Document:

NEITHER THE ISSUANCE AND SALE OF THE
SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE HAVE BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE,
SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL TO THE HOLDER (IF REQUESTED BY THE COMPANY), IN A FORM REASONABLY ACCEPTABLE
TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD OR ELIGIBLE TO BE SOLD PURSUANT TO RULE 144
OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN
ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

 

American Standard Energy Corp.

 

Amended
and Restated Warrant To Purchase Common Stock

 

Warrant No.:

Date of Issuance: July 23, 2012 (“Issuance
Date”)

 

American Standard Energy
Corp., a Delaware corporation (the “Company”), hereby certifies that, for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, [_____], the registered holder hereof or its permitted assigns
(the “Holder”), is entitled, subject to the terms set forth below, to purchase from the Company, at the Exercise
Price (as defined below) then in effect, upon exercise of this Amended and Restated Warrant to Purchase Common Stock (including
any Warrants to Purchase Common Stock issued in exchange, transfer or replacement hereof, the “Warrant”), at
any time or times on or after the Issuance Date, but not after 11:59 p.m., New York time, on the Expiration Date (as defined below),_______
(____) (subject to adjustment as provided herein) fully paid and non-assessable shares of Common Stock (as defined below) (the
“Warrant Shares”). Except as otherwise defined herein, capitalized terms in this Warrant shall have the meanings
set forth in Section 16.

 

Pursuant to the terms
of a Modification Agreement by and among the Company and the Holder dated July 23, 2012, this Amended and Restated Warrant (the
“Modification Warrant”) amends and restates in its entirety that certain Warrant No. _, issued February 9, 2012
(the “Original Warrant”), by the Company in favor of the Holder, which Original Warrant was issued pursuant
to that certain Note and Warrant Purchase Agreement, dated as of February 9, 2012 and as amended on July 23, 2012, by and among
the Company, ASEN 2, Corp., a Delaware corporation, and the Holder (the “Purchase Agreement”).

 

    	 

    	 

    

 

	1.	EXERCISE OF WARRANT.

 

(a)           Mechanics
of Exercise. Subject to the terms and conditions hereof, this Warrant may be exercised by the Holder on any day on or after
the Issuance Date, in whole or in part, by delivery (whether via facsimile or otherwise) of a written notice, in the form attached
hereto as Exhibit A (the “Exercise Notice”), of the Holder’s election to exercise this Warrant.
Within one (1) Trading Day following an exercise of this Warrant as aforesaid, the Holder shall deliver payment to the Company
of an amount equal to the Exercise Price in effect on the date of such exercise multiplied by the number of Warrant Shares as to
which this Warrant was so exercised (the “Aggregate Exercise Price”) in cash or via wire transfer of immediately
available funds. The Holder shall not be required to deliver the original of this Warrant in order to effect an exercise hereunder.
Execution and delivery of an Exercise Notice with respect to less than all of the Warrant Shares shall have the same effect as
cancellation of the original of this Warrant and issuance of a new Warrant evidencing the right to purchase the remaining number
of Warrant Shares. Execution and delivery of an Exercise Notice for all of the then-remaining Warrant Shares shall have the same
effect as cancellation of the original of this Warrant after delivery of the Warrant Shares in accordance with the terms hereof.
On or before the first (1st) Trading Day following the date on which the Company has received an Exercise Notice, the Company shall
transmit by facsimile an acknowledgment of confirmation of receipt of such Exercise Notice, in the form attached hereto as Exhibit
B, to the Holder and the Company’s transfer agent (the “Transfer Agent”). On or before the third (3rd)
Trading Day following the date on which the Company has received such Exercise Notice, the Company shall (X) provided that the
Transfer Agent is participating in The Depository Trust Company (“DTC”) Fast Automated Securities Transfer Program,
upon the request of the Holder, credit such aggregate number of shares of Common Stock to which the Holder is entitled pursuant
to such exercise to the Holder’s or its designee’s balance account with DTC through its Deposit/ Withdrawal at Custodian
system, or (Y) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, issue and deliver
to the Holder or, at the Holder’s instruction pursuant to the Exercise Notice, the Holder’s agent or designee, in each
case, sent by reputable overnight courier to the address as specified in the applicable Exercise Notice, a certificate, registered
in the Company’s share register in the name of the Holder or its designee (as indicated in the applicable Exercise Notice),
for the number of shares of Common Stock to which the Holder is entitled pursuant to such exercise. Upon delivery of an Exercise
Notice, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect
to which this Warrant has been exercised, irrespective of the date such Warrant Shares are credited to the Holder’s DTC account
or the date of delivery of the certificates evidencing such Warrant Shares (as the case may be). If this Warrant is submitted in
connection with any exercise pursuant to this Section 1(a) and the number of Warrant Shares represented by this Warrant submitted
for exercise is greater than the number of Warrant Shares being acquired upon an exercise, then, at the request of the Holder,
the Company shall as soon as practicable and in no event later than three (3) Business Days after any exercise and at its own expense,
issue and deliver to the Holder (or its designee) a new Warrant (in accordance with Section 7(d)) representing the right to purchase
the number of Warrant Shares purchasable immediately prior to such exercise under this Warrant, less the number of Warrant Shares
with respect to which this Warrant is exercised. No fractional shares of Common Stock are to be issued upon the exercise of this
Warrant, but rather the number of shares of Common Stock to be issued shall be rounded up to the nearest whole number. The Company
shall pay any and all taxes and fees which may be payable with respect to the issuance and delivery of Warrant Shares to the Holder
upon exercise of this Warrant. Notwithstanding the foregoing, the Company’s failure to deliver Warrant Shares to the Holder
on or prior to the second (2nd) Trading Day after the Company’s receipt of the Aggregate Exercise Price shall not be deemed
to be a breach of this Warrant.

 

(b)           Exercise
Price. For purposes of this Warrant, “Exercise Price” means $2.25, subject to adjustment as provided herein.

 

(c)           Company’s
Failure to Timely Deliver Securities. If the Company shall fail, for any reason or for no reason, to issue to the Holder within
the later of (i) three (3) Trading Days after receipt of the applicable Exercise Notice (or four (4) Trading Days if the Exercise
Notice is delivered after 5:00 P.M., New York City time, on the Exercise Date) and (ii) two (2) Trading Days after the Company’s
receipt of the Aggregate Exercise Price (or three (3) Trading Days if the Company receives the Aggregate Exercise Price after 5:00
P.M., New York City time, on the Exercise Date) (such later date, the “Share Delivery Deadline”), a certificate
for the number of shares of Common Stock to which the Holder is entitled and register such shares of Common Stock on the Company’s
share register or to credit the Holder’s balance account with DTC for such number of shares of Common Stock to which the
Holder is entitled upon the Holder’s exercise of this Warrant (as the case may be) (A) the Holder shall have the right to
rescind its exercise or (B) if on or after such Share Delivery Deadline the Holder purchases (in an open market transaction or
otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Holder of all or any portion of the number of shares
of Common Stock, or a sale of a number of shares of Common Stock equal to all or any portion of the number of shares of Common
Stock, issuable upon such exercise that the Holder so anticipated receiving from the Company, then, in addition to all other remedies
available to the Holder, the Company shall, within three (3) Business Days after the Holder’s request and in the Holder’s
discretion, either (i) pay cash to the Holder in an amount equal to the Holder’s total purchase price (including brokerage
commissions and other out-of-pocket expenses, if any) for the shares of Common Stock so purchased (including, without limitation,
by any other Person in respect, or on behalf, of the Holder) (the “Buy-In Price”), at which point the Company’s
obligation to so issue and deliver such certificate or credit the Holder’s balance account with DTC for the number of shares
of Common Stock to which the Holder is entitled upon the Holder’s exercise hereunder (as the case may be) (and to issue such
shares of Common Stock) shall terminate, or (ii) promptly honor its obligation to so issue and deliver to the Holder a certificate
or certificates representing such shares of Common Stock or credit the Holder’s balance account with DTC for the number of
shares of Common Stock to which the Holder is entitled upon the Holder’s exercise hereunder (as the case may be) and pay
cash to the Holder in an amount equal to the excess (if any) of the Buy-In Price over the product of (A) such number of shares
of Common Stock multiplied by (B) the lowest Closing Sale Price of the Common Stock on any Trading Day during the period commencing
on the date of the applicable Exercise Notice and ending on the date of such issuance and payment under this clause (ii).

