Document:

Exhibit 10.1

 

AMENDMENT
NO. 4 TO FORBEARANCE AGREEMENT 

 

THIS AMENDMENT
No. 4 TO FORBEARANCE AGREEMENT (this “Agreement”) is made and entered into as of October 31, 2016 by
and among DAKOTA PLAINS TRANSLOADING, LLC, a Minnesota limited liability company (“Dakota Transloading”), DAKOTA
PLAINS SAND, LLC, a Minnesota limited liability company (“Dakota Sand”), DAKOTA PLAINS MARKETING, LLC, a Minnesota
limited liability company (“Dakota Marketing” and, together with Dakota Transloading and Dakota Sand, the “Borrowers”),
DAKOTA PLAINS HOLDINGS, INC., a Nevada corporation (“Holdings”), DPTS MARKETING LLC, a Minnesota limited liability
company (“DPTSM”), DAKOTA PETROLEUM TRANSPORT SOLUTIONS, LLC, a Minnesota limited liability company (“DPTS”),
DPTS SAND, LLC, a Minnesota limited liability company (“DPTS Sand” and, together with Holdings, DPTSM and DPTS,
the “Guarantors”), the Lenders (the “Lenders”) from time to time party to the Credit Agreement
(defined below) and SUNTRUST BANK, in its capacity as Administrative Agent for the Lenders (in such capacity, “Administrative
Agent”) and as Issuing Bank. Capitalized terms used herein but not otherwise defined shall have the meanings ascribed
to such terms in the Credit Agreement (defined below).

 

RECITALS

 

A.           The
Borrowers, Holdings, the Lenders and the Administrative Agent are parties to that certain Revolving Credit and Term Loan Agreement,
dated as of December 5, 2014 (as amended by that certain Amendment No. 1 to Revolving Credit and Term Loan Agreement dated as of
August 6, 2015, as amended by that certain Amendment No. 2 and Waiver to Revolving Credit and Term Loan Agreement dated as of December
4, 2015, as amended by that certain Amendment No. 3 to Revolving Credit and Term Loan Agreement, Amendment No. 1 to Forbearance
Agreement and One Time Waiver of Revolving Loan Borrowing Requirements dated as of July 5, 2016, as amended by that certain Amendment
No. 4 to Revolving Credit and Term Loan Agreement and One Time Waiver of Revolving Loan Borrowing Requirements dated as of August
5, 2016, and as further amended, restated, supplemented, replaced, refinanced or otherwise modified from time to time, the “Credit
Agreement”).

 

B.            The
Loan Parties, the Administrative Agent and the Lenders are party to that certain Forbearance Agreement dated as of May 3, 2016
(as amended by that certain Amendment No. 3 to Revolving Credit and Term Loan Agreement, Amendment No. 1 to Forbearance Agreement
and One Time Waiver of Revolving Loan Borrowing Requirements dated as of July 5, 2016, as amended by that certain Amendment No.
2 to Forbearance Agreement dated as of September 1, 2016, as amended by that certain Amendment No. 3 to Forbearance Agreement dated
as of September 20, 2016 and as further amended, restated, supplemented, replaced or otherwise modified from time to time, the
“Forbearance Agreement”), pursuant to which the Administrative Agent and Lenders are presently forbearing from
exercising certain rights and remedies available to them under the Credit Agreement, Loan Documents and applicable law, which rights
and remedies arose exclusively as a result of the occurrence, existence or continuation of the Anticipated Events of Default (as
defined in the Forbearance Agreement).

 

C.            The
Loan Parties have requested that the Administrative Agent and the Lenders amend the Forbearance Agreement as set forth herein.

 

D.           The
Administrative Agent and the Lenders have agreed to do so, but only pursuant to the terms and conditions set forth herein.

