Document:

EX-10.3

 Exhibit 10.3 

INDEMNIFICATION AGREEMENT 

THIS INDEMNIFICATION AGREEMENT (the “Agreement”) is made as of this      day of
            , 2015 between Energizer SpinCo, Inc., a Missouri corporation (the “Company”), and
             (the “Indemnitee”). 
 RECITALS 

A. The Company recognizes that competent and experienced persons are increasingly reluctant to serve or to continue to serve as directors or
officers of corporations unless they are protected by comprehensive liability insurance or indemnification, or both, due to increased exposure to litigation costs and risks resulting from their service to such corporations, and due to the fact that
the exposure frequently bears no reasonable relationship to the compensation of such directors and officers; 
 B. The statutes and judicial
decisions regarding the duties of directors and officers are often difficult to apply, ambiguous, or conflicting, and therefore fail to provide such directors and officers with adequate, reliable knowledge of legal risks to which they are exposed or
information regarding the proper course of action to take; 
 C. The Company and the Indemnitee recognize that plaintiffs often seek damages
in such large amounts and the costs of litigation may be so enormous (whether or not the case is meritorious), that the defense and/or settlement of such litigation is often beyond the personal resources of directors and officers; 

D. The Company believes that it is unfair for its directors and officers to assume the risk of huge judgments and other expenses which may
occur in cases in which the director or officer received no personal profit and in cases where the director or officer was not culpable; 

E. The Company, after reasonable investigation, has determined that the liability insurance coverage presently available to the Company may be
inadequate in certain circumstances to cover all possible exposure for which the Indemnitee should be protected. The Company believes that the interests of the Company and its shareholders would best be served by a combination of such insurance and
the indemnification by the Company of the directors and officers of the Company; 
 F. The Company’s Amended and Restated Articles of
Incorporation (the “Articles”) permit and require the Company to indemnify its directors and officers, and indemnification is also authorized by the General and Business Corporation Law of Missouri (the “Indemnification
Statute”), absent conduct finally judicially adjudged to be knowingly fraudulent, deliberately dishonest or willful misconduct; 

G. Article VIII of the Articles authorizes the Company to enter into agreements with any director, officer, employee or agent providing such
rights of indemnification as the Company deems appropriate up to the maximum extent permitted by law; 

 H. The Board of Directors of the Company (the “Board of Directors”) has
determined that contractual indemnification as set forth herein is not only reasonable and prudent but also promotes the best interests of the Company and its shareholders; 

I. The Company desires and has requested the Indemnitee to serve or continue to serve as a director or officer of the Company and/or as a
director or officer of one or more subsidiaries or affiliates of the Company free from undue concern for unwarranted claims for damages arising out of or related to such services to the Company and/or one or more subsidiaries or affiliates of the
Company; and 
 J. The Indemnitee is willing to serve, continue to serve or to provide additional service for or on behalf of the Company on
the condition that the Indemnitee is furnished the indemnity provided for herein. 
 TERMS 

NOW, THEREFORE, in consideration of the Indemnitee’s agreement to serve or to continue to serve as a director or officer of the Company,
the parties hereto agree as follows: 
 1. Indemnification - General. To the fullest extent permitted by applicable law, as in effect
on the date hereof, and to such greater extent as applicable law may hereafter permit: 
 (a) The Company shall hold harmless and indemnify
the Indemnitee to the fullest extent authorized or permitted by the provisions of the Indemnification Statute and the Articles, or by any respective amendments thereof, or by any other applicable statutory provision authorizing or permitting such
indemnification which may be adopted after the date hereof, insofar as the underlying matter, Liability or Expense relates to the Indemnitee by reason of the fact that the Indemnitee is, was or at any time (whether before or after the date of this
Agreement) becomes a director, officer, employee or agent of the Company, or is or was serving or at any time serves at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust,
employee benefit plan or other enterprise. 
 (b) Subject to the exclusions set forth in Section 2 hereof, the Company further agrees
to hold harmless and indemnify the Indemnitee from and against any and all Expenses (as hereinafter defined), judgments, amounts paid or agreed to be paid in settlement, fines and penalties actually and reasonably incurred by the Indemnitee (each of
the foregoing (including, to avoid doubt, Expenses), a “Liability” and collectively, “Liabilities”) in connection with any threatened, pending or completed action, claim, suit or proceeding, whether civil,
arbitrative, criminal, administrative or investigative (including any action by or in the right of the Company) to which the Indemnitee is, was or at any time becomes a party, or is threatened to be made a party, or as to which Indemnitee is
formally or informally requested or required to serve or to prepare to serve as a witness or to produce documents or information, in any such case by reason of the fact that the Indemnitee is, was or at any time (whether before or after the date of
this Agreement) becomes a director, officer, employee or agent of the Company, or is or was serving or at any time serves at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture,
trust, employee benefit plan or other 

