Document:

EX-10.4

 Exhibit 10.4 

TRANSLOADING AGREEMENT 

This TRANSLOADING AGREEMENT (this “Agreement”), effective as of May 7, 2013 (the “Effective Date”), is entered into
by and between Muskie Proppant LLC, a Delaware limited liability company (hereinafter called “Muskie”), and Hopedale Mining LLC, a Delaware limited liability company (hereinafter called “Rhino”). 

WHEREAS, Muskie desires to have Rhino operate and maintain for Muskie the Nelms No. 1 rail trans-loading facility located at
Cadiz, Ohio (the “Facility”); and 
 WHEREAS, Rhino is willing to operate and maintain for Muskie the Facility; 

NOW, THEREFORE, in consideration of the agreements contained herein, Muskie and Rhino, intending to be legally bound, agree, for
themselves and for their respective successors and assigns, as follows: 
 1. Services. 

 

	 	a.	Rhino shall provide the following services: 

  

	 	i.	Employ, manage and maintain all manpower required for the efficient and effective operation of the Facility; 

  

	 	ii.	Transload Muskie sand on a requirements basis; 

  

	 	iii.	Maintain the Facility and related areas. 

  

	 	b.	Muskie shall provide the following: 

  

	 	i.	All equipment necessary to unload material under this Agreement. 

  

	 	ii.	Forty-eight (48) hour notice of when sand is to be off loaded. 

  

	 	c.	All services to be performed by Rhino and Muskie hereunder shall be performed in compliance with all applicable laws, regulations, orders, and permits. 

2. Transloading and Delivery Rates. Rhino shall be paid by Muskie a transloading fee of $4.00 per ton of sand transloaded pursuant to
this Agreement. All tonnages shall be determined at the time the sand is off loaded and delivered. For purposes of this Agreement, the terms “ton” and “tonnage” shall mean 2,000 pounds avoirdupois. 

  
 1 

 3. Term. This Agreement shall be for a term of 24 months from the Effective Date.
Notwithstanding the foregoing, Rhino shall have the option to terminate this Agreement in the event that Muskie fails to transload at least 7,500 tons of sand per month on average for a three month period through the Facility, or, in the
alternative, to pay to Rhino the cash equivalent to make up the difference for any shortcomings. In the event Rhino is providing the service, the cash equivalent will be $30,000 for each month and in the event Rhino has exercised its option outlined
in Section 5, the cash fee to Rhino will equal $15,000. 
 4. Weights, Billing and Payment. Payment to Rhino may be based on
rail car weights for sand off loaded. Muskie will be responsible for contracting trucking and determining trucking weights prior to a certified scale being installed. Muskie shall make payment to Rhino within fifteen (15) days after Muskie
receives an invoice therefor from Rhino. 
 5. Option. Rhino, at its discretion, and upon thirty (30) days prior written notice,
may elect to have Muskie run the Facility and pay a reduced rate of $2.00 per ton. 
 6. Indemnification. Rhino shall be responsible
for and shall indemnify, hold harmless and defend Muskie and its affiliated companies, and their directors, managers, officers, employees, agents, and subcontractors, against and from any and all claims, liabilities, losses and expenses (including
attorneys’ fees) whatsoever and by whomsoever asserted, arising out of, related to, based upon, or connected with Rhino’s negligence or willful misconduct in connection with performance under this Agreement. Muskie shall be responsible for
and shall indemnify, hold harmless and defend Rhino and its affiliated companies, and their directors, managers, officers, employees, agents, and subcontractors, against and from any and all claims, liabilities,

  
 2 

 
losses and expenses (including attorneys’ fees) whatsoever and by whomsoever asserted, arising out of, related to, based upon, or connected with Muskie’s negligence or willful
misconduct in connection with performance under this Agreement. 
 7. Force Majeure. Rhino and Muskie shall each be excused from
performance under this Agreement to the extent such performance is prevented by force majeure, provided that the party so affected shall have given the other party prompt notice of such condition. The term “force majeure” shall include but
not be limited to acts of God, acts of a public enemy, insurrections, riots, strikes, lockouts, labor disputes, fires, explosions, floods, embargoes, acts or orders of civil or military authorities, fuel shortages, or other causes of a similar or
dissimilar nature beyond the reasonable control of the party affected, which prevents the mining, delivery, dumping, or loading of sand pursuant hereto. The party or parties affected by such condition shall make reasonable efforts to eliminate the
condition as promptly as possible, recognizing, however, that the settlement of any strike or other labor dispute shall be solely within the discretion of the party involved therein. Any force majeure asserted by a party shall not relieve such party
from its responsibilities hereunder to make any payment when due hereunder. 
 8. Performance. Rhino agrees that its services
hereunder shall be performed · in a competent and workmanlike manner. 
 9. Independent Contractor Relationship. Muskie and
Rhino understand, acknowledge and agree that Rhino’s relationship with Muskie is that of an independent contractor. 
 10. Permits
and Licenses. Rhino shall obtain and maintain all required permits and licenses for operation of the Facility. 

  
 3 

 11. Assignment. This Agreement shall inure to the benefit of, and shall be binding upon,
the parties hereto and their successors and permitted assigns. Neither party shall assign this Agreement or any of its rights or obligations hereunder without the other party’s prior written consent; provided, however, that either party may
assign this Agreement to any purchaser of all of its equity interests or all or substantially all of its assets without such consent. 
 12.
Disputes. In the event of any dispute concerning a question of law or facts or both arising under this Agreement which the parties are unable to resolve by mutual agreement, either party may pursue any right or remedy which it may have at law
or in equity. There shall be no interruptions of work, and the parties shall proceed diligently with the performance of this Agreement pending final resolution of any dispute, claim or final litigation arising under or related to this Agreement
between the parties hereto. 
 13. Applicable Law; Waiver of Jury Trial. This Agreement shall be interpreted and enforced in
accordance with the body of law applicable to the procurement of goods and services in the State of Ohio. Each party waives its respective right to any jury trial with respect to any litigation arising under or in connection with this Agreement.

 14. Notices. Any notices or demands required or desired to be given hereunder shall be sent by facsimile, certified mail, or
commercial overnight service to the party to be notified at its address set forth below: 
 Rhino: 

424 Lewis Hargett Circle, Suite 250 

Attention: General Counsel 

Lexington, KY 40503 

Muskie: 

1125 N. Broadway St., Suite 2 

Menomonie, WI 54751 

  
 4 

 15. Nonwaiver. The failure of either party to insist in any one or more instances upon
strict performance of any of the provisions of this Agreement or to take advantage of any of its rights hereunder shall not be construed as a waiver of any such provisions or the relinquishment of any such rights, but the same shall continue to
remain in full force and effect. 
 16. Entire Agreement. This Agreement contains the entire understanding of the parties and
constitutes the only agreement between the parties as to the subject matter. This Agreement merges and supersedes all prior agreements between Rhino and Muskie concerning the subject matter of this Agreement. Amendments to this Agreement will not be
effective unless made in writing and executed by the duly authorized representatives of both of the parties hereto. 
 [Remainder of
page intentionally left blank; signature pages follow.] 

  
 5 

 The parties hereto, having been duly authorized, intending to be legally bound, and agreeing to the terms and
conditions detailed above, execute this Agreement effective as of the Effective Date. 
  

