Document:

Exhibit 10.6

 

FIRST AMENDED
AND RESTATED

SPONSOR WARRANTS
PURCHASE AGREEMENT

 

THIS FIRST AMENDED
AND RESTATED SPONSOR WARRANTS PURCHASE AGREEMENT, dated as of January 14, 2016 (as it may from time to time be amended and including
all exhibits referenced herein, this “Agreement”), is entered into by and between KLR Energy Acquisition Corp,
a Delaware corporation (the “Company”), and KLR Energy Sponsor, LLC, a Delaware limited liability company (the
“Purchaser”).

 

WHEREAS, on November
19, 2015, the Company and the Purchaser entered into the Sponsor Warrant Purchase Agreement (the “Original Agreement”),
wherein the Purchaser agreed to purchase an aggregate of 12,000,000 warrants (or up to 13,125,000 warrants if the over-allotment
option in connection with the Public Offering (as defined below) is exercised in full), each warrant entitling the holder to purchase
one half of one Share (as defined below) at an exercise price of $5.75 per half Share.

 

WHEREAS, the Company
intends to consummate a public offering of the Company’s units (the “Public Offering”), each unit consisting
of one share of the Company’s Class A common stock, par value $0.0001 per share (a “Share”), and one warrant.
Each warrant entitles the holder to purchase one Share at an exercise price of $11.50 per Share. The Purchaser has agreed to purchase
an aggregate of 7,937,500 warrants (or up to 8,790,625 warrants if the over-allotment option in connection with the Public Offering
is exercised in full) (the “Sponsor Warrants”), each Sponsor Warrant entitling the holder to purchase one Share
at an exercise price of $11.50 per Share.

 

WHEREAS, the Company
and the Purchaser desire to amend and restate the Original Agreement and to enter into this Agreement;

 

NOW THEREFORE, in
consideration of the mutual promises contained in this Agreement and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties to this Agreement hereby, intending legally to be bound, agree as follows:

 

AGREEMENT

 

Section 1. Authorization, Purchase
and Sale; Terms of the Sponsor Warrants.

 

A. Authorization
of the Sponsor Warrants. The Company has duly authorized the issuance and sale of the Sponsor Warrants to the Purchaser.

 

B. Purchase
and Sale of the Sponsor Warrants.

 

(i) As payment in full
for the 7,937,500 Sponsor Warrants being purchased under this Agreement, Purchaser shall pay $6,350,000 (the “Purchase
Price”), by wire transfer of immediately available funds or by such other method as may be reasonably acceptable to the
Company, to the trust account (the “Trust Account”) at a financial institution to be chosen by the Company,
maintained by Continental Stock Transfer & Trust Company, acting as trustee (“Continental”), or into
an escrow account maintained by Ellenoff Grossman & Schole LLP (“EG&S”), counsel for the Company, at
least one (1) business day prior to the date of effectiveness of the registration statement to be filed in connection with the
Public Offering (the “Registration Statement”).

 

(ii) In the event that
the over-allotment option is exercised in full or in part, Purchaser shall purchase up to an additional 853,125 Sponsor Warrants
(the “Additional Sponsor Warrants”), in the same proportion as the amount of the over-allotment option that
is exercised, and simultaneously with such purchase of Additional Sponsor Warrants, as payment in full for the Additional Sponsor
Warrants being purchased hereunder, and at least one (1) business day prior to the closing of all or any portion of the over-allotment
option, Purchaser shall pay $0.80 per Additional Sponsor Warrant, up to an aggregate amount of $682,500, by wire transfer of immediately
available funds or by such other method as may be reasonably acceptable to the Company, to the Trust Account.

 

(iii) The closing of
the purchase and sale of the Sponsor Warrants shall take place simultaneously with the closing of the Public Offering (the “Initial
Closing Date”). The closing of the purchase and sale of the Additional Sponsor Warrants, if applicable, shall take place
simultaneously with the closing of all or any portion of the over-allotment option (such closing date, together with the Initial
Closing Date, each, a “Closing Date”). The closing of the purchase and sale of each of the Sponsor Warrants
and the Additional Sponsor Warrants shall take place at the offices of EG&S, 1345 Avenue of the Americas, New York, New York,
10105, or such other place as may be agreed upon by the parties hereto.

