Document:

Camber Energy, Inc. 10-Q/A

 

Exhibit 10.33

 

PROMISSORY NOTE

 

	$6,000,000.00	Houston, Texas	December 11, 2020

   

FOR VALUE RECEIVED,
after the date, without grace, in the manner, on the dates, and in the amounts so herein stipulated, the undersigned, Camber
Energy, Inc., a Nevada corporation with offices located at 1415 Louisiana Street, Suite 3500, Houston, Texas 77002 (“Maker”),
promises to pay to the order of ______________________________________ or holder
(the “Payee”), at ______________________________________, the sum of Six Million and No/100 Dollars ($6,000,000.00)
in lawful money of the United States of America, which shall be legal tender, in payment of all debts and dues, public and private,
at the time of payment, payable as stipulated herein. This Note shall bear interest to accrue at the rate of ten percent (10%)
per annum.

 

Note Terms.

 

		a.	This Note shall be paid as follows:

 

		i.	All principal and accrued interest on this Note shall be paid on the second anniversary of the
issuance date first stated above (the “Maturity Date”).

 

		ii.	If not paid on the Maturity Date, the Maximum Nonusurious Rate of interest, as later defined herein,
permitted to be charged Maker by law (state or federal, as applicable) and further limited by the provisions of this Note hereinafter
set forth, which provisions control the calculation of interest to be charged on the indebtedness evidenced by this Note.

 

		iii.	Calculation of the interest rates as stated hereinabove shall be hereinafter defined as the “Stated
Rate.” All past due payments of principal, and if permitted by applicable law of interest, shall bear interest from day to
day at (i) the Maximum Nonusurious Rate of interest in effect from day to day permitted to be charged Maker by applicable law,
all to be computed from maturity (whether stated or by acceleration) until paid.

 

Upon the occurrence
of any default hereunder (herein, an “Event of Default”), which will be deemed to occur in the event any of
the following occur: (a) Maker has not paid any amount of principal or accrued interest within five (5) business days following
the Maturity Date, (b) Maker admits in writing its inability to pay its debts as they become due, or makes a general assignment
for the benefit of creditors; (c) Maker commences any case or other proceeding seeking reorganization, arrangement, adjustment,
liquidation, dissolution or composition of its company structure or its debts under any law relating to bankruptcy, insolvency,
reorganization or relief of debtors, or seeking appointment of a receiver, trustee, custodian or other similar official for it
or for all or any part of its property, or shall take any action to authorize any of the foregoing; (d) any case or proceeding
is commenced against Maker to have an order for relief entered against it as debtor or seeking reorganization, arrangement, adjustment,
liquidation, dissolution or composition of its structure or its debts under any law relating to bankruptcy, insolvency, reorganization
or relief of debtors, or seeking other similar official relief for it or any part of its property, and such case or proceeding
(x) results in the entry of an order for relief against it which is not fully stayed within five (5) business days after the entry
thereof or (y) is not dismissed within sixty (60) days of commencement; (e) default in the performance of any of the terms, covenants,
or conditions contained in any of the Security Instruments (as hereinafter defined) and such default continues for a period of
more than ten (10) days following written notice from Payee other than as expressly otherwise provided in any of the Security Instruments,
or in any instrument or instruments given contemporaneously herewith, heretofore or hereafter as security for or guaranteeing the
payment of this Note, or any condition existing which authorizes the acceleration of the maturity hereof under any other agreement
made by the Maker, then Payee shall have the right to exercise the default remedies specified herein.

 

    Promissory Note 
Page 1 of 8

    

    

 

The undersigned expressly
agrees that if an Event of Default occurs under this Note or any of the Security Instruments, as defined below, the Payee may,
at Payee’s option, without demand, notice or presentment of default, notice of acceleration, notice of intention to accelerate
or otherwise, to Maker or to any other entity, declare the principal and any and all interest then accrued thereon, at once due
and payable. Upon the occurrence of any Event of Default the Payee, or any other holder of this Note, shall also have the right
to exercise any and all of the rights, remedies and recourses now or hereafter existing in equity, law, by virtue of statute or
otherwise, including, but not limited to, the right to foreclose any and all liens and security interests securing the indebtedness
evidenced hereby. Failure to exercise any option to accelerate described in this paragraph shall not constitute a waiver of the
right to exercise the same in the event of any subsequent default.

 

In the event default
is made in the prompt payment of this Note when due or declared due, and the same is placed in the hands of an attorney for collection,
or suit is brought on same, or the same is collected through any judicial proceeding whatsoever, or if any action or foreclosure
be had hereon, then the Maker agrees and promises to pay an additional amount as reasonable, calculated and foreseeable attorneys’
and collection fees incurred by Payee in connection with enforcing Payee’s rights herein contemplated, all of which amounts
shall become part of the principal hereof.

 

The unpaid principal
balance of this Note at any time shall be the total amounts loaned or advanced hereunder by Payee, less the amount of payments
or prepayments of principal made hereon by or for the account of Maker. It is contemplated that by reason of prepayments hereon,
there may be times when no indebtedness is owing hereunder; but, notwithstanding such occurrences, this Note shall remain valid
and shall be in full force and effect as to loans or advances made pursuant to and under the terms of this Note subsequent to each
such occurrence. In the event that the unpaid principal amount hereof at any time, for any reason, exceeds the maximum amount hereinabove
specified, Maker covenants and agrees to pay the excess principal amount forthwith upon demand; such excess principal amounts shall
in all respects be deemed to be included among the loans or advances made pursuant to the terms of any documents executed in connection
with or as security for this Note and shall bear interest at the rates hereinabove stated.

 

    Promissory Note 
Page 2 of 8

    

    

 

All makers, endorsers,
sureties and guarantors hereof, if any, as well as any person to become liable on this Note, hereby waive demand or presentment
for payment of this Note, notice of nonpayment, protest, notice of protest, suit, notice of acceleration, or notice of intention
to accelerate, diligence or any notice of or defense on account of the extension of time of payments or change in the method of
payments, and consent to any and all renewals and extensions in the time of payment hereof, and to any substitution, exchange or
release of any security herefor or the release of any party primarily or secondarily liable hereon.

 

It is expressly provided
and stipulated that notwithstanding any provision of this Note or any other instrument evidencing or securing the indebtedness
evidenced hereby, in no event shall the aggregate of all interest paid by the Maker to the Payee hereunder ever exceed the Maximum
Nonusurious Rate of interest which may lawfully be charged Maker under the laws of the State of Texas or United States Federal
Government, as applicable, on the principal balance of this Note remaining unpaid. It is expressly stipulated and agreed by the
Maker that it is the intent of the Payee and the Maker in the execution and delivery of this Note to contract in furtherance of
such laws, and that none of the terms of this Note, or said other instruments, shall ever be construed to create a contract to
pay for the use, forbearance or detention of money, at any interest rate in excess of the Maximum Nonusurious Rate of interest
permitted to be charged the Maker under the laws of the State of Texas or United States Federal Government, as applicable. The
Maker or any guarantors, endorsers or other parties now or hereafter becoming liable for payment of the Note shall never be liable
for interest in excess of the Maximum Nonusurious Rate of interest that may lawfully be charged under the laws of the State of
Texas or United States Federal Government, as applicable, and the provisions of this paragraph and the immediately succeeding paragraph
shall govern over all other provisions of this Note, and all other instruments evidencing or securing the indebtedness evidenced
hereby, should any such provisions be in apparent conflict herewith.