  
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enterprise (“Proceeding” or “Proceedings”). As used in this Agreement, “Company” shall include, without limitation and in addition to the
resulting corporation, any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors,
officers, and employees or agents, so that any person who is or was a director, officer, employee or agent of such constituent corporation, or is or was serving at the request of such constituent corporation as a director, officer, employee or agent
of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise, shall stand in the same position under the provisions of this Agreement with respect to the resulting or surviving corporation as he or she would
have with respect to such constituent corporation if its separate existence had continued; and “Expenses” shall include all direct and indirect costs (including, without limitation, attorneys’ fees, retainers, court costs,
transcripts, fees of experts, investigators and consultants, witness fees, computer legal research costs, electronic discovery costs, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees,
appeal bonds, and all other disbursements or out-of-pocket expenses) actually and reasonably incurred in connection with (i) any Proceeding or (ii) establishing or enforcing any right to indemnification or advancement of expenses under
this Agreement, applicable law, any other agreement or provision of the Articles or the Company’s Amended and Restated Bylaws (the “Bylaws”) now or hereafter in effect or otherwise; provided, however, that
“Expenses” shall not include any judgment, fines, penalties or amount paid in settlement. 
 (c) If the Indemnitee is
entitled under any provision of this Agreement to indemnification by the Company for some or a portion of the Liabilities but not, however, for the total amount thereof, the Company shall nevertheless indemnify the Indemnitee for the portion of such
Liabilities to which Indemnitee is entitled. 
 2. Limitation on Indemnification. Notwithstanding any other provision of this
Agreement to the contrary, the Company shall not be liable under this Agreement to make any payment in connection with any Liability: 

(a) for which payment is actually made to the Indemnitee under a valid and collectible insurance policy, except in respect of any retention
not covered, any excess beyond the amount of such payment or any obligation the Company may have to provide indemnification under such policy of insurance; 

(b) for which the Indemnitee is indemnified by the Company other than pursuant to this Agreement; 

(c) for which the Indemnitee has received indemnification or advancement of Expenses from any other indemnitor, including any subsidiary,
employee benefit plan, or other corporation, partnership, joint venture, trust, employee benefit plan or other entity for which Indemnitee is serving as a director, officer, employee or agent at the request of the Company; 

(d) incurred in connection with a Proceeding in which the Indemnitee is finally judicially adjudged to have received an improper financial
benefit in money, property or securities in violation of law (provided that reference in this Agreement to a matter being 

  
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“finally judicially adjudged” shall mean that there shall have been a final decision by a court having jurisdiction in the matter, all appeals having been exhausted or not having been
taken and the time therefor to have expired); 
 (e) incurred in connection with any settlement to which the Company has not given its
prior written consent or approval, which consent or approval shall not be unreasonably withheld; 
 (f) if a final judgment is rendered
against the Indemnitee for an accounting of profits made from the purchase or sale by the Indemnitee of securities of the Company within the meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended; 

(g) incurred in connection with a Proceeding involving the acts or omissions of the Indemnitee and in connection with which the
Indemnitee’s acts or omissions have been finally judicially adjudged, or admitted by Indemnitee, in writing under oath, to constitute knowingly fraudulent or deliberately dishonest conduct or to have constituted willful misconduct; 

(h) if it shall be finally judicially adjudged that such indemnification is not lawful; 

(i) in respect to proceedings or claims initiated or brought voluntarily by the Indemnitee and not by way of defense, except in respect to
proceedings brought to establish or enforce a right to indemnification under this Agreement, applicable law, any other agreement or provision of the Articles or Bylaws (which shall be governed by the immediately following subsection (j));
provided that such indemnification or advancement of Expenses may be provided by the Company in specific cases if the Board of Directors finds it to be appropriate; 

(j) in respect to proceedings or claims initiated or brought voluntarily by the Indemnitee and not by way of defense, unless Indemnitee is
successful in establishing the Indemnitee’s right to indemnification in such action, suit or proceeding, in whole or in part, or unless and to the extent that the court in such action, suit or proceeding shall determine that, despite the
Indemnitee’s failure to establish his or her right to indemnification, the Indemnitee is entitled to indemnity for such Liabilities; provided that nothing in this subsection (j) is intended to limit the Company’s obligation
with respect to the advancement of Expenses to Indemnitee in connection with an action, suit or proceeding instituted by the Indemnitee to enforce this Agreement, as provided in Section 5 hereof; or 

(k) in connection with proceedings or claims involving the enforcement (including by means of injunctive or other equitable relief) of
non-compete and/or non-disclosure agreements or the non-compete and/or non-disclosure provisions of employment, consulting or similar agreements that the Indemnitee may be a party to with the Company, any subsidiary of the Company or any other
applicable foreign or domestic corporation, partnership, joint venture, trust or other enterprise, if any. 
 3. Continuation of
Indemnity. All agreements and obligations of Company contained herein shall continue during the period that the Indemnitee is serving as a director or 

