Document:

Exhibit 4.2

THE SECURITIES REPRESENTED HEREBY HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES LAWS OF CERTAIN STATES AND MAY NOT BE
SOLD, TRANSFERRED, ASSIGNED, OFFERED, PLEDGED OR OTHERWISE DISTRIBUTED FOR VALUE UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT
COVERING SUCH SECURITIES.

[FORM OF] WARRANT

TO PURCHASE

SHARES OF COMMON STOCK

OF

DAKOTA PLAINS HOLDINGS, INC.

	             shares of Common Stock	November 2, 2012

Dakota Plains Holdings,
Inc., a Nevada corporation (the “Company”), hereby agrees that, for value received,                
(the “Holder”) or his/her/its assigns, is entitled, subject to the terms set forth below, to purchase
from the Company at any time or from time to time on or prior to October 31, 2017 (the “Expiration Date”),
up to                shares of the Company’s common
stock, par value $0.001 per share (the “Shares”), at a purchase price equal to $4.00 per share.

This Warrant has
been issued to induce the original holder to lend certain money to the Company as approved by the Company’s Board of Directors.

1.             Exercise
of Warrant.

(a) No
Vesting. The rights represented by this Warrant are immediately exercisable.

(b) Cashless
Conversion Option. In lieu of the payment of cash for the exercise of this Warrant, the Holder shall have the right (but not
the obligation), to require the Company to convert this Warrant into Shares on a “cashless basis” as provided for in
this Subsection 1(b) (the “Conversion Right”). Upon exercise of the Conversion Right, the Company shall deliver to
Holder (without payment by the Holder of any cash) that number of Shares (the “Conversion Shares”) equal to the quotient
obtained by dividing (x) the value of this Warrant at the time the Conversion Right is exercised (determined by subtracting the
aggregate Warrant exercise price in effect immediately prior to the exercise of the Conversion Right from the aggregate current
market price of all of the Shares immediately prior to the exercise of the Conversion Right) by (y) the current market price of
one (1) share of the Company’s common stock immediately prior to the exercise of the Conversion Right. The current market
price of the Company’s common stock shall be the last sale price on such date as quoted on the principal securities exchange,
market, electronic communication network or other similar system quoting bid, asked and/or sales prices for the Company’s
common stock. If no sale takes place on such day, the current market price of the Company’s common stock shall be the average
of the last reported closing bid and asked prices quoted on such exchange, market, network or system. If there are no last reported
closing bid and asked prices, the current market price shall be the price at which the Company most recently issued shares of its
common stock for consideration of any kind prior to the date of conversion under this Subsection 1(b). Any cashless conversion
of this Warrant is intended to be a recapitalization under Internal Revenue Code §368(a)(1)(E) and Treasury Regulation (Reg.)
1.368-2(e) and a tax-free exchange under Internal Revenue Code 1036.

(c) Exercise
Procedures. The party exercising this Warrant shall deliver hand-written notice of any exercise to the Company (i) at least
three (3) days prior to the intended date of

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exercise in the case of an exercise
for cash and (ii) no later than the close of business on the intended date of conversion in the case of a conversion of this Warrant
under Subsection 1(b) above, and by the surrender of this Warrant at the principal office of the Company and upon payment (if applicable)
to the Company of the purchase price for the Shares. Certificates for the Shares so purchased, bearing the restrictive legend shall
be delivered to the address requested by the Holder within three (3) days after the rights represented by this Warrant have been
so exercised or converted, and, unless this Warrant has expired, a new Warrant representing the number of Shares, if any, with
respect to which this Warrant has not been exercised or converted shall also be delivered to the Holder within such time. No fractional
shares shall be issued upon the exercise or conversion of this Warrant.

(d) The Company
covenants and agrees that all Shares that may be issued upon the exercise or conversion of the rights represented by this Warrant
shall, upon issuance, be duly authorized and issued, fully paid and non-assessable shares of common stock. The Company further
covenants and agrees that during the period within which the rights represented by this Warrant may be exercised, the Company will
at all times have authorized and reserved for the purposes of issue or transfer upon exercise of the rights evidenced by this Warrant
a sufficient number of shares of common stock to provide for the exercise of the rights represented by this Warrant. The Company
may require that such certificate or certificates contain on the face thereof a legend indicating that such shares must be sold
under appropriate federal and state laws.

