Document:

Exhibit No.: 10.10
	 	 	To Form S-1 Registration Statement

 

INTELLECTUAL PROPERTY PROTECTION AGREEMENT

 

THIS INTELLECTUAL
PROPERTY PROTECTION AGREEMENT (the “Protection Agreement”) is made effective as of January 28, 2014 (the
“Effective Date”), by and between 3cREAMERS, LLC, a Texas limited liability company (the “3cR”),
HARD ROCK SOLUTIONS, INC., a Texas corporation (“HRSI”), HARD ROCK SOLUTIONS, LLC, a Utah limited
liability company (the “Company”), SUPERIOR DRILLING PRODUCTS, LLC, a Utah limited liability company
(“Superior”), JAMES D. ISENHOUR, an individual (“Isenhour”) and TROY MEIER,
an individual (“Meier”). 3cR, HRSI and the Company are sometimes referred to herein as the “Isenhour
Companies” or singularly as an “Isenhour Company”. The Isenhour Companies, Superior, Isenhour and
Meier are sometimes hereinafter referred to collectively as the “Parties” or individually as a “Party”.

 

WITNESSETH:

 

WHEREAS, Meier,
and his wife, Annette Meier, are the owners of Superior Drilling Products, LLC, a Utah limited liability company (the “Buyer”);

 

WHEREAS, James
D. Isenhour is the sole stockholder (“Isenhour”) of 3cR and of HRSI, which owns all of the issued and outstanding
membership interests of the Company (“Interests”);

 

WHEREAS, it
is contemplated that Buyer will purchase from HRSI and HRSI will sell to Buyer the Interests pursuant to that certain Membership
Interest Purchase Agreement between HRSI, the Company, Isenhour and Buyer (the “MIPA”);

 

WHEREAS, in
connection with the MIPA, HRSI will transfer certain assets and certain patents and a trademark (the “Patents and Mark”)
to the Company;

 

WHEREAS, 3cR
currently owns all such Patents and Mark and in connection with the MIPA, has agreed to transfer and assign the Patents and Mark
to HRSI on or prior to the execution of the MIPA;

 

WHEREAS, in
order to further facilitate the successful procurement of patents and the transactions contemplated by the MIPA, Isenhour and Meier
have on even date herewith assigned and transferred all of each’s one-half (1/2) interest as an inventor in (i) United States
Patent Application Serial No. 13/644,218 filed with the U.S. Patent & Trademark Office entitled “Well Bore Conditioning
System” which was filed on October 3, 2012, published on July 18, 2013 as Publication No. 2013/0180779 and which relies upon
provisional Application No. 61/566,079 and 61/542,601 for priority (“the 218 Application”) and (ii) Patent Cooperation
Treaty Application No. PCT/US12/58573, filed on October 3, 2012, International Publication No. WO 2013/052554, which claims the
benefit of United States Patent Application Serial No. 13/644,218 (the “PCT Application”) and all patent applications
relying upon that PCT Application including but not limited to applications for patents in Argentina (collectively, the “PCT/US12/58573
Application”) to 3cR (the “3cR Assignment”);

 

    	 

    	 

    

 

WHEREAS, in
consideration of the transactions contemplated by the MIPA, Isenhour and Meier have also assigned and transferred all of each’s
one-half (1/2) interest as an inventor in (i) United States Patent Application Serial No. 14/018,066 filed with the U.S. Patent
& Trademark Office entitled “Low Friction, Abrasion Resistant Replaceable Bearing Surface” which was filed on September
4, 2013, and which relies upon provisional Application No. 61/696,738 for priority (“the 066 Application”) and
(ii) Patent Cooperation Treaty Application No. PCT/US2013/58037, filed on September 4, 2013, which claims the benefit of United
States Patent Application Serial No. 14/018,066 (the “PCT Application”) and all patent applications relying
upon that PCT Application (collectively, the “PCT/US2013/58037 Application”) to Superior (the “Superior
Assignment”);

 

WHEREAS, the
3cR Assignment and the Superior Assignment are in exchange for and contingent upon the Parties entering into this Protection Agreement;

 