 

     

    	 

    

 

C. Terms
of the Sponsor Warrants.

 

(i) The Sponsor
Warrants shall have their terms set forth in a Warrant Agreement to be entered into by the Company and a warrant agent, in connection
with the Public Offering (a “Warrant Agreement”).

 

(ii) At or prior
to the time of the Initial Closing Date, the Company and the Purchaser shall enter into a registration rights agreement (the “Registration
Rights Agreement”) pursuant to which the Company will grant certain registration rights to the Purchaser relating to
the Sponsor Warrants and the Shares underlying the Sponsor Warrants.

 

Section 2. Representations
and Warranties of the Company.  As a material inducement to the Purchaser to enter into this Agreement and purchase the
Sponsor Warrants, the Company hereby represents and warrants to the Purchaser (which representations and warranties shall survive
the Closing Dates) that:

 

A. Organization
and Corporate Power. The Company is a corporation duly organized, validly existing and in good standing under the laws of the
State of Delaware and is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably be
expected to have a material adverse effect on the financial condition, operating results or assets of the Company. The Company
possesses all requisite corporate power and authority necessary to carry out the transactions contemplated by this Agreement and
the Warrant Agreement.

 

B. Authorization;
No Breach.

 

(i) The execution,
delivery and performance of this Agreement and the Sponsor Warrants have been duly authorized by the Company as of the Closing
Date. This Agreement constitutes the valid and binding obligation of the Company, enforceable in accordance with its terms. Upon
issuance in accordance with, and payment pursuant to, the terms of the Warrant Agreement and this Agreement, the Sponsor Warrants
will constitute valid and binding obligations of the Company, enforceable in accordance with their terms as of the Closing Dates.

 

(ii) The execution
and delivery by the Company of this Agreement and the Sponsor Warrants, the issuance and sale of the Sponsor Warrants, the issuance
of the Shares upon exercise of the Sponsor Warrants and the fulfillment of, and compliance with, the respective terms hereof and
thereof by the Company, do not and will not as of the Closing Dates (a) conflict with or result in a breach of the terms,
conditions or provisions of, (b) constitute a default under, (c) result in the creation of any lien, security interest,
charge or encumbrance upon the Company’s capital stock or assets under, (d) result in a violation of, or (e) require
any authorization, consent, approval, exemption or other action by or notice or declaration to, or filing with, any court or administrative
or governmental body or agency pursuant to the certificate of incorporation or the bylaws of the Company (in effect on the date
hereof or as may be amended prior to completion of the contemplated Public Offering), or any material law, statute, rule or regulation
to which the Company is subject, or any agreement, order, judgment or decree to which the Company is subject, except for any filings
required after the date hereof under federal or state securities laws.

 

C. Title
to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement, the Shares
issuable upon exercise of the Sponsor Warrants will be duly and validly issued, fully paid and nonassessable. Upon issuance in
accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement, the Purchaser will have good title to the
Sponsor Warrants and the Shares issuable upon exercise of such Sponsor Warrants, free and clear of all liens, claims and encumbrances
of any kind, other than (i) transfer restrictions hereunder and under the other agreements contemplated hereby, (ii) transfer
restrictions under federal and state securities laws, and (iii) liens, claims or encumbrances imposed due to the actions of
the Purchaser.

 

     

    	 

    

 

D. Governmental
Consents. No permit, consent, approval or authorization of, or declaration to or filing with, any governmental authority is
required in connection with the execution, delivery and performance by the Company of this Agreement or the consummation by the
Company of any other transactions contemplated hereby.

 

Section 3. Representations
and Warranties of the Purchaser. As a material inducement to the Company to enter into this Agreement and issue and sell
the Sponsor Warrants to the Purchaser, the Purchaser hereby represents and warrants to the Company (which representations and warranties
shall survive the Closing Dates) that:

 

A. Organization
and Requisite Authority. The Purchaser possesses all requisite power and authority necessary to carry out the transactions
contemplated by this Agreement.

 

B. Authorization;
No Breach.

 

(i) This Agreement
constitutes a valid and binding obligation of the Purchaser, enforceable in accordance with its terms, subject to bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium and other laws of general applicability relating to or affecting creditors’
rights and to general equitable principles (whether considered in a proceeding in equity or law).