 

     

     

    

 

AGREEMENT

 

NOW, THEREFORE, IN
CONSIDERATION of the premises contained herein and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows:

 

1.            Estoppel,
Acknowledgement and Reaffirmation. Each of the Loan Parties acknowledges and agrees that, as of October 31, 2016: the aggregate
outstanding principal amount of the Tranche A Term Loan was not less than $12,925,000; the aggregate outstanding principal amount
of the Tranche B Term Loan was not less than $22,500,000; the aggregate outstanding principal amount of all Revolving Loan was
not less than $21,500,000; and the LC Exposure was $0; each of which constitutes a valid and subsisting obligation of the Loan
Parties to the Lenders that is not subject to any credits, offsets, defenses, claims, counterclaims or adjustments of any kind.

 

2.            Consent,
Reaffirmation and Ratification. By its signature below, each of the undersigned Loan Parties hereby: (a) acknowledges and consents
to this Agreement and the terms and provisions hereof; (b) reaffirms the covenants and agreements contained in each Loan Document
to which it is a party, including, in each case, as such covenants and agreements may be modified by this Agreement and the transactions
contemplated hereby; (c) reaffirms that each of the Liens created and granted in, or pursuant to, the Loan Documents in favor of
the Administrative Agent, for the benefit of the holders of the Obligations, is valid and subsisting and acknowledges and agrees
that this Agreement shall in no manner impair or otherwise adversely affect such Liens, except as explicitly set forth herein;
and (d) confirms that each Loan Document to which it is a party is and shall continue to be in full force and effect and the same
is hereby ratified and confirmed in all respects, except that upon the effectiveness of this Agreement, all references in such
Loan Documents to the “Credit Agreement”, “thereunder”, “thereof” or words of like import shall
mean the Credit Agreement and the Loan Documents, as the case may be, as in effect and modified by this Agreement.

 

3.            Amendments
to Forbearance Agreement.

 

(a)           The penultimate sentence of Section 3 of the Forbearance Agreement is hereby amended and restated in its entirety as follows:

 

As used
herein, a “Forbearance Termination Event” shall mean the earliest of the following to occur: (a) any Default
or Event of Default under the Credit Agreement or the other Loan Documents other than the Anticipated Events of Default; (b) a
breach by any Loan Party of any obligation or covenant under this Agreement; and (c) January 3, 2017 (such date, the “Forbearance
Termination Date”).

 

4.            Forbearance
Period Milestones. The Loan Parties shall satisfy the following milestones on or before the date specified therefore:

 

(a)          on
or before November 18, 2016, the Loan Parties shall have received one or more executed letters of intent for the purchase of all
or substantially all of the Loan Parties’ equity or assets (such transaction, a “Potential Transaction”)
from potential purchasers with demonstrated ability to close a Potential Transaction (each such potential purchaser, a “Potential
Purchaser”); and

 

(b)          on
or before December 13, 2016, the Loan Parties and one or more Potential Purchasers shall have entered into a definitive asset purchase
agreement for the sale of all or substantially all of the Loan Parties’ equity or assets.

 

    2 

     

    

 

This Section 4 shall supersede and replace
Section 5 of that certain Amendment No. 3 to Forbearance Agreement dated as of September 20, 2016, entered into by and among the
Loan Parties, the Administrative Agent and the Lenders.

 

5.            Costs
and Expenses. The Borrowers shall pay all reasonable and documented out-of-pocket fees, costs and expenses incurred by the
Administrative Agent and the Lenders (including, without limitation, the reasonable and documented fees and out-of-pocket costs
and expenses of counsel) incurred in connection with the Credit Agreement, this Agreement and the other Loan Documents through
the Effective Date (defined below).

 

6.            Conditions
Precedent. This Agreement shall be effective as of the date hereof (the “Effective Date”) when, and only
when, each of the following conditions shall have been satisfied or waived, in the sole discretion of the Administrative Agent:

 

(a)          The
Administrative Agent shall have received counterparts of this Agreement duly executed by each of the Loan Parties, the Lenders
and the Administrative Agent.

 

(b)          The
Administrative Agent shall have received such certificates of resolutions or other action, incumbency certificates and/or other
certificates of Responsible Officers of each Loan Party as the Administrative Agent may require evidencing the identity, authority
and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and
the other Loan Documents to which such Loan Party is a party.

