Document:

EX-10.2

 Exhibit 10.2 

TAX RECEIVABLE AGREEMENT AMENDMENT 

This Tax Receivable Agreement Amendment (the “Agreement”) is entered into as of August 10, 2021, by and among Vine
Energy Inc., a Delaware corporation (including any successor corporation, the “Corporate Taxpayer”) and each of the TRA Parties that are a party hereto. 

RECITALS 
 WHEREAS, the Corporate
Taxpayer and the TRA Parties entered into that certain Tax Receivable Agreement, dated as of March 17, 2021 (the “TRA”); 

WHEREAS, concurrent with the execution and delivery of this Agreement, the Corporate Taxpayer, Chesapeake Energy Corporation, an Oklahoma
corporation (“Parent”), Hannibal Merger Sub, Inc., a Delaware corporation and a wholly owned Subsidiary of Parent, Hannibal Merger Sub, LLC, a Delaware limited liability company and a wholly owned Subsidiary of Parent, and Vine
Energy Holdings, LLC, a Delaware limited liability company, entered into that certain Agreement and Plan of Merger, dated as of August 10, 2021 (the “Merger Agreement”); 

WHEREAS, Article IV of the TRA provides for an Early Termination Payment in the event of a Change of Control, and the consummation of the
transactions contemplated by the Merger Agreement will give rise to a Change of Control (such Change of Control, the “MA Change of Control”); and 

WHEREAS, pursuant to Section 7.6(b) of the TRA, the parties desire to amend the TRA pursuant to its terms to provide that the TRA will
terminate in its entirety upon the consummation of the MA Change of Control and no party shall have any obligations under the TRA in connection with such MA Change of Control or arising thereafter, including any obligation of the Corporate Taxpayer
to make any Early Termination Payment in connection therewith. 
 NOW, THEREFORE, in consideration of the promises and the mutual agreements
and covenants hereinafter set forth, and for other valuable consideration (including the consideration provided under the Merger Agreement), the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 

ARTICLE I 
 DEFINITIONS 

Section 1.01.    Definitions; References. Unless otherwise specifically defined herein, each capitalized term
used herein but not otherwise defined herein shall have the meaning assigned to such term in the TRA. To the extent there is a conflict or inconsistency between the terms of this Agreement and the terms of the TRA (prior to giving effect to this
Agreement), the terms of this Agreement shall govern and control. 

 ARTICLE II 

TRA TERMINATION 

Section 2.01.    TRA Termination. The parties agree that the consummation of the transactions contemplated by
the Merger Agreement will give rise to an MA Change of Control. Furthermore, the parties agree that the TRA shall be terminated in its entirety as a result of and upon the consummation of the MA Change of Control and, no party shall have any further
obligations under the TRA other than those obligations set forth in this Agreement, including any obligations of the Corporate Taxpayer to make any Early Termination Payment or other payment to the TRA Parties in connection with the MA Change of
Control or otherwise thereafter pursuant to the TRA, and each of the TRA Parties hereby releases, remises and forever discharges the Corporate Taxpayer, its Affiliates and their respective shareholders, directors, officers and employees from any
such obligations under the TRA. 
 ARTICLE III 

AGREEMENT TERMINATION 

Section 3.01.    Agreement Termination. This Agreement automatically shall terminate and be of no force and
effect upon the earlier of (i) the termination of the Merger Agreement pursuant to its terms, (ii) an amendment to the Merger Agreement that (A) reduces the Merger Consideration (as such term is defined in the Merger Agreement), on a
per share Class A Share basis, or (B) changes the form of consideration payable in the First Merger (as such term is defined in the Merger Agreement) to the holders of Class A Shares and (iii) a Change of Control shall occur
other than an MA Change of Control. For the avoidance of doubt, the termination of this Agreement shall not constitute a termination of the TRA and upon a termination of this Agreement pursuant to the preceding sentence the TRA shall continue in
full force and effect in accordance with its terms as if this Agreement had never been executed and delivered. 
 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF THE CORPORATE TAXPAYER 

Section 4.01.    Representations and Warranties of the Corporate Taxpayer. The Corporate Taxpayer represents
and warrants to the other parties hereto as follows (which representations and warranties shall survive until the expiration of the applicable statute of limitations): 

