Document:

Camber Energy, Inc. 8-K

 

Exhibit 10.1

 

SECURITY EXCHANGE AGREEMENT

 

This Security Exchange
Agreement (“Agreement”) is made and entered into on July 8, 2019 (“Agreement Date”),
by and between Camber Energy, Inc., a Nevada corporation, formerly known as Lucas Energy, Inc. (“Company”),
and the investor whose name appears below (“Investor”).

 

Recitals

 

A.       On
November 23, 2018, Company and Investor entered into a Stock Purchase Agreement (“C Agreement”) pursuant
to which Investor purchased 263 shares of Series C Redeemable Convertible Preferred Stock (“C Preferred”)
convertible into shares of Common Stock of Company (“Common Stock”) pursuant to a Certificate of Designations
of Preferences, Powers, Rights and Limitations of Series C Redeemable Convertible Preferred Stock filed by the Company with the
Secretary of State of Nevada on August 25, 2016 (“C Certificate”).

 

B.       Investor
has at all times fully and completely complied with all of its obligations under the Agreement and the Certificate, and all Delivery
Notices and calculations provided to Company by Investor were and are fully correct and accurate in all respects.

 

C.       Company
desires to effectuate the Plan of Merger (the “Merger Agreement” and the “Merger”)
with Lineal Star Holdings, LLC, a Delaware limited liability company (the “Merger Party”), as announced
on May 13, 2019.

 

D.       As
an accommodation to Company and in order to help facilitate implementation of the Merger and continued trading on the NYSE American
(the “Trading Market”), Investor is willing to exchange its C Preferred for shares of Series D Convertible
Preferred Stock (“D Preferred”) convertible into Common Stock pursuant to a Certificate of Designations
of Preferences, Powers, Rights and Limitations of Series D Convertible Preferred Stock filed by the Company with the Secretary
of State of Nevada (“D Certificate”), in accordance with the terms hereof.

 

E.        The
exchange of the securities provided for herein is being made pursuant to Section 3(a)(9) of the Act, and as set forth herein the
shares of Common Stock of Company into which the shares of Series D Preferred Stock are convertible may be immediately resold without
restriction pursuant to Rule 144(d)(3)(ii) under the Act.

 

Agreement

 

In consideration of
the premises, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, Company and
Investor agree as follows:

 

I.            Definitions.
The parties acknowledge the accuracy of the Recitals set forth above, which are incorporated herein by reference. In addition to
the terms defined elsewhere in this Agreement, capitalized terms that are not otherwise defined have the meanings set forth in
the C Agreement, C Certificate or D Certificate.

 

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II.            Security
Exchange; C Agreement Termination.

 

A.       Exchange.
On the Approval Date, subject to the terms and conditions herein and the satisfaction of the conditions to Closing set forth below,
all shares of C Preferred held by Investor as of Approval Date will be exchanged for a number of shares of D Preferred equal to
four (4) times the total number of shares of Common Stock outstanding as of such date divided by 1,000, rounded up to the nearest
whole share (the “Exchange Shares”). For example only, if the total number
of shares of Common Stock outstanding are 3,000,000, the number of D Preferred shares due to the Investor shall equal 12,000 (3,000,000
x 4 = 12,000,000, divided by 1,000 = 12,000).

 

B.       Deliveries.
The following documents will be fully executed and delivered at the Closing:

 

1.       This
Agreement;

 

2.       Transfer
Agent Instructions, in the form attached hereto as Exhibit 2;

 

3.       Legal
Opinion, in the form attached hereto as Exhibit 3;

 

4.       Officer’s
Certificate, in the form attached hereto as Exhibit 4;

 

5.       Secretary’s
Certificate, in the form attached hereto as Exhibit 5; and

 

6.       Transfer
Agent book entry for the Exchange Shares issued to Investor as required by Section II.A. hereof.

 

C.       Closing
Conditions. The consummation of the transactions contemplated by this Agreement (“Closing”)
is subject to the satisfaction of each of the following conditions:

 

1.        Approval
has been obtained. As used herein, “Approval” means (i) the approval by the shareholders of the Corporation,
as required pursuant to applicable rules and regulations of the NYSE American, of (a) the transactions contemplated by the Merger
Agreement; (b) the issuance of shares of Common Stock upon the conversion of the Corporation’s Series E Redeemable Convertible
Preferred Stock; (c) the transactions contemplated by this Agreement; and (d) the issuance of shares of Common Stock upon the conversion
of the D Preferred; (ii) approval by the NYSE American of the supplemental listing application submitted by the Corporation with
respect to the conversions for the amount of Common Stock then issuable upon conversion of the Series E Redeemable Convertible
Preferred Stock (subject to any limitations imposed by the NYSE American); and (iii) such other terms and conditions as may be
required to be approved by the NYSE American, including for the continued listing of the Company’s Common Stock after the
transactions contemplated by the Merger Agreement, or the SEC. “Approval Date” means the first business day
after the date that all of the requirements of Approval are met;

 

2.       Immediately
following the issuance of the Exchange Shares, such shares of D Preferred will be convertible into 26.67% of the Company’s
shares of Common Stock on a fully-diluted basis;

 

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3.       All
documents, instruments and other writings required to be delivered by Company to Investor pursuant to any provision of this Agreement
or in order to implement and effect the transactions contemplated herein have been fully executed and delivered, including without
limitation those enumerated in Section II.B above;

 

4.       The
Common Stock is listed for and currently trading on the NYSE American, Company is in compliance with all requirements to maintain
listing on the Trading Market, there is no notice of any suspension
or delisting with respect to the trading of the shares of Common Stock on such
Trading Market, and Company is not aware of any current facts or circumstances that, with the passage of time, would
reasonably be expected to cause such disqualification;

 

5.       The
representations and warranties of Company and Investor set forth in this Agreement are true and correct in all material respects
as if made on such date (except for representations and warranties expressly made as of a specified date, which will be true as
of such date);

 

5.       No
material breach or default has occurred under this Agreement, the Transaction Documents (as defined in the C Agreement) or any
other agreement between Company and Investor;

 

6.       Company
has the number of duly authorized shares of Common Stock
reserved for issuance as required pursuant to the terms of the D Preferred;

 

7.       There
is not then in effect any law, rule or regulation prohibiting or restricting the transactions contemplated in any Transaction Document,
or requiring any consent or approval which will not have been obtained, nor is there any completed, ongoing, pending, threatened
or, to Company’s knowledge, contemplated proceeding or investigation which may have the effect of prohibiting or adversely
affecting any of the transactions contemplated by this Agreement, including without limitation the sale, issuance, listing, trading
or resale of any Shares on the Trading Market; no statute, rule, regulation, executive order, decree, ruling or injunction will
have been enacted, entered, promulgated or adopted by any court or governmental authority of competent jurisdiction that prohibits
the transactions contemplated by this Agreement, and no actions, suits or proceedings will be completed, ongoing, pending, threatened
or, to Company’s knowledge, contemplated by any person other than Investor or any Affiliate of Investor, that seek to enjoin
or prohibit the transactions contemplated by this Agreement; and

 

8.       Any
rights of first refusal, preemptive rights, rights of participation, or any similar right to participate in the transactions contemplated
by this Agreement, if any, shall have been waived in writing or complied with in all material respects.

 

D.       Closing.
When all conditions set forth in Section II.C have been
fully satisfied:

 

1.       The
C Preferred will immediately and automatically be exchanged for the Exchange Shares, without the necessity of any further action
on the part of Investor or Company, all shares of C Preferred then held by Investor will be cancelled by the Transfer Agent, and
the Exchange Shares will be issued to Investor in exchange therefor; and

 

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2.        The
C Agreement and all other agreements entered into between the Investor and the Company prior to the Approval Date, other than
this Agreement (the “Prior Agreements”), shall each be deemed terminated
in all respects, the Investor shall be deemed to have released the Company from any and all obligations under such Prior Agreements
including, but not limited to obligations or liabilities for past defaults or failures to comply with the terms of such Prior
Agreements or the securities issued in connection therewith and the Company shall have no further liability thereunder, and the
Investor shall have no further rights, in connection with such Prior Agreements.

 

III.       Representations
and Warranties.

 

A.          Representations
Regarding Transaction. Except as set forth under the corresponding section of the Disclosure
Schedules, if any, Company hereby represents and warrants to, and as applicable covenants with, Investor as of the Closing:

 

1.       Organization
and Qualification. Company and each Subsidiary is an entity duly incorporated or otherwise organized, validly existing
and in good standing under the laws of the jurisdiction of its incorporation or organization, as applicable, with the requisite
power and authority to own and use its properties and assets and to carry on its business as currently conducted. Neither Company
nor any Subsidiary is in violation or default of any of the provisions of its respective certificate or articles of incorporation,
bylaws or other organizational or charter documents, except as would not reasonably be expected to result in a Material Adverse
Effect. Each of Company and each Subsidiary is duly qualified to conduct business and is in good standing as a foreign corporation
or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification
necessary, except where the failure to be so qualified or in good standing, as the case may be, would not reasonably be expected
to result in a Material Adverse Effect and there is no completed, pending or, to the knowledge of Company, contemplated or threatened
proceeding in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority
or qualification.

