Document:

Exhibit 10.2

 

EXECUTION VERSION

 

SHAREHOLDER
SUPPORT AGREEMENT

 

This
Shareholder Support Agreement (this “Agreement”) is dated as of December
14, 2022, by and among M3-Brigade Acquisition III Corp., a Delaware corporation (“SPAC”), Greenfire Resources Ltd.,
an Alberta corporation (“PubCo”), DE Greenfire Merger Sub Inc., a Delaware corporation (“Merger Sub”
and, together with PubCo, the “Acquisition Entities”), 2476276 Alberta ULC, an Alberta unlimited liability corporation
(“Canadian Merger Sub”), the Persons set forth on Schedule I hereto (each, a “Company Supporting
Shareholder” and, collectively, the “Company Supporting Shareholders”), and Greenfire Resources Inc., an
Alberta corporation (the “Company”). Capitalized terms used but not defined herein shall have the respective meanings
ascribed to such terms in the Business Combination Agreement (as defined below).

 

RECITALS

 

WHEREAS,
as of the date hereof, the Company Supporting Shareholders are the holders of record and the “beneficial owners” (within
the meaning of Rule 13d-3 under the Exchange Act) of such number of shares of such classes or series of Company Common Shares as are
indicated opposite each of their names on Schedule I attached hereto (all such shares of Company Common Shares, together
with any Equity Interests of the Company of which ownership of record or the power to vote (including, without limitation, by proxy or
power of attorney) is hereafter acquired by any such Company Supporting Shareholder during the period from the date hereof through the
Expiration Time (as defined below) are referred to herein as the “Subject Shares”);

 

WHEREAS,
contemporaneously with the execution and delivery of this Agreement, SPAC, PubCo, Merger Sub and the Company have entered into a Business
Combination Agreement (as amended or supplemented from time to time, the “Business Combination Agreement”), dated
as of the date hereof, pursuant to which, among other transactions, PubCo and the Company will enter into the Plan of Arrangement whereby
PubCo will amalgamate with Canadian Merger Sub pursuant to which all of the issued and outstanding Company Shares will exchange into
common shares of PubCo; and

 

WHEREAS,
as an inducement to SPAC, PubCo, Merger Sub, Canadian Merger Sub and the Company to enter into the Business Combination Agreement and
to consummate the transactions contemplated therein, the parties hereto desire to agree to certain matters as set forth herein.

 

     

     

    

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the foregoing and the mutual agreements contained herein, and intending to be legally bound hereby, the
parties hereto hereby agree as follows:

 

Article I

 

SHAREHOLDER
SUPPORT AGREEMENT; COVENANTS

 

Section 1.1
Binding Effect of Business Combination Agreement. Each Supporting Company Shareholder hereby acknowledges that it has read the
Business Combination Agreement and this Agreement and has had the opportunity to consult with its independent tax and legal advisors.
Each Supporting Company Shareholder confirms by the execution of this Agreement that such Supporting Company Shareholder has either sought
such independent tax and legal advice or waived their right to do so in connection with entering into this Agreement, and any failure
on such Supporting Company Shareholder’s part to seek independent tax and legal advice shall not affect the validity, enforceability
of this Agreement, the Business Combination Agreement and the transactions contemplated thereby and by the Ancillary Documents, including
the Plan of Arrangement. Each Supporting Company Shareholder shall be bound by and comply with Sections 8.4 (Public Announcements)
and 8.6 (Exclusive Dealing) (and any relevant definitions contained in any such Sections) as if (a) such Supporting Company Shareholder
was an original signatory to the Business Combination Agreement with respect to such provisions, and (b) each reference to the “Company”
contained in Section 8.6 of the Business Combination Agreement also referred to each such Supporting Company Shareholder.

 

Section 1.2
Existing Liens and Replacement Liens. Set forth on Exhibit II attached hereto and made a part hereof is a list of existing liens
to which certain Subject Shares are subject, copies of which liens have been provided to the parties hereto (“Existing Liens”).
Notwithstanding any other provision hereof, it is expressly acknowledged and agreed (i) that such Existing Liens, and any liens hereafter
created in replacement thereof which are not materially more restrictive with respect to the voting ability of the Supporting Company
Shareholder than the Existing Liens (“Replacement Liens”), the provisions of the instruments creating such Existing
Liens and Replacement Liens, and actions taken by Supporting Company Shareholders and secured parties thereto in accordance with the
provisions of such instruments, shall serve as exceptions to each of the prohibitions, covenants and other provisions contained herein,
and (ii) that Replacement Liens are expressly permitted. Each Supporting Company Shareholder hereby agrees to use its reasonable best
efforts so that none of the restrictions or other provisions of Existing Liens or Replacement Liens, to the extent affecting any agreement
with respect to such Supporting Company Shareholder’s Subject Shares hereunder, will be exercised to prevent or otherwise restrict
the consummation of the Plan of Arrangement or the other transactions contemplated by this Agreement or the Business Combination Agreement,
in each case in accordance with their terms.

 

Section 1.3
No Transfer. During the period commencing on the date hereof and ending on the earlier of (a) the Effective Time, and (b) such
date and time as the Business Combination Agreement shall be terminated in accordance with Section 10.1 thereof (the earlier of clauses (a)
and (b), the “Expiration Time”), each Supporting Company Shareholder shall not (i) sell, offer to sell, contract
or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly,
file (or participate in the filing of) a registration statement with the SEC (other than the Registration Statement / Proxy Statement)
or a prospectus with any provincial securities regulator in Canada or establish or increase a put equivalent position or liquidate or
decrease a call equivalent position within the meaning of Section 16 of the Exchange Act, with respect to any Subject Shares, (ii) enter
into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any
Subject Shares (clauses (i) and (ii) collectively, a “Transfer”) or (iii) publicly announce any intention to
effect any transaction specified in clause (i) or (ii); provided, however, that the foregoing shall not prohibit Transfers
between any Supporting Company Shareholder and (1) any Affiliate of such Supporting Company Shareholder, (2) in the case of an individual,
by gift to a member of one of the individual’s immediate family, to a trust, the beneficiary of which is a member of the individual’s
immediate family or an Affiliate of such individual; (3) in the case of an individual, by virtue of laws of descent and distribution
upon death of the individual; (4) in the case of an individual, pursuant to a qualified domestic relations order; or (5) by virtue of
the Supporting Company Shareholder’s Governing Documents upon liquidation or dissolution of the Supporting Company Shareholder
(any transferee of the type set forth in clauses (1) through (5), a “Permitted Transferee”), so long as, prior to
and as a condition to the effectiveness of any such Transfer, such Permitted Transferee executes and delivers to the Company, SPAC and
the Acquisition Entities a joinder to this Agreement in the form attached hereto as Annex A.

 

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Section 1.4
New Shares. In the event that, (a) any Subject Shares are issued to a Supporting Company Shareholder after the date of this Agreement
pursuant to any share dividend, share split, recapitalization, reclassification, combination or exchange of Subject Shares or otherwise,
(b) a Supporting Company Shareholder purchases or otherwise acquires beneficial ownership of any Subject Shares after the date of
this Agreement, or (c) a Supporting Company Shareholder acquires the right to vote or share in the voting of any Subject Shares after
the date of this Agreement (collectively, the “New Securities”), then such New Securities acquired or purchased by
such Supporting Company Shareholder shall be subject to the terms of this Agreement to the same extent as if they constituted the Subject
Shares owned by such Supporting Company Shareholder as of the date hereof.