 

    	 

    	 

    

 

(d)             Mandatory
Exercise. Prior to the Expiration Date, upon the occurrence of a Mandatory Exercise Event (as defined below), the Company may
mandatorily cause the exercise by the Holder of a number of Warrant Shares equal to the lesser of (i) fifty percent (50%) of the
Warrant Shares exercisable on the Issuance Date or (ii) the outstanding Warrant Shares on the date of the Mandatory Exercise Notice
(as defined herein) (the “Mandatory Exercise”). A “Mandatory Exercise Event” shall have occurred
if (i) the Closing Sale Price for any twenty (20) consecutive Trading Days is equal to or greater than $5.00 (as adjusted for a
stock split, stock dividend, reverse stock split, subdivision, combination, reclassification or similar change in the capital structure
of the Company) or (ii) the Closing Sale Price for any twenty (20) consecutive Trading Days is equal to or greater than $9.00 (as
adjusted for a stock split, stock dividend, reverse stock split, subdivision, combination, reclassification or similar change in
the capital structure of the Company).

 

		(i)	Mandatory Exercise Notice. Upon the occurrence
of a Mandatory Exercise Event, the Company will deliver to Holder written notice thereof (a “Mandatory Exercise Notice”)
within ten (10) Trading Days of the Mandatory Exercise Event stating the number of the Warrant Shares to be issued pursuant to
such Mandatory Exercise and the applicable Aggregate Exercise Price. The Holder shall by the fifth Trading Day (the “Mandatory
Exercise Payment Date”) from receipt of the Mandatory Exercise Notice deliver to the Company the original Warrant that
is being exercised, the Exercise Notice and the Aggregate Exercise Price in cash or via wire transfer of immediately available
funds. In no event shall the Holder sell, assign or otherwise transfer any Warrants with respect to which a Mandatory Exercise
Notice has been delivered to such Holder.

 

(e)          Limitations
on Exercises.  Notwithstanding anything to the contrary contained in this Warrant, this Warrant shall not be exercisable
by the Holder hereof to the extent (but only to the extent) that the Holder together with any of its affiliates would beneficially
own in excess of  9.9% (the “Maximum Percentage”) of the Common Stock after giving effect to such
exercise. To the extent the above limitation applies, the determination of whether this Warrant shall be exercisable (vis-à-vis
other convertible, exercisable or exchangeable securities owned by the Holder or any of its affiliates) and of which such securities
shall be exercisable (as among all such securities owned by the Holder) shall, subject to such Maximum Percentage limitation, be
determined on the basis of the first submission to the Company for conversion, exercise or exchange (as the case may be). No prior
inability to exercise this Warrant pursuant to this paragraph shall have any effect on the applicability of the provisions of this
paragraph with respect to any subsequent determination of exercisability. For the purposes of this paragraph, beneficial ownership
and all determinations and calculations (including, without limitation, with respect to calculations of percentage ownership) shall
be determined in accordance with Section 13(d) of the Securities and Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder. The provisions of this paragraph shall be implemented in a manner otherwise than in strict conformity with
the terms of this paragraph to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended
Maximum Percentage beneficial ownership limitation herein contained or to make changes or supplements necessary or desirable to
properly give effect to such Maximum Percentage limitation. The limitations contained in this paragraph shall apply to a successor
Holder of this Warrant. For any reason at any time, upon the written or oral request of the Holder, the Company shall within one
(1) Business Day confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding, including by
virtue of any prior conversion or exercise of convertible or exercisable securities into Common Stock, including, without limitation,
pursuant to this Warrant or securities issued pursuant to the Purchase Agreement.  By written notice to the Company,
any Holder may increase or decrease the Maximum Percentage to any other percentage specified in such notice; provided that (i)
any such increase will not be effective until the 61st day after such notice is delivered to the Company, and (ii) any such increase
or decrease will apply only to the Holder sending such notice and not to any other holder of Warrants. The Maximum Percentage limitation
contained in this Section 1(e) shall not apply to a Mandatory Exercise Event pursuant to Section 1(d) or in connection with the
exercise of the Holder’s rights pursuant to a Fundamental Transaction set forth in Section 4(b).

 

    	 

    	 

    

 

(f)           Disputes.  In
the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the number of Warrant Shares
to be issued pursuant to the terms hereof, the Company shall promptly issue to the Holder the number of Warrant Shares that are
not disputed and resolve such dispute in accordance with Section 13.

 

(g)           Insufficient
Authorized Shares. The Company shall at all times keep reserved for issuance under this Warrant a number of shares of Common
Stock as shall be necessary to satisfy the Company’s obligation to issue shares of Common Stock hereunder (without regard
to any limitation otherwise contained herein with respect to the number of shares of Common Stock that may be acquirable upon exercise
of this Warrant). If, notwithstanding the foregoing, and not in limitation thereof, at any time while the Warrant remains outstanding
the Company does not have a sufficient number of authorized and unreserved shares of Common Stock to satisfy its obligation to
reserve for issuance upon exercise of the Warrant at least a number of shares of Common Stock equal to the number of shares of
Common Stock as shall from time to time be necessary to effect the exercise of the Warrant then outstanding (the “Required
Reserve Amount”) (an “Authorized Share Failure”), then the Company shall promptly take all action
necessary to increase the Company’s authorized shares of Common Stock to an amount sufficient to allow the Company to reserve
the Required Reserve Amount for the Warrant then outstanding. Without limiting the generality of the foregoing sentence, as soon
as practicable after the date of the occurrence of an Authorized Share Failure, but in no event later than ninety (90) days after
the occurrence of such Authorized Share Failure, the Company shall hold a meeting of its stockholders for the approval of an increase
in the number of authorized shares of Common Stock. In connection with such meeting, the Company shall provide each stockholder
with a proxy statement or information statement and shall use its best efforts to solicit its stockholders’ approval of such
increase in authorized shares of Common Stock and to cause its board of directors to recommend to the stockholders that they approve
such proposal.

 

	2.	ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES. The Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant are subject to adjustment from time to time as set forth in this Section 2.

