Document:

EXHIBIT 4.8

 

WIDEPOINT CORPORATION

 

and

 

[               ],

 

as Purchase Contract Agent

 

STOCK PURCHASE CONTRACT AGREEMENT

 

Dated as of ___________, 20[__]

 

    	 

    	 

    

 

STOCK PURCHASE CONTRACT AGREEMENT, dated
as of __________, 20[___], between WIDEPOINT CORPORATION, a Delaware corporation (the "COMPANY"), and [          ],
an __________ banking corporation, acting as purchase contract agent for the Holders of Securities (as defined herein) from time
to time (the "PURCHASE CONTRACT AGENT").

 

RECITALS

 

The Company has duly authorized the execution
and delivery of this Agreement and the Certificates evidencing the Securities.

 

All things necessary to make the Purchase
Contracts, when the Certificates are executed by the Company and authenticated, executed on behalf of the Holders and delivered
by the Purchase Contract Agent, as provided in this Agreement, the valid obligations of the Company, and to constitute these presents
a valid agreement of the Company, in accordance with its terms, have been done. For and in consideration of the premises and the
purchase of the Securities by the Holders thereof, it is mutually agreed as follows:

 

ARTICLE 1

 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL
APPLICATIONS

 

SECTION 1.01. DEFINITIONS.

 

For all purposes of this Agreement, except
as otherwise expressly provided or unless the context otherwise requires:

 

(a) the terms defined in this Article have
the meanings assigned to them in this Article and include the plural as well as the singular, and nouns and pronouns of the masculine
gender include the feminine and neuter genders;

 

(b) all accounting terms not otherwise defined
herein have the meanings assigned to them in accordance with generally accepted accounting principles in the United States;

 

(c) the words "herein," "hereof"
and "hereunder" and other words of similar import refer to this Agreement as a whole and not to any particular Article,
Section, Exhibit or other subdivision;

 

(d) the following terms have the meanings
given to them in the Declaration: (i) Applicable Ownership Interest; (ii) Applicable Principal Amount; (iii) Guarantee; (iv) Primary
Treasury Dealer; (v) Pro Rata, (vi) Quotation Agent; (vii) Redemption Amount; (viii) Redemption Price; (ix) Remarketing, (x) Reset
Rate, (xi) Tax Event Redemption, (xii) Tax Event Redemption Date; (xiii) Two-Year Benchmark Treasury Rate; and (xiv) Treasury Portfolio;
and

 

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(e) the following terms have the meanings
given to them in this Section 1.01(e):

 

"ACT" has the meaning, with respect
to any Holder, set forth in Section 1.04.

 

"AFFILIATE" of any specified Person
means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such
specified Person. For the purposes of this definition, "control" when used with respect to any specified Person means
the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise; and the terms "controlling" and "controlled" have meanings correlative
to the foregoing.

 

"AGREEMENT" means this instrument
as originally executed or as it may from time to time be supplemented or amended by one or more agreements supplemental hereto
entered into pursuant to the applicable provisions hereof.

 

"APPLICABLE MARKET VALUE" has
the meaning set forth in Section 5.01.

 

"APPLICANTS" has the meaning set
forth in Section 7.12(b).

 

"BANKRUPTCY CODE" means title
11 of the United States Code, or any other law of the United States that from time to time provides a uniform system of bankruptcy
laws.

 

"BENEFICIAL OWNER" means, with
respect to a Book-Entry Interest, a Person who is the beneficial owner of such Book-Entry Interest as reflected on the books of
the Depositary or on the books of a Person maintaining an account with such Depositary (directly as a Depositary Participant or
as an indirect participant, in each case in accordance with the rules of such Depositary).

 

"BOARD OF DIRECTORS" means the
board of directors of the Company or a duly authorized committee of that board.

 

"BOARD RESOLUTION" means one or
more resolutions of the Board of Directors, a copy of which has been certified by the Secretary or an Assistant Secretary of the
Company, to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification
and delivered to the Purchase Contract Agent.

 

"BOOK-ENTRY INTEREST" means a
beneficial interest in a Global Certificate, registered in the name of a Depositary or a nominee thereof, ownership and transfers
of which shall be maintained and made through book entries by such Depositary as described in Section 3.06.

 

"BUSINESS DAY" means any day other
than a Saturday or Sunday or a day on which banking institutions in New York City, New York, or Chicago, Illinois are authorized
or required by law or executive order to remain closed or a day on which the Indenture Trustee or the Property Trustee is closed
for business; provided that for purposes of the second paragraph of Section 1.12 only, the term "Business Day" shall
also be deemed to exclude any day on which trading on the New York Stock Exchange, Inc. is closed or suspended.

 

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"CASH SETTLEMENT" has the meaning
set forth in Section 5.02(a)(i).

 

"CERTIFICATE" means a Stock Purchase
Units Certificate or a Treasury Stock Purchase Units Certificate.

 

"CLEARING AGENCY" means an organization
registered as a "Clearing Agency" pursuant to Section 17A of the Exchange Act that is acting as a depositary for the
Securities and in whose name, or in the name of a nominee of that organization, shall be registered a Global Certificate and which
shall undertake to effect book-entry transfers and pledges of the Securities.

 

"CLOSING PRICE" has the meaning
set forth in Section 5.01.

 

"CODE" means the Internal Revenue
Code of 1986, as amended.

 

"COLLATERAL" has the meaning set
forth in Section 1.01(f) of the Pledge Agreement.

 

"COLLATERAL ACCOUNT" has the meaning
set forth in Section 1.01(f) of the Pledge Agreement.

 

“COLLATERAL AGENT" means [          ],
as Collateral Agent under the Pledge Agreement until a successor Collateral Agent shall have become such pursuant to the applicable
provisions of the Pledge Agreement, and thereafter "Collateral Agent" shall mean the Person who is then the Collateral
Agent thereunder.

 

"COLLATERAL SUBSTITUTION" has
the meaning set forth in Section 3.13.

 

"COMMON STOCK" means the WidePoint
Corporation, common stock, par value $0.01.

 

"COMPANY" means the Person named
as the "COMPANY" in the first paragraph of this instrument until a successor shall have become such pursuant to the applicable
provision of this Agreement, and thereafter "Company" shall mean such successor.

 

"CONSTITUENT PERSON" has the meaning
set forth in Section 5.04(b).

 

"CORPORATE TRUST OFFICE" means
the principal corporate trust office of the Purchase Contract Agent at which, at any particular time, its corporate trust business
shall be administered, which office at the date hereof is located at [              ],
Attention: Corporate Trust Department.

 

"COUPON RATE" means the percentage
rate per annum at which each [Subordinated] Note will bear interest initially and, on and after _______________, the Reset Rate.

 

"CURRENT MARKET PRICE" has the
meaning set forth in Section 5.04(a)(8).

 

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"DECLARATION" means the Declaration
of Trust, dated as of ___________, 20[__], among the Company as sponsor, the trustees named therein and the holders from time to
time of individual beneficial interests in the assets of the Trust.

 

"DEPOSITARY" means a clearing
agency registered under the Exchange Act that is designated to act as Depositary for the Securities as contemplated bySections
3.06, 3.07, 3.08 and 3.09.

 

"DEPOSITARY PARTICIPANT" means
a broker, dealer, bank, other financial institution or other Person for whom from time to time the Depositary effects book entry
transfers and pledges of securities deposited with the Depositary.

 

"DTC" means The Depository Trust
Company.

 

"EARLY SETTLEMENT" has the meaning
set forth in Section 5.07(a).

 

"EARLY SETTLEMENT AMOUNT" has
the meaning set forth in Section 5.07(a).

 

"EARLY SETTLEMENT DATE" has the
meaning set forth in Section 5.07(a).

 

"EARLY SETTLEMENT RATE" has the
meaning set forth in Section 5.07(c).

 

"EARLY SETTLEMENT WEEK" has the
meaning set forth in Section 5.04(b)(2).

 

"ERISA" means the Employee Retirement
Income Security Act of 1974, as amended.

 

"EXCHANGE ACT" means the Securities
Exchange Act of 1934 and any statute successor thereto, in each case as amended from time to time, and the rules and regulations
promulgated thereunder.

 

"EXPIRATION DATE" has the meaning
set forth in Section 1.04(e).

 

"EXPIRATION TIME" has the meaning
set forth in Section 5.04(a)(6).

 

"FAILED REMARKETING" has the meaning
set forth in Section 5.02(b).

 

"GLOBAL CERTIFICATE" means a Certificate
that evidences all or part of the Securities and is registered in the name of a Clearing Agency or a nominee thereof.

 

"GUARANTEE means the Guarantee Agreement
dated as of ___________, 20[__] between the Company, as guarantor, and the Trust.

 

"HOLDER" means, with respect to
a Security, the Person in whose name the Security evidenced by a Certificate is registered in the Security Register; provided,
however, that in determining whether the Holders of the requisite number of Securities have voted on any matter, then for the purpose
of such determination only (and not for any other purpose hereunder), if the Security remains in the form of one or more Global
Certificates and if the Depositary which is the registered holder of such Global Certificate has sent an omnibus proxy assigning
voting rights to the Depositary Participants to whose accounts the Securities are credited on the record date, the term "HOLDER"
shall mean such Depositary Participant acting at the direction of the Beneficial Owners.

 

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"INDENTURE" means the Indenture,
dated as of _____________, between the Company and the Indenture Trustee (including any provisions of the TIA that are deemed incorporated
therein), pursuant to which the [Subordinated] Notes will be issued.

 

"INDENTURE TRUSTEE" means ________
Bank, a _____ banking corporation, as trustee under the Indenture, or any successor thereto.

 

"ISSUER ORDER" or "ISSUER
REQUEST" means a written order or request signed in the name of the Company by its Chairman of the Board, its President or
one of its Vice Presidents, and by its Treasurer, an Assistant Treasurer, its Secretary or an Assistant Secretary, and delivered
to the Purchase Contract Agent.

 

"NON-ELECTING SHARE" has the meaning
set forth in Section 5.04(b).

 

"NYSE" has the meaning set forth
in Section 5.01.

 

"OFFICERS' CERTIFICATE" means
a certificate signed by the Chairman of the Board, its President or one of its Vice Presidents, and by the Treasurer, an Assistant
Treasurer, the Secretary or an Assistant Secretary of the Company, and delivered to the Purchase Contract Agent. Any Officers'
Certificate delivered with respect to compliance with a condition or covenant provided for in this Agreement shall include:

 

(i) a statement that each officer signing
the Officers' Certificate has read the covenant or condition and the definitions relating thereto;

 

(ii) a brief statement of the nature and
scope of the examination or investigation undertaken by each officer in rendering the Officers' Certificate;

 

(iii) a statement that, in the opinion of
each such officer, each such officer has made such examination or investigation as is necessary to enable such officer to express
an informed opinion as to whether or not such covenant or condition has been complied with; and

 

(iv) a statement as to whether, in the opinion
of each such officer, such condition or covenant has been complied with.

 

"OPINION OF COUNSEL" means a written
opinion of counsel, who may be counsel to the Company (and who may be an employee of the Company), and who shall be reasonably
acceptable to the Purchase Contract Agent. An opinion of counsel may rely on certificates as to matters of fact.

 

"OUTSTANDING SECURITIES" means,
with respect to any Security and as of the date of determination, all Securities evidenced by Certificates theretofore authenticated,
executed and delivered under this Agreement, except:

 

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(i) If a Termination Event has occurred, (a)
Treasury Stock Purchase Units and (b) Stock Purchase Units for which the underlying [Subordinated] Notes have been theretofore
deposited with the Purchase Contract Agent in trust for the Holders of such Stock Purchase Units;

 

(ii) Securities evidenced by Certificates
theretofore cancelled by the Purchase Contract Agent or delivered to the Purchase Contract Agent for cancellation or deemed cancelled
pursuant to the provisions of this Agreement; and

 

(iii) Securities evidenced by Certificates
in exchange for or in lieu of which other Certificates have been authenticated, executed on behalf of the Holder and delivered
pursuant to this Agreement, other than any such Certificate in respect of which there shall have been presented to the Purchase
Contract Agent proof satisfactory to it that such Certificate is held by a protected purchaser in whose hands the Securities evidenced
by such Certificate are valid obligations of the Company;

 

PROVIDED, HOWEVER, that in determining whether
the Holders of the requisite number of the Securities have given any request, demand, authorization, direction, notice, consent
or waiver hereunder, Securities owned by the Company or any Affiliate of the Company shall be disregarded and deemed not to be
Outstanding Securities, except that, in determining whether the Purchase Contract Agent shall be protected in relying upon any
such request, demand, authorization, direction, notice, consent or waiver, only Securities that a Responsible Officer of the Purchase
Contract Agent actually knows to be so owned shall be so disregarded. Securities so owned that have been pledged in good faith
may be regarded as Outstanding Securities if the pledgee establishes to the satisfaction of the Purchase Contract Agent the pledgee's
right so to act with respect to such Securities and that the pledgee is not the Company or any Affiliate of the Company.

 

"PAYMENT DATE" means each ____________,
___________, ___________ and ___________, commencing ___________, 20[___].

 

"PERMITTED INVESTMENTS" has the
meaning set forth in Section 1.01(f) of the Pledge Agreement.

 

"PERSON" means a legal person,
including any individual, corporation, estate, partnership, joint venture, association, joint-stock company, limited liability
company, trust, unincorporated organization or government or any agency or political subdivision thereof or any other entity of
whatever nature.

 

"PLAN" means an employee benefit
plan that is subject to ERISA, a plan or individual retirement account that is subject to Section 4975 of the Code or any entity
whose assets are considered assets of any such plan.

 

"PLEDGE" means the pledge under
the Pledge Agreement of the Preferred Securities, the [Subordinated] Notes, the Treasury Securities or the appropriate Applicable
Ownership Interest (as specified in clause (A) of the definition of such term) of the Treasury Portfolio, in each case constituting
a part of the Securities.

 

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"PLEDGE AGREEMENT" means the Pledge
Agreement, dated as of __________, 20[___], among the Company, the Collateral Agent, the Securities Intermediary and the Purchase
Contract Agent, on its own behalf and as attorney-in-fact for the Holders from time to time of the Securities.

 

"PLEDGED [SUBORDINATED] NOTES"
has the meaning set forth in Section 1.01(f) of the Pledge Agreement.

 

"PLEDGED PREFERRED SECURITIES"
has the meaning set forth in Section 1.01(f) of the Pledge Agreement.

 

"PREDECESSOR CERTIFICATE" means
a Predecessor Stock Purchase Units Certificate or a Predecessor Treasury Stock Purchase Units Certificate.

 

"PREDECESSOR STOCK PURCHASE UNITS CERTIFICATE"
of any particular Stock Purchase Units Certificate means every previous Stock Purchase Units Certificate evidencing all or a portion
of the rights and obligations of the Company and the Holder under the Stock Purchase Units evidenced thereby; and, for the purposes
of this definition, any Stock Purchase Units Certificate authenticated and delivered under Section 3.10 in exchange for or in lieu
of a mutilated, destroyed, lost or stolen Stock Purchase Units Certificate shall be deemed to evidence the same rights and obligations
of the Company and the Holder as the mutilated, destroyed, lost or stolen Stock Purchase Units Certificate.

 

"PREDECESSOR TREASURY STOCK PURCHASE
UNITS CERTIFICATE" of any particular Treasury Stock Purchase Units Certificate means every previous Treasury Stock Purchase
Units Certificate evidencing all or a portion of the rights and obligations of the Company and the Holder under the Treasury Stock
Purchase Units evidenced thereby; and, for the purposes of this definition, any Treasury Stock Purchase Units Certificate authenticated
and delivered under Section 3.10 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Treasury Stock Purchase Units
Certificate shall be deemed to evidence the same rights and obligations of the Company and the Holder as the mutilated, destroyed,
lost or stolen Treasury Stock Purchase Units Certificate.

 

"PREFERRED SECURITIES" means the
Preferred Securities of the Trust, each having a stated liquidation amount of $25, representing preferred undivided beneficial
interests in the assets of the Trust.

 

"PROCEEDS" has the meaning set
forth in Section 1.01(f) of the Pledge Agreement.

 

"PROPERTY TRUSTEE" means [         ],
as initial property trustee under the Declaration, or any successors thereto that is a financial institution unaffiliated with
the Company.

 

"PROSPECTUS" means the prospectus
relating to the delivery of shares of Common Stock in connection with an Early Settlement under Section 5.07 or an early settlement
of Purchase Contracts during the Early Settlement Week under Section 5.04(b)(2), in the form in which first filed, or transmitted
for filing, with the Commission after the effective date of the Registration Statement pursuant to Rule 424(b) under the Securities
Act, including the documents incorporated by reference therein as of the date of such Prospectus.

 

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"PURCHASE CONTRACT" means, with
respect to any Security, the contract forming a part of such Security and obligating the Company to (i) sell, and the Holder of
such Security to purchase, shares of Common Stock and (ii) pay the Holder thereof Purchase Contract Payments, in each case on the
terms and subject to the conditions set forth in Article Five hereof.

 

"PURCHASE CONTRACT AGENT" means
the Person named as the "PURCHASE CONTRACT AGENT" in the first paragraph of this Agreement until a successor Purchase
Contract Agent shall have become such pursuant to the applicable provisions of this Agreement, and thereafter "PURCHASE CONTRACT
AGENT" shall mean such Person.

 

"PURCHASE CONTRACT PAYMENTS" means
the payments payable by the Company on the Payment Dates in respect of each Purchase Contract, at a rate per year of____% of the
Stated Amount per Purchase Contract.

 

"PURCHASE CONTRACT SETTLEMENT DATE"
means _____________.

 

"PURCHASE CONTRACT SETTLEMENT FUND"
has the meaning set forth in Section 5.03.

 

"PURCHASE PRICE" has the meaning
set forth in Section 5.01.

 

"PURCHASED SHARES" has the meaning
set forth in Section 5.04(a)(6).

 

"RECORD DATE" for any distribution
and Purchase Contract Payment payable on any Payment Date means, as to any Global Certificate, the Business Day next preceding
such Payment Date, and as to any other Certificate, the fifteenth Business Day prior to such Payment Date.

 

"REFERENCE DEALER" means a dealer
engaged in trading of convertible securities.

 

"REFERENCE PRICE" has the meaning
set forth in Section 5.01.

 

"REGISTRATION STATEMENT" means
a registration statement under the Securities Act prepared by the Company covering, inter alia, the delivery by the Company of
the shares of Common Stock in connection with an Early Settlement under Section 5.07 or an early settlement of Purchase Contracts
during the Early Settlement Week under Section 5.04(b)(2), including all exhibits thereto and the documents incorporated by reference
in the prospectus contained in such registration statement, and any post-effective amendments thereto.

 

"REMARKETING AGENT" has the meaning
set forth in Section 5.02(b).

 

"REMARKETING AGREEMENT" means
the Remarketing Agreement, dated as of ________________, 20[___], between the Company and the Remarketing Agent.

 

"REORGANIZATION EVENT" has the
meaning set forth in Section 5.04(b).

 

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"RESPONSIBLE OFFICER" means, with
respect to the Purchase Contract Agent, any officer of the Purchase Contract Agent assigned by the Purchase Contract Agent to administer
this Purchase Contract Agreement.

 

"SECURITIES ACT" means the Securities
Act of 1933 and any statute successor thereto, in each case as amended from time to time, and the rules and regulations promulgated
thereunder.

 

"SECURITIES INTERMEDIARY" means
[            ], as Securities Intermediary under the Pledge Agreement
until a successor Securities Intermediary shall have become such pursuant to the applicable provisions of the Pledge Agreement,
and thereafter "Securities Intermediary" shall mean such successor.

 

"SECURITY" means a Stock Purchase
Unit or a Treasury Stock Purchase Unit, as the case may be.

 

"SECURITY REGISTER" and "SECURITIES
REGISTRAR" have the respective meanings set forth in Section 3.05.

 

"SETTLEMENT RATE" has the meaning
set forth in Section 5.01.

 

"STATED AMOUNT" means $[ ].

 

"STOCK PURCHASE UNIT" means the
collective rights and obligations of a Holder of a Stock Purchase Units Certificate in respect of a Preferred Security, the [Subordinated]
Notes or an appropriate Applicable Ownership Interest of the Treasury Portfolio, as the case may be, subject in each case to the
Pledge thereof, and the related Purchase Contract; PROVIDED that the appropriate Applicable Ownership Interest (as specified in
clause (B) of the definition of such term) of the Treasury Portfolio shall not be subject to the Pledge.

 

"STOCK PURCHASE UNITS CERTIFICATE"
means a certificate evidencing the rights and obligations of a Holder in respect of the number of Stock Purchase Units specified
on such certificate.

 

"[SUBORDINATED] NOTES" means the
series of [Subordinated] Notes issued by the Company under the Indenture and held by the Property Trustee.

 

"TERMINATION DATE" means the date,
if any, on which a Termination Event occurs.

 

"TERMINATION EVENT" means the
occurrence of any of the following events:

 

(i) at any time on or prior to the Purchase
Contract Settlement Date, a judgment, decree or court order shall have been entered granting relief under the Bankruptcy Code,
adjudicating the Company to be insolvent, or approving as properly filed a petition seeking reorganization or liquidation of the
Company or any other similar applicable Federal or State law, and, unless such judgment, decree or order shall have been entered
within 60 days prior to the Purchase Contract Settlement Date, such decree or order shall have continued undischarged and unstayed
for a period of 60 days;

 

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(ii) a judgment, decree or court order for
the appointment of a receiver or liquidator or trustee or assignee in bankruptcy or insolvency of the Company or of its property,
or for the termination or liquidation of its affairs, shall have been entered, and, unless such judgment, decree or order shall
have been entered within 60 days prior to the Purchase Contract Settlement Date, such judgment, decree or order shall have continued
undischarged and unstayed for a period of 60 days; or

 

(iii) at any time on or prior to the Purchase
Contract Settlement Date, the Company shall file a petition for relief under the Bankruptcy Code, or shall consent to the filing
of a bankruptcy proceeding against it, or shall file a petition or answer or consent seeking reorganization or liquidation under
the Bankruptcy Code or any other similar applicable Federal or State law, or shall consent to the filing of any such petition,
or shall consent to the appointment of a receiver or liquidator or trustee or assignee in bankruptcy or insolvency of it or of
its property, or shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts
generally as they become due.

 

"THRESHOLD APPRECIATION PRICE"
has the meaning set forth in Section 5.01.

 

"TIA" means the Trust Indenture
Act of 1939, as amended from time to time, or any successor legislation.

 

"TRADING DAY" has the meaning
set forth in Section 5.01.

 

"TREASURY STOCK PURCHASE UNIT"
means, following the substitution of Treasury Securities for Preferred Securities or [Subordinated] Notes as collateral to secure
a Holder's obligations under the Purchase Contract, the collective rights and obligations of a Holder of a Treasury Stock Purchase
Units Certificate in respect of such Treasury Securities, subject to the Pledge thereof, and the related Purchase Contract.

 

"TREASURY STOCK PURCHASE UNITS CERTIFICATE"
means a certificate evidencing the rights and obligations of a Holder in respect of the number of Treasury Stock Purchase Units
specified on such certificate.

 

"TREASURY SECURITIES" means zero-coupon
U.S. Treasury Securities (CUSIP No. ______________) which mature on _________________.

 

"TRUST" means ______________,
a statutory trust formed under the laws of the State of Delaware, or any successor thereto by merger or consolidation.

 

"UNDERWRITING AGREEMENT" means
the Underwriting Agreement, dated as of __________, 20___, between the Company, the Trust and the Underwriters identified in Schedule
A thereto.

 

"VICE PRESIDENT" means any vice
president, whether or not designated by a number or a word or words added before or after the title "vice president."

 

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SECTION 1.02. COMPLIANCE CERTIFICATES AND OPINIONS.

 

(a) Except as otherwise expressly provided
by this Agreement, upon any application or request by the Company to the Purchase Contract Agent to take any action in accordance
with any provision of this Agreement, the Company shall furnish to the Purchase Contract Agent an Officers' Certificate stating
that all conditions precedent, if any, provided for in this Agreement relating to the proposed action have been complied with and,
if requested by the Purchase Contract Agent, an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions
precedent, if any, have been complied with, except that in the case of any such application or request as to which the furnishing
of such documents is specifically required by any provision of this Agreement relating to such particular application or request,
no additional certificate or opinion need be furnished.

 

(b) Every certificate or opinion with respect
to compliance with a condition or covenant provided for in this Agreement shall include:

 

(i) a statement that each individual signing
such certificate or opinion has read such covenant or condition and the definitions herein relating thereto;

 

(ii) a brief statement as to the nature
and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are
based;

 

(iii) a statement that, in the opinion of
each such individual, he or she has made such examination or investigation as is necessary to enable such individual to express
an informed opinion as to whether or not such covenant or condition has been complied with; and

 

(iv) a statement as to whether, in the opinion
of each such individual, such condition or covenant has been complied with.

 

SECTION 1.03. FORM OF DOCUMENTS DELIVERED TO PURCHASE CONTRACT
AGENT.

 

(a) In any case where several matters are
required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified
by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such
Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and
any such Person may certify or give an opinion as to such matters in one or several documents. Any certificate or opinion of an
officer of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations
by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations
with respect to the matters upon which his certificate or opinion is based are erroneous. Any such certificate or Opinion of Counsel
may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or
officers of the Company stating that the information with respect to such factual matters is in the possession of the Company unless
such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with
respect to such matters are erroneous.

 

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(b) Where any Person is required to make,
give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this
Agreement, they may, but need not, be consolidated and form one instrument.

 

SECTION 1.04. ACTS OF HOLDERS; RECORD DATES.

 

(a) Any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Agreement to be given or taken by Holders may be embodied in
and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed
in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments
are delivered to the Purchase Contract Agent and, where it is hereby expressly required, to the Company. Such instrument or instruments
(and the action embodied therein and evidenced thereby) are herein sometimes referred to as the "ACT" of the Holders
signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall
be sufficient for any purpose of this Agreement and (subject to Section 7.01) conclusive in favor of the Purchase Contract Agent
and the Company, if made in the manner provided in this Section.

 

(b) The fact and date of the execution by
any Person of any such instrument or writing may be proved in any manner which the Purchase Contract Agent deems sufficient.

 

(c) The ownership of Securities shall be
proved by the Security Register.

 

(d) Any request, demand, authorization,
direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every future Holder of the same Security
and the Holder of every Certificate evidencing such Security issued upon the registration of transfer thereof or in exchange therefor
or in lieu thereof in respect of anything done, omitted or suffered to be done by the Purchase Contract Agent or the Company in
reliance thereon, whether or not notation of such action is made upon such Certificate.

 

(e) The Company may set any date as a record
date for the purpose of determining the Holders of Outstanding Securities entitled to give, make or take any request, demand, authorization,
direction, notice, consent, waiver or other action provided or permitted by this Agreement to be given, made or taken by Holders
of Securities. If any record date is set pursuant to this paragraph, the Holders of the Outstanding Stock Purchase Units and the
Outstanding Treasury Stock Purchase Units, as the case may be, on such record date, and no other Holders, shall be entitled to
take the relevant action with respect to the Stock Purchase Units or the Treasury Stock Purchase Units, as the case may be, whether
or not such Holders remain Holders after such record date; PROVIDED that no such action shall be effective hereunder unless taken
prior to or on the applicable Expiration Date by Holders of the requisite number of Outstanding Securities on such record date.
Nothing contained in this paragraph shall be construed to prevent the Company from setting a new record date for any action for
which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically
and with no action by any Person be cancelled and be of no effect), and nothing contained in this paragraph shall be construed
to render ineffective any action taken by Holders of the requisite number of Outstanding Securities on the date such action is
taken. Promptly after any record date is set pursuant to this paragraph, the Company, at its own expense, shall cause notice of
such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Purchase Contract Agent
in writing and to each Holder of Securities in the manner set forth in Section 1.06.

 

    	13

    	 

    

 

(f) With respect to any record date set
pursuant to this Section, the Company may designate any date as the "EXPIRATION DATE" and from time to time may change
the Expiration Date to any earlier or later day; PROVIDED that no such change shall be effective unless notice of the proposed
new Expiration Date is given to the Purchase Contract Agent in writing, and to each Holder of Securities in the manner set forth
in Section 1.06, prior to or on the existing Expiration Date. If an Expiration Date is not designated with respect to any record
date set pursuant to this Section, the Company shall be deemed to have initially designated the 180th day after such record date
as the Expiration Date with respect thereto, subject to its right to change the Expiration Date as provided in this paragraph.
Notwithstanding the foregoing, no Expiration Date shall be later than the 180th day after the applicable record date.

 

SECTION 1.05. NOTICES.

 

(a) Any notice or communication is duly
given if in writing and delivered in Person or mailed by first-class mail (registered or certified, return receipt requested),
telecopier (with receipt confirmed) or overnight air courier guaranteeing next day delivery, to the others' address; provided that
notice shall be deemed given to the Purchase Contract Agent only upon receipt thereof:

 

If to the Purchase Contract Agent:

 

[                           ]

 

[                           ]

 

[                           ]

 

Telecopier No.:

 

Attention:

 

If to the Company:

 

WidePoint Corporation

 

[                           ]

 

[                           ]

 

    	14

    	 

    

 

[                           ]

 

Telecopier No.:

 

Attention:

 

with a copy to:

 

[                           ]

 

[                           ]

 

If to the Collateral Agent:

 

[                           ]

 

[                           ]

 

[                           ]

 

[                           ]

 

[                           ]

 

Telecopier No.:

 

Attention:

 

If to the Property Trustee:

 

[                           ]

 

[                           ]

 

[                           ]

 

Telecopier No.:

 

Attention:

 

If to the Indenture Trustee:

 

[                           ]

 

    	15

    	 

    

 

[                           ]

 

[                           ]

 

[                           ]

 

[                           ]

 

Telecopier No.:

 

Attention:

 

SECTION 1.06. NOTICE TO HOLDERS; WAIVER.

 

(a) Where this Agreement provides for notice
to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and
mailed, first-class postage prepaid, to each Holder affected by such event, at its address as it appears in the Security Register,
not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where
notice to Holders is given by mail, Neither the failure to mail such notice, nor any defect in any notice so mailed to any particular
Holder shall affect the sufficiency of such notice with respect to other Holders. Where this Agreement provides for notice in any
manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and
such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Purchase Contract Agent,
but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.

 

(b) In case by reason of the suspension
of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification
as shall be made with the approval of the Purchase Contract Agent shall constitute a sufficient notification for every purpose
hereunder.

 

SECTION 1.07. EFFECT OF HEADINGS AND TABLE OF CONTENTS.

 

The Article and Section headings herein
and the Table of Contents are for convenience only and shall not affect the construction hereof.

 

SECTION 1.08. SUCCESSORS AND ASSIGNS.

 

All covenants and agreements in this Agreement
by the Company and the Purchase Contract Agent shall bind their respective successors and assigns, whether so expressed or not.

 

    	16

    	 

    

 

SECTION 1.09. SEPARABILITY CLAUSE.

 

In case any provision in this Agreement
or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions
hereof and thereof shall not in any way be affected or impaired thereby.

 

SECTION 1.10. BENEFITS OF AGREEMENT.

 

Nothing contained in this Agreement or in
the Securities, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder and,
to the extent provided hereby, the Holders, any benefits or any legal or equitable right, remedy or claim under this Agreement.
The Holders from time to time shall be beneficiaries of this Agreement and shall be bound by all of the terms and conditions hereof
and of the Securities evidenced by their Certificates by their acceptance of delivery of such Certificates.

 

SECTION 1.11. GOVERNING LAW.

 

This Agreement and the Securities shall
be governed by, and construed in accordance with, the laws of the State of New York.

 

SECTION 1.12. LEGAL HOLIDAYS.

 

(a) In any case where any Payment Date shall
not be a Business Day (notwithstanding any other provision of this Agreement or the Securities), Purchase Contract Payments or
other distributions shall not be paid on such date, but Purchase Contract Payments or such other distributions shall be paid on
the next succeeding Business Day with the same force and effect as if made on such Payment Date, PROVIDED that no interest shall
accrue or be payable by the Company or to any Holder for the period from and after any such Payment Date, except that, if such
next succeeding Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business
Day with the same force and effect as if made on such Payment Date.

 

(b) In any case where any Purchase Contract
Settlement Date or Early Settlement Date shall not be a Business Day (notwithstanding any other provision of this Agreement or
the Securities) Purchase Contracts shall not be performed and Early Settlement shall not be effected on such date, but Purchase
Contracts shall be performed or Early Settlement effected, as applicable, on the next succeeding Business Day with the same force
and effect as if made on such Purchase Contract Settlement Date or Early Settlement Date, as applicable.

 

    	17

    	 

    

 

SECTION 1.13. COUNTERPARTS.

 

This Agreement may be executed in any number
of counterparts by the parties hereto on separate counterparts, each of which, when so executed and delivered, shall be deemed
an original, but all such counterparts shall together constitute one and the same instrument.

 

SECTION 1.14. INSPECTION OF AGREEMENT.

 

A copy of this Agreement shall be available
at all reasonable times during normal business hours at the Corporate Trust Office for inspection by any Holder or Beneficial Owner.

 

SECTION 1.15. APPOINTMENT OF FINANCIAL INSTITUTION AS AGENT
FOR THE COMPANY.

 

The Company may appoint a financial institution
(which may be the Collateral Agent) to act as its agent in performing its obligations and in accepting and enforcing performance
of the obligations of the Purchase Contract Agent and the Holders, under this Agreement and the Purchase Contracts, by giving notice
of such appointment in the manner provided in Section 1.05 hereof. Any such appointment shall not relieve the Company in any way
from its obligations hereunder.

 

ARTICLE 2

 

CERTIFICATE FORMS

 

SECTION 2.01. FORMS OF CERTIFICATES GENERALLY.

 

(a) The Certificates (including the form
of Purchase Contract forming part of each Security evidenced thereby) shall be in substantially the form set forth in Exhibit A
hereto (in the case of Certificates evidencing Stock Purchase Units) or Exhibit B hereto (in the case of Certificates evidencing
Treasury Stock Purchase Units), with such letters, numbers or other marks of identification or designation and such legends or
endorsements printed, lithographed or engraved thereon as may be required by the rules of any securities exchange on which the
Securities are listed or any depositary therefor, or as may, consistently herewith, be determined by the officers of the Company
executing such Certificates, as evidenced by their execution of the Certificates.

 

(b) The definitive Certificates shall be
printed, lithographed or engraved on steel engraved borders or may be produced in any other manner, all as determined by the officers
of the Company executing the Securities evidenced by such Certificates, consistent with the provisions of this Agreement, as evidenced
by their execution thereof.

 

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(c) Every Global Certificate authenticated,
executed on behalf of the Holders and delivered hereunder shall bear a legend in substantially the following form:

 

"THIS CERTIFICATE IS A GLOBAL CERTIFICATE
WITHIN THE MEANING OF THE PURCHASE CONTRACT AGREEMENT HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (THE "DEPOSITARY"), OR A NOMINEE OF THE DEPOSITARY. THIS CERTIFICATE IS EXCHANGEABLE
FOR CERTIFICATES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES
DESCRIBED IN THE PURCHASE CONTRACT AGREEMENT AND NO TRANSFER OF THIS CERTIFICATE (OTHER THAN A TRANSFER OF THIS CERTIFICATE AS
A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE
OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES.

 

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

 

SECTION 2.02. FORM OF PURCHASE CONTRACT AGENT'S CERTIFICATE
OF AUTHENTICATION.

 

The form of the Purchase Contract Agent's
certificate of authentication of the Securities shall be in substantially the form set forth on the form of the applicable Certificates.

 

ARTICLE 3

 

THE SECURITIES

 

SECTION 3.01. AMOUNT; FORM AND DENOMINATIONS.

 

(a) The aggregate number of Securities evidenced
by Certificates authenticated, executed on behalf of the Holders and delivered hereunder is limited to ______________ [(_____________
if the over-allotment option granted in the Underwriting Agreement is exercised in full)], except for Certificates authenticated,
executed and delivered upon registration of transfer of, in exchange for, or in lieu of, other Certificates pursuant to Sections
3.04, 3.05, 3.10, 3.13, 3.14, 5.07 or 8.05.

 

    	19

    	 

    

 

(b) The Certificates shall be issuable only
in registered form and only in denominations of a single Stock Purchase Unit or Treasury Stock Purchase Unit and any integral multiple
thereof.

 

SECTION 3.02. RIGHTS AND OBLIGATIONS EVIDENCED BY THE CERTIFICATES.

 

(a) Each Stock Purchase Units Certificate
shall evidence the number of Stock Purchase Units specified therein, with each such Stock Purchase Unit representing (1) the ownership
by the Holder thereof of a beneficial interest in a Preferred Security, a [Subordinated] Note or the Applicable Ownership Interest
of the Treasury Portfolio, as the case may be, subject to the Pledge of such Preferred Security, such [Subordinated] Note or the
Applicable Ownership Interest (as specified in clause (A) of the definition of such term) of the Treasury Portfolio, as the case
may be, by such Holder pursuant to the Pledge Agreement, and (2) the rights and obligations of the Holder thereof and the Company
under one Purchase Contract. The Purchase Contract Agent, as attorney-in-fact for, and on behalf of, the Holder of each Stock Purchase
Unit shall pledge, pursuant to the Pledge Agreement, the Preferred Security, the [Subordinated] Note or the Applicable Ownership
Interest (as specified in clause (A) of the definition of such term) of the Treasury Portfolio, as the case may be, forming a part
of such Stock Purchase Unit, to the Collateral Agent and grant to the Collateral Agent a security interest in the right, title
and interest of such Holder in such Preferred Security, such [Subordinated] Note or the Applicable Ownership Interest (as specified
in clause (A) of the definition of such term) of the Treasury Portfolio, as the case may be, for the benefit of the Company, to
secure the obligation of the Holder under each Purchase Contract to purchase shares of Common Stock.

 

(b) Upon the formation of a Treasury Stock
Purchase Unit pursuant to Section 3.13, each Treasury Stock Purchase Units Certificate shall evidence the number of Treasury Stock
Purchase Units specified therein, with each such Treasury Stock Purchase Unit representing (1) the ownership by the Holder thereof
of a 1/40 undivided beneficial interest in a Treasury Security with a principal amount equal to $1,000, subject to the Pledge of
such Treasury Security by such Holder pursuant to the Pledge Agreement, and (2) the rights and obligations of the Holder thereof
and the Company under one Purchase Contract.

 

(c) Prior to the purchase of shares of Common
Stock under each Purchase Contract, such Purchase Contracts shall not entitle the Holder of a Security to any of the rights of
a holder of shares of Common Stock, including, without limitation, the right to vote or receive any dividends or other payments
or to consent or to receive notice as a shareholder in respect of the meetings of shareholders or for the election of directors
of the Company or for any other matter, or any other rights whatsoever as a shareholder of the Company.

 

    	20

    	 

    

 

SECTION 3.03. EXECUTION, AUTHENTICATION, DELIVERY AND DATING.

 

(a) Subject to the provisions of Sections
3.13 and 3.14 hereof, upon the execution and delivery of this Agreement, and at any time and from time to time thereafter, the
Company may deliver Certificates executed by the Company to the Purchase Contract Agent for authentication, execution on behalf
of the Holders and delivery, together with its Issuer Order for authentication of such Certificates, and the Purchase Contract
Agent in accordance with such Issuer Order shall authenticate, execute on behalf of the Holders and deliver such Certificates.

 

(b) The Certificates shall be executed on
behalf of the Company by its Chairman of the Board, its President or one of its Vice Presidents. The signature of any of these
officers on the Certificates may be manual or facsimile.

 

(c) Certificates bearing the manual or facsimile
signatures of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding that
such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Certificates
or did not hold such offices at the date of such Certificates.

 

(d) No Purchase Contract evidenced by a
Certificate shall be valid until such Certificate has been executed on behalf of the Holder by the manual signature of an authorized
signatory of the Purchase Contract Agent, as such Holder's attorney-in-fact. Such signature by an authorized signatory of the Purchase
Contract Agent shall be conclusive evidence that the Holder of such Certificate has entered into the Purchase Contracts evidenced
by such Certificate.

 

(e) Each Certificate shall be dated the
date of its authentication.

 

(f) No Certificate shall be entitled to
any benefit under this Agreement or be valid or obligatory for any purpose unless there appears on such Certificate a certificate
of authentication substantially in the form provided for herein executed by an authorized signatory of the Purchase Contract Agent
by manual signature, and such certificate upon any Certificate shall be conclusive evidence, and the only evidence, that such Certificate
has been duly authenticated and delivered hereunder.

 

SECTION 3.04. TEMPORARY CERTIFICATES.

 

(a) Pending the preparation of definitive
Certificates, the Company shall execute and deliver to the Purchase Contract Agent, and the Purchase Contract Agent shall authenticate,
execute on behalf of the Holders, and deliver, in lieu of such definitive Certificates, temporary Certificates which are in substantially
the form set forth in Exhibit A or Exhibit B hereto, as the case may be, with such letters, numbers or other marks of identification
or designation and such legends or endorsements printed, lithographed or engraved thereon as may be required by the rules of any
securities exchange on which the Stock Purchase Units or Treasury Stock Purchase Units, as the case may be, are listed, or as may,
consistently herewith, be determined by the officers of the Company executing such Certificates, as evidenced by their execution
of the Certificates.

 

    	21

    	 

    

 

(b) If temporary Certificates are issued,
the Company will cause definitive Certificates to be prepared without unreasonable delay. After the preparation of definitive Certificates,
the temporary Certificates shall be exchangeable for definitive Certificates upon surrender of the temporary Certificates at the
Corporate Trust Office, at the expense of the Company and without charge to the Holder. Upon surrender for cancellation of any
one or more temporary Certificates, the Company shall execute and deliver to the Purchase Contract Agent, and the Purchase Contract
Agent shall authenticate, execute on behalf of the Holder, and deliver in exchange therefor, one or more definitive Certificates
of like tenor and denominations and evidencing a like number of Securities as the temporary Certificate or Certificates so surrendered.
Until so exchanged, the temporary Certificates shall in all respects evidence the same benefits and the same obligations with respect
to the Securities, evidenced thereby as definitive Certificates.

 

SECTION 3.05. REGISTRATION; REGISTRATION OF TRANSFER AND EXCHANGE.

 

(a) The Purchase Contract Agent shall keep
at the Corporate Trust Office a register (the "SECURITY REGISTER") in which, subject to such reasonable regulations as
it may prescribe, the Purchase Contract Agent shall provide for the registration of Certificates and of transfers of Certificates
(the Purchase Contract Agent, in such capacity, the "SECURITY REGISTRAR"). The Security Registrar shall record separately
the registration and transfer of the Certificates evidencing Stock Purchase Units and Treasury Stock Purchase Units.

 

(b) Upon surrender for registration of transfer
of any Certificate at the Corporate Trust Office, the Company shall execute and deliver to the Purchase Contract Agent, and the
Purchase Contract Agent shall authenticate, execute on behalf of the designated transferee or transferees, and deliver, in the
name of the designated transferee or transferees, one or more new Certificates of any authorized denominations, like tenor, and
evidencing a like number of Stock Purchase Units or Treasury Stock Purchase Units, as the case may be.

 

(c) At the option of the Holder, Certificates
may be exchanged for other Certificates, of any authorized denominations and evidencing a like number of Stock Purchase Units or
Treasury Stock Purchase Units, as the case may be, upon surrender of the Certificates to be exchanged at the Corporate Trust Office.
Whenever any Certificates are so surrendered for exchange, the Company shall execute and deliver to the Purchase Contract Agent,
and the Purchase Contract Agent shall authenticate, execute on behalf of the Holder, and deliver the Certificates which the Holder
making the exchange is entitled to receive.

 

(d) All Certificates issued upon any registration
of transfer or exchange of a Certificate shall evidence the ownership of the same number of Stock Purchase Units or Treasury Stock
Purchase Units, as the case may be, and be entitled to the same benefits and subject to the same obligations, under this Agreement
as the Stock Purchase Units or Treasury Stock Purchase Units, as the case may be, evidenced by the Certificate surrendered upon
such registration of transfer or exchange.

 

(e) Every Certificate presented or surrendered
for registration of transfer or exchange shall (if so required by the Purchase Contract Agent) be duly endorsed, or be accompanied
by a written instrument of transfer in form satisfactory to the Company and the Purchase Contract Agent duly executed, by the Holder
thereof or its attorney duly authorized in writing.

 

    	22

    	 

    

 

(f) No service charge shall be made for
any registration of transfer or exchange of a Certificate, but the Company and the Purchase Contract Agent may require payment
from the Holder of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration
of transfer or exchange of Certificates, other than any exchanges pursuant to Sections 3.06 and 8.05 not involving any transfer.

 

(g) Notwithstanding the foregoing, the Company
shall not be obligated to execute and deliver to the Purchase Contract Agent, and the Purchase Contract Agent shall not be obligated
to authenticate, execute on behalf of the Holder and deliver any Certificate in exchange for any other Certificate presented or
surrendered for registration of transfer or for exchange on or after the Business Day immediately preceding the earliest of any
Early Settlement Date for such Certificate, the Purchase Contract Settlement Date or the Termination Date. In lieu of delivery
of a new Certificate, upon satisfaction of the applicable conditions specified above in this Section and receipt of appropriate
registration or transfer instructions from such Holder, the Purchase Contract Agent shall:

 

(i) if the Purchase Contract Settlement Date
or an Early Settlement Date with respect to such other Certificate has occurred, deliver the shares of Common Stock issuable in
respect of the Purchase Contracts forming a part of the Securities evidenced by such other Certificate; or

 

(ii) if a Cash Settlement or an Early Settlement
Date with respect to such other Certificate shall have occurred, or if a Termination Event shall have occurred prior to the Purchase
Contract Settlement Date, transfer the Preferred Securities, the [Subordinated] Notes, the Treasury Securities, or the appropriate
Applicable Ownership Interest of the Treasury Portfolio, as the case may be, evidenced thereby, in each case subject to the applicable
conditions and in accordance with the applicable provisions of Section 3.15 and Article Five hereof.

 

SECTION 3.06. BOOK-ENTRY INTERESTS.

 

(a) The Certificates, on original issuance,
will be issued in the form of one or more fully registered Global Certificates, to be delivered to the Depositary or its custodian
by, or on behalf of, the Company. The Company hereby designates DTC as the initial Depositary. Such Global Certificates shall initially
be registered on the books and records of the Company in the name of Cede & Co., the nominee of the Depositary, and no Beneficial
Owner will receive a definitive Certificate representing such Beneficial Owner's interest in such Global Certificate, except as
provided in Section 3.09. The Purchase Contract Agent shall enter into an agreement with the Depositary if so requested by the
Company. Unless and until definitive, fully registered Certificates have been issued to Beneficial Owners pursuant to Section 3.09:

 

(i) the provisions of this Section 3.06 shall
be in full force and effect;

 

(ii) the Company shall be entitled to deal
with the Depositary for all purposes of this Agreement (including making Purchase Contract Payments and receiving approvals, votes
or consents hereunder) as the Holder of the Securities and the sole holder of the Global Certificates and shall have no obligation
to the Beneficial Owners;

 

    	23

    	 

    

 

(iii) to the extent that the provisions of
this Section 3.06 conflict with any other provisions of this Agreement, the provisions of this Section 3.06 shall control; and

 

(iv) the rights of the Beneficial Owners shall
be exercised only through the Depositary and shall be limited to those established by law and agreements between such Beneficial
Owners and the Depositary or the Depositary Participants.

 

SECTION 3.07. NOTICES TO HOLDERS.

 

Whenever a notice or other communication
to the Holders is required to be given under this Agreement, the Company or the Company's agent shall give such notices and communications
to the Holders and, with respect to any Securities registered in the name of the Depositary or the nominee of the Depositary, the
Company or the Company's agent shall, except as set forth herein, have no obligations to the Beneficial Owners.

 

SECTION 3.08. APPOINTMENT OF SUCCESSOR DEPOSITARY.

 

If the Depositary elects to discontinue
its services as securities depositary with respect to the Securities, the Company may, in its sole discretion, appoint a successor
Depositary with respect to the Securities.

 

SECTION 3.09. DEFINITIVE CERTIFICATES.

 

(a) If:

 

(i) the Depositary elects to discontinue its
services as securities depositary with respect to the Securities and a successor Depositary is not appointed within 90 days after
such discontinuance pursuant to Section 3.08; or

 

(ii) the Company elects, after consultation
with the Purchase Contract Agent, to terminate the book-entry system for the Securities,

 

then (x) definitive Certificates shall be
prepared by the Company with respect to such Securities and delivered to the Purchase Contract Agent and (y) upon surrender of
the Global Certificates representing the Securities by the Depositary, accompanied by registration instructions, the Company shall
cause definitive Certificates to be delivered to Beneficial Owners in accordance with the instructions of the Depositary. The Company
shall not be liable for any delay in delivery of such instructions and may conclusively rely on and shall be protected in relying
on, such instructions. Each definitive Certificate so delivered shall evidence Securities of the same kind and tenor as the Global
Certificate so surrendered in respect thereof.

 

    	24

    	 

    

 

SECTION 3.10. MUTILATED, DESTROYED, LOST AND STOLEN CERTIFICATES.

 

(a) If any mutilated Certificate is surrendered
to the Purchase Contract Agent, the Company shall execute and deliver to the Purchase Contract Agent, and the Purchase Contract
Agent shall authenticate, execute on behalf of the Holder, and deliver in exchange therefor, a new Certificate, evidencing the
same number of Stock Purchase Units or Treasury Stock Purchase Units, as the case may be, and bearing a Certificate number not
contemporaneously outstanding.

 

(b) If there shall be delivered to the Company
and the Purchase Contract Agent (i) evidence to their satisfaction of the destruction, loss or theft of any Certificate, and (ii)
such security or indemnity as may be required by them to hold each of them and any agent of any of them harmless, then, in the
absence of notice to the Company or the Purchase Contract Agent that such Certificate has been acquired by a protected purchaser,
the Company shall execute and deliver to the Purchase Contract Agent, and the Purchase Contract Agent shall authenticate, execute
on behalf of the Holder, and deliver to the Holder, in lieu of any such destroyed, lost or stolen Certificate, a new Certificate,
evidencing the same number of Stock Purchase Units or Treasury Stock Purchase Units, as the case may be, and bearing a Certificate
number not contemporaneously outstanding.

 

(c) Notwithstanding the foregoing, the Company
shall not be obligated to execute and deliver to the Purchase Contract Agent, and the Purchase Contract Agent shall not be obligated
to authenticate, execute on behalf of the Holder, and deliver to the Holder, a Certificate on or after the Business Day immediately
preceding the earliest of any Early Settlement Date for such lost or mutilated Certificate, the Purchase Contract Settlement Date
or the Termination Date. In lieu of delivery of a new Certificate, upon satisfaction of the applicable conditions specified above
in this Section and receipt of appropriate registration or transfer instructions from such Holder, the Purchase Contract Agent
shall:

 

(i) if the Purchase Contract Settlement Date
or an Early Settlement Date with respect to such lost or mutilated Certificate has occurred, deliver the shares of Common Stock
issuable in respect of the Purchase Contracts forming a part of the Securities evidenced by such Certificate; or

 

(ii) if a Cash Settlement or an Early Settlement
Date with respect to such lost or mutilated Certificate shall have occurred or if a Termination Event shall have occurred prior
to the Purchase Contract Settlement Date, transfer the Preferred Securities, the [Subordinated] Notes, the Treasury Securities
or the appropriate Applicable Ownership Interest (as specified in clause (A) of the definition of such term) of the Treasury Portfolio,
as the case may be, evidenced thereby, in each case subject to the applicable conditions and in accordance with the applicable
provisions of Section 3.15 and Article Five hereof.

 

(d) Upon the issuance of any new Certificate
under this Section, the Company and the Purchase Contract Agent may require the payment by the Holder of a sum sufficient to cover
any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses
of the Purchase Contract Agent) connected therewith.

 

    	25

    	 

    

 

(e) Every new Certificate issued pursuant
to this Section in lieu of any destroyed, lost or stolen Certificate shall constitute an original additional contractual obligation
of the Company and of the Holder in respect of the Security evidenced thereby, whether or not the destroyed, lost or stolen Certificate
(and the Securities evidenced thereby) shall be at any time enforceable by anyone, and shall be entitled to all the benefits and
be subject to all the obligations of this Agreement equally and proportionately with any and all other Certificates delivered hereunder.

 

(f) The provisions of this Section are exclusive
and shall preclude, to the extent lawful, all other rights and remedies with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Certificates.

 

SECTION 3.11. PERSONS DEEMED OWNERS.

 

(a) Prior to due presentment of a Certificate
for registration of transfer, the Company and the Purchase Contract Agent, and any agent of the Company or the Purchase Contract
Agent, may treat the Person in whose name such Certificate is registered as the owner of the Security evidenced thereby, for the
purpose of receiving distributions on the Preferred Securities, the Treasury Securities, the [Subordinated] Notes, or on the maturing
quarterly interest strips of the Treasury Portfolio, as applicable, receiving Purchase Contract Payments, performance of the Purchase
Contracts and for all other purposes whatsoever, whether or not any distributions on the Preferred Securities, the Treasury Securities,
the [Subordinated] Notes, or Treasury Portfolio, as applicable, or Purchase Contract Payments payable on the Purchase Contracts,
each constituting a part of the Security evidenced thereby shall be overdue and notwithstanding any notice to the contrary, and
neither the Company nor the Purchase Contract Agent, nor any agent of the Company or the Purchase Contract Agent, shall be affected
by notice to the contrary.

 

(b) Notwithstanding the foregoing, with
respect to any Global Certificate, nothing contained herein shall prevent the Company, the Purchase Contract Agent or any agent
of the Company or the Purchase Contract Agent, from giving effect to any written certification, proxy or other authorization furnished
by the Depositary (or its nominee), as a Holder, with respect to such Global Certificate or impair, as between such Depositary
and the related Beneficial Owner, the operation of customary practices governing the exercise of rights of the Depositary (or its
nominee) as Holder of such Global Certificate.

 

SECTION 3.12. CANCELLATION.

 

(a) All Certificates surrendered for delivery
of shares of Common Stock on or after the Purchase Contract Settlement Date, upon the transfer of Preferred Securities, [Subordinated]
Notes, the appropriate Applicable Ownership Interest (as specified in clause (A) of the definition of that term) of the Treasury
Portfolio or Treasury Securities, as the case may be, after the occurrence of a Termination Event or pursuant to an Early Settlement,
or upon the registration of transfer or exchange of a Security, or a Collateral Substitution or the reestablishment of Stock Purchase
Units shall, if surrendered to any Person other than the Purchase Contract Agent, be delivered to the Purchase Contract Agent and,
if not already cancelled, shall be promptly cancelled by it. The Company may at any time deliver to the Purchase Contract Agent
for cancellation any Certificates previously authenticated, executed and delivered hereunder which the Company may have acquired
in any manner whatsoever, and all Certificates so delivered shall, upon Issuer Order, be promptly cancelled by the Purchase Contract
Agent. No Certificates shall be authenticated, executed on behalf of the Holder and delivered in lieu of or in exchange for any
Certificates cancelled as provided in this Section, except as expressly permitted by this Agreement. All cancelled Certificates
held by the Purchase Contract Agent shall be disposed of in accordance with its customary practices.

 

    	26

    	 

    

 

(b0 If the Company or any Affiliate of the
Company shall acquire any Certificate, such acquisition shall not operate as a cancellation of such Certificate unless and until
such Certificate is delivered to the Purchase Contract Agent cancelled or for cancellation.

 

SECTION 3.13. CREATION OF TREASURY STOCK PURCHASE UNITS BY SUBSTITUTION
OF TREASURY SECURITIES.

 

(a) Subject to the conditions set forth
in this Agreement, a Holder may separate the Preferred Securities or the [Subordinated] Notes, as applicable, from the related
Purchase Contracts in respect of such Holder's Stock Purchase Units by substituting for such Preferred Securities or [Subordinated]
Notes, as applicable, Treasury Securities in an aggregate principal amount equal to the aggregate liquidation amount of such Preferred
Securities or the aggregate principal amount of such [Subordinated] Notes, as applicable (a "COLLATERAL SUBSTITUTION"),
at any time from and after the date of this Agreement and prior to or on the seventh Business Day immediately preceding the Purchase
Contract Settlement Date. To effect such substitution, the Holder must:

 

(1) deposit with the Securities Intermediary
Treasury Securities having an aggregate principal amount equal to the aggregate liquidation amount of the Preferred Securities
or the aggregate principal amount of the [Subordinated] Notes comprising part of such Stock Purchase Units, as the case may be;
and

 

(2) transfer the related Stock Purchase Units
to the Purchase Contract Agent accompanied by a notice to the Purchase Contract Agent, substantially in the form of Exhibit C hereto,
(i) stating that the Holder has transferred the relevant amount of Treasury Securities to the Securities Intermediary and (ii)
requesting that the Purchase Contract Agent instruct the Collateral Agent to release the Preferred Securities or the [Subordinated]
Notes, as the case may be, underlying such Stock Purchase Units, whereupon the Purchase Contract Agent shall promptly provide an
instruction to such effect to the Collateral Agent, substantially in the form of Exhibit A to the Pledge Agreement.

 

(b) Upon receipt of the Treasury Securities
described in clause (a)(1) above and the instruction described in clause (a) (2) above, in accordance with the terms of the Pledge
Agreement, the Collateral Agent will cause the Securities Intermediary to effect the release of such Preferred Securities or the
[Subordinated] Notes, as the case may be, from the Pledge, free and clear of the Company's security interest therein, and the transfer
of such Preferred Securities or the [Subordinated] Notes, as the case may be, to the Purchase Contract Agent on behalf of the Holder.
Upon receipt thereof, the Purchase Contract Agent shall promptly:

 

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(i) cancel the related Stock Purchase Units;

 

(ii) transfer the Preferred Securities or
the [Subordinated] Notes, as the case may be, to the Holder; and

 

(iii) authenticate, execute on behalf of such
Holder and deliver a Treasury Stock Purchase Units Certificate executed by the Company in accordance with Section 3.03 evidencing
the same number of Purchase Contracts as were evidenced by the cancelled Stock Purchase Units.

 

(c) Holders who elect to separate the Preferred
Securities or the [Subordinated] Notes, as the case may be, from the related Purchase Contracts and to substitute Treasury Securities
for such Preferred Securities or the [Subordinated] Notes, as the case may be, shall be responsible for any fees or expenses payable
to the Collateral Agent for its services as Collateral Agent in respect of the substitution, and the Company shall not be responsible
for any such fees or expenses.

 

(d) Holders may make Collateral Substitutions
only in integral multiples of 40 Stock Purchase Units. If a Tax Event Redemption has occurred, Holders may no longer convert their
Stock Purchase Units into Treasury Stock Purchase Units.

 

(e) In the event a Holder making a Collateral
Substitution pursuant to this Section 3.13 fails to effect a book-entry transfer of the Stock Purchase Units or fails to deliver
Stock Purchase Units Certificates to the Purchase Contract Agent after depositing Treasury Securities with the Collateral Agent,
any distributions on the Preferred Securities or the [Subordinated] Notes constituting a part of such Stock Purchase Units, as
the case may be, shall be held in the name of the Purchase Contract Agent or its nominee in trust for the benefit of such Holder,
until such Stock Purchase Units are so transferred or the Stock Purchase Units Certificate is so delivered, as the case may be,
or, such Holder provides evidence satisfactory to the Company and the Purchase Contract Agent that such Stock Purchase Units Certificate
has been destroyed, lost or stolen, together with any indemnity that may be required by the Purchase Contract Agent and the Company.

 

(f) Except as described in this Section
3.13 or in connection with a Cash Settlement, for so long as the Purchase Contract underlying a Stock Purchase Unit remains in
effect, such Stock Purchase Unit shall not be separable into its constituent parts, and the rights and obligations of the Holder
in respect of the Preferred Securities or the [Subordinated] Notes, as the case may be, and the Purchase Contract comprising such
Stock Purchase Unit may be acquired, and may be transferred and exchanged, only as a Stock Purchase Unit.

 

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SECTION 3.14. REESTABLISHMENT OF STOCK PURCHASE UNITS.

 

(a) Subject to the conditions set forth
in this Agreement, a Holder of Treasury Stock Purchase Units may reestablish Stock Purchase Units at any time (i) prior to or on
the seventh Business Day immediately preceding the Purchase Contract Settlement Date, by:

 

(1) depositing with the Securities Intermediary
Preferred Securities or [Subordinated] Notes, as the case may be, having an aggregate liquidation amount (in the case of Preferred
Securities) or aggregate principal amount (in the case of [Subordinated] Notes), as the case may be, equal to the aggregate principal
amount at maturity of the Treasury Securities comprising part of the Treasury Stock Purchase Units; and

 

(2) transferring the related Treasury Stock
Purchase Units to the Purchase Contract Agent accompanied by a notice to the Purchase Contract Agent, substantially in the form
of Exhibit C hereto, (i) stating that the Holder has transferred the relevant amount of Preferred Securities or [Subordinated]
Notes, as the case may be, to the Securities Intermediary and (ii) requesting that the Purchase Contract Agent instruct the Collateral
Agent to release the Treasury Securities underlying such Treasury Stock Purchase Units, whereupon the Purchase Contract Agent shall
promptly provide an instruction to such effect to the Collateral Agent, substantially in the form of Exhibit C to the Pledge Agreement.

 

(b) Upon receipt of the Preferred Securities
or the [Subordinated] Notes, as the case may be, described in clause (1) above and the instruction described in clause (2) above,
in accordance with the terms of the Pledge Agreement, the Collateral Agent will cause the Securities Intermediary to effect the
release of the Treasury Securities having a corresponding aggregate principal amount at maturity from the Pledge, free and clear
of the Company's security interest therein, and the transfer to the Purchase Contract Agent on behalf of the Holder. Upon receipt
thereof, the Purchase Contract Agent shall promptly:

 

(i) cancel the related Treasury Stock Purchase
Units;

 

(ii) transfer the Treasury Securities to the
Holder; and

 

(iii) authenticate, execute on behalf of such
Holder and deliver a Stock Purchase Units Certificate executed by the Company in accordance with Section 3.03 evidencing the same
number of Purchase Contracts as were evidenced by the cancelled Treasury Stock Purchase Units.

 

(c) Holders who elect to reestablish Stock
Purchase Units shall be responsible for any fees or expenses payable to the Collateral Agent for its services as Collateral Agent
in respect of the reestablishment, and the Company shall not be responsible for any such fees or expenses.

 

(d) Holders of Treasury Stock Purchase Units
may only reestablish Stock Purchase Units in integral multiples of 40 Treasury Stock Purchase Units. If a Tax Event Redemption
has occurred, Holders may no longer convert their Treasury Stock Purchase Units into Stock Purchase Units.

 

(e) Except as provided in this Section 3.14
or in connection with a Cash Settlement, for so long as the Purchase Contract underlying a Treasury Stock Purchase Unit remains
in effect, such Treasury Stock Purchase Unit shall not be separable into its constituent parts and the rights and obligations of
the Holder of such Treasury Stock Purchase Unit in respect of the 1/40 of a Treasury Security and the Purchase Contract comprising
such Treasury Stock Purchase Unit may be acquired, and may be transferred and exchanged, only as a Treasury Stock Purchase Unit.

 

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SECTION 3.15. TRANSFER OF COLLATERAL UPON OCCURRENCE OF TERMINATION
EVENT.

 

(a) Upon the occurrence of a Termination
Event and the transfer to the Purchase Contract Agent of the Preferred Securities, [Subordinated] Notes, the appropriate Applicable
Ownership Interest of the Treasury Portfolio or the Treasury Securities, as the case may be, underlying the Stock Purchase Units
and the Treasury Stock Purchase Units, as the case may be, pursuant to the terms of the Pledge Agreement, the Purchase Contract
Agent shall request transfer instructions with respect to such Preferred Securities, [Subordinated] Notes, the appropriate Applicable
Ownership Interest of the Treasury Portfolio or Treasury Securities, as the case may be, from each Holder by written request, substantially
in the form of Exhibit D hereto, mailed to such Holder at its address as it appears in the Security Register.

 

(b) Upon book-entry transfer of the Stock
Purchase Units or the Treasury Stock Purchase Units or delivery of a Stock Purchase Units Certificate or Treasury Stock Purchase
Units Certificate to the Purchase Contract Agent with such transfer instructions, the Purchase Contract Agent shall transfer the
Preferred Securities, [Subordinated] Notes, the appropriate Applicable Ownership Interest of the Treasury Portfolio or Treasury
Securities, as the case may be, underlying such Stock Purchase Units or Treasury Stock Purchase Units, as the case may be, to such
Holder by book-entry transfer, or other appropriate procedures, in accordance with such instructions. In the event a Holder of
Stock Purchase Units or Treasury Stock Purchase Units fails to effect such transfer or delivery, the Preferred Securities, [Subordinated]
Notes, the appropriate Applicable Ownership Interest of the Treasury Portfolio or Treasury Securities, as the case may be, underlying
such Stock Purchase Units or Treasury Stock Purchase Units, as the case may be, and any distributions thereon, shall be held in
the name of the Purchase Contract Agent or its nominee in trust for the benefit of such Holder, until the earlier to occur of:

 

(i) the transfer of such Stock Purchase Units
or Treasury Stock Purchase Units or surrender of the Stock Purchase Units Certificate or Treasury Stock Purchase Units Certificate
or receipt by the Company and the Purchase Contract Agent from such Holder of satisfactory evidence that such Stock Purchase Units
Certificate or Treasury Stock Purchase Units Certificate has been destroyed, lost or stolen, together with any indemnity that may
be required by the Purchase Contract Agent and the Company; and

 

(ii) the expiration of the time period specified
in the abandoned property laws of the relevant State.

 

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SECTION 3.16. NO CONSENT TO ASSUMPTION.

 

Each Holder of a Security, by acceptance
thereof, shall be deemed expressly to have withheld any consent to the assumption under Section 365 of the Bankruptcy Code or otherwise,
of the Purchase Contract by the Company or its trustee, receiver, liquidator or a person or entity performing similar functions
in the event that the Company becomes the debtor under the Bankruptcy Code or subject to other similar state or Federal law providing
for reorganization or liquidation.

 

ARTICLE 4

 

THE PREFERRED SECURITIES, [SUBORDINATED]
NOTES AND APPLICABLE OWNERSHIP INTEREST OF THE TREASURY PORTFOLIO

 

SECTION 4.01. INTEREST PAYMENTS; RIGHTS TO INTEREST PAYMENTS
PRESERVED.

 

(a) Any distribution on any Preferred Security,
any [Subordinated] Note or on the appropriate Applicable Ownership Interest of the Treasury Portfolio, as the case may be, which
is paid on any Payment Date shall, subject to receipt thereof by the Purchase Contract Agent from the Collateral Agent as provided
by the terms of the Pledge Agreement, be paid to the Person in whose name the Stock Purchase Units Certificate (or one or more
Predecessor Stock Purchase Units Certificates) of which such Preferred Security, such [Subordinated] Note or the appropriate Applicable
Ownership Interest of the Treasury Portfolio, as the case may be, is registered at the close of business on the Record Date for
such Payment Date. Any such distribution shall be subject to deferral at the option of the Company in accordance with the Indenture
and the Declaration.

 

(b) Each Stock Purchase Units Certificate
evidencing Preferred Securities, [Subordinated] Notes or the appropriate Applicable Ownership Interest of the Treasury Portfolio
delivered under this Agreement upon registration of transfer of or in exchange for or in lieu of any other Stock Purchase Units
Certificate shall carry the right to distributions accrued and unpaid, and to accrue distributions interest, which were carried
by the Preferred Securities, [Subordinated] Notes or the appropriate Applicable Ownership Interest of the Treasury Portfolio underlying
such other Stock Purchase Units Certificate.

 

(c) In the case of any Stock Purchase Units
with respect to which Cash Settlement of the underlying Purchase Contract is properly effected pursuant to Section 5.02 hereof,
or with respect to which Early Settlement of the underlying Purchase Contract is properly effected pursuant tot Section 5.07 hereof,
or with respect to which a Collateral Substitution is effected, in each case on a date that is after any Record Date and prior
to or on the next succeeding Payment Date, distributions on the Preferred Securities, [Subordinated] Notes or on the appropriate
Applicable Ownership Interest of the Treasury Portfolio, as the case may be, underlying such Stock Purchase Unit otherwise payable
on such Payment Date shall be payable on such Payment Date notwithstanding such Cash Settlement or Early Settlement or Collateral
Substitution, and such distributions shall, subject to receipt thereof by the Purchase Contract Agent, be payable to the Person
in whose name the Stock Purchase Units Certificate (or one or more Predecessor Stock Purchase Units Certificates) was registered
at the close of business on the Record Date. Except as otherwise expressly provided in the immediately preceding sentence, in the
case of any Stock Purchase Unit with respect to which Cash Settlement or Early Settlement of the underlying Purchase Contract is
properly effected, or with respect to which a Collateral Substitution has been effected, distributions on the related Preferred
Securities, [Subordinated] Notes or the appropriate Applicable Ownership Interest of the Treasury Portfolio, as the case may be,
that would otherwise be payable after the Purchase Contract Settlement Date, Early Settlement Date or the date of the Collateral
Substitution, as the case may be, shall not be payable hereunder to the Holder of such Stock Purchase Units; PROVIDED, HOWEVER,
that to the extent that such Holder continues to hold separated Preferred Securities or [Subordinated] Notes that formerly comprised
a part of such Holder's Stock Purchase Unit, such Holder shall be entitled to receive distributions on such separated Preferred
Securities or [Subordinated] Notes.

 

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(d) Not later than 15 calendar days nor
more than 30 calendar days prior to the Remarketing Date, the Company shall request the Depositary to notify the Beneficial Owners
or Depositary Participants holding Securities of the procedures to be followed by Holders of Securities who intend to effect a
Cash Settlement.

