Document:

Second Amendment to Fifth Amended and Restated Senior Revolving Credit Agreement

 Exhibit 10.1 
 SECOND AMENDMENT 
 TO 

FIFTH AMENDED AND RESTATED 
 SENIOR REVOLVING CREDIT AGREEMENT 
 among 

PETROHAWK ENERGY CORPORATION, 
 as the Borrower, 
 BNP PARIBAS, 

as Administrative Agent, 
 and 
 THE LENDERS PARTY HERETO 

Dated as of December 22, 2010 

 SECOND AMENDMENT TO 

FIFTH AMENDED AND RESTATED SENIOR REVOLVING CREDIT AGREEMENT 

This SECOND AMENDMENT TO FIFTH AMENDED AND RESTATED SENIOR REVOLVING CREDIT AGREEMENT (this “Second Amendment”) executed
as of December 22, 2010 is among PETROHAWK ENERGY CORPORATION, a corporation duly formed and existing under the laws of the State of Delaware (the “Borrower”); each of the Guarantors signatory hereto (the
“Guarantors”); each of the Lenders from time to time party hereto; and BNP PARIBAS (in its individual capacity, “BNP Paribas”), as administrative agent for the Lenders (in such capacity, together with its successors
in such capacity, the “Administrative Agent”). 
 Recitals 

A.    The Borrower, the Administrative Agent, the other Agents and Lenders named and defined therein as lenders and
agents, are parties to that certain Fifth Amended and Restated Senior Revolving Credit Agreement dated as of August 2, 2010, pursuant to which such lenders and agents provided certain loans and extensions of credit to the Borrower (as amended,
the “Credit Agreement”). 
 B.    The Borrower has requested, and the Borrower, the
Administrative Agent and the Lenders have agreed to amend certain provisions of the Credit Agreement. 

C.    NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

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

 Section 2.    Amendments to Credit Agreement. 

2.1    Certain Defined Terms.    The following defined terms in Section 1.02 are
hereby amended and restated, or added, in their entirety as follows: 
 “‘Agreement’ means this Fifth
Amended and Restated Senior Revolving Credit Agreement, as amended by the First Amendment to Fifth Amended and Restated Senior Revolving Credit Agreement dated as of November 8, 2010 and by the Second Amendment to Fifth Amended and Restated
Senior Revolving Credit Agreement dated as of December 22, 2010, and as the same may from time to time be further amended, modified, supplemented or restated.” 
 2.2    Amendment to Section 8.19(b).    Section 8.19(b) is hereby amended and restated in its entirety as follows: 

“(b)    Midstream Assets and Midstream Services Contracts.    The
Borrower shall cause Hawk Field Services and each of its Restricted Subsidiaries 

  
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to perform and observe in all material respects all the terms and provisions of each Midstream Services contract of Hawk Field Services and its Restricted Subsidiaries to be performed or observed
by them, maintain each such Midstream Services contract in full force and effect, and enforce each such Midstream Services contract in accordance with its terms. Notwithstanding the foregoing, Hawk Field Services and each of its Restricted
Subsidiaries may modify or terminate any Midstream Services contract for the provision of gathering, transporting, terminalling, storing, processing, dehydrating hydrocarbons and other similar activities for Midstream Assets which have been sold as
permitted by Section 9.13.” 
 2.3    Amendment to
Section 9.12.    Section 9.12 is hereby amended and restated in its entirety as follows: 
 “Section 9.12    Merger, Etc.    The Borrower will not, and will not permit any Restricted Subsidiary to, merge into or consolidate with any other
Person, or permit any other Person to merge into or consolidate with it, or sell, transfer, lease or otherwise dispose of (whether in one transaction or in a series of transactions) all or substantially all of its Property (except as permitted by
Section 9.13) to any other Person (whether now owned or hereafter acquired) (any such transaction, a “consolidation”), or liquidate or dissolve; provided that the Borrower or any Restricted Subsidiary may participate in a
consolidation with any other Person; provided that: 
  

	 	(a)	any Restricted Subsidiary (including a Foreign Subsidiary) may participate in a consolidation with the Borrower (provided that the Borrower shall be the continuing or
surviving corporation) or any other Restricted Subsidiary that is a Domestic Subsidiary (provided that if one of such parties to the consolidation is a Foreign Subsidiary, such Domestic Subsidiary shall be the continuing or surviving Person) and if
one of such Restricted Subsidiaries is a Wholly-Owned Subsidiary, then the surviving Person shall be a Wholly-Owned Subsidiary; and 

  

	 	(b)	any Foreign Subsidiary of the Borrower may participate in a consolidation with any one or more Foreign Subsidiaries; provided that if one of such Foreign Subsidiaries
is a Wholly-Owned Subsidiary, the survivor shall be a Wholly-Owned Subsidiary.” 

