Document:

EX-10.1

 Exhibit 10.1 
  

 
  

FOURTH
AMENDMENT TO CREDIT AGREEMENT 

dated as of April 13, 2015 

among 
 Memorial
Resource Development Corp., 
 as Borrower, 

Bank of America, N.A., 

as Administrative Agent, 

Citibank, N.A., 
 as
Syndication Agent, 
 JPMorgan Chase Bank, N.A., BMO Harris Bank, N.A., Comerica Bank, 

Credit Agricole Corporate and Investment Bank, Natixis, MUFG Union 

Bank, N.A., and Wells Fargo Bank, National Association, 

as Co-Documentation Agents 

and 
 the Lenders party
hereto 
 Merrill Lynch, Pierce, Fenner & Smith Incorporated, 

Sole Lead Arranger and Sole Bookrunner 
  

 
  

 

 FOURTH AMENDMENT TO CREDIT
AGREEMENT 

This FOURTH AMENDMENT TO CREDIT AGREEMENT (this
“Fourth Amendment”), dated as of April 13, 2015 (the “Fourth Amendment Effective Date”), is among MEMORIAL RESOURCE DEVELOPMENT CORP., a corporation
formed under the laws of the State of Delaware (the “Borrower”); each of the undersigned guarantors (together with the Borrower, collectively, the “Loan Parties”); each of the Lenders that is a signatory hereto; and
BANK OF AMERICA, N.A., as administrative agent for the Lenders (in such capacity, together with its successors, the “Administrative Agent”). 

Recitals 

A.     The Borrower, the Administrative Agent and the Lenders are parties to that certain Credit Agreement
dated as of June 18, 2014 (as amended prior to the date hereof, the “Credit Agreement”), pursuant to which the Lenders have, subject to the terms and conditions set forth therein, made certain credit available to and on behalf
of the Borrower. 
 B.     The parties hereto desire to enter into this Fourth Amendment to
(i) amend the Credit Agreement in certain respects including, without limitation, to modify the Restricted Payments negative covenant as set forth herein and to provide for The Bank of Nova Scotia and Sovereign Bank (each, individually, a
“New Lender” and, collectively, the “New Lenders”) to become Lenders under the Credit Agreement with the Maximum Credit Amounts and Elected Commitments in the amounts set forth on Annex I to the Credit Agreement (as
amended hereby), and (ii) reaffirm the Borrowing Base at $725,000,000, in each case to be effective as of the Fourth Amendment Effective Date. 

C.     Subject to and upon the terms and conditions set forth herein, the Lenders have agreed to enter
this Fourth Amendment. 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained and for
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

Section 1.     Defined Terms. Each capitalized term which is defined in the Credit Agreement,
but which is not defined in this Fourth Amendment, shall have the meaning ascribed such term in the Credit Agreement, as amended hereby. Unless otherwise indicated, all section references in this Fourth Amendment refer to the Credit Agreement. 

Section 2.     Amendments. In reliance on the representations, warranties, covenants and
agreements contained in this Fourth Amendment, and subject to the satisfaction of the conditions precedent set forth in Section 4 hereof, the Credit Agreement shall be amended effective as of the Fourth Amendment Effective Date in the
manner provided in this Section 2. 
 2.1     Additional Definitions.
Section 1.02 of the Credit Agreement is hereby amended to add thereto in alphabetical order the following definitions which shall read in full as follows: 

  
 1 

 “Fourth Amendment” means that
certain Fourth Amendment to Credit Agreement dated as of the Fourth Amendment Effective Date, among the Borrower, the Guarantors, the Administrative Agent and the Lenders party thereto. 

“Fourth Amendment Effective Date” means April 13, 2015. 

2.2     Amended Definition. The definition of “Loan Documents” contained in
Section 1.02 of the Credit Agreement is hereby amended and restated in its entirety to read in full as follows: 

“Loan Documents” means this Agreement, the First Amendment, the Second
Amendment, the Third Amendment, the Fourth Amendment, the Notes, the Letter of Credit Agreements, the Letters of Credit, the Agency Fee Letter, and the Security Instruments. 

2.3     Amendment to Section 9.04 of the Credit Agreement. Section 9.04(a)(iv) of the
Credit Agreement is hereby amended and restated in its entirety to read in full as follows: 

(iv)     the Borrower may repurchase Equity Interests issued by it;
provided that (A) no Default or Event of Default exists or results therefrom, (B) immediately after giving effect to such repurchase, Availability shall not be less than 15% of the total Commitments at such time, (C) the
Borrower will be in pro forma compliance with all financial covenants set forth in Section 9.01 immediately after giving effect to such repurchase, (D) the aggregate amount of such Restricted Payments made under this
Section 9.04(a)(iv) on or after the Fourth Amendment Effective Date shall not exceed $50,000,000, and (E) any such repurchase must be made, if at all, on or prior to March 31, 2016. 