 

SECTION 4.02. NOTICE AND VOTING.

 

(a) Under the terms of the Pledge Agreement,
the Purchase Contract Agent will be entitled to exercise the voting and any other consensual rights pertaining to the Pledged Preferred
Securities or Pledged [Subordinated] Notes, but only to the extent instructed in writing by the Holders as described below. Upon
receipt of notice of any meeting at which holders of Preferred Securities or [Subordinated] Notes are entitled to vote or upon
any solicitation of consents, waivers or proxies of holders of Preferred Securities or [Subordinated] Notes, the Purchase Contract
Agent shall, as soon as practicable thereafter, mail, first class, postage pre-paid, to the Holders of Stock Purchase Units a notice:

 

(i) containing such information as is contained
in the notice or solicitation;

 

(ii) stating that each Holder on the record
date set by the Purchase Contract Agent therefor (which, to the extent possible, shall be the same date as the record date for
determining the holders of Preferred Securities or [Subordinated] Notes, as the case may be, entitled to vote) shall be entitled
to instruct the Purchase Contract Agent as to the exercise of the voting rights pertaining to such Preferred Securities or [Subordinated]
Notes underlying their Stock Purchase Units; and

 

(iii) stating the manner in which such instructions
may be given.

 

(b) Upon the written request of the Holders
of Stock Purchase Units on such record date received by the Purchase Contract Agent at least six days prior to such meeting, the
Purchase Contract Agent shall endeavor insofar as practicable to vote or cause to be voted, in accordance with the instructions
set forth in such requests, the maximum number of Preferred Securities or [Subordinated] Notes, as the case may be, as to which
any particular voting instructions are received. In the absence of specific instructions from the Holder of a Stock Purchase Unit,
the Purchase Contract Agent shall abstain from voting the Preferred Securities or [Subordinated] Notes underlying such Stock Purchase
Unit. The Company hereby agrees, if applicable, to solicit Holders of Stock Purchase Units to timely instruct the Purchase Contract
Agent in order to enable the Purchase Contract Agent to vote such Preferred Securities or [Subordinated] Notes and the Trust shall
covenant to this effect in the Declaration.

 

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SECTION 4.03. DISTRIBUTION OF [SUBORDINATED] NOTES; TAX EVENT
REDEMPTION.

 

(a) Upon the dissolution and liquidation
of the Trust in accordance with the Declaration, an aggregate principal amount at maturity of [Subordinated] Notes constituting
the assets of the Trust and underlying the Preferred Securities equal to the aggregate liquidation amount of the Pledged Preferred
Securities shall be delivered to the Securities Intermediary in exchange for the Pledged Preferred Securities. Thereafter, the
[Subordinated] Notes will be substituted for the Pledged Preferred Securities as the Collateral, and will be held by the Securities
Intermediary in the Collateral Account in accordance with the terms of the Pledge Agreement to secure the obligations of each Holder
of a Stock Purchase Unit to purchase the Common Stock of the Company under the Purchase Contracts constituting a part of such Stock
Purchase Unit.

 

(b) Notwithstanding the foregoing, in the
event of a dissolution and liquidation of the Trust, if a Liquidation Distribution is to be distributed in lieu of the [Subordinated]
Notes as provided for in the Declaration, an amount equal to the Liquidation Distribution shall be deposited in the Collateral
Account in exchange for the Pledged Preferred Securities. Thereafter, pursuant to the terms of the Pledge Agreement, the Collateral
Agent shall cause the Securities Intermediary to apply an amount equal to the Redemption Amount of such Liquidation Distribution
to purchase on behalf of the Holders of Stock Purchase Units the Treasury Portfolio and promptly remit the remaining portion of
such Liquidation Distribution to the Purchase Contract Agent for payment to the Holders of such Stock Purchase Units. The Applicable
Ownership Interest (as specified in clause (A) of the definition of such term) of the Treasury Portfolio will be substituted as
Collateral for the Pledged Preferred Securities and will be held by the Collateral Agent in accordance with the terms of the Pledge
Agreement to secure the obligation of each Holder of a Stock Purchase Unit to purchase the Common Stock of the Company under the
Purchase Contract constituting a part of such Stock Purchase Unit.

 

(c) Following the dissolution and liquidation
of the Trust, the Holders and the Collateral Agent shall have such security interests, rights and obligations with respect to the
[Subordinated] Notes or the Applicable Ownership Interest (as specified in clause (A) of the definition of such term) of the Treasury
Portfolio, as the case may be, as the Holders and the Collateral Agent had in respect of the Preferred Securities subject to the
Pledge thereof as provided in the Pledge Agreement. The Company may cause to be made in any Stock Purchase Unit Certificates thereafter
to be issued such change in phraseology and form (but not in substance) as may be appropriate to reflect the dissolution and liquidation
of the Trust and the substitution of [Subordinated] Notes or the Applicable Ownership Interest (as specified in clause (A) of the
definition of such term) of the Treasury Portfolio, as the case may be, for Preferred Securities as Collateral.

 

    	33

    	 

    

 

(d) Upon the occurrence of a Tax Event Redemption
prior to the Purchase Contract Settlement Date, an amount equal to the Redemption Amount, plus any accumulated and unpaid distributions
or accrued and unpaid interest, as the case may be, payable on the Tax Event Redemption Date with respect to the Applicable Principal
Amount shall be deposited in the Collateral Account in exchange for the Pledged Preferred Securities or the Pledged [Subordinated]
Notes, as the case may be. Thereafter, pursuant to the terms of the Pledge Agreement, the Collateral Agent shall cause the Securities
Intermediary to apply an amount equal to the Redemption Amount of such funds to purchase on behalf of the Holders of Stock Purchase
Units the Treasury Portfolio and promptly remit the remaining portion of such funds to the Purchase Contract Agent for payment
to the Holders of such Stock Purchase Units. The Applicable Ownership Interest (as specified in clause (A) of the definition of
such term) of the Treasury Portfolio will be substituted as Collateral for the Pledged Preferred Securities or the Pledged [Subordinated]
Notes, as the case may be, and will be held by the Collateral Agent in accordance with the terms of the Pledge Agreement to secure
the obligation of each Holder of a Stock Purchase Unit to purchase the Common Stock of the Company under the Purchase Contract
constituting a part of such Stock Purchase Unit. Following the occurrence of a Tax Event Redemption prior to the Purchase Contract
Settlement Date, the Holders of Stock Purchase Units and the Collateral Agent shall have such security interest rights and obligations
with respect to the Applicable Ownership Interest (as specified in clause (A) of the definition of such term) of the Treasury Portfolio
as the Holders of Stock Purchase Units and the Collateral Agent had in respect of the Preferred Securities or [Subordinated] Notes,
as the case may be, subject to the Pledge thereof as provided in the Pledge Agreement, and any reference herein to the Preferred
Securities or the [Subordinated] Notes shall be deemed to be reference to such Treasury Portfolio. The Company may cause to be
made in any Stock Purchase Unit Certificates thereafter to be issued such change in phraseology and form (but not in substance)
as may be appropriate to reflect the liquidation of the Trust and the substitution of the Applicable Ownership Interest (as specified
in clause (A) of the definition of such term) of the Treasury Portfolio for Preferred Securities or [Subordinated] Notes as Collateral.

 

ARTICLE 5

 

THE PURCHASE CONTRACTS

 

SECTION 5.01. PURCHASE OF SHARES OF COMMON STOCK.

 

(a) Each Purchase Contract shall obligate
the Holder of the related Security to purchase, and the Company to sell, on the Purchase Contract Settlement Date at a price equal
to the Stated Amount (the "PURCHASE PRICE"), a number of shares of Common Stock (subject to Section 5.09) equal to the
Settlement Rate unless an Early Settlement has occurred in accordance with Section 5.07 hereof or, prior to or on the Purchase
Contract Settlement Date, there shall have occurred a Termination Event with respect to the Security of which such Purchase Contract
is a part. The "SETTLEMENT RATE" is equal to:

 

    	34

    	 

    

 

(i) if the Applicable Market Value (as defined
below) is greater than or equal to $______ (the "THRESHOLD APPRECIATION PRICE"), _______ share of Common Stock per Purchase
Contract;

 

(ii) if the Applicable Market Value is less
than the Threshold Appreciation Price but greater than $_______ (the "REFERENCE PRICE"), the number of shares of Common
Stock per Purchase Contract having a value, based on the Applicable Market Value, equal to the Stated Amount; and

 

(iii) if the Applicable Market Value is less
than or equal to the Reference Price, _______ share of Common Stock per Purchase Contract,

 

in each case subject to adjustment as provided in Section 5.04
(and in each case rounded upward or downward to the nearest 1/10,000th of a share).

 

(b) The "APPLICABLE MARKET VALUE"
means the average of the Closing Price per share of Common Stock on each of the 20 consecutive Trading Days ending on the third
Trading Day immediately preceding the Purchase Contract Settlement Date.

 

(c) The "CLOSING PRICE" per share
of Common Stock on any date of determination means:

 

(i) the closing sale price as of the 4:15
p.m. close of the principal trading session (or, if no closing price is reported, the last reported sale price) per share on the
New York Stock Exchange, Inc. (the "NYSE") on such date;

 

(ii) if the Common Stock is not listed for
trading on the NYSE on any such date, the closing sale price per share as reported in the composite transactions for the principal
United States securities exchange on which the Common Stock is so listed;

 

(iii) if the Common Stock is not so listed
on a United States national or regional securities exchange, the closing sale price per share as reported by The Nasdaq National
Market;

 

(iv) if the Common Stock is not so reported,
the last quoted bid price for the Common Stock in the over-the-counter market as reported by the National Quotation Bureau or similar
organization; or

 

(v) if such bid price is not available, the
average of the mid-point of the last bid and ask prices of the Common Stock on such date from at least three nationally recognized
independent investment banking firms retained for this purpose by the Company.

 

(d) A "TRADING DAY" means a day
on which the Common Stock (1) is not suspended from trading on any national or regional securities exchange or association or over-the-counter
market at the close of business and (2) has traded at least once on the national or regional securities exchange or association
or over-the-counter market that is the primary market for the trading of the Common Stock.

 

    	35

    	 

    

 

(e) Each Holder of a Stock Purchase Unit
or a Treasury Stock Purchase Unit, by its acceptance thereof:

 

(i) irrevocably authorizes the Purchase Contract
Agent to enter into and perform the related Purchase Contract on its behalf as its attorney-in- fact (including the execution of
Certificates on behalf of such Holder);

 

(ii) agrees to be bound by the terms and provisions
thereof;

 

(iii) covenants and agrees to perform its
obligations under such Purchase Contracts;

 

(iv) consents to the provisions hereof;

 

(v) irrevocably authorizes the Purchase Contract
Agent to enter into and perform this Agreement and the Pledge Agreement on its behalf as its attorney-in-fact; and

 

(vi) consents to, and agrees to be bound by,
the Pledge of such Holder's right, title and interest in and to the Collateral Account, including the Preferred Securities, [Subordinated]
Notes, the Applicable Ownership Interest (as specified in clause (A) of the definition of such term) of the Treasury Portfolio
or the Treasury Securities pursuant to the Pledge Agreement,

 

PROVIDED that upon a Termination Event, the rights of the Holder
of such Security under the Purchase Contract may be enforced without regard to any other rights or obligations. Each Holder of
a Stock Purchase Unit or a Treasury Stock Purchase Unit, by its acceptance thereof, further covenants and agrees, that to the extent
and in the manner provided in Section 5.02 and the Pledge Agreement, but subject to the terms thereof, payments in respect of the
Preferred Securities or the [Subordinated] Notes or the proceeds from the Treasury Securities or the Applicable Ownership Interest
(as specified in clause (A) of the definition of such term) of the Treasury Portfolio at maturity on the Purchase Contract Settlement
Date, as the case may be, shall be paid by the Collateral Agent to the Company in satisfaction of such Holder's obligations under
such Purchase Contract and such Holder shall acquire no right, title or interest in such payments.

 

(f) Upon registration of transfer of a Certificate,
the transferee shall be bound (without the necessity of any other action on the part of such transferee) by the terms of this Agreement,
the Purchase Contracts underlying such Certificate, the Declaration and the Pledge Agreement and the transferor shall be released
from the obligations under this Agreement, the Purchase Contracts underlying the Certificate so transferred and the Pledge Agreement.
The Company covenants and agrees, and each Holder of a Certificate, by its acceptance thereof, likewise covenants and agrees, to
be bound by the provisions of this paragraph.

 

    	36

    	 

    

 

SECTION 5.02. PAYMENT OF PURCHASE PRICE.

 

(a)           (i) Unless a Tax Event Redemption has occurred or
a Holder of a Stock Purchase Unit effects an Early Settlement of the underlying Purchase Contract in the manner described in Section
5.07, each Holder who intends to pay in cash to satisfy such Holder's obligations under the Purchase Contract on the Purchase Contract
Settlement Date shall notify the Purchase Contract Agent by use of a notice in substantially the form of Exhibit E hereto of his
intention to pay in cash ("CASH SETTLEMENT") the Purchase Price for the shares of Common Stock to be purchased pursuant
to the related Purchase Contract. Such notice shall be given prior to 5:00 p.m. (New York City time) on the seventh Business Day
immediately preceding the Purchase Contract Settlement Date. Prior to 11:00 a.m. (New York City time) on the next succeeding Business
Day, the Purchase Contract Agent shall notify the Collateral Agent and the Property Trustee or the Indenture Trustee, as the case
may be, of the receipt of such notices from Holders intending to make a Cash Settlement.

 

(ii) A Holder of a Stock Purchase Unit who
has so notified the Purchase Contract Agent of his intention to effect a Cash Settlement in accordance with paragraph 5.02(a)(i)
above shall pay the Purchase Price to the Securities Intermediary for deposit in the Collateral Account prior to 11:00 a.m. (New
York City time) on the fifth Business Day immediately preceding the Purchase Contract Settlement Date, in lawful money of the United
States by certified or cashiers' check or wire transfer, in each case in immediately available funds payable to or upon the order
of the Securities Intermediary. Any cash received by the Collateral Agent shall be invested promptly by the Securities Intermediary
in Permitted Investments and paid to the Company on the Purchase Contract Settlement Date in settlement of the Purchase Contracts
in accordance with the terms of this Agreement and the Pledge Agreement. Any funds received by the Securities Intermediary in respect
of the investment earnings from such Permitted Investments in excess of the Purchase Price for the shares of Common Stock to be
purchased by such Holder shall be distributed to the Purchase Contract Agent when received for payment to the Holder.

 

(iii) If a Holder of a Stock Purchase Unit
fails to notify the Purchase Contract Agent of his intention to make a Cash Settlement in accordance with paragraph 5.02(a)(i)
above, or does notify the Purchase Contract Agent as provided in paragraph 5.02(a)(i) above of his intention to pay the Purchase
Price in cash, but fails to make such payment as required by paragraph 5.02(a)(ii) above, such Holder shall be deemed to have consented
to the disposition of the Pledged Preferred Securities or the Pledged [Subordinated] Notes pursuant to the Remarketing as described
in paragraph 5.02(b) below.

 

(iv) Promptly after 11:00 a.m. (New York City
time) on the fifth Business Day preceding the Purchase Contract Settlement Date, the Purchase Contract Agent, based on notices
received by the Purchase Contract Agent pursuant to Section 5.02(a) hereof and notice from the Securities Intermediary regarding
cash received by it prior to such time, shall notify the Collateral Agent and the Property Trustee or the Indenture Trustee, as
applicable of the aggregate number of Preferred Securities or [Subordinated] Notes to be tendered for purchase in the Remarketing
in a notice substantially in the form of Exhibit F hereto.

 

    	37

    	 

    

 

(b) In order to dispose of the Preferred
Securities or [Subordinated] Notes, Stock Purchase Units Holders who have not notified the Purchase Contract Agent of their intention
to effect a Cash Settlement as provided in paragraph 5.02(a)(i) above, or who have so notified the Purchase Contract Agent but
failed to make such payment as required by paragraph 5.02(a)(ii) above, the Company shall engage _____________________, as Remarketing
Agent (the "REMARKETING AGENT"), pursuant to the Remarketing Agreement (and subject to removal as provided in the Remarketing
Agreement) to sell such Preferred Securities or [Subordinated] Notes. In order to facilitate the Remarketing, the Purchase Contract
Agent, based on the notices specified in Section 5.02(a)(iv), shall notify the Remarketing Agent, promptly after 11:00 a.m. (New
York City time) on the fifth Business Day immediately preceding the Purchase Contract Settlement Date, of the aggregate number
of Preferred Securities or [Subordinated] Notes that are part of Stock Purchase Units to be remarketed. Concurrently, the Collateral
Agent, pursuant to the terms of the Pledge Agreement, shall cause such Preferred Securities or [Subordinated] Notes to be presented
to the Remarketing Agent for Remarketing.

 

Upon receipt of such notice from the Purchase
Contract Agent and such Preferred Securities or [Subordinated] Notes, the Remarketing Agent shall, on the third Business Day immediately
preceding the Purchase Contract Settlement Date, use reasonable efforts to remarket such Preferred Securities or [Subordinated]
Notes on such date at a price equal to [     ]% of the Stated Amount ($[        ])
per Preferred Security or [Subordinated] Note, as provided in the Remarketing Agreement. The proceeds from the Remarketing shall
be invested by the Collateral Agent in Permitted Investments, in accordance with the Pledge Agreement, and then applied to satisfy
in full such Stock Purchase Units Holders' obligations to pay the Purchase Price for the shares of Common Stock under the related
Purchase Contracts on the Purchase Contract Settlement Date. In addition, [$        ] per
Preferred Security or [Subordinated] Note of the proceeds shall automatically be remitted to the Remarketing Agent for services
rendered in connection with the Remarketing (the "REMARKETING FEE").

 

If, in spite of using its reasonable efforts,
the Remarketing Agent cannot remarket the related Preferred Securities or [Subordinated] Notes of such Holders of Stock Purchase
Units at a price equal to [        ]% of the Stated Amount ($[       ]),
then the Remarketing Agent shall increase the distribution rate on the Preferred Securities or the interest rate on the [Subordinated]
Notes, as the case may be, so that the market value of such Preferred Securities will equal ($[         ]).
If the Remarketing Agent determines that it will be able to remarket the related Preferred Securities or [Subordinated] Notes of
such Holders of Stock Purchase Units at a price in excess of [         ]% of the Stated
Amount ($[        ]), then the Remarketing Agent shall decrease the distribution rate on
the Preferred Securities or the interest rate on the [Subordinated] Notes, as the case may be, so that the market value of such
Preferred Securities or [Subordinated] Notes will be equal to [$ ]. If the Remarketing Agent cannot Remarket the Preferred Securities
or the [Subordinated] Notes, as the case may be, after such increase or decrease, the Remarketing shall be deemed to have failed
(a "FAILED REMARKETING"), an event of default shall be deemed to have occurred under this Agreement and the Pledge Agreement
and in accordance with the terms of the Pledge Agreement, the Collateral Agent, for the benefit of the Company, shall exercise
its rights as a secured party with respect to such Preferred Securities or [Subordinated] Notes, including those actions specified
in paragraph 5.02(c) below; PROVIDED, that if upon a Failed Remarketing the Collateral Agent exercises such rights for the benefit
of the Company with respect to such Preferred Securities or [Subordinated] Notes, any accrued and unpaid distributions on such
Preferred Securities or [Subordinated] Notes and any accrued and unpaid Purchase Contract Payments (including any deferred Purchase
Contract Payments) shall become payable by the Company to the Purchase Contract Agent for payment to the Beneficial Owner of the
Stock Purchase Units to which such Preferred Securities or [Subordinated] Notes relate. The Company shall cause a notice of such
Failed Remarketing to be published on the second Business Day immediately preceding the Purchase Contract Settlement Date in a
daily newspaper in the English language of general circulation in the City of New York, which is expected to be The Wall Street
Journal, and on Bloomberg News.

 

    	38

    	 

    

 

(c) With respect to any Preferred Securities
or [Subordinated] Notes which are subject to a Failed Remarketing, the Collateral Agent for the benefit of the Company reserves
all of its rights as a secured party with respect thereto and, subject to applicable law and paragraph 5.02(g) below, shall, in
full satisfaction of the Holders' obligations under the Purchase Contracts among other things, (i) retain the Preferred Securities
or [Subordinated] Notes, (ii) sell the Preferred Securities or [Subordinated] Notes in one or more public or private sales or (iii)
take, or choose not to take, any other action with respect to the Preferred Securities or the [Subordinated] Notes, which in every
case specified in (i), (ii) and (iii) shall constitute payment in full for the aggregate Purchase Price for the shares of Common
Stock to be purchased under the Purchase Contracts.

 

(d)          (i) Unless a Holder of a Treasury Stock Purchase
Unit or Stock Purchase Unit (if a Tax Event Redemption has occurred) effects an Early Settlement of the underlying Purchase Contract
through the early delivery of cash to the Purchase Contract Agent in the manner described in Section 5.07, each Holder of a Treasury
Stock Purchase Unit or Stock Purchase Unit (if a Tax Event Redemption has occurred) who intends to pay in cash shall notify the
Purchase Contract Agent by use of a notice in substantially the form of Exhibit E hereto of his intention to pay in cash the Purchase
Price for the shares of Common Stock to be purchased pursuant to the related Purchase Contract. Such notice shall be given prior
to 5:00 p.m. (New York City time) on the second Business Day immediately preceding the Purchase Contract Settlement Date. Prior
to 11:00 a.m. (New York City time) on the next succeeding Business Day, the Purchase Contract Agent shall notify the Collateral
Agent of the receipt of such notices from such Holders intending to make a Cash Settlement. Treasury Stock Purchase Unit holders
may make Cash Settlements only in integral multiples of 40 Treasury Stock Purchase Units.

 

(ii) A Holder of a Treasury Stock Purchase
Unit or Stock Purchase Units (if a Tax Event Redemption has occurred) who has so notified the Purchase Contract Agent of his intention
to make a Cash Settlement in accordance with paragraph 5.02(d)(i) above shall pay the Purchase Price to the Securities Intermediary
for deposit in the Collateral Account prior to 11:00 a.m. (New York City time) on the Business Day immediately preceding the Purchase
Contract Settlement Date, in lawful money of the United States by certified or cashiers' check or wire transfer, in each case in
immediately available funds payable to or upon the order of the Securities Intermediary. Any cash received by the Collateral Agent
shall be invested promptly by the Securities Intermediary in Permitted Investments and paid to the Company on the Purchase Contract
Settlement Date in settlement of the Purchase Contract in accordance with the terms of this Agreement and the Pledge Agreement.
Any funds received by the Securities Intermediary in respect of the investment earnings from the investment in such Permitted Investments
in excess of the Purchase Price for the shares of Common Stock to be purchased by such Holder shall be distributed to the Purchase
Contract Agent when received for payment to the Holder.

 

    	39

    	 

    

 

(iii) If a Holder of a Treasury Stock Purchase
Unit or Holder of a Stock Purchase Unit (if a Tax Event Redemption has occurred) fails to notify the Purchase Contract Agent of
his intention to make a Cash Settlement in accordance with paragraph 5.02(d)(i) above, or does notify the Purchase Contract Agent
as provided in paragraph 5.02(d)(i) above of his intention to pay the Purchase Price in cash, but fails to make such payment as
required by paragraph 5.02(d)(ii) above, then upon the maturity of the Pledged Treasury Securities or the appropriate Applicable
Ownership Interest (as specified in clause (A) of the definition of such term) of the Treasury Portfolio held by the Securities
Intermediary on the Business Day immediately preceding the Purchase Contract Settlement Date, the principal amount of the Treasury
Securities or the appropriate Applicable Ownership Interest (as specified in clause (A) of the definition of such term) of the
Treasury Portfolio received by the Securities Intermediary shall be invested promptly in Permitted Investments. On the Purchase
Contract Settlement Date, an amount equal to the Purchase Price shall be remitted to the Company as payment thereof without receiving
any instructions from the Holder. In the event the sum of the proceeds from the related Pledged Treasury Securities or the appropriate
Applicable Ownership Interest (as specified in clause (A) of the definition of such term) of the Treasury Portfolio and the investment
earnings earned from such investments is in excess of the aggregate Purchase Price of the Purchase Contracts being settled thereby,
the Collateral Agent shall cause the Securities Intermediary to distribute such excess to the Purchase Contract Agent for the benefit
of the Holder of the related Treasury Stock Purchase Unit or Stock Purchase Unit when received.

 

(iv) A holder of a Preferred Security or [Subordinated]
Note that is no longer part of a Stock Purchase Unit may elect to have such Preferred Security or [Subordinated] Note, as the case
may be, remarketed. A holder making such an election must notify the Property Trustee or the Indenture Trustee, as the case may
be, prior to 11:00 a.m. (New York City time) on the fifth Business Day immediately preceding the Purchase Contract Settlement Date,
of the aggregate number of Preferred Securities or [Subordinated] Notes, as the case may be, that are not part of Stock Purchase
Units to be remarketed. Any such notice will be irrevocable and may not be conditioned upon the level at which the Reset Rate is
established in the Remarketing. Concurrently, the Property Trustee or the Indenture Trustee, as the case may be, shall cause such
Preferred Securities or [Subordinated] Notes, as the case may be, to be presented to the Remarketing Agent for Remarketing.

 

(e) Any distribution to Holders of any payments
described above shall be payable at the office of the Purchase Contract Agent in New York City maintained for that purpose or,
at the option of the Holder, by check mailed to the address of the Person entitled thereto at such address as it appears on the
Security Register.

 

(f) Upon Cash Settlement of any Purchase
Contract:

 

(i) the Collateral Agent will in accordance
with the terms of the Pledge Agreement cause the Pledged Preferred Securities, Pledged [Subordinated] Notes, the appropriate Applicable
Ownership Interest (as specified in clause (A) of the definition of such term) of the Treasury Portfolio or the Pledged Treasury
Securities, as the case may be, underlying the relevant Security to be released from the Pledge, free and clear of any security
interest of the Company, and transferred to the Purchase Contract Agent for delivery to the Holder thereof or its designee as soon
as practicable; and

 

    	40

    	 

    

 

(ii) subject to the receipt thereof, the Purchase
Contract Agent shall, by book-entry transfer or other appropriate procedures, in accordance with written instructions provided
by the Holder thereof, transfer such Preferred Securities, [Subordinated] Notes, or the appropriate Applicable Ownership Interest
(as specified in clause (A) of the definition of such term) of the Treasury Portfolio or such Treasury Securities, as the case
may be (or, if no such instructions are given to the Purchase Contract Agent by the Holder, the Purchase Contract Agent shall hold
such Preferred Securities, [Subordinated] Notes, or the appropriate Applicable Ownership Interest (as specified in clause (A) of
the definition of such term) of the Treasury Portfolio or such Treasury Securities, as the case may be, and any interest payment
thereon, in the name of the Purchase Contract Agent or its nominee in trust for the benefit of such Holder until the expiration
of the time period specified in the abandoned property laws of the relevant state).

 

(g) The obligations of the Holders to pay
the Purchase Price are non-recourse obligations and, except to the extent satisfied by Early Settlement or Cash Settlement, are
payable solely out of the proceeds of any Collateral pledged to secure the obligations of the Holders and in no event will Holders
be liable for any deficiency between the proceeds of the disposition of Collateral and the Purchase Price.

 

(h) The Company shall not be obligated to
issue any shares of Common Stock in respect of a Purchase Contract or deliver any certificates thereof to the Holder of the related
Security unless the Company shall have received payment in full for the aggregate Purchase Price for the Common Stock to be purchased
thereunder in the manner herein set forth.

 

SECTION 5.03. ISSUANCE OF SHARES OF COMMON STOCK.

 

(a) Unless a Termination Event or an Early
Settlement shall have occurred, subject to Section 5.04(b), on the Purchase Contract Settlement Date upon receipt of the aggregate
Purchase Price payable on all Outstanding Securities, the Company shall issue and deposit with the Purchase Contract Agent, for
the benefit of the Holders of the Outstanding Securities, one or more certificates representing newly issued shares of Common Stock
registered in the name of the Purchase Contract Agent (or its nominee) as custodian for the Holders (such certificates for shares
of Common Stock, together with any dividends or distributions for which a record date and payment date for such dividend or distribution
has occurred after the Purchase Contract Settlement Date, being hereinafter referred to as the "PURCHASE CONTRACT SETTLEMENT
FUND") to which the Holders are entitled hereunder.

 

(b) Subject to the foregoing, upon surrender
of a Certificate to the Purchase Contract Agent on or after the Purchase Contract Settlement Date or Early Settlement Date, as
the case may be, together with settlement instructions thereon duly completed and executed, the Holder of such Certificate shall
be entitled to receive forthwith in exchange therefor a certificate representing that number of newly issued whole shares of Common
Stock which such Holder is entitled to receive pursuant to the provisions of this Article Five (after taking into account all Securities
then held by such Holder), together with cash in lieu of fractional shares as provided in Section 5.09 and any dividends or distributions
with respect to such shares constituting part of the Purchase Contract Settlement Fund, but without any interest thereon, and the
Certificate so surrendered shall forthwith be cancelled. Such shares shall be registered in the name of the Holder or the Holder's
designee as specified in the settlement instructions provided by the Holder to the Purchase Contract Agent. If any shares of Common
Stock issued in respect of a Purchase Contract are to be registered to a Person other than the Person in whose name the Certificate
evidencing such Purchase Contract is registered, no such registration shall be made unless the Person requesting such registration
has paid any transfer and other taxes required by reason of such registration in a name other than that of the registered Holder
of the Certificate evidencing such Purchase Contract or has established to the satisfaction of the Company that such tax either
has been paid or is not payable.

 

    	41

    	 

    

 

SECTION 5.04. ADJUSTMENT OF SETTLEMENT RATE.

 

(a) Adjustments for Dividends, Distributions,
Stock Splits, Etc.

 

(1) In case the Company shall pay or make
a dividend or other distribution on Common Stock in Common Stock, the Settlement Rate in effect at the opening of business on the
day following the date fixed for the determination of shareholders entitled to receive such dividend or other distribution shall
be increased by dividing such Settlement Rate by a fraction of which:

 

(i) the numerator shall be the number of
shares of Common Stock outstanding at the close of business on the date fixed for such determination; and

 

(ii) the denominator shall be the sum of
such number of shares and the total number of shares constituting such dividend or other distribution, such increase to become
effective immediately after the opening of business on the day following the date fixed for such determination. For the purposes
of this paragraph (1), the number of shares of Common Stock at any time outstanding shall not include shares held in the treasury
of the Company but shall include any shares issuable in respect of any scrip certificates issued in lieu of fractions of shares
of Common Stock. The Company shall not pay any dividend or make any distribution on shares of Common Stock held in the treasury
of the Company.

 

(2) In case the Company shall issue rights,
warrants or options to all holders of its Common Stock (not being available on an equivalent basis to Holders of the Securities
upon settlement of the Purchase Contracts underlying such Securities) entitling them, for a period expiring within 45 days after
the record date for the determination of shareholders entitled to receive such rights, warrants or options, to subscribe for or
purchase shares of Common Stock at a price per share less than the Current Market Price per share of Common Stock on the date fixed
for the determination of shareholders entitled to receive such rights, warrants or options, the Settlement Rate in effect at the
opening of business on the day following the date fixed for such determination shall be increased by dividing such Settlement Rate
by a fraction of which:

 

(i) the numerator shall be the number of
shares of Common Stock outstanding at the close of business on the date fixed for such determination plus the number of shares
of Common Stock which the aggregate of the offering price of the total number of shares of Common Stock so offered for subscription
or purchase would purchase at such Current Market Price; and

 

    	42

    	 

    

 

(ii) the denominator shall be the number
of shares of Common Stock outstanding at the close of business on the date fixed for such determination plus the number of shares
of Common Stock so offered for subscription or purchase,

 

such increase to become effective immediately after the opening
of business on the day following the date fixed for such determination. For the purposes of this paragraph (2), the number of shares
of Common Stock at any time outstanding shall not include shares held in the treasury of the Company but shall include any shares
issuable in respect of any scrip certificates issued in lieu of fractions of shares of Common Stock. The Company agrees that it
shall not issue any such rights, warrants or options in respect of shares of Common Stock held in the treasury of the Company.

 

(3) In case outstanding shares of Common Stock
shall be subdivided or split into a greater number of shares of Common Stock, the Settlement Rate in effect at the opening of business
on the day following the day upon which such subdivision or split becomes effective shall be proportionately increased, and, conversely,
in case outstanding shares of Common Stock shall each be combined into a smaller number of shares of Common Stock, the Settlement
Rate in effect at the opening of business on the day following the day upon which such combination becomes effective shall be proportionately
reduced, such increase or reduction, as the case may be, to become effective immediately after the opening of business on the day
following the day upon which such subdivision, split or combination becomes effective.

 

(4) In case the Company shall, by dividend
or otherwise, distribute to all holders of its Common Stock evidences of its indebtedness or assets (including securities, but
excluding any rights, warrants or options referred to in paragraph (2) of this Section 5.04(a), any dividend or distribution paid
exclusively in cash and any dividend or distribution referred to in paragraph (1) of this Section 5.04(a)), the Settlement Rate
shall be adjusted so that the same shall equal the rate determined by dividing the Settlement Rate in effect immediately prior
to the close of business on the date fixed for the determination of shareholders entitled to receive such distribution by a fraction
of which:

 

(i) the numerator shall be the Current Market
Price per share of Common Stock on the date fixed for such determination less the then fair market value (as reasonably determined
by the Board of Directors, whose determination shall be conclusive and the basis for which shall be described in a Board Resolution)
of the portion of the assets or evidences of indebtedness so distributed applicable to one share of Common Stock; and

 

(ii) the denominator shall be such Current
Market Price per share of Common Stock, such adjustment to become effective immediately prior to the opening of business on the
day following the date fixed for the determination of shareholders entitled to receive such distribution. In any case in which
this paragraph (4) is applicable, paragraph (2) of this Section 5.04(a) shall not be applicable. In the event that such dividend
or distribution is not so paid or made, the Settlement Rate shall again be adjusted to be the Settlement Rate which would then
be in effect if such dividend or distribution had not been declared.

 

    	43

    	 

    

 

(5) In case the Company shall, by dividend
or otherwise, distribute to all holders of its Common Stock cash (excluding:

 

(i) any quarterly cash dividend on Common
Stock to the extent that the aggregate cash dividend per share of Common Stock in any fiscal quarter does not exceed $____ per
share (as adjusted from time to time to reflect the subdivisions or combinations of Common Stock, the "DIVIDEND THRESHOLD"),
and

 

(ii) any dividend or distribution in connection
with the liquidation, dissolution or termination of the Company, whether voluntary or involuntary),

 

then, in such case, the Settlement Rate
shall be increased so that the same shall equal the rate determined by dividing the Settlement Rate in effect immediately prior
to the close of business on such record date by a fraction of which:

 

(i) the numerator shall be the Current Market
Price of Common Stock on the record date less the amount of cash so distributed (and not excluded as provided above) applicable
to one share of Common Stock; and

 

(ii) the denominator shall be the Current
Market Price of Common tock,

 

such increase to be effective immediately prior to the opening
of business on the day following the record date; PROVIDED, HOWEVER, that in the event the portion of cash so distributed applicable
to one share of Common Stock is equal to or greater than the Current Market Price per share of Common Stock on the record date,
in lieu of the foregoing adjustment, adequate provision shall be made so that each holder of a Security shall have the right to
receive upon settlement of the Securities the amount of cash such Holder would have received had such Holder settled each Security
on the record date. In the event that such dividend or distribution is not so paid or made, the Settlement Rate shall again be
adjusted to be the Settlement Rate which would then be in effect if such dividend or distribution had not been declared. If any
adjustment is required to be made as set forth in this Section 5.04(a)(5) as a result of a distribution that is a quarterly dividend,
such adjustment shall be based upon the amount by which such distribution exceeds the amount of the Dividend Threshold. If an adjustment
is required to be made as set forth in this Section 5.04(a)(5) above as a result of a distribution that is not a quarterly dividend,
such adjustment shall be based upon the full amount of the distribution.

 

    	44

    	 

    

 

(6) In case a tender or exchange offer made
by the Company or any subsidiary of the Company for all or any portion of Common Stock shall expire and such tender or exchange
offer (as amended upon the expiration thereof) shall require the payment to shareholders (based on the acceptance (up to any maximum
specified in the terms of the tender or exchange offer) of Purchased Shares as herein defined) of (I) an aggregate consideration
having a fair market value (as reasonably determined by the Board of Directors, whose determination shall be conclusive and the
basis for which shall be described in a Board Resolution) that combined together with the aggregate of the cash plus the fair market
value (as reasonably determined by the Board of Directors, whose determination shall be conclusive and the basis for which shall
be described in a Board Resolution), as of the expiration of such tender or exchange offer, of consideration payable in respect
of any other tender or exchange offer, by the Company or any subsidiary of the Company for all or any portion of Common Stock expiring
within the 12 months preceding the expiration of such tender or exchange offer and in respect of which no adjustment pursuant to
this paragraph (6) has been made, and (II) the aggregate amount of any distributions to all holders of Common Stock made exclusively
in cash within the 12 months preceding the expiration of such tender or exchange offer and in respect of which no adjustment pursuant
to paragraph (6) has been made, exceeds 15% of the product of the Current Market Price per share of Common Stock as of the last
time (the "EXPIRATION TIME") tenders could have been made pursuant to such tender or exchange offer (as it may be amended)
times the number of shares of Common Stock outstanding (including any tendered shares) on the Expiration Time, then, and in each
such case, immediately prior to the opening of business on the day after the date of the Expiration Time, the Settlement Rate shall
be adjusted so that the same shall equal the rate determined by dividing the Settlement Rate immediately prior to the close of
business on the date of the Expiration Time by a fraction:

 

(i) the numerator of which shall be equal
to (A) the product of (I) the Current Market Price per share of Common Stock on the date of the Expiration Time and (II) the number
of shares of Common Stock outstanding (including any tendered shares) on the Expiration Time less (B) the amount of cash plus the
fair market value (determined as aforesaid) of the aggregate consideration payable to shareholders based on the transactions described
in clauses (I) and (II) above (assuming in the case of clause (I) the acceptance, up to any maximum specified in the terms of the
tender or exchange offer, of Purchased Shares); and

 

(ii) the denominator of which shall be equal
to the product of (A) the Current Market Price per share of Common Stock as of the Expiration Time and (B) the number of shares
of Common Stock outstanding (including any tendered shares) as of the Expiration Time less the number of all shares validly tendered
and not withdrawn as of the Expiration Time (the shares deemed so accepted, up to any such maximum, being referred to as the "PURCHASED
SHARES").

 

(7) The reclassification of Common Stock into
securities including securities other than Common Stock (other than any reclassification upon a Reorganization Event to which Section
5.04(b) applies) shall be deemed to involve:

 

(i) a distribution of such securities other
than Common Stock to all holders of Common Stock (and the effective date of such reclassification shall be deemed to be "the
date fixed for the determination of shareholders entitled to receive such distribution" and the "date fixed for such
determination" within the meaning of paragraph (4) of this Section); and

 

(ii) a subdivision, split or combination,
as the case may be, of the number of shares of Common Stock outstanding immediately prior to such reclassification into the number
of shares of Common Stock outstanding immediately thereafter (and the effective date of such reclassification shall be deemed to
be "the day upon which such subdivision or split becomes effective" or "the day upon which such combination becomes
effective", as the case may be, and "the day upon which such subdivision, split or combination becomes effective"
within the meaning of paragraph (3) of this Section).

 

    	45

    	 

    

 

(8) The "CURRENT MARKET PRICE" per
share of Common Stock on any date of determination means the average of the daily Closing Prices for the five consecutive Trading
Days selected by the Company commencing not more than 30 Trading Days before, and ending not later than, the earlier of such date
of determination and the day before the "ex date" with respect to the issuance or distribution requiring such computation.
For purposes of this paragraph, the term "ex date," when used with respect to any issuance or distribution, shall mean
the first date on which Common Stock trades on such exchange or in such market without the right to receive such issuance or distribution.

 

(9) All adjustments to the Settlement Rate
shall be calculated to the nearest 1/10,000th of a share of Common Stock (or if there is not a nearest 1/10,000th of a share, to
the next lower 1/10,000th of a share). No adjustment in the Settlement Rate shall be required unless such adjustment would require
an increase or decrease of at least one percent thereof; PROVIDED, HOWEVER, that any adjustments which by reason of this subparagraph
are not required to be made shall be carried forward and taken into account in any subsequent adjustment. If an adjustment is made
to the Settlement Rate pursuant to paragraph (1), (2), (3), (4), (5), (6), (7) or (10) of this Section 5.04(a), an adjustment shall
also be made to the Applicable Market Value solely to determine which of clauses (i), (ii) or (iii) of the definition of Settlement
Rate in Section 5.01 will apply on the Purchase Contract Settlement Date. Such adjustment shall be made by multiplying the Applicable
Market Value by a fraction of which the numerator shall be the Settlement Rate immediately after such adjustment pursuant to paragraph
(1), (2), (3), (4), (5), (6), (7) or (10) of this Section 5.04(a) and the denominator shall be the Settlement Rate immediately
prior to such adjustment; PROVIDED, HOWEVER, that if such adjustment to the Settlement Rate is required to be made pursuant to
the occurrence of any of the events contemplated by paragraph (1), (2), (3), (4), (5), (6), (7) or (10) of this Section 5.04(a)
during the period taken into consideration for determining the Applicable Market Value, appropriate and customary adjustments shall
be made to the Settlement Rate.

 

(10) The Company may, but shall not be required
to, make such increases in the Settlement Rate, in addition to those required by this Section, as it considers to be advisable
in order to avoid or diminish any income tax to any holders of shares of Common Stock resulting from any dividend or distribution
of stock or issuance of rights or warrants to purchase or subscribe for stock or from any event treated as such for income tax
purposes or for any other reason.

 

(b) Adjustment for Consolidation, Merger
or Other Reorganization Event.

 

(1) In the event of:

 

(i) any consolidation or merger of the Company
with or into another person (other than a merger or consolidation in which the Company is the continuing corporation and in which
the shares of Common Stock outstanding immediately prior to the merger or consolidation are not exchanged for cash, securities
or other property of the Company or another corporation);

 

    	46

    	 

    

 

(ii) any sale, transfer, lease or conveyance
to another Person of the property of the Company as an entirety or substantially as an entirety;

 

(iii) any statutory share exchange of the
Company with another Person (other than in connection with a merger or acquisition); or

 

(iv) any liquidation, dissolution or termination
of the Company other than as a result of or after the occurrence of a Termination Event, (any such event, a "REORGANIZATION
EVENT"),

 

the Settlement Rate will be adjusted to provide that each Holder
of Securities will receive on the Purchase Contract Settlement Date with respect to each Purchase Contract forming a part thereof,
the kind and amount of securities, cash and other property receivable upon such Reorganization Event (without any interest thereon,
and without any right to dividends or distribution thereon which have a record date that is prior to the Purchase Contract Settlement
Date) by a Holder of the number of shares of Common Stock issuable on account of each Purchase Contract if the Purchase Contract
Settlement Date had occurred immediately prior to such Reorganization Event, assuming such Holder of Common Stock is not a Person
with which the Company consolidated or into which the Company merged or which merged into the Company or to which such sale or
transfer was made, as the case may be (any such Person, a "CONSTITUENT PERSON"), or an Affiliate of a Constituent Person
to the extent such Reorganization Event provides for different treatment of Common Stock held by Affiliates of the Company and
non-affiliates and such Holder failed to exercise his rights of election, if any, as to the kind or amount of securities, cash
and other property receivable upon such Reorganization Event (PROVIDED that if the kind or amount of securities, cash and other
property receivable upon such Reorganization Event is not the same for each share of Common Stock held immediately prior to such
Reorganization Event by other than a Constituent Person or an Affiliate thereof and in respect of which such rights of election
shall not have been exercised ("NON-ELECTING SHARE"), then for the purpose of this Section the kind and amount of securities,
cash and other property receivable upon such Reorganization Event by each non-electing share shall be deemed to be the kind and
amount so receivable per share by a plurality of the non-electing shares).

 

In the event of such a Reorganization Event,
the Person formed by such consolidation, merger or exchange or the Person which acquires the assets of the Company or, in the event
of a liquidation, dissolution or termination of the Company, the Company or a liquidating trust created in connection therewith,
shall execute and deliver to the Purchase Contract Agent an agreement supplemental hereto providing that each Holder of an Outstanding
Security shall have the rights provided by this Section 5.04(b). Such supplemental agreement shall provide for adjustments which,
for events subsequent to the effective date of such supplemental agreement, shall be as nearly equivalent as may be practicable
to the adjustments provided for in this Section. The above provisions of this Section shall similarly apply to successive Reorganization
Events.

 

    	47

    	 

    

 

(2) In the event of a consolidation or merger
of the Company with or into another Person, any merger of another Person into the Company (other than a merger that does not result
in any reclassification, conversion, exchange or cancellation of outstanding shares of Common Stock) in which 30% or more of the
total consideration paid to the Company's shareholders consists of cash or cash equivalents, then a Holder of a Security may settle
his Purchase Contract for cash as described in Section 5.02(a)(i) or 5.02(d)(i) hereof, as applicable, during the one week period
beginning on the twenty-third Trading Day following the closing date of such merger (the "EARLY SETTLEMENT WEEK"), at
the applicable Settlement Rate. For the purposes of this Section, the twenty-third Trading Day after the closing of the merger
or consolidation shall be deemed to be the Purchase Contract Settlement Date for the purpose of determining the Applicable Market
Value and the deadline for submitting the notice to settle early and the related cash payment shall be 5:00 p.m. (New York City
time) of the last Business Day of the Early Settlement Week. Notwithstanding the foregoing, no early settlement will be permitted
under this Section 5.04(b)(2) unless, at the time such early settlement is effected, there is an effective Registration Statement
with respect to the shares of Common Stock to be issued and delivered in connection with such early settlement, if such a Registration
Statement is required (in the view of counsel, which need not be in the form of a written opinion, for either the Company or the
Purchase Contract Agent) under the Securities Act. If such a Registration Statement is so required, the Company covenants and agrees
to use its best efforts to (A) have in effect a Registration Statement covering the shares of Common Stock to be delivered in respect
of the Purchase Contracts being settled and (B) provide a Prospectus in connection therewith, in each case in a form that the Purchase
Contract Agent may use in connection with such early settlement.

 

(c) All calculations and determinations
pursuant to this Section 5.04 shall be made by the Company or its agent and the Purchase Contract Agent shall have no responsibility
with respect thereto.

 

SECTION 5.05. NOTICE OF ADJUSTMENTS AND CERTAIN OTHER EVENTS.

 

(a) Whenever the Settlement Rate is adjusted
as herein provided, the Company shall:

 

(i) forthwith compute the adjusted Settlement
Rate in accordance with Section 5.04 and prepare and transmit to the Purchase Contract Agent an Officers' Certificate setting forth
the Settlement Rate, the method of calculation thereof in reasonable detail, and the facts requiring such adjustment and upon which
such adjustment is based; and

 

(ii) within 10 Business Days following the
occurrence of an event that requires an adjustment to the Settlement Rate pursuant to Section 5.04 (or if the Company is not aware
of such occurrence, as soon as practicable after becoming so aware), provide a written notice to the Holders of the Securities
of the occurrence of such event and a statement in reasonable detail setting forth the method by which the adjustment to the Settlement
Rate was determined and setting forth the adjusted Settlement Rate.

 

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(b) The Purchase Contract Agent shall not
at any time be under any duty or responsibility to any Holder of Securities to determine whether any facts exist which may require
any adjustment of the Settlement Rate, or with respect to the nature or extent or calculation of any such adjustment when made,
or with respect to the method employed in making the same. The Purchase Contract Agent shall not be accountable with respect to
the validity or value (or the kind or amount) of any shares of Common Stock, or of any securities or property, which may at the
time be issued or delivered with respect to any Purchase Contract; and the Purchase Contract Agent makes no representation with
respect thereto. The Purchase Contract Agent shall not be responsible for any failure of the Company to issue, transfer or deliver
any shares of Common Stock pursuant to a Purchase Contract or to comply with any of the duties, responsibilities or covenants of
the Company contained in this Article.

 

SECTION 5.06. TERMINATION EVENT; NOTICE.

 

(a) The Purchase Contracts and all obligations
and rights of the Company and the Holders thereunder, including, without limitation, the rights of the Holders to receive and the
obligation of the Company to pay any Purchase Contract Payments (including any deferred or accrued and unpaid Purchase Contract
Payments), if the Company shall have such obligation, and the rights and obligations of Holders to purchase Common Stock, shall
immediately and automatically terminate, without the necessity of any notice or action by any Holder, the Purchase Contract Agent
or the Company, if, prior to or on the Purchase Contract Settlement Date, a Termination Event shall have occurred.

 

(b) Upon and after the occurrence of a Termination
Event, the Securities shall thereafter represent the right to receive the Preferred Securities, the [Subordinated] Notes, the Treasury
Securities or the appropriate Applicable Ownership Interest of the Treasury Portfolio, as the case may be, forming part of such
Securities, in accordance with the provisions of Section 5.04 of the Pledge Agreement. Upon the occurrence of a Termination Event,
the Company shall promptly but in no event later than two Business Days thereafter give written notice to the Purchase Contract
Agent, the Collateral Agent and the Holders, at their addresses as they appear in the Security Register.

 

SECTION 5.07. EARLY SETTLEMENT.

 

(a) Subject to and upon compliance with
the provisions of this Section 5.07, at the option of the Holder thereof, Purchase Contracts underlying Securities may be settled
early ("EARLY SETTLEMENT") on or prior to 5:00 p.m. (New York City time) on the seventh Business Day immediately preceding
the Purchase Contract Settlement Date. Holders of Treasury Stock Purchase Units may only settle the related Purchase Contracts
in integral multiples of 40 Purchase Contracts. In order to exercise the right to effect Early Settlement with respect to any Purchase
Contracts, the Holder of the Certificate evidencing Securities shall deliver to the Purchase Contract Agent at the Corporate Trust
Office an "Election to Settle Early" form (on the reverse side of the Certificate) and any other documents requested
by the Purchase Contract Agent and accompanied by payment (payable to the Company in immediately available funds) in an amount
(the "EARLY SETTLEMENT AMOUNT") equal to the product of (i) (A) the Stated Amount times (B) the number of Purchase Contracts
with respect to which the Holder has elected to effect Early Settlement, plus (ii) if such delivery is made with respect to any
Purchase Contracts during the period from the close of business on any Record Date next preceding any Payment Date to the opening
of business on such Payment Date, an amount equal to the Purchase Contract Payments payable on such Payment Date with respect to
such Purchase Contracts.

 

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Except as provided in the immediately preceding
sentence and subject to Section 5.11(c), no payment shall be made upon Early Settlement of any Purchase Contract on account of
any Purchase Contract Payments accrued on such Purchase Contract or on account of dividends payable on the Common Stock issued
upon such Early Settlement, the record date for which payment occurs prior to the Early Settlement Date. If the foregoing requirements
are first satisfied with respect to Purchase Contracts underlying any Securities prior to or at 5:00 p.m. (New York City time)
on a Business Day, such day shall be the "EARLY SETTLEMENT DATE" with respect to such Securities and if such requirements
are first satisfied after 5:00 p.m. (New York City time) on a Business Day or on a day that is not a Business Day, the "EARLY
SETTLEMENT DATE" with respect to such Securities shall be the next succeeding Business Day (so long as such next succeeding
Business Day is not later than the seventh Business Day immediately preceding the Purchase Contract Settlement Date).

 

(b) No Early Settlement will be permitted
under this Section 5.07 unless, at the time of delivery of the Election to Settle Early form or time the Early Settlement is effected,
there is an effective Registration Statement with respect to the shares of Common Stock to be issued and delivered in connection
with such Early Settlement, if such a Registration Statement is required (in the view of counsel, which need not be in the form
of a written opinion, for either the Company or the Purchase Contract Agent) under the Securities Act. If such a Registration Statement
is so required, the Company covenants and agrees to use its best efforts to (A) have in effect a Registration Statement covering
the shares of Common Stock to be delivered in respect of the Purchase Contracts being settled and (B) provide a Prospectus in connection
therewith, in each case in a form that the Purchase Contract Agent may use in connection with such Early Settlement.

 

(c) Upon Early Settlement of Purchase Contracts
by a Holder of the related Securities, the Company shall issue, and the Holder shall be entitled to receive _______ share of Common
Stock on account of each Purchase Contract as to which Early Settlement is effected (the "EARLY SETTLEMENT RATE"). The
Early Settlement Rate shall be adjusted in the same manner and at the same time as the Settlement Rate is adjusted.

 

(d) Not later than the third Business Day
after the applicable Early Settlement Date, the Company shall cause:

 

(i) the shares of Common Stock issuable upon
Early Settlement of Purchase Contracts to be issued and delivered, together with payment in lieu of any fraction of a share, as
provided in Section 5.09; and

 

(ii) the related Preferred Securities, [Subordinated]
Notes or the appropriate Applicable Ownership Interest (as specified in clause (A) of the definition of such term) of the Treasury
Portfolio, in the case of Stock Purchase Units, or the related Treasury Securities, in the case of Treasury Stock Purchase Units,
to be released from the Pledge by the Collateral Agent and transferred, in each case, to the Purchase Contract Agent for delivery
to the Holder thereof or its designee.

 

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(e) Upon Early Settlement of any Purchase
Contracts, and subject to receipt of shares of Common Stock from the Company and the Preferred Securities, [Subordinated] Notes,
the appropriate Applicable Ownership Interest as specified in clause (A) of the definition of such term) of the Treasury Portfolio,
or Treasury Securities, as the case may be, from the Securities Intermediary, as applicable, the Purchase Contract Agent shall,
in accordance with the instructions provided by the Holder thereof on the Election to Settle Early form (on the reverse of the
Certificate evidencing the related Securities):

 

(i) transfer to the Holder the Preferred Securities,
[Subordinated] Notes, the appropriate Applicable Ownership Interest (as specified in clause (A) of the definition of such term)
of the Treasury Portfolio or Treasury Securities, as the case may be, forming a part of such Securities;

 

(ii) deliver to the Holder a certificate or
certificates for the full number of shares of Common Stock issuable upon such Early Settlement, together with payment in lieu of
any fraction of a share, as provided in Section 5.09; and

 

(iii) if so required under the Securities
Act, deliver a Prospectus for the shares of Common Stock issuable upon such Early Settlement as contemplated by Section 5.07(b).

 

(f) In the event that Early Settlement is
effected with respect to Purchase Contracts underlying less than all the Securities evidenced by a Certificate, upon such Early
Settlement the Company shall execute and the Purchase Contract Agent shall authenticate, countersign and deliver to the Holder
thereof, at the expense of the Company, a Certificate evidencing the Securities as to which Early Settlement was not effected.

 

(g) A Holder of a Security who effects Early
Settlement may elect to have the Preferred Securities or [Subordinated] Notes, as the case may be, no longer a part of a Stock
Purchase Unit remarketed. A Holder making such an election must notify the Property Trustee or the Indenture Trustee, as the case
may be, prior to 11:00 a.m. (New York City time) on the fifth Business Day immediately preceding the Purchase Contract Settlement
Date, of the aggregate number of Preferred Securities or [Subordinated] Notes that are not part of Stock Purchase Units to be remarketed.
Any such notice will be irrevocable and may not be conditioned upon the level at which the Reset Rate is established in the Remarketing.
Concurrently, the Property Trustee or the Indenture Trustee, as the case may be, shall cause such Preferred Securities or [Subordinated]
Notes, as the case may be, to be presented to the Remarketing Agent for Remarketing.

 

SECTION 5.08. INTENTIONALLY OMITTED.

 

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SECTION 5.09. NO FRACTIONAL SHARES.

 

No fractional shares or scrip representing
fractional shares of Common Stock shall be issued or delivered upon settlement on the Purchase Contract Settlement Date or upon
Early Settlement of any Purchase Contracts. If Certificates evidencing more than one Purchase Contract shall be surrendered for
settlement at one time by the same Holder, the number of full shares of Common Stock which shall be delivered upon settlement shall
be computed on the basis of the aggregate number of Purchase Contracts evidenced by the Certificates so surrendered. Instead of
any fractional share of Common Stock which would otherwise be deliverable upon settlement of any Purchase Contracts on the Purchase
Contract Settlement Date or upon Early Settlement, the Company, through the Purchase Contract Agent, shall make a cash payment
in respect of such fractional interest in an amount equal to the value of such fractional shares times the Applicable Market Value.
The Company shall provide the Purchase Contract Agent from time to time with sufficient funds to permit the Purchase Contract Agent
to make all cash payments required by this Section 5.09 in a timely manner.

 

SECTION 5.10. CHARGES AND TAXES.

 

The Company will pay all stock transfer
and similar taxes attributable to the initial issuance and delivery of the shares of Common Stock pursuant to the Purchase Contracts;
PROVIDED, HOWEVER, that the Company shall not be required to pay any such tax or taxes which may be payable in respect of any exchange
of or substitution for a Certificate evidencing a Security or any issuance of a share of Common Stock in a name other than that
of the registered Holder of a Certificate surrendered in respect of the Securities evidenced thereby, other than in the name of
the Purchase Contract Agent, as custodian for such Holder, and the Company shall not be required to issue or deliver such share
certificates or Certificates unless or until the Person or Persons requesting the transfer or issuance thereof shall have paid
to the Company the amount of such tax or shall have established to the satisfaction of the Company that such tax has been paid.

 

SECTION 5.11. PURCHASE CONTRACT PAYMENTS.

 

(a) Subject to Section 5.12, the Company
shall pay, on each Payment Date, the Purchase Contract Payments payable in respect of each Purchase Contract to the Person in whose
name a Certificate is registered at the close of business on the Record Date next preceding such Payment Date. The Purchase Contract
Payments will be payable at the office of the Purchase Contract Agent in New York City maintained for that purpose or, at the option
of the Holder, by check mailed to the address of the Person entitled thereto at such Person's address as it appears on the Security
Register. If any date on which Purchase Contract Payments are to be made is not a Business Day, then payment of the Purchase Contract
Payments payable on such date will be made on the next succeeding day that is a Business Day (and without any interest in respect
of any such delay), except that, if such Business Day is in the next succeeding calendar year, such payment will be made on the
immediately preceding Business Day. Purchase Contract Payments payable for any period will be computed (i) for any full quarterly
period on the basis of a 360-day year of twelve 30-day months and (ii) for any period shorter than a full quarterly period, on
the basis of a 30-day month and, for periods of less than a month, on the basis of the actual number of days elapsed per 30-day
month.

 

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(b) Upon the occurrence of a Termination
Event, the Company's obligation to pay future Purchase Contract Payments (including any accrued or deferred Purchase Contract Payments)
shall cease.

 

(c) Each Certificate delivered under this
Agreement upon registration of transfer of or in exchange for or in lieu of (including as a result of a Collateral Substitution
or the reestablishment of Stock Purchase Units) any other Certificate shall carry the right to accrued or deferred and unpaid Purchase
Contract Payments and the right to accrue Purchase Contract Payments, which rights were carried by the Purchase Contracts underlying
such other Certificates.

 

(d) Subject to Section 5.07, in the case
of any Security with respect to which Early Settlement of the underlying Purchase Contract is effected on an Early Settlement Date
that is after any Record Date and prior to or on the next succeeding Payment Date, Purchase Contract Payments otherwise payable
on such Payment Date shall be payable on such Payment Date notwithstanding such Early Settlement, and such Purchase Contract Payments
shall be paid to the Person in whose name the Certificate evidencing such Security is registered at the close of business on such
Record Date. Except as otherwise expressly provided in the immediately preceding sentence, in the case of any Security with respect
to which Early Settlement of the underlying Purchase Contract is effected on an Early Settlement Date, Purchase Contract Payments
that would otherwise be payable after the Early Settlement Date with respect to such Purchase Contract shall not be payable.

 

SECTION 5.12. DEFERRAL OF PURCHASE CONTRACT PAYMENTS.

 

(a) The Company has the right to defer payment
of all or part of the Purchase Contract Payments in respect of each Purchase Contract until no later than the Purchase Contract
Settlement Date, but only if the Company shall give the Holders and the Purchase Contract Agent written notice of its election
to defer such payment (specifying the amount to be deferred) at least ten Business Days prior to the earlier of (i) the next succeeding
Payment Date or (ii) the date the Company is required to give notice of the Record Date or Payment Date with respect to payment
of such Purchase Contract Payments to the NYSE or other applicable self-regulatory organization or to Holders of the Securities,
but in any event not less than one Business Day prior to such Record Date. If the Company so elects to defer Purchase Contract
Payments, the Company shall pay additional Purchase Contract Payments on such deferred installments of Purchase Contract Payments
at a rate equal to ___% per annum, compounding quarterly, until such deferred installments are paid in full. Deferred Purchase
Contract Payments shall be due on the Payment Date except to the extent that payment is deferred pursuant to this Section. Except
as otherwise provided in Section 5.11(d), in the case of any Security with respect to which Early Settlement of the underlying
Purchase Contract is effected on an Early Settlement Date, the Holder will have no right to receive any accrued or deferred Purchase
Contract Payments.

 

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(b) In the event the Company elects to defer
the payment of Purchase Contract Payments on the Purchase Contracts until the Purchase Contract Settlement Date, each Holder will
receive on the Purchase Contract Settlement Date the aggregate amount of accrued and unpaid Purchase Contract Payments. The Company
shall pay such amounts on the Purchase Contract Settlement Date in the manner described in Section 5.02(e).

 

(c) In the event the Company exercises its
option to defer the payment of Purchase Contract Payments, then, until all deferred Purchase Contract Payments have been paid,
the Company shall not (a) make any payment of principal, interest or premium, if any, on or repay, repurchase or redeem any debt
securities that rank junior to the [Subordinated] Notes in the right of payment issued by the Company, or (b) make any guarantee
payments with respect to any guarantee by the Company of any securities of any of its subsidiaries if such guarantee ranks junior
to the [Subordinated] Notes in the right of payment, (c) declare or pay any dividends or distributions on any of the Company's
capital stock or (d) redeem, purchase, acquire or make a liquidation payment with respect to, any of the Company's capital stock.
Notwithstanding the foregoing, the Company may (1) purchase or acquire its capital stock in connection with the satisfaction by
it of its obligations under any employee benefit plans or pursuant to any contract or security outstanding on the first day of
any such event requiring it to purchase its capital stock; (2) reclassify its capital stock or exchange or convert one class or
series of its capital stock for another class or series of its capital stock; (3) purchase fractional interests in shares of its
capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged;
(4) declare dividends or distributions in its capital stock; (5) redeem or repurchase any rights pursuant to a rights agreement;
and (6) make payments under the Guarantee related to the Preferred Securities.

 

ARTICLE 6

 

REMEDIES

 

SECTION 6.01. UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PURCHASE
CONTRACT PAYMENTS AND TO PURCHASE SHARES OF COMMON STOCK.

 

Each Holder of a Security shall have the
right, which is absolute and unconditional, (i) subject to the right of the Company to defer such payments in accordance with Section
5.12, to receive each Purchase Contract Payment with respect to the Purchase Contract comprising part of such Security on the respective
Payment Date for such Security and (ii) to purchase shares of Common Stock pursuant to such Purchase Contract and, in each such
case, to institute suit for the enforcement of any such right to receive Purchase Contract Payments and the right to purchase shares
of Common Stock, and such rights shall not be impaired without the consent of such Holder.

 

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SECTION 6.02. RESTORATION OF RIGHTS AND REMEDIES.

 

If any Holder has instituted any proceeding
to enforce any right or remedy under this Agreement and such proceeding has been discontinued or abandoned for any reason, or has
been determined adversely to such Holder, then and in every such case, subject to any determination in such proceeding, the Company
and such Holder shall be restored severally and respectively to their former positions hereunder and thereafter all rights and
remedies of such Holder shall continue as though no such proceeding had been instituted.

 

SECTION 6.03. RIGHTS AND REMEDIES CUMULATIVE.

 

Except as otherwise provided with respect
to the replacement or payment of mutilated, destroyed, lost or stolen Certificates in the last paragraph of Section 3.10, no right
or remedy herein conferred upon or reserved to the Holders is intended to be exclusive of any other right or remedy, and every
right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder
or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or
otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

SECTION 6.04. DELAY OR OMISSION NOT WAIVER.

 

No delay or omission of any Holder to exercise
any right or remedy upon a default shall impair any such right or remedy or constitute a waiver of any such right. Every right
and remedy given by this Article or by law to the Holders may be exercised from time to time, and as often as may be deemed expedient,
by such Holders.

 

SECTION 6.05. UNDERTAKING FOR COSTS.

 

All parties to this Agreement agree, and
each Holder of a Security, by its acceptance of such Security shall be deemed to have agreed, that any court may in its discretion
require, in any suit for the enforcement of any right or remedy under this Agreement, or in any suit against the Purchase Contract
Agent for any action taken, suffered or omitted by it as Purchase Contract Agent, the filing by any party litigant in such suit
of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable
attorneys' fees and costs against any party litigant in such suit, having due regard to the merits and good faith of the claims
or defenses made by such party litigant; PROVIDED that the provisions of this Section shall not apply to any suit instituted by
the Purchase Contract Agent, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10%
of the Outstanding Securities, or to any suit instituted by any Holder for the enforcement of distributions on any Preferred Securities
or interest on any [Subordinated] Notes or Purchase Contract Payments on or after the respective Payment Date therefor in respect
of any Security held by such Holder, or for enforcement of the right to purchase shares of Common Stock under the Purchase Contracts
constituting part of any Security held by such Holder.

 

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SECTION 6.06. WAIVER OF STAY OR EXTENSION LAWS.

 

The Company covenants (to the extent that
it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit
or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants
or the performance of this Agreement; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit
or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to
the Purchase Contract Agent or the Holders, but will suffer and permit the execution of every such power as though no such law
had been enacted.

 

ARTICLE 7

 

THE PURCHASE CONTRACT AGENT

 

SECTION 7.01. CERTAIN DUTIES AND RESPONSIBILITIES.

 

(a) The Purchase Contract Agent:

 

(1) undertakes to perform, with respect
to the Securities, such duties and only such duties as are specifically set forth in this Agreement and the Pledge Agreement, and
no implied covenants or obligations shall be read into this Agreement or the Pledge Agreement against the Purchase Contract Agent;
and

 

(2) in the absence of bad faith or gross
negligence on its part, may, with respect to the Securities, conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Purchase Contract Agent and conforming to the
requirements of this Agreement or the Pledge Agreement, as applicable, but in the case of any certificates or opinions which by
any provision hereof are specifically required to be furnished to the Purchase Contract Agent, the Purchase Contract Agent shall
be under a duty to examine the same to determine whether or not they conform to the requirements of this Agreement or the Pledge
Agreement, as applicable (but need not confirm or investigate the accuracy of the mathematical calculations or other facts stated
therein).

 

(b) No provision of this Agreement or the
Pledge Agreement shall be construed to relieve the Purchase Contract Agent from liability for its own grossly negligent action,
its own grossly negligent failure to act, or its own willful misconduct, except that:

 

(1) this Subsection shall not be construed
to limit the effect of Subsection (a) of this Section;

 

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(2) the Purchase Contract Agent shall not
be liable for any error of judgment made in good faith by a Responsible Officer, unless it shall be proved that the Purchase Contract
Agent was negligent in ascertaining the pertinent facts;

 

(3) no provision of this Agreement or the
Pledge Agreement shall require the Purchase Contract Agent to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if indemnity satisfactory
to the Purchase Contract Agent is not provided to it; and

 

(4) the Purchase Contract Agent shall not
be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders
of a majority in principal amount of the Outstanding Securities.

 

(c) Whether or not therein expressly so
provided, every provision of this Agreement and the Pledge Agreement relating to the conduct or affecting the liability of or affording
protection to the Purchase Contract Agent shall be subject to the provisions of this Section.

 

(d) The Purchase Contract Agent is authorized
to execute and deliver the Pledge Agreement in its capacity as Purchase Contract Agent.

 

SECTION 7.02. NOTICE OF DEFAULT.

 

Within 30 days after the occurrence of any
default by the Company hereunder of which a Responsible Officer of the Purchase Contract Agent has actual knowledge, the Purchase
Contract Agent shall transmit by mail to the Company and the Holders of Securities, as their names and addresses appear in the
Security Register, notice of such default hereunder, unless such default shall have been cured or waived.

 

SECTION 7.03. CERTAIN RIGHTS OF PURCHASE CONTRACT AGENT.