 

Specifically, and without
limiting the generality of the foregoing paragraph, it is expressly provided that:

 

(i)        
In the event of prepayment of the principal of this Note, in whole or in part, which shall be permitted hereunder, or the payment
of the principal of this Note prior to the stated maturity date hereof, whether resulting from acceleration of the maturity of
this Note or otherwise, if the aggregate amounts of interest accruing hereon prior to such payment plus the amount of any interest
accruing after maturity and plus any other amount paid or accrued in connection with the indebtedness evidenced hereby which by
law are deemed interest on the indebtedness evidenced by the Note and which aggregate amounts paid or accrued (if calculated in
accordance with the provisions of this Note other than this paragraph) would exceed the Maximum Nonusurious Rate of interest which
could lawfully be charged as above mentioned on the unpaid principal balance of the indebtedness evidenced by this Note from time
to time advanced (less any discount) and remaining unpaid from the date advanced to the date of final payment thereof, then in
such event the amount of such excess shall be credited, as of the date paid, toward the payment of the principal of this Note so
as to reduce the amount of the final payment of principal due on this Note.

 

    Promissory Note 
Page 3 of 8

    

    

 

(ii)      
If, under any circumstances, the aggregate amount paid on the indebtedness evidenced by this Note prior to and incident to the
final payment hereof include amounts which by law are deemed interest and which would exceed the Maximum Nonusurious Rate of interest
which could lawfully have been charged or collected on this Note, as above mentioned, Maker stipulates that (a) any non-principal
payment shall be characterized as an expense, fee, or premium rather than as interest and any excess shall be credited hereon by
the holder hereof (or, if this Note shall have been paid in full, refunded to the Maker); and (b) determination of the rate of
interest for determining whether the indebtedness evidenced hereby is usurious shall be made by amortizing, prorating, allocating,
and spreading, in equal parts during the full stated term hereof, all interest at any time contracted for, charged, or received
from the Maker in connection herewith, and any excess shall be canceled, credited, or refunded as set forth in (a) herein. Time
shall be of the essence in performing all actions.

 

This Note has been executed
and delivered and shall be construed in accordance with and governed by the laws of the State of Texas and of the United States
of America.

 

The “Maximum Nonusurious
Rate of Interest” which may be charged as herein contemplated shall be the indicated rate ceiling from time to time in effect
pursuant to the applicable provisions of the Texas Finance Code, as amended, provided that Payee may also rely on any alternative
Maximum Nonusurious Rate of interest provided by other applicable laws if such alternative rate is higher than that allowed by
said Code, as amended.

 

The Maker of this Note
agrees that this Note shall be freely assignable to any assignee of Payee, subject to compliance with applicable securities laws.

 

The Maker shall have
the privilege to prepay at any time, and from time to time, all or any part of the principal amount of this Note, without notice,
penalty or fee, provided that all accrued and unpaid interest through the date of the prepayment is also paid, such prepayments
to be applied first to accrued and unpaid interest on the principal amount and the balance, if any, to the reduction of principal.
Maker’s right to prepay this Note shall not be deemed as a right to receive a release of any of the liens or security interests
covering the collateral securing payment of this Note.

 

The Maker represents
and warrants that the extension of credit represented by this Note is for business, commercial, investment or other similar purposes,
and not primarily for personal, family, household or agricultural use.

 

    Promissory Note 
Page 4 of 8

    

    

 

No failure to exercise
and no delay on the part of Payee in exercising any power or right in connection herewith or under any of the Security Instruments
or any other instrument evidencing, securing, or guaranteeing this Note shall operate as a waiver thereof, nor shall any single
or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power,
preclude any other or further exercise thereof or the exercise of any other right or power. No course of dealing between Maker
and Payee shall operate as a waiver of any right of Payee. No modification or waiver of any provision of this Note or any other
instrument evidencing, securing, or guaranteeing this Note nor any consent to any departure therefrom shall in any event be effective
unless the same shall be in writing and signed by the person against whom enforcement thereof is to be sought, and then such waiver
or consent shall be effective only in the specific instance and for the purpose for which given.

 

Any check, draft, money
order, or other instrument given in payment of all or any portion of this Note may be accepted by Payee and handled in collection
in the customary manner, but the same shall not constitute payment hereunder or diminish any rights of Payee except to the extent
that actual cash proceeds of such instruments are unconditionally received by Payee.

 

THIS NOTE, THE SECURITY
INSTRUMENTS, AND ALL DOCUMENTS AND INSTRUMENTS EXECUTED IN CONNECTION HEREWITH OR THEREWITH, REPRESENT THE FINAL AGREEMENT BETWEEN
THE MAKER AND PAYEE AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE MAKER
AND THE PAYEE.

 

THERE ARE NO UNWRITTEN
ORAL AGREEMENTS BETWEEN THE MAKER AND PAYEE.

 

All renewals, extensions,
modifications and rearrangements of the Note, if any shall be subject to the terms and provisions hereof. Maker shall be deemed
to have ratified as of the date of each such renewal, extension, modification and rearrangement, all of the representations, covenants
and agreements set forth herein.

 

The Maturity Date may
be extended by written agreement of the Parties. However, any such extensions shall be subject to Lender’s written approval
with a signed amendment to this Note.

 

It is agreed that time
is of the essence of this Note, and the Maker expressly agrees that upon an occurrence of an Event of Default in the payment of
any principal or interest when due, the Payee may, without demand, notice of presentment of default, notice of acceleration, notice
of intention to accelerate or otherwise, to Maker, all of which are hereby waived by Maker, declare the entirety of this Note immediately
due and payable. Upon the occurrence of any default hereunder, the Payee shall also have the right to exercise any and all of the
rights, remedies and recourses now or hereafter existing in equity, law, by virtue of statute or otherwise, including, but not
limited to, the right to foreclose upon any and all liens and security interests, if any, securing the indebtedness evidenced hereby.
Failure to exercise said option shall not constitute a waiver on the part of the Payee of the right to exercise the same at any
other time.

 

    Promissory Note 
Page 5 of 8

    

    

 

Payment of the Note
and performance of the obligations described herein shall be secured by a perfected security interest in the collateral as more
fully set forth in those certain Security Agreements and Security Agreement-Pledges executed as of even date herewith (collectively,
the “Security Agreements”). In addition, payment of this Note and performance of the obligations shall be secured
by a Guaranty of even date herewith by all subsidiaries or entities controlled or owned by Maker as of the date of this Note or
at any time thereafter (collectively, the “Guaranty”); and together with the Security Agreements (the “Security
Instruments”).