 

(a)           Stock
Dividends and Splits. Without limiting any provision of Section 4, if the Company, at any time on or after the date hereof,
(i) pays a stock dividend on one or more classes of its then outstanding shares of Common Stock or otherwise makes a distribution
on any class of capital stock that is payable in shares of Common Stock, (ii) subdivides (by any stock split, stock dividend, recapitalization
or otherwise) one or more classes of its then outstanding shares of Common Stock into a larger number of shares or (iii) combines
(by combination, reverse stock split or otherwise) one or more classes of its then outstanding shares of Common Stock into a smaller
number of shares, then in each such case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the
number of shares of Common Stock outstanding immediately before such event and of which the denominator shall be the number of
shares of Common Stock outstanding immediately after such event.  Any adjustment made pursuant to clause (i) of this
paragraph shall become effective immediately after the record date for the determination of stockholders entitled to receive such
dividend or distribution, and any adjustment pursuant to clause (ii) or (iii) of this paragraph shall become effective immediately
after the effective date of such subdivision or combination. If any event requiring an adjustment under this paragraph occurs during
the period that an Exercise Price is calculated hereunder, then the calculation of such Exercise Price shall be adjusted appropriately
to reflect such event.

 

(b)           Number
of Warrant Shares. Simultaneously with any adjustment to the Exercise Price pursuant to paragraph (a) of this Section 2, the
number of Warrant Shares that may be purchased upon exercise of this Warrant shall be increased or decreased proportionately, so
that after such adjustment the aggregate Exercise Price payable hereunder for the adjusted number of Warrant Shares shall be the
same as the aggregate Exercise Price in effect immediately prior to such adjustment (without regard to any limitations on exercise
contained herein).

 

(c)           Other
Events.  In the event that the Company shall take any action to which the provisions hereof are not strictly applicable,
or, if applicable, would not operate to protect the Holder from dilution or if any event occurs of the type contemplated by the
provisions of this Section 2 but not expressly provided for by such provisions (including, without limitation, the granting of
stock appreciation rights, phantom stock rights or other rights with equity features), then the Company’s board of directors
shall in good faith determine and implement an appropriate adjustment in the Exercise Price and the number of Warrant Shares (if
applicable) so as to protect the rights of the Holder, provided that no such adjustment pursuant to this Section 2(c) will increase
the Exercise Price or decrease the number of Warrant Shares as otherwise determined pursuant to this Section 2, provided further
that if the Holder does not accept such adjustments as appropriately protecting its interests hereunder against such dilution,
then the Company’s board of directors and the Holder shall agree, in good faith, upon an independent investment bank of nationally
recognized standing to make such appropriate adjustments, whose determination shall be final and binding and whose fees and expenses
shall be borne by the Company.

 

    	 

    	 

    

 

(d)           Calculations.
All calculations under this Section 2 shall be made by rounding to the nearest cent or the nearest 1/100th of a share, as applicable.
The number of shares of Common Stock outstanding at any given time shall not include shares owned or held by or for the account
of the Company, and the disposition of any such shares shall be considered an issue or sale of Common Stock.

 

	3.	RIGHTS UPON DISTRIBUTION OF ASSETS. In addition to any adjustments pursuant to Section 2 above, if the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable upon the complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Maximum Percentage) immediately before the date on which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution (provided, however, to the extent that the Holder’s right to participate in any such Distributions would result in the Holder exceeding the Maximum Percentage, then the Holder shall not be entitled to participate in such Distribution to such extent (or the beneficial ownership of any such shares of Common Stock as a result of such Distribution to such extent) and such Distribution to such extent shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Maximum Percentage).

 

	4.	PURCHASE RIGHTS; FUNDAMENTAL TRANSACTIONS.

 

(a)           Purchase
Rights.  In addition to any adjustments pursuant to Section 2 above, if at any time the Company grants, issues or
sells any Options, Convertible Securities or rights to purchase stock, warrants, securities or other property pro rata to the record
holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will be entitled to
acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired
if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to
any limitations on exercise hereof, including without limitation, the Maximum Percentage) immediately before the date on which
a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which
the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided,
however, to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding
the Maximum Percentage, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial
ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right to such extent
shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding
the Maximum Percentage).

 

    	 

    	 

    

 

(b)           Fundamental
Transactions.  The Company shall not enter into or be party to a Fundamental Transaction unless the Successor Entity
assumes in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 4(b)
pursuant to written agreements, including agreements to deliver to the Holder in exchange for this Warrant a security of the Successor
Entity evidenced by a written instrument substantially similar in form and substance to this Warrant, including, without limitation,
which is exercisable for a corresponding number of shares of capital stock equivalent to the shares of Common Stock acquirable
and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such
Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock
(but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value
of such shares of capital stock, such adjustments to the number of shares of capital stock and such exercise price being for the
purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction).
Upon the consummation of each Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from
and after the date of the applicable Fundamental Transaction, the provisions of this Warrant and the other Transaction Documents
referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of
the Company and shall assume all of the obligations of the Company under this Warrant and the other Purchase Agreement with the
same effect as if such Successor Entity had been named as the Company herein. Upon consummation of each Fundamental Transaction,
the Successor Entity shall deliver to the Holder confirmation that there shall be issued upon exercise of this Warrant at any time
after the consummation of the applicable Fundamental Transaction, in lieu of the shares of Common Stock (or other securities, cash,
assets or other property (except such items still issuable under Sections 3 and 4(a) above, which shall continue to be receivable
thereafter)) issuable upon the exercise of this Warrant prior to the applicable Fundamental Transaction, such shares of common
stock (or its equivalent) of the Successor Entity (including its Parent Entity) which the Holder would have been entitled to receive
upon the happening of the applicable Fundamental Transaction had this Warrant been exercised immediately prior to the applicable
Fundamental Transaction (without regard to any limitations on the exercise of this Warrant), as adjusted in accordance with the
provisions of this Warrant. Notwithstanding the foregoing, the Holder may elect, at its sole option, by delivery of written notice
to the Company to waive this Section 4(b) to permit the Fundamental Transaction without the assumption of this Warrant.  In
addition to and not in substitution for any other rights hereunder, prior to the consummation of each Fundamental Transaction pursuant
to which holders of shares of Common Stock are entitled to receive securities or other assets with respect to or in exchange for
shares of Common Stock (a “Corporate Event”), the Company shall make appropriate provision to insure that the
Holder will thereafter have the right to receive upon an exercise of this Warrant at any time after the consummation of the applicable
Fundamental Transaction but prior to the Expiration Date, in lieu of the shares of the Common Stock (or other securities, cash,
assets or other property (except such items still issuable under Sections 3 and 4(a) above, which shall continue to be receivable
thereafter)) issuable upon the exercise of the Warrant prior to such Fundamental Transaction, such shares of stock, securities,
cash, assets or any other property whatsoever (including warrants or other purchase or subscription rights) which the Holder would
have been entitled to receive upon the happening of the applicable Fundamental Transaction had this Warrant been exercised immediately
prior to the applicable Fundamental Transaction (without regard to any limitations on the exercise of this Warrant). Any exercise
of this Warrant in connection with a Fundamental Transaction may be conditioned upon the consummation of such Fundamental Transaction.