2.             Adjustment
of Purchase Price, Reorganization, etc. In the event the Company shall at any time hereafter subdivide or combine its outstanding
shares of common stock, or declare a stock dividend, the exercise price and number of Shares into which this Warrant may convert
in effect immediately prior to the subdivision, combination or dividend shall be adjusted to maintain the pro rata amounts
for this Warrant. In the event of any capital reorganization or any reclassification of the shares of common stock of the Company,
or in the case of any consolidation with or merger of the Company into or with another corporation, or the sale of all or a majority
of its assets to another corporation effected in such a manner that the holders of common stock shall be entitled to receive stock,
securities or assets with respect to or in exchange for common stock, then, as a part of such reorganization, reclassification,
consolidation, merger or sale, as the case may be, lawful provision shall be made so that the Holder of the Warrant shall have
the right thereafter to receive, upon the exercise hereof, the kind and amount of stock, securities or assets which the Holder
would have been entitled to receive if, immediately prior to such reorganization, reclassification, consolidation, merger or sale,
the Holder had held the number of Shares which were purchasable upon the exercise of the Warrant. In any such event, an appropriate
adjustment (as determined in good faith by the Board of Directors of the Company) shall be made in the application of the provisions
set forth herein with respect to the rights and interest thereafter of the Holder of the Warrant, such that the provisions set
forth herein (including provisions with respect to adjustments of the exercise price) shall thereafter be applicable, as nearly
as reasonably may be, in relation to any shares of stock or other property thereafter deliverable upon the exercise of the Warrant.

3.             Transferability.
This Warrant and all rights hereunder are nontransferable without the Company’s express written consent, which consent may
not be unreasonably withheld.

4.             Voting.
This Warrant shall not entitle the Holder hereof through the use of this Warrant to any voting rights or other rights as a shareholder of the Company.

 

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5.             Reservation
of Common Stock. A number of shares of common stock sufficient to provide for the exercise of this Warrant upon the basis herein
set forth shall at all times be reserved for the exercise thereof.

6.             Miscellaneous.
The Company will not by amendment of its Articles of Incorporation or through reorganization, consolidation, merger, dissolution
or sale, or by any other voluntary act or deed, avoid or seek to avoid the observance or performance of any of the conditions to
be observed or performed hereunder by the Company, but will at all times in good faith assist, insofar as it is able, in the carrying
out of all provisions hereof and in the taking of all other action which may be necessary in order to protect the rights of the
Holder hereof.

The representations,
warranties and agreements herein contained shall survive the exercise of this Warrant. All shares of common stock or other securities
issued upon the exercise of the Warrant shall be validly issued, fully paid and non-assessable.

IN WITNESS WHEREOF,
this Warrant has been duly executed by the undersigned, as of the 2nd day of November 2012.

	 	DAKOTA PLAINS HOLDINGS, INC.	 
	 	 	 
	 	 	 
	 	By 	 	 
	 	Name 
 Its	 	 

 

 

 

 

    	3Exhibit 4.3

This
Promissory Note has not been registered under the Securities Act of 1933, as amended, or applicable state securities laws and may
not be sold, offered for sale, pledged or hypothecated in the absence of an effective registration statement as to this Promissory
Note under such Securities Act and applicable state securities laws or an opinion of counsel reasonably satisfactory to Dakota
Plains Holdings, Inc. that such registration is not required.

[FORM OF] SENIOR UNSECURED PROMISSORY
NOTE

	$            	November 2, 2012
 Wayzata, Minnesota

FOR
VALUE RECEIVED, Dakota Plains Holdings, Inc., a Nevada corporation (the “Company”) promises to pay
to                  (“Lender”),
or his/her/its successors and assigns, at such place as Lender may designate from time to time, the principal amount of                   
($          ).

		1.	Maturity. All outstanding amounts under this Promissory
Note will be due and payable in full at 4:00 pm Central time on March 1, 2014 (the “Maturity
Date”) unless otherwise payable earlier in accordance with the terms of this Promissory Note.

		2.	Interest. The unpaid principal amount of this Promissory
Note will bear twelve percent (12.0%) simple annual interest. Upon execution of this Promissory Note, all accrued but unpaid interest
will be first due and payable in arrears on December 31, 2012. Thereafter, all accrued but unpaid interest will be due and payable
in arrears on the last day of each of the Company’s fiscal quarters.

		3.	Unsecured Obligation. This promissory
note represents a senior unsecured obligation of the Company and will not be subordinate to any other debt of the Company now existing
or hereafter incurred. Notwithstanding the foregoing, this Promissory Note will rank pari passu with all other senior unsecured
obligations of the Company with respect to right of payment and priority.

		4.	Prepayment. The principal
amount and all accrued but unpaid interest payable to Lender under this Promissory Note may be prepaid, in whole or in part without
penalty or premium and without the prior written consent of Lender, at any time. Any amounts prepaid may not be re-borrowed by
the Company pursuant to this Promissory Note. Any prepayment of any principal amount of this Promissory Note must be made pro rata
along with prepayment of principal amounts of all promissory notes maturing on the Maturity Date and issued on the date of issuance
of this Promissory Note and having substantially the same terms and provisions of this Promissory Note (collectively, the “Series
Notes”).