 

This Note shall automatically
accelerate, and all amounts of unpaid principal and interest shall become due immediately in the event of a Change of Control (as
hereinafter defined). In the event of a Change of Control, in addition to becoming due immediately, the undersigned persons signing
on behalf of Maker shall ensure that any funds because of the Change of Control are given highest priority to satisfy the terms
of this Note. “Change of Control” of the Maker shall mean any of the following events:

 

(i)        
any person or persons acting together (other than those persons in control of the Maker as of the date hereof, or an entity owned
directly or indirectly by the members of the Maker in substantially the same proportions as their ownership of membership interests
of the Maker) becomes the beneficial owner, directly or indirectly, of securities of the Maker representing more than fifty percent
(50%) of the combined voting power of the Maker’s then outstanding securities in any one transaction; or

 

(ii)      
the undersigned persons representing Maker approve (1) a plan of complete liquidation of the Maker and its subsidiaries (if any),
(2) an agreement for the sale or disposition of all or substantially all Maker’s assets other than to a person controlled
by the Maker or by the members of Maker, or (C) a merger (other than a merger for purposes of redomiciling Maker), consolidation,
or reorganization of Maker with or involving any other entity, other than a merger, consolidation, or reorganization that would
result in the voting securities of Maker outstanding immediately prior thereto continuing to represent (either by remaining outstanding
or by being converted into voting securities of the surviving entity) at least fifty percent (50%) of the combined voting power
of the securities of Maker (or such surviving entity) outstanding immediately after such merger, consolidation, or reorganization.

 

Notwithstanding the
above, none of the rights, privileges or obligations of the Agreement and Plan of Merger (as amended from time to time) between
the Maker and Viking Energy Group, Inc. or the merger provided for therein (the “Merger”), including, but not
limited to, any of the issuances of securities contemplated, or affected in connection therewith, or voting rights associated therewith,
shall at any time trigger a Change of Control.

 

    Promissory Note 
Page 6 of 8

    

    

 

Notwithstanding any
other provision, this Note shall automatically accelerate, and all amounts of unpaid principal and interest shall become due immediately
in the event that the Merger does not close or is not fully consummated by the three-month anniversary of the issuance date first
stated above.

 

Maker has full power
and authority to enter into, execute, and deliver this Note and to perform its obligations hereunder. No consent, approval, filing
or registration with any governmental authority is required as a condition to the validity of the Note or the performance by Maker
of its obligations thereunder.

 

The Note, when issued
and delivered pursuant hereto for value received, will constitute, the valid and legally binding obligations of Maker, enforceable
against Maker in accordance with its terms.

 

Any notice or other
communication required or permitted hereunder shall be in writing and personally delivered, mailed by registered or certified mail
(return receipt requested and postage prepaid), sent by personal delivery or sent by prepaid overnight courier service, and addressed
to the relevant party at such address as such party may, by written notice, designate as its address for purposes of notice hereunder.

 

All rights and remedies
available to Payee under this Note shall be cumulative of and in addition to all other rights and remedies granted to Payee at
law or in equity.

 

Maker hereby agrees
to pay all expenses incurred, including any reasonable attorneys’ fees, all of which shall become a part of the principal hereof,
if this Note is in default and placed in the hands of an attorney for collection, or if collected by suit or through any probate,
bankruptcy, or any other legal proceedings.

 

Maker, together with
each surety and endorser, waives demand, grace, notice, presentment for payment, and protest and agrees and consents that this
Note and the liens securing its payment, if any, may be renewed, and the time of payment extended without notice, and without releasing
any of the parties.

 

This Note is to be
governed by and construed in accordance with the laws of the State of Texas. The courts within Harris County, Texas shall have
jurisdiction over any dispute regarding this Note.

 

The parties hereto
acknowledge that a remedy at law for any breach or threatened breach of this Note may be inadequate and that the parties shall
be entitled to seek specific performance, injunctive relief, and any other remedies available to it for such breach or threatened
breach.

 

    Promissory Note 
Page 7 of 8

    

    

 

If any one or more
of the provisions contained in the Note shall be invalid, illegal, or unenforceable in any respect, the validity, legality, and
enforceability of the remaining provisions contained herein and therein shall not be affected in any way thereby.

 

Each party hereto acknowledges
that it was actively involved in the negotiation and drafting of this Note and that no law or rule of construction shall be raised
or used in which the provisions of this Note shall be construed in favor or against any party hereto because one is deemed to be
the author thereof.

 

If any legal action
or other proceeding is brought for the enforcement of this Note or any document executed in connection with, or because of an alleged
dispute, breach, default or misrepresentation in connection with any of the provisions of this Note or any document, instrument
or agreement executed in connection herewith, the successful prevailing party shall be entitled to recover reasonable attorney’s
fees, court costs and all other costs and expenses incurred in that action or proceeding.

 

EACH PARTY ACKNOWLEDGES
THAT IT IS EXECUTING A LEGAL DOCUMENT THAT CONTAINS CERTAIN DUTIES, OBLIGATIONS AND RESTRICTIONS AS SPECIFIED HEREIN. EACH PARTY
FURTHERMORE ACKNOWLEDGES THAT IT HAS BEEN ADVISED OF ITS RIGHT TO RETAIN LEGAL COUNSEL, AND THAT IT HAS EITHER BEEN REPRESENTED
BY LEGAL COUNSEL PRIOR TO HIS, HER OR ITS EXECUTION HEREOF OR HAS KNOWINGLY ELECTED NOT TO BE SO REPRESENTED.

 

	 	MAKER:	 
	 	 	 
	 	CAMBER ENERGY, INC.	 
	 	 	 
	 	By:	 	 	 
	 	Name:	 	 
	 	Title:	 	 	 
	 	 	 
	 	PAYEE:	 
	 	 	 
	 	 	 
	 	By:	 	 	 
	 	Name:	 	 
	 	Title:	 	 	 

 

    Promissory Note 
Page 8 of 8Camber Energy, Inc. 10-Q/A

 

Exhibit
10.34

 

SECURITY
AGREEMENT

 

This
Security Agreement (the “Security Agreement”) is made as of December 11, 2020 by and between Camber Energy,
Inc., a Nevada corporation (the “Company”) whose principal address is 1415 Louisiana Street, Suite 3500,
Houston, Texas 77002, and ______________________________ __________ (the “Secured Party”) whose principal
address is ______________________________ __________. The Company and the Secured Party may be hereinafter referred to
singularly as a “Party” or collectively as the “Parties”.

