Document:

Exhibit 4.1

 

EXECUTION VERSION

 

 

 

DEALERTRACK TECHNOLOGIES,
INC.,

 

as Issuer,

 

DEALERTRACK, INC.,

 

as Subsidiary Guarantor,

 

AND

 

WELLS FARGO BANK, NATIONAL
ASSOCIATION,

 

as Trustee

 

FIRST SUPPLEMENTAL INDENTURE

 

Dated as of October
1, 2015

 

1.50% Senior Convertible
Notes due 2017

 

 

 

     

    EXECUTION VERSION

    

 

FIRST SUPPLEMENTAL INDENTURE, dated as of
October 1, 2015 (this “Supplemental Indenture”), among Dealertrack Technologies, Inc. (f/k/a DealerTrack Holdings,
Inc.), a Delaware corporation, as issuer (the “Company”), Dealertrack, Inc. (f/k/a DealerTrack, Inc., the “Subsidiary
Guarantor”), as subsidiary guarantor, and Wells Fargo Bank, National Association, a national banking association (the
“Trustee”), as trustee.

 

W I T N E S S E T H:

 

WHEREAS, the Company and the Trustee have
heretofore entered into an Indenture, dated as of March 5, 2012 (such Indenture, as modified by this First Supplemental Indenture,
and as the same may be further modified, being hereinafter called the “Indenture”), pursuant to which the Company
issued its 1.50% Senior Convertible Notes due 2017 in an aggregate principal amount of $200,000,000 (the “Notes”);

 

WHEREAS, the Company has entered into that
certain Agreement and Plan of Merger, dated as of June 12, 2015 (the “Merger Agreement”), by and among Cox Automotive,
Inc. (“Parent”), Runway Acquisition Co. (“Acquisition Sub”), and the Company, pursuant to
which, upon the terms and subject to the conditions set forth in the Merger Agreement, Acquisition Sub will commence a tender offer
(the “Offer”) to purchase all of the outstanding shares of common stock, par value $0.01 per share, of the Company
(the “Common Stock”) at a price per share of $63.25 (such amount or any higher amount per share of Common Stock
that may be paid pursuant to an amended Offer, the “Offer Price”), without interest and subject to tax withholding.
Promptly following the consummation of the Offer, (1) Acquisition Sub will merge with and into the Company, with the Company continuing
as the surviving corporation and a wholly owned subsidiary of Parent, and each issued and outstanding share of Common Stock (other
than certain shares as set forth in the Merger Agreement) will be converted into the right to receive the Offer Price, payable
to the holder in cash, without interest and subject to tax withholding and (2) the Common Stock will cease to be listed or quoted
on any of The New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or any of their respective
successors) (together, the “Merger”);

 

WHEREAS, the Merger constitutes a Merger
Event as defined in the Indenture;

 

WHEREAS, Section 14.07 of the Indenture
provides that, prior to or at the effective time of a Merger Event, the Company or the successor or purchasing Person, as the case
may be, shall execute with the Subsidiary Guarantor and the Trustee a supplemental indenture permitted under Sections 10.01(a)
and 10.01(j) of the Indenture providing for a change of the right to convert each $1,000 principal amount of Notes into a right
to convert such principal amount of Notes into the kind and amount of shares of stock, other securities or other property or assets
(including cash or any combination thereof) that a holder of a number of shares of Common Stock equal to the Conversion Rate immediately
prior to such Merger Event would have owned or been entitled to receive upon such Merger Event;

 

WHEREAS, Section 10.01(a) of the Indenture
provides that the Company, when authorized by resolutions of the Board of Directors of the Company (the “Board of Directors”),
the Subsidiary Guarantor and the Trustee, may enter into an indenture or indentures supplemental to the Indenture to provide for
conversion rights of Holders of the Notes and the Company’s repurchase obligations in connection with a Fundamental Change
and/or in the event of any transaction described in Section 14.07 of the Indenture;

 