 

(c)          Application.
The provisions of this Section 4 shall apply similarly and equally to successive Fundamental Transactions and Corporate Events
and shall be applied as if this Warrant (and any such subsequent warrants) were fully exercisable and without regard to any limitations
on the exercise of this Warrant (provided that the Holder shall continue to be entitled to the benefit of the Maximum Percentage,
applied however with respect to shares of capital stock registered under the 1934 Act and thereafter receivable upon exercise of
this Warrant (or any such other warrant)).

 

	5.	NONCIRCUMVENTION. The Company hereby covenants and agrees that the Company will not, by amendment of its articles of incorporation, bylaws or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, and will at all times in good faith carry out all the provisions of this Warrant and take all action as may be required to protect the rights of the Holder. Without limiting the generality of the foregoing, the Company (i) shall not increase the par value of any shares of Common Stock receivable upon the exercise of this Warrant above the Exercise Price then in effect, (ii) shall take all such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and non-assessable shares of Common Stock upon the exercise of this Warrant, and (iii) shall, so long as the Warrant is outstanding, take all action necessary to reserve and keep available out of its authorized and unissued shares of Common Stock, solely for the purpose of effecting the exercise of the Warrant, the maximum number of shares of Common Stock as shall from time to time be necessary to effect the exercise of the Warrant then outstanding (without regard to any limitations on exercise).

 

    	 

    	 

    

 

	6.	WARRANT HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically provided herein, the Holder, solely in its capacity as a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, solely in its capacity as the Holder of this Warrant, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the Holder of the Warrant Shares which it is then entitled to receive upon the due exercise of this Warrant.  In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company. 

 

	7.	REISSUANCE OF WARRANTS.

 

(a)           Transfer
of Warrant. If this Warrant is to be transferred, the Holder shall surrender this Warrant to the Company, whereupon the Company
will forthwith issue and deliver upon the order of the Holder a new Warrant (in accordance with Section 7(d)), registered as the
Holder may request, representing the right to purchase the number of Warrant Shares being transferred by the Holder and, if less
than the total number of Warrant Shares then underlying this Warrant is being transferred, a new Warrant (in accordance with Section
7(d)) to the Holder representing the right to purchase the number of Warrant Shares not being transferred.

 

(b)           Lost,
Stolen or Mutilated Warrant. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of this Warrant (as to which a written certification and the indemnification contemplated below shall
suffice as such evidence), and, in the case of loss, theft or destruction, of any indemnification undertaking by the Holder to
the Company in customary and reasonable form and, in the case of mutilation, upon surrender and cancellation of this Warrant, the
Company shall execute and deliver to the Holder a new Warrant (in accordance with Section 7(d)) representing the right to purchase
the Warrant Shares then underlying this Warrant.

 

(c)           Exchangeable
for Multiple Warrants. This Warrant is exchangeable, upon the surrender hereof by the Holder at the principal office of the
Company, for a new Warrant or Warrants (in accordance with Section 7(d)) representing in the aggregate the right to purchase the
number of Warrant Shares then underlying this Warrant, and each such new Warrant will represent the right to purchase such portion
of such Warrant Shares as is designated by the Holder at the time of such surrender; provided, however, no warrants for fractional
shares of Common Stock shall be given.

 

(d)           Issuance
of New Warrants. Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant, such new Warrant
(i) shall be of like tenor with this Warrant, (ii) shall represent, as indicated on the face of such new Warrant, the right to
purchase the Warrant Shares then underlying this Warrant (or in the case of a new Warrant being issued pursuant to Section 7(a)
or Section 7(c), the Warrant Shares designated by the Holder which, when added to the number of shares of Common Stock underlying
the other new Warrants issued in connection with such issuance, does not exceed the number of Warrant Shares then underlying this
Warrant), (iii) shall have an issuance date, as indicated on the face of such new Warrant which is the same as the Issuance Date,
and (iv) shall have the same rights and conditions as this Warrant.

 

	8.	NOTICES.  Whenever notice is required to be given under this Warrant, unless otherwise provided herein, such notice shall be given in accordance with the Purchase Agreement. The Company shall provide the Holder with prompt written notice of all actions taken pursuant to this Warrant, including in reasonable detail a description of such action and the reason therefor. Without limiting the generality of the foregoing, the Company will give written notice to the Holder (i) immediately upon each adjustment of the Exercise Price and the number of Warrant Shares, setting forth in reasonable detail, and certifying, the calculation of such adjustment(s) and (ii) at least fifteen (15) days prior to the date on which the Company closes its books or takes a record (A) with respect to any dividend or distribution upon the shares of Common Stock, (B) with respect to any rights to purchase stock, warrants, securities or other property to holders of shares of Common Stock or (C) for determining rights to vote with respect to any Fundamental Transaction, dissolution or liquidation, provided in each case that such information shall be made known to the public prior to or in conjunction with such notice being provided to the Holder and (iii) at least ten (10) Trading Days prior to the consummation of any Fundamental Transaction.  To the extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding the Company or any of its subsidiaries, the Company shall simultaneously file such notice with the Securities and Exchange Commission pursuant to a Current Report on Form 8-K. 

 

    	 

    	 

    

 

	9.	AMENDMENT AND WAIVER.  Except as otherwise provided herein, the provisions of this Warrant may be amended and the Company may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company has obtained the written consent of the Holder.  No waiver shall be effective unless it is in writing and signed by an authorized representative of the waiving party.

 

	10.	SEVERABILITY.  If any provision of this Warrant is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect the validity of the remaining provisions of this Warrant so long as this Warrant as so modified continues to express, without material change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).

 

	11.	GOVERNING LAW. This Warrant shall be governed by and construed and enforced in accordance with, and all questions concerning the construction, validity, interpretation and performance of this Warrant shall be governed by, the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York. The Company hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. Nothing contained herein shall be deemed or operate to preclude the Holder from bringing suit or taking other legal action against the Company in any other jurisdiction to collect on the Company’s obligations to the Holder or to enforce a judgment or other court ruling in favor of the Holder.  THE PARTIES HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS WARRANT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

	12.	CONSTRUCTION; HEADINGS. This Warrant shall be deemed to be jointly drafted by the Company and the Holder and shall not be construed against any Person as the drafter hereof.  The headings of this Warrant are for convenience of reference and shall not form part of, or affect the interpretation of, this Warrant. 

 

	13.	DISPUTE RESOLUTION. In the case of a dispute as to the determination of the Exercise Price, the Closing Sale Price, the Bid Price or fair market value or the arithmetic calculation of the Warrant Shares (as the case may be), the Company or the Holder (as the case may be) shall submit the disputed determinations or arithmetic calculations (as the case may be) via facsimile (i) within two (2) Business Days after receipt of the applicable notice giving rise to such dispute to the Company or the Holder (as the case may be) or (ii) if no notice gave rise to such dispute, at any time after the Holder learned of the circumstances giving rise to such dispute. If the Holder and the Company are unable to agree upon such determination or calculation (as the case may be) of the Exercise Price, the Closing Sale Price, the Bid Price or fair market value or the number of Warrant Shares (as the case may be) within three (3) Business Days of such disputed determination or arithmetic calculation being submitted to the Company or the Holder (as the case may be), then the Company shall, within two (2) Business Days submit via facsimile (a) the disputed determination of the Exercise Price, the Closing Sale Price, the Bid Price or fair market value (as the case may be) to an independent, reputable investment bank selected by the Holder or (b) the disputed arithmetic calculation of the Warrant Shares to the Company’s independent, outside accountant. The Company shall cause at its expense the investment bank or the accountant (as the case may be) to perform the determinations or calculations (as the case may be) and notify the Company and the Holder of the results no later than ten (10) Business Days from the time it receives such disputed determinations or calculations (as the case may be). Such investment bank’s or accountant’s determination or calculation (as the case may be) shall be binding upon all parties absent demonstrable error.