 

(ii) The execution
and delivery by the Purchaser of this Agreement and the fulfillment of and compliance with the terms hereof by the Purchaser does
not and shall not as of the Closing Dates conflict with or result in a breach by the Purchaser of the terms, conditions or provisions
of any agreement, instrument, order, judgment or decree to which the Purchaser is subject.

 

C. Investment
Representations.

 

(i) The Purchaser
is acquiring the Sponsor Warrants and, upon exercise of the Sponsor Warrants, the Shares issuable upon such exercise (collectively,
the “Securities”), for the Purchaser’s own account, for investment purposes only and not with a view towards,
or for resale in connection with, any public sale or distribution thereof.

 

 (ii) The Purchaser
is an “accredited investor” as such term is defined in Rule 501(a)(3) of Regulation D.

 

(iii) The Purchaser
understands that the Securities are being offered and will be sold to it in reliance on specific exemptions from the registration
requirements of the United States federal and state securities laws and that the Company is relying upon the truth and accuracy
of, and the Purchaser’s compliance with, the representations and warranties of the Purchaser set forth herein in order to
determine the availability of such exemptions and the eligibility of the Purchaser to acquire such Securities.

 

(iv) The Purchaser
did not enter into this Agreement as a result of any general solicitation or general advertising within the meaning of Rule 502(c)
under the Securities Act of 1933, as amended (the “Securities Act”).

 

(v) The Purchaser
has been furnished with all materials relating to the business, finances and operations of the Company and materials relating to
the offer and sale of the Securities which have been requested by the Purchaser. The Purchaser has been afforded the opportunity
to ask questions of the executive officers and directors of the Company. The Purchaser understands that its investment in the Securities
involves a high degree of risk and it has sought such accounting, legal and tax advice as it has considered necessary to make an
informed investment decision with respect to the acquisition of the Securities.

 

(vi) The Purchaser
understands that no United States federal or state agency or any other government or governmental agency has passed on or made
any recommendation or endorsement of the Securities or the fairness or suitability of the investment in the Securities by the Purchaser
nor have such authorities passed upon or endorsed the merits of the offering of the Securities.

 

     

    	 

    

 

(vii) The Purchaser
understands that: (a) the Securities have not been and are not being registered under the Securities Act or any state securities
laws, and may not be offered for sale, sold, assigned or transferred unless (1) subsequently registered thereunder or (2) sold
in reliance on an exemption therefrom; and (b) except as specifically set forth in the Registration Rights Agreement, neither
the Company nor any other person is under any obligation to register the Securities under the Securities Act or any state securities
laws or to comply with the terms and conditions of any exemption thereunder. In this regard, the Purchaser understands that the
Securities and Exchange Commission has taken the position that promoters or affiliates of a blank check company and their transferees,
both before and after an initial business combination, are deemed to be “underwriters” under the Securities Act when
reselling the securities of a blank check company. Based on that position, Rule 144 adopted pursuant to the Securities Act
would not be available for resale transactions of the Securities despite technical compliance with the certain requirements of
such Rule, and the Securities can be resold only through a registered offering or in reliance upon another exemption from the registration
requirements of the Securities Act.

 

(viii) The Purchaser
has such knowledge and experience in financial and business matters, knowledge of the high degree of risk associated with investments
in the securities of companies in the development stage such as the Company, is capable of evaluating the merits and risks of an
investment in the Securities and is able to bear the economic risk of an investment in the Securities in the amount contemplated
hereunder for an indefinite period of time. The Purchaser has adequate means of providing for its current financial needs and contingencies
and will have no current or anticipated future needs for liquidity which would be jeopardized by the investment in the Securities.
The Purchaser can afford a complete loss of its investments in the Securities.

 

Section 4.
Conditions of the Purchaser’s Obligations. The obligations of the Purchaser to purchase and pay for the Sponsor
Warrants are subject to the fulfillment, on or before the Closing Dates, of each of the following conditions:

 

A. Representations
and Warranties. The representations and warranties of the Company contained in Section 2 shall be true and correct at
and as of the Closing Dates as though then made.

 

B. Performance.
The Company shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that
are required to be performed or complied with by it on or before the Closing Dates.