WHEREAS, the
218 Application and the PCT/US12/58573 Application shall be collectively referred to hereinafter as the “Well Bore IP”
and the 066 Application and the PCT/US2013/58037 Application shall be collectively referred to hereinafter as the “Low
Friction IP”;

 

WHEREAS, 3cR
owns title to the Well Bore IP and Superior owns title to the Low Friction IP;

 

WHEREAS, 3cR
has further agreed to transfer and assign the Patents and Mark, including the Well Bore IP, to HRSI on or prior to the execution
of the MIPA;

 

WHEREAS, upon
the occurrence of the Escrow Signing Date, as such term is defined in the MIPA, HRSI will transfer the Patents and Mark, including
the Well Bore IP, to the Company; and

 

WHEREAS, this
Protection Agreement shall govern, among other things, the time period during which any of the Isenhour Companies shall own the
Well Bore IP, and the time period prior to the closing of the MIPA, as fully contemplated therein (the “MIPA Closing”)
during which Superior shall own the Low Friction IP;

 

NOW,
THEREFORE, for and in consideration of the payment of $10.00, the mutual covenants and conditions contained herein,
and other good and valuable consideration, the receipt, adequacy and sufficiency of which are hereby acknowledged, the Parties
hereto do hereby agree as follows:

 

1.          The
3cR Assignment:

 

a.           Protection
of Well Bore IP.          During any time that any of the Isenhour
Companies own or hold title to the Well Bore IP, the Isenhour Companies, jointly and severally, shall utilize commercially reasonable
best efforts to prosecute and maintain the patent applications and/or subsequent patents pertaining to the Well Bore IP. In addition,
the Isenhour Companies, jointly and severally, agree not to do any of the following:

 

    	 

    	 

    

 

i.            enter
into any sale, lease, transfer, pledge, license, security interest, or any subjection that may create a lien or encumbrance
of any kind on the Well Bore IP;

 

ii.         enter
into any agreement, arrangement, assignment or other commitments,
including but not limited to a license agreement with respect to the Well Bore IP; and

 

iii.         not
alter, change, modify, improve or take any similar action with respect to the Well Bore IP.

 

Notwithstanding
anything to the contrary contained herein, the Isenhour Companies may assign and transfer the Well Bore IP to other Isenhour Companies
or to the Buyer as contemplated herein and in the MIPA.

 

b.           Re-conveyance
to Meier. In the event either (i) the MIPA is terminated pursuant to Article VIII thereof or (ii) the MIPA Closing does not
occur on the Closing Date, or the Extended Closing Date, if applicable, the Isenhour Companies hereby agree that a one-half (1/2)
interest in the Well Bore IP shall automatically be conveyed back to Meier by the Isenhour Company then holding title thereto.
In such event, such Isenhour Company shall execute and deliver an assignment, in substantially the same form as Meier used to convey
such Well Bore IP to 3cR, and any other documents reasonably necessary or required in order to re-convey a one-half (1/2) interest
in the Well Bore IP to Meier.

 

c.           Acknowledgement.
The Isenhour Companies hereby acknowledge and agree that Meier transferred and assigned the Well Bore IP to 3cR as a convenience
to all of the parties to the MIPA and to the U.S. Patent & Trademark Office, and but for this Protection Agreement, would not
have so entered into the 3cR Assignment.

 

2.          The
Superior Assignment:

 

a.           Protection
of Low Friction IP. During the time period between the Effective Date and the MIPA Closing that Superior owns or holds title
to the Low Friction IP, Superior shall utilize commercially reasonable best efforts to prosecute and maintain the patent applications
and/or subsequent patents pertaining to the Low Friction IP. In addition, Superior, agrees not to do any of the following:

 

i.            enter
into any sale, lease, transfer, pledge, license, security interest, or any subjection that may create a lien or encumbrance
of any kind on the Low Friction IP;

 

    	 

    	 

    

 

ii.         enter
into any agreement, arrangement, assignment or other commitments,
including but not limited to a license agreement with respect to the Low Friction IP; and

 

iii.         not
alter, change, modify, improve or take any similar action with respect to the Low Friction IP.

 

Notwithstanding
anything to the contrary contained herein, upon the MIPA Closing, Isenhour hereby agrees that Superior shall freely own the Low
Friction IP without any of the above stated restrictions.