 

W I T N E S S E T H:

 

WHEREAS,
the Parties have entered into that certain Promissory Note dated effective as of December 11, 2020 (the “Promissory Note”)
under which the Company has agreed to pay the Secured Party those certain amounts outstanding under the Promissory Note from time
to time, the principal amount not to exceed Six Million and No/100 Dollars ($6,000,000.00), a true and complete copy of which
is attached as Exhibit A to this Security Agreement. Certain capitalized terms used, but not defined, herein, shall have
the meanings given to such terms in the Promissory Note;

 

NOW,
THEREFORE, it is hereby agreed by the Parties as follows:

 

 1.             Defined Terms.

 

As
used in this Security Agreement, the following terms shall have the following meanings:

 

“Ancillary
Agreements” means the Security Agreement-Pledges that shall be executed by the Company and all of its subsidiaries in
favor of the Secured Party, dated as of even date herewith and guarantees to be executed by any subsidiaries or entities that
are owned by or controlled directly or indirectly by the Company as of the date of this Security Agreement or whenever thereafter
acquired by the Company.

 

“Collateral”
has the meaning specified in Section 2.

 

“Event
of Default” has the meaning specified in Section 10.

 

“Proceeds”
means all proceeds of, and all other profits, rentals or receipts, in whatever form, arising from the collection, sale, lease,
exchange, assignment, licensing or other disposition of, or realization upon, Collateral, including, without limitation, all claims
of the Company against third parties for loss of, damage to or destruction of, or for proceeds payable under, or unearned premiums
with respect to, policies of insurance in respect of, any Collateral, and any condemnation or requisition payments with respect
to any Collateral, in each case whether now existing or hereafter arising.

 

     

     

    

 

“Receivables”
means all “accounts”, “chattel paper”, “instruments”, “documents”,
“general intangibles” (including “payment intangibles”) (as each such term is defined in the UCC)
and other obligations owed to the Company of any kind, now or hereafter existing, whether or not arising out of or in connection
with the sale or lease of goods or the rendering of services, and whether or not evidenced by a written agreement, and all rights
now or hereafter existing in and to all security agreements, leases, and other contracts including support agreements (as such
term is defined in the UCC) (all such written or unwritten agreements, security agreements, leases and other contracts, including
all support agreements, being the “Related Contracts”), securing or otherwise relating to any such accounts,
chattel paper, instruments, documents, general intangibles or other obligations.

 

“Secured
Liabilities” means all present and future obligations and liabilities (whether actual or contingent and whether now
or hereafter owed jointly or severally or as principal, Company, guarantor, surety or otherwise or as the equivalent obligor under
the laws of any jurisdiction) of the Company pursuant to the terms of the Promissory Note, together with:

 

(i)              all costs, charges and expenses incurred by the Secured Party in connection with or arising out of the protection, preservation
or enforcement of the Secured Party’s rights under the Promissory Note;

 

(ii)             any modification, renewal or extension of or increase in any of those obligations or liabilities;

 

(iii)            any claim for damages or restitution in the event of rescission of any of those obligations or liabilities or otherwise in connection
with the Promissory Note;

 

(iv)            any claim against the Company flowing from the recovery by the Company of a payment or discharge in respect of any of those obligations
or liabilities on grounds of preference or otherwise;

 

(v)             all other amounts now or in the future owed by the Company to the Secured Party pursuant to the terms of the Promissory Note;
and

 

(vi)            any amounts that would be included in any of the foregoing but for any discharge, non-provability, unenforceability or non-allowability
of the same in any insolvency, bankruptcy or other proceedings.

 

“Security
Interest” means the security interest granted in accordance with Section 2, as well as all other security
interests created or assigned as additional Collateral for the Secured Liabilities in accordance with the provisions of this Security
Agreement or otherwise.

 

“Subsidiary”
or “Subsidiaries” means any legally existing entity that the Company owns in whole or if in part, has control
of greater than a majority of the equity ownership and/or a majority voting control thereof.

 

“UCC”
means the Uniform Commercial Code in effect from time to time in the State of Texas; provided that if by reason of mandatory
provisions of law, the perfection or the effect of perfection or non-perfection of the Security Interest in any Collateral is
governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of Texas, “UCC”
means the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions of this Agreement relating
to such perfection or effect of perfection or non-perfection.

 

    2 

     

    

 

 2.             Security Interest.

 

(a)             In order to secure the full and punctual payment of the Secured Liabilities in accordance with the terms thereof, including to
secure the performance of all of the obligations of the Company under the Promissory Note, the Company hereby grants and assigns
to the Secured Party a continuing security interest in and to all right, title and interest of the Company (but, for the avoidance
of doubt, not its Subsidiaries) in all of the following property, whether now owned or existing or hereafter acquired or arising
and regardless of where located (all being collectively referred to as the “Collateral”):

 

(i)              Accounts. All accounts (as such term is defined in Article 9 of the UCC) whether now owned or existing or hereafter arising
or acquired by the Company, and all returned or repossessed goods arising from or relating to any such accounts, or other proceeds
of any sale, lease or other disposition of inventory, and expressly including all notes, drafts, acceptances, instruments and
chattel paper arising from any of the foregoing, and all refunds and rights to reimbursement.

 

(ii)             Inventory. All inventory (as such term is defined in Article 9 of the UCC), including all goods, merchandise, raw materials,
work in process, finished goods and other tangible personal property, wheresoever located, whether now owned or existing or hereafter
arising or acquired by the Company, and (a) leased by the Company as lessor, (b) held for sale or lease or furnished or to be
furnished under contracts for service, (c) furnished by the Company under a contract of service, or (d) used or consumed in the
Company’s business, and all additions and accessions thereto and all purchase orders, leases and contracts with respect
thereto and all documents of title evidencing or representing any part thereof, and all products and proceeds thereof, whether
in the possession of the Company, a warehouseman, a bailee, or any other person.

 

(iii)            Fixtures. All fixtures (as such term is defined in Article 9 of the UCC) and appurtenances thereto, whether now owned or
existing or hereafter arising or acquired by the Company, and such other goods, chattels, fixtures, equipment and personal property
affixed or in any manner attached to the real estate and/or building(s) or structure(s), including all attachments, appurtenances,
additions and accessions thereto and replacements thereof and articles in substitution therefor, howsoever attached or affixed
(together with all tools, components, parts and equipment now or hereafter added to or used in connection with the foregoing).

 

(iv)            Equipment. All equipment (as such term is defined in Article 9 of the UCC) of every nature and description whatsoever,
whether now owned or existing or hereafter arising or acquired by the Company, including all appurtenances and additions and accessions
thereto and substitutions therefor and replacements thereof, wheresoever located, including all tools, parts, components and accessories
used in connection therewith, and expressly including all vehicles, rolling stock, and goods (as such term is defined in Article
9 of the UCC) other than inventory, farm products and consumer goods.