WHEREAS, Sections 10.01(j) of the Indenture
provides that the Company, when authorized by resolutions of the Board of Directors , the Subsidiary Guarantor and the Trustee,
may enter into an indenture or indentures supplemental to the Indenture to make a change that does not adversely affect the rights
of any Holder;

 

WHEREAS, the Board of Directors has duly
authorized this Supplemental Indenture by resolutions adopted on June 11, 2015, and the entry into this Supplemental Indenture
by the parties hereto is permitted by the provisions of the Indenture; and

 

WHEREAS, the Company has heretofore delivered
or is delivering contemporaneously herewith to the Trustee an Officer’s Certificate described in Sections 10.05, 11.03 and
14.07(b) of the Indenture and an Opinion of Counsel described in Section 10.05 and 11.03 of the Indenture.

 

     

    EXECUTION VERSION

    

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

For and in consideration of the premises,
the receipt and sufficiency of which is hereby acknowledged, the Company covenants and agrees with the Trustee for the equal and
proportionate benefit of the respective Holders from time to time of the Notes (except as otherwise provided below), as follows:

 

Article
1.

Definitions

 

Section 1.01. Definitions. Capitalized
terms used herein and not defined herein have the meanings ascribed to such terms in the Indenture.

 

Article
2.

Amendments

 

Section 2.01. Conversion of Notes into
the Reference Property. In accordance with and subject to Section 14.07 of the Indenture, as a result of the Merger, each $1,000
in principal amount of Notes is, from and after the effective time of the Merger, convertible in accordance with the terms of the
Indenture into the right to receive the amount of cash that a holder of a number of shares of Common Stock equal to the Conversion
Rate immediately prior to the consummation of the Merger would have owned or been entitled to receive upon the Merger. For all
conversions that occur after the effective date of the Merger in accordance with and subject to Article 14 of the Indenture, (i)
the consideration due upon conversion of each $1,000 principal amount of Notes shall be solely cash in an amount equal to the Conversion
Rate in effect on the Conversion Date (as may be increased by any Additional Shares pursuant to Section 14.03 of the Indenture),
multiplied by the price paid per share of Common Stock in the Merger and (ii) the Company shall satisfy the Conversion Obligation
by paying cash to converting Holders on the third Business Day immediately following the Conversion Date.

 

Article
3.

Miscellaneous Provisions

 

Section 3.01. Effect of this Supplemental
Indenture. From the date hereof, the Indenture shall be and be deemed to be modified and amended in accordance herewith, and
the respective rights, limitation of rights, obligations, duties and immunities under the Indenture of the Trustee, the Company,
the Subsidiary Guarantor and the Holders shall hereafter be determined, exercised and enforced thereunder subject in all respects
to such modifications and amendments, and all the terms and conditions of this Supplemental Indenture shall be and be deemed to
be part of the terms and conditions of the Indenture for any and all purposes.

 

Section 3.02. Trustee Matters. The
Trustee accepts the Indenture, as supplemented hereby, and agrees to perform the same upon the terms and conditions set forth therein,
as supplemented hereby. The Trustee shall be entitled to the benefit of every provision of the Indenture so supplemented relating
to the conduct or affecting the liability or affording protection to the Trustee, whether or not elsewhere herein so provided.
The recitals contained in this Supplemental Indenture shall be taken as the statements of the Company, and the Trustee assumes
no responsibility for their correctness. The Trustee makes no representation as to the validity or sufficiency of this Supplemental
Indenture.

 

Section 3.03. Notice of Supplemental
Indenture. In accordance with Section 14.07(b) of the Indenture, the Trustee will, on the Company’s behalf, mail notice
of the execution of this Supplemental Indenture to each Holder, at its address appearing on the Note Register provided for in the
Indenture, within 20 days after execution hereof. Failure to deliver such notice shall not affect the legality or validity of this
Supplemental Indenture.

 

Section 3.04. Provisions Binding on Company’s
Successors. All the covenants, stipulations, promises and agreements of the Company and the Subsidiary Guarantor contained
in this Indenture shall bind its successors and assigns whether so expressed or not.