 

(a) Subject to the provisions of Section
7.01:

 

(1) the Purchase Contract Agent may conclusively
rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, [Subordinated] Note, note, other evidence of indebtedness or
other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties;

 

(2) any request or direction of the Company
mentioned herein shall be sufficiently evidenced by an Officers' Certificate, Issuer Order or Issuer Request, and any resolution
of the Board of Directors of the Company may be sufficiently evidenced by a Board Resolution;

 

(3) whenever in the administration of this
Agreement or the Pledge Agreement the Purchase Contract Agent shall deem it desirable that a matter be proved or established prior
to taking, suffering or omitting any action hereunder, the Purchase Contract Agent (unless other evidence be herein specifically
prescribed) may, in the absence of bad faith on its part, conclusively rely upon an Officers' Certificate of the Company;

 

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(4) the Purchase Contract Agent may consult
with counsel of its selection appointed with due care by it hereunder and the advice of such counsel or any opinion of Counsel
shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in
good faith and in reliance thereon;

 

(5) the Purchase Contract Agent shall not
be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion,
report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document,
but the Purchase Contract Agent, in its discretion, and at the expense of the Company, may make reasonable further inquiry or investigation
into such facts or matters related to the execution, delivery and performance of the Purchase Contracts as it may see fit, and,
if the Purchase Contract Agent shall determine to make such further inquiry or investigation, it shall be given a reasonable opportunity
to examine the relevant books, records and premises of the Company, personally or by agent or attorney and shall incur no liability
or additional liability of any kind by reason of such inquiry or investigation;

 

(6) the Purchase Contract Agent may execute
any of the powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys or an Affiliate
and the Purchase Contract Agent shall not be responsible for any misconduct or negligence on the part of any agent or attorney
or an Affiliate appointed with due care by it hereunder;

 

(7) the Purchase Contract Agent shall be
under no obligation to exercise any of the rights or powers vested in it by this Agreement at the request or direction of any of
the Holders pursuant to this Agreement, unless such Holders shall have offered to the Purchase Contract Agent security or indemnity
satisfactory to the Purchase Contract Agent against the costs, expenses and liabilities which might be incurred by it in compliance
with such request or direction;

 

(8) the Purchase Contract Agent shall not
be liable for any action taken, suffered, or omitted to be taken by it in good faith and reasonably believed by it to be authorized
or within the discretion or rights or powers conferred upon it by this Agreement;

 

(9) the Purchase Contract Agent shall not
be deemed to have notice of any default hereunder unless a Responsible Officer of the Purchase Contract Agent has actual knowledge
thereof or unless written notice of any event which is in fact such a default is received by the Purchase Contract Agent at the
Corporate Trust Office of the Purchase Contract Agent, and such notice references the Securities and this Agreement;

 

(10) the Purchase Contract Agent may request
that the Company deliver an Officers' Certificate setting forth the names of individuals and/or titles of officers authorized at
such time to take specified actions pursuant to this Agreement, which Officers' Certificate may be signed by any person authorized
to sign an Officers' Certificate, including any person specified as so authorized in any such certificate previously delivered
and not superseded; and

 

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(11) the rights, privileges, protections,
immunities and benefits given to the Purchase Contract Agent, including, without limitation, its right to be indemnified, are extended
to, and shall be enforceable by, the Purchase Contract Agent in each of its capacities hereunder, and to each agent, custodian
and other Person employed to act hereunder.

 

SECTION 7.04. NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF SECURITIES.

 

The recitals contained herein and in the
Certificates shall be taken as the statements of the Company, and the Purchase Contract Agent assumes no responsibility for their
accuracy. The Purchase Contract Agent makes no representations as to the validity or sufficiency of either this Agreement or of
the Securities, or of the Pledge Agreement or the Pledge. The Purchase Contract Agent shall not be accountable for the use or application
by the Company of the proceeds in respect of the Purchase Contracts.

 

SECTION 7.05. MAY HOLD SECURITIES.

 

Any Security Registrar or any other agent
of the Company, or the Purchase Contract Agent and its Affiliates, in their individual or any other capacity, may become the owner
or pledgee of Securities and may otherwise deal with the Company, the Collateral Agent or any other Person with the same rights
it would have if it were not Security Registrar or such other agent, or the Purchase Contract Agent. The Company may become the
owner or pledgee of Securities.

 

SECTION 7.06. MONEY HELD IN CUSTODY.

 

Money held by the Purchase Contract Agent
in custody hereunder need not be segregated from the other funds except to the extent required by law or provided herein. The Purchase
Contract Agent shall be under no obligation to invest or pay interest on any money received by it hereunder except as otherwise
provided hereunder or agreed in writing with the Company.

 

SECTION 7.07. COMPENSATION AND REIMBURSEMENT.

 

The Company agrees:

 

(1) to pay to the Purchase Contract Agent
compensation for all services rendered by it hereunder and under the Pledge Agreement as the Company and the Purchase Contract
Agent shall from time to time agree in writing;

 

(2) except as otherwise expressly provided
for herein, to reimburse the Purchase Contract Agent upon its request for all reasonable expenses, disbursements and advances incurred
or made by the Purchase Contract Agent in accordance with any provision of this Agreement and the Pledge Agreement (including the
reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or
advance as may be attributable to its gross negligence, willful misconduct or bad faith; and

 

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(3) to indemnify the Purchase Contract Agent
and any predecessor Purchase Contract Agent for, and to hold it harmless against, any loss, liability or expense incurred without
gross negligence, willful misconduct or bad faith on its part, arising out of or in connection with the acceptance or administration
of its duties hereunder, including the costs and expenses of defending itself against any claim (whether asserted by the Company,
a Holder or any other person) or liability in connection with the exercise or performance of any of its powers or duties hereunder.

 

The provisions of this Section shall survive the resignation
and removal of the Purchase Contract Agent and the termination of this Agreement.

 

SECTION 7.08. CORPORATE PURCHASE CONTRACT AGENT REQUIRED; ELIGIBILITY.

 

There shall at all times be a Purchase Contract
Agent hereunder which shall be a corporation organized and doing business under the laws of the United States of America, any State
thereof or the District of Columbia, authorized under such laws to exercise corporate trust powers, having (or being a member of
a bank holding company having) a combined capital and surplus of at least $50,000,000, subject to supervision or examination by
Federal or State authority and having a corporate trust office in the Borough of Manhattan, New York City, if there be such a corporation
in the Borough of Manhattan, New York City, qualified and eligible under this Article and willing to act on reasonable terms. If
such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or
examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation shall be deemed
to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Purchase
Contract Agent shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the
manner and with the effect hereinafter specified in this Article.

 

SECTION 7.09. RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR.

 

(a) No resignation or removal of the Purchase
Contract Agent and no appointment of a successor Purchase Contract Agent pursuant to this Article shall become effective until
the acceptance of appointment by the successor Purchase Contract Agent in accordance with the applicable requirements of Section
7.10.

 

(b) The Purchase Contract Agent may resign
at any time by giving written notice thereof to the Company 60 days prior to the effective date of such resignation. If the instrument
of acceptance by a successor Purchase Contract Agent required by Section 7.10 shall not have been delivered to the Purchase Contract
Agent within 30 days after the giving of such notice of resignation, the resigning Purchase Contract Agent may petition, at the
expense of the Company, any court of competent jurisdiction for the appointment of a successor Purchase Contract Agent.

 

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(c) The Purchase Contract Agent may be removed
at any time by Act of the Holders of a majority in number of the Outstanding Securities delivered to the Purchase Contract Agent
and the Company. If the instrument of acceptance by a successor Purchase Contract Agent required by Section 7.10 shall not have
been delivered to the Purchase Contract Agent within 30 days after the giving of such notice of resignation, the resigning Purchase
Contract Agent may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor
Purchase Contract Agent.

 

(d) If at any time:

 

(1) the Purchase Contract Agent fails to
comply with Section 310(b) of the TIA, as if the Purchase Contract Agent were an indenture trustee under an indenture qualified
under the TIA, after written request therefore by the Company or by any Holder who has been a bona fide Holder of a Security for
at least six months;

 

(2) the Purchase Contract Agent shall cease
to be eligible under Section 7.08 and shall fail to resign after written request therefor by the Company or by any such Holder;
or

 

(3) the Purchase Contract Agent shall become
incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Purchase Contract Agent or of its property
shall be appointed or any public officer shall take charge or control of the Purchase Contract Agent or of its property or affairs
for the purpose of rehabilitation, conservation or liquidation,

 

then, in any such case, (i) the Company
by a Board Resolution may remove the Purchase Contract Agent, or (ii) any Holder who has been a bona fide Holder of a Security
for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction
for the removal of the Purchase Contract Agent and the appointment of a successor Purchase Contract Agent.

 

(e) If the Purchase Contract Agent shall
resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Purchase Contract Agent for any
cause, the Company, by a Board Resolution, shall promptly appoint a successor Purchase Contract Agent and shall comply with the
applicable requirements of Section 7.10. If no successor Purchase Contract Agent shall have been so appointed by the Company and
accepted appointment in the manner required by Section 7.10, any Holder who has been a bona fide Holder of a Security for at least
six months, on behalf of itself and all others similarly situated, or the Purchase Contract Agent may petition at the expense of
the Company, any court of competent jurisdiction for the appointment of a successor Purchase Contract Agent.

 

(f) The Company shall give, or shall cause
such successor Purchase Contract Agent to give, notice of each resignation and each removal of the Purchase Contract Agent and
each appointment of a successor Purchase Contract Agent by mailing written notice of such event by first-class mail, postage prepaid,
to all Holders as their names and addresses appear in the applicable Register. Each notice shall include the name of the successor
Purchase Contract Agent and the address of its Corporate Trust Office.

 

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SECTION 7.10. ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.

 

(a) In case of the appointment hereunder
of a successor Purchase Contract Agent, every such successor Purchase Contract Agent so appointed shall execute, acknowledge and
deliver to the Company and to the retiring Purchase Contract Agent an instrument accepting such appointment, and thereupon the
resignation or removal of the retiring Purchase Contract Agent shall become effective and such successor Purchase Contract Agent,
without any further act, deed or conveyance, shall become vested with all the rights, powers, agencies and duties of the retiring
Purchase Contract Agent; but, on the request of the Company or the successor Purchase Contract Agent, such retiring Purchase Contract
Agent shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Purchase Contract Agent
all the rights, powers and trusts of the retiring Purchase Contract Agent and shall duly assign, transfer and deliver to such successor
Purchase Contract Agent all property and money held by such retiring Purchase Contract Agent hereunder.

  

(b) Upon request of any such successor Purchase
Contract Agent, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such
successor Purchase Contract Agent all such rights, powers and agencies referred to in paragraph 7.10(a) of this Section.

 

(c) No successor Purchase Contract Agent
shall accept its appointment unless at the time of such acceptance such successor Purchase Contract Agent shall be qualified and
eligible under this Article.

 

SECTION 7.11. MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION
TO BUSINESS.

 

Any corporation into which the Purchase
Contract Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion
or consolidation to which the Purchase Contract Agent shall be a party, or any corporation succeeding to all or substantially all
the corporate trust business of the Purchase Contract Agent, shall be the successor of the Purchase Contract Agent hereunder, PROVIDED
that such corporation shall be otherwise qualified and eligible under this Article, with the execution or filing of any paper or
any further act on the part of any of the parties hereto. In case any Certificates shall have been authenticated and executed on
behalf of the Holders, but not delivered, by the Purchase Contract Agent then in office, any successor by merger, conversion or
consolidation to such Purchase Contract Agent may adopt such authentication and execution and deliver the Certificates so authenticated
and executed with the same effect as if such successor Purchase Contract Agent had itself authenticated and executed such Securities.

 

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SECTION 7.12. PRESERVATION OF INFORMATION; COMMUNICATIONS TO
HOLDERS.

 

(a) The Purchase Contract Agent shall preserve,
in as current a form as is reasonably practicable, the names and addresses of Holders received by the Purchase Contract Agent in
its capacity as Security Registrar.

 

(b) If three or more Holders (herein referred
to as "applicants") apply in writing to the Purchase Contract Agent, and furnish to the Purchase Contract Agent reasonable
proof that each such applicant has owned a Security for a period of at least six months preceding the date of such application,
and such application states that the applicants desire to communicate with other Holders with respect to their rights under this
Agreement or under the Securities and is accompanied by a copy of the form of proxy or other communication which such applicants
propose to transmit, then the Purchase Contract Agent shall mail to all the Holders copies of the form of proxy or other communication
which is specified in such request, with reasonable promptness after a tender to the Purchase Contract Agent of the materials to
be mailed and of payment, or provision for the payment, of the reasonable expenses of such mailing.

 

SECTION 7.13. NO OBLIGATIONS OF PURCHASE CONTRACT AGENT.

 

Except to the extent otherwise expressly
provided in this Agreement, the Purchase Contract Agent assumes no obligations and shall not be subject to any liability under
this Agreement, the Pledge Agreement or any Purchase Contract in respect of the obligations of the Holder of any Security thereunder.
The Company agrees, and each Holder of a Certificate, by his or her acceptance thereof, shall be deemed to have agreed, that the
Purchase Contract Agent's execution of the Certificates on behalf of the Holders shall be solely as agent and attorney-in-fact
for the Holders, and that the Purchase Contract Agent shall have no obligation to perform such Purchase Contracts on behalf of
the Holders, except to the extent expressly provided in Article Five hereof. Anything contained in this Agreement to the contrary
notwithstanding, in no event shall the Purchase Contract Agent or its officers, employees or agents be liable under this Agreement
to any third party for indirect, special, punitive, or consequential loss or damage of any kind whatsoever, including lost profits,
whether or not the likelihood of such loss or damage was known to the Purchase Contract Agent, incurred without any act or deed
that is found to be attributable to gross negligence or willful misconduct on the part of the Purchase Contract Agent.

 

SECTION 7.14. TAX COMPLIANCE.

 

(a) The Company and the Purchase Contract
Agent will comply with all applicable certification, information reporting and withholding (including "backup" withholding)
requirements imposed by applicable tax laws, regulations or administrative practice with respect to (i) any payments made with
respect to the Securities or (ii) the issuance, delivery, holding, transfer, redemption or exercise of rights under the Securities.
Such compliance shall include, without limitation, the preparation and timely filing of required returns and the timely payment
of all amounts required to be withheld to the appropriate taxing authority or its designated agent.

 

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(b) The Purchase Contract Agent shall comply
in accordance with the terms hereof with any written direction received from the Company with respect to the execution or certification
of any required documentation and the application of such requirements to particular payments or Holders or in other particular
circumstances, and may for purposes of this Agreement conclusively rely on any such direction in accordance with the provisions
of Section 7.01(a)(2) hereof.

 

(c) The Purchase Contract Agent shall maintain
all appropriate records documenting compliance with such requirements, and shall make such records available, on written request,
to the Company or its authorized representative within a reasonable period of time after receipt of such request.

 

ARTICLE 8

 

SUPPLEMENTAL AGREEMENTS

 

SECTION 8.01. SUPPLEMENTAL AGREEMENTS WITHOUT CONSENT OF HOLDERS.

 

Without the consent of any Holders, the
Company and the Purchase Contract Agent, at any time and from time to time, may enter into one or more agreements supplemental
hereto, in form satisfactory to the Company and the Purchase Contract Agent, to:

 

(1) evidence the succession of another Person
to the Company, and the assumption by any such successor of the covenants of the Company herein and in the Certificates;

 

(2) evidence and provide for the acceptance
of appointment hereunder by a successor Purchase Contract Agent;

 

(3) add to the covenants of the Company
for the benefit of the Holders, or surrender any right or power herein conferred upon the Company;

 

(4) make provision with respect to the rights
of Holders pursuant to the requirements of Section 5.04(b); or

 

(5) except as provided for in Section 5.04,
cure any ambiguity, correct or supplement any provisions herein which may be inconsistent with any other provisions herein, or
make any other provisions with respect to such matters or questions arising under this Agreement, PROVIDED that such action shall
not adversely affect the interests of the Holders.

 

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SECTION 8.02. SUPPLEMENTAL AGREEMENTS WITH CONSENT OF HOLDERS.

 

With the consent of the Holders of not less
than a majority of the outstanding Securities voting together as one class, by Act of said Holders delivered to the Company and
the Purchase Contract Agent, the Company, when authorized by a Board Resolution, and the Purchase Contract Agent may enter into
an agreement or agreements supplemental hereto for the purpose of modifying in any manner the terms of the Purchase Contracts,
or the provisions of this Agreement or the rights of the Holders in respect of the Securities; PROVIDED, HOWEVER, that, except
as contemplated herein, no such supplemental agreement shall, without the unanimous consent of the Holders of each outstanding
Purchase Contract affected thereby,

 

(1) change any Payment Date;

 

(2) change the amount or the type of Collateral
required to be Pledged to secure a Holder's obligations under the Purchase Contract, impair the right of the Holder of any Purchase
Contract to receive distributions on the related Collateral (except for the rights of Holders of Stock Purchase Units to substitute
Treasury Securities for the Pledged Preferred Securities or Pledged [Subordinated] Notes or the rights of Holders of Treasury Stock
Purchase Units to substitute Preferred Securities or [Subordinated] Notes for the Pledged Treasury Securities) or otherwise adversely
affect the Holder's rights in or to such Collateral or adversely alter the rights in or to such Collateral;

 

(3) impair the right to institute suit for
the enforcement of any urchase Contract;

 

(4) reduce the number of shares of Common
Stock to be purchased pursuant to any Purchase Contract, increase the price to purchase shares of Common Stock upon settlement
of any Purchase Contract or change the Purchase Contract Settlement Date;

 

(5) reduce the percentage of the outstanding
Purchase Contracts the consent of whose Holders is required for any such supplemental agreement; or

 

(6) reduce any Purchase Contract Payments
or change any place where, or the coin or currency in which, any Purchase Contract Payment is payable;

 

PROVIDED that if any amendment or proposal referred to above
would adversely affect only the Stock Purchase Units or the Treasury Stock Purchase Units, then only the affected class of Holders
as of the record date for the Holders entitled to vote thereon will be entitled to vote on such amendment or proposal, and such
amendment or proposal shall not be effective except with the consent of Holders of not less than a majority of such class; and
PROVIDED, FURTHER, that the unanimous consent of the Holders of each outstanding Purchase Contract of such class affected thereby
shall be required to approve any amendment or proposal specified in clauses (1) through (6) above.

 

It shall not be necessary for any Act of
Holders under this Section to approve the particular form of any proposed supplemental agreement, but it shall be sufficient if
such Act shall approve the substance thereof.

 

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SECTION 8.03. EXECUTION OF SUPPLEMENTAL AGREEMENTS.

 

In executing, or accepting the additional
agencies created by, any supplemental agreement permitted by this Article or the modifications thereby of the agencies created
by this Agreement, the Purchase Contract Agent shall be provided, and (subject to Section 7.01) shall be fully protected in relying
upon, an Officers' Certificate and an Opinion of Counsel stating that the execution of such supplemental agreement is authorized
or permitted by this Agreement and that any and all conditions precedent to the execution and delivery of such supplemental agreement
have been satisfied. The Purchase Contract Agent may, but shall not be obligated to, enter into any such supplemental agreement
which affects the Purchase Contract Agent's own rights, duties or immunities under this Agreement or otherwise.

 

SECTION 8.04. EFFECT OF SUPPLEMENTAL AGREEMENTS.

 

Upon the execution of any supplemental agreement
under this Article, this Agreement shall be modified in accordance therewith, and such supplemental agreement shall form a part
of this Agreement for all purposes; and every Holder of Certificates theretofore or thereafter authenticated, executed on behalf
of the Holders and delivered hereunder, shall be bound thereby.

 

SECTION 8.05. REFERENCE TO SUPPLEMENTAL AGREEMENTS.

 

Certificates authenticated, executed on
behalf of the Holders and delivered after the execution of any supplemental agreement pursuant to this Article may, and shall if
required by the Purchase Contract Agent, bear a notation in form approved by the Purchase Contract Agent as to any matter provided
for in such supplemental agreement. If the Company shall so determine, new Certificates so modified as to conform, in the opinion
of the Purchase Contract Agent and the Company, to any such supplemental agreement may be prepared and executed by the Company
and authenticated, executed on behalf of the Holders and delivered by the Purchase Contract Agent in exchange for outstanding Certificates.

 

ARTICLE 9

 

CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER
OR LEASE

 

SECTION 9.01. COVENANT NOT TO CONSOLIDATE, MERGE, CONVEY, TRANSFER
OR LEASE PROPERTY EXCEPT UNDER CERTAIN CONDITIONS.

 

The Company covenants that it will not consolidate
with or merge into any other corporation or convey, transfer or lease all or substantially all of its properties and assets to
any Person, unless:

 

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(i) the corporation formed by such consolidation
or into which the Company is merged or the Person which acquires by conveyance or transfer, or which leases, all or substantially
all of the Company's properties and assets shall be a corporation organized and existing under the laws of the United States of
America or a State thereof or the District of Columbia and such corporation shall expressly assume all the obligations of the Company
under the Purchase Contracts, this Agreement and the Pledge Agreement by one or more supplemental agreements in form reasonably
satisfactory to the Purchase Contract Agent and the Collateral Agent, executed and delivered to the Purchase Contract Agent and
the Collateral Agent by such corporation; and

 

(ii) the Company or such successor corporation,
as the case may be, shall not, immediately after such consolidation, merger, conveyance, transfer or lease, be in default in the
performance of any covenant or condition hereunder, under any of the Securities or under the Pledge Agreement.

 

SECTION 9.02. RIGHTS AND DUTIES OF SUCCESSOR CORPORATION.

 

In case of any such merger, consolidation,
share exchange, sale, assignment, transfer, lease or conveyance and upon any such assumption by a successor corporation in accordance
with Section 9.01, such successor corporation shall succeed to and be substituted for the Company with the same effect as if it
had been named herein as the Company. Such successor corporation thereupon may cause to be signed, and may issue either in its
own name or in the name of WidePoint Corporation, any or all of the Certificates evidencing Securities issuable hereunder which
theretofore shall not have been signed by the Company and delivered to the Purchase Contract Agent; and, upon the order of such
successor corporation, instead of the Company, and subject to all the terms, conditions and limitations in this Agreement prescribed,
the Purchase Contract Agent shall authenticate and execute on behalf of the Holders and deliver any Certificates which previously
shall have been signed and delivered by the officers of the Company to the Purchase Contract Agent for authentication and execution,
and any Certificate evidencing Securities which such successor corporation thereafter shall cause to be signed and delivered to
the Purchase Contract Agent for that purpose. All the Certificates issued shall in all respects have the same legal rank and benefit
under this Agreement as the Certificates theretofore or thereafter issued in accordance with the terms of this Agreement as though
all of such Certificates had been issued at the date of the execution hereof.

 

In case of any such merger, consolidation,
share exchange, sale, assignment, transfer, lease or conveyance such change in phraseology and form (but not in substance) may
be made in the Certificates evidencing Securities thereafter to be issued as may be appropriate.

 

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SECTION 9.03. OFFICERS' CERTIFICATE AND OPINION OF COUNSEL GIVEN
TO PURCHASE CONTRACT AGENT.

 

The Purchase Contract Agent, subject to
Sections 7.01 and 7.03, shall receive an Officers' Certificate and an Opinion of Counsel as conclusive evidence that any such merger,
consolidation, share exchange, sale, assignment, transfer, lease or conveyance, and any such assumption, complies with the provisions
of this Article and that all conditions precedent to the consummation of any such merger, consolidation, share exchange, sale,
assignment, transfer, lease or conveyance have been met.

 

ARTICLE 10

 

COVENANTS

 

SECTION 10.01. PERFORMANCE UNDER PURCHASE CONTRACTS.

 

The Company covenants and agrees for the
benefit of the Holders from time to time of the Securities that it will duly and punctually perform its obligations under the Purchase
Contracts in accordance with the terms of the Purchase Contracts and this Agreement.

 

SECTION 10.02. MAINTENANCE OF OFFICE OR AGENCY.

 

The Company will maintain in the Borough
of Manhattan, New York City an office or agency where Certificates may be presented or surrendered for acquisition of shares of
Common Stock upon settlement of the Purchase Contracts on the Purchase Contract Settlement Date or Early Settlement and for transfer
of Collateral upon occurrence of a Termination Event, where Certificates may be surrendered for registration of transfer or exchange,
for a Collateral Substitution or reestablishment of Stock Purchase Units and where notices and demands to or upon the Company in
respect of the Securities and this Agreement may be served. The Company will give prompt written notice to the Purchase Contract
Agent of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain
any such required office or agency or shall fail to furnish the Purchase Contract Agent with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust Office, and the Company hereby appoints the Purchase
Contract Agent as its agent to receive all such presentations, surrenders, notices and demands.

 

The Company may also from time to time designate
one or more other offices or agencies where Certificates may be presented or surrendered for any or all such purposes and may from
time to time rescind such designations; PROVIDED, HOWEVER, that no such designation or rescission shall in any manner relieve the
Company of its obligation to maintain an office or agency in the Borough of Manhattan, New York City for such purposes. The Company
will give prompt written notice to the Purchase Contract Agent of any such designation or rescission and of any change in the location
of any such other office or agency. The Company hereby designates as the place of payment for the Securities the Corporate Trust
Office and appoints the Purchase Contract Agent at its Corporate Trust Office as paying agent in such city.

 

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SECTION 10.03. COMPANY TO RESERVE COMMON STOCK.

 

The Company shall at all times prior to
the Purchase Contract Settlement Date reserve and keep available, free from preemptive rights, out of its authorized but unissued
Common Stock the full number of shares of Common Stock issuable against tender of payment in respect of all Purchase Contracts
constituting a part of the Securities evidenced by Outstanding Certificates.

 

SECTION 10.04. COVENANTS AS TO COMMON STOCK.

 

The Company covenants that all shares of
Common Stock which may be issued against tender of payment in respect of any Purchase Contract constituting a part of the Outstanding
Securities will, upon issuance, be duly authorized, validly issued, fully paid and nonassessable.

 

SECTION 10.05. STATEMENTS OF OFFICERS OF THE COMPANY AS TO DEFAULT.

 

The Company will deliver to the Purchase
Contract Agent, within 120 days after the end of each fiscal year of the Company (which as of the date hereof is December 31) ending
after the date hereof, an Officers' Certificate (one of the signers of which shall be the principal executive officer, principal
financial officer or principal accounting officer of the Company), stating whether or not to the knowledge of the signers thereof
the Company is in default in the performance and observance of any of the terms, provisions and conditions hereof, and if the Company
shall be in default, specifying all such defaults and the nature and status thereof of which they may have knowledge.

  

SECTION 10.06. ERISA.

 

Each Holder from time to time of the Securities
that is a Plan hereby represents that its acquisition of the Stock Purchase Units and the holding of the same satisfies the applicable
fiduciary requirements of ERISA and that it is entitled to exemption relief from the prohibited transaction provisions of ERISA
and the Code in accordance with one or more prohibited transaction exemptions or otherwise will not result in a nonexempt prohibited
transaction.

 

[SIGNATURES ON THE FOLLOWING PAGE]

 

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

 

	 	WIDEPOINT CORPORATION	 
	 	 	 	 
	 	By:	 	 
	 	 	 	 
	 	 	Name:	 
	 	 	 	 
	 	 	Title:	 
	 	 	 	 
	 	[                        ],	 
	 	 	 
	 	as Purchase Contract Agent	 
	 	 	 	 
	 	By:	 	 
	 	 	 	 
	 	 	Name:	 
	 	 	 	 
	 	 	Title:	 

 

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EXHIBIT A

 

FACE OF STOCK PURCHASE UNITS CERTIFICATE

 

[THIS CERTIFICATE IS A GLOBAL CERTIFICATE
WITHIN THE MEANING OF THE PURCHASE CONTRACT AGREEMENT HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (THE "DEPOSITARY"), OR A NOMINEE OF THE DEPOSITARY. THIS CERTIFICATE IS EXCHANGEABLE
FOR CERTIFICATES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES
DESCRIBED IN THE PURCHASE CONTRACT AGREEMENT AND NO TRANSFER OF THIS CERTIFICATE (OTHER THAN A TRANSFER OF THIS CERTIFICATE AS
A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE
OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES.

 

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

 

	No. ____	CUSIP No._____________

 

Number of Stock Purchase Units:______________

 

WIDEPOINT CORPORATION

 

____________ TRUST

 

STOCK PURCHASE UNITS

 

This Stock Purchase Units Certificate certifies
that ___________________ is the registered Holder of the number of Stock Purchase Units set forth above. Each Stock Purchase Unit
consists of (i) either (a) the beneficial ownership by the Holder of one Preferred Security (the "PREFERRED SECURITY")
of ___________Trust, a Delaware statutory trust (the "TRUST"), having a stated liquidation amount of $       , subject to the
Pledge of such Preferred Security by such Holder pursuant to the Pledge Agreement, or (b) upon the occurrence of a Tax Event Redemption
prior to the Purchase Contract Settlement Date, the appropriate Applicable Ownership Interest (as specified in clause (A) of the
definition of such term) of the Treasury Portfolio by such Holder pursuant to the Pledge Agreement, and (ii) the rights and obligations
of the Holder under one Purchase Contract with WidePoint Corporation., a Delaware corporation (the "COMPANY"). All capitalized
terms used herein which are defined in the Purchase Contract Agreement (as defined on the reverse hereof) have the meaning set
forth therein.

 

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Pursuant to the Pledge Agreement, the Preferred
Securities or the appropriate Applicable Ownership Interest (as specified in clause (A) of the definition of such term) of the
Treasury Portfolio, as the case may be, constituting part of each Stock Purchase Unit evidenced hereby has been pledged to the
Collateral Agent, for the benefit of the Company, to secure the obligations of the Holder under the Purchase Contract comprising
part of such Stock Purchase Unit.

 

The Pledge Agreement provides that all payments
of the liquidation amount with respect to any of the Pledged Preferred Securities or the appropriate Applicable Ownership Interest
(as specified in clause (A) of the definition of such term) of the Treasury Portfolio, as the case may be, or cash distributions
on any Pledged Preferred Securities (as defined in the Pledge Agreement) or the appropriate Applicable Ownership Interest (as specified
in clause (B) of the definition of such term) of the Treasury Portfolio, as the case may be, constituting part of the Stock Purchase
Units received by the Securities Intermediary shall be paid by wire transfer in same day funds (i) in the case of (A) cash distributions
with respect to Pledged Preferred Securities or the appropriate Applicable Ownership Interest (as specified in clause (B) of the
definition of such term) of the Treasury Portfolio, as the case may be, and (B) any payments of the liquidation amount with respect
to any Preferred Securities or the appropriate Applicable Ownership Interest (as specified in clause (A) of the definition of such
term) of the Treasury Portfolio, as the case may be, that have been released from the Pledge pursuant to the Pledge Agreement,
to the Purchase Contract Agent to the account designated by the Purchase Contract Agent, no later than 2:00 p.m., New York City
time, on the Business Day such payment is received by the Securities Intermediary (PROVIDED that in the event such payment is received
by the Securities Intermediary on a day that is not a Business Day or after 12:30 p.m., New York City time, on a Business Day,
then such payment shall be made no later than 10:30 a.m., New York City time, on the next succeeding Business Day) and (ii) in
the case of payments of the liquidation amount with respect to any of the Pledged Preferred Securities or the appropriate Applicable
Ownership Interest (as specified in clause (A) of the definition of such term) of the Treasury Portfolio, to the Company on the
Purchase Contract Settlement Date (as described herein) in accordance with the terms of the Pledge Agreement, in full satisfaction
of the respective obligations of the Holders of the Stock Purchase Units of which such Pledged Preferred Securities or the Applicable
Ownership Interest (as specified in clause (A) of the definition of such term) of the Treasury Portfolio, as the case may be, are
a part under the Purchase Contracts forming a part of such Stock Purchase Units. Distributions on any Preferred Security or the
appropriate Applicable Ownership Interest (as specified in clause (B) of the definition of such term) of the Treasury Portfolio,
as the case may be, forming part of a Stock Purchase Unit evidenced hereby, which are payable quarterly in arrears on _______________,
___________________, ________________, and ________________ of each year, commencing ______________, 20____ (a "PAYMENT DATE"),
shall, subject to receipt thereof by the Purchase Contract Agent from the Securities Intermediary, be paid to the Person in whose
name this Stock Purchase Unit Certificate (or a Predecessor Stock Purchase Unit Certificate) is registered at the close of business
on the Record Date for such Payment Date.

 

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Each Purchase Contract evidenced hereby
obligates the Holder of this Stock Purchase Units Certificate to purchase, and the Company to sell, on _________________ (the "PURCHASE
CONTRACT SETTLEMENT DATE"), at a price equal to $25 (the "STATED AMOUNT"), a number of shares of Common Stock, without
par value ("COMMON STOCK"), of the Company, equal to the Settlement Rate, unless on or prior to the Purchase Contract
Settlement Date there shall have occurred a Termination Event or an Early Settlement with respect to the Stock Purchase Unit of
which such Purchase Contract is a part, all as provided in the Purchase Contract Agreement and more fully described on the reverse
hereof. The purchase price (the "PURCHASE PRICE") for the shares of Common Stock purchased pursuant to each Purchase
Contract evidenced hereby, if not paid earlier, shall be paid on the Purchase Contract Settlement Date by application of payment
received in respect of the liquidation amount with respect to any Pledged Preferred Securities pursuant to the Remarketing or the
appropriate Applicable Ownership Interest (as specified in clause (A) of the definition of such term) of the Treasury Portfolio,
as the case may be, pledged to secure the obligations under such Purchase Contract of the Holder of the Stock Purchase Unit of
which such Purchase Contract is a part.

 

The Company shall pay, on each Payment Date,
in respect of each Purchase Contract forming part of a Stock Purchase Unit evidenced hereby, an amount (the "PURCHASE CONTRACT
PAYMENTS") equal to ___% per year of the Stated Amount. Such Purchase Contract Payments shall be payable to the Person in
whose name this Stock Purchase Units Certificate is registered at the close of business on the Record Date for such Payment Date.
The Company may, at its option, defer such Purchase Contract Payments.

 

Distributions on the Preferred Securities
and the Applicable Ownership Interest (as specified in clause (B) of the definition of such term) and the Purchase Contract Payments
will be payable at the office of the Purchase Contract Agent in New York City or, at the option of the Company, by check mailed
to the address of the Person entitled thereto as such address appears on the Security Register.

 

Reference is hereby made to the further
provisions set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth
at this place.

 

Unless the certificate of authentication
hereon has been executed by the Purchase Contract Agent by manual signature, this Stock Purchase Units Certificate shall not be
entitled to any benefit under the Pledge Agreement or the Purchase Contract Agreement or be valid or obligatory for any purpose.

 

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

 

	 	WIDEPOINT CORPORATION	 
	 	 	 	 
	 	By:	 	 
	 	 	 	 
	 	 	Name:	 
	 	 	 	 
	 	 	Title:	 

 

    	73

    	 

    

 

HOLDER SPECIFIED ABOVE (as to obligations of such Holder under
the Purchase Contracts)

 

	 	By:[                          ],	 
	 	 	 
	 	not individually but solely as Attorney-in-Fact of such Holder
	 	 	 	 
	 	By:	 	 
	 	 	 	 
	 	 	Name:	 
	 	 	 	 
	 	 	Title:	 

 

	DATED:	 	 
	 	 	 

 

    	74

    	 

    

 

CERTIFICATE OF AUTHENTICATION 

OF PURCHASE CONTRACT AGENT

 

This is one of the Stock Purchase Units Certificates referred
to in the within mentioned Purchase Contract Agreement.

 

	 	By:[                          ],	 
	 	 	 
	 	as Purchase Contract Agent	 
	 	 	 	 
	 	By:	 	 
	 	 	 	 
	 	 	Authorized Signatory	 

 

	Dated:	 	 
	 	 	 

 

    	75

    	 

    

  

(FORM OF REVERSE OF STOCK PURCHASE UNITS
CERTIFICATE)

 

Each Purchase Contract evidenced hereby
is governed by a Purchase Contract Agreement, dated as of _____________, 20___ (as may be supplemented from time to time, the "PURCHASE
CONTRACT AGREEMENT"), between the Company and [ ], as Purchase Contract Agent (including its successors hereunder, the "PURCHASE
CONTRACT AGENT"), to which Purchase Contract Agreement and supplemental agreements thereto reference is hereby made for a
description of the respective rights, limitations of rights, obligations, duties and immunities thereunder of the Purchase Contract
Agent, the Company, and the Holders and of the terms upon which the Stock Purchase Units Certificates are, and are to be, executed
and delivered.

 

Unless a Cash Settlement or an Early Settlement
has occurred, each Purchase Contract evidenced hereby obligates the Holder of this Stock Purchase Units Certificate to purchase,
and the Company to sell, on the Purchase Contract Settlement Date at a price equal to the Stated Amount (the "PURCHASE PRICE"),
a number of shares of Common Stock equal to the Settlement Rate, unless, prior to or on the Purchase Contract Settlement Date,
there shall have occurred a Termination Event with respect to the Security of which such Purchase Contract is a part or an Early
Settlement shall have occurred. The "SETTLEMENT RATE" is equal to:

 

(1) if the Applicable Market Value (as defined
below) is greater than or equal to $______ (the "THRESHOLD APPRECIATION PRICE"), _____ shares of Common Stock per Purchase
Contract;

 

(2) if the Applicable Market Value is less
than the Threshold Appreciation Price but greater than $______ (the "REFERENCE PRICE"), the number of shares of Common
Stock per Purchase Contract having a value, based on the Applicable Market Value, equal to $25; and

 

(3) if the Applicable Market Value is less
than or equal to the Reference Price, _____ share of Common Stock per Purchase Contract,

 

in each case subject to adjustment as provided in the Purchase
Contract Agreement (and in each case rounded upward or downward to the nearest 1/10,000th of a share).

 

No fractional shares of Common Stock will
be issued upon settlement of Purchase Contracts, as provided in Section 5.09 of the Purchase Contract Agreement.

 

Each Purchase Contract evidenced hereby,
which is settled either through Early Settlement or Cash Settlement, shall obligate the Holder of the related Stock Purchase Unit
to purchase at the Purchase Price, and the Company to sell, a number of shares of Common Stock equal to the Early Settlement Rate
or Settlement Rate, as applicable.

 

    	76

    	 

    

 

The "APPLICABLE MARKET VALUE"
means the average of the Closing Price per share of Common Stock on each of the 20 consecutive Trading Days ending on the third
Trading Day immediately preceding the Purchase Contract Settlement Date.

 

The "CLOSING PRICE" per share
of Common Stock on any date of determination means:

 

(1) the closing sale price as of the close
of the principal trading session (or, if no closing price is reported, the last reported sale price) per share on the New York
Stock Exchange, Inc. (the "NYSE") on such date;

 

(2) if Common Stock is not listed for trading
on the NYSE on any such date, the closing sale price per share as reported in the composite transactions for the principal United
States securities exchange on which Common Stock is so listed;

 

(3) if Common Stock is not so listed on
a United States national or regional securities exchange, the closing sale price per share as reported by The Nasdaq National Market;

 

(4) if Common Stock is not so reported,
the last quoted bid price for Common Stock in the over-the-counter market as reported by the National Quotation Bureau or similar
organization; or

 

(5) if such bid price is not available,
the average of the mid-point of the last bid and ask prices of Common Stock on such date from at least three nationally recognized
independent investment banking firms retained for this purpose by the Company.

 

A "TRADING DAY" means a day on
which Common Stock (1) is not suspended from trading on any national or regional securities exchange or association or over-the-counter
market at the close of business and (2) has traded at least once on the national or regional securities exchange or association
or over-the-counter market that is the primary market for the trading of Common Stock.

 

In accordance with the terms of the Purchase
Contract Agreement, the Holder of this Stock Purchase Units Certificate may pay the Purchase Price for the shares of Common Stock
purchased pursuant to each Purchase Contract evidenced hereby by effecting a Cash Settlement or an Early Settlement or from the
proceeds of the Applicable Ownership Interest (as specified in clause (A) of the definition of such term) of the Treasury Portfolio
or a Remarketing of the related Pledged Preferred Securities. A Holder of Stock Purchase Units who does not effect, on or prior
to 11:00 a.m. (New York City time) on the fifth Business Day immediately preceding the Purchase Contract Settlement Date (or in
the event a Tax Event Redemption has occurred, the Business Day prior to the Purchase Contract Settlement Date), an effective Cash
Settlement, or who does not effect on or prior to 5:00 p.m. (New York City time) on the seventh Business Day prior to the Purchase
Contract Settlement Date an effective Early Settlement, shall pay the Purchase Price for the shares of Common Stock to be delivered
under the related Purchase Contract from the proceeds of the sale of the related Pledged Preferred Securities held by the Collateral
Agent. Such sale will be made by the Remarketing Agent pursuant to the terms of the Remarketing Agreement on the third Business
Day prior to the Purchase Contract Settlement Date. If, as provided in the Purchase Contract Agreement, upon the occurrence of
a Failed Remarketing, the Collateral Agent, for the benefit of the Company, exercises its rights as a secured creditor with respect
to the Pledged Preferred Securities related to this Stock Purchase Units certificate, any accrued and unpaid distributions on such
Pledged Preferred Securities will become payable by the Company to the holder of this Stock Purchase Units Certificate in the manner
provided for in the Purchase Contract Agreement.

 

    	77

    	 

    

 

The Company shall not be obligated to issue
any shares of Common Stock in respect of a Purchase Contract or deliver any certificates therefor to the Holder unless it shall
have received payment of the aggregate purchase price for the shares of Common Stock to be purchased thereunder in the manner herein
set forth.

 

Each Purchase Contract evidenced hereby
and all obligations and rights of the Company and the Holder thereunder shall terminate if a Termination Event shall occur. Upon
the occurrence of a Termination Event, the Company shall give written notice to the Purchase Contract Agent and to the Holders,
at their addresses as they appear in the Security Register. Upon and after the occurrence of a Termination Event, the Collateral
Agent shall release the Pledged Preferred Security or the appropriate Applicable Ownership Interest (as specified in clause (A)
of the definition of such term) of the Treasury Portfolio forming a part of each Stock Purchase Unit from the Pledge. A Stock Purchase
Unit shall thereafter represent the right to receive the Preferred Security or the appropriate Applicable Ownership Interest of
the Treasury Portfolio forming a part of such Stock Purchase Unit in accordance with the terms of the Purchase Contract Agreement
and the Pledge Agreement.

 

Under the terms of the Pledge Agreement,
the Purchase Contract Agent will be entitled to exercise the voting and any other consensual rights pertaining to the Pledged Preferred
Securities. Upon receipt of notice of any meeting at which holders of Preferred Securities are entitled to vote or upon the solicitation
of consents, waivers or proxies of holders of Preferred Securities, the Purchase Contract Agent shall, as soon as practicable thereafter,
mail to the Stock Purchase Units Holders a notice:

 

(1) containing such information as is contained
in the notice or solicitation;

 

(2) stating that each Stock Purchase Unit
Holder on the record date set by the Purchase Contract Agent therefor (which, to the extent possible, shall be the same date as
the record date for determining the holders of Preferred Securities entitled to vote) shall be entitled to instruct the Purchase
Contract Agent as to the exercise of the voting rights pertaining to the Preferred Securities constituting a part of such Holder's
Stock Purchase Unit; and

 

(3) stating the manner in which such instructions
may be given.

 

Upon the written request of the Stock Purchase
Unit Holders on such record date, the Purchase Contract Agent shall endeavor insofar as practicable to vote or cause to be voted,
in accordance with the instructions set forth in such requests, the maximum number of Preferred Securities as to which any particular
voting instructions are received. In the absence of specific instructions from the Holder of a Stock Purchase Unit, the Purchase
Contract Agent shall abstain from voting the Preferred Security evidenced by such Stock Purchase Unit.

 

    	78

    	 

    

 

Upon the dissolution and liquidation of
the Trust, an aggregate principal amount of the [Subordinated] Notes constituting the assets of the Trust and underlying the Preferred
Securities equal to the aggregate liquidation amount of the Pledged Preferred Securities shall be delivered to the Securities Intermediary
in exchange for the Pledged Preferred Securities. Thereafter, the [Subordinated] Notes shall be held by the Securities Intermediary
to secure the obligations of each Holder of Stock Purchase Units to purchase shares of Common Stock under the Purchase Contracts
constituting a part of such Stock Purchase Units.

 

Notwithstanding the foregoing, in the event
of a dissolution and liquidation of the Trust, if a Liquidation Distribution is to be distributed in lieu of the [Subordinated]
Notes as provided for in the Declaration, an amount equal to the Liquidation Distribution shall be deposited in the Collateral
Account in exchange for the Pledged Preferred Securities. Thereafter, pursuant to the terms of the Pledge Agreement, the Collateral
Agent shall cause the Securities Intermediary to apply an amount equal to the Redemption Amount of such Liquidation Distribution
to purchase on behalf of the Holders of Stock Purchase Units the Treasury Portfolio and promptly remit the remaining portion of
such Liquidation Distribution to the Purchase Contract Agent for payment to the Holders of such Stock Purchase Units. The Applicable
Ownership Interest (as specified in clause (A) of the definition of such term) of the Treasury Portfolio will be substituted as
Collateral for the Pledged Preferred Securities and will be held by the Collateral Agent in accordance with the terms of the Pledge
Agreement to secure the obligation of each Holder of a Stock Purchase Unit to purchase the Common Stock of the Company under the
Purchase Contract constituting a part of such Stock Purchase Unit.

 

Following the dissolution and liquidation
of the Trust, the Holders and the Collateral Agent shall have such security interests, rights and obligations with respect to the
[Subordinated] Notes or the Applicable Ownership Interest (as specified in clause (A) of the definition of such term) of the Treasury
Portfolio, as the case may be, as the Holders and the Collateral Agent had in respect of the Pledged Preferred Securities, any
reference herein to the Preferred Securities shall be deemed to be a reference to the [Subordinated] Notes or the Applicable Ownership
Interest (as specified in clause (A) of the definition of such term) of the Treasury Portfolio, as the case may be, and any reference
herein to the liquidation amount of the Preferred Securities shall be deemed to be a reference to the principal amount of the [Subordinated]
Notes or the Applicable Ownership Interest (as specified in clause (A) of the definition of such term) of the Treasury Portfolio,
as the case may be.

 

Upon the occurrence of a Tax Event Redemption
prior to the Purchase Contract Settlement Date, an amount equal to the Redemption Amount plus any accumulated and unpaid distributions
payable on the Tax Event Redemption Date with respect to the Applicable Principal Amount shall be deposited in the Collateral Account
in exchange for the Pledged Preferred Securities. Thereafter, pursuant to the terms of the Pledge Agreement, the Collateral Agent
shall cause the Securities Intermediary to apply an amount equal to the Redemption Amount of such funds to purchase on behalf of
the Holders of Stock Purchase Units, the Treasury Portfolio and promptly (a) transfer the Applicable Ownership Interest (as specified
in clause (A) of the definition of such term) of the Treasury Portfolio to the Collateral Account to secure the obligations of
each Holder of Stock Purchase Units to purchase shares of Common Stock under the Purchase Contracts constituting a part of such
Stock Purchase Units, (b) transfer the Applicable Ownership Interest (as specified in clause (B) of the definition of such term)
of the Treasury Portfolio to the Purchase Contract Agent for the benefit of the Holders of such Stock Purchase Units and (C) remit
the remaining portion of such funds to the Purchase Contract Agent for payment to the Holders of such Stock Purchase Units.

 

    	79

    	 

    

 

Following the occurrence of a Tax Event
Redemption prior to the Purchase Contract Settlement Date, the Holders of Stock Purchase Units and the Collateral Agent shall have
such security interest rights and obligations with respect to the Applicable Ownership Interest (as specified in clause (A) of
the definition of such term) of the Treasury Portfolio as the Holder of Stock Purchase Units and the Collateral Agent had in respect
of the Preferred Securities or [Subordinated] Notes, as the case may be, subject to the Pledge thereof as provided in the Pledge
Agreement and any reference herein to the Preferred Securities shall be deemed to be a reference to such Treasury Portfolio.

 

The Stock Purchase Certificates are issuable
only in registered form and only in denominations of a single Stock Purchase Unit and any integral multiple thereof. The transfer
of any Stock Purchase Units Certificate will be registered and Stock Purchase Units Certificates may be exchanged as provided in
the Purchase Contract Agreement. The Security Registrar may require a Holder, among other things, to furnish appropriate endorsements
and transfer documents permitted by the Purchase Contract Agreement. No service charge shall be required for any such registration
of transfer or exchange, but the Company and the Purchase Contract Agent may require payment of a sum sufficient to cover any tax
or other governmental charge payable in connection therewith. A Holder who elects to substitute a Treasury Security for Preferred
Securities, thereby creating Treasury Stock Purchase Units, shall be responsible for any fees or expenses payable in connection
therewith. Except as provided in the Purchase Contract Agreement, for so long as the Purchase Contract underlying a Stock Purchase
Unit remains in effect, such Stock Purchase Unit shall not be separable into its constituent parts, and the rights and obligations
of the Holder of such Stock Purchase Unit in respect of the Preferred Securities and Purchase Contract constituting such Stock
Purchase Unit may be transferred and exchanged only as a Stock Purchase Unit.

 

The Holder of Stock Purchase Units may substitute
for the Pledged Preferred Securities securing such Holder's obligations under the related Purchase Contracts Treasury Securities
in an aggregate principal amount equal to the aggregate liquidation amount of the Pledged Preferred Securities in accordance with
the terms of the Purchase Contract Agreement and the Pledge Agreement. From and after such Collateral Substitution, each Security
for which such Pledged Treasury Securities secures the Holder's obligation under the Purchase Contract shall be referred to as
a "TREASURY STOCK PURCHASE UNIT". A Holder may make such Collateral Substitution only in integral multiples of 40 Stock
Purchase Units for 40 Treasury Stock Purchase Units.

 

A Holder of Treasury Stock Purchase Units
may recreate Stock Purchase Units by delivering to the Securities Intermediary Preferred Securities with an aggregate liquidation
amount equal to the aggregate principal amount at maturity of the Pledged Treasury Securities in exchange for the release of such
Pledged Treasury Securities in accordance with the terms of the Purchase Contract Agreement and the Pledge Agreement. A Holder
may recreate Stock Purchase Units only in integral multiples of 40 Treasury Stock Purchase Units for 40 Stock Purchase Units.

 

    	80

    	 

    

 

 

If a Tax Event Redemption has occurred,
a Stock Purchase Unit Holder may not create Treasury Stock Purchase Units, and a Treasury Stock Purchase Unit Holder may not recreate
a Stock Purchase Unit.

 

The Company shall pay, on each Payment Date,
the Purchase Contract Payments payable in respect of each Purchase Contract to the Person in whose name the Stock Purchase Units
Certificate evidencing such Purchase Contract is registered at the close of business on the Record Date for such Payment Date.
Purchase Contract Payments will be payable at the office of the Purchase Contract Agent in New York City or, at the option of the
Holder, by check mailed to the address of the Person entitled thereto at such address as it appears on the Security Register.

 

The Company has the right to defer payment
of all or part of the Purchase Contract Payments in respect of each Purchase Contract until no later than the Purchase Contract
Settlement Date. If the Company so elects to defer Purchase Contract Payments, the Company shall pay additional Purchase Contract
Payments on such deferred installments of Purchase Contract Payments at a rate equal to ___% per annum, compounding quarterly,
until such deferred installments are paid. In the event that the Company elects to defer the payment of Purchase Contract Payments
on the Purchase Contracts until the Purchase Contract Settlement Date, each Holder will receive on the Purchase Contract Settlement
Date the aggregate amount of accrued and unpaid Purchase Contract Payments.

 

The Purchase Contracts and all obligations
and rights of the Company and the Holders thereunder, including, without limitation, the rights of the Holders to receive and the
obligation of the Company to pay any Purchase Contract Payments, shall immediately and automatically terminate, without the necessity
of any notice or action by any Holder, the Purchase Contract Agent or the Company, if, on or prior to the Purchase Contract Settlement
Date, a Termination Event shall have occurred. Upon the occurrence of a Termination Event, the Company shall promptly but in no
event later than two Business Days thereafter give written notice to the Purchase Contract Agent, the Collateral Agent and the
Holders, at their addresses as they appear in the Security Register. Upon and after the occurrence of a Termination Event, the
Collateral Agent shall release the Preferred Securities or the appropriate Applicable Ownership Interest (as specified in clause
(A) of the definition of such term) of the Treasury Portfolio, as the case may be, from the Pledge in accordance with the provisions
of the Pledge Agreement.

 

Subject to and upon compliance with the
provisions of the Purchase Contract Agreement, at the option of the Holder thereof, Purchase Contracts underlying Securities may
be settled early ("EARLY SETTLEMENT") as provided in the Purchase Contract Agreement. In order to exercise the right
to effect Early Settlement with respect to any Purchase Contracts evidenced by this Stock Purchase Units Certificate, the Holder
of this Stock Purchase Units Certificate shall deliver to the Purchase Contract Agent at the Corporate Trust Office an Election
to Settle Early form set forth below and any other documents requested by the Purchase Contract Agent duly completed and accompanied
by payment in the form of immediately available funds payable to the order of the Company in an amount (the "EARLY SETTLEMENT
AMOUNT") equal to (i) the product of (A) $25 times (B) the number of Purchase Contracts with respect to which the Holder has
elected to effect Early Settlement, plus (ii) if such delivery is made with respect to any Purchase Contracts during the period
from the close of business on any Record Date for any Payment Date to the opening of business on such Payment Date, an amount equal
to the Purchase Contract Payments payable on such Payment Date with respect to such Purchase Contracts.

 

    	81

    	 

    

 

Upon Early Settlement of Purchase Contracts
by a Holder of the related Securities, the Pledged Preferred Securities, Pledged [Subordinated] Notes or the appropriate Applicable
Ownership Interest (as specified in clause (A) of the definition of such term) of the Treasury Portfolio, as the case may be, underlying
such Securities shall be released from the Pledge as provided in the Pledge Agreement and the Holder shall be entitled to receive
a number of shares of Common Stock on account of each Purchase Contract forming part of a Stock Purchase Unit as to which Early
Settlement is effected equal to ______ share of Common Stock per Purchase Contract (the "EARLY SETTLEMENT RATE"). The
Early Settlement Rate shall be adjusted in the same manner and at the same time as the Settlement Rate is adjusted as provided
in the Purchase Contract Agreement.

 

Upon registration of transfer of this Stock
Purchase Units Certificate, the transferee shall be bound (without the necessity of any other action on the part of such transferee,
except as may be required by the Purchase Contract Agent pursuant to the Purchase Contract Agreement), under the terms of the Purchase
Contract Agreement and the Purchase Contracts evidenced hereby and the transferor shall be released from the obligations under
the Purchase Contracts evidenced by this Stock Purchase Units Certificate. The Company covenants and agrees, and the Holder, by
its acceptance hereof, likewise covenants and agrees, to be bound by the provisions of this paragraph.

 

The Holder of this Stock Purchase Units
Certificate, by its acceptance hereof, authorizes the Purchase Contract Agent to enter into and perform the related Purchase Contracts
forming part of the Stock Purchase Units evidenced hereby on its behalf as its attorney-in-fact, expressly withholds any consent
to the assumption (i.e., affirmance) of the Purchase Contracts by the Company or its trustee in the event that the Company becomes
the subject of a case under the Bankruptcy Code, agrees to be bound by the terms and provisions thereof, covenants and agrees to
perform his obligations under such Purchase Contracts, consents to the provisions of the Purchase Contract Agreement, authorizes
the Purchase Contract Agent to enter into and perform the Purchase Contract Agreement and the Pledge Agreement on its behalf as
its attorney-in-fact, and consents to the Pledge of the Preferred Securities or the appropriate Applicable Ownership Interest (as
specified in clause (A) of the definition of such term) of the Treasury Portfolio, as the case may be, underlying this Stock Purchase
Units Certificate pursuant to the Pledge Agreement. The Holder further covenants and agrees that, to the extent and in the manner
provided in the Purchase Contract Agreement and the Pledge Agreement, but subject to the terms thereof, payments in respect to
the aggregate liquidation amount of the Pledged Preferred Securities or the appropriate Applicable Ownership Interest (as specified
in clause (A) of the definition of such term) of the Treasury Portfolio, as the case may be, on the Purchase Contract Settlement
Date shall be paid by the Collateral Agent to the Company in satisfaction of such Holder's obligations under such Purchase Contract
and such Holder shall acquire no right, title or interest in such payments.

 

Subject to certain exceptions, the provisions
of the Purchase Contract Agreement may be amended with the consent of the Holders of a majority of the Purchase Contracts.

 

    	82

    	 

    

 

The Purchase Contracts shall be governed
by, and construed in accordance with, the laws of the State of New York, without regard to conflicts of laws principles thereof.

 

The Company, the Purchase Contract Agent
and its Affiliates and any agent of the Company or the Purchase Contract Agent may treat the Person in whose name this Stock Purchase
Units Certificate is registered as the owner of the Stock Purchase Units evidenced hereby for the purpose of receiving payments
of distributions payable quarterly on the Preferred Securities, receiving payments of Purchase Contract Payments, performance of
the Purchase Contracts and for all other purposes whatsoever, whether or not any payments in respect thereof be overdue and notwithstanding
any notice to the contrary, and neither the Company, the Purchase Contract Agent nor any such agent shall be affected by notice
to the contrary.

 

The Purchase Contracts shall not, prior
to the settlement thereof, entitle the Holder to any of the rights of a holder of shares of Common Stock.

 

A copy of the Purchase Contract Agreement
is available for inspection at the offices of the Purchase Contract Agent.

 

ABBREVIATIONS

 

The following abbreviations, when used in
the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable
laws or regulations:

 

TEN COM:                   as tenants in common

 

UNIF GIFT MIN ACT:         ___________________ Custodian _____________________

 

                                 (cust)                        (minor)
Under Uniform Gifts to Minors Act of __________________________________________________________

 

TENANT: as tenants by the entireties

 

JT TEN: as joint tenants with right of survivorship and not
tenants in common

 

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

 

                                   ———

 

    	83

    	 

    

 

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s)
and transfer(s) unto

 

_________________________________________________________________________

 

(Please insert Social Security or Taxpayer I.D. or other Identifying
Number of Assignee)

 

__________________________________________________________________________

 

(Please Print or Type Name and Address Including Postal Zip
Code of Assignee) the within Stock Purchase Units Certificates and all rights thereunder, hereby irrevocably constituting and appointing
attorney __________________, to transfer said Stock Purchase Units Certificates on the books of WidePoint Corporation, and ____________
Trust with full power of substitution in the premises.

 

	Dated:	Signature
	 	 
	      _________________________ 	      _________________________

 

NOTICE: The signature to this assignment must correspond with
the name as it appears upon the face of the within Stock Purchase Units Certificates in very particular, without alteration or
enlargement or any change whatsoever.

 

	 	Signature Guarantee:
	 	 
	 	____________________________

 

SETTLEMENT INSTRUCTIONS

 

The undersigned Holder directs that a certificate
for shares of Common Stock deliverable upon settlement on or after the Purchase Contract Settlement Date of the Purchase Contracts
underlying the number of Stock Purchase Units evidenced by this Stock Purchase Units Certificate be registered in the name of,
and delivered, together with a check in payment for any fractional share, to the undersigned at the address indicated below unless
a different name and address have been indicated below. If shares are to be registered in the name of a Person other than the undersigned,
the undersigned will pay any transfer tax payable incident thereto.

 

    	84

    	 

    

 

Dated:

 

    _________________________________              _________________________________

  

Signature

 

Signature Guarantee:

 

_____________________

 

(if assigned to another person)

 

If shares are to be registered in the name of and delivered
to a Person other than the Holder, please (i) print such Person's name and address and (ii) provide a guarantee of your Registered
Holder. Please print name and address of signature:

 

	___________________________________	___________________________________
	 	 
	Name	Name
	 	 
	___________________________________	___________________________________
	 	 
	Address	Address
	 	 
	___________________________________	___________________________________
	 	 
	___________________________________	___________________________________
	 	 
	___________________________________	___________________________________

 

Social Security or other Taxpayer Identification Number, if
any                            ________________________

 

    	85

    	 

    

 

ELECTION TO SETTLE EARLY

 

The undersigned Holder of this Stock Purchase
Units Certificate hereby irrevocably exercises the option to effect Early Settlement in accordance with the terms of the Purchase
Contract Agreement with respect to the Purchase Contracts underlying the number of Stock Purchase Units evidenced by this Stock
Purchase Units Certificate specified below. The undersigned Holder directs that a certificate for shares of Common Stock deliverable
upon such Early Settlement be registered in the name of, and delivered, together with a check in payment for any fractional share
and any Stock Purchase Units Certificate representing any Stock Purchase Units evidenced hereby as to which Early Settlement of
the related Purchase Contracts is not effected, to the undersigned at the address indicated below unless a different name and address
have been indicated below. Pledged Preferred Securities, Pledged [Subordinated] Notes or the appropriate Applicable Ownership Interest
of the Treasury Portfolio, as the case may be, deliverable upon such Early Settlement will be transferred in accordance with the
transfer instructions set forth below. If shares are to be registered in the name of a Person other than the undersigned, the undersigned
will pay any transfer tax payable incident thereto.

 

Dated:

 

  _________________________________              _________________________________

  

Signature

 

Signature Guarantee:

 

________________

 

Number of Securities evidenced hereby as to which Early Settlement
of the related Purchase Contracts is being elected:

 

If shares of Common Stock or Stock Purchase Units Certificates
are to be registered in the name of and delivered to and Pledged Preferred Securities, Pledged [Subordinated] Notes or the Applicable
Ownership Interest of the Treasury Portfolio, as the case may be, are to be transferred to a Person other than the Holder, please
print such Person's name and address:

 

    	86

    	 

    

 

Please print name and address of Registered Holder:

 

	___________________________________	___________________________________
	 	 
	Name	Name
	 	 
	___________________________________	___________________________________
	 	 
	Address	Address
	 	 
	___________________________________	___________________________________
	 	 
	___________________________________	___________________________________
	 	 
	___________________________________	___________________________________

 

Social Security or other Taxpayer Identification Number, if any                  _____________________________________

 

Transfer Instructions for Pledged Preferred Securities or the
Applicable Ownership Interest of the Treasury Portfolio, as the case may be, transferable upon Early Settlement or a Termination
Event:

 

_________________________________________________________________________

 

_________________________________________________________________________

 

_________________________________________________________________________

 

    	87

    	 

    

 

[TO BE ATTACHED TO GLOBAL CERTIFICATES]

 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL CERTIFICATE

 

The following increases or decreases in this Global Certificate
have been made:

  

	 	Number of Stock	 
	 	Amount of increase in	Amount of decrease in	Purchase Units	 
	 	Number of Stock	Number of Stock	evidenced by this	 
	Date	Purchase Units	Purchase Units	Global Certificate	Signature of authorized
	 	evidenced by the	evidenced by the	following such	signatory of Trustee or
	 	Global Certificate	Global Certificate	decrease or increase	Securities Custodian
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    	88

    	 

    

 

EXHIBIT B

 

FACE OF TREASURY STOCK PURCHASE CERTIFICATE

 

[THIS CERTIFICATE IS A GLOBAL CERTIFICATE
WITHIN THE MEANING OF THE PURCHASE CONTRACT AGREEMENT HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (THE "DEPOSITARY"), OR A NOMINEE OF THE DEPOSITARY. THIS CERTIFICATE IS EXCHANGEABLE
FOR CERTIFICATES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES
DESCRIBED IN THE PURCHASE CONTRACT AGREEMENT AND NO TRANSFER OF THIS CERTIFICATE (OTHER THAN A TRANSFER OF THIS CERTIFICATE AS
A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE
OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES.

 

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

 

	No. ____	CUSIP No._____________

 

Number of Treasury Stock Purchase Units:___________

 

WIDEPOINT CORPORATION

 

_____________TRUST

 

TREASURY STOCK PURCHASE UNITS

 

This Treasury Stock Purchase Units Certificate
certifies that __________________ is the registered Holder of the number of Treasury Stock Purchase Units set forth above. Each
Treasury Stock Purchase Unit consists of (i) a 1/40 undivided beneficial ownership interest of a Treasury Security having a principal
amount at maturity equal to $1,000, subject to the Pledge of such Treasury Security by such Holder pursuant to the Pledge Agreement,
and (ii) the rights and obligations of the Holder under one Purchase Contract with WidePoint Corporation, a Delaware corporation
(the "COMPANY"). All capitalized terms used herein which are defined in the Purchase Contract Agreement (as defined on
the reverse hereof) have the meaning set forth therein.

 

    	89

    	 

    

 

Pursuant to the Pledge Agreement, the Treasury
Securities constituting part of each Treasury Stock Purchase Unit evidenced hereby have been pledged to the Collateral Agent, for
the benefit of the Company, to secure the obligations of the Holder under the Purchase Contract comprising part of such Treasury
Stock Purchase Unit. Each Purchase Contract evidenced hereby obligates the Holder of this Treasury Stock Purchase Units Certificate
to purchase, and the Company, to sell, on _____________ (the "PURCHASE CONTRACT SETTLEMENT DATE"), at a price equal to
$25 (the "STATED AMOUNT"), a number of shares of Common Stock, without par value ("COMMON STOCK"), of the Company,
equal to the Settlement Rate, unless prior to or on the Purchase Contract Settlement Date there shall have occurred a Termination
Event or an Early Settlement with respect to the Treasury Stock Purchase Unit of which such Purchase Contract is a part, all as
provided in the Purchase Contract Agreement and more fully described on the reverse hereof. The purchase price (the "PURCHASE
PRICE") for the shares of Common Stock purchased pursuant to each Purchase Contract evidenced hereby, if not paid earlier,
shall be paid on the Purchase Contract Settlement Date by application of the proceeds from the Treasury Securities at maturity
pledged to secure the obligations of the Holder under such Purchase Contract of the Treasury Stock Purchase Unit of which such
Purchase Contract is a part.

 

The Company shall pay, on each Payment Date,
in respect of each Purchase Contract forming part of a Treasury Stock Purchase Unit evidenced hereby, an amount (the "PURCHASE
CONTRACT PAYMENTS") equal to ___% per year of the Stated Amount. Such Purchase Contract Payments shall be payable to the Person
in whose name this Treasury Stock Purchase Units Certificate is registered at the close of business on the Record Date for such
Payment Date. The Company may, at its option, defer such Purchase Contract Payments.

 

Distributions on the Preferred Securities
and the Applicable Ownership Interest (as specified in clause (B) of the definition of such term) and the Purchase Contract Payments
will be payable at the office of the Purchase Contract Agent in New York City or, at the option of the Company, by check mailed
to the address of the Person entitled thereto as such address appears on the Security Register.

 

Reference is hereby made to the further
provisions set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth
at this place.

 

Unless the certificate of authentication
hereon has been executed by the Purchase Contract Agent by manual signature, this Treasury Stock Purchase Units Certificate shall
not be entitled to any benefit under the Pledge Agreement or the Purchase Contract Agreement or be valid or obligatory for any
purpose.

 

    	90

    	 

    

 

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

 

	 	WIDEPOINT CORPORATION
	 	 
	 	By:
	 	 
	 	Name:
	 	 
	 	Title:
	 	 
	 	HOLDER SPECIFIED ABOVE (as to
	 	 
	 	obligations of such Holder under the
	 	 
	 	Purchase Contracts)
	 	 
	 	By:[                             ],
	 	 
	 	not individually but solely as
	 	 
	 	Attorney-in-Fact of such Holder
	 	 
	 	By:
	 	 
	 	_______________________________
	 	 
	 	Name:
	 	 
	 	Title:

 

Dated:

 

———————

 

    	91

    	 

    

 

CERTIFICATE OF AUTHENTICATION OF

 

PURCHASE CONTRACT AGENT

 

This is one of the Treasury Stock Purchase
Units referred to in the within-mentioned Purchase Contract Agreement.

 

	 	By:[                              ],
	 	 
	 	as Purchase Contract Agent
	 	 
	 	By:
	 	 
	 	_______________________________
	 	 
	 	Authorized Signatory

 

Dated:

 

    ——————

 

    	92

    	 

    

 

(REVERSE OF TREASURY STOCK PURCHASE UNITS
CERTIFICATE)

 

Each Purchase Contract evidenced hereby
is governed by a Purchase Contract Agreement, dated as of ___________, 20___ (as may be supplemented from time to time, the "PURCHASE
CONTRACT AGREEMENT") between the Company and [            ], as
Purchase Contract Agent (including its successors thereunder, herein called the "PURCHASE CONTRACT AGENT"), to which
the Purchase Contract Agreement and supplemental agreements thereto reference is hereby made for a description of the respective
rights, limitations of rights, obligations, duties and immunities thereunder of the Purchase Contract Agent, the Company and the
Holders and of the terms upon which the Treasury Stock Purchase Units Certificates are, and are to be, executed and delivered.

 

Unless a Cash Settlement or an Early Settlement
has occurred, each Purchase Contract evidenced hereby obligates the Holder of this Treasury Stock Purchase Units Certificate to
purchase, and the Company to sell, on the Purchase Contract Settlement Date at a price equal to the Stated Amount (the "PURCHASE
PRICE") a number of shares of Common Stock equal to the Settlement Rate, unless prior to the Purchase Contract Settlement
Date, there shall have occurred a Termination Event with respect to the Security of which such Purchase Contract is a part or an
Early Settlement shall have occurred. The "SETTLEMENT RATE" is equal to:

 

(1) if the Applicable Market Value (as defined
below) is greater than or equal to $______ (the "THRESHOLD APPRECIATION PRICE"), ______ share of Common Stock per Purchase
Contract;

 

(2) if the Applicable Market Value is less
than the Threshold Appreciation Price but greater than $______ (the "REFERENCE PRICE"), the number of shares of Common
Stock per Purchase Contract having a value, based on the Applicable Market Value, equal to $25; and

 

(3) if the Applicable Market Value is less
than or equal to the Reference Price, then ______ share of Common Stock per Purchase Contract,

 

in each case subject to adjustment as provided
in the Purchase Contract Agreement (and in each case rounded upward or downward to the nearest 1/10,000th of a share).

 

No fractional shares of Common Stock will
be issued upon settlement of Purchase Contracts, as provided in Section 5.09 of the Purchase Contract Agreement.

 

Each Purchase Contract evidenced hereby,
which is settled either through Early Settlement or Cash Settlement, shall obligate the Holder of the related Treasury Stock Purchase
Unit to purchase at the Purchase Price for cash, and the Company to sell, a number of shares of Common Stock equal to the Early
Settlement Rate or the Settlement Rate, as applicable.

 

    	93

    	 

    

 

The "APPLICABLE MARKET VALUE"
means the average of the Closing Prices per share of Common Stock on each of the 20 consecutive Trading Days ending on the third
Trading Day immediately preceding the Purchase Contract Settlement Date.

 

The "CLOSING PRICE" per share
of Common Stock on any date of determination means the:

 

(1) closing sale price as of the close of
the principal trading session (or, if no closing price is reported, the last reported sale price) per share on the New York Stock
Exchange, Inc. (the "NYSE") on such date;

 

(2) if the Common Stock is not listed for
trading on the NYSE on any such date, the closing sale price per share as reported in the composite transactions for the principal
United States securities exchange on which the Common Stock is so listed;

 

(3) if the Common Stock is not so listed on
a United States national or regional securities exchange, the closing sale price per share as reported by The Nasdaq National Market;

 

(4) if the Common Stock is not so reported,
the last quoted bid price for the Common Stock in the over-the-counter market as reported by the National Quotation Bureau or similar
organization; or

 

(5) if such bid price is not available, the
average of the mid-point of the last bid and ask prices of the Common Stock on such date from at least three nationally recognized
independent investment banking firms retained for this purpose by the Company.