 

(c)          Counsel
to the Administrative Agent shall have received reimbursement from the Loan Parties for all reasonable fees, costs and expenses
charged the Administrative Agent and the Lenders in connection with the Credit Agreement, this Agreement and the other Loan Documents
through the Effective Date.

 

7.            Incorporation
of Agreement. Except as specifically modified herein, the terms of the Loan Documents shall remain in full force and effect.
The execution, delivery and effectiveness of this Agreement shall not operate as a waiver of any right, power or remedy of the
Administrative Agent under the Loan Documents, or constitute a waiver or amendment of any provision of the Loan Documents, except
as expressly set forth herein. The breach in any material respect of any provision or representation under this Agreement shall
constitute an immediate Event of Default under the Credit Agreement, and this Agreement shall constitute a Loan Document.

 

8.            Representations
of the Loan Parties. Each of the Loan Parties represents and warrants to the Administrative Agent and the Lenders as follows:

 

(a)          Except
as acknowledged herein, no Default or Event of Default exists under the Loan Documents on and as of the date hereof.

 

(b)          It
has taken all necessary action to authorize the execution, delivery and performance of this Agreement and any other documents delivered
by it in connection herewith.

 

(c)          This
Agreement and each other document delivered by it in connection herewith has been duly executed and delivered by such Person and
constitutes such Person’s legal, valid and binding obligation, enforceable in accordance with its terms, except as such enforceability
may be subject to (i) bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer,

 

    3 

     

    

 

moratorium or similar laws affecting
creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered
in a proceeding at law or in equity).

 

(d)          No
consent, approval, authorization or order of, registration or qualification with, any court or Governmental Authority or third
party is required in connection with the execution, delivery or performance by such Person of this Agreement.

 

(e)          The
execution and delivery of this Agreement or any other document delivered by it in connection herewith does not (i) violate, contravene
or conflict with any provision of its organizational documents or (ii) materially violate, contravene or conflict with any laws
applicable to it or any of its Subsidiaries.

 

(f)           After
giving effect to this Agreement, the representations and warranties of the Loan Parties contained in the Loan Documents, as supplemented
by the disclosures on Schedule 11(f) to the Forbearance Agreement, are true, accurate and complete in all materials respects
on and as of the date hereof to the same extent as though made on and as of such date except to the extent such representations
and warranties specifically relate to an earlier date.

 

9.            Release;
No Action, Claims, Etc.. In consideration of the Administrative Agent’s, the Lenders’ and the Issuing Bank’s
willingness to enter into this Agreement, each of the Loan Parties hereby releases and forever discharges the Administrative Agent,
the Lenders, the Issuing Bank and each of the Administrative Agent’s, Lenders’ and Issuing Bank’s respective
predecessors, successors, assigns, officers, managers, directors, employees, agents, attorneys, representatives, and affiliates
(hereinafter all of the above collectively referred to as the “Lender Group”), from any and all claims, counterclaims,
demands, damages, debts, suits, liabilities, actions and causes of action of any nature whatsoever, in each case to the extent
arising in connection with the Loan Documents through the date of this Agreement, whether arising at law or in equity, whether
known or unknown, whether liability be direct or indirect, liquidated or unliquidated, whether absolute or contingent, foreseen
or unforeseen, and whether or not heretofore asserted, which each of the Loan Parties may have or claim to have against any of
the Lender Group. As of the date hereof, each of the Loan Parties hereby acknowledges and confirms that it has no knowledge of
any actions, causes of action, claims, demands, damages and liabilities of whatever kind or nature, in law or in equity, against
any member of the Lender Group arising from any action by such Person, or failure of such Person to act under the Loan Documents
on or prior to the date hereof.

 

10.          Further
Assurances. Each of the parties hereto agrees to execute and deliver, or to cause to be executed and delivered, all such instruments
as may reasonably be requested to effectuate the intent and purposes, and to carry out the terms, of this Agreement.