			
	MUSKIE PROPPANTS LLC
		
	By:	 	 /s/ Cyrus Ingraham

	Name:	 	Cyrus Ingraham
	Title:	 	Chief Executive Officer
	
	HOPEDALE MINING LLC
		
	By:	 	 /s/ Whitney Kegley

	Name:	 	Whitney Kegley
	Title:	 	General Counsel

 STATE OF WISCONSIN, 

COUNTY OF DUNN, SS: 
 The foregoing instrument
was acknowledged before me this 7th day of May, 2013 by Cyrus Ingraham, CEO of Muskie Proppants LLC, a Delaware limited liability company, on behalf of said company. 

 

	
	 /s/ Dawn Poler

	NOTARY PUBLIC
	My Commission Expires: Sept. 4, 2016

 STATE OF KENTUCKY, 
 COUNTY
OF FAYETTE, SS: 
 The foregoing instrument was acknowledged before me this 7 day of May, 2013 by Whitney Kegley, General Counsel of
Hopedale Mining LLC, a Delaware limited liability company, on behalf of said company. 
  

	
	 /s/ Melissa Ovellito 43-4286

	NOTARY PUBLIC
	My Commission Expires: Jan. 8, 2015

  
 6EX-10.5

 Exhibit 10.5 

BUSINESS LOAN AGREEMENT (ASSET BASED) 
  

															
	 Principal

$2,000,000.00
	 	 Loan Date

04-01-2013
	 	 Maturity

04-01-2015
	 	 Loan No

11117801
	 	 Call / Coll

4a
	 	 Account

42007
	 	 Officer

BARYB
	 	 Initials

 

	 References in the boxes above are for Lender’s use only and do not limit the applicability of
this document to any particular loan or item.
 Any item above containing “***” has been omitted due to text length
limitations.

  

							
	Borrower:	  	 Redback Energy Services LLC (TIN: 45-3555182)

10701 NW 2ND ST
 YUKON, OK 73099
	  	Lender:	  	 Legacy Bank
 OKC May

2801 W Memorial
 Oklahoma City, OK
73134

 THIS BUSINESS LOAN AGREEMENT (ASSET BASED) dated 04-01-2014, is made and executed between Redback Energy Services LLC
(“Borrower”) and Legacy Bank (“Lender”) on the following terms and conditions. Borrower has received prior commercial loans from lender or has applied to Lender for a commercial loan or loans or other financial accommodations,
including those which may be described on any exhibit or schedule attached to this Agreement. Borrower understands and agrees that: (A) in granting, renewing, or extending any Loan, Lender is relying upon Borrower’s representations,
warranties, and agreements as set forth in this Agreement; (B) the granting, renewing, or extending of any Loan by Lender at all times shall be subject to lender’s sole judgment and discretion; and (C) all such Loans shall be and
remain subject to the terms and conditions of this Agreement. 
 TERM. This Agreement shall be effective as of 04-01-2014, and shall continue in full force
and effect until such time as all of Borrower’s Loans in favor of Lender have been paid in full, including principal, interest, costs, expenses, attorneys’ fees, and other fees and charges, or until such time as the parties may agree in
writing to terminate this Agreement. 
 ADVANCE AUTHORITY. The following person or persons are authorized to request advances and authorize payments under
the line of credit until Lender receives from Borrower, at Lender’s address shown above, written notice of revocation of such authority: Paul Jacobi, Vice President of Wexford Capital LP, Manager of Redback Energy Services LLC, or Phil
Lancaster, CEO of Redback Energy Services, LLC, or Aaron Ackerman, CFO of Redback Energy Services, LLC. 
 LINE OF CREDIT. Lender agrees to make Advances to
Borrower from time to time from the date of this Agreement to the Expiration Date, provided the aggregate amount of such Advances outstanding at any time does not exceed the Borrowing Base. Within the foregoing limits, Borrower may borrow, partially
or wholly prepay. and reborrow under this Agreement as follows: 
 Conditions Precedent to Each Advance. Lender’s obligation to make any
Advance to or for the account of Borrower under this Agreement is subject to the following conditions precedent, with all documents, instruments, opinions, reports, and other items required under this Agreement to be in form and substance
satisfactory to Lender: 
 (1) Lender shall have received evidence that this Agreement and all Related Documents have been duly authorized,
executed, and delivered by Borrower to Lender. 
 (2) Lender shall have received such opinions of counsel, supplemental opinions, and
documents as Lender may request. 
 (3) The security interests in the Collateral shall have been duly authorized, created, and perfected with
first lien priority and shall be in full force and effect. 
 (4) All guaranties required by Lender for the credit facility(ies) shall have
been executed by each Guarantor, delivered to Lender, and be in full force and effect. 
 (5) Lender, at its option and for its sole benefit,
shall have conducted an audit of Borrower’s Accounts, books, records, and operations, and Lender shall be satisfied as to their condition. 

(6) Borrower shall have paid to Lender all fees, costs, and expenses specified in this Agreement and the Related Documents as are then due and
payable. 

					
		  	BUSINESS LOAN AGREEMENT (ASSET BASED)	  	
	Loan No. 11117801	  	(Continued)  
	  	 Page
 2

  

 (7) There shall not exist at the time of any Advance a condition which would constitute an
Event of Default under this Agreement, and Borrower shall have delivered to Lender the compliance certificate called for in the paragraph below titled “Compliance Certificate.” 

Making Loan Advances. Advances under this credit facility, as well as directions for payment from Borrower’s accounts, may be requested
orally or in writing by authorized persons. Lender may, but need not, require that all oral requests be confirmed in writing. Each Advance shall be conclusively deemed to have been made at the request of and for the benefit of Borrower (1) when
credited to any deposit account of Borrower maintained with Lender or (2) when advanced in accordance with the instructions of an authorized person. Lender, at its option, may set a cutoff time, after which all requests for Advances will be
treated as having been requested on the next succeeding Business Day. 
 Mandatory Loan Repayments. If at any time the aggregate principal
amount of the outstanding Advances shall exceed the applicable Borrowing Base, Borrower, immediately upon written or oral notice from Lender, shall pay to Lender an amount equal to the difference between the outstanding principal balance of the
Advances and the Borrowing Base. On the Expiration Date, Borrower shall pay to Lender in full the aggregate unpaid principal amount of all Advances then outstanding and all accrued unpaid interest, together with all other applicable fees, costs and
charges, if any, not yet paid. 
 Loan Account. Lender shall maintain on its books a record of account in which Lender shall make entries for
each Advance and such other debits and credits as shall be appropriate in connection with the credit facility. Lender shall provide Borrower with periodic statements of Borrower’s account, which statements shall be considered to be correct and
conclusively binding on Borrower unless Borrower notifies Lender to the contrary within thirty (30) days after Borrower’s receipt of any such statement which Borrower deems to be incorrect. 

COLLATERAL. To secure payment of the Primary Credit Facility and performance of all other Loans, obligations and duties owed by Borrower to Lender, Borrower
(and others, if required) shall grant to Lender Security Interests in such property and assets as Lender may require. Lender’s Security Interests in the Collateral shall be continuing liens and shall include the proceeds and products of the
Collateral, including without limitation the proceeds of any insurance. With respect to the Collateral, Borrower agrees and represents and warrants to Lender: 

Perfection of Security Interests. Borrower agrees to execute all documents perfecting Lender’s Security Interest and to take whatever
actions are requested by Lender to perfect and continue Lender’s Security Interests in the Collateral. Upon request of Lender, Borrower will deliver to Lender any and all of the documents evidencing or constituting the Collateral, and Borrower
will note Lender’s interest upon any and all chattel paper and instruments if not delivered to Lender for possession by Lender. Contemporaneous with the execution of this Agreement, Borrower will execute one or more UCC financing statements and
any similar statements as may be required by applicable law, and Lender will file such financing statements and all such similar statements in the appropriate location or locations. Borrower hereby appoints Lender as its irrevocable attorney-in-fact
for the purpose of executing any documents necessary to perfect or to continue any Security Interest. Lender may at any time, and without further authorization from Borrower, file a carbon, photograph, facsimile, or other reproduction of any
financing statement for use as a financing statement. Borrower will reimburse Lender for all expenses for the perfection, termination, and the continuation of the perfection of Lender’s security interest in the Collateral. Borrower promptly
will notify Lender before any change in Borrower’s name including any change to the assumed business names of Borrower. Borrower also promptly will notify Lender before any change in Borrower’s Social Security Number or Employer
Identification Number. Borrower further agrees to notify Lender in writing prior to any change in address or location of Borrower’s principal governance office or should Borrower merge or consolidate with any other entity. 