(a)    Authorization of Transaction. The Corporate Taxpayer has all requisite corporate power and authority to
execute and deliver this Agreement and to perform its obligations hereunder. The execution and delivery by the Corporate Taxpayer of this Agreement and the performance by the Corporate Taxpayer of this Agreement and the consummation by the Corporate
Taxpayer of the transactions contemplated hereby have been duly and validly authorized by all necessary corporate action on the part of the Corporate Taxpayer. This Agreement has been duly and validly executed and delivered by the Corporate Taxpayer
and constitutes a valid and binding obligation of the Corporate Taxpayer, enforceable against the Corporate Taxpayer in accordance with its terms, except as such enforcement may be limited by general equitable principles or by applicable bankruptcy,
insolvency, fraudulent transfer, moratorium, or similar laws, legal requirements and judicial decisions from time to time in effect which affect creditors’ rights generally. 

  
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 (b)    Non-contravention.
Neither the execution and delivery by the Corporate Taxpayer of this Agreement, nor the consummation by the Corporate Taxpayer of the transactions contemplated hereby, will (i) conflict with or violate any provision of the organizational
documents of the Corporate Taxpayer, (ii) require on the part of the Corporate Taxpayer any notice to or filing with, or any permit, authorization, consent or approval of, any governmental entity or (iii) violate any order, writ,
injunction, decree, statute, rule or regulation applicable to the Corporate Taxpayer or any of its properties or assets. 

(c)    No Additional Representations. The Corporate Taxpayer acknowledges that no person has made any
representation or warranty, express or implied, as to the accuracy or completeness of any information regarding the TRA Parties furnished or made available to the Corporate Taxpayer and its representatives except as expressly set forth in this
Agreement, the Merger Agreement or any Merger Support Agreement (as defined in the Merger Agreement). 
 ARTICLE V 

REPRESENTATIONS AND WARRANTIES OF THE TRA PARTIES 

Section 5.01.    Representations and Warranties of the TRA Parties. Each TRA Party represents and warrants to
the other parties hereto as follows (which representations and warranties shall survive until the expiration of the applicable statute of limitations): 

(a)    Authorization of Transaction. Such TRA Party has all requisite power and authority (corporate or otherwise)
to execute and deliver this Agreement and to perform its obligations hereunder. The execution and delivery by such TRA Party of this Agreement and the performance by such TRA Party of this Agreement and the consummation by such TRA Party of the
transactions contemplated hereby have been duly and validly authorized by all necessary action (corporate or otherwise) on the part of such TRA Party. This Agreement has been duly and validly executed and delivered by such TRA Party and constitutes
a valid and binding obligation of such TRA Party and each other person entitled to payment under the TRA, enforceable against such TRA Party and each other person entitled to payment under the TRA in accordance with its terms, except as such
enforcement may be limited by general equitable principles or by applicable bankruptcy, insolvency, fraudulent transfer, moratorium, or similar laws, legal requirements and judicial decisions from time to time in effect which affect creditors’
rights generally. The TRA Parties who are party to this Agreement collectively constitute “the TRA Parties who would be entitled to receive at least two-thirds of the total amount of the Early Termination
Payments payable to all TRA Parties” within the meaning of Section 7.6(b) of the TRA. 
 (b)    Non-contravention. Neither the execution and delivery by such TRA Party of this Agreement, nor the consummation by such TRA Party of the transactions contemplated hereby, will (i) conflict with or violate
any provision of the organizational documents of such TRA Party, (ii) require on the part of such TRA Party any notice to or filing with, or any permit, authorization, consent or approval of, any governmental entity or (iii) violate any
order, writ, injunction, decree, statute, rule or regulation applicable to such TRA Party or any of its properties or assets. 