 

b.           Re-conveyance
to Isenhour. In the event either (i) the MIPA is terminated pursuant to Article VIII thereof or (ii) the MIPA Closing does
not occur on the Closing Date, or the Extended Closing Date, if applicable, Superior hereby agrees that a one-half (1/2) interest
in the Low Friction IP shall automatically be conveyed back to Isenhour by Superior. In such event, Superior shall execute and
deliver an assignment, in substantially the same form as Isenhour used to convey such Low Friction IP to Superior, and any other
documents reasonably necessary or required in order to re-convey a one-half (1/2) interest in the Low Friction IP to Isenhour.

 

c.           Acknowledgement.
Superior hereby acknowledges and agrees that Isenhour transferred and assigned the Low Friction IP to Superior as consideration
for the contemplated MIPA Closing, and but for this Protection Agreement, would not have so entered into the Superior Assignment.

 

3.          Termination.
SUBJECT TO APPLICABLE PROVISIONS HEREIN, The Parties hereby acknowledge and agree that this Protection Agreement shall immediately
terminate and have no further force and effect upon the MIPA Closing.

 

4.          Breach;
Equitable Relief. If any of the Isenhour Companies commits a breach, or overtly threatens to commit a breach, of any of the
provisions of Section 1, Meier shall have the right and remedy to obtain preliminary, temporary or permanent mandatory or restraining
injunctions, orders or decrees as may be necessary to protect Meier or any of his affiliates and to have the provisions of Section
1 of this Protection Agreement specifically enforced by any court having jurisdiction, it being acknowledged and agreed that any
such breach or threatened breach may cause immediate irreparable injury and continuing damage to Meier and his affiliates, the
exact amount of which would be difficult to ascertain. Further, the Isenhour Companies acknowledge and agree that money damages
will not provide an adequate remedy, and that Meier shall be entitled to temporary or permanent injunctive relief. If Superior
commits a breach, or overtly threatens to commit a breach, of any of the provisions of Section 2, Isenhour shall have the right
and remedy to obtain preliminary, temporary or permanent mandatory or restraining injunctions, orders or decrees as may be necessary
to protect Isenhour or any of his affiliates and to have the provisions of Section 2 of this Protection Agreement specifically
enforced by any court having jurisdiction, it being acknowledged and agreed that any such breach or threatened breach may cause
immediate irreparable injury and continuing damage to Isenhour and his affiliates, the exact amount of which would be difficult
to ascertain. Further, Superior acknowledges and agrees that money damages will not provide an adequate remedy, and that Isenhour
shall be entitled to temporary or permanent injunctive relief. If a bond is required to be posted in order for either Party mentioned
in this Section 4 to secure an injunction, the Parties stipulate that a bond in the amount of $1,000 would be sufficient in all
circumstances to protect the rights of such Party. The rights and remedies enumerated above shall be independent, and in addition
to, and not in lieu of, any other rights and remedies available to the Parties at law or in equity.

 

    	 

    	 

    

 

5.          Governing
Law. This Protection Agreement shall be governed by and construed and interpreted in accordance with the laws of the
State of Colorado. All disputes, controversies or differences which may arise out of, in relation to, or in connection with this
Protection Agreement or the breach thereof shall, unless settled by mutual consultation in good faith, be finally settled in the
state or federal courts located in Denver County, Colorado. Each Party reserves the right to pursue injunctive relief or other
equitable remedies in a court of competent jurisdiction in connection with any breach of the terms of this Protection Agreement.

 

6.          Severability.
Whenever possible, each provision of this Protection Agreement shall be interpreted in such manner as to be effective and
valid under applicable law, but if any provision of this Protection Agreement shall be prohibited by or invalid under applicable
law, such provisions shall be ineffective to the extent of such provision or invalidity only, without invalidating the remainder
of such provision or the remaining provisions of this Protection Agreement.

 

7.          Waiver.
No failure by any Party hereto at any time to give notice of any breach by another Party of, or to require compliance with, any
condition or provision of this Protection Agreement shall be deemed a waiver of similar or dissimilar provisions or conditions
at the same or at any prior or subsequent time.