 

2.       Authorization;
Enforcement. Company has the requisite corporate power and authority to enter into and to consummate the transactions
contemplated by each of the Transaction Documents and otherwise to carry out its obligations hereunder or thereunder. The execution
and delivery of each of the Transaction Documents by Company and the consummation by it of the transactions contemplated hereby
or thereby have been duly authorized by all necessary action on the part of Company and no further consent or action is required
by Company. Each of the Transaction Documents has been, or upon delivery will be, duly executed by Company and, when delivered
in accordance with the terms hereof, will constitute the valid and binding obligation of Company, enforceable against Company
in accordance with its terms, except (a) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization,
moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (b) as limited by
laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (c) insofar as indemnification
and contribution provisions may be limited by applicable law.

 

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3.       No
Conflicts. The execution, delivery and performance of the Transaction Documents by Company, the issuance and sale of the
D Preferred and the consummation by Company of the other transactions contemplated thereby do not and will not (a) conflict with
or violate any provision of Company’s or any Subsidiary’s certificate or articles of incorporation, bylaws or other
organizational or charter documents, (b) conflict with, or constitute a default (or an event that with notice or lapse of time
or both would become a default) under, result in the creation of any Lien upon any of the properties or assets of Company or any
Subsidiary, or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse
of time or both) of, any material agreement, credit facility, debt or other instrument (evidencing Company or Subsidiary debt or
otherwise) or other understanding to which Company or any Subsidiary is a party or by which any property or asset of Company or
any Subsidiary is bound or affected, (c) conflict with or result in a violation of any material law, rule, regulation, order, judgment,
injunction, decree or other restriction of any court or governmental authority to which Company or a Subsidiary is subject (including
U.S. federal and state securities laws and regulations), or by which any material property or asset of Company or a Subsidiary
is bound or affected, or (d) conflict with or violate the terms of any material agreement by which Company or any Subsidiary is
bound or to which any property or asset of Company or any Subsidiary is bound or affected; except in the case of each of clauses
(b), (c) and (d), such as would not reasonably be expected to result in a Material Adverse Effect.

 

4.       Litigation.
There is no action, suit, inquiry, notice of violation, proceeding or investigation completed, ongoing, pending, threatened
or, to the knowledge of Company, contemplated against or affecting Company, any Subsidiary or any of their respective properties
before or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county, local
or foreign) (collectively, an “Action”), which would reasonably be expected to adversely affect or challenge
the legality, validity or enforceability of any of the Transaction Documents or the sale, issuance, listing, trading or resale
of any Shares on the Trading Market. The Commission has not issued any stop order or other order suspending the effectiveness of
any registration statement filed by Company or any Subsidiary under the Exchange Act or the Act.

 

5.       Filings,
Consents and Approvals. Neither Company nor any Subsidiary is required to obtain any consent, waiver, authorization or
order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental
authority or other Person in connection with the execution, delivery and performance by Company of the Transaction Documents, other
than required federal and state securities filings and such filings and approvals as are required to be made or obtained under
the applicable Trading Market rules in connection with the transactions contemplated hereby, each of which has been, or if not
yet required to be filed will be, timely filed.

 

6.       Issuance
of Shares. The Conversion Shares are duly authorized and, when issued in accordance with the D Certificate, will be duly
and validly issued, fully paid and nonassessable, free and clear of all Liens. Company has reserved and will continue to reserve
from its duly authorized capital stock sufficient shares of its Common Stock for issuance pursuant to the D Certificate. “Conversion
Shares” means all shares of Common Stock that are required to be issued upon conversion of the Exchange Shares.

 

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7.       Disclosure;
Non-Public Information. Company will timely file a current report on Form 8-K (“Current Report”) by
8:30 am Eastern time on the Trading Day after the Agreement Date describing the material terms and conditions of this Agreement,
a copy of which will be provided to Investor prior to the filing thereof. All
information that Company has provided to Investor that constitutes or might constitute material, non-public information will be
included in the Current Report. Notwithstanding any other provision, except for information that will be, and only to the extent
that it actually is, included in the Current Report, (a) neither Company nor any other Person acting on its behalf has provided
Investor or its representatives, agents or attorneys with any information that constitutes or might constitute material, non-public
information, including without limitation this Agreement and the Exhibits and Disclosure Schedules hereto, (b) no information
contained in the Disclosure Schedules constitutes material non-public information and (c) there is no adverse material information
regarding Company that has not been publicly disclosed prior to the Agreement Date. Company understands and confirms that Investor
will rely on the foregoing representations and covenants in effecting transactions in securities of Company. All disclosure provided
to Investor regarding Company, its business and the transactions contemplated hereby, including without limitation the Disclosure
Schedules, furnished by or on behalf of Company with respect to the representations and warranties made herein are true and correct
in all material respects and do not contain any untrue statement of a material fact or omit to state any material fact necessary
in order to make the statements made therein, in light of the circumstances under which they were made, not misleading.

 

8.       No
Integrated Offering. Neither Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly
or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would
cause this offering to be integrated with prior offerings by Company that cause a violation of the Act or any applicable stockholder
approval provisions, including, without limitation, under the rules and regulations of the Trading Market.

 

9.       Financial
Condition. The Public Reports set forth as of the dates thereof all outstanding secured and unsecured Indebtedness
of Company or any Subsidiary, or for which Company or any Subsidiary has commitments, and any material default with respect to
any Indebtedness. Company does not intend to incur debts beyond its ability to pay such debts as they mature, taking into account
the timing and amounts of cash to be payable on or in respect of its debt.

 

10.       Section
5 Compliance. No representation or warranty or other statement made by Company in the Transaction Documents contains any
untrue statement or omits to state a material fact necessary to make any of them, in light of the circumstances in which it was
made, not misleading. Company is not aware of any facts or circumstances that would cause the transactions contemplated by the
Transaction Documents, when consummated, to violate Section 5 of the Act or other federal or state securities laws or regulations.

 

11.       Investment
Company. Company is not, and at Closing will not be, an “investment company” required to be registered under
the Investment Company Act of 1940, as amended. Company will conduct its business in a manner so that it will not be required to
register as an “investment company” under the Investment Company Act.

 

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12.      Acknowledgments
Regarding Investor. Company’s decision to enter into this Agreement has been based solely on the independent evaluation
by Company and its representatives, and Company acknowledges and agrees that:

 

 a.       Investor
is not, has never been, and as a result of the transactions contemplated by the Transaction Documents will not become an officer,
director, insider, or control person of Company, or to Company’s knowledge a 10% or greater shareholder or otherwise an affiliate
of Company as defined under Rule 12b-2 of the Exchange Act;

 

 b.       Investor
and its representatives have not made and do not make any representations, warranties or agreements with respect to the D Preferred,
this Agreement, or the transactions contemplated hereby other than those specifically set forth in Section III.C below;
Company has not relied upon, and expressly disclaims reliance upon, any and all written or oral statements or representations made
by any persons prior to this Agreement;

 

c.       The
conversion of the D Preferred and resale of Conversion Shares will result in dilution, which may be substantial; and Company’s
obligation to issue and deliver Conversion Shares in accordance with this Agreement and the D Certificate is absolute and unconditional
regardless of the dilutive effect that such issuances may have; and

 

 d.       Investor
is acting solely in the capacity of arm’s length purchaser with respect to this Agreement and the transactions contemplated
hereby; neither Investor nor any of its Affiliates, agents or representatives has or is acting as a legal, financial, investment,
accounting, tax or other advisor to Company, or fiduciary of Company, or in any similar capacity; neither Investor nor any of its
Affiliates, agents or representatives has provided any legal, financial, investment, accounting, tax or other advice to Company;
any statement made in connection with this Agreement or the transactions contemplated hereby is not advice or a recommendation,
and is merely incidental to Investor’s purchase of the Shares.

 

13.      No
Bad Actor Disqualification. Neither Company, any predecessor of Company, any affiliate of Company, any director, executive
officer, other officer of Company participating in the offering, or any beneficial owner of 20% or more of Company’s outstanding
voting equity securities is subject to any bad actor disqualification as provided in Rule 506(d) of Regulation D, and Company is
not aware of any current facts or circumstances that, with the passage of time, would reasonably be expected to cause such disqualification.

 

14.      No
Commission. No commission or other remuneration has been or will be paid or given directly or indirectly for soliciting
the exchange provided for in this Agreement.

 

15.      Rule
144. The Conversion Shares issuable upon conversion of the D Preferred, issuable pursuant to the terms of this Agreement,
will be unrestricted and freely tradable in the hands of Investor. The C Preferred were issued to Investor and fully paid for on
December 4, 2018. To Company’s knowledge, (a) Investor is not an affiliate of the Company and has not been for at least the
preceding 90 days, and (b) none of the officers, directors or managers of Investor is a director, executive officer or 10% shareholder
of the Company nor has been one for at least the preceding 90 days. Company is subject to the reporting requirements of Section
13 or 15(d) of the Exchange Act, and has been for at least 90 days prior to the Closing, and has filed with the Commission all
reports and other materials required to be filed by Section 13 or 15(d) of the Exchange Act, as applicable, during the preceding
12 months. Company is not, and has never been, a shell company as defined in Rule 144(i). Assuming that, at the time of any resale,
the Investor is not and, for the 90 days preceding such resale, has not been an affiliate of the Company, the Investor will be
eligible to resell Conversion Shares without registration under the Act pursuant to Section 4(a)(1) and Rule 144(d)(iii)(2) thereunder.

