Document:

Exhibit 10.16

 

THE INTERESTS REPRESENTED BY THIS LIMITED
LIABILITY COMPANY AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR QUALIFIED UNDER APPLICABLE STATE SECURITIES
LAWS IN RELIANCE ON EXEMPTIONS THEREFROM. THESE INTERESTS HAVE BEEN ACQUIRED FOR INVESTMENT PURPOSES ONLY AND NOT WITH A VIEW TO
DISTRIBUTION OR RESALE AND MAY NOT BE SOLD, MORTGAGED, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION
STATEMENT FOR SUCH INTERESTS UNDER THE SECURITIES ACT OF 1933 AND THE REGULATIONS PROMULGATED PURSUANT THERETO (UNLESS EXEMPT THEREFROM)
AND COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS AND REGULATIONS.

 

LIMITED LIABILITY COMPANY AGREEMENT

OF

VIVAVENTURES UTS I, LLC,

a Delaware limited liability company

 

This Limited Liability
Company Agreement (this “Agreement”) is effective as of September 24, 2015 by and among VIVAVENTURES MANAGEMENT
COMPANY, INC., a Nevada corporation (“VVMCI”), as a Member (as defined below herein) and as the Manager (as
defined below herein), and such other Persons who have been or may be admitted to the Company from time to time as Members (as
defined below herein) and set forth in Exhibit A hereto (all of the foregoing (including VVMCI) together, collectively,
the “Members” and each of them, individually, a “Member”). Certain capitalized terms used
herein have the meanings set forth in Section 2.

 

1.       ORGANIZATION

 

1.1       General.
VivaVentures UTS I, LLC (the “Company”) was formed as a Delaware limited liability company by the execution
and filing of the Certificate of Formation with the Delaware Secretary of State in accordance with the Act, and the rights and
liabilities of the Members shall be as provided in the Act, as may be modified in this Agreement. In the event of a conflict between
the provisions of the Act and the provisions of this Agreement, the provisions of this Agreement shall prevail unless the Act specifically
provides that a Limited Liability Company Agreement may not change the provision in question.

 

1.2       Business
Purpose. The Company may engage in any business in which a Delaware limited liability company may engage, except that the Company
shall not engage in the trust company business or in the business of banking or insurance; provided, however, that, as of
the effective date of this Agreement, the Company’s sole and exclusive purpose shall be to enter into a Royalty Agreement
(the “VV Energy Group Royalty Agreement”) with VIVAVENTURES ENERGY GROUP, INC., a Nevada corporation (“VV
Energy Group”), and be entitled to collect payments from VV Energy Group pursuant to and in accordance with the VV Energy
Group Royalty Agreement.

 

1.3       Name
and Address of Company. The business of the Company shall be conducted under the name “VivaVentures UTS I, LLC”.
The principal executive office of the Company shall be at the address determined from time to time by the Manager.

 

1.4       Term.
The term of this Agreement shall be perpetual unless sooner terminated as provided in this Agreement.

 

1.5       Required
Filings. The Manager shall cause to be executed, filed, recorded and/or published such certificates and documents as may be
required by this Agreement or by law in connection with the formation and operation of the Company.

 

1.6       Registered
Agent. The Company’s initial registered agent shall be as provided in the Certificate of Formation. The registered agent
may be changed from time to time by the Manager by causing the filing of the name of the new registered agent in accordance with
the Act.

 

 

 

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1.7       Tax
Status. The Members intend that the Company be treated as a partnership for federal and state income tax purposes. Accordingly,
this Agreement shall be construed in a manner consistent with the Company’s classification as a partnership for federal and
state income tax purposes at all times. Neither the Company nor any Member shall take any action inconsistent with such classification.

 

2.       DEFINITIONS

 

For purposes of this
Agreement, the terms defined herein below shall have the following meanings unless the context clearly requires a different interpretation:

 

2.1       “Act”
means the Delaware Limited Liability Company Act, as codified in the Delaware Code Annotated, Title 6, Sections 18-101 et
seq., as the same may be amended from time to time, and including any successor statute of similar import.

 

2.2       “Adjusted
Capital Account Deficit” means, with respect to any Member, the deficit balance, if any, in such Member’s Capital
Account as of the end of the relevant fiscal year, after giving effect to the following adjustments:

 

(a)               
Credit to such Capital Account amounts that such Member is deemed to be obligated to restore pursuant to the penultimate
sentences of Treasury Regulations Section 1.704-2(g)(1) and 1.704-2(i)(5); and

 

(b)               
Debit to such Capital Account the items described in Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5) and 1.704-1(b)(2)(ii)(d)(6)
of the Treasury Regulations.

 

The foregoing definition of Adjusted Capital
Account Deficit is intended to comply with the provisions of Section 1.704-1(b)(2)(ii)(d) of the Treasury Regulations and shall
be interpreted consistently therewith.

 

2.3       “Affiliate”
means, with respect to any person or entity: (a) any person or entity directly or indirectly controlling, controlled by or
under common control with such person or entity; (b) any person or entity owning or controlling ten percent (10%) or more of the
outstanding voting securities or beneficial interests of such person or entity; (c) any officer, director, general partner, manager
or trustee of, or anyone acting in a substantially similar capacity as to, such person or entity; (d) any person or entity who
is an officer, director, general partner, manager, trustee or holder of ten percent (10%) or more of the voting securities or beneficial
interests of any of the foregoing; and (e) any person or entity related to such person or entity within the meaning of Code Section
267(b). Notwithstanding the foregoing, VV Energy Group shall not be considered an Affiliate of the Company.

 

2.4       “Agreement”
means this Limited Liability Company Agreement of the Company, as the same may be amended from time to time.

 

2.5       “Assignee”
means a Person who has acquired Units in the Company from a Member or an Assignee but who is not a Substituted Member.

 

 

 

 

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2.6       “Capital
Account” of a Member means the capital account of that Member determined from the inception of the Company strictly
in accordance with the rules set forth in Section 1.704-1(b)(2)(iv) of the Treasury Regulations. In accordance with that
Section of the Treasury Regulations, a Member’s Capital Account shall be equal to the amount of money contributed by
such Member and the initial Gross Asset Value of any property contributed by such Member, increased by (a) allocations of Net
Income to such Member and (b) the amount of Company liabilities assumed by such Member or that are secured by any property
distributed to such Member, and decreased by (v) the amount of money distributed to such Member, (w) the Gross Asset Value of
any property distributed to such Member by the Company, (x) such Member’s share of expenditures of the Company
described in Section 705(a)(2)(B) of the Code (including, for this purpose, losses that are nondeductible under Section
267(a)(1) or Section 707(b) of the Code), (y) the Net Loss allocated to such Member and (z) the amount of liabilities of such
Member assumed by the Company or that are secured by any property contributed by such Member to the Company. In addition, the
Capital Accounts of Members may be adjusted by the Manager to reflect a revaluation of Company assets pursuant to subsection
(b) or (c) of the definition of Gross Asset Value. The Capital Account of a Member shall be further adjusted as required by
Section 1.704-1(b)(2)(iv) of the Treasury Regulations. To the extent that anything contained herein is inconsistent with
Section 1.704-1(b)(2)(iv) of the Treasury Regulations, the Treasury Regulations shall control. The Capital Account of an
Assignee shall be the same as the Capital Account of the Member from whom such Assignee acquired its interest, as further
adjusted pursuant to this definition of Capital Account.

 

2.7       “Capital Contributions” means
the total of all cash contributions and property contributions to the capital of the Company by the Members as provided in Section
3.2.

 

2.8       “Certificate
of Formation” means the Certificate of Formation of the Company filed with the Delaware Secretary of State, as the same
may be amended from time to time.

 

2.9       “Class A Units” means
Units that have voting power pursuant to this Agreement. Except as otherwise provided in this Agreement or as otherwise required
by applicable law, Members holding Class A Units will be entitled to one (1) vote per Class A Unit on all matters to be voted
on by the Members holding Class

A Units.

 

2.10       “Class
B Units” means Units that have no voting power pursuant to this Agreement. Except as otherwise provided
in this Agreement or as otherwise required by applicable law, Members holding Class B Units will not be entitled
to vote on any matter except to the extent otherwise required under the Act.

 

2.11       “Code” means the Internal
Revenue Code of 1986, as amended to date, or corresponding provisions of subsequent superseding revenue laws.

 

2.12       “Company”
means the limited liability company created pursuant to the Certificate of Formation as governed by this Agreement.

 

2.13       “Company Minimum Gain” with
respect to any taxable year of the Company means the “partnership minimum gain” of the Company computed strictly in
accordance with the principles of Section l.704-2(d) of the Treasury Regulations.

 

2.14       “Distributable
Cash” means the amount of cash received by the Company from operations and the sale of Company assets, less all expenses
attributable thereto and less amounts set aside for reasonable reserves, contingencies and anticipated obligations, each as determined
by the Manager.

 

 

 

 

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2.15       “Distributable Cash from Capital Events”
means Distributable Cash attributable to any (i) merger, consolidation or other form of entity reorganization (other than
a merger effected exclusively for the purpose of changing the domicile of the entity) in which the Members immediately before
such merger, consolidation or reorganization (and before any acquisition of equity interests of the Company effected in connection
with such merger, consolidation or reorganization) own less than fifty percent (50%) of the Company’s voting power (or,
if the Company is not the surviving entity, less than fifty percent (50%) of the voting power of the surviving entity in such
consolidation, merger or reorganization) immediately after such merger, consolidation or reorganization or (ii) sale, lease, license,
transfer or other disposition of the assets of the Company other than in the ordinary course of business.

 

2.16       “Distributable Cash from Operations”
means Distributable Cash (a) received by the Company from ordinary operations or (b) that is not Distributable Cash from Capital
Events, as determined by the Manager in its commercially reasonable discretion.

 

2.17       “Distributions” means any
cash (or property to the extent applicable) distributed to the Members or Assignees arising from their ownership of Units.

 

2.18       “Economic Risk of Loss” means
the “economic risk of loss” within the meaning of Section 1.752-2 of the Treasury Regulations.

 

2.19       “Gross Asset Value” means,
with respect to any asset, the asset’s adjusted basis for federal income tax purposes, except as follows:

 

(a)               
The initial Gross Asset Value of any asset contributed by a Member to the Company shall be the gross fair market value of
such asset, as determined by the Manager;

 

(b)               
The Gross Asset Values of all Company assets shall be adjusted to equal their respective gross fair market values, as determined
by the Manager, as of the following times: (i) the acquisition of an additional interest in the Company by any new or existing
Member in exchange for more than a de minimis Capital Contribution; (ii) the distribution by the Company to a Member of
more than a de minimis amount of property as consideration for an interest in the Company; (iii) the liquidation of the
Company within the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(g); and (iv) the grant of an interest in the Company
as consideration for the provision of services to or for the benefit of the Company; provided, however, that the adjustments
pursuant to the preceding clauses (i), (ii) and (iv) shall be made only if the Manager reasonably determines that such adjustments
are necessary or appropriate to reflect the relative economic interests of the Members in the Company;

 

(c)                
The Gross Asset Value of any Company asset distributed to any Member shall be adjusted to equal the gross fair market value
of such asset on the date of distribution as determined by the Manager; and

 

(d)               
The Gross Asset Value of Company assets shall be increased (or decreased) to reflect adjustments to the adjusted basis of
such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into
account in determining Capital Accounts pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m); provided, however, that
Gross Asset Values shall not be adjusted pursuant to this subsection (d) to the extent that the Manager determines that an adjustment
pursuant to subsection (b) above is necessary or appropriate in connection with a transaction that otherwise would result in an
adjustment pursuant to this subsection (d).

 

If the Gross Asset Value of an asset has
been determined or adjusted pursuant to subsection (a), (b) or (d) of this Section defining “Gross Asset Value,”
then such Gross Asset Value thereafter shall be adjusted by the depreciation taken into account with respect to such asset
for purposes of computing Net Income and Net Loss.

 

 

 

 

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2.20       “Indemnitees” has the meaning
given to such term in Section 14.1.

 

2.21       “Majority in Interest of the Members
Holding Class A Units” means those Members holding more than fifty percent (50%) of the total number of issued and outstanding
Class A Units from time to time.

 

2.22       “Manager” means the Person
appointed or elected as the Manager pursuant to Section 5.

 

2.23       “Member” means any Person
admitted to the Company as a Member or Substituted Member and who has not ceased to be a Member.

 

2.24       “Member Nonrecourse Debt” means
liabilities of the Company treated as “partner nonrecourse debt” under Section 1.704-2(b)(4) of the Treasury Regulations.

 

2.25       “Member Nonrecourse Deductions”
means in any Company fiscal year the Company deductions that are characterized as “partner nonrecourse deductions”
under Section 1.704-2(i)(2) of the Treasury Regulations.

 

2.26       “Net
Income” and “Net Loss” means the net book income or loss of the Company for any relevant period.
The net book income or loss of the Company shall be computed in accordance with federal income tax principles (i) under the method
of accounting elected by the Company for federal income tax purposes, (ii) as applied without regard to any recharacterization
of transactions or relationships that otherwise might be required under such tax principles and (iii) as otherwise adjusted pursuant
to the following provisions. The net book income or loss of the Company shall be computed, inter alia, by:

 

(a)               
including as Net Income or Net Loss, as appropriate, any adjustment to the Gross Asset Value of any Company asset pursuant
to subsection (b) or (c) of Section 2.18 defining “Gross Asset Value”;

 

(b)               
including as income or deductions, as appropriate, any tax-exempt income and related expenses that are neither properly
included in the computation of taxable income nor capitalized for federal income tax purposes;

 

(c)                
including as a deduction when paid or incurred (depending on the Company’s method of accounting) all amounts used
to organize the Company or to promote the sale of (or to sell) Units, except that amounts for which an election is properly made
by the Company under Section 709(b) of the Code shall be accounted for as provided therein;

 

(d)               
including as a deduction or loss losses incurred by the Company in connection with the sale or exchange of property, notwithstanding
that such losses may be disallowed to the Company for federal income tax purposes under the related party rules of Code Sections
267(a)(1) or 707(b) or otherwise;

 

(e)                
calculating the gain or loss on disposition of Company assets and the depreciation, amortization or other cost recovery
deductions, if any, with respect to Company assets by reference to their Gross Asset Value rather than their adjusted tax basis;

 

(f)                
excluding any gain or income specially allocated under Sections 4.4(e), 4.5 and 4.6; and

 

(g)               
excluding Nonrecourse Deductions.

 

 

 

 

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2.27       “Net
Income, Net Loss and Nonrecourse Deductions Attributable to Operations” means the Net Income, Net Loss and Nonrecourse
Deductions of the Company that are attributable to the normal operations of the Company and not to dispositions of assets of the
Company that are capital in nature, as determined by the Manager in its discretion. For the purpose of clarity, any book income
or loss resulting from a revaluation of a Company asset that is capital in nature shall not be considered attributable to the
normal operations of the Company.

 

2.28       “Nonrecourse Deductions” in
any fiscal year means the amount of Company deductions that are characterized as “nonrecourse deductions” under Section
1.704-2(b)(1) of the Treasury Regulations.

 

2.29       “Nonrecourse Liabilities” means
the liabilities of the Company treated as “nonrecourse liabilities” under Section 1.752-1(a)(2) of the Treasury Regulations.

 

2.30       “Percentage
Interest” means, with respect to each Member, the percentage derived by dividing the number of outstanding Units owned
by such Member by the total number of issued and outstanding Units from time to time.

 

2.31       “Person” means any natural
person or entity and the heirs, executors, administrators, legal representatives, successors and assigns of such Person where
the context so admits.

 

2.32       “Purchase Price” has the
meaning given to such term in Section 9.4(a).

 

2.33       “Regulatory Allocations” has
the meaning given to such term in Section 4.5.

 

2.34       “Substituted
Member” means an Assignee who becomes a Member pursuant to Section 8.3.

 

2.35       “Tax
Distributions” has the meaning given to such term in Section 4.4(a)(ii).

 

2.36       “Tax
Liability” has the meaning given to such term in Section 4.4(a)(ii).

 

2.37       “Treasury
Regulations” means the regulations of the United States Treasury Department pertaining to the Code, as amended, and all
successor provisions thereto.

 

2.38       “Unit(s)”
means a unit of measurement by which a Member’s right to vote (as applicable) and to participate in Net Income, Net Loss,
Nonrecourse Deductions and Distributions shall be determined in accordance with the terms of this Agreement. “Units”
may be designated as Class A Units or Class B Units. Except as otherwise provided in this Agreement or as otherwise required
by applicable law, all Class A Units and Class B Units will be identical in all respects and will entitle the holders of such Units
to the same rights and privileges, subject to the same qualifications, limitations and restrictions, except that, in the case of
Class B Units, holders of Class B Units will not be entitled to vote on any matter except to the extent otherwise
required under the Act. Notwithstanding any other provision of this Agreement, Class A Units or Class B Units may not be subdivided
(by Unit split or distribution of Units), combined or reclassified unless the Units of the other class of Units are concurrently
therewith proportionately subdivided (by Unit split or distribution of Units), combined or reclassified in a manner that maintains
the same proportionate equity ownership (and same proportionate voting power, as applicable) among the holders of Class A Units
and Class B Units on the record date for such subdivision (by Unit split or distribution of Units), combination or reclassification.