 

A "TRADING DAY" means a day on
which the Common Stock (1) is not suspended from trading on any national or regional securities exchange or association or over-the-counter
market at the close of business and (2) has traded at least once on the national or regional securities exchange or association
or over-the-counter market that is the primary market for the trading of the Common Stock.

 

In accordance with the terms of the Purchase
Contract Agreement, the Holder of this Treasury Stock Purchase Unit shall pay the Purchase Price for the shares of the Common Stock
purchased pursuant to each Purchase Contract evidenced hereby either by effecting a Cash Settlement or an Early Settlement of each
such Purchase Contract or by applying a principal amount of the Pledged Treasury Securities underlying such Holder's Treasury Stock
Purchase Unit equal to the Stated Amount of such Purchase Contract to the purchase of the Common Stock. A Holder of Treasury Stock
Purchase Unit who does not effect, prior to or on 11:00 a.m. (New York City time) on the fifth Business Day immediately preceding
the Purchase Contract Settlement Date, an effective Cash Settlement, or who does not effect on or prior to 5:00 p.m. (New York
City time) on the seventh Business Day prior to the Purchase Contract Settlement Date an effective Early Settlement, shall pay
the Purchase Price for the shares of Common Stock to be issued under the related Purchase Contract from the proceeds of the Pledged
Treasury Securities.

 

The Company shall not be obligated to issue
any shares of Common Stock in respect of a Purchase Contract or deliver any certificates therefor to the Holder unless it shall
have received payment of the aggregate purchase price for the shares of Common Stock to be purchased thereunder in the manner herein
set forth.

 

    	94

    	 

    

 

Each Purchase Contract evidenced hereby
and all obligations and rights of the Company and the Holder thereunder shall terminate if a Termination Event shall occur. Upon
the occurrence of a Termination Event, the Company shall give written notice to the Purchase Contract Agent and to the Holders,
at their addresses as they appear in the Security Register. Upon and after the occurrence of a Termination Event, the Collateral
Agent shall release the Pledged Treasury Securities (as defined in the Pledge Agreement) forming a part of each Treasury Stock
Purchase Unit. A Treasury Stock Purchase Unit shall thereafter represent the right to receive the interest in the Treasury Security
forming a part of such Treasury Stock Purchase Unit, in accordance with the terms of the Purchase Contract Agreement and the Pledge
Agreement.

 

The Treasury Stock Purchase Units Certificates
are issuable only in registered form and only in denominations of a single Treasury Stock Purchase and any integral multiple thereof.
The transfer of any Treasury Stock Purchase Certificate will be registered and Treasury Stock Purchase Certificates may be exchanged
as provided in the Purchase Contract Agreement. The Security Registrar may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents permitted by the Purchase Contract Agreement. No service charge shall be required for any such
registration of transfer or exchange, but the Company and the Purchase Contract Agent may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith. A Holder who elects to substitute Preferred Securities
or [Subordinated] Notes, for Treasury Securities, thereby recreating Stock Purchase Units, shall be responsible for any fees or
expenses associated therewith.

 

Except as provided in the Purchase Contract
Agreement, for so long as the Purchase Contract underlying a Treasury Stock Purchase Unit remains in effect, such Treasury Stock
Purchase Unit shall not be separable into its constituent parts, and the rights and obligations of the Holder of such Treasury
Stock Purchase Unit in respect of the Treasury Security and the Purchase Contract constituting such Treasury Stock Purchase Unit
may be transferred and exchanged only as a Treasury Stock Purchase Unit.

 

A Holder of Treasury Stock Purchase Units
may recreate Stock Purchase Units by delivering to the Securities Intermediary Preferred Securities with an aggregate liquidation
amount, or [Subordinated] Notes with an aggregate principal amount, equal to the aggregate principal amount at maturity of the
Pledged Treasury Securities in exchange for the release of such Pledged Treasury Securities in accordance with the terms of the
Purchase Contract Agreement and the Pledge Agreement. From and after such substitution, the Holder's Security shall be referred
to as a "STOCK PURCHASE UNIT". Any such creation of Stock Purchase Units may be effected only in multiples of 40 Treasury
Stock Purchase Units for 40 Stock Purchase Units.

 

A Holder of Stock Purchase Units may recreate
Treasury Stock Purchase Units by delivering to the Securities Intermediary Treasury Securities in an aggregate principal amount
equal to the aggregate liquidation amount of the Pledged Preferred Securities or the aggregate principal amount at maturity of
the Pledged [Subordinated] Notes, as the case may be, in accordance with the terms of the Purchase Contract Agreement and the Pledge
Agreement. Any such recreation of Treasury Stock Purchase Units may be effected only in multiples of 40 Stock Purchase Units for
40 Treasury Stock Purchase Units.

 

    	95

    	 

    

 

If a Tax Event Redemption has occurred,
a Treasury Stock Purchase Unit Holder may not recreate Stock Purchase Units, and a Stock Purchase Unit Holder may not create a
Treasury Stock Purchase Unit.

 

The Company shall pay, on each Payment Date,
the Purchase Contract Payments payable in respect of each Purchase Contract to the Person in whose name the Treasury Stock Purchase
Units Certificate evidencing such Purchase Contract is registered at the close of business on the Record Date for such Payment
Date. Purchase Contract Payments will be payable at the office of the Purchase Contract Agent in New York City or, at the option
of the Holder, by check mailed to the address of the Person entitled thereto at such address as it appears on the Security Register.

 

The Company has the right to defer payment
of all or part of the Purchase Contract Payments in respect of each Purchase Contract until no later than the Purchase Contract
Settlement Date. If the Company so elects to defer Purchase Contract Payments, the Company shall pay additional Purchase Contract
Payments on such deferred installments of Purchase Contract Payments at a rate equal to ___% per annum, compounding quarterly,
until such deferred installments are paid. In the event that the Company elects to defer the payment of Purchase Contract Payments
on the Purchase Contracts until the Purchase Contract Settlement Date), each Holder will receive on the Purchase Contract Settlement
Date the aggregate amount of accrued and unpaid Purchase Contract Payments.

 

The Purchase Contracts and all obligations
and rights of the Company and the Holders thereunder, including, without limitation, the rights of the Holders to receive and the
obligation of the Company to pay any Purchase Contract Payments, shall immediately and automatically terminate, without the necessity
of any notice or action by any Holder, the Purchase Contract Agent or the Company, if, on or prior to the Purchase Contract Settlement
Date, a Termination Event shall have occurred. Upon the occurrence of a Termination Event, the Company shall promptly but in no
event later than two Business Days thereafter give written notice to the Purchase Contract Agent, the Collateral Agent and the
Holders, at their addresses as they appear in the Security Register. Upon and after the occurrence of a Termination Event, the
Collateral Agent shall release the Treasury Securities from the Pledge in accordance with the provisions of the Pledge Agreement.
A Treasury Stock Purchase Unit shall thereafter represent the right to receive the interest in the Treasury Security forming a
part of such Treasury Stock Purchase Unit, in accordance with the terms of the Purchase Contract Agreement and the Pledge Agreement.

 

Subject to and upon compliance with the
provisions of the Purchase Contract Agreement, at the option of the Holder thereof, Purchase Contracts underlying Securities may
be settled early ("EARLY SETTLEMENT") as provided in the Purchase Contract Agreement. In order to exercise the right
to effect Early Settlement with respect to any Purchase Contracts evidenced by this Stock Purchase Units Certificate, the Holder
of this Treasury Stock Purchase Units Certificate shall deliver to the Purchase Contract Agent at the Corporate Trust Office an
Election to Settle Early form set forth below and any other documents requested by the Purchase Contract Agent duly completed and
accompanied by payment in the form of immediately available funds payable to the order of the Company in an amount (the "EARLY
SETTLEMENT AMOUNT") equal to (i) the product of (A) $25 times (B) the number of Purchase Contracts with respect to which the
Holder has elected to effect Early Settlement, plus (ii) if such delivery is made with respect to any Purchase Contracts during
the period from the close of business on any Record Date for any Payment Date to the opening of business on such Payment Date,
an amount equal to the Purchase Contract Payments payable on such Payment Date with respect to such Purchase Contracts.

 

    	96

    	 

    

 

Upon Early Settlement of Purchase Contracts
by a Holder of the related Securities, the Pledged Treasury Securities underlying such Securities shall be released from the Pledge
as provided in the Pledge Agreement and the Holder shall be entitled to receive a number of shares of Common Stock on account of
each Purchase Contract forming part of a Treasury Stock Purchase Unit as to which Early Settlement is effected equal to ______
share of Common Stock per Purchase Contract (the "EARLY SETTLEMENT RATE"). The Early Settlement Rate shall be adjusted
in the same manner and at the same time as the Settlement Rate is adjusted as provided in the Purchase Contract Agreement.

 

Upon registration of transfer of this Treasury
Stock Purchase Certificate, the transferee shall be bound (without the necessity of any other action on the part of such transferee,
except as may be required by the Purchase Contract Agent pursuant to the Purchase Contract Agreement), under the terms of the Purchase
Contract Agreement and the Purchase Contracts evidenced hereby and the transferor shall be released from the obligations under
the Purchase Contracts evidenced by this Treasury Stock Purchase Units Certificate. The Company covenants and agrees, and the Holder,
by its acceptance hereof, likewise covenants and agrees, to be bound by the provisions of this paragraph.

 

The Holder of this Treasury Stock Purchase
Units Certificate, by its acceptance hereof, authorizes the Purchase Contract Agent to enter into and perform the related Purchase
Contracts forming part of the Treasury Stock Purchase Units evidenced hereby on its behalf as its attorney-in-fact, expressly withholds
any consent to the assumption (i.e., affirmance) of the Purchase Contracts by the Company or its trustee in the event that the
Company becomes the subject of a case under the Bankruptcy Code, agrees to be bound by the terms and provisions thereof, covenants
and agrees to perform its obligations under such Purchase Contracts, consents to the provisions of the Purchase Contract Agreement,
authorizes the Purchase Contract Agent to enter into and perform the Purchase Contract Agreement and the Pledge Agreement on its
behalf as its attorney-in-fact, and consents to the Pledge of the Treasury Securities underlying this Treasury Stock Purchase Units
Certificate pursuant to the Pledge Agreement. The Holder further covenants and agrees, that, to the extent and in the manner provided
in the Purchase Contract Agreement and the Pledge Agreement, but subject to the terms thereof, payments in respect to the aggregate
principal amount of the Pledged Treasury Securities on the Purchase Contract Settlement Date shall be paid by the Collateral Agent
to the Company in satisfaction of such Holder's obligations under such Purchase Contract and such Holder shall acquire no right,
title or interest in such payments.

 

Subject to certain exceptions, the provisions
of the Purchase Contract Agreement may be amended with the consent of the Holders of a majority of the Purchase Contracts.

 

    	97

    	 

    

 

The Purchase Contracts shall for all purposes
be governed by, and construed in accordance with, the laws of the State of New York, without regard to conflicts of laws principles
thereof.

 

The Company, the Purchase Contract Agent
and its Affiliates and any agent of the Company or the Purchase Contract Agent may treat the Person in whose name this Treasury
Stock Purchase Units Certificate is registered as the owner of the Treasury Stock Purchase Units evidenced hereby for the purpose
of receiving payments of interest on the Treasury Securities, receiving payments of Purchase Contract Payments, performance of
the Purchase Contracts and for all other purposes whatsoever, whether or not any payments in respect thereof be overdue and notwithstanding
any notice to the contrary, and neither the Company, the Purchase Contract Agent nor any such agent shall be affected by notice
to the contrary.

 

The Purchase Contracts shall not, prior
to the settlement thereof, entitle the Holder to any of the rights of a holder of shares of Common Stock.

 

A copy of the Purchase Contract Agreement
is available for inspection at the offices of the Purchase Contract Agent.

 

ABBREVIATIONS

 

The following abbreviations, when used in
the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable
laws or regulations:

 

TEN COM: as tenants in common

 

UNIF GIFT MIN ACT:       ___________________ Custodian ___________________  cust)           (minor)

 

Under Uniform Gifts to Minors Act of __________________

 

______________________________________________________

 

TENANT: tenants by the entireties

 

JT TEN: as joint tenants with right of survivorship and not
as tenants in common

 

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

 

    	98

    	 

    

 

FOR VALUE RECEIVED, the undersigned hereby
sell(s), assign(s) and transfer(s) unto

 

_________________________________________________________________

 

      (Please insert Social Security or Taxpayer I.D. or other Identifying

 

                               Number of Assignee)

 

_________________________________________________________________

 

  (Please Print or Type Name and
Address Including Postal Zip Code of Assignee)

 

the within Treasury Stock Purchase Units Certificates and all
rights thereunder, hereby irrevocably constituting and appointing attorney to transfer said Treasury Stock Purchase Units Certificates
on the books of WidePoint Corporation, and ___________Trust with full power of substitution in the premises.

  

Dated:

 

    _________________________________              _________________________________

  

Signature

 

NOTICE: The signature to this assignment
must correspond with the name as it appears upon the face of the within Treasury Stock Purchase Units Certificates in every particular,
without alteration or enlargement or any change whatsoever.

 

Signature Guarantee:                          ________________________________

 

    	99

    	 

    

 

SETTLEMENT INSTRUCTIONS

 

The undersigned Holder directs that a certificate
for shares of Common Stock deliverable upon settlement on or after the Purchase Contract Settlement Date of the Purchase Contracts
underlying the number of Treasury Stock Purchase Units evidenced by this Treasury Stock Purchase Units Certificate be registered
in the name of, and delivered, together with a check in payment for any fractional share, to the undersigned at the address indicated
below unless a different name and address have been indicated below. If shares are to be registered in the name of a Person other
than the undersigned, the undersigned will pay any transfer tax payable incident thereto.

 

Dated:

 

    _________________________________              _________________________________

  

Signature

 

Signature Guarantee:

 

_____________________

 

(if assigned to another person)

 

If shares are to be registered in the name of and delivered
to a Person other than the Holder, please (i) print such Person's name and address and (ii) provide a guarantee of your signature:

 

Please print name and address of

 

Registered Holder:

 

	___________________________________	___________________________________
	 	 
	Name	Name
	 	 
	___________________________________	___________________________________
	 	 
	Address	Address
	 	 
	___________________________________	___________________________________
	 	 
	___________________________________	___________________________________
	 	 
	___________________________________	___________________________________

 

Social Security or other Taxpayer Identification

 

	Number, if any	___________________________________

 

    	100

    	 

    

 

ELECTION TO SETTLE EARLY

 

The undersigned Holder of this Treasury
Stock Purchase Units Certificate hereby irrevocably exercises the option to effect Early Settlement in accordance with the terms
of the Purchase Contract Agreement with respect to the Purchase Contracts underlying the number of Treasury Stock Purchase Units
evidenced by this Treasury Stock Purchase Units Certificate specified below. The option to effect Early Settlement may be exercised
only with respect to Purchase Contracts underlying Treasury Stock Purchase Units with an aggregate Stated Amount equal to $1,000
or an integral multiple thereof. The undersigned Holder directs that a certificate for shares of Common Stock deliverable upon
such Early Settlement be registered in the name of, and delivered, together with a check in payment for any fractional share and
any Treasury Stock Purchase Units Certificate representing any Treasury Stock Purchase Units evidenced hereby as to which Early
Settlement of the related Purchase Contracts is not effected, to the undersigned at the address indicated below unless a different
name and address have been indicated below. Pledged Treasury Securities deliverable upon such Early Settlement will be transferred
in accordance with the transfer instructions set forth below. If shares are to be registered in the name of a Person other than
the undersigned, the undersigned will pay any transfer tax payable incident thereto.

 

Dated:

 

_________________________________              _________________________________

  

Signature

Signature Guarantee:

 

__________________

 

Number of Securities evidenced hereby as to which Early Settlement
of the related Purchase Contracts is being elected:

 

If shares of Common Stock or Treasury Stock Purchase Units Certificates
are to be registered in the name of and delivered to and Pledged Treasury Securities are to be transferred to a Person other than
the Holder, please print such Person's name and address:

 

    	101

    	 

    

 

	 	Please print name and address of
	 	 
	 	Registered Holder:

 

	___________________________________	___________________________________
	 	 
	Name	Name
	 	 
	___________________________________	___________________________________
	 	 
	Address	Address
	 	 
	___________________________________	___________________________________
	 	 
	___________________________________	___________________________________
	 	 
	___________________________________	___________________________________

 

Social Security or other Taxpayer Identification

 

	Number, if any	___________________________________

 

Transfer Instructions for Pledged Treasury Securities Transferable
Upon or Early Settlement or a Termination Event:

 

    	102

    	 

    

 

[TO BE ATTACHED TO GLOBAL CERTIFICATES]

 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL
CERTIFICATE

 

The following increases or decreases in this Global Certificate
have been made:

 

	 	Number of Treasury	 
	 	Amount of increase in	Amount of decrease in	Stock Purchase Units	 
	 	Number of Treasury	Number of Treasury	evidenced by this	Signature of authorized
	Date	Stock Purchase Units	Stock Purchase Units	Global Certificate	signatory of Trustee or
	 	evidenced by the	evidenced by the	following such	Securities Custodian
	 	Global Certificate	Global Certificate	decrease or increase	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    	103

    	 

    

 

EXHIBIT C

 

INSTRUCTION TO PURCHASE CONTRACT AGENT

 

[                        ]

 

[                        ]

 

[                        ]

 

Attention: Corporate Trust Department

 

Re: [_______ Stock Purchase Units] [_______ Treasury Stock Purchase
Units] of WidePoint Corporation, a Delaware corporation (the "COMPANY") and ________ Trust.

 

The undersigned Holder hereby notifies you
that it has delivered to [ ], as Securities Intermediary, for credit to the Collateral Account, $______ aggregate [principal] [liquidation]
amount of [Preferred Securities] [[Subordinated] Notes] [Treasury Securities] in exchange for the [Pledged Preferred Securities]
[Pledged [Subordinated] Notes] [Pledged Treasury Securities] held in the Collateral Account, in accordance with the Pledge Agreement,
dated as of ____________, 20___ (the "PLEDGE AGREEMENT"; unless otherwise defined herein, terms defined in the Pledge
Agreement are used herein as defined therein), between you, the Company, the Collateral Agent and the Securities Intermediary.
The undersigned Holder has paid all applicable fees relating to such exchange. The undersigned Holder hereby instructs you to instruct
the Collateral Agent to release to you on behalf of the undersigned Holder the [Pledged Preferred Securities] [Pledged [Subordinated]
Notes] [Pledged Treasury Securities] related to such [Stock Purchase Units] [Treasury Stock Purchase Units].

 

Date:

 

    _________________________________              _________________________________

  

Signature

 

Signature Guarantee:

_____________________

 

    	104

    	 

    

 

Please print name and address of Registered Holder:

 

                                               —————————————

 

	Name	Social Security or other Taxpayer
	 	 
	 	Identification Number, if any

 

Address

 

___________________________________

 

___________________________________

 

___________________________________

 

___________________________________

 

    	105

    	 

    

 

EXHIBIT D

 

NOTICE FROM PURCHASE CONTRACT AGENT TO HOLDERS

 

(Transfer of Collateral upon Occurrence
of a Termination Event)

 

[HOLDER]

 

Attention:

 

Telecopy: __________

 

Re: [__________ Stock Purchase Units] [______
Treasury Stock Purchase Units] of WidePoint Corporation, a Delaware corporation (the "COMPANY") and _______ Trust

 

Please refer to the Purchase Contract Agreement,
dated as of __________, 20___ (the "PURCHASE CONTRACT AGREEMENT"; unless otherwise defined herein, terms defined in the
Purchase Contract Agreement are used herein as defined therein), between the Company and the undersigned, as Purchase Contract
Agent and as attorney-in-fact for the holders of Stock Purchase Units and Treasury Stock Purchase Units from time to time.

 

We hereby notify you that a Termination
Event has occurred and that [the [Subordinated] Notes][the Treasury Securities] underlying your ownership interest in _____ [Stock
Purchase Units] [Treasury Stock Purchase Units] have been released and are being held by us for your account pending receipt of
transfer instructions with respect to such [[Subordinated] Notes][Treasury Securities] (the "RELEASED SECURITIES").

 

Pursuant to Section 3.15 of the Purchase
Contract Agreement, we hereby request written transfer instructions with respect to the Released Securities. Upon receipt of your
instructions and upon transfer to us of your [Stock Purchase Units][Treasury Stock Purchase Units] effected through book-entry
or by delivery to us of your [Stock Purchase Units Certificate][Treasury Stock Purchase Units Certificate], we shall transfer the
Released Securities by book-entry transfer or other appropriate procedures, in accordance with your instructions. In the event
you fail to effect such transfer or delivery, the Released Securities and any distributions thereon, shall be held in our name,
or a nominee in trust for your benefit, until such time as such [Stock Purchase Units][Treasury Stock Purchase Units] are transferred
or your [Stock Purchase Units Certificate] [Treasury Stock Purchase Units Certificate] is surrendered or satisfactory evidence
is provided that such [Stock Purchase Units Certificate][Treasury Stock Purchase Units Certificate] has been destroyed, lost or
stolen, together with any indemnification that we or the Company may require.

 

    	106

    	 

    

 

	Date:	By: [                         ]
	 	 
	 	_________________________________
	 	 
	 	Name:
	 	 
	 	Title: Authorized Signatory

 

    	107

    	 

    

 

EXHIBIT E

 

NOTICE TO SETTLE BY CASH

 

[                        ]

 

[                        ]

 

[                        ]

 

Attention: Corporate Trust Department

 

Re: [_______ Stock Purchase Units] [Treasury
Stock Purchase Units] of WidePoint Corporation, a Delaware corporation (the "COMPANY") and ___________ Trust

 

The undersigned Holder hereby irrevocably
notifies you in accordance with Section 5.02 of the Purchase Contract Agreement, dated as of ______________, 20___ (the "PURCHASE
CONTRACT AGREEMENT"; unless otherwise defined herein, terms defined in the Purchase Contract Agreement are used herein as
defined therein), between the Company and you, as Purchase Contract Agent and as Attorney-in-Fact for the Holders of the Purchase
Contracts, that such Holder has elected to pay to the Securities Intermediary for deposit in the Collateral Account, prior to or
on 11:00 a.m. (New York City time) on the fifth Business Day immediately preceding the Purchase Contract Settlement Date (in lawful
money of the United States by certified or cashiers' check or wire transfer, in immediately available funds), $______ as the Purchase
Price for the shares of Common Stock issuable to such Holder by the Company under the related Purchase Contracts on the Purchase
Contract Settlement Date. The undersigned Holder hereby instructs you to notify promptly the Collateral Agent of the undersigned
Holders' election to make such cash settlement with respect to the Purchase Contracts related to such Holder's [Stock Purchase
Units] [Treasury Stock Purchase Units].

 

Date:

 

    _________________________________              _________________________________

  

Signature

 

Signature Guarantee:

_____________________

 

Please print name and address of Registered Holder:

 

    	108

    	 

    

 

EXHIBIT F

 

NOTICE FROM PURCHASE CONTRACT AGENT

 

TO COLLATERAL AGENT AND PROPERTY TRUSTEE

 

(Settlement of Purchase Contract through
Remarketing)

 

[                        ]

 

[                        ]

 

Attention:

 

Telecopy:

 

[                        ]

 

[                        ]

 

Attention:

 

Telecopy:

 

Re: __________ Stock Purchase Units of WidePoint
Corporation, a Delaware corporation (the "COMPANY") and ________ Trust

 

Please refer to the Purchase Contract Agreement,
dated as of _________, 20___ (the "PURCHASE CONTRACT AGREEMENT"; unless otherwise defined herein, terms defined in the
Purchase Contract Agreement are used herein as defined therein), between the Company and the undersigned, as Purchase Contract
Agent and as attorney-in-fact for the Holders of Stock Purchase Units from time to time.

 

In accordance with Section 5.02 of the Purchase
Contract Agreement and, based on instructions and Cash Settlements received from Holders of Stock Purchase Units as of 11:00 a.m.
(New York City time), the fifth Business Day preceding the Purchase Contract Settlement Date, we hereby notify you that ______
[Preferred Securities] [[Subordinated] Notes] are to be tendered for purchase in the Remarketing.

 

    	109

    	 

    

 

	Date:	By: [                         ]
	 	 
	 	_________________________________
	 	 
	 	Name:
	 	 
	 	Title: Authorized Signatory

 

    	110CREDIT AGREEMENT

 

Dated as of January 27, 2014

among

 

SAMSON OIL AND GAS USA, INC.,

as Borrower,

 

MUTUAL OF OMAHA BANK,

as Administrative Agent

 

and

 

L/C Issuer,

 

and

 

The Other Lenders Party Hereto

 

 

  

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE I. DEFINITIONS AND ACCOUNTING TERMS	1
	 	 	 
	1.01.	Defined Terms	1
	1.02.	Other Interpretive Provisions	23
	1.03.	Accounting Terms	24
	1.04.	Rounding	24
	1.05.	Times of Day	24
	1.06.	Letter of Credit Amounts	24
	1.07.	Pro Forma Calculations	24
	 	 	 
	ARTICLE II. THE COMMITMENTS AND CREDIT EXTENSIONS	25
	 	 	 
	2.01.	Loans	25
	2.02.	Borrowings, Conversions and Continuations of Loans	25
	2.03.	Letters of Credit	26
	2.04.	Prepayments	33
	2.05.	Termination or Reduction of Aggregate Maximum Credit Amounts	34
	2.06.	Repayment of Loans	34
	2.07.	Interest	34
	2.08.	Fees	35
	2.09.	Computation of Interest and Fees	35
	2.10.	Evidence of Debt	35
	2.11.	Payments Generally; Administrative Agent's Clawback	36
	2.12.	Sharing of Payments	37
	2.13.	Collateral	38
	2.14.	Cash Collateral	39
	2.15.	Defaulting Lenders	40
	 	 	 
	ARTICLE III. TAXES, YIELD PROTECTION AND ILLEGALITY	42
	 	 	 
	3.01.	Increased Costs	42
	3.02.	Taxes	43
	3.03.	Mitigation Obligations; Replacement of Lenders	47
	3.04.	Compensation for Losses	47
	3.05.	Illegality	47
	3.06.	Inability to Determine Rates	48
	3.07.	Survival	48
	 	 	 
	ARTICLE IV. BORROWING BASE	48
	 	 	 
	4.01.	Borrowing Base	48
	4.02.	Periodic Determinations of Borrowing Base	49
	4.03.	Special Determinations of Borrowing Base	49
	4.04.	General Procedures With Respect to Determination of Borrowing Base	49
	4.05.	Borrowing Base Reduction	50
	4.06.	Borrowing Base Deficiency	50
	4.07.	Borrowing Base Increase Fee	51

 

    	i

    	 

    

 

	4.08.	Mortgage of Additional Properties	52
	 	 	 
	ARTICLE V. CONDITIONS PRECEDENT TO CREDIT EXTENSIONS	52
	 	 	 
	5.01.	Conditions of Initial Credit Extension	52
	5.02.	Conditions to all Credit Extensions	54
	 	 	 
	ARTICLE VI. REPRESENTATIONS AND WARRANTIES	56
	 	 	 
	6.01.	Existence, Qualification and Power; Compliance with Laws	56
	6.02.	Authorization; No Contravention	56
	6.03.	Governmental Authorization; Other Consents	56
	6.04.	Binding Effect	56
	6.05.	Financial Statements; No Material Adverse Effect	57
	6.06.	Litigation	57
	6.07.	No Default	57
	6.08.	Ownership of Property; Liens	57
	6.09.	Environmental Compliance	57
	6.10.	Insurance	58
	6.11.	Taxes	58
	6.12.	ERISA Compliance	58
	6.13.	Subsidiaries	58
	6.14.	Margin Regulations; Investment Company Act	59
	6.15.	Disclosure	59
	6.16.	Compliance with Laws	59
	6.17.	Intellectual Property; Licenses, Etc	59
	6.18.	Rights in Collateral; Priority of Liens	59
	6.19.	Concerning the Mortgaged Properties	60
	6.20.	Swap Contract	60
	6.21.	Engineering Reports	60
	6.22.	Gas Balancing Agreements and Advance Payment Contracts	60
	6.23.	OFAC	60
	6.24.	Solvency	60
	 	 	 
	ARTICLE VII. AFFIRMATIVE COVENANTS	60
	 	 	 
	7.01.	Financial Statements	61
	7.02.	Certificates; Other Information	61
	7.03.	Notices	64
	7.04.	Payment of Obligations	64
	7.05.	Preservation of Existence, Etc	64
	7.06.	Maintenance of Properties	65
	7.07.	Maintenance of Insurance	65
	7.08.	Compliance with Laws	65
	7.09.	Books and Records	65
	7.10.	Inspection Rights	65
	7.11.	Use of Proceeds	66
	7.12.	Financial Covenants	66
	7.13.	Title Data	66
	7.14.	Additional Subsidiaries	66
	7.15.	Collateral Records	66

 

    	ii

    	 

    

 

	7.16.	Security Interests	66
	7.17.	Subsequent Expenses of Agent and Lenders	67
	7.18.	Operation of Oil and Gas Properties	67
	7.19.	Agent as Principal Depository	67
	7.20.	Further Assurances	67
	7.21.	Post Closing Obligations	68
	 	 	 
	ARTICLE VIII. NEGATIVE COVENANTS	68
	 	 	 
	8.01.	Liens	68
	8.02.	Investments	69
	8.03.	Indebtedness	70
	8.04.	Fundamental Changes	71
	8.05.	Dispositions	71
	8.06.	Restricted Payments	72
	8.07.	Limitation on General and Administrative Expenses	72
	8.08.	Change of Operator	73
	8.09.	Swap Contracts	73
	8.10.	Change in Nature of Business	73
	8.11.	Transactions with Affiliates	73
	8.12.	Burdensome Agreements	73
	8.13.	Use of Proceeds	74
	8.14.	Gas Balancing Agreements and Advance Payment Contracts	74
	8.15.	Amendments to Swap Contracts	74
	8.16.	Accounting Changes	74
	8.17.	Organization Documents	74
	 	 	 
	ARTICLE IX. EVENTS OF DEFAULT AND REMEDIES	74
	 	 	 
	9.01.	Events of Default	74
	9.02.	Remedies Upon Event of Default	76
	9.03.	Application of Funds	76
	 	 	 
	ARTICLE X. ADMINISTRATIVE AGENT	78
	 	 	 
	10.01.	Appointment and Authorization of Administrative Agent	78
	10.02.	Rights as a Lender	78
	10.03.	Exculpatory Provisions	78
	10.04.	Reliance by Administrative Agent	79
	10.05.	Delegation of Duties	80
	10.06.	Resignation of Administrative Agent	80
	10.07.	Non-Reliance on Administrative Agent and Other Lenders	81
	10.08.	No Other Duties, Etc	81
	10.09.	Administrative Agent May File Proofs of Claim	81
	10.10.	Collateral and Guarantor Matters	82
	10.11.	Treasury Management Agreements and Swap Contracts	83
	 	 	 
	ARTICLE XI. MISCELLANEOUS	84
	 	 	 
	11.01.	Amendments, Etc	84
	11.02.	Notices; Effectiveness; Electronic Communications	85

 

    	iii

    	 

    

 

	11.03.	No Waiver; Cumulative Remedies; Enforcement	86
	11.04.	Expenses; Indemnity; Damage Waiver	87
	11.05.	Payments Set Aside	89
	11.06.	Successors and Assigns	89
	11.07.	Treatment of Certain Information; Confidentiality	93
	11.08.	Right of Setoff	93
	11.09.	Interest Rate Limitation	94
	11.10.	Counterparts ; Integration; Effectiveness	95
	11.11.	Survival of Representations and Warranties	95
	11.12.	Severability	95
	11.13.	Legal Representation of Administrative Agent	95
	11.14.	Replacement of Lenders	95
	11.15.	Governing Law; Jurisdiction; Etc	96
	11.16.	Waiver of Right to Trial by Jury	97
	11.17.	USA PATRIOT Act Notice	97
	11.18.	No Advisory or Fiduciary Responsibility	97
	11.19.	Electronic Execution of Assignments	98
	11.20.	Concerning Swap Contracts	98
	11.21.	Commodity Exchange Act Keepwell Provisions	98
	11.22.	Concerning Treasury Management Agreements	99
	11.23.	Time of the Essence	99
	11.24.	Approved Third Party Intercreditor Agreement	99
	11.25.	Entire Agreement	99

 

    	iv

    	 

    

 

SCHEDULES 

 

	2.01	Initial Commitments and Applicable Percentages
	6.06	Litigation
	6.09	Environmental Matters
	6.13	Subsidiaries and Other Equity Investments
	6.20	Existing Swap Contracts
	7.21	Post-Closing Obligations
	8.01	Existing Liens
	8.03	Existing Indebtedness
	11.02	Administrative Agent's Office, Certain Addresses for Notices

 

EXHIBITS

 

	Form of
	A	Loan Notice
	B	Note
	C	Compliance Certificate
	D	Assignment and Assumption
	E	Opinion Matters
	F	Affidavit of Payment and Trade Bills
	G	Property Certificate
	H	Reconciliation Schedule
	I	List of Mortgaged Properties as of Closing Date
	J-1	U.S. Tax Compliance Certificate (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)
	J-2	U.S. Tax Compliance Certificate (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)
	J-3	U.S. Tax Compliance Certificate (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)
	J-4	U.S. Tax Compliance Certificate (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)

 

    	v

    	 

    

 

CREDIT AGREEMENT

 

CREDIT AGREEMENT (as amended, restated,
supplemented or otherwise modified from time to time, this "Agreement") is entered into as of January 27,
2014, among SAMSON OIL AND GAS USA, INC., a Colorado corporation ("Borrower"), each lender from
time to time party hereto (collectively, "Lenders" and individually, a "Lender"),
and MUTUAL OF OMAHA BANK, as Administrative Agent and L/C Issuer.

 

Borrower has requested that Lenders provide
a revolving credit facility, and Lenders are willing to do so on the terms and conditions set forth herein. In consideration of
the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows:

 

ARTICLE I.

DEFINITIONS AND ACCOUNTING
TERMS

 

1.01.         Defined
Terms. As used in this Agreement, the following terms shall have the meanings set forth below:

 

"Act" has the meaning
specified in Section 11.17.

 

"Administrative Agent"
or "Agent" means Mutual of Omaha in its capacity as administrative agent under any of the Loan Documents,
or any successor administrative agent.

 

"Administrative Agent's Office"
means Administrative Agent's address and, as appropriate, account as set forth on Schedule 11.02, or such other address
or account as Administrative Agent may from time to time notify Borrower and Lenders.

 

"Administrative Questionnaire"
means an Administrative Questionnaire in a form supplied by Administrative Agent.

 

"Advance Payment Contract"
means any contract whereby any Loan Party either (a) receives or becomes entitled to receive (either directly or indirectly)
any payment (an "Advance Payment") to be applied toward payment of the purchase price of hydrocarbons produced
or to be produced from Mineral Interests owned by any Loan Party and which Advance Payment is paid or to be paid in advance of
actual delivery of such production to or for the account of the purchaser regardless of such production, or (b) grants an
option or right of refusal to the purchaser to take delivery of such production in lieu of payment, and, in either of the foregoing
instances, the Advance Payment is, or is to be, applied as payment in full for such production when sold and delivered or is, or
is to be, applied as payment for a portion only of the purchase price thereof or of a percentage or share of such production; provided
inclusion of the standard "take or pay" provision in any gas sales or purchase contract or any other similar contract
shall not, in and of itself, constitute such contract as an Advance Payment Contract for the purposes hereof.

 

"Affidavit of Payment of Trade
Bills" has the meaning specified in Section 5.01(a)(ix).

 

"Affiliate" means,
with respect to any Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled
by or is under common Control with the Person specified.

 

"Agent Parties"
has the meaning specified in Section 11.02(c).

 

    	CREDIT AGREEMENT – Page 1

    	 

    

 

"Aggregate Maximum Credit Amount"
means at any time the sum of the Maximum Credit Amounts, as the same may be reduced or terminated
pursuant to Section 2.05.

 

"Agreement" has
the meaning specified in the introductory paragraph hereto.

 

"Applicable Percentage"
means with respect to any Lender at any time, the percentage (carried out to the ninth decimal place) of the Aggregate Maximum
Credit Amounts represented by such Lender's Maximum Credit Amount at such time, provided that , at any time a Defaulting
Lender shall exist, "Applicable Percentage" shall mean the percentage of the Aggregate Maximum Credit Amounts (disregarding
any Defaulting Lenders' Maximum Credit Amounts at such time, but subject to Section 2.15(a)(iv)) represented by such
Lender's Maximum Credit Amount at such time. If the Commitment of each Lender to make Loans and the obligation of the L/C Issuer
to make L/C Credit Extensions have been terminated pursuant to Section 9.02 or otherwise, or if the total Commitments
have expired, then the Applicable Percentage of each Lender shall be determined based on the Applicable Percentage of such Lender
most recently in effect, giving effect to any subsequent assignments. The initial Applicable Percentage of each Lender is set forth
opposite the name of such Lender on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender
becomes a party hereto, as applicable.

 

"Applicable Rate" means
a per annum rate equal to:

 

(a)          with
respect to Base Rate Loans, 1.25%;

 

(b)          with
respect to Eurodollar Rate Loans and Letters of Credit, 3.75%; and

 

(c)          with
respect to the commitment fee, 0.50%.

 

"Applicable Usury Laws"
has the meaning specified in Section 11.09.

 

"Approved Fund"
means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity
or an Affiliate of an entity that administers or manages a Lender.

 

"Approved Petroleum Engineers"
means (a) Netherland, Sewell & Associates, Inc., (b) Ryder Scott Company Petroleum Consultants, L.P., (c) LaRoche Petroleum
Consultants, Ltd., and (d) any other independent petroleum engineers acceptable to the Administrative Agent and the Required Lenders.

 

"Approved Third Party Intercreditor
Agreement" means an intercreditor agreement with one or more Third Party Counterparties and all of the Lenders which
is satisfactory in form and substance to the Lenders and such Third Party Counterparty.

 

"ASC 815" means
the Accounting Standards Codification No. 815 (Derivatives and Hedging), as issued by the Financial Accounting Standards Board.

 

"Asset Disposition"
means the sale, assignment, lease, license, transfer, exchange or other disposition by any Loan Party of any oil and gas property
included in the Borrowing Base, provided that the sale of the hydrocarbons in the ordinary course of business shall not
be deemed to be an Asset Disposition.

 

"Assignee Group"
means two or more Eligible Assignees that are Affiliates of one another or two or more Approved Funds managed by the same investment
advisor.

 

    	CREDIT AGREEMENT – Page 2

    	 

    

 

"Assignment and Assumption"
means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent
is required by Section 11.06(b)), and accepted by Administrative Agent, in substantially the form of Exhibit D
or any other form approved by Administrative Agent.

 

"Attributable Indebtedness"
means, on any date, (a) in respect of any capital lease of any Person, the capitalized amount thereof that would appear on
a balance sheet of such Person prepared as of such date in accordance with GAAP, and (b) in respect of any Synthetic Lease
Obligation, the capitalized amount of the remaining lease payments under the relevant lease that would appear on a balance sheet
of such Person prepared as of such date in accordance with GAAP if such lease were accounted for as a capital lease.

 

"Audited Financial Statements"
means the audited consolidated balance sheet of Parent, Borrower and its Subsidiaries for the fiscal year ended June 30, 2013,
and the related consolidated statements of income or operations, shareholders' equity and cash flows for such fiscal year of Parent,
Borrower and its Subsidiaries, including the notes thereto.

 

"Availability Period"
means the period from and including the Closing Date to the earliest of (a) the Maturity Date, (b) the date of termination
of the Commitments pursuant to Section 2.05, and (c) the date of termination of the commitment of each Lender
to make Loans and of the obligation of the L/C Issuer to make L/C Credit Extensions pursuant to Section 9.02.

 

"Base Rate" means
for any day a fluctuating rate per annum equal to the higher of (a) the Federal Funds Rate plus 1/2 of 1%, (b) the
rate of interest in effect for such day as publicly announced from time to time by Administrative Agent as its "prime rate",
and (c) the Eurodollar Rate for an Interest Period of one month, plus 1.00%. The "prime rate" is a rate set by Administrative
Agent based upon various factors including Administrative Agent's costs and desired return, general economic conditions and other
factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate.
Any change in such rate announced by Administrative Agent shall take effect at the opening of business on the day specified in
the public announcement of such change.

 

"Base Rate Loan"
means a Loan that bears interest based on the Base Rate.

 

"Borrower" has the
meaning specified in the introductory paragraph hereto.

 

"Borrower Materials"
has the meaning specified in Section 7.02.

 

"Borrowing" means
a borrowing consisting of simultaneous Loans of the same Type and, in the case of Eurodollar Rate Loans, having the same Interest
Period made by each of the Lenders pursuant to Section 2.01.

 

"Borrowing Base"
means the maximum loan amount that may be supported by the Mortgaged Properties, as determined by Administrative Agent and approved
by the Required Lenders, or all of the Lenders, as applicable, in accordance with Article IV.

 

"Borrowing Base Deficiency"
has the meaning specified in Section 4.06(a).

 

"Borrowing Base Deficiency Notice"
has the meaning specified in Section 4.06(a).

 

    	CREDIT AGREEMENT – Page 3

    	 

    

 

"Business Day" means
any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are
in fact closed in, the state where the Administrative Agent's Office is located and, if such day relates to any Eurodollar Rate
Loan, means any such day on which dealings in Dollar deposits are conducted by and between banks in the London interbank eurodollar
market.

 

"Cash Collateralize"
means, to pledge and deposit with or deliver to Administrative Agent, for the benefit of the L/C Issuer or Lenders, as collateral
for L/C Obligations or obligations of Lenders to fund participations in respect of L/C Obligations, cash or deposit account balances
or, if Administrative Agent and the L/C Issuer agree in their sole discretion, other credit support, in each case pursuant to documentation
in form and substance satisfactory to Administrative Agent and the L/C Issuer.

 

"Cash Collateral"
shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support.

 

"Cash Equivalents"
means any of the following types of Investments, to the extent owned by the Borrower or any of its Subsidiaries free and clear
of all Liens (other than Liens created under the Collateral Documents and other Liens permitted hereunder):

 

(a)          readily
marketable obligations issued or directly and fully guaranteed or insured by the United States of America or any agency or instrumentality
thereof having maturities of not more than 360 days from the date of acquisition thereof; provided that the full faith and credit
of the United States of America is pledged in support thereof;

 

(b)          time
deposits with, or insured certificates of deposit or bankers' acceptances of, any commercial bank that (i) (A) is a Lender
or (B) is organized under the laws of the United States of America, any state thereof or the District of Columbia or is the
principal banking subsidiary of a bank holding company organized under the laws of the United States of America, any state thereof
or the District of Columbia, and is a member of the Federal Reserve System, (ii) issues (or the parent of which issues) commercial
paper rated as described in clause (c) of this definition and (iii) has combined capital and surplus of at least $1,000,000,000,
in each case with maturities of not more than 90 days from the date of acquisition thereof;

 

(c)          commercial
paper issued by any Person organized under the laws of any state of the United States of America and rated at least "Prime-1"
(or the then equivalent grade) by Moody's or at least "A-1" (or the then equivalent grade) by S&P, in each case with
maturities of not more than 90 days from the date of acquisition thereof; and

 

(d)          Investments,
classified in accordance with GAAP as current assets of the Borrower or any of its Subsidiaries, in money market investment programs
registered under the Investment Company Act of 1940, which are administered by financial institutions that have the highest rating
obtainable from either Moody's or S&P, and the portfolios of which are limited solely to Investments of the character, quality
and maturity described in clauses (a), (b) and (c) of this definition.

 

"Change in Law"
means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking effect of any
Law, rule, regulation or treaty, (b) any change in any Law, rule, regulation or treaty or in the administration, interpretation,
implementation or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline
or directive (whether or not having the force of Law) by any Governmental Authority; provided that notwithstanding anything
herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines
or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated
by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or
the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a "Change
in Law", regardless of the date enacted, adopted or issued.

 

    	CREDIT AGREEMENT – Page 4

    	 

    

 

"Change of Control"
means the occurrence of any of the following events: (a) with respect to Borrower, Terry Barr shall cease, for any reason, to be
the managing director and CEO of Parent and the CEO of Borrower and has not has not been replaced with a new managing director
and CEO acceptable to Administrative Agent within ninety (90) days, (b) with respect to Borrower, an event or series of events
by which Parent ceases to own and control, directly and indirectly, at least one hundred percent (100%) of Borrower's Equity
Interests, or (c) with respect to any Guarantor, an event or series of events by which Borrower ceases to own and control, directly
and indirectly, at least one hundred percent (100%) of such Guarantor's Equity Interests.

 

"Closing Date" means
the first date all the conditions precedent in Section 5.01 are satisfied or waived in accordance with Section 11.01.

 

"Code" means the
Internal Revenue Code of 1986, as amended.

 

"Collateral" means
any and all assets and rights and interests in or to property of Borrower and each of the other Loan Parties, whether real or personal,
tangible or intangible, in which a Lien is granted or purported to be granted pursuant to the Collateral Documents.

 

"Collateral Documents"
means all Oil and Gas Mortgages, Security Agreements and all other agreements, instruments and documents (other than the Lender
Swap Contracts and Secured Treasury Management Agreements) now or hereafter executed and delivered in connection with this Agreement
pursuant to which Liens are granted or purported to be granted to Administrative Agent in Collateral securing all or part of the
Obligations, each in form and substance satisfactory to Administrative Agent.

 

"Commitment" means,
as to each Lender at any time, its obligation to (a) make Loans to Borrower pursuant to Section 2.01, and (b) purchase
participations in L/C Obligations, as adjusted from time to time in accordance with this Agreement. The amount representing each
Lender's Commitment shall at any time be the lesser of (x) such Lender's Maximum Credit Amount and (y) such Lender's
Applicable Percentage of the then-effective Borrowing Base.

 

"Commodity Exchange Act"
means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.

 

"Compliance Certificate"
means a certificate substantially in the form of Exhibit C.

 

"Connection Income Taxes"
means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or
branch profits Taxes.

 

"Contractual Obligation"
means, as to any Person, any provision of any security issued by such Person or of any material agreement, instrument or other
undertaking to which such Person is a party or by which it or any of its property is bound.

 

"Control" means
the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person,
whether through the ability to exercise voting power, by contract or otherwise. "Controlling" and "Controlled"
have meanings correlative thereto.

 

    	CREDIT AGREEMENT – Page 5

    	 

    

 

"Credit Extension"
means each of the following: (a) a Borrowing and (b) an L/C Credit Extension.

 

"Current Assets" shall
be determined in accordance with Section 1.03 hereof; provided that (a) availability under the Borrowing
Base shall be included and (b) any non-cash mark-to-market value associated with Swap Contracts pursuant to ASC 815 shall
be excluded.

 

"Current Liabilities"
shall be determined in accordance with Section 1.03 hereof and shall exclude (a) aggregate current maturities
of the Obligations and (b) any non-cash mark-to-market liability associated with Swap Contracts pursuant to ASC 815.

 

"Current Ratio"
means, as of any date of determination, the ratio of Current Assets to Current Liabilities.

 

"Debtor Relief Laws"
means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit
of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United
States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.

 

"Default" means
any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time, or both,
would be an Event of Default.

 

"Default Rate" means,
when used with respect to the Obligations, an interest rate equal to the Base Rate plus the Applicable Rate plus
2% per annum, but in no event in excess of the Maximum Rate.

 

"Defaulting Lender"
means, subject to Section 2.15, any Lender that (a) has failed to (i) fund all or any portion of its Loans
within two Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies Administrative
Agent and Borrower in writing that such failure is the result of such Lender's determination that one or more conditions precedent
to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such
writing) has not been satisfied, or (ii) pay to Administrative Agent, the L/C Issuer, or any other Lender any other amount
required to be paid by it hereunder (including in respect of its participation in Letters of Credit) within two Business Days of
the date when due, (b) has notified Borrower, Administrative Agent or the L/C Issuer in writing that it does not intend to
comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement
relates to such Lender's obligation to fund a Loan hereunder and states that such position is based on such Lender's determination
that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified
in such writing or public statement) cannot be satisfied), (c) has failed, within three Business Days after written request
by Administrative Agent or Borrower, to confirm in writing to Administrative Agent and Borrower that it will comply with its prospective
funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c)
upon receipt of such written confirmation by Administrative Agent and Borrower), or (d) has, or has a direct or indirect parent
company that has, (i) become the subject of a proceeding under any Debtor Relief Law, or (ii) had appointed for it a
receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with
reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state
or federal regulatory authority acting in such a capacity; provided that a Lender shall not be a Defaulting Lender solely
by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof
by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the
jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit
such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such
Lender. Any determination by Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a)
through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender
(subject to Section 2.15) upon delivery of written notice of such determination to Borrower, the L/C Issuer and each
Lender.

 

    	CREDIT AGREEMENT – Page 6

    	 

    

 

"Disposition" or
"Dispose" means the sale, transfer, license, lease or other disposition (including any sale and leaseback
transaction) of any property by any Person, including any Asset Disposition and sale, assignment, transfer or other disposal,
with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith.

 

"Dollar" and "$"
mean lawful money of the United States.

 

"Domestic Subsidiary"
means any Subsidiary that is organized under the laws of any political subdivision of the United States.

 

"EBITDAX" means,
for any Test Period, net income for such Test Period, excluding (i) any non-cash revenue or expense associated with Swap Contracts
resulting from ASC 815, and (ii) extraordinary or non-recurring gains and other extraordinary or non-recurring income
(as determined in accordance with GAAP), to the extent included in the calculation of net income, plus without duplication and
to the extent deducted from revenues in determining net income, the sum of (a) the aggregate amount of consolidated interest
expense for such Test Period, (b) the aggregate amount of income tax expense for such Test Period, (c) all amounts attributable
to depletion, depreciation and amortization for such Test Period, (d) all other non-cash charges for such Test Period, and
(e) exploration costs deducted in determining net income under successful efforts accounting for such Test Period, all determined
on a consolidated basis with respect to Parent, Borrower and its Subsidiaries in accordance with GAAP.

 

"Eligible Assignee"
means any Person that meets the requirements to be an assignee under Section 11.06(b)(iii), (v) and (vi)
(subject to such consents, if any, as may be required under Section 11.06(b)(iii)); provided that notwithstanding
the foregoing or anything to the contrary herein or in any other Loan Document, "Eligible Assignee" shall
not include Borrower or any of Borrower's Affiliates or Subsidiaries.

 

"Environmental Laws"
means any and all Federal, state and local statutes, Laws, regulations, ordinances, rules, judgments, orders, decrees, permits,
concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of
the environment or the release of any materials into the environment, including those related to hazardous substances or wastes,
air emissions and discharges to waste or public systems.

 

"Environmental Liability"
means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties
or indemnities), of Borrower, any other Loan Party or any of their respective Subsidiaries directly or indirectly resulting from
or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment
or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release
of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to
which liability is assumed or imposed with respect to any of the foregoing.

 

    	CREDIT AGREEMENT – Page 7

    	 

    

 

"Equity Interests"
means, with respect to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person,
all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or
other ownership or profit interests in) such Person, all of the securities convertible into or exchangeable for shares of capital
stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition
from such Person of such shares (or such other interests), and all of the other ownership or profit interests in such Person (including
partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options,
rights or other interests are outstanding on any date of determination.

 

"ERISA" means the
Employee Retirement Income Security Act of 1974, as amended.

 

"ERISA Affiliate"
means any trade or business (whether or not incorporated) under common control with Borrower within the meaning of Section 414(b)
or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the
Code).

 

"ERISA Event" means
(a) a Reportable Event with respect to a Pension Plan; (b) a withdrawal by Borrower or any ERISA Affiliate from a Pension
Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2)
of ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete
or partial withdrawal by Borrower or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is
in reorganization; (d) the filing of a notice of intent to terminate, the treatment of a Plan amendment as a termination under
Sections 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer
Plan; (e) an event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the
appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; or (f) the imposition of any liability under
Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon Borrower or
any ERISA Affiliate.

 

"Eurodollar Rate" means
for any Interest Period with respect to a Eurodollar Rate Loan, the rate per annum equal to the
rate determined by Administrative Agent to be the London interbank offered rate
that appears on Reuters Screen LIBOR01 Page (or any successor thereto) for deposits in Dollars (for delivery on the first day of
such Interest Period) with a term equivalent to such Interest Period, determined as of approximately 11:00 a.m. (London time)
two Business Days prior to the first day of such Interest Period. If such rate is not available at such time for any reason, then
the "Eurodollar Rate" for such Interest Period shall be the rate per annum determined by agent to be the rate at which
Deposits in dollar for delivery on the first day of such Interest Period in same day funds in the appropriate amount of the Eurodollar
Rate Loan being made, continued or converted by Mutual of Omaha and with a term equivalent to such Interest Period would be offered
by Mutual of Omaha's London Branch to major banks in the London interbank eurodollar market at their request at approximately 11:00 a.m.
(London time) two Business Days prior to the commencement of such Interest Period.

 

"Eurodollar Rate Loan"
means a Loan that bears interest at a rate based on the Eurodollar Rate.

 

"Event of Default"
has the meaning specified in Section 9.01.

 

"Excluded Lender Swap Obligation"
means with respect to any Loan Party, any Lender Swap Obligation if, and to the extent that, all or a portion of the Guarantee
of such Loan Party of, or the grant by such Loan Party of a security interest to secure, such Lender Swap Obligation (or any Guarantee
thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the United States, that are
applicable to the circumstances as of the date of determination, consistently applied.

 

    	CREDIT AGREEMENT – Page 8

    	 

    

 

"Excluded Third Party Counterparty
Swap Obligation" means, with respect to any Loan Party, any Third Party Counterparty Swap Obligation if, and to the
extent that, all or a portion of the Guarantee of such Loan Party of, or the grant by such Loan Party of a security interest to
secure, such Third Party Counterparty Swap Obligation (or any Guarantee thereof) is or becomes illegal under the Commodity Exchange
Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation
of any thereof) by virtue of such Loan Party's failure for any reason to constitute an "eligible contract participant"
as defined in the Commodity Exchange Act and the regulations thereunder at the time the Guarantee of such Loan Party or the grant
of such security interest becomes effective with respect to such Third Party Counterparty Swap Obligation. If a Third Party Counterparty
Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of
such Third Party Counterparty Swap Obligation that is attributable to swaps for which such Guarantee or security interest is or
becomes illegal.

 

"Excluded Taxes"
means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment
to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits
Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal
office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political
subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes
imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment
pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than
pursuant to an assignment request by the Borrower under Sections 3.03(b) and 11.14) or (ii) such Lender
changes its lending office, except in each case to the extent that, pursuant to Section 3.02, amounts with respect
to such Taxes were payable either to such Lender's assignor immediately before such Lender became a party hereto or to such Lender
immediately before it changed its lending office, (c) Taxes attributable to such Recipient's failure to comply with Section 3.02(g)
and (d) any U.S. federal withholding Taxes imposed under FATCA.

 

"FATCA" means Sections 1471
through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable
and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any
agreements entered into pursuant to Section 1471(b)(1) of the Code.

 

"Federal Funds Rate"
means, for any day, the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with
members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of
New York on the Business Day next succeeding such day; provided that (a) if such day is not a Business Day, the Federal
Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next
succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate
for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Administrative
Agent on such day on such transactions as determined by Administrative Agent.

 

"Fee Letter" means
any separate letter agreement between Borrower and Administrative Agent concerning fees to be paid to Administrative Agent.

 

"Foreign Lender"
means a Lender that is not a U.S. Person.

 

"FRB" means the
Board of Governors of the Federal Reserve System of the United States.

 

    	CREDIT AGREEMENT – Page 9

    	 

    

 

"Fronting Exposure"
means, at any time there is a Defaulting Lender, such Defaulting Lender's Applicable Percentage of the outstanding L/C Obligations
with respect to Letters of Credit other than L/C Obligations as to which such Defaulting Lender's participation obligation has
been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof.

 

"Fund" means
any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in
commercial loans and similar extensions of credit in the ordinary course of its activities.

 

"Funded Debt" means,
for any Test Period, all outstanding liabilities for borrowed money and other interest-bearing liabilities, including current and
long term liabilities, in each case for such Test Period.

 

"Future Acquisition Documents"
has the meaning specified in Section 5.02(e).

 

"GAAP" means generally
accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board
and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards
Board or such other principles as may be approved by a significant segment of the accounting profession in the United States, that
are applicable to the circumstances as of the date of determination, consistently applied.

 

"Gas Balancing Agreement"
means any agreement or arrangement whereby any Loan Party, or any other party having an interest in any hydrocarbons to be produced
from Mineral Interests in which any Loan Party owns an interest, has a right to take more than its proportionate share of production
therefrom.

 

"Governmental Authority"
means the government of the United States or any other nation, or of any political subdivision thereof, whether state or local,
and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative,
judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national
bodies such as the European Union or the European Central Bank).

 

"Guarantee" means,
as to any Person, any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing
any Indebtedness or other obligation payable or performable by another Person (the "primary obligor") in any manner,
whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or
advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease property,
securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation of the payment
or performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or any other financial
statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to
pay such Indebtedness or other obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee
in respect of such Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against loss
in respect thereof (in whole or in part). The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable
amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable,
the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. The term
"Guarantee" as a verb has a corresponding meaning.

 

    	CREDIT AGREEMENT – Page 10

    	 

    

 

"Guarantor" means,
collectively, Parent, each Material Domestic Subsidiary of Borrower that now or hereafter executes a Guaranty pursuant to Section 7.14,
and any other Person which subsequently guarantees the payment and performance of the Obligations.

 

"Guaranty" means,
collectively, any Guaranty made by a Guarantor in favor of Administrative Agent for the benefit of the Secured Parties, in form
and substance satisfactory to Administrative Agent.

 

"Hazardous Materials"
means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including
petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, infectious
or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental Law.

 

"Indebtedness" means,
as to any Person at a particular time, without duplication, all of the following, whether or not included as indebtedness or liabilities
in accordance with GAAP:

 

(a)          all
obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements
or other similar instruments;

 

(b)          all
direct or contingent obligations of such Person arising under letters of credit (including standby and commercial), bankers' acceptances,
bank guaranties, surety bonds and similar instruments;

 

(c)          net
obligations of such Person under any Swap Contract;

 

(d)          all
obligations of such Person to pay the deferred purchase price of property or services (other than trade accounts payable in the
ordinary course of business and, in each case, not past due for more than sixty (60) days);

 

(e)          indebtedness
(excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person (including indebtedness
arising under conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed
by such Person or is limited in recourse;

 

(f)          capital
leases and Synthetic Lease Obligations;

 

(g)          all
obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any Equity Interest
in such Person or any other Person, valued, in the case of a redeemable preferred interest, at the greater of its voluntary or
involuntary liquidation preference plus accrued and unpaid dividends; and

 

(h)          all
Guarantees of such Person in respect of any of the foregoing.

 

For all purposes hereof, the Indebtedness of any Person shall
include the Indebtedness of any partnership or joint venture (other than a joint venture that is itself a corporation or limited
liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made non-recourse
to such Person. The amount of any net obligation under any Swap Contract on any date shall be deemed to be the Swap Termination
Value thereof as of such date. The amount of any capital lease or Synthetic Lease Obligation as of any date shall be deemed to
be the amount of Attributable Indebtedness in respect thereof as of such date.

 

    	CREDIT AGREEMENT – Page 11

    	 

    

 

"Indemnified Taxes"
means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation
of any Loan Party under any Loan Document and (b) to the extent not otherwise described in (a) above, Other Taxes.

 

"Indemnitee" has
the meaning specified in Section 11.04(b).

 

"Information" has
the meaning specified in Section 11.07.

 

"Interest Coverage Ratio"
means, for any Test Period, the ratio of EBITDAX for such Test Period to cash interest expense for such Test Period, determined
on a consolidated basis with respect to Borrower and its Subsidiaries in accordance with GAAP.

 

"Interest Payment Date"
means, (a) as to any Loan other than a Base Rate Loan, the last day of each Interest Period applicable to such Loan and the
Maturity Date; provided, however, that if any Interest Period for a Eurodollar Rate Loan exceeds three months, the
respective dates that fall every three months after the beginning of such Interest Period shall also be Interest Payment Dates;
and (b) as to any Base Rate Loan, the last Business Day of each month and the Maturity Date.

 

"Interest Period"
means, as to each Eurodollar Rate Loan, the period commencing on the date such Eurodollar Rate Loan is disbursed or converted to
or continued as a Eurodollar Rate Loan and ending on the date one, two or three months thereafter, as selected by Borrower in its
Loan Notice; provided that:

 

(i)          any
Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business
Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding
Business Day;

 

(ii)         any
Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding
day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end
of such Interest Period; and

 

(iii)        no
Interest Period shall extend beyond the Maturity Date.

 

"Investment" means,
as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase or
other acquisition of Equity Interests of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption
of debt of, or purchase or other acquisition of any other debt or equity participation or interest in, another Person, including
any partnership or joint venture interest in such other Person and any arrangement pursuant to which the investor Guarantees Indebtedness
of such other Person, or (c) the purchase or other acquisition (in one transaction or a series of transactions) of assets
of another Person that constitute a business unit. For purposes of covenant compliance, the amount of any Investment shall be the
amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment.

 

"IRS" means the
United States Internal Revenue Service.

 

"ISP" means, with
respect to any Letter of Credit, the "International Standby Practices 1998" published by the Institute of International
Banking Law & Practice (or such later version thereof as may be in effect at the time of issuance).

 

    	CREDIT AGREEMENT – Page 12

    	 

    

 

"Issuer Documents"
means with respect to any Letter of Credit, the L/C Application, and any other document, agreement and instrument entered into
by the L/C Issuer and Borrower (or any Subsidiary) or in favor of the L/C Issuer and relating to any such Letter of Credit.

 

"Laws" means, collectively,
all international, foreign, Federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and
administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental
Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed
duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether
or not having the force of law.

 

"L/C Advance" means,
with respect to each Lender, such Lender's funding of its participation in any L/C Borrowing in accordance with its Applicable
Percentage.

 

"L/C Application"
means an application and agreement for the issuance or amendment of a Letter of Credit in the form from time to time in use by
the L/C Issuer.

 

"L/C Borrowing"
means an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the date when
made or refinanced as a Borrowing.

 

"L/C Credit Extension"
means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof, or the increase of the
amount thereof.

 

"L/C Expiration Date"
means the day that is seven days prior to the Maturity Date then in effect (or, if such day is not a Business Day, the next preceding
Business Day).

 

"L/C Fee" has the
meaning specified in Section 2.03(i).

 

"L/C Issuer" means
Mutual of Omaha in its capacity as issuer of Letters of Credit hereunder, or any successor issuer of Letters of Credit hereunder.

 

"L/C Obligations"
means, as at any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit plus
the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. For purposes of computing the amount available to be drawn
under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06.
For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount
may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to
be "outstanding" in the amount so remaining available to be drawn.

 

"L/C Sublimit" means
an amount equal to $100,000. The L/C Sublimit is part of, and not in addition to, the total Commitments.

 

"Lender" has the
meaning specified in the introductory paragraph hereto.

 

"Lender Swap Contract"
means any Swap Contract between Borrower or any Subsidiary and any Swap Lender.

 

    	CREDIT AGREEMENT – Page 13

    	 

    

 

"Lender Swap Obligation"
means, with respect to any Loan Party, all net amounts owed or to become owing by such Loan Party to a Swap Lender pursuant to
a Lender Swap Contract (which net obligations shall be deemed to be the Swap Termination Value as of the date the Lender Swap Obligations
are being determined), whether direct, indirect, fixed, contingent, liquidated, unliquidated, joint, several, or joint and several,
together with all reasonable costs, expenses and attorneys' fees incurred in the enforcement or collection thereof and interest
thereon, including interest and fees that accrue after the commencement by or against such Loan Party in any proceeding under any
Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed
claims in such proceeding; provided, however, that notwithstanding anything to the contrary herein or in any other Loan Document.
"Lender Swap Obligations" shall not include, with respect to any Loan Party, any Excluded Lender Swap Obligations
of such Loan Party.

 

"Lending Office"
means, as to any Lender, the office or offices of such Lender described as such in such Lender's Administrative Questionnaire,
or such other office or offices as a Lender may from time to time notify Borrower and Administrative Agent.

 

"Letter of Credit"
means any letter of credit issued hereunder.

 

"Lien" means any
mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, or preference,
priority or other security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever
(including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to
real property, and any financing lease having substantially the same economic effect as any of the foregoing).

 

"Loan" has the meaning
specified in Section 2.01.

 

"Loan Documents"
means this Agreement, each Note, each Issuer Document, the Fee Letter, each Collateral Document, each Guaranty, the Affidavit of
Payment of Trade Bills, the Property Certificate, the Reconciliation Schedule and the Title Indemnity Agreement, together with
all renewals, extensions, modifications and amendments from time to time of any such document, but excluding any Lender Swap Contract,
any Secured Treasury Management Agreement, any Third Party Counterparty Swap Contract, and any Approved Third Party Intercreditor
Agreement.

 

"Loan Notice" means
a notice of (a) a Borrowing, (b) a conversion of Loans from one Type to the other, or (c) a continuation of Eurodollar
Rate Loans, pursuant to Section 2.02(a), which, if in writing, shall be substantially in the form of Exhibit A.

 

"Loan Parties" means,
collectively, Borrower, each Guarantor and each other Person party to a Collateral Document who grants a lien on its assets
in favor of the Administrative Agent for the benefit of the Secured Parties.

 

"Material Adverse Effect"
means (a) a material adverse change in, or a material adverse effect upon, the operations, business, properties, liabilities
(actual or contingent) or financial condition of Borrower and its Subsidiaries taken as a whole; (b) a material impairment
of the ability of any Loan Party to perform its obligations under any Loan Document to which it is a party; (c) a material
adverse effect upon the legality, validity, binding effect or enforceability against any Loan Party of any Loan Document to which
it is a party; or (d) a material adverse change in, or a material adverse effect upon, any material portion of the Collateral.

 

"Material Domestic Subsidiary"
shall mean any Domestic Subsidiary of the Borrower (a) that owns or operates any oil and gas properties included in
the Borrowing Base, (b) the consolidated assets of which equal or exceed five percent (5%) of the consolidated assets of the
Borrower as of the last day of the most recently ended fiscal quarter of the Borrower, or (c) the consolidated revenues of
which for the most recently ended period of four consecutive fiscal quarters of the Borrower equal or exceed five percent (5%)
of the consolidated revenues of the Borrower for such period.

 

    	CREDIT AGREEMENT – Page 14

    	 

    

 

"Material Gas Imbalance"
means, with respect to all Gas Balancing Agreements to which any Loan Party is a party or by which any Mineral Interest owned by
any Loan Party is bound, a net gas imbalance to Borrower or any other Loan Party, individually or taken as a whole in excess of
$250,000. Gas imbalances will be determined based on written agreements, if any, specifying the method of calculation thereof,
or, alternatively, if no such agreements are in existence, gas imbalances will be calculated by multiplying (x) the volume
of gas imbalance as of the date of calculation (expressed in thousand cubic feet) by (y) the heating value in btu's per thousand
cubic feet, times the Henry Hub average daily spot price for the month immediately preceding the date of calculation adjusted
for location differential and transportation costs based upon the location where the Mineral Interest giving rise to the imbalances
are located.

 

"Material Non-Cash Assets"
means non-cash assets owned by Parent other than Equity Interests of the Borrower which equal or exceed five percent (5%) of the
consolidated assets of Parent as of the last day of the most recently ended fiscal quarter of Parent.

 

"Maturity Date"
means January 27, 2017; provided however that, if such date is not a Business Day, the Maturity Date shall be the next
preceding Business Day.

 

"Maximum Amount"
has the meaning specified in Section 11.09.

 

"Maximum Credit Amount"
means, as to each Lender, the amount set forth opposite such Lender's name on Schedule 2.01 (as such Schedule 2.01
may be amended from time to time in connection with any modification to any Maximum Credit Amount or Aggregate Maximum Credit Amounts
pursuant to this Agreement) under the caption "Maximum Credit Amounts", as the same may be (a) reduced or terminated
from time to time in connection with a reduction or termination of the Aggregate Maximum Credit Amounts pursuant to Section 2.05,
or (b) modified from time to time pursuant to any assignment permitted by Section 11.06(b).

 

"Maximum Rate" means
the higher of the maximum interest rate allowed by Applicable Usury Laws as amended from time to time and in effect on the date
for which a determination of interest accrued hereunder is made. The determination of the maximum rate permitted by applicable
Texas law shall be made pursuant to the weekly ceiling as determined pursuant to Chapter 303 of the Texas Finance Code, but Administrative
Agent reserves the right to implement from time to time any other rate ceiling permitted by such law.

 

"Mineral Interests"
means (a) all present and future interests and estates existing under any oil and gas leases including without limitation
working interests, royalties, overriding royalties, production payments and net profits interests, (b) all present and future
rights in mineral fee interests and rights therein, including without limitation, any reversionary or carried interests relating
thereto, (c) all rights, titles and interests created by or arising under the terms of all present and future unitization,
communitization, and pooling arrangements (and all properties covered and units created thereby) whether arising by contract or
operation of Law which now or hereafter include all or any part of the foregoing, and (d) all rights, remedies, powers and
privileges with respect to all of the foregoing.