 

11.          No
Third Party Beneficiaries. This Agreement and the rights and benefits hereof shall inure to the benefit of each of the parties
hereto and their respective successors and assigns. No other Person shall have or be entitled to assert rights or benefits under
this Agreement.

 

12.          Governing
Law; Jurisdiction; Consent to Service of Process; Waiver of Jury Trial. The governing law, jurisdiction, consent to service
of process and waiver of jury trial provisions set forth in Sections 10.5 and 10.6 of the Credit Agreement are hereby incorporated
by reference, mutatis mutandis.

 

13.          Entirety.
This Agreement and the other Loan Documents embody the entire agreement between the parties and supersede all prior agreements
and understandings, if any, relating to the subject matter hereof. This Agreement and the other Loan Documents represent the final
agreement between the

 

    4 

     

    

 

parties and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of
the parties.

 

14.          Miscellaneous

 

(a)          This
Agreement shall be binding on and shall inure to the benefit of the Loan Parties, the Administrative Agent, the Lenders and their
respective successors and permitted assigns. It is the intent of the undersigned Lenders that any third party acquiring any such
Lender’s rights and obligations under the Credit Agreement shall, with respect to such Lender’s portion of the Loan,
be subject to, and bound by, the terms and conditions of this Agreement. The terms and provisions of this Agreement are for the
purpose of defining the relative rights and obligations of the Loan Parties, the Administrative Agent, the Issuing Bank and the
Lenders with respect to the transactions contemplated hereby and there shall be no third party beneficiaries of any of the terms
and provisions of this Agreement.

 

(b)          Section
headings in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement
for any other purpose.

 

(c)          Wherever
possible, each provision of this Agreement shall be interpreted in such a manner as to be effective and valid under applicable
law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions
of this Agreement.

 

(d)          Except
as otherwise expressly provided in this Agreement, if any provision contained in this Agreement is in conflict with, or inconsistent
with, any provision in the Loan Documents, the provision contained in this Agreement shall govern and control.

 

(e)          This
Agreement may be executed in any number of separate counterparts, each of which shall collectively and separately constitute one
agreement. Delivery of an executed counterpart of this Agreement by telecopy or other electronic means shall be effective as an
original.

 

(f)           This
Agreement does not represent a commitment by the Lenders and/or the Administrative Agent to make any new loans, restructure the
Obligations or grant or extend any financial accommodations to the Loan Parties, except for the agreements expressly set forth
herein.

 

15.          No
Waiver. Nothing herein shall constitute a waiver of the Anticipated Events of Default, as such term is defined in the Forbearance
Agreement.

 

[Signature pages follow.]

 

    5 

     

    

 

IN WITNESS WHEREOF,
each of the parties hereto has caused this Agreement to be duly executed and delivered as of the date first above written.

	 	 	 	 
	BORROWERS:	DAKOTA PLAINS TRANSLOADING, LLC
	 	 
	 	By:	/s/ Gabriel G. Claypool	 
	 	Name: Gabriel G. Claypool	 
	 	Title: President, CEO & Secretary	 
	 	 	 
	 	DAKOTA PLAINS SAND, LLC	 
	 	 	 	 
	 	By:	/s/ Gabriel G. Claypool	 
	 	Name: Gabriel G. Claypool	 
	 	Title: President, CEO & Secretary	 
	 	 	 
	 	DAKOTA PLAINS MARKETING, LLC
	 	 	 	 
	 	By:	/s/ Gabriel G. Claypool	 
	 	Name: Gabriel G. Claypool	 
	 	Title: President, CEO & Secretary	 
	 	 	 	 
	HOLDINGS:	DAKOTA PLAINS HOLDINGS, INC.
	 	 	 	 
