Document:

Camber Energy, Inc. 8-K 

 

Exhibit 10.1

 

STOCK
PURCHASE AGREEMENT

 

This
Stock Purchase Agreement (“Agreement”) is made and entered into on February 3, 2020 (“Effective Date”),
by and between Camber Energy, Inc., a Nevada corporation (“Company”), and the investor whose name appears on
the signature page hereto (“Investor”).

 

Recitals

 

A.        
The parties desire that, upon the terms and subject to the conditions herein, Investor will purchase $5 million in shares
of Series C Redeemable Convertible Preferred Stock of the Company; and

 

B.        
The offer and sale of the Securities provided for herein are being made pursuant to the exemptions from registration under
Section 4(a)(2) of the Act as a transaction by an issuer not involving any public offering, and as an offshore private placement
of restricted securities pursuant to Rule 506 of Regulation D.

 

Agreement

 

In
consideration of the foregoing, the receipt and adequacy of which are hereby acknowledged, Company and Investor agree as follows:

 

I.         
Definitions. In addition to the terms defined elsewhere in this Agreement and the Transaction Documents, capitalized
terms that are not otherwise defined have the meanings set forth in the Glossary of Defined Terms attached hereto as Exhibit
1 or the other Transaction Documents.

 

	 

	II.

	Purchase
                 and Sale.

 

A.        
Purchase Amount.  Subject to the terms and conditions herein and the satisfaction of the conditions to Closings
set forth below, Investor hereby irrevocably agrees (pursuant to the terms of this Agreement below, including the Company Option),
to purchase 525 Preferred Shares at $10,000.00 per share (“Face Value”) with a 5.0% original issue discount
(“OID”) for the sum of $5,000,000.00 (“Purchase Amount”).

 

B.        
Deliveries. The following documents will be fully executed and delivered at the Closing:

 

	 

	1.

	This
                                Agreement;

 

	 

	2.

	Legal
                                Opinion, in the form attached hereto as Exhibit 2;

 

	 

	3.

	Officer’s
                                Certificate, in the form attached hereto as Exhibit 3;

 

	 

	4.

	Secretary’s
                                Certificate, in the form attached hereto as Exhibit 4; and

 

		5.	A
                                         stock certificate or transfer Agent book entry for the number of purchased Preferred
                                         Shares in the name of Investor.

 

 

 

 

C.         
Closing Conditions. The consummation of the transactions contemplated by this Agreement (each, a “Closing”)
is subject to the satisfaction of each of the following conditions:

 

1.        
All documents, instruments and other writings required to be delivered by Company to Investor pursuant to any provision of
this Agreement or in order to implement and effect the transactions contemplated herein have been fully executed and delivered,
including without limitation those enumerated in Section II.B above;

 

2.        
The Common Stock is listed for and currently trading on the same or higher Trading Market and Company is in compliance with
all requirements to maintain listing on the Trading Market and there is no notice of any suspension or delisting with respect
to the trading of the shares of Common Stock on such Trading Market;

 

3.        
The representations and warranties of Company and Investor set forth in this Agreement are true and correct in all material
respects as if made on such date (except for representations and warranties expressly made as of a specified date, which will
be true as of such date);

 

4.        
Except for those prior breaches known to or identified by Investor prior to the Effective Date, or which have been waived
by the Investor, no material breach or default has occurred under any Transaction Document with respect to any Preferred or any
other agreement between Company and Investor or any Affiliate of Investor;

 

5.        
There is not then in effect any law, rule or regulation prohibiting or restricting the transactions contemplated in any Transaction
Document, or requiring any consent or approval which will not have been obtained, other than Approval, nor is there any completed,
pending, threatened or, to Company’s knowledge, contemplated proceeding or investigation which may have the effect of prohibiting
or adversely affecting any of the transactions contemplated by this Agreement, including without limitation the sale, issuance,
listing, trading, or resale of any Shares on the Trading Market; no statute, rule, regulation, executive order, decree, ruling
or injunction will have been enacted, entered, promulgated or adopted by any court or governmental authority of competent jurisdiction
that prohibits the transactions contemplated by this Agreement, and no actions, suits or proceedings will be completed, in progress,
pending, threatened or, to Company’s knowledge, contemplated by any person other than Investor or any Affiliate of Investor,
that seek to enjoin or prohibit the transactions contemplated by this Agreement; and

 

7.        
Any rights of first refusal, preemptive rights, rights of participation, or any similar right to participate in the transactions
contemplated by this Agreement, if any, have been waived in writing.

 

D.        
Closing. Immediately when all conditions set forth in Section II.C have been fully satisfied, Company will issue
and sell to Investor and Investor will purchase 525 Preferred Shares by payment to Company of $5,000,000.00, by wire transfer
of immediately available funds to an account designated by Company (the “Closing”).

 

2

 

 

	 

	III.

	                Representations and Warranties.

 

A.        
Representations Regarding Transaction. Except as set forth under the corresponding section of the Disclosure Schedules,
if any, Company hereby represents and warrants to, and as applicable covenants with, Investor as of the Closing:

 

1.        
Organization and Qualification. Company and each Subsidiary is an entity duly incorporated or otherwise organized,
validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization, as applicable,
with the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted,
except where the failure to do so would not reasonably be expected to result in a Material Adverse Effect. Neither Company nor
any Subsidiary is in violation or default of any of the provisions of its respective certificate or articles of incorporation,
bylaws or other organizational or charter documents, except as would not reasonably be expected to result in a Material Adverse
Effect. Each of Company and each Subsidiary is duly qualified to conduct business and is in good standing as a foreign corporation
or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification
necessary, except where the failure to be so qualified or in good standing, as the case may be, would not reasonably be expected
to result in a Material Adverse Effect and there is no completed, pending or, to the knowledge of Company, contemplated or threatened
proceeding in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority
or qualification.

 

2.        
Authorization; Enforcement. Company has the requisite corporate power and authority to enter into and to consummate
the transactions contemplated by each of the Transaction Documents and otherwise to carry out its obligations hereunder or thereunder.
The execution and delivery of each of the Transaction Documents by Company and the consummation by it of the transactions contemplated
hereby or thereby have been duly authorized by all necessary action on the part of Company and no further consent or action is
required by Company. Each of the Transaction Documents has been, or upon delivery will be, duly executed by Company and, when
delivered in accordance with the terms hereof, will constitute the valid and binding obligation of Company, enforceable against
Company in accordance with its terms, except (a) as limited by general equitable principles and applicable bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally,
(b) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and
(c) insofar as indemnification and contribution provisions may be limited by applicable law.

 

3.        
No Conflicts.  The execution, delivery and performance of the Transaction Documents by Company, the issuance and
sale of the Shares and the consummation by Company of the other transactions contemplated thereby do not and will not (a) conflict
with or violate any provision of Company’s or any Subsidiary’s certificate or articles of incorporation, bylaws
or other organizational or charter documents, (b) conflict with, or constitute a default (or an event that with notice or lapse
of time or both would become a default) under, result in the creation of any Lien upon any of the properties or assets of Company
or any Subsidiary, or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice,
lapse of time or both) of, any material agreement, credit facility, debt or other instrument

 

3

 

 

(evidencing
Company or Subsidiary debt or otherwise) or other understanding to which Company or any Subsidiary is a party or by which any
property or asset of Company or any Subsidiary is bound or affected, (c) conflict with or result in a violation of any material
law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which
Company or a Subsidiary is subject (including U.S. federal and state securities laws and regulations), or by which any material
property or asset of Company or a Subsidiary is bound or affected, or (d) conflict with or violate the terms of any material agreement
by which Company or any Subsidiary is bound or to which any property or asset of Company or any Subsidiary is bound or affected;
except in the case of each of clauses (b), (c) and (d), such as would not reasonably be expected to result in a Material Adverse
Effect.

 

4.        
Litigation. Except as set forth in Schedule III.A.4, there is no action, suit, inquiry, notice of violation,
proceeding or investigation pending, threatened, or, to the knowledge of Company, contemplated against or affecting Company, any
Subsidiary or any of their respective properties before or by any court, arbitrator, governmental or administrative agency or
regulatory authority (federal, state, county, local or foreign) (collectively, an “Action”), which would reasonably
be expected to adversely affect or challenge the legality, validity or enforceability of any of the Transaction Documents or the
issuance, listing, trading, or resale of any Shares on the Trading Market. The Commission has not issued any stop order or other
order suspending the effectiveness of any registration statement filed by Company or any Subsidiary under the Exchange Act or
the Act.

 

5.        
Filings, Consents and Approvals. Except as set forth in Schedule III.A.5, neither Company nor any Subsidiary
is required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with,
any court or other federal, state, local or other governmental authority or other Person in connection with the execution, delivery
and performance by Company of the Transaction Documents, other than required federal and state securities filings and such filings
and approvals as are required to be made or obtained under the applicable Trading Market rules in connection with the transactions
contemplated hereby, each of which has been, or if not yet required to be filed will be, timely filed.

 

6.        
Issuance of Shares. The Shares are duly authorized and, when issued and paid for in accordance with the applicable
Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens.