 

Section 3.05. Official Acts by Successor
Company. Any act or proceeding by any provision of this Supplemental Indenture authorized or required to be done or performed
by any board, committee or Officer of the Company or the Subsidiary Guarantor shall and may be done and performed with like force
and effect by the like board, committee or officer of any corporation or other entity that shall at the time be the lawful sole
successor of the Company or the Subsidiary Guarantor, respectively.

 

     

    EXECUTION VERSION

    

 

Section 3.06. Governing Law. THIS
SUPPLEMENTAL INDENTURE AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICTS OF LAWS PROVISIONS THEREOF).

 

The Company and the Subsidiary Guarantor
each irrevocably consents and agrees, for the benefit of the Holders from time to time of the Notes and the Trustee, that any legal
action, suit or proceeding against it with respect to obligations, liabilities or any other matter arising out of or in connection
with this Supplemental Indenture or the Securities may be brought in the courts of the State of New York or the courts of the United
States located in the Borough of Manhattan, New York City, New York and, until amounts due and to become due in respect of the
Notes have been paid, hereby irrevocably consents and submits to the non-exclusive jurisdiction of each such court in personam,
generally and unconditionally with respect to any action, suit or proceeding for itself in respect of its properties, assets and
revenues.

 

The Company and the Subsidiary Guarantor
each irrevocably and unconditionally waives, to the fullest extent permitted by law, any objection which it may now or hereafter
have to the laying of venue of any of the aforesaid actions, suits or proceedings arising out of or in connection with this Supplemental
Indenture brought in the courts of the State of New York or the courts of the United States located in the Borough of Manhattan,
New York City, New York and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such
court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum.

 

Section 3.07. Benefits of Supplemental
Indenture. Nothing in this Supplemental Indenture, expressed or implied, shall give to any Person, other than the Holders,
the parties hereto, any Paying Agent, any Conversion Agent, any authenticating agent, any Note Registrar and their successors hereunder,
any benefit or any legal or equitable right, remedy or claim under this Indenture.

 

Section 3.08. Table of Contents, Headings,
Etc. The table of contents and the titles and headings of the articles and sections of this Supplemental Indenture have been
inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any
of the terms or provisions hereof.

 

Section 3.09. Execution in Counterparts.
This Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts
shall together constitute but one and the same instrument.

 

Section 3.10. Severability. In the
event any provision of this Supplemental Indenture shall be invalid, illegal or unenforceable, then (to the extent permitted by
law) the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired.

 

Section 3.11. Waiver of Jury Trial.
EACH OF THE COMPANY, THE SUBSIDIARY GUARANTOR AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE OR THE
TRANSACTIONS CONTEMPLATED HEREBY.

 

Section 3.12. No Security Interest Created.
Nothing in this Supplemental Indenture, expressed or implied, shall be construed to constitute a security interest under the Uniform
Commercial Code or similar legislation, as now or hereafter enacted and in effect, in any jurisdiction.

 

Section 3.13. Conflict with Trust Indenture
Act. If and to the extent that any provision hereof limits, qualifies or conflicts with another provision hereof which is required
to be included in this Supplemental Indenture by any of the provisions of the Trust Indenture Act, such required provision shall
control. If any provision of this Supplemental Indenture modifies or excludes any provision of the Trust Indenture Act which may
be so modified or excluded, the latter provision shall be deemed to apply to this Supplemental Indenture as so modified or to be
excluded, as the case may be.

 

Section 3.14. USA Patriot Act. The
Company and the Subsidiary Guarantor acknowledge that in accordance with Section 326 of the U.S.A. PATRIOT Act, the Trustee, like
all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify,
and record information that identifies each person or legal entity that establishes a relationship or opens an account with the
Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may request in order
for the Trustee to satisfy the requirements of the U.S.A. PATRIOT Act.