2.4    Amendment to Section 9.20.    Section 9.20 is hereby amended and restated
in its entirety as follows: 
 “Section 9.20    Midstream Services
Contracts.    The Borrower will not permit Hawk Field Services or any of its Subsidiaries to (a) enter into any material contracts for Midstream Services except on an arm’s length basis or (b) cancel or
terminate any material contract for Midstream Services or consent to or accept any cancellation or termination thereof, materially amend or otherwise materially 

  
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modify any material Midstream Services contract, waive any material default under or material breach of any material Midstream Services contract, agree in any manner to any other material
amendment, modification or change of any material term or condition of any Midstream Services contract or take any other material action in connection with any Midstream Services contract that would materially impair the value of the interest or
rights of Hawk Field Services or any of its Restricted Subsidiaries, as applicable, thereunder or that would materially impair the interest, rights remedies or benefits available to the Administrative Agent or any Lender. Notwithstanding the
foregoing, Hawk Field Services and each of its Restricted Subsidiaries may modify or terminate any Midstream Services contract for the provision of gathering, transporting, terminalling, storing, processing, dehydrating hydrocarbons and other
similar activities for Midstream Assets which have been sold as permitted by Section 9.13.” 
 Section
3.    Conditions Precedent.    The effectiveness of this Second Amendment is subject to the receipt by the Administrative Agent of the following documents and satisfaction of the other conditions
provided in this Section 3, each of which shall be reasonably satisfactory to the Administrative Agent in form and substance (the date on which such documents are received and conditions satisfied or waived pursuant to the Credit Agreement, the
“Second Amendment Effective Date”): 
 3.1    The Administrative Agent and the Lenders
shall have received all fees and other amounts due and payable on or prior to the Second Amendment Effective Date, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the
Borrower hereunder. 
 3.2    The Administrative Agent shall have received from the Borrower, each Lender,
and each of the Guarantors, counterparts (in such number as may be requested by the Administrative Agent) of this Second Amendment signed on behalf of such Person. 
 3.3    The Administrative Agent shall have received from the Borrower counterparts (in such number as may be requested by the Administrative Agent) of the First Amendment to the
Collateral Assignment of Midstream Services Contracts. 
 3.4    No Default or Event of Default shall have
occurred and be continuing as of the Second Amendment Effective Date. 
 3.5    The Administrative Agent
shall have received such other documents as the Administrative Agent or its special counsel may reasonably require. 
 The
Administrative Agent is hereby authorized and directed to declare this Second Amendment to be effective when it has received documents confirming or certifying, to the satisfaction of the Administrative Agent, compliance with the conditions set
forth in this Section 3 or the waiver of such conditions as permitted hereby. Such declaration shall be final, conclusive and binding upon all parties to the Credit Agreement for all purposes. 

Section 4.    Representations and Warranties; Etc.    The Borrower and each Guarantor
hereby affirms: (a) that as of the date of execution and delivery of this Second Amendment, and 

  
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after giving effect to the transactions contemplated hereby, all of the representations and warranties contained in each Loan Document to which it is a party are true and correct in all material
respects (unless made as of a specific earlier date, in which case, was true as of such date); and (b) that after giving effect to this Second Amendment, no Defaults exist under the Loan Documents or will exist under the Loan Documents.

 Section 5.    Miscellaneous. 

5.1    Confirmation.    The provisions of the Credit Agreement (as amended by this Second
Amendment) shall remain in full force and effect in accordance with its terms following the effectiveness of this Second Amendment. 
 5.2    Ratification and Affirmation of Borrower and Guarantors.    The Borrower and Guarantors hereby expressly (a) acknowledge the terms of this Second
Amendment, (b) ratify and affirm their obligations under the Loan Documents to which they are a party, (c) acknowledge, renew and extend their continued liabilities under the Guarantee Agreement and the other Security Instruments to which
they are a party and agree that their guarantee under the Guarantee Agreement and the other Security Instruments to which they are a party remains in full force and effect with respect to the Indebtedness as amended hereby. 

5.3    Counterparts.    This Second Amendment may be executed by one or more of the
parties hereto in any number of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument. 
 5.4    No Oral Agreement.    THIS WRITTEN SECOND AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH AND THEREWITH
REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR UNWRITTEN ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES. 

5.5    Governing Law.    THIS SECOND AMENDMENT (INCLUDING, BUT NOT LIMITED TO, THE
VALIDITY AND ENFORCEABILITY HEREOF) SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS. 

[SIGNATURES BEGIN ON NEXT PAGE] 

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

					
	BORROWER:	 	PETROHAWK ENERGY CORPORATION
			
		 	By:	 	   /s/ Mark J. Mize

		 	 Name: Mark J. Mize
 Title: Executive Vice President — Chief Financial
 Officer and
Treasurer

  
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Amendment — Fifth Amended and Restated Senior Revolving Credit Agreement 
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	GUARANTORS:	 	PETROHAWK OPERATING COMPANY
		
		 	P-H ENERGY, LLC
		
		 	HAWK FIELD SERVICES, LLC
		
		 	PETROHAWK PROPERTIES, LP
		 		 	By:	 	P-H Energy, L.L.C.
		 		 		 	Its General Partner
		
		 	WINWELL RESOURCES, L.L.C.
		