 

C. No Injunction.
No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority
over the matters contemplated hereby, which prohibits the consummation of any of the transactions contemplated by this Agreement
or the Warrant Agreement.

 

D. Warrant
Agreement. The Company shall have entered into a Warrant Agreement with a warrant agent on terms satisfactory to the Purchaser.

 

Section 5.
Conditions of the Company’s Obligations. The obligations of the Company to the Purchaser under this Agreement are
subject to the fulfillment, on or before the Closing Dates, of each of the following conditions:

 

A. Representations
and Warranties. The representations and warranties of the Purchaser contained in Section 3 shall be true and correct at
and as of the Closing Dates as though then made.

 

B. Performance.
The Purchaser shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that
are required to be performed or complied with by the Purchaser on or before the Closing Dates.

 

C. No Injunction.
No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority
over the matters contemplated hereby, which prohibits the consummation of any of the transactions contemplated by this Agreement
or the Warrant Agreement.

 

D. Warrant
Agreement. The Company shall have entered into a Warrant Agreement with a warrant agent on terms satisfactory to the Company.

 

     

    	 

    

 

Section 6.
Termination. This Agreement may be terminated at any time after June 30, 2016 upon the election by either the Company
or a Purchaser entitled to purchase a majority of the Sponsor Warrants upon written notice to the other parties if the closing
of the Public Offering does not occur prior to such date.

 

Section 7.
Survival of Representations and Warranties. All of the representations and warranties contained herein shall survive the
Closing Dates.

 

Section 8.
Definitions. Terms used but not otherwise defined in this Agreement shall have the meaning assigned to such terms in the
registration statement on Form S-1 the Company plans to file with the Securities and Exchange Commission, under the Securities
Act.

 

Section 9.
Miscellaneous.

 

A. Successors
and Assigns. Except as otherwise expressly provided herein, all covenants and agreements contained in this Agreement by or
on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors of the parties hereto whether
so expressed or not. Notwithstanding the foregoing or anything to the contrary herein, the parties may not assign this Agreement,
other than assignments by the Purchaser to affiliates thereof.

 

B. Severability.
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be
ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.

 

C. Counterparts.
This Agreement may be executed simultaneously in two or more counterparts, none of which need contain the signatures of more than
one party, but all such counterparts taken together shall constitute one and the same agreement.

 

D. Descriptive
Headings; Interpretation. The descriptive headings of this Agreement are inserted for convenience only and do not constitute
a substantive part of this Agreement. The use of the word “including” in this Agreement shall be by way of example
rather than by limitation.

 

E. Governing
Law. This Agreement shall be deemed to be a contract made under the laws of the State of Delaware and for all purposes shall
be construed in accordance with the internal laws of the State of Delaware.

 

F. Amendments.
This letter agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed
by all parties hereto.

 

[Signature page
follows]

 

     

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement to be effective as of the date first set forth above.

 

	 	COMPANY:
	 	 
	 	KLR ENERGY ACQUISITION CORP.
	 	 
	 	By:	/s/ Edward Kovalik
	 	Name: Edward Kovalik
	 	Title: President
	 	 
	 	PURCHASER:
	 	 
	 	KLR ENERGY SPONSOR, LLC
	 	 
	 	By: KLR Group Investments, LLC, its Managing Member
	 	 	 
	 	By:	/s/ Gregory Dow
	 	Name: 	Gregory Dow
	 	Title:	
        Chief Operating OfficerExhibit 10.8

 

 

September 21, 2015

 

Gary C. Hanna

2633 Pemberton Drive

Houston, TX 77005

 

Dear Gary:

 

We are pleased to offer
you a position as Chief Executive Officer of KLR Energy Acquisition Corp. (the “Company”). You will not receive a salary
or a bonus from the Company for positions held with the Company or any of its affiliates except as set forth in any separate agreement
with KLR Energy Sponsor, LLC.

 

You will be eligible
and entitled to participate in any 401(k) plans of the Company and in group medical, dental, life and insurance plans or programs
of the Company, if any, all in accordance with the terms and conditions of the applicable plan documents. You will also be entitled
to such other fringe benefits and conditions of employment, including without limitation, customary holidays and vacation, as appropriate
for an employee of comparable rank, which may be amended from time to time. All amounts of compensation paid to you shall be paid
subject to applicable taxes, deductions and withholdings.