 

    	 

    	 

    

 

	14.	REMEDIES, CHARACTERIZATION, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Warrant shall be cumulative and in addition to all other remedies available under this Warrant and the other Transaction Documents, at law or in equity (including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit the right of the Holder to pursue actual damages for any failure by the Company to comply with the terms of this Warrant. The Company covenants to the Holder that there shall be no characterization concerning this instrument other than as expressly provided herein. Amounts set forth or provided for herein with respect to payments, exercises and the like (and the computation thereof) shall be the amounts to be received by the Holder and shall not, except as expressly provided herein, be subject to any other obligation of the Company (or the performance thereof). The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Holder and that the remedy at law for any such breach may be inadequate. The Company therefore agrees that, in the event of any such breach or threatened breach, the holder of this Warrant shall be entitled, in addition to all other available remedies, to an injunction restraining any breach, without the necessity of showing economic loss and without any bond or other security being required. The Company shall provide all information and documentation to the Holder that is requested by the Holder to enable the Holder to confirm the Company’s compliance with the terms and conditions of this Warrant (including, without limitation, compliance with Section 2 hereof). The issuance of shares and certificates for shares as contemplated hereby upon the exercise of this Warrant shall be made without charge to the Holder or such shares for any issuance tax or other costs in respect thereof, provided that the Company shall not be required to pay any tax which may be payable in respect of any transfer involved in the issuance and delivery of any certificate in a name other than the Holder or its agent on its behalf.

 

	15.	TRANSFER. This Warrant may be offered for sale, sold, transferred or assigned without the consent of the Company, provided that the assignee makes the representations set forth in Section 2.3 of the Purchase Agreement.

 

	16.	CERTAIN DEFINITIONS.  For purposes of this Warrant, the following terms shall have the following meanings:

 

(a)           “Additional
Right” means any right granted with respect to any securities issued in connection with, or with respect to, any issuance
or sale (or deemed issuance or sale in accordance with Section 2) of shares of Common Stock (other than rights of the type described
in Section 3 and 4 hereof) that could result in a decrease in the net consideration received by the Company in connection with,
or with respect to, such securities (including, without limitation, any cash settlement rights, cash adjustment or other similar
rights).

 

(b)           “Approved
Stock Plan” means any employee benefit plan which has been approved by the board of directors of the Company prior to
or subsequent to the date hereof pursuant to which shares of Common Stock and standard options to purchase Common Stock may be
issued to any employee, officer or director for services provided to the Company in their capacity as such.

 

(c)           “Bid
Price” means, for any security as of the particular time of determination, the bid price for such security on the Principal
Market as reported by Bloomberg as of such time of determination, or, if the Principal Market is not the principal securities exchange
or trading market for such security, the bid price of such security on the principal securities exchange or trading market where
such security is listed or traded as reported by Bloomberg as of such time of determination, or if the foregoing does not apply,
the bid price of such security in the over-the-counter market on the electronic bulletin board for such security as reported by
Bloomberg as of such time of determination, or, if no bid price is reported for such security by Bloomberg as of such time of determination,
the average of the bid prices of any market makers for such security as reported in the “pink sheets” by OTC Markets
Group Inc. (formerly Pink Sheets LLC) as of such time of determination. If the Bid Price cannot be calculated for a security as
of the particular time of determination on any of the foregoing bases, the Bid Price of such security as of such time of determination
shall be the fair market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to
agree upon the fair market value of such security, then such dispute shall be resolved in accordance with the procedures in Section 13.
All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination or other similar
transaction during such period.

 

    	 

    	 

    

 

(d)           “Bloomberg”
means Bloomberg, L.P.

 

(e)           “Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized
or required by law to remain closed.

 

(f)           “Closing
Sale Price” means, for any security as of any date, the last closing trade price for such security on the Principal Market,
as reported by Bloomberg, or, if the Principal Market begins to operate on an extended hours basis and does not designate the closing
trade price, then the last trade price of such security prior to 4:00:00 p.m., New York time, as reported by Bloomberg, or, if
the Principal Market is not the principal securities exchange or trading market for such security, the last trade price of such
security on the principal securities exchange or trading market where such security is listed or traded as reported by Bloomberg,
or if the foregoing does not apply, the last trade price of such security in the over-the-counter market on the electronic bulletin
board for such security as reported by Bloomberg, or, if no last trade price is reported for such security by Bloomberg, the average
of the ask prices of any market makers for such security as reported in the “pink sheets” by OTC Markets Group Inc.
(formerly Pink Sheets LLC). If the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing
bases, the Closing Sale Price of such security on such date shall be the fair market value as mutually determined by the Company
and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then such dispute
shall be resolved in accordance with the procedures in Section 13. All such determinations shall be appropriately adjusted
for any stock dividend, stock split, stock combination or other similar transaction during such period.

 

(g)           “Common
Stock” means (i) the Company’s shares of common stock, $0.001 par value per share, and (ii) any capital stock
into which such common stock shall have been changed or any share capital resulting from a reclassification of such common stock.

 

(h)           “Convertible
Securities” means any stock or other security (other than Options) that is at any time and under any circumstances, directly
or indirectly, convertible into, exercisable or exchangeable for, or which otherwise entitles the holder thereof to acquire, any
shares of Common Stock.

 

(i)           “Eligible
Market” means The New York Stock Exchange, the NYSE Amex, the Nasdaq Global Select Market, the Nasdaq Global Market,
the Nasdaq Capital Market or the Principal Market.

 

(j)           “Expiration
Date” means the earlier of (i) June 30, 2019 or (ii) the Mandatory Exercise Payment Date if the Company delivers a Mandatory
Exercise Notice to the Holder pertaining to the balance of all outstanding Warrant Shares in accordance with Section 1(d).

 

(k)           “Fundamental
Transaction” means that (i) the Company or any of its Subsidiaries shall, directly or indirectly, in one or more related
transactions, (1) consolidate or merge with or into (whether or not the Company or any of its Subsidiaries is the surviving corporation)
any other Person, or (2) sell, lease, license, assign, transfer, convey or otherwise dispose of all or substantially all of its
respective properties or assets to any other Person, or (3) allow any other Person to make a purchase, tender or exchange offer
that is accepted by the holders of more than 50% of the outstanding shares of Voting Stock of the Company (not including any shares
of Voting Stock of the Company held by the Person or Persons making or party to, or associated or affiliated with the Persons making
or party to, such purchase, tender or exchange offer), or (4) consummate a stock or share purchase agreement or other business
combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with any other
Person whereby such other Person acquires more than 50% of the outstanding shares of Voting Stock of the Company (not including
any shares of Voting Stock of the Company held by the other Person or other Persons making or party to, or associated or affiliated
with the other Persons making or party to, such stock or share purchase agreement or other business combination), or (5) reorganize,
recapitalize or reclassify the Common Stock, or (ii) any “person” or “group” (as these terms are used for
purposes of Sections 13(d) and 14(d) of the 1934 Act and the rules and regulations promulgated thereunder) is or shall become the
“beneficial owner” (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly, of 50% of the aggregate ordinary
voting power represented by issued and outstanding Voting Stock of the Company.