 

 

 

 

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2.39       “VV
Energy Group” has the meaning given to such term in Section 1.2.

 

2.40       “VV
Energy Group Royalty Agreement” has the meaning given to such term in Section 1.2.

 

3.       UNITS;
CAPITAL

 

3.1       Units
Generally.

 

(a)               
Authorized Units. The total number of Units that the Company currently is authorized to issue is 1,001,000 Units, of
which, as of the effective date of this Agreement, 1,000 Units are designated Class A Units (“Class A Units”),
and 1,000,000 Units are designated Class B Units (“Class B Units”). In each case pursuant to the consent of
a Majority in Interest of Members Holding Class A Units, the Manager is authorized, from time to time, to increase the total number
of Units that the Company is authorized to issue and to designate additional Classes of Units and series of Classes of Units. Subject
to the preceding sentence, the rights of all Units are subject to the rights of any and all future Classes or series of Classes
of Units, which from time to time may be authorized and issued in accordance with this Agreement and applicable law.

 

(b)               
Issuance of Units. The authorized Class A Units have been issued and allocated as set forth in Exhibit A hereto.
Class B Units may be issued by the Manager from time to time and set forth in Exhibit A hereto.

 

3.2       Capital
Contributions.

 

(a)                
Initial
Contributions.

 

(i)                
Contribution by VVMCI. Upon the execution of this Agreement by VVMCI, VVMCI contributes to the Company cash in the amount
of One Thousand Dollars ($1,000) in exchange for the Company’s issuance of Class A Units to VVMCI in the amount set forth
in Exhibit A hereto.

 

(ii)               
Contribution by Other Members. Upon the execution or adoption of this Agreement by each other Member, such Member shall
contribute to the Company such consideration or other property as the Manager may determine in exchange for the Company’s
issuance of Class B Units to such Member in the amount set forth in Exhibit A hereto.

 

(b)       Subsequent
Contributions. No Member will be required to contribute additional capital to the Company. No Member will be permitted to contribute
additional capital or loan money to the Company without the approval of the Manager and on such terms as the Manager shall determine.

 

3.3       Interest.
No Member will receive interest on its contribution to the capital of the Company.

 

3.4       Withdrawal
and Return of Capital. Except as may be provided herein, no Member may withdraw any portion of the capital of the Company,
and no Member will be entitled to the return of its contribution to the capital of the Company except upon dissolution of the Company
in accordance with Section 13.3.

 

 

 

 

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3.5       Capital
Accounts.

 

(a)               
Member Capital Accounts. An individual Capital Account shall be maintained for each Member.

 

(b)               
Capital Account of Assignee. Upon any sale or transfer of Units, the Capital Account of the transferor with respect
to the Units transferred shall become the Capital Account of the Assignee or Substituted Member, as applicable, with respect to
such Units, as such Capital Account existed at the effective date of the transfer of such Units.

 

(c)                
Deficit Capital Account. Except as otherwise required by the Act, no Member will have any liability to the Company,
to any other Member or to the creditors of the Company on account of any deficit Capital Account balance.

 

4.       FINANCIAL

 

4.1       Accounting
Method. The Company books shall be kept in accordance with the method of accounting as determined by the Manager.

 

4.2       Fiscal
Year. The fiscal year of the Company shall end on December 31, unless the Manager determines that some other fiscal year would
be more appropriate and obtains the consent, if required, of the Internal Revenue Service to use that other fiscal year.

 

4.3       Expenses
of the Company. The Company shall pay to or reimburse the Members and the Manager for any and all expenses incurred by a Member
or the Manager, as the case may be, on behalf of the Company, including the organizational expenses of the Company (including legal
and filing fees), the operational expenses of the Company and all expenses incurred in connection with investigating, purchasing,
operating and disposing of any Company property; provided, however, that a Member or the Manager shall not incur expenses
on behalf of the Company or be reimbursed for expenses that are not related to the business of the Company and, in the case of
a Member, shall only be reimbursed for expenses approved by the Manager in accordance with Section 5.

 

4.4       Net
Income, Net Loss, Nonrecourse Deductions and Distributions.

 

(a)                
Distributions.

 

(i)       General.
Other than Tax Distributions (as defined below in this Section 4.4(a)), Distributable Cash shall be distributed at such
times as determined by the Manager and, when distributed, shall be distributed to the Members in accordance with the following
order of priority:

 

(A)       Distributable
Cash from Operations. Distributable Cash from Operations shall be distributed to the Members in accordance with their Percentage
Interests.

 

(B)       Distributable
Cash from Capital Events. Distributable Cash from Capital Events shall be distributed to the Members in proportion to their
relative Capital Account balances after giving effect to Sections 4.4(b), 4.4(c), 4.4(e), 4.5 and 4.6.

 

 

 

 

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(ii)               
Tax Distributions. Notwithstanding anything to the contrary in Section 4.4(a)(i), the Manager shall distribute
Distributable Cash to each Member in an amount sufficient to pay the federal and state income tax on the taxable income allocated
to such Member pursuant to this Agreement in order to provide cash to the Members to pay taxes on the taxable income so allocated
and not yet distributed (“Tax Distributions”). Tax Distributions may be made at least annually so as to enable
the Members to satisfy their annual federal and state tax payment obligations; provided, however, that Tax Distributions
shall be made only to the extent that cumulative Distributions under Section 4.4(a)(i) are less than such Member’s
Tax Liability (as defined below). Any amount distributed to a Member pursuant to this Section 4.4(a)(ii) shall be treated
as an advance against other Distributions to which such Member is entitled and shall be credited against and subtracted from the
other Distributions to which such Member is entitled, which subtraction shall be from the next Distribution to which such Member
is entitled and, if any creditable amount remains thereafter, from the next immediate Distribution until fully credited. Any amount
credited to a Distribution pursuant to the foregoing sentence shall be deemed distributed for purposes of the Distribution against
which it is credited. The amount of any such Member’s “Tax Liability” shall be calculated (A) taking into
account the character of the cumulative Company net taxable income allocated to such Member, (B) taking into account the deductibility
(to the extent allowed) of state and local income taxes for United States federal income tax purposes and (C) deducting from such
income or gain the amount of net cumulative tax loss previously allocated to such Member in prior fiscal years and not used in
prior fiscal years to reduce taxable income. The calculation shall be made on the assumptions that (1) taxable income or tax loss
from the Company is the only taxable income or tax loss of the Member (and the direct or indirect equity holders of such Member),
and (2) except as provided in clause (A) of this definition, the Member is subject to tax at a rate equivalent to the maximum marginal
combined federal and state income tax rate for an individual residing in the state of such Member’s primary residence.

 

(iii)             
Withholding. The Company may be required under applicable state or federal law to withhold on amounts distributed or
allocated to a Member. In that event, the Manager may, but is not required to, either (A) make equivalent distributions to the
non-affected Members or (B) require that the affected Members immediately contribute the amount of withholding to the Company.
Any amount withheld with respect to a Member pursuant to this Section 4.4(a)(iii) (and that is not immediately contributed
to the Company by such Member) shall be treated as an advance against other Distributions to which such Member is entitled and
shall be credited against and subtracted from the other Distributions to which such Member is entitled, which subtraction shall
be from the next Distribution to which such Member is entitled and, if any creditable amount remains thereafter, from the next
immediate distribution until fully credited. Any amount credited to a Distribution pursuant to the foregoing sentence shall be
deemed distributed for purposes of the Distribution against which it is credited.

 

(iv)             
Distributions in Kind. No right is given to any Member to demand or receive property or cash other than as provided
in this Agreement. The Manager may determine to make a Distribution in kind of Company property to the Members, and such property
shall be distributed such that the fair market value thereof, as determined by the Manager, is distributed in accordance with Section
4.4(a)(i).

 

(b)               
Allocations of Net Income, Net Loss and Nonrecourse Deductions Attributable to Operations. Subject to Sections 4.4(e),
4.5 and 4.6, Net Income, Net Loss and Nonrecourse Deductions Attributable to Operations shall be allocated among
the Members in accordance with their Percentage Interests.

 

(c)               
Other Net Income, Net Loss and Nonrecourse Deductions. Subject to Sections 4.4(e), 4.5 and 4.6,
Net Income, Net Loss and Nonrecourse Deductions that are not Net Income, Net Loss and Nonrecourse Deductions Attributable to Operations,
as determined by the Manager in its discretion, shall be allocated among the Members as follows:

 

(i)               
Net Income. Net Income that is not attributable to operations shall be allocated among the Members in such a manner
that the sum of (A) the Capital Account of each Member, (B) each Member’s share of Company Minimum Gain (as determined according
to Treasury Regulation Section 1.704-2(g)) and (C) each Member’s partner nonrecourse debt minimum gain (as defined in Treasury
Regulation Section 1.704-2(i)(3)) shall be in proportion to their respective Percentage Interests.

 

 

 

 

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(ii)               
Net Loss and Nonrecourse Deductions. Subject to Section 4.6, Net Loss and Nonrecourse Deductions that are not attributable
to operations shall be allocated among the Members in proportion to their relative Capital Account balances.

 

(d)               
Tax Allocations. Except for the allocations contained in Section 4.4(e)(i), all income, gains, losses, deductions
and credits of the Company shall be allocated for federal, state and local income tax purposes in accordance with the allocations
of Net Income and Net Loss.

 

(e)                
Special Allocations. The following special allocations shall be made:

 

(i)                 
Code Section 704 Allocations. In accordance with Code Section 704(c) and the Treasury Regulations thereunder, income,
gain, loss and deductions with respect to any property contributed to the capital of the Company shall, solely for tax purposes,
be allocated among the Members so as to take account of the variation between the adjusted basis of such property to the Company
for federal income tax purposes and its initial Gross Asset Value.

 

In the event that the
Gross Asset Value of any Company asset is adjusted due to a revaluation of Company assets under Treasury Regulations Section 1.704-1(b)(2)(iv)(f),
subsequent allocations of income, gain, loss and deductions with respect to such asset shall take account of any variation between
the adjusted basis of such asset for federal income tax purposes and its Gross Asset Value in the same manner as under Code Section
704(c) and the Treasury Regulations thereunder.

 

Notwithstanding anything
to the contrary herein, the Manager may allocate income, gains, losses, deductions and credits of the Company pursuant to this
Section 4(e)(i) to one or more Members in the event of a redemption of all or any portion of a Member’s interest,
in such manner as the Manager deems necessary to equitably account for such items.

 

All elections or other
decisions relating to such allocations shall be made by the Manager in any manner that reasonably reflects the purpose and intention
of this Agreement. Allocations pursuant to this Section 4.4(e)(i) are solely for purposes of federal, state and local taxes
and shall not affect, or in any way be taken into account in computing, any Member’s Capital Account or share of Net Income,
Net Loss, other items or distributions pursuant to any provision of this Agreement.

 

(ii)               
Recapture. In the event that the Company has taxable income that is characterized as ordinary income under the recapture
provisions of the Code, each Member’s distributive share of taxable gain or loss from the sale of Company assets (to the
extent possible) shall include a proportionate share of this recapture income equal to such Member’s prior share of prior
cumulative depreciation deductions with respect to the assets that gave rise to the recapture income.

 

(iii)             
Minimum Gain Chargeback. Except as otherwise provided in Section 1.704-2(f) of the Treasury Regulations, in the event
that there is a net decrease in the Company Minimum Gain during any taxable year, each Member shall be allocated items of income
and gain for such year (and, if necessary, subsequent years) in an amount equal to such Member’s share of the net decrease
in such Company Minimum Gain during such year in accordance with Section 1.704-2(g) of the Treasury Regulations. This Section
4.4(e)(iii) is intended to comply with the minimum gain chargeback requirement of Section 1.704-2(f) of the Treasury Regulations
and shall be interpreted consistent therewith.

 

 

 

 

    	 	10	 

     

    

 

(iv)              
Member Minimum Gain Chargeback. Except as otherwise provided in Section 1.704-2(i)(4) of the Treasury Regulations,
in the event that there is a net decrease in the minimum gain attributable to a Member Nonrecourse Debt during any taxable year,
each Member with a share of such minimum gain shall be allocated income and gain for such year (and, if necessary, subsequent
years) in accordance with Section 1.704-2(i) of the Treasury Regulations. This Section 4.4(e)(iv) is intended to comply
with the chargeback requirement of Section 1.704-2(i)(4) of the Treasury Regulations and shall be interpreted consistent therewith.

 

(v)               
Qualified Income Offset. Any Member who unexpectedly receives an adjustment, allocation or distribution described in
subparagraphs (4), (5) or (6) of Section 1.704-1(b)(2)(ii)(d) of the Treasury Regulations, which adjustment, allocation or distribution
creates or increases a deficit balance in such Member’s Capital Account, shall be allocated items of “book” income
and gain in an amount and manner sufficient to eliminate or to reduce the deficit balance in such Member’s Capital Account
so created or increased as quickly as possible in accordance with Section 1.704-1(b)(2)(ii)(d) of the Treasury Regulations and
its requirements for a “qualified income offset.” The Members intend that the provision set forth in this Section
4.4(e)(v) will constitute a “qualified income offset” as described in Section 1.704-1(b)(2)(ii)(d) of the Treasury
Regulations and shall be interpreted consistent therewith.

 

(vi)              
Member Nonrecourse Deductions. After the allocations of Net Loss and Nonrecourse Deductions, Member Nonrecourse Deductions
shall be allocated among the Members as required in Section 1.704-2(i)(1) of the Treasury Regulations, in accordance with the manner
in which the Member or Members bear the Economic Risk of Loss for the Member Nonrecourse Debt corresponding to the Member Nonrecourse
Deductions, and, if more than one Member bears such Economic Risk of Loss for a Member Nonrecourse Debt, the corresponding Member
Nonrecourse Deductions must be allocated among such Members in accordance with the ratios in which the Members share the Economic
Risk of Loss for the Member Nonrecourse Debt.

 

(vii)            
Code Section 754 Adjustment. To the extent that an adjustment to the adjusted tax basis of any Company asset pursuant
to Code Section 734(b) or Code Section 743(b) is required, pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(2) or
Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Accounts as a result of a
distribution to a Member in complete liquidation of such Member’s interest, the amount of such adjustment to the Capital
Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases
such basis), and such gain or loss shall be specifically allocated to the Members in accordance with their interests in the Company
in the event that Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(2) applies or to the Members to whom such distribution was
made in the event that Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(4) applies.

 

(viii)          
Allocations Relating to Taxable Issuance of Company Interests. Any income, gain, loss or deduction realized as a direct
or indirect result of the issuance of an interest in the Company to a Member (the “issuance items”) shall be allocated
among the Members so that, to the extent possible, the net amount of such issuance items, together with all other allocations under
this Agreement to each Member, shall be equal to the net amount that would have been allocated to each such Member of the issuance
items had not be realized.

 

(f)                 
Varying Interests. Where any Member’s interest, or portion thereof, is acquired or transferred during a taxable
year or for any other purpose requiring the determination of Net Income, Net Loss or other items allocable to any period, the Manager
may choose to implement the provisions of Section 706(d) of the Code in allocating among the varying interests.

 

(g)               
Excess Nonrecourse Liabilities. Solely for purposes of determining a Member’s proportionate share of the “excess
nonrecourse liabilities” of the Company within the meaning of Treasury Regulations Section 1.752-3(a)(3), the Members’
interests in Company profits are in proportion to their Percentage Interests.

 

 

 

 

    	 	11	 

     

    

 

(h)               
Consent of Member. The Members are aware of the income tax consequences of the methods, hereinabove set forth, by which
Net Income, Net Loss and Distributions are allocated and distributed and hereby agree to be bound by them in reporting them for
income tax purposes. The Members hereby expressly consent to such provisions as an express condition of becoming a Member.

 

4.5       Curative
Allocations. The allocations set forth in Sections 4.4(e)(iii), (iv), (v), (vi) and (vii) and
the allocations of Nonrecourse Deductions in Section 4.4(b) (the “Regulatory Allocations”) are intendedto
comply with certain requirements of the Treasury Regulations. It is the intent of the Members that, to the extent possible, all
Regulatory Allocations shall be offset either with other Regulatory Allocations or with special allocations of other items of
Company income, gain, loss or deduction pursuant to this Section 4.5. Therefore, notwithstanding any other provision of
this Section 4 (other than the Regulatory Allocations), the Manager shall make such offsetting special allocations of Company
income, gain, loss or deduction in whatever manner they determine appropriate so that, after such offsetting allocations are made,
each Member’s Capital Account balance is, to the extent possible, equal to the Capital Account balance that such Member
would have had if the Regulatory Allocations were not part of this Agreement and all Company items were allocated pursuant to
Section 4.4(b). In exercising its discretion under this Section 4.5, the Manager shall take into account future
Regulatory Allocations under Sections 4.4(e)(iii) and (iv) that, although not yet made, are likely to offset Regulatory
Allocations made under Section 4.4(b) and Section 4.4(e)(vi).