 

Section 1.5
Supporting Company Shareholder Agreements. Hereafter until the Expiration Time, each Supporting Company Shareholder hereby unconditionally
and irrevocably agrees that, at any meeting of the shareholders of the Company (or any adjournment or postponement thereof), and in any
action by written consent of the shareholders of the Company distributed by the Board of Directors of the Company (including the Written
Resolution) or otherwise undertaken in connection with or as contemplated by the Business Combination Agreement or the transactions contemplated
thereby and by the Ancillary Documents, (which written consent shall be delivered promptly, and in any event within twenty-four (24)
hours, after the Registration Statement (as contemplated by the Business Combination Agreement) is declared effective and delivered or
otherwise made available to the shareholders of SPAC and the shareholders of the Company), such Supporting Company Shareholder shall,
if a meeting is held, appear at the meeting, in person or by proxy, or otherwise cause its Subject Shares to be counted as present thereat
for purposes of establishing a quorum, and such Supporting Company Shareholder shall vote or provide consent (or cause to be voted or
consented), in person or by proxy, all of its Subject Shares:

 

(a)
to approve and adopt the Business Combination Agreement and the transactions contemplated thereby and by the Ancillary Documents, including
the Plan of Arrangement;

 

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(b)
in any other circumstances upon which a consent, waiver or other approval may be required under the Company’s Governing Documents
or under any agreements between the Company and its shareholders, including the Shareholder Agreement between the Company and certain
of its shareholders dated August 5, 2021 (the “Shareholder Agreement”), to implement, or otherwise sought with respect
to, the Business Combination Agreement or the transactions contemplated thereby and by the Ancillary Documents, to vote, consent, waive
or approve (or cause to be voted, consented, waived or approved) all of such Supporting Company Shareholder’s Subject Shares held
at such time in favor thereof;

 

(c)
against any competing business combination agreement, arrangement, amalgamation, take-over bid, merger, consolidation, combination, sale
of substantial assets, reorganization, recapitalization, dissolution, liquidation or winding up of or by the Company (other than the
Business Combination Agreement and the transactions contemplated thereby and by the Ancillary Documents); and

 

(d)
against any proposal, action or agreement that would (i) impede, frustrate, prevent or nullify any provision of this Agreement, the Business
Combination Agreement or the transactions contemplated thereby and by the Ancillary Documents, including the Plan of Arrangement, (ii)
result in a breach in any respect of any covenant, representation, warranty or any other obligation or agreement of the Company under
the Business Combination Agreement or (iii) result in any of the conditions set forth in Article IX of the Business Combination Agreement
not being fulfilled.

 

Each
Supporting Company Shareholder hereby agrees that it shall not exercise any rights of dissent in connection with the Plan of Arrangement
or commit or agree to take any action inconsistent with the foregoing.

 

Section 1.6
Affiliate Agreements. Each Supporting Company Shareholder, hereby agrees and consents to the termination of all Affiliate Agreements
to which such Supporting Company Shareholder is party, effective as of the Effective Time without any further liability or obligation
to the Company, the Company’s Subsidiaries, SPAC or the Acquisition Entities.

 

Section 1.7
Lock-Up Agreement. Each of the Supporting Company Shareholders set forth on Schedule III hereto, on behalf of itself, agrees
that it will deliver, substantially simultaneously with the Effective Time, a duly-executed copy of the Lock-Up Agreement substantially
in the form attached as Exhibit C to the Business Combination Agreement.

 

Section 1.8
Investor Rights Agreement. Each of the Supporting Company Shareholders set forth on Schedule IV hereto, on behalf of itself,
agrees that it will deliver, substantially simultaneously with the Effective Time, a duly-executed copy of the Investor Rights Agreement
substantially in the form attached as Exhibit D to the Business Combination Agreement.

 

Section 1.9
Further Assurances. Each Supporting Company Shareholder shall take, or cause to be taken, all such further actions and do, or
cause to be done, all things reasonably necessary (including under applicable Laws), or reasonably requested by SPAC or the Company,
to effect the actions required to consummate the Plan of Arrangement and the other transactions contemplated by this Agreement and the
Business Combination Agreement, in each case, on the terms and subject to the conditions set forth therein and herein, as applicable.

 

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Section 1.10
No Inconsistent Agreement. Each Supporting Company Shareholder hereby represents and covenants that such Supporting Company Shareholder
has not entered into, and shall not enter into, any agreement that would restrict, limit or interfere with the performance of such Supporting
Company Shareholder’s obligations hereunder.

 

Section 1.11
No Challenges. Each Supporting Company Shareholder agrees not to commence, join in, facilitate, assist or encourage, and agrees
to take all actions necessary to opt out of any class in any class action or similar proceeding with respect to, any claim, derivative
or otherwise, against SPAC, Merger Sub, PubCo, Canadian Merger Sub, the Company or any of their respective successors or directors (a)
challenging the validity of, or seeking to enjoin the operation of, any provision of this Agreement or (b) alleging a breach of any fiduciary
duty of any person in connection with the evaluation, negotiation or entry into the Business Combination or the transactions contemplated
thereby and by the Ancillary Documents (including the Plan of Arrangement).

 

Section 1.12
Consent to Disclosure. Each Supporting Company Shareholder hereby consents to the publication and disclosure in the Registration
Statement / Proxy Statement (and, as and to the extent otherwise required by applicable securities Laws or the SEC or any other securities
authorities, any other documents or communications provided by SPAC, the Acquisition Entities, the Company to any Governmental Entity
or to securityholders of SPAC) of such Supporting Company Shareholder’s identity and beneficial ownership of Subject Shares and
the nature of such Supporting Company Shareholder’s commitments, arrangements and understandings under and relating to this Agreement
and, if deemed appropriate by SPAC, the Acquisition Entities or the Company, a copy of this Agreement. Each Supporting Company Shareholder
will promptly provide any information reasonably requested by SPAC, the Acquisition Entities or the Company for any regulatory application
or filing made or approval sought in connection with the transactions contemplated by the Business Combination Agreement (including filings
with the SEC).

 

Article II

 

REPRESENTATIONS
AND WARRANTIES

 

Section 2.1
Representations and Warranties of the Supporting Company Shareholders. Each Supporting Company Shareholder represents and warrants
as of the date hereof to SPAC, the Acquisition Entities, Canadian Merger Sub, and the Company (and solely with respect to itself, himself
or herself and not with respect to any other Supporting Company Shareholder) as follows:

 

(a)
Organization; Due Authorization. If such Supporting Company Shareholder is not an individual, it is duly organized, validly existing
and in good standing under the Laws of the jurisdiction in which it is incorporated, formed, organized or constituted, and the execution,
delivery and performance of this Agreement and the consummation of the transactions contemplated hereby are within such Supporting Company
Shareholder’s corporate, limited liability company or organizational powers and have been duly authorized by all necessary corporate,
limited liability company or organizational actions on the part of such Supporting Company Shareholder. If such Supporting Company Shareholder
is an individual, such Supporting Company Shareholder has full legal capacity, right and authority to execute and deliver this Agreement
and to perform his or her obligations hereunder. This Agreement has been duly executed and delivered by such Supporting Company Shareholder
and, assuming due authorization, execution and delivery by the other parties to this Agreement, this Agreement constitutes a legally
valid and binding obligation of such Supporting Company Shareholder, enforceable against such Supporting Company Shareholder in accordance
with the terms hereof (except as enforceability may be limited by bankruptcy Laws, other similar Laws affecting creditors’ rights
and general principles of equity affecting the availability of specific performance and other equitable remedies). If this Agreement
is being executed in a representative or fiduciary capacity, the Person signing this Agreement has full power and authority to enter
into this Agreement on behalf of the applicable Supporting Company Shareholder.