 

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16.      Capitalization.
The capitalization of the Company as of the Closing is as described in the Public Reports. No Person has any right of first
refusal, preemptive right, right of participation, or any similar right to participate in the transactions contemplated by the
Transaction Documents which has not been waived or satisfied. Except as a result of the purchase and sale of the D Preferred, and/or
contemplated by the Merger Agreement, there are no outstanding options, warrants, script rights to subscribe to, calls or commitments
of any character whatsoever relating to, or securities, rights or obligations convertible into or exchangeable for, or giving any
Person any right to subscribe for or acquire, any shares of Common Stock, or contracts, commitments, understandings or arrangements
by which Company or any Subsidiary is or may become bound to issue additional shares of Common Stock or securities convertible
into or exercisable for shares of Common Stock, except as set forth on Schedule 16. Other than pursuant to any participation
rights, which will be complied with or waived, the issuance and sale of the Shares will not obligate Company to issue shares of
Common Stock or other securities to any Person, other than Investor, and will not result in a right of any holder of Company securities
to adjust the exercise, conversion, exchange, or reset price under such securities. All of the outstanding shares of capital stock
of Company are validly issued, fully paid and nonassessable, have been issued in material compliance with all federal and state
securities laws, and none of such outstanding shares was issued in violation of any preemptive rights or similar rights to subscribe
for or purchase securities. No further approval or authorization
of any stockholder, the Board of Directors of Company or others is required for the issuance and sale of the Shares. There are
no stockholders agreements, voting agreements or other similar agreements with respect to Company’s capital stock to which
Company is a party or, to the knowledge of Company, between or among any of Company’s stockholders, except as set forth in
the Merger Agreement.

 

17.       Certain
Fees. No brokerage or finder’s fees or commissions are or will be payable to any broker, financial advisor or consultant,
finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated by this Agreement.
Notwithstanding any other provision, Investor will have no obligation with respect to any fees or with respect to any claims made
by or on behalf of other Persons for fees of a type contemplated in this section that may be due in connection with the transactions
contemplated by this Agreement or the other Transaction Documents.

 

18.       Listing
and Maintenance Requirements. The Common Stock is registered pursuant to Section 12 of the Exchange Act, and Company has
taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration of the Common
Stock under the Exchange Act nor has Company received any notification that the Commission is contemplating terminating such registration.
Company has not, in the 12 months preceding the Closing, received notice from the Trading Market on which the Common Stock is
listed or quoted to the effect that Company is not in compliance with the listing or maintenance requirements of such Trading
Market, except in connection with notices which relate to compliance issues which have since been cured. Company
is, and has no reason to believe that it will not in the foreseeable future continue to be, in compliance with the listing and
maintenance requirements of the Trading Market.

 

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C.       Representations
and Warranties of Investor. Investor hereby represents and warrants to Company as of the
Closing as follows:

 

1.       Organization;
Authority. Investor is an entity validly existing and in good standing under the laws of the jurisdiction of its organization
with full right, company power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents
and otherwise to carry out its obligations thereunder. The execution, delivery and performance by Investor of the transactions
contemplated by this Agreement have been duly authorized by all necessary company or similar action on the part of Investor. Each
Transaction Document to which it is a party has been, or will be, duly executed by Investor, and when delivered by Investor in
accordance with the terms hereof, will constitute the valid and legally binding obligation of Investor, enforceable against it
in accordance with its terms, except (a) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization,
moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (b) as limited by
laws relating to the availability of specific performance, injunctive relief or other equitable remedies, and (c) insofar as indemnification
and contribution provisions may be limited by applicable law.

 

2.       Investor
Status. Investor is acquiring the D Preferred as principal for its own account. At the time Investor was offered the D
Preferred, it was, and at the Closing it is an accredited investor as defined in Rule 501(a) under the Act, and not a registered
broker-dealer, member of FINRA, or an affiliate thereof.

 

3.       Experience
of Investor. Investor, either alone or together with its representatives, has such knowledge, sophistication and experience
in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Shares,
and has so evaluated the merits and risks of such investment. Investor is able to bear the economic risk of an investment in the
Shares and, at the present time, is able to afford a complete loss of such investment.

 

IV.       Securities
and Other Provisions.

 

A.       Furnishing
of Information. As long as Investor owns any D Preferred, Company will timely file all reports
required to be filed by Company after the Closing pursuant to the Exchange Act. As long as Investor owns any D Preferred, Company
will prepare and make publicly available such information as is required for Investor to sell its Conversion Shares under Rule
144. Company further covenants that, as long as Investor owns any D Preferred, Company will take such further action as Investor
may reasonably request, all to the extent required from time to time to enable Investor to sell its Conversion Shares without registration
under the Act within the limitation of the exemptions provided by Rule 144.

 

C.       Disclosure
and Publicity. Company will provide to Investor for review and approval prior to filing or
issuing any current or periodic report, registration statement, press release, public statement or communication relating to Investor
or the transactions contemplated hereby (any such approval not to be unreasonably withheld, conditioned or delayed).

 

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D.       No
Non-Public Information. Company covenants and agrees that neither it nor any other Person
acting on its behalf will, provide Investor or its agents or counsel with any information that Company believes or reasonably should
believe will constitute material non-public information after Closing. On and after Closing, neither Investor nor any Affiliate
of Investor will have any duty of trust or confidence that is owed directly, indirectly, or derivatively, to Company or the stockholders
of Company, or to any other Person who is the source of material non-public information regarding Company. Company understands
and confirms that Investor will be relying on the foregoing in effecting transactions in securities of Company, including without
limitation sales of the Shares.

 

E.       Indemnification
of Investor.

 

1.       Obligation
to Indemnify. Subject to the provisions of this Section IV.G,
Company will indemnify and hold Investor, its Affiliates, managers and advisors, and each of their officers, directors, shareholders,
partners, employees, representatives, agents and attorneys, and any person who controls Investor within the meaning of Section
15 of the Act or Section 20 of the Exchange Act (collectively, “Investor Parties”
and each a “Investor Party”), harmless from any and all losses, liabilities,
obligations, claims, contingencies, damages, reasonable costs and expenses, including all judgments, amounts paid in settlements,
court costs and reasonable attorneys’ fees and costs of investigation (collectively, “Losses”)
that any Investor Party may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties,
covenants or agreements made by Company in this Agreement or in the other Transaction Documents or (b) any action by a creditor
or stockholder of Company who is not an Affiliate of an Investor Party, challenging the transactions contemplated by the Transaction
Documents; provided, however, that Company will not be obligated to indemnify any Investor Party for any Losses finally adjudicated
to be caused solely by such Investor Party’s unexcused material breach of an express provision of this Agreement or another
Transaction Document.

 

2.       Procedure
for Indemnification. If any action will be brought against an Investor Party in respect of which indemnity may be sought
pursuant to this Agreement, such Investor Party will promptly notify Company in writing, and Company will have the right to assume
the defense thereof with counsel of its own choosing. Investor Parties will have the right to employ separate counsel in any such
action and participate in the defense thereof, but the reasonable fees and expenses of such counsel will be at the expense of
Investor Parties except to the extent that (a) the employment thereof has been specifically authorized by Company in writing,
(b) Company has failed after a reasonable period of time to assume such defense and to employ counsel or (c) in such action there
is, in the reasonable opinion of such separate counsel, a material conflict with respect to the dispute in question on any material
issue between the position of Company and the position of Investor Parties such that it would be inappropriate for one counsel
to represent Company and Investor Parties. Company will not be liable to Investor Parties under this Agreement (i) for any settlement
by an Investor Party effected without Company’s prior written consent, which will not be unreasonably withheld or delayed;
or (ii) to the extent, but only to the extent that a loss, claim, damage or liability is either attributable to Investor’s
breach of any of the representations, warranties, covenants or agreements made by Investor in this Agreement or in the other Transaction
Documents. In no event will the Company be liable for the reasonable fees and expenses for more than one separate firm of attorneys
(plus local counsel as applicable) to represent all Investor Parties.

 

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3.       Other
than the liability of Investor to Company for uncured material breach of the express provisions of this Agreement,
no Investor Party will have any liability to Company or any Person asserting claims on behalf of or in right of Company as a result
of acquiring the Shares under this Agreement.

 

H.       Reservation
of Shares. Prior the Closing, the Company will have, and at all times thereafter will, maintain
a reserve from its duly authorized Common Stock for issuance pursuant to the D Certificate authorized shares of Common Stock in
an amount equal to the number of shares sufficient to immediately issue all Conversion Shares potentially issuable at such time.