 

7.        
Disclosure; Non-Public Information. Company will issue a press release and timely file a current report on Form 8-K
(“Current Report”) by 8:30 am Eastern time on the Trading Day after the Effective Date describing the material
terms and conditions of this Agreement, a copy of which will be provided to Investor prior to the Effective Date. All information
that Company has provided to Investor that constitutes or might constitute material, non-public information will be included in
the Current Report. Notwithstanding any other provision, except with respect to information that will be, and only to the extent
that it actually is, timely publicly disclosed by Company by the date of Approval, neither Company nor any other Person acting
on its behalf has provided Investor or its representatives, agents or attorneys with any information that constitutes or might
constitute material, non-public information, including without limitation this Agreement and the Exhibits and Disclosure Schedules
hereto.

 

4

 

 

No
information contained in the Disclosure Schedules constitutes material non-public information. There is no adverse material information
regarding Company that has not been publicly disclosed prior to the Effective Date. Company understands and confirms that Investor
will rely on the foregoing representations and covenants in effecting transactions in securities of Company. All disclosure provided
to Investor regarding Company, its business and the transactions contemplated hereby, including without limitation the Disclosure
Schedules, furnished by or on behalf of Company with respect to the representations and warranties made herein are true and correct
in all material respects and do not contain any untrue statement of a material fact or omit to state any material fact necessary
in order to make the statements made therein, in light of the circumstances under which they were made, not misleading.

 

8.        No Integrated Offering. Neither Company, nor any of its Affiliates, nor any Person acting on its or their behalf has,
directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances
that would cause this offering to be integrated with prior offerings by Company that cause a violation of the Act or any applicable
stockholder approval provisions, including, without limitation, under the rules and regulations of the Trading Market.

 

9.        Financial Condition. Except as set forth on Schedule III.A.9, the Public Reports set forth as of the dates thereof
all outstanding secured and unsecured Indebtedness of Company or any Subsidiary, or for which Company or any Subsidiary has commitments,
and any material default with respect to any Indebtedness. Company does not intend to incur debts beyond its ability to pay such
debts as they mature, taking into account the timing and amounts of cash to be payable on or in respect of its debt.

 

10.       Section 5 Compliance. No representation or warranty or other statement made by Company in the Transaction Documents
contains any untrue statement or omits to state a material fact necessary to make any of them, in light of the circumstances in
which it was made, not misleading. Company is not aware of any facts or circumstances that would cause the transactions contemplated
by the Transaction Documents, when consummated, to violate Section 5 of the Act or other federal or state securities laws or regulations.

 

11.      Investment Company. Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Preferred
Shares, will not be or be an Affiliate of, an “investment company” within the meaning of the Investment Company Act
of 1940, as amended. Company will conduct its business in a manner so that it will not become subject to the Investment Company
Act.

 

12.      Acknowledgments Regarding Investor. Company’s decision to enter into this Agreement has been based solely on
the independent evaluation by Company and its representatives, and Company acknowledges and agrees that:

 

a.        
Investor is not, has never been, and as a result of the transactions contemplated by the Transaction Documents will not become
an officer, director, insider, control person, to Company’s knowledge, 10% or greater shareholder, or otherwise an affiliate
of Company as defined under Rule 12b-2 of the Exchange Act;

 

5

 

 

b.        
Investor and Investor’s representatives have not made and do not make any representations, warranties or agreements
with respect to the Shares, this Agreement, or the transactions contemplated by the Transaction Documents other than those specifically
set forth in Section III.C below; Company has not relied upon, and expressly disclaims reliance upon, any and all written
or oral statements or representations made by any persons prior to this Agreement;

 

c.        
The conversion of Preferred Shares and resale of Conversion Shares will result in dilution, which may be substantial; the
number of Conversion Shares will increase in certain circumstances; and Company’s obligation to issue and deliver Conversion
Shares in accordance with this Agreement and the Certificate of Designations is absolute and unconditional regardless of the dilutive
effect that such issuances may have; and

 

d.        
Investor is acting solely in the capacity of arm’s length purchaser with respect to this Agreement and the transactions
contemplated hereby; neither Investor nor any of its Affiliates, agents or representatives has or is acting as a legal, financial,
investment, accounting, tax or other advisor to Company, or fiduciary of Company, or in any similar capacity; neither Investor
nor any of its Affiliates, agents or representatives has provided any legal, financial, investment, accounting, tax or other advice
to Company; any statement made in connection with this Agreement or the transactions contemplated hereby is not advice or a recommendation,
and is merely incidental to Investor’s purchase of the Shares.

 

13.      
Prior Agreements. Investor has at all times fully and completely complied in all respects with the Prior Agreements.
All Delivery Notices and all calculations relating to the Prior Agreements provided to Company by Investor or its representatives
prior to the Effective Date of this Agreement were and are fully correct and accurate in all respects. All Delivery Notices and
calculations provided to Company by Investor or its representatives prior to the Effective Date are hereby acknowledged and deemed
to be correct for any and all purposes.

 

14.      
Approval. Company will use its commercially reasonable best efforts to obtain an exception to any shareholder approval
requirement from NYSE American or to obtain Approval, and additional listing of all Conversion Shares as soon as possible, and
in any event within 90 days of the Effective Date.

 

15.      
No Bad Actor Disqualification. Neither Company, any predecessor of Company, any affiliate of Company, any director,
executive officer, other officer of Company participating in the offering, or any beneficial owner of 20% or more of Company’s
outstanding voting equity securities is subject to any bad actor disqualification as provided in Rule 506(d) of Regulation D,
and Company is not aware of any facts or circumstances that, with the passage of time, would reasonably be expected to cause such
disqualification.

 

16.      
Shell Status. Company is not now and has never been a shell company as defined in Rule 12b-2 of the Exchange Act.

 

B.          
Representations Regarding Company. Except as set forth in any Public Reports or attached exhibits as of the Effective
Date, or under the corresponding section of the Disclosure 

 

6

 

 

Schedules,
if any, Company hereby represents and warrants to, and as applicable covenants with, Investor as of the Closing:

 

1.        
Capitalization. The capitalization of the Company as of the Effective Date is as described in the Public Reports. No
Person has any right of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions
contemplated by the Transaction Documents which has not been waived or satisfied. Except as a result of the purchase and sale
of the Shares, the Prior Securities, or as otherwise disclosed on Schedule III.B.1, there are no outstanding options, warrants,
script rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations
convertible into or exchangeable for, or giving any Person any right to subscribe for or acquire, any shares of Common Stock,
or contracts, commitments, understandings or arrangements by which Company or any Subsidiary is or may become bound to issue additional
shares of Common Stock or securities convertible into or exercisable for shares of Common Stock. The issuance and sale of the
Shares will not obligate Company to issue shares of Common Stock or other securities to any Person, other than Investor, and will
not result in a right of any holder of Company securities to adjust the exercise, conversion, exchange, or reset price under such
securities. All of the outstanding shares of capital stock of Company are validly issued, fully paid and nonassessable, have been
issued in material compliance with all federal and state securities laws, and none of such outstanding shares was issued in violation
of any preemptive rights or similar rights to subscribe for or purchase securities. Except as disclosed on Schedule III.B.1,
no further approval or authorization of any stockholder, the Board of Directors of Company or others is required for the issuance
and sale of the Shares. There are no stockholders agreements, voting agreements or other similar agreements with respect to Company’s
capital stock to which Company is a party or, to the knowledge of Company, between or among any of Company’s stockholders.

 

2.        
Subsidiaries. All of the direct and indirect subsidiaries of Company are set forth in the Public Reports or the corresponding
section of the Disclosure Schedules. Company owns, directly or indirectly, all of the capital stock or other equity interests
of each Subsidiary, and all of such directly or indirectly owned capital stock or other equity interests are owned free and clear
of any Liens. All the issued and outstanding shares of capital stock of each Subsidiary are duly authorized, validly issued, fully
paid, nonassessable and free of preemptive and similar rights to subscribe for or purchase securities.

 

3.        
Public Reports; Financial Statements. The Company has filed all required Public Reports for the one year preceding
the Effective Date. As of their respective dates or as subsequently amended, the Public Reports complied in all material respects
with the requirements of the Act and the Exchange Act and the rules and regulations of the Commission promulgated thereunder,
as applicable, and none of the Public Reports, when filed, contained any untrue statement of a material fact or omitted to state
a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading. The financial statements of Company included in the Public Reports, as amended, comply
in all material respects with applicable accounting requirements and the rules and regulations of the Commission with respect
thereto as in effect at the time of filing. Such financial statements have been prepared in accordance with GAAP, except as may
be otherwise specified in such financial statements or the notes thereto and except that unaudited 

 

7

 

 

financial
statements may not contain all footnotes required by GAAP, and fairly present in all material respects the financial position
of Company and its consolidated subsidiaries as of and for the dates thereof and the results of operations and cash flows for
the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments.

 

4.        
Material Changes. Since the end of the most recent year for which an Annual Report on Form 10-K has been filed with
the Commission, except as disclosed on Schedule III.B.4, (a) there has been no event, occurrence or development that has
had, or that would reasonably be expected to result in, a Material Adverse Effect, (b) Company has not incurred any liabilities
(contingent or otherwise) other than (i) trade payables and accrued expenses incurred in the ordinary course of business consistent
with past practice, and (ii) liabilities not required to be reflected in Company’s financial statements pursuant to GAAP
or required to be disclosed in filings made with the Commission, (c) Company has not altered its method of accounting, (d) Company
has not declared or made any dividend or distribution of cash or other property to its stockholders or purchased, redeemed or
made any agreements to purchase or redeem any shares of its capital stock, and (e) Company has not issued any equity securities
to any officer, director or Affiliate, except pursuant to existing Company equity incentive plans. Company does not have pending
before the Commission any request for confidential treatment of information.