2.4     Amendment to Section 12.17 of the Credit Agreement. Section 12.17 of the Credit
Agreement is hereby amended by inserting immediately before the “.” at the end thereof the following: 

; and provided further, without limiting the foregoing, upon the request of any party, any electronic
signature shall be promptly followed by such manually executed counterpart 
 2.5     Replacement of
Annex I. Annex I to the Credit Agreement is hereby replaced in its entirety with Annex I attached hereto and Annex I attached hereto shall be deemed to be attached as Annex I to the Credit Agreement. After giving effect to this
Section 2.5 and any Borrowings made on the Fourth Amendment Effective Date, (a) each Lender who holds Loans in an aggregate amount less than its Applicable Percentage (after giving effect to this Section 2.5) of all
Loans shall advance new Loans which shall be disbursed to the Administrative Agent and used to repay Loans outstanding to each Lender who holds Loans in an aggregate amount greater than its Applicable Percentage of all Loans, (b) each
Lender’s participation in each Letter of Credit, if any, shall be automatically adjusted to equal its Applicable Percentage (after giving effect to this Section 2.5), (c) such other adjustments shall be made as the
Administrative Agent shall specify so that the Revolving Credit Exposure applicable to each Lender equals its 

  
 2 

 
Applicable Percentage (after giving effect to this Section 2.5) of the aggregate Revolving Credit Exposure of all Lenders and (d) the Borrower shall be required to make any
break-funding payments required under Section 5.02 of the Credit Agreement resulting from the Loans and adjustments described in this Section 2.5. 

Section 3.     Borrowing Base. In reliance on the representations, warranties, covenants and
agreements contained in this Fourth Amendment, and subject to the satisfaction of the conditions precedent set forth in Section 4 hereof, the Loan Parties, Administrative Agent, and Lenders hereby agree that the Borrowing Base shall be
reaffirmed at $725,000,000 effective as of the Fourth Amendment Effective Date and shall remain at such level until the next Scheduled Redetermination, the next Interim Redetermination or other adjustment to the Borrowing Base thereafter, whichever
occurs first. The reaffirmation of the Borrowing Base provided for in this Section 3 shall be considered and deemed to be the Scheduled Redetermination scheduled for on or about April 1, 2015 for purposes of Section 2.07 of the
Credit Agreement. 
 Section 4.     Conditions Precedent. The effectiveness of the
amendments to the Credit Agreement contained in Section 2 hereof and the reaffirmation of the Borrowing Base contained in Section 3 hereof is subject to the following: 

4.1     The Administrative Agent shall have received counterparts of this Fourth Amendment from the Loan
Parties and the Required Lenders (including each of the New Lenders). 
 4.2     The Administrative
Agent shall have received all fees and other amounts due and payable on or prior to the Fourth Amendment Effective Date including, without limitation, upfront fees payable to the Administrative Agent for the account of each of the New Lenders in an
aggregate amount for each New Lender equal to thirty basis points (0.30%) on such New Lender’s Commitment (after giving effect to Section 2 hereof) on the Fourth Amendment Effective Date. 

4.3     The Administrative Agent shall have received duly executed Notes payable to each Lender requesting
a Note in a principal amount equal to its Maximum Credit Amount (as amended by Section 2.5 hereof) dated as of the date hereof. 

4.4     No Default, Event of Default, or Borrowing Base Deficiency shall exist immediately prior to or
after giving effect to the amendments to the Credit Agreement contained in Section 2 hereof. 

4.5     The Administrative Agent shall have received such other documents as the Administrative Agent or
counsel to the Administrative Agent may reasonably request. 
 The Administrative Agent shall notify the Borrower and the
Lenders of the effectiveness of this Fourth Amendment, and such notice shall be conclusive and binding. 

Section 5.     New Lenders. Each New Lender hereby joins in, becomes a party to, and agrees
to comply with and be bound by the terms and conditions of the Credit Agreement as a Lender thereunder and under each and every other Loan Document to which any Lender is 

  
 3 

 
required to be bound by the Credit Agreement as amended hereby, to the same extent as if such New Lender were an original signatory thereto. Each New Lender hereby appoints and authorizes the
Administrative Agent to take such action as agent on its behalf and to exercise such powers and discretion under the Credit Agreement as amended hereby as are delegated to the Administrative Agent by the terms thereof, together with such powers and
discretion as are reasonably incidental thereto. Each New Lender represents and warrants that (a) it has full power and authority, and has taken all action necessary, to execute and deliver this Fourth Amendment, to consummate the transactions
contemplated hereby and to become a party to, and a Lender under, the Credit Agreement as amended hereby, (b) it has received a copy of the Credit Agreement and copies of the most recent financial statements delivered pursuant to
Section 8.01 thereof, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Fourth Amendment and to become a Lender on the basis of which it has made such analysis
and decision independently and without reliance on the Administrative Agent or any other Lender, and (c) from and after the Fourth Amendment Effective Date, it shall be a party to and be bound by the provisions of the Credit Agreement as
amended hereby and the other Loan Documents and have the rights and obligations of a Lender thereunder. 

Section 6.     Return of Promissory Notes. Promptly upon receipt of any replacement Note
under Section 4.3 hereof, each Lender shall return to the Administrative Agent (for delivery to the Borrower for cancellation) any other Note in such Lender’s possession that was previously delivered to such Lender under the Credit
Agreement. 
 Section 7.     Representations and Warranties; Etc. Each Loan Party hereby
affirms: (a) that as of the date hereof, all of the representations and warranties contained in each Loan Document to which such Loan Party is a party are true and correct in all material respects as though made on and as of the date hereof
(unless made as of a specific earlier date, in which case, was true as of such date and except to the extent that any such representation and warranty is qualified by materiality, in which case such representation and warranty shall continue to be
true and correct in all respects), (b) no Defaults exist under the Loan Documents or will, after giving effect to this Fourth Amendment, exist under the Loan Documents and (c) no Material Adverse Effect has occurred. 