 

(b)
Ownership. Such Supporting Company Shareholder is the record and beneficial owner (as defined in the Securities Act) of, and has
good title to, all of such Supporting Company Shareholder’s Subject Shares, and, except as set forth on Schedule II hereto,
there exist no Liens or any other limitation or restriction (including any restriction on the right to vote, sell or otherwise dispose
of such Subject Shares (other than transfer restrictions under the Securities Act)) affecting any such Subject Shares, other than Liens
pursuant to (i) this Agreement, (ii) the Company’s Organizational Documents, (iii) the Business Combination Agreement or (iv)
any applicable securities Laws or (v) the Shareholder Agreement. Such Supporting Company Shareholder’s Subject Shares are the only
Equity Securities in the Company owned of record or beneficially by such Supporting Company Shareholder on the date of this Agreement,
and none of such Supporting Company Shareholder’s Subject Shares are subject to any proxy, voting trust or other agreement or arrangement
with respect to the voting of such Subject Shares other than as set forth in the Shareholder Agreement. Other than as set forth opposite
such Supporting Company Shareholder’s name on Schedule I, such Supporting Company Shareholder does not hold or own
any rights to acquire (directly or indirectly) any Equity Securities of the Company or any Equity Securities convertible into, or which
can be exchanged for, Equity Securities of the Company.

 

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(c)
No Conflicts. The execution and delivery of this Agreement by such Supporting Company Shareholder does not, and the performance
by such Supporting Company Shareholder of his, her or its obligations hereunder will not, (i) if such Supporting Company Shareholder
is not an individual, conflict with or result in a violation of the organizational documents of such Supporting Company Shareholder or
(ii) require any consent or approval that has not been given or other action that has not been taken by any Person (including under any
Contract binding upon such Supporting Company Shareholder or such Supporting Company Shareholder’s Subject Shares) other than those
which are contemplated by the Business Combination Agreement or as may be required under the Shareholder Agreement or Governing Documents
of the Company, in each case, to the extent such consent, approval or other action would prevent, enjoin or materially delay the performance
by such Supporting Company Shareholder of its, his or her obligations under this Agreement.

 

(d)
Litigation. There are no Actions pending against such Supporting Company Shareholder, or to the knowledge of such Supporting Company
Shareholder threatened against such Supporting Company Shareholder, before (or, in the case of threatened Actions, that would be before)
any arbitrator or any Governmental Entity, which in any manner challenges or seeks to prevent, enjoin or materially delay the performance
by such Supporting Company Shareholder of its, his or her obligations under this Agreement.

 

(e)
Adequate Information. Such Supporting Company Shareholder is a sophisticated shareholder and has adequate information concerning
the business and financial condition of SPAC and the Company to make an informed decision regarding this Agreement and the transactions
contemplated by the Business Combination Agreement and has independently and without reliance upon SPAC, the Acquisition Entities or
the Company and based on such information as such Supporting Company Shareholder has deemed appropriate, made its own analysis and decision
to enter into this Agreement. Such Supporting Company Shareholder acknowledges that SPAC, the Acquisition Entities and the Company have
not made and do not make any representation or warranty, whether express or implied, of any kind or character except as expressly set
forth in this Agreement. Such Supporting Company Shareholder acknowledges that the agreements contained herein with respect to the Subject
Shares held by such Supporting Company Shareholder are irrevocable.

 

(f)
Brokerage Fees. No broker, finder, investment banker or other Person is entitled to any brokerage fee, finders’ fee or other
commission in connection with the transactions contemplated by the Business Combination Agreement based upon arrangements made by such
Supporting Company Shareholder, for which the Company or any of its Affiliates may become liable.

 

(g)
Acknowledgment. Such Supporting Company Shareholder understands and acknowledges that each of SPAC, the Acquisition Entities and
the Company is entering into the Business Combination Agreement in reliance upon such Supporting Company Shareholder’s execution
and delivery of this Agreement.

 

Section 2.2
Representations and Warranties of the Company, SPAC,Canadian Merger Sub, and the Acquisition Entities. Each of the Company, SPAC,
Merger Sub and PubCo represents and warrants as of the date hereof (solely with respect to itself) to each Supporting Company Shareholder
as follows:

 

(a)
Organization; Due Authorization. Each of the Company, SPAC, Canadian Merger Sub, Merger Sub and PubCo is duly incorporated, validly
existing and in good standing under the laws of its jurisdiction of formation, and has the corporate power and authority to execute and
deliver each of this Agreement and the Business Combination Agreement, to perform its obligations hereunder and thereunder, and to consummate
the transactions contemplated hereby and thereby. Each of this Agreement and the Business Combination Agreement has been duly authorized
by all necessary corporate action on the part of the Company, SPAC and the Acquisition Entities. Each of this Agreement and the Business
Combination Agreement has been duly and validly executed and delivered by the Company, SPAC, Canadian Merger Sub and each of the Acquisition
Entities and constitutes a legal, valid and binding agreement of each of them (assuming that this Agreement or the Transaction Agreement,
as applicable, has been duly authorized, executed and delivered by the other Persons party thereto), enforceable against each of them
in accordance with its terms (subject to applicable bankruptcy, insolvency, reorganization, moratorium or other Laws affecting generally
the enforcement of creditors’ rights and subject to general principles of equity).

 

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(b)
No Conflicts. None of the execution and delivery by the Company, SPAC, Canadian Merger Sub, Merger Sub and PubCo of this Agreement
nor the Business Combination Agreement, the performance by them of their obligations hereunder and thereunder, nor the consummation by
each of them of the transactions contemplated hereby and thereby will, directly or indirectly (with or without due notice or lapse of
time or both), (i) result in a violation or breach of any provision of their Governing Documents, (ii) result in a violation or breach
of, or constitute a default or give rise to any right of termination, Consent, cancellation, amendment, modification, suspension, revocation
or acceleration under, any of the terms, conditions or provisions of any Contract to which any of them is a party, (iii) violate, or
constitute a breach under, any Order or applicable Law to which any of them or any of their properties or assets are subject or bound
or (iv) result in the creation of any Lien upon any of their assets or properties (other than any Permitted Liens), except in the case
of any of clauses (ii) through (iv) above, as would not have a Company Material Adverse Effect or a SPAC Material Adverse Effect, as
the case may be.

 

Article III

 

MISCELLANEOUS

 

Section 3.1
Termination. This Agreement and all of its provisions shall terminate and be of no further force or effect upon the earliest of
(a) the Expiration Time and (b) as to each Supporting Company Shareholder, the written agreement of SPAC, the Acquisition Entities,
the Company, Canadian Merger Sub and such Supporting Company Shareholder. Upon such termination of this Agreement, all obligations of
the parties under this Agreement will terminate, without any liability or other obligation on the part of any party hereto to any Person
in respect hereof or the transactions contemplated hereby, and no party hereto shall have any claim against another (and no person shall
have any rights against such party), whether under contract, tort or otherwise, with respect to the subject matter hereof; provided,
however, that the termination of this Agreement shall not relieve any party hereto from liability arising in respect of any breach
of this Agreement prior to such termination. This ARTICLE III shall survive the termination of this Agreement.

 

Section 3.2
Governing Law. This Agreement, and all claims or causes of action (whether in contract or tort) that may be based upon, arise
out of or relate to this Agreement or the negotiation, execution or performance of this Agreement (including any claim or cause of action
based upon, arising out of or related to any representation or warranty made in or in connection with this Agreement) will be governed
by and construed in accordance with the internal Laws of the State of Delaware applicable to agreements executed and performed entirely
within such State; provided, however, the laws of the Province of Alberta, Canada and the federal laws of Canada applicable
therein shall also apply to the corporate matters related to the Company Information Circular, the Company Shareholders Meeting and the
Plan of Arrangement.

 

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Section 3.3
CONSENT TO JURISDICTION AND SERVICE OF PROCESS; WAIVER OF JURY TRIAL.