 

5.        
Litigation. Except as disclosed on Schedule III.B.8, there is no Action completed, pending, threatened or, to
the knowledge of Company, contemplated, that would reasonably be expected to result in a Material Adverse Effect. Neither Company
nor any Subsidiary, nor any director or officer thereof, nor to the knowledge of Company any greater than 5% shareholder or any
director or officer thereof, is or has been the subject of any Action involving a claim of violation of or liability under federal
or state securities laws or a claim of breach of fiduciary duty. There has not been, is not pending or threatened, or to the knowledge
of Company, is not contemplated, any investigation by the Commission, Department of Justice or law enforcement involving Company
or any current or former director or officer of Company, or to the knowledge of Company greater than 5% shareholder of Company.

 

6.        
No Bankruptcy. There has not been any petition or application filed, or any judicial or administrative proceeding commenced
which has not been discharged, by or against the Company or any Subsidiary or with respect to any of the properties or assets
of Company or any Subsidiary under any applicable law relating to bankruptcy, insolvency, reorganization, fraudulent transfer,
compromise, arrangement of debt, creditors’ rights and no assignment has been made by the Company or any Subsidiary for
the benefit of creditors.

 

7.        
Labor Relations. No material labor dispute exists or, to the knowledge of Company, is imminent with respect to any
of the employees of Company, which would reasonably be expected to result in a Material Adverse Effect.

 

8.        
Compliance. Neither Company nor any Subsidiary (a) is in material default under or in material violation of (and no
event has occurred that has not been waived that, with notice or lapse of time or both, would result in a default by Company or
any Subsidiary under), nor has Company or any Subsidiary received notice of a claim that it is in material default under or that
it is in material violation of, any indenture, loan or credit agreement or any 

 

8

 

 

other
similar agreement or instrument to which it is a party or by which it or any of its properties is bound (whether or not such default
or violation has been waived), (b) is in violation of any order of any court, arbitrator or governmental body, or (c) is or has
been in violation of any statute, rule or regulation of any governmental authority, including without limitation all foreign,
federal, state and local laws applicable to its business, except in each case as would not reasonably be expected to have a Material
Adverse Effect.

 

9.        
Regulatory Permits. Company and each Subsidiary possess all certificates, authorizations and permits issued by the
appropriate federal, state, local or foreign regulatory authorities necessary to conduct their respective businesses as described
in the Public Reports, except where the failure to possess such permits would not, individually or in the aggregate, reasonably
be expected to result in a Material Adverse Effect (“Material Permits”), and neither Company nor any Subsidiary
has received any notice of proceedings relating to the revocation or modification of any Material Permit.

 

10.       
Title to Assets. Except as disclosed on Schedule III.B.10, Company and each Subsidiary have good and marketable
title in fee simple to all real property owned by them that is material to the business of Company and each Subsidiary and good
and marketable title in all personal property owned by them that is material to the business of Company and each Subsidiary, in
each case free and clear of all Liens, except for Liens that do not materially affect the value of such property and do not materially
interfere with the use made and proposed to be made of such property by Company and each Subsidiary and Liens for the payment
of federal, state or other taxes, the payment of which is neither delinquent nor subject to penalties. Any real property and facilities
held under lease by Company and each Subsidiary are held by them under valid, subsisting and enforceable leases of which Company
and each Subsidiary are in compliance.

 

11.       
Patents and Trademarks. Company and each Subsidiary have, or have rights to use, all patents, patent applications,
trademarks, trademark applications, service marks, trade names, copyrights, licenses and other similar rights that are necessary
or material for use in connection with their respective businesses as described in the Public Reports and which the failure to
do so would have a Material Adverse Effect (collectively, “Intellectual Property Rights”). Neither Company
nor any Subsidiary has received a written notice that the Intellectual Property Rights used by Company or any Subsidiary violates
or infringes upon the rights of any Person. To the knowledge of Company, all such Intellectual Property Rights are enforceable
and there is no existing infringement by another Person of any of the Intellectual Property Rights of Company or each Subsidiary.

 

12.       
Insurance. Company and each Subsidiary are insured by insurers of recognized financial responsibility against such
losses and risks and in such amounts as are prudent and customary in the businesses in which Company and each Subsidiary are engaged,
including but not limited to directors and officers insurance coverage at least equal to the Purchase Amount. To Company’s
knowledge, such insurance contracts and policies are accurate and complete in all material respects. Neither Company nor any Subsidiary
has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires
or to obtain similar coverage from similar insurers as may be necessary to continue its business without an increase in cost that
would constitute a Material Adverse Effect.

 

9

 

 

13.        Transactions
with Affiliates and Employees. None of the officers or directors of Company and, to the knowledge of Company, none of
the employees of Company is presently a party to any transaction with Company or any Subsidiary (other than for services as
employees, officers and directors), including any contract, agreement or other arrangement providing for the furnishing
of services to or by, providing for rental of real or personal property to or from, or otherwise requiring payments to or
from any officer, director or such employee or, to the knowledge of Company, any entity in which any officer, director, or
any such employee has a substantial interest or is an officer, director, trustee or partner, in each case in excess of
$120,000 other than (i) for payment of salary or consulting fees for services rendered, (ii) reimbursement for expenses
incurred on behalf of Company and (iii) for other employee benefits, including stock option agreements under any equity
incentive plan of Company.

 

14.       
Sarbanes-Oxley; Internal Accounting Controls. Company is in material compliance with all provisions of the Sarbanes-Oxley
Act of 2002, which are applicable to it as of the date of the Closing. Company presented in its most recently filed periodic report
under the Exchange Act the conclusions of the certifying officers about the effectiveness of Company’s disclosure controls
and procedures based on their evaluations as of the evaluation date. Since the date of the most recently filed periodic Public
Report, there have been no significant changes in Company’s internal accounting controls or its disclosure controls and
procedures or, to Company’s knowledge, in other factors that could materially affect Company’s internal accounting
controls or its disclosure controls and procedures.

 

15.       
Certain Fees. No brokerage or finder’s fees or commissions are or will be payable to any broker, financial advisor
or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated
by this Agreement. Notwithstanding any other provision, Investor will have no obligation with respect to any fees or with respect
to any claims made by or on behalf of other Persons for fees of a type contemplated in this section that may be due in connection
with the transactions contemplated by this Agreement or the other Transaction Documents.

 

16.       
Registration Rights. Except as disclosed on Schedule III.B.16 no Person has any right to cause Company to effect
the registration under the Act of any securities of Company.

 

17.       
Listing and Maintenance Requirements. The Common Stock is registered pursuant to Section 12 of the Exchange Act, and
Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration
of the Common Stock under the Exchange Act nor has Company received any notification that the Commission is contemplating terminating
such registration. Except as disclosed on Schedule III.B.17, Company has not, in the 12 months preceding the Effective
Date, received notice from any Trading Market on which the Common Stock is or has been listed or quoted to the effect that Company
is not in compliance with the listing or maintenance requirements of such Trading Market. Company is, and has no reason to believe
that it will not in the foreseeable future continue to be, in compliance with all such listing and maintenance requirements.

 

18.       
Application of Takeover Protections. Company and its Board of Directors have taken all necessary action, if any, in
order to render inapplicable any control share 

 

10

 

 

acquisition,
business combination, poison pill (including any distribution under a rights agreement) or other similar anti-takeover provision
under Company’s Certificate of Incorporation (or similar charter documents) or the laws of its state of incorporation that
is or could become applicable to Investor as a result of Investor and Company fulfilling their obligations or exercising their
rights under the Transaction Documents, including without limitation Company’s issuance of the Shares and Investor’s
ownership of the Shares.

 

19.       
Tax Status. Company and each of its Subsidiaries has made or filed all federal, state and foreign income and all other
tax returns, reports and declarations required by any jurisdiction to which it is subject (unless and only to the extent that
Company and each of its Subsidiaries has set aside on its books provisions reasonably adequate for the payment of all unpaid and
unreported taxes). Company has not executed a waiver with respect to the statute of limitations relating to the assessment or
collection of any foreign, federal, statute or local tax. None of Company’s tax returns is presently being audited by any
taxing authority. Company would not be classified as a PFIC for its most recently completed taxable year, and does not expect
to be classified as a PFIC for its current taxable year.

 

20.       
Foreign Corrupt Practices. Neither Company, nor to the knowledge of Company, any agent or other person acting on behalf
of Company, has (a) directly or indirectly, used any corrupt funds for unlawful contributions, gifts, entertainment or other unlawful
expenses related to foreign or domestic political activity, (b) made any unlawful payment to foreign or domestic government officials
or employees or to any foreign or domestic political parties or campaigns from corporate funds, (c) failed to disclose fully any
contribution made by Company, or made by any person acting on its behalf of which Company is aware, which is in violation of law,
or (d) violated in any material respect any provision of the Foreign Corrupt Practices Act of 1977, as amended.