  
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officer of the Company, and shall continue thereafter so long as the Indemnitee shall be subject to any possible Proceeding, by reason of the fact that the Indemnitee was a director or
officer of the Company or serving in any other capacity referred to herein. 
 4. Notification and Defense of Claim. Promptly after
the Indemnitee receives notice of the commencement of any Proceeding, the Indemnitee will notify the Company of the commencement thereof. The failure to notify the Company will relieve the Company from any liability hereunder to the extent the
Company can show actual prejudice as a result of such failure, and will not relieve the Company from any liability which it may have to the Indemnitee otherwise than under this Agreement. With respect to any such Proceeding as to which the
Indemnitee notifies the Company of the commencement thereof: 
 (a) The Company will be entitled to participate therein at its own expense;
and, 
 (b) Except as otherwise provided below, to the extent that it may wish, the Company (jointly with any other indemnifying party
similarly notified) will be entitled to assume the defense thereof with counsel reasonably satisfactory to the Indemnitee. After the Company notifies the Indemnitee of its election to assume such defense, the Company will not be liable to the
Indemnitee under this Agreement for any Expenses the Indemnitee subsequently incurs in connection with the defense thereof other than as otherwise provided below. The Indemnitee shall have the right to employ his or her counsel in such action, suit
or proceeding, provided that the fees and expenses of such counsel incurred after the Company has provided the Indemnitee with notice that it is assuming the defense shall be at the Indemnitee’s expense, unless (i) the Company has
authorized the Indemnitee’s employment of counsel, (ii) the counsel for the Company shall have reasonably concluded that there may be a conflict of interest between the Company and the Indemnitee in the conduct of the defense of such
action, or (iii) the Company shall not in fact have employed counsel to assume the defense of such action, in each of which cases the fees and expenses of such counsel shall be at the Company’s expense. The Company shall not be entitled to
assume the defense of any Proceeding brought by or on behalf of the Company or as to which counsel for the Company shall have made the conclusion provided for in (ii) above. The Company’s assumption of the defense of a Proceeding pursuant
to this Section 4(b) will constitute an irrevocable acknowledgement by the Company that any Liabilities incurred by or for the account of Indemnitee incurred in connection therewith are indemnifiable by the Company under Section 1 of this
Agreement, except to the extent that the acts or omissions of the Indemnitee giving rise to or involved in the Proceeding are finally judicially adjudged, or admitted by Indemnitee, in writing under oath, to constitute knowingly fraudulent or
deliberately dishonest conduct or to have constituted willful misconduct. 
 (c) The Company shall not be liable to indemnify the
Indemnitee for any amounts paid in settlement of any Proceeding effected without the Company’s written consent. The Company shall not settle any Proceeding in any manner which would impose any penalty or limitation on the Indemnitee without the
Indemnitee’s written consent. 
 (d) Neither the Company nor the Indemnitee will unreasonably withhold consent to any proposed
settlement. 

  
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 5. Advancement of Expenses. The Company agrees to pay to or on behalf of the Indemnitee
all Expenses actually and reasonably incurred by Indemnitee in connection with investigating, prosecuting, preparing to defend, defending, participating or serving or preparing to serve and serving as a witness in a Proceeding, or in connection with
an enforcement action pursuant to Section 6, in advance of the final disposition thereof, provided that the Company has received a written statement or statements from the Indemnitee requesting such advancement and containing an
undertaking from or on behalf of the Indemnitee to reimburse the amount so advanced if and to the extent that it is ultimately judicially determined that the Indemnitee is not entitled to be indemnified by the Company under this Agreement or
otherwise (an “Undertaking”). The Undertaking must be an unlimited general obligation of the Indemnitee but need not be secured, shall not bear interest, and shall be accepted without reference to the financial ability of the
Indemnitee to make reimbursement. The Company shall advance or make payment within thirty (30) days of its receipt of documentation evidencing such Expenses. 

6. Enforcement. 
 (a)
The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on the Company hereby in order to induce the Indemnitee to serve or continue to serve as a director or officer of the Company, and
acknowledges that the Indemnitee is relying upon this Agreement in serving or continuing to serve in such capacity. 
 (b) The Company
agrees that the Indemnitee’s rights hereunder are contractual and binding and that its obligations hereunder are not subject to any conditions not set forth herein. Neither the Indemnitee’s rights to advancement nor his or her rights to
indemnification are subject to, require or permit a determination by the Company, the Board of Directors or management of the Company of whether the Indemnitee met any standard of conduct. 