 

(a)
THE PARTIES TO THIS AGREEMENT SUBMIT TO THE NON-EXCLUSIVE JURISDICTION OF THE STATE COURTS LOCATED IN WILMINGTON, DELAWARE OR THE COURTS
OF THE UNITED STATES LOCATED IN WILMINGTON, DELAWARE IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS OF THIS AGREEMENT
AND ANY RELATED AGREEMENT, CERTIFICATE OR OTHER DOCUMENT DELIVERED IN CONNECTION HEREWITH AND BY THIS AGREEMENT WAIVE, AND AGREE NOT
TO ASSERT, ANY DEFENSE IN ANY ACTION FOR THE INTERPRETATION OR ENFORCEMENT OF THIS AGREEMENT AND ANY RELATED AGREEMENT, CERTIFICATE OR
OTHER DOCUMENT DELIVERED IN CONNECTION HEREWITH, THAT THEY ARE NOT SUBJECT THERETO OR THAT SUCH ACTION MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE
IN SUCH COURTS OR THAT THIS AGREEMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS OR THAT THEIR PROPERTY IS EXEMPT OR IMMUNE FROM EXECUTION,
THAT THE ACTION IS BROUGHT IN AN INCONVENIENT FORUM, OR THAT THE VENUE OF THE ACTION IS IMPROPER. SERVICE OF PROCESS WITH RESPECT THERETO
MAY BE MADE UPON ANY PARTY TO THIS AGREEMENT BY MAILING A COPY THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO SUCH PARTY
AT ITS ADDRESS AS PROVIDED IN SECTION 3.8.

 

(b)
WAIVER OF TRIAL BY JURY. EACH PARTY HERETO HEREBY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT
IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY
RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY
OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE
THE FOREGOING WAIVER, (II) EACH SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (III) EACH SUCH PARTY MAKES
THIS WAIVER VOLUNTARILY, AND (IV) EACH SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS
AND CERTIFICATIONS IN THIS SECTION 3.3.

 

Section 3.4
Assignment. This Agreement and all of the provisions hereof will be binding upon and inure to the benefit of the parties hereto
and their respective heirs, successors and permitted assigns. Neither this Agreement nor any of the rights, interests or obligations
hereunder will be assigned (including by operation of law) without the prior written consent of the parties hereto.

 

Section 3.5
Specific Performance. The parties hereto agree that irreparable damage may occur in the event that any of the provisions of this
Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties
hereto shall be entitled to seek an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms
and provisions of this Agreement in the chancery court or any other state or federal court within the State of Delaware, this being in
addition to any other remedy to which such party is entitled at law or in equity.

 

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Section 3.6
Amendment; Waiver. This Agreement may not be amended, changed, supplemented, waived or otherwise modified or terminated, except
upon the execution and delivery of a written agreement executed by SPAC, the Acquisition Entities, the Company and the Supporting Company
Shareholders.

 

Section 3.7
Severability. If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, the
other provisions of this Agreement will remain in full force and effect. Any provision of this Agreement held invalid or unenforceable
only in part or degree will remain in full force and effect to the extent not held invalid or unenforceable.

 

Section 3.8
Fiduciary Duties. SPAC, the Acquisition Entities, Canadian Merger Sub and the Company hereby agree and acknowledge that the Company
Supporting Shareholder is bound hereunder solely in his capacity as a securityholder of the Company and that the provisions hereof shall
not be deemed or interpreted to bind the Company Supporting Shareholder in his capacity as a director or officer of the Company (if the
Company Supporting Shareholder holds such office) or restrict, limit or prohibit the Company Supporting Shareholder in his capacity as
a director or officer of the Company (if the Company Supporting Shareholder holds such office) from fulfilling or exercising his fiduciary
duties as a director or officer owing to the Company under applicable Laws.

 

Section 3.9
Notices. All notices and other communications among the parties hereto shall be in writing and shall be deemed to have been duly
given (a) when delivered in person, (b) when delivered after posting in the United States mail having been sent registered or certified
mail return receipt requested, postage prepaid, (c) when delivered by FedEx or other nationally recognized overnight delivery service
or (d) when e-mailed during normal business hours (and otherwise as of the immediately following Business Day), addressed as follows:

 

	 	If to SPAC, to:
	 	 
	 	M3-Brigade Acquisition III Corp.
	 	1700 Broadway, 19th Floor
	 	New York, NY 10019
	 	Attention:	Mohsin Y. Meghji; Charles Garner
	 	Email:	mmeghji@m3-partners.com; cgarner@m3-partners.com

 

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	 	with copies (which shall not constitute
    notice) to:
	 	 
	 	Wachtell, Lipton, Rosen & Katz
	 	51 West 52nd Street
	 	New York, NY 10019
	 	Attention:	John L. Robinson
	 	Email:	JLRobinson@wlrk.com
	 	 	 
	 	Osler, Hoskin & Harcourt LLP
	 	Suite 2700, Brookfield Place
	 	225 – 6th Avenue S.W.
	 	Calgary AB  T2P 1N2
	 	Attention:	Neal Ross
	 	Email:	NRoss@osler.com
	 	 	 
	 	If to the Company, to:
	 	 
	 	Greenfire Resources Inc.
	 	1900 – 205 5th Avenue SW
	 	Calgary, AB T2P 2V7
	 	Attention:	David Phung
	 	Email:	DPhung@greenfireres.com
	 	 	 
	 	with copies (which shall not constitute
    notice) to:
	 	 
	 	Carter Ledyard & Milburn LLP
	 	28 Liberty Street
	 	41st Fl.
	 	New York, New York 10005
	 	Attention:	Guy P. Lander
	 	Email:	lander@clm.com
	 	 	 
	 	Burnet, Duckworth & Palmer LLP
	 	2400, 525 - 8th Avenue S.W.
	 	Calgary, AB, T2P 1G1
	 	Attention:	Ted Brown
	 	Email:	ebb@bdplaw.com
	 	 	 
	 	If to any Acquisition Entity, to:
	 	 
	 	c/o Greenfire Resources Inc.
	 	1900 – 205 5th Avenue SW
	 	Calgary, AB T2P 2V7
	 	Attention:	David Phung
	 	Email:	DPhung@greenfireres.com

 

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	 	with copies (which shall not constitute
    notice) to:
	 	 
	 	Carter Ledyard & Milburn LLP
	 	28 Liberty Street
	 	41st Fl.
	 	New York, New York 10005
	 	Attention:	Guy P. Lander
	 	Email:	lander@clm.com
	 	 	 
	 	Burnet, Duckworth & Palmer LLP
	 	2400, 525 - 8th Avenue S.W.
	 	Calgary, AB, T2P 1G1
	 	Attention:	Ted Brown
	 	Email:	ebb@bdplaw.com
	 	 	 
	 	If to Canadian Merger Sub, to:
	 	 
	 	c/o Greenfire Resources Inc.
	 	1900 – 205 5th Avenue SW
	 	Calgary, AB T2P 2V7
	 	Attention:	David Phung
	 	Email:	DPhung@greenfireres.com
	 	 	 
	 	with copies (which shall not constitute
    notice) to:
	 	 
	 	Carter Ledyard & Milburn LLP
	 	28 Liberty Street
	 	41st Fl.
	 	New York, New York 10005
	 	Attention:	Guy P. Lander
	 	Email:	lander@clm.com
	 	 	 
	 	Burnet, Duckworth & Palmer LLP
	 	2400, 525 - 8th Avenue S.W.
	 	Calgary, AB, T2P 1G1
	 	Attention:	Ted Brown
	 	Email:	ebb@bdplaw.com

 

    11

     

    

 

	 	If to a Supporting Company Shareholder:
	 	 
	 	To such Supporting Company Shareholder’s
    address set forth in Schedule I
	 	 
	 	with copies (which shall not constitute
    notice) to:
	 	 
	 	Carter Ledyard & Milburn LLP
	 	28 Liberty Street
	 	41st Fl.
	 	New York, New York 10005
	 	Attention:	Guy P. Lander
	 	Email:	lander@clm.com
	 	 	 
	 	Burnet, Duckworth & Palmer LLP
	 	2400, 525 - 8th Avenue S.W.
	 	Calgary, AB, T2P 1G1
	 	Attention:	Ted Brown
	 	Email:	ebb@bdplaw.com

 

Section 3.10
Counterparts. This Agreement may be executed in two or more counterparts (any of which may be delivered by electronic transmission),
each of which shall constitute an original, and all of which taken together shall constitute one and the same instrument.