Collateral Records. Borrower does now, and at all times hereafter shall, keep correct and accurate records of the Collateral, all of which
records shall be available to Lender or Lender’s representative upon demand for inspection and copying at any reasonable time. With respect to the Accounts, Borrower agrees to keep and maintain such records as Lender may require, including
without limitation information concerning Eligible Accounts and Account balances and agings. Records related to Accounts (Receivables) are or will be located at . The above is an accurate and complete list of all locations at which Borrower keeps or
maintains business records concerning Borrower’s collateral. 

					
		  	BUSINESS LOAN AGREEMENT (ASSET BASED)	  	
	Loan No. 11117801	  	(Continued)  
	  	 Page
 3

  

 Collateral Schedules. Concurrently with the execution and delivery of this Agreement,
Borrower shall execute and deliver to Lender schedules of Accounts and schedules of Eligible Accounts in form and substance satisfactory to the Lender. Thereafter supplemental schedules shall be delivered according to the following schedule: 

Representations and Warranties Concerning Accounts. With respect to the Accounts, Borrower represents and warrants to Lender: (1) Each
Account represented by Borrower to be an Eligible Account for purposes of this Agreement conforms to the requirements of the definition of an Eligible Account; (2) All Account information listed on schedules delivered to Lender will be true and
correct, subject to immaterial variance; and (3) Lender, its assigns, or agents shall have the right at any time and at Borrower’s expense to inspect, examine, and audit Borrower’s records and to confirm with Account Debtors the
accuracy of such Accounts. 
 CONDITIONS PRECEDENT TO EACH ADVANCE. Lender’s obligation to make the initial Advance and each subsequent Advance under
this Agreement shall be subject to the fulfillment to Lender’s satisfaction of all of the conditions set forth in this Agreement and in the Related Documents. 

Loan Documents. Borrower shall provide to Lender the following documents for the Loan: (1) the Note; (2) together with all such
Related Documents as Lender may require for the Loan; all in form and substance satisfactory to Lender and Lender’s counsel. 

Borrower’s Authorization. Borrower shall have provided in form and substance satisfactory to Lender properly certified resolutions, duly
authorizing the execution and delivery of this Agreement, the Note and the Related Documents. In addition, Borrower shall have provided such other resolutions, authorizations, documents and instruments as Lender or its counsel, may require. 

Fees and Expenses Under This Agreement. Borrower shall have paid to Lender all fees, costs, and expenses specified in this Agreement and the
Related Documents as are then due and payable. 
 Representations and Warranties. The representations and warranties set forth in this
Agreement, in the Related Documents, and in any document or certificate delivered to Lender under this Agreement are true and correct. 
 No
Event of Default. There shall not exist at the time of any Advance a condition which would constitute an Event of Default under this Agreement or under any Related Document. 

REPRESENTATIONS AND WARRANTIES. Borrower represents and warrants to Lender, as of the date of this Agreement, as of the date of each disbursement of loan
proceeds, as of the date of any renewal, extension or modification of any Loan, and at all times any Indebtedness exists: 
 Organization.
Borrower is a limited liability company which is, and at all times shall be, duly organized, validly existing, and in good standing under and by virtue of the laws of the State of Delaware. Borrower is duly authorized to transact business in all
other states in which Borrower is doing business, having obtained all necessary filings, governmental licenses and approvals for each state in which Borrower is doing business. Specifically, Borrower is, and at all times shall be, duly qualified as
a foreign limited liability company in all states in which the failure to so qualify would have a material adverse effect on its business or financial condition. Borrower has the full power and authority to own its properties and to transact the
business in which it is presently engaged or presently proposes to engage. Borrower maintains an office at 10701 NW 2ND ST. YUKON, OK 73099. Unless Borrower has designated otherwise in writing, the principal office is the office at which Borrower
keeps its books and records including its records concerning the Collateral. Borrower will notify Lender prior to any change in the location of Borrower’s state of organization or any change in Borrower’s name. Borrower shall do all things
necessary to preserve and to keep in full force and effect its existence, rights and privileges, and shall comply with all regulations, rules, ordinances, statutes, orders and decrees of any governmental or quasi-governmental authority or court
applicable to Borrower and Borrower’s business activities. 

					
		  	BUSINESS LOAN AGREEMENT (ASSET BASED)	  	
	Loan No. 11117801	  	(Continued)  
	  	 Page
 4

  

 Assumed Business Names. Borrower has filed or recorded all documents or filings required by
law relating to all assumed business names used by Borrower. Excluding the name of Borrower, the following is a complete list of all assumed business names under which Borrower does business: None. 

Authorization. Borrower’s execution, delivery, and performance of this Agreement and all the Related Documents have been duly authorized
by all necessary action by Borrower and do not conflict with, result in a violation of, or constitute a default under (1) any provision of (a) Borrower’s articles of organization or membership agreements, or (b) any agreement or
other instrument binding upon Borrower or (2) any law, governmental regulation, court decree, or order applicable to Borrower or to Borrower’s properties. 

Financial Information. Each of Borrower’s financial statements supplied to Lender truly and completely disclosed Borrower’s financial
condition as of the date of the statement, and there has been no material adverse change in Borrower’s financial condition subsequent to the date of the most recent financial statement supplied to Lender. Borrower has no material contingent
obligations except as disclosed in such financial statements. 
 Legal Effect. This Agreement constitutes, and any instrument or agreement
Borrower is required to give under this Agreement when delivered will constitute legal, valid, and binding obligations of Borrower enforceable against Borrower in accordance with their respective terms. 