 

I.       Activity
Restrictions. For so long as Investor or any of its Affiliates holds any Shares, neither
Investor nor any Affiliate will: (1) vote any shares of Common Stock owned or controlled by it, sign or solicit any proxies, attend
or be present at a shareholder meeting for purposes of determining a quorum, or seek to advise or influence any Person with respect
to any voting securities of Company; (2) engage or participate in any actions, plans or proposals which relate to or would result
in (a) acquiring additional securities of Company, alone or together with any other Person, which would result in beneficially
owning or controlling more than 9.99% of the total outstanding Common Stock or other voting securities of Company, (b) an extraordinary
corporate transaction, such as a merger, reorganization or liquidation, involving Company or any of its Subsidiaries, (c) a sale
or transfer of a material amount of assets of Company or any of its Subsidiaries, (d) any change in the present board of directors
or management of Company, including any plans or proposals to change the number or term of directors or to fill any existing vacancies
on the board, (e) any material change in the present capitalization or dividend policy of Company, (f) any other material change
in Company’s business or corporate structure, including but not limited to, if Company is a registered closed-end investment
company, any plans or proposals to make any changes in its investment policy for which a vote is required by Section 13 of the
Investment Company Act of 1940, (g) changes in Company’s charter, bylaws or instruments corresponding thereto or other actions
which may impede the acquisition of control of Company by any Person, (h) a class of securities of Company being delisted from
a national securities exchange or to cease to be authorized to be quoted in an inter-dealer quotation system of a registered national
securities association, (i) a class of equity securities of Company becoming eligible for termination of registration pursuant
to Section 12(g)(4) of the Act, or (j) any action, intention, plan or arrangement similar to any of those enumerated above; or
(3) request Company or its directors, officers, employees, agents or representatives to amend or waive any provision of this section.

 

J.       Agreement
to Vote. Investor will vote any and all shares of Common Stock which it holds as of the record
date for the shareholder meeting to request the Approval (the “Meeting”) in
favor of and “for” the Merger, the terms thereof and the securities issuable upon conversion of preferred stock issued
therewith, and those other proposals which are recommended by approval by the Board of Directors of the Company in the proxy statement
filed by the Company in connection with the Meeting.

 

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K.        Approval
of Merger. Investor (i) agrees to, and consents to, the terms of the Merger, the agreements
entered into between the Company and the Merger Party (and its affiliates, employees and related parties) in connection with the
Merger (the “Merger Agreement”) and all of the securities issued or issuable
in connection therewith, and the issuance of shares of Company capital stock in connection therewith; (ii) waives any and all rights
the Investor has, or may have, under the C Agreement, Prior Agreements, the C Preferred and the C Certificate, and any other agreements
between the Investor and the Company other than this Agreement, to further consent to, approve or agree to, the terms of such Merger,
the Merger Agreement or the securities issued or issuable in connection therewith; and (iii) further waives and releases the Company
from any anti-dilution, reset, favorable nations or similar clauses, and/or any other rights whatsoever of such Investor or any
securities of the Company held by such Investor, under such C Agreement, Prior Agreements, the C Preferred and the C Certificate,
and any other agreements between the Investor and the Company other than this Agreement, in connection with the Merger, the Merger
Agreement or the securities issued or issuable in connection therewith.

 

L.        Preferred
Lock Up. For the period commencing on the Agreement Date and terminating upon the earlier
of (a) the Approval Date; and (b) the Termination Date, the Investor will not, directly or indirectly offer for sale, sell, pledge,
hypothecate, transfer, assign or otherwise dispose of (or enter into any transaction or device that is designed to, or could be
expected to, result in the sale, pledge, hypothecation, transfer, assignment or other disposition at any time) (including, without
limitation, by operation of law) any or all of the C Preferred shares held by the Investor or any other C Preferred shares obtained
by the Investor after the date hereof, without the prior written consent of the Company. The restriction set forth in this Section
will not however prohibit the Investor from converting any shares of C Preferred into Common Stock pursuant to the terms of the
C Certificate or prohibit the sale of such Common Stock. Investor may convert any or all shares of C Preferred and resell any or
all Conversion Shares at any time in its sole and absolute discretion.

 

M.        No Shorting.
For so long as Investor holds any Conversion Shares, neither Investor nor any of its Affiliates will engage in or effect, directly
or indirectly, any short sale means (as defined in Rule 200 of Regulation SHO of the Exchange Act, “Short Sale”)
of Common Stock. For the avoidance of doubt, selling against delivery of Conversion Shares after delivery of a Conversion Notice
is not a Short Sale. There will be no restriction or limitation of any kind on Investor’s right or ability to sell or transfer
any or all of the Conversion Shares at any time, in its sole and absolute discretion.

 

V.          General
Provisions.

 

A.        Term
of this Agreement. This Agreement shall terminate in the event the Approval Date has not
occurred on or prior to December 31, 2020 (the “Termination Date”). 

 

B.        Notice.
Unless a different time of day or method of delivery is specifically provided in the Transaction
Documents, any and all notices or other communications or deliveries required or permitted to be provided hereunder will be in
writing and will be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or communication
is delivered via facsimile or electronic mail prior to 5:00 p.m. Eastern time on a Trading Day and an electronic confirmation of
delivery is received by the sender and provided to the recipient, (b) the next Trading Day after the date of transmission, if such
notice or communication is delivered later than 5:00 p.m. Eastern time or on a day that is not a Trading Day, (c) the next Trading
Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service with confirmation of delivery
prior to 5:00 p.m. Eastern time on such next Trading Day, or (d) upon actual receipt by the party to whom such notice is required
to be given. The addresses for such notices and communications are such other address as may be designated in writing, in the same
manner, by such Person.

 

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C.        Amendments;
Waivers. No provision of this Agreement may be waived or amended except in a written instrument
signed, in the case of an amendment, by Company and Investor or, in the case of a waiver, by the party against whom enforcement
of any such waiver is sought. No waiver of any default with respect to any provision, condition or requirement of this Agreement
will be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision,
condition or requirement hereof, nor will any delay or omission of either party to exercise any right hereunder in any manner impair
the exercise of any such right.

 

D.        Fees
and Expenses. Except as otherwise provided in this Agreement, each party will pay the fees
and expenses of its own advisers, attorneys, accountants and other experts, if any, and all other expenses incurred by such party
incident to the negotiation, preparation, execution, delivery and performance of the Transaction Documents. Company acknowledges
and agrees that Investor’s counsel solely represents Investor, and does not represent Company or its interests in connection
with the Transaction Documents or the transactions contemplated thereby. Company will pay all stamp and other taxes and duties,
if any, levied in connection with the sale or issuance of the Shares to Investor. As of the date hereof, the parties understand
and agree that no such stamp or other taxes or duties would be imposed by the jurisdiction of Investor’s organization or,
to Investor’s knowledge, by any other jurisdiction as a result of the nature or conduct of Investor’s business.

 

E.        Severability.
If any provision of this Agreement is held to be invalid or unenforceable in any respect, the
validity and enforceability of the remaining terms and provisions of this Agreement will not in any way be affected or impaired
thereby and the parties will attempt to agree upon a valid and enforceable provision that is a reasonable substitute therefor,
and upon so agreeing, will incorporate such substitute provision in this Agreement.

 

F.       Replacement
of Certificates. If any certificate
or instrument evidencing any D Preferred is mutilated, lost, stolen or destroyed, Company will issue or cause to be issued in exchange
and substitution for and upon cancellation thereof, or in lieu of and substitution therefor, a new certificate or instrument, but
only upon receipt of evidence reasonably satisfactory to Company of such loss, theft or destruction and customary and reasonable
indemnity, if requested. The applicants for a new certificate or instrument under such circumstances will also pay any reasonable
third-party costs associated with the issuance of such replacement certificates.

 

    13

    

    

 

G.       Governing
Law. All matters between the parties, including without limitation questions concerning the
construction, validity, enforcement and interpretation of the Transaction Documents will be governed by and construed and enforced
in accordance with the laws of the U.S. Virgin Islands, without regard to the principles of conflicts of law that would require
or permit the application of the laws of any other jurisdiction, except for corporation law matters applicable to Company which
will be governed by the corporate law of its jurisdiction of formation. The parties hereby waive all rights to a trial by jury.
In any action, arbitration or proceeding, including appeal, arising out of or relating to any of the Transaction Documents or otherwise
involving the parties, the prevailing party will be awarded its reasonable attorneys’ fees and other costs and expenses reasonably
incurred in connection with the investigation, preparation, prosecution
or defense of such action or proceeding. 

 

H.       Arbitration.
Any dispute, controversy, claim or action of any kind arising out of, relating to, or in connection
with this Agreement, or in any way involving Company and Investor or their respective Affiliates, including any issues of arbitrability,
will be resolved solely by final and binding arbitration in English before a retired judge at JAMS, or its successor, in the Territory
of the Virgin Islands, pursuant to the most expedited and Streamlined Arbitration Rules and Procedures available. Any interim or
final award may be entered and enforced by any court of competent jurisdiction. The final award will include the prevailing party’s
reasonable arbitration, expert witness and attorney fees, costs and expenses. Notwithstanding the foregoing, Investor or the Company,
as the case may be, may in its sole discretion bring an action in Delaware District Court or the U.S. District Court for the District
of Delaware in aid of arbitration or for temporary, preliminary or provisional relief pending completion of arbitration. 