	 	By:	/s/ Gabriel G. Claypool	 
	 	Name: Gabriel G. Claypool	 
	 	Title: President, CEO & COO	 
	 	 	 	 
	SUBSIDIARY LOAN PARTIES:	DPTS MARKETING LLC	 
	 	 	 	 
	 	By:	/s/ Gabriel G. Claypool	 
	 	Name: Gabriel G. Claypool	 
	 	Title: Manager	 
	 	 	 	 
	 	DAKOTA PETROLEUM TRANSPORT SOLUTIONS, LLC
	 	 
	 	By:	/s/ Gabriel G. Claypool	 
	 	Name: Gabriel G. Claypool	 
	 	Title: Manager	 
	 	 	 
	 	DPTS SAND, LLC
	 	 	 	 
	 	By:	/s/ Gabriel G. Claypool	 
	 	Name: Gabriel G. Claypool	 
	 	Title: Manager	 

 

SIGNATURE
PAGE

DAKOTA
PLAINS – AMENDMENT No. 4 to Forbearance Agreement

 

     

     

    

 

	ADMINISTRATIVE	 	 	 
	AGENT:	SUNTRUST BANK,	 
	 	as Administrative Agent	 
	 	 	 
	 	By:	/s/ Janet Naifeh	 
	 	Name: Janet Naifeh	 
	 	Title:   Senior Vice President	 
	 	 	 
	LENDERS:	SUNTRUST BANK,	 
	 	as a Lender and Issuing Bank	 
	 	 	 
	 	By:	/s/ Janet Naifeh	 
	 	Name: Janet Naifeh	 
	 	Title:   Senior Vice President	 

 

SIGNATURE
PAGE

DAKOTA
PLAINS – AMENDMENT No. 4 to Forbearance AgreementExhibit 10.6

 

 

Stone Phillips, LLC

PO Box 500787

Atlanta GA 31150

 

PRIVATE & CONFIDENTIAL

 

November 7, 2016

 

Dakota Plains Holdings, Inc.

294 Grove Lane East

Wayzata, Minnesota 55391

Attn: Board of Directors

 

Re: Dakota Plains
Holdings, Inc.

 

Ladies and Gentlemen:

	1.	Introduction

 

This letter confirms
that Anna Phillips, as a member of Stone Phillips, LLC (“SP”), has been retained by Dakota Plains Holdings, Inc. (the
“Company” or “You”), to provide services (the “Services”) set out below. This letter of engagement
(the “Engagement”) and the related Standard Terms and Conditions constitute the engagement contract (the “Engagement
Contract”) pursuant to which the Services will be provided.

	2.	Scope of Services

The Services, to be
performed, are expected to include the following:

		·	Anna
                                         Phillips, member of Stone Phillips, LLC, will serve as an Independent Director for the
                                         Company

		·	Ms.
                                         Phillips will perform all activities commensurate with this position.

SP also may provide
Services through its’ agents or independent contractors. References herein to SP and its employees shall be deemed to apply
also, unless the context shall otherwise indicate, to employees of any such agents or independent contractors and their employees.

The Services, as outlined
above, are subject to change as mutually agreed between us in writing.

As
part of the Services, Ms. Phillips and SP may be requested to assist the Company (and its legal or other advisors) in negotiating
with the Company’s creditors and equity holders and with other interested parties. In the event that we participate in such
negotiations, the representations made and the positions advanced will be those of the Company and its management, not SP or its
employees.

    	 

     

    

 

	3.	Fees and Cash on Account

 

Our fees for the
Services are $10,000 per month for up to 30 hours of services provided in the month, with any additional hours over and above
the 30 hours charged to the Company at a rate of $325 per hour for the services of Anna Phillips or her designee for the
above scope.

In the event SP and
the Company agree to modify or expand the scope, fees will be negotiated prior to commencement of work relating to any scope change.
Note that we do not provide any assurance regarding the outcome of our work and our fees will not be contingent on the results
of such work.

In
addition to the fees outlined above, SP will bill for reasonable direct expenses which are likely to be incurred on your behalf
during this Engagement. Direct expenses include but are not limited to reasonable and customary out-of-pocket expenses which are
billed directly to the engagement such as overnight mail, messenger, travel, meals, accommodations, independent contractor or
agent fees and expenses, and any other expenses specifically related to the engagement. Further, if SP and/or any of its employees
are required to testify or provide evidence at or in connection with any judicial or administrative proceeding relating to this
matter, SP will be compensated by you at its regular hourly rates and reimbursed for reasonable allocated and direct expenses
(including counsel fees) with respect thereto.