 

    3 

     

    

 

(v)             General Intangibles. All general intangibles (as such term is defined in Article 9 of the UCC) and other personal property,
whether now owned or existing or hereafter arising or acquired by the Company, and expressly including any personal property,
including things in action, other than accounts, chattel paper, commercial tort claims, deposit accounts, documents, goods, instruments,
investment property, letter of credit rights, letters of credit, money, oil, gas or other minerals before extraction. The term
“general intangibles” includes (a) payment intangibles (as such term is defined in Article 9 of the UCC), (b) software
(as such term is defined in Article 9 of the UCC), (c) all patents, copyrights, trademarks, service marks, processes, formulae,
know-how, prototypes, samples, plans, scientific and/or technical information, trade secrets, confidential or proprietary information,
items under development, in application or other “pending” status, and all other items of a similar nature used in
the conduct of the Company’s business, and (d) all benefits, rights, titles and interests under all partnership, joint venture
and limited liability company agreements between or among the Company and any other party (but none of Company’s liabilities
or obligations with respect thereto); however, the term “general intangibles” shall not include any swap agreement
(as defined in 11 U.S.C. Sec. 101) with Secured Party.

 

(vi)            Chattel Paper. All chattel paper (as such term is defined in Article 9 of the UCC), whether now owned or existing or hereafter
arising or acquired by the Company.

 

(vii)          
Instruments. All instruments (as such term is defined in Article 9 of the UCC), including promissory notes, whether now
owned or existing or hereafter arising or acquired by the Company.

 

(viii)         
Documents. All documents (as such term is defined in Article 9 of the UCC) whether now owned or existing or hereafter arising
or acquired by the Company.

 

(ix)            
Letter of Credit Rights. All letter of credit rights (as such term is defined in Article 9 of the UCC) whether now owned
or existing or hereafter arising or acquired by the Company.

 

(x)             
Deposit Accounts. All deposit accounts (as such term is defined in Article 9 of the UCC), whether now owned or existing
or hereafter arising or acquired by the Company, and expressly including without limitation all cash, money, property, deposit
accounts, accounts, securities, documents, chattel paper, claims, demands, instruments, items or deposits of the Company, now
held or hereafter coming within Secured Party’s custody or control, including without limitation, all certificates of deposit
and other depository accounts, whether such have matured or the exercise of Secured Party’s rights results in loss of interest
or principal or other penalty on such deposits, but excluding deposits subject to tax penalties if assigned.

 

    4 

     

    

 

(b)             The Security Interest is granted as security only and shall not subject the Secured Party to, or transfer or in any way affect
or modify, any obligation or liability of the Company with respect to any of the Collateral or any transaction in connection therewith.

 

(c)             The inclusion of Proceeds in this Agreement does not authorize the Company to sell, dispose of or otherwise use the Collateral
in any manner not specifically authorized hereby.

 

 3.             Representations and Warranties. The Company represents and warrants as follows:

 

(a)             The exact legal name of the Company, as the legal name appears in the Company’s certificate of formation as of the date
of this Agreement, is as set forth in the introductory paragraph of this Security Agreement. The Company has no other trade name,
assumed name or alias.

 

(b)             The place of business or, if the Company has more than one place of business, the chief executive office is located at the address
of the Company specified in the introductory paragraph of this Security Agreement.

 

(c)             The office where the Company keeps its records concerning the Receivables, and all originals of all chattel paper which evidence
Receivables, is located at the address of the Company specified in paragraph 3(b) of this Security Agreement. None of the
Receivables is evidenced by a promissory note or other instrument.

 

(d)             The Company owns the Collateral free and clear of any lien, security interest, charge or encumbrance. No effective financing statement
or other instrument similar in effect covering all or any part of the Collateral is on file in any recording office.

 

(e)             This Agreement creates a valid and perfected first priority security interest in the Collateral, securing the payment of the Secured
Liabilities, and all filings and other actions necessary or desirable to perfect and protect such security interest have been
duly taken.

 

(f)              No authorization, approval or other action by, and no notice to or filing with, any governmental authority or regulatory body
is required either (i) for the grant by the Company of the security interest granted hereby or for the execution, delivery
or performance of this Security Agreement by the Company, or (ii) for the perfection of or the exercise by the Secured Party
of their rights and remedies under the Promissory Note or this Security Agreement, including without limitation, the filing of
a UCC-1 financing statement.

 

(g)             The Company is a corporation duly organized and validly existing under the laws of the State of Nevada, qualified to do business
in all jurisdictions in which the nature of the business conducted by the Company makes such qualification necessary and where
failure so to qualify would not have a material adverse effect on the Company’s financial condition, operations, prospects
or business, or the Company’s ability to perform all the Company’s obligations under this Security Agreement and the
Promissory Note.

 

    5 

     

    

 

(h)             The Company is not in violation of any applicable law, which violations, individually or in the aggregate, would affect the Company’s
performance of any obligation under this Security Agreement or the Promissory Note; there is no litigation before any court or
governmental authority now pending or (to the Company’s knowledge after reasonable inquiry) threatened against the Company
which, if adversely determined, could reasonably be expected to have a material adverse effect on the Company’s financial
condition, operations, prospects or business as a whole, or ability to perform all the Company’s obligations under the Security
Agreement and the Promissory Note.

 

(i)              The Company is the holder of all governmental approvals, permits and licenses required to permit the Company to conduct its business
as currently conducted and to enter into and perform the Company’s obligations under this Security Agreement and the Promissory
Note.

 

(j)              None of the execution and delivery of this Security Agreement, the consummation of the transactions contemplated in this Security
Agreement or the Promissory Note, or compliance with the terms and provisions of this Security Agreement or the Promissory Note
will conflict with or result in a breach of, or require any consent under, the Company’s articles of incorporation or by
laws, or any applicable law, or any agreement or instrument to which the Company is a party or by which the Company is bound or
to which the Company or any of the Company’s respective assets are subject, or constitute a default under any such agreement
or instrument.

 

(k)             The Company has all necessary power and authority to execute, deliver and perform the Company’s respective obligations under
this Security Agreement and the Promissory Note; the Company’s execution, delivery and performance of this Security Agreement
and the Promissory Note have been duly authorized by all necessary action on the Company’s part; and this Security Agreement
and the Promissory Note have been duly and validly executed and delivered by the Company and each constitutes the Company’s
legal, valid and binding obligation, enforceable in accordance with its and their terms, except as the enforceability thereof
may be limited by bankruptcy, insolvency, reorganization or moratorium or other similar laws relating to the enforcement of creditors’
rights generally and by general equitable principles.

 

4.             Places of Business. The Company will notify the Secured Party promptly of the addition or discontinuance of any place of
business or any change in the address of its principal or any other place of business. None of the Collateral shall be removed
from the Company’s principal place of business set forth in the introductory paragraph of this Security Agreement until,
as from time to time supplemented, unless the Secured Party is given thirty (30) days prior written notice of such removal, which
notice shall state the location or locations to which said Collateral will be removed, or the Company has paid all amounts relating
to the purchase price of such Collateral. The Company warrants that all of the Collateral is and shall continue to be located
at the locations set forth herein or such other locations of which the Secured Party receives notice in accordance with this Section.