 

8.          Assignment.
Neither this Protection Agreement nor any interest herein may be assigned by any Party hereto except as specifically contemplated
and required by the MIPA or herein.

 

9.          Modification;
Entire Agreement. No modification or amendment of any provisions of this Protection Agreement shall be effective unless such
modification or amendment shall be in writing and signed by the Parties. This Protection Agreement constitutes the sole and entire
agreement of the Parties hereto with respect to the matters covered hereby and supersedes all prior negotiations and written, oral
or implied representations, warranties, commitments, agreements and understandings between or among the Parties with respect to
such matters.

 

10.         Notice.
All notices, demands, consents or other communications required or permitted hereunder shall be in writing and shall be deemed
to have been given when personally delivered or sent by registered or certified mail, return receipt requested, postage prepaid,
addressed as follows:

 

    	 

    	 

    

 

	If to 3cR:
	 	 
		3cReamers, LLC
	 	c/o James D. Isenhour and Julia Isenhour
	 	4817 Country Farms Drive
	 	Windsor, Colorado 80528
	 	 
	If to Isenhour or the Isenhour Companies:
	 	 
	 	James D. Isenhour and Julia Isenhour
	 	4817 Country Farms Drive
	 	Windsor, Colorado 80528
	 	 
	If to Superior:
	 	 
	 	Superior Drilling Products
	 	Attn: Troy Meier 
	 	2221 N. 3250 W.
	 	Vernal, Utah 84078
	 	 
	If to Meier:
	 	 
	 	2221 N. 3250 W. 
	 	Vernal, Utah 84078

 

or to such other person and place as a
Party shall furnish by notice to the other Parties hereto if given in the manner required above. Any notice, demand, consent or
other communication given hereunder in the manner required above shall be deemed to have been effected and received as of the date
hand delivered or, if mailed, three days after the date so mailed.

 

11.         Multiple
Counterparts; Headings. This Protection Agreement may be executed in multiple counterparts, each of which will be an original,
but all of which together will constitute one and the same instrument. For purposes of the Protection Agreement and all documents,
instruments and agreements executed in connection herewith, facsimile or electronic signatures shall be deemed to be original signatures.
In addition, if any Party executes facsimile or electronic copies of this Protection Agreement or any documents, instruments of
agreements executed in connection herewith, such copies shall be deemed originals. The section headings contained in this
Protection Agreement are inserted for convenience only and shall not affect in any way the meaning or interpretation of this Protection
Agreement.

 

12.         Drafting.
Both Parties hereto acknowledge that each Party was actively involved in the negotiation and drafting of this Protection Agreement
and that no law or rule of construction shall be raised or used in which the provisions of this Protection Agreement shall be construed
in favor or against either Party hereto because one is deemed to be the author thereof.

 

    	 

    	 

    

 

IN WITNESS WHEREOF
the Parties hereto have executed this Protection Agreement as of the date and year first above written.

 

	 	MEIER:
	 	 
	 	/s/ Troy Meier
	 	TROY MEIER, an individual
	 	 
	 	ISENHOUR:
	 	 
	 	/s/ James D. Isenhour
	 	JAMES D. ISENHOUR, an individual
	 	 
	 	3cR:
	 	 
	 	3cREAMERS, LLC
	 	 	 
	 	By: 	/s/ James D. Isenhour
	 	 	James D. Isenhour, President
	 	 	 
	 	HRSI:
	 	 
	 	HARD ROCK SOLUTIONS, INC.
	 	 	 
	 	By:	/s/ James D. Isenhour
	 	 	James D. Isenhour, President
	 	 	 
	 	Company:
	 	 
	 	HARD ROCK SOLUTIONS, LLC
	 	 	 
	 	By:	/s/ James D. Isenhour
	 	 	James D. Isenhour, President
	 	 	 
	 	Superior:
	 	 
	 	SUPERIOR DRILLING PRODUCTS, LLC
	 	 	 
	 	By:	/s/ Troy Meier
	 	 	Troy Meier, President

 

    	 

    	 

    

 

THE UNDERSIGNED ARE EXECUTING THIS PROTECTION
AGREEMENT IN ORDER TO EVIDENCE THEIR AGREEMENT TO UNEQUIVOCALLY AND IRREVOCABLY GUARANTEE THE COVENANTS AND OBLIGATIONS OF EACH
OF THE ISENHOUR COMPANIES AND SUPERIOR, RESPECTIVELY.