(c) In the event the Indemnitee brings any action to enforce rights or to collect moneys due under this Agreement, or defends any action by
the Company to adjudicate those rights, and is successful in such action, Company shall reimburse the Indemnitee for all of the Indemnitee’s Expenses in bringing and pursuing or defending such action. In any such action the Indemnitee shall be
presumed to be entitled to the indemnification or advancement sought and it shall be the Company’s burden to prove the contrary. The Indemnitee’s rights hereunder are not subject to any defense or claim of setoff or recoupment, nor shall
the Company be entitled to challenge or litigate any matter finally adjudicated in the Indemnitee’s favor in the proceeding for which Indemnitee is seeking indemnification or advancement. 

(d) The Company shall be precluded from asserting in any judicial proceeding that the procedures and presumptions of this Agreement are not
valid, binding and enforceable. The Company agrees that its execution of this Agreement shall constitute a stipulation by which it shall be irrevocably bound in any court of competent jurisdiction in which a proceeding by the Indemnitee for
enforcement of his or her rights hereunder shall have been commenced, continued or appealed, that its obligations set forth in this Agreement are unique and special, and that failure of the Company to comply with the provisions of this Agreement
will cause irreparable and irremediable injury to the Indemnitee, for which a remedy at law will 

  
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be inadequate. As a result, in addition to any other right or remedy the Indemnitee may have at law or in equity with respect to breach of this Agreement, the Indemnitee shall be entitled to
injunctive or mandatory relief directing specific performance by the Company of its obligations under this Agreement. 
 7. Subrogation;
Insurance. 
 (a) In the event that the Company shall make any payment to or on behalf of the Indemnitee under the terms of this
Agreement, the Company shall be subrogated to the full extent of such payment to all of the rights of recovery of the Indemnitee, who shall execute all papers reasonably required and shall do everything that may be reasonably necessary to preserve
and facilitate the Company’s assertion of such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce such rights; provided, however, that the Company’s
subrogation to the Indemnitee’s rights of recovery, including his or her rights to indemnification or advancement from any other person or entity or under any policy of insurance, shall be subordinate to the Indemnitee’s rights to recover
any unreimbursed or unpaid Liabilities therefrom. 
 (b) The Company shall use commercially reasonable efforts to purchase and maintain
policies of insurance with reputable insurance companies, providing the Indemnitee with liability insurance covering Indemnitee for service as a director, officer, employee or agent of the Company, or service at the request of the Company as a
director, officer, employee or agent of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise, and such policy or policies shall have policy limits in an amount no less than the median limits carried by
peer organizations, as ascertained and reported in writing by a duly licensed insurance broker, and shall cover Indemnitee in accordance with its or their terms to the maximum extent of the coverage available for any director or officer of the
Company under such policy or policies. The Company shall, upon request, provide Indemnitee with a copy of any insurance policy or policies. If the Company has such insurance in effect at the time the Company receives from the Indemnitee any
notice of the commencement of a Proceeding, the Company shall give prompt notice of the commencement of such Proceeding to the insurers in accordance with the procedures set forth in the policy. The Company shall thereafter take all necessary or
desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policy. 

8. Contribution. In order to provide for just and equitable contribution in circumstances in which the indemnification provided for
herein is held by a court of competent jurisdiction to be unavailable to the Indemnitee in whole or in part, it is agreed that, in such event, the Company shall to the fullest extent permitted by law, contribute to the payment of the
Indemnitee’s Liabilities with respect to any Proceeding in an amount that is just and equitable in the circumstances, taking into account, among other things, contributions by other directors and officers of the Company or others pursuant to
indemnification agreements or otherwise; provided that, without limiting the generality of the foregoing, such contribution shall not be required where such holding by the court is due to the Indemnitee having intentionally caused or
intentionally contributed to the injury complained of with the knowledge that such injury would occur. 

  
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 9. Contract Rights Not Exclusive. The contract rights conferred by this Agreement shall be
in addition to but not exclusive of any other right which the Indemnitee may have or may hereafter acquire under the Indemnification Statute, any other statute, any provision of the Articles or the Bylaws, any agreement, any vote of shareholders or
disinterested directors, or otherwise. Nothing in this Agreement shall be deemed to amend, alter, change or repeal any indemnification provisions contained in the Articles or the Bylaws. 

10. Severability. Each of the provisions of this Agreement is a separate and distinct agreement and independent of the others, so that
if any provision hereof shall be held to be invalid or unenforceable for any reason, such invalidity or unenforceability shall not affect the validity or enforceability of the other provisions hereof. If any provision or provisions of this Agreement
shall be invalidated on any ground by any court of competent jurisdiction, then the Company shall nevertheless indemnify the Indemnitee as to Liabilities with respect to any Proceeding, to the full extent permitted by any applicable portion of this
Agreement that shall not have been invalidated and to the fullest extent permitted by applicable law. 
 11. Notices. All notices,
requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed,
(ii) faxed, or if (iii) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed: 
  

							
	(i)		If to the Company, to		
			  
 Energizer SpinCo, Inc.