		 	WSF, INC.
		
		 	KSC RESOURCES, LLC
		
		 	KCS ENERGY SERVICES, INC.
		
		 	MEDALLION CALIFORNIA PROPERTIES COMPANY
		
		 	PROLIQ, INC.
		
		 	ONE TEC, LLC
		
		 	ONE TEC OPERATING, LLC
		
		 	BISON RANCH, LLC
		
		 	HK TRANSPORTATION, LLC
		
		 	PETROHAWK HOLDINGS, LLC
			
		 	By:	 	   /s/ Mark J. Mize

		 	Name: Mark J. Mize
		 	Title: Executive Vice President — Chief Financial Officer and Treasurer
		
		 	BIG HAWK SERVICES, LLC
			
		 	By:	 	   /s/ Mark J. Mize

		 	Name: Mark J. Mize
		 	Title: Treasurer

  
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Amendment — Fifth Amended and Restated Senior Revolving Credit Agreement 
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	HK ENERGY MARKETING, LLC
		
	By:	 	     /s/ Mark J. Mize

	Name: Mark J. Mize
	Title: Chief Financial Officer and Treasurer

  
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Amendment — Fifth Amended and Restated Senior Revolving Credit Agreement 
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	ADMINISTRATIVE AGENT:	 	BNP PARIBAS,
		 	as Administrative Agent and Lender
			
		 	By:	 	     /s/ Juan Carlos Sandoval

		 	Name: Juan Carlos Sandoval
		 	Title: Vice President
			
		 	By:	 	     /s/ Courtney Kubesch

		 	Name: Courtney Kubesch
		 	Title: Vice President

  
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Amendment — Fifth Amended and Restated Senior Revolving Credit Agreement 
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	CO-SYNDICATION AGENT:	 	 BANK OF MONTREAL, as Co-Syndication
 Agent and Lender

			
		 	By:	 	     /s/ James V. Ducote

		 	Name: James V. Ducote
		 	Title: Director

  
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Amendment — Fifth Amended and Restated Senior Revolving Credit Agreement 
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	CO-SYNDICATION AGENT:	 	 BANK OF AMERICA, N.A., as Co-Syndication
 Agent and Lender

			
		 	By:	 	     /s/ Jeffrey H. Rathkamp

		 	Name: Jeffrey H. Rathkamp
		 	Title: Managing Director

  
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Amendment — Fifth Amended and Restated Senior Revolving Credit Agreement 
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	CO-DOCUMENTATION AGENT:	 	JPMORGAN CHASE BANK, N.A., as
		 	Co-Documentation Agent and Lender
			
		 	By:	 	     /s/ Michael A. Kamauf

		 	Name: Michael A. Kamauf
		 	Title: Authorized Officer

  
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Amendment — Fifth Amended and Restated Senior Revolving Credit Agreement 
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	CO-DOCUMENTATION AGENT:	 	WELLS FARGO BANK, N.A., as
		 	Co-Documentation Agent and Lender
			
		 	By:	 	     /s/ Doug McDowell

		 	Name: Doug McDowell
		 	Title: Director

  
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Amendment — Fifth Amended and Restated Senior Revolving Credit Agreement 
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	LENDERS:	 	BARCLAYS BANK PLC
			
		 	By:	 	     /s/ Allen Huang

		 	Name: Allen Huang
		 	Title: Assistant Vice President

  
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Amendment — Fifth Amended and Restated Senior Revolving Credit Agreement 
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	ROYAL BANK OF CANADA
		
	By:	 	     /s/ Jason S. York

	Name: Jason S. York
	Title: Authorized Signatory

  
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Amendment — Fifth Amended and Restated Senior Revolving Credit Agreement 
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	MORGAN STANLEY BANK, N.A.
		
	By:	 	     /s/ Scott Taylor

	Name: Scott Taylor
	Title: Authorized Signatory

  
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Amendment — Fifth Amended and Restated Senior Revolving Credit Agreement 
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	MORGAN STANLEY SENIOR FUNDING, INC.
		
	By:	 	     /s/ Scott Taylor

	Name: Scott Taylor
	Title: Vice President

  
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Amendment — Fifth Amended and Restated Senior Revolving Credit Agreement 
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	 DEUTSCHE BANK TRUST COMPANY
 AMERICAS

		
	By:	 	     /s/ Scottye Lindsey

	Name: Scottye Lindsey
	Title: Director
		
	By:	 	     /s/ Dusan Lazarov

	Name: Dusan Lazarov
	Title: Director

  
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Amendment — Fifth Amended and Restated Senior Revolving Credit Agreement 
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	 CREDIT AGRICOLE CORPORATE AND
 INVESTMENT BANK

		
	By:	 	     /s/ Mark Roche

	Name: Mark Roche
	Title: Managing Director
		
	By:	 	     /s/ Sharada Manne

	Name: Sharada Manne
	Title: Director

  
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Amendment — Fifth Amended and Restated Senior Revolving Credit Agreement 
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	 CREDIT SUISSE AG, CAYMAN ISLANDS
 BRANCH