 

4.6       Loss
Limitation. Net Loss and Nonrecourse Deductions allocated
pursuant to Section 4.4(b) shall not exceed the maximum amount of Net Loss and Nonrecourse Deductions that can be allocated
without causing any Member to have an Adjusted Capital Account Deficit at the end of any fiscal year. In the event that some but
not all of the Members would have Adjusted Capital Account Deficits as a consequence of allocations of Net Loss and Nonrecourse
Deductions pursuant to Section 4.4(b), the limitations set forth in this Section 4.6 shall be applied on a Member
by Member basis, and Net Loss and Nonrecourse Deductions not allocable to any Member as a result of such limitation shall be allocated
to the other Members in accordance with the positive balances in such Member’s Capital Accounts so as to allocate the maximum
permissible Net Loss and Nonrecourse Deductions to each Member under Treasury Regulations Section 1.704-1(b)(2)(ii)(d). If Net
Loss or Nonrecourse Deductions are allocated to a Member pursuant to this Section 4.6, then thereafter income of the Company
shall first be allocated among the Members to offset in reverse order the allocations of Loss and Nonrecourse previously made pursuant
to this Section 4.6.

 

4.7       Tax
Elections. The Manager shall, without further consent of the Members being required (except as specifically required herein),
have the authority to make any and all elections for federal, state and local tax purposes, including any election, if permitted
by applicable law, to adjust the basis of Company property pursuant to Code Sections 754, 734(b) and 743(b) or comparable provisions
of state or local law in connection with transfers of interests in the Company and Company distributions.

 

5.       MANAGEMENT

 

5.1       Management
of the Company. Subject to the provisions of this Agreement relating to actions required to be approved by the Members, the
Company’s business, property and affairs shall be managed and all powers of the Company shall be exercised by or under the
direction of a single Manager (the “Manager”). The Manager shall be appointed or elected in accordance with
Section 5.3. Except as otherwise set forth in this Agreement, the Manager shall have all authority, rights and powers conferred
by law and those necessary or appropriate to carry out the purposes of the Company as set forth in Section 1.2. Unless otherwise
expressly provided in this Agreement, action by the Manager shall not require the vote or written consent of any Member, including
any Member holding Class A Units.

 

5.2       Agency
Authority of Manager. The Manager shall have all authority, rights and powers as a Manager, to the maximum extent authorized
and permitted by the Act, to conduct or engage in all matters of ordinary and customary business activity on behalf of the Company.

 

 

 

 

    	 	12	 

     

    

 

5.3       Appointment
or Election of Manager.

 

(a)               
Number. The authorized number of Managers shall be one (1). The number of Managers shall not be changed or be subject
to being changed at any time for any reason.

 

(b)               
Tenure. Unless such Person resigns or is removed, the Manager shall hold office until a successor has been appointed
or elected and qualified.

 

(c)                
Appointment or Election; Qualifications of Manager; Vote Required. The Manager shall be appointed or elected in accordance
with this Section 5.3(c). The Manager shall be appointed or elected exclusively pursuant to the consent of a Majority in
Interest of the Members Holding Class A Units. The Manager need not be a Member, an individual, a resident of the State of Delaware
or a citizen of the United States. The initial Manager shall be VVMCI.

 

(d)               
Resignation. The Manager may resign at any time by giving written notice of resignation to the Members. The resignation
of a Manager who also is a Member, or associated with a Member, shall not affect such resigned Manager’s rights as a Member
and shall not constitute a withdrawal of that Member.

 

(e)                
Removal. The Manager may be removed as such with or without cause only pursuant to the consent of a Majority in Interest
of the Members Holding Class A Units. The removal of any Manager who also is a Member, or associated with a Member, shall not affect
such removed Manager’s rights as a Member and shall not constitute a withdrawal of that Member.

 

(f)                
Vacancies. Any vacancy in the office of the Manager that occurs for any reason shall be filled by appointment pursuant
to the consent of a Majority in Interest of the Members Holding Class A Units.

 

5.4       Responsibilities
of the Manager. The Manager shall devote such time to administering the business of the Company as the Manager reasonably deems
necessary to perform the Manager’s duties as such as set forth in this Agreement. Nothing in this Agreement shall preclude
the employment by the Company of any agent or third party to provide services in respect of the business of the Company; provided,
however, that the Manager shall continue to have ultimate responsibility for the Company’s business, property and affairs
under this Agreement. The Manager shall cause to be filed such certificates or filings as may be required for the continuation
and operation of the Company as a limited liability company in any state in which the Company elects to do business.

 

5.5       Meetings
of the Manager; Action by Written Consent. Nothing in this Agreement is intended to require that meetings of the Manager be
held, it being the intent of the Members that meetings of the Manager are not required. Any action required or permitted to be
taken by the Manager may be taken by the Manager without a meeting, if the Manager approves such action in writing before such
action. Such action by written consent shall have the same force and effect as a vote of the Manager at a meeting of the Manager.

 

5.6       Compensation
of the Manager. The Manager shall not be entitled to compensation for services in its capacity as the Manager.

 

 

 

 

    	 	13	 

     

    

 

5.7       Tax
Matters Partner. If required by Section 6231(a)(7) of the Code, the Manager shall appoint a “Tax Matters Partner”
in accordance with such Section, and in connection therewith and in addition to all the powers given thereunder, the Tax Matters
Partner shall have all other powers needed to fully perform hereunder, including the power to retain all attorneys and accountants
of such Tax Matters Partner’s choice. The initial Tax Matters Partner shall be VVMCI (i.e., the Manager). The designation
made in this Section is hereby expressly consented to by each Member as an express condition to becoming a Member.

 

5.8       Appointment
and Duties of Officers. In connection with the management of the operations and affairs of the Company, the Manager may appoint
such officers of the Company as the Manager deems necessary, including a President, a Chief Executive Officer, a Chief Operating
Officer, a Chief Financial Officer and a Secretary. Each officer shall exercise such powers and perform such duties as are determined
by the Manager, and, if not specifically set forth by the Manager, each officer shall have those duties and have such authority
as is typically provided to an officer of a corporation holding the same position. The Manager shall have the discretion to set
the terms of employment of each officer, including the term of office and the compensation paid to each officer. An officer need
not be a Member of the Company.

 

6.       LIABILITY, RIGHTS, AUTHORITY AND VOTING
OF MEMBERS

 

6.1       Liability
of Members. Except as specifically provided in this Agreement or the Act, the Members shall not be liable for the debts, liabilities,
contracts or other obligations of the Company except with respect to their Capital Contributions as indicated herein. Only the
Company or the Manager (and no third party creditor, either in its own right or as a successor-in-interest of the Company, and
including a trustee, receiver or other representative of the Company or a Member) shall be entitled to enforce the requirements
to make Capital Contributions. The Members intend and agree that the obligation of the Members to make Capital Contributions constitutes
an agreement to make financial accommodations to and for the benefit of the other Members and the Company.

 

6.2       Members
are not Agents. Pursuant to Section 5, the management of the Company is vested in the Manager. No Member, acting solely
in the capacity of a Member, is an agent of the Company, nor can any Member in such capacity bind or execute any instrument on
behalf of the Company, except as expressly provided in Section 5.

 

6.3       Voting.
The voting rights of the Members shall be based on the following:

 

(a)               
To the extent that holders of Units in the Company are provided with the right to vote hereunder or as required under the
Act, such Units shall have the right to vote on a one (1) vote per Unit basis. Assignees who have not become Substituted Members
shall not be entitled to vote, and all voting rights associated with the Units transferred to such Assignee shall remain with the
transferring Member.

 

(b)               
Notwithstanding Section 6.3(a), any action in which the Members are entitled to vote may be taken without a meeting
and without prior notice if a consent in writing, setting forth the action so taken, is signed by those Members representing the
requisite vote that would be necessary to authorize or take such action at a meeting at which all Members entitled to vote thereon
were present and voted. Each Member entitled to vote pursuant to this Agreement shall be notified of any action so taken within
thirty (30) days of its approval if such action is material to the operation of the Company’s business, as determined by
the Manager.

 

 

 

 

    	 	14	 

     

    

 

6.4       Meetings
of Members. The Manager shall have the discretion to call meetings of the Members; provided, however, that nothing in
this Agreement will be interpreted to require that meetings of the Members be held, it being the intent of the Members that meetings
of the Members are not required.

 

6.5       Limitation
of Rights of Members. No Member will have the right or power to: (a) withdraw or reduce its Capital Contribution, except as
a result of the dissolution of the Company or as otherwise provided in this Agreement or by law; (b) bring an action for partition
against the Company; or (c) demand or receive property in any distribution other than cash. Except as otherwise provided in this
Agreement, no Member will have priority over any other Member either as to the return of Capital Contributions or as to allocations
of the Net Income, Net Loss or Distributions of the Company.

 

6.6       Return
of Distributions. In accordance with the Act, a Member may, under certain circumstances, be required to return to the Company,
for the benefit of the Company’s creditors, amounts previously distributed to such Member.

 

6.7       Resignation
or Withdrawal of a Member. A Member shall not resign or withdraw as a Member without the consent of the other Member or Members.

 

7.       AMENDMENTS

 

This Agreement and the
Certificate of Formation may not be amended without the approval of the Manager and the unanimous written consent of the Members
holding Class A Units. By executing or adopting this Agreement, each Member hereby consents to the admission of additional Members
and Substituted Members upon the consent of the Manager in compliance with this Agreement. Amendments to this Agreement for the
admission of any Member or Substituted Member shall not, if in accordance with the terms of this Agreement, require the consent
of any Member, including any Member holding Class A Units. The Manager shall have the right at any time and from time to time
to modify and update Exhibit A hereto to reflect changes in the information set forth therein caused by events or transactions
effected in accordance with this Agreement, and no such modification or update of Exhibit A hereto will require the consent
or approval of any Member, including any Member holding Class A Units.

 

8.       TRANSFERS
OF UNITS

 

8.1       Assignment
of Units.

 

(a)                
Transferability.
Except as otherwise expressly provided in this Agreement, each Member agrees that such Member shall not transfer, assign or
in any way alienate any of such Member’s Units, or any right or interest therein, whether voluntarily or by operation of
law, or whether during lifetime or upon death by will or otherwise, without the prior written consent of the Manager, the granting
or denial of which shall be within the sole and absolute discretion of the Manager. Each Member agrees that such Member shall not
hypothecate or otherwise create or suffer to exist any lien, claim or encumbrance on any of such Member’s Units at any time
subject hereto, other than the encumbrance created by this Agreement. Any purported transfer of Units in violation of any provision
of this Agreement shall be void and ineffectual, shall not operate to transfer any interest or title to the purported transferee
and shall give the Company and the non-transferring Members an option to purchase such Units in the manner and on the terms and
conditions provided for herein.

 

 

 

 

    	 	15	 

     

    

 

Any transferee of Units
in compliance with this Section 8.1 and Section 8.2 shall merely be an Assignee possessing only an economic interest
and shall not become a Substituted Member except upon compliance with Section 8.3. A Member assigning all or any portion
of such Member’s Units to an Assignee shall not assign to, or obligate itself to act on behalf of or upon the direction of
that Assignee with regard to, such Member’s right:

 

(i)                 
to require any information from the Company or obtain accountings of the Company’s activities;

 

(ii)               
to inspect the Company’s books and records; or

 

(iii)             
to vote on any matter on which a Member is entitled to vote pursuant to either this Agreement or any applicable law.

 

(b)                
Permitted
Transfers. Notwithstanding this Section 8.1, a Member that is an individual may transfer, for estate planning purposes,
all or any portion of such Member’s Units to a trust for the sole benefit of such Member and/or such Member’s spouse
or issue, without such transfer being subject to the Manager consent requirement set forth in Section 8.1(a) or the Right
of First Refusal set forth in Section 8.2, provided that a transferring Member shall continue to have sole voting control
of such transferred Units, that such transferred Units shall remain subject to all of the terms and conditions contained herein
and that no further transfer of such Units shall be permitted unless such transfer complies with all of the terms and conditions
of this Agreement. In the event of a transfer to a trust, all notices required by this Agreement shall be given to both the transferring
Member and to the trustee or the successor trustee of such trust.

 

(c)                
Distributions,
Allocations and Reports. An Assignee shall be entitled to receive Distributions from the Company attributable to the Units
acquired by reason of such assignment from and after the effective date of the assignment of such Units to such Assignee; provided,
however, that, anything herein to the contrary notwithstanding, the Company shall be entitled to treat the assignor of such
Units as the absolute owner thereof in all respects and shall incur no liability for allocations of Net Income or Net Loss, Distributions
or for the transmittal of reports and notices required to be given to Members hereunder that are made in good faith to such assignor
until such time as the written instrument of assignment has been received by the Company and recorded on its books, and the effective
date of assignment has passed.

 

(d)                
Consent
to Transfer Restrictions. Each Member acknowledges the reasonableness of the restrictions on transfer imposed by this Agreement
in view of the purposes of the Company, its status as a limited liability company and the relationship of its Members. The transfer
restrictions contained herein are expressly consented to by each Member as an express condition of becoming a Member.

 

8.2       Right
of First Refusal.

 

(a)                
The Company’s Right of First Refusal. Except as otherwise provided herein, if a Member decides to sell or transfer
all or any portion of such Member’s Units (“Offered Units”) pursuant to a bona fide offer, then
such Member shall give written notice, setting forth in full the terms of such bona fide offer and the identity of the offeror(s),
to the Company and the non-transferring Members (the “Notice”). As set forth in Section 8.1(a), the Offered
Units may not be transferred unless the Manager consents to the proposed transfer. In the event that the Manager consents to the
proposed transfer, for thirty (30) days following the receipt of the Notice by the Company and the non-transferring Members, the
Company shall have the right to purchase the Offered Units for the consideration and according to the terms of payment stated in
the Notice. The Company’s right accorded hereunder shall be exercised only upon the consent of the Manager. Such right shall
be exercised by delivering to the transferring Member a written election to purchase the Offered Units and may not be exercised
as to less than all of the Offered Units proposed to be transferred, unless the non-transferring Members exercise such non-transferring
Members’ right (as provided below) to purchase any of the Offered Units not purchased by the Company so that, between the
Company and such non-transferring Members, all of the Offered Units are purchased.

 

 

 

 

    	 	16	 

     

    

 

(b)                
Members’ Right of First Refusal. If such right is not exercised by the Company as to all of the Offered Units
proposed to be transferred within the thirty (30) day period prescribed above, then notice of the contemplated transfer shall be
given forthwith by registered or certified mail to the non-transferring Members, who shall have the right to purchase Offered Units
not to be purchased by the Company (the “Remaining Offered Units”) for the consideration and according to the
terms of payment on which the Company was entitled to purchase such Offered Units under the foregoing provisions. Within fifteen
(15) days after the mailing of such notice, if the non-transferring Members desire to acquire all or any portion of the Remaining
Offered Units, then such Members shall deliver to the Secretary (or to the Company in the event that there is no Secretary) a written
election to purchase such Remaining Offered Units or a specified number thereof. Subject to the foregoing, each non-transferring
Member shall have the right to elect to purchase all or any portion of such non-transferring Member’s pro rata share
of the Remaining Offered Units (with any reallotment as provided below in this Agreement). Each such non-transferring Member’s
pro rata share of the Remaining Offered Units shall be a fraction of the Remaining Offered Units, of which the number of
Units owned by such non-transferring Member on the date of the Notice shall be the numerator, and the total number of Units owned
by all of the non-transferring Members on the date of the Notice shall be the denominator. Each non-transferring Member shall have
a right of reallotment such that, if any other non-transferring Member fails to exercise the right to purchase such non-transferring
Member’s full pro rata share of the Remaining Offered Units, then the participating non-transferring Members may exercise
an additional right to purchase, on a pro rata basis, the Remaining Offered Units not previously purchased.

 

(c)                
Consideration Other Than Cash. If the Company and/or the non-transferring Members elect to purchase all of the Offered
Units mentioned in the Notice, then the Company and the non-transferring Members shall have the right to purchase the Offered Units
for cash consideration, whether or not part or all of the consideration specified in such Notice is other than cash. If part or
all of the consideration to be paid for the Offered Units as stated in the Notice is other than cash, then the price stated in
such Notice shall be deemed to be the sum of the cash consideration, if any, specified in such Notice plus the fair market value
of the non-cash consideration. If the parties are unable to agree upon the fair market value of the non-cash consideration, then
the fair market value shall be determined in the manner set forth in Section 9.4(b), which determination shall be conclusive
and binding on all of the parties.