 

     

    EXECUTION VERSION

    

 

Section 3.15. FATCA. The Company
hereby confirms to the Trustee it has no knowledge that that this Supplemental Indenture has resulted in a material modification
of the Notes for Foreign Accounting Tax Compliance Act (“FATCA”) purposes. The Company shall give the Trustee prompt
written notice of any material modification of the Notes deemed to occur for FATCA purposes of which it has knowledge.  The
Trustee shall assume that no material modification for FATCA purposes has occurred regarding the Notes to the knowledge of the
Company, unless the Trustee receives written notice of such modification from the Company.

 

 

[Signature
Pages Follow]

 

     

    EXECUTION VERSION

    

 

 

IN WITNESS WHEREOF, the parties hereto have
caused this First Supplemental Indenture to be duly executed as of the date first written above.

 

	 	DEALERTRACK TECHNOLOGIES, INC., as issuer
	 	 	 
	 	By: 	/s/ Eric Jacobs
	 	 	Name: Eric Jacobs
	 	 	Title: EVP, CFO / CAO
	 	 	 
	 	DEALERTRACK, INC., as Subsidiary Guarantor
	 	 
	 	By:	/s/ Eric Jacobs
	 	 	Name: Eric Jacobs
	 	 	Title: Chief Financial Officer
	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
	 	 
	 	By:	/s/ Stefan Victory
	 	 	Name: Stefan Victory
	 	 	Title: Vice PresidentExhibit 10.1

 

SECOND AMENDED AND RESTATED PROMISSORY
NOTE

 

	$10,000,000.00 	September 28, 2015

 

WHEREAS, the Maker
(as defined below) previously executed that certain Promissory Note dated May 9, 2014, in the principal amount of Twelve Million
Five Hundred Thousand Dollars ($12,500,000.00) for the benefit of the Payee (as defined below) (the “Initial Note”)
which was modified and renewed by that certain Amended and Restated Promissory Note dated April 20, 2015, in the principal amount
of Twelve Million Five Hundred Thousand Dollars ($12,500,000.00) for the benefit of Payee (the “A/R Note”);

 

WHEREAS, the Maker
made a principal payment to Payee in the amount of Two Million Five Hundred Thousand Dollars ($2,500,000.00) plus all accrued interest
on May 29, 2015; and

 

WHEREAS, the Maker
and the Payee desire to amend and restate the A/R Note to, among other things, change the principal amount, repayment schedule
and the interest rate;

 

NOW, THEREFORE, the
A/R Note is hereby amended and restated in its entirety to read as follows:

 

FOR VALUE RECEIVED,
the undersigned, HARD ROCK SOLUTIONS, LLC, a Utah limited liability company with its principal place of business at 2221 N. 3250
W. Vernal, Utah 84078 and SUPERIOR DRILLING SOLUTIONS, LLC, f/k/a Superior Drilling Products, LLC, a Utah limited liability company
with its principal place of business at 2221 N. 3250 W. Vernal, Utah 84078, (hereinafter collectively the “Maker”),
hereby promise to pay to the order of WMAFC, INC, f/k/a HARD ROCK SOLUTIONS, INC., a Texas corporation with its principal place
of business at 7507 County Road 72, Windsor, Colorado 80550 (the “Payee”), the principal sum of Ten Million
and No/00 Dollars ($10,000,000.00) together with interest on the outstanding balance of the principal sum at the rates and commencing
at the times and pursuant to the terms hereinafter provided until this promissory note (“Promissory Note”) is
paid in full.

 

1.Terms. Capitalized
terms used herein without definition have the meanings ascribed to them in that certain Membership Interest Purchase Agreement
dated January 28, 2014 by and between Maker, Payee and James D. Isenhour, an individual (the “Purchase Agreement”).