		
	By:	 	     /s/ An Bruger

	Name: An Bruger
	Title: Vice President
		
	By:	 	     /s/ Vipul Dhadda

	Name: Vipul Dhadda
	Title: Associate

  
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Amendment — Fifth Amended and Restated Senior Revolving Credit Agreement 
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	UBS AG, STAMFORD BRANCH
		
	By:	 	     /s/ Mary E. Evans

	Name: Mary E. Evans
	Title: Associate Director
		
	By:	 	     /s/ Irja R. Otsa

	Name: Irja R. Otsa
	Title: Associate Director

  
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Amendment — Fifth Amended and Restated Senior Revolving Credit Agreement 
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	CAPITAL ONE, N.A.
		
	By:	 	     /s/ Wesley Fontana

	Name: Wesley Fontana
	Title: Vice President

  
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Amendment — Fifth Amended and Restated Senior Revolving Credit Agreement 
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	ING CAPITAL LLC
		
	By:	 	     /s/ Charles E. Hall

	Name: Charles E. Hall
	Title: Managing Director

  
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Amendment — Fifth Amended and Restated Senior Revolving Credit Agreement 
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	MIZUHO CORPORATE BANK, LTD.
		
	By:	 	     /s/ Leon Mo

	Name: Leon Mo
	Title: Authorized Signatory

  
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Amendment — Fifth Amended and Restated Senior Revolving Credit Agreement 
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	AMEGY BANK NATIONAL ASSOCIATION
		
	By:	 	     /s/ Charles W. Patterson

	Name: Charles W. Patterson
	Title: Senior Vice President

  
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Amendment — Fifth Amended and Restated Senior Revolving Credit Agreement 
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	CITIBANK, N.A.
		
	By:	 	     /s/ John Miller

	Name: John Miller
	Title: Attorney-in-Fact

  
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Amendment — Fifth Amended and Restated Senior Revolving Credit Agreement 
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	SUNTRUST BANK
		
	By:	 	     /s/ Gregory C. Magnuson

	Name: Gregory C. Magnuson
	Title: Vice President

  
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Amendment — Fifth Amended and Restated Senior Revolving Credit Agreement 
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	 SUMITOMO MITSUI BANKING
 CORPORATION

		
	By:	 	     /s/ William M. Ginn

	Name: William M. Ginn
	Title: General Manager

  
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Amendment — Fifth Amended and Restated Senior Revolving Credit Agreement 
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	THE BANK OF NOVA SCOTIA
		
	By:	 	     /s/ Gregory E. George

	Name: Gregory E. George
	Title: Managing Director

  
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Amendment — Fifth Amended and Restated Senior Revolving Credit Agreement 
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	GOLDMAN SACHS BANK USA
		
	By:	 	     /s/ Lauren Day

	Name: Lauren Day
	Title: Authorized Signatory

  
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Amendment — Fifth Amended and Restated Senior Revolving Credit Agreement 
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	NATIXIS
		
	By:	 	     /s/ Donovan C. Broussard

	Name: Donovan C. Broussard
	Title: Managing Director
		
	By:	 	     /s/ Liana Tchernysheva

	Name: Liana Tchernysheva
	Title: Director

  
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Amendment — Fifth Amended and Restated Senior Revolving Credit Agreement 
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	BANK OF TEXAS, N.A.
		
	By:	 	     /s/ Mary Salazar

	Name: Mary Salazar
	Title: SUP

  
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Amendment — Fifth Amended and Restated Senior Revolving Credit Agreement 
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	ALLIED IRISH BANK p.l.c.
		
	By:	 	     /s/ Edward Fenk

	Name: Edward Fenk
	Title: Vice President
		
	By:	 	     /s/ James Giordano

	Name: James Giordano
	Title: Assistant Vice President

  
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Amendment — Fifth Amended and Restated Senior Revolving Credit Agreement 
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28Investor Relations Warrants

 Exhibit 4.5 
 NEITHER THESE SECURITIES NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN
RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR
PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS THEREUNDER AND IN COMPLIANCE WITH APPLICABLE STATE SECURITIES OR BLUE SKY LAWS. 
 SONIC FOUNDRY, INC. 
 WARRANT 

 

			
	2006-96	  	Dated: March 1, 2006                

Sonic Foundry, Inc., a Maryland corporation (the “Company”), hereby certifies that, in exchange for services to
be provided, Wolfe Axelrod Weinberger Associates LLC (“Holder”) is entitled, subject to the terms set forth below, to purchase from the Company up to a total of 150,000 shares of common stock, $.01 par value per share (the “Common
Stock”), of the Company (each such share, a “Warrant Share” and all such shares, the “Warrant Shares”) at an exercise price equal to $1.22 per share (as adjusted from time to time as provided in Section 9, the
“Exercise Price”), at any time and from time to time from and after the date hereof and through and including March 1, 2011 (the “Expiration Date”), and subject to the following terms and conditions: 

1.                      
  Registration of Warrant on Books and Records of the Company. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant Register”), in the name of the record
Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, and the Company
shall not be affected by notice to the contrary. 