 

	 	On behalf of the Isenhour Companies:
	 	 
	 	/s/ James D. Isenhour
	 	JAMES D. ISENHOUR, an individual
	 	 
	 	On behalf of Superior:
	 	 
	 	/s/ Troy Meier
	 	TROY MEIER, an individualEXHIBIT NO.: 10.11

To Form S-1 Registration Statement

 

EXHIBIT G

 

PROMISSORY NOTE

 

	$12,500,000.00	___________ __, 2014

 

FOR VALUE RECEIVED,
the undersigned, HARD ROCK SOLUTIONS, LLC, a Utah limited liability company with its principal place of business at 2221 N. 3250
W. Vernal, Utah 84078 and SUPERIOR DRILLING PRODUCTS, LLC, a Utah limited liability company with its principal place of business
at 2221 N. 3250 W. Vernal, Utah 84078, (hereinafter collectively the “Maker”), hereby promise to pay to the
order of HARD ROCK SOLUTIONS, INC., a Texas corporation with its principal place of business at 4817 Country Farms Drive, Windsor,
Colorado 80528 (the “Payee”), the principal sum of Twelve Million Five Hundred Thousand and No/00 Dollars ($12,500,000.00)
together with interest on the outstanding balance of the principal sum at the rates and commencing at the times and pursuant to
the terms hereinafter provided until this Promissory Note is paid in full.

 

1.             Terms.
Capitalized terms used herein without definition have the meanings ascribed to them in that certain Membership Interest Purchase
Agreement dated January 28, 2014 by and between Maker, Payee and James D. Isenhour, an individual (the “Purchase Agreement”).

 

2.             Principal
and Interest. This Promissory Note shall bear interest from the date hereof (for the actual number of days occurring in
the period for which interest is payable) at an adjustable interest rate per annum equal to the Prime Rate in effect. The term
“Prime Rate” shall mean the annual rate of interest specified by JP Morgan Chase Bank, N.A., as its prime rate, which
may change from time to time. Any change in the interest rate payable hereunder will take effect on the date of the change to the
Prime Rate. All accrued and unpaid interest on this Promissory Note shall be due and payable by Maker to Payee as follows:

 

(i)          Commencing
on the first (1st) anniversary of the Closing of the transactions contemplated by the Purchase Agreement, a principal
payment of $5,000,000.00 plus accrued interest at the Prime Rate in effect for the period;

 

(ii)         Continuing
on the second (2nd) anniversary of the Closing of the transactions contemplated by the Purchase Agreement, a principal
payment of $5,000,000.00 plus accrued interest at the Prime Rate in effect for the period; and

 

(iii)        On
the third (3rd) anniversary of the Closing of the transactions contemplated by the Purchase Agreement, the final payment
of the entire remaining principal balance of this Promissory Note in the amount of $2,500,000.00 plus accrued interest at the Prime
Rate in effect for the period is due in full.

 

3.            Maturity
Date. The entire outstanding principal balance of this Promissory Note, together with all accrued but unpaid interest thereon,
shall be due and payable in full on the third (3rd) anniversary of the Closing of the transactions contemplated by the
Purchase Agreement (or, if such date is not a business day, then on the immediately preceding business day), or upon any earlier
acceleration of the Maker’s obligations hereunder, unless such obligations are earlier satisfied in accordance with the terms
hereof.

 

    	 

    	 

    

  

4.            Default.         If
Maker fails to pay, within fifteen (15) days, any principal of or interest on this Promissory Note when due (“Default”),
the holder of this Promissory Note or any part thereof may thereafter provide Maker written notice of the Default, and if Maker
continues to be in Default for thirty (30) days or more after receipt of written notice, Payee may declare the principal balance
hereof and the interest accrued hereon to be immediately due and payable.