Section 8.     Miscellaneous. 

8.1     Confirmation and Effect. The provisions of the Credit Agreement (as amended by this Fourth
Amendment) shall remain in full force and effect in accordance with its terms following the effectiveness of this Fourth Amendment. Each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”,
“herein”, or words of like import shall mean and be a reference to the Credit Agreement as amended hereby, and each reference to the Credit Agreement in any other document, instrument or agreement executed and/or delivered in connection
with the Credit Agreement shall mean and be a reference to the Credit Agreement as amended hereby. 

8.2     Ratification and Affirmation of Loan Parties. Each of the Loan Parties hereby expressly
(a) acknowledges the terms of this Fourth Amendment, (b) ratifies and affirms its obligations under the Guaranty Agreement and the other Loan Documents to which it is a party, 

  
 4 

 
as amended hereby, (c) acknowledges, renews and extends its continued liability under the Guaranty Agreement and the other Loan Documents to which it is a party, as amended hereby,
(d) ratifies and affirms all Liens granted by it pursuant to the Loan Documents to secure the Indebtedness (except to the extent that such Liens have been released in accordance with the Loan Documents) and (e) agrees that its guarantee
under the Guaranty Agreement and the other Loan Documents to which it is a party remains in full force and effect with respect to the Indebtedness. 

8.3     Counterparts. This Fourth Amendment may be executed by one or more of the parties hereto in
any number of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of this Fourth Amendment by facsimile or electronic (e.g., pdf) transmission shall be effective as
delivery of a manually executed original counterpart hereof. 
 8.4     No Oral Agreement.
THIS WRITTEN FOURTH AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN
DOCUMENTS EXECUTED IN CONNECTION HEREWITH AND THEREWITH REPRESENT THE FINAL
AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE
OF PRIOR, CONTEMPORANEOUS, OR UNWRITTEN ORAL AGREEMENTS OF THE PARTIES. THERE
ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 

8.5     Governing Law. THIS FOURTH AMENDMENT
(INCLUDING, BUT NOT LIMITED TO, THE VALIDITY AND ENFORCEABILITY HEREOF) SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK. 
 8.6     Payment of
Expenses. The Borrower agrees to pay or reimburse the Administrative Agent for all of its out-of-pocket costs and expenses incurred in connection with this Fourth Amendment, any other documents prepared in connection herewith and the
transactions contemplated hereby, including, without limitation, the reasonable fees and disbursements of counsel to the Administrative Agent. 

8.7     Severability. Any provision of this Fourth Amendment which is prohibited or unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. 
 8.8     Successors
and Assigns. This Fourth Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 

[Signature pages follow] 

  
 5 

 IN WITNESS WHEREOF, the parties hereto have caused this Fourth Amendment to be
duly executed effective as of the date first written above. 
  

									
	 BORROWER:
				 MEMORIAL RESOURCE DEVELOPMENT CORP.,

					 a Delaware corporation

				
					 By:
		 /s/ Andrew J.
Cozby                                        
        

					 Name:
		 Andrew J. Cozby

					 Title:
		 Senior Vice President and Chief Financial Officer

			
	 GUARANTORS:
				 MEMORIAL RESOURCE FINANCE CORP.

				
					 By:
		 /s/ Andrew J.
Cozby                                        
        

					 Name:
		 Andrew J. Cozby

					 Title:
		 Vice President and Chief Financial Officer

			
					 MRD OPERATING LLC

							 By:
		 Memorial Resource Development Corp.,

									 its sole member

					 BETA OPERATING COMPANY, LLC

							 By:
		 Memorial Resource Development Corp.,

									 its sole member

					
							 By:
		 /s/ Andrew J.
Cozby                                      

							 Name:
		 Andrew J. Cozby

							 Title:
		 Senior Vice President and Chief Financial Officer

  
 [Signature Page to Fourth
Amendment to Credit Agreement 
 Memorial Resource Development Corp.] 

					
	 ADMINISTRATIVE AGENT
		 BANK OF AMERICA, N.A., as Administrative Agent

	 AND LENDER:
				
			
			 By:
		 /s/ Denise Jones

			 Name:
		 Denise Jones

			 Title:
		 Assistant Vice President

		
			 BANK OF AMERICA, N.A., as a Lender

			
			 By:
		 /s/ Raza Jafferi

			 Name:
		 Raza Jafferi

			 Title:
		 Vice President

  

  
 [Signature Page to Fourth
Amendment to Credit Agreement 
 Memorial Resource Development Corp.] 

					
	 LENDER:
		 CITIBANK, N.A., as a Lender

			
			 By:
		 /s/ Phil Ballard

			 Name:
		 Phil Ballard

			 Title:
		 Vice President

  

  
 [Signature Page to Fourth
Amendment to Credit Agreement 
 Memorial Resource Development Corp.] 