2.                        
Registration of Transfers and Exchanges. 

(a)                      
          The Company shall register the transfer of any portion of this Warrant in the Warrant Register, upon surrender of this Warrant, with the Form of Assignment attached hereto duly completed and
signed, to the Transfer Agent or to the Company at the office specified in or pursuant to Section 3(b). Upon any such registration or transfer, a new warrant to purchase Common Stock, in substantially the form of this Warrant (any such new
warrant, a “New Warrant”), evidencing the portion of this Warrant so transferred shall be issued to the transferee and a New Warrant evidencing the remaining portion of this Warrant not so transferred, if any, shall be issued to the
transferring Holder. The acceptance of the New Warrant by the transferee thereof shall be deemed the acceptance of such transferee of all of the rights and obligations of a holder of a Warrant. 

(b)                      
          This Warrant is exchangeable, upon the surrender hereof by the Holder to the office of the Company specified in or pursuant to Section 3(b) for one or more New Warrants, evidencing in
the aggregate the right to purchase the number of Warrant Shares which may then be purchased hereunder. Any such New Warrant will be dated the date of such exchange. 
 3.                         Duration and Exercise of Warrants. 

(a)                      
          This Warrant shall be exercisable by the registered Holder on any business day before 8:00 P.M., New York City time, at any time and from time to time on or after the date hereof to and
including the Expiration Date. At 8:00 P.M., New York City time on the Expiration Date, the portion of this Warrant not exercised prior thereto shall be and become void and of no value. Prior to the Expiration Date, the Company may not call or
otherwise redeem this Warrant without the prior written consent of the Holder. 

(b)                      
          Subject to Sections 2(b), 6 and 10, upon surrender of this Warrant, with the Form of Election to Purchase attached hereto duly completed and signed, to the Company at its address for notice
set forth in Section 13 and upon payment of the Exercise Price multiplied by the number of Warrant Shares that the Holder intends to purchase hereunder, in the manner provided hereunder, all as specified by the Holder in the Form of Election to
Purchase, the Company shall promptly (but in no event later than 3 business days after the Date of Exercise (as defined herein)) issue or cause to be issued and cause to be delivered to or upon the written order of the Holder and in such name or
names as the Holder may designate, a certificate for the Warrant Shares issuable upon such exercise, free of restrictive legends except (i) either in the event that a registration statement covering the resale of the Warrant Shares and naming
the Holder as a selling stockholder thereunder is not then effective or the Warrant Shares are not freely transferable without volume restrictions pursuant to Rule 144(k) promulgated under the Securities Act of 1933, as amended (the “Securities
Act”), or (ii) if this Warrant shall have been issued pursuant to a written agreement between the original Holder and the Company, as required by such agreement. Any person so designated by the Holder to receive Warrant Shares

  
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shall be deemed to have become holder of record of such Warrant Shares as of the Date of Exercise of this Warrant. 

A “Date of Exercise” means the date on which the Company shall have received (i) this Warrant (or any New
Warrant, as applicable), with the Form of Election to Purchase attached hereto (or attached to such New Warrant) appropriately completed and duly signed, and (ii) payment of the Exercise Price for the number of Warrant Shares so indicated by
the holder hereof to be purchased. 
 This Warrant shall be exercisable, either in its entirety or, from time
to time, for a portion of the number of Warrant Shares. If less than all of the Warrant Shares which may be purchased under this Warrant are exercised at any time, the Company shall issue or cause to be issued, at its expense, a New Warrant
evidencing the right to purchase the remaining number of Warrant Shares for which no exercise has been evidenced by this Warrant. 
 4.                                 
  Payment of Taxes. The Company will pay all documentary stamp taxes attributable to the issuance of Warrant Shares upon the exercise of this Warrant; provided, however, that the Company shall not be required to pay any tax which may
be payable in respect of any transfer involved in the registration of any certificates for Warrant Shares or Warrants in a name other than that of the Holder. The Holder shall be responsible for all other tax liability that may arise as a result of
holding or transferring this Warrant or receiving Warrant Shares upon exercise hereof. 

5.                      
             Replacement of Warrant. If this Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and
upon cancellation hereof, or in lieu of and substitution for this Warrant, a New Warrant, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction and indemnity, if requested, satisfactory to it.
Applicants for a New Warrant under such circumstances shall also comply with such other reasonable regulations and procedures and pay such other reasonable charges as the Company may prescribe. 