 

    	 

    	 

    

 

(l)           “Options”
means any rights, warrants or options to subscribe for or purchase shares of Common Stock or Convertible Securities.

 

(m)           “Parent
Entity” of a Person means an entity that, directly or indirectly, controls the applicable Person and whose common stock
or equivalent equity security is quoted or listed on an Eligible Market, or, if there is more than one such Person or Parent Entity,
the Person or Parent Entity with the largest public market capitalization as of the date of consummation of the Fundamental Transaction.

 

(n)           “Person”
means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization,
any other entity or a government or any department or agency thereof.

 

(o)           “Principal
Market” means the OTC Bulletin Board.

 

(p)           “Successor
Entity” means the Person (or, if so elected by the Holder, the Parent Entity) formed by, resulting from or surviving
any Fundamental Transaction or the Person (or, if so elected by the Holder, the Parent Entity) with which such Fundamental Transaction
shall have been entered into.

 

(q)           “Trading
Day” means any day on which the Common Stock is traded on the Principal Market, or, if the Principal Market is not the
principal trading market for the Common Stock, then on the principal securities exchange or securities market on which the Common
Stock is then traded, provided that “Trading Day” shall not include any day on which the Common Stock is scheduled
to trade on such exchange or market for less than 4.5 hours or any day that the Common Stock is suspended from trading during the
final hour of trading on such exchange or market (or if such exchange or market does not designate in advance the closing time
of trading on such exchange or market, then during the hour ending at 4:00:00 p.m., New York time) unless such day is otherwise
designated as a Trading Day in writing by the Holder.

 

(r)           “Voting
Stock” of a Person means capital stock of such Person of the class or classes pursuant to which the holders thereof have
the general voting power to elect, or the general power to appoint, at least a majority of the board of directors, managers or
trustees of such Person (irrespective of whether or not at the time capital stock of any other class or classes shall have or might
have voting power by reason of the happening of any contingency).

 

[signature page follows]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the Company has caused this Amended and Restated Warrant to Purchase Common Stock to be duly executed as of the Issuance Date set
out above.

 

	 	AMERICAN STANDARD ENERGY CORP.
	 	 	 	 
	 	By:	 	 
	 	 	Name:  Scott Feldhacker	 
	 	 	Title:  Chief Executive Officer	 

 

    	 

    	 

    

 

EXHIBIT A

 

EXERCISE NOTICE

 

TO BE EXECUTED BY THE REGISTERED HOLDER
TO EXERCISE THIS

AMENDED AND RESTATED WARRANT TO PURCHASE
COMMON STOCK

 

AMERICAN STANDARD ENERGY CORP.

 

The undersigned holder
hereby exercises the right to purchase _________________ of the shares of Common Stock (“Warrant Shares”) of
American Standard Energy Corp. a Delaware corporation (the “Company”), evidenced by Amended and Restated Warrant
to Purchase Common Stock No. ___ (the “Warrant”). Capitalized terms used herein and not otherwise defined shall
have the respective meanings set forth in the Warrant.

 

1.           Form
of Exercise Price.  The Holder intends that payment of the Exercise Price shall be made as:

 

	 	£	
        a “Cash Exercise” with
        respect to _________________ Warrant Shares.

         

 

2.           Payment
of Exercise Price. The Holder shall pay the Aggregate Exercise Price in the sum of $___________________ to the Company in accordance
with the terms of the Warrant.

 

3.           Delivery
of Warrant Shares.  The Company shall deliver to Holder, or its designee or agent as specified below, the Warrant
Shares in accordance with the terms of the Warrant.  Delivery shall be made to Holder, or for its benefit, to the following
address:

 

	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

4.          Accredited
Investor. The undersigned represents that the representations set forth in Section 2.3 of the Purchase Agreement are true and
correct as of the date of this Notice of Exercise.

 

Date: _______________ __, ______

 

[SIGNATURE OF HOLDER]

 

	Name of Investing Entity:	 

	Signature of Authorized Signatory of Investing Entity:	 

	Name of Authorized Signatory:	 

	Title of Authorized Signatory:	 

	Date:	 

 

    	 

    	 

    

 

EXHIBIT B

 

ACKNOWLEDGMENT

 

The Company hereby
acknowledges this Exercise Notice and hereby directs ______________ to issue the above indicated number of shares of Common Stock
in accordance with the Transfer Agent Instructions dated ________, from the Company and acknowledged and agreed to by _______________.

 

 

	 	AMERICAN STANDARD ENERGY CORP.
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:Execution Version

 

FIRST AMENDMENT TO NOTE AND WARRANT PURCHASE
AGREEMENT

 

THIS FIRST AMENDMENT
TO NOTE AND WARRANT PURCHASE AGREEMENT (this “Amendment”) is made and entered into as of July 23, 2012, by and
among ASEN 2, CORP., a Delaware corporation (“Company”), PENTWATER EQUITY OPPORTUNITIES MASTER FUND LTD., a
Cayman Islands corporation (“Opportunities”) and PWCM MASTER FUND LTD., a Cayman Islands corporation, (“PWCM”
and together with Opportunities, collectively, “Investor”). Capitalized terms used but not defined in this Amendment
have the meaning given them in the Note Purchase Agreement (defined below).

 

RECITALS

 

A.           Company,
AMERICAN STANDARD ENERGY CORP., a Delaware corporation (“Guarantor”), and Investor entered into that certain
Note and Warrant Purchase Agreement dated as of February 9, 2012 (as amended to date and as it may be further, amended, restated,
joined, extended, supplemented or otherwise modified from time to time, the “Note Purchase Agreement”), pursuant
to which Investor purchased the Note and the Warrant.

 

B.           Company
and Investor have agreed to amend the Note Purchase Agreement, subject to the terms and conditions of this Amendment.