 

I.         Headings.
The headings herein are for convenience only, do not constitute a part of this Agreement and
will not be deemed to limit or affect any of the provisions hereof.

 

J.        Survival.
The representations and warranties contained herein will survive the Closing and the delivery
of the D Preferred until all D Preferred issued to Investor have been converted or redeemed. Neither party will be under any obligation
to update or supplement any of its representations or warranties following the Closing due to a change that occurred after the
Closing.

 

K.       Construction.
The parties agree that each of them and/or their respective counsel has reviewed and had an opportunity
to revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be
resolved against the drafting party will not be employed in the interpretation of the Transaction Documents or any amendments hereto.
The language used in this Agreement will be deemed to be the language chosen by the parties to
express their mutual intent, and no rules of strict construction will be applied against any party. All currency references in
any Transaction Document are to U.S. dollars.

 

L.        Further
Assurances. Each party will take all further actions and execute all further documents as
may be reasonably necessary to implement the provisions and carry out the intent of this Agreement fully and effectively. 

 

M.       Acknowledgement.
Company hereby acknowledges and agrees that Investor has at all times fully and completely complied with all of its obligations
under the C Agreement, this Agreement, the C Certificate and all other Transaction Documents between Company and Investor, and
that all Delivery Notices and calculations provided by Investor to Company were and are fully correct and accurate in all respects.

 

    14

    

    

 

N.       General
Release. Company, on behalf of itself and on behalf of each of its predecessors, successors, parents, subsidiaries, shareholders,
and affiliated and/or related companies, and each of its respective present and former officers, directors, shareholders, employees,
representatives, business entities, executors, administrators, conservators, assignors and assignees (collectively, the “Releasing
Parties”) hereby knowingly and voluntarily fully and forever absolutely and irrevocably waive, release and discharge
Investor and its predecessors, successors, parents, subsidiaries, and affiliated and/or related companies and entities, and each
of their respective present and former officers, directors, shareholders, partners, members, employees, representatives, agents,
attorneys, advisors, business entities, executors, administrators, conservators, assignors and assignees and all parties acting
through, under or in concert with them, and each of them, in their individual and representative capacities (collectively, the
“Released Parties”) from any and all claims, charges, complaints, grievances, demands, liens, actions, suits,
causes of action, obligations, controversies, debts, costs, indemnity, attorneys’ fees, expenses, damages, judgments, orders,
and liabilities of whatever kind and/or nature in law, equity or otherwise, whether now known or unknown, suspected or unsuspected,
which have existed or may have existed, or which do exist or which hereafter can, shall or may exist as of the date this Agreement
is executed, including without limitation any that are based upon, connected with, or otherwise arising out of or in any way relating
to any Transaction Documents (collectively, the “Released Claims”). The Releasing Parties, and each of
them, expressly waive and relinquish, to the fullest extent permitted by law, the provisions, rights and benefits conferred by
any law which would limit the scope of the release provided above. The Releasing Parties acknowledge that they or any of them may
hereafter discover facts in addition to or different from those which they now know to be true with respect to the subject matters
of the claims released herein, but hereby stipulate and agree that they have fully, finally, and forever settled and released any
and all such claims, whether known or unknown, suspected or unsuspected, contingent or non-contingent, concealed or hidden, which
now exist or heretofore existed upon any theory of law or equity now existing or coming into existence in the future, without regard
to the discovery or existence of such different or additional facts.

 

O.       Amendment.
Section II.E, Subsequent Closings, of the C Agreement is hereby deleted in its entirety, and shall be of no further force or effect.

 

P.       Ratification.
Except as expressly provided herein, the C Agreement, which is incorporated by reference as though set forth in full herein, and
the C Certificate are hereby ratified and affirmed in all respects, and remain in full force and effect. Except as expressly provided
herein, the execution of this Agreement shall not operate as a waiver of any right, power or remedy of the Investor, constitute
a waiver of any provision of any of the C Agreement, C Certificate or any Transaction Document or serve to effect a novation of
the obligations under the C Agreement, C Certificate or any Transaction Document. Except as expressly provided herein, the C Agreement
and all Transaction Documents between Company and Investor shall continue in full force and effect and nothing herein shall act
as a waiver of any of the Investor’s rights under any of the foregoing.

 

Q.       Execution.
This Agreement may be executed in two or more counterparts, all of which when taken together
will be considered one and the same agreement and will become effective when counterparts have been signed by each party and delivered
to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is
delivered by portable document format, facsimile or electronic transmission, such signature will create a valid and binding obligation
of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page
were an original thereof.

 

    15

    

    

 

R.       Entire
Agreement. This Agreement, including the Exhibits hereto,
which are hereby incorporated herein by reference, contains the entire agreement and understanding of the parties,
and supersedes all prior and contemporaneous agreements, term sheets,
letters, discussions, communications and understandings, both oral and written, which
the parties acknowledge have been merged into this Agreement. No party, representative, advisor, attorney or agent has relied
upon any collateral contract, agreement, assurance, promise, understanding, statement or representation not expressly set forth
herein or in the C Agreement. The parties hereby absolutely, unconditionally and irrevocably waive all rights and remedies, at
law and in equity, directly or indirectly arising out of or relating to, or which may arise as a result of, any Person’s
reliance on any such statement or assurance.

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed by their respective authorized signatories on the Agreement Date.

 

 

	Company:	 
	 	 	 
	CAMBER ENERGY, INC.	 
	 	 	 
	By:	/s/ Louis
    G. Schott	 
	Name:	Louis
    G. Schott	 
	Title:	Interim
    CEO	 
	 	 	 
	Investor:	 
	 	 
	DISCOVER GROWTH
    FUND LLC	 
	Investor Name	 
	 	 	 
	By:	/s/ John C. Kirkland 	 
	Name:	John C. Kirkland	 
	Title:	President of G.P. of Member 	 

 

    16

    

    

 

Schedule 16

 

The following is a summary of the Company’s
outstanding warrants:

 

	Warrants	 	 	Exercise	 	 	Expiration	 
	Outstanding	 	 	Price ($)	 	 	Date	 
	 	108	 	 	 	1,572.44	 	 	 	April 21, 2019	 
	 	199	 	 	 	937.50	 	 	 	April 26, 2021	 
	 	2,560	 	 	 	156.25	 	 	 	June 12, 2022	 
	 	40,000	 	 	 	9.75	 	 	 	May 24, 2023	 
	 	42,867	 	 	 	 	 	 	 	 	 

 

The following tabulation
summarizes the remaining terms of the options outstanding:

 

	Exercise	 	 	Remaining	 	 	Options	 	 	Options	 
	Price ($)	 	 	Life (Yrs.)	 	 	Outstanding	 	 	Exercisable	 
	 	32,344.00	 	 	 	1.8	 	 	 	4	 	 	 	4	 
	 	 	 	 	 	Total	 	 	 	4	 	 	 	4Camber Energy, Inc. 8-K

 

Exhibit 10.2

 

TERMINATION AGREEMENT

 

This Termination
Agreement (“Agreement”) is made and entered into on July 8, 2019 (“Agreement Date”),
by and between Camber Energy, Inc., a Nevada corporation, formerly known as Lucas Energy, Inc. (“Company”),
and the investor whose name appears below (“Investor”).

 

Recitals

 

A.            Investor
holds certain rights under the (a) Preferred Stock Purchase Agreement between the Investor and the Company, dated April 6, 2016;
(b) Securities Purchase Agreement between the Investor and the Company, dated April 6, 2016; (c) Stock Purchase Agreement between
the Investor and the Company, dated October 5, 2017; and (d) Stock Purchase Agreement between the Investor and the Company, dated
October 26, 2018, each of (a) through (d), as amended from time to time (collectively, the “Purchase Agreements”);

 

B.            Investor
holds a Redeemable Convertible Subordinated Debenture from Company in the original principal amount of $530,000 (“Debenture”),
which has been converted into shares of common stock of the Company (“Common Stock”), provided that the
Company currently owes the Investor additional shares of Common Stock pursuant to the true-up provisions of such Debenture (“Debenture
True-Up Shares”);

 

C.           
Investor holds  2,042 shares of Series C Redeemable Convertible Preferred Stock (“C Preferred”),
convertible into shares of Common Stock of Company (“Common Stock”) pursuant to a Certificate of
Designations of Preferences, Powers, Rights and Limitations of Series C Redeemable Convertible Preferred Stock filed by the
Company with the Secretary of State of Nevada on August 25, 2016 (“C Certificate”).;

 

D.            Investor
has at all times fully and completely complied with all of its obligations under the Agreement, the Debenture and the C Certificate,
and all Delivery Notices and calculations provided to Company by Investor were and are fully correct and accurate in all respects.

 

E.             Company
desires to effectuate the Plan of Merger (the “Merger Agreement” and the “Merger”)
with Lineal Holdings, LLC, a Delaware limited liability company (the “Merger Party”), as announced on
May 13, 2019.

 

F.             As
an accommodation to Company and in order to help facilitate implementation of the Merger and continued listing on NYSE American
(the “Trading Market”), and subject to Investor’s right to receive and sell Debenture True-Up Shares and
Conversion Shares unless and until the Approval for the Merger has occurred, Investor is willing to terminate the Purchase Agreements,
and all rights it has to the Debenture True-Up shares and C Preferred shares, in accordance with the terms hereof.