 

21.       
Accountants. Company’s accountants are set forth in the Public Reports and such accountants are an independent
registered public accounting firm.

 

22.       
No Disagreements with Accountants or Lawyers. There are no material disagreements presently existing, or reasonably
anticipated by Company to arise, between Company and the accountants or lawyers formerly or presently employed by Company.

 

23.       
Powers of Attorney. There are no outstanding powers of attorney executed on behalf of the Company or any Subsidiary,
except such as would not reasonably be expected to result in a Material Adverse Effect.

 

24.       
Computer and Technology Security. Company has taken all reasonable steps to safeguard the information technology systems
utilized in the operation of the business of Company, including the implementation of procedures to minimize the risk that such
information technology systems have any disabling codes or instructions, timer, copy protection device, clock, counter or other
limiting design or routing and any back door, virus, malicious code or other software routines or hardware components that in
each case permit unauthorized access or the unauthorized disablement or unauthorized erasure of data or other software by a third
party, and, to Company’s knowledge, to date there have been no successful unauthorized intrusions or breaches of the security
of the information technology systems.

 

11

 

 

25.       
Data Privacy. Company has: (a) complied with, and is presently in compliance with, all applicable laws in connection
with data privacy, information security, data security and/or personal information; (b) complied with, and is presently in material
compliance with, its policies and procedures applicable to data privacy, information security, data security, and personal information;
(c) not experienced any incident in which personal information or other sensitive data was or may have been stolen or improperly
accessed; and Company is not aware of any facts suggesting the likelihood of the foregoing, including without limitation, any
breach of security or receipt of any notices or complaints from any Person regarding personal information or other data.

 

C.        
Representations and Warranties of Investor. Investor hereby represents and warrants to Company as of the Closing as
follows:

 

1.        
Organization; Authority. Investor is an entity validly existing and in good standing under the laws of the jurisdiction
of its organization with full right, company power and authority to enter into and to consummate the transactions contemplated
by the Transaction Documents and otherwise to carry out its obligations thereunder. The execution, delivery and performance by
Investor of the transactions contemplated by this Agreement have been duly authorized by all necessary company or similar action
on the part of Investor. Each Transaction Document to which it is a party has been, or will be, duly executed by Investor, and
when delivered by Investor in accordance with the terms hereof, will constitute the valid and legally binding obligation of Investor,
enforceable against it in accordance with its terms, except

 

(a) as limited
by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application
affecting enforcement of creditors’ rights generally, (b) as limited by laws relating to the availability of specific performance,
injunctive relief or other equitable remedies, and (c) insofar as indemnification and contribution provisions may be limited by
applicable law.

 

2.        
Investor Status. At the time Investor was offered the Preferred Shares, it was, and at the Effective Date it is: (a)
an accredited investor as defined in Rule 501(a) under the Act; and (b) not a registered broker-dealer, member of FINRA, or an
affiliate thereof.

 

3.        
Experience of Investor. Investor, either alone or together with its representatives, has such knowledge, sophistication
and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment
in the Shares, and has so evaluated the merits and risks of such investment. Investor is able to bear the economic risk of an
investment in the Shares and, at the present time, is able to afford a complete loss of such investment.

 

4.        
Ownership. Investor is acquiring the Preferred Shares as principal for its own account. Investor will not engage in
hedging transactions with regard to the Conversion Shares unless in compliance with the Act. Investor will not resell, transfer
or assign the Preferred Shares, and will resell the Conversion Shares only pursuant to registration under the Act or an available
exemption therefrom.

 

12

 

 

5.        
No Short Sales. Neither Investor nor any Affiliate holds any short position in, nor has engaged in any Short Sales
of the Common Stock, or engaged in any hedging transactions with regard to the Shares prior to the Effective Date.

 

	 

	IV.

	Securities and Other Provisions.

 

A.        
Investor Due Diligence. Investor will have the right and opportunity to conduct customary due diligence with respect
to any Registration Statement or Prospectus in which the name of Investor or any Affiliate of Investor appears.

 

B.        
Furnishing of Information. For as long as Investor owns any Shares, Company will timely file all reports required to
be filed by Company pursuant to the Exchange Act. As long as Investor owns any Shares, Company will prepare and make publicly
available such information as is required for Investor to sell its Conversion Shares under Rule 144. Company further covenants
that, as long as Investor owns any Shares, Company will take such further action as Investor may reasonably request, all to the
extent required from time to time to enable Investor to sell its Conversion Shares without registration under the Act within the
limitation of the exemptions provided by Rule 144.

 

C.        
Integration. Company will not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any
security, as defined in Section 2 of the Act, that would be integrated with the offer or sale of the Shares to Investor for purposes
of the rules and regulations of any Trading Market such that it would require stockholder approval prior to the closing of such
other transaction unless stockholder approval is obtained before the closing of such subsequent transaction.

 

D.        
Disclosure and Publicity. Company will provide to Investor for review and approval prior to filing or issuing any current,
periodic or public report, proxy or registration statement, press release, public statement or communication relating to or referencing
Investor, any Transaction Documents or the transactions contemplated thereby.

 

E.        
Shareholders Rights Plan. No claim will be made or enforced by Company or, to the knowledge of Company, any other Person
that Investor is an “Acquiring Person” under any shareholders rights plan or similar plan or arrangement in effect
or hereafter adopted by Company, or that Investor could be deemed to trigger the provisions of any such plan or arrangement, in
either such case, by virtue of receiving Shares under the Transaction Documents or under any other agreement between Company and
Investor. Company will conduct its business in a manner so that it will not become subject to the Investment Company Act of 1940,
as amended.

 

F.        
No Non-Public Information. Company covenants and agrees that neither it nor any other Person acting on its behalf will,
provide Investor or its agents or counsel with any information that Company believes or reasonably should believe may constitute
material non- public information. Neither Investor nor any Affiliate of Investor has or will have any duty of trust or confidence
that is owed directly, indirectly, or derivatively, to Company or the stockholders of Company, or to any other Person who is the
source of material non-public information regarding Company. Company understands and confirms that Investor will be 

 

13

 

 

relying on the foregoing
in effecting transactions in securities of Company, including without limitation sales of the Conversion Shares.

 

	 

	G.

	                 Indemnification of Investor.

 

1.         Obligation
to Indemnify. Subject to the provisions of this Section IV.G, Company will indemnify and hold Investor, its
Affiliates, managers and advisors, and each of their officers, directors, shareholders, partners, employees,
representatives, agents and attorneys, and any person who controls Investor within the meaning of Section 15 of the Act or
Section 20 of the Exchange Act (collectively, “Investor Parties” and each a “Investor
Party”), harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, reasonable
costs and expenses, including all judgments, amounts paid in settlements, court costs and reasonable attorneys’ fees
and costs of investigation (collectively, “Losses”) that any Investor Party may suffer or incur as a
result of or relating to (a) any breach of any of the representations, warranties, covenants or agreements made by Company in
this Agreement or in the other Transaction Documents, (b) any untrue statement or alleged untrue statement of a material fact
contained in the Registration Statement, Prospectus, Prospectus Supplement, or any information incorporated by reference
therein, or arising out of or based upon any omission or alleged omission to state a material fact necessary in order to make
the statements therein, in the light of the circumstances under which they were made, not misleading, or (c) any action by a
creditor or stockholder of Company who is not an Affiliate of an Investor Party, challenging the transactions contemplated by
the Transaction Documents; provided, however, that Company will not be obligated to indemnify any Investor Party for any
Losses finally adjudicated to be caused solely by (i) a false statement of material fact contained within written
information provided by such Investor Party expressly for the purpose of including it in the applicable Registration
Statement, Prospectus, Prospectus Supplement, or (ii) such Investor Party’s unexcused material breach of an express
provision of this Agreement or another Transaction Document.

 

2.        
Procedure for Indemnification. If any action will be brought against an Investor Party in respect of which indemnity
may be sought pursuant to this Agreement, such Investor Party will promptly notify Company in writing, and Company will have the
right to assume the defense thereof with counsel of its own choosing. Investor Parties will have the right to employ separate
counsel in any such action and participate in the defense thereof, but the reasonable fees and expenses of such counsel will be
at the expense of Investor Parties except to the extent that (a) the employment thereof has been specifically authorized by Company
in writing, (b) Company has failed after a reasonable period of time to assume such defense and to employ counsel or (c) in such
action there is, in the reasonable opinion of such separate counsel, a material conflict with respect to the dispute in question
on any material issue between the position of Company and the position of Investor Parties such that it would be inappropriate
for one counsel to represent Company and Investor Parties. Company will not be liable to Investor Parties under this Agreement
(i) for any settlement by an Investor Party effected without Company’s prior written consent, which will not be unreasonably
withheld or delayed; or (ii) to the extent, but only to the extent that a loss, claim, damage or liability is either attributable
to Investor’s breach of any of the representations, warranties, covenants or agreements made by Investor in this Agreement
or in the other Transaction Documents.  In no event will the Company be liable for the reasonable fees and expenses for more
than one separate firm of attorneys (plus local counsel as applicable) to represent all Investor Parties.

 

14

 

 

3.        
Other than the liability of Investor to Company for uncured material breach of the express provisions of this Agreement, no
Investor Party will have any liability to Company or any Person asserting claims on behalf of or in right of Company as a result
of acquiring the Shares under this Agreement.