Properties. Except as contemplated by this Agreement or as previously disclosed in Borrower’s financial statements or in writing to Lender
and as accepted by Lender, and except for property tax liens for taxes not presently due and payable, Borrower owns and has good title to all of Borrower’s properties free and clear of all Security Interests, and has not executed any security
documents or financing statements relating to such properties. All of Borrower’s properties are titled in Borrower’s legal name, and Borrower has not used or filed a financing statement under any other name for at least the last five
(5) years. 
 Hazardous Substances. Except as disclosed to and acknowledged by Lender in writing, Borrower represents and warrants that:
(1) During the period of Borrower’s ownership of the Collateral, there has been no use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance by any person on, under, about or from
any of the Collateral. (2) Borrower has no knowledge of, or reason to believe that there has been (a) any breach or violation of any Environmental Laws; (b) any use, generation, manufacture, storage, treatment, disposal, release or
threatened release of any Hazardous Substance on, under, about or from the Collateral by any prior owners or occupants of any of the Collateral; or (c) any actual or threatened litigation or claims of any kind by any person relating to such
matters. (3) Neither Borrower nor any tenant, contractor, agent or other authorized user of any of the Collateral shall use, generate, manufacture, store, treat, dispose of or release any Hazardous Substance on, under, about or from any of the
Collateral; and any such activity shall be conducted in compliance with all applicable federal, state, and local laws, regulations, and ordinances, including without limitation all Environmental Laws. Borrower authorizes Lender and its agents to
enter upon the Collateral to make such inspections and tests as Lender may deem appropriate to determine compliance of the Collateral with this section of the Agreement. Any inspections or tests made by Lender shall be at Borrower’s expense and
for Lender’s purposes only and shall not be construed to create any responsibility or liability on the part of Lender to Borrower or to any other person. The representations and warranties contained herein are based on Borrower’s due
diligence in investigating the Collateral for hazardous waste and Hazardous Substances. Borrower hereby (1) releases and waives any future claims against Lender for indemnity or contribution in the event Borrower becomes liable for cleanup or
other costs under any such laws, and (2) agrees to indemnify, defend, and hold harmless Lender against any and all claims, losses, liabilities, damages, penalties, and expenses which Lender may directly or indirectly sustain or suffer resulting
from a breach of this section of the Agreement or as a consequence of any use, generation, manufacture, storage, disposal, release or threatened release of a hazardous waste or substance on the Collateral. The provisions of this section of the
Agreement, including the obligation to indemnify and defend, shall survive the payment of the Indebtedness and the termination, expiration or satisfaction of this Agreement and shall not be affected by Lender’s acquisition of any interest in
any of the Collateral, whether by foreclosure or otherwise. 
 Litigation and Claims. No litigation, claim, investigation, administrative
proceeding or similar action (including those for unpaid taxes) against Borrower is pending or threatened, and no other event has occurred which may 

materially adversely affect Borrower’s financial condition or properties, other than litigation, claims, or other events, if any, that
have been disclosed to and acknowledged by Lender in writing. 

					
		  	BUSINESS LOAN AGREEMENT (ASSET BASED)	  	
	Loan No. 11117801	  	(Continued)  
	  	 Page
 5

  

 Taxes. To the best of Borrower’s knowledge, all of Borrower’s tax returns and
reports that are or were required to be filed, have been filed, and all taxes, assessments and other governmental charges have been paid in full, except those presently being or to be contested by Borrower in good faith in the ordinary course of
business and for which adequate reserves have been provided. 
 Lien Priority. Unless otherwise previously disclosed to Lender in writing,
Borrower has not entered into or granted any Security Agreements, or permitted the filing or attachment of any Security Interests on or affecting any of the Collateral directly or indirectly securing repayment of Borrower’s Loan and Note, that
would be prior or that may in any way be superior to Lender’s Security Interests and rights in and to such Collateral. 
 Binding
Effect. This Agreement, the Note, all Security Agreements (if any), and all Related Documents are binding upon the signers thereof, as well as upon their successors, representatives and assigns, and are legally enforceable in accordance with their
respective terms. 
 AFFIRMATIVE COVENANTS. Borrower covenants and agrees with Lender that, so long as this Agreement remains in effect, Borrower will: 

Notices of Claims and Litigation. Promptly inform Lender in writing of (1) all material adverse changes in Borrower’s financial
condition, and (2) all existing and all threatened litigation, claims, investigations, administrative proceedings or similar actions affecting Borrower or any Guarantor which could materially affect the financial condition of Borrower or the
financial condition of any Guarantor. 
 Financial Records. Maintain its books and records in accordance with GAAP, applied on a consistent
basis, and permit Lender to examine and audit Borrower’s books and records at all reasonable times. 
 Financial Statements. Furnish
Lender with the following: 
 Annual Statements. As soon as available, but in no event later than one-hundred-twenty (120) days after
the end of each fiscal year, Borrower’s balance sheet and income statement for the year ended, audited by a certified public accountant satisfactory to Lender. 

Interim Statements. As soon as available, but in no event later than thirty (30) days after the end of each month, Borrower’s balance
sheet and profit and loss statement for the period ended, prepared by Borrower in form satisfactory to Lender. 
 Tax Returns. As soon as
available, but in no event later than thirty (30) days after the applicable filing date for the tax reporting period ended, Borrower’s Federal and other governmental tax returns, prepared by a tax professional satisfactory to Lender. 

Additional Requirements. Financial Statements are to include balance sheets, income statements and contingent liabilities. 

All financial reports required to be provided under this Agreement shall be prepared in accordance with GAAP, applied on a consistent basis,
and certified by Borrower as being true and correct. 
 Additional Information. Furnish such additional information and statements, as Lender
may request from time to time. 
 Additional Requirements. Borrower shall provided an A/R Aging report, monthly, within 30 days of each month
end. 
 Borrower shall provide a listing of all Eligible Equipment within 30 days of each fiscal quarter end. 

Borrower is not to incur any additional debt, in excess of $100,000, without Lender’s written consent. 

					
		  	BUSINESS LOAN AGREEMENT (ASSET BASED)	  	
	Loan No. 11117801	  	(Continued)  
	  	 Page
 6

  

 Borrower is to maintain a Debt Service Coverage Ratio (DSCR) in excess of 1.250 to 1.000. The
words “Debt Service Coverage Ratio” means Borrower’s net profits less taxes plus depreciation, depletion, amortization and interest divided by the sum of Borrower’s interest expense and current portion of long term indebtedness.
Should current portion of long term indebtedness or taxes not be represented in Borrower’s financial statements or otherwise provided by Borrower, Lender may estimate based on what Lender deems to be the most reasonable estimations. The Debt
Service Coverage Ratio shall be evaluated quarterly on a rolling 12 basis. 
 Lender is to spot-check receivables on a quarterly basis by
calling Redback’s customers and confirming the A/R balance. Each quarter, the largest A/R customer is to be contacted in addition to two other customers (differing from the prior quarter). 

Borrowing Base: Borrowing base is to restrict Loan balance to the lesser of $2,000,000.00 or: 75% of eligible A/R (not to exceed
$2,000,000.00). Eligible A/R is defined as accounts no less than 90 days old with no more than 10% of the account past due. Eligible accounts do not exceed 20% of total receivables, with the exception of the following entities: Apache Corporation,
Chesapeake Energy, Penn Virginia Corporation, Gulfport Energy and Noble Energy, Inc. 
 Borrower is to maintain a tangible net worth of not
less than $8.5MM beginning 3/31/14. 
 Insurance. Maintain fire and other risk insurance, public liability insurance, and such other
insurance as Lender may require with respect to Borrower’s properties and operations, in form, amounts, coverages and with insurance companies acceptable to Lender. Borrower, upon request of Lender, will deliver to Lender from time to time the
policies or certificates of insurance in form satisfactory to Lender, including stipulations that coverages will not be cancelled or diminished without at least ten (10) days prior written notice to Lender. Each insurance policy also shall
include an endorsement providing that coverage in favor of Lender will not be impaired in any way by any act, omission or default of Borrower or any other person. In connection with all policies covering assets in which Lender holds or is offered a
security interest for the Loans, Borrower will provide Lender with such lender’s loss payable or other endorsements as Lender may require. 

Insurance Reports. Furnish to Lender, upon request of Lender, reports on each existing insurance policy showing such information as Lender may
reasonably request, including without limitation the following: (1) the name of the insurer; (2) the risks insured; (3) the amount of the policy; (4) the properties insured; (5) the then current property values on the basis
of which insurance has been obtained, and the manner of determining those values; and (6) the expiration date of the policy. In addition, upon request of Lender (however not more often than annually), Borrower will have an independent appraiser
satisfactory to Lender determine, as applicable, the actual cash value or replacement cost of any Collateral. The cost of such appraisal shall be paid by Borrower. 