  
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 (c)    No Additional Representations. Such TRA Party acknowledges
that no person has made any representation or warranty, express or implied, as to the accuracy or completeness of any information regarding the Corporate Taxpayer furnished or made available to such TRA Party and its representatives except as
expressly set forth in this Agreement, the Merger Agreement or any Merger Support Agreement (as defined in the Merger Agreement). 
 ARTICLE
VI 
 THIRD PARTY BENEFICIARY 

Section 6.01.    Third Party Beneficiary. The parties agree that Parent is an express third party beneficiary
of this Agreement and this Agreement is enforceable by Parent in all respects. None of the provisions of this Agreement may be amended, modified or otherwise adjusted, and this Agreement may not be terminated other than pursuant to Article III or
waived in any respect by any party, in each case, without the prior written consent of Parent. 
 [The remainder of this page is
intentionally blank] 

  
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 IN WITNESS WHEREOF, the Corporate Taxpayer and each TRA Party have duly executed this
Agreement as of the date first written above. 
  

			
	CORPORATE TAXPAYER:
	
	VINE ENERGY INC.
		
	By:	 	 /s/ Eric D. Marsh

		 	Name: Eric D. Marsh
		 	Title:   President and Chief Executive Officer

  
 [Signature Page to Tax
Receivable Agreement Amendment] 

 IN WITNESS WHEREOF, the Corporate Taxpayer and each TRA Party have duly executed this
Agreement as of the date first written above. 
  

			
	TRA PARTIES:
	
	BRIX INVESTMENT LLC
	
	By: B&H Oil and Gas L.L.C.
	Its: Managing Member
		
	By:	 	 /s/ Angelo Acconcia

		 	Name: Angelo Acconcia
		 	Title:   President
	
	BRIX INVESTMENT II LLC
	
	By: Blackstone Capital Partners VI-Q (Pub) L.P.
	Its: Managing Member
		
	By:	 	 /s/ Angelo Acconcia

		 	Name: Angelo Acconcia
		 	Title:   Senior Managing Director
	
	HARVEST INVESTMENT LLC
	
	By: B&H Oil and Gas L.L.C.
	Its: Managing Member
		
	By:	 	 /s/ Angelo Acconcia

		 	Name: Angelo Acconcia
		 	Title:   President
	
	HARVEST INVESTMENT II LLC
	
	By: Blackstone Capital Partners VI-Q (Pub) L.P.
	Its: Managing Member
		
	By:	 	 /s/ Angelo Acconcia

		 	Name: Angelo Acconcia
		 	Title:   Senior Managing Director
	
	VINE INVESTMENT LLC
	
	By: Vine Oil & Gas Holdings LLC
	Its: Managing Member
		
	By:	 	 /s/ Angelo Acconcia

		 	Name: Angelo Acconcia
		 	Title:   President

  
 [Signature Page to Tax
Receivable Agreement Amendment] 

 
			
	VINE INVESTMENT II LLC
	
	By: Blackstone Energy Partners Q (Pub) L.P.
	Its: Managing Member
		
	By:	 	 /s/ Angelo Acconcia

		 	Name: Angelo Acconcia
		 	Title:   Senior Managing Director

  
 [Signature Page to Tax
Receivable Agreement Amendment]Exhibit 10.1

 

FORM OF

TERM SHEET FOR SALE OF SUBSTANTIALLY ALL

ASSETS OF SPRUCE CONSTRUCTION, INC.

 

This term sheet (the “Term Sheet”)
summarizes the principal terms and conditions of a proposed transaction in which a new Alberta corporation organized prior to execution
of the Asset Purchase Agreement (defined below) by Eco Innovation Group, Inc., Seller, and Spruce Engineering and Construction, Inc. (defined
below), would acquire substantially all of the assets of Spruce Construction, Inc., an Alberta corporation, and any subsidiaries. Except
for the Binding Provisions, which shall create a binding agreement of Seller, this is a non-binding Term Sheet setting forth material
terms to be incorporated into an Asset Purchase Agreement (the “Asset Purchase Agreement”) and other related agreements
to be negotiated.

 

Parties

 

	Spruce Engineering and Construction, Inc.:	An acquisition vehicle to be formed as an Alberta corporation (“NEWCO”) by (a) Eco Innovation Group, Inc., a Nevada corporation, and (b) Seller.
	 	 
	Seller:	Spruce Construction, Inc., an Alberta corporation wholly owned by Timothy Boetzkes (“Seller”).
	 	 
	Purchaser: 	Eco Innovation Group, Inc., a Nevada corporation (“Purchaser”).