 

"Minimum Collateral Amount"
means, at any time, (i) with respect to Cash Collateral consisting of cash or deposit account balances, an amount equal to
105% of the Fronting Exposure with respect to Letters of Credit issued and outstanding at such time and (ii) otherwise, an
amount determined by Administrative Agent and the L/C Issuer in their sole discretion.

 

    	CREDIT AGREEMENT – Page 15

    	 

    

 

"Monthly Reduction Amount"
has the meaning specified in Section 4.05(a).

 

"Mortgaged Properties"
means all present and future Mineral Interests of one or more Loan Parties in all oil and gas properties in which such Loan Parties
have granted or do hereafter grant a mortgage or Lien to Administrative Agent for the ratable benefit of the Secured Parties. The
Mortgaged Properties as of the Closing Date are listed on Exhibit I.

 

"Multiemployer Plan"
means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which Borrower or any ERISA Affiliate
makes or is obligated to make contributions, or during the preceding five plan years, has made or been obligated to make contributions.

 

"Mutual of Omaha" means
Mutual of Omaha Bank, a national banking association.

 

"Non-Defaulting Lender"
means, at any time, each Lender that is not a Defaulting Lender at such time.

 

"Note" means a promissory
note made by Borrower in favor of a Lender requesting such note evidencing Loans made by such Lender, substantially in the form
of Exhibit B, and all renewals, extensions, modifications and amendments thereto, and substitutions therefor.

 

"Obligations" means,
collectively, (i) all advances to and all debts, obligations, liabilities, (including all renewals and extensions thereof,
or any part thereof), and all covenants and duties of, any Loan Party arising under any Loan Document or otherwise with respect
to any Loan or Letter of Credit, including all obligations of any Loan Party described in Section 11.04 hereof, (ii) all
Lender Swap Obligations of any Loan Party, and (iii) all Treasury Management Obligations of any Loan Party, in each case,
whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing
or hereafter arising and including interest and fees that accrue after the commencement by or against any Loan Party or any Affiliate
thereof in any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether
such interest and fees are allowed claims in such proceeding; provided, however, that notwithstanding anything to the contrary
herein or any other Loan Document, "Obligations" shall not include, with respect to any Loan Party,
any Excluded Lender Swap Obligations of such Loan Party.

 

"OFAC" means the
U.S. Department of the Treasury's Office of Foreign Assets Control.

 

"Oil and Gas Mortgage"
has the meaning specified in Section 2.13(a).

 

"Organization Documents"
means, (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent or
comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company,
the certificate or articles of formation or organization and operating agreement; and (c) with respect to any partnership,
joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation
or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or
organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable,
any certificate or articles of formation or organization of such entity.

 

"Other Connection Taxes"
means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the
jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to,
performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other
transaction pursuant to or enforced under any Loan Document, or sold or assigned an interest in any Loan or Loan Document).

 

    	CREDIT AGREEMENT – Page 16

    	 

    

 

"Other Taxes" means
all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made
under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security
interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed
with respect to an assignment (other than an assignment made pursuant to Sections 3.03 and 11.14).

 

"Outstanding Amount"
means (i) with respect to Loans on any date, the aggregate outstanding principal amount thereof after giving effect to any
borrowings and prepayments or repayments of Loans, as the case may be, occurring on such date; and (ii) with respect to any
L/C Obligations on any date, the amount of such L/C Obligations on such date after giving effect to any L/C Credit Extension occurring
on such date and any other changes in the aggregate amount of the L/C Obligations as of such date, including as a result of any
reimbursements by Borrower of Unreimbursed Amounts.

 

"Parent" means Samson
Oil & Gas Limited, an Australian public company, the sole owner of the issued and outstanding Equity Interests of Borrower.

 

"Participant" has
the meaning specified in Section 11.06(d).

 

"Participant Register"
has the meaning specified in Section 11.06(d).

 

"PBGC" means the
Pension Benefit Guaranty Corporation.

 

"Pension Plan" means
any "employee pension benefit plan" (as such term is defined in Section 3(2) of ERISA), other than a Multiemployer
Plan, that is subject to Title IV of ERISA and is sponsored or maintained by Borrower or any ERISA Affiliate or to which Borrower
or any ERISA Affiliate contributes or has an obligation to contribute, or in the case of a multiple employer or other plan described
in Section 4064(a) of ERISA, has made contributions at any time during the immediately preceding five plan years.

 

"Permitted Liens" has
the meaning specified in Section 8.01.

 

"Person" means any
natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority
or other entity.

 

"Plan" means any
"employee benefit plan" (as such term is defined in Section 3(3) of ERISA) established by Borrower or, with respect
to any such plan that is subject to Section 412 of the Code or Title IV of ERISA, any ERISA Affiliate.

 

"Platform" has the
meaning specified in Section 7.02.

 

"Projected Oil and Gas Production"
means the projected production of oil or gas (measured by volume unit or BTU equivalent, not by sales price) for the term of the
contracts or a particular month, as applicable, from properties and interests owned by a Loan Party which are located in or offshore
of the United States and which have attributable to them proved developed producing oil and gas reserves, as such production is
projected in the most recent Reserve Report delivered to Administrative Agent, after deducting projected production from any properties
or interests sold or under contract for sale that had been included in such report and after adding projected production from any
properties or interests that have not been reflected in such report but that are reflected in a separate or supplemental reports
acceptable to Administrative Agent.

 

    	CREDIT AGREEMENT – Page 17

    	 

    

 

"Property Certificates"
has the meaning specified in Section 5.01(a)(x).

 

"Proved Mineral Interest"
means, collectively, (i) all Mineral Interests which constitute proved developed producing reserves, (ii) all Mineral
Interests which constitute proved developed non-producing reserves, and (iii) all Mineral Interests which constitute proved
undeveloped reserves, in each case, per a Reserve Report.

 

"Public Lender"
has the meaning specified in Section 7.02.

 

"Qualified ECP Guarantor"
means, in respect of any Lender Swap Obligation and any Third Party Counterparty Swap Obligation, each Loan Party that has
total assets exceeding $10,000,000 at the time the relevant Lender Swap Contract or Third Party Counterparty Swap Contract becomes
effective, or any Guarantee or grant of the relevant security interest becomes effective with respect to such Lender Swap Obligation
and any Third Party Counterparty Swap Obligation, or such other person as constitutes an "eligible contract participant"
under the Commodity Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an "eligible
contract participant" at such time by entering into a keepwell under Section 1(a)(18)(A)(v)(II) of the Commodity Exchange
Act.

 

"Recipient" means
(a) the Administrative Agent, (b) any Lender and (c) the L/C Issuer, as applicable.

 

"Recognized Value"
means the value determined by Lenders attributed to the Mineral Interests in the oil and gas properties of the Loan Parties from
the most recent determination of the Borrowing Base, based upon the discounted present value of the estimated net cash flow to
be realized from the production of hydrocarbons from such Mineral Interests and the other standards specified in Section 4.01
hereof.

 

"Reconciliation Schedule"
means a schedule in the form of Exhibit H confirming that, except as otherwise shown on the Reconciliation Schedule,
(a) each well and unit described on the exhibits to the Oil and Gas Mortgages is also included in the engineering reports
previously delivered to Administrative Agent, (b) the respective net revenue interests and working interests for each well
and unit described on the exhibits to the Oil and Gas Mortgages are also the net revenue interests and working interests for the
same well or unit included in the engineering reports previously furnished to Administrative Agent, and (c) each well and
unit included in the engineering reports previously furnished to Administrative Agent is described on the exhibits to the Oil and
Gas Mortgages.

 

"Register" has the
meaning specified in Section 11.06(c).

 

"Related Parties"
means, with respect to any Person, such Person's Affiliates and the partners, directors, officers, employees, agents, trustees,
administrators, managers, advisors and representatives of such Person and of such Person's Affiliates.

 

"Release Date" has
the meaning specified in Section 10.10(b)(i).

 

"Reportable Event"
means any of the events set forth in Section 4043(c) of ERISA, other than events for which the 30 day notice period has been
waived.

 

    	CREDIT AGREEMENT – Page 18

    	 

    

 

"Request for Credit Extension"
means (a) with respect to a Borrowing, conversion or continuation of Loans, a Loan Notice, and (b) with respect to an
L/C Credit Extension, an L/C Application.

 

"Required Lenders"
means, as of any date of determination, Mutual of Omaha Bank, or if there are two or more Lenders, then at least two Lenders
having at least 66-2/3% of the total Commitments or, if the commitment of each Lender to make Loans and the obligation of the L/C
Issuer to make L/C Credit Extensions have been terminated pursuant to Section 9.02, at least two Lenders holding in
the aggregate at least 66-2/3% of the Total Outstandings (with the aggregate amount of each Lender's risk participation and funded
participation in L/C Obligations being deemed "held" by such Lender for purposes of this definition); provided
that the Commitment of, and the portion of the Total Outstandings held or deemed held by, any Defaulting Lender shall be disregarded
for purposes of making a determination of Required Lenders.

 

"Reserve Report"
means a report in form and substance satisfactory to Administrative Agent evaluating the oil and gas reserves attributable to the
Mineral Interests of the Loan Parties in all of their oil and gas properties and which shall, among other things, (a) identify
the wells covered thereby, (b) specify such engineers' opinions with respect to the total volume of reserves (the "available
reserves") of hydrocarbons (using the terms or categories "proved developed producing reserves," "proved developed
nonproducing reserves" and "proved undeveloped reserves") which Borrower has advised such engineers that the Loan
Parties have the right to produce for their own account, (c) set forth such engineers' opinions with respect to the projected
future cash proceeds from the available reserves, discounted for present value at a rate acceptable to Administrative Agent, for
each calendar year or portion thereof after the date of such findings and data, (d) set forth such engineers' opinions with
respect to the projected future rate of production of the available reserves, (e) contain such other information as requested
by Administrative Agent with respect to the projected rate of production, gross revenues, operating expenses, taxes, capital costs,
net revenues and present value of future net revenues attributable to such reserves and production therefrom, and (f) contain
a statement of the price and escalation parameters, procedures and assumptions upon which such determinations were based.

 

"Resignation Effective Date"
has the meaning specified in Section 10.06(a).

 

"Responsible Officer"
means the chief executive officer, president, chief financial officer, treasurer, assistant treasurer or controller of a Loan Party
and, solely for purposes of (a) notices given pursuant to Article II, any other officer of the applicable Loan
Party so designated by any of the foregoing officers in a notice to Administrative Agent, and (b) delivery of the certificates
pursuant to Section 5.01(a)(iii), the secretary or any assistant secretary of a Loan Party. Any document delivered
hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all
necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively
presumed to have acted on behalf of such Loan Party.

 

"Restricted Payment"
means any dividend or other distribution (whether in cash, securities or other property) with respect to any capital stock or other
Equity Interest of Borrower or any Subsidiary, or any payment (whether in cash, securities or other property), including any sinking
fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such
capital stock or other Equity Interest or on account of any return of capital to Borrower's stockholders, partners or members (or
the equivalent Person thereof) but does not refer to any stock split or reverse stock split or to any issuance of new Equity Interests
by Parent, Borrower or any Subsidiary in exchange for (i) existing Equity Interests with equivalent value, (ii) cash (other than
with respect to any Subsidiary), or (iii) other bona fide new consideration.

 

    	CREDIT AGREEMENT – Page 19

    	 

    

 

"Sanctioned Entity"
means (a) an agency of the government of, (b) an organization directly or indirectly controlled by, or (c) a Person
resident in a country that is subject to a sanctions program identified on the list maintained by OFAC and available at http://www.treas.gov/offices/eotffc/ofac/
sanctions/index.html, or as otherwise published from time to time as such program may be applicable to such agency, organization
or Person.

 

"Sanctioned Person"
means a person named on the list of Specially Designated Nationals or Blocked Persons maintained by OFAC available at http://www.treas.gov/offices/eotffc/ofac/sdn/index.html,
or as otherwise published from time to time.

 

"S&P" means
Standard & Poor's Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc. and any successor thereto.

 

"Sarbanes-Oxley"
means the Sarbanes-Oxley Act of 2002.

 

"SEC" means the
Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.

 

"SEC Reports" means
any reports filed by Parent with the SEC under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934,
that are available for review on the SEC’s website, www.sec.gov.

 

"Secured Parties"
means, collectively, Administrative Agent, the Lenders, L/C Issuer, the beneficiaries of each indemnification obligation undertaken
by any Loan Party under any Loan Documents, and the successors and assigns of each of the foregoing, the Swap Lenders, the Treasury
Management Parties and the Third Party Counterparties.

 

"Secured Treasury Management
Agreement" means any Treasury Management Agreement that is entered into by and between Borrower or any Subsidiary
and any Treasury Management Party.

 

"Securities Laws"
means the Securities Act of 1933, the Securities Exchange Act of 1934, Sarbanes-Oxley and the applicable accounting and auditing
principles, rules, standards and practices promulgated, approved or incorporated by the SEC or the Public Company Accounting Oversight
Board, as each of the foregoing may be amended and in effect on any applicable date hereunder.

 

"Security Agreement"
has the meaning specified in Section 2.13(d).

 

"Solvent" means,
as to any Person at any time, that (a) the fair value of the property of such Person is greater than the total amount of such
Person's liabilities (including contingent liabilities), (b) the present fair saleable value of all of the property of such
Person is not less than the amount that will be required to pay the probable liability of such Person on its debts as they become
absolute and matured, (c) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond
such Person's ability to pay as such debts and liabilities mature, and (d) such Person is able to pay its debts and liabilities,
contingent obligations and other commitments as they mature in the ordinary course of business. The amount of contingent liabilities
at any time shall be computed as the amount that, in the light of all the facts and circumstances existing at such time, represents
the amount that can reasonably be expected to become an actual or matured liability.

 

    	CREDIT AGREEMENT – Page 20

    	 

    

 

"Subsidiary" of
a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority
of the Equity Interests having ordinary voting power for the election of directors or other governing body (other than securities
or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, or the management
of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise
specified, all references herein to a "Subsidiary" or to "Subsidiaries" shall refer to a Subsidiary or Subsidiaries
of Borrower.

 

"Swap Contract"
means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity
swaps, commodity options, forward commodity contracts, forward sale of production, equity or equity index swaps or options, bond
or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest
rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions,
cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of
any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed
by or subject to any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which
are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and
Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master
agreement, together with any related schedules, a "Master Agreement"), including any such obligations or
liabilities under any Master Agreement. For the avoidance of doubt, a "Swap Contract" shall include any
agreement, contract or transaction that constitutes a "swap" within the meaning of section 1a(47) of the Commodity
Exchange Act.

 

"Swap Lender" means
any Person that is at the time it enters into a Swap Contract with Borrower or any of its Subsidiaries, a Lender or an Affiliate
of a Lender, in its capacity as a party to such Swap Contract.

 

"Swap Obligation" means,
with respect to any Loan Party, any obligation to pay or perform under any agreement, contract or transaction that constitutes
a "swap" within the meaning of section 1a(47) of the Commodity Exchange Act.

 

"Swap Termination Value"
means, in respect of any one or more Swap Contracts, after taking into account the effect of any legally enforceable netting agreement
relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination
value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced
in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined based upon one
or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts (which may include
a Lender or any Affiliate of a Lender).

 

"Synthetic Lease Obligation"
means the monetary obligation of a Person under (a) a so-called synthetic, off-balance sheet or tax retention lease, or (b) an
agreement for the use or possession of property creating obligations that do not appear on the balance sheet of such Person but
which, upon the insolvency or bankruptcy of such Person, would be characterized as the indebtedness of such Person (without regard
to accounting treatment).

 

"Taxes" means all
present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or
other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

 

    	CREDIT AGREEMENT – Page 21

    	 

    

 

"Test Period" means,
at any time, the four consecutive fiscal quarters of Borrower then last ended (in each case taken as one accounting period) for
which financial statements have been or are required to be delivered pursuant to this Agreement; provided, however, for
purposes of the calculation of EBITDAX, Funded Debt and interest expense for Test Period ending March 31, 2014, such amounts
shall be annualized by taking the results of the fiscal quarter ending March 31, 2014, and multiplying them by four (4); for
the Test Period ending June 30, 2014, such amounts shall be annualized by taking the results of the two (2) fiscal quarters
ending June 30, 2014, and multiplying them by two (2); and for the Test Period ending September 30, 2014, such amounts
shall be annualized by taking the results of the three (3) fiscal quarters ending September 30, 2014, and multiplying them
by four (4) and dividing them by three (3).

 

"Third Party Counterparty"
means any counterparty of Borrower or any Subsidiary to a Swap Contract, other than a Swap Lender, which counterparty is approved
by all of the Lenders and is a party to an Approved Third Party Intercreditor Agreement.

 

"Third Party Counterparty Swap
Contract" means a Swap Contract between Borrower or any Subsidiary and a Third Party Counterparty.

 

"Third Party Counterparty Swap
Obligations" means, with respect to any Loan Party, all net amounts owed or to become owing by such Loan Party to
a Third Party Counterparty pursuant to a Third Party Counterparty Swap Contract (which net obligations shall be deemed to be the
Swap Termination Value as of the date the Third Party Counterparty Swap Obligations are being determined), whether direct, indirect,
fixed, contingent, liquidated, unliquidated, joint, several, or joint and several, together with all reasonable costs, expenses
and attorneys' fees incurred in the enforcement or collection thereof and interest thereon, including interest and fees that accrue
after the commencement by or against such Loan Party thereof in any proceeding under any Debtor Relief Laws naming such Person
as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding; provided,
however, that notwithstanding anything to the contrary herein or in any other Loan Document, "Third Party Counterparty
Swap Obligations" shall not include, with respect to any Loan Party, any Excluded Third Party Counterparty Swap Obligations
of such Loan Party.

 

"Title Indemnity Agreement"
has the meaning specified in Section 5.01(a)(xi).

 

"Total Outstandings"
means, without duplication, the aggregate Outstanding Amount of all Loans and all L/C Obligations.

 

"Treasury Management Agreement"
means any agreement to provide cash management services, including treasury, depositing, overdraft, credit or debit card, electronic
funds transfer and other cash management arrangements.

 

"Treasury Management Obligations"
means all obligations, indebtedness, and liabilities of Borrower and any Subsidiary, and each Affiliate thereof, arising under
any Secured Treasury Management Agreement, whether direct or indirect (including those acquired by assumption), absolute or contingent,
due or to become due, now existing or hereafter arising and including interest, fees and other amounts that accrue after the commencement
by or against any Borrower or any Subsidiary, or any Affiliate thereof, of any proceeding under any Debtor Relief Law naming Borrower,
such Subsidiary or such Affiliate as the debtor in such proceeding, regardless of whether such interest, fees or other amounts
are allowed claims in such proceeding.

 

"Treasury Management Party"
means any Person that is at the time it enters into a Treasury Management Agreement with Borrower or a Subsidiary of Borrower,
a Lender or an Affiliate of a Lender, in its capacity as a party to such Treasury Management Agreement.

 

    	CREDIT AGREEMENT – Page 22

    	 

    

 

"Type" means, with
respect to a Loan, its character as a Base Rate Loan or a Eurodollar Rate Loan.

 

"Unfunded Pension Liability"
means the excess of a Pension Plan's benefit liabilities under Section 4001(a)(16) of ERISA, over the current value of that
Pension Plan's assets, determined in accordance with the assumptions used for funding the Pension Plan pursuant to Section 412
of the Code for the applicable plan year.

 

"United States"
and "U.S." mean the United States of America.

 

"Unreimbursed Amount"
has the meaning specified in Section 2.03(c)(i).

 

"U.S. Person" means
any Person that is a "United States person" as defined in Section 7701(a)(30) of the Code.

 

"U.S. Tax Compliance Certificate"
has the meaning specified in Section 3.02(g).

 

"Withholding Agent"
means any Loan Party and the Administrative Agent.

 

1.02.     Other
Interpretive Provisions. With reference to this Agreement and each other Loan Document, unless otherwise specified herein
or in such other Loan Document:

 

(a)          The
definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may
require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words "include," "includes"
and "including" shall be deemed to be followed by the phrase "without limitation." The word "will"
shall be construed to have the same meaning and effect as the word "shall." Unless the context requires otherwise, (i) any
definition of or reference to any agreement, instrument or other document (including any Organization Document) shall be construed
as referring to such agreement, instrument or other document as from time to time amended, amended and restated, supplemented or
otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein or in any other
Loan Document), (ii) any reference herein to any Person shall be construed to include such Person's successors and assigns,
(iii) the words "herein," "hereof" and "hereunder," and words of similar import when used in
any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision thereof,
(iv) all references in a Loan Document to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles
and Sections of, and Exhibits and Schedules to, the Loan Document in which such references appear, (v) any reference to any
Law shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting such Law and any reference
to any Law or regulation shall, unless otherwise specified, refer to such Law or regulation as amended, modified or supplemented
from time to time, and (vi) the words "asset" and "property" shall be construed to have the same meaning
and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and
contract rights.

 

(b)          In
the computation of periods of time from a specified date to a later specified date, the word "from" means "from
and including;" the words "to" and "until" each mean "to but excluding;" and the word "through"
means "to and including."

 

(c)          Section
headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation
of this Agreement or any other Loan Document.

 

    	CREDIT AGREEMENT – Page 23

    	 

    

 

 

(d)          For
purposes of Section 9.01, a breach of a financial covenant contained in Section 7.12 shall be deemed to
have occurred as of any date of determination thereof by Administrative Agent or as of the last date of the specified measuring
period, regardless of when the financial statements or the Compliance Certificate reflecting such breach are delivered to Administrative
Agent and the Lenders.

 

1.03.      Accounting
Terms.

 

(a)          Generally.
All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data
(including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared
in conformity with, GAAP applied on a consistent basis, as in effect from time to time, applied in a manner consistent with that
used in preparing the Audited Financial Statements, except as otherwise specifically prescribed herein.

 

(b)          Changes
in GAAP. If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in
any Loan Document, and Borrower or the Required Lenders shall so request, Administrative Agent, Lenders and Borrower shall negotiate
in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject
to the approval of the Required Lenders); provided that, until so amended, (i) such ratio or requirement shall continue
to be computed in accordance with GAAP prior to such change therein and (ii) Borrower shall provide to Administrative Agent
and Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting
forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in
GAAP.

 

1.04.      Rounding.
Any financial ratios required to be maintained by Borrower pursuant to this Agreement shall be calculated by dividing the appropriate
component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed
herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number).

 

1.05.      Times
of Day. Unless otherwise specified, all references herein to times of day shall be references to Central time (daylight
or standard, as applicable).

 

1.06.      Letter
of Credit Amounts. Unless otherwise specified herein the amount of a Letter of Credit at any time shall be deemed to be
the stated amount of such Letter of Credit in effect at such time; provided, however, that with respect to any Letter of
Credit that, by its terms or the terms of any Issuer Document related thereto, provides for one or more automatic increases in
the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such Letter of
Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time.

 

1.07.      Pro
Forma Calculations. For purposes of making any financial calculation set forth herein, such financial calculation shall
be calculated in each case on a pro forma basis as follows: Investments, acquisitions, Dispositions, mergers and consolidations
that have been made by Borrower or any other Loan Party during the reference period or subsequent to the reference period and on
or prior to or simultaneously with the event for which the calculation of such financial calculation is made (the "Calculation
Date") shall be given pro forma effect as if all such Investments, acquisitions, Dispositions, mergers and consolidations
(and all related financing transactions) had occurred on the first day of the reference period provided that Administrative Agent
shall have received documentation satisfactory to Administrative Agent supporting the pro forma calculation of such financial calculation.
Additionally, if since the beginning of such reference period any Person that subsequently became a Subsidiary of Borrower or was
merged with or into Borrower or any Subsidiary of Borrower since the beginning of such reference period shall have made any Investment,
acquisition, Disposition, merger or consolidation that would have required adjustment pursuant to this definition, then such financial
calculation shall be calculated giving pro forma effect thereto for such reference period as if such Investment, acquisition, Disposition,
merger or consolidation (and all related financing transactions) had occurred at the beginning of the reference period provided
that Administrative Agent shall have received documentation satisfactory to Administrative Agent supporting the pro forma calculation
of such financial calculation. Any Person that is a Subsidiary of Borrower on the Calculation Date will be deemed to have been
a Subsidiary of Borrower at all times during the reference period, and any Person that is not a Subsidiary of Borrower on the Calculation
Date will be deemed not to have been a Subsidiary of Borrower at any time during the reference period.

 

    	CREDIT AGREEMENT – Page 24

    	 

    

 

ARTICLE
II. 

THE COMMITMENTS AND CREDIT EXTENSIONS

 

2.01.         Loans.
Subject to the terms and conditions set forth herein, each Lender severally agrees to make loans (each such loan, a "Loan")
to Borrower from time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any
time outstanding the amount of such Lender's Commitment; provided, however, that after giving effect to any Borrowing, (a) the
Total Outstandings shall not exceed the total Commitments, and (b) the aggregate Outstanding Amount of the Loans of any Lender,
plus such Lender's Applicable Percentage of the Outstanding Amount of all L/C Obligations shall not exceed such Lender's
Commitment. Within the limits of each Lender's Commitment, and subject to the other terms and conditions hereof, Borrower may borrow
under this Section 2.01, prepay under Section 2.04, and reborrow under this Section 2.01. Loans
may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein.

 

2.02.         Borrowings,
Conversions and Continuations of Loans. (a) Each Borrowing, each conversion of Loans from one Type to the other, and
each continuation of Eurodollar Rate Loans shall be made upon Borrower's irrevocable notice to Administrative Agent, which may
be given in writing in the form of a Loan Notice (delivered by hand or facsimile or other electronic transmission, including email).
Each such notice must be received by Administrative Agent not later than 11:00 a.m. (i) three (3) Business Days prior
to the requested date of any Borrowing of, conversion to or continuation of Eurodollar Rate Loans or of any conversion of Eurodollar
Rate Loans to Base Rate Loans, and (ii) one (1) Business Day prior to the requested date of any Borrowing of Base Rate Loans
whereupon Administrative Agent shall give prompt notice to Lenders of such request and, in the case of Eurodollar Rate Loans, determine
whether the requested Interest Period is acceptable to all of them. In the case of Eurodollar Rate Loans, not later than 11:00 a.m.,
three (3) Business Days before the requested date of such Borrowing, conversion or continuation, Administrative Agent shall notify
Borrower (which notice may be by telephone) whether or not the requested Interest Period has been consented to by all Lenders.
Each telephonic notice by Borrower pursuant to this Section 2.02(a) must be confirmed promptly by delivery (by hand
or facsimile or other electronic transmission, including email) to Administrative Agent of a written Loan Notice, appropriately
completed and signed by a Responsible Officer of Borrower. Each Borrowing of, conversion to or continuation of Eurodollar Rate
Loans shall be in a principal amount of $250,000 or a whole multiple of $100,000 in excess thereof. Except as provided in Section 2.03(c),
each Borrowing of or conversion to Base Rate Loans shall be in a principal amount of $250,000 or a whole multiple of $100,000 in
excess thereof. Each Loan Notice (whether telephonic or written) shall specify (i) whether Borrower is requesting a Borrowing,
a conversion of Loans from one Type to the other, or a continuation of Eurodollar Rate Loans, (ii) the requested date of the
Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of Loans
to be borrowed, converted or continued, (iv) the Type of Loans to be borrowed or to which existing Loans are to be converted,
and (v) if applicable, the duration of the Interest Period with respect thereto. If Borrower fails to specify a Type of Loan
in a Loan Notice or if Borrower fails to give a timely notice requesting a conversion or continuation, then the applicable Loans
shall be made as, or converted to, Base Rate Loans. Any such automatic conversion to Base Rate Loans shall be effective as of the
last day of the Interest Period then in effect with respect to the applicable Eurodollar Rate Loans. If Borrower requests a Borrowing
of, conversion to, or continuation of Eurodollar Rate Loans in any such Loan Notice, but fails to specify an Interest Period, it
will be deemed to have specified an Interest Period of one (1) month.

 

    	CREDIT AGREEMENT – Page 25

    	 

    

 

(b)          Following
receipt of a Loan Notice, Administrative Agent shall promptly notify each Lender of the amount of its Applicable Percentage of
the applicable Loans, and if no timely notice of a conversion or continuation is provided by Borrower, Administrative Agent shall
notify each Lender of the details of any automatic conversion to Base Rate Loans described in the preceding subsection. In the
case of a Borrowing, each Lender shall make the amount of its Loan available to Administrative Agent in immediately available funds
at the Administrative Agent's Office not later than 1:00 p.m. on the Business Day specified in the applicable Loan Notice.
Upon satisfaction of the applicable conditions set forth in Section 5.02 (and, if such Borrowing is the initial Credit
Extension, Section 5.01), Administrative Agent shall make all funds so received available to Borrower in like funds
as received by Administrative Agent either by (i) crediting the account of Borrower on the books of Administrative Agent with
the amount of such funds or (ii) wire transfer of such funds, in each case in accordance with instructions provided to (and
acceptable to) Administrative Agent by Borrower; provided, however, that if, on the date the Loan Notice with respect to
such Borrowing is given by Borrower, there are L/C Borrowings outstanding, then the proceeds of such Borrowing first, shall
be applied, to the payment in full of any such L/C Borrowings, and second, shall be made available to Borrower as provided
above.

 

(c)          Except
as otherwise provided herein, a Eurodollar Rate Loan may be continued or converted only on the last day of an Interest Period for
such Eurodollar Rate Loan. During the existence of a Default, no Loans may be requested as, converted to or continued as Eurodollar
Rate Loans without the consent of the Required Lenders, and, during the existence of a Default, the Required Lenders may demand
that any or all of the then outstanding Eurodollar Rate Loans be converted immediately to Base Rate Loans and Borrower agrees to
pay all amounts due under Section 3.04 in accordance with the terms thereof due to any such conversion.

 

(d)          Administrative
Agent shall promptly notify Borrower and Lenders of the interest rate applicable to any Interest Period for Eurodollar Rate Loans
upon determination of such interest rate. At any time that Base Rate Loans are outstanding, Administrative Agent shall notify Borrower
and Lenders of any change in Administrative Agent's prime rate used in determining the Base Rate promptly following the public
announcement of such change.

 

(e)          After
giving effect to all Borrowings, all conversions of Loans from one Type to the other, and all continuations of Loans as the same
Type, there shall not be more than five Interest Periods in effect with respect to Loans.

 

2.03.      Letters
of Credit. (a) The Letter of Credit Commitment.

 

(i)          Subject
to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the other Lenders
set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date
until the L/C Expiration Date, to issue Letters of Credit for the account of Borrower or its Subsidiaries, and to amend or extend
Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the
Letters of Credit; and (B) the Lenders severally agree to participate in Letters of Credit issued for the account of Borrower
or its Subsidiaries and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect
to any Letter of Credit, (1) the Total Outstandings shall not exceed the total Commitments, (2) the aggregate Outstanding
Amount of the Loans of any Lender, plus such Lender's Applicable Percentage of the Outstanding Amount of all L/C Obligations
shall not exceed such Lender's Commitment, and (3) the Outstanding Amount of the L/C Obligations shall not exceed the L/C
Sublimit. Each request by Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by
Borrower that the L/C Credit Extension so requested complies with the conditions set forth in the proviso to the preceding sentence.
Within the foregoing limits, and subject to the terms and conditions hereof, Borrower's ability to obtain Letters of Credit shall
be fully revolving, and accordingly Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit
that have expired or that have been drawn upon and reimbursed.

 

 

    	CREDIT AGREEMENT – Page 26

    	 

    

 

(ii)         The
L/C Issuer shall not issue any Letter of Credit, if:

 

(A)         the
expiry date of such requested Letter of Credit would occur more than twelve (12) months after the date of issuance or last extension,
unless the Required Lenders have approved such expiry date; or

 

(B)         the
expiry date of such requested Letter of Credit would occur after the L/C Expiration Date, unless all the Lenders have approved
such expiry date.

 

(iii)        The
L/C Issuer shall not be under any obligation to issue any Letter of Credit if:

 

(A)         any
order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the L/C
Issuer from issuing such Letter of Credit, or any Law applicable to the L/C Issuer or any request or directive (whether or not
having the force of law) from any Governmental Authority with jurisdiction over the L/C Issuer shall prohibit, or request that
the L/C Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose
upon the L/C Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (for which the L/C Issuer
is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon the L/C Issuer any unreimbursed
loss, cost or expense which was not applicable on the Closing Date and which the L/C Issuer in good faith deems material to it;

 

(B)         the
issuance of such Letter of Credit would violate one or more policies of the L/C Issuer;

 

(C)         except
as otherwise agreed by Administrative Agent and the L/C Issuer, such Letter of Credit is in an initial stated amount less than
$50,000;

 

(D)         such
Letter of Credit is to be denominated in a currency other than Dollars;

 

(E)         unless
specifically provided for in this agreement, such Letter of Credit contains any provisions for automatic reinstatement of the stated
amount after any drawing thereunder; or

 

(F)         a
default of any Lender's obligations to fund under Section 2.03(c) exists or any Lender is at such time a Defaulting
Lender hereunder, unless the L/C Issuer has entered into satisfactory arrangements with Borrower, such Lender or all other Lenders
to eliminate the L/C Issuer's risk with respect to such Lender.

 

    	CREDIT AGREEMENT – Page 27

    	 

    

 

(iv)        The
L/C Issuer shall be under no obligation to amend any Letter of Credit if (A) the L/C Issuer would have no obligation at such
time to issue such Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of such Letter of Credit
does not accept the proposed amendment to such Letter of Credit.

 

(v)         The
L/C Issuer shall act on behalf of the Lenders with respect to any Letters of Credit issued by it and the documents associated therewith,
and the L/C Issuer shall have all of the benefits and immunities (A) provided to Administrative Agent in Article IX
with respect to any acts taken or omissions suffered by the L/C Issuer in connection with Letters of Credit issued by it or proposed
to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term "Administrative Agent"
or "Agent" as used in Article X included the L/C Issuer with respect to such acts or omissions, and (B) as
additionally provided herein with respect to the L/C Issuer.

 

(b)          Procedures
for Issuance and Amendment of Letters of Credit.

 

(i)          Each
Letter of Credit shall be issued or amended, renewed or extended, as the case may be, upon the request of Borrower delivered (by
hand or facsimile or other electronic transmission (including email) to the L/C Issuer (with a copy to Administrative Agent) in
the form of a L/C Application, appropriately completed and signed by a Responsible Officer of Borrower. Such L/C Application must
be received by the L/C Issuer and Administrative Agent not later than 11:00 a.m. at least two Business Days (or such later
date and time as Administrative Agent and the L/C Issuer may agree in a particular instance in their sole discretion) prior to
the proposed issuance date or date of amendment, as the case may be. In the case of a request for an initial issuance of a Letter
of Credit, such L/C Application shall specify in form and detail satisfactory to the L/C Issuer: (A) the proposed issuance
date of the requested Letter of Credit (which shall be a Business Day); (B) the amount thereof; (C) the expiry date thereof;
(D) the name and address of the beneficiary thereof; (E) the documents to be presented by such beneficiary in case of
any drawing thereunder; (F) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder;
and (G) such other matters as the L/C Issuer may require. In the case of a request for an amendment of any outstanding Letter
of Credit, such L/C Application shall specify in form and detail satisfactory to the L/C Issuer (A) the Letter of Credit to
be amended; (B) the proposed date of amendment thereof (which shall be a Business Day); (C) the nature of the proposed
amendment; and (D) such other matters as the L/C Issuer may require. Additionally, Borrower shall furnish to the L/C Issuer
and Administrative Agent such other documents and information pertaining to such requested Letter of Credit issuance or amendment,
including any Issuer Documents, as the L/C Issuer or Administrative Agent may require.

 

(ii)         Promptly
after receipt of any L/C Application at the address set forth in Section 11.02 for receiving L/C Applications and related
correspondence, the L/C Issuer will confirm with Administrative Agent (by telephone or in writing) that Administrative Agent has
received a copy of such L/C Application from Borrower and, if not, the L/C Issuer will provide Administrative Agent with a copy
thereof. Unless the L/C Issuer has received written notice from any Lender, Administrative Agent or any Loan Party, at least one
Business Day prior to the requested date of issuance or amendment of the applicable Letter of Credit, that one or more applicable
conditions in Article V shall not then be satisfied, then, subject to the terms and conditions hereof, the L/C Issuer
shall, on the requested date, issue a Letter of Credit for the account of Borrower (or the applicable Subsidiary) or enter into
the applicable amendment, as the case may be, in each case in accordance with the L/C Issuer's usual and customary business practices.
Immediately upon the issuance of each Letter of Credit, each Lender shall be deemed to, and hereby irrevocably and unconditionally
agrees to, purchase from the L/C Issuer a risk participation in such Letter of Credit in an amount equal to the product of such
Lender's Applicable Percentage times the amount of such Letter of Credit.

 

    	CREDIT AGREEMENT – Page 28

    	 

    

 

(iii)        Promptly
after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or to
the beneficiary thereof, the L/C Issuer will also deliver to Borrower and Administrative Agent a true and complete copy of such
Letter of Credit or amendment.

 

(iv)        No
Letter of Credit may have an automatic renewal provision.

 

(c)          Drawings
and Reimbursements; Funding of Participations.

 

(i)          Upon
receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the L/C Issuer shall
notify Borrower and Administrative Agent thereof. Not later than 11:00 a.m. on the date of any payment by the L/C Issuer under
a Letter of Credit (each such date, an "Honor Date") (if Borrower shall have received notice prior to 9:00 a.m.
on such date, or, if such notice has not been received by Borrower prior to such time on such date, then not later than 11:00 a.m.
on the following Business Day after Borrower receives such notice), Borrower shall reimburse the L/C Issuer by payment to Administrative
Agent in an amount equal to the amount of such drawing. If Borrower fails to so reimburse the L/C Issuer by such time, Administrative
Agent shall promptly notify each Lender of the Honor Date, the amount of the unreimbursed drawing (the "Unreimbursed
Amount"), and the amount of such Lender's Applicable Percentage thereof. In such event, Borrower shall be deemed to
have requested a Borrowing of Base Rate Loans to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount,
without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans,
but subject to the amount of the unutilized portion of the total Commitments and the conditions set forth in Section 5.02
(other than the delivery of a Loan Notice). Any notice given by the L/C Issuer or Administrative Agent pursuant to this Section 2.03(c)(i)
may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation
shall not affect the conclusiveness or binding effect of such notice.

 

(ii)         Each
Lender shall upon any notice pursuant to Section 2.03(c)(i) make funds available to Administrative Agent for the account
of the L/C Issuer at the Administrative Agent's Office in an amount equal to its Applicable Percentage of the Unreimbursed Amount
not later than 1:00 p.m. on the Business Day specified in such notice by Administrative Agent, whereupon, subject to the provisions
of Section 2.03(c)(iii), each Lender that so makes funds available shall be deemed to have made a Base Rate Loan to
Borrower in such amount. Administrative Agent shall remit the funds so received to the L/C Issuer.

 

(iii)        With
respect to any Unreimbursed Amount that is not fully refinanced by a Borrowing of Base Rate Loans because the conditions set forth
in Section 5.02 cannot be satisfied or for any other reason, Borrower shall be deemed to have incurred from the L/C
Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be due and
payable on demand (together with interest) and shall bear interest at the Default Rate. In such event, each Lender's payment to
Administrative Agent for the account of the L/C Issuer pursuant to Section 2.03(c)(ii) shall be deemed payment in respect
of its participation in such L/C Borrowing and shall constitute an L/C Advance from such Lender in satisfaction of its participation
obligation under this Section 2.03.

 

    	CREDIT AGREEMENT – Page 29

    	 

    

 

(iv)        Until
each Lender funds its Loan or L/C Advance pursuant to this Section 2.03(c) to reimburse the L/C Issuer for any amount
drawn under any Letter of Credit, interest in respect of such Lender's Applicable Percentage of such amount shall be solely for
the account of the L/C Issuer.

 

(v)         Each
Lender's obligation to make Loans or L/C Advances to reimburse the L/C Issuer for amounts drawn under Letters of Credit, as contemplated
by this Section 2.03(c), shall be absolute and unconditional and shall not be affected by any circumstance, including
(A) any setoff, counterclaim, recoupment, defense or other right which such Lender may have against the L/C Issuer, Borrower
or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any other occurrence,
event or condition, whether or not similar to any of the foregoing; provided, however, that each Lender's obligation to
make Loans pursuant to this Section 2.03(c) is subject to the conditions set forth in Section 5.02 (other
than delivery by Borrower of a Loan Notice). No such making of an L/C Advance shall relieve or otherwise impair the obligation
of Borrower to reimburse the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together
with interest as provided herein.

 

(vi)        If
any Lender fails to make available to Administrative Agent for the account of the L/C Issuer any amount required to be paid by
such Lender pursuant to the foregoing provisions of this Section 2.03(c) by the time specified in Section 2.03(c)(ii),
the L/C Issuer shall be entitled to recover from such Lender (acting through Administrative Agent), on demand, such amount with
interest thereon for the period from the date such payment is required to the date on which such payment is immediately available
to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in
accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily
charged by the L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid),
the amount so paid shall constitute such Lender's Loan included in the relevant Borrowing or L/C Advance in respect of the relevant
L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to any Lender (through Administrative Agent) with
respect to any amounts owing under this clause (vi) shall be conclusive absent manifest error.

 

(d)          Repayment
of Participations.

 

(i)          At
any time after the L/C Issuer has made a payment under any Letter of Credit and has received from any Lender such Lender's L/C
Advance in respect of such payment in accordance with Section 2.03(c), if Administrative Agent receives for the account
of the L/C Issuer any payment in respect of the related Unreimbursed Amount or interest thereon (whether directly from Borrower
or otherwise, including proceeds of Cash Collateral applied thereto by Administrative Agent), Administrative Agent will distribute
to such Lender its Applicable Percentage thereof (appropriately adjusted, in the case of interest payments, to reflect the period
of time during which such Lender's L/C Advance was outstanding) in the same funds as those received by Administrative Agent.

 

(ii)         If
any payment received by Administrative Agent for the account of the L/C Issuer pursuant to Section 2.03(c)(i) is required
to be returned under any of the circumstances described in Section 11.05 (including pursuant to any settlement entered
into by the L/C Issuer in its discretion), each Lender shall pay to Administrative Agent for the account of the L/C Issuer its
Applicable Percentage thereof on demand of Administrative Agent, plus interest thereon from the date of such demand to the date
such amount is returned by such Lender, at a rate per annum equal to the Federal Funds Rate from time to time in effect. The obligations
of Lenders under this clause shall survive the payment in full of the Obligations and the termination of this Agreement.

 

    	CREDIT AGREEMENT – Page 30

    	 

    

 

(e)          Obligations
Absolute. The obligation of Borrower to reimburse the L/C Issuer for each drawing under each Letter of Credit and to repay
each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of
this Agreement under all circumstances, including the following:

 

(i)          any
lack of validity or enforceability of such Letter of Credit, this Agreement, or any other Loan Document;

 

(ii)         the
existence of any claim, counterclaim, setoff, defense or other right that Borrower or any Subsidiary may have at any time against
any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee
may be acting), the L/C Issuer or any other Person, whether in connection with this Agreement, the transactions contemplated hereby
or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction;

 

(iii)        any
draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or
insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission
or otherwise of any document required in order to make a drawing under such Letter of Credit;

 

(iv)        any
payment by the L/C Issuer under such Letter of Credit against presentation of a draft or certificate that does not strictly comply
with the terms of such Letter of Credit; or any payment made by the L/C Issuer under such Letter of Credit to any Person purporting
to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative
of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding
under any Debtor Relief Law; or

 

(v)         any
other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that
might otherwise constitute a defense available to, or a discharge of, Borrower or any Subsidiary.

 

Borrower shall promptly examine a copy of each Letter of Credit
and each amendment thereto that is delivered to it and, in the event of any claim of noncompliance with Borrower's instructions
or other irregularity, Borrower will immediately notify the L/C Issuer. Borrower shall be conclusively deemed to have waived any
such claim against the L/C Issuer and its correspondents unless such notice is given as aforesaid.

 

    	CREDIT AGREEMENT – Page 31

    	 

    

 

(f)          Role
of L/C Issuer. Each Lender and Borrower agree that, in paying any drawing under a Letter of Credit, the L/C Issuer shall not
have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by the
Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person
executing or delivering any such document. None of the L/C Issuer, Administrative Agent, any of their respective Related Parties
nor any correspondent, participant or assignee of the L/C Issuer shall be liable to any Lender for (i) any action taken or
omitted in connection herewith at the request or with the approval of Lenders or the Required Lenders, as applicable; (ii) any
action taken or omitted in the absence of gross negligence or willful misconduct; or (iii) the due execution, effectiveness,
validity or enforceability of any document or instrument related to any Letter of Credit or Issuer Document. Borrower hereby assumes
all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided,
however, that this assumption is not intended to, and shall not, preclude Borrower's pursuing such rights and remedies as it
may have against the beneficiary or transferee at law or under any other agreement. None of the L/C Issuer, Administrative Agent,
any of their respective Related Parties nor any correspondent, participant or assignee of the L/C Issuer, shall be liable or responsible
for any of the matters described in clauses (i) through (v) of Section 2.03(e); provided, however,
that anything in such clauses to the contrary notwithstanding, Borrower may have a claim against the L/C Issuer, and the L/C Issuer
may be liable to Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages
suffered by Borrower which damages have been determined by a court of competent jurisdiction in a final and non-appealable judgment
to have been caused by the L/C Issuer's willful misconduct or gross negligence or the L/C Issuer's willful failure to pay under
any Letter of Credit after the presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with
the terms and conditions of a Letter of Credit. In furtherance and not in limitation of the foregoing, the L/C Issuer may accept
documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice
or information to the contrary, and the L/C Issuer shall not be responsible for the validity or sufficiency of any instrument transferring
or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in
whole or in part, which may prove to be invalid or ineffective for any reason.

 

(g)          Cash
Collateral. Upon the request of Administrative Agent, (i) if the L/C Issuer has honored any full or partial drawing request
under any Letter of Credit and such drawing has resulted in an L/C Borrowing, or (ii) if, as of the L/C Expiration Date, any
L/C Obligation for any reason remains outstanding, Borrower shall, in each case, immediately Cash Collateralize the then Outstanding
Amount of all L/C Obligations. Sections 2.04, 2.14, 2.15 and 9.02(c) set forth certain additional
requirements to deliver Cash Collateral hereunder. Borrower hereby grants to Administrative Agent, for the benefit of the L/C Issuer
and Lenders, a security interest in all such cash, deposit accounts and all balances therein and all proceeds of the foregoing.
Cash Collateral shall be maintained in blocked, non-interest bearing deposit accounts at Administrative Agent.

 

(h)          Applicability
of ISP. Unless otherwise expressly agreed by the L/C Issuer and Borrower when a Letter of Credit is issued, the rules of the
ISP shall apply to each Letter of Credit.

 

(i)          L/C
Fees. Borrower shall pay to Administrative Agent for the account of each Lender in accordance, subject to Section 2.15
with its Applicable Percentage a L/C fee (the "L/C Fee") for the issuance or extension of each Letter of
Credit equal to the greater of (x) the Applicable Rate times the daily amount available to be drawn under such Letter
of Credit and (y) $1,000. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the
amount of such Letter of Credit shall be determined in accordance with Section 1.06. L/C Fees shall be due and payable
upon the issuance or extension of each Letter of Credit. L/C Fees shall be (i) computed on a quarterly basis in arrears and
(ii) due and payable on the first Business Day after the end of each March, June, September and December, commencing with
the first such date to occur after the issuance of such Letter of Credit, on the L/C Expiration Date and thereafter on demand.
If there is any change in the Applicable Rate during any quarter, the daily amount available to be drawn under each Letter of Credit
shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate
was in effect. Notwithstanding anything to the contrary contained herein, upon the request of the Required Lenders, while any Event
of Default exists, all accrued and unpaid L/C Fees shall bear interest at the Default Rate.

 

    	CREDIT AGREEMENT – Page 32

    	 

    

 

(j)          Fronting
Fee and Documentary and Processing Charges Payable to L/C Issuer. Borrower shall pay directly to the L/C Issuer for its own
account a fronting fee with respect to each Letter of Credit, at the rate per annum specified in the Fee Letter, computed on the
daily amount available to be drawn under such Letter of Credit and on a quarterly basis in arrears. Such fronting fee shall be
due and payable on the first Business Day after the end of each March, June, September and December, in respect of the most recently-ended
quarterly period (or portion thereof, in the case of the first payment), commencing with the first such date to occur after the
issuance of such Letter of Credit, on the L/C Expiration Date and thereafter on demand. For purposes of computing the daily amount
available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06.
In addition, Borrower shall pay directly to the L/C Issuer for its own account the customary issuance, presentation, amendment
and other processing fees, and other standard costs and charges, of the L/C Issuer relating to letters of credit as from time to
time in effect. Such individual customary fees and standard costs and charges are due and payable on demand and are nonrefundable.

 

(k)          Conflict
with Issuer Documents. In the event of any conflict between the terms of this Agreement and the terms of any Issuer Documents,
the terms hereof shall control.

 

(l)          Letters
of Credit Issued for Subsidiaries. Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of
any obligations of, or is for the account of, a Subsidiary, Borrower shall be obligated to reimburse the L/C Issuer hereunder for
any and all drawings under such Letter of Credit. Borrower hereby acknowledges that the issuance of Letters of Credit for the account
of Subsidiaries inures to the benefit of Borrower, and that Borrower's business derives substantial benefits from the businesses
of such Subsidiaries.

 

2.04.      Prepayments.
(a) Borrower may, upon notice to Administrative Agent in writing (delivered by hand or facsimile or other electronic transmission
(including email), at any time or from time to time voluntarily prepay Loans in whole or in part without premium or penalty; provided
that (i) such notice must be received by Administrative Agent not later than 11:00 a.m. (A) three (3) Business Days
prior to any date of prepayment of Eurodollar Rate Loans and (B) one (1) Business Day prior to any date of prepayment of Base
Rate Loans; (ii) any prepayment of Eurodollar Rate Loans shall be in a principal amount of $100,000 or a whole multiple of
$100,000 in excess thereof; and (iii) any prepayment of Base Rate Loans shall be in a principal amount of $100,000 or a whole
multiple of $100,000 in excess thereof or, in each case, if less, the entire principal amount thereof then outstanding. Each such
notice shall specify the date and amount of such prepayment and the Type(s) of Loans to be prepaid and, if Eurodollar Rate Loans
are to be repaid, the Interest Period(s) of such Loans. Administrative Agent will promptly notify each Lender of its receipt of
each such notice, and of the amount of such Lender's Applicable Percentage of such prepayment. If such notice is given by Borrower,
Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified
therein. Any prepayment of a Eurodollar Rate Loan shall be accompanied by all accrued interest on the amount prepaid, together
with any additional amounts required pursuant to Section 3.04. Each such prepayment shall be applied to the Loans of
Lenders in accordance with their respective Applicable Percentages.

 

(b)          If
for any reason (including without limitation those arising from a reduction of the Borrowing Base described in Section 4.05)
the Total Outstandings at any time exceed the total Commitments then in effect, Borrower shall immediately prepay Loans and/or
Cash Collateralize the L/C Obligations in an aggregate amount equal to such excess; provided, however, that Borrower shall
not be required to Cash Collateralize the L/C Obligations pursuant to this Section 2.04(b) unless there remains any
such excess after the prepayment in full of the Loans; and provided further, however, that the provisions of Section 4.06
shall control in the event that the reason for such excess is due to the redetermination of the Borrowing Base pursuant to Section 4.02
or Section 4.03.

 

(c)          Borrower
may make a prepayment of Loans pursuant to Section 4.06.

 

    	CREDIT AGREEMENT – Page 33

    	 

    

 

2.05.      Termination
or Reduction of Aggregate Maximum Credit Amounts. Borrower may, upon notice to Administrative Agent, terminate the Aggregate
Maximum Credit Amounts, or from time to time permanently reduce the Aggregate Maximum Credit Amounts; provided that (a) any
such notice shall be received by Administrative Agent not later than 11:00 a.m. five (5) Business Days prior to the date of termination
or reduction, (b) any such partial reduction shall be in an aggregate amount of $500,000 or any whole multiple of $500,000
in excess thereof, (c) Borrower shall not terminate or reduce the Aggregate Maximum Credit Amounts if, after giving effect
thereto and to any concurrent prepayments hereunder, the Total Outstandings would exceed the total Commitments, and (d) if,
after giving effect to any reduction of the Aggregate Maximum Credit Amounts, the L/C Sublimit exceeds the total Commitments, the
L/C Sublimit shall be automatically reduced by the amount of such excess. Administrative Agent will promptly notify the Lenders
of any such notice of termination or reduction of the Aggregate Maximum Credit Amounts. Any reduction of the Aggregate Maximum
Credit Amounts shall be applied to the Maximum Credit Amount of each Lender according to its Applicable Percentage. All fees accrued
until the effective date of any termination of the Aggregate Maximum Credit Amounts shall be paid on the effective date of such
termination.

 

2.06.      Repayment
of Loans. Borrower shall repay to Lenders on the Maturity Date the aggregate principal amount of Loans outstanding on such
date.

 

2.07.      Interest.
(a) Subject to the provisions of subsection (b) below, (i) each Eurodollar Rate Loan shall bear interest on the
outstanding principal amount thereof for each Interest Period at a rate per annum equal to the lesser of (1) the Eurodollar
Rate for such Interest Period plus the Applicable Rate or (2) the Maximum Rate; and (ii) each Base Rate Loan shall
bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the lesser
of (1) the Base Rate plus the Applicable Rate or (2) the Maximum Rate.

 

(b)          (i)          If
any amount of principal of any Loan is not paid when due (without regard to any applicable grace periods), whether at stated maturity,
by acceleration or otherwise, then at the request of the Required Lenders, such amount shall thereafter bear interest, to the fullest
extent permitted by applicable Laws, at a fluctuating interest rate per annum at all times equal to the Default Rate from the date
of such nonpayment until such amount is paid in full.

 

(ii)         If
any amount (other than principal of any Loan) payable by Borrower under any Loan Document is not paid when due (after passage of
any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then upon the request of the Required
Lenders, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default
Rate to the fullest extent permitted by applicable Laws.

 

(iii)        Upon
the request of the Required Lenders, while any Event of Default exists, Borrower shall pay interest on the principal amount of
all outstanding Obligations hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest
extent permitted by applicable Laws.

 

(iv)        Accrued
and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon demand.

 

(c)          Interest
on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as may
be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment,
and before and after the commencement of any proceeding under any Debtor Relief Law.

 

    	CREDIT AGREEMENT – Page 34

    	 

    

 

2.08.      Fees.
In addition to certain fees described in subsections (i) and (j) of Section 2.03 and in Section 4.07:

 

(a)          Commitment
Fee. Borrower shall pay to Administrative Agent for the account of the Lenders (to be paid by Administrative Agent to each
Lender (other than any Defaulting Lender) in accordance with its Applicable Percentage), an aggregate commitment fee in an amount
per annum equal to the Applicable Rate times the actual daily amount by which the total Commitments exceeds the sum of (i) the
Outstanding Amount of Loans and (ii) the Outstanding Amount of L/C Obligations. The commitment fee shall accrue at all times
during the Availability Period, including at any time during which one or more of the conditions in Article V is not
met, and shall be due and payable quarterly in arrears on the first Business Day after the end of each March, June, September and
December, commencing with the first such date to occur after the Closing Date, and on the last day of the Availability Period.
The commitment fee shall be calculated quarterly in arrears, and if there is any change in the Applicable Rate during any quarter,
the actual daily amount shall be computed and multiplied by the Applicable Rate on a per diem basis separately for each period
during such quarter that such Applicable Rate was in effect.

 

(b)          Administrative
Agent's Fees. Borrower shall pay to Administrative Agent for Administrative Agent's own account, fees in the amounts and at
the times specified in any Fee Letter. Unless otherwise specified in the Fee Letter, such fees shall be fully earned when paid
and shall be nonrefundable for any reason whatsoever.

 

(c)          Other
Fees. Borrower shall pay Lenders such other fees as shall have been separately agreed upon in writing in the amounts and at
the times so specified. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever.

 

2.09.      Computation
of Interest and Fees. All computations of interest for Base Rate Loans when the Base Rate is determined by Administrative
Agent's "prime rate" shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed.
All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results
in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest shall accrue on
each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the
Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to
Section 2.11(a), bear interest for one day. Each determination by Administrative Agent of an interest rate or fee hereunder
shall be conclusive and binding for all purposes, absent manifest error.

 

2.10.      Evidence
of Debt. (a) The Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained
by such Lender and by Administrative Agent in the ordinary course of business. The accounts or records maintained by Administrative
Agent and each Lender shall be conclusive absent manifest error of the amount of the Credit Extensions made by Lenders to Borrower
and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise
affect the obligation of Borrower hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict
between the accounts and records maintained by any Lender and the accounts and records of Administrative Agent in respect of such
matters, the accounts and records of Administrative Agent shall control in the absence of manifest error. Upon the request of any
Lender made through Administrative Agent, Borrower shall execute and deliver to such Lender (through Administrative Agent) a Note,
which shall evidence such Lender's Loans in addition to such accounts or records. Each Lender may attach schedules to its Note
and endorse thereon the date, Type (if applicable), amount and maturity of its Loans and payments with respect thereto.

 

    	CREDIT AGREEMENT – Page 35

    	 

    

 

(b)          In
addition to the accounts and records referred to in subsection (a), each Lender and Administrative Agent shall maintain in
accordance with its usual practice accounts or records evidencing the purchases and sales by such Lender of participations in Letters
of Credit. In the event of any conflict between the accounts and records maintained by Administrative Agent and the accounts and
records of any Lender in respect of such matters, the accounts and records of Administrative Agent shall control in the absence
of manifest error.

 

2.11.      Payments
Generally; Administrative Agent's Clawback.

 

(a)          (i) General.
All payments to be made by Borrower shall be made without condition or deduction for any counterclaim, defense, recoupment or setoff.
Except as otherwise expressly provided herein, all payments by Borrower hereunder shall be made to Administrative Agent, for the
account of the respective Lenders to which such payment is owed, at the Administrative Agent's Office in Dollars and in immediately
available funds not later than 12:00 noon on the date specified herein. Administrative Agent will promptly distribute to each
Lender its Applicable Percentage (or other applicable share as provided herein) of such payment in like funds as received by wire
transfer to such Lender's Lending Office. All payments received by Administrative Agent after 12:00 noon shall be deemed received
on the next succeeding Business Day and any applicable interest or fee shall continue to accrue. If any payment to be made by Borrower
shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension
of time shall be reflected in computing interest or fees, as the case may be.

 

(ii)         Funding
by Lenders; Presumption by Administrative Agent. Unless Administrative Agent shall have received notice from a Lender prior
to the proposed date of any Borrowing of Eurodollar Rate Loans (or, in the case of any Borrowing of Base Rate Loans, prior to 12:00
noon on the date of such Borrowing) that such Lender will not make available to Administrative Agent such Lender's share of such
Borrowing, Administrative Agent may, at its option but without any obligation, assume that such Lender has made such share available
on such date in accordance with Section 2.02 (or, in the case of a Borrowing of Base Rate Loans, that such Lender has
made such share available in accordance with and at the time required by Section 2.02) and may, at its option but without
any obligation, in reliance upon such assumption, make available to Borrower a corresponding amount. In such event, if a Lender
has not in fact made its share of the applicable Borrowing available to Administrative Agent, then the applicable Lender and Borrower
severally agree to pay to Administrative Agent forthwith on demand such corresponding amount in immediately available funds with
interest thereon, for each day from and including the date such amount is made available to Borrower to but excluding the date
of payment to Administrative Agent, at (A) in the case of a payment to be made by such Lender, the greater of the Federal
Funds Rate and a rate determined by Administrative Agent in accordance with banking industry rules on interbank compensation, plus
any administrative, processing or similar fees customarily charged by Administrative Agent in connection with the foregoing and
(B) in the case of a payment to be made by Borrower, the interest rate applicable to Base Rate Loans. If Borrower and such
Lender shall pay such interest to Administrative Agent for the same or an overlapping period, Administrative Agent shall promptly
remit to Borrower the amount of such interest paid by Borrower for such period. If such Lender pays its share of the applicable
Borrowing to Administrative Agent, then the amount of its share of such applicable Borrowing so paid shall constitute such Lender's
Loan included in such Borrowing. Any payment by Borrower shall be without prejudice to any claim Borrower may have against a Lender
that shall have failed to make such payment to Administrative Agent.

 

    	CREDIT AGREEMENT – Page 36

    	 

    

 

(iii)        Payments
by Borrower; Presumptions by Administrative Agent. Unless Administrative Agent shall have received notice from Borrower prior
to the date on which any payment is due to Administrative Agent for the account of the Lenders or the L/C Issuer hereunder that
Borrower will not make such payment, Administrative Agent may assume that Borrower has made such payment on such date in accordance
herewith and may, in reliance upon such assumption, distribute to Lenders or the L/C Issuer, as the case may be, the amount due.
In such event, if Borrower has not in fact made such payment, then each of Lenders or the L/C Issuer, as the case may be, severally
agrees to repay to Administrative Agent forthwith on demand the amount so distributed to such Lender or the L/C Issuer, in immediately
available funds with interest thereon, for each day from and including the date such amount is distributed to it to but excluding
the date of payment to Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by Administrative Agent
in accordance with banking industry rules on interbank compensation.

 

A notice of Administrative Agent to any
Lender or Borrower with respect to any amount owing under this subsection (a) shall be conclusive, absent manifest error.

 

(b)          Failure
to Satisfy Conditions Precedent. If any Lender makes available to Administrative Agent funds for any Loan to be made by such
Lender as provided in the foregoing provisions of this Article II, and such funds are not made available to Borrower
by Administrative Agent because the conditions to the applicable Credit Extension set forth in Article V are not satisfied
or waived in accordance with the terms hereof, Administrative Agent shall return such funds (in like funds as received from such
Lender) to such Lender, without interest.

 

(c)          Obligations
of Lenders Several. The obligations of Lenders hereunder to make Loans, to fund participations in Letters of Credit and to
make payments pursuant to Section 11.04(c) are several and not joint. The failure of any Lender to make any Loan, to
fund any such participation or to make any payment under Section 11.04(c) on any date required hereunder shall not
relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure
of any other Lender to so make its Loan, purchase its participation or to make its payment under Section 11.04(c).

 

(d)          Funding
Source. Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or manner
or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place
or manner.

 

2.12.      Sharing
of Payments. If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect
of any principal of or interest on any of its Loans or other obligations hereunder resulting in such Lender receiving payment of
a proportion of the aggregate amount of its Loans and accrued interest thereon or other such obligations greater than its pro
rata share thereof as provided herein, then the Lender receiving such greater proportion shall (a) notify Administrative
Agent of such fact, and (b) purchase (for cash at face value) participations in the Loans and such other obligations of the
other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by
the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans and
other amounts owing them, provided that:

 

(i)          if
any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations
shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and

 

    	CREDIT AGREEMENT – Page 37

    	 

    

 

(ii)         the
provisions of this Section shall not be construed to apply to (x) any payment made by Borrower pursuant to and in accordance
with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender)
or (y) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans
or participations in L/C Obligations to any assignee or participant, other than to Borrower or any Subsidiary thereof (as to which
the provisions of this Section shall apply).

 

Borrower consents to the foregoing and agrees, to the extent
it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements
may exercise against Borrower rights of setoff and counterclaim with respect to such participation as fully as if such Lender were
a direct creditor of Borrower in the amount of such participation.

 

2.13.      Collateral.

 

(a)          Mortgaged
Properties. The payment and performance of the Notes and all of the other Obligations hereunder and under the Loan Documents,
Lender Swap Contracts and Secured Treasury Management Agreements and all obligations under Third Party Counterparty Swap Contracts
shall be secured by a first and superior Lien, subject to Permitted Liens, against the entire Mineral Interest of each Loan Party
in the Mortgaged Properties pursuant to the terms of one or more deeds of trust (each an "Oil and Gas Mortgage"),
in favor of Administrative Agent for the ratable benefit of the Secured Parties which shall be in form and substance satisfactory
to Administrative Agent. Within thirty (30) days (or such longer time as determined by Administrative Agent) after Administrative
Agent advises Borrower of (i) the failure for all oil and gas properties under mortgage to Administrative Agent to constitute
at least 80% of the Recognized Value of all Proved Mineral Interests evaluated in the most recent Reserve Report delivered to Administrative
Agent and (ii) the percentage shortfall thereof, Borrower shall execute or cause the other Loan Parties to execute Oil and
Gas Mortgages covering additional Proved Mineral Interests having an aggregate Recognized Value sufficient to eliminate the deficiency.

 

(b)          Title
Assurances. At any time any Loan Party is required to execute and deliver Oil and Gas Mortgages to Administrative Agent pursuant
to this Section 2.13, such Loan Party shall also deliver to Administrative Agent such opinions of counsel (including,
if so requested, title opinions addressed to Administrative Agent) or other evidence of title as Administrative Agent in its sole
discretion shall deem necessary or appropriate to verify its title to such properties. Within thirty (30) days (or such longer
time as determined by Administrative Agent) after Administrative Agent advises Borrower that the oil and gas properties for which
it has received title assurances acceptable to Administrative Agent is less than 80% of the Recognized Value of all Proved Mineral
Interests evaluated in the most recent Reserve Report delivered to the Administrative Agent, Borrower shall provide additional
title assurances to the Administrative Agent so that the Administrative Agent shall have received acceptable title assurances for
at least 80% of the Recognized Value of all Proved Mineral Interests evaluated in such Reserve Report.

 

(c)          Guaranty.
The payment and performance of the Notes and all of the other Obligations hereunder and under the Loan Documents, Lender Swap Contracts
and Secured Treasury Management Agreements and all obligations under Third Party Counterparty Swap Contracts shall be unconditionally
guaranteed by each Guarantor pursuant to a Guaranty, subject to any time periods for compliance set forth in Section 7.14
with respect to any Person that becomes a Material Domestic Subsidiary after the Closing Date.

 

    	CREDIT AGREEMENT – Page 38

    	 

    

 

(d)          Personal
Property of Borrower and Domestic Subsidiaries. The payment and performance of the Notes and all of the other Obligations hereunder
and under the Loan Documents shall also be secured by a first priority Lien, subject to Permitted Liens, against substantially
all personal property now owned or hereafter acquired by Borrower and its Material Domestic Subsidiaries (subject to such exceptions
set forth in the Collateral Documents), including 100% of all Equity Interests (but limited to 65% in the case of Equity Interests
of a Foreign Subsidiary) now owned or hereafter acquired by Borrower and its Material Domestic Subsidiaries, pursuant to the terms
of one or more agreements (each a "Security Agreement") in favor of Administrative Agent for the ratable
benefit of the Secured Parties, which shall be satisfactory in form and substance to Administrative Agent, subject to any time
periods for compliance set forth in Section 7.14 with respect to any Person that becomes a Material Domestic Subsidiary
after the Closing Date.

 

(e)          Concerning
Third Party Counterparty Swap Contracts. Borrower may be a party to more than one Third Party Counterparty Swap Contract. In
addition, there may be multiple Third Party Counterparties. However, at all times there shall only be one Approved Third Party
Intercreditor Agreement. Accordingly, a condition of the Lenders for the addition of a Person as a Third Party Counterparty will
be either the amendment of the then-existing Approved Third Party Intercreditor Agreement to add such Person thereto or the entry
of all parties thereto and the new Person to a new Approved Third Party Intercreditor Agreement which replaces the then-existing
Approved Third Party Intercreditor Agreement, as the Lenders in their discretion may determine.

 

2.14.      Cash
Collateral. At any time that there shall exist a Defaulting Lender, within one Business Day following the written request
of Administrative Agent or the L/C Issuer (with a copy to Administrative Agent), Borrower shall Cash Collateralize the L/C Issuer's
Fronting Exposure with respect to such Defaulting Lender (determined after giving effect to Section 2.15(a)(iv) and
any Cash Collateral provided by such Defaulting Lender) in an amount not less than the Minimum Collateral Amount.

 

(a)          Grant
of Security Interest. Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grants
to Administrative Agent, for the benefit of the L/C Issuer, and agrees to maintain, a first priority security interest in all such
Cash Collateral as security for the Defaulting Lenders' obligation to fund participations in respect of L/C Obligations, to be
applied pursuant to clause (b) below. If at any time Administrative Agent determines that Cash Collateral is subject to any
right or claim of any Person other than Administrative Agent and the L/C Issuer as herein provided, or that the total amount of
such Cash Collateral is less than the Minimum Collateral Amount, Borrower will, promptly upon demand by Administrative Agent, pay
or provide to Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency (after giving
effect to any Cash Collateral provided by the Defaulting Lender).

 

(b)          Application.
Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under this Section 2.14
or Section 2.15 in respect of Letters of Credit shall be applied to the satisfaction of the Defaulting Lender's obligation
to fund participations in respect of L/C Obligations (including, as to Cash Collateral provided by a Defaulting Lender, any interest
accrued on such obligation) for which the Cash Collateral was so provided, prior to any other application of such property as may
otherwise be provided for herein.

 

(c)          Termination
of Requirement. Cash Collateral (or the appropriate portion thereof) provided to reduce the L/C Issuer's Fronting Exposure
shall no longer be required to be held as Cash Collateral pursuant to this Section 2.14 and shall be released by Administrative
Agent following (i) the elimination of the applicable Fronting Exposure (including by the termination of Defaulting Lender
status of the applicable Lender), or (ii) the determination by Administrative Agent and the L/C Issuer that there exists excess
Cash Collateral; provided that, subject to Section 2.15, the Person providing Cash Collateral and the
L/C Issuer may agree that Cash Collateral shall be held to support future anticipated Fronting Exposure or other obligations and
provided, further, that to the extent that such Cash Collateral was provided by Borrower, such Cash Collateral shall
remain subject to the security interest granted pursuant to the Loan Documents.