 

2.Principal and Interest.
This Promissory Note shall bear interest from May 29, 2015, until June 30, 2015, at a fixed interest rate equal to 5.25% per annum
and from July 1, 2015 until July 15, 2019, (the “Maturity Date”) at a fixed interest rate equal to 5.75% per
annum (for the actual number of days occurring in the period for which interest is payable) (collectively, “Fixed Rate”).
All accrued and unpaid interest on this Promissory Note shall be due and payable by Maker to Payee as follows:

 

(i)Commencing
on January 15, 2016, a principal payment of $500,000.00 plus accrued interest at the Fixed Rate in effect for the period;

 

(ii)Commencing
on July 15, 2016, a principal payment of $1,500,000.00 plus accrued interest at the Fixed Rate in effect for the period;

 

     

     

    

 

(iii)Commencing
on January 15, 2017, a principal payment of $500,000.00 plus accrued interest at the Fixed Rate in effect for the period;

 

(iv)Commencing
on March 15, 2017, a principal payment of $500,000.00 plus accrued interest at the Fixed Rate in effect for the period;

 

(v)Commencing
on May 15, 2017, a principal payment of $500,000.00 plus accrued interest at the Fixed Rate in effect for the period;

 

(vi)Commencing
on July 15, 2017, a principal payment of $500,000.00 plus accrued interest at the Fixed Rate in effect for the period;

 

(vii)Commencing
on January 15, 2018, a principal payment of $500,000.00 plus accrued interest at the Fixed Rate in effect for the period;

 

(viii)Commencing
on March 15, 2018, a principal payment of $500,000.00 plus accrued interest at the Fixed Rate in effect for the period;

 

(ix)Commencing
on May 15, 2018, a principal payment of $500,000.00 plus accrued interest at the Fixed Rate in effect for the period;

 

(x)Commencing
on July 15, 2018, a principal payment of $500,000.00 plus accrued interest at the Fixed Rate in effect for the period;

 

(xi)Commencing
on January 15, 2019, a principal payment of $1,000,000.00 plus accrued interest at the Fixed Rate in effect for the period;

 

(xii)Commencing
on March 15, 2019, a principal payment of $1,000,000.00 plus accrued interest at the Fixed Rate in effect for the period;

 

(xiii)Commencing
on May 15, 2019, a principal payment of $1,000,000.00 plus accrued interest at the Fixed Rate in effect for the period; and

 

(xiv)On
the Maturity Date, the final payment of the entire remaining principal balance of this Promissory Note in the amount of $1,000,000.00
plus accrued interest at the Fixed Rate in effect for the period is due in full.

 

3.Maturity
Date. The entire outstanding principal balance of this Promissory Note, together with all accrued but unpaid interest thereon,
shall be due and payable in full on the Maturity Date (or, if such date is not a business day, then on the immediately preceding
business day), or upon any earlier acceleration of the Maker’s obligations hereunder, unless such obligations are earlier
satisfied in accordance with the terms hereof.

 

4.Default.If
Maker fails to pay, within fifteen (15) days, any principal of or interest on this Promissory Note when due (“Default”),
the holder of this Promissory Note or any part thereof may thereafter provide Maker written notice of the Default, and if Maker
continues to be in Default for thirty (30) days or more after receipt of written notice, Payee may declare the principal balance
hereof and the interest accrued hereon to be immediately due and payable.

 

     

     

    

 

A default under the
terms of the Security and Pledge Agreement securing this Promissory Note (hereinafter “Security Agreement”)
also is a default under this Promissory Note. If Maker is in default under the terms of the Security Agreement, Payee shall provide
Maker with written notice specifying such default and allow thirty (30) days from receipt of said notice to cure the default. Maker
shall not be in default under the terms of the Security Agreement until such notice has been given and Maker has failed to cure
the default within the thirty (30) day grace period. In the event of a default under the Security Agreement which is not cured
within the time period specified herein, Payee, at Payee’s option, may also accelerate the entire balance of this Promissory
Note.

 

If Payee elects to
accelerate the balance of this Promissory Note as permitted herein, the entire balance of principal, together with interest to
the date of default and all other amounts due under this Note or the Security Agreement shall, from the date of default, bear interest
at the rate of nine percent (9.00%) per annum (“Default Interest Rate”), and all such amounts shall be immediately
due and payable in full. Interest shall continue to accrue on the full amount of principal, interest and such other amounts due
as of the default date until the default has been cured. The Payee shall have the right to recover from Maker an additional amount
equal to Payee's reasonable costs in enforcing this Promissory Note and the Security Agreement in the event of default, including
reasonable attorney's fees and other costs related to the default, whether or not suit is commenced, and whether or not Payee elects
to accelerate the balance. All such reasonable fees and costs must be paid before a default will be cured.