 

Essential Terms

 

	Purchase Price:	
    Total consideration of 1,000,000 shares of common
    stock of Purchaser (the “Purchase Price”). Upon execution of an Asset Purchase Agreement, the Purchaser shall
    issue the Purchase Price to the Seller (or his designees) as restricted shares in book-entry form.

     

	Structure and Purchased Assets:	NEWCO shall acquire substantially all of the assets, tangible and intangible, of Seller used or useful in the operation of Seller’ business, except for the assets designated as excluded by NEWCO, free and clear of all liens, claims, interest, and encumbrances (the “Purchased Assets”).

 

	 	Excluded assets to be determined by NEWCO during its due diligence review (collectively, the “Excluded Assets”).
	 	 
	Executory Contracts and Unexpired Leases:	All executory contracts and unexpired leases will be deemed rejected, except executory contracts and unexpired leases designated by NEWCO to be assumed (“Assumed Executory Contracts”).
	 	 
	Assumed Obligations:	NEWCO shall assume none of Seller’s liabilities in respect of the Purchased Assets, the business, or operations, except as specifically provided in the Asset Purchase Agreement. The assumed obligations will, however, include all obligations arising under the Assumed Executory Contracts after the closing, and the parties anticipate that NEWCO will assume certain debt obligations of Spruce Construction, Inc. in the approximate amount of CAN60,000.00.
	 	 
	Representations, Warranties and Covenants:	Seller will make full representations, warranties and covenants including as to the business, assets, insurance, and other matters typically required by buyers in connection with an acquisition, which shall be set forth in the Asset Purchase Agreement. NEWCO will make full representations, warranties and covenants including as to corporate organization, authority to enter into the transactions contemplated hereby, and other matters typically required by Seller in connection with a sale, which will be set forth in the Asset Purchase Agreement.

 

 

    	  

    	 

    

 

	 	 
	NEWCO Ownership and Management:	
    The share distribution of NEWCO at the time of closing
    will be as follows:

     

    Purchaser: 85%

     

    Seller: 15% distributed to principals:

    Timothy Boetzkes: 10% (for services to be
    provided)

    Patrick Laurie: 5% (for services to be provided)

     

    The board of directors of NEWCO will be as follows:

     

    Julia Otey-Raudes

    Timothy Boetzkes

    Patrick Laurie

  

	Due diligence:	Assuming prompt and complete responses to its due diligence requests, the parties anticipate completing due diligence by August 15, 2021.
	 	 
	Access to information and employees:	Following execution of this Term Sheet by all of the parties, Seller will afford Purchaser and its officers, employees, agents and advisors reasonable access to the properties, books and records (including, without limitation, financial, operating and other data) of Seller, as well as to Seller’ independent accountants, at reasonable times in order to permit Purchaser to make such investigation of the business, properties and operations of Seller as NEWCO may deem appropriate. During due diligence, Purchaser shall have access to and may conduct negotiations with Seller’ landlords and vendors. Seller will use commercially reasonable efforts to cooperate with Purchaser with respect to access and negotiations with employees, landlords and vendors.
	 	 
	Confidentiality:	The following provision shall be binding on each party hereto (the “Binding Confidentiality Provisions”). Except and to the extent required by law, without the prior written consent of the other party, none of the parties hereto will, and each will direct its employees, agents and representatives not to, make, directly or indirectly, any public comment, statement or communication with respect to, or otherwise disclose or permit the disclosure of the existence of discussions regarding, a possible transaction between the parties or any of the terms, conditions or other aspects of the transaction proposed in this Term Sheet. If a party is required by law to make any such disclosure, it must first provide to the other party the content of the proposed disclosure, the reasons that such disclosure is required by law and the time and place that the disclosure will be made. Notwithstanding the foregoing, (a) Purchaser may disclose this Term Sheet and its discussions with Seller to its attorneys, financial advisors and potential financing sources, (b) Seller may disclose this Term Sheet and their discussions with NEWCO to their attorneys and financial advisors, and (c) Purchaser may publicly disclose that it has signed a Term Sheet subject to definitive documentation, but may not disclose the identity of Seller or the terms of this Term Sheet until execution of the Asset Purchase Agreement. All press releases and other public announcements with respect to the sale must be in form and substance acceptable to Purchaser.