6.                      
             Reservation of Warrant Shares. The Company covenants that it will at all times reserve and keep available out of the aggregate of its authorized but unissued Common
Stock, solely for the purpose of enabling it to issue Warrant Shares upon exercise of this Warrant as herein provided, the number of Warrant Shares which are then issuable and deliverable upon the exercise of this entire Warrant, free from
preemptive rights or any other actual contingent purchase rights of persons other than the Holder (taking into account the adjustments and restrictions of Section 9). The Company covenants that all Warrant Shares that shall be so issuable and
deliverable shall, upon issuance and the payment of the applicable Exercise Price in accordance with the terms hereof, be duly and validly authorized, issued and fully paid and nonassessable. 

  
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7.                      
             Certain Adjustments. The Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant are subject to adjustment from time to time as set forth
in this Section 8. Upon each such adjustment of the Exercise Price pursuant to this Section 8, the Holder shall thereafter prior to the Expiration Date be entitled to purchase, at the Exercise Price resulting from such adjustment, the
number of Warrant Shares obtained by multiplying the Exercise Price in effect immediately prior to such adjustment by the number of Warrant Shares issuable upon exercise of this Warrant immediately prior to such adjustment and dividing the product
thereof by the Exercise Price resulting from such adjustment. 

(a)                      
             If the Company, at any time while this Warrant is outstanding, (i) shall pay a stock dividend (except scheduled dividends paid on outstanding preferred stock as of the
date hereof which contain a stated dividend rate) or otherwise make a distribution or distributions on shares of its Common Stock or on any other class of capital stock payable in shares of Common Stock, (ii) subdivide outstanding shares of
Common Stock into a larger number of shares, or (iii) combine outstanding shares of Common Stock into a smaller number of shares, the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of
Common Stock (excluding treasury shares, if any) outstanding before such event and of which the denominator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding after such event. Any adjustment made pursuant
to this Section shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a
subdivision or combination, and shall apply to successive subdivisions and combinations. 

(b)                      
             In case of any reclassification of the Common Stock, any consolidation or merger of the Company with or into another person, the sale or transfer of all or substantially
all of the assets of the Company or any compulsory share exchange pursuant to which the Common Stock is converted into other securities, cash or property, then the Holder shall have the right thereafter to exercise this Warrant only into the shares
of stock and other securities and property receivable upon or deemed to be held by holders of Common Stock following such reclassification, consolidation, merger, sale, transfer or share exchange, and the Holder shall be entitled upon such event to
receive such amount of securities or property equal to the amount of Warrant Shares such Holder would have been entitled to had such Holder exercised this Warrant immediately prior to such reclassification, consolidation, merger, sale, transfer or
share exchange. The terms of any such consolidation, merger, sale, transfer or share exchange shall include such terms so as to continue to give to the Holder the right to receive the securities or property set forth in this Section 9(b) upon
any exercise following any such reclassification, consolidation, merger, sale, transfer or share exchange. 

(c)                      
             If the Company, at any time while this Warrant is outstanding, shall distribute to all holders of Common Stock (and not to holders of this Warrant) evidences of its
indebtedness or assets or rights or warrants to subscribe for or purchase any security (excluding those referred to in Sections 8(a), (b) and (d)), then in each such case the Exercise Price shall be determined by multiplying the Exercise Price
in effect immediately prior to the record date fixed 

  
 4 

 
for determination of stockholders entitled to receive such distribution by a fraction of which the denominator shall be the Exercise Price determined as of the record date mentioned above, and of
which the numerator shall be such Exercise Price on such record date less the then fair market value at such record date of the portion of such assets or evidence of indebtedness so distributed applicable to one outstanding share of Common Stock as
determined by the Company’s independent certified public accountants that regularly examines the financial statements of the Company (an “Appraiser”). 
 (d)                                 
  In case of any (1) merger or consolidation of the Company with or into another Person, or (2) sale by the Company of more than one-half of the assets of the Company (on a book value basis) in one or a series of related
transactions, or (3) tender or other offer or exchange (whether by the Company or another Person) pursuant to which holders of Common Stock are permitted to tender or exchange their shares for other securities, stock, cash or property of the
Company or another Person; then the Holder shall have the right thereafter to (A) exercise this Warrant for the shares of stock and other securities, cash and property receivable upon or deemed to be held by holders of Common Stock following
such merger, consolidation or sale, and the Holder shall be entitled upon such event or series of related events to receive such amount of securities, cash and property as the Common Stock for which this Warrant could have been exercised immediately
prior to such merger, consolidation or sales would have been entitled, (B) in the case of a merger or consolidation, (x) require the surviving entity to issue to the Holder a warrant entitling the Holder to acquire shares of such
entity’s common stock, which warrant shall have terms identical (including with respect to exercise) to the terms of this Warrant and shall be entitled to all of the rights and privileges set forth herein and the agreements pursuant to which
this Warrant was issued (including, without limitation, as such rights relate to the acquisition, transferability, registration and listing of such shares of stock other securities issuable upon exercise thereof), or (C) in the event of an
exchange or tender offer or other transaction contemplated by clause (3) of this Section, tender or exchange this Warrant for such securities, stock, cash and other property receivable upon or deemed to be held by holders of Common Stock that
have tendered or exchanged their shares of Common Stock following such tender or exchange, and the Holder shall be entitled upon such exchange or tender to receive such amount of securities, cash and property as the shares of Common Stock for which
this Warrant could have been exercised immediately prior to such tender or exchange would have been entitled as would have been issued. In the case of clause (B), the exercise price applicable for the newly issued warrant shall be based upon the
amount of securities, cash and property that each shares of Common Stock would receive in such transaction and the Exercise Price immediately prior to the effectiveness or closing date for such transaction. The terms of any such merger, sale,
consolidation, tender or exchange shall include such terms so as continue to give the Holder the right to receive the securities, cash and property set forth in this Section upon any conversion or redemption following such event. This provision
shall similarly apply to successive such events. 