 

    	CREDIT AGREEMENT – Page 39

    	 

    

 

2.15.      Defaulting
Lenders.

 

(a)          Defaulting
Lender Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting
Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by applicable Law:

 

(i)          Waivers
and Amendments. Such Defaulting Lender's right to approve or disapprove any amendment, waiver or consent with respect to this
Agreement shall be restricted as set forth in the definition of Required Lenders.

 

(ii)         Defaulting
Lender Waterfall. Any payment of principal, interest, fees or other amounts received by Administrative Agent for the account
of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article IX or otherwise) or received
by Administrative Agent from a Defaulting Lender pursuant to Section 11.08 shall be applied at such time or times as
may be determined by Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting
Lender to Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts
owing by such Defaulting Lender to the L/C Issuer hereunder; third, to Cash Collateralize the L/C Issuer's
Fronting Exposure with respect to such Defaulting Lender in accordance with Section 2.14; fourth,
as Borrower may request (so long as no Default exists), to the funding of any Loan in respect of which such Defaulting Lender has
failed to fund its portion thereof as required by this Agreement, as determined by Administrative Agent; fifth,
if so determined by Administrative Agent and Borrower, to be held in a deposit account and released pro rata in order to
(x) satisfy such Defaulting Lender's potential future funding obligations with respect to Loans under this Agreement and (y) Cash
Collateralize the L/C Issuer's future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of
Credit issued under this Agreement, in accordance with Section 2.14; sixth, to the payment of
any amounts owing to the Lenders or the L/C Issuer as a result of any judgment of a court of competent jurisdiction obtained by
any Lender or the L/C Issuer against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under
this Agreement; seventh, so long as no Default exists, to the payment of any amounts owing to Borrower as
a result of any judgment of a court of competent jurisdiction obtained by Borrower against such Defaulting Lender as a result of
such Defaulting Lender's breach of its obligations under this Agreement; and eighth, to such Defaulting Lender
or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the
principal amount of any Loans or L/C Borrowings in respect of which such Defaulting Lender has not fully funded its appropriate
share, and (y) such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in
Section 5.02 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Borrowings
owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or L/C Borrowings
owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in L/C Obligations are held
by the Lenders pro rata in accordance with the Commitments without giving effect to Section 2.15(a)(iv). Any payments,
prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting
Lender or to post Cash Collateral pursuant to this Section 2.15(a)(ii) shall be deemed paid to and redirected by such
Defaulting Lender, and each Lender irrevocably consents hereto.

 

(iii)        Certain
Fees.

 

(A)         No
Defaulting Lender shall be entitled to receive any commitment fee under Section 2.08(a) for any period during which
that Lender is a Defaulting Lender (and Borrower shall not be required to pay any such fee that otherwise would have been required
to have been paid to that Defaulting Lender).

 

    	CREDIT AGREEMENT – Page 40

    	 

    

 

 

(B)         Each
Defaulting Lender shall be entitled to receive L/C Fees for any period during which that Lender is a Defaulting Lender only to
the extent allocable to its Applicable Percentage of the stated amount of Letters of Credit for which it has provided Cash Collateral
pursuant to Section 2.14.

 

(C)         With
respect to any L/C Fee not required to be paid to any Defaulting Lender pursuant to clause (A) or (B) above, Borrower shall
(x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect
to such Defaulting Lender's participation in L/C Obligations that has been reallocated to such Non-Defaulting Lender pursuant to
clause (iv) below, (y) pay to the L/C Issuer the amount of any such fee otherwise payable to such Defaulting Lender to
the extent allocable to the L/C Issuer's Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining
amount of any such fee.

 

(iv)        Reallocation
of Participations to Reduce Fronting Exposure. All or any part of such Defaulting Lender's participation in L/C Obligations
shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Applicable Percentages (calculated without
regard to such Defaulting Lender's Commitment) but only to the extent that (x) the conditions set forth in Section 5.02
are satisfied at the time of such reallocation (and, unless Borrower shall have otherwise notified Administrative Agent at such
time, Borrower shall be deemed to have represented and warranted that such conditions are satisfied at such time), and (y) such
reallocation does not cause the sum of any Non-Defaulting Lender's Outstanding Amount of Loans plus such Non-Defaulting Lender's
Applicable Percentage of the Outstanding Amount of all L/C Obligations to exceed such Non-Defaulting Lender's Commitment. No reallocation
hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that
Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender's
increased exposure following such reallocation.

 

(v)         Cash
Collateral. If the reallocation described in clause (iv) above cannot, or can only partially, be effected, Borrower shall,
without prejudice to any right or remedy available to it hereunder or under Law, Cash Collateralize the L/C Issuer's Fronting Exposure
in accordance with the procedures set forth in Section 2.14.

 

(b)          Defaulting
Lender Cure. If Borrower, Administrative Agent and the L/C Issuer agree in writing that a Lender is no longer a Defaulting
Lender, Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and
subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will,
to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as
Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded participations in Letters of Credit
to be held pro rata by the Lenders in accordance with the Commitments (without giving effect to Section 2.15(a)(iv)),
whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with
respect to fees accrued or payments made by or on behalf of Borrower while that Lender was a Defaulting Lender; and provided,
further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting
Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender's having been
a Defaulting Lender.

 

    	CREDIT AGREEMENT – Page 41

    	 

    

 

(c)          New
Letters of Credit. So long as any Lender is a Defaulting Lender, the L/C Issuer shall not be required to issue, extend, renew
or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.

 

ARTICLE
III. 

TAXES, YIELD PROTECTION AND ILLEGALITY

 

3.01.      Increased
Costs.

 

(a)          Increased
Costs Generally. If any Change in Law shall:

 

(i)          impose,
modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets
of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement reflected
in the Eurodollar Rate) or the L/C Issuer;

 

(ii)         subject
any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of
the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments,
or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or

 

(iii)        impose
on any Lender or the L/C Issuer or the London interbank market any other condition, cost or expense (other than Taxes) affecting
this Agreement or Loans made by such Lender or any Letter of Credit or participation therein;

 

and the result of any of the foregoing shall be to increase
the cost to such Lender or such other Recipient of making, converting to, continuing or maintaining any Loan or of maintaining
its obligation to make any such Loan, or to increase the cost to such Lender, such L/C Issuer or such other Recipient of participating
in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter of Credit),
or to reduce the amount of any sum received or receivable by such Lender, the L/C Issuer or such other Recipient hereunder (whether
of principal, interest or any other amount) then, upon request of such Lender or the L/C Issuer, Borrower will pay to such Lender,
the L/C Issuer or such other Recipient, as the case may be, such additional amount or amounts as will compensate such Lender, the
L/C Issuer or such other Recipient, as the case may be, for such additional costs incurred or reduction suffered.

 

(b)          Capital
Requirements. If any Lender or the L/C Issuer determines that any Change in Law affecting such Lender or the L/C Issuer or
any Lending Office of such Lender or such Lender's or the L/C Issuer's holding company, if any, regarding capital or liquidity
requirements, has or would have the effect of reducing the rate of return on such Lender's or the L/C Issuer's capital or on the
capital of such Lender's or the L/C Issuer's holding company, if any, as a consequence of this Agreement, the Commitments of such
Lender or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by the
L/C Issuer, to a level below that which such Lender or the L/C Issuer or such Lender's or the L/C Issuer's holding company could
have achieved but for such Change in Law (taking into consideration such Lender's or the L/C Issuer's policies and the policies
of such Lender's or the L/C Issuer's holding company with respect to capital adequacy), then from time to time Borrower will pay
to such Lender or the L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or the L/C
Issuer or such Lender's or the L/C Issuer's holding company for any such reduction suffered.

 

    	CREDIT AGREEMENT – Page 42

    	 

    

 

(c)          Certificates
for Reimbursement. A certificate of a Lender or the L/C Issuer, with calculations attached, setting forth the amount or amounts
necessary to compensate such Lender or the L/C Issuer or its holding company, as the case may be, as specified in paragraph (a)
or (b) of this Section and delivered to Borrower, shall be conclusive absent manifest error. Borrower shall pay such Lender or
the L/C Issuer, as the case may be, the amount shown as due on any such certificate within 10 days after receipt thereof.

 

(d)          Delay
in Requests. Failure or delay on the part of any Lender or the L/C Issuer to demand compensation pursuant to this Section shall
not constitute a waiver of such Lender's or the L/C Issuer's right to demand such compensation; provided that Borrower shall
not be required to compensate a Lender or the L/C Issuer pursuant to this Section for any increased costs incurred or reductions
suffered more than nine months prior to the date that such Lender or the L/C Issuer, as the case may be, notifies Borrower of the
Change in Law giving rise to such increased costs or reductions, and of such Lender's or the L/C Issuer's intention to claim compensation
therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month
period referred to above shall be extended to include the period of retroactive effect thereof).

 

(e)          Reserves
on Eurodollar Rate Loans. Borrower shall pay to each Lender, as long as such Lender shall be required to maintain reserves
with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known as "Eurocurrency
liabilities"), additional interest on the unpaid principal amount of each Eurodollar Rate Loan equal to the actual costs of
such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive),
which shall be due and payable on each date on which interest is payable on such Loan, provided Borrower shall have received
at least 20 days' prior notice (with a copy to Administrative Agent) of such additional interest from such Lender. If a Lender
fails to give notice 20 days prior to the relevant Interest Payment Date, such additional interest shall be due and payable 20
days from receipt of such notice.

 

3.02.      Taxes.

 

(a)          L/C
Issuer. For purposes of this Section 3.02, the term "Lender" includes the L/C Issuer.

 

(b)          Payments
Free of Taxes. Any and all payments by or on account of any Loan Party under any Loan Document shall be made without deduction
or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion
of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent,
then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount
deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified
Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that after such deduction or withholding
has been made (including such deductions and withholdings applicable to additional sums payable under this Section) the applicable
Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.

 

(c)          Payment
of Other Taxes by the Loan Parties. The Loan Parties shall timely pay to the relevant Governmental Authority in accordance
with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.

 

    	CREDIT AGREEMENT – Page 43

    	 

    

 

(d)          Indemnification
by the Borrower. The Loan Parties shall jointly and severally indemnify each Recipient, within 10 days after demand therefor,
for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable
under this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and
any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally
imposed or asserted by the relevant Governmental Authority. A certificate, with calculations attached, as to the amount of such
payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative
Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

 

(e)          Indemnification
by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any
Indemnified Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified the Administrative
Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (ii) any Taxes attributable
to such Lender's failure to comply with the provisions of Section 11.06 relating to the maintenance of a Participant
Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative
Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not
such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount
of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each
Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under
any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to
the Administrative Agent under this paragraph (e).

 

(f)          Evidence
of Payments. As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority pursuant to this
Section 3.02, such Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt
issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of
such payment reasonably satisfactory to the Administrative Agent.

 

(g)          Status
of Lenders.

 

(i)          Any
Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document
shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative
Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will
permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably
requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably
requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether
or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary
in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set
forth in Section 3.02(g)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender's
reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense
or would materially prejudice the legal or commercial position of such Lender.

 

    	CREDIT AGREEMENT – Page 44

    	 

    

 

 

(ii)         Without
limiting the generality of the foregoing,

 

(A)         any
Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Lender
becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative
Agent), executed originals of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax;

 

(B)         any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such
number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender
under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent),
whichever of the following is applicable:

 

(I)         in
the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with
respect to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN establishing an exemption from,
or reduction of, U.S. federal withholding Tax pursuant to the "interest" article of such tax treaty and (y) with
respect to any other applicable payments under any Loan Document, IRS Form W-8BEN establishing an exemption from, or reduction
of, U.S. federal withholding Tax pursuant to the "business profits" or "other income" article of such tax treaty;

 

(II)        executed
originals of IRS Form W-8ECI;

 

(III)       in
the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code,
(x) a certificate substantially in the form of Exhibit J-1 to the effect that such Foreign Lender is not a "bank"
within the meaning of Section 881(c)(3)(A) of the Code, a "10 percent shareholder" of the Borrower within the meaning
of Section 881(c)(3)(B) of the Code, or a "controlled foreign corporation" described in Section 881(c)(3)(C)
of the Code (a "U.S. Tax Compliance Certificate") and (y) executed originals of IRS Form W-8BEN;
or

 

(IV)        to
the extent a Foreign Lender is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI,
IRS Form W-8BEN, a U.S. Tax Compliance Certificate substantially in the form of Exhibit J-2 or Exhibit J-4,
IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the
Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest
exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit J-3
on behalf of each such direct and indirect partner;

 

(C)         any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such
number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender
under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent),
executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S.
federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law
to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and

 

    	CREDIT AGREEMENT – Page 45

    	 

    

 

(D)         if
a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender
were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or
1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times
prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation
prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation
reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent
to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender's obligations under
FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), "FATCA"
shall include any amendments made to FATCA after the date of this Agreement.

 

Each Lender agrees that if any form or certification
it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or
promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so.

 

(h)          Treatment
of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a refund
of any Taxes (including an amount refundable that such party elects to apply as a credit against other Taxes) as to which it has
been indemnified pursuant to this Section 3.02 (including by the payment of additional amounts pursuant to this Section 3.02),
it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under
this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such
indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such
refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount
paid over pursuant to this paragraph (h) (plus any penalties, interest or other charges imposed by the relevant Governmental
Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding
anything to the contrary in this paragraph (h), in no event will the indemnified party be required to pay any amount to an
indemnifying party pursuant to this paragraph (h) the payment of which would place the indemnified party in a less favorable
net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such
refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect
to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax
returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

 

(i)          Survival.
Each party's obligations under this Section 3.02 shall survive the resignation or replacement of the Administrative
Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction
or discharge of all obligations under any Loan Document.

 

    	CREDIT AGREEMENT – Page 46

    	 

    

 

3.03.      Mitigation
Obligations; Replacement of Lenders.

 

(a)          Designation
of a Different Lending Office. If any Lender requests compensation under Section 3.01, or requires Borrower to
pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant
to Section 3.02, then such Lender shall (at the request of Borrower) use reasonable efforts to designate a different
Lending Office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices,
branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts
payable pursuant to Section 3.01 or Section 3.02, as the case may be, in the future, and (ii) would
not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. Borrower
hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.

 

(b)          Replacement
of Lenders. If any Lender requests compensation under Section 3.01, or if Borrower is required to pay any Indemnified
Taxes or any additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.02
and, in each case, such Lender has declined or is unable to designate a different Lending Office in accordance with Section 3.03(a),
or if any Lender is a Defaulting Lender, then Borrower may replace such Lender in accordance with the terms of Section 11.14.

 

3.04.      Compensation
for Losses. Upon demand of any Lender (with a copy to Administrative Agent) from time to time, Borrower shall promptly
compensate such Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result of:

 

(a)          any
continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day other than the last day of the
Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise);

 

(b)          any
failure by Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert
any Loan other than a Base Rate Loan on the date or in the amount notified by Borrower; or

 

(c)          any
assignment of a Eurodollar Rate Loan on a day other than the last day of the Interest Period therefor as a result of a request
by Borrower pursuant to Section 11.14;

 

including any loss of anticipated profits and any loss or expense
arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the
deposits from which such funds were obtained. Borrower shall also pay any customary administrative fees charged by such Lender
in connection with the foregoing.

 

For purposes of calculating amounts payable by Borrower to the
Lenders under this Section 3.04, each Lender shall be deemed to have funded each Eurodollar Rate Loan made by it at
the Eurodollar Base Rate used in determining the Eurodollar Rate for such Loan by a matching deposit or other borrowing in the
London interbank eurodollar market for a comparable amount and for a comparable period, whether or not such Eurodollar Rate Loan
was in fact so funded.

 

3.05.      Illegality.
If any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful,
for any Lender or its applicable Lending Office to make, maintain or fund Eurodollar Rate Loans, or to determine or charge interest
rates based upon the Eurodollar Rate, or any Governmental Authority has imposed material restrictions on the authority of such
Lender to purchase or sell, or to take deposits of, Dollars in the London interbank market, then, on notice thereof by such Lender
to Borrower through Administrative Agent, any obligation of such Lender to make or continue Eurodollar Rate Loans or to convert
Base Rate Loans to Eurodollar Rate Loans shall be suspended until such Lender notifies Administrative Agent and Borrower that the
circumstances giving rise to such determination no longer exist. Upon receipt of such notice, Borrower shall, upon demand from
such Lender (with a copy to Administrative Agent), convert all Eurodollar Rate Loans of such Lender to Base Rate Loans, either
on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurodollar Rate Loans to
such day, or immediately, if such Lender may not lawfully continue to maintain such Eurodollar Rate Loans. Upon any such conversion,
Borrower shall also pay accrued interest on the amount so converted.

 

    	CREDIT AGREEMENT – Page 47

    	 

    

 

3.06.      Inability
to Determine Rates. If Administrative Agent determines that for any reason in connection with any request for a Eurodollar
Rate Loan or a conversion to or continuation thereof that (a) Dollar deposits are not being offered to banks in the London
interbank eurodollar market for the applicable amount and Interest Period of such Eurodollar Rate Loan, (b) adequate and reasonable
means do not exist for determining the Eurodollar Base Rate for any requested Interest Period with respect to a proposed Eurodollar
Rate Loan, or (c) the Eurodollar Base Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan
does not adequately and fairly reflect the cost to such Lenders of funding such Loan, Administrative Agent will promptly so notify
Borrower and each Lender. Thereafter, the obligation of the Lenders to make or maintain Eurodollar Rate Loans shall be suspended
until Administrative Agent (upon the instruction of the Required Lenders) revokes such notice. Upon receipt of such notice, Borrower
may revoke any pending request for a Borrowing of, conversion to or continuation of Eurodollar Rate Loans or, failing that, will
be deemed to have converted such request into a request for a Borrowing of Base Rate Loans in the amount specified therein.

 

3.07.      Survival.
All of Borrower's obligations under this Article III shall survive termination of the Commitments and repayment of
all other Obligations hereunder.

 

ARTICLE
IV. 

BORROWING BASE

 

4.01.      Borrowing
Base. The Borrowing Base shall represent the approval in their sole discretion of the Required Lenders or all Lenders,
as applicable, of Administrative Agent's determination of the maximum loan amount that may be supported by the Mortgaged Properties,
based upon Lenders' in-house evaluation of Mortgaged Properties. The determination of the Borrowing Base will be made in accordance
with then-current practices, economic and pricing parameters, methodology, assumptions, and customary procedures and standards
established by each Lender from time to time for its petroleum industry customers including without limitation (a) an analysis
of such reserve and production data with respect to the Mineral Interests of the Loan Parties in all of their oil and gas properties,
including the Mortgaged Properties, as is provided to Lenders in accordance herewith, (b) an analysis of the assets, liabilities,
cash flow, business, properties, prospects, management and ownership of each Loan Party and its Affiliates, and (c) such
other credit factors consistently applied as each Lender customarily considers in evaluating similar oil and gas credits. Borrower
and Lenders acknowledge that (i) due to the uncertainties of the oil and gas extraction process, the Mortgaged Properties
are not subject to evaluation with a high degree of accuracy and are subject to potential rapid deterioration in value, and (ii) for
this reason and the difficulties and expenses involved in liquidating and collecting against the Mortgaged Properties, the determination
of the maximum loan amount with respect to the Mortgaged Properties contains an equity cushion (asset value in excess of loan amount)
which Borrower acknowledges to be essential for the adequate protection of Lenders. The Borrowing Base shall initially be $8,000,000
as of the Closing Date.

 

    	CREDIT AGREEMENT – Page 48

    	 

    

 

4.02.      Periodic
Determinations of Borrowing Base. (a) The Borrowing Base shall be redetermined as of April 30 and October 31
of each year until the last day of the Availability Period. On or before September 30 of each year, Borrower shall furnish
Administrative Agent a Reserve Report as of the preceding June 30 prepared by one or more Approved Petroleum Engineers covering
the Proved Mineral Interests in all of the oil and gas properties of Borrower and its Subsidiaries, including the Mortgaged Properties.
On or before March 30 of each year, Borrower shall furnish Administrative Agent a Reserve Report as of the preceding December 31
prepared by one or more Approved Petroleum Engineers or Borrower's own engineers (as approved by Administrative Agent) and certified
by the President or other Responsible Officer of the Borrower covering the Proved Mineral Interests in all of the oil and gas properties
of Borrower and its Subsidiaries, including the Mortgaged Properties. Upon receipt of each such Reserve Report, Administrative
Agent shall make a determination of the Borrowing Base and the Monthly Reduction Amount which shall become effective upon approval
by all Lenders in accordance with the procedure set forth in Section 4.04 and subsequent written notification from
Administrative Agent to Borrower, and which, subject to the other provisions of this Agreement shall be the Borrowing Base and
the Monthly Reduction Amount until the effective date of the next redetermination as provided in this Article IV.

 

(b)          In
the event that Borrower does not furnish to Administrative Agent a Reserve Report by the dates specified in Section 4.02(a),
then Administrative Agent and Lenders may nonetheless redetermine the Borrowing Base and redesignate the Borrowing Base from time
to time thereafter in their sole discretion until Administrative Agent receives the relevant Reserve Report, whereupon Administrative
Agent and Lenders shall redetermine the Borrowing Base as otherwise specified in this Article IV.

 

4.03.      Special
Determinations of Borrowing Base. Special determinations of the Borrowing Base may be requested by Borrower not more than
one time per calendar year or by Administrative Agent at the direction of Lenders not more than one time per calendar year. If
any special determination is requested by Borrower, it shall be accompanied by engineering data for the oil and gas reserves included
in the Mortgaged Properties brought forward from the most recent Reserve Report furnished by Borrower to Administrative Agent.
If any special determination is requested by Administrative Agent, Borrower will provide Administrative Agent with engineering
data for the oil and gas reserves included in the Mortgaged Properties updated from the most recent Reserve Report furnished to
Administrative Agent, as soon as is reasonably possible following the request. The determination whether to increase or decrease
the Borrowing Base and the Monthly Reduction Amount shall be made in accordance with the standards set forth in Section 4.01
hereof and the procedures set forth in Section 4.04 hereof. In the event of any special determination of the Borrowing
Base pursuant to this Section, Administrative Agent in the exercise of its discretion may suspend the next regularly scheduled
determination of the Borrowing Base.

 

4.04.      General
Procedures With Respect to Determination of Borrowing Base. Administrative Agent shall propose a redetermined Borrowing
Base and a Monthly Reduction Amount following receipt by Administrative Agent and Lenders of a Reserve Report and other applicable
information. After having received notice of such proposal from Administrative Agent, all Lenders shall have fifteen (15) days
to agree or disagree with such proposal. At the end of such fifteen (15) day period, all Lenders shall not have communicated their
approval or disapproval, such silence shall be deemed an approval, and Administrative Agent's proposal shall be the new Borrowing
Base and Monthly Reduction Amount. If, however, any Lender notifies Administrative Agent within such fifteen (15) days of its disapproval,
Administrative Agent and all Lenders shall agree on a new Borrowing Base and Monthly Reduction Amount. If all Lenders cannot agree
on the amount of the Borrowing Base or Monthly Reduction Amount, as applicable, within seven (7) days after Administrative Agent
has been notified of their disapproval, then Administrative Agent shall propose a new redetermined Borrowing Base and a new Monthly
Reduction Amount within fifteen (15) days after the end of such seven (7) day period and the foregoing process shall be repeated.
This process shall be repeated until all Lenders agree on a new Borrowing Base and Monthly Reduction Amount. In taking the above
actions, Administrative Agent and Lenders shall act in accordance with their normal and customary procedures for evaluating oil
and gas reserves and other related assets as such exist at that particular time and will otherwise act in their sole discretion.
Further, each Lender may consider such other credit factors as it deems appropriate which are consistent with its normal and customary
procedures for evaluating oil and gas reserves. Without limiting the foregoing, Lenders may exclude any oil and gas reserves or
portion of production therefrom or any income from any other property from the Borrowing Base, at any time, because title information
is not satisfactory or such oil and gas reserves are not Mortgaged Properties.

 

    	CREDIT AGREEMENT – Page 49

    	 

    

 

4.05.      Borrowing
Base Reduction.

 

(a)          At
the time of any periodic or special redetermination of the Borrowing Base, Lenders reserve the right to establish an amount (the
"Monthly Reduction Amount") by which the Borrowing Base shall be automatically reduced effective on the
first day of each successive calendar month until the next Borrowing Base redetermination. Lenders' determination of the Monthly
Reduction Amount shall be made in accordance with the standards specified in Section 4.01 hereof and the procedures
specified in Section 4.04 hereof. Initially, the Monthly Reduction Amount will be set at zero dollars ($0). If the
Total Outstandings shall exceed the Borrowing Base solely because of the reduction of the Borrowing Base by the Monthly Reduction
Amount, Borrower shall make a single lump sum payment within 30 days of Borrower receiving notice from Lenders in an amount sufficient
to reduce the Total Outstandings to or below the Borrowing Base.

 

(b)          If
any Swap Contract is terminated or not fully performed for any reason, the Borrowing Base shall be reduced by the amount of the
Recognized Value given such Swap Contract in the then current Borrowing Base as determined by the Required Lenders in their discretion
in accordance with the standards set forth in Section 4.01. Any redetermination pursuant to this Section 4.05(b)
shall not be considered a special determination requested by Administrative Agent within the meaning specified in Section 4.03.

 

(c)          The
Borrowing Base shall be reduced if the aggregate value of Asset Dispositions in any calendar year exceeds 5% of the then existing
Borrowing Base as provided in Section 8.05(i). The amount of the reduction shall
equal the Recognized Value of the assets included in such Asset Disposition, as determined by Administrative Agent,
in the then current Borrowing Base. Any redetermination pursuant to this Section 4.05(c) shall not be considered
a special determination requested by Administrative Agent within the meaning of Section 4.03. 

 

4.06.      Borrowing
Base Deficiency.

 

(a)          If,
at any time, the Total Outstandings exceed the amount of the Borrowing Base then in effect (a "Borrowing Base Deficiency")
because of a periodic or special determination made pursuant to Section 4.02 or Section 4.03 hereof (or
a periodic or special redetermination combined with the Monthly Reduction Amount), then Administrative Agent shall notify Borrower
of the same (a "Borrowing Base Deficiency Notice"), and Borrower shall within thirty (30) days following
receipt of such Borrowing Base Deficiency Notice elect whether to (i) prepay an amount which would, if prepaid immediately,
reduce the Total Outstandings to the amount of the Borrowing Base, (ii) mortgage (or cause a Guarantor to mortgage such other
oil and gas properties as are acceptable to the Required Lenders), pursuant to Collateral Documents acceptable to Administrative
Agent having present values which, in the opinion of the Required Lenders, based upon the Required Lenders' evaluation of the engineering
data provided them, taken in the aggregate are sufficient to increase the Borrowing Base to an amount at least equal to the Total
Outstandings, or (iii) do any combination of the foregoing as is acceptable to Administrative Agent. If Borrower fails to
make an election within thirty (30) days after Borrower's receipt of the Borrowing Base Deficiency Notice, then Borrower shall
be deemed to have selected the prepayment option specified in clause (i) above.

 

    	CREDIT AGREEMENT – Page 50

    	 

    

 

(b)          Borrower
shall deliver such prepayments or mortgages of additional oil and gas properties in accordance with its election (or deemed election)
pursuant to Section 4.06(a) as follows:

 

(i)          Prepayment
Elections. If Borrower elects (or is deemed to have elected) to prepay an amount in accordance with Section 4.06(a)(i)
above, then Borrower may make such prepayment in one installment within thirty (30) days after Borrower's receipt of the Borrowing
Base Deficiency Notice or in six (6) equal consecutive monthly installments beginning within thirty (30) days after Borrower's
receipt of the Borrowing Base Deficiency Notice and continuing on the same day of each month thereafter.

 

(ii)         Elections
to Mortgage Additional Oil and Gas Properties. If Borrower elects to mortgage additional oil and gas properties in accordance
with Section 4.06(a)(ii) above, then (1) such property shall be acceptable to Administrative Agent and the Required
Lenders with values determined by Administrative Agent and the Required Lenders in accordance with this Article IV
and (2) Borrower or such Guarantor shall execute, acknowledge and deliver to Administrative Agent security instruments acceptable
to Administrative Agent within thirty (30) days after Borrower's receipt of the Borrowing Base Deficiency Notice (or such longer
time as determined by Administrative Agent); provided, however (x) if none of the additional oil and gas properties
offered by Borrower are acceptable to the Required Lenders, Borrower shall be deemed to have elected the prepayment option specified
in Section 4.06(a)(i) (and Borrower shall make such prepayment in accordance with Section 4.06(b)(i));
and (y) if the aggregate present values of additional oil and gas properties which are acceptable to the Required Lenders
are insufficient to eliminate the Borrowing Base deficiency, then Borrower shall be deemed to have selected the option specified
in Section 4.06(a)(iii) (and Borrower shall make prepayment and deliver security instruments as provided in Section 4.06(b)(iii)).

 

(iii)        Combination
Elections. If Borrower elects (or is deemed to have elected) to eliminate the Borrowing Base deficiency by a combination of
prepayment and mortgaging of additional oil and gas properties in accordance with Section 4.06(a)(iii), then within
thirty (30) days after Borrower's receipt of the Borrowing Base Deficiency Notice (or such longer time as determined by Administrative
Agent), Borrower shall (or shall cause a Guarantor to) execute, acknowledge and deliver to Administrative Agent security
instruments acceptable to Administrative Agent covering such additional oil and gas properties and pay Administrative Agent the
amount by which the Borrowing Base deficiency exceeds the present values of such additional oil and gas properties in one installment
within thirty (30) days after Borrower's receipt of the Borrowing Base Deficiency Notice or in six (6) equal consecutive monthly
installments beginning within thirty (30) days after Borrower's receipt of the Borrowing Base Deficiency Notice and continuing
on the same day of each month thereafter.

 

4.07.      Borrowing
Base Increase Fee. A fee shall be paid to Administrative Agent for the account of the Lenders for each incremental increase
in the new Borrowing Base over the previously existing Borrowing Base, in the amount set forth in the Fee Letter. There shall be
no obligation imposed upon Borrower to accept an increase of the Borrowing Base proposed by Lenders. However, if Borrower accepts
the increase in the Borrowing Base, the fee shall be due and payable immediately and without regard as to whether Borrower ever
borrows the increased amount available under such new Borrowing Base. Determinations of when a fee is due shall be made by Administrative
Agent and shall be conclusive and binding on the parties absent manifest error.

 

    	CREDIT AGREEMENT – Page 51

    	 

    

 

4.08.      Mortgage
of Additional Properties. Borrower may from time to time upon written notice to Administrative Agent propose to add oil
and gas properties of Borrower or any other Loan Party as Mortgaged Properties to be included in the Borrowing Base. Any such proposal
shall be accompanied by a Reserve Report applicable to such properties that conforms with the requirements of this Agreement and
evidence sufficient to establish that Borrower or such other Loan Party, as applicable, has title to such properties. Any such
addition shall become effective at such time as (i) Administrative Agent, with the approval of all of the Lenders, has made
a determination of the amount by which the Borrowing Base would be increased as the result of such addition, (ii) the conditions
set out in Article IV hereof, to the extent they are applicable to such additional properties, have been satisfied,
(iii) if requested by Administrative Agent, Administrative Agent shall have received an Affidavit of Payment of Trade
Bills, Property Certificates, a Title Indemnity Agreement and a Reconciliation Schedule with respect to such additional properties,
(iv) Oil and Gas Mortgages duly executed by the applicable Loan Party have been delivered to Administrative Agent, and (v) arrangements
satisfactory to Administrative Agent have been made with respect to payment of recording fees and taxes, as applicable. In determining
the increase in the Borrowing Base pursuant to this Section, Administrative Agent and Lenders shall apply the parameters and other
credit factors set forth in this Article IV. A proposal by Borrower pursuant to this Section 4.08 shall
constitute a request for a special determination of the Borrowing Base for purposes of Section 4.03 (a).

 

ARTICLE
V. 

CONDITIONS PRECEDENT TO CREDIT EXTENSIONS

 

5.01.      Conditions
of Initial Credit Extension. The obligation of the L/C Issuer and each Lender to make its initial Credit Extension hereunder
is subject to satisfaction of the following conditions precedent:

 

(a)          Administrative
Agent's receipt of the following, each of which shall be originals or facsimiles (followed promptly by originals) unless otherwise
specified, each properly executed by a Responsible Officer of the signing Loan Party, each dated the Closing Date (or, in the case
of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance satisfactory to
Administrative Agent:

 

(i)          executed
counterparts of this Agreement, all Collateral Documents and each Guaranty, sufficient in number for distribution to Administrative
Agent, each Lender and Borrower;

 

(ii)         a
Note executed by Borrower in favor of each Lender requesting a Note;

 

(iii)        such
certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of each
Loan Party as Administrative Agent may require evidencing the identity, authority and capacity of each Responsible Officer thereof
authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which such Loan Party
is a party;

 

(iv)        such
documents and certifications as Administrative Agent may require to evidence that each Loan Party is duly organized or formed,
and that each Loan Party is validly existing, in good standing and qualified to engage in business in each jurisdiction where its
ownership, lease or operation of properties or the conduct of its business requires such qualification, except to the extent that
failure to do so could not reasonably be expected to have a Material Adverse Effect;

 

(v)         an
opinion of counsel to the Loan Parties acceptable to Administrative Agent addressed to Administrative Agent and each Lender, as
to the matters set forth in Exhibit E and such other matters concerning the Loan Parties and the Loan Documents as
Administrative Agent may reasonably request and in form and substance satisfactory to Administrative Agent;

 

    	CREDIT AGREEMENT – Page 52

    	 

    

 

 

(vi)        a
certificate of a Responsible Officer of each Loan Party either (A) attaching copies of all consents, licenses and approvals
required in connection with the execution, delivery and performance by such Loan Party and the validity against such Loan Party
of the Loan Documents to which it is a party, and such consents, licenses and approvals shall be in full force and effect, or (B) stating
that no such consents, licenses or approvals are required;

 

(vii)       a
certificate signed by a Responsible Officer of Borrower certifying (A) that the conditions specified in Sections 5.02(a)
and (b) have been satisfied, and (B) that there has been no event or circumstance since September 30, 2013 that
has had or could be reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect;

 

(viii)      evidence
that all insurance required to be maintained by Section 7.07 hereof has been obtained and is in effect;

 

(ix)         an
affidavit in the form of Exhibit F attached hereto (the "Affidavit of Payment of Trade Bills") containing
the information as provided therein;

 

(x)          certificates
(whether one or more, the "Property Certificates") for each producing oil and gas lease, well or unit,
as appropriate, relating to the oil and gas properties described in an Oil and Gas Mortgage, which Property Certificates shall
be in the form of Exhibit G attached hereto containing the information as provided therein;

 

(xi)         title
opinions and/or other title information and data acceptable to Administrative Agent covering not less than 80% of Recognized Value
of all oil and gas properties evaluated in the most recent Reserve Report, reflecting title to the Mineral Interests of the Loan
Parties in such oil and gas properties which is acceptable to Administrative Agent, and these title assurances shall include a
title indemnity from Borrower (the "Title Indemnity Agreement");

 

(xii)        engineering
report and other reserve information covering the oil and gas properties of the Loan Parties, including a Reserve Report acceptable
to Administrative Agent prepared by one or more Approved Petroleum Engineers, and such other reports and due diligence materials
as Administrative Agent and Lenders may reasonably request;

 

(xiii)       a
duly completed Compliance Certificate as of the last day of the fiscal quarter of Borrower most recently ended prior to the Closing
Date, signed by a Responsible Officer of Borrower;

 

(xiv)      such
environmental information regarding the Mortgaged Properties as Administrative Agent may request;

 

(xv)       a
schedule of Swap Contracts then in force and effect;

 

(xvi)      Uniform
Commercial Code, judgment and tax lien searches in such jurisdictions as may be reasonably required by Administrative Agent evidencing
the absence of Liens except for Liens being released on the Closing Date and Permitted Liens; and

 

(xvii)     such
other assurances, certificates, documents, consents or opinions as Administrative Agent, the L/C Issuer or the Required Lenders
may reasonably require.

 

    	CREDIT AGREEMENT – Page 53

    	 

    

 

(b)          Any
fees required to be paid on or before the Closing Date shall have been paid, including, unless waived by Administrative Agent,
Borrower shall have paid all fees, charges and disbursements of counsel to Administrative Agent to the extent invoiced prior to
or on the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable
estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided
that such estimate shall not thereafter preclude a final settling of accounts between Borrower and Administrative Agent).

 

(c)          The
Closing Date shall have occurred on or before January 31, 2014.

 

(d)          There
shall not have occurred any material disruption or material adverse change in the financial, banking, or capital markets which
Administrative Agent reasonably deems to materially impair the syndication of this credit facility.

 

Without limiting the generality of the provisions of the last
paragraph of Section 10.03, for purposes of determining compliance with the conditions specified in this Section 5.01,
each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with,
each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless
Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.

 

5.02.      Conditions
to all Credit Extensions. The obligation of each Lender to honor any Request for Credit Extension (other than a Loan Notice
requesting only a conversion of Loans to the other Type, or a continuation of Eurodollar Rate Loans) is subject to the following
conditions precedent:

 

(a)          The
representations and warranties of Borrower and each other Loan Party contained in Article VI or any other Loan Document
shall be true and correct in all material respects (except to the extent such representations and warranties are qualified by materiality,
in which case they shall be true and correct in all respects) on and as of the date of such Credit Extension, except to the extent
that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in
all material respects (except to the extent such representations and warranties are qualified by materiality, in which case they
shall be true and correct in all respects) as of such earlier date, and except that for purposes of this Section 5.02,
the representations and warranties contained in subsections (a), (b) and (c) of Section 6.05 shall be deemed to
refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 7.01 (provided
that if any Material Domestic Subsidiary exists, such representations and warranties shall refer to the consolidated balance sheets
of Borrower and its Subsidiaries and the consolidating balance sheets of Borrower and its Material Domestic Subsidiaries, and the
related consolidated and consolidating statements of income or operations, shareholders' equity and cash flows most recently furnished
pursuant to Section 7.01(a) or (b), as applicable).

 

(b)          No
Default or Material Adverse Effect shall exist, or would result from such proposed Credit Extension or from the application of
the proceeds thereof.

 

(c)          Administrative
Agent and, if applicable, the L/C Issuer shall have received a Request for Credit Extension in accordance with the requirements
hereof.

 

(d)          After
giving effect to the Credit Extension so requested, the Total Outstandings shall not exceed the Borrowing Base in effect as of
such date.

 

    	CREDIT AGREEMENT – Page 54

    	 

    

 

 

(e)          Administrative
Agent shall have received, in form and substance satisfactory to it, such other assurances, certificates, documents or consents
related to the foregoing as Administrative Agent or the Required Lenders may reasonably request.

 

(f)          A
Credit Extension for the future acquisition of interests in oil and gas properties shall be further subject to the satisfaction
(in the opinion of Administrative Agent), unless waived in writing by Administrative Agent, of each of the following conditions:

 

(i)          Administrative
Agent shall have received (i) a true and complete executed copy of each of the acquisition documents for such transaction
(the "Future Acquisition Documents"); (ii) original counterparts or copies, certified as true and
complete, of the assignments, deeds and leases for all of the properties subject to the Future Acquisition Documents; and (iii) such
other related documents and information as Administrative Agent shall have reasonably requested with respect to the transaction
contemplated by the Future Acquisition Documents.

 

(ii)         Administrative
Agent shall have received a certificate of Borrower certifying (i) that Borrower is concurrently consummating the acquisition
contemplated by the Future Acquisition Documents and all material conditions precedent thereto have been satisfied in all material
respects by all of the parties thereto; (ii) as to the amount of the final purchase price for the properties subject to the
Future Acquisition Documents after giving effect to all adjustments as of the closing date as contemplated by the Future Acquisition
Documents and specifying, by category, the amount of such adjustment; (iii) that attached thereto is a true and complete list
of all of the properties subject to the Future Acquisition Documents which are being acquired by Borrower; (iv) that attached
thereto is a true and complete list of properties subject to the Future Acquisition Documents which have been excluded from the
acquisition pursuant to the terms of the Future Acquisition Documents, specifying with respect thereto the basis of exclusion as
(1) title defect, (2) preferential purchase right, (3) environmental, (4) casualty loss, or (5) other
(which is to be explained); (v) that attached thereto is a true and complete list of all properties subject to the Future
Acquisition Documents for which any seller has elected to cure a title defect, specifying the nature of that title defect and the
time frame within which it is expected to be cured, (vi) that attached thereto is a true and complete list of all properties
subject to the Future Acquisition Documents for which any seller has elected to remediate an adverse environmental condition; and
(vii) that attached thereto is a true and complete list of all properties subject to the Future Acquisition Documents which
are currently pending final decision by a third party regarding purchase of such property in accordance with any preferential right.
Borrower shall deliver a preliminary draft of such certificate not less than three (3) days prior to the proposed closing of the
acquisition.

 

(iii)        Borrower
shall have mortgaged the properties acquired by the Future Acquisition Documents to Administrative Agent for the ratable benefit
of the Secured Parties, pursuant to the terms of one or more Oil and Gas Mortgages. In connection therewith, Administrative Agent
shall have received evidence satisfactory to it that all Liens against such properties have been released or terminated and that
arrangements satisfactory to Administrative Agent have been made for recording and filing of such releases. In addition, if requested
by Administrative Agent, Borrower shall have provided Administrative Agent with an Affidavit of Payment of Trade Bills, a Property
Certificate and a Reconciliation Schedule with respect to the properties being acquired by the Future Acquisition Documents.

 

    	CREDIT AGREEMENT – Page 55

    	 

    

 

(iv)        Borrower
shall have delivered to Administrative Agent title information and data reasonably acceptable to Administrative Agent relating
to title to the Mineral Interests in the properties being acquired pursuant to the Future Acquisition Documents. These title assurances
shall include a Title Indemnity Agreement, and such post-closing title work as Administrative Agent may request.

 

Each Request for Credit Extension (other
than a Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of Eurodollar Rate Loans) submitted
by Borrower shall be deemed to be a representation and warranty that the conditions specified in Sections 5.02(a) and
(b) have been satisfied on and as of the date of the applicable Credit Extension.

 

ARTICLE VI.

REPRESENTATIONS AND
WARRANTIES

 

Borrower represents and warrants to Administrative
Agent and the Lenders that:

 

6.01.       Existence,
Qualification and Power; Compliance with Laws. Each Loan Party and each Subsidiary thereof (a) is duly organized or
formed, validly existing and in good standing under the Laws of the jurisdiction of its incorporation or organization, (b) has
all requisite corporate or limited liability company power and authority and all requisite governmental licenses, authorizations,
consents and approvals to (i) own or lease its assets and carry on its business and (ii) execute, deliver and perform
its obligations under the Loan Documents to which it is a party, (c) is duly qualified and is licensed and in good standing
under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires
such qualification or license, and (d) is in compliance with all Laws; except in each case referred to in clause (b)(i),
(c) or (d), to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect.

 

6.02.       Authorization;
No Contravention. The execution, delivery and performance by each Loan Party of each Loan Document to which such Person
is party, have been duly authorized by all necessary corporate or other organizational action, and do not (a) contravene the
terms of any of such Person's Organization Documents; (b) breach, contravene, or create any Lien under, or require any payment
to be made under (i) any Contractual Obligation to which such Person is a party or by which such Person or the properties
of such Person or any of its Subsidiaries is bound or (ii) any order, injunction, writ or decree of any Governmental Authority
or any arbitral award to which such Person or its property is subject; or (c) violate any Law. Each Loan Party and each Subsidiary
thereof is in compliance with all Contractual Obligations referred to in clause (b)(i), except to the extent that failure
to do so could not reasonably be expected to have a Material Adverse Effect.

 

6.03.       Governmental
Authorization; Other Consents. No approval, consent, exemption, authorization, or other action by, or notice to, or filing
with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance
by, or enforcement against, any Loan Party of this Agreement or any other Loan Document other than (i) the recording and filing
of the security instruments as required by this Agreement, (ii) those third party approvals or consents, which, if not made
or obtained, would not cause a Default hereunder, and could not reasonably be expected to have a Material Adverse Effect or do
not have an adverse effect on the enforceability of the Loan Documents, and (iii) those consents, approvals or filings that
are customarily obtained after the closing of an acquisition of Mineral Interests.

 

6.04.       Binding
Effect. This Agreement has been, and each other Loan Document, when delivered hereunder, will have been, duly executed
and delivered by each Loan Party that is party thereto. This Agreement constitutes, and each other Loan Document when so delivered
will constitute, a legal, valid and binding obligation of such Loan Party, enforceable against each Loan Party that is party thereto
in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating
to or limiting creditor's rights generally or by equitable principles relating to enforceability (whether enforcement is sought
in equity or at law).

 

    	CREDIT AGREEMENT – Page 56

    	 

    

 

6.05.       Financial
Statements; No Material Adverse Effect. (a) The Audited Financial Statements (i) were prepared in accordance
with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; (ii) fairly
present the financial condition of Borrower and its Subsidiaries as of the date thereof and their results of operations for the
period covered thereby in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise
expressly noted therein; and (iii) show all material indebtedness and other liabilities, direct or contingent, of Borrower
and its Subsidiaries as of the date thereof, including liabilities for taxes, material commitments and Indebtedness, in each case,
to the extent required by GAAP.

 

(b)          The
unaudited consolidated balance sheets of Parent, Borrower and its Subsidiaries dated September 30, 2013, and the related consolidated
statements of income or operations, shareholders' equity and cash flows for the fiscal quarter ended on that date (i) were
prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted
therein, and (ii) fairly present the financial condition of Parent, Borrower and its Subsidiaries as of the date thereof and
their results of operations for the period covered thereby in accordance with GAAP, subject, in the case of clauses (i) and
(ii), to the absence of footnotes and to normal year-end audit adjustments.

 

(c)          To
the knowledge of Borrower, since September 30, 2013, there has been no event or circumstance, either individually or in the
aggregate, that has had or could reasonably be expected to have a Material Adverse Effect.

 

6.06.       Litigation.
There are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of Borrower after due and diligent investigation,
threatened, at law, in equity, in arbitration or before any Governmental Authority, by or against any Loan Party or against any
of their properties or revenues that (a) purport to affect or pertain to this Agreement or any other Loan Document, or any
of the transactions contemplated hereby, or (b) except as specifically disclosed in Schedule 6.06, either individually
or in the aggregate could reasonably be expected to have a Material Adverse Effect, and there has been no adverse change in the
status, or financial effect on any Loan Party or any Subsidiary thereof, of the matters described on Schedule 6.06.

 

6.07.       No
Default. No Loan Party is in default under or with respect to any Contractual Obligation that could, either individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect. No Default has occurred and is continuing or would
result from the consummation of the transactions contemplated by this Agreement or any other Loan Document.

 

6.08.       Ownership
of Property; Liens. Each Loan Party (i) has good record and defensible title to the Mineral Interests evaluated in
the most recently delivered Reserve Report, except for Permitted Liens, and (ii) good title to the personal property used
in the ordinary conduct of its business, except for such defects in title as could not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect. The property of each Loan Party is subject to no Liens, other than Permitted Liens.

 

6.09.       Environmental
Compliance. Borrower and its Subsidiaries have conducted in the ordinary course of business a review of the effect of existing
Environmental Laws and claims alleging potential liability or responsibility for violation of any Environmental Law on their respective
businesses, operations and properties operated by Borrower or any Subsidiary, and as a result thereof Borrower has reasonably concluded
that, except as specifically disclosed in Schedule 6.09, such Environmental Laws and claims could not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

    	CREDIT AGREEMENT – Page 57

    	 

    

 

6.10.       Insurance.
The properties of the Loan Parties are insured with financially sound and reputable insurance companies not Affiliates of
any Loan Party, in such amounts (after giving effect to any self-insurance compatible with the following standards), with such
deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar properties
in localities where the Loan Parties operate. As to all improved real property Collateral located in a special flood hazard area,
(i) the Administrative Agent has received (x) such flood hazard determination forms, notices and confirmations thereof,
and effective flood hazard insurance policies required pursuant to Section 7.07, (ii) all flood hazard insurance
policies required hereunder have been obtained and remain in full force and effect, and the premiums thereon have been paid in
full, and (iii) except as the Borrower has previously given written notice thereof to the Administrative Agent, there has
been no redesignation of any property into or out of special flood hazard area.

 

6.11.       Taxes.
The Loan Parties have filed all Federal, state and other material tax returns and reports required to be filed, and have paid all
Federal, state and other material taxes, assessments, fees and other governmental charges levied or imposed upon them or their
properties, income or assets otherwise due and payable, except those which are being contested in good faith by appropriate proceedings
diligently conducted and for which adequate reserves have been provided in accordance with GAAP. To the knowledge of Borrower,
there is no proposed tax assessment against any Loan Party that would, if made, have a Material Adverse Effect.

 

6.12.       ERISA
Compliance. (a) Each Plan is in compliance in all material respects with the applicable provisions of ERISA, the Code
and other Federal or state Laws. Each Plan that is intended to qualify under Section 401(a) of the Code has received a favorable
determination letter from the IRS or an application for such a letter is currently being processed by the IRS with respect thereto
and, to the knowledge of Borrower, nothing has occurred which would prevent, or cause the loss of, such qualification. Borrower
and each ERISA Affiliate have made all required contributions to each Plan subject to Section 412 of the Code, and no application
for a funding waiver or an extension of any amortization period pursuant to Section 412 of the Code has been made with respect
to any Plan.

 

(b)          There
are no pending or, to the knowledge of Borrower, threatened claims, actions or lawsuits, or action by any Governmental Authority,
with respect to any Plan that could be reasonably be expected to have a Material Adverse Effect. There has been no prohibited transaction
or violation of the fiduciary responsibility rules with respect to any Plan that has resulted or could reasonably be expected to
result in a Material Adverse Effect.

 

(c)          (i) No
ERISA Event has occurred or is reasonably expected to occur; (ii) no Pension Plan has any Unfunded Pension Liability; (iii) neither
Borrower nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability under Title IV of ERISA with respect
to any Pension Plan (other than premiums due and not delinquent under Section 4007 of ERISA); (iv) neither Borrower nor
any ERISA Affiliate has incurred, or reasonably expects to incur, any liability (and no event has occurred which, with the giving
of notice under Section 4219 of ERISA, would result in such liability) under Sections 4201 or 4243 of ERISA with respect
to a Multiemployer Plan; and (v) neither Borrower nor any ERISA Affiliate has engaged in a transaction that could be subject
to Sections 4069 or 4212(c) of ERISA.

 

6.13.       Subsidiaries.
As of the Closing Date, Borrower has no Subsidiaries other than those specifically disclosed in Part (a) of Schedule 6.13,
and all of the outstanding Equity Interests in such Subsidiaries have been validly issued, are fully paid and nonassessable and
are owned by a Loan Party in the amounts specified on Part (a) of Schedule 6.13 free and clear of all Liens other
than Permitted Liens. Borrower has no equity investments in any other corporation or entity other than those specifically disclosed
in Part (b) of Schedule 6.13. All of the outstanding Equity Interests in Borrower have been validly issued and
are fully paid and nonassessable and as of the Closing Date are owned by Parent in the amounts specified on Part (c) of Schedule 6.13
free and clear of all Liens other than Permitted Liens.

 

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6.14.       Margin
Regulations; Investment Company Act. (a) Borrower is not engaged and will not engage, principally or as one of its
important activities, in the business of purchasing or carrying margin stock (within the meaning of Regulation U issued by the
FRB), or extending credit for the purpose of purchasing or carrying margin stock. Following the application of the proceeds of
each Borrowing or drawing under each Letter of Credit, not more than 25% of the value of the assets (either of Borrower only or
of Borrower and its Subsidiaries on a consolidated basis) will be margin stock.

 

(b)          None
of Borrower, any Person Controlling Borrower, or any Subsidiary is or is required to be registered as an "investment
company" under the Investment Company Act of 1940.

 

6.15.       Disclosure.
Borrower has disclosed to Administrative Agent and Lenders all agreements, instruments and corporate or other restrictions to which
it or any of its Subsidiaries is subject, and all other matters known to it, that, individually or in the aggregate, could reasonably
be expected to result in a Material Adverse Effect. No report, financial statement or certificate furnished by or on behalf of
any Loan Party to Administrative Agent or any Lender in connection with the transactions contemplated hereby and the negotiation
of this Agreement or delivered hereunder or under any other Loan Document (in each case, as modified or supplemented by other information
so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading; provided that, with respect to projected financial
information, Borrower represents only that such information was prepared in good faith based upon assumptions believed to be reasonable
at the time.

 

6.16.       Compliance
with Laws. Each Loan Party is in compliance in all material respects with the requirements of all Laws and all orders,
writs, injunctions and decrees applicable to it or to its properties, except in such instances in which (a) such requirement
of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted or
(b) the failure to comply therewith, either individually or in the aggregate, could not reasonably be expected to have a Material
Adverse Effect.

 

6.17.       Intellectual
Property; Licenses, Etc. The Loan Parties own, or possess the right to use, all of the trademarks, service marks, trade
names, copyrights, patents, patent rights, franchises, licenses and other intellectual property rights that are reasonably necessary
for the operation of their respective businesses, without conflict with the rights of any other Person. To the knowledge of Borrower,
no slogan or other advertising device, product, process, method, substance, part or other material now employed, or now contemplated
to be employed, by any Loan Party infringes upon any rights held by any other Person. No claim or litigation regarding any of the
foregoing is pending or, to the knowledge of Borrower, threatened, which, either individually or in the aggregate, could reasonably
be expected to have a Material Adverse Effect.

 

6.18.       Rights
in Collateral; Priority of Liens. Borrower and each other Loan Party own or have rights in the property granted by it as
Collateral under the Collateral Documents, free and clear of any and all Liens except Permitted Liens. Upon the proper filing of
the Oil and Gas Mortgages and UCC financing statements, and the taking of the other actions contemplated by the Collateral Documents,
the Liens granted pursuant to the Collateral Documents will constitute valid and enforceable first, prior and perfected Liens on
the Collateral in favor of Administrative Agent for the ratable benefit of the Secured Parties, except for Permitted Liens.

 

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6.19.       Concerning
the Mortgaged Properties. The Mortgaged Properties are described in and covered by the Reserve Reports which have previously
been delivered to and relied upon by Administrative Agent and Lenders in connection with this Agreement, and the Loan Parties own
at least the decimal percentage Mineral Interest in such properties as specified in such Reserve Reports. Borrower has provided
Administrative Agent with title information and title data acceptable to Administrative Agent reflecting title to the Mineral Interests
of the Loan Parties in those Mortgaged Properties which represent at least 80% of the Recognized Value of the Loan Parties' Mineral
Interests in those Mortgaged Properties included in the Borrowing Base.

 

6.20.       Swap
Contract. Except as set forth on Schedule 6.20, no Loan Party is a party or subject to any Swap Contract on
the Closing Date. Each report required to be delivered pursuant to Section 7.02(a) sets forth a true and complete list
of all Swap Contracts of Borrower and each Subsidiary, the material terms thereof (including the type, term, effective date, termination
date and notional amounts or volumes), the net mark to market value thereof, all credit support documents relating thereto (including
any margin required or supplied) and the counterparty to each such agreement.

 

6.21.       Engineering
Reports. Each Loan Party executing an Oil and Gas Mortgage owns or will own the net interest and production attributable
to the wells and units evaluated in each Reserve Report it has previously furnished to Administrative Agent, except such as may
result after the delivery of such Reserve Report from customary provisions of operating agreements requiring parties thereto to
pay the share of costs of a defaulting party or allowing for the acquisition of the interests of any nonparticipating parties.
The ownership of such properties shall not in the aggregate in any material respect obligate such Loan Party to bear costs and
expenses relating to the maintenance, development and operations of such properties in an amount materially in excess of the working
interests of such properties as shown in such Reserve Report, except as may result, after the delivery of such Reserve Report,
from customary provisions of operating agreements requiring or allowing the parties thereto to pay the share of costs of a non-consenting
party so long as Borrower promptly notifies Administrative Agent thereof. Each Loan Party executing an Oil and Gas Mortgage has
paid all royalties payable under the oil and gas leases to which it is an operator, except to those contested in accordance with
the terms of the applicable joint operating agreement or otherwise contested in good faith by appropriate proceedings. Upon delivery
of each Reserve Report furnished to Lenders pursuant to Section 7.02(c) hereof, the statements made in the preceding
sentences of this Section 6.21 shall be true with respect to such Reserve Reports.

 

6.22.       Gas
Balancing Agreements and Advance Payment Contracts. As of the Closing Date, (a) there is no Material Gas Imbalance,
and (b) the aggregate amount of all Advance Payments received by any Loan Party under Advance Payment Contracts which have
not been satisfied by delivery of production does not exceed $100,000.

 

6.23.       OFAC.
No Loan Party nor any Affiliate of a Loan Party: (a) is a Sanctioned Person, (b) owns assets in Sanctioned Entities,
or (c) derives its operating income from investments in, or transactions with Sanctioned Persons or Sanctioned Entities. None
of the proceeds of any Loan will be used or have been used to fund any operations in, finance any investments or activities in,
or make any payments to, a Sanctioned Person or a Sanctioned Entity.

 

6.24.       Solvency.
The Borrower is Solvent.

 

ARTICLE VII.

AFFIRMATIVE COVENANTS

 

Until the Release Date, Borrower shall,
and shall (except in the case of the covenants set forth in Sections 7.01, 7.02, and 7.03) cause each
Subsidiary to:

 

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7.01.       Financial
Statements. Deliver to Administrative Agent a sufficient number of copies for delivery by Administrative Agent to each
Lender, in form and detail satisfactory to Administrative Agent and the Required Lenders:

 

(a)          as
soon as available, but in any event within one hundred twenty (120) days after the end of each fiscal year of Borrower (commencing
with the fiscal year ended June 30, 2014), (i) (A) a consolidated balance sheet of Parent, Borrower and its Subsidiaries
as at the end of such fiscal year, and the related consolidated statements of income or operations, shareholders' equity and cash
flows for such fiscal year, or (B) if Parent owns any Material Non-Cash Assets and Administrative Agent so requires in its
sole discretion, a consolidated balance sheet of Borrower and its Subsidiaries as at the end of such fiscal year, and the related
consolidated statements of income or operations, shareholders' equity and cash flows for such fiscal year, and (ii) if any
Material Domestic Subsidiary exists, a consolidating balance sheet of Borrower and its Material Domestic Subsidiaries as at the
end of such fiscal year, and the related consolidating statements of income or operations, shareholders' equity and cash flows
for such fiscal year; in each case, setting forth in comparative form the figures for the previous fiscal year, all in reasonable
detail and prepared in accordance with GAAP, such consolidated statements delivered pursuant to clause (i) above to
be audited and accompanied by a report and opinion of an independent certified public accountant firm of nationally recognized
standing acceptable to Administrative Agent, which report and opinion shall be prepared in accordance with generally accepted auditing
standards and applicable Securities Laws and shall not be subject to any "going concern" or like qualification or exception
or any qualification or exception as to the scope of such audit, and such consolidating statements delivered pursuant to clause
(ii) above, if applicable, to be certified by a Responsible Officer of Borrower to the effect that such statements are fairly
stated in all material respects when considered in relation to the consolidated financial statements of Borrower and its Subsidiaries;
and

 

(b)          as
soon as available, but in any event within forty-five (45) days after the end of each of the first three fiscal quarters of each
fiscal year of Borrower (commencing with the fiscal quarter ended March 31, 2014), (i) (A) a consolidated balance
sheet of Parent, Borrower and its Subsidiaries as at the end of such fiscal quarter, and the related consolidated statements of
income or operations, shareholders' equity and cash flows for such fiscal quarter and for the portion of the fiscal year then ended,
or (B) if Parent owns any Material Non-Cash Assets and Administrative Agent so requires in its sole discretion, a consolidated
balance sheet of Borrower and its Subsidiaries as at the end of such fiscal quarter, and the related consolidated statements of
income or operations, shareholders' equity and cash flows for such fiscal quarter and for the portion of the fiscal year then ended,
and (ii) if any Material Domestic Subsidiary exists, a consolidating balance sheet of Borrower and its Material Domestic Subsidiaries
as at the end of such fiscal quarter, and the related consolidating statements of income or operations, shareholders' equity and
cash flows for such fiscal quarter and for the portion of the fiscal year then ended; in each case, setting forth in each case
in comparative form the figures for the corresponding fiscal quarter of the previous fiscal year and the corresponding portion
of the previous fiscal year, all in reasonable detail, such consolidated statements delivered pursuant to clause (i)
above to be certified by a Responsible Officer of Borrower as fairly presenting the financial condition, results of operations,
shareholders' equity and cash flows of Parent (if applicable), Borrower and its Subsidiaries in accordance with GAAP, subject only
to normal year-end audit adjustments and the absence of footnotes and such consolidating statements delivered pursuant to clause
(ii) above, if applicable, to be certified by a Responsible Officer of Borrower to the effect that such statements are fairly
stated in all material respects when considered in relation to the consolidated financial statements of Borrower and its Subsidiaries.

 

7.02.       Certificates;
Other Information. Deliver to Administrative Agent a sufficient number of copies for delivery by Administrative Agent to
each Lender, in form and detail satisfactory to Administrative Agent and the Required Lenders:

 

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(a)          concurrently
with the delivery of the financial statements referred to in Sections 7.01(a) and (b), a duly completed Compliance
Certificate signed by a Responsible Officer of Borrower and a summary of all Swap Contracts permitted by Section 8.09
entered into by any Loan Party, including the material terms thereof (the type, term, effective date, termination date and notional
amounts or volumes), the net mark-to-market value therefor, any new credit support agreements relating thereto not listed on Schedule 6.20,
any margin required or supplied under any credit support document, and a counterparty to each such agreement;

 

(b)          promptly
after any request by Administrative Agent or any Lender, copies of any detailed audit reports, management letters or recommendations
submitted to the board of directors (or the audit committee of the board of directors) of Borrower by independent accountants in
connection with the accounts or books of Borrower or any Subsidiary, or any audit of any of them;

 

(c)          (i) on
or before September 30 of each year, a Reserve Report prepared by one or more Approved Petroleum Engineers evaluating the
oil and gas properties of Borrower and its Subsidiaries as of the immediately preceding June 30, (ii) on or before March 30
of each year, a Reserve Report prepared by one or more Approved Petroleum Engineers or Borrower's own engineers (as approved by
Administrative Agent) and certified by a Responsible Officer of Borrower evaluating the oil and gas properties of Borrower and
its Subsidiaries as of the immediately preceding December 31, (iii) with each Reserve Report, a schedule comparing the
net revenue interests of each well, lease or unit mortgaged to Administrative Agent as reflected on each applicable Collateral
Document, to the net revenue interests for such properties reflected in the Reserve Report, along with an explanation as to any
material discrepancies between the two net revenue interest disclosures, and a certification by a Responsible Officer of Borrower
that, as required by Section 2.13(a), the Recognized Value of all oil and gas properties under mortgage to Administrative
Agent is not less than 80% of the Recognized Value of all oil and gas properties evaluated in the most recent Reserve Report or,
if less than 80%, that Borrower is executing or causing the other Loan Parties to execute Oil and Gas Mortgages covering additional
proved properties having an aggregate Recognized Value sufficient to eliminate the deficiency, and (iv) with each Reserve Report,
a copy of the financial projections, including a budget for capital expenditures, for the Borrower for the following fiscal year,
in format and with such detail as is acceptable to the Administrative Agent;

 

(d)          as
soon as available and in any event not later than forty-five (45) days after the end of each month, internally prepared production
reports certified by the President or other Responsible Officer of Borrower showing for each of the Mortgaged Properties for the
month covered thereby all production of oil, gas and other hydrocarbons therefrom during the subject month, all proceeds received
during the subject month from the sale of production from such properties, all expenses incurred during the subject month attributable
to such properties, a description of all material operations conducted on such properties since the last monthly report, and such
other information as Administrative Agent may reasonably request;

 

(e)          promptly
after Borrower has notified Administrative Agent of any intention by Borrower to treat Loans and/or Letters of Credit as being
a "reportable transaction" (within the meaning of Treasury Regulation Section 1.6011-4), a duly completed copy of
IRS Form 8886 or any successor form;

 

(f)          promptly
after the same are available, copies of each annual report, proxy or financial statement or other report or communication sent
to the stockholders of Borrower, and copies of all annual, regular, periodic and special reports and registration statements which
Borrower may file or be required to file with the SEC under Section 13 or 15(d) of the Securities Exchange Act of 1934, and
not otherwise required to be delivered to Administrative Agent pursuant hereto;

 

    	CREDIT AGREEMENT – Page 62

    	 

    

 

(g)          promptly
after the furnishing thereof, copies of any statement or report furnished to any holder of debt securities of any Loan Party or
any Subsidiary thereof pursuant to the terms of any indenture, loan or credit or similar agreement and not otherwise required to
be furnished to the Lenders pursuant to Section 7.01 or any other clause of this Section 7.02;

 

(h)         simultaneously
with the delivery of each Reserve Report per Section 7.02(c), and promptly following written request given by Administrative
Agent at any other time, a list of the names and addresses of the first purchasers of production and the operators of the properties
which are listed in the Reserve Report being provided (or the most recent Reserve Report provided, as applicable);

 

(i)          promptly,
and in any event within five Business Days after receipt thereof by any Loan Party or any Subsidiary thereof, copies of each notice
or other correspondence received from the SEC (or comparable agency in any applicable non-U.S. jurisdiction) concerning any investigation
or possible investigation by such agency regarding financial or other operational results of any Loan Party or any Subsidiary thereof;
and

 

(j)          in
the event the Borrower or any Subsidiary intends to sell, transfer, assign or otherwise dispose of any oil or gas properties or
any Equity Interests in any Subsidiary included in the most recently delivered Reserve Report during any period between two successive
determination dates of the Borrowing Base, having a fair market value, individually or in the aggregate, in excess of $100,000,
prior written notice of such disposition, the price thereof, the anticipated date of closing, and any other details thereof requested
by the Administrative Agent or any Lender;

 

(k)          promptly,
and in any event within five Business Days after the execution thereof, copies of any amendment, modification or supplement to
the certificate or articles of organization, articles of incorporation, partnership agreement, bylaws, limited liability company
agreement, or any preferred stock designation or any other organic document of the Borrower or any Subsidiaries; and

 

(l)          promptly,
such additional information regarding the business, financial or corporate affairs of Borrower or any Subsidiary, or compliance
with the terms of the Loan Documents, as Administrative Agent or any Lender may from time to time reasonably request.

 

Documents required to be delivered pursuant
to Section 7.01(a) or (b) or Section 7.02(f) (to the extent any such documents are included in materials
otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the
date (i) on which Borrower posts such documents, or provides a link thereto on Borrower's website on the Internet at the website
address listed on Schedule 11.02; or (ii) on which such documents are posted on Borrower's behalf on an Internet
or intranet website, if any, to which each Lender and Administrative Agent have access (whether the SEC website, a commercial,
third-party website or website sponsored by Administrative Agent); provided that: (i) Borrower shall deliver paper
copies of such documents to Administrative Agent or any Lender if Administrative Agent or such Lender requests Borrower to deliver
such paper copies, until a written request to cease delivering paper copies is given by Administrative Agent or such Lender and
(ii) Borrower shall notify Administrative Agent and each Lender (by facsimile or electronic mail) of the posting of any such
documents and provide to Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents.
Notwithstanding anything contained herein, in every instance Borrower shall be required to provide paper copies of the Compliance
Certificates required by Section 7.02(a) to Administrative Agent. Except for such Compliance Certificates, Administrative
Agent shall have no obligation to request the delivery or to maintain copies of the documents referred to above, and in any event
shall have no responsibility to monitor compliance by Borrower with any such request for delivery, and each Lender shall be solely
responsible for requesting delivery to it or maintaining its copies of such documents.

 

    	CREDIT AGREEMENT – Page 63

    	 

    

 

Borrower hereby acknowledges that (a) Administrative
Agent will make available to Lenders and the L/C Issuer materials and/or information provided by or on behalf of Borrower hereunder
(collectively, "Borrower Materials") by posting Borrower Materials on IntraLinks, Debt Domain, Syndtrak
or another similar electronic system (the "Platform") and (b) certain of the Lenders may be "public-side"
Lenders (i.e., Lenders that do not wish to receive material non-public information with respect to Borrower or its securities)
(each, a "Public Lender"). Borrower hereby agrees that (w) all Borrower Materials that are to be made
available to Public Lenders shall be clearly and conspicuously marked "PUBLIC" which, at a minimum, shall mean that the
word "PUBLIC" shall appear prominently on the first page thereof; (x) by marking Borrower Materials "PUBLIC,"
Borrower shall be deemed to have authorized Administrative Agent, the L/C Issuer and the Lenders to treat such Borrower Materials
as not containing any material non-public information with respect to Borrower or its securities for purposes of United States
Federal and state securities laws (provided, however, that to the extent such Borrower Materials constitute Information,
they shall be treated as set forth in Section 11.07); (y) all Borrower Materials marked "PUBLIC" are
permitted to be made available through a portion of the Platform designated "Public Side Information;" and (z) Administrative
Agent shall be entitled to treat any Borrower Materials that are not marked "PUBLIC" as being suitable only for posting
on a portion of the Platform not designated "Public Side Information".

 

7.03.       Notices.
Promptly notify Administrative Agent:

 

(a)          of
the occurrence of any Default;

 

(b)          of
any matter that has resulted or could reasonably be expected to result in a Material Adverse Effect;

 

(c)          of
the occurrence of any ERISA Event; and

 

(d)          of
any material change in accounting policies or financial reporting practices by any Loan Party.