 

Section 3.11
Non-Recourse. Except for claims pursuant to the Business Combination Agreement or any other Ancillary Document by any party or
parties thereto against any other party or parties thereto on the terms and subject to the conditions therein, each party agrees that
(a) this Agreement may only be enforced against, and any action for breach of this Agreement may only be made against, the parties, and
no claims of any nature whatsoever (whether in tort, contract or otherwise) arising under or relating to this Agreement, the negotiation
hereof or its subject matter, or the transactions contemplated hereby shall be asserted against any Company Non-Party Affiliate or any
SPAC Non-Party Affiliate (other than the Company Supporting Shareholders named as parties hereto), and (b) no SPAC Non-Party Affiliate
or Company Non-Party Affiliate (other than the Company Supporting Shareholders named as parties hereto), shall have any Liability arising
out of or relating to this Agreement, the negotiation hereof or its subject matter, or the transactions contemplated hereby, including
with respect to any claim (whether in tort, contract or otherwise) for breach of this Agreement or in respect of any written or oral
representations made or alleged to be made in connection herewith, or for any actual or alleged inaccuracies, misstatements or omissions
with respect to any information or materials of any kind furnished in connection with this Agreement, the negotiation hereof or the transactions
contemplated hereby.

 

Section 3.12
Entire Agreement. This Agreement and the agreements referenced herein constitute the entire agreement and understanding of the
parties hereto in respect of the subject matter hereof and supersede all prior understandings, agreements or representations by or among
the parties hereto to the extent they relate in any way to the subject matter hereof.

 

    12

     

    

 

IN
WITNESS WHEREOF, the Supporting Company Shareholders, SPAC, PubCo, Merger Sub, Canadian Merger Sub and the Company have each caused this
Shareholder Support Agreement to be duly executed as of the date first written above.

 

	 	SUPPORTING COMPANY SHAREHOLDERS:
	 	 	 
	 	ALLARD SERVICES LIMITED
	 	 	 
	 	By:	*
	 	Name: 	 
	 	Title:	Director
	 	 	 
	 	ANNAPURNA LIMITED
	 	 	 
	 	By:	*
	 	Name:	 
	 	Title:	Director
	 	 	 
	 	SPICELO LIMITED 
	 	 	 
	 	By:	/s/ Ioannis
    C. Charalambides
	 	Name: 	Ioannis C. Charalambides
	 	Title:	Director
	 	 	 
	 	MODRO HOLDINGS LLC 
	 	 	 
	 	By:	/s/
    Joseph Pehar
	 	Name:	Joseph Pehar
	 	Title:	Manager

 

[Signature Page to Shareholder Support Agreement]

 

	*	Signature in process pursuant to applicable local law.

 

     

     

    

 

	 	M3-BRIGADE ACQUISITION III CORP.
	 	 	 
	 	By:	/s/ Mohsin Y. Meghji
	 	Name: 	Mohsin Y. Meghji
	 	Title:	Executive Chairman of the Board of Directors
	 	 	 
	 	GREENFIRE RESOURCES LTD.
	 	 	 
	 	By:	/s/ David Phung
	 	Name:	David Phung
	 	Title:	Chief Financial Officer
	 	 	 
	 	DE GREENFIRE MERGER SUB INC.
	 	 	 
	 	By:	/s/ David Phung
	 	Name:	David Phung
	 	Title:	Chief Financial Officer
	 	 	 
	 	2476276 Alberta
    ULC
	 	 	 
	 	By:	/s/ David Phung
	 	Name:	David Phung
	 	Title:	Chief Financial Officer
	 	 	 
	 	GREENFIRE RESOURCES INC.
	 	 	 
	 	By:	/s/ David Phung
	 	Name:	David Phung
	 	Title:	Chief Financial Officer

 

 

 

[Signature Page to Shareholder Support Agreement]

 

     

     

    

 

Schedule
I

Supporting Company Shareholder Subject Shares

 

	Holder	 	Common
    Shares	 	Company
    Incentive Warrants	 	Company
    Bond Warrants	 	Notice
    Information
	Allard
    Services Limited	 	4,065,005	 	0	 	0	 	Neville
    Newman, Harris & Trotter LLP

    64
    New Cavendish Street

    London
    W1G 8TB

    Tel::
    +44 20 7467 6300

    E-mail:
    nevillenewman@harrisandtrotter.co.uk

	 	 	 	 	 	 	 	 	 
	Annapurna
    Limited	 	1,350,002	 	0	 	0	 	Neville
    Newman, Harris & Trotter LLP

    64
    New Cavendish Street

    London
    W1G 8TB

    Tel::
    +44 20 7467 6300

    E-mail:
    nevillenewman@harrisandtrotter.co.uk

	 	 	 	 	 	 	 	 	 
	Spicelo
    Limited	 	1,125,002	 	0	 	0	 	17
    Megalou Alexandrou Street,

    2121
    Aglantzia,

    Nicosia,
    Cyprus

	 	 	 	 	 	 	 	 	 
	Modro
    Holdings LLC	 	960,001	 	0	 	0	 	c/o
    Thomas Giordano

    Karlin
    & Peebles, LLP

    5900
    Wilshire Blvd., Ste. 500

    Los
    Angeles, CA 90036

    tgiordano@karlinpeebles.com

 

[Schedule I to Shareholder Support Agreement]

 

     

     

    

 

Schedule
II

 

Existing
Liens

 

		1.	Promissory
Note in the face amount of $3,750,000 dated August 19, 2022 issued by Allard Services Limited, Annapurna Limited and Annapurna Ltd. (as
Borrowers) to Community Master Fund LP (as Lender).

 

		a.	Securities
Pledge Agreement dated August 19, 2022 between Allard Services Limited (as Chargor) and Community Master Fund LP (as Secured Party).

 

		b.	Securities
Pledge Agreement dated August 19, 2022 between Annapurna Limited (as Chargor) and Community Master Fund LP (as Secured Party).

 

		2.	Limited
Recourse Guarantee and Securities Pledge Agreement dated as of July 21, 2022 made by Spicelo Limited (as Chargor) and GLAS Americas LLC
(as Collateral Agent for the benefit of the Secured Parties under the Griffon Loan Agreement (defined below)), as amended by the First
Amending Agreement (Limited Recourse Guarantee and Securities Pledge Agreement) dated August 31, 2022.

 

		a.	Loan
Agreement dated July 21, 2022 among Griffon Partners Operation Corp. (as Borrower), Griffon Partners Capital Management Ltd. and Griffon
Partners Holding Corp. (as Guarantors), Trafigura Canada Limited, Signal Alpha C4 Limited (as Lenders), GLAS USA LLC (as Administrative
Agent) and GLAS Americas LLC (as Collateral Agent), as amended by the First Amending Agreement effective August 31, 2022 (the “Griffon
Loan Agreement”).

 

[Schedule II to Shareholder Support Agreement]

 

     

     

    

 

Schedule
III

 

Parties to the Lock-Up Agreement

 

		1.	Allard
Services Limited

 

		2.	Annapurna
Limited

 

		3.	Spicelo
Limited

 

		4.	Modro
Holdings, LLC

 

[Schedule
III to Shareholder Support Agreement]

 

     

     

    

 

Schedule
IV

 

Parties to the Investor Rights Agreement

 

		1.	Allard
Services Limited

 

		2.	Annapurna
Limited

 

		3.	Spicelo
Limited

 

		4.	Modro
Holdings, LLC

 

[Schedule IV to Shareholder Support Agreement]

 

     

     

    

 

Annex
A

 

Form of Joinder Agreement

 

This
Joinder Agreement (this “Joinder Agreement”) is made as of the date written below by the undersigned (the “Joining
Party”) in accordance with the Shareholder Support Agreement, dated as of December , 2022 (as amended, supplemented or otherwise
modified from time to time, the “Shareholder Support Agreement”), by and among M3-Brigade Acquisition III Corp., a
Delaware corporation, Greenfire Resources Ltd., an Alberta corporation, DE Greenfire Merger Sub Inc., a Delaware corporation, 2476276
Alberta ULC, an Alberta unlimited liability corporation , and Greenfire Resources Inc., an Alberta corporation and the Supporting Company
Shareholders set forth on Schedule I thereto. Capitalized terms used herein and not otherwise defined shall have the meaning ascribed
to them in the Shareholder Support Agreement.