Initially,
the Company will forward to us the amount of $10,000, which funds will be held "on account" to be applied to our professional
fees, charges and disbursements for the Engagement (the "Initial Cash on Account"). To the extent that this amount exceeds
our fees, charges and disbursements upon the completion of the Engagement, we will refund any unused portion. The Company agrees
to increase or supplement the Initial Cash on Account from time to time during the course of the Engagement in such amounts as
the Company and we mutually shall agree are reasonably necessary to increase the Initial Cash on Account to a level that will
be sufficient to fund Engagement fees, charges, and disbursements to be incurred.

We
will send the Company periodic invoices (not less frequently than monthly) for services rendered and charges and disbursements
incurred on the basis discussed above, and in certain circumstances, an invoice may be for estimated fees, charges and disbursements
through a date certain. Each invoice constitutes a request for an interim payment against the fee to be determined at the conclusion
of our Services. Upon transmittal of the invoice, we may immediately draw upon the Initial Cash on Account (as replenished from
time to time) in the amount of the invoice. The Company agrees upon submission of each such invoice to promptly pay the invoice
amount to us, and in any event payment shall be made within ten (10) business days from the invoice date, as replenishment of
the Initial Cash on Account (together with any supplemental amount to which we and the Company mutually agree), without prejudice
to the Company's right to advise us of any differences it may have with respect to such invoice. We have the right to apply to
any outstanding invoice (including amounts billed prior to the date hereof), up to the remaining balance, if any, of the Initial
Cash on Account (as may be supplemented from time to time) at any time subject to (and without prejudice to) the Company's opportunity
to review our statements.

 

    	-2-

     

    

 

	4.	Terms and Conditions

 

The attached Standard Terms
and Conditions set forth the duties of each party with respect to the Services. Further, this letter and the Standard Terms and
Conditions attached comprise the entire Engagement Contract for the provision of the Services to the exclusion of any other express
or implied terms, whether expressed orally or in writing, including any conditions, warranties and representations, and shall
supersede all previous proposals, letters of engagement, undertakings, agreements, understandings, correspondence and other communications,
whether written or oral, regarding the Services.

	5.	Conflicts of Interest

 

We were not made
aware of any conflicts of interest or additional relationships that we believe would preclude us from performing the Services.
We will not knowingly accept an engagement that directly conflicts with this Engagement without your prior written consent.

	6.	Acknowledgement and Acceptance

Please acknowledge your
acceptance of the terms of this Engagement Contract by signing both the confirmation below and the attached Standard Terms and
Conditions and returning a copy of each to us at the above address.

 

If you have any questions
regarding this letter or the attached Standard Terms and Conditions, please do not hesitate to contact us.

 

Yours faithfully,

 

 

STONE PHILLIPS, LLC

 

	By:  	/s/ Anna Phillips	 
	 	Anna Phillips	 
	 	Member	 

 

Attachment – As stated

 

	cc:	Jorian L. Rose, Esq.
	 	Baker Hostetler LLP
	 	45 Rockefeller Plaza
	 	New York NY 10111-0100

 

 

    	-3-

     

    

 

Confirmation of Terms of Engagement

 

We agree to engage Stone Phillips,
LLC upon the terms set forth herein and in the attached Standard Terms and Conditions.

 

DAKOTA PLAINS HOLDINGS, INC.

 

	By:  	/s/ Gabriel G. Claypool	 
	 	Gabriel G. Claypool	 
	 	President, Chief Executive Officer	 
	 	and Chief Operating Officer	 

 

Date:    November
7, 2016

 

 

    	-4-

     

    

 

STONE PHILLIPS, LLC

 

STANDARD TERMS AND CONDITIONS

 

The following are the Standard Terms and Conditions on which we
will provide the Services to you set forth within the attached letter of engagement. The Engagement letter and the Standard Terms
and Conditions (collectively the “Engagement Contract”) form the entire agreement between us relating to the Services
and replace and supersede any previous proposals, letters of engagement, undertakings, agreements, understandings, correspondence
and other communications, whether written or oral, regarding the Services. The headings and titles in the Engagement Contract are
included to make it easier to read but do not form part of the Engagement Contract.