 

(d)                
Closing. If the Company and/or the non-transferring Members have contracted to purchase all of the Offered Units, then
the closing of the purchase and sale shall occur at the offices of the Company at 10:00 a.m. on the thirtieth (30th) day following
the giving by the Company to the transferring Member of notice of either (i) its election to purchase all of the Offered Units
pursuant to Section 8.2(a) or (ii) the final allocation of such Units pursuant to Section 8.2(b), as the case may
be, or at such other time and place as may be mutually agreed to in writing by the Company and/or the purchasing Members and the
transferring Member (the “Closing”). At the Closing, the transferring Member shall deliver to the Company and/or
the purchasing Members, as the case may be, a certificate or certificates (if applicable) representing the transferring Member’s
Units duly endorsed for transfer, and the Company and/or the purchasing Members, as the case may be, shall deliver to the transferring
Member cash (or a certified or cashier’s check) for the amount of the cash consideration and any other consideration to
be paid by the Company and/or the purchasing Members for the Units that they have contracted to purchase. The transferring Member
and the Company and/or the purchasing Members, as the case may be, shall each execute and deliver such other documents as may
reasonably be requested by any of the parties mentioned above in connection with the transactions contemplated in this Agreement.

 

(e)                
Failure
to Exercise Right of First Refusal. In the event that the Company and/or the purchasing Members fail to tender the required
consideration at the Closing, or the Company and such Members do not elect to purchase all of the Offered Units set forth in the
Notice within the time periods specified above, then all of the Offered Units may be transferred by the transferring Member at
any time within ninety (90) days from the date of receipt of the Notice by the Company to the person and for the consideration
and on the terms and conditions specified in the Notice, provided that such transferee executes a counterpart of this Agreement
concurrently with the purchase of such Units. Any transfer of the Offered Units after the end of the ninety (90) day period or
any change in the terms of the sale from the terms set forth in the original Notice shall require a new notice of intent to transfer
delivered to the Company and shall give rise anew to the rights provided in the preceding paragraphs.

 

 

 

 

    	 	17	 

     

    

 

8.3       Substituted
Members.

 

(a)                
Conditions
of Substitution. An Assignee may have the right to become a Substituted Member in place of such Assignee’s assignor only
if all of the following conditions are first satisfied:

 

(i)                 
Written Assignment. A duly executed and acknowledged written instrument of assignment shall have been filed with the
Company, which instrument shall specify the number of Units in the Company being assigned, and which instrument sets forth the
intention of the assignor that the Assignee succeed to the assignor’s Units as a Substituted Member in such assignor’s
place;

 

(ii)               
Instruments of Substitution. The Assignee shall have executed and acknowledged such other instruments as may be necessary
or desirable to effect such substitution, including the written acceptance and adoption by the Assignee of the provisions of this
Agreement; and

 

(iii)              
Consent of Manager. The written consent to such substitution shall have been obtained from the Manager, the granting
or denial of which shall be within the sole and absolute discretion of the Manager.

 

9.       OPTION
TO PURCHASE UNITS UPON SPECIFIED EVENTS

 

9.1       Option
to Purchase. Upon the occurrence of any of the following events (each referred to hereinafter as an “Option Event”)
affecting a Member (the “Affected Member”), the Company and then the other Members shall have the option to
purchase the number of Units of the Affected Member as described in Section 9.2, for the price and on the terms set forth
in Sections 9.3 and 9.4; provided, however, that no Option Event shall be deemed to occur (and this Section
9 shall not apply) if the Manager consents to any assignment or transfer (or potential assignment or transfer) resulting from
an event described below (which consent may not be unreasonably withheld) as if such assignment or transfer were made by the Affected
Member pursuant to Section 8.1:

 

(a)                
The maintenance of any proceeding initiated by or against a Member under any bankruptcy or debtors’ relief law of
the United States or of any other jurisdiction, which proceeding is not terminated within ninety (90) days after its commencement;

 

(b)                
A general assignment for the benefit
of the creditors of a Member;

 

(c)                
A levy upon the Units of a Member pursuant to a writ of execution or subject to the authority of any governmental entity,
which levy is not removed within thirty (30) days, and only to the extent of the Units subject to such levy;

 

(d)               
The entry of a Final Judgment of Dissolution of Marriage of a Member if in connection with such dissolution the spouse of
such Member is awarded Units or any interest therein as a result of a property settlement agreement or otherwise, but in such event
such option to purchase shall extend only to such spouse’s Units or interest therein. In such event, the Units of such spouse
or such spouse’s interest therein shall be deemed to be the “Units of the Affected Member” for the purposes
of this Agreement;

 

(e)                
With respect to Units transferred by a Member pursuant to Section 8.1(b), the loss of sole voting control over such
Units by the transferring Member or such Units becoming no longer subject to such trust, unless such Units are returned to the
original transferor thereof. In such event, the Units so transferred shall be deemed to be the “Units of the Affected
Member” for the purposes of this Agreement;

 

 

 

 

    	 	18	 

     

    

 

(f)                 
The death of a Member (the “Deceased Member”) or upon the death of any spouse of a Member who has acquired
any interest in such Member’s Units subject to such spouse’s disposition by will or otherwise at such spouse’s
death if such spouse’s death occurs before such Member’s death (the “Deceased Spouse”); provided,
however, that the prior death of a spouse of a Member shall not give rise to an option to purchase such Deceased Spouse’s
interest in a Member’s Units by the Company or the other Members if, as a result of such spouse’s death, such spouse’s
Units or interest therein pass or will pass by will or otherwise to the Member outright or to a trust pursuant to which the Member
has sole voting control of such Units; provided further that, at such time that the Member ceases to have sole voting control
over Units or over any interest therein transferred to trust or the Units or interest therein are distributed free of trust to
other than such Member, the cessation of such voting control or distribution free of trust shall give rise at such time to an option
to purchase such Units or interest therein as though the Deceased Spouse had then died without leaving the Deceased Spouse’s
Units to the Member or to a trust over which such Member has sole voting control of such Units or interest therein. In the event
of the prior death of a spouse of a Member, such spouse and the interest of such spouse in Units of the Member shall be deemed
to be the “Affected Member” and the “Units of the Affected Member,” respectively, for the
purposes of this Agreement. Notwithstanding anything to the contrary hereinabove, if the Deceased Spouse of a Member leaves such
Deceased Spouse’s interest in such Member’s Units in a manner that would otherwise give rise to an option to purchase
such interest by the Company and/or the remaining Members, then such Member shall have the first option to purchase any such interest
of his or her Deceased Spouse for the price and on the terms specified in Sections 9.4 and 9.5.

 

9.2       Exercise
of Option. The Affected Member or the Affected Member’s legal representative shall give written notice to the Company
and the non-transferring Members immediately upon the occurrence of an Option Event and in no event more than ten (10) days after
the occurrence of such Option Event or the appointment of a legal representative for such Affected Member, whichever occurs last.
Upon receipt of written notice of the occurrence of an Option Event and for a period of thirty (30) days thereafter, the Company
shall have the first option to purchase all or any portion of the Units of the Affected Member subject to repurchase pursuant
to Section 9.1, provided that, in the event of the dissolution of the marriage of a Member, or on the occurrence
of an Option Event within the meaning of Section 9.1(e) or (f), the divorced, transferring or widowed Member, as
the case may be, shall have during the first fifteen (15) days of such thirty (30) day period a concurrent but priority right
to purchase the Units or interest therein that have been awarded to such Member’s spouse as a result of the dissolution
of such Member’s marriage or with respect to which such Member was the transferring Member under Section 8.1(b),
or which are not distributed to such Member outright or to a trust over which such Member has sole voting control. In the event
that the Company and, in any situation where a divorced, transferring or widowed Member has a concurrent but priority option to
purchase, such Member does not elect to purchase all of the Units within such thirty (30) day period, the Company shall forthwith
notify the non-transferring Members of the election not to purchase all or a portion of the Affected Member’s Units, and
such non-transferring Members shall then have the option for a period of fifteen (15) days from the receipt of such notice to
purchase the Units of the Affected Member not purchased by the Company and/or the divorced, transferring or widowed Member (the
“Remaining Units of the Affected Member”). Within fifteen (15) days after the receipt of such notice, if the
non-transferring Members desire to acquire all or any portion of the Remaining Units of the Affected Member (the “Purchasing
Members”), then the Purchasing Members shall deliver to the Secretary (or to the Company in the event that there is
no Secretary) a written election to purchase such Remaining Units of the Affected Member or a specified number thereof. Except
upon the occurrence of the death of a Deceased Member or Deceased Spouse, as hereinabove defined, the option set forth in this
Section 9 may not be exercised unless the Company and/or the Purchasing Members purchase all of the Units of the Affected
Member. Subject to the foregoing, each non-transferring Member shall have the right to elect to purchase all or any portion of
such non-transferring Member’s pro rata share of the Remaining Units of the Affected Member (with any reallotment
as provided below in this Agreement). Each such non-transferring Member’s pro rata share of the Remaining Units of
the Affected Member shall be a fraction of the Remaining Units of the Affected Member, of which the number of Units owned by such
non-transferring Member on the date of the Option Event shall be the numerator, and the total number of Units owned by all of
the non-transferring Members on the date of the Option Event shall be the denominator. Each non-transferring Member shall have
a right of reallotment such that, if any other non-transferring Member fails to exercise the right to purchase such non-transferring
Member’s full pro rata share of the Remaining Units of the Affected Member, then the participating non-transferring
Members may exercise an additional right to purchase, on a pro rata basis, the Remaining Units of the Affected Member not
previously purchased.

 

 

 

 

    	 	19	 

     

    

 

9.3       Notice of Exercise of Option. If the
Company and/or the non-transferring Members elect to purchase all of the Units of the Affected Member, then the Company shall
give notice of such election, setting forth the number of such Units to be purchased by each party, by giving written notice of
such election to the Affected Member and, if applicable, the Affected Member’s receiver or trustee in bankruptcy, the creditor
who secured a levy upon the Affected Member’s assets and the Affected Member’s legal representative, spouse or other
transferee, as the case may be. Such notice shall be given within thirty (30) days after the Company’s receipt of notice
of the Option Event giving rise to the option to purchase in the event that the Company elects to purchase all of the Affected
Member’s Units, or within fifteen (15) days after the non-transferring Members have received notice of the Company’s
election not to purchase all of such Units in the event that all or a portion of such Units are to be purchased by the non-transferring
Members.

 

9.4       Purchase Price for Units.

 

(a)               
Purchase Price. The purchase price to be paid by the Company and/or the Purchasing Members upon the exercise of any
option to purchase Units under Section 9.3 (the “Purchase Price”) shall be the fair market value of the
Units.

 

(b)               
Fair Market Value. The Affected Member or the legal representative of an Affected Member or Deceased Member or Deceased
Spouse, as one party, and the Company, as another party, shall attempt to agree upon the fair market value of the Units. If such
parties are unable to agree upon the fair market value of the Units within thirty (30) days following the notice of the exercise
of the option pursuant to Section 9.3, then the value per Unit of the Units shall be determined by an independent appraiser
experienced in appraising closely held businesses selected by the mutual agreement of such parties. If such parties are unable
to agree upon a mutually acceptable appraiser within forty-five (45) days following the notice of exercise of the option pursuant
to Section 9.3, then the fair market value shall be determined by the Company’s independent certified public accountant.
In performing such valuation, the appraiser or accountant, as the case may be, shall consider such methods of valuation as are
customary and appropriate in the discretion of such appraiser or accountant.

 

(c)                
Binding Effect. The value determined pursuant to this Section 9.4 shall be binding on the parties to this Agreement,
their legal representatives and their successors in interest for purposes of purchases and sales made pursuant to Section 9.3.

 

9.5       Payment of Purchase Price.

 

(a)                
Form
of Payment. The Company and/or the Purchasing Members shall execute and deliver a negotiable promissory note (the “Note(s)”)
representing the purchase price of that portion of the Units of the Affected Member or Deceased Member or Deceased Spouse to be
purchased by him, her or it no later than thirty (30) days following (i) the giving of notice pursuant to Section 9.3 containing
the election of the Company and/or the Purchasing Members to purchase the Units of the Affected Member; (ii) the appointment of
a legal representative for a Deceased Member or Deceased Spouse; or (iii) if applicable, receipt of the decision of the appraiser
or independent certified public accountant as to the value of the Units of the Affected Member or Deceased Member or Deceased
Spouse under Section 9.4, whichever is later.

 

(b)                
Terms
of Note(s). The Note(s) shall be fully amortized over a period of not more than forty-eight (48) months and shall bear interest
from the date of delivery at a rate equal to nine percent (9%) per annum or the maximum lawful rate, whichever is less. Anything
herein to the contrary notwithstanding, in no event shall the interest rate exceed the maximum rate permitted by law. Principal
and interest on the Note(s) shall be payable in equal quarterly installments commencing three (3) months after the Option Event
date or ten (10) days after the date specified in Section 9.5(a) for delivery of the Note(s), whichever occurs later, and
ending no later than forty-eight (48) months after the Option Event date, provided that the Note(s) shall be subject to
prepayment, in whole or in part, without penalty, at any time after the calendar year of the sale of the Units of the Affected
Member or Deceased Member or Deceased Spouse. All prepaid sums shall be applied against the installments thereafter falling due
in inverse order of their maturity or against all the remaining installments equally, at the option of the payee. The Note(s) shall
provide that, in any case of default, at the election of the holder the entire sum of principal and interest shall immediately
be due and payable and that the maker shall pay reasonable attorneys’ fees to the holder in the event that suit is commenced
because of default. Any promissory note executed by the Company and/or the Purchasing Members pursuant to this Section 9.5 shall
be secured by a pledge of the Units so purchased. The pledgeholder shall be such person as the parties shall mutually agree upon,
and the pledge agreement shall contain such other terms and provisions as may be customary and reasonable. As long as no default
occurs in payment on the Note(s), the purchasers (other than the Company) shall be entitled to vote the Units (provided that the
Units are Class A Units); however, Distributable Cash shall be paid to the holder of the Note(s) as a prepayment of principal.
The Company and/or the Purchasing Members shall expressly waive demand, notice of default and notice of sale and shall consent
to public or private sale of the Units in the event of default, in mass or in lots at the option of the pledgeholder, and the holder
of the Note(s) shall have the right to purchase at the sale.

 

 

 

    	 	20	 

     

    

 

9.6       Agreement
to Transfer. Each Member agrees that, upon receipt of the Note(s) in connection with the purchase of such Member’s Units
pursuant to Sections 9.3 and 9.5, such Member or such Member’s legal representative shall execute and deliver
all documents that are required to transfer the Units to the Company and/or the Purchasing Members. If such Member or such Member’s
legal representative refuses to do so, then the Company nevertheless shall enter the transfer on its Member records and hold such
consideration available for the Member or such Member’s legal representative, and thereafter all voting rights of such Units
shall be exercised by the designated transferees of such Units under this Agreement.

 

10.       ADMISSION OF NEW MEMBERS

 

New Members may be admitted from time to time by the
Manager in its discretion.

 

11.       REFERENCE TO A MEMBER

 

Wherever the context
requires, reference in this Agreement to a Member shall include an Assignee who does not become a Substituted Member wherever such
reference relates solely to an economic interest in the Company.

 

12.       BOOKS AND RECORDS

 

12.1       Records.
The Company shall keep at its principal office, or such other place as shall be designated by the Manager, the following documents:

 

(a)                
A current list of the full name and last known business, residence or mailing address of each Member and Assignee set forth
in alphabetical order, together with the number of Units held by each Member or Assignee;

 

(b)               
The full name and last known business, residence or mailing address of the Manager;

 

(c)                
A copy of the Certificate of Formation and all amendments thereto, and executed copies of all powers of attorney (if any)
pursuant to which the Certificate of Formation or any amendment thereto was executed;

 

(d)                
Copies of the Company’s federal, state and local income tax returns for the six (6) most recent years;

 

(e)                
Copies of this Agreement and all amendments to this Agreement, together with all powers of attorney (if any) pursuant to
which this Agreement or any amendment to this Agreement was executed;

 

(f)                 
Copies of the financial statements of the Company (if any) for the six (6) most recent fiscal years; and

 

(g)               
Books and records of the Company as they relate to the internal affairs of the Company for at least the current and past
four (4) years.

 

12.2       Inspection.
Upon the request of a Member in writing and with the stated purpose of the request reasonably related to such Member’s
interest as a Member of the Company, the Company shall promptly make available for inspection by the requesting Member the information
required to be maintained by Section 12.1 to the extent reasonably related to the purpose of that inspection.

 

 

 

 

    	 	21	 

     

    

 

12.3       Provision
of Reports. Within ninety (90) days of the end of the fiscal year, the Company shall supply all other information necessary
to enable each Member to prepare such Member’s federal and state income tax returns and such other information as such Member
may reasonably request for the purpose of enabling such Member to comply with all reporting requirements imposed by any statute,
rule, regulation or otherwise by any governmental agency or authority.