Other Agreements. Comply with all terms and conditions of all other agreements, whether now or hereafter existing, between Borrower and any
other party and notify Lender immediately in writing of any default in connection with any other such agreements. 
 Loan Proceeds. Use all
Loan proceeds solely for the following specific purposes: working capital needs. 
 Taxes, Charges and Liens. Pay and discharge when due all
of its indebtedness and obligations, including without limitation all assessments, taxes, governmental charges, levies and liens, of every kind and nature, imposed upon Borrower or its properties, income, or profits, prior to the date on which
penalties would attach, and all lawful claims that, if unpaid, might become a lien or charge upon any of Borrower’s properties, income, or profits. Provided however, Borrower will not be required to pay and discharge any such assessment, tax,
charge, levy, lien or claim so long as (1) the legality of the same shall be contested in good faith by appropriate proceedings, and (2) Borrower shall have established on Borrower’s books adequate reserves with respect to such
contested assessment, tax, charge, levy, lien, or claim in accordance with GAAP. 
 Performance. Perform and comply, in a timely manner, with
all terms, conditions, and provisions set forth in this Agreement, in the Related Documents, and in all other instruments and agreements between Borrower and Lender. Borrower shall notify Lender immediately in writing of any default in connection
with any agreement. 

					
		  	BUSINESS LOAN AGREEMENT (ASSET BASED)	  	
	Loan No. 11117801	  	(Continued)  
	  	 Page
 7

  

 Operations. Maintain executive and management personnel with substantially the same
qualifications and experience as the present executive and management personnel; provide written notice to Lender of any change in executive and management personnel; conduct its business affairs in a reasonable and prudent manner. 

Environmental Studies. Promptly conduct and complete, at Borrower’s expense, all such investigations, studies, samplings and testings as
may be requested by Lender or any governmental authority relative to any substance, or any waste or by-product of any substance defined as toxic or a hazardous substance under applicable federal, state, or local law, rule, regulation, order or
directive, at or affecting any property or any facility owned, leased or used by Borrower. 
 Compliance with Governmental Requirements.
Comply with all laws, ordinances, and regulations, now or hereafter in effect, of all governmental authorities applicable to the conduct of Borrower’s properties, businesses and operations, and to the use or occupancy of the Collateral,
including without limitation, the Americans With Disabilities Act. Borrower may contest in good faith any such law, ordinance, or regulation and withhold compliance during any proceeding, including appropriate appeals, so long as Borrower has
notified Lender in writing prior to doing so and so long as, in Lender’s sole opinion, Lender’s interests in the Collateral are not jeopardized. Lender may require Borrower to post adequate security or a surety bond, reasonably
satisfactory to Lender, to protect Lender’s interest. 
 Inspection. Permit employees or agents of Lender at any reasonable time to
inspect any and all Collateral for the Loan or Loans and Borrower’s other properties and to examine or audit Borrower’s books, accounts, and records and to make copies and memoranda of Borrower’s books, accounts, and records. If
Borrower now or at any time hereafter maintains any records (Including without limitation computer generated records and computer software programs for the generation of such records) in the possession of a third party, Borrower, upon request of
Lender, shall notify such party to permit Lender free access to such records at all reasonable times and to provide Lender with copies of any records it may request, all at Borrower’s expense. 

Environmental Compliance and Reports. Borrower shall comply in all respects with any and all Environmental Laws; not cause or permit to exist,
as a result of an intentional or unintentional action or omission on Borrower’s part or on the part of any third party, on property owned and/or occupied by Borrower, any environmental activity where damage may result to the environment, unless
such environmental activity is pursuant to and in compliance with the conditions of a permit issued by the appropriate federal, state or local governmental authorities; shall furnish to Lender promptly and in any event within thirty (30) days
after receipt thereof a copy of any notice, summons, lien, citation, directive, letter or other communication from any governmental agency or instrumentality concerning any intentional or unintentional action or omission on Borrowers part in
connection with any environmental activity whether or not there is damage to the environment and/or other natural resources. 
 Additional
Assurances. Make, execute and deliver to Lender such promissory notes, mortgages, deeds of trust, security agreements, assignments, financing statements, instruments, documents and other agreements as Lender or its attorneys may reasonably request
to evidence and secure the Loans and to perfect all Security Interests. 
 RECOVERY OF ADDITIONAL COSTS. If the imposition of or any change in any law,
rule, regulation or guideline, or the interpretation or application of any thereof by any court or administrative or governmental authority (including any request or policy not having the force of law) shall impose, modify or make applicable any
taxes (except federal, state or local income or franchise taxes imposed on Lender), reserve requirements, capital adequacy requirements or other obligations which would (A) increase the cost to Lender for extending or maintaining the credit
facilities to which this Agreement relates, (B) reduce the amounts payable to Lender under this Agreement or the Related Documents, or (C) reduce the rate of return on Lender’s capital as a consequence of Lender’s obligations
with respect to the credit facilities to which this Agreement relates, then Borrower agrees to pay Lender such additional amounts as will compensate Lender therefor, within five (5) days after Lender’s written demand for such payment,
which demand shall be accompanied by an explanation of such imposition or charge and a calculation in reasonable detail of the additional amounts payable by Borrower, which explanation and calculations shall be conclusive in the absence of manifest
error. 

					
		  	BUSINESS LOAN AGREEMENT (ASSET BASED)	  	
	Loan No. 11117801	  	(Continued)  
	  	 Page
 8

  

 LENDER’S EXPENDITURES. If any action or proceeding is commenced that would materially affect
Lender’s interest in the Collateral or if Borrower fails to comply with any provision of this Agreement or any Related Documents, including but not limited to Borrower’s failure to discharge or pay when due any amounts Borrower is required
to discharge or pay under this Agreement or any Related Documents, Lender on Borrower’s behalf may (but shall not be obligated to) take any action that Lender deems appropriate, including but not limited to discharging or paying all taxes,
liens, security interests, encumbrances and other claims. at any time levied or placed on any Collateral and paying all costs for insuring, maintaining and preserving any Collateral. All such expenditures incurred or paid by Lender for such purposes
will then bear interest at the rate charged under the Note or at the highest rate authorized by law, from the date incurred or paid by Lender to the date of repayment by Borrower. All such expenses will become a part of the Indebtedness and, at
Lender’s option, will (A) be payable on demand; (B) be added to the balance of the Note and be apportioned among and be payable with any installment payments to become due during either (1) the term of any applicable insurance
policy; or (2) the remaining term of the Note; or (C) be treated as a balloon payment which will be due and payable at the Note’s maturity. If Lender is required by law to give Borrower notice before or after Lender makes an
expenditure, Borrower agrees that notice sent by regular mail at least five (5) days before the expenditure is made or notice delivered two (2) days before the expenditure is made is sufficient, and that notice within sixty (60) days
after the expenditure is made is reasonable. 
 NEGATIVE COVENANTS. Borrower covenants and agrees with Lender that while this Agreement is in effect,
Borrower shall not, without the prior written consent of Lender: 
 Continuity of Operations. (1) Engage in any business activities
substantially different that those in which Borrower is presently engaged, (2) cease operations, liquidate, merge, transfer, acquire or consolidate with any other entity, change its name, dissolve or transfer or sell Collateral out of the
ordinary course of business, or (3) make any distribution with respect to any capital account, whether by reduction of capital or otherwise. 