 

    6 

     

    

 

5.             Encumbrances.
The Company will not create, incur, assume, or suffer to exist now or at any time throughout the duration of the term of this
Security Agreement, any lien, security interest or other encumbrances against the Collateral, whether now owned or hereafter acquired,
except for liens in favor of the Secured Party and any other liens allowed in writing by the Secured Party. The Company will notify
the Secured Party of any lien, security interest or other encumbrance securing an obligation against the Collateral, and will
defend the Collateral against such claim, lien, security interest or other encumbrance adverse to the Secured Party.

 

6.             Maintenance of Collateral. The Company shall preserve the Collateral for the benefit of the Secured Party. Without limiting
the generality of the foregoing, the Company shall:

 

(a)             make all such repairs, replacements, additions and improvements to the equipment necessary to prevent the deterioration or loss
thereof;

 

(b)             preserve all beneficial contract rights to the extent commercially reasonable;

 

(c)             in conjunction with, and at the direction of, the Secured Party, take commercially reasonable steps to collect all Receivables;
and

 

(d)             pay all taxes, assessments or other charges on the Collateral when due, unless the amount or validity of such taxes, assessments
or charges are being contested in good faith by appropriate proceedings and reserves have been deposited with the Secured Party
with respect thereto.

 

7.             Additional Provisions Concerning the Collateral.

 

(a)             The Company authorizes the Secured Party to file, without the signature of the Company, where permitted by law, one or more financing
or continuation statements, and amendments thereto, relating to the Collateral, all in the discretion of the Secured Party.

 

(b)             If there is an Event of Default, the Company hereby irrevocably appoints the Secured Party as its attorney-in-fact (which power
of attorney is coupled with an interest) and proxy, with full authority in the place and stead of the Company and in its name
or otherwise, from time to time in the Secured Party’s discretion, to take any action or execute any instrument which the
Secured Party may deem necessary or advisable to accomplish the purposes of this Agreement, including, without limitation: (i)
to obtain and adjust insurance required to be paid to the Secured Party pursuant to Section 8 hereof; (ii) to ask, demand,
collect, sue for, recover, compound, receive and give acquittance and receipts for moneys due and to become due under or in respect
of any of the Collateral; (iii) to receive, endorse, and collect any checks, drafts or other instruments, documents, and chattel
paper in connection with clause (i) or clause (ii) above; (iv) to sign the Company’s name on any invoice or bill of lading relating
to any account, on drafts against customers, on schedules and assignments of accounts, on notices of assignment, financing statements
and other public records, on verification of accounts and on notices to customers (including notices directing customers to make
payment directly to the Secured Party); (v) during the continuation of an Event of Default hereunder, to notify the postal authorities
to change the address for delivery of its mail to an address designated by the Secured Party, to receive, open and process all
mail addressed to the Company; (vi) to send requests for verification of accounts to customers; and (vii) to file any claims or
take any action or institute any proceedings which the Secured Party may deem necessary or desirable for the collection of any
of the Collateral or otherwise to enforce the rights of the Secured Party with respect to any of the Collateral. The Company hereby
ratifies and approves in advance all acts of said attorney; and so long as the attorney acts in good faith and without gross negligence
it shall have no liability to the Company for any act or omission as to such attorney.

 

    7 

     

    

 

(c)             If the Company fails to perform any agreement contained herein and such failure to perform remains uncured for a period of ten
(10) days following receipt of written notice by Secured Party, the Secured Party may perform, or cause performance of, such agreement
or obligation, and the reasonable costs and expenses of the Secured Party incurred in connection therewith shall be payable by
the Company immediately upon demand by Secured Party, shall bear interest at the highest legal rate from the date incurred until
paid and shall be fully secured hereby.

 

(d)             The powers conferred on the Secured Party hereunder are solely to protect its interest in the Collateral and shall not impose
any duty upon the Secured Party to exercise any such powers. Except for the safe custody of any Collateral in its possession and
the accounting for moneys actually received by it hereunder, the Secured Party shall have no duty as to any Collateral or as to
the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any Collateral.

 

(e)             Anything herein to the contrary notwithstanding, (i) the Company shall remain liable under any contracts and agreements relating
to the Collateral, to the extent set forth therein, to perform all of its obligations thereunder, to the same extent as if this
Security Agreement had not been executed; (ii) the exercise by the Secured Party of any of its rights hereunder shall not release
the Company from any of its obligations under the contracts and agreements relating to the Collateral; and (iii) the Secured Party
shall not have any obligation or liability by reason of this Security Agreement under any contracts and agreements relating to
the Collateral, nor shall the Secured Party be obligated to perform any of the obligations or duties of the Company thereunder
or to take any action to collect or enforce any claim for payment assigned hereunder.

 

(f)              In the event the Company acquires a Subsidiary with the proceeds of the Promissory Note (in whole or in part), as a condition
thereto and simultaneously with such acquisition, the Company shall pledge the securities of such Subsidiary by executing a new
Security Agreement-Pledge in the form of Schedule A attached hereto in favor of the Secured Party.

 

(g)             Until the Secured Liabilities are paid in full, the Company agrees that the Company will (i) preserve the Company’s corporate
existence and not, in one transaction or a series of related transactions, convert to a different type of entity, merge into or
consolidate with any other entity (other than in connection with the Company’s pending merger with Viking Energy Group,
Inc., which merger is expressly approved), or sell all or substantially all of its assets; (ii) not change the state of the Company’s
organization; and (iii) not change the Company’s name or identity in any manner, unless in the case of this clause (iii)
only, the Company shall have given the Secured Party not less than forty-five (45) days prior notice thereof.

 

    8 

     

    

 

8.             Insurance. The Company shall maintain insurance covering the Collateral with financially sound and reputable insurers satisfactory
to the Secured Party against such risks as are customarily insured by a business in the same or a similar industry and similarly
situated for an amount not less than the full replacement value of such Collateral. All such insurance policies covering property
on and after the date such property becomes subject to the Security Interest shall be written so as to be payable in the event
of loss to the Secured Party, and shall provide for at least thirty (30) days prior written notice to the Secured Party prior
to the cancellation or modification of each such policy. At the request of the Secured Party, all insurance policies covering
property subject to the Security Interest shall be furnished to and held by the Secured Party. If, while any Secured Liabilities
are outstanding, any proceeds with respect to any casualty loss are paid to the Secured Party under such policies on account of
such casualty loss, and no default has occurred and is continuing, the Secured Party will pay over such proceeds in whole or in
part to the Company, for the purpose of repairing or replacing the Collateral destroyed or damaged, with any such repaired or
replaced Collateral to be secured by this Security Agreement. If an Event of Default has occurred and is continuing, the Secured
Party may apply the proceeds as Secured Party deems fit, subject to applicable law and may cancel, assign or surrender any such
insurance policies.