 

The
Joining Party hereby acknowledges, agrees and confirms that, by its execution of this Joinder Agreement, the Joining Party shall be deemed
to be a party to, and a “Supporting Company Shareholder” under, the Shareholder Support Agreement as of the date hereof
and shall have all of the rights and obligations of a Supporting Company Shareholder as if it had executed the Shareholder Support Agreement.
The Joining Party hereby ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions contained
in the Shareholder Support Agreement.

 

IN
WITNESS WHEREOF, the undersigned has duly executed this Joinder Agreement as of the date written below.

 

Date:
[●]

 

	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	Address for Notices:
	 	 
	 	 
	 	 
	 	With copies to:

 

[Annex
A to Shareholder Support Agreement]Exhibit 10.3

EXECUTION VERSION

 

SPONSOR AGREEMENT

 

This SPONSOR AGREEMENT (this
“Agreement”) is dated as of December 14, 2022, by and among M3-Brigade Sponsor III LP, a Delaware limited partnership
(the “Sponsor”), M3-Brigade Acquisition III Corp., a Delaware corporation (“MBSC”), Greenfire
Resources Ltd., an Alberta corporation (“PubCo”) and Greenfire Resources Inc., an Alberta corporation (the “Company”).
Capitalized terms used but not defined herein shall have the respective meanings ascribed to such terms in the Business Combination Agreement
(as defined below).

 

RECITALS

 

WHEREAS, as of the date hereof,
the Sponsor is the holder of record and the “beneficial owner” (within the meaning of Rule 13d-3 under the Exchange
Act) of 7,500,000 shares of SPAC Class B Shares (the “Founder Shares”) and 5,786,667 SPAC Warrants (the “Founder
Warrants”) as set forth on Schedule I hereto;

 

WHEREAS, contemporaneously
with the execution and delivery of this Agreement, MBSC, PubCo, the Company, 2476276 Alberta ULC, an Alberta unlimited liability corporation
(“Canadian Merger Sub”) and DE Greenfire Merger Sub Inc., a Delaware corporation (“Merger Sub”),
have entered into that certain Business Combination Agreement, dated as of the date hereof (as it may be amended, restated or otherwise
modified from time to time in accordance with its terms, the “Business Combination Agreement”), pursuant to which,
among other things, (a) at the Effective Time, the effectiveness of a Plan of Arrangement on the terms and conditions set forth therein,
(b) at the Arrangement Effective Time, the amalgamation of Canadian Merger Sub with the Company, with the Company surviving the amalgamation
as a wholly owned subsidiary of PubCo, in accordance with Section 193 of the Business Corporations Act (Alberta) (the “ABCA”),
in each case, in accordance with the applicable provisions of the ABCA, and (c) at the Effective Time, a merger of Merger Sub with and
into MBSC, with MBSC surviving the merger as a wholly owned subsidiary of PubCo in accordance with the General Corporation Law of the
State of Delaware; and

 

WHEREAS, as an inducement
to MBSC and the Company to enter into the Business Combination Agreement and to consummate the transactions contemplated therein (the
“Transactions”), the parties hereto desire to agree to certain matters as set forth herein.

 

NOW, THEREFORE, in consideration
of the foregoing and the mutual agreements contained herein, and intending to be legally bound hereby, the parties hereto hereby agree
as follows:

 

ARTICLE I

 

SPONSOR
AGREEMENT

 

Section 1.1 Sponsor Voting Agreements.

 

(a)   At
any meeting of the stockholders of MBSC, however called, or at any adjournment or postponement thereof, or in any other circumstance in
which the vote, consent or other approval or action of the stockholders of MBSC is sought (including in connection with any action by
written consent of the stockholders of MBSC), the Sponsor shall (i) appear at each such meeting or otherwise cause all of its Founder
Shares and any shares of SPAC Common Shares that the Sponsor acquires record or beneficial ownership of after the date hereof (collectively,
the “Subject MBSC Shares”) to be counted as present thereat for purposes of calculating a quorum, and (ii) vote
(or cause to be voted), in person or by proxy, or execute and deliver a written consent covering, all of its Subject MBSC Shares:

 

(i)   in
favor of each Transaction Proposal; and

 

     

     

    

 

(ii)   against
(A) any SPAC Acquisition Proposal and (B) any other action or proposal that would reasonably be expected to materially impede,
frustrate, interfere with, delay, postpone or adversely affect any of the Transaction Proposals or any other transaction contemplated
by the Business Combination Agreement or any Ancillary Document, or result in any breach of any representation, warranty, covenant, agreement
or other obligation of MBSC, PubCo, Canadian Merger Sub or Merger Sub under the Business Combination Agreement or of MBSC, PubCo, Canadian
Merger Sub, Merger Sub or the Sponsor under any Ancillary Document to which any of the foregoing is a party (including this Agreement).

 

(b)   The
Sponsor hereby irrevocably and unconditionally agrees:

 

(i)   not
to elect to cause MBSC to redeem any Subject MBSC Shares in the SPAC Stockholder Redemption or otherwise;

 

(ii)   to
execute and deliver all related documentation and take such other actions in support of the Transactions as shall reasonably be requested
by MBSC to consummate the Transactions;

 

(iii)   that
it hereby revokes any and all previous proxies granted or voting instruction forms or other voting documents delivered that conflict,
or are inconsistent, with the matters set forth in this Agreement;

 

(iv)   not
take any other action of any kind, directly or indirectly, with the intention of delaying or interfering with the completion of the Transactions;
and

 

(v)   to
use its commercially reasonable efforts to take, or cause to be taken, all actions, and do, or cause to be done, and assist and cooperate
with the other Parties in doing such things, in each case, reasonably necessary to consummate the Transactions.

 

Section 1.2 Waiver
of Anti-Dilution Provisions. The Sponsor hereby irrevocably waives (for itself and for its successors, heirs and assigns), to the
fullest extent permitted by applicable Law and the Governing Documents of MBSC, the application of the adjustment to the Initial Conversion
Ratio (as defined in the current certificate of incorporation of MBSC (the “Current Charter”)) pursuant to Section 4.3(b)(ii)
of the Current Charter in connection with the issuance of shares of SPAC Class A Shares. The waiver specified in this Section 1.2
will be applicable only in connection with the issuance of shares of SPAC Class A Shares and will be void and of no force and effect if
the Business Combination Agreement is validly terminated for any reason prior to the Closing. The waiver specified in this Section 1.2
constitutes the written consent of the holders of a majority of the shares of SPAC Class B Shares outstanding, voting separately as a
single class, in the manner contemplated by Section 4.3(b)(iii) of the Current Charter.

 

    2 

     

    

 

Section 1.3 Founder
Shares and Founder Warrants; Transfer Restrictions.

 

(a)   The
Sponsor hereby agrees that, on the Closing Date prior to (but subject to) the Closing, the Founder Shares and Founder Warrants will be
subject to the vesting and forfeiture provisions set forth in this Section 1.3 and will thereafter be converted into
an equal number of shares of SPAC Class A Shares or SPAC Warrants, respectively. Other than as described on Schedule II hereto, the Sponsor
agrees that it will not (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase or
otherwise dispose of or agree to dispose of, directly or indirectly, file (or participate in the filing of) a registration statement with
the SEC or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16
of the Exchange Act, with respect to any Acquiror Common Shares or Founder Warrants owned by such Sponsor, (ii) enter into any swap
or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any Acquiror Common
Shares or Founder Warrants owned by such Sponsor (clauses (i) and (ii) collectively, a “Transfer”) prior to the
Closing.