 

Your employment and
all of the above compensation and benefits are and shall remain expressly conditioned upon your attaining and maintaining all appropriate
licenses necessary for you to conduct the functions of your job at the Company, satisfactory completion of employment and education
checks, a criminal background check, verification of your identity and authorization to legally work in the United States, and
your continuing compliance with the securities compliance rules of the Company, the Constitution, and the rules and regulations
of the Securities and Exchange Commission, national and regional exchanges, clearing corporations, and all other federal and state
authorities or regulatory agencies having jurisdiction over your business conduct, as may be in force from time to time.

 

You hereby irrevocably
waive any and all right, title, interest, causes of action and claims of any kind (each, a “Claim”) in or to, and any
and all right to seek payment of any amounts due to you out of, the trust account established for the benefit of the public shareholders
of the Company and into which substantially all of the proceeds of the Company’s initial public offering will be deposited
(the “Trust Account”), and hereby irrevocably waive any Claim you may have in the future as a result of, or arising
out of, this agreement, which Claim would reduce, encumber or otherwise adversely affect the Trust Account or any monies or other
assets in the Trust Account, and further agree not to seek recourse, reimbursement, payment or satisfaction of any Claim against
the Trust Account or any monies or other assets in the Trust Account for any reason whatsoever.

 

KLR
Energy Acquisition Corp.  811 Main Street, 18th
Floor, Houston, TX 10174 Tel: 713-654-8080

  

     

     

    

  

Both during and after
your employment with the Company, you shall keep secret and maintain in strictest confidence, and shall not use for the benefit
of yourself or others except in connection with the business of the Company, all information or materials relating to the actual
or prospective business of the Company or its affiliates (and all information or material received from others in the course of
the Company’s actual or prospective business) which is obtained by you in the course of your employment with the Company
and is not otherwise publicly available (provided that you were not responsible, directly or indirectly, for such information
entering the public domain without the Company’s consent). Promptly upon your resignation or termination, you shall surrender
to the Company all documents, work papers, lists, memoranda, records and other data (including all copies) constituting or pertaining
in any way to any of the foregoing information. If you resign or are terminated for any reason, then for one year following the
date of your resignation or termination you agree not to solicit, attempt to solicit, or encourage any employee to leave the employment
of the Company or its affiliates, and not to interfere with or disrupt any other then existing contractual relationship (so long
as it continues to exist during the one year period set forth above) between the Company or its affiliates and any other person
or entity. In addition, if you resign or are terminated for cause, then (i) for six months following the date of your resignation
or termination you agree not to solicit or participate in the solicitation of any part of the business of the Company or its affiliates
from any person or entity which was a client of the Company or its affiliates at the time of your resignation or termination, and
(ii) for three months following the date of your resignation or termination you agree not to solicit or participate in the solicitation
of any part of the business of the Company or its affiliates from any person or entity which is a prospective client of the Company
or its affiliates.

 

In accepting this offer,
you represent and warrant to the Company that you are not subject to any agreement or understanding with any current or prior employer
or business (or any other entity or person) which would in any manner preclude you from fulfilling any of the duties or obligations
you would have with the Company or which would result in any additional payment from the Company, other than the non-solicitation
and other business activities provisions set forth in Sections 10(b) and 10(c) of the Consulting Agreement between you and Energy
XXI (Bermuda) Limited, dated as of April 15, 2014. You further recognize and agree that, to the extent you possess any confidential,
proprietary or trade secret information of a third party, you may not and shall not use or disclose such information in performing
your duties for the Company.

 

This
offer letter shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements
made and to be fully performed therein. This offer letter contains all of the terms of your employment
on which we have agreed, and cannot be changed except by in writing signed by both parties. Nothing in this offer letter changes
the fact that you are an at-will employee. This offer letter supersedes all prior verbal and/or written communication between you
and the Company with respect to the subject matter hereof.

 

Your first day of employment
with the Company will be September 21, 2015, or as soon thereafter as you and we agree.

 

	 	Sincerely,
	 	 
	 	/s/ Edward Kovalik
	 	Edward Kovalik
	 	President

 

	Accepted as of the date first set forth above:	 
	 	 
	/s/ Gary C. Hanna	 
	Gary C. Hanna	 

 

    	 	2

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