533 Maryville University Drive
 St. Louis, Missouri 63141

Attn:
 Facsimile:

 
		
	(ii)		If to the Indemnitee, to		
			
			  
		
			
			  
		
			
			  
		
				
			Attn:		  
		

 or to such other address as may have been furnished to the Indemnitee by the Company. 

12. Miscellaneous. 
 (a)
This Agreement shall be interpreted and enforced in accordance with the laws of the State of Missouri, without reference to its rules governing conflicts of laws. If a court of competent jurisdiction shall make a final determination that the
provisions of the law of any state other than Missouri govern indemnification by the Company of its directors, then the 

  
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indemnification provided under this Agreement shall in all instances be enforceable to the fullest extent permitted under such law, notwithstanding any provision of this Agreement to the
contrary. For purposes of any claims or proceedings to enforce this agreement, the Company consents to the jurisdiction and venue of any federal or state court of competent jurisdiction in the state of Missouri, and waives and agrees not to raise
any defense that any such court is an inconvenient forum or any similar claim. 
 (b) All of the terms and provisions of this Agreement
shall be binding upon, shall inure to the benefit of and shall be enforceable by the parties hereto and their respective successors, assigns, heirs, executors, administrators and legal representatives. The Company shall require and cause any direct
or indirect successor (whether by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company, by written agreement in form and substance reasonably satisfactory to Indemnitee, expressly to
assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. 

(c) No amendment, modification, termination or cancellation of this Agreement shall be effective unless in writing signed by both parties
hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. 

(d) It is understood that the parties hereto intend this Agreement to be interpreted and enforced so as to provide indemnification to the
Indemnitee to the fullest extent now or hereafter permitted by law. If the Indemnification Statute is amended after adoption of this Agreement to expand further the indemnification permitted to directors and/or officers, then the Company shall
indemnify Indemnitee to the fullest extent permitted by the Indemnification Statute, as so amended. 
 (e) This Agreement and the documents
expressly referred to herein constitute the entire agreement between the parties hereto with respect to the matters covered hereby, and any other prior or contemporaneous oral or written understandings or agreements with respect to the matters
covered hereby are expressly superseded by this Agreement. 
 (f) Nothing in this Agreement is intended to create in Indemnitee any right
to employment or continued employment. 
 (g) This Agreement may be executed in two or more counterparts, each of which shall be deemed to
be an original and all of which together shall be deemed to be one and the same instrument, notwithstanding that both parties are not signatories to the original or same counterpart. 

(h) The section and subsection headings contained in this Agreement are for reference purposes only and shall not affect in any way the
meaning or interpretation of this Agreement. 
 [Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Indemnification Agreement as of the day
and year first above written. 
  

			
	ENERGIZER SPINCO, INC.
		
	By:		  

	Name:		
	Title:		
	
	  

		
			[Name of Indemnitee]Exhibit
10.53

 

SECOND
LOAN EXTENSION AGREEMENT

 

This
Second Loan Extension Agreement (the “Agreement”), made effective April 7, 2015 (the “Extension Effective
Date”), by and between Infinity Energy Resources, Inc., a Delaware corporation (the “Company”) and
SKM Partnership, Ltd., a Texas limited partnership (“Holder”).

 

WITNESSETH:

 

WHEREAS,
on December 27, 2013, the Company obtained a loan from Holder in the principal amount of $1,050,000 (the “Loan”);

 

WHEREAS,
Holder issued to Company, and Company executed, (1) an 8% Promissory Note evidencing the Loan, dated December 27, 2013, as amended
by that certain First Amendment to Promissory Note dated March 7, 2014, and as further amended by that Second Amendment to Promissory
Note dated May 9, 2014 and that Third Amendment to Promissory Note dated November 19, 2014 (the “Note”); and
(2) a Common Stock Purchase Warrant dated December 27, 2013, and as further amended by that certain First Amendment to Common
Stock Purchase Warrant, dated March 7, 2014 and that Second Amendment to Common Stock Purchase Warrant, dated May 9, 2014, and
by that Third Amendment to Common Stock Purchase Warrant, dated November 19, 2014 (the “Warrant”);

 

WHEREAS,
Company and Holder entered into that certain Loan Extension Agreement made effective November 14, 2014 (the “Loan Extension
Agreement”);

 

WHEREAS,
pursuant to the Warrant, at Holder’s option, the indebtedness represented by the Loan is creditable toward the exercise
price of the Warrant; provided that, upon the occurrence of certain events set forth in Section 2.1 of the Warrant, which include,
without limitation, the failure of the Company to repay the indebtedness represented by the Note in full on or prior to the Current
Maturity Date (as defined below), then in any such events (each, a “Exercise Price Adjustment Event” and collectively,
the “Exercise Price Adjustment Events”), the Exercise price of the Warrant shall be reduced to $0.075 per Share;