					
	 LENDER:
		 JPMORGAN CHASE BANK, N.A., as a Lender

			
			 By:
		 /s/ Theresa M. Benson

			 Name:
		 Theresa M. Benson

			 Title:
		 Authorized Officer

  

  
 [Signature Page to Fourth
Amendment to Credit Agreement 
 Memorial Resource Development Corp.] 

					
	 LENDER:
		 BMO HARRIS BANK, N.A., as a Lender

			
			 By:
		 /s/ Matthew Davis

			 Name:
		 Matthew Davis

			 Title:
		 Vice President

  

  
 [Signature Page to Fourth
Amendment to Credit Agreement 
 Memorial Resource Development Corp.] 

					
	 LENDER:
		 COMERICA BANK, as a Lender

			
			 By:
		 /s/ Jeffery Treadway

			 Name:
		 Jeffery Treadway

			 Title:
		 Senior Vice President

  

  
 [Signature Page to Fourth
Amendment to Credit Agreement 
 Memorial Resource Development Corp.] 

					
	 LENDER:
		 CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Lender

			
			 By:
		 /s/ Ting Lee

			 Name:
		 Ting Lee

			 Title:
		 Director

			
			 By:
		 /s/ Mark A. Rocko

			 Name:
		 Mark A. Rocko

			 Title:
		 Managing Director

  

  
 [Signature Page to Fourth
Amendment to Credit Agreement 
 Memorial Resource Development Corp.] 

					
	 LENDER:
		 NATIXIS, NEW YORK BRANCH, as a Lender

			
			 By:
		 /s/ Louis P. Laville, III

			 Name:
		 Louis P. Laville, III

			 Title:
		 Managing Director

			
			 By:
		 /s/ Stuart Murray

			 Name:
		 Stuart Murray

			 Title:
		 Managing Director

  
 [Signature Page to Fourth
Amendment to Credit Agreement 
 Memorial Resource Development Corp.] 

					
	 LENDER:
		 MUFG UNION BANK, N.A., as a Lender

			
			 By:
		 /s/ Stacy Goldstein

			 Name:
		 Stacy Goldstein

			 Title:
		 Vice President

  

  
 [Signature Page to Fourth
Amendment to Credit Agreement 
 Memorial Resource Development Corp.] 

					
	 LENDER:
		 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as a Lender

			
			 By:
		 /s/ Shiloh Davila

			 Name:
		 Shiloh Davila

			 Title:
		 Vice President

  
 [Signature Page to Fourth
Amendment to Credit Agreement 
 Memorial Resource Development Corp.] 

					
	 LENDER:
		 BARCLAYS BANK PLC, as a Lender

			
			 By:
		 /s/ Luke Syme

			 Name:
		 Luke Syme

			 Title:
		 Assistant Vice President

  

  
 [Signature Page to Fourth
Amendment to Credit Agreement 
 Memorial Resource Development Corp.] 

					
	 LENDER:
		 ING CAPITAL LLC, as a Lender

			
			 By:
		 /s/ Charles Hall

			 Name:
		 Charles Hall

			 Title:
		 Managing Director

			
			 By:
		 /s/ Josh Strong

			 Name:
		 Josh Strong

			 Title:
		 Director

  

  
 [Signature Page to Fourth
Amendment to Credit Agreement 
 Memorial Resource Development Corp.] 

					
			 LENDER: ROYAL BANK OF CANADA, as a Lender

			
			 By:
		 /s/ Mark Lumpkin, Jr.

			 Name:
		 Mark Lumpkin, Jr.

			 Title:
		 Authorized Signatory

  

  
 [Signature Page to Fourth
Amendment to Credit Agreement 
 Memorial Resource Development Corp.] 

					
	 LENDER:
		 COMMONWEALTH BANK OF AUSTRALIA, as a

Lender

			
			 By:
		 /s/ Jonathan E. Verlander

			 Name:
		 Jonathan E. Verlander

			 Title:
		 Head of Reserve Based Lending, Americas

  

  
 [Signature Page to Fourth
Amendment to Credit Agreement 
 Memorial Resource Development Corp.] 

							
	LENDER:				CAPITAL ONE, NATIONAL ASSOCIATION, as a Lender
				
					By:		 /s/ Michael Higgins

					Name:		 Michael Higgins

					Title:		 Director

  
 [Signature Page to Fourth
Amendment to Credit Agreement 
 Memorial Resource Development Corp.] 

							
	 LENDER:
				 ASSOCIATED BANK, N.A., as a Lender

				
					 By:
		 /s/ Elizabeth Sarazen

					 Name:
		 Elizabeth Sarazen

					 Title:
		 Portfolio Manager

  
 [Signature Page to Fourth
Amendment to Credit Agreement 
 Memorial Resource Development Corp.] 

							
	LENDER:				THE BANK OF NOVA SCOTIA, as a Lender
				
					By:		 /s/ Terry Donovan

					Name:		 Terry Donovan

					Title:		 Managing Director

  
 [Signature Page to Fourth
Amendment to Credit Agreement 
 Memorial Resource Development Corp.] 

							
	LENDER:				SOVEREIGN BANK, as a Lender
				
					By:		 /s/ Patrick L. Johnson

					Name:		 Patrick L. Johnson

					Title:		 Senior Vice President

  
 [Signature Page to Fourth
Amendment to Credit Agreement 
 Memorial Resource Development Corp.] 