Agreements. Enter into any agreement containing any provisions which would be violated or breached by the performance of Borrower’s
obligations under this Agreement or in connection herewith. 
 CESSATION OF ADVANCES. If Lender has made any commitment to make any Loan to Borrower,
whether under this Agreement or under any other agreement, Lender shall have no obligation to make Loan Advances or to disburse Loan proceeds if: (A) Borrower or any Guarantor is in default under the terms of this Agreement or any of the
Related Documents or any other agreement that Borrower or any Guarantor has with Lender; (B) Borrower or any Guarantor dies, becomes incompetent or becomes insolvent, files a petition in bankruptcy or similar proceedings, or is adjudged a
bankrupt; (C) there occurs a material adverse change in Borrower’s financial condition, in the financial condition of any Guarantor, or in the value of any Collateral securing any Loan; or (D) any Guarantor seeks, claims or otherwise
attempts to limit, modify or revoke such Guarantor’s guaranty of the Loan or any other loan with Lender; or (E) Lender in good faith deems itself insecure, even though no Event of Default shall have occurred. 

RIGHT OF SETOFF. To the extent permitted by applicable law, Lender reserves a right of setoff in all Borrower’s accounts with Lender (whether checking,
savings, or some other account). This includes all accounts Borrower holds jointly with someone else and all accounts Borrower may open in the future. However, this does not include any IRA or Keogh accounts, or any trust accounts for which setoff
would be prohibited by law. Borrower authorizes Lender, to the extent permitted by applicable law, to charge or setoff all sums owing on the Indebtedness against any and all such accounts, and, at Lender’s option, to administratively freeze all
such accounts to allow Lender to protect Lender’s charge and setoff rights provided in this paragraph. 
 DEFAULT. Each of the following shall
constitute an Event of Default under this Agreement: 
 Payment Default. Borrower fails to make any payment when due under the Loan. 

Other Defaults. Borrower fails to comply with or to perform any other term, obligation, covenant or condition contained in this Agreement or in
any of the Related Documents or to comply with or to perform any term, obligation, covenant or condition contained in any other agreement between Lender and Borrower. 

					
		  	BUSINESS LOAN AGREEMENT (ASSET BASED)	  	
	Loan No. 11117801	  	(Continued)  
	  	 Page
 9

  

 Default in Favor of Third Parties. Borrower or any Grantor defaults under any loan, extension
of credit, security agreement, purchase or sales agreement, or any other agreement, in favor of any other creditor or person that may materially affect any of Borrower’s or any Grantor’s property or Borrower’s or any Grantor’s
ability to repay the Loans or perform their respective obligations under this Agreement or any of the Related Documents. 
 False Statements.
Any warranty, representation or statement made or furnished to Lender by Borrower or on Borrower’s behalf under this Agreement or the Related Documents is false or misleading in any material respect, either now or at the time made or furnished
or becomes false or misleading at any time thereafter. 
 Death or Insolvency. The dissolution of Borrower (regardless of whether election to
continue is made), any member withdraws from Borrower, or any other termination of Borrower’s existence as a going business or the death of any member, the insolvency of Borrower, the appointment of a receiver for any part of Borrower’s
property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Borrower. 

Defective Collateralization. This Agreement or any of the Related Documents ceases to be in full force and effect (including failure of any
collateral document to create a valid and perfected security interest or lien) at any time and for any reason. 
 Creditor or Forfeiture
Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession or any other method, by any creditor of Borrower or by any governmental agency against any collateral securing the Loan. This
includes a garnishment of any of Borrower’s accounts, including deposit accounts, with Lender. However, this Event of Default shall not apply if there is a good faith dispute by Borrower as to the validity or reasonableness of the claim which
is the basis of the creditor or forfeiture proceeding and if Borrower gives lender written notice of the creditor or forfeiture proceeding and deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount
determined by Lender, in its sole discretion, as being an adequate reserve or bond for the dispute. 
 Events Affecting Guarantor. Any of the
preceding events occurs with respect to any Guarantor of any of the Indebtedness or any Guarantor dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness. 

Adverse Change. A material adverse change occurs in Borrower’s financial condition, or Lender believes the prospect of payment or
performance of the Loan is impaired. 
 Insecurity. Lender in good faith believes itself insecure. 

Right to Cure. If any default, other than a default on Indebtedness, is curable and if Borrower or Grantor, as the case may be, has not been
given a notice of a similar default within the preceding twelve (12) months, it may be cured if Borrower or Grantor. as the case may be, after Lender sends written notice to Borrower or Grantor, as the case may be, demanding cure of such
default: (1) cure the default within ten (10) days; or (2) if the cure requires more than ten (10) days, immediately initiate steps which Lender deems in Lender’s sole discretion to be sufficient to cure the default and
thereafter continue and complete all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical. 
 EFFECT OF AN EVENT
OF DEFAULT. If any Event of Default shall occur, except where otherwise provided in this Agreement or the Related Documents, all commitments and obligations of Lender under this Agreement or the Related Documents or any other agreement immediately
will terminate (including any obligation to make further Loan Advances or disbursements), and, at Lender’s option, all Indebtedness immediately will become due and payable, all without notice of any kind to Borrower, except that in the case of
an Event of Default of the type described in the “Insolvency” subsection above, such acceleration shall be automatic and not optional. In addition, Lender shall have all the rights and remedies provided in the Related Documents or
available at law, in equity, or otherwise. Except as may be prohibited by applicable law, all of Lender’s rights and remedies shall be cumulative and may be exercised singularly or concurrently. Election by Lender to pursue any remedy shall not
exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation of Borrower or of any Grantor shall not affect Lender’s right to declare a default and to exercise its rights and remedies.

					
		  	BUSINESS LOAN AGREEMENT (ASSET BASED)	  	
	Loan No. 11117801	  	(Continued)  
	  	 Page
 10

  

 ADVANCES. Notwithstanding any other provision of this Agreement, Borrower acknowledges and agrees that all
Advances shall be used for the stated purpose as specified in each application for Advance. Borrower further acknowledges and agrees that Advances shall not be made by Lender to any deposit account owned by Borrower, or, when applicable, a related
entity of Borrower, which is held at a financial institution other than that of Lender’s. 
 DOCUMENTATION/INFORMATION FEE. Lender may require
additional documentation or information related to this Indebtedness from the Borrower for loan security or file documentation as deemed appropriate and at the sole discretion of Lender or in accordance with covenants described in the Business Loan
Agreement. In the event Borrower fails to provide requested documentation or information within 60 days from written request by Lender, a fee may be assessed for each incidence in an amount which is the greater of $100.00 or .03% (.0003) of the
outstanding principal balance of the Indebtedness for each incidence. Said fee, if not paid when incurred, will be added to the principal of this Indebtedness. 

TIMELY ADVANCES. After appropriate written request from Borrower for an advance of funds on this indebtedness, Lender shall have a reasonable time to consider
approval and process of the advance request. While Lender will use reasonable effort to fund the advance as soon as feasible, Borrower understands and agrees that a reasonable time may be up to 72 hours from the time of delivery of the request, not
including non-business days, such as weekends or holidays. If delays are expected beyond 72 hours, Lender will notify Borrower of the delay and expected funding date and time. 

MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Agreement: 

Amendments. This Agreement, together with any Related Documents, constitutes the entire understanding and agreement of the parties as to the
matters set forth in this Agreement. All prior and contemporaneous representations and discussions concerning such matters either are included in this document or do not constitute an aspect of the agreement of the parties. Except as may be
specifically set forth in this Agreement, no conditions precedent or subsequent, of any kind whatsoever, exist with respect to Borrower’s obligations under this Agreement. No alteration of or amendment to this Agreement shall be effective
unless given in writing and signed by the party or parties sought to be charged or bound by the alteration or amendment. 
 Attorneys’
Fees; Expenses. Borrower agrees to pay upon demand all of Lender’s costs and expenses, including Lender’s attorneys’ fees and Lender’s legal expenses, incurred in connection with the enforcement of this Agreement. Lender may hire
or pay someone else to help enforce this Agreement, and Borrower shall pay the costs and expenses of such enforcement. Costs and expenses include Lender’s attorneys’ fees and legal expenses whether or not there is a lawsuit, including
attorneys’ fees and legal expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals, and any anticipated post-judgment collection services. Borrower also shall pay all court costs and
such additional fees as may be directed by the court. 
 Caption Headings. Caption headings in this Agreement are for convenience purposes
only and are not to be used to interpret or define the provisions of this Agreement. 
 Consent to Loan Participation. Borrower agrees and
consents to Lender’s sale or transfer, whether now or later, of one or more participation interests in the Loan to one or more purchasers, whether related or unrelated to Lender. Lender may provide, without any limitation whatsoever, to any one
or more purchasers, or potential purchasers, any information or knowledge Lender may have about Borrower or about any other matter relating to the Loan, and Borrower hereby waives any rights to privacy Borrower may have with respect to such matters.
Borrower additionally waives any and all notices of sale of participation interests, as well as all notices of any repurchase of such participation interests. Borrower also agrees that the purchasers of any such participation interests will be
considered as the absolute owners of such interests in the Loan and will have all the rights granted under the participation agreement or agreements governing the sale of such participation interests. Borrower further waives all rights of offset or
counterclaim that it may have now or later against Lender or against any purchaser of such a participation interest and unconditionally agrees that either Lender or such purchaser may enforce Borrower’s obligation under the Loan irrespective of
the failure or insolvency of any holder of any interest in the Loan. Borrower further agrees that the purchaser of any such participation interests may enforce its interests irrespective of any personal claims or defenses that Borrower may have
against Lender. 

					
		  	BUSINESS LOAN AGREEMENT (ASSET BASED)	  	
	Loan No. 11117801	  	(Continued)  
	  	 Page
 11

  

 Governing Law. This Agreement will be governed by federal law applicable to Lender and, to
the extent not preempted by federal law, the laws of the State of Oklahoma without regard to its conflicts of law provisions. This Agreement has been accepted by Lender in the State of Oklahoma. 

No Waiver by Lender. Lender shall not be deemed to have waived any rights under this Agreement unless such waiver is given in writing and
signed by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any other right. A waiver by Lender of a provision of this Agreement shall not prejudice or constitute a waiver of
Lender’s right otherwise to demand strict compliance with that provision or any other provision of this Agreement. No prior waiver by Lender, nor any course of dealing between Lender and Borrower, or between Lender and any Grantor, shall
constitute a waiver of any of Lender’s rights or of any of Borrower’s or any Grantor’s obligations as to any future transactions. Whenever the consent of Lender is required under this Agreement, the granting of such consent by Lender
in any instance shall not constitute continuing consent to subsequent instances where such consent is required and in all cases such consent may be granted or withheld in the sole discretion of Lender. 

Notices. To the extent permitted by applicable law, any notice required to be given under this Agreement shall be given in writing, and shall
be effective when actually delivered, when actually received by telefacsimile (unless otherwise required by law), when deposited with a nationally recognized overnight courier, or, if mailed, when deposited in the United States mail, as first class,
certified or registered mail postage prepaid, directed to the addresses shown near the beginning of this Agreement. Any party may change its address for notices under this Agreement by giving formal written notice to the other parties, specifying
that the purpose of the notice is to change the party’s address. For notice purposes, Borrower agrees to keep Lender informed at all times of Borrower’s current address. To the extent permitted by applicable law, if there is more than one
Borrower, any notice given by Lender to any Borrower is deemed to be notice given to all Borrowers. 
 Severability. If a court of competent
jurisdiction finds any provision of this Agreement to be illegal, invalid, or unenforceable as to any circumstance, that finding shall not make the offending provision illegal, invalid, or unenforceable as to any other circumstance. If feasible, the
offending provision shall be considered modified so that It becomes legal, valid and enforceable. If the offending provision cannot be so modified, it shall be considered deleted from this Agreement. Unless otherwise required by law, the illegality,
invalidity, or unenforceability of any provision of this Agreement shall not affect the legality, validity or enforceability of any other provision of this Agreement. 

Subsidiaries and Affiliates of Borrower. To the extent the context of any provisions of this Agreement makes it appropriate, including without
limitation any representation, warranty or covenant, the word “Borrower” as used in this Agreement shall include all of Borrower’s subsidiaries and affiliates. Notwithstanding the foregoing however, under no circumstances shall this
Agreement be construed to require Lender to make any loan or other financial accommodation to any of Borrower’s subsidiaries or affiliates. 

Successors and Assigns. All covenants and agreements by or on behalf of Borrower contained in this Agreement or any Related Documents shall
bind Borrower’s successors and assigns and shall inure to the benefit of Lender and its successors and assigns. Borrower shall not, however, have the right to assign Borrower’s rights under this Agreement or any interest therein, without
the prior written consent of Lender. 
 Survival of Representations and Warranties. Borrower understands and agrees that in extending Loan
Advances, Lender is relying on all representations, warranties, and covenants made by Borrower in this Agreement or in any certificate or other instrument delivered by Borrower to Lender under this Agreement or the Related Documents. Borrower
further agrees that regardless of any investigation made by Lender, all such representations, warranties and covenants will survive the extension of Loan Advances and delivery to Lender of the Related Documents, shall be continuing in nature, shall
be deemed made and redated by Borrower at the time each Loan Advance is made, and shall remain in full force and effect until such time as Borrower’s Indebtedness shall be paid in full, or until this Agreement shall be terminated in the manner
provided above, whichever is the last to occur. 

					
		  	BUSINESS LOAN AGREEMENT (ASSET BASED)	  	
	Loan No. 11117801	  	(Continued)  
	  	 Page
 12

  

 Time is of the Essence. Time is of the essence in the performance of this Agreement. 

DEFINITIONS. The following capitalized words and terms shall have the following meanings when used in this Agreement. Unless specifically stated to the
contrary, all references to dollar amounts shall mean amounts in lawful money of the United States of America. Words and terms used in the singular shall include the plural, and the plural shall include the singular, as the context may require.
Words and terms not otherwise defined in this Agreement shall have the meanings attributed to such terms in the Uniform Commercial Code. Accounting words and terms not otherwise defined in this Agreement shall have the meanings assigned to them in
accordance with generally accepted accounting principles as in effect on the date of this Agreement: 
 Account. The word “Account”
means a trade account, account receivable, other receivable, or other right to payment for goods sold or services rendered owing to Borrower (or to a third party grantor acceptable to Lender). 

Account Debtor. The words “Account Debtor” mean the person or entity obligated upon an Account. 

Advance. The word “Advance” means a disbursement of Loan funds made, or to be made, to Borrower or on Borrower’s behalf under
the terms and conditions of this Agreement. 
 Agreement. The word “Agreement” means this Business Loan Agreement (Asset Based), as
this Business Loan Agreement (Asset Based) may be amended or modified from time to time, together with all exhibits and schedules attached to this Business Loan Agreement (Asset Based) from time to time. 