 

H.       
Shareholder Approval. Company will file a preliminary proxy for stockholder approval of this Agreement, the issuance
of the Conversion Shares, and an increase in authorized common stock to at least 25 million shares (“Approval”)
as soon as possible, and will use its commercially reasonable best efforts to obtain Approval as soon as possible and in any event
within 90 days after the Effective Date. Company, its board of directors, and each of its officers and directors will vote all
common shares owned or controlled by them and all proxies given to them in favor of the proposal. Company will at all times maintain
a reserve from its duly authorized Common Stock for issuance pursuant to the Transaction Documents, authorized shares of Common
Stock in an amount equal to thrice the number of shares sufficient to immediately issue all Conversion Shares potentially issuable
at such time.

 

I.         
Activity Restrictions. Investor hereby grants an irrevocable proxy to Company’s board of directors to vote all
Conversion shares beneficially owned or controlled by Investor as of the record date in favor of Approval. Except for the foregoing,
for so long as Investor or any of its Affiliates holds any Shares, neither Investor nor any Affiliate will: (1) vote any shares
of Common Stock or Preferred Stock beneficially owned or controlled by it, sign or solicit any proxies except as requested by
the Board of Directors of Company, or seek to advise or influence any Person with respect to any voting securities of Company;
(2) engage or participate in any actions, plans or proposals which relate to or would result in (a) acquiring additional securities
of Company, alone or together with any other Person, which would result in beneficially owning or controlling more than 9.99%
of the total outstanding Common Stock or other voting securities of Company, (b) an extraordinary corporate transaction, such
as a merger, reorganization or liquidation, involving Company or any of its Subsidiaries, (c) a sale or transfer of a material
amount of assets of Company or any of its Subsidiaries, (d) any change in the present board of directors or management of Company,
including any plans or proposals to change the number or term of directors or to fill any existing vacancies on the board, (e)
any material change in the present capitalization or dividend policy of Company, (f) any other material change in Company’s
business or corporate structure, including but not limited to, if Company is a registered closed-end investment company, any plans
or proposals to make any changes in its investment policy for which a vote is required by Section 13 of the Investment Company
Act of 1940, (g) changes in Company’s charter, bylaws or instruments corresponding thereto or other actions which may impede
the acquisition of control of Company by any Person, (h) a class of securities of Company being delisted from a national securities
exchange or to cease to be authorized to be quoted in an inter-dealer quotation system of a registered national securities association,
(i) a class of equity securities of Company becoming eligible for termination of registration pursuant to Section 12(g)(4) of
the Act, or (j) any action, intention, plan or arrangement similar to any of those enumerated above; or (3) request Company or
its directors, officers, employees, agents or representatives to amend or waive any provision of this section.

 

J.        
No Shorting. Provided no Trigger Event has occurred, for so long as Investor holds any Shares, neither Investor nor
any of its Affiliates will engage in or effect, directly or indirectly, any Short Sale of Common Stock. For the avoidance of doubt,
selling against 

 

15

 

 

delivery
of Conversion Shares after delivery of a Conversion Notice is not a Short Sale. There will be no restriction or limitation of
any kind on Investor’s right or ability to sell or transfer any or all of the Conversion Shares at any time, in its sole
and absolute discretion. Investor may not sell, transfer or assign any Preferred Shares or any of its rights under this Agreement.

 

K.       
Stock Splits. If Company at any time on or after the Effective Date subdivides (by any stock split, stock dividend,
recapitalization or otherwise) or combines (by combination, reverse stock split or otherwise) one or more classes of its outstanding
shares of Common Stock into a greater or lesser number of shares, the share numbers, prices and other amounts set forth in this
Agreement, as in effect immediately prior to such subdivision or combination, will be proportionately reduced or increased, as
applicable, effective at the close of business on the date the subdivision or combination becomes effective.

 

L.        
Subsequent Financings. Except as otherwise contemplated in connection with the Merger, as long as Investor holds any
Preferred Shares, Company will not: (1) enter into any agreement that in any way restricts its ability to enter into any agreement,
amendment or waiver with Investor, including without limitation any agreement to offer, sell or issue to Investor any preferred
stock, common stock or other securities of Company; (2) issue or enter into or amend an agreement pursuant to which it may issue
any shares of Common Stock, other than (a) for restricted securities with no registration rights, (b) in connection with a strategic
acquisition, (c) in an underwritten public offering, or (d) at a fixed price; or (3) issue or amend any debt or equity securities
convertible into, exchangeable or exercisable for, or including the right to receive, shares of Common Stock (a) at a conversion
price, exercise price or exchange rate or other price that is based upon or varies with, the trading prices of or quotations for
the shares of Common Stock at any time after the initial issuance of the security or (b) with a conversion, exercise or exchange
price that is subject to being reset at some future date after the initial issuance of the security or upon the occurrence of
specified or contingent events directly or indirectly related to the business of the Company or the market for the Common Stock.
For sake of clarity, Company may enter into an unregistered financing of debt or restricted stock at any fixed price with no registration
rights and may undertake the transactions contemplated in connection with Merger without restriction.

 

M.       
Principal Market. Company will timely submit all necessary notification and supporting documentation required for the
listing of all possible Conversion Shares with NYSE American, after the approval by the stockholders of the Company of the issuance
of such shares, at a duly called stockholders meeting, and will use its commercially reasonable best efforts to obtain approval
to list the Conversion Shares as soon as possible, and in any event within 90 days after the Effective Date.

 

N.        
Restrictive Legend. The Shares have not been registered under the Act and may not be resold in the United States unless
registered or an exemption from registration is available. Company is required to refuse to register any transfer of the Conversion
Shares not made pursuant to registration under the Act or an available exemption from registration. Upon the issuance thereof,
and only until such time as the same is no longer required under the applicable securities laws and regulations, the certificates
representing any of the Shares will bear a legend in substantially the following form:

 

16

 

THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS
SO REGISTERED, MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OR TO U.S. PERSONS EXCEPT PURSUANT TO
AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE ACT. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE
WITH THE ACT.

 

Certificates
representing Conversion Shares will be issued without such legend or at Investor’s option issued by electronic delivery
at the applicable balance account at DTC, if either (i) the Conversion Shares are registered for resale under the Act, or (ii)
Investor provides an opinion of its counsel to the effect that the Conversion Shares may be issued without restrictive legend.

 

O.       
Repurchase Obligation. If the Merger does not close by the required date approved by the parties thereto, Company shall,
at Investor’s option in its sole and absolute discretion, immediately repurchase from Investor all then outstanding Preferred
Shares issued pursuant to this Agreement by paying to Investor 110.0% of the aggregate Face Value of all such shares, by wire
transfer of immediately available funds to an account designated by Investor, which funds shall be due no later than one business
day after Company’s receipt of the Purchase Amount plus any applicable interest from the counterparty to the Merger.

 

P.        
Repurchase Right. Provided Company has not materially breached this Agreement, Company may at any time, in its sole
and absolute discretion, repurchase from Investor all, but not less than all, then outstanding Preferred Shares issued pursuant
to this Agreement by paying to Investor 110.0% of the aggregate Face Value of all such shares, by wire transfer of immediately
available funds to an account designated by Investor.

 

Q.       
Piggyback Registration Rights. Company will include on the next registration statement Company files with the Commission,
or on the subsequent registration statement if such registration statement is withdrawn, all potentially issuable Conversion Shares.
This obligation shall not apply to registration statements filed on Form S-4.

 

R.        
Right of First Refusal. If at any time while any Preferred Shares are outstanding, Company has a bona fide offer of
equity capital or financing from any person, that Company intends to act upon, then Company must first offer such opportunity
to Investor to provide such capital or financing to Company on the same terms as each respective person’s terms. Except
as otherwise provided in any Transaction Documents, should Investor be unwilling or unable to provide such capital or financing
to Company within 10 Trading Days from Investor’s receipt of written notice of the offer from Company, then Company may
obtain such capital or financing from that respective person upon the exact same terms and conditions offered by Company to Investor,
which transaction must be completed within 90 days after the date of the notice. If Company does not receive the capital or financing
from the respective person within 90 days after the date of the respective notice, then Company must again offer the capital or
financing opportunity to Investor as described above, and the process detailed above 

 

17

 

 

shall
be repeated. Notwithstanding anything to the contrary in the foregoing, this provision shall not apply to a debt financing that
is not convertible to stock.

 

S.        
Favored Nations. So long as any Preferred Shares are outstanding, upon any issuance by Company or any of its subsidiaries
of any security with any term more favorable to the holder of such security or with a term in favor of the holder of such security
that was not similarly provided to Investor, then Company will notify Investor of such additional or more favorable term and such
term, at Investor’s option, shall become a part of the transaction documents with Investor. The types of terms contained
in another security that may be more favorable to the holder of such security include, but are not limited to, terms addressing
conversion discounts, prepayment rate, conversion look back periods, interest rates, original issue discounts, stock sale price,
private placement price per share, and warrant coverage.

 

T.        
Use of Proceeds. The proceeds from the Purchase Amount will be used by Company as set forth in the Disclosure Schedule.

 

	 

	V.

	General Provisions.