 ANNEX I 

LIST OF MAXIMUM CREDIT AMOUNTS AND ELECTED COMMITMENTS 
  

							
	Name of Lender		
Applicable

Percentage
		
Maximum Credit

Amount
		
Elected

Commitment

	Bank of America, N.A.		9.65517242%		$193,103,448.29		$70,000,000.00
	Citibank, N.A.		6.89655172%		$137,931,034.48		$50,000,000.00
	JPMorgan Chase Bank, N.A.		6.89655172%		$137,931,034.48		$50,000,000.00
	BMO Harris Bank, N.A.		6.89655172%		$137,931,034.48		$50,000,000.00
	Comerica Bank		6.89655172%		$137,931,034.48		$50,000,000.00
	Credit Agricole Corporate and Investment Bank		6.89655172%		$137,931,034.48		$50,000,000.00
	Natixis, New York Branch		6.89655172%		$137,931,034.48		$50,000,000.00
	Union Bank, N.A.		6.89655172%		$137,931,034.48		$50,000,000.00
	Wells Fargo Bank, National Association		6.89655172%		$137,931,034.48		$50,000,000.00
	Barclays Bank PLC		5.17241380%		$103,448,275.86		$37,500,000.00
	ING Capital LLC		5.17241380%		$103,448,275.86		$37,500,000.00
	Royal Bank of Canada		5.17241380%		$103,448,275.86		$37,500,000.00
	Commonwealth Bank of Australia		5.17241380%		$103,448,275.86		$37,500,000.00
	Capital One, National Association		4.48275862%		$89,655,172.42		$32,500,000.00
	Associated Bank, N.A.		4.48275862%		$89,655,172.42		$32,500,000.00
	The Bank of Nova Scotia		3.79310345%		$75,862,068.97		$27,500,000.00
	Sovereign Bank		1.72413793%		$34,482,758.62		$12,500,000.00
	TOTAL		100.00%		$2,000,000,000.00		$725,000,000.00

 Annex IExhibit 10.1

 

CONSULTING
AGREEMENT

 

This
Consulting Agreement (this “Agreement”) is made and entered into to be effective as of April 10, 2015 (the
“Effective Date”), by and between Green Energy Management Services Holdings, Inc., a Delaware corporation (the
“Company”), and Barrett Capital Corporation, a New York corporation (the “Consultant”).

 

WHEREAS,
the Company desires to retain the Consultant and its President, Barry P. Korn, as an independent consultant to provide certain
services to the Company in connection with its transition into the legal cannabis business.

 

NOW,
THEREFORE, in consideration of the premises and promises, warranties and representations herein contained, and for other good
and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, it is agreed as follows:

 

1.       Engagement.
(a) The Company hereby engages the Consultant on a non-exclusive basis, and the Consultant hereby accepts engagement
as a consultant, to (i) provide certain services to the Company as an advisor as the Company’s Board of Directors (the “Board”)
shall from time to time request from the Consultant (the “Advisory Services”) and (ii) assist the Company with
obtaining one or more Financings (as defined below), on the terms and conditions set forth in this Agreement. The Consultant agrees
to promptly perform all services required of the Consultant hereunder in an efficient, professional, trustworthy and businesslike
manner. In such capacity, the Consultant will utilize only materials, reports, financial information or other documentation that
is approved in writing in advance by the Company. It is understood, however, that the Consultant will maintain his, her or its
own business in addition to providing the Services (as defined below) to the Company.

 

In
consideration of the Advisory Fee (as defined below), the Consultant shall cause its President, Barry P. Korn, to serve as a member
of the Board, Interim Chairman of the Board, and Interim CEO and Acting CFO of the Company (such services, together with the Advisory
Services, the “Services”). Mr. Korn hereby accepts such appointment and agrees to undertake the duties and
responsibilities inherent in such positions and such other duties and responsibilities as the Board shall from time to time reasonably
assign to Mr. Korn.

 

(b)       The parties and Mr. Korn agree that upon the written instructions of the Board or the Company’s designated individual
instructing for Mr. Korn to resign from any of his offices or positions with the Company, Mr. Korn shall, and the Consultant shall
cause Mr. Korn to, automatically resign from any such offices or positions on the effective date of such resignation, without
the necessity of any actions by the Consultant or Mr. Korn. The Consultant understands and acknowledges that this Section 1(b)
is a material inducement to the making of this Agreement and that if the Consultant or Mr. Korn violates the terms of this Section
1(b), the Company will be entitled to (i) stop paying any Fees due hereunder and (ii) pursue any legal and equitable remedies,
including without limitation, the right to recover damages (including but not limited to any amounts paid and/or owing under this
Agreement) and to seek injunctive relief.