 

 

		1.	Reports and Advice

 

		1.1	Use and purpose of advice and reports – Any advice given or report issued by us is provided solely for your use
and benefit and only in connection with the purpose in respect of which the Services are provided. Unless required by law, you
shall not provide any advice given or report issued by us to any third party, or refer to us or the Services, without our prior
written consent. In no event, regardless of whether consent has been provided, shall we assume any responsibility to any third
party to which any advice or report is disclosed or otherwise made available.

 

		2.	Information and Assistance

  

		2.1	Provision of information and assistance – Our performance of the Services is dependent upon your providing us
with such information and assistance as we may reasonably require from time to time.

 

		2.2	Punctual and accurate information – You shall use reasonable skill, care and attention to ensure that all information
we may reasonably require is provided on a timely basis and is accurate and complete and relevant for the purpose for which it
is required. You shall also notify us if you subsequently learn that the information provided is incorrect or inaccurate or otherwise
should not be relied upon.

 

		2.3	No assurance on financial data – While our work may include an analysis of financial and accounting data, the
Services will not include an audit, compilation or review of any kind of any financial statements or components thereof. Company
management will be responsible for any and all financial information they provide to us during the course of this Engagement, and
we will not examine or compile or verify any such financial information. Moreover, the circumstances of the Engagement may cause
our advice to be limited in certain respects based upon, among other matters, the extent of sufficient and available data and the
opportunity for supporting investigations in the time period. Accordingly, as part of this Engagement, we will not express any
opinion or other form of assurance on financial statements of the Company.

 

		2.4	Prospective financial information – In the event the Services involve prospective financial information, our work will
not constitute an examination or compilation, or apply agreed-upon procedures, in accordance with standards established by the
American Institute of Certified Public Accountants or otherwise, and we will express no assurance of any kind on such information.
There will usually be differences between estimated and actual results, because events and circumstances frequently do not occur
as expected, and those differences may be material. We will take no responsibility for the achievability of results or events projected
or anticipated by the management of the Company.

 

 

    	 

     

    

 

	3.	Additional Services

 

		3.1	Responsibility for other parties – You shall be solely responsible for the work and fees of any other party engaged
by you to provide services in connection with the Engagement regardless of whether such party was introduced to you by us. Except
as provided in this Engagement Contract, we shall not be responsible for providing or reviewing the advice or services of any such
third party, including advice as to legal, regulatory, accounting or taxation matters. Further, we acknowledge that we are not
authorized under our Engagement Contract to engage any third party to provide services or advice to you, other than our agents
or independent contractors engaged to provide Services, without your written authorization.

 

	4.	Confidentiality

         

		4.1	Restrictions on confidential information – Both parties agree that any confidential information received from
the other party shall only be used for the purposes of providing or receiving Services under this or any other contract between
us. Except as provided below, neither party will disclose the other party’s confidential information to any third party without
the other party’s consent. Confidential information shall not include information that:

 

		4.1.1	is or becomes generally available to the public other than as a result of a breach of an obligation under this Clause 4.1;

 

		4.1.2	is acquired from a third party who, to the recipient party’s knowledge, owes no obligation
of confidence in respect of the information; or

 

		4.1.3	is or has been independently developed by the recipient.

 

		4.2	Disclosing confidential information – Notwithstanding Clause 1.1 or 4.1 above, either party will be entitled to
disclose confidential information of the other to a third party to the extent that this is required by valid legal process, provided
that (and without breaching any legal or regulatory requirement) where reasonably practicable not less than 2 business days’
notice in writing is first given to the other party.

 

		4.3	Citation of engagement – Without prejudice to Clause 4.1 and Clause 4.2 above, to the extent our engagement is
or becomes known to the public, we may cite the performance of the Services to our clients and prospective clients as an indication
of our experience, unless we and you specifically agree otherwise in writing.