 

A.        
Notice. Unless a different time of day or method of delivery is specifically provided in the Transaction Documents,
any and all notices or other communications or deliveries required or permitted to be provided hereunder will be in writing and
will be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or communication is delivered
via facsimile or electronic mail prior to 5:00 p.m. Eastern time on a Trading Day and an electronic confirmation of delivery is
received by the sender, (b) the next Trading Day after the date of transmission, if such notice or communication is delivered
later than 5:00 p.m. Eastern time or on a day that is not a Trading Day, (c) the next Trading Day following the date of mailing,
if sent by U.S. nationally recognized overnight courier service, or

 

(d)
upon actual receipt by the party to whom such notice is required to be given. The addresses for such notices and communications
are such other address as may be designated in writing, in the same manner, by such Person.

 

B.        
Amendments; Waivers. No provision of this Agreement may be waived or amended except in a written instrument signed,
in the case of an amendment, by Company and Investor or, in the case of a waiver, by the party against whom enforcement of any
such waiver is sought. No waiver of any default with respect to any provision, condition or requirement of this Agreement will
be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition
or requirement hereof, nor will any delay or omission of either party to exercise any right hereunder in any manner impair the
exercise of any such right.

 

C.        
No Third-Party Beneficiaries. Except as otherwise set forth in Section IV.G, this Agreement and the Transaction
Documents will inure solely to the benefit of the parties hereto, and is not for the benefit of, nor may any provision hereof
be enforced by, any other Person. Other than the Investor Parties described in Section IV.G, a Person who is not a party
to this Agreement will not have any rights under the Contracts (Rights of Third Parties) Law, 2014 of the Cayman Islands to enforce
any term of this Agreement or any Transaction Document.

 

18

 

 

D.         Fees
and Expenses. Except as otherwise provided in this Agreement, each party will pay the fees and expenses of its own
advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the
negotiation, preparation, execution, delivery and performance of the Transaction Documents. Company acknowledges and agrees
that Investor’s counsel solely represents Investor, and does not represent Company or its interests in connection with
the Transaction Documents or the transactions contemplated thereby. Company will pay all stamp and other taxes and duties, if
any, levied in connection with the sale or issuance of the Shares to Investor.

 

E.        
Severability. If any provision of this Agreement is held to be invalid or unenforceable in any respect, the validity
and enforceability of the remaining terms and provisions of this Agreement will not in any way be affected or impaired thereby
and the parties will attempt to agree upon a valid and enforceable provision that is a reasonable substitute therefor, and upon
so agreeing, will incorporate such substitute provision in this Agreement.

 

F.        
Replacement of Certificates. If any certificate or instrument evidencing any Shares is mutilated, lost, stolen or destroyed,
Company will issue or cause to be issued in exchange and substitution for and upon cancellation thereof, or in lieu of and substitution
therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to Company of such loss,
theft or destruction and customary and reasonable indemnity, if requested. The applicants for a new certificate or instrument
under such circumstances will also pay any reasonable third-party costs associated with the issuance of such replacement certificates.

 

G.       
Governing Law. All matters between the parties, including without limitation questions concerning the construction,
validity, enforcement and interpretation of the Transaction Documents will be governed by and construed and enforced in accordance
with the laws of the U.S. Virgin Islands, without regard to the principles of conflicts of law that would require or permit the
application of the laws of any other jurisdiction, except for corporation law matters applicable to Company which will be governed
by the corporate law of its jurisdiction of formation. The parties hereby waive all rights to a trial by jury. In any action,
arbitration or proceeding, including appeal, arising out of or relating to any of the Transaction Documents or otherwise involving
the parties, the prevailing party will be awarded its reasonable attorneys’ fees and other costs and expenses reasonably
incurred in connection with the investigation, preparation, prosecution or defense of such action or proceeding.

 

H.       
Arbitration. Any dispute, controversy, claim or action of any kind arising out of, relating to, or in connection with
this Agreement, or in any way involving Company and Investor or their respective Affiliates, including any issues of arbitrability,
will be resolved solely by final and binding arbitration in English before a retired judge at JAMS International, or its successor,
in the Territory of the Virgin Islands, pursuant to the most expedited and Streamlined Arbitration Rules and Procedures available.
Any interim or final award may be entered and enforced by any court of competent jurisdiction. The final award will include the
prevailing party’s reasonable arbitration, expert witness and attorney fees, costs and expenses. Notwithstanding the foregoing,
Investor may in its sole discretion bring an action in aid of arbitration.

 

19

 

 

I.          Remedies. In
addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each of
Investor and Company will be entitled to specific performance under the Transaction Documents, and equitable and injunctive
relief to prevent any actual or threatened breach under the Transaction Documents, to the full extent permitted under
applicable laws. Without limitation of the foregoing, Company acknowledges and agrees that the rights and benefits of
Investor pursuant to Section I.G.1. of the Certificate of Designations are unique and that no adequate remedy exists at law
if Company breaches or fails to timely perform any of its obligations thereunder, that it would be difficult to determine the
amount of damages resulting therefrom, that it would cause irreparable injury to Investor, and that any potential harm to
Company would be adequately and fully compensable with monetary damages. Accordingly, Investor will be entitled to a
compulsory remedy of immediate specific performance, temporary, interim, preliminary and final injunctive relief to enforce
the provisions thereof, including without limitation requiring Company and its transfer agent, attorneys, officers and
directors to immediately take all actions necessary to issue and deliver the number of Conversion Shares stated by Investor,
which requirements will not be stayed for any reason, without the necessity of posting any bond. Company hereby absolutely,
unconditionally and irrevocably waives all objections and rights to oppose any motion, application or request by Investor to
issue any number of Conversion Shares, and all rights to stay or appeal any resulting order, and any opposition or appeal by
Company or on its behalf will be immediately and automatically dismissed. In addition, Company acknowledges and agrees that
it would have an adequate remedy at law for any violation of Section I.G.1. of the Certificate of Designations by Investor,
that it would not be difficult to determine the amount of damages resulting therefrom, that it would not cause irreparable
injury to Company, and that any potential harm to Company would be adequately and fully compensable with monetary damages.
Accordingly, Company will not be entitled any equitable relief to restrain the provisions thereof, including without limitation
preventing Investor, Investor’s brokers or Company’s transfer agent from issuing, receiving or reselling
Conversion Shares. Company hereby absolutely, unconditionally and irrevocably waives all rights to bring any action, motion,
application or request to enjoin any issuance of Conversion Shares, and any action or motion by Company or on its behalf will
be immediately and automatically dismissed. Nothing provided for in this provision will limit either party’s ability
to recover monetary damages.

 

J.        
Payment Set Aside. To the extent that Company makes a payment or payments to Investor pursuant to any Transaction Document
or Investor enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or exercise
or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged
by or are required to be refunded, repaid or otherwise restored to Company, a trustee, receiver or any other person under any
law, including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action, then to
the extent of any such restoration the obligation or part thereof originally intended to be satisfied will be revived and continued
in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

 

K.       
Headings. The headings herein are for convenience only, do not constitute a part of this Agreement and will not be
deemed to limit or affect any of the provisions hereof.

 

20

 

 

L.        
Time of the Essence. Time is of the essence with respect to all provisions of this Agreement and all Transaction Documents.

 

M.       
Survival. The representations and warranties contained herein will survive the Closing and the delivery of the Shares
until all Preferred Shares issued to Investor have been converted or repurchased. Neither party will be under any obligation to
update or supplement any of its representations or warranties following the Closing due to a change that occurred after the Closing.

 

N.        
Construction. The parties agree that each of them and/or their respective counsel has reviewed and had an opportunity
to revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to
be resolved against the drafting party will not be employed in the interpretation of the Transaction Documents or any amendments
hereto. The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent,
and no rules of strict construction will be applied against any party. All currency references in any Transaction Document are
to U.S. dollars.

 

O.       
Further Assurances. Each party will take all further actions and execute all further documents as may be reasonably
necessary to implement the provisions and carry out the intent of this Agreement fully and effectively.

 

P.        
Execution. This Agreement may be executed in two or more counterparts, all of which when taken together will be considered
one and the same agreement and will become effective when counterparts have been signed by each party and delivered to the other
party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered
by portable document format, facsimile or electronic transmission, such signature will create a valid and binding obligation of
the party executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page were
an original thereof.

 

Q.       
Entire Agreement. This Agreement, including the Exhibits hereto, which are hereby incorporated herein by reference,
contains the entire agreement and understanding of the parties, and supersedes all prior and contemporaneous agreements, term
sheets, letters, discussions, communications and understandings, both oral and written, which the parties acknowledge have been
merged into this Agreement. No party, representative, advisor, attorney or agent has relied upon any collateral contract, agreement,
assurance, promise, understanding, statement or representation not expressly set forth herein. The parties hereby absolutely,
unconditionally and irrevocably waive all rights and remedies, at law and in equity, directly or indirectly arising out of
or relating to, or which may arise as a result of, any Person’s reliance on any such statement or assurance.

 

21

 

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized signatories
on the Effective Date.

 

	Company:

	 

	 

	 

	CAMBER
                                         ENERGY, INC.