Borrower. The word “Borrower” means Redback Energy Services LLC and includes all co-signers and co-makers signing the Note and all
their successors and assigns. 
 Borrowing Base. The words “Borrowing Base” mean, as determined by Lender from time to time, the
lesser of (1) $2,000,000.00 or (2) 75.000% of the aggregate amount of Eligible Accounts (not to exceed in corresponding Loan amount based on Eligible Accounts $2,000,000.00). 

Business Day. The words “Business Day” mean a day on which commercial banks are open in the State of Oklahoma. 

Collateral. The word “Collateral” means all property and assets granted as collateral security for a Loan, whether real or personal
property, whether granted directly or indirectly, whether granted now or in the future, and whether granted in the form of a security interest, mortgage, collateral mortgage, deed of trust, assignment, pledge, crop pledge, chattel mortgage,
collateral chattel mortgage, chattel trust, factor’s lien, equipment trust, conditional sale, trust receipt, lien, charge, lien or title retention contract, lease or consignment intended as a security device, or any other security or lien
interest whatsoever, whether created by law, contract, or otherwise. The word Collateral also includes without limitation all collateral described in the Collateral section of this Agreement. 

Eligible Accounts. The words “Eligible Accounts” mean at any time, all of Borrower’s Accounts which contain selling terms and
conditions acceptable to Lender. The net amount of any Eligible Account against which Borrower may borrow shall exclude all returns, discounts, credits, and offsets of any nature. Unless otherwise agreed to by Lender in writing, Eligible Accounts do
not include: 
 (1) Accounts with respect to which the Account Debtor is a member, employee or agent of Borrower. 

(2) Accounts with respect to which the Account Debtor is affiliated with Borrower. 

(3) Accounts with respect to which goods are placed on consignment, guaranteed sale, or other terms by reason of which the payment by the
Account Debtor may be conditional. 
 (4) Accounts with respect to which Borrower is or may become liable to the Account Debtor for goods
sold or services rendered by the Account Debtor to Borrower. 
 (5) Accounts which are subject to dispute, counterclaim, or setoff. 

					
		  	BUSINESS LOAN AGREEMENT (ASSET BASED)	  	
	Loan No. 11117801	  	(Continued)  
	  	 Page
 13

  

 (6) Accounts with respect to which the goods have not been shipped or delivered, or the
services have not been rendered, to the Account Debtor. 
 (7) Accounts with respect to which Lender, in its sole discretion, deems the
creditworthiness or financial condition of the Account Debtor to be unsatisfactory. 
 (8) Accounts of any Account Debtor who has filed or
has had filed against it a petition in bankruptcy or an application for relief under any provision of any state or federal bankruptcy, insolvency, or debtor-in-relief acts; or who has had appointed a trustee, custodian, or receiver for the assets of
such Account Debtor; or who has made an assignment for the benefit of creditors or has become insolvent or fails generally to pay its debts (including its payrolls) as such debts become due. 

(9) Accounts which have not been paid in full within 90 days from the invoice date. 

(10) That portion of the Accounts of any single Account Debtor which exceeds 20.000% of all of Borrower’s Accounts. 

(11) 10% of account past due. 

Environmental Laws. The words “Environmental Laws” mean any and all state, federal and local statutes, regulations and ordinances
relating to the protection of human health or the environment, including without limitation the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, 42 U.S.C. Section 9601, et seq. (“CERCLA”), the
Superfund Amendments and Reauthorization Act of 1986, Pub. L. No. 99-499 (“SARA”), the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq., the Resource Conservation and Recovery Act, 42 U.S.C.
Section 6901, et seq., or other applicable state or federal laws, rules, or regulations adopted pursuant thereto. 
 Event of Default.
The words “Event of Default” mean any of the events of default set forth in this Agreement in the default section of this Agreement. 

Expiration Date. The words “Expiration Date” mean the date of termination of Lender’s commitment to lend under this Agreement.

 GAAP. The word “GAAP” means generally accepted accounting principles. 

Grantor. The word “Grantor” means each and all of the persons or entities granting a Security Interest in any Collateral for the
Loan, including without limitation all Borrowers granting such a Security Interest. 
 Guarantor. The word “Guarantor” means any
guarantor, surety, or accommodation party of any or all of the Loan. 
 Guaranty. The word “Guaranty” means the guaranty from
Guarantor to Lender, including without limitation a guaranty of all or part of the Note. 
 Hazardous Substances. The words “Hazardous
Substances” mean materials that, because of their quantity, concentration or physical, chemical or infectious characteristics, may cause or pose a present or potential hazard to human health or the environment when improperly used, treated,
stored, disposed of, generated, manufactured, transported or otherwise handled. The words “Hazardous Substances” are used in their very broadest sense and include without limitation any and all hazardous or toxic substances, materials or
waste as defined by or listed under the Environmental Laws. The term “Hazardous Substances” also includes, without limitation, petroleum and petroleum by-products or any fraction thereof and asbestos. 

Indebtedness. The word “Indebtedness” means the indebtedness evidenced by the Note or Related Documents, including all principal and
interest together with all other indebtedness and costs and expenses for which Borrower is responsible under this Agreement or under any of the Related Documents. 

Lender. The word “Lender” means Legacy Bank, its successors and assigns. 

Loan. The word “Loan” means any and all loans and financial accommodations from Lender to Borrower whether now or hereafter existing,
and however evidenced, including without limitation those loans and 
 financial accommodations described herein or described on any exhibit
or schedule attached to this Agreement from time to time. 

					
		  	BUSINESS LOAN AGREEMENT (ASSET BASED)	  	
	Loan No. 11117801	  	(Continued)  
	  	 Page
 14

  

 Note. The word “Note” means the Note dated 04-01-2014 and executed by Redback
Energy Services LLC in the principal amount of $2,000,000.00, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for the note or credit agreement. 

Primary Credit Facility. The words “Primary Credit Facility” mean the credit facility described in the Line of Credit section of this
Agreement. 
 Related Documents. The words “Related Documents” mean all promissory notes, credit agreements, loan agreements,
environmental agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments, agreements and documents, whether now or hereafter existing, executed in connection with the Loan.

 Security Agreement. The words “Security Agreement” mean and include without limitation any agreements, promises, covenants,
arrangements, understandings or other agreements, whether created by law, contract, or otherwise, evidencing, governing, representing, or creating a Security Interest. 

Security Interest. The words “Security Interest” mean, without limitation, any and all types of collateral security, present and
future, whether in the form of a lien, charge, encumbrance, mortgage, deed of trust, security deed, assignment, pledge, crop pledge, chattel mortgage, collateral chattel mortgage, chattel trust, factor’s lien, equipment trust, conditional sale,
trust receipt, lien or title retention contract, lease or consignment intended as a security device, or any other security or lien interest whatsoever whether created by law, contract, or otherwise. 

BORROWER ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS BUSINESS LOAN AGREEMENT (ASSET BASED) AND BORROWER AGREES TO ITS TERMS. THIS BUSINESS LOAN
AGREEMENT (ASSET BASED) IS DATED 04-01-2014. 
 BORROWER: 

REDBACK ENERGY SERVICES LLC 
 WEXFORD CAPITAL LP, Manager of
Redback Energy Services LLC 
  

			
	By:	 	     /s/ Paul Jacobi

		 	Paul Jacobi, Vice President of Wexford Capital LP
	
	LENDER:
	
	LEGACY BANK
		
	By:	 	     /s/ Barry Burget

		 	Authorized Signer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00235-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00235-of-00352.parquet"}]]