 

WHEREAS,
based on representations made by the Company, each of the Company and Holder agree that as of the Extension Effective Date, no
Exercise Price Adjustment Event has occurred; 

 

WHEREAS,
Holder does not have, at no time has Holder ever had, “beneficial ownership” (as defined by the United States Securities
and Exchange Commission) of five percent (5%) or more of any class of securities in the Company;

 

WHEREAS,
under the Note (as amended) the Maturity Date is April 7, 2015 (the “Current Maturity Date”), and upon the
Current Maturity Date and all outstanding principal and any accrued and unpaid interest becomes due and owing under such Note
and is to be immediately paid by the Company to Holder;

 

    	 

    	 

    

 

WHEREAS,
the Company is negotiating an approximate ten million dollar ($10,000,000) senior secured convertible note (“Pending Financing”)
with Hudson Bay Master Fund Ltd (“Hudson Bay”) or such other entities as may be the case;

 

WHEREAS,
the funding of approximately nine million five hundred fifty thousand dollars ($9,550,000) of the loan proceeds (the receipt of
which shall be deemed the “Full Funding”) after the closing of the Pending Financing is subject to certain conditions,
including the Company’s obtaining approval from the various Nicaraguan governmental authorities to drill five wells on the
Nicaraguan Concessions that the Company holds;

 

WHEREAS,
the Company will receive an interim funding (the “Interim Financing”) of approximately four hundred fifty thousand
dollars ($450,000) of the loan proceeds at the closing of the Pending Financing for short-term working capital;

 

WHEREAS,
Company has requested Holder’s consent to extend the Current Maturity Date to the earlier to occur of (1) the Full Funding
of the Pending Financing or (2) April 7, 2016;

 

WHEREAS,
Holder is willing to extend the Loan, the Note, and all related documents, subject to the following conditions: (1) Company issue
to holder 200,000 shares of its Common Stock upon execution and Closing of this Agreement; (2) The Exercise Price (as such terms
are defined in the Warrant) of the Warrant be reduced to fifty cents (US$00.50), effective upon the Effective Date of this Amendment;
(3) Company pay to Holder the sum of fifty thousand US Dollars (US$50,000), to be credited against amounts due under the Note,
immediately upon receipt of funding for the Pending Financing; and (4) Company pay to Holder all amounts then due under the Note
immediately upon Full funding of such Pending Financing;

 

WHEREAS,
the Company believes that it would be in the best interests of the Company and the stockholders thereof, and the other creditors
of the Company other than the Holder, to obtain an extension to the Note from the Holder on the terms and conditions set forth
herein.

 

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

 

1.
Extension. Pursuant to that certain Fourth Amendment to Promissory Note (the “Note Amendment”) by and
between the parties hereto of even date herewith, the Note will be amended to amend the Current Maturity Date from April 7, 2015
to the earlier to occur of (1) the Full Funding of the Pending Financing or (2) April 7, 2016 (the “Extended Maturity
Date”). Pursuant to that certain Fourth Amendment to Common Stock Purchase Warrant (the “Warrant Amendment”)
by and between the parties hereto dated herewith, conforming changes reflecting the Note shall be made to the Warrant. The Note
Amendment and the Warrant Amendment shall collectively be referred to herein as the “Amendments”.

 

2.Amendment
to Warrant Exercise Price. Pursuant to the Warrant Amendment by and between the parties hereto effective of even date herewith,
the Exercise Price of the Warrant shall be reduced to fifty cents ($0.50) per Share (as such term is defined in the Warrant).

 

3.Issuance
of Common Stock. Upon the Closing of this Agreement, Company will issue to Holder two hundred thousand (200,000) shares of
the Company’s Common Stock (the “Shares”).

 

    	 

    	 

    

 

4.Partial
Loan Payment upon Funding of Interim Financing. Immediately upon funding of the Interim Financing, Company shall pay to Holder
fifty thousand US Dollars ($50,000) in immediately available funds. Such amount shall be credited towards the outstanding amount
of the Loan.

 

5.
Loan Repayment upon Closing of Pending Financing. Immediately upon the Full Funding of the Pending Financing, Company shall
pay to Holder all remaining principal and interest outstanding on the Loan.

 

6.
Closing. The transactions contemplated by this Agreement shall close immediately upon satisfaction of the closing conditions
set forth below (the “Closing”) at such place and time as may be mutually agreed upon by the parties. Each
party’s obligations under this Agreement are contingent upon the following:

 

	 	i.
    	Execution
    of this Agreement, the Note Amendment, and the Warrant Amendment;
	 	 	 
	 	ii.
    	Issuance
    and delivery by Company of the Shares set forth in Section 3 of this Agreement; and
	 	 	 
	 	iii.
    	Representations
    and warranties of the other party under this Agreement shall be true, accurate and complete in all material respects.