 

(b)   The
Founder Shares will vest or be forfeited immediately prior to the Merger as follows: (i) 4,250,000 of the Founder Shares owned by
the Sponsor will vest, and shall not be subject to forfeiture; (ii) if the Triggering Event has occurred as of immediately prior
to the Merger, 750,000 Founder Shares owned by the Sponsor will vest, and shall not be subject to forfeiture; and (iii) 2,500,000 Founder
Shares owned by the Sponsor shall be forfeited and cancelled for no consideration.

 

(c)   If
as of immediately prior to the Merger, the Triggering Event has occurred, then 750,000 Founder Shares owned by the Sponsor will at the
Closing be automatically forfeited and transferred to MBSC for no consideration, and no Person (other than MBSC) will have any further
right with respect thereto.

 

(d)   The
Founder Warrants will vest or be forfeited immediately prior to the Merger as follows: (i) 2,526,667 of the Founder Warrants owned
by the Sponsor will vest, and shall not be subject to forfeiture; and (ii) 3,260,000 Founder Warrants owned by the Sponsor shall be forfeited
and cancelled for no consideration.

 

Section 1.4 Sponsor Payment. Promptly
following (but in no event more than two (2) Business Days after) the Closing, Sponsor shall pay $1,000,000 to the Company payable by
wire transfer of immediately available funds.

 

Section 1.5 No
Inconsistent Agreement. The Sponsor hereby covenants and agrees that it will not enter into any agreement that would restrict, limit
or interfere with the performance of its obligations hereunder.

 

    3 

     

    

 

ARTICLE II

 

MISCELLANEOUS

 

Section 2.1 Representations
and Warranties.

 

(a)   Authorization;
No Breach. Each of the Sponsor, MBSC, PubCo and the Company hereby represents and warrants that it has all requisite corporate or
limited liability company power, as applicable, to enter into this Agreement and to perform its obligations hereunder, and no agreement
to which it is bound will be violated as a result. The execution, delivery and performance of this Agreement has been duly and validly
authorized by all requisite corporate or limited partnership action, as applicable, and no other actions or proceedings on its part are
necessary to authorize the execution, delivery or performance of this Agreement. Each of the Sponsor, MBSC, PubCo and the Company hereby
represents and warrants that this Agreement constitutes a valid, legal and binding obligation of such Person (assuming that this Agreement
has been duly and validly authorized, executed and delivered by the other Persons party hereto), enforceable against such Person in accordance
with its terms, except (i) to the extent that enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium or other Laws affecting the enforcement of creditors’ rights generally and (ii) that the availability
of equitable remedies, including specific performance, is subject to the discretion of the court before which any proceeding thereof may
be brought.

 

(b)   Ownership
of the Subject MBSC Shares and Founder Warrants. The Sponsor hereby represents and warrants that it (i) is the beneficial or
record owner of the shares of SPAC Common Shares indicated on Schedule I hereto opposite the Sponsor’s name, free
and clear of any and all Liens, other than those created by this Agreement, the Governing Documents of MBSC, the SPAC Warrant Agreement,
the Business Combination Agreement and applicable securities Laws, (ii) has sole voting power over all of the Subject MBSC Shares
beneficially owned or owned of record by the Sponsor, (iii) as of the date hereof, does not own, beneficially or of record, any capital
stock or other securities of MBSC other than the shares of Subject MBSC Shares and Founder Warrants set forth on Schedule I opposite
the Sponsor’s name, and (iv) as of the date hereof, does not own, beneficially or of record, any rights to purchase or acquire
any shares of capital stock or other securities of MBSC except as set forth on Schedule I opposite the Sponsor’s name (other
than pursuant to the Business Combination Agreement).

 

(c)   No
Inconsistent Agreement. The Sponsor hereby represents and warrants that the Sponsor (i) has not entered into any voting agreement,
voting trust or similar agreement (other than this Agreement and the Investor Rights Agreement to be entered into at the Closing) with
respect to any of the Subject MBSC Shares indicated on Schedule I hereto opposite the Sponsor’s name, (ii) has not granted
a proxy, consent or power of attorney with respect to any such Subject MBSC Shares and (iii) has not taken any action that would
reasonably be expected to constitute a breach hereof, make any representation or warranty of the Sponsor contained herein untrue or incorrect
or have the effect of restricting, limiting, preventing, interfering or disabling the Sponsor from performing any of its obligations under
this Agreement.

 

(d)   Governmental
Authorizations; Litigation. The Sponsor hereby represents and warrants that (i) except for filings with the SEC under the Exchange
Act and such other reports under, and such other compliance with, the Exchange Act as may be required in connection with this Agreement,
no authorization or approval or other action by, and no notice to or filing with, any Governmental Entity or any other Person will be
required to be obtained or made by the Sponsor in connection with the due execution, delivery and performance by the Sponsor of this Agreement,
and (ii) as of the date of this Agreement, there are no Actions pending or, to the knowledge of the Sponsor, threatened against the
Sponsor, before any Governmental Entity that, in the case of each of clauses (i) and (ii), would prevent,
materially impair or materially delay the Sponsor from performing its obligations hereunder.

 

    4 

     

    

 

Section 2.2 Termination.
This Agreement and all of its provisions shall terminate and be of no further force and effect upon the earlier of (a) the
valid termination of the Business Combination Agreement in accordance with Article X thereof and (b) the written agreement of each
Sponsor, MBSC and the Company in accordance with Section 2.8. Upon such termination of this Agreement, all obligations
of the parties under this Agreement will terminate, without any Liability or other obligation on the part of any party hereto to any Person
in respect hereof or the transactions contemplated hereby, and no party hereto shall have any claim against another (and no Person shall
have any rights against such party), whether under contract, tort or otherwise, with respect to the subject matter hereof; provided, however,
that the termination of this Agreement shall not relieve any party hereto from Liability arising in respect of any breach of this Agreement
prior to such termination. This Article II shall survive the termination of this Agreement.

 

Section 2.3 Governing
Law. This Agreement, and all claims or causes of action based upon, arising out of, or related to this Agreement or the transactions
contemplated hereby, shall be governed by, and construed in accordance with, the Laws of the State of Delaware, without giving effect
to principles or rules of conflict of laws to the extent such principles or rules would require or permit the application of Laws of another
jurisdiction.

 

Section 2.4 Jurisdiction;
Waiver of Jury Trial.

 

(a)   Any
Action based upon, arising out of or related to this Agreement or the transactions contemplated hereby must be brought in the Court of
Chancery of the State of Delaware (or, to the extent such court does not have subject matter jurisdiction, the Superior Court of the State
of Delaware), or, if it has or can acquire jurisdiction, in the United States District Court for the District of Delaware, and each of
the parties irrevocably and unconditionally (i) consents and submits to the exclusive jurisdiction of each such court in any such
Action, (ii) waives any objection it may now or hereafter have to personal jurisdiction, venue or to convenience of forum, (iii) agrees
that all claims in respect of the Action shall be heard and determined only in any such court, and (iv) agrees not to bring any Action
arising out of or relating to this Agreement or the transactions contemplated hereby in any other court. Nothing herein contained shall
be deemed to affect the right of any party to serve process in any manner permitted by Law or to commence any Action or otherwise proceed
against any other party in any other jurisdiction, in each case, to enforce judgments obtained in any Action brought pursuant to this Section 2.4.

 

(b)   EACH
PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY
IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY, UNCONDITIONALLY AND VOLUNTARILY
WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTION, SUIT OR PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT
OF OR RELATING TO THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY.