 

NOW THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are acknowledged, the undersigned hereby agree as follows:

 

Amendments
to Note Purchase Agreement. Subject to the satisfaction of the conditions set forth in Section 2 below and in reliance on the
representations and warranties set forth in Section 4 below, the Note Purchase Agreement is hereby amended as of the First Amendment
Effective Date (as defined in Section 2) as follows:

 

(a)          Section
1.1(a) of the Note Purchase Agreement is hereby amended and restated in its entirety to read as follows:

 

“(a)          On
the Closing Date (as defined in Section 1.2) the Company issued to the Investor a promissory note in the amount of $20,000,000,
substantially in the form of Exhibit 1.1A attached hereto (the “Initial Note”). On the First Amendment
Effective Date, as defined in Section 2 of the First Amendment to the Note and Warrant Purchase Agreement made and entered into
as of July 23, 2012 by and among the Company and the Investor (the “First Amendment”), the Company shall amend
and restate the Initial Note to increase the outstanding aggregate principal amount of the Initial Note to $25,000,000, substantially
in the form of Exhibit 1.1A-2 attached hereto (the “Amended and Restated Note”). The term “Notes”
as used herein shall mean the Initial Note delivered on the Closing Date and the Amended and Restated Note to be delivered on the
First Amendment Effective Date and shall evidence the advance made by the Investor to the Company pursuant to this Agreement. On
the Closing Date, the Guarantor issued to the Investor warrants granting to the Investor the right to purchase the following Warrants
(x) (i) Warrant No. 001, for the sale of 1,500,000 shares of Common Stock (as defined below) at a per share exercise price of $2.50
to Pentwater Equity Opportunities Master Fund Ltd. and (ii) Warrant No. 002, for the sale of 1,833,333 shares of Common Stock at
a per share exercise price of $2.50 to PWCM Master Fund Ltd., each issued on February 9, 2012 (collectively, the “NPA
Warrants”) and (y) (i) Warrant No. 001, for the sale of 400,001 shares of Common Stock at a per share exercise price
of $3.00 to PWCM Master Fund Ltd., (ii) Warrant No. 002, for the sale of 1,275,000 shares of Common Stock at a per share exercise
price of $3.00 to Pentwater Equity Opportunities Master Fund Ltd., (iii) Warrant No. 003, for the sale of 550,000 shares of Common
Stock at a per share exercise price of $3.00 to Oceana Master Fund Ltd. and (iv) Warrant No. 004, for the sale of 274,999 shares
of Common Stock at a per share exercise price of $3.00 to LMA SPC for and on behalf of the MAP 98 Segregated Portfolio, each issued
on February 9, 2012 (collectively, the “Modification Warrants”, and together with the NPA Warrants, the “Closing
Date Warrants”). In consideration of the issuance of the Amended and Restated Note, on the First Amendment Effective
Date, the Guarantor shall issue to the Investor warrants (the “First Amendment Effective Date Warrants”) granting
to the Investor the right to purchase Eight Hundred Thirty-Three Thousand Three Hundred Thirty-Three (833,333) shares of fully
paid and non-assessable Common Stock at a per share exercise price of Two Dollars and 25/100 ($2.25). The terms of the Closing
Date Warrants shall be amended pursuant to the terms of that certain Modification Agreement made and entered into as of the First
Amendment Effective Date by and among Guarantor and the parties identified as “Holders” on the signature page thereto
(the “First Amendment Effective Date Modification Agreement”) to set the exercise price at Two Dollars and 25/100
($2.25) with an expiration date of June 30, 2019.”

 

    	 

    	 

    

 

(b)          Section
1.1(b) of the Note Purchase Agreement is hereby amended and restated in its entirety to read as follows:

 

“(b)          Upon
satisfaction of the terms and conditions set forth in Article IV and in reliance
on the representations and warranties of the Company and the Guarantor set forth herein and in the other Transaction Documents
(as defined in Section 2.1(b)), the Investor, severally and not jointly, shall advance to the Company an amount equal to
the Investor’s Commitment Percentage of $20,000,000 as described in this Section 1.1, less (i) the original issue discount
set forth below and (ii) the amount of fees and expenses of the Investor the Company is obligated to pay pursuant to Section
7.1. On the First Amendment Effective Date (as defined in the First Amendment) and in reliance on the representations and warranties
of the Company and the Guarantor set forth herein and in the other Transaction Documents, the Investor, severally and not jointly,
shall advance to the Company an amount equal to the Investor’s Commitment Percentage of $5,000,000 as described in this Section
1.1, less (i) the original issue discount set forth below and (ii) the amount of fees and expenses of the Investor the Company
is obligated to pay pursuant to Section 7.1. “Commitment Percentage” of the Investor shall mean the percentage
set forth below the Investor’s names on the signature page hereof.”

 

Conditions.
This Amendment shall be effective on the date that each of the following conditions precedent have been met (such date on which
such conditions are satisfied being the “First Amendment Effective Date”):

 

(c)          Investor
shall have received a copy of this Amendment executed by Company and Investor;

 

(d)          Investor
shall have received a copy of the Amended and Restated Secured Convertible Promissory Note executed by Company;

 

(e)          Investor
shall have received the First Amendment Effective Date Modification Agreement, dated as of July 23, 2012 executed by Guarantor
and the parties identified as “Holders” on the signature page thereto;

 

(f)          Investor
shall have received the Amended and Restated Closing Date Warrants dated July 23, 2012 issued by Guarantor to Investor;

 

    	2

    	 

    

 

(g)          Investor
shall have received the First Amendment Effective Date Warrants dated July 23, 2012 issued
by Guarantor to Investor;

 

(h)          Company
and Guarantor shall have delivered to Investor secretary’s certificates, dated as of the First Amendment Effective Date,
as to (i) the resolutions approving the execution, delivery and performance of the First Amendment Documents (defined below), (ii)
the Organizational Documents of Company and Guarantor, each as in effect at the First Amendment Effective Date, (iii) the authority
and incumbency of the officers of Company and Guarantor executing the First Amendment Documents and any other documents required
to be executed or delivered in connection therewith and (iv) certificates of the appropriate governmental agencies with respect
to the existence, qualification and good standing of Company and Guarantor;

 

(i)          Company
and Guarantor shall have delivered to Investor a certificate signed by an executive officer on behalf of Company and Guarantor,
respectively, dated the First Amendment Effective Date, confirming the accuracy of Company’s and Guarantor’s representations
and warranties as of such date and no Default or Event of Default has occurred or will occur on the First Amendment Effective Date
after giving effect to the transactions contemplated by the First Amendment Documents;

 

(j)          Company
shall have paid fees and expenses incurred in connection with this Amendment and the transactions contemplated hereby, to the extent
invoiced prior to or on the First Amendment Effective Date; and

 

(k)          Investor
shall have received such other documents as Investor may reasonably request.

 

Acknowledgement
of Company. This Amendment, the Amended and Restated Secured Convertible Promissory Note, the First Amendment Effective Date
Modification Agreement, and all other instruments, documents and agreements delivered concurrently herewith or at any time hereafter
to or for the benefit of Investor in connection with the transactions contemplated by this Amendment, all as amended, supplemented
or modified from time to time (collectively, the “First Amendment Documents”), each constitute a Transaction
Document.

 

Representations
and Warranties. Company represents and warrants to Investor that (a) it possesses all requisite power and authority to execute,
deliver and comply with the terms of this Amendment, (b) this Amendment has been duly authorized and approved by all requisite
corporate action on the part of Company, (c) no other consent of any Person (other than Investor) is required for this Amendment
to be effective, (d) the execution and delivery of this Amendment does not violate its organizational documents, (e) the representations
and warranties in each Transaction Document to which it is a party are true and correct in all material respects on and as of the
date of this Amendment as though made on the date of this Amendment (except to the extent that such representations and
warranties speak to a specific date), (f) it is in full compliance with all covenants and agreements contained in each Transaction
Document to which it is a party, and (g) no Default or Event of Default has occurred and is continuing. The representations and
warranties made in this Amendment shall survive the execution and delivery of this Amendment. No investigation by Investor is required
for Investor to rely on the representations and warranties in this Amendment.