 

    	1

    	 

    

 

2.       Fees.
As compensation for the Services hereunder, the Company shall pay the Consultant the following fees: (i) an advisory fee (the
“Advisory Fee”) of (x) $5,000 per month which payment shall commence to accrue on the business day that is
immediately after the date that the Company files its Annual Report on Form 10-K with the Securities and Exchange Commission (the
“Filing Date”), and shall be payable in accordance with the Company’s standard payroll practice (provided
that the parties agree that on or before the Filing Date, the Company shall make a prepayment of $10,000 to the Consultant towards
the monthly Advisory Fee), and (ii) warrants to purchase 1,000,000 common shares (the “Warrants”) of the Company’s
common stock, $0.0001 par value per share (the “Common Stock”), at exercise price per share equal to the closing market
price of the Common Stock on the date that this Agreement if fully executed. The Warrants shall be considered earned on the date
that is ninety (90) days from the date of the execution of this Agreement; provided that if this Agreement is terminated by the
Company prior thereto, the Consultant shall be entitled only to a pro-rata portion of the Warrants. In addition, the Company shall
pay to the Consultant a success fee, in an amount to be agreed to by the parties (the “Success Fee”) based
on the total amount of gross proceeds received by the Company from a funded Financing provided by a Funding Source (based on the
amount of the Financing actually received by the Company at such time or a future time, as provided in Section 3 hereof) during
the Term. Upon receipt of any Financing, including any additional Financing or increases to the amount of consummated Financing,
from a Funding Source during the Term or two (2) years after the closing of such Financing, the Company and/or its affiliate shall
pay the Success Fee to the Consultant in the amount to be agreed to by the parties. The Success Fee will be earned, due and payable
to the Consultant upon the closing of any Financing and the Company’s actual receipt of the full proceeds of the Financing.

 

In
connection with the acquisition of the Warrants, the Consultant hereby agrees to warranties, representations, covenants and acknowledgements
set forth in Exhibit A hereto. Exhibit A shall be considered a part of this Agreement and Release and is incorporated
herein.

 

“Affiliate”
shall mean (i) any person or entity which now or at any time hereafter controls, is controlled by or is under common control with
the Company or (ii) any successor entity, whether by merger, consolidation, acquisition or otherwise acquires all or substantially
all of the assets of the Company. “Financing” shall mean any loan, indebtedness for borrowed money or investment,
fully funded (or if a forward commitment, when such commitment is actually funded), whether unsecured or secured by the Company’s
or its Affiliate’s collateral, or in any other entity which, directly or indirectly owns or controls all or any part of
the collateral or any interest or estate therein. “Funding Source” shall mean any person or entity that is
directly introduced by the Consultant or Mr. Korn to the Company that provides a Financing to the Company or its Affiliates; provided
that if the Company had previously corresponded with the Funding Source or knew of the Funding Source, its representative(s) or
the Funding Source’s existence, it shall not be considered a Funding Source for purposes of this Agreement; provided, further,
that the Consultant or Mr. Korn or any of their affiliates shall not be considered a Funding Source and the Consultant and Mr.
Korn shall not be entitled to any Success Fee or any other compensation from such financing. Any prospective Funding Sources shall
be disclosed by the Consultant to the Company a reasonable time in advance prior to any commending any negotiations with such
party; and the Consultant specifically agrees to exclude Sandy Spring Bank from the definition Funding Source.

 

3.       Confidentiality.
The Consultant agrees that it is receiving the Confidential Information solely for the purpose of performing the Services
hereunder and that it will not at any time during such evaluation or thereafter: (i) use any Confidential Information for any
other purpose or (ii) discuss, disclose or otherwise transfer any Confidential Information to any person or entity, provided that the Consultant shall be permitted to discuss, distribute or otherwise transfer such Confidential Information to his,
her or its employees, agents, counsel, advisors, professional consultants and accountants (collectively, the “Representatives”)
who, in each such case, have a specific need to know such Confidential Information, and who have been advised of the terms of
this Agreement, and the Consultant shall require them to be bound by terms substantially similar to those of this Agreement, prior
to any disclosure of Confidential Information to any such persons, and such persons will use the Confidential Information solely
for the purpose of performing the Services hereunder. The Consultant may disclose Confidential Information to the extent required
by law, subpoena or other legal process, regulatory authority or court order; provided that in such event of compelled disclosure,
the Consultant shall provide to the Company reasonable advance written notice of the requirement to disclose the Confidential
Information and shall cooperate with the Company to limit such disclosure to the extent permitted.

 

    	2

    	 

    

 

Any
and all information about (or relating to) the existence and nature of the Potential Transactions, and any products, product plans,
services, trade secrets and know-how, software, technology, business plans, creative designs and concepts, financial statements,
projections, existing or proposed projects, suppliers, supplier lists, customers, customer lists, employees lists, markets, pricing,
purchase records, sale records, identity of and dealings with clients, marketing, existing and future investments (direct and
indirect), investment ideas, investment trading systems and models, algorithms, formulas, patterns and compilations of information,
strategies, processes, methodologies or trade secrets, in each case, of any party or related to the Services, in whatever form,
from whatever source and whenever such information is received by the Consultant, shall be deemed confidential and shall be collectively
referred to in this Agreement as “Confidential Information”. Notwithstanding the foregoing, the term “Confidential
Information” shall not include information which: (a) was in the Consultant’s possession prior to disclosure by the
Consultant, (b) becomes publicly available without violation of this Agreement or by any fault of the Consultant or its Representatives,
(c) becomes lawfully available from a third party, (d) is or has been independently developed by the Consultant without violation
of the terms of this Agreement or reference or access to any Confidential Information, or (e) is approved for disclosure by written
authorization of the Company.