	 

 

	By:

	

	

	 

	Name:	 	 	 
	Title:	 	 	 

  

Investor: 

	 	 	 	 
	Investor
                                         Name

	 

	 

	 

  

	By:

	

	

	 

	Name:	 	 	 
	Title:	 	 	 

  

22

 

 

Exhibit
1

 

Glossary
of Defined Terms

 

“$”
means the currency of the United States of America, in which all dollar amounts in the Transaction Documents will be expressed.

 

“Act”
means the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated by the Commission thereunder.

 

“Action”
has the meaning set forth in Section III.A.4.

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls, is controlled by, or is under common
control with a Person, as such terms are used in and construed under Rule 144 under the Act.

 

“Agreement”
means this Stock Purchase Agreement. “Approval” has the meaning set forth in Section
IV.H.

 

“Certificate
of Designations” means the Certificate of Designation for Series C Redeemable Convertible Preferred Stock filed by Company
with the Secretary of State of the State of Nevada on August 25, 2016, Document Number 00010398344-82, as amended to date.

 

“Closing”
has the meaning set forth in Section I.D.

 

“Commission”
means the U.S. Securities and Exchange Commission.

 

“Common
Stock” means the Common Stock of Company and any replacement or substitute thereof, or any share capital into which
such Common Stock will have been changed or any share capital resulting from a reclassification of such Common Stock.

 

“Company”
has the meaning set forth in the first paragraph of the Agreement.

 

“Conversion
Shares” includes all shares of Common Stock potentially issuable in relation to the Preferred Shares, including Common
Stock that must be issued upon conversion of any Preferred Shares, and Common Stock that must or may be issued in payment of any
Dividends or Conversion Premium (as defined in the Certificate of Designations).

 

“Disclosure
Schedules” means the disclosure schedules of Company delivered concurrently herewith. The Disclosure Schedules will
contain no material non-public information.

 

“DTC”
means The Depository Trust Company, or any successor performing substantially the same function for Company.

 

“Exchange
Act” means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated by the Commission
thereunder.

 

23

 

 

“Effective
Date” has the meaning set forth in the first paragraph of the Agreement. “Equity Conditions” has
the meaning set forth in the Certificate of Designations.

 

“GAAP”
means U.S. generally accepted accounting principles applied on a consistent basis during the periods involved.

 

“Indebtedness”
means (a) any liabilities for borrowed money or amounts owed in excess of $500,000, other than trade accounts payable incurred
in the ordinary course of business, (b) all guaranties, endorsements and other contingent obligations in respect of Indebtedness
of others, whether or not the same are or should be reflected in Company’s balance sheet, or the notes thereto, except
guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of
business, and (c) the present value of any lease payments in excess of $500,000 due under leases required to be capitalized in
accordance with GAAP.

 

“Intellectual
Property Rights” has the meaning set forth in Section III.B.10. “Legal Opinion” has the meaning
set forth in Section I.B.3.

 

“Liens”
means (a) a lien, charge, security interest or encumbrance in excess of $500,000, or (b) a right of first refusal, preemptive
right or other restriction (other than restrictions under securities laws).

 

“Material
Adverse Effect” includes any material adverse effect on (a) the legality, validity or enforceability of any Transaction
Document, or (b) the results of operations, assets, business, or financial condition of Company and the Subsidiaries, taken as
a whole, which is not disclosed in the Public Reports prior to the Effective Date, or (c) Company’s ability to perform
in any material respect on a timely basis its obligations under any Transaction Document or (d) the sale, issuance, registration,
listing, resale and trading on the Trading Market of the Conversion Shares.

 

“Material
Permits” has the meaning set forth in Section III.B.8.

 

“Merger”
means the Merger referenced in the Current Report on Form 8-K filed by Company on January 24, 2020, as such Merger terms may be
modified or amended from time to time.

 

“Officer’s
Certificate” has the meaning set forth in Section II.B.4.

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited
liability company, joint stock company, government, or an agency or subdivision thereof, or other entity of any kind.

 

“Preferred”
means the Series C Redeemable Convertible Preferred Stock of the Company.

 

24

 

 

“Preferred
Shares” means the shares of Preferred Stock to be issued to Investor pursuant to this Agreement.

 

“Public
Reports” includes all reports filed or required to be filed by Company under the Act or the Exchange Act, including
pursuant to Section 13(a) or 15(d) thereof, for the two full fiscal years preceding the Effective Date and thereafter.

 

“Purchase
Amount” has the meaning set forth in Section II.A.1.

 

“Investor”
has the meaning set forth in the first paragraph of the Agreement.

 

“Regulation
D” means Regulation D under the Securities Act and the rules promulgated by the Commission thereunder.

 

“Secretary’s
Certificate” has the meaning set forth in Section II.B.5.

 

“Shares”
include the Preferred Shares and the Conversion Shares.

 

“Short
Sale” means a “short sale” as defined in Rule 200 of Regulation SHO of the Exchange Act.

 

“Subsidiary”
means any Person owned or controlled by the Company, or in which Company, directly or indirectly, owns a majority of the capital
stock or similar interest that would be disclosable pursuant to Regulation S-K, Item 601(b)(21).

 

“Trading
Day” means any day on which the Common Stock is traded on the Trading Market; provided that it will not include any
day on which the Common Stock is (a) scheduled to trade for less than 5 hours, or (b) suspended from trading.

 

“Trading
Market” has the meaning set forth in the Certificate of Designations.

 

“Transaction
Documents” means this Agreement, the Certificate of Designations, and the other agreements, certificates and documents
referenced herein or the form of which is attached hereto, and the exhibits, schedules and appendices hereto and thereto.

 

25

 

 

Exhibit
2

 

Legal
Opinion

 

1.        
The Company is a corporation validly existing and in good standing under the laws of the state of its incorporation.

 

2.        
The Company has the requisite corporate power and authority to execute, deliver and perform its obligations under the Transaction
Documents, to sell and issue the Shares under the Purchase Agreement and to issue the Common Stock issuable upon conversion of
the Shares pursuant to the Certificate of Designations (the “Conversion Shares”).

 

3.        
The Shares have been duly authorized by the Company, and upon issuance and delivery against payment therefor in accordance
with the terms of the Purchase Agreement, the Shares will be validly issued, fully paid and nonassessable. The Conversion Shares
issuable upon conversion of the Shares have been duly authorized and reserved for issuance, and upon issuance and delivery upon
conversion thereof in accordance with the terms of the Certificate of Designations, will be validly issued, fully paid and nonassessable.
The rights, preferences and privileges of the Shares are as stated in the Certificate of Designation. Such issuance of the Shares
and the Conversion Shares will not be subject to any statutory or, to our knowledge, contractual preemptive rights of any stockholder
of the Company.

 

4.        
The execution, delivery and performance of the Transaction Documents have been duly authorized by all necessary corporate
action on the part of the Company, and the Transaction Documents have been duly executed and delivered by the Company.

 

5.        
Each Transaction Document constitutes a valid and binding agreement of the Company enforceable against the Company in accordance
with its terms, except as enforcement may be limited by applicable bankruptcy, insolvency, reorganization, arrangement, moratorium
or other similar laws affecting creditors’ rights, and subject to general equity principles and to limitations on availability
of equitable relief, including specific performance.

 

6.        
The execution and delivery of the Transaction Documents by the Company does not, and the Company’s performance of its
obligations thereunder will not (a) violate the Certificate of Incorporation or the Bylaws, each as in effect on the date hereof,
(b) violate in any material respect any federal or Nevada state law, rule or regulation, or judgment, order or decree of any state
or federal court or governmental or administrative authority, in each case that, to our knowledge, is applicable to the Company
or its properties or assets (except to the extent such violation would not have a material adverse effect on the Company’s
business, properties, assets, financial condition or results of operations or prevent the performance by the Company of any material
obligation under the Transaction Documents), or (c) to our knowledge, require the authorization, consent, approval of or other
action of, notice to or filing or qualification with, any Nevada state or federal governmental authority, except (i) as have been,
or will be prior to the Closing, duly obtained or made, (ii) any filings which may be required under applicable federal securities,
state securities or blue sky laws, and (iii) the filing and effectiveness of the

 

 

 

 

Registration
Statement, except to the extent failure to be so obtained or made would not have a material adverse effect on the Company’s
business, properties, assets, financial condition or results of operations or its ability to consummate the transactions contemplated
under the Transaction Documents.

 

7.        
The Company is not, and immediately after the consummation of the transactions contemplated by the Transaction Documents will
not be, an investment company within the meaning of Investment Company Act of 1940, as amended.

 

8.        
To our knowledge, there is no claim, action, suit, proceeding, arbitration, investigation or inquiry, pending or threatened,
before any court or governmental or administrative body or agency, or any private arbitration tribunal, against the Company that
challenges the validity or enforceability of, or seeks to enjoin the performance of, the Transaction Documents.

 

 Officer’s
Certificate

 

CAMBER
ENERGY, INC.

 

February 3, 2020

 

The
undersigned hereby certifies that:

 

The
undersigned is the duly appointed Interim Chief Executive Officer of Camber Energy, Inc., a Nevada corporation (“Company”).

 

This
Officer’s Certificate (“Certificate”) is being delivered to                                          
 (“Investor”), by Company, to fulfill the requirement under the Stock Purchase Agreement, dated February
3, 2020, between Investor and Company (“Agreement”). Terms used and not defined in this Certificate have the
meanings set forth in the Agreement.