 

13.       DISSOLUTION
AND TERMINATION OF THE COMPANY

 

13.1       Events
Causing Dissolution. Notwithstanding any provision of the Act, the Company shall be dissolved and its affairs shall be wound
up only upon the earliest to occur of the following events:

 

(a)                
The approval of the Manager and the unanimous consent of the Members; or

 

(b)               
Entry of a decree of judicial dissolution under the Act.

 

13.2       Certificate
of Cancellation. As soon as possible following the occurrence of any of the events specified in Section 13.1, the Manager
shall execute a certificate of cancellation in such form as shall be prescribed by the Delaware Secretary of State and file such
certificate as required by the Act.

 

13.3       Distribution
Upon Dissolution. Upon a dissolution event described in Section 13.1, the Manager shall take full account of the Company’s
assets and liabilities, shall liquidate the assets as promptly as is consistent with obtaining their fair value, or, if the assets
cannot be sold, they shall be valued and distributed in kind, and shall apply and distribute the proceeds or assets in the following
order:

 

(a)                
To the payment of creditors of the Company;

 

(b)               
To the creation of reserves that the Manager deems reasonably necessary for contingent or unforeseen liabilities or obligations
of the Company;

 

(c)                
To the repayment of outstanding loans made by any Member to the Company;

 

and

 

(d)                
To the Members with positive Capital Accounts in accordance with the ratio of their Capital Account balances (which Capital Account
balances are intended to reflect the priority to distributions in Section 4.4(a)(i)).

 

14.       INDEMNIFICATION

 

14.1       General. The Company, its receiver or
its trustee shall indemnify, defend and save harmless the Manager, the Members and their successors (“Indemnitees”)
from any liability, loss or damage incurred by any Indemnitee by reason of any act performed or omitted to be performed by any
Indemnitee in connection with the business of the Company, including costs and attorneys’ fees and amounts expended in the
settlement of claims of liability, loss or damage; provided that, if the liability, loss or claim arises out of any action
or inaction of an Indemnitee: (a) such Indemnitee must have determined, in good faith, that such Indemnitee’s course of
conduct was in the best interests of the Company; and (b) the action or inaction did not constitute fraud, deceit, breach of fiduciary
duty, gross negligence, reckless or intentional misconduct, willful malfeasance or willful violation of a law by such Indemnitee;
and provided further that the indemnification shall be recoverable only from the assets of the Company and not any assets
of the Manager or the Members. The Company may, however, purchase and pay for insurance, including extended coverage liability
and casualty and worker’s compensation, as would be customary for any person engaging in a similar business, and name the
Indemnitees as additional or primary insured parties.

 

 

 

    	 	22	 

     

    

 

14.2       Advancement of Expenses. The Company
shall advance all expenses incurred by an Indemnitee in connection with the investigation, defense, settlement or appeal of any
civil or criminal action or proceeding referenced in Section 14.1. The Indemnitee shall repay such amounts advanced only
if, and to the extent that, it shall ultimately be determined that such Indemnitee is not entitled to be indemnified by the Company
as authorized hereby. The advances to be made hereunder shall be paid by the Company to the Indemnitee within ten (10) days following
delivery of a written request therefor by the Indemnitee to the Company.

 

15.       REPRESENTATION AND WARRANTIES OF MEMBERS. Each Member hereby represents, warrants and covenants to the Company that,
as of the effective date hereof:

 

15.1       Investment Representation. Such Member
has acquired or is acquiring such Member’s Units in good faith for such Member’s own personal account, for investment
purposes only and not with a view to or for the distribution, resale, subdivision, fractionalization or disposition thereof, and
such Member has no present intention of selling or otherwise distributing such Units. Such Member is or will be the sole party
in interest in such Member’s Units and as such is or will be vested with all legal and equitable rights in such Units.

 

15.2       Sophistication of the Member. Such Member
either has a pre-existing personal or business relationship with the Company or any of its Members or, by reason of such Member’s
business or financial experience or the business or financial experience of such Member’s professional advisers, who are
unaffiliated with and not compensated by the Company, directly or indirectly, has the capacity to protect such Member’s
own interests in connection with this investment. Such Member is able to bear the economic risk of an investment in such Member’s
Units and can afford to sustain a total loss on such investment. The nature and amount of such Member’s investment in such
Units is consistent with such Member’s investment objectives, abilities and resources. Such Member is an “accredited
investor” within the meaning of Regulation D under the Securities Act of 1933, as amended.

 

15.3       No Public
Market. Such Member understands that there is no public market for such Member’s Units and that there is no assurance
that there will be such a market in the future. Such Member has been advised that such Member’s Units have not been registered
under the Securities Act of 1933, as amended, and that such Units must be held indefinitely unless they are subsequently registered
under the Securities Act of 1933, as amended, or an exemption from such registration is available, and such Member understands
that the Company is under no obligation to register such Units or to comply with any exemption from such registration requirement.
In addition, such Member understands that the transferability of such Member’s Units are and will be further restricted
by this Agreement, which, among other things, requires that any sale or assignment of such Member’s Units will be subject
to certain terms and conditions. Thus, such Member realizes that such Member cannot expect to be able to liquidate such Member’s
investment in the Company readily, or at all, in the case of an emergency.

 

15.4       Speculative
Investment. Such Member recognizes that an investment in the Company is speculative in nature and involves a high degree of
risk, and such Member has carefully considered the risk factors involved. These factors include, without limitation, the fact that
the business of the Company is in the formative stages and that the Company’s initial capitalization may be insufficient
to satisfy the Company’s working capital requirements.

 

16.       SPECIAL POWER OF ATTORNEY

 

16.1       In
General. Each Member hereby irrevocably makes, constitutes and appoints the Manager, with full power of substitution, the true
and lawful representative and attorney in fact of, and in the name, place and stead of, such Member, with the power from time to
time to make, execute, sign, acknowledge, swear to, verify, deliver, record, file and/or publish:

 

(a)                
One or more amendments to this Agreement that have been approved in accordance with Section 7; and

 

 

 

    	 	23	 

     

    

 

(b)               
The Certificate of Formation and any amendment thereof required because this Agreement is amended, including an amendment
to effect any change in the membership of the Company.

 

16.2       Acknowledgment.
Each Member is aware that the terms of this Agreement permit certain amendments to this Agreement to be effected and certain
other actions to be taken or omitted by or with respect to the Company without such Member’s consent. If an amendment of
the Certificate of Formation or this Agreement or any action by or with respect to the Company is taken by the Manager in the manner
contemplated by this Agreement, then each Member hereby agrees that, notwithstanding any objection that such Member may assert
with respect to such action, the Manager is authorized and empowered, with full power of substitution, to exercise the authority
granted above in any manner that may be necessary or appropriate to permit such amendment to be made or action lawfully taken or
omitted. Each Member is fully aware that the Manager will rely on the effectiveness of this special power-of-attorney with a view
to the orderly administration of the affairs of the Company. This power-of-attorney is a special power-of-attorney and is coupled
with an interest in favor of the Manager and as such (a) is and will be irrevocable and will continue in full force and effect
notwithstanding the subsequent death or incapacity of any party granting this power-of-attorney, regardless of whether the Company
or the Manager have had notice of such death or incapacity, and (b) will survive the delivery of an assignment by a Member of the
whole or any portion of such Member’s interest in the Company, except that where the assignee of such interest has been approved
by the Manager for admission to the Company as a Substituted Member in accordance with Section 8.3(a)(iii), this power-of-attorney
given by the assignor will survive the delivery of such assignment for the sole purpose of enabling the Manager to execute, acknowledge
and file any instrument necessary to effect such substitution.

 

17.       MISCELLANEOUS

 

17.1       Counterparts.
This Agreement may be executed in several counterparts, and such counterparts so executed shall constitute one agreement, binding
on all of the Members, notwithstanding that all of the Members are not signatory to the original or the same counterpart.

 

17.2       Facsimile
or Other Electronic Transmission. The confirmed facsimile or other electronic transmission (including email) by any party hereto
of a signed copy of the signature page of this Agreement to each other party hereto or such party’s agent shall constitute
the delivery of this Agreement.

 

17.3       Binding
on Successors. This Agreement shall be binding on and shall inure to the benefit of the successors and permitted assigns of
the Members.

 

17.4       Severability.
If any sentence, paragraph, clause or combination of the same in this Agreement is held by a court of competent jurisdiction
to be unenforceable in any jurisdiction, then such sentence, paragraph, clause or combination shall be unenforceable in the jurisdiction
where it is so held invalid, and the remainder of this Agreement shall remain binding on the parties hereto in such jurisdiction
as if such unenforceable provision had not been contained herein. The enforceability of such sentence, paragraph, clause or combination
of the same in this Agreement otherwise shall be unaffected and shall remain enforceable in all other jurisdictions.

 

17.5       Notices. Unless otherwise specifically
provided in this Agreement, all notices and demands required to be given hereunder shall be deemed to be duly given at the time
of delivery if such notice or demand is personally delivered, or forty-eight (48) hours after mailing if such notice or demand
is deposited with the United States Postal Service, postage prepaid, for mailing via certified mail, return receipt requested,
to the Manager and to the Members at the address maintained by the Company for such person or at any other address that such person
specifies in writing.

 

 

 

 

    	 	24	 

     

    

 

17.6       Headings and Captions. The headings
and captions appearing at the beginning of each Section of this Agreement are included herein for the convenience of reference
only, do not constitute a part of this Agreement and shall not be deemed to limit, characterize or in any way affect any term
or provision of this Agreement or its interpretation. This Agreement shall be enforced and construed as if no headings or captions
appeared herein.

 

17.7       Interpretation. All references in this
Agreement to “Sections” refer to the corresponding Sections of this Agreement unless otherwise expressly specified.
All words used in this Agreement will be construed to be of such gender or number as the context requires. Unless otherwise expressly
provided herein, the word “including” or “includes” wherever it appears in this Agreement does not limit
the preceding words or terms and shall be interpreted to mean “including, without limitation” and “includes,
without limitation” respectively, and the word “or” is used in this Agreement in the inclusive sense. All references
in this Agreement to documents, instruments or agreements shall be deemed to refer as well to all addenda, exhibits, schedules
and amendments thereto.

 

17.8       Gender. Whenever required by the context,
the masculine gender shall include the feminine and neuter genders, and vice versa.

 

17.9       Choice of Law. This Agreement shall
be construed under the laws of the State of Delaware.

 

17.10       Entire Agreement.
This Agreement contains the entire understanding among the Members and supersedes all prior written or oral agreements among
them respecting the subject matter contained herein. There are no representations, agreements, arrangements or understandings,
oral or written, among the Members relating to the subject matter of this Agreement that are not fully expressed herein.

 

17.11       Waiver. No
waiver of any breach or default of this Agreement by any party hereto shall be considered to be a waiver of any other breach or
default of this Agreement.

 

17.12       Further Assurances.
Each party hereto agrees to perform all further acts and to execute and deliver all further documents that may be reasonably
necessary to carry out the provisions of this Agreement.

 

17.13       Mediation.
If any dispute arises (a) out of or relating to this Agreement or any alleged breach thereof or (b) with respect to any of
the transactions or events contemplated by this Agreement (each, a “Dispute”), then the party desiring to resolve
such Dispute shall deliver a written notice describing such Dispute with reasonable specificity to the other parties (the “Dispute
Notice”). If any party delivers a Dispute Notice pursuant to this Section 17.13, then the parties involved in
the Dispute shall meet at least twice within the fifteen (15) business day period commencing with the date of the Dispute Notice
and in good faith shall attempt to resolve such Dispute. Except as provided herein, no civil action with respect to any dispute,
claim or controversy arising out of or relating to this Agreement may be commenced until the matter has been submitted to Judicial
Arbitration & Mediation Services, Inc. (“JAMS”) for mediation. Either party may commence mediation by providing
to JAMS and the other party a written request for mediation, setting forth the subject of the dispute and the relief requested.
The parties will cooperate with JAMS and with one another in selecting a mediator from JAMS and in scheduling the mediation proceedings.
The parties covenant that they will participate in the mediation in good faith and that they will share equally in its costs.
All offers, promises, conduct and statements, whether oral or written, made in the course of the mediation by any of the parties,
their agents, employees, experts and attorneys, and by the mediator and JAMS employees, are confidential, privileged and inadmissible
for any purpose, including impeachment, in any litigation or other proceeding involving the parties, provided that evidence
that is otherwise admissible or discoverable will not be rendered inadmissible or non-discoverable as a result of its use in the
mediation. Either party may seek equitable relief before the mediation to preserve the status quo pending the completion of that
process. Except for such an action to obtain equitable relief, neither party may commence a civil action with respect to the matters
submitted to mediation until after the completion of the initial mediation session or forty-five (45) days after the date of filing
the written request for mediation, whichever occurs first. Mediation may continue after the commencement of a civil action if
the parties so desire. The provisions of this Section 17.13 may be enforced by any court of competent jurisdiction, and
the party seeking enforcement shall be entitled to an award of all costs, fees and expenses, including attorneys’ fees,
to be paid by the party against whom enforcement is ordered.

 

 

 

 

    	 	25	 

     

    

 

17.14       Confidentiality.
Each of the Members acknowledges and agrees that the information, observations and data obtained by such Member or its Affiliates
while such Member is a Member (including all information, observations and data obtained before the effective date of this Agreement
concerning the business or affairs of the Company) (collectively, “Confidential Information”) is the exclusive
property of the Company. Each Member shall treat and hold as confidential all of the Confidential Information and refrain from
using any Confidential Information, unless and to the extent that the aforementioned matters: (a) become generally known to and
available for use by the public other than as a result of such Member’s or such Member’s Affiliates’ acts or
omissions or (b) are required to be disclosed by judicial process or law. Such Member and its Affiliates shall promptly deliver
to the Company at any time the Company may request all lists, memoranda, notes, plans, records, reports, computer tapes, printouts
and software and other documents and data (and copies of such items) relating to the Confidential Information or the business of
the Company that such Member or its Affiliates may then possess or have under his, her or its control.

 

17.15       Attorneys’
Fees. In the event that a dispute arises with respect to this Agreement, the party prevailing in such dispute shall be entitled
to recover all expenses, including reasonable attorneys’ fees and expenses, incurred in ascertaining such party’s rights,
in preparing to enforce or in enforcing such party’s rights under this Agreement, whether or not it was necessary for such
party to institute suit.

 

17.16       Legal Counsel.
The Company has selected Wilson & Oskam, LLP (“W&O”) as special legal counsel to the Company in
connection with the formation and initial organization of the Company, the preparation of this Agreement and related matters. W&O
also may be legal counsel to any Member, the Manager or any Affiliate of a Member or the Manager. The Manager may execute on behalf
of the Company and the Members any consent to the representation of the Company that W&O may request pursuant to the California
Rules of Professional Conduct or similar rules in any other jurisdiction (the “Rules”). Each Member acknowledges
that W&O does not represent any Member in the absence of a clear and explicit written agreement to such
effect between such Member and W&O and that, in the absence of any such agreement, W&O shall owe no duties
directly to a Member. Notwithstanding any adversity that may develop, if any dispute or controversy arises between any Member and
the Company, or between any Member or the Company, on the one hand, and the Manager (or an Affiliate of the Manager) that W&O
represents, on the other hand, then each Member agrees that W&O may represent either the Company or the Manager (or the Manager’s
Affiliate), or both, in any such dispute or controversy to the extent permitted by the Rules, and each Member hereby consents to
such representation.

 

EACH MEMBER FURTHER ACKNOWLEDGES,
REPRESENTS AND WARRANTS THAT SUCH MEMBER HAS BEEN ADVISED TO CONSULT WITH SUCH MEMBER’S OWN SEPARATE AND INDEPENDENT LEGAL
COUNSEL REGARDING THIS AGREEMENT AND HAS DONE SO TO THE EXTENT THAT SUCH MEMBER CONSIDERS NECESSARY OR HAS WAIVED SUCH MEMBER’S
RIGHT TO DO SO.

 

W&O has no
attorney-client relationship with any Member or any trustee or other legal representative of any Member, and no
attorney-client relationship with any Member or any trustee or other legal representative of any Member shall exist or
be deemed to exist as a result of W&O’s representation of the Company. W&O has not been engaged
to protect or represent the interests of any Member vis-à-vis the Company or any Affiliate in connection with the
preparation of this Agreement. The Members acknowledge that, as to their respective interests inter se, and as to their
respective individual circumstances, they have been advised by W&O to seek independent legal counsel as to all matters related
to the Company and this Agreement.

 

[Signature Page Follows]

 

 

 

 

 

 

    	 	26	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement to be effective as of the date first written above.