 

4.       Independent
Contractor Status. The Consultant understands that since the Consultant is not an employee of the Company, the Company
will not withhold income taxes or pay any employee taxes on his, her or its behalf, nor will he, she or it receive any fringe
benefits. The Consultant shall not have any authority to assume or create any obligations, express or implied, on behalf of the
Company and shall have no authority to represent the Company as agent, employee or in any other capacity that as herein provided.

 

5.       Termination.
The term of this Agreement shall commence on April 6, 2015 and shall terminate at midnight Eastern Time on July 31, 2015 (the
“Term”), unless extended on a month to month basis mutually by the parties in writing, or as otherwise agreed
to by the parties. Notwithstanding the foregoing, the Company may terminate this Agreement at any time for any reason prior to
the end of the Term by providing the Consultant 30 days’ prior written notice. Prior to the end of the Term, the Consultant
shall not be able to terminate this Agreement for any reason, except as may be mutually agreed to by the parties.

 

6.       Cooperation;
Non-Disclosure.  The Company agrees to use its best efforts to work together with the Consultant as an advisor in connection
with seeking any Financing from a Funding Source; provided that neither the Consultant nor Mr. Korn shall be entitled to any additional
compensation in connection with such services other than as set forth in this Agreement. The Company agrees not to disclose
or otherwise reveal to any third party the identity, address, telephone numbers, or email addresses of any entities or its representatives,
introduced by the Consultant without its specific written permission or except as may be required by law.

 

8.       Arbitration;
Governing Law. Any dispute arising under this Agreement shall be subject to binding arbitration by a single arbitrator reasonably
agreed to by the parties, in accordance with its relevant industry rules, if any. The parties agree that this Agreement shall
be governed by and construed and interpreted in accordance with the laws of the state of New York. The arbitration shall be held
in New York City, New York. The arbitrator shall have the authority to grant injunctive relief and specific performance to enforce
the terms of this Agreement. Judgment on any award rendered by the arbitrator may be entered in any court of competent jurisdiction.

 

    	3

    	 

    

 

9.       Attorney's
Fees. In the event of any controversy, claim or dispute between the parties hereto, arising out of or in any manner
relating to this Agreement, including an attempt to rescind or set aside, the prevailing party in any action brought to settle
such controversy, claim or dispute shall be entitled to recover reasonable attorney's fees and costs.

 

10.      Indemnification.
(a) The Company agrees to defend, indemnify and hold the Consultant harmless from and against any and all claims, demands,
liabilities, damages and expenses, including, without limitation, reasonable attorney’s fees and reasonable out-of-pocket
expenses, directly arising from any materially incorrect information supplied by the Company, the material and intentional breach
of any representation or warranty by the Company set forth herein or any material information which the Company intentionally
refuses to supply. The Consultant agrees to defend, indemnify and hold the Company harmless from and against any and all claims,
demands, liabilities, damages and expenses, including, without limitation, reasonable attorney’s fees and reasonable out-of-pocket
expenses, directly arising from any materially incorrect information supplied by the Consultant to any Funding Source (provided
that such information didn’t come from the Company), the material and intentional breach of any representation or warranty
by the Consultant set forth herein, any material information which the Consultant intentionally refuses to supply, or any orders,
complaints or actions by any government entity relating to the claim of unlawful practice as a broker-dealer or finder by the
Consultant or Mr. Korn in connection with this Agreement.

 

11.      Miscellaneous.
(a) Each of the parties hereby warrants and represents to the other that, to such party’s actual knowledge: (a) such party
has all requisite authority to execute, deliver and perform its obligations under this Agreement; (b) the Company is not subject
to the jurisdiction of any bankruptcy, reorganization, conservatorship or probate proceeding; and (c) neither such party nor any
person affiliated with such party has made any promise or representations to or agreements with the other party not contained
herein which in any manner affect the parties rights and obligations under this Agreement.

 

(b)      The
Consultant agrees not to express any statements, written or verbal, or cause or encourage others to make any derogatory or damaging
statements, written or verbal, that in any way interfere with their existing or prospective business relationships, or defame
or disparage the personal or business reputation, practices or conduct of the Company and any of its principals, clients, officers,
employees, representative, agents and affiliates. The Consultant understands and acknowledges that this Section 11(b) is a material
inducement to the making of this Agreement and that if it violates the terms of this Section 11(b), the Company will be entitled
to pursue any legal and equitable remedies, including without limitation, the right to recover damages (including but not limited
to any amounts paid and/or owing under this Agreement) and to seek injunctive relief.

 

(c)      If
any term of this Agreement is found to be invalid, unenforceable or contrary to law, it shall be modified to the least extent
necessary to make it enforceable, and the remaining portions of this Agreement will remain in full force and effect. Upon such
determination that any term or other provision is invalid, unenforceable or contrary to law, the parties shall negotiate in good
faith to modify this Agreement so as to effect the original intent of the parties as closely as possible to the fullest extent
permitted by applicable law in an acceptable manner to the end that the transactions contemplated by this Agreement are fulfilled
to the extent possible.

 

(d)      This
Agreement contains the entire understanding of the parties and cannot be altered or amended except by an amendment duly executed
by all parties hereto. This Agreement shall be binding upon and inure to the benefit of the successors, assigns and personal representatives
of the parties.

