Document:

Exhibit 10.1

 

EnerJex
Resources, Inc.

4040 Broadway, Suite 508

San Antonio, Texas 78209

(210) 451-5545

 

March 30, 2017

 

By Email

 

PWCM Investment Company IC LLC

614 Davis Street

Evanston, IL 60201

 

Re:       First
Amendment to Letter Agreement

 

Gentlemen:

We are writing this letter (the “Amendment”) to confirm certain amendments to the terms of that certain
letter agreement dated February 10, 2017, “Re: Satisfaction of Secured Indebtedness; Confirmation of Terms” (the “Letter
Agreement”) by and among the “Borrower” and the “Successor Lender” named therein. All capitalized
terms that appear in this Amendment and are not defined herein shall have the respective meanings ascribed thereto in the Letter
Agreement.

 

1.       Amendment
of Letter Agreement.

 

1.1       Amendment
of Section 1.3. Section 1.3 of the Letter Agreement is hereby amended and restated in its entirety to read as follows:

 

“1.3Secured
Note.  Borrower shall execute in favor of Successor Lender a secured promissory note (the “Restated
Secured Note”) in the original principal amount of $4,500,000.

 

(a)       The
Restated Secured Note shall (i) be secured by a first-priority lien in the Company’s oil and gas producing assets situated
in the State of Kansas as described in the Loan Documents, (ii) evidence accrued interest on the $4,500,000 principal balance at
a rate of 16% per annum, (iii) bear interest from and after May 1, 2017, at a rate of sixteen percent (16.0%) per annum, (iv) be
prepayable in full at a discount at any time during the term of the Restated Secured Note upon Borrower’s paying $3,300,000
to Successor Lender, and (v) mature and be due and payable in full on November 1, 2017, provided that (A) Borrower shall
have two options to extend the maturity date of the Restated Secured Note for a period of up to 90 days each by delivering to Successor
Lender prior to the then-scheduled maturity date both a written notice of extension and payment of an extension fee in the amount
of $100,000, (B) each such extension fee shall be applied against the $3,300,000 discounted payoff amount, (C) the $3,300,000 payoff
amount shall be further reduced in accordance with Section 1.3(b), below, and (D) for the avoidance of doubt, if Borrower
pays to Lender $3,300,000 (less previously paid extension fees, if any) prior to the final maturity date of the Restated Secured
Note (as extended by Borrower), then Successor Lender thereupon shall (x) forgive the remaining principal of the Restated Secured
Note, all accrued and unpaid interest, and other costs and fees accrued under the Restated Secured Note, and (y) release Borrower’s
Kansas assets from the lien securing the Restated Secured Note.

 

     

     

    

 

(b)       The
terms of the Restated Secured Note shall require Borrower to pay to Successor Lender all net revenues of Borrower from the operation
of its Kansas oil and gas asset, which net revenues shall reduce the $3,300,000 payment required to discharge the Restated Secured
Note. For purposes of the foregoing, the term “net revenues” shall mean the gross revenues, reduced by royalties, lease
operating expenses, taxes, capital expenditures (other than drilling costs), and other operating expenses.

 

(c)       Successor
Lender and Borrower shall execute a Deposit Account Control Agreement covering each bank account of Borrower into which the net
revenues from Borrower’s Kansas assets shall be deposited in order to perfect a lien in the amount of such net revenues.

 

(d)       The
Restated Note shall be a nonrecourse obligation of Borrower, and upon any default by Borrower thereunder, Successor Lender shall
look solely to its lien in and shall exercise its remedies solely with respect to the Company’s oil and gas assets that are
situated in Kansas and pledged, and the net revenues therefrom, as security for such Restated Note.

 

1.2       Amendment
of Section 5.1(e). Section 5.1(e) of the Letter Agreement is hereby deleted in entirety.

 

1.3       Amendment
of Section 3.6. The reference to March 31, 2017 shall be April 30, 2017.

 

1.4       Amendment
of Sections 3.8, 6, and 8.1(e): Closing Date. The parties hereby agree
that the Closing Date shall be May 1, 2017. In furtherance thereof, the references to “April 30, 2017,” in Sections
3.8, 6 and 8.1(e) are hereby amended to be references to “May 1, 2017.”