 

A default under the
terms of the Security and Pledge Agreement securing this Promissory Note (hereinafter “Security Agreement”)
also is a default under this Promissory Note. If Maker is in default under the terms of the Security Agreement, Payee shall provide
Maker with written notice specifying such default and allow thirty (30) days from receipt of said notice to cure the default. Maker
shall not be in default under the terms of the Security Agreement until such notice has been given and Maker has failed to cure
the default within the thirty (30) day grace period. In the event of a default under the Security Agreement which is not cured
within the time period specified herein, Payee, at Payee’s option, may also accelerate the entire balance of this Promissory
Note.

 

If Payee elects
to accelerate the balance of this Promissory Note as permitted herein, the entire balance of principal, together with interest
to the date of default and all other amounts due under this Note or the Security Agreement shall, from the date of default, bear
interest at the rate of nine percent (9.00%) per annum (“Default Interest Rate”), and all such amounts shall
be immediately due and payable in full. Interest shall continue to accrue on the full amount of principal, interest and such other
amounts due as of the default date until the default has been cured. The Payee shall have the right to recover from Maker an additional
amount equal to Payee's reasonable costs in enforcing this Promissory Note and the Security Agreement in the event of default,
including reasonable attorney's fees and other costs related to the default, whether or not suit is commenced, and whether or not
Payee elects to accelerate the balance. All such reasonable fees and costs must be paid before a default will be cured.

 

4.            Prepayment.
Maker may, at any time, prepay the outstanding balance of principal and interest due under this Promissory Note in whole or in
part, without premium or penalty. In the event of prepayment, there shall become due and payable an amount equal to all accrued
interest attributable to that portion of the outstanding principal balance of the Promissory Note being prepaid at that time. Partial
prepayments shall not defer the due dates for, or the amounts of, succeeding payments.

 

5.            Payments
and Computations. All payments on account of indebtedness evidenced by this Promissory Note shall be made on the day when
due in lawful money of the United States. Payments are to be made at such place as Payee or the legal holders of this Promissory
Note may, from time to time, in writing appoint, and in the absence of such appointment, then at the place provided in the Notice
section of the Purchase Agreement.

 

6.            Applicable
Law. Maker represents and agrees that this instrument and the rights and obligations of all parties hereunder shall be
governed by and construed under the laws of the State of Colorado without regard to the conflicts of law principles.

 

    	 

    	 

    

  

7.            Severability.
The parties hereto intend and believe that each provision in this Promissory Note comports with all applicable local, state and
federal laws and judicial decisions. However, if any provision or provisions, or if any portion of any provision or provisions,
of this Promissory Note is found by a court of law to be in violation of any applicable local, state or federal ordinance, statute,
law, administrative or judicial decision, or public policy, and if the court should declare that portion, provision or provisions
to be illegal, invalid, unlawful, void or unenforceable as written, then it is the intent of Maker and Payee that such portion,
provision or provisions be given force to the fullest possible extent that they are legal, valid and enforceable, that the remainder
of this Promissory Note shall be construed as if the illegal, invalid, unlawful, void or unenforceable portion, provision or provisions
were not contained herein, and that the rights, obligations and interest of Maker and Payee or the legal holders hereof under the
remainder of this Promissory Note shall continue in full force and effect.

 

8.            Maximum
Interest. Payee and Maker intend to contract in strict compliance with applicable usury law from time to time in effect.
In furtherance thereof Payee and Maker hereby stipulate and agree that none of the terms and provisions contained herein shall
ever be construed to create a contract to pay, for the use, forbearance or detention of money, interest in excess of the maximum
amount of interest permitted to be charged by applicable law from time to time in effect. Neither Maker nor any present or future
guarantors, endorsers, or other Persons hereafter becoming liable for payment of any indebtedness hereunder shall ever be liable
for unearned interest thereon or shall ever be required to pay interest thereon in excess of the maximum amount that may be lawfully
contracted for, charged, or received under applicable law from time to time in effect, and the provisions of this section shall
control over all other provisions hereof which may be in conflict or apparent conflict herewith. Payee expressly disavows any intention
to contract for, charge, collect or receive excessive or unearned interest or finance charges in the event the maturity of any
indebtedness hereunder is accelerated or upon the occurrence of any other event. If the maturity of any indebtedness hereunder
is accelerated for any reason, any such indebtedness is prepaid and as a result any amounts that constitute interest are in excess
of the legal maximum, or Payee or any other holder of any or all of the indebtedness hereunder shall otherwise charge, receive,
or collect, or any Person shall pay, moneys which would otherwise increase the interest on any or all of the indebtedness hereunder
to an amount in excess of that permitted by applicable law then in effect, then all sums that constitute interest in excess of
such legal limit shall, without penalty, be promptly applied to reduce the then outstanding principal of the related indebtedness
or, at Payee’s or holder’s option, promptly returned to Maker or the other payor thereof, as applicable, upon such
determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the maximum
amount permitted under applicable law, Payee and Maker (and any other payors thereof) shall to the greatest extent permitted under
applicable law, characterize any non-principal payment as an expense, fee or premium rather than as interest, exclude voluntary
prepayments and the effects thereof, and amortize, prorate, allocate, and spread the total amount of interest throughout the entire
contemplated term of the instruments evidencing the indebtedness hereunder in accordance with the amounts outstanding from time
to time thereunder and the maximum legal rate of interest from time to time in effect under applicable law in order to lawfully
contract for, charge, collect, or receive the maximum amount of interest permitted under applicable law. As used in this section
the term “applicable law” means the laws of the State of Colorado including the Laws of the United States of America,
as such Laws now exist or may be changed or amended or come into effect in the future.