 

    1

     

    

 

Agreement

 

In consideration of
the premises, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, Company and
Investor agree as follows:

 

I.            Definitions.
The parties acknowledge the accuracy of the Recitals set forth above, which are incorporated herein by reference. In addition to
the terms defined elsewhere in this Agreement, capitalized terms that are not otherwise defined have the meanings set forth in
the Purchase Agreements and/or C Certificate.

 

II.          Termination.

 

A.          Termination
Conditions. The terminations provided for below are subject to the satisfaction of each of
the following conditions:

 

1.           Approval
has been obtained. As used herein, “Approval” means (i) the approval by the shareholders of the Corporation,
as required pursuant to applicable rules and regulations of the NYSE American, of (a) the transactions contemplated by the Merger
Agreement; and (b) the issuance of shares of Common Stock upon the conversion of the Corporation’s Series E Redeemable Convertible
Preferred Stock; (ii) approval by the NYSE American of the supplemental listing application submitted by the Corporation with respect
to the conversions for the amount of Common Stock then issuable upon conversion of the Series E Redeemable Convertible Preferred
Stock (subject to any limitations imposed by the NYSE American); and (iii) such other terms and conditions as may be required to
be approved by the NYSE American, including for the continued listing of the Company’s Common Stock after the transactions
contemplated by the Merger Agreement, or the SEC. “Approval Date” means the first business day after
the date that all of the requirements of Approval are met;

 

2.           Between
the Agreement Date and the Approval Date, (a) the Common Stock is listed for and trading on the NYSE American, (b) no material
breach or default has occurred under any of the Purchase Agreements or any other agreements ancillary to the Purchase Agreements
(the “Transaction Documents”), and (c) Investor has timely received all Conversion Shares under the Debenture
and C Preferred requested prior to the Approval Date; and

 

3.           Upon the
Approval Date, the Common Stock is listed for and trading on the NYSE American.

 

B.           Terminations.
When all conditions set forth in Section II.A have been
fully satisfied:

 

1.           Investor’s
rights under the Debenture and to the C Preferred shares (including all shares of C Preferred which the Investor holds as of such
date) will immediately and automatically be terminated, without the necessity of any further action on the part of Investor or
Company, all shares of C Preferred then held by Investor will be cancelled by the Transfer Agent;

 

2.           Investor
shall be deemed to have waived rights to any further shares of Common Stock due to Investor, or which may become due to the Investor,
for any reason whatsoever, in connection with the C Preferred, under the Purchase Agreements, the C Certificate, or for any other
reason whatsoever, including, but not limited to, the Debenture True-Up Shares and the shares of Common Stock due to the Investor
in connection with true-ups of C Preferred conversions; and

 

    2

     

    

  

3.           The
Purchase Agreements and all other agreements and securities entered into between the Investor and the Company or issued to the
Investor by the Company, as of the date of such Approval Date and all C Preferred and all rights thereto and therewith (the “Agreements
and Securities”), shall each be deemed terminated in all respects, the Investor shall
be deemed to have released the Company from any and all obligations under such Purchase Agreements and Agreements and Securities
including, but not limited to obligations or liabilities for past defaults or failures to comply with the terms of such Purchase
Agreements and Agreements and Securities and the Company shall have no further liability, and the Investor shall have no further
rights, in connection with such Purchase Agreements and Agreements and Securities whatsoever.

 

III.        Representations
and Warranties.

 

A.          Representations
Regarding Transaction. Except as set forth under the corresponding section of the Disclosure
Schedules, if any, Company hereby represents and warrants to, and as applicable covenants with, Investor as of the Closing:

 

1.           Organization
and Qualification. Company and each Subsidiary is an entity duly incorporated or otherwise organized, validly existing
and in good standing under the laws of the jurisdiction of its incorporation or organization, as applicable, with the requisite
power and authority to own and use its properties and assets and to carry on its business as currently conducted. Neither Company
nor any Subsidiary is in violation or default of any of the provisions of its respective certificate or articles of incorporation,
bylaws or other organizational or charter documents, except as would not reasonably be expected to result in a Material Adverse
Effect. Each of Company and each Subsidiary is duly qualified to conduct business and is in good standing as a foreign corporation
or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification
necessary, except where the failure to be so qualified or in good standing, as the case may be, would not reasonably be expected
to result in a Material Adverse Effect and there is no completed, pending or, to the knowledge of Company, contemplated or threatened
proceeding in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority
or qualification.

 

2.           Authorization;
Enforcement. Company has the requisite corporate power and authority to enter into and to consummate the transactions
contemplated by each of the Transaction Documents and otherwise to carry out its obligations hereunder or thereunder. The execution
and delivery of each of the Transaction Documents by Company and the consummation by it of the transactions contemplated hereby
or thereby have been duly authorized by all necessary action on the part of Company and no further consent or action is required
by Company. Each of the Transaction Documents has been, or upon delivery will be, duly executed by Company and, when delivered
in accordance with the terms hereof, will constitute the valid and binding obligation of Company, enforceable against Company
in accordance with its terms, except (a) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization,
moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (b) as limited by
laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (c) insofar as indemnification
and contribution provisions may be limited by applicable law.

 

    3

     

    

 

3.           No
Conflicts. The execution, delivery and performance of this Agreement by Company, and the consummation by Company of the
transactions contemplated thereby do not and will not (a) conflict with or violate any provision of Company’s or any Subsidiary’s
certificate or articles of incorporation, bylaws or other organizational or charter documents, (b) conflict with, or constitute
a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any Lien
upon any of the properties or assets of Company or any Subsidiary, or give to others any rights of termination, amendment, acceleration
or cancellation (with or without notice, lapse of time or both) of, any material agreement, credit facility, debt or other instrument
(evidencing Company or Subsidiary debt or otherwise) or other understanding to which Company or any Subsidiary is a party or by
which any property or asset of Company or any Subsidiary is bound or affected, (c) conflict with or result in a violation of any
material law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority
to which Company or a Subsidiary is subject (including U.S. federal and state securities laws and regulations), or by which any
material property or asset of Company or a Subsidiary is bound or affected, or (d) conflict with or violate the terms of any material
agreement by which Company or any Subsidiary is bound or to which any property or asset of Company or any Subsidiary is bound or
affected; except in the case of each of clauses (b), (c) and (d), such as would not reasonably be expected to result in a Material
Adverse Effect.

 

4.           Litigation.
 There is no action, suit, inquiry, notice of violation, proceeding or investigation completed, ongoing, pending, threatened
or, to the knowledge of Company, contemplated against or affecting Company, any Subsidiary or any of their respective properties
before or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county, local
or foreign) (collectively, an “Action”), which would reasonably be expected to adversely affect or challenge
the legality, validity or enforceability of any of the Transaction Documents or the sale, issuance, listing, trading or resale
of any Shares on the Trading Market. The Commission has not issued any stop order or other order suspending the effectiveness of
any registration statement filed by Company or any Subsidiary under the Exchange Act or the Act.

 

5.           Filings,
Consents and Approvals. Neither Company nor any Subsidiary is required to obtain any consent, waiver, authorization or
order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental
authority or other Person in connection with the execution, delivery and performance by Company of the Transaction Documents,
other than required federal and state securities filings and such filings and approvals as are required to be made or obtained
under the applicable Trading Market rules in connection with the transactions contemplated hereby, each of which has been, or
if not yet required to be filed will be, timely filed.

 

    4

     

    

 

6.            Disclosure;
Non-Public Information. Company will timely file a current report on Form 8-K (“Current Report”) by
8:30 am Eastern time on the Trading Day after the Agreement Date describing the material terms and conditions of this Agreement,
a copy of which will be provided to Investor prior to the filing thereof. All information that Company has provided to Investor
that constitutes or might constitute material, non-public information will be included in the Current Report. Notwithstanding
any other provision, except for information that will be, and only to the extent that it actually is, included in the Current
Report, (a) neither Company nor any other Person acting on its behalf has provided Investor or its representatives, agents or
attorneys with any information that constitutes or might constitute material, non-public information, including without limitation
this Agreement and the Exhibits and Disclosure Schedules hereto, (b) no information contained in the Disclosure Schedules constitutes
material non-public information and (c) there is no adverse material information regarding Company that has not been publicly
disclosed prior to the Agreement Date. Company understands and confirms that Investor will rely on the foregoing representations
and covenants in effecting transactions in securities of Company. All disclosure provided to Investor regarding Company, its business
and the transactions contemplated hereby, including without limitation the Disclosure Schedules, furnished by or on behalf of
Company with respect to the representations and warranties made herein are true and correct in all material respects and do not
contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made
therein, in light of the circumstances under which they were made, not misleading.