 

    	3

    	 

    

 

Scope of
Amendment; Reaffirmation; Release. All references to the Note Purchase Agreement shall refer to the Note Purchase Agreement
as amended by this Amendment. Except as affected by this Amendment, the Transaction Documents are unchanged and continue in full
force and effect. However, in the event of any inconsistency between the terms of the Note Purchase Agreement (as amended by this
Amendment) and any other Transaction Document, the terms of the Note Purchase Agreement (as amended by this Amendment) shall control
and such other document shall be deemed to be amended to conform to the terms of the Note Purchase Agreement (as amended by this
Amendment). Company hereby reaffirms its obligations under the Transaction Documents to which it is a party and agrees that all
Transaction Documents to which it is a party remain in full force and effect and continue to be legal, valid, and binding obligations
enforceable in accordance with their terms, except as such enforceability may be limited by applicable bankruptcy, reorganization,
moratorium, liquidation, conservatorship, receivership or similar laws relating to, or affecting generally the enforcement of,
creditor’s rights and remedies or by other equitable principles of general application. Company hereby acknowledges
that it has no defense, counterclaim, offset, cross complaint, claim or demand of any kind or nature whatsoever that can be asserted
to reduce or eliminate all or any part of its liability to repay the obligations or to seek affirmative relief or damages of any
kind or nature from Investor. Company hereby voluntarily and knowingly releases and forever discharges Investor, its predecessors,
agents, attorneys, officers, directors, partners, employees, parent companies, subsidiaries, affiliates, successors and assigns
(collectively, the “Specified Persons”, and each individually, a “Specified Person”), from
all possible claims, demands, actions, causes of action, damages, costs, expenses, and liabilities whatsoever, known or unknown,
anticipated or unanticipated, suspected or unsuspected, fixed, contingent, or conditional, at law or in equity, originating in
whole or in part on or before the First Amendment Effective Date, which Company may now or hereafter have against any Specified
Person, if any, and irrespective of whether any such claims arise out of contract, tort, violation of law or regulations, or otherwise,
and arising from the obligations, including, without limitation, any contracting for, charging, taking, reserving, collecting or
receiving interest in excess of the highest lawful rate applicable, the exercise of any rights and remedies under the Note Purchase
Agreement or other Transaction Documents, and negotiation, administration and execution of this Amendment.

 

Miscellaneous.

 

(l)          No
Waiver of Defaults. This Amendment does not constitute (i) a waiver of, or a consent to, (A) any provision of the Note Purchase
Agreement or any other Transaction Document not expressly referred to in this Amendment, or (B) any present or future violation
of, or default under, any provision of the Transaction Documents, or (ii) a waiver of Investor’s right to insist upon future
compliance with each term, covenant, condition and provision of the Transaction Documents.

 

(m)          Form.
Each agreement, document, instrument or other writing to be furnished to Investor under any provision of this Amendment must be
in form and substance reasonably satisfactory to Investor and its counsel.

 

(n)          Headings.
The headings and captions used in this Amendment are for convenience only and will not be deemed to limit, amplify or modify the
terms of this Amendment, the Note Purchase Agreement, or the other Transaction Documents.

 

(o)          Costs,
Expenses and Attorneys’ Fees. Company agrees to pay or reimburse Investor on demand for all its reasonable out-of-pocket
costs and expenses incurred in connection with the preparation, negotiation, and execution of this Amendment, including, without
limitation, the reasonable fees and disbursements of Investor’s counsel.

 

(p)          Successors
and Assigns. This Amendment shall be binding upon and inure to the benefit of each of the undersigned and their respective
successors and permitted assigns.

 

    	4

    	 

    

 

(q)          Multiple
Counterparts. This Amendment may be executed in any number of counterparts with the same effect as if all signatories had signed
the same document. All counterparts must be construed together to constitute one and the same instrument. This Amendment may be
transmitted and signed by facsimile or by portable document format (PDF). The effectiveness of any such documents and signatures
shall, subject to applicable law, have the same force and effect as manually-signed originals and shall be binding on Company and
Investor.

 

(r)          Governing
Law. This Amendment and the other Transaction Documents must be construed, and their performance enforced, under laws of the
State of New York.

 

(s)          Entirety.
The Transaction Documents (as amended hereby) Represent the Final Agreement Between Company
and Investor and May Not Be Contradicted by Evidence of Prior, Contemporaneous, or Subsequent Oral Agreements by the Parties. There
Are No Unwritten Oral Agreements among the Parties.

 

[Signatures are
on the following page.]

 

    	5

    	 

    

 

The Amendment is executed
as of the date set out in the preamble to this Amendment.

 

	 	COMPANY:
	 	 
	 	ASEN 2, CORP.
	 	 
	 	By:	/s/ Scott Feldhacker
	 	 	Name: Scott Felhacker
	 	 	Title:  Chief Executive Officer

 

[Signature
Page to First Amendment to Note and Warrant Purchase Agreement]

 

    	 

    	 

    

 

	 	INVESTOR:
	 	 
	 	PENTWATER EQUITY OPPORTUNITIES MASTER FUND LTD.
	 	 
	 	By:	/s/ Matt Hall
	 	 	Name: Matt Hall
	 	 	Title:  Authorized Signatory

 

	 	PWCM MASTER FUND LTD.
	 	 
	 	By:	/s/ Matt Hall
	 	 	Name: Matt Hall
	 	 	Title:  Authorized Signatory

 

[Signature
Page to First Amendment to Note and Warrant Purchase Agreement]

 

    	 

    	 

    

 

GUARANTOR’S CONSENT AND AGREEMENT
TO FIRST AMENDMENT

 

As an inducement to
Investor to execute, and in consideration of Investor’s execution of, this Amendment, the undersigned hereby consents to
this Amendment and agrees that this Amendment shall in no way release, diminish, impair, reduce or otherwise adversely affect the
obligations and liabilities of the undersigned under the Guaranty executed by the undersigned in connection with the Note Purchase
Agreement, or under any Transaction Documents, or any liens, security interests or charges to secure any of the Guaranteed Obligation
(as defined in the Guaranty), all of which are in full force and effect. The undersigned acknowledges that the obligations of Company
under the Note Purchase Agreement have increased. The undersigned further represents and warrants to Investor that (a) the representations
and warranties in each Transaction Document to which it is a party are true and correct in all material respects on and as of the
date of this Amendment as though made on the date of this Amendment (except to the extent that such representations and warranties
speak to a specific date), (b) it is in full compliance with all covenants and agreements contained in each Transaction Document
to which it is a party, and (c) no Default or Event of Default has occurred and is continuing. Guarantor hereby releases Investor
from any liability for actions or omissions in connection with the Transaction Documents prior to the date of this Amendment. This
Consent and Agreement shall be binding upon the undersigned and its permitted assigns and shall inure to the benefit of Investor,
and its successors and permitted assigns.

 

	 	GUARANTOR:
	 	 
	 	AMERICAN STANDARD ENERGY CORP.
	 	 	 
	 	By:	/s/ Scott Feldhacker
	 	Name:	Scott Feldhacker
	 	Title:	Chief Executive Officer

 

[Signature
Page to Guarantor’s Consent and Agreement to First Amendment]

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