 

		4.4	Internal quality reviews – Notwithstanding the above, we may disclose any information referred to in this Clause
4 to any other SP entity or use it for internal quality reviews.

 

		4.5	Maintenance of workpapers – Notwithstanding the above, we may keep one archival set of our working papers from
the Engagement, including working papers containing or reflecting confidential information, in accordance with our internal policies.

 

	5.	Termination

 

		5.1	Termination of Engagement with notice – Either party may terminate the Engagement Contract for whatever reason
upon written notice to the other party. Upon receipt of such notice, we will stop all work immediately. You will be responsible
for all fees and expenses incurred by us through the date termination notice is received.

 

    	-2- 

     

    

 

		5.2	Continuation of terms – The terms of the Engagement that by their context are intended to be performed after termination
or expiration of this Engagement Contract, including but not limited to, Clauses 3 and 4 of the Engagement letter, and Clauses
1.1, 4, 6 and 7 of the Standard Terms and Conditions, are intended to survive such termination or expiration and shall continue
to bind all parties.

 

	6.	Indemnification and Liability Limitation;
Waiver of Jury Trial

                                            

                                           
	

 

		6.1	Indemnification – You agree to indemnify and hold harmless SP and any of its subsidiaries and affiliates, officers,
directors, principals, managers, members, shareholders, agents, independent contactors and employees (collectively “Indemnified
Persons”) from and against any and all claims, liabilities, damages, obligations, costs and expenses (including reasonable
attorneys’ fees and expenses and costs of investigation) arising out of or relating to your retention of SP, the execution
and delivery of this Engagement Contract, the provision of Services or other matters relating to or arising from this Engagement
Contract, except to the extent that any such claim, liability, obligation, damage, cost or expense shall have been determined by
final non-appealable order of a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct
of the Indemnified Person or Persons in respect of whom such liability is asserted.

 

		6.2	Limitation of liability – You agree that no Indemnified Person shall have any liability as a result of your retention
of SP, the execution and delivery of this Engagement Contract, the provision of Services or other matters relating to or arising
from this Engagement Contract, other than liabilities that shall have been determined by final non-appealable order of a court
of competent jurisdiction to have resulted from the gross negligence or willful misconduct of the Indemnified Person or Persons
in respect of whom such liability is asserted. Without limiting the generality of the foregoing, in no event shall any Indemnified
Person be liable for consequential, indirect or punitive damages, damages for lost profits or opportunities or other like damages
or claims of any kind.

 

		6.3	WAIVER OF JURY TRIAL – TO FACILITATE JUDICIAL RESOLUTION AND SAVE TIME AND EXPENSE, YOU AND SP IRREVOCABLY AND
UNCONDITIONALLY AGREE NOT TO DEMAND A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THE
SERVICES OR ANY SUCH OTHER MATTER.

 

		7.	Governing Law and Jurisdiction – The Engagement Contract shall be governed by and interpreted in accordance with the laws
of the State of Georgia, without giving effect to the choice of law provisions thereof. The United States District Court for the
Northern District of Georgia and the appropriate Courts of the State of Georgia sitting in the City of Atlanta shall have exclusive
jurisdiction in relation to any claim, dispute or difference concerning the Engagement Contract and any matter arising from it.
The parties submit to the jurisdiction of such Courts and irrevocably waive any right they may have to object to any action being
brought in these Courts, to claim that the action has been brought in an inconvenient forum or to claim that those Courts do not
have jurisdiction.

 

 

STONE PHILLIPS, LLC

 

    	-3- 

     

    

 

Confirmation of Standard Terms and Conditions

 

We agree to engage Stone Phillips,
LLC upon the terms set forth in these Standard Terms and Conditions as outlined above.

 

DAKOTA PLAINS HOLDINGS, INC.

 

	By:  	/s/ Gabriel G. Claypool	 
	 	Gabriel G. Claypool	 
	 	President, Chief Executive Officer	 
	 	and Chief Operating Officer	 

 

 

 

Date:    November 7, 2016

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