 

4.Prepayment.
Maker may, at any time, prepay the outstanding balance of principal and interest due under this Promissory Note in whole or in
part, without premium or penalty. In the event of prepayment, there shall become due and payable an amount equal to all accrued
interest attributable to that portion of the outstanding principal balance of the Promissory Note being prepaid at that time. Partial
prepayments shall not defer the due dates for, or the amounts of, succeeding payments. By its execution hereof, Maker agrees that
it shall endeavor to make principal and/or accrued interest payments on this Promissory Note prior to the due dates set forth herein
if in Maker’s good faith determination it has the financial wherewithal to make such prepayments.

 

5.Payments
and Computations. All payments on account of indebtedness evidenced by this Promissory Note shall be made on the day when
due in lawful money of the United States. Payments are to be made at such place as Payee or the legal holders of this Promissory
Note may, from time to time, in writing appoint, and in the absence of such appointment, then at the place provided in the Notice
section of the Purchase Agreement.

 

6.Applicable
Law. Maker represents and agrees that this instrument and the rights and obligations of all parties hereunder shall be
governed by and construed under the laws of the State of Colorado without regard to the conflicts of law principles.

 

7.Severability.
The parties hereto intend and believe that each provision in this Promissory Note comports with all applicable local, state and
federal laws and judicial decisions. However, if any provision or provisions, or if any portion of any provision or provisions,
of this Promissory Note is found by a court of law to be in violation of any applicable local, state or federal ordinance, statute,
law, administrative or judicial decision, or public policy, and if the court should declare that portion, provision or provisions
to be illegal, invalid, unlawful, void or unenforceable as written, then it is the intent of Maker and Payee that such portion,
provision or provisions be given force to the fullest possible extent that they are legal, valid and enforceable, that the remainder
of this Promissory Note shall be construed as if the illegal, invalid, unlawful, void or unenforceable portion, provision or provisions
were not contained herein, and that the rights, obligations and interest of Maker and Payee or the legal holders hereof under the
remainder of this Promissory Note shall continue in full force and effect.

 

     

     

    

 

8.Maximum
Interest. Payee and Maker intend to contract in strict compliance with applicable usury law from time to time in effect.
In furtherance thereof Payee and Maker hereby stipulate and agree that none of the terms and provisions contained herein shall
ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the maximum
amount of interest permitted to be charged by applicable law from time to time in effect. Neither Maker nor any present or future
guarantors, endorsers, or other Persons hereafter becoming liable for payment of any indebtedness hereunder shall ever be liable
for unearned interest thereon or shall ever be required to pay interest thereon in excess of the maximum amount that may be lawfully
contracted for, charged, or received under applicable law from time to time in effect, and the provisions of this section shall
control over all other provisions hereof which may be in conflict or apparent conflict herewith. Payee expressly disavows any intention
to contract for, charge, collect or receive excessive or unearned interest or finance charges in the event the maturity of any
indebtedness hereunder is accelerated or upon the occurrence of any other event. If the maturity of any indebtedness hereunder
is accelerated for any reason, any such indebtedness is prepaid and as a result any amounts that constitute interest are in excess
of the legal maximum, or Payee or any other holder of any or all of the indebtedness hereunder shall otherwise charge, receive,
or collect, or any Person shall pay, moneys which would otherwise increase the interest on any or all of the indebtedness hereunder
to an amount in excess of that permitted by applicable law then in effect, then all sums that constitute interest in excess of
such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related indebtedness
or, at Payee’s or holder’s option, promptly returned to Maker or the other payor thereof, as applicable, upon such
determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the maximum
amount permitted under applicable law, Payee and Maker (and any other payors thereof) shall to the greatest extent permitted under
applicable law, characterize any non-principal payment as an expense, fee or premium rather than as interest, exclude voluntary
prepayments and the effects thereof, and amortize, prorate, allocate, and spread the total amount of interest throughout the entire
contemplated term of the instruments evidencing the indebtedness hereunder in accordance with the amounts outstanding from time
to time thereunder and the maximum legal rate of interest from time to time in effect under applicable law in order to lawfully
contract for, charge, collect, or receive the maximum amount of interest permitted under applicable law. As used in this section
the term “applicable law” means the laws of the State of Colorado including the Laws of the United States of America,
as such Laws now exist or may be changed or amended or come into effect in the future.