 

The
representations and warranties of Company set forth in Sections III.A and III.B of the Agreement are true and correct in all material
respects as if made on the above date (except for any representations and warranties that are expressly made as of a particular
date, in which case such representations and warranties will be true and correct in all material respects as of such particular
date), and no default has occurred under the Agreement, or any other agreement with Investor or any Affiliate of Investor.

 

2

 

 

Company
is not, and will not be as a result of the Closing, in default of the Agreement, any other agreement with Investor or any Affiliate
of Investor.

 

All
of the conditions to the Closing required to be satisfied by Company prior to the Closing have been satisfied in their entirety.

 

IN
WITNESS WHEREOF, the undersigned has executed this Officer’s Certificate as of the date set forth above.

 

	Signed:

	 

	 
	Name:

	 

	 
	Title:

	 

	 

 

3

 

 

Exhibit
4

 

Form
of Secretary’s Certificate

 

February
3, 2020

 

The
undersigned hereby certifies that:

 

The
undersigned is the duly appointed Secretary of Camber Energy, Inc., a Nevada corporation (the “Company”).

 

This
Secretary’s Certificate (“Certificate”) is being delivered to                                          
 (“Investor”), by Company, to fulfill the requirement under the Stock Purchase Agreement, dated February
3, 2020, between Investor and Company (“Agreement”). Terms used and not defined in this Certificate have the
meanings set forth in the Agreement.

 

Attached
hereto as Exhibit “A” is a true, correct and complete copy of the Certificate of Incorporation of Company,
as in effect on the Effective Date.

 

Attached
hereto as Exhibit “B” is a true, correct and complete copy of the Bylaws of Company, as in effect on the Effective
Date.

 

Attached
hereto as Exhibit “C” is a true, correct and complete copy of the resolutions of the Board of Directors of
Company authorizing the Agreement, the Transaction Documents, and the transactions contemplated thereby. Such resolutions have
not been amended or rescinded and remain in full force and effect as of the date hereof.

 

IN
WITNESS WHEREOF, the undersigned has executed this Secretary’s Certificate as of the date set forth above.

 

	Signed:

	 

	 
	Name:

	 

	 
	Title:

	 

	 

  

 

 

 

Disclosure
Schedule

 

Section
IV.T. Proceeds will be used solely for the purchase of Units and/or membership interests from Viking Energy Group, Inc. with
regard to Elysium Energy Holdings, LLC, and Ichor Energy Holdings, LLC.Camber Energy, Inc. 8-K 

 

Exhibit 10.2

 

WAIVERS AND AMENDMENTS TO

STOCK PURCHASE AGREEMENTS

 

This Waivers and Amendments to Stock Purchase Agreements (“Amendment”) is made and entered into on February 3, 2020 (“Amendment Date”), by and between Camber Energy, Inc., a Nevada corporation (“Company”), and the investor whose name appears below (“Investor”).

 

Recitals

 

A.        Company and Investor and its predecessor in interest previously entered into Stock Purchase Agreements (collectively, “Agreements”) pursuant to which Investor currently holds 2,294 shares of Series C Redeemable Convertible Preferred Stock (“Preferred”) convertible into shares of Common Stock of Company (“Common Stock”) pursuant to a Certificate of Designations of Preferences, Powers, Rights and Limitations of Series C Redeemable Convertible Preferred Stock filed by the Company with the Secretary of State of Nevada (as amended to date, “Certificate”), which constitutes all shares of Preferred currently outstanding.

 

B.        Investor has at all times fully and completely complied with all of its obligations under the Agreement and the Certificate, and all Delivery Notices and calculations provided to Company by Investor were and are fully correct and accurate in all respects.

 

C.        On October 29, 2019, Company effected a reverse stock split in a ratio of one-for-fifty (“Reverse Split”).

 

D.        As an accommodation to Company and in order to help facilitate implementation of Company’s business plan, Investor is willing to waive certain rights and amend the Agreements in accordance with the terms hereof.

 

E.        Certain capitalized terms used herein, but not otherwise defined herein, have the meanings given to such terms in the Agreements and/or the Certificate.

 

Agreement

 

In consideration of the premises, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, Company and Investor agree as follows:

 

1.         Waiver of All Trigger Events.  With respect to all shares of Preferred, Investor hereby (a) waives any and all Trigger Events (as defined in the Certificate) that have occurred through the Amendment Date, (b) agrees that all calculations provided for in the Certificate shall be made as if no such Trigger Event had occurred, and (c) waives any right to receive any additional shares of Common Stock based upon any such Trigger Event.  For the avoidance of doubt, the foregoing does not apply to and shall have no effect with regard to any Trigger Event that may occur or continue after the Amendment Date.

 

2.         Waiver of All Defaults.  With respect to all Agreements, Investor hereby (a) waives any and all breaches and defaults that have occurred through the Amendment Date, and (b)

 

     1

     

    
 

 waives all rights and remedies with respect to such breaches and defaults.  For the avoidance of doubt, the foregoing does not apply to and shall have no effect with regard to any breaches or defaults that may occur or continue after the Amendment Date.  

 

3.         Waiver of Authorized Share Trigger Events and Defaults. Company will file a proxy to hold a shareholders meeting to approve an increase in the Company’s authorized common stock to 25 million shares as soon as possible, and will use its commercially reasonable best efforts to cause such  increase to be declared effective as soon as possible, and in any event within 90 days of the Amendment Date.  Provided Company complies with the foregoing sentence, with respect to all shares of Preferred, Investor hereby (a) waives any and all Trigger Events, breaches and defaults related to reserving or issuing Conversion Shares that may occur or continue during such time, (b) agrees that all calculations provided for in the Certificate shall be made as if no such Trigger Event had occurred, and (c) waives any right to receive any additional shares of Common Stock based upon any such Trigger Event.  For the avoidance of doubt, the foregoing does not apply to and shall have no effect with regard to any Trigger Event, breach or default that may occur or continue after the time provided for in the first sentence of this paragraph.

 

4.         Common Stock Value Increase.  Notwithstanding the provisions of Section I.G.4 of the Certificate, with respect to all prior reverse stock splits including without limitation the Reverse Split, all share based metrics will be proportionately increased, and Investor hereby (a) agrees that the $0.05 and $0.10 per share amounts provided for in Section I.C.2 of the Certificate will not be increased as a result of any prior reverse splits including the Reverse Split, and (b) waives any right to receive any additional shares of Common Stock under the foregoing provision based upon any prior reverse splits including the Reverse Split.

 

5.         Reset of All Measurement Periods.  Notwithstanding the provisions of Section I.G.7.i of the Certificate, the Measurement Period with respect to all outstanding shares of Preferred will begin on the Amendment Date, and Investor waives any right to receive any additional shares of Common Stock based upon any earlier Measurement Period.

 

6.         No Non-Public Information.  On or prior to the date of the shareholder meeting provided for above, Company will publicly disclose all information that Company has provided to Investor that constitutes or might constitute material, non-public information.  Notwithstanding any other provision, except with respect to information that will be, and only to the extent that it actually is, timely publicly disclosed by Company pursuant to the foregoing sentence, neither Company nor any other Person acting on its behalf has provided or will provide Investor or its representatives, agents or attorneys with any information that constitutes or might constitute material, non-public information.  Company understands and confirms that Investor will rely on the foregoing representations and covenants in effecting transactions in securities of Company.

 

7.         Voting.  The Certificate will be amended to provide that holders of the Preferred will vote with holders of common stock as a single class, on an as converted basis subject to the beneficial ownership limitation.

 

8.         Acknowledgement.  Company hereby acknowledges and agrees that Investor has at all times fully and completely complied with all of its obligations under the Agreements, the Certificate and all other Transaction Documents between Company and Investor, and that all

 

     2

     

    
 

Delivery Notices and calculations provided by Investor to Company were and are fully correct and accurate in all respects.  Company hereby absolutely, unconditionally and irrevocably waives and releases any right or ability to challenge or contest any calculation previously delivered to Company or any provision of any Transaction Document.

 

9.         Further Assurances.  Each party will take all further actions and execute all further documents as may be reasonably necessary to implement the provisions and carry out the intent of this Amendment fully and effectively.

 

10.       Ratification.  Except as expressly provided herein, the Agreements, which are incorporated by reference as though set forth in full herein, and Certificate are hereby ratified and affirmed in all respects, and remain in full force and effect.  Except as expressly provided herein, the execution of this Amendment shall not operate as a waiver of any right, power or remedy of the Investor, constitute a waiver of any provision of any of the Agreements, Certificate or any Transaction Document or serve to effect a novation of the obligations under the Agreements, Certificate or any Transaction Document.  Except as expressly provided herein, the Certificate and all Transaction Documents between Company and Investor shall continue in full force and effect and nothing herein shall act as a waiver of any of the Investor’s rights under any of the foregoing.

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized signatories on the Amendment Date.

 

Company:

 

CAMBER ENERGY, INC.

 

	
By:

	
 

	
 

	
Name:

	
 

	
 

	
Title:

	
 

	
 

 

Investor:

 

	
 

	
 

Investor Name

 

	
By:

	
 

	
 

	
Name:

	
 

	
 

	
Title:

	
 

	
 

 

     3

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