 

9.             Fixtures. It is the intention of the Parties hereto that none of the equipment or other property securing the Secured Liabilities
hereunder shall become fixtures.

 

10.           Default. Any one or more of the following events shall constitute an event of default (an “Event of Default”):

 

(a)             any representation or warranty made or deemed made by the Company in this Security Agreement shall prove to have been materially
incorrect, false, incomplete or misleading; or

 

(b)             the occurrence of an “Event of Default” as defined in the Promissory Note.

 

11.           Remedies.

 

(a)             Upon the occurrence of an Event of Default and at any time or times during the continuance thereof, unless such Event of Default
shall have been cured within the applicable time period, if any, or waived in writing by the Secured Party, and subject to the
provisions of applicable law, the Secured Party may exercise any one or more of the following remedies:

 

(i)              The Secured Party shall have full power and authority to sell or otherwise dispose of the Collateral or any part thereof. Any
such sale or other disposition, subject to the provisions of applicable law, may be by public or private proceedings and may be
made by one or more contracts, as a unit or in parcels, at such time and place, by such method, in such manner and on such terms
as the Secured Party may determine. Except as required by law, such sale or other disposition and such notice will be deemed to
have been sufficiently given if such notice is hand-delivered or mailed postage prepaid, at least ten (10) days before the time
of such sale or other disposition, to the Company at its address as specified in the Security Agreement. To the extent permitted
by law, the Secured Party may buy any or all of the Collateral upon any sale thereof. To the extent permitted by law, upon any
such sale or sales, the Collateral so purchased shall be held by the purchaser absolutely free from any claims or rights of whatsoever
kind or nature, including any claim of redemption and any similar rights being hereby expressly waived and released by the Company.
In connection with any such sale, the Secured Party shall be permitted to limit its warranties to the maximum extent provided
in the UCC. After deducting all reasonable costs and expenses of collection, custody, sale or other disposition or delivery (including
legal costs and reasonable attorneys’ fees) and all other charges due against the Collateral, the residue of the proceeds of any
such sale or other disposition shall be applied to the payment of the Secured Liabilities, except as otherwise provided by law
or directed by any court of competent jurisdiction, and any surplus after the payment in full of the Secured Liabilities shall
be returned to the Company, except as otherwise provided by law or any such court. The Company shall be liable for any deficiency
in payment of the Secured Liabilities, including all reasonable costs and expenses of collection, custody, sale or other disposition
or delivery and all other charges due against the Collateral, as herein enumerated.

 

    9 

     

    

 

(ii)             The Secured Party may notify an account Company of the Company to make payment to the Secured Party whether the Company or the
Secured Party were previously making collections on any of the accounts receivable; and the Secured Party may also take control
of any proceeds from any Collateral.

 

(iii)            At any time whether or not an Event of Default has occurred, with or without notice, the Secured Party is authorized to offset
and charge against any other credits and obligations ever owed by the Secured Party to the Company, any amount for which the Company
may become obligated to the Secured Party at any time, whether under the Promissory Note or otherwise. The obligations secured
by the Security Interest granted and by the Secured Party’s right of offset includes all obligations of any kind or type
now or hereafter arising, owed by the Company to the Secured Party, whether liquidated or unliquidated, direct or indirect, contingent
or not.

 

(iv)            The Secured Party may commence proceedings in any court of competent jurisdiction for the appointment of a receiver (which term
shall include a receiver-manager) of the Collateral or of any part thereof or may by instrument in writing appoint any person
to be a receiver of the Collateral or any part thereof and may remove any receiver so appointed by the Secured Party and appoint
another in his stead; and any such receiver appointed by instrument in writing shall have power (a) to take possession of the
Collateral or any part thereof, (b) to carry on the business of the Company, (c) to borrow money on the security of the Collateral
in priority to this Security Agreement to the extent required for the maintenance, preservation or protection of the Collateral
or any part thereof or for the carrying on of the business of the Company, and (d) to sell lease or otherwise dispose of the whole
or any part of the Collateral at public auction, by public tender or by private sale, either for cash or upon credit, at such
time and upon such terms and conditions as the receiver may determine; provided that any such receiver shall be deemed the agent
of the Company and the Secured Party shall not be in any way responsible for any misconduct or negligence of any such receiver.

 

    10 

     

    

 

(v)             The Secured Party shall have all other rights and remedies of a secured party provided under the UCC.

 

(vi)            The Secured Party shall have all other rights and remedies allowed at law and/or in equity.

 

(b)           It is provided, however, that in the Secured Party’s efforts in collection on the Collateral, the Company shall be liable
and responsible for any deficiency.

 

12.           Limitation on Duty of the Secured Party in Respect of Collateral. The powers conferred on the Secured Party under this
Security Agreement are solely to protect the Secured Party’s interests in the Collateral and shall not impose any duty upon
the Secured Party to exercise any such powers. Except for reasonable care in the custody of any Collateral in the Secured Party’s
possession and the accounting for moneys actually received by the Secured Party under this Security Agreement, the Secured Party
shall have no duty as to any Collateral or as to the taking of any necessary steps to preserve rights against prior parties or
any other rights pertaining to any Collateral. The Secured Party shall be deemed to have exercised reasonable care in the custody
and preservation of the Collateral in the Secured Party’s possession if the Collateral is accorded treatment substantially
equal to that which the Secured Party accords its own property, it being understood that the Secured Party shall not be liable
or responsible for any loss or damage to any of the Collateral, or for any diminution in the value thereof, by reason of the act
or omission of any warehouseman, carrier, forwarding agency, consignee or other bailee selected by the Secured Party in good faith.
Except as otherwise expressly provided in this Section 12, the Company has the risk of loss of the Collateral. Further,
the Secured Party has no duty to collect any income accruing on the Collateral or to preserve any rights relating to the Collateral.
The Secured Party shall have no obligation to clean up or otherwise prepare the Collateral for sale.

 

13.           Concerning Secured Party. In furtherance and not in derogation of the rights, privileges and immunities of the Secured
Party:

 

(a)             The Secured Party is authorized to take all such action as is provided to be taken by the Secured Party under this Security Agreement
and all other action reasonably incidental thereto. As to any matters not expressly provided for in this Security Agreement (including
the timing and methods of realization upon the Collateral), the Secured Party shall act or refrain from acting in the Secured
Party’s sole reasonable discretion.

 

(b)             The Secured Party shall not be responsible for the existence, genuineness or value of any of the Collateral or for the validity,
perfection, priority or enforceability of the Security Interests in any of the Collateral, whether impaired by operation of law
or by reason of any action or omission to act on the Secured Party’s part under this Security Agreement. The Secured Party
shall have no duty to ascertain or inquire as to the performance or observance of any of the terms of this Security Agreement
by the Company.