 

9.Purchase
Agreement. This Promissory Note is the Note referred to in the Purchase Agreement. Payment of this Promissory Note is subject
to the Purchase Agreement and the parties hereto agree that this Promissory Note shall not be effective until the occurrence of
the Closing and the satisfaction of any obligations as specifically set forth in the Purchase Agreement.

 

     

     

    

 

10.Assignment.
Payee may assign this Promissory Note in whole or in part or any right to the proceeds hereof, provided that Payee gives Maker
prior written notice of any such assignment.

 

11.Notices.
All notices and other communications provided for hereunder shall be in writing (including facsimile communication) and mailed,
telegraphed, telecopied or delivered to the addresses provided for in the Purchase Agreement or, as to each party, at such other
address as designated by that party in a written notice to the other party. All notices and communications shall be deemed to have
been validly served, given or delivered (i) three (3) business days following deposit in the United States mail, with proper postage
prepaid; (ii) upon delivery if delivered by hand to the party to be notified; or (iii) the following day if sent by facsimile transmission.

 

12.Waiver.
Maker and-all parties now or hereafter liable for the payment hereof, whether as endorser, guarantor, surety or otherwise, generally
waive demand, presentment for payment, notice of dishonor, protest and notice of protest, notice of intent to accelerate and notice
of acceleration, and diligence in collecting or bringing suit against any party hereto, and agree to all extensions, renewals,
indulgences, releases or changes which from time to time may be granted by the holder hereof and to all partial payments hereon,
with or without notice before or after maturity.

 

13.Attorney’s
Fees. Should the indebtedness represented by this Promissory Note or any part hereof be collected at law or in equity or
through any bankruptcy, receivership, probate or other court proceedings or if this Promissory Note is placed in the hands of attorneys
for collection after any default, Payee and all endorsers, guarantors and sureties of this Promissory Note jointly and severally
agree to pay to the holder of this Promissory Note in addition to the principal and interest due and payable hereon all the costs
and expenses of said holder in enforcing this Promissory Note including, without limitation, reasonable attorneys’ fees and
legal expenses.

 

14.Collateral.
This Promissory Note is secured by a first lien security interest in all of the collateral described in the Security Agreement.

 

15.Promissory
Note. This Promissory Note shall constitute a modification and a renewal of the A/R Note, and shall supersede the Initial
Note and the A/R Note.

 

Time is of the essence as to all dates set
forth herein.

 

[Signature page
follows]

 

 

 

 

     

     

    

 

Maker has executed
and delivered this Promissory Note as of the day and year first set forth above.

 

	MAKER:	HARD ROCK SOLUTIONS, LLC
	 	a Utah limited liability company
	 	 
	 	By Its Manager:
	 	 	Superior Drilling Solutions, LLC f/k/a Superior Drilling Products, LLC,
	 	 	a Utah limited liability company
	 	 	 
	 	 	By:   	/s/ Troy Meier

	 	 	 	Troy Meier, President

 

 

 

	 	SUPERIOR DRILLING SOLUTIONS, LLC f/k/a Superior Drilling Products, LLC,
	 	a Utah limited liability company
	 	 
	 	By:	/s/ Troy Meier
	 	 	Troy Meier, President

 

 

AGREED TO AND ACCEPTED on this 28th day of September, 2015.

 

	 	WMAFC, INC. f/k/a HARD ROCK SOLUTIONS, INC.,
	 	a Texas corporation
	 	 
	 	By:	/s/ James D. Isenhour
	 	 	James D. Isenhour, President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00249-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00249-of-00352.parquet"}]]