(e)                      
             For the purposes of this Section 8, the following clauses shall also be applicable: 

  
 5 

(i)                    
       Record Date. In case the Company shall take a record of the holders of its Common Stock for the purpose of entitling them (A) to receive a dividend or other distribution payable in Common Stock or
in securities convertible or exchangeable into shares of Common Stock, or (B) to subscribe for or purchase Common Stock or securities convertible or exchangeable into shares of Common Stock, then such record date shall be deemed to be the date
of the issue or sale of the shares of Common Stock deemed to have been issued or sold upon the declaration of such dividend or the making of such other distribution or the date of the granting of such right of subscription or purchase, as the case
may be. 

(ii)                   
        Treasury Shares. The number of shares of Common Stock outstanding at any given time shall not include shares owned or held by or for the account of the Company, and the disposition of any such
shares shall be considered an issue or sale of Common Stock. 

(f)                      
             No adjustments in the Exercise Price shall be required if such adjustment is less than $0.01; provided, however, that any adjustments which by reason of this Section 8
are not required to be made shall be carried forward and taken into account in any subsequent adjustment. All calculations under this Section 8 shall be made to the nearest cent or to the nearest 1/100th of a share, as the case may be.

(g)                      
             Whenever the Exercise Price is adjusted pursuant to Section 8(c) above, the Holder, after receipt of the determination by the Appraiser, shall have the right to select
an additional appraiser (which shall be a nationally recognized accounting firm), in which case the adjustment shall be equal to the average of the adjustments recommended by each of the Appraiser and such appraiser. The Holder shall promptly mail
or cause to be mailed to the Company, a notice setting forth the Exercise Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment. Such adjustment shall become effective immediately after the record
date mentioned above. 

(i)                         
          If: 
  

	 	(i)	the Company shall declare a dividend (or any other distribution) on its Common Stock; or 

 

	 	(ii)	the Company shall declare a special nonrecurring cash dividend on or a redemption of its Common Stock; or 

 

	 	(iii)	the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or
of any rights; or 

  
 6 

	 	(iv)	the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the
Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property; or 

 

	 	(v)	the Company shall authorize the voluntary dissolution, liquidation or winding up of the affairs of the Company, 

then the Company shall cause to be mailed to each Holder at their last addresses as they shall appear upon the Warrant Register, at least
30 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a
record is not to be taken, the date as of which the holders of Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification,
consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of Common Stock of record shall be entitled to exchange their shares of Common Stock for
securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer, share exchange, dissolution, liquidation or winding up; provided, however, that the failure to mail such notice or any
defect therein or in the mailing thereof shall not affect the validity of the corporate action required to be specified in such notice. 
 10.                                 
  Payment of Exercise Price. The Holder shall pay the Exercise Price in immediately available funds. 

11.                      
             Fractional Shares. The Company shall not be required to issue or cause to be issued fractional Warrant Shares on the exercise of this Warrant. The number of full
Warrant Shares which shall be issuable upon the exercise of this Warrant shall be computed on the basis of the aggregate number of Warrant Shares purchasable on exercise of this Warrant so presented. If any fraction of a Warrant Share would, except
for the provisions of this Section, be issuable on the exercise of this Warrant, the Company shall pay an amount in cash equal to the Exercise Price multiplied by such fraction. 

12.                      
             Notices. Any and all notices or other communications or deliveries hereunder shall be in writing and shall be deemed given and effective on the earliest of
(i) the date of transmission, if such notice or communication is delivered via facsimile at the facsimile telephone number specified in this Section prior to 8:00 p.m. (New York City time) on a business day, (ii) the business day after the
date of transmission, if such notice or communication is 

  
 7 

 
delivered via facsimile at the facsimile telephone number specified in this Section later than 8:00 p.m. (New York City time) on any date and earlier than 11:59 p.m. (New York City time) on such
date, (iii) the business day following the date of mailing, if sent by nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given. The addresses for such
communications shall be: (i) if to the Company, to Sonic Foundry, Inc., 222 W. Washington Avenue, Suite 775, Madison, Wisconsin 53703, Attention: Chief Financial Officer, or to Facsimile No. (608) 443-1609, or (ii) if to the Holder,
to the Holder at the address or facsimile number appearing on the Warrant Register or such other address or facsimile number as the Holder may provide to the Company in accordance with this Section. 