 

“Member”:

 

VIVAVENTURES MANAGEMENT COMPANY, INC., a Nevada
corporation

 

		By:	____________________________

                                                                 Matt Nicosia,
 President

 

“Manager”:

 

VIVAVENTURES MANAGEMENT COMPANY, INC., a Nevada
corporation

 

		By:	____________________________

Matt Nicosia,

President
	 	 	 
	 	Address:
	 	252 Sunpac
	 	Henderson, NV 89011

 

 

 

 

 

 

 

 

 

 

 

[SIGNATURE PAGE TO LIMITED LIABILITY
COMPANY AGREEMENT]

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement to be effective as of the date first written above.

 

“Members”:

 

 

_________________________

Signature

 

 

_________________________

Print
Name

 

Address:

 

_________________________

 

_________________________

 

 

 

 

 

 

 

 

 

 

 

 

[SIGNATURE PAGE TO LIMITED LIABILITY
COMPANY AGREEMENT]

    	 	 	 

     

    

 

CONSENT OF SPOUSE OF [NAME] 

 

 

I, the undersigned, am the spouse of____________________.
I acknowledge that I have read the foregoing Limited Liability Company Agreement of VivaVentures UTS I, LLC (the “Agreement”)
and that I know the contents of the Agreement. I am aware that by the Agreement’s provisions my spouse agrees, among other
things, to the imposition of certain restrictions on the transfer of my spouse’s Units (the “Units”)
in VivaVentures UTS I, LLC, a Delaware limited liability company, including my community property interest therein (if any), which
rights and restrictions may survive my spouse’s death. I hereby consent to such rights and restrictions, approve of the
provisions of the Agreement and agree that I will bequeath any interest that I may have in the Units, including my community property
interest therein (if any), or permit the Units to be purchased, in a manner consistent with the provisions of the Agreement. I
direct that any residuary clause in my Will shall not be deemed to apply to my community property interest (if any) in the Units
except to the extent consistent with the provisions of the Agreement. I further agree that, in the event of a dissolution of the
marriage between my spouse and me, in connection with which I secure or am awarded all or any portion of the Units or any interest
therein through property settlement agreement or otherwise, I shall receive and hold such Units or interest therein subject to
all of the provisions and restrictions contained in the Agreement.

 

 

	Date: _____________, 2015	 ____________________________
	 	Signature
	 	 
	 	 
	 	____________________________
	 	Print Name

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	29	 

     

    

 

EXHIBIT A

 

VIVAVENTURES UTS I, LLC

 

As of September 24, 2015

 

	Member	
        Capital

        Contribution
	Class A Units	Percentage	 
	Interest	 
	 	 	 
	 	 	 
	VVMCI	$1,000 in cash	1,000	100%	 

 

	Member	
        Capital

        Contribution
	Class B Units	Percentage	 
	Interest	 
	 	 	 
	 	 	______ Class B Units	____%	 
	 	 
	 	 	______ Class B Units	____%	 
	 	 
	 	 	______ Class B Units	____%	 
	 	 
	 	 	______ Class B Units	____%	 
	 	 
	 	 	______ Class B Units	____%	 
	 	 
	 	 	______ Class B Units	____%	 
	 	 
	 	 	______ Class B Units	____%	 
	 	 
	 	 	______ Class B Units	____%	 
	 	 
	 	 	______ Class B Units	____%	 
	 	 
	 	 	______ Class B Units	____%	 
	 	 
	 	 	______ Class B Units	____%	 
	 	 
	 	 	______ Class B Units	____%	 
	 	 
	 	 	______ Class B Units	____%	 
	 	 
	 	 	______ Class B Units	____%	 
	 	 
	 	 	______ Class B Units	____%	 
	 	 
	 	 	______ Class B Units	____%	 
	 	 
	Totals  	 	 	100.0%Exhibit 10.17

 

RESTATED

 

WORKING INTEREST

 

AGREEMENT BY AND

 

BETWEEN

 

VIVAVENTURES ENERGY
GROUP, INC.

 

AND

 

VIVAVENTURES UTS I,
LLC 

 

Effective as of November
2, 2015

 

Dated as of August 31,
2020

 

 

 

 

 

 

    	 	 	 

     

    

 

RESTATED
WORKING

INTEREST AGREEMENT

 

THIS
RESTATED WORKING INTEREST AGREEMENT (this “Agreement”) is dated as of August 31, 2020, and effective as of November
2, 2015 by and between VIVAVENTURES ENERGY GROUP, INC., a Nevada corporation (the “Company”), and VIVAVENTURES
UTS I, LLC, a Delaware limited liability company (“UTS1”).

 

W I T N E S S E
T H:

 

WHEREAS,
starting in October 2015, the Company, and/or its parent company Vivakor, Inc., was granted surface rights and/or extraction rights
to various parcels of land and tons of oil sands in Utah and other locations, including, but not limited to, a parcel of land in
Utah that is estimated to contain 44.7 million barrels of oil in the oil sands (together, the “Property”);

 

WHEREAS,
UTS1 raised investor funds for the primary purposes of paying for the Company’s operation and production costs associated
with the oil extraction business and production from the Selected Material on the Property and building the Extraction Machine,
in exchange for receiving a share of the production revenue received by the Company from its operations and processing of Selected
Material on the Property;

 

WHEREAS,
on or about November 2, 2015, the Company and UTS1 entered into what was called a “Royalty Agreement” (the “Original
Agreement”);

 

WHEREAS,
the parties working arrangement under the Original Agreement, each investor’s funds that were invested in UTS1 were invested
in the Company, with 80% of each investor’s funds used for the Company’s operations associated with the oil extraction
business and production of Selected Material on the Property (the “Working Interest Right”) and 20% as an investment
in exchange for a portion of the proceeds received from production of the Selected Material on the Property (“Revenue Participation
Right”);

 

WHEREAS,
the parties desire to enter into this Agreement to replace the Original Agreement in order to ensure the agreement between the
parties accurately reflects the actual working relationship between the parties and how investor’s funds have been invested
and used;

 

WHEREAS,
as noted in the Original Agreement, the Company requires additional funding to manufacture and operate its proprietary equipment
to extract oil from tar sands, and UTS1 desires to provide the Company with such additional funding; and

 

WHEREAS,
UTS1 desires to purchase the Working Interest Right and the Revenue Participation Right from the Company in exchange for providing
the additional funding, and the Company desires to sell the Working Interest Right and the Revenue Participation Right to UTS1
in exchange for receiving the additional funding, subject to the terms and conditions of this Agreement.

 

NOW,
THEREFORE, in consideration of the representations, warranties, covenants and agreements set forth herein and for good and valuable
consideration, the receipt and adequacy of which hereby are acknowledged, the Company and UTS1 hereby agree as follows:

 

 

 

    	 	2	 

     

    

 

Article
I. SALE, TRANSFER, ASSIGNMENT AND CONVEYANCE OF THE WORKING INTEREST RIGHT AND REVENUE PARTICIPATION RIGHT

 

Section 1.01 Sale, Transfer,
Assignment and Conveyance. Upon the terms and subject to the conditions of this Agreement, for the purchase price set forth
below, the Company agrees to sell, transfer, assign and convey to UTS1, and UTS1 agrees to purchase, acquire and accept from the
Company, the Working Interest Right and the Revenue Participation Right, free and clear of all Liens (except those Liens created
in favor of UTS1 pursuant to this Agreement and Permitted Liens). UTS1, as a holder of a Working Interest Right agrees to join
and pay its share of the cost of any operations on Selected Materials from the Property with any other holders of a working interest
right, up to 80% of the proceeds received (the portion of the Purchase Price associated with the Working Interest Right). In exchange,
the Company agrees to promptly pay and discharge all expenses incurred in the development and operation of Selected Material on
the Property pursuant to this Agreement and shall charge UTS1 its respective proportionate share of such expenses, up to 80% of
the proceeds received (the portion of the Purchase Price associated with the Working Interest Right).

 

Section 1.02 Purchase Price.
At the Closing, the purchase price to be paid to the Company for the sale, transfer, assignment and conveyance of the Working Interest
Right and the Revenue Participation Right to UTS1 is Five Million Dollars ($5,000,000.00) in cash (the “Purchase Price”),
with 80% of any invested funds being used to acquire the Working Interest Right and 20% being used to acquire the Revenue Participation
Right. The Purchase Price may be paid in installments over a reasonable period of time as determined by the Company in its discretion.

 

Section 1.03 No Assumed
Obligations, Etc. Notwithstanding any provision in this Agreement to the contrary, UTS1 is only agreeing, on the terms
and conditions set forth in this Agreement, to purchase, acquire and accept the Working Interest Right and the Revenue Participation
Right and is not assuming any liability or obligation of the Company of whatever nature, whether presently in existence or arising
or asserted hereafter, except as specifically set forth herein.

 

Section 1.04 Security Interest.
Effective from and after the Closing, the Company hereby grants to UTS1, to secure the payment and performance in full of all of
the Company’s obligations under this Agreement, including the payment of past and future Revenue Participation Payments,
a continuing security interest in the Collateral, including the Stock Collateral (subject to Section 1.04(b)), wherever
located, whether now owned or hereafter acquired or arising, and all proceeds and products thereof. The Company represents, warrants
and covenants that the security interest granted above shall, subject to Section 1.04(b) and Section 1.04(c), at
all times continue to be a perfected security interest in the Collateral, subject only to Permitted Liens. For purposes of this
Agreement, the term “proceeds” includes whatever is receivable or received when Collateral or proceeds is sold, collected,
exchanged or otherwise disposed of, whether such disposition is voluntary or involuntary, and includes all rights to payment, including
return premiums, with respect to any insurance relating thereto.

 

(a)     Effective
immediately upon the Company’s payment to UTS1 of the first Revenue Participation Payment owed and payable under this
Agreement, UTS1’s Lien in all of the Stock Collateral shall be released without any further action of any party. At the
Company’s expense, UTS1 shall, and UTS1 hereby authorizes the Company (or any agent of the Company) to, prepare and
file, at any time within three (3) Business Days following the Company’s payment to UTS1 of the first Revenue
Participation Payment owed and payable under this Agreement, all documents and take all other actions reasonably requested by
the Company to evidence the release of UTS1’s Lien on the Stock Collateral.

 

(b)     Effective
immediately upon payment in full of the Maximum Revenue Participation, UTS1’s Lien in all of the Collateral shall be released
without any further action of any party. At the Company’s expense, UTS1 shall, and UTS1 hereby authorizes the Company (or
any agent of the Company) to, prepare and file, at any time within three (3) Business Days following the payment of the Maximum
Revenue Participation, all documents and take all other actions reasonably requested by the Company to evidence the release of
UTS1’s Lien on the Collateral.

 

(c)     Following
the Company’s failure to make full and prompt payment of any portion of the Revenue Participation Right when due, but in
all events subject to Section 5.02(c) (such failure, a “Payment Breach”), and at any time thereafter
during the continuation of such Payment Breach, UTS1 shall be entitled to exercise all rights and remedies available under this
Agreement, including the right to demand immediate payment of all portions of the Revenue Participation Right then due, and UTS1
thereupon may exercise any other right, power or remedy granted to UTS1 or otherwise permitted to UTS1 by law, either by suit
in equity or by action at law, or both, including, without limitation, UTS1’s rights as a secured party under the Uniform
Commercial Code with respect to the Collateral, but in all events subject to Section 1.04(b).

 

 

 

    	 	3	 

     

    

 

(d)     The
Company hereby authorizes UTS1 to file financing statements or take any other action required to perfect UTS1’s security
interest in the Collateral, at any time during which this Agreement remains in effect, with notice to the Company, in all appropriate
jurisdictions to perfect or protect UTS1’s interest or rights hereunder, including a notice that any disposition of the
Collateral, except to the extent permitted by the terms of this Agreement, by the Company, or any other Person, shall be deemed
to violate the rights of UTS1 under the Uniform Commercial Code. The Company further agrees to procure, deliver or execute and
deliver to UTS1, from time to time, all additional security agreements, instruments and documents, each in form and substance
reasonably satisfactory to UTS1, to perfect or protect UTS1’s security interest in the Collateral in accordance with
this Section 1.04.

 

Article II. CLOSING

 

Section 2.01 Closing.
The Closing shall take place on the first Business Day immediately following the date on which the conditions set forth in Article
IV (Conditions to Closing) have been satisfied, or at such other place, time and date as the parties hereto may mutually agree.
Subject to the provisions of Article VIII (Termination), failure to consummate the sale, transfer, assignment and conveyance
of the Working Interest Right or Revenue Participation Right as provided in this Article II on the date determined pursuant
to this Section 2.01 shall not result in a termination of this Agreement and shall not relieve either party hereto of any
of such party’s respective obligations hereunder.

 

Section 2.02 Payment
of Purchase Price. At the Closing, UTS1 shall deliver (or cause to be delivered) payment of the Purchase Price to the
Company by wire transfer of immediately available funds to one or more accounts specified by the Company; provided,
however, that, pursuant to Section 1.02 (Purchase Price), the Company in its discretion may agree to accept an
installment of the Purchase Price at the Closing in such amount as the Company may determine, in which event, at the Closing,
UTS1 shall deliver (or cause to be delivered) payment of such installment in such amount to the Company by wire transfer of
immediately available funds to one or more accounts specified by the Company.

 

Article III.
REPRESENTATIONS AND WARRANTIES

 

Section 3.01 Company’s
Representations and Warranties. The Company represents and warrants to UTS1 that, as of the effective date hereof:

 

(a)     Existence;
Good Standing. The Company is a corporation duly incorporated, validly existing and in good standing under the laws of the
State of Nevada. The Company is duly licensed or qualified to do business and is in corporate good standing in each jurisdiction
in which the nature of the business conducted by it or the character or location of the properties and assets owned, leased or
operated by it makes such licensing or qualification necessary, except where the failure to be so licensed or qualified and in
corporate good standing has not and would not reasonably be expected to have, either individually or in the aggregate, a material
adverse effect on the Company, the Working Interest Right or the Revenue Participation Right.

 

(b)     Authorization.
The Company has all requisite corporate power and authority to execute, deliver and perform the Company’s obligations under
this Agreement. The execution, delivery and performance of this Agreement, and the consummation of the transactions contemplated
hereby, have been duly authorized by all necessary corporate action on the part of the Company.

 

(c)     Enforceability.
This Agreement has been duly executed and delivered by an authorized officer of the Company and constitutes the valid and binding
obligation of the Company, enforceable against the Company in accordance with its terms, except as may be limited by applicable
bankruptcy laws or by general principles of equity (whether considered in a proceeding in equity or at law).

 

(d)    No
Conflicts. The execution, delivery and performance by the Company of this Agreement and the consummation of the transactions
contemplated hereby do not and will not (i) contravene or conflict with the Articles of Incorporation or Bylaws of the Company,
(ii) contravene or conflict with or constitute a material default under any law binding on or applicable to the Company or (iii)
contravene or conflict with or constitute a material default under any material contract or other material agreement or Judgment
binding on or applicable to the Company.

 

 

 

    	 	4	 

     

    

 

(e)     Consents.
Except for the consents that have been obtained on or before the Closing or filings required by the federal securities laws or
stock exchange rules, no consent, approval, license, order, authorization, registration, declaration or filing with or of any
Governmental Entity or other Person is required to be done or obtained by the Company in connection with (i) the execution and
delivery by the Company of this Agreement, (ii) the performance by the Company of its obligations under this Agreement or (iii)
the consummation by the Company of any of the transactions contemplated by this Agreement.

 

(f)      No
Litigation. The Company is not a party to, and has not received notice of, any action, suit, investigation or proceeding pending
before any Governmental Entity and, to the Knowledge of the Company, no such action, suit, investigation or proceeding has been
threatened against the Company that, individually or in the aggregate, would, if determined adversely, reasonably be expected
to prevent or adversely affect (i) the ability of the Company to enter into and to perform the Company’s obligations under
this Agreement, (ii) the Company’s rights in or to the Extraction Technology or (iii) after the Closing, UTS1’s rights
with respect to the Working Interest Right or Revenue Participation Right.

 

(g)     Compliance
with Laws. The Company is not in violation of, and to the Knowledge of the Company, the Company is not under investigation
with respect to, nor has the Company been threatened to be charged with or given notice of any violation of, any law or Judgment
applicable to the Company, which violation would reasonably be expected to adversely affect the Company’s rights in or to
the Extraction Technology or, after the Closing, UTS1’s rights with respect to the Working Interest Right or the Revenue
Participation Right hereunder.

 

(h)     Title
to Working Interest Right and Revenue Participation Right. Upon the Closing, UTS1 will have acquired, subject to the terms
and conditions set forth in this Agreement, good and marketable title to the Working Interest Right and Revenue Participation
Right, free and clear of all Liens (except those Liens created in favor of UTS1 pursuant to this Agreement and Permitted Liens).