 

    	4

    	 

    

 

(e)      This
Agreement may be executed in counterparts (each of which shall be deemed to be an original but all of which taken together shall
constitute one and the same agreement) and shall become effective when one or more counterparts have been signed by each of the
parties and delivered to the other party.

 

(f)      The
parties warrant and represent that they are authorized to enter into this Agreement and that no third parties, other than the
parties hereto, have any interest in any of the services contemplated hereby.

 

(g)      Each
party shall be solely responsible for any and all of such party’s expenses incurred in connection with the preparation of,
or performance under, this Agreement.

 

(h)      Neither
the Consultant nor Mr. Korn shall use any of the Company’s (whether its own or licensed) names, trademarks, service marks,
symbols or any abbreviations of the Company, without the prior written consent of the Company.

 

[Signature
page follows]

 

    	5

    	 

    

 

IN
WITNESS WHEREOF, the parties have executed this Agreement as of the Effective Date.

 

	 	GREEN
    ENERGY MANAGEMENT SERVICES HOLDINGS, INC.
	 	  

	 	By:	/s/
    Dr. Robert Thomson
	 	 	Name:
Dr. Robert Thomson

                                                                                     Title:   Interim Chief Executive Officer

 

	 	BARRETT
    CAPITAL CORPORATION
	 	 

	 	By:	/s/
    Barry P. Korn
	 	 	Name:
Barry P. Korn 

        Title:
          President

	 	 	 
	 	Solely
    with respect to Section 1:
	 	 	 
	 	/s/ Barry P. Korn
	 	Barry P. Korn, as individual

 

    	6

    	 

    

 

EXHIBIT
A

 

Investor
Warranties and Representations

 

You
represent and warrant to the Company that, as of the date hereof and the time of such issuance, you (i) will acquire the Warrants
and if exercised, the shares of Common Stock underlying the Warrants (the “Shares”), for investment for your
own account and not with the view to, or for resale in connection with, any distribution thereof; (ii) understand and acknowledge
that the Warrants and the Shares have not been registered under the U.S. Securities Act of 1933, as amended (the “Securities
Act”), or any state or foreign securities laws, by reason of an exemption from the registration provisions of the Securities
Act and applicable state and foreign securities laws; (iii) do not have any contract, undertaking, agreement or arrangement with
any person or entity to sell, transfer or grant participation to any third person with respect to any of the Shares; and (iv)
understand that a limited market for the Common Stock now exists and that there may never be an active public market for the Shares.

 

You
understand that on August 26, 2010, the Company ceased to be a “shell company” as defined in Rule 12b-2 under the
Securities Exchange Act of 1934, as amended (the “Exchange Act”). Pursuant to Rule 144(i), securities issued
by a current or former shell company (such as the Securities) that otherwise meet the holding period and other requirements of
Rule 144 nevertheless cannot be sold in reliance on Rule 144 until one year after the Company (i) is no longer a shell company;
and (ii) has filed current “Form 10 information” (as defined in Rule 144(i)) with the SEC reflecting that it is no
longer a shell company, and provided that at the time of a proposed sale pursuant to Rule 144, the Company is subject to the reporting
requirements of section 13 or 15(d) of the Exchange Act and has filed all reports and other materials required to be filed by
section 13 or 15(d) of the Exchange Act, as applicable, during the preceding 12 months (or for such shorter period that the issuer
was required to file such reports and materials), other than Form 8-K reports. As a result, the restrictive legends on certificates
for the securities cannot be removed except in connection with an actual sale meeting the foregoing requirements or pursuant to
an effective registration statement.

 

You
understand that the certificates or other instruments representing the Warrants and the Shares shall bear a restrictive legend
in substantially the following form (and a stop transfer order may be placed against transfer of such stock certificates):

 

“THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). THESE SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE COMPANY, (B) OUTSIDE THE
UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (C) IN COMPLIANCE WITH RULE 144 OR 144A THEREUNDER,
IF AVAILABLE, AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS, (D) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT, OR
(E) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS, AND
THE HOLDER HAS, PRIOR TO SUCH SALE, FURNISHED TO THE COMPANY AN OPINION OF COUNSEL OR OTHER EVIDENCE OF EXEMPTION, IN EITHER CASE
REASONABLY SATISFACTORY TO THE COMPANY. HEDGING TRANSACTIONS INVOLVING THESE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE
WITH THE SECURITIES ACT.”

 

    	7

    	 

    

 

The
legend set forth above shall be removed and the Company shall issue a certificate without such legend to the holder of the applicable
securities upon which it is stamped, if, unless otherwise required by state securities laws, (i) you and your broker make the
necessary representations and warranties to the Company’s transfer agent for such security that you have complied with the
prospectus delivery requirements in connection with a sale transaction, provided the applicable securities are registered under
the Securities Act, or (ii) prior to a sale transaction, in connection with which you provide the Company with an opinion of counsel
satisfactory to the Company, which opinion shall be in form, substance and scope customary for opinions of counsel in comparable
transactions, to the effect that a public sale, assignment or transfer of the applicable securities may be made without registration
under the Securities Act.

 

 

8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00243-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00243-of-00352.parquet"}]]