 

7.Confirmation
of Default Exercise Price. For the purposes of clarity, notwithstanding anything to the contrary contained in this Agreement,
or otherwise, in the event that the Note is not repaid in full by the Extended Maturity Date, or if any Exercise Price Adjustment
Event shall otherwise occur as set forth in the Warrant, then the Default Exercise Price, as further described in the Warrant,
of Seven and One-half Cents ($0.075) per Share shall immediately take effect, provided that, if at any time prior to the Extended
Maturity Date (or thereafter), there shall have been or shall be any direct or indirect issuance of shares of Common Stock of
the Company, or rights to acquire shares of Common Stock of the Company or rights or securities convertible into the same (including,
without limitation, Options or Convertible Securities as defined in the Warrant), in any case at a price per Share less than Seven
and One-half Cents ($0.075) per Share, then the Default Exercise Price shall automatically be reduced to the lowest such price
at which such shares of Common Stock, or such rights thereto, were issued. The provisions of this Section 2 are without prejudice
to or derogation of any other rights, remedies, or privileges that Holder has under the Warrant and the Note.

 

8.
No Defaults; Representations and Warranties. The Company, by execution of this Agreement, hereby represents and warrants
that as of the date hereof, that the Company is in compliance with all terms and conditions and covenants set forth in the Note
and the Warrant, and that, immediately prior to and after giving effect to the transactions contemplated herein, all of the representations
and warranties set forth in the Note and the Warrant are and continue to be true and correct as if made on the date hereof, and
that no Event of Default or other breach has occurred, exists, or is continuing with respect to the Note or the Warrant. The Company
represents and warrants that this Agreement and the Amendments contemplated herein constitute the legal and binding obligations
of the Company, enforceable in accordance with their respective terms, and that no event has occurred, in the time since the execution
of the Note or the Warrant or otherwise, which would impair the enforceability of any of the agreements and transactions contemplated
herein.

 

    	 

    	 

    

 

9.
No Exercise Price Adjustment Events. The Company, by execution of this Agreement, hereby represents and warrants that as
of the date hereof, no Exercise Price Adjustment Events have occurred, exist, or are continuing with respect to the Warrant.

 

10.
Holder Not in Control. The Company hereby acknowledges, affirms, and agrees that the Holder is not in control of Company’s
affairs, that none of the covenants or other provisions contained in the Note, the Warrant, this Agreement, or in any other agreement
or instrument between them does, shall, or shall be deemed to, give Holder the right or power to exercise control over, or otherwise
impede or impair, the day-to-day affairs, operations, management, or existing or prospective contracts or contractual relations
of the Company. The Company further acknowledges, affirms, and agrees that at no time has the Holder ever exerted any influence
over, impeded, or impaired, the day-to-day affairs, operations, management, existing or prospective contracts or contractual relations
of the Company, and further that the Holder has never prohibited or obstructed, or otherwise objected to, the Company undertaking
any action or entering into any contract, arrangement or transaction, and further that the Holder has never otherwise interfered
with, impeded, or impaired the day-to-day affairs, operations, management, or existing or prospective contracts or contractual
relations of the Company, and further that the Holder has never attempted to do any of the foregoing, directly or indirectly,
expressly or tacitly, and further acknowledges that the Holder has neither indicated or expressed any plan or intention to do
the any of the foregoing. In connection with the foregoing, the Company represents and warrants that its autonomy and freedom
of action has in no way been impaired by the actions or omissions of the Holder, except as may be incidental to the Company’s
due observance of its contractual obligations set forth in its agreements with the Holder.

 

11.
No Duties. The Company acknowledges and agrees that the relationship between the Company and the Holder is an arm’s
length relationship, that they are not joint partners, co-venturers, or otherwise engaged in a legal or constructive partnership
relationship of any kind, and that Holder has never had or owed, and does not have or owe, any fiduciary duties to the Company
or any of the stockholders or creditors thereof. As of the Extension Effective Date, the Holder is not a stockholder and is not
and shall not at any time be construed to be a “controlling stockholder” under any theory of law or equity unless
and until the Holder acquires a majority of the voting stock or voting interests of the Company, if ever.

 

12.
Securities Filings. The Company hereby represents, warrants, and agrees that as of the date hereof, and until the occurrence
of any Exercise Price Adjustment Events and the effectiveness of the Default Exercise Price as specified in the Warrant, that
Holder shall never have been under, and shall not be under, any obligation to make any filings with or reports to the United States
Securities and Exchange Commission, including, without limitation, Schedule 13-D, unless, after the Extension Effective Date,
there be a material unforeseen unexpected change in the capital structure of the Company, and in which case the Company shall
promptly notify the Holder thereof with sufficient time to permit the Holder to make any such necessary filings. To the maximum
extent permitted by law, the Company shall indemnify, hold harmless, and reimburse the Holder of any and all costs, expenses,
penalties, fees, or the like incurred by Holder in connection with or arising from any noncompliance or violation of any filing
or reporting requirements with the Securities and Exchange Commission by Holder arising from, in connection with, or relating
to the Note or the Warrant, whether occurring prior to or after the date hereof. Holder’s rights and remedies arising hereunder
shall be cumulative with and not in lieu all of Holder’s other rights and remedies, whether arising from the Note, the Warrant,
or otherwise. The Company hereby represents and warrants to the Holder that it has not received any communication from the United
States Securities and Exchange Commission directly or indirectly pertaining to the Holder or the Holder’s investment in
the Company.

