the Executive equivalent to 1 months of the Executive’s
base salary that he is entitled to immediately prior to such termination. In addition, the Executive may resign prior to the expiration
of the Agreement if such resignation is approved by the Board or an alternative arrangement with respect to the Employment is
agreed to by the Board.

 

		(c)	Notice
of Termination. Any termination of the Executive’s employment under this Agreement shall be communicated by written
notice of termination from the terminating party to the other party. The notice of termination shall indicate the specific provision(s)
of this Agreement relied upon in effecting the termination.

 

    3

     

    

 

		8.	CONFIDENTIALITY
AND NON-DISCLOSURE

 

		(a)	Confidentiality
and Non-disclosure. The Executive hereby agrees at all times during the term of the Employment and after his termination,
to hold in the strictest confidence, and not to use, except for the benefit of the Company, or to disclose to any person, corporation
or other entity without prior written consent of the Company, any Confidential Information. The Executive understands that “Confidential
Information” means any proprietary or confidential information of the Company, its affiliates, or their respective clients,
customers or partners, including, without limitation, technical data, trade secrets, research and development information, product
plans, services, customer lists and customers, supplier lists and suppliers, software developments, inventions, processes, formulas,
technology, designs, hardware configuration information, personnel information, marketing, finances, information about the suppliers,
joint ventures, franchisees, distributors and other persons with whom the Company does business, information regarding the skills
and compensation of other employees of the Company or other business information disclosed to the Executive by or obtained by
the Executive from the Company, its affiliates, or their respective clients, customers or partners, either directly or indirectly,
in writing, orally or otherwise, if specifically indicated to be confidential or reasonably expected to be confidential. Notwithstanding
the foregoing, Confidential Information shall not include information that is generally available and known to the public through
no fault of the Executive.

 

		(b)	Company
Property. The Executive understands that all documents (including computer records, facsimile and e-mail) and materials created,
received or transmitted in connection with his work or using the facilities of the Company are property of the Company and subject
to inspection by the Company at any time. Upon termination of the Executive’s employment with the Company (or at any other
time when requested by the Company), the Executive will promptly deliver to the Company all documents and materials of any nature
pertaining to his work with the Company and will provide written certification of his compliance with this Agreement. Under no
circumstances will the Executive have, following his   termination, in his possession any property of the Company, or
any documents or materials or copies thereof containing any Confidential Information.

 

		(c)	Former
Employer Information. The Executive agrees that he has not and will not, during the term of his employment, (i) improperly
use or disclose any proprietary information or trade secrets of any former employer or other person or entity with which the Executive
has an agreement or duty to keep in confidence information acquired by Executive, if any, or (ii) bring into the premises
of the Company any document or confidential or proprietary information belonging to such former employer, person or entity unless
consented to in writing by such former employer, person or entity. The Executive will indemnify the Company and hold it harmless
from and against all claims, liabilities, damages and expenses, including reasonable attorneys’ fees and costs of suit,
arising out of or in connection with any violation of the foregoing.

 

		(d)	Third
Party Information. The Executive recognizes that the Company may have received, and in the future may receive, from third
parties their confidential or proprietary information subject to a duty on the Company’s part to maintain the confidentiality
of such information and to use it only for certain limited purposes. The Executive agrees that the Executive owes the Company
and such third parties, during the Executive’s employment by the Company and thereafter, a duty to hold all such confidential
or proprietary information in the strictest confidence and not to disclose it to any person or firm and to use it in a manner
consistent with, and for the limited purposes permitted by, the Company’s agreement with such third party.

 

This
Section 8 shall survive the termination of this Agreement for any reason. In the event the Executive breaches this Section 8,
the Company shall have right to seek remedies permissible under applicable law.

 

		9.	CONFLICTING
EMPLOYMENT.

 

The
Executive hereby agrees that, during the term of his employment with the Company, he or she will not engage in any other employment,
occupation, consulting or other business activity related to the business in which the Company is now involved or becomes involved
during the term of the Executive’s employment, nor will the Executive engage in any other activities that conflict with
his obligations to the Company without the prior written consent of the Company.

 

    4

     

    

 

		10.	NON-COMPETITION
AND NON-SOLICITATION

 

In
consideration of the salary paid to the Executive by the Company and subject to applicable law, the Executive agrees that during
the term of the Employment and for a period of one (1) year following the termination of the Employment for whatever reason:

 

		(a)	The
Executive will not approach clients, customers or contacts of the Company or other persons or entities introduced to the Executive
in the Executive’s capacity as a representative of the Company for the purposes of doing business with such persons or entities
which will harm the business relationship between the Company and such persons and/or entities;

 

		(b)	The
Executive will not assume employment with or provide services as a director or otherwise for any Competitor, or engage, whether
as principal, partner, licensor or otherwise, in any Competitor; and

 

		(c)	The
Executive will not seek, directly or indirectly, by the offer of alternative employment or other inducement whatsoever, to solicit
the services of any employee of the Company employed as at or after the date of such termination, or in the year preceding such
termination.