		5.	Additional Indebtedness. Except for the
replacement, renewal or refinancing of Indebtedness for Borrowed Money (as hereinafter defined) outstanding at the date of this
Promissory Note (provided that such replacement, renewal or refinancing will not result in an increase of the principal amount
of such indebtedness outstanding or potentially outstanding), and except as hereafter provided, without the prior consent of the
holders of a majority of the then outstanding principal amount of Series Notes, the Company may not incur additional Indebtedness
for Borrowed Money. For purposes of this Promissory Note, “Indebtedness for Borrowed Money” means any
obligation for borrowed money or for the acquisition of property or any obligation evidenced by a promissory note or similar instrument
that, under generally accepted accounting principles, is shown on the balance sheet as a liability, including but not limited to
any Capitalized Lease Obligations (as defined herein) but specifically not including trade accounts payable arising in the ordinary
course of business so long as such payables are not outstanding for more than sixty (60) days.

		(a)	However, the Company may, without such prior consent, incur
additional Indebtedness for Borrowed Money (and then only to the extent necessary): 

		(i)	at any time within three (3) months of the date of issuance
of this Promissory Note in connection with the issuance of additional Series Notes;

 

    	 

    	 

    

 

		(ii)	in connection with the issuance of up to $22,000,000 maximum
aggregate principal amount of senior unsecured promissory notes maturing on October 31, 2015 and bearing no greater than twelve
percent (12.0%) simple annual interest;

		(iii)	in connection with the acquisition of equipment or other assets
used in the business of the Company, so long as the indebtedness is:

		(1)	secured by conditional sales contracts, title retention agreements
or other purchase money security interests; or 

		(2)	constitutes lease payment obligations under leases that are
required to be capitalized under generally accepted accounting principles (“Capitalized Lease Obligations”);
or

		(iv)	that is unsecured and expressly subordinated in right of payment
to the Series Notes. For purposes hereof.

		6.	Events of Default. The unpaid
balance of this Promissory Note will, at the option of Lender, become immediately due and payable upon the occurrence of any one
or more of the following events of default:

		(a)	The Company shall fail to pay any sum hereunder when due and
such failure shall continue for ten (10) days after such payment is due;

		(b)	The Company shall become insolvent, unable to pay its debts
as they mature, admit in writing its inability to pay its debts as they mature, become or be adjudicated bankrupt or shall voluntarily
file a petition for bankruptcy;

		(c)	The Company shall make a general assignment for the benefit
of creditors; or

(d)    
The Company shall apply for appointment of a receiver or a trustee for any substantial
portion of its property or assets or shall permit the appointment of such receiver or trustee who is not discharged within a period
of thirty (30) days after such appointment.

		7.	Miscellaneous.

		(a)	The Company hereby waives presentment, demand, protest, notice
of dishonor, diligence and all other notices, any release or discharge arising from any extension of time, discharge of a prior
party, or other cause of release or discharge other than actual payment in full hereof.

		(b)	If any provisions of this Promissory Note would require the
Company to pay interest hereon at a rate exceeding the highest rate allowed by applicable law, the Company shall instead pay interest
under this Promissory Note at the highest rate permitted by applicable law.

		(c)	This Promissory Note shall be governed by and construed in
accordance with the laws of the State of Minnesota without giving effect to any choice or conflict of law provision or law that
would cause the application of the laws of any other jurisdiction other than the State of Minnesota.

		8.	Restatement; Prior Note. This
Promissory Note replaces in its entirety and is in substitution for but not in payment of $             
aggregate principal amount of the promissory note due March 1, 2013, made by the Company in favor of               
(the “Prior Note”), and does not and shall not be deemed to constitute a novation thereof. Such replaced
promissory note shall be of no further force or effect with respect to the aggregate principal amount of this Promissory Note and
any outstanding indebtedness under the Prior Note up to the aggregate principal amount of this Promissory Note, including, without
limitation, unpaid principal amounts under the Prior Note as of the date of this Promissory Note, are hereby deemed indebtedness
evidenced by this Promissory Note and are incorporated herein by this reference without increasing or modifying the stated principal
amount of this Promissory Note.

 

 

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IN
WITNESS WHEREOF, the Company has executed this Promissory Note as of the date first written above.

	 	DAKOTA PLAINS HOLDINGS, INC.	 
	 	 	 
	 	 	 
	 	By 	 	 
	 	Name 
Its	 	 

 

 

 

 

 

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