 

Each notice pursuant to this Section shall be accompanied by
a statement of a Responsible Officer of Borrower setting forth details of the occurrence referred to therein and stating what action
Borrower has taken and proposes to take with respect thereto. Each notice pursuant to Section 7.03(a) shall describe
with particularity any and all provisions of this Agreement and any other Loan Document that have been breached.

 

7.04.       Payment
of Obligations. Pay and discharge as the same shall become due and payable, all its obligations and liabilities, including
(a) all tax liabilities, assessments and governmental charges or levies upon it or its properties or assets, unless (i) nonpayment
would not reasonably be expected to have a Material Adverse Effect or (ii) the same are being contested in good faith by appropriate
proceedings diligently conducted and adequate reserves in accordance with GAAP are being maintained by Borrower or such Subsidiary;
(b) all lawful claims which, if unpaid, would by law become a Lien upon its property (other than a Permitted Lien); and (c) all
Indebtedness, as and when due and payable, but subject to any subordination provisions contained in any instrument or agreement
evidencing such Indebtedness.

 

7.05.       Preservation
of Existence, Etc. (a) Preserve, renew and maintain in full force and effect its legal existence and good standing
under the Laws of the jurisdiction of its organization except in a transaction permitted by Section 8.04 or 8.05;
(b) take all reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary or desirable
in the normal conduct of its business, except to the extent that failure to do so could not reasonably be expected to have a Material
Adverse Effect; and (c) preserve or renew all of its registered patents, trademarks, trade names and service marks, the non-preservation
of which could reasonably be expected to have a Material Adverse Effect.

 

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7.06.       Maintenance
of Properties. (a) Maintain, preserve and protect all of its material properties and equipment necessary in the operation
of its business in good working order and condition, ordinary wear and tear excepted; (b) make all necessary repairs thereto
and renewals and replacements thereof except where the failure to do so could not reasonably be expected to have a Material Adverse
Effect; and (c) use the standard of care typical in the industry in the operation and maintenance of its facilities.

 

7.07.       Maintenance
of Insurance. (a) Maintain with financially sound and reputable insurance companies not Affiliates of Borrower, insurance
with respect to its properties and business against loss or damage of the kinds customarily insured against by Persons engaged
in the same or similar business, of such types and in such amounts (after giving effect to any self-insurance compatible with the
following standards) as are customarily carried under similar circumstances by such other Persons; and (b) use commercially
reasonable efforts to cause the operator of its oil and gas properties to keep its oil and gas properties insured at all times
against risks and to the extent that like properties are customarily insured by other operators engaged in the same or similar
activities. The loss payable clauses or provisions in said insurance policy or policies insuring any of the collateral for the
Loans shall be endorsed in favor of and made payable to the Administrative Agent as its interests may appear and such policies
shall name the Administrative Agent as "additional insured" and provide that the insurer will endeavor to give at least
30 days prior notice of any cancellation to the Administrative Agent. Borrower shall deliver to Administrative Agent certificates
of insurance on the Closing Date and thereafter as and when requested by Administrative Agent. Without limiting the foregoing,
the Borrower shall and shall cause each appropriate Loan Party to (i) maintain, if available, fully paid flood hazard insurance
on all real property Collateral that is located in a special flood hazard area, on such terms and in such amounts as required by
The National Flood Insurance Reform Act of 1994 or as otherwise required by the Administrative Agent, (ii) furnish to the
Administrative Agent evidence of the renewal (and payment of renewal premiums therefor) of all such policies prior to the expiration
or lapse thereof, and (iii) furnish to the Administrative Agent prompt written notice of any redesignation of any such improved
real property into or out of a special flood hazard area.

 

7.08.       Compliance
with Laws. Comply in all material respects with the requirements of all Laws and all orders, writs, injunctions and decrees
applicable to it or to its business or property, except in such instances in which (a) such requirement of Law or order, writ,
injunction or decree is being contested in good faith by appropriate proceedings diligently conducted; or (b) the failure
to comply therewith could not reasonably be expected to have a Material Adverse Effect.

 

7.09.       Books
and Records. (a) Maintain proper books of record and account, in which full, true and correct entries in conformity
with GAAP consistently applied shall be made of all financial transactions and matters involving the assets and business of Borrower
or such Subsidiary, as the case may be; and (b) maintain such books of record and account in material conformity with all
applicable requirements of any Governmental Authority having regulatory jurisdiction over Borrower or such Subsidiary, as the case
may be.

 

7.10.       Inspection
Rights. Permit representatives and independent contractors of Administrative Agent and each Lender to visit and inspect
any of its properties, to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom,
and to discuss its affairs, finances and accounts with its directors, officers, and independent public accountants, all at the
expense of Borrower and no more than once per year unless an Event of Default has occurred and is continuing, upon reasonable advance
notice to Borrower; provided, however, that when an Event of Default exists Administrative Agent or any Lender (or any of
their respective representatives or independent contractors) may do any of the foregoing at the expense of Borrower at any time
during normal business hours and without advance notice. With respect to properties or wells not operated by a Loan Party, Borrower's
obligation shall be limited to making reasonable efforts to provide such access subject to Contractual Obligations applicable to
Loan Parties related to such access by Loan Parties or their representatives.

 

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7.11.       Use
of Proceeds. Use the proceeds of Loans solely for general corporate purposes not in contravention of any Law or any Loan
Document.

 

7.12.       Financial
Covenants.

 

(a)          Current
Ratio. Maintain on a consolidated basis a Current Ratio of at least 1.0 to 1.0. This ratio shall be calculated at the end of
each Test Period.

 

(b)          Funded
Debt to EBITDAX Ratio. Maintain on a consolidated basis a ratio of Funded Debt to EBITDAX not exceeding 3.5 to 1.0. This ratio
shall be calculated at the end of each Test Period.

 

(c)          Interest
Coverage Ratio. Maintain on a consolidated basis an Interest Coverage Ratio of at least 2.5 to 1.0. This ratio shall be calculated
at the end of each Test Period.

 

7.13.       Title
Data. In addition to the other title information requirements of this Agreement, upon the request of Required Lenders,
cause to be delivered to Administrative Agent such title opinions and other title information regarding title to Mineral Interests
in oil and gas properties owned by Borrower and any other Loan Party as are appropriate to determine the status thereof.

 

7.14.       Additional
Subsidiaries. Notify Administrative Agent at the time that any Person becomes a Material Domestic Subsidiary, and promptly
thereafter (and in any event within thirty (30) days) cause such Person to (a) comply with the provisions of Section 2.13,
and (b) deliver to Administrative Agent documents of the types referred to in clauses (iii) and (iv) of Section 5.01(a)
and favorable opinions of counsel to such Person, all in form, content and scope reasonably satisfactory to Administrative Agent.

 

7.15.       Collateral
Records. Execute and deliver promptly, and to cause each other Loan Party to execute and deliver promptly, to Administrative
Agent, from time to time, solely for Administrative Agent's convenience in maintaining a record of the Collateral, such written
statements and schedules as Administrative Agent may reasonably require designating, identifying or describing the Collateral.
The failure by Borrower or any other Loan Party, however, to promptly give Administrative Agent such statements or schedules shall
not affect, diminish, modify or otherwise limit the Liens on the Collateral granted pursuant to the Collateral Documents.

 

7.16.       Security
Interests. To, and to cause each other Loan Party to, (a) defend its Collateral against all claims and demands of
all Persons at any time claiming the same or any interest therein, (b) comply with the requirements of all state and Federal
Laws in order to grant to Administrative Agent and Lenders valid and perfected first priority security interests in its Collateral,
except for Permitted Liens, with perfection, in the case of any investment property, deposit account or letter of credit, being
effected by giving Administrative Agent control of such investment property or deposit account or letter of credit, rather than
by the filing of a Uniform Commercial Code ("UCC") financing statement with respect to such investment
property, and (c) do whatever Administrative Agent may reasonably request, from time to time, to effect the purposes of this
Agreement and the other Loan Documents, including filing notices of liens, UCC financing statements, fixture filings and amendments,
renewals and continuations thereof; cooperating with Administrative Agent's representatives; keeping stock records; obtaining waivers
from landlords and mortgagees and from warehousemen and their landlords and mortgages; and, paying claims which might, if unpaid,
become a Lien on the Collateral (other than Permitted Liens). Administrative Agent is hereby authorized by Borrower to file any
UCC financing statements covering the Collateral.

 

    	CREDIT AGREEMENT – Page 66

    	 

    

 

7.17.       Subsequent
Expenses of Agent and Lenders. Upon request by the Administrative Agent, promptly reimburse the Administrative Agent (to
the fullest extent permitted by law) for all third party, out of pocket amounts reasonably expended, advanced or incurred by or
on behalf of the Administrative Agent or any Lender to evaluate the oil and gas properties of Borrower and its Subsidiaries or
to satisfy any of its obligations under any of the Loan Documents; to collect the Obligations; to ratify, amend, restate or prepare
additional Loan Documents, as the case may be; for the filing and recordation of Collateral Documents; to enforce the rights of
the Administrative Agent or any of the Lenders under any of the Loan Documents; and to protect its properties or business, including
the Collateral, which amounts shall be deemed compensatory in nature and liquidated as to amount upon notice to the relevant Person
by the Administrative Agent and which amounts shall include (a) all court costs, (b) reasonable attorneys' fees, (c) reasonable
fees and expenses of auditors, accountants and independent petroleum engineers engaged by the Administrative Agent as provided
in the Fee Letter or incurred to protect the interests of the Administrative Agent, the Lenders and any Swap Lenders and Treasury
Management Parties, (d) fees and expenses incurred in connection with the participation by the Administrative Agent and the
Lenders as members of the creditors' committee in any Insolvency Proceeding, (e) fees and expenses incurred in connection with
lifting the automatic stay prescribed in §362 Title 11 of the United States Code, and (f) fees and expenses incurred in connection
with any action pursuant to §1129 Title 11 of the United States Code all reasonably incurred by the Administrative Agent and
the Lenders in connection with the collection of any sums due under the Loan Documents, together with interest at the rate equal
to the Base Rate plus the relevant Applicable Rate on each such amount from the date of notification that the same was expended,
advanced, or incurred by the Administrative Agent or any Lender until the date it is repaid to the Administrative Agent or such
Lender, with the obligations under this Section 7.17 surviving the non-assumption of this Agreement in any insolvency
proceeding and being binding upon it and/or a trustee, receiver, custodian, or liquidator of it appointed in any such case.

 

7.18.       Operation
of Oil and Gas Properties. Develop, maintain and operate or, to the extent that the right or obligation to do so rests
with another Person, exercise commercially reasonable efforts to cause such other Person to develop, maintain and operate its oil
and gas properties in a manner reasonably determined by it to be prudent and workmanlike and in accordance with customary industry
standards.

 

7.19.       Agent
as Principal Depository. By execution of one or more Secured Treasury Management Agreements, maintain Administrative Agent
as its principal depository bank, including for the maintenance of business, cash management, operating and administrative deposit
accounts.

 

7.20.       Further
Assurances. Make, execute or endorse, acknowledge and deliver or file or cause the same to be done, all such vouchers,
invoices, notices, certifications and additional agreements, undertakings, conveyances, deeds of trust, mortgages, assignments,
financing statements or other assurances, and take any and all such other actions as Administrative Agent may from time to time
deem necessary or appropriate in connection with this Agreement or any of the other Loan Documents (i) to cure any defects
in the creation of the Loan Documents, or (ii) to evidence further or more fully describe, perfect or realize on the collateral
granted as security under the Loan Documents, or (iii) to correct any omissions in the Loan Documents, or (iv) to state
more fully the security for the Obligations, or (v) to perfect, protect or preserve any liens pursuant to any of the Loan
Documents, or (vi) for better assuring and confirming unto Administrative Agent all or any part of the security for any of
the Obligations.

 

    	CREDIT AGREEMENT – Page 67

    	 

    

 

7.21.       Post
Closing Obligations. Execute and deliver (a) by the earlier of (i) March 31, 2014 and (ii) the Total Outstandings exceeding
fifty percent (50%) of the Borrowing Base then in effect, Swap Contracts between Borrower and a Swap Lender or Third Party Counterparty
covering at least fifty percent (50%) of Borrower's aggregate Projected Oil and Gas Production for a term of at least twenty-four
(24) months; (b) by March 31, 2014, Secured Treasury Management Agreements between Borrower and Administrative Agent in form and
substance reasonably acceptable to Administrative Agent; and (c) such other documents and tasks set forth on Schedule 7.21,
in each case within the time limits specified therein (or such longer period of time acceptable to Administrative Agent).

 

ARTICLE VIII.

NEGATIVE COVENANTS

 

Until the Release Date, Borrower agrees
that it shall not, and, as applicable, shall not permit any Subsidiary to, directly or indirectly:

 

8.01.       Liens.
Create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter
acquired, other than the following (collectively, the "Permitted Liens"):

 

(a)          Liens
created pursuant to the Loan Documents securing (i) the Obligations and (ii) Third Party Counterparty Swap Obligations;

 

(b)          Liens
existing on the date hereof and listed on Schedule 8.01 and, so long as no Default exists or would result therefrom,
any renewals or extensions thereof, provided that (i) the property covered thereby is not changed, (ii) the amount
secured or benefited thereby is not increased except as contemplated by Section 8.03(b), (iii) the direct or any
contingent obligor with respect thereto is not changed, and (iv) and any renewal or extension of the obligations secured or
benefited thereby is permitted by Section 8.03(b);

 

(c)          Liens
for taxes not yet delinquent or which are being contested in good faith and by appropriate proceedings diligently conducted, if
adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP;

 

(d)          carriers',
warehousemen's, mechanics', materialmen's, landlords', repairmen's, operator's or other like Liens arising in the ordinary course
of business for amounts which are not overdue for a period of more than thirty (30) days or which are being contested in good faith
and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the
applicable Person;

 

(e)          pledges
or deposits in the ordinary course of business in connection with workers' compensation, unemployment insurance and other social
security legislation, other than any Lien imposed by ERISA;

 

(f)          deposits
to secure the performance of bids, trade contracts and leases (other than Indebtedness), statutory obligations, surety and appeal
bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business;

 

(g)          easements,
rights-of-way, surface leases and other similar rights in respect of surface operations, restrictions and other similar encumbrances
affecting real property which, in the aggregate are customary and usual in the oil and gas industry, and which do not in any case
materially detract from the value or operation of the property subject thereto or materially interfere with the ordinary conduct
of the business of the applicable Person;

 

    	CREDIT AGREEMENT – Page 68

    	 

    

 

(h)          Liens
securing judgments or other court ordered awards or settlements for the payment of money not constituting an Event of Default under
Section 9.01(h);

 

(i)          contracts,
agreements, lease provisions, defects and irregularities which were in effect when the properties were acquired and which were
not such as to materially interfere with the operation, value or use thereof;

 

(j)          royalties,
overriding royalties, reversionary interests, production payments and similar lease burdens which are granted in the ordinary course
of business in the oil and gas industry and which are deducted in the calculation of discounted present value in the Reserve Reports
delivered to Administrative Agent hereunder;

 

(k)          Liens
under sale contracts, joint operating agreements, or other arrangements for the exploration, development, production, transportation,
gathering, processing or sale of hydrocarbons which would not (when considered cumulatively with the matters discussed in clause (j)
immediately preceding) deprive Borrower of material rights in respect of Borrower's assets or properties;

 

(l)          Gas
Balancing Agreements; provided that the amount of all gas imbalances known to any Responsible Officer of a Loan Party and
the amount of all production which has been paid for but not delivered shall have been disclosed or otherwise taken into account
in the Reserve Reports delivered to Administrative Agent hereunder;

 

(m)         Liens
to secure plugging and abandonment obligations;

 

(n)          Liens
encumbering the oil and gas properties of any lessor that has leased such properties to Borrower or any Subsidiary, provided
that such Liens (i) do not secure Indebtedness of Borrower or any Subsidiary, (ii) do not encumber any property of Borrower
or any Subsidiary other than such leased properties and (iii) do not materially interfere with the operation, value or use
of such properties; and

 

(o)          Liens
expressly permitted by the Collateral Documents;

 

provided the Liens described
in clause (n) above shall remain "Permitted Liens" only for so long as no action to enforce such Lien has been commenced;
and provided further no intention to subordinate the first priority Lien granted in favor of Administrative Agent and the
Lenders is to be hereby implied or expressed by the existence of such Permitted Liens.

 

8.02.       Investments.
Make any Investments, except:

 

(a)          Investments
held by Borrower or such Subsidiary in the form of Cash Equivalents;

 

(b)          advances
to officers, directors and employees of Borrower and Subsidiaries in an aggregate amount not to exceed $25,000 at any time outstanding,
for travel, entertainment, relocation and analogous ordinary business purposes;

 

(c)          Investments
of Borrower in any wholly-owned Domestic Subsidiary and Investments of any wholly-owned Domestic Subsidiary in Borrower or in another
wholly-owned Domestic Subsidiary;

 

    	CREDIT AGREEMENT – Page 69

    	 

    

 

(d)          Investments
consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade credit
in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled
account debtors to the extent reasonably necessary in order to prevent or limit loss;

 

(e)          Guarantees
permitted by Section 8.03;

 

(f)          Investments
consisting of (i) temporary investments in securities of the United States having maturities not in excess of one (1) year,
(ii) certificates of deposit issued by any Lender, (iii) readily marketable commercial paper rated "A-1" by
Standard & Poor's Corporation (or similar rating by any similar organization which rates commercial paper), (iv) readily
marketable direct obligations of any state of the United States of America or any political subdivision of any such state given
on the date of such investment a credit rating of at least AA by Standard & Poor's Corporation due within one year from the
acquisition thereof, (v) repurchase agreements with respect to the investments referred to in the preceding clauses with any
bank or trust company organized under the Laws of the United States of America or any state thereof and having combined capital,
surplus and undivided profits of not less than $500,000,000 (as of the date of its most recent financial statements) and having
deposits that have received one of the two highest ratings obtainable from Standard & Poor's Corporation, (vi) eurodollar
time accounts or eurodollar certificates of deposit each with banker's acceptances of any bank or trust company organized under
the Laws of the United States of America or any state thereof having combined capital, surplus and undivided profits of not less
than $500,000,000 (as of the date of its most recent financial statements) and having deposits that have received one of the two
highest ratings obtainable from Standard & Poor's Corporation, and (vii) such other Investments as may be approved
by Administrative Agent; and

 

(g)          Investments
in direct ownership interests in additional Mineral Interests, wells, gas gathering systems or other field facilities, seismic
data and surveys, in each case related to such additional Mineral Interests or wells or to existing Mineral Interests or wells,
or related to farm-out, farm-in, participation agreements, joint operating agreements, joint venture or area of mutual interest
agreements or other similar arrangements which are usual and customary in the oil and gas exploration and production business located
within the geographic boundaries of the United States of America.

 

8.03.       Indebtedness.
Create, incur, assume or suffer to exist any Indebtedness, except:

 

(a)          Indebtedness
under (i) the Loan Documents and (ii) Secured Treasury Management Agreements;

 

(b)          Indebtedness
outstanding on the date hereof and listed on Schedule 8.03 and, so long as no Default exists or would result therefrom,
any refinancings, refundings, renewals or extensions thereof; provided that (i) the amount of such Indebtedness
is not increased at the time of such refinancing, refunding, renewal or extension except by an amount equal to a reasonable premium
or other reasonable amount paid, and fees and expenses reasonably incurred, in connection with such refinancing and by an amount
equal to any existing commitments unutilized thereunder and (ii) the terms relating to principal amount, amortization, maturity,
collateral (if any) and subordination (if any), and other material terms taken as a whole, of any such refinancing, refunding,
renewing or extending Indebtedness, and of any agreement entered into and of any instrument issued in connection therewith, are
no less favorable in any material respect to the Loan Parties or Lenders than the terms of any agreement or instrument governing
the Indebtedness being refinanced, refunded, renewed or extended and the interest rate applicable to any such refinancing, refunding,
renewing or extending Indebtedness does not exceed the then applicable market interest rate;

 

    	CREDIT AGREEMENT – Page 70

    	 

    

 

(c)          Guarantees
of Borrower or any Subsidiary in respect of Indebtedness otherwise permitted hereunder of Borrower or any wholly-owned Subsidiary;

 

(d)          obligations
(contingent or otherwise) of Borrower or any Subsidiary existing or arising under any Swap Contract (including Lender Swap Contracts
and Third Party Counterparty Swap Contracts, provided that (i) such obligations are (or were) entered into by such
Person in the ordinary course of business for the purpose of directly mitigating risks associated with liabilities, commitments,
investments, assets, or property held or reasonably anticipated by such Person, or changes in the value of securities issued by
such Person, and not for purposes of speculation or taking a "market view;" and (ii) such Swap Contract does not
contain any provision exonerating the non-defaulting party from its obligation to make payments on outstanding transactions to
the defaulting party;

 

(e)          Indebtedness
associated with bonds or other surety obligations required by Governmental Authorities in connection with the operation of the
business of the Loan Parties;

 

(f)          endorsements
of negotiable instruments for collection in the ordinary course of business; and

 

(g)          Indebtedness
in respect of capitalized leases, synthetic lease obligations and purchase money obligations for fixed or capital assets; provided
that the aggregate amount of all such Indebtedness at any one time outstanding shall not exceed $250,000.

 

8.04.       Fundamental
Changes. Merge, dissolve, liquidate, consolidate with or into another Person, or Dispose of (whether in one transaction
or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor
of any Person, except that, so long as no Default exists or would result therefrom:

 

(a)          any
Subsidiary may merge with (i) Borrower, provided that Borrower shall be the continuing or surviving Person, or (ii) any
one or more other Subsidiaries, provided that when any wholly-owned Domestic Subsidiary is merging with another Subsidiary,
the wholly-owned Subsidiary shall be the continuing or surviving Person, and, provided further that if a Guarantor is merging
with another Subsidiary, such Guarantor shall be the surviving Person; and

 

(b)          any
Subsidiary may Dispose of all or substantially all of its assets (upon voluntary liquidation or otherwise) to Borrower or to another
Subsidiary; provided that if the transferor in such a transaction is a wholly-owned Subsidiary, then the transferee must
either be Borrower or a wholly-owned Subsidiary and, provided further that if the transferor of such assets is a Guarantor,
the transferee must either be Borrower or a Guarantor.

 

8.05.       Dispositions.
Make any Disposition or enter into any agreement to make any Disposition, except:

 

(a)          Dispositions
of obsolete, worn out, or no longer needed property, whether now owned or hereafter acquired, in the ordinary course of business;

 

(b)          Dispositions
of inventory (including hydrocarbons) in the ordinary course of business;

 

(c)          Dispositions
of equipment to the extent that (i) such equipment is exchanged for credit against the purchase price of similar replacement
equipment or (ii) the proceeds of such Disposition are promptly applied to the purchase price of such replacement equipment;

 

    	CREDIT AGREEMENT – Page 71

    	 

    

 

(d)          Dispositions
of property by any Subsidiary to Borrower or to a wholly-owned Subsidiary; provided that if the transferor of such property
is a Guarantor, the transferee thereof must either be Borrower or a Guarantor;

 

(e)          Dispositions
permitted by Section 8.04;

 

(f)        
  Sales of hydrocarbons in the ordinary course of business;

 

(g)          Dispositions
consisting of any compulsory pooling or unitization ordered by a Governmental Authority with jurisdiction over each Loan Party's
Mineral Interests in its oil and gas properties;

 

(h)          Dispositions
in connection with farm-outs participation or other similar agreements in the ordinary course of business of undeveloped acreage
or undrilled depths and assignments in connection therewith;

 

(i)         
 Asset Dispositions; provided that (1) all of the
consideration received in respect to such Asset Disposition shall be cash, (2) the consideration received shall be equal
to or greater than the fair market value thereof (as reasonably determined by the board of managers of Borrower and if
requested by Administrative Agent, Borrower shall deliver a
certificate of a Responsible Officer of Borrower certifying to that effect), (3) if the aggregate value of Asset
Dispositions between scheduled redeterminations exceeds 5% of
the then-existing Borrowing Base, (A) Borrower shall have given Administrative Agent prior written notice of such Asset
Dispositions and (B) the Borrowing Base shall be reduced pursuant to Section 4.05(c) effective immediately upon
such Asset Disposition, by an amount equal to the Recognized Value of the assets included in such Asset Disposition, as
determined by Administrative Agent, in the then current
Borrowing Base, and (4) the Administrative Agent, Required Lenders, Swap Lenders and Third Party Counterparties shall
have approved such Asset Disposition prior to the consummation of such Asset Disposition if the aggregate value of Asset
Dispositions between scheduled redeterminations exceeds 10%
of the then-existing Borrowing Base;

 

provided, however, that any Disposition pursuant to clauses (a)
through (i) shall be for fair market value, and no Disposition may be made if a Default shall exist or would result from
such Disposition.

 

8.06.       Restricted
Payments. Declare or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise)
to do so, except that, so long as no Default shall have occurred and be continuing at the time of any action described below or
would result therefrom:

 

(a)          each
Subsidiary may make Restricted Payments to Borrower, Guarantors and any other Person that owns an Equity Interest in such Subsidiary,
ratably according to their respective holdings of the type of Equity Interest in respect of which such Restricted Payment is being
made;

 

(b)          Borrower
and each Subsidiary may declare and make dividend payments or other distributions payable solely in the common stock or other common
Equity Interests of such Person; and

 

(c)          Borrower
and each Subsidiary may purchase, redeem or otherwise acquire Equity Interests issued by it with the proceeds received from the
substantially concurrent issue of new shares of its common stock or other common Equity Interests.

 

8.07.       Limitation
on General and Administrative Expenses. Permit Borrower's general and administrative expenses for the operation of all
of its oil and gas properties (either direct or payable to outside operators or agents) as determined in accordance with COPAS
accounting procedures, and all salaries, bonuses, withdrawals, distributions, consulting and professional fees and other forms
of compensation, and all other overhead, to exceed $6,000,000 per fiscal year of Borrower.

 

    	CREDIT AGREEMENT – Page 72

    	 

    

 

8.08.       Change
of Operator. Cease being the operator of any of the Mortgaged Properties that are presently operated by Borrower or any
Subsidiary, and Borrower will use commercially reasonable efforts to seek to prevent any other operator presently operating any
of the Mortgaged Properties from ceasing to be the operator of such properties for any reason, except that Borrower may succeed
any entity as the operator of any of the Mortgaged Properties.

 

8.09.       Swap
Contracts. Enter into any Swap Contract (other than, with respect to clause (a) below, puts and floors), except:

 

(a)          Commodity
Contracts. Swap Contracts entered into with the purpose and effect of fixing prices on oil and gas expected to be produced
by Borrower, provided that at all times (1) no such contract fixes a price for a term of more than 36 months;
(2) the aggregate monthly production covered by all such contracts (as determined, in the case of contracts that are not settled
on a monthly basis, by a monthly proration acceptable to Lender) for any single month does not in the aggregate exceed 85% of Borrower's
aggregate Projected Oil and Gas Production anticipated to be sold in the ordinary course of Borrower's business for such month;
and (3) each such contract is with a Swap Lender or Third Party Counterparty.

 

(b)          Interest
Rate Contracts. Swap Contracts entered into by Borrower with the purpose and effect of fixing interest rates on a principal
amount of indebtedness of Borrower that is accruing interest at a variable rate, provided that (1) the term does not
extend past the Maturity Date, (2) the aggregate notional amount of such contracts never exceeds 75% of the anticipated outstanding
principal balance of the indebtedness to be hedged by such contracts or an average of such principal balances calculated by using
a generally accepted method of matching interest swap contracts to declining principal balances, (3) the floating rate index
of each such contract generally matches the index used to determine the floating rates of interest on the corresponding indebtedness
to be hedged by such contract, (4) no such contract requires Borrower to put up money, assets, or other security (other than
Letters of Credit or Collateral under the Loan Documents) against the event of its nonperformance prior to actual default by Borrower
in performing its obligations thereunder, and (5) each such contract is with an a Swap Lender or a Third Party Counterparty.

 

8.10.       Change
in Nature of Business. Engage in any material line of business substantially different from those lines of business conducted
by Borrower and its Subsidiaries on the date hereof or any business substantially related or incidental thereto.

 

8.11.       Transactions
with Affiliates. Enter into any transaction of any kind with any Affiliate of Borrower, whether or not in the ordinary
course of business, other than on fair and reasonable terms substantially as favorable to Borrower or such Subsidiary as would
be obtainable by Borrower or such Subsidiary at the time in a comparable arm's length transaction with a Person other than an Affiliate,
provided that the foregoing restriction shall not apply to transactions between or among Borrower and any Guarantor or between
and among Guarantors.

 

8.12.       Burdensome
Agreements. Enter into any Contractual Obligation (other than this Agreement or any other Loan Document) that (a) limits
the ability (i) of any Subsidiary to make Restricted Payments to Borrower or any Guarantor or to otherwise transfer property
to Borrower or any Guarantor, (ii) of any Subsidiary to Guarantee the Indebtedness of Borrower or (iii) of Borrower or
any Subsidiary to create, incur, assume or suffer to exist Liens on property of such Person; provided, however, that
this clause (iii) shall not prohibit any negative pledge incurred or provided in favor of any holder of Indebtedness permitted
under Section 8.03(e) solely to the extent any such negative pledge relates to the property financed by or the subject
of such Indebtedness; or (b) requires the grant of a Lien to secure an obligation of such Person if a Lien is granted to secure
another obligation of such Person.

 

    	CREDIT AGREEMENT – Page 73

    	 

    

 

8.13.       Use
of Proceeds. Use the proceeds of any Credit Extension, whether directly or indirectly, and whether immediately, incidentally
or ultimately, to purchase or carry margin stock (within the meaning of Regulation U of the FRB) or to extend credit to others
for the purpose of purchasing or carrying margin stock or to refund indebtedness originally incurred for such purpose.

 

8.14.       Gas
Balancing Agreements and Advance Payment Contracts. Incur, become or remain liable for, or permit any other Loan Party
to incur, become or remain liable for, (i) any Material Gas Imbalance, or (ii) Advance Payments under Advance Payment
Contracts which are to be satisfied by delivery of production in excess of $100,000 in the aggregate.

 

8.15.       Amendments
to Swap Contracts. Amend, supplement or otherwise modify the terms of any Swap Contract, or terminate any Swap Contract,
or take any other action in connection with any Swap Contract that would materially and adversely impact any Lender, without the
prior written consent of Administrative Agent.

 

8.16.       Accounting
Changes. Make or permit any material change in its accounting policies or reporting practices, except as may be required
or permitted by GAAP or IFRS.

 

8.17.       Organization
Documents. Enter into or permit any modification or amendment of, or waive any material right or obligation of any Person
under, its Organization Documents in a manner materially adverse to the interests of the Lenders.

 

ARTICLE IX.

EVENTS OF DEFAULT
AND REMEDIES

 

9.01.       Events
of Default. Any of the following shall constitute an "Event of Default":

 

(a)          Non-Payment.
Borrower or any other Loan Party fails to pay (i) when and as required to be paid herein, any amount of principal of any Loan
or any L/C Obligation, or (ii) within three days after the same becomes due, any interest on any Loan or on any L/C Obligation,
or any fee due hereunder, or (iii) within five days after the same becomes due, any other amount payable hereunder or under
any other Loan Document; or

 

(b)          Specific
Covenants. Borrower fails to perform or observe any term, covenant or agreement contained in any of Section 7.01,
7.02, 7.03, 7.05, 7.10, 7.11 or 7.12 or Article VIII; or

 

(c)          Other
Defaults. (i) Any Loan Party fails to perform or observe any other covenant or agreement (not specified in subsection (a)
or (b) above) contained in this Agreement on its part to be performed or observed and such failure continues unremedied for thirty
(30) days after notice thereof from Administrative Agent or Administrative Agent is notified of such Default or should have been
so notified pursuant to the provisions of Section 7.03(a), whichever is earlier; or (ii) any Loan Party fails
to perform or observe any other covenant or agreement (not specified in subsection (a) or (b) above or in the preceding clause (i)
of this subsection (c)) contained in any other Loan Document on its part to be performed or observed and such failure continues
unremedied for thirty (30) days (or such other grace or cure period, if any, specifically therein provided) after notice thereof
from Administrative Agent or Administrative Agent is notified of such Default or should have been so notified pursuant to the provisions
of Section 7.03(a), whichever is earlier; or

 

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(d)          Representations
and Warranties. Any representation, warranty or certification made by Borrower or any other Loan Party herein or in any other
Loan Document shall be materially incorrect or misleading when made; or

 

(e)          Cross-Default.
Borrower or any Subsidiary (A) fails to make any payment when due (whether by scheduled maturity, required prepayment, acceleration,
demand, or otherwise) in respect of any Indebtedness or Guarantee (other than Indebtedness hereunder and Indebtedness under Swap
Contracts) having an aggregate principal amount (including undrawn committed or available amounts and including amounts owing to
all creditors under any combined or syndicated credit arrangement) of more than $500,000, or (B) fails to observe or perform
any other agreement or condition relating to any such Indebtedness or Guarantee or contained in any instrument or agreement evidencing,
securing or relating thereto, or any other event occurs, the effect of which default or other event is to cause, or to permit the
holder or holders of such Indebtedness or the beneficiary or beneficiaries of such Guarantee (or a trustee or agent on behalf of
such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to be
demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase,
prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity, or such Guarantee to become payable or cash
collateral in respect thereof to be demanded; or

 

(f)          Insolvency
Proceedings, Etc. Any Loan Party or any of its Subsidiaries institutes or consents to the institution of any proceeding under
any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any
receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all or any material part
of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without
the application or consent of such Person and the appointment continues undischarged or unstayed for sixty (60) calendar days;
or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its property is instituted
without the consent of such Person and continues undismissed or unstayed for sixty (60) calendar days, or an order for relief is
entered in any such proceeding; or

 

(g)          Inability
to Pay Debts; Attachment. (i) Borrower or any Subsidiary becomes unable or admits in writing its inability or fails generally
to pay its debts as they become due, or (ii) any writ or warrant of attachment or execution or similar process is issued or
levied against all or any material part of the property of any such Person and is not released, vacated or fully bonded within
thirty (30) days after its issue or levy; or

 

(h)         Judgments.
There is entered against Borrower or any Subsidiary (i) one or more final judgments or orders for the payment of money in
an aggregate amount exceeding $500,000 (to the extent not covered by independent third-party insurance as to which the insurer
does not dispute coverage), or (ii) any one or more non-monetary final judgments that have, or could reasonably be expected
to have, individually or in the aggregate, a Material Adverse Effect and, in either case, (A) enforcement proceedings are
commenced by any creditor upon such judgment or order, or (B) there is a period of thirty (30) consecutive days during which
a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect; or

 

(i)     
     ERISA. (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer
Plan which has resulted or could reasonably be expected to result in liability of Borrower under Title IV of ERISA to the
Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess of $250,000, or (ii) Borrower or any ERISA
Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment payment with respect to
its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount in excess of
$250,000; or

 

    	CREDIT AGREEMENT – Page 75

    	 

    

 

(j)      
    Invalidity of Loan Documents. Any Loan Document or any provision thereof, at any time after
its execution and delivery, for any reason other than as expressly permitted hereunder or thereunder or until the Release
Date has occurred, ceases to be in full force and effect; or any Loan Party or any other Person contests in any manner the
validity or enforceability of any Loan Document or any provision thereof; or any Loan Party denies that it has any or further
liability or obligation under any Loan Document, or purports to revoke, terminate or rescind any Loan Document or any
provision thereof; or

 

(k)          Swap
Contracts. There shall occur under any Swap Contract an Early Termination Date (as defined in such Swap Contract) resulting
from (1) any event of default under such Swap Contract to which Borrower or any Subsidiary is the Defaulting Party (as defined
in such Swap Contract), or (2) any Termination Event (as so defined) under such Swap Contract as to which Borrower or any
Subsidiary is an Affected Party (as so defined) and, in either event, the Swap Termination Value owed by Borrower or such Subsidiary
as a result thereof exceeds $100,000; or

 

(l)          Change
of Control. There occurs any Change of Control with respect to Borrower or any Guarantor.

 

9.02.       Remedies
Upon Event of Default. If any Event of Default occurs and is continuing, Administrative Agent shall, at the request of,
or may, with the consent of, the Required Lenders, take any or all of the following actions:

 

(a)          declare
the commitment of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions to be terminated,
whereupon such commitments and obligation shall be terminated;

 

(b)          declare
the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable
hereunder (other than Indebtedness outstanding under Swap Contracts) or under any other Loan Document to be immediately due and
payable, without presentment, demand, protest, notice of intent to accelerate, notice of acceleration, or other notice of any kind,
all of which are hereby expressly waived by Borrower;

 

(c)          require
that Borrower Cash Collateralize the L/C Obligations (in an amount equal to the then Outstanding Amount thereof); and

 

(d)          exercise
on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Loan Documents;

 

provided, however, that upon the occurrence of an actual
or deemed entry of an order for relief with respect to Borrower under the Bankruptcy Code of the United States, the obligation
of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions shall automatically terminate,
the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid (other than Indebtedness outstanding
under Lender Swap Contracts, Secured Treasury Management Agreements and Third Party Counterparty Swap Contracts) shall automatically
become due and payable, and the obligation of Borrower to Cash Collateralize the L/C Obligations as aforesaid shall automatically
become effective, in each case without further act of Administrative Agent or any Lender.

 

9.03.       Application
of Funds. After the earliest to occur of (a) the exercise of remedies provided for in Section 9.02, (b) maturity
of the Loans, or (c) the Loans have automatically become immediately due and payable and the L/C Obligations have automatically
been required to be Cash Collateralized as set forth in the proviso to Section 9.02), any amounts received on account
of the Obligations shall be applied by Administrative Agent in the following order (except as otherwise provided in an Approved
Third Party Intercreditor Agreement):

 

    	CREDIT AGREEMENT – Page 76

    	 

    

 

First, to payment of that portion
of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel
to Administrative Agent (including fees and time charges for attorneys who may be employees of Administrative Agent) and amounts
payable under Article III) payable to Administrative Agent in its capacity as such;

 

Second, to payment of that portion
of the Obligations constituting fees, indemnities and other amounts (other than principal, interest and L/C Fees) payable to Lenders
and the L/C Issuer (including fees, charges and disbursements of counsel to the respective Lenders and the L/C Issuer (including
fees and time charges for attorneys who may be employees of any Lender or the L/C Issuer) and amounts payable under Article III),
ratably among them in proportion to the respective amounts described in this clause Second payable to them;

 

Third, to payment of that portion
of the Obligations constituting accrued and unpaid L/C Fees and interest on the Loans, L/C Borrowings and other Obligations, ratably
among Lenders and the L/C Issuer in proportion to the respective amounts described in this clause Third payable to them;

 

Fourth, to payment of that portion
of the Obligations constituting unpaid principal of Loans and L/C Borrowings, and Obligations related to any Lender Swap Contract
or Secured Treasury Management Agreement, ratably among Lenders, the L/C Issuer, and any Swap Lender and any Treasury Management
Party, in proportion to the respective amounts described in this clause Fourth held by them;

 

Fifth, to Administrative Agent for
the account of the L/C Issuer, to Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount
of Letters of Credit; and

 

Last, the balance, if any, after
all of the Obligations have been indefeasibly paid in full, to Borrower or as otherwise required by Law;

 

provided, however, that notwithstanding
anything to the contrary herein or in any other Loan Document, no amount received from any Loan Party shall be applied to any Excluded
Lender Swap Obligation of such Loan Party.

 

Subject to Section 2.03(c), amounts used to Cash
Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fifth above shall be applied to satisfy
drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit
have either been fully drawn or expired, such remaining amount shall be applied in the order set forth above.

 

Notwithstanding the foregoing, Obligations arising under Secured
Treasury Management Agreements and Lender Swap Contracts shall be excluded from the application described above if Administrative
Agent has not received written notice thereof, together with such supporting documentation as Administrative Agent may request,
from the applicable Treasury Management Party or Swap Lender, as the case may be. Each Treasury Management Party or Swap Lender
not a party to the Credit Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be
deemed to have acknowledged and accepted the appointment of the Administrative Agent pursuant to the terms of Article X hereof
for itself and its Affiliates as if a "Lender" party hereto.

 

    	CREDIT AGREEMENT – Page 77

    	 

    

 

ARTICLE X.

ADMINISTRATIVE AGENT

 

10.01.     Appointment
and Authorization of Administrative Agent.

 

(a)          Each
of the Lenders and the L/C Issuer hereby irrevocably appoints Mutual of Omaha to act on its behalf as Administrative Agent hereunder
and under the other Loan Documents and authorizes Administrative Agent to take such actions on its behalf and to exercise such
powers as are delegated to Administrative Agent by the terms hereof and thereof, together with such actions and powers as are reasonably
incidental thereto. The provisions of this Article are solely for the benefit of Administrative Agent, the Lenders and the L/C
Issuer, and neither Borrower nor any other Loan Party shall have rights as a third party beneficiary of any of such provisions.
It is understood and agreed that the use of the term "agent" herein or in any other Loan Documents (or any other similar
term) with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations
arising under agency doctrine of any applicable law. Instead such term is used as a matter of market custom, and is intended to
create or reflect only an administrative relationship between contracting parties.

 

(b)          The
Administrative Agent shall also act as the "collateral agent" under the Loan Documents, and each of the Lenders (including
in its capacities as a potential Swap Lender and a potential Treasury Management Party) and the L/C Issuer hereby irrevocably appoints
and authorizes the Administrative Agent to act as the agent of such Lender and the L/C Issuer for purposes of acquiring, holding
and enforcing any and all Liens on Collateral granted by any of the Loan Parties to secure any of the Obligations, together with
such powers and discretion as are reasonably incidental thereto. In this connection, the Administrative Agent, as "collateral
agent" and any co-agents, sub-agents and attorneys-in-fact appointed by the Administrative Agent pursuant to Section 10.05
for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Collateral Documents,
or for exercising any rights and remedies thereunder at the direction of the Administrative Agent), shall be entitled to the benefits
of all provisions of this Article X and Article XI (including Section 11.04(c), as though such
co-agents, sub-agents and attorneys-in-fact were the "collateral agent" under the Loan Documents) as if set forth in
full herein with respect thereto.

 

10.02.     Rights
as a Lender. The Person serving as Administrative Agent hereunder shall have the same rights and powers in its capacity
as a Lender as any other Lender and may exercise the same as though it were not Administrative Agent and the term "Lender"
or "Lenders" shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person
serving as Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from,
lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business
with Borrower or any Subsidiary or other Affiliate thereof as if such Person were not Administrative Agent hereunder and without
any duty to account therefor to Lenders.

 

10.03.     Exculpatory
Provisions. Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in
the other Loan Documents, and its duties hereunder shall be administrative in nature. Without limiting the generality of the foregoing,
Administrative Agent:

 

(a)          shall
not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

 

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(b)          shall
not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers
expressly contemplated hereby or by the other Loan Documents that Administrative Agent is required to exercise as directed in writing
by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the
other Loan Documents), provided that Administrative Agent shall not be required to take any action that, in its opinion
or the opinion of its counsel, may expose Administrative Agent to liability or that is contrary to any Loan Document or applicable
Law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law
or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief
Law; and

 

(c)          shall
not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for
the failure to disclose, any information relating to Borrower or any of its Affiliates that is communicated to or obtained by the
Person serving as Administrative Agent or any of its Affiliates in any capacity.

 

Administrative Agent shall not be liable
for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such other number
or percentage of the Lenders as shall be necessary, or as Administrative Agent shall believe in good faith shall be necessary,
under the circumstances as provided in Sections 9.02 and 11.01) or (ii) in the absence of its own gross
negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment. Administrative
Agent shall be deemed not to have knowledge of any Default unless and until written notice describing such Default is given to
Administrative Agent by Borrower, a Lender or the L/C Issuer.

 

Administrative Agent shall not be responsible
for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with
this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder
or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements
or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability,
effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the
satisfaction of any condition set forth in Article V or elsewhere herein, other than to confirm receipt of items expressly
required to be delivered to Administrative Agent.

 

10.04.     Reliance
by Administrative Agent. Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying
upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message,
Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise
authenticated by the proper Person. Administrative Agent also may rely upon any statement made to it orally or by telephone and
believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance
with any condition hereunder to the making of a Loan, or the issuance, extension, renewal or increase of a Letter of Credit, that
by its terms must be fulfilled to the satisfaction of a Lender or the L/C Issuer, Administrative Agent may presume that such condition
is satisfactory to such Lender or the L/C Issuer unless Administrative Agent shall have received notice to the contrary from such
Lender or the L/C Issuer prior to the making of such Loan or the issuance of such Letter of Credit. Administrative Agent may consult
with legal counsel (who may be counsel for Borrower), independent accountants and other experts selected by it, and shall not be
liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

 

    	CREDIT AGREEMENT – Page 79

    	 

    

 

10.05.     Delegation
of Duties. Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or under
any other Loan Document by or through any one or more sub agents appointed by Administrative Agent. Administrative Agent and any
such sub agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related
Parties. The exculpatory provisions of this Article shall apply to any such sub agent and to the Related Parties of Administrative
Agent and any such sub agent, and shall apply to their respective activities in connection with the syndication of the credit facilities
provided for herein as well as activities as Administrative Agent. Administrative Agent shall not be responsible for the negligence
or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and nonappealable
judgment that Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.

 

10.06.     Resignation
of Administrative Agent.

 

(a)          Administrative
Agent may at any time give notice of its resignation to Lenders, the L/C Issuer and Borrower. Upon receipt of any such notice of
resignation, the Required Lenders shall have the right, in consultation with Borrower, to appoint a successor, which shall be a
commercial bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no
such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after
the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders)
(the "Resignation Effective Date"), then the retiring Administrative Agent may (but shall not be obligated
to) on behalf of Lenders and the L/C Issuer, appoint a successor Administrative Agent meeting the qualifications set forth above.
Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice on the Resignation
Effective Date.

 

(b)          With
effect from the Resignation Effective Date (1) the retiring Administrative Agent shall be discharged from its duties and obligations
hereunder and under the other Loan Documents (except that in the case of any collateral security held by Administrative Agent on
behalf of the Lenders or the L/C Issuer under any of the Loan Documents, the retiring Administrative Agent shall continue to hold
such collateral security until such time as a successor Administrative Agent is appointed) and (2) except for any indemnity
payments owed to the retiring Administrative Agent, all payments, communications and determinations provided to be made by, to
or through Administrative Agent shall instead be made by or to each Lender and the L/C Issuer directly, until such time, if any,
as the Required Lenders appoint a successor Administrative Agent as provided for above in this Section. Upon the acceptance of
a successor's appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the
rights, powers, privileges and duties of the retiring Administrative Agent (other than any rights to indemnity payments owed to
the retiring Administrative Agent), and the retiring Administrative Agent shall be discharged from all of its duties and obligations
hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this Section). The fees payable
by Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between
Borrower and such successor. After the retiring Administrative Agent's resignation hereunder and under the other Loan Documents,
the provisions of this Article and Section 11.04 shall continue in effect for the benefit of such retiring Administrative
Agent, its sub agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them
while the retiring Administrative Agent was acting as Administrative Agent.

 

Any resignation by Mutual of Omaha as Administrative
Agent pursuant to this Section shall also constitute its resignation as L/C Issuer, and additionally, the L/C Issuer may resign
at any time by giving 30 days' prior notice to Administrative Agent, the Lenders and Borrower. After the resignation of the L/C
Issuer hereunder, the retiring L/C Issuer shall remain a party hereto and shall continue to have all the rights and obligations
of an L/C Issuer under this Agreement and the other Loan Documents with respect to Letters of Credit issued by it prior to such
resignation, but shall not be required to issue additional Letters of Credit or to extend, renew or increase any existing Letter
of Credit, including, without limitation, any Letter of Credit with an auto-extend feature (for the avoidance of doubt, the retiring
L/C Issuer is authorized to notify any and each beneficiary of each Letter of Credit (in accordance with the terms of such Letter
of Credit) that any such Letter of Credit will not be renewed, extended or increased, automatically or otherwise). Upon the acceptance
of a successor's appointment as Administrative Agent hereunder, (a) such successor shall succeed to and become vested with
all of the rights, powers, privileges and duties of the retiring L/C Issuer, (b) the retiring L/C Issuer shall be discharged
from all of its respective duties and obligations hereunder or under the other Loan Documents, and (c) the successor L/C Issuer
shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or
make other arrangements satisfactory to the retiring L/C Issuer to effectively assume the obligations of the retiring L/C Issuer
with respect to such Letters of Credit.

 

    	CREDIT AGREEMENT – Page 80

    	 

    

 

10.07.     Non-Reliance
on Administrative Agent and Other Lenders. Each Lender and the L/C Issuer acknowledges that it has, independently and without
reliance upon Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information
as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender and the L/C Issuer
also acknowledges that it will, independently and without reliance upon Administrative Agent or any other Lender or any of their
Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its
own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement
or any document furnished hereunder or thereunder.

 

10.08.     No
Other Duties, Etc. Anything herein to the contrary notwithstanding, no Lender holding a title listed on the cover page
hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its
capacity, as applicable, as Administrative Agent, a Lender or the L/C Issuer hereunder.

 

10.09.     Administrative
Agent May File Proofs of Claim. In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial
proceeding relative to any Loan Party, Administrative Agent (irrespective of whether the principal of any Loan or L/C Obligation
shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether Administrative Agent
shall have made any demand on Borrower) shall be entitled and empowered (but not obligated), by intervention in such proceeding
or otherwise,

 

(a)          to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C Obligations
and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order
to have the claims of Lenders, the L/C Issuer and Administrative Agent (including any claim for the reasonable compensation, expenses,
disbursements and advances of Lenders, the L/C Issuer and Administrative Agent and their respective agents and counsel and all
other amounts due Lenders, the L/C Issuer and Administrative Agent under Sections 2.03(i), 2.03(j), 2.08
and 11.04) allowed in such judicial proceeding; and

 

(b)          to
collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

 

and any custodian, receiver, assignee, trustee, liquidator,
sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender and the L/C Issuer to
make such payments to Administrative Agent and, in the event that Administrative Agent shall consent to the making of such payments
directly to Lenders and the L/C Issuer, to pay to Administrative Agent any amount due for the reasonable compensation, expenses,
disbursements and advances of Administrative Agent and its agents and counsel, and any other amounts due Administrative Agent under
Sections 2.08 and 11.04.

 

Nothing contained herein shall be deemed
to authorize Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender or the L/C Issuer any plan
of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to authorize
Administrative Agent to vote in respect of the claim of any Lender in any such proceeding.

 

    	CREDIT AGREEMENT – Page 81

    	 

    

 

10.10.     Collateral
and Guarantor Matters.

 

(a)          Each
Lender and the L/C Issuer hereby irrevocably authorizes and directs Administrative Agent to enter into the Collateral Documents
for the benefit of such Lender and the L/C Issuer. Each Lender and the L/C Issuer hereby agrees, and each holder of any Note by
the acceptance thereof will be deemed to agree, that, except as otherwise set forth in Section 11.01, any action taken
by the Required Lenders, in accordance with the provisions of this Agreement or the Collateral Documents, and the exercise by the
Required Lenders of the powers set forth herein or therein, together with such other powers as are reasonably incidental thereto,
shall be authorized and binding upon all of the Lenders and the L/C Issuer. Administrative Agent is hereby authorized (but not
obligated) on behalf of all of the Lenders and the L/C Issuer, without the necessity of any notice to or further consent from any
Lender or the L/C Issuer from time to time prior to, an Event of Default, to take any action with respect to any Collateral or
Collateral Documents which may be necessary to perfect and maintain perfected the Liens upon the Collateral granted pursuant to
the Collateral Documents.

 

(b)          Each
Lender and the L/C issuer (including in its capacities as a potential Treasury Management Party and a potential Swap Lender) hereby
irrevocably authorize Administrative Agent, at its option and in its discretion (and Administrative Agent hereby agrees in the
case of clauses (i) and (iii) below),

 

(i)          to
release any Lien on any property granted to or held by Administrative Agent under any Loan Document (A) upon (I) termination
of the Commitments, (II) payment in full of all Obligations and all Third Party Counterparty Swap Obligations (other than
(x) contingent indemnification obligations and (y) any other obligations or liabilities, which by their terms expressly
survive the termination of the Loan Documents), (III) the expiration or termination of all Letters of Credit (other than Letters
of Credit as to which other arrangements satisfactory to Administrative Agent and the L/C Issuer shall have been made) and (IV) the
expiration or termination of all then existing Lender Swap Contracts and Secured Treasury Management Agreements and Third Party
Counterparty Swap Contracts (other than those as to which other arrangements satisfactory to the applicable Swap Lender or Treasury
Management Bank or Third Party Counterparty shall have been made) (the date upon which all of the matters described in the
preceding subclauses (A)(I) through (A)(IV) of this Section shall have occurred shall be herein called, the "Release
Date"), (B) that are sold or to be sold or otherwise disposed of as part of or in connection with any sale or
other disposition permitted hereunder or under any other Loan Document, (C) subject to Section 11.01, if approved,
authorized or ratified in writing by the Required Lenders, or (D) in connection with any foreclosure sale or other disposition
of Collateral after the occurrence of an Event of Default, or (E) which release is otherwise required by this Agreement;

 

(ii)         to
subordinate any Lien on any property granted to or held by Administrative Agent under any Loan Document to the holder of any Lien
on such property that is permitted by this Agreement or any other Loan Document; and

 

(iii)        to
release any Guarantor from its obligations under any Guaranty of such Person if such Person ceases to be a Subsidiary as a result
of a transaction permitted under the Loan Documents.

 

    	CREDIT AGREEMENT – Page 82

    	 

    

 

Upon request by Administrative Agent at any time, each Lender
and the L/C Issuer will confirm in writing Administrative Agent's authority to release or subordinate its interest in particular
types or items of Collateral, or to release any Guarantor from its obligations under the Guaranty, in each case pursuant to this
Section 10.10.

 

(c)          Subject
to (b) above, Administrative Agent shall (and is hereby irrevocably authorized by each Lender and the L/C Issuer to) execute such
documents as may be necessary to evidence the release or subordination of the Liens granted to Administrative Agent for the benefit
of Administrative Agent and Lenders and the L/C Issuer herein or pursuant hereto upon the applicable Collateral; provided
that (i) Administrative Agent shall not be required to execute any such document on terms which, in Administrative Agent's
opinion, would expose Administrative Agent to or create any liability or entail any consequence other than the release or subordination
of such Liens without recourse or warranty and (ii) such release or subordination shall not in any manner discharge, affect
or impair the Obligations or any Liens upon (or obligations of Borrower or any other Loan Party in respect of) all interests retained
by Borrower or any other Loan Party, including the proceeds of the sale, all of which shall continue to constitute part of the
Collateral. In the event of any sale or transfer of Collateral, or any foreclosure with respect to any of the Collateral, Administrative
Agent shall be authorized to deduct all expenses reasonably incurred by Administrative Agent from the proceeds of any such sale,
transfer or foreclosure.

 

(d)          Administrative
Agent shall have no obligation whatsoever to any Lender, the L/C Issuer or any other Person to assure that the Collateral exists
or is owned by Borrower or any other Loan Party or is cared for, protected or insured or that the Liens granted to Administrative
Agent herein or in any of the Collateral Documents or pursuant hereto or thereto have been properly or sufficiently or lawfully
created, perfected, protected or enforced or are entitled to any particular priority, or to exercise or to continue exercising
at all or in any manner or under any duty of care, disclosure or fidelity any of the rights, authorities and powers granted or
available to Administrative Agent in this Section 10.10 or in any of the Collateral Documents, it being understood
and agreed that in respect of the Collateral, or any act, omission or event related thereto, Administrative Agent may act in any
manner it may deem appropriate, in its sole discretion, given Administrative Agent's own interest in the Collateral as one of Lenders
and that Administrative Agent shall have no duty or liability whatsoever to Lenders or the L/C Issuer.

 

(e)          Each
Lender and the L/C Issuer hereby appoints each other Lender as agent for the purpose of perfecting Lenders' and the L/C Issuer's
security interest in assets which, in accordance with Article 9 of the UCC can be perfected only by possession. Should any
Lender or the L/C Issuer (other than Administrative Agent) obtain possession of any such Collateral, such Lender or the L/C Issuer
shall notify Administrative Agent thereof, and, promptly upon Administrative Agent's request therefor shall deliver such Collateral
to Administrative Agent or in accordance with Administrative Agent's instructions.

 

(f)          Administrative
Agent shall not be responsible for or have a duty to ascertain or inquire into any representation or warranty regarding the existence,
value or collectability of the Collateral, the existence, priority or perfection of Administrative Agent's Lien thereon, or any
certificate prepared by any Loan Party in connection therewith, nor shall Administrative Agent be responsible or liable to the
Lenders for any failure to monitor or maintain any portion of the Collateral.

 

10.11.     Treasury
Management Agreements and Swap Contracts. No Treasury Management Party or Swap Lender that obtains the benefits of Section 9.03,
any Guaranty or any Collateral by virtue of the provisions hereof or of any Guaranty or any Collateral Document shall have any
right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise
in respect of the Collateral (including the release or impairment of any Collateral) other than in its capacity as a Lender and,
in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this Article X
to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements
have been made with respect to, Obligations arising under Secured Treasury Management Agreements and Lender Swap Contracts unless
the Administrative Agent has received written notice of such Obligations, together with such supporting documentation as the Administrative
Agent may request, from the applicable Treasury Management Party or Swap Lender, as the case may be.

 

    	CREDIT AGREEMENT – Page 83

    	 

    

 

ARTICLE XI.

MISCELLANEOUS

 

11.01.     Amendments,
Etc. No amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure
by Borrower or any other Loan Party therefrom, shall be effective unless in writing signed by the Borrower or the applicable Loan
Party, as the case may be, and the Required Lenders and acknowledged by Administrative Agent, or signed by the Borrower or the
applicable Loan Party, as the case may be, and the Administrative Agent with the consent of the Required Lenders, and each such
waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided,
however, that no such amendment, waiver or consent shall:

 

(a)          waive
any condition set forth in Section 5.01(a) without the written consent of Administrative Agent;

 

(b)          extend
or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 9.02) without
the written consent of such Lender;

 

(c)          postpone
any date fixed by this Agreement or any other Loan Document for any payment (excluding mandatory prepayments) of principal, interest,
fees or other amounts due to Lenders (or any of them) hereunder or under any other Loan Document without the written consent of
each Lender directly affected thereby;

 

(d)          reduce
the principal of, or the rate of interest specified herein on, any Loan or L/C Borrowing, or (subject to clause (iii) of the
final proviso to this Section 11.01 regarding the Fee Letter) any fees or other amounts payable hereunder or under
any other Loan Document, without the written consent of each Lender directly affected thereby; provided, however,
that only the consent of the Required Lenders shall be necessary (i) to amend the definition of "Default Rate" or
to waive any obligation of Borrower to pay interest or L/C Fees at the Default Rate or (ii) to amend any financial covenant
hereunder (or any defined term used therein) even if the effect of such amendment would be to reduce the rate of interest on any
Loan or L/C Borrowing or to reduce any fee payable hereunder;

 

(e)          change
Section 2.12 or Section 9.03 in a manner that would alter the pro rata sharing of payments required thereby
without the written consent of each Lender directly affected thereby;

 

(f)          change
any provision of this Section or the definition of "Required Lenders" or any other provision hereof specifying the number
or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any
consent hereunder, without the written consent of each Lender; or

 

(g)          release
any Guarantor from any Guaranty or release the Liens on all or substantially all of the Collateral in any transaction or series
of related transactions except in accordance with the terms of any Loan Document, without the written consent of each Lender;

 

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and, provided further, that notwithstanding the foregoing
(i) no amendment, waiver or consent shall, unless in writing and signed by the L/C Issuer in addition to the Lenders required
above, affect the rights or duties of the L/C Issuer under this Agreement or any Issuer Document relating to any Letter of Credit
issued or to be issued by it; (ii) no amendment, waiver or consent shall, unless in writing and signed by Administrative Agent
in addition to the Lenders required above, affect the rights or duties of Administrative Agent under this Agreement or any other
Loan Document; (iii) the Fee Letter may be amended, or rights or privileges thereunder waived, in a writing executed only
by the parties thereto; and (iv) nothing contained in this Section 11.01 shall cause any waiver, amendment, modification
or consent to any Lender Swap Contract, Secured Treasury Management Agreement or Third Party Counterparty Swap Contract to
require the consent of the Required Lenders. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any
right to approve or disapprove any amendment, waiver or consent hereunder, except that the Commitment of such Defaulting Lender
may not be increased or extended without the consent of such Defaulting Lender.

 

11.02.    Notices;
Effectiveness; Electronic Communications.

 

(a)          Notices
Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and except
as provided in subsection (b) below), all notices and other communications provided for herein shall be in writing and shall
be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile or delivered by
electronic mail to the electronic mail address, as follows:

 

(i)          if
to Borrower, Administrative Agent or the L/C Issuer, to the address, facsimile number, electronic mail address or telephone number
specified for such Person on Schedule 11.02; and

 

(ii)         if
to any other Lender, to the address, facsimile number, electronic mail address or telephone number specified in its Administrative
Questionnaire.

 

Notices and other communications sent by
hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received;
notices and other communications sent by facsimile shall be deemed to have been given when sent (except that, if not given during
normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day
for the recipient). Notices and other communications delivered through electronic communications to the extent provided in subsection (b)
below, shall be effective as provided in such subsection (b).

 

(b)          Electronic
Communications. Notices and other communications to Lenders and the L/C Issuer hereunder may be delivered or furnished by electronic
communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by Administrative Agent, provided
that the foregoing shall not apply to notices to any Lender or the L/C Issuer pursuant to Article II if such Lender
or the L/C Issuer, as applicable has notified Administrative Agent that it is incapable of receiving notices under such Article
by electronic communication. Administrative Agent or Borrower may, in its discretion, agree to accept notices and other communications
to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval of such procedures
may be limited to particular notices or communications. Unless Administrative Agent otherwise prescribes, (i) notices and
other communications sent to an e-mail address shall be deemed received upon the sender's receipt of an acknowledgement from the
intended recipient (such as by the "return receipt requested" function, as available, return e-mail or other written
acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon
the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification
that such notice or communication is available and identifying the website address therefor; provided that, for both clauses (i)
and (ii) above, if such notice or other communication is not sent during the normal business hours of the recipient, such notice
or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient.

 

    	CREDIT AGREEMENT – Page 85

    	 

    

 

(c)          The
Platform. THE PLATFORM IS PROVIDED "AS IS" AND "AS AVAILABLE." THE AGENT PARTIES (AS DEFINED BELOW) DO
NOT WARRANT THE ACCURACY OR COMPLETENESS OF BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY
FOR ERRORS IN OR OMISSIONS FROM BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY
OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE
DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH BORROWER MATERIALS OR THE PLATFORM. In no event shall Administrative Agent
or any of its Related Parties (collectively, the "Agent Parties") have any liability to Borrower, any other
Loan Party, any Lender, the L/C Issuer or any other Person for losses, claims, damages, liabilities or expenses of any kind (including,
without limitation, direct or indirect, special, incidental, consequential or punitive damages, losses or expenses, whether in
tort, contract or otherwise) arising out of Borrower's, any other Loan Party's or Administrative Agent's transmission of Borrower
Materials through the Internet and/or Platform.

 

(d)          Change
of Address, Etc. Each of Borrower, Administrative Agent and the L/C Issuer may change its address, facsimile or telephone number
for notices and other communications hereunder by notice to the other parties hereto. Each other Lender may change its address,
facsimile or telephone number for notices and other communications hereunder by notice to Borrower, Administrative Agent and the
L/C Issuer. In addition, each Lender agrees to notify Administrative Agent from time to time to ensure that Administrative Agent
has on record (i) an effective address, contact name, telephone number, facsimile number and electronic mail address to which
notices and other communications may be sent and (ii) accurate wire instructions for such Lender.

 

(e)          Reliance
by Administrative Agent, L/C Issuer and Lenders. Administrative Agent, the L/C Issuer and Lenders shall be entitled to rely
and act upon any notices (including telephonic Loan Notices) purportedly given by or on behalf of Borrower even if (i) such
notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice
specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. Borrower
shall indemnify Administrative Agent, the L/C Issuer, each Lender and the Related Parties of each of them from all losses, costs,
expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of Borrower.
All telephonic notices to and other telephonic communications with Administrative Agent may be recorded by Administrative Agent,
and each of the parties hereto hereby consents to such recording.

 

11.03.     No
Waiver; Cumulative Remedies; Enforcement. No failure by any Lender, the L/C Issuer or Administrative Agent to
exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder shall operate as a
waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any
other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies,
powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges
provided by Law.

 

    	CREDIT AGREEMENT – Page 86

    	 

    

 

Notwithstanding anything to the contrary
contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under the other Loan
Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection
with such enforcement shall be instituted and maintained exclusively by, Administrative Agent in accordance with Section 9.02
for the benefit of all the Lenders and the L/C Issuer; provided, however, that the foregoing shall not prohibit (a) Administrative
Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative
Agent) hereunder and under the other Loan Documents, (b) the L/C Issuer from exercising the rights and remedies that inure
to its benefit (solely in its capacity as L/C Issuer) hereunder and under the other Loan Documents, (c) any Lender from exercising
setoff rights in accordance with Section 11.08 (subject to the terms of Section 2.12), or (d) any
Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative
to any Loan Party under any Debtor Relief Law; and provided, further, that if at any time there is no Person acting
as Administrative Agent hereunder and under the other Loan Documents, then (i) the Required Lenders shall have the rights
otherwise ascribed to Administrative Agent pursuant to Section 9.02 and (ii) in addition to the matters set forth
in clauses (b), (c) and (d) of the preceding proviso and subject to Section 2.12, any Lender may, with the consent
of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders.

 

11.04.     Expenses;
Indemnity; Damage Waiver.

 

(a)          Costs
and Expenses. Borrower shall pay (i) all out of pocket expenses incurred by Administrative Agent and its Affiliates (including
Administrative Agent's engineering charges and the reasonable fees, charges and disbursements of counsel for Administrative Agent),
in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery
and administration of this Agreement and the other Loan Documents or any periodic and special redeterminations of the Borrowing
Base, amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby
or thereby shall be consummated), (ii) all reasonable out of pocket expenses incurred by the L/C Issuer in connection with
the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) all out-of-pocket
expenses incurred by Administrative Agent, any Lender or the L/C Issuer (including engineering charges and the fees, charges and
disbursements of any counsel for Administrative Agent, any Lender or the L/C Issuer), and shall pay all fees and time charges for
attorneys who may be employees of Administrative Agent, any Lender or the L/C Issuer, in connection with the enforcement or protection
of its rights (A) in connection with this Agreement and the other Loan Documents, including its rights under this Section,
or (B) in connection with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses
incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit (which in the case of
fees, charges and disbursements of outside counsel other than outside counsel for the Administrative Agent, shall be limited to
fees and disbursements of one law firm for all Lenders (other than the Administrative Agent) except where (i) conflicts of
interest among one or more Lenders, (ii) the necessity for local counsel, or (iii) other circumstances exist that cause
the Required Lenders to determine in good faith that one law firm cannot represent the interests of all the Lenders).

 

    	CREDIT AGREEMENT – Page 87

    	 

    

 

(b)         Indemnification
by Borrower. Borrower shall indemnify Administrative Agent (and any sub-agent thereof), each Lender and the L/C Issuer, and
each Related Party of any of the foregoing Persons (each such Person being called an "Indemnitee") against,
and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including the fees,
charges and disbursements of any counsel for any Indemnitee), and shall indemnify and hold harmless each Indemnitee from all fees
and time charges and disbursements for attorneys who may be employees of any Indemnitee, incurred by any Indemnitee or asserted
against any Indemnitee by any third party or by Borrower or any other Loan Party arising out of, in connection with, or as a result
of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby
or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder, or the consummation
of the transactions contemplated hereby or thereby, or, in the case of Agent (and any sub-agent thereof) and its Related Parties
only, the administration of this Agreement and the other Loan Documents (including in respect of any matters addressed in Section 3.02),
(ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the L/C Issuer
to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly
comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on
or from any property owned or operated by Borrower or any of its Subsidiaries, or any Environmental Liability related in any way
to Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating
to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by Borrower or
any other Loan Party, and regardless of whether any Indemnitee is a party thereto, IN ALL CASES, WHETHER OR NOT CAUSED BY OR
ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE OF THE INDEMNITEE; provided that
such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related
expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from
the gross negligence or willful misconduct of such Indemnitee or (y) result from a claim brought by Borrower or any other
Loan Party against an Indemnitee for breach in bad faith of such Indemnitee's obligations hereunder or under any other Loan Document,
if Borrower or such Loan Party has obtained a final and nonappealable judgment in its favor on such claim as determined by a court
of competent jurisdiction. Borrower shall also pay any civil penalty or fine assessed by OFAC against, and all costs and expenses
(including counsel fees and disbursements) incurred in connection with defense thereof, by Administrative Agent and/or the Lenders
as a result of conduct by Borrower that violated a sanction enforced by OFAC. This Section 11.04(b) shall not apply
with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

 

(c)          Reimbursement
by Lenders. To the extent that Borrower for any reason fails to indefeasibly pay any amount required under subsection (a)
or (b) of this Section to be paid by it to Administrative Agent (or any sub-agent thereof), the L/C Issuer or any Related Party
of any of the foregoing, each Lender severally agrees to pay to Administrative Agent (or any such sub-agent), the L/C Issuer or
such Related Party, as the case may be, such Lender's pro rata share (determined as of the time that the applicable unreimbursed
expense or indemnity payment is sought based on each Lender's share of the total exposure under the Loan Documents at such time)
of such unpaid amount (including any such unpaid amount in respect of a claim asserted by such Lender); provided that the
unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted
against Administrative Agent (or any such sub-agent) or the L/C Issuer in its capacity as such, or against any Related Party of
any of the foregoing acting for Administrative Agent (or any such sub-agent) or L/C Issuer in connection with such capacity. The
obligations of the Lenders under this subsection (c) are subject to the provisions of Section 2.11(c).