 

    5 

     

    

 

Section 2.5 Assignment.
No party hereto shall assign this Agreement or any part hereof without the prior written consent of the other parties and any such transfer
without prior written consent shall be void. Subject to the foregoing, this Agreement shall be binding upon and inure to the benefit of
the parties hereto and their respective permitted successors and assigns.

 

Section 2.6 Rights
of Third Parties. Nothing expressed or implied in this Agreement is intended or shall be construed to confer upon or give any Person,
other than the parties hereto, any right or remedies under or by reason of this Agreement.

 

Section 2.7 Enforcement.
The parties hereto agree that irreparable damage could occur in the event that any of the provisions of this Agreement were not performed
in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to an
injunction or injunctions to prevent any breach, or threatened breach, of this Agreement and to specific enforcement of the terms and
provisions of this Agreement, in addition to any other remedy to which any party is entitled at law or in equity. In the event that any
Action shall be brought in equity to enforce the provisions of this Agreement, no party shall allege, and each party hereby waives the
defense, that there is an adequate remedy at law, and each party agrees to waive any requirement for the securing or posting of any bond
in connection therewith.

 

Section 2.8  Modification
or Amendment; Waiver. Subject to the provisions of applicable Law, this Agreement may be amended, modified or waived if such amendment,
modification or waiver is in writing and signed, in the case of an amendment or modification, by MBSC, PubCo, the Company and the Sponsor,
or in the case of a waiver, by the party against whom the waiver is to be effective. No failure or delay by any party in exercising any
right, power or privilege hereunder or under applicable Law shall operate as a waiver of such rights and, except as otherwise expressly
provided herein, no single or partial exercise thereof shall preclude any other or further exercise thereof or the exercise of any other
right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided
by applicable Law.

 

Section 2.9 Severability.
If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, the other provisions of this
Agreement shall remain in full force and effect. The parties further agree that if any provision contained herein is, to any extent, held
invalid or unenforceable in any respect under the Laws governing this Agreement, they shall take any actions necessary to render the remaining
provisions of this Agreement valid and enforceable to the fullest extent permitted by Law and, to the extent necessary, shall amend or
otherwise modify this Agreement to replace any provision contained herein that is held invalid or unenforceable with a valid and enforceable
provision giving effect to the intent of the parties.

 

Section 2.10 Notices.
All notices and other communications among the parties shall be in writing and shall be deemed to have been duly given (a) when delivered
in person, (b) when delivered by FedEx or other nationally recognized overnight delivery service, or (c) when sent by email,
unless the sender of such electronic mail receives a non-delivery message (but not other automated replies, such as an out-of-office notification),
addressed as follow:

 

    6 

     

    

 

If to MBSC, to:

M3-Brigade Acquisition III Corp.

1700 Broadway, 19th Floor

New York, NY 10019

	 	Attention: 	Mohsin Y. Meghji; Charles Garner
	 	Email:	mmeghji@m3-partners.com; cgarner@m3-partners.com

 

with a copy (which shall not constitute
notice) to:

Wachtell, Lipton, Rosen & Katz

51 West 52nd Street

New York, NY 10019

	 	Attention: 	John L. Robinson
	 	Email:	JLRobinson@wlrk.com

 

If to PubCo, to:

c/o Greenfire Resources Inc.

1900 – 205 5th Avenue SWCalgary, AB T2P 2V7

	 	Attention: 	David Phung
	 	Email:	DPhung@greenfireres.com

 

with a copy (which will not constitute
notice) to:

Carter Ledyard & Milburn LLP

28 Liberty Street, 41st Floor

New York, NY 10005

	 	Attention:	Guy P. Lander
	 	Email:	lander@clm.com

 

If to the Company, to:

Greenfire Resources Inc.

1900 – 205 5th Avenue SWCalgary, AB T2P 2V7

	 	Attention: 	David Phung
	 	Email:	DPhung@greenfireres.com

 

    7 

     

    

 

with a copy (which shall not constitute
notice) to:

Carter Ledyard & Milburn LLP

28 Liberty Street, 41st Floor

New York, NY 10005

	 	Attention:	Guy P. Lander
	 	Email:	lander@clm.com

 

If to the Sponsor, to:

M3-Brigade Sponsor III LP

1700 Broadway, 19th Floor

New York, NY 10019

	 	Attention:	Mohsin Y. Meghji; Charles Garner
	 	Email:	mmeghji@m3-partners.com; cgarner@m3-partners.com

 

with a copy (which shall not constitute
notice) to:

Wachtell, Lipton, Rosen & Katz

51 West 52nd Street

New York, NY 10019

	 	Attention:	John L. Robinson
	 	Email:	JLRobinson@wlrk.com

 

Section 2.11 Headings;
Counterparts. The headings in this Agreement are for convenience only and shall not be considered a part of or affect the construction
or interpretation of any provision of this Agreement. This Agreement may (a) be executed in two or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and the same instrument and (b) be executed by facsimile
or .pdf signature and a facsimile or .pdf signature shall constitute an original for all purposes.

 

Section 2.12 Entire
Agreement. This Agreement, the agreements referenced herein and any applicable agreements contemplated by the Business Combination
Agreement to which the Sponsor is a party (including the Investor Rights Agreement to be entered into at the Closing) constitute the entire
agreement among the parties to this Agreement relating to the transactions contemplated hereby and supersede any other agreements, whether
written or oral, that may have been made or entered into by or among any of the parties hereto or any of their respective Subsidiaries
relating to the transactions contemplated hereby. No representations, warranties, covenants, understandings, agreements, oral or otherwise,
relating to the transactions contemplated hereby exist between such parties except as expressly set forth in this Agreement, the agreements
referenced herein and any applicable agreements contemplated by the Business Combination Agreement to which the Sponsor is a party (including
the Investor Rights Agreement to be entered into at the Closing).

 

[Remainder of Page Intentionally Left Blank;
Signature Pages Follow]

 

    8 

     

    

 

IN WITNESS WHEREOF, Sponsor, MBSC, PubCo and the
Company have each caused this Sponsor Agreement to be duly executed as of the date first written above.

 

	 	SPONSOR:
	 	 
	 	M3-BRIGADE SPONSOR III LP
	 	 	 
	 	By: 	M3-Brigade Acquisition Partners III Corp., its general partner
	 	 	 
	 	By:	/s/ Mohsin Y. Meghji
	 	Name:	Mohsin Y. Meghji
	 	Title:	Authorized Person

 

[Signature Page to Sponsor Agreement]

 

     

     

    

 

	 	MBSC:
	 	 
	 	M3-BRIGADE ACQUISITION III CORP.
	 	 	 
	 	By:	/s/ Mohsin Y. Meghji
	 	Name:	Mohsin Y. Meghji
	 	Title:	Executive Chairman of the Board of Directors

 

[Signature Page to Sponsor Agreement]

 

     

     

    

 

	 	PUBCO:
	 	 
	 	GREENFIRE RESOURCES LTD.
	 	 	 
	 	By:	/s/ David Phung
	 	 	Name: 	David Phung
	 	 	Title:	Chief Financial Officer

 

[Signature Page to Sponsor Agreement]

 

     

     

    

 

	 	COMPANY:
	 	 
	 	GREENFIRE RESOURCES INC.
	 	 	 
	 	By:	/s/ David Phung
	 	 	Name: 	David Phung
	 	 	Title:	Chief Financial Officer

 

[Signature Page to Sponsor Agreement]

 

     

     

    

 

Schedule I

 

	
    Sponsor
	
    SPAC Class
    B Shares
	
    SPAC Warrants

	M3-Brigade Sponsor III LP 	7,500,000	5,786,667

 

    	 

    	 

    

 

Schedule II

 

		●	The Sponsor intends to Transfer 400,000 SPAC Class B Shares to HT Investments LLC in connection with the termination of that certain
Forward Purchase Agreement, dated as October 21, 2021, by and between SPAC and M3-Brigade III FPA LP.

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