 

(i)      Intellectual Property. To the Knowledge of the Company, the Company is the registered owner of all of the intellectual
property rights relating to the Extraction Technology. The Company has not received any written notice that there is any, and,
to the Knowledge of the Company, there is no, Person challenging inventorship or ownership of, the rights of the Company in and
to, or the patentability, validity or enforceability of, the Extraction Technology, or asserting that the development, manufacture,
importation, sale, offer for sale or use of a product incorporating the Extraction Technology infringes or will infringe such Person’s
patents or other intellectual property rights.

 

Section 3.02 UTS1’s
Representations and Warranties. UTS1 represents and warrants to the Company that, as of the effective date hereof:

 

(a)     Existence;
Good Standing. UTS1 is a limited liability company duly organized, validly existing and in good standing under the laws of
the State of Delaware.

 

(b)     Authorization.
UTS1 has the requisite limited liability company right, power and authority to execute, deliver and perform UTS1’s obligations
under this Agreement. The execution, delivery and performance of this Agreement, and the consummation of the transactions contemplated
hereby, have been duly authorized by all necessary action on the part of UTS1.

 

(c)     Enforceability.
This Agreement has been duly executed and delivered by an authorized person of the Manager of UTS1 and constitutes the valid and
binding obligation of UTS1, enforceable against UTS1 in accordance with its terms, except as may be limited by applicable bankruptcy
laws or by general principles of equity (whether considered in a proceeding in equity or at law).

 

(d)     No
Conflicts. The execution, delivery and performance by UTS1 of this Agreement do not and will not (i) contravene or conflict
with the organizational documents of UTS1, (ii) contravene or conflict with or constitute a default under any material provision
of any law binding on or applicable to UTS1 or (iii) contravene or conflict with or constitute a default under any material contract
or other material agreement or Judgment binding on or applicable to UTS1.

 

 

 

    	 	5	 

     

    

 

(e)     Consents.
No consent, approval, license, order, authorization, registration, declaration or filing with or of any Governmental Entity
or other Person is required to be done or obtained by UTS1 in connection with (i) the execution and delivery by UTS1 of this
Agreement, (ii) the performance by UTS1 of UTS1’s obligations under this Agreement, other than the filing of financing
statement(s) in accordance with Section 1.04 (Security Interest), or (iii) the consummation by UTS1 of any of the
transactions contemplated by this Agreement.

 

(f)      No
Litigation. There is no action, suit, investigation or proceeding pending or, to the knowledge of UTS1, threatened before
any Governmental Entity to which UTS1 is a party that would, if determined adversely, reasonably be expected to prevent or materially
and adversely affect the ability of UTS1 to perform UTS1’s obligations under this Agreement.

 

Article IV. CONDITIONS
TO CLOSING

 

Section 4.01 Conditions
to UTS1’s Obligations. The obligations of UTS1 to consummate the transactions contemplated hereunder on the Closing Date
are subject to the satisfaction or waiver, at or before the Closing Date, of each of the following conditions precedent:

 

(a)     The Company and UTS1 shall have executed all documents, instruments and agreements required under this Agreement to consummate
the transactions contemplated by this Agreement, and all such documents, instruments and agreements shall be in full force and
effect.

 

(b)     The
representations and warranties of the Company contained in Section 3.01 (Company’s Representations and
Warranties) shall be true and correct in all material respects as of the Closing Date as though made at and as of the Closing
Date, except to the extent that any such representation or warranty expressly speaks as of a particular date, in which case
it shall be true and correct in all material respects as of such date; provided that, to the extent that any such
representation or warranty is qualified by the term “material,” such representation or warranty (as so written,
including the term “material”) shall be true and correct in all respects as of the Closing Date or such other
date, as applicable.

 

(c)     No
event or events shall have occurred, or be reasonably likely to occur, that, individually or in the aggregate, have had or would
reasonably be expected to result in (or, with the giving of notice, the passage of time or otherwise, would result in) a material
adverse effect on the business, operations or financial condition of the Company, including upon the Extraction Technology, the
Working Interest Right, or the Revenue Participation Right.

 

(d)     There
shall not have been issued and be in effect any Judgment of any Governmental Entity enjoining, preventing or restricting the consummation
of the transactions contemplated by this Agreement.

 

(e)     There
shall not have been instituted or be pending any action or proceeding by any Governmental Entity or any other Person (i) challenging
or seeking to make illegal, to delay materially or otherwise directly or indirectly to restrain or prohibit the consummation of
the transactions contemplated hereby, (ii) seeking to obtain material damages in connection with the transactions contemplated
hereby or (iii) seeking to restrain or prohibit UTS1’s purchase of the Working Interest Right or the Revenue Participation
Right.

 

Section 4.02 Conditions
to the Company’s Obligations. The obligations of the Company to consummate the transactions contemplated hereunder on
the Closing Date are subject to the satisfaction or waiver, at or before the Closing Date, of each of the following conditions
precedent:

 

(a)     UTS1
shall have performed and complied in all material respects with all agreements, covenants, obligations and conditions required
to be performed and complied with by UTS1 under this Agreement at or before the Closing Date.

 

 

 

    	 	6	 

     

    

 

(b)     The
representations and warranties of UTS1 contained in Section 3.02 (UTS1’s Representations and Warranties) shall
be true and correct in all material respects as of the Closing Date as though made at and as of the Closing Date, except to
the extent that any such representation or warranty expressly speaks as of a particular date, in which case it shall be true
and correct in all material respects as of such date; provided that, to the extent that any such representation or
warranty is qualified by the term “material,” such representation or warranty (as so written, including the term
“material”) shall be true and correct in all respects as of the Closing Date or such other date, as
applicable.

 

(c)     There
shall not have been issued and be in effect any Judgment of any Governmental Entity enjoining, preventing or restricting the consummation
of the transactions contemplated by this Agreement.

 

(d)     There
shall not have been instituted or be pending any action or proceeding by any Governmental Entity or any other Person (i) challenging
or seeking to make illegal, to delay materially or otherwise directly or indirectly to restrain or prohibit the consummation of
the transactions contemplated hereby, (ii) seeking to obtain material damages in connection with the transactions contemplated
hereby or (iii) seeking to restrain or prohibit UTS1’s purchase of the Working Interest Right or the Revenue Participation
Right.

 

Article V.
COVENANTS

 

Section 5.01 Guaranteed
Production; Maximum Revenue Participation. The Company agrees to process tar sands or other material containing oil or hydrocarbons
such that the Company will obtain not less than One Million Five Hundred Thousand (1,500,000) barrels of oil from the use of the
Extraction Machine using the Extraction Technology (the “Guaranteed Production”). Upon the processing and sale
of One Million Five Hundred Thousand (1,500,000) barrels of oil (i.e., the Guaranteed Production) and payment of the Revenue
Participation Right thereon (the “Maximum Revenue Participation”), the Revenue Participation Right shall terminate,
and UTS1 shall not be entitled to any further payment under this Agreement. The Company shall, in its sole discretion, select the
source or location of the tar sands or other material to be processed using the Extraction Machine (the “Selected Material”).
The Company makes no representation or warranty with respect to the timing of the first Revenue Participation Payment to be made
by the Company hereunder. For sake of clarity, UTSI is only entitled to Revenue Participation Payments that are derived from the
Extraction Machine and not from any other machines the Company may have in production.

 

Section 5.02 Property Expense Reports;
Working Interest Right Reports.

 

(a)     The
Company shall pay all expenses related to the building of the Extraction Machine, production of Selected Material, and using the
Extraction Machine with funds provided by working interest holders, including, but not limited to, UTS1. For UTS1, such expense
payments shall not exceed 80% of the proceeds received (the portion of the Purchase Price associated with the Working Interest
Right).

 

(b)     Upon
written request by UTS1, the Company shall deliver a written report setting forth in reasonable detail the expenses paid by the
Company associated with the oil extraction business and production from the Selected Material on the Property and building the
Extraction Machine, including all expenses paid with UTS1’s Purchase Price funds (each a “Working Interest Expense
Report”).

 

Section 5.03. Revenue Participation
Payments; Revenue Participation Reports.

 

(a)     After
the Company has commenced processing the Selected Material using the Extraction Machine hereunder and following the Company’s
first sale of Product hereunder and thereafter, the Company shall commence paying and thereafter continue to pay to UTS1 the Revenue
Participation Payments for each calendar quarter promptly, but in any event no later than forty-five (45) calendar days after
the end of such calendar quarter.

 

 

 

    	 	7	 

     

    

 

(b)     The
Company shall make all payments required to be made by the Company to UTS1 pursuant to this Agreement in U.S. Dollars by wire
transfer of immediately available funds, without set-off, reduction or deduction or withholding for or on account of any Taxes,
to the bank account designated in writing from time to time by UTS1.

 

(c)    
If the Company fails, or expects to fail, to satisfy any of the Company’s payment obligations owed to UTS1 pursuant
to this Agreement when such obligations are due, then the Company shall send a notice to UTS1 (a “Late Payment Notice”)
disclosing such failure or expected failure. If the Company sends a Late Payment Notice to UTS1, then the Company’s failure
to satisfy any of the Company’s payment obligations during a calendar year will not be considered a breach of this Agreement,
and UTS1 hereby agrees not to exercise UTS1’s remedies under this Agreement, until the Company has been delinquent in the
Company’s payment obligations for an aggregate of three (3) consecutive calendar quarters in such calendar year. Notwithstanding
the foregoing, a late fee of two percent (2%) over the Prime Rate will accrue on all unpaid amounts from the date such obligations
were due. The imposition and payment of a late fee will not constitute a waiver of UTS1’s rights with respect to such payment
default.

 

(d)   
Before or simultaneously with each payment of the Revenue Participation Payments, the Company shall deliver a written report
setting forth in reasonable detail the calculation of the Revenue Participation Payments payable to UTS1 for such calendar quarter
and the calculation of all deductions from Gross Revenue to determine Net Revenue and Revenue Participation Payments due to UTS1
(the “Revenue Participation Report”).

 

Section 5.04 Inspections
and Audits of the Company. Following the Closing, upon reasonable prior written notice and during normal business hours, UTS1
may cause an inspection and/or audit by an independent public accounting firm reasonably acceptable to the Company to be made of
the Company’s books of account for the two (2) calendar years before the audit, no more frequently than once per calendar
year, for the purpose of determining the correctness of Revenue Participation Payments made under this Agreement and the use of
the funds invested for the Working Interest Right. All of the expenses of any inspection or audit requested by UTS1 hereunder (including
the fees and expenses of such independent public accounting firm designated for such purpose) shall be borne by (i) UTS1, if the
independent public accounting firm determines that Revenue Participation Payments previously paid were incorrect by an amount less
than or equal to five percent (5%) of the Revenue Participation Payments actually paid or (ii) the Company, if the independent
public accounting firm determines that Revenue Participation Payments previously paid were incorrect by an amount greater than
five percent (5%) of the Revenue Participation Payments actually paid. Any such accounting firm shall not disclose the Company’s
or its licensees’ confidential information to UTS1, except to the extent such disclosure is either necessary to determine
the correctness of Revenue Participation Payments or otherwise would be included in a Revenue Participation Report. All information
obtained by UTS1 as a result of any such inspection or audit shall be Confidential Information subject to Article VII (Confidentiality).

 

Section 5.05 Further Assurances.
After the Closing, the Company and UTS1 agree to execute and deliver such other documents, certificates, agreements and other writings
and to take such other actions as may be reasonably necessary in order to give effect to the transactions contemplated by this
Agreement.

 

Article VI.
INDEMNIFICATION

 

Section 6.01 General Indemnity.
From and after the Closing:

 

(a)     the
Company hereby agrees to indemnify, defend and hold harmless UTS1 and its Affiliates and its and their directors, managers, members,
officers, agents and employees (the “UTS1 Indemnified Parties”) from, against and in respect of all Losses
suffered or incurred by UTS1 Indemnified Parties to the extent arising out of or resulting from (i) any breach of any of the representations
or warranties (in each case, when made) of the Company in this Agreement and (ii) any breach of any of the covenants or agreements
of the Company in this Agreement; and

 

 

 

    	 	8	 

     

    

 

(b)     UTS1
hereby agrees to indemnify, defend and hold harmless the Company and its Affiliates and its and their directors, officers, agents
and employees (the “Company Indemnified Parties”) from, against and in respect of all Losses suffered or incurred
by the Company Indemnified Parties to the extent arising out of or resulting from (i) any breach of any of the representations
or warranties (in each case, when made) of UTS1 in this Agreement or (ii) any breach of any of the covenants or agreements of
UTS1 in this Agreement.

 

Section 6.02 Limitations
on Liability. No party hereto will be liable for any consequential, punitive, special or incidental damages, and no claim for
indemnification will be asserted by any party under this Article VI for any consequential, punitive, special or incidental
damages, as a result of any breach of any of the representations or warranties (in each case, when made) of the other party hereto
in this Agreement or any breach of any of the covenants or agreements of the other party hereto in this Agreement (including under
this Article VI).

 

Article VII.
CONFIDENTIALITY

 

Section 7.01 Confidentiality.
Except to the extent expressly authorized by this Agreement or otherwise agreed in writing by the parties, the parties hereto agree
that, for the term of this Agreement and for two (2) years thereafter, each party (the “Non-Disclosing Party”)
shall keep confidential and shall not publish or otherwise disclose and shall not use for any purpose other than as provided for
in this Agreement (which includes the exercise of any rights or the performance of any obligations hereunder) any information furnished
to the Non-Disclosing Party (such information, “Confidential Information”) by or on behalf of the other party
(the “Disclosing Party”) pursuant to this Agreement except for that portion of such information that:

 

(a)     was
already known to the Non-Disclosing Party, other than under an obligation of confidentiality, at the time of disclosure by the
Disclosing Party;

 

(b)     was
generally available to the public or otherwise part of the public domain at the time of its disclosure to the Non-Disclosing Party;

 

(c)    
became generally available to the public or otherwise part of the public domain after its disclosure and other than through
any act or omission of the Non-Disclosing Party in breach of this Agreement;

 

 (d)     is independently developed by the Non-Disclosing Party or any of its Affiliates

without the use of the Confidential
Information; or

 

(e)     is
subsequently disclosed to the Non-Disclosing Party on a non-confidential basis by a Third Party without obligations of confidentiality
with respect thereto.

 

Section 7.02 Authorized
Disclosure. Either party may disclose Confidential Information to the extent such disclosure is reasonably necessary in the
following situations:

 

 (a)     prosecuting or defending litigation;

 

(b)     complying
with applicable laws and regulations, including regulations promulgated by securities exchanges;

 

(c)     complying
with a valid order of a court of competent jurisdiction or other Governmental Entity;

 

 

 

    	 	9	 

     

    

 

 (d)     for regulatory, Tax or customs purposes;

 

 (e)     for audit purposes;

 

(f)      disclosure
to its Affiliates, directors, managers, trustees, officers, employees and agents only on a need-to-know basis and solely in connection
with the performance of this Agreement or oversight of the transactions contemplated hereby, provided that each disclose must
be bound by customary obligations of confidentiality and non-use before any such disclosure;

 

 (g)     upon the prior written consent of the Disclosing Party; or

 

(h)     disclosure
to its investors and other sources of funding, including debt financing, and their respective accountants, financial advisors
and other professional representatives, provided that such disclosure shall be made only to the extent customarily required
to consummate such investment or financing transaction and that each disclose must be bound by customary obligations of confidentiality
and non-use before any such disclosure.

 

Notwithstanding
the foregoing, in the event that the Non-Disclosing Party is required to make a disclosure of the Disclosing Party’s Confidential
Information pursuant to Sections 7.02(a), (b), (c) or (d), the Non-Disclosing Party shall, except where impracticable, give
reasonable advance notice to the Disclosing Party of such disclosure and use reasonable efforts to secure confidential treatment
of such information. In any event, UTS1 shall not file any patent application based on or using the Confidential Information of
the Company provided hereunder or otherwise assert any ownership claim with respect to, or claim any right to make, use or sell
products incorporating, the Extraction Technology.

 

Article VIII. TERMINATION

 

Section 8.01 Grounds for Termination.
This Agreement may be terminated:

 

 (a)     by mutual written agreement of UTS1 and the Company; or

 

(b)     by
UTS1 if there is a Payment Breach; provided, however, that the Company shall have thirty (30) calendar days to cure any
Payment Breach after the date on which UTS1 shall have first provided written notice to the Company of such Payment Breach.

 

Section 8.02 Automatic
Termination. Unless earlier terminated as provided in Section 8.01, after the Closing, this Agreement shall continue
in full force and effect until payment in full of the Maximum Revenue Participation, upon which this Agreement shall terminate
automatically.

 

Section 8.03 Survival.
Notwithstanding anything to the contrary in this Article VIII, the following provisions shall survive termination of this
Agreement: Article VI (Indemnification); Article VII (Confidentiality) and Article IX (Miscellaneous). Termination
of this Agreement shall not relieve any party of liability in respect of breaches under this Agreement by any party on or before
termination of this Agreement.