 

7.            Acknowledgments
Regarding Investor. Company’s decision to enter into this Agreement has been based solely on the independent evaluation
by Company and its representatives, and Company acknowledges and agrees that:

 

a.           Investor
is not, has never been, and as a result of the transactions contemplated by the Transaction Documents will not become an officer,
director, insider, or control person of Company, or to Company’s knowledge a 10% or greater shareholder or otherwise an affiliate
of Company as defined under Rule 12b-2 of the Exchange Act;

 

b.           Investor
and its representatives have not made and do not make any representations, warranties or agreements with respect to the Securities,
this Agreement, or the transactions contemplated hereby other than those specifically set forth in Section III.C below;
Company has not relied upon, and expressly disclaims reliance upon, any and all written or oral statements or representations made
by any persons prior to this Agreement;

 

c.           The
conversion of the C Preferred and resale of Conversion Shares will result in dilution, which may be substantial; and Company’s
obligation to issue and deliver Conversion Shares in accordance with this Agreement and the C Preferred is absolute and unconditional
regardless of the dilutive effect that such issuances may have; and

 

d.           Investor is
acting solely in the capacity of arm’s length purchaser with respect to this Agreement and the transactions contemplated
hereby; neither Investor nor any of its Affiliates, agents or representatives has or is acting as a legal, financial, investment,
accounting, tax or other advisor to Company, or fiduciary of Company, or in any similar capacity; neither Investor nor any of
its Affiliates, agents or representatives has provided any legal, financial, investment, accounting, tax or other advice to Company;
any statement made in connection with this Agreement or the transactions contemplated hereby is not advice or a recommendation,
and is merely incidental to Investor’s purchase of the Shares.

 

    5

     

    

 

8.           Listing
and Maintenance Requirements. The Common Stock is registered pursuant to Section 12 of the Exchange Act, and Company has
taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration of the Common
Stock under the Exchange Act nor has Company received any notification that the Commission is contemplating terminating such registration.
Company has not, in the 12 months preceding the Agreement Date, received notice from the Trading Market on which the Common Stock
is listed or quoted to the effect that Company is not in compliance with the listing or maintenance requirements of such Trading
Market, except in connection with notices which relate to compliance issues which have since been cured. Company is, and has no
reason to believe that it will not in the foreseeable future continue to be, in compliance with the listing and maintenance requirements
of the Trading Market.

 

C.          Representations
and Warranties of Investor. Investor hereby represents and warrants to Company as of the
Closing as follows:

 

1.           Organization;
Authority. Investor is an entity validly existing and in good standing under the laws of the jurisdiction of its organization
with full right, company power and authority to enter into and to consummate the transactions contemplated by the Transaction
Documents and otherwise to carry out its obligations thereunder. The execution, delivery and performance by Investor of the transactions
contemplated by this Agreement have been duly authorized by all necessary company or similar action on the part of Investor. Each
Transaction Document to which it is a party has been, or will be, duly executed by Investor, and when delivered by Investor in
accordance with the terms hereof, will constitute the valid and legally binding obligation of Investor, enforceable against it
in accordance with its terms, except (a) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization,
moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (b) as limited by
laws relating to the availability of specific performance, injunctive relief or other equitable remedies, and (c) insofar as indemnification
and contribution provisions may be limited by applicable law.

 

IV.         Securities
and Other Provisions.

 

A.          No
Non-Public Information. Company covenants and agrees that neither it nor any other Person
acting on its behalf will, provide Investor or its agents or counsel with any information that Company believes or reasonably should
believe will constitute material non-public information after the Agreement Date. On and after the Agreement Date, neither Investor
nor any Affiliate of Investor will have any duty of trust or confidence that is owed directly, indirectly, or derivatively, to
Company or the stockholders of Company, or to any other Person who is the source of material non-public information regarding Company.
Company understands and confirms that Investor will be relying on the foregoing in effecting transactions in securities of Company,
including without limitation sales of the Shares.

 

B.          Indemnification
of Investor.

 

1.           Obligation
to Indemnify. Subject to the provisions of this Section IV.G,
Company will indemnify and hold Investor, its Affiliates, managers and advisors, and each of their officers, directors, shareholders,
partners, employees, representatives, agents and attorneys, and any person who controls Investor within the meaning of Section
15 of the Act or Section 20 of the Exchange Act (collectively, “Investor Parties”
and each a “Investor Party”), harmless from any and all losses, liabilities,
obligations, claims, contingencies, damages, reasonable costs and expenses, including all judgments, amounts paid in settlements,
court costs and reasonable attorneys’ fees and costs of investigation (collectively, “Losses”)
that any Investor Party may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties,
covenants or agreements made by Company in this Agreement or in the other Transaction Documents or (b) any action by a creditor
or stockholder of Company who is not an Affiliate of an Investor Party, challenging the transactions contemplated by the Transaction
Documents; provided, however, that Company will not be obligated to indemnify any Investor Party for any Losses finally adjudicated
to be caused solely by such Investor Party’s unexcused material breach of an express provision of this Agreement or another
Transaction Document.

 

    6

     

    

 

2.           Procedure
for Indemnification. If any action will be brought against an Investor Party in respect of which indemnity may be sought
pursuant to this Agreement, such Investor Party will promptly notify Company in writing, and Company will have the right to assume
the defense thereof with counsel of its own choosing. Investor Parties will have the right to employ separate counsel in any such
action and participate in the defense thereof, but the reasonable fees and expenses of such counsel will be at the expense of
Investor Parties except to the extent that (a) the employment thereof has been specifically authorized by Company in writing,
(b) Company has failed after a reasonable period of time to assume such defense and to employ counsel or (c) in such action there
is, in the reasonable opinion of such separate counsel, a material conflict with respect to the dispute in question on any material
issue between the position of Company and the position of Investor Parties such that it would be inappropriate for one counsel
to represent Company and Investor Parties. Company will not be liable to Investor Parties under this Agreement (i) for any settlement
by an Investor Party effected without Company’s prior written consent, which will not be unreasonably withheld or delayed;
or (ii) to the extent, but only to the extent that a loss, claim, damage or liability is either attributable to Investor’s
breach of any of the representations, warranties, covenants or agreements made by Investor in this Agreement or in the other Transaction
Documents. In no event will the Company be liable for the reasonable fees and expenses for more than one separate firm of attorneys
(plus local counsel as applicable) to represent all Investor Parties.

 

3.           Other
than the liability of Investor to Company for uncured material breach of the express provisions of this Agreement,
no Investor Party will have any liability to Company or any Person asserting claims on behalf of or in right of Company as a result
of acquiring the Shares under this Agreement.

 

C.            Agreement
to Vote. Investor will vote any and all shares of Common Stock which it holds as of the record
date for the shareholder meeting to request the Approval (the “Meeting”) in
favor of and “for” the Merger, the terms thereof and the securities issuable upon conversion of preferred stock issued
therewith, and those other proposals which are recommended by approval by the Board of Directors of the Company in the proxy statement
filed by the Company in connection with the Meeting.

 

    7

     

    

 

D.            Approval
of Merger. Investor (i) agrees to, and consents to, the terms of the Merger, the agreements
entered into between the Company and the Merger Party (and its affiliates, employees and related parties) in connection with the
Merger (the “Merger Agreement”) and all of the securities issued or issuable
in connection therewith, and the issuance of shares of Company capital stock in connection therewith; (ii) waives any and all rights
the Investor has, or may have, under the Purchase Agreements, Agreements and Securities or the Designation, and any other agreements
between the Investor and the Company other than this Agreement, to further consent to, approve or agree to, the terms of such Merger,
the Merger Agreement or the securities issued or issuable in connection therewith and any other agreements between the Investor
and the Company other than this Agreement; and (iii) further waives and releases the Company from any anti-dilution, reset, favorable
nations or similar clauses, and/or any other rights whatsoever of such Investor or any securities of the Company held by such Investor,
under such Purchase Agreements, Agreements and Securities or the Designation, in connection with the Merger, the Merger Agreement
or the securities issued or issuable in connection therewith.

 

D.            Preferred
Lock Up. For the period commencing on the Agreement Date and terminating upon the earlier
of (a) the Approval Date; and (b) the Termination Date, the Investor will not, directly or indirectly offer for sale, sell, pledge,
hypothecate, transfer, assign or otherwise dispose of (or enter into any transaction or device that is designed to, or could be
expected to, result in the sale, pledge, hypothecation, transfer, assignment or other disposition at any time) (including, without
limitation, by operation of law) the Debenture or any or all of the C Preferred shares held by the Investor or any other C Preferred
shares obtained by the Investor after the date hereof, without the prior written consent of the Company. The restriction set forth
in this Section will not however prohibit the Investor from converting any shares of C Preferred into Common Stock pursuant to
the terms of the C Certificate or prohibit the sale of such Common Stock. Investor may convert any or all shares of C Preferred
and resell any or all Conversion Shares under the C Preferred or Debenture at any time in its sole and absolute discretion.

 

V.          General
Provisions.

 

A.            Term of
this Agreement. This Agreement shall terminate in the event the Approval Date has not occurred
on or prior to December, 31 2020 (the “Termination Date”). 