 

    	 

    	 

    

 

13.
Loan Extension Agreement. It is the intention and understanding of the parties hereto that neither this Agreement nor the
Amendments shall act as or constitute a novation of the Note, and that except as specifically and expressly modified herein or
in the Amendments, none of the terms or conditions of the Note, the Warrant, or any other document between them are amended or
modified in any way.

 

14.
Construction. This Agreement, once executed and delivered by the parties, is not an “agreement to agree” and
no party or its representatives shall at any time take or advocate such a position for any reason. This Agreement shall be governed
as to its validity, interpretation, construction, effect and in all other respects by and in accordance with the laws and interpretations
thereof of the State of Texas. Unless the context otherwise requires, the use of terms in singular and masculine form shall include
in all instances singular and plural number and masculine, feminine and neuter gender.

 

15.
Governing Law; Jurisdiction; Jury Trial. All questions concerning the construction, validity, enforcement and interpretation
of this Agreement shall be governed by the internal laws of the State of Texas, without giving effect to any choice of law or
conflict of law provision or rule (whether of the State of Texas or any other jurisdictions) that would cause the application
of the laws of any jurisdictions other than the State of Texas. Each party hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in Houston, Texas for the adjudication of any dispute hereunder or in connection herewith
or therewith, or with any transaction contemplated hereby or discussed herein, or in any manner arising in connection with or
related to the transactions contemplated hereby or involving the parties hereto whether at law or equity and under any contract,
tort or any other claim whatsoever 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. Each party hereby irrevocably waives
personal service of process and consents to process being served in any such suit, action or proceeding by mailing or faxing a
copy thereof to such party at the address for such notices as listed in this Note and agrees that such service shall constitute
good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right
to serve process in any manner permitted by law. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO
REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT
OR ANY TRANSACTION CONTEMPLATED HEREBY. Should any claim be filed to enforce rights under this Agreement or any other instrument
or agreement contemplated hereby, the prevailing party as determined by the court shall be entitled to recover its legal costs
including, without limitation, reasonable attorney’s fees and associated litigation costs including, but not limited to,
expert witness fees, deposition costs, and court costs.

 

    	 

    	 

    

 

16.
Further Assurances. Company agrees to perform any further acts and execute and deliver any further documents that may be
reasonably necessary to carry out the provisions of this Agreement. Company agrees that it shall use its best efforts to take
all actions necessary or appropriate to consummate the transactions contemplated by this Agreement.

 

17.
No Draftsman; No Duress; Knowing and Voluntary Agreement. Neither party shall be considered the draftsman of this Agreement,
the Amendments, the Note, or the Warrant for any purpose, including, without limitation, for purposes of interpretation of any
ambiguity, and in the event that any party is for any reason considered to be the draftsman, no ambiguity or disputed provision
shall be construed against the party that is deemed to be the draftsman. Both parties have had consulted legal counsel with respect
to the drafting, negotiation, and execution of this Agreement. Neither party is under any duress or compulsion or other obligation
to enter into this Agreement. Each party enters into this Agreement knowingly, willingly, and voluntarily. The parties agree and
acknowledge that this Agreement was created at the request of the Company, who has requested that the Holder enter into this Agreement.
The parties agree and acknowledge that the Holder is entering into this Agreement at the request of the Company. The Company represents
and warrants to the Holder that in the best business judgment of the Company and its directors and officers, execution and delivery
of this Agreement is in the best interests of the Company and its stockholders and other creditors other than the Holder.

 

[Signature
Page Next Page]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, intending to be legally bound, the parties hereto have caused this Agreement to be signed by their duly authorized
officers.

 

Dated:
April 7, 2015

 

	INFINITY ENERGY RESOURCES, INC.	 
	 	 	 
	By:	/s/
    Stanton E. Ross	 
	Name:	Stanton
    E. Ross	 
	Its:	President
    and Chief Executive Officer	 
	 	 	 
	SKM
PARTNERSHIP, LTD. 

	 
	 	 
	BY SKM MANAGEMENT, LLC	 
	ITS
    GENERAL PARTNER	 
	 	 
	By:	/s/ Scott D.
    Martin	 
	Name:	Scott
    D. Martin	 
	Its:	Manager
    of its General Partner

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