 

    	 

    	 

    

  

9.            Purchase
Agreement. This Promissory Note is the Note referred to in the Purchase Agreement. Payment of this Promissory Note is subject
to the Purchase Agreement and the parties hereto agree that this Promissory Note shall not be effective until the occurrence of
the Closing and the satisfaction of any obligations as specifically set forth in the Purchase Agreement.

 

10.          Assignment.
Payee may assign this Promissory Note in whole or in part or any right to the proceeds hereof, provided that Payee gives Maker
prior written notice of any such assignment.

 

11.          Notices.
All notices and other communications provided for hereunder shall be in writing (including facsimile communication) and mailed,
telegraphed, telecopied or delivered to the addresses provided for in the Purchase Agreement or, as to each party, at such other
address as designated by that party in a written notice to the other party. All notices and communications shall be deemed to have
been validly served, given or delivered (i) three (3) business days following deposit in the United States mail, with proper postage
prepaid; (ii) upon delivery if delivered by hand to the party to be notified; or (iii) the following day if sent by facsimile transmission.

 

12.          Waiver.
Maker and-all parties now or hereafter liable for the payment hereof, whether as endorser, guarantor, surety or otherwise, generally
waive demand, presentment for payment, notice of dishonor, protest and notice of protest, notice of intent to accelerate and notice
of acceleration, and diligence in collecting or bringing suit against any party hereto, and agree to all extensions, renewals,
indulgences, releases or changes which from time to time may be granted by the holder hereof and to all partial payments hereon,
with or without notice before or after maturity.

 

13.          Attorney’s
Fees. Should the indebtedness represented by this Promissory Note or any part hereof be collected at law or in equity or
through any bankruptcy, receivership, probate or other court proceedings or if this Promissory Note is placed in the hands of attorneys
for collection after any default, Payee and all endorsers, guarantors and sureties of this Promissory Note jointly and severally
agree to pay to the holder of this Promissory Note in addition to the principal and interest due and payable hereon all the costs
and expenses of said holder in enforcing this Promissory Note including, without limitation, reasonable attorneys’ fees and
legal expenses.

 

14.          Collateral.
This Promissory Note is secured by a first lien security interest in all of the collateral described in the Security Agreement.

 

Time is of the essence as to all dates set
forth herein.

 

[Signature page
follows]

 

    	 

    	 

    

  

Maker has executed
and delivered this Promissory Note as of the day and year first set forth above.

 

	MAKER:	HARD ROCK SOLUTIONS, LLC
	 	a Utah limited liability company
	 	 
	 	By  Its Manager:
	 	 	Superior Drilling Products, LLC
	 	 	a Utah limited liability company
	 	 	 	 
	 	 	By:	/s/ Troy Meier
	 	 	 	Troy Meier, President
	 	 	 	 
	 	SUPERIOR DRILLING PRODUCTS, LLC
	 	a Utah limited liability company
	 	 	 
	 	By:	/s/ Troy
    Meier
	 	 	Troy Meier, President

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