 

Article IX.
MISCELLANEOUS

 

Section 9.01 Definitions.
The following terms, as used herein, shall have the following meanings:

 

“Affiliate”
means, with respect to any particular Person, any other Person directly or indirectly controlling, controlled by or under common
control with such particular Person.

 

 

 

    	 	10	 

     

    

 

“Agreement” is defined in the
preamble.

 

“Business
Day” means any day other than (i) a Saturday or Sunday or (ii) a day on which banking institutions located in Las Vegas,
Nevada are permitted or required by applicable law or regulation to remain closed.

 

“Closing”
means the closing of the sale, transfer, assignment and conveyance of the Revenue Participation Right hereunder.

 

“Closing Date”
means the date on which the Closing occurs pursuant to Section 2.01.

 

“Collateral”
means (i) the Product Collateral and (ii) until such time as the first Revenue Participation Payment owed and payable under
this Agreement is made by the Company to UTS1, the Stock Collateral.

 

“Company” is defined in the preamble.

 

“Company Indemnified Parties”
is defined in Section 6.01(b).

 

“Confidential Information” is defined in Section 7.01.

 

“Disclosing
Party” is defined in Section 7.01.

 

“Extraction Machine” means
that that certain petroleum extraction machine built using funds invested by UTS1 investors.

 

“Extraction
Technology” means that certain petroleum extraction technology (also known as hydrocarbon extraction technology) suitable
to extract petroleum (or hydrocarbons) from tar sands and other sand based ore bodies, and all related concepts and conceptualizations
thereof, and all related proprietary information and intellectual property rights related thereto, all of which are proprietary
to and owned exclusively by the Company.

 

“Governmental
Entity” means any: (i) nation, principality, republic, state, commonwealth, province, territory, county,
municipality, district or other jurisdiction of any nature; (ii) federal, state, local, municipal, foreign or other
government; (iii) governmental or quasi-governmental authority of any nature (including any governmental division,
subdivision, department, agency, bureau, branch, office, commission, council, board, instrumentality, officer, official,
representative, organization, unit, body or other entity and any court, arbitrator or other tribunal); (iv) multi-national
organization or body; or (v) individual, body or other entity exercising, or entitled to exercise, any executive,
legislative, judicial, administrative, regulatory, police, military or taxing authority or power of any nature.

 

“Gross
Revenue” means the actual cash receipts of the Company from the sale of Product extracted by the Company from
the Selected Material using the Extraction Machine, which Product has been delivered to and accepted by the purchaser. “Gross
Revenue,” as determined pursuant to this Agreement, may materially differ from the calculation of revenue determined
by Generally Accepted Accounting Principles and the Company’s revenue recognition policies used in the preparation of its
financial statements.

 

“Guaranteed Production” is defined
in Section 5.01.

 

“Judgment”
means any judgment, order, writ, injunction, citation, award or decree of any nature.

 

 

 

    	 	11	 

     

    

 

“Knowledge
of the Company” means the actual knowledge of Matt Nicosia, Douglas Carpenter (PhD) and/or Tyler Nelson, after due
inquiry. (Matt Nicosia is the President and CEO of the Company; Douglas Carpenter (PhD) is the Chief Technology Officer of
the Company; and Tyler Nelson is the Chief Financial Officer and Secretary of the Company.)

 

“Land-Related
Expenses” means all costs incurred by the Company arising from or relating to the ownership, lease, control or use of
the land from which the Selected Material is extracted (or is to be extracted), including but not limited to the purchase price,
lease or rental charges, existing royalties, profit sharing and similar obligations, governmental fees and charges, transfer fees,
property taxes and license fees.

 

“Late Payment Notice” is defined
in Section 5.02(c).

 

“Lien”
means any mortgage, lien, pledge, participation interest, charge, adverse claim, security interest, encumbrance or restriction
of any kind, including any restriction on use, transfer or exercise of any other attribute of ownership of any kind.

 

“Loss”
means any and all Judgments, damages, losses, claims, costs, liabilities and expenses, including reasonable fees and out-of-pocket
expenses of counsel; provided, however, that “Loss” shall not include any consequential, punitive, special
or incidental damages.

 

“Maximum Revenue Participation”
is defined in Section 5.01.

 

“Net Revenue” means Gross
Revenue less all Land-Related Expenses.

 

“Non-Disclosing Party” is defined in Section 7.01.

 

“Payment Breach” is defined in
Section 1.04(d).

 

“Payment
Stream” means all Revenue Participation Payments payable in respect of Net Revenue.

 

“Permitted
Liens” means any and all Liens related to or otherwise based on or created by or pursuant to Land-Related
Expenses.

 

“Person”
means any individual, firm, corporation, company, partnership, limited liability company, trust, joint venture, association, estate,
trust, Governmental Entity or other entity, enterprise, association or organization.

 

“Prime
Rate” means the prime rate published by The Wall Street Journal, from time to time, as the prime rate.

 

“Product”
means any hydrocarbon product extracted by the Company from the Selected Material using the Extraction Machine, whether crude or
refined oil, diesel, gasoline, naphtha, fuel oil, heavy oil or any other hydrocarbon byproduct.

 

“Product
Collateral” means any and all Product that has not been sold by the Company and therefore has not been converted into
Gross Revenue or Net Revenue.

 

 

 

    	 	12	 

     

    

 

“Purchase Price” is defined in
Section 1.02.

 

“Revenue Participation
Payment” means, for each quarter, an amount payable to UTS1 equal to the Net Revenue during such quarter multiplied by
the Revenue Participation Rate.

 

“Revenue
Participation Rate” means (i) if the sales price of Product sold by the Company is in excess of Fifty Dollars ($50.00)
per barrel, then twenty-five percent (25%) of the Net Revenue from the sale of such Product, and (ii) if the sales price of Product
sold by the Company is equal to or less than Fifty Dollars ($50.00) per barrel, then fifteen percent (15%) of the Net Revenue from
the sale of such Product.

 

“Revenue Participation Report”
is defined in Section 5.02(d).

 

“Revenue Participation
Right” means, collectively, all of UTS1’s rights to receive the Payment Stream.

 

“Selected Material” is defined
in Section 5.01.

 

“Stock Collateral”
means twenty million (20,000,000) shares of Common Stock, par value $.001 per share, of Vivakor, Inc., a Nevada corporation.

 

“Tax”
or “Taxes” means any federal, state, local or foreign income, gross receipts, license, payroll, employment,
excise, severance, occupation, premium, windfall profits, environmental, customs duties, capital stock, franchise, profits, withholding,
social security, unemployment, disability, real property, personal property, abandoned property, value added, alternative or add-
on minimum, estimated or other tax of any kind whatsoever, including any interest, penalty or addition thereto, whether disputed
or not.

 

“Third Party”
means any Person that is not the Company or an Affiliate of the Company and not UTS1 or an Affiliate of UTS1.

 

“Uniform
Commercial Code” means the Uniform Commercial Code, as the same may, from time to time, be enacted and in effect in
the State of Nevada; provided that, to the extent that the Uniform Commercial Code is used to define any term herein
and such term is defined differently in different Articles or Divisions of the Uniform Commercial Code, the definition of
such term contained in Article or Division 9 shall govern; provided further that, in the event that, by reason of
mandatory provisions of law, any or all of the attachment, perfection or priority of, or remedies with respect to,
UTS1’s Lien on any Collateral is governed by the Uniform Commercial Code in effect in a jurisdiction other than the
State of Nevada, the term “Uniform Commercial Code” shall mean the Uniform Commercial Code as enacted and in
effect in such other jurisdiction solely for purposes of the provisions thereof relating to such attachment, perfection,
priority or remedies and for purposes of definitions relating to such provisions.

 

“UTS1” is defined in the preamble.

 

“UTS1 Indemnified Parties” is
defined in Section 6.01(a).

 

“Working
Interest Right” means UST1’s right and obligations related to the Company’s operations and production of
the Property, which is being acquired with 80% of each UST1 investor’s funds.

 

 

 

    	 	13	 

     

    

 

Section 9.02 Certain Interpretations.
Except where expressly stated otherwise in this Agreement, the following rules of interpretation apply to this Agreement:

 

(a)     “either” and “or” are not exclusive and “include,” “includes” and “including”
are not limiting and shall be deemed to be followed by the words “without limitation”;

 

(b)     “extent” in the phrase “to the extent” means the degree to which a subject or other thing extends,
and such phrase does not mean simply “if”;

 

(c)     “hereof,” “hereto,” “herein” and “hereunder” and words of similar import
when used in this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement;

 

 (d)     references to a Person are also to its permitted successors and assigns;

 

 (e)     definitions are applicable to the singular as well as the plural forms of such terms;

 

(f)      references
to an “Article” or “Section” refer to an Article or Section of this Agreement;

 

(g)     references
to “$” or otherwise to Dollar amounts refer to the lawful currency of the United States; and

 

(h)     references
to a law include any amendment or modification to such law and rules and regulations issued thereunder, whether such amendment
or modification is made, or issuance of such rules and regulations occurs, before or after the effective date of this Agreement.

 

Section 9.03 Headings.
The descriptive headings of the several Articles and Sections of this Agreement are for convenience only, do not constitute a part
of this Agreement and shall not control or affect, in any way, the meaning or interpretation of this Agreement.

 

Section 9.04 Notices.
All notices and other communications under this Agreement shall be in writing and shall be by courier service or personal delivery
to the following addresses, or to such other addresses as shall be designated from time to time by a party hereto in accordance
with this Section 9.04:

 

If to the Company, to it at:

 

VivaVentures Energy Group, Inc.

252 Sunpac

Henderson, NV 89011

Attention: Chief Executive Officer

 

with a copy to:

 

Law Offices of Craig V. Butler

300 Spectrum Center Drive, Ste 300

Irvine, CA 92618

Attention: Craig V. Butler, Esq.

 

If to UTS1, to it at:

 

VivaVentures UTS I, LLC

c/o VivaVentures Management Company, Inc., Manager

252 Sunpac

Henderson, NV 89011

Attention: Chief Executive Officer

 

 

 

    	 	14	 

     

    

 

All notices and
communications under this Agreement shall be deemed to have been duly given (i)  when
delivered by hand, if personally delivered, or (ii) one (1) Business Day following sending within the United States by
overnight delivery via commercial one-day overnight courier service.

 

Section 9.05 Expenses.
Except as otherwise provided herein, all fees, costs and expenses (including legal, accounting and banking fees) incurred in connection
with the preparation, negotiation, execution and delivery of this Agreement and to consummate the transactions contemplated hereby
shall be paid by the party hereto incurring such fees, costs and expenses.

 

Section 9.06 Assignment.
This Agreement shall be binding on, inure to the benefit of and be enforceable by the parties hereto and their respective permitted
successors and assigns. The Company may not assign this Agreement without UTS1’s prior written consent, except in connection
with a sale of all or substantially all of the assets of the Company, and provided that the successor entity expressly assumes
in writing to UTS1 all of the Company’s rights and obligations under this Agreement. UTS1 may not assign this Agreement without
the Company’s prior written consent (which the Company may withhold in its discretion), provided that any such assignee
agrees in writing to the Company all of UTS1’s rights and obligations under this Agreement; provided further, however,
that UTS1 shall not have any right to assign this Agreement at any time before the release of UTS1’s Lien in all of the Stock
Collateral pursuant to Section 1.04(b). Any purported assignment in violation of this Section 9.06 shall be null
and void.

 

Section 9.07 Amendment and Waiver.

 

(a)     This
Agreement may be amended, modified or supplemented only in a writing signed by each of the parties hereto. Any provision of this
Agreement may be waived only in a writing signed by the party hereto granting such waiver.

 

(b)     No
failure or delay on the part of any party hereto in exercising any right, power or remedy hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof
or the exercise of any other right, power or remedy. No course of dealing between the parties hereto shall be effective to amend,
modify, supplement or waive any provision of this Agreement.

 

Section 9.08 Entire Agreement.
This Agreement constitutes the entire understanding between the parties hereto with respect to the subject matter hereof and supersedes
all other understandings and negotiations with respect thereto.

 

Section 9.09 No Third
Party Beneficiaries. This Agreement is for the sole benefit of the Company and UTS1 and their permitted successors and assigns,
and nothing herein expressed or implied shall give or be construed to give to any Person, other than the parties hereto and such
permitted successors and assigns, any legal or equitable rights hereunder.

 

Section 9.10 Governing
Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Nevada without giving
effect to any choice or conflict of law provision or rule that would cause the application of the laws of any other jurisdiction.

 

Section 9.11 JURISDICTION; VENUE.

 

(a)     EACH
OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS RESPECTIVE PROPERTY AND ASSETS, TO THE
EXCLUSIVE JURISDICTION OF ANY NEVADA STATE COURT OR FEDERAL COURT OF THE UNITED STATES OF AMERICA SITTING IN LAS VEGAS, NEVADA,
AND ANY APPELLATE COURT THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR FOR RECOGNITION
OR ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF, AND UTS1 AND THE COMPANY HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREE THAT
ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH NEVADA COURT OR, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. UTS1 AND THE COMPANY HEREBY AGREE THAT A FINAL JUDGMENT IN ANY SUCH
ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER
PROVIDED BY APPLICABLE LAW. EACH OF UTS1 AND THE COMPANY HEREBY SUBMITS TO THE EXCLUSIVE PERSONAL JURISDICTION AND VENUE OF SUCH
NEVADA STATE AND FEDERAL COURTS. UTS1 AND THE COMPANY AGREE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THAT PROCESS MAY
BE SERVED ON UTS1 OR THE COMPANY IN THE SAME MANNER THAT NOTICES MAY BE GIVEN PURSUANT TO SECTION 9.04 HEREOF.

 

 

 

    	 	15	 

     

    

 

(b)     EACH
OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT IT MAY LEGALLY AND EFFECTIVELY DO SO,
ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING
TO THIS AGREEMENT IN ANY NEVADA STATE OR FEDERAL COURT. EACH OF UTS1 AND THE COMPANY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY
SUCH COURT.

 

Section 9.12 Severability.
If any term or provision of this Agreement is for any reason held to be invalid, illegal or unenforceable in any situation in any
jurisdiction, then, to the extent that the economic and legal substance of the transactions contemplated hereby is not affected
in a manner that is materially adverse to either party hereto, all other terms and provisions of this Agreement shall nevertheless
remain in full force and effect, and the enforceability and validity of the offending term or provision shall not be affected in
any other situation or jurisdiction.

 

Section 9.13 Specific
Performance. Each of the parties hereto acknowledges and agrees that the other party would be damaged irreparably in the event
that any of the provisions of this Agreement is not performed in accordance with its specific terms or otherwise is breached or
violated. Accordingly, each of the parties hereto agrees that, without posting bond or other undertaking, the other party will
be entitled to an injunction or injunctions to prevent breaches or violations of the provisions of this Agreement and to enforce
specifically this Agreement and the terms and provisions hereof in any action, suit or other proceeding instituted in any court
of the United States or any state thereof having jurisdiction over the parties and the matter in addition to any other remedy to
which it may be entitled, at law or in equity. Each party hereto further agrees that, in the event of any action for specific performance
in respect of such breach or violation, such party will not assert the defense that a remedy at law would be adequate.

 

Section 9.14 Counterparts.
This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original, and all of which taken together shall constitute one and the same agreement.
Copies of executed counterparts transmitted by telecopy, facsimile or other similar means of electronic transmission, including
“PDF,” shall be considered original executed counterparts, provided receipt of such counterparts is confirmed.

 

Section 9.15 Relationship
of Parties. The relationship between UTS1 and the Company is solely that of purchaser and company, and neither UTS1 nor the
Company has any fiduciary or other special relationship with the other party or any of its Affiliates. This Agreement is not a
partnership or similar agreement, and nothing contained herein shall be deemed to constitute UTS1 and the Company as a partnership,
an association, a joint venture or any other kind of entity or legal form for any purpose, including any Tax purpose. UTS1 and
the Company agree that they shall not take any inconsistent position with respect to such treatment in a filing with any Governmental
Entity.

 

[Signature Page Follows]

 

 

 

 

 

    	 	16	 

     

    

 

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and delivered by their respective representatives
thereunto duly authorized effective as of the effective date first written above.

 

 

	 	The “Company”:

 

 VIVAVENTURES ENERGY GROUP, INC.,

a Nevada corporation

 

 

By: /s/ Matt Nicosia

       Matt Nicosia

       President and CEO

 

“UTS1”:

 

VIVAVENTURES UTS I, LLC,

a Delaware limited liability company

 

By: VIVAVENTURES MANAGEMENT COMPANY, INC.,

a Nevada corporation, its Manager

 

 

By: /s/ Matt Nicosia

       Matt Nicosia

       President and CEO

 

 

 

 

 

[SIGNATURE PAGE TO RESTATED
WORKING INTEREST AGREEMENT]

 

 

 

 

 

    	 	17

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