 

The
provisions contained in Section 10 are considered reasonable by the Executive and the Company. In the event that any such
provisions should be found to be void under applicable laws but would be valid if some part thereof was deleted or the period
or area of application reduced, such provisions shall apply with such modification as may be necessary to make them valid and
effective.

 

This
Section 10 shall survive the termination of this Agreement for any reason. In the event the Executive breaches this Section 10,
the Executive acknowledges that there will be no adequate remedy at law, and the Company shall be entitled to injunctive relief
and/or a decree for specific performance, and such other relief as may be proper (including monetary damages if appropriate).
In any event, the Company shall have right to seek all remedies permissible under applicable law.

 

		11.	WITHHOLDING
TAXES

 

Notwithstanding
anything else herein to the contrary, the Company may withhold (or cause there to be withheld, as the case may be) from any amounts
otherwise due or payable under or pursuant to this Agreement such national, provincial, local or any other income, employment,
or other taxes as may be required to be withheld pursuant to any applicable law or regulation.

 

		12.	ASSIGNMENT

 

This
Agreement is personal in its nature and neither of the parties hereto shall, without the consent of the other, assign or transfer
this Agreement or any rights or obligations hereunder; provided, however, that (i) the Company may assign or transfer this
Agreement or any rights or obligations hereunder to any member of the Group without such consent, and (ii) in the event of
a Change of Control Transaction, this Agreement shall, subject to the provisions hereof, be binding upon and inure to the benefit
of such successor and such successor shall discharge and perform all the promises, covenants, duties, and obligations of
the Company hereunder.

 

		13.	SEVERABILITY

 

If
any provision of this Agreement or the application thereof is held invalid, the invalidity shall not affect other provisions or
applications of this Agreement which can be given effect without the invalid provisions or applications and to this end the provisions
of this Agreement are declared to be severable.

 

    5

     

    

 

		14.	ENTIRE
AGREEMENT

 

This
Agreement constitutes the entire agreement and understanding between the Executive and the Company regarding the terms of the
Employment and supersedes all prior or contemporaneous oral or written agreements concerning such subject matter, including any
prior agreements between the Executive and a member of the Group. The Executive acknowledges that he or she has not entered into
this Agreement in reliance upon any representation, warranty or undertaking which is not set forth in this Agreement. Any amendment
to this Agreement must be in writing and signed by the Executive and the Company.

 

		15.	GOVERNING
LAW; JURISDICTION

 

This
Agreement shall be governed by and construed in accordance with the laws of the State of New York and each of the parties irrevocably
consents to the jurisdiction and venue of the federal and state courts located in New York.

 

		16.	AMENDMENT

 

This
Agreement may not be amended, modified or changed (in whole or in part), except by a formal, definitive written agreement expressly
referring to this Agreement, which agreement is executed by both of the parties hereto.

 

		17.	WAIVER

 

Neither
the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall
operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other
or further exercise of the same or of any right, remedy, power or privilege, nor shall any waiver of any right, remedy, power
or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to
any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted
such waiver.

 

		18.	NOTICES

 

All
notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be
deemed to have been duly given and made if (i) delivered by hand, (ii) otherwise delivered against receipt therefor,
or (iii) sent by a recognized courier with next-day or second-day delivery to the last known address of the other party.

 

		19.	COUNTERPARTS

 

This
Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose
signature appears thereon, and all of which together shall constitute one and the same instrument. This Agreement shall become
binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties
reflected hereon as the signatories.

 

Photographic
copies of such signed counterparts may be used in lieu of the originals for any purpose.

 

		20.	NO
INTERPRETATION AGAINST DRAFTER

 

Each
party recognizes that this Agreement is a legally binding contract and acknowledges that it, he or she has had the opportunity
to consult with legal counsel of choice. In any construction of the terms of this Agreement, the same shall not be construed against
either party on the basis of that party being the drafter of such terms.

 

[Remainder
of this page has been intentionally left blank.]

 

    6

     

    

 

IN
WITNESS WHEREOF, this Agreement has been executed as of the date first written above.

 

	 	ALE Group Holding Ltd
	 	 	 
	 	By:	/s/
    Yip Wai Man Raymond 
	 	Name: 	Yip Wai Man Raymond
	 	Title:	Chief Financial Officer

 

	 	Executive
	 	 	 
	 	Signature: 	/s/
    Poon Tak Ching Anthony 
	 	Name:	Poon Tak Ching Anthony

 

 

7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00310-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00310-of-00352.parquet"}]]