 

14.           Payment of Taxes, Charges, Etc. The Secured Party, at its option, after notice to the Company, may discharge any taxes,
charges, assessments, security interest, liens or other encumbrances upon the Collateral or otherwise protect the value thereof.
All such expenditures incurred by the Secured Party shall become payable by the Company to the Secured Party upon demand, shall
bear interest at the highest legal rate from the date incurred to the date of payment, and shall be secured by the Collateral.

 

    11 

     

    

 

15.           Waivers. To the extent permitted by law, the Company hereby waives demand for payment, notice of dishonor or protest and
all other notices of any kind in connection with the Secured Liabilities except notices required hereby, by law or by any other
agreement between the Company and the Secured Party, including, but not limited to the Promissory Note, if any. The Secured Party
may release, supersede, exchange or modify any Collateral or security which it may from time to time hold and may release, surrender
or modify the liability of any third party without giving notice hereunder to the Company. Such modifications, changes, renewals,
releases or other actions shall in no way affect the Company’s obligations hereunder.

 

16.           Transfer Expenses, Etc. The Company will pay, indemnify and hold the Secured Party harmless from and against all reasonable
costs and expenses (including taxes, if any) arising out of or incurred in connection with any transfer of Collateral into or
out of the name of the Secured Party and all reasonable costs and expenses, including reasonable legal fees, of the Secured Party
arising out of or incurred in connection with this Security Agreement.

 

17.           Termination. This Security Interest shall terminate following the full payment, satisfaction, or discharge of all Secured
Liabilities. Upon such termination, the Secured Party will deliver to the Company appropriate UCC termination statements with
respect to Collateral so released from the Security Interest for filing with each filing officer with which UCC financing statements
have been filed by the Secured Party to perfect the Security Interest in such Collateral.

 

18.           Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the Company and the Secured Party
and their respective successors and assigns.

 

19.           Severability of Provisions. Any provision of any provision of this Security Agreement which is prohibited or unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions of this Security Agreement or affecting the validity or enforceability of this Security
Agreement or affecting the validity or enforceability of such provision in any other jurisdiction.

 

20.           Submission to Jurisdiction. (a) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS SECURITY AGREEMENT AND THE PROMISSORY
NOTE MAY BE BROUGHT IN THE COURTS OF THE STATE OF TEXAS OR OF THE UNITED STATES LOCATED IN HARRIS COUNTY, TEXAS AND, BY EXECUTION
AND DELIVERY OF THIS SECURITY AGREEMENT, THE COMPANY HEREBY IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF THE COMPANY’S
PROPERTY, UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS WITH RESPECT TO ANY SUCH ACTION OR PROCEEDING. THE COMPANY
FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING
BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO THE COMPANY PURSUANT TO SECTION 22,
SUCH SERVICE TO BECOME EFFECTIVE THIRTY (30) DAYS AFTER SUCH MAILING. NOTHING IN THIS SECURITY AGREEMENT SHALL AFFECT THE RIGHT
OF THE SECURED PARTY TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED
AGAINST THE COMPANY IN ANY OTHER JURISDICTION.

 

    12 

     

    

 

(b)           THE
COMPANY HEREBY IRREVOCABLY WAIVES ANY OBJECTION WHICH THE COMPANY MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY OF THE
AFORESAID ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS SECURITY AGREEMENT BROUGHT IN THE COURTS REFERRED TO
IN CLAUSE (a) OF THIS SECTION 20 AND HEREBY FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH
COURT THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

21.           Waiver of Jury Trial. THE COMPANY HEREBY WAIVES, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT TO A TRIAL BY
JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS SECURITY AGREEMENT OR UNDER ANY AMENDMENT, INSTRUMENT,
DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION WITH THIS SECURITY AGREEMENT OR ARISING
FROM OR RELATING TO ANY RELATIONSHIP EXISTING IN CONNECTION WITH THIS SECURITY AGREEMENT, AND AGREES, TO THE EXTENT PERMITTED
BY APPLICABLE LAW, THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.

 

22.           Notice. Any notice or communication required or permitted hereunder shall be deemed to be delivered, whether actually received
or not, three (3) business days after being sent via courier service (such as Federal Express), and addressed to the intended
recipient at the address set forth in the introductory paragraph of this Security Agreement. Any address for notice may be changed
by written notice delivered as provided herein.

 

23.           Governing Law. THIS SECURITY AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE
OF TEXAS, EXCEPT AS REQUIRED BY MANDATORY PROVISIONS OF LAW AND EXCEPT TO THE EXTENT THAT THE VALIDITY OR PERFECTION OF THE SECURITY
INTERESTS, OR REMEDIES UNDER THIS SECURITY AGREEMENT, IN RESPECT OF ANY PARTICULAR COLLATERAL ARE GOVERNED BY THE LAWS OF A JURISDICTION
OTHER THAN THE STATE OF TEXAS.

 

24.           Prevailing Party. If any legal action or other proceeding is brought for the enforcement of this Agreement executed in
connection with, or because of an alleged dispute, breach, default or misrepresentation in connection with any of the provisions
of this Agreement or any document, instrument or agreement executed in connection herewith, the successful prevailing party shall
be entitled to recover reasonable attorney’s fees, court costs and all other costs and expenses incurred in that action
or proceeding.

 

    13 

     

    

 

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

 

26.           No Waiver of Right of Remedies. No failure or delay by Secured Party in exercising any right, power, or privilege given
by any provision of this Agreement shall operate as a waiver of the provision. Additionally, no single or partial exercise of
any right, power, or privilege shall preclude any other or further exercise of that or any other right, power, or privilege.

 

27.           COUNSEL. EACH PARTY ACKNOWLEDGES THAT THE PARTIES ARE EXECUTING A LEGAL DOCUMENT THAT CONTAINS CERTAIN DUTIES, OBLIGATIONS
AND RESTRICTIONS AS SPECIFIED HEREIN. EACH PARTY FURTHERMORE ACKNOWLEDGES THAT EACH PARTY HAS BEEN ADVISED OF THEIR RIGHT TO RETAIN
LEGAL COUNSEL, AND THAT EACH PARTY HAS EITHER BEEN REPRESENTED BY LEGAL COUNSEL PRIOR TO THEIR EXECUTION HEREOF OR HAS KNOWINGLY
ELECTED NOT TO BE SO REPRESENTED.

 

IN
WITNESS WHEREOF, the Parties hereto have executed this Security Agreement as of the date first written above.

 

	 	COMPANY:
	 	 
	 	CAMBER
    ENERGY, INC.
	 	 	 
	 	By:	 	 
	 	Name:	 
	 	Title:	 	 
	 	 	 
	 	SECURED
    PARTY: 
	 	 
	 	 	 
	 	By:	 	 
	 	Name:	 
	 	Title:	 	 

 

    14

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}]]