 

1.5       Amendment
of Section 6.1.

 

(a)       Section
6.1(b) of the Letter Agreement is hereby amended and restated in its entirety to read as follows:

 

“(b)       Deliver to Successor Lender the Restated Secured Note in the principal amount of $4,500,000”

 

(b)       Section
6.1 of the Letter Agreement is hereby amended by adding at the end thereof the following new Sections 6.1(d), 6.1(e), and 6.1(f)
to read as follows:

 

“(d)       Make,
execute and deliver Deposit Account Control Agreements in furtherance of Section 1.3(c), above.

 

(e)       Make,
execute and deliver the Restated Secured Note.

 

(f)       Make,
execute and deliver a written amendment to the ASEN Service Agreement, by which the Borrower shall forgive any requirement that
ASEN pay the invoice for services delivered by Borrower thereunder in the month of April 2017.”

 

(c)       Section
6.2 of the Letter Agreement is hereby amended and restated in its entirety to read as follows:

 

    Page 1

     

    

 

"6.2Successor
Lender Deliveries. Successor Lender shall:

 

(a)       Make,
execute and deliver in recordable form such amendments, reconveyances, releases, and other documents and instruments as may be
necessary to release from the lien securing the Secured Loan and the Restated Note (i) all bank accounts of the Borrower, other
than the Borrower’s bank accounts into which net revenues from such Kansas assets shall be deposited, and (ii) all assets
first acquired by Borrower after March 29, 2017.

 

(b)       Make,
execute and deliver an instrument in commercially reasonable form to memorialize the reduction in the principal balance of the
Secured Loan to be equal to the original principal amount of the Restated Secured Note.

 

(c)       Execute
a written acceptance of the Restated Secured Note, agreeing to the terms thereof as described in Section 1.3, above.

 

(d)       Make,
execute and deliver such other commercially reasonable documents and instruments, and take such other commercially reasonable actions,
as may be necessary or convenient for effectuating the Transactions in accordance with this Letter Agreement.”

 

2.       Conveyance
of Kansas Assets to SPE Subsidiary.

 

2.1       Prior
to or concurrently with the Closing on or before May 1, 2017, Borrower will form (or merge all existing subsidiary entities that
own Borrower's Kansas assets with and into) a wholly-owned, single-purpose, bankruptcy-remote, Delaware limited liability company
(the "SPE Sub"), (a) of which the Company is the sole member and whose sole purpose is to own and operate the
Kansas Assets, and (b) which (i) will be managed by the Company, and (ii) will engage an independent manager approved by Successor
Lender, whose vote is required as a condition of such SPE Sub filing a bankruptcy petition under the United States Bankruptcy Code.

 

2.2       At
the Closing on or before May 1, 2017, the SPE Sub will (a) guarantee the obligations of Borrower under Restated Secured Note, and
(b) secure that guaranty by a mortgage encumbering the Kansas oil and gas producing assets.

 

3.       Consideration
for Amendment. The parties acknowledge and agree that Borrower’s waiver of the fees accruing under the ASEN Service
Agreement pursuant to Section 6.1(f) of the Letter Agreement (as added thereto pursuant to Section 1.4(b), above) is the
consideration for Successor Lender’s agreement to execute this Amendment and discharge the obligations of Successor Lender
hereunder.

 

4.       Miscellaneous.
Except as expressly modified by Sections 1, 2, and 3, above, all of the terms and conditions of
the Letter Agreement are hereby ratified and confirmed and remain in full force and effect. This Amendment may be executed in counterparts,
each of which shall be deemed an original and all of which, taken together, shall constitute one and the same instrument, binding
on each signatory thereto. A copy of this Amendment that is executed by a party and transmitted by that party to the other party
by facsimile or as an attachment (e.g., in ".tif" or ".pdf" format) to an email shall be binding upon
the signatory to the same extent as a copy hereof containing that party's original signature.

 

    Page 2

     

    

 

	Sincerely, 	 	 	 	 
	 	 	 	 	 
	EnerJex Resources, Inc., 

                                                a Nevada corporation
	 	EnerJex Kansas, Inc. (f/k/a Midwest Energy, Inc.),

                    a Nevada corporation 

	 	 	 
	 	 	 
	By	 	 	By	 
	 	Name: Louis G. Schott	 	 	Name: Louis G. Schott
	 	Title: Interim Chief Executive Officer	 	 	Title: Interim Chief Executive Officer
	 	 	 	 	 
	Working Interest, LLC,

                    a Texas limited liability company 
	 	Black Sable Energy, LLC,

                    a Texas limited liability company 

	 	 	 
	 	 	 