 

 

    	  

    	 

    

 

	Closing Date:	The parties will use their reasonable best efforts to finalize an Asset Purchase Agreement by August 15, 2021 (“Closing Date”), but in no event later than September 15, 2021 (“Closing Deadline”). 
	 	 
	Definitive Documentation:	Upon full execution of this Term Sheet by Purchaser and Seller, Purchaser and Seller agree to proceed and negotiate, with all due haste and in good faith, a binding definitive Asset Purchase Agreement, formative documents of NEWCO, and all other documents necessary to implement the transactions contemplated in this Term Sheet.

  

	Conduct of Business:	Seller shall use their best efforts to carry on their businesses in the ordinary course, including, but not limited to, maintaining its accounting methods, using its commercially reasonable efforts to preserve the business and assets and its business relationships, continuing to operate its billing and collection procedures, using its commercially reasonable efforts to retain key employees, and maintaining its business records in accordance with its past practices.
	 	 
	Binding Exclusivity:	The following provision shall be binding on Seller (the “Binding Exclusivity Provisions,” and together with the Binding Confidentiality Provisions, the “Binding Provisions”). During the period between the execution of this Term Sheet and the Closing Deadline, neither Seller nor any of their officers, directors, employees, attorneys, financial advisors or other agents will discuss or negotiate with or provide information to any third party about the purchase and sale of any of the Purchased Assets or otherwise encourage any third party to submit a proposal for or enter into an alternative transaction; provided however, that third parties may continue to conduct due diligence and Seller shall be permitted to provide access to their on-line data room and negotiate customary confidentiality agreements with other interested buyers for purposes of being competing bidders for the Purchased Assets. The Binding Provisions shall be governed by the law of the State of Nevada without regard to its conflict of laws provisions. Disputes over the Binding Provisions shall be heard in the exclusive venue of the Nevada Courts. The obligations of NEWCO under the Binding Provisions shall be several among its respective equity holders, and not joint.
	 	 
	General Terms:	
    Except for the Binding Provisions, (a) the terms and
    provisions contained in this Term Sheet are not and do not constitute an offer, admission, representation, or solicitation by Purchaser
    or Seller, arc subject to senior management approval and are not and do not constitute an acceptance by Purchaser or Seller; (b) this
    discussion outline is not a commitment on the part of Purchaser or Seller; and (c) the form and substance of all documents necessary to
    effect the consummation of the transaction are subject to final approval of Purchaser, Seller and their respective counsel, and as such,
    this Term Sheet is not intended to constitute a final written expression of all of the terms and conditions of the transaction, but merely
    to outline some of the major terms and conditions thereof. Except for the Binding Provisions, this Term Sheet may not be used against
    Purchaser or Seller in any litigation in which Purchaser or Seller are parties nor may it be used in any proceedings in which Purchaser
    or Seller are directly or indirectly interested, or parties in interest.

     

	 	Except for the Binding Provisions, this Term Sheet is merely to facilitate further discussions and does not address or include all of the material issues, terms, provisions and conditions which would have to be addressed or included if a transaction based on this Term Sheet is to be consummated. Except for the Binding Provisions, this Term Sheet and any discussion by the parties are not intended to be and will not constitute a binding obligation of Purchaser or Seller.

 

 

[Signatures on next page]

 

    	  

    	 

    

 

Accepted and agreed to this 5th day of August, 2021.  

 

PURCHASER:  

 

ECO INNOVATION GROUP, INC.

 

	By: 	/s/ Julia Otey-Raudes	 	 
	Name: 	Julia Otey-Raudes	 	 
	Title:	Chief Executive Officer  	 	 
	 	 	 
	 	 	 

 

	SELLER:	 	 
	 	 	 
	SPRUCE CONSTRUCTION, INC.	 	TIMOTHY BOETZKES
	 	 	 
	By: 	/s/ Timothy Boetzkes	 	By: 	/s/ Timothy Boetzkes
	Name: 	 Timothy Boetzkes	 	Name:  	Timothy Boetzkes
	Title:	President

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