13.                      
            Warrant Agent. The Company shall serve as warrant agent under this Warrant. Upon thirty (30) days’ notice to the Holder, the Company may appoint a new warrant
agent. Any corporation into which the Company or any new warrant agent may be merged or any corporation resulting from any consolidation to which the Company or any new warrant agent shall be a party or any corporation to which the Company or any
new warrant agent transfers substantially all of its corporate trust or shareholders services business shall be a successor warrant agent under this Warrant without any further act. Any such successor warrant agent shall promptly cause notice of its
succession as warrant agent to be mailed (by first class mail, postage prepaid) to the Holder at the Holder’s last address as shown on the Warrant Register. 
 14.                                 
 Miscellaneous. 

(a)                      
            This Warrant shall be binding on and inure to the benefit of the parties hereto and their respective successors and assigns. This Warrant may be amended only in writing signed by
the Company and the Holder and their successors and assigns. 

(b)                      
            Subject to Section 14(a), above, nothing in this Warrant shall be construed to give to any person or corporation other than the Company and the Holder any legal or equitable
right, remedy or cause under this Warrant. This Warrant shall inure to the sole and exclusive benefit of the Company and the Holder. 
 (c)                                 
 The corporate laws of the State of Maryland shall govern all issues concerning the relative rights of the Company and its stockholders. All other questions concerning the construction, validity, enforcement and interpretation of this Warrant
shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. The Company and the Holder hereby irrevocably submit to the exclusive
jurisdiction of the state and federal courts sitting in the City of New York, borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby
irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, or that such suit, action or proceeding is improper. Each of the Company and the
Holder hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or 

  
 8 

 
proceeding by receiving a copy thereof sent to the Company at the address in effect for notices to it under this instrument 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. 
 (d)                                 
 The headings herein are for convenience only, do not constitute a part of this Warrant and shall not be deemed to limit or affect any of the provisions hereof. 
 (e)                                 
 In case any one or more of the provisions of this Warrant shall be invalid or unenforceable in any respect, the validity and enforceability of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired
thereby and the parties will attempt in good faith to agree upon a valid and enforceable provision which shall be a commercially reasonable substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this Warrant.

 REMAINDER OF PAGE INTENTIONALLY LEFT BLANK, 
 SIGNATURE PAGE FOLLOWS 

  
 9 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed
by its authorized officer as of the date first indicated above. 
  

			
	SONIC FOUNDRY, INC.
		
	By:	 	  

			
		
	Name:	 	  

			
		
	Title:	 	  

 FORM OF ELECTION TO PURCHASE 

(To be executed by the Holder to exercise the right to purchase shares of Common Stock under the foregoing Warrant) 

To Sonic Foundry, Inc.: 
 In accordance with the Warrant enclosed with this Form of Election to Purchase, the undersigned hereby irrevocably elects to purchase
                     shares of common stock, $.01 par value per share, of Sonic Foundry, Inc. (the “Common Stock”) and encloses
herewith $                 in cash, certified or official bank check or checks, which sum represents the aggregate Exercise Price (as defined in the Warrant) for
the number of shares of Common Stock to which this Form of Election to Purchase relates, together with any applicable taxes payable by the undersigned pursuant to the Warrant. 

The undersigned requests that certificates for the shares of Common Stock issuable upon this exercise be issued in the
name of 
  

					
		  		  	PLEASE INSERT SOCIAL SECURITY
	 OR
	  		  	
		  		  	TAX IDENTIFICATION NUMBER
		  		  	                             
               

 (Please print name
and address) 
 If the number of shares of Common Stock issuable upon this exercise shall not be all of the
shares of Common Stock which the undersigned is entitled to purchase in accordance with the enclosed Warrant, the undersigned requests that a New Warrant (as defined in the Warrant) evidencing the right to purchase the shares of Common Stock not
issuable pursuant to the exercise evidenced hereby be issued in the name of and delivered to: 
  

	
	  

 (Please print name and address) 

	
	
	  

	
	  

  

					
	
Dated:            ,     
	  	Name of Holder:	  	

  

	
	
(Print)                       
                            

	
	
(By:)                       
                              

	
	
(Name:)                       
                         

	
	
(Title:)                      
                             

	 (Signature must conform in all respects to name of holder as specified on the face of the Warrant)

 FORM OF ASSIGNMENT 
 [To be completed and signed only upon transfer of Warrant] 
 FOR VALUE RECEIVED,
the undersigned hereby sells, assigns and transfers unto the right represented by the within Warrant to purchase shares of Common Stock of Sonic Foundry, Inc. to which the within Warrant relates and appoints attorney to transfer said right on the
books of Sonic Foundry, Inc. with full power of substitution in the premises. 
 Dated: 

                      
           
  

			
	  
	 	
	 (Signature must conform in all respects to name of holder

as specified on the face of the Warrant)

		
	  
	 	
	Address of Transferee	 	
		
	  
	 	
		
	  
	 	

 In the presence of:

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