 

B.            Notice.
Unless a different time of day or method of delivery is specifically provided in the Transaction
Documents, any and all notices or other communications or deliveries required or permitted to be provided hereunder will be in
writing and will be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or communication
is delivered via facsimile or electronic mail prior to 5:00 p.m. Eastern time on a Trading Day and an electronic confirmation
of delivery is received by the sender and provided to the recipient, (b) the next Trading Day after the date of transmission,
if such notice or communication is delivered later than 5:00 p.m. Eastern time or on a day that is not a Trading Day, (c) the
next Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service with confirmation
of delivery prior to 5:00 p.m. Eastern time on such next Trading Day, or (d) upon actual receipt by the party to whom such notice
is required to be given. The addresses for such notices and communications are such other address as may be designated in writing,
in the same manner, by such Person.

 

    8

     

    

 

C.            Amendments;
Waivers. No provision of this Agreement may be waived or amended except in a written instrument
signed, in the case of an amendment, by Company and Investor or, in the case of a waiver, by the party against whom enforcement
of any such waiver is sought. No waiver of any default with respect to any provision, condition or requirement of this Agreement
will be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision,
condition or requirement hereof, nor will any delay or omission of either party to exercise any right hereunder in any manner impair
the exercise of any such right.

 

D.            Fees
and Expenses. Except as otherwise provided in this Agreement, each party will pay the fees
and expenses of its own advisers, attorneys, accountants and other experts, if any, and all other expenses incurred by such party
incident to the negotiation, preparation, execution, delivery and performance of the Transaction Documents. Company acknowledges
and agrees that Investor’s counsel solely represents Investor, and does not represent Company or its interests in connection
with the Transaction Documents or the transactions contemplated thereby. Company will pay all stamp and other taxes and duties,
if any, levied in connection with the sale or issuance of the Shares to Investor. As of the date hereof, the parties understand
and agree that no such stamp or other taxes or duties would be imposed by the jurisdiction of Investor’s organization or,
to Investor’s knowledge, by any other jurisdiction as a result of the nature or conduct of Investor’s business.

 

E.             Severability.
If any provision of this Agreement is held to be invalid or unenforceable in any respect, the
validity and enforceability of the remaining terms and provisions of this Agreement will not in any way be affected or impaired
thereby and the parties will attempt to agree upon a valid and enforceable provision that is a reasonable substitute therefor,
and upon so agreeing, will incorporate such substitute provision in this Agreement.

 

F.             Governing
Law. All matters between the parties, including without limitation questions concerning
the construction, validity, enforcement and interpretation of the Transaction Documents will be governed by and construed and
enforced in accordance with the laws of the U.S. Virgin Islands, without regard to the principles of conflicts of law that would
require or permit the application of the laws of any other jurisdiction, except for corporation law matters applicable to Company
which will be governed by the corporate law of its jurisdiction of formation. The parties hereby waive all rights to a trial by
jury. In any action, arbitration or proceeding, including appeal, arising out of or relating to any of the Transaction Documents
or otherwise involving the parties, the prevailing party will be awarded its reasonable attorneys’ fees and other costs
and expenses reasonably incurred in connection with the investigation, preparation, prosecution or defense of such action or proceeding.

 

G.            Arbitration.
Any dispute, controversy, claim or action of any kind arising out of, relating to, or in connection
with this Agreement, or in any way involving Company and Investor or their respective Affiliates, including any issues of arbitrability,
will be resolved solely by final and binding arbitration in English before a retired judge at JAMS, or its successor, in the Territory
of the Virgin Islands, pursuant to the most expedited and Streamlined Arbitration Rules and Procedures available. Any interim or
final award may be entered and enforced by any court of competent jurisdiction. The final award will include the prevailing party’s
reasonable arbitration, expert witness and attorney fees, costs and expenses. Notwithstanding the foregoing, Investor or the Company,
as the case may be, may in its sole discretion bring an action in Delaware District Court or the U.S. District Court for the District
of Delaware in aid of arbitration or for temporary, preliminary or provisional relief pending completion of arbitration. 

 

    9

     

    

 

H.            Headings.
The headings herein are for convenience only, do not constitute a part of this Agreement and
will not be deemed to limit or affect any of the provisions hereof

 

I.              Survival.
The representations and warranties contained herein will survive until the earlier of the Approval
Date or the Termination Date. Neither party will be under any obligation to update or supplement any of its representations or
warranties following the Closing due to a change that occurred after the Closing.

 

J.             Construction.
The parties agree that each of them and/or their respective counsel has reviewed and had an opportunity to revise the Transaction
Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting
party will not be employed in the interpretation of the Transaction Documents or any amendments hereto. The language used in this
Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rules of strict construction
will be applied against any party. All currency references in any Transaction Document are to U.S. dollars.

 

K.            Further
Assurances. Each party will take all further actions and execute all further documents as
may be reasonably necessary to implement the provisions and carry out the intent of this Agreement fully and effectively. 

 

L.            Acknowledgement.
Company hereby acknowledges and agrees that Investor has at all times fully and completely complied with all of its obligations
under the Agreement, the C Certificate and all other Transaction Documents between Company and Investor, and that all Delivery
Notices and calculations provided by Investor to Company were and are fully correct and accurate in all respects.

 

M.           General
Release. Company, on behalf of itself and on behalf of each of its predecessors, successors, parents, subsidiaries, shareholders,
and affiliated and/or related companies, and each of its respective present and former officers, directors, shareholders, employees,
representatives, business entities, executors, administrators, conservators, assignors and assignees (collectively, the “Releasing
Parties”) hereby knowingly and voluntarily fully and forever absolutely and irrevocably waive, release and discharge
Investor and its predecessors, successors, parents, subsidiaries, and affiliated and/or related companies and entities, and each
of their respective present and former officers, directors, shareholders, partners, members, employees, representatives, agents,
attorneys, advisors, business entities, executors, administrators, conservators, assignors and assignees and all parties acting
through, under or in concert with them, and each of them, in their individual and representative capacities (collectively, the
“Released Parties”) from any and all claims, charges, complaints, grievances, demands, liens, actions, suits, causes
of action, obligations, controversies, debts, costs, indemnity, attorneys’ fees, expenses, damages, judgments, orders, and liabilities
of whatever kind and/or nature in law, equity or otherwise, whether now known or unknown, suspected or unsuspected, which have
existed or may have existed, or which do exist or which hereafter can, shall or may exist as of the date this Agreement is executed,
including without limitation any that are based upon, connected with, or otherwise arising out of or in any way relating to any
Transaction Documents (collectively, the “Released Claims”). The Releasing Parties, and each of them, expressly
waive and relinquish, to the fullest extent permitted by law, the provisions, rights and benefits conferred by any law which would
limit the scope of the release provided above. The Releasing Parties acknowledge that they or any of them may hereafter discover
facts in addition to or different from those which they now know to be true with respect to the subject matters of the claims released
herein, but hereby stipulate and agree that they have fully, finally, and forever settled and released any and all such claims,
whether known or unknown, suspected or unsuspected, contingent or non-contingent, concealed or hidden, which now exist or heretofore
existed upon any theory of law or equity now existing or coming into existence in the future, without regard to the discovery or
existence of such different or additional facts.

 

    10

     

    

 

N.            Ratification.
Except as expressly provided herein, the Agreement, which is incorporated by reference as though set forth in full herein, and
the Debenture and C Certificate are hereby ratified and affirmed in all respects, and remain in full force and effect. Except as
expressly provided herein, the execution of this Agreement shall not operate as a waiver of any right, power or remedy of the Investor,
constitute a waiver of any provision of any of the Agreement, Certificate or any Transaction Document or serve to effect a novation
of the obligations under the Agreement, Certificate or any Transaction Document. Except as expressly provided herein, the Agreement
and all Transaction Documents between Company and Investor shall continue in full force and effect and nothing herein shall act
as a waiver of any of the Investor’s rights under any of the foregoing.

 

O.            Execution.
This Agreement may be executed in two or more counterparts, all of which when taken together
will be considered one and the same agreement and will become effective when counterparts have been signed by each party and delivered
to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is
delivered by portable document format, facsimile or electronic transmission, such signature will create a valid and binding obligation
of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page
were an original thereof.

 

P.            Entire
Agreement. This Agreement, including the Exhibits hereto,
which are hereby incorporated herein by reference, contains the entire agreement and understanding of the parties,
and supersedes all prior and contemporaneous agreements, term sheets,
letters, discussions, communications and understandings, both oral and written, which
the parties acknowledge have been merged into this Agreement. No party, representative, advisor, attorney or agent has relied
upon any collateral contract, agreement, assurance, promise, understanding, statement or representation not expressly set forth
herein or in the Purchase Agreements. The parties hereby absolutely, unconditionally and irrevocably waive all rights and remedies,
at law and in equity, directly or indirectly arising out of or relating to, or which may arise as a result of, any Person’s
reliance on any such statement or assurance.

 

    11

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed by their respective authorized signatories on the Agreement Date.

 

	Company:	 
	 	 	 
	CAMBER ENERGY, INC.	 
	 	 	 
	By:	/s/ Louis
    G. Schott	 
	Name:	Louis
    G. Schott	 
	Title:	Interim
    CEO	 
	 	 	 
	Investor:	 
	 	 
	DISCOVER GROWTH
    FUND	 
	Investor Name	 
	 	 	 
	By:	/s/ David Sims	 
	Name:	David Sims	 
	Title:	Director	 

 

    12

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