 

(d)          Waiver
of Consequential Damages, Etc. To the fullest extent permitted by applicable law, Borrower shall not assert, and hereby waives,
any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed
to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or
any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit
or the use of the proceeds thereof. No Indemnitee referred to in subsection (b) above shall be liable for any damages arising
from the use by unintended recipients of any information or other materials distributed to such unintended recipients by such Indemnitee
through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other
Loan Documents or the transactions contemplated hereby or thereby.

 

    	CREDIT AGREEMENT – Page 88

    	 

    

 

(e)          Payments.
All amounts due under this Section shall be payable not later than thirty (30) days after demand therefor.

 

(f)          Survival.
The agreements in this Section shall survive the resignation of Administrative Agent and the L/C Issuer, the replacement of any
Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all the other Obligations.

 

11.05.    Payments
Set Aside. To the extent that any payment by or on behalf of Borrower is made to Administrative Agent, the L/C Issuer or
any Lender, or Administrative Agent, the L/C Issuer or any Lender exercises its right of setoff, and such payment or the proceeds
of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required
(including pursuant to any settlement entered into by Administrative Agent, the L/C Issuer or such Lender in its discretion) to
be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise,
then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived
and continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each
Lender and the L/C Issuer severally agrees to pay to Administrative Agent upon demand its applicable share (without duplication)
of any amount so recovered from or repaid by Administrative Agent, plus interest thereon from the date of such demand to the date
such payment is made at a rate per annum equal to the Federal Funds Rate from time to time in effect. The obligations of the Lenders
and the L/C Issuer under clause (b) of the preceding sentence shall survive the payment in full of the Obligations and the
termination of this Agreement.

 

11.06.    Successors
and Assigns.

 

(a)          Successors
and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns permitted hereby, except that neither Borrower nor any other Loan Party may assign
or otherwise transfer any of its rights or obligations hereunder without the prior written consent of Administrative Agent and
each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an Eligible
Assignee in accordance with the provisions of subsection (b) of this Section, (ii) by way of participation in accordance
with the provisions of subsection (d) of this Section, or (iii) by way of pledge or assignment of a security interest
subject to the restrictions of subsection (f) of this Section (and any other attempted assignment or transfer by any party
hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other
than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in subsection (d)
of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of Administrative Agent, the L/C
Issuer and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

(b)          Assignments
by Lenders. Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under
this Agreement (including all or a portion of its Commitment and the Loans (including for purposes of this subsection (b),
participations in L/C Obligations) at the time owing to it); provided that any such assignment shall be subject to the following
conditions:

 

(i)          Minimum
Amounts.

 

(A)         in
the case of an assignment of the entire remaining amount of the assigning Lender's Commitment and the Loans at the time owing to
it or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned;
and

 

    	CREDIT AGREEMENT – Page 89

    	 

    

 

(B)         in
any case not described in subsection (b)(i)(A) of this Section, the aggregate amount of the Commitment (which for this purpose
includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the Loans
of the assigning Lender subject to each such assignment, determined as of the date the Assignment and Assumption with respect to
such assignment is delivered to Administrative Agent or, if "Trade Date" is specified in the Assignment and Assumption,
as of the Trade Date, shall not be less than $5,000,000 unless each of Administrative Agent and, so long as no Event of Default
has occurred and is continuing, Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed); provided,
however, that concurrent assignments to members of an Assignee Group and concurrent assignments from members of an Assignee
Group to a single assignee (or to an assignee and members of its Assignee Group) will be treated as a single assignment for purposes
of determining whether such minimum amount has been met.

 

(ii)         Proportionate
Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender's rights
and obligations under this Agreement with respect to the Loans or the Commitment assigned;

 

(iii)        Required
Consents. No consent shall be required for any assignment except to the extent required by subsection (b)(i)(B) of this
Section and, in addition:

 

(A)         the
consent of Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (1) an Event of Default
has occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender, an Affiliate of a Lender
or an Approved Fund; provided that Borrower shall be deemed to have consented to such assignment unless it shall object
thereto by written notice to Administrative Agent within five (5) Business Days after having received notice thereof;

 

(B)         the
consent of Administrative Agent shall be required if such assignment is to a Person that is not a Lender, an Affiliate of such
Lender or an Approved Fund with respect to such Lender; and

 

(C)         the
consent of the L/C Issuer shall be required for any assignment that increases the obligation of the assignee to participate in
exposure under one or more Letters of Credit (whether or not then outstanding);

 

(iv)        Assignment
and Assumption. The parties to each assignment shall execute and deliver to Administrative Agent an Assignment and Assumption,
together with a processing and recordation fee in the amount of $3,500; provided, however, that Administrative Agent
may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee, if
it is not a Lender, shall deliver to Administrative Agent an Administrative Questionnaire.

 

(v)         No
Assignment to Certain Persons. No such assignment shall be made to (A) Borrower or any of Borrower's Affiliates or Subsidiaries
or (B) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute
any of the foregoing Persons described in this clause (B).

 

(vi)        No
Assignment to Natural Persons. No such assignment shall be made to a natural person.

 

    	CREDIT AGREEMENT – Page 90

    	 

    

 

(vii)       Certain
Additional Payments. In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such
assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the
assignment shall make such additional payments to Administrative Agent in an aggregate amount sufficient, upon distribution thereof
as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating
actions, including funding, with the consent of Borrower and Administrative Agent, the applicable pro rata share of Loans previously
requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent),
to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to Administrative Agent, the L/C
Issuer and each other Lender hereunder (and interest accrued thereon), and (y) acquire (and fund as appropriate) its full
pro rata share of all Loans and participations in Letters of Credit in accordance with its Applicable Percentage. Notwithstanding
the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective
under applicable law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed
to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

 

Subject to acceptance and recording thereof by Administrative
Agent pursuant to subsection (c) of this Section, from and after the effective date specified in each Assignment and Assumption,
the Eligible Assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment
and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to
the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and,
in the case of an Assignment and Assumption covering all of the assigning Lender's rights and obligations under this Agreement,
such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 3.01, 3.04,
3.05, and 11.04 with respect to facts and circumstances occurring prior to the effective date of such assignment;
provided that, except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender
will constitute a waiver or release of any claim of any party hereunder arising from that Lender's having been a Defaulting Lender.
Upon request, Borrower (at its expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by
a Lender of rights or obligations under this Agreement that does not comply with this subsection shall be treated for purposes
of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with subsection (d)
of this Section.

 

(c)          Register.
Administrative Agent, acting solely for this purpose as an agent of Borrower, shall maintain at the Administrative Agent's Office
in Houston, Texas a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and
addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Loans and L/C Obligations
owing to, each Lender pursuant to the terms hereof from time to time (the "Register"). The entries in the
Register shall be conclusive (absent manifest error), and Borrower, Administrative Agent and the Lenders may treat each Person
whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding
notice to the contrary. The Register shall be available for inspection by each of Borrower and any Lender at any reasonable time
and from time to time upon reasonable prior notice.

 

(d)          Participations.
Any Lender may at any time, without the consent of, or notice to, Borrower or Administrative Agent, sell participations to any
Person (other than a natural person or Borrower or any of Borrower's Affiliates or Subsidiaries) (each, a "Participant")
in all or a portion of such Lender's rights and/or obligations under this Agreement (including all or a portion of its Commitment
and/or the Loans (including such Lender's participations in L/C Obligations) owing to it); provided that (i) such Lender's
obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties
hereto for the performance of such obligations and (iii) Borrower, Administrative Agent, the Lenders and the L/C Issuer shall
continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement.
For the avoidance of doubt, each Lender shall be responsible for the indemnity under Section 11.04(c) with respect
to any payments made by such Lender to its Participants.

 

    	CREDIT AGREEMENT – Page 91

    	 

    

 

Any agreement or instrument pursuant to
which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement
and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or
instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification
or waiver described in the first proviso to Section 11.01 that affects such Participant. The Borrower agrees that each
Participant shall be entitled to the benefits of Sections 3.01, 3.02, and 3.04 (subject to the requirements
and limitations therein, including the requirements under Section 3.02(g) (it being understood that the documentation
required under Section 3.02(g) shall be delivered to the participating Lender)) to the same extent as if it were a
Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant
(A) agrees to be subject to the provisions of Sections 3.03 and 11.14 as if it were an assignee under paragraph (b)
of this Section; and (B) shall not be entitled to receive any greater payment under Sections 3.01 or 3.02,
with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such
entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable
participation. Each Lender that sells a participation agrees, at the Borrower's request and expense, to use reasonable efforts
to cooperate with the Borrower to effectuate the provisions of Sections 3.03 and 11.14 with respect to any Participant.
To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 11.08 as though
it were a Lender; provided that such Participant agrees to be subject to Section 2.12 as though it were a Lender.
Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrower, maintain a register on
which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant's
interest in the Loans or other obligations under the Loan Documents (the "Participant Register"); provided
that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of
any Participant or any information relating to a Participant's interest in any commitments, loans, letters of credit or its other
obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such
commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States
Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall
treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this
Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as
Administrative Agent) shall have no responsibility for maintaining a Participant Register.

 

(e)          Certain
Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement
(including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations
to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations
hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

 

(f)          Deemed
Consent of Borrower. If the consent of Borrower to an assignment to an Eligible Assignee is required hereunder (including a
consent to an assignment which does not meet the minimum assignment threshold specified in clause (i) of the proviso to the
first sentence of Section 11.06(b)), Borrower shall be deemed to have given its consent five Business Days after the
date notice thereof has been delivered to Borrower by the assigning Lender (through Administrative Agent) unless such consent is
expressly refused by Borrower prior to such fifth Business Day.

 

    	CREDIT AGREEMENT – Page 92

    	 

    

 

11.07.     Treatment
of Certain Information; Confidentiality. Each of Administrative Agent, Lenders and the L/C Issuer agrees to maintain the
confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and
to its Related Parties (it being understood that the Persons to whom such disclosure is made are subject to general confidentiality
policies or provisions or otherwise will be informed of the confidential nature of such Information and instructed to keep such
Information confidential), (b) to the extent required or requested by any regulatory authority, purporting to have jurisdiction
over such Person or its Related Parties (including any self-regulatory authority, such as the National Association of Insurance
Commissioners), (c) to the extent required by applicable Laws or regulations or by any subpoena or similar legal process,
(d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan
Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder
or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any
assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement
or (ii) any actual or prospective party (or its Related Parties) to any swap or derivative or other transaction under which
payments are to be made by reference to Borrower and its obligations, this Agreement or payments hereunder; (g) on a confidential
basis to (i) any rating agency in connection with rating Borrower or its Subsidiaries or the Loans, or (ii) the CUSIP
Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers with respect to the Loans;
(h) with the consent of Borrower; or (i) to the extent such Information (x) becomes publicly available other than
as a result of a breach of this Section or (y) becomes available to Administrative Agent, any Lender, the L/C Issuer or any
of their respective Affiliates on a nonconfidential basis from a source other than Borrower. For purposes of this Section, "Information"
means all information received from Parent, Borrower or any Subsidiary relating to Parent, Borrower or any Subsidiary or any of
their respective businesses, other than any such information that is available to Administrative Agent, any Lender or the L/C Issuer
on a nonconfidential basis prior to disclosure by Parent, Borrower or any Subsidiary, provided that, in the case of Information
received from Parent, Borrower or any Subsidiary after the date hereof, such information is clearly identified at the time of delivery
as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered
to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality
of such Information as such Person would accord to its own confidential information. Each of Administrative Agent, the Lenders
and the L/C Issuer acknowledges that (a) the Information may include material non-public information concerning Borrower or
a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public information
and (c) it will handle such material non-public information in accordance with applicable Law, including Federal and state
securities Laws.

 

11.08.     Right
of Setoff. If an Event of Default shall have occurred and be continuing, each Lender, the L/C Issuer and each of their
respective Affiliates is hereby authorized at any time and from time to time, after obtaining the prior written consent of Administrative
Agent, to the fullest extent permitted by applicable Law, to set off and apply any and all deposits (general or special, time or
demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing
by such Lender, the L/C Issuer or any such Affiliate to or for the credit or the account of Borrower or any other Loan Party against
any and all of the obligations of Borrower or such Loan Party now or hereafter existing under this Agreement (including without
limitation obligations under Swap Contracts) or any other Loan Document to such Lender or the L/C Issuer or any of their respective
Affiliates, irrespective of whether or not such Lender or the L/C Issuer or such Affiliate shall have made any demand under this
Agreement or any other Loan Document and although such obligations of Borrower or such Loan Party may be contingent or unmatured
or are owed to a branch, office or Affiliate of such Lender or the L/C Issuer different from the branch, office or Affiliate holding
such deposit or obligated on such indebtedness; provided that in the event that any Defaulting Lender shall exercise any
such right of setoff, (x) all amounts so set off shall be paid over immediately to Administrative Agent for further application
in accordance with the provisions of Section 2.15 and, pending such payment, shall be segregated by such Defaulting
Lender from its other funds and deemed held in trust for the benefit of Administrative Agent, the L/C Issuer, and the Lenders,
and (y) the Defaulting Lender shall provide promptly to Administrative Agent a statement describing in reasonable detail the
Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender, the L/C Issuer
and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff)
that such Lender, the L/C Issuer or their respective Affiliates may have. Each Lender and the L/C Issuer agrees to notify Borrower
and Administrative Agent promptly after any such setoff and application, provided that the failure to give such notice shall
not affect the validity of such setoff and application.

 

    	CREDIT AGREEMENT – Page 93

    	 

    

 

11.09.     Interest
Rate Limitation. It is the intention of the parties hereto to conform strictly to Applicable Usury Laws regarding the use,
forbearance or detention of the indebtedness evidenced by this Agreement, the Notes and the other Loan Documents, whether such
Laws are now or hereafter in effect, including the Laws of the United States of America or any other jurisdiction whose Laws are
applicable, and including any subsequent revisions to or judicial interpretations of those Laws, in each case to the extent they
are applicable to this Agreement, the Notes and the other Loan Documents (the "Applicable Usury Laws").
Accordingly, if any acceleration of the maturity of the Notes or any payment by Borrower or any other Person produces a rate in
excess of the Maximum Amount or otherwise results in Borrower or such other Person being deemed to have paid any interest in excess
of the Maximum Amount, or if Administrative Agent or any of the Lenders shall for any reason receive any unearned interest in violation
of any Applicable Usury Laws, or if any transaction contemplated hereby would otherwise be usurious under any Applicable Usury
Laws, then, in that event, regardless of any provision contained in this Agreement or any other Loan Document or other agreement
or instrument executed or delivered in connection herewith, the provisions of this Section 11.09 shall govern and control,
and neither Borrower nor any other Person shall be obligated to pay, or apply in any manner to, any amount that would be excessive
interest. Administrative Agent or the Lenders shall never be deemed to have contracted for or be entitled to receive, collect,
charge, reserve or apply as interest on any Loan (whether termed interest therein or deemed to be interest by judicial determination
or operation of law), any amount in excess of the Maximum Amount, and, in the event that Administrative Agent or any of the Lenders
ever receive, collect, or apply as interest any such excess, such amount which would be excessive interest shall be applied as
a partial prepayment of principal and treated hereunder as such, and, if the principal amount of the applicable Loans are paid
in full, any remaining excess shall forthwith be paid to Borrower. In determining whether or not the interest contracted for, received,
collected, charged reserved, paid or payable, including under any specific contingency, exceeds the Maximum Amount, Borrower, Administrative
Agent and the Lenders shall, to the maximum extent permitted under applicable law, (i) characterize any non principal payment
(other than payments which are expressly designated as interest payments hereunder) as an expense or fee rather than as interest,
(ii) exclude voluntary prepayments and the effect thereof, and (iii) amortize and spread the total amount of interest
throughout the entire stated term of the Loans so that the interest rate is uniform throughout such term; provided that
if the Loans are paid in full prior to the end of the full contemplated term hereof, and if the interest received for the actual
period of existence thereof exceeds the Maximum Amount, if any, then Administrative Agent or the Lenders shall refund to Borrower
the amount of such excess, or credit the amount of such excess against the aggregate unpaid principal balance of all Loans made
by Administrative Agent or the Lenders. As used herein, the term "Maximum Amount" means the maximum nonusurious
amount of interest which may be lawfully contracted for, reserved, charged, collected or received by Administrative Agent or such
Lender in connection with the indebtedness evidenced by this Agreement, the Notes and other Loan Documents under all Applicable
Usury Laws. Texas Finance Code, Chapter 346, which regulates certain revolving loan accounts and revolving tri-party accounts,
shall not apply to any revolving loan accounts created under, or apply in any manner to, the Notes, this Agreement or the other
Loan Documents.

 

    	CREDIT AGREEMENT – Page 94

    	 

    

 

11.10.     Counterparts
; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto in different
counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.
This Agreement and the other Loan Documents, and any separate letter agreements with respect to fees payable to Administrative
Agent, constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous
agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 5.01,
this Agreement shall become effective when it shall have been executed by Administrative Agent and when Administrative Agent shall
have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery
of an executed counterpart of a signature page of this Agreement by facsimile or other electronic imaging means (including PDF)
shall be effective as delivery of a manually executed counterpart of this Agreement.

 

11.11.     Survival
of Representations and Warranties. All representations and warranties made hereunder and in any other Loan Document shall
survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by
Administrative Agent and each Lender, regardless of any investigation made by Administrative Agent or any Lender or on their behalf
and notwithstanding that Administrative Agent or any Lender may have had notice or knowledge of any Default at the time of any
Credit Extension, and shall continue in full force and effect until the Release Date.

 

11.12.     Severability.
If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality,
validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or
impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable
provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable
provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction.

 

11.13.     Legal
Representation of Administrative Agent. In connection with the negotiation, drafting and execution of this Agreement and
the other Loan Documents, or in connection with future legal representation relating to loan administration, amendments, modifications,
waivers, or enforcement of remedies, Winstead PC only has represented and only shall represent Mutual of Omaha in its capacity
as Administrative Agent and as a Lender. Each other Lender hereby acknowledges that Winstead PC does not represent it in connection
with any such matters.

 

11.14.     Replacement
of Lenders. If any Lender requests compensation under Section 3.01, or if Borrower is required to pay any Indemnified
Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.02
and, in each case, such Lender has declined or is unable to designate a different Lending Office in accordance with Section 3.03(a),
or if any Lender is a Defaulting Lender, then Borrower may, at its sole expense and effort, upon notice to such Lender and Administrative
Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained
in, and consents required by, Section 11.06), all of its interests, rights (other than its existing rights to payments
pursuant to Section 3.01 or Section 3.02) and obligations under this Agreement and the related Loan Documents
to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment);
provided that:

 

    	CREDIT AGREEMENT – Page 95

    	 

    

 

(i)          Borrower
shall have paid to Administrative Agent the assignment fee (if any) specified in Section 11.06;

 

(ii)         such
Lender shall have received payment of an amount equal to the outstanding principal of its Loans and participations in L/C Borrowings,
accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including
any amounts under Section 3.04(a)) from the assignee (to the extent of such outstanding principal and accrued interest
and fees) or Borrower (in the case of all other amounts);

 

(iii)        in
the case of any such assignment resulting from a claim for compensation under Section 3.01 or payments required to
be made pursuant to Section 3.02, such assignment will result in a reduction in such compensation or payments thereafter;

 

(iv)        such
assignment does not conflict with applicable law.

 

A Lender shall not be required to make any such assignment or
delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling Borrower to require
such assignment and delegation cease to apply.

 

11.15.     Governing
Law; Jurisdiction; Etc.

 

(a)          GOVERNING
LAW. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT
OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS TO ANY OTHER
LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAW OF THE STATE OF TEXAS.

 

(b)          SUBMISSION
TO JURISDICTION. BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO
THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF TEXAS SITTING IN DALLAS COUNTY AND OF THE UNITED STATES DISTRICT COURT
OF THE NORTHERN DISTRICT OF TEXAS, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING
TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO
IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED
IN SUCH TEXAS STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO
AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY
SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT
ANY RIGHT THAT ADMINISTRATIVE AGENT, ANY LENDER OR THE L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING
TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST BORROWER OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

 

    	CREDIT AGREEMENT – Page 96

    	 

    

 

(c)          WAIVER
OF VENUE. BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING
TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION. EACH OF THE PARTIES
HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE
MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

 

(d)          SERVICE
OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 11.02.
NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE
LAW.

 

11.16.     Waiver
of Right to Trial by Jury. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT
OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).
EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR
OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES
THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

11.17.   
 USA PATRIOT Act Notice. Each Lender that is subject to the Act (as hereinafter defined) and Administrative
Agent (for itself and not on behalf of any Lender) hereby notifies Borrower that pursuant to the requirements of the USA
Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the "Act"),
it is required to obtain, verify and record information that identifies Borrower, which information includes the name and
address of Borrower and other information that will allow such Lender or Administrative Agent, as applicable, to identify
Borrower in accordance with the Act. Borrower shall, promptly following a request by Administrative Agent or any Lender,
provide all documentation and other information that Agent or such Lender requests in order to comply with its ongoing
obligations under applicable "know your customer" and anti-money laundering rules and regulations, including the
Act.

 

11.18.   
 No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated
hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document),
Borrower and each other Loan Party acknowledges and agrees, and acknowledges its Affiliates' understanding, that:
(i) (A) the arranging and other services regarding this Agreement provided by Administrative Agent are arm's-length
commercial transactions between Borrower, each other Loan Party and their respective Affiliates, on the one hand, and
Administrative Agent, on the other hand, (B) each of Borrower and the other Loan Parties has consulted its own legal,
accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) Borrower and each other Loan
Party is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated
hereby and by the other Loan Documents; (ii) (A) Administrative Agent is and has been acting solely as a principal
and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an
advisor, agent or fiduciary for Borrower, any other Loan Party or any of their respective Affiliates, or any other Person and
(B) Administrative Agent has no obligation to Borrower, any other Loan Party or any of their respective Affiliates with
respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan
Documents; and (iii) Administrative Agent and its Affiliates may be engaged in a broad range of transactions that
involve interests that differ from those of Borrower, the other Loan Parties and their respective Affiliates, and
Administrative Agent has no obligation to disclose any of such interests to Borrower, any other Loan Party or any of their
respective Affiliates. To the fullest extent permitted by law, each of Borrower and the other Loan Parties hereby waives and
releases any claims that it may have against Administrative Agent with respect to any breach or alleged breach of agency or
fiduciary duty in connection with any aspect of any transaction contemplated hereby.

 

    	CREDIT AGREEMENT – Page 97

    	 

    

 

11.19.     Electronic
Execution of Assignments. The words "execution," "signed," "signature," and words of like
import in any Assignment and Assumption or in any amendment or other modification hereof (including waivers and consents) shall
be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal
effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case
may be, to the extent and as provided for in any applicable Law, including the Federal Electronic Signatures in Global and National
Commerce Act, or any other similar state Laws based on the Uniform Electronic Transactions Act.

 

11.20.     Concerning
Swap Contracts. The benefit of the Collateral Documents and of the provisions of this Agreement relating to any collateral
securing the Obligations shall also extend to and be available to any Swap Lender and any Third Party Counterparty which are counterparties
to any Swap Contract with Borrower or any of its Subsidiaries or Loan Parties on a pro rata basis in respect of any obligations
of Borrower or any of its Subsidiaries or Loan Parties which arise under any such Swap Contract. No Swap Lender or Third
Party Counterparty shall have any voting rights under any Loan Document as a result of the existence of obligations owed
to it under any such Swap Contracts. All Lender Swap Contracts and Third Party Counterparty Swap Contract, if any, are independent
agreements governed by the written provisions of said Lender Swap Contracts and Third Party Counterparty Swap Contracts, which
will remain in full force and effect, unaffected by any repayment, prepayment, acceleration, reduction, increase or change in the
terms of the Loan or this Agreement, except as otherwise expressly provided in said Lender Swap Contract or Third Party Counterparty
Swap Contract, and any payoff statement from any Lender relating to this Agreement shall not apply to said Lender Swap Contracts
or Third Party Counterparty Swap Contract except as otherwise expressly provided in such payoff statement.

 

11.21.     Commodity
Exchange Act Keepwell Provisions. Each Qualified ECP Guarantor party hereby jointly and severally absolutely, unconditionally
and irrevocably undertakes to provide such funds or other support as may be needed from time to time by each other Loan Party to
honor all of such other Loan Party's (a) Lender Swap Obligations and Third Party Counterparty Swap Obligations and (b) obligations
under the Guaranty including those with respect to Lender Swap Obligations and Third Party Counterparty Swap Obligations (provided,
however, that each Qualified ECP Guarantor shall only be liable under this Section for the maximum amount of such liability that
can be hereby incurred without rendering its obligations under this Section, or otherwise under this Agreement or any other Loan
Document, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount).
The obligations of each ECP Guarantor under this Section shall remain in full force and effect until the Release Date. Each Qualified
ECP Guarantor intends that this Section constitute, and this Section shall be deemed to constitute, a "keepwell, support,
or other agreement" for the benefit of each other Loan Party for all purposes of Section 1a(18)(A)(v)(ii) of the Commodity
Exchange Act.

 

    	CREDIT AGREEMENT – Page 98

    	 

    

 

11.22.     Concerning
Treasury Management Agreements. The benefit of the Collateral Documents and the provisions of this Agreement relating to
any collateral securing the Obligations shall also extend to and be available to any Treasury Management Party which is a party
to a Secured Treasury Management Agreement on a pro rata basis in respect of any obligations of Borrower or any of its Subsidiaries
or Loan Parties which may arise thereunder, but in each case only if such Treasury Management Party has notified Administrative
Agent in writing of the existence such Secured Treasury Management Agreement. No Treasury Management Party shall have any voting
rights under any Loan Document as a result of the existence of obligations owed to it under any Secured Treasury Management Agreement.
All Secured Treasury Management Agreements, if any, are independent agreements governed by the written provisions of said Secured
Treasury Management Agreement, which remain in full force and effect, unaffected by any repayment, prepayment, acceleration, reduction,
increase or change in the terms of the Loan or this Agreement, except as otherwise expressly provided in said Secured Treasury
Management Agreement. Any payoff statement from any Lender relating to this Agreement shall not apply to a Secured Treasury Management
Agreement, except as otherwise expressly provided in said payoff statement.

 

11.23.     Time
of the Essence. Time is of the essence of the Loan Documents.

 

11.24.     Approved
Third Party Intercreditor Agreement. In the event of a conflict between the provisions of any of the Loan Documents and
the provisions of the Approved Third Party Intercreditor Agreement, the provisions of the Approved Third Party Intercreditor Agreement
shall control.

 

11.25.     Entire
Agreement. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED
BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG
THE PARTIES.

 

[This space is left intentionally
blank. Signature pages follow.]

 

    	CREDIT AGREEMENT – Page 99

    	 

    

 

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

 

	 	SAMSON OIL AND GAS USA, INC.
	 	 	 
	 	By:	/s/
	 	 	Terry Barr
	 	 	President, Treasurer and CEO

 

    	CREDIT AGREEMENT – Signature Page

    	 

    

 

	 	MUTUAL OF OMAHA BANK,
	 	as Administrative Agent
	 	 	 
	 	By:	/s/
	 	 	George McKean
	 	 	Manager, Energy Lending
	 	 	 
	 	MUTUAL OF OMAHA BANK,
	 	as a Lender and L/C Issuer
	 	 	 
	 	By:	/s/
	 	 	George McKean
	 	 	Manager, Energy Lending

 

    	CREDIT AGREEMENT – Signature Page

    	 

    

 

SCHEDULE 2.01

 

APPLICABLE PERCENTAGES, MAXIMUM CREDIT
AMOUNTS,

and ALLOCATIONS OF INITIAL BORROWING
BASE

 

	Lender	 	Applicable 
Percentage	 	 	Maximum Credit 
Amount	 	 	Allocation of Initial 
Borrowing Base	 
	Mutual of Omaha Bank	 	 	100.000000000	%	 	$	25,000,000	 	 	$	8,000,000	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total	 	 	100.000000000	%	 	$	25,000,000	 	 	$	8,000,000	 

 

    	SCHEDULE 2.01, Initial Commitments and Applicable Percentages – Solo Page

    	 

    

 

SCHEDULE 6.06

 

LITIGATION

 

		1.	Reference is made (i) to that certain Notice of Determination – Corporate Income Tax dated as of September 16, 2013 delivered
from the State of North Dakota Office of State Tax Commissioner to Corporate Tax Manager, Samson Oil and Gas USA Inc. & Subs,
1331 17th Street, Suite 710, Denver, CO 80202 (the “ND Tax Notice”) relating to alleged tax, penalty
and interest due and payable for additional corporation income tax for the years ended June 30, 2007 through June 30, 2011 in an
amount of $597,852.00; and (ii) to that certain Statement of Grounds for Protest dated as of December 23, 2013 delivered by Borrower
to Mr. Matthew J. Peyerl, CPA, Associate Director, Tax Administration, State of North Dakota, Office of State Tax Commissioner,
600 #. Boulevard Ave., Department 127, Bismarck, ND 58505 (the “Protest”) responding to and protesting the allegations
set forth in the ND Tax Notice. Copies of the ND Tax Notice and the Protest have been made available to the Agent.

 

    	SCHEDULE 6.06, Litigation – Solo Page

    	 

    

 

SCHEDULE 6.09

 

ENVIRONMENTAL MATTERS

 

		1.	The Borrower is currently engaged in settlement discussions with EPA Region VIII regarding certain alleged violations of the
Clean Water Act and EPA's Spill Prevention, Control and Countermeasure regulations, arising from an alleged 2009 discharge of oil
from Borrower’s Pierce Oil Unit in Campbell County, Wyoming.

 

    	SCHEDULE 6.09, Environmental Matters – Solo Page

    	 

    

 

SCHEDULE 6.13

 

SUBSIDIARIES

AND OTHER EQUITY INVESTMENTS

AND EQUITY INTERESTS IN BORROWER

 

Part (a) Subsidiaries.

 

Samson Oil and Gas USA Montana, Inc., a Colorado corporation.
100% of the issued and outstanding Equity Interests of Samson Oil and Gas USA Montana, Inc. are owned by Borrower

 

Part (b). Other Equity Investments.

 

Borrower has no equity investments in any corporation
or entity other than the ownership of 100% of the issued and outstanding Equity Interests of Samson Oil and Gas USA Montana, Inc.,
a Colorado corporation

 

Part (c). Owners of Equity Interests in Borrower.

 

Samson Oil & Gas Limited, an Australian public company

 

    	SCHEDULE 6.13, Subsidiaries and Other Equity Investments and Equity Interests in Borrower – Solo Page

    	 

    

 

SCHEDULE 6.20

 

EXISTING SWAP CONTRACTS

None.

 

    	SCHEDULE 6.20, Existing Swap Contracts – Solo Page

    	 

    

 

SCHEDULE 7.21

 

POST CLOSING OBLIGATIONS

 

		1.	Within 30 days after the Closing Date (or such later date as Administrative
Agent shall approve in writing in its sole discretion), Borrower shall deliver to Administrative Agent evidence satisfactory to
Administrative Agent that the mortgage granted by Borrower to Macquarie Bank Limited in Lea County, New Mexico covering certain
oil and gas properties of Borrower in such county has been released of record.

 

		2.	Within 30 days after the Closing Date (or such later date as Administrative
Agent shall approve in writing in its sole discretion), Borrower shall deliver to Administrative Agent evidence satisfactory to
Administrative Agent that the mortgage granted by Zavanna, LLC to Bank of Oklahoma, National Association, in Williams County, North
Dakota covering the Earl 1-13H and Rodney 1-14H wells has been released of record insofar as it encumbers Borrower’s interest
in said wells.

 

		3.	Within 30 days after the Closing Date (or such later date as Administrative
Agent shall approve in writing in its sole discretion), Borrower shall deliver to Administrative Agent evidence satisfactory to
Administrative Agent that the mortgage granted by Sundance Energy LLC to Jonah Bank of Wyoming in Williams County, North Dakota
covering certain oil and gas properties in such county has been released of record insofar as it encumbers Borrower’s interest
in such properties.

 

		4.	Within 30 days after the Closing Date (or such later date as Administrative
Agent shall approve in writing in its sole discretion), Borrower shall deliver to Administrative Agent evidence that (a) the Surface
Damage Access and Settlement Agreement dated January 7, 2013 between Rodney M. Tofte, et al, and Borrower pertaining to the North
Stockyard Creek Prospect, or a memorandum thereof executed by Rodney M. Tofte, et al, has been filed of record in Williams County,
ND; (b) the Surface Use Agreement dated September 1, 2013 between Lynden A. Skaare and Borrower pertaining to Section 29 of the
Rainbow Prospect, or a memorandum thereof executed by Lynden A. Skaare, has been filed of record in Williams County, ND; and (c) the
Surface Use Agreement dated September 1, 2013 between Lynden A. Skaare and Borrower pertaining to Section 30 of the Rainbow Prospect,
or a memorandum thereof executed by Lynden A. Skaare, has been filed of record in Williams County, ND.

 

    	SCHEDULE 7.21, Post Closing Matters – Solo Page

    	 

    

 

SCHEDULE 8.01

 

EXISTING LIENS

 

		1.	Mortgage granted by Zavanna, LLC to Bank of Oklahoma, National Association, in Williams County, North Dakota covering the Earl
1-13H and Rodney 1-14H wells, insofar as it encumbers Borrower’s interest in said wells. From and after the date such mortgage
is released pursuant to Section 7.21, such mortgage and any renewals and extensions thereof shall no longer constitute
a "Permitted Lien" pursuant to Section 8.01(b).

 

		2.	Mortgage granted by Sundance Energy LLC to Jonah Bank of Wyoming in Williams County, North Dakota covering certain oil and
gas properties in such county has been released of record insofar as it encumbers Borrower’s interest in such properties.
From and after the date such mortgage is released pursuant to Section 7.21, such mortgage and any renewals and extensions
thereof shall no longer constitute a "Permitted Lien" pursuant to Section 8.01(b).

 

    	SCHEDULE 8.01, Existing Liens – Solo Page

    	 

    

 

SCHEDULE 8.03

EXISTING INDEBTEDNESS

 

None.

 

    	SCHEDULE 8.03, Existing Indebtedness – Solo Page

    	 

    

 

SCHEDULE 11.02

 

ADMINISTRATIVE AGENT'S OFFICE,

CERTAIN ADDRESSES FOR NOTICES

 

SAMSON OIL AND GAS USA, INC.:

 

1331 17th Street, Ste 710

Denver, CO 80202

Attention: Terry Barr, CEO

E-Mail:  terry.barr@samsonoilandgas.com

Facsimile:  (303) 295-1961

 

with a copy to:

 

Davis Graham & Stubbs LLP

1550 Seventeenth Street, Suite 500

Denver, Colorado  80202-1500

Attention: Lee Terry

E-Mail:  lee.terry@dgslaw.com

 

ADMINISTRATIVE AGENT:

 

Administrative Agent's Office

 

Mutual of Omaha Bank

520 Post Oak Boulevard, Suite 700

Houston, Texas  77027

Attention:  Mr. George McKean

Telephone:  (713) 405-1571

Facsimile:  (713) 405-1580

Electronic Mail:  George.McKean@mutualofomahabank.com

 

L/C ISSUER:

Standby Letters of Credit:

 

Mutual of Omaha Bank

520 Post Oak Boulevard, Suite 700

Houston, Texas  77027

Attention:  Mr. George McKean

Telephone:  (713) 405-1571

Facsimile:  (713) 405-1580

Electronic Mail:  George.McKean@mutualofomahabank.com

 

    	SCHEDULE 11.02, Administrative Agent's Offices, Certain Addresses for Notices – Solo Page

    	 

    

 

EXHIBIT A

 

FORM OF LOAN NOTICE

 

Date: ___________, 201__

 

		To:	Mutual of Omaha Bank, as Agent

 

Ladies and Gentlemen:

 

Reference is made to that certain Credit Agreement, dated as
of January 27, 2014 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the
"Agreement;" the terms defined therein being used herein as therein defined), among Samson Oil and Gas
USA, Inc., a Colorado corporation (the "Borrower"), the Lenders from time to time party thereto, and Mutual
of Omaha Bank, as Administrative Agent and L/C Issuer.

 

The undersigned hereby requests (select one):

 

 ̈  A
Borrowing of Loans         ̈  A
conversion or continuation of Loans

 

1.          On ________________________________________________ (a
Business Day).

 

2.          In
the amount of $ ________________.

 

3.          Comprised
of ________________________________.

[Type of Loan requested]

 

4.          For
Eurodollar Rate Loans: with an Interest Period of _________  months.

 

The Borrowing, if any, requested herein
complies with the provisos to the first sentence of Section 2.01 of the Agreement.

 

	 	SAMSON OIL AND GAS USA, INC.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	EXHIBIT A, Form of Loan Notice – Solo Page

    	 

    

 

EXHIBIT B

 

FORM OF NOTE

 

________________________, 201__

 

FOR VALUE RECEIVED, the undersigned ("Borrower"),
hereby promises to pay to _____________________ or registered assigns ("Lender"), in accordance with the
provisions of the Agreement (as hereinafter defined), the principal amount of each Loan from time to time made by the Lender to
Borrower under that certain Credit Agreement, dated as of January 27, 2014 (as amended, restated, extended, supplemented or
otherwise modified in writing from time to time, the "Agreement;" the terms defined therein being used
herein as therein defined), among Borrower, the Lenders from time to time party thereto, and Mutual of Omaha Bank, as Administrative
Agent and L/C Issuer.

 

Borrower promises to pay interest on the
unpaid principal amount of each Loan from the date of such Loan until such principal amount is paid in full, at such interest rates
and at such times as provided in the Agreement. All payments of principal and interest shall be made to Administrative Agent for
the account of the Lender in Dollars in immediately available funds at the Administrative Agent's Office. If any amount is not
paid in full when due hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the due date thereof until
the date of actual payment (and before as well as after judgment) computed at the per annum rate set forth in the Agreement.

 

This Note is one of the Notes referred to
in the Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part subject to the terms and conditions
provided therein. This Note is also entitled to the benefits of the Guaranty and is secured by the Collateral. Upon the occurrence
and continuation of one or more of the Events of Default specified in the Agreement, all amounts then remaining unpaid on this
Note shall become, or may be declared to be, immediately due and payable all as provided in the Agreement. Loans made by the Lender
shall be evidenced by one or more loan accounts or records maintained by the Lender in the ordinary course of business. The Lender
may also attach schedules to this Note and endorse thereon the date, amount and maturity of its Loans and payments with respect
thereto.

 

Borrower, for itself, its successors and
assigns, hereby waives diligence, presentment, protest and demand and notice of protest, demand, dishonor, non-payment, notice
of intent to accelerate and notice of acceleration of this Note.

 

THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS.

 

	 	SAMSON OIL AND GAS USA, INC.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	EXHIBIT B, Form of Note – Solo Page

    	 

    

 

EXHIBIT C

 

FORM OF COMPLIANCE CERTIFICATE

 

Financial Statement Date: __________, 201__

 

		To:	Mutual of Omaha Bank, as Administrative Agent

 

Ladies and Gentlemen:

 

Reference is made to that certain Credit
Agreement, dated as of January 27, 2014 (as amended, restated, extended, supplemented or otherwise modified in writing from
time to time, the "Agreement;" the terms defined therein being used herein as therein defined), among Samson
Oil and Gas USA, Inc., a Colorado corporation ("Borrower"), the Lenders from time to time party thereto,
and Mutual of Omaha Bank, as Administrative Agent and L/C Issuer.

 

The undersigned Responsible Officer
hereby certifies as of the date hereof that he/she is the ____________________________________ of Borrower, and
that, as such, he/she is authorized to execute and deliver this Certificate to Administrative Agent on the behalf of
Borrower, and that:

 

[Use following paragraph 1 for fiscal
year-end financial statements]

 

1.         Attached
hereto as Schedule 1 are the year-end audited financial statements required by Section 7.01(a) of the Agreement
for the fiscal year of Borrower ended as of the above date, together with the report and opinion of an independent certified public
accountant required by such section.

 

[Use following paragraph 1 for fiscal
quarter-end financial statements]

 

1.         Attached
hereto as Schedule 1 are the unaudited financial statements required by Section 7.01(b) of the Agreement
for the fiscal quarter of Borrower ended as of the above date. Such financial statements fairly present the financial condition,
results of operations and cash flows of Borrower and its Subsidiaries in accordance with GAAP as at such date and for such period,
subject only to normal year-end audit adjustments and the absence of footnotes.

 

2.         The
undersigned has reviewed and is familiar with the terms of the Agreement and has made, or has caused to be made under his/her supervision,
a detailed review of the transactions and condition (financial or otherwise) of Borrower during the accounting period covered by
the attached financial statements.

 

3.         A
review of the activities of Borrower during such fiscal period has been made under the supervision of the undersigned with a view
to determining whether during such fiscal period Borrower performed and observed all its Obligations under the Loan Documents,
and

 

[select one:]

 

[to the knowledge of the undersigned
during such fiscal period, Borrower performed and observed each covenant and condition of the Loan Documents applicable to it,
and no Default has occurred and is continuing.]

 

    	EXHIBIT C, Form of Compliance Certificate – Page 1

    	 

    

 

—or—

 

[the following covenants or conditions
have not been performed or observed and the following is a list of each such Default and its nature and status:]

 

4.         The
representations and warranties of Borrower contained in Article VI of the Agreement, and/or any representations and
warranties of Borrower or any other Loan Party that are contained in any of the Loan Documents, are true and correct on and as
of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which
case they are true and correct as of such earlier date, and except that for purposes of this Compliance Certificate, the representations
and warranties contained in subsections (a), (b) and (c) of Section 6.05 of the Agreement shall be deemed to refer
to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 7.01 of the
Agreement, including the statements in connection with which this Compliance Certificate is delivered.

 

5.         The
financial covenant analyses and information set forth on Schedule 2 attached hereto are true and accurate on and as
of the date of this Certificate.

 

IN WITNESS WHEREOF, the undersigned has
executed this Certificate as of ____________________, _____________.

 

	 	SAMSON OIL AND GAS USA, INC.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	EXHIBIT C, Form of Compliance Certificate – Page 2

    	 

    

 

For the Quarter/Year ended ___________________
("Statement Date")

 

SCHEDULE 2

to the Compliance Certificate

($ in 000's)

 

	I.	 	Section 7.12 (a)  – Current Ratio.	 	 	 	 
	 	 	 	 	 	 	 
	 	 	A.          Current Assets (including Borrowing Base availability, but excluding any non-cash mark-to-market value associated with Swap Contracts pursuant to ASC 815):	 	$	_____________	 
	 	 	 	 	 	 	 
	 	 	B.          Current Liabilities (excluding current maturities of the Obligations and any non-cash mark-to-market liability associated with Swap Contracts pursuant to ASC 815):	 	$	_____________	 
	 	 	 	 	 	 	 
	 	 	C.          Ratio (Line III.A ÷ Line III.B):	 	 	________ to 1.0	 
	 	 	 	 	 	 	 
	 	 	Minimum Required:	 	 	1.0 to 1.0	 
	 	 	 	 	 	 	 
	II.	 	Section 7.12 (b)  – Funded Debt to EBITDAX Ratio.	 	 	 	 
	 	 	 	 	 	 	 
	 	 	A.          Funded Debt (all outstanding liabilities for borrowed money plus other interest-bearing liabilities, including current and long-term liabilities):	 	$	_____________	 
	 	 	 	 	 	 	 
	 	 	B.          EBITDAX	 	 	 	 
	 	 	 	 	 	 	 
	 	 	1.           net income:	 	$	_____________	 
	 	 	 	 	 	 	 
	 	 	2.           less non-cash revenue or expense associated with Swap Contracts from ASC 815:	 	$	(_____________	)
	 	 	 	 	 	 	 
	 	 	3.           less extraordinary or non-recurring gains and other extraordinary or non-recurring income:	 	$	(_____________	)
	 	 	 	 	 	 	 
	 	 	4.           plus interest expense:	 	$	_____________	 
	 	 	 	 	 	 	 
	 	 	5.           plus income taxes:	 	$	_____________	 
	 	 	 	 	 	 	 
	 	 	6.           plus depletion, depreciation and amortization:	 	$	_____________	 
	 	 	 	 	 	 	 
	 	 	7.           plus other non-cash charges	 	$	_____________	 
	 	 	 	 	 	 	 
	 	 	8.           plus exploration charges	 	$	_____________	 
	 	 	 	 	 	 	 
	 	 	9.           Total EBITDAX:	 	$	_____________	 
	 	 	 	 	 	 	 
	 	 	C.           Ratio (Line II.A ÷ Line II.B.9):	 	 	________ to 1.0	 
	 	 	 	 	 	 	 
	 	 	Maximum Permitted:	 	 	3.5 to 1.0	 

 

    	EXHIBIT C, Form of Compliance Certificate – Page 3

    	 

    

 

	III.	 	Section 7.12 (c)  – Interest Coverage Ratio.	 	 	 	 
	 	 	 	 	 	 	 
	 	 	A.           EBITDAX (Line II.B.9 above):	 	$	_____________	 
	 	 	 	 	 	 	 
	 	 	B.           Cash interest expense:	 	$	_____________	 
	 	 	 	 	 	 	 
	 	 	C.           Ratio (Line III.A ÷ Line III.B):	 	 	________ to 1.0	 
	 	 	 	 	 	 	 
	 	 	Minimum Required:	 	 	2.5 to 1.0	 

 

    	EXHIBIT C, Form of Compliance Certificate – Page 4

    	 

    

 

EXHIBIT D

 

FORM OF

ASSIGNMENT AND ASSUMPTION

 

This Assignment and Assumption (this "Assignment
and Assumption") is dated as of the Effective Date set forth below and is entered into by and between [Insert name
of Assignor] (the "Assignor") and [Insert name of Assignee] (the "Assignee").
Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (the
"Credit Agreement"), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms
and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of
this Assignment and Assumption as if set forth herein in full.

 

For an agreed consideration, the Assignor
hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor,
subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted
by Administrative Agent as contemplated below (i) all of the Assignor's rights and obligations as a Lender under the Credit
Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage
interest identified below of all of such outstanding rights and obligations of the Assignor under the respective facilities identified
below (including, without limitation, the Letters of Credit included in such facilities) and (ii) to the extent permitted
to be assigned under applicable law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as
a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents
or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of
the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other
claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights
and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as, the "Assigned
Interest"). Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this
Assignment and Assumption, without representation or warranty by the Assignor.

 

1.           Assignor:           ______________________________

 

2.           Assignee:
          ______________________________ [and is an Affiliate/Approved Fund
of [identify Lender]]

 

3.           Borrower:
          Samson Oil and Gas USA, Inc.

 

4.           Administrative
Agent: Mutual of Omaha Bank, as the administrative agent under the Credit Agreement

 

5.           Credit
Agreement:         Credit Agreement, dated as of January 27, 2014, among Samson
Oil and Gas USA, Inc., as Borrower, the Lenders from time to time party thereto, Mutual of Omaha Bank, as Administrative Agent
and L/C Issuer

 

    	EXHIBIT D, Form of Assignment and Assumption – Page 1

    	 

    

 

6.            Assigned
Interest:

 

	 	 	 	Aggregate	 	 	 	 	 	 	 
	 	 	 	Amount of	 	 	Amount of	 	 	Percentage	 
	 	 	 	Commitment/Loans	 	 	Commitment/Loans	 	 	Assigned of	 
	Facility Assigned	 	 	for all Lenders*	 	 	Assigned*	 	 	Commitment/Loans	 
	_____________	 	 	$	_____________	 	 	$	_____________	 	 	 	_____________	%
	_____________	 	 	$	_____________	 	 	$	_____________	 	 	 	_____________	%
	_____________	 	 	$	_____________	 	 	$	_____________	 	 	 	_____________	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

[7.            Trade
Date:     __________________]

 

Effective Date: __________________, 201__ [TO BE INSERTED
BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]

 

The terms set forth in this Assignment and
Assumption are hereby agreed to:

 

	 	ASSIGNOR
	 	[NAME OF ASSIGNOR]
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	ASSIGNEE
	 	[NAME OF ASSIGNEE]
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	EXHIBIT D, Form of Assignment and Assumption – Page 2

    	 

    

 

[Consented to and] Accepted:

 

MUTUAL OF OMAHA BANK,

as Administrative Agent

 

	By:	 	 
	Name:	 	 
	Title:	 	 
	 	 
	[Consented to:]	 
	 	 
	SAMSON OIL AND GAS USA, INC.	 
	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

    	EXHIBIT D, Form of Assignment and Assumption – Page 3

    	 

    

 

ANNEX 1 TO ASSIGNMENT AND ASSUMPTION

 

STANDARD TERMS AND CONDITIONS FOR

 

ASSIGNMENT AND ASSUMPTION

 

1.          Representations
and Warranties.

 

1.1.       Assignor.
The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the
Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority,
and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated
hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or
in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability,
genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of Borrower,
any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance
or observance by Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under
any Loan Document.

 

1.2        Assignee.
The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary,
to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender
under the Credit Agreement, (ii) it meets all requirements of Section 11.06(b) under the Credit Agreement (subject
to receipt of such consents as may be required under the Credit Agreement), (iii) from and after the Effective Date, it shall
be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have
the obligations of a Lender thereunder, and (iv) it has received a copy of the Credit Agreement and the most recent Reserve
Report delivered pursuant to Section 7.02 thereof, together with copies of the most recent financial statements delivered
pursuant to Section 7.01 thereof, as applicable, and such title information and other documents and information as
it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase
the Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance on Administrative
Agent or any other Lender; and (b) agrees that (i) it will, independently and without reliance on Administrative Agent,
the Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue
to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance
with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender;
and (c) agrees to and accepts the amount of the current Borrowing Base under the Credit Agreement as determined in accordance
with Article IV of the Credit Agreement based upon its review and acceptance of certain projected rates of production and net operating
income and is satisfied with the title information with respect to the oil and gas reserves attributable to the oil and gas properties
of Borrower and its Subsidiaries.

 

2.          Payments.
From and after the Effective Date, Administrative Agent shall make all payments in respect of the Assigned Interest (including
payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective
Date and to the Assignee for amounts which have accrued from and after the Effective Date.

 

    	EXHIBIT D, Form of Assignment and Assumption – Page 4

    	 

    

 

3.          General
Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their
respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together
shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by facsimile
be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall
be governed by, and construed in accordance with, the law of the State of Texas.

 

    	EXHIBIT D, Form of Assignment and Assumption – Page 5

    	 

    

 

EXHIBIT E

 

OPINION MATTERS

 

The matters contained in the following Sections
of the Credit Agreement should be covered by a legal opinion letter:

 

		·	Section 6.01(a), (b) and (c).

 

		·	Section 6.02, other than with respect to Contractual Obligations.

 

		·	Section 6.03, other than with respect to filings with Persons other than Governmental Authorities.

 

		·	Section 6.04, except that as to enforceability, the legal opinion will cover a Colorado court's willingness to
enforce this Agreement under Texas law.

 

		·	Section 6.14(b).

 

    	EXHIBIT E, Opinion Matters – Page Solo

    	 

    

 

EXHIBIT F

 

AFFIDAVIT OF PAYMENT OF TRADE BILLS

 

		To:	MUTUAL OF OMAHA BANK, as Administrative Agent
                                                                                                           
                                                                               _________ ___, 201__

 

Reference is made to that certain Credit
Agreement among Samson Oil and Gas USA, Inc., as Borrower, the Lenders from time to time party thereto, and MUTUAL OF OMAHA
BANK, as Administrative Agent dated as of January 27, 2014 (the "Credit Agreement"). The terms
used herein shall have the same meanings as provided therefor in the Credit Agreement, unless the context hereof otherwise requires
or provides.

 

The undersigned _________________, the ________________
of Borrower, HEREBY CERTIFIES individually and on behalf of Borrower to the Administrative Agent that, after reasonable investigation
and except to the extent indicated on Schedule I (if no Schedule I is attached, then there are no such
exceptions), he has no knowledge of the existence of unpaid debts owing to Persons for the furnishing of goods, labor, services
or materials in connection with the Mortgaged Properties, which debts are more than 45 days past due and which debts if unpaid
could result in the creation of a lien against such Mortgaged Properties.

 

Executed on the date of the notary certification
below to be effective as of the date first above written.

 

	 	 
	 	[________________, Individually and as
	 	_______________ of Samson Oil and Gas USA, Inc.]

 

	STATE OF _______	§
	 	§
	COUNTY OF _______	§

 

SWORN TO AND SUBSCRIBED before me on ___________,
201__, by ______________________________.

 

	 	 
	 	Notary Public, State of __________

 

    	EXHIBIT F, Affidavit of Payment of Trade Bills – Page Solo

    	 

    

 

EXHIBIT G

 

PROPERTY CERTIFICATE

 

		To:	MUTUAL OF OMAHA BANK, as Administrative Agent
                                                                                                           _________
___, 201__

 

Reference is made to that certain Credit
Agreement dated as of January 27, 2014 (the "Credit Agreement"), among Samson Oil and Gas USA, Inc.,
as Borrower, the Lenders from time to time party thereto, and MUTUAL OF OMAHA BANK, as Administrative Agent. The defined
terms used in this Certificate shall have the same meanings as provided therefor in the Credit Agreement, unless the context hereof
otherwise requires or provides. This is the Property Certificate referred to in the Credit Agreement.

 

Borrower has mortgaged to the Administrative
Agent its Mineral Interests in the Mortgaged Properties. The Borrower HEREBY CERTIFIES to the Administrative Agent that
true, complete and correct responses for items A through F below for each of the Mortgaged Properties are described on the ______
page exhibit to this Property Certificate:

 

A.           Well,
lease or unit name, as appropriate.

 

B.           Operator's
name and address.

 

C.           First
purchaser's name and address.

 

D.           Lease
number or other designation used by payor to identify lease or leases in accounting for revenues, costs and joint interest transactions.

 

E.           The
ownership interest of ____________with respect to the well, lease or unit. Such ownership interest does and will entitle ____________
to receive a decimal share of all oil, gas or other hydrocarbons produced from, or allocated to, such well or unit equal to not
less than the decimal share set forth in the column headed "Net Revenue Interest." Such ownership interest
shall cause ____________ _____________ to be obligated to bear a decimal share of the cost of the operation of such well, lease
or unit equal to not more than the decimal share set forth in the column headed "Working Interest."

 

F.           Attached
is a description of the underlying lease or leases or units including the names of the lessor and lessee, the date of the lease
or unit, the recording information of such lease or unit, a complete description of assignments and farmouts of such lease or unit
and a complete legal description of the property covered thereby.

 

All of the information listed on the attachments
to this Property Certificate is true, complete and correct in all material respects. This Property Certificate is given for the
purpose of inducing the Lenders to enter into the Credit Agreement, and the undersigned recognizes that the Lenders are relying
upon this Property Certificate in connection with the transactions contemplated by the Loan Agreement and that but for the statements
made herein, the Lenders would not enter into the Credit Agreement.

 

    	EXHIBIT G, Property Certificate – Page 1

    	 

    

 

EXECUTED on the date of the notary certification
below to be effective as of the date first above written.

 

	 	SAMSON OIL AND GAS USA, INC.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	STATE OF _______	§
	 	§
	COUNTY OF _______	§

 

SWORN TO AND SUBSCRIBED before me this _____day
of ____________, 201_, by _________________, the _______________ of Samson Oil and Gas USA, Inc., a Colorado corporation, on behalf
of said corporation.

 

	 	 
	 	Notary Public in and for
	 	the State of __________

 

    	EXHIBIT G, Property Certificate – Page 2

    	 

    

 

EXHIBIT H

 

RECONCILIATION SCHEDULE

 

		To:	MUTUAL OF OMAHA BANK, as Administrative Agent                _________
___, 201__

 

Reference is made to that certain Credit
Agreement among Samson Oil and Gas USA, Inc., as Borrower, the Lenders from time to time party thereto, and MUTUAL OF OMAHA
BANK, as Administrative Agent dated as of January 27, 2014 (the "Credit Agreement"). The defined
terms used herein have the same meanings as are provided in the Credit Agreement. This is the Reconciliation Schedule described
in the Credit Agreement.

 

The Borrower has previously furnished the
Administrative Agent with a reserve appraisal prepared by ________________________________, dated as of __________, 201__ (the
"Reserve Appraisal"), which appraises oil and gas properties owned by the Borrower. The names on the oil
and gas properties listed on the Reserve Appraisal vary from the names of the oil and gas properties mortgaged to the Administrative
Agent pursuant to the Oil and Gas Mortgages. Attached to this Reconciliation Schedule is a chart which reconciles the discrepancies
in these names. The undersigned certifies individually and on behalf of the Borrower as follows:

 

		(a)	Each well and unit that is described on the exhibits attached to the Oil and Gas Mortgages is also listed in the Reserve Appraisal
and on the attached reconciliation chart.

 

		(b)	The property listed in column A of the attached reconciliation chart which has the same number as the property listed in column
B of the attached reconciliation chart is one and the same property.

 

IN WITNESS WHEREOF, the undersigned has
executed this Reconciliation Schedule as of the date first above written.

 

	 	 
	 	[________________, Individually and as
	 	_______________ of Samson Oil and Gas USA, Inc.

 

    	EXHIBIT H, Reconciliation Schedule – Page 1

    	 

    

 

PROPERTY RECONCILIATION CHART

 

The information listed in column A is reproduced
exactly from the Reserve Appraisal. The information listed in column B is reproduced exactly from the descriptions attached to
the Oil and Gas Mortgages. The property listed in column A which has the same number as the property listed in column B is one
and the same property. If a property in column B is left blank, it is not mortgaged to Lender.

 

	A	 	B
	Reserve Appraisal	 	Oil and Gas Mortgage Exhibits
	 	 	Name	 	WI	 	NRI	 	 	 	Name	 	WI	 	NRI
	1.	 	 	 	 	 	 	 	1.	 	 	 	 	 	 
	2.	 	 	 	 	 	 	 	2.	 	 	 	 	 	 
	3.	 	 	 	 	 	 	 	3.	 	 	 	 	 	 
	4.	 	 	 	 	 	 	 	4.	 	 	 	 	 	 
	5.	 	 	 	 	 	 	 	5.	 	 	 	 	 	 
	6.	 	 	 	 	 	 	 	6.	 	 	 	 	 	 
	7.	 	 	 	 	 	 	 	7.	 	 	 	 	 	 
	8.	 	 	 	 	 	 	 	8.	 	 	 	 	 	 
	9.	 	 	 	 	 	 	 	9.	 	 	 	 	 	 
	10.	 	 	 	 	 	 	 	10.	 	 	 	 	 	 
	11.	 	 	 	 	 	 	 	11.	 	 	 	 	 	 
	12.	 	 	 	 	 	 	 	12.	 	 	 	 	 	 
	13.	 	 	 	 	 	 	 	13.	 	 	 	 	 	 
	14.	 	 	 	 	 	 	 	14.	 	 	 	 	 	 
	15.	 	 	 	 	 	 	 	15.	 	 	 	 	 	 
	16.	 	 	 	 	 	 	 	16.	 	 	 	 	 	 
	17.	 	 	 	 	 	 	 	17.	 	 	 	 	 	 
	18.	 	 	 	 	 	 	 	18.	 	 	 	 	 	 
	19.	 	 	 	 	 	 	 	19.	 	 	 	 	 	 
	20.	 	 	 	 	 	 	 	20.	 	 	 	 	 	 
	21.	 	 	 	 	 	 	 	21.	 	 	 	 	 	 
	22.	 	 	 	 	 	 	 	22.	 	 	 	 	 	 
	23.	 	 	 	 	 	 	 	23.	 	 	 	 	 	 
	24.	 	 	 	 	 	 	 	24.	 	 	 	 	 	 
	25.	 	 	 	 	 	 	 	25.	 	 	 	 	 	 
	26.	 	 	 	 	 	 	 	26.	 	 	 	 	 	 
	27.	 	 	 	 	 	 	 	27.	 	 	 	 	 	 
	28.	 	 	 	 	 	 	 	28.	 	 	 	 	 	 
	29.	 	 	 	 	 	 	 	29.	 	 	 	 	 	 
	30.	 	 	 	 	 	 	 	30.	 	 	 	 	 	 
	31.	 	 	 	 	 	 	 	31.	 	 	 	 	 	 

 

    	EXHIBIT H, Reconciliation Schedule – Page 2

    	 

    

 

	A	 	B
	Reserve Appraisal	 	Oil and Gas Mortgage Exhibits
	 	 	Name	 	WI	 	NRI	 	 	 	Name	 	WI	 	NRI
	32.	 	 	 	 	 	 	 	32.	 	 	 	 	 	 
	33.	 	 	 	 	 	 	 	33.	 	 	 	 	 	 
	34.	 	 	 	 	 	 	 	34.	 	 	 	 	 	 
	35.	 	 	 	 	 	 	 	35.	 	 	 	 	 	 
	36.	 	 	 	 	 	 	 	36.	 	 	 	 	 	 
	37.	 	 	 	 	 	 	 	37.	 	 	 	 	 	 
	38.	 	 	 	 	 	 	 	38.	 	 	 	 	 	 
	39.	 	 	 	 	 	 	 	39.	 	 	 	 	 	 
	40.	 	 	 	 	 	 	 	40.	 	 	 	 	 	 
	41.	 	 	 	 	 	 	 	41.	 	 	 	 	 	 
	42.	 	 	 	 	 	 	 	42.	 	 	 	 	 	 
	43.	 	 	 	 	 	 	 	43.	 	 	 	 	 	 
	44.	 	 	 	 	 	 	 	44.	 	 	 	 	 	 
	45.	 	 	 	 	 	 	 	45.	 	 	 	 	 	 

 

    	EXHIBIT H, Reconciliation Schedule – Page 3

    	 

    

 

EXHIBIT I

 

LIST OF MORTGAGED PROPERTIES

 

	WELL NAME	 	LOCATION	 	DRILLING SPACING UNIT
	 	 	 	 	 
	NORTH STOCKYARD CREEK PROJECT WELLS - WILLIAMS COUNTY, ND	 	 
	Earl 1-13H	 	T154N-R99W - Section 13	 	640-ac unit — T154N-R99W Sec 13
	Everett 1-15H	 	T154N-R99W - Section 15	 	640-ac unit — T154N-R99W Sec 15
	Gary 1-24H	 	T154N-R99W - Section 24	 	640-ac unit — T154N-R99W Sec 24
	Gene 1-22H	 	T154N-R99W - Section 22	 	640-ac unit — T154N-R99W Sec 22
	Harstad 1-15H	 	T154N-R99W - Section 15	 	640-ac unit — T154N-R99W Sec 15
	Leonard 1-23H	 	T154N-R99W - Section 23	 	640-ac unit — T154N-R99W Sec 23
	Rodney 1-14H	 	T154N-R99W - Section 14	 	640-ac unit — T154N-R99W Sec 14
	 	 	 	 	 
	Coopers 2-15-14HBK	 	T154N-R99W - Section 10 (SHL)	 	1280-ac unit — T154N-R99W Sec 14 &15
	Tooheys 4-15-14HBK	 	T154N-R99W - Section 10 (SHL)	 	1280-ac unit — T154N-R99W Sec 14 &15
	Little Creature 1-15-14H	 	T154N-R99W - Section 10 (SHL)	 	1280-ac unit — T154N-R99W Sec 14 &15
	 	 	 	 	 
	Sail and Anchor 4-13-14HBK	 	T154N-R99W - Section 13 (SHL)	 	1280-ac unit — T154N-R99W Sec 13 &14
	Blackdog 3-13-14H	 	T154N-R99W - Section 13 (SHL)	 	1280-ac unit — T154N-R99W Sec 13 &14
	Billabong 2-13-14HBK	 	T154N-R99W - Section 13 (SHL)	 	1280-ac unit — T154N-R99W Sec 13 &14
	Duckstein 1-13-14HTF	 	T154N-R99W - Section 13 (SHL)	 	1280-ac unit — T154N-R99W Sec 13 &14
	 	 	 	 	 
	RAINBOW PROJECT WELLS - WILLIAMS COUNTY, ND	 	 
	Rainbow 10-19-18HBK	 	T158N-R98W - Section 30 (SHL)	 	1280-ac unit — T158N-R98W Sec 18 & 19
	Rainbow 9-19-18HTF	 	T158N-R98W - Section 30 (SHL)	 	1280-ac unit — T158N-R98W Sec 18 & 19
	Rainbow 5-20-17HBK	 	T158N-R98W - Section 29 (SHL)	 	1280-ac unit — T158N-R98W Sec 17 & 20
	Rainbow 6-20-17HTF	 	T158N-R98W - Section 29 (SHL)	 	1280-ac unit — T158N-R98W Sec 17 & 20

 

	WELL NAME	 	LOCATION	 
	 	 	 	 
	SAN SIMON WELLS - LEA COUNTY, NM	 
	STATE GC 1	 	T22S-R35E-Section 7	 
	STATE GC 2	 	T22S-R35E-Section 7	 

 

	WELL NAME	 	LOCATION	 
	 	 	 	 
	SABRETOOTH PROSPECT WELLS - BRAZORIA COUNTY, TX	 
	DAVIS BINTLIFF #1	 	Samuel Carter League, A-53, Brazoria County, Texas	 

 

    	EXHIBIT I, List of Mortgaged Properties – Solo Page

    	 

    

 

EXHIBIT J-1

 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE

(FOR FOREIGN LENDERS THAT ARE NOT PARTNERSHIPS

FOR U.S. FEDERAL INCOME TAX PURPOSES)

 

Reference is hereby made to the Credit Agreement
dated as of January 27, 2014 (as amended, supplemented or otherwise modified from time to time, the "Credit Agreement"),
among Mutual of Omaha Bank, as Administrative Agent, Samson Oil and Gas USA, Inc., as Borrower, and each lender from time to time
party thereto.

 

Pursuant to the provisions of Section 3.02(g)
of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s)
(as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a bank
within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within
the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Borrower
as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished the Administrative
Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN. By executing this certificate,
the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so
inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and
the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each
payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

 

Unless otherwise defined herein, terms defined
in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

	[NAME OF LENDER]	 
	 	 
	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

 

Date: ________ __, 20[  ]

 

    	EXHIBIT J-1, Form of U.S. Tax Compliance Certificate – Solo Page

    	 

    

 

EXHIBIT J-2

 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE

(FOR FOREIGN PARTICIPANTS THAT ARE NOT
PARTNERSHIPS

FOR U.S. FEDERAL INCOME TAX PURPOSES)

 

Reference is hereby made to the Credit Agreement
dated as of January 27, 2014 (as amended, supplemented or otherwise modified from time to time, the "Credit Agreement"),
among Mutual of Omaha Bank, as Administrative Agent, Samson Oil and Gas USA, Inc., as Borrower, and each lender from time to time
party thereto.

 

Pursuant to the provisions of Section 3.02(g)
of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation
in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A)
of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of
the Code, and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C)
of the Code].

 

The undersigned has furnished its participating
Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN. By executing this certificate, the undersigned
agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender
in writing, and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently
effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two
calendar years preceding such payments.

 

Unless otherwise defined herein, terms defined
in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

	[NAME OF PARTICIPANT]	 
	 	 
	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

 

Date: ________ __, 20[  ]

 

    	EXHIBIT J-2, Form of U.S. Tax Compliance Certificate – Solo Page

    	 

    

 

EXHIBIT J-3

 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE

(FOR FOREIGN LENDERS THAT ARE PARTNERSHIPS

FOR U.S. FEDERAL INCOME TAX PURPOSES)

 

Reference is hereby made to the Credit Agreement
dated as of January 27, 2014 (as amended, supplemented or otherwise modified from time to time, the "Credit Agreement"),
among Mutual of Omaha Bank, as Administrative Agent, Samson Oil and Gas USA, Inc., as Borrower, and each lender from time to time
party thereto.

 

Pursuant to the provisions of Section 3.02(g)
of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) (as well as
any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members
are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii) with respect to the
extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned nor any of its direct
or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its
trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members
is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its
direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C)
of the Code.

 

The undersigned has furnished the Administrative
Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that
is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or (ii) an IRS Form W-8IMY accompanied by an
IRS Form W-8BEN from each of such partner's/member's beneficial owners that is claiming the portfolio interest exemption.
By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the
undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all
times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either
the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such
payments.

 

Unless otherwise defined herein, terms defined
in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

	[NAME OF LENDER]	 
	 	 
	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

 

Date: ________ __, 20[  ]

 

    	EXHIBIT J-3, Form of U.S. Tax Compliance Certificate – Solo Page

    	 

    

 

EXHIBIT J-4

 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE

(FOR FOREIGN PARTICIPANTS THAT ARE PARTNERSHIPS

FOR U.S. FEDERAL INCOME TAX PURPOSES)

 

Reference is hereby made to the Credit Agreement
dated as of January 27, 2014 (as amended, supplemented or otherwise modified from time to time, the "Credit Agreement"),
among Mutual of Omaha Bank, as Administrative Agent, Samson Oil and Gas USA, Inc., as Borrower and each lender from time to time
party thereto.

 

Pursuant to the provisions of Section 3.02(g)
of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation in respect
of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of
such participation, (iii) with respect such participation, neither the undersigned nor any of its direct or indirect partners/members
is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the
meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder
of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members
is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished its participating
Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the
portfolio interest exemption: (i) an IRS Form W-8BEN or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN
from each of such partner's/member's beneficial owners that is claiming the portfolio interest exemption. By executing this certificate,
the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so
inform such Lender and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently
effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two
calendar years preceding such payments.

 

Unless otherwise defined herein, terms defined
in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

	[NAME OF PARTICIPANT]	 
	 	 
	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

 

Date: ________ __, 20[  ]

 

    	EXHIBIT J-4, Form of U.S. Tax Compliance Certificate – Solo Page

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