	By	 	 	By	 
	 	Name: Louis G. Schott	 	 	Name: Louis G. Schott
	 	Title: Interim Chief Executive Officer	 	 	Title: Interim Chief Executive Officer
	 	 	 	 	 
	Black Raven Energy, Inc.,

                    a Nevada corporation 
	 	Adena, LLC,

                    a Colorado limited liability company 

	 	 	 
	 	 	 
	By	 	 	By	 
	 	Name: Louis G. Schott	 	 	Name: Louis G. Schott
	 	Title: Interim Chief Executive Officer	 	 	Title: Interim Chief Executive Officer

 

Acceptance

 

The undersigned agrees
to and accepts the foregoing terms and conditions of this Amendment, and agrees to be legally bound by the numbered paragraphs
therein.

 

	RES Investment Group, LLC, 

a North Carolina limited liability company 	 	
        PWCM
        Investment Company IC LLC,

        a Delaware limited liability company 

	 	 	 
	 	 	 
	By	 	 	By	 
	 	Name: Robert E. Stephenson, Jr.	 	 	Name: David M. Zirin
	 	Title: Managing Member	 	 	Title: Manager
	 	 	 	 	 	 
	
        Round
        Rock Development Partners, LP,

        a Delaware limited partnership 
	 	
        Cibolo Holdings, LLC

         a
        Texas limited liability company 

	 	 	 
	 	 	 	 	 	 
	By	Cibolo Creek Partners, LLC, a Delaware	 	 	 
	 	limited liability company, its general partner	 	By:	 
	 	 	 	 	 	Name: Phillip R. Hall
	 	 	 	 	 	Title: Manager
	 	By	 	 	 	 
	 	 	Name: B.J. Parrish	 	 	 
	 	 	Title: Vice President	 	 	 

 

    Page 3Exhibit 10.1

 

 

	 	 

 

TERM SHEET

 

This term sheet forms the binding agreement
between Saffelberg Investments N.V. (“Saffelberg”) and Pareteum Corporation. (“Pareteum”).
Pareteum and Saffelberg may each be referred to as a “Party” or together the “Parties”.

 

	Date:	30 March 2017
	 	 
	Background:	Saffelberg is a significant shareholder of Pareteum and owns certain Notes, shares, warrants and other financial instruments related to Pareteum (“Securities”). The Parties desire to amend, redeem or effect conversion, as the case may be, of those Securities as described herein.
	 	 
	$350,000 Note:	Pareteum will immediately (latest on Monday 3 April 2017) repay in cash the $350,000 unsecured promissory Note, plus cash interest of $59,304.20. Saffelberg agrees to extend the repayment for the final $30,000 repayment fee until the end of June 2017 which will be paid in cash by Pareteum. 
	 	 
	Warrant Repricing:	Pareteum agrees to amend and reprice the following warrants:
	 	 
	 	·         96,520 Warrants: increased by 10% to 106,172 Warrants, and re-priced to $1.87, with removal of anti-dilution, re-pricing and cashless provisions.
	 	 
	 	·         80,000 Warrants: re-priced to $1.87, with removal of anti-dilution, re-pricing and cashless provisions, and extended to 31 August 2021.
	 	 
	 	·         40,000 Warrants: re-priced to $1.87, with removal of anti-dilution, re-pricing and cashless provisions, and extended to 31 August 2021.
	 	 
	$723,900 Note:	Note principal increased by 10% and converted into common shares at $1.50, being 530,860 shares.
	 	 
	Confidentiality:	Lender and Borrower agree to keep this term sheet confidential, subject only to any overriding obligations of either party to make disclosures in accordance with legal regulation or requirements such as SEC disclosures.
	 	 
	Law & Jurisdiction:	This term sheet and any subsequent transaction documents will be governed by New York law and the courts in New York will have exclusive jurisdiction to settle any disputes arising hereunder.

 

	Signed on behalf of:	 	 	Signed on behalf of:	 
	Saffelberg Investments N.V.	 	 	Pareteum Corporation	 
	 	 	 	 	 
	/s/ Zensa BVBA	 	 	/s/ Alexander Korff	 
	Zensa BVBA	 	 	Alexander Korff	 
	Driector	 	 	General Counsel	 
	P.r. Marleen Vercammen	 	 	 	 
	 	 	 	 	 
	/s/ Themis Consulting & Advisory BVBA	 	 	 	 
	Themis Consulting & Advisory BVBA	 	 	 	 
	Director	 	 	 